a&g global sicav - sif - Banque Privée Edmond de Rothschild Europe
a&g global sicav - sif - Banque Privée Edmond de Rothschild Europe
a&g global sicav - sif - Banque Privée Edmond de Rothschild Europe
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A&G GLOBAL SICAV - SIFTABLE OF CONTENTS(continued)....................................................................................................................................................................................................................COOTEHILL FUND 131...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 131...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 132STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 133...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 134...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 135...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 136....................................................................................................................................................................................................................BLACKWATER FUND 137...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 137...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 138STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 139...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 140...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 142...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 143....................................................................................................................................................................................................................KILMALLOCK FUND 144...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 144...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 145STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 146...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 147...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 149...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 150....................................................................................................................................................................................................................CASTLEBRIDGE FUND 151...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 151...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 152STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 153...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 154...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 157...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 158....................................................................................................................................................................................................................NEWTOWNABBEY FUND 159...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 159...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 160STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 161...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 162...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 164...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 165....................................................................................................................................................................................................................KINGSLAND FUND 166...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 166...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 167STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 168...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 169...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 172...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 1736
A&G GLOBAL SICAV - SIFTABLE OF CONTENTS(continued)....................................................................................................................................................................................................................KENMARE FUND 174...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 174...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 175STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 176...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 177...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 181...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 182....................................................................................................................................................................................................................DONEGALL FUND 183...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 183...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 184STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 185...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 186...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 190...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 191....................................................................................................................................................................................................................MONEYGALL FUND 192...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 192...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 193STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 194...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 195...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 197...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 198....................................................................................................................................................................................................................CARRIGALINE FUND 199...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 199...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 200STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 201...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 202...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 203...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 204....................................................................................................................................................................................................................DURGANVAN FUND 205...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 205...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 206STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 207...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 208...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 209...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 210....................................................................................................................................................................................................................KNIGHTSTOWN FUND 211...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 211...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 212STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 213...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 214...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 217...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 2187
A&G GLOBAL SICAV - SIFTABLE OF CONTENTS(continued)....................................................................................................................................................................................................................BAUFFE FUND 219...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 219...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 220STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 221...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 222...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 225...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 226....................................................................................................................................................................................................................MOORFIELDS FUND 227...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 227...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 228STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 229...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 230...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 233...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 234....................................................................................................................................................................................................................STONECARTHY FUND 235...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 235...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 236STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 237...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 238...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 239...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 240....................................................................................................................................................................................................................CASTLEBANNY FUND 241...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 241...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 242STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 243...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 244...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 247...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 248....................................................................................................................................................................................................................CHURCHTOWN FUND 249...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS 249...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 250STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE...........................................................................................................................................................................................................................................................PER SHARE 251...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 252...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 254...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 255NOTES ....................................................................................................................................................................................................................TO THE FINANCIAL STATEMENTS 2568
A&G GLOBAL SICAV - SIFMANAGERS AND ADMINISTRATIONREGISTERED OFFICE1, avenue du BoisL-1251 LuxembourgGrand Duchy of LuxembourgGENERAL PARTNERA&G Global GP1, Avenue du BoisL-1251 LuxembourgGrand Duchy of LuxembourgBOARD OF MANAGERS OF THE GENERALPARTNERChairman:- Mr. Sergio Navarro Fernàn<strong>de</strong>zMembersManager:- Mr. Juan Suárez <strong>de</strong> Figueroa DìezManager:- Mr Javier Martinez LopezManager:- Mr Gonzalo Rodriguez-Fraile HueteManager:- Mr José Manuel Villamor ZambranoManager:- Mr. Marco Ruiz GòmezMANAGEMENT COMPANYA&G Luxembourg AM, S.A.1, avenue du BoisL-1251 LuxembourgGrand Duchy of LuxembourgBOARD OF DIRECTORS OF THE MANAGEMENTCOMPANYMEMBERSMr. Laurent BreuletMr. Juan Suárez <strong>de</strong> Figueroa DìezMr. Sergio Navarro Fernán<strong>de</strong>zMr. Marco RuizCUSTODIAN, REGISTRAR, TRANSFER ANDPAYING AGENT, ADMINISTRATIVE AGENT,LISTING AGENT<strong>Banque</strong> <strong>Privée</strong> <strong>Edmond</strong> <strong>de</strong> <strong>Rothschild</strong> <strong>Europe</strong>20, Boulevard Emmanuel ServaisL-2535 LuxembourgGrand Duchy of LuxembourgAUDITORPRICEWATERHOUSECOOPERS Société coopérative400, Route d’EschL-1471 LuxembourgGrand Duchy of LuxembourgLEGAL ADVISERArendt & Me<strong>de</strong>rnach14, rue ErasmeL-2082 LuxembourgGrand Duchy of LuxembourgINVESTMENT ADVISOR (until June 30, 2012)Asesores Y Gestores Financieros Private Equity S.LJoaquin Costa 2628 002 MadridSpainCOUNTERPARTY FOR FUTURES AND OPTIONSCONTRACTSJ.P MORGAN125 London WallLondon EC2Y 5AJUnited KingdomCHAIRMANMs. Hélène Dupuy9
