Annual Report 2019

Investment Company under Luxembourg Law (Societe d'Investissement à Capital Variable - SICAV)

R.C.S. Luxembourg N° B 201 846

Annual report including audited financial statements as of 31 December 2019

Sidera Funds SICAV Sidera Funds – Balanced Growth Sidera Funds – Euro Credit Alpha Sidera Funds – Equity Europe Active Selection Sidera Funds – Equity Global Leaders Sidera Funds – Global Conservative Income Sidera Funds – Global High Yield Sidera Funds – Global Income Opportunities Sidera Funds – Income Plus Sidera Funds – North American Equity

Annual report including audited financial

statements as of 31 December 2019

Table of contents Page ISIN

Management and Administration 2 Features of the Fund 3 Investment manager report 4 Directors’ Report 8 Report of the Réviseur d’Entreprises Agréé 9

Sidera Funds SICAV 12 Sidera Funds – Balanced Growth 14 B Acc LU1504218295 Sidera Funds – Euro Credit Alpha 26 A Acc LU1325864038 A Inc LU1325863907 B Acc LU1325863816 Sidera Funds – Equity Europe Active Selection 45 A Acc LU1325864384 A Inc LU1325864202 B Acc LU1325864111 Sidera Funds – Equity Global Leaders 53 A Acc LU1325864624 A Inc LU1325864541 B Acc LU1325864467 Sidera Funds – Global Conservative Income 61 A Acc LU1504219343 A Inc LU1504219186 Sidera Funds – Global High Yield 68 A Acc LU1504218964 A Inc LU1504218881 B Acc LU1504218378 Sidera Funds – Global Income Opportunities 87 B Acc LU1896727481 Sidera Funds – Income Plus 96 B Acc LU2004921453 Sidera Funds – North American Equity 102 B Acc LU1325864897

Notes to the Financial Statements 113 Unaudited Information 121

Sales restrictions

Shares of this Fund may not be offered, sold or distributed within the United States of America.

1 Management and Administration

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV Sidera Funds SICAV

Registered Office Administrator, Domiciliary and Transfer Agent

(Until 1 December 2019) (Until 1 December 2019) 2C, rue Albert Borschette Northern Trust Global Services SE L-1246 Luxembourg 6, rue Lou Hemmer L-1748 Senningerberg (Since 2 December 2019) Vertigo Building – Polaris (Since 2 December 2019) 2-4 rue Eugène Ruppert The Bank of New York Mellon SA/NV L-2453 Luxembourg Luxembourg Branch Vertigo Building – Polaris Board of Directors of the Fund 2-4 rue Eugène Ruppert L-2453 Luxembourg Sophie Mosnier, Chairman Independent Director Investment Managers ARCA Fondi SGR S.p.A. Francesco Frattola, Director Via Disciplini 3 Chief Operating Officer I-20123 Milan ARCA Fondi SGR S.p.A. Italy

Alberto Zorzi, Director Goldman Sachs Asset Management International Ltd. Chief Investment Officer (in charge for the USD nominated securities in the ARCA Fondi SGR S.p.A. subfund Sidera Funds – Global High Yield) Plumtree Court, 25 Shoe Lane, London EC4A 4AU Tracey Mc Dermott, Director United Kingdom Independent Director Global Distributor Giuseppe Lusignani, Director Chairman ARCA Fondi SGR S.p.A. ARCA Fondi SGR S.p.A. Via Disciplini 3 I-20123 Milan Management Company Italy

(until 10 June 2019) Cabinet de révision agréé UBS Third Party Management Company S.A. 33A, avenue J.F. Kennedy Deloitte Audit L-1855 Luxembourg Société à Responsabilité Limitée 20 Boulevard de Kockelscheuer (From 11 June 2019 to 1 December 2019) L-1821 Luxembourg UBS Fund Management (Luxembourg) S.A. 33A, avenue J.F. Kennedy Legal adviser as to matters of Luxembourg law L-1855 Luxembourg Arendt & Medernach S.A. 41A, avenue J.F. Kennedy (Since 2 December 2019) L-2082 Luxembourg Carne Global Fund Managers (Luxembourg) S.A. 6b, route de Trèves Sales in Italy and Switzerland L - 2633 Senningerberg Luxembourg Shares of this Fund may be sold in these countries

Depositary and Paying Agent The prospectus, the KIIDs, the articles of association of the Fund, the annual report including audited financial statements and semi-annual reports as well (Until 1 December 2019) as the portfolio movements of the subfunds mentioned in this publication are UBS Europe SE, Luxembourg Branch available free of charge at the sales agencies and at the registered office of 33A, avenue J.F. Kennedy the Fund. L-1855 Luxembourg

(Since 2 December 2019) The Bank of New York Mellon SA/NV Luxembourg Branch Vertigo Building – Polaris 2-4 rue Eugène Ruppert L-2453 Luxembourg

2 Features of the Fund

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

Sidera Funds SICAV (the “Fund”) is a public limited company On 2 December 2019, the functions of Management Company (société anonyme) incorporated on 23 November 2015 under the were transferred to Carne Global Fund Managers (Luxembourg) laws of the Grand Duchy of Luxembourg as an investment S.A. (the “Management Company”). company with variable share capital (société d’investissement à capital variable). The Fund is subject to Part I of the Luxembourg The Management Company is a société anonyme incorporated law of 17 December 2010 (“2010 Law”) relating to undertakings for on 17 September 2009 under Luxembourg law, having its collective investment in transferable securities, as amended. registered office at 6b, route de Trèves, L-2633 Senningerberg, Luxembourg under the name Carne Global Fund Managers The Fund has been authorised by the Commission de Surveillance (Luxembourg) S.A. The Management Company is authorised du Secteur Financier (CSSF) which is the Luxembourg supervisory and regulated by the CSSF in Luxembourg under Luxembourg authority of the financial market. law. Its main business activity is to perform the functions of a UCITS management company in accordance with Luxembourg The Fund is a single legal entity incorporated, as an umbrella fund law. The Management Company has fully paid-up equity capital comprised of separate subfunds. Shares in the Fund are shares in of EUR 625,000. a specific subfund. The Fund may issue Shares of different Share Classes in each subfund. Such Share Classes may each have As at 31 December 2019, the following subfunds are active: specific characteristics. Certain Share Classes may be reserved to certain categories of investors. Investors should refer to the Sidera Funds SICAV Currency of the subfund Supplement of the sales prospectus for further information on Sidera Funds – Balanced Growth EUR characteristics of Share Classes. Sidera Funds – Euro Credit Alpha EUR

Sidera Funds – Equity Europe Active Selection EUR The Fund is registered with the Luxembourg Trade and Companies

Articles of Association was published in the Mémorial C, Recueil Sidera Funds – Global Conservative Income EUR

des Sociétés et Associations of the Grand Duchy of Luxembourg Sidera Funds – Global High Yield EUR

on 9 December 2015. Sidera Funds – Global Income Opportunities EUR Sidera Funds – Income Plus* EUR

Until 10 June 2019, the Fund had appointed UBS Third Party Sidera Funds – North American Equity EUR

Management Company S.A. as its management company in accordance with the provisions of the 2010 Law pursuant to the Management Company Agreement. * The Sidera Funds – Income Plus subfund launched on 12 September 2019. UBS Third Party Management Company S.A. is a société anonyme incorporated under the laws of Luxembourg on 23 December 1993 Currently, the following share classes are offered to investors: under the name Schroeder Muenchmeyer Hengst Investment Class A Inc and A Acc: Shares are offered to individuals and Luxemburg S.A. UBS Third Party Management Company S.A. is legal entities, which are residents or established in Italy. Class A authorised and regulated by the CSSF in Luxembourg under shares are issued in registered form. Luxembourg law and is an affiliated company of UBS AG. Its main business activity is to perform the functions of a UCITS Class B Acc: Shares are reserved for legal entities qualifying as management company in accordance with the 2010 Law. The Institutional Investors. Class B Shares are issued only in subscribed capital of UBS Third Party Management Company S.A. registered form. amounted to 5,750,000 Swiss Francs. The financial year of the Fund starts on the first of January and On 11 June 2019, the functions of Management Company was ends on the thirty first of December. transferred to UBS Fund Management (Luxembourg) S.A. The shareholder has the right to one vote per share held, UBS Fund Management (Luxembourg) S.A. is a société anonyme irrespective of the difference in value of shares in the respective incorporated on 1 July 2010 under Luxembourg law, having its subfunds. Shares of a particular subfund carry the right of one registered office at 33A avenue J.F. Kennedy 1855 Luxembourg vote per share held when voting at meetings affecting this under the name UBS Fund Management (Luxembourg) S.A.. UBS subfund. Fund Management (Luxembourg) S.A. is authorised and regulated by the CSSF in Luxembourg under Luxembourg law and is an Only the information contained in the prospectus and in one of affiliated company of UBS AG. Its main business activity is to the documents referred to therein shall be deemed to be valid. perform the functions of a UCITS management company in accordance with Luxembourg law. UBS Fund Management No subscription may be accepted on the basis of the financial (Luxembourg) S.A. had fully paid-up equity capital of EUR reports. Subscriptions are accepted only on the basis of the 13,000,000. current prospectus accompanied by the latest annual report including audited financial statements and the latest semi-annual report if available.

The figures stated in this report are historical and not necessarily indicative of future performance.

3 Investment manager report

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

Macroeconomic topics and financial markets trends in 2019 These vulnerabilities can be countered by the still adequate accommodative financial conditions, the recovery of some After observing a pronounced slowdown in the last three quarters emerging countries and the adoption of "green" technologies. of 2018, global growth stabilized at a more muted level in the first These measures, which constitute a positive support for internal half of 2019. Weak growth was mainly due to global trade and demand and for the labor market, also make it possible to geopolitical tensions, which increased uncertainty in financial safeguard inflation expectations, which are increasingly being markets. Investment decisions and business confidence have revised downwards. Macro-prudential measures and careful risk been negatively impacted, driven by the weakening of the supervision are also considered crucial aspects to ensure the manufacturing sector. These are the reasons why the IMF has strengthening of public finances and the limitation of systemic revised its global growth estimates downwards for 2019 at + 3.0% risks. and for 2020 + 3.4%, even if it foresees positive growth in the next three-year period 2021-2024. The precarious outlook described above will be closely monitored mainly by central banks, which will play an increasingly active The uncertainty regarding the current economic phase, with the role. Furthermore, where the space for a further monetary policy slowdown in more developed economies such as China and the stimulus is more limited, the request by central banks to opt for United States, has been counterbalanced by a reversal of more fiscal stimuli has already been advanced, as in the specific monetary policy by the main central banks. The growing labor case of some member states of the Euro Area. At the same time, market was supported by the resilience of the service sector. the invitation to proceed with a reduction in sovereign debt was Nonetheless, the outlook for the medium term remains renewed for countries that need tax consolidation, in order to precarious, with negative risks and vulnerabilities that could reduce the risk of worsening economic conditions and inflationary worsen again. dynamics.

More specifically, it is estimated that the driving factor of global During 2019 the Euro depreciated against most of the main G10 GDP in 2020 is the recovery of emerging countries, including currencies. The US dollar appreciated by around 2%, while the those that have been affected by a more pronounced slowdown yen by 3%, the pound sterling and the Swiss franc by 6% and during 2019 such as Argentina, Turkey, Venezuela and those that 3.7% respectively. The Canadian Dollar recorded a very positive have been seen internal conflicts, such as Libya. The performance with + 7.0% against the Euro, the New Zealand strengthened growth expected in 2020 would also include the Dollar (+ 2.5%), the Australian Dollar (+ 1.7%), the Norwegian larger emerging countries such as India, Brazil, Russia and Saudi Krone (+ 0.46%) appreciated while the Swedish krona (-3.2%) got Arabia. Finally, debt management and the macroeconomic weaker. consequences of trade tensions have put a brake on aggregate demand, weighing on the growth of the Chinese economy. In With reference to the currencies of the emerging countries future years, China should continue to grow at a more moderate against the Euro, there were generalized appreciation in the pace, a consequence of the decline in the rate of growth of the Asian area (Thai Bath, Philippine Peso, Indonesian Rupee) and in working age of the population. the EMEA area (Russian Ruble, Israeli Shekel, South African Rand, Czech Crown). Strong depreciation affected the Argentine At the same time, economic growth for 2020 is expected to be peso (-35.8%), the Chilean peso (-5.90%) and the Turkish lira (- severely affected in the United States, the Eurozone and Japan, 9.3%). which contribute about half of global GDP. During 2019, the negative impact of the weakness of external demand and, Bond markets performed very positively in 2019. The government consequently, of the slowdown in industrial production added to sector generally benefited from the more accommodating tones of the climate of uncertainty caused by commercial tensions. central banks compared to the possible slowdown in the global Germany was one of the main countries affected by the auto economy. The peripheral curves of the Euro Area, however, have sector. seen a narrowing of the spreads against the German curve; the coupon component then contributed to increase a total return The risks associated with the performance of the global scenario which was very positive for the whole sector. remain high, which could cause a further downward revision of the estimates, both in emerging and developed countries. The All the other bond indices, from corporate bonds with high main risks to be taken into consideration are the escalation of creditworthiness to the "high yield" sector, from emerging bonds commercial and geopolitical tensions, the deterioration of financial in hard currency to those in local currency, recorded positive conditions, the way Britain has left the EU and the further performances thanks to the contribution of the coupon contraction in global growth. These events, together with the component but above all to the generalized narrowing of the consequences of climate change, could substantially weaken spreads with the government bonds. global production in the medium term. The ICE BofA W0G1 index representative of the government It should be noted that, from the closing date of the report, some securities of industrialized countries grew around + 5.4% in local instability factors recently manifested due to the emergence of currency, recording around + 7.4% in Euros. Covid-19 that affected China and subsequently spread to other countries. It should therefore be highlighted that if these factors The ICE BofA EG00 index of Eurozone government bonds manifest themselves significantly, also in relation to any decisions recorded a positive change, around + 6.8%. taken by government authorities to contain the spread of the epidemic, the prospects for future growth could be significantly impacted with consequent effects on the economy of individual countries and on the financial markets.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

The ICE BofA LDMP index representative of government bonds Sidera Funds - Equity Europe Active Selection issued by emerging countries and denominated in their respective After a difficult year like 2018, 2019 was a positive one for equity currencies recorded an increase of + 14% and a performance markets: after the central banks’ intervention (both in Europe and valued in Euros of approximately + 18.5%. in the US) to ease again financial condition at the beginning of the year, recession risk vanished. Equity valuations were revised The ICE BofA G0BC index representative of bonds issued by down at the end of 2018, below their long-term average, making private companies with high ratings ("investment grade") European equities relatively attractive. Finally, trade-war tensions appreciated by about + 11.5% in local currency, largely positive subsided toward the end of 2019 with an initial understanding even if valued in Euros (+ 13.5% approximately). The extra return among US and China. In this context, European equity gained compared to government bonds is + 5.9%. ca.25% retrieving the -13% of 2018.

The ICE BofA HW00 index representative of low rated corporate As far as factors’ performance is concerned, Quality and Growth bonds (non "investment grade") gained in local currency about + were the outperformers, Momentum performed well the first 3 14%, with the positive return compared to government securities quarters and then retraced in the last one while Value suffered equal to + 9.6%; the performance in Euro is + 15.8%. throughout the first 9 months of the year with a small rebound in the last quarter. The ICE BofA IP0C index of emerging market bonds increased slightly more than + 13% in local currency; the performance in In this environment, the tilted stock selection strategy behaved Euro is also positive and equal to + 15%, with the extra return well until the end of September when it suffered from factors’ compared to government securities of approximately + 6%. rotation during the last quarter of the year. Other strategies are implemented to increase the return of the fund: In 2019, global equity markets also performed positively thanks to still expansionary monetary policies and the fading fears - Dividend Future Investing regarding a possible recession. The MSCI World index, denominated in local currency, representative of the world's major - Yield Enhancement strategies such as Tactical Call Overwriting equity markets, rose by 27.3%. The North American component was the one with the highest return +31.5%, the European - Tail Risk Hedge strategies to hedge tail events component grew by 26%, and the English market recorded a - Ad hoc strategies which involves short/long positions in futures 10.8%, the Japanese one instead around 18.5%. The emerging and/or options based on internal positive or negative views about equity markets also reported positive performance and the future market movements representative index rose by 18%, among the markets that contributed most are Greece and Russia for the European part During the year, the NAV of the fund reached Euro 370 mln with with a return of 45.8% respectively and 37.1%. In Asia Taiwan total inflows of ca. Euro 140 mln of which Euro 1 mln coming from and China dominated with performance of 33% and 23% retail investors. respectively, while in South America Colombia and Brazil with returns around 32%. Looking forward, we will maintain the current strategies in order to pursue portfolio diversification and to exploit market opportunities Sidera Funds - Euro Credit Alpha aimed at enhancing the return of the fund, together with the During 2019, the Fund’s interest rate and spread duration were in proper level of hedge against negative events, which could erode line with the overall benchmark selecting corporate bonds both on primary and secondary markets based on fundamental and subfund’s performance. quantitative analysis. Sidera Funds - Equity Global Leaders

On top, about 10% of the portfolio was invested in sub investment After a difficult year like 2018, 2019 was a positive one for equity grade names subject to tactical hedging and other satellite markets: after the central banks’ intervention (both in Europe and strategies (long-short trades in single names, credit curve trades in the US) to ease again financial condition at the beginning of the etc.) were implemented mostly via credit derivatives. year, recession risk vanished. Equity valuations were revised down at the end of 2018, below their long-term average making The annual performance was positive thank to credit market worldwide equities’ valuation relatively attractive. Finally, trade- recovery especially in the first part of the year after late 2018 sell war tensions subsided toward the end of 2019 with an initial off. understanding among US and China. The year was also characterized by the continuing strengthening of the US Dollar. Looking forward, the fund will continue aiming at alpha generation in security selection and adding value through non-directional As far as factors’ performance is concerned, Quality and Growth strategies. were the outperformers, Momentum performed well the first 3 quarters and then retraced in the last one while Value suffered

throughout the first 9 months of the year with a small rebound in

the last quarter.

Sidera Equity Global Leaders behaved well with all the strategies

in place helping to build performance despite allocation to US and

European markets was at their lower bounds since May. The rise in Momentum, equity valuation and the level of interest rates were some of the factors of our allocation model signaling cautiousness.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

The following strategies are implemented to increase the return of Looking forward we will maintain the current strategy to pursue the fund: the appropriate portfolio diversification, while keeping the volatility under control. Tactical allocation and hedging strategy will be put - Dividend Future Investing in place in order to enhance the portfolio return.

- Yield Enhancement strategies such as Tactical Call Overwriting Sidera Funds - Global High Yield During the year, interest rate and spread duration in the Euro - Tail Risk Hedge strategies to hedge tail events portion of the fund were slightly overweight versus the benchmark. - Ad hoc strategies which involves short/long positions in futures and/or options based on internal positive or negative views about The portfolio construction was the result of our internal future market movements fundamental and quantitative valuations that identify attractive corporate bonds both on primary and secondary markets in the - Market neutral strategies high yield market.

During the year, the NAV of the fund reached 465 mln Euro, with The annual performance was positive thank to the recovery of the total inflows of about 165 mln, of which 62 mln coming from retail market from late 2018 sell off. investors. Looking forward, we will continue to target adequate Looking forward, we will maintain the current set of strategies to diversification through selective security selection to generate pursue portfolio diversification and to exploit market opportunities alpha and at the same time to add satellite strategies (i.e. relative aimed at enhancing the return of the fund, together with the value) in the credit space. proper level of hedge against negative events, which could erode Sidera Funds – Global Conservative Income fund’s performance. The equity exposure has been kept broadly in line with the benchmark during the first quarter of 2019, and slightly Sidera Funds - North America overweight for the remaining portion of the year. Main active After a difficult year like 2018, 2019 was a positive one for equity positions are portable alpha strategies on all the main developed markets: after the central banks’ intervention (both in Europe and markets. in the US) to ease again financial condition at the beginning of the year, recession risk vanished. Equity valuations were revised Interest rate exposure has been kept in line with the benchmark, down at the end of 2018, below their long-term average making with investment in government bond futures and in the front end US equities’ valuation relatively attractive. Finally, trade-war of the US curve. tensions subsided toward the end of 2019 with an initial understanding among US and China. Us equity market rose The investment in third party funds was dedicated to corporate almost 30% during the year recovering the negative performance bonds both investment grade and high yield. The exposure to of the previous year and US Dollar strengthened throughout the absolute/alternative third party funds has been gradually reduced year. to around 10%. Looking forward we will maintain the current strategy, aiming to achieve adequate diversification and exploit US equity exposure is covered via a limited number of stocks market opportunities with the purpose of improving fund selected through Arca quantitative model. performance with vigilant attention to overall portfolio risk.

The overall performance of the fund in 2019 was positive in Sidera Funds – Global Income Opportunities absolute terms while negative in relative ones. The positive The portfolio continued to diversify credit exposure between high relative performance reached in the first two months of the years yield corporates and emerging markets sovereign issuers selected through fundamental and quantitative analysis. was eroded due to factors’ performance.

During the year, the NAV of the fund reached Euro 465 mln with In the emerging market space euro-denominated securities were preferred because of the higher expected return with respect to total outflows of ca. Euro 143 mln. USD-denominated equivalents, after controlling for forex-hedging costs. As far as the construction process of the high yield portion Looking forward, we will maintain the current strategies in order to is concerned, the same criteria followed for Sidera global high pursue portfolio diversification and to exploit market opportunities yields (see above) are applied. aimed at enhancing the return of the fund. Good overall performance of spread markets (both high yield and Sidera Funds - Balanced Growth emerging market) warranted the positive performance of the During the year, the target allocation of the portfolio has been Fund. built using a risk-parity approach, targeting an annual standard deviation of 5%. In the second semester, the exposure to credit Sidera Funds – Income Plus has been reduced, keeping only a 10% exposure to emerging The ramp up phase started in the last quarter of 2019. At the end markets debt. The exposure to equity markets has shifted from of the year, the portfolio was invested in fixed income assets, around 40% of the first half of the year to a 43% at the end of mainly investment grade corporate bonds with residual maturities 2019. Taking into account the negative yield to maturity ranging from 2021 to 2023. characterizing German government bonds, the exposure to risk- free rates assets has been shifted toward the US debt, because it has a higher anticyclical volatility. The duration has been increased from the beginning of the year and maintained around

3 years. The currency exposure has been hedged for the G10 currencies, so the fund was marginally exposed to emerging currencies.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

The portfolio strategy is to diversify credit exposure between opportunities with the purpose of improving fund performance financial senior, financial sub and non-financial investment grade with vigilant attention to overall portfolio risk. bonds in a risk-controlled framework. Portfolio construction is aiming to achieve adequate diversification and exploit market Looking forward, we will change portfolio construction, enriching actual fixed income portfolio with an internal model based on risk parity asset allocation approach.

7 Director’s Report

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

2019 proved to be a very positive year for financial markets and We, the Directors, would like to reiterate what we stated in our for the asset management industry. Nearly all asset classes more previous Director’s report. In addition to the formal discussion than reversed the previous year losses and posted positive during the official meetings, the Board of Directors is active in returns. The favorable backdrop along with rock bottom interest informally sharing information and views, which are relevant to rates in the most part of the developed markets helped funnel the SICAV and fund range. The seniority and composite money towards UCITS products. The overall performance of background of the Board of Directors’ members ensures effective Sidera sub-funds was positive. Positioning versus peers remains oversight and steering. good and, in some cases, remarkable. The Board of Directors adopted the principles of the Association As far as distribution is concerned, during the year inflows from of the Luxembourg Fund Industry “ALFI” Code of Conduct. The the Italian distribution franchise of nearly € 100 m along with the ALFI Code of Conduct sets out principles and recommendations market effect allowed AUM to increase to around EUR 2.5 b. In of good governance through a framework of high-level values and July, Sidera funds became available for distribution in Switzerland best practices for the governing of investment funds. The Board on the Fondcenter platform. applies such principles on an ongoing basis and performs a periodic self-assessment on the adherence to such Code and to On the product development side, during the second half of the best practices in the marketplace. year a new sub-fund was launched: Sidera Income Plus. The SICAV broadened its offering with a SRRI (risk rating) 2 multi- The Board of Directors would like to thank all its partners and the asset product. SICAV’s shareholders for the continued support and confidence shown in our fund range. The Board of Directors is mindful that the Covid-19 outbreak and the consequences of all the measures taken in response to the The Board of Directors virus might affect the global economy and financial markets Sidera Funds SICAV worldwide. The performance of the SICAV might be affected 27 April 2020 throughout the course of 2020, but it is too early to state to what extent this might occur. The Board is closely monitoring the situation.

As detailed in previous annual reports, over the last few years a number of organizational changes occurred. The appointment of a new Fund Administrator in 2017 and of a new Management Company in 2019 were triggered by strategic decisions of the SICAV’s partners.

While high-level providers were appointed by the SICAV’s partners at this time, and the Board of Directors was confident and happy to endorse those changeovers, more recently, the Board of Directors could not neglect the fact that the new set-up was no longer the original express wish or deliberate decision of the Board of Directors. After much review and due consideration, in 2019, the Board of Directors took the decision to review the set up, and as such, a new Management Company as well as a new Fund Administrator and a new Custodian were appointed towards the end of 2019. Details can be found on page 2 of this annual report.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

Deloitte Audit, Société à responsabilité limitée 20 Boulevard de Kockelscheuer Deloitte. L-1821 Luxembourg

To the Shareholders of

Sidera Funds SICAV

Vertigo Building – Polaris Tel: +352 451 451 2-4 rue Eugène Ruppert www.deloitte.lu L-2453 Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Opinion

We have audited the financial statements of Sidera Funds SICAV (the “Fund”) and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at December 31, 2019 and the statement of operations and changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its sub-funds as at December 31, 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Basis for Opinion We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements” section of our report. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of the Réviseur d'Entreprises Agréé thereon.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

Deloitte.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the Financial Statements

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

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the Réviseur d’Entreprises Agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law dated 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law dated 23 July 2016 and with ISAs as adopted for Luxembourg by the

CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

Deloitte.

fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund.

 Conclude on the appropriateness of the Board of Directors of the Fund use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the Réviseur d’Entreprises Agréé to

the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the Réviseur d’Entreprises Agréé. However, future events or conditions may cause the Fund to cease to continue as a going concern.

 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

For Deloitte Audit, Cabinet de Révision Agréé

Emmanuelle Miette, Réviseur d’Entreprises Agréé Partner

April 27, 2020

11 Sidera Funds SICAV

Annual report including audited financial statements as of 31 December 2019 Funds SICAV Consolidated Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 2,323,314,872.39 Investments in securities and options, unrealized appreciation (depreciation) 181,642,916.77 Total investments in securities** (Note 1) 2,504,957,789.16 Cash at banks, deposits on demand and deposit accounts* (Note 1) 124,049,543.68 Receivable on subscriptions 246,451.58 Receivable on securities sales (Note 1) 45,435.14 Receivable on dividends 902,681.92 Interest receivable on securities 14,785,441.65 Other receivables 515,695.42 Formation expenses, net (Note 2) 77,952.84 Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 3,931,811.85 Market value of swaps (Note 1) 9,971,191.05 Total Assets 2,659,483,994.29 Unrealized gain (loss) on financial futures (Note 1) -2,755,389.95 Bank overdraft -640,144.64 Payable on redemptions -151,231.76 Other liabilities -2,097.63 Provisions for management fees (Note 2) -1,633,363.47 Provisions for administrator fees (Note 2) -65,890.12 Provisions for formation expenses (Note 2) -39,887.90 Provisions for depositary fees (Note 2) -519,790.98 Provisions for taxe d’abonnement (Note 3) -141,677.78 Provisions for audit fees, legal and economic advice (Note 2) -105,316.40 Provisions for other commissions and fees -124,507.43 Total provisions -2,630,434.08 Total Liabilities -6,179,298.06 Net assets at the end of the financial year 2,653,304,696.23

* As at 31 December 2019, cash amounts serve as collateral for the counterparty Bank of America/Merrill Lynch for an amount of EUR 6,780,000, J.P Morgan for an amount of EUR 310,000, Societe Generale for an amount of EUR 4,360,000 and UBS for an amount of EUR 290,000. ** see Note 1. k) and 1. l) Cross subfund investments

12 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV Consolidated Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 286,249.72 Interest on securities (Note 1) 24,289,880.19 Dividends (Note 1) 23,294,318.26 Interest received on swaps (Note 1) 3,832,840.41 Income on securities lending (Note 8) 1,042,207.05 Other income 97,678.33 Total income 52,843,173.96 Interest paid on swaps -3,893,594.53 Management fees (Note 2) -15,964,741.27 Administrator fees (Note 2) -435,937.69 Depositary fees (Note 2) -1,034,666.92 Taxe d’abonnement (Note 3) -345,456.81 Audit fees, legal and economic advice (Note 2) -163,959.52 Amortization of formation expenses (Note 2) -68,108.81 Other commissions and fees -516,077.08 Interest on cash and bank overdraft -1,311,330.38 Total expenses -23,733,873.01 Net income (loss) on investments 29,109,300.95 Realized gain (loss) on market-priced securities without options 80,912,965.84 Realized gain (loss) on options 11,144,117.04 Realized gain (loss) on financial futures -42,215,567.24 Realized gain (loss) on forward foreign exchange contracts -13,503,476.33 Realized gain (loss) on swaps -5,222,113.26 Realized gain (loss) on foreign exchange 1,727,719.00 Total realized gain (loss) 32,843,645.05 Net realized gain (loss) of the year 61,952,946.00 Unrealized appreciation (depreciation) on market-priced securities without options 228,428,657.71 Unrealized appreciation (depreciation) on options 6,232.15 Unrealized appreciation (depreciation) on financial futures -1,476,827.12 Unrealized appreciation (depreciation) on forward foreign exchange contracts 4,236,334.78 Unrealized appreciation (depreciation) on swaps 7,173,743.68 Unrealized appreciation (depreciation) on foreign exchange 74,158.78 Total changes in unrealized appreciation (depreciation) 238,442,299.98 Net increase (decrease) in net assets as a result of operations 300,395,245.98

The notes are an integral part of the financial statements. 13 Sidera Funds – Balanced Growth

Annual report including audited financial statements as of 31 December 2019 – Balanced Growth Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 14,289,029.48 14,325,577.75 10,959,228.93 Class B Acc LU1504218295 Shares outstanding 125,353.0690 140,353.0690 100,000.0000 Net asset value per share in EUR1 113.99 102.07 109.59

1 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets Italy 29.63 Spain 14.40 United States 6.68 Luxembourg 5.81 Ireland 4.51 Germany 4.44 United Kingdom 2.12 Switzerland 1.89 France 1.61 Sweden 0.78 The Netherlands 0.54 Denmark 0.51 Belgium 0.38 Finland 0.29 Norway 0.21 Bermuda 0.05 Austria 0.04 Canada 0.04 Panama 0.02 Total 73.95

Economic Breakdown as a % of net assets Sovereign 48.86 Investment Funds 9.92 Pharmaceuticals 1.33 Banks 1.14 Food 1.05 Insurance 1.02 Oil & Gas 0.80 Electrical 0.79 Healthcare-Products 0.57 Telecommunications 0.53 Diversified Financial Services 0.48 Retail 0.46 Commercial Services 0.43 Software 0.43 Chemicals 0.43 Cosmetics/Personal Care 0.39 Computers 0.31 Aerospace/Defense 0.31 Semiconductors 0.31 Transportation 0.28 Apparel 0.28 Mining 0.27 Building Materials 0.27 Machinery-Diversified 0.24 Home Builders 0.24 Media 0.20 Agriculture 0.20 Engineering & Construction 0.18 Beverages 0.17 Electronics 0.16 Auto Manufacturers 0.15 Miscellaneous Manufacturing 0.15 REITS 0.13

14 The notes are an integral part of the financial statements. Sidera Funds – Balanced Growth

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth

Economic Breakdown as a % of net assets Auto Parts & Equipment 0.12 Internet 0.12 Environmental Control 0.11 Metal Fabricate/Hardware 0.11 Healthcare-Services 0.11 Pipelines 0.10 Forest Products & Paper 0.08 Private Equity 0.08 Real Estate 0.07 Water 0.07 Electrical Components & Equipments 0.07 Energy-Alternate Sources 0.07 Leisure Time 0.06 Investment Companies 0.05 Home Furnishings 0.04 Packaging & Containers 0.04 Airlines 0.04 Waste & Environmental Services & Equipment 0.04 Machinery-Construction & Mining 0.04 Biotechnology 0.03 Advertising 0.02 Total 73.95

The notes are an integral part of the financial statements. 15

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 10,344,167.55 Investments in securities and options, unrealized appreciation (depreciation) 222,957.95 Total investments in securities (Note 1) 10,567,125.50 Cash at banks, deposits on demand and deposit accounts (Note 1) 3,594,663.12 Receivable on dividends 1,737.92 Interest receivable on securities 108,375.97 Other receivables 1,423.78 Unrealized gain (loss) on financial futures (Note 1) 34,213.72 Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 2,894.33 Total Assets 14,310,434.34 Other liabilities -9.70 Provisions for management fees (Note 2) -5,922.86 Provisions for administrator fees (Note 2) -443.86 Provisions for formation expenses (Note 2) -3,603.59 Provisions for depositary fees (Note 2) -3,435.86 Provisions for taxe d’abonnement (Note 3) -3,028.09 Provisions for audit fees, legal and economic advice (Note 2) -713.79 Provisions for other commissions and fees -4,247.11 Total provisions -21,395.16 Total Liabilities -21,404.86 Net assets at the end of the financial year 14,289,029.48

16 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 11,874.99 Interest on securities (Note 1) 20,229.32 Dividends (Note 1) 68,496.55 Income on securities lending (Note 8) 2,363.58 Other income 713.08 Total income 103,677.52 Management fees (Note 2) -59,795.99 Administrator fees (Note 2) -2,968.04 Depositary fees (Note 2) -5,960.04 Taxe d’abonnement (Note 3) -1,963.42 Audit fees, legal and economic advice (Note 2) -991.08 Amortization of formation expenses (Note 2) -1,946.77 Other commissions and fees -9,826.03 Interest on cash and bank overdraft -43,287.02 Total expenses -126,738.39 Net income (loss) on investments -23,060.87 Realized gain (loss) on market-priced securities without options 623,358.69 Realized gain (loss) on financial futures 664,135.40 Realized gain (loss) on forward foreign exchange contracts -121,828.36 Realized gain (loss) on swaps 0.92 Realized gain (loss) on foreign exchange 26,808.91 Total realized gain (loss) 1,192,475.56 Net realized gain (loss) of the year 1,169,414.69 Unrealized appreciation (depreciation) on market-priced securities without options 328,004.80 Unrealized appreciation (depreciation) on financial futures 161,682.42 Unrealized appreciation (depreciation) on forward foreign exchange contracts -7,265.66 Unrealized appreciation (depreciation) on foreign exchange -13,904.52 Total changes in unrealized appreciation (depreciation) 468,517.04 Net increase (decrease) in net assets as a result of operations 1,637,931.73

The notes are an integral part of the financial statements. 17

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 14,325,577.75 Redemptions -1,674,480.00 Total net subscriptions (redemptions) -1,674,480.00 Net income (loss) on investments -23,060.87 Total realized gain (loss) 1,192,475.56 Total changes in unrealized appreciation (depreciation) 468,517.04 Net increase (decrease) in net assets as a result of operations 1,637,931.73 Net assets at the end of the year 14,289,029.48

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class B Acc Number of shares outstanding at the beginning of the year 140,353.0690 Number of shares issued – Number of shares redeemed -15,000.0000 Number of shares outstanding at the end of the year 125,353.0690

18 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Investment funds

Ireland EUR ISHARES J.P. MORGAN USD EM BOND EUR HEDGED UCITS ETF DIST 6,267.00 596,430.39 4.17 Total Ireland 596,430.39 4.17

Luxembourg EUR XTRACKERS II USD EMERGING MARKETS BOND UCITS ETF 2,428.00 820,833.96 5.75 Total Luxembourg 820,833.96 5.75

Total Investment funds 1,417,264.35 9.92

Common stocks

Austria EUR OMV AG 108.00 5,408.64 0.04 Total Austria 5,408.64 0.04

Belgium EUR AGEAS 207.00 10,904.76 0.08 EUR GALAPAGOS NV 97.00 18,090.50 0.13 EUR KBC GROUP NV 178.00 11,936.68 0.08 EUR PROXIMUS SADP 293.00 7,477.36 0.05 EUR SOLVAY SA 57.00 5,888.10 0.04 Total Belgium 54,297.40 0.38

Bermuda USD IHS MARKIT LTD 101.00 6,779.95 0.05 Total Bermuda 6,779.95 0.05

Canada USD WASTE CONNECTIONS COM NPV (POST REV SPLT) 70.00 5,661.84 0.04 Total Canada 5,661.84 0.04

Denmark DKK AP MOLLER - MAERSK A/S - CLASS B 8.00 10,286.48 0.07 DKK CARLSBERG A/S 114.00 15,161.69 0.11 DKK COLOPLAST A/S 66.00 7,299.24 0.05 DKK DSV PANALPINA A/S 51.00 5,240.37 0.04 DKK NOVO NORDISK A/S 353.00 18,265.70 0.13 DKK PANDORA A/S 151.00 5,856.24 0.04 DKK VESTAS WIND SYSTEMS A/S 120.00 10,811.08 0.07 Total Denmark 72,920.80 0.51

Finland EUR FORTUM OYJ 230.00 5,060.00 0.04 EUR KONE OYJ - CLASS B 179.00 10,432.12 0.07 EUR METSO OYJ 127.00 4,467.86 0.03 EUR NESTE OYJ 190.00 5,893.80 0.04 EUR ORION OYJ 91.00 3,755.57 0.03 EUR UPM-KYMMENE OYJ 376.00 11,622.16 0.08 Total Finland 41,231.51 0.29

France EUR AIR LIQUIDE SA 93.00 11,736.60 0.08 EUR ARKEMA SA 61.00 5,776.70 0.04 EUR BNP PARIBAS SA 228.00 12,045.24 0.08 EUR BOUYGUES SA 138.00 5,227.44 0.04 EUR CAPGEMINI SE 89.00 9,692.10 0.07 EUR CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA 51.00 5,564.10 0.04 EUR CREDIT AGRICOLE SA 931.00 12,033.18 0.08 EUR ESSILORLUXOTTICA SA 41.00 5,567.80 0.04 EUR FAURECIA SE 231.00 11,094.93 0.08 EUR ICADE (REIT) 37.00 3,590.85 0.03 EUR INGENICO GROUP SA 93.00 9,002.40 0.06 EUR KERING SA 13.00 7,607.60 0.05 EUR L'OREAL SA 57.00 15,048.00 0.11

The notes are an integral part of the financial statements. 19

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR LVMH MOET HENNESSY LOUIS VUITTON SE 14.00 5,798.80 0.04 EUR PEUGEOT SA 527.00 11,225.10 0.08 EUR PUBLICIS GROUPE SA 79.00 3,188.44 0.02 EUR SAFRAN SA 68.00 9,360.20 0.07 EUR SARTORIUS STEDIM BIOTECH 26.00 3,840.20 0.03 EUR SCHNEIDER ELECTRIC SE 116.00 10,614.00 0.07 EUR SOCIETE GENERALE SA 218.00 6,761.27 0.05 EUR TELEPERFORMANCE 52.00 11,304.80 0.08 EUR TOTAL SA 419.00 20,614.80 0.14 EUR VEOLIA ENVIRONNEMENT SA 450.00 10,669.50 0.07 EUR VINCI SA 98.00 9,702.00 0.07 EUR VIVENDI SA 135.00 3,485.70 0.02 EUR WORLDLINE SA/FRANCE '144A' 155.00 9,788.25 0.07 Total France 230,340.00 1.61

Germany EUR ADIDAS AG 37.00 10,722.60 0.08 EUR BAYER AG 321.00 23,372.01 0.16 EUR BRENNTAG AG 107.00 5,187.36 0.04 EUR CARL ZEISS MEDITEC AG 65.00 7,390.50 0.05 EUR DEUTSCHE BOERSE AG 88.00 12,333.20 0.09 EUR DEUTSCHE POST AG 304.00 10,339.04 0.07 EUR DEUTSCHE TELEKOM AG 532.00 7,751.24 0.05 EUR HANNOVER RUECK SE 67.00 11,544.10 0.08 EUR HOCHTIEF AG 42.00 4,775.40 0.03 EUR KION GROUP AG 81.00 4,986.36 0.04 EUR MTU AERO ENGINES AG 42.00 10,693.20 0.08 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN EUR MUENCHEN 43.00 11,309.00 0.08 EUR RWE AG 412.00 11,268.20 0.08 EUR SAP SE 171.00 20,574.72 0.14 EUR SIEMENS HEALTHINEERS AG '144A' 176.00 7,536.32 0.05 GBP TUI AG 511.00 5,752.20 0.04 EUR UNIPER SE 169.00 4,987.19 0.04 EUR UNITED INTERNET AG 116.00 3,396.48 0.02 EUR WIRECARD AG 46.00 4,945.00 0.03 Total Germany 178,864.12 1.25

Ireland USD ACCENTURE PLC - CLASS A 14.00 2,626.31 0.02 EUR CRH PLC 339.00 12,092.13 0.08 USD EATON CORP PLC 63.00 5,316.23 0.04 USD INGERSOLL-RAND PLC 48.00 5,683.99 0.04 USD JOHNSON CONTROLS INTERNATIONAL PLC 139.00 5,041.24 0.03 EUR KERRY GROUP PLC 65.00 7,221.50 0.05 USD MEDTRONIC PLC 55.00 5,558.90 0.04 USD WILLIS TOWERS WATSON PLC 29.00 5,217.25 0.04 Total Ireland 48,757.55 0.34

Italy EUR ASSICURAZIONI GENERALI SPA 661.00 12,159.10 0.08 EUR ENEL SPA 1,565.00 11,067.68 0.08 EUR ENI SPA 1,531.00 21,198.23 0.15 EUR FINECOBANK BANCA FINECO SPA 612.00 6,542.28 0.05 EUR INTESA SANPAOLO SPA 5,135.00 12,059.55 0.08 EUR MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 673.00 6,604.82 0.05 EUR TELECOM ITALIA SPA/MILANO 13,486.00 7,503.61 0.05 Total Italy 77,135.27 0.54

Luxembourg EUR AROUNDTOWN SA 438.00 3,496.99 0.02 EUR TENARIS SA 547.00 5,497.35 0.04 Total Luxembourg 8,994.34 0.06

Norway NOK DNB ASA 754.00 12,536.68 0.09 NOK EQUINOR ASA 321.00 5,711.49 0.04 NOK MOWI ASA 166.00 3,840.53 0.03 NOK ORKLA ASA 832.00 7,503.87 0.05 Total Norway 29,592.57 0.21

Panama USD CARNIVAL CORP 71.00 3,215.14 0.02 Total Panama 3,215.14 0.02

20 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Spain EUR BANCO DE SABADELL SA 6,230.00 6,479.20 0.05 EUR ENDESA SA 434.00 10,324.86 0.07 EUR INDUSTRIA DE DISENO TEXTIL SA 377.00 11,856.65 0.08 Total Spain 28,660.71 0.20

Sweden SEK ALFA LAVAL AB 467.00 10,484.40 0.07 SEK ATLAS COPCO AB 329.00 10,182.29 0.07 SEK ELECTROLUX AB 256.00 5,601.16 0.04 SEK EPIROC AB 476.00 5,180.15 0.04 SEK ESSITY AB 515.00 14,791.95 0.10 SEK HENNES & MAURITZ AB 631.00 11,438.73 0.08 SEK KINNEVIK AB 309.00 6,734.31 0.05 SEK SECURITAS AB 339.00 5,208.79 0.04 SEK SKANSKA AB 260.00 5,238.33 0.04 SEK SKF AB 602.00 10,851.14 0.07 SEK SWEDISH MATCH AB 161.00 7,397.62 0.05 SEK TELE2 AB 548.00 7,084.99 0.05 SEK TELEFONAKTIEBOLAGET LM ERICSSON - CLASS B 843.00 6,543.40 0.04 SEK VOLVO AB 365.00 5,450.23 0.04 Total Sweden 112,187.49 0.78

Switzerland CHF BARRY CALLEBAUT AG 8.00 15,735.39 0.11 USD CHUBB LTD 42.00 5,824.36 0.04 CHF CREDIT SUISSE GROUP AG 993.00 11,971.99 0.08 CHF EMS-CHEMIE HOLDING AG 9.00 5,270.12 0.04 USD GARMIN LTD 35.00 3,042.02 0.02 CHF KUEHNE + NAGEL INTERNATIONAL AG 35.00 5,254.94 0.04 CHF LAFARGEHOLCIM LTD 245.00 12,103.75 0.09 CHF NESTLE SA 545.00 52,535.71 0.37 CHF NOVARTIS AG 433.00 36,608.60 0.26 CHF PARTNERS GROUP HOLDING AG 14.00 11,429.50 0.08 CHF ROCHE HOLDING AG 132.00 38,131.45 0.27 CHF SIKA AG 35.00 5,855.46 0.04 CHF SONOVA HOLDING AG 90.00 18,339.86 0.13 CHF STRAUMANN HOLDING AG 5.00 4,371.76 0.03 CHF SWISS LIFE HOLDING AG 27.00 12,067.05 0.08 CHF SWISS PRIME SITE AG 70.00 7,206.23 0.05 CHF SWISSCOM AG 16.00 7,545.33 0.05 USD TE CONNECTIVITY LTD 58.00 4,952.18 0.03 CHF ZURICH INSURANCE GROUP AG 31.00 11,325.08 0.08 Total Switzerland 269,570.78 1.89

The Netherlands EUR ASML HOLDING NV 82.00 21,623.40 0.15 EUR KONINKLIJKE AHOLD DELHAIZE NV 660.00 14,714.70 0.10 EUR KONINKLIJKE KPN NV 2,827.00 7,437.84 0.05 EUR KONINKLIJKE VOPAK NV 115.00 5,557.95 0.04 EUR RANDSTAD NV 95.00 5,171.80 0.04 EUR STMICROELECTRONICS EUR 307.00 7,358.79 0.05 EUR UNILEVER NV 290.00 14,856.70 0.11 Total The Netherlands 76,721.18 0.54

United Kingdom GBP ANGLO AMERICAN PLC 453.00 11,617.52 0.08 GBP ANTOFAGASTA PLC 535.00 5,788.74 0.04 USD AON PLC 23.00 4,267.94 0.03 GBP ASHTEAD GROUP PLC 354.00 10,085.47 0.07 GBP ASSOCIATED BRITISH FOODS PLC 241.00 7,389.44 0.05 GBP BAE SYSTEMS PLC 789.00 5,259.29 0.04 GBP BARCLAYS PLC 5,594.00 11,859.90 0.08 GBP BARRATT DEVELOPMENTS PLC 1,308.00 11,525.28 0.08 GBP BHP GROUP PLC 549.00 11,512.41 0.08 GBP BRITISH AMERICAN TOBACCO PLC 394.00 15,026.44 0.11 GBP BURBERRY GROUP PLC 465.00 12,100.89 0.08 GBP EASYJET PLC 314.00 5,278.95 0.04 GBP GLAXOSMITHKLINE PLC 888.00 18,644.23 0.13 GBP HARGREAVES LANSDOWN PLC 523.00 11,943.68 0.08 GBP ITV PLC 1,949.00 3,473.32 0.02 GBP JD SPORTS FASHION PLC 601.00 5,939.68 0.04

The notes are an integral part of the financial statements. 21

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

GBP LEGAL & GENERAL GROUP PLC 3,225.00 11,532.62 0.08 GBP LONDON STOCK EXCHANGE GROUP PLC 139.00 12,713.70 0.09 GBP PERSIMMON PLC 363.00 11,545.72 0.08 GBP PRUDENTIAL PLC 720.00 12,312.79 0.09 GBP RIO TINTO PLC 201.00 10,682.03 0.07 GBP ROYAL DUTCH SHELL PLC 1,133.00 29,885.67 0.21 GBP SEGRO PLC (REIT) 674.00 7,136.82 0.05 GBP SSE PLC 648.00 11,001.21 0.08 GBP STANDARD CHARTERED PLC 784.00 6,591.68 0.05 GBP TAYLOR WIMPEY PLC 5,063.00 11,556.33 0.08 GBP TESCO PLC 5,314.00 16,005.08 0.11 GBP VODAFONE GROUP PLC 4,268.00 7,392.44 0.05 GBP WM MORRISON SUPERMARKETS PLC 1,507.00 3,553.57 0.03 Total United Kingdom 303,622.84 2.12

United States USD AFLAC INC 150.00 7,069.17 0.05 USD AIR PRODUCTS & CHEMICALS INC 29.00 6,071.12 0.04 USD ALLSTATE CORP/THE 68.00 6,812.24 0.05 USD ALPHABET INC - CLASS A 3.00 3,579.73 0.02 USD AMEREN CORP 40.00 2,736.80 0.02 USD AMERICAN ELECTRIC POWER CO INC 43.00 3,620.49 0.02 USD AMERICAN EXPRESS CO 45.00 4,990.78 0.03 USD AMPHENOL CORP - CLASS A 51.00 4,917.45 0.03 USD ANALOG DEVICES INC 35.00 3,705.55 0.03 USD ANTHEM INC 13.00 3,497.96 0.02 USD APPLE INC 16.00 4,185.73 0.03 USD ARCHER-DANIELS-MIDLAND CO 134.00 5,533.20 0.04 USD ARTHUR J GALLAGHER & CO 75.00 6,362.92 0.04 USD BALL CORP 88.00 5,069.99 0.04 USD BANK OF NEW YORK MELLON CORP/THE 109.00 4,887.37 0.03 USD BAXTER INTERNATIONAL INC 73.00 5,438.19 0.04 USD BECTON DICKINSON AND CO 20.00 4,845.88 0.03 USD BRISTOL-MYERS SQUIBB CO 66.00 3,774.27 0.03 USD CERNER CORP 83.00 5,426.71 0.04 USD CHEVRON CORP 40.00 4,294.42 0.03 USD CIGNA CORP 21.00 3,825.72 0.03 USD CISCO SYSTEMS INC 84.00 3,589.06 0.02 USD CITRIX SYSTEMS INC 29.00 2,865.18 0.02 USD CME GROUP INC 37.00 6,616.28 0.05 USD CMS ENERGY CORP 59.00 3,303.01 0.02 USD COCA-COLA CO/THE 107.00 5,276.22 0.04 USD COGNIZANT TECHNOLOGY SOLUTIONS CORP 60.00 3,315.16 0.02 USD COMCAST CORP 125.00 5,007.89 0.03 USD CONSOLIDATED EDISON INC 34.00 2,740.34 0.02 USD CONSTELLATION BRANDS INC - CLASS A 18.00 3,042.82 0.02 USD COOPER COS INC/THE 17.00 4,865.95 0.03 USD CORNING INC 102.00 2,645.23 0.02 USD CUMMINS INC 31.00 4,942.42 0.03 USD DANAHER CORP 32.00 4,375.46 0.03 USD DARDEN RESTAURANTS INC 44.00 4,273.08 0.03 USD DOLLAR GENERAL CORP 38.00 5,280.49 0.04 USD DOMINION ENERGY INC 39.00 2,877.54 0.02 USD DOVER CORP 42.00 4,312.70 0.03 USD DTE ENERGY CO 29.00 3,355.28 0.02 USD DUKE ENERGY CORP 41.00 3,331.56 0.02 USD EBAY INC 117.00 3,763.87 0.03 USD ECOLAB INC 33.00 5,673.75 0.04 USD ELI LILLY & CO 38.00 4,449.38 0.03 USD ENTERGY CORP 35.00 3,735.48 0.03 USD EQUIFAX INC 52.00 6,491.20 0.05 USD ESTEE LAUDER COS INC/THE - CLASS A 20.00 3,680.07 0.03 USD EVERSOURCE ENERGY 47.00 3,562.02 0.02 USD EXELON CORP 71.00 2,883.70 0.02 USD EXPEDIA GROUP INC 39.00 3,757.27 0.03 USD EXXON MOBIL CORP 62.00 3,854.29 0.03 USD FACEBOOK INC - CLASS A 16.00 2,925.67 0.02 USD FIDELITY NATIONAL INFORMATION SERVICES INC 51.00 6,319.57 0.04 USD FIRST REPUBLIC BANK/CA 35.00 3,662.21 0.03 USD FIRSTENERGY CORP 85.00 3,680.25 0.03 USD FISERV INC 50.00 5,150.65 0.04 USD FLEETCOR TECHNOLOGIES INC 23.00 5,895.49 0.04 USD FORTIVE CORP 59.00 4,015.23 0.03

22 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

USD FOX CORP 158.00 5,217.97 0.04 USD FRANKLIN RESOURCES INC 132.00 3,055.17 0.02 USD GENERAL DYNAMICS CORP 30.00 4,713.23 0.03 USD GENUINE PARTS CO 65.00 6,151.52 0.04 USD GILEAD SCIENCES INC 69.00 3,994.39 0.03 USD GLOBAL PAYMENTS INC 75.00 12,198.00 0.09 USD HALLIBURTON CO 111.00 2,419.80 0.02 USD HONEYWELL INTERNATIONAL INC 19.00 2,996.05 0.02 USD HORMEL FOODS CORP 127.00 5,103.85 0.04 USD HOST HOTELS & RESORTS INC (REIT) 231.00 3,817.49 0.03 USD HUMANA INC 15.00 4,897.91 0.03 USD INTEL CORP 68.00 3,625.72 0.03 USD INTERCONTINENTAL EXCHANGE INC 80.00 6,596.11 0.05 USD INTERNATIONAL BUSINESS MACHINES CORP 31.00 3,701.84 0.03 USD INTERNATIONAL FLAVORS & FRAGRANCES INC 34.00 3,908.03 0.03 USD JOHNSON & JOHNSON 31.00 4,028.56 0.03 USD JPMORGAN CHASE & CO 60.00 7,451.36 0.05 USD KINDER MORGAN INC/DE 229.00 4,318.95 0.03 USD KONTOOR BRANDS INC 5.00 187.04 0.00 USD L3HARRIS TECHNOLOGIES INC 25.00 4,406.99 0.03 USD LABORATORY CORP OF AMERICA HOLDINGS 33.00 4,973.46 0.03 USD LIBERTY MEDIA CORP-LIBERTY SIRIUSXM 148.00 6,373.68 0.04 USD M&T BANK CORP 33.00 4,990.52 0.03 USD MARSH & MCLENNAN COS INC 62.00 6,153.72 0.04 USD MCCORMICK & CO INC/MD 26.00 3,931.46 0.03 USD MERCK & CO INC 69.00 5,590.79 0.04 USD MICROSOFT CORP 34.00 4,776.75 0.03 USD MONDELEZ INTERNATIONAL INC 121.00 5,937.46 0.04 USD MOTOROLA SOLUTIONS INC 22.00 3,158.26 0.02 USD NASDAQ INC 60.00 5,724.83 0.04 USD NEXTERA ENERGY INC 17.00 3,667.52 0.03 USD NORFOLK SOUTHERN CORP 24.00 4,150.74 0.03 USD NORTHERN TRUST CORP 57.00 5,394.91 0.04 USD OCCIDENTAL PETROLEUM CORP 64.00 2,349.66 0.02 USD ONEOK INC 59.00 3,977.38 0.03 USD ORACLE CORP 106.00 5,003.10 0.03 USD PAYCHEX INC 38.00 2,879.59 0.02 USD PAYPAL HOLDINGS INC 37.00 3,565.58 0.02 USD PFIZER INC 118.00 4,118.78 0.03 USD PHILLIPS 66 45.00 4,466.41 0.03 USD PNC FINANCIAL SERVICES GROUP INC/THE 48.00 6,826.18 0.05 USD PPG INDUSTRIES INC 48.00 5,708.36 0.04 USD PPL CORP 89.00 2,844.88 0.02 USD PROCTER & GAMBLE CO/THE 55.00 6,119.94 0.04 USD PROGRESSIVE CORP/THE 80.00 5,159.29 0.04 USD PUBLIC SERVICE ENTERPRISE GROUP INC 53.00 2,788.16 0.02 USD PUBLIC STORAGE (REIT) 14.00 2,656.12 0.02 USD QUALCOMM INC 87.00 6,838.44 0.05 USD RAYTHEON CO 25.00 4,894.08 0.03 USD REPUBLIC SERVICES INC - CLASS A 101.00 8,064.85 0.06 USD ROPER TECHNOLOGIES INC 13.00 4,102.52 0.03 USD SCHLUMBERGER LTD 78.00 2,793.46 0.02 USD SEMPRA ENERGY 26.00 3,508.73 0.02 USD SHERWIN-WILLIAMS CO/THE 10.00 5,198.67 0.04 USD SOUTHERN CO/THE (UNITS) 68.00 3,858.96 0.03 USD STRYKER CORP 18.00 3,366.58 0.02 USD TARGET CORP 53.00 6,053.68 0.04 USD THERMO FISHER SCIENTIFIC INC 16.00 4,630.75 0.03 USD T-MOBILE US INC 79.00 5,519.19 0.04 USD TRAVELERS COS INC/THE 51.00 6,222.34 0.04 USD TRUIST FINANCIAL CORP 119.00 5,970.78 0.04 USD TYSON FOODS INC - CLASS A 74.00 6,001.86 0.04 USD ULTA BEAUTY INC 10.00 2,255.19 0.02 USD UNION PACIFIC CORP 23.00 3,704.45 0.03 USD UNITED TECHNOLOGIES CORP 32.00 4,269.41 0.03 USD UNITEDHEALTH GROUP INC 17.00 4,452.34 0.03 USD US BANCORP 139.00 7,342.06 0.05 USD VALERO ENERGY CORP 45.00 3,754.41 0.03 USD VERIZON COMMUNICATIONS INC 103.00 5,634.14 0.04 USD VF CORP 41.00 3,640.21 0.03 USD VISA INC - CLASS A 29.00 4,854.52 0.03 USD VULCAN MATERIALS CO 33.00 4,233.19 0.03 USD WALMART INC 62.00 6,564.11 0.05

The notes are an integral part of the financial statements. 23

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

USD WALT DISNEY CO/THE 51.00 6,571.28 0.05 USD WASTE MANAGEMENT INC 65.00 6,599.14 0.05 USD WEC ENERGY GROUP INC 41.00 3,368.82 0.02 USD XCEL ENERGY INC 61.00 3,450.30 0.02 Total United States 613,957.43 4.30

Total Common stocks 2,167,919.56 15.17

Government bonds

EUR EUR BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE 0.00000% 15.08.26 200,000.00 204,910.00 1.43 EUR BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE 1.25000% 15.08.48 200,000.00 250,944.00 1.76 ITALY BUONI ORDINARI DEL TESORO BOT (ZERO COUPON) 0.00000% EUR 14.02.20 1,000,000.00 1,000,490.30 7.00 EUR ITALY BUONI POLIENNALI DEL TESORO '144A' 4.50000% 01.02.20 3,145,000.00 3,156,553.79 22.09 EUR SPAIN GOVERNMENT BOND '144A' 4.00000% 30.04.20 2,000,000.00 2,028,708.00 14.20 Total EUR 6,641,606.09 46.48

USD USD UNITED STATES TREASURY NOTE/BOND 1.62500% 15.02.26 55,000.00 48,508.69 0.34 USD UNITED STATES TREASURY NOTE/BOND 2.00000% 15.08.25 50,000.00 45,114.98 0.31 USD UNITED STATES TREASURY NOTE/BOND 2.37500% 15.08.24 85,000.00 77,985.16 0.55 USD UNITED STATES TREASURY NOTE/BOND 2.50000% 15.08.23 110,000.00 100,891.34 0.71 USD UNITED STATES TREASURY NOTE/BOND 7.50000% 15.11.24 60,000.00 67,835.33 0.47 Total USD 340,335.50 2.38

Total Government bonds 6,981,941.59 48.86

Total Transferable securities and money market instruments listed on an official stock exchange 10,567,125.50 73.95

Total investments in securities 10,567,125.50 73.95

Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures

EUR EURO STOXX 50 INDEX FUTURE 20.03.20 -6.00 489.01 0.00 USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.03.20 17.00 17,946.88 0.13 USD S&P500 EMINI FUTURE 20.03.20 19.00 47,310.45 0.33 JPY TOPIX INDX FUTURE 12.03.20 4.00 1,590.35 0.01 USD US 10YR TREASURY NOTE (CBT) FUTURE 20.03.20 34.00 -33,122.97 -0.23 Total Financial Futures 34,213.72 0.24

Total Derivative instruments listed on an official stock exchange 34,213.72 0.24

Total Derivative instruments 34,213.72 0.24

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 288,503.81 GBP 252,000.00 16.1.2020 -8,738.59 -0.06 EUR 358,004.93 JPY 42,700,000.00 16.1.2020 8,007.00 0.06 EUR 203,979.87 CHF 225,000.00 16.1.2020 -3,041.81 -0.02 EUR 42,520.70 SEK 450,000.00 16.1.2020 -295.50 0.00 EUR 60,331.96 DKK 450,000.00 16.1.2020 104.83 0.00 EUR 752,129.87 USD 840,000.00 16.1.2020 4,567.33 0.03 EUR 197,308.13 USD 220,000.00 19.3.2020 2,291.07 0.01 Total Forward Foreign Exchange contracts (Purchase/Sale) 2,894.33 0.02

24 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Balanced Growth

Currency Description Valuation in EUR % Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Cash at banks, deposits on demand and deposit accounts and other liquid assets 3,594,663.12 25.16 Other assets and liabilities 90,132.81 0.63 Total net assets 14,289,029.48 100.00

The notes are an integral part of the financial statements. 25 Sidera Funds – Euro Credit Alpha

Annual report including audited financial statements as of 31 December 2019

Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 540,724,328.47 469,562,945.21 451,918,659.29 Class A Acc LU1325864038 Shares outstanding 129,300.6020 107,001.7700 74,220.8330 Net asset value per share in EUR1 105.78 100.01 102.84 Class A Inc LU1325863907 Shares outstanding 208,274.7820 181,992.6990 127,943.7800 Net asset value per share in EUR1 102.84 98.19 101.98 Class B Acc LU1325863816 Shares outstanding 4,591,488.7760 4,259,035.0810 4,077,522.1830 Net asset value per share in EUR1 110.12 103.54 105.76

1 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets Italy 21.09 France 16.55 The Netherlands 14.78 United Kingdom 11.84 United States 10.08 Spain 5.70 Luxembourg 3.99 Germany 3.36 Ireland 2.11 Jersey 1.16 Switzerland 1.01 Belgium 1.00 Mexico 0.96 Denmark 0.94 Austria 0.92 Sweden 0.64 Japan 0.47 Australia 0.46 Norway 0.41 Portugal 0.32 Guernsey 0.23 Cayman Islands 0.19 Finland 0.12 Panama 0.10 Hong Kong 0.09 Romania 0.09 Canada 0.04 Total 98.65

Economic Breakdown as a % of net assets Banks 22.15 Electrical 8.84 Telecommunications 7.00 Oil & Gas 6.92 Auto Manufacturers 6.78 Pharmaceuticals 4.26 Sovereign 4.23 Agriculture 3.41 Diversified Financial Services 3.30 Commercial Services 3.20 Insurance 2.52 Real Estate 2.38 Beverages 2.01 Mining 1.77 REITS 1.65 Media 1.59 Chemicals 1.54 Food 1.46 Building Materials 1.44

26 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Economic Breakdown as a % of net assets Transportation 1.24 Investment Companies 0.94 Engineering & Construction 0.83 Computers 0.82 Miscellaneous Manufacturing 0.78 Healthcare-Products 0.75 Private Equity 0.66 Retail 0.63 Water 0.62 Entertainment 0.54 Semiconductors 0.49 Airlines 0.45 Internet 0.28 Pipelines 0.27 Healthcare-Services 0.26 Iron/Steel 0.22 Lodging 0.22 Software 0.21 Apparel 0.20 Cosmetics/Personal Care 0.20 Advertising 0.19 Auto Parts & Equipment 0.16 Biotechnology 0.15 Aerospace/Defense 0.15 Electrical Components & Equipments 0.13 Home Furnishings 0.12 Machinery-Diversified 0.12 Specialty Finance 0.11 Electronics 0.10 Leisure Time 0.10 Forest Products & Paper 0.08 Household Products/Wares 0.08 Energy-Alternate Sources 0.06 Savings & Loans 0.04 Total 98.65

The notes are an integral part of the financial statements. 27

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 525,975,215.16 Investments in securities and options, unrealized appreciation (depreciation) 7,423,201.58 Total investments in securities (Note 1) 533,398,416.74 Cash at banks, deposits on demand and deposit accounts* (Note 1) 2,596,966.35 Receivable on subscriptions 135,430.05 Interest receivable on securities 5,207,632.61 Formation expenses, net (Note 2) 14,894.76 Market value of swaps (Note 1) 506,962.43 Total Assets 541,860,302.94 Unrealized gain (loss) on financial futures (Note 1) -682,080.00 Payable on redemptions -5,176.95 Provisions for management fees (Note 2) -233,016.47 Provisions for administrator fees (Note 2) -13,581.18 Provisions for depositary fees (Note 2) -98,360.07 Provisions for taxe d’abonnement (Note 3) -24,939.31 Provisions for audit fees, legal and economic advice (Note 2) -25,632.66 Provisions for other commissions and fees -53,187.83 Total provisions -448,717.52 Total Liabilities -1,135,974.47 Net assets at the end of the financial year 540,724,328.47

* As at 31 December 2019, cash amounts serve as collateral for the counterparty Societe Generale for an amount of EUR 1,190,000.

