Performa Fund

VAM FUNDS (LUX) - US MID CAP GROWTH FUND - US LARGE CAP GROWTH FUND - INTERNATIONAL REAL ESTATE EQUITY FUND - WORLD GROWTH FUND - VAM ASIA FIXED INCOME FUND 1) - VAM INTERNATIONAL EX-USA GROWTH FUND2) - VAM COMMODITIES EQUITY FUND 3) - AMERICAS ALL CAP FUND - ACCESSIBLE CLEAN ENERGY FUND - FRONTIER MARKETS FUND - FOCUSED GLOBAL EQUITY 4) - INTERNATIONAL OPPORTUNITIES FUND 5) Are not allowed to be distributed to investors in the Federal Republic of Germany 1) The Compartment was merged on 30 November 2015. into VAM Managed Funds (Lux) - Close Brothers Cautious Fund 2) The Compartment ceased to exist after the redemption in kind occurred on 1July 2015 3) The Compartment was put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015 4) The Compartment was launched on 10 July 2015 5) The Compartment was launched on 1 July 2015

VAM FUNDS (LUX)

Société d'Investissement à Capital Variable (Investment Company organised under the laws of the Grand Duchy of Luxembourg)

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

As of 31 December 2015

R.C.S. Luxembourg B 107 134

No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and key investor information documents, accompanied by the latest available annual report and audited financial statements, and semi-annual report and unaudited financial statements if published thereafter.

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

TABLE OF CONTENTS

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

MANAGEMENT AND ADMINISTRATION ...... 3

REPORT OF THE BOARD OF DIRECTORS ...... 8

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ ...... 14

STATEMENT OF NET ASSETS ...... 16

STATEMENT OF OPERATIONS ...... 21

STATEMENT OF CHANGES IN NET ASSETS ...... 27

CHANGES IN THE NUMBER OF SHARES OUTSTANDING ...... 33

STATISTICAL INFORMATION...... 38

SECURITIES PORTFOLIO

VAM FUNDS (LUX) – US MID CAP GROWTH FUND ...... 46

VAM FUNDS (LUX) – US SMALL CAP GROWTH FUND ...... 49

VAM FUNDS (LUX) – US MICRO CAP GROWTH FUND ...... 53

VAM FUNDS (LUX) – US LARGE CAP GROWTH FUND ...... 58

VAM FUNDS (LUX) – EMERGING MARKETS GROWTH FUND ...... 61

VAM FUNDS (LUX) – INTERNATIONAL REAL ESTATE EQUITY FUND ...... 67

VAM FUNDS (LUX) – WORLD GROWTH FUND ...... 71

VAM FUNDS (LUX) – AMERICAS ALL CAP FUND ...... 74

VAM FUNDS (LUX) – ACCESSIBLE CLEAN ENERGY FUND ...... 78

VAM FUNDS (LUX) – FRONTIER MARKETS FUND ...... 81

VAM FUNDS (LUX) – FOCUSED GLOBAL EQUITY FUND ...... 87

VAM FUNDS (LUX) – INTERNATIONAL OPPORTUNITIES FUND ...... 90

NOTES TO THE FINANCIAL STATEMENTS ...... 95

INFORMATION TO SHAREHOLDERS ...... 108

UNAUDITED SUPPLEMENTARY INFORMATION

TOTAL EXPENSE RATIO ...... 110

PORTFOLIO TURNOVER RATIO ...... 112

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

MANAGEMENT AND ADMINISTRATION

BOARD OF DIRECTORS

CHAIRMAN

Mr Peter John DE PUTRON Chairman, VAM Advisory S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

MEMBERS

Mr Michael HUNT Director, VAM Advisory S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

Mr Benoni DUFOUR Civil Engineer 15, op der Sank L-5713 Aspelt, Grand Duchy of Luxembourg

The Hon. James CRIPPS Consultant 36 Napier Avenue GB-London SW6 3PT, United Kingdom

(since 15 April 2015) Mr Nigel WATSON Sales Director, VAM Marketing Limited 11 Wellington Mansions, Crowthorne GB-Berkshire RG45 4AG26, United Kingdom

(since 15 April 2015) Mr Brendan ADAMS Consultant, 6 Manor Way, Chesham, GB-Bucks HP5 3BG, United Kingdom

(since 25 June 2015) Mr Eduard von KYMMEL CEO, VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

DAY-TO-DAY MANAGERS OF THE MANAGEMENT COMPANY

(since 1 January 2015) Mr Eduard von KYMMEL CEO, VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

Mr Ralf FUNK Executive Director, VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

REGISTERED OFFICE

26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

MAILING ADDRESS

P.O. Box 923 L-2019 Luxembourg, Grand Duchy of Luxembourg

REGISTRATION NUMBER

Luxembourg R.C.S. B 107 134 Luxembourg VAT number LU23763404

ADVISORY COMPANY

VAM Advisory S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

INVESTMENT MANAGERS

For the Compartments VAM Funds (Lux) - US Mid Cap Growth Fund VAM Funds (Lux) - US Small Cap Growth Fund VAM Funds (Lux) - US Micro Cap Growth Fund VAM Funds (Lux) - US Large Cap Growth Fund VAM Funds (Lux) - Emerging Markets Growth Fund VAM Funds (Lux) - International Real Estate Equity Fund VAM Funds (Lux) - World Growth Fund VAM Funds (Lux) - VAM International ex-USA Growth Fund (until 1 July 2015) VAM Funds (Lux) - Frontier Markets Fund VAM Funds (Lux) - Focused Global Equity Fund (launched on 10 July 2015) VAM Funds (Lux) - International Opportunities Fund (launched on 1 July 2015)

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

Driehaus Capital Management LLC 25 East Erie Street Chicago, Illinois 60611-2703, USA

For the Compartment VAM Funds (Lux) - VAM Asia Fixed Income Fund (merged into VAM Managed Funds (Lux) - Close Brothers Cautious Fund on 30 November 2015)

EIP Alpha Limited 337, New Henry House 10 Ice House Street Central Hong Kong

For the Compartments VAM Funds (Lux) - VAM Commodities Equity Fund (in liquidation since 21 November 2014 and liquidated on 17 April 2015)

FF&P Asset Management Limited 15 Suffolk Street GB-London SW1Y 4HG, United Kingdom

For the Compartment VAM Funds (Lux) - Americas All Cap Fund

Newscape Capital Group Limited 86 Jermyn Street, GB-London SW1Y 6JD, United Kingdom

For the Compartment VAM Funds (Lux) - Accessible Clean Energy Fund

Opportunité S.A. 9, avenue Bugeaud, F-75116 Paris, France

CUSTODIAN BANK AND PAYING AGENT

VP Bank (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

REGISTRATION COUNTRIES

Germany (only for VAM Funds (Lux) - US Mid Cap Growth Fund, VAM Funds (Lux) - US Small Cap Growth Fund and VAM Funds (Lux) - Emerging Markets Growth Fund) Singapore Sweden Switzerland United Kingdom South Africa (except for the compartments VAM Funds (Lux) - VAM Asia Fixed Income Fund (merged into VAM Managed Funds (Lux) - Close Brothers Cautious Fund on 30 November 2015) VAM Funds (Lux) - Frontier Markets Fund VAM Funds (Lux) - Focused Global Equity Fund and VAM Funds (Lux) - International Opportunities Fund)

MANAGEMENT COMPANY, CENTRAL ADMINISTRATION AGENT, CORPORATE AND DOMICILIARY AGENT, REGISTRAR AND TRANSFER AGENT

VP Fund Solutions (Luxembourg) SA (formerly named VPB Finance S.A. until 3 August 2015) 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg

PAYING AGENT IN SWEDEN

Skandinaviska Enskilda Banken AB Rissneleden 110 S-106 40 Stockholm, Sweden

FACILITIES AGENT IN THE UNITED KINGDOM

Société Générale Securities Services SG House 41 Tower Hill GB-London EC3N 4SG, United Kingdom

REPRESENTATIVE AGENT IN SOUTH AFRICA

Boutique Collective Investments (RF) (Pty) Limited 81 Dely Road, Hazelwood, ZA-0081 Pretoria, South Africa

PAYING AND REPRESENTATIVE AGENT IN SWITZERLAND (EFFECTIVE 28 FEBRUARY 2015)

RBC Investor Services Bank S.A. Esch-sur-Alzette, Zurich Branch Badenerstrasse 567, CH-8048 Zurich, Switzerland

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

RÉVISEUR D’ENTREPRISES AGRÉÉ

Ernst & Young S.A. 35E, avenue John F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg

LEGAL ADVISER IN LUXEMBOURG

Elvinger, Hoss & Prussen 2, place Winston Churchill L-1340 Luxembourg, Grand Duchy of Luxembourg

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

REPORT OF THE BOARD OF DIRECTORS

To the Shareholders of VAM Funds (Lux) 26, avenue de la Liberté L-1930 Luxembourg Grand Duchy of Luxembourg

1. THE YEAR

In 2015, VAM Funds (Lux) (the “Fund”) broadened its product range by launching two new VAM Driehaus strategies, VAM Funds (Lux) – International Opportunities Fund and VAM Funds (Lux) – Focused Global Equity Fund. The first compartment was launched as a replacement to VAM Funds (Lux) – VAM International ex-USA Growth Fund and thereby continues to provide investors with the opportunity to obtain exposure to the international equities markets outside of the United States of America. The latter seeks to provide capital appreciation but also to manage volatility and downside risk over each full market cycle and invests globally.

VAM Funds (Lux) – VAM Commodities Equity Fund was put into liquidation on 21 November 2014 due to the large drop in commodity prices and related equities and the consequent loss of investor confidence in the sector; the shareholders were finally reimbursed on 17 April 2015. VAM Funds (Lux) – VAM Asia Fixed Income Fund was merged by absorption into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on the NAV calculated on 30 November 2015.

2015 was another very volatile and difficult year as markets awaited a rise in US interest rates and commodity prices plunged. Overall the larger cap shares outperformed their smaller counterparts and VAM Funds (Lux) – Emerging Markets Growth Fund and VAM Funds (Lux) – Frontier Markets Fund had a dismal year with both weak markets and currencies. VAM Funds (Lux) compartments however produced outperformance in most of its funds during the year.

Total net assets of each Compartment as of 31 December 2015 and 31 December 2014 were as follows:

31 December 2015 31 December 2014 Compartment (USD million) (USD million) VAM Funds (Lux) – US Mid Cap Growth Fund 34.2 38.8 VAM Funds (Lux) – US Small Cap Growth Fund 33.2 34.0 VAM Funds (Lux) – US Micro Cap Growth Fund 90.3 94.7 VAM Funds (Lux) – US Large Cap Growth Fund 30.3 30.4 VAM Funds (Lux) – Emerging Markets Growth Fund 46.9 68.9 VAM Funds (Lux) – International Real Estate Equity Fund 31.4 34.1 VAM Funds (Lux) – World Growth Fund 41.4 48.4 VAM Funds (Lux) – VAM Asia Fixed Income Fund - 9.5 VAM Funds (Lux) – VAM International Ex-USA Growth Fund - 30.8 VAM Funds (Lux) – VAM Commodities Equity Fund - 3.1 VAM Funds (Lux) – Americas All Cap Fund 2.6 3.5 VAM Funds (Lux) – Accessible Clean Energy Fund 14.0 8.3 VAM Funds (Lux) – Frontier Markets Fund 11.2 12.0 VAM Funds (Lux) – Focused Global Equity Fund 10.0 - VAM Funds (Lux) – International Opportunities Fund 35.4 - TOTAL 380.9 416.5

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

Net subscriptions for the year ended on 31 December 2015 reflected new business and growth in equity market prices. Total net subscriptions and redemptions were as follows:

Net Subscriptions/ Redemptions 2015 Compartment (USD million) VAM Funds (Lux) – US Mid Cap Growth Fund -4.8 VAM Funds (Lux) – US Small Cap Growth Fund -0.2 VAM Funds (Lux) – US Micro Cap Growth Fund -2.8 VAM Funds (Lux) – US Large Cap Growth Fund -3.3 VAM Funds (Lux) – Emerging Markets Growth Fund -15.9 VAM Funds (Lux) – International Real Estate Equity Fund -3.3 VAM Funds (Lux) – World Growth Fund -10.1 VAM Funds (Lux) – VAM Asia Fixed Income Fund -9.1 VAM Funds (Lux) – VAM International Ex-USA Growth -32.8 Fund VAM Funds (Lux) – VAM Commodities Equity Fund -2.9 VAM Funds (Lux) – Americas All Cap Fund -0.7 VAM Funds (Lux) – Accessible Clean Energy Fund 5.3 VAM Funds (Lux) – Frontier Markets Fund 0.3 VAM Funds (Lux) – Focused Global Equity Fund 10.5 VAM Funds (Lux) – International Opportunities Fund 35.9 TOTAL -33.9

2. VAM FUNDS (LUX) – US COMPARTMENTS’ PERFORMANCE

VAM Funds (Lux) – US Large Cap Growth Fund

VAM Funds (Lux) – US Large Cap Growth Fund – B USD, which is the largest share class, finished its year with a gain of 9.29% against the Russell 1000® Growth Index gain of 5.68%.

VAM Fund (Lux) – US Mid Cap Growth Fund

VAM Funds (Lux) – US Mid Cap Growth Fund – B USD, which is the largest share class, finished the year with a gain of 0.55% in comparison with the Russell Midcap® Growth Index loss of 0.22%.

VAM Funds (Lux) – US Small Cap Growth Fund

VAM Funds (Lux) – US Small Cap Growth Fund – B USD, which is the largest share class, finished its year with a loss of 1.64% in comparison with the Russell 2000® Growth Index loss of 1.38%.

VAM Funds (Lux) – US Micro Cap Growth Fund

VAM Funds (Lux) – US Micro Cap Growth Fund – B USD, which is the largest share class, finished its year with a loss of 2.93% in comparison with the Russell Microcap® Growth Index loss of 3.85%.

The Investment Manager of the four above-mentioned Compartments of the Fund, Driehaus Capital Management LLC (“Driehaus”), commented as follows:

2015 saw significant volatility, a global economic growth slowdown that was largely driven by China and other emerging markets, a troubled and deflationary Europe, and dramatically lower crude oil and overall commodity prices. While the vast majority of the US economy is consumer-driven and services- based, the weakness overseas has hurt the US industrial, manufacturing and transportation sectors. US ISM Manufacturing and Production data has continued to weaken along with US export data. Large cap growth stocks generally outperformed smaller cap stocks while the average (unweighted) US stock severely underperformed broader indices, a phenomenon in place since the middle of 2015 as a few mega-cap names propelled the broad indices higher during the year. The drop in crude oil and natural gas led to the collapse of commodity prices and drove significant underperformance within the energy sector. The near-term outlook depends on various US-centric factors such as the health of corporate

VAM FUNDS (LUX) Annual Report and Audited Financial Statements earnings, the pace of economic growth, the dovishness of the Federal Reserve, as well as the US dollar, crude oil, interest rates and the slope of the yield curve. Global factors that will affect the US market include volatility across regions and asset classes, overall global growth, and the stabilization of the Chinese economy.

In 2015, security selection in the information technology and industrials sectors contributed to VAM Funds (Lux) – US Large Cap Growth Fund performance. No sector detracted from performance for the year.

Over the course of 2015, VAM Funds (Lux) – US Mid Cap Growth Fund benefitted from stock selection in the industrials and information technology sectors. Security selection within the health care and energy sectors detracted from performance for the year.

The top contributor to VAM Funds (Lux) – US Small Cap Growth Fund in 2015 was stock selection within the information technology and health care sectors. The main detractor from returns for the year was security selections within the consumer staples and energy sectors.

Over the course of 2015, VAM Funds (Lux) – US Micro Cap Growth Fund benefitted from stock selection within the information technology and health care sectors as well as an underweight to the healthcare sector. A key detractor from performance was stock selection within the consumer discretionary and financials sectors.

3. VAM FUNDS (LUX) – EX-US FUNDS PERFORMANCE

VAM Funds (Lux) – Emerging Markets Growth Fund

VAM Funds (Lux) – Emerging Markets Growth Fund – B USD, which is the largest share class, finished its year with a loss of 13.18 % in comparison with the MSCI Emerging Markets Growth Index loss of 14.60%.

VAM Funds (Lux) – International Real Estate Equity Fund

VAM Funds (Lux) – International Real Estate Equity Fund – B USD, which is the largest share class, finished its year with a gain of 0.71% in comparison with the S&P Developed ex-US Property Index loss of 1.77%.

VAM Fund (Lux) – World Growth Fund

The VAM Funds (Lux) – World Growth Fund – B USD, which is the largest share class, finished its year with a gain of 5.55% in comparison with the MSCI World Growth Index gain of 1.91%.

VAM Funds (Lux) – Frontier Markets Fund

VAM Funds (Lux) – Frontier Markets Fund – A USD finished the year with a loss of 9.24% in comparison with the MSCI Frontier Markets Index loss of 14.07%.

VAM Funds (Lux) – International Opportunities Fund

VAM Funds (Lux) – International Opportunities Fund – A USD, launched on 1 July 2015, finished the year with a gain of 11.05% in comparison with the MSCI All Country World ex-USA Growth Index loss of 3.88%.

VAM Funds (Lux) – Focused Global Equity Fund

The VAM Funds (Lux) – Focused Global Equity Fund Class A shares, launched on 10 July 2015, finished the year with a loss of 5.77% in comparison with the MSCI All Country World Index loss of 5.55%.

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

The past year investors struggled through heightened volatility, a global economic growth slowdown, particularly in China and other emerging markets, a troubled and deflationary Europe, and dramatically lower crude oil and overall commodity prices. For emerging markets, it was the worst year for the asset class as a whole since the 2008 global financial crisis. China’s slowing demand for commodities, along with the fall in crude oil prices, led to lower commodity prices and general macroeconomic concern regarding global growth. Weakness in Japan and Europe continued through the year. Looking ahead, there are signs of fiscal expansion in Europe, and a weaker euro should aid export demand. US growth is likely to continue with a continued labour market recovery and additional rate hikes as monetary policy further normalizes. The strength in the US dollar may prove a drag on overall US growth while geopolitical risk and headwinds from emerging markets are the main concerns weighing on the Europe and US outlooks for 2016.

The Investment Manager of the above-mentioned Compartments of the Fund, Driehaus, commented as follows:

VAM Funds (Lux) – Emerging Markets Growth Fund benefited from security selection within the financials and information technology sectors for 2015. In addition, stock selection in the United States and Taiwan along with an underweight to China contributed to returns.

Stock selection within consumer staples and energy sectors detracted from performance in 2015. From a country perspective, security selection within South Korea and an underweight to Russia detracted from relative returns for the year.

Over the course of 2015, a key contributor to performance of VAM Funds (Lux) – World Growth Fund was stock selection within the information technology and industrials sectors. Additionally, security selection within the United States, Canada, and China contributed to relative performance.

At the sector level, security selection within consumer discretionary and materials sectors detracted from relative performance. At the country level, security selection within Mexico and Japan also detracted from returns.

VAM Funds (Lux) – International Real Estate Equity Fund saw strong contributions to relative performance for the year from security selection within the consumer discretionary sector. In addition, security selection within the United Kingdom and an overweight to Germany made solid contributions to returns.

Security selection within China and Japan detracted value, along with an overweight to Brazil.

VAM Funds (Lux) – Frontier Markets Fund saw contributions to relative returns for the year from security selection within the financials and consumer staples sectors as well as an underweight to financials and an overweight to consumer staples. Additionally, security selection within Bangladesh and Pakistan as well as overweight in these countries contributed to returns.

Detractors of value at the sector level include currency effect in the health care and industrials sectors. From a country perspective, currency effects in both Canada and Nigeria detracted value for the year.

VAM Funds (Lux) – International Opportunities Fund, with an inception date of 1 July, 2015, benefited from security selection within the consumer discretionary and materials sectors. In addition, security selection within Germany and Canada contributed to relative performance.

At the sector level, detractors of value include security selection within the health care and industrials sectors. From a country perspective, security selection in Japan and an underweight to Sweden detracted from performance for the year.

Since its inception on 10 July, 2015, VAM Funds (Lux) – Focused Global Equity Fund saw contributions to relative returns for the year from security selection within the information technology and industrials sectors. Additionally, security selection within the United States of America, Germany and the United Kingdom contributed to returns.

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

Detractors of value at the sector level include stock selection within the health care and consumer discretionary sectors. A key detractor on a country level was security selection within Japan and Ireland.

4. VAM FUNDS (LUX) – VAM ASIA FIXED INCOME FUND

The Compartment ceased to exist on 30 November 2015 as the assets were merged by absorption into VAM Managed Funds (Lux) Close Brothers Cautious Fund.

5. VAM FUNDS (LUX) – VAM COMMODITIES EQUITY FUND (in liquidation since 21 November 2014)

This Compartment was put into liquidation on 21 November 2014. Once all the assets were realized, the Compartment reimbursed the shareholders with a final payment on 17 April 2015.

6. VAM FUNDS (LUX) – ACCESSIBLE CLEAN ENERGY FUND

The Investment Manager, Opportunité S.A., reported as follows:

The Compartment grew 8.9% in 2015. It beat its benchmark Wilderhill Clean Energy Index (PBW) by 19%, and beat the ultra-diversified MSCI World by 11.7%. As it is an energy and therefore a macro fund it is also compared to oil, and it will be no surprise that it beat the US Oil Fund (USO) by 54.9%. Importantly this was achieved with relatively low volatility - closely in line with the overall market and much lower than renewable energy indices, which indicates less risk was taken. The Fund’s sector isn’t some high-tech, one-off, speculative sector. In fact, it is energy that is increasingly de-correlating with the price of oil and gas. A close inspection of the performance of the Compartment will reveal that notwithstanding the strong performance this year, it is still minus 8.5% since the Compartment’s inception in June 2014. This is because oil began its slide right at that point, and it took until the end of the year for the market to realise that oil and renewables were not in fact correlated, a point made repeatedly in the Manager’s snapshots at the time. One is now seeing the ultimate validation of the assertion, with a 55% difference in performance between the Fund and USO.

The Fund’s sector active management has enabled it to keep volatility low while remaining nimble.

A few key events in 2015 defined the sector’s performance. Firstly, the huge run-up in China and the subsequent implosion in the summer of anything with any volatility. Second, the anticipation of rate rises in the autumn caused a collapse of confidence in the yieldco financing model, with a knock-on impact for many companies, but primarily SunEdison. (In this context it is grimly ironic that the Fed in fact failed to raise rates in September). Finally, the COP21 climate change meetings in Paris produced a binding agreement on carbon reduction, which may have spurred on the US Congress’ subsequent decision at the end of December to extend the solar and wind tax credits for five years and one year for several other renewable energy sources.

Five more years of support will make renewable energy sources all the more competitive in the US and abroad since the industry is now global. One broker estimates maintaining the tax credit at 30% improves solar economics (IRRs) by 200-500 basis points versus lowering the tax credit to 10%.

It is expected that this year will be a strong one for clean energy. Even in another tough environment the secular growth of clean energies should lead to outperformance. For several quarters now clean energy’s performance has decoupled from that of fossil fuels.