A&G GLOBAL SICAV - SIFINFORMATION TO THE SHAREHOLDERSNotices concerning the Fund are published in newspapers<strong>de</strong>signated by the General Partner and, if prescribed bylaw, are published in the Mémorial, the official gazette ofLuxembourg, and are lodged with the Registrar of theLuxembourg District Court.The current Articles of Incorporation of the Fund arelodged with the Registrar of the Luxembourg DistrictCourt, from whom copies may be obtained.The issue price and the re<strong>de</strong>mption price of the Fundshares are ma<strong>de</strong> public at the Registered Office of theFund, where annual and semi-annual reports may beobtained.Subscriptions cannot be received on the basis of financialreports. Subscriptions are valid only if ma<strong>de</strong> on the basisof the current prospectus, supplemented by the last annualreport and the most recent semi-annual report if publishedthereafter.NET ASSET VALUE PER SHAREThe Net Asset Value (the “Net Asset Value”) per share ofeach Sub-Fund is <strong>de</strong>termined the last calendar day of eachmonth (the «Valuation Day») un<strong>de</strong>r the responsibility ofthe General Partner.10
A&G GLOBAL SICAVREPORT ON THE ACTIVITIES OF THE FUND *Year 2012 en<strong>de</strong>d with positive performances for the major risk assets, but even more importantly, it en<strong>de</strong>d with a positive tonein terms of the evolution of the main issues of concern to the market: Eurozone crisis and US fiscal cliff.In <strong>Europe</strong>, the Italian prime minister's resignation caused a significant rise in risk premiums for peripheral <strong>Europe</strong>an countriesat first, but this increased risk aversion, was quickly countered by several positive news. There was finally an agreement on the<strong>Europe</strong>an banking supervisor, at least, a temporarily solution for the Greek crisis but the main positive was again the feelingthat the ECB would do “whatever it takes” to solve the <strong>Europe</strong>an crisis. Meanwhile, Greece managed to complete the bondsbuyback necessary to receive the next tranche of aid.Sentiment change about the Eurozone’s political class was also an strong positive for the market. In their mid-month meeting,politicians managed to take concrete steps and reached important agreements instead of postponing solutions in<strong>de</strong>finitely. Forthe first time in several years, the politicians gave the market what it wanted.In the U.S., the FED once again <strong>de</strong>monstrated its commitment to the economy and the markets. It set specific macroeconomictriggers for their reference rates to start rising. Rates will still be as low as they are until unemployment rate drops down to6.5% and inflation is higher than 2.5%. Additional measures to inject liquidity into the system were taken and, in summary, themessage was clear about following the current unprece<strong>de</strong>nted expansionary monetary policy.Each and every movement of the markets during the month was justified by analysts and journalists by the advance and retreatof the fiscal cliff negotiations. Finally, as expected, we had a last-time agreement not to cut public spending and raise taxes onAmerican families with annual incomes over $ 450,000 ($400,000 for individuals). These are certainly good news, but theymerely postpone the problem to the month of March, when the world's largest economy will reach its <strong>de</strong>bt ceiling again.The economic data for December confirmed an improvement in the <strong>global</strong> economy, highlighting the strong performance ofChina, which appears to have allayed fears over a hard landing for its economy and is already expanding its economic activity.The U.S. economy also showed strength, <strong>de</strong>spite the damage caused by Hurricane Sandy. Both the labor market, such as realestate, pillars of the economy, accumulate several months of positive data, which points to a sustained recovery, althoughpossibly somewhat slower than <strong>de</strong>sirable.In this context, the <strong>global</strong> stock in<strong>de</strong>x was up 1.78% in December, with large disparities between regions. Positively noted thestrong performance of emerging markets (+5%) and Japan (+10%), while on the negative si<strong>de</strong>, the U.S. stock market rose just0.71% and <strong>Europe</strong> indices performances were also mo<strong>de</strong>st.We enter 2013 with significant improvement market sentiment and main risks being reduced, although the situation in <strong>Europe</strong>in general and Spain in particular is far from resolved. It is important to differentiate this concerning economic reality from theevolution of financial markets, which move according to future expectations of investors, whom may have left behind theirextreme pessimism view of the world.A&G Luxembourg AM.May 29, 2013* Indications and comparisons are historical and are not necessarily an indication of future results.11
AUDIT REPORTTo the Sharehol<strong>de</strong>rs ofA&G GLOBAL, SCA, SICAV – SIFFollowing our appointment by the General Meetingof the Sharehol<strong>de</strong>rs dated June 21, 2012, we haveaudited the accompanying financial statements ofA&G GLOBAL, SCA, SICAV - SIF and of each ofits sub-funds, which comprise the statement of netassets and the statement of investments in securitiesand other net assets as at December 31, 2012 andthe statement of operations and changes in netassets for the year then en<strong>de</strong>d, and a summary ofsignificant accounting policies and otherexplanatory notes to the financial statements.Responsibility of the Board of Directors of theSICAV-SIF for the financial statementsThe Board of Directors of the SICAV-SIF isresponsible for the preparation and fair presentationof these financial statements in accordance withLuxembourg legal and regulatory requirementsrelating to the preparation of the financialstatements and for such internal control as theBoard of Directors of the SICAV-SIF <strong>de</strong>termines isnecessary to enable the preparation of financialstatements that are free from material misstatement,whether due to fraud or error.Responsibility of the “Réviseur d’entreprisesagréé”Our responsibility is to express an opinion on thesefinancial statements based on our audit. Weconducted our audit in accordance withInternational Standards on Auditing as adopted forLuxembourg by the “Commission <strong>de</strong> Surveillancedu Secteur Financier”. Those standards require thatwe comply with ethical requirements and plan andperform the audit to obtain reasonable assuranceabout whether the financial statements are free frommaterial misstatement.An audit involves performing procedures to obtainaudit evi<strong>de</strong>nce about the amounts and disclosures inthe financial statements. The procedures selected<strong>de</strong>pend on the judgment of the “Réviseurd’entreprises agréé”, including the assessment ofthe risks of material misstatement of the financialstatements, whether due to fraud or error. In makingthose risk assessments, the “Réviseur d’entreprisesagréé” consi<strong>de</strong>rs internal control relevant to theentity’s preparation and fair presentation of thefinancial statements in or<strong>de</strong>r to <strong>de</strong>sign auditprocedures that are appropriate in thecircumstances, but not for the purpose of expressingan opinion on the effectiveness of the entity’sinternal control. An audit also inclu<strong>de</strong>s evaluatingthe appropriateness of accounting policies used andthe reasonableness of accounting estimates ma<strong>de</strong> bythe Board of Directors of the SICAV-SIF, as wellas evaluating the overall presentation of thefinancial statements.We believe that the audit evi<strong>de</strong>nce we haveobtained is sufficient and appropriate to provi<strong>de</strong> abasis for our audit opinion.OpinionIn our opinion, the financial statements give a trueand fair view of the financial position of A&GGLOBAL, SCA, SICAV - SIF and of each of itssub-funds as of December 31, 2012, and of theresults of their operations and changes in their netassets for the year then en<strong>de</strong>d in accordance withLuxembourg legal and regulatory requirementsrelating to the preparation of the financialstatements.Other mattersSupplementary information inclu<strong>de</strong>d in the annualreport has been reviewed in the context of ourmandate but has not been subject to specific auditprocedures carried out in accordance with thestandards <strong>de</strong>scribed above. Consequently, weexpress no opinion on such information. However,we have no observation to make concerning suchinformation in the context of the financialstatements taken as a whole.PricewaterhouseCoopers, Société coopérativeRepresented byKenneth IekMay 29, 2013PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F:+352 494848 2900, www.pwc.luCabinet <strong>de</strong> révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU2548251812
A&G GLOBAL SICAV - SIFCOMBINED STATEMENT OF OPERATIONSYear en<strong>de</strong>d December 31, 2012(in EUR)INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 3,513,477.75- Bond interest, net 4,732,990.21Bank interest, net 155,254.85Other income 490.878,402,213.68EXPENSESBank interest, net 1,327,904.33Fees:- Management fee (see notes) 1,841,692.23- Performance fee (see notes) 239,364.20- Investment advisory fee (see notes) 293,888.54- Custodian fee and safekeeping charges (see notes) 464,148.48Other expenses:- Annual tax (see notes) 27,692.32- Amortisation of formation/reorganisation expenses (see notes) 201,999.40- Audit and legal fees 257,479.90- Printing and publishing fees 9,614.49- Administration and other expenses 594,642.675,258,426.56NET OPERATING RESULT 3,143,787.12Net realised result on:- Sales of investments (see notes) (2,288,610.44)- Foreign exchange 1,508,440.36NET REALISED RESULT 2,363,617.04Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 11,989,236.98- Forward foreign exchange contracts on currencies (342,931.43)- Future contracts 519,333.17NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS14,529,255.76The notes are an integral part of these financial statements14
A&G GLOBAL SICAV - SIFMARAGUA FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 36,888,423.86- Net unrealised result (95,788.30)36,792,635.56Cash:- Cash at sight 3,762,184.85- Fiduciary <strong>de</strong>posits 3,200,000.00- Margin <strong>de</strong>posits 7,810.12Other assets:- Interest receivable 719,505.66- Receivable for investments sold (see notes) 391,731.73- Unrealised gain on futures contracts (see notes) 8,644.2144,882,512.13LIABILITIESBank overdraft:- Cash at sight 1,364.88Other liabilities:- Taxes and expenses payable- Unrealised loss on forward foreign exchange contracts(see notes)29,793.806,114.69on currencies37,273.37NET ASSETS 44,845,238.76Net asset value per Ordinary SharesOrdinary Shares outstanding91.30491,189.16271The notes are an integral part of these financial statements15
A&G GLOBAL SICAV - SIFMARAGUA FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 42,746,278.19INCOMEIncome from investments:- Bond interest, net 1,031,676.28Bank interest, net 85,655.931,117,332.21EXPENSESFees:- Management fee (see notes) 91,163.38- Investment advisory fee (see notes) 32,368.52- Custodian fee and safekeeping charges (see notes) 51,382.01Other expenses:- Annual tax (see notes) 4,206.90- Audit and legal fees 28,481.41- Printing and publishing fees 1,216.05- Administration and other expenses 9,181.70217,999.97NET OPERATING RESULT 899,332.24Net realised result on:- Sales of investments (see notes) (1,409,416.71)- Foreign exchange 659.36NET REALISED RESULT (509,425.11)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 2,890,094.97- Forward foreign exchange contracts on currencies (8,565.40)- Future contracts 26,856.11NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS2,398,960.57MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (300,000.00)(300,000.00)NET ASSETS AT THE END OF THE YEAR 44,845,238.76The notes are an integral part of these financial statements16
A&G GLOBAL SICAV - SIFMARAGUA FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 494,713.19016Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (3,524.02745)Shares outstanding at the end of the year 491,189.16271NET ASSET VALUE PER SHAREEURHighest 91.3012.31.12Lowest 83.9805.31.12At the end of the year 91.30CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share497,638.16924 41,710,834.73EUR83.82494,713.19016 42,746,278.19EUR86.41491,189.16271 44,845,238.76EUR91.3017