28 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 57,290.67 Interest on securities (Note 1) 9,734,750.36 Interest received on swaps (Note 1) 3,480,442.74 Income on securities lending (Note 8) 288,090.76 Other income 23,313.39 Total income 13,583,887.92 Interest paid on swaps -3,694,983.41 Management fees (Note 2) -2,296,288.67 Administrator fees (Note 2) -99,084.13 Depositary fees (Note 2) -256,839.58 Taxe d’abonnement (Note 3) -67,514.83 Audit fees, legal and economic advice (Note 2) -35,020.42 Amortization of formation expenses (Note 2) -12,460.91 Other commissions and fees -110,482.69 Interest on cash and bank overdraft -129,224.65 Total expenses -6,701,899.29 Net income (loss) on investments 6,881,988.63 Realized gain (loss) on market-priced securities without options -1,983,703.29 Realized gain (loss) on financial futures 3,459,313.08 Realized gain (loss) on swaps -3,626,998.89 Realized gain (loss) on foreign exchange 231.26 Total realized gain (loss) -2,151,157.84 Net realized gain (loss) of the year 4,730,830.79 Unrealized appreciation (depreciation) on market-priced securities without options 19,921,483.44 Unrealized appreciation (depreciation) on financial futures -1,095,430.00 Unrealized appreciation (depreciation) on swaps 6,852,444.49 Unrealized appreciation (depreciation) on foreign exchange 4,857.40 Total changes in unrealized appreciation (depreciation) 25,683,355.33 Net increase (decrease) in net assets as a result of operations 30,414,186.12

The notes are an integral part of the financial statements. 29

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 469,562,945.21 Subscriptions 125,874,597.86 Redemptions -84,944,409.94 Total net subscriptions (redemptions) 40,930,187.92 Dividend paid -182,990.78 Net income (loss) on investments 6,881,988.63 Total realized gain (loss) 1,470,442.15 Total changes in unrealized appreciation (depreciation) 22,061,755.34 Net increase (decrease) in net assets as a result of operations 30,414,186.12 Net assets at the end of the year 540,724,328.47

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class A Acc Number of shares outstanding at the beginning of the year 107,001.7700 Number of shares issued 35,715.6780 Number of shares redeemed -13,416.8460 Number of shares outstanding at the end of the year 129,300.6020 Class A Inc Number of shares outstanding at the beginning of the year 181,992.6990 Number of shares issued 58,392.9180 Number of shares redeemed -32,110.8350 Number of shares outstanding at the end of the year 208,274.7820 Class B Acc Number of shares outstanding at the beginning of the year 4,259,035.0810 Number of shares issued 1,059,942.7070 Number of shares redeemed -727,489.0120 Number of shares outstanding at the end of the year 4,591,488.7760

Annual Distribution

Sidera Funds – Euro Credit Alpha Ex-Date Pay-Date Currency Amount per share A Inc 2.1.2019 7.1.2019 EUR 0.49 A Inc 2.7.2019 5.7.2019 EUR 0.51

30 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Corporate bonds

EUR EUR 2I RETE GAS SPA 'EMTN' 1.60800% 31.10.27 800,000.00 838,032.00 0.15 EUR 2I RETE GAS SPA 'EMTN' 2.19500% 11.09.25 450,000.00 487,579.50 0.09 EUR 2I RETE GAS SPA 'EMTN' 3.00000% 16.07.24 200,000.00 223,726.00 0.04 EUR A2A SPA 'EMTN' 1.00000% 16.07.29 300,000.00 305,694.00 0.06 EUR A2A SPA 'EMTN' 1.62500% 19.10.27 500,000.00 536,310.00 0.10 EUR A2A SPA 'EMTN' 1.75000% 25.02.25 500,000.00 534,035.00 0.10 EUR A2A SPA 'EMTN' 3.62500% 13.01.22 200,000.00 214,700.00 0.04 EUR ABANCA CORP BANCARIA SA FRN 6.12500% 18.01.29 900,000.00 1,010,250.00 0.19 EUR ABBVIE INC 1.37500% 17.05.24 400,000.00 421,012.00 0.08 EUR ABBVIE INC 2.12500% 17.11.28 200,000.00 225,608.00 0.04 EUR ABERTIS INFRAESTRUCTURAS SA 1.00000% 27.02.27 300,000.00 297,800.97 0.05 EUR ABERTIS INFRAESTRUCTURAS SA 1.37500% 20.05.26 1,500,000.00 1,533,599.70 0.28 EUR ABERTIS INFRAESTRUCTURAS SA 2.50000% 27.02.25 200,000.00 217,697.96 0.04 EUR ABERTIS INFRAESTRUCTURAS SA 'EMTN' 1.50000% 27.06.24 400,000.00 414,036.00 0.08 EUR ABERTIS INFRAESTRUCTURAS SA 'EMTN' 3.00000% 27.03.31 2,100,000.00 2,322,999.00 0.43 EUR ABN AMRO BANK NV 'EMTN' 6.37500% 27.04.21 400,000.00 433,104.00 0.08 EUR ABN AMRO BANK NV 'EMTN' 7.12500% 06.07.22 500,000.00 585,100.00 0.11 EUR ABN AMRO BANK NV 'EMTN' FRN 2.87500% 30.06.25 650,000.00 658,430.50 0.12 EUR ACCOR SA 1.25000% 25.01.24 400,000.00 416,456.00 0.08 EUR ACCOR SA 1.75000% 04.02.26 200,000.00 211,516.00 0.04 EUR ACCOR SA 2.37500% 17.09.23 500,000.00 540,395.00 0.10 EUR ACEA SPA 'EMTN' 1.00000% 24.10.26 500,000.00 513,515.00 0.09 EUR ACEA SPA 'EMTN' 1.50000% 08.06.27 300,000.00 317,271.00 0.06 EUR ACEA SPA 'EMTN' 1.75000% 23.05.28 450,000.00 486,054.00 0.09 EUR ACEA SPA 'EMTN' 2.62500% 15.07.24 600,000.00 659,580.00 0.12 EUR ACEA SPA 'EMTN' FRN 0.00000% 08.02.23 200,000.00 198,584.00 0.04 EUR ADECCO INTERNATIONAL FINANCIAL SERVICES BV 1.00000% 02.12.24 800,000.00 836,136.00 0.15 EUR AEROPORTI DI ROMA SPA 'EMTN' 1.62500% 08.06.27 746,000.00 756,593.20 0.14 EUR AEROPORTI DI ROMA SPA 'EMTN' 3.25000% 20.02.21 1,100,000.00 1,137,433.00 0.21 EUR AEROPORTS DE PARIS 1.50000% 07.04.25 100,000.00 107,227.00 0.02 EUR AIB GROUP PLC 'EMTN' 1.25000% 28.05.24 350,000.00 359,723.00 0.07 EUR AIB GROUP PLC 'EMTN' 1.50000% 29.03.23 550,000.00 568,441.50 0.10 EUR AIB GROUP PLC 'EMTN' 2.25000% 03.07.25 250,000.00 270,032.50 0.05 EUR AIR LIQUIDE FINANCE SA 'EMTN' 0.75000% 13.06.24 200,000.00 206,920.00 0.04 EUR AIR LIQUIDE FINANCE SA 'EMTN' 1.00000% 08.03.27 300,000.00 318,360.00 0.06 EUR AIR LIQUIDE FINANCE SA 'EMTN' 1.87500% 05.06.24 400,000.00 433,712.00 0.08 EUR AIRBUS FINANCE BV 'EMTN' 0.87500% 13.05.26 600,000.00 623,556.00 0.11 EUR AKELIUS RESIDENTIAL PROPERTY AB 'EMTN' 1.12500% 14.03.24 800,000.00 817,568.00 0.15 EUR AKZO NOBEL NV 'EMTN' 1.12500% 08.04.26 1,000,000.00 1,053,020.00 0.19 EUR AKZO NOBEL NV 'EMTN' 1.75000% 07.11.24 100,000.00 108,381.00 0.02 EUR AKZO NOBEL NV 'EMTN' 2.62500% 27.07.22 300,000.00 320,700.00 0.06 EUR ALBEMARLE CORP 1.87500% 08.12.21 200,000.00 206,774.00 0.04 EUR ALLERGAN FUNDING SCS 1.50000% 15.11.23 300,000.00 315,495.00 0.06 EUR ALLERGAN FUNDING SCS 2.62500% 15.11.28 100,000.00 115,056.00 0.02 EUR ALLERGAN FUNDING SCS FRN 0.00000% 15.11.20 500,000.00 500,410.00 0.09 EUR ALLIANDER NV 'EMTN' 0.87500% 22.04.26 200,000.00 208,538.00 0.04 EUR ALLIANZ FINANCE II BV 'EMTN' 1.37500% 21.04.31 200,000.00 217,360.00 0.04 EUR ALLIANZ SE FRN 1.30100% 25.09.49 300,000.00 297,018.00 0.05 EUR ALLIANZ SE FRN 5.62500% 17.10.42 200,000.00 229,290.00 0.04 EUR ALLIED IRISH BANKS PLC 'EMTN' FRN 4.12500% 26.11.25 1,000,000.00 1,032,800.00 0.19 EUR ALSTRIA OFFICE REIT-AG 2.12500% 12.04.23 100,000.00 105,276.00 0.02 EUR ALTRIA GROUP INC 3.12500% 15.06.31 1,500,000.00 1,670,085.00 0.31 EUR AMADEUS CAPITAL MARKETS SAU 'EMTN' 1.62500% 17.11.21 300,000.00 308,250.00 0.06 EUR AMCO - ASSET MANAGEMENT CO SPA 'EMTN' 1.37500% 27.01.25 1,350,000.00 1,330,749.00 0.25 EUR AMERICA MOVIL SAB DE CV 1.50000% 10.03.24 200,000.00 210,312.00 0.04 EUR AMERICA MOVIL SAB DE CV 3.00000% 12.07.21 500,000.00 522,980.00 0.10 EUR AMERICA MOVIL SAB DE CV 'EMTN' 0.75000% 26.06.27 200,000.00 202,388.00 0.04 EUR AMERICA MOVIL SAB DE CV FRN 6.37500% 06.09.73 200,000.00 240,016.00 0.04 EUR AMERICAN EXPRESS CREDIT CORP 0.62500% 22.11.21 200,000.00 202,598.00 0.04 EUR AMERICAN HONDA FINANCE CORP 0.35000% 26.08.22 300,000.00 302,592.00 0.06 EUR AMERICAN HONDA FINANCE CORP 'EMTN' 0.75000% 17.01.24 200,000.00 204,922.00 0.04 EUR AMGEN INC 1.25000% 25.02.22 500,000.00 511,760.00 0.09 EUR AMGEN INC 2.00000% 25.02.26 300,000.00 329,988.00 0.06 EUR ANGLO AMERICAN CAPITAL PLC 'EMTN' 1.62500% 18.09.25 350,000.00 364,399.00 0.07 EUR ANGLO AMERICAN CAPITAL PLC 'EMTN' 1.62500% 11.03.26 300,000.00 311,868.00 0.06

The notes are an integral part of the financial statements. 31

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR ANGLO AMERICAN CAPITAL PLC 'EMTN' 3.25000% 03.04.23 525,000.00 574,922.25 0.11 EUR ANGLO AMERICAN CAPITAL PLC 'EMTN' 3.50000% 28.03.22 300,000.00 322,308.00 0.06 EUR ANHEUSER-BUSCH INBEV SA/NV 'EMTN' 1.50000% 17.03.25 700,000.00 749,014.00 0.14 EUR ANHEUSER-BUSCH INBEV SA/NV 'EMTN' 2.00000% 17.03.28 800,000.00 894,496.00 0.16 EUR ANHEUSER-BUSCH INBEV SA/NV 'EMTN' 2.00000% 23.01.35 200,000.00 221,734.00 0.04 EUR ANHEUSER-BUSCH INBEV SA/NV 'EMTN' 2.70000% 31.03.26 300,000.00 346,503.00 0.06 EUR ANHEUSER-BUSCH INBEV SA/NV 'EMTN' 2.75000% 17.03.36 700,000.00 851,410.00 0.16 EUR ANHEUSER-BUSCH INBEV SA/NV 'EMTN' FRN 0.00000% 15.04.24 900,000.00 897,804.00 0.17 EUR AP MOLLER - MAERSK A/S 'EMTN' 1.50000% 24.11.22 200,000.00 207,718.00 0.04 EUR AP MOLLER - MAERSK A/S 'EMTN' 1.75000% 16.03.26 300,000.00 311,406.00 0.06 EUR APPLE INC 0.87500% 24.05.25 600,000.00 625,068.00 0.11 EUR APPLE INC 1.37500% 24.05.29 400,000.00 437,008.00 0.08 EUR APPLE INC 2.00000% 17.09.27 400,000.00 453,752.00 0.08 EUR APRR SA 'EMTN' 1.87500% 15.01.25 100,000.00 108,450.00 0.02 EUR APTIV PLC 1.60000% 15.09.28 250,000.00 263,420.00 0.05 EUR ARCELORMITTAL SA 'EMTN' 0.95000% 17.01.23 100,000.00 100,668.00 0.02 EUR ARCELORMITTAL SA 'EMTN' 3.00000% 09.04.21 300,000.00 310,743.00 0.06 EUR ARCELORMITTAL SA 'EMTN' 3.12500% 14.01.22 400,000.00 421,692.00 0.08 EUR ARKEMA SA 'EMTN' 1.50000% 20.01.25 200,000.00 212,580.00 0.04 EUR ARKEMA SA 'EMTN' 1.50000% 20.04.27 200,000.00 213,822.00 0.04 EUR AROUNDTOWN SA 1.50000% 15.07.24 900,000.00 939,042.00 0.17 EUR AROUNDTOWN SA 'EMTN' 0.62500% 09.07.25 1,800,000.00 1,794,078.00 0.33 EUR AROUNDTOWN SA 'EMTN' 1.00000% 07.01.25 200,000.00 204,014.00 0.04 EUR AROUNDTOWN SA 'EMTN' 2.00000% 02.11.26 300,000.00 320,283.00 0.06 EUR AROUNDTOWN SA FRN (PERPETUAL) 2.12500% 17.01.24 400,000.00 403,000.00 0.07 EUR ASML HOLDING NV 1.37500% 07.07.26 2,500,000.00 2,675,300.00 0.49 EUR ASSICURAZIONI GENERALI SPA 2.87500% 14.01.20 400,000.00 400,348.00 0.07 EUR ASSICURAZIONI GENERALI SPA 'EMTN' 5.12500% 16.09.24 1,200,000.00 1,472,952.00 0.27 EUR ASSICURAZIONI GENERALI SPA 'EMTN' FRN 7.75000% 12.12.42 700,000.00 842,625.00 0.16 EUR ASSICURAZIONI GENERALI SPA 'EMTN' FRN (PERPETUAL) 4.59600% 21.11.25 1,200,000.00 1,347,000.00 0.25 EUR ASTRAZENECA PLC 'EMTN' 0.75000% 12.05.24 500,000.00 513,730.00 0.09 EUR ASTRAZENECA PLC 'EMTN' 1.25000% 12.05.28 200,000.00 212,930.00 0.04 EUR AT&T INC 1.05000% 05.09.23 400,000.00 410,456.00 0.08 EUR AT&T INC 2.40000% 15.03.24 100,000.00 107,944.00 0.02 EUR AT&T INC 2.60000% 17.12.29 600,000.00 683,280.00 0.13 EUR AT&T INC 2.65000% 17.12.21 700,000.00 731,654.00 0.13 EUR AT&T INC 3.15000% 04.09.36 1,100,000.00 1,285,119.00 0.24 EUR AT&T INC 3.37500% 15.03.34 750,000.00 902,167.50 0.17 EUR AT&T INC 3.50000% 17.12.25 1,000,000.00 1,170,900.00 0.22 EUR AT&T INC 3.55000% 17.12.32 250,000.00 310,110.00 0.06 EUR ATF NETHERLANDS BV FRN (PERPETUAL) 3.75000% 20.01.23 200,000.00 213,494.00 0.04 EUR ATOS SE 1.75000% 07.05.25 200,000.00 213,322.00 0.04 EUR AUCHAN HOLDING SA 'EMTN' 0.62500% 07.02.22 500,000.00 501,935.00 0.09 EUR AUCHAN HOLDING SA 'EMTN' 2.37500% 25.04.25 700,000.00 728,826.00 0.13 EUR AUTOROUTES DU SUD DE LA FRANCE SA 'EMTN' 1.00000% 13.05.26 500,000.00 524,385.00 0.10 EUR AUTOROUTES DU SUD DE LA FRANCE SA 'EMTN' 1.12500% 20.04.26 600,000.00 633,096.00 0.12 EUR AUTOROUTES DU SUD DE LA FRANCE SA 'EMTN' 1.25000% 18.01.27 200,000.00 213,576.00 0.04 EUR AUTOSTRADA BRESCIA VERONA VICENZA PADOVA SPA 2.37500% 20.03.20 315,000.00 315,749.70 0.06 EUR AUTOSTRADE PER L'ITALIA SPA 'EMTN' 1.75000% 01.02.27 1,400,000.00 1,315,524.00 0.24 EUR AUTOSTRADE PER L'ITALIA SPA 'EMTN' 1.87500% 04.11.25 700,000.00 673,540.00 0.12 EUR AUTOSTRADE PER L'ITALIA SPA 'EMTN' 1.87500% 26.09.29 100,000.00 93,432.00 0.02 EUR AUTOSTRADE PER L'ITALIA SPA 'MTN' 1.62500% 12.06.23 1,500,000.00 1,449,645.00 0.27 EUR AVIVA PLC 'EMTN' 0.62500% 27.10.23 200,000.00 203,730.00 0.04 EUR AVIVA PLC 'EMTN' FRN 3.37500% 04.12.45 600,000.00 664,182.00 0.12 EUR AVIVA PLC 'EMTN' FRN 6.12500% 05.07.43 650,000.00 764,562.50 0.14 EUR AXA SA 'EMTN' FRN 5.12500% 04.07.43 500,000.00 578,450.00 0.11 EUR AXA SA 'EMTN' FRN (PERPETUAL) 3.87500% 08.10.25 500,000.00 570,625.00 0.10 EUR AZIMUT HOLDING SPA 1.62500% 12.12.24 450,000.00 448,492.50 0.08 EUR AZIMUT HOLDING SPA 2.00000% 28.03.22 550,000.00 564,261.50 0.10 BANCA DEL MEZZOGIORNO-MEDIOCREDITO CENTRALE SPA 'EMTN' 1.50000% EUR 24.10.24 1,300,000.00 1,281,527.00 0.24 EUR BANCA FARMAFACTORING SPA 'EMTN' 1.75000% 23.05.23 470,000.00 476,786.80 0.09 EUR BANCA FARMAFACTORING SPA FRN 5.87500% 02.03.27 700,000.00 707,847.00 0.13 EUR BANCA IFIS SPA 1.75000% 26.05.20 900,000.00 901,818.00 0.17 EUR BANCA MONTE DEI PASCHI DI SIENA SPA 'EMTN' 2.00000% 29.01.24 400,000.00 421,712.00 0.08 EUR BANCA POPOLARE DI SONDRIO SCPA 'EMTN' 2.37500% 03.04.24 1,200,000.00 1,214,892.00 0.22 EUR BANCA POPOLARE DI SONDRIO SCPA 'EMTN' FRN 6.25000% 30.07.29 1,250,000.00 1,325,012.50 0.24 EUR BANCA SELLA SPA 'EMTN' FRN 5.50000% 22.09.27 650,000.00 669,493.50 0.12 EUR BANCO BILBAO VIZCAYA ARGENTARIA SA 'EMTN' 0.37500% 02.10.24 600,000.00 596,262.00 0.11 EUR BANCO BILBAO VIZCAYA ARGENTARIA SA 'EMTN' FRN 0.20500% 09.03.23 200,000.00 199,588.00 0.04 EUR BANCO BILBAO VIZCAYA ARGENTARIA SA 'GMTN' 0.75000% 11.09.22 600,000.00 609,894.00 0.11 EUR BANCO BPM SPA 'EMTN' 2.00000% 08.03.22 650,000.00 660,881.00 0.12 EUR BANCO BPM SPA 'EMTN' 2.75000% 27.07.20 3,700,000.00 3,749,432.00 0.69

32 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR BANCO BPM SPA 'EMTN' 7.12500% 01.03.21 500,000.00 532,500.00 0.10 EUR BANCO DE SABADELL SA 'EMTN' 0.87500% 05.03.23 500,000.00 505,870.00 0.09 EUR BANCO DE SABADELL SA 'EMTN' 1.12500% 27.03.25 500,000.00 499,580.00 0.09 EUR BANCO DE SABADELL SA 'EMTN' 1.75000% 10.05.24 300,000.00 309,840.00 0.06 EUR BANCO DE SABADELL SA 'REGS' 0.87500% 22.07.25 700,000.00 704,585.00 0.13 EUR BANCO DI DESIO E DELLA BRIANZA SPA 0.87500% 12.09.24 1,300,000.00 1,350,856.00 0.25 EUR BANCO SANTANDER SA 1.37500% 09.02.22 800,000.00 822,352.00 0.15 EUR BANCO SANTANDER SA 'EMTN' 1.12500% 17.01.25 600,000.00 619,884.00 0.11 EUR BANCO SANTANDER SA 'EMTN' 1.37500% 14.12.22 200,000.00 207,962.00 0.04 EUR BANCO SANTANDER SA 'EMTN' 2.50000% 18.03.25 400,000.00 434,000.00 0.08 EUR BANK OF AMERICA CORP 'EMTN' 1.37500% 10.09.21 100,000.00 102,524.00 0.02 EUR BANK OF AMERICA CORP 'EMTN' FRN 0.73600% 07.02.22 200,000.00 201,780.00 0.04 EUR BANK OF AMERICA CORP 'EMTN' FRN 0.80800% 09.05.26 300,000.00 306,486.00 0.06 EUR BANK OF AMERICA CORP 'EMTN' FRN 1.37900% 07.02.25 500,000.00 522,365.00 0.10 EUR BANK OF AMERICA CORP 'EMTN' FRN 1.38100% 09.05.30 500,000.00 528,520.00 0.10 EUR BANK OF IRELAND GROUP PLC 'EMTN' FRN 0.75000% 08.07.24 225,000.00 226,406.25 0.04 EUR BANK OF IRELAND GROUP PLC 'EMTN' FRN 1.00000% 25.11.25 550,000.00 553,267.00 0.10 EUR BANKIA SA 0.75000% 09.07.26 700,000.00 701,680.00 0.13 EUR BANQUE FEDERATIVE DU CREDIT MUTUEL SA 'EMTN' 1.87500% 18.06.29 300,000.00 318,666.00 0.06 EUR BARCLAYS BANK PLC 'EMTN' 6.00000% 14.01.21 700,000.00 742,147.00 0.14 EUR BARCLAYS BANK PLC 'EMTN' 6.62500% 30.03.22 375,000.00 427,927.50 0.08 EUR BARCLAYS PLC 'EMTN' 1.50000% 01.04.22 400,000.00 412,344.00 0.08 EUR BARCLAYS PLC 'EMTN' 1.87500% 23.03.21 400,000.00 409,084.00 0.08 EUR BARCLAYS PLC 'EMTN' 1.87500% 08.12.23 200,000.00 211,342.00 0.04 EUR BARCLAYS PLC 'EMTN' FRN 0.62500% 14.11.23 1,400,000.00 1,412,250.00 0.26 EUR BARCLAYS PLC 'EMTN' FRN 1.37500% 24.01.26 200,000.00 206,000.00 0.04 EUR BARCLAYS PLC 'EMTN' FRN 2.62500% 11.11.25 800,000.00 814,000.00 0.15 EUR BASF FINANCE EUROPE NV 'EMTN' 0.75000% 10.11.26 600,000.00 627,666.00 0.12 EUR BASF SE 0.87500% 15.11.27 300,000.00 314,829.00 0.06 EUR BASF SE 'EMTN' 0.87500% 06.10.31 300,000.00 308,991.00 0.06 EUR BAT CAPITAL CORP 'EMTN' 1.12500% 16.11.23 200,000.00 205,458.00 0.04 EUR BAT INTERNATIONAL FINANCE PLC 'EMTN' 0.87500% 13.10.23 500,000.00 508,560.00 0.09 EUR BAT INTERNATIONAL FINANCE PLC 'EMTN' 2.25000% 16.01.30 1,000,000.00 1,040,720.00 0.19 EUR BAT INTERNATIONAL FINANCE PLC 'EMTN' 2.75000% 25.03.25 2,500,000.00 2,774,500.00 0.51 EUR BAT INTERNATIONAL FINANCE PLC 'EMTN' 3.12500% 06.03.29 1,100,000.00 1,247,477.00 0.23 EUR BAT INTERNATIONAL FINANCE PLC 'EMTN' 3.62500% 09.11.21 1,000,000.00 1,067,860.00 0.20 EUR BAXTER INTERNATIONAL INC 1.30000% 30.05.25 200,000.00 210,792.00 0.04 EUR BAYER AG FRN 2.37500% 02.04.75 200,000.00 204,750.00 0.04 EUR BAYER AG FRN 3.75000% 01.07.74 200,000.00 215,250.00 0.04 EUR BAYER CAPITAL CORP BV 0.62500% 15.12.22 500,000.00 507,705.00 0.09 EUR BAYER CAPITAL CORP BV 1.50000% 26.06.26 100,000.00 105,759.00 0.02 EUR BAYER CAPITAL CORP BV 2.12500% 15.12.29 700,000.00 771,316.00 0.14 EUR BAYER CAPITAL CORP BV 'EMTN' 1.25000% 13.11.23 300,000.00 312,534.00 0.06 EUR BERKSHIRE HATHAWAY INC 1.30000% 15.03.24 400,000.00 419,136.00 0.08 EUR BERTELSMANN SE & CO KGAA FRN 3.00000% 23.04.75 200,000.00 212,014.00 0.04 EUR BEVCO LUX SARL 1.75000% 09.02.23 300,000.00 312,288.00 0.06 EUR BG ENERGY CAPITAL PLC 'EMTN' 1.25000% 21.11.22 500,000.00 516,055.00 0.09 EUR BG ENERGY CAPITAL PLC 'EMTN' 2.25000% 21.11.29 600,000.00 687,798.00 0.13 EUR BHARTI AIRTEL INTERNATIONAL NETHERLANDS BV 'REGS' 3.37500% 20.05.21 200,000.00 207,150.00 0.04 EUR BHP BILLITON FINANCE LTD FRN 4.75000% 22.04.76 500,000.00 529,385.00 0.10 EUR BHP BILLITON FINANCE LTD FRN 5.62500% 22.10.79 700,000.00 854,644.00 0.16 EUR BLACKSTONE HOLDINGS FINANCE CO LLC 'REGS' 1.00000% 05.10.26 500,000.00 512,515.00 0.09 BLACKSTONE PROPERTY PARTNERS EUROPE HOLDINGS SARL 'EMTN' EUR 1.75000% 12.03.29 1,000,000.00 998,180.00 0.18 BLACKSTONE PROPERTY PARTNERS EUROPE HOLDINGS SARL 'EMTN' EUR 2.20000% 24.07.25 2,423,000.00 2,577,345.10 0.48 EUR BMW FINANCE NV 'EMTN' 0.37500% 10.07.23 200,000.00 202,020.00 0.04 EUR BMW FINANCE NV 'EMTN' 0.75000% 12.07.24 300,000.00 307,680.00 0.06 EUR BMW FINANCE NV 'EMTN' 1.00000% 14.11.24 200,000.00 207,644.00 0.04 EUR BMW FINANCE NV 'EMTN' 1.00000% 29.08.25 100,000.00 104,169.00 0.02 EUR BMW FINANCE NV 'EMTN' 1.12500% 10.01.28 200,000.00 210,254.00 0.04 EUR BMW FINANCE NV 'EMTN' 1.50000% 06.02.29 2,500,000.00 2,684,775.00 0.50 EUR BNP PARIBAS CARDIF SA 'EMTN' 1.00000% 29.11.24 300,000.00 303,999.00 0.06 EUR BNP PARIBAS SA 'EMTN' 1.00000% 17.04.24 700,000.00 721,119.00 0.13 EUR BNP PARIBAS SA 'EMTN' 1.00000% 27.06.24 700,000.00 720,188.00 0.13 EUR BNP PARIBAS SA 'EMTN' 1.12500% 15.01.23 800,000.00 826,608.00 0.15 EUR BNP PARIBAS SA 'EMTN' 1.12500% 22.11.23 820,000.00 846,945.20 0.16 EUR BNP PARIBAS SA 'EMTN' 1.25000% 19.03.25 1,200,000.00 1,250,532.00 0.23 EUR BNP PARIBAS SA 'EMTN' 1.37500% 28.05.29 400,000.00 421,888.00 0.08 EUR BNP PARIBAS SA 'EMTN' 2.37500% 17.02.25 400,000.00 433,408.00 0.08 EUR BNP PARIBAS SA 'EMTN' FRN 0.21400% 22.05.23 265,000.00 266,375.35 0.05 EUR BNP PARIBAS SA 'EMTN' FRN 2.12500% 23.01.27 400,000.00 436,960.00 0.08 EUR BNP PARIBAS SA 'EMTN' FRN 2.62500% 14.10.27 600,000.00 636,390.00 0.12

The notes are an integral part of the financial statements. 33

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR BNP PARIBAS SA 'EMTN' FRN 2.87500% 20.03.26 800,000.00 826,272.00 0.15 EUR BOOKING HOLDINGS INC 1.80000% 03.03.27 800,000.00 868,392.00 0.16 EUR BOOKING HOLDINGS INC 2.15000% 25.11.22 400,000.00 422,072.00 0.08 EUR BOOKING HOLDINGS INC 2.37500% 23.09.24 200,000.00 218,822.00 0.04 EUR BOUYGUES SA 1.37500% 07.06.27 400,000.00 433,836.00 0.08 EUR BP CAPITAL MARKETS PLC 'EMTN' 0.83000% 19.09.24 600,000.00 616,794.00 0.11 EUR BP CAPITAL MARKETS PLC 'EMTN' 0.83100% 08.11.27 300,000.00 306,315.00 0.06 EUR BP CAPITAL MARKETS PLC 'EMTN' 1.07700% 26.06.25 600,000.00 625,200.00 0.12 EUR BP CAPITAL MARKETS PLC 'EMTN' 1.10900% 16.02.23 1,000,000.00 1,033,220.00 0.19 EUR BP CAPITAL MARKETS PLC 'EMTN' 1.52600% 26.09.22 1,500,000.00 1,563,015.00 0.29 EUR BP CAPITAL MARKETS PLC 'EMTN' 1.59400% 03.07.28 800,000.00 862,336.00 0.16 EUR BP CAPITAL MARKETS PLC 'EMTN' 1.95300% 03.03.25 1,000,000.00 1,086,710.00 0.20 EUR BP CAPITAL MARKETS PLC 'EMTN' 2.97200% 27.02.26 300,000.00 348,285.00 0.06 EUR BPCE SA 4.62500% 18.07.23 500,000.00 574,800.00 0.11 EUR BPCE SA 'EMTN' 0.50000% 24.02.27 300,000.00 297,552.00 0.05 EUR BPCE SA 'EMTN' 0.62500% 26.09.24 300,000.00 303,045.00 0.06 EUR BPCE SA 'EMTN' 0.87500% 31.01.24 600,000.00 613,344.00 0.11 EUR BPCE SA 'EMTN' 1.00000% 01.04.25 400,000.00 411,444.00 0.08 EUR BPCE SA 'EMTN' 1.12500% 18.01.23 400,000.00 411,592.00 0.08 EUR BPCE SA FRN 2.75000% 08.07.26 600,000.00 622,620.00 0.11 EUR BRISA-CONCESSAO RODOVIARIA SA 'EMTN' 2.37500% 10.05.27 200,000.00 219,600.00 0.04 EUR BRISA-CONCESSAO RODOVIARIA SA 'EMTN' 3.87500% 01.04.21 500,000.00 524,350.00 0.10 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 0.50000% 12.09.25 450,000.00 446,188.50 0.08 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 0.62500% 10.03.21 200,000.00 201,724.00 0.04 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 0.87500% 26.09.23 100,000.00 102,262.00 0.02 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 1.00000% 23.06.24 300,000.00 307,839.00 0.06 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 1.00000% 21.11.24 500,000.00 510,880.00 0.09 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 1.12500% 10.03.23 100,000.00 102,990.00 0.02 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 1.12500% 12.09.29 400,000.00 396,068.00 0.07 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 1.50000% 23.06.27 800,000.00 831,096.00 0.15 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 1.75000% 10.03.26 400,000.00 422,512.00 0.08 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 2.12500% 26.09.28 700,000.00 760,095.00 0.14 EUR BRUSSELS AIRPORT CO NV/SA 'EMTN' 1.00000% 03.05.24 200,000.00 205,742.00 0.04 EUR BRUSSELS AIRPORT CO NV/SA 'EMTN' 3.25000% 01.07.20 600,000.00 609,702.00 0.11 EUR CADENT FINANCE PLC 'EMTN' 0.62500% 22.09.24 500,000.00 503,995.00 0.09 CAISSE NATIONALE DE REASSURANCE MUTUELLE AGRICOLE GROUPAMA EUR 6.00000% 23.01.27 100,000.00 127,150.00 0.02 CAISSE NATIONALE DE REASSURANCE MUTUELLE AGRICOLE GROUPAMA FRN EUR (PERPETUAL) 6.37500% 28.05.24 300,000.00 356,442.00 0.07 EUR CAIXABANK SA 'EMTN' 1.12500% 12.01.23 600,000.00 613,152.00 0.11 EUR CAIXABANK SA 'EMTN' 1.37500% 19.06.26 600,000.00 617,118.00 0.11 EUR CAIXABANK SA 'EMTN' 2.37500% 01.02.24 800,000.00 858,472.00 0.16 EUR CAIXABANK SA 'EMTN' FRN 3.50000% 15.02.27 900,000.00 950,616.00 0.18 EUR CANAL DE ISABEL II GESTION SA 'EMTN' 1.68000% 26.02.25 200,000.00 210,612.04 0.04 EUR CAPGEMINI SE 0.50000% 09.11.21 800,000.00 806,304.00 0.15 EUR CAPITAL ONE FINANCIAL CORP 1.65000% 12.06.29 200,000.00 207,212.00 0.04 EUR CARLSBERG BREWERIES A/S 'EMTN' 0.50000% 06.09.23 400,000.00 405,708.00 0.07 EUR CARMILA SA 2.37500% 16.09.24 200,000.00 215,206.00 0.04 EUR CARNIVAL CORP 1.87500% 07.11.22 500,000.00 526,720.00 0.10 EUR CARREFOUR SA 'EMTN' 0.75000% 26.04.24 400,000.00 408,832.00 0.07 EUR CARREFOUR SA 'EMTN' 1.25000% 03.06.25 300,000.00 314,514.00 0.06 EUR CARREFOUR SA 'EMTN' 1.75000% 04.05.26 400,000.00 428,992.00 0.08 CASSA CENTRALE RAIFFEISEN DELL'ALTO ADIGE SPA 'EMTN' 1.12500% EUR 27.09.24 350,000.00 348,302.50 0.06 EUR CDP RETI SPA 1.87500% 29.05.22 1,700,000.00 1,751,782.00 0.32 EUR CELLNEX TELECOM SA 'EMTN' 2.87500% 18.04.25 300,000.00 330,195.00 0.06 EUR CIE DE SAINT-GOBAIN 'EMTN' 0.87500% 21.09.23 300,000.00 308,049.00 0.06 EUR CIE DE SAINT-GOBAIN 'EMTN' 1.87500% 15.03.31 200,000.00 218,996.00 0.04 EUR CIE DE SAINT-GOBAIN 'EMTN' 3.87500% 28.03.33 200,000.00 254,792.00 0.05 CIE FINANCIERE ET INDUSTRIELLE DES AUTOROUTES SA 'EMTN' 0.37500% EUR 07.02.25 500,000.00 506,460.00 0.09 EUR CITIGROUP INC 'EMTN' 0.75000% 26.10.23 400,000.00 408,408.00 0.07 EUR CITIGROUP INC 'EMTN' FRN 1.50000% 24.07.26 350,000.00 369,323.50 0.07 EUR CITYCON TREASURY BV 1.25000% 08.09.26 200,000.00 189,306.00 0.03 EUR CK HUTCHISON FINANCE 16 II LTD 0.87500% 03.10.24 1,000,000.00 1,014,710.00 0.19 EUR CK HUTCHISON GROUP TELECOM FINANCE SA 0.37500% 17.10.23 510,000.00 510,984.30 0.09 EUR CK HUTCHISON GROUP TELECOM FINANCE SA 1.50000% 17.10.31 530,000.00 526,729.90 0.10 CLOVERIE PLC FOR SWISS REINSURANCE CO LTD 'EMTN' FRN 6.62500% EUR 01.09.42 200,000.00 233,454.44 0.04 EUR CLOVERIE PLC FOR ZURICH INSURANCE CO LTD 1.50000% 15.12.28 400,000.00 430,160.00 0.08 EUR CNH INDUSTRIAL FINANCE EUROPE SA 'EMTN' 1.37500% 23.05.22 200,000.00 205,314.00 0.04 EUR CNH INDUSTRIAL FINANCE EUROPE SA 'EMTN' 1.75000% 25.03.27 400,000.00 415,948.00 0.08 EUR CNRC CAPITAL LTD 1.87100% 07.12.21 500,000.00 512,995.00 0.09 EUR COCA-COLA EUROPEAN PARTNERS PLC 0.75000% 24.02.22 1,000,000.00 1,016,010.00 0.19 EUR COCA-COLA HBC FINANCE BV 'EMTN' 1.87500% 11.11.24 300,000.00 325,551.00 0.06

34 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR COENTREPRISE DE TRANSPORT D'ELECTRICITE SA 0.87500% 29.09.24 200,000.00 205,642.00 0.04 EUR COENTREPRISE DE TRANSPORT D'ELECTRICITE SA 2.12500% 29.07.32 300,000.00 340,623.00 0.06 EUR COMMERZBANK AG 'EMTN' 0.62500% 28.08.24 525,000.00 531,882.75 0.10 EUR COMMERZBANK AG 'EMTN' 1.00000% 04.03.26 600,000.00 618,060.00 0.11 EUR COMMERZBANK AG 'EMTN' 1.25000% 23.10.23 400,000.00 411,488.00 0.08 EUR COMMERZBANK AG 'EMTN' 7.75000% 16.03.21 700,000.00 763,735.00 0.14 EUR COOPERATIEVE RABOBANK UA 3.87500% 25.07.23 300,000.00 337,812.00 0.06 EUR COOPERATIEVE RABOBANK UA 'EMTN' 4.12500% 14.09.22 650,000.00 718,731.00 0.13 EUR COOPERATIEVE RABOBANK UA FRN (PERPETUAL) 5.50000% 29.06.20 600,000.00 613,470.00 0.11 EUR COVIVIO 1.62500% 17.10.24 300,000.00 314,976.00 0.06 EUR COVIVIO 1.87500% 20.05.26 300,000.00 323,055.00 0.06 EUR COVIVIO 2.37500% 20.02.28 200,000.00 222,990.00 0.04 EUR CPI PROPERTY GROUP SA 'EMTN' 2.12500% 04.10.24 100,000.00 104,153.00 0.02 EUR CREDIT AGRICOLE SA 2.62500% 17.03.27 700,000.00 785,183.00 0.14 EUR CREDIT AGRICOLE SA 'EMTN' 2.85000% 27.04.26 700,000.00 763,812.00 0.14 EUR CREDIT AGRICOLE SA/LONDON 'EMTN' 0.50000% 24.06.24 500,000.00 504,340.00 0.09 EUR CREDIT AGRICOLE SA/LONDON 'EMTN' 1.75000% 05.03.29 600,000.00 656,658.00 0.12 EUR CREDIT AGRICOLE SA/LONDON 'EMTN' 1.87500% 20.12.26 600,000.00 654,330.00 0.12 EUR CREDIT AGRICOLE SA/LONDON 'EMTN' FRN 0.20700% 06.03.23 1,400,000.00 1,406,692.00 0.26 EUR CREDIT MUTUEL ARKEA SA 'EMTN' 0.87500% 05.10.23 900,000.00 922,293.00 0.17 EUR CREDIT MUTUEL ARKEA SA 'EMTN' 1.62500% 15.04.26 300,000.00 316,629.00 0.06 EUR CREDIT MUTUEL ARKEA SA 'EMTN' FRN 1.87500% 25.10.29 400,000.00 410,600.00 0.08 EUR CREDIT SUISSE AG FRN 5.75000% 18.09.25 300,000.00 311,625.00 0.06 EUR CREDIT SUISSE GROUP AG 'EMTN' FRN 1.00000% 24.06.27 500,000.00 509,395.00 0.09 EUR CREDIT SUISSE GROUP AG 'EMTN' FRN 1.25000% 17.07.25 800,000.00 829,067.20 0.15 EUR CREDIT SUISSE GROUP FUNDING GUERNSEY LTD 'EMTN' 1.25000% 14.04.22 1,200,000.00 1,233,024.00 0.23 EUR CREDITO EMILIANO SPA FRN 3.62500% 10.07.27 1,500,000.00 1,537,410.00 0.28 EUR DAIMLER AG 'EMTN' 0.85000% 28.02.25 200,000.00 204,656.00 0.04 EUR DAIMLER AG 'EMTN' 1.00000% 15.11.27 200,000.00 205,666.00 0.04 EUR DAIMLER AG 'EMTN' 1.37500% 11.05.28 200,000.00 212,520.00 0.04 EUR DAIMLER AG 'EMTN' 1.50000% 03.07.29 200,000.00 212,750.00 0.04 EUR DAIMLER INTERNATIONAL FINANCE BV 'EMTN' 0.25000% 11.05.22 300,000.00 301,338.00 0.06 EUR DANONE SA 'EMTN' 0.70900% 03.11.24 300,000.00 308,760.00 0.06 EUR DANONE SA 'EMTN' 1.20800% 03.11.28 500,000.00 541,920.00 0.10 EUR DANSKE BANK A/S 'EMTN' 0.25000% 28.11.22 500,000.00 501,870.00 0.09 EUR DANSKE BANK A/S 'EMTN' 0.87500% 22.05.23 400,000.00 404,932.00 0.07 EUR DANSKE BANK A/S 'EMTN' 1.37500% 24.05.22 700,000.00 717,682.00 0.13 EUR DANSKE BANK A/S 'EMTN' FRN 2.50000% 21.06.29 400,000.00 420,284.00 0.08 EUR DANSKE BANK A/S FRN 0.50000% 27.08.25 1,600,000.00 1,581,200.00 0.29 EUR DEUTSCHE BANK AG 'EMTN' 0.37500% 18.01.21 1,200,000.00 1,198,008.00 0.22 EUR DEUTSCHE BANK AG 'EMTN' 1.50000% 20.01.22 1,200,000.00 1,215,432.00 0.22 EUR DEUTSCHE BANK AG 'EMTN' 1.87500% 14.02.22 900,000.00 919,170.00 0.17 EUR DEUTSCHE BANK AG 'EMTN' 2.37500% 11.01.23 300,000.00 312,723.00 0.06 EUR DEUTSCHE BANK AG 'EMTN' 5.00000% 24.06.20 1,550,000.00 1,580,705.50 0.29 EUR DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 'EMTN' 0.87500% 30.01.24 400,000.00 411,184.00 0.08 EUR DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 'EMTN' 1.37500% 30.01.27 200,000.00 212,516.00 0.04 EUR DIAGEO FINANCE PLC 'EMTN' 0.50000% 19.06.24 200,000.00 204,094.00 0.04 EUR DIAGEO FINANCE PLC 'EMTN' 1.75000% 23.09.24 800,000.00 861,216.00 0.16 EUR DIAGEO FINANCE PLC 'EMTN' 2.37500% 20.05.26 300,000.00 340,407.00 0.06 EUR DISCOVERY COMMUNICATIONS LLC 1.90000% 19.03.27 200,000.00 209,406.00 0.04 EUR DISCOVERY COMMUNICATIONS LLC 2.37500% 07.03.22 200,000.00 209,252.00 0.04 EUR E.ON SE 'EMTN' 0.00000% 24.10.22 200,000.00 199,840.00 0.04 EUR EASYJET PLC 'EMTN' 0.87500% 11.06.25 1,200,000.00 1,214,484.00 0.22 EUR EASYJET PLC 'EMTN' 1.12500% 18.10.23 300,000.00 308,298.00 0.06 EUR EDENRED 1.37500% 10.03.25 300,000.00 315,444.00 0.06 EUR EDENRED 1.87500% 30.03.27 200,000.00 216,614.00 0.04 EUR EDP - ENERGIAS DE PORTUGAL SA FRN 4.49600% 30.04.79 200,000.00 223,500.00 0.04 EUR EDP - ENERGIAS DE PORTUGAL SA FRN 5.37500% 16.09.75 500,000.00 530,195.00 0.10 EUR EDP FINANCE BV 'EMTN' 1.12500% 12.02.24 800,000.00 827,464.00 0.15 EUR EDP FINANCE BV 'EMTN' 1.62500% 26.01.26 500,000.00 532,970.00 0.10 EUR EDP FINANCE BV 'EMTN' 1.87500% 29.09.23 200,000.00 211,884.00 0.04 EUR EDP FINANCE BV 'EMTN' 2.37500% 23.03.23 300,000.00 321,465.00 0.06 EUR EDP FINANCE BV 'EMTN' 2.62500% 18.01.22 1,200,000.00 1,264,140.00 0.23 EUR ELECTRICITE DE FRANCE SA 'EMTN' 1.00000% 13.10.26 400,000.00 418,160.00 0.08 EUR ELECTRICITE DE FRANCE SA 'EMTN' 2.00000% 02.10.30 500,000.00 557,705.00 0.10 EUR ELECTRICITE DE FRANCE SA 'EMTN' 2.75000% 10.03.23 400,000.00 434,284.00 0.08 EUR ELECTRICITE DE FRANCE SA 'EMTN' 4.00000% 12.11.25 1,500,000.00 1,830,030.00 0.34 EUR ELECTRICITE DE FRANCE SA 'EMTN' 4.62500% 11.09.24 1,000,000.00 1,208,820.00 0.22 EUR ELECTRICITE DE FRANCE SA FRN (PERPETUAL) 4.00000% 04.07.24 600,000.00 655,500.00 0.12 EUR ENAGAS FINANCIACIONES SAU 'EMTN' 0.75000% 27.10.26 400,000.00 408,964.00 0.08 EUR ENAGAS FINANCIACIONES SAU 'EMTN' 1.37500% 05.05.28 400,000.00 423,556.00 0.08 EUR ENEL FINANCE INTERNATIONAL NV 1.37500% 01.06.26 2,200,000.00 2,334,596.00 0.43 EUR ENEL FINANCE INTERNATIONAL NV 'EMTN' 1.00000% 16.09.24 500,000.00 518,105.00 0.10

The notes are an integral part of the financial statements. 35

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR ENEL FINANCE INTERNATIONAL NV 'EMTN' 1.12500% 16.09.26 400,000.00 416,492.00 0.08 EUR ENEL FINANCE INTERNATIONAL NV 'EMTN' 1.12500% 17.10.34 350,000.00 346,717.00 0.06 EUR ENEL FINANCE INTERNATIONAL NV 'EMTN' 1.50000% 21.07.25 200,000.00 212,618.00 0.04 EUR ENEL FINANCE INTERNATIONAL NV 'EMTN' 1.96600% 27.01.25 1,000,000.00 1,084,120.00 0.20 EUR ENEL FINANCE INTERNATIONAL NV 'EMTN' 4.87500% 17.04.23 100,000.00 115,948.00 0.02 EUR ENEL SPA FRN 2.50000% 24.11.78 600,000.00 624,000.00 0.11 EUR ENEL SPA FRN 3.50000% 24.05.80 1,527,000.00 1,660,612.50 0.31 EUR ENEL SPA FRN 5.45100% 10.01.74 55,000.00 63,358.90 0.01 EUR ENEXIS HOLDING NV 'EMTN' 1.50000% 20.10.23 1,000,000.00 1,052,780.00 0.19 EUR ENGIE SA 'EMTN' 0.50000% 13.03.22 1,000,000.00 1,011,890.00 0.19 EUR ENGIE SA FRN (PERPETUAL) 3.25000% 28.11.24 300,000.00 329,250.00 0.06 EUR ENI SPA 'EMTN' 0.62500% 19.09.24 1,500,000.00 1,530,090.00 0.28 EUR ENI SPA 'EMTN' 1.00000% 14.03.25 200,000.00 207,508.00 0.04 EUR ENI SPA 'EMTN' 1.00000% 11.10.34 680,000.00 665,060.40 0.12 EUR ENI SPA 'EMTN' 1.12500% 19.09.28 400,000.00 418,696.00 0.08 EUR ENI SPA 'EMTN' 1.50000% 17.01.27 500,000.00 536,780.00 0.10 EUR ENI SPA 'EMTN' 1.62500% 17.05.28 300,000.00 326,922.00 0.06 EUR ENI SPA 'EMTN' 3.25000% 10.07.23 800,000.00 889,184.00 0.16 EUR EQUINOR ASA 'EMTN' 1.25000% 17.02.27 600,000.00 640,272.00 0.12 EUR EQUINOR ASA 'EMTN' 2.87500% 10.09.25 500,000.00 577,370.00 0.11 EUR ERG SPA 'EMTN' 1.87500% 11.04.25 300,000.00 317,031.00 0.06 EUR ERSTE GROUP BANK AG 'EMTN' FRN 1.00000% 10.06.30 400,000.00 397,708.00 0.07 EUR ERSTE GROUP BANK AG 'EMTN' FRN (PERPETUAL) 8.87500% 15.10.21 400,000.00 456,188.00 0.08 EUR ESB FINANCE DAC 'EMTN' 3.49400% 12.01.24 200,000.00 226,834.00 0.04 EUR ESSELUNGA SPA 0.87500% 25.10.23 800,000.00 804,888.00 0.15 EUR ESSELUNGA SPA 1.87500% 25.10.27 200,000.00 205,100.00 0.04 EUR ESSITY AB 'EMTN' 1.12500% 27.03.24 300,000.00 310,611.00 0.06 EUR ESSITY AB 'EMTN' 1.62500% 30.03.27 100,000.00 107,837.00 0.02 EUR EUROGRID GMBH 'EMTN' 1.87500% 10.06.25 600,000.00 648,132.00 0.12 EUR EURONET WORLDWIDE INC 1.37500% 22.05.26 500,000.00 495,535.00 0.09 EUR EURONEXT NV 1.00000% 18.04.25 300,000.00 308,781.00 0.06 EUR EUTELSAT SA 2.25000% 13.07.27 200,000.00 207,870.00 0.04 EUR EVONIK FINANCE BV 'EMTN' 0.37500% 07.09.24 100,000.00 100,941.00 0.02 EUR EVONIK INDUSTRIES AG 'EMTN' 1.00000% 23.01.23 500,000.00 513,550.00 0.09 EUR EVONIK INDUSTRIES AG FRN 2.12500% 07.07.77 200,000.00 206,516.00 0.04 EUR EXOR NV 1.75000% 18.01.28 200,000.00 209,324.00 0.04 EUR EXOR NV 2.12500% 02.12.22 1,000,000.00 1,049,790.00 0.19 EUR EXOR NV 2.50000% 08.10.24 400,000.00 436,964.00 0.08 EUR EXOR NV 2.87500% 22.12.25 300,000.00 333,540.00 0.06 EUR FCA BANK SPA/IRELAND 'EMTN' 0.50000% 13.09.24 1,200,000.00 1,194,816.00 0.22 EUR FCA BANK SPA/IRELAND 'EMTN' 0.62500% 24.11.22 300,000.00 303,072.00 0.06 EUR FCA BANK SPA/IRELAND 'EMTN' 1.00000% 15.11.21 500,000.00 508,785.00 0.09 EUR FCA BANK SPA/IRELAND 'EMTN' 1.00000% 21.02.22 200,000.00 203,542.00 0.04 EUR FCA BANK SPA/IRELAND 'EMTN' 1.25000% 23.09.20 1,700,000.00 1,716,881.00 0.32 EUR FCA BANK SPA/IRELAND 'EMTN' FRN 0.00000% 17.06.21 400,000.00 399,572.00 0.07 EUR FCC AQUALIA SA 1.41300% 08.06.22 200,000.00 204,608.00 0.04 EUR FCC AQUALIA SA 2.62900% 08.06.27 600,000.00 639,432.00 0.12 EUR FCE BANK PLC 'EMTN' 0.86900% 13.09.21 100,000.00 100,389.00 0.02 EUR FCE BANK PLC 'EMTN' 1.11400% 13.05.20 900,000.00 903,204.00 0.17 EUR FCE BANK PLC 'EMTN' 1.13400% 10.02.22 300,000.00 301,656.00 0.06 EUR FCE BANK PLC 'EMTN' 1.52800% 09.11.20 500,000.00 505,530.00 0.09 EUR FCE BANK PLC 'EMTN' 1.61500% 11.05.23 300,000.00 302,766.00 0.06 EUR FCE BANK PLC 'EMTN' 1.87500% 24.06.21 300,000.00 306,216.00 0.06 EUR FCE BANK PLC 'EMTN' FRN 0.09700% 26.08.20 1,000,000.00 998,370.00 0.18 EUR FERROVIAL EMISIONES SA 0.37500% 14.09.22 400,000.00 403,144.00 0.07 EUR FERROVIAL EMISIONES SA 1.37500% 31.03.25 200,000.00 209,062.00 0.04 EUR FERROVIAL EMISIONES SA 'EMTN' 3.37500% 07.06.21 300,000.00 314,745.00 0.06 EUR FERROVIE DELLO STATO ITALIANE SPA 'EMTN' 0.87500% 07.12.23 2,300,000.00 2,331,579.00 0.43 EUR FERROVIE DELLO STATO ITALIANE SPA 'EMTN' 1.50000% 27.06.25 700,000.00 720,475.00 0.13 EUR FERROVIE DELLO STATO ITALIANE SPA 'EMTN' 3.50000% 13.12.21 1,200,000.00 1,276,284.00 0.24 EUR FERROVIE DELLO STATO ITALIANE SPA 'EMTN' 4.00000% 22.07.20 500,000.00 510,975.00 0.09 EUR FIAT CHRYSLER AUTOMOBILES NV 'GMTN' 3.75000% 29.03.24 1,200,000.00 1,354,728.00 0.25 EUR FORD MOTOR CREDIT CO LLC 1.51400% 17.02.23 2,700,000.00 2,723,625.00 0.50 EUR FORD MOTOR CREDIT CO LLC 'EMTN' 1.35500% 07.02.25 200,000.00 195,708.00 0.04 EUR FRESENIUS FINANCE IRELAND PLC 0.87500% 31.01.22 300,000.00 304,197.00 0.06 EUR FRESENIUS FINANCE IRELAND PLC 1.50000% 30.01.24 500,000.00 521,345.00 0.10 EUR FRESENIUS FINANCE IRELAND PLC 2.12500% 01.02.27 500,000.00 545,150.00 0.10 EUR GALP GAS NATURAL DISTRIBUICAO SA 'EMTN' 1.37500% 19.09.23 200,000.00 207,056.00 0.04 EUR GE CAPITAL EUROPEAN FUNDING (0.02700)% 21.01.20 200,000.00 199,980.00 0.04 EUR GE CAPITAL EUROPEAN FUNDING 5.37500% 23.01.20 400,000.00 401,228.00 0.07 EUR GE CAPITAL EUROPEAN FUNDING UNLIMITED CO 'EMTN' 2.25000% 20.07.20 700,000.00 708,330.00 0.13 EUR GE CAPITAL EUROPEAN FUNDING UNLIMITED CO 'EMTN' 6.02500% 01.03.38 2,595,000.00 3,871,817.85 0.72 EUR GECINA SA 'EMTN' 1.00000% 30.01.29 500,000.00 521,325.00 0.10

36 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR GECINA SA 'EMTN' 1.50000% 20.01.25 400,000.00 427,004.00 0.08 EUR GECINA SA 'EMTN' 1.62500% 29.05.34 100,000.00 107,770.00 0.02 EUR GENERAL ELECTRIC CO 0.37500% 17.05.22 400,000.00 400,256.00 0.07 EUR GENERAL ELECTRIC CO 0.87500% 17.05.25 1,900,000.00 1,908,094.00 0.35 EUR GENERAL ELECTRIC CO 1.25000% 26.05.23 200,000.00 205,008.00 0.04 EUR GENERAL ELECTRIC CO 1.50000% 17.05.29 100,000.00 103,407.00 0.02 EUR GENERAL MOTORS FINANCIAL CO INC 'EMTN' 0.20000% 02.09.22 1,000,000.00 993,190.00 0.18 EUR GENERAL MOTORS FINANCIAL CO INC 'EMTN' 0.95500% 07.09.23 1,500,000.00 1,513,785.00 0.28 EUR GENERAL MOTORS FINANCIAL CO INC 'EMTN' FRN 0.28500% 10.05.21 400,000.00 401,000.00 0.07 EUR GLAXOSMITHKLINE CAPITAL PLC 1.00000% 12.09.26 700,000.00 734,762.00 0.14 EUR GLAXOSMITHKLINE CAPITAL PLC 'EMTN' 1.37500% 02.12.24 700,000.00 745,031.00 0.14 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 1.25000% 17.03.21 1,600,000.00 1,616,896.00 0.30 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 1.50000% 15.10.26 400,000.00 405,972.00 0.07 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 1.62500% 18.01.22 600,000.00 613,008.00 0.11 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 1.75000% 17.03.25 1,500,000.00 1,554,690.00 0.29 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 1.87500% 13.09.23 700,000.00 730,933.00 0.13 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 2.75000% 01.04.21 300,000.00 307,710.00 0.06 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 3.75000% 01.04.26 700,000.00 803,670.00 0.15 EUR GOLDMAN SACHS GROUP INC/THE 'EMTN' 1.37500% 15.05.24 1,200,000.00 1,242,504.00 0.23 EUR GOLDMAN SACHS GROUP INC/THE 'EMTN' 2.00000% 27.07.23 700,000.00 744,016.00 0.14 EUR GOLDMAN SACHS GROUP INC/THE 'EMTN' 2.50000% 18.10.21 1,000,000.00 1,047,460.00 0.19 EUR GOLDMAN SACHS GROUP INC/THE 'EMTN' 3.00000% 12.02.31 200,000.00 243,332.00 0.04 EUR GOLDMAN SACHS GROUP INC/THE 'EMTN' 3.25000% 01.02.23 200,000.00 218,878.00 0.04 EUR GOLDMAN SACHS GROUP INC/THE 'EMTN' FRN 0.22100% 26.09.23 500,000.00 501,390.00 0.09 EUR GRAND CITY PROPERTIES SA 1.50000% 17.04.25 1,200,000.00 1,252,176.00 0.23 EUR GRAND CITY PROPERTIES SA 'EMTN' 1.50000% 22.02.27 300,000.00 310,737.00 0.06 EUR GRAND CITY PROPERTIES SA FRN (PERPETUAL) 3.75000% 18.02.22 800,000.00 848,904.00 0.16 EUR HANNOVER FINANCE LUXEMBOURG SA FRN 5.00000% 30.06.43 300,000.00 346,794.00 0.06 EUR HEIDELBERGCEMENT AG 'EMTN' 1.50000% 07.02.25 250,000.00 260,740.00 0.05 EUR HEIDELBERGCEMENT AG 'EMTN' 2.25000% 30.03.23 300,000.00 317,334.00 0.06 EUR HEIDELBERGCEMENT AG 'EMTN' 2.25000% 03.06.24 1,050,000.00 1,128,015.00 0.21 EUR HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 7.50000% 03.04.20 200,000.00 203,830.00 0.04 EUR HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 'EMTN' 0.50000% 09.08.22 187,000.00 188,254.77 0.03 EUR HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 'EMTN' 1.50000% 14.06.27 300,000.00 312,933.00 0.06 EUR HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 'EMTN' 1.62500% 07.04.26 300,000.00 315,591.00 0.06 EUR HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 'EMTN' 3.25000% 21.10.21 400,000.00 422,540.00 0.08 EUR HEINEKEN NV 'EMTN' 1.00000% 04.05.26 2,100,000.00 2,191,308.00 0.40 EUR HEINEKEN NV 'EMTN' 1.37500% 29.01.27 200,000.00 213,986.00 0.04 EUR HEMSO FASTIGHETS AB 'EMTN' 1.75000% 19.06.29 200,000.00 210,018.00 0.04 EUR HERA SPA 'EMTN' 0.87500% 14.10.26 1,000,000.00 1,022,960.00 0.19 EUR HERA SPA 'EMTN' 0.87500% 05.07.27 830,000.00 843,985.50 0.16 EUR HOLCIM FINANCE LUXEMBOURG SA 'EMTN' 1.37500% 26.05.23 100,000.00 104,337.00 0.02 EUR HOLCIM FINANCE LUXEMBOURG SA FRN (PERPETUAL) 3.00000% 05.07.24 200,000.00 210,996.00 0.04 EUR HONEYWELL INTERNATIONAL INC 2.25000% 22.02.28 300,000.00 344,070.00 0.06 EUR HSBC FRANCE SA 'EMTN' 0.60000% 20.03.23 200,000.00 203,382.00 0.04 EUR HSBC HOLDINGS PLC 0.87500% 06.09.24 300,000.00 307,722.00 0.06 EUR HSBC HOLDINGS PLC 'EMTN' 1.50000% 15.03.22 1,100,000.00 1,129,425.00 0.21 EUR HSBC HOLDINGS PLC 'EMTN' 3.00000% 30.06.25 300,000.00 335,928.00 0.06 EUR HSBC HOLDINGS PLC 'EMTN' FRN 1.50000% 04.12.24 700,000.00 732,690.00 0.13 EUR IBERDROLA FINANZAS SA 'EMTN' 1.00000% 07.03.25 200,000.00 208,014.00 0.04 EUR IBERDROLA FINANZAS SA 'EMTN' 1.25000% 28.10.26 800,000.00 848,304.00 0.16 EUR IBERDROLA FINANZAS SA 'EMTN' 1.25000% 13.09.27 100,000.00 106,478.00 0.02 EUR IBERDROLA INTERNATIONAL BV 'EMTN' 0.37500% 15.09.25 200,000.00 201,082.00 0.04 EUR IBERDROLA INTERNATIONAL BV 'EMTN' 1.12500% 21.04.26 2,000,000.00 2,104,860.00 0.39 EUR IBERDROLA INTERNATIONAL BV 'EMTN' 3.00000% 31.01.22 2,200,000.00 2,339,986.00 0.43 EUR IBERDROLA INTERNATIONAL BV FRN (PERPETUAL) 1.87500% 22.02.23 200,000.00 205,530.00 0.04 EUR ICADE 1.12500% 17.11.25 800,000.00 828,168.00 0.15 EUR ICCREA BANCA SPA 'EMTN' 1.50000% 21.02.20 1,000,000.00 1,001,630.00 0.18 EUR IE2 HOLDCO SAU 'EMTN' 2.37500% 27.11.23 1,000,000.00 1,065,170.00 0.20 EUR IE2 HOLDCO SAU 'EMTN' 2.87500% 01.06.26 400,000.00 446,444.00 0.08 EUR IMERYS SA 'EMTN' 0.87500% 31.03.22 200,000.00 202,284.00 0.04 EUR IMERYS SA 'EMTN' 1.50000% 15.01.27 200,000.00 204,468.00 0.04 EUR IMERYS SA 'EMTN' 2.00000% 10.12.24 200,000.00 213,758.00 0.04 EUR IMPERIAL BRANDS FINANCE PLC 'EMTN' 1.12500% 14.08.23 200,000.00 204,404.00 0.04 EUR IMPERIAL BRANDS FINANCE PLC 'EMTN' 2.12500% 12.02.27 5,200,000.00 5,426,616.00 1.00 EUR IMPERIAL BRANDS FINANCE PLC 'EMTN' 3.37500% 26.02.26 300,000.00 337,740.00 0.06 EUR INDIGO GROUP SAS 2.12500% 16.04.25 400,000.00 435,772.00 0.08 EUR ING GROEP NV 'EMTN' 0.75000% 09.03.22 400,000.00 406,404.00 0.07 EUR ING GROEP NV 'EMTN' 1.00000% 20.09.23 200,000.00 205,780.00 0.04 EUR ING GROEP NV 'EMTN' 1.12500% 14.02.25 600,000.00 622,272.00 0.11 EUR ING GROEP NV 'EMTN' 2.12500% 10.01.26 400,000.00 438,452.00 0.08 EUR ING GROEP NV 'EMTN' FRN 0.10000% 03.09.25 500,000.00 492,445.00 0.09 EUR ING GROEP NV 'EMTN' FRN 3.00000% 11.04.28 200,000.00 215,296.00 0.04

The notes are an integral part of the financial statements. 37

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR INMOBILIARIA COLONIAL SOCIMI SA 'EMTN' 1.45000% 28.10.24 400,000.00 417,680.00 0.08 EUR INMOBILIARIA COLONIAL SOCIMI SA 'EMTN' 1.62500% 28.11.25 200,000.00 210,514.00 0.04 EUR INNOGY FINANCE BV 1.00000% 13.04.25 1,200,000.00 1,243,572.00 0.23 EUR INNOGY FINANCE BV 'EMTN' 1.62500% 30.05.26 200,000.00 215,056.00 0.04 EUR INNOGY FINANCE BV 'EMTN' 5.75000% 14.02.33 100,000.00 156,946.00 0.03 EUR INTERNATIONAL BUSINESS MACHINES CORP 0.37500% 31.01.23 300,000.00 303,480.00 0.06 EUR INTERNATIONAL BUSINESS MACHINES CORP 0.95000% 23.05.25 300,000.00 311,280.00 0.06 EUR INTERNATIONAL BUSINESS MACHINES CORP 1.25000% 29.01.27 400,000.00 425,000.00 0.08 EUR INTERNATIONAL BUSINESS MACHINES CORP 1.50000% 23.05.29 100,000.00 108,584.00 0.02 EUR INTERNATIONAL BUSINESS MACHINES CORP 1.75000% 31.01.31 200,000.00 220,892.00 0.04 EUR INTERNATIONAL BUSINESS MACHINES CORP 'EMTN' 0.87500% 31.01.25 200,000.00 206,682.00 0.04 EUR INTERNATIONAL GAME TECHNOLOGY PLC 4.75000% 05.03.20 2,500,000.00 2,520,925.00 0.47 EUR INTERNATIONAL GAME TECHNOLOGY PLC 'REGS' 2.37500% 15.04.28 142,000.00 142,887.50 0.03 EUR INTESA SANPAOLO SPA 1.70000% 13.03.24 800,000.00 819,848.00 0.15 EUR INTESA SANPAOLO SPA 'EMTN' 1.00000% 19.11.26 525,000.00 523,388.25 0.10 EUR INTESA SANPAOLO SPA 'EMTN' 1.12500% 04.03.22 400,000.00 407,972.00 0.07 EUR INTESA SANPAOLO SPA 'EMTN' 1.75000% 20.03.28 300,000.00 310,101.00 0.06 EUR INTESA SANPAOLO SPA 'EMTN' 1.75000% 04.07.29 400,000.00 408,976.00 0.08 EUR INTESA SANPAOLO SPA 'EMTN' 2.00000% 18.06.21 700,000.00 719,726.00 0.13 EUR INTESA SANPAOLO SPA 'EMTN' 4.00000% 30.10.23 1,000,000.00 1,130,690.00 0.21 EUR INTESA SANPAOLO SPA 'EMTN' 6.62500% 13.09.23 2,000,000.00 2,387,780.00 0.44 EUR INTESA SANPAOLO SPA-SUB 1.12500% 14.01.20 800,000.00 800,240.00 0.15 EUR IREN SPA 4.37000% 14.10.20 300,000.00 309,927.00 0.06 EUR IREN SPA 'EMTN' 0.87500% 04.11.24 500,000.00 512,435.00 0.09 EUR IREN SPA 'EMTN' 0.87500% 14.10.29 800,000.00 796,560.00 0.15 EUR IREN SPA 'EMTN' 1.50000% 24.10.27 550,000.00 578,726.50 0.11 EUR IREN SPA 'EMTN' 1.95000% 19.09.25 200,000.00 215,328.00 0.04 EUR ITALCEMENTI FINANCE SA 'EMTN' 5.37500% 19.03.20 2,800,000.00 2,830,044.00 0.52 EUR ITALGAS SPA 'EMTN' 0.87500% 24.04.30 415,000.00 416,996.15 0.08 EUR ITALGAS SPA 'EMTN' 1.62500% 19.01.27 700,000.00 753,683.00 0.14 EUR ITALGAS SPA 'EMTN' 1.62500% 18.01.29 200,000.00 216,506.00 0.04 EUR JAB HOLDINGS BV 1.75000% 25.06.26 400,000.00 424,092.00 0.08 EUR JAGUAR LAND ROVER AUTOMOTIVE PLC 'REGS' 2.20000% 15.01.24 300,000.00 284,184.00 0.05 EUR JCDECAUX SA 1.00000% 01.06.23 200,000.00 205,590.00 0.04 EUR JEFFERIES GROUP LLC 'EMTN' 1.00000% 19.07.24 600,000.00 602,850.00 0.11 EUR JOHNSON & JOHNSON 1.65000% 20.05.35 900,000.00 1,009,035.00 0.19 EUR JPMORGAN CHASE & CO 'EMTN' 0.62500% 25.01.24 200,000.00 203,632.00 0.04 EUR JPMORGAN CHASE & CO 'EMTN' 1.50000% 26.10.22 200,000.00 208,384.00 0.04 EUR JT INTERNATIONAL FINANCIAL SERVICES BV 'EMTN' 1.12500% 28.09.25 2,100,000.00 2,177,931.00 0.40 EUR KELLOGG CO 0.80000% 17.11.22 200,000.00 203,908.00 0.04 EUR KELLOGG CO 1.00000% 17.05.24 800,000.00 824,048.00 0.15 EUR KERING SA 'EMTN' 1.25000% 10.05.26 500,000.00 531,065.00 0.10 EUR KERING SA 'EMTN' 1.50000% 05.04.27 100,000.00 107,601.00 0.02 EUR KIMBERLY-CLARK CORP 0.62500% 07.09.24 400,000.00 409,612.00 0.08 EUR KINDER MORGAN INC/DE 1.50000% 16.03.22 1,400,000.00 1,444,828.00 0.27 EUR KLEPIERRE SA 'EMTN' 1.00000% 17.04.23 600,000.00 617,304.00 0.11 EUR KONINKLIJKE KPN NV 'GMTN' 0.62500% 09.04.25 300,000.00 303,330.00 0.06 EUR KONINKLIJKE KPN NV 'GMTN' 1.12500% 11.09.28 1,000,000.00 1,027,110.00 0.19 EUR KONINKLIJKE PHILIPS NV 0.50000% 06.09.23 200,000.00 203,410.00 0.04 EUR KONINKLIJKE PHILIPS NV 0.50000% 22.05.26 500,000.00 506,485.00 0.09 EUR LA MONDIALE SAM FRN (PERPETUAL) 5.05000% 17.12.25 200,000.00 232,750.00 0.04 EUR LEASEPLAN CORP NV 0.12500% 13.09.23 700,000.00 689,787.00 0.13 EUR LEGRAND SA 0.75000% 06.07.24 300,000.00 308,706.00 0.06 EUR LEONARDO SPA 'EMTN' 4.87500% 24.03.25 200,000.00 239,794.00 0.04 EUR LLOYDS BANK PLC 'EMTN' 1.00000% 19.11.21 700,000.00 713,475.00 0.13 EUR LLOYDS BANK PLC 'EMTN' 6.50000% 24.03.20 50,000.00 50,713.00 0.01 EUR LLOYDS BANKING GROUP PLC 'EMTN' 0.75000% 09.11.21 200,000.00 202,886.00 0.04 EUR LLOYDS BANKING GROUP PLC 'EMTN' 1.00000% 09.11.23 200,000.00 205,072.00 0.04 EUR LLOYDS BANKING GROUP PLC 'EMTN' FRN 0.62500% 15.01.24 775,000.00 781,781.25 0.14 EUR LVMH MOET HENNESSY LOUIS VUITTON SE 'EMTN' 0.75000% 26.05.24 200,000.00 206,494.00 0.04 EUR MAGNA INTERNATIONAL INC 1.90000% 24.11.23 200,000.00 212,772.00 0.04 EUR MAPFRE SA 1.62500% 19.05.26 900,000.00 966,647.97 0.18 EUR MAPFRE SA FRN 4.37500% 31.03.47 100,000.00 117,431.00 0.02 EUR MCDONALD'S CORP 'GMTN' 1.00000% 15.11.23 2,000,000.00 2,069,780.00 0.38 EUR MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 'EMTN' 0.62500% 27.09.22 2,000,000.00 2,018,240.00 0.37 EUR MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 'EMTN' 1.62500% 19.01.21 200,000.00 203,332.00 0.04 EUR MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 'EMTN' 1.62500% 07.01.25 350,000.00 364,374.50 0.07 EUR MEDTRONIC GLOBAL HOLDINGS SCA 1.00000% 02.07.31 500,000.00 513,810.00 0.09 EUR MEDTRONIC GLOBAL HOLDINGS SCA 1.12500% 07.03.27 900,000.00 944,775.00 0.17 EUR MERCIALYS SA 1.80000% 27.02.26 200,000.00 201,578.00 0.04 EUR MERCK & CO INC 0.50000% 02.11.24 400,000.00 408,584.00 0.07 EUR MERCK & CO INC 1.87500% 15.10.26 1,500,000.00 1,667,325.00 0.31 EUR MERLIN PROPERTIES SOCIMI SA 'EMTN' 1.87500% 02.11.26 700,000.00 745,416.00 0.14

38 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR MERLIN PROPERTIES SOCIMI SA 'EMTN' 2.22500% 25.04.23 100,000.00 105,767.00 0.02 EUR MERLIN PROPERTIES SOCIMI SA 'EMTN' 2.37500% 23.05.22 100,000.00 104,948.00 0.02 EUR MICROSOFT CORP 3.12500% 06.12.28 400,000.00 502,328.00 0.09 EUR MIZUHO FINANCIAL GROUP INC 'EMTN' 1.02000% 11.10.23 150,000.00 154,183.50 0.03 EUR MMS USA INVESTMENTS INC 0.62500% 13.06.25 200,000.00 196,636.00 0.04 EUR MORGAN STANLEY 'EMTN' FRN 1.34200% 23.10.26 350,000.00 366,499.00 0.07 EUR MORGAN STANLEY 'GMTN' 1.75000% 30.01.25 375,000.00 400,650.00 0.07 EUR MYLAN INC 2.12500% 23.05.25 500,000.00 529,500.00 0.10 EUR MYLAN NV 1.25000% 23.11.20 400,000.00 403,800.00 0.07 EUR MYLAN NV 2.25000% 22.11.24 1,571,000.00 1,671,481.16 0.31 EUR MYLAN NV 3.12500% 22.11.28 600,000.00 680,442.00 0.13 EUR MYLAN NV FRN 0.09200% 24.05.20 200,000.00 199,974.00 0.04 NATIONALE-NEDERLANDEN LEVENSVERZEKERING MAATSCHAPPIJ NV FRN EUR 9.00000% 29.08.42 100,000.00 123,368.00 0.02 EUR NATIONWIDE BUILDING SOCIETY 'EMTN' 0.62500% 19.04.23 200,000.00 203,800.00 0.04 EUR NATURGY CAPITAL MARKETS SA 'EMTN' 1.12500% 11.04.24 300,000.00 311,823.00 0.06 EUR NATURGY FINANCE BV 'EMTN' 1.25000% 19.04.26 800,000.00 838,352.00 0.15 EUR NATURGY FINANCE BV 'EMTN' 1.37500% 19.01.27 300,000.00 317,061.00 0.06 EUR NATURGY FINANCE BV 'EMTN' 3.87500% 17.01.23 200,000.00 223,080.00 0.04 EUR NATWEST MARKETS PLC 'EMTN' 0.62500% 02.03.22 400,000.00 404,036.00 0.07 EUR NATWEST MARKETS PLC 'EMTN' 1.00000% 28.05.24 375,000.00 382,050.00 0.07 EUR NATWEST MARKETS PLC 'EMTN' FRN 0.50100% 27.09.21 150,000.00 151,155.00 0.03 EUR NN GROUP NV 'EMTN' FRN 4.62500% 13.01.48 100,000.00 120,292.00 0.02 EUR NORTEGAS ENERGIA DISTRIBUCION SAU 'EMTN' 0.91800% 28.09.22 200,000.00 203,498.00 0.04 EUR NORTEGAS ENERGIA DISTRIBUCION SAU 'EMTN' 2.06500% 28.09.27 100,000.00 106,197.00 0.02 EUR NOVARTIS FINANCE SA 0.62500% 20.09.28 300,000.00 309,858.00 0.06 EUR NOVARTIS FINANCE SA 1.12500% 30.09.27 300,000.00 320,604.00 0.06 EUR NOVARTIS FINANCE SA 1.62500% 09.11.26 1,000,000.00 1,103,570.00 0.20 EUR NYKREDIT REALKREDIT A/S 'EMTN' 0.12500% 10.07.24 325,000.00 319,783.75 0.06 EUR NYKREDIT REALKREDIT A/S 'EMTN' 0.25000% 20.01.23 300,000.00 299,679.00 0.05 EUR O2 TELEFONICA DEUTSCHLAND FINANZIERUNGS GMBH 2.37500% 10.02.21 400,000.00 410,528.00 0.08 EUR OMV AG 'EMTN' 2.62500% 27.09.22 1,000,000.00 1,072,770.00 0.20 EUR OMV AG 'EMTN' 3.50000% 27.09.27 500,000.00 621,920.00 0.11 EUR OMV AG FRN (PERPETUAL) 5.25000% 09.12.21 300,000.00 327,186.00 0.06 EUR OMV AG FRN (PERPETUAL) 6.25000% 09.12.25 200,000.00 254,750.00 0.05 EUR ORANGE SA 'EMTN' 0.87500% 03.02.27 800,000.00 823,400.00 0.15 EUR ORANGE SA 'EMTN' 1.00000% 12.05.25 1,500,000.00 1,555,830.00 0.29 EUR ORANGE SA 'EMTN' 1.00000% 12.09.25 200,000.00 207,488.00 0.04 EUR ORANGE SA 'EMTN' 1.12500% 15.07.24 100,000.00 104,038.00 0.02 EUR ORANGE SA 'EMTN' 1.87500% 12.09.30 200,000.00 222,256.00 0.04 EUR ORANGE SA 'EMTN' 2.00000% 15.01.29 100,000.00 111,527.00 0.02 EUR ORANGE SA 'EMTN' 8.12500% 28.01.33 800,000.00 1,474,712.00 0.27 EUR ORANGE SA 'EMTN' FRN (PERPETUAL) 5.00000% 01.10.26 500,000.00 608,940.00 0.11 EUR ORANGE SA FRN (PERPETUAL) 4.25000% 07.02.20 206,000.00 206,788.98 0.04 EUR ORANO SA 'EMTN' 3.12500% 20.03.23 500,000.00 530,100.00 0.10 EUR ORANO SA 'EMTN' 4.87500% 23.09.24 200,000.00 231,544.00 0.04 EUR PARTNERRE IRELAND FINANCE DAC 1.25000% 15.09.26 300,000.00 309,084.00 0.06 EUR PEARSON FUNDING PLC 1.37500% 06.05.25 200,000.00 205,148.00 0.04 EUR PERKINELMER INC 1.87500% 19.07.26 200,000.00 206,028.00 0.04 EUR PERNOD RICARD SA 1.50000% 18.05.26 300,000.00 322,416.00 0.06 EUR PERNOD RICARD SA 1.87500% 28.09.23 1,000,000.00 1,065,950.00 0.20 EUR PETROLEOS MEXICANOS 'EMTN' 1.87500% 21.04.22 700,000.00 713,125.00 0.13 EUR PETROLEOS MEXICANOS 'EMTN' 2.50000% 21.08.21 400,000.00 411,044.00 0.08 EUR PETROLEOS MEXICANOS 'EMTN' 3.75000% 21.02.24 1,400,000.00 1,491,000.00 0.28 EUR PETROLEOS MEXICANOS 'EMTN' 4.87500% 21.02.28 100,000.00 107,250.00 0.02 EUR PETROLEOS MEXICANOS 'EMTN' 5.12500% 15.03.23 700,000.00 781,375.00 0.14 EUR PETROLEOS MEXICANOS 'REGS' 3.12500% 27.11.20 500,000.00 512,015.00 0.09 EUR PEUGEOT SA 'EMTN' 1.12500% 18.09.29 600,000.00 598,368.00 0.11 EUR PEUGEOT SA 'EMTN' 2.00000% 20.03.25 300,000.00 320,160.00 0.06 EUR PEUGEOT SA 'EMTN' 2.37500% 14.04.23 1,000,000.00 1,068,230.00 0.20 EUR PFIZER INC 0.25000% 06.03.22 200,000.00 201,636.00 0.04 EUR PFIZER INC 1.00000% 06.03.27 200,000.00 209,154.00 0.04 EUR PHILIP MORRIS INTERNATIONAL INC 0.62500% 08.11.24 1,200,000.00 1,217,988.00 0.22 EUR PHILIP MORRIS INTERNATIONAL INC 1.87500% 06.11.37 200,000.00 203,348.00 0.04 EUR PHILIP MORRIS INTERNATIONAL INC 'EMTN' 2.87500% 03.03.26 300,000.00 343,095.00 0.06 EUR PPG INDUSTRIES INC 0.87500% 03.11.25 600,000.00 613,842.00 0.11 EUR PROLOGIS INTERNATIONAL FUNDING II SA 'EMTN' 1.87600% 17.04.25 450,000.00 482,161.50 0.09 EUR PSA BANQUE FRANCE SA 0.62500% 21.06.24 100,000.00 100,674.00 0.02 EUR PSA BANQUE FRANCE SA 'EMTN' 0.62500% 10.10.22 500,000.00 506,160.00 0.09 EUR PSA BANQUE FRANCE SA 'EMTN' 0.75000% 19.04.23 400,000.00 406,164.00 0.07 EUR PUBLICIS GROUPE SA 1.12500% 16.12.21 500,000.00 509,175.00 0.09 EUR PUBLICIS GROUPE SA 1.62500% 16.12.24 100,000.00 105,478.00 0.02 EUR PVH CORP 'REGS' 3.12500% 15.12.27 200,000.00 221,402.00 0.04

The notes are an integral part of the financial statements. 39

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR QUATRIM SASU 'REGS' 5.87500% 15.01.24 260,000.00 273,956.80 0.05 EUR RAIFFEISEN BANK INTERNATIONAL AG 'EMTN' 6.62500% 18.05.21 900,000.00 981,108.00 0.18 EUR RAIFFEISEN BANK INTERNATIONAL AG 'EMTN' FRN 1.50000% 12.03.30 300,000.00 298,911.00 0.05 EUR RAI-RADIOTELEVISIONE ITALIANA SPA 1.37500% 04.12.24 190,000.00 190,260.30 0.03 EUR RAI-RADIOTELEVISIONE ITALIANA SPA 1.50000% 28.05.20 350,000.00 351,830.50 0.06 EUR RCI BANQUE SA 'EMTN' 0.75000% 12.01.22 600,000.00 605,718.00 0.11 EUR RCI BANQUE SA 'EMTN' 0.75000% 26.09.22 300,000.00 302,886.00 0.06 EUR RCI BANQUE SA 'EMTN' 1.00000% 17.05.23 1,700,000.00 1,726,027.00 0.32 EUR RCI BANQUE SA 'EMTN' 1.25000% 08.06.22 1,900,000.00 1,945,524.00 0.36 EUR RCI BANQUE SA 'EMTN' 1.37500% 08.03.24 200,000.00 205,542.00 0.04 EUR RCI BANQUE SA 'EMTN' 1.62500% 11.04.25 300,000.00 309,750.00 0.06 EUR RCI BANQUE SA 'EMTN' 1.75000% 10.04.26 200,000.00 206,664.00 0.04 EUR RCI BANQUE SA 'EMTN' FRN 0.18700% 12.03.25 300,000.00 289,671.00 0.05 EUR RED ELECTRICA FINANCIACIONES SAU 'EMTN' 2.12500% 01.07.23 600,000.00 642,894.00 0.12 EUR REDEXIS GAS FINANCE BV 'EMTN' 2.75000% 08.04.21 300,000.00 308,115.00 0.06 EUR REPSOL INTERNATIONAL FINANCE BV 'EMTN' 2.25000% 10.12.26 900,000.00 1,017,486.00 0.19 EUR REPSOL INTERNATIONAL FINANCE BV 'EMTN' 3.62500% 07.10.21 400,000.00 426,036.00 0.08 EUR REPSOL INTERNATIONAL FINANCE BV FRN 4.50000% 25.03.75 200,000.00 230,250.00 0.04 EUR REPSOL INTERNATIONAL FINANCE BV FRN (PERPETUAL) 3.87500% 25.03.21 700,000.00 728,476.00 0.13 EUR ROCHE FINANCE EUROPE BV 'EMTN' 0.87500% 25.02.25 400,000.00 416,824.00 0.08 EUR ROYAL BANK OF SCOTLAND GROUP PLC 'EMTN' 2.50000% 22.03.23 800,000.00 854,616.00 0.16 EUR ROYAL BANK OF SCOTLAND GROUP PLC 'EMTN' FRN 1.75000% 02.03.26 550,000.00 576,620.00 0.11 EUR RTE RESEAU DE TRANSPORT D'ELECTRICITE SADIR 'EMTN' 1.87500% 23.10.37 100,000.00 115,051.00 0.02 EUR RWE AG FRN 2.75000% 21.04.75 200,000.00 203,020.00 0.04 EUR RYANAIR DAC 'EMTN' 1.12500% 15.08.23 900,000.00 924,174.00 0.17 EUR SAIPEM FINANCE INTERNATIONAL BV 'EMTN' 3.75000% 08.09.23 1,800,000.00 1,989,180.00 0.37 EUR SAMPO OYJ 'EMTN' 1.50000% 16.09.21 300,000.00 307,869.00 0.06 EUR SANEF SA 1.87500% 16.03.26 800,000.00 853,432.00 0.16 EUR SANEF SA 'EMTN' 0.95000% 19.10.28 200,000.00 197,134.00 0.04 EUR SANOFI 'EMTN' 0.50000% 13.01.27 500,000.00 512,375.00 0.09 EUR SANOFI 'EMTN' 0.87500% 21.03.29 1,000,000.00 1,049,120.00 0.19 EUR SANOFI 'EMTN' 1.75000% 10.09.26 1,700,000.00 1,885,691.00 0.35 EUR SANTANDER CONSUMER FINANCE SA 0.87500% 24.01.22 700,000.00 712,565.00 0.13 EUR SANTANDER CONSUMER FINANCE SA 'EMTN' 0.37500% 27.06.24 700,000.00 700,644.00 0.13 EUR SANTANDER CONSUMER FINANCE SA 'EMTN' 0.87500% 30.05.23 700,000.00 715,575.00 0.13 EUR SANTANDER CONSUMER FINANCE SA 'EMTN' 1.00000% 27.02.24 300,000.00 307,989.00 0.06 EUR SANTANDER UK PLC 'EMTN' 1.12500% 14.01.22 1,000,000.00 1,022,690.00 0.19 EUR SAP SE 0.25000% 10.03.22 100,000.00 100,835.00 0.02 EUR SAP SE 0.75000% 10.12.24 200,000.00 206,450.00 0.04 EUR SCHNEIDER ELECTRIC SE 'EMTN' 0.25000% 09.09.24 400,000.00 402,872.00 0.07 EUR SCOR SE FRN 3.62500% 27.05.48 100,000.00 118,750.00 0.02 EUR SELP FINANCE SARL 1.25000% 25.10.23 400,000.00 411,384.00 0.08 EUR SES SA 'EMTN' 1.62500% 22.03.26 250,000.00 260,395.00 0.05 EUR SHELL INTERNATIONAL FINANCE BV 'EMTN' 0.50000% 08.11.31 250,000.00 244,617.50 0.04 EUR SHELL INTERNATIONAL FINANCE BV 'EMTN' 0.87500% 08.11.39 210,000.00 200,814.60 0.04 EUR SHELL INTERNATIONAL FINANCE BV 'EMTN' 1.25000% 12.05.28 500,000.00 536,595.00 0.10 EUR SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 0.30000% 28.02.24 200,000.00 202,666.00 0.04 EUR SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 'EMTN' 1.75000% 28.02.39 300,000.00 333,657.00 0.06 EUR SISAL GROUP SPA 'REGS' 7.00000% 31.07.23 200,000.00 206,636.00 0.04 EUR SKY LTD 'EMTN' 1.87500% 24.11.23 1,600,000.00 1,707,376.00 0.32 EUR SKY LTD 'EMTN' 2.50000% 15.09.26 400,000.00 454,816.00 0.08 EUR SMITHS GROUP PLC 'EMTN' 2.00000% 23.02.27 100,000.00 105,322.00 0.02 EUR SMURFIT KAPPA ACQUISITIONS ULC 'REGS' 2.37500% 01.02.24 100,000.00 107,223.00 0.02 EUR SNAM SPA 'EMTN' 0.87500% 25.10.26 1,400,000.00 1,426,656.00 0.26 EUR SNAM SPA 'EMTN' 1.00000% 18.09.23 200,000.00 205,996.00 0.04 EUR SNAM SPA 'EMTN' 1.25000% 25.01.25 100,000.00 104,669.00 0.02 EUR SNAM SPA 'EMTN' 1.37500% 25.10.27 300,000.00 316,431.00 0.06 EUR SNAM SPA 'EMTN' 1.50000% 21.04.23 200,000.00 209,384.00 0.04 EUR SNAM SPA 'EMTN' FRN 0.00600% 02.08.24 400,000.00 395,388.00 0.07 EUR SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 'EMTN' 1.62500% 08.02.28 150,000.00 149,635.50 0.03 EUR SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 'EMTN' 3.37500% 13.02.24 200,000.00 219,882.00 0.04 EUR SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 'EMTN' 4.50000% 26.10.20 2,000,000.00 2,074,080.00 0.38 EUR SOCIETE FONCIERE LYONNAISE SA 1.87500% 26.11.21 200,000.00 205,888.00 0.04 EUR SOCIETE FONCIERE LYONNAISE SA 2.25000% 16.11.22 100,000.00 105,452.00 0.02 EUR SOCIETE GENERALE SA 'EMTN' 1.12500% 23.01.25 900,000.00 927,135.00 0.17 EUR SOCIETE GENERALE SA 'EMTN' 2.12500% 27.09.28 500,000.00 553,535.00 0.10 EUR SOCIETE GENERALE SA 'EMTN' 2.62500% 27.02.25 800,000.00 874,048.00 0.16 EUR SOCIETE GENERALE SA 'EMTN' FRN 1.37500% 23.02.28 400,000.00 408,008.00 0.07 EUR SOCIETE GENERALE SA FRN 2.50000% 16.09.26 500,000.00 518,390.00 0.10 EUR SODEXO SA 0.75000% 14.04.27 500,000.00 516,485.00 0.09 EUR SOLVAY FINANCE SA FRN (PERPETUAL) 5.11800% 02.06.21 500,000.00 531,565.00 0.10 EUR SOLVAY FINANCE SA FRN (PERPETUAL) 5.86900% 03.06.24 500,000.00 590,060.00 0.11 EUR SOLVAY SA 1.62500% 02.12.22 300,000.00 312,099.00 0.06

40 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR SOLVAY SA 2.75000% 02.12.27 300,000.00 349,044.00 0.06 EUR SSE PLC 'EMTN' 1.37500% 04.09.27 100,000.00 105,060.00 0.02 EUR SSE PLC 'EMTN' 1.75000% 08.09.23 300,000.00 317,508.00 0.06 EUR SSE PLC 'EMTN' 2.37500% 10.02.22 200,000.00 209,976.00 0.04 EUR SSE PLC FRN (PERPETUAL) 2.37500% 01.04.21 400,000.00 409,000.00 0.08 EUR STANDARD CHARTERED PLC 'EMTN' 3.62500% 23.11.22 400,000.00 438,528.00 0.08 EUR STANDARD CHARTERED PLC 'EMTN' FRN 0.75000% 03.10.23 1,000,000.00 1,011,250.00 0.19 EUR STATKRAFT AS 'EMTN' 1.12500% 20.03.25 500,000.00 520,995.00 0.10 EUR STEDIN HOLDING NV FRN (PERPETUAL) 3.25000% 01.12.21 1,700,000.00 1,789,250.00 0.33 EUR STORA ENSO OYJ 'EMTN' 2.12500% 16.06.23 100,000.00 105,862.00 0.02 EUR STORA ENSO OYJ 'EMTN' 2.50000% 07.06.27 200,000.00 217,556.00 0.04 EUR SUDZUCKER INTERNATIONAL FINANCE BV 1.00000% 28.11.25 500,000.00 499,305.00 0.09 EUR SUDZUCKER INTERNATIONAL FINANCE BV 1.25000% 29.11.23 400,000.00 412,152.00 0.08 EUR SUEZ 'EMTN' 0.50000% 14.10.31 200,000.00 193,870.00 0.04 EUR SUEZ 'EMTN' 1.00000% 03.04.25 200,000.00 208,360.00 0.04 EUR SUEZ 'EMTN' 1.62500% 21.09.32 100,000.00 109,926.00 0.02 EUR SUEZ FRN (PERPETUAL) 2.87500% 19.01.24 500,000.00 531,040.00 0.10 EUR SWEDISH MATCH AB 'GMTN' 1.20000% 10.11.25 100,000.00 99,908.00 0.02 EUR SYNGENTA FINANCE NV 'EMTN' 1.25000% 10.09.27 300,000.00 295,098.00 0.05 EUR TAKEDA PHARMACEUTICAL CO LTD 'REGS' 1.12500% 21.11.22 500,000.00 514,830.00 0.09 EUR TAKEDA PHARMACEUTICAL CO LTD 'REGS' 2.25000% 21.11.26 300,000.00 334,677.00 0.06 EUR TAKEDA PHARMACEUTICAL CO LTD 'REGS' 3.00000% 21.11.30 1,300,000.00 1,545,232.00 0.29 EUR TDF INFRASTRUCTURE SAS 2.50000% 07.04.26 2,000,000.00 2,109,200.00 0.39 EUR TDF INFRASTRUCTURE SAS 2.87500% 19.10.22 1,000,000.00 1,059,790.00 0.20 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 2.75000% 15.04.25 200,000.00 210,984.00 0.04 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 3.25000% 16.01.23 150,000.00 160,878.00 0.03 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 4.87500% 25.09.20 2,000,000.00 2,069,720.00 0.38 EUR TELEFONAKTIEBOLAGET LM ERICSSON 'EMTN' 0.87500% 01.03.21 100,000.00 100,937.00 0.02 EUR TELEFONICA EMISIONES SA 'EMTN' 0.75000% 13.04.22 100,000.00 101,685.00 0.02 EUR TELEFONICA EMISIONES SA 'EMTN' 1.46000% 13.04.26 500,000.00 530,935.00 0.10 EUR TELEFONICA EMISIONES SA 'EMTN' 1.52800% 17.01.25 500,000.00 531,285.00 0.10 EUR TELEFONICA EMISIONES SA 'EMTN' 1.71500% 12.01.28 300,000.00 324,966.00 0.06 EUR TELEFONICA EMISIONES SA 'EMTN' 2.31800% 17.10.28 300,000.00 342,630.00 0.06 EUR TELEFONICA EMISIONES SA 'GMTN' 3.98700% 23.01.23 1,200,000.00 1,343,724.00 0.25 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 3.00000% 04.09.23 600,000.00 627,750.00 0.12 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 3.75000% 15.03.22 1,000,000.00 1,052,540.00 0.19 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 4.37500% 14.12.24 300,000.00 334,875.00 0.06 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 5.00000% 31.03.20 600,000.00 606,810.00 0.11 EUR TELEKOM FINANZMANAGEMENT GMBH 1.50000% 07.12.26 500,000.00 532,195.00 0.10 EUR TELENOR ASA 'EMTN' 0.75000% 31.05.26 400,000.00 409,412.00 0.08 EUR TELEPERFORMANCE 1.50000% 03.04.24 100,000.00 103,777.00 0.02 EUR TELEPERFORMANCE 1.87500% 02.07.25 200,000.00 213,080.00 0.04 EUR TELIA CO AB 'EMTN' 3.00000% 07.09.27 200,000.00 236,326.00 0.04 EUR TELSTRA CORP LTD 'EMTN' 3.50000% 21.09.22 1,000,000.00 1,096,770.00 0.20 EUR TERNA RETE ELETTRICA NAZIONALE SPA 'EMTN' 0.87500% 02.02.22 500,000.00 508,990.00 0.09 EUR TERNA RETE ELETTRICA NAZIONALE SPA 'EMTN' 1.00000% 23.07.23 300,000.00 309,018.00 0.06 EUR TERNA RETE ELETTRICA NAZIONALE SPA 'EMTN' 1.00000% 10.04.26 200,000.00 205,744.00 0.04 EUR TERNA RETE ELETTRICA NAZIONALE SPA 'EMTN' 1.00000% 11.10.28 100,000.00 102,697.00 0.02 EUR TERNA RETE ELETTRICA NAZIONALE SPA 'EMTN' 1.37500% 26.07.27 1,500,000.00 1,584,525.00 0.29 EUR TESCO CORPORATE TREASURY SERVICES PLC 'EMTN' 0.87500% 29.05.26 650,000.00 651,397.50 0.12 EUR TESCO CORPORATE TREASURY SERVICES PLC 'EMTN' 1.37500% 24.10.23 300,000.00 311,880.00 0.06 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.12500% 15.10.24 500,000.00 435,615.00 0.08 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.25000% 31.03.23 200,000.00 185,794.00 0.03 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.62500% 15.10.28 1,000,000.00 775,670.00 0.14 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.87500% 31.03.27 1,000,000.00 824,500.00 0.15 EUR THERMO FISHER SCIENTIFIC INC 0.75000% 12.09.24 200,000.00 204,554.00 0.04 EUR THERMO FISHER SCIENTIFIC INC 1.37500% 12.09.28 800,000.00 852,216.00 0.16 EUR THERMO FISHER SCIENTIFIC INC 1.40000% 23.01.26 200,000.00 211,364.00 0.04 EUR THERMO FISHER SCIENTIFIC INC 2.15000% 21.07.22 400,000.00 419,812.00 0.08 EUR THYSSENKRUPP AG 'EMTN' 1.75000% 25.11.20 200,000.00 201,660.00 0.04 EUR THYSSENKRUPP AG 'EMTN' 2.87500% 22.02.24 100,000.00 103,151.00 0.02 EUR TLG IMMOBILIEN AG 1.50000% 28.05.26 300,000.00 309,228.00 0.06 EUR TOTAL CAPITAL INTERNATIONAL SA 'EMTN' 0.62500% 04.10.24 100,000.00 102,938.00 0.02 EUR TOTAL CAPITAL INTERNATIONAL SA 'EMTN' 0.75000% 12.07.28 300,000.00 310,314.00 0.06 EUR TOTAL CAPITAL INTERNATIONAL SA 'EMTN' 1.37500% 19.03.25 300,000.00 320,766.00 0.06 EUR TOTAL SA 'EMTN' FRN (PERPETUAL) 2.25000% 26.02.21 2,000,000.00 2,042,600.00 0.38 EUR TOTAL SA 'EMTN' FRN (PERPETUAL) 2.62500% 26.02.25 600,000.00 647,250.00 0.12 EUR TOTAL SA 'EMTN' FRN (PERPETUAL) 2.70800% 05.05.23 200,000.00 213,494.00 0.04 EUR TOTAL SA 'EMTN' FRN (PERPETUAL) 3.36900% 06.10.26 300,000.00 342,375.00 0.06 EUR TOTAL SA 'EMTN' FRN (PERPETUAL) 3.87500% 18.05.22 400,000.00 432,500.00 0.08 EUR TOYOTA MOTOR CREDIT CORP 'EMTN' 1.00000% 10.09.21 1,000,000.00 1,019,030.00 0.19 EUR TYCO INTERNATIONAL FINANCE SA 1.37500% 25.02.25 1,000,000.00 955,770.00 0.18 EUR UBS AG 'EMTN' FRN 4.75000% 12.02.26 1,100,000.00 1,154,329.00 0.21

The notes are an integral part of the financial statements. 41

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR UBS AG/LONDON 'GMTN' 0.62500% 23.01.23 300,000.00 305,328.00 0.06 EUR UBS GROUP AG 1.50000% 30.11.24 750,000.00 787,710.00 0.15 EUR UBS GROUP AG FRN 1.25000% 17.04.25 1,500,000.00 1,560,105.00 0.29 EUR UNIBAIL-RODAMCO-WESTFIELD SE 'EMTN' 0.87500% 21.02.25 400,000.00 413,208.00 0.08 EUR UNIBAIL-RODAMCO-WESTFIELD SE 'EMTN' 1.37500% 15.04.30 500,000.00 524,000.00 0.10 EUR UNIBAIL-RODAMCO-WESTFIELD SE 'EMTN' 2.50000% 04.06.26 800,000.00 905,800.00 0.17 EUR UNIBAIL-RODAMCO-WESTFIELD SE FRN (PERPETUAL) 2.12500% 25.07.23 200,000.00 205,000.00 0.04 EUR UNIBAIL-RODAMCO-WESTFIELD SE FRN (PERPETUAL) 2.87500% 25.01.26 100,000.00 106,000.00 0.02 EUR UNICREDIT LEASING CORP IFN SA 0.50200% 18.10.22 500,000.00 499,945.00 0.09 EUR UNICREDIT SPA 'EMTN' 1.00000% 18.01.23 1,300,000.00 1,312,779.00 0.24 EUR UNICREDIT SPA 'EMTN' 2.12500% 24.10.26 800,000.00 866,408.00 0.16 EUR UNICREDIT SPA 'EMTN' 3.25000% 14.01.21 500,000.00 517,140.00 0.10 EUR UNICREDIT SPA 'EMTN' 6.95000% 31.10.22 1,300,000.00 1,516,021.00 0.28 EUR UNICREDIT SPA 'EMTN' FRN 1.25000% 25.06.25 500,000.00 510,445.00 0.09 EUR UNICREDIT SPA 'EMTN' FRN 1.62500% 03.07.25 250,000.00 255,947.50 0.05 EUR UNICREDIT SPA 'EMTN' FRN 4.37500% 03.01.27 500,000.00 530,165.00 0.10 EUR UNICREDIT SPA 'EMTN' FRN 5.75000% 28.10.25 1,400,000.00 1,457,890.00 0.27 EUR UNICREDIT SPA FRN (PERPETUAL) 9.25000% 03.06.22 400,000.00 463,980.00 0.09 EUR UNICREDIT SPA 'MTN' FRN 2.35600% 03.05.25 1,400,000.00 1,401,862.00 0.26 EUR UNILEVER NV 'EMTN' 0.50000% 29.04.24 400,000.00 409,224.00 0.08 EUR UNILEVER NV 'EMTN' 1.00000% 14.02.27 200,000.00 211,278.00 0.04 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' 1.00000% 22.07.22 250,000.00 252,857.50 0.05 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' 2.62500% 20.06.24 500,000.00 521,240.00 0.10 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' FRN 4.25000% 05.05.26 700,000.00 720,167.00 0.13 EUR UNIPOL GRUPPO SPA 'EMTN' 3.00000% 18.03.25 800,000.00 853,712.00 0.16 EUR UNIQA INSURANCE GROUP AG FRN 6.00000% 27.07.46 100,000.00 125,858.00 0.02 EUR UNITED PARCEL SERVICE INC 0.37500% 15.11.23 400,000.00 404,640.00 0.07 EUR UNITED PARCEL SERVICE INC 1.00000% 15.11.28 400,000.00 418,388.00 0.08 EUR UNITED PARCEL SERVICE INC 1.62500% 15.11.25 500,000.00 539,785.00 0.10 EUR URENCO FINANCE NV 'EMTN' 2.25000% 05.08.22 300,000.00 314,799.00 0.06 EUR URENCO FINANCE NV 'EMTN' 2.37500% 02.12.24 200,000.00 218,948.00 0.04 EUR VALEO SA 'EMTN' 0.62500% 11.01.23 400,000.00 404,156.00 0.07 EUR VATTENFALL AB 'EMTN' 0.50000% 24.06.26 100,000.00 100,582.00 0.02 EUR VEOLIA ENVIRONNEMENT SA 'EMTN' 0.31400% 04.10.23 300,000.00 302,208.00 0.06 EUR VEOLIA ENVIRONNEMENT SA 'EMTN' 1.49600% 30.11.26 300,000.00 323,226.00 0.06 EUR VEOLIA ENVIRONNEMENT SA 'EMTN' 1.59000% 10.01.28 400,000.00 435,680.00 0.08 EUR VEOLIA ENVIRONNEMENT SA 'EMTN' 1.94000% 07.01.30 100,000.00 112,104.00 0.02 EUR VERIZON COMMUNICATIONS INC 0.87500% 02.04.25 400,000.00 412,324.00 0.08 EUR VERIZON COMMUNICATIONS INC 1.37500% 27.10.26 300,000.00 318,372.00 0.06 EUR VERIZON COMMUNICATIONS INC 1.37500% 02.11.28 400,000.00 425,300.00 0.08 EUR VERIZON COMMUNICATIONS INC 1.87500% 26.10.29 200,000.00 221,412.00 0.04 EUR VERIZON COMMUNICATIONS INC 2.87500% 15.01.38 350,000.00 423,962.00 0.08 EUR VERIZON COMMUNICATIONS INC 'EMTN' 3.25000% 17.02.26 300,000.00 352,521.00 0.06 EUR VIVAT NV 2.37500% 17.05.24 400,000.00 419,324.00 0.08 EUR VIVENDI SA 0.75000% 26.05.21 700,000.00 707,308.00 0.13 EUR VIVENDI SA 1.12500% 24.11.23 300,000.00 311,154.00 0.06 EUR VIVENDI SA 'EMTN' 0.00000% 13.06.22 200,000.00 199,762.00 0.04 EUR VIVENDI SA 'EMTN' 0.62500% 11.06.25 200,000.00 201,520.00 0.04 EUR VIVENDI SA 'EMTN' 0.87500% 18.09.24 200,000.00 204,918.00 0.04 EUR VIVENDI SA 'EMTN' 1.12500% 11.12.28 200,000.00 203,974.00 0.04 EUR VODAFONE GROUP PLC 1.62500% 24.11.30 100,000.00 105,478.00 0.02 EUR VODAFONE GROUP PLC 'EMTN' 0.50000% 30.01.24 400,000.00 404,572.00 0.07 EUR VODAFONE GROUP PLC 'EMTN' 0.90000% 24.11.26 200,000.00 205,586.00 0.04 EUR VODAFONE GROUP PLC 'EMTN' 1.12500% 20.11.25 600,000.00 624,666.00 0.11 EUR VODAFONE GROUP PLC 'EMTN' 1.87500% 20.11.29 300,000.00 329,547.00 0.06 EUR VODAFONE GROUP PLC 'EMTN' 2.50000% 24.05.39 800,000.00 866,912.00 0.16 EUR VODAFONE GROUP PLC 'EMTN' 2.87500% 20.11.37 300,000.00 345,780.00 0.06 EUR VODAFONE GROUP PLC 'EMTN' 4.65000% 20.01.22 300,000.00 329,655.00 0.06 EUR VODAFONE GROUP PLC 'EMTN' 5.37500% 06.06.22 500,000.00 564,915.00 0.10 EUR VODAFONE GROUP PLC FRN 3.10000% 03.01.79 1,000,000.00 1,051,250.00 0.19 EUR VOLKSWAGEN BANK GMBH 'EMTN' 0.75000% 15.06.23 300,000.00 303,666.00 0.06 EUR VOLKSWAGEN BANK GMBH 'EMTN' 1.25000% 01.08.22 100,000.00 102,613.00 0.02 EUR VOLKSWAGEN BANK GMBH 'EMTN' 1.25000% 15.12.25 250,000.00 257,290.00 0.05 EUR VOLKSWAGEN BANK GMBH 'EMTN' 1.87500% 31.01.24 100,000.00 105,118.00 0.02 EUR VOLKSWAGEN BANK GMBH 'EMTN' FRN 0.02500% 15.06.21 200,000.00 199,986.00 0.04 EUR VOLKSWAGEN FINANCIAL SERVICES AG 'EMTN' 0.75000% 14.10.21 100,000.00 101,265.00 0.02 EUR VOLKSWAGEN INTERNATIONAL FINANCE NV 0.50000% 30.03.21 600,000.00 603,582.00 0.11 EUR VOLKSWAGEN INTERNATIONAL FINANCE NV 1.12500% 02.10.23 800,000.00 819,712.00 0.15 EUR VOLKSWAGEN INTERNATIONAL FINANCE NV 1.87500% 30.03.27 200,000.00 211,478.00 0.04 EUR VOLKSWAGEN INTERNATIONAL FINANCE NV 3.25000% 18.11.30 200,000.00 233,678.00 0.04 EUR VOLKSWAGEN INTERNATIONAL FINANCE NV 4.12500% 16.11.38 1,100,000.00 1,415,557.00 0.26 EUR VOLKSWAGEN INTERNATIONAL FINANCE NV 'EMTN' 0.87500% 16.01.23 200,000.00 203,506.00 0.04 VOLKSWAGEN INTERNATIONAL FINANCE NV FRN (PERPETUAL) 2.50000% EUR 20.03.22 500,000.00 513,790.00 0.09

42 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

VOLKSWAGEN INTERNATIONAL FINANCE NV FRN (PERPETUAL) 2.70000% EUR 14.12.22 600,000.00 622,356.00 0.11 VOLKSWAGEN INTERNATIONAL FINANCE NV FRN (PERPETUAL) 3.50000% EUR 20.03.30 400,000.00 422,268.00 0.08 VOLKSWAGEN INTERNATIONAL FINANCE NV FRN (PERPETUAL) 3.75000% EUR 24.03.21 1,000,000.00 1,036,380.00 0.19 VOLKSWAGEN INTERNATIONAL FINANCE NV FRN (PERPETUAL) 3.87500% EUR 14.06.27 600,000.00 649,128.00 0.12 VOLKSWAGEN INTERNATIONAL FINANCE NV FRN (PERPETUAL) 5.12500% EUR 04.09.23 600,000.00 681,018.00 0.13 EUR VOLKSWAGEN LEASING GMBH 'EMTN' 0.25000% 16.02.21 100,000.00 100,308.00 0.02 EUR VOLKSWAGEN LEASING GMBH 'EMTN' 1.00000% 16.02.23 300,000.00 305,634.00 0.06 EUR VOLKSWAGEN LEASING GMBH 'EMTN' 1.12500% 04.04.24 300,000.00 306,252.00 0.06 EUR VOLKSWAGEN LEASING GMBH 'EMTN' 1.37500% 20.01.25 200,000.00 206,368.00 0.04 EUR VOLKSWAGEN LEASING GMBH 'EMTN' 1.62500% 15.08.25 100,000.00 104,430.00 0.02 EUR VOLKSWAGEN LEASING GMBH 'EMTN' 2.37500% 06.09.22 200,000.00 211,372.00 0.04 EUR VOLKSWAGEN LEASING GMBH 'EMTN' FRN 0.07100% 06.07.21 400,000.00 400,064.00 0.07 EUR VOLVO TREASURY AB FRN 4.20000% 10.06.75 800,000.00 813,000.00 0.15 EUR VOLVO TREASURY AB FRN 4.85000% 10.03.78 600,000.00 669,330.00 0.12 EUR VONOVIA FINANCE BV 2.12500% 09.07.22 600,000.00 631,194.00 0.12 EUR VONOVIA FINANCE BV 3.62500% 08.10.21 1,100,000.00 1,171,907.00 0.22 EUR VONOVIA FINANCE BV 'EMTN' 1.12500% 08.09.25 1,000,000.00 1,028,640.00 0.19 EUR VONOVIA FINANCE BV 'EMTN' 1.50000% 10.06.26 400,000.00 420,028.00 0.08 EUR VONOVIA FINANCE BV 'EMTN' 2.25000% 15.12.23 500,000.00 537,760.00 0.10 EUR VONOVIA FINANCE BV FRN (PERPETUAL) 4.00000% 17.12.21 600,000.00 642,024.00 0.12 EUR WALGREENS BOOTS ALLIANCE INC 2.12500% 20.11.26 300,000.00 311,208.00 0.06 EUR WELLS FARGO & CO 'EMTN' 1.00000% 02.02.27 500,000.00 514,950.00 0.09 EUR WELLS FARGO & CO 'EMTN' 1.50000% 12.09.22 200,000.00 207,696.00 0.04 EUR WELLS FARGO & CO 'EMTN' 2.12500% 04.06.24 100,000.00 108,193.00 0.02 EUR WELLS FARGO & CO 'EMTN' 2.62500% 16.08.22 200,000.00 213,432.00 0.04 EUR WENDEL SA 1.00000% 20.04.23 500,000.00 510,050.00 0.09 EUR WENDEL SA 2.50000% 09.02.27 400,000.00 443,168.00 0.08 EUR WHIRLPOOL FINANCE LUXEMBOURG SARL 1.10000% 09.11.27 200,000.00 205,634.00 0.04 EUR WHIRLPOOL FINANCE LUXEMBOURG SARL 1.25000% 02.11.26 400,000.00 420,192.00 0.08 EUR WINTERSHALL DEA FINANCE BV 1.33200% 25.09.28 100,000.00 101,729.00 0.02 EUR WINTERSHALL DEA FINANCE BV 1.82300% 25.09.31 200,000.00 208,560.00 0.04 EUR WIRECARD AG 0.50000% 11.09.24 200,000.00 172,230.00 0.03 EUR WPC EUROBOND BV 2.25000% 19.07.24 400,000.00 430,480.00 0.08 ZURICH FINANCE IRELAND DESIGNATED ACTIVITY CO 'EMTN' 1.62500% EUR 17.06.39 230,000.00 244,513.00 0.04 Total EUR 510,150,178.24 94.35

Total Corporate bonds 510,150,178.24 94.35

Government bonds

EUR EUR ACQUIRENTE UNICO SPA 2.80000% 20.02.26 150,000.00 161,337.00 0.03 EUR CASSA DEPOSITI E PRESTITI SPA 'EMTN' 1.87500% 07.02.26 200,000.00 209,388.00 0.04 EUR ITALY BUONI POLIENNALI DEL TESORO '144A' 0.05000% 15.01.23 23,000,000.00 22,877,513.50 4.23 Total EUR 23,248,238.50 4.30

Total Government bonds 23,248,238.50 4.30

Total Transferable securities and money market instruments listed on an official stock exchange 533,398,416.74 98.65

Total investments in securities 533,398,416.74 98.65

Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures

EUR EURO-BOBL FUTURE 06.03.20 220.00 -169,400.00 -0.03 EUR EURO-BUND FUTURE 06.03.20 188.00 -512,680.00 -0.10 Total Financial Futures -682,080.00 -0.13

Total Derivative instruments listed on an official stock exchange -682,080.00 -0.13

The notes are an integral part of the financial statements. 43

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Euro Credit Alpha

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Derivative instruments not listed on an official stock exchange and not traded on another regulated market

Credit default swaps**

EUR BOFAML/MARKIT ITRX EUR 1FB/PAY 5.00000% 20.12.22 13,253,240.00 -1,229,852.51 -0.23 EUR BOFAML/MARKIT ITRX EUR 37B/RECEIVE 1.00000% 20.12.21 -25,000,000.00 431,476.69 0.08 EUR BOFAML/MARKIT ITRX EUR 37D/PAY 5.00000% 20.12.21 23,999,750.00 -1,632,036.07 -0.30 EUR BOFAML/MARKIT ITRX EUR 4HD/RECEIVE 1.00000% 20.06.23 -10,000,000.00 248,666.06 0.05 EUR BOFAML/MARKIT ITRX EUR 5VC/PAY 1.00000% 20.06.22 72,000,000.00 -1,477,633.23 -0.27 EUR BOFAML/MARKIT ITRX EUR 5VC/RECEIVE 1.00000% 20.06.27 -40,000,000.00 1,006,311.70 0.19 EUR BOFAML/MARKIT ITRX EUR 64B/RECEIVE 1.00000% 20.12.20 -8,000,000.00 72,114.24 0.01 EUR BOFAML/MARKIT ITRX EUR 65I/RECEIVE 1.00000% 20.06.24 -7,000,000.00 194,977.09 0.04 EUR BOFAML/MARKIT ITRX EUR 6EB/RECEIVE 1.00000% 20.06.23 -20,000,000.00 497,332.11 0.09 EUR BOFAML/MARKIT ITRX EUR 6ED/RECEIVE 1.00000% 20.12.20 -4,000,000.00 36,057.12 0.01 EUR BOFAML/MARKIT ITRX EUR 6TB/RECEIVE 1.00000% 20.06.23 -20,000,000.00 497,332.11 0.09 EUR BOFAML/MARKIT ITRX EUR B7B /RECEIVE 1.00000% 20.12.21 -5,000,000.00 86,295.34 0.02 EUR BOFAML/MARKIT ITRX EUR BFL/RECEIVE 1.00000% 20.12.21 -20,000,000.00 345,181.35 0.06 EUR BOFAML/MARKIT ITRX EUR BME/RECEIVE 1.00000% 20.12.21 -14,000,000.00 242,028.49 0.04 EUR BOFAML/MARKIT ITRX EUR CDB/RECEIVE 1.00000% 20.12.22 -10,000,000.00 231,562.63 0.04 EUR BOFAML/MARKIT ITRX EUR CJD/RECEIVE 1.00000% 20.12.20 -8,000,000.00 72,114.24 0.01 EUR BOFAML/MARKIT ITRX EUROPE/RECEIVE 1.00000% 20.12.29 -3,000,000.00 41,725.85 0.01 EUR BOFAML/MERLYN_CDS 37B/PAY 1.00000% 20.12.22 4,000,000.00 -111,467.49 -0.02 EUR BOFAML/MERLYN_CDS 37B/PAY 1.00000% 20.12.22 4,000,000.00 -110,742.42 -0.02 EUR BOFAML/MERLYN_CDS 37B/PAY 1.00000% 20.12.22 4,000,000.00 -104,402.20 -0.02 EUR BOFAML/MERLYN_CDS 37B/PAY 1.00000% 20.12.22 4,000,000.00 -90,604.31 -0.02 EUR BOFAML/MERLYN_CDS 37B/PAY 1.00000% 20.12.22 -4,000,000.00 -115,642.95 -0.02 EUR BOFAML/MERLYN_CDS 37B/RECEIVE 5.00000% 20.12.22 -4,000,000.00 542,110.64 0.10 EUR BOFAML/MERLYN_CDS 37B/RECEIVE 1.00000% 20.12.22 -4,000,000.00 89,827.54 0.02 EUR BOFAML/MERLYN_CDS 37B/RECEIVE 1.00000% 20.12.22 -4,000,000.00 86,233.86 0.02 EUR BOFAML/MERLYN_CDS 37C/RECEIVE 1.00000% 20.12.22 -4,000,000.00 82,770.49 0.02 EUR BOFAML/MERLYN_CDS 37E/PAY 1.00000% 20.12.22 4,000,000.00 -76,787.16 -0.01 EUR BOFAML/MERLYN_CDS 58B/PAY 1.00000% 20.06.22 23,000,000.00 -513,823.71 -0.10 EUR BOFAML/MERLYN_CDS 58C/PAY 1.00000% 20.06.22 20,000,000.00 -305,264.83 -0.06 EUR BOFAML/MERLYN_CDS 58D/RECEIVE 1.00000% 20.06.22 -23,000,000.00 439,033.14 0.08 EUR BOFAML/MERLYN_CDS 58H/PAY 1.00000% 20.06.22 20,000,000.00 -436,264.62 -0.08 EUR BOFAML/MERLYN_CDS 58N/RECEIVE 1.00000% 20.06.22 -10,000,000.00 14,488.74 0.00 EUR BOFAML/MERLYN_CDS 5BD/RECEIVE 1.00000% 20.06.22 -10,000,000.00 81,110.78 0.01 EUR SOCIETE GENERALE/MARKIT ITRX EUR 18D/RECEIVE 1.00000% 20.12.23 -30,000,000.00 776,069.63 0.14 EUR SOCIETE GENERALE/MARKIT ITRX EUR C7D/RECEIVE 1.00000% 20.12.23 -15,000,000.00 388,034.82 0.07 EUR SOCIETE GENERALE/MARKIT ITRX EUROPE/RECEIVE 1.00000% 20.12.29 -15,000,000.00 208,629.27 0.04 Total Credit default swaps 506,962.43 0.09

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market 506,962.43 0.09

Total Derivative instruments -175,117.57 -0.04

Cash at banks, deposits on demand and deposit accounts and other liquid assets 2,596,966.35 0.48 Other assets and liabilities 4,904,062.95 0.91 Total net assets 540,724,328.47 100.00

** Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.

44 The notes are an integral part of the financial statements. Sidera Funds – Equity Europe Active Selection

Annual report including audited financial statements as of 31 December 2019

Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 367,860,458.88 236,209,751.33 173,097,769.70 Class A Acc LU1325864384 Shares outstanding 65,021.3900 55,675.6490 30,027.0960 Net asset value per share in EUR1 126.86 103.28 118.54 Class A Inc LU1325864202 Shares outstanding 40,055.1250 42,641.3680 20,059.6040 Net asset value per share in EUR1 118.18 98.77 116.51 Class B Acc LU1325864111 Shares outstanding 2,709,375.1550 2,149,382.9010 1,402,446.2280 Net asset value per share in EUR1 130.98 105.26 119.22

1 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets France 24.70 United Kingdom 18.28 Switzerland 15.30 Germany 9.20 Sweden 5.43 Italy 4.50 Denmark 3.85 Belgium 3.46 Spain 3.37 Finland 2.56 Norway 1.59 Luxembourg 1.51 The Netherlands 0.87 Ireland 0.82 Austria 0.49 European Union 0.02 Total 95.95

Economic Breakdown as a % of net assets Pharmaceuticals 8.26 Insurance 6.76 Banks 6.16 Beverages 5.87 Oil & Gas 5.24 Food 4.97 Apparel 4.84 Mining 4.42 Healthcare-Products 4.24 Electrical 3.10 Commercial Services 3.06 Software 3.02 Telecommunications 2.98 Computers 2.96 Diversified Financial Services 2.72 Cosmetics/Personal Care 2.71 Private Equity 2.32 Building Materials 2.12 Auto Parts & Equipment 2.11 Aerospace/Defense 1.97 Auto Manufacturers 1.75 Electrical Components & Equipments 1.61 Engineering & Construction 1.60 Metal Fabricate/Hardware 1.51 Energy-Alternate Sources 1.48 REITS 1.46 Water 1.06 Home Builders 0.92 Retail 0.88 Transportation 0.88 Machinery-Construction & Mining 0.85

The notes are an integral part of the financial statements. 45

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Europe Active Selection

Economic Breakdown as a % of net assets Machinery-Diversified 0.77 Chemicals 0.72 Advertising 0.61 Finance & holding companies 0.02 Total 95.95

46 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Europe Active Selection

Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 315,354,084.80 Investments in securities and options, unrealized appreciation (depreciation) 37,608,734.33 Total investments in securities (Note 1) 352,962,819.13 Cash at banks, deposits on demand and deposit accounts (Note 1) 14,762,257.60 Receivable on subscriptions 38,682.46 Receivable on dividends 195,188.18 Other receivables 269,641.42 Formation expenses, net (Note 2) 14,894.77 Total Assets 368,243,483.56 Unrealized gain (loss) on financial futures (Note 1) -53,069.33 Payable on redemptions -14,331.25 Provisions for management fees (Note 2) -241,160.78 Provisions for administrator fees (Note 2) -9,130.94 Provisions for depositary fees (Note 2) -18,978.50 Provisions for taxe d’abonnement (Note 3) -18,207.63 Provisions for audit fees, legal and economic advice (Note 2) -7,758.25 Provisions for other commissions and fees -20,388.00 Total provisions -315,624.10 Total Liabilities -383,024.68 Net assets at the end of the financial year 367,860,458.88

The notes are an integral part of the financial statements. 47

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Europe Active Selection

Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 2,336.37 Dividends (Note 1) 8,577,148.26 Income on securities lending (Note 8) 110,590.70 Other income 11,963.97 Total income 8,702,039.30 Management fees (Note 2) -2,210,964.64 Administrator fees (Note 2) -59,115.98 Depositary fees (Note 2) -91,324.15 Taxe d’abonnement (Note 3) -39,157.02 Audit fees, legal and economic advice (Note 2) -13,350.09 Amortization of formation expenses (Note 2) -12,460.91 Other commissions and fees -81,314.50 Interest on cash and bank overdraft -55,835.02 Total expenses -2,563,522.31 Net income (loss) on investments 6,138,516.99 Realized gain (loss) on market-priced securities without options 6,214,417.85 Realized gain (loss) on options 1,110,473.38 Realized gain (loss) on financial futures -228,661.50 Realized gain (loss) on foreign exchange 46,529.30 Total realized gain (loss) 7,142,759.03 Net realized gain (loss) of the year 13,281,276.02 Unrealized appreciation (depreciation) on market-priced securities without options 47,716,487.67 Unrealized appreciation (depreciation) on options 23,877.54 Unrealized appreciation (depreciation) on financial futures 1,876,930.67 Unrealized appreciation (depreciation) on foreign exchange 111,674.17 Total changes in unrealized appreciation (depreciation) 49,728,970.05 Net increase (decrease) in net assets as a result of operations 63,010,246.07

48 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Europe Active Selection

Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 236,209,751.33 Subscriptions 76,411,828.11 Redemptions -7,657,933.52 Total net subscriptions (redemptions) 68,753,894.59 Dividend paid -113,433.11 Net income (loss) on investments 6,138,516.99 Total realized gain (loss) 7,142,759.03 Total changes in unrealized appreciation (depreciation) 49,728,970.05 Net increase (decrease) in net assets as a result of operations 63,010,246.07 Net assets at the end of the year 367,860,458.88

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class A Acc Number of shares outstanding at the beginning of the year 55,675.6490 Number of shares issued 20,141.5070 Number of shares redeemed -10,795.7660 Number of shares outstanding at the end of the year 65,021.3900 Class A Inc Number of shares outstanding at the beginning of the year 42,641.3680 Number of shares issued 9,371.0370 Number of shares redeemed -11,957.2800 Number of shares outstanding at the end of the year 40,055.1250 Class B Acc Number of shares outstanding at the beginning of the year 2,149,382.9010 Number of shares issued 601,284.9230 Number of shares redeemed -41,292.6690 Number of shares outstanding at the end of the year 2,709,375.1550

Annual Distribution

Sidera Funds – Equity Europe Active Ex-Date Pay-Date Currency Amount per share Selection A Inc 2.1.2019 7.1.2019 EUR 1.28 A Inc 2.7.2019 5.7.2019 EUR 1.48

The notes are an integral part of the financial statements. 49

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Europe Active Selection

Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Common stocks

Austria EUR VERBUND AG 39,909.00 1,785,528.66 0.49 Total Austria 1,785,528.66 0.49

Belgium EUR AGEAS 84,694.00 4,461,679.92 1.21 EUR ANHEUSER-BUSCH INBEV SA/NV 78,415.00 5,701,554.65 1.55 EUR PROXIMUS SADP 100,522.00 2,565,321.44 0.70 Total Belgium 12,728,556.01 3.46

Denmark DKK CARLSBERG A/S 53,368.00 7,097,797.01 1.93 DKK NOVO NORDISK A/S 66,690.00 3,450,820.64 0.94 DKK TRYG A/S 136,554.00 3,609,235.17 0.98 Total Denmark 14,157,852.82 3.85

Finland EUR METSO OYJ 81,133.00 2,854,258.94 0.77 EUR NESTE OYJ 212,064.00 6,578,225.28 1.79 Total Finland 9,432,484.22 2.56

France EUR ATOS SE 44,580.00 3,313,185.60 0.90 EUR CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA 31,882.00 3,478,326.20 0.95 EUR CREDIT AGRICOLE SA 358,555.00 4,634,323.38 1.26 EUR EIFFAGE SA 57,893.00 5,905,086.00 1.60 EUR ENGIE SA 135,804.00 1,955,577.60 0.53 EUR FAURECIA SE 89,154.00 4,282,066.62 1.16 EUR ICADE (REIT) 20,917.00 2,029,994.85 0.55 EUR INGENICO GROUP SA 42,057.00 4,071,117.60 1.11 EUR IPSEN SA 52,000.00 4,108,000.00 1.12 EUR KERING SA 7,177.00 4,199,980.40 1.14 EUR L'OREAL SA 25,890.00 6,834,960.00 1.86 EUR LVMH MOET HENNESSY LOUIS VUITTON SE 9,950.00 4,121,290.00 1.12 EUR PEUGEOT SA 159,810.00 3,403,953.00 0.93 EUR PUBLICIS GROUPE SA 55,665.00 2,246,639.40 0.61 EUR REMY COINTREAU SA 23,917.00 2,618,911.50 0.71 EUR SARTORIUS STEDIM BIOTECH 23,136.00 3,417,187.20 0.93 EUR SCHNEIDER ELECTRIC SE 64,557.00 5,906,965.50 1.61 EUR TELEPERFORMANCE 16,017.00 3,482,095.80 0.95 EUR THALES SA 26,875.00 2,486,475.00 0.68 EUR TOTAL SA 134,961.00 6,640,081.20 1.80 EUR UBISOFT ENTERTAINMENT SA 71,735.00 4,417,441.30 1.20 EUR VEOLIA ENVIRONNEMENT SA 165,151.00 3,915,730.21 1.06 EUR WORLDLINE SA/FRANCE '144A' 53,702.00 3,391,281.30 0.92 Total France 90,860,669.66 24.70

Germany EUR ADIDAS AG 19,320.00 5,598,936.00 1.52 EUR ALLIANZ SE 25,428.00 5,553,475.20 1.51 EUR DEUTSCHE BOERSE AG 30,949.00 4,337,502.35 1.18 EUR DEUTSCHE POST AG 95,379.00 3,243,839.79 0.88 EUR HANNOVER RUECK SE 27,149.00 4,677,772.70 1.27 EUR HEIDELBERGCEMENT AG 73,220.00 4,756,371.20 1.30 EUR SAP SE 27,438.00 3,301,340.16 0.90 EUR WIRECARD AG 21,930.00 2,357,475.00 0.64 Total Germany 33,826,712.40 9.20

Ireland EUR CRH PLC 85,026.00 3,032,877.42 0.82 Total Ireland 3,032,877.42 0.82

Italy EUR ENEL SPA 558,567.00 3,950,185.82 1.07 EUR FINECOBANK BANCA FINECO SPA 371,942.00 3,976,059.98 1.08

50 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Europe Active Selection

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR LEONARDO SPA 452,422.00 4,727,809.90 1.29 EUR MONCLER SPA 97,534.00 3,908,187.38 1.06 Total Italy 16,562,243.08 4.50

Luxembourg EUR TENARIS SA 551,673.00 5,544,313.65 1.51 Total Luxembourg 5,544,313.65 1.51

Norway NOK DNB ASA 233,629.00 3,884,523.78 1.06 NOK GJENSIDIGE FORSIKRING ASA 104,263.00 1,947,623.02 0.53 Total Norway 5,832,146.80 1.59

Spain EUR ENDESA SA 156,717.00 3,728,297.43 1.01 EUR INDUSTRIA DE DISENO TEXTIL SA 102,857.00 3,234,852.65 0.88 EUR SIEMENS GAMESA RENEWABLE ENERGY SA 347,565.00 5,434,178.78 1.48 Total Spain 12,397,328.86 3.37

Sweden SEK BOLIDEN AB 230,316.00 5,446,900.02 1.48 SEK SANDVIK AB 178,685.00 3,106,037.35 0.85 SEK TELE2 AB 402,359.00 5,202,022.95 1.41 SEK TELEFONAKTIEBOLAGET LM ERICSSON - CLASS B 410,506.00 3,186,365.77 0.87 SEK VOLVO AB 203,000.00 3,031,222.97 0.82 Total Sweden 19,972,549.06 5.43

Switzerland GBP COCA-COLA HBC AG 204,366.00 6,186,594.12 1.68 CHF EMS-CHEMIE HOLDING AG 4,537.00 2,656,726.93 0.72 CHF NESTLE SA 111,580.00 10,755,843.70 2.93 CHF NOVARTIS AG 105,896.00 8,953,128.11 2.43 CHF PARTNERS GROUP HOLDING AG 5,655.00 4,616,701.18 1.26 CHF ROCHE HOLDING AG 33,765.00 9,753,851.37 2.65 CHF SONOVA HOLDING AG 25,714.00 5,239,901.24 1.43 CHF STRAUMANN HOLDING AG 3,959.00 3,461,558.38 0.94 CHF ZURICH INSURANCE GROUP AG 12,719.00 4,646,571.09 1.26 Total Switzerland 56,270,876.12 15.30

The Netherlands EUR NN GROUP NV 1.00 33.82 0.00 EUR RANDSTAD NV 59,080.00 3,216,315.20 0.87 Total The Netherlands 3,216,349.02 0.87

United Kingdom GBP 3I GROUP PLC 302,061.00 3,914,286.47 1.06 GBP ANGLO AMERICAN PLC 217,873.00 5,587,515.62 1.52 GBP ASHTEAD GROUP PLC 199,883.00 5,694,672.27 1.55 GBP GLAXOSMITHKLINE PLC 195,968.00 4,114,496.70 1.12 GBP HSBC HOLDINGS PLC 843,203.00 5,890,282.08 1.60 GBP LONDON STOCK EXCHANGE GROUP PLC 61,743.00 5,647,354.37 1.54 GBP PERSIMMON PLC 105,974.00 3,370,650.37 0.92 GBP RIO TINTO PLC 98,551.00 5,237,434.36 1.42 GBP ROYAL DUTCH SHELL PLC 230,038.00 6,067,820.44 1.65 GBP SEGRO PLC (REIT) 317,345.00 3,360,288.27 0.91 GBP SMITH & NEPHEW PLC 159,975.00 3,459,805.73 0.94 GBP STANDARD CHARTERED PLC 507,141.00 4,263,912.10 1.16 GBP TESCO PLC 2,497,047.00 7,520,781.94 2.04 GBP UNILEVER PLC 60,820.00 3,122,778.63 0.85 Total United Kingdom 67,252,079.35 18.28

Total Common stocks 352,872,567.13 95.93

Total Transferable securities and money market instruments listed on an official stock exchange 352,872,567.13 95.93

Derivative instruments listed on an official stock exchange

Options

EUR EUR EURO STOXX 50 INDEX PUT 3450.00000 17.01.2020 -981.00 -26,487.00 -0.01

The notes are an integral part of the financial statements. 51

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Europe Active Selection

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR EURO STOXX 50 INDEX PUT 3625.00000 17.01.2020 981.00 116,739.00 0.03 Total EUR 90,252.00 0.02

Total Options 90,252.00 0.02

Total Derivative instruments listed on an official stock exchange 90,252.00 0.02

Total investments in securities 352,962,819.13 95.95

Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures

EUR DOW JONES EURO STOXX 50 INDEX DIVIDEND FUTURE 18.12.20 1,062.00 -21,240.00 0.00 EUR EURO STOXX 50 INDEX FUTURE 20.03.20 365.00 -29,749.33 -0.01 EUR MSCI EUROPE INDEX FUTURE 20.03.20 26.00 -2,080.00 0.00 Total Financial Futures -53,069.33 -0.01

Total Derivative instruments listed on an official stock exchange -53,069.33 -0.01

Total Derivative instruments -53,069.33 -0.01

Cash at banks, deposits on demand and deposit accounts and other liquid assets 14,762,257.60 4.01 Other assets and liabilities 188,451.48 0.05 Total net assets 367,860,458.88 100.00

52 The notes are an integral part of the financial statements. Sidera Funds – Equity Global Leaders

Annual report including audited financial statements as of 31 December 2019

Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 463,734,784.99 305,365,329.87 124,271,724.41 Class A Acc LU1325864624 Shares outstanding 779,841.8720 390,984.3840 99,401.3190 Net asset value per share in EUR1 110.12 107.09 104.60 Class A Inc LU1325864541 Shares outstanding 484,710.9830 299,844.7680 96,016.0450 Net asset value per share in EUR1 98.66 99.34 102.01 Class B Acc LU1325864467 Shares outstanding 2,713,524.2530 2,003,481.3750 926,746.6480 Net asset value per share in EUR1 121.63 116.65 112.31

1 See note 1 Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets United States 32.27 France 17.78 Germany 12.81 Spain 4.05 The Netherlands 3.82 Japan 3.06 Italy 2.61 Finland 2.13 Ireland 2.08 Belgium 1.61 United Kingdom 1.42 Austria 0.73 Portugal 0.50 European Union 0.02 Total 84.89

Economic Breakdown as a % of net assets Apparel 9.03 Software 8.55 Retail 7.95 Banks 7.09 Computers 5.68 Telecommunications 5.50 Diversified Financial Services 3.65 Internet 3.12 Media 3.11 Auto Manufacturers 2.91 Transportation 2.85 Engineering & Construction 2.07 Cosmetics/Personal Care 2.06 Commercial Services 1.93 Miscellaneous Manufacturing 1.80 Food 1.74 Chemicals 1.71 Pharmaceuticals 1.55 Insurance 1.54 Oil & Gas 1.49 Electrical 1.17 Semiconductors 1.17 Auto Parts & Equipment 0.91 Forest Products & Paper 0.90 Machinery-Diversified 0.83 Gas 0.78 Healthcare-Services 0.76 REITS 0.61 Household Products/Wares 0.50 Gaming, Lodging & Restaurants 0.48 Food Service 0.47 Building Materials 0.40 Advertising 0.31 Beverages 0.25

The notes are an integral part of the financial statements. 53

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Global Leaders

Economic Breakdown as a % of net assets Finance & holding companies 0.02 Total 84.89

The notes are an integral part of the financial statements. 54

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Global Leaders

Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 357,884,354.35 Investments in securities and options, unrealized appreciation (depreciation) 35,751,323.32 Total investments in securities (Note 1) 393,635,677.67 Cash at banks, deposits on demand and deposit accounts (Note 1) 71,328,221.78 Receivable on subscriptions 13,784.70 Receivable on dividends 242,910.31 Other receivables 168,871.32 Formation expenses, net (Note 2) 14,894.72 Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 781,389.83 Total Assets 466,185,750.33 Unrealized gain (loss) on financial futures (Note 1) -1,787,210.78 Payable on redemptions -28,693.35 Provisions for management fees (Note 2) -435,155.02 Provisions for administrator fees (Note 2) -11,743.27 Provisions for depositary fees (Note 2) -115,807.93 Provisions for taxe d’abonnement (Note 3) -32,927.87 Provisions for audit fees, legal and economic advice (Note 2) -20,920.16 Provisions for other commissions and fees -18,506.96 Total provisions -635,061.21 Total Liabilities -2,450,965.34 Net assets at the end of the financial year 463,734,784.99

The notes are an integral part of the financial statements. 55

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Global Leaders Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 111,588.79 Dividends (Note 1) 5,484,338.07 Income on securities lending (Note 8) 153,149.58 Other income 14,149.85 Total income 5,763,226.29 Management fees (Note 2) -4,048,917.27 Administrator fees (Note 2) -76,295.23 Depositary fees (Note 2) -209,584.06 Taxe d’abonnement (Note 3) -90,256.09 Audit fees, legal and economic advice (Note 2) -37,309.94 Amortization of formation expenses (Note 2) -12,460.91 Other commissions and fees -93,531.11 Interest on cash and bank overdraft -894,864.42 Total expenses -5,463,219.03 Net income (loss) on investments 300,007.26 Realized gain (loss) on market-priced securities without options 5,590,999.65 Realized gain (loss) on options 10,033,643.66 Realized gain (loss) on financial futures -43,412,314.27 Realized gain (loss) on forward foreign exchange contracts -3,857,259.15 Realized gain (loss) on foreign exchange 874,099.69 Total realized gain (loss) -30,770,830.42 Net realized gain (loss) of the year -30,470,823.16 Unrealized appreciation (depreciation) on market-priced securities without options 43,003,755.00 Unrealized appreciation (depreciation) on options -17,645.39 Unrealized appreciation (depreciation) on financial futures -1,880,900.30 Unrealized appreciation (depreciation) on forward foreign exchange contracts 696,225.21 Unrealized appreciation (depreciation) on foreign exchange -2,010.42 Total changes in unrealized appreciation (depreciation) 41,799,424.10 Net increase (decrease) in net assets as a result of operations 11,328,600.94

56 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Global Leaders

Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 305,365,329.87 Subscriptions 189,534,729.20 Redemptions -41,203,558.91 Total net subscriptions (redemptions) 148,331,170.29 Dividend paid -1,290,316.11 Net income (loss) on investments 300,007.26 Total realized gain (loss) -30,770,830.42 Total changes in unrealized appreciation (depreciation) 41,799,424.10 Net increase (decrease) in net assets as a result of operations 11,328,600.94 Net assets at the end of the year 463,734,784.99

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class A Acc Number of shares outstanding at the beginning of the year 390,984.3840 Number of shares issued 493,984.3920 Number of shares redeemed -105,126.9040 Number of shares outstanding at the end of the year 779,841.8720 Class A Inc Number of shares outstanding at the beginning of the year 299,844.7680 Number of shares issued 233,709.0270 Number of shares redeemed -48,842.8120 Number of shares outstanding at the end of the year 484,710.9830 Class B Acc Number of shares outstanding at the beginning of the year 2,003,481.3750 Number of shares issued 911,560.8880 Number of shares redeemed -201,518.0100 Number of shares outstanding at the end of the year 2,713,524.2530

Annual Distribution

Sidera Funds – Equity Global Leaders Ex-Date Pay-Date Currency Amount per share A Inc 2.1.2019 7.1.2019 EUR 0.99 A Inc 2.7.2019 5.7.2019 EUR 2.55

The notes are an integral part of the financial statements. 57

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Global Leaders Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Common stocks

Austria EUR OMV AG 68,000.00 3,405,440.00 0.73 Total Austria 3,405,440.00 0.73

Belgium EUR GALAPAGOS NV 9,153.00 1,707,034.50 0.37 EUR KBC GROUP NV 35,330.00 2,369,229.80 0.51 EUR PROXIMUS SADP 52,995.00 1,352,432.40 0.29 EUR SOLVAY SA 19,521.00 2,016,519.30 0.44 Total Belgium 7,445,216.00 1.61

Finland EUR FORTUM OYJ 83,575.00 1,838,650.00 0.40 EUR METSO OYJ 56,510.00 1,988,021.80 0.43 EUR NORDEA BANK 6,437.00 46,603.88 0.01 EUR ORION OYJ 44,137.00 1,821,533.99 0.39 EUR STORA ENSO OYJ 166,303.00 2,156,118.40 0.46 EUR UPM-KYMMENE OYJ 65,675.00 2,030,014.25 0.44 Total Finland 9,880,942.32 2.13

France EUR AMUNDI SA '144A' 33,662.00 2,352,973.80 0.51 EUR ARKEMA SA 20,689.00 1,959,248.30 0.42 EUR ATOS SE 34,051.00 2,530,670.32 0.55 EUR BNP PARIBAS SA 46,188.00 2,440,112.04 0.53 EUR BOUYGUES SA 50,839.00 1,925,781.32 0.41 EUR CIE DE SAINT-GOBAIN 50,322.00 1,836,753.00 0.40 EUR DANONE SA 31,752.00 2,346,472.80 0.51 EUR EUTELSAT COMMUNICATIONS SA 94,993.00 1,376,448.57 0.30 EUR FAURECIA SE 45,409.00 2,180,994.27 0.47 EUR HERMES INTERNATIONAL 11,094.00 7,390,822.80 1.59 EUR ICADE (REIT) 14,745.00 1,431,002.25 0.31 EUR INGENICO GROUP SA 27,206.00 2,633,540.80 0.57 EUR JCDECAUX SA 52,965.00 1,455,478.20 0.31 EUR KERING SA 17,500.00 10,241,000.00 2.21 EUR L'OREAL SA 27,982.00 7,387,248.00 1.59 EUR LVMH MOET HENNESSY LOUIS VUITTON SE 22,480.00 9,311,216.00 2.01 EUR ORANGE SA 485,750.00 6,373,040.00 1.37 EUR PERNOD RICARD SA 7,158.00 1,140,985.20 0.25 EUR PEUGEOT SA 101,715.00 2,166,529.50 0.47 EUR SANOFI 20,306.00 1,819,823.72 0.39 EUR SOCIETE GENERALE SA 79,999.00 2,481,168.99 0.53 EUR SODEXO SA 20,584.00 2,174,699.60 0.47 EUR TOTAL SA 71,547.00 3,520,112.40 0.76 EUR VALEO SA 65,641.00 2,061,783.81 0.44 EUR VINCI SA 19,265.00 1,907,235.00 0.41 Total France 82,445,140.69 17.78

Germany EUR ADIDAS AG 25,540.00 7,401,492.00 1.60 EUR BAYER AG 25,678.00 1,869,615.18 0.40 EUR BRENNTAG AG 39,200.00 1,900,416.00 0.41 EUR DEUTSCHE POST AG 287,430.00 9,775,494.30 2.11 EUR EVONIK INDUSTRIES AG 74,759.00 2,034,192.39 0.44 EUR FRESENIUS MEDICAL CARE AG & CO KGAA 26,720.00 1,762,451.20 0.38 EUR FRESENIUS SE & CO KGAA 35,372.00 1,774,966.96 0.38 EUR HANNOVER RUECK SE 13,874.00 2,390,490.20 0.52 EUR HENKEL AG & CO KGAA - PREFERENCE 24,941.00 2,299,560.20 0.50 EUR HOCHTIEF AG 16,741.00 1,903,451.70 0.41 EUR KION GROUP AG 30,487.00 1,876,779.72 0.40 EUR METRO AG 81,818.00 1,174,088.30 0.25 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN EUR MUENCHEN 8,972.00 2,359,636.00 0.51 EUR SAP SE 85,902.00 10,335,728.64 2.23 EUR SIEMENS AG 71,700.00 8,355,918.00 1.80 EUR VOLKSWAGEN AG - PREFERENCE 12,301.00 2,167,928.24 0.47

58 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Global Leaders

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Total Germany 59,382,209.03 12.81

Ireland USD ACCENTURE PLC - CLASS A 39,531.00 7,415,765.36 1.60 EUR FLUTTER ENTERTAINMENT PLC 20,539.00 2,225,400.65 0.48 Total Ireland 9,641,166.01 2.08

Italy EUR ASSICURAZIONI GENERALI SPA 127,881.00 2,352,371.00 0.51 EUR ENEL SPA 260,678.00 1,843,514.82 0.40 EUR INTESA SANPAOLO SPA 1,009,820.00 2,371,562.27 0.51 EUR MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 231,777.00 2,274,659.48 0.49 EUR SNAM SPA 399,148.00 1,870,407.53 0.40 EUR TELECOM ITALIA SPA/MILANO 2,513,530.00 1,398,528.09 0.30 Total Italy 12,111,043.19 2.61

Japan JPY NTT DOCOMO INC 288,500.00 7,184,978.98 1.55 JPY TOYOTA MOTOR CORP 110,600.00 6,994,016.89 1.51 Total Japan 14,178,995.87 3.06

Portugal EUR JERONIMO MARTINS SGPS SA 159,602.00 2,340,563.33 0.50 Total Portugal 2,340,563.33 0.50

Spain EUR ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 54,166.00 1,931,017.90 0.42 EUR AENA SME SA '144A' 11,478.00 1,956,999.00 0.42 EUR ENAGAS SA 77,652.00 1,765,806.48 0.38 EUR ENDESA SA 71,747.00 1,706,861.13 0.37 EUR INDUSTRIA DE DISENO TEXTIL SA 322,844.00 10,153,443.80 2.19 EUR TELEFONICA SA 203,152.00 1,265,027.50 0.27 Total Spain 18,779,155.81 4.05

The Netherlands EUR ASML HOLDING NV 10,304.00 2,717,164.80 0.59 EUR FIAT CHRYSLER AUTO 162,463.00 2,143,536.82 0.46 EUR ING GROEP NV 224,200.00 2,396,249.60 0.52 EUR KONINKLIJKE AHOLD DELHAIZE NV 100,729.00 2,245,753.06 0.48 EUR RANDSTAD NV 35,691.00 1,943,018.04 0.42 EUR STMICROELECTRONICS EUR 112,099.00 2,687,013.03 0.58 EUR UNIBAIL-RODAMCO-WESTFIELD (REIT) 9,832.00 1,382,870.80 0.30 EUR UNILEVER NV 42,820.00 2,193,668.60 0.47 Total The Netherlands 17,709,274.75 3.82

United Kingdom GBP VODAFONE GROUP PLC 3,803,583.00 6,588,039.75 1.42 Total United Kingdom 6,588,039.75 1.42

United States USD ADOBE INC 27,167.00 7,982,284.17 1.72 USD ALPHABET INC - CLASS A 6,044.00 7,211,958.02 1.56 USD CHARTER COMMUNICATIONS INC 18,082.00 7,814,145.91 1.69 USD CITIGROUP INC 108,517.00 7,723,459.66 1.66 USD COMCAST CORP 164,271.00 6,581,205.79 1.42 USD COSTCO WHOLESALE CORP 26,117.00 6,838,708.79 1.48 USD DELL TECHNOLOGIES INC 140,467.00 6,430,942.21 1.38 USD FEDEX CORP 25,778.00 3,472,573.25 0.74 USD HEWLETT PACKARD ENTERPRISE CO 517,316.00 7,309,383.97 1.58 USD LOWE'S COS INC 68,059.00 7,261,377.81 1.56 USD MASTERCARD INC 27,622.00 7,347,710.93 1.59 USD MICROSOFT CORP 54,056.00 7,594,466.69 1.63 USD NETFLIX INC 14,258.00 4,110,063.60 0.88 USD NIKE INC 83,064.00 7,496,988.40 1.62 USD ORACLE CORP 140,166.00 6,615,707.81 1.43 USD PAYPAL HOLDINGS INC 72,344.00 6,971,577.02 1.51 USD SALESFORCE.COM INC 49,275.00 7,139,629.59 1.54 USD STARBUCKS CORP 83,289.00 6,523,745.49 1.41 USD UBER TECHNOLOGIES INC 119,035.00 3,153,823.04 0.68 USD US BANCORP 135,279.00 7,145,514.70 1.54 USD VISA INC - CLASS A 42,984.00 7,195,405.76 1.55 USD WELLS FARGO & CO 76,602.00 3,671,504.52 0.79 USD YUM! BRANDS INC 67,505.00 6,057,821.30 1.31

The notes are an integral part of the financial statements. 59

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Equity Global Leaders

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Total United States 149,649,998.43 32.27

Total Common stocks 393,557,185.18 84.87

Total Transferable securities and money market instruments listed on an official stock exchange 393,557,185.18 84.87

Derivative instruments listed on an official stock exchange

Options

EUR EUR EURO STOXX 50 INDEX PUT 3450.00000 17.01.2020 -646.00 -17,442.00 0.00 EUR EURO STOXX 50 INDEX PUT 3625.00000 17.01.2020 646.00 76,874.00 0.02 Total EUR 59,432.00 0.02

USD USD S&P 500 INDEX CALL 3325.000 03.02.2020 155.00 68,491.24 0.01 USD S&P 500 INDEX PUT 2900.000 03.02.2020 -155.00 -78,295.43 -0.02 USD S&P 500 INDEX PUT 2900.000 17.01.2020 -108.00 -15,875.57 0.00 USD S&P 500 INDEX PUT 3050.000 17.01.2020 108.00 44,740.25 0.01 Total USD 19,060.49 0.00

Total Options 78,492.49 0.02

Total Derivative instruments listed on an official stock exchange 78,492.49 0.02

Total investments in securities 393,635,677.67 84.89

Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures

EUR DOW JONES EURO STOXX 50 INDEX DIVIDEND FUTURE 18.12.20 1,998.00 -39,960.00 -0.01 EUR EURO STOXX 50 INDEX FUTURE 20.03.20 -1,501.00 86,478.84 0.02 EUR EURO STOXX FUTURE 20.03.20 -6,883.00 122,373.67 0.02 USD S&P500 EMINI FUTURE 20.03.20 -898.00 -1,952,127.41 -0.42 JPY TOPIX INDX FUTURE 12.03.20 -10.00 -3,975.88 0.00 Total Financial Futures -1,787,210.78 -0.39

Total Derivative instruments listed on an official stock exchange -1,787,210.78 -0.39

Total Derivative instruments -1,787,210.78 -0.39

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 4,806,525.62 GBP 4,100,000.00 9.1.2020 -30,756.88 -0.01 EUR 50,438,899.49 USD 56,000,000.00 9.1.2020 578,627.34 0.13 EUR 43,785,787.06 USD 49,000,000.00 5.2.2020 233,519.37 0.05 Total Forward Foreign Exchange contracts (Purchase/Sale) 781,389.83 0.17

Cash at banks, deposits on demand and deposit accounts and other liquid assets 71,328,221.78 15.38 Other assets and liabilities -223,293.51 -0.05 Total net assets 463,734,784.99 100.00

60 The notes are an integral part of the financial statements. Sidera Funds – Global Conservative Income

Annual report including audited financial statements as of 31 December 2019

Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 64,017,780.59 64,341,496.31 66,881,348.28 Class A Acc LU1504219343 Shares outstanding 326,119.2510 338,961.8530 347,926.3910 Net asset value per share in EUR1 101.73 96.30 100.99 Class A Inc LU1504219186 Shares outstanding 309,264.7440 332,473.4260 314,345.2440 Net asset value per share in EUR1 99.73 95.34 100.99

1 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets Luxembourg 76.86 Ireland 11.02 United States 4.20 Japan 2.89 Spain 1.59 Total 96.56

Economic Breakdown as a % of net assets Investment Funds 87.88 Sovereign 5.79 Pharmaceuticals 0.27 Auto Manufacturers 0.23 Auto Parts & Equipment 0.21 Telecommunications 0.19 Banks 0.19 Machinery-Diversified 0.17 Transportation 0.12 Retail 0.12 Internet 0.10 Machinery-Construction & Mining 0.10 Distribution/Wholesale 0.10 Home Builders 0.09 Food 0.09 Electronics 0.08 Insurance 0.08 Real Estate 0.06 Building Materials 0.06 Airlines 0.06 Chemicals 0.06 Semiconductors 0.05 Office/Business Equipment 0.05 Commercial Services 0.04 Diversified Financial Services 0.04 Computers 0.04 Oil & Gas 0.04 Electrical 0.03 Agriculture 0.03 Cosmetics/Personal Care 0.03 REITS 0.03 Electrical Components & Equipments 0.02 Miscellaneous Manufacturing 0.02 Forest Products & Paper 0.02 Iron/Steel 0.02 Mining 0.02 Leisure Time 0.02 Entertainment 0.01 Total 96.56

The notes are an integral part of the financial statements. 61

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Conservative Income Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 56,169,348.41 Investments in securities and options, unrealized appreciation (depreciation) 5,648,456.68 Total investments in securities (Note 1) 61,817,805.09 Cash at banks, deposits on demand and deposit accounts (Note 1) 2,376,591.09 Receivable on subscriptions 1,998.54 Receivable on dividends 3,868.90 Interest receivable on securities 9,870.62 Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 151,741.00 Total Assets 64,361,875.24 Unrealized gain (loss) on financial futures (Note 1) -175,194.30 Payable on redemptions -56,417.01 Provisions for management fees (Note 2) -71,201.13 Provisions for administrator fees (Note 2) -1,749.74 Provisions for formation expenses (Note 2) -8,888.60 Provisions for depositary fees (Note 2) -15,757.54 Provisions for taxe d’abonnement (Note 3) -9,193.27 Provisions for audit fees, legal and economic advice (Note 2) -3,072.92 Provisions for other commissions and fees -2,620.14 Total provisions -112,483.34 Total Liabilities -344,094.65 Net assets at the end of the financial year 64,017,780.59

62 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Conservative Income

Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 26,182.18 Interest on securities (Note 1) 105,963.79 Dividends (Note 1) 67,964.10 Income on securities lending (Note 8) 8,439.06 Other income 3,448.09 Total income 211,997.22 Management fees (Note 2) -687,959.52 Administrator fees (Note 2) -12,391.82 Depositary fees (Note 2) -31,046.34 Taxe d’abonnement (Note 3) -10,817.78 Audit fees, legal and economic advice (Note 2) -4,238.39 Amortization of formation expenses (Note 2) -3,640.53 Other commissions and fees -22,402.99 Interest on cash and bank overdraft -17,637.12 Total expenses -790,134.49 Net income (loss) on investments -578,137.27 Realized gain (loss) on market-priced securities without options 397,329.37 Realized gain (loss) on financial futures -2,396,366.13 Realized gain (loss) on forward foreign exchange contracts -872,941.47 Realized gain (loss) on swaps 21.48 Realized gain (loss) on foreign exchange -43,661.59 Total realized gain (loss) -2,915,618.34 Net realized gain (loss) of the year -3,493,755.61 Unrealized appreciation (depreciation) on market-priced securities without options 7,398,929.80 Unrealized appreciation (depreciation) on financial futures -609,649.63 Unrealized appreciation (depreciation) on forward foreign exchange contracts 213,654.60 Unrealized appreciation (depreciation) on foreign exchange -6,361.46 Total changes in unrealized appreciation (depreciation) 6,996,573.31 Net increase (decrease) in net assets as a result of operations 3,502,817.70

The notes are an integral part of the financial statements. 63

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Conservative Income Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 64,341,496.31 Subscriptions 9,893,959.47 Redemptions -13,411,014.02 Total net subscriptions (redemptions) -3,517,054.55 Dividend paid -309,478.87 Net income (loss) on investments -578,137.27 Total realized gain (loss) -2,915,618.34 Total changes in unrealized appreciation (depreciation) 6,996,573.31 Net increase (decrease) in net assets as a result of operations 3,502,817.70 Net assets at the end of the year 64,017,780.59

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class A Acc Number of shares outstanding at the beginning of the year 338,961.8530 Number of shares issued 55,781.4570 Number of shares redeemed -68,624.0590 Number of shares outstanding at the end of the year 326,119.2510 Class A Inc Number of shares outstanding at the beginning of the year 332,473.4260 Number of shares issued 43,524.1190 Number of shares redeemed -66,732.8010 Number of shares outstanding at the end of the year 309,264.7440

Annual Distribution

Sidera Funds – Global Conservative Income Ex-Date Pay-Date Currency Amount per share A Inc 2.1.2019 7.1.2019 EUR 0.47 A Inc 2.7.2019 5.7.2019 EUR 0.49

64 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Conservative Income

Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Investment funds

Ireland EUR ISHARES EURO GOVERNMENT BOND 7-10 15,000.00 3,354,150.00 5.24 USD ISHARES GOLD PRODUCERS UCITS ETF - ETF 15,000.00 171,417.42 0.27 USD ISHARES USD TREASURY BOND 7-10YR UCITS ETF USD ACC - ETF 5,000.00 681,348.90 1.06 EUR ISHARES V PLC - ISHARES MSCI WORLD MONTHLY EURO HEDGED 50,000.00 2,846,500.00 4.45 Total Ireland 7,053,416.32 11.02

Luxembourg EUR BLACKROCK GLOBAL FUNDS - GLOBAL CORPORATE BOND FUND 650,000.00 8,658,000.00 13.52 EUR BLACKROCK GLOBAL FUNDS - GLOBAL HIGH YIELD BOND FUND 40,000.00 696,800.00 1.09 USD BLACKROCK STRATEGIC FUNDS - ASIA PACIFIC ABSOLUTE RETURN FUND 3,000.00 274,855.86 0.43 BLACKROCK STRATEGIC FUNDS - EMERGING MARKETS ABSOLUTE EUR RETURN FUND 3,000.00 300,600.00 0.47 EUR BLACKROCK STRATEGIC FUNDS - EUROPEAN ABSOLUTE RETURN FUND 3,000.00 399,900.00 0.62 EUR BLACKROCK STRATEGIC FUNDS - GLOBAL EVENT DRIVEN FUND 9,000.00 1,005,480.00 1.57 EUR BLACKROCK STRATEGIC FUNDS - GLOBAL LONG/SHORT EQUITY FUND 3,000.00 280,380.00 0.44 EUR GOLDMAN SACHS - SICAV I - GS EUROPE CORE EQ PTF 114,000.00 2,207,040.00 3.45 EUR GOLDMAN SACHS - SICAV I - GS GLOBAL CREDIT PTF HEDGED 510,000.00 8,129,400.00 12.70 EUR GOLDMAN SACHS - SICAV I - GS GLOBAL HIGH YIELD PTF 38,000.00 701,480.00 1.10 EUR GOLDMAN SACHS - SICAV I - GS JAPAN EQ PARTNERS PTF 150,000.00 2,011,500.00 3.14 USD GOLDMAN SACHS - SICAV I - GS US CORE EQ PTF 390,000.00 5,857,925.71 9.15 GOLDMAN SACHS - SICAV II - GS GLOBAL MULTI-MANAGER ALTERNATIVES EUR PTF 20,000.00 2,089,000.00 3.26 GOLDMAN SACHS FUNDS - GS SHORT DURATION OPPORTUNISTIC EUR CORPORATE BOND PORTFOLIO 8,500.00 1,073,040.00 1.68 GOLDMAN SACHS FUNDS SICAV - GS GLOBAL STRATEGIC MACRO BOND EUR PTF 23,000.00 2,310,120.00 3.61 SIDERA FUNDS SICAV - SIDERA FUNDS - EQUITY EUROPE ACTIVE EUR SELECTION* 30,000.00 3,929,400.00 6.14 EUR SIDERA FUNDS SICAV - SIDERA FUNDS - EQUITY GLOBAL LEADERS* 3,000.00 364,890.00 0.57 EUR SIDERA FUNDS SICAV - SIDERA FUNDS - INCOME PLUS* 30,000.00 2,990,700.00 4.67 EUR SIDERA FUNDS SICAV - SIDERA FUNDS - NORTH AMERICAN EQUITY* 37,500.00 5,922,750.00 9.25 Total Luxembourg 49,203,261.57 76.86

Total Investment funds 56,256,677.89 87.88

Common stocks

Japan JPY ADVANTEST CORP 100.00 5,049.78 0.01 JPY AGC INC/JAPAN 800.00 25,773.56 0.04 JPY AISIN SEIKI CO LTD 800.00 26,691.70 0.04 JPY AJINOMOTO CO INC 1,200.00 17,854.59 0.03 JPY ALFRESA HOLDINGS CORP 700.00 12,785.13 0.02 JPY ANA HOLDINGS INC 700.00 20,899.21 0.03 JPY ASTELLAS PHARMA INC 2,100.00 32,192.36 0.05 JPY BRIDGESTONE CORP 300.00 10,009.39 0.02 JPY CANON INC 700.00 17,137.70 0.03 JPY CASIO COMPUTER CO LTD 800.00 14,368.93 0.02 JPY CENTRAL JAPAN RAILWAY CO 100.00 18,034.94 0.03 JPY CHUBU ELECTRIC POWER CO INC 600.00 7,582.05 0.01 JPY CHUGOKU ELECTRIC POWER CO INC/THE 700.00 8,205.90 0.01 JPY DAICEL CORP 1,800.00 15,478.89 0.02 JPY DAIWA HOUSE INDUSTRY CO LTD 600.00 16,674.12 0.03 JPY DAIWA HOUSE REIT INVESTMENT CORP (REIT) 8.00 18,598.94 0.03 JPY DENSO CORP 300.00 12,212.93 0.02 JPY EAST JAPAN RAILWAY CO 100.00 8,081.29 0.01 JPY FAMILYMART CO LTD 900.00 19,367.06 0.03 JPY FUJIFILM HOLDINGS CORP 200.00 8,574.79 0.01 JPY FUJITSU LTD 100.00 8,419.04 0.01 JPY FUKUOKA FINANCIAL GROUP INC 1,300.00 22,433.00 0.03 JPY HINO MOTORS LTD 2,800.00 26,672.03 0.04 JPY HITACHI LTD 600.00 22,753.53 0.04 JPY HONDA MOTOR CO LTD 900.00 22,864.20 0.04 JPY IIDA GROUP HOLDINGS CO LTD 700.00 11,011.97 0.02 JPY INPEX CORP 1,800.00 16,770.03 0.03 JPY ISUZU MOTORS LTD 1,000.00 10,648.81 0.02 JPY J FRONT RETAILING CO LTD 1,000.00 12,542.48 0.02 JPY JAPAN AIRLINES CO LTD 800.00 22,278.06 0.03

The notes are an integral part of the financial statements. 65

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Conservative Income

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) JPY JAPAN POST HOLDINGS CO LTD 2,800.00 23,550.35 0.04 JPY JAPAN TOBACCO INC 1,000.00 19,940.90 0.03 JPY JTEKT CORP 1,000.00 10,665.21 0.02 JPY KDDI CORP 1,600.00 42,667.38 0.07 JPY KEYENCE CORP 200.00 63,105.88 0.10 JPY KOBE STEEL LTD 2,800.00 13,519.64 0.02 JPY KURARAY CO LTD 1,200.00 13,093.36 0.02 JPY KYOCERA CORP 200.00 12,263.76 0.02 JPY KYOWA KIRIN CO LTD 1,500.00 31,639.02 0.05 JPY LAWSON INC 200.00 10,148.75 0.02 JPY MARUBENI CORP 3,400.00 22,593.18 0.03 JPY MEDIPAL HOLDINGS CORP 700.00 13,846.73 0.02 JPY MEIJI HOLDINGS CO LTD 300.00 18,149.70 0.03 JPY MITSUBISHI CORP 1,000.00 23,773.32 0.04 JPY MITSUBISHI ELECTRIC CORP 1,800.00 22,111.65 0.03 JPY MITSUBISHI HEAVY INDUSTRIES LTD 600.00 20,894.29 0.03 JPY MITSUBISHI MATERIALS CORP 500.00 12,202.27 0.02 JPY MITSUBISHI MOTORS CORP 2,500.00 9,386.36 0.01 JPY MITSUBISHI UFJ FINANCIAL GROUP INC 5,100.00 24,800.66 0.04 JPY MITSUI FUDOSAN CO LTD 800.00 17,523.40 0.03 JPY MIZUHO FINANCIAL GROUP INC 16,800.00 23,178.50 0.04 JPY MS&AD INSURANCE GROUP HOLDINGS INC 800.00 23,681.51 0.04 JPY MURATA MANUFACTURING CO LTD 400.00 22,120.67 0.03 JPY NEC CORP 200.00 7,410.72 0.01 JPY NGK INSULATORS LTD 1,600.00 24,973.47 0.04 JPY NIKON CORP 900.00 9,915.94 0.02 JPY NIPPON TELEGRAPH & TELEPHONE CORP 1,800.00 40,681.90 0.06 JPY NIPPON YUSEN KK 1,400.00 22,735.50 0.04 JPY NISSAN MOTOR CO LTD 1,800.00 9,386.20 0.01 JPY NOMURA RESEARCH INSTITUTE LTD 200.00 3,833.24 0.01 JPY NTT DATA CORP 400.00 4,810.41 0.01 JPY NTT DOCOMO INC 1,600.00 39,847.37 0.06 JPY OJI HOLDINGS CORP 3,000.00 14,632.89 0.02 JPY OMRON CORP 100.00 5,262.92 0.01 JPY ONO PHARMACEUTICAL CO LTD 800.00 16,408.51 0.03 JPY ORIX CORP 1,700.00 25,238.25 0.04 JPY OSAKA GAS CO LTD 400.00 6,856.55 0.01 JPY OTSUKA HOLDINGS CO LTD 700.00 28,020.55 0.04 JPY POLA ORBIS HOLDINGS INC 1,000.00 21,428.78 0.03 JPY RICOH CO LTD 500.00 4,885.83 0.01 JPY ROHM CO LTD 100.00 7,197.58 0.01 JPY SANKYO CO LTD 300.00 8,915.00 0.01 JPY SECOM CO LTD 300.00 24,044.67 0.04 JPY SEKISUI HOUSE LTD 1,400.00 26,781.06 0.04 JPY SEVEN & I HOLDINGS CO LTD 600.00 19,689.23 0.03 JPY SHIMADZU CORP 100.00 2,820.01 0.00 JPY SHIONOGI & CO LTD 500.00 27,736.91 0.04 JPY SHOWA DENKO KK 500.00 11,882.56 0.02 JPY SUBARU CORP 900.00 20,020.01 0.03 JPY SUMITOMO CORP 1,500.00 19,969.59 0.03 JPY SUMITOMO ELECTRIC INDUSTRIES LTD 2,000.00 27,085.19 0.04 JPY SUMITOMO HEAVY INDUSTRIES LTD 800.00 20,527.04 0.03 JPY SUMITOMO MITSUI FINANCIAL GROUP INC 800.00 26,481.84 0.04 JPY SUMITOMO MITSUI TRUST HOLDINGS INC 700.00 24,887.39 0.04 JPY SUNDRUG CO LTD 300.00 9,726.57 0.01 JPY SUZUKEN CO LTD/AICHI JAPAN 300.00 10,980.82 0.02 JPY TAIHEIYO CEMENT CORP 500.00 13,177.80 0.02 JPY TDK CORP 100.00 10,156.95 0.02 JPY THK CO LTD 900.00 21,897.69 0.03 JPY TOHOKU ELECTRIC POWER CO INC 800.00 7,095.93 0.01 JPY TOKYO ELECTRON LTD 100.00 19,612.99 0.03 JPY TOKYU FUDOSAN HOLDINGS CORP 3,300.00 20,424.56 0.03 JPY TOYOTA MOTOR CORP 800.00 50,589.63 0.08 JPY TREND MICRO INC/JAPAN 100.00 4,590.71 0.01 JPY WEST JAPAN RAILWAY CO 300.00 23,218.34 0.04 JPY YAMADA DENKI CO LTD 5,200.00 24,639.00 0.04 JPY YAMAHA MOTOR CO LTD 600.00 10,835.72 0.02 JPY YASKAWA ELECTRIC CORP 200.00 6,836.88 0.01 JPY YOKOHAMA RUBBER CO LTD/THE 1,200.00 20,963.15 0.03 JPY Z HOLDINGS CORP 14,700.00 55,553.34 0.09 Total Japan 1,851,490.09 2.89

Total Common stocks 1,851,490.09 2.89

66 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Conservative Income

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Government bonds

EUR EUR SPAIN GOVERNMENT BOND 0.35000% 30.07.23 1,000,000.00 1,020,277.80 1.59 Total EUR 1,020,277.80 1.59

USD USD UNITED STATES TREASURY NOTE/BOND 1.87500% 30.04.22 3,000,000.00 2,689,359.31 4.20 Total USD 2,689,359.31 4.20

Total Government bonds 3,709,637.11 5.79

Total Transferable securities and money market instruments listed on an official stock exchange 61,817,805.09 96.56

Total investments in securities 61,817,805.09 96.56

Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures

EUR EURO STOXX 50 INDEX FUTURE 20.03.20 -70.00 5,705.14 0.01 GBP FTSE 100 INDEX FUTURE 20.03.20 -20.00 -12,746.16 -0.02 JPY JAPANESE GOVERNMENT 10Y BOND MINI (SGX) FUTURE 12.03.20 50.00 -15,575.62 -0.02 GBP LONG GILT FUTURE 27.03.20 3.00 -4,390.34 -0.01 USD S&P500 EMINI FUTURE 20.03.20 -49.00 -121,902.03 -0.19 JPY TOPIX INDX FUTURE 12.03.20 -20.00 -7,951.77 -0.01 USD US 2YR TREASURY NOTE FUTURE 31.03.20 10.00 -627.18 0.00 USD US ULTRA NOTE (CBT) FUTURE 20.03.20 4.00 -17,706.34 -0.03 Total Financial Futures -175,194.30 -0.27

Total Derivative instruments listed on an official stock exchange -175,194.30 -0.27

Total Derivative instruments -175,194.30 -0.27

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

USD 1,000,000.00 EUR 901,644.88 16.1.2020 -11,689.48 -0.02 EUR 1,299,412.00 GBP 1,135,000.00 16.1.2020 -39,358.33 -0.06 EUR 1,425,312.37 JPY 170,000,000.00 16.1.2020 31,878.00 0.05 EUR 11,241,955.99 USD 12,440,000.00 16.1.2020 170,910.81 0.27 Total Forward Foreign Exchange contracts (Purchase/Sale) 151,741.00 0.24

Cash at banks, deposits on demand and deposit accounts and other liquid assets 2,376,591.09 3.71 Other assets and liabilities -153,162.29 -0.24 Total net assets 64,017,780.59 100.00

* see note 1. k) and 1. l)

The notes are an integral part of the financial statements. 67 Sidera Funds – Global High Yield

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 222,855,502.32 205,641,112.06 202,660,132.72 Class A Acc LU1504218964 Shares outstanding 291,911.2750 228,862.5670 202,688.4880 Net asset value per share in EUR1 105.36 95.82 103.18 Class A Inc LU1504218881 Shares outstanding 542,581.9390 442,875.8070 343,528.7590 Net asset value per share in EUR1 101.22 93.92 103.18 Class B Acc LU1504218378 Shares outstanding 1,262,306.0280 1,450,642.0250 1,399,415.1260 Net asset value per share in EUR1 108.67 97.97 104.54

1 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets United States 40.92 Italy 13.27 The Netherlands 10.15 Luxembourg 6.38 France 6.22 Germany 3.55 Canada 3.02 United Kingdom 2.75 Spain 2.07 Sweden 1.46 Multinational 1.32 Cayman Islands 1.18 Ireland 1.00 Jersey 0.77 Japan 0.76 Bermuda 0.40 Bulgaria 0.34 Denmark 0.25 Australia 0.21 Mexico 0.19 Portugal 0.18 Czech Republic 0.15 Isle of Man 0.14 Austria 0.14 Guernsey 0.13 Switzerland 0.09 Belgium 0.04 Curacao 0.02 Total 97.10

Economic Breakdown as a % of net assets Telecommunications 10.94 Banks 10.89 Media 8.60 Oil & Gas 5.07 Food 3.88 Healthcare-Services 3.78 Electrical 3.64 Pharmaceuticals 3.56 Auto Parts & Equipment 3.55 Packaging & Containers 3.08 Commercial Services 2.99 Chemicals 2.94 Retail 2.67 Diversified Financial Services 2.56 Entertainment 1.95 Aerospace/Defense 1.72 Pipelines 1.70 Software 1.63 Building Materials 1.53 Real Estate 1.46

68 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019

Sidera Funds – Global High Yield

Economic Breakdown as a % of net assets Mining 1.37 Internet 1.37 Auto Manufacturers 1.35 REITS 1.27 Insurance 1.27 Engineering & Construction 1.26 Home Builders 1.03 Lodging 0.78 Distribution/Wholesale 0.74 Transportation 0.73 Forest Products & Paper 0.69 Machinery-Diversified 0.65 Iron/Steel 0.54 Computers 0.53 Apparel 0.48 Leisure Time 0.42 Metal Fabricate/Hardware 0.41 Environmental Control 0.38 Energy-Alternate Sources 0.35 Healthcare-Products 0.35 Beverages 0.34 Agriculture 0.29 Electrical Component & Equipment 0.26 Toys/Games/Hobbies 0.25 Advertising 0.24 Home Furnishings 0.24 Semiconductors 0.19 Investment Companies 0.18 Electronics 0.14 Machinery-Construction & Mining 0.13 Miscellaneous Manufacturing 0.13 Housewares 0.13 Office/Business Equipment 0.12 Airlines 0.09 Holding Companies-Diversified 0.09 Storage/Warehousing 0.08 Household Products/Wares 0.06 Hand/Machine Tools 0.03 Total 97.10

The notes are an integral part of the financial statements. 69

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 213,271,609.73 Investments in securities and options, unrealized appreciation (depreciation) 3,600,055.69 Total investments in securities (Note 1) 216,871,665.42 Cash at banks, deposits on demand and deposit accounts* (Note 1) 192,631.86 Receivable on subscriptions 55,928.42 Receivable on securities sales (Note 1) 45,435.14 Interest receivable on securities 3,534,492.51 Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 1,758,105.97 Market value of swaps (Note 1) 1,289,438.61 Total Assets 223,747,697.93 Unrealized gain (loss) on financial futures (Note 1) -92,049.26 Bank overdraft -430,177.63 Payable on redemptions -43,856.10 Provisions for management fees (Note 2) -194,742.30 Provisions for administrator fees (Note 2) -6,044.38 Provisions for formation expenses (Note 2) -23,902.11 Provisions for depositary fees (Note 2) -54,604.41 Provisions for taxe d’abonnement (Note 3) -21,919.79 Provisions for audit fees, legal and economic advice (Note 2) -10,460.12 Provisions for other commissions and fees -14,439.51 Total provisions -326,112.62 Total Liabilities -892,195.61 Net assets at the end of the financial year 222,855,502.32

* As at 31 December 2019 , cash amounts serve as collateral for the counterparty J.P Morgan for an amount of EUR 310,000, Societe Generale for an amount of EUR 1,050,000 and UBS for an amount of EUR 290,000.

70 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 56,423.50 Interest on securities (Note 1) 10,909,068.49 Dividends (Note 1) -6,766.28 Interest received on swaps (Note 1) 182,953.22 Income on securities lending (Note 8) 239,485.68 Other income 10,778.03 Total income 11,391,942.64 Interest paid on swaps -122,222.23 Management fees (Note 2) -1,984,824.90 Administrator fees (Note 2) -41,792.34 Depositary fees (Note 2) -105,972.68 Taxe d’abonnement (Note 3) -55,810.26 Audit fees, legal and economic advice (Note 2) -14,394.54 Amortization of formation expenses (Note 2) -7,840.78 Other commissions and fees -62,844.71 Interest on cash and bank overdraft -43,480.67 Total expenses -2,439,183.11 Net income (loss) on investments 8,952,759.53 Realized gain (loss) on market-priced securities without options -830,508.92 Realized gain (loss) on financial futures -301,673.82 Realized gain (loss) on forward foreign exchange contracts -8,106,604.17 Realized gain (loss) on swaps -441,786.88 Realized gain (loss) on foreign exchange 859,277.63 Total realized gain (loss) -8,821,296.16 Net realized gain (loss) of the year 131,463.37 Unrealized appreciation (depreciation) on market-priced securities without options 18,984,841.05 Unrealized appreciation (depreciation) on financial futures 70,539.72 Unrealized appreciation (depreciation) on forward foreign exchange contracts 2,096,039.91 Unrealized appreciation (depreciation) on swaps 14,966.18 Unrealized appreciation (depreciation) on foreign exchange -34,149.96 Total changes in unrealized appreciation (depreciation) 21,132,236.90 Net increase (decrease) in net assets as a result of operations 21,263,700.27

The notes are an integral part of the financial statements. 71

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 205,641,112.06 Subscriptions 57,315,887.09 Redemptions -60,466,319.97 Total net subscriptions (redemptions) -3,150,432.88 Dividend paid -898,877.13 Net income (loss) on investments 8,952,759.53 Total realized gain (loss) -8,821,296.16 Total changes in unrealized appreciation (depreciation) 21,132,236.90 Net increase (decrease) in net assets as a result of operations 21,263,700.27 Net assets at the end of the year 222,855,502.32

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class A Acc Number of shares outstanding at the beginning of the year 228,862.5670 Number of shares issued 105,270.4850 Number of shares redeemed -42,221.7770 Number of shares outstanding at the end of the year 291,911.2750 Class A Inc Number of shares outstanding at the beginning of the year 442,875.8070 Number of shares issued 163,055.0280 Number of shares redeemed -63,348.8960 Number of shares outstanding at the end of the year 542,581.9390 Class B Acc Number of shares outstanding at the beginning of the year 1,450,642.0250 Number of shares issued 283,611.1370 Number of shares redeemed -471,947.1340 Number of shares outstanding at the end of the year 1,262,306.0280

Annual Distribution

Sidera Funds – Global High yield Ex-Date Pay-Date Currency Amount per share A Inc 2.1.2019 7.1.2019 EUR 0.93 A Inc 2.7.2019 5.7.2019 EUR 0.99

72 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Corporate bonds

EUR EUR ABANCA CORP BANCARIA SA FRN 6.12500% 18.01.29 500,000.00 561,250.00 0.25 EUR ABN AMRO BANK NV FRN (PERPETUAL) 5.75000% 22.09.20 300,000.00 309,750.00 0.14 EUR ADIENT GLOBAL HOLDINGS LTD 'REGS' 3.50000% 15.08.24 200,000.00 188,424.00 0.08 EUR ADLER PELZER HOLDING GMBH 'REGS' 4.12500% 01.04.24 200,000.00 184,706.00 0.08 EUR ADLER REAL ESTATE AG 1.50000% 06.12.21 100,000.00 101,874.00 0.05 EUR ADLER REAL ESTATE AG 1.87500% 27.04.23 300,000.00 306,000.00 0.14 EUR ADLER REAL ESTATE AG 2.12500% 06.02.24 800,000.00 818,072.00 0.37 EUR ADLER REAL ESTATE AG 3.00000% 27.04.26 100,000.00 105,448.00 0.05 EUR AIB GROUP PLC 'EMTN' FRN 1.87500% 19.11.29 215,000.00 218,225.00 0.10 EUR ALDESA FINANCIAL SERVICES SA 'REGS' 7.25000% 01.04.21 110,000.00 100,184.70 0.04 EUR ALERION CLEANPOWER SPA 3.75000% 29.12.24 520,000.00 533,260.00 0.24 EUR ALGECO GLOBAL FINANCE PLC 'REGS' 6.50000% 15.02.23 200,000.00 199,590.00 0.09 EUR ALLIED IRISH BANKS PLC 'EMTN' FRN 4.12500% 26.11.25 400,000.00 413,120.00 0.19 EUR ALMAVIVA-THE ITALIAN INNOVATION CO SPA 'REGS' 7.25000% 15.10.22 400,000.00 364,908.00 0.16 EUR ALTICE FINANCING SA 'REGS' 5.25000% 15.02.23 250,000.00 255,387.50 0.11 EUR ALTICE FINCO SA 'REGS' 4.75000% 15.01.28 1,350,000.00 1,362,541.50 0.61 EUR ALTICE FRANCE SA/FRANCE 'REGS' 5.87500% 01.02.27 550,000.00 619,069.00 0.28 EUR ALTICE LUXEMBOURG SA 'REGS' 6.25000% 15.02.25 1,730,000.00 1,790,601.90 0.80 EUR ANSALDO ENERGIA SPA 2.75000% 31.05.24 100,000.00 86,693.00 0.04 EUR ARKEMA SA FRN (PERPETUAL) 4.75000% 29.10.20 100,000.00 103,632.00 0.05 EUR ATF NETHERLANDS BV FRN (PERPETUAL) 3.75000% 20.01.23 100,000.00 106,747.00 0.05 EUR AVANTOR INC 'REGS' 4.75000% 01.10.24 300,000.00 318,945.00 0.14 EUR AVIS BUDGET FINANCE PLC 'REGS' 4.50000% 15.05.25 600,000.00 625,662.00 0.28 EUR AVIS BUDGET FINANCE PLC 'REGS' 4.75000% 30.01.26 630,000.00 674,383.50 0.30 AXALTA COATING SYSTEMS DUTCH HOLDING B BV 'REGS' 3.75000% EUR 15.01.25 400,000.00 411,740.00 0.18 EUR BALL CORP 4.37500% 15.12.23 400,000.00 457,572.00 0.20 BANCA DEL MEZZOGIORNO-MEDIOCREDITO CENTRALE SPA 'EMTN' EUR 1.50000% 24.10.24 600,000.00 591,474.00 0.27 EUR BANCA FARMAFACTORING SPA 'EMTN' 1.75000% 23.05.23 235,000.00 238,393.40 0.11 EUR BANCA FARMAFACTORING SPA FRN 5.87500% 02.03.27 200,000.00 202,242.00 0.09 EUR BANCA IFIS SPA 1.75000% 26.05.20 525,000.00 526,060.50 0.24 EUR BANCA IFIS SPA 'EMTN' 2.00000% 24.04.23 200,000.00 200,500.00 0.09 EUR BANCA IFIS SPA 'EMTN' FRN 4.50000% 17.10.27 200,000.00 190,000.00 0.08 EUR BANCA MONTE DEI PASCHI DI SIENA SPA 'EMTN' 3.62500% 24.09.24 325,000.00 331,906.25 0.15 EUR BANCA MONTE DEI PASCHI DI SIENA SPA 'EMTN' 4.00000% 10.07.22 250,000.00 259,375.00 0.12 EUR BANCA MONTE DEI PASCHI DI SIENA SPA 'EMTN' FRN 5.37500% 18.01.28 100,000.00 78,250.00 0.03 EUR BANCA POPOLARE DI SONDRIO SCPA 'EMTN' 2.37500% 03.04.24 600,000.00 607,446.00 0.27 EUR BANCA POPOLARE DI SONDRIO SCPA 'EMTN' FRN 6.25000% 30.07.29 500,000.00 530,005.00 0.24 EUR BANCA SELLA SPA 'EMTN' FRN 5.50000% 22.09.27 300,000.00 308,997.00 0.14 BANCO BILBAO VIZCAYA ARGENTARIA SA FRN (PERPETUAL) 8.87500% EUR 14.04.21 400,000.00 438,036.00 0.20 EUR BANCO BPM SPA 'EMTN' 1.75000% 24.04.23 200,000.00 201,700.00 0.09 EUR BANCO BPM SPA 'EMTN' 1.75000% 28.01.25 275,000.00 274,007.25 0.12 EUR BANCO BPM SPA 'EMTN' 2.00000% 08.03.22 550,000.00 559,207.00 0.25 EUR BANCO BPM SPA 'EMTN' 2.50000% 21.06.24 600,000.00 620,118.00 0.28 EUR BANCO BPM SPA 'EMTN' 2.75000% 27.07.20 1,000,000.00 1,013,360.00 0.45 EUR BANCO BPM SPA 'EMTN' 6.00000% 05.11.20 100,000.00 103,753.00 0.05 EUR BANCO BPM SPA 'EMTN' 7.12500% 01.03.21 350,000.00 372,750.00 0.17 EUR BANCO BPM SPA 'EMTN' FRN 4.37500% 21.09.27 200,000.00 207,990.00 0.09 EUR BANCO BPM SPA 'EMTN' FRN (PERPETUAL) 8.75000% 18.06.24 200,000.00 216,238.00 0.10 EUR BANCO BPM SPA FRN 4.25000% 01.10.29 325,000.00 331,922.50 0.15 EUR BANCO DE SABADELL SA 'EMTN' 1.12500% 27.03.25 300,000.00 299,748.00 0.13 EUR BANCO DE SABADELL SA 'EMTN' 1.75000% 10.05.24 300,000.00 309,840.00 0.14 EUR BANCO DE SABADELL SA 'EMTN' FRN 5.37500% 12.12.28 200,000.00 227,618.00 0.10 EUR BANCO SANTANDER SA FRN (PERPETUAL) 5.48100% 12.03.20 900,000.00 909,153.00 0.41 EUR BANK OF IRELAND FRN (PERPETUAL) 7.37500% 18.06.20 330,000.00 339,979.20 0.15 EUR BANK OF IRELAND GROUP PLC 'EMTN' FRN 2.37500% 14.10.29 100,000.00 103,758.00 0.05 EUR BANKIA SA 'EMTN' FRN 3.75000% 15.02.29 200,000.00 217,056.00 0.10 EUR BARCLAYS BANK PLC 'EMTN' FRN (PERPETUAL) 4.75000% 15.03.20 100,000.00 98,250.00 0.04 EUR BAUSCH HEALTH COS INC 'REGS' 4.50000% 15.05.23 300,000.00 303,762.00 0.14 EUR BELDEN INC 'REGS' 3.37500% 15.07.27 300,000.00 313,536.00 0.14 EUR BELDEN INC 'REGS' 3.87500% 15.03.28 100,000.00 106,297.00 0.05 EUR BNP PARIBAS SA FRN (PERPETUAL) 6.12500% 17.06.22 400,000.00 446,500.00 0.20 EUR BOMBARDIER INC 'REGS' 6.12500% 15.05.21 400,000.00 419,348.00 0.19 EUR BOPARAN FINANCE PLC 'REGS' 4.37500% 15.07.21 110,000.00 79,887.50 0.04 EUR BORMIOLI PHARMA BIDCO SPA 'REGS' FRN 3.50000% 15.11.24 400,000.00 360,264.00 0.16

The notes are an integral part of the financial statements. 73

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR BULGARIAN ENERGY HOLDING EAD 3.50000% 28.06.25 302,000.00 331,266.82 0.15 EUR BULGARIAN ENERGY HOLDING EAD 4.87500% 02.08.21 400,000.00 427,172.00 0.19 EUR CAIXA GERAL DE DEPOSITOS SA 'EMTN' 1.25000% 25.11.24 200,000.00 201,752.00 0.09 EUR CARRARO INTERNATIONAL SE 3.50000% 31.01.25 200,000.00 206,780.00 0.09 EUR CASINO GUICHARD PERRACHON SA 'EMTN' 3.58000% 07.02.25 300,000.00 257,097.00 0.12 EUR CASINO GUICHARD PERRACHON SA 'EMTN' 4.49800% 07.03.24 1,100,000.00 1,001,132.00 0.45 EUR CASINO GUICHARD PERRACHON SA 'EMTN' 4.56100% 25.01.23 900,000.00 882,621.00 0.40 CASINO GUICHARD PERRACHON SA 'EMTN' FRN (PERPETUAL) 3.99200% EUR 31.01.24 1,100,000.00 590,568.00 0.26 EUR CBR FASHION FINANCE BV 'REGS' 5.12500% 01.10.22 520,000.00 534,076.40 0.24 EUR CELLNEX TELECOM SA 'EMTN' 2.87500% 18.04.25 200,000.00 220,130.00 0.10 EUR CEMEX FINANCE LLC 'REGS' 4.62500% 15.06.24 800,000.00 832,400.00 0.37 EUR CMA CGM SA 'REGS' 5.25000% 15.01.25 546,000.00 434,899.92 0.19 EUR CMA CGM SA 'REGS' 6.50000% 15.07.22 300,000.00 271,500.00 0.12 EUR COMMERZBANK AG 'EMTN' 7.75000% 16.03.21 200,000.00 218,210.00 0.10 EUR CONTOURGLOBAL POWER HOLDINGS SA 'REGS' 4.12500% 01.08.25 110,000.00 115,331.70 0.05 EUR CORESTATE CAPITAL HOLDING SA 3.50000% 15.04.23 800,000.00 792,872.00 0.36 EUR CREDITO EMILIANO SPA FRN 1.50000% 25.10.25 300,000.00 303,213.00 0.14 EUR CREDITO VALTELLINESE SPA 'EMTN' 2.00000% 27.11.22 575,000.00 578,864.00 0.26 EUR CREDITO VALTELLINESE SPA 'EMTN' 4.70000% 04.08.21 200,000.00 205,500.00 0.09 EUR CROWN EUROPEAN HOLDINGS SA 'REGS' 2.62500% 30.09.24 400,000.00 426,708.00 0.19 EUR CROWN EUROPEAN HOLDINGS SA 'REGS' 2.87500% 01.02.26 110,000.00 119,226.80 0.05 EUR CROWN EUROPEAN HOLDINGS SA 'REGS' 3.37500% 15.05.25 100,000.00 110,255.00 0.05 EUR DEUTSCHE BANK AG 'EMTN' 4.50000% 19.05.26 400,000.00 437,044.00 0.20 EUR DEUTSCHE LUFTHANSA AG FRN 5.12500% 12.08.75 200,000.00 210,032.00 0.09 EUR DIGI COMMUNICATIONS NV 'REGS' 5.00000% 15.10.23 300,000.00 307,044.00 0.14 EUR DKT FINANCE APS 'REGS' 7.00000% 17.06.23 440,000.00 465,986.40 0.21 EUR DOUGLAS GMBH 'REGS' 6.25000% 15.07.22 200,000.00 199,760.00 0.09 EUR DUFRY ONE BV 2.50000% 15.10.24 300,000.00 308,418.00 0.14 EUR EC FINANCE PLC 'REGS' 2.37500% 15.11.22 227,000.00 229,294.97 0.10 EUR EDP - ENERGIAS DE PORTUGAL SA FRN 5.37500% 16.09.75 200,000.00 212,078.00 0.09 EUR EIRCOM FINANCE DAC 3.50000% 15.05.26 300,000.00 315,888.00 0.14 EUR EQUINIX INC 2.87500% 01.10.25 100,000.00 103,104.00 0.05 EUR EQUINIX INC 2.87500% 01.02.26 100,000.00 103,805.00 0.05 EUR ERAMET 4.19600% 28.02.24 300,000.00 289,497.00 0.13 EUR EVOCA SPA 'REGS' FRN 4.25000% 01.11.26 100,000.00 101,103.00 0.05 EUR FABRIC BC SPA 'REGS' FRN 4.12500% 30.11.24 227,000.00 227,199.76 0.10 EUR FAURECIA SE 2.62500% 15.06.25 250,000.00 259,920.00 0.12 EUR FAURECIA SE 3.12500% 15.06.26 200,000.00 212,288.00 0.09 EUR FERROVIAL NETHERLANDS BV FRN (PERPETUAL) 2.12400% 04.02.23 410,000.00 400,049.30 0.18 EUR FIAT CHRYSLER AUTOMOBILES NV 'GMTN' 3.75000% 29.03.24 600,000.00 677,364.00 0.30 EUR FIAT CHRYSLER FINANCE EUROPE SA 'GMTN' 4.75000% 22.03.21 100,000.00 105,732.00 0.05 EUR FIAT CHRYSLER FINANCE EUROPE SA 'GMTN' 4.75000% 15.07.22 400,000.00 445,592.00 0.20 EUR FIRE BC SPA 'REGS' FRN 4.75000% 30.09.24 280,000.00 279,445.60 0.13 EUR GAMENET GROUP SPA 'REGS' FRN 3.75000% 27.04.23 105,000.00 105,959.70 0.05 EUR GARFUNKELUX HOLDCO 3 SA 'REGS' 7.50000% 01.08.22 110,000.00 109,512.70 0.05 EUR GESTAMP AUTOMOCION SA 'REGS' 3.25000% 30.04.26 700,000.00 717,409.00 0.32 EUR GESTAMP FUNDING LUXEMBOURG SA 'REGS' 3.50000% 15.05.23 400,000.00 406,800.00 0.18 EUR GETLINK SE 3.62500% 01.10.23 590,000.00 614,850.80 0.28 EUR GLOBALWORTH REAL ESTATE INVESTMENTS LTD 2.87500% 20.06.22 267,000.00 280,333.98 0.13 EUR GOODYEAR EUROPE BV 'REGS' 3.75000% 15.12.23 300,000.00 304,650.00 0.14 EUR GRAND CITY PROPERTIES SA FRN (PERPETUAL) 3.75000% 18.02.22 100,000.00 106,113.00 0.05 EUR GRUPO ANTOLIN-IRAUSA SA 'REGS' 3.25000% 30.04.24 200,000.00 193,684.00 0.09 EUR GRUPO ANTOLIN-IRAUSA SA 'REGS' 3.37500% 30.04.26 420,000.00 393,909.60 0.18 EUR HAPAG-LLOYD AG 'REGS' 5.12500% 15.07.24 300,000.00 315,393.00 0.14 EUR HEMA BONDCO I BV 'REGS' FRN 6.25000% 15.07.22 710,000.00 570,932.30 0.26 EUR HOLCIM FINANCE LUXEMBOURG SA FRN (PERPETUAL) 3.00000% 05.07.24 200,000.00 210,996.00 0.09 EUR ICCREA BANCA SPA 'EMTN' 1.50000% 21.02.20 400,000.00 400,652.00 0.18 EUR ICCREA BANCA SPA 'EMTN' FRN 0.59900% 01.02.21 100,000.00 99,900.00 0.04 EUR ICCREA BANCA SPA FRN 4.12500% 28.11.29 550,000.00 548,619.50 0.25 EUR IHO VERWALTUNGS GMBH 'REGS' 3.62500% 15.05.25 625,000.00 654,281.25 0.29 EUR IHO VERWALTUNGS GMBH 'REGS' 3.75000% 15.09.26 500,000.00 527,300.00 0.24 EUR INEOS FINANCE PLC 'REGS' 2.12500% 15.11.25 218,000.00 219,205.54 0.10 EUR INEOS GROUP HOLDINGS SA 'REGS' 5.37500% 01.08.24 700,000.00 726,075.00 0.33 EUR INTER MEDIA AND COMMUNICATION SPA 'REGS' 4.87500% 31.12.22 250,000.00 256,182.50 0.11 EUR INTERNATIONAL DESIGN GROUP SPA 'REGS' 6.50000% 15.11.25 500,000.00 528,470.00 0.24 EUR INTERNATIONAL GAME TECHNOLOGY PLC 'REGS' 2.37500% 15.04.28 145,000.00 145,906.25 0.07 EUR INTERNATIONAL GAME TECHNOLOGY PLC 'REGS' 4.75000% 15.02.23 400,000.00 437,496.00 0.20 EUR INTESA SANPAOLO SPA 5.00000% 17.10.20 100,000.00 103,214.00 0.05 EUR INTESA SANPAOLO SPA 'EMTN' 3.92800% 15.09.26 200,000.00 228,138.00 0.10 EUR INTESA SANPAOLO SPA 'EMTN' 6.62500% 13.09.23 600,000.00 716,334.00 0.32 EUR INTESA SANPAOLO VITA SPA FRN (PERPETUAL) 4.75000% 17.12.24 100,000.00 109,375.00 0.05 EUR INTRALOT CAPITAL LUXEMBOURG SA 'REGS' 5.25000% 15.09.24 190,000.00 81,061.60 0.04

74 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) EUR INTRUM AB 'REGS' 2.75000% 15.07.22 220,000.00 223,187.80 0.10 EUR INTRUM AB 'REGS' 3.00000% 15.09.27 500,000.00 491,325.00 0.22 EUR INTRUM AB 'REGS' 3.12500% 15.07.24 500,000.00 509,895.00 0.23 EUR INTRUM AB 'REGS' 3.50000% 15.07.26 200,000.00 204,208.00 0.09 EUR IQVIA INC 'REGS' 2.87500% 15.09.25 390,000.00 400,249.20 0.18 EUR IQVIA INC 'REGS' 3.25000% 15.03.25 500,000.00 509,875.00 0.23 EUR JAGUAR LAND ROVER AUTOMOTIVE PLC 6.87500% 15.11.26 100,000.00 105,060.00 0.05 EUR JAGUAR LAND ROVER AUTOMOTIVE PLC 'REGS' 2.20000% 15.01.24 300,000.00 284,184.00 0.13 EUR JAGUAR LAND ROVER AUTOMOTIVE PLC 'REGS' 4.50000% 15.01.26 660,000.00 635,758.20 0.28 EUR JAGUAR LAND ROVER AUTOMOTIVE PLC 'REGS' 5.87500% 15.11.24 100,000.00 104,269.00 0.05 EUR K+S AG 'EMTN' 3.00000% 20.06.22 200,000.00 209,124.00 0.09 EUR KAEFER ISOLIERTECHNIK GMBH & CO KG 'REGS' 5.50000% 10.01.24 150,000.00 158,014.50 0.07 EUR KEDRION SPA 3.00000% 12.07.22 340,000.00 322,792.60 0.14 EUR KLEOPATRA HOLDINGS 1 SCA 'REGS' 9.25000% 30.06.23 200,000.00 96,200.00 0.04 EUR KME SE 'REGS' 6.75000% 01.02.23 1,000,000.00 805,000.00 0.36 EUR LA FINANCIERE ATALIAN SASU 'REGS' 5.12500% 15.05.25 300,000.00 239,724.00 0.11 EUR LEONARDO SPA 'EMTN' 1.50000% 07.06.24 500,000.00 510,625.00 0.23 EUR LEVI STRAUSS & CO 3.37500% 15.03.27 200,000.00 213,552.00 0.10 EUR LHC3 PLC 'REGS' 4.12500% 15.08.24 100,000.00 103,260.00 0.05 EUR LIBERBANK SA FRN 6.87500% 14.03.27 100,000.00 110,155.00 0.05 EUR LIMACORPORATE SPA 'REGS' FRN 3.75000% 15.08.23 300,000.00 300,081.00 0.13 EUR LKQ EUROPEAN HOLDINGS BV 'REGS' 3.62500% 01.04.26 150,000.00 158,061.12 0.07 EUR LKQ EUROPEAN HOLDINGS BV 'REGS' 4.12500% 01.04.28 100,000.00 110,891.00 0.05 EUR LKQ ITALIA BONDCO SPA 'REGS' 3.87500% 01.04.24 200,000.00 224,516.00 0.10 EUR LLOYDS BANKING GROUP PLC FRN (PERPETUAL) 6.37500% 27.06.20 275,000.00 281,514.75 0.13 EUR LOXAM SAS 'REGS' 2.87500% 15.04.26 100,000.00 101,089.00 0.04 EUR LOXAM SAS 'REGS' 4.25000% 15.04.24 100,000.00 103,299.00 0.05 EUR LOXAM SAS 'REGS' 6.00000% 15.04.25 100,000.00 104,507.00 0.05 EUR MARCOLIN SPA 'REGS' FRN 4.12500% 15.02.23 135,000.00 135,449.55 0.06 EUR MATTERHORN TELECOM SA 'REGS' 4.00000% 15.11.27 110,000.00 117,088.40 0.05 EUR MAUSER PACKAGING SOLUTIONS HOLDING CO 'REGS' 4.75000% 15.04.24 500,000.00 516,495.00 0.23 EUR MAXEDA DIY HOLDING BV 'REGS' 6.12500% 15.07.22 100,000.00 96,949.00 0.04 EUR MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 5.00000% 15.11.20 275,000.00 285,983.50 0.13 EUR MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 5.75000% 18.04.23 350,000.00 398,961.50 0.18 EUR MEDIOCREDITO TRENTINO ALTO ADIGE SPA 2.37500% 29.07.22 250,000.00 253,872.50 0.11 MPT OPERATING PARTNERSHIP LP / MPT FINANCE CORP 3.32500% EUR 24.03.25 600,000.00 661,866.00 0.30 EUR NATURGY FINANCE BV FRN (PERPETUAL) 3.37500% 24.04.24 500,000.00 535,980.00 0.24 EUR NATURGY FINANCE BV FRN (PERPETUAL) 4.12500% 18.11.22 100,000.00 108,250.00 0.05 EUR NEMAK SAB DE CV 'REGS' 3.25000% 15.03.24 400,000.00 415,888.00 0.19 EUR NETFLIX INC 4.62500% 15.05.29 660,000.00 735,570.00 0.33 EUR NEXI SPA 1.75000% 31.10.24 510,000.00 522,347.10 0.23 EUR NIDDA BONDCO GMBH 'REGS' 5.00000% 30.09.25 110,000.00 114,786.10 0.05 EUR NIDDA HEALTHCARE HOLDING GMBH 'REGS' 3.50000% 30.09.24 182,000.00 187,969.60 0.08 EUR NOMAD FOODS BONDCO PLC 'REGS' 3.25000% 15.05.24 200,000.00 204,858.00 0.09 EUR NORDEX SE 'REGS' 6.50000% 01.02.23 200,000.00 206,852.00 0.09 EUR NORICAN A/S 4.50000% 15.05.23 100,000.00 89,251.00 0.04 EUR OI EUROPEAN GROUP BV 'REGS' 3.12500% 15.11.24 500,000.00 531,920.00 0.24 EUR ORANO SA 'EMTN' 3.12500% 20.03.23 500,000.00 530,100.00 0.24 EUR ORANO SA 'EMTN' 3.25000% 04.09.20 700,000.00 713,503.00 0.32 EUR ORANO SA 'EMTN' 3.50000% 22.03.21 400,000.00 415,412.00 0.19 EUR ORANO SA 'EMTN' 4.87500% 23.09.24 1,000,000.00 1,157,720.00 0.52 EUR PARTS EUROPE SA 'REGS' 4.37500% 01.05.22 100,000.00 100,143.00 0.04 EUR PETROBRAS GLOBAL FINANCE BV 4.75000% 14.01.25 800,000.00 920,976.00 0.41 EUR PETROBRAS GLOBAL FINANCE BV 'EMTN' 5.87500% 07.03.22 490,000.00 548,006.20 0.25 EUR PIAGGIO & C SPA 'REGS' 3.62500% 30.04.25 300,000.00 316,080.00 0.14 EUR PICARD BONDCO SA 'REGS' 5.50000% 30.11.24 710,000.00 697,461.40 0.31 EUR PLATIN 1426 GMBH 'REGS' 5.37500% 15.06.23 200,000.00 201,454.00 0.09 EUR PLAYTECH PLC 3.75000% 12.10.23 300,000.00 310,614.00 0.14 EUR PRO-GEST SPA 'REGS' 3.25000% 15.12.24 680,000.00 396,283.60 0.18 EUR PROGROUP AG 'REGS' 3.00000% 31.03.26 200,000.00 202,180.00 0.09 EUR PVH CORP 'REGS' 3.12500% 15.12.27 200,000.00 221,402.00 0.10 EUR QUATRIM SASU 'REGS' 5.87500% 15.01.24 190,000.00 200,199.20 0.09 EUR RADISSON HOTEL HOLDINGS AB 'REGS' 6.87500% 15.07.23 200,000.00 214,260.00 0.10 EUR REKEEP SPA 'REGS' 9.00000% 15.06.22 110,000.00 101,841.30 0.05 REPSOL INTERNATIONAL FINANCE BV FRN (PERPETUAL) 3.87500% EUR 25.03.21 300,000.00 312,204.00 0.14 EUR RESIDOMO SRO 'REGS' 3.37500% 15.10.24 330,000.00 342,196.80 0.15 EUR ROSSINI SARL 'REGS' 6.75000% 30.10.25 670,000.00 744,644.70 0.33 EUR RWE AG FRN 2.75000% 21.04.75 600,000.00 609,060.00 0.27 EUR SAIPEM FINANCE INTERNATIONAL BV 'EMTN' 3.75000% 08.09.23 1,080,000.00 1,193,508.00 0.54 EUR SALINI IMPREGILO SPA 1.75000% 26.10.24 920,000.00 865,720.00 0.39 EUR SALINI IMPREGILO SPA 3.75000% 24.06.21 810,000.00 827,253.00 0.37 SAMVARDHANA MOTHERSON AUTOMOTIVE SYSTEMS GROUP BV 'REGS' EUR 1.80000% 06.07.24 200,000.00 194,532.00 0.09 EUR SAPPI PAPIER HOLDING GMBH 'REGS' 4.00000% 01.04.23 300,000.00 306,102.00 0.14

The notes are an integral part of the financial statements. 75

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR SARENS FINANCE CO NV 5.87500% 05.02.22 100,000.00 99,784.00 0.04 EUR SELECTA GROUP BV 'REGS' 5.87500% 01.02.24 100,000.00 102,700.00 0.05 EUR SELECTA GROUP BV 'REGS' FRN 5.37500% 01.02.24 500,000.00 502,625.00 0.23 EUR SES SA FRN (PERPETUAL) 4.62500% 02.01.22 300,000.00 318,384.00 0.14 EUR SES SA FRN (PERPETUAL) 5.62500% 29.01.24 300,000.00 336,375.00 0.15 EUR SIGMA HOLDCO BV 'REGS' 5.75000% 15.05.26 870,000.00 874,854.60 0.39 EUR SISAL GROUP SPA 'REGS' 7.00000% 31.07.23 100,000.00 103,318.00 0.05 EUR SMURFIT KAPPA ACQUISITIONS ULC 2.87500% 15.01.26 440,000.00 483,458.80 0.22 EUR SMURFIT KAPPA ACQUISITIONS ULC 'REGS' 2.37500% 01.02.24 200,000.00 214,446.00 0.10 EUR SMURFIT KAPPA ACQUISITIONS ULC 'REGS' 2.75000% 01.02.25 100,000.00 110,037.00 0.05 EUR SOFTBANK GROUP CORP 3.12500% 19.09.25 500,000.00 511,350.00 0.23 EUR SOFTBANK GROUP CORP 4.50000% 20.04.25 220,000.00 239,663.60 0.11 EUR SOFTBANK GROUP CORP 5.00000% 15.04.28 846,000.00 933,307.20 0.42 EUR SOLVAY FINANCE SA FRN (PERPETUAL) 5.86900% 03.06.24 500,000.00 590,060.00 0.26 EUR SPCM SA 'REGS' 2.87500% 15.06.23 700,000.00 705,292.00 0.32 EUR SRLEV NV FRN 9.00000% 15.04.41 100,000.00 109,894.00 0.05 EUR SUNSHINE MID BV 'REGS' 6.50000% 15.05.26 720,000.00 769,334.40 0.34 EUR SUPERIOR INDUSTRIES INTERNATIONAL INC 'REGS' 6.00000% 15.06.25 103,000.00 98,761.55 0.04 EUR SWISSPORT FINANCING SARL 'REGS' 9.00000% 15.02.25 150,000.00 158,791.50 0.07 EUR SYNLAB UNSECURED BONDCO PLC 'REGS' 8.25000% 01.07.23 400,000.00 418,992.00 0.19 EUR TAKKO LUXEMBOURG 2 SCA 'REGS' 5.37500% 15.11.23 100,000.00 98,779.00 0.04 EUR TELECOM ITALIA FINANCE SA 'EMTN' 7.75000% 24.01.33 200,000.00 299,896.00 0.13 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 2.37500% 12.10.27 500,000.00 509,720.00 0.23 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 2.75000% 15.04.25 200,000.00 210,984.00 0.09 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 3.00000% 30.09.25 500,000.00 536,005.00 0.24 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 3.62500% 19.01.24 1,150,000.00 1,261,987.00 0.57 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 4.00000% 11.04.24 1,135,000.00 1,256,206.65 0.56 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 5.25000% 17.03.55 100,000.00 114,444.00 0.05 EUR TELEFONAKTIEBOLAGET LM ERICSSON 1.87500% 01.03.24 500,000.00 526,285.00 0.24 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 2.62500% 07.03.23 1,300,000.00 1,340,950.00 0.60 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 3.00000% 04.09.23 400,000.00 418,500.00 0.19 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 3.75000% 15.03.22 400,000.00 421,016.00 0.19 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 3.87500% 22.06.26 1,100,000.00 1,197,625.00 0.54 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 4.37500% 14.12.24 300,000.00 334,875.00 0.15 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 5.00000% 31.03.20 300,000.00 303,405.00 0.14 EUR TELEFONICA EUROPE BV FRN (PERPETUAL) 5.87500% 31.03.24 600,000.00 699,732.00 0.31 EUR TELENET FINANCE LUXEMBOURG NOTES SARL 'REGS' 3.50000% 01.03.28 800,000.00 865,072.00 0.39 EUR TENNECO INC 'REGS' 4.87500% 15.04.22 300,000.00 305,709.00 0.14 EUR TENNECO INC 'REGS' 5.00000% 15.07.24 400,000.00 412,976.00 0.18 EUR TENNET HOLDING BV FRN (PERPETUAL) 2.99500% 01.03.24 200,000.00 214,500.00 0.10 EUR TEREOS FINANCE GROUPE I SA 4.12500% 16.06.23 800,000.00 638,096.00 0.29 EUR TESCO CORPORATE TREASURY SERVICES PLC 'EMTN' 1.37500% 24.10.23 100,000.00 103,960.00 0.05 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 0.37500% 25.07.20 147,000.00 146,316.45 0.07 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.12500% 15.10.24 800,000.00 696,984.00 0.31 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.25000% 31.03.23 400,000.00 371,588.00 0.17 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.62500% 15.10.28 450,000.00 349,051.50 0.16 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.87500% 31.03.27 280,000.00 230,860.00 0.10 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 3.25000% 15.04.22 700,000.00 706,322.40 0.32 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 4.50000% 01.03.25 200,000.00 198,358.60 0.09 EUR THYSSENKRUPP AG 'EMTN' 1.87500% 06.03.23 400,000.00 400,932.00 0.18 EUR THYSSENKRUPP AG 'EMTN' 2.87500% 22.02.24 100,000.00 103,151.00 0.05 EUR TITAN GLOBAL FINANCE PLC 2.37500% 16.11.24 200,000.00 206,264.00 0.09 EUR UGI INTERNATIONAL LLC 'REGS' 3.25000% 01.11.25 110,000.00 116,118.20 0.05 EUR UNICREDIT SPA 'EMTN' FRN 4.87500% 20.02.29 550,000.00 610,659.50 0.27 EUR UNICREDIT SPA 'EMTN' FRN 5.75000% 28.10.25 1,000,000.00 1,041,350.00 0.47 EUR UNICREDIT SPA FRN (PERPETUAL) 7.50000% 03.06.26 200,000.00 233,514.00 0.10 EUR UNICREDIT SPA FRN (PERPETUAL) 9.25000% 03.06.22 500,000.00 579,975.00 0.26 EUR UNICREDIT SPA 'MTN' FRN 2.35600% 03.05.25 700,000.00 700,931.00 0.31 EUR UNILABS SUBHOLDING AB 'REGS' 5.75000% 15.05.25 727,000.00 751,710.73 0.34 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' 2.62500% 20.06.24 500,000.00 521,240.00 0.23 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' FRN 4.25000% 05.05.26 600,000.00 617,286.00 0.28 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' FRN 4.37500% 12.07.29 300,000.00 312,006.00 0.14 EUR UNIPOL GRUPPO SPA 'EMTN' 3.50000% 29.11.27 400,000.00 432,360.00 0.19 EUR UNIPOLSAI ASSICURAZIONI SPA 'EMTN' 3.87500% 01.03.28 200,000.00 208,500.00 0.09 UNIPOLSAI ASSICURAZIONI SPA 'EMTN' FRN (PERPETUAL) 5.75000% EUR 18.06.24 400,000.00 428,096.00 0.19 EUR UNITED GROUP BV 'REGS' 4.37500% 01.07.22 300,000.00 305,874.00 0.14 EUR UPC HOLDING BV 'REGS' 3.87500% 15.06.29 1,333,000.00 1,391,998.58 0.62 EUR UPCB FINANCE IV LTD 'REGS' 4.00000% 15.01.27 300,000.00 315,441.00 0.14 EUR UPCB FINANCE VII LTD 'REGS' 3.62500% 15.06.29 300,000.00 318,132.00 0.14 EUR VALLOUREC SA 2.25000% 30.09.24 500,000.00 351,205.00 0.16 EUR VALLOUREC SA 'REGS' 6.37500% 15.10.23 120,000.00 100,405.20 0.04 EUR VALLOUREC SA 'REGS' 6.62500% 15.10.22 182,000.00 159,797.82 0.07

76 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

VIRIDIAN GROUP FINANCECO PLC / VIRIDIAN POWER & ENERGY 'REGS' EUR 4.00000% 15.09.25 500,000.00 515,340.00 0.23 EUR VOLVO CAR AB 'EMTN' 2.00000% 24.01.25 300,000.00 309,258.00 0.14 EUR VOTORANTIM CIMENTOS INTERNATIONAL SA 'REGS' 3.50000% 13.07.22 300,000.00 318,858.00 0.14 EUR ZIGGO BOND CO BV 'REGS' 4.62500% 15.01.25 400,000.00 409,924.00 0.18 EUR ZIGGO BV 'REGS' 4.25000% 15.01.27 300,000.00 323,040.00 0.14 Total EUR 110,140,098.99 49.42

USD USD AK STEEL CORP 7.50000% 15.07.23 250,000.00 231,630.12 0.10 USD ALGECO GLOBAL FINANCE PLC '144A' 8.00000% 15.02.23 200,000.00 173,054.43 0.08 USD ALTICE FINANCING SA '144A' 7.50000% 15.05.26 450,000.00 430,965.65 0.19 USD ALTICE FRANCE SA/FRANCE '144A' 7.37500% 01.05.26 840,000.00 801,662.93 0.36 USD ALTICE LUXEMBOURG SA '144A' 10.50000% 15.05.27 200,000.00 204,235.40 0.09 USD AMC ENTERTAINMENT HOLDINGS INC 5.75000% 15.06.25 380,000.00 311,453.42 0.14 USD AMC ENTERTAINMENT HOLDINGS INC 5.87500% 15.11.26 265,000.00 212,476.09 0.10 USD AMC ENTERTAINMENT HOLDINGS INC 6.12500% 15.05.27 15,000.00 12,227.40 0.01 USD AMERICAN AXLE & MANUFACTURING INC 6.25000% 01.04.25 300,000.00 278,290.22 0.13 USD AMERICAN AXLE & MANUFACTURING INC 6.25000% 15.03.26 110,000.00 100,447.29 0.05 USD AMERICAN AXLE & MANUFACTURING INC 6.50000% 01.04.27 10,000.00 9,242.93 0.00 USD AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP 5.75000% 20.05.27 400,000.00 391,989.43 0.18 USD AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP 5.87500% 20.08.26 25,000.00 24,582.86 0.01 USD ANTERO RESOURCES CORP 5.12500% 01.12.22 400,000.00 318,936.86 0.14 USD ANTERO RESOURCES CORP 5.37500% 01.11.21 150,000.00 126,951.12 0.06 USD APX GROUP INC 8.75000% 01.12.20 15,000.00 13,346.57 0.01 USD ARCONIC INC 5.12500% 01.10.24 150,000.00 145,492.67 0.07 USD ARCONIC INC 5.87000% 23.02.22 150,000.00 142,328.24 0.06 USD ARD FINANCE SA '144A' 6.50000% 30.06.27 300,000.00 276,339.19 0.12 USD B&G FOODS INC 5.25000% 01.04.25 535,000.00 490,922.22 0.22 USD B&G FOODS INC 5.25000% 15.09.27 10,000.00 8,897.71 0.00 USD BARCLAYS PLC FRN (PERPETUAL) 8.00000% 15.06.24 200,000.00 197,291.49 0.09 USD BERRY GLOBAL INC 5.12500% 15.07.23 225,000.00 205,710.93 0.09 USD CENTURYLINK INC 5.62500% 01.04.25 10,000.00 9,443.38 0.00 USD CENTURYLINK INC 6.75000% 01.12.23 450,000.00 447,001.59 0.20 USD CENTURYLINK INC 6.87500% 15.01.28 200,000.00 196,440.16 0.09 USD CENTURYLINK INC 7.60000% 15.09.39 230,000.00 214,124.23 0.10 USD CHEMOURS CO/THE 5.37500% 15.05.27 15,000.00 11,809.80 0.01 USD CHEMOURS CO/THE 6.62500% 15.05.23 85,000.00 75,819.89 0.03 USD CHEMOURS CO/THE 7.00000% 15.05.25 115,000.00 102,707.91 0.05 USD CHESAPEAKE ENERGY CORP 5.75000% 15.03.23 150,000.00 90,202.11 0.04 USD CHS/COMMUNITY HEALTH SYSTEMS INC 5.12500% 01.08.21 850,000.00 758,198.88 0.34 USD CHS/COMMUNITY HEALTH SYSTEMS INC 6.25000% 31.03.23 10,000.00 9,020.21 0.00 USD CINEMARK USA INC 4.87500% 01.06.23 350,000.00 317,656.21 0.14 USD CIT GROUP INC 5.00000% 15.08.22 90,000.00 85,190.89 0.04 USD CLEVELAND-CLIFFS INC 5.75000% 01.03.25 341,000.00 299,994.41 0.13 USD COMMERZBANK AG FRN (PERPETUAL) 7.00000% 09.04.25 200,000.00 186,130.84 0.08 CRESTWOOD MIDSTREAM PARTNERS LP / CRESTWOOD MIDSTREAM USD FINANCE CORP 5.75000% 01.04.25 10,000.00 9,087.03 0.00 CRESTWOOD MIDSTREAM PARTNERS LP / CRESTWOOD MIDSTREAM USD FINANCE CORP 6.25000% 01.04.23 10,000.00 9,087.03 0.00 USD DANA INC 5.37500% 15.11.27 185,000.00 169,552.13 0.08 USD DAVITA INC 5.12500% 15.07.24 250,000.00 228,289.30 0.10 USD ENCOMPASS HEALTH CORP 4.50000% 01.02.28 150,000.00 138,476.95 0.06 USD ENLINK MIDSTREAM PARTNERS LP 4.40000% 01.04.24 125,000.00 107,986.85 0.05 USD FREEPORT-MCMORAN INC 3.55000% 01.03.22 240,000.00 216,485.07 0.10 USD FREEPORT-MCMORAN INC 3.87500% 15.03.23 250,000.00 226,897.29 0.10 GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 6.00000% USD 15.05.23 750,000.00 661,482.17 0.30 GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 6.25000% USD 15.05.26 15,000.00 12,695.11 0.01 GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 6.50000% USD 01.10.25 15,000.00 12,928.97 0.01 GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 6.75000% USD 01.08.22 10,000.00 8,997.94 0.00 USD GENWORTH HOLDINGS INC 7.62500% 24.09.21 10,000.00 9,376.57 0.00 USD HCA INC 5.37500% 01.02.25 540,000.00 531,591.12 0.24 USD HCA INC 7.50000% 15.02.22 570,000.00 561,123.96 0.25 USD INMARSAT FINANCE PLC 'REGS' 4.87500% 15.05.22 150,000.00 135,303.17 0.06 USD INTELSAT JACKSON HOLDINGS SA 5.50000% 01.08.23 615,000.00 469,134.52 0.22 USD L BRANDS INC 5.25000% 01.02.28 350,000.00 295,439.76 0.13 USD L BRANDS INC 7.50000% 15.06.29 200,000.00 183,522.33 0.08 USD LAREDO PETROLEUM INC 6.25000% 15.03.23 200,000.00 167,040.95 0.08 USD LENNAR CORP 4.87500% 15.12.23 250,000.00 238,033.36 0.11 USD LENNAR CORP 5.87500% 15.11.24 200,000.00 198,667.37 0.09 USD LEVEL 3 FINANCING INC 5.25000% 15.03.26 300,000.00 277,956.14 0.13 USD LEVEL 3 FINANCING INC 5.37500% 15.01.24 500,000.00 452,124.17 0.20 USD LEVEL 3 FINANCING INC 5.37500% 01.05.25 250,000.00 230,238.11 0.10

The notes are an integral part of the financial statements. 77

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP / MGP USD FINANCE CO-ISSUER INC 5.62500% 01.05.24 200,000.00 194,435.67 0.09 USD MGM RESORTS INTERNATIONAL 5.50000% 15.04.27 450,000.00 444,997.09 0.20 USD MGM RESORTS INTERNATIONAL 5.75000% 15.06.25 150,000.00 149,668.69 0.07 USD MGM RESORTS INTERNATIONAL 6.00000% 15.03.23 250,000.00 244,714.99 0.11 USD MGM RESORTS INTERNATIONAL 7.75000% 15.03.22 250,000.00 248,334.21 0.11 MPT OPERATING PARTNERSHIP LP / MPT FINANCE CORP 4.62500% USD 01.08.29 155,000.00 142,575.02 0.06 MPT OPERATING PARTNERSHIP LP / MPT FINANCE CORP 5.00000% USD 15.10.27 755,000.00 714,656.87 0.32 USD NABORS INDUSTRIES INC 4.62500% 15.09.21 200,000.00 177,286.13 0.08 USD NABORS INDUSTRIES INC 5.50000% 15.01.23 75,000.00 64,477.81 0.03 NGL ENERGY PARTNERS LP / NGL ENERGY FINANCE CORP 7.50000% USD 01.11.23 125,000.00 111,360.63 0.05 USD NOBLE HOLDING INTERNATIONAL LTD 5.25000% 15.03.42 100,000.00 32,071.86 0.01 USD NOBLE HOLDING INTERNATIONAL LTD 7.75000% 15.01.24 36,000.00 17,238.63 0.01 USD NOKIA OF AMERICA CORP 6.45000% 15.03.29 300,000.00 283,635.54 0.13 USD NRG ENERGY INC 5.75000% 15.01.28 300,000.00 290,651.26 0.13 USD NRG ENERGY INC 7.25000% 15.05.26 96,000.00 93,436.03 0.04 USD OLIN CORP 5.00000% 01.02.30 100,000.00 90,090.75 0.04 USD PRECISION DRILLING CORP 6.50000% 15.12.21 61,057.54 54,259.27 0.02 USD QEP RESOURCES INC 5.25000% 01.05.23 25,000.00 22,105.09 0.01 USD QEP RESOURCES INC 5.62500% 01.03.26 330,000.00 286,642.27 0.13 USD RANGE RESOURCES CORP 5.00000% 15.03.23 300,000.00 245,884.28 0.11 USD ROWAN COS INC 5.85000% 15.01.44 350,000.00 152,786.79 0.07 ROYAL BANK OF SCOTLAND GROUP PLC FRN (PERPETUAL) 4.26463% USD 30.09.27 200,000.00 173,296.92 0.08 USD SM ENERGY CO 5.00000% 15.01.24 470,000.00 401,967.34 0.18 USD SOUTHWESTERN ENERGY CO 7.75000% 01.10.27 145,000.00 119,812.91 0.05 USD SPECTRUM BRANDS INC 5.75000% 15.07.25 50,000.00 46,548.75 0.02 USD SPRINGLEAF FINANCE CORP 5.37500% 15.11.29 150,000.00 139,479.19 0.06 USD SPRINGLEAF FINANCE CORP 6.62500% 15.01.28 100,000.00 100,001.85 0.05 USD SPRINT CAPITAL CORP 8.75000% 15.03.32 450,000.00 487,091.41 0.22 USD SPRINT COMMUNICATIONS INC 6.00000% 15.11.22 300,000.00 279,960.63 0.13 USD SPRINT COMMUNICATIONS INC 11.50000% 15.11.21 145,000.00 147,586.25 0.07 USD SPRINT CORP 7.25000% 15.09.21 405,000.00 381,554.94 0.17 USD SPRINT CORP 7.62500% 15.02.25 200,000.00 195,549.27 0.09 USD SPRINT CORP 7.62500% 01.03.26 100,000.00 98,220.08 0.04 USD SPRINT CORP 7.87500% 15.09.23 1,090,000.00 1,071,812.70 0.48 STARFRUIT FINCO BV / STARFRUIT US HOLDCO LLC '144A' 8.00000% USD 01.10.26 300,000.00 281,965.13 0.13 SUBURBAN PROPANE PARTNERS LP/SUBURBAN ENERGY FINANCE CORP USD 5.50000% 01.06.24 150,000.00 137,307.66 0.06 SUBURBAN PROPANE PARTNERS LP/SUBURBAN ENERGY FINANCE CORP USD 5.87500% 01.03.27 116,000.00 107,734.73 0.05 SUMMIT MATERIALS LLC / SUMMIT MATERIALS FINANCE CORP 6.12500% USD 15.07.23 100,000.00 90,536.20 0.04 SUMMIT MIDSTREAM HOLDINGS LLC / SUMMIT MIDSTREAM FINANCE USD CORP 5.75000% 15.04.25 300,000.00 204,124.04 0.09 TARGA RESOURCES PARTNERS LP / TARGA RESOURCES PARTNERS USD FINANCE CORP 5.87500% 15.04.26 250,000.00 236,641.35 0.11 USD TENET HEALTHCARE CORP 4.62500% 15.07.24 250,000.00 228,846.10 0.10 USD TENET HEALTHCARE CORP 7.00000% 01.08.25 250,000.00 234,970.94 0.11 USD TENET HEALTHCARE CORP 8.12500% 01.04.22 750,000.00 739,156.21 0.33 USD TENNECO INC 5.00000% 15.07.26 171,000.00 140,154.04 0.06 USD TEVA PHARMACEUTICAL FINANCE CO BV 3.65000% 10.11.21 50,000.00 43,653.37 0.02 USD TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 2.80000% 21.07.23 218,000.00 180,132.51 0.08 USD TRANSDIGM INC 6.37500% 15.06.26 350,000.00 330,128.60 0.15 USD TRANSDIGM INC 6.50000% 15.05.25 525,000.00 487,007.89 0.22 USD TRANSDIGM INC 7.50000% 15.03.27 10,000.00 9,732.92 0.00 USD TRANSOCEAN INC 7.50000% 15.04.31 250,000.00 172,608.98 0.08 USD TRI POINTE GROUP INC 5.25000% 01.06.27 200,000.00 186,194.98 0.08 USD TRI POINTE GROUP INC / TRI POINTE HOMES INC 5.87500% 15.06.24 100,000.00 96,772.39 0.04 USD TRIUMPH GROUP INC 7.75000% 15.08.25 10,000.00 9,287.48 0.00 USD TRIVIUM PACKAGING FINANCE BV '144A' 5.50000% 15.08.26 250,000.00 235,806.14 0.11 USD TRIVIUM PACKAGING FINANCE BV '144A' 8.50000% 15.08.27 200,000.00 198,221.93 0.09 USD UBS GROUP AG '144A' FRN (PERPETUAL) 7.00000% 31.01.24 200,000.00 193,439.66 0.09 USD UNITED RENTALS NORTH AMERICA INC 4.87500% 15.01.28 250,000.00 231,351.72 0.10 USD UNITED RENTALS NORTH AMERICA INC 5.87500% 15.09.26 125,000.00 119,155.88 0.05 USD UNITED RENTALS NORTH AMERICA INC 6.50000% 15.12.26 150,000.00 146,661.96 0.07 USD VALARIS PLC 5.75000% 01.10.44 150,000.00 60,134.74 0.03 USD VALARIS PLC 7.75000% 01.02.26 300,000.00 152,341.35 0.07 USD WHITING PETROLEUM CORP 6.62500% 15.01.26 225,000.00 136,305.42 0.06 USD WILLIAM LYON HOMES INC 7.00000% 15.08.22 14,000.00 12,487.98 0.01 USD WPX ENERGY INC 5.25000% 15.09.24 175,000.00 165,648.94 0.07 USD XEROX CORP 4.12500% 15.03.23 300,000.00 277,167.71 0.12 USD ZAYO GROUP LLC / ZAYO CAPITAL INC 6.00000% 01.04.23 50,000.00 45,546.50 0.02 USD ZAYO GROUP LLC / ZAYO CAPITAL INC 6.37500% 15.05.25 10,000.00 9,176.12 0.00

78 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Total USD 27,068,325.74 12.15

Total Corporate bonds 137,208,424.73 61.57

Total Transferable securities and money market instruments listed on an official stock exchange 137,208,424.73 61.57

Transferable securities and money market instruments traded on another regulated market

Corporate bonds

USD USD 1011778 BC ULC / NEW RED FINANCE INC '144A' 5.00000% 15.10.25 1,041,000.00 962,189.29 0.43 USD ACADIA HEALTHCARE CO INC 5.62500% 15.02.23 725,000.00 655,580.05 0.29 USD ACADIA HEALTHCARE CO INC 6.50000% 01.03.24 100,000.00 92,429.33 0.04 USD ACRISURE LLC / ACRISURE FINANCE INC '144A' 7.00000% 15.11.25 215,000.00 184,836.38 0.08 USD ACRISURE LLC / ACRISURE FINANCE INC '144A' 8.12500% 15.02.24 99,000.00 95,694.42 0.04 USD ACRISURE LLC / ACRISURE FINANCE INC '144A' 10.12500% 01.08.26 10,000.00 9,554.74 0.00 USD ADIENT US LLC '144A' 7.00000% 15.05.26 285,000.00 276,753.45 0.12 USD ADT SECURITY CORP/THE 4.12500% 15.06.23 100,000.00 91,315.72 0.04 USD ADVANCED DISPOSAL SERVICES INC '144A' 5.62500% 15.11.24 120,000.00 111,583.36 0.05 USD ADVANCED MICRO DEVICES INC 7.50000% 15.08.22 100,000.00 100,447.29 0.05 ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS LP / USD ALBERTSONS LLC 5.75000% 15.03.25 250,000.00 230,238.11 0.10 ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS LP / USD ALBERTSONS LLC 6.62500% 15.06.24 150,000.00 139,813.28 0.06 ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS LP / USD ALBERTSONS LLC '144A' 4.62500% 15.01.27 60,000.00 53,319.47 0.02 ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS LP / USD ALBERTSONS LLC '144A' 5.87500% 15.02.28 180,000.00 169,980.87 0.08 ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS LP / USD ALBERTSONS LLC '144A' 7.50000% 15.03.26 190,000.00 190,215.10 0.09 USD ALCOA NEDERLAND HOLDING BV '144A' 7.00000% 30.09.26 200,000.00 193,990.22 0.09 USD ALERIS INTERNATIONAL INC '144A' 10.75000% 15.07.23 250,000.00 231,630.12 0.10 USD ALGECO GLOBAL FINANCE 2 PLC '144A' 10.00000% 15.08.23 200,000.00 177,063.41 0.08 ALLIANT HOLDINGS INTERMEDIATE LLC / ALLIANT HOLDINGS CO-ISSUER USD '144A' 6.75000% 15.10.27 300,000.00 285,974.11 0.13 ALLIED UNIVERSAL HOLDCO LLC / ALLIED UNIVERSAL FINANCE CORP USD '144A' 6.62500% 15.07.26 135,000.00 128,688.35 0.06 ALLIED UNIVERSAL HOLDCO LLC / ALLIED UNIVERSAL FINANCE CORP USD '144A' 9.75000% 15.07.27 375,000.00 357,467.64 0.16 USD ALLISON TRANSMISSION INC '144A' 5.00000% 01.10.24 50,000.00 45,657.86 0.02 USD ALTICE FRANCE SA/FRANCE '144A' 8.12500% 01.02.27 200,000.00 201,785.47 0.09 USD AMC NETWORKS INC 4.75000% 01.08.25 109,000.00 97,470.62 0.04 AMERICAN BUILDERS & CONTRACTORS SUPPLY CO INC '144A' 5.87500% USD 15.05.26 200,000.00 189,090.36 0.09 USD AMERICAN WOODMARK CORP '144A' 4.87500% 15.03.26 250,000.00 228,289.30 0.10 USD AMKOR TECHNOLOGY INC '144A' 6.62500% 15.09.27 200,000.00 196,217.44 0.09 USD AMSTED INDUSTRIES INC '144A' 4.62500% 15.05.30 100,000.00 89,756.67 0.04 ANTERO MIDSTREAM PARTNERS LP / ANTERO MIDSTREAM FINANCE USD CORP '144A' 5.75000% 01.03.27 225,000.00 175,393.00 0.08 USD APX GROUP INC 7.87500% 01.12.22 10,000.00 8,975.67 0.00 USD ARAMARK SERVICES INC '144A' 5.00000% 01.02.28 250,000.00 234,414.13 0.11 ARDAGH PACKAGING FINANCE PLC / ARDAGH HOLDINGS USA INC '144A' USD 6.00000% 15.02.25 1,100,000.00 1,027,747.29 0.46 USD ATOTECH ALPHA 2 BV '144A' 8.75000% 01.06.23 400,000.00 363,481.11 0.16 AVIS BUDGET CAR RENTAL LLC / AVIS BUDGET FINANCE INC 5.50000% USD 01.04.23 15,000.00 13,563.73 0.01 AVIS BUDGET CAR RENTAL LLC / AVIS BUDGET FINANCE INC '144A' USD 6.37500% 01.04.24 100,000.00 92,429.33 0.04 USD AXALTA COATING SYSTEMS LLC '144A' 4.87500% 15.08.24 200,000.00 184,635.93 0.08 USD BANFF MERGER SUB INC '144A' 9.75000% 01.09.26 290,000.00 262,232.02 0.12 USD BAUSCH HEALTH AMERICAS INC '144A' 8.50000% 31.01.27 150,000.00 152,341.35 0.07 USD BAUSCH HEALTH AMERICAS INC '144A' 9.25000% 01.04.26 750,000.00 768,388.38 0.35 USD BAUSCH HEALTH COS INC '144A' 5.00000% 30.01.28 55,000.00 50,223.65 0.02 USD BAUSCH HEALTH COS INC '144A' 5.25000% 30.01.30 55,000.00 50,713.63 0.02 USD BAUSCH HEALTH COS INC '144A' 5.50000% 01.11.25 660,000.00 614,443.43 0.28 USD BAUSCH HEALTH COS INC '144A' 6.12500% 15.04.25 565,000.00 519,708.94 0.23 USD BAUSCH HEALTH COS INC '144A' 7.00000% 15.03.24 230,000.00 213,099.71 0.10 USD BEACON ROOFING SUPPLY INC '144A' 4.87500% 01.11.25 490,000.00 437,625.02 0.20 USD BERRY GLOBAL INC '144A' 5.62500% 15.07.27 200,000.00 191,540.29 0.09 BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP '144A' USD 6.12500% 15.11.22 15,000.00 13,096.01 0.01 USD BMC EAST LLC '144A' 5.50000% 01.10.24 200,000.00 184,858.65 0.08 USD BOMBARDIER INC '144A' 5.75000% 15.03.22 400,000.00 367,935.54 0.17

The notes are an integral part of the financial statements. 79

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) USD BOMBARDIER INC '144A' 6.00000% 15.10.22 100,000.00 89,311.23 0.04 USD BOMBARDIER INC '144A' 6.12500% 15.01.23 160,000.00 145,748.80 0.06 USD BOMBARDIER INC '144A' 7.50000% 01.12.24 10,000.00 9,354.29 0.00 USD BOMBARDIER INC '144A' 7.50000% 15.03.25 550,000.00 504,686.39 0.23 USD BOMBARDIER INC '144A' 7.87500% 15.04.27 260,000.00 237,999.95 0.11 USD BOYD GAMING CORP 6.00000% 15.08.26 100,000.00 95,658.78 0.04 USD BOYD GAMING CORP '144A' 4.75000% 01.12.27 150,000.00 138,811.03 0.06 BROOKFIELD PROPERTY REIT INC / BPR CUMULUS LLC / BPR NIMBUS LLC USD / GGSI SELLCO LL '144A' 5.75000% 15.05.26 175,000.00 164,711.18 0.07 BROOKFIELD RESIDENTIAL PROPERTIES INC / BROOKFIELD RESIDENTIAL USD US CORP '144A' 6.37500% 15.05.25 600,000.00 557,916.78 0.25 USD BUCKEYE PARTNERS LP 3.95000% 01.12.26 245,000.00 209,263.34 0.09 USD BUCKEYE PARTNERS LP 4.12500% 01.12.27 45,000.00 38,837.02 0.02 USD BUCKEYE PARTNERS LP 4.35000% 15.10.24 75,000.00 66,983.42 0.03 USD BUILDERS FIRSTSOURCE INC '144A' 6.75000% 01.06.27 275,000.00 268,574.01 0.12 CAESARS RESORT COLLECTION LLC / CRC FINCO INC '144A' 5.25000% USD 15.10.25 500,000.00 461,033.03 0.21 USD CALIFORNIA RESOURCES CORP '144A' 8.00000% 15.12.22 400,000.00 156,795.77 0.07 USD CALPINE CORP 5.50000% 01.02.24 100,000.00 90,424.83 0.04 USD CALPINE CORP 5.75000% 15.01.25 325,000.00 297,499.93 0.13 USD CALPINE CORP '144A' 4.50000% 15.02.28 250,000.00 224,948.48 0.10 USD CALPINE CORP '144A' 5.25000% 01.06.26 300,000.00 278,290.22 0.13 USD CAMELOT FINANCE SA '144A' 4.50000% 01.11.26 100,000.00 91,427.08 0.04 CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP '144A' 5.00000% USD 01.02.28 400,000.00 373,726.29 0.17 CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP '144A' 5.50000% USD 01.05.26 2,065,000.00 1,936,260.75 0.87 USD CENTENE CORP '144A' 4.25000% 15.12.27 650,000.00 596,447.56 0.27 USD CENTURYLINK INC '144A' 5.12500% 15.12.26 60,000.00 54,254.90 0.02 CHANGE HEALTHCARE HOLDINGS LLC / CHANGE HEALTHCARE FINANCE USD INC '144A' 5.75000% 01.03.25 550,000.00 505,911.36 0.23 USD CHAPARRAL ENERGY INC '144A' 8.75000% 15.07.23 150,000.00 58,798.41 0.03 CHARLES RIVER LABORATORIES INTERNATIONAL INC '144A' 4.25000% USD 01.05.28 50,000.00 45,435.14 0.02 USD CHENIERE ENERGY PARTNERS LP 5.25000% 01.10.25 360,000.00 333,948.27 0.15 USD CHENIERE ENERGY PARTNERS LP '144A' 4.50000% 01.10.29 175,000.00 160,192.27 0.07 USD CHESAPEAKE ENERGY CORP 'REGS' 11.50000% 01.01.25 52,000.00 43,778.09 0.02 USD CHOBANI LLC / CHOBANI FINANCE CORP INC '144A' 7.50000% 15.04.25 300,000.00 267,933.69 0.12 USD CHS/COMMUNITY HEALTH SYSTEMS INC '144A' 8.00000% 15.03.26 315,000.00 291,152.38 0.13 USD CHS/COMMUNITY HEALTH SYSTEMS INC '144A' 8.62500% 15.01.24 10,000.00 9,421.11 0.00 USD CITIGROUP INC FRN (PERPETUAL) 6.30000% 15.05.24 300,000.00 290,651.26 0.13 USD CLEAN HARBORS INC '144A' 4.87500% 15.07.27 50,000.00 46,882.83 0.02 USD CLEAR CHANNEL WORLDWIDE HOLDINGS INC '144A' 9.25000% 15.02.24 778,000.00 767,617.76 0.34 USD CLEAVER-BROOKS INC '144A' 7.87500% 01.03.23 125,000.00 111,082.23 0.05 USD CLEVELAND-CLIFFS INC '144A' 5.87500% 01.06.27 200,000.00 171,049.93 0.08 USD CNX RESOURCES CORP '144A' 7.25000% 14.03.27 210,000.00 163,700.13 0.07 USD COLFAX CORP '144A' 6.00000% 15.02.24 75,000.00 71,075.92 0.03 USD COMMSCOPE INC '144A' 5.50000% 15.06.24 410,000.00 370,741.82 0.17 USD COMMSCOPE INC '144A' 6.00000% 01.03.26 200,000.00 189,535.80 0.09 USD COMMSCOPE INC '144A' 8.25000% 01.03.27 260,000.00 243,211.62 0.11 USD COMMSCOPE TECHNOLOGIES LLC '144A' 5.00000% 15.03.27 15,000.00 12,561.48 0.01 USD COMMSCOPE TECHNOLOGIES LLC '144A' 6.00000% 15.06.25 140,000.00 124,723.91 0.06 USD CONNECT FINCO SARL / CONNECT US FINCO LLC '144A' 6.75000% 01.10.26 300,000.00 282,633.29 0.13 USD COOPER-STANDARD AUTOMOTIVE INC '144A' 5.62500% 15.11.26 50,000.00 42,094.32 0.02 USD CORE & MAIN HOLDINGS LP '144A' 8.62500% 15.09.24 250,000.00 231,073.32 0.10 USD CORE & MAIN LP '144A' 6.12500% 15.08.25 150,000.00 138,643.99 0.06 USD CORNERSTONE BUILDING BRANDS INC '144A' 8.00000% 15.04.26 250,000.00 232,186.92 0.10 USD CORNERSTONE CHEMICAL CO '144A' 6.75000% 15.08.24 205,000.00 169,390.66 0.08 CRESTWOOD MIDSTREAM PARTNERS LP / CRESTWOOD MIDSTREAM USD FINANCE CORP '144A' 5.62500% 01.05.27 10,000.00 9,042.48 0.00 USD CROWNROCK LP / CROWNROCK FINANCE INC '144A' 5.62500% 15.10.25 125,000.00 113,587.85 0.05 USD CSC HOLDINGS LLC 5.25000% 01.06.24 365,000.00 349,561.03 0.16 USD CSC HOLDINGS LLC '144A' 5.50000% 15.05.26 450,000.00 423,949.93 0.19 USD CSC HOLDINGS LLC '144A' 5.75000% 15.01.30 500,000.00 474,396.30 0.21 USD CSC HOLDINGS LLC '144A' 6.62500% 15.10.25 200,000.00 189,090.36 0.09 USD CSC HOLDINGS LLC '144A' 7.75000% 15.07.25 240,000.00 227,442.96 0.10 USD CSC HOLDINGS LLC '144A' 10.87500% 15.10.25 500,000.00 497,225.23 0.22 USD CUMULUS MEDIA NEW HOLDINGS INC '144A' 6.75000% 01.07.26 250,000.00 238,868.56 0.11 USD CURO GROUP HOLDINGS CORP '144A' 8.25000% 01.09.25 300,000.00 235,193.66 0.11 USD CVR REFINING LLC / COFFEYVILLE FINANCE INC 6.50000% 01.11.22 350,000.00 316,876.68 0.14 USD DANA FINANCING LUXEMBOURG SARL '144A' 5.75000% 15.04.25 150,000.00 139,980.32 0.06 USD DCP MIDSTREAM OPERATING LP 5.37500% 15.07.25 100,000.00 96,883.75 0.04 USD DCP MIDSTREAM OPERATING LP '144A' 6.45000% 03.11.36 135,000.00 126,282.96 0.06 USD DCP MIDSTREAM OPERATING LP '144A' 6.75000% 15.09.37 200,000.00 188,422.19 0.09 USD DELL INTERNATIONAL LLC / EMC CORP '144A' 7.12500% 15.06.24 450,000.00 423,448.81 0.19 USD DELPHI TECHNOLOGIES PLC '144A' 5.00000% 01.10.25 150,000.00 123,944.39 0.06 USD DENBURY RESOURCES INC '144A' 7.75000% 15.02.24 65,000.00 51,248.16 0.02 USD DENBURY RESOURCES INC '144A' 9.00000% 15.05.21 38,000.00 33,091.93 0.02

80 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) USD DEUTSCHE BANK AG/NEW YORK NY FRN 4.87500% 01.12.32 350,000.00 290,372.85 0.13 USD DIAMOND RESORTS INTERNATIONAL INC '144A' 7.75000% 01.09.23 10,000.00 9,153.84 0.00 DIAMOND SPORTS GROUP LLC / DIAMOND SPORTS FINANCE CO '144A' USD 5.37500% 15.08.26 90,000.00 80,981.45 0.04 DIAMOND SPORTS GROUP LLC / DIAMOND SPORTS FINANCE CO '144A' USD 6.62500% 15.08.27 408,000.00 353,485.38 0.16 USD DIGICEL GROUP ONE LTD '144A' 8.25000% 30.12.22 630,000.00 314,304.25 0.14 USD DIGICEL GROUP TWO LTD '144A' 8.25000% 30.09.22 460,000.00 98,353.71 0.04 USD DISH DBS CORP 5.87500% 15.07.22 825,000.00 779,079.00 0.35 USD DISH DBS CORP 5.87500% 15.11.24 10,000.00 9,075.89 0.00 USD DISH DBS CORP 6.75000% 01.06.21 250,000.00 233,578.93 0.11 USD DISH DBS CORP 7.75000% 01.07.26 510,000.00 480,476.59 0.22 USD DONNELLEY FINANCIAL SOLUTIONS INC 8.25000% 15.10.24 50,000.00 45,602.18 0.02 USD DUN & BRADSTREET CORP/THE '144A' 6.87500% 15.08.26 200,000.00 196,662.88 0.09 USD DUN & BRADSTREET CORP/THE '144A' 10.25000% 15.02.27 160,000.00 164,457.38 0.07 USD EAGLE HOLDING CO II LLC '144A' 7.75000% 15.05.22 100,000.00 90,424.83 0.04 USD EG GLOBAL FINANCE PLC '144A' 6.75000% 07.02.25 370,000.00 335,395.96 0.15 USD ELANCO ANIMAL HEALTH INC 4.27200% 28.08.23 500,000.00 470,489.77 0.21 USD ENERGIZER HOLDINGS INC '144A' 7.75000% 15.01.27 150,000.00 149,334.61 0.07 USD ENPRO INDUSTRIES INC 5.75000% 15.10.26 175,000.00 166,038.71 0.08 USD ENSIGN DRILLING INC '144A' 9.25000% 15.04.24 100,000.00 84,411.36 0.04 USD ENTERCOM MEDIA CORP '144A' 6.50000% 01.05.27 350,000.00 333,636.46 0.15 USD ENTERCOM MEDIA CORP '144A' 7.25000% 01.11.24 200,000.00 187,976.75 0.08 USD ENVISION HEALTHCARE CORP '144A' 8.75000% 15.10.26 450,000.00 249,559.18 0.11 ENVIVA PARTNERS LP / ENVIVA PARTNERS FINANCE CORP '144A' USD 6.50000% 15.01.26 50,000.00 47,662.35 0.02 USD EW SCRIPPS CO/THE '144A' 5.12500% 15.05.25 150,000.00 135,971.33 0.06 EXTERRAN ENERGY SOLUTIONS LP / EES FINANCE CORP 8.12500% USD 01.05.25 300,000.00 263,924.70 0.12 USD FAIR ISAAC CORP '144A' 4.00000% 15.06.28 45,000.00 40,290.28 0.02 USD FIDELITY & GUARANTY LIFE HOLDINGS INC '144A' 5.50000% 01.05.25 350,000.00 332,467.17 0.15 USD FLEX ACQUISITION CO INC '144A' 6.87500% 15.01.25 40,000.00 35,902.67 0.02 USD FLEX ACQUISITION CO INC '144A' 7.87500% 15.07.26 15,000.00 13,480.20 0.01 USD FMG RESOURCES AUGUST 2006 PTY LTD '144A' 5.12500% 15.03.23 500,000.00 470,498.68 0.21 FORTRESS TRANSPORTATION & INFRASTRUCTURE INVESTORS LLC '144A' USD 6.50000% 01.10.25 10,000.00 9,398.84 0.00 FOXTROT ESCROW ISSUER LLC / FOXTROT ESCROW CORP '144A' USD 12.25000% 15.11.26 10,000.00 9,265.20 0.00 USD FREEDOM MORTGAGE CORP '144A' 8.12500% 15.11.24 15,000.00 13,146.12 0.01 USD FREEDOM MORTGAGE CORP '144A' 8.25000% 15.04.25 15,000.00 13,112.71 0.01 USD FRONTIER COMMUNICATIONS CORP 10.50000% 15.09.22 225,000.00 97,718.96 0.04 USD FRONTIER COMMUNICATIONS CORP 11.00000% 15.09.25 400,000.00 172,831.70 0.08 USD FRONTIER COMMUNICATIONS CORP '144A' 8.00000% 01.04.27 10,000.00 9,309.75 0.00 USD FRONTIER COMMUNICATIONS CORP '144A' 8.50000% 01.04.26 235,000.00 211,974.97 0.10 USD FXI HOLDINGS INC '144A' 7.87500% 01.11.24 15,000.00 12,828.75 0.01 USD GCI LLC '144A' 6.62500% 15.06.24 150,000.00 144,490.42 0.07 USD GETTY IMAGES INC '144A' 9.75000% 01.03.27 100,000.00 89,088.51 0.04 USD GFL ENVIRONMENTAL INC '144A' 5.12500% 15.12.26 25,000.00 23,413.57 0.01 USD GFL ENVIRONMENTAL INC '144A' 5.37500% 01.03.23 10,000.00 9,142.71 0.00 USD GFL ENVIRONMENTAL INC '144A' 7.00000% 01.06.26 60,000.00 56,526.66 0.03 USD GFL ENVIRONMENTAL INC '144A' 8.50000% 01.05.27 365,000.00 356,064.49 0.16 USD GLOBAL AIRCRAFT LEASING CO LTD '144A' 6.50000% 15.09.24 533,000.00 495,616.07 0.22 USD GLOBAL PARTNERS LP / GLP FINANCE CORP '144A' 7.00000% 01.08.27 160,000.00 151,450.46 0.07 GO DADDY OPERATING CO LLC / GD FINANCE CO INC '144A' 5.25000% USD 01.12.27 130,000.00 121,895.35 0.06 USD GOLDEN NUGGET INC '144A' 8.75000% 01.10.25 10,000.00 9,532.47 0.00 USD GRAHAM HOLDINGS CO '144A' 5.75000% 01.06.26 150,000.00 142,652.97 0.06 USD GRANITE MERGER SUB 2 INC '144A' 11.00000% 15.07.27 91,000.00 84,718.72 0.04 USD GRAY TELEVISION INC '144A' 5.12500% 15.10.24 100,000.00 92,317.97 0.04 USD GRAY TELEVISION INC '144A' 7.00000% 15.05.27 175,000.00 173,444.19 0.08 USD GRUBHUB HOLDINGS INC '144A' 5.50000% 01.07.27 340,000.00 283,969.62 0.13 USD GTCR AP FINANCE INC '144A' 8.00000% 15.05.27 175,000.00 161,946.20 0.07 USD GULFPORT ENERGY CORP 6.00000% 15.10.24 150,000.00 94,879.26 0.04 USD GULFPORT ENERGY CORP 6.37500% 15.05.25 312,000.00 176,502.15 0.08 USD GULFPORT ENERGY CORP 6.37500% 15.01.26 250,000.00 138,087.19 0.06 USD GULFPORT ENERGY CORP 6.62500% 01.05.23 50,000.00 37,417.17 0.02 USD H&E EQUIPMENT SERVICES INC 5.62500% 01.09.25 325,000.00 304,014.53 0.14 USD HERC HOLDINGS INC '144A' 5.50000% 15.07.27 305,000.00 285,985.24 0.13 USD HERTZ CORP/THE '144A' 5.50000% 15.10.24 10,000.00 9,153.84 0.00 USD HERTZ CORP/THE '144A' 6.00000% 15.01.28 550,000.00 489,990.82 0.22 USD HERTZ CORP/THE '144A' 7.12500% 01.08.26 10,000.00 9,643.83 0.00 USD HERTZ CORP/THE '144A' 7.62500% 01.06.22 134,000.00 124,153.74 0.06 USD HEXION INC '144A' 7.87500% 15.07.27 218,000.00 202,467.00 0.09 H-FOOD HOLDINGS LLC / HEARTHSIDE FINANCE CO INC '144A' 8.50000% USD 01.06.26 375,000.00 314,036.99 0.14 USD HILL-ROM HOLDINGS INC '144A' 4.37500% 15.09.27 30,000.00 27,461.53 0.01

The notes are an integral part of the financial statements. 81

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) USD HILTON DOMESTIC OPERATING CO INC '144A' 4.87500% 15.01.30 200,000.00 189,313.08 0.09 HLF FINANCING SARL LLC / HERBALIFE INTERNATIONAL INC '144A' USD 7.25000% 15.08.26 279,000.00 263,470.35 0.12 USD HUB INTERNATIONAL LTD '144A' 7.00000% 01.05.26 260,000.00 245,527.93 0.11 USD HUDBAY MINERALS INC '144A' 7.25000% 15.01.23 275,000.00 253,568.16 0.11 USD HUGHES SATELLITE SYSTEMS CORP 6.62500% 01.08.26 10,000.00 9,866.55 0.00 USD IAA INC '144A' 5.50000% 15.06.27 50,000.00 47,328.27 0.02 ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FINANCE CORP '144A' USD 4.75000% 15.09.24 425,000.00 389,984.94 0.18 USD IHEARTCOMMUNICATIONS INC 8.37500% 01.05.27 10,000.00 9,844.28 0.00 USD IHEARTCOMMUNICATIONS INC '144A' 4.75000% 15.01.28 50,000.00 45,657.86 0.02 USD IHEARTCOMMUNICATIONS INC '144A' 5.25000% 15.08.27 100,000.00 93,097.49 0.04 USD IHO VERWALTUNGS GMBH '144A' 4.75000% 15.09.26 200,000.00 180,404.23 0.08 USD INFOR US INC 6.50000% 15.05.22 450,000.00 407,412.88 0.18 USD INFORMATICA LLC '144A' 7.12500% 15.07.23 100,000.00 90,536.20 0.04 USD INGEVITY CORP '144A' 4.50000% 01.02.26 150,000.00 135,303.17 0.06 USD INSTALLED BUILDING PRODUCTS INC '144A' 5.75000% 01.02.28 50,000.00 47,550.99 0.02 USD INTELSAT JACKSON HOLDINGS SA '144A' 8.50000% 15.10.24 355,000.00 288,591.08 0.13 USD INTELSAT JACKSON HOLDINGS SA '144A' 9.50000% 30.09.22 10,000.00 10,089.27 0.01 USD INTELSAT JACKSON HOLDINGS SA '144A' 9.75000% 15.07.25 555,000.00 457,358.12 0.21 USD INTESA SANPAOLO SPA '144A' 5.01700% 26.06.24 200,000.00 187,223.90 0.08 USD INTESA SANPAOLO SPA '144A' 5.71000% 15.01.26 200,000.00 192,431.18 0.09 USD IRB HOLDING CORP '144A' 6.75000% 15.02.26 475,000.00 444,328.93 0.20 USD JBS USA LUX SA / JBS USA FINANCE INC '144A' 5.87500% 15.07.24 325,000.00 298,223.78 0.13 JBS USA LUX SA / JBS USA FOOD CO / JBS USA FINANCE INC '144A' USD 5.50000% 15.01.30 300,000.00 285,974.11 0.13 USD JELD-WEN INC '144A' 4.62500% 15.12.25 275,000.00 251,118.23 0.11 USD JELD-WEN INC '144A' 4.87500% 15.12.27 150,000.00 136,639.50 0.06 KFC HOLDING CO/PIZZA HUT HOLDINGS LLC/TACO BELL OF AMERICA LLC USD '144A' 5.25000% 01.06.26 325,000.00 306,186.06 0.14 KRATON POLYMERS LLC / KRATON POLYMERS CAPITAL CORP '144A' USD 7.00000% 15.04.25 35,000.00 32,116.41 0.01 USD LABL ESCROW ISSUER LLC '144A' 6.75000% 15.07.26 110,000.00 104,122.19 0.05 USD LABL ESCROW ISSUER LLC '144A' 10.50000% 15.07.27 110,000.00 99,957.31 0.05 USD LENNAR CORP 5.37500% 01.10.22 200,000.00 190,203.96 0.09 USD LIONS GATE CAPITAL HOLDINGS LLC '144A' 5.87500% 01.11.24 350,000.00 314,927.87 0.14 USD LIONS GATE CAPITAL HOLDINGS LLC '144A' 6.37500% 01.02.24 10,000.00 9,220.66 0.00 USD LIVE NATION ENTERTAINMENT INC '144A' 4.87500% 01.11.24 150,000.00 138,309.91 0.06 USD LIVE NATION ENTERTAINMENT INC '144A' 5.62500% 15.03.26 150,000.00 142,318.89 0.06 USD LPL HOLDINGS INC '144A' 5.75000% 15.09.25 100,000.00 93,208.85 0.04 USD MANITOWOC CO INC/THE '144A' 9.00000% 01.04.26 220,000.00 206,039.45 0.09 USD MASONITE INTERNATIONAL CORP '144A' 5.37500% 01.02.28 150,000.00 141,316.64 0.06 USD MATADOR RESOURCES CO 5.87500% 15.09.26 225,000.00 201,451.39 0.09 USD MATTAMY GROUP CORP '144A' 5.25000% 15.12.27 150,000.00 139,646.24 0.06 USD MATTEL INC 3.15000% 15.03.23 150,000.00 131,628.27 0.06 USD MATTEL INC '144A' 5.87500% 15.12.27 300,000.00 281,296.96 0.13 USD MATTEL INC '144A' 6.75000% 31.12.25 135,000.00 129,139.36 0.06 USD MAUSER PACKAGING SOLUTIONS HOLDING CO '144A' 7.25000% 15.04.25 215,000.00 189,624.88 0.09 USD MEDNAX INC '144A' 6.25000% 15.01.27 300,000.00 274,281.24 0.12 USD MEG ENERGY CORP '144A' 6.37500% 30.01.23 175,000.00 155,904.88 0.07 USD MEG ENERGY CORP '144A' 7.00000% 31.03.24 200,000.00 179,513.34 0.08 USD MERCER INTERNATIONAL INC 5.50000% 15.01.26 35,000.00 31,804.60 0.01 USD MERCER INTERNATIONAL INC 7.37500% 15.01.25 150,000.00 143,655.22 0.07 USD MEREDITH CORP 6.87500% 01.02.26 165,000.00 152,875.88 0.07 MIDCONTINENT COMMUNICATIONS / MIDCONTINENT FINANCE CORP USD '144A' 5.37500% 15.08.27 50,000.00 47,105.55 0.02 USD MOHEGAN GAMING & ENTERTAINMENT '144A' 7.87500% 15.10.24 360,000.00 327,133.00 0.15 USD MPH ACQUISITION HOLDINGS LLC '144A' 7.12500% 01.06.24 365,000.00 315,417.86 0.14 USD NABORS INDUSTRIES INC 0.75000% 15.01.24 100,000.00 67,279.64 0.03 USD NATIONAL CINEMEDIA LLC 5.75000% 15.08.26 200,000.00 174,390.75 0.08 USD NATIONSTAR MORTGAGE HOLDINGS INC '144A' 8.12500% 15.07.23 450,000.00 423,448.81 0.19 USD NAVIENT CORP 5.50000% 25.01.23 950,000.00 901,352.97 0.41 USD NAVIENT CORP 6.75000% 15.06.26 150,000.00 146,996.04 0.07 USD NAVISTAR INTERNATIONAL CORP '144A' 6.62500% 01.11.25 110,000.00 100,447.29 0.05 USD NETFLIX INC 4.87500% 15.04.28 600,000.00 555,912.29 0.25 USD NETFLIX INC 5.87500% 15.02.25 100,000.00 99,445.05 0.05 USD NEW ALBERTSONS LP 7.45000% 01.08.29 150,000.00 136,472.46 0.06 USD NEWELL BRANDS INC 4.20000% 01.04.26 300,000.00 278,360.25 0.13 USD NEXSTAR BROADCASTING INC '144A' 5.62500% 01.08.24 400,000.00 371,499.08 0.17 USD NEXSTAR BROADCASTING INC '144A' 5.62500% 15.07.27 100,000.00 93,765.65 0.04 NGL ENERGY PARTNERS LP / NGL ENERGY FINANCE CORP '144A' USD 7.50000% 15.04.26 190,000.00 163,766.95 0.07 USD NIELSEN CO LUXEMBOURG SARL/THE '144A' 5.00000% 01.02.25 250,000.00 229,402.91 0.10 USD NIELSEN FINANCE LLC / NIELSEN FINANCE CO '144A' 5.00000% 15.04.22 200,000.00 179,067.90 0.08

82 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) USD NINE ENERGY SERVICE INC '144A' 8.75000% 01.11.23 65,000.00 47,049.87 0.02 USD NOBLE HOLDING INTERNATIONAL LTD '144A' 7.87500% 01.02.26 305,000.00 197,336.61 0.09 USD NOVELIS CORP '144A' 5.87500% 30.09.26 400,000.00 379,962.48 0.17 USD NUANCE COMMUNICATIONS INC 5.62500% 15.12.26 200,000.00 189,758.52 0.09 USD OASIS PETROLEUM INC 6.87500% 15.01.23 250,000.00 218,823.65 0.10 ORTHO-CLINICAL DIAGNOSTICS INC / ORTHO-CLINICAL DIAGNOSTICS SA USD '144A' 6.62500% 15.05.22 35,000.00 30,947.12 0.01 OUTFRONT MEDIA CAPITAL LLC / OUTFRONT MEDIA CAPITAL CORP '144A' USD 4.62500% 15.03.30 50,000.00 45,379.46 0.02 OUTFRONT MEDIA CAPITAL LLC / OUTFRONT MEDIA CAPITAL CORP '144A' USD 5.00000% 15.08.27 130,000.00 121,316.27 0.05 USD OWENS-BROCKWAY GLASS CONTAINER INC '144A' 5.87500% 15.08.23 275,000.00 261,530.45 0.12 PANTHER BF AGGREGATOR 2 LP / PANTHER FINANCE CO INC '144A' USD 6.25000% 15.05.26 100,000.00 96,215.59 0.04 PANTHER BF AGGREGATOR 2 LP / PANTHER FINANCE CO INC '144A' USD 8.50000% 15.05.27 435,000.00 410,787.11 0.18 USD PAR PHARMACEUTICAL INC '144A' 7.50000% 01.04.27 515,000.00 456,511.78 0.21 USD PARK-OHIO INDUSTRIES INC 6.62500% 15.04.27 339,000.00 307,672.73 0.14 USD PARSLEY ENERGY LLC / PARSLEY FINANCE CORP '144A' 5.62500% 15.10.27 225,000.00 211,724.41 0.10 USD PARTY CITY HOLDINGS INC '144A' 6.62500% 01.08.26 275,000.00 172,720.34 0.08 USD PERFORMANCE FOOD GROUP INC '144A' 5.50000% 01.06.24 350,000.00 318,825.50 0.14 USD PETSMART INC '144A' 5.87500% 01.06.25 693,000.00 630,502.75 0.28 USD PETSMART INC '144A' 7.12500% 15.03.23 15,000.00 13,129.42 0.01 USD PETSMART INC '144A' 8.87500% 01.06.25 165,000.00 145,526.08 0.07 USD PHOTO HOLDINGS MERGER SUB INC '144A' 8.50000% 01.10.26 15,000.00 12,327.62 0.01 USD POLARIS INTERMEDIATE CORP '144A' 8.50000% 01.12.22 250,000.00 207,409.18 0.09 USD POST HOLDINGS INC '144A' 5.00000% 15.08.26 75,000.00 70,491.28 0.03 USD POST HOLDINGS INC '144A' 5.62500% 15.01.28 300,000.00 287,310.44 0.13 USD POST HOLDINGS INC '144A' 5.75000% 01.03.27 600,000.00 573,284.54 0.26 USD PQ CORP '144A' 5.75000% 15.12.25 200,000.00 187,531.31 0.08 USD PQ CORP '144A' 6.75000% 15.11.22 300,000.00 276,619.82 0.12 USD PRECISION DRILLING CORP 7.75000% 15.12.23 200,000.00 177,731.57 0.08 USD PRESTIGE BRANDS INC '144A' 5.12500% 15.01.28 100,000.00 93,097.49 0.04 PRIME SECURITY SERVICES BORROWER LLC / PRIME FINANCE INC '144A' USD 5.25000% 15.04.24 300,000.00 282,633.29 0.13 PRIME SECURITY SERVICES BORROWER LLC / PRIME FINANCE INC '144A' USD 9.25000% 15.05.23 250,000.00 232,743.73 0.10 USD QORVO INC 5.50000% 15.07.26 100,000.00 94,656.54 0.04 USD QORVO INC '144A' 4.37500% 15.10.29 25,000.00 23,330.05 0.01 USD QUICKEN LOANS INC '144A' 5.25000% 15.01.28 400,000.00 368,893.06 0.17 USD RACKSPACE HOSTING INC '144A' 8.62500% 15.11.24 115,000.00 100,146.62 0.05 REALOGY GROUP LLC / REALOGY CO-ISSUER CORP '144A' 4.87500% USD 01.06.23 120,000.00 105,436.25 0.05 REALOGY GROUP LLC / REALOGY CO-ISSUER CORP '144A' 5.25000% USD 01.12.21 50,000.00 45,101.06 0.02 REALOGY GROUP LLC / REALOGY CO-ISSUER CORP '144A' 9.37500% USD 01.04.27 410,000.00 379,873.40 0.17 USD REFINITIV US HOLDINGS INC '144A' 6.25000% 15.05.26 275,000.00 267,349.04 0.12 USD REFINITIV US HOLDINGS INC '144A' 8.25000% 15.11.26 200,000.00 200,671.86 0.09 REGIONALCARE HOSPITAL PARTNERS HOLDINGS INC / LIFEPOINT USD HEALTH INC '144A' 9.75000% 01.12.26 310,000.00 312,767.48 0.14 USD RESIDEO FUNDING INC '144A' 6.12500% 01.11.26 365,000.00 324,808.86 0.15 REYNOLDS GROUP ISSUER INC / REYNOLDS GROUP ISSUER LLC / USD REYNOLDS GROUP ISSUER LU '144A' 5.12500% 15.07.23 800,000.00 729,634.87 0.33 REYNOLDS GROUP ISSUER INC / REYNOLDS GROUP ISSUER LLC / USD REYNOLDS GROUP ISSUER LU '144A' 7.00000% 15.07.24 170,000.00 156,751.23 0.07 USD SABRE GLBL INC '144A' 5.25000% 15.11.23 150,000.00 137,140.62 0.06 USD SCIENTIFIC GAMES INTERNATIONAL INC '144A' 7.00000% 15.05.28 150,000.00 143,154.10 0.06 USD SCIENTIFIC GAMES INTERNATIONAL INC '144A' 8.25000% 15.03.26 550,000.00 539,597.95 0.24 USD SCRIPPS ESCROW INC '144A' 5.87500% 15.07.27 135,000.00 125,982.29 0.06 USD SEALED AIR CORP '144A' 4.00000% 01.12.27 100,000.00 90,202.11 0.04 USD SELECT MEDICAL CORP '144A' 6.25000% 15.08.26 100,000.00 96,438.31 0.04 USD SENSATA TECHNOLOGIES BV '144A' 5.00000% 01.10.25 75,000.00 72,412.25 0.03 USD SENSATA TECHNOLOGIES INC '144A' 4.37500% 15.02.30 150,000.00 135,804.29 0.06 USD SINCLAIR TELEVISION GROUP INC '144A' 5.50000% 01.03.30 10,000.00 9,109.30 0.00 USD SIRIUS XM RADIO INC '144A' 3.87500% 01.08.22 50,000.00 45,490.82 0.02 USD SIRIUS XM RADIO INC '144A' 4.62500% 15.05.23 500,000.00 452,680.98 0.20 USD SIRIUS XM RADIO INC '144A' 4.62500% 15.07.24 60,000.00 55,858.49 0.03 USD SIRIUS XM RADIO INC '144A' 5.00000% 01.08.27 25,000.00 23,497.09 0.01 USD SIRIUS XM RADIO INC '144A' 5.50000% 01.07.29 100,000.00 96,215.59 0.04 USD SOLERA LLC / SOLERA FINANCE INC '144A' 10.50000% 01.03.24 210,000.00 198,311.02 0.09 USD SPRINGLEAF FINANCE CORP 5.62500% 15.03.23 200,000.00 191,317.57 0.09 USD SPRINGLEAF FINANCE CORP 7.12500% 15.03.26 450,000.00 463,538.64 0.21 USD SS&C TECHNOLOGIES INC '144A' 5.50000% 30.09.27 285,000.00 271,040.65 0.12 USD SSL ROBOTICS LLC '144A' 9.75000% 31.12.23 10,000.00 9,688.38 0.00 USD STANDARD INDUSTRIES INC/NJ '144A' 5.00000% 15.02.27 25,000.00 23,218.69 0.01

The notes are an integral part of the financial statements. 83

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) USD STANDARD INDUSTRIES INC/NJ '144A' 5.37500% 15.11.24 250,000.00 228,567.70 0.10 USD STAPLES INC '144A' 7.50000% 15.04.26 210,000.00 194,569.30 0.09 USD STAPLES INC '144A' 10.75000% 15.04.27 295,000.00 267,410.29 0.12 STARS GROUP HOLDINGS BV / STARS GROUP US CO-BORROWER LLC USD '144A' 7.00000% 15.07.26 100,000.00 96,104.23 0.04 USD STARWOOD PROPERTY TRUST INC 4.75000% 15.03.25 250,000.00 234,970.94 0.11 SUMMIT MATERIALS LLC / SUMMIT MATERIALS FINANCE CORP '144A' USD 6.50000% 15.03.27 127,000.00 122,052.37 0.06 USD SUNOCO LP / SUNOCO FINANCE CORP 5.50000% 15.02.26 125,000.00 115,815.06 0.05 USD TALEN ENERGY SUPPLY LLC 6.50000% 01.06.25 250,000.00 189,313.08 0.09 USD TALEN ENERGY SUPPLY LLC '144A' 6.62500% 15.01.28 75,000.00 68,152.71 0.03 USD TALEN ENERGY SUPPLY LLC '144A' 7.25000% 15.05.27 200,000.00 187,531.31 0.08 USD TALEN ENERGY SUPPLY LLC '144A' 10.50000% 15.01.26 100,000.00 84,634.08 0.04 TALLGRASS ENERGY PARTNERS LP / TALLGRASS ENERGY FINANCE USD CORP '144A' 4.75000% 01.10.23 200,000.00 177,731.57 0.08 TALLGRASS ENERGY PARTNERS LP / TALLGRASS ENERGY FINANCE USD CORP '144A' 5.50000% 15.09.24 100,000.00 89,533.95 0.04 USD TARGA RESOURCES PARTNERS 6.50000% 15.07.27 200,000.00 195,103.83 0.09 TARGA RESOURCES PARTNERS LP / TARGA RESOURCES PARTNERS USD FINANCE CORP 5.00000% 15.01.28 200,000.00 181,740.55 0.08 TARGA RESOURCES PARTNERS LP / TARGA RESOURCES PARTNERS USD FINANCE CORP 5.12500% 01.02.25 50,000.00 46,103.30 0.02 TARGA RESOURCES PARTNERS LP / TARGA RESOURCES PARTNERS USD FINANCE CORP 5.37500% 01.02.27 200,000.00 184,858.65 0.08 USD TAYLOR MORRISON COMMUNITIES INC '144A' 5.87500% 15.06.27 30,000.00 29,399.21 0.01 USD TEAM HEALTH HOLDINGS INC '144A' 6.37500% 01.02.25 200,000.00 119,378.60 0.05 USD TEAM HEALTH HOLDINGS INC 'REGS' 6.37500% 01.02.25 150,000.00 89,533.95 0.04 USD TEGNA INC '144A' 5.00000% 15.09.29 35,000.00 31,726.64 0.01 USD TELECOM ITALIA CAPITAL SA 7.20000% 18.07.36 640,000.00 675,647.24 0.30 USD TELECOM ITALIA CAPITAL SA 7.72100% 04.06.38 145,000.00 159,212.30 0.07 USD TELESAT CANADA / TELESAT LLC '144A' 4.87500% 01.06.27 80,000.00 72,696.22 0.03 USD TENET HEALTHCARE CORP '144A' 4.62500% 01.09.24 650,000.00 605,133.69 0.27 USD TERRIER MEDIA BUYER INC '144A' 8.87500% 15.12.27 200,000.00 188,199.47 0.09 USD TESLA INC '144A' 5.30000% 15.08.25 215,000.00 185,794.08 0.08 TITAN ACQUISITION LTD / TITAN CO-BORROWER LLC '144A' 7.75000% USD 15.04.26 250,000.00 221,050.86 0.10 USD T-MOBILE USA INC 4.00000% 15.04.22 50,000.00 45,824.90 0.02 USD T-MOBILE USA INC 4.50000% 01.02.26 250,000.00 228,567.70 0.10 USD T-MOBILE USA INC 6.00000% 01.03.23 175,000.00 158,438.34 0.07 USD T-MOBILE USA INC 6.00000% 15.04.24 75,000.00 69,071.43 0.03 USD T-MOBILE USA INC 6.50000% 15.01.26 325,000.00 309,081.44 0.14 USD TRANSDIGM INC '144A' 5.50000% 15.11.27 485,000.00 437,480.25 0.19 USD TRANSOCEAN INC '144A' 7.50000% 15.01.26 425,000.00 373,893.33 0.17 USD TRANSOCEAN INC '144A' 9.00000% 15.07.23 525,000.00 494,023.61 0.22 USD TRONOX FINANCE PLC '144A' 5.75000% 01.10.25 110,000.00 99,467.31 0.04 USD TRONOX INC '144A' 6.50000% 15.04.26 10,000.00 9,153.84 0.00 USD TWITTER INC '144A' 3.87500% 15.12.27 75,000.00 66,732.86 0.03 USD UBER TECHNOLOGIES INC '144A' 7.50000% 01.11.23 335,000.00 312,249.65 0.15 USD UBER TECHNOLOGIES INC '144A' 7.50000% 15.09.27 10,000.00 9,120.44 0.00 USD UBER TECHNOLOGIES INC '144A' 8.00000% 01.11.26 10,000.00 9,287.48 0.00 UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC '144A' USD 6.00000% 15.04.23 210,000.00 179,836.29 0.09 USD UNIVAR SOLUTIONS USA INC '144A' 5.12500% 01.12.27 100,000.00 92,986.13 0.04 USD UNIVISION COMMUNICATIONS INC '144A' 5.12500% 15.05.23 330,000.00 293,624.58 0.13 USD UNIVISION COMMUNICATIONS INC '144A' 5.12500% 15.02.25 15,000.00 13,212.94 0.01 USD UPC HOLDING BV '144A' 5.50000% 15.01.28 200,000.00 182,186.00 0.08 USD UPCB FINANCE IV LTD '144A' 5.37500% 15.01.25 240,000.00 219,692.26 0.10 USA COMPRESSION PARTNERS LP / USA COMPRESSION FINANCE CORP USD 6.87500% 01.04.26 375,000.00 350,786.00 0.16 USA COMPRESSION PARTNERS LP / USA COMPRESSION FINANCE CORP USD 6.87500% 01.09.27 65,000.00 60,296.22 0.03 USD USI INC/NY '144A' 6.87500% 01.05.25 300,000.00 271,942.67 0.12 USD VALVOLINE INC 4.37500% 15.08.25 300,000.00 274,615.32 0.12 USD VALVOLINE INC 5.50000% 15.07.24 100,000.00 92,652.05 0.04 VENATOR FINANCE SARL / VENATOR MATERIALS LLC '144A' 5.75000% USD 15.07.25 45,000.00 36,982.87 0.02 USD VERISIGN INC 4.75000% 15.07.27 100,000.00 94,211.10 0.04 USD VERISIGN INC 5.25000% 01.04.25 100,000.00 98,442.80 0.04 USD VERSCEND ESCROW CORP '144A' 9.75000% 15.08.26 35,000.00 33,909.31 0.02 USD VIKING CRUISES LTD '144A' 5.87500% 15.09.27 116,000.00 110,189.12 0.05 USD VIRGIN MEDIA SECURED FINANCE PLC '144A' 5.50000% 15.08.26 340,000.00 315,774.21 0.14 USD VISTRA OPERATIONS CO LLC '144A' 5.00000% 31.07.27 125,000.00 116,093.46 0.05 USD VISTRA OPERATIONS CO LLC '144A' 5.50000% 01.09.26 250,000.00 235,527.74 0.11 USD VISTRA OPERATIONS CO LLC '144A' 5.62500% 15.02.27 80,000.00 74,923.43 0.03 USD VIZIENT INC '144A' 6.25000% 15.05.27 75,000.00 71,827.61 0.03

84 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) USD VOC ESCROW LTD '144A' 5.00000% 15.02.28 400,000.00 373,726.29 0.17 USD WASTE PRO USA INC '144A' 5.50000% 15.02.26 257,000.00 237,543.37 0.11 USD WEST STREET MERGER SUB INC '144A' 6.37500% 01.09.25 40,000.00 35,457.23 0.02 USD WESTERN DIGITAL CORP 4.75000% 15.02.26 145,000.00 134,668.41 0.06 USD WILLIAM LYON HOMES INC 6.00000% 01.09.23 350,000.00 325,061.69 0.15 USD WILLIAMS SCOTSMAN INTERNATIONAL INC '144A' 6.87500% 15.08.23 150,000.00 140,815.52 0.06 USD WILLIAMS SCOTSMAN INTERNATIONAL INC '144A' 7.87500% 15.12.22 150,000.00 139,312.15 0.06 USD WMG ACQUISITION CORP '144A' 5.00000% 01.08.23 200,000.00 182,408.72 0.08 USD WOLVERINE ESCROW LLC '144A' 8.50000% 15.11.24 10,000.00 9,242.93 0.00 USD WOLVERINE ESCROW LLC '144A' 9.00000% 15.11.26 10,000.00 9,332.02 0.00 USD WR GRACE & CO-CONN '144A' 5.12500% 01.10.21 100,000.00 92,652.05 0.04 USD WR GRACE & CO-CONN '144A' 5.62500% 01.10.24 550,000.00 541,435.40 0.24 USD ZAYO GROUP LLC / ZAYO CAPITAL INC '144A' 5.75000% 15.01.27 210,000.00 190,126.01 0.08 Total USD 79,663,240.69 35.75

Total Corporate bonds 79,663,240.69 35.75

Total Transferable securities and money market instruments traded on another regulated market 79,663,240.69 35.75

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market

Corporate bonds

USD USD T-MOBILE USA INC 0.00000% 15.01.26 150,000.00 – – USD T-MOBILE USA INC 0.00000% 01.02.26 250,000.00 – – USD T-MOBILE USA INC 4.00000% 15.04.22 50,000.00 – – Total USD – –

Total Corporate bonds – –

Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market – –

Total investments in securities 216,871,665.42 97.32

Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures

EUR EURO-BOBL FUTURE 06.03.20 78.00 -54,060.00 -0.03 EUR EURO-BUND FUTURE 06.03.20 6.00 -17,160.00 -0.01 USD US 10YR TREASURY NOTE (CBT) FUTURE 20.03.20 -8.00 7,936.87 0.00 USD US 10YR ULTRA NOTE FUTURE 20.03.20 17.00 -24,976.90 -0.01 USD US 2YR TREASURY NOTE FUTURE 31.03.20 -16.00 1,692.77 0.00 USD US 5YR TREASURY NOTE (CBT) FUTURE 31.03.20 -23.00 9,306.13 0.01 USD US LONG BOND (CBT) FUTURE 20.03.20 2.00 -6,244.67 0.00 USD US ULTRA NOTE (CBT) FUTURE 20.03.20 2.00 -8,543.46 0.00 Total Financial Futures -92,049.26 -0.04

Total Derivative instruments listed on an official stock exchange -92,049.26 -0.04

Derivative instruments not listed on an official stock exchange and not traded on another regulated market

Credit default swaps**

EUR BOFAML/MARKIT ITRX EUR XOVER/PAY 5.00000% 20.12.22 10,000,000.00 -1,026,751.89 -0.46 EUR BOFAML/MARKIT ITRX EUR XOVER/RECEIVE 5.00000% 20.12.24 -10,000,000.00 1,362,465.00 0.61

The notes are an integral part of the financial statements. 85

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global High Yield

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR SOCIETE GENERALE/MARKIT ITRX EUR XOVER/RECEIVE 5.00000% 20.12.24 -7,000,000.00 953,725.50 0.43 Total Credit default swaps 1,289,438.61 0.58

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market 1,289,438.61 0.58

Total Derivative instruments 1,197,389.35 0.54

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

USD 195,932.47 EUR 175,928.52 20.2.2020 -1,936.60 0.00 EUR 512,000.00 USD 574,926.85 20.2.2020 1,453.54 0.00 EUR 581,288.00 USD 649,285.33 20.2.2020 4,709.74 0.00 EUR 605,000.00 USD 677,009.52 20.2.2020 3,802.11 0.00 EUR 565,173.00 USD 629,987.60 20.2.2020 5,731.50 0.00 EUR 153,939.46 USD 171,177.75 20.2.2020 1,930.22 0.00 EUR 179,815.86 USD 200,431.93 20.2.2020 1,828.33 0.00 EUR 53,955,137.12 USD 59,770,961.35 20.2.2020 877,336.81 0.40 EUR 53,955,137.13 USD 59,786,824.17 20.2.2020 863,250.32 0.39 Total Forward Foreign Exchange contracts (Purchase/Sale) 1,758,105.97 0.79

Cash at banks, deposits on demand and deposit accounts and other liquid assets 192,631.86 0.09 Bank overdraft and other short-term liabilities -430,177.63 -0.20 Other assets and liabilities 3,265,887.35 1.46 Total net assets 222,855,502.32 100.00

** Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.

86 The notes are an integral part of the financial statements. Sidera Funds – Global Income Opportunities

Annual report including audited financial statements as of 31 December 2019

Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 349,499,390.94 52,897,715.17 – Class B Acc1 LU1896727481 Shares outstanding 3,320,000.0000 530,000.0000 – Net asset value per share in EUR2 105.27 99.81 –

1 First NAV: 28.11.2018 2 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets Italy 22.98 The Netherlands 5.48 Germany 3.80 France 3.57 Mexico 3.15 Ukraine 2.55 Oman 2.34 United Kingdom 2.20 Azerbaijan 2.14 Egypt 2.14 Supranational 1.99 Turkey 1.96 Dominican Republic 1.89 Bahrain 1.81 Montenegro 1.80 Luxembourg 1.78 Sri Lanka 1.70 Pakistan 1.69 United States 1.55 Ireland 1.50 Indonesia 1.49 Spain 1.48 Belarus 1.22 South Africa 1.22 Sweden 1.07 Benin 1.04 Tunisia 1.01 Kenya 0.97 Ecuador 0.96 Macedonia 0.94 Albania 0.94 Cote d'Ivoire (Ivory Coast) 0.94 Armenia 0.89 Nigeria 0.84 Ethiopia 0.82 Namibia 0.79 Senegal 0.73 Austria 0.70 Georgia 0.68 Isle of Man 0.66 Honduras 0.57 Cameroon 0.57 Ghana 0.55 Denmark 0.52 Cayman Islands 0.45 Finland 0.44 Trinidad and Tobago 0.41 Brazil 0.40 Jersey 0.35 Colombia 0.34 Angola 0.30 Morocco 0.28 Gabon 0.27 Mongolia 0.26 Belgium 0.14 Bulgaria 0.14

The notes are an integral part of the financial statements. 87

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities

Geographical Breakdown as a % of net assets Canada 0.09 Czech Republic 0.06 Portugal 0.03 Total 93.58

Economic Breakdown as a % of net assets Sovereign 47.01 Banks 11.00 Oil & Gas 7.62 Electrical 3.07 Telecommunications 2.29 Multi-National 1.99 Chemicals 1.70 Auto Parts & Equipment 1.54 Engineering & Construction 1.50 Food 1.44 Diversified Financial Services 1.42 Transportation 1.30 Commercial Services 1.30 Auto Manufacturers 1.22 Forest Products & Paper 1.10 Pipelines 0.91 Entertainment 0.72 Software 0.66 Media 0.57 Aerospace/Defense 0.53 Iron/Steel 0.49 Packaging & Containers 0.49 Building Materials 0.48 Leisure Time 0.45 Pharmaceuticals 0.42 Healthcare-Products 0.39 Real Estate 0.39 Internet 0.39 Mining 0.23 Lodging 0.18 Energy-Alternate Sources 0.15 Distribution/Wholesale 0.14 Insurance 0.12 Agriculture 0.08 Healthcare-Services 0.06 Apparel 0.06 Retail 0.06 Computers 0.05 Machinery-Diversified 0.03 Airlines 0.03 Total 93.58

88 The notes are an integral part of the financial statements. Sidera Funds

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities

Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 325,678,044.60 Investments in securities and options, unrealized appreciation (depreciation) 1,391,729.81 Total investments in securities (Note 1) 327,069,774.41 Cash at banks, deposits on demand and deposit accounts* (Note 1) 8,591,437.96 Interest receivable on securities 4,653,764.38 Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 1,237,680.72 Market value of swaps (Note 1) 8,174,790.01 Total Assets 349,727,447.48 Provisions for management fees (Note 2) -146,786.39 Provisions for administrator fees (Note 2) -6,839.08 Provisions for formation expenses (Note 2) -3,493.60 Provisions for depositary fees (Note 2) -60,752.04 Provisions for taxe d’abonnement (Note 3) -9,540.82 Provisions for audit fees, legal and economic advice (Note 2) -8,375.64 Provisions for other commissions and fees 7,731.03 Total provisions -228,056.54 Total Liabilities -228,056.54 Net assets at the end of the financial year 349,499,390.94

* As at 31 December 2019, cash amounts serve as collateral for the counterparty Bank of America/Merrill Lynch for an amount of EUR 6,780,000 and Societe Generale for an amount of EUR 2,120,000.

The notes are an integral part of the financial statements. 89 Sidera Funds

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities

Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 3,334.52 Interest on securities (Note 1) 3,500,295.63 Dividends (Note 1) -455.00 Interest received on swaps (Note 1) 169,444.45 Income on securities lending (Note 8) 55,968.25 Other income 688.97 Total income 3,729,276.82 Interest paid on swaps -76,388.89 Management fees (Note 2) -549,525.73 Administrator fees (Note 2) -18,490.04 Depositary fees (Note 2) -72,403.00 Taxe d’abonnement (Note 3) -11,927.42 Audit fees, legal and economic advice (Note 2) -9,728.92 Amortization of formation expenses (Note 2) -3,340.47 Other commissions and fees -19,469.88 Interest on cash and bank overdraft -59,683.05 Total expenses -820,957.40 Net income (loss) on investments 2,908,319.42 Realized gain (loss) on market-priced securities without options 1,168,139.74 Realized gain (loss) on forward foreign exchange contracts -543,900.79 Realized gain (loss) on swaps -1,153,349.89 Realized gain (loss) on foreign exchange 122,331.55 Total realized gain (loss) -406,779.39 Net realized gain (loss) of the year 2,501,540.03 Unrealized appreciation (depreciation) on market-priced securities without options 1,456,186.20 Unrealized appreciation (depreciation) on forward foreign exchange contracts 1,237,680.72 Unrealized appreciation (depreciation) on swaps 306,333.01 Unrealized appreciation (depreciation) on foreign exchange -22,679.19 Total changes in unrealized appreciation (depreciation) 2,977,520.74 Net increase (decrease) in net assets as a result of operations 5,479,060.77

90 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 52,897,715.17 Subscriptions 309,858,500.00 Redemptions -18,735,885.00 Total net subscriptions (redemptions) 291,122,615.00 Net income (loss) on investments 2,861,244.87 Total realized gain (loss) -359,704.84 Total changes in unrealized appreciation (depreciation) 2,977,520.74 Net increase (decrease) in net assets as a result of operations 5,479,060.77 Net assets at the end of the year 349,499,390.94

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class B Acc Number of shares outstanding at the beginning of the year 530,000.0000 Number of shares issued 2,970,000.0000 Number of shares redeemed -180,000.0000 Number of shares outstanding at the end of the year 3,320,000.0000

The notes are an integral part of the financial statements. 91

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities

Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Corporate bonds

EUR EUR ADLER REAL ESTATE AG 1.50000% 06.12.21 300,000.00 305,622.00 0.09 EUR ADLER REAL ESTATE AG 1.50000% 17.04.22 300,000.00 303,333.00 0.09 EUR ADLER REAL ESTATE AG 2.12500% 06.02.24 300,000.00 306,777.00 0.09 EUR ADLER REAL ESTATE AG 3.00000% 27.04.26 400,000.00 421,792.00 0.12 EUR AIB GROUP PLC 'EMTN' 1.25000% 28.05.24 2,800,000.00 2,877,784.00 0.82 EUR ALERION CLEANPOWER SPA 3.75000% 29.12.24 300,000.00 307,650.00 0.09 EUR ALMAVIVA-THE ITALIAN INNOVATION CO SPA 'REGS' 7.25000% 15.10.22 200,000.00 182,454.00 0.05 EUR AMCO - ASSET MANAGEMENT CO SPA 'EMTN' 1.37500% 27.01.25 100,000.00 98,574.00 0.03 EUR AVANTOR INC 'REGS' 4.75000% 01.10.24 1,000,000.00 1,063,150.00 0.30 EUR AVIS BUDGET FINANCE PLC 'REGS' 4.12500% 15.11.24 1,200,000.00 1,233,984.00 0.35 BANCA DEL MEZZOGIORNO-MEDIOCREDITO CENTRALE SPA 'EMTN' EUR 1.50000% 24.10.24 2,000,000.00 1,971,580.00 0.56 EUR BANCA FARMAFACTORING SPA 'EMTN' 1.75000% 23.05.23 700,000.00 710,108.00 0.20 EUR BANCA MONTE DEI PASCHI DI SIENA SPA 'EMTN' 3.62500% 24.09.24 3,000,000.00 3,063,750.00 0.88 EUR BANCA POPOLARE DI SONDRIO SCPA 'EMTN' 2.37500% 03.04.24 1,800,000.00 1,822,338.00 0.52 EUR BANCO BPM SPA 'EMTN' 2.00000% 08.03.22 250,000.00 254,185.00 0.07 EUR BANCO BPM SPA 'EMTN' 2.50000% 21.06.24 2,800,000.00 2,893,884.00 0.83 EUR BANCO DE SABADELL SA 'EMTN' 1.12500% 27.03.25 3,000,000.00 2,997,480.00 0.86 EUR BANIJAY GROUP SAS 'REGS' 4.00000% 01.07.22 400,000.00 407,940.00 0.12 EUR BARCLAYS PLC 'EMTN' FRN 1.37500% 24.01.26 3,000,000.00 3,090,000.00 0.88 EUR BOMBARDIER INC 'REGS' 6.12500% 15.05.21 300,000.00 314,511.00 0.09 EUR BULGARIAN ENERGY HOLDING EAD 4.87500% 02.08.21 450,000.00 480,568.50 0.14 EUR BURGER KING FRANCE SAS 'REGS' 6.00000% 01.05.24 200,000.00 209,400.00 0.06 EUR CARRARO INTERNATIONAL SE 3.50000% 31.01.25 100,000.00 103,390.00 0.03 EUR CASINO GUICHARD PERRACHON SA 'EMTN' 4.49800% 07.03.24 1,500,000.00 1,365,180.00 0.39 EUR CBR FASHION FINANCE BV 'REGS' 5.12500% 01.10.22 200,000.00 205,414.00 0.06 EUR CELLNEX TELECOM SA 'EMTN' 2.87500% 18.04.25 1,500,000.00 1,650,975.00 0.47 EUR CEMEX FINANCE LLC 'REGS' 4.62500% 15.06.24 1,500,000.00 1,560,750.00 0.45 EUR CMA CGM SA 'REGS' 6.50000% 15.07.22 200,000.00 181,000.00 0.05 EUR CONTOURGLOBAL POWER HOLDINGS SA 'REGS' 3.37500% 01.08.23 200,000.00 205,526.00 0.06 EUR CREDITO EMILIANO SPA FRN 1.50000% 25.10.25 950,000.00 960,174.50 0.27 EUR CREDITO VALTELLINESE SPA 'EMTN' 2.00000% 27.11.22 1,325,000.00 1,333,904.00 0.38 EUR CROWN EUROPEAN HOLDINGS SA 'REGS' 2.25000% 01.02.23 500,000.00 520,930.00 0.15 EUR CROWN EUROPEAN HOLDINGS SA 'REGS' 2.62500% 30.09.24 1,000,000.00 1,066,770.00 0.31 EUR DEUTSCHE BANK AG 'EMTN' 1.12500% 17.03.25 3,000,000.00 2,989,110.00 0.86 EUR DEUTSCHE LUFTHANSA AG FRN 5.12500% 12.08.75 100,000.00 105,016.00 0.03 EUR EDP - ENERGIAS DE PORTUGAL SA FRN 5.37500% 16.09.75 100,000.00 106,039.00 0.03 EUR ENERGO-PRO AS 4.50000% 04.05.24 200,000.00 202,130.00 0.06 EUR FAURECIA SE 3.12500% 15.06.26 1,500,000.00 1,592,160.00 0.46 EUR FERROVIAL NETHERLANDS BV FRN (PERPETUAL) 2.12400% 04.02.23 1,200,000.00 1,170,876.00 0.33 EUR FIAT CHRYSLER AUTOMOBILES NV 'GMTN' 3.75000% 29.03.24 1,100,000.00 1,241,834.00 0.36 EUR GARFUNKELUX HOLDCO 3 SA 'REGS' 7.50000% 01.08.22 500,000.00 497,785.00 0.14 EUR GAZPROM PJSC VIA GAZ CAPITAL SA 2.50000% 21.03.26 3,500,000.00 3,742,550.00 1.07 EUR GETLINK SE 3.62500% 01.10.23 500,000.00 521,060.00 0.15 EUR HAPAG-LLOYD AG 'REGS' 5.12500% 15.07.24 1,400,000.00 1,471,834.00 0.42 EUR HOLCIM FINANCE LUXEMBOURG SA FRN (PERPETUAL) 3.00000% 05.07.24 100,000.00 105,498.00 0.03 EUR IHO VERWALTUNGS GMBH 'REGS' 3.62500% 15.05.25 1,625,000.00 1,701,131.25 0.49 EUR INEOS GROUP HOLDINGS SA 'REGS' 5.37500% 01.08.24 1,500,000.00 1,555,875.00 0.45 EUR INTERNATIONAL GAME TECHNOLOGY PLC 4.75000% 05.03.20 500,000.00 504,185.00 0.14 EUR INTERNATIONAL GAME TECHNOLOGY PLC 'REGS' 3.50000% 15.06.26 1,500,000.00 1,597,500.00 0.46 EUR INTERNATIONAL GAME TECHNOLOGY PLC 'REGS' 4.75000% 15.02.23 200,000.00 218,748.00 0.06 EUR JAGUAR LAND ROVER AUTOMOTIVE PLC 'REGS' 2.20000% 15.01.24 1,500,000.00 1,420,920.00 0.41 EUR JEFFERIES GROUP LLC 'EMTN' 1.00000% 19.07.24 2,800,000.00 2,813,300.00 0.80 EUR K+S AG 2.62500% 06.04.23 1,600,000.00 1,673,488.00 0.48 EUR K+S AG 4.12500% 06.12.21 400,000.00 427,684.00 0.12 EUR KME SE 'REGS' 6.75000% 01.02.23 1,000,000.00 805,000.00 0.23 EUR LEONARDO SPA 'EMTN' 1.50000% 07.06.24 1,500,000.00 1,531,875.00 0.44 EUR LIMACORPORATE SPA 'REGS' FRN 3.75000% 15.08.23 300,000.00 300,081.00 0.09 EUR LOXAM SAS 'REGS' 3.50000% 03.05.23 500,000.00 508,310.00 0.15 EUR LOXAM SAS 'REGS' 6.00000% 15.04.25 1,200,000.00 1,254,084.00 0.36 EUR MEDIOCREDITO TRENTINO ALTO ADIGE SPA 2.37500% 29.07.22 200,000.00 203,098.00 0.06 EUR METRO AG 'EMTN' 1.37500% 28.10.21 1,000,000.00 1,019,630.00 0.29 EUR NEMAK SAB DE CV 'REGS' 3.25000% 15.03.24 1,500,000.00 1,559,580.00 0.45 EUR NEXI SPA 1.75000% 31.10.24 1,500,000.00 1,536,315.00 0.44 EUR NH HOTEL GROUP SA 'REGS' 3.75000% 01.10.23 500,000.00 508,415.00 0.15

92 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR NOKIA OYJ 'EMTN' 2.00000% 11.03.26 1,500,000.00 1,555,170.00 0.44 EUR ORANO SA 'EMTN' 3.12500% 20.03.23 1,000,000.00 1,060,200.00 0.30 EUR ORANO SA 'EMTN' 3.25000% 04.09.20 500,000.00 509,645.00 0.15 EUR PARTS EUROPE SA 'REGS' 4.37500% 01.05.22 500,000.00 500,715.00 0.14 EUR PERUSAHAAN LISTRIK NEGARA PT 'REGS' 2.87500% 25.10.25 4,720,000.00 5,191,905.60 1.49 EUR PETROBRAS GLOBAL FINANCE BV 4.25000% 02.10.23 1,000,000.00 1,131,500.00 0.32 EUR PETROBRAS GLOBAL FINANCE BV 4.75000% 14.01.25 7,000,000.00 8,058,540.00 2.31 EUR PETROLEOS MEXICANOS 2.50000% 24.11.22 1,000,000.00 1,036,250.00 0.30 EUR PETROLEOS MEXICANOS 'EMTN' 2.50000% 21.08.21 1,000,000.00 1,027,610.00 0.29 EUR PETROLEOS MEXICANOS 'EMTN' 5.12500% 15.03.23 2,000,000.00 2,232,500.00 0.64 EUR PETROLEOS MEXICANOS 'REGS' 5.50000% 24.02.25 4,500,000.00 5,130,000.00 1.47 EUR PIAGGIO & C SPA 'REGS' 3.62500% 30.04.25 1,500,000.00 1,580,400.00 0.45 EUR PLAYTECH PLC 3.75000% 12.10.23 700,000.00 724,766.00 0.21 EUR PLAYTECH PLC 4.25000% 07.03.26 1,500,000.00 1,589,145.00 0.45 EUR PRO-GEST SPA 'REGS' 3.25000% 15.12.24 200,000.00 116,554.00 0.03 EUR QUATRIM SASU 'REGS' 5.87500% 15.01.24 150,000.00 158,052.00 0.05 EUR RADISSON HOTEL HOLDINGS AB 'REGS' 6.87500% 15.07.23 100,000.00 107,130.00 0.03 REPSOL INTERNATIONAL FINANCE BV FRN (PERPETUAL) 3.87500% EUR 25.03.21 100,000.00 104,068.00 0.03 EUR SAIPEM FINANCE INTERNATIONAL BV 'EMTN' 2.62500% 07.01.25 1,500,000.00 1,584,555.00 0.45 EUR SAIPEM FINANCE INTERNATIONAL BV 'EMTN' 2.75000% 05.04.22 500,000.00 523,815.00 0.15 EUR SALINI IMPREGILO SPA 1.75000% 26.10.24 1,000,000.00 941,000.00 0.27 EUR SALINI IMPREGILO SPA 3.75000% 24.06.21 1,000,000.00 1,021,300.00 0.29 SAMVARDHANA MOTHERSON AUTOMOTIVE SYSTEMS GROUP BV 'REGS' EUR 1.80000% 06.07.24 500,000.00 486,330.00 0.14 EUR SAPPI PAPIER HOLDING GMBH 'REGS' 4.00000% 01.04.23 2,400,000.00 2,448,816.00 0.70 EUR SARENS FINANCE CO NV 5.87500% 05.02.22 500,000.00 498,920.00 0.14 EUR SIGMA HOLDCO BV 'REGS' 5.75000% 15.05.26 1,800,000.00 1,810,044.00 0.52 EUR SISAL GROUP SPA 'REGS' 7.00000% 31.07.23 200,000.00 206,636.00 0.06 EUR SMURFIT KAPPA ACQUISITIONS ULC 'REGS' 2.37500% 01.02.24 1,300,000.00 1,393,899.00 0.40 EUR SOLVAY FINANCE SA FRN (PERPETUAL) 5.42500% 12.11.23 1,000,000.00 1,152,330.00 0.33 EUR SPCM SA 'REGS' 2.87500% 15.06.23 1,100,000.00 1,108,316.00 0.32 EUR SYNLAB UNSECURED BONDCO PLC 'REGS' 8.25000% 01.07.23 200,000.00 209,496.00 0.06 EUR TDC A/S 'EMTN' 5.00000% 02.03.22 1,650,000.00 1,803,285.00 0.52 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 3.62500% 19.01.24 1,669,000.00 1,831,527.22 0.52 EUR TELECOM ITALIA SPA/MILANO 'EMTN' 4.00000% 11.04.24 700,000.00 774,753.00 0.22 EUR TELEFONAKTIEBOLAGET LM ERICSSON 1.87500% 01.03.24 1,500,000.00 1,578,855.00 0.45 EUR TELEFONAKTIEBOLAGET LM ERICSSON 'EMTN' 0.87500% 01.03.21 500,000.00 504,685.00 0.14 EUR TEREOS FINANCE GROUPE I SA 4.25000% 04.03.20 300,000.00 293,079.00 0.08 EUR TESCO CORPORATE TREASURY SERVICES PLC 'EMTN' 1.37500% 24.10.23 100,000.00 103,960.00 0.03 EUR TESCO CORPORATE TREASURY SERVICES PLC 'EMTN' 2.50000% 01.07.24 500,000.00 543,390.00 0.16 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 0.37500% 25.07.20 190,487.45 189,601.68 0.05 EUR TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV 1.12500% 15.10.24 1,500,000.00 1,306,845.00 0.37 EUR THYSSENKRUPP AG 1.37500% 03.03.22 500,000.00 501,365.00 0.14 EUR THYSSENKRUPP AG 'EMTN' 2.75000% 08.03.21 1,200,000.00 1,222,056.00 0.35 EUR UNICREDIT SPA 'EMTN' FRN 1.62500% 03.07.25 3,000,000.00 3,071,370.00 0.88 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' 1.75000% 12.04.23 600,000.00 608,046.00 0.17 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' 2.62500% 20.06.24 2,400,000.00 2,501,952.00 0.72 EUR UNIPOL GRUPPO SPA 'EMTN' 4.37500% 05.03.21 400,000.00 419,476.00 0.12 EUR UNITED GROUP BV 'REGS' 4.87500% 01.07.24 1,300,000.00 1,356,186.00 0.39 EUR UPCB FINANCE VII LTD 'REGS' 3.62500% 15.06.29 1,500,000.00 1,590,660.00 0.45 EUR VOLVO CAR AB 'EMTN' 2.12500% 02.04.24 1,500,000.00 1,560,900.00 0.45 Total EUR 136,317,588.75 39.01

USD USD AFRICAN EXPORT-IMPORT BANK/THE 'EMTN' 4.12500% 20.06.24 1,510,000.00 1,407,951.38 0.40 BANCO DE RESERVAS DE LA REPUBLICA DOMINICANA 'REGS' 7.00000% USD 01.02.23 3,000,000.00 2,799,606.34 0.80 USD BANCO DO BRASIL SA/CAYMAN 'REGS' 4.62500% 15.01.25 1,500,000.00 1,392,480.10 0.40 USD CBB INTERNATIONAL SUKUK CO 5 SPC 'REGS' 5.62400% 12.02.24 1,000,000.00 961,042.27 0.28 USD CBB INTERNATIONAL SUKUK CO 6 SPC 'REGS' 5.25000% 20.03.25 1,000,000.00 959,928.67 0.27 EASTERN & SOUTHERN AFRICAN TRADE & DEVELOPMENT BANK 'EMTN' USD 4.87500% 23.05.24 6,000,000.00 5,571,149.80 1.59 USD ESKOM HOLDINGS SOC LTD 'REGS' 5.75000% 26.01.21 1,500,000.00 1,339,668.43 0.38 USD ESKOM HOLDINGS SOC LTD 'REGS' 6.75000% 06.08.23 2,000,000.00 1,815,178.34 0.52 USD GEORGIAN RAILWAY JSC 'REGS' 7.75000% 11.07.22 2,430,000.00 2,370,511.55 0.68 USD GTLK EUROPE CAPITAL DAC 5.95000% 17.04.25 1,000,000.00 965,496.70 0.28 USD OIL AND GAS HOLDING CO BSCC/THE 'REGS' 7.62500% 07.11.24 2,000,000.00 2,067,697.93 0.59 USD SOUTHERN GAS CORRIDOR CJSC 'REGS' 6.87500% 24.03.26 3,000,000.00 3,164,557.41 0.91 THIRD PAKISTAN INTERNATIONAL SUKUK CO LTD/THE 'REGS' 5.50000% USD 13.10.21 6,000,000.00 5,461,731.30 1.56 Total USD 30,277,000.22 8.66

Total Corporate bonds 166,594,588.97 47.67

The notes are an integral part of the financial statements. 93

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) Government bonds

EUR EUR ALBANIA GOVERNMENT INTERNATIONAL BOND 'REGS' 3.50000% 09.10.25 3,000,000.00 3,270,480.00 0.94 EUR BANQUE CENTRALE DE TUNISIE INTERNATIONAL BOND 5.62500% 17.02.24 1,000,000.00 990,000.00 0.28 BANQUE CENTRALE DE TUNISIE INTERNATIONAL BOND 'REGS' 6.37500% EUR 15.07.26 1,000,000.00 998,750.00 0.29 BANQUE CENTRALE DE TUNISIE INTERNATIONAL BOND 'REGS' 6.75000% EUR 31.10.23 1,500,000.00 1,546,875.00 0.44 EUR BENIN GOVERNMENT INTERNATIONAL BOND 5.75000% 26.03.26 3,500,000.00 3,641,190.00 1.04 COLOMBIA GOVERNMENT INTERNATIONAL BOND 'EMTN' 3.87500% EUR 22.03.26 1,000,000.00 1,183,100.00 0.34 EUR EGYPT GOVERNMENT INTERNATIONAL BOND 'REGS' 4.75000% 11.04.25 2,000,000.00 2,105,000.00 0.60 EUR EGYPT GOVERNMENT INTERNATIONAL BOND 'REGS' 4.75000% 16.04.26 2,500,000.00 2,627,825.00 0.75 ITALY BUONI ORDINARI DEL TESORO BOT (ZERO COUPON) 0.00000% EUR 14.12.20 50,000,000.00 50,101,360.00 14.34 IVORY COAST GOVERNMENT INTERNATIONAL BOND 'REGS' 5.12500% EUR 15.06.25 3,000,000.00 3,302,070.00 0.94 MONTENEGRO GOVERNMENT INTERNATIONAL BOND 'REGS' 3.37500% EUR 21.04.25 5,400,000.00 5,762,178.00 1.65 MONTENEGRO GOVERNMENT INTERNATIONAL BOND 'REGS' 5.75000% EUR 10.03.21 500,000.00 531,325.00 0.15 EUR MOROCCO GOVERNMENT INTERNATIONAL BOND 3.50000% 19.06.24 857,000.00 974,211.89 0.28 NORTH MACEDONIA GOVERNMENT INTERNATIONAL BOND 'REGS' EUR 2.75000% 18.01.25 2,000,000.00 2,122,500.00 0.61 NORTH MACEDONIA GOVERNMENT INTERNATIONAL BOND 'REGS' EUR 5.62500% 26.07.23 1,000,000.00 1,155,270.00 0.33 REPUBLIC OF SOUTH AFRICA GOVERNMENT INTERNATIONAL BOND EUR 3.75000% 24.07.26 1,000,000.00 1,113,770.00 0.32 EUR SENEGAL GOVERNMENT INTERNATIONAL BOND 'REGS' 4.75000% 13.03.28 1,500,000.00 1,578,735.00 0.45 EUR TURKEY GOVERNMENT INTERNATIONAL BOND 4.12500% 11.04.23 2,000,000.00 2,114,880.00 0.60 EUR TURKEY GOVERNMENT INTERNATIONAL BOND 4.35000% 12.11.21 2,000,000.00 2,107,000.00 0.60 EUR TURKEY GOVERNMENT INTERNATIONAL BOND 4.62500% 31.03.25 2,500,000.00 2,641,100.00 0.76 EUR UKRAINE GOVERNMENT INTERNATIONAL BOND 'REGS' 6.75000% 20.06.26 2,000,000.00 2,244,280.00 0.64 Total EUR 92,111,899.89 26.35

USD USD ANGOLAN GOVERNMENT INTERNATIONAL BOND 'REGS' 9.50000% 12.11.25 1,000,000.00 1,042,353.35 0.30 USD BAHRAIN GOVERNMENT INTERNATIONAL BOND 'REGS' 5.87500% 26.01.21 2,000,000.00 1,835,223.25 0.53 USD BAHRAIN GOVERNMENT INTERNATIONAL BOND 'REGS' 6.12500% 01.08.23 500,000.00 491,619.34 0.14 USD DOMINICAN REPUBLIC INTERNATIONAL BOND 'REGS' 5.50000% 27.01.25 3,000,000.00 2,873,104.36 0.82 USD DOMINICAN REPUBLIC INTERNATIONAL BOND 'REGS' 5.87500% 18.04.24 1,000,000.00 956,587.85 0.27 USD ECUADOR GOVERNMENT INTERNATIONAL BOND 'REGS' 7.87500% 27.03.25 1,000,000.00 815,200.82 0.23 USD ECUADOR GOVERNMENT INTERNATIONAL BOND 'REGS' 7.95000% 20.06.24 2,500,000.00 2,110,284.02 0.60 ECUADOR GOVERNMENT INTERNATIONAL BOND 'REGS' 10.75000% USD 28.03.22 500,000.00 453,237.78 0.13 USD EGYPT GOVERNMENT INTERNATIONAL BOND 'REGS' 4.55000% 20.11.23 1,000,000.00 909,130.40 0.26 USD EGYPT GOVERNMENT INTERNATIONAL BOND 'REGS' 6.12500% 31.01.22 2,000,000.00 1,855,179.08 0.53 USD ETHIOPIA INTERNATIONAL BOND 'REGS' 6.62500% 11.12.24 3,000,000.00 2,879,652.37 0.82 USD GABON GOVERNMENT INTERNATIONAL BOND 'REGS' 6.37500% 12.12.24 1,000,000.00 928,747.69 0.27 USD GHANA GOVERNMENT INTERNATIONAL BOND 'REGS' 7.87500% 26.03.27 1,000,000.00 934,315.72 0.27 USD GHANA GOVERNMENT INTERNATIONAL BOND 'REGS' 8.12500% 18.01.26 1,000,000.00 961,042.27 0.28 HONDURAS GOVERNMENT INTERNATIONAL BOND 'REGS' 7.50000% USD 15.03.24 2,000,000.00 1,982,219.29 0.57 USD KENYA GOVERNMENT INTERNATIONAL BOND 'REGS' 6.87500% 24.06.24 3,500,000.00 3,371,256.11 0.97 MONGOLIA GOVERNMENT INTERNATIONAL BOND 'REGS' 5.12500% USD 05.12.22 1,000,000.00 910,911.28 0.26 USD NAMIBIA INTERNATIONAL BONDS 'REGS' 5.50000% 03.11.21 3,000,000.00 2,773,392.94 0.79 USD NIGERIA GOVERNMENT INTERNATIONAL BOND 'REGS' 7.62500% 21.11.25 3,000,000.00 2,943,181.38 0.84 USD OMAN GOVERNMENT INTERNATIONAL BOND 'REGS' 3.62500% 15.06.21 3,000,000.00 2,686,312.49 0.77 USD OMAN GOVERNMENT INTERNATIONAL BOND 'REGS' 4.12500% 17.01.23 4,000,000.00 3,648,744.54 1.04 USD OMAN GOVERNMENT INTERNATIONAL BOND 'REGS' 4.87500% 01.02.25 2,000,000.00 1,843,526.30 0.53 USD PAKISTAN GOVERNMENT INTERNATIONAL BOND 'REGS' 6.87500% 05.12.27 500,000.00 464,364.94 0.13 USD REPUBLIC OF ARMENIA INTERNATIONAL BOND 'REGS' 7.15000% 26.03.25 3,000,000.00 3,123,665.79 0.89 REPUBLIC OF AZERBAIJAN INTERNATIONAL BOND 'REGS' 4.75000% USD 18.03.24 4,500,000.00 4,295,560.96 1.23 USD REPUBLIC OF BELARUS INTERNATIONAL BOND 'REGS' 6.87500% 28.02.23 4,500,000.00 4,279,549.08 1.22 REPUBLIC OF CAMEROON INTERNATIONAL BOND 'REGS' 9.50000% USD 19.11.25 2,000,000.00 1,997,720.69 0.57 USD SENEGAL GOVERNMENT INTERNATIONAL BOND 'REGS' 6.25000% 30.07.24 1,000,000.00 984,428.01 0.28 USD SRI LANKA GOVERNMENT INTERNATIONAL BOND 'REGS' 5.75000% 18.04.23 500,000.00 439,647.33 0.13 USD SRI LANKA GOVERNMENT INTERNATIONAL BOND 'REGS' 6.12500% 03.06.25 3,800,000.00 3,275,443.92 0.94 USD SRI LANKA GOVERNMENT INTERNATIONAL BOND 'REGS' 6.20000% 11.05.27 500,000.00 417,615.74 0.12 USD SRI LANKA GOVERNMENT INTERNATIONAL BOND 'REGS' 6.35000% 28.06.24 1,500,000.00 1,331,328.41 0.38 USD SRI LANKA GOVERNMENT INTERNATIONAL BOND 'REGS' 6.85000% 14.03.24 500,000.00 452,123.28 0.13 TRINIDAD & TOBAGO GOVERNMENT INTERNATIONAL BOND 'REGS' USD 4.50000% 04.08.26 1,500,000.00 1,424,859.31 0.41 USD UKRAINE GOVERNMENT INTERNATIONAL BOND 'REGS' 7.75000% 01.09.20 2,950,000.00 2,700,384.02 0.77

94 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Global Income Opportunities

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1) USD UKRAINE GOVERNMENT INTERNATIONAL BOND 'REGS' 7.75000% 01.09.23 1,000,000.00 964,837.44 0.28 USD UKRAINE GOVERNMENT INTERNATIONAL BOND 'REGS' 8.99400% 01.02.24 3,000,000.00 3,006,534.00 0.86 Total USD 68,363,285.55 19.56

Total Government bonds 160,475,185.44 45.91

Total Transferable securities and money market instruments listed on an official stock exchange 327,069,774.41 93.58

Total investments in securities 327,069,774.41 93.58

Derivative instruments

Derivative instruments not listed on an official stock exchange and not traded on another regulated market

Credit default swaps**

EUR BOFAML/MARKIT ITRX EUR XOVER/RECEIVE 5.00000% 20.12.24 -50,000,000.00 6,812,325.01 1.95 EUR SOCIETE GENERALE/MARKIT ITRX EUR XOVER/RECEIVE 5.00000% 20.12.24 -10,000,000.00 1,362,465.00 0.39 Total Credit default swaps 8,174,790.01 2.34

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market 8,174,790.01 2.34

Total Derivative instruments 8,174,790.01 2.34

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 903,854.39 USD 1,000,000.00 16.1.2020 13,898.99 0.00 EUR 77,665,084.14 USD 86,000,000.00 16.1.2020 1,128,919.71 0.32 EUR 1,790,484.65 USD 2,000,000.00 5.3.2020 15,984.62 0.00 EUR 4,457,090.70 USD 5,000,000.00 5.3.2020 20,840.62 0.01 EUR 4,015,727.37 USD 4,500,000.00 5.3.2020 23,102.30 0.01 EUR 1,787,013.06 USD 2,000,000.00 5.3.2020 12,513.03 0.00 EUR 8,894,921.62 USD 10,000,000.00 5.3.2020 22,421.45 0.01 Total Forward Foreign Exchange contracts (Purchase/Sale) 1,237,680.72 0.35

Cash at banks, deposits on demand and deposit accounts and other liquid assets 8,591,437.96 2.46 Other assets and liabilities 4,425,707.84 1.27 Total net assets 349,499,390.94 100.00

** Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.

The notes are an integral part of the financial statements. 95 Sidera Funds – Income Plus*

Annual report including audited financial statements as of 31 December 2019

Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 164,238,446.36 – – Class B Acc1 LU2004921453 Shares outstanding 1,647,500.00 – – Net asset value per share in EUR2 99.69 – –

1 First NAV: 12.09.2019 2 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets France 14.35 United Kingdom 13.72 The Netherlands 11.12 Italy 10.96 United States 10.40 Germany 4.98 Spain 3.69 Luxembourg 2.87 Switzerland 2.17 Sweden 2.10 Ireland 1.60 Guernsey 1.50 Denmark 1.50 Australia 1.43 Finland 0.84 Panama 0.83 Jersey 0.81 Mexico 0.68 Cayman Islands 0.66 Austria 0.65 Total 86.86

Economic Breakdown as a % of net assets Banks 37.97 Telecommunications 7.41 Auto Manufacturers 5.03 Electrical 3.73 Media 3.00 Oil & Gas 3.00 Diversified Financial Services 2.67 Pharmaceuticals 2.04 Agriculture 1.86 Electric 1.69 Food 1.62 Chemicals 1.62 Mining 1.44 Computers 1.23 Insurance 1.15 Investment Companies 1.14 Building Materials 0.95 Leisure Time 0.83 Retail 0.83 Lodging 0.81 Healthcare-Services 0.80 Water 0.80 Beverages 0.79 Holding Companies-Divers 0.66 REITS 0.64 Airlines 0.63 Internet 0.62 Private Equity 0.62 Commercial Services 0.61 Aerospace/Defense 0.48 Healthcare-Products 0.19 Total 86.86

* The Sidera Funds – Income Plus subfund launched on 12 September 2019.

96 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Income Plus

Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 143,068,347.81 Investments in securities and options, unrealized appreciation (depreciation) -414,800.36 Total investments in securities (Note 1) 142,653,547.45 Cash at banks, deposits on demand and deposit accounts (Note 1) 20,378,207.40 Interest receivable on securities 1,271,305.56 Formation expenses, net (Note 2) 18,373.93 Total Assets 164,321,434.34 Provisions for management fees (Note 2) -26,336.83 Provisions for administrator fees (Note 2) -4,137.30 Provisions for depositary fees (Note 2) -39,046.74 Provisions for taxe d’abonnement (Note 3) -7,275.63 Provisions for audit fees, legal and economic advice (Note 2) -1,999.05 Provisions for other commissions and fees -4,192.43 Total provisions -82,987.98 Total Liabilities -82,987.98 Net assets at the end of the financial period 164,238,446.36

The notes are an integral part of the financial statements. 97

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Income Plus Statement of Operations

EUR Income 12.09.2019-31.12.2019 Interest on securities (Note 1) 19,572.60 Total income 19,572.60 Management fees (Note 2) -75,734.91 Administrator fees (Note 2) -7,635.79 Depositary fees (Note 2) -42,545.23 Taxe d’abonnement (Note 3) -7,344.95 Audit fees, legal and economic advice (Note 2) -2,368.38 Amortization of formation expenses (Note 2) -1,496.59 Other commissions and fees -9,336.64 Interest on cash and bank overdraft -63,479.31 Total expenses -209,941.80 Net income (loss) on investments -190,369.20 Realized gain (loss) on market-priced securities without options 210,290.92 Total realized gain (loss) 210,290.92 Net realized gain (loss) of the period 19,921.72 Unrealized appreciation (depreciation) on market-priced securities without options -414,800.36 Total changes in unrealized appreciation (depreciation) -414,800.36 Net increase (decrease) in net assets as a result of operations -394,878.64

98 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Income Plus

Statement of Changes in Net Assets

EUR 12.09.2019-31.12.2019 Net assets at the beginning of the period – Subscriptions 179,607,825.00 Redemptions -14,974,500.00 Total net subscriptions (redemptions) 164,633,325.00 Net income (loss) on investments -190,369.20 Total realized gain (loss) 210,290.92 Total changes in unrealized appreciation (depreciation) -414,800.36 Net increase (decrease) in net assets as a result of operations -394,878.64 Net assets at the end of the period 164,238,446.36

Changes in the Number of Shares outstanding

12.09.2019-31.12.2019 Class B Acc Number of shares outstanding at the beginning of the period – Number of shares issued 1,797,500.0000 Number of shares redeemed -150,000.0000 Number of shares outstanding at the end of the period 1,647,500.0000

The notes are an integral part of the financial statements. 99

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Income Plus Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Corporate bonds

EUR EUR ABN AMRO BANK NV 'EMTN' 4.12500% 28.03.22 2,400,000.00 2,623,344.00 1.60 EUR ACCOR SA 2.62500% 05.02.21 1,300,000.00 1,338,844.00 0.81 EUR AIR LIQUIDE FINANCE SA 'EMTN' 2.12500% 15.10.21 1,300,000.00 1,353,365.00 0.82 EUR ALTRIA GROUP INC 1.00000% 15.02.23 1,000,000.00 1,016,350.00 0.62 EUR AMERICA MOVIL SAB DE CV 4.75000% 28.06.22 1,000,000.00 1,120,060.00 0.68 EUR AMERICAN HONDA FINANCE CORP 'EMTN' 1.37500% 10.11.22 1,000,000.00 1,037,690.00 0.63 EUR ANGLO AMERICAN CAPITAL PLC 'EMTN' 2.50000% 29.04.21 1,000,000.00 1,030,920.00 0.63 EUR APRR SA 'EMTN' 1.12500% 15.01.21 1,000,000.00 1,010,180.00 0.61 EUR ASTRAZENECA PLC 'EMTN' 0.87500% 24.11.21 1,300,000.00 1,324,453.00 0.81 EUR AT&T INC 1.45000% 01.06.22 1,300,000.00 1,338,285.00 0.81 EUR AUCHAN HOLDING SA 'EMTN' 0.62500% 07.02.22 1,300,000.00 1,305,031.00 0.79 EUR AZIMUT HOLDING SPA 2.00000% 28.03.22 1,000,000.00 1,025,930.00 0.62 EUR BANCO BILBAO VIZCAYA ARGENTARIA SA 'GMTN' 0.75000% 11.09.22 2,400,000.00 2,439,576.00 1.49 EUR BARCLAYS BANK PLC 'EMTN' 6.62500% 30.03.22 1,100,000.00 1,255,254.00 0.76 EUR BARCLAYS PLC 'EMTN' 1.50000% 01.04.22 2,400,000.00 2,474,064.00 1.51 EUR BAT INTERNATIONAL FINANCE PLC 'EMTN' 4.87500% 24.02.21 960,000.00 1,015,286.40 0.62 EUR BAYER CAPITAL CORP BV 0.62500% 15.12.22 1,000,000.00 1,015,410.00 0.62 EUR BERTELSMANN SE & CO KGAA 'EMTN' 0.25000% 26.05.21 2,300,000.00 2,311,201.00 1.41 BLACKSTONE PROPERTY PARTNERS EUROPE HOLDINGS SARL 'EMTN' EUR 1.40000% 06.07.22 1,000,000.00 1,024,500.00 0.62 EUR BMW FINANCE NV 'EMTN' 0.12500% 13.07.22 1,300,000.00 1,304,797.00 0.79 EUR BNP PARIBAS SA 'EMTN' 1.12500% 15.01.23 2,400,000.00 2,479,824.00 1.51 EUR BNP PARIBAS SA 'EMTN' FRN 2.62500% 14.10.27 1,100,000.00 1,166,715.00 0.71 EUR BOOKING HOLDINGS INC 0.80000% 10.03.22 1,000,000.00 1,015,730.00 0.62 EUR BP CAPITAL MARKETS PLC 'EMTN' 1.37300% 03.03.22 1,300,000.00 1,340,235.00 0.82 EUR BPCE SA 'EMTN' 1.12500% 18.01.23 2,400,000.00 2,469,552.00 1.50 EUR BPCE SA FRN 2.75000% 08.07.26 1,100,000.00 1,141,470.00 0.69 EUR BRITISH TELECOMMUNICATIONS PLC 'EMTN' 0.50000% 23.06.22 1,300,000.00 1,314,638.00 0.80 EUR BUZZI UNICEM SPA 2.12500% 28.04.23 525,000.00 553,859.25 0.34 EUR CAIXABANK SA 'EMTN' 1.12500% 12.01.23 2,400,000.00 2,452,608.00 1.49 EUR CAIXABANK SA 'EMTN' FRN 3.50000% 15.02.27 1,100,000.00 1,161,864.00 0.71 EUR CAPGEMINI SE 0.50000% 09.11.21 1,000,000.00 1,007,880.00 0.61 EUR CARNIVAL CORP 1.87500% 07.11.22 1,300,000.00 1,369,472.00 0.83 EUR CITIGROUP INC 'EMTN' 0.50000% 29.01.22 2,400,000.00 2,425,632.00 1.48 EUR CK HUTCHISON GROUP TELECOM FINANCE SA 0.37500% 17.10.23 1,320,000.00 1,322,547.60 0.81 EUR COCA-COLA CO/THE 0.00000% 09.03.21 1,300,000.00 1,304,264.00 0.79 CREDIT SUISSE GROUP FUNDING GUERNSEY LTD 'EMTN' 1.25000% EUR 14.04.22 2,400,000.00 2,466,048.00 1.50 EUR DANSKE BANK A/S 'EMTN' 1.37500% 24.05.22 2,400,000.00 2,460,624.00 1.50 EUR DEUTSCHE BANK AG 'EMTN' 1.87500% 14.02.22 2,400,000.00 2,451,120.00 1.49 EUR DEUTSCHE PFANDBRIEFBANK AG 'EMTN' 0.62500% 23.02.22 800,000.00 807,920.00 0.49 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 'EMTN' 0.37500% EUR 30.10.21 1,300,000.00 1,310,426.00 0.80 EUR E.ON SE 'EMTN' 0.00000% 24.10.22 1,300,000.00 1,298,960.00 0.79 EUR EASYJET PLC 'EMTN' 1.75000% 09.02.23 1,000,000.00 1,042,830.00 0.63 EUR ENGIE SA 'EMTN' 0.50000% 13.03.22 1,000,000.00 1,011,890.00 0.62 EUR ENI SPA 'EMTN' 0.75000% 17.05.22 1,300,000.00 1,324,479.00 0.81 EUR EUTELSAT SA 1.12500% 23.06.21 1,300,000.00 1,317,979.00 0.80 EUR EXOR NV 2.12500% 02.12.22 1,000,000.00 1,049,790.00 0.64 EUR FCA BANK SPA/IRELAND 'EMTN' 1.25000% 21.06.22 1,000,000.00 1,025,290.00 0.62 EUR FCE BANK PLC 'EMTN' 0.86900% 13.09.21 1,300,000.00 1,305,057.00 0.79 EUR FORTUM OYJ 'EMTN' 2.25000% 06.09.22 1,300,000.00 1,372,800.00 0.84 EUR FRESENIUS FINANCE IRELAND PLC 0.87500% 31.01.22 1,300,000.00 1,318,187.00 0.80 EUR GE CAPITAL EUROPEAN FUNDING UNLIMITED CO 'EMTN' 0.80000% 21.01.22 1,300,000.00 1,315,275.00 0.80 EUR GENERAL MOTORS FINANCIAL CO INC 'EMTN' 0.20000% 02.09.22 1,000,000.00 993,190.00 0.60 EUR GLENCORE FINANCE EUROPE LTD 'EMTN' 1.62500% 18.01.22 1,300,000.00 1,328,184.00 0.81 HEIDELBERGCEMENT FINANCE LUXEMBOURG SA 'EMTN' 0.50000% EUR 09.08.22 1,000,000.00 1,006,710.00 0.61 EUR HUTCHISON WHAMPOA EUROPE FINANCE 12 LTD 3.62500% 06.06.22 1,000,000.00 1,083,680.00 0.66 EUR IBERDROLA INTERNATIONAL BV 'EMTN' 2.50000% 24.10.22 1,300,000.00 1,390,597.00 0.85 EUR IMPERIAL BRANDS FINANCE PLC 'EMTN' 2.25000% 26.02.21 1,000,000.00 1,020,600.00 0.62 EUR ING GROEP NV 'EMTN' 0.75000% 09.03.22 2,400,000.00 2,438,424.00 1.48 EUR INTERNATIONAL BUSINESS MACHINES CORP 0.50000% 07.09.21 1,000,000.00 1,010,590.00 0.62 EUR INTESA SANPAOLO SPA 'EMTN' 0.87500% 27.06.22 2,400,000.00 2,439,240.00 1.48 EUR JAB HOLDINGS BV 1.50000% 24.11.21 800,000.00 820,472.00 0.50 EUR JPMORGAN CHASE & CO 'EMTN' 1.50000% 26.10.22 2,400,000.00 2,500,608.00 1.52 EUR KONINKLIJKE PHILIPS NV 0.50000% 06.09.23 300,000.00 305,115.00 0.19 EUR LINDE FINANCE BV 'EMTN' 0.25000% 18.01.22 1,300,000.00 1,311,414.00 0.80

100 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – Income Plus

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

EUR LLOYDS BANK CORPORATE MARKETS PLC 'EMTN' 0.25000% 04.10.22 2,400,000.00 2,408,568.00 1.47 EUR MASTERCARD INC 1.10000% 01.12.22 1,000,000.00 1,031,030.00 0.63 EUR MCDONALD'S CORP 'EMTN' 4.00000% 17.02.21 1,300,000.00 1,359,956.00 0.83 MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA 'EMTN' 0.62500% EUR 27.09.22 2,400,000.00 2,421,888.00 1.47 EUR NATURGY FINANCE BV 'EMTN' 3.87500% 17.01.23 1,000,000.00 1,115,400.00 0.68 EUR NATWEST MARKETS PLC 'EMTN' 0.62500% 02.03.22 2,400,000.00 2,424,216.00 1.48 EUR NESTLE FINANCE INTERNATIONAL LTD 'EMTN' 1.75000% 12.09.22 1,300,000.00 1,367,418.00 0.83 EUR ORANGE SA 'EMTN' 0.50000% 15.01.22 1,000,000.00 1,010,850.00 0.62 EUR PFIZER INC 0.25000% 06.03.22 1,000,000.00 1,008,180.00 0.61 EUR PROLOGIS LP 'EMTN' 3.00000% 18.01.22 1,000,000.00 1,054,390.00 0.64 EUR RCI BANQUE SA 'EMTN' 2.25000% 29.03.21 1,000,000.00 1,028,810.00 0.63 EUR RELX FINANCE BV 0.37500% 22.03.21 1,300,000.00 1,306,734.00 0.80 EUR REPSOL INTERNATIONAL FINANCE BV 'EMTN' 0.50000% 23.05.22 1,000,000.00 1,012,210.00 0.62 EUR ROLLS-ROYCE PLC 'EMTN' 2.12500% 18.06.21 760,000.00 782,549.20 0.48 EUR SHELL INTERNATIONAL FINANCE BV 'EMTN' 1.00000% 06.04.22 1,200,000.00 1,231,536.00 0.75 EUR SKANDINAVISKA ENSKILDA BANKEN AB 'GMTN' FRN 2.50000% 28.05.26 1,000,000.00 1,029,970.00 0.63 EUR SOCIETE GENERALE SA 'EMTN' 0.50000% 13.01.23 2,300,000.00 2,319,872.00 1.41 EUR SOCIETE GENERALE SA FRN 2.50000% 16.09.26 1,000,000.00 1,036,780.00 0.63 EUR SSE PLC 'EMTN' 2.37500% 10.02.22 1,300,000.00 1,364,844.00 0.83 EUR STANDARD CHARTERED PLC 'EMTN' 3.62500% 23.11.22 1,000,000.00 1,096,320.00 0.67 EUR SWEDBANK AB 'GMTN' 0.25000% 07.11.22 2,400,000.00 2,408,184.00 1.47 EUR TELEKOM FINANZMANAGEMENT GMBH 'EMTN' 3.12500% 03.12.21 1,000,000.00 1,059,810.00 0.65 EUR TELSTRA CORP LTD 'EMTN' 3.62500% 15.03.21 1,000,000.00 1,045,820.00 0.64 EUR TERNA RETE ELETTRICA NAZIONALE SPA 'EMTN' 0.87500% 02.02.22 1,300,000.00 1,323,374.00 0.81 EUR TOYOTA FINANCE AUSTRALIA LTD 'EMTN' 0.00000% 09.04.21 1,300,000.00 1,302,080.00 0.79 EUR UBS AG 'EMTN' FRN 4.75000% 12.02.26 1,200,000.00 1,259,268.00 0.77 EUR UBS GROUP AG 1.75000% 16.11.22 2,200,000.00 2,305,710.00 1.40 EUR UNICREDIT SPA 'EMTN' 1.00000% 18.01.23 2,400,000.00 2,423,592.00 1.48 EUR UNICREDIT SPA 'EMTN' FRN 4.37500% 03.01.27 1,100,000.00 1,166,363.00 0.71 EUR UNIONE DI BANCHE ITALIANE SPA 'EMTN' 0.75000% 17.10.22 2,400,000.00 2,406,792.00 1.47 EUR UNIPOL GRUPPO SPA 'EMTN' 4.37500% 05.03.21 1,800,000.00 1,887,642.00 1.15 EUR VEOLIA ENVIRONNEMENT SA 'EMTN' 0.67200% 30.03.22 1,300,000.00 1,317,147.00 0.80 EUR VIVENDI SA 'EMTN' 0.00000% 13.06.22 1,300,000.00 1,298,453.00 0.79 EUR VODAFONE GROUP PLC 'EMTN' 0.37500% 22.11.21 1,300,000.00 1,311,336.00 0.80 EUR VOLKSWAGEN LEASING GMBH 'EMTN' 0.50000% 20.06.22 1,300,000.00 1,308,125.00 0.80 Total EUR 142,653,547.45 86.86

Total Corporate bonds 142,653,547.45 86.86

Total Transferable securities and money market instruments listed on an official stock exchange 142,653,547.45 86.86

Total investments in securities 142,653,547.45 86.86

Cash at banks, deposits on demand and deposit accounts and other liquid assets 20,378,207.40 12.41 Other assets and liabilities 1,206,691.51 0.73 Total net assets 164,238,446.36 100.00

The notes are an integral part of the financial statements. 101 Sidera Funds – North American Equity

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity Statistical Information

Date ISIN 31.12.2019 31.12.2018 31.12.2017 Net assets in EUR 466,084,974.20 613,071,259.28 615,417,708.84 Class B Acc LU1325864897 Shares outstanding 2,950,951.1520 5,078,504.7080 4,939,847.9910 Net asset value per share in EUR1 157.94 120.72 124.58

1 See note 1

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets United States 90.07 Canada 5.62 Ireland 2.05 Bermuda 1.21 The Netherlands 0.36 United Kingdom 0.29 Switzerland 0.12 Liberia 0.09 Jersey 0.09 Panama 0.08 Total 99.98

Economic Breakdown as a % of net assets Internet 9.09 Software 8.23 Computers 6.25 Banks 5.94 Insurance 5.49 Retail 5.47 Pharmaceuticals 5.44 Diversified Financial Services 4.60 Oil & Gas 4.23 Semiconductors 3.89 Food 3.45 Telecommunications 3.12 Healthcare-Services 3.07 Electrical 2.88 REITS 2.87 Healthcare-Products 2.26 Media 2.18 Biotechnology 2.03 Commercial Services 1.88 Aerospace/Defense 1.76 Transportation 1.49 Chemicals 1.31 Agriculture 1.28 Pipelines 1.10 Auto Manufacturers 0.90 Miscellaneous Manufacturing 0.74 Apparel 0.62 Machinery-Diversified 0.62 Electronics 0.61 Building Materials 0.60 Electrical Components & Equipments 0.60 Mining 0.57 Packaging & Containers 0.54 Airlines 0.43 Lodging 0.41 Private Equity 0.40 Machinery-Construction & Mining 0.39 Hand/Machine Tools 0.35 Distribution/Wholesale 0.31 Beverages 0.31 Household Products/Wares 0.29 Iron/Steel 0.27 Cosmetics/Personal Care 0.26

102 The notes are an integral part of the financial statements. Sidera Funds – North American Equity

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Economic Breakdown as a % of net assets Real Estate 0.26 Leisure Time 0.17 Engineering & Construction 0.17 Auto Parts & Equipment 0.17 Forest Products & Paper 0.15 Shipbuilding 0.15 Environmental Control 0.14 Home Builders 0.13 Advertising 0.06 Metals & Mining 0.05 Total 99.98

The notes are an integral part of the financial statements. 103

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Statement of Net Assets

EUR Assets 31.12.2019 Investments in securities and options, cost 375,569,699.98 Investments in securities and options, unrealized appreciation (depreciation) 90,411,257.77 Total investments in securities (Note 1) 465,980,957.75 Cash at banks, deposits on demand and deposit accounts (Note 1) 228,566.52 Receivable on subscriptions 627.41 Receivable on dividends 458,976.61 Other receivables 75,758.90 Formation expenses, net (Note 2) 14,894.66 Total Assets 466,759,781.85 Bank overdraft -209,967.01 Payable on redemptions -2,757.10 Other liabilities -2,087.93 Provisions for management fees (Note 2) -279,041.69 Provisions for administrator fees (Note 2) -12,220.37 Provisions for depositary fees (Note 2) -113,047.89 Provisions for taxe d’abonnement (Note 3) -14,645.37 Provisions for audit fees, legal and economic advice (Note 2) -26,383.81 Provisions for other commissions and fees -14,656.48 Total provisions -459,995.61 Total Liabilities -674,807.65 Net assets at the end of the financial year 466,084,974.20

104 The notes are an integral part of the financial statements. Sidera

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Statement of Operations

EUR Income 1.1.2019-31.12.2019 Interest on liquid assets (Note 1) 17,218.70 Dividends (Note 1) 9,103,592.56 Income on securities lending (Note 8) 184,119.44 Other income 32,622.95 Total income 9,337,553.65 Management fees (Note 2) -4,050,729.64 Administrator fees (Note 2) -118,164.32 Depositary fees (Note 2) -218,991.84 Taxe d’abonnement (Note 3) -60,665.04 Audit fees, legal and economic advice (Note 2) -46,557.76 Amortization of formation expenses (Note 2) -12,460.94 Other commissions and fees -106,868.53 Interest on cash and bank overdraft -3,839.12 Total expenses -4,618,277.19 Net income (loss) on investments 4,719,276.46 Realized gain (loss) on market-priced securities without options 69,522,641.83 Realized gain (loss) on forward foreign exchange contracts -942.39 Realized gain (loss) on foreign exchange -157,897.75 Total realized gain (loss) 69,363,801.69 Net realized gain (loss) of the year 74,083,078.15 Unrealized appreciation (depreciation) on market-priced securities without options 90,033,770.11 Unrealized appreciation (depreciation) on foreign exchange 36,732.76 Total changes in unrealized appreciation (depreciation) 90,070,502.87 Net increase (decrease) in net assets as a result of operations 164,153,581.02

The notes are an integral part of the financial statements. 105

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Statement of Changes in Net Assets

EUR 1.1.2019-31.12.2019 Net assets at the beginning of the year 613,071,259.28 Subscriptions 54,583,186.00 Redemptions -365,723,052.10 Total net subscriptions (redemptions) -311,139,866.10 Net income (loss) on investments 4,719,276.46 Total realized gain (loss) 69,363,801.69 Total changes in unrealized appreciation (depreciation) 90,070,502.87 Net increase (decrease) in net assets as a result of operations 164,153,581.02 Net assets at the end of the year 466,084,974.20

Changes in the Number of Shares outstanding

1.1.2019-31.12.2019 Class B Acc Number of shares outstanding at the beginning of the year 5,078,504.7080 Number of shares issued 380,836.5800 Number of shares redeemed -2,508,390.1360 Number of shares outstanding at the end of the year 2,950,951.1520

106 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Statement of Investments in Securities and other Net Assets as of 31 December 2019

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Common stocks

Bermuda USD ARCH CAPITAL GROUP LTD 30,548.00 1,167,240.94 0.25 USD ATHENE HOLDING LTD - CLASS A 24,250.00 1,016,034.38 0.22 USD AXALTA COATING SYSTEMS LTD 20,087.00 544,014.34 0.12 USD EVEREST RE GROUP LTD 4,254.00 1,049,175.18 0.22 USD IHS MARKIT LTD 13,070.00 877,365.45 0.19 USD INVESCO LTD 61,964.00 992,546.39 0.21 Total Bermuda 5,646,376.68 1.21

Canada CAD AGNICO EAGLE MINES LTD (UNITS) 5,163.00 283,696.45 0.06 CAD ALIMENTATION COUCHE-TARD INC - CLASS B 18,347.00 519,443.18 0.11 CAD BANK OF MONTREAL 14,431.00 997,786.05 0.21 CAD BANK OF NOVA SCOTIA/THE 26,841.00 1,352,599.37 0.29 CAD BARRICK GOLD CORP 26,687.00 442,229.22 0.09 CAD BAUSCH HEALTH COS INC 7,393.00 197,426.58 0.04 CAD BCE INC 3,494.00 144,411.27 0.03 CAD BLACKBERRY LTD 11,309.00 64,875.55 0.01 CAD BROOKFIELD ASSET MANAGEMENT INC - CLASS A 18,416.00 949,293.76 0.20 CAD CANADIAN IMPERIAL BANK OF COMMERCE 9,741.00 723,167.46 0.16 CAD CANADIAN NATIONAL RAILWAY CO 16,817.00 1,357,206.29 0.29 CAD CANADIAN NATURAL RESOURCES LTD 24,826.00 716,351.89 0.15 CAD CANADIAN PACIFIC RAILWAY LTD 3,222.00 732,762.54 0.16 CAD CANADIAN TIRE CORP LTD 1,365.00 131,055.38 0.03 CAD CCL INDUSTRIES INC - CLASS B 3,084.00 117,210.61 0.03 CAD CENOVUS ENERGY INC 24,521.00 222,373.22 0.05 CAD CGI INC 4,577.00 341,712.57 0.07 CAD CONSTELLATION SOFTWARE INC/CANADA 430.00 372,570.97 0.08 CAD DOLLARAMA INC 6,988.00 214,264.47 0.05 CAD ENBRIDGE INC 36,564.00 1,296,958.85 0.28 CAD ENCANA CORP 21,963.00 91,741.45 0.02 CAD FAIRFAX FINANCIAL HOLDINGS LTD 623.00 260,977.52 0.06 CAD FIRST QUANTUM MINERALS LTD 15,426.00 139,575.59 0.03 CAD FORTIS INC/CANADA 9,197.00 340,442.79 0.07 CAD FRANCO-NEVADA CORP 4,111.00 378,716.51 0.08 CAD GEORGE WESTON LTD 667.00 47,208.23 0.01 CAD GILDAN ACTIVEWEAR INC 4,996.00 131,768.29 0.03 CAD GREAT-WEST LIFECO INC 6,604.00 150,903.63 0.03 CAD IMPERIAL OIL LTD 6,724.00 158,680.96 0.03 CAD INTACT FINANCIAL CORP 3,098.00 298,868.92 0.06 CAD INTER PIPELINE LTD 8,422.00 130,418.60 0.03 USD LIONS GATE ENTERTAINMENT CORP - A 1.00 9.50 0.00 USD LIONS GATE ENTERTAINMENT CORP - B 1.00 8.85 0.00 CAD LOBLAW COS LTD 4,870.00 224,168.27 0.05 CAD MAGNA INTERNATIONAL INC (UNITS) 7,876.00 385,261.91 0.08 CAD MANULIFE FINANCIAL CORP 44,068.00 798,066.57 0.17 CAD METRO INC/CN 5,080.00 187,032.83 0.04 CAD NATIONAL BANK OF CANADA 7,624.00 377,544.40 0.08 CAD NUTRIEN LTD 14,442.00 616,848.59 0.13 CAD OPEN TEXT CORP 5,997.00 235,750.31 0.05 CAD PEMBINA PIPELINE CORP 11,087.00 366,606.60 0.08 CAD POWER CORP OF CANADA 7,748.00 178,055.79 0.04 CAD POWER FINANCIAL CORP 5,654.00 135,721.63 0.03 CAD RESTAURANT BRANDS INTERNATIONAL INC 4,952.00 281,628.39 0.06 CAD ROGERS COMMUNICATIONS INC 7,884.00 349,254.50 0.08 CAD ROYAL BANK OF CANADA 32,517.00 2,295,422.70 0.49 CAD SAPUTO INC 4,791.00 132,319.12 0.03 CAD SHAW COMMUNICATIONS INC 9,560.00 173,064.86 0.04 CAD SHOPIFY INC - CLASS A 1,842.00 653,374.41 0.14 CAD SNC-LAVALIN GROUP INC 3,969.00 81,667.32 0.02 CAD SUN LIFE FINANCIAL INC 13,334.00 542,407.75 0.12 CAD SUNCOR ENERGY INC 37,165.00 1,086,691.14 0.23 CAD TC ENERGY CORP 18,503.00 879,159.16 0.19 CAD TECK RESOURCES LTD 12,690.00 196,336.20 0.04 CAD THOMSON REUTERS CORP 6,440.00 410,984.27 0.09 CAD TORONTO-DOMINION BANK/THE 40,865.00 2,044,712.18 0.44

The notes are an integral part of the financial statements. 107

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

CAD TRISURA GROUP LTD 69.00 1,908.98 0.00 CAD WHEATON PRECIOUS METALS CORP 9,787.00 259,810.73 0.06 Total Canada 26,200,515.13 5.62

Ireland USD ACCENTURE PLC - CLASS A 12,318.00 2,310,778.82 0.50 USD EATON CORP PLC 13,687.00 1,154,972.49 0.25 USD JAZZ PHARMACEUTICALS PLC 6,111.00 812,709.98 0.17 USD MEDTRONIC PLC 30,144.00 3,046,681.56 0.65 USD PENTAIR PLC 15,980.00 653,021.07 0.14 USD PERRIGO CO PLC 16,269.00 748,750.19 0.16 USD STERIS PLC 6,300.00 855,468.83 0.18 Total Ireland 9,582,382.94 2.05

Jersey USD APTIV PLC 4,937.00 417,706.51 0.09 Total Jersey 417,706.51 0.09

Liberia USD ROYAL CARIBBEAN CRUISES LTD 3,375.00 401,429.47 0.09 Total Liberia 401,429.47 0.09

Panama USD CARNIVAL CORP 7,888.00 357,197.73 0.08 Total Panama 357,197.73 0.08

Switzerland USD TE CONNECTIVITY LTD 6,417.00 547,899.02 0.12 Total Switzerland 547,899.02 0.12

The Netherlands USD LYONDELLBASELL INDUSTRIES NV 9,840.00 828,240.89 0.18 USD MYLAN NV 47,829.00 856,463.86 0.18 Total The Netherlands 1,684,704.75 0.36

United Kingdom USD NIELSEN HOLDINGS PLC 36,692.00 663,573.61 0.14 USD SENSATA TECHNOLOGIES HOLDING PLC 14,389.00 690,556.58 0.15 Total United Kingdom 1,354,130.19 0.29

United States USD ABBVIE INC 34,233.00 2,700,263.59 0.58 USD ACTIVISION BLIZZARD INC 13,570.00 718,346.83 0.15 USD ACUITY BRANDS INC 5,278.00 648,888.62 0.14 USD ADOBE INC 9,456.00 2,778,388.45 0.60 USD ADVANCED MICRO DEVICES INC 18,827.00 769,195.71 0.17 USD AES CORP/VA 43,416.00 769,705.46 0.17 USD AFFILIATED MANAGERS GROUP INC 11,264.00 850,359.92 0.18 USD AGILENT TECHNOLOGIES INC 13,695.00 1,040,839.25 0.22 USD ALEXION PHARMACEUTICALS INC 10,759.00 1,036,621.26 0.22 USD ALLEGHANY CORP 1,474.00 1,049,967.02 0.23 USD ALLSTATE CORP/THE 14,678.00 1,470,442.43 0.32 USD ALLY FINANCIAL INC 37,497.00 1,020,872.62 0.22 USD ALPHABET INC - CLASS A 11,430.00 13,638,762.44 2.93 USD ALTRIA GROUP INC 60,406.00 2,685,896.85 0.58 USD AMAZON.COM INC 8,166.00 13,442,975.96 2.88 USD AMEREN CORP 12,430.00 850,460.27 0.18 USD AMERICAN INTERNATIONAL GROUP INC 34,523.00 1,578,706.78 0.34 USD AMERICAN TOWER CORP (REIT) 9,873.00 2,021,429.69 0.43 USD AMERISOURCEBERGEN CORP - CLASS A 11,636.00 881,346.12 0.19 USD AMETEK INC 10,110.00 898,343.03 0.19 USD AMGEN INC 13,673.00 2,936,490.93 0.63 USD AMPHENOL CORP - CLASS A 5,593.00 539,279.81 0.12 USD ANALOG DEVICES INC 7,069.00 748,414.70 0.16 USD ANSYS INC 1,671.00 383,198.28 0.08 USD ANTHEM INC 6,974.00 1,876,522.21 0.40 USD AO SMITH CORP 15,511.00 658,314.22 0.14 USD APPLE INC 87,604.00 22,917,942.42 4.92 USD APPLIED MATERIALS INC 16,964.00 922,495.96 0.20 USD ARCONIC INC 26,021.00 713,301.54 0.15 USD AT&T INC 137,787.00 4,797,163.07 1.03 USD ATMOS ENERGY CORP 7,748.00 772,122.32 0.17 USD AUTODESK INC 4,299.00 702,636.19 0.15

108 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

USD AUTOMATIC DATA PROCESSING INC 8,632.00 1,311,165.45 0.28 USD AUTOZONE INC 454.00 481,839.41 0.10 USD AVALONBAY COMMUNITIES INC (REIT) 4,534.00 847,035.53 0.18 USD AXA EQUITABLE HOLDINGS INC 46,704.00 1,031,043.67 0.22 USD BAKER HUGHES CO - CLASS A 49,192.00 1,123,219.85 0.24 USD BANK OF AMERICA CORP 124,215.00 3,897,490.61 0.84 USD BECTON DICKINSON AND CO 7,288.00 1,765,838.77 0.38 USD BEST BUY CO INC 4,510.00 352,770.89 0.08 USD BIOGEN INC 5,951.00 1,573,160.70 0.34 USD BOOKING HOLDINGS INC 827.00 1,513,110.13 0.32 USD BOSTON PROPERTIES INC (REIT) 5,903.00 724,991.21 0.16 USD BRIGHTHOUSE FINANCIAL INC 23,494.00 821,101.71 0.18 USD BRISTOL-MYERS SQUIBB CO 51,000.00 2,916,481.55 0.63 USD BROADCOM INC 7,430.00 2,091,823.63 0.45 USD BURLINGTON STORES INC 1,287.00 261,452.15 0.06 USD CABOT OIL & GAS CORP 64,378.00 998,522.68 0.21 USD CAMPBELL SOUP CO 31,396.00 1,382,288.66 0.30 USD CAPITAL ONE FINANCIAL CORP 17,451.00 1,599,924.83 0.34 USD CARDINAL HEALTH INC 19,296.00 869,496.42 0.19 USD CARMAX INC 3,199.00 249,854.36 0.05 USD CATERPILLAR INC 13,731.00 1,806,531.48 0.39 USD CBRE GROUP INC - CLASS A 12,666.00 691,593.32 0.15 USD CELANESE CORP - CLASS A 6,058.00 664,476.40 0.14 USD CENTENE CORP 19,847.00 1,111,629.37 0.24 USD CENTERPOINT ENERGY INC 33,195.00 806,453.80 0.17 USD CENTURYLINK INC 19,281.00 226,910.22 0.05 USD CERNER CORP 17,519.00 1,145,428.23 0.25 USD CF INDUSTRIES HOLDINGS INC 14,585.00 620,312.50 0.13 USD CH ROBINSON WORLDWIDE INC 10,130.00 705,728.86 0.15 USD CHARTER COMMUNICATIONS INC 2,909.00 1,257,125.90 0.27 USD CHIPOTLE MEXICAN GRILL INC - CLASS A 523.00 390,037.08 0.08 USD CIGNA CORP 10,736.00 1,955,853.22 0.42 USD CISCO SYSTEMS INC 80,163.00 3,425,112.32 0.74 USD CIT GROUP INC 21,087.00 857,209.45 0.18 USD CITIGROUP INC 51,824.00 3,688,459.63 0.79 USD CITIZENS FINANCIAL GROUP INC 31,702.00 1,146,941.67 0.25 USD COGNIZANT TECHNOLOGY SOLUTIONS CORP 10,922.00 603,469.90 0.13 USD COMCAST CORP 87,688.00 3,513,053.26 0.75 USD COMERICA INC 16,172.00 1,033,730.48 0.22 USD CONAGRA BRANDS INC 56,880.00 1,735,062.11 0.37 USD CONOCOPHILLIPS 33,931.00 1,965,767.25 0.42 USD CONTINENTAL RESOURCES INC/OK 28,409.00 868,103.98 0.19 USD COOPER COS INC/THE 3,074.00 879,878.60 0.19 USD CORNING INC 14,613.00 378,968.64 0.08 USD COTY INC 121,729.00 1,220,023.68 0.26 USD CROWN CASTLE INTERNATIONAL CORP (REIT) 10,621.00 1,345,036.14 0.29 USD CROWN HOLDINGS INC 9,357.00 604,694.28 0.13 USD CSX CORP 21,589.00 1,391,722.88 0.30 USD CUMMINS INC 5,875.00 936,667.66 0.20 USD CVS HEALTH CORP 33,580.00 2,222,453.75 0.48 USD DARDEN RESTAURANTS INC 2,461.00 239,000.95 0.05 USD DAVITA INC 12,300.00 822,170.22 0.18 USD DELTA AIR LINES INC 13,573.00 707,139.17 0.15 USD DENTSPLY SIRONA INC 17,515.00 883,021.99 0.19 USD DEVON ENERGY CORP 45,167.00 1,044,996.60 0.22 USD DISCOVER FINANCIAL SERVICES 16,787.00 1,268,507.50 0.27 USD DOLLAR GENERAL CORP 5,019.00 697,441.51 0.15 USD DOLLAR TREE INC 4,606.00 385,926.34 0.08 USD DOVER CORP 7,841.00 805,140.65 0.17 USD DR HORTON INC 6,871.00 322,897.06 0.07 USD DUKE ENERGY CORP 19,523.00 1,586,392.66 0.34 USD DUKE REALTY CORP (REIT) 18,763.00 579,532.51 0.12 USD DUPONT DE NEMOURS INC 19,972.00 1,142,294.98 0.25 USD EAST WEST BANCORP INC 22,815.00 989,853.94 0.21 USD EASTMAN CHEMICAL CO 8,442.00 596,102.71 0.13 USD EBAY INC 15,517.00 499,179.72 0.11 USD EDISON INTERNATIONAL 14,749.00 990,862.06 0.21 USD ELECTRONIC ARTS INC 5,410.00 518,164.68 0.11 USD EMERSON ELECTRIC CO 18,427.00 1,251,910.03 0.27 USD ENTERGY CORP 8,687.00 927,146.41 0.20 USD EQUITY LIFESTYLE PROPERTIES INC (REIT) 9,159.00 574,355.40 0.12 USD EQUITY RESIDENTIAL (REIT) 11,877.00 856,217.92 0.18 USD EVERGY INC 13,948.00 808,812.57 0.17

The notes are an integral part of the financial statements. 109

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

USD EXPEDIA GROUP INC 2,628.00 253,182.34 0.05 USD EXPEDITORS INTERNATIONAL OF WASHINGTON INC 10,856.00 754,566.40 0.16 USD EXTRA SPACE STORAGE INC (REIT) 6,456.00 607,479.14 0.13 USD FACEBOOK INC - CLASS A 46,213.00 8,450,239.35 1.81 USD FEDERAL REALTY INVESTMENT TRUST (REIT) 4,644.00 532,590.80 0.11 USD FIDELITY NATIONAL INFORMATION SERVICES INC 12,126.00 1,502,571.52 0.32 USD FIFTH THIRD BANCORP 43,345.00 1,187,037.81 0.25 USD FIRSTENERGY CORP 22,221.00 962,102.96 0.21 USD FISERV INC 11,283.00 1,162,296.14 0.25 USD FLEETCOR TECHNOLOGIES INC 1,709.00 438,060.20 0.09 USD FLOWSERVE CORP 14,524.00 643,984.72 0.14 USD FORD MOTOR CO 74,117.00 614,076.48 0.13 USD FORTUNE BRANDS HOME & SECURITY INC 11,723.00 682,400.88 0.15 USD FRANKLIN RESOURCES INC 41,930.00 970,477.99 0.21 USD GENERAL MILLS INC 37,299.00 1,779,751.79 0.38 USD GENERAL MOTORS CO 24,875.00 811,084.04 0.17 USD GENUINE PARTS CO 2,812.00 266,124.08 0.06 USD GILEAD SCIENCES INC 32,918.00 1,905,613.54 0.41 USD GLOBAL PAYMENTS INC 5,961.00 969,496.91 0.21 USD GLOBE LIFE INC 10,972.00 1,028,796.75 0.22 USD HARTFORD FINANCIAL SERVICES GROUP INC/THE 22,279.00 1,206,164.69 0.26 USD HCA HEALTHCARE INC 10,153.00 1,336,964.53 0.29 USD HD SUPPLY HOLDINGS INC 18,032.00 646,111.76 0.14 USD HENRY SCHEIN INC 13,805.00 820,567.16 0.18 USD HEWLETT PACKARD ENTERPRISE CO 24,782.00 350,155.71 0.08 USD HILTON WORLDWIDE HOLDINGS INC 5,294.00 523,089.89 0.11 USD HOLLYFRONTIER CORP 21,032.00 950,158.08 0.20 USD HOLOGIC INC 19,103.00 888,539.93 0.19 USD HOME DEPOT INC/THE 21,763.00 4,234,023.91 0.91 USD HOST HOTELS & RESORTS INC (REIT) 36,414.00 601,774.78 0.13 USD HP INC 29,058.00 531,984.81 0.11 USD HUMANA INC 4,589.00 1,498,433.31 0.32 USD HUNTINGTON BANCSHARES INC/OH 80,469.00 1,081,064.55 0.23 USD HUNTINGTON INGALLS INDUSTRIES INC 3,109.00 694,877.81 0.15 USD IAC/INTERACTIVECORP 1,449.00 321,574.22 0.07 USD INCYTE CORP 10,943.00 851,278.78 0.18 USD INGREDION INC 16,264.00 1,346,785.53 0.29 USD INTEL CORP 85,521.00 4,559,934.53 0.98 USD INTERNATIONAL BUSINESS MACHINES CORP 17,011.00 2,031,355.55 0.44 USD INTERNATIONAL PAPER CO 17,148.00 703,501.12 0.15 USD INTUIT INC 5,137.00 1,198,716.52 0.26 USD IRON MOUNTAIN INC (REIT) 17,859.00 507,061.79 0.11 USD JACOBS ENGINEERING GROUP INC 9,000.00 720,253.85 0.15 USD JM SMUCKER CO/THE 15,349.00 1,423,893.92 0.31 USD JONES LANG LASALLE INC 3,347.00 519,100.23 0.11 USD KANSAS CITY SOUTHERN 5,768.00 787,031.82 0.17 USD KELLOGG CO 24,999.00 1,540,278.68 0.33 USD KIMBERLY-CLARK CORP 11,036.00 1,352,365.14 0.29 USD KIMCO REALTY CORP (REIT) 28,268.00 521,551.10 0.11 USD KINDER MORGAN INC/DE 80,905.00 1,525,871.29 0.33 USD KKR & CO INC 36,391.00 945,697.20 0.20 USD KLA CORP 2,962.00 470,155.28 0.10 USD KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC 18,155.00 579,676.82 0.12 USD KRAFT HEINZ CO/THE 54,012.00 1,546,046.91 0.33 USD KROGER CO/THE 61,733.00 1,594,363.27 0.34 USD LABORATORY CORP OF AMERICA HOLDINGS 6,287.00 947,520.23 0.20 USD LAM RESEARCH CORP 2,668.00 695,000.11 0.15 USD LAMB WESTON HOLDINGS INC 18,722.00 1,434,907.30 0.31 USD LAS VEGAS SANDS CORP 6,331.00 389,398.95 0.08 USD LENNAR CORP 5,687.00 282,657.99 0.06 USD LINCOLN NATIONAL CORP 19,658.00 1,033,443.24 0.22 USD LOCKHEED MARTIN CORP 6,086.00 2,111,189.76 0.45 USD LOEWS CORP 23,847.00 1,115,146.71 0.24 USD LOWE'S COS INC 15,085.00 1,609,454.80 0.35 USD LULULEMON ATHLETICA INC 2,225.00 459,220.74 0.10 USD MANPOWERGROUP INC 7,282.00 629,928.98 0.14 USD MARATHON OIL CORP 84,069.00 1,017,085.20 0.22 USD MARATHON PETROLEUM CORP 27,465.00 1,474,206.55 0.32 USD MARKEL CORP 1,110.00 1,130,460.73 0.24 USD MARRIOTT INTERNATIONAL INC/MD 5,367.00 724,044.40 0.16 USD MARTIN MARIETTA MATERIALS INC 2,869.00 714,745.66 0.15 USD MASCO CORP 17,810.00 761,441.16 0.16 USD MASTERCARD INC 17,514.00 4,658,888.18 1.00

110 The notes are an integral part of the financial statements.

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

USD MCDONALD'S CORP 14,819.00 2,608,852.34 0.56 USD MCKESSON CORP 8,541.00 1,052,483.71 0.23 USD MERCADOLIBRE INC 877.00 446,860.27 0.10 USD MERCK & CO INC 52,957.00 4,290,893.74 0.92 USD METLIFE INC 33,002.00 1,498,568.42 0.32 USD MGM RESORTS INTERNATIONAL 9,571.00 283,682.01 0.06 USD MICROCHIP TECHNOLOGY INC 4,422.00 412,543.79 0.09 USD MICRON TECHNOLOGY INC 20,326.00 973,855.23 0.21 USD MICROSOFT CORP 139,723.00 19,630,044.20 4.21 USD MIDDLEBY CORP/THE 6,562.00 640,252.59 0.14 USD MOLSON COORS BEVERAGE CO - CLASS B 29,750.00 1,428,556.49 0.31 USD MORGAN STANLEY 40,831.00 1,859,527.24 0.40 USD MOTOROLA SOLUTIONS INC 3,209.00 460,675.12 0.10 USD MSCI INC - CLASS A 5,287.00 1,216,056.04 0.26 USD NATIONAL OILWELL VARCO INC 44,691.00 997,354.35 0.21 USD NATIONAL RETAIL PROPERTIES INC (REIT) 11,106.00 530,525.38 0.11 USD NETFLIX INC 8,408.00 2,423,721.05 0.52 USD NEWMONT CORP 25,806.00 998,923.33 0.21 CAD NEWMONT GOLDCORP C COM 6,142.00 238,159.10 0.05 USD NIKE INC 24,370.00 2,199,528.16 0.47 USD NORTHROP GRUMMAN CORP 4,589.00 1,406,242.78 0.30 USD NRG ENERGY INC 19,752.00 699,471.29 0.15 USD NUCOR CORP 13,677.00 685,751.27 0.15 USD NVIDIA CORP 10,732.00 2,249,698.27 0.48 USD OGE ENERGY CORP 17,497.00 693,190.18 0.15 USD OMEGA HEALTHCARE INVESTORS INC (REIT) 14,083.00 531,337.27 0.11 USD OMNICOM GROUP INC 3,975.00 286,913.55 0.06 USD ORACLE CORP 44,300.00 2,090,919.74 0.45 USD O'REILLY AUTOMOTIVE INC 1,504.00 587,220.70 0.13 USD OWENS CORNING 11,212.00 650,457.86 0.14 USD PACCAR INC 13,295.00 936,885.48 0.20 USD PACKAGING CORP OF AMERICA 6,044.00 603,011.21 0.13 USD PALO ALTO NETWORKS INC 1,895.00 390,402.54 0.08 USD PARK HOTELS & RESORTS INC (REIT) 196.00 4,517.25 0.00 USD PARKER-HANNIFIN CORP 5,088.00 932,945.68 0.20 USD PARSLEY ENERGY INC - CLASS A 53,434.00 900,183.19 0.19 USD PAYCHEX INC 6,344.00 480,739.97 0.10 USD PAYPAL HOLDINGS INC 21,708.00 2,091,935.67 0.45 USD PFIZER INC 115,541.00 4,032,944.41 0.87 USD PHILIP MORRIS INTERNATIONAL INC 43,262.00 3,279,493.68 0.70 USD PHILLIPS 66 15,969.00 1,584,979.24 0.34 USD PINNACLE WEST CAPITAL CORP 9,025.00 723,058.58 0.16 USD PLAINS GP HOLDINGS LP - CLASS A 51,579.00 870,770.71 0.19 USD PPL CORP 30,971.00 989,986.67 0.21 USD PRINCIPAL FINANCIAL GROUP INC 22,622.00 1,108,448.12 0.24 USD PRUDENTIAL FINANCIAL INC 17,247.00 1,440,323.99 0.31 USD QUALCOMM INC 22,349.00 1,756,693.75 0.38 USD QUEST DIAGNOSTICS INC 9,685.00 921,407.82 0.20 USD RAYMOND JAMES FINANCIAL INC 12,944.00 1,031,618.40 0.22 USD REGENCY CENTERS CORP (REIT) 10,025.00 563,464.54 0.12 USD REGENERON PHARMACEUTICALS INC 3,480.00 1,164,093.15 0.25 USD REGIONS FINANCIAL CORP 73,242.00 1,119,693.51 0.24 USD ROBERT HALF INTERNATIONAL INC 11,795.00 663,579.53 0.14 USD ROSS STORES INC 7,031.00 729,233.10 0.16 USD RPM INTERNATIONAL INC 8,727.00 596,790.12 0.13 USD SALESFORCE.COM INC 16,264.00 2,356,548.67 0.51 USD SCHLUMBERGER LTD 46,341.00 1,659,637.11 0.36 USD SEALED AIR CORP 15,362.00 545,104.48 0.12 USD SEI INVESTMENTS CO 17,117.00 998,522.84 0.21 USD SERVICENOW INC 3,745.00 941,922.45 0.20 USD SIGNATURE BANK/NEW YORK NY 8,180.00 995,537.16 0.21 USD SIMON PROPERTY GROUP INC (REIT) 4,028.00 534,540.74 0.11 USD SL GREEN REALTY CORP (REIT) 6,146.00 503,077.88 0.11 USD SNAP-ON INC 4,505.00 679,876.27 0.15 USD SOUTHERN CO/THE (UNITS) 28,873.00 1,638,524.82 0.35 USD SOUTHWEST AIRLINES CO 13,598.00 653,927.50 0.14 USD SPIRIT AEROSYSTEMS HOLDINGS INC - CLASS A 9,513.00 617,657.25 0.13 USD SPLUNK INC 3,012.00 401,884.71 0.09 USD SQUARE INC 6,910.00 385,120.35 0.08 USD STANLEY BLACK & DECKER INC 6,151.00 908,227.70 0.20 USD STARBUCKS CORP 22,951.00 1,797,674.16 0.39 USD STEEL DYNAMICS INC 17,797.00 539,706.98 0.12 USD SVB FINANCIAL GROUP 4,746.00 1,061,432.41 0.23

The notes are an integral part of the financial statements. 111

Annual report including audited financial statements as of 31 December 2019 Sidera Funds – North American Equity

Currency Description Quantity/ Valuation in EUR % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts (Note 1)

USD SYNCHRONY FINANCIAL 36,502.00 1,171,012.32 0.25 USD T ROWE PRICE GROUP INC 11,908.00 1,292,559.07 0.28 USD TARGET CORP 9,885.00 1,129,068.41 0.24 USD TESLA INC 2,475.00 922,392.78 0.20 USD TEXAS INSTRUMENTS INC 17,657.00 2,018,047.59 0.43 USD TEXTRON INC 17,846.00 709,083.58 0.15 USD THERMO FISHER SCIENTIFIC INC 7,120.00 2,060,683.46 0.44 USD TJX COS INC/THE 23,539.00 1,280,461.40 0.27 USD T-MOBILE US INC 6,623.00 462,704.02 0.10 USD TRANSDIGM GROUP INC 1,916.00 955,884.05 0.21 USD TRAVELERS COS INC/THE 11,795.00 1,439,069.15 0.31 USD TRUIST FINANCIAL CORP 33.00 1,655.76 0.00 USD TWITTER INC 13,788.00 393,686.92 0.08 USD TYSON FOODS INC - CLASS A 20,861.00 1,691,955.96 0.36 USD UGI CORP 17,321.00 696,864.88 0.15 USD ULTA BEAUTY INC 1,113.00 251,002.25 0.05 USD UNITED AIRLINES HOLDINGS INC 8,006.00 628,295.40 0.14 USD UNITED RENTALS INC 5,041.00 748,956.01 0.16 USD UNITED TECHNOLOGIES CORP 18,223.00 2,431,293.50 0.52 USD UNITEDHEALTH GROUP INC 18,940.00 4,960,431.34 1.06 USD UNIVERSAL HEALTH SERVICES INC 6,648.00 849,656.76 0.18 USD UNUM GROUP 35,007.00 909,419.15 0.20 USD VALERO ENERGY CORP 17,042.00 1,421,837.70 0.31 USD VEREIT INC (REIT) 65,281.00 537,378.70 0.12 USD VERIZON COMMUNICATIONS INC 77,685.00 4,249,396.18 0.91 USD VF CORP 6,434.00 571,246.59 0.12 USD VIACOMCBS INC - CLASS B 11,093.00 414,772.22 0.09 USD VICI PROPERTIES INC (REIT) 25,182.00 573,195.55 0.12 USD VISA INC - CLASS A 33,639.00 5,631,077.95 1.21 USD VISTRA ENERGY CORP 31,643.00 648,094.45 0.14 USD VOYA FINANCIAL INC 19,220.00 1,044,149.02 0.22 USD WALGREENS BOOTS ALLIANCE INC 36,801.00 1,933,030.81 0.41 USD WALMART INC 36,335.00 3,846,887.54 0.83 USD WALT DISNEY CO/THE 33,924.00 4,371,063.57 0.94 USD WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP 11,389.00 789,381.37 0.17 USD WESTLAKE CHEMICAL CORP 7,482.00 467,591.99 0.10 USD WESTROCK CO 16,345.00 624,834.67 0.13 USD WORKDAY INC - CLASS A 3,305.00 484,202.50 0.10 USD WR BERKLEY CORP 16,664.00 1,025,838.48 0.22 USD WW GRAINGER INC 2,559.00 771,749.40 0.17 USD XILINX INC 4,706.00 409,901.23 0.09 USD XPO LOGISTICS INC 8,890.00 631,221.47 0.14 USD YUM! BRANDS INC 5,901.00 529,548.97 0.11 USD ZIMMER BIOMET HOLDINGS INC 8,531.00 1,137,589.04 0.24 USD ZIONS BANCORP NA 21,904.00 1,013,164.11 0.22 Total United States 419,788,615.33 90.07

Total Common stocks 465,980,957.75 99.98

Total Transferable securities and money market instruments listed on an official stock exchange 465,980,957.75 99.98

Total investments in securities 465,980,957.75 99.98

Cash at banks, deposits on demand and deposit accounts and other liquid assets 228,566.52 0.05 Bank overdraft and other short-term liabilities -209,967.01 -0.05 Other assets and liabilities 85,416.94 0.02 Total net assets 466,084,974.20 100.00

112 The notes are an integral part of the financial statements. Notes to the Financial Statements

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

Note 1 – Summary of significant accounting policies 3) Notwithstanding paragraph 2) above, where permitted under The financial statements have been prepared in accordance with applicable laws and regulations, Money Market Instruments the generally accepted accounting principles and with Luxembourg may be valued using an amortisation method whereby legal and regulatory requirements relating to undertakings for instruments are valued at their acquisition cost as adjusted for collective investment in transferable securities in Luxembourg. The amortisation of premium or accrual of discount on a constant significant accounting policies are summarised as follows: basis until maturity, regardless of the impact of fluctuating interest rates on the market value of the instruments. The a) Calculation of the net asset value amortisation method will only be used if it is not expected to The Administrator as of each Valuation Day determines the Net result in a material discrepancy between the market value of the Asset Value per Share. It is calculated by dividing the Net Asset instruments and their value calculated according to the Value of the Share Class of a subfund by the total number of amortisation method. Shares of such Share Class in issue as of that Valuation Day. The 4) Financial derivative instruments which are quoted, listed or Net Asset Value per Share is expressed in the Reference Currency traded on an exchange or regulated market are valued at the of the Share Class and may be rounded up or down to three (3) last available closing or settlement price or quotation, prior to decimal places. the time of valuation, on the exchange or regulated market The Net Asset Value of a Share Class is equal to the value of the where the instruments are primarily quoted, listed or traded. assets allocated to such Share Class within a subfund less the Where instruments are quoted, listed or traded on more than value of the liabilities allocated to such Share Class, both being one exchange or regulated market, the Board of Directors of calculated as of each Valuation Day according to the valuation the Fund will determine on which exchange or regulated procedure described below. market the instruments are primarily quoted, listed or traded and the closing or settlement prices or quotations on such The Net Asset Value of a subfund is equal to the value of the exchange or regulated market will be used for the purpose of assets allocated to such subfund less the value of the liabilities their valuation. Financial derivative instruments for which allocated to such subfund, both calculated as of each Valuation Day closing or settlement prices or quotations are not available or in the Reference Currency of the subfund according to the representative are valued at their probable realisation value valuation procedure described below. estimated with care and in good faith by the Board of Directors of the Fund using any valuation method approved by the The Net Asset Value of the Fund is at all times equal to the sum of Board of Directors of the Fund. the Net Asset Values of all subfunds expressed in the Reference 5) Financial derivative instruments which are traded “over-the- Currency of the Fund. The Net Asset Value of the Fund must at all counter” (OTC) are valued daily at their fair market value, on times be at least equal to the minimum share capital required by the basis of valuations provided by the counterparty which are the 2010 Law which is currently EUR 1,250,000, except during the approved or verified on a regular basis independently from the first six (6) months after the approval of the Fund by the CSSF. counterparty. Alternatively, OTC financial derivative instruments may be valued on the basis of independent pricing b) Valuation principles services or valuation models approved by the Board of In accordance with the Articles of incorporation, the valuation of Directors of the Fund, which follow international best practice the assets of the Fund will be conducted as follows: and valuation principles. Any such valuation is reconciled to 1) The value of any cash on hand or on deposit, bills or notes the counterparty valuation on a regular basis independently payable, accounts receivable, prepaid expenses, cash from the counterparty, and significant differences are promptly dividends and interest accrued but not yet received shall be investigated and explained. equal to the entire nominal or face amount thereof, unless the 6) Notwithstanding paragraph 2) above, shares or units in target same is unlikely to be paid or received in full, in which case the investment funds (including UCITS and UCI) are valued at value thereof shall be determined after making such discount their latest available official net asset value, as reported or as the Board of Directors of the Fund may consider provided by or on behalf of the investment fund or at their appropriate in such case to reflect the true value thereof. latest available unofficial or estimated net asset value if more 2) Transferable Securities and Money Market Instruments which recent than the latest available official net asset value, are quoted, listed or traded on an exchange or regulated provided that the Board of Directors of the Fund are satisfied market are valued, unless otherwise provided under of the reliability of such unofficial net asset value. The Net paragraphs 3) and 6) below, at the last available market price Asset Value calculated on the basis of unofficial net asset or quotation, prior to the time of valuation, on the exchange or values of the target investment fund may differ from the Net regulated market where the securities or instruments are Asset Value, which would have been calculated, on the same primarily quoted, listed or traded. Where securities or Valuation Day, on the basis of the official net asset value of instruments are quoted, listed or traded on more than one the target investment fund. Alternatively, shares or units in exchange or regulated market, the Board of Directors of the target investment funds, which are quoted, listed or traded on Fund will determine on which exchange or regulated market an exchange or regulated market may be valued in the securities or instruments are primarily quoted, listed or accordance with the provisions of paragraph 2) above. traded and the market prices or quotations on such exchange 7) The value of any other asset not specifically referenced above or regulated market will be used for the purpose of their is the probable realisation value estimated with care and in valuation. Transferable Securities and Money Market good faith by the Board of Directors of the Fund using any Instruments for which market prices or quotations are not valuation method approved by the Board of Directors of the available or representative, or which are not quoted, listed or Fund. traded on an exchange or regulated market, are valued at their probable realisation value estimated with care and in good c) Net realized gain (loss) on sales of securities faith by the Board of Directors of the Fund using any valuation The realized gains or losses on the sales of securities are calculated method approved by the Board of Directors of the Fund. on the basis of the average cost of the securities sold. The Net realized gain (loss) on sales of securities is included in the statement of operations and in the statement of changes in net assets.

113

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV d) Valuation of forward foreign exchange contracts l) Cross subfund investments The unrealized gain (loss) of outstanding forward foreign As per 31 December 2019 the subfunds of Sidera Funds – Global exchange contracts is valued on the basis of the forward exchange Conservative Income had the following investments in other rates prevailing at the valuation date and recorded in the statement subfunds of Sidera Funds SICAV: of net assets. Realized gains and losses and the changes in Sidera Funds – Global unrealized appreciation and depreciation are recorded in the Amount in EUR statement of operations. Conservative Income SIDERA FUNDS SICAV - SIDERA FUNDS 3,929,400.00 e) Valuation of financial futures - EQUITY EUROPE ACTIVE SELECTION Financial futures are valued based on the latest available SIDERA FUNDS SICAV - SIDERA FUNDS 364,890.00 published price applicable on the valuation date. Realized gains - EQUITY GLOBAL LEADERS and losses and the changes in unrealized appreciation and SIDERA FUNDS SICAV - SIDERA FUNDS 2,990,700.00 - INCOME PLUS depreciation are recorded in the statement of operations. The SIDERA FUNDS SICAV - SIDERA FUNDS 5,922,750.00 realized gains and losses are calculated in accordance with the - NORTH AMERICAN EQUITY First In First Out method, i.e. the first contracts acquired are Total 13,207,740.00 regarded as the first to be sold. As at 31 December 2019, the total of cross subfund investments f) Swaps amounts to EUR 13,207,740.00 and therefore total consolidated The Fund may enter into interest rate swap contracts, forward rate NAV at year-end without cross subfund investments would agreements on interest rates swaptions, credit default swaps and amount to EUR 2,640,096,956.23. total return swaps if they are executed with first-class financial institutions that specialize in transactions of this kind. Changes in m) Swing Pricing unrealized appreciation and depreciation are reflected in the In certain circumstances, subscriptions, redemptions, and statement of operations under “changes in Unrealized appreciation conversions in a subfund may have a negative impact on the Net (depreciation) on Swaps”. Realized gains or losses on swaps Asset Value per Share. Where subscriptions, redemptions, and incurred when closed-out or matured are recorded as “Realized conversions in a subfund cause the subfund to buy and/or sell gain (loss) on Swaps” in the statement of operations. Unrealized underlying investments, the value of these investments may be loss on swaps includes accrued interests. affected by bid/offer spreads, trading costs and related expenses including transaction charges, brokerage fees, and taxes. This g) Conversion of foreign currencies investment activity may have a negative impact on the Net Asset Bank accounts, other net assets and the valuation of the Value per Share called “dilution”. In order to protect existing or investments in securities held denominated in currencies other remaining investors from the potential effect of dilution, the Fund than the reference currency of the different subfunds are may apply a “swing pricing” methodology as further explained converted at the mid closing spot rates on the valuation date. below. Income and expenses denominated in currencies other than the currency of the different subfunds are converted at the mid closing If the total subscriptions or redemptions of all the share classes of a subfund on a single trading day come to a net capital inflow or spot rates at transaction date. The realised gain or loss on foreign outflow, the respective subfund's net asset value may be exchange is included in the statement of operations. increased or reduced accordingly (so-called single swing pricing). The cost of securities denominated in currencies other than the The maximum adjustment amounts to 2% of the Net Asset Value per Share, unless otherwise set out for each subfund in the reference currency of the different subfunds is converted at the Supplements of the prospectus. Estimated transaction costs and mid closing spot rate prevailing on the day of acquisition. tax charges that may be incurred by the subfund as well as the estimated bid/offer spread of the assets in which the subfund h) Securities Lending invests may be taken into account. The adjustment leads to an The securities lent are safe-kept with the Depositary. The increase in net asset value if the net movements result in a rise in Depository keeps track of the lent securities, which are used by the number of shares in the concerned subfund. It results in a the counterparty. The assets continue to be valued as part of the reduction of net asset value if the net movements bring about a portfolio. Incomes and costs generated by securities lending are fall in the number of shares. The Board of Directors of the Fund recorded in the statement of operations. As at 31 December 2019, can set a threshold value for each subfund. This may consist in the subfunds did not participate in securities lending. the net movement on a Trading Day in relation to the Net fund assets or to an absolute amount in the currency of the subfund i) Receivable on securities sales, Payable on securities concerned. The Net Asset Value would be adjusted only if this purchases threshold were to be exceeded on a trading day. The Board of The account “Receivable on securities sales” can also include Directors will determine if a partial swing or full swing is adopted. If receivables from foreign exchange currency contracts and swap a partial swing is adopted, the Net Asset Value per Share will be contracts. The account “Payable on securities purchases” can also adjusted upwards or downwards if net subscriptions or include payables from foreign exchange currency contracts and redemptions in a subfund exceed a certain threshold set by the swap contracts. Board of Directors from time to time for each subfund (called the Swing Threshold). If a full swing is adopted, no Swing Threshold j) Income recognition will apply. Dividends, net of withholding taxes, are recognized as income on the date upon which the relevant securities are first listed as “ex- The Swing Factor will have the following effect on subscriptions or dividend”. Interest income is accrued on a daily basis. redemptions: 1) on a subfund experiencing levels of net subscriptions on a Valuation Day (i.e. subscriptions are greater in k) Consolidated financial statements value than redemptions) (in excess of the Swing Threshold, where The consolidated financial statements of the Fund are expressed in applicable) the Net Asset Value per Share will be adjusted EUR. upwards by the Swing Factor; and 2) on a subfund experiencing levels of net redemptions on a Valuation Day (i.e. redemptions are The consolidated statements of net assets and consolidated greater in value than subscriptions) (in excess of the Swing statements of operations are equal to the sum of the Threshold, where applicable) the Net Asset Value per Share will corresponding items in the financial statements of each subfund be adjusted downwards by the Swing Factor. without elimination of cross subfund investments.

114

Annual report including audited financial statements as of 31 December 2019 Sidera Funds SICAV

The volatility of the Net Asset Value of the subfund might not Currently the management fees are as follows: reflect the true portfolio performance (and therefore might deviate Sidera Funds SICAV Share Max from the subfund’s benchmark, where applicable) as a Management consequence of the application of swing pricing. fee p.a Sidera Funds – Balanced Growth B Acc 0.65% As at 31 December 2019, none of the subfunds had a swing Net Sidera Funds – Euro Credit Alpha A Acc 0.95% Asset Value and none of the subfunds swung during the year. Sidera Funds – Euro Credit Alpha A Inc 0.95% Sidera Funds – Euro Credit Alpha B Acc 0.45% n) Dividend distribution Sidera Funds Each subfund may comprise distributing Shares and non- – Equity Europe Active Selection A Acc 1.95% distributing Shares. The Supplements of the prospectus shall Sidera Funds indicate whether Shares confer the right to dividend distributions – Equity Europe Active Selection A Inc 1.95% (Distribution Shares) or do not confer this right (Capitalisation Sidera funds Shares). Distribution Shares and Capitalisation Shares issued – Equity Europe Active Selection B Acc 0.70% within the same subfund will be represented by different Share Sidera Funds – Equity Global Leaders A Acc 1.95% Sidera Funds – Equity Global Leaders A Inc 1.95% Classes. Sidera Funds – Equity Global Leaders B Acc 0.70% Sidera Funds A Acc 1.15% Capitalisation Shares capitalise their entire earnings whereas – Global Conservative Income Distribution Shares pay dividends. Whenever dividends are Sidera Funds A Inc 1.15% distributed to holders of Distribution Shares, their Net Asset Value – Global Conservative Income per Share will be reduced by an amount equal to the amount of Sidera Funds – Global High Yield A Acc 1.50% the dividend per Share distributed, whereas the Net Asset Value Sidera Funds – Global High Yield A Inc 1.50% per Share of Capitalisation Shares will remain unaffected by the Sidera Funds – Global High Yield B Acc 0.65% distribution made to holders of Distribution Shares. The Fund shall Sidera Funds B Acc 0.55% determine how the earnings of Distribution Shares shall be – Global Income Opportunities distributed and may declare distributions from time to time, at such Sidera Funds – Income Plus* B Acc 0.20% Sidera Funds – North American Equity B Acc 0.70% time and in relation to such periods as the Fund shall determine, in the form of cash, in accordance with the dividend distribution * The Sidera Funds – Income Plus subfund launched on 12 September policy adopted for such Distribution Shares as described in the 2019. Supplements of the prospectus. The dividend distribution policy may vary between Distribution Shares within the same or different Sidera Funds – Global High Yield Sub Funds. Dividend distributions are not guaranteed with respect For the subfund Sidera Funds – Global High Yield, the Board of to any Share Class. In any event, no distribution may be made if, Directors of the Fund has opted for a multi-manager investment as a result, the total Net Asset Value of the Fund would fall below approach, having different investment managers appointed, each the minimum share capital required by the 2010 Law, which is currently EUR 1,250,000. of which is attributed a specific portion of the subfund’s assets that is typically linked to a specific asset class. Subject to the provisions of the Prospectus, Distribution Share The investment management function of the assets of the Classes on the Sidera Funds – Euro Credit Alpha, Sidera Funds – Equity Europe Active Selection, Sidera Funds – Equity Global subfund is delegated to the following delegated Investment Leaders, Sidera Funds – Global Conservative Income, Sidera Managers as follows: Funds – Global High Yield, will normally distribute dividends in accordance with the following distribution policies: • The investment management of 50% of the assets of the Share Classes A Inc: semi-annual, based on figures of June and subfund is delegated to ARCA Fondi SGR S.p.A., who will focus in December, payable to shareholders in July and January. on the EURO denominated investments of the portfolio (as well as in other denominated currencies investments except USD). Details of any Distributions paid are included in the Statement of • The investment management of 50% of the assets of the Changes in Net Assets for each of the subfunds. subfund is delegated to Goldman Sachs Asset Management International Ltd, who will focus on the USD denominated Note 2 – Charges and Expenses investments of the portfolio. The above percentages reflect the 2.1 Management Fee portion of assets of the subfund of the Fund, for which each Investment Manager is appointed as Investment Manager. The Fund is charged with a Management Fee, out of which the Management Company, the Investment Managers and the Global 2.2 Performance Fee Distributor are paid. The Management Fee is calculated as a percentage of the average Net Asset Value of each subfund or The Investment Manager may be entitled to receive a Share Class and paid out of the assets of the Fund and allocated Performance Fee with respect to certain subfunds or Share to each subfund and Share Class. The Management Fee accrues Classes (A share classes of the subfunds Sidera Funds – Euro on each Valuation Day and is payable monthly in arrears at the Credit Alpha, Sidera Funds – Equity Europe Active Selection and rate specified in the Supplements of the prospectus for each Sidera Funds – Equity Global Leaders). The payment and size of subfund or Share Class. the Performance Fee depends on the performance of the subfund The Management Company, Investment Managers and Global or Share Class over a specified reference period. The Distributor are also entitled to reimbursement of reasonable out- Performance Fee is paid out of the assets of the Fund and of-pocket expenses properly incurred in carrying out their duties. allocated to the relevant subfunds and Share Classes. Details regarding the calculation and payment of Performance Fees are For each subfund or Share Class, the Management Fee cannot described below and in each Supplement of the prospectus. exceed the levels indicated in the Supplements of the prospectus. The Management Fee covers investment management, administration and marketing services (including distribution) performed by the Management Company, the investment managers and the global distributor. With respect to the services provided by the Administrator appointed by the Management Company, the administration fee is charged to the subfund.

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Over the reference period, the Performance Fee shall be accrued consistent with market practice in Luxembourg, subject to a daily whereby the amount accrued shall be paid to the Investment minimum of 30,000 EUR p.a. per subfund and a maximum annual Manager on the first working day following the closure of the rate of 0.05% per annum. Since 2 December 2019, in its role as reference period. The reference period is represented by each Administrator, The Bank of New York Mellon SA/NV Luxembourg calendar year. In the inception year of the subfund the reference Branch is entitled to an annual fee equal to a percentage of the period starts on the last day of the inception month and ends on average Net Asset Value of each subfund or Share Class, subject the last day of the inception year. to a minimum amount of 20,000 EUR p.a. applied at umbrella level proportionally to each Sub-Fund’s Net Asset Value. The The amount of the Performance Fee depends on the performance administrator fee accrues on each Valuation Day and is payable of the NAV of the relevant Share Class compared to the monthly in arrears out of the assets of the Fund and allocated to performance of the relevant performance benchmark as described each subfund and Share Class. The Administrator is also entitled to reimbursement of reasonable out-of-pocket expenses properly in prospectus. For the concerned Share Classes, the Performance incurred in carrying out its duties. Fee rate equals 20% of the over-performance of the subfunds

versus its relevant benchmark over the reference period. The Further fees may be payable to the Depositary and the Performance Fee rate is then applied to the lowest between the Administrator in consideration of ancillary services rendered to the following amounts: Fund and relating to the core services of the Depositary and the Administrator, such as, but not limited to, introduction of additional  the average daily NAV of the relevant Share Class over the share classes, subfund domiciliation and corporate secretarial reference period or services.  the NAV of the relevant Share Class on the last day of the reference period. 2.4 Directors’ fees and expenses

A Performance Fee is charged for the reference period only if, The members of the Board of Directors of the Fund are entitled to over the reference period, both of the following conditions are met: receive a fee in consideration for their function. The Fund will also reimburse the members of the Board of Directors of the Fund for  the Share Class performance is positive and higher than the appropriate insurance coverage and expenses and other costs relevant benchmark performance; incurred by the members of the Board of Directors of the Fund in  the NAV per share of the relevant Share Class is the highest the performance of their duties, including reasonable out-of-pocket recorded in any previous reference periods, i.e. the reference expenses, traveling costs incurred to attend meetings of the Board period is excluded. of Directors of the Fund, and any costs of legal proceedings unless such costs are caused by intentional or grossly negligent For the relevant Share Class, a cap is applied to the Performance conduct by the member of the Board of Directors of the Fund in Fee amount, which is equal to 100% of the Management Fee question. The Fund may also pay fees and expenses to members charged over the reference period. For the year ended 31 of any committee established by the Board of Directors of the December 2019, no performance fees have been charged to the Fund, where applicable. subfunds. 2.5 Operating and Administrative Expenses 2.3 Fees of the Depositary and the Administrator The Fund bears all ordinary operating costs and expenses UBS Europe SE, Luxembourg Branch was the Depositary for the incurred in the operation of the Fund or any subfund or Share subfunds until 1 December 2019. The Bank of New York Mellon SA/NV Luxembourg Branch (“the Depositary”) assumed the role of Class (“Operating and Administrative Expenses”) including but not Depositary for the subfunds from 2 December 2019. Until 1 limited to costs and expenses incurred in connection with: December 2019, in its role as Depositary, UBS Europe SE, Luxembourg Branch was entitled to an annual fee equal to a 1) preparing, producing, printing, depositing, publishing and/or percentage of the average Net Asset Value of each subfund or distributing any documents relating to the Fund, a subfund or Share Class subject to a minimum of 30,000 EUR p.a. per Share Class that are required by applicable laws and subfund and a maximum annual rate of 0.05% per annum. Since 2 regulations (such as the Articles of incorporation, the December 2019, in its role as Depositary, The Bank of New York Prospectus, key investor information documents, financial Mellon SA/NV Luxembourg Branch is entitled to an annual fee reports and notices to investors) or any other documents and equal to a percentage of the average Net Asset Value of each materials made available to investors (such as explanatory subfund or Share Class, subject to a minimum amount of 20,000 memoranda, statements, reports, factsheets and similar EUR p.a. applied at umbrella level proportionally to each Sub- documents); Fund’s Net Asset Value. The Depositary fee accrues on each 2) organising and holding general meetings of shareholders and Valuation Day and is payable monthly in arrears out of the assets preparing, printing, publishing and/or distributing notices and of the Fund and allocated to each subfund and Share Class. The other communications to shareholders; Depositary is also entitled to transaction fees charged on the basis 3) professional advisory services (such as legal, tax, accounting, of the investments made by each subfund consistent with market compliance, auditing and other advisory services, included practice in Luxembourg, as well as other banking services fees those related to the fund set up) taken by the Fund or the related to the management of the subfund liquidity. Fees paid to the Depositary may vary depending on the nature of the investments Management Company on behalf of the Fund; of each subfund and the countries and/or markets in which the 4) investment and administration services taken by the Fund or investments are made. The Depositary is also entitled to the Investment Manager on behalf of the Fund (including fees reimbursement of reasonable out-of-pocket expenses properly related to the settlement of the subfund portfolio transactions incurred in carrying out its duties, with particular reference to the and other services utilised for portfolio, risk management and exercise of securities-related rights and specific tax services. administration purposes and expenses incurred in obtaining investment research, systems and other services or data Northern Trust Global Services SE was the Administrator for the utilised for portfolio and risk management purposes); subfunds until 1 December 2019. The Bank of New York Mellon SA/NV Luxembourg Branch (“the Administrator”) assumed the role of Administrator for the subfunds from 2 December 2019. Until 1 December 2019, in its role as Administrator, Northern Trust Global Services SE was entitled to an annual fee equal to a percentage

of the average Net Asset Value of each subfund or Share Class

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5) the authorisation of the Fund, the subfunds and Share effective date of migration. The changing of some service Classes, regulatory compliance obligations and reporting providers is in the best interests of investors and will result in requirements of the Fund (such as administrative fees, filing reduced overall costs to the Fund. fees, insurance costs and other types of fees and expenses incurred in the course of regulatory compliance), and all types Note 3 – Taxe d’abonnement of insurance obtained on behalf of the Fund and/or the According to the law and practice currently in force, the Fund is members of the Board of Directors of the Fund; not liable to any Luxembourg tax on withholding, income, capital 6) initial and ongoing obligations relating to the registration gains or wealth taxes. The Fund is, however, liable in Luxembourg and/or listing of the Fund, a subfund or Share Class and the to a subscription tax of 0.05% per annum (“Taxe d’Abonnement”) distribution of Shares in Luxembourg and abroad (such as of its net asset value, such tax being payable quarterly on the fees charged by and expenses payable to financial regulators, basis of the value of the net assets of The Fund at the end of the distributors, correspondent banks, representatives, listing relevant calendar quarter or 0.01% per annum for the Classes of agents, paying agents, fund platforms, and other agents shares dedicated to institutional investor as defined by the and/or service providers appointed in this context, as well as Luxembourg laws and regulations. Investments in UCI already advisory, legal, and translation costs); subject to the subscription tax are exempt. 7) memberships or services provided by international organisations or industry bodies such as the Association of the Note 4 – Commitments on Financial Futures, Options and Luxembourg Fund Industry (ALFI); Swaps 8) taxes, charges and duties payable to governments and local authorities (including the Luxembourg annual subscription tax Commitments on Financial Futures, Options and Swaps per (taxe d’abonnement) and any other taxes payable on assets, subfund and respective currency as of 31 December 2019 can be income or expenses) and any value added tax (VAT) or similar tax summarised as follows: associated with any fees and expenses paid by the Fund; and 9) the reorganisation or liquidation of the Fund, a subfund or a) Financial Futures Share Class. Sidera Funds SICAV Financial Futures Financial Futures (bought) (sold) 2.6 Transaction costs Sidera Funds – Balanced Growth 8,037,041.20 EUR 223,740.00 EUR Each subfund bears the costs and expenses arising from buying Sidera Funds and selling portfolio assets and entering into other transactions in – Euro Credit Alpha 61,450,720.00 EUR - securities or other financial instruments, such as brokerage fees Sidera Funds and commissions and all other fees, expenses, commissions, – Equity Europe Active 27,350,200.00 EUR - charges, premiums and interest paid to banks, brokers, execution Selection Sidera Funds 24,655,320.00 EUR 325,352,368.94 EUR agents or securities lending agents and/or incurred in participating – Equity Global Leaders in any repurchase, reverse repurchase and securities lending Sidera Funds programs, collateral management fees and associated costs and – Global Conservative 9,259,740.73 EUR 14,254,213.25 EUR charges, exchange fees, taxes, levies and stamp duties Income chargeable in connection with transactions in securities or other Sidera Funds – Global High Yield 14,178,494.12 EUR 6,417,393.20 EUR financial, and any other transaction-related expenses. The costs incurred by the subfund during the year are further disclosed in The commitments on Financial Futures on bonds or index (if any) Note 5. are calculated based on the market value of the Financial Futures (Number of contracts*notional contract size*market price of the 2.7 Extraordinary expenses futures).

In order to safeguard the interests of the Fund and its investors, the Fund or any subfund may bear any extraordinary expenses including, without limitation, expenses related to litigation and b) Options regulatory investigations (including penalties, fines, damages and indemnifications) and the full amount of any tax, levy, duty or Sidera Funds SICAV Options on indices similar charge imposed on the Fund or subfund that would not be classic-styled (sold) considered as ordinary Operating and Administrative Expenses. Sidera Funds – Equity Europe Active 195,125.00 EUR 2.8 Formation expenses Selection Sidera Funds Formation expenses will be borne by the Fund or alternatively they – Equity Global Leaders 171,675.00 EUR will be borne by the Fund Promoter and then re-charged to the Fund and may be amortised over a period of up to five (5) years from the date of incorporation of the Fund. The formation expenses of each new subfund will be borne by such subfund and c) Swaps may be amortised over a period of up to five (5) years. New subfunds created after the incorporation and launch of the Fund Sidera Funds SICAV Credit default Credit default swaps swaps will participate in the non-amortised formation expenses of the (bought) (sold) Fund. Sidera Funds – Euro Credit Alpha 192,252,990.00 EUR 310,404,159.02 EUR 2.9 Migration expenses Sidera Funds – Global High Yield 10,000,000.00 EUR 14,683,809.50 EUR The costs and expenses incurred in connection with the changes Sidera Funds of some service providers of the Fund (effective as of 2 December – Global Income 2019) are estimated to an amount of approximately 166,000 EUR. Opportunities - 51,825,209.99 EUR Such costs will be borne by the Fund or alternatively they will be borne by the Fund Promoter and then re-charged to the Fund and may be amortised over a period of up to three (3) years from the

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Note 5 – Transaction costs

Transaction costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the financial year. Transaction costs are included in the cost of securities purchased and sold.

For the financial year ended on 31 December 2019, the Fund incurred transaction costs relating to purchase or sale of investments in securities and similar transactions as follows:

Sidera Funds SICAV Transaction costs Sidera Funds – Balanced Growth 17,259.19 EUR Sidera Funds – Euro Credit Alpha 18,856.47 EUR Sidera Funds – Equity Europe Active 596,186.25 EUR Selection Sidera Funds – Equity Global Leaders 591,509.03 EUR Sidera Funds – Global Conservative Income 11,388.18 EUR Sidera Funds – Global High Yield 33,087.96 EUR Sidera Funds – Global Income Opportunities 7,848.74 EUR Sidera Funds – Income Plus* 2,975.95 EUR Sidera Funds – North American Equity 335,092.09 EUR

* The Sidera Funds – Income Plus subfund launched on 12 September 2019.

Not all transaction costs are separately identifiable. For fixed income investments, forward foreign exchange contracts and other derivative contracts, transaction costs are included in the purchase and sale price of the investment. Whilst not separately identifiable these transaction costs are captured within the performance of each subfund.

Note 6 – Official language

The English version of these financial statements is the authoritative version and only this version was audited by the auditor.

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Note 7 – OTC-Derivatives

If the Fund enters into OTC transactions, it may be exposed to risks related to the creditworthiness of the OTC counterparties: when the Fund enters into futures contracts, options and swap transactions or uses other derivative techniques it is subject to the risk that an OTC counterparty may not meet (or cannot meet) its obligations under a specific or multiple contracts. Counterparty risk can be reduced by depositing a security. If the Fund is owed a security pursuant to an applicable agreement, such security shall be held in custody by the Depositary in favour of the Fund. Bankruptcy and insolvency events or other credit events with the OTC counterparty, the Depositary or within their sub depositary/correspondent bank network may result in the rights or recognition of the Fund in connection with the security to be delayed, restricted or even eliminated, which would force the Fund to fulfill its obligations in the framework of the OTC transaction, in spite of any security that had previously been made available to cover any such obligation.

OTC-Derivatives*

The OTC-derivatives of the below subfunds with no collateral, have margin accounts instead.

Subfund Unrealized gain Collateral Received (loss) Counterparty Sidera Funds – Balanced Growth Bank of America Merrill Lynch -3,964.07 EUR 0.00 EUR Societe Generale 6,858.40 EUR 0.00 EUR Sidera Funds – Euro Credit Alpha Bank of America Merrill Lynch 2,756,254.00 EUR 0.00 EUR Societe Generale 852,954.72 EUR 0.00 EUR Sidera Funds – Equity Global Leaders Bank of America Merrill Lynch -30,756.88 EUR 0.00 EUR Societe Generale 812,146.71 EUR 0.00 EUR Sidera Funds – Global Conservative Income Bank of America Merrill Lynch 151,741.00 EUR 0.00 EUR Sidera Funds – Global High Yield Bank of America Merrill Lynch -7,923.78 EUR 0.00 EUR Bank of New York Mellon 1,828.33 EUR 0.00 EUR BNP Paribas 1,453.54 EUR 0.00 EUR JP Morgan 877,336.81 EUR 0.00 EUR Morgan Stanley 2,773.14 EUR 0.00 EUR Societe Generale -45,342.50 EUR 0.00 EUR UBS 874,714.15 EUR 0.00 EUR Sidera Funds – Global Income Opportunities Bank of America Merrill Lynch -98,188.99 EUR 0.00 EUR Societe Generale 1,029,536.70 EUR 0.00 EUR

* Derivatives traded on an official exchange are not included in this table as they are guaranteed by a clearing house. In the event of a counterparty default, the clearing house assumes the risk of loss.

Note 8 – Securities Lending

The Fund may lend portions of its securities portfolio to third parties. In general, lendings may only be effected via recognized clearing houses such as Clearstream International or Euroclear, or through the intermediary of prime financial institutions that specialise in such activities and in the modus specified by them. Securities lending income and costs are shown separately in the Statement of Operations. Collateral is received in relation to securities lent. Collateral is composed of high quality securities in an amount typically at least equal to the market value of the securities loaned.

The income and costs related to securities lending are presented in the Statement of Operations of each subfund. The costs mainly consist of costs for the securities lending agent as a remuneration for its role.

As at 31 December 2019, the subfunds did not participate in securities lending.

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Note 9 – Foreign currency translations The Fund and subfunds maintain their books and records in Euro (“EUR”) and the annual accounts are expressed in that currency. All the transactions expressed in another currency than in Euro are translated in Euro at the exchange rate prevailing at the date of transaction.

The value of any asset or liability denominated or expressed in a currency other than Euro will be converted at the exchange rates effective at the Combined Statement of Net Assets date. Foreign exchange differences on those items, which are accounted for at fair value, are recognised in the Combined Statement of Operations and Change in Net Assets.

The exchange rates as at 31 December 2019 were as follows:

EUR/CAD 1.45555 EUR/CHF 1.08697 EUR/DKK 7.47233 EUR/GBP 0.84731 EUR/JPY 121.98546 EUR/NOK 9.86354 EUR/SEK 10.50754 EUR/USD 1.12247

Note 10 - Significant events during the reporting year

On 1 June 2019, Deloitte Audit S.à r.l. changed its registered address from 560 Rue de Neudorf, L-2220 Luxembourg to 20 Boulevard de Kockelscheuer, L-1821 Luxembourg.

On 10 June 2019, UBS Third Party Management Company S.A. resigned as Management Company and on 11 June 2019 UBS Fund Management (Luxembourg) S.A. was appointed as Management Company.

A Prospectus for the Company was issued in August 2019.

The Sidera Funds – Income Plus subfund was launched on 12 September 2019.

A Prospectus for the Company was issued in December 2019.

On 1 December 2019, UBS Fund Management (Luxembourg) S.A. was removed as Management Company and on 2 December 2019 Carne Global Fund Managers (Luxembourg) S.A. was appointed as Management Company.

On 1 December 2019, Northern Trust Global Services SE was removed as Administrator, Domiciliary and Transfer Agent to the Company and on 2 December 2019 the Bank of New York Mellon SA/NV, Luxembourg Branch was appointed as Administrator, Domiciliary and Transfer Agent.

On 1 December 2019, UBS Europe SE, Luxembourg Branch was removed as Depositary and Paying Agent to the Company and on 2 December 2019 the Bank of New York Mellon SA/NV, Luxembourg Branch was appointed as Depositary and Paying Agent.

There are no other significant events during the year.

Note 11 - Subsequent events

It should be noted that, from the closing date of the report, some instability factors recently manifested due to the emergence of Covid- 19 that affected China and subsequently spread to other countries. It should therefore be highlighted that if these factors manifest themselves significantly, also in relation to any decisions taken by government authorities to contain the spread of the epidemic, the prospects for future growth could be significantly impacted with consequent effects on the economy of individual countries and on the financial markets.

There were no other significant events since 31 December 2019.

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1) Global Exposure

Risk management Risk management in accordance with the commitment approach and the value-at-risk approach is applied pursuant to the applicable laws and regulatory provisions.

In financial mathematics and financial risk management, VaR is a widely used risk measure of the risk of loss on a specific portfolio of financial assets. For a given investment portfolio, probability and time horizon, VaR measures the potential loss that could arise over a given time interval under normal market conditions, and at a given confidence level. The calculation of VaR is conducted on the basis of a one-sided confidence interval of 99% and a holding period of 20 days. The exposure of the subfund is subject to periodic stress tests. VaR limits are set using an absolute or relative approach. The Board of Directors will decide which VaR approach is the most appropriate methodology given the risk profile and investment strategy of the subfund. The VaR approach selected for each subfund using VaR is specified below.

The absolute VaR approach is generally appropriate in the absence of an identifiable reference portfolio or benchmark for the subfund (for instance, where the subfund has an absolute return target). Under the absolute VaR approach a limit is set as a percentage of the Net Asset Value of the subfund. Based on the above calculation parameters, the absolute VaR of each subfund is limited to 20% of its Net Asset Value. The Management Company may set a lower limit if appropriate.

The relative VaR approach is used for subfunds where a leverage-free VaR benchmark or reference portfolio may be defined, reflecting the investment strategy of the subfund. The relative VaR of a subfund is expressed as a multiple of the VaR of the defined benchmark or reference portfolio and is limited to no more than twice the VaR on that benchmark or reference portfolio. The VaR benchmark or reference portfolio of the subfund, which may be different from the benchmark used for other purposes, is specified in its Supplement.

Leverage Leverage is defined pursuant to the applicable ESMA directives as the total of the nominal values of the derivatives used by the respective subfund. According to this definition, leverage may result in artificially increased leverage amounts, as some derivatives that can be used for hedging purposes may be included in the calculation. Consequently, this information does not necessarily reflect the precise actual leverage risk that the investor is exposed to.

Sidera Funds SICAV Global risk Model Min Max Avg Avg Year end calculation used VaR (%) VaR (%) VaR (%) Leverage method consumpti consumptio consumption (%) on n Sidera Funds – Balanced Growth Absolute VaR approach Historical VaR 0.03% 4.46% 3.67% 66.02% 31.12.2019 Sidera Funds – Euro Credit Alpha Relative VaR approach Historical VaR 0.80% 1.17% 0.95% 100.89% 31.12.2019 Sidera Funds – Equity Europe Active Relative VaR approach Historical VaR 0.11% 10.94% 8.47% 11.82% 31.12.2019 Selection Sidera Funds – Equity Global Absolute VaR approach Historical VaR 0.02% 3.70% 1.95% 90.28% 31.12.2019 Leaders Sidera Funds – Global Conservative Relative VaR approach Historical VaR 1.42% 2.00% 1.59% 63.07% 31.12.2019 Income Sidera Funds – Global High Yield Relative VaR approach Historical VaR 1.44% 2.85% 2.21% 63.77% 31.12.2019 Sidera Funds – Global Income Absolute VaR approach Historical VaR 0.01% 1.75% 1.36% 41.32% 31.12.2019 Opportunities Sidera Funds – Income Plus* Absolute VaR approach Historical VaR 0.16% 0.51% 0.40% 0.00% 31.12.2019 Sidera Funds – North American Commitment approach Commitment N/A N/A N/A N/A 31.12.2019 Equity

* The Sidera Funds – Income Plus subfund launched on 12 September 2019.

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2) Remuneration Policy and Quantitative Disclosure of the Management Companies a) Carne Global Fund Managers (Luxembourg) S.A.:

The Management Company has designed and implemented a remuneration policy (the “Remuneration Policy”) in line with the provisions on remuneration as set out by the European Directive 2009/65/EC (“UCITS Directive”), as amended by Directive 2014/91/EU (“UCITS V Directive”) as implemented into Luxembourg in the Law of 10 May 2016 (the “2016 Law”).

The Management Company has developed and implemented remuneration policies and practices that are consistent with and promote a sound and effective risk management of the Fund, do not encourage risk-taking which is inconsistent with the risk profiles/rules governing the Fund, and do not impair compliance with the Management Company’s duty to act in the best interest of the Fund and ultimately its investors.

The Board of Directors of the Management Company is responsible for the design, implementation and regular review of the Remuneration Policy. In reviewing the Remuneration Policy, the Board of Directors of the Management Company will consider whether the remuneration framework operates as intended and ensure that the risk profile, long-term objectives and goals of the Fund are adequately reflected. No material amendments were made to the Remuneration Policy and no irregularities were uncovered during the period under review.

Proportion of the total remuneration of the staff of the UCITS attributable to Sidera Funds SICAV as of 31 December 20191:

The proportion of the total remuneration attributable to Sidera Funds SICAV been calculated on a pro rata basis and on the basis of the total AUM of UCITS managed by the Management Company.

Number of beneficiaries Total remuneration Fixed remuneration in Variable remuneration in (EUR)2 percentage of total percentage of total Total remuneration paid 10 1,552,439 0.344 0.100 to Identified Staff3 by the Management Company during the financial year

There is no remuneration paid to identified staff of delegates from the Management Company.

1 31 December is the financial year-end of the Management Company. 2 Total remuneration = sum of fixed remuneration and variable remuneration paid during the Management Company‘s financial year. 3 Identified Staff comprises = Chief Executive Officer, Conducting Officers and Head of Legal and Compliance.

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2) Remuneration Policy and Quantitative Disclosure of the Management Companies b) UBS Fund Management (Luxembourg) S.A.:

Main principles of the remuneration policy

1. Overview This document sets out the principles governing the remuneration and compensation framework of UBS Fund Management (Luxembourg) S.A., which are described under its remuneration policy (the Policy) whose objectives are:

• to promote a sound and effective risk management environment, not encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the Undertakings for Collective Investment in Transferable Securities (UCITS)/Alternative Investment Funds (AIFs) managed, and to comply with the UBS business strategy, objectives, values and interests, including measures to avoid conflicts of interests, as stated under the UBS Conflicts of Interests Policy; and

• to ensure that the remuneration is in line with the applicable regulations, and more specifically with the provisions defined under (i) the Articles 111bis and 111ter of the Luxembourg Law of 17 December 2010 on undertakings for collective investment as amended from time to time (the UCITS Law) transposing the UCITS Directive 2014/91/EU (the UCITS V Directive), (ii) the Alternative Investment Fund Managers (AIFM) Directive 2011/61/EU, transposed into the Luxembourg AIFM Law dated from 12 July 2013, as amended from time to time, (iii) the ESMA's guidelines on sound remuneration policies under the UCITS Directive and AIFMD published on 31 March 2016 (the ESMA Guidelines) and (iv) the CSSF Circular 10/437 on Guidelines concerning the remuneration policies in the financial sector issued on 1 February 2010.

The Board of Directors of UBS Fund Management (Luxembourg) S.A. has updated the policy on 09-03-2016. The Policy applies to all UBS employees of Management Companies domiciled in Luxembourg.

All employees of the UBS Group are subject to the UBS Group compensation framework, a framework for the compensation decisions and compensation programs across the organization that balance performance with prudent risk-taking. The principles focus on amongst others, sound governance and strong risk awareness. Further, they build on UBS's guiding principles of client focus, excellence and sustainable performance and give full effect to relevant regulatory requirements in jurisdictions where UBS operates.

2. Calculation of remuneration and benefits

The remuneration of all staff members of UBS Fund Management (Luxembourg) S.A. consists of the following components: • The fixed component of the remuneration represents a sufficient high proportion of the total remuneration and allows a fully flexible bonus strategy, including the possibility to pay no variable remuneration component. The fixed remuneration is determined by taking into consideration the role of the individual employee, including responsibility and job complexity, performance and local market conditions. It is also to be noted that the company may, on its own discretion, offer fringe benefits to some employees which are an integral component of the fixed remuneration;

• The variable remuneration allocated is based on a combination of the assessment of the performance of the individual and of the business unit concerned and of the overall results of the company. Without prejudice to the general principles of national contract and labor law, the total variable remuneration shall generally be considerably contracted where subdued or negative financial performance occurs or where economic state of the company has deteriorated significantly. Moreover, the assessment of individual performance is taking into consideration quantitative (financial) and qualitative (non- financial) criteria.

The various remuneration components are combined to ensure an appropriate and balanced remuneration package that reflects the business unit, the employee’s rank in UBS Fund Management (Luxembourg) S.A. the professional activity as well as the local market practices.

In exceptional cases, a guaranteed Incentive Award can be granted to a new employee for the first year of employment only. In the event of the early termination of an employment contract, the individual concerned will only be entitled to his salary, in accordance with the provisions of the employment contract and the relevant and applicable labor law regime. In particular, no bonus will be granted to any such individual.

All employees are required to undertake not to use personal hedging strategies or remuneration, and liability, related insurance to undermine the risk alignment effects embedded in their remuneration arrangements.

Variable remuneration is not paid through vehicles or methods that facilitate the non-compliance with the regulatory provisions laid down under the UCITS and AIFM Laws. It is to be noted that the control functions are compensated in accordance with the achievement of the objectives linked to their functions and independent from the performance of the business areas they control.

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3. Proportionality As foreseen under the ESMA guidelines, UBS Fund Management (Luxembourg) S.A. may invoke the proportionality principle at the level of the Management Company/AIFM, given its size, internal organization and nature of its business model.

By applying the principles of proportionality, the following criteria are neutralized: • the payment of the variable remuneration in units or shares, equivalent ownership interests or share-linked instruments or equivalent non-cash instruments; • the deferral requirements; • the retention requirements; and • the incorporation of ex-post risk factors (i.e. malus or clawback arrangements).

4. Organs responsible for the award of remuneration and benefits

In order to ensure a coherent approach throughout the UBS Luxembourg entities, a Luxembourg Remuneration Committee is organized at the level of the Luxembourg Executive Committee. The Remuneration Committee which is constituted in a way that enables it to exercise competent and independent judgment on the remuneration policies and practices and the incentives created for managing risks.

The Remuneration Committee is also responsible for:

• developing the remuneration strategy in line with the principles defined under the policy; • proposing to the Board of Directors of UBS Fund Management (Luxembourg) S.A. the principles and design of remuneration plans; • informing the Board of Directors of UBS Fund Management (Luxembourg) S.A. about policies, programs and key recommendations as well as statistical comparisons of remuneration levels of key competitors; • informing the Board of Directors of UBS Fund Management (Luxembourg) S.A. on the recommendations taken with respect to remuneration principles and provisions set forth under the policy; • reviewing and reassessing the adequacy of this policy at least annually and submit proposed changes to the Board of Directors of UBS Fund Management (Luxembourg) S.A.; • prepare its recommendations taking into account the long-term interests of shareholders, investors and other stakeholders; and • conducting an annual self-evaluation of the Remuneration Committee's performance.

5. Review and amendment The remuneration and compensation framework is reviewed at least on a yearly basis and subject to approval by the Board of Directors UBS Fund Management (Luxembourg) S.A.

The implementation of the Policy is also subject to an annual review by the internal control functions of the UBS Fund Management (Luxembourg) S.A. and by the Remuneration Committee.

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2) Remuneration Policy and Quantitative Disclosure of the Management Companies c) UBS Third Party Management Company S.A.:

Main principles of the remuneration policy

1. Overview

This document sets out the principles governing the remuneration and compensation framework of UBS Third Party Management Company S.A., which are described under its remuneration policy (the Policy) whose objectives are:

The Board of Directors of UBS Third Party Management Company S.A. has updated the policy on 09-03-2016. The Policy applies to all UBS employees of Management Companies domiciled in Luxembourg.

The principles focus on amongst others, sound governance and strong risk awareness. Further, they build on UBS's guiding principles of client focus, excellence and sustainable performance and give full effect to relevant regulatory requirements in jurisdictions where UBS operates.

2. Calculation of remuneration and benefits

The remuneration of all staff members of UBS Third Party Management Company S.A. consists of the following components:

• The fixed component of the remuneration represents a sufficient high proportion of the total remuneration and allows a fully flexible bonus strategy, including the possibility to pay no variable remuneration component. The fixed remuneration is determined by taking into consideration the role of the individual employee, including responsibility and job complexity, performance and local market conditions. It is also to be noted that the company may, on its own discretion, offer fringe benefits to some employees which are an integral component of the fixed remuneration;

The various remuneration components are combined to ensure an appropriate and balanced remuneration package that reflects the business unit, the employee’s rank in UBS Third Party Management Company S.A. the professional activity as well as the local market practices.

Variable remuneration is not paid through vehicles or methods that facilitate the non-compliance with the regulatory provisions laid down under the UCITS and AIFM Laws.

It is to be noted that the control functions are compensated in accordance with the achievement of the objectives linked to their functions and independent from the performance of the business areas they control.

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3. Proportionality As foreseen under the ESMA guidelines, UBS Third Party Management Company S.A. may invoke the proportionality principle at the level of the Management Company/AIFM, given its size, internal organization and nature of its business model. By applying the principles of proportionality, the following criteria are neutralized: • the payment of the variable remuneration in units or shares, equivalent ownership interests or share-linked instruments or equivalent non-cash instruments; • the deferral requirements; • the retention requirements; and • the incorporation of ex-post risk factors (i.e. malus or clawback arrangements).

4. Organs responsible for the award of remuneration and benefits

The Remuneration Committee is also responsible for:

• developing the remuneration strategy in line with the principles defined under the policy; • proposing to the Board of Directors of UBS Third Party Management Company S.A. the principles and design of remuneration plans; • informing the Board of Directors of UBS Third Party Management Company S.A. about policies, programs and key recommendations as well as statistical comparisons of remuneration levels of key competitors; • informing the Board of Directors of UBS Third Party Management Company S.A. on the recommendations taken with respect to remuneration principles and provisions set forth under the policy; • reviewing and reassessing the adequacy of this policy at least annually and submit proposed changes to the Board of Directors of UBS Third Party Management Company S.A.; • prepare its recommendations taking into account the long-term interests of shareholders, investors and other stakeholders; and • conducting an annual self-evaluation of the Remuneration Committee's performance.

5. Review and amendment

The remuneration and compensation framework is reviewed at least on a yearly basis and subject to approval by the Board of Directors UBS Third Party Management Company S.A..

The implementation of the Policy is also subject to an annual review by the internal control functions of the UBS Third Party Management Company S.A. and by the Remuneration Committee.

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3) Securities Financing Transaction Regulation and of reuse (SFTR)

The Fund engages in Securities Financing Transactions (hereafter “SFT”) as defined in Article 3 of Regulation (EU) 2015/2365 (the “Regulation”). Securities Financing Transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions through its exposure on reverse repurchase agreements during the year. As at 31 December 2019, the subfunds did not participate in securities lending. Refer to the Statement of Operations for details of the securities lending revenues and costs incurred during the year.

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