Storage is still waiting for its break-out moment, which may come this year in the form of the start of mass production at Tesla’s Gigafactory. This is soon to redefine the company as Powerwall/ Powerpack sales begin to matter more than car shipments. And finally, we are seeing continued divestment by investors from fossil fuels. While the total amount divested reached $600bn on the back of COP21, the rout in commodities and fossil fuels is seeing a new kind of divestment. This is not merely a phenomenon observed by socially responsible investors or college endowments under pressure from

VAM FUNDS (LUX) Annual Report and Audited Financial Statements students, but by investors of all stripes with one thing in common: a distaste for volatility and an appetite for returns. As the flight from volatility continues, Middle East tensions ratchet up and Iranian oil production comes on-stream, fossil fuel investments in 2016 are looking less and less attractive even without any consideration of carbon taxes and stranded assets.

7. VAM FUNDS (LUX) – AMERICAS ALL CAP FUND

The Investment Manager, Newscape Capital Group Limited, reported as follows:

The Compartment’s NAV fell -2.1% in 2015, falling short of the S&P500, -0.7%, and narrowly beating the Dow Jones Industrials, -2.2%. Thankfully we took the decision over a year ago to avoid Latin American markets as the MSCI Latin American Index fell -32.9% in 2015.

Most active managers struggled to beat their benchmarks during 2015 as the bull market in equities grew long in the tooth and breadth narrowed to a small list of large cap tech names. Also, the market presented a binary decision for equity managers to be either in or out of industrials and commodities. Anyone who got that bet wrong suffered big losses.

Our cash management provided significant positive attribution as we raised cash early in the summer and deployed it in the sharp correction at the end of August. Those gains were offset by negative attribution from stock selection, usually our strength. Profits warnings from historically reliable healthcare companies such as Cooper Industries and Malinckrodt were a significant negative as were our media holdings. We had a relatively low exposure to energy, metals and commodities in general, but what we had declined sharply.

2016 has seen one of the weakest starts on record. We raised cash in December and increased the Fund’s weighting in precious metals stocks and the sector ETF. We will reverse this position and go long the broader market when the S&P500 approaches 1800. Our outlook for the year is that being a presidential election year, with economic pressure from emerging markets and China coupled with the prospect and reality of negative interest rates around the world means equity prices are unlikely to make much headway and we are probably at the early stages of a mild bear market. The big calls for the year could be whether the trend in precious metals prices has turned and whether the energy sector has bottomed. We are leaning towards the answer ‘yes’ to both those questions.”

Luxembourg, 17 February 2016 The Board of Directors

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

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ

To the Shareholders of VAM Funds (Lux) 26, avenue de la Liberté L-1930 Luxembourg Grand Duchy of Luxembourg

We have audited the accompanying financial statements of VAM Funds (Lux) (the “Fund”) and of each of its compartments, which comprise the statement of net assets and the securities portfolio as at 31 December 2015 and the statement of operations and the statement of 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 Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation and presentation 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 judgement of the “réviseur d’entreprises agréé”, 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. 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 Fund, 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.

VAM FUNDS (LUX) Annual Report and Audited Financial Statements

Opinion

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

Ernst & Young Societe anonyme Cabinet de revision agree

Nadia Faber

Luxembourg, 18 April 2016

15 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF NET ASSETS

As of 31 December 2015

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - US Mid Cap Grow th US Small Cap US Micro Cap Fund Grow th Fund Grow th Fund (in USD) (in USD) (in USD)

ASSETS DO_NOT_DELETE DO_NOT_DELETE Securities portfolio (at cost) DO_NOT_DELETE32,058,556.79 30,504,194.28 79,895,025.01 Unrealised appreciation/depreciation (-) DO_NOT_DELETE1,128,559.71 2,076,405.28 8,450,905.07 DO_NOT_DELETE Securities portfolio at market value DO_NOT_DELETE33,187,116.50 32,580,599.56 88,345,930.08 DO_NOT_DELETE Cash at banks 1,822,314.76 906,471.84 2,599,517.55 Receivables on subscriptions 78,958.78 198,381.73 260,136.03 Receivables on securities sold 267,226.67 159,800.58 - Receivable on dividends 19,884.57 5,775.39 1,301.53 Receivables on spot foreign exchange transactions 124,714.60 - - Receivable on interest on bonds - - - Formation expenses (net) - - - Options (long positions) at market value - - - DO_NOT_DELETE TOTAL ASSETS DO_NOT_DELETE35,500,215.88 33,851,029.10 91,206,885.19 DO_NOT_DELETE DO_NOT_DELETE LIABILITIES DO_NOT_DELETE DO_NOT_DELETE Bank overdrafts -272.60 - - Payables on redemptions -428,896.83 -459,100.48 -620,956.60 Payables on securities purchased -569,122.74 -84,301.29 -149,264.67 Payables on spot foreign exchange transactions -125,325.00 - - Accrued expenses -75,083.21 -61,797.79 -158,697.81 Options (short positions) at market value - - - Unrealised loss on forw ard foreign exchange contracts A250 -62,273.00 - - DO_NOT_DELETE TOTAL LIABILITIES DO_NOT_DELETE-1,260,973.38 -605,199.56 -928,919.08 DO_NOT_DELETE DO_NOT_DELETE NET ASSETS DO_NOT_DELETE34,239,242.50 33,245,829.54 90,277,966.11 DO_NOT_DELETE DO_NOT_DELETE

The accompanying notes form an integral part of these financial statements. 16 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF NET ASSETS

As of 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - US Large Cap Emerging Markets International Real Grow th Fund Grow th Fund Estate Equity Fund (in USD) (in USD) (in USD)

ASSETS

Securities portfolio (at cost) 25,517,918.73 43,432,635.85 29,264,799.39 Unrealised appreciation/depreciation (-) 2,594,803.54 -472,670.36 1,233,622.69

Securities portfolio at market value 28,112,722.27 42,959,965.49 30,498,422.08

Cash at banks 2,456,041.98 4,386,740.98 924,181.54 Receivables on subscriptions 211,641.93 157,919.30 264,515.67 Receivables on securities sold 617,837.05 950,659.47 - Receivable on dividends 15,657.95 26,355.19 54,893.89 Receivables on spot foreign exchange transactions - 196,943.26 - Receivable on interest on bonds - - - Formation expenses (net) - - - Options (long positions) at market value - - -

TOTAL ASSETS 31,413,901.18 48,678,583.69 31,742,013.18

LIABILITIES

Bank overdrafts -108.27 -1,194.72 -563.69 Payables on redemptions -404,890.31 -455,338.67 -320,538.10 Payables on securities purchased -672,686.63 -1,051,739.43 - Payables on spot foreign exchange transactions - -198,294.91 - Accrued expenses -48,846.70 -86,358.37 -56,714.12 Options (short positions) at market value - - - Unrealised loss on forw ard foreign exchange contracts - - -

TOTAL LIABILITIES -1,126,531.91 -1,792,926.10 -377,815.91

NET ASSETS 30,287,369.27 46,885,657.59 31,364,197.27

The accompanying notes form an integral part of these financial statements. 17 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF NET ASSETS

As of 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - World Grow th Fund Americas All Cap Accessible Clean Fund Energy Fund (in USD) (in USD) (in USD)

ASSETS

Securities portfolio (at cost) 37,423,470.09 2,676,737.82 12,470,078.03 Unrealised appreciation/depreciation (-) 2,496,104.01 -31,967.26 1,295,800.06

Securities portfolio at market value 39,919,574.10 2,644,770.56 13,765,878.09

Cash at banks 2,832,952.32 - 100,298.07 Receivables on subscriptions 565,147.27 - 16,855.99 Receivables on securities sold 522,713.65 141,655.90 64,948.20 Receivable on dividends 17,543.07 1,437.45 11,081.11 Receivables on spot foreign exchange transactions 374,498.20 - - Receivable on interest on bonds - 1,270.49 - Formation expenses (net) - 10,737.52 18,848.09 Options (long positions) at market value - - -

TOTAL ASSETS 44,232,428.61 2,799,871.92 13,977,909.55

LIABILITIES

Bank overdrafts -280.30 -142,394.26 -1.86 Payables on redemptions -305,398.61 - - Payables on securities purchased -2,070,852.85 - - Payables on spot foreign exchange transactions -376,048.16 - - Accrued expenses -81,488.98 -7,513.22 -19,551.53 Options (short positions) at market value - - - Unrealised loss on forw ard foreign exchange contracts - -13,583.59 -

TOTAL LIABILITIES -2,834,068.90 -163,491.07 -19,553.39

NET ASSETS 41,398,359.71 2,636,380.85 13,958,356.16

The accompanying notes form an integral part of these financial statements. 18 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF NET ASSETS

As of 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - Frontier Markets Focused Global International Fund Equity Fund 1) Opportunities Fund 2) (in USD) (in USD) (in USD)

ASSETS

Securities portfolio (at cost) 10,119,090.11 9,266,027.17 29,695,145.86 Unrealised appreciation/depreciation (-) 74,143.95 -183,839.15 2,203,577.96

Securities portfolio at market value 10,193,234.06 9,082,188.02 31,898,723.82

Cash at banks 1,048,061.14 921,390.15 3,916,590.93 Receivables on subscriptions - - 358,232.64 Receivables on securities sold 86,640.73 162,296.43 253,012.01 Receivable on dividends 8,676.75 6,066.41 21,291.14 Receivables on spot foreign exchange transactions 107,758.03 110,806.10 684,790.00 Receivable on interest on bonds - - - Formation expenses (net) 15,296.00 26,065.58 17,881.47 Options (long positions) at market value - 161,603.00 -

TOTAL ASSETS 11,459,666.71 10,470,415.69 37,150,522.01

LIABILITIES

Bank overdrafts -9.19 -122,366.10 - Payables on redemptions -2,260.17 - -553,659.13 Payables on securities purchased -107,758.03 -143,758.91 -431,834.42 Payables on spot foreign exchange transactions -108,542.46 -110,929.03 -685,630.52 Accrued expenses -18,699.46 -16,097.53 -43,039.09 Options (short positions) at market value - -106,682.00 - Unrealised loss on forw ard foreign exchange contracts - - -

TOTAL LIABILITIES -237,269.31 -499,833.57 -1,714,163.16

NET ASSETS 11,222,397.40 9,970,582.12 35,436,358.85

1) The Compartment was launched on 10 July 2015 2) The Compartment was launched on 1 July 2015 via a contribution in kind from VAM Funds (Lux) - VAM International Ex–USA Growth Fund

The accompanying notes form an integral part of these financial statements. 19 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF NET ASSETS

As of 31 December 2015

(continued)

Combined

(in USD) 1 ASSETS

Securities portfolio (at cost) 342,323,679.13 Unrealised appreciation/depreciation (-) 20,865,445.50

Securities portfolio at market value 363,189,124.63

Cash at banks 21,914,561.26 Receivables on subscriptions 2,111,789.34 Receivables on securities sold 3,226,790.69 Receivable on dividends 189,964.45 Receivables on spot foreign exchange transactions 1,599,510.19 Receivable on interest on bonds 1,270.49 Formation expenses (net) 88,828.66 Options (long positions) at market value 161,603.00

TOTAL ASSETS 392,483,442.71

LIABILITIES

Bank overdrafts -267,190.99 Payables on redemptions -3,551,038.90 Payables on securities purchased -5,281,318.97 Payables on spot foreign exchange transactions -1,604,770.08 Accrued expenses -673,887.81 Options (short positions) at market value -106,682.00 Unrealised loss on forw ard foreign exchange contracts -75,856.59

TOTAL LIABILITIES -11,560,745.34

NET ASSETS 380,922,697.37

The accompanying notes form an integral part of these financial statements. 20 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF OPERATIONS

For the year/period ended 31 December 2015

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - US Mid Cap Grow th US Small Cap US Micro Cap Fund Grow th Fund Grow th Fund

(in USD) (in USD) (in USD)

INCOME DO_NOT_DELETE DO_NOT_DELETE Dividends, net 149,643.01 103,380.12 181,775.73 Interest on bank accounts - - - Interest on bonds - - - Other income 4,501.51 8,097.05 13,846.72 DO_NOT_DELETE TOTAL INCOME DO_NOT_DELETE154,144.52 111,477.17 195,622.45 DO_NOT_DELETE EXPENSES DO_NOT_DELETE DO_NOT_DELETE Performance fees -338,497.35 -569,861.50 -1,224,760.11 Investment advisory fees -653,295.65 -530,245.44 -1,391,508.79 Administration fees -10,977.76 - - Custodian and management company fees -71,659.62 -68,676.80 -190,872.75 Subscription tax -5,659.77 -4,214.07 -11,358.23 Depreciation of formation expenses - - - Professional expenses -10,714.47 -9,391.05 -26,114.48 Transaction costs -55,705.78 -210,244.35 -570,943.29 Other charges -45,270.40 -46,342.65 -118,009.98 Interest paid on bank overdraft -643.17 -105.36 -247.36 DO_NOT_DELETE TOTAL EXPENSES DO_NOT_DELETE-1,192,423.97 -1,439,081.22 -3,533,814.99 DO_NOT_DELETE DO_NOT_DELETE NET INCOME/LOSS (-) FROM INVESTMENTS DO_NOT_DELETE-1,038,279.45 -1,327,604.05 -3,338,192.54 DO_NOT_DELETE Net realised gain/loss (-) on foreign exchange -6,225.52 421.94 1,149.11 Net realised gain/loss (-) on future contracts - - - Net realised gain/loss (-) on forw ard foreign exchange contracts -216,104.72 - - Net realised gain/loss (-) on options - - - Net realised gain/loss (-) on sales of securities 3,451,507.18 3,733,413.46 12,074,754.61 DO_NOT_DELETE NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD DO_NOT_DELETE2,190,897.49 2,406,231.35 8,737,711.18 DO_NOT_DELETE NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) DO_NOT_DELETE - on forw ard foreign exchange contracts -73,651.51 - - - on options - - - - on future contracts - - - - on securities -1,935,287.70 -2,951,795.78 -10,258,488.12 DO_NOT_DELETE INCREASE/DECREASE (-) IN NET DO_NOT_DELETE181,958.28 -545,564.43 -1,520,776.94 ASSETS AS A RESULT OF OPERATIONS DO_NOT_DELETE

The accompanying notes form an integral part of these financial statements. 21 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF OPERATIONS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - US Large Cap Emerging Markets International Real Grow th Fund Grow th Fund Estate Equity Fund

(in USD) (in USD) (in USD)

INCOME

Dividends, net 187,439.86 786,856.97 769,380.99 Interest on bank accounts - - - Interest on bonds - - - Other income 2,137.97 102,444.67 4,236.79

TOTAL INCOME 189,577.83 889,301.64 773,617.78

EXPENSES

Performance fees -305,339.12 -408,749.00 -239,297.25 Investment advisory fees -394,603.16 -815,612.53 -484,021.76 Administration fees - - - Custodian and management company fees -61,872.46 -105,007.79 -65,872.97 Subscription tax -3,510.09 -6,073.91 -3,920.11 Depreciation of formation expenses - - - Professional expenses -8,392.48 -19,017.05 -9,419.40 Transaction costs -47,905.68 -693,381.43 -131,892.14 Other charges -39,242.73 -259,645.14 -70,055.38 Interest paid on bank overdraft - -775.64 -14.01

TOTAL EXPENSES -860,865.72 -2,308,262.49 -1,004,493.02

NET INCOME/LOSS (-) FROM INVESTMENTS -671,287.89 -1,418,960.85 -230,875.24

Net realised gain/loss (-) on foreign exchange 376.88 -424,577.83 -233,443.90 Net realised gain/loss (-) on future contracts - - - Net realised gain/loss (-) on forw ard foreign exchange contracts - - - Net realised gain/loss (-) on options - - - Net realised gain/loss (-) on sales of securities 3,675,629.44 -3,514,080.54 1,780,521.05

NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD 3,004,718.43 -5,357,619.22 1,316,201.91

NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) - on forw ard foreign exchange contracts - - - - on options - - - - on future contracts - - - - on securities 171,770.99 -822,320.04 -760,147.47

INCREASE/DECREASE (-) IN NET 3,176,489.42 -6,179,939.26 556,054.44 ASSETS AS A RESULT OF OPERATIONS

The accompanying notes form an integral part of these financial statements. 22 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF OPERATIONS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - VAM International VAM Asia Fixed World Grow th Fund Ex-USA Grow th Income Fund 1) Fund 2) (in USD) (in USD) (in USD)

INCOME

Dividends, net 386,565.94 - 276,106.28 Interest on bank accounts - 21.83 - Interest on bonds - 294,915.41 - Other income 12,785.14 714.50 6,061.93

TOTAL INCOME 399,351.08 295,651.74 282,168.21

EXPENSES

Performance fees -504,608.44 - -271,375.12 Investment advisory fees -694,425.64 -74,868.53 -119,180.96 Administration fees - -20,088.90 - Custodian and management company fees -88,569.80 -12,416.00 -30,788.96 Subscription tax -5,082.50 -1,950.69 -1,622.50 Depreciation of formation expenses - - -1,964.86 Professional expenses -13,365.88 -2,339.79 -13,297.35 Transaction costs -71,104.15 -18,408.01 -87,421.56 Other charges -83,966.01 -13,228.63 -39,093.35 Interest paid on bank overdraft -1.98 -265.29 -

TOTAL EXPENSES -1,461,124.40 -143,565.84 -564,744.66

NET INCOME/LOSS (-) FROM INVESTMENTS -1,061,773.32 152,085.90 -282,576.45

Net realised gain/loss (-) on foreign exchange -68,037.30 -4,527.83 -91,482.36 Net realised gain/loss (-) on future contracts - -105,491.14 - Net realised gain/loss (-) on forw ard foreign exchange contracts - -556,047.00 - Net realised gain/loss (-) on options - - - Net realised gain/loss (-) on sales of securities 4,453,647.90 121,008.07 3,799,171.54

NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD 3,323,837.28 -392,972.00 3,425,112.73

NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) - on forw ard foreign exchange contracts - 31,872.97 - - on options - - - - on future contracts - -5,937.57 - - on securities -228,569.57 -105,779.27 -1,437,193.17

INCREASE/DECREASE (-) IN NET 3,095,267.71 -472,815.87 1,987,919.56 ASSETS AS A RESULT OF OPERATIONS

1) The Compartment was merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015 2) The Compartment was redeemed in kind on 1 July 2015

The accompanying notes form an integral part of these financial statements. 23 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF OPERATIONS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - VAM Commodities Americas All Cap Accessible Clean Equity Fund 3) Fund Energy Fund

(in USD) (in USD) (in USD)

INCOME

Dividends, net - 22,893.93 112,455.95 Interest on bank accounts - - 1,268.02 Interest on bonds - 7,517.07 - Other income 32,932.28 193.56 1,953.47

TOTAL INCOME 32,932.28 30,604.56 115,677.44

EXPENSES

Performance fees - -2,991.27 -189,787.37 Investment advisory fees - -39,917.14 -147,888.43 Administration fees - -10,977.76 - Custodian and management company fees - -6,262.97 -23,204.32 Subscription tax - -1,203.06 -1,887.23 Depreciation of formation expenses - -3,725.47 -5,086.76 Professional expenses -73.52 -963.42 -2,286.47 Transaction costs -608.35 -30,491.19 -55,152.43 Other charges 2,712.50 -21,588.65 -12,707.66 Interest paid on bank overdraft - -265.52 -305.75

TOTAL EXPENSES 2,030.63 -118,386.45 -438,306.42

NET INCOME/LOSS (-) FROM INVESTMENTS 34,962.91 -87,781.89 -322,628.98

Net realised gain/loss (-) on foreign exchange 2,733.19 787.24 -23,746.45 Net realised gain/loss (-) on future contracts - - - Net realised gain/loss (-) on forw ard foreign exchange contracts - -57,470.30 - Net realised gain/loss (-) on options - - - Net realised gain/loss (-) on sales of securities -630,387.98 58,242.80 -1,010,546.99

NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD -592,691.88 -86,222.15 -1,356,922.42

NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) - on forw ard foreign exchange contracts - -17,014.20 - - on options - - - - on future contracts - - - - on securities 514,872.41 -3,139.03 1,691,595.10

INCREASE/DECREASE (-) IN NET -77,819.47 -106,375.38 334,672.68 ASSETS AS A RESULT OF OPERATIONS

3) The Compartment was put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015

The accompanying notes form an integral part of these financial statements. 24 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF OPERATIONS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - Frontier Markets Focused Global Fund Equity Fund 4)

(in USD) (in USD)

INCOME

Dividends, net 295,553.95 37,053.10 Interest on bank accounts 183.75 - Interest on bonds - - Other income 3,720.45 0.03

TOTAL INCOME 299,458.15 37,053.13

EXPENSES

Performance fees -4,480.83 -30,867.70 Investment advisory fees -131,222.92 -39,213.27 Administration fees - - Custodian and management company fees -23,410.75 -9,463.49 Subscription tax -2,120.43 -632.82 Depreciation of formation expenses -4,271.64 -2,762.86 Professional expenses -3,300.31 -6,517.88 Transaction costs -153,290.89 -19,288.35 Other charges -141,174.91 -31,199.57 Interest paid on bank overdraft -13.51 -991.08

TOTAL EXPENSES -463,286.19 -140,937.02

NET INCOME/LOSS (-) FROM INVESTMENTS -163,828.04 -103,883.89

Net realised gain/loss (-) on foreign exchange -58,730.78 -9,637.57 Net realised gain/loss (-) on future contracts - - Net realised gain/loss (-) on forw ard foreign exchange contracts - - Net realised gain/loss (-) on options - -44,396.72 Net realised gain/loss (-) on sales of securities -1,109,382.88 -255,740.48

NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD -1,331,941.70 -413,658.66

NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) - on forw ard foreign exchange contracts - - - on options - -16,247.00 - on future contracts - - - on securities 317,063.91 -112,671.15

INCREASE/DECREASE (-) IN NET -1,014,877.79 -542,576.81 ASSETS AS A RESULT OF OPERATIONS

4) The Compartment was launched on 10 July 2015

The accompanying notes form an integral part of these financial statements. 25 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF OPERATIONS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - International Combined Opportunities Fund 5) (in USD) (in USD)

INCOME 1

Dividends, net 150,438.96 3,459,544.79 Interest on bank accounts - 1,473.60 Interest on bonds - 302,432.48 Other income 1.59 193,627.66

TOTAL INCOME 150,440.55 3,957,078.53

EXPENSES

Performance fees -43,179.09 -4,133,794.15 Investment advisory fees -135,240.15 -5,651,244.37 Administration fees - -42,044.42 Custodian and management company fees -32,466.66 -790,545.34 Subscription tax -2,398.91 -51,634.32 Depreciation of formation expenses -2,002.55 -19,814.14 Professional expenses -6,517.88 -131,711.43 Transaction costs -112,244.84 -2,258,082.44 Other charges -61,415.24 -980,227.80 Interest paid on bank overdraft - -3,628.67

TOTAL EXPENSES -395,465.32 -14,062,727.08

NET INCOME/LOSS (-) FROM INVESTMENTS -245,024.77 -10,105,648.55

Net realised gain/loss (-) on foreign exchange -99,694.02 -1,014,635.20 Net realised gain/loss (-) on future contracts - -105,491.14 Net realised gain/loss (-) on forw ard foreign exchange contracts - -829,622.02 Net realised gain/loss (-) on options - -44,396.72 Net realised gain/loss (-) on sales of securities -2,348,990.21 24,278,766.97

NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD -2,693,709.00 12,178,973.34

NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) - on forw ard foreign exchange contracts - -58,792.74 - on options - -16,247.00 - on future contracts - -5,937.57 - on securities 2,203,577.96 -13,716,510.93

INCREASE/DECREASE (-) IN NET -490,131.04 -1,618,514.90 ASSETS AS A RESULT OF OPERATIONS

5) The Compartment was launched on 1 July 2015 via a contribution in kind from VAM Funds (Lux) – VAM International Ex-USA Growth Fund

The accompanying notes form an integral part of these financial statements. 26 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF CHANGES IN NET ASSETS

For the year/period ended 31 December 2015

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - US Mid Cap Grow th US Small Cap US Micro Cap Fund Grow th Fund Grow th Fund

(in USD) (in USD) (in USD)

NET ASSETS Beginning of the year/period 38,831,760.84 34,035,397.88 94,645,021.78

CHANGES FROM INVESTMENT ACTIVITIES

Increase/decrease (-) in net assets as a result of operations for the year/period 181,958.28 -545,564.43 -1,520,776.94

CHANGES FROM CAPITAL TRANSACTIONS

Proceeds from shares issued 6,528,485.80 11,001,022.18 25,506,398.06 Payments for shares redeemed -11,302,962.42 -11,245,026.09 -28,352,676.79

-4,774,476.62 -244,003.91 -2,846,278.73

NET ASSETS End of the year/period 34,239,242.50 33,245,829.54 90,277,966.11

The accompanying notes form an integral part of these financial statements. 27 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF CHANGES IN NET ASSETS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - US Large Cap Emerging Markets International Real Grow th Fund Grow th Fund Estate Equity Fund

(in USD) (in USD) (in USD)

NET ASSETS Beginning of the year/period 30,416,337.69 68,922,240.77 34,138,096.70

CHANGES FROM INVESTMENT ACTIVITIES

Increase/decrease (-) in net assets as a result of operations for the year/period 3,176,489.42 -6,179,939.26 556,054.44

CHANGES FROM CAPITAL TRANSACTIONS

Proceeds from shares issued 9,869,907.97 24,992,658.81 7,453,397.04 Payments for shares redeemed -13,175,365.81 -40,849,302.73 -10,783,350.91

-3,305,457.84 -15,856,643.92 -3,329,953.87

NET ASSETS End of the year/period 30,287,369.27 46,885,657.59 31,364,197.27

The accompanying notes form an integral part of these financial statements. 28 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF CHANGES IN NET ASSETS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - VAM International VAM Asia Fixed World Grow th Fund Ex-USA Grow th Income Fund 1) Fund 2) (in USD) (in USD) (in USD)

NET ASSETS Beginning of the year/period 48,441,092.37 9,531,897.99 30,767,915.89

CHANGES FROM INVESTMENT ACTIVITIES

Increase/decrease (-) in net assets as a result of operations for the year/period 3,095,267.71 -472,815.87 1,987,919.56

CHANGES FROM CAPITAL TRANSACTIONS

Proceeds from shares issued 8,060,753.34 708,552.58 3,212,052.59 Payments for shares redeemed -18,198,753.71 -9,767,634.70 -35,967,888.04

-10,138,000.37 -9,059,082.12 -32,755,835.45

NET ASSETS End of the year/period 41,398,359.71 - -

1) The Compartment was merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015 2) The Compartment was redeemed in kind on 1 July 2015

The accompanying notes form an integral part of these financial statements. 29 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF CHANGES IN NET ASSETS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - VAM Funds (Lux) - VAM Commodities Americas All Cap Accessible Clean Equity Fund 3) Fund Energy Fund

(in USD) (in USD) (in USD)

NET ASSETS Beginning of the year/period 3,025,824.90 3,491,662.76 8,286,706.69

CHANGES FROM INVESTMENT ACTIVITIES

Increase/decrease (-) in net assets as a result of operations for the year/period -77,819.47 -106,375.38 334,672.68

CHANGES FROM CAPITAL TRANSACTIONS

Proceeds from shares issued - - 11,975,497.11 Payments for shares redeemed -2,948,005.43 -748,906.53 -6,638,520.32

-2,948,005.43 -748,906.53 5,336,976.79

NET ASSETS End of the year/period - 2,636,380.85 13,958,356.16

3) The Compartment was put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015

The accompanying notes form an integral part of these financial statements. 30 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF CHANGES IN NET ASSETS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Funds (Lux) - Frontier Markets Focused Global Fund Equity Fund 4)

(in USD) (in USD)

NET ASSETS Beginning of the year/period 11,961,083.58 -

CHANGES FROM INVESTMENT ACTIVITIES

Increase/decrease (-) in net assets as a result of operations for the year/period -1,014,877.79 -542,576.81

CHANGES FROM CAPITAL TRANSACTIONS

Proceeds from shares issued 2,565,926.32 10,892,740.34 Payments for shares redeemed -2,289,734.71 -379,581.41

276,191.61 10,513,158.93

NET ASSETS End of the year/period 11,222,397.40 9,970,582.12

4) The Compartment was launched on 10 July 2015

The accompanying notes form an integral part of these financial statements. 31 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATEMENT OF CHANGES IN NET ASSETS

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - International Combined Opportunities Fund 5)

(in USD) (in USD) 1 NET ASSETS Beginning of the year/period - 416,495,039.84

CHANGES FROM INVESTMENT ACTIVITIES

Increase/decrease (-) in net assets as a result of operations for the year/period -490,131.04 -1,618,514.90

CHANGES FROM CAPITAL TRANSACTIONS

Proceeds from shares issued 39,640,202.72 162,407,594.86 Payments for shares redeemed -3,713,712.83 -196,361,422.43

35,926,489.89 -33,953,827.57

NET ASSETS End of the year/period 35,436,358.85 380,922,697.37

5) The Compartment was launched on 1 July 2015 via a contribution in kind from VAM Funds (Lux) – VAM International Ex-USA Growth Fund

The accompanying notes form an integral part of these financial statements. 32 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

CHANGES IN THE NUMBER OF SHARES OUTSTANDING

For the year/period ended 31 December 2015

VAM Funds (Lux) - US Mid Cap Growth Fund

Class A GBP Class A USD Class B USD Class C USD

Number of shares at the beginning of the year/period 21,413.878 6,776.318 123,731.897 5,844.449

Number of shares issued 10,784.883 1,048.571 12,023.306 887.515 Number of shares redeemed -6,457.922 -2,628.991 -38,277.784 -1,273.869

Number of shares outstanding at the end of the year/period 25,740.839 5,195.898 97,477.419 5,458.095

VAM Funds (Lux) - US Small Cap Growth Fund

Class A USD Class B USD Class C USD

Number of shares at the beginning of the year/period 66,517.573 523,104.277 56,952.753

Number of shares issued 9,804.054 248,630.632 9,712.111 Number of shares redeemed -20,957.611 -218,547.976 -12,933.984

Number of shares outstanding at the end of the year/period 55,364.016 553,186.933 53,730.880

VAM Funds (Lux) - US Micro Cap Growth Fund

Class A USD Class B USD Class C USD Class D USD 1) Class E USD

Number of shares at the beginning of the year/period 61,830.289 516,473.234 49,134.827 - 206,924.625

Number of shares issued 36,146.782 233,897.326 9,935.039 1,065.374 25,238.465 Number of shares redeemed -29,373.993 -264,622.628 -11,910.682 - -30,615.858

Number of shares outstanding at the end of the year/period 68,603.078 485,747.932 47,159.184 1,065.374 201,547.232

1) The Class D Share was launched on 23 November 2015

The accompanying notes form an integral part of these financial statements. 33 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

CHANGES IN THE NUMBER OF SHARES OUTSTANDING

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - US Large Cap Growth Fund

Class A USD Class B USD Class C USD

Number of shares at the beginning of the year/period 13,670.113 277,732.052 57,516.051

Number of shares issued 6,315.735 194,282.621 7,571.908 Number of shares redeemed -5,629.695 -189,281.474 -16,172.120

Number of shares outstanding at the end of the year/period 14,356.153 282,733.199 48,915.839

VAM Funds (Lux) - Emerging Markets Growth Fund

Class A USD Class B USD Class C USD Class E USD

Number of shares at the beginning of the year/period 15,659.841 319,624.136 19,872.704 104,228.441

Number of shares issued 7,878.627 49,405.326 8,048.536 96,262.685 Number of shares redeemed -3,676.039 -237,071.786 -5,345.385 -97,128.441

Number of shares outstanding at the end of the year/period 19,862.429 131,957.676 22,575.855 103,362.685

VAM Funds (Lux) - International Real Estate Equity Fund

Class A USD Class B USD Class C USD

Number of shares at the beginning of the year/period 5,531.496 94,715.478 11,666.975

Number of shares issued 1,284.770 24,246.769 2,033.482 Number of shares redeemed -2,124.499 -32,012.986 -3,213.002

Number of shares outstanding at the end of the year/period 4,691.767 86,949.261 10,487.455

The accompanying notes form an integral part of these financial statements. 34 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

CHANGES IN THE NUMBER OF SHARES OUTSTANDING

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - World Growth Fund

Class A USD Class B USD Class C USD

Number of shares at the beginning of the year/period 5,179.127 225,738.486 25,430.160

Number of shares issued 3,661.458 39,879.570 3,122.370 Number of shares redeemed -3,076.306 -24,980.603 -13,914.318

Number of shares outstanding at the end of the year/period 5,764.279 240,637.453 14,638.212

VAM Funds (Lux) - VAM Asia Fixed Income Fund 2)

Class A EUR 2) Class A GBP 2) Class A USD 2) Class C USD 3)

Number of shares at the beginning of the year/period 31,020.678 13,569.295 22,399.485 449.162

Number of shares issued 1,731.814 1,559.932 1,984.454 - Number of shares redeemed -32,752.492 -15,129.227 -24,383.939 -449.162

Number of shares outstanding at the end of the year/period - - - -

VAM Funds (Lux) - VAM International ex-USA Growth Fund 4)

Class A USD 5) Class C USD 4)

Number of shares at the beginning of the year/period 836.564 27,880.988

Number of shares issued 922.152 2,668.705 Number of shares redeemed -1,758.716 -30,549.693

Number of shares outstanding at the end of the year/period - -

2) The Compartment and Class A Shares were merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015 3) The Class C Share was liquidated on 24 July 2015 4) The Class A Share was liquidated on 23 April 2015 5) The Class C Share was redeemed in kind on 1 July 2015 entailing the liquidation of the Compartment

The accompanying notes form an integral part of these financial statements. 35 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

CHANGES IN THE NUMBER OF SHARES OUTSTANDING

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - VAM Commodities Equity Fund 6)

Class A GBP Class A USD Class C USD Class E Dis. USD

Number of shares at the beginning of the year/period 15,496.447 60,741.979 561.759 225,458.231

Number of shares issued - - - - Number of shares redeemed -15,496.447 -60,741.979 -561.759 -225,458.231

Number of shares outstanding at the end of the year/period - - - -

VAM Funds (Lux) - Americas All Cap Fund

Class A USD 7) Class C USD 8) Class E GBP Class E USD

Number of shares at the beginning of the year/period 1,282.727 495.260 9,013.823 15,000.000

Number of shares issued - - - - Number of shares redeemed -1,282.727 -495.260 -719.868 -

Number of shares outstanding at the end of the year/period - - 8,293.955 15,000.000

VAM Funds (Lux) - Accessible Clean Energy Fund

Class A USD Class D USD Class U USD 9)

Number of shares at the beginning of the year/period 12,749.608 85,538.594 -

Number of shares issued 17,679.488 - 96,554.297 Number of shares redeemed -9,631.680 -68,025.000 -

Number of shares outstanding at the end of the year/period 20,797.416 17,513.594 96,554.297

6) The Compartment was put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015 7) The Class A Share was liquidated on 30 September 2015 8) The Class C Share was liquidated on 28 July 2015 9) The Class U Share was launched on 2 January 2015

The accompanying notes form an integral part of these financial statements. 36 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

CHANGES IN THE NUMBER OF SHARES OUTSTANDING

For the year/period ended 31 December 2015

(continued)

VAM Funds (Lux) - Frontier Markets Fund

Class A USD Class C USD

Number of shares at the beginning of the year/period 27,066.830 10,000.000

Number of shares issued 27,443.391 - Number of shares redeemed -24,691.195 -

Number of shares outstanding at the end of the year/period 29,819.026 10,000.000

VAM Funds (Lux) - Focused Global Equity Fund 10)

Class A USD 10) Class C USD 10)

Number of shares at the beginning of the year/period - -

Number of shares issued 9,057.337 10,000.000 Number of shares redeemed -3,962.479 -

Number of shares outstanding at the end of the year/period 5,094.858 10,000.000

VAM Funds (Lux) - International Opportunities Fund 11)

Class A USD 11) Class C USD 11)

Number of shares at the beginning of the year/period - -

Number of shares issued 47,669.793 35,124.852 Number of shares redeemed -250.000 -3,807.297

Number of shares outstanding at the end of the year/period 47,419.793 31,317.555

10) The Compartment and Share Classes have been launched on 10 July 2015 11) The Compartment and Share Classes have been launched on 1 July 2015

The accompanying notes form an integral part of these financial statements. 37 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

31 December 2015 31 December 2014 31 December 2013

Total Fund Net Assets of the Fund (in USD) 380,922,697.37 416,495,039.84 352,387,109.40

VAM Funds (Lux) - US Mid Cap Grow th Fund Total net assets (in USD) 34,239,242.50 38,831,760.84 71,079,026.24

Class A GBP Shares outstanding 25,740.839 21,413.878 14,875.104 Net asset value per share (in share class currency) 140.23 139.78 144.85

Class A USD Shares outstanding 5,195.898 6,776.318 8,466.070 Net asset value per share (in share class currency) 158.47 157.60 162.86

Class B USD Shares outstanding 97,477.419 123,731.897 272,704.685 Net asset value per share (in share class currency) 174.61 173.58 179.31

Class C USD Shares outstanding 5,458.095 5,844.449 7,245.277 Net asset value per share (in share class currency) 2,029.12 1,988.13 2,023.91

Class D USD Shares outstanding - - 13,058.000 Net asset value per share (in share class currency) - - 196.80

VAM Funds (Lux) - US Small Cap Grow th Fund Total net assets (in USD) 33,245,829.54 34,035,397.88 32,050,476.89

Class A USD Shares outstanding 55,364.016 66,517.573 52,937.295 Net asset value per share (in share class currency) 27.10 27.57 27.15

Class B USD Shares outstanding 553,186.933 523,104.277 440,131.891 Net asset value per share (in share class currency) 27.51 27.97 27.54

Class C USD Shares outstanding 53,730.880 56,952.753 61,795.768 Net asset value per share (in share class currency) 307.61 308.48 299.26

The accompanying notes form an integral part of these financial statements. 38 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

(continued)

31 December 2015 31 December 2014 31 December 2013

VAM Funds (Lux) - US Micro Cap Grow th Fund Total net assets (in USD) 90,277,966.11 94,645,021.78 69,869,674.00

Class A USD Shares outstanding 68,603.078 61,830.289 39,337.017 Net asset value per share (in share class currency) 46.91 48.35 46.02

Class B USD Shares outstanding 485,747.932 516,473.234 427,956.139 Net asset value per share (in share class currency) 47.33 48.76 46.40

Class C USD Shares outstanding 47,159.184 49,134.827 54,051.052 Net asset value per share (in share class currency) 538.05 546.72 512.72

Class D USD 1) Shares outstanding 1,065.374 - - Net asset value per share (in share class currency) 95.15 - -

Class E USD Shares outstanding 201,547.232 206,924.625 115,416.316 Net asset value per share (in share class currency) 191.49 191.41 177.52

VAM Funds (Lux) - US Large Cap Grow th Fund Total net assets (in USD) 30,287,369.27 30,416,337.69 26,378,353.86

Class A USD Shares outstanding 14,356.153 13,670.113 17,095.024 Net asset value per share (in share class currency) 35.35 32.36 31.27

Class B USD Shares outstanding 282,733.199 277,732.052 226,873.503 Net asset value per share (in share class currency) 35.16 32.17 31.08

Class C USD Shares outstanding 48,915.839 57,516.051 53,968.240 Net asset value per share (in share class currency) 405.59 365.80 348.23

1) The Class D Share was launched on 23 November 2015

The accompanying notes form an integral part of these financial statements. 39 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

(continued)

31 December 2015 31 December 2014 31 December 2013

VAM Funds (Lux) - Emerging Markets Growth Fund Total net assets (in USD) 46,885,657.59 68,922,240.77 82,817,539.88

Class A USD Shares outstanding 19,862.429 15,659.841 15,079.093 Net asset value per share (in share class currency) 86.97 100.21 108.16

Class B USD Shares outstanding 131,957.676 319,624.136 328,552.749 Net asset value per share (in share class currency) 87.41 100.68 108.61

Class C USD Shares outstanding 22,575.855 19,872.704 24,824.885 Net asset value per share (in share class currency) 991.64 1,125.98 1,196.61

Class E USD Shares outstanding 103,362.685 104,228.441 120,770.990 Net asset value per share (in share class currency) 108.71 122.79 130.80

VAM Funds (Lux) - International Real Estate Equity Fund Total net assets (in USD) 31,364,197.27 34,138,096.70 31,877,285.21

Class A USD Shares outstanding 4,691.767 5,531.496 5,533.336 Net asset value per share (in share class currency) 213.05 211.62 214.49

Class B USD Shares outstanding 86,949.261 94,715.478 95,104.471 Net asset value per share (in share class currency) 156.91 155.80 157.85

Class C USD Shares outstanding 10,487.455 11,666.975 10,063.491 Net asset value per share (in share class currency) 1,594.46 1,560.91 1,557.93

The accompanying notes form an integral part of these financial statements. 40 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

(continued)

31 December 2015 31 December 2014 31 December 2013

VAM Funds (Lux) - World Growth Fund Total net assets (in USD) 41,398,359.71 48,441,092.37 52,053,273.87

Class A USD Shares outstanding 5,764.279 5,179.127 5,603.518 Net asset value per share (in share class currency) 168.74 159.94 164.52

Class B USD Shares outstanding 240,637.453 225,738.486 292,609.621 Net asset value per share (in share class currency) 101.80 96.45 99.17

Class C USD Shares outstanding 14,638.212 25,430.160 21,474.572 Net asset value per share (in share class currency) 1,088.18 1,016.14 1,029.70

VAM Funds (Lux) - VAM Asia Fixed Income Fund 2) Total net assets (in USD) - 9,531,897.99 16,114,960.27

Class A EUR 2) Shares outstanding - 31,020.678 55,346.438 Net asset value per share (in share class currency) - 111.10 107.52

Class A GBP 2) Shares outstanding - 13,569.295 24,196.834 Net asset value per share (in share class currency) - 112.57 108.57

Class A USD 2) Shares outstanding - 22,399.485 28,580.671 Net asset value per share (in share class currency) - 112.23 108.12

Class C USD 3) Shares outstanding - 449.162 478.473 Net asset value per share (in share class currency) - 1,038.00 991.61

2) The Compartment and Class A Shares were merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015 3) The Class C Share was liquidated on 24 July 2015

The accompanying notes form an integral part of these financial statements. 41 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

(continued)

31 December 2015 31 December 2014 31 December 2013

VAM Funds (Lux) - VAM International ex-USA Growth Fund 5) Total net assets (in USD) - 30,767,915.89 34,741,798.16

Class A USD 4) Shares outstanding - 836.564 2,592.157 Net asset value per share (in share class currency) - 107.90 118.67

Class C USD 5) Shares outstanding - 27,880.988 28,891.290 Net asset value per share (in share class currency) - 1,100.31 1,191.85

VAM Funds (Lux) - VAM Global Government Bond Fund Total net assets (in USD) - - 2,632,367.74

Class A EUR Shares outstanding - - 2,678.197 Net asset value per share (in share class currency) - - 92.38

Class A GBP Shares outstanding - - 10,039.607 Net asset value per share (in share class currency) - - 93.67

Class A USD Shares outstanding - - 6,194.635 Net asset value per share (in share class currency) - - 95.12

Class C USD Shares outstanding - - 152.751 Net asset value per share (in share class currency) - - 947.96

4) The Class A Share was liquidated on 23 April 2015 5) The Class C Share was redeemed in kind on 1 July 2015 entailing the liquidation of the Compartment

The accompanying notes form an integral part of these financial statements. 42 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

(continued)

31 December 2015 31 December 2014 31 December 2013

VAM Funds (Lux) - VAM Commodities Equity Fund 6) Total net assets (in USD) - 3,058,757.18 33,278,157.37

Class A GBP Shares outstanding - 15,496.447 12,659.987 Net asset value per share (in share class currency) - 7.62 59.04

Class A USD Shares outstanding - 60,741.979 65,799.765 Net asset value per share (in share class currency) - 9.13 71.06

Class C USD Shares outstanding - 561.759 380.408 Net asset value per share (in share class currency) - 132.92 1,021.89

Class E Dis. USD Shares outstanding - 225,458.231 353,397.495 Net asset value per share (in share class currency) - 9.96 76.31

VAM Funds (Lux) - Americas All Cap Fund Total net assets (in USD) 2,636,380.85 3,491,662.76 2,065,869.49

Class A USD 7) Shares outstanding - 1,282.727 1,000.000 Net asset value per share (in share class currency) - 97.76 99.59

Class C USD 8) Shares outstanding - 495.260 - Net asset value per share (in share class currency) - 1,005.80 -

Class E GBP Shares outstanding 8,293.955 9,013.823 2,864.311 Net asset value per share (in share class currency) 96.44 98.53 99.23

Class E USD Shares outstanding 15,000.000 15,000.000 15,000.000 Net asset value per share (in share class currency) 97.16 98.89 99.70

The accompanying notes form an integral part of these financial statements. 43 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

(continued)

31 December 2015 31 December 2014 31 December 2013

VAM Funds (Lux) - Enhanced Equity Fund Total net assets (in USD) - - 30,593,455.62

Class A USD Shares outstanding - - 32,335.385 Net asset value per share (in share class currency) - - 102.87

Class C USD Shares outstanding - - 2,118.000 Net asset value per share (in share class currency) - - 102.71

Class E Dis. EUR Shares outstanding - - 21,674.018 Net asset value per share (in share class currency) - - 102.84

Class E Dis. GBP Shares outstanding - - 61,755.473 Net asset value per share (in share class currency) - - 102.82

Class E Dis. USD Shares outstanding - - 130,959.914 Net asset value per share (in share class currency) - - 102.80

VAM Funds (Lux) - Accessible Clean Energy Fund Total net assets (in USD) 13,958,356.16 8,286,706.69

Class A USD Shares outstanding 20,797.416 12,749.608 - Net asset value per share (in share class currency) 90.43 83.99 -

Class D USD Shares outstanding 17,513.594 85,538.594 - Net asset value per share (in share class currency) 91.49 84.36 -

Class U USD 9) Shares outstanding 96,554.297 - - Net asset value per share (in share class currency) 108.49 - -

9) The Class U Share was launched on 2 January 2015

The accompanying notes form an integral part of these financial statements. 44 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

STATISTICAL INFORMATION

For the year/period ended 31 December 2015

(continued)

31 December 2015 31 December 2014 31 December 2013

VAM Funds (Lux) - Frontier Markets Fund Total net assets (in USD) 11,222,397.40 11,961,083.58 -

Class A USD Shares outstanding 29,819.026 27,066.830 - Net asset value per share (in share class currency) 84.99 93.64 -

Class C USD Shares outstanding 10,000.000 10,000.000 - Net asset value per share (in share class currency) 868.80 942.65 -

VAM Funds (Lux) - Focused Global Equity Fund 10) Total net assets (in USD) 9,970,582.12 - -

Class A USD 10) Shares outstanding 5,094.858 - - Net asset value per share (in share class currency) 94.23 - -

Class C USD 10) Shares outstanding 10,000.000 - - Net asset value per share (in share class currency) 949.05 - -

VAM Funds (Lux) - International Opportunities Fund 11) Total net assets (in USD) 35,436,358.85 - -

Class A USD 11) Shares outstanding 47,419.793 - - Net asset value per share (in share class currency) 97.62 - -

Class C USD 11) Shares outstanding 31,317.555 - - Net asset value per share (in share class currency) 983.71 - -

10) The Compartment and Share Classes have been launched on 10 July 2015 11) The Compartment and Share Classes have been launched on 1 July 2015

The accompanying notes form an integral part of these financial statements. 45 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MID CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 7,764 ADEPTUS HEALTH INC -A- 423,293.28 1.24 USD 4,310 ALKERMES PLC 342,127.80 1.00 USD 2,153 ALNYLAM PHARMACEUTICALS INC 202,683.42 0.59 USD 2,473 AMERCO 963,233.50 2.81 USD 5,743 AMSURG CORP 436,468.00 1.28 USD 2,773 AVAGO TECHNOLOGIES LTD 402,500.95 1.18 USD 24,700 CARMAX INC 1,333,059.00 3.89 USD 31,176 CBRE GROUP -A- 1,078,066.08 3.15 USD 15,437 CERNER CORP 928,844.29 2.71 USD 1,567 CHIPOTLE MEXICAN GRILL INC 752,144.33 2.20 USD 4,424 CONSTELLATION BRANDS INC -A- 630,154.56 1.84 USD 15,725 CROWN CASTLE REIT INC 1,359,426.25 3.97 USD 7,730 CROWN HLDGS INC 391,911.00 1.15 USD 19,615 DOLLAR GENERAL 1,409,730.05 4.12 USD 16,701 ENDO INTL PLC 1,022,435.22 2.99 USD 26,127 ETRADE FIN CORP 774,404.28 2.26 USD 27,020 FIRST DATA CORP -A- 432,860.40 1.26 USD 4,509 FLEETCOR TECHNOLOGIES INC 644,155.74 1.88 USD 9,457 GLOBAL PAYMENTS INC 610,165.64 1.78 USD 7,850 GUIDEWIRE SOFTWARE INC 472,256.00 1.38 USD 47,405 HILTON WORLDWIDE HLDGS INC 1,014,467.00 2.96 USD 25,504 JARDEN CORP 1,456,788.48 4.26 USD 20,053 LEVEL 3 COMMUNICATIONS INC 1,090,081.08 3.18 USD 46,175 LIVE NATION ENTERTAINMENT INC 1,134,519.75 3.31 USD 3,717 MEAD JOHNSON NUTRITION CO 293,457.15 0.86 USD 9,459 MEDNAX INC 678,021.12 1.98 USD 3,441 PACIRA PHARMACEUTICALS INC 264,234.39 0.77 USD 6,610 PERRIGO COMPANY PLC 956,467.00 2.79 USD 2,803 ROPER TECHNOLOGIES INC 531,925.31 1.55 USD 7,823 RYMAN HOSPITALITY PROPERTIES INC 403,979.72 1.18 USD 3,058 SBA COMMUNICATIONS CORP -A- 321,304.06 0.94 USD 26,536 SERVICEMASTER GLOBAL HLDGS INC 1,041,272.64 3.04 USD 4,456 SERVICENOW INC 385,711.36 1.13 USD 7,266 SIGNET JEWELERS LTD 898,150.26 2.62 USD 2,816 SNAP-ON INC 482,746.88 1.41 USD 21,568 SPROUTS FARMERS MARKET INC 573,493.12 1.67 USD 10,335 STERICYCLE INC 1,246,401.00 3.64 USD 2,061 SVB FINANCIAL GROUP 245,052.90 0.72 USD 4,208 ULTA SALON C&F 778,480.00 2.27 USD 17,901 UNITED CONTL HLDGS 1,025,727.30 3.00

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 46 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MID CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 6,699 UNITED RENTALS 486,012.45 1.42 USD 16,669 VERISK ANALYTICS INC -A- 1,281,512.72 3.74 USD 14,810 VIPSHOP HLDG LTD -ADR- 226,148.70 0.66 USD 43,088 ZAYO GROUP HLDGS INC 1,145,709.92 3.35 USD 12,845 ZOETIS INC -A- 615,532.40 1.80

Total transferable shares admitted to an official stock exchange listing 33,187,116.50 96.93

TOTAL SECURITIES PORTFOLIO 33,187,116.50 96.93

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 47 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MID CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Bermuda Islands 2.62 China 0.66 Ireland 6.78 Mexico 0.00 Singapore 1.18 United States of America 85.69

TOTAL 96.93

Breakdown by currency % of Net Assets*

USD 96.93

TOTAL 96.93

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 48 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US SMALL CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 3,722 ABIOMED INC 336,022.16 1.01 USD 2,973 ACADIA HEALTHCARE CO INC 185,693.58 0.56 USD 10,634 ACCELERATE DIAGNOSTICS CORP 228,524.66 0.69 USD 4,943 ALIGN TECHNOLOGY INC 325,496.55 0.98 USD 9,246 AMN HEALTHCARE SERVICES INC 287,088.30 0.86 USD 1,501 ANACOR PHARMACEUTICALS INC 169,567.97 0.51 USD 9,856 ATLASSIAN CORP PLC -A- 296,468.48 0.89 USD 13,737 ATRICURE INC 308,258.28 0.93 USD 10,492 AUTOBYTEL INC 236,699.52 0.71 USD 5,143 BALCHEM CORP 312,694.40 0.94 USD 7,173 BANK OF THE OZARKS 354,776.58 1.07 USD 3,004 BLACKBAUD INC (OLD) 197,843.44 0.59 USD 9,346 BLACKHAWK NETWORK HLDG INC 413,186.66 1.24 USD 14,448 BLUEPRINT MEDICINES CORP 380,560.32 1.14 USD 6,771 BRIGHT HORIZONS FAMILY SOLUTIONS 452,302.80 1.36 USD 6,476 BROADSOFT 228,991.36 0.69 USD 3,709 CAESARSTONE SDOT-YAM LTD 160,748.06 0.48 USD 1,742 CASEY'S GENERAL STORES INC 209,823.90 0.63 USD 12,977 CEVA INC 303,142.72 0.91 USD 9,198 CLUBCORP HLDGS INC 168,047.46 0.51 USD 1,091 COCA-COLA BOTTLING CO 199,118.41 0.60 USD 4,181 CORE-MARK HLDG COMPANY INC 342,591.14 1.03 USD 26,594 CROSS COUNTRY HEALTHCARE INC 435,875.66 1.31 USD 4,537 CYBERARK SOFTWARE LTD 204,800.18 0.62 USD 9,923 DAVE & BUSTER'S ENTERTAINMENT INC 414,186.02 1.25 USD 4,653 DBV TECHNOLOGIES SA -ADR- 168,950.43 0.51 USD 3,359 DEXCOM INC 275,102.10 0.83 USD 4,205 DREW INDUSTRIES INC 256,042.45 0.77 USD 3,898 DYCOM INDUSTRIES 272,704.08 0.82 USD 11,751 DYNAVAX TECHNOLOGIES CORP 283,904.16 0.85 USD 1,765 EAGLE PHARMACEUTICALS INC 156,502.55 0.47 USD 7,426 EPAM SYSTEMS INC 583,832.12 1.76 USD 16,389 EURONAV NV 224,693.19 0.68 USD 5,744 EURONET WORLDWIDE INC 416,037.92 1.25 USD 12,354 FIVE PRIME THERAPEUTICS INC 512,691.00 1.54 USD 16,486 FLEXION THERAPEUTICS INC 317,685.22 0.96 USD 3,848 GALAPAGOS NV -ADR- 241,962.24 0.73 USD 3,780 GENTHERM INC 179,172.00 0.54 USD 12,969 GIBRALTAR INDUSTRIES INC 329,931.36 0.99

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 49 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US SMALL CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued) Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 8,315 GLOBAL BLOOD THERAPEUTICS INC 268,823.95 0.81 USD 19,052 GLOBANT SA 714,640.52 2.15 USD 4,291 GRANITE CONSTRUCTION INC 184,126.81 0.55 USD 16,364 GTT COMMUNICATIONS INC 279,169.84 0.84 USD 13,353 GUIDEWIRE SOFTWARE INC 803,316.48 2.42 USD 5,283 HAWAIIAN HLDG INC 186,648.39 0.56 USD 8,375 HEALTHEQUITY INC 209,961.25 0.63 USD 4,069 HEARTLAND PAYMENT SYSTEMS INC 385,822.58 1.16 USD 8,604 IMAX CORP 305,786.16 0.92 USD 9,322 INFINERA 168,914.64 0.51 USD 15,958 INPHI 431,185.16 1.30 USD 15,374 INSTRUCTURE INC 320,086.68 0.96 USD 6,436 INTEGRATED DEVICE TECHNOLOGY INC 169,588.60 0.51 USD 21,126 INTELIQUENT INC 375,409.02 1.13 USD 4,802 JOHN BEAN TECHNOLOGIES CORP 239,283.66 0.72 USD 6,177 KORN/FERRY INT'L 204,952.86 0.62 USD 5,177 LENDINGTREE INC 462,202.56 1.39 USD 2,477 LIGAND PHARMACEUTICALS 268,556.34 0.81 USD 1,610 LITHIA MOTORS -A- 171,738.70 0.52 USD 10,299 LIVE OAK BANCSHARES INC 146,245.80 0.44 USD 9,137 LOGMEIN INC 613,092.70 1.84 USD 6,474 LOXO ONCOLOGY INC 184,185.30 0.55 USD 14,565 MA-COM TECHNOLOGY SOLUTIONS HLDG INC 595,562.85 1.79 USD 10,120 MACROGENICS INC 313,416.40 0.94 USD 3,069 MANHATTAN ASSOCIATES INC 203,075.73 0.61 USD 4,810 MARKETAXESS HLDGS INC 536,747.90 1.61 USD 17,492 MDC PARTNERS SUBORD VTG -A- 379,926.24 1.14 USD 4,047 MELLANOX TECHNOLOGIES LTD 170,540.58 0.51 USD 12,816 MERCURY SYSTEMS INC 235,301.76 0.71 USD 4,054 MONOLITHIC POWER SYSTEMS INC 258,280.34 0.78 USD 2,984 MONRO MUFFLER BRAKE INC 197,600.48 0.59 USD 8,096 MOTORCAR PARTS OF AMERICA INC 273,725.76 0.82 USD 64,889 NEOGENOMICS INC 510,676.43 1.54 USD 5,848 NEVRO CORP 394,798.48 1.19 USD 10,074 NORD ANGLIA EDUCATION INC 204,300.72 0.61 USD 10,288 ON ASSIGNMENT INC 462,445.60 1.39 USD 3,529 PACIRA PHARMACEUTICALS INC 270,991.91 0.82 USD 9,857 PARSLEY ENERGY INC -A- 181,861.65 0.55 USD 16,531 PAYCOM SOFTWARE INC 622,557.46 1.87

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 50 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US SMALL CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 4,386 PAYLOCITY HLDG CORP 177,852.30 0.53 USD 3,058 PENUMBRA INC 164,520.40 0.49 USD 20,892 PLANET FITNESS INC -A- 326,541.96 0.98 USD 5,472 POOL CORP 442,028.16 1.33 USD 6,945 PROOFPOINT INC 451,494.45 1.36 USD 17,873 Q2 HLDGS INC 471,311.01 1.42 USD 29,521 RINGCENTRAL INC 696,105.18 2.09 USD 3,247 SAGE THERAPEUTICS INC 189,300.10 0.57 USD 13,805 SMART & FINAL STORES INC 251,389.05 0.76 USD 8,229 SNYDER'S-LANCE INC 282,254.70 0.85 USD 5,719 SONIC CORP 184,780.89 0.56 USD 7,271 STERIS PLC 547,797.14 1.65 USD 8,873 SUMMIT MATERIALS INC -A- 177,637.46 0.53 USD 9,967 TASER INTL 172,329.43 0.52 USD 2,114 TYLER TECHNOLOGIES INC 368,512.48 1.11 USD 3,142 ULTIMATE SOFTWARE 614,292.42 1.85 USD 9,634 US SILICA HLDG INC 180,444.82 0.54 USD 3,990 VAIL RESORTS INC 510,680.10 1.54 USD 6,520 VCA INC 358,600.00 1.08 USD 6,702 VIRGIN AMERICA INC 241,339.02 0.73 USD 7,991 VIRTUSA CORP 330,347.94 0.99 USD 11,027 WESTERN ALLIANCE BANCORP 395,428.22 1.19 USD 19,069 WNS (HLDG) LTD -ADR- 594,762.11 1.79 USD 6,370 XPO LOGISTICS INC 173,582.50 0.52

Total transferable shares admitted to an official stock exchange listing 32,580,599.56 98.00

TOTAL SECURITIES PORTFOLIO 32,580,599.56 98.00

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 51 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US SMALL CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Belgium 1.41 Canada 2.06 Cayman Islands 0.61 France 0.51 India 1.79 Israel 1.61 Luxembourg 2.15 United Kingdom 2.54 United States of America 85.32

TOTAL 98.00

Breakdown by currency % of Net Assets*

USD 98.00

TOTAL 98.00

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 52 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MICRO CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 68,763 8X8 787,336.35 0.87 USD 24,219 ACETO CORP 653,428.62 0.72 USD 5,796 AMERICAN WOODMARK CORP 463,564.08 0.51 USD 27,730 AMN HEALTHCARE SERVICES INC 861,016.50 0.95 USD 40,253 APPLIED MICRO CIRCUITS 256,411.61 0.28 USD 19,565 ARGAN INC 632,732.10 0.70 USD 51,962 ATLAS FIN HLDGS INC 1,034,043.80 1.15 USD 37,915 ATRICURE INC 850,812.60 0.94 USD 53,320 AUTOBYTEL INC 1,202,899.20 1.33 USD 59,636 AVINGER INC 1,354,333.56 1.50 USD 21,493 BASSETT FURNITURE INDUSTRIES INC 539,044.44 0.60 USD 49,362 BLUEPRINT MEDICINES CORP 1,300,195.08 1.44 USD 28,139 BNC BANCORP 714,167.82 0.79 USD 31,815 CALAMP CORP 634,072.95 0.70 USD 9,733 CALAVO GROWERS INC 476,917.00 0.53 USD 87,086 CALLIDUS SOFTWARE INC 1,617,187.02 1.79 USD 49,737 CALLON PETROLEUM CO 414,806.58 0.46 USD 67,065 CARROLS RESTAURANT GROUP INC 787,343.10 0.87 USD 61,679 CERUS CORP 389,811.28 0.43 USD 49,128 CEVA INC 1,147,630.08 1.27 USD 65,789 CHEGG INC 442,759.97 0.49 USD 45,990 CHEROKEE INC 793,327.50 0.88 USD 36,565 CHUYS HLDG INC 1,145,947.10 1.27 USD 28,639 COMFORT SYSTEMS USA INC 813,920.38 0.90 USD 62,830 CONTROLADORA VUELA COMPANIA DE CV -A- 1,078,162.80 1.20 USD 42,361 CPI CARD GROUP INC 451,568.26 0.50 USD 66,363 CROSS COUNTRY HEALTHCARE INC 1,087,689.57 1.20 USD 15,373 DERMIRA INC 532,059.53 0.59 USD 34,576 DIMENSION THERAPEUTICS INC 390,017.28 0.43 USD 32,442 DULUTH HLDG INC -B- 473,328.78 0.53 USD 50,240 DYNAVAX TECHNOLOGIES CORP 1,213,798.40 1.34 USD 67,346 EXELIXIS INC 379,831.44 0.42 USD 16,684 EXLSERVICE HLDG INC 749,612.12 0.83 USD 33,697 FIVE PRIME THERAPEUTICS INC 1,398,425.50 1.55 USD 62,815 FLEXION THERAPEUTICS INC 1,210,445.05 1.34 USD 32,210 FLOTEK INDUSTRIES INC 368,482.40 0.41 USD 102,763 FOAMIX PHARMACEUTICALS LTD 833,407.93 0.92 USD 33,064 FRANCESCA HLDG 575,644.24 0.64 USD 17,167 GENMARK DIAGNOSTICS INC 133,215.92 0.15

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 53 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MICRO CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued) Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 46,892 GIBRALTAR INDUSTRIES INC 1,192,932.48 1.32 USD 19,892 GLOBAL BLOOD THERAPEUTICS INC 643,108.36 0.71 USD 59,063 GLOBANT SA 2,215,453.13 2.45 USD 77,980 GOOD TIMES RESTAURANTS INC 374,304.00 0.42 USD 44,749 GRIFFON CORP 796,532.20 0.88 USD 72,791 GTT COMMUNICATIONS INC 1,241,814.46 1.38 USD 48,800 HACKETT GROUP INC 784,216.00 0.87 USD 35,102 HANMI FINANCIAL CORP 832,619.44 0.92 USD 15,069 HEIDRICK & STRUGGLES INTL 410,178.18 0.46 USD 25,243 HERON THERAPEUTICS INC 673,988.10 0.75 USD 113,639 IDERA PHARMACEUTICALS INC 351,144.51 0.39 USD 49,766 IMMERSION CORP 580,271.56 0.64 USD 61,340 INPHI 1,657,406.80 1.84 USD 10,284 INSTEEL INDUSTRIES INC 215,141.28 0.24 USD 41,280 INSTRUCTURE INC 859,449.60 0.95 USD 84,365 INTELIQUENT INC 1,499,166.05 1.66 USD 16,793 INTERSECT ENT INC 377,842.50 0.42 USD 15,471 INTRA-CELLULAR THERAPIES INC 832,185.09 0.92 USD 15,478 JOHN B SANFILIPPO & SON INC 836,276.34 0.93 USD 46,716 K2M GROUP HLDGS INC 922,173.84 1.02 USD 41,014 KEMPHARM INC 814,538.04 0.90 USD 28,276 KFORCE INC 714,817.28 0.79 USD 12,458 LAWSON PRODUCTS INC. 290,894.30 0.32 USD 87,379 LEMAITRE VASCULAR INC 1,507,287.75 1.67 USD 14,249 LENDINGTREE INC 1,272,150.72 1.41 USD 38,883 LIVE OAK BANCSHARES INC 552,138.60 0.61 USD 48,484 LOXO ONCOLOGY INC 1,379,369.80 1.53 USD 25,630 LSI INDUSTRIES INC 312,429.70 0.35 USD 12,563 LYDALL INC 445,735.24 0.49 USD 34,422 MACROGENICS INC 1,066,049.34 1.18 USD 33,815 MARINEMAX INC 622,872.30 0.69 USD 22,351 MAXLINEAR INC -A- 329,230.23 0.37 USD 34,914 MCBC HLDG INC 478,321.80 0.53 USD 44,058 MERCURY SYSTEMS INC 808,904.88 0.90 USD 28,358 MIRATI THERAPEUTICS INC 896,112.80 0.99 USD 93,573 MITEK SYSTEMS 384,585.03 0.43 USD 40,066 MOTORCAR PARTS OF AMERICA INC 1,354,631.46 1.50 USD 48,923 MYOKARDIA INC 717,211.18 0.80 USD 34,598 NAUTILUS 578,478.56 0.64 *Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 54 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MICRO CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued) Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 243,931 NEOGENOMICS INC 1,919,736.97 2.13 USD 68,259 NEOPHOTONICS CORP 741,292.74 0.82 USD 17,586 NUTRISYSTEM INC 380,561.04 0.42 USD 76,492 OCLARO INC 266,192.16 0.30 USD 22,796 OTONOMY INC 632,589.00 0.70 USD 19,120 PATRICK INDUSTRIES INC 831,720.00 0.92 USD 40,312 PAYCOM SOFTWARE INC 1,518,149.92 1.68 USD 16,298 PAYLOCITY HLDG CORP 660,883.90 0.73 USD 49,772 PGT INC 566,903.08 0.63 USD 12,542 PROOFPOINT INC 815,355.42 0.90 USD 61,886 Q2 HLDGS INC 1,631,933.82 1.81 USD 103,988 QUINSTREET INC 446,108.52 0.50 USD 25,669 RESOURCES CONNECTION INC 419,431.46 0.46 USD 12,575 REVANCE THERAPEUTICS INC 429,562.00 0.48 USD 77,240 RINGCENTRAL INC 1,821,319.20 2.02 USD 23,780 SILICON MOTION TECHNOL -ADR- 745,740.80 0.83 USD 39,504 SKYWEST INC 751,366.08 0.83 USD 61,398 SMITH & WESSON HLDG CORP 1,349,528.04 1.49 USD 8,887 SPS COMMERCE INC 623,956.27 0.69 USD 9,296 STAMPS.COM INC 1,018,934.56 1.13 USD 14,799 STANDARD MOTOR PRODUCTS 563,101.95 0.62 USD 223,242 SUNESIS PHARMACEUTICALS INC 200,359.70 0.22 USD 78,493 SYNERGY PHARMACEUTICALS INC 445,055.31 0.49 USD 27,015 TASER INTL 467,089.35 0.52 USD 40,277 TETRA TECHNOLOGIES INC 302,883.04 0.34 USD 38,954 TILE SHOP HLDG INC 638,845.60 0.71 USD 43,089 UNIQUE FABRICATING INC 532,580.04 0.59 USD 10,385 UNIVERSAL ELECTRONICS INC 533,269.75 0.59 USD 12,575 US CONCRETE INC 662,199.50 0.73 USD 23,686 US SILICA HLDG INC 443,638.78 0.49 USD 30,417 VASCULAR SOLUTIONS INC 1,046,040.63 1.16 USD 45,253 VERACYTE INC 325,821.60 0.36 USD 39,026 VITAE PHARMACEUTICALS INC 706,370.60 0.78 USD 16,052 WEIGHT WATCHERS INT'L INC 365,343.52 0.40 USD 48,882 XCEL BRANDS INC 366,615.00 0.41

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 55 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MICRO CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 38,497 XENCOR INC 562,826.14 0.62 USD 118,359 ZIX CORP 601,263.72 0.67

Total transferable shares admitted to an official stock exchange listing 88,345,930.08 97.86

TOTAL SECURITIES PORTFOLIO 88,345,930.08 97.86

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 56 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US MICRO CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Cayman Islands 1.98 Israel 0.92 Luxembourg 2.45 Mexiko 1.20 United States of America 91.31

TOTAL 97.86

Breakdown by currency % of Net Assets*

USD 97.86

TOTAL 97.86

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 57 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US LARGE CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 2,974 ALLERGAN PLC 929,375.00 3.07 USD 1,943 ALPHABET INC -A- 1,511,673.43 4.99 USD 1,337 AMAZON.COM INC 903,664.93 2.98 USD 1,393 AMERCO 542,573.50 1.79 USD 4,372 AVAGO TECHNOLOGIES LTD 634,595.80 2.09 USD 7,268 BRISTOL-MYERS SQUIBB CO 499,965.72 1.65 USD 4,226 CAPITAL ONE FIN CORP 305,032.68 1.01 USD 13,470 CARMAX INC 726,975.90 2.40 USD 16,828 CBRE GROUP -A- 581,912.24 1.92 USD 6,327 CELGENE CORP 757,721.52 2.50 USD 5,982 CERNER CORP 359,936.94 1.19 USD 1,105 CHIPOTLE MEXICAN GRILL INC 530,388.95 1.75 USD 10,328 COGNIZANT TECH SOLUTIONS -A- 619,886.56 2.05 USD 5,407 CONSTELLATION BRANDS INC -A- 770,173.08 2.54 USD 2,210 COSTCO WHOLESALE CORP 356,915.00 1.18 USD 10,743 CROWN CASTLE REIT INC 928,732.35 3.07 USD 11,792 CVS HEALTH CORP 1,152,903.84 3.81 USD 13,721 DOLLAR GENERAL 986,128.27 3.26 USD 12,784 EBAY INC 351,304.32 1.16 USD 9,154 ENDO INTL PLC 560,407.88 1.85 USD 9,314 ETRADE FIN CORP 276,066.96 0.91 USD 5,870 EXXON MOBIL CORP 457,566.50 1.51 USD 9,881 FACEBOOK INC -A- 1,034,145.46 3.41 USD 19,285 FIRST DATA CORP -A- 308,945.70 1.02 USD 2,504 FLEETCOR TECHNOLOGIES INC 357,721.44 1.18 USD 3,179 GLOBAL PAYMENTS INC 205,109.08 0.68 USD 26,357 HILTON WORLDWIDE HLDGS INC 564,039.80 1.86 USD 12,046 JARDEN CORP 688,067.52 2.27 USD 16,824 LEVEL 3 COMMUNICATIONS INC 914,552.64 3.02 USD 19,168 LOWE'S COS INC 1,457,534.72 4.81 USD 7,389 MASTERCARD INC -A- 719,393.04 2.38 USD 1,821 MEAD JOHNSON NUTRITION CO 143,767.95 0.47 USD 15,870 MICROSOFT CORP 880,467.60 2.91 USD 6,554 MONDELEZ INT'L INC 293,881.36 0.97 USD 3,669 NEWELL RUBBERMAID INC 161,729.52 0.53 USD 2,322 PERRIGO COMPANY PLC 335,993.40 1.11 USD 2,067 ROPER TECHNOLOGIES INC 392,254.59 1.30 USD 5,157 SCHLUMBERGER LTD 359,700.75 1.19 USD 8,080 SCHWAB (CHARLES) CORP 266,074.40 0.88

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 58 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US LARGE CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 2,791 SERVICENOW INC 241,588.96 0.80 USD 8,093 STERICYCLE INC 976,015.80 3.22 USD 12,758 UNITED CONTL HLDGS 731,033.40 2.41 USD 2,482 VALEANT PHARMACEUTICALS INTL INC 252,295.30 0.83 USD 6,090 VERISK ANALYTICS INC -A- 468,199.20 1.55 USD 11,407 VISA INC -A- 884,612.85 2.92 USD 12,374 ZAYO GROUP HLDGS INC 329,024.66 1.09 USD 8,403 ZOETIS INC -A- 402,671.76 1.33

Total transferable shares admitted to an official stock exchange listing 28,112,722.27 92.82

TOTAL SECURITIES PORTFOLIO 28,112,722.27 92.82

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 59 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – US LARGE CAP GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Curacao 1.19 Ireland 6.03 Singapore 2.09 United States of America 83.51

TOTAL 92.82

Breakdown by currency % of Net Assets*

USD 92.82

TOTAL 92.82

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 60 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – EMERGING MARKETS GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Investment funds

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

HKD 241,654 ISHARE A50 CHINA 337,481 0.72

Total transferable investment funds admitted to an official stock exchange listing 337,481 0.72

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 2,928 58.COM INC -A- -ADR- 193,130.88 0.41 AED 140,758 ABU DHABI COMMERCIAL BANK 252,544.05 0.54 HKD 147,681 AIA GROUP 888,257.69 1.89 MXN 223,621 ALFA SAB DE CV -A- 441,515.83 0.94 MXN 137,695 ALSEA SAB DE CV 477,157.37 1.02 USD 116,413 AMBEV SA -ADR- 519,201.98 1.11 KRW 2,074 AMOREPACIFIC CORP 733,427.31 1.57 HKD 44,188 ANTA SPORTS PRODUCTS LTD 121,482.13 0.26 TRY 61,919 ASELSAN AS 357,871.31 0.76 USD 13,647 ASTRAZENECA SP -ADR- 463,315.65 0.99 USD 3,839 AVAGO TECHNOLOGIES LTD 557,230.85 1.19 USD 1,131 BANCO MACRO SA -ADR- 65,733.72 0.14 USD 18,404 BANCO SANTANDER CHILE SP -ADR- 324,646.56 0.69 IDR 409,156 BANK CENTRAL ASIA PT 396,852.71 0.85 BRL 31,700 BB SEGURIDADE PARTICIPACOES SA 194,934.10 0.42 THB 536,610 C.P.ALL PUBLIC NVDR 585,294.76 1.25 BRL 19,587 CETIP 185,646.02 0.40 HKD 1,192,872 CHINA CONSTRUCTION BANK-H 817,554.67 1.74 HKD 100,129 CHINA LIFE INSURANCE CO -H- 323,739.76 0.69 HKD 80,411 CHINA MOBILE LTD 908,138.22 1.94 HKD 107,373 CHINA OVERSEAS LAND & INVEST 376,957.53 0.80 HKD 460,000 CHINA PHARMACEUTICAL GROUP LTD 470,231.21 1.00 KRW 1,928 CJ CGV CO LTD 207,253.26 0.44 HKD 224,047 CNOOC LTD 233,367.89 0.50 USD 4,584 COGNIZANT TECH SOLUTIONS -A- 275,131.68 0.59 EGP 40,862 COMMERCIAL INTL BANK 198,713.50 0.42 KRW 2,269 COSMAX INC 356,185.40 0.76 USD 6,103 CTRIP.COM INT'L LTD -ADR- 282,751.99 0.60

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 61 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – EMERGING MARKETS GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

TWD 47,358 DELTA ELECTRONICS INC 224,198.85 0.48 TWD 719,382 E.SUN FINANCIAL HLDG CO LTD 419,409.23 0.90 USD 2,708 ELI LILLY & CO 228,176.08 0.49 TWD 21,167 ENNOCONN CORP 239,724.20 0.51 EUR 21,365 ERSTE GROUP BANK AG 671,207.13 1.43 USD 8,820 FACEBOOK INC -A- 923,101.20 1.97 CLP 88,970 FALABELLA SOCIEDAD ANOMINA COMERC IND 567,160.02 1.21 TWD 148,137 FAR EASTONE TELECOMM CO LTD 304,873.64 0.65 MXN 207,997 FIBRA UNO ADMINISTRACION SA DE CV 457,515.36 0.98 ZAR 161,198 FIRSTRAND 440,774.59 0.94 MXN 24,976 GRUMA SAB DE CV -B- 349,597.79 0.75 MXN 126,301 GRUPO FINANCIERO BANORTE -O- 694,646.72 1.48 USD 16,308 GRUPO TELEVISA SAB -SADR- 443,740.68 0.95 USD 27,648 HDFC BANK LTD -ADR- 1,703,116.80 3.63 EUR 2,604 HEINEKEN NV 222,821.56 0.48 GBP 4,197 HIKMA PHARMACEUTICALS PLC 142,093.97 0.30 TWD 139,014 HON HAI PRECISION INDUSTRY 341,963.33 0.73 KRW 2,735 HYUNDAI DEVELOPMENT COMPANY 90,534.24 0.19 MYR 322,647 IHH HEALTHCARE BHD 494,472.14 1.05 USD 29,803 INFOSYS TECHNOLOGIES SP -ADR- 499,200.25 1.07 USD 51,921 ITAU UNIBANCO HLDNG -ADR- 338,005.71 0.72 USD 14,685 JD.COM INC -SADR- 473,811.53 1.01 KRW 9,356 KANGWON LAND INC 306,510.41 0.65 KRW 7,787 KIA MOTORS CORP 349,445.71 0.75 CZK 1,522 KOMERCNI BANKA AS 302,868.80 0.65 KRW 7,901 KOREA ELECTRIC POWER CORP 337,035.66 0.72 KRW 3,890 KOREA INVESTMENT HLDG CO LTD 164,443.63 0.35 KRW 2,533 KOREA PLANT SERVICE & ENG 192,330.87 0.41 TWD 8,532 LANDMARK OPTOELECTRONICS CORP 127,798.45 0.27 TWD 1,766 LARGAN PRECISION CO LTD 122,046.74 0.26 KRW 33,409 MACQUARIE KOREA INFRASTRUCTURE FUND 228,877.35 0.49 NOK 31,563 MARINE HARVEST ASA 426,480.90 0.91 USD 172,341 MOSCOW EXCHANGE MICEX-RTS OJSC 216,117.34 0.46 USD 1,300 NETEASE.COM INC -ADR- 235,612.00 0.50 USD 12,059 NEWMONT MINING CORP 216,941.41 0.46 USD 1,773 NIKE INC -B- 110,812.50 0.24 USD 14,677 OIL COMPANY LUKOIL PJSC -ADR- 477,296.04 1.02 HUF 17,918 OTP BANK PLC 369,565.46 0.79 USD 1,320 PAMPA ENERGIA SA -ADR- 27,126.00 0.06

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 62 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – EMERGING MARKETS GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 9,743 PHILIP MORRIS INT'L 856,507.13 1.83 HKD 127,471 PING AN INSURANCE GROUP CO -H- 707,470.42 1.51 MXN 25,454 PROMOTORA Y OPERADORA DE INFRA CV 298,781.27 0.64 IDR 4,244,296 PT TELEKOM INDONESIA (PERSERO) TBK 961,072.28 2.05 KRW 1,096 SAMSUNG ELECTRONICS CO LTD 1,178,161.68 2.51 KRW 804 SAMSUNG 748,349.71 1.60 KRW 1,377 SAMSUNG FIRE & MARINE INS 361,245.84 0.77 HKD 237,324 SANDS CHINA LTD 813,269.75 1.73 USD 9,641 SASOL LTD -ADR- 258,571.62 0.55 USD 68,543 SBERBANK SP -ADR- 402,758.67 0.86 USD 6,404 SCHLUMBERGER LTD 446,679.00 0.95 CAD 101,049 SEMAFO INC 255,328.51 0.54 ZAR 36,132 STEINHOFF IN HD (R) 183,069.26 0.39 USD 70,374 TAIWAN SEMICONDUCTOR -ADR- 1,601,008.50 3.41 USD 11,367 TATA MOTORS LTD -ADR- 334,985.49 0.71 TRY 28,530 TAV HAVALIMANLARI HLDG AS 177,796.14 0.38 HKD 100,902 TECHTRONIC INDUSTRIES CO 411,543.07 0.88 HKD 100,311 TENCENT HLDGS LTD 1,974,453.18 4.21 TRY 25,359 TOFAS TURK OTOMOBIL 164,637.67 0.35 BRL 54,355 TRACTEBEL ENERGIA SA 460,088.20 0.98 TRY 1 TURK HAVA YOLLARI 1.77 0.00 BRL 13,600 ULTRAPAR PARTICIPACOES SA 207,788.57 0.44 MXN 127,800 UNIFIN FINANCIERA SAB DE CV SOFOM ENR -A- 394,104.44 0.84 PHP 35,832 UNIVERSAL ROBINA CORP 141,637.63 0.30 USD 4,786 VISA INC -A- 371,154.30 0.79 HKD 219,040 XINYI SOLAR HLDG LTD 89,621.28 0.19 USD 11,884 YANDEX NV 186,816.48 0.40 HKD 38,606 ZHUZHOU CSR TIMES ELECTRIC 224,480.20 0.48

Total transferable shares admitted to an official stock exchange listing 39,901,104.38 85.11

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 63 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – EMERGING MARKETS GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities dealt on another regulated market Warrants

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 31,594 ML INTL / AXIS BANK LTD 240613 / 130618 213,891.38 0.46 USD 3,038 ML INTL / BRIT INDUS LTD 030611 / 080616 136,366.71 0.29 USD 67,576 ML INTL / ITC LTD 310513 / 220518 334,501.20 0.71 USD 11,196 ML INTL / STRIDES ARCOLAB 090713 / 280618 217,948.17 0.46 USD 5,307 ML INTL / ULTRATECH CEM LTD 290514 / 220519 221,971.11 0.47 USD 55,007 ML INTL / ZEE ENTERTAINMENT 100914 / 030919 364,074.83 0.78 USD 52,231 MS / LIC HOUSING FIN LTD 200511 / 190516 402,387.62 0.86 USD 29,419 MS / SUN PHARMA IND LTD 101215 / 071217 364,284.30 0.78 USD 1,027,580 MS / SUZLON ENERGY LTD 210211 /150216 323,584.94 0.69 USD 90,064 MS / MARKSANS PHARMA LTD 241215 /211217 142,369.57 0.30

Total transferable warrants dealt on another regulated market 2,721,379.83 5.80

TOTAL SECURITIES PORTFOLIO 42,959,965.49 91.63

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 64 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – EMERGING MARKETS GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Argentina 0.20 Austria 1.43 Brazil 4.07 Canada 0.54 Cayman Islands 10.85 Chile 1.90 China 4.42 Curacao 4.12 Cyprus 1.00 Czech 0.65 Egypt 0.42 Federation of Russia 2.34 Hong Kong 6.73 Hungary 0.79 India 5.41 Indonesia 2.90 Ireland 0.69 Malaysia 1.05 Mexico 7.60 Netherlands 1.27 Norway 0.91 Philippines 0.30 Singapore 1.19 South Africa 1.49 South Korea 11.21 Taiwan 7.21 Thailand 1.25 Turkey 1.49 United Arab Emirates 0.54 United Kingdom 1.29 United States of America 6.37

TOTAL 91.63

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 65 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – EMERGING MARKETS GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by currency % of Net Assets*

AED 0.54 BRL 2.24 CAD 0.54 CLP 1.21 CZK 0.65 EGP 0.42 EUR 1.91 GBP 0.30 HKD 18.54 HUF 0.79 IDR 2.90 KRW 11.21 MXN 6.65 MYR 1.05 NOK 0.91 PHP 0.30 THB 1.25 TRY 1.49 TWD 3.80 USD 33.60 ZAR 1.33

TOTAL 91.63

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 66 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL REAL ESTATE EQUITY FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

EUR 26,070 ADO PROPERTIES SA 750,485.46 2.39 JPY 53,600 PENTA-OCEAN CONSTRUCTION CO LTD 225,898.94 0.72 EUR 46,276 ALSTRIA OFFICE REIT AG 619,078.33 1.97 USD 1,997 AMERCO 777,831.50 2.48 EUR 102,785 AROUNDTOWN PROPERTY HLDG PLC 473,424.77 1.51 PHP 214,700 AYALA LAND INC 157,186.75 0.50 GBP 17,293 BARRATT DEVELOPMENTS PLC 160,195.87 0.51 GBP 6,975 BELLWAY PLC 291,250.36 0.93 EUR 368,580 BENI STABILI 272,267.66 0.87 GBP 71,994 BIG YELLOW GROUP PLC 860,052.58 2.74 GBP 25,877 BRITISH LAND CO PLC 301,121.49 0.96 EUR 15,260 BUWOG AG 331,625.92 1.06 GBP 305,981 CAPITAL & REGIONAL PLC 293,145.68 0.93 HKD 71,778 CHEUNG KONG PROPERTY HLDGS LTD 466,928.44 1.49 HKD 182,000 CHINA OVERSEAS LAND & INVEST 638,952.73 2.04 HKD 60,666 CHINA OVERSEAS PROPERTY HLDG LTD 9,944.38 0.03 HKD 156,000 CHINA RESOURCES LAND LTD 455,052.47 1.45 MXN 218,292 CORP INMOBILIARIA VESTA SAB DE CV 331,777.13 1.06 GBP 33,689 CREST NICHOLSON HLDGS PLC 277,075.42 0.88 JPY 26,000 DAIWA HOUSE INDUSTRY CO LTD 757,102.94 2.41 GBP 11,758 DERWENT LONDON PLC 639,492.57 2.04 MXN 151,000 DEUTSCHE BANK MEXICO SA DE CV 191,032.69 0.61 EUR 25,337 DEUTSCHE WOHNEN AG 705,025.67 2.25 CAD 7,205 FIRSTSERVICE CORP 289,938.56 0.93 AUD 70,751 GOODMAN GROUP 322,757.51 1.03 EUR 7,529 GRAND CITY PROPERTIES SA 174,945.77 0.56 GBP 48,835 GREAT PORTLAND ESTATES PLC 594,907.90 1.90 EUR 551,057 GREEN REIT PLC 953,603.15 3.04 HKD 53,423 HENDERSON LAND DEVELOPMENT 327,529.42 1.04 USD 20,200 HONGKONG LAND HLDGS LTD 141,400.00 0.45 JPY 22,000 IIDA GROUP HLDGS CO LTD 413,306.81 1.32 JPY 30,169 KAJIMA CORP 181,568.68 0.58 HKD 657,166 KWG PROPERTY HLDG LTD 487,720.90 1.56 GBP 51,950 LAND SECURITIES GROUP PLC 904,297.08 2.88 EUR 10,892 LEG IMMOBILIEN AG 893,325.97 2.85 HKD 88,898 LINK REIT 532,400.44 1.70 SGD 234,680 MAPLETREE INDUSTRIAL TRUST REIT 251,445.67 0.80 EUR 83,231 MERLIN PROPERTIES SOCIMI SA 1,043,841.19 3.33 AUD 256,043 MIRVAC GROUP 368,853.86 1.18

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 67 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL REAL ESTATE EQUITY FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

JPY 44,000 MITSUBISHI ESTATE CO LTD 922,990.92 2.94 JPY 59,853 MITSUI FUDOSAN CO LTD 1,520,480.02 4.85 BRL 13,000 MULTIPLAN EMPREENDIMENTOS IMO SA 124,857.14 0.40 AUD 276,285 NATIONAL STORAGE REIT STAPLED SECURITY 309,566.72 0.99 EUR 32,283 PATRIZIA IMMOBILIEN AG 946,875.82 3.02 MXN 134,500 PLA ADMINISTRADORA INDUSTRIAL 217,973.90 0.69 GBP 9,347 RIGHTMOVE PLC 570,358.95 1.82 JPY 21,800 SEKISUI HOUSE LTD 370,859.74 1.18 GBP 20,979 SHAFTESBURY PLC 282,931.67 0.90 JPY 20,000 SHIMIZU CORP 164,591.21 0.52 HKD 264,000 SINO LAND CO 387,088.88 1.23 HKD 838,445 SINO-OCEAN LAND HLDGS 537,847.81 1.72 TRY 1 SINPAS GAYRIMENKUL YATIRIM ORTAKLIGI AS 0.13 0.00 GBP 20,114 ST MODWEN PROPERTIES PLC 122,558.83 0.39 JPY 38,690 SUMITOMO REALTY & DEVELOPMNT 1,117,622.11 3.56 HKD 50,686 SUN HUNG KAI PROPERTIES LTD 612,339.54 1.95 JPY 50,000 TAISEI CORP 332,507.49 1.06 GBP 56,414 TAYLOR WOODROW PLC 169,210.37 0.54 EUR 28,055 TLG IMMOBILIEN AG 528,158.43 1.69 JPY 57,100 TOKYO TATEMONO CO LTD 627,967.83 2.00 JPY 66,900 TOKYU FUDOSAN HLDG CORP 423,762.51 1.35 EUR 2,550 UNIBAIL HLDG SA 649,311.60 2.07 GBP 94,443 UNITE GROUP PLC 919,429.17 2.93 EUR 5,899 VONOVIA SE 182,953.15 0.58 GBP 41,648 WORKSPACE GROUP PLC REIT 588,385.48 1.88

Total transferable shares admitted to an official stock exchange listing 30,498,422.08 97.24

TOTAL SECURITIES PORTFOLIO 30,498,422.08 97.24

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 68 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL REAL ESTATE EQUITY FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Australia 3.20 Austria 1.06 Bermuda Islands 0.45 Brazil 0.40 Canada 0.93 Cayman Islands 4.53 Cyprus 1.51 France 2.07 Germany 12.36 Hong Kong 9.68 Ireland 3.04 Italy 0.87 Japan 22.49 Luxembourg 2.95 Mexico 2.36 Philippines 0.50 Singapore 0.80 Spain 3.33 Turkey 0.00 United Kingdom 22.23 United States of America 2.48

TOTAL 97.24

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 69 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL REAL ESTATE EQUITY FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by currency % of Net Assets*

AUD 3.20 BRL 0.40 CAD 0.93 EUR 27.19 GBP 22.23 HKD 14.21 JPY 22.49 MXN 2.36 PHP 0.50 SGD 0.80 USD 2.93

TOTAL 97.24

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 70 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – WORLD GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 6,620 ADEPTUS HEALTH INC -A- 360,922.40 0.87 USD 3,329 ALIBABA GROUP HLDG LTD 270,547.83 0.65 USD 3,830 ALLERGAN PLC 1,196,875.00 2.89 USD 2,029 ALPHABET INC -A- 1,578,582.29 3.81 USD 1,049 AMAZON.COM INC 709,008.61 1.71 USD 1,782 AMERCO 694,089.00 1.68 USD 4,736 ANHEUSER-BUSCH INBEV SP ADR 591,810.56 1.43 GBP 44,191 ASHTEAD GROUP PLC 726,898.38 1.76 EUR 9,035 AURELIUS SE 472,290.44 1.14 USD 4,172 AVAGO TECHNOLOGIES LTD 605,565.80 1.46 USD 3,390 CAPITAL ONE FINANCIAL CORP 244,690.20 0.59 USD 6,094 CARMAX INC 328,893.18 0.80 USD 7,153 CELGENE CORP 856,643.28 2.07 USD 7,452 CERNER CORP 448,386.84 1.08 USD 985 CHIPOTLE MEXICAN GRILL INC 472,790.15 1.14 USD 10,276 COGNIZANT TECH SOLUTIONS -A- 616,765.52 1.49 USD 3,746 CONSTELLATION BRANDS INC -A- 533,580.24 1.29 USD 2,538 COSTCO WHOLESALE CORP 409,887.00 0.99 USD 13,607 CROWN CASTLE REIT INC 1,176,325.15 2.84 USD 15,855 CVS HEALTH CORP 1,550,143.35 3.75 USD 18,618 DOLLAR GENERAL CORP 1,338,075.66 3.23 USD 16,588 ENDO INTERNATIONAL PLC 1,015,517.36 2.45 USD 16,188 ETRADE FINANCIAL CORP 479,812.32 1.16 USD 10,332 FACEBOOK INC -A- 1,081,347.12 2.61 MXN 250,760 FIBRA UNO ADMINISTRACION SA DE CV 551,577.91 1.33 USD 23,943 FIRST DATA CORP -A- 383,566.86 0.93 USD 2,153 FLEETCOR TECHNOLOGIES INC 307,577.58 0.74 USD 29,946 HILTON WORLDWIDE HLDGS INC 640,844.40 1.55 USD 3,834 JARDEN CORP 218,998.08 0.53 USD 21,952 LEVEL 3 COMMUNICATIONS INC 1,193,310.72 2.88 EUR 6,256 L'OREAL 1,055,415.75 2.55 USD 21,074 LOWE'S COS INC 1,602,466.96 3.87 EUR 19,135 MERLIN PROPERTIES SOCIMI SA 239,981.51 0.58 USD 11,824 MICROSOFT CORP 655,995.52 1.59 USD 9,823 MONDELEZ INTERNATIONAL INC 440,463.32 1.07 USD 16,528 NEWELL RUBBERMAID INC 728,554.24 1.76 CHF 1,493 PARTNERS GROUP HLDG AG 538,807.44 1.30 USD 2,820 PERRIGO COMPANY PLC 408,054.00 0.99 EUR 10,079 PROSIEBENSAT1 MEDIA AG 512,028.06 1.24

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 71 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – WORLD GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

GBP 23,866 PRUDENTIAL PLC 539,610.85 1.30 JPY 59,786 RAKUTEN INC 697,266.20 1.69 CHF 2,885 ROCHE HLDG 796,617.38 1.92 USD 2,171 ROPER TECHNOLOGIES INC 411,990.67 1.00 GBP 107,591 ROYAL BANK OF SCOTLAND GROUP PLC 480,500.95 1.16 USD 6,051 SCHLUMBERGER LTD 422,057.25 1.02 USD 16,826 SCHWAB (CHARLES) CORP 554,080.18 1.34 USD 19,165 SERVICEMASTER GLOBAL HLDGS INC 752,034.60 1.82 USD 3,354 SERVICENOW INC 290,322.24 0.70 EUR 7,559 STEINHOFF IN HD (R) 39,250.72 0.09 ZAR 110,984 STEINHOFF IN HD (R) 562,320.34 1.36 USD 10,027 STERICYCLE INCORPORATED 1,209,256.20 2.92 EUR 3,913 STROEER MEDIA SE 246,118.23 0.59 HKD 29,659 TENCENT HLDGS LTD 583,787.49 1.41 USD 5,854 UNITED CONTINENTAL HLDGS INC 335,434.20 0.81 USD 3,428 VALEANT PHARMACEUTICALS INTL INC 348,456.20 0.84 USD 9,712 VERISK ANALYTICS INC -A- 746,658.56 1.80 USD 16,754 VIPSHOP HLDGS LTD 255,833.58 0.62 USD 15,603 VISA INC -A- 1,210,012.65 2.92 EUR 26,772 VONOVIA SE 830,313.89 2.01 EUR 7,716 WIRECARD AG 389,762.95 0.94 USD 36,886 ZAYO GROUP HLDGS INC 980,798.74 2.37

Total transferable shares admitted to an official stock exchange listing 39,919,574.10 96.43

TOTAL SECURITIES PORTFOLIO 39,919,574.10 96.43

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 72 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – WORLD GROWTH FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Belgium 1.43 Cayman Islands 2.06 China 0.62 Curacao 1.02 France 2.55 Germany 5.92 Ireland 6.33 Japan 1.69 Mexico 1.33 Netherlands 1.45 Singapore 1.46 Spain 0.58 Switzerland 3.22 United Kingdom 4.22 United States of America 62.55

TOTAL 96.43

Breakdown by currency % of Net Assets*

CHF 3.22 EUR 9.14 GBP 4.22 HKD 1.41 JPY 1.69 MXN 1.33 USD 74.06 ZAR 1.36

TOTAL 96.43

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 73 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – AMERICAS ALL CAP FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Bonds

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 500,000 USA 311014 / 311019 1.5% 498,275.00 18.90

Total transferable bonds admitted to an official stock exchange listing 498,275.00 18.90

Exchange traded funds (ETFs)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 2,500 MARKET VECTORS GOLD MINERS ETF 34,300.00 1.30 USD 800 MARKET VECTORS ETF TRUST OIL SERVICES ETF 21,160.00 0.80 USD 1,300 SECTOR SPDR TRUST ETF 78,715.00 2.99

Total transferable ETFs admitted to an official stock exchange listing 134,175.00 5.09

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 1,000 ADT CORP 32,980.00 1.25 USD 1,000 ALASKA AIR GROUP INC 80,510.00 3.05 USD 2,300 ALCOA INC 22,701.00 0.86 USD 200 ALLIANCE DATA SYSTEMS CORP 55,310.00 2.10 USD 20 ALPHABET INC -A- 15,560.20 0.59 USD 300 ANTHEM INC 41,832.00 1.59 USD 1,200 APPLE INC 126,312.00 4.79 USD 100 AUTOZONE INC 74,191.00 2.82 USD 500 BALL CORP 36,365.00 1.38 USD 400 BERKSHIRE HATHAWAY -B- 52,816.00 2.00 USD 200 BIOGEN IDEC INC 61,270.00 2.32 USD 1,000 BLACKHAWK NETWORK HLDGS INC 44,210.00 1.68

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 74 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – AMERICAS ALL CAP FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 1,200 BRISTOL-MYERS SQUIBB CO 82,548.00 3.13 USD 1,500 CEMPRA INC 46,695.00 1.77 USD 300 CME GROUP INC 27,180.00 1.03 USD 3,000 CYCLACEL PHARMACEUTICALS INC 1,500.00 0.06 USD 2,500 DERMA SCIENCES INC 11,425.00 0.43 USD 800 ELI LILLY & CO 67,408.00 2.56 USD 2,000 EMC CORP 51,360.00 1.95 USD 400 FACEBOOK INC -A- 41,864.00 1.59 USD 500 FISERV INC 45,730.00 1.73 USD 1,000 FRANCO-NEVADA CORP 45,750.00 1.74 USD 800 HONEYWELL INT'L INC 82,856.00 3.14 USD 100 INCYTE 10,845.00 0.41 USD 100 INTERCEPT PHARMACEUTICALS INC 14,935.00 0.57 USD 500 INTL PAPER 18,850.00 0.71 USD 600 INTREXON CORP 18,090.00 0.69 USD 500 JACK HENRY & ASSOCIATES INC 39,030.00 1.48 USD 400 JPMORGAN CHASE & CO 26,412.00 1.00 USD 1,000 K2M GROUP HLDGS INC 19,740.00 0.75 USD 1,400 LEGG MASON INC 54,922.00 2.08 USD 400 LOGMEIN INC 26,840.00 1.02 USD 500 MALLINCKRODT PLC 37,320.00 1.42 USD 700 MASTERCARD INC -A- 68,152.00 2.59 USD 2,000 MCDERMOTT INTL INC 6,700.00 0.26 USD 12,000 MCEWEN MINING INC 12,720.00 0.48 USD 1,000 PAN AMERICAN SILVER CORP 6,500.00 0.25 USD 5,000 PETROQUEST ENERGY INC 2,500.00 0.09 USD 1,500 PFIZER INC 48,420.00 1.84 USD 30 PRICELINE.COM INC 38,248.50 1.45 USD 400 RADIUS HEALTH INC 24,616.00 0.93 USD 90 REGENERON PHARMACEUTICALS INC 48,858.30 1.85 CAD 200,000 SKEENA RESOURCES LTD 8,638.56 0.33 USD 2,500 SUPERNUS PHARMACEUTICALS INC 33,600.00 1.27 USD 300 SVB FINANCIAL GROUP 35,670.00 1.35 USD 2,500 SYNERGY RESOURCES CORP 21,325.00 0.81 USD 300 THERMO FISHER SCIENTIFIC INC 42,555.00 1.61 USD 800 US STEEL 6,384.00 0.24 USD 500 VALEANT PHARMACEUTICALS INTL INC 50,825.00 1.93

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 75 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – AMERICAS ALL CAP FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 200 VERTEX PHARMACEUTICALS INC 25,166.00 0.95 USD 900 VISA INC -A- 69,795.00 2.65 USD 500 WESTROCK CO 22,810.00 0.87 USD 1,000 ZILLOW GROUP INC -C- 23,480.00 0.89

Total transferable shares admitted to an official stock exchange listing 2,012,320.56 76.33

TOTAL SECURITIES PORTFOLIO 2,644,770.56 100.32

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 76 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – AMERICAS ALL CAP FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Canada 2.32 Ireland 1.42 Panama 0.26 United States of America 96.32

TOTAL 100.32

Breakdown by currency % of Net Assets*

CAD 0.33 USD 99.99

TOTAL 100.32

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 77 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – ACCESSIBLE CLEAN ENERGY FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 9,569 A.O. SMITH CORP 733,081.09 5.25 EUR 3,778 ACCIONA SA 324,551.78 2.33 EUR 7,346 ACTIONS UMICORE SA 308,549.12 2.21 USD 3,392 ACUITY BRANDS INC 792,913.92 5.68 CAD 62,397 ALGONQUIN POWER & UTILITIES CORP 490,059.31 3.51 USD 22,695 CANADIAN SOLAR INC 657,247.20 4.71 HKD 366,000 CHINA EVERBRIGHT INTL 470,510.00 3.37 HKD 285,052 CHINA LONGYUAN POWER GROUP -H- 215,232.77 1.54 EUR 112,207 EDP RENOVAVEIS SA 883,717.25 6.33 EUR 58,690 ENEL SPA 235,915.47 1.69 USD 9,756 FIRST SOLAR INC 643,798.44 4.61 EUR 42,557 GAMESA CORP TECNOLOGICA SA 731,362.79 5.24 USD 14,670 HANNON ARMSTRONG SUSTE INFRA CAP INC 277,556.40 1.99 EUR 84,939 IBERDROLA SA 604,371.28 4.33 USD 8,047 JINKOSOLAR -ADR- 222,660.49 1.60 EUR 28,981 KINGSPAN GROUP PLC 765,338.75 5.48 EUR 12,670 NORDEX SE 450,757.85 3.23 USD 10,112 ORMAT TECHNOLOGIES INC 368,784.64 2.64 EUR 2,069 OSRAM LICHT AG 87,183.77 0.63 USD 13,426 PATTERN ENERGY GROUP INC -A- 280,737.66 2.01 USD 24,607 SILVER SPRING NETWORKS INC 354,586.87 2.54 EUR 4,373 SMA SOLAR TECHNOLOGY AG 245,693.33 1.76 USD 11,816 SOLAREDGE TECHNOLOGIES INC 332,856.72 2.38 USD 20,511 SUNPOWER CORP 615,535.11 4.41 USD 842 TESLA MOTORS 202,088.42 1.45 USD 39,796 TRINA SOLAR LTD -ADR- 438,551.92 3.14 DKK 11,663 VESTAS WIND SYSTEMS AS 821,355.97 5.88 EUR 1,508 WACKER CHEMIE AG 126,990.28 0.91 HKD 365,000 WASION GROUP HLDGS 380,655.98 2.73 HKD 261,500 XINJIANG GOLDWIND SC & TECH CO LTD -H- 502,905.51 3.60

Total transferable shares admitted to an official stock exchange listing 13,565,550.09 97.18

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 78 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – ACCESSIBLE CLEAN ENERGY FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing Exchange traded funds (ETFs)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 1,200 AMUNDI ETF US TREAS 1-3 UCITS ETF FCP -C- 200,328.00 1.44

Total transferable ETFs admitted to an official stock exchange listing 200,328.00 1.44

TOTAL SECURITIES PORTFOLIO 13,765,878.09 98.62

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 79 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – ACCESSIBLE CLEAN ENERGY FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Belgium 2.21 Brazil 8.22 Cayman Islands 7.47 China 5.14 Denmark 5.88 France 1.44 Germany 6.53 Hong Kong 3.37 Ireland 5.48 Italy 1.69 Spain 18.23 United States of America 32.96

TOTAL 98.62

Breakdown by currency % of Net Assets*

CAD 3.51 DKK 5.88 EUR 34.14 HKD 11.24 USD 43.85

TOTAL 98.62

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 80 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FRONTIER MARKETS FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

AED 27,756 ABU DHABI COMMERCIAL BANK 49,799.04 0.44 USD 24,289 ADECOAGRO SA 298,511.81 2.66 RON 664,831 ALBALACT SA 54,307.12 0.48 AED 94,215 ARAMEX PJSC 81,056.11 0.72 RON 335,070 BANCA TRANSILVANIA SA 195,617.80 1.74 USD 4,095 BANCO MACRO SA 238,001.40 2.12 PKR 533,000 BANK AL-FALAH LTD 146,382.77 1.31 GBP 5,495 BANK OF GEORGIA HLDGS PLC 154,695.17 1.38 BDT 7,390 BATA SHOE CO (BANGLADESH) LTD 124,451.26 1.11 THB 1,097,400 BEAUTY COMMUNITY PUB COMPANY LTD 175,351.31 1.56 PKR 68,000 BERGER PAINTS PAKISTAN LTD 63,569.19 0.57 BDT 115,579 BEXIMCO PHARMACEUTICALS LTD 124,226.21 1.11 BDT 592,774 BRAC BANK LTD 368,940.58 3.29 RON 77,905 BRD-GROUPE SOCIETE GENERALE SA 226,473.43 2.02 BDT 3,224 BRITISH AMERICAN TOBACCO BANGL CO LTD 121,570.72 1.08 LKR 50,000 CEYLON COLD STORES PLC 146,064.82 1.30 LKR 25,929 CHEVRON LUBRICANTS LANKA PLC 61,804.37 0.55 LKR 45,159 COMMERCIAL BANK OF CEYLON PLC 43,869.97 0.39 EGP 43,872 COMMERCIAL INTL BANK 213,351.25 1.90 PKR 107,500 D G KHAN CEMENT CO LTD 151,193.86 1.35 BDT 80,373 DELTA BRAC HOUSING FIN CORP LTD 119,050.70 1.06 LKR 66,506 DISTILLERIES CO OF SRI LANKA LTD 113,362.90 1.01 KES 52,200 EAST AFRICAN BREWERIES LTD 139,231.64 1.24 NGN 1,275,036 ECOBANK TRANSNATIONAL INC 107,552.41 0.96 USD 3,390 EDITA FOOD INDUSTRIES SAE 62,715.00 0.56 AED 17,935 EMIRATES TELECOMMUNICATIONS CORP 78,615.09 0.70 PKR 117,400 ENGRO FOODS LTD 163,999.01 1.46 KES 389,000 EQUITY GROUP HLDGS LTD 152,024.78 1.35 PKR 161,000 FAUJI CEMENT CO LTD 56,490.89 0.50 AED 15,942 FIRST GULF BANK 54,905.01 0.49 GBP 21,559 GEORGIA HEALTHCARE GROUP PLC 49,253.37 0.44 THB 238,300 GROUP LEASE PUBLIC CO LTD 120,523.47 1.07 USD 11,368 GRUPO FINANCIERO GALICIA SA -B- 307,845.44 2.74 PKR 29,485 HABIB BANK LTD 56,229.00 0.50 LKR 189,941 HEMAS HLDGS LTD 122,267.05 1.09

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 81 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FRONTIER MARKETS FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

VND 113,520 HO CHI MINH CITY INFRASTR INVEST COMP 107,781.63 0.96 PKR 24,000 HONDA ATLAS CARS (PAKISTAN) LTD 54,647.32 0.49 PKR 141,000 HUB POWER CO LTD 137,859.04 1.23 BDT 209,923 IDLC FINANCE LTD 170,630.03 1.52 VND 59,870 JOINT STOCK COMMERCIAL BANK 115,529.36 1.03 KES 180,600 KENYA COMMERCIAL BANK LIMITED 77,197.03 0.69 KWD 39,206 KUWAIT PROJECTS COMPANY 74,894.89 0.67 KWD 63,733 KUWAIT TELECOM COMP (K.S.C.P.) 207,812.28 1.85 GBP 356,876 LEKOIL LTD 99,941.67 0.89 BWP 1,188,948 LETSHEGO HLDGS LTD 306,523.03 2.73 PKR 31,400 LUCKY CEMENT LTD 148,128.53 1.32 PKR 162,000 MAPLE LEAF CEMENT FACTORY LTD 115,134.68 1.03 BDT 7,903 MARICO BANGLADESH LTD 144,261.27 1.29 VND 93,360 NAM LONG INVESTMENT CORP 93,565.19 0.83 KWD 98,546 NATIONAL BANK OF KUWAIT (SAK) 259,657.36 2.31 GBP 4,174 NMC HEALTH PLC 52,293.42 0.47 BDT 34,405 OLYMPIC INDUSTRIES LTD 113,971.14 1.02 PKR 172,000 PAK ELEKTRON LTD 102,507.37 0.91 PKR 12,450 PAKISTAN TOBACCO CO LTD 132,189.63 1.18 USD 12,220 PAMPA ENERGIA SA 251,121.00 2.24 VND 44,150 PETROVIETNAM POWER NHON COMP 51,621.54 0.46 QAR 1,912 QATAR ELECTRICITY AND WATER 113,586.78 1.01 RON 1,649 S.N.T.G.N. TRANSGAZ SA 109,740.51 0.98 KES 2,403,964 SAFARICOM LTD 382,842.67 3.41 XOF 3,798 SOCIETE NATIONALE DES TELECOM SA 157,269.83 1.40 BDT 45,916 SQUARE PHARMACEUTICALS LTD 148,875.36 1.33 BDT 325,815 SUMMIT POWER LTD 165,310.30 1.47 PKR 70,100 UNITED BANK LTD 103,509.06 0.92 VND 17,910 VINGROUP JOINT STOCK CO 35,977.45 0.32 NGN 5,064,322 ZENITH BANK PLC 357,261.36 3.18

Total transferable shares admitted to an official stock exchange listing 9,134,944.68 81.39

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 82 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FRONTIER MARKETS FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Investment Fund (closed ended)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

RON 1,406,217 SC FONDUL PROPRIETATEA SA 273,655.34 2.44

Total transferable investment funds dealt on an other regulated market 273,655.34 2.44

Transferable securities dealt on an other regulated market Certificates

Nominal Value/ % of Currency Quantity Description Market Value Net Assets* USD 6,227 BANCO DAVIVIENDA SA 42,718.09 0.38 USD 1,872 MS 060214 / 100216 ON BUPA ARABIA 57,310.70 0.51

Total transferable certificates dealt on an other regulated market 100,028.79 0.89

Warrants

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 79,195 JPM / VINGROUP JOINT STOCK CO 110814 / 310719 159,973.90 1.43 USD 65,800 MACQUARIE / NAM L INVT CORP 230415 / 170417 66,708.04 0.60

Total transferable warrants dealt on an other regulated market 226,681.94 2.03

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 83 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FRONTIER MARKETS FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Other transferable securities Certificates

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 216,515 MACQUARIE 090413 / 070416 ON SAIGON SEC INC 213,721.96 1.90 USD 26,026 MACQUARIE 200814 / 180816 ON MOBILE WORLD 90,862.23 0.81 USD 51,130 MACQUARIE 230114 / 210116 ON BK FOR FOREIGN 99,805.76 0.89 USD 2,019 MS 260815 / 280817 ON SACO 53,533.36 0.48

Total other transferable certificates 457,923.31 4.08

TOTAL SECURITIES PORTFOLIO 10,193,234.06 90.83

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 84 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FRONTIER MARKETS FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Argentina 7.10 Australia 4.20 Bangladesh 14.28 Botswana 2.73 Cayman Islands 0.89 Colombia 0.38 Egypt 2.46 Kenya 6.69 Kuwait 4.83 Luxembourg 2.66 Netherlands 2.42 Nigeria 3.18 Pakistan 12.77 Qatar 1.01 Romania 7.66 Senegal 1.40 Sri Lanka 4.34 Thailand 2.63 Togo 0.96 United Arab Emirates 2.35 United Kingdom 2.29 Vietnam 3.60

TOTAL 90.83

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 85 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FRONTIER MARKETS FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by currency % of Net Assets*

AED 2.35 BDT 14.28 BWP 2.73 COP 0.38 EGP 1.90 GBP 3.18 KES 6.69 KWD 4.83 LKR 4.34 NGN 4.14 PKR 12.77 QAR 1.01 RON 7.66 THB 2.63 USD 16.94 VND 3.60 XOF 1.40

TOTAL 90.83

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 86 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FOCUSED GLOBAL EQUITY FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 700 ALLERGAN PLC ** 218,750.00 2.19 USD 600 ALPHABET INC -A- ** 466,806.00 4.68 USD 786 AMERCO 306,147.00 3.07 GBP 21,386 ASHTEAD GROUP PLC 351,778.62 3.53 EUR 3,152 AURELIUS SE 164,765.85 1.65 USD 2,207 CELGENE CORP ** 264,310.32 2.65 USD 198 CHIPOTLE MEXICAN GRILL INC 95,038.02 0.95 USD 2,804 COGNIZANT TECH SOLUTIONS -A- ** 168,296.08 1.69 USD 3,556 CROWN CASTLE REIT INC 307,416.20 3.08 USD 3,146 CVS HEALTH CORP 307,584.42 3.08 USD 5,607 DOLLAR GENERAL 402,975.09 4.04 USD 3,300 ENDO INTL PLC ** 202,026.00 2.03 USD 3,200 FACEBOOK INC -A- ** 334,912.00 3.36 MXN 84,600 FIBRA UNO ADMINISTRACION SA DE CV 186,088.26 1.87 USD 17,463 HILTON WORLDWIDE HLDGS INC ** 373,708.20 3.75 USD 5,167 LEVEL 3 COMMUNICATIONS INC 280,878.12 2.82 EUR 1,948 L'OREAL 328,636.49 3.30 USD 6,700 LOWE'S COS INC ** 509,468.00 5.11 USD 5,300 MICROSOFT CORP ** 294,044.00 2.95 USD 4,917 PRUDENTIAL PLC 221,658.36 2.22 JPY 23,818 RAKUTEN INC 277,782.20 2.79 USD 25,001 RBS GROUP PLC 221,758.87 2.23 USD 1,300 ROPER TECHNOLOGIES INC ** 246,701.00 2.47 USD 2,400 SCHLUMBERGER LTD 167,400.00 1.68 USD 4,751 SERVICEMASTER GLOBAL HLDGS INC 186,429.24 1.87 ZAR 30,181 STEINHOFF IN HD (R) 152,917.45 1.53 USD 3,300 STERICYCLE INC 397,980.00 3.99 USD 5,200 STERICYCLE INC -A- 476,112.00 4.78 HKD 7,189 TENCENT HLDGS LTD 141,503.36 1.42 USD 1,610 UNITED CONTL HLDGS 92,253.00 0.93

*Minor rounding differences may occur due to the rounding of percentage. ** The identified securities are partially or entirely collateralized

The accompanying notes form an integral part of these financial statements. 87 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FOCUSED GLOBAL EQUITY FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

USD 1,010 VALEANT PHARMACEUTICALS INTL INC 102,666.50 1.03 USD 6,319 VISA INC -A- ** 490,038.45 4.91 EUR 11,071 VONOVIA SE 343,358.92 3.44

Total transferable shares admitted to an official stock exchange listing 9,082,188.02 91.09

TOTAL SECURITIES PORTFOLIO 9,082,188.02 91.09

*Minor rounding differences may occur due to the rounding of percentage. ** The identified securities are partially or entirely collateralized

The accompanying notes form an integral part of these financial statements. 88 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – FOCUSED GLOBAL EQUITY FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Cayman Islands 1.42 Curacao 1.68 France 3.30 Germany 5.09 Ireland 4.22 Japan 2.79 Mexico 1.87 Netherlands 1.53 United Kingdom 7.98 United States of America 61.21

TOTAL 91.09

Breakdown by currency % of Net Assets*

EUR 8.39 GBP 3.53 HKD 1.42 JPY 2.79 MXN 1.87 USD 71.56 ZAR 1.53

TOTAL 91.09

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 89 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL OPPORTUNITIES FUND

Securities Portfolio as of 31 December 2015 (in USD)

Transferable securities admitted to an official stock exchange listing Shares

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

EUR 9,757 AALBERTS INDUSTRIES NV 336,947.48 0.95 JPY 3,274 ADASTRIA CO 185,067.02 0.52 EUR 6,383 ADO PROPERTIES SA 183,749.47 0.52 MXN 84,710 ALSEA SAB DE CV 293,547.34 0.83 EUR 11,344 AMER SPORTS CORP -A- 332,355.25 0.94 EUR 4,440 APERAM SA 158,636.17 0.45 JPY 6,660 ARIAKE JAPAN CO LTD 371,482.36 1.05 EUR 2,780 ATOS 233,895.35 0.66 EUR 12,112 AURELIUS SE 633,135.78 1.79 GBP 37,652 AUTO TRADER GROUP PLC 246,569.90 0.70 SEK 12,981 AXFOOD AB 226,034.76 0.64 EUR 241,790 BANCA POPOLARE DI MILANO BPM 230,090.04 0.65 GBP 28,807 BIG YELLOW GROUP PLC 344,133.33 0.97 SEK 10,286 BILLERUDKORSNAS AB 191,796.24 0.54 GBP 116,605 BOOKER GROUP PLC 312,626.34 0.88 CAD 4,179 BOYD GROUP INCOME FUND UNITS 198,853.85 0.56 EUR 5,422 BREMBO SPA 249,382.37 0.70 CAD 2,502 CCL INDUSTRIES INC -B- 404,121.80 1.14 CAD 8,863 COLLIERS INT'L GROUP INC 393,855.76 1.11 EUR 9,083 COVESTRO AG 331,876.22 0.94 JPY 1,439 CREATE RESTAURANTS HLDGS INC 40,192.18 0.11 GBP 7,183 CRODA INT'L PLC 321,215.97 0.91 EUR 3,226 CTS EVENTIM AG & CO KGAA 128,753.45 0.36 JPY 19,600 DAIFUKU CO LTD 338,076.99 0.95 EUR 25,268 DAVIDE CAMPARI-MILANO SPA 219,893.80 0.62 GBP 4,734 DCC PLC 395,627.97 1.12 EUR 6,216 DE LONGHI 177,929.11 0.50 EUR 12,701 DEUTSCHE WOHNEN AG 353,417.18 1.00 AUD 5,948 DOMINO'S PIZZA ENTERPRISES LTD 249,918.95 0.71 GBP 20,924 DOMINO'S PIZZA GROUP PLC 324,749.70 0.92 EUR 3,369 DRILLISCH AG 143,061.26 0.40 CAD 12,606 ELEMENT FINANCIAL CORP 151,549.31 0.43 EUR 10,346 EURONEXT NV 531,436.33 1.50 CAD 4,490 FIRSTSERVICE CORP 180,683.43 0.51 USD 3,000 FLEETMATICS GROUP PLC 152,370.00 0.43 EUR 5,405 GERRESHEIMER AG 423,865.55 1.20 EUR 8,422 GFT TECHNOLOGIES SE 288,969.16 0.82 EUR 15,549 GRAND CITY PROPERTIES SA 361,300.55 1.02 EUR 14,957 GRANDVISION NV 449,419.64 1.27 GBP 48,817 GREENCORE GROUP PLC 255,935.56 0.72 GBP 18,039 GREGGS PLC 347,773.02 0.98 EUR 5,105 GROUP SE 283,659.13 0.80

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 90 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL OPPORTUNITIES FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

MXN 21,020 GRUMA SAB DE CV -B- 294,224.28 0.83 DKK 9,670 H. LUNDBECK AS 331,350.94 0.94 GBP 27,543 HALMA PLC 350,752.41 0.99 JPY 4,591 HOSHIZAKI ELECTRIC CO LTD 288,516.42 0.81 EUR 7,797 HUHTAMAKI OYJ 283,744.67 0.80 GBP 20,213 IG GROUP HLDG PLC 238,488.70 0.67 GBP 13,268 INCHCAPE PLC 153,123.87 0.43 GBP 32,073 INFORMA PLC 290,021.26 0.82 GBP 33,134 INTERMEDIATE CAPITAL GROUP PLC 305,964.21 0.86 JPY 54,000 KAJIMA CORP 324,992.82 0.92 EUR 13,443 KINGSPAN GROUP PLC 355,006.69 1.00 EUR 3,115 KION GROUP AG 155,979.41 0.44 JPY 4,000 KYORITSU MAINTENANCE CO LTD 346,472.81 0.98 EUR 4,263 LEG IMMOBILIEN AG 349,637.22 0.99 USD 4,220 LUXOFT HLDG INC -A- 325,488.60 0.92 HKD 142,390 MAN WAH HLDG LTD 167,611.10 0.47 JPY 6,300 MATSUMOTOKIYOSHI HLDG CO LTD 324,693.57 0.92 EUR 26,690 MERLIN PROPERTIES SOCIMI SA 334,732.51 0.94 CAD 11,184 METRO INC 311,901.14 0.88 GBP 62,459 MONEYSUPERMARKET.COM GROUP PLC 336,939.40 0.95 JPY 59,753 MORINAGA & CO LTD 317,893.12 0.90 EUR 28,534 NH HOTEL GROUP SA 156,224.29 0.44 JPY 57,901 NICHIREI CORP 432,218.99 1.22 JPY 6,502 NIHON M&A CENTER INC 316,727.68 0.89 JPY 7,102 NS SOLUTIONS CORP 163,531.67 0.46 JPY 6,100 OBIC CO LTD 326,555.61 0.92 EUR 13,725 ONTEX GROUP NV 488,440.45 1.38 JPY 16,174 OPEN HOUSE CO LTD 315,418.30 0.89 CAD 23,055 PAREX RESOURCES 168,623.86 0.48 GBP 3,238 PROVIDENT FINANCIAL PLC 159,928.90 0.45 CAD 28,144 RAGING RIVER EXPLORATION INC 169,578.76 0.48 JPY 1,146 RELO HLDG INC 139,941.93 0.39 GBP 5,783 RIGHTMOVE PLC 352,881.76 1.00 DKK 5,755 ROYAL UNIBREW AS 234,646.30 0.66 GBP 13,113 RPC GROUP PLC 161,482.04 0.46 EUR 5,122 RUBIS SA 389,097.53 1.10 JPY 8,166 SCSK CORP 331,600.66 0.93

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 91 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL OPPORTUNITIES FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Transferable securities admitted to an official stock exchange listing (continued) Shares (continued)

Nominal Value/ % of Currency Quantity Description Market Value Net Assets*

EUR 3,907 SEB SA 401,504.04 1.13 EUR 7,462 SMA SOLAR TECHNOLOGY AG 419,246.20 1.18 JPY 13,899 SMS CO LTD 293,813.24 0.83 GBP 6,913 SPIRAX-SARCO ENGINEERING PLC 334,207.41 0.94 GBP 53,075 SSP GROUP PLC 252,991.37 0.71 JPY 5,074 START TODAY 165,761.80 0.47 EUR 9,198 STROEER MEDIA SE 578,531.95 1.63 GBP 12,515 SUPERGROUP PLC 304,730.96 0.86 SEK 17,903 SWEDISH ORPHAN BIOVITRUM AB 285,832.69 0.81 JPY 48,000 TAISEI CORP 319,207.19 0.90 CHF 2,291 TECAN GROUP AG 372,831.07 1.05 JPY 14,001 TECHNOPRO HLDG INC 413,752.00 1.17 HKD 84,500 TECHTRONIC INDUSTRIES CO 344,645.19 0.97 GBP 3,611 TED BAKER PLC 158,499.49 0.45 EUR 4,404 TELEPERFORMANCE 370,769.83 1.05 CHF 10,218 TEMENOS GROUP AG 530,294.81 1.50 JPY 10,500 TEMP HLDG CO LTD 164,528.86 0.46 CAD 5,051 THE DESCARTES SYSTEMS GROUP INC 101,229.43 0.29 EUR 32,708 TOMTOM 412,339.09 1.16 SEK 15,812 TRELLEBORG AB -B- 309,090.06 0.87 JPY 8,102 TREND MICRO INC 332,032.51 0.94 CHF 1,517 U-BLOX HLDG AG 325,071.43 0.92 CAD 3,400 UNI-SELECT INC 167,684.56 0.47 GBP 32,904 UNITE GROUP PLC 320,329.69 0.90 EUR 9,872 WIENERBERGER AG 183,274.73 0.52 EUR 6,450 WIRECARD AG 325,812.73 0.92 GBP 76,431 WORLDPAY GROUP PLC 345,283.41 0.97 NOK 14,422 XXL ASA 166,194.17 0.47 EUR 8,852 YOOX SPA 332,138.42 0.94 EUR 9,982 ZALANDO SE 394,706.54 1.11

Total transferable shares admitted to an official stock exchange listing 31,898,723.82 90.02

TOTAL SECURITIES PORTFOLIO 31,898,723.82 90.02

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 92 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL OPPORTUNITIES FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by country % of Net Assets*

Australia 0.71 Austria 0.52 Belgium 1.38 Bermuda Islands 0.47 Canada 6.35 Denmark 1.60 Finland 1.74 France 3.94 Germany 13.58 Hong Kong 0.97 Ireland 3.27 Italy 3.41 Japan 17.63 Luxembourg 1.99 Mexico 1.66 Netherlands 4.88 Norway 0.47 Spain 1.38 Sweden 2.86 Switzerland 3.47 United Kingdom 16.82 British Virgin Islands 0.92

TOTAL 90.02

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 93 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

VAM FUNDS (LUX) – INTERNATIONAL OPPORTUNITIES FUND

Securities Portfolio as of 31 December 2015 (in USD)

(continued)

Breakdown by currency % of Net Assets*

AUD 0.71 CAD 6.35 CHF 3.47 DKK 1.60 EUR 33.82 GBP 18.66 HKD 1.44 JPY 17.63 MXN 1.66 NOK 0.47 SEK 2.86 USD 1.35

TOTAL 90.02

*Minor rounding differences may occur due to the rounding of percentage.

The accompanying notes form an integral part of these financial statements. 94 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2015

Note 1 General Information

VAM Funds (Lux) (the "Fund") is an open-ended investment fund with multiple compartments (société d'investissement à capital variable (“SICAV”) à compartiments multiples) governed by Luxembourg law, established in accordance with the provisions of Part I of the amended Law of 17 December 2010 (the “Law of 2010”) relating to undertakings for collective investment.

The Fund was incorporated for an indefinite period on 11 April 2005. The purpose of the Fund is to offer investors access to a world-wide selection of markets and a variety of investment techniques via a range of specialised products ("Compartments") included under a same and single structural umbrella.

The Board of Directors of the Fund has designated VP Fund Solutions (Luxembourg) SA (formerly named VPB Finance S.A. until 3 August 2015) to act as Management Company for the Fund under the terms of the Management Company Services Agreement dated 1 July 2013.

The Management Company is a public limited company (société anonyme). Its articles of incorporation have been amended on 20 June 2006 in order to allow it to act as a Management Company for undertakings for collective investment, currently in accordance with Chapter 15 of the Law of 2010. They have been amended on 1 August 2014 in order to allow the Management Company to act as alternative investment fund manager in accordance with the law of 12 July 2013. The articles of incorporation have been last amended on 3 August 2015 with the modification of the Management Company’s name. It exists for an unlimited period of time. As such, the Management Company will perform and render without limitation: (i) investment management services, (ii) administrative agency, corporate and domiciliary agency, registrar and transfer agency services, and (iii) marketing, principal distribution and sales services.

VP Fund Solutions (Luxembourg) SA is also acting as Management Company for other undertakings for collective investments. The names of the other undertakings for collective investments are available upon request from the Management Company.

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The Compartments contain the following Classes of Shares:

 VAM Funds (Lux) – US Mid Cap Growth Fund

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

 VAM Funds (Lux) – US Small Cap Growth Fund

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

 VAM Funds (Lux) – US Micro Cap Growth Fund

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

 VAM Funds (Lux) – US Large Cap Growth Fund

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

95 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

 VAM Funds (Lux) – Emerging Markets Growth Fund

Class A, Class B and Class D Shares, each available in USD, EUR and GBP, and Class E Shares available in USD, EUR, GBP and CAD, and Class C Shares only available in USD.

 VAM Funds (Lux) – International Real Estate Equity Fund

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

 VAM Funds (Lux) – World Growth Fund

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

 VAM Funds (Lux) – VAM Asia Fixed Income Fund (merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015)

Class A, Class B and Class E Shares, each available in USD, EUR and GBP and Class C Shares only available in USD.

 VAM Funds (Lux) – VAM International ex-USA Growth Fund (until 1 July 2015)

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

 VAM Funds (Lux) – VAM Commodities Equity Fund (put into liquidation on 21 November 2014 and the last reimbursement was done on 17 April 2015)

Class A, Class B, Class D and Class E Shares, each available in USD, EUR and GBP and Class C Shares only available in USD.

 VAM Funds (Lux) – Americas All Cap Fund

Class A, Class D, Class E and Class H Shares, each available in USD, EUR and GBP, and Class C Shares only available in USD.

 VAM Funds (Lux) – Accessible Clean Energy Fund

Class A, Class D, Class H and Class U Shares, each available in USD, EUR and Class C Shares only available in USD.

 VAM Funds (Lux) – Frontier Markets Fund

Class A and Class D Shares, each available in USD, EUR and GBP. Class E Shares available in USD, EUR, GBP and CAD and Class C Shares only available in USD.

 VAM Funds (Lux) – Focused Global Equity Fund (launched on 10 July 2015)

Class A ,Class B, Class D and Class E Shares, each available in USD, EUR and GBP. Class C Shares only available in USD.

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 VAM Funds (Lux) – International Opportunities Fund (launched on 1 July 2015)

Class A ,Class B, Class D and Class E Shares, each available in USD, EUR and GBP. Class C Shares only available in USD.

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Each Compartment may issue the Classes of Shares listed below, each available in USD, EUR, GBP and CAD, each again available as Distributive Shares or Accumulative Shares, each again available as hedged Classes of Shares or unhedged Classes of Shares, except Class C Share which is only available in USD and only Accumulative.

Class A Shares - for all Compartments shall be normally available in accordance with the provisions of the Prospectus and the Appendix to the Prospectus, subject to the Minimum Initial Subscription and Holding requirements set forth in the Prospectus.

Class B Shares - for all Compartments shall be reserved for investments made by investors qualifying as institutional investors within the meaning of the Law of 2010.

Class C Shares - for all Compartments may only be subscribed by investment funds of the VAM Group.

Class D Shares - for all other Compartments (when applicable), except: VAM Funds (Lux) – VAM Asia Fixed Income Fund (merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015)

Class E Shares - VAM Funds (Lux) – VAM Commodities Equity Fund (put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015) and VAM Funds (Lux) – Americas All Cap Fund may only be subscribed by investors having entered into a specific agreement with the Investment Manager; - for all other Compartments (when applicable) shall be reserved for investments made by investors qualifying as institutional investors within the meaning of the Law of 2010.

Class H Shares - VAM Funds (Lux) – Accessible Clean Energy Fund shall be reserved for investments made by investors qualifying as institutional investors within the meaning of the Law of 2010 and having entered into a specific agreement with the Investment Manager; - for all other Compartments (when applicable) shall be reserved for investments made by investors qualifying as institutional investors with the meaning of the Law of 2010.

Class U Shares - for all Compartments (when applicable) shall be reserved for investments made by investors qualifying as institutional investors with the meaning of the Law of 2010.

Note 2 Summary of significant accounting policies

The financial statements of the Fund are prepared in accordance with Luxembourg regulations relating to undertakings for collective investments. The combined financial statements are expressed in USD. a) Foreign currency translation

For the preparation of the combined financial statements as of 31 December 2015 in USD, the statements of each Compartment denominated in currencies other than USD (the base

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currency) have been translated at the exchange rates prevailing as at the date of the report (please refer to Note 10). Combined statements are obtained by the arithmetic sum of statements of each individual Compartment.

In each Compartment, investments as well as other assets and liabilities stated in foreign currencies are translated into the base currency of the Compartment at the exchange rates prevailing as at the date of the report. The costs of investments are at historical exchange rates. Transactions in foreign currency during the year are translated at the rates prevailing at the date of transaction. Realised and unrealised exchange gains and losses, if any, are recorded in the statement of operations of each Compartment. b) Investments

The value of securities, which are traded on a stock exchange or traded on another regulated market providing reliable price quotations are valued at the latest price available on the valuation day. In the event that any securities held in the portfolio are not listed on any stock exchange or not traded on any other regulated market or if the price obtained as described above is not representative of the fair value of the securities, the value of such securities will be based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Fund. The cost of investments sold is determined on the basis of the weighted average price method. c) Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. d) Futures contracts

Initial margin deposits are made upon entering into future contracts and can be made either in cash or securities. During the period for which the future contract is open, changes in the value of the contract are recognised as unrealised gains or losses by marking to market on a daily basis to reflect the value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending on whether unrealised losses or gains are incurred. Any unrealised gains or losses, if any, are reported in the statement of net assets. When the contract is closed, the Compartment records a realised gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund basis in the contract.

Futures contracts remaining open at the closing date are valued by reference to the last known market price. Any unrealised gains and losses, if any, are included in the statement of net assets. e) Income recognition

Interest income is accounted for on an accrual basis.

Dividends are accrued on the date upon which the relevant security becomes ex-dividend. These are accounted for net of any applicable withholding taxes in the relevant country. f) Options

An option is a contract that gives the buyer the right, but not the obligation, to buy (call) or sell (put) the underlying asset at or within a certain point in time in the futures at a pre-determined price (strike price) against the payment of a premium, which represent the maximum loss for the buyer of an option.

Options remaining open at the closing date are valued by reference to the last known market price. Any unrealised gains and losses, if any, are included in the statement of net assets.

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Note 3 Net asset value a) Computation

The net asset value of a share type in each Compartment will be calculated by dividing the net assets of that Compartment attributable to that type of share by the total number of shares outstanding of that type of that Compartment. The net assets of a Compartment correspond to the difference between the total assets and the total liabilities of the Compartment. b) Redemption of shares

Each Shareholder of any Class of a Compartment has the right to request at any time the redemption of her/his/its shares at an amount equal to the net asset value per share of the relevant Class of the Compartment as described in the preceding paragraph.

For each Compartment the Fund may temporarily suspend the calculation of the net asset value per share, the redemption and the conversion of shares under certain well defined circumstances as disclosed in the Prospectus.

Note 4 Investment advisory and management fees

The Fund has appointed as investment adviser (the “Advisory Company”) VAM Advisory S.A.

The Advisory Company, the Management Company and the Fund have appointed the following investment managers for the Compartments shown below:

Driehaus Capital Management LLC for - VAM Funds (Lux) – US Mid Cap Growth Fund - VAM Funds (Lux) – US Small Cap Growth Fund - VAM Funds (Lux) – US Micro Cap Growth Fund - VAM Funds (Lux) – US Large Cap Growth Fund - VAM Funds (Lux) – Emerging Markets Growth Fund - VAM Funds (Lux) – International Real Estate Equity Fund - VAM Funds (Lux) – World Growth Fund - VAM Funds (Lux) – VAM International ex-USA Growth Fund (until 1 July 2015) - VAM Funds (Lux) – Frontier Markets Fund - VAM Funds (Lux) – Focused Global Equity Fund (launched on 10 July 2015) - VAM Funds (Lux) – International Opportunities Fund (launched on 1 July 2015)

EIP Alpha Limited for - VAM Funds (Lux) – VAM Asia Fixed Income Fund (merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015)

FF&P Asset Management Limited for - VAM Funds (Lux) – VAM Commodities Equity Fund (put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015)

Newscape Capital Group Limited for - VAM Funds (Lux) – Americas All Cap Fund

Opportunité S.A. for - VAM Funds (Lux) – Accessible Clean Energy Fund

In relation to the Compartments, the Advisory Company is entitled to receive from the Fund fees, payable on a monthly basis at a total annual rate (expressed in percentage) per Share Class of the average net asset of the relevant Class, as detailed in the below table:

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A B C D E H U VAM Funds (Lux) - US Mid Cap Growth Fund 2.25 2.25 0.75 1.50 1.00 VAM Funds (Lux) - US Small Cap Growth Fund 2.25 2.25 0.75 1.50 1.00 VAM Funds (Lux) - US Micro Cap Growth Fund 1) 2.25 2.25 0.75 1.50 1.25 VAM Funds (Lux) - US Large Cap Growth Fund 2.25 2.25 0.75 1.50 1.00 VAM Funds (Lux) - Emerging Markets Growth Fund 2.25 2.25 0.75 1.50 1.00 VAM Funds (Lux) - World Growth Fund 2.25 2.25 0.75 1.50 1.00 VAM Funds (Lux) - International Real Estate Equity Fund 2.25 2.25 0.75 1.50 1.00 VAM Funds (Lux) - VAM Asia Fixed Income Fund 2) 1.20 1.20 0.40 0.80 VAM Funds (Lux) - International ex-USA Growth Fund 3) 2.25 2.25 0.75 1.50 1.00 VAM Funds (Lux) - VAM Commodities Equity Fund 4) 2.25 2.25 0.75 1.50 0.00 VAM Funds (Lux) - Americas All Cap Fund 2.25 0.75 1.50 1.25 1.00 VAM Funds (Lux) - Accessible Clean Energy Fund 2.25 0.75 1.50 1.50 1.00 VAM Funds (Lux) - Frontier Markets Fund 2.25 0.75 1.50 1.00 VAM Funds (Lux) - Focused Global Equity Fund 5) 2.25 2.25 0.75 1.50 1.00 6) VAM Funds (Lux) - Intermational Opportunities Fund 2.25 2.25 0.75 1.50 1.00 1) The Board of Directors decided to reduce the investment advisory rate of the Class D Share from 1.75% to 1.50%. 2) The Compartment was merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015 3) The Class A Share was liquidated on 23 April 2015 and the Class C Share was redeemed in kind on 1 July 2015 entailing the liquidation of the Compartment 4) The Compartment was put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015 5) The Compartment was launched on 10 July 2015 6) The Compartment was launched on 1 July 2015

The Investment Managers are remunerated by the Advisory Company out of the fees that it receives from the Fund.

Note 5 Custodian and management company fees

The commissions and fees paid by the Fund to the Custodian Bank and the Management Company (the “Service Fee”) are calculated on the daily average net asset value of each month as defined in the Custodian and Paying Agent Agreement with VP Bank (Luxembourg) SA dated 1 July 2013 and as defined in the Management Company Services Agreement with VP Fund Solutions (Luxembourg) SA dated 1 July 2013, as they may be amended from time to time.

5.1 Service Fee for Daily / Weekly Equity Compartments

The Fund will pay a Service Fee in accordance with the following scale of fees, calculated as a percentage per year of the average total net assets of the Daily Equity Compartments (any taxes being excluded), payable monthly in arrears:

 up to EUR 30,000,000 0.35% *  above EUR 30,000,000 0.25% * subject to a minimum fee of EUR 18,000 p.a. per Daily Equity Sub-Fund.

(*) rate applied to the part of the total net assets of the Daily Equity Sub-Funds falling within that range.

The administration of Share Classes in EUR or GBP will be charged via a fixed fee of EUR 6,000 p.a. (prorated) per Share Class, charged to the relevant Compartment (the “Share Administration Charge”).

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5.2 Service Fee for Weekly Fixed Income Compartments

The Fund will pay a Service Fee of 0.21% per annum of the average total net assets of the Weekly Fixed Income Compartments, subject to a minimum fee of EUR 18,000 per annum and per Weekly Fixed Income Compartment (any taxes being excluded), payable monthly in arrears.

5.3 Service Fee for Weekly Bond Compartments

The Fund will pay a Service Fee in accordance with the following scale of fees, calculated as a percentage per year of the average total net assets of the weekly managed bond Compartments (any taxes being excluded), payable monthly in arrears:

 up to EUR 30,000,000 0.31% *  above EUR 30,000,000 0.26% * subject to a minimum fee of EUR 18,000 p.a. per weekly managed bond Compartments.

(*) rate applied to the part of the total net assets of the weekly managed bond Compartments falling within that range.

Note 6 Taxes

In accordance with the Law of 2010, the Fund is not subject to any tax on income, capital gains tax or wealth tax. Moreover, no dividends distributed by the Fund, if any, are subject to withholding tax.

However, income collected by the Fund on securities in its portfolios may be subject to withholding tax which, in normal circumstances, cannot be reclaimed.

The Fund is only subject to the Luxembourg subscription tax ("taxe d’abonnement") payable quarterly, at a rate of 0.05% per annum based on the net asset value of each Compartment at the end of the relevant quarter, calculated and paid quarterly. In respect of any Class of Shares which comprises only institutional investors (within the meaning of article 174 of the Law of 2010), the tax levied will be at the rate of 0.01% per annum.

However no tax is levied on the asset value represented by shares held in other undertakings for collective investment falling under Luxembourg law.

Note 7 Formation expenses

The costs and expenses incurred in connection with the formation of the Fund respectively in connection with the launching of new Compartments or Classes of Shares are amortised over a period not exceeding 5 years.

Note 8 Transaction costs

The transaction costs represent broker and custodian bank transaction fees in relation to the purchases and sales of securities and financial derivative instruments during the business year.

Note 9 Performance fee

Compartments eligible for performance fees are as follows:

- VAM Funds (Lux) – US Mid Cap Growth Fund - VAM Funds (Lux) – US Small Cap Growth Fund - VAM Funds (Lux) – US Micro Cap Growth Fund

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- VAM Funds (Lux) – US Large Cap Growth Fund - VAM Funds (Lux) – Emerging Markets Growth Fund - VAM Funds (Lux) – International Real Estate Equity Fund - VAM Funds (Lux) – World Growth Fund - VAM Funds (Lux) – VAM International ex-USA Growth Fund (until 1 July 2015) - VAM Funds (Lux) – Americas All Cap Fund - VAM Funds (Lux) – Frontier Markets Fund - VAM Funds (Lux) – Focused Global Equity Fund (launched on 10 July 2015) - VAM Funds (Lux) – International Opportunities Fund (launched on 1 July 2015)

In addition to the Advisory Fee, a performance fee may be paid to the Advisory Company on a quarterly basis in relation to Class A, Class B, Class C and Class D Shares.

The Advisory Company is entitled to a performance fee calculated and due in relation of each Valuation Day for each share and fraction thereof in issue at the rate of 15% of the difference - if positive - between: - the net asset value per share before deduction of the daily performance fee to be calculated, but after deduction of all other fees attributable to the respective Class of Shares, including but not limited to the Advisory Fee; and - the greater of ("High Water Mark") i) the highest net asset value per share of the Class recorded on any preceding day during the same financial year of the Fund, and ii) the last net asset value per share of the Class recorded for the immediately preceding financial year of the Fund, each of them increased on a pro rata temporis basis by a rate of 12% p.a. (the "hurdle rate").

In relation to Classes of Shares launched during the financial year of the Fund, the initial High Water Mark shall be equal to the initial subscription price of such Class of Shares. Performance of Classes of Shares in currencies other than the reference currency of the Compartment shall be measured in the currency of such Classes of Shares.

The amounts so accumulated during each calendar quarter shall be paid to the Advisory Company after each calendar quarter end.

No performance fee is due in relation to Class E (except for VAM Funds (Lux) – VAM Commodities Equity Fund which was put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015) and Class H Shares (if any).

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VAM Funds (Lux) – VAM Commodities Equity Fund (put into liquidation on 21 November 2014 and the final reimbursement was effected with value date 17 April 2015)

In relation to Class E Shares, the Advisory Company was entitled to a performance fee calculated and due in relation of each Valuation Day for each share and fraction thereof in issue at the rate of 5% of the difference - if positive - between: - the net asset value per share before deduction of the daily performance fee to be calculated, but after deduction of all other fees attributable to the respective Class of Shares, including but not limited to the Advisory Fee; and - the highest net asset value per share of the Class recorded since launch of the Class ("High Water Mark"), without application of a hurdle rate.

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The amounts so accumulated during each calendar quarter shall be paid to the Advisory Company after each calendar quarter end.

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VAM Funds (Lux) – Accessible Clean Energy Fund

In addition to the Advisory Fee, a performance fee may be paid to the Advisory Company on a quarterly basis in relation to Class A, Class C, Class D, Class H and Class U Shares.

In relation to Class A, Class C and Class D Shares, the Advisory Company is entitled to a performance fee calculated and due in relation of each Valuation Day for each share and fraction thereof in issue at the rate of 15% of the difference - if positive (the "Performance Fee") - between: - the net asset value per share before deduction of the daily performance fee to be calculated, but after deduction of all other fees attributable to the respective Class of Shares, including but not limited to the Advisory Fee; and - the greater of ("High Water Mark") i) the highest net asset value per share of the Class recorded on any preceding day during the same financial year of the Fund, and ii) the last net asset value per share of the Class recorded for the immediately preceding financial year of the Fund, each of them increased on a pro rata temporis basis by a rate of 12% p.a. (the "hurdle rate").

In relation to Class H Shares, the Advisory Company is entitled to a performance fee calculated and due in relation of each Valuation Day for each Share and fraction thereof in issue at the rate of 12% of the difference - if positive (the "Performance Fee") - between: - the net asset value per share before deduction of the daily performance fee to be calculated, but after deduction of all other fees attributable to the respective Class of Shares, including but not limited to the Advisory Fee; and - the greater of ("High Water Mark") i) the highest net asset value per share of the Class recorded on any preceding day during the same financial year of the Fund, and ii) the last net asset value per share of the Class recorded for the immediately preceding financial year of the Fund, each of them increased on a pro rata temporis basis by a rate of 10% p.a. (the "hurdle rate").

In relation to Class U Shares, the Advisory Company is entitled to a performance fee calculated and due in relation of each Valuation Day for each Share and fraction thereof in issue at the rate of 12% of the difference - if positive (the "Performance Fee") - between: - the net asset value per share before deduction of the daily performance fee to be calculated, but after deduction of all other fees attributable to the respective Class of Shares, including but not limited to the Advisory Fee; and - the highest net asset value per share of the Class recorded since launch of the Class (the “High Water Mark”), increased on a pro rata temporis basis by a rate of 10% p.a. (the “hurdle rate”).

The amounts so accumulated during each calendar quarter shall be paid to the Advisory Company after each calendar quarter end.

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VAM Funds (Lux) – VAM Asia Fixed Income Fund (merged into VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015)

This Compartment is not subject to performance fees.

Note 10 Exchange rates

Exchange rates used as of 31 December 2015:

1 USD = AED 3.673004 1 USD = KRW 1,172.131148 1 USD = AUD 1.374434 1 USD = KWD 0.303619 1 USD = BDT 78.245916 1 USD = LKR 144.319493 1 USD = BRL 3.956522 1 USD = MXN 17.271127 1 USD = BWP 11.248581 1 USD = MYR 4.293502 1 USD = CAD 1.158294 1 USD = NGN 199.164345 1 USD = CHF 1.001000 1 USD = NOK 8.851357 1 USD = CLP 708.421798 1 USD = PHP 47.054952 1 USD = COP 3,117.777778 1 USD = PKR 104.937624 1 USD = CZK 24.875127 1 USD = QAR 3.642649 1 USD = DKK 6.869810 1 USD = RON 4.162301 1 USD = EGP 7.832551 1 USD = SEK 8.430610 1 USD = EUR 0.920544 1 USD = SGD 1.418651 1 USD = GBP 0.678460 1 USD = THB 35.985189 1 USD = HKD 7.747678 1 USD = TRY 2.918852 1 USD = HUF 290.903807 1 USD = TWD 32.846596 1 USD = IDR 13,712.328767 1 USD = VND 22,750.000000 1 USD = JPY 120.298041 1 USD = XOF 603.739445 1 USD = KES 102.351738 1 USD = ZAR 15.495356

Note 11 Forward foreign exchange contracts

At 31 December 2015, the following forward foreign exchange contracts were open:

VAM Funds (Lux) – US Mid Cap Growth Fund

The counterparty for all the below listed financial derivative instruments is VP Bank (Luxembourg) SA.

Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in USD) GBP 3,697,043.16 USD 5,511,736.80 31 March 2016 -62,273.00 TOTAL -62,273.00

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VAM Funds (Lux) – Americas All Cap Fund

The counterparty for all the below listed financial derivative instruments is VP Bank (Luxembourg) SA.

Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in USD) GBP 806,435.21 USD 1,202,273.93 31 March 2016 -13,583.59 TOTAL -13,583.59

104 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

Note 12 Options

At 31 December 2015, the Compartment VAM Funds (Lux) – Focused Global Equity Fund entered into transactions with Goldman Sachs for the following options:

CCY Call/Put Description Strike price Maturity Quantity Commitment Market value

Long positions USD Put COGNIZANT TECH S -A- 62.50 15 January 2016 6 36,012.00 1,524.00 USD Put ENDO INTERNAT (R) 60.00 15 January 2016 6 36,732.00 900.00 USD Put ENDO INTERNAT (R) 50.00 15 January 2016 10 61,220.00 50.00 USD Put FACEBOOK -A- (R) 100.00 15 January 2016 27 282,582.00 1,836.00 USD Put HILTON WORLDWIDE 25.00 15 January 2016 90 192,600.00 31,500.00 USD Put ISHARE MSCI EAFE IND 61.00 15 January 2016 40 235,000.00 9,000.00 USD Put MICROSOFT CORP 52.50 15 January 2016 24 133,152.00 288.00 USD Call VALEANT PHARMA INT 175.00 15 January 2016 5 50,825.00 85.00 USD Call ALLERGAN (R) 280.00 19 February 2016 7 218,750.00 23,800.00 USD Put ROPER TECHNOLOGIES 180.00 19 February 2016 8 151,832.00 2,120.00 USD Put S&P 500 2,000.00 19 February 2016 20 4,087,880.00 72,200.00 USD Put VISA -A- (R) 77.50 18 March 2016 27 209,385.00 8,100.00 USD Put LOWE'S COS INC 75.00 15 April 2016 34 258,536.00 10,200.00 Total 161,603.00

Short positions

USD Call CELGENE CORP 145.00 15 January 2016 -22 263,472.00 -198.00 USD Put CHIPOTLE MEXICAN (R) 510.00 15 January 2016 -6 287,910.00 -20,400.00 USD Call COGNIZANT TECH S -A- 72.50 15 January 2016 -28 168,056.00 -140.00 USD Call ENDO INTERNAT (R) 70.00 15 January 2016 -33 202,026.00 -1,155.00 USD Call HILTON WORLDWIDE 27.00 15 January 2016 -54 115,560.00 -216.00 USD Call HILTON WORLDWIDE 28.00 15 January 2016 -54 115,560.00 -270.00 USD Call HILTON WORLDWIDE 29.00 15 January 2016 -66 141,240.00 -330.00 USD Call MICROSOFT CORP 57.50 15 January 2016 -53 294,044.00 -1,007.00 USD Call ALLERGAN (R) 330.00 19 February 2016 -7 218,750.00 -2,800.00 USD Call ROPER TECHNOLOGIES 195.00 19 February 2016 -13 246,727.00 -5,070.00 USD Put ALLERGAN (R) 250.00 19 February 2016 -18 562,500.00 -1,800.00 USD Put S&P 500 1,920.00 19 February 2016 -20 4,087,880.00 -36,700.00 USD Call ALPHABET -A- (R) 780.00 18 March 2016 -5 389,005.00 -19,000.00 USD Call FACEBOOK -A- (R) 115.00 18 March 2016 -32 334,912.00 -6,240.00 USD Call VISA -A- (R) 85.00 18 March 2016 -63 488,565.00 -4,536.00 USD Call LOWE'S COS INC 80.00 15 April 2016 -21 159,684.00 -3,738.00 USD Call LOWE'S COS INC 85.00 15 April 2016 -46 349,784.00 -3,082.00 Total -106,682.00

At year end, cash collateral amounting to USD 793,800.00 was deposited at VP Bank (Luxembourg) SA and some securities were also collateralized, as identified in the securities portfolio of the Compartment.

105 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

Note 13 Related party transactions

All transactions with related parties were entered into the ordinary course of business and under normal commercial terms. The related parties to the Fund are the Investment Managers and Advisory Company. The fees for the transactions with related parties are described in Note 4 and Note 9.

As of 31 December 2015, the Compartments had not invested in related parties and there were no direct shareholdings in the Fund by any member of the Board of Directors of the Fund.

For the year ended 31 December 2015, the Director fees, including consulting fees, have been included under the account “other charges” and amounted to USD 194,151.92.

Note 14 Changes in securities portfolio

Information about the changes that have occurred in the securities portfolio of each Compartment during the reporting period/year can be obtained free of charges from the Management Company, Central Administration Agent, Corporate and Domiciliary Agent, Registrar and Transfer Agent and from the Custodian and Paying Agent of the Fund.

Note 15 Risk management process

The Fund must employ a risk management process that enables it to monitor and measure at any time the risk of the positions in its portfolios and their contribution to the overall risk profile of its portfolios, as included but not limited to the CSSF Circular 11/512. The global risk exposure relating to financial derivative instruments may be calculated through the “commitment approach” or through a Value-at- Risk (“VaR”) methodology. Generally, a Compartment that uses derivatives more extensively or as part of its investment objective will utilize the VaR methodology, and a Compartment that uses derivatives less extensively will utilize the commitment approach.

For all Compartments the commitment approach is used to calculate the global risk exposure.

Note 16 Corporate governance statement

The Board of Directors of the Fund confirms its adherence with the principles set out in the ALFI (Association Luxembourgeoise des Fonds d’Investissement) Code of Conduct for Luxembourg Investment Funds.

Note 17 Events

As from 1 January 2015, Mr Eduard von Kymmel has been appointed as CEO of VP Fund Solutions (Luxembourg) SA, Luxembourg being as well a day-to-day manager of the Management Company.

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On 14 April 2015, the Board of Directors resolved the sale of the illiquid positions being the shares African Eagle Resource PLC (GB0003394813) and the warrant Shoal Point Energy Ltd to T2R COO in order to liquidate the compartment VAM Funds (Lux) – VAM Commodities Equity Fund. The final reimbursement of the shareholders took place with value date 17 April 2015.

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106 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

On 29 June 2015, the Board of Directors resolved the launch of VAM Funds (Lux) – International Opportunities Fund on 1 July 2015 and VAM Funds (Lux) – Focused Global Equity Fund on 10 July 2015. Furthermore, it was resolved after the receipt of a total redemption request received by the transfer agent to perform a redemption in kind for the Compartment VAM Funds (Lux) – VAM International Ex-USA Growth Fund on 1 July 2015 that the proceeds of which has been contributed in kind in VAM Funds (Lux) – International Opportunities Fund, at the same date. Finally, VAM Managed Funds (Lux) resolved to redeem a number of shares representing ca. 21% of the total shares in issue in VAM Funds (Lux) – World Growth Fund on the NAV calculated on 10 July 2015 to seed the Compartment VAM Funds (Lux) – Focused Global Equity Fund.



On 2 October 2015, the Board of Directors submitted a common merger proposal to the CSSF detailing the merger by absorption of the Compartment VAM Funds (Lux) – VAM Asia Fixed Income Fund into the compartment VAM Managed Funds (Lux) – Close Brothers Cautious Fund on 30 November 2015. This decision was also resolved through a circular resolution.

The share exchange ratios on 30 November 2015 were as follows:

Merging Compartment Share Class Receiving Compartment Share Class Exchange ratio VAM Funds (Lux) – VAM Asia Fixed VAM Managed Funds (Lux) – Close 1.1285 Income Fund – A USD Brothers Cautious Fund – A USD VAM Funds (Lux) – VAM Asia Fixed VAM Managed Funds (Lux) – Close 1.1242 Income Fund – A GBP Brothers Cautious Fund – A GBP VAM Funds (Lux) – VAM Asia Fixed VAM Managed Funds (Lux) – Close 1.1064 Income Fund – A EUR Brothers Cautious Fund – A EUR

107 VAM FUNDS (LUX) Annual Report and Audited Financial Statements

INFORMATION TO SHAREHOLDERS

The articles of incorporation, the prospectus, the key investor information documents, and the statement of changes in the composition of the portfolios, the semi-annual and unaudited financial statements, the annual report and audited financial statements are available free of charge at the registered office of VAM Funds (Lux), 26, avenue de la Liberté, L-1930 Luxembourg, as well as at the Management Company, Distributor and Custodian Bank and Paying Agent, and Facilities Agents mentioned under chapter “Management and Administration”.

The semi-annual and unaudited financial statements, the annual report and audited financial statements contain general information about the Fund as well as data showing the Fund's development and its total net assets.

The business year of the Fund begins on 1 January and ends on 31 December.



As a result of certain legislative changes in Germany regarding the taxation of portfolio dividends (Streubesitzdividenden) and the effects of these changes on fund reporting requirements under the Investment Tax Act (Investmentsteuergesetz, InvStG), especially as regards the share profit (Aktiengewinn), share profits were accordingly modified. Information on such adjusted share profits is available on the website of VAM Funds (Lux) for each concerned Compartment: www.vam-funds.com.

108 VAM FUNDS (LUX) Unaudited Supplementary Information

Unaudited supplementary information

As of 31 December 2015

109 VAM FUNDS (LUX) Unaudited Supplementary Information

TOTAL EXPENSE RATIO

For the year/period ended 31 December 2015

Total Expense Ratio (TER)

The calculation of the “Total Expense Ratio” is based on the stipulated fees and commissions paid by the Compartment on the average net assets of the Compartment during the reporting period (annualised), as allocated to each Class of Shares.

VAM Funds (Lux) – US Mid Cap Growth Fund

Total Expense Ratio (TER) - Class A GBP 2.67% including performance fees : 3.51% Total Expense Ratio (TER) - Class A USD 2.67% including performance fees : 3.59% Total Expense Ratio (TER) - Class B USD 2.64% including performance fees : 3.58% Total Expense Ratio (TER) - Class C USD 1.13% including performance fees : 2.06%

VAM Funds (Lux) – US Small Cap Growth Fund

Total Expense Ratio (TER) - Class A USD 2.65% including performance fees : 4.27% Total Expense Ratio (TER) - Class B USD 2.61% including performance fees : 4.11% Total Expense Ratio (TER) - Class C USD 1.11% including performance fees : 2.82%

VAM Funds (Lux) – US Micro Cap Growth Fund

Total Expense Ratio (TER) - Class A USD 2.64% including performance fees : 4.75% Total Expense Ratio (TER) - Class B USD 2.61% including performance fees : 4.74% Total Expense Ratio (TER) - Class C USD 1.10% including performance fees : 3.34% Total Expense Ratio (TER) - Class D USD 1.92% including performance fees : 1.95% Total Expense Ratio (TER) - Class E USD 1.59% including performance fees : 1.59%

VAM Funds (Lux) – US Large Cap Growth Fund

Total Expense Ratio (TER) - Class A USD 2.64% including performance fees : 3.53% Total Expense Ratio (TER) - Class B USD 2.60% including performance fees : 3.48% Total Expense Ratio (TER) - Class C USD 1.10% including performance fees : 2.10%

VAM Funds (Lux) – Emerging Markets Growth Fund

Total Expense Ratio (TER) - Class A USD 2.71% including performance fees : 3.41% Total Expense Ratio (TER) - Class B USD 2.69% including performance fees : 3.56% Total Expense Ratio (TER) - Class C USD 1.17% including performance fees : 1.95% Total Expense Ratio (TER) - Class E USD 1.43% including performance fees : 1.43%

110 VAM FUNDS (LUX) Unaudited Supplementary Information

VAM Funds (Lux) – International Real Estate Equity Fund

Total Expense Ratio (TER) - Class A USD 2.64% including performance fees : 3.34% Total Expense Ratio (TER) - Class B USD 2.60% including performance fees : 3.28% Total Expense Ratio (TER) - Class C USD 1.10% including performance fees : 1.83%

VAM Funds (Lux) – World Growth Fund

Total Expense Ratio (TER) - Class A USD 2.64% including performance fees : 3.47% Total Expense Ratio (TER) - Class B USD 2.61% including performance fees : 3.59% Total Expense Ratio (TER) - Class C USD 1.12% including performance fees : 2.38%

VAM Funds (Lux) – Focused Global Equity Fund

Total Expense Ratio (TER) - Class A USD 3.08% including performance fees : 3.13% Total Expense Ratio (TER) - Class C USD 1.50% including performance fees : 1.81%

VAM Funds (Lux) – Americas All Cap Fund

Total Expense Ratio (TER) - Class E GBP 2.68% including performance fees : 2.68% Total Expense Ratio (TER) - Class E USD 2.68% including performance fees : 2.68%

VAM Funds (Lux) – Accessible Clean Energy Fund

Total Expense Ratio (TER) - Class A USD 2.68% including performance fees : 4.23% Total Expense Ratio (TER) - Class D USD 1.92% including performance fees : 4.75% Total Expense Ratio (TER) - Class U USD 1.37% including performance fees : 2.74%

VAM Funds (Lux) – Frontier Markets Fund

Total Expense Ratio (TER) - Class A USD 2.87% including performance fees : 2.90% Total Expense Ratio (TER) - Class C USD 1.35% including performance fees : 1.39%

VAM Funds (Lux) – International Opportunities Fund

Total Expense Ratio (TER) - Class A USD 2.75% including performance fees : 2.76% Total Expense Ratio (TER) - Class C USD 1.15% including performance fees : 1.29%

111 VAM FUNDS (LUX) Unaudited Supplementary Information

PORTFOLIO TURNOVER RATIO

For the year/period ended 31 December 2015

The Portfolio Turnover Ratio (“PTR”) indicates the turnover rate of the holdings of the Compartment and is computed using the formula described in the CSSF Circular 03/122 issued on 19 December 2003 on the last 12 months:

PTR = [ (Total 1 - Total 2) / M ] * 100 with:

Total 1 = Total of securities transactions during the relevant period = X + Y, where X = purchases of securities and Y = sales of securities. Total 2 = Total of transactions in shares of the Compartment during the relevant period = S + T, where S = subscriptions of shares of the Compartment and T = redemptions of shares of the Compartment. M = Average net assets of the Compartment.

VAM Funds (Lux) – US Mid Cap Growth Fund 117.73%

VAM Funds (Lux) – US Small Cap Growth Fund 383.11%

VAM Funds (Lux) – US Micro Cap Growth Fund 302.58%

VAM Funds (Lux) – US Large Cap Growth Fund 110.78%

VAM Funds (Lux) – Emerging Markets Growth Fund 417.22%

VAM Funds (Lux) – International Real Estate Equity Fund 155.78%

VAM Funds (Lux) – World Growth Fund 135.85%

VAM Funds (Lux) – International Opportunities Fund 195.34%

VAM Funds (Lux) – Americas All Cap Fund 386.15%

VAM Funds (Lux) – Focused Global Equity Fund 30.79%

VAM Funds (Lux) – Accessible Clean Energy Fund 6.65%

VAM Funds (Lux) – Frontier Markets Fund 176.50%

112