A&G GLOBAL SICAV - SIFMARAGUA FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSFRANCE1,000,000 RCI BANQUE SA EMTN EUR 941,211.67 106.715 1,067,150.00 2.384% 03.16.11 - 03.16.16TOTAL FRANCE941,211.671,067,150.00 2.381,000,000PORTUGALEDP FINANCE BV EMTN EUR 994,203.05 100.410 1,004,100.00 2.243.25% 03.16.10 - 03.16.15TOTAL PORTUGAL994,203.051,004,100.00 2.24SPAIN2,000,000 BANCO ESPANOL DE CREDITO SA EUR 2,075,042.25 109.420 2,188,400.00 4.875.75% 03.27.02 - 03.27.171,000,000 BANCO FINANCIERO Y DE AHORROS SA EUR 982,742.30 102.050 1,020,500.00 2.285.25% 04.07.11 - 04.07.162,000,000 BBVA SA EUR 1,993,842.25 105.670 2,113,400.00 4.714.75% 02.10.11 - 02.10.162,000,000 CAJA DE AHORROS DE VALENCIA CASTELLON Y EUR 1,889,242.25 98.593 1,971,860.00 4.40ALICANTE3.125% 01.21.10 - 01.21.151,700,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 1,698,342.25 104.890 1,783,130.00 3.985% 02.22.11 - 02.22.161,000,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 999,312.25 105.245 1,052,450.00 2.355.125% 04.27.11 - 04.27.161,000,000 FONDO DE AMORTIZACION DEL DEFICITEUR 998,842.25 103.530 1,035,300.00 2.31ELECTRICO5.6% 05.20.11 - 09.17.181,000,000 INSTITUTO DE CREDITO OFICIAL EMTN EUR 934,542.25 96.895 968,950.00 2.164.375% 05.20.09 - 05.20.191,000,000 INSTITUTO DE CREDITO OFICIAL EMTN EUR 1,011,421.12 103.580 1,035,800.00 2.315.125% 01.25.11 - 01.25.16500,000 MAPFRE SA EUR 501,290.00 105.000 525,000.00 1.175.125% 11.16.12 - 11.16.15740,000 SPAIN EUR 713,209.85 98.870 731,638.00 1.634.1% 02.19.08 - 07.30.18200,000 SPAIN EUR 198,672.36 101.575 203,150.00 0.454.25% 09.06.11 - 10.31.162,000,000 SPAIN EUR 1,899,642.25 99.585 1,991,700.00 4.443.8% 10.18.06 - 01.31.17TOTAL SPAIN15,896,143.6316,621,278.0037.06The notes are an integral part of these financial statements18
A&G GLOBAL SICAV - SIFMARAGUA FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsUNITED STATES OF AMERICA1,000,000 JPMORGAN CHASE & CO EMTN EUR 1,058,927.57 109.575 1,095,750.00 2.443.75% 06.15.11 - 06.15.16TOTAL UNITED STATES OF AMERICA1,058,927.571,095,750.00TOTAL BONDS 18,890,485.9219,788,278.00 44.122.44TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET18,890,485.9219,788,278.0044.12OTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSUNITED KINGDOM1,000,000 BARCLAYS BANK PLC LINKED TO CDS EUR 1,000,100.84 100.100 1,001,000.00 2.233.5% 11.30.09 - 06.20.13TOTAL UNITED KINGDOM1,000,100.841,001,000.00TOTAL BONDS STRUCTURED PRODUCTS 1,000,100.841,001,000.00 2.23EQUITIES STRUCTURED PRODUCTS2.23NETHERLANDS12,500,000 BOIRO FINANCE BV LINKED TO EUROSTOXX50 -SERIES 8020% 05.08.12 - 02.06.17TOTAL NETHERLANDSEUR 10,611,292.25 89.152 11,144,000.00 24.8510,611,292.2511,144,000.0024.85TOTAL EQUITIES STRUCTURED PRODUCTS 10,611,292.2511,144,000.00 24.85SICAREUR 816,372.99 305.200 1,017,333.32 2.27USD 324,663.54 91.786 294,513.55 0.661,141,036.531,311,846.87TOTAL SICAR 1,141,036.531,311,846.87 2.93TOTAL OTHER TRANSFERABLE SECURITIES 12,752,429.6213,456,846.87 30.01INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSEUROPEAN MONETARY UNION1,037.00000 BESTINVER SICAV BESTIFUND -R- EUR 346,941.87 357.028 370,238.04 0.83TOTAL EUROPEAN MONETARY UNIONSPAIN346,941.87370,238.0414,096.40119 SEGURFONDO INVERSION FII IN LIQUIDATION* EUR 2,118,204.39 134.867 1,901,140.75 4.24TOTAL SPAINUNITED STATES OF AMERICACHINA3,333.3333 PRAX CAPITAL CHINA GROWTH FUND II SCA SICAR-ORDINARY SHARES4,231.660 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINA29,123.0000 BROWN ADVISORY FUNDS PLC US EQUITY GROWTH-A- EUR3,924.00 HEPTAGON FUND PLC- YACKTMAN US EQUITY -USD-A-1,573.798 LUXEMBOURG INV FUND SICAV US EQUITY PLUS-C- IN LIQUIDATIONTOTAL UNITED STATES OF AMERICA2,118,204.391,901,140.752.930.834.24EUR 354,190.68 12.080 351,805.84 0.78USD 327,264.64 112.718 335,384.28 0.75USD 1,389,193.29 0.000 0.00 0.002,070,648.61687,190.121.53The notes are an integral part of these financial statements19
A&G GLOBAL SICAV - SIFMARAGUA FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsWORLD3,837.000 AMUNDI INTERNATIONAL SICAV -AHE-C- EUR 482,779.46 132.500 508,402.50 1.13142.18 THAMES RIVER GLOBAL FUNDS HILLSIDE APEX -B- EUR 226,933.99 566.460 80,539.28 0.18IN LIQUIDATIONTOTAL WORLD709,713.45588,941.78 1.31TOTAL OPEN-ENDED INVESTMENT FUNDS 5,245,508.323,547,510.69 7.91TOTAL INVESTMENT FUNDS 5,245,508.323,547,510.69 7.91TOTAL INVESTMENTS IN SECURITIES 36,888,423.8636,792,635.56 82.04Cash/(bank overdraft) 6,968,630.09 15.54Other assets and liabilities 1,083,973.11 2.42TOTAL NET ASSETS 44,845,238.76 100.00*please refer to Note to the Financial Statements "Investments in Segurfundo Inversion FII (in liquidation)"The notes are an integral part of these financial statements20
A&G GLOBAL SICAV - SIFMARAGUA FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 41.30Netherlands 24.85United States of America 3.97China 2.93France 2.38Portugal 2.24United Kingdom 2.23World 1.31<strong>Europe</strong>an Monetary Union 0.83TOTAL INVESTMENTS IN SECURITIES82.04Other assets/(liabilities) and liquid assets 17.96NET ASSETS 100.0021
A&G GLOBAL SICAV - SIFMARAGUA FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsHolding and finance companies 29.47Banks and other credit institutions 27.26Government bonds 10.99Investment funds 7.91SICAR 2.93Mortgage & funding institutions MBA 2.31Insurance 1.17TOTAL INVESTMENTS IN SECURITIES82.04Other assets/(liabilities) and liquid assets 17.96NET ASSETS 100.0022
A&G GLOBAL SICAV - SIFGLOBAL PLAYERSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 8,408,499.86- Net unrealised result (227,808.81)8,180,691.05Cash:- Cash at sight 960,961.22- Margin <strong>de</strong>posits 31,727.11Other assets:- Unrealised gain on futures contracts (see notes) 27,472.159,200,851.53LIABILITIESBank overdraft:- Margin call 16,456.78Other liabilities:- Taxes and expenses payable 34,675.37- Unrealised loss on futures contracts (see notes) 4,475.13- Unrealised loss on forward foreign exchange contracts(see notes) 10,510.57on currencies66,117.85NET ASSETS 9,134,733.68Net asset value per Ordinary SharesOrdinary Shares outstanding88.84102,818.10415The notes are an integral part of these financial statements23
A&G GLOBAL SICAV - SIFGLOBAL PLAYERSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 5,640,999.18EXPENSESBank interest, net 15.88Fees:- Management fee (see notes) 94,442.32- Performance fee (see notes) 26.00- Investment advisory fee (see notes) 5,608.94- Custodian fee and safekeeping charges (see notes) 10,297.11Other expenses:- Annual tax (see notes) 404.33- Audit and legal fees 10,350.75- Printing and publishing fees 180.25- Administration and other expenses 25,490.92146,816.50NET OPERATING RESULT (146,816.50)Net realised result on:- Sales of investments (see notes) (180,244.57)- Foreign exchange 114,591.63NET REALISED RESULT (212,469.44)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 115,445.22- Forward foreign exchange contracts on currencies (11,156.94)- Future contracts 21,918.62NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS(86,262.54)MOVEMENTS IN CAPITALSubscriptions of shares 4,184,831.00Re<strong>de</strong>mptions of shares (604,833.96)3,579,997.04NET ASSETS AT THE END OF THE YEAR 9,134,733.68The notes are an integral part of these financial statements24
A&G GLOBAL SICAV - SIFGLOBAL PLAYERSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 63,087.64038Subscriptions of shares 46,576.20174Re<strong>de</strong>mptions of shares (6,845.73797)Shares outstanding at the end of the year 102,818.10415NET ASSET VALUE PER SHAREEURHighest 91.1702.29.12Lowest 86.9911.14.12At the end of the year 88.84CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share69,118.04886 6,193,154.04EUR89.6063,087.64038 5,640,999.18EUR89.42102,818.10415 9,134,733.68EUR88.8425
A&G GLOBAL SICAV - SIFGLOBAL PLAYERSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA108,010.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 470,604.36 5.850 479,261.51 5.25470,604.36479,261.515.25EUROPEAN MONETARY UNION87,080.70 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 770,335.11 10.420 907,380.89 9.93114.00000 LFP EURO SOUVERAINS FCP EUR 120,730.40 1,086.270 123,834.78 1.36TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION891,065.511,031,215.67458.2688 ABACO FINANCIALS EUR SHS EUR 79,215.00 205.875 94,346.00 1.032,665.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 236,586.06 90.050 239,983.25 2.6389,259.0000 DIP FCP LIQUIDITY FUND -B- EUR 892,610.24 9.997 892,277.59 9.772,396.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 268,142.24 112.090 268,567.64 2.94RETURN EUROPE EQUITY -C-104,169.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 155,870.76 1.526 158,909.81 1.74EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION1,632,424.301,654,084.29 18.1111.29LATIN AMERICA3,163.22 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA1,436.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR406.090 LUXEMBOURG INV FUND SICAV US EQUITY PLUS-C- IN LIQUIDATION6,624.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 235,619.05 81.580 195,733.80 2.14235,619.05195,733.802.14EUR 157,477.96 113.220 162,583.92 1.78USD 355,028.50 0.000 0.00 0.00USD 680,370.08 131.820 662,299.39 7.251,192,876.54824,883.319.03WORLD2,885.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 352,550.75 122.860 354,451.10 3.8815,156.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 353,942.60 23.520 356,469.12 3.90GOVERNMENT BOND -A2-EUR-HEDGED133.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 178,086.15 1,340.410 178,274.53 1.95FCP276.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 222,743.36 829.630 228,977.88 2.5127,812.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 279,855.19 9.776 271,898.46 2.981,857.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 184,937.85 97.496 181,050.63 1.98DAILY -E-EUR-15,577.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 174,350.06 11.634 181,215.03 1.98ORDINARY-EUR-16,937.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 174,509.43 10.654 180,440.02 1.98CREDIT ALPHA -EUR-Y-ACC-239,879.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 266,928.90 1.123 269,456.08 2.95GOVERNEMENT BOND-I2-EUR-HEDGED22,125.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 320,529.90 15.503 342,997.24 3.75A-34,131.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 389,737.82 11.680 398,650.08 4.37BOND -A(ACC)-EUR-The notes are an integral part of these financial statements26
A&G GLOBAL SICAV - SIFGLOBAL PLAYERQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets1,979.000 JULIUS BAER MULTIBOND SICAV ABSOLUTERETURN BOND FUND PLUS -C-15,331.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADECREDIT -E-EUR-HEDGED-51.92 THAMES RIVER GLOBAL FUNDS HILLSIDE APEX -B-IN LIQUIDATION2,608.000 VONTOBEL FUND SICAV BELVISTA COMMODITY -HI-HEDGED-1,463.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT -P-USD-TOTAL WORLDEUR 257,358.28 136.620 270,370.98 2.96EUR 220,914.54 15.180 232,724.58 2.55EUR 83,820.72 566.463 29,410.76 0.32EUR 306,446.06 113.430 295,825.44 3.24USD 219,198.49 201.230 223,300.54 2.443,985,910.103,995,512.47TOTAL OPEN-ENDED INVESTMENT FUNDS 8,408,499.868,180,691.05 89.56TOTAL INVESTMENT FUNDS 8,408,499.868,180,691.05 89.5643.74TOTAL INVESTMENTS IN SECURITIES 8,408,499.868,180,691.05 89.56Cash/(bank overdraft) 976,231.55 10.69Other assets and liabilities (22,188.92) (0.25)TOTAL NET ASSETS 9,134,733.68 100.00The notes are an integral part of these financial statements27
A&G GLOBAL SICAV - SIFGLOBAL PLAYERGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 43.74<strong>Europe</strong>an Union 18.11<strong>Europe</strong>an Monetary Union 11.29United States of America 9.03Asia 5.25Latin America 2.14TOTAL INVESTMENTS IN SECURITIES89.56Other assets/(liabilities) and liquid assets 10.44NET ASSETS 100.0028
A&G GLOBAL SICAV - SIFGLOBAL PLAYERECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 89.56TOTAL INVESTMENTS IN SECURITIES89.56Other assets/(liabilities) and liquid assets 10.44NET ASSETS 100.0029
A&G GLOBAL SICAV - SIFBRANDON FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 3,562,970.47- Net unrealised result 68,973.883,631,944.35Cash:- Cash at sight 156,037.61- Margin <strong>de</strong>posits 8,043.29Other assets:- Formation/reorganisation expenses, net (see notes) 1,059.92- Unrealised gain on futures contracts (see notes) 3,689.203,800,774.37LIABILITIESBank overdraft:- Margin call 1,879.77Other liabilities:- Taxes and expenses payable 10,088.55- Unrealised loss on futures contracts (see notes) 1,835.00- Unrealised loss on forward foreign exchange contracts(see notes) 1,886.45on currencies15,689.77NET ASSETS 3,785,084.60Net asset value per Ordinary SharesOrdinary Shares outstanding102.2837,008.06061The notes are an integral part of these financial statements30
A&G GLOBAL SICAV - SIFBRANDON FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 3,149,784.10INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 585.45- Bond interest, net 9,480.00Bank interest, net 5,389.2715,454.72EXPENSESFees:- Management fee (see notes) 16,705.07- Performance fee (see notes) 3,070.00- Investment advisory fee (see notes) 2,403.63- Custodian fee and safekeeping charges (see notes) 5,873.64Other expenses:- Annual tax (see notes) 247.25- Amortisation of formation/reorganisation expenses (see notes) 424.00- Audit and legal fees 5,388.64- Printing and publishing fees 96.63- Administration and other expenses 9,373.8843,582.74NET OPERATING RESULT (28,128.02)Net realised result on:- Sales of investments (see notes) 40,135.81- Foreign exchange 15,207.28NET REALISED RESULT 27,215.07Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 119,180.83- Forward foreign exchange contracts on currencies (2,283.67)- Future contracts (3,011.73)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS141,100.50MOVEMENTS IN CAPITALSubscriptions of shares 556,000.00Re<strong>de</strong>mptions of shares (61,800.00)494,200.00NET ASSETS AT THE END OF THE YEAR 3,785,084.60The notes are an integral part of these financial statements31
A&G GLOBAL SICAV - SIFBRANDON FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 31,939.33746Subscriptions of shares 5,693.49306Re<strong>de</strong>mptions of shares (624.76991)Shares outstanding at the end of the year 37,008.06061NET ASSET VALUE PER SHAREEURHighest 102.2812.31.12Lowest 97.2506.30.12At the end of the year 102.28CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share31,083.91307 3,129,946.96EUR100.6931,939.33746 3,149,784.10EUR98.6237,008.06061 3,785,084.60EUR102.2832
A&G GLOBAL SICAV - SIFBRANDON FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsOTHER TRANSFERABLE SECURITIESBONDSNETHERLANDS900,000 BOIRO FINANCE BV FRN EMTN EUR 900,042.25 103.016 927,144.00 24.490% 07.29.10 - 07.29.16TOTAL NETHERLANDS900,042.25927,144.00TOTAL BONDS 900,042.25927,144.00 24.49EQUITIES STRUCTURED PRODUCTS24.49SWITZERLAND100,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT3.2% 01.16.12 - 07.16.13TOTAL SWITZERLANDEUR 100,042.25 107.000 107,000.00 2.83100,042.25107,000.002.83TOTAL EQUITIES STRUCTURED PRODUCTS 100,042.25107,000.00 2.83SICARCHINA1,974.770 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINAWORLD813.400 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 152,016.16 91.786 137,439.33 3.63152,016.16137,439.333.63USD 65,388.43 95.620 58,975.73 1.5665,388.4358,975.731.56TOTAL SICAR 217,404.59196,415.06 5.19TOTAL OTHER TRANSFERABLE SECURITIES 1,217,489.091,230,559.06 32.51INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA11,514.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 50,237.79 5.850 51,074.31 1.3550,237.7951,074.311.35EUROPEAN MONETARY UNION8,144.92 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 71,237.92 10.420 84,870.07 2.2447.00000 LFP EURO SOUVERAINS FCP EUR 49,804.20 1,086.830 51,081.01 1.35TOTAL EUROPEAN MONETARY UNION121,042.12135,951.08 3.59957.7608EUROPEAN UNIONABACO FINANCIALS EUR SHS EUR 200,260.00 208.904 200,080.45 5.29ABACO FINANCIALS EUR SHS EQUALISATION EUR 708.29 0.02285.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 25,435.18 90.050 25,664.25 0.6833,750.0000 DIP FCP LIQUIDITY FUND -B- EUR 337,550.00 9.998 337,425.75 8.91The notes are an integral part of these financial statements33
A&G GLOBAL SICAV - SIFBRANDON FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets594.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTERETURN EUROPE EQUITY -C-11,135.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNIONLATIN AMERICA337.58 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA154.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR633.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAEUR 66,632.29 112.190 66,640.86 1.76EUR 16,589.60 1.526 16,986.44 0.45646,467.07647,506.0417.11USD 20,870.31 81.580 20,882.42 0.5520,870.3120,882.420.55EUR 17,348.47 113.220 17,435.88 0.46USD 65,052.61 133.880 64,259.87 1.7082,401.0881,695.752.16WORLD1,243.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 151,956.39 122.860 152,714.98 4.036,442.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 150,467.96 23.520 151,515.84 4.00GOVERNMENT BOND -A2-EUR-HEDGED100.00 BLUEMAR OFFSHORE LTD -C-EUR- SERIES 07-12 EUR 100,200.00 1,096.790 109,679.00 2.9035.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 46,924.87 1,340.410 46,914.35 1.24FCP117.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 94,449.80 829.270 97,024.59 2.567,270.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 71,831.60 9.806 71,291.80 1.88489.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 48,352.01 97.496 47,675.69 1.26DAILY -E-EUR-3,867.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 42,993.34 11.650 45,050.55 1.19ORDINARY-EUR-4,202.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 42,638.85 10.654 44,766.43 1.18CREDIT ALPHA -EUR-Y-ACC-59,534.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 66,129.71 1.127 67,094.82 1.77GOVERNEMENT BOND-I2-EUR-HEDGED9,458.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 137,047.12 15.503 146,624.54 3.87A-14,568.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 166,639.44 11.680 170,154.24 4.50BOND -A(ACC)-EUR-493.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 63,385.27 136.770 67,427.61 1.78RETURN BOND FUND PLUS -C-6,348.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 91,537.41 15.180 96,362.64 2.55CREDIT -E-EUR-HEDGED-480.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 55,939.16 113.210 54,340.80 1.44HI-HEDGED-627.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 93,970.08 201.160 95,637.81 2.53P-USD-TOTAL WORLD1,424,463.011,464,275.69 38.68TOTAL OPEN-ENDED INVESTMENT FUNDS 2,345,481.382,401,385.29 63.44TOTAL INVESTMENT FUNDS 2,345,481.382,401,385.29 63.44TOTAL INVESTMENTS IN SECURITIES 3,562,970.473,631,944.35 95.95Cash/(bank overdraft) 162,201.13 4.29Other assets and liabilities (9,060.88) (0.24)TOTAL NET ASSETS 3,785,084.60 100.00The notes are an integral part of these financial statements34
A&G GLOBAL SICAV - SIFBRANDON FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 40.24Netherlands 24.49<strong>Europe</strong>an Union 17.11China 3.63<strong>Europe</strong>an Monetary Union 3.59Switzerland 2.83United States of America 2.16Asia 1.35Latin America 0.55TOTAL INVESTMENTS IN SECURITIES95.95Other assets/(liabilities) and liquid assets 4.05NET ASSETS 100.0035
A&G GLOBAL SICAV - SIFBRANDON FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 63.44Holding and finance companies 27.32SICAR 5.19TOTAL INVESTMENTS IN SECURITIES95.95Other assets/(liabilities) and liquid assets 4.05NET ASSETS 100.0036
A&G GLOBAL SICAV - SIFDURHAM FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 10,182,642.60- Net unrealised result (268,765.28)9,913,877.32Cash:- Cash at sight 619,369.28- Margin <strong>de</strong>posits 20,351.81Other assets:- Receivable for investments sold (see notes) 57,680.02- Unrealised gain on futures contracts (see notes) 24,979.6510,636,258.08LIABILITIESBank overdraft:- Margin call 7,989.02Other liabilities:- Taxes and expenses payable 14,335.68- Unrealised loss on futures contracts (see notes) 591.45- Unrealised loss on forward foreign exchange contracts(see notes) 5,307.87on currencies28,224.02NET ASSETS 10,608,034.06Net asset value per Ordinary SharesOrdinary Shares outstanding105.20100,840.46739The notes are an integral part of these financial statements37
A&G GLOBAL SICAV - SIFDURHAM FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 10,646,197.69INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 560,276.39- Bond interest, net 110,220.00670,496.39EXPENSESBank interest, net 62.77Fees:- Management fee (see notes) 36,908.43- Performance fee (see notes) 1,726.00- Investment advisory fee (see notes) 7,967.54- Custodian fee and safekeeping charges (see notes) 11,803.44Other expenses:- Annual tax (see notes) 718.12- Audit and legal fees 8,974.43- Printing and publishing fees 257.12- Administration and other expenses 13,837.1082,254.95NET OPERATING RESULT 588,241.44Net realised result on:- Sales of investments (see notes) (8,982.75)- Foreign exchange 11,421.39NET REALISED RESULT 590,680.08Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments (609,606.28)- Forward foreign exchange contracts on currencies (6,948.77)- Future contracts 60,211.34NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS34,336.37MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (72,500.00)(72,500.00)NET ASSETS AT THE END OF THE YEAR 10,608,034.06The notes are an integral part of these financial statements38
A&G GLOBAL SICAV - SIFDURHAM FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 101,539.83837Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (699.37098)Shares outstanding at the end of the year 100,840.46739NET ASSET VALUE PER SHAREEURHighest 105.8702.29.12Lowest 102.8105.31.12At the end of the year 105.20CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share103,113.31466 10,095,421.23EUR97.91101,539.83837 10,646,197.69EUR104.85100,840.46739 10,608,034.06EUR105.2039
A&G GLOBAL SICAV - SIFDURHAM FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETEQUITIESSPAIN35,971 BODACLICK SA EUR 100,040.00 0.800 28,776.80 0.27TOTAL SPAIN100,040.0028,776.80 0.27TOTAL EQUITIES 100,040.0028,776.80 0.27TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET100,040.0028,776.800.27OTHER TRANSFERABLE SECURITIESEQUITIES STRUCTURED PRODUCTSNETHERLANDS400,000 DOURO FINANCE BV LKD TO EUROSTOXX50 EUR 400,042.25 99.924 399,696.00 3.773% 11.13.12 - 05.13.16TOTAL NETHERLANDS400,042.25399,696.00 3.77SWITZERLAND700,000 EFG FINANCIAL PRODUCTS GUERNSEY LTD CERTLKD TO EUROSTOXX50 INDEX3.35% 07.29.11 - 07.29.16400,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT3.2% 01.16.12 - 07.16.13TOTAL SWITZERLANDEUR 700,042.25 99.500 696,500.00 6.57EUR 400,042.25 107.000 428,000.00 4.031,100,084.501,124,500.0010.60TOTAL EQUITIES STRUCTURED PRODUCTS 1,500,126.751,524,196.00 14.37SICARCHINA6,599.9999 PRAX CAPITAL CHINA GROWTH FUND II SCA SICAR- EUR 2,017,812.56 305.200 2,014,319.97 19.00ORDINARY SHARES4,272.00000 PRAX CAPITAL REAL ESTATE I SICAR EUR 554,664.02 141.640 605,086.08 5.707,475.930 PRAX CAPITAL CHINA GROWTH FUND III FD SCA USD 577,719.81 91.786 520,307.09 4.90SICAR-PARTNERSHIP-REG SHSTOTAL CHINA3,150,196.393,139,713.14 29.60WORLD3,974.040 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 315,657.88 95.620 288,138.58 2.72315,657.88288,138.582.72TOTAL SICAR 3,465,854.273,427,851.72 32.32TOTAL OTHER TRANSFERABLE SECURITIES 4,965,981.024,952,047.72 46.69The notes are an integral part of these financial statements40
A&G GLOBAL SICAV - SIFDURHAM FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA51,455.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 223,725.46 5.850 228,246.37 2.15223,725.46228,246.372.15EUROPEAN MONETARY UNION37,166.57 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 330,156.62 10.420 387,275.66 3.65TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION330,156.62387,275.664,042.3388 ABACO FINANCIALS EUR SHS EUR 775,729.94 208.904 844,462.37 7.96ABACO FINANCIALS EUR SHS EQUALISATION EUR 1,200.17 0.011,256.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 111,562.78 90.050 113,102.80 1.079,880.0000 DIP FCP LIQUIDITY FUND -B- EUR 98,832.48 9.998 98,778.26 0.93701.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 78,793.74 112.190 78,645.19 0.74RETURN EUROPE EQUITY -C-474.00000 LFP RENDEMENT 2017 FCP -E- EUR 474,419.72 1,029.480 487,973.52 4.6050,811.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 75,381.88 1.526 77,512.18 0.73EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION1,614,720.541,701,674.49 16.043.65LATIN AMERICA1,492.88 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUSD 91,916.91 81.580 92,348.33 0.8791,916.9192,348.330.87SPAIN5,275.67625 SEGURFONDO INVERSION FII IN LIQUIDATION* EUR 818,330.23 134.867 711,515.16 6.71TOTAL SPAIN818,330.23711,515.166.71UNITED STATES OF AMERICA709.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR23,927.000 PIMCO GIS PLC TOTAL RETURN BOND -INVESTOR-EUR-HEDGED-242.437 LUXEMBOURG INV FUND SICAV US EQUITY PLUS-C- IN LIQUIDATION2,789.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAEUR 78,283.08 113.220 80,272.98 0.76EUR 474,283.14 19.890 475,908.03 4.48USD 236,941.33 0.000 0.00 0.00USD 286,323.56 133.880 283,129.20 2.671,075,831.11839,310.217.91WORLD525.00 BLUEMAR OFFSHORE LTD -C-EUR- SERIES 11-12 EUR 525,200.00 994.080 521,892.00 4.9339.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 52,222.57 1,340.410 52,275.99 0.49FCP8,145.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 80,548.78 9.806 79,872.31 0.75544.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 53,755.97 97.496 53,037.99 0.50DAILY -E-EUR-4,569.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 50,871.23 11.650 53,228.85 0.50ORDINARY-EUR-4,964.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 50,576.67 10.654 52,884.47 0.50CREDIT ALPHA -EUR-Y-ACC-70,723.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 78,531.31 1.127 79,704.82 0.75GOVERNEMENT BOND-I2-EUR-HEDGEDThe notes are an integral part of these financial statements41
A&G GLOBAL SICAV - SIFDURHAM FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets583.360 JULIUS BAER MULTIBOND SICAV ABSOLUTERETURN BOND FUND PLUS -C-TOTAL WORLDEUR 70,234.18 136.770 79,786.15 0.75961,940.71972,682.589.17TOTAL OPEN-ENDED INVESTMENT FUNDS 5,116,621.584,933,052.80 46.50TOTAL INVESTMENT FUNDS 5,116,621.584,933,052.80 46.50TOTAL INVESTMENTS IN SECURITIES 10,182,642.609,913,877.32 93.46Cash/(bank overdraft) 631,732.07 5.96Other assets and liabilities 62,424.67 0.58TOTAL NET ASSETS 10,608,034.06 100.00*please refer to Note to the Financial Statements "Investments in Segurfundo Inversion FII (in liquidation)"The notes are an integral part of these financial statements42
A&G GLOBAL SICAV - SIFDURHAM FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsChina 29.60<strong>Europe</strong>an Union 16.04World 11.89Switzerland 10.60United States of America 7.91Spain 6.98Netherlands 3.77<strong>Europe</strong>an Monetary Union 3.65Asia 2.15Latin America 0.87TOTAL INVESTMENTS IN SECURITIES93.46Other assets/(liabilities) and liquid assets 6.54NET ASSETS 100.0043
A&G GLOBAL SICAV - SIFDURHAM FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 46.50SICAR 32.32Holding and finance companies 14.37Miscellaneous services 0.27TOTAL INVESTMENTS IN SECURITIES93.46Other assets/(liabilities) and liquid assets 6.54NET ASSETS 100.0044
A&G GLOBAL SICAV - SIFFALLFORD FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 5,001,213.66- Net unrealised result 82,823.305,084,036.96Cash:- Cash at sight 463,357.64- Margin <strong>de</strong>posits 12,115.16Other assets:- Receivable for investments sold (see notes) 126,241.38- Unrealised gain on futures contracts (see notes) 17,333.875,703,085.01LIABILITIESBank overdraft:- Long-term borrowings- Margin call(see notes) 271,500.0010,808.67Other liabilities:- Taxes and expenses payable 7,091.80- Unrealised loss on futures contracts (see notes) 1,615.11- Unrealised loss on forward foreign exchange contracts(see notes) 5,364.69on currencies- Interest payable 3,809.26300,189.53NET ASSETS 5,402,895.48Net asset value per Ordinary SharesOrdinary Shares outstanding84.1164,236.48568The notes are an integral part of these financial statements45
A&G GLOBAL SICAV - SIFFALLFORD FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 5,305,996.53INCOMEIncome from investments:- Bond interest, net 3,202.453,202.45EXPENSESBank interest, net 3,828.28Fees:- Management fee (see notes) 20,249.07- Investment advisory fee (see notes) 4,031.28- Custodian fee and safekeeping charges (see notes) 6,572.28Other expenses:- Annual tax (see notes) 353.64- Audit and legal fees 6,047.53- Printing and publishing fees 123.01- Administration and other expenses 24,168.3665,373.45NET OPERATING RESULT (62,171.00)Net realised result on:- Sales of investments (see notes) (48,955.31)- Foreign exchange 46,779.09NET REALISED RESULT (64,347.22)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 203,508.03- Forward foreign exchange contracts on currencies (6,475.86)- Future contracts 20,714.00NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS153,398.95MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (56,500.00)(56,500.00)NET ASSETS AT THE END OF THE YEAR 5,402,895.48The notes are an integral part of these financial statements46
A&G GLOBAL SICAV - SIFFALLFORD FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 64,927.74090Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (691.25522)Shares outstanding at the end of the year 64,236.48568NET ASSET VALUE PER SHAREEURHighest 84.7702.29.12Lowest 81.1405.31.12At the end of the year 84.11CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share53,873.89201 4,669,382.28EUR86.6764,927.74090 5,305,996.53EUR81.7264,236.48568 5,402,895.48EUR84.1147
A&G GLOBAL SICAV - SIFFALLFORD FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsOTHER TRANSFERABLE SECURITIESEQUITIES STRUCTURED PRODUCTSSWITZERLAND450,000 EFG FINANCIAL PRODUCTS LTD CERT EUR 194,709.50 7.170 32,265.00 0.600% 03.04.11 - 03.06.17TOTAL SWITZERLAND194,709.5032,265.00TOTAL EQUITIES STRUCTURED PRODUCTS 194,709.5032,265.00 0.60SICAR0.60CHINA200,000.000 PRAX CAPITAL FUND II LP PARTNERSHIP - NOM AUNOM DU CLIENTTOTAL CHINAUSD 155,576.69 1.054 159,795.04 2.95155,576.69159,795.042.95TOTAL SICAR 155,576.69159,795.04 2.95TOTAL OTHER TRANSFERABLE SECURITIES 350,286.19192,060.04 3.55INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA69,765.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-1,295.00000 PICTET SICAV ASIAN LOCAL CURRENCY DEBT -P-USD-TOTAL ASIAUSD 303,318.87 5.850 309,466.68 5.73USD 126,172.10 155.060 152,261.46 2.82429,490.97461,728.148.55EUROPEAN MONETARY UNION125.00000 BESTINVER SICAV BESTIFUND -R- EUR 45,815.63 357.028 44,628.50 0.8398.000 CARMIGNAC GESTION SECURITE FCP EUR 150,809.28 1,626.410 159,388.18 2.9549,215.73 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 432,495.97 10.420 512,827.91 9.48208.000 GROUPAMA ASSET MANAGEMENT EONIA FCP -N- EUR 107,032.69 514.710 107,059.68 1.98117.00000 LFP INVESTISSEMENTS CONVERTIBLES 2015 FCP -I- EUR 149,331.06 1,355.360 158,577.12 2.94TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION885,484.63982,481.39538.0726 ABACO FINANCIALS EUR SHS EUR 100,240.00 208.904 112,405.73 2.081,728.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 153,140.78 90.050 155,606.40 2.8827,763.0000 DIP FCP LIQUIDITY FUND -B- EUR 277,648.51 9.998 277,568.92 5.14113.00000 LFP INVESTISSEMENTS CONVERTIBLESEUR 152,213.37 1,295.310 146,370.03 2.71DYNAMIQUE FCP -I-67,284.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 100,491.16 1.526 102,641.74 1.90EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION783,733.82794,592.82 14.7118.18LATIN AMERICA2,050.76 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUSD 152,913.09 81.580 126,858.33 2.35152,913.09126,858.332.35The notes are an integral part of these financial statements48
A&G GLOBAL SICAV - SIFFALLFORD FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsUNITED STATES OF AMERICA928.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR527.00 NEW CAPITAL UCITS FUND PLC US GROWTH -A-USD4,698.000 PIMCO FUNDS GIS PLC PLC TOTAL RETURN BOND -INVESTOR-3,779.7394 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAEUR 101,903.80 113.220 105,068.16 1.94USD 49,773.77 120.930 48,324.25 0.89USD 76,802.87 25.060 89,271.85 1.65USD 388,242.22 133.880 383,705.48 7.11616,722.66626,369.7411.59WORLD49,910.038671 A&G TESORERIA FI EUR 270,047.84 5.443 271,681.30 5.02358.000 AMUNDI INTERNATIONAL SICAV -AHE-C- EUR 46,046.92 132.500 47,435.00 0.88150.000 CARMIGNAC GESTION PATRIMOINE FCP EUR 76,761.50 550.810 82,621.50 1.5350.000 CARMIGNAC INVESTISSEMENT FCP EUR 42,870.65 882.480 44,124.00 0.8221,900.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 221,839.75 9.806 214,757.97 3.972,639.000 FRANKLIN TEMPLETON INV FUNDS SICAVEUR 25,442.18 9.820 25,914.98 0.48FRANKLIN MUT GL DISCOVERY-A-H2-EUR-13,018.000 FRANKLIN TEMPLETON INV FUNDS SICAV GLOBAL EUR 228,335.64 20.400 265,567.20 4.92TOTAL RETURN-A-ACC-EUR-H1-4,223.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 57,931.64 15.847 66,923.15 1.24C-1,204.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 151,783.08 133.550 160,794.20 2.98RETURN BOND FUND PLUS -B-99.00000 LFP INVESTISSEMENTS OBLIGATIONS EMERGENTES EUR 151,054.27 1,753.410 173,587.59 3.21-I-1,686.000 M&G INVESTMENT FUNDS (1) GLOBAL BASICS -C- EUR 45,741.55 26.377 44,472.13 0.82EUR-9,832.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 140,122.66 16.478 162,006.78 3.009,077.000 PIMCO GIS PLC GLOBAL HIGH YIELD BOND-E-EUR EUR 152,450.33 19.080 173,189.16 3.21HEDGED1,474.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 172,154.29 113.210 166,871.54 3.09HI-HEDGED-TOTAL WORLD1,782,582.301,899,946.50 35.17TOTAL OPEN-ENDED INVESTMENT FUNDS 4,650,927.474,891,976.92 90.55TOTAL INVESTMENT FUNDS 4,650,927.474,891,976.92 90.55TOTAL INVESTMENTS IN SECURITIES 5,001,213.665,084,036.96 94.10Cash/(bank overdraft) 193,164.13 3.58Other assets and liabilities 125,694.39 2.32TOTAL NET ASSETS 5,402,895.48 100.00The notes are an integral part of these financial statements49
A&G GLOBAL SICAV - SIFFALLFORD FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 35.17<strong>Europe</strong>an Monetary Union 18.18<strong>Europe</strong>an Union 14.71United States of America 11.59Asia 8.55China 2.95Latin America 2.35Switzerland 0.60TOTAL INVESTMENTS IN SECURITIES94.10Other assets/(liabilities) and liquid assets 5.90NET ASSETS 100.0050
A&G GLOBAL SICAV - SIFFALLFORD FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 90.55SICAR 2.95Holding and finance companies 0.60TOTAL INVESTMENTS IN SECURITIES94.10Other assets/(liabilities) and liquid assets 5.90NET ASSETS 100.0051
A&G GLOBAL SICAV - SIFCORBRIDGE FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 22,545,491.62- Net unrealised result 636,727.1323,182,218.75Cash:- Cash at sight 1,248,680.37- Margin <strong>de</strong>posits 34,557.03Other assets:- Formation/reorganisation expenses, net (see notes) 1,405.30- Unrealised gain on futures contracts (see notes) 55,856.5524,522,718.00LIABILITIESBank overdraft:- Margin call 37,145.30Other liabilities:- Taxes and expenses payable 34,533.41- Unrealised loss on futures contracts (see notes) 2,366.50- Unrealised loss on forward foreign exchange contracts(see notes) 28,405.08on currencies102,450.29NET ASSETS 24,420,267.71Net asset value per Ordinary SharesOrdinary Shares outstanding104.72233,198.59687The notes are an integral part of these financial statements52
A&G GLOBAL SICAV - SIFCORBRIDGE FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 4,545,960.02EXPENSESBank interest, net 133.26Fees:- Management fee (see notes) 94,614.80- Investment advisory fee (see notes) 13,841.73- Custodian fee and safekeeping charges (see notes) 24,238.25Other expenses:- Annual tax (see notes) 750.49- Amortisation of formation/reorganisation expenses (see notes) 432.00- Audit and legal fees 6,201.15- Printing and publishing fees 535.58- Administration and other expenses 28,918.01169,665.27NET OPERATING RESULT (169,665.27)Net realised result on:- Sales of investments (see notes) 496,635.25- Foreign exchange 300,714.91NET REALISED RESULT 627,684.89Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 583,641.97- Forward foreign exchange contracts on currencies (29,524.92)- Future contracts 45,847.76NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS1,227,649.70MOVEMENTS IN CAPITALSubscriptions of shares 19,124,517.99Re<strong>de</strong>mptions of shares (477,860.00)18,646,657.99NET ASSETS AT THE END OF THE YEAR 24,420,267.71The notes are an integral part of these financial statements53
A&G GLOBAL SICAV - SIFCORBRIDGE FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 45,823.24197Subscriptions of shares 192,042.99483Re<strong>de</strong>mptions of shares (4,667.63993)Shares outstanding at the end of the year 233,198.59687NET ASSET VALUE PER SHAREEURHighest 104.7212.31.12Lowest 99.7206.27.12At the end of the year 104.72CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 03.30.1132,000.00000 3,200,000.00EUR100.0012.31.1112.31.1245,823.24197 4,545,960.02EUR99.21233,198.59687 24,420,267.71EUR104.72* first valuation54
A&G GLOBAL SICAV - SIFCORBRIDGE FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA250,861.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 1,090,151.06 5.850 1,113,119.36 4.561,090,151.061,113,119.364.56EUROPEAN MONETARY UNION176,969.78 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 1,576,571.16 10.420 1,844,025.11 7.55802.00000 LFP EURO SOUVERAINS FCP EUR 849,047.20 1,086.270 871,188.54 3.57TOTAL EUROPEAN MONETARY UNION2,425,618.362,715,213.65 11.12EUROPEAN UNION6,191.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 550,129.30 90.050 557,499.55 2.28241,940.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-EUR 358,507.76 1.526 369,079.47 1.51TOTAL EUROPEAN UNION908,637.06926,579.02 3.79LATIN AMERICA7,335.66 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA3,382.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR13,668.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 551,828.67 81.580 453,916.13 1.86551,828.67453,916.131.86EUR 373,079.18 113.220 382,910.04 1.57USD 1,406,734.77 131.820 1,366,592.40 5.591,779,813.951,749,502.447.16WORLD22,067.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 2,696,082.25 122.860 2,711,151.62 11.10115,948.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 2,707,435.80 23.520 2,727,096.96 11.17GOVERNMENT BOND -A2-EUR-HEDGED2,109.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 1,701,717.74 829.630 1,749,689.67 7.16167,310.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 2,423,566.87 15.503 2,593,756.74 10.62A-261,107.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 2,984,404.39 11.680 3,049,729.76 12.50BOND -A(ACC)-EUR-112,407.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 1,621,382.55 15.180 1,706,338.26 6.99CREDIT -E-EUR-HEDGED-The notes are an integral part of these financial statements55
A&G GLOBAL SICAV - SIFCORBRIDGE FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets11,047.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 1,654,852.92 201.230 1,686,125.14 6.90P-USD-TOTAL WORLD15,789,442.5216,223,888.15 66.44TOTAL OPEN-ENDED INVESTMENT FUNDS 22,545,491.6223,182,218.75 94.93TOTAL INVESTMENT FUNDS 22,545,491.6223,182,218.75 94.93TOTAL INVESTMENTS IN SECURITIES 22,545,491.6223,182,218.75 94.93Cash/(bank overdraft) 1,246,092.10 5.10Other assets and liabilities (8,043.14) (0.03)TOTAL NET ASSETS 24,420,267.71 100.00The notes are an integral part of these financial statements56
A&G GLOBAL SICAV - SIFCORBRIDGE FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 66.44<strong>Europe</strong>an Monetary Union 11.12United States of America 7.16Asia 4.56<strong>Europe</strong>an Union 3.79Latin America 1.86TOTAL INVESTMENTS IN SECURITIES94.93Other assets/(liabilities) and liquid assets 5.07NET ASSETS 100.0057
A&G GLOBAL SICAV - SIFCORBRIDGE FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 94.93TOTAL INVESTMENTS IN SECURITIES94.93Other assets/(liabilities) and liquid assets 5.07NET ASSETS 100.0058
A&G GLOBAL SICAV - SIFKIDSTONES FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 7,976,095.02- Net unrealised result (194,311.40)7,781,783.62Cash:- Cash at sight 216,110.46- Margin <strong>de</strong>posits 38,343.51Other assets:- Interest receivable 40,862.19- Receivable for investments sold (see notes) 104,545.01- Unrealised gain on futures contracts (see notes) 17,932.958,199,577.74LIABILITIESOther liabilities:- Taxes and expenses payable 9,987.69- Unrealised loss on futures contracts (see notes) 6,847.13- Unrealised loss on forward foreign exchange contracts(see notes) 3,501.19on currencies20,336.01NET ASSETS 8,179,241.73Net asset value per Ordinary SharesOrdinary Shares outstanding97.7383,692.57814The notes are an integral part of these financial statements59
A&G GLOBAL SICAV - SIFKIDSTONES FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 8,483,041.67INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 218,396.93- Bond interest, net 159,209.02377,605.95EXPENSESBank interest, net 126.44Fees:- Management fee (see notes) 28,610.44- Investment advisory fee (see notes) 6,285.65- Custodian fee and safekeeping charges (see notes) 9,473.65Other expenses:- Annual tax (see notes) 712.53- Audit and legal fees 10,985.58- Printing and publishing fees 242.46- Administration and other expenses 10,482.5466,919.29NET OPERATING RESULT 310,686.66Net realised result on:- Sales of investments (see notes) (33,383.13)- Foreign exchange (1,664.73)NET REALISED RESULT 275,638.80Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments (398,518.12)- Forward foreign exchange contracts on currencies (4,397.23)- Future contracts 38,276.61NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS(88,999.94)MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (214,800.00)(214,800.00)NET ASSETS AT THE END OF THE YEAR 8,179,241.73The notes are an integral part of these financial statements60
A&G GLOBAL SICAV - SIFKIDSTONES FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 85,941.96461Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (2,249.38647)Shares outstanding at the end of the year 83,692.57814NET ASSET VALUE PER SHAREEURHighest 98.9402.29.12Lowest 94.9105.31.12At the end of the year 97.73CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share87,410.73008 8,295,145.84EUR94.9085,941.96461 8,483,041.67EUR98.7183,692.57814 8,179,241.73EUR97.7361
A&G GLOBAL SICAV - SIFKIDSTONES FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN500,000 CAIXABANK EUR 499,682.85 101.195 505,975.00 6.184% 02.16.12 - 02.16.17300,000 FONDO DE AMORTIZACION DEL DEFICITEUR 288,929.02 101.360 304,080.00 3.72ELECTRICO5.9% 03.31.11 - 03.17.21300,000 FONDO DE RESTRUCTURACION ORDENADA EUR 299,622.25 104.685 314,055.00 3.84BANCARIA5.5% 07.12.11 - 07.12.16300,000 XUNTA DE GALICIA EUR 300,790.00 100.015 300,045.00 3.675.7% 11.27.12 - 05.27.14TOTAL SPAIN1,389,024.121,424,155.00TOTAL BONDS 1,389,024.121,424,155.00 17.4117.41TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET1,389,024.121,424,155.0017.41OTHER TRANSFERABLE SECURITIESEQUITIES STRUCTURED PRODUCTSNETHERLANDS400,000 DOURO FINANCE BV LKD TO EUROSTOXX50 EUR 400,042.25 99.924 399,696.00 4.893% 11.13.12 - 05.13.16TOTAL NETHERLANDS400,042.25399,696.00 4.89SWITZERLAND235,000 EFG FINANCIAL PRODUCTS GUERNSEY LTD CERTLKD TO EUROSTOXX50 INDEX3.35% 07.29.11 - 07.29.16500,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT3.2% 01.16.12 - 07.16.13TOTAL SWITZERLANDEUR 235,042.25 99.500 233,825.00 2.86EUR 500,042.25 107.000 535,000.00 6.54735,084.50768,825.009.40TOTAL EQUITIES STRUCTURED PRODUCTS 1,135,126.751,168,521.00 14.29SICARCHINA4,066.6666 PRAX CAPITAL CHINA GROWTH FUND II SCA SICAR- EUR 995,975.04 305.200 1,241,146.65 15.17ORDINARY SHARES1,666.00000 PRAX CAPITAL REAL ESTATE I SICAR EUR 166,600.00 141.640 235,972.24 2.897,616.990 PRAX CAPITAL CHINA GROWTH FUND III FD SCA USD 571,079.61 91.786 530,124.53 6.48SICAR-PARTNERSHIP-REG SHSTOTAL CHINA1,733,654.652,007,243.42 24.54The notes are an integral part of these financial statements62
A&G GLOBAL SICAV - SIFKIDSTONES FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsWORLD1,510.600 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 120,020.85 95.620 109,526.36 1.34120,020.85109,526.361.34TOTAL SICAR 1,853,675.502,116,769.78 25.88TOTAL OTHER TRANSFERABLE SECURITIES 2,988,802.253,285,290.78 40.17INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSEUROPEAN UNION1,502.3050 ABACO FINANCIALS EUR SHS EUR 243,954.95 208.904 313,838.12 3.841,197.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 134,380.02 112.190 134,291.43 1.64RETURN EUROPE EQUITY -C-TOTAL EUROPEAN UNION378,334.97448,129.55 5.48SPAIN10,327.48879 SEGURFONDO INVERSION FII IN LIQUIDATION* EUR 1,616,723.53 134.867 1,392,838.46 17.03TOTAL SPAIN1,616,723.531,392,838.4617.03UNITED STATES OF AMERICA415.984 LUXEMBOURG INV FUND SICAV US EQUITY PLUS-C- IN LIQUIDATIONTOTAL UNITED STATES OF AMERICAUSD 360,264.25 0.000 0.00 0.00360,264.250.000.00WORLD446.89 BLUEMAR OFFSHORE LTD -C- SERIES 12/12 EURUNRESTRICTEDEUR 447,112.00 1,018.020 454,942.96 5.5766.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 88,572.50 1,340.410 88,467.06 1.08FCP13,803.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 137,588.30 9.806 135,356.36 1.65928.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 91,967.88 97.496 90,476.57 1.11DAILY -E-EUR-7,115.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 78,120.65 11.650 82,889.75 1.01ORDINARY-EUR-8,325.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 83,581.56 10.654 88,691.22 1.08CREDIT ALPHA -EUR-Y-ACC-119,236.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 133,642.01 1.127 134,378.97 1.64GOVERNEMENT BOND-I2-EUR-HEDGED987.999 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 123,044.80 136.770 135,128.62 1.65RETURN BOND FUND PLUS -C-37.14 THAMES RIVER GLOBAL FUNDS HILLSIDE APEX -B- EUR 59,316.20 566.460 21,038.32 0.26IN LIQUIDATIONTOTAL WORLD1,242,945.901,231,369.83 15.05TOTAL OPEN-ENDED INVESTMENT FUNDS 3,598,268.653,072,337.84 37.56TOTAL INVESTMENT FUNDS 3,598,268.653,072,337.84 37.56TOTAL INVESTMENTS IN SECURITIES 7,976,095.027,781,783.62 95.14Cash/(bank overdraft) 254,453.97 3.11Other assets and liabilities 143,004.14 1.75TOTAL NET ASSETS 8,179,241.73 100.00*please refer to Note to the Financial Statements "Investments in Segurfundo Inversion FII (in liquidation)"The notes are an integral part of these financial statements63
A&G GLOBAL SICAV - SIFKIDSTONES FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 34.44China 24.54World 16.39Switzerland 9.40<strong>Europe</strong>an Union 5.48Netherlands 4.89TOTAL INVESTMENTS IN SECURITIES95.14Other assets/(liabilities) and liquid assets 4.86NET ASSETS 100.0064
A&G GLOBAL SICAV - SIFKIDSTONES FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 37.56SICAR 25.88Holding and finance companies 24.31Mortgage & funding institutions MBA 3.72Government bonds 3.67TOTAL INVESTMENTS IN SECURITIES95.14Other assets/(liabilities) and liquid assets 4.86NET ASSETS 100.0065
A&G GLOBAL SICAV - SIFHOLLYFORD FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 6,569,626.31- Net unrealised result 59,629.716,629,256.02Cash:- Cash at sight 194,639.58- Margin <strong>de</strong>posits 26,078.59Other assets:- Interest receivable 4,832.88- Unrealised gain on futures contracts (see notes) 7,127.686,861,934.75LIABILITIESOther liabilities:- Taxes and expenses payable 16,025.48- Unrealised loss on futures contracts (see notes) 5,823.47- Unrealised loss on forward foreign exchange contracts(see notes) 2,993.60on currencies24,842.55NET ASSETS 6,837,092.20Net asset value per Ordinary SharesOrdinary Shares outstanding96.3670,955.47282The notes are an integral part of these financial statements66
A&G GLOBAL SICAV - SIFHOLLYFORD FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 6,969,720.08INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 415,461.61- Bond interest, net 16,490.28431,951.89EXPENSESBank interest, net 37.59Fees:- Management fee (see notes) 26,327.68- Performance fee (see notes) 6,950.00- Investment advisory fee (see notes) 5,155.48- Custodian fee and safekeeping charges (see notes) 7,856.96Other expenses:- Annual tax (see notes) 465.15- Audit and legal fees 7,054.13- Printing and publishing fees 201.17- Administration and other expenses 7,725.4361,773.59NET OPERATING RESULT 370,178.30Net realised result on:- Sales of investments (see notes) (5,840.91)- Foreign exchange 3,632.79NET REALISED RESULT 367,970.18Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments (315,499.64)- Forward foreign exchange contracts on currencies (3,922.82)- Future contracts 13,824.40NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS62,372.12MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (195,000.00)(195,000.00)NET ASSETS AT THE END OF THE YEAR 6,837,092.20The notes are an integral part of these financial statements67
A&G GLOBAL SICAV - SIFHOLLYFORD FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 72,978.05781Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (2,022.58499)Shares outstanding at the end of the year 70,955.47282NET ASSET VALUE PER SHAREEURHighest 97.4802.29.12Lowest 93.6405.31.12At the end of the year 96.36CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share73,854.14542 7,021,877.65EUR95.0872,978.05781 6,969,720.08EUR95.5070,955.47282 6,837,092.20EUR96.3668
A&G GLOBAL SICAV - SIFHOLLYFORD FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN300,000 FONDO DE AMORTIZACION DEL DEFICITELECTRICO5.6% 05.20.11 - 09.17.18TOTAL SPAINEUR 309,823.32 103.530 310,590.00 4.54309,823.32310,590.004.54TOTAL BONDS 309,823.32310,590.00 4.54TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET309,823.32310,590.004.54OTHER TRANSFERABLE SECURITIESSICARCHINA3,165.00000 PRAX CAPITAL REAL ESTATE I SICAR EUR 316,500.00 141.640 448,290.60 6.553,261.200 PRAX CAPITAL CHINA GROWTH FUND III FD SCA USD 244,692.67 91.786 226,971.82 3.32SICAR-PARTNERSHIP-REG SHSTOTAL CHINA561,192.67675,262.42 9.87WORLD3,486.000 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 276,899.59 95.620 252,753.14 3.70276,899.59252,753.143.70TOTAL SICAR 838,092.26928,015.56 13.57TOTAL OTHER TRANSFERABLE SECURITIES 838,092.26928,015.56 13.57INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSEUROPEAN MONETARY UNION954.00000 BESTINVER SICAV BESTIFUND -R- EUR 311,192.69 357.028 340,604.71 4.98TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION311,192.69340,604.711,959.2857 ABACO FINANCIALS EUR SHS EUR 317,032.05 208.904 409,303.40 5.983,039.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 338,868.11 112.190 340,945.41 4.99RETURN EUROPE EQUITY -C-TOTAL EUROPEAN UNION655,900.16750,248.81 10.97SPAIN5,770.06688 SEGURFONDO INVERSION FII IN LIQUIDATION* EUR 918,084.68 134.867 778,192.19 11.38TOTAL SPAIN918,084.68778,192.194.9811.38The notes are an integral part of these financial statements69
A&G GLOBAL SICAV - SIFHOLLYFORD FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsUNITED STATES OF AMERICA129.233 LUXEMBOURG INV FUND SICAV US EQUITY PLUS-C- IN LIQUIDATION3,598.00 NEW CAPITAL UCITS FUND PLC US GROWTH -A-USDTOTAL UNITED STATES OF AMERICAUSD 115,441.07 0.000 0.00 0.00USD 338,796.62 120.930 329,925.32 4.83454,237.69329,925.324.83WORLD2,533.000 AMUNDI INTERNATIONAL SICAV -AHE-C- EUR 290,999.16 132.500 335,622.50 4.91359.150 CARMIGNAC INVESTISSEMENT FCP EUR 259,517.81 882.480 316,942.69 4.64177.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 236,622.43 1,340.410 237,252.57 3.47FCP36,805.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 372,655.34 9.806 360,920.87 5.2817,678.000 FRANKLIN TEMPLETON INV FUNDS SICAVEUR 170,472.34 9.820 173,597.96 2.54FRANKLIN MUT GL DISCOVERY-A-H2-EUR-2,455.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 245,426.65 97.496 239,353.42 3.50DAILY -E-EUR-20,507.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 227,108.09 11.650 238,906.55 3.49ORDINARY-EUR-22,564.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 228,087.13 10.654 240,387.83 3.52CREDIT ALPHA -EUR-Y-ACC-304,345.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 337,781.65 1.127 342,996.82 5.02GOVERNEMENT BOND-I2-EUR-HEDGED2,636.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 343,444.22 136.770 360,525.72 5.27RETURN BOND FUND PLUS -C-12,329.823 M&G INVESTMENT FUNDS (1) GLOBAL BASICS -C- EUR 312,459.63 26.377 325,227.44 4.76EUR-35.21 THAMES RIVER GLOBAL FUNDS HILLSIDE APEX -B- EUR 57,721.06 566.460 19,945.06 0.29IN LIQUIDATIONTOTAL WORLD3,082,295.513,191,679.43 46.69TOTAL OPEN-ENDED INVESTMENT FUNDS 5,421,710.735,390,650.46 78.85TOTAL INVESTMENT FUNDS 5,421,710.735,390,650.46 78.85TOTAL INVESTMENTS IN SECURITIES 6,569,626.316,629,256.02 96.96Cash/(bank overdraft) 220,718.17 3.23Other assets and liabilities (12,881.99) (0.19)TOTAL NET ASSETS 6,837,092.20 100.00*please refer to Note to the Financial Statements "Investments in Segurfundo Inversion FII (in liquidation)"The notes are an integral part of these financial statements70
A&G GLOBAL SICAV - SIFHOLLYFORD FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 50.39Spain 15.92<strong>Europe</strong>an Union 10.97China 9.87<strong>Europe</strong>an Monetary Union 4.98United States of America 4.83TOTAL INVESTMENTS IN SECURITIES96.96Other assets/(liabilities) and liquid assets 3.04NET ASSETS 100.0071
A&G GLOBAL SICAV - SIFHOLLYFORD FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 78.85SICAR 13.57Mortgage & funding institutions MBA 4.54TOTAL INVESTMENTS IN SECURITIES96.96Other assets/(liabilities) and liquid assets 3.04NET ASSETS 100.0072
A&G GLOBAL SICAV - SIFMIDLETON FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 12,781,880.49- Net unrealised result 466,759.1813,248,639.67Cash:- Cash at sight 953,074.25- Margin <strong>de</strong>posits 13,144.35Other assets:- Formation/reorganisation expenses, net (see notes) 1,212.38- Unrealised gain on futures contracts (see notes) 12,227.1114,228,297.76LIABILITIESBank overdraft:- Long-term borrowings- Margin call(see notes) 373,500.005,642.32Other liabilities:- Taxes and expenses payable 28,312.87- Unrealised loss on futures contracts (see notes) 1,319.78- Unrealised loss on forward foreign exchange contracts(see notes) 5,227.10on currencies- Interest payable 5,240.36419,242.43NET ASSETS 13,809,055.33Net asset value per Ordinary SharesOrdinary Shares outstanding104.02132,757.47887The notes are an integral part of these financial statements73
A&G GLOBAL SICAV - SIFMIDLETON FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 4,025,083.90INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 217,463.50- Bond interest, net 13,796.85231,260.35EXPENSESBank interest, net 5,251.32Fees:- Management fee (see notes) 32,840.35- Performance fee (see notes) 17,269.00- Investment advisory fee (see notes) 4,946.56- Custodian fee and safekeeping charges (see notes) 10,531.94Other expenses:- Annual tax (see notes) 471.24- Amortisation of formation/reorganisation expenses (see notes) 492.00- Audit and legal fees 5,788.28- Printing and publishing fees 194.44- Administration and other expenses 24,116.67101,901.80NET OPERATING RESULT 129,358.55Net realised result on:- Sales of investments (see notes) 21,912.10- Foreign exchange 21,269.53NET REALISED RESULT 172,540.18Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 193,198.28- Forward foreign exchange contracts on currencies (6,202.54)- Future contracts 14,252.57NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS373,788.49MOVEMENTS IN CAPITALSubscriptions of shares 10,473,000.00Re<strong>de</strong>mptions of shares (1,062,817.06)9,410,182.94NET ASSETS AT THE END OF THE YEAR 13,809,055.33The notes are an integral part of these financial statements74
A&G GLOBAL SICAV - SIFMIDLETON FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 40,659.23194Subscriptions of shares 102,358.10330Re<strong>de</strong>mptions of shares (10,259.85637)Shares outstanding at the end of the year 132,757.47887NET ASSET VALUE PER SHAREEURHighest 104.0212.31.12Lowest 99.0805.30.12At the end of the year 104.02CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share35,706.77553 3,570,875.10EUR100.0140,659.23194 4,025,083.90EUR99.00132,757.47887 13,809,055.33EUR104.0275
A&G GLOBAL SICAV - SIFMIDLETON FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETSICARCHINA18,466 CHINA SUNERGY CO LTD ADR REPR 18 SHS USD 72,886.02 1.420 19,889.04 0.14TOTAL CHINA72,886.0219,889.04 0.14TOTAL SICAR 72,886.0219,889.04 0.14TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET72,886.0219,889.040.14OTHER TRANSFERABLE SECURITIESEQUITIES STRUCTURED PRODUCTSSWITZERLAND50,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT10% 03.28.11 - 03.28.1450,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT LKD TO EUROSTOXX50 INDEX4.5% 03.24.11 - 03.24.14TOTAL SWITZERLANDEUR 50,042.25 103.800 51,900.00 0.37EUR 50,042.25 101.800 50,900.00 0.37100,084.50102,800.000.74TOTAL EQUITIES STRUCTURED PRODUCTS 100,084.50102,800.00 0.74SICARCHINA1,667.00000 PRAX CAPITAL REAL ESTATE I SICAR EUR 166,700.00 141.640 236,113.88 1.71700,000.000 PRAX CAPITAL FUND II LP PARTNERSHIP - NOM AU USD 543,969.92 1.054 559,453.02 4.06NOM DU CLIENTTOTAL CHINA710,669.92795,566.90 5.77TOTAL SICAR 710,669.92795,566.90 5.77TOTAL OTHER TRANSFERABLE SECURITIES 810,754.42898,366.90 6.51INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA35,295.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-2,856.16806 PICTET SICAV ASIAN LOCAL CURRENCY DEBT -P-USD-TOTAL ASIAUSD 153,582.06 5.850 156,610.82 1.13USD 318,440.78 155.060 335,920.31 2.44472,022.84492,531.133.57EUROPEAN MONETARY UNION437.000 CARMIGNAC GESTION SECURITE FCP EUR 691,901.45 1,626.460 710,763.02 5.1528,863.61 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 254,190.33 10.420 300,758.82 2.18The notes are an integral part of these financial statements76
A&G GLOBAL SICAV - SIFMIDLETON FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets37.00000 LFP EURO SOUVERAINS FCP EUR 39,269.63 1,086.270 40,191.99 0.29528.00000 LFP INVESTISSEMENTS CONVERTIBLES 2015 FCP -I- EUR 700,758.80 1,354.980 715,429.44 5.18TOTAL EUROPEAN MONETARY UNION1,686,120.211,767,143.27 12.80EUROPEAN UNION1,615.6860 ABACO FINANCIALS EUR SHS EUR 283,411.55 205.875 332,629.03 2.40890.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 79,470.28 90.050 80,144.50 0.5831,461.0000 DIP FCP LIQUIDITY FUND -B- EUR 314,624.46 9.997 314,499.89 2.28795.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 88,239.71 112.090 89,111.55 0.65RETURN EUROPE EQUITY -C-2.00000 LFP TRESORERIE FCP -R- EUR 172,159.95 86,306.670 172,613.34 1.2536,716.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-EUR 54,942.09 1.526 56,010.26 0.41TOTAL EUROPEAN UNION992,848.041,045,008.57 7.57LATIN AMERICA1,053.48 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUSD 64,739.63 81.580 65,187.26 0.4764,739.6365,187.260.47SPAIN47,600 JIMINY CRICKET SICAV SA EUR 493,067.14 10.210 485,996.00 3.52TOTAL SPAIN493,067.14485,996.003.52UNITED STATES OF AMERICA506.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR2,186.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAEUR 55,505.69 113.220 57,289.32 0.41USD 224,548.48 131.820 218,566.80 1.59280,054.17275,856.122.00WORLD194,410.358801 A&G TESORERIA FI EUR 1,046,138.64 5.443 1,058,198.91 7.66970.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR) EUR 118,594.58 122.860 119,174.20 0.86HEDGED -AE-5,084.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 118,759.22 23.520 119,575.68 0.87GOVERNMENT BOND -A2-EUR-HEDGED210.00 BLUEMAR OFFSHORE LTD -C-EUR- SERIES 11-12 EUR 210,000.00 980.692 205,945.33 1.491,910.000 CARMIGNAC GESTION PATRIMOINE FCP EUR 1,025,652.42 547.880 1,046,450.80 7.5846.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 61,952.55 1,340.410 61,658.86 0.45FCP91.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 73,471.17 829.630 75,496.33 0.559,639.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 95,849.73 9.776 94,233.76 0.6858,084.000 DIP FCP MARKET RISK GLOBAL BONDS EUR 589,880.59 10.588 615,005.01 4.4553,863.000 FRANKLIN TEMPLETON INV FUNDS SICAV GLOBAL EUR 998,452.56 20.400 1,098,805.20 7.95TOTAL RETURN-A-ACC-EUR-H1-648.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 63,499.26 97.496 63,177.60 0.46DAILY -E-EUR-5,434.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 61,971.10 11.634 63,216.44 0.46ORDINARY-EUR-5,909.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 61,839.37 10.654 62,952.12 0.46CREDIT ALPHA -EUR-Y-ACC-83,688.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 92,627.91 1.123 94,006.73 0.68GOVERNEMENT BOND-I2-EUR-HEDGED7,297.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 108,554.05 15.503 113,123.20 0.82A-11,489.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 133,633.80 11.680 134,191.52 0.97BOND -A(ACC)-EUR-8,308.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 1,109,631.79 136.620 1,135,038.96 8.21RETURN BOND FUND PLUS -C-2,603.000 LEGG MASON GLOBAL FUNDS PLC WESTERN ASSET EUR 350,335.71 136.160 354,424.48 2.57GLOBAL MULTI STRATEGY -A- HGD43,678.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 670,920.07 16.478 719,704.25 5.213,064.00000 PICTET SICAV GLOBAL EMERGING DEBT -HP-EUR- EUR 668,364.65 233.550 715,597.20 5.184,925.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 73,576.76 15.180 74,761.50 0.54CREDIT -E-EUR-HEDGED-878.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 102,783.56 113.430 99,591.54 0.72HI-HEDGED-The notes are an integral part of these financial statements77
A&G GLOBAL SICAV - SIFMIDLETON FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets487.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 72,898.53 201.230 74,331.76 0.54P-USD-TOTAL WORLD7,909,388.028,198,661.38 59.36TOTAL OPEN-ENDED INVESTMENT FUNDS 11,898,240.0512,330,383.73 89.29TOTAL INVESTMENT FUNDS 11,898,240.0512,330,383.73 89.29TOTAL INVESTMENTS IN SECURITIES 12,781,880.4913,248,639.67 95.94Cash/(bank overdraft) 587,076.28 4.25Other assets and liabilities (26,660.62) (0.19)TOTAL NET ASSETS 13,809,055.33 100.00The notes are an integral part of these financial statements78
A&G GLOBAL SICAV - SIFMIDLETON FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 59.36<strong>Europe</strong>an Monetary Union 12.80<strong>Europe</strong>an Union 7.57China 5.91Asia 3.57Spain 3.52United States of America 2.00Switzerland 0.74Latin America 0.47TOTAL INVESTMENTS IN SECURITIES95.94Other assets/(liabilities) and liquid assets 4.06NET ASSETS 100.0079
A&G GLOBAL SICAV - SIFMIDLETON FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 89.29SICAR 5.91Holding and finance companies 0.74TOTAL INVESTMENTS IN SECURITIES95.94Other assets/(liabilities) and liquid assets 4.06NET ASSETS 100.0080
A&G GLOBAL SICAV - SIFCLONBUR FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in USD)ASSETSPortfolio:(see notes)- Cost 4,434,591.56- Net unrealised result 134,555.034,569,146.59Cash:- Cash at sight 102,791.03- Margin <strong>de</strong>posits 126,963.75Other assets:- Formation/reorganisation expenses, net (see notes) 1,376.78- Unrealised gain on futures contracts (see notes) 4,659.774,804,937.92LIABILITIESBank overdraft:- Margin call 3,098.80Other liabilities:- Taxes and expenses payable 8,806.26- Unrealised loss on futures contracts (see notes) 37,521.2549,426.31NET ASSETS 4,755,511.61Net asset value per Ordinary SharesOrdinary Shares outstanding103.7645,832.19675The notes are an integral part of these financial statements81
A&G GLOBAL SICAV - SIFCLONBUR FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in USD)NET ASSETS AT THE BEGINNING OF THE YEAR 3,983,968.40INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 3,189.71- Bond interest, net 14,484.3817,674.09EXPENSESBank interest, net 92.40Fees:- Management fee (see notes) 21,326.89- Performance fee (see notes) 999.00- Investment advisory fee (see notes) 3,370.21- Custodian fee and safekeeping charges (see notes) 7,564.60Other expenses:- Annual tax (see notes) 286.92- Amortisation of formation/reorganisation expenses (see notes) 544.00- Audit and legal fees 7,231.65- Printing and publishing fees 124.73- Administration and other expenses 11,062.9952,603.39NET OPERATING RESULT (34,929.30)Net realised result on:- Sales of investments (see notes) (67,927.37)- Foreign exchange 4,060.33NET REALISED RESULT (98,796.34)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 225,383.07- Future contracts (75,043.52)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS51,543.21MOVEMENTS IN CAPITALSubscriptions of shares 720,000.00720,000.00NET ASSETS AT THE END OF THE YEAR 4,755,511.61The notes are an integral part of these financial statements82
A&G GLOBAL SICAV - SIFCLONBUR FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 38,972.44066Subscriptions of shares 6,859.75609Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 45,832.19675NET ASSET VALUE PER SHAREUSDHighest 104.9602.29.12Lowest 102.0406.30.12At the end of the year 103.76CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share39,360.00000 4,062,400.83USD103.2138,972.44066 3,983,968.40USD102.2345,832.19675 4,755,511.61USD103.7683
A&G GLOBAL SICAV - SIFCLONBUR FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in USD)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsOTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSNETHERLANDS100,000 BOIRO FINANCE BV EMTN LKD TO BASKET OFREFERENCE ENTITIES4.45% 01.13.12 - 06.20.13TOTAL NETHERLANDSEUR 129,479.89 100.158 132,088.56 2.78129,479.89132,088.562.78TOTAL BONDS STRUCTURED PRODUCTS 129,479.89132,088.56 2.78EQUITIES STRUCTURED PRODUCTSNETHERLANDS100,000 DOURO FINANCE BV LKD TO EUROSTOXX50 EUR 129,299.66 99.924 131,779.96 2.773% 11.13.12 - 05.13.16TOTAL NETHERLANDS129,299.66131,779.96TOTAL EQUITIES STRUCTURED PRODUCTS 129,299.66131,779.96 2.77SICAR2.77CHINA3,949.550 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINAWORLD3,486.000 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 403,432.64 91.786 362,511.42 7.62403,432.64362,511.427.62USD 348,678.87 95.620 333,331.32 7.01348,678.87333,331.327.01TOTAL SICAR 752,111.51695,842.74 14.63TOTAL OTHER TRANSFERABLE SECURITIES 1,010,891.06959,711.26 20.18INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA14,952.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 81,486.05 5.850 87,469.20 1.8481,486.0587,469.201.84EUROPEAN MONETARY UNION10,576.63 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 116,703.19 10.420 145,343.15 3.0559.00000 LFP EURO SOUVERAINS FCP EUR 81,131.52 1,086.830 84,565.49 1.78TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION197,834.71229,908.64369.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 41,943.38 90.050 43,821.74 0.9244,140.0000 DIP FCP LIQUIDITY FUND -B- EUR 573,223.10 9.998 581,991.09 12.24786.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 110,088.42 112.190 116,293.72 2.45RETURN EUROPE EQUITY -C-4.83The notes are an integral part of these financial statements84
A&G GLOBAL SICAV - SIFCLONBUR FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets14,459.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNIONLATIN AMERICA437.85 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA204.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR832.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAEUR 27,805.00 1.526 29,089.08 0.61753,059.90771,195.6316.22USD 35,145.36 81.580 35,719.80 0.7535,145.3635,719.800.75EUR 28,224.86 113.220 30,460.21 0.64USD 104,692.32 133.880 111,388.16 2.34132,917.18141,848.372.98WORLD1,628.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 257,726.20 122.860 263,781.59 5.558,365.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 248,356.43 23.520 259,467.42 5.46GOVERNMENT BOND -A2-EUR-HEDGED44.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 74,088.20 1,340.410 77,780.35 1.64FCP156.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 160,066.10 829.270 170,608.28 3.599,275.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 124,409.23 9.806 119,949.56 2.52620.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 80,110.74 97.496 79,718.55 1.68DAILY -E-EUR-5,169.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 76,235.23 11.650 79,416.73 1.67ORDINARY-EUR-5,568.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 74,159.77 10.654 78,230.33 1.65CREDIT ALPHA -EUR-Y-ACC-79,373.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 109,413.37 1.127 117,971.27 2.48GOVERNEMENT BOND-I2-EUR-HEDGED12,360.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 223,111.03 15.503 252,700.08 5.31A-19,292.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 286,391.50 11.680 297,166.37 6.24BOND -A(ACC)-EUR-652.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 109,046.65 136.770 117,602.89 2.47RETURN BOND FUND PLUS -C-8,315.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 148,685.67 15.180 166,461.42 3.50CREDIT -E-EUR-HEDGED-657.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 93,265.56 113.210 98,091.13 2.06HI-HEDGED-817.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 158,191.62 201.160 164,347.72 3.46P-USD-TOTAL WORLD2,223,257.302,343,293.69 49.28TOTAL OPEN-ENDED INVESTMENT FUNDS 3,423,700.503,609,435.33 75.90TOTAL INVESTMENT FUNDS 3,423,700.503,609,435.33 75.90TOTAL INVESTMENTS IN SECURITIES 4,434,591.564,569,146.59 96.08Cash/(bank overdraft) 226,655.98 4.77Other assets and liabilities (40,290.96) (0.85)TOTAL NET ASSETS 4,755,511.61 100.00The notes are an integral part of these financial statements85
A&G GLOBAL SICAV - SIFCLONBUR FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 56.29<strong>Europe</strong>an Union 16.22China 7.62Netherlands 5.55<strong>Europe</strong>an Monetary Union 4.83United States of America 2.98Asia 1.84Latin America 0.75TOTAL INVESTMENTS IN SECURITIES96.08Other assets/(liabilities) and liquid assets 3.92NET ASSETS 100.0086
A&G GLOBAL SICAV - SIFCLONBUR FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 75.90SICAR 14.63Holding and finance companies 5.55TOTAL INVESTMENTS IN SECURITIES96.08Other assets/(liabilities) and liquid assets 3.92NET ASSETS 100.0087
A&G GLOBAL SICAV - SIFOLDHEAD FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 5,344,251.90- Net unrealised result 202,254.575,546,506.47Cash:- Cash at sight 1,211,978.15- Margin <strong>de</strong>posits 44,464.60Other assets:- Formation/reorganisation expenses, net (see notes) 1,166.23- Unrealised gain on futures contracts (see notes) 51,716.606,855,832.05LIABILITIESBank overdraft:- Cash at sight 1.19- Margin call 33,202.83Other liabilities:- Taxes and expenses payable 4,230.59- Unrealised loss on futures contracts (see notes) 6,164.69- Unrealised loss on forward foreign exchange contracts(see notes) 17,542.50on currencies61,141.80NET ASSETS 6,794,690.25Net asset value per Ordinary SharesOrdinary Shares outstanding123.2655,125.56355The notes are an integral part of these financial statements88
A&G GLOBAL SICAV - SIFOLDHEAD FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 6,639,815.59EXPENSESBank interest, net 187.83Fees:- Management fee (see notes) 12,055.31- Investment advisory fee (see notes) 5,104.39- Custodian fee and safekeeping charges (see notes) 7,753.35Other expenses:- Annual tax (see notes) 338.47- Amortisation of formation/reorganisation expenses (see notes) 1,005.00- Audit and legal fees 5,504.39- Printing and publishing fees 194.18- Administration and other expenses 21,198.1853,341.10NET OPERATING RESULT (53,341.10)Net realised result on:- Sales of investments (see notes) (68,945.67)- Foreign exchange 114,314.12NET REALISED RESULT (7,972.65)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 158,290.82- Forward foreign exchange contracts on currencies (21,590.40)- Future contracts 80,146.89NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS208,874.66MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (54,000.00)(54,000.00)NET ASSETS AT THE END OF THE YEAR 6,794,690.25The notes are an integral part of these financial statements89
A&G GLOBAL SICAV - SIFOLDHEAD FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 55,565.07748Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (439.51393)Shares outstanding at the end of the year 55,125.56355NET ASSET VALUE PER SHAREEURHighest 126.8503.31.12Lowest 118.3306.30.12At the end of the year 123.26CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share55,839.99978 7,376,004.58EUR132.0955,565.07748 6,639,815.59EUR119.5055,125.56355 6,794,690.25EUR123.2690
A&G GLOBAL SICAV - SIFOLDHEAD FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsOTHER TRANSFERABLE SECURITIESSICARCHINA4,231.660 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINAUSD 317,410.77 91.786 294,513.55 4.33317,410.77294,513.554.33TOTAL SICAR 317,410.77294,513.55 4.33TOTAL OTHER TRANSFERABLE SECURITIES 317,410.77294,513.55 4.33INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA18,049.000 FRANKLIN TEMPLETON INV FUNDS SICAV ASIANGROWTH-A-ACC-USD109,627.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 463,557.75 35.290 482,975.66 7.11USD 476,003.13 5.850 486,288.31 7.16939,560.88969,263.9714.27EUROPEAN MONETARY UNION76,772.24 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 694,004.61 10.420 799,966.74 11.77TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION694,004.61799,966.742,714.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 240,167.31 90.050 244,395.70 3.6043,867.98 HENDERSON HORIZON FUND SICAV PAN EUROPEAN EUR 735,780.15 18.160 796,642.52 11.72EQUITY -A2-2,854.000 PIONEER FUNDS FCP EUROPEAN POTENTIAL -C- EUR 157,162.99 56.390 160,937.06 2.37105,728.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 156,991.23 1.526 161,288.06 2.37EUROP SMALLER COMPANIES -RET-3,335.900 TRADITIONAL FUNDS PLC EASTERN EUROPEAN - USD 206,666.66 84.920 214,804.54 3.16USD-TOTAL EUROPEAN UNION1,496,768.341,578,067.88 23.2211.77LATIN AMERICA3,209.67 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-3,781.513 MORGAN STANLEY INVEST FUNDS SICAV LATINAMERICAN EQUITY -A- (USD)TOTAL LATIN AMERICAUNITED STATES OF AMERICA1,443.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR1,674.00 BLACKROCK GLOBAL FUNDS SICAV US SMALL &MIDCAP OPPORTUNITIES -A2-60,972.683 GOLDMAN SACHS SICAV US EQUITY PORTFOLIOFUND -BASE ACC-USD 241,174.37 81.580 198,547.55 2.93USD 195,181.10 68.800 197,276.10 2.90436,355.47395,823.655.83EUR 149,553.48 113.220 163,376.46 2.40USD 149,936.69 120.900 153,462.47 2.26USD 555,808.46 12.760 589,938.07 8.68The notes are an integral part of these financial statements91
A&G GLOBAL SICAV - SIFOLDHEAD FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets5,931.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 604,853.20 133.880 602,093.68 8.871,460,151.831,508,870.6822.21TOTAL OPEN-ENDED INVESTMENT FUNDS 5,026,841.135,251,992.92 77.30TOTAL INVESTMENT FUNDS 5,026,841.135,251,992.92 77.30TOTAL INVESTMENTS IN SECURITIES 5,344,251.905,546,506.47 81.63Cash/(bank overdraft) 1,223,238.73 18.00Other assets and liabilities 24,945.05 0.37TOTAL NET ASSETS 6,794,690.25 100.00The notes are an integral part of these financial statements92
A&G GLOBAL SICAV - SIFOLDHEAD FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassets<strong>Europe</strong>an Union 23.22United States of America 22.21Asia 14.27<strong>Europe</strong>an Monetary Union 11.77Latin America 5.83China 4.33TOTAL INVESTMENTS IN SECURITIES81.63Other assets/(liabilities) and liquid assets 18.37NET ASSETS 100.0093
A&G GLOBAL SICAV - SIFOLDHEAD FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 77.30SICAR 4.33TOTAL INVESTMENTS IN SECURITIES81.63Other assets/(liabilities) and liquid assets 18.37NET ASSETS 100.0094
A&G GLOBAL SICAV - SIFINISHEER FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 20,427,400.44- Net unrealised result 1,085,935.0621,513,335.50Cash:- Cash at sight 36,363.09Other assets:- Interest receivable 460,648.21- Formation/reorganisation expenses, net (see notes) 148,205.0022,158,551.80LIABILITIESOther liabilities:- Taxes and expenses payable 38,601.5338,601.53NET ASSETS 22,119,950.27Net asset value per Ordinary SharesOrdinary Shares outstanding109.50202,000.00000The notes are an integral part of these financial statements95
A&G GLOBAL SