PARWORLD SICAV

SEMI-ANNUAL REPORT at 31/03/2014

R.C.S. Luxembourg B 77 384

PARWORLD

Table of contents

Page Organisation 4 Information 6 Financial statements at 31/03/2014 7 Key figures relating to the last 3 years 14 Securities portfolio at 31/03/2014 BETA DERIVATIVES FUND 22 CHAMPIONS - EUROPA 23 EURO SHORT TERM FIXED INCOME 24 FLEXIBLE TRACKER ALLOCATION 25 GLOBAL SUSTAINABLE DEVELOPMENT 80 26 MULTI-STRATEGY HIGH VOL 27 QUANT EQUITY EURO COVERED 29 QUANT EQUITY EUROPE GURU 30 QUANT EQUITY WORLD GURU 31 QUANTITATIVE FIXED INCOME 32 TRACK CONTINENTAL EUROPE 33 TRACK EMERGING MARKETS 41 TRACK EMERGING MARKETS BOND 42 TRACK EMU 50 TRACK EMU GOVERNMENT BOND 56 TRACK EMU GOVERNMENT BOND 1-3 YEARS 59 TRACK EURO CORPORATE BOND 62 TRACK EURO INFLATION LINKED BOND 64 TRACK EUROPE 65 TRACK EUROPE SMALL CAP 75 TRACK GLOBAL GOVERNMENT BOND EX EMU 89 TRACK JAPAN 91 TRACK NORTH AMERICA 98 TRACK PACIFIC EX JAPAN 114 TRACK UK 118 TRACK WORLD 121 Notes to the financial statements 139

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

Page 3 PARWORLD

Organisation

Registered office of the Company 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Board of Directors Chairman Mr. Marc RAYNAUD, Head of Global Fund Solutions, BNP Paribas Investment Partners, Paris

Members Mr. Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. Guy de FROMENT, Director, Impax Group Plc., London Mr. Denis PANEL, Chief Executive Officer, THEAM S.A.S., Paris Mr. Bruno PIFFETEAU, Chief Operating Officer - Global Funds Solutions, BNP Paribas Investment Partners, Paris Mrs. Diane TERVER-AGAZZOTTI, Head of Business Development Services, THEAM S.A.S., Paris Mr. Christian VOLLE, Director, BNP Paribas Investment Partners Luxembourg, Hesperange

Company Secretary (non-member of the Board) Mrs. Claire COLLET-LAMBERT, Head of Fund Legal Luxembourg, BNP Paribas Investment Partners Luxembourg, Hesperange

Management Company BNP Paribas Investment Partners Luxembourg, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

BNP Paribas Investment Partners Luxembourg is a Management Company as defined by Chapter 15 of the Luxembourg Law of 17 December 2010 concerning undertakings for collective investment. The Management Company performs the administration, portfolio management and marketing duties.

NAV calculation BNP Paribas Investment Partners Luxembourg, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Responsibility for portfolio management is delegated to:

Effective investment managers  BNP Paribas Asset Management S.A.S., 1 boulevard Haussmann, F-75009 Paris, France  BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom  THEAM S.A.S., 1 boulevard Haussmann, F-75009 Paris, France

Page 4 PARWORLD

Organisation

Non group management entity  Edmond de Rothschild Asset Management (UK) LIMITED (formerly Edmond de Rothschild Fund Management Ltd.), Orion House, 5 Upper St Martin’s Lane, London WC2H 9EA, United Kingdom (until 14 October 2013) The Company may also seek advice from the following investment advisors:  La Compagnie Benjamin de Rothschild S.A., 29 route de Prés-Bois, CH-1217 Meyrin, Switzerland (until 14 October 2013)  FundQuest Advisor, 1 boulevard Haussmann, F-75009 Paris, France (until 14 October 2013)

Depositary, Paying Agent, Transfer Agent and Registrar BNP Paribas Securities Services, Luxembourg Branch, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Guarantor BNP PARIBAS S.A., 16 boulevard des Italiens, F-75009 Paris, France

Auditor

PricewaterhouseCoopers, Société coopérative, 400 route d’Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg

Page 5 PARWORLD

Information

Establishment PARWORLD is an open-ended investment company (société d’investissement à capital variable – abbreviated to SICAV), incorporated under Luxembourg law on 11 August 2000 for an indefinite period under the name “PARINDEX”. It was renamed “PARWORLD” on 16 August 2004. The Company is currently governed by the provisions of Part I of the Law of 17 December 2010, as amended governing undertakings for collective investment as well as by Directive 2009/65. The minimum capital amounts to EUR 1 250 000 (one million two hundred and fifty thousand euros). The Company’s capital is at any time equal to the sum of the value of the net assets of the Company’s sub-funds and is constituted by shares with no face value. Capital changes may be made by right and without the requirements relating to notice and recording in the Luxembourg Trade and Companies Register laid down for capital increases and reductions of public limited companies. The Articles of Association of the Company were published in the Mémorial on 19 September 2000 under the number C 672 after having been filed with the clerk of the District Court of Luxembourg in Luxembourg, where they may be consulted. The Articles of Association have been modified at various times, most recently at the extraordinary general Meeting held on 22 May 2012, published on 24 May 2012. Copies of the updated Articles of Association may be obtained from the clerk of the District Court of Luxembourg in Luxembourg subject to payment of the registry fees. The Company is registered in the Luxembourg Trade Register under the number B77 384. The Legal Notice was filed with the clerk of the District Court of Luxembourg in Luxembourg, where it may be consulted and where copies may be obtained on request subject to payment of the registry fees. Information to the Shareholders The Articles of Association, the Prospectus, the KIIDs, and periodic reports may be consulted at the Company’s registered office and at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and interim reports are available on request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares. Documents and information are also available on the website: www.bnpparibas-ip.com. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. As to net asset values and dividends, the Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: www.bnpparibas-ip.com Net asset values are calculated every full bank business day in Luxembourg.

Page 6 PARWORLD

Financial statements at 31/03/2014

BETA EURO SHORT CHAMPIONS – DERIVATIVES TERM FIXED EUROPA FUND INCOME

Expressed in EUR EUR EUR Notes Statement of net assets Assets 51 944 603 347 820 829 419 802 788 Securities portfolio at cost price 22 254 209 295 607 563 420 871 754 Unrealised gain / (loss) on securities portfolio (1 714 899) 621 344 (1 737 215) Securities portfolio at market value 2 20 539 310 296 228 907 419 134 539 Net unrealised gain on financial instruments 2, 8, 9 4 498 637 - - Cash at banks and time deposits 26 906 656 44 882 650 530 497 Formation expenses - 6 623 963 - Other assets - 85 309 137 752 Liabilities 29 193 125 842 378 42 097 Bank overdrafts - 125 800 629 - Net unrealised loss on financial instruments 2, 8, 9 - 18 650 - Other liabilities 29 193 23 099 42 097 Net asset value 51 915 410 221 978 451 419 760 691 Statement of operations and changes in net assets Income on investments and assets 4 655 1 824 605 704 Management fees 4 99 059 18 236 41 006 Bank interest 155 124 287 Bank fees 41 116 1 080 - Other fees 6 40 064 21 237 90 371 Taxes 3 4 249 1 824 32 442 Performance fee 5 - - - Distribution fees - - - Total expenses 184 643 42 501 164 106 Net result from investments (179 988) (40 677) 441 598 Net realised result on: Investments securities 1 142 838 11 064 308 712 Financial instruments 6 417 380 - - Net realised result 7 380 230 (29 613) 750 310 Movement on net unrealised gain / loss on: Investments securities (2 015 998) 621 344 (413 479) Financial instruments 4 156 540 (18 650) - Change in net assets due to operations 9 520 772 573 081 336 831 Net subscriptions / (redemptions) 8 848 111 221 405 370 40 636 011 Increase / (Decrease) in net assets during 18 368 883 221 978 451 40 972 842 the year / period Net assets at the beginning of the 33 546 527 - 378 787 849 financial year / period Reevaluation of opening - - - consolidated NAV Net assets at the end of the financial 51 915 410 221 978 451 419 760 691 year / period

The accompanying notes form an integral part of these financial statements

Page 7 PARWORLD

GLOBAL FLEXIBLE MULTI- QUANT SUSTAINABLE QUANT TRACKER STRATEGY QUAM 12 EQUITY EURO DEVELOPMENT COMMODITIES ALLOCATION HIGH VOL COVERED 80

EUR EUR EUR EUR USD EUR

37 655 751 6 521 596 277 254 239 - - 2 396 883 37 191 989 6 163 857 218 894 641 - - 2 137 544 456 697 347 161 8 131 445 - - 51 973 37 648 686 6 511 018 227 026 086 - - 2 189 517 6 653 3 720 - - - - - 5 580 50 181 426 - - 207 366 ------412 1 278 46 727 - - - 282 290 270 016 1 485 138 - - 3 701 218 939 258 652 ------1 241 921 - - 1 720 63 351 11 364 243 217 - - 1 981 37 373 461 6 251 580 275 769 101 - - 2 393 182

60 065 2 363 172 065 5 092 - 2 115 151 949 65 615 974 532 6 844 2 245 7 036 - 133 14 602 527 - - - 29 299 727 - - - 73 798 2 416 392 493 1 546 1 040 4 099 7 527 1 263 26 674 170 44 234 30 065 - 1 40 - - 8 364 - - - - - 271 703 69 456 1 708 029 9 127 3 329 11 369 (211 638) (67 093) (1 535 964) (4 035) (3 329) (9 254)

557 100 30 089 (5 625 527) 211 965 346 450 350 916 158 524 10 042 6 325 564 32 129 (694 206) (109 495) 503 986 (26 962) (835 927) 240 059 (351 085) 232 167

(212 644) 78 542 4 840 612 (189 098) (215 999) (126 768) (84 379) 5 760 (3 513 687) (51 755) 496 451 49 934 206 963 57 340 490 998 (794) (70 633) 155 333 (22 760 635) (1 034 146) 374 730 (16 205 787) (1 608 835) 1 456

(22 553 672) (976 806) 865 728 (16 206 581) (1 679 468) 156 789

59 927 133 7 228 386 274 903 373 16 206 581 1 679 468 2 236 393

------

37 373 461 6 251 580 275 769 101 - - 2 393 182

The accompanying notes form an integral part of these financial statements

Page 8 PARWORLD

Financial statements at 31/03/2014

QUANT QUANT QUANT EQUITY EQUITY RAW EUROPE WORLD MATERIALS GURU GURU

Expressed in EUR USD USD Notes Statement of net assets Assets 158 393 850 49 675 730 - Securities portfolio at cost price 144 357 084 46 538 829 - Unrealised gain / (loss) on securities portfolio 4 736 105 1 343 072 - Securities portfolio at market value 2 149 093 189 47 881 901 - Net unrealised gain on financial instruments 2, 8, 9 - 1 006 917 - Cash at banks and time deposits 9 300 661 786 912 - Formation expenses - - - Other assets - - - Liabilities 3 490 609 47 430 - Bank overdrafts - - - Net unrealised loss on financial instruments 2, 8, 9 3 322 287 - - Other liabilities 168 322 47 430 - Net asset value 154 903 241 49 628 300 - Statement of operations and changes in net assets Income on investments and assets 665 - - Management fees 4 424 158 124 303 2 284 Bank interest 116 184 - Bank fees - - - Other fees 6 123 887 67 065 1 058 Taxes 3 18 165 5 341 44 Performance fee 5 - - - Distribution fees - - - Total expenses 566 326 196 893 3 386 Net result from investments (565 661) (196 893) (3 386) Net realised result on: Investments securities 4 564 422 1 250 234 314 751 Financial instruments 5 494 490 558 069 (455 734) Net realised result 9 493 251 1 611 410 (144 369) Movement on net unrealised gain / loss on: Investments securities 1 943 954 897 867 (191 840) Financial instruments (4 159 992) 1 610 221 279 076 Change in net assets due to operations 7 277 213 4 119 498 (57 133) Net subscriptions / (redemptions) 108 132 767 40 989 009 (1 647 379) Increase / (Decrease) in net assets during 115 409 980 45 108 507 (1 704 512) the year / period Net assets at the beginning of the 39 493 261 4 519 793 1 704 512 financial year / period Reevaluation of opening - - - consolidated NAV Net assets at the end of the financial 154 903 241 49 628 300 - year / period

The accompanying notes form an integral part of these financial statements

Page 9 PARWORLD

TRACK TRACK TRACK TRACK EMU QUANTITATIVE EMERGING TRACK CONTINENTAL EMERGING GOVERNMENT FIXED INCOME MARKETS EMU EUROPE MARKETS BOND BOND

EUR EUR USD USD EUR EUR

28 294 487 84 549 403 458 309 945 134 554 222 64 013 720 131 156 675 27 682 543 77 056 354 418 884 203 132 564 214 54 473 501 124 898 376 (59 153) 5 340 896 61 525 76 679 8 099 135 3 586 753 27 623 390 82 397 250 418 945 728 132 640 893 62 572 636 128 485 129 - 58 140 22 733 883 - 39 200 - 450 497 2 022 634 16 608 284 89 126 1 370 782 594 781 ------220 600 71 379 22 050 1 824 203 31 102 2 076 765 1 055 953 15 188 45 780 13 988 10 548 21 012 912 399 - - - - - 69 789 - - - - - 73 765 15 188 45 780 13 988 10 548 21 012 27 238 534 84 534 215 458 264 165 134 540 234 64 003 172 131 135 663

116 343 543 609 100 049 5 239 026 227 919 2 175 080 68 777 53 727 54 942 13 378 19 340 39 566 351 92 1 479 79 151 137 6 153 486 - - 273 - 27 779 43 820 184 415 70 113 20 700 49 710 2 689 7 682 36 500 13 983 3 799 9 571 56 160 ------481 - - - - 161 909 106 288 277 336 97 553 44 263 98 984 (45 566) 437 321 (177 287) 5 141 473 183 656 2 076 096

80 599 503 535 (268 147) (4 621 431) 866 706 525 152 523 084 213 506 (6 535 544) (45) 65 987 - 558 117 1 154 362 (6 980 978) 519 997 1 116 349 2 601 248

(121 624) 7 724 708 61 525 7 182 450 3 622 759 3 532 388 135 401 56 000 11 604 116 - 39 120 - 571 894 8 935 070 4 684 663 7 702 447 4 778 228 6 133 636 (735 105) (46 348 799) (6 420 520) (81 371 163) 18 420 303 29 389 472

(163 211) (37 413 729) (1 735 857) (73 668 716) 23 198 531 35 523 108

27 401 745 121 947 944 460 000 022 208 208 950 40 804 641 95 612 555

------

27 238 534 84 534 215 458 264 165 134 540 234 64 003 172 131 135 663

The accompanying notes form an integral part of these financial statements

Page 10 PARWORLD

Financial statements at 31/03/2014

TRACK TRACK EMU TRACK EURO GOVERNMENT EURO INFLATION BOND 1-3 CORPORATE LINKED YEARS BOND BOND

Expressed in EUR EUR EUR Notes Statement of net assets Assets 29 896 322 300 539 689 188 085 418 Securities portfolio at cost price 29 517 043 295 527 664 186 094 906 Unrealised gain / (loss) on securities portfolio (24 052) 852 827 192 945 Securities portfolio at market value 2 29 492 991 296 380 491 186 287 851 Net unrealised gain on financial instruments 2, 8, 9 - - - Cash at banks and time deposits 27 653 979 494 1 808 Formation expenses - - - Other assets 375 678 3 179 704 1 795 759 Liabilities 2 560 30 285 19 547 Bank overdrafts - - - Net unrealised loss on financial instruments 2, 8, 9 - - - Other liabilities 2 560 30 285 19 547 Net asset value 29 893 762 300 509 404 188 065 871 Statement of operations and changes in net assets Income on investments and assets 102 431 5 028 899 1 289 998 Management fees 4 - 6 447 3 908 Bank interest - 108 105 Bank fees - - - Other fees 6 3 402 130 525 79 121 Taxes 3 601 24 722 14 559 Performance fee 5 - - - Distribution fees - - - Total expenses 4 003 161 802 97 693 Net result from investments 98 428 4 867 097 1 192 305 Net realised result on: Investments securities (5 914) 1 859 436 (346 392) Financial instruments - - - Net realised result 92 514 6 726 533 845 913 Movement on net unrealised gain / loss on: Investments securities (24 052) 1 398 433 1 065 088 Financial instruments - - - Change in net assets due to operations 68 462 8 124 966 1 911 001 Net subscriptions / (redemptions) 29 825 300 (33 081 949) (1 626 035) Increase / (Decrease) in net assets during 29 893 762 (24 956 983) 284 966 the year / period Net assets at the beginning of the - 325 466 387 187 780 905 financial year / period Reevaluation of opening -- - consolidated NAV Net assets at the end of the financial 29 893 762 300 509 404 188 065 871 year / period

The accompanying notes form an integral part of these financial statements

Page 11 PARWORLD

TRACK TRACK FTSE TRACK TRACK TRACK TRACK EUROPE EDHEC-RISK GLOBAL TRACK NORTH PACIFIC EUROPE SMALL EEFFICIENT GOVERNMENT JAPAN AMERICA EX JAPAN CAP EUROBLOC BOND EX EMU

EUR EUR EUR EUR EUR EUR EUR

344 869 573 49 672 958 - 9 845 481 219 481 000 166 679 290 47 974 369 302 281 329 40 196 038 - 9 921 683 215 637 174 138 912 557 45 921 948 36 138 173 9 396 229 - (166 916) 58 449 24 701 534 1 038 610 338 419 502 49 592 267 - 9 754 767 215 695 623 163 614 091 46 960 558 156 200 - - - 76 864 37 239 9 549 5 431 411 - - 36 339 1 923 557 2 873 843 761 232 ------862 460 80 691 - 54 375 1 784 956 154 117 243 030 37 743 97 410 - 1 816 34 537 33 681 7 790 - 92 043 ------54 - - - - - 37 743 5 313 - 1 816 34 537 33 681 7 790 344 831 830 49 575 548 - 9 843 665 219 446 463 166 645 609 47 966 579

3 934 108 312 186 30 215 75 422 1 977 159 1 117 889 768 165 25 780 116 5 642 2 532 69 348 74 846 18 963 206 670 9 156 142 261 180 52 506 - 13 - 6 854 277 353 134 214 21 683 4 513 2 564 93 367 75 562 19 969 25 755 4 483 325 568 17 780 14 582 3 536 ------238 461 26 952 10 502 5 820 187 491 165 528 43 001 3 695 647 285 234 19 713 69 602 1 789 668 952 361 725 164

6 553 507 3 356 522 2 601 107 (34 468) 779 116 2 455 710 91 626 844 214 1 866 1 630 6 606 (463 423) 124 093 (52 988) 11 093 368 3 643 622 2 622 450 41 740 2 105 361 3 532 164 763 802

13 803 698 3 560 186 (2 058 228) (49 815) (14 950 418) 9 104 796 (156 333) 174 290 (54) - - 91 718 65 782 14 730 25 071 356 7 203 754 564 222 (8 075) (12 753 339) 12 702 742 622 199 4 300 428 (10 809 431) (19 338 312) 7 870 856 43 608 678 36 302 606 (1 058 766)

29 371 784 (3 605 677) (18 774 090) 7 862 781 30 855 339 49 005 348 (436 567)

315 460 046 53 181 225 18 774 090 1 980 884 188 591 124 117 640 261 48 403 146

------

344 831 830 49 575 548 - 9 843 665 219 446 463 166 645 609 47 966 579

The accompanying notes form an integral part of these financial statements

Page 12 PARWORLD

Financial statements at 31/03/2014

TRACK TRACK UK CONSOLIDATED WORLD

Expressed in EUR USD EUR Notes Statement of net assets Assets 15 806 059 40 140 826 3 477 980 809 Securities portfolio at cost price 14 699 685 38 843 242 3 172 358 171 Unrealised gain / (loss) on securities portfolio 772 785 1 216 890 102 778 507 Securities portfolio at market value 2 15 472 470 40 060 132 3 275 136 678 Net unrealised gain on financial instruments 2, 8, 9 1 911 - 22 113 488 Cash at banks and time deposits 234 652 - 161 409 444 Formation expenses - - 6 623 963 Other assets 97 026 80 694 12 697 236 Liabilities 19 090 54 163 132 949 659 Bank overdrafts - 49 960 127 318 911 Net unrealised loss on financial instruments 2, 8, 9 - - 4 654 421 Other liabilities 19 090 4 203 976 327 Net asset value 15 786 969 40 086 663 3 345 031 150 Statement of operations and changes in net assets Income on investments and assets 428 008 278 175 23 057 631 Management fees 4 37 199 1 670 2 358 883 Bank interest 195 1 073 20 749 Bank fees 37 - 408 904 Other fees 6 23 628 12 557 1 724 436 Taxes 3 4 408 2 738 270 162 Performance fee 5 - - 86 266 Distribution fees 1 064 - 9 909 Total expenses 66 531 18 038 4 879 309 Net result from investments 361 477 260 137 18 178 322 Net realised result on: Investments securities 563 611 228 988 19 406 755 Financial instruments (11 532) 257 658 14 597 223 Net realised result 913 556 746 783 52 182 300 Movement on net unrealised gain / loss on: Investments securities (252 839) 1 214 576 37 217 943 Financial instruments 1 911 (110 020) 7 033 329 Change in net assets due to operations 662 628 1 851 339 96 433 572 Net subscriptions / (redemptions) (4 720 270) 33 938 480 379 700 530 Increase / (Decrease) in net assets during (4 057 642) 35 789 819 476 134 102 the year / period Net assets at the beginning of the 19 844 611 4 296 844 2 877 867 159 financial year / period Reevaluation of opening - - (8 970 111) consolidated NAV Net assets at the end of the financial 15 786 969 40 086 663 3 345 031 150 year / period

The accompanying notes form an integral part of these financial statements

Page 13 PARWORLD

Key figures relating to the last 3 years

BETA DERIVATIVES FUND EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 27 309 378 33 546 527 51 915 410 Net asset value per share Share "Classic-Capitalisation" 125.02 160.68 197.53 1.000 Share "I-Capitalisation" 142 917.73 182 372.77 224 230.56 99.828 Share "I Plus-Capitalisation" 125 084.07 160 743.25 198 327.74 148.898 Share "Privilege-Capitalisation" - - 120.48 1.000

CHAMPIONS - EUROPA EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 221 978 451 Net asset value per share Share "K-Capitalisation" - - 100.26 2 214 053.730

EURO SHORT TERM EUR EUR EUR Number of shares FIXED INCOME 30/09/2012 30/09/2013 31/03/2014

Net Assets 875 320 018 378 787 849 419 760 691 Net asset value per share Share "I-Capitalisation" 103 727.05 103 953.87 104 061.99 1 290.169 Share "X-Capitalisation" 102.00 - 100.00 2 854 812.311

FLEXIBLE TRACKER EUR EUR EUR Number of shares ALLOCATION 30/09/2012 30/09/2013 31/03/2014

Net Assets 69 152 284 59 927 133 37 373 461 Net asset value per share Share "Classic-Capitalisation" 102.77 103.20 103.90 119 467.869 Share "I-Capitalisation" 103 646.64 104 863.94 105 923.30 215.275 Share "N-Capitalisation" 99.92 99.68 100.04 21 577.274 Share "Privilege-Capitalisation" 99.95 101.67 103.07 1.700

GLOBAL SUSTAINABLE EUR EUR EUR Number of shares DEVELOPMENT 80 30/09/2012 30/09/2013 31/03/2014

Net Assets 9 690 965 7 228 386 6 251 580 Net asset value per share Share "Classic-Capitalisation" 92.26 92.33 93.11 67 145.272

The accompanying notes form an integral part of these financial statements

Page 14 PARWORLD

Key figures relating to the last 3 years

MULTI-STRATEGY HIGH VOL EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 259 627 773 274 903 373 275 769 101 Net asset value per share

Share "Classic-Capitalisation" 99.38 93.66 94.15 1.000 Share "I-Capitalisation" 99 953.46 93 609.40 93 847.95 2 752.775 Share "I Plus-Capitalisation" 99 687.05 94 047.34 94 614.90 183.141 Share "Privilege-Capitalisation" - - 102.19 1.000 Share "X-Capitalisation" 103 650.23 98 035.89 98 752.22 1.000

QUAM 12 EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 21 977 678 16 206 581 -

Net asset value per share Share "Classic-Capitalisation" 98.62 104.12 - - Share "Privilege" 796.44 846.53 - -

QUANT COMMODITIES USD USD USD Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 2 108 590 1 679 468 - Net asset value per share Share "Classic-Capitalisation" 105.52 83.14 - - Share "I-Capitalisation" 105 418.97 83 449.65 - -

QUANT EQUITY EURO COVERED EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 1 987 859 2 236 393 2 393 182 Net asset value per share Share "Classic-Capitalisation" 99.42 110.87 118.01 106.616 Share "I-Capitalisation" 99 382.99 111 278.76 119 007.82 20.001 Share "N-Capitalisation" - - 105.54 1.000 Share "Privilege-Capitalisation" - 105.74 113.62 1.000 Share "X-Capitalisation" - - 105.63 1.000

The accompanying notes form an integral part of these financial statements

Page 15 PARWORLD

Key figures relating to the last 3 years

QUANT EQUITY EUROPE GURU EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 1 996 129 39 493 261 154 903 241 Net asset value per share Share "Classic-Capitalisation" 99.82 120.16 135.12 947 982.657 Share "I-Capitalisation" 99 796.49 120 697.56 136 496.93 181.280 Share "N-Capitalisation" - - 105.29 1.000 Share "Privilege-Capitalisation" - - 109.42 18 865.539 Share "X-Capitalisation" - - 105.38 1.000

QUANT EQUITY WORLD GURU USD USD USD Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 2 109 669 4 519 793 49 628 300 Net asset value per share

Share "Classic-Capitalisation" 105.53 131.95 152.44 71 140.280 Share "I-Capitalisation" 105 472.90 132 435.51 154 004.50 245.418 Share "N-Capitalisation" - - 109.21 1.000 Share "Privilege-Capitalisation" - - 109.14 3 740.249 Share "X-Capitalisation" - - 109.25 5 306.709

QUANT RAW MATERIALS USD USD USD Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 2 139 119 1 704 512 - Net asset value per share

Share "Classic-Capitalisation" 107.04 84.36 - - Share "I-Capitalisation" 106 945.26 84 699.09 - -

QUANTITATIVE FIXED INCOME EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 33 249 951 27 401 745 27 238 534 Net asset value per share

Share "Classic-Capitalisation" 104.31 103.02 105.31 1.000 Share "I-Capitalisation" 103 902.53 102 624.03 104 759.16 260.010

The accompanying notes form an integral part of these financial statements

Page 16 PARWORLD

Key figures relating to the last 3 years

TRACK CONTINENTAL EUROPE EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 96 020 540 121 947 944 84 534 215 Net asset value per share

Share "Classic-Capitalisation" 72.40 87.10 95.26 3 861.226 Share "I-Capitalisation" 73 628.35 89 579.19 98 386.53 657.898 Share "N-Capitalisation" 107.62 128.49 140.01 946.111 Share "Privilege-Capitalisation" 582.34 705.79 774.09 71.214 Share "X-Capitalisation" 75 705.03 92 340.22 101 479.72 189.698

TRACK EMERGING MARKETS USD USD USD Number of shares

30/09/2012 30/09/2013 31/03/2014

Net Assets 178 941 628 460 000 022 458 264 165 Net asset value per share

Share "Classic-Capitalisation" 86.01 85.11 85.67 21.000 Share "I-Capitalisation" 91 762.20 91 506.72 92 408.39 152.862 Share "Privilege-Capitalisation" 105.97 105.60 106.55 3 690.376 Share "X-Capitalisation" 89 363.54 89 339.00 90 331.84 4 912.370

TRACK EMERGING USD USD USD Number of shares MARKETS BOND 30/09/2012 30/09/2013 31/03/2014

Net Assets 90 942 604 208 208 950 134 540 234 Net asset value per share

Share "Classic-Capitalisation" 114.41 108.56 114.08 1.000 Share "I-Capitalisation" 113 729.03 107 721.77 113 072.80 40.018 Share "I Plus-Capitalisation" 114 772.83 - - - Share "Privilege-Capitalisation" 101.65 96.70 101.42 25.329 Share "X-Capitalisation" 114 747.12 108 962.70 114 443.79 1 136.039

TRACK EMU EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 32 091 451 40 804 641 64 003 172 Net asset value per share

Share "I-Capitalisation" 97 336.99 119 396.75 132 019.37 341.921 Share "Privilege-Capitalisation" 101.24 124.22 137.21 56.588 Share "X-Capitalisation" 90 547.07 111 202.12 123 041.27 153.243

The accompanying notes form an integral part of these financial statements

Page 17 PARWORLD

Key figures relating to the last 3 years

TRACK EMU EUR EUR EUR Number of shares GOVERNMENT BOND 30/09/2012 30/09/2013 31/03/2014

Net Assets 19 057 920 95 612 555 131 135 663 Net asset value per share

Share "Classic-Capitalisation" 109.51 113.33 119.18 1.000 Share "I-Capitalisation" 109 030.00 113 496.00 119 367.40 669.791 Share "Privilege-Capitalisation" 101.26 105.18 110.50 87.394 Share "X-Capitalisation" 109 001.48 113 482.29 119 424.42 428.511

TRACK EMU GOVERNMENT EUR EUR EUR Number of shares BOND 1-3 YEARS

30/09/2012 30/09/2013 31/03/2014

Net Assets - - 29 893 762 Net asset value per share

Share "Classic-Capitalisation" - - 100.30 1.000 Share "I-Capitalisation" - - 100 300.00 0.001 Share "X-Capitalisation" - - 100.23 298 251.145

TRACK EURO CORPORATE EUR EUR EUR Number of shares BOND

30/09/2012 30/09/2013 31/03/2014

Net Assets 173 925 069 325 466 387 300 509 404 Net asset value per share

Share "Classic-Capitalisation" 101.24 103.24 106.11 1.000 Share "I-Capitalisation" 101 340.00 103 776.85 106 353.62 49.131 Share "Privilege-Capitalisation" - - 100.60 1.000 Share "X-Capitalisation" 101 349.21 103 912.61 106 555.77 2 771.168

TRACK EURO INFLATION EUR EUR EUR Number of shares LINKED BOND 30/09/2012 30/09/2013 31/03/2014

Net Assets 109 935 721 187 780 905 188 065 871 Net asset value per share

Share "Classic-Capitalisation" 106.55 103.21 103.86 151.000 Share "I-Capitalisation" 108 998.00 106 916.72 107 919.30 83.919 Share "Privilege-Capitalisation" 100.18 97.55 98.27 1.000 Share "X-Capitalisation" 108 884.02 106 727.57 107 792.80 1 660.534

The accompanying notes form an integral part of these financial statements

Page 18 PARWORLD

Key figures relating to the last 3 years

TRACK EUROPE EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 181 753 581 315 460 046 344 831 830 Net asset value per share

Share "Classic-Capitalisation" 98.54 114.47 123.09 1 674.748 Share "I-Capitalisation" 105 794.27 124 422.70 134 347.39 346.871 Share "Privilege-Capitalisation" 100.67 118.29 127.56 129.840 Share "X-Capitalisation" 102 368.29 120 538.80 130 231.60 2 288.292

TRACK EUROPE SMALL CAP EUR EUR EUR Number of shares

30/09/2012 30/09/2013 31/03/2014

Net Assets 36 672 117 53 181 225 49 575 548 Net asset value per share Share "I-Capitalisation" 106 235.00 134 823.00 155 077.14 0.343 Share "Privilege-Capitalisation" 103.27 130.65 150.05 532.054 Share "X-Capitalisation" 106 136.94 134 645.93 154 956.28 319.074

TRACK FTSE EDHEC-RISK EUR EUR EUR Number of shares EFFICIENT EUROBLOC

30/09/2012 30/09/2013 31/03/2014

Net Assets 15 226 286 18 774 090 - Net asset value per share Share "I-Capitalisation" 88 165.34 108 707.38 - - Share "I Plus-Capitalisation" 104 766.58 - - -

TRACK GLOBAL EUR EUR EUR Number of shares GOVERNMENT BOND EX EMU

30/09/2012 30/09/2013 31/03/2014

Net Assets 2 529 632 1 980 884 9 843 665 Net asset value per share Share "I-Capitalisation" 114 954.00 98 770.00 96 307.46 82.058 Share "Privilege-Capitalisation" 98.30 84.48 82.36 127.144 Share "X-Capitalisation" 114 879.54 98 652.44 96 207.13 20.065

The accompanying notes form an integral part of these financial statements

Page 19 PARWORLD

Key figures relating to the last 3 years

TRACK JAPAN EUR EUR EUR Number of shares

30/09/2012 30/09/2013 31/03/2014

Net Assets 125 383 739 188 591 124 219 446 463 Net asset value per share Share "Classic-Capitalisation" 72.33 89.13 84.16 1 987.924 Share "I-Capitalisation" 74 673.76 93 000.55 88 185.00 1 412.422 Share "I Plus-Capitalisation" 94 831.79 - - - Share "N-Capitalisation" - - 102.35 1.000 Share "Privilege-Capitalisation" 590.57 734.05 695.18 21.652 Share "X-Capitalisation" 76 744.05 95 822.24 90 914.97 1 041.738

TRACK NORTH AMERICA EUR EUR EUR Number of shares

30/09/2012 30/09/2013 31/03/2014

Net Assets 241 597 174 117 640 261 166 645 609 Net asset value per share Share "Classic-Capitalisation" 103.78 114.30 124.46 61 219.886 Share "I-Capitalisation" 106 390.48 118 467.99 129 540.60 579.856 Share "I Plus-Capitalisation" 119 398.57 - - - Share "N-Capitalisation" - - 105.63 1.000 Share "Privilege-Capitalisation" 841.24 934.36 1 020.22 9 112.665 Share "X-Capitalisation" 109 350.93 122 074.05 133 563.59 558.643

TRACK PACIFIC EX JAPAN EUR EUR EUR Number of shares

30/09/2012 30/09/2013 31/03/2014

Net Assets 33 668 836 48 403 146 47 966 579 Net asset value per share

Share "Classic-Capitalisation" 146.80 153.60 154.96 2 489.182 Share "I-Capitalisation" 148 713.51 157 331.96 159 397.91 182.816 Share "I Plus-Capitalisation" 110 933.89 - - - Share "N-Capitalisation" - - 107.37 1.000 Share "Privilege-Capitalisation" 1 180.43 1 245.69 1 260.25 76.994 Share "X-Capitalisation" 150 208.74 159 317.50 161 506.13 113.576

The accompanying notes form an integral part of these financial statements

Page 20 PARWORLD

Key figures relating to the last 3 years

TRACK UK EUR EUR EUR Number of shares 30/09/2012 30/09/2013 31/03/2014

Net Assets 31 626 181 19 844 611 15 786 969 Net asset value per share

Share "Classic-Capitalisation" 86.59 94.89 98.73 83 067.230 Share "I-Capitalisation" 86 896.88 96 323.66 100 643.09 0.732 Share "I Plus-Capitalisation" 116 100.30 - - - Share "N-Capitalisation" 98.70 107.47 111.40 2 507.542 Share "Privilege-Capitalisation" 687.05 759.24 792.11 9 131.222 Share "X-Capitalisation" 89 321.32 99 225.30 103 790.00 0.001

TRACK WORLD USD USD USD Number of shares

30/09/2012 30/09/2013 31/03/2014

Net Assets 4 399 860 4 296 844 40 086 663 Net asset value per share

Share "Classic-Capitalisation" 99.61 118.65 128.75 110.500 Share "I-Capitalisation" 110 710.00 133 158.00 145 046.38 34.332 Share "Privilege-Capitalisation" 102.60 123.03 133.82 126.934 Share "X-Capitalisation" 110 677.63 133 066.73 145 021.88 241.865

The accompanying notes form an integral part of these financial statements

Page 21 PARWORLD BETA DERIVATIVES FUND

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange (2 312 948) (4.45) listing and/or traded on another regulated market

Options, Warrants, Rights (2 312 948) (4.45)

France (2 312 948) (4.45)

(1 780) NIKKEI_DJ_TOKYO CALL 16000 11/04/2014 EUR (1 142 760) (2.20)

(148) S&P500 INDEX CALL 1895 19/04/14 JPY (10 427) (0.02)

(333) DJ EURO STOXX 50 CALL 3125 17/04/2014 USD (163 087) (0.31) (10 486) ISHARES MSCI EMERGING CALL 40 19/04/2014 USD (996 674) (1.92)

Money Market Instruments 18 997 355 36.58

Belgium 9 997 775 19.25

6 000 000 BELGIQUE - EMPRUNT D'ETAT 15/05/2014 ZC EUR 5 998 775 11.55 2 000 000 BELGIQUE - EMPRUNT D'ETAT 17/04/2014 ZC EUR 1 999 851 3.85 2 000 000 BELGIQUE - EMPRUNT D'ETAT 19/06/2014 ZC EUR 1 999 149 3.85

France 8 999 580 17.33

3 000 000 FRANCE - EMPRUNT D'ETAT - BTF 07/05/2014 ZC EUR 2 999 460 5.78 4 000 000 FRANCE - EMPRUNT D'ETAT - BTF 10/04/2014 ZC EUR 3 999 910 7.70 2 000 000 FRANCE - EMPRUNT D'ETAT - BTF 19/06/2014 ZC EUR 1 999 210 3.85 1 000 FRANCE - EMPRUNT D'ETAT - BTF 26/06/2014 ZC EUR 1 000 0.00

Shares/Units in investment funds 3 854 903 7.43

France 3 854 903 7.43

99.0970 KLEBER EONIA PRIME FCP EUR 1 000 091 1.93

5 598.0000 THEAM EURO LONG VOL - I EUR 2 854 812 5.50

Total securities portfolio 20 539 310 39.56

The accompanying notes form an integral part of these financial statements

Page 22 PARWORLD CHAMPIONS - EUROPA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 54 693 763 24.64 listing and/or traded on another regulated market

Bonds 54 693 763 24.64

Italy 54 693 763 24.64

31 000 000 BANCA NAZIONALE DEL LAVORO FLR 13-28/01/2019 EUR 31 223 510 14.07

20 000 000 REPUBLIC OF ITALY 2.350% 08-15/09/2019 EUR 23 470 253 10.57

Shares/Units in investment funds 241 535 144 108.81

France 199 030 664 89.66

17 739.4190 KLEBER EONIA PRIME FCP EUR 179 031 006 80.65 9 913.0000 THEAM I KGE B1 O FCP EUR 10 000 234 4.51 9 912.0000 THEAM I KGE B2 O FCP EUR 9 999 424 4.50

Luxembourg 42 504 480 19.15

90 223.9010 PARVEST EQUITY BEST SELECTION EURO -I CAP EUR 42 504 480 19.15

Total securities portfolio 296 228 907 133.45

The accompanying notes form an integral part of these financial statements

Page 23 PARWORLD EURO SHORT TERM FIXED INCOME

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 142 526 352 33.96 listing and/or traded on another regulated market

Bonds 142 526 352 33.96

Spain 127 230 493 30.32*

11 343 198 FONDO MBS BANCAJA FLR 06-26/12/2043 EUR 11 155 866 2.66*

9 814 081 FONDO RURAL HIP FLR 07-17/02/2050 EUR 9 673 995 2.30*

6 420 442 FONDO SABADELL5 FLR 06-31/03/2039 EUR 6 403 062 1.53*

6 878 955 FONDO TDA 20-MIXTO FLR 04-26/04/2036 EUR 6 688 552 1.59* 8 869 550 FONDO TDA CAM 3 FLR 04-26/04/2033 EUR 8 756 144 2.09* 28 745 274 FONDO TDA CAM 8 FLR 07-26/02/2049 EUR 27 537 972 6.56* 1 261 077 FONDO TIT TDA CAM 2 FLR 03-26/10/2032 EUR 1 244 607 0.30* 10 967 011 FONDO TIT.AC.BANESTO 2 FLR 06-31/12/2031 EUR 10 760 217 2.56* 36 045 420 FONDO UCI 14 FLR 05-20/06/2043 EUR 35 654 616 8.50* 8 955 427 FTA EMPRESAS HIPOT FLR 06-28/01/2040 EUR 8 787 360 2.09* 571 662 PYME VALANCIA FLR 07 - 23/03/2040 EUR 568 102 0.14*

Netherlands 14 786 376 3.52*

1 628 410 CHAPEL 2003 CL.A FLR 03-17/11/2064 EUR 1 565 361 0.37* 13 770 643 MESDAG (CHARLIE) A FLR 07-25/01/2020 EUR 13 221 015 3.15*

Italy 509 483 0.12*

515 833 ATLANTE FINANCE FLR 06-28/07/2047 EUR 509 483 0.12*

Money Market Instruments 236 300 579 56.28

France 236 300 579 56.28

10 000 000 B.F.C.M 02/07/2014 OIS + 0.23 EUR 10 003 067 2.38

10 000 000 BARCLAYS BANK PLC 31/12/2014 OIS +0.37 EUR 10 004 855 2.38

10 000 000 CAISSE FEDERALE DU CREDIT MUTUEL 02/04/2014 OIS +0.105 EUR 10 000 000 2.38 32 000 000 CREDIT AGRICOLE 01/04/2014 +0.50 EUR 32 000 000 7.62 100 000 FRANCE - EMPRUNT D'ETAT - BTF 07/05/2014 ZC EUR 99 983 0.02 65 000 000 FRANCE - EMPRUNT D'ETAT - BTF 10/04/2014 ZC EUR 64 998 374 15.49 100 000 FRANCE - EMPRUNT D'ETAT - BTF 15/05/2014 ZC EUR 99 979 0.02 50 000 000 FRANCE - EMPRUNT D'ETAT - BTF 17/04/2014 ZC EUR 49 995 445 11.92 49 000 000 FRANCE - EMPRUNT D'ETAT - BTF 24/04/2014 ZC EUR 48 992 543 11.67 100 000 FRANCE - EMPRUNT D'ETAT - BTF 30/04/2014 ZC EUR 99 983 0.02 10 000 000 NATIXIS BANQUE 05/08/2014 OIS +0.33 EUR 10 006 350 2.38

Shares/Units in investment funds 40 307 608 9.61

France 40 307 608 9.61

3 994.0000 KLEBER EONIA PRIME FCP EUR 40 307 608 9.61

Total securities portfolio 419 134 539 99.85

The accompanying notes form an integral part of these financial statements

Page 24 PARWORLD FLEXIBLE TRACKER ALLOCATION

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Shares/Units in investment funds 37 648 686 100.74

France 20 743 636 55.52

1 837.0010 BNP PARIBAS CASH INVEST P EUR 4 229 162 11.32

3 389.6500 BNP PARIBAS MONEY PRIME EURO - C EUR 4 038 857 10.81

41 251.0000 EASYETF EURO STOXX 50 - B1 CAP EUR 1 783 487 4.77

7 896.0000 EASYETF TOPIX - CAP EUR EUR 716 957 1.92

365.1290 KLEBER EONIA PRIME FCP EUR 3 684 980 9.86

38 000.0000 LYXOR ETF EURO CASH EUR 4 064 670 10.88 1 000.0000 LYXOR ETF JAPAN TOPIX FCP EUR 84 150 0.23 231 204.0000 LYXOR ETF MSCI EMERGING MARKETS - A EUR 1 711 603 4.58 11 000.0000 THEAM EASYETF - STOXX EUROPE 600 EUR 429 770 1.15

Ireland 11 260 879 30.12

20 000.0000 ISHARES BG EURO BOND EUR 2 482 400 6.64 24 000.0000 ISHARES MARKIT IBOXX EURO CORP BOND EUR 3 108 480 8.32 10 000.0000 ISHARES MSCI JPN MONTH EU HD EUR 353 600 0.95 35 500.0000 ISHARES S&P 500 INDEX FUND EUR 479 712 1.28 49 000.0000 ISHARES S&P 500 MONTHLY EUR EUR 2 048 445 5.48 7 000.0000 ISHARES USD TREASURY BD 7-10 EUR 961 870 2.57 2 000.0000 PIMCO EURO SHORT MATURITY SOURCE ETF EUR 203 280 0.54 17 000.0000 SPDR BARCL.EM.MK.LOC.UCITS ETF EUR 1 117 240 2.99 6 500.0000 PIMCO SHORT TERM HIGH YIELD CORPORATE BOND USD 505 852 1.35

Luxembourg 2 903 344 7.77

3 744.6532 BNP PARIBAS INSTICASH EUR - I EUR 527 448 1.41 25 580.0000 DB X-T.DBLCI-OY BAL.ETF 1C.3DE EUR 713 938 1.91

14 018.0000 EASYETF DJ BRIC 50 - EUR EUR 531 422 1.42

1 031.0000 EASYETF EPRA EUROZONE - CD EUR 185 044 0.50

1 186.0000 EASYETF FTSE EPRA EUROPE - CD EUR 192 108 0.51 10.4580 PARVEST MONEY MARKET EURO I CAP EUR 753 384 2.02

Germany 2 550 370 6.82

19 000.0000 ISHARES EB.REXX GOVER.GERMANY EUR 2 550 370 6.82

United Kingdom 190 457 0.51

17 338.0000 IPATH S&P 500 DYNAMIC VIX MID-TERM FUTURES ETN USD 190 457 0.51

Total securities portfolio 37 648 686 100.74

The accompanying notes form an integral part of these financial statements

Page 25 PARWORLD GLOBAL SUSTAINABLE DEVELOPMENT 80

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Shares/Units in investment funds 6 511 018 104.15

France 3 526 218 56.40

924.3900 ALLIANZ VALEURS DURABLES I EUR 167 666 2.68

4 037.0799 AXA EURO VALEUR RESPONSABLES C FCP EUR 160 191 2.56

18.0000 BNP PARIBAS CASH INVEST I EUR 1 029 155 16.46

51.6370 BNP PARIBAS MOIS EUR 1 193 215 19.09

4 200.0000 NEXITY EUR 975 991 15.61

Luxembourg 2 842 315 45.47

7 968.0490 BNP PARIBAS INSTICASH EUR - I EUR 1 122 328 17.95 1 185.2440 PARVEST ENVIRONMENTAL OPPORTUNITIES CLASSIC EUR 146 662 2.35 9.5490 PARVEST MONEY MARKET EURO I CAP EUR 687 900 11.00 2 892.0000 PICTET - CLEAN ENERGY-P CAP EUR 185 377 2.97 1 110.6841 PICTET - WATER-P CAP EUR 223 347 3.57 14 406.6700 SCHRODER INTL SELECTION FUND - GLOBAL CLIMATE CHANGE EUR 173 024 2.77 36 775.5690 ABERDEEN GLOBAL SICAV - RESPONSIBLE WORLD EQUITY USD 303 677 4.86

United Kingdom 142 485 2.28

42 999.1300 JUPITER ECOLOGY-INC GBP 142 485 2.28

Total securities portfolio 6 511 018 104.15

The accompanying notes form an integral part of these financial statements

Page 26 PARWORLD MULTI-STRATEGY HIGH VOL

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 25 203 920 9.10 listing and/or traded on another regulated market

Shares 18 497 950 6.71

United States of America 10 123 998 3.68

71 318 BB&T USD 2 078 610 0.76

44 333 JPMORGAN CHASE USD 1 952 807 0.71

32 768 PNC FINANCIAL SERVICES GROUP USD 2 068 432 0.75 63 415 US BANCORP USD 1 972 042 0.72 56 862 WELLS FARGO USD 2 052 107 0.74

Germany 4 375 634 1.58

118 915 DEUTSCHE WOHNEN AG EUR 1 802 751 0.65 129 464 DEUTSCHE WOHNEN PORT. EUR 2 014 460 0.73 62 047 TAG IMMOBILIEN EUR 558 423 0.20

Canada 2 328 557 0.84

48 909 LEG IMMOBILIEN AG EUR 2 328 557 0.84

Luxembourg 1 669 761 0.61

151 521 GAGFAH EUR 1 669 761 0.61

Options, Warrants, Rights 6 705 970 2.39

France 7 448 997 2.67

602 CAC_40_INDEX CALL 4300 17/04/2014 EUR 753 523 0.27 203 300 000 EUR/JPY CALL 142 30/05/2014 EUR 3 234 197 1.18

(406 600 000) EUR/JPY CALL 148 30/05/2014 EUR (1 121 831) (0.41)

203 300 000 EUR/JPY CALL 152 30/05/2014 EUR 146 548 0.05

(142 313 000) EUR/USD PUT 1.36 08/04/2014 EUR (159 391) (0.06) 6 158 EURO-BUND OPTION PUT 138 23/05/2014 EUR (307 900) (0.11) 3 167 EURO-BUND OPTION PUT 138.5 25/04/2014 EUR 0 0.00 (6 158) EURO-BUND OPTION PUT 139.5 23/05/2014 EUR 554 220 0.20 (6 158) EURO-BUND OPTION PUT 140.5 23/05/2014 EUR 800 540 0.29 (6 334) EURO-BUND OPTION PUT 141 25/04/2014 EUR 63 340 0.02 6 158 EURO-BUND OPTION PUT 141.5 23/05/2014 EUR (1 123 100) (0.41) 3 167 EURO-BUND OPTION PUT 142 25/04/2014 EUR (22 880) (0.01) 2 298 IBEX MINI IDX O IDJ4 CALL 10300 17/04/2014 EUR 409 044 0.15 699 MIB 30 INDEX CALL 21000 16/05/2014 EUR 1 721 288 0.62 (1 398) MIB 30 INDEX CALL 22500 16/05/2014 EUR (1 509 840) (0.55) 699 MIB 30 INDEX CALL 22500 16/05/2014 EUR 447 360 0.16 2 712 FT_SE100_SHARES CALL 6900 17/04/2014 GBP 82 013 0.03 492 NIKKEI_DJ_TOKYO CALL 15500 09/05/2014 JPY 606 598 0.22 60 NIKKEI_DJ_TOKYO CALL 17000 13/06/2014 JPY 27 477 0.01 5 905 ISHARES MSCI EMERGING CALL 63 02/05/2014 USD 884 732 0.32 2 256 MSCI EMERGING CALL 410 19/05/2014 USD 1 996 967 0.72 (4 512) MSCI EMERGING CALL 425 19/05/2014 USD (1 866 019) (0.68)

The accompanying notes form an integral part of these financial statements

Page 27 PARWORLD MULTI-STRATEGY HIGH VOL

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 256 MSCI EMERGING CALL 430 19/05/2014 USD 671 112 0.24

2 111 S&P EMINI 1ST W 1EJ4 CALL 1880 04/04/2014 USD 268 039 0.10

(4 222) S&P EMINI 1ST W 1EJ4 CALL 1890 04/04/2014 USD (214 431) (0.08)

2 111 S&P EMINI 1ST W 1EJ4 CALL 1895 04/04/2014 USD 65 095 0.02

168 500 000 USD/CAD CALL 1.1 15/04/2014 USD 1 042 296 0.38

Australia (743 027) (0.28)

(1 137) AUS.NZL BANKING CALL 0.01 26/06/2014 AUD (191 983) (0.07)

(463) COMMONWEALTH BANKING CALL 0.01 26/06/2014 AUD (153 322) (0.06)

(1 060) NATIONAL AUSTRA CALL 0.01 26/06/2014 AUD (135 089) (0.05) (1 118) WESTPAC BANKING CALL 0.01 26/06/2014 AUD (262 633) (0.10)

Money Market Instruments 187 421 092 67.98

France 109 454 711 39.71

14 000 000 FRANCE - EMPRUNT D'ETAT - BTF 07/05/2014 ZC EUR 13 995 736 5.08 20 000 000 FRANCE - EMPRUNT D'ETAT - BTF 15/05/2014 ZC EUR 19 990 145 7.25 25 000 000 FRANCE - EMPRUNT D'ETAT - BTF 19/06/2014 ZC EUR 24 989 414 9.06 8 500 000 FRANCE - EMPRUNT D'ETAT - BTF 22/05/2014 ZC EUR 8 496 559 3.08 27 000 000 FRANCE - EMPRUNT D'ETAT - BTF 24/04/2014 ZC EUR 26 989 350 9.80 15 000 000 FRANCE - EMPRUNT D'ETAT - BTF 30/04/2014 ZC EUR 14 993 507 5.44

Belgium 77 966 381 28.27

14 000 000 BELGIQUE - EMPRUNT D'ETAT 15/05/2014 ZC EUR 13 994 293 5.07 42 000 000 BELGIQUE - EMPRUNT D'ETAT 17/04/2014 ZC EUR 41 983 655 15.23 22 000 000 BELGIQUE - EMPRUNT D'ETAT 19/06/2014 ZC EUR 21 988 433 7.97

Shares/Units in investment funds 14 401 074 5.24

France 11 565 947 4.20

96 376.0000 EASYETF S-BOX BNP PRB GL AGR - EC EUR 3 844 439 1.39 247.7370 KLEBER EONIA PRIME FCP EUR 2 500 229 0.91 666 248.0000 LYXOR ETF MSCI EMERGING MARKETS - A EUR 4 912 113 1.79 85.4990 THEAM EURO LONG VOL - CLASSIC C EUR 4 204 0.00 598.0000 THEAM EURO LONG VOL - I EUR 304 962 0.11

Luxembourg 2 330 764 0.86

83 510.0000 DB X-T.DBLCI-OY BAL.ETF 1C.3DE EUR 2 330 764 0.86

United Kingdom 504 363 0.18

45 914.0000 IPATH S&P 500 DYNAMIC VIX MID-TERM FUTURES ETN USD 504 363 0.18

Total securities portfolio 227 026 086 82.32

The accompanying notes form an integral part of these financial statements

Page 28 PARWORLD QUANT EQUITY EURO COVERED

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 1 970 495 82.33 listing and/or traded on another regulated market

Shares 1 969 328 82.28

Germany 926 765 38.72

1 138 ALLIANZ EUR 139 633 5.83

820 BASF NOM. EUR 66 157 2.76

652 BAYER EUR 64 012 2.67 767 BILFINGER EUR 70 633 2.95 758 BMW EUR 69 448 2.90 1 826 DEUTSCHE BANK EUR 59 299 2.48 5 568 DEUTSCHE TELEKOM EUR 65 313 2.73 4 604 E.ON SE EUR 65 331 2.73 892 MUENCHENER RUECKVERSICHERUNGS EUR 141 471 5.92 1 059 SAP EUR 62 227 2.60 628 SIEMENS EUR 61 356 2.56 329 VOLKSWAGEN PRIV. EUR 61 885 2.59

Netherlands 717 450 29.98

9 759 AEGON EUR 65 024 2.72 919 ASML HOLDING NV EUR 61 784 2.58 2 005 CORIO EUR 66 506 2.78 1 392 EADS EUR 72 370 3.02 3 131 HEINEKEN EUR 158 178 6.61 15 150 ING GROEP-CVA EUR 155 666 6.50 2 454 KON.PHILIPS ELECTRONICS EUR 62 589 2.62 2 525 UNILEVER EUR 75 333 3.15

Belgium 132 901 5.55

2 109 AGEAS EUR 68 216 2.85 850 ANHEUSER-BUSCH INBEV EUR 64 685 2.70

Spain 125 939 5.26

6 862 BANCO BILBAO VIZCAYA ARGENTARIA EUR 59 823 2.50 3 569 REPSOL YPF EUR 66 116 2.76

Portugal 66 273 2.77

5 287 GALP ENERGIA SGPS EUR 66 273 2.77

Options, Warrants, Rights 1 167 0.05

Spain 1 167 0.05

6 862 BCO BILBAO VIZCAYA ARGENT.DO14 EUR 1 167 0.05

Shares/Units in investment funds 219 022 9.16

France 219 022 9.16

218.9580 THEAM F KGE FCP EUR 219 022 9.16

Total securities portfolio 2 189 517 91.49

The accompanying notes form an integral part of these financial statements

Page 29 PARWORLD QUANT EQUITY EUROPE GURU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 141 142 257 91.12 listing and/or traded on another regulated market

Shares 141 035 425 91.05

Germany 61 276 954 39.55

43 436 ALLIANZ EUR 5 329 597 3.44

67 535 BASF NOM. EUR 5 448 723 3.52

54 750 BAYER EUR 5 375 355 3.47 66 908 BMW EUR 6 130 111 3.95 159 867 DEUTSCHE BANK EUR 5 191 681 3.35 210 051 DEUTSCHE POST EUR 5 665 075 3.66 458 209 DEUTSCHE TELEKOM EUR 5 374 792 3.47 407 645 E.ON SE EUR 5 784 483 3.73 35 510 MUENCHENER RUECKVERSICHERUNGS EUR 5 631 886 3.64 96 269 SAP EUR 5 656 766 3.65 58 224 SIEMENS EUR 5 688 485 3.67

Netherlands 46 152 093 29.80

862 870 AEGON EUR 5 749 303 3.71 93 879 AKZO NOBEL EUR 5 560 453 3.59 89 353 ASML HOLDING NV EUR 6 007 202 3.88 120 753 EADS EUR 6 277 948 4.05 532 988 ING GROEP-CVA EUR 5 476 452 3.54 222 148 KON.PHILIPS ELECTRONICS EUR 5 665 885 3.66 354 766 REED ELSEVIER EUR 5 564 505 3.59 196 090 UNILEVER EUR 5 850 345 3.78

Spain 22 709 807 14.67

628 421 BANCO BILBAO VIZCAYA ARGENTARIA EUR 5 478 574 3.54

860 900 BANCO SANTANDER EUR 5 958 289 3.85 310 115 REPSOL YPF EUR 5 744 880 3.71 481 329 TELEFONICA EUR 5 528 064 3.57

Belgium 5 644 870 3.64

74 177 ANHEUSER-BUSCH INBEV EUR 5 644 870 3.64

Portugal 5 251 701 3.39

418 963 GALP ENERGIA SGPS EUR 5 251 701 3.39

Options, Warrants, Rights 106 832 0.07

Spain 106 832 0.07

628 421 BCO BILBAO VIZCAYA ARGENT.DO14 EUR 106 832 0.07

Shares/Units in investment funds 7 950 932 5.13 France 7 950 932 5.13

7 948.6270 THEAM F KGE FCP EUR 7 950 932 5.13

Total securities portfolio 149 093 189 96.25

The accompanying notes form an integral part of these financial statements

Page 30 PARWORLD QUANT EQUITY WORLD GURU

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 44 343 196 89.35 listing and/or traded on another regulated market

Shares 44 343 196 89.35

Germany 24 740 476 49.85

9 958 ALLIANZ EUR 1 684 010 3.39

15 482 BASF NOM. EUR 1 721 556 3.47

12 544 BAYER EUR 1 697 411 3.42 15 339 BMW EUR 1 936 936 3.90 19 128 DAIMLER EUR 1 808 250 3.64 36 650 DEUTSCHE BANK EUR 1 640 405 3.31 47 466 DEUTSCHE POST EUR 1 764 378 3.56 105 047 DEUTSCHE TELEKOM EUR 1 698 281 3.42 93 455 E.ON SE EUR 1 827 734 3.68 157 122 INFINEON TECHNOLOGIES EUR 1 875 786 3.78 8 602 LINDE EUR 1 721 449 3.47 8 141 MUENCHENER RUECKVERSICHERUNGS EUR 1 779 545 3.59 22 070 SAP EUR 1 787 360 3.60 13 348 SIEMENS EUR 1 797 375 3.62

Netherlands 12 682 500 25.55

21 523 AKZO NOBEL EUR 1 757 003 3.54 20 485 ASML HOLDING NV EUR 1 898 135 3.82 24 190 EADS EUR 1 733 340 3.49 122 192 ING GROEP-CVA EUR 1 730 424 3.49 50 929 KON.PHILIPS ELECTRONICS EUR 1 790 270 3.61 499 630 KONINKLIJKE KPN EUR 1 766 298 3.56

48 809 UNILEVER EUR 2 007 030 4.04

Spain 3 514 663 7.09

40 559 AMADEUS IT HOLDING EUR 1 685 398 3.40 84 403 FERROVIAL EUR 1 829 265 3.69

Belgium 1 783 566 3.59

17 005 ANHEUSER-BUSCH INBEV EUR 1 783 566 3.59

Portugal 1 621 991 3.27

93 885 GALP ENERGIA SGPS EUR 1 621 991 3.27

Shares/Units in investment funds 3 538 705 7.13

Ireland 3 538 705 7.13

2 889.6260 BNP PARIBAS GLOBAL LIQUIDITY FUND - I CAP USD 3 538 705 7.13

Total securities portfolio 47 881 901 96.48

The accompanying notes form an integral part of these financial statements

Page 31 PARWORLD QUANTITATIVE FIXED INCOME

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 16 494 220 60.55 listing and/or traded on another regulated market

Bonds 16 494 220 60.55

Italy 12 429 780 45.63

1 000 000 REPUBLIC OF ITALY 2.500% 12-01/03/2015 EUR 1 016 780 3.73

100 000 REPUBLIC OF ITALY 4.250% 02-01/08/2014 EUR 101 238 0.37

1 000 000 REPUBLIC OF ITALY 4.250% 04-01/02/2015 EUR 1 030 120 3.78 5 900 000 REPUBLIC OF ITALY 6.000% 11-15/11/2014 EUR 6 096 648 22.39 3 400 000 REPUBLIC OF ITALY FLR 03-15/09/2014 EUR 4 184 994 15.36

Spain 4 064 440 14.92

4 000 000 KINGDOM OF SPAIN 3.300% 09-31/10/2014 EUR 4 064 440 14.92

Money Market Instruments 9 994 528 36.69

France 6 002 497 22.03

1 000 000 BARCLAYS BANK PLC 31/12/2014 OIS +0.37 EUR 1 000 485 3.67 1 000 000 BPCE 01/08/2014 OIS +0.34 EUR 1 000 664 3.68 1 000 000 CAISSE FEDERALE DU CREDIT MUTUEL 02/04/2014 OIS +0.105 EUR 1 000 000 3.67 1 000 000 CREDIT AGRICOLE 15/05/2014 OIS +0.3 EUR 1 000 243 3.67 1 000 000 CREDIT AGRICOLE 17/09/2014 OIS +0.32 EUR 1 000 577 3.67 1 000 000 CREDIT DU NORD 01/08/2014 OIS +0.3 EUR 1 000 528 3.67

Belgium 1 995 257 7.33

1 000 000 BNP PARIBAS 25/08/2014 ZC EUR 995 869 3.66

1 000 000 VOLKSWAGEN GROUP S 15/04/2014 ZC EUR 999 388 3.67

Netherlands 1 000 365 3.67

1 000 000 ING BANK 17/07/2014 OIS +0.25 EUR 1 000 365 3.67

Italy 996 409 3.66

1 000 000 REPUBLIC OF ITALY 14/10/2014 ZC EUR 996 409 3.66

Shares/Units in investment funds 1 134 642 4.17

France 1 134 642 4.17

49.0000 BNP PARIBAS MONEY 3 M IC EUR 1 134 642 4.17

Total securities portfolio 27 623 390 101.41

The accompanying notes form an integral part of these financial statements

Page 32 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 82 397 250 97.47 listing and/or traded on another regulated market

Shares 82 379 005 97.47

France 17 375 559 20.55

2 949 ACCOR EUR 109 600 0.13

549 AEROPORT DE PARIS EUR 49 690 0.06

5 774 AIR LIQUIDE EUR 567 700 0.67 51 555 ALCATEL-LUCENT EUR 147 550 0.17 3 999 ALSTOM EUR 79 260 0.09 1 163 ARKEMA EUR 95 599 0.11 1 295 ATOS EUR 84 991 0.10 33 232 AXA EUR 626 922 0.74 18 440 BNP PARIBAS ACTIONS A EUR 1 032 456 1.22 3 546 BOUYGUES EUR 107 355 0.13 4 091 BUREAU VERITAS EUR 91 045 0.11 2 652 CAP GEMINI EUR 145 727 0.17 11 398 CARREFOUR EUR 320 227 0.38 1 046 CASINO GUICHARD PERRACHON EUR 90 353 0.11 1 009 CHRISTIAN DIOR EUR 141 008 0.17 3 177 CNP ASSURANCES EUR 48 830 0.06 2 945 COMPAGNIE GENERALE DE GEOPHYSIQUE EUR 34 280 0.04 18 504 CREDIT AGRICOLE EUR 211 778 0.25 10 519 DANONE EUR 539 940 0.64 1 168 DASSAULT SYSTEMES EUR 99 327 0.12 3 764 EDENRED EUR 85 725 0.10 4 477 EDF EUR 128 557 0.15

3 792 ESSILOR INTL EUR 277 574 0.33

569 EURAZEO EUR 37 110 0.04

2 649 EUTELSAT COMMUNICATIONS EUR 65 298 0.08 524 FONCIERE DES REGIONS EUR 35 234 0.04 34 342 FRANCE TELECOM EUR 368 146 0.44 24 579 GDF SUEZ EUR 488 139 0.58 406 GECINA NOM. EUR 39 179 0.05 10 184 GROUPE EUROTUNNEL SA - REGROUPT EUR 94 375 0.11 670 ICADE EUR 48 113 0.06 483 ILIAD EUR 101 092 0.12 627 IMERYS EUR 40 473 0.05 1 234 JC DECAUX EUR 39 235 0.05 1 402 KERING EUR 207 566 0.25 1 846 KLEPIERRE EUR 59 958 0.07 3 458 LAFARGE EUR 196 069 0.23 2 064 LAGARDERE EUR 59 484 0.07 4 905 LEGRAND EUR 221 191 0.26 4 478 L'OREAL EUR 536 017 0.63 4 703 LVMH MOET HENNESSY VUITTON EUR 620 561 0.73 3 467 MICHELIN EUR 314 734 0.37

The accompanying notes form an integral part of these financial statements

Page 33 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

17 162 NATIXIS EUR 91 491 0.11

3 932 PERNOD-RICARD EUR 332 254 0.39

3 352 PUBLICIS GROUPE EUR 219 824 0.26

471 REMY COINTREAU EUR 27 436 0.03

3 560 RENAULT EUR 251 122 0.30

4 127 REXEL EUR 78 599 0.09

7 679 SAINT-GOBAIN EUR 336 724 0.40

22 117 SANOFI EUR 1 673 815 1.98

10 172 SCHNEIDER ELECTRIC EUR 654 568 0.77

2 844 SCOR SE EUR 72 238 0.09 5 020 SEFRAN PROV. ECHANGE EUR 252 456 0.30 537 SOCIETE BIC EUR 51 203 0.06 13 313 SOCIETE GENERALE A EUR 595 158 0.70 1 746 SODEXO EUR 132 923 0.16 5 195 SUEZ ENVIRONNEMENT COMPANY EUR 76 600 0.09 1 884 TECHNIP EUR 141 130 0.17 1 686 THALES EUR 81 147 0.10 39 621 TOTAL EUR 1 885 960 2.22 1 800 UNIBAIL RODAMCO SE EUR 339 300 0.40 1 397 VALEO EUR 142 843 0.17 1 988 VALLOUREC EUR 78 337 0.09 6 605 VEOLIA ENVIRONNEMENT EUR 94 848 0.11 8 875 VINCI EUR 478 451 0.57 22 322 VIVENDI EUR 451 351 0.53 596 WENDEL EUR 67 259 0.08 3 160 ZODIAC AEROSPACE EUR 81 054 0.10

Germany 16 682 702 19.74

3 874 ADIDAS EUR 304 264 0.36

8 446 ALLIANZ EUR 1 036 324 1.23

732 AXEL SPRINGER EUR 34 005 0.04 17 013 BASF NOM. EUR 1 372 608 1.62 15 318 BAYER EUR 1 503 920 1.77 1 867 BEIERSDORF EUR 132 184 0.16 6 133 BMW EUR 561 905 0.66 999 BMW EUR 68 491 0.08 954 BRENNTAG EUR 128 256 0.15 604 CELESIO EUR 14 985 0.02 17 922 COMMERZBANK AG EUR 238 990 0.28 2 038 CONTINENTAL EUR 354 408 0.42 17 829 DAIMLER EUR 1 222 891 1.45 18 883 DEUTSCHE BANK EUR 613 225 0.73 3 574 DEUTSCHE BOERSE EUR 206 470 0.24 4 258 DEUTSCHE LUFTHANSA EUR 80 966 0.10 16 794 DEUTSCHE POST EUR 452 934 0.54 53 589 DEUTSCHE TELEKOM EUR 628 599 0.74 5 511 DEUTSCHE WOHNEN PORT. EUR 85 751 0.10 33 355 E.ON SE EUR 473 307 0.56 683 FRAPORT AG EUR 37 032 0.04

The accompanying notes form an integral part of these financial statements

Page 34 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

3 994 FRESENIUS MEDICAL CARE EUR 202 296 0.24

2 318 FRESENIUS SE & KGAA EUR 263 325 0.31

656 FUCHS PETROLUB EUR 47 770 0.06

3 386 GEA GROUP EUR 112 347 0.13

1 117 HANNOVER RUECKVERSICHERU EUR 72 527 0.09

2 605 HEIDELBERGCEMENT EUR 162 057 0.19

2 405 HENKEL AG & KGAA EUR 175 445 0.21

3 300 HENKEL AG & KGAA VORZUG EUR 257 796 0.30

570 HOCHTIEF EUR 37 563 0.04

587 HUGO BOSS EUR 56 692 0.07 20 019 INFINEON TECHNOLOGIES EUR 173 405 0.21 3 190 K+S AG EUR 76 065 0.09 410 KABEL DEUTSCHLAND HOLDING EUR 40 881 0.05 1 540 LANXESS EUR 84 315 0.10 3 439 LINDE EUR 499 343 0.59 653 MAN EUR 60 403 0.07 1 196 MERCK KGAA EUR 146 211 0.17 2 400 METRO EUR 71 100 0.08 3 322 MUENCHENER RUECKVERSICHERUNGS EUR 526 869 0.62 1 550 OSRAM LICHT AG EUR 72 951 0.09 2 836 PORSCHE AUTOMOBIL HOLDING EUR 211 367 0.25 3 874 PROSIEBENSAT.1 MEDIA AG EUR 128 694 0.15 9 063 RWE EUR 266 996 0.32 17 066 SAP EUR 1 002 798 1.19 14 687 SIEMENS EUR 1 434 920 1.70 8 118 SKY DEUTSCHLAND EUR 50 819 0.06 1 512 SUEDZUCKER EUR 31 261 0.04 5 166 TELEFONICA DEUTSCHLAND HOLDING EUR 29 890 0.04

8 384 THYSSENKRUPP EUR 163 195 0.19

1 975 UNITED INTERNET SHARE EUR 67 318 0.08

547 VOLKSWAGEN EUR 100 648 0.12 2 679 VOLKSWAGEN PRIV. EUR 503 920 0.60

Switzerland 16 519 309 19.55

40 731 ABB CHF 762 797 0.90 1 893 ACTELION CHF 130 144 0.15 2 453 ADECCO CHF 148 193 0.18 1 615 ARYZTA CHF 103 603 0.12 879 BALOISE HOLDING CHF 80 287 0.09 41 BARRY CALLEBAUT CHF 40 143 0.05 9 669 CIE FINANCIERE RICHEMON-REG CHF 670 306 0.79 28 054 CREDIT SUISSE GROUP CHF 658 806 0.78 152 EMS-CHEMIE HOLDING CHF 41 669 0.05 700 GEBERIT CHF 166 454 0.20 166 GIVAUDAN CHF 186 391 0.22 4 240 HOLCIM CHF 254 933 0.30 4 145 JULIUS BAER GROUP CHF 133 565 0.16 1 000 KUEHNE & NAGEL INTL CHF 101 606 0.12 2 LINDT & SPRUENGLI CHF 85 507 0.10

The accompanying notes form an integral part of these financial statements

Page 35 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

16 LINDT & SPRUENGLI PC CHF 57 589 0.07

980 LONZA GROUP CHF 72 567 0.09

59 732 NESTLE CHF 3 265 156 3.86

42 607 NOVARTIS CHF 2 624 769 3.10

500 PARGESA HOLDING CHF 31 418 0.04

321 PARTNERS GROUP HOLDING CHF 65 495 0.08

13 014 ROCHE HOLDING AG-GENUSSCHEIN CHF 2 832 732 3.35

394 SCHINDLER HOLDING CHF 42 039 0.05

854 SCHINDLER HOLDING-PART CERT CHF 91 401 0.11

101 SGS CHF 180 770 0.21 40 SIKA BR CHF 118 806 0.14 933 SONOVA HOLDING CHF 99 013 0.12 444 SULZER CHF 44 311 0.05 804 SWATCH GROUP CHF 67 691 0.08 571 SWATCH GROUP CHF 259 833 0.31 594 SWISS LIFE HOLDING CHF 105 875 0.13 1 009 SWISS PRIME SITE CHF 62 283 0.07 6 522 SWISS RE CHF 439 013 0.52 432 SWISSCOM CHF 192 678 0.23 1 725 SYNGENTA CHF 473 668 0.56 6 675 TRANSOCEAN CHF 199 683 0.24 67 559 UBS CHF 1 013 288 1.20 2 758 ZURICH INSURANCE GROUP CHF 614 827 0.73

Spain 6 280 869 7.44

7 129 ABERTIS INFRAES.A EUR 118 163 0.14 3 025 ACS ACTIVIDADESNS Y SERV EUR 86 258 0.10 7 046 AMADEUS IT HOLDING EUR 212 437 0.25

107 322 BANCO BILBAO VIZCAYA ARGENTARIA EUR 935 633 1.11

62 935 BANCO DE SABADELL EUR 141 100 0.17

29 329 BANCO POPULAR ESPANOL SA EUR 160 723 0.19 213 597 BANCO SANTANDER EUR 1 478 305 1.75 74 640 BANKIA SA EUR 114 348 0.14 32 504 CAIXABANK EUR 151 794 0.18 11 319 DISTRIBUIDORA INTERNACIONAL EUR 75 068 0.09 3 537 ENAGAS EUR 78 079 0.09 7 470 FERROVIAL EUR 117 466 0.14 6 486 GAS NATURAL SDG EUR 132 379 0.16 2 762 GRIFOLS EUR 109 859 0.13 89 088 IBERDROLA EUR 452 211 0.53 4 041 INDITEX EUR 440 065 0.52 17 742 INTL CONSOLIDATED AIRLINE EUR 89 775 0.11 19 953 MAPFRE EUR 61 056 0.07 2 004 RED ELECTRICA EUR 118 236 0.14 16 104 REPSOL YPF EUR 298 327 0.35 75 866 TELEFONICA EUR 871 321 1.03 3 096 ZARDOYA OTIS EUR 38 266 0.05

The accompanying notes form an integral part of these financial statements

Page 36 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Sweden 5 770 713 6.81

5 825 ALFA LAVAL AB SEK 114 141 0.14

6 188 ASSA ABLOY AB-B SEK 238 630 0.28

12 437 ATLASPCO AB-A SHS SEK 259 848 0.31

7 226 ATLASPCO AB-B SHS SEK 143 292 0.17

5 063 BOLIDEN AB SEK 55 752 0.07

4 454 ELECTROLUX AB-SER B SEK 70 379 0.08

6 824 ELEKTA AB-B SHS SEK 65 865 0.08

56 367 ERICSSON LM-B SHS SEK 543 740 0.64 3 705 GETINGE AB-B SHS SEK 75 170 0.09 17 586 HENNES & MAURITZ AB-B SHS SEK 543 170 0.64 4 397 HEXAGON AB-B SHS SEK 108 203 0.13 7 476 HUSQVARNA AB-B SHS SEK 37 815 0.04 2 280 INDUSTRIVARDEN AB-C SHS SEK 31 996 0.04 4 141 INVESTMENT AB KINNEVIK-B SHS SEK 110 755 0.13 8 436 INVESTOR AB-B SHS SEK 221 097 0.26 4 119 LUNDIN PETROLEUM AB SEK 61 352 0.07 56 259 NORDEA BANK AB SEK 577 955 0.68 19 747 SANDVIK AB SEK 202 090 0.24 5 924 SCANIA AB-B SHS SEK 126 091 0.15 5 795 SECURITAS AB-B SHS SEK 48 605 0.06 28 133 SKANDINAVISKA ENSKILDA BAN-A SEK 279 726 0.33 7 036 SKANSKA AB-B SHS SEK 120 076 0.14 7 321 SKF AB-B SHARES SEK 135 754 0.16 10 861 SVENSKA CELLULOSA AB-B SHS SEK 231 539 0.27 9 242 SVENSKA HANDELSBANKEN-A SHS SEK 335 924 0.40 16 773 SWEDBANK AB - A SHARES SEK 326 039 0.39 3 740 SWEDISH MATCH AB SEK 88 520 0.10

5 905 TELE2 AB SEK 53 063 0.06

44 107 TELIASONERA AB SEK 240 872 0.28

28 099 VOLVO AB-B SHS SEK 323 254 0.38

Netherlands 5 582 069 6.62

33 254 AEGON EUR 221 571 0.26 4 442 AKZO NOBEL EUR 263 100 0.31 6 620 ASML HOLDING NV EUR 445 063 0.53 1 447 BOSKALIS WESTMINSTER EUR 57 837 0.07 1 274 CORIO EUR 42 259 0.05 3 477 DELTA LLOYD EUR 69 975 0.08 10 936 EADS EUR 568 563 0.67 1 303 FUGRO-CVA EUR 58 159 0.07 1 466 GEMALTO EUR 123 936 0.15 4 267 HEINEKEN EUR 215 569 0.26 1 866 HEINEKEN HOLDING EUR 87 450 0.10 71 092 ING GROEP-CVA EUR 730 470 0.86 17 112 KON.PHILIPS ELECTRONICS EUR 436 442 0.52 17 220 KONINKLIJKE AHOLD NV EUR 251 068 0.30

The accompanying notes form an integral part of these financial statements

Page 37 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 856 KONINKLIJKE DSM EUR 142 272 0.17

59 311 KONINKLIJKE KPN EUR 152 133 0.18

1 680 OCI NV EUR 55 331 0.07

4 380 QIAGEN N.V. EUR 66 620 0.08

2 296 RANDSTAD HOLDING EUR 97 591 0.12

12 859 REED ELSEVIER EUR 201 693 0.24

11 800 STMICROELECTRONICS EUR 79 343 0.09

7 223 TNT EXPRESS EUR 51 492 0.06

30 413 UNILEVER EUR 907 372 1.07

1 301 VOPAK EUR 52 730 0.06 5 591 WOLTERS KLUWER EUR 114 504 0.14 2 776 ZIGGO EUR 89 526 0.11

Italy 4 450 697 5.26

21 627 ASSICURAZIONI GENERALI EUR 349 925 0.41 6 881 ATLANTIA EUR 128 331 0.15 86 514 BANCA MONTE DEI PASCHI SIENA EUR 22 926 0.03 17 483 CNH INDUSTRIAL NV EUR 145 896 0.17 121 915 ENEL EUR 500 827 0.59 32 397 ENEL GREEN POWER EUR 66 025 0.08 47 119 ENI EUR 858 037 1.02 1 822 EXOR EUR 59 361 0.07 16 209 FIAT EUR 136 966 0.16 7 491 FINMECCANICA EUR 53 673 0.06 14 191 FONDIARIA-SAI SPA EUR 39 451 0.05 215 335 INTESA SANPAOLO EUR 529 724 0.63 3 091 LUXOTTICA GROUP EUR 129 760 0.15 9 565 MEDIOBANCA EUR 79 390 0.09

4 404 PIRELLI & C. EUR 50 206 0.06

3 774 PRYSMIAN EUR 68 158 0.08

4 903 SAIPEM EUR 86 881 0.10 37 574 SNAM RETE GAS EUR 159 690 0.19 186 350 TELECOM ITALIA ORD. EUR 159 515 0.19 111 565 TELECOM ITALIA-RSP EUR 75 753 0.09 27 914 TERNA EUR 108 530 0.13 15 861 UBI BANCA EUR 108 488 0.13 80 420 UNICREDIT SPA EUR 533 184 0.63

Denmark 2 395 640 2.83

24 AP MOELLER-MAERSK DKK 208 947 0.25 10 AP MOELLER-MAERSK DKK 83 713 0.10 1 980 CARLSBERG DKK 142 944 0.17 2 057 COLOPLAST-B DKK 120 814 0.14 12 142 DANSKE BANK DKK 245 572 0.29 3 332 DSV DKK 78 056 0.09 36 884 NOVO NORDISK A/S-B DKK 1 219 257 1.44 4 186 NOVOZYMES A/S-B SHARES DKK 133 608 0.16 15 036 TDC DKK 100 898 0.12 453 TRYG DKK 32 522 0.04 472 WILLIAM DEMANT HOLDING DKK 29 309 0.03

The accompanying notes form an integral part of these financial statements

Page 38 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Belgium 2 165 490 2.57

4 108 AGEAS EUR 132 873 0.16

14 885 ANHEUSER-BUSCH INBEV EUR 1 132 749 1.34

2 816 BELGACOM EUR 64 008 0.08

1 404 COLRUYT EUR 56 160 0.07

1 890 DELHAIZE GROUP EUR 100 265 0.12

1 493 GROUPE BRUXELLES LAMBERT EUR 108 213 0.13

4 633 KBC GROEP EUR 206 863 0.24 1 097 SOLVAY EUR 125 003 0.15 957 TELENET GROUP HOLDING EUR 42 821 0.05 2 038 UCB EUR 118 449 0.14 2 111 UMICORE EUR 78 086 0.09

Finland 1 610 415 1.90

2 635 ELISA OYJ EUR 55 045 0.07 8 226 FORTUM OYJ EUR 135 729 0.16 5 784 KONE OYJ-B EUR 176 065 0.21 2 366 METSO OYJ EUR 56 145 0.07 2 372 NESTE OIL OYJ EUR 35 106 0.04 69 362 NOKIA EUR 373 861 0.44 2 094 NOKIAN RENKAAT OYJ EUR 61 459 0.07 1 833 ORION OYJ-CLASS B EUR 40 161 0.05 2 564 POHJOLA BANK-A SHS EUR 41 357 0.05 8 107 SAMPO OYJ-A SHS EUR 305 229 0.36 10 189 STORA ENSO OYJ-R SHS EUR 79 118 0.09 9 790 UPM-KYMMENE OYJ EUR 121 494 0.14 3 288 WARTSILA OYJ ABP EUR 129 646 0.15

Norway 1 229 075 1.45

3 042 AKER SOLUTIONS ASA NOK 34 377 0.04 18 099 DNB ASA NOK 228 331 0.27 3 703 GJENSIDIGE FORSIKRING ASA NOK 54 659 0.06 24 901 NORSK HYDRO ASA NOK 90 078 0.11 14 149 ORKLA ASA NOK 87 535 0.10 20 670 STATOIL ASA NOK 423 337 0.50 12 640 TELENOR ASA NOK 203 272 0.24 3 352 YARA INTERNATIONAL ASA NOK 107 486 0.13

Luxembourg 724 473 0.87

18 506 ARCELORMITTAL EUR 216 428 0.26 717 RTL GROUP EUR 59 260 0.07 5 626 SES GLOBAL DEPOSITARY RECEIPT EUR 152 493 0.18 8 745 TENARIS EUR 140 007 0.17 4 884 SUBSEA 7 NOK 65 876 0.08 1 225 MILLICOM INTL CELLULAR-SDR SEK 90 409 0.11

The accompanying notes form an integral part of these financial statements

Page 39 PARWORLD TRACK CONTINENTAL EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Ireland 574 931 0.67

94 845 ANGLO IRISH BANK EUR 9 0.00

419 500 BANK OF IRELAND EUR 129 206 0.15

13 509 CRH EUR 272 814 0.32

2 767 KERRY GROUP-A EUR 153 319 0.18

2 574 RYANAIR HOLDINGS EUR 19 583 0.02

Austria 495 034 0.59

1 347 ANDRITZ EUR 60 420 0.07 4 776 ERSTE GROUP BANK EUR 118 445 0.14 17 765 IMMOFINANZ EUR 60 419 0.07 2 727 OMV EUR 89 814 0.11 2 100 RAIFFEISEN BANK INTERNATIONAL EUR 50 820 0.06 3 257 TELEKOM AUSTRIA CFD EUR 23 502 0.03 710 VIENNA INSURANCE GROUP EUR 25 411 0.03 2 075 VOESTALPINE EUR 66 203 0.08

Portugal 343 899 0.41

33 461 BANCO ESPIRITO SANTO EUR 45 474 0.05 37 164 EDP-ENERGIAS DE PORTUGAL EUR 125 280 0.15 6 425 GALP ENERGIA SGPS EUR 80 537 0.10 4 660 JERONIMO MARTINS EUR 56 759 0.07 11 613 PORTUGAL TELECOM SGPS EUR 35 849 0.04

Bermuda 178 130 0.21

6 953 SEADRILL NOK 178 130 0.21

Options, Warrants, Rights 18 245 0.00

Spain 18 245 0.01

107 322 BCO BILBAO VIZCAYA ARGENT.DO14 EUR 18 245 0.01

30 038 IMMOEAST ANSPRUCH EUR 0 (0.01)

Total securities portfolio 82 397 250 97.47

The accompanying notes form an integral part of these financial statements

Page 40 PARWORLD TRACK EMERGING MARKETS

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Money Market Instruments 410 954 628 89.68

United States of America 410 954 628 89.68

50 000 000 US TREASURY BILL 01/05/2014 ZC USD 49 994 249 10.91

20 000 000 US TREASURY BILL 05/06/2014 ZC USD 19 997 472 4.36

67 000 000 US TREASURY BILL 08/05/2014 ZC USD 66 990 719 14.62

65 000 000 US TREASURY BILL 17/04/2014 ZC USD 64 995 233 14.18

30 000 000 US TREASURY BILL 19/06/2014 ZC USD 29 996 095 6.55 44 000 000 US TREASURY BILL 22/05/2014 ZC USD 43 994 209 9.60 60 000 000 US TREASURY BILL 24/04/2014 ZC USD 59 994 616 13.09 30 000 000 US TREASURY BILL 26/06/2014 ZC USD 29 997 384 6.55 45 000 000 US TREASURY BILL 29/05/2014 ZC USD 44 994 651 9.82

Shares/Units in investment funds 7 991 100 1.74

United States of America 7 991 100 1.74

195 000.0000 MSCI EMERGING MARKETS INDEX FD USD 7 991 100 1.74

Total securities portfolio 418 945 728 91.42

The accompanying notes form an integral part of these financial statements

Page 41 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 132 640 893 98.59 listing and/or traded on another regulated market

Bonds 132 640 893 98.59

Philippines 6 482 291 4.84

144 000 PHILIPPINES 10.625% 00-16/03/2025 USD 223 920 0.17

920 000 PHILIPPINES 4.000% 10-15/01/2021 USD 966 000 0.72

1 000 000 PHILIPPINES 5.500% 11-30/03/2026 USD 1 127 500 0.85 888 000 PHILIPPINES 6.375% 09-23/10/2034 USD 1 103 340 0.82 788 000 PHILIPPINES 7.750% 06-14/01/2031 USD 1 075 620 0.80 274 000 PHILIPPINES 8.375% 09-17/06/2019 USD 347 980 0.26 200 000 PHILIPPINES 9.375% 02-18/01/2017 USD 242 750 0.18 372 000 PHILIPPINES 9.500% 05-02/02/2030 USD 577 530 0.43 327 000 PHILIPPINES 9.875% 99-15/01/2019 USD 432 458 0.32 322 000 POWER 7.250% 09-27/05/2019 USD 385 193 0.29

Turkey 6 336 598 4.70

700 000 TURQUIE 5.125% 11-25/03/2022 USD 705 250 0.52 104 000 TURQUIE 5.625% 10-30/03/2021 USD 108 940 0.08 1 000 000 TURQUIE 6.875% 06-17/03/2036 USD 1 086 250 0.81 878 000 TURQUIE 7.250% 08-05/03/2038 USD 997 628 0.74 1 124 000 TURQUIE 7.375% 05-05/02/2025 USD 1 292 600 0.96 916 000 TURQUIE 7.500% 09-07/11/2019 USD 1 052 255 0.78 970 000 TURQUIE 7.500% 09-14/07/2017 USD 1 093 675 0.81

Brazil 6 260 350 4.65

409 000 BRESIL 10.125% 97-15/05/2027 USD 622 703 0.46

282 000 BRESIL 12.250% 00-06/03/2030 USD 489 975 0.36

1 000 000 BRESIL 2.625% 12-05/01/2023 USD 884 000 0.66

730 000 BRESIL 5.625% 09-07/01/2041 USD 739 125 0.55 739 000 BRESIL 6.000% 06-17/01/2017 USD 822 877 0.61 400 000 BRESIL 7.125% 06-20/01/2037 USD 480 000 0.36 414 000 BRESIL 8.250% 04-20/01/2014 USD 549 585 0.41 400 000 BRESIL 8.875% 01-15/04/2024 USD 540 000 0.40 881 000 BRESIL 8.875% 04-14/10/2019 USD 1 132 085 0.84

Mexico 5 507 906 4.09

900 000 MEXIQUE 3.625% 12-15/03/2022 USD 901 591 0.67 700 000 MEXIQUE 4.750% 12-08/03/2044 USD 665 000 0.49 950 000 MEXIQUE 5.950% 08-19/03/2019 USD 1 105 325 0.82 844 000 MEXIQUE 6.050% 08-11/01/2040 USD 957 940 0.71 600 000 MEXIQUE 6.750% 04-27/09/2034 USD 735 000 0.55 490 000 PEMEX PROJECT 4.875% 12-24/01/2022 USD 512 050 0.38 400 000 PETROLEOS 6.625% 10-28/12/2049 USD 412 000 0.31 200 000 PETROLEOS MEXICANOS 5.500% 10-21/01/2021 USD 219 000 0.16

The accompanying notes form an integral part of these financial statements

Page 42 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Indonesia 5 480 349 4.06

200 000 INDONESIA 11.625% 09-04/03/2019 USD 270 500 0.20

950 000 INDONESIA 3.750% 12-25/04/2022 USD 893 000 0.66

723 000 INDONESIA 4.875% 11-05/05/2021 USD 741 075 0.55

900 000 INDONESIA 6.625% 07-17/02/2037 USD 956 250 0.71

700 000 INDONESIA 6.875% 08-17/01/2018 USD 794 500 0.59

122 000 INDONESIA 7.500% 05-15/01/2016 USD 134 962 0.10

950 000 INDONESIA 7.750% 08-17/01/2038 USD 1 135 250 0.84

550 000 PERUSAHAAN LISTRIK NEGARA PT REGS 5.500% 11-22/11/2021 USD 554 812 0.41

Colombia 5 178 350 3.85

982 000 COLOMBIE 4.375% 11-12/07/2021 USD 1 021 280 0.76 1 024 000 COLOMBIE 6.125% 09-18/01/2041 USD 1 146 880 0.85 596 000 COLOMBIE 7.375% 06-27/01/2017 USD 688 380 0.51 200 000 COLOMBIE 7.375% 07-18/09/2037 USD 256 000 0.19 902 000 COLOMBIE 7.375% 09-18/03/2019 USD 1 086 910 0.81 753 000 COLOMBIE 8.125% 04-21/05/2024 USD 978 900 0.73

Poland 4 862 043 3.62

1 320 000 POLAND 3.000% 12-17/03/2023 USD 1 234 992 0.92 379 000 POLAND 3.875% 10-16/07/2015 USD 394 645 0.29 170 000 POLAND 5.000% 05-19/10/2015 USD 181 392 0.13 942 000 POLAND 5.000% 11-23/03/2022 USD 1 029 728 0.77 300 000 POLAND 5.125% 11-21/04/2021 USD 331 302 0.25 1 440 000 POLAND 6.375% 09-15/07/2019 USD 1 689 984 1.26

Venezuela 4 538 306 3.36

1 300 100 PETROLEOS 5.250% 07-12/04/2017 USD 971 825 0.72

750 000 PETROLEOS 6.000% 13-15/11/2026 USD 404 999 0.30

309 000 PETROLEOS VENEZUELA 8.500% 10-02/11/2017 USD 258 015 0.19

590 800 VENEZUELA 11.950% 11-05/08/2031 USD 497 749 0.37 1 000 000 VENEZUELA 7.000% 03-01/12/2018 USD 760 000 0.56 2 187 000 VENEZUELA 9.250% 97-15/09/2027 USD 1 645 718 1.22

Russia 4 502 919 3.33

222 000 RUSSIE 11.000% 18-24/07/2018 USD 288 045 0.21 551 000 RUSSIE 12.750% 98-24/06/2028 USD 894 686 0.66 400 000 RUSSIE 3.625% 10-29/04/2015 USD 407 600 0.30 300 000 RUSSIE 5.000% 10-29/04/2020 USD 313 125 0.23 400 000 RUSSIE 5.625% 12-04/04/2042 USD 387 000 0.29 1 945 023 RUSSIE FLR 00-31/03/2030 USD 2 212 463 1.64

South Africa 4 483 065 3.33

900 000 AFRIQUE DU SUD 5.500% 10-09/03/2020 USD 974 250 0.72 500 000 AFRIQUE DU SUD 5.875% 07-30/05/2022 USD 548 125 0.41 432 000 AFRIQUE DU SUD 6.250% 11-08/03/2041 USD 474 120 0.35 604 000 AFRIQUE DU SUD 6.875% 09-27/05/2019 USD 697 620 0.52 1 934 000 TRANSNET SOC LTD REGS 4.000% 12-26/07/2022 USD 1 788 950 1.33

The accompanying notes form an integral part of these financial statements

Page 43 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Lebanon 4 463 695 3.32

419 200 LIBAN 4.000% 02-31/12/2017 USD 415 008 0.31

1 300 000 LIBAN 5.150% 10-12/11/2018 USD 1 290 250 0.96

750 000 LIBAN 6.100% 10-04/10/2022 USD 742 500 0.55

440 000 LIBAN 6.750% 12-29/11/2027 USD 440 000 0.33

573 000 LIBAN 8.250% 06-12/04/2021 USD 646 057 0.48

861 000 LIBAN 8.500% 05-19/01/2016 USD 929 880 0.69

Chile 4 254 281 3.17

910 000 CHILI 3.250% 11-14/09/2021 USD 915 460 0.68 400 000 CHILI 3.875% 10-05/08/2020 USD 426 000 0.32 500 000 CODELCO 5.625% 05-21/09/2035 USD 520 151 0.39 347 000 CODELCO 6.150% 06-24/10/2036 USD 384 171 0.29 485 000 CODELCO 7.500% 09-15/01/2019 USD 583 004 0.43 450 000 CORP.NAC.COBRE 3.000% 12-17/07/2022 USD 421 234 0.31 1 000 000 CORP.NAC.COBRE 3.875% 11-03/11/2021 USD 1 004 261 0.75

Hungary 4 197 479 3.13

1 190 000 HONGRIE 5.375% 13-21/02/2023 USD 1 207 731 0.90 366 000 HONGRIE 4.125% 13-19/02/2018 USD 372 094 0.28 876 000 HONGRIE 6.250% 10-29/01/2020 USD 957 179 0.71 968 000 HONGRIE 6.375% 11-29/03/2021 USD 1 058 218 0.79 522 000 HONGRIE 7.625% 11-29/03/2041 USD 602 257 0.45

Peru 4 168 795 3.10

200 000 PEROU 5.625% 10-18/11/2050 USD 212 500 0.16 781 000 PEROU 6.550 % 07-14/03/2037 USD 939 152 0.70 457 000 PEROU 7.125% 09-30/03/2019 USD 551 828 0.41

1 100 000 PEROU 7.350% 05-21/07/2025 USD 1 416 250 1.05

140 000 PEROU 8.375% 04-03/05/2016 USD 159 810 0.12

607 000 PEROU 8.750% 03-21/11/2033 USD 889 255 0.66

Ukraine 3 559 640 2.64

143 000 BIZ FIN. 8.375% 10-27/04/2015 USD 127 270 0.09 1 165 000 UKRAINE 6.580% 06-21/11/2016 USD 1 092 187 0.81 850 000 UKRAINE 7.750% 10-23/09/2020 USD 799 000 0.59 750 000 UKRAINE 7.800% 12-28/11/2022 USD 697 500 0.52 862 000 UKRAINE 9.250% 12-24/07/2017 USD 843 683 0.63

Croatia 3 443 650 2.56

700 000 CROATIE 6.250% 12-27/04/2017 USD 750 750 0.56 600 000 CROATIE 6.375% 11-24/03/2021 USD 648 000 0.48 819 000 CROATIE 6.750% 09-05/11/2019 USD 900 900 0.67 1 100 000 HRVATSKA ELEKTROP 6.000% 12-09/11/2017 USD 1 144 000 0.85

British Virgin Islands 3 247 137 2.42

528 000 SINOCHEM OV CAP 4.500% 10-12/11/2020 USD 542 029 0.40 150 000 SINOCHEM OV CAP 6.300% 10-12/11/2040 USD 159 967 0.12 1 900 000 SINOPEC GROUP OVER 3.900% 12-17/05/2022 USD 1 864 090 1.39 700 000 SINOPEC GROUP OVER 4.875% 12-17/05/2042 USD 681 051 0.51

The accompanying notes form an integral part of these financial statements

Page 44 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Netherlands 3 224 855 2.40

800 000 KAZAKHSTAN TEMIR ZHOLY 6.950% 12-10/07/2042 USD 816 000 0.61

506 000 KAZMUNAIGAZ FINANCE SUB 7.000% 10-05/05/2020 USD 570 515 0.42

500 000 KAZMUNAIGAZ FINANCE SUB 9.125% 08-02/07/2018 USD 598 750 0.45

640 000 MAJAPAHIT HOLDING 7.750% 09-20/01/2020 USD 735 200 0.55

460 000 REPUBLIC OF ANGOLA VIA NORTHERN LIGHTS III BV REGS USD 504 390 0.37

7.000% 12-16/08/2019

Panama 2 970 636 2.21

621 000 PANAMA 5.200% 09-30/01/2020 USD 686 516 0.51 948 000 PANAMA 6.700% 06-26/01/2036 USD 1 113 900 0.83 500 000 PANAMA 7.250% 05-29/01/2026 USD 615 000 0.46 391 000 PANAMA 9.375% 99-01/04/2029 USD 555 220 0.41

Malaysia 2 950 900 2.20

780 000 PENERBANGAN 5.625% 06-15/03/2016 USD 843 835 0.63 385 000 PETRONAS 7.625% 96-15/10/2026 USD 506 313 0.38 1 427 000 PETRONAS C. 5.250% 09-12/08/2019 USD 1 600 752 1.19

Lithuania 2 530 414 1.88

632 000 LITHUANIA 5.125% 10-14/09/2017 USD 690 434 0.51 1 198 000 LITHUANIA 6.125% 11-09/03/2021 USD 1 368 464 1.02 400 000 LITHUANIA 6.625% 12-01/02/2022 USD 471 516 0.35

Argentina 2 479 816 1.84

1 579 815 ARGENTINE 1.330% 03-31/12/2038 USD 659 573 0.49 1 920 331 ARGENTINE 8.280% 03-31/12/2033 USD 1 510 340 1.12 331 447 ARGENTINE 8.750% 10-02/06/2017 USD 309 903 0.23

Uruguay 2 441 208 1.82

545 811 URUGUAY 7.625% 06-21/03/2036 USD 698 639 0.52 1 164 824 URUGUAY 7.875% 03-15/01/2033 USD 1 514 272 1.13 180 472 URUGUAY 8.000% 05-18/11/2022 USD 228 297 0.17

Roumanie 2 294 375 1.70

1 080 000 ROMANIA 4.375% 13-22/08/2023 USD 1 066 500 0.79 500 000 ROMANIA 6.125% 14-22/01/2044 USD 528 125 0.39 600 000 ROMANIA 6.750% 12-07/02/2022 USD 699 750 0.52

Kazakhstan 2 232 490 1.66

1 200 000 DEVELOPMENT BANK OF KAZAKHSTAN JSC REGS 4.125% 12- USD 1 074 000 0.80 10/12/2022 850 000 KAZMUNAIGAZ FINANCE 5.750% 13-30/04/2043 USD 765 000 0.57 361 000 KAZMUNAIGAZ NATIONAL COMPANY 6.375% 10-09/04/2021 USD 393 490 0.29

Sri Lanka 2 221 117 1.66

241 000 BANK OF CEYLON 5.325% 13-16/04/2018 USD 238 590 0.18 470 000 SRI LANKA 5.875% 12-25/07/2022 USD 471 175 0.35 123 000 SRI LANKA 6.250% 10-04/10/2020 USD 128 997 0.10 1 326 000 SRI LANKA 6.250% 11-27/07/2021 USD 1 382 355 1.03

The accompanying notes form an integral part of these financial statements

Page 45 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Serbie 2 200 750 1.63

600 000 SERBIA 5.875% 13-03/12/2018 USD 634 500 0.47

1 400 000 SERBIE 7.250% 11-28/09/2021 USD 1 566 250 1.16

EL Salvador 1 945 640 1.43

534 000 EL SALVADOR 5.875% 09-30/01/2025 USD 571 380 0.42

450 000 EL SALVADOR 7.375% 09-01/12/2019 USD 423 000 0.31

317 000 EL SALVADOR 7.625% 11-01/02/2041 USD 310 660 0.23

312 000 EL SALVADOR 7.650% 05-15/06/2035 USD 312 000 0.23 310 000 EL SALVADOR 8.250% 02-10/04/2032 USD 328 600 0.24

Costa Rica 1 662 000 1.24

292 000 COSTA RICA 4.250% 12-26/01/2023 USD 270 100 0.20 400 000 COSTA RICA 4.375% 13-30/04/2025 USD 357 000 0.27 629 000 COSTA RICA 5.625% 13-30/04/2043 USD 540 940 0.40 466 000 INSTITUTO COSTARRICENSE DE ELECTRICIDAD REGS 6.950% 11- USD 493 960 0.37 10/11/2021

Dominican Republic 1 317 619 0.99

350 000 REPUBLIQUE DOMINICAINE 5.875% 13-18/04/2024 USD 346 500 0.26 720 000 REPUBLIQUE DOMINICAINE 7.500% 10-06/05/2021 USD 802 800 0.60 153 017 REPUBLIQUE DOMINICAINE 9.040% 05-23/01/2018 USD 168 319 0.13

Latvia 1 161 526 0.86

300 000 LATVIA 2.750% 12-12/01/2020 USD 288 654 0.21 400 000 LATVIA 5.250% 11-16/06/2021 USD 437 332 0.33 400 000 LATVIA 5.250% 12-22/02/2017 USD 435 540 0.32

Ireland 1 093 975 0.81

213 000 RZD CAPITAL LIMITED 5.739% 10-03/04/2017 USD 222 053 0.17

227 000 VEB FIN 5.450% 10-22/11/2017 USD 232 107 0.17 393 000 VEB FIN 6.800% 10-22/11/2025 USD 395 456 0.29 233 000 VEB FINANCE LIMITED 6.902% 10-09/07/2020 USD 244 359 0.18

Trinidad and Tobago 987 699 0.74

600 000 PETROLEOS 9.750% 09-14/08/2019 USD 748 500 0.56 230 000 TRINIDAD AND TOBAG 4,375% 13-16/01/2024 USD 239 199 0.18

Cayman Islands 876 292 0.65

400 000 AMBER CIRC 3.250% 12-04/12/2022 USD 368 792 0.27 500 000 NILE FINANCE 5.250% 10-05/08/2015 USD 507 500 0.38

Irak 875 745 0.65

998 000 IRAK 5.800% 06-15/01/2028 USD 875 745 0.65

The accompanying notes form an integral part of these financial statements

Page 46 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Mongolia 826 300 0.62

300 000 DEVELOPMENT BANK OF MONGOLIA LLC REGS 5.750% 12- USD 279 750 0.21 21/03/2017

680 000 MONGOLIA 5.125% 12-05/12/22 USD 546 550 0.41

Marocco 824 500 0.61

850 000 MAROC 4.250% 12-11/12/2022 USD 824 500 0.61

Vietnam 808 165 0.60

724 000 VIETNAM 6.750% 10-29/01/2020 USD 808 165 0.60

Belorussia 788 700 0.58

376 000 BIELORUSSIE 8.750% 10-03/08/2015 USD 380 700 0.28 400 000 BIELORUSSIE 8.950% 11-26/01/2018 USD 408 000 0.30

United States of America 776 500 0.58

250 000 PEMEX PROJECT 5.750% 08-01/03/2018 USD 278 125 0.21 450 000 PEMEX PROJECT 6.625% 05-15/06/2035 USD 498 375 0.37

Ivory Coast 724 625 0.54

775 000 COTE D’IVOIRE FLR 10-31/12/2032 USD 724 625 0.54

China 658 218 0.49

250 000 EXPORT-IMPORT BANK OF CHINA REGS 4.857% 05-21/07/2015 USD 261 122 0.19 400 000 MCC HOLDING 4.875% 11-29/07/2016 USD 397 096 0.30

Azerbaijan 655 650 0.48

400 000 STATE OIL CO OF THE AZERBAIJAN REPUBLIC 4.750% 13- USD 382 000 0.28 13/03/2023

260 000 STATE OIL CO OF THE AZERBAIJAN REPUBLIC 5.450% 12- USD 273 650 0.20 09/02/2017

Slovakia 635 748 0.47

600 000 SLOVAKIA 4.375% 12-21/05/2022 USD 635 748 0.47

Gabon 634 500 0.47

600 000 GABON 6.375% 13-12/12/2024 USD 634 500 0.47

Guatemala 629 950 0.47

586 000 GUATEMALA 5.750% 12-06/06/2022 USD 629 950 0.47

India 585 036 0.43

200 000 IMPORT EXPORT BANK OF INDIA 4.000% 12-07/08/2017 USD 206 916 0.15 400 000 IMPORT EXPORT BANK OF INDIA 4.000% 13-14/01/2023 USD 378 120 0.28

Ghana 563 924 0.42

400 000 GHANA 7.875% 13-07/08/2023 USD 365 999 0.27 195 000 GHANA 8.500% 07-04/10/2017 USD 197 925 0.15

Georgia 533 750 0.40

500 000 GEORGIAN RAILWAY JSC REGS 7.750% 12-11/07/2022 USD 533 750 0.40

The accompanying notes form an integral part of these financial statements

Page 47 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

United Kingdom 519 000 0.39

600 000 SSB NO. 8.250% 11-10/03/2016 USD 519 000 0.39

Egypt 515 000 0.38

500 000 EGYPTE 5.750% 10-29/04/2020 USD 515 000 0.38

Niger 462 375 0.34

450 000 NIGERIA 6.375% 13-12/07/2023 USD 462 375 0.34

Luxembourg 452 355 0.34

132 000 RSHB CAP 7.750% 08-29/05/2018 USD 142 230 0.11 300 000 RSHB INDX 6.299% 07-15/05/2017 USD 310 125 0.23

Honduras 450 000 0.33

450 000 REPUBLIC OF HONDURAS 7.500% 13-15/03/2024 USD 450 000 0.33

Jamaica 420 000 0.31

400 000 JAMAIQUE 8.000% 08-24/06/2019 USD 420 000 0.31 400 000 ARMENIA 6.000% 13 -30/09/2020 USD 412 000 0.31

Australia 403 816 0.30

400 000 CNOOC CURTIS FUNDING 4.500% 13-03/10/2023 USD 403 816 0.30

Jordan 398 000 0.30

400 000 JORDANIE 3.875% 10-12/11/2015 USD 398 000 0.30

Bolivia 396 000 0.29

400 000 COSTA RICA 4.875% 12-29/10/2022 USD 396 000 0.29

Pakistan 394 835 0.29

389 000 PAKISTAN 6.875% 07-01/06/2017 USD 394 835 0.29

Tanzania 370 125 0.28

350 000 TANZANIA GOVERNMENT INTERNATIONAL BOND REGS 13- USD 370 125 0.28 08/03/2020

Ecuador 317 400 0.24

300 000 EQUATEUR 9.375% 05-15/12/2015 USD 317 400 0.24

Zambia 299 250 0.22

350 000 ZAMBIA 5.375% 12-17/09/2020 USD 299 250 0.22

Senegal 226 500 0.17

200 000 SENEGAL 8.750% 11-13/05/2021 USD 226 500 0.17

Namibia 209 000 0.16

200 000 NAMIBIA INTERNATIONAL BONDS REGS 5.500% 11-03/11/2021 USD 209 000 0.16

The accompanying notes form an integral part of these financial statements

Page 48 PARWORLD TRACK EMERGING MARKETS BOND

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Paraguay 199 000 0.15

200 000 GUATEMALA 4.625% 13-25/01/2023 USD 199 000 0.15

Belize 116 760 0.09

168 000 GOV. BELIZE 5.000% 13-20/02/2038 USD 116 760 0.09

Total securities portfolio 132 640 893 98.59

The accompanying notes form an integral part of these financial statements

Page 49 PARWORLD TRACK EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 62 572 636 97.76 listing and/or traded on another regulated market

Shares 62 552 401 97.69

France 19 337 277 30.20

3 382 ACCOR EUR 125 692 0.20

582 AEROPORT DE PARIS EUR 52 677 0.08

6 410 AIR LIQUIDE EUR 630 231 0.98 56 910 ALCATEL-LUCENT EUR 162 876 0.25 4 598 ALSTOM EUR 91 132 0.14 1 335 ARKEMA EUR 109 737 0.17 1 488 ATOS EUR 97 657 0.15 36 893 AXA EUR 695 986 1.09 20 484 BNP PARIBAS ACTIONS A EUR 1 146 899 1.79 4 069 BOUYGUES EUR 123 189 0.19 4 707 BUREAU VERITAS EUR 104 754 0.16 2 920 CAP GEMINI EUR 160 454 0.25 12 618 CARREFOUR EUR 354 503 0.55 1 203 CASINO GUICHARD PERRACHON EUR 103 915 0.16 1 111 CHRISTIAN DIOR EUR 155 262 0.24 3 370 CNP ASSURANCES EUR 51 797 0.08 3 046 COMPAGNIE GENERALE DE GEOPHYSIQUE EUR 35 455 0.06 20 470 CREDIT AGRICOLE EUR 234 279 0.37 11 669 DANONE EUR 598 970 0.94 1 341 DASSAULT SYSTEMES EUR 114 039 0.18 4 331 EDENRED EUR 98 639 0.15 5 133 EDF EUR 147 394 0.23

4 195 ESSILOR INTL EUR 307 074 0.48

589 EURAZEO EUR 38 415 0.06

3 060 EUTELSAT COMMUNICATIONS EUR 75 429 0.12 543 FONCIERE DES REGIONS EUR 36 511 0.06 38 044 FRANCE TELECOM EUR 407 832 0.64 27 257 GDF SUEZ EUR 541 324 0.85 420 GECINA NOM. EUR 40 530 0.06 11 713 GROUPE EUROTUNNEL SA - REGROUPT EUR 108 544 0.17 709 ICADE EUR 50 913 0.08 554 ILIAD EUR 115 952 0.18 649 IMERYS EUR 41 893 0.07 1 275 JC DECAUX EUR 40 539 0.06 1 547 KERING EUR 229 033 0.36 2 133 KLEPIERRE EUR 69 280 0.11 3 816 LAFARGE EUR 216 367 0.34 2 215 LAGARDERE EUR 63 836 0.10 5 419 LEGRAND EUR 244 370 0.38 4 969 L'OREAL EUR 594 789 0.93 5 217 LVMH MOET HENNESSY VUITTON EUR 688 383 1.08 3 838 MICHELIN EUR 348 414 0.54

The accompanying notes form an integral part of these financial statements

Page 50 PARWORLD TRACK EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

19 755 NATIXIS EUR 105 314 0.16

4 355 PERNOD-RICARD EUR 367 998 0.57

3 707 PUBLICIS GROUPE EUR 243 105 0.38

487 REMY COINTREAU EUR 28 368 0.04

3 936 RENAULT EUR 277 645 0.43

4 859 REXEL EUR 92 540 0.14

8 530 SAINT-GOBAIN EUR 374 041 0.58

24 597 SANOFI EUR 1 861 501 2.91

11 288 SCHNEIDER ELECTRIC EUR 726 383 1.13

3 277 SCOR SE EUR 83 236 0.13 5 550 SEFRAN PROV. ECHANGE EUR 279 110 0.44 569 SOCIETE BIC EUR 54 254 0.08 14 774 SOCIETE GENERALE A EUR 660 472 1.03 1 999 SODEXO EUR 152 184 0.24 5 989 SUEZ ENVIRONNEMENT COMPANY EUR 88 308 0.14 2 158 TECHNIP EUR 161 656 0.25 1 939 THALES EUR 93 324 0.15 44 039 TOTAL EUR 2 096 256 3.29 1 995 UNIBAIL RODAMCO SE EUR 376 058 0.59 1 538 VALEO EUR 157 261 0.25 2 288 VALLOUREC EUR 90 159 0.14 7 602 VEOLIA ENVIRONNEMENT EUR 109 165 0.17 9 881 VINCI EUR 532 685 0.83 24 749 VIVENDI EUR 500 425 0.78 689 WENDEL EUR 77 754 0.12 3 630 ZODIAC AEROSPACE EUR 93 110 0.15

Germany 18 535 104 28.94

4 290 ADIDAS EUR 336 937 0.53

9 393 ALLIANZ EUR 1 152 521 1.80

757 AXEL SPRINGER EUR 35 166 0.05 18 904 BASF NOM. EUR 1 525 175 2.38 17 022 BAYER EUR 1 671 220 2.62 2 136 BEIERSDORF EUR 151 229 0.24 6 801 BMW EUR 623 108 0.97 1 154 BMW EUR 79 118 0.12 1 092 BRENNTAG EUR 147 038 0.23 806 CELESIO EUR 19 997 0.03 19 805 COMMERZBANK AG EUR 264 100 0.41 2 257 CONTINENTAL EUR 392 492 0.61 19 812 DAIMLER EUR 1 358 905 2.12 20 955 DEUTSCHE BANK EUR 680 514 1.06 3 947 DEUTSCHE BOERSE EUR 228 018 0.36 4 903 DEUTSCHE LUFTHANSA EUR 93 231 0.15 18 619 DEUTSCHE POST EUR 502 154 0.78 59 469 DEUTSCHE TELEKOM EUR 697 571 1.09 5 774 DEUTSCHE WOHNEN PORT. EUR 89 843 0.14 36 985 E.ON SE EUR 524 817 0.82 706 FRAPORT AG EUR 38 279 0.06

The accompanying notes form an integral part of these financial statements

Page 51 PARWORLD TRACK EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

4 413 FRESENIUS MEDICAL CARE EUR 223 518 0.35

2 573 FRESENIUS SE & KGAA EUR 292 293 0.46

695 FUCHS PETROLUB EUR 50 610 0.08

3 883 GEA GROUP EUR 128 838 0.20

1 288 HANNOVER RUECKVERSICHERU EUR 83 630 0.13

2 870 HEIDELBERGCEMENT EUR 178 543 0.28

2 653 HENKEL AG & KGAA EUR 193 536 0.30

3 649 HENKEL AG & KGAA VORZUG EUR 285 060 0.45

590 HOCHTIEF EUR 38 881 0.06

627 HUGO BOSS EUR 60 556 0.09 22 072 INFINEON TECHNOLOGIES EUR 191 188 0.30 3 672 K+S AG EUR 87 558 0.14 423 KABEL DEUTSCHLAND HOLDING EUR 42 177 0.07 1 773 LANXESS EUR 97 072 0.15 3 814 LINDE EUR 553 793 0.87 701 MAN EUR 64 843 0.10 1 318 MERCK KGAA EUR 161 126 0.25 2 766 METRO EUR 81 943 0.13 3 684 MUENCHENER RUECKVERSICHERUNGS EUR 584 282 0.91 1 787 OSRAM LICHT AG EUR 84 105 0.13 3 133 PORSCHE AUTOMOBIL HOLDING EUR 233 502 0.36 4 493 PROSIEBENSAT.1 MEDIA AG EUR 149 257 0.23 10 027 RWE EUR 295 395 0.46 18 955 SAP EUR 1 113 796 1.74 16 320 SIEMENS EUR 1 594 464 2.49 9 378 SKY DEUTSCHLAND EUR 58 706 0.09 1 563 SUEDZUCKER EUR 32 315 0.05 5 344 TELEFONICA DEUTSCHLAND HOLDING EUR 30 920 0.05

9 239 THYSSENKRUPP EUR 179 837 0.28

2 280 UNITED INTERNET SHARE EUR 77 714 0.12

627 VOLKSWAGEN EUR 115 368 0.18 2 971 VOLKSWAGEN PRIV. EUR 558 845 0.87

Spain 7 018 288 10.96

8 170 ABERTIS INFRAES.A EUR 135 418 0.21 3 556 ACS ACTIVIDADESNS Y SERV EUR 101 399 0.16 7 783 AMADEUS IT HOLDING EUR 234 657 0.37 119 030 BANCO BILBAO VIZCAYA ARGENTARIA EUR 1 037 704 1.62 69 291 BANCO DE SABADELL EUR 155 350 0.24 33 636 BANCO POPULAR ESPANOL SA EUR 184 325 0.29 238 696 BANCO SANTANDER EUR 1 652 015 2.59 85 617 BANKIA SA EUR 131 165 0.20 37 180 CAIXABANK EUR 173 631 0.27 11 715 DISTRIBUIDORA INTERNACIONAL EUR 77 694 0.12 4 075 ENAGAS EUR 89 956 0.14 8 569 FERROVIAL EUR 134 748 0.21 7 432 GAS NATURAL SDG EUR 151 687 0.24 3 168 GRIFOLS EUR 126 007 0.20

The accompanying notes form an integral part of these financial statements

Page 52 PARWORLD TRACK EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

98 769 IBERDROLA EUR 501 351 0.78

4 479 INDITEX EUR 487 763 0.76

20 747 INTL CONSOLIDATED AIRLINE EUR 104 980 0.16

21 414 MAPFRE EUR 65 527 0.10

2 299 RED ELECTRICA EUR 135 641 0.21

17 822 REPSOL YPF EUR 330 153 0.52

84 246 TELEFONICA EUR 967 565 1.51

3 200 ZARDOYA OTIS EUR 39 552 0.06

Netherlands 6 220 498 9.74

37 961 AEGON EUR 252 934 0.40 4 912 AKZO NOBEL EUR 290 938 0.45 7 340 ASML HOLDING NV EUR 493 468 0.77 1 540 BOSKALIS WESTMINSTER EUR 61 554 0.10 1 316 CORIO EUR 43 652 0.07 4 014 DELTA LLOYD EUR 80 782 0.13 12 061 EADS EUR 627 051 0.98 1 391 FUGRO-CVA EUR 62 087 0.10 1 680 GEMALTO EUR 142 027 0.22 4 712 HEINEKEN EUR 238 050 0.37 2 147 HEINEKEN HOLDING EUR 100 619 0.16 78 942 ING GROEP-CVA EUR 811 129 1.27 19 255 KON.PHILIPS ELECTRONICS EUR 491 099 0.77 19 056 KONINKLIJKE AHOLD NV EUR 277 836 0.43 3 269 KONINKLIJKE DSM EUR 162 845 0.25 65 359 KONINKLIJKE KPN EUR 167 646 0.26 1 889 OCI NV EUR 62 214 0.10 5 047 QIAGEN N.V. EUR 76 765 0.12

2 634 RANDSTAD HOLDING EUR 111 958 0.17

14 199 REED ELSEVIER EUR 222 711 0.35

13 598 STMICROELECTRONICS EUR 91 433 0.14 8 640 TNT EXPRESS EUR 61 595 0.10 33 506 UNILEVER EUR 999 652 1.57 1 389 VOPAK EUR 56 296 0.09 6 407 WOLTERS KLUWER EUR 131 215 0.21 3 192 ZIGGO EUR 102 942 0.16

Italy 4 982 329 7.78

23 956 ASSICURAZIONI GENERALI EUR 387 608 0.61 7 885 ATLANTIA EUR 147 055 0.23 141 309 BANCA MONTE DEI PASCHI SIENA EUR 37 447 0.06 19 241 CNH INDUSTRIAL NV EUR 160 566 0.25 135 207 ENEL EUR 555 430 0.87 37 407 ENEL GREEN POWER EUR 76 235 0.12 52 321 ENI EUR 952 765 1.49 1 943 EXOR EUR 63 303 0.10 18 579 FIAT EUR 156 993 0.25 7 976 FINMECCANICA EUR 57 148 0.09

The accompanying notes form an integral part of these financial statements

Page 53 PARWORLD TRACK EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

17 380 FONDIARIA-SAI SPA EUR 48 316 0.08

238 792 INTESA SANPAOLO EUR 587 428 0.92

3 542 LUXOTTICA GROUP EUR 148 693 0.23

11 033 MEDIOBANCA EUR 91 574 0.14

4 705 PIRELLI & C. EUR 53 637 0.08

4 352 PRYSMIAN EUR 78 597 0.12

5 642 SAIPEM EUR 99 976 0.16

41 405 SNAM RETE GAS EUR 175 971 0.27

205 272 TELECOM ITALIA ORD. EUR 175 713 0.27

128 593 TELECOM ITALIA-RSP EUR 87 315 0.14 32 035 TERNA EUR 124 552 0.19 18 220 UBI BANCA EUR 124 625 0.19 89 198 UNICREDIT SPA EUR 591 382 0.92

Belgium 2 420 855 3.78

4 703 AGEAS EUR 152 119 0.24 16 536 ANHEUSER-BUSCH INBEV EUR 1 258 390 1.97 3 028 BELGACOM EUR 68 826 0.11 1 501 COLRUYT EUR 60 040 0.09 2 173 DELHAIZE GROUP EUR 115 278 0.18 1 715 GROUPE BRUXELLES LAMBERT EUR 124 303 0.19 5 117 KBC GROEP EUR 228 474 0.36 1 258 SOLVAY EUR 143 349 0.22 989 TELENET GROUP HOLDING EUR 44 253 0.07 2 337 UCB EUR 135 826 0.21 2 433 UMICORE EUR 89 997 0.14

Finland 1 796 850 2.80

2 774 ELISA OYJ EUR 57 949 0.09

9 415 FORTUM OYJ EUR 155 348 0.24

6 378 KONE OYJ-B EUR 194 146 0.30 2 528 METSO OYJ EUR 59 989 0.09 2 453 NESTE OIL OYJ EUR 36 304 0.06 76 863 NOKIA EUR 414 292 0.65 2 415 NOKIAN RENKAAT OYJ EUR 70 880 0.11 1 896 ORION OYJ-CLASS B EUR 41 541 0.06 2 651 POHJOLA BANK-A SHS EUR 42 761 0.07 9 164 SAMPO OYJ-A SHS EUR 345 025 0.54 11 724 STORA ENSO OYJ-R SHS EUR 91 037 0.14 11 217 UPM-KYMMENE OYJ EUR 139 203 0.22 3 763 WARTSILA OYJ ABP EUR 148 375 0.23

Ireland 651 141 1.01

480 523 BANK OF IRELAND EUR 148 001 0.23 15 025 CRH EUR 303 430 0.47 3 048 KERRY GROUP-A EUR 168 890 0.26 4 051 RYANAIR HOLDINGS EUR 30 820 0.05

The accompanying notes form an integral part of these financial statements

Page 54 PARWORLD TRACK EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Luxembourg 635 407 0.99

20 436 ARCELORMITTAL EUR 238 999 0.37

826 RTL GROUP EUR 68 269 0.11

6 196 SES GLOBAL DEPOSITARY RECEIPT EUR 167 943 0.26

10 006 TENARIS EUR 160 196 0.25

Austria 567 465 0.88

1 448 ANDRITZ EUR 64 950 0.10

5 466 ERSTE GROUP BANK EUR 135 557 0.21 20 522 IMMOFINANZ EUR 69 795 0.11 3 134 OMV EUR 103 218 0.16 2 508 RAIFFEISEN BANK INTERNATIONAL EUR 60 694 0.09 4 240 TELEKOM AUSTRIA CFD EUR 30 596 0.05 735 VIENNA INSURANCE GROUP EUR 26 306 0.04 2 393 VOESTALPINE EUR 76 349 0.12

Portugal 387 187 0.61

35 348 BANCO ESPIRITO SANTO EUR 48 038 0.08 42 631 EDP-ENERGIAS DE PORTUGAL EUR 143 709 0.22 7 404 GALP ENERGIA SGPS EUR 92 809 0.15 5 383 JERONIMO MARTINS EUR 65 565 0.10 12 007 PORTUGAL TELECOM SGPS EUR 37 066 0.06

Options, Warrants, Rights 20 235 0.07

Spain 20 235 0.07

119 030 BCO BILBAO VIZCAYA ARGENT.DO14 EUR 20 235 0.07

Total securities portfolio 62 572 636 97.76

The accompanying notes form an integral part of these financial statements

Page 55 PARWORLD TRACK EMU GOVERNMENT BOND

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 126 598 553 96.52 listing and/or traded on another regulated market

Bonds 126 598 553 96.52

Italy 30 048 503 22.93

738 000 REPUBLIC OF ITALY 3.000% 10-15/06/2015 EUR 758 381 0.58

2 139 000 REPUBLIC OF ITALY 3.750% 05-01/08/2015 EUR 2 225 050 1.70

926 000 REPUBLIC OF ITALY 3.750% 06-01/08/2016 EUR 985 908 0.75 3 056 000 REPUBLIC OF ITALY 4.000% 07-01/02/2017 EUR 3 301 435 2.52 1 015 000 REPUBLIC OF ITALY 4.000% 10-01/09/2020 EUR 1 113 356 0.85 1 565 000 REPUBLIC OF ITALY 4.250% 09-01/09/2019 EUR 1 742 504 1.33 62 000 REPUBLIC OF ITALY 4.500% 04-01/02/2020 EUR 69 718 0.05 220 000 REPUBLIC OF ITALY 4.500% 08-01/02/2018 EUR 243 978 0.19 1 479 000 REPUBLIC OF ITALY 4.500% 08-01/03/2019 EUR 1 662 430 1.27 977 000 REPUBLIC OF ITALY 4.500% 08-01/08/2018 EUR 1 090 700 0.83 2 017 000 REPUBLIC OF ITALY 4.750% 08-01/08/2023 EUR 2 277 909 1.74 3 256 000 REPUBLIC OF ITALY 4.750% 11-01/09/2021 EUR 3 699 631 2.83 1 972 000 REPUBLIC OF ITALY 5.000% 03-01/08/2034 EUR 2 246 100 1.71 185 000 REPUBLIC OF ITALY 5.000% 09-01/03/2025 EUR 211 323 0.16 1 708 000 REPUBLIC OF ITALY 5.250% 02-01/08/2017 EUR 1 923 430 1.47 831 000 REPUBLIC OF ITALY 5.250% 98-01/11/2029 EUR 969 351 0.74 1 465 000 REPUBLIC OF ITALY 5.750% 02-01/02/2033 EUR 1 811 483 1.38 1 001 000 REPUBLIC OF ITALY 6.000% 99-01/05/2031 EUR 1 262 631 0.96 260 000 REPUBLIC OF ITALY 6.500% 97-01/11/2027 EUR 339 437 0.26 1 429 126 REPUBLIC OF ITALY 9.000% 93-01/11/2023 EUR 2 113 748 1.61

France 28 149 979 21.47

2 913 144 FRANCE - EMPRUNT D’ETAT - OAT 2.500% 10-25/10/2020 EUR 3 136 484 2.39

2 624 000 FRANCE - EMPRUNT D’ETAT - OAT 3.000% 05-25/10/2015 EUR 2 738 324 2.09

1 029 468 FRANCE - EMPRUNT D’ETAT - OAT 3.750% 07-25/04/2017 EUR 1 134 914 0.87 382 000 FRANCE - EMPRUNT D’ETAT - OAT 3.750% 09-25/10/2019 EUR 438 144 0.33 2 009 000 FRANCE - EMPRUNT D’ETAT - OAT 4.000% 08-25/04/2018 EUR 2 279 129 1.74 182 000 FRANCE - EMPRUNT D’ETAT - OAT 4.250% 03-25/04/2019 EUR 212 187 0.16 1 765 204 FRANCE - EMPRUNT D’ETAT - OAT 4.250% 07-25/10/2017 EUR 1 998 394 1.52 1 339 329 FRANCE - EMPRUNT D’ETAT - OAT 4.750% 04 -25/04/2035 EUR 1 736 163 1.32 1 645 000 FRANCE - EMPRUNT D’ETAT - OAT 5.000% 01-25/10/2016 EUR 1 842 837 1.41 734 824 FRANCE - EMPRUNT D’ETAT - OAT 5.500% 98-25/04/2029 EUR 1 000 232 0.76 734 000 FRANCE - EMPRUNT D’ETAT - OAT 6.000% 94-25/10/2025 EUR 1 015 037 0.77 590 000 FRANCE - EMPRUNT D'ETAT - OAT 3.500% 10-25/04/2020 EUR 670 716 0.51 3 161 361 FRANCE - EMPRUNT D'ETAT - OAT 3.750% 05-25/04/2021 EUR 3 659 529 2.80 450 000 FRANCE - EMPRUNT D'ETAT - OAT 4.000% 05-25/04/2055 EUR 537 446 0.41 123 400 FRANCE - EMPRUNT D'ETAT - OAT 4.000% 06-25/10/2038 EUR 145 612 0.11 2 580 000 FRANCE - EMPRUNT D'ETAT - OAT 4.250% 07-25/10/2023 EUR 3 103 604 2.37 1 366 000 FRANCE - EMPRUNT D'ETAT - OAT 4.500% 09-25/04/2041 EUR 1 742 946 1.33 529 000 FRANCE - EMPRUNT D'ETAT - OAT 5.750% 01-25/10/2032 EUR 758 281 0.58

The accompanying notes form an integral part of these financial statements

Page 56 PARWORLD TRACK EMU GOVERNMENT BOND

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Germany 25 064 873 19.10

1 304 000 BUNDESREPUBLIK DEUTSCHLAND 1.750% 10-09/10/2015 EUR 1 335 546 1.02

1 809 000 BUNDESREPUBLIK DEUTSCHLAND 2.000% 11-04/01/2022 EUR 1 920 836 1.46

3 858 272 BUNDESREPUBLIK DEUTSCHLAND 2.250% 10-04/09/2020 EUR 4 186 560 3.20

607 000 BUNDESREPUBLIK DEUTSCHLAND 2.250% 10-10/04/2015 EUR 619 990 0.47

63 714 BUNDESREPUBLIK DEUTSCHLAND 3.000% 10-04/07/2020 EUR 72 069 0.05

627 975 BUNDESREPUBLIK DEUTSCHLAND 3.250% 05-04/07/2015 EUR 652 301 0.50

1 880 000 BUNDESREPUBLIK DEUTSCHLAND 3.250% 11-04/07/2021 EUR 2 167 704 1.65

119 000 BUNDESREPUBLIK DEUTSCHLAND 3.500% 09-04/07/2019 EUR 136 568 0.10 850 000 BUNDESREPUBLIK DEUTSCHLAND 4.000% 05-04/01/2037 EUR 1 087 661 0.83 2 648 000 BUNDESREPUBLIK DEUTSCHLAND 4.000% 06-04/07/2016 EUR 2 876 400 2.19 1 938 907 BUNDESREPUBLIK DEUTSCHLAND 4.000% 07-04/01/2018 EUR 2 204 787 1.68 2 593 637 BUNDESREPUBLIK DEUTSCHLAND 4.250% 07-04/07/2017 EUR 2 928 634 2.23 1 879 828 BUNDESREPUBLIK DEUTSCHLAND 4.250% 07-04/07/2039 EUR 2 533 006 1.93 663 657 BUNDESREPUBLIK DEUTSCHLAND 4.750% 03-04/07/2034 EUR 920 144 0.70 96 000 BUNDESREPUBLIK DEUTSCHLAND 4.750% 98-04/07/2028 EUR 128 116 0.10 718 127 BUNDESREPUBLIK DEUTSCHLAND 5.500% 00-04/01/2031 EUR 1 044 674 0.80 174 000 BUNDESREPUBLIK DEUTSCHLAND 5.625% 98-04/01/2028 EUR 249 877 0.19

Spain 15 857 609 12.08

1 160 000 KINGDOM OF SPAIN 3.000% 10-30/04/2015 EUR 1 189 174 0.91 908 000 KINGDOM OF SPAIN 3.150% 05-31/01/2016 EUR 947 972 0.72 1 874 000 KINGDOM OF SPAIN 3.800% 06-31/01/2017 EUR 2 015 352 1.54 721 000 KINGDOM OF SPAIN 4.000% 10-30/04/2020 EUR 794 979 0.61 272 000 KINGDOM OF SPAIN 4.200% 05-31/01/2037 EUR 278 963 0.21 674 000 KINGDOM OF SPAIN 4.300% 09-31/10/2019 EUR 755 497 0.58 663 000 KINGDOM OF SPAIN 4.600% 09-30/07/2019 EUR 753 344 0.57 2 397 000 KINGDOM OF SPAIN 4.800% 08-31/01/2024 EUR 2 720 526 2.07

28 000 KINGDOM OF SPAIN 4.850% 10-31/10/2020 EUR 32 152 0.02

695 000 KINGDOM OF SPAIN 4.900% 07-30/07/2040 EUR 781 875 0.60

1 986 000 KINGDOM OF SPAIN 5.500% 02-30/07/2017 EUR 2 257 883 1.72 1 169 000 KINGDOM OF SPAIN 5.500% 11-30/04/2021 EUR 1 390 016 1.06 1 264 000 KINGDOM OF SPAIN 5.750% 01-30/07/2032 EUR 1 579 673 1.20 297 000 KINGDOM OF SPAIN 5.850% 11-31/01/2022 EUR 360 203 0.27

Netherlands 7 992 395 6.09

1 292 000 NEDERLAND - EMPRUNT D’ETAT - 2.500% 11-15/01/2017 EUR 1 370 618 1.05 996 717 NEDERLAND - EMPRUNT D’ETAT - 3.250% 05-15/07/2015 EUR 1 035 987 0.79 555 000 NEDERLAND - EMPRUNT D’ETAT - 3.250% 11-15/07/2021 EUR 628 047 0.48 691 145 NEDERLAND - EMPRUNT D’ETAT - 3.500% 10-15/07/2020 EUR 791 068 0.60 334 490 NEDERLAND - EMPRUNT D’ETAT - 4.000% 05-15/01/2037 EUR 421 360 0.32 778 653 NEDERLAND - EMPRUNT D’ETAT - 4.000% 08-15/07/2018 EUR 888 443 0.68 88 510 NEDERLAND - EMPRUNT D’ETAT - 5.500% 98-15/01/2028 EUR 123 246 0.09 754 726 NEDERLAND - EMPRUNT D’ETAT - 7.500% 93-15/01/2023 EUR 1 117 903 0.85 941 000 NEDERLAND - EMPRUNT D'ETAT - 3.750% 10-15/01/2042 EUR 1 169 572 0.89 394 000 NEDERLAND - EMPRUNT D'ETAT - 4.500% 07-15/07/2017 EUR 446 151 0.34

The accompanying notes form an integral part of these financial statements

Page 57 PARWORLD TRACK EMU GOVERNMENT BOND

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Belgium 7 745 350 5.90

191 436 BELGIQUE - EMPRUNT D’ETAT - OLO 3.750% 05-28/09/2015 EUR 201 525 0.15

140 000 BELGIQUE - EMPRUNT D’ETAT - OLO 4.000% 06-28/03/2022 EUR 163 890 0.12

366 000 BELGIQUE - EMPRUNT D’ETAT - OLO 4.000% 07-28/03/2017 EUR 404 784 0.31

555 000 BELGIQUE - EMPRUNT D’ETAT - OLO 4.000% 08-28/03/2018 EUR 627 034 0.48

31 000 BELGIQUE - EMPRUNT D’ETAT - OLO 4.250% 10-28/03/2041 EUR 37 676 0.03

814 766 BELGIQUE - EMPRUNT D’ETAT - OLO 5.000% 04-28/03/2035 EUR 1 074 485 0.82

54 661 BELGIQUE - EMPRUNT D’ETAT - OLO 5.500% 02-28/09/2017 EUR 63 986 0.05

1 254 072 BELGIQUE - EMPRUNT D’ETAT - OLO 5.500% 97-28/03/2028 EUR 1 684 258 1.28 934 000 BELGIQUE - EMPRUNT D'ETAT - OLO 3.250% 06-28/09/2016 EUR 1 001 751 0.76 176 437 BELGIQUE - EMPRUNT D'ETAT - OLO 3.500% 11-28/06/2017 EUR 193 335 0.15 867 509 BELGIQUE - EMPRUNT D'ETAT - OLO 3.750% 10-28/09/2020 EUR 996 948 0.76 1 090 807 BELGIQUE - EMPRUNT D'ETAT - OLO 4.250% 11-28/09/2021 EUR 1 295 678 0.99

Austria 4 975 550 3.80

487 000 REPUBLIC OF AUSTRIA 3.500% 04-15/07/2015 EUR 507 696 0.39 1 435 000 REPUBLIC OF AUSTRIA 3.500% 06-15/09/2021 EUR 1 647 228 1.26 493 000 REPUBLIC OF AUSTRIA 3.900% 05-15/07/2020 EUR 574 383 0.44 780 000 REPUBLIC OF AUSTRIA 4.150% 07-15/03/2037 EUR 987 712 0.75 1 113 000 REPUBLIC OF AUSTRIA 4.300% 07-15/09/2017 EUR 1 258 531 0.96

Portugal 2 417 131 1.85

200 000 PORTUGAL - EMPRUNT D’ETAT - 3.350% 05-15/10/2015 EUR 207 620 0.16 828 000 PORTUGAL - EMPRUNT D’ETAT - 4.450% 08-15/06/2018 EUR 887 036 0.68 635 000 PORTUGAL - EMPRUNT D’ETAT - 4.950% 08-25/10/2023 EUR 685 169 0.52 583 000 PORTUGAL - EMPRUNT D’ETAT - 6.400% 11-15/02/2016 EUR 637 306 0.49

Ireland 2 396 633 1.82

492 000 IRLANDE - EMPRUNT D’ETAT - 4.000% 09-13/03/2025 EUR 590 574 0.45

800 000 IRLANDE - EMPRUNT D’ETAT - 4.500% 04-18/04/2020 EUR 912 054 0.70

224 000 IRLANDE - EMPRUNT D’ETAT - 4.600% 99-18/04/2016 EUR 242 239 0.18 310 000 IRLANDE - EMPRUNT D’ETAT - 5.500% 09-18/10/2017 EUR 358 166 0.27 241 298 IRLANDE - EMPRUNT D’ETAT - 5.900% 09-18/10/2019 EUR 293 600 0.22

Finland 1 950 530 1.48

364 000 FINLANDE EMPRUNT D’ETAT 3.875% 06-15/09/2017 EUR 406 524 0.31 813 000 FINLANDE EMPRUNT D’ETAT 4.000% 09-04/07/2025 EUR 976 817 0.74 481 000 FINLANDE EMPRUNT D’ETAT 4.375% 08-04/07/2019 EUR 567 189 0.43

Money Market Instruments 1 886 576 1.46

France 1 886 576 1.46

488 000 FRANCE - EMPRUNT D'ETAT - BTAN 12/07/2015 2.000% EUR 499 152 0.39 1 336 000 FRANCE - EMPRUNT D'ETAT - BTAN 25/02/2016 2.250% EUR 1 387 424 1.07

Total securities portfolio 128 485 129 97.98

The accompanying notes form an integral part of these financial statements

Page 58 PARWORLD TRACK EMU GOVERNMENT BOND 1–3 YEARS

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 25 759 563 86.18 listing and/or traded on another regulated market

Bonds 25 759 563 86.18

Germany 6 455 484 21.60

358 000 BUNDESREPUBLIK DEUTSCHLAND 0.000% 13-11/12/2015 EUR 357 058 1.19

383 000 BUNDESREPUBLIK DEUTSCHLAND 0.000% 13-12/06/2015 EUR 382 364 1.28

383 000 BUNDESREPUBLIK DEUTSCHLAND 0.250% 13-11/09/2015 EUR 383 517 1.28 220 000 BUNDESREPUBLIK DEUTSCHLAND 0.250% 14-11/03/2016 EUR 220 386 0.74 405 000 BUNDESREPUBLIK DEUTSCHLAND 0.750% 12-24/02/2017 EUR 411 277 1.38 409 000 BUNDESREPUBLIK DEUTSCHLAND 1.250% 11-14/10/2016 EUR 420 075 1.41 409 000 BUNDESREPUBLIK DEUTSCHLAND 1.750% 10-09/10/2015 EUR 418 915 1.40 409 000 BUNDESREPUBLIK DEUTSCHLAND 2.000% 11-26/02/2016 EUR 423 388 1.42 470 000 BUNDESREPUBLIK DEUTSCHLAND 2.250% 10-10/04/2015 EUR 480 086 1.61 455 000 BUNDESREPUBLIK DEUTSCHLAND 2.750% 11-08/04/2016 EUR 478 692 1.60 534 000 BUNDESREPUBLIK DEUTSCHLAND 3.250% 05-04/07/2015 EUR 554 725 1.86 583 000 BUNDESREPUBLIK DEUTSCHLAND 3.500% 05-04/01/2016 EUR 617 310 2.07 506 000 BUNDESREPUBLIK DEUTSCHLAND 3.750% 06-04/01/2017 EUR 555 578 1.86 573 000 BUNDESREPUBLIK DEUTSCHLAND 4.000% 06-04/07/2016 EUR 622 437 2.07 19 000 BUNDESREPUBLIK DEUTSCHLAND 5.675% 05-20/09/2016 EUR 21 537 0.07 95 800 BUNDESREPUBLIK DEUTSCHLAND E.11 6.000% 86-20/06/2016 EUR 108 139 0.36

Italy 6 325 392 21.17

313 000 REPUBLIC OF ITALY 1.500% 14-15/12/2016 EUR 316 550 1.06 379 000 REPUBLIC OF ITALY 2.250% 13-15/05/2016 EUR 389 885 1.30 381 000 REPUBLIC OF ITALY 2.750% 10-01/12/2015 EUR 393 715 1.32 317 000 REPUBLIC OF ITALY 2.750% 10-15/11/2016 EUR 331 060 1.11

443 000 REPUBLIC OF ITALY 3.000% 10-01/11/2015 EUR 458 886 1.54

455 000 REPUBLIC OF ITALY 3.000% 10-15/04/2015 EUR 465 902 1.56

445 000 REPUBLIC OF ITALY 3.000% 10-15/06/2015 EUR 457 308 1.53 638 000 REPUBLIC OF ITALY 3.750% 05-01/08/2015 EUR 663 698 2.22 679 000 REPUBLIC OF ITALY 3.750% 06-01/08/2016 EUR 722 836 2.42 415 000 REPUBLIC OF ITALY 3.750% 11-15/04/2016 EUR 439 336 1.47 650 000 REPUBLIC OF ITALY 4.000% 07-01/02/2017 EUR 702 195 2.35 432 000 REPUBLIC OF ITALY 4.500% 12-15/07/2015 EUR 452 921 1.52 409 000 REPUBLIC OF ITALY 4.750% 11-15/09/2016 EUR 446 051 1.49 77 000 REPUBLIC OF ITALY 5.750% 01-25/07/2016 EUR 85 049 0.28

Spain 4 235 384 14.16

532 000 KINGDOM OF SPAIN 3.000% 10-30/04/2015 EUR 545 481 1.82 524 000 KINGDOM OF SPAIN 3.150% 05-31/01/2016 EUR 547 098 1.83 539 000 KINGDOM OF SPAIN 3.250% 10-30/04/2016 EUR 566 025 1.89 437 000 KINGDOM OF SPAIN 3.300% 13-30/07/2016 EUR 461 014 1.54 395 000 KINGDOM OF SPAIN 3.750% -31/10/2015 EUR 413 807 1.38

The accompanying notes form an integral part of these financial statements

Page 59 PARWORLD TRACK EMU GOVERNMENT BOND 1–3 YEARS

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

544 000 KINGDOM OF SPAIN 3.800% 06-31/01/2017 EUR 585 137 1.96

512 000 KINGDOM OF SPAIN 4.000% 12-30/07/2015 EUR 534 421 1.79

538 000 KINGDOM OF SPAIN 4.250% 11-31/10/2016 EUR 582 401 1.95

France 3 815 735 12.76

523 950 FRANCE - EMPRUNT D'ETAT - OAT 0.250% 13-25/11/2015 EUR 524 254 1.75

888 000 FRANCE - EMPRUNT D'ETAT - OAT 3.20% 06-25/04/2016 EUR 943 038 3.15

840 000 FRANCE - EMPRUNT D’ETAT - OAT 3.000% 05-25/10/2015 EUR 876 590 2.93

730 000 FRANCE - EMPRUNT D’ETAT - OAT 5.000% 01-25/10/2016 EUR 817 746 2.74

632 000 FRANCE - EMPRUNT D'ETAT - OAT 3.500% 05-25/04/2015 EUR 654 107 2.19

Netherlands 1 988 122 6.65

390 000 NEDERLAND - EMPRUNT D’ETAT - 0.000% 13-15/04/2016 EUR 388 268 1.30 380 000 NEDERLAND - EMPRUNT D’ETAT - 0.750% 12-15/04/2015 EUR 382 264 1.28 395 000 NEDERLAND - EMPRUNT D’ETAT - 2.500% 11-15/01/2017 EUR 419 004 1.40 386 000 NEDERLAND - EMPRUNT D’ETAT - 3.250% 05-15/07/2015 EUR 401 227 1.34 366 000 NEDERLAND - EMPRUNT D’ETAT - 4.000% 06-15/07/2016 EUR 397 359 1.33

Belgium 1 215 435 4.07

245 000 BELGIQUE - EMPRUNT D’ETAT - OLO 2.750% 10-28/03/2016 EUR 257 000 0.86 273 000 BELGIQUE - EMPRUNT D’ETAT - OLO 3.750% 05-28/09/2015 EUR 287 362 0.96 280 000 BELGIQUE - EMPRUNT D’ETAT - OLO 4.000% 07-28/03/2017 EUR 309 624 1.04 337 000 BELGIQUE - EMPRUNT D'ETAT - OLO 3.250% 06-28/09/2016 EUR 361 449 1.21

Austria 943 795 3.16

251 000 REPUBLIC OF AUSTRIA 3.200% 10-20/02/2017 EUR 271 532 0.91 335 000 REPUBLIC OF AUSTRIA 3.500% 04-15/07/2015 EUR 349 241 1.17 296 000 REPUBLIC OF AUSTRIA 4.000% 06-15/09/2016 EUR 323 022 1.08

Finland 305 786 1.02

128 000 FINLANDE EMPRUNT D’ETAT 4.250% 04-04/07/2015 EUR 134 542 0.45 166 000 FINLANDE EMPRUNT D'ETAT 1.750% 10-15/04/2016 EUR 171 244 0.57

Ireland 280 093 0.94

259 000 IRLANDE - EMPRUNT D’ETAT - 4.600% 99-18/04/2016 EUR 280 093 0.94

Slovakia 150 449 0.50

77 000 SLOVAKIA 3.500% 10-24/02/2016 EUR 81 505 0.27 62 000 SLOVAKIA 4.625% 12-19/01/2017 EUR 68 944 0.23 41 730 SLOVENIA 4.000% 05-17/02/2016 EUR 43 888 0.15

Money Market Instruments 3 733 428 12.48

France 2 940 038 9.83

795 000 FRANCE - EMPRUNT D'ETAT - BTAN 12/07/2015 2.000% EUR 813 260 2.72

The accompanying notes form an integral part of these financial statements

Page 60 PARWORLD TRACK EMU GOVERNMENT BOND 1–3 YEARS

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

743 000 FRANCE - EMPRUNT D'ETAT - BTAN 25/02/2016 2.250% EUR 771 622 2.58

500 000 FRANCE - EMPRUNT D'ETAT - BTAN 25/02/2017 1.750% EUR 520 185 1.74

794 000 FRANCE - EMPRUNT D'ETAT - BTAN 25/07/2016 2.500% EUR 834 971 2.79

Italy 793 390 2.65

408 000 REPUBLIC OF ITALY 30/06/2015 ZC EUR 403 962 1.35

395 000 REPUBLIC OF ITALY 31/12/2015 ZC EUR 389 428 1.30

Total securities portfolio 29 492 991 98.66

The accompanying notes form an integral part of these financial statements

Page 61 PARWORLD TRACK EURO CORPORATE BOND

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 296 380 491 98.63 listing and/or traded on another regulated market

Bonds 296 380 491 98.63

Netherlands 101 183 833 33.67

6 450 000 ABN AMRO BANK N.V. 3.625% 10-06/10/2017 EUR 6 988 962 2.33

8 630 000 BMW FINANCE N.V 3.250% 12-14/01/2019 EUR 9 432 677 3.14

5 400 000 CONTI-GUMMI FINANCE 2.500% 13-20/03/2017 EUR 5 616 810 1.87 8 853 000 DEUTSCHE TEL INTL 2.125% 13-18/01/2021 EUR 9 016 094 3.00 5 356 000 HEINEKEN N.V. 2.500% 12-19/03/2019 EUR 5 616 355 1.87 5 800 000 ING BANK N.V. 4.250% 12-13/01/2017 EUR 6 315 098 2.10 6 959 000 KONINKLIJKE KPN N.V. 3.750% 10-21/09/2020 EUR 7 509 736 2.50 15 337 000 RABOBANK NEDERLAND 3.875% 11-20/04/2016 EUR 16 296 789 5.41 7 163 000 ROCHE FINANCE EUROPE B.V. 2.000% 12-25/06/2018 EUR 7 487 269 2.49 6 863 000 SCHLUMBERGER FINANCE 2.750% 10-01/12/2015 EUR 7 112 607 2.37 9 300 000 SIEMENS FINANCIERINGSMAATSCHAPPIJ N.V. 1.750% 13- EUR 9 338 461 3.11 12/03/2021 10 186 000 VOLKSWAGEN INTERNATIONAL 1.875% 12-15/05/2017 EUR 10 452 975 3.48

Germany 42 283 479 14.07

7 361 000 BASF 2.000% 12-05/12/2022 EUR 7 388 972 2.46 6 470 000 COMMERZBANK AG. 3.875% 10-22/03/2017 EUR 6 979 254 2.32 7 061 000 DAIMLER 1.000% 13-08/07/2016 EUR 7 111 204 2.37 4 050 000 DEUT PFANDBRFBK 2.000% 13-19/07/2016 EUR 4 101 881 1.36 7 500 000 LINDE 1.750% 12-17/09/2020 EUR 7 565 475 2.52 7 850 000 MERCK 4.500% 10-24/03/2020 EUR 9 136 693 3.04

United States of America 40 495 973 13.48

5 000 000 CITIGROUP 4.000% 10-26/11/2015 EUR 5 261 800 1.75

6 051 000 GOLDMAN SACHS GROUP INC 2.625% 13-19/08/2020 EUR 6 206 539 2.07 6 600 000 JP MORGAN CHASE 2.625% 13-23/04/2021 EUR 6 876 210 2.29 6 731 000 MORGAN STANLEY 4.500% 11-23/02/2016 EUR 7 165 014 2.38 7 340 000 TOYOTA MOTOR CREDIT 1.250% 13-01/08/2017 EUR 7 451 861 2.48 7 300 000 US TREASURY BILL 2.500% 10-15/11/2040 EUR 7 534 549 2.51

Italy 31 585 208 10.52

6 950 000 ATLANTIA SPA 3.375% 10-18/09/2017 EUR 7 421 418 2.47 6 486 000 ENI SPA 3.500% 10-29/01/2018 EUR 7 024 792 2.34 7 400 000 INTESA SAN PAOLO 4.000% 12-09/11/2017 EUR 8 010 352 2.67 7 795 000 TERNA - RETE ELETTRICA NAZIONALE S.P.A. 4.750% 11-15/03/2021 EUR 9 128 646 3.04

United Kingdom 24 402 498 8.12

5 700 000 BARCLAYS BANK 4.125% 11-15/03/2016 EUR 6 071 070 2.02 6 101 000 BP CAPITAL MARKETS 3.830% 10-06/10/2017 EUR 6 679 497 2.22 5 536 000 LLOYDS 6.500% 10-24/03/2020 EUR 6 641 595 2.21 4 800 000 UBS LONDON 3.125% 12-18/01/2016 EUR 5 010 336 1.67

The accompanying notes form an integral part of these financial statements

Page 62 PARWORLD TRACK EURO CORPORATE BOND

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

France 16 445 489 5.47

8 775 000 BNP PARIBAS 3.750% 10-25/11/2020 EUR 9 766 400 3.25

6 060 000 GDF SUEZ 3.500% 10-18/10/2022 EUR 6 679 089 2.22

Guernesey 8 688 488 2.89

8 415 000 CREDIT SUISSE/GUERNSEY 2.875% 10-24/09/2015 EUR 8 688 488 2.89

Denmark 7 460 638 2.48

6 968 000 CARLSBERG S.B 3.375% 10-13/10/2017 EUR 7 460 638 2.48

Ireland 7 205 703 2.40

6 982 000 GE CAPITAL EUROPEA 2.875% 10-17/09/2015 EUR 7 205 703 2.40

Luxembourg 5 953 866 1.98

6 000 000 NESTLE FINANCE INTERNATIONAL LTD 1.750% 12-12/09/2016 EUR 5 953 866 1.98

Austria 5 541 786 1.84

5 300 000 TELEKOM FINANZ 3.125% 13-03/12/2021 EUR 5 541 786 1.84

Australia 5 133 530 1.71

5 100 000 NATIONAL AUSTRALIA BANK 2.000% 13-12/11/2020 EUR 5 133 530 1.71

Total securities portfolio 296 380 491 98.63

The accompanying notes form an integral part of these financial statements

Page 63 PARWORLD TRACK EURO INFLATION LINKED BOND

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 186 287 851 99.05 listing and/or traded on another regulated market

Bonds 186 287 851 99.05

France 140 905 521 74.92

2 664 000 FRANCE - EMPRUNT D’ETAT - OAT 0.100% 12-25/07/2021 EUR 2 673 357 1.42

5 003 000 FRANCE - EMPRUNT D’ETAT - OAT 0.250% 12-25/07/2018 EUR 5 321 054 2.83

4 288 000 FRANCE - EMPRUNT D’ETAT - OAT 0.250% 12-25/07/2024 EUR 4 217 243 2.24 14 124 000 FRANCE - EMPRUNT D’ETAT - OAT 1.000% 05-25/07/2017 EUR 16 844 056 8.96 11 939 000 FRANCE - EMPRUNT D’ETAT - OAT 1.100% 10-25/07/2022 EUR 13 790 168 7.33 7 450 000 FRANCE - EMPRUNT D’ETAT - OAT 1.300% 10-25/07/2019 EUR 8 580 829 4.56 10 071 000 FRANCE - EMPRUNT D’ETAT - OAT 1.600% 04-25/07/2015 EUR 12 413 811 6.60 6 521 000 FRANCE - EMPRUNT D’ETAT - OAT 1.800% 07-25/07/2040 EUR 8 800 271 4.68 6 367 000 FRANCE - EMPRUNT D’ETAT - OAT 1.850% 11-25/07/2027 EUR 7 731 008 4.11 8 015 000 FRANCE - EMPRUNT D’ETAT - OAT 2.100% 08-25/07/2023 EUR 10 167 838 5.41 13 998 000 FRANCE - EMPRUNT D’ETAT - OAT 2.250% 04-25/07/2020 EUR 19 463 384 10.35 6 885 000 FRANCE - EMPRUNT D’ETAT - OAT 3.150% 02-25/07/2032 EUR 11 664 050 6.20 5 723 000 FRANCE - EMPRUNT D’ETAT - OAT 3.400% 99-25/07/2029 EUR 9 893 879 5.26 8 665 000 FRANCE - EMPRUNT D'ETAT - BTAN 0.450%-25/07/2016 EUR 9 344 573 4.97

Germany 45 382 330 24.13

10 551 000 BUNDESREPUBLIK DEUTSCHLAND FLR 06-15/04/2016 EUR 12 680 844 6.74 10 446 000 BUNDESREPUBLIK DEUTSCHLAND FLR 09-15/04/2020 EUR 12 780 270 6.80 8 620 000 BUNDESREPUBLIK DEUTSCHLAND FLR 11-15/04/2018 EUR 9 568 598 5.09 10 024 000 BUNDESREPUBLIK DEUTSCHLAND FLR 12-15/04/2023 EUR 10 352 618 5.50

Total securities portfolio 186 287 851 99.05

The accompanying notes form an integral part of these financial statements

Page 64 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 338 419 502 98.14 listing and/or traded on another regulated market

Shares 338 328 506 98.13

United Kingdom 99 208 457 28.77

52 982 3I GROUP GBP 255 008 0.07

52 504 ABERDEEN ASSET MGMT GBP 247 881 0.07

9 116 ADMIRAL GROUP GBP 157 465 0.05 14 643 AGGREKO GBP 265 866 0.08 16 364 AMEC GBP 222 093 0.06 72 121 ANGLO AMERICAN GBP 1 331 713 0.39 21 619 ANTOFAGASTA GBP 218 491 0.06 72 309 ARM HOLDINGS GBP 872 921 0.25 2 900 ASOS GBP 181 886 0.05 18 885 ASSOCIATED BRITISH FOODS GBP 635 287 0.18 65 864 ASTRAZENECA GBP 3 088 446 0.90 154 348 AVIVA GBP 890 577 0.26 18 428 BABCOCK INTL GROUP GBP 300 260 0.09 166 914 BAE SYSTEMS GBP 836 286 0.24 803 480 BARCLAYS GBP 2 268 444 0.66 179 073 BG GBP 2 420 637 0.70 110 903 BHP BILLITON GBP 2 473 753 0.72 974 040 BP GBP 5 655 488 1.64 99 049 BRITISH AMERICAN TOBACCO GBP 3 996 346 1.16 49 025 BRITISH LAND REIT GBP 387 835 0.11 55 043 BRITISH SKY BROADCASTING GRO GBP 607 890 0.18 415 663 BT GROUP GBP 1 908 118 0.55

16 929 BUNZL GBP 326 826 0.09

22 511 BURBERRY GROUP GBP 379 858 0.11

33 997 CAPITA GBP 450 716 0.13 9 970 CARNIVAL GBP 275 450 0.08 268 077 CENTRICA GBP 1 069 130 0.31 59 437 COBHAM GBP 214 971 0.06 94 175 COMPASS GROUP GBP 1 042 339 0.30 31 811 CPTL SHOPP CENT GBP 108 512 0.03 7 455 CRODA INTERNATIONAL GBP 229 593 0.07 131 726 DIAGEO GBP 2 965 309 0.86 62 256 DIRECT LINE INSURANCE GROUP PL GBP 178 853 0.05 7 549 EASYJET GBP 156 605 0.05 8 537 FRESNILLO GBP 87 105 0.03 84 946 G4S GBP 248 149 0.07 84 735 GKN GBP 400 049 0.12 254 742 GLAXOSMITHKLINE GBP 4 904 099 1.42 38 847 HAMMERSON PLC GBP 260 327 0.08 10 163 HARGREAVES LANSDOWN GBP 179 239 0.05 981 716 HSBC HOLDINGS GBP 7 214 134 2.08 26 152 ICAP GBP 119 451 0.03

The accompanying notes form an integral part of these financial statements

Page 65 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

13 396 IMI SHS GBP 236 257 0.07

50 112 IMPERIAL TOBACCO GROUP GBP 1 468 748 0.43

24 750 INMARSAT GBP 217 502 0.06

13 583 INTERCONTINENTAL HOTELS GROU GBP 316 614 0.09

8 338 INTERTEK GROUP GBP 309 838 0.09

27 374 INVESTEC GBP 160 529 0.05

193 044 ITV GBP 447 175 0.13

10 590 JOHNSON MATTHEY GBP 419 014 0.12

126 476 KINGFISHER GBP 644 696 0.19

39 865 LAND SECURITIES GBP 492 345 0.14 309 997 LEGAL & GENERAL GROUP GBP 767 587 0.22 2 623 084 LLOYDS BANKING GROUP GBP 2 368 613 0.69 9 664 LONDON STOCK EXCHANGE GROUP GBP 230 290 0.07 86 792 MARKS & SPENCER GROUP GBP 474 012 0.14 40 154 MEGGITT GBP 233 094 0.07 58 799 MELROSE SHS GBP 211 170 0.06 196 122 NATIONAL GRID GBP 1 950 070 0.57 8 131 NEXT GBP 649 142 0.19 261 105 OLD MUTUAL GBP 635 154 0.18 43 545 PEARSON GBP 559 917 0.16 16 546 PERSIMMON GBP 269 395 0.08 134 481 PRUDENTIAL GBP 2 063 495 0.60 34 053 RECKITT BENCKISER GROUP GBP 2 013 028 0.58 60 842 REED ELSEVIER GBP 674 141 0.20 43 218 REXAM PLC GBP 254 488 0.07 66 741 RIO TINTO GBP 2 694 425 0.78 97 122 ROLLS-ROYCE HOLDINGS GBP 1 261 752 0.37 110 375 ROYAL BANK OF SCOTLAND GROUP GBP 415 225 0.12

202 274 ROYAL DUTCH SHELL-A SHS GBP 5 360 860 1.55

129 828 ROYAL DUTCH SHELL-B SHS GBP 3 675 607 1.07

34 000 ROYAL MAIL PLC GBP 231 547 0.07 190 284 RSA INSURANCE GROUP GBP 206 120 0.06 59 448 SAGE GROUP PLC GBP 300 656 0.09 62 831 SAINSBURY (J) GBP 240 243 0.07 4 843 SCHRODERS GBP 152 197 0.04 35 332 SEGRO REIT GBP 141 892 0.04 23 738 SERCO GROUP GBP 120 887 0.04 12 157 SEVERN TRENT GBP 268 080 0.08 48 098 SMITH & NEPHEW GBP 528 863 0.15 21 285 SMITHS GROUP GBP 327 501 0.09 50 646 SOUTH AFRICAN BREWERIES GBP 1 834 822 0.53 49 835 SSE GBP 885 540 0.26 127 596 STANDARD CHARTERED GBP 1 934 699 0.56 126 527 STANDARD LIFE GBP 577 766 0.17 22 202 TATE & LYLE GBP 179 265 0.05 425 453 TESCO GBP 1 520 247 0.44 13 281 TRAVIS PERKINS GBP 302 827 0.09 21 292 TUI TRAVEL GBP 112 809 0.03 46 687 TULLOW OIL GBP 422 707 0.12

The accompanying notes form an integral part of these financial statements

Page 66 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

67 477 UNILEVER GBP 2 090 342 0.61

35 240 UNITED UTILITIES GBP 335 903 0.10

1 385 793 VODAFONE GROUP SHS GBP 3 692 878 1.07

11 016 WEIR GROUP GBP 337 929 0.10

9 319 WHITBREAD GBP 469 163 0.14

47 643 WILLIAM HILL GBP 196 519 0.06

112 348 WM MORRISON SUPERMARKETS GBP 289 466 0.08

France 49 088 747 14.24

8 105 ACCOR EUR 301 222 0.09 1 414 AEROPORT DE PARIS EUR 127 981 0.04 16 420 AIR LIQUIDE EUR 1 614 414 0.47 143 873 ALCATEL-LUCENT EUR 411 765 0.12 11 161 ALSTOM EUR 221 211 0.06 3 196 ARKEMA EUR 262 711 0.08 3 614 ATOS EUR 237 187 0.07 94 433 AXA EUR 1 781 479 0.52 52 240 BNP PARIBAS ACTIONS A EUR 2 924 918 0.85 10 390 BOUYGUES EUR 314 557 0.09 12 106 BUREAU VERITAS EUR 269 419 0.08 7 402 CAP GEMINI EUR 406 740 0.12 32 208 CARREFOUR EUR 904 884 0.26 3 086 CASINO GUICHARD PERRACHON EUR 266 569 0.08 2 817 CHRISTIAN DIOR EUR 393 676 0.11 9 676 CNP ASSURANCES EUR 148 720 0.04 7 559 COMPAGNIE GENERALE DE GEOPHYSIQUE EUR 87 987 0.03 50 857 CREDIT AGRICOLE EUR 582 058 0.17 29 909 DANONE EUR 1 535 229 0.45

3 259 DASSAULT SYSTEMES EUR 277 145 0.08

11 102 EDENRED EUR 252 848 0.07

12 233 EDF EUR 351 271 0.10 10 732 ESSILOR INTL EUR 785 582 0.23 1 485 EURAZEO EUR 96 852 0.03 6 812 EUTELSAT COMMUNICATIONS EUR 167 916 0.05 1 378 FONCIERE DES REGIONS EUR 92 657 0.03 95 819 FRANCE TELECOM EUR 1 027 180 0.30 68 835 GDF SUEZ EUR 1 367 063 0.40 1 046 GECINA NOM. EUR 100 939 0.03 30 020 GROUPE EUROTUNNEL SA - REGROUPT EUR 278 195 0.08 1 697 ICADE EUR 121 862 0.04 1 346 ILIAD EUR 281 718 0.08 1 615 IMERYS EUR 104 248 0.03 3 173 JC DECAUX EUR 100 886 0.03 4 020 KERING EUR 595 161 0.17 4 749 KLEPIERRE EUR 154 248 0.04 9 991 LAFARGE EUR 566 490 0.16 5 307 LAGARDERE EUR 152 948 0.04 14 093 LEGRAND EUR 635 524 0.18 12 733 L'OREAL EUR 1 524 140 0.44

The accompanying notes form an integral part of these financial statements

Page 67 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

13 355 LVMH MOET HENNESSY VUITTON EUR 1 762 192 0.51

9 673 MICHELIN EUR 878 115 0.25

50 577 NATIXIS EUR 269 626 0.08

10 968 PERNOD-RICARD EUR 926 796 0.27

9 582 PUBLICIS GROUPE EUR 628 388 0.18

1 212 REMY COINTREAU EUR 70 599 0.02

10 178 RENAULT EUR 717 956 0.21

13 192 REXEL EUR 251 242 0.07

21 427 SAINT-GOBAIN EUR 939 574 0.27

62 621 SANOFI EUR 4 739 157 1.37 28 881 SCHNEIDER ELECTRIC EUR 1 858 492 0.54 8 465 SCOR SE EUR 215 011 0.06 14 008 SEFRAN PROV. ECHANGE EUR 704 462 0.20 1 381 SOCIETE BIC EUR 131 678 0.04 37 811 SOCIETE GENERALE A EUR 1 690 341 0.49 5 071 SODEXO EUR 386 055 0.11 15 425 SUEZ ENVIRONNEMENT COMPANY EUR 227 442 0.07 5 246 TECHNIP EUR 392 978 0.11 4 989 THALES EUR 240 121 0.07 112 078 TOTAL EUR 5 334 913 1.54 5 076 UNIBAIL RODAMCO SE EUR 956 826 0.28 3 901 VALEO EUR 398 877 0.12 5 893 VALLOUREC EUR 232 214 0.07 18 439 VEOLIA ENVIRONNEMENT EUR 264 784 0.08 25 356 VINCI EUR 1 366 942 0.40 62 416 VIVENDI EUR 1 262 052 0.37 1 533 WENDEL EUR 172 999 0.05 9 408 ZODIAC AEROSPACE EUR 241 315 0.07

Germany 47 165 653 13.68

10 811 ADIDAS EUR 849 096 0.25 23 954 ALLIANZ EUR 2 939 156 0.85 1 884 AXEL SPRINGER EUR 87 521 0.03 48 156 BASF NOM. EUR 3 885 226 1.13 43 346 BAYER EUR 4 255 710 1.23 5 210 BEIERSDORF EUR 368 868 0.11 17 444 BMW EUR 1 598 219 0.46 2 551 BMW EUR 174 897 0.05 2 661 BRENNTAG EUR 358 304 0.10 2 806 CELESIO EUR 69 617 0.02 51 185 COMMERZBANK AG EUR 682 552 0.20 5 684 CONTINENTAL EUR 988 448 0.29 50 502 DAIMLER EUR 3 463 932 1.00 53 618 DEUTSCHE BANK EUR 1 741 245 0.50 10 265 DEUTSCHE BOERSE EUR 593 009 0.17 12 642 DEUTSCHE LUFTHANSA EUR 240 388 0.07 47 009 DEUTSCHE POST EUR 1 267 833 0.37 152 171 DEUTSCHE TELEKOM EUR 1 784 966 0.52 14 784 DEUTSCHE WOHNEN PORT. EUR 230 039 0.07

The accompanying notes form an integral part of these financial statements

Page 68 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

93 232 E.ON SE EUR 1 322 962 0.38

1 756 FRAPORT AG EUR 95 210 0.03

11 470 FRESENIUS MEDICAL CARE EUR 580 956 0.17

6 579 FRESENIUS SE & KGAA EUR 747 374 0.22

1 690 FUCHS PETROLUB EUR 123 066 0.04

9 875 GEA GROUP EUR 327 653 0.10

2 871 HANNOVER RUECKVERSICHERU EUR 186 414 0.05

7 268 HEIDELBERGCEMENT EUR 452 142 0.13

6 611 HENKEL AG & KGAA EUR 482 272 0.14

9 364 HENKEL AG & KGAA VORZUG EUR 731 516 0.21 1 466 HOCHTIEF EUR 96 609 0.03 1 508 HUGO BOSS EUR 145 643 0.04 55 866 INFINEON TECHNOLOGIES EUR 483 911 0.14 9 459 K+S AG EUR 225 547 0.07 1 111 KABEL DEUTSCHLAND HOLDING EUR 110 778 0.03 4 555 LANXESS EUR 249 386 0.07 9 594 LINDE EUR 1 393 049 0.40 1 678 MAN EUR 155 215 0.05 3 339 MERCK KGAA EUR 408 193 0.12 7 143 METRO EUR 211 611 0.06 9 446 MUENCHENER RUECKVERSICHERUNGS EUR 1 498 136 0.43 4 602 OSRAM LICHT AG EUR 216 593 0.06 8 117 PORSCHE AUTOMOBIL HOLDING EUR 604 960 0.18 11 759 PROSIEBENSAT.1 MEDIA AG EUR 390 634 0.11 25 803 RWE EUR 760 156 0.22 48 363 SAP EUR 2 841 810 0.82 41 571 SIEMENS EUR 4 061 487 1.18 24 400 SKY DEUTSCHLAND EUR 152 744 0.04

3 889 SUEDZUCKER EUR 80 405 0.02

13 295 TELEFONICA DEUTSCHLAND HOLDING EUR 76 925 0.02

24 231 THYSSENKRUPP EUR 471 656 0.14 5 080 UNITED INTERNET SHARE EUR 173 152 0.05 1 603 VOLKSWAGEN EUR 294 952 0.09 7 621 VOLKSWAGEN PRIV. EUR 1 433 510 0.42

Switzerland 46 707 538 13.53

115 574 ABB CHF 2 164 432 0.63 5 490 ACTELION CHF 377 439 0.11 6 847 ADECCO CHF 413 649 0.12 4 742 ARYZTA CHF 304 202 0.09 2 603 BALOISE HOLDING CHF 237 754 0.07 105 BARRY CALLEBAUT CHF 102 805 0.03 27 446 CIE FINANCIERE RICHEMON-REG CHF 1 902 700 0.55 79 729 CREDIT SUISSE GROUP CHF 1 872 317 0.54 390 EMS-CHEMIE HOLDING CHF 106 914 0.03 2 024 GEBERIT CHF 481 291 0.14 493 GIVAUDAN CHF 553 559 0.16 12 100 HOLCIM CHF 727 521 0.21 11 566 JULIUS BAER GROUP CHF 372 692 0.11

The accompanying notes form an integral part of these financial statements

Page 69 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 932 KUEHNE & NAGEL INTL CHF 297 908 0.09

5 LINDT & SPRUENGLI CHF 213 766 0.06

48 LINDT & SPRUENGLI PC CHF 172 768 0.05

2 911 LONZA GROUP CHF 215 554 0.06

168 813 NESTLE CHF 9 227 899 2.68

120 452 NOVARTIS CHF 7 420 346 2.15

1 287 PARGESA HOLDING CHF 80 870 0.02

826 PARTNERS GROUP HOLDING CHF 168 531 0.05

36 783 ROCHE HOLDING AG-GENUSSCHEIN CHF 8 006 485 2.32

1 025 SCHINDLER HOLDING CHF 109 366 0.03 2 314 SCHINDLER HOLDING-PART CERT CHF 247 660 0.07 294 SGS CHF 526 203 0.15 116 SIKA BR CHF 344 537 0.10 2 741 SONOVA HOLDING CHF 290 884 0.08 1 142 SULZER CHF 113 970 0.03 2 067 SWATCH GROUP CHF 174 026 0.05 1 621 SWATCH GROUP CHF 737 635 0.21 1 738 SWISS LIFE HOLDING CHF 309 784 0.09 2 572 SWISS PRIME SITE CHF 158 763 0.05 18 249 SWISS RE CHF 1 228 392 0.36 1 186 SWISSCOM CHF 528 973 0.15 4 820 SYNGENTA CHF 1 323 525 0.38 19 156 TRANSOCEAN CHF 573 051 0.17 191 535 UBS CHF 2 872 750 0.83 7 835 ZURICH INSURANCE GROUP CHF 1 746 617 0.51

Spain 17 835 865 5.19

19 896 ABERTIS INFRAES.A EUR 329 776 0.10

9 615 ACS ACTIVIDADESNS Y SERV EUR 274 172 0.08

20 203 AMADEUS IT HOLDING EUR 609 120 0.18

303 750 BANCO BILBAO VIZCAYA ARGENTARIA EUR 2 648 093 0.77 172 977 BANCO DE SABADELL EUR 387 814 0.11 88 254 BANCO POPULAR ESPANOL SA EUR 483 632 0.14 608 044 BANCO SANTANDER EUR 4 208 273 1.22 218 076 BANKIA SA EUR 334 092 0.10 90 711 CAIXABANK EUR 423 620 0.12 29 110 DISTRIBUIDORA INTERNACIONAL EUR 193 058 0.06 10 507 ENAGAS EUR 231 942 0.07 20 533 FERROVIAL EUR 322 881 0.09 17 826 GAS NATURAL SDG EUR 363 829 0.11 8 066 GRIFOLS EUR 320 825 0.09 249 685 IBERDROLA EUR 1 267 401 0.37 11 298 INDITEX EUR 1 230 352 0.36 55 408 INTL CONSOLIDATED AIRLINE EUR 280 364 0.08 60 027 MAPFRE EUR 183 683 0.05 5 852 RED ELECTRICA EUR 345 268 0.10 44 932 REPSOL YPF EUR 832 365 0.24 215 150 TELEFONICA EUR 2 470 998 0.72

The accompanying notes form an integral part of these financial statements

Page 70 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

7 630 ZARDOYA OTIS EUR 94 307 0.03

Sweden 16 225 016 4.72

16 012 ALFA LAVAL AB SEK 313 755 0.09

17 665 ASSA ABLOY AB-B SEK 681 221 0.20

35 416 ATLASPCO AB-A SHS SEK 739 951 0.21

20 166 ATLASPCO AB-B SHS SEK 399 892 0.12

13 023 BOLIDEN AB SEK 143 405 0.04

13 220 ELECTROLUX AB-SER B SEK 208 894 0.06

17 549 ELEKTA AB-B SHS SEK 169 383 0.05 160 293 ERICSSON LM-B SHS SEK 1 546 255 0.45 10 344 GETINGE AB-B SHS SEK 209 868 0.06 49 979 HENNES & MAURITZ AB-B SHS SEK 1 543 675 0.45 12 273 HEXAGON AB-B SHS SEK 302 020 0.09 19 230 HUSQVARNA AB-B SHS SEK 97 270 0.03 5 606 INDUSTRIVARDEN AB-C SHS SEK 78 670 0.02 11 557 INVESTMENT AB KINNEVIK-B SHS SEK 309 102 0.09 24 211 INVESTOR AB-B SHS SEK 634 540 0.18 10 596 LUNDIN PETROLEUM AB SEK 157 826 0.05 159 877 NORDEA BANK AB SEK 1 642 434 0.48 56 839 SANDVIK AB SEK 581 687 0.17 17 226 SCANIA AB-B SHS SEK 366 652 0.11 14 909 SECURITAS AB-B SHS SEK 125 049 0.04 79 809 SKANDINAVISKA ENSKILDA BAN-A SEK 793 540 0.23 19 339 SKANSKA AB-B SHS SEK 330 037 0.10 19 966 SKF AB-B SHARES SEK 370 231 0.11 31 011 SVENSKA CELLULOSA AB-B SHS SEK 661 104 0.19 25 785 SVENSKA HANDELSBANKEN-A SHS SEK 937 222 0.27

46 798 SWEDBANK AB - A SHARES SEK 909 675 0.26

10 440 SWEDISH MATCH AB SEK 247 099 0.07

15 164 TELE2 AB SEK 136 266 0.04 125 680 TELIASONERA AB SEK 686 349 0.20 78 402 VOLVO AB-B SHS SEK 901 944 0.26

Netherlands 15 988 285 4.62

95 249 AEGON EUR 634 644 0.18 12 393 AKZO NOBEL EUR 734 037 0.21 18 532 ASML HOLDING NV EUR 1 245 906 0.36 3 620 BOSKALIS WESTMINSTER EUR 144 691 0.04 3 206 CORIO EUR 106 343 0.03 10 558 DELTA LLOYD EUR 212 480 0.06 30 513 EADS EUR 1 586 371 0.46 3 353 FUGRO-CVA EUR 149 661 0.04 4 093 GEMALTO EUR 346 022 0.10 12 276 HEINEKEN EUR 620 184 0.18 5 506 HEINEKEN HOLDING EUR 258 039 0.07 201 791 ING GROEP-CVA EUR 2 073 403 0.60 49 469 KON.PHILIPS ELECTRONICS EUR 1 261 707 0.37

The accompanying notes form an integral part of these financial statements

Page 71 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

49 134 KONINKLIJKE AHOLD NV EUR 716 374 0.21

7 956 KONINKLIJKE DSM EUR 396 328 0.11

172 759 KONINKLIJKE KPN EUR 443 127 0.13

5 266 OCI NV EUR 173 436 0.05

11 263 QIAGEN N.V. EUR 171 310 0.05

6 464 RANDSTAD HOLDING EUR 274 752 0.08

37 028 REED ELSEVIER EUR 580 784 0.17

34 997 STMICROELECTRONICS EUR 235 320 0.07

24 344 TNT EXPRESS EUR 173 548 0.05

86 178 UNILEVER EUR 2 571 121 0.75 3 348 VOPAK EUR 135 694 0.04 15 602 WOLTERS KLUWER EUR 319 529 0.09 7 752 ZIGGO EUR 250 002 0.07 9 599 COCA COLA HBC LTD GBP 173 472 0.05

Italy 12 544 823 3.66

60 340 ASSICURAZIONI GENERALI EUR 976 301 0.28 19 204 ATLANTIA EUR 358 155 0.10 305 902 BANCA MONTE DEI PASCHI SIENA EUR 81 064 0.02 48 654 CNH INDUSTRIAL NV EUR 406 018 0.12 341 085 ENEL EUR 1 401 177 0.41 83 322 ENEL GREEN POWER EUR 169 810 0.05 133 642 ENI EUR 2 433 621 0.71 4 824 EXOR EUR 157 166 0.05 47 231 FIAT EUR 399 102 0.12 19 269 FINMECCANICA EUR 138 062 0.04 50 000 FONDIARIA-SAI SPA EUR 139 000 0.04 601 962 INTESA SANPAOLO EUR 1 480 827 0.43

8 627 LUXOTTICA GROUP EUR 362 161 0.11

28 537 MEDIOBANCA EUR 236 857 0.07

11 326 PIRELLI & C. EUR 129 116 0.04 11 248 PRYSMIAN EUR 203 139 0.06 14 490 SAIPEM EUR 256 763 0.07 104 857 SNAM RETE GAS EUR 445 642 0.13 512 164 TELECOM ITALIA ORD. EUR 438 412 0.13 332 353 TELECOM ITALIA-RSP EUR 225 668 0.07 76 727 TERNA EUR 298 315 0.09 46 567 UBI BANCA EUR 318 519 0.09 224 725 UNICREDIT SPA EUR 1 489 928 0.43

Denmark 6 774 117 1.96

70 AP MOELLER-MAERSK DKK 609 429 0.18 31 AP MOELLER-MAERSK DKK 259 510 0.08 5 445 CARLSBERG DKK 393 096 0.11 5 742 COLOPLAST-B DKK 337 244 0.10 34 734 DANSKE BANK DKK 702 496 0.20 8 951 DSV DKK 209 688 0.06 104 437 NOVO NORDISK A/S-B DKK 3 452 324 1.00 11 506 NOVOZYMES A/S-B SHARES DKK 367 248 0.11

The accompanying notes form an integral part of these financial statements

Page 72 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

41 966 TDC DKK 281 610 0.08

1 168 TRYG DKK 83 853 0.02

1 250 WILLIAM DEMANT HOLDING DKK 77 619 0.02

Belgium 6 109 556 1.78

11 929 AGEAS EUR 385 844 0.11

42 163 ANHEUSER-BUSCH INBEV EUR 3 208 604 0.93

7 242 BELGACOM EUR 164 611 0.05

3 611 COLRUYT EUR 144 440 0.04

5 568 DELHAIZE GROUP EUR 295 382 0.09 4 106 GROUPE BRUXELLES LAMBERT EUR 297 603 0.09 12 929 KBC GROEP EUR 577 280 0.17 3 064 SOLVAY EUR 349 143 0.10 2 438 TELENET GROUP HOLDING EUR 109 088 0.03 5 945 UCB EUR 345 523 0.10 6 273 UMICORE EUR 232 038 0.07

Jersey 5 994 914 1.74

51 905 EXPERIAN GBP 678 714 0.20 557 545 GLENCORE INTL GBP 2 082 616 0.60 14 226 PETROFAC GBP 247 454 0.07 4 770 RANDGOLD RESOURCES GBP 259 762 0.08 31 001 SHIRE GBP 1 104 366 0.32 14 155 WOLSELEY SHS GBP 584 041 0.17 69 368 WPP PLC GBP 1 037 961 0.30

Finland 4 526 248 1.31

6 765 ELISA OYJ EUR 141 321 0.04

22 955 FORTUM OYJ EUR 378 758 0.11

16 707 KONE OYJ-B EUR 508 561 0.15

6 085 METSO OYJ EUR 144 397 0.04 6 104 NESTE OIL OYJ EUR 90 339 0.03 194 799 NOKIA EUR 1 049 967 0.30 6 263 NOKIAN RENKAAT OYJ EUR 183 819 0.05 4 667 ORION OYJ-CLASS B EUR 102 254 0.03 6 598 POHJOLA BANK-A SHS EUR 106 426 0.03 23 674 SAMPO OYJ-A SHS EUR 891 326 0.26 30 107 STORA ENSO OYJ-R SHS EUR 233 781 0.07 26 879 UPM-KYMMENE OYJ EUR 333 568 0.10 9 174 WARTSILA OYJ ABP EUR 361 731 0.10

Norway 3 462 245 10

7 827 AKER SOLUTIONS ASA NOK 88 451 0.03 51 674 DNB ASA NOK 651 902 0.19 9 522 GJENSIDIGE FORSIKRING ASA NOK 140 551 0.04 69 506 NORSK HYDRO ASA NOK 251 435 0.07 41 867 ORKLA ASA NOK 259 016 0.08 58 015 STATOIL ASA NOK 1 188 191 0.34 35 270 TELENOR ASA NOK 567 199 0.16 9 839 YARA INTERNATIONAL ASA NOK 315 500 0.09

The accompanying notes form an integral part of these financial statements

Page 73 PARWORLD TRACK EUROPE

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Luxembourg 2 031 248 0.58

52 949 ARCELORMITTAL EUR 619 239 0.18

2 140 RTL GROUP EUR 176 871 0.05

15 703 SES GLOBAL DEPOSITARY RECEIPT EUR 425 630 0.12

24 034 TENARIS EUR 384 784 0.11

12 562 SUBSEA 7 NOK 169 439 0.05

3 459 MILLICOM INTL CELLULAR-SDR SEK 255 285 0.07

Ireland 1 631 331 0.46

1 170 786 BANK OF IRELAND EUR 360 602 0.10 38 370 CRH EUR 774 882 0.22 7 719 KERRY GROUP-A EUR 427 710 0.12 8 956 RYANAIR HOLDINGS EUR 68 137 0.02

Austria 1 346 772 0.40

3 466 ANDRITZ EUR 155 467 0.05 13 327 ERSTE GROUP BANK EUR 330 510 0.10 45 689 IMMOFINANZ EUR 155 388 0.05 7 496 OMV EUR 246 881 0.07 6 063 RAIFFEISEN BANK INTERNATIONAL EUR 146 725 0.04 10 546 TELEKOM AUSTRIA CFD EUR 76 100 0.02 1 828 VIENNA INSURANCE GROUP EUR 65 424 0.02 5 337 VOESTALPINE EUR 170 277 0.05

Portugal 912 616 0.26

86 086 BANCO ESPIRITO SANTO EUR 116 991 0.03 102 151 EDP-ENERGIAS DE PORTUGAL EUR 344 351 0.10 16 997 GALP ENERGIA SGPS EUR 213 057 0.06

11 985 JERONIMO MARTINS EUR 145 977 0.04

29 880 PORTUGAL TELECOM SGPS EUR 92 240 0.03

Bermuda 514 201 0.15

20 071 SEADRILL NOK 514 201 0.15

Guernesey 260 874 0.08

72 177 RESOLUTION GBP 260 874 0.08

Options, Warrants, Rights 90 996 0.01

Spain 51 638 0.00

303 750 BCO BILBAO VIZCAYA ARGENT.DO14 EUR 51 638 0.00

United Kingdom 39 358 0.01

9 088 INTU PROPERTIES DS 2014 GBP 10 443 0.00 71 356 RSA INSURANCE DS14 NIL PAID GBP 28 915 0.01

Total securities portfolio 338 419 502 98.14

The accompanying notes form an integral part of these financial statements

Page 74 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 47 615 372 96.01 listing and/or traded on another regulated market

Shares 47 551 545 95.86

United Kingdom 16 609 661 33.48

3 824 DIALOG SEMICONDUCTOR EUR 68 564 0.14

14 587 JAZZTEL EUR 161 040 0.32

18 784 ADVANCED MEDICAL SOLUTIONS GBP 28 516 0.06 61 556 AFREN GBP 105 137 0.21 8 462 AFRICAN BARRICK GOLD GBP 26 972 0.05 2 728 AL NOOR HOSPITALS GROUP-WI GBP 35 441 0.07 15 523 ALENT PLC GBP 59 523 0.12 55 344 AMERISUR RESOURCES GBP 36 987 0.07 31 404 AMLIN GBP 183 972 0.37 10 698 ANGLO PACIFIC GROUP GBP 23 261 0.05 21 515 ASHMORE GROUP GBP 86 378 0.17 29 439 ASHTEAD GROUP GBP 338 654 0.69 7 453 ATKINS (WS) GBP 125 404 0.25 7 760 AVANTIMMUNICATIONS GROUP GBP 28 629 0.06 3 117 AVEVA GROUP PLC GBP 78 952 0.16 41 272 BALFOUR BEATTY GBP 149 572 0.30 56 001 BARRATT DEVELOPMENTS GBP 279 429 0.56 33 688 BBA AVIATION GBP 135 208 0.27 7 056 BELLWAY GBP 141 683 0.29 12 447 BERENDSEN GBP 168 329 0.34 7 655 BERKELEY GROUP HOLDINGS GBP 242 604 0.49 5 427 BETFAIR GROUP GBP 72 605 0.15

20 287 BLINKX GBP 27 607 0.06

12 187 BODYCOTE GBP 118 966 0.24

90 192 BOOKER GROUP GBP 180 122 0.36 7 841 BOVIS HOMES GROUP GBP 84 935 0.17 21 916 BOWLEVEN GBP 7 754 0.02 16 560 BRITVIC GBP 148 633 0.30 17 054 BTG GBP 111 912 0.23 6 428 BUMI PLC GBP 17 942 0.04 107 883 CABLE & WIRELESSMMUNICATION GBP 68 642 0.14 39 454 CAIRN ENERGY GBP 79 653 0.16 30 646 CAPITAL COUNTIES PROPERTIES GBP 129 746 0.26 28 831 CARILLION GBP 126 107 0.25 13 445 CHEMRING GROUP GBP 42 285 0.09 18 247 CINEWORLD GROUP GBP 68 589 0.14 3 337 CLINIGEN GROUP PLC GBP 21 817 0.04 9 686 CLOSE BROTHERS GROUP GBP 165 436 0.33 6 284 COMPUTACENTER PLC GBP 50 055 0.10 8 241 CSR GBP 72 322 0.15 19 549 DAILY MAIL&GENERAL TST-A GBP 205 493 0.41 9 266 DAIRY CREST GROUP GBP 54 204 0.11

The accompanying notes form an integral part of these financial statements

Page 75 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

29 613 DARTY GBP 42 089 0.08

6 255 DE LA RUE GBP 61 627 0.12

69 397 DEBENHAMS GBP 67 114 0.14

6 224 DERWENT LONDON GBP 204 029 0.41

10 319 DEVRO GBP 29 458 0.06

2 554 DIALIGHT GBP 28 036 0.06

3 908 DIGNITY PLC GBP 69 348 0.14

7 959 DIPLOMA PLC GBP 69 078 0.14

207 294 DIXONS RETAIL GBP 123 368 0.25

6 849 DOMINO'S PIZZA GROUP GBP 45 690 0.09 22 843 DRAX GROUP GBP 211 658 0.43 6 060 DUNELM GROUP GBP 69 308 0.14 21 773 ELECTROCOMPONENTS GBP 74 534 0.15 21 657 ELEMENTIS GBP 75 054 0.15 40 926 ENQUEST GBP 61 387 0.12 27 427 ENTERPRISE INNS GBP 48 570 0.10 19 892 ESSAR ENERGY GBP 16 314 0.03 12 748 FENNER GBP 61 466 0.12 17 696 FERREXPO GBP 33 093 0.07 2 840 FIDESSA GROUP GBP 87 155 0.18 12 706 FILTRONA GBP 134 099 0.27 69 319 FIRSTGROUP GBP 122 338 0.25 4 808 GALLIFORD TRY PLC GBP 77 176 0.16 2 887 GO-AHEAD GROUP GBP 65 060 0.13 26 068 GRAINGER GBP 75 994 0.15 21 002 GREAT PORT.EST.REI GBP 160 303 0.32 13 983 GREENE KING GBP 152 736 0.31 6 985 GREGGS GBP 42 711 0.09

9 818 HALFORDS GROUP GBP 54 844 0.11

25 189 HALMA GBP 175 503 0.35

52 472 HANSTEEN HOLDINGS GBP 69 311 0.14 95 203 HAYS GBP 166 982 0.34 54 326 HENDERSON GROUP GBP 173 026 0.35 9 384 HIKMA PHARMACEUTICALS GBP 188 543 0.38 6 694 HILL & SMITH HOLDINGS GBP 44 009 0.09 20 809 HOCHSCHILD MINING GBP 42 476 0.09 41 927 HOME RETAIL GROUP GBP 109 851 0.22 15 571 HOMESERVE GBP 59 331 0.12 40 482 HOWDEN JOINERY GROUP GBP 182 211 0.37 7 960 HUNTING GBP 82 951 0.17 22 395 IG GROUP HOLDINGS GBP 169 987 0.34 15 730 IMAGINATION TECH GROUP GBP 38 664 0.08 24 026 INCHCAPE GBP 187 744 0.38 21 369 INTERMEDIATE CAPITAL GROUP GBP 106 935 0.22 12 932 INTERNATIONAL PERSONAL FINAN GBP 80 092 0.16 6 988 INTERSERVE GBP 61 706 0.12 53 467 IQE GBP 15 037 0.03 17 398 ITE GROUP GBP 40 196 0.08 6 240 JARDINE LLOYD THOMPSON GROUP GBP 80 312 0.16

The accompanying notes form an integral part of these financial statements

Page 76 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

21 214 JUPITER FUND MANAGEMENT GBP 102 850 0.21

18 561 KAZAKHMYS GBP 59 296 0.12

2 784 KELLER GROUP GBP 36 168 0.07

2 828 KIER GROUP GBP 56 581 0.11

61 364 LADBROKES GBP 100 207 0.20

15 901 LAIRD GBP 57 761 0.12

32 618 LONDON AND STAMFORD PTY. REIT GBP 55 909 0.11

14 280 LONDON MINING GBP 11 660 0.02

24 047 LONMIN GBP 83 192 0.17

6 578 MAJESTIC WINE GBP 33 359 0.07 96 130 MAN STRATEGIC HOLD GBP 117 677 0.24 30 901 MARSTON'S GBP 53 825 0.11 10 315 MEARS GROUP GBP 65 319 0.13 17 983 MICHAEL PAGE INTERNATIONAL GBP 106 763 0.22 8 491 MICRO FOCUS INTERNATIONAL PLC GBP 85 300 0.17 10 640 MILLENNIUM &PTHORNE HOTEL GBP 72 718 0.15 13 851 MITCHELLS & BUTLERS GBP 76 367 0.15 24 961 MITIE GROUP GBP 98 280 0.20 21 113 MONDI GBP 267 903 0.54 20 287 MONEYSUPERMARKET.COM GBP 45 914 0.09 73 035 MONITISE PLC GBP 62 725 0.13 17 649 MORGAN CRUCIBLEMPANY GBP 76 450 0.15 6 220 MOTHERCARE GBP 14 145 0.03 2 076 MULBERRY GROUP GBP 17 942 0.04 11 397 NANOCO GROUP PLC GBP 14 923 0.03 32 407 NATIONAL EXPRESS GROUP GBP 109 800 0.22 9 235 NEW WORLD RESOURCES-A SH GBP 3 798 0.01 6 565 NORTHGATE GBP 41 294 0.08

24 128 OCADO GROUP GBP 134 430 0.27

26 356 OPHIR ENERGY GBP 76 514 0.15

2 338 OXFORD INSTRUMENTS GBP 35 832 0.07 16 378 PACE GBP 89 270 0.18 22 027 PARAGON GROUPMPANIES GBP 109 775 0.22 21 618 PENNON GROUP GBP 194 162 0.39 22 741 PETROPAVLOVSK GBP 21 250 0.04 21 439 PREMIER FARNELL GBP 60 658 0.12 13 385 PREMIER FOODS PLC GBP 10 807 0.02 21 416 PREMIER FOODS SH NV14 GBP 17 292 0.03 35 243 PREMIER OIL GBP 125 719 0.25 8 642 PROVIDENT FINANCIAL GBP 207 295 0.42 42 808 QINETIQ GROUP GBP 116 975 0.24 159 873 QUINDELL PORTFOLIO PLC GBP 71 070 0.14 35 914 QUINTAIN ESTATES GBP 44 746 0.09 20 077 REDROW GBP 79 074 0.16 1 505 RENISHAW GBP 35 500 0.07 121 816 RENTOKIL INITIAL GBP 181 243 0.37 15 322 RESTAURANT GROUP GBP 132 147 0.27 6 498 RIGHTMOVE GBP 207 351 0.42 17 627 ROCKHOPPER EXPLORATION GBP 21 216 0.04

The accompanying notes form an integral part of these financial statements

Page 77 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

5 072 ROTORK GBP 162 400 0.33

9 779 RPC GROUP GBP 74 700 0.15

14 343 RPS GROUP GBP 54 235 0.11

19 295 SALAMANDER ENERGY GBP 23 690 0.05

7 780 SAVILLS GBP 62 818 0.13

5 522 SDL GBP 22 777 0.05

25 850 SENIOR GBP 96 152 0.19

16 688 SHAFTESBURY REIT GBP 132 826 0.27

31 688 SHANKS GROUP GBP 42 451 0.09

28 772 SIG GBP 69 990 0.14 58 306 SMITH (DAVID S) HOLDINGS GBP 228 865 0.46 14 242 SOCO INTERNATIONAL GBP 68 221 0.14 7 130 SPECTRIS GBP 199 919 0.40 38 584 SPEEDY HIRE GBP 27 770 0.06 4 807 SPIRAX-SARCO ENGINEERING PLC GBP 168 044 0.34 35 410 SPIRENTMMUNICATIONS GBP 42 340 0.09 37 672 SPIRIT PUB GBP 37 025 0.07 13 822 SPORTS DIRECT INTERNATIONAL GBP 142 450 0.29 21 533 ST JAMES'S PLACE GBP 214 887 0.43 14 765 ST MODWEN PROP. GBP 71 441 0.14 25 127 STAGECOACH GROUP GBP 119 966 0.24 1 980 SUPERGROUP GBP 40 884 0.08 4 304 SYNERGY HEALTH GBP 71 846 0.14 26 032 TALKTALK TELECOM GROUP GBP 100 859 0.20 182 242 TAYLOR WIMPEY GBP 259 684 0.52 13 416 TELECITY GROUP GBP 113 274 0.23 2 141 TELECOM PLUS GBP 46 332 0.09 83 032 THOMAS COOK GROUP GBP 181 090 0.37

15 556 TRINITY MIRROR GBP 36 317 0.07

15 893 TULLETT PREBON GBP 54 194 0.11

4 784 ULTRA ELECTRONICS HLDGS GBP 103 585 0.21 8 817 UNITE GROUP GBP 46 287 0.09 19 915 VECTURA GROUP GBP 36 918 0.07 5 445 VEDANTA RESOURCES GBP 59 410 0.12 5 587 VICTREX GBP 135 772 0.27 1 116 WANDISCO LTD GBP 14 039 0.03 6 439 WETHERSPOON (J.D.) GBP 66 711 0.13 10 081 WH SMITH GBP 146 697 0.30 20 167 WOOD GROUP (JOHN) GBP 187 106 0.38 9 848 WORKSPACE GROUP PL GBP 70 581 0.14 16 706 XCHANGING GBP 33 545 0.07 12 706 YULE CATTO GBP 43 527 0.09

Germany 4 210 535 8.53

3 325 AAREAL BANK EUR 106 151 0.21 5 907 AIXTRON EUR 70 116 0.14 5 334 ALSTRIA OFF.REIT EUR 51 900 0.10 1 255 AURELIUS AG EUR 34 651 0.07 2 041 AURUBIS EUR 80 466 0.16

The accompanying notes form an integral part of these financial statements

Page 78 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

4 014 BALDA EUR 13 503 0.03

983 BAYWA BAYERISCHE WARENVERMIT EUR 40 572 0.08

1 577 BECHTLE EUR 98 610 0.20

2 507 BILFINGER EUR 230 870 0.47

2 604 CARL ZEISS MEDITEC EUR 53 070 0.11

3 896 COMDIRECT BANK EUR 33 771 0.07

1 729 DEUTSCHE EUROSHOP EUR 57 083 0.12

9 882 DEUTZ EUR 60 448 0.12

474 DRAEGERWERK EUR 42 262 0.09

2 589 DRILLISCH EUR 68 194 0.14 1 183 DUERR EUR 66 248 0.13 2 447 ELRINGKLINGER EUR 70 009 0.14 8 473 EVOTEC EUR 32 731 0.07 6 738 FREENET EUR 171 044 0.35 2 233 GERRESHEIMER EUR 104 895 0.21 1 724 GERRY WEBER INTL EUR 61 874 0.12 3 565 GILDEMEISTER EUR 79 268 0.16 12 320 HEIDELBERGER DRUCKMASCHINEN EUR 27 523 0.06 2 816 INDUS HOLDING EUR 90 028 0.18 2 789 JENOPTIK EUR 36 731 0.07 711 JUNGHEINRICH EUR 39 098 0.08 1 177 KION GROUP AG EUR 39 982 0.08 4 953 KLOECKNER & EUR 53 022 0.11 1 659 KUKA EUR 58 928 0.12 1 699 LEONI EUR 89 996 0.18 1 950 LPKF LASER & ELECTRONICS EUR 33 082 0.07 1 234 MORPHOSYS EUR 83 048 0.17 2 875 MTU AERO ENGINES HOLDING EUR 193 948 0.39

3 756 NORDEX EUR 44 020 0.09

1 640 NORMA GROUP EUR 63 083 0.13

688 PFEIFFER VACUUM TECHNOLOGY EUR 61 005 0.12 8 045 QSC EUR 29 123 0.06 254 RATIONAL EUR 65 659 0.13 2 668 RHEINMETALL EUR 136 201 0.27 5 893 RHOEN KLINIKUM EUR 137 012 0.28 2 017 SALZGITTER EUR 57 868 0.12 686 SARTORIUS EUR 68 037 0.14 2 240 SGL CARBON EUR 55 317 0.11 839 SMA SOLAR TECHNOLOGY EUR 32 302 0.07 4 509 SOFTWARE EUR 118 542 0.24 3 662 STADA ARZNEIMITTEL EUR 113 760 0.23 6 370 SYMRISE EUR 230 976 0.48 7 941 TAG IMMOBILIEN EUR 71 469 0.14 1 542 TOM TAILOR HOLDING EUR 20 524 0.04 7 378 TUI EUR 89 274 0.18 539 VOSSLOH EUR 36 965 0.07 824 WACKER CHEMIE EUR 73 031 0.15 2 709 WACKER NEUSON SE EUR 33 930 0.07 1 860 WINCOR NIXDORF EUR 96 999 0.20 6 717 WIRECARD EUR 202 316 0.41

The accompanying notes form an integral part of these financial statements

Page 79 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Switzerland 3 388 828 6.86

549 ALLREAL HOLDING CHF 57 495 0.12

427 BASILEA PHARMACEUTICA NOM. CHF 35 389 0.07

1 716 BKW CHF 44 117 0.09

213 BOSSARD HOLDING CHF 44 351 0.09

292 BUCHER INDUSTRIES CHF 71 954 0.15

190 BURCKHARDTMPRESSION HOLDING CHF 71 789 0.14

15 698 CLARIANT CHF 221 522 0.45

1 324 DUFRY CHF 165 303 0.33 3 456 EFG INTERNATIONAL CHF 32 645 0.07 254 FISCHER (GEORG) CHF 143 018 0.29 225 FLUGHAFEN ZUERICH CHF 105 066 0.21 116 FORBO HOLDING CHF 88 421 0.18 299 GALENICA CHF 210 107 0.42 10 797 GAM HOLDING CHF 141 453 0.29 1 749 GATEGROUP HOLDING CHF 37 352 0.08 383 HELVETIA HOLDING CHF 142 432 0.29 1 398 HUBER & SUHNER CHF 55 061 0.11 1 049 IMPLENIA CHF 56 954 0.11 244 INFICON HOLDING CHF 65 637 0.13 649 INTERSHOP HOLDINGS CHF 183 913 0.37 164 KABA HOLDING B CHF 56 847 0.11 3 352 KUDELSKI CHF 35 242 0.07 240 KUONI REISEN HLDG-REG(CAT B) CHF 78 262 0.16 67 LEM HOLDING CHF 38 688 0.08 7 196 LOGITECH INTERNATIONAL CHF 78 021 0.16 3 981 MEYER BURGER TECHNOLOGY CHF 46 924 0.09

4 565 MOBILEZONE HOLDING CHF 36 709 0.07

260 MOBIMO HOLDING NOM. CHF 40 042 0.08

8 489 NOBEL BIOCARE HOLDING CHF 88 554 0.18 10 993 OC OERLIKON CHF 134 540 0.27 569 PANALPINA WELTTRANSPORT CHF 63 469 0.13 2 226 PSP SWISS PROPERTY CHF 151 941 0.31 261 RIETER HOLDING CHF 42 190 0.09 37 896 SCHMOLZ+BICKENBACH CHF 38 287 0.08 1 404 SCHWEIZERISCHE NATIONALV CHF 69 655 0.14 173 ST GALLER KANTONALBANK CHF 52 222 0.11 458 STRAUMANN HOLDING NOM. CHF 70 687 0.14 4 782 TEMENOS GROUP CHF 122 157 0.25 826 VALIANT HOLDING CHF 60 350 0.12 217 VALORA HOLDING CHF 44 204 0.09 25 VETROPACK HOLDING CHF 33 574 0.07 1 013 ZEHNDER GROUP CHF 32 284 0.07

France 3 262 051 6.55

276 SIEGFRIED HOLDING AG-REG CHF 37 859 0.08 806 AB SCIENCE EUR 10 260 0.02

The accompanying notes form an integral part of these financial statements

Page 80 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

4 801 AIR FRANCE-KLM EUR 52 379 0.11

3 741 ALTAMIR AMBOISE EUR 40 590 0.08

8 424 ALTRAN TECHNOLOGIES EUR 69 136 0.14

1 280 ANF IMMOBILIER EUR 30 592 0.06

1 899 BELVEDERE EUR 17 224 0.03

2 007 BONDUELLE S.C.A. EUR 43 110 0.09

2 946 BOURBON EUR 70 262 0.14

10 877 BULL EUR 39 048 0.08

93 CARMAT EUR 8 207 0.02

1 523 CLUB MEDITERRANEE EUR 27 079 0.05 2 052 EIFFAGE EUR 111 465 0.22 1 063 EULER HERMES EUR 97 371 0.20 634 FAIVELEY TRANSPORT EUR 33 393 0.07 2 459 FAURECIA EUR 75 442 0.15 8 009 GAMELOFT EUR 61 509 0.12 2 894 GROUPE STERIA SCA EUR 42 397 0.09 12 345 HAVAS EUR 67 083 0.14 2 488 INGENICO EUR 168 910 0.34 1 916 IPSEN EUR 56 944 0.11 2 416 IPSOS EUR 71 151 0.14 1 590 KORIAN EUR 44 282 0.09 4 733 M6-METROPOLE TELEVISION EUR 74 734 0.15 6 416 MAUREL & PROM NIGERIA EUR 30 476 0.06 4 712 MAUREL ET PROM EUR 52 633 0.11 9 MEDICA EUR 205 0.00 4 030 MERCIALYS EUR 61 256 0.12 1 918 NEOPOST EUR 109 940 0.22 2 061 NEXANS EUR 78 411 0.16

2 033 NEXITY EUR 63 287 0.13

1 755 ORPEA EUR 84 503 0.17

14 886 PEUGEOT EUR 203 864 0.41 2 839 PLASTIC OMNIUM EUR 76 483 0.15 2 055 RALLYE EUR 69 665 0.14 1 402 RUBIS EUR 73 255 0.15 1 207 SA DES CIMENTS VICAT-VICAT EUR 73 832 0.15 2 614 SAFT GROUPE EUR 66 317 0.13 512 SARTORIUS STEDIM BIOTECH EUR 74 573 0.15 1 618 SEB EUR 101 352 0.20 16 321 TECHNICOLOR EUR 85 522 0.17 3 560 TELEPERFORMANCE EUR 149 823 0.30 9 419 TELEVISION FRANCAISE (T.F.1) EUR 113 028 0.23 655 TOUR EIFFEL EUR 32 626 0.07 5 032 UBISOFT ENTERTAINMENT EUR 65 416 0.13 306 VILMORIN CLAUSE & CIE EUR 31 151 0.06 240 VIRBAC EUR 38 880 0.08 10 926 ABCAM GBP 51 412 0.10 12 287 ESURE GROUP PLC-WI GBP 41 571 0.08 6 998 IOFINA PLC GBP 4 296 0.01 9 154 NORDIC SEMICONDUCTOR ASA NOK 41 046 0.08

The accompanying notes form an integral part of these financial statements

Page 81 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

3 296 OCEAN YIELD ASA NOK 14 659 0.03

3 664 FINGERPRINT CARDS AB-B SEK 22 142 0.04

Sweden 3 103 538 6.22

1 986 AARHUSKARLSHAMN AB SEK 94 456 0.19

3 451 ACTIVE BIOTECH SEK 11 122 0.02

2 964 AF AB-B SHS SEK 79 607 0.16

820 ARCAM AB SEK 18 078 0.04

2 782 AVANZA BANK HOLDING AB SEK 77 365 0.16

1 580 AXFOOD AB SEK 63 299 0.13 3 235 AXISMMUNICATIONS AB SEK 80 224 0.16 1 782 BETSSON AB SEK 46 963 0.09 7 715 BILLERUDKORSNAS AB SEK 77 271 0.16 9 905 CASTELLUM SEK 119 269 0.24 6 198 CDON GROUP SEK 16 230 0.03 3 391 CLAS OHLSON AB-B SHS SEK 51 989 0.10 6 689 ENIRO SEK 43 416 0.09 6 986 FABEGE SEK 65 983 0.13 7 526 FASTIGHETS BALD.B SEK 66 114 0.13 4 918 HAKON INVEST AB SEK 129 280 0.26 1 347 HEXPOL AB SEK 85 997 0.17 6 622 HUFVUDSTADEN LIB.A SEK 67 658 0.14 3 292 INDUST & FINANCIAL SYSTEM-B SEK 67 233 0.14 2 139 INDUTRADE AB SEK 73 965 0.15 4 352 INTRUM JUSTITIA AB SEK 86 008 0.17 4 820 JM AB SEK 114 567 0.23 10 826 KLOEVERN SEK 41 918 0.08 8 266 KUNGSLEDEN SEK 49 489 0.10

8 610 LINDAB INTERNATIONAL AB SEK 75 107 0.15

4 919 LOOMIS AB-B SEK 91 654 0.18

2 363 LUNDBERGS AB-B SHS SEK 80 944 0.16 15 224 MEDA AB-A SHS SEK 169 431 0.34 3 906 MEDIVIR AB-B SHS SEK 50 049 0.10 2 510 MODERN TIMES GRP B SEK 84 884 0.17 5 247 NCC AB-B SHS SEK 137 517 0.28 5 879 NIBE INDUSTRIER AB-B SHS SEK 109 541 0.22 5 467 NOBIA AB SEK 35 025 0.07 14 046 PEAB AB SEK 71 897 0.15 3 684 SAAB AB-B SEK 81 464 0.16 10 468 SAS (ACT.REGROUPEES) SEK 16 810 0.03 5 563 SKISTAR AB SEK 51 671 0.10 7 174 SWEDISH ORPHAN BIOVITRUM SEK 56 920 0.11 15 619 TRELLEBORG AB-B SHS SEK 228 274 0.46 5 575 WALLENSTAM AB-B SH SEK 66 194 0.13 4 869 WIHLBORGS FASTIGH. SEK 68 655 0.14

Italy 3 036 455 6.11

81 461 A2A EUR 76 655 0.15 8 913 AMPLIFON EUR 43 585 0.09

The accompanying notes form an integral part of these financial statements

Page 82 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

5 458 ANSALDO STS EUR 46 420 0.09

7 107 AZIMUT HOLDING EUR 184 071 0.37

69 638 BANCA CARIGE EUR 43 524 0.09

2 870 BANCA GENERALI EUR 68 737 0.14

19 427 BANCA POPOL EMILIA ROMAGNA EUR 177 757 0.36

141 401 BANCA POPOLARE DI MILANO EUR 103 223 0.21

16 598 BANCA POPOLARE DI SONDRIO EUR 81 828 0.17

10 328 BANCO POPOLARE AZ POST RAGGRUPPA EUR 162 976 0.33

71 489 BENI STABILI EUR 44 681 0.09

1 756 BRUNELLO CUCINELLI SPA EUR 33 732 0.07 2 900 BUZZI UNICEM EUR 39 266 0.08 8 725 BUZZI UNICEM-RSP EUR 66 572 0.13 1 889 CATTOLICA DI ASSICURAZIONI EUR 35 192 0.07 58 597 CIR EUR 64 164 0.13 9 328 CREDITO EMILIANO EUR 67 348 0.14 2 451 DANIELI EUR 59 339 0.12 4 791 DANIELI &-RSP EUR 80 010 0.16 16 874 DAVIDE CAMPARI-MILANO EUR 100 400 0.20 2 990 DE'LONGHI EUR 48 887 0.10 1 778 DIASORIN EUR 55 385 0.11 822 DIGITAL MULTIMEDIA TECH EUR 35 264 0.07 3 543 ERG EUR 41 630 0.08 37 285 HERA EUR 79 044 0.16 3 614 INDESIT COMPANY EUR 40 043 0.08 6 584 INTERPUMP GROUP EUR 73 609 0.15 38 932 IREN EUR 51 001 0.10 7 964 ITALCEMENTI EUR 71 357 0.14 3 285 LOTTOMATICA GROUP EUR 72 434 0.15

8 519 MAIRE TECNIMONT SPA EUR 23 172 0.05

5 398 MARR EUR 76 760 0.15

41 932 MEDIASET EUR 170 160 0.34 16 984 MEDIOLANUM EUR 116 340 0.23 33 176 PICCOLO CREDITO VALTELLINESE EUR 50 992 0.10 1 929 SAFILO GROUP EUR 29 572 0.06 2 589 SALVATORE FERRAGAMO SPA EUR 55 326 0.11 39 467 SARAS EUR 50 044 0.10 8 249 SIAS EUR 72 014 0.15 17 990 SORIN EUR 39 002 0.08 686 TOD'S EUR 64 656 0.13 14 135 UNIPOL GRUPPO FINANZIARIO SP EUR 80 145 0.16 2 422 YOOX EUR 60 138 0.12

Denmark 1 903 826 3.85

582 ALK-ABELLO DKK 51 059 0.10 2 951 BANG & OLUFSEN DKK 25 099 0.05 2 123 BAVARIAN NORDIC DKK 28 009 0.06 5 818 CHR HANSEN HOLDING DKK 167 542 0.34 3 598 FLSMIDTH DKK 131 756 0.27 2 191 GENMAB DKK 64 650 0.13

The accompanying notes form an integral part of these financial statements

Page 83 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

8 683 GN STORE NORD DKK 156 424 0.32

4 244 JYSKE BANK DKK 169 283 0.34

5 275 PANDORA DKK 253 293 0.51

591 ROCKWOOL INTL DKK 83 275 0.17

623 ROYAL UNIBREW DKK 75 267 0.15

3 065 SIMCORP SHS DKK 90 316 0.18

735 SOLAR HOLDING DKK 39 969 0.08

5 208 SYDBANK DKK 96 752 0.20

6 211 TOPDANMARK SHARES DKK 131 275 0.26

11 650 VESTAS WIND SYSTEMS DKK 339 857 0.69

Spain 1 872 009 3.78

1 527 ACCIONA EUR 95 957 0.19 5 092 ALMIRALL EUR 63 090 0.13 4 249 ANTENA 3 TELEVISION EUR 47 461 0.10 36 659 BANKINTER EUR 214 089 0.43 4 705 BOLSAS Y MERCADOS ESPANOLES EUR 138 962 0.28 146 CONSTRUCC Y AUX DE FERROCARR EUR 54 378 0.11 9 868 DURO FELGUERA EUR 49 044 0.10 5 307 EBRO FOODS EUR 89 105 0.18 18 544 FAES FARMA EUR 46 267 0.09 2 089 FOMENTO DENSTRUC YNTRA EUR 34 542 0.07 10 564 GAMESA TECNOLOGICA EUR 83 244 0.17 4 691 GRUPO CATALANA OCCIDENTE EUR 138 338 0.28 10 276 INDRA SISTEMAS EUR 149 875 0.30 2 037 LETS GOWEX S.A EUR 50 681 0.10 7 953 MEDIASET ESPANAMUNICACION EUR 67 243 0.14 5 451 MELIA HOTELS INTERNATIONAL EUR 50 912 0.10

5 431 NH HOTELES EUR 28 024 0.06

2 091 OBRASCON HUARTE LAIN EUR 65 971 0.13

37 346 PROMOTORA DE INFORMACIONES EUR 15 685 0.03 12 926 PROSEGURMP SEGURIDAD EUR 60 364 0.12 9 145 SACYR VALLEHERMOSO EUR 44 079 0.09 42 754 SOS CORPORACION ALIMENTARIA EUR 18 598 0.04 1 624 TECNICAS REUNIDAS EUR 66 592 0.13 20 212 TUBACEX EUR 67 508 0.14 2 441 VISCOFAN EUR 92 673 0.19 14 757 ZELTIA EUR 39 327 0.08

Netherlands 1 396 854 2.82

6 662 AALBERTS INDUSTRIES EUR 168 549 0.34 3 531 ARCADIS EUR 98 568 0.20 2 595 ASM INTERNATIONAL EUR 75 605 0.15 5 953 BE SEMICONDUCTOR INDUSTRIES EUR 66 763 0.13 5 208 BINCKBANK EUR 44 700 0.09 1 004 BRUNEL INTERNATIONAL EUR 51 084 0.10 4 664 CORBION EUR 79 894 0.16 1 045 EUROCOMMERCIAL EUR 33 330 0.07 9 854 KONINKLIJKE BAM GROEP EUR 42 865 0.09

The accompanying notes form an integral part of these financial statements

Page 84 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

1 839 NIEUWE STEEN INV EUR 8 101 0.02

4 683 NUTRECO NV EUR 151 027 0.30

23 385 POSTNL EUR 77 451 0.16

16 781 ROYAL IMTECH EUR 33 394 0.07

12 394 SBM OFFSHORE EUR 163 787 0.33

2 647 TKH GROUP-DUTCH CERT EUR 67 101 0.14

7 902 TOMTOM EUR 38 767 0.08

3 800 USG PEOPLE EUR 44 536 0.09

1 694 VASTNED RETAIL EUR 60 552 0.12

1 292 WERELDHAVE EUR 79 833 0.16 20 000 GLOBO PLC GBP 10 947 0.02

Norway 1 336 020 2.69

2 492 AKER ASA-A SHARES NOK 58 437 0.12 12 650 AUSTEVOLL SEAFOOD ASA NOK 54 422 0.11 3 692 CERMAQ ASA NOK 29 754 0.06 3 892 DET NORSKE OLJESELSKAP ASA NOK 29 572 0.06 29 395 DNO INTERNATIONAL ASA NOK 81 399 0.16 23 420 DOLPHIN GROUP ASA NOK 15 950 0.03 16 124 ELECTROMAGNETIC GEOSERVICES NOK 14 460 0.03 2 063 FRED OLSEN ENERGY ASA NOK 50 002 0.10 1 869 LEROEY SEAFOOD GROUP ASA NOK 44 054 0.09 16 132 MARINE HARVEST NOK 132 549 0.27 1 626 NORWEGIAN AIR SHUTTLE AS NOK 49 874 0.10 6 279 OPERA SOFTWARE ASA NOK 59 582 0.12 13 853 PETROLEUM GEO-SERVICES NOK 122 386 0.25 108 831 RENEWABLE ENERGY CORPORATION NOK 51 490 0.10 4 625 SCHIBSTED ASA NOK 208 280 0.42

26 227 SEVAN DRILLING INVEST NOK 11 410 0.02

19 351 STOREBRAND ASA NOK 81 023 0.16

6 491 TGS NOPEC GEOPHYSICAL ASA NOK 154 416 0.31 23 713 THIN FILM NEWCO NOK 13 765 0.03 10 504 TOMRA SYSTEMS ASA NOK 73 195 0.15

Belgium 1 230 278 2.48

1 648 ACKERMANS & VAN HAAREN EUR 151 220 0.31 2 630 ARSEUS EUR 102 807 0.21 876 BARCO EUR 50 896 0.10 771 BEFIMMO-SICAFI EUR 39 676 0.08 2 754 BEKAERT EUR 81 491 0.16 1 214 CFE EUR 95 760 0.19 984 COFINIMMO-SICAFI EUR 85 106 0.17 1 681 D'IETEREN EUR 57 204 0.12 4 336 ECONOCOM GROUP SA/NV EUR 36 119 0.07 1 049 ELIA SYSTEM OPERATOR EUR 38 462 0.08 1 105 GIMV EUR 41 018 0.08 1 512 KBC ANCORA EUR 42 124 0.08 517 KINEPOLIS EUR 73 435 0.15 4 855 MELEXIS EUR 136 426 0.28

The accompanying notes form an integral part of these financial statements

Page 85 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

12 569 NYRSTAR EUR 33 934 0.07

8 353 RHJ INTERNATIONAL EUR 30 488 0.06

2 135 THROMBOGENICS EUR 43 810 0.09

1 656 WDP-SICAFI EUR 90 302 0.18

Finland 1 180 613 2.39

6 690 AMER SPORTS OYJ EUR 103 160 0.21

5 655 CAVERION CORP EUR 44 109 0.09

4 326 HUHTAMAKI OYJ EUR 86 087 0.17

7 124 KEMIRA OYJ EUR 75 372 0.15 2 635 KESKO OYJ-B SHS EUR 83 450 0.17 2 810 KONECRANES OYJ EUR 64 995 0.13 14 164 METSA BOARD OYJ- B SHARES EUR 47 308 0.10 64 378 OUTOKUMPU OYJ EUR 12 419 0.03 257 512 OUTOKUMPU OYJ-NEW EUR 49 674 0.10 11 225 OUTOTEC OYJ EUR 90 249 0.18 2 461 PKC GROUP OYJ EUR 55 692 0.11 6 561 RAMIRENT OYJ EUR 52 160 0.11 8 812 RAUTARUUKKI OYJ EUR 70 848 0.14 7 801 SANOMA OYJ EUR 39 473 0.08 15 474 SPONDA EUR 53 231 0.11 11 966 TECHNOPOLIS EUR 50 377 0.10 4 129 TIETO OYJ EUR 77 006 0.16 5 317 UPONOR OYJ EUR 70 344 0.14 7 071 YIT OYJ EUR 54 659 0.11

Ireland 1 004 330 2.03

20 934 AER LINGUS GROUP EUR 34 227 0.07

21 791 C&C GROUP EUR 103 050 0.21

5 640 GLANBIA EUR 62 830 0.13

1 308 IRISH CONTINENTAL GROUP UNIT EUR 39 829 0.08 7 659 KINGSPAN GROUP EUR 105 771 0.21 2 590 PADDY POWER EUR 148 925 0.30 13 746 SMURFIT KAPPA GROUP EUR 241 930 0.49 4 012 DCC GBP 158 209 0.32 20 281 GREENCORE GROUP GBP 67 636 0.14 9 874 UNITED DRUG GBP 41 923 0.08

Austria 850 253 1.73

813 AMS CHF 82 806 0.17 5 946 CA IMMOBILIEN ANL. EUR 77 982 0.16 4 163 CONWERT IMMO.INV. EUR 40 006 0.08 4 841 EVN EUR 49 475 0.10 1 106 FLUGHAFEN WIEN EUR 79 520 0.16 770 LENZING EUR 30 800 0.06 690 MAYR-MELNHOF KARTON EUR 62 652 0.13 1 833 OESTERREICHISCHE POST EUR 66 996 0.14 1 831 RHI EUR 42 763 0.09 644 SCHOELLER-BLECKMANN OILFIELD EUR 54 663 0.11

The accompanying notes form an integral part of these financial statements

Page 86 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

1 335 SEMPERIT EUR 52 038 0.10

9 991 SPARKASSEN IMMOBILIEN EUR 53 502 0.11

7 525 WIENERBERGER EUR 104 598 0.21

2 914 ZUMTOBEL EUR 52 452 0.11

Jersey 699 216 1.39

26 272 BEAZLEY GBP 83 898 0.17

9 356 CAPE GBP 35 366 0.07

13 968 HERITAGE OIL GBP 40 128 0.08

25 225 HIGHLAND GOLD MINING GBP 21 969 0.04 35 119 INFORMA GBP 224 512 0.45 9 469 KENTZ GBP 86 306 0.17 26 523 REGUS GBP 70 711 0.14 16 525 UBM GBP 136 326 0.27

Bermuda 641 551 1.29

17 035 AFRICAN MINERALS GBP 32 197 0.06 22 331 CATLIN GROUP GBP 145 326 0.29 45 276 GULF KEYSTONE PETROLEUM GBP 47 237 0.10 18 851 HISCOX LTD GBP 155 514 0.31 8 315 LANCASHIRE HOLDINGS GBP 68 797 0.14 19 269 PETRA DIAMONDS LTD GBP 34 776 0.07 26 746 BW OFFSHORE NOK 25 120 0.05 23 433 GOLDEN OCEAN GROUP NOK 33 652 0.07 2 825 STOLT-NIELSEN NOK 59 570 0.12 6 965 VOSTOK NAFTA INVESTMENT-SDR SEK 39 362 0.08

Portugal 544 789 1.10

27 256 BANCO BPI SA.- REG SHS EUR 51 786 0.10

779 295 BANCOMERCIAL PORTUGUES-R EUR 176 900 0.36

24 927 PORTUCEL EMPRESA PRODUTORA EUR 82 334 0.17 113 591 SONAE EUR 154 938 0.31 13 830 ZON MULTIMEDIA SERVICOS DE T EUR 78 831 0.16

Luxembourg 366 184 0.73

2 778 APERAM EUR 53 546 0.11 502 EUROFINS SCIENTIFIC EUR 109 060 0.22 5 345 GAGFAH EUR 58 902 0.12 7 019 ORCO PROPERTY GROUP EUR 6 949 0.01 3 262 SAF HOLLAND EUR 36 844 0.07 22 625 EVRAZ GBP 21 812 0.04 3 456 MENZIES (JOHN) GBP 27 382 0.06 2 942 ORIFLAMESMETICS SA-SDR SEK 51 689 0.10

United States of America 207 926 0.42

261 UNITED INTL ENTERPRISES DKK 38 280 0.08 3 822 BPOST SA EUR 62 108 0.13 9 822 PARTNERSHIP ASSURANCE GROUP GBP 16 455 0.03 17 290 VESUVIUS PLC GBP 91 083 0.18

The accompanying notes form an integral part of these financial statements

Page 87 PARWORLD TRACK EUROPE SMALL CAP

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Cayman Islands 118 861 0.23

11 231 ENTERTAINMENT ONE LTD GBP 44 832 0.09

7 109 PHOENIX GROUP HOLDINGS GBP 56 712 0.11

30 730 POLARCUS NOK 17 317 0.03

Canada 115 789 0.23

1 927 MATAS A/S DKK 39 232 0.08

1 608 LEG IMMOBILIEN AG EUR 76 557 0.15

Cyprus 97 409 0.19

148 000 BANK OF CYPRUS PUBLIC EUR 1 0.00 15 500 PROSAFE NOK 90 126 0.18 21 537 SONGA OFFSHORE NOK 7 282 0.01

Isle of Man 93 534 0.19

7 231 OPTIMAL PAYMENTS PLC GBP 31 489 0.06 7 582 PLAYTECH GBP 62 045 0.13

Malta 74 122 0.15

2 038 UNIBET GROUP-SDR SEK 74 122 0.15

Gibraltar 64 243 0.13

41 951 BWIN.PARTY DIGITAL ENTERTAIN GBP 64 243 0.13

Guernesey 53 949 0.11

33 852 STOBART GROUP GBP 53 949 0.11

Georgia 38 931 0.08

1 291 BANK OF GEORGIA GDR SPONSORED GBP 38 931 0.08

Australia 38 531 0.08

62 828 CENTAMIN GBP 38 531 0.08

British Virgin Islands 11 259 0.02

15 449 XCITE ENERGY GBP 11 259 0.02

Options, Warrants, Rights 63 827 0.15

Italy 63 827 0.14

2 940 ATLANTIA DS13 EUR 0 0.00 10 328 BCO POPOLARE AXA DS14 EUR 63 827 0.14 4 683 NUTRECO N.V. DS14 EUR 0 0.01

Shares/Units in investment funds 1 976 895 4.02

Luxembourg 1 976 895 4.02

66 900.0000 DB X-TRACKERS MSCI EUROPE SMALL CAP TRN INDEX ETF 1C EUR 1 976 895 4.02

Total securities portfolio 49 592 267 100.03

The accompanying notes form an integral part of these financial statements

Page 88 PARWORLD TRACK GLOBAL GOVERNMENT BOND EX EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 9 754 767 99.10 listing and/or traded on another regulated market

Bonds 9 754 767 99.10

United States of America 4 898 474 49.76

533 000 US TREASURY BILL 1.250% 10-30/09/2015 USD 392 636 4.00

332 000 US TREASURY BILL 1.250% 10-31/08/2015 USD 244 489 2.48

142 000 US TREASURY BILL 2.250% 11-31/03/2016 USD 106 752 1.08 229 000 US TREASURY BILL 2.375% 10-31/07/2017 USD 173 214 1.76 30 000 US TREASURY BILL 2.500% 13-15/08/2023 USD 21 458 0.22 454 000 US TREASURY BILL 2.625% 09-30/04/2016 USD 344 188 3.50 371 000 US TREASURY BILL 2.625% 10-15/08/2020 USD 276 879 2.81 350 000 US TREASURY BILL 2.625% 10-15/11/2020 USD 260 542 2.65 468 000 US TREASURY BILL 3.125% 09-31/10/2016 USD 360 664 3.66 358 000 US TREASURY BILL 3.125% 10-30/04/2017 USD 276 897 2.81 429 000 US TREASURY BILL 3.125% 11-15/05/2021 USD 327 910 3.33 48 000 US TREASURY BILL 3.250% 09-15/09/2019 USD 37 156 0.38 252 000 US TREASURY BILL 3.500% 08-15/02/2018 USD 197 946 2.01 36 000 US TREASURY BILL 3.500% 10-15/05/2020 USD 28 303 0.29 84 000 US TREASURY BILL 3.625% 09-15/08/2019 USD 66 555 0.68 40 000 US TREASURY BILL 3.625% 10-15/02/2020 USD 31 676 0.32 30 000 US TREASURY BILL 3.625% 11-15/02/2021 USD 23 681 0.24 385 000 US TREASURY BILL 3.750% 08-15/11/2018 USD 306 292 3.11 221 000 US TREASURY BILL 3.875% 08-15/05/2018 USD 176 352 1.79 199 000 US TREASURY BILL 4.000% 08-15/08/2018 USD 159 840 1.62 72 000 US TREASURY BILL 4.250% 10-15/11/2040 USD 59 195 0.60 108 000 US TREASURY BILL 4.500% 06-15/02/2036 USD 92 006 0.93

280 000 US TREASURY BILL 4.625% 10-15/02/2040 USD 243 629 2.47

168 000 US TREASURY BILL 5.000% 07-15/05/2037 USD 153 148 1.56

219 000 US TREASURY BILL 5.375% 01-15/02/2031 USD 203 339 2.07 172 100 US TREASURY BILL 7.125% 93-15/02/2023 USD 170 558 1.73 154 000 US TREASURY BILL 7.625% 95-15/02/2025 USD 163 169 1.66

Japan 3 396 625 34.51

3 800 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - 0.100% 13-15/04/2015 JPY 26 778 0.27 30 150 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - 0.200%12-20/09/2017 JPY 212 965 2.16 22 000 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - 0.600% 13-20/03/2023 JPY 155 524 1.58 50 200 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - 1.000% 11-20/11/2021 JPY 368 319 3.74 13 150 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - 1.500% 07-20/12/2017 JPY 97 340 0.99 12 900 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - 2.100% 10-20/12/2030 JPY 102 989 1.05 67 350 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.11 1.700% 03- JPY 494 557 5.03 20/06/2033 53 100 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.119 1.800% 10- JPY 408 735 4.15 20/06/2030 4 350 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.120 1.600% 10- JPY 32 599 0.33 20/06/2030 4 150 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.13 2.000% 04- JPY 31 777 0.32 20/12/2033 55 400 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.273 1.500% 05- JPY 398 434 4.05 20/09/2015 5 350 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.288 1.700% 07- JPY 39 756 0.40 20/09/2017 11 150 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.309 1.100% 10- JPY 82 540 0.84 20/06/2020

The accompanying notes form an integral part of these financial statements

Page 89 PARWORLD TRACK GLOBAL GOVERNMENT BOND EX EMU

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

45 650 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.312 1.200% 10- JPY 340 229 3.46 20/12/2020

46 500 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.35 3.300% 97- JPY 358 587 3.64 20/03/2017

22 700 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.42 2.600% 19- JPY 178 970 1.82 20/03/2019

9 100 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - S.279 2.000% 06- JPY 66 526 0.68 20/03/2016

United Kingdom 982 428 9.97

70 000 UNITED KINGDOM 1.250% 13-22/07/2018 GBP 83 149 0.84 17 000 UNITED KINGDOM 2.000% 10-22/01/2016 GBP 21 040 0.21 120 000 UNITED KINGDOM 3.750% 10-07/09/2020 GBP 158 760 1.61 3 000 UNITED KINGDOM 3.750% 11-07/09/2021 GBP 3 968 0.04 99 000 UNITED KINGDOM 4.000% 06-07/09/2016 GBP 128 701 1.31 107 000 UNITED KINGDOM 4.000% 09-07/03/2022 GBP 143 858 1.46 12 000 UNITED KINGDOM 4.250% 03-07/03/2036 GBP 16 387 0.17 214 000 UNITED KINGDOM 4.250% 09-07/09/2039 GBP 293 460 2.98 20 000 UNITED KINGDOM 4.250% 13-07/06/2032 GBP 27 297 0.28 41 000 UNITED KINGDOM 4.750% 07-07/12/2030 GBP 59 196 0.60 34 000 UNITED KINGDOM 5.000% 07-07/03/2018 GBP 46 612 0.47

Canada 195 169 1.98

57 000 CANADA GOVERNMENT 1.500% 12-01/08/2015 CAD 37 706 0.38 50 000 CANADA GOVERNMENT 3.500% 09-01/06/2020 CAD 35 968 0.37 71 000 CANADA GOVERNMENT 4.000% 06-01/06/2017 CAD 50 640 0.51 43 000 CANADA GOVERNMENT 5.000% 04-01/06/2037 CAD 37 990 0.39 34 000 CANADA GOVERNMENT 8.000% 92-01/06/2023 CAD 32 865 0.33

Australia 145 988 1.49

48 000 AUSTRALIA 4.500% 09-15/04/2020 AUD 33 814 0.34

46 000 AUSTRALIA 4.750%11-21/04/2027 AUD 32 197 0.33 27 000 AUSTRALIA 5.500% 11 -21/04/2023 AUD 20 214 0.21 4 000 AUSTRALIA 5.750% 07-15/05/2021 AUD 3 019 0.03 78 000 AUSTRALIA 6.000% 04-15/02/2017 AUD 56 744 0.58

Denmark 74 076 0.76

160 000 KINGDOM OF DENMARK 4.000% 06-15/11/2017 DKK 24 205 0.25 135 000 KINGDOM OF DENMARK 4.000% 08-15/11/2019 DKK 21 214 0.22 122 000 KINGDOM OF DENMARK 4.500% 07-15/11/2039 DKK 22 895 0.23 28 000 KINGDOM OF DENMARK 7.000% 94-10/11/2024 DKK 5 762 0.06

Sweden 62 007 0.63

175 000 KINGDOM OF SWEDEN 3.000% 05-12/07/2016 SEK 20 568 0.21 250 000 KINGDOM OF SWEDEN 3.500% 11-01/06/2022 SEK 31 273 0.32 80 000 KINGDOM OF SWEDEN 4.250% 07-12/03/2019 SEK 10 166 0.10

Total securities portfolio 9 754 767 99.10

The accompanying notes form an integral part of these financial statements

Page 90 PARWORLD TRACK JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 215 695 598 98.23 listing and/or traded on another regulated market

Shares 215 695 598 98.23

Japan 215 013 631 97.88

3 400 ABC-MART JPY 107 314 0.05

46 000 ACOM JPY 106 947 0.05

17 300 ADVANTEST JPY 136 144 0.06 73 300 AEON JPY 600 595 0.27 12 600 AEON CREDIT SERVICE JPY 206 569 0.09 12 830 AEON MALL JPY 238 270 0.11 17 000 AIR WATER JPY 171 031 0.08 21 700 AISIN SEIKI JPY 569 487 0.26 67 000 AJINOMOTO JPY 696 249 0.32 5 100 ALFRESA HOLDINGS JPY 241 815 0.11 130 000 ALL NIPPON AIRWAYS JPY 204 243 0.09 40 000 AMADA JPY 204 595 0.09 121 000 AOZORA BANK JPY 250 629 0.11 116 000 ASAHI GLASS JPY 488 717 0.22 43 900 ASAHI GROUP HOLDINGS JPY 893 532 0.41 143 000 ASAHI KASEI JPY 707 247 0.32 18 000 ASICS JPY 257 308 0.12 247 000 ASTELLAS PHARMA JPY 2 129 984 0.97 36 000 BANK OF KYOTO JPY 216 093 0.10 137 000 BANK OF YOKOHAMA JPY 497 079 0.23 8 100 BENESSE HOLDINGS JPY 225 128 0.10 74 100 BRIDGESTONE JPY 1 910 721 0.87

26 600 BROTHER INDUSTRIES JPY 270 424 0.12

8 300 CALBEE JPY 142 037 0.06

129 200 CANON JPY 2 904 606 1.32 25 100 CASIO COMPUTER JPY 215 917 0.10 16 400 CENTRAL JAPAN RAILWAY JPY 1 393 443 0.63 84 000 CHIBA BANK JPY 376 387 0.17 19 000 CHIYODA JPY 178 168 0.08 75 300 CHUBU ELECTRIC POWER JPY 644 569 0.29 25 900 CHUGAI PHARMACEUTICAL JPY 480 815 0.22 18 100 CHUGOKU BANK JPY 175 467 0.08 33 500 CHUGOKU ELECTRIC POWER JPY 339 628 0.15 29 500 CITIZEN HOLDINGS JPY 161 488 0.07 7 000 COCA-COLA WEST JPY 88 820 0.04 17 800 CREDIT SAISON JPY 257 458 0.12 64 000 DAI NIPPON PRINTING JPY 445 938 0.20 33 000 DAICEL JPY 196 690 0.09 32 000 DAIDO STEEL JPY 116 332 0.05 21 600 DAIHATSU MOTOR JPY 277 420 0.13 96 600 DAI-ICHI LIFE INSURANCE JPY 1 020 859 0.47 76 500 DAIICHI SANKYO JPY 936 719 0.43

The accompanying notes form an integral part of these financial statements

Page 91 PARWORLD TRACK JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

26 600 DAIKIN INDUSTRIES JPY 1 083 572 0.49

17 900 DAINIPPON SUMITOMO PHARMA JPY 206 821 0.09

8 300 DAITO TRUST CONSTRUCTION JPY 558 502 0.25

68 000 DAIWA HOUSE INDUSTRY JPY 838 867 0.38

189 000 DAIWA SECURITIES GROUP JPY 1 195 738 0.54

11 800 DENA JPY 154 962 0.07

55 300 DENSO JPY 1 927 759 0.88

25 200 DENTSU JPY 695 073 0.32

6 100 DON QUIJOTE JPY 229 063 0.10

38 200 EAST JAPAN RAILWAY JPY 2 046 999 0.93 28 600 EISAI JPY 809 606 0.37 13 200 ELECTRIC POWER DEVELOPMENT C JPY 271 088 0.12 6 600 FAMILYMART JPY 210 872 0.10 21 800 FANUC JPY 2 796 051 1.27 6 000 FAST RETAILING JPY 1 582 439 0.72 63 000 FUJI ELECTRIC JPY 204 616 0.09 66 700 FUJI HEAVY INDUSTRIES JPY 1 312 016 0.60 52 700 FUJIFILM HOLDINGS JPY 1 028 833 0.47 211 000 FUJITSU JPY 927 609 0.42 87 000 FUKUOKA FINANCIAL GROUP JPY 259 886 0.12 13 600 GREE JPY 109 229 0.05 38 600 GUNGHO ONLINE ENTMT JPY 153 107 0.07 47 000 GUNMA BANK JPY 186 094 0.08 47 000 HACHIJUNI BANK JPY 194 372 0.09 26 800 HAKUHODO DY JPY 135 946 0.06 8 000 HAMAMATSU PHOTONICS KK JPY 262 084 0.12 133 000 HANKYU HOLDINGS JPY 526 606 0.24 29 200 HINO MOTORS JPY 314 960 0.14

3 400 HIROSE ELECTRIC JPY 339 667 0.15

63 000 HIROSHIMA BANK JPY 191 300 0.09

7 000 HISAMITSU PHARMACEUTICAL JPY 230 063 0.10 550 000 HITACHI JPY 2 952 675 1.35 12 000 HITACHI CHEMICAL JPY 118 783 0.05 12 100 HITACHI CONSTRUCTION MACHINE JPY 169 473 0.08 7 100 HITACHI HIGH-TECHNOLOGIES JPY 120 252 0.05 22 000 HITACHI METALS JPY 227 689 0.10 21 100 HOKKAIDO ELECTRIC POWER JPY 129 627 0.06 129 000 HOKUGIN FINANCIAL GROUP JPY 179 950 0.08 18 900 HOKURIKU ELECTRIC POWER JPY 178 295 0.08 185 800 HONDA MOTOR JPY 4 756 950 2.17 49 500 HOYA JPY 1 120 505 0.51 12 700 IBIDEN JPY 181 992 0.08 10 000 IDEMITSU KOSAN JPY 149 289 0.07 154 000 IHI JPY 470 878 0.21 14 800 IIDA GROUP HOLDINGS CO LTD JPY 149 002 0.07 99 700 INPEX JPY 940 532 0.43 40 160 ISETAN MITSUKOSHI JPY 360 463 0.16 139 000 ISUZU MOTORS JPY 580 721 0.26 171 400 ITOCHU JPY 1 456 318 0.66

The accompanying notes form an integral part of these financial statements

Page 92 PARWORLD TRACK JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

3 000 ITOCHU TECHNO-SOLUTIONS JPY 92 047 0.04

28 900 IYO BANK JPY 200 758 0.09

54 000 J FRONT RETAILING JPY 270 116 0.12

6 700 JAPAN AIRLINES JPY 239 793 0.11

3 700 JAPAN PETROLEUM EXPLORATION JPY 89 542 0.04

88 JAPAN PRIME REALTY INVESTMEN JPY 207 075 0.09

138 JAPAN REAL ESTATE INVESTMENT JPY 503 624 0.23

261 JAPAN RETAIL FUND INVESTMENT JPY 373 648 0.17

36 000 JAPAN STEEL WORKS JPY 117 431 0.05

125 300 JAPAN TOBACCO JPY 2 860 184 1.30 55 800 JFE HOLDINGS JPY 763 844 0.35 24 000 JGC JPY 607 021 0.28 75 000 JOYO BANK JPY 272 124 0.12 20 200 JSR JPY 272 248 0.12 23 100 JTEKT JPY 249 652 0.11 255 170 JX HOLDINGS JPY 893 477 0.41 95 000 KAJIMA JPY 242 287 0.11 16 600 KAKAKU.COM. JPY 196 362 0.09 27 000 KAMIGUMI JPY 190 793 0.09 32 000 KANEKA JPY 141 131 0.06 82 200 KANSAI ELECTRIC POWER JPY 613 290 0.28 26 000 KANSAI PAINT JPY 270 186 0.12 58 700 KAO JPY 1 512 380 0.69 165 000 KAWASAKI HEAVY INDUSTRIES JPY 441 739 0.20 61 300 KDDI JPY 2 580 887 1.18 52 000 KEIKYU JPY 318 728 0.15 65 000 KEIO JPY 329 261 0.15 31 000 KEISEI ELECTRIC RAILWAY JPY 195 471 0.09

5 236 KEYENCE JPY 1 570 367 0.72

18 000 KIKKOMAN JPY 246 909 0.11

15 000 KINDEN JPY 105 573 0.05 206 000 KINTETSU JPY 532 637 0.24 99 000 KIRIN HOLDINGS JPY 997 400 0.45 345 000 KOBE STEEL JPY 332 995 0.15 11 000 KOITO MANUFACTURING JPY 135 389 0.06 106 300 KOMATSU JPY 1 601 175 0.73 11 300 KONAMI JPY 189 874 0.09 55 000 KONICA MINOLTA HOLDINGS JPY 373 153 0.17 122 000 KUBOTA JPY 1 174 969 0.54 38 900 KURARAY JPY 323 392 0.15 12 900 KURITA WATER INDUSTRIES JPY 203 489 0.09 37 000 KYOCERA JPY 1 212 922 0.55 26 000 KYOWA HAKKO KIRIN JPY 201 495 0.09 49 300 KYUSHU ELECTRIC POWER JPY 438 333 0.20 7 300 LAWSON JPY 375 443 0.17 31 100 LIXIL GROUP JPY 623 582 0.28 16 200 M3 JPY 193 342 0.09 2 800 MABUCHI MOTOR JPY 133 353 0.06 13 000 MAKITA JPY 519 307 0.24

The accompanying notes form an integral part of these financial statements

Page 93 PARWORLD TRACK JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

187 000 MARUBENI JPY 913 004 0.42

25 600 MARUI GROUP JPY 159 618 0.07

6 000 MARUICHI STEEL TUBE WORKS JPY 112 823 0.05

307 000 MAZDA MOTOR JPY 990 608 0.45

7 600 MCDONALD'S HOLDINGS JPY 148 692 0.07

15 500 MEDIPAL HOLDINGS JPY 172 320 0.08

6 942 MEIJI HOLDINGS JPY 318 392 0.15

6 300 MIRACA HOLDINGS JPY 200 621 0.09

160 100 MITSUBISHI JPY 2 161 149 0.98

157 300 MITSUBISHI CHEMICAL JPY 475 427 0.22 220 000 MITSUBISHI ELECTRIC JPY 1 801 054 0.82 143 000 MITSUBISHI ESTATE JPY 2 464 282 1.12 43 000 MITSUBISHI GAS CHEMICAL JPY 176 315 0.08 345 000 MITSUBISHI HEAVY INDUSTRIES JPY 1 451 080 0.66 14 000 MITSUBISHI LOGISTICS JPY 141 638 0.06 126 000 MITSUBISHI MATERIALS JPY 260 097 0.12 71 500 MITSUBISHI MOTORS JPY 544 036 0.25 25 300 MITSUBISHI TANABE PHARMA JPY 257 208 0.12 1 452 600 MITSUBISHI UFJ FINANCIAL GRO JPY 5 802 659 2.65 65 500 MITSUBISHI UFJ LEASE FINANCE JPY 233 502 0.11 197 800 MITSUI JPY 2 033 197 0.93 91 000 MITSUI CHEMICALS JPY 162 203 0.07 95 000 MITSUI FUDOSAN JPY 2 107 629 0.96 123 000 MITSUI OSK LINES JPY 348 361 0.16 2 619 220 MIZUHO FINANCIAL GROUP JPY 3 764 438 1.72 57 616 MS&AD INSURANCE GROUP HOLDIN JPY 959 596 0.44 23 100 MURATA MANUFACTURING JPY 1 584 331 0.72 12 200 NABTESCO JPY 204 051 0.09

20 000 NAMCO BANDAI HOLDINGS JPY 344 232 0.16

289 000 NEC JPY 645 439 0.29

14 100 NEXON JPY 86 424 0.04 30 000 NGK INSULATORS JPY 454 420 0.21 20 000 NGKRK PLUG JPY 326 901 0.15 18 300 NHK SPRING JPY 123 385 0.06 23 200 NIDEC JPY 1 026 305 0.47 39 600 NIKON JPY 463 686 0.21 12 100 NINTENDO JPY 1 045 138 0.48 161 NIPPON BUILDING FUND JPY 611 382 0.28 43 000 NIPPON ELECTRIC GLASS JPY 160 865 0.07 90 000 NIPPON EXPRESS JPY 320 208 0.15 20 000 NIPPON MEAT PACKERS JPY 216 572 0.10 20 000 NIPPON PAINT JPY 220 376 0.10 149 NIPPON PROLOGIS REIT. INC JPY 218 557 0.10 866 160 NIPPON STEEL & SUMITOMO META JPY 1 720 859 0.78 42 700 NIPPON TELEGRAPH KABUSHIKI TELEPHONE JPY 1 690 382 0.77 186 000 NIPPON YUSEN JPY 393 126 0.18 77 000 NISHI-NIPPON CITY BANK JPY 125 857 0.06 282 900 NISSAN MOTOR JPY 1 833 660 0.84 23 300 NISSHIN SEIFUN GROUP JPY 186 152 0.08

The accompanying notes form an integral part of these financial statements

Page 94 PARWORLD TRACK JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

6 600 NISSIN FOODS HOLDINGS JPY 216 452 0.10

7 700 NITORI HOLDINGS JPY 242 763 0.11

19 200 NITTO DENKO JPY 668 501 0.30

37 700 NKSJ HOLDINGS JPY 704 388 0.32

11 000 NOK JPY 130 584 0.06

413 400 NOMURA HOLDINGS JPY 1 928 086 0.88

13 900 NOMURA REAL ESTATE JPY 192 921 0.09

1 NOMURA REAL ESTATE JPY 3 174 0.00

11 400 NOMURA RESEARCH INSTITUTE JPY 261 831 0.12

53 000 NSK JPY 396 550 0.18 14 600 NTT DATA JPY 412 987 0.19 173 900 NTT DOCOMO JPY 1 994 582 0.91 13 300 NTT URBAN DEVELOPMENT JPY 91 079 0.04 73 000 OBAYASHI JPY 299 326 0.14 71 000 ODAKYU ELECTRIC RAILWAY JPY 444 691 0.20 90 000 OJI HOLDINGS JPY 292 943 0.13 28 000 OLYMPUS JPY 649 011 0.30 23 200 OMRON JPY 696 299 0.32 9 600 ONO PHARMACEUTICAL JPY 604 654 0.28 4 300 ORACLE JAPAN JPY 141 628 0.06 5 700 ORIENTAL LAND JPY 630 482 0.29 147 630 ORIX JPY 1 511 257 0.69 219 000 OSAKA GAS JPY 603 280 0.27 28 600 OSAKA SECURITIES EXCHANGE JPY 507 364 0.23 1 800 OTSUKA JPY 170 947 0.08 41 200 OTSUKA HOLDINGS JPY 896 048 0.41 251 400 PANASONIC JPY 2 077 597 0.95 11 300 PARK24 JPY 156 198 0.07

82 700 RAKUTEN JPY 802 301 0.37

250 800 RESONA HOLDINGS JPY 881 711 0.40

78 300 RICOH JPY 656 458 0.30 4 000 RINNAI JPY 255 603 0.12 10 900 ROHM JPY 353 634 0.16 6 000 SANKYO JPY 183 670 0.08 5 500 SANRIO JPY 134 847 0.06 8 400 SANTEN PHARMACEUTICAL JPY 271 046 0.12 22 670 SBI JPY 198 687 0.09 23 800 SECOM JPY 997 011 0.45 21 000 SEGA SAMMY JPY 342 062 0.16 14 800 SEIKO EPSON JPY 334 707 0.15 49 000 SEKISUI CHEMICAL JPY 370 419 0.17 62 900 SEKISUI HOUSE JPY 567 672 0.26 85 800 SEVEN & I HOLDINGS JPY 2 384 087 1.09 66 600 SEVEN BANK JPY 190 032 0.09 174 000 SHARP JPY 384 926 0.18 20 000 SHIKOKU ELECTRIC POWER JPY 197 268 0.09 26 000 SHIMADZU JPY 167 973 0.08 2 500 SHIMAMURA JPY 157 286 0.07 9 200 SHIMANO JPY 672 147 0.31

The accompanying notes form an integral part of these financial statements

Page 95 PARWORLD TRACK JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

66 000 SHIMIZU JPY 248 769 0.11

46 700 SHIN-ETSU CHEMICAL JPY 1 940 527 0.88

186 000 SHINSEI BANK JPY 266 016 0.12

34 600 SHIONOGI JPY 466 325 0.21

41 800 SHISEIDO JPY 534 798 0.24

65 000 SHIZUOKA BANK JPY 461 148 0.21

30 300 SHOEI/CHIYODA-KU JPY 301 849 0.14

168 000 SHOWA DENKO K K JPY 172 807 0.08

21 700 SHOWA SHELL SEKIYU KK JPY 140 958 0.06

5 900 SMC JPY 1 131 665 0.52 109 400 SOFTBANK JPY 6 011 874 2.75 140 000 SOJITZ JPY 173 596 0.08 118 200 SONY JPY 1 642 186 0.75 19 500 SONY FINANCIAL HOLDINGS JPY 232 177 0.11 16 100 STANLEY ELECTRIC JPY 259 866 0.12 15 000 SUMCO JPY 84 226 0.04 128 000 SUMITOMO JPY 1 184 057 0.54 173 000 SUMITOMO CHEMICAL JPY 464 375 0.21 85 700 SUMITOMO ELECTRIC INDUSTRIES JPY 927 406 0.42 62 000 SUMITOMO HEAVY INDUSTRIES JPY 183 022 0.08 60 000 SUMITOMO METAL MINING JPY 547 841 0.25 145 000 SUMITOMO MITSUI FINANCIAL GR JPY 4 504 080 2.05 377 140 SUMITOMO MITSUI TRUST HOLDIN JPY 1 238 188 0.56 41 000 SUMITOMO REALTY & DEVELOPMNT JPY 1 167 557 0.53 19 200 SUMITOMO RUBBER INDUSTRIES JPY 177 744 0.08 21 000 SURUGA BANK JPY 268 975 0.12 7 900 SUZUKEN JPY 222 352 0.10 41 400 SUZUKI MOTOR JPY 785 771 0.36

16 400 SYSMEX JPY 380 135 0.17

67 400 T&D HOLDINGS JPY 582 643 0.27

133 000 TAIHEIYO CEMENT JPY 348 572 0.16 110 000 TAISEI JPY 357 266 0.16 3 500 TAISHO PHARMACEUTICAL HOLDIN JPY 204 911 0.09 26 000 TAIYO NIPPON SANSO JPY 148 740 0.07 30 000 TAKASHIMAYA JPY 204 595 0.09 89 900 TAKEDA PHARMACEUTICAL JPY 3 098 447 1.41 13 900 TDK JPY 422 075 0.19 105 000 TEIJIN JPY 189 377 0.09 35 200 TERUMO JPY 558 730 0.25 12 800 THK JPY 208 946 0.10 118 000 TOBU RAILWAY JPY 414 840 0.19 12 700 TOHO JPY 185 124 0.08 46 000 TOHO GAS JPY 182 134 0.08 52 300 TOHOKU ELECTRIC POWER JPY 392 050 0.18 78 900 TOKIO MARINE HOLDINGS JPY 1 722 092 0.78 168 200 TOKYO ELECTRIC POWER JPY 492 966 0.22 19 500 TOKYO ELECTRON JPY 868 947 0.40 272 000 TOKYO GAS JPY 1 004 149 0.46 47 000 TOKYO TATEMONO JPY 293 048 0.13

The accompanying notes form an integral part of these financial statements

Page 96 PARWORLD TRACK JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

133 000 TOKYU JPY 591 261 0.27

58 500 TOKYU FUDOSAN HOLDINGS CORP JPY 317 354 0.14

32 000 TONENGENERAL SEKIYU KK JPY 205 384 0.09

63 000 TOPPAN PRINTING JPY 328 007 0.15

166 000 TORAY INDUSTRIES JPY 797 610 0.36

458 000 TOSHIBA JPY 1 410 084 0.64

32 000 TOTO JPY 322 617 0.15

18 400 TOYO SEIKAN KAISHA JPY 217 265 0.10

10 000 TOYO SUISAN KAISHA JPY 242 710 0.11

7 400 TOYODA GOSEI JPY 103 175 0.05 8 500 TOYOTA BOSHOKU JPY 62 460 0.03 18 900 TOYOTA INDUSTRIES JPY 660 452 0.30 314 400 TOYOTA MOTOR JPY 12 904 791 5.89 24 600 TOYOTA TSUSHO JPY 454 082 0.21 11 900 TREND MICRO JPY 267 865 0.12 6 900 TSUMURA JPY 120 559 0.05 119 000 UBE INDUSTRIES JPY 159 294 0.07 13 200 UNICHARM JPY 512 696 0.23 24 700 USS JPY 252 153 0.11 19 148 WEST JAPAN RAILWAY JPY 568 481 0.26 163 200 YAHOO JAPAN JPY 581 793 0.27 9 900 YAKULT HONSHA JPY 361 296 0.16 103 300 YAMADA DENKI JPY 250 355 0.11 26 000 YAMAGUCHI FINANCIAL GROUP JPY 170 355 0.08 17 700 YAMAHA JPY 165 728 0.08 31 600 YAMAHA MOTOR JPY 366 227 0.17 43 100 YAMATO HOLDINGS JPY 675 321 0.31 4 800 YAMATO KOGYO JPY 109 399 0.05

14 000 YAMAZAKI BAKING JPY 120 531 0.05

24 000 YASKAWA ELECTRIC JPY 241 287 0.11

24 200 YOKOGAWA ELECTRIC JPY 284 216 0.13 23 000 YOKOHAMA RUBBER JPY 157 180 0.07

Singapore 395 726 0.20

15 800 SUNTORY BEVERAGE AND FOOD LTD JPY 395 726 0.20

United Kingdom 286 241 0.15

268 UNITED URBAN INVESMENT REIT JPY 286 241 0.15

Shares/Units in investment funds 25 0.06

Luxembourg 25 0.06

0.1763 BNP PARIBAS INSTICASH EUR - I EUR 25 0.06

Total securities portfolio 215 695 623 98.29

The accompanying notes form an integral part of these financial statements

Page 97 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 163 614 091 98.18 listing and/or traded on another regulated market

Shares 163 614 091 98.18

United States of America 144 893 445 86.87

760 ATCO LTD -CLASS I CAD 26 533 0.02

928 FIRST CAPITAL REALTY INC CAD 10 706 0.01

7 692 3M USD 757 117 0.45 18 265 ABBOTT LABORATORIES USD 510 347 0.31 4 921 ACTIVISION BLIZZARD USD 72 980 0.04 5 759 ADOBE SYSTEMS USD 274 694 0.16 2 125 ADT USD 46 177 0.03 966 ADVANCE AUTO PARTS USD 88 662 0.05 8 603 AES USD 89 135 0.05 4 472 AETNA USD 243 255 0.15 661 AFFILIATED MANAGERS GROUP USD 95 943 0.06 5 579 AFLAC USD 255 179 0.15 1 265 AGCO USD 50 628 0.03 4 010 AGILENT TECHNOLOGIES USD 162 698 0.10 2 573 AIR PRODUCTS & CHEMICALS USD 222 231 0.13 730 AIRGAS USD 56 414 0.03 2 228 AKAMAI TECHNOLOGIES USD 94 099 0.06 1 056 ALBEMARLE USD 50 890 0.03 13 248 ALCOA USD 123 709 0.07 2 376 ALEXION PHARMACEUTICALS USD 262 261 0.16 168 ALLEGHANY CORP USD 49 657 0.03 3 545 ALLERGAN USD 319 198 0.19

602 ALLIANCE DATA SYSTEMS USD 119 002 0.07

1 437 ALLIANT ENERGY USD 59 232 0.04

5 541 ALLSTATE USD 227 469 0.14 3 862 ALTERA USD 101 548 0.06 24 079 ALTRIA GROUP USD 653 929 0.39 4 409 AMAZON.COM USD 1 076 522 0.65 2 640 AMERENORATION USD 78 917 0.05 4 841 AMERICAN CAPITAL AGENCY USD 75 482 0.05 5 586 AMERICAN ELECTRIC POWER USD 205 323 0.12 11 594 AMERICAN EXPRESS USD 757 343 0.45 16 844 AMERICAN INTERNATIONAL GROUP USD 611 187 0.37 9 292 AMERICAN REALTY CAPITAL PROP USD 94 521 0.06 4 724 AMERICAN TOWER COR USD 280 612 0.17 1 961 AMERICAN WATER WORKS USD 64 596 0.04 2 378 AMERIPRISE FINANCIAL USD 189 912 0.11 2 861 AMERISOURCEBERGEN USD 136 153 0.08 2 913 AMETEK USD 108 827 0.07 9 066 AMGEN USD 811 319 0.49 1 956 AMPHENOL-CL A USD 130 069 0.08 5 864 ANADARKO PETROLEUM USD 360 626 0.22

The accompanying notes form an integral part of these financial statements

Page 98 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

3 639 ANALOG DEVICES USD 140 306 0.08

11 525 ANNALY CAPITAL MANAGEMENT USD 91 732 0.06

1 019 ANSYS USD 56 944 0.03

3 485 AON USD 213 108 0.13

4 845 APACHE USD 291 596 0.17

10 775 APPLE USD 4 196 172 2.53

13 866 APPLIED MATERIALS USD 205 437 0.12

7 934 ARCHER-DANIELS-MIDLAND USD 249 778 0.15

1 300 ARROW ELECTRONICS USD 55 990 0.03

750 ASHLAND USD 54 134 0.03 688 ASSURANT USD 32 427 0.02 63 197 AT&T USD 1 608 067 0.96 2 794 AUTODESK USD 99 698 0.06 1 042 AUTOLIV USD 75 868 0.05 5 639 AUTOMATIC DATA PROCESSING USD 316 103 0.19 415 AUTOZONE USD 161 724 0.10 1 446 AVALONBAYMMUNITIES USD 137 775 0.08 1 266 AVERY DENNISON USD 46 543 0.03 1 918 AVNET USD 64 752 0.04 5 398 AVON PRODUCTS USD 57 338 0.03 5 389 BAKER HUGHES USD 254 230 0.15 1 870 BALL USD 74 366 0.04 127 942 BANK OF AMERICA USD 1 596 664 0.96 13 429 BANK OF NEW YORK MELLON USD 343 849 0.21 6 346 BAXTER INTERNATIONAL USD 338 791 0.20 8 577 BB&T USD 249 982 0.15 1 255 BE AEROSPACE USD 79 029 0.05 1 770 BEAM USD 106 977 0.06

2 236 BECTON DICKINSON AND USD 189 944 0.11

2 649 BED BATH & BEYOND USD 132 234 0.08

13 349 BERKSHIRE HATHAWAY-CL B USD 1 210 393 0.73 2 919 BEST BUY USD 55 934 0.03 2 842 BIOGEN IDEC USD 630 715 0.38 1 700 BIOMARIN PHARMACEUTICAL USD 84 134 0.05 1 566 BLACKROCK USD 357 320 0.21 8 583 BOEING USD 781 484 0.47 2 730 BORGWARNER USD 121 758 0.07 1 787 BOSTON PROPERTIES USD 148 496 0.09 16 593 BOSTON SCIENTIFIC USD 162 770 0.10 19 800 BRISTOL-MYERS SQUIBB USD 746 316 0.45 6 227 BROADCOM-CL A USD 142 228 0.09 1 337 BROWN-FORMAN-CLASS B USD 87 006 0.05 1 945 C.H. ROBINSON WORLDWIDE USD 73 933 0.04 3 428 CA USD 77 029 0.05 1 626 CABLEVISION SYSTEMS-NY GRP-A USD 19 903 0.01 4 955 CABOT OIL & GAS USD 121 803 0.07 3 646 CALPINE USD 55 315 0.03 1 104 CAMDEN PROPERTY TRUST USD 53 940 0.03 3 054 CAMERON INTERNATIONAL USD 136 873 0.08

The accompanying notes form an integral part of these financial statements

Page 99 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 563 CAMPBELL SOUP USD 83 459 0.05

6 811 CAPITAL ONE FINANCIAL USD 381 307 0.23

3 902 CARDINAL HEALTH USD 198 122 0.12

2 402 CAREFUSION USD 70 095 0.04

2 675 CARMAX USD 90 833 0.05

7 620 CATERPILLAR USD 549 392 0.33

3 796 CBRE GROUP - A USD 75 548 0.05

6 637 CBS-CLASS B NON VOTING USD 297 600 0.18

1 741 CELANESE-SERIES A USD 70 120 0.04

4 963 CELGENE USD 502 692 0.30 4 961 CENTERPOINT ENERGY USD 85 272 0.05 7 380 CENTURYLINK USD 175 846 0.11 3 587 CERNER USD 146 395 0.09 715 CF INDUSTRIES HOLDINGS USD 135 213 0.08 791 CHARTER COMMUNICATION-A USD 70 706 0.04 6 587 CHESAPEAKE ENERGY USD 122 444 0.07 23 056 CHEVRON USD 1 989 181 1.19 383 CHIPOTLE MEXICAN GRILL USD 157 855 0.09 3 074 CHUBB USD 199 172 0.12 1 507 CHURCH & DWIGHT USD 75 522 0.05 3 376 CIGNA USD 205 095 0.12 944 CIMAREX ENERGY USD 81 582 0.05 1 710 CINCINNATI FINANCIAL USD 60 373 0.04 1 309 CINTAS USD 56 615 0.03 64 216 CISCO SYSTEMS USD 1 044 136 0.63 2 067 CIT GROUP USD 73 517 0.04 36 399 CITIGROUP USD 1 257 096 0.75 2 320 CITRIX SYSTEMS USD 96 672 0.06

1 553 CLOROX USD 99 169 0.06

3 886 CME GROUP USD 208 672 0.13

2 954 CMS ENERGY USD 62 756 0.04 3 295 COACH USD 118 723 0.07 2 875 COBALT INTERNATIONAL ENERGY USD 38 215 0.02 47 692 COCA-COLA USD 1 337 764 0.80 3 066 COCA-COLA ENTERPRISES USD 106 245 0.06 7 230 COGNIZANT TECH SOLUTIONS-A USD 265 489 0.16 10 908 COLGATE-PALMOLIVE USD 513 406 0.31 25 813 COMCAST-CLASS A USD 936 816 0.56 5 731 COMCAST-SPECIAL CL A USD 202 752 0.12 2 432 COMERICA USD 91 404 0.05 1 957 COMPUTER SCIENCES USD 86 359 0.05 4 978 CONAGRA FOODS USD 112 075 0.07 1 352 CONCHO RESOURCES USD 120 167 0.07 14 007 CONOCOPHILLIPS USD 714 959 0.43 2 512 CONSOL ENERGY USD 72 813 0.04 3 420 CONSOLIDATED EDISON USD 133 128 0.08 2 085 CONSTELLATION BRANDS-A USD 128 542 0.08 602 CONTINENTAL RESOURCES/OK USD 54 279 0.03 16 708 CORNING USD 252 393 0.15

The accompanying notes form an integral part of these financial statements

Page 100 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

5 152 COSTCO WHOLESALE USD 417 468 0.25

830 CR BARD USD 89 115 0.05

1 313 CREE USD 53 882 0.03

4 069 CROWN CASTLE INTERNATIONAL USD 217 820 0.13

1 951 CROWN HOLDINGS USD 63 332 0.04

12 240 CSX USD 257 278 0.15

2 167 CUMMINS USD 234 255 0.14

14 315 CVS CAREMARK USD 777 523 0.47

7 160 DANAHER USD 389 625 0.23

1 781 DARDEN RESTAURANTS USD 65 593 0.04 2 293 DAVITA HEALTHCARE PARTNERS I USD 114 546 0.07 4 350 DEERE USD 286 581 0.17 3 433 DELPHI AUTOMOTIVE USD 169 028 0.10 2 759 DELTA AIR LINES USD 69 363 0.04 5 193 DENBURY RESOURCES USD 61 792 0.04 1 933 DENTSPLY INTERNATIONAL USD 64 571 0.04 4 418 DEVON ENERGY USD 214 545 0.13 583 DIAMOND OFFSHORE DRILLING USD 20 625 0.01 1 309 DICK'S SPORTING GOODS USD 51 866 0.03 1 415 DIGITAL REALTY TRUST USD 54 495 0.03 6 105 DIRECTV USD 338 505 0.20 5 800 DISCOVER FINANCIAL SERVICES USD 244 877 0.15 1 818 DISCOVERYMMUNICATIONS-A USD 109 087 0.07 856 DISCOVERYMMUNICATIONS-C USD 47 860 0.03 2 768 DISH NETWORK-A USD 124 939 0.07 3 615 DOLLAR GENERAL USD 145 518 0.09 2 653 DOLLAR TREE USD 100 442 0.06 6 765 DOMINION RESOURCES USD 348 447 0.21

2 118 DOVER USD 125 628 0.08

14 268 DOW CHEMICAL USD 503 016 0.30

3 782 DR HORTON USD 59 409 0.04 2 470 DR PEPPER SNAPPLE GROUP USD 97 599 0.06 2 191 DTE ENERGY USD 118 099 0.07 11 162 DU PONT DE NEMOURS USD 543 421 0.33 8 523 DUKE ENERGY CORP USD 440 419 0.26 4 225 DUKE REALTY USD 51 745 0.03 379 DUN BRADSTREET USD 27 320 0.02 1 904 EASTMAN CHEMICAL USD 119 096 0.07 5 558 EATON USD 302 933 0.18 1 602 EATON VANCE USD 44 355 0.03 14 032 EBAY USD 562 400 0.34 3 294 ECOLAB USD 258 095 0.15 3 644 EDISON INTERNATIONAL USD 149 673 0.09 1 240 EDWARDS LIFESCIENCES USD 66 730 0.04 3 892 ELECTRONIC ARTS USD 81 920 0.05 24 528 EMC USD 487 802 0.29 8 505 EMERSON ELECTRIC USD 412 214 0.25 938 ENERGEN USD 54 997 0.03 787 ENERGIZER HOLDINGS USD 57 524 0.03

The accompanying notes form an integral part of these financial statements

Page 101 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 140 ENTERGY USD 103 798 0.06

3 295 EOG RESOURCES USD 468 986 0.28

1 856 EQT USD 130 583 0.08

1 331 EQUIFAX USD 65 698 0.04

614 EQUINIX USD 82 345 0.05

3 976 EQUITY RESIDENTIAL USD 167 291 0.10

2 770 ESTEE LAUDER COMPANIES-CL A USD 134 415 0.08

9 817 EXELON USD 239 041 0.14

1 159 EXPEDIA USD 60 967 0.04

2 238 EXPEDITORS INTL WASHINGTON USD 64 351 0.04 9 578 EXPRESS SCRIPTS HOLDING USD 521 830 0.31 52 322 EXXON MOBIL USD 3 708 190 2.23 876 F5 NETWORKS USD 67 773 0.04 22 156 FACEBOOK-A USD 968 386 0.58 1 139 FAMILY DOLLAR STORES USD 47 940 0.03 3 488 FASTENAL USD 124 816 0.07 726 FEDERAL REALTY INVS TRUST USD 60 429 0.04 3 640 FEDEX USD 350 095 0.21 3 116 FIDELITY NATIONAL FINL-A USD 71 081 0.04 3 601 FIDELITY NATIONAL INFORMATION USD 139 651 0.08 10 812 FIFTH THIRD BANCORP USD 180 037 0.11 1 210 FIRST REPUBLIC BANK/SAN FRAN USD 47 399 0.03 4 939 FIRSTENERGY USD 121 948 0.07 3 179 FISERV USD 130 758 0.08 855 FLEETCOR TECHNOLOGIES INC USD 71 403 0.04 1 856 FLIR SYSTEMS USD 48 479 0.03 1 803 FLOWSERVE USD 102 483 0.06 1 937 FLUOR USD 109 242 0.07

1 665 FMC USD 92 489 0.06

2 939 FMC TECHNOLOGIES USD 111 504 0.07

43 233 FORD MOTOR USD 489 341 0.29 2 853 FOREST LABORATORIES USD 191 000 0.11 593 FOSSIL GROUP INC USD 50 172 0.03 4 739 FRANKLIN RESOURCES USD 186 294 0.11 12 141 FREEPORT-MCMORAN COPPER USD 291 314 0.17 13 048 FRONTIER COMMUNICATION USD 53 962 0.03 1 058 GAMESTOP-CLASS A USD 31 550 0.02 3 078 GAP USD 89 465 0.05 121 259 GENERAL ELECTRIC USD 2 277 813 1.37 6 211 GENERAL GROWTH PROPERTIES USD 99 142 0.06 7 685 GENERAL MILLS USD 288 944 0.17 14 759 GENERAL MOTORS USD 368 587 0.22 1 909 GENUINE PARTS USD 120 295 0.07 18 409 GILEAD SCIENCES USD 946 462 0.57 5 203 GOLDMAN SACHS GROUP USD 618 546 0.37 3 315 GOOGLE-CL A USD 2 680 646 1.61 3 011 H&R BLOCK USD 65 955 0.04 10 244 HALLIBURTON USD 437 707 0.26 2 727 HARLEY-DAVIDSON USD 131 794 0.08

The accompanying notes form an integral part of these financial statements

Page 102 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

1 350 HARRIS USD 71 660 0.04

5 238 HARTFORD FINANCIAL SVCS GRP USD 134 043 0.08

1 496 HASBRO USD 60 372 0.04

3 599 HCA HOLDINGS USD 137 092 0.08

5 318 HCP USD 149 672 0.09

3 348 HEALTH CARE REIT USD 144 778 0.09

1 174 HELMERICH & PAYNE USD 91 620 0.05

944 HENRY SCHEIN USD 81 760 0.05

1 812 HERSHEY USD 137 256 0.08

5 559 HERTZ GLOBAL HOLDINGS USD 107 449 0.06 3 533 HESS USD 212 454 0.13 22 728 HEWLETT-PACKARD USD 533 632 0.32 2 319 HOLLY FRONTIER CORP USD 80 057 0.05 3 515 HOLOGIC USD 54 832 0.03 16 914 HOME DEPOT USD 971 090 0.58 8 976 HONEYWELL INTERNATIONAL USD 604 109 0.36 1 998 HORMEL FOODS USD 71 425 0.04 2 252 HOSPIRA USD 70 669 0.04 9 324 HOST HOTELS & RESORTS USD 136 926 0.08 6 263 HUDSON CITY BANCORP USD 44 669 0.03 1 914 HUMANA USD 156 536 0.09 1 045 HUNT TRANSPRT SVCS USD 54 530 0.03 657 IHS-CLASS A USD 57 918 0.03 4 990 ILLINOIS TOOL WORKS USD 294 458 0.18 1 566 ILLUMINA USD 168 911 0.10 1 050 INTEGRYS ENERGY GROUP USD 45 444 0.03 59 694 INTEL USD 1 117 868 0.67 1 394 INTERCONTINENTALEXCHANGE GRO USD 200 091 0.12

4 896 INTERNATIONAL PAPER USD 162 981 0.10

5 688 INTERPUBLIC GROUP OFS USD 70 736 0.04

12 371 INTL BUSINESS MACHINES USD 1 727 766 1.04 907 INTL FLAVORS & FRAGRANCES USD 62 959 0.04 2 253 INTL GAME TECHNOLOGY USD 22 984 0.01 3 249 INTUIT USD 183 236 0.11 466 INTUITIVE SURGICAL USD 148 089 0.09 1 912 IRON MOUNTAIN USD 38 247 0.02 1 439 JACOBS ENGINEERING GROUP USD 66 299 0.04 1 262 JM SMUCKER USD 89 038 0.05 33 801 JOHNSON & JOHNSON USD 2 409 049 1.45 8 015 JOHNSONNTROLS USD 275 182 0.17 1 371 JOY GLOBAL USD 57 695 0.03 45 214 JPMORGAN CHASE USD 1 991 614 1.20 6 243 JUNIPER NETWORKS USD 116 684 0.07 1 377 KANSAS CITY SOUTHERN USD 101 967 0.06 1 968 KBR USD 38 096 0.02 2 970 KELLOGG USD 135 134 0.08 1 564 KEURIG GREEN MOUNTAIN INC USD 119 821 0.07 11 539 KEYCORP USD 119 220 0.07 4 463 KIMBERLY-CLARK USD 357 008 0.21

The accompanying notes form an integral part of these financial statements

Page 103 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

5 045 KIMCO REALTY USD 80 090 0.05

7 715 KINDER MORGAN USD 181 869 0.11

1 365 KINDER MORGAN MANAGEMENT USD 70 981 0.04

2 077 KLA-TENCOR USD 104 193 0.06

2 515 KOHLS USD 103 647 0.06

7 130 KRAFT FOODS GROUP USD 290 218 0.17

5 674 KROGER USD 179 699 0.11

1 006 LABORATORY CRP USD 71 685 0.04

2 147 LAM RESEARCH USD 85 677 0.05

4 923 LAS VEGAS SANDS USD 288 540 0.17 1 031 LEGG MASON USD 36 684 0.02 1 858 LEGGETT & PLATT USD 44 002 0.03 579 LEIDOS HOLDINGS INC USD 14 859 0.01 2 096 LENNAR-A USD 60 253 0.04 3 808 LEUCADIA NATIONAL USD 77 362 0.05 2 215 LEVEL 3 COMMUNICATION USD 62 902 0.04 6 325 LIBERTY GLOBAL INC-SERIES C USD 186 824 0.11 2 387 LIBERTY GLOBAL PLC USD 72 047 0.04 5 799 LIBERTY INTERACTIVE-A USD 121 471 0.07 1 165 LIBERTY MEDIA CORP USD 110 503 0.07 1 638 LIBERTY PROPERTY TRUST USD 43 926 0.03 11 956 LILLY & CO. (ELI) USD 510 597 0.31 3 044 LIMITED BRANDS INC USD 125 382 0.08 3 247 LINCOLN NATIONAL USD 119 373 0.07 2 918 LINEAR TECHNOLOGY USD 103 085 0.06 1 181 LINKEDIN CORP - A USD 158 472 0.10 3 224 LKQ USD 61 638 0.04 3 855 LOEWS USD 123 209 0.07 4 326 LORILLARD USD 169 744 0.10

12 409 LOWE'S USD 440 269 0.26

7 609 LSI USD 61 115 0.04

1 117 LULULEMON ATHLETICA USD 42 621 0.03 1 449 M & T BANK USD 127 527 0.08 1 741 MACERICH USD 78 735 0.05 4 220 MACY'S USD 181 537 0.11 71 MALLINCKRODT PLC - W/I USD 3 267 0.00 1 002 MANPOWER USD 57 310 0.03 8 104 MARATHON OIL USD 208 855 0.13 3 666 MARATHON PETROLEUM CORP. USD 231 517 0.14 3 071 MARRIOTT INTERNATIONAL -CL A USD 124 823 0.07 6 678 MARSH & MCLENNANS USD 238 872 0.14 597 MARTIN MARIETTA MATERIALS USD 55 596 0.03 3 929 MASCO USD 63 314 0.04 12 538 MASTERCARD-CLASS A USD 679 549 0.41 4 030 MATTEL USD 117 282 0.07 3 168 MAXIM INTEGRATED PRODUCTS USD 76 129 0.05 1 311 MC CORMICK NON VOTTING SHRS USD 68 240 0.04 11 962 MC DONALD'S USD 850 814 0.51 3 162 MC GRAW HILL COMPANIES USD 175 049 0.11 2 674 MCKESSON USD 342 571 0.21

The accompanying notes form an integral part of these financial statements

Page 104 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 305 MDU RESOURCES GROUP USD 57 380 0.03

2 355 MEAD JOHNSON NUTRITION USD 142 060 0.09

1 966 MEADWESTVACO USD 53 691 0.03

11 844 MEDTRONIC USD 528 844 0.32

35 054 MERCK USD 1 443 871 0.87

11 507 METLIFE USD 440 827 0.26

375 METTLER TOLEDO INTERNATIONAL USD 64 125 0.04

4 297 MGM RESORTS INTERNATIONAL USD 80 624 0.05

2 159 MICROCHIP TECHNOLOGY USD 74 815 0.04

12 809 MICRON TECHNOLOGY USD 219 888 0.13 94 874 MICROSOFT USD 2 821 611 1.69 674 MOHAWK INDUSTRIES USD 66 498 0.04 1 656 MOLSONORS BREWING -B USD 70 722 0.04 19 892 MONDELEZ INTERNATIONAL-A USD 498 653 0.31 6 267 MONSANTO USD 517 320 0.31 1 747 MONSTER BEVERAGE USD 88 031 0.05 2 385 MOODY'S USD 137 260 0.08 17 687 MORGAN STANLEY USD 400 003 0.24 3 507 MOSAIC USD 127 227 0.08 2 937 MOTOROLA SOLUTIONS USD 137 000 0.08 2 165 MURPHY OIL USD 98 743 0.06 4 454 MYLAN USD 157 801 0.09 1 059 NASDAQ OMX GROUP USD 28 383 0.02 5 013 NATIONAL OILWELL VARCO USD 283 230 0.17 3 923 NETAPP USD 105 031 0.06 613 NETFLIX USD 156 571 0.09 484 NETSUITE USD 33 301 0.02 4 910 NEW YORK COMMUNITY BANCORP USD 57 249 0.03 3 159 NEWELL RUBBERMAID USD 68 532 0.04

6 280 NEWMONT MINING USD 106 804 0.06

5 267 NEXTERA ENERGY USD 365 413 0.22

8 391 NIKE -CL B USD 449 671 0.27 3 903 NISOURCE USD 100 616 0.06 4 104 NOBLE ENERGY USD 211 535 0.13 1 700 NORDSTROM USD 77 029 0.05 3 554 NORFOLK SOUTHERN USD 250 566 0.15 3 892 NORTHEAST UTILITIES USD 128 486 0.08 2 804 NORTHERN TRUST USD 133 379 0.08 2 568 NORTHROP GRUMMAN USD 229 886 0.14 3 497 NRG ENERGY USD 80 685 0.05 3 368 NUANCE COMMUNICATIONS USD 41 958 0.03 3 717 NUCOR USD 136 301 0.08 6 267 NVIDIA USD 81 438 0.05 9 700 OCCIDENTAL PETROLEUM USD 670 642 0.40 1 175 OCEANEERING INTL USD 61 263 0.04 1 470 OCWEN FINANCIAL USD 41 788 0.03 2 191 OGE ENERGY USD 58 437 0.04 1 422 OMNICARE USD 61 564 0.04 3 025 OMNICOM GROUP USD 159 343 0.10 2 593 ONEOK USD 111 471 0.07

The accompanying notes form an integral part of these financial statements

Page 105 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

43 761 ORACLE USD 1 298 939 0.78

1 320 O'REILLY AUTOMOTIVE USD 142 118 0.09

2 230 OWENS-ILLINOIS USD 54 737 0.03

5 165 P G & E USD 161 892 0.10

4 087 PACCAR USD 199 984 0.12

1 211 PALL USD 78 613 0.05

1 735 PARKER HANNIFIN USD 150 696 0.09

738 PATTERSONS USD 22 361 0.01

4 063 PAYCHEX USD 125 582 0.08

3 905 PEABODY ENERGY USD 46 296 0.03 2 452 PENTAIR-REGISTERED USD 141 151 0.08 2 960 PEOPLE'S UNITED FINANCIAL USD 31 936 0.02 3 329 PEPCO HOLDINGS USD 49 467 0.03 18 416 PEPSICO USD 1 115 716 0.67 1 330 PETSMART USD 66 478 0.04 77 710 PFIZER USD 1 811 025 1.09 769 PHARMACYCLICS INC USD 55 868 0.03 19 236 PHILIP MORRIS INTERNATIONAL USD 1 142 646 0.69 6 756 PHILLIPS 66 USD 377 738 0.23 1 421 PINNACLE WEST CAPITAL USD 56 355 0.03 1 687 PIONEER NATURAL RESOURCES USD 229 062 0.14 2 242 PLUM CREEK TIMBER USD 68 386 0.04 6 432 PNC FINANCIAL SERVICES GROUP USD 406 011 0.24 712 POLARIS INDUSTRIES USD 72 174 0.04 1 721 PPG INDUSTRIES USD 241 571 0.14 7 710 PPLORATION USD 185 387 0.11 3 445 PRAXAIR USD 327 366 0.20 1 701 PRECISION CASTPARTS USD 311 950 0.19

619 PRICELINE.COM USD 535 302 0.32

3 641 PRINCIPAL FINANCIAL GROUP USD 121 494 0.07

32 591 PROCTER & GAMBLE USD 1 905 920 1.14 6 676 PROGRESSIVE USD 117 317 0.07 5 776 PROLOGIS USD 171 111 0.10 5 390 PRUDENTIAL FINANCIAL USD 331 046 0.20 5 897 PUBLIC SERVICE ENTERPRISE GP USD 163 186 0.10 1 680 PUBLIC STORAGE USD 205 379 0.12 4 755 PULTEGROUP USD 66 206 0.04 874 PVH USD 79 121 0.05 2 319 QEP RESOURCES USD 49 535 0.03 20 285 QUALCOMM USD 1 160 657 0.70 2 692 QUANTA SERVICES USD 72 073 0.04 1 610 QUEST DIAGNOSTICS USD 67 659 0.04 1 317 RACKSPACE HOSTING USD 31 361 0.02 730 RALPH LAUREN USD 85 238 0.05 2 018 RANGE RESOURCES USD 121 483 0.07 1 254 RAYMOND JAMES FINANCIAL USD 50 888 0.03 1 395 RAYONIER USD 46 468 0.03 3 874 RAYTHEONMPANY USD 277 680 0.17 1 634 REALOGY HOLDINGS CORP USD 51 513 0.03

The accompanying notes form an integral part of these financial statements

Page 106 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 470 REALTY INCOME CORP USD 73 226 0.04

2 325 RED HAT USD 89 373 0.05

1 212 REGENCY CENTERS USD 44 901 0.03

948 REGENERON PHARMACEUTICALS USD 206 541 0.12

16 986 REGIONS FINANCIAL USD 136 923 0.08

3 607 REPUBLIC SERVICES USD 89 400 0.05

1 568 RESMED USD 50 843 0.03

3 810 REYNOLDS AMERICAN USD 147 673 0.09

1 819 ROBERT HALF INTL USD 55 365 0.03

794 ROCK-TENNMPANY -CL A USD 60 818 0.04 1 703 ROCKWELL AUTOMATION USD 153 897 0.09 1 400 ROCKWELLLLINS USD 80 927 0.05 1 228 ROPER INDUSTRIES USD 118 955 0.07 2 556 ROSS STORES USD 132 691 0.08 1 652 ROWANMPANIES-A USD 40 370 0.02 2 645 SAFEWAY USD 70 892 0.04 6 937 SALESFORCE.COM USD 287 345 0.17 2 806 SANDISK USD 165 296 0.10 1 633 SBA COMMUNICATIONS USD 107 773 0.06 1 488 SCANA USD 55 407 0.03 13 875 SCHWAB (CHARLES) USD 275 134 0.17 1 074 SCRIPPS NETWORKS INTER-CL A USD 59 153 0.04 2 398 SEALED AIR USD 57 190 0.03 322 SEARS HOLDINGS USD 11 158 0.01 1 946 SEI INVESTMENTSMPANY USD 47 455 0.03 2 675 SEMPRA ENERGY USD 187 798 0.11 1 570 SERVICENOW INC USD 68 256 0.04 1 021 SHERWIN-WILLIAMS USD 146 033 0.09 1 490 SIGMA-ALDRICH USD 100 951 0.06

3 747 SIMON PROPERTY GROUP USD 445 861 0.27

39 499 SIRIUS XM HOLDINGS INC USD 91 708 0.06

1 001 SL GREEN REALTY USD 73 079 0.04 4 744 SLM USD 84 261 0.05 10 230 SOUTHERN USD 326 143 0.20 1 596 SOUTHWEST AIRLINES USD 27 340 0.02 4 341 SOUTHWESTERN ENERGY USD 144 915 0.09 7 684 SPECTRA ENERGY USD 205 947 0.12 10 760 SPRINT CORP-W/I USD 71 746 0.04 429 SPX USD 30 600 0.02 3 508 ST JUDE MEDICAL USD 166 434 0.10 1 909 STANLEY BLACK & DECKER USD 112 525 0.07 8 222 STAPLES USD 67 649 0.04 8 840 STARBUCKS USD 470 654 0.28 2 357 STARWOOD HOTELS & RESORTS USD 136 127 0.08 5 328 STATE STREET USD 268 864 0.16 1 041 STERICYCLE USD 85 818 0.05 3 625 STRYKER USD 214 278 0.13 6 221 SUNTRUST BANKS USD 179 600 0.11 2 095 SUPERIOR ENERGY SERVICES USD 46 757 0.03 8 180 SYMANTEC USD 118 523 0.07

The accompanying notes form an integral part of these financial statements

Page 107 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

1 737 SYNOPSYS USD 48 408 0.03

6 851 SYSCO USD 179 595 0.11

3 052 T- MOBILE US INC USD 73 142 0.04

2 998 T ROWE PRICE GROUP USD 179 130 0.11

7 001 TARGET USD 307 368 0.18

3 001 TD AMERITRADE HOLDING USD 73 923 0.04

1 769 TERADATA USD 63 136 0.04

1 011 TESLA MOTORS USD 152 906 0.09

1 370 TESORO USD 50 287 0.03

13 217 TEXAS INSTRUMENTS USD 452 154 0.27 4 367 THERMO FISHER SCIENTIFIC USD 380 982 0.23 1 533 TIFFANY USD 95 823 0.06 10 812 TIME WARNER USD 512 496 0.31 3 336 TIME WARNER CABLE USD 332 039 0.20 8 646 TJXMPANIES USD 380 468 0.23 1 842 TOLL BROTHERS USD 47 980 0.03 1 156 TORCHMARK USD 66 009 0.04 2 234 TOTAL SYSTEM SERVICES USD 49 291 0.03 816 TOWERS WATSON & CO CL A USD 67 524 0.04 1 510 TRACTOR SUPPLYMPANY USD 77 382 0.05 553 TRANSDIGM GROUP USD 74 308 0.04 4 465 TRAVELERSS USD 275 691 0.17 3 386 TRIMBLE NAVIGATION USD 95 493 0.06 1 445 TRIPADVISOR INC-W/I USD 94 977 0.06 1 530 TRW AUTOMOTIVE HOLDINGS USD 90 607 0.05 3 111 TYSON FOODS-CL A USD 99 340 0.06 3 225 UDR USD 60 440 0.04 894 UNDER ARMOUR-CLASS A USD 74 361 0.04

5 540 UNION PACIFIC USD 754 316 0.45

8 451 UNITED PARCEL SERVICE-CL B USD 597 104 0.36

10 475 UNITED TECHNOLOGIES USD 888 009 0.53 12 116 UNITEDHEALTH GROUP USD 720 762 0.43 1 202 UNITEDNTINENTAL HOLDINGS USD 38 923 0.02 1 134 UNIVERSAL HEALTH SERVICES CL.B USD 67 526 0.04 3 435 UNUM GROUP USD 88 003 0.05 1 554 URBAN OUTFITTERS USD 41 121 0.02 21 530 US BANCORP USD 669 527 0.40 6 516 VALERO ENERGY USD 251 043 0.15 1 734 VANTIV INC - CL A USD 38 020 0.02 1 185 VARIAN MEDICAL SYSTEMS USD 72 213 0.04 3 421 VENTAS USD 150 343 0.09 1 738 VERISIGN USD 67 982 0.04 1 896 VERISK ANALYTICS-CLASS A USD 82 484 0.05 49 255 VERIZONMMUNICATIONS USD 1 700 026 1.02 2 646 VERTEX PHARMACEUTICALS USD 135 770 0.08 4 052 VF USD 181 925 0.11 4 786 VIACOM-CLASS B USD 295 129 0.18 6 076 VISA-CLASS A SHARES USD 951 616 0.57 925 VMWARE-CLASS A USD 72 497 0.04

The accompanying notes form an integral part of these financial statements

Page 108 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

1 975 VORNADO REALTY TRUST USD 141 234 0.08

1 448 VULCAN MATERIALS USD 69 813 0.04

10 874 WALGREEN USD 520 958 0.31

19 548 WAL-MART STORES USD 1 084 022 0.65

20 040 WALT DISNEY USD 1 164 232 0.70

5 143 WASTE MANAGEMENT USD 156 986 0.09

927 WATERS USD 72 916 0.04

3 599 WELLPOINT USD 259 953 0.16

59 989 WELLS FARGO USD 2 164 958 1.30

2 492 WESTERN DIGITAL USD 166 019 0.10 7 183 WESTERN UNION USD 85 263 0.05 6 776 WEYERHAEUSER USD 144 296 0.09 999 WHIRLPOOL USD 108 333 0.07 1 321 WHITING PETROLEUM USD 66 508 0.04 4 085 WHOLE FOODS MARKET USD 150 300 0.09 8 308 WILLIAMS COMPANIES USD 244 614 0.15 7 809 WINDSTREAM HOLDINGS INC USD 46 687 0.03 2 774 WISCONSIN ENERGY USD 93 691 0.06 1 056 WORKDAY INC-CLASS A USD 70 053 0.04 1 504 WR BERKLEY USD 45 417 0.03 693 WW GRAINGER USD 127 040 0.08 1 721 WYNDHAM WORLDWIDE USD 91 441 0.05 1 002 WYNN RESORTS USD 161 505 0.10 5 868 XCEL ENERGY USD 129 260 0.08 14 484 XEROX USD 118 751 0.07 3 314 XILINX USD 130 492 0.08 2 371 XYLEM USD 62 653 0.04 11 304 YAHOO USD 294 441 0.18

5 242 YUM BRANDS USD 286 736 0.17

2 101 ZIMMER HOLDINGS USD 144 177 0.09

Canada 12 009 715 7.21

2 240 AGNICO-EAGLE MINES CAD 49 284 0.03 1 788 AGRIUM CAD 126 620 0.08 1 501 ALIMENTATIONUCHE-TARD -B CAD 88 220 0.05 1 161 ALTAGAS LTD CAD 34 572 0.02 3 947 ARC RESOURCES CAD 79 005 0.05 2 705 ATHABASCA OIL CAD 14 154 0.01 7 515 BANK OF MONTREAL CAD 365 364 0.22 14 556 BANK OF NOVA SCOTIA CAD 612 668 0.37 13 518 BARRICK GOLD CAD 174 879 0.10 1 802 BAYTEX ENERGY CAD 53 921 0.03 3 070 BCE CAD 96 101 0.06 647 BELL ALIANT CAD 11 500 0.01 6 182 BLACKBERRY LTD CAD 36 371 0.02 15 995 BOMBARDIER B CAD 43 214 0.03 6 372 BROOKFIELD ASSET MANAGE-CL A CAD 188 615 0.11 2 202 CAE CAD 21 061 0.01 4 368 CAMECO CAD 72 673 0.04

The accompanying notes form an integral part of these financial statements

Page 109 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

4 691 CAN IMPERIAL BK OFMMERCE CAD 293 718 0.18

10 163 CANADIAN NATL RAILWAY CAD 414 938 0.25

12 729 CANADIAN NATURAL RESOURCES CAD 354 529 0.21

5 921 CANADIAN OIL SANDS CAD 90 260 0.05

2 131 CANADIAN PACIFIC RAILWAY CAD 232 046 0.14

859 CANADIAN TIRE-CLASS A CAD 58 855 0.04

1 590 CANADIAN UTILITIES-A CAD 42 989 0.03

2 516 CATAMARAN CAD 81 802 0.05

8 686 CENOVUS ENERGY CAD 182 542 0.11

2 282 CGI GROUP - CLASS A CAD 51 198 0.03 2 236 CI FINANCIAL CAD 51 253 0.03 4 564 CRESCENT POINT ENERGY CAD 121 057 0.07 876 DOLLARAMA INC CAD 48 497 0.03 9 364 ELDORADO GOLD CAD 37 856 0.02 764 EMPIRE 'A' CAD 33 985 0.02 9 369 ENBRIDGE CAD 309 231 0.19 9 143 ENCANA CAD 141 901 0.09 2 696 ENERPLUS CAD 39 166 0.02 263 FAIRFAX FCIAL HOLD.VOTING SUB. CAD 82 984 0.05 2 260 FINNING INTERNATIONAL CAD 46 500 0.03 7 302 FIRST QUANTUM MINERALS CAD 98 064 0.06 2 363 FORTIS CAD 48 961 0.03 1 634 FRANCO-NEVADA CAD 54 565 0.03 1 502 GILDAN ACTIVEWEAR CAD 55 005 0.03 9 457 GOLDCORP CAD 167 662 0.10 3 254 GREAT WEST LIFECO CAD 65 176 0.04 4 177 HUSKY ENERGY CAD 91 050 0.05 1 442 IGM FINANCIAL CAD 49 424 0.03

3 670 IMPERIAL OIL CAD 124 195 0.07

1 339 INDUSTRIAL ALLIANCE INSURANCE CAD 40 014 0.02

1 458 INTACT FINANCIAL CAD 65 939 0.04 778 KEYERA CAD 35 846 0.02 16 259 KINROSS GOLD CAD 48 844 0.03 1 479 LOBLAWMPANIES CAD 45 597 0.03 2 646 MAGNA INTERNATIONAL CAD 184 859 0.11 21 547 MANULIFE FINANCIAL CAD 301 977 0.18 1 907 MEG ENERGY CAD 46 834 0.03 1 244 METHANEX CAD 57 848 0.03 1 306 METRO CAD 55 717 0.03 4 033 NATIONAL BANK OF CANADA CAD 117 444 0.07 3 889 NEW GOLD CAD 13 984 0.01 1 183 ONEXORATION CAD 47 732 0.03 1 520 OPEN TEXT CAD 52 777 0.03 3 425 PACIFIC RUBIALES ENERGY CAD 44 826 0.03 3 894 PEMBINA PIPELINE CAD 107 458 0.06 4 281 PENGROWTH ENERGY CAD 18 827 0.01 6 508 PENN WEST PETROLEUM CAD 39 529 0.02 1 411 PEYTO EXPLORATION AND DEVEL. CAD 34 986 0.02 10 490 POTASH OF SASKATCHEWAN CAD 275 757 0.17

The accompanying notes form an integral part of these financial statements

Page 110 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 728 POWER FINANCIAL CAD 61 383 0.04

4 214 POWER OF CANADA CAD 83 712 0.05

1 196 RIOCAN REAL ESTATE INVST TR CAD 20 936 0.01

4 231 ROGERSMMUNICATIONS-B CAD 127 410 0.08

17 323 ROYAL BANK OF CANADA CAD 830 024 0.51

1 644 SAPUTO CAD 60 184 0.04

4 166 SHAWMMUNICATIONS -B CAD 72 297 0.04

2 149 SHOPPERS DRUG MART CAD 85 932 0.05

3 848 SILVER WHEATON CAD 63 440 0.04

2 071 SNC-LAVALIN GROUP CAD 65 809 0.04 6 982 SUN LIFE FINANCIAL CAD 175 692 0.11 17 704 SUNCOR ENERGY CAD 449 335 0.27 12 919 TALISMAN ENERGY CAD 93 586 0.06 7 071 TECK RESOURCES-CLS B CAD 110 905 0.07 2 613 TELUS CAD 68 071 0.04 4 613 THOMSON REUTERS CAD 114 593 0.07 1 661 TIM HORTONS CAD 66 757 0.04 22 175 TORONTO-DOMINION BANK CAD 755 517 0.45 2 047 TOURMALINE OIL CAD 70 321 0.04 2 102 TRANSALTA CAD 17 742 0.01 8 469 TRANSCANADA CAD 279 748 0.17 11 111 TURQUOISE HILL RESOURCES CAD 27 024 0.02 3 832 VALEANT PHARMACEUTICALS CAD 366 361 0.22 1 260 VERMILION ENERGY CAD 57 192 0.03 433 WESTON (GEORGE) CAD 23 437 0.01 8 246 YAMANA GOLD CAD 52 471 0.03 4 070 NEWS CORP - CLASS A USD 50 851 0.03 5 421 TWENTY-FIRST CENTURY FOX - B USD 122 403 0.07

17 884 TWENTY-FIRST CENTURY FOX INC USD 414 839 0.25

669 ULTA SALONS COSMETICS FRAGR USD 47 317 0.03

Ireland 2 385 177 1.44

19 140 ABBVIE INC USD 713 801 0.44 7 600 ACCENTURE-CL A USD 439 595 0.26 2 106 ACTAVIS PLC USD 314 544 0.19 5 506 COVIDIEN USD 294 266 0.18 3 397 INGERSOLL-RAND USD 141 081 0.08 1 631 PERRIGO CO PLC USD 183 022 0.11 3 943 SEAGATE TECHNOLOGY USD 160 667 0.10 2 092 WILLIS GROUP HOLDINGS USD 66 983 0.04 3 141 XL GROUP USD 71 218 0.04

Curaçao 1 118 712 0.68

15 814 SCHLUMBERGER USD 1 118 712 0.68

Switzerland 844 862 0.52

3 986 ACE USD 286 489 0.18 1 524 GARMIN USD 61 104 0.04 4 958 TENNECTIVITY USD 216 594 0.13

The accompanying notes form an integral part of these financial statements

Page 111 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

5 374 TYCO INTERNATIONAL USD 165 324 0.10

9 158 WEATHERFORD INTL USD 115 351 0.07

Netherlands 663 243 0.41

1 210 CHICAGO BRIDGE IRON NY REGIST. USD 76 511 0.05

503 CORE LABORATORIES N.V. USD 72 422 0.04

5 685 LYONDELLBASELL INDU-CL A USD 366 859 0.23

3 172 NIELSEN HOLDINGS USD 102 715 0.06

1 446 SENSATA TECHNOLOGIES HOLDING USD 44 736 0.03

Bermuda 625 752 0.38

2 085 BROOKFIELD PROPERTY PARTNE.LP CAD 28 193 0.02 1 778 ARCH CAPITAL GROUP USD 74 229 0.04 966 AXIS CAPITAL HOLDINGS USD 32 136 0.02 1 758 BUNGE USD 101 417 0.06 609 EVEREST RE GROUP USD 67 627 0.04 5 185 INVESCO USD 139 195 0.09 4 033 MARVELL TECHNOLOGY GROUP USD 46 087 0.03 3 770 NABORS INDUSTRIES USD 67 426 0.04 523 PARTNERRE USD 39 275 0.02 426 RENAISSANCERE HOLDINGS USD 30 167 0.02

Singapore 198 309 0.13

3 114 AVAGO TECHNOLOGIES USD 145 527 0.10 7 873 FLEXTRONICS INTL USD 52 782 0.03

United Kingdom 184 010 0.12

2 897 ENSCO-CL A USD 110 940 0.08

3 076 NOBLE CORP PLC USD 73 070 0.04

British Virgin Islands 152 873 0.10

2 259 MICHAEL KORS HOLDINGS LTD USD 152 873 0.10

Panama 131 195 0.09

4 776 CARNIVAL USD 131 195 0.09

Germany 122 899 0.07

5 853 ZOETIS INC USD 122 899 0.07

Russia 101 925 0.06

2 538 CHENIERE ENERGY INC USD 101 925 0.06

The accompanying notes form an integral part of these financial statements

Page 112 PARWORLD TRACK NORTH AMERICA

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

France 74 105 0.04

3 862 INTER PIPELINE LTD CAD 74 105 0.04

Liberia 68 643 0.04

1 734 ROYAL CARIBBEAN CRUISES USD 68 643 0.04

Cayman Islands 39 226 0.02

944 HERBALIFE USD 39 226 0.02

Total securities portfolio 163 614 091 98.18

The accompanying notes form an integral part of these financial statements

Page 113 PARWORLD TRACK PACIFIC EX JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 46 960 558 97.90 listing and/or traded on another regulated market

Shares 46 952 951 97.85

Australia 30 143 775 62.82

22 486 AGL ENERGY AUD 229 548 0.48

99 960 ALUMINA AUD 80 331 0.17

48 645 AMCOR AUD 339 893 0.71 118 750 AMP AUD 397 697 0.83 33 682 APA GROUP AUD 145 646 0.30 39 309 ASCIANO AUD 137 463 0.29 7 890 ASX AUD 191 387 0.40 82 145 AURIZON HOLDINGS AUD 283 944 0.59 110 573 AUST AND NZ BANKING GROUP AUD 2 458 334 5.13 12 758 BANK QUEENSLAND AUD 110 249 0.23 16 383 BENDIGO AND ADELAIDE BANK AUD 125 379 0.26 129 434 BHP BILLITON AUD 3 174 484 6.62 31 384 BORAL AUD 119 247 0.25 62 719 BRAMBLES AUD 390 570 0.81 5 472 CALTEX AUSTRALIA AUD 81 289 0.17 83 523 CFS RETAIL PROPERTY TRUST GR AUD 106 159 0.22 23 360 COCA-COLA AMATIL AUD 173 276 0.36 2 251 COCHLEAR AUD 86 286 0.18 64 962 COMMONWEALTH BANK OF AUSTRAL AUD 3 383 092 7.06 19 053 COMPUTERSHARE AUD 155 038 0.32 16 342 CROWN AUD 182 762 0.38 19 621 CSL AUD 917 846 1.91

222 867 DEXUS PROPERTY GROUP AUD 158 870 0.33

31 177 ECHO ENTERTAINMENT GROUP AUD 51 366 0.11

57 631 FEDERATION CENTRES AUD 91 465 0.19 2 185 FLIGHT CENTRE AUD 77 129 0.16 63 208 FORTESCUE METALS GROUP AUD 223 162 0.47 69 768 GOODMAN GROUP AUD 221 925 0.46 68 850 GPT GROUP AUD 169 463 0.35 21 168 HARVEY NORMAN HOLDINGS AUD 46 977 0.10 16 878 ILUKA RESOURCES AUD 112 482 0.23 64 961 INCITEC PIVOT AUD 129 310 0.27 92 664 INSURANCE AUSTRALIA GROUP AUD 347 101 0.72 6 668 LEIGHTON HOLDINGS AUD 94 661 0.20 22 080 LEND LEASE GROUP AUD 175 957 0.37 11 611 MACQUARIE GROUP AUD 452 337 0.94 34 820 METCASH AUD 61 351 0.13 147 700 MIRVAC GROUP AUD 168 857 0.35 94 685 NATIONAL AUSTRALIA BANK AUD 2 257 922 4.71 31 142 NEWCREST MINING AUD 207 125 0.43 14 933 ORICA AUD 219 727 0.46 44 155 ORIGIN ENERGY AUD 424 327 0.88

The accompanying notes form an integral part of these financial statements

Page 114 PARWORLD TRACK PACIFIC EX JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

43 997 QANTAS AIRWAYS AUD 32 694 0.07

49 172 QBE INSURANCE GROUP AUD 423 931 0.88

5 294 RAMSAY HEALTH CARE AUD 171 352 0.36

2 111 REA GROUP AUD 69 207 0.14

17 561 RIO TINTO AUD 750 505 1.56

38 992 SANTOS AUD 353 996 0.74

12 984 SEEK AUD 153 416 0.32

15 123 SONIC HEALTHCARE AUD 175 638 0.37

67 093 SP AUSNET AUD 59 107 0.12

93 561 STOCKLAND AUD 235 947 0.49 51 746 SUNCORP GROUP AUD 447 862 0.93 43 332 SYDNEY AIRPORT AUD 122 099 0.25 29 474 TABCORP HOLDINGS AUD 67 590 0.14 57 111 TATTS GROUP AUD 111 380 0.23 175 514 TELSTRA AUD 599 604 1.25 26 838 TOLL HOLDINGS AUD 93 852 0.20 57 114 TRANSURBAN UNIT AUD 278 848 0.58 25 542 TREASURY WINE ESTATES AUD 60 634 0.13 46 075 WESFARMERS AUD 1 276 281 2.66 79 562 WESTFIELD GROUP AUD 548 427 1.14 121 387 WESTFIELD RETAIL TRUST AUD 243 264 0.51 125 298 WESTPAC BANKING AUD 2 912 104 6.07 26 564 WOODSIDE PETROLEUM AUD 697 059 1.45 50 556 WOOLWORTHS AUD 1 214 432 2.53 8 163 WORLEYPARSONS AUD 83 112 0.17

Hong Kong 8 988 105 18.72

485 400 AIA GROUP HKD 1 670 795 3.49

50 780 BANK OF EAST ASIA HKD 143 917 0.30

149 000 BOC HONG KONG HOLDINGS HKD 308 002 0.64

47 000 CATHAY PACIFIC AIRWAYS HKD 63 568 0.13 56 000 CHEUNG KONG HOLDINGS HKD 673 604 1.40 71 000 CLP HOLDINGS HKD 388 499 0.81 85 000 GALAXY ENTERTAINMENT GROUP L HKD 536 261 1.12 90 000 HANG LUNG PROPERTIES HKD 187 725 0.39 30 800 HANG SENG BANK HKD 355 790 0.74 44 100 HENDERSON LAND DEVELOPMENT HKD 186 652 0.39 231 579 HKG AND CHINA GAS HKD 366 501 0.76 89 000 HKT TRUST AND HKT HKD 68 096 0.14 44 500 HONG KONG EXCHANGES & CLEAR HKD 489 489 1.02 22 500 HOPEWELL HOLDINGS HKD 56 086 0.12 86 000 HUTCHISON WHAMPOA HKD 826 123 1.72 25 000 HYSAN DEVELOPMENT HKD 78 920 0.16 59 000 MTR HKD 158 383 0.33 152 500 NEW WORLD DEVELOPMENT HKD 111 260 0.23 159 000 PCCW HKD 57 853 0.12 55 500 POWER ASSETS HOLDINGS HKD 349 109 0.73 118 000 SINO LAND HKD 125 824 0.26 78 000 SJM HOLDINGS HKD 159 047 0.33

The accompanying notes form an integral part of these financial statements

Page 115 PARWORLD TRACK PACIFIC EX JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

65 000 SUN HUNG KAI PROPERTIES HKD 577 581 1.20

27 500 SWIRE PACIFIC-A HKD 232 657 0.49

47 200 SWIRE PROPERTIES HKD 97 569 0.20

93 000 THE LINK REIT HKD 331 859 0.69

60 800 WHARF HOLDINGS HKD 282 073 0.59

37 000 WHEELOCK HKD 104 862 0.22

Singapore 5 062 706 10.55

82 000 ASCENDAS REAL ESTATE INV TRT SGD 106 924 0.22

81 000 CAPITACOMMERCIAL TRUST SGD 69 401 0.14 104 000 CAPITALAND SGD 173 413 0.36 97 000 CAPITAMALL TRUST SGD 105 775 0.22 54 000 CAPITAMALLS ASIA SGD 55 770 0.12 16 000 CITY DEVELOPMENTS SGD 93 238 0.19 80 000 COMFORTDELGRO SGD 91 622 0.19 69 000 DBS GROUP HOLDINGS SGD 643 740 1.34 126 000 GLOBAL LOGISTIC PROPERTIES L SGD 192 649 0.40 4 000 JARDINE CYCLE & CARRIAGE SGD 104 616 0.22 57 900 KEPPEL SGD 363 796 0.76 27 000 KEPPEL LAND SGD 52 342 0.11 58 000 OLAM INTERNATIONAL SGD 74 290 0.15 104 000 OVERSEA-CHINESE BANKING SGD 570 644 1.19 39 000 SEMBCORP INDUSTRIES SGD 123 535 0.26 33 000 SEMBCORP MARINE SGD 77 112 0.16 22 000 SINGAPORE AIRLINES SGD 132 899 0.28 35 000 SINGAPORE EXCHANGE SGD 140 145 0.29 64 000 SINGAPORE PRESS HOLDINGS SGD 155 089 0.32 321 000 SINGAPORE TELECOM SGD 676 004 1.42

24 000 STARHUB SGD 58 158 0.12

51 000 UNITED OVERSEAS BANK SGD 637 059 1.33

18 000 UOL GROUP LIMITED SGD 65 013 0.14 77 000 WILMAR INTERNATIONAL SGD 153 716 0.32 78 000 YANGZIJIANG SHIPBUILDING SGD 48 604 0.10 206 000 HUTCHISON PORT HOLDINGS TR-U USD 97 152 0.20

Bermuda 828 613 1.73

25 000 CHEUNG KONG INFRASTRUCTURE HKD 115 750 0.24 92 000 FIRST PACIFIC HKD 66 346 0.14 26 500 KERRY PROPERTIES HKD 63 950 0.13 236 000 LI & FUNG HKD 252 972 0.53 58 000 NWS HOLDINGS HKD 70 960 0.15 61 333 SHANGRI-LA ASIA HKD 72 857 0.15 29 500 YUE YUEN INDUSTRIAL HLDG HKD 69 672 0.15 169 818 NOBLE GROUP SGD 116 106 0.24

Cayman Islands 786 289 1.64

9 500 ASM PACIFIC TECHNOLOGY HKD 66 910 0.14 25 LIFESTYLE PROPERTIES DEVELOP HKD 3 0.00 97 600 SANDS CHINA HKD 529 028 1.10

The accompanying notes form an integral part of these financial statements

Page 116 PARWORLD TRACK PACIFIC EX JAPAN

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

63 200 WYNN MACAU HKD 190 348 0.40

Mauritius 431 754 0.90

42 739 AUCKLAND INTL AIRPORT NZD 102 522 0.21

15 087 CONTACT ENERGY NZD 50 534 0.11

27 721 FLETCHER BUILDING NZD 166 155 0.35

73 259 TELECOM OF NEW ZEALAND NZD 112 543 0.23

Ireland 254 440 0.53

17 869 JAMES HARDIE INDUSTRIES-CDI AUD 172 201 0.36 14 928 RYMAN HEALTHCARE LTD NZD 82 239 0.17

Isle of Man 191 022 0.40

248 000 GENTING SINGAPORE SGD 191 022 0.40

United States of America 96 188 0.20

37 600 MGM CHINA HOLDINGS HKD 96 188 0.20 285 000 GOLDEN AGRI-RESOURCES SGD 94 551 0.20

France 75 508 0.16

15 318 ALS AUD 75 508 0.16 18 336 BPG HOLDING AUD 0 0.00

Options, Warrants, Rights 7 607 0.05

Hong Kong 7 607 0.05

0 NEW WORLD DEV CO RTS DS14 HKD 0 0.01 50 833 NEW WORLD DEVELOPMENT DS14 HKD 7 607 0.04

Total securities portfolio 46 960 558 97.90

The accompanying notes form an integral part of these financial statements

Page 117 PARWORLD TRACK UK

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 15 472 470 98.01 listing and/or traded on another regulated market

Shares 15 466 436 97.98

United Kingdom 14 524 885 92.02

7 537 3I GROUP GBP 36 276 0.23

7 442 ABERDEEN ASSET MGMT GBP 35 135 0.22

1 487 ADMIRAL GROUP GBP 25 686 0.16 2 087 AGGREKO GBP 37 893 0.24 2 307 AMEC GBP 31 311 0.20 10 663 ANGLO AMERICAN GBP 196 892 1.25 3 059 ANTOFAGASTA GBP 30 916 0.20 10 702 ARM HOLDINGS GBP 129 196 0.82 415 ASOS GBP 26 028 0.16 2 725 ASSOCIATED BRITISH FOODS GBP 91 668 0.58 9 608 ASTRAZENECA GBP 450 531 2.85 22 540 AVIVA GBP 130 054 0.82 2 809 BABCOCK INTL GROUP GBP 45 769 0.29 24 705 BAE SYSTEMS GBP 123 779 0.78 116 885 BARCLAYS GBP 329 998 2.09 26 041 BG GBP 352 012 2.23 16 155 BHP BILLITON GBP 360 346 2.28 142 724 BP GBP 828 687 5.25 14 457 BRITISH AMERICAN TOBACCO GBP 583 299 3.69 7 359 BRITISH LAND REIT GBP 58 217 0.37 7 889 BRITISH SKY BROADCASTING GRO GBP 87 125 0.55 60 489 BT GROUP GBP 277 677 1.76

2 581 BUNZL GBP 49 828 0.32

3 438 BURBERRY GROUP GBP 58 014 0.37

5 103 CAPITA GBP 67 653 0.43 1 424 CARNIVAL GBP 39 342 0.25 39 015 CENTRICA GBP 155 598 0.99 8 367 COBHAM GBP 30 262 0.19 13 831 COMPASS GROUP GBP 153 083 0.97 5 251 CPTL SHOPP CENT GBP 17 912 0.11 1 053 CRODA INTERNATIONAL GBP 32 429 0.21 19 206 DIAGEO GBP 432 350 2.74 8 727 DIRECT LINE INSURANCE GROUP PL GBP 25 072 0.16 1 230 EASYJET GBP 25 517 0.16 1 429 FRESNILLO GBP 14 580 0.09 12 037 G4S GBP 35 163 0.22 12 720 GKN GBP 60 053 0.38 37 207 GLAXOSMITHKLINE GBP 716 281 4.54 5 530 HAMMERSON PLC GBP 37 058 0.23 1 656 HARGREAVES LANSDOWN GBP 29 206 0.19 143 482 HSBC HOLDINGS GBP 1 054 377 6.67 4 269 ICAP GBP 19 499 0.12

The accompanying notes form an integral part of these financial statements

Page 118 PARWORLD TRACK UK

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

2 145 IMI SHS GBP 37 830 0.24

7 414 IMPERIAL TOBACCO GROUP GBP 217 299 1.38

3 478 INMARSAT GBP 30 565 0.19

1 983 INTERCONTINENTAL HOTELS GROU GBP 46 223 0.29

1 252 INTERTEK GROUP GBP 46 524 0.29

4 486 INVESTEC GBP 26 307 0.17

28 979 ITV GBP 67 128 0.43

1 590 JOHNSON MATTHEY GBP 62 911 0.40

18 160 KINGFISHER GBP 92 568 0.59

6 092 LAND SECURITIES GBP 75 238 0.48 45 248 LEGAL & GENERAL GROUP GBP 112 039 0.71 382 111 LLOYDS BANKING GROUP GBP 345 042 2.19 1 367 LONDON STOCK EXCHANGE GROUP GBP 32 575 0.21 12 369 MARKS & SPENCER GROUP GBP 67 553 0.43 6 126 MEGGITT GBP 35 561 0.23 8 244 MELROSE SHS GBP 29 607 0.19 28 529 NATIONAL GRID GBP 283 668 1.80 1 186 NEXT GBP 94 685 0.60 37 477 OLD MUTUAL GBP 91 165 0.58 6 264 PEARSON GBP 80 545 0.51 2 357 PERSIMMON GBP 38 376 0.24 19 576 PRUDENTIAL GBP 300 377 1.90 4 947 RECKITT BENCKISER GROUP GBP 292 440 1.85 9 005 REED ELSEVIER GBP 99 777 0.63 6 141 REXAM PLC GBP 36 161 0.23 9 724 RIO TINTO GBP 392 571 2.49 14 382 ROLLS-ROYCE HOLDINGS GBP 186 843 1.18 16 739 ROYAL BANK OF SCOTLAND GROUP GBP 62 971 0.40

29 546 ROYAL DUTCH SHELL-A SHS GBP 783 057 4.96

18 974 ROYAL DUTCH SHELL-B SHS GBP 537 180 3.40

4 974 ROYAL MAIL PLC GBP 33 874 0.21 28 366 RSA INSURANCE GROUP GBP 30 727 0.19 8 394 SAGE GROUP PLC GBP 42 452 0.27 9 585 SAINSBURY (J) GBP 36 650 0.23 789 SCHRODERS GBP 24 795 0.16 5 758 SEGRO REIT GBP 23 124 0.15 3 873 SERCO GROUP GBP 19 723 0.12 1 853 SEVERN TRENT GBP 40 861 0.26 6 840 SMITH & NEPHEW GBP 75 209 0.48 3 056 SMITHS GROUP GBP 47 021 0.30 7 358 SOUTH AFRICAN BREWERIES GBP 266 568 1.69 7 376 SSE GBP 131 067 0.83 18 537 STANDARD CHARTERED GBP 281 071 1.78 18 188 STANDARD LIFE GBP 83 053 0.53 3 618 TATE & LYLE GBP 29 213 0.19 61 814 TESCO GBP 220 876 1.40 1 902 TRAVIS PERKINS GBP 43 368 0.27 3 469 TUI TRAVEL GBP 18 379 0.12 7 056 TULLOW OIL GBP 63 886 0.40

The accompanying notes form an integral part of these financial statements

Page 119 PARWORLD TRACK UK

Securities portfolio at 31/03/2014

Expressed in EUR

Quotation % of net Quantity Denomination Market Value currency assets

9 817 UNILEVER GBP 304 117 1.93

5 290 UNITED UTILITIES GBP 50 424 0.32

202 138 VODAFONE GROUP SHS GBP 538 660 3.41

1 654 WEIR GROUP GBP 50 738 0.32

1 399 WHITBREAD GBP 70 432 0.45

6 723 WILLIAM HILL GBP 27 731 0.18

17 197 WM MORRISON SUPERMARKETS GBP 44 308 0.28

Jersey 873 740 5.53

7 682 EXPERIAN GBP 100 450 0.64 81 159 GLENCORE INTL GBP 303 157 1.91 2 013 PETROFAC GBP 35 015 0.22 679 RANDGOLD RESOURCES GBP 36 977 0.23 4 499 SHIRE GBP 160 270 1.02 2 032 WOLSELEY SHS GBP 83 841 0.53 10 294 WPP PLC GBP 154 030 0.98

Guernesey 39 763 0.25

11 001 RESOLUTION GBP 39 763 0.25

Netherlands 28 048 0.18

1 552 COCA COLA HBC LTD GBP 28 048 0.18

Options, Warrants, Rights 6 034 0.03

United Kingdom 6 034 0.03

1 500 INTU PROPERTIES DS 2014 GBP 1 724 0.01 10 637 RSA INSURANCE DS14 NIL PAID GBP 4 310 0.02

Total securities portfolio 15 472 470 98.01

The accompanying notes form an integral part of these financial statements

Page 120 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Transferable securities admitted to an official stock exchange 37 618 202 93.84 listing and/or traded on another regulated market

Shares 37 616 611 93.84

United States of America 19 849 892 49.46

866 3M USD 117 482 0.29

1 774 ABBOTT LABORATORIES USD 68 317 0.17

628 ADOBE SYSTEMS USD 41 285 0.10 1 510 AES USD 21 563 0.05 512 AETNA USD 38 385 0.10 100 AFFILIATED MANAGERS GROUP USD 20 005 0.05 613 AFLAC USD 38 644 0.10 491 AGILENT TECHNOLOGIES USD 27 457 0.07 336 AIR PRODUCTS & CHEMICALS USD 39 997 0.10 347 ALBEMARLE USD 23 048 0.06 2 247 ALCOA USD 28 919 0.07 222 ALEXION PHARMACEUTICALS USD 33 773 0.08 417 ALLERGAN USD 51 750 0.13 79 ALLIANCE DATA SYSTEMS USD 21 524 0.05 707 ALLSTATE USD 40 002 0.10 661 ALTERA USD 23 955 0.06 2 495 ALTRIA GROUP USD 93 388 0.23 442 AMAZON.COM USD 148 742 0.37 497 AMERENORATION USD 20 476 0.05 662 AMERICAN ELECTRIC POWER USD 33 537 0.08 1 241 AMERICAN EXPRESS USD 111 727 0.28 1 635 AMERICAN INTERNATIONAL GROUP USD 81 766 0.20

509 AMERICAN TOWER COR USD 41 672 0.10

516 AMERICAN WATER WORKS USD 23 426 0.06

308 AMERIPRISE FINANCIAL USD 33 902 0.08 324 AMERISOURCEBERGEN USD 21 251 0.05 368 AMETEK USD 18 948 0.05 873 AMGEN USD 107 676 0.27 249 AMPHENOL-CL A USD 22 821 0.06 621 ANADARKO PETROLEUM USD 52 636 0.13 2 023 ANNALY CAPITAL MANAGEMENT USD 22 192 0.06 377 AON USD 31 774 0.08 548 APACHE USD 45 457 0.11 1 123 APPLE USD 602 759 1.50 1 844 APPLIED MATERIALS USD 37 654 0.09 878 ARCHER-DANIELS-MIDLAND USD 38 096 0.10 6 435 AT&T USD 225 675 0.56 391 AUTODESK USD 19 229 0.05 242 AUTOLIV USD 24 285 0.06 537 AUTOMATIC DATA PROCESSING USD 41 489 0.10 57 AUTOZONE USD 30 615 0.08 467 AVNET USD 21 730 0.05

The accompanying notes form an integral part of these financial statements

Page 121 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

1 082 AVON PRODUCTS USD 15 840 0.04

569 BAKER HUGHES USD 36 996 0.09

12 963 BANK OF AMERICA USD 222 964 0.56

1 562 BANK OF NEW YORK MELLON USD 55 123 0.14

691 BAXTER INTERNATIONAL USD 50 844 0.13

1 056 BB&T USD 42 420 0.11

385 BEAM USD 32 071 0.08

323 BECTON DICKINSON AND USD 37 817 0.09

334 BED BATH & BEYOND USD 22 979 0.06

1 340 BERKSHIRE HATHAWAY-CL B USD 167 460 0.42 424 BEST BUY USD 11 198 0.03 281 BIOGEN IDEC USD 85 949 0.21 182 BLACKROCK USD 57 235 0.14 408 BORGWARNER USD 25 080 0.06 218 BOSTON PROPERTIES USD 24 968 0.06 2 384 BOSTON SCIENTIFIC USD 32 232 0.08 2 018 BRISTOL-MYERS SQUIBB USD 104 835 0.26 780 BROADCOM-CL A USD 24 554 0.06 246 BROWN-FORMAN-CLASS B USD 22 064 0.06 326 C.H. ROBINSON WORLDWIDE USD 17 079 0.04 696 CA USD 21 555 0.05 528 CAMPBELL SOUP USD 23 697 0.06 737 CAPITAL ONE FINANCIAL USD 56 867 0.14 515 CARDINAL HEALTH USD 36 040 0.09 424 CARMAX USD 19 843 0.05 804 CATERPILLAR USD 79 893 0.20 790 CBS-CLASS B NON VOTING USD 48 822 0.12 401 CELANESE-SERIES A USD 22 260 0.06

490 CELGENE USD 68 404 0.17

952 CENTERPOINT ENERGY USD 22 553 0.06

683 CENTURYLINK USD 22 430 0.06 508 CERNER USD 28 575 0.07 87 CF INDUSTRIES HOLDINGS USD 22 676 0.06 2 327 CHEVRON USD 276 704 0.69 39 CHIPOTLE MEXICAN GRILL USD 22 154 0.06 378 CHUBB USD 33 755 0.08 347 CHURCH & DWIGHT USD 23 967 0.06 410 CIGNA USD 34 329 0.09 368 CINCINNATI FINANCIAL USD 17 907 0.04 6 575 CISCO SYSTEMS USD 147 346 0.37 486 CIT GROUP USD 23 824 0.06 3 648 CITIGROUP USD 173 645 0.43 357 CITRIX SYSTEMS USD 20 503 0.05 266 CLOROX USD 23 411 0.06 440 CME GROUP USD 32 564 0.08 910 CMS ENERGY USD 26 645 0.07 425 COACH USD 21 106 0.05 4 836 COCA-COLA USD 186 960 0.47 705 COCA-COLA ENTERPRISES USD 33 671 0.08

The accompanying notes form an integral part of these financial statements

Page 122 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

891 COGNIZANT TECH SOLUTIONS-A USD 45 094 0.11

1 132 COLGATE-PALMOLIVE USD 73 433 0.18

2 528 COMCAST-CLASS A USD 126 451 0.32

625 COMCAST-SPECIAL CL A USD 30 475 0.08

450 COMERICA USD 23 310 0.06

196 CONCHO RESOURCES USD 24 010 0.06

1 472 CONOCOPHILLIPS USD 103 555 0.26

478 CONSOL ENERGY USD 19 096 0.05

395 CONSOLIDATED EDISON USD 21 192 0.05

273 CONSTELLATION BRANDS-A USD 23 197 0.06 1 999 CORNING USD 41 619 0.10 542 COSTCO WHOLESALE USD 60 531 0.15 237 CR BARD USD 35 071 0.09 452 CROWN CASTLE INTERNATIONAL USD 33 349 0.08 1 362 CSX USD 39 457 0.10 301 CUMMINS USD 44 846 0.11 1 516 CVS CAREMARK USD 113 488 0.28 856 DANAHER USD 64 200 0.16 312 DAVITA HEALTHCARE PARTNERS I USD 21 481 0.05 480 DEERE USD 43 584 0.11 347 DELPHI AUTOMOTIVE USD 23 547 0.06 976 DENBURY RESOURCES USD 16 006 0.04 618 DEVON ENERGY USD 41 363 0.10 664 DIRECTV USD 50 743 0.13 666 DISCOVER FINANCIAL SERVICES USD 38 755 0.10 289 DISCOVERYMMUNICATIONS-A USD 23 900 0.06 340 DISH NETWORK-A USD 21 151 0.05 369 DOLLAR GENERAL USD 20 472 0.05

798 DOMINION RESOURCES USD 56 650 0.14

271 DOVER USD 22 154 0.06

1 567 DOW CHEMICAL USD 76 141 0.19 427 DR PEPPER SNAPPLE GROUP USD 23 254 0.06 505 DTE ENERGY USD 37 516 0.09 1 201 DU PONT DE NEMOURS USD 80 587 0.20 867 DUKE ENERGY CORP USD 61 747 0.15 398 EASTMAN CHEMICAL USD 34 312 0.09 598 EATON USD 44 922 0.11 1 447 EBAY USD 79 932 0.20 338 ECOLAB USD 36 501 0.09 398 EDISON INTERNATIONAL USD 22 531 0.06 2 917 EMC USD 79 955 0.20 938 EMERSON ELECTRIC USD 62 658 0.16 337 ENTERGY USD 22 528 0.06 343 EOG RESOURCES USD 67 286 0.17 220 EQT USD 21 333 0.05 448 EQUITY RESIDENTIAL USD 25 980 0.06 330 ESTEE LAUDER COMPANIES-CL A USD 22 070 0.06 1 143 EXELON USD 38 359 0.10 212 EXPEDIA USD 15 370 0.04

The accompanying notes form an integral part of these financial statements

Page 123 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

553 EXPEDITORS INTL WASHINGTON USD 21 915 0.05

1 008 EXPRESS SCRIPTS HOLDING USD 75 691 0.19

5 294 EXXON MOBIL USD 517 118 1.29

1 989 FACEBOOK-A USD 119 817 0.30

273 FAMILY DOLLAR STORES USD 15 837 0.04

167 FEDERAL REALTY INVS TRUST USD 19 158 0.05

366 FEDEX USD 48 517 0.12

463 FIDELITY NATIONAL INFORMATION USD 24 747 0.06

1 063 FIFTH THIRD BANCORP USD 24 396 0.06

271 FLOWSERVE USD 21 230 0.05 342 FLUOR USD 26 584 0.07 253 FMC USD 19 370 0.05 478 FMC TECHNOLOGIES USD 24 995 0.06 4 432 FORD MOTOR USD 69 139 0.17 513 FOREST LABORATORIES USD 47 335 0.12 714 FRANKLIN RESOURCES USD 38 685 0.10 609 GAP USD 24 397 0.06 12 441 GENERAL ELECTRIC USD 322 097 0.80 672 GENERAL GROWTH PROPERTIES USD 14 784 0.04 873 GENERAL MILLS USD 45 239 0.11 962 GENERAL MOTORS USD 33 112 0.08 264 GENUINE PARTS USD 22 928 0.06 1 832 GILEAD SCIENCES USD 129 816 0.32 564 GOLDMAN SACHS GROUP USD 92 411 0.23 324 GOOGLE-CL A USD 361 101 0.90 1 066 HALLIBURTON USD 62 777 0.16 256 HARRIS USD 18 729 0.05 565 HCP USD 21 916 0.05

264 HENRY SCHEIN USD 31 514 0.08

230 HERSHEY USD 24 012 0.06

429 HESS USD 35 556 0.09 2 477 HEWLETT-PACKARD USD 80 156 0.20 1 776 HOME DEPOT USD 140 535 0.35 1 005 HONEYWELL INTERNATIONAL USD 93 224 0.23 591 ILLINOIS TOOL WORKS USD 48 066 0.12 175 ILLUMINA USD 26 016 0.06 6 124 INTEL USD 158 060 0.39 160 INTERCONTINENTALEXCHANGE GRO USD 31 653 0.08 563 INTERNATIONAL PAPER USD 25 830 0.06 1 330 INTL BUSINESS MACHINES USD 256 012 0.64 368 INTUIT USD 28 605 0.07 52 INTUITIVE SURGICAL USD 22 775 0.06 395 JACOBS ENGINEERING GROUP USD 25 083 0.06 220 JM SMUCKER USD 21 393 0.05 3 355 JOHNSON & JOHNSON USD 329 562 0.82 936 JOHNSONNTROLS USD 44 292 0.11 4 554 JPMORGAN CHASE USD 276 473 0.69 883 JUNIPER NETWORKS USD 22 746 0.06 1 373 KEYCORP USD 19 552 0.05

The accompanying notes form an integral part of these financial statements

Page 124 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

454 KIMBERLY-CLARK USD 50 054 0.12

962 KIMCO REALTY USD 21 049 0.05

768 KINDER MORGAN USD 24 952 0.06

332 KINDER MORGAN MANAGEMENT USD 23 794 0.06

338 KLA-TENCOR USD 23 369 0.06

420 KOHLS USD 23 856 0.06

730 KRAFT FOODS GROUP USD 40 953 0.10

567 KROGER USD 24 750 0.06

201 LABORATORY CRP USD 19 740 0.05

433 LAM RESEARCH USD 23 815 0.06 546 LAS VEGAS SANDS USD 44 106 0.11 773 LEUCADIA NATIONAL USD 21 644 0.05 1 330 LILLY & CO. (ELI) USD 78 284 0.20 510 LINEAR TECHNOLOGY USD 24 832 0.06 114 LINKEDIN CORP - A USD 21 082 0.05 626 LKQ USD 16 495 0.04 465 LORILLARD USD 25 147 0.06 1 400 LOWE'S USD 68 460 0.17 248 MACERICH USD 15 458 0.04 582 MACY'S USD 34 507 0.09 277 MANPOWER USD 21 836 0.05 934 MARATHON OIL USD 33 176 0.08 405 MARATHON PETROLEUM CORP. USD 35 250 0.09 717 MARRIOTT INTERNATIONAL -CL A USD 40 166 0.10 753 MARSH & MCLENNANS USD 37 123 0.09 833 MASCO USD 18 501 0.05 1 294 MASTERCARD-CLASS A USD 96 662 0.24 549 MATTEL USD 22 020 0.05

804 MAXIM INTEGRATED PRODUCTS USD 26 628 0.07

407 MC CORMICK NON VOTTING SHRS USD 29 198 0.07

1 312 MC DONALD'S USD 128 615 0.32 321 MC GRAW HILL COMPANIES USD 24 492 0.06 304 MCKESSON USD 53 677 0.13 278 MEAD JOHNSON NUTRITION USD 23 113 0.06 1 221 MEDTRONIC USD 75 140 0.19 3 626 MERCK USD 205 848 0.51 1 189 METLIFE USD 62 779 0.16 1 372 MICRON TECHNOLOGY USD 32 462 0.08 9 613 MICROSOFT USD 394 037 0.98 153 MOHAWK INDUSTRIES USD 20 805 0.05 351 MOLSONORS BREWING -B USD 20 660 0.05 2 102 MONDELEZ INTERNATIONAL-A USD 72 624 0.18 601 MONSANTO USD 68 376 0.17 1 881 MORGAN STANLEY USD 58 631 0.15 455 MURPHY OIL USD 28 601 0.07 579 NATIONAL OILWELL VARCO USD 45 087 0.11 585 NETAPP USD 21 587 0.05 56 NETFLIX USD 19 714 0.05 655 NEWELL RUBBERMAID USD 19 585 0.05 811 NEWMONT MINING USD 19 010 0.05

The accompanying notes form an integral part of these financial statements

Page 125 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

529 NEXTERA ENERGY USD 50 583 0.13

908 NIKE -CL B USD 67 065 0.17

459 NOBLE ENERGY USD 32 607 0.08

336 NORDSTROM USD 20 983 0.05

369 NORFOLK SOUTHERN USD 35 856 0.09

400 NORTHERN TRUST USD 26 224 0.07

319 NORTHROP GRUMMAN USD 39 358 0.10

1 188 NVIDIA USD 21 277 0.05

1 004 OCCIDENTAL PETROLEUM USD 95 671 0.24

246 OCEANEERING INTL USD 17 678 0.04 438 OMNICOM GROUP USD 31 799 0.08 336 ONEOK USD 19 908 0.05 4 696 ORACLE USD 192 113 0.48 533 PACCAR USD 35 946 0.09 262 PARKER HANNIFIN USD 31 364 0.08 256 PENTAIR-REGISTERED USD 20 311 0.05 1 004 PEPCO HOLDINGS USD 20 562 0.05 1 865 PEPSICO USD 155 728 0.39 7 789 PFIZER USD 250 183 0.62 1 958 PHILIP MORRIS INTERNATIONAL USD 160 301 0.40 715 PHILLIPS 66 USD 55 098 0.14 197 PIONEER NATURAL RESOURCES USD 36 867 0.09 454 PLUM CREEK TIMBER USD 19 086 0.05 679 PNC FINANCIAL SERVICES GROUP USD 59 073 0.15 144 POLARIS INDUSTRIES USD 20 118 0.05 192 PPG INDUSTRIES USD 37 144 0.09 406 PRAXAIR USD 53 174 0.13 197 PRECISION CASTPARTS USD 49 794 0.12

62 PRICELINE.COM USD 73 897 0.18

3 343 PROCTER & GAMBLE USD 269 446 0.67

969 PROGRESSIVE USD 23 469 0.06 662 PROLOGIS USD 27 029 0.07 606 PRUDENTIAL FINANCIAL USD 51 298 0.13 192 PUBLIC STORAGE USD 32 350 0.08 162 PVH USD 20 213 0.05 2 148 QUALCOMM USD 169 391 0.42 408 QUEST DIAGNOSTICS USD 23 631 0.06 148 RALPH LAUREN USD 23 818 0.06 254 RANGE RESOURCES USD 21 074 0.05 443 RAYTHEONMPANY USD 43 764 0.11 413 RED HAT USD 21 881 0.05 86 REGENERON PHARMACEUTICALS USD 25 824 0.06 647 REPUBLIC SERVICES USD 22 102 0.06 192 ROCKWELL AUTOMATION USD 23 914 0.06 397 ROCKWELLLLINS USD 31 629 0.08 232 ROPER INDUSTRIES USD 30 974 0.08 308 ROSS STORES USD 22 037 0.05 724 SALESFORCE.COM USD 41 333 0.10 301 SANDISK USD 24 438 0.06

The accompanying notes form an integral part of these financial statements

Page 126 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

205 SBA COMMUNICATIONS USD 18 647 0.05

1 625 SCHWAB (CHARLES) USD 44 411 0.11

273 SEMPRA ENERGY USD 26 415 0.07

117 SHERWIN-WILLIAMS USD 23 064 0.06

323 SIGMA-ALDRICH USD 30 162 0.08

403 SIMON PROPERTY GROUP USD 66 092 0.16

4 806 SIRIUS XM HOLDINGS INC USD 15 379 0.04

198 SL GREEN REALTY USD 19 923 0.05

701 SLM USD 17 160 0.04

1 210 SOUTHERN USD 53 167 0.13 567 SOUTHWESTERN ENERGY USD 26 088 0.07 823 SPECTRA ENERGY USD 30 402 0.08 489 ST JUDE MEDICAL USD 31 976 0.08 278 STANLEY BLACK & DECKER USD 22 585 0.06 1 673 STAPLES USD 18 972 0.05 911 STARBUCKS USD 66 849 0.17 396 STARWOOD HOTELS & RESORTS USD 31 522 0.08 587 STATE STREET USD 40 826 0.10 169 STERICYCLE USD 19 202 0.05 537 STRYKER USD 43 749 0.11 646 SUNTRUST BANKS USD 25 704 0.06 1 026 SYMANTEC USD 20 489 0.05 746 SYSCO USD 26 953 0.07 433 T ROWE PRICE GROUP USD 35 658 0.09 896 TARGET USD 54 217 0.14 441 TERADATA USD 21 693 0.05 1 530 TEXAS INSTRUMENTS USD 72 140 0.18 533 THERMO FISHER SCIENTIFIC USD 64 088 0.16

353 TIFFANY USD 30 411 0.08

1 103 TIME WARNER USD 72 059 0.18

371 TIME WARNER CABLE USD 50 894 0.13 949 TJXMPANIES USD 57 557 0.14 301 TORCHMARK USD 23 689 0.06 306 TRACTOR SUPPLYMPANY USD 21 613 0.05 500 TRAVELERSS USD 42 550 0.11 183 TRIPADVISOR INC-W/I USD 16 578 0.04 544 TYSON FOODS-CL A USD 23 941 0.06 568 UNION PACIFIC USD 106 591 0.27 924 UNITED PARCEL SERVICE-CL B USD 89 979 0.22 1 250 UNITED TECHNOLOGIES USD 146 050 0.36 1 291 UNITEDHEALTH GROUP USD 105 849 0.26 679 UNUM GROUP USD 23 975 0.06 2 287 US BANCORP USD 98 021 0.24 722 VALERO ENERGY USD 38 338 0.10 249 VARIAN MEDICAL SYSTEMS USD 20 914 0.05 401 VENTAS USD 24 289 0.06 348 VERISIGN USD 18 761 0.05 303 VERISK ANALYTICS-CLASS A USD 18 168 0.05 3 370 VERIZONMMUNICATIONS USD 160 311 0.40

The accompanying notes form an integral part of these financial statements

Page 127 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

429 VF USD 26 547 0.07

603 VIACOM-CLASS B USD 51 249 0.13

636 VISA-CLASS A SHARES USD 137 287 0.34

250 VORNADO REALTY TRUST USD 24 640 0.06

1 132 WALGREEN USD 74 746 0.19

2 126 WALT DISNEY USD 170 229 0.42

612 WASTE MANAGEMENT USD 25 747 0.06

308 WATERS USD 33 390 0.08

443 WELLPOINT USD 44 101 0.11

6 081 WELLS FARGO USD 302 469 0.75 1 467 WESTERN UNION USD 24 000 0.06 735 WEYERHAEUSER USD 21 572 0.05 143 WHIRLPOOL USD 21 373 0.05 323 WHITING PETROLEUM USD 22 413 0.06 458 WHOLE FOODS MARKET USD 23 225 0.06 966 WILLIAMS COMPANIES USD 39 200 0.10 258 WYNDHAM WORLDWIDE USD 18 893 0.05 2 115 XEROX USD 23 900 0.06 767 XILINX USD 41 625 0.10 1 210 YAHOO USD 43 439 0.11 659 YUM BRANDS USD 49 682 0.12

United Kingdom 3 147 486 7.87

1 090 AMEC GBP 20 389 0.05 1 931 ANGLO AMERICAN GBP 49 143 0.12 1 749 ARM HOLDINGS GBP 29 101 0.07 1 611 ASTRAZENECA GBP 104 116 0.26 3 933 AVIVA GBP 31 277 0.08

4 585 BAE SYSTEMS GBP 31 661 0.08

18 207 BARCLAYS GBP 70 847 0.18

4 203 BG GBP 78 305 0.20 2 586 BHP BILLITON GBP 79 500 0.20 23 066 BP GBP 184 584 0.46 2 387 BRITISH AMERICAN TOBACCO GBP 132 737 0.33 2 329 BRITISH LAND REIT GBP 25 394 0.06 9 977 BT GROUP GBP 63 124 0.16 824 BUNZL GBP 21 925 0.05 866 BURBERRY GROUP GBP 20 141 0.05 1 214 CAPITA GBP 22 182 0.06 8 535 CENTRICA GBP 46 914 0.12 2 673 COMPASS GROUP GBP 40 776 0.10 3 204 DIAGEO GBP 99 407 0.25 3 047 GKN GBP 19 827 0.05 6 130 GLAXOSMITHKLINE GBP 162 647 0.41 22 853 HSBC HOLDINGS GBP 231 457 0.58 929 IMI SHS GBP 22 582 0.06 1 283 IMPERIAL TOBACCO GROUP GBP 51 827 0.13 455 INTERTEK GROUP GBP 23 303 0.06 6 015 ITV GBP 19 204 0.05

The accompanying notes form an integral part of these financial statements

Page 128 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

430 JOHNSON MATTHEY GBP 23 449 0.06

1 215 LAND SECURITIES GBP 20 682 0.05

7 302 LEGAL & GENERAL GROUP GBP 24 920 0.06

53 941 LLOYDS BANKING GROUP GBP 67 132 0.17

2 474 MARKS & SPENCER GROUP GBP 18 622 0.05

2 866 MELROSE SHS GBP 14 186 0.04

4 849 NATIONAL GRID GBP 66 451 0.17

1 185 PEARSON GBP 21 001 0.05

3 203 PRUDENTIAL GBP 67 737 0.17

872 RECKITT BENCKISER GROUP GBP 71 046 0.18 1 421 REED ELSEVIER GBP 21 700 0.05 1 543 RIO TINTO GBP 85 855 0.21 2 540 ROLLS-ROYCE HOLDINGS GBP 45 480 0.11 3 240 ROYAL BANK OF SCOTLAND GROUP GBP 16 799 0.04 4 624 ROYAL DUTCH SHELL-A SHS GBP 168 904 0.42 3 173 ROYAL DUTCH SHELL-B SHS GBP 123 811 0.31 4 045 SAINSBURY (J) GBP 21 317 0.05 602 SEVERN TRENT GBP 18 296 0.05 1 604 SMITH & NEPHEW GBP 24 308 0.06 995 SMITHS GROUP GBP 21 100 0.05 1 289 SOUTH AFRICAN BREWERIES GBP 64 362 0.16 1 569 SSE GBP 38 426 0.10 3 134 STANDARD CHARTERED GBP 65 494 0.16 3 408 STANDARD LIFE GBP 21 448 0.05 11 588 TESCO GBP 57 069 0.14 1 669 UNILEVER GBP 71 260 0.18 1 732 UNITED UTILITIES GBP 22 754 0.06 31 423 VODAFONE GROUP SHS GBP 115 410 0.29

362 WHITBREAD GBP 25 118 0.06

5 925 WM MORRISON SUPERMARKETS GBP 21 040 0.05

609 NOBLE CORP PLC USD 19 939 0.05

Japan 3 023 854 7.62

1 700 AEON JPY 19 198 0.05 300 AISIN SEIKI JPY 10 851 0.03 1 000 AJINOMOTO JPY 14 322 0.04 800 ASAHI GROUP HOLDINGS JPY 22 442 0.06 2 000 ASAHI KASEI JPY 13 633 0.03 2 000 ASTELLAS PHARMA JPY 23 770 0.06 3 000 BANK OF YOKOHAMA JPY 15 002 0.04 800 BRIDGESTONE JPY 28 431 0.07 1 500 CANON JPY 46 478 0.12 200 CENTRAL JAPAN RAILWAY JPY 23 421 0.06 3 000 CHIBA BANK JPY 18 527 0.05 1 000 CHUGAI PHARMACEUTICAL JPY 25 586 0.06 2 000 DAI NIPPON PRINTING JPY 19 207 0.05 2 000 DAIICHI SANKYO JPY 33 752 0.08 2 000 DAIWA HOUSE INDUSTRY JPY 34 005 0.08 3 000 DAIWA SECURITIES GROUP JPY 26 159 0.07

The accompanying notes form an integral part of these financial statements

Page 129 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

600 DENSO JPY 28 827 0.07

500 DENTSU JPY 19 008 0.05

400 EAST JAPAN RAILWAY JPY 29 542 0.07

500 EISAI JPY 19 508 0.05

200 FANUC JPY 35 355 0.09

100 FAST RETAILING JPY 36 350 0.09

600 FUJI HEAVY INDUSTRIES JPY 16 266 0.04

900 FUJIFILM HOLDINGS JPY 24 216 0.06

4 000 FUKUOKA FINANCIAL GROUP JPY 16 468 0.04

6 000 HITACHI JPY 44 395 0.11 2 100 HONDA MOTOR JPY 74 102 0.18 1 000 HOYA JPY 31 199 0.08 1 700 INPEX JPY 22 103 0.06 2 200 ITOCHU JPY 25 763 0.06 2 JAPAN REAL ESTATE INVESTMENT JPY 10 060 0.03 1 400 JAPAN TOBACCO JPY 44 045 0.11 800 JFE HOLDINGS JPY 15 093 0.04 4 100 JX HOLDINGS JPY 19 786 0.05 800 KAO JPY 28 408 0.07 5 000 KAWASAKI HEAVY INDUSTRIES JPY 18 449 0.05 600 KDDI JPY 34 817 0.09 100 KEYENCE JPY 41 336 0.10 4 000 KINTETSU JPY 14 255 0.04 1 300 KOMATSU JPY 26 988 0.07 1 000 KUBOTA JPY 13 274 0.03 500 KYOCERA JPY 22 591 0.06 200 LAWSON JPY 14 177 0.04 700 LIXIL GROUP JPY 19 345 0.05

3 000 MARUBENI JPY 20 187 0.05

3 000 MAZDA MOTOR JPY 13 342 0.03

1 200 MCDONALD'S HOLDINGS JPY 32 358 0.08 1 900 MITSUBISHI JPY 35 349 0.09 2 000 MITSUBISHI ELECTRIC JPY 22 566 0.06 2 000 MITSUBISHI ESTATE JPY 47 502 0.12 4 000 MITSUBISHI HEAVY INDUSTRIES JPY 23 188 0.06 15 700 MITSUBISHI UFJ FINANCIAL GRO JPY 86 439 0.22 2 500 MITSUI JPY 35 418 0.09 1 000 MITSUI FUDOSAN JPY 30 577 0.08 30 500 MIZUHO FINANCIAL GROUP JPY 60 417 0.15 300 MURATA MANUFACTURING JPY 28 358 0.07 400 NIDEC JPY 24 388 0.06 2 NIPPON BUILDING FUND JPY 10 468 0.03 10 000 NIPPON STEEL & SUMITOMO META JPY 27 383 0.07 500 NIPPON TELEGRAPH KABUSHIKI TELEPHONE JPY 27 281 0.07 3 600 NISSAN MOTOR JPY 32 160 0.08 300 NITTO DENKO JPY 14 396 0.04 1 000 NKSJ HOLDINGS JPY 25 751 0.06 4 900 NOMURA HOLDINGS JPY 31 498 0.08 2 500 NTT DOCOMO JPY 39 520 0.10

The accompanying notes form an integral part of these financial statements

Page 130 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

2 000 ODAKYU ELECTRIC RAILWAY JPY 17 265 0.04

500 OMRON JPY 20 683 0.05

300 ONO PHARMACEUTICAL JPY 26 043 0.06

100 ORIENTAL LAND JPY 15 245 0.04

1 600 ORIX JPY 22 574 0.06

5 000 OSAKA GAS JPY 18 983 0.05

2 800 PANASONIC JPY 31 892 0.08

1 500 RAKUTEN JPY 20 056 0.05

3 800 RESONA HOLDINGS JPY 18 412 0.05

2 000 SEKISUI CHEMICAL JPY 20 838 0.05 2 000 SEKISUI HOUSE JPY 24 877 0.06 900 SEVEN & I HOLDINGS JPY 34 467 0.09 300 SHIMANO JPY 30 208 0.08 600 SHIN-ETSU CHEMICAL JPY 34 362 0.09 700 SHIONOGI JPY 13 003 0.03 1 000 SHISEIDO JPY 17 634 0.04 2 000 SHIZUOKA BANK JPY 19 556 0.05 100 SMC JPY 26 436 0.07 1 100 SOFTBANK JPY 83 313 0.21 1 200 SONY JPY 22 978 0.06 1 600 SUMITOMO ELECTRIC INDUSTRIES JPY 23 864 0.06 1 000 SUMITOMO METAL MINING JPY 12 584 0.03 1 500 SUMITOMO MITSUI FINANCIAL GR JPY 64 218 0.16 4 000 SUMITOMO MITSUI TRUST HOLDIN JPY 18 100 0.05 1 000 SUMITOMO REALTY & DEVELOPMNT JPY 39 248 0.10 1 100 SUZUKI MOTOR JPY 28 775 0.07 2 000 TAKASHIMAYA JPY 18 799 0.05 1 000 TAKEDA PHARMACEUTICAL JPY 47 502 0.12

4 000 TOBU RAILWAY JPY 19 381 0.05

800 TOKIO MARINE HOLDINGS JPY 24 066 0.06

400 TOKYO ELECTRON JPY 24 567 0.06 5 000 TOKYO GAS JPY 25 441 0.06 2 000 TOKYU JPY 12 254 0.03 2 000 TOPPAN PRINTING JPY 14 352 0.04 3 000 TORAY INDUSTRIES JPY 19 867 0.05 6 000 TOSHIBA JPY 25 460 0.06 500 TOYOTA INDUSTRIES JPY 24 081 0.06 3 400 TOYOTA MOTOR JPY 192 343 0.48 300 UNICHARM JPY 16 060 0.04 600 WEST JAPAN RAILWAY JPY 24 551 0.06 3 400 YAHOO JAPAN JPY 16 705 0.04 1 100 YAMATO HOLDINGS JPY 23 755 0.06

Switzerland 1 620 534 4.02

2 555 ABB CHF 65 948 0.16 395 ADECCO CHF 32 889 0.08 658 CIE FINANCIERE RICHEMON-REG CHF 62 870 0.16 1 903 CREDIT SUISSE GROUP CHF 61 593 0.15 96 GEBERIT CHF 31 463 0.08

The accompanying notes form an integral part of these financial statements

Page 131 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

23 GIVAUDAN CHF 35 594 0.09

338 HOLCIM CHF 28 009 0.07

467 JULIUS BAER GROUP CHF 20 740 0.05

3 955 NESTLE CHF 297 969 0.74

2 779 NOVARTIS CHF 235 954 0.59

848 ROCHE HOLDING AG-GENUSSCHEIN CHF 254 401 0.63

11 SGS CHF 27 135 0.07

41 SWATCH GROUP CHF 25 714 0.06

441 SWISS RE CHF 40 913 0.10

60 SWISSCOM CHF 36 883 0.09 121 SYNGENTA CHF 45 793 0.11 519 TRANSOCEAN CHF 21 399 0.05 4 503 UBS CHF 93 085 0.23 192 ZURICH INSURANCE GROUP CHF 58 991 0.15 468 ACE USD 46 360 0.12 682 TENNECTIVITY USD 41 063 0.10 765 TYCO INTERNATIONAL USD 32 436 0.08 1 344 WEATHERFORD INTL USD 23 332 0.06

Canada 1 595 889 3.98

913 BANK OF MONTREAL CAD 61 178 0.15 1 569 BANK OF NOVA SCOTIA CAD 91 019 0.23 1 689 BARRICK GOLD CAD 30 115 0.08 778 BCE CAD 33 566 0.08 3 766 BOMBARDIER B CAD 14 023 0.03 800 BROOKFIELD ASSET MANAGE-CL A CAD 32 638 0.08 880 CAMECO CAD 20 179 0.05 561 CAN IMPERIAL BK OFMMERCE CAD 48 412 0.12

1 042 CANADIAN NATL RAILWAY CAD 58 635 0.15

1 420 CANADIAN NATURAL RESOURCES CAD 54 510 0.14

863 CANADIAN OIL SANDS CAD 18 132 0.05 229 CANADIAN PACIFIC RAILWAY CAD 34 368 0.09 367 CATAMARAN CAD 16 446 0.04 939 CENOVUS ENERGY CAD 27 198 0.07 598 CGI GROUP - CLASS A CAD 18 491 0.05 566 CRESCENT POINT ENERGY CAD 20 691 0.05 986 ENBRIDGE CAD 44 853 0.11 1 107 FIRST QUANTUM MINERALS CAD 20 490 0.05 433 FRANCO-NEVADA CAD 19 929 0.05 1 030 GOLDCORP CAD 25 168 0.06 692 GREAT WEST LIFECO CAD 19 103 0.05 751 HUSKY ENERGY CAD 22 562 0.06 527 IMPERIAL OIL CAD 24 580 0.06 281 INTACT FINANCIAL CAD 17 515 0.04 308 MAGNA INTERNATIONAL CAD 29 657 0.07 2 372 MANULIFE FINANCIAL CAD 45 817 0.11 570 PEMBINA PIPELINE CAD 21 679 0.05 1 165 POTASH OF SASKATCHEWAN CAD 42 209 0.11 615 POWER FINANCIAL CAD 19 073 0.05

The accompanying notes form an integral part of these financial statements

Page 132 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

799 POWER OF CANADA CAD 21 876 0.05

562 ROGERSMMUNICATIONS-B CAD 23 325 0.06

1 847 ROYAL BANK OF CANADA CAD 121 973 0.30

796 SHAWMMUNICATIONS -B CAD 19 039 0.05

344 SHOPPERS DRUG MART CAD 18 958 0.05

842 SILVER WHEATON CAD 19 132 0.05

774 SUN LIFE FINANCIAL CAD 26 844 0.07

1 944 SUNCOR ENERGY CAD 68 002 0.17

1 685 TALISMAN ENERGY CAD 16 823 0.04

976 TECK RESOURCES-CLS B CAD 21 098 0.05 388 TIM HORTONS CAD 21 492 0.05 2 443 TORONTO-DOMINION BANK CAD 114 718 0.29 852 TRANSCANADA CAD 38 789 0.10 409 VALEANT PHARMACEUTICALS CAD 53 893 0.13 1 998 YAMANA GOLD CAD 17 523 0.04 1 882 TWENTY-FIRST CENTURY FOX INC USD 60 168 0.15

Germany 1 469 091 3.67

279 ADIDAS EUR 30 201 0.08 577 ALLIANZ EUR 97 577 0.24 1 177 BASF NOM. EUR 130 879 0.33 1 012 BAYER EUR 136 940 0.34 205 BEIERSDORF EUR 20 004 0.05 470 BMW EUR 59 349 0.15 1 234 COMMERZBANK AG EUR 22 680 0.06 154 CONTINENTAL EUR 36 910 0.09 1 251 DAIMLER EUR 118 262 0.30 1 307 DEUTSCHE BANK EUR 58 500 0.15

1 226 DEUTSCHE POST EUR 45 572 0.11

3 608 DEUTSCHE TELEKOM EUR 58 330 0.15

2 394 E.ON SE EUR 46 820 0.12 173 FRESENIUS SE & KGAA EUR 27 086 0.07 474 GEA GROUP EUR 21 676 0.05 230 HEIDELBERGCEMENT EUR 19 720 0.05 249 HENKEL AG & KGAA EUR 25 035 0.06 289 HENKEL AG & KGAA VORZUG EUR 31 116 0.08 1 728 INFINEON TECHNOLOGIES EUR 20 630 0.05 269 LINDE EUR 53 833 0.13 149 MERCK KGAA EUR 25 105 0.06 235 MUENCHENER RUECKVERSICHERUNGS EUR 51 369 0.13 679 RWE EUR 27 570 0.07 1 184 SAP EUR 95 887 0.24 1 018 SIEMENS EUR 137 079 0.34 809 THYSSENKRUPP EUR 21 704 0.05 190 VOLKSWAGEN PRIV. EUR 49 257 0.12

France 1 400 685 3.48

424 AIR LIQUIDE EUR 57 456 0.14 453 ALSTOM EUR 12 375 0.03

The accompanying notes form an integral part of these financial statements

Page 133 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

2 286 AXA EUR 59 438 0.15

1 223 BNP PARIBAS ACTIONS A EUR 94 377 0.24

345 CAP GEMINI EUR 26 129 0.07

878 CARREFOUR EUR 33 998 0.08

167 CHRISTIAN DIOR EUR 32 166 0.08

1 521 CREDIT AGRICOLE EUR 23 992 0.06

763 DANONE EUR 53 979 0.13

505 EDF EUR 19 986 0.05

345 ESSILOR INTL EUR 34 806 0.09

2 518 FRANCE TELECOM EUR 37 203 0.09 1 663 GDF SUEZ EUR 45 520 0.11 112 KERING EUR 22 854 0.06 316 L'OREAL EUR 52 133 0.13 352 LVMH MOET HENNESSY VUITTON EUR 64 015 0.16 260 MICHELIN EUR 32 531 0.08 325 PERNOD-RICARD EUR 37 850 0.09 261 RENAULT EUR 25 375 0.06 574 SAINT-GOBAIN EUR 34 690 0.09 1 426 SANOFI EUR 148 740 0.37 687 SCHNEIDER ELECTRIC EUR 60 930 0.15 898 SOCIETE GENERALE A EUR 55 330 0.14 243 SODEXO EUR 25 497 0.06 188 TECHNIP EUR 19 410 0.05 2 586 TOTAL EUR 169 654 0.42 127 UNIBAIL RODAMCO SE EUR 32 995 0.08 659 VINCI EUR 48 965 0.12 1 374 VIVENDI EUR 38 291 0.10

Australia 1 164 910 2.90

1 663 AGL ENERGY AUD 23 398 0.06

2 125 AMCOR AUD 20 464 0.05 4 835 AMP AUD 22 317 0.06 3 717 AURIZON HOLDINGS AUD 17 708 0.04 3 375 AUST AND NZ BANKING GROUP AUD 103 417 0.26 4 249 BHP BILLITON AUD 143 628 0.36 1 834 COCA-COLA AMATIL AUD 18 750 0.05 1 949 COMMONWEALTH BANK OF AUSTRAL AUD 139 892 0.35 1 272 CROWN AUD 19 606 0.05 580 CSL AUD 37 394 0.09 3 083 FORTESCUE METALS GROUP AUD 15 002 0.04 4 817 INSURANCE AUSTRALIA GROUP AUD 24 868 0.06 399 MACQUARIE GROUP AUD 21 424 0.05 2 932 NATIONAL AUSTRALIA BANK AUD 96 365 0.24 1 941 NEWCREST MINING AUD 17 793 0.04 988 ORICA AUD 20 036 0.05 1 671 ORIGIN ENERGY AUD 22 132 0.06 1 876 QBE INSURANCE GROUP AUD 22 291 0.06 624 RIO TINTO AUD 36 755 0.09 5 048 STOCKLAND AUD 17 546 0.04

The accompanying notes form an integral part of these financial statements

Page 134 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

1 671 SUNCORP GROUP AUD 19 933 0.05

515 SYDNEY AIRPORT AUD 2 000 0.00

4 663 TELSTRA AUD 21 956 0.05

3 204 TRANSURBAN UNIT AUD 21 560 0.05

3 280 WESTFIELD GROUP AUD 31 161 0.08

6 642 WESTFIELD RETAIL TRUST AUD 18 346 0.05

3 752 WESTPAC BANKING AUD 120 186 0.30

992 WOODSIDE PETROLEUM AUD 35 877 0.09

1 604 WOOLWORTHS AUD 53 105 0.13

Spain 515 637 1.28

939 ABERTIS INFRAES.A EUR 21 451 0.05 6 790 BANCO BILBAO VIZCAYA ARGENTARIA EUR 81 586 0.20 5 368 BANCO DE SABADELL EUR 16 587 0.04 14 228 BANCO SANTANDER EUR 135 719 0.34 759 GAS NATURAL SDG EUR 21 351 0.05 6 912 IBERDROLA EUR 48 356 0.12 273 INDITEX EUR 40 975 0.10 537 RED ELECTRICA EUR 43 667 0.11 1 031 REPSOL YPF EUR 26 324 0.07 5 030 TELEFONICA EUR 79 621 0.20

Netherlands 483 858 1.20

327 AKZO NOBEL EUR 26 694 0.07 460 ASML HOLDING NV EUR 42 623 0.11 748 EADS EUR 53 598 0.13 374 HEINEKEN EUR 26 041 0.06 4 739 ING GROEP-CVA EUR 67 111 0.17

1 256 KON.PHILIPS ELECTRONICS EUR 44 151 0.11

1 392 KONINKLIJKE AHOLD NV EUR 27 972 0.07

303 KONINKLIJKE DSM EUR 20 803 0.05 5 039 KONINKLIJKE KPN EUR 17 814 0.04 2 142 UNILEVER EUR 88 079 0.22 742 WOLTERS KLUWER EUR 20 944 0.05 540 LYONDELLBASELL INDU-CL A USD 48 028 0.12

Sweden 480 543 1.19

776 ALFA LAVAL AB SEK 20 957 0.05 481 ASSA ABLOY AB-B SEK 25 565 0.06 969 ATLASPCO AB-A SHS SEK 27 903 0.07 781 ATLASPCO AB-B SHS SEK 21 345 0.05 3 949 ERICSSON LM-B SHS SEK 52 503 0.13 1 260 HENNES & MAURITZ AB-B SHS SEK 53 637 0.13 518 INVESTMENT AB KINNEVIK-B SHS SEK 19 095 0.05 3 992 NORDEA BANK AB SEK 56 522 0.14 1 931 SKANDINAVISKA ENSKILDA BAN-A SEK 26 462 0.07 835 SKF AB-B SHARES SEK 21 340 0.05 758 SVENSKA CELLULOSA AB-B SHS SEK 22 272 0.06 699 SVENSKA HANDELSBANKEN-A SHS SEK 35 017 0.09

The accompanying notes form an integral part of these financial statements

Page 135 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

1 319 SWEDBANK AB - A SHARES SEK 35 337 0.09

3 304 TELIASONERA AB SEK 24 868 0.06

2 379 VOLVO AB-B SHS SEK 37 720 0.09

Italy 480 538 1.20

1 659 ASSICURAZIONI GENERALI EUR 36 996 0.09

865 ATLANTIA EUR 22 234 0.06

1 738 CNH INDUSTRIAL NV EUR 19 990 0.05

9 246 ENEL EUR 52 349 0.13

3 159 ENI EUR 79 284 0.20 15 635 INTESA SANPAOLO EUR 53 010 0.13 410 LUXOTTICA GROUP EUR 23 722 0.06 891 PRYSMIAN EUR 22 178 0.06 6 439 SNAM RETE GAS EUR 37 717 0.09 20 465 TELECOM ITALIA ORD. EUR 24 144 0.06 6 674 TERNA EUR 35 764 0.09 2 159 UBI BANCA EUR 20 353 0.05 5 778 UNICREDIT SPA EUR 52 797 0.13

Ireland 413 947 1.04

946 CRH EUR 26 331 0.07 271 KERRY GROUP-A EUR 20 696 0.05 1 899 ABBVIE INC USD 97 609 0.24 841 ACCENTURE-CL A USD 67 045 0.17 231 ACTAVIS PLC USD 47 551 0.12 704 COVIDIEN USD 51 857 0.13 414 INGERSOLL-RAND USD 23 697 0.06 121 PERRIGO CO PLC USD 18 714 0.05

384 SEAGATE TECHNOLOGY USD 21 565 0.05

464 WILLIS GROUP HOLDINGS USD 20 476 0.05

589 XL GROUP USD 18 406 0.05

Hong Kong 396 478 0.99

15 000 AIA GROUP HKD 71 161 0.18 8 500 BOC HONG KONG HOLDINGS HKD 24 217 0.06 2 000 CHEUNG KONG HOLDINGS HKD 33 157 0.08 2 500 CLP HOLDINGS HKD 18 854 0.05 5 000 HANG LUNG PROPERTIES HKD 14 374 0.04 2 100 HANG SENG BANK HKD 33 434 0.08 9 000 HKG AND CHINA GAS HKD 19 631 0.05 2 600 HONG KONG EXCHANGES & CLEAR HKD 39 417 0.10 3 000 HUTCHISON WHAMPOA HKD 39 719 0.10 2 500 POWER ASSETS HOLDINGS HKD 21 674 0.05 2 000 SUN HUNG KAI PROPERTIES HKD 24 494 0.06 1 500 SWIRE PACIFIC-A HKD 17 491 0.04 4 000 THE LINK REIT HKD 19 672 0.05 3 000 WHARF HOLDINGS HKD 19 183 0.05

The accompanying notes form an integral part of these financial statements

Page 136 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Singapore 270 342 0.69

7 000 CAPITALAND SGD 16 087 0.04

3 000 DBS GROUP HOLDINGS SGD 38 575 0.10

8 000 GLOBAL LOGISTIC PROPERTIES L SGD 16 858 0.04

4 000 KEPPEL SGD 34 639 0.09

4 000 OVERSEA-CHINESE BANKING SGD 30 250 0.08

3 000 SINGAPORE AIRLINES SGD 24 977 0.06

9 000 SINGAPORE TELECOM SGD 26 123 0.07

2 000 UNITED OVERSEAS BANK SGD 34 432 0.09 9 000 WILMAR INTERNATIONAL SGD 24 763 0.06 367 AVAGO TECHNOLOGIES USD 23 638 0.06

Denmark 252 464 0.63

3 AP MOELLER-MAERSK DKK 34 613 0.09 218 CARLSBERG DKK 21 691 0.05 265 COLOPLAST-B DKK 21 451 0.05 1 014 DANSKE BANK DKK 28 265 0.07 2 522 NOVO NORDISK A/S-B DKK 114 903 0.29 717 NOVOZYMES A/S-B SHARES DKK 31 541 0.08

Belgium 185 465 0.47

1 014 ANHEUSER-BUSCH INBEV EUR 106 353 0.27 354 GROUPE BRUXELLES LAMBERT EUR 35 363 0.09 323 KBC GROEP EUR 19 877 0.05 152 SOLVAY EUR 23 872 0.06

Curaçao 162 435 0.41

1 666 SCHLUMBERGER USD 162 435 0.41

Finland 154 273 0.38

1 011 FORTUM OYJ EUR 22 991 0.06 218 KONE OYJ-B EUR 9 146 0.02 4 673 NOKIA EUR 34 715 0.09 879 SAMPO OYJ-A SHS EUR 45 612 0.11 1 183 UPM-KYMMENE OYJ EUR 20 234 0.05 397 WARTSILA OYJ ABP EUR 21 575 0.05

Norway 118 872 0.29

1 398 DNB ASA NOK 24 308 0.06 1 737 STATOIL ASA NOK 49 031 0.12 1 169 TELENOR ASA NOK 25 910 0.06 444 YARA INTERNATIONAL ASA NOK 19 623 0.05

Jersey 118 652 0.28

1 393 EXPERIAN GBP 25 105 0.06 766 SHIRE GBP 37 609 0.09 386 WOLSELEY SHS GBP 21 951 0.05 1 648 WPP PLC GBP 33 987 0.08

The accompanying notes form an integral part of these financial statements

Page 137 PARWORLD TRACK WORLD

Securities portfolio at 31/03/2014

Expressed in USD

Quotation % of net Quantity Denomination Market Value currency assets

Bermuda 87 281 0.22

12 000 LI & FUNG HKD 17 728 0.04

547 SEADRILL NOK 19 314 0.05

348 BUNGE USD 27 669 0.07

610 INVESCO USD 22 570 0.06

Luxembourg 73 892 0.19

1 438 ARCELORMITTAL EUR 23 179 0.06

719 SES GLOBAL DEPOSITARY RECEIPT EUR 26 860 0.07 1 081 TENARIS EUR 23 853 0.06

Austria 40 350 0.10

608 ERSTE GROUP BANK EUR 20 782 0.05 445 VOESTALPINE EUR 19 568 0.05

Cayman Islands 26 894 0.07

3 600 SANDS CHINA HKD 26 894 0.07

Panama 22 072 0.06

583 CARNIVAL USD 22 072 0.06

Portugal 21 388 0.05

1 238 GALP ENERGIA SGPS EUR 21 388 0.05

Liberia 20 842 0.05

382 ROYAL CARIBBEAN CRUISES USD 20 842 0.05

Isle of Man 18 047 0.05

17 000 GENTING SINGAPORE SGD 18 047 0.05

Options, Warrants, Rights 1 591 0.00

Spain 1 591 00

6 790 BCO BILBAO VIZCAYA ARGENT.DO14 EUR 1 591 0.00

Shares/Units in investment funds 2 441 930 6.09

Luxembourg 2 441 930 6.09

56 500.0000 DB X-TRACKERS MSCI WORLD TRN USD 2 441 930 6.09

Total securities portfolio 40 060 132 99.93

The accompanying notes form an integral part of these financial statements

Page 138

Notes to the financial statements

Page 139 PARWORLD

Notes to the financial statements at 31/03/2014

Note 1 - General Since October 2013, the Company has decided the following changes:

Absorbed, liquidated or launched sub-funds:

Sub-fund Date Event QUANT COMMODITIES 5 December 2013 Liquidation of the sub-fund QUANT RAW MATERIALS 5 December 2013 Liquidation of the sub-fund TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC 27 January 2014 Liquidation of the sub-fund TRACK EMU GOVERNMENT BOND 1-3 YEARS 10 February 2014 Launch of the sub-fund CHAMPIONS – EUROPA 27 March 2014 Launch of the sub-fund QUAM 12 14 October 2013 Absorbed by the sub-fund BNP Paribas QUAM 10/25

Eligibility for the PEA Owing to their eligibility for French share savings schemes (PEA), the sub-funds of PARWORLD listed below permanently invest at least 75% of their net assets in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime: - TRACK CONTINENTAL EUROPE - TRACK UK - QUANT EQUITY EURO COVERED - QUANT EQUITY EUROPE GURU

Note 2 - Principal accounting methods a) Presentation of the financial statements

The financial statements of the Company are presented in accordance with the legislation in force in the Grand Duchy of Luxembourg on undertakings for collective investment.

The consolidated currency of the Company is the euro (EUR).

The statement of operations and changes in net assets covers the financial period from 1 October 2013 to 31 March 2014. b) Conversion of foreign currencies

Values expressed in a currency other than the currency in which the relevant sub-fund is denominated will be converted on the basis of the exchange rate applicable on the valuation day.

Page 140 PARWORLD

Notes to the financial statements at 31/03/2014

c) Valuation of the securities portfolio The value of shares or units in undertakings for collective investment shall be determined on the basis of the last net asset value available on the Valuation Day; (that is, the listed price if the undertaking for collective investment is listed, or the net asset value communicated by the administrative agent of the undertaking for collective investment). The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognised and accessible to the public, is based on the closing price on the order acceptance date and, if the securities concerned are traded on several markets, on the basis of the most recent price on the major market on which they are traded; if this price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner. Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors. Securities transactions are entered in the accounts on the date on which the securities are purchased or sold. Any gains or losses made when selling securities are calculated on the basis of the average cost of those securities. On 25 March 2009, the Board of Directors decided to value the European Asset-Backed securities held by EURO SHORT TERM FIXED INCOME on a mark-to-model basis. Due to the current absence of market liquidity for these assets and the wish to hold them until their final reimbursement date, the sub-fund decided to adopt a valuation method for European asset-backed securities (ABS) based on a mathematical model with observable parameters instead of valuating them at market value. Indeed, the volume of ABS transactions dealt on the market during the year is too low to obtain a market value that would be representative of their true value. The mathematical model used is based on the following observable assumptions or parameters: - holding of these securities until final reimbursement date due to the low probability of having to sell these securities on the market at a substantially discount price; - relative stability of the shareholding structure since the launch date of the sub-fund and shareholders mainly linked to the BNP Paribas Group;

- the mathematical model takes the following parameters into account: security sector, average remaining lifetime of the security and issuers’ rating.

As at 31 March 2014, 33.96 % of the portfolio of Euro Short Term Fixed Income was valued on the basis of this “Fair Value” policy. These securities are identified by an asterisk (*) in the portfolio of this sub-fund. Therefore the prices obtained from this “Fair Value” process may differ significantly from their actual sale prices. Nevertheless the process for valuing these securities is applied consistently and in accordance with the principles described in the prospectus. At this stage, there is no indication that the sub-fund would not be able to keep the securities until the reimbursement date. However the Board may decide to sell these securities if it finds a buyer at a price without substantial discount. Furthermore no payment default has been observed on the partial refund relating to these securities. Also, the sub-fund investment policy provides in particular that the sub-fund mainly invests in investment grade European ABS denominated in EUR when they are purchased and which are issued by companies having their registered office or their main activity in one of the countries of the euro zone. This sub-fund is intended to investors who give importance to medium-term performance and who accept possible decreases in the net asset value of their portfolio as a result of broad exposure to markets with low liquidity. The default of payment from issuers of securities in the portfolio cannot be excluded. Consequently investors are advised to invest only part of their assets in this sub-fund.

Page 141 PARWORLD

Notes to the financial statements at 31/03/2014

d) Interest and dividends Interest comprises in particular interest accrued and not due at the closing date of the financial year/period, less any withholding tax that may be payable. Dividends are recorded on the date at which the shares are quoted “ex- dividend” for the first time. e) Financial instruments Financial instruments (futures, options) traded on a regulated market are valued at their last-known market price. The other financial instruments, including swap (Interest-rate swaps, Total Return Swaps) and option contracts traded over the counter, are valued at the prices at which the position could be liquidated, depending on the conditions prevailing on the market at the valuation date. Realized and unrealized profits or losses resulting there from are included in the Statement of operations and changes in net assets. Exchanges of flows on interest-rate and performance swap contracts are recorded in the Statement of operations and changes in net assets. To calculate the net positions per currency on financial instruments, the positions are converted at the exchange rates effective on the closing date. f) Valuation of securities lending, reverse repurchase and repurchase agreements Securities lending attracts remuneration for the sub-funds according to the contracts and is accounted for in the “Statement of operations and changes in net assets” under “Income on investments and assets”. Securities lending can be rescinded at any time. Securities that have been lent are shown in the net assets of the sub-fund in question, at their market value. Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the underlying securities. Securities reverse repurchase agreements are valued at their purchase price expressed in the original currency, irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading “Other assets”. g) Forward foreign exchange contracts Forward foreign-exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Any unrealized gains and losses are included when determining the result of the transactions. To calculate the net positions per currency, the positions are converted at the forward exchange rates corresponding to the remaining life of the contract. h) Valuation of Credit Default Swaps The value of a Credit Default Swap shall be determined by comparing the value of the protection swap leg and the value of the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted discount rate. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used to compute the expected loss are extrapolated from the structure of comparable rates observed on the market. Comparable market swap rates will be obtained from a cross-section of market counterparties. i) Swing pricing

In certain market conditions, taking account of the volume of purchase and sale transactions in a given sub-fund, category, or class and the size of these transactions, the Board of Directors may consider that it is in the interest of shareholders to calculate the NAV per share based on the purchase and sale prices of the assets and/or by applying an estimate of the difference between the buy and sell price applicable on the markets on which the assets are traded. The Board of Directors may further adjust the NAV for transaction fees and sales commissions, provided these fees and commissions do not exceed 1% of the NAV of the sub-fund, category, or class at that time. The swing pricing mechanism has not been used over the accounting period.

Page 142 PARWORLD

Notes to the financial statements at 31/03/2014

j) Net asset value

This semi-annual report is prepared on the basis of the last net asset value as at 31 March 2014.

Note 3 - Taxes The Company is not liable to any Luxembourg income tax or capital gains tax. The Company is liable to an annual “taxe d’abonnement” in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for: a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions; b) sub-funds with the exclusive objective of collective investments with credit institutions; c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs. The following are exempt from this “taxe d’abonnement”: a) the value of assets represented by units, or shares in other UCIs, provided that these units or shares have already been subject to the “taxe d’abonnement”; b) sub-funds, categories and/or classes: (i) whose securities are reserved to Institutional Investors, Managers or UCIs and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognised rating agency; c) sub-funds, share categories and/or classes reserved to: (i) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers for the benefit of their employees, and (ii) companies having one or more employers investing funds to provide pension benefits to their employees; d) sub-funds whose main objective is investment in microfinance institutions; e) sub-funds, categories and/or classes: (i) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public, and (ii) whose exclusive object is to replicate the performance of one or several indices. When due, the “taxe d’abonnement” is payable quarterly based on the relevant net assets and calculated at the end of the quarter for which it is applicable. In addition, the Company may be subject to foreign UCI’s tax, and/or other regulators levy, in the country where the sub-fund is registered for distribution.

Note 4 - Management and advisory fees (maximum per annum) Management fee calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class, paid to the Management Company and serving to cover remuneration of the asset managers and also distributors in connection with the marketing of the Company's stock. No management fee is applied to the "X" class. The fee applied to the "Classic" class is also applied to the "Classic H EUR", "Classic H USD", "Classic USD" classes. An advisory fee of maximum 0.15% was applied to the sub-fund Quam 12 (absorbed on 14 October 2013).

Page 143 PARWORLD

Notes to the financial statements at 31/03/2014

Sub-fund Classic N Privilege I I Plus K BETA DERIVATIVES FUND 1.75% - 0.90% 0.75% 0.40% - CHAMPIONS - EUROPA 0.60% - - - - - (launched on 27 March 2014) EURO SHORT TERM FIXED 0.75% - - 0.30% - - INCOME FLEXIBLE TRACKER 1.00% 1.00% 0.50% 0.40% - - ALLOCATION GLOBAL SUSTAINABLE 1.95% - - - - - DEVELOPMENT 80 MULTI-STRATEGY HIGH VOL 1.75% - 0.90% 0.75% 0.40% - QUAM 12 (absorbed on 14 October 1.65% 1.65% 0.85% 0.70% - - 2013) QUANT COMMODITIES 1.75% 1.75% 0.90% 0.75% - - (liquidated on 5 December 2013) QUANT EQUITY EURO 1.50% 1.50% 0.75% 0.60% - - COVERED QUANT EQUITY EUROPE 1.50% 1.50% 0.75% 0.60% - - GURU QUANT EQUITY WORLD GURU 1.75% 1.75% 0.90% 0.75% - - QUANT RAW MATERIALS 1.75% 1.75% 0.90% 0.75% - - (liquidated on 5 December 2013) QUANTITATIVE FIXED 1.20% 1.20% 0.60% 0.50% - - INCOME TRACK CONTINENTAL 0.60% 0.60% 0.30% 0.20% - - EUROPE TRACK EMERGING MARKETS 0.60% - 0.30% 0.25% - - TRACK EMERGING MARKETS 0.60% - 0.30% 0.20% - - BOND TRACK EMU 0.60% 0.60% 0.30% 0.20% - - TRACK EMU GOVERNMENT 0.50% - 0.25% 0.15% - - - BOND TRACK EMU GOVERNMENT BOND 1 - 3 Years (launched on 10 0.50% - 0.25% 0.15% - - February 2014) TRACK EURO CORPORATE 0.50% - 0.25% 0.15% - - BOND TRACK EURO INFLATION 0.50% - 0.25% 0.15% - - LINKED BOND TRACK EUROPE 0.60% - 0.30% 0.20% - - TRACK EUROPE SMALL CAP 0.60% - 0.30% 0.20% - - TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC 1.00% - 0.50% 0.20% - - (liquidated on 27 january 2014) TRACK GLOBAL 0.50% - 0.25% 0.15% - - GOVERNMENT BOND EX EMU TRACK JAPAN 0.60% 0.60% 0.30% 0.20% - - TRACK NORTH AMERICA 0.60% 0.60% 0.30% 0.20% - - TRACK PACIFIC EX JAPAN 0.60% 0.60% 0.30% 0.20% - - TRACK UK 0.60% 0.60% 0.30% 0.20% - - TRACK WORLD 0.60% - 0.30% 0.20% - -

A sub-fund may not invest in a UCITS, or other UCI (underlying), with a management fee exceeding 3% per annum.

Page 144 PARWORLD

Notes to the financial statements at 31/03/2014

Note 5 - Performance fees Performance fees are accrued when the difference between the annual performance of the sub-funds as stated below (i.e. over the accounting year) and the hurdle rate (this can be a reference index performance, a fixed rate or another reference) is positive. This fee is payable to the Management Company. The performance fee will be calculated daily and provision will be adjusted on each valuation day during the financial year with the application of the “high water mark with hurdle rate” method. Hurdle rate means the performance of a reference index (or other references) as specified at the level of the sub-fund whereas high water mark means the highest NAV of the sub-fund as at the end of any previous financial year on which performance fees becomes payable to the Management Company, after deducting any performance fee. Performance fee will be accrued if the performance of the sub-fund exceeds the hurdle rate and the high water mark. - FLEXIBLE TRACKER ALLOCATION: 10% of the positive difference between the annual performance of the sub-fund and 3M Euribor. - MULTI-STRATEGY HIGH VOL: 20% of the positive difference between the annual performance of the sub-fund and Eonia.

- QUAM 12: (absorbed on 14 October 2013): 15% of the positive difference between the annual performance of the sub-fund and 1M Euribor. - QUANTITATIVE FIXED INCOME: 20% of the positive difference between the annual performance of the sub-fund and Eonia.

Note 6 - Other fees The other fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class and serving to cover general custody assets expenses (remuneration of the custodian bank) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the deposit, director fees, interest and bank fees, one- off expenses, and the “taxe d’abonnement” in force in Luxembourg, as well as any other specific foreign tax.

Note 7 - Exchange rates The exchange rates used for consolidation and for share classes denominated in a foreign currency as at 31 March 2014 were the following:

1 AUD = 0.67249 EUR 1 CAD = 0.65735 EUR 1 CHF = 0.82139 EUR 1 DKK = 0.13394 EUR 1 GBP = 1.20963 EUR 1 HKD = 0.09354 EUR 1 HUF = 0.00325 EUR 1 JPY = 0.00705 EUR 1 MXN = 0.05560 EUR 1 NOK = 0.12119 EUR 1 NZD = 0.62960 EUR 1 PLN = 0.24014 EUR 1 SEK = 0.11191 EUR 1 SGD = 0.57697 EUR 1 USD = 0.72556 EUR 1 ZAR = 0.06898 EUR

Page 145 PARWORLD

Notes to the financial statements at 31/03/2014

Note 8 - Forward foreign exchange contracts

At 31 March 2014, the following positions were outstanding:

FLEXIBLE TRACKER ALLOCATION

Currency Purchase amount Currency Sale amount

EUR 700 000 JPY 98 754 600 EUR 3 600 000 USD 4 958 338 Net unrealised gain in (EUR) 6 653

As at 31 March 2014, the latest maturity of all outstanding contracts is 24 April 2014.

MULTI-STRATEGY HIGH VOL

Currency Purchase amount Currency Sale amount

AUD 21 114 537 CAD 21 528 171 AUD 32 640 817 CHF 26 157 356 AUD 16 715 675 CHF 13 674 626 AUD 4 800 000 JPY 445 103 039 AUD 48 369 012 NZD 51 704 812 AUD 32 474 989 NZD 34 795 749 AUD 10 557 269 USD 9 571 220 AUD 10 557 269 USD 9 737 972 CAD 21 482 986 AUD 21 114 537 CAD 52 900 016 USD 47 700 000 CAD 128 846 009 USD 116 147 828 CHF 12 970 238 AUD 15 835 903 CHF 76 875 734 USD 87 016 512 EUR 15 783 379 GBP 13 194 526 EUR 2 758 122 GBP 2 303 448 EUR 10 540 128 HUF 3 290 700 688 EUR 31 671 806 JPY 4 478 345 860 EUR 2 754 160 JPY 388 431 034 EUR 15 835 903 JPY 2 239 686 014 EUR 42 021 230 SEK 372 387 938 EUR 27 185 289 USD 37 265 738 EUR 52 637 073 USD 72 554 675 EUR 27 540 828 USD 37 937 931 EUR 26 393 171 USD 36 286 440 GBP 13 274 462 EUR 15 835 903 JPY 2 238 412 807 EUR 15 835 903 MXN 248 885 493 CAD 21 114 537 MXN 250 321 810 CAD 21 114 537 MXN 222 571 036 USD 16 628 020

Page 146 PARWORLD

Notes to the financial statements at 31/03/2014

MULTI-STRATEGY HIGH VOL (continued) Currency Purchase amount Currency Sale amount

MXN 207 760 016 USD 15 835 903 NZD 17 274 577 AUD 16 289 184 NZD 10 557 269 USD 9 036 642 NZD 10 557 269 USD 9 113 742 SEK 372 057 231 EUR 42 021 230 SEK 278 093 603 USD 43 662 898 USD 63 535 903 CAD 71 458 133 USD 115 886 217 CAD 128 317 260 USD 15 835 903 CAD 17 512 197 USD 26 751 044 CHF 23 758 227 USD 87 137 574 CHF 77 035 383 USD 26 393 171 CHF 23 391 845 USD 72 362 307 EUR 52 637 073 USD 16 628 020 HUF 3 793 433 343 USD 15 835 903 HUF 3 567 049 819 USD 10 557 269 JPY 1 079 232 660 USD 10 557 269 JPY 1 085 785 557 USD 14 528 284 PLN 44 143 392 USD 43 630 725 SEK 278 857 456 USD 53 030 000 SGD 67 102 258 Net unrealised loss in (EUR) (456 719)

As at 31 March 2014, the latest maturity of all outstanding contracts is 30 April 2014.

QUANTITATIVE FIXED INCOME

Currency Purchase amount Currency Sale amount

EUR 2 026 622 AUD 3 070 000 EUR 84 231 AUD 127 000 EUR 32 458 CAD 50 000 EUR 728 582 CAD 1 130 000 EUR 34 759 GBP 29 000 EUR 893 821 GBP 750 000 EUR 1 942 734 JPY 274 760 000 EUR 1 176 541 NOK 9 800 000 EUR 3 250 322 SEK 28 800 000 EUR 97 929 USD 135 000 EUR 2 810 135 USD 3 890 000 NZD 15 860 000 EUR 9 805 328 Net unrealised gain in (EUR) 122 404

As at 31 March 2014, the latest maturity of all outstanding contracts is 04 April 2014.

Page 147 PARWORLD

Notes to the financial statements at 31/03/2014

TRACK EUROPE SMALL CAP

Currency Purchase amount Currency Sale amount

EUR 160 737 GBP 132 927 Net unrealised loss in (EUR) (54)

As at 31 March 2014, the latest maturity of all outstanding contracts is 01 April 2014.

Counterparties to Forward foreign exchange contracts: Barclays Bank London Barclays Bank PLC BNP Paribas SA Credit Suisse London Goldman Sachs International (London) HSBC Midland (London) JP Morgan SL (London) Nomura International P.L.C. Royal Bank of Scotland Salomon Smith Barney Société Générale PARIS UBS AG

Note 9 - Futures contracts

At 31 March 2014, the following positions were outstanding: BETA DERIVATIVES FUND Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) EURO STOXX 50 EUR 1 780 P 20/06/2014 55 180 000 1 425 920 20/06/2014 EURO-BTP EUR 165 P 10/06/2014 20 082 150 233 210 FUTURE 10/06/2014 EURO-BUND EUR 139 P 10/06/2014 19 929 820 81 740 FUTURE 10/06/2014 EURO/JPY FUTURE JPY 12 P 18/06/2014 1 501 912 (6 024) 18/06/2014 NIKKEI 225 (SGX) JPY 295 P 13/06/2014 15 307 093 (317 323) 13/06/2014 CBOE VIX FUTURE USD 69 P 16/04/2014 758 462 (20 940) 16/04/2014 CBOE VIX FUTURE USD 69 P 21/05/2014 793 506 (63 443) 21/05/2014 EURO FX CURR USD 134 P 18/06/2014 16 739 670 (115 454) FUT 18/06/2014 MINI MSCI EMG USD 880 P 20/06/2014 31 480 791 1 680 261 MKT 20/06/2014 S&P 500 FUTURE USD 133 P 20/06/2014 44 983 095 690 858 20/06/2014

Page 148 PARWORLD

Notes to the financial statements at 31/03/2014

BETA DERIVATIVES FUND (continued) Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) US 10YR NOTE USD 416 P 30/06/2014 37 276 256 (174 610) (CBT) 30/06/2014 Total 3 414 197

CHAMPIONS – EUROPA Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) EURO-BTP EUR 600 P 10/06/2014 73 026 000 (34 700) FUTURE 10/06/2014 SHORT EURO-BTP EUR 1000 P 10/06/2014 110 550 000 16 050 FUT 10/06/2014 Total (18 650)

GLOBAL SUSTAINABLE DEVELOPPMENT 80 Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) EURO STOXX 50 EUR 4 P 20/06/2014 124 000 3 720 20/06/2014 Total 3 720

MULTI-STRATEGY HIGH VOL Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) AUST 10Y BOND AUD 42 P 17/06/2014 3 263 629 13 773 FUT 17/06/2014 CAC40 10 EURO EUR 987 P 22/04/2014 43 339 170 1 317 655 FUT 22/04/2014 DAX INDEX EUR 236 S 20/06/2014 (56 560 350) (2 585 700) FUTURE 20/06/2014 EURO STOXX 50 EUR 18 P 20/06/2014 558 000 1 080 20/06/2014 EURO-BOBL FUT EUR 1 S 10/06/2014 (125 370) (190) JUN 10/06/2014 EURO-BTP EUR 263 P 10/06/2014 32 009 730 400 730 FUTURE 10/06/2014 EURO-BUND EUR 32 P 10/06/2014 4 588 160 23 610 FUTURE 10/06/2014 EURO-SCHATZ EUR 1 S 10/06/2014 (110 415) 100 FUT 10/06/2014 FTSE/MIB IDX FUT EUR 77 P 20/06/2014 8 239 000 269 500 J 20/06/2014 IBEX 35 INDX EUR 57 P 22/04/2014 5 878 980 245 670 FUTR 22/04/2014 SHORT EURO-BTP EUR 399 S 10/06/2014 (44 109 450) (205 500) FU 10/06/2014

Page 149 PARWORLD

Notes to the financial statements at 31/03/2014

MULTI-STRATEGY HIGH VOL (continued) Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) FTSE 100 IDX FUT GBP 14 S 23/06/2014 (1 108 129) 762 23/06/2014 LONG GILT GBP 4 P 30/06/2014 529 963 3 677 FUTURE 30/06/2014 10YR MINI JGB JPY 61 S 11/06/2014 (6 215 645) 5 157 FUT 11/06/2014 NIKKEI 225 (SGX) JPY 34 P 13/06/2014 1 764 207 (31 866) 13/06/2014 AUDUSD CRNCY USD 36 P 18/06/2014 2 409 577 54 722 FUT 18/06/2014 EURO E-MINI FUT USD 324 P 18/06/2014 20 237 511 (139 579) JU 18/06/2014 EURO FX CURR USD 11 S 18/06/2014 (1 374 152) 9 478 FUT 18/06/2014 JPN YEN CURR USD 28 S 18/06/2014 (2 461 237) 11 681 FUT 18/06/2014 MINI MSCI EMG USD 77 S 20/06/2014 (2 754 569) (146 095) MKT 20/06/2014 S&P500 EMINI FUT USD 16 P 20/06/2014 1 082 300 10 216 20/06/2014 US 10YR NOTE USD 31 P 30/06/2014 2 777 798 (24 601) (CBT) 30/06/2014 US 5YR NOTE USD 215 S 03/07/2014 (18 556 083) (11 660) (CBT) 03/07/2014 US LONG USD 5 S BOND(CBT) 30/06/2014 (483 290) (7 822) 30/06/2014 Total (785 202)

QUANTITATIVE FIXED INCOME Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) 90-DAY BANK AUD 2 S 13/03/2015 (1 335 506) (98) BILL 13/03/2015 AUST 10Y BOND AUD 33 P 17/06/2014 2 564 280 10 106 FUT 17/06/2014 BANK ACCEPT CAD 2 S 16/03/2015 (324 339) 197 FUTR 16/03/2015 CAN 10YR BOND CAD 17 P 30/06/2014 1 451 970 (4 523) FUT 30/06/2014 EURO CHF 3MO CHF 2 S 15/06/2015 (410 571) 82 LIF 15/06/2015 EURO CHF 3MO CHF 20 S 16/03/2015 (4 106 945) 904 LIF 16/03/2015 3MO EURO EUR 5 S EURIBOR 15/06/2015 (1 245 500) (25) 15/06/2015 3MO EURO EUR 45 S EURIBOR 16/03/2015 (11 214 000) (2 500) 16/03/2015

Page 150 PARWORLD

Notes to the financial statements at 31/03/2014

QUANTITATIVE FIXED INCOME (continued) Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) EURO-BUND EUR 27 S 10/06/2014 (3 871 260) (9 700) FUTURE 10/06/2014 90DAY STERLING GBP 6 P 17/06/2015 896 426 (181) FUT 17/06/2015 90DAY STERLING GBP 73 P 18/03/2015 10 931 898 (1 966) FUT 18/03/2015 LONG GILT GBP 8 S 30/06/2014 (1 059 925) 4 173 FUTURE 30/06/2014 10YR MINI JGB JPY 10 S 11/06/2014 (1 018 958) 1 606 FUT 11/06/2014 3MO EUROYEN JPY 13 S 16/06/2015 (2 285 364) (106) TFX 16/06/2015 3MO EUROYEN JPY 126 S 17/03/2015 (22 151 560) (3 901) TFX 17/03/2015 90DAY EURO$ USD 1 P 15/06/2015 180 219 54 FUTR 15/06/2015 90DAY EURO$ USD 10 P 16/03/2015 1 805 913 544 FUTR 16/03/2015 US 10YR NOTE USD 52 P 30/06/2014 4 659 532 (22 719) (CBT) 30/06/2014 Total (28 052)

TRACK CONTINENTAL EUROPE Unrealised Quantit Purchase/ Commitment Currency Description Maturity gain/(loss) y Sale in (EUR) in (EUR) EURO STOXX 50 EUR 69 P 20/06/2014 2 139 000 58 140 20/06/2014 Total 58 140

TRACK EMU Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) EURO STOXX 50 EUR 46 P 20/06/2014 1 426 000 39 200 20/06/2014 Total 39 200

TRACK EUROPE Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) STOXX 50 FUTR EUR 220 P 20/06/2014 6 325 000 156 200 20/06/2014 Total 156 200

Page 151 PARWORLD

Notes to the financial statements at 31/03/2014

TRACK JAPAN Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) NIKKEI 225 (OSE) JPY 34 P 13/06/2014 3 552 369 76 864 13/06/2014 Total 76 864

TRACK NORTH AMERICA Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) S&P 500 FUTURE USD 9 P 20/06/2014 3 043 969 37 239 20/06/2014 Total 37 239

TRACK PACIFIC EX JAPAN Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) SPI 200 FUTURE AUD 11 P 20/06/2014 997 360 9 549 JU 20/06/2014 Total 9 549

TRACK UK Unrealised Purchase/ Commitment Currency Quantity Description Maturity gain/(loss) Sale in (EUR) in (EUR) FTSE 100 IDX FUT GBP 4 P 23/06/2014 316 608 1 911 23/06/2014 Total 1 911

Counterparties to Future contracts:

BNP Paribas Securities Services

Page 152 PARWORLD

Notes to the financial statements at 31/03/2014

Note 10 - Short options positions

At 31 March 2014, the following positions on options sold were outstanding:

BETA DERIVATIVES FUND Maturity Commitment +/- unrealised Currency Quantity Description Strike date in (EUR) value USD 10 486 CALL ISHARES MSCI EM 19/04/2014 40.00 30 432 795.10 (672 654) JPY 148 CALL NIKKEI_DJ_TOKYO 11/04/2014 16 000.00 16 683 223.04 7 576 EUR 1 780 CALL DJ EURO STOXX 50 17/04/2014 3 125.00 55 625 000.00 (591 924) USD 333 CALL S&P500 INDEX 19/04/2014 1 895.00 45 785 234.74 85 700 Total (1 171 302) MULTI-STRATEGY HIGH VOL Maturity Commitment +/- unrealised Currency Quantity Description Strike date in (EUR) value CALL NATIONAL AUD 1 060 26/06/2014 0.01 7.13 (135 089) AUSTRA AUD 1 137 CALL AUS: NZL BANKING 26/06/2014 0.01 7.65 (191 983) CALL WESTPAC AUD 1 118 26/06/2014 0.01 7.52 (262 633) BANKING CALL COMMONWEALTH AUD 463 26/06/2014 0.01 3.11 (153 322) BA EUR 6 334 PUT EURO-BUND OPTION 25/04/2014 141.00 893 094.00 63 340 EUR 6 158 PUT EURO-BUND OPTION 23/05/2014 140.50 865 199.00 800 540 EUR 6 158 PUT EURO-BUND OPTION 23/05/2014 139.50 859 041.00 554 220 USD 4 222 CALL EMINI 1ST W 04/04/2014 1 890.00 5 789 646.27 194 817 EUR 406 600 000 CALL EUR/JPY 30/05/2014 148.00 60 176 800 000.00 2 655 009 EUR 142 313 000 PUT EUR/USD 08/04/2014 1.36 193 545 680.00 0 USD 4 512 CALL MSCI EMERGING 19/05/2014 425.00 139 132 957.98 (653 744) EUR 1 398 CALL MIB 30 INDEX 16/05/2014 22 000.00 76 890 000.00 (755 581) Total 2 115 575

Counterparties to Options:

BNP Paribas Securities Services

Page 153 PARWORLD

Notes to the financial statements at 31/03/2014

Note 11 - Credit Derivatives QUANTITATIVE FIXED INCOME

Unrealized Hedging Counterparty Face value Currency Rate (%) gain/(loss) Maturity purchase / sale Underlying EUR

Purchase 4 300 000.00 EUR 1 BNP PARIBAS LONDON BRANCH (54 265.17) 20/06/2016

MARKIT ITRAXX EUROPE HI VOLUME S15 INDEC RED Sale 600 000.00 EUR 1 BNP PARIBAS LONDON BRANCH 8 804.29 20/06/2016

XSTRATA FIN CAN Purchase 900 000.00 EUR 1 BNP PARIBAS LONDON BRANCH (15 349.22) 20/06/2016

AKZO NOBEL SWEDEN Purchase 1 000 000.00 EUR 1 SOCIETE GENERALE (20 542.05) 20/06/2016

LINDE FINANCE BV Purchase 750 000.00 EUR 1 RBS CAPITAL TRUST (8 982.69) 20/06/2016

KPN NV Sale 800 000.00 EUR 1 RBS CAPITAL TRUST 11 573.23 20/06/2016

METSO CORP Sale 600 000.00 EUR 1 RBS CAPITAL TRUST 208.45 20/06/2016

PORTUGAL TELECOM INTERNATIONAL FINANCE BV Sale 700 000.00 EUR 1 BNP PARIBAS LONDON BRANCH 12 144.70 20/06/2016

VALEO Purchase 800 000.00 EUR 1 RBS CAPITAL TRUST (7 101.54) 20/06/2016

METRO AG GOLDMAN SACHS Purchase 900 000.00 EUR 1 INTERNATIONAL LT (15 555.07) 20/06/2016

SCA FINANS AB Sale 500 000.00 EUR 1 BNP PARIBAS LONDON BRANCH 4 410.66 20/06/2016

HELDELBERGCEMENT FIN Purchase 1 000 000.00 EUR 1 RBS CAPITAL TRUST (16 788.68) 20/06/2016

FRANCE TELECOM Purchase 900 000.00 EUR 1 BNP PARIBAS LONDON BRANCH (16 404.04) 20/06/2016

THALES SA

Page 154 PARWORLD

Notes to the financial statements at 31/03/2014

QUANTITATIVE FIXED INCOME (continued)

Unrealized Hedging Counterparty Face value Currency Rate (%) gain/(loss) Maturity purchase / sale Underlying EUR

Purchase 900 000.00 EUR 1 BNP PARIBAS LONDON BRANCH (13 295.99) 20/06/2016

BOUYGUES SA Sale 500 000.00 EUR 1 JP MORGAN CHASE BANK (2 006.14) 20/06/2016

FIAT FIN & TRADE Purchase 600 000.00 EUR 1 JP MORGAN CHASE BANK 25.89 20/06/2016

THYSSENKRUPP AG Purchase 900 000.00 EUR 1 JP MORGAN CHASE BANK (11 974.46) 20/06/2016

TECHNIP SA Purchase 1 100 000.00 EUR 1 SOCIETE GENERALE (23 081.46) 20/06/2016

NOVARTIS AG Purchase 900 000.00 EUR 1 SOCIETE GENERALE (16 449.81) 20/06/2016

DIAGEO CAP PLC GOLDMAN SACHS Purchase 800 000.00 EUR 1 INTERNATIONAL LT (13 275.52) 20/06/2016

ACCOR Sale 800 000.00 EUR 1 BNP PARIBAS LONDON BRANCH 14 625.71 20/06/2016

EADS FINANCE BV Sale 700 000.00 EUR 1 RBS CAPITAL TRUST 6 297.11 20/06/2016

ANGLO AMERICAN Sale 500 000.00 EUR 1 JP MORGAN CHASE BANK 8 588.79 20/06/2016

CONTINENTAL AG Purchase 1 000 000.00 EUR 1 BNP PARIBAS LONDON BRANCH (19 345.54) 20/06/2016

GLAXOSMITHKLINE Sale 500 000.00 EUR 1 BNP PARIBAS LONDON BRANCH 3 860.20 20/06/2016

UPM-KYMMENE CORP Purchase 1 000 000.00 EUR 1 BNP PARIBAS LONDON BRANCH (20 124.81) 20/06/2016

UNILEVER NV Sale 450 000.00 EUR 1 BNP PARIBAS LONDON BRANCH 3 231.58 20/06/2016

STORA ENSO OYJ Purchase 800 000.00 EUR 1 BNP PARIBAS LONDON BRANCH (13 634.38) 20/06/2016

CARREFOUR SA

Page 155 PARWORLD

Notes to the financial statements at 31/03/2014

QUANTITATIVE FIXED INCOME (continued)

Unrealized Hedging Counterparty Face value Currency Rate (%) gain/(loss) Maturity purchase / sale Underlying EUR

Sale 800 000.00 EUR 1 RBS CAPITAL TRUST A 13 845.53 20/06/2016

KINGFISHER PLC Sale 800 000.00 EUR 1 RBS CAPITAL TRUST A 14 296.30 20/06/2016

BRITISH TEL PLC Sale 700 000.00 EUR 1 BNP PARIBAS LONDON BRANCH 11 231.02 20/06/2016

GKN HOLDINGS PLC Sale 500 000.00 EUR 1 RBS CAPITAL TRUST A (2 198.28) 20/06/2016

LADBROKES GROUP Sale 700 000.00 EUR 1 RBS CAPITAL TRUST A 13 090.49 20/06/2016

NEXT PLC Total: (164 141)

Note 12 - Performance Swaps contracts BETA DERIVATIVES FUND Unrealized Rate payable Nominal Currency Counterparty gain/(loss) Maturity Rate receivable EUR Amount based on the 20 previous days of volatility and theoritical leverage reached by the sub-fund 10 000 000 EUR BNP PARIBAS ARBITRAGE (17 000) 02/04/2043 Amount exceeding the maximum daily loss of 15% between the previous NAV and the next opening NAV Euribor 3 mois + 0.90% 7 250 000 EUR SOCIETE GENERALE 491 619 05/09/2014 Iboxx EUR Liquid High Yield 30 TR Euribor 3 mois + 0.60% 10 200 000 EUR SOCIETE GENERALE 413 951 05/09/2014 Iboxx Euro Liquid Corporates TR 0.20%

8 800 000 USD S&P GSCI Ultra Light Energy Official Close SOCIETE GENERALE 195 870 05/09/2014 Index ER Total 1 084 440

QUANT EQUITY EURO COVERED Unrealized Rate payable Nominal Currency Counterparty gain/(loss) Maturity Rate receivable EUR 2 328 161 EUR Eonia BNP PARIBAS 63 403 03/12/2014

BNP PARIBAS Enhanced Buy Write 1 EUR Total Return Index 1 900 000 EUR Share's basket (*) BNP PARIBAS (65 123) 03/12/2014

Euribor 3 mois + 0.14%

Total (1 720)

Page 156 PARWORLD

Notes to the financial statements at 31/03/2014

(*) The basket of shares consists of the following securities : Currency Quantity Name EUR 850 ANHEUSER-BUSCH INBEV EUR 2 109 AGEAS EUR 1 826 DEUTSCHE BANK EUR 758 BMW EUR 628 SIEMENS EUR 5 568 DEUTSCHE TELEKOM EUR 767 BILFINGER EUR 6 862 BANCO BILBAO VIZCAYA ARGENTARIA EUR 1 392 AIRBUS GROUP EUR 1 059 SAP EUR 329 VOLKSWAGEN PRIV. EUR 1 138 ALLIANZ EUR 892 MUENCHENER RUECKVERSICHERUNGS EUR 3 131 HEINEKEN EUR 820 BASF NOM. EUR 652 BAYER EUR 4 604 E.ON SE EUR 3 569 REPSOL YPF EUR 2 525 UNILEVER EUR 9 759 AEGON EUR 2 454 KON.PHILIPS ELECTRONICS EUR 2 005 CORIO EUR 15 150 ING GROEP-CVA EUR 5 287 GALP ENERGIA SGPS EUR 919 ASML HOLDING NV EUR 6 862 BANCO BILBAO VIZCAYA ARGENTARIA

QUANT EQUITY EUROPE GURU Unrealized Rate payable Nominal Currency Counterparty gain/(loss) Maturity Rate receivable EUR 155 700 579 EUR Euribor 3 mois BNP PARIBAS (485 007) 21/07/2014

BNP PARIBAS GURU Equity Europe Long Total Return EUR 138 000 000 EUR Share's basket (*) BNP PARIBAS (2 837 280) 03/12/2014

Euribor 3 mois + 0.14%

Total (3 322 287)

Page 157 PARWORLD

Notes to the financial statements at 31/03/2014

(*) The basket of shares consists of the following securities : Currency Quantity Name EUR 74 177 ANHEUSER-BUSCH INBEV EUR 210 051 DEUTSCHE POST EUR 159 867 DEUTSCHE BANK EUR 66 908 BMW EUR 58 224 SIEMENS EUR 458 209 DEUTSCHE TELEKOM EUR 310 115 REPSOL YPF EUR 120 753 AIRBUS GROUP EUR 93 879 AKZO NOBEL EUR 96 269 SAP EUR 196 090 UNILEVER EUR 43 436 ALLIANZ EUR 35 510 MUENCHENER RUECKVERSICHERUNGS EUR 481 329 TELEFONICA EUR 67 535 BASF NOM. EUR 54 750 BAYER EUR 407 645 E.ON SE EUR 354 766 REED ELSEVIER EUR 628 421 BANCO BILBAO VIZCAYA ARGENTARIA EUR 860 900 BANCO SANTANDER EUR 222 148 KON.PHILIPS ELECTRONICS EUR 862 870 AEGON EUR 532 988 ING GROEP-CVA EUR 418 963 GALP ENERGIA SGPS EUR 89 353 ASML HOLDING NV EUR 628 421 BANCO BILBAO VIZCAYA ARGENTARIA

QUANT EQUITY WORLD GURU Unrealized Rate payable Nominal Currency Counterparty gain/(loss) Maturity Rate receivable USD 48 700 000 USD Libor USD 3 mois + 0.26% BNP PARIBAS 820 595 18/07/2014

BNP PARIBAS GURU Equity All Country Long Total Return volcap 32 44 500 000 USD Share's basket (*) BNP PARIBAS 186 322 21/01/2015

Libor USD 3 mois + 0.08%

Total 1 006 917

Page 158 PARWORLD

Notes to the financial statements at 31/03/2014

(*) The basket of shares consists of the following securities : Currency Quantity Name EUR 48 809 UNILEVER EUR 17 005 ANHEUSER-BUSCH INBEV EUR 36 650 DEUTSCHE BANK EUR 15 339 BMW EUR 47 466 DEUTSCHE POST EUR 105 047 DEUTSCHE TELEKOM EUR 8 602 LINDE EUR 157 122 INFINEON TECHNOLOGIES EUR 19 128 DAIMLER EUR 22 070 SAP EUR 13 348 SIEMENS EUR 9 958 ALLIANZ EUR 8 141 MUENCHENER RUECKVERSICHERUNGS EUR 93 885 GALP ENERGIA SGPS EUR 15 482 BASF NOM. EUR 12 544 BAYER EUR 93 455 E.ON SE EUR 499 630 KONINKLIJKE KPN EUR 40 559 AMADEUS IT HOLDING EUR 84 403 FERROVIAL EUR 50 929 KON.PHILIPS ELECTRONICS EUR 24 190 AIRBUS GROUP EUR 122 192 ING GROEP-CVA EUR 21 523 AKZO NOBEL EUR 20 485 ASML HOLDING NV

TRACK EMERGING MARKETS Unrealized Rate payable Nominal Currency Counterparty gain/(loss) Maturity Rate receivable USD 426 871 271 USD Libor USD 3 mois + 0.06% SOCIETE 22 733 883 20/06/2014 GENERALE MSCI Emerging Markets Ex Controversial Weapons Total Return

Total 22 733 883

Counterparties to Swaps contracts: BNP Paribas Arbitrage BNP Paribas Société Générale

Page 159 PARWORLD

Notes to the financial statements at 31/03/2014

Note 13 - Global overview of collateral held per sub-fund As at 31 March 2014, the Company immobilised the following collateral (cash and/or securities) to the profit of the swap and forward foreign exchange contract’s counterparties:

Sub-fund Currency OTC collateral Type of collateral QUANTITATIVE FIXED INCOME EUR (170 000) Cash TRACK EMERGING MARKETS EUR (1 953 000) US Govt Bill

As at 31 March 2014, the swap contract’s counterparties immobilised the following collateral (cash and/or securities) to the profit of the Company:

Sub-fund Currency OTC collateral Type of collateral BETA DERIVATIVES FUND EUR 1 000 000 Cash MULTI-STRATEGY HIGH VOL EUR 1 530 000 Cash QUANT EQUITY WORLD GURU EUR 650 000 Cash

Note 14 - Post events The Board of Directors of the Company has decided by Board resolution, pursuant to Article 32 of the Articles of association, to liquidate the sub-fund Quant Equity Euro Covered on 29 April 2014 (date of the liquidation net asset values).

Note 15 - List of investment managers at 31 March 2014  BNP Paribas Asset Management S.A.S. abbreviated to BNPP AM France  THEAM S.A.S. abbreviated to THEAM  BNP PARIBAS Investment Partners UK Ltd. abbreviated to BNPP IP UK  BNP PARIBAS Investment Partners Netherlands N.V.

Sub-fund Investment Manager

EURO SHORT TERM FIXED INCOME BNPP AM France QUANTITATIVE FIXED INCOME (until 30 January 2014) BNPP AM France subdelegating FX GLOBAL SUSTAINABLE DEVELOPMENT 80 Management to BNPP IP UK Edmond de Rothschild Fund QUAM 12 (absorbed on 14 October 2013) Management Ltd FLEXIBLE TRACKER ALLOCATION THEAM subdelegating FX Management MULTI-STRATEGY HIGH VOL to BNPP IP UK BETA DERIVATIVES

Page 160 PARWORLD

Notes to the financial statements at 31/03/2014

Sub-funds Investment Manager CHAMPIONS - EUROPA QUANT COMMODITIES (liquidated on 5 December 2013) QUANT EQUITY EURO COVERED QUANT EQUITY EUROPE GURU QUANT EQUITY WORLD GURU QUANT RAW MATERIALS (liquidated on 5 December 2013) QUANTITATIVE FIXED INCOME (since 31 January 2014) TRACK CONTINENTAL EUROPE TRACK EMERGING MARKETS TRACK EMERGING MARKETS BOND TRACK EMU TRACK EMU GOVERNMENT BOND TRACK EMU GOVERNMENT BOND 1-3 years THEAM TRACK EURO CORPORATE BOND TRACK EURO INFLATION LINKED BOND TRACK EUROPE TRACK EUROPE SMALL CAP TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC (liquidated on 27 January 2014) TRACK GLOBAL GOVERNMENT BOND EX EMU TRACK JAPAN TRACK NORTH AMERICA TRACK PACIFIC EX JAPAN TRACK UK TRACK WORLD

Page 161 PARWORLD

Notes to the financial statements at 31/03/2014

Note 16 - Transaction fees

Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments or other eligible assets are mainly composed of standard fees, sundry fees on transaction, stamp fees, custody fees, VAT fees, stock exchange fees and RTO fees (Reception and Transmission of Orders). Transaction fees are included in the cost of securities purchased and the net realised result on investment securities for securities sold.

In line with bond market practice, a bid-offer spread is applied when buying and selling these securities. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker’s fee.

For the financial period from 1 October 2013 until 31 March 2014 these transaction fees were as follows: Sub-fund Currency Transaction fees BETA DERIVATIVES FUND EUR 398 793 CHAMPIONS - EUROPA (launched on 27 March 2014) EUR 720 EURO SHORT TERM FIXED INCOME EUR - FLEXIBLE TRACKER ALLOCATION EUR 15 672 GLOBAL SUSTAINABLE DEVELOPMENT 80 EUR 29 MULTI-STRATEGY HIGH VOL EUR 536 790 QUAM 12 (absorbed on 14 October 2013) EUR - QUANT COMMODITIES (liquidated on 5 December 2013) USD - QUANT EQUITY EURO COVERED EUR - QUANT EQUITY EUROPE GURU EUR - QUANT EQUITY WORLD GURU USD - QUANT RAW MATERIALS (liquidated on 5 December 2013) USD - QUANTITATIVE FIXED INCOME EUR 5 374 TRACK CONTINENTAL EUROPE EUR 6 065 TRACK EMERGING MARKETS USD 34 777 TRACK EMERGING MARKETS BOND USD - TRACK EMU EUR 21 232 TRACK EMU GOVERNMENT BOND EUR - TRACK EMU GOVERNMENT BOND 1 - 3 YEARS (launched on 10 - EUR February 2014) TRACK EURO CORPORATE BOND EUR - TRACK EURO INFLATION LINKED BOND EUR - TRACK EUROPE EUR 71 455 TRACK EUROPE SMALL CAP EUR 17 928 TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC (liquidated on EUR 168 27 January 2014) TRACK GLOBAL GOVERNMENT BOND EX EMU EUR - TRACK JAPAN EUR 15 100 TRACK NORTH AMERICA EUR 6 542 TRACK PACIFIC EX JAPAN EUR 695 TRACK UK EUR 520 TRACK WORLD USD 9 246

Page 162

14, rue Bergère -75009 Paris -France Office addresses can befoundintheAboutUssectionofwww.bnpparibas-ip.com. Turkey Russia Morocco Kuwait Czech Republic Bahrain EEMEA Sweden Norway Finland Denmark Nordics Taiwan South Korea Singapore Malaysia Japan Indonesia India Hong Kong China Brunei Australia Asia Pacific Uruguay Mexico Colombia Chile Brazil Argentina Latin America USA Canada North America UK The Netherlands Switzerland Spain Portugal Luxembourg Italy Greece Germany France Belgium Austria Europe A globalpresence www.bnpparibas-ip.com

December 2012 - Design: - P1211105_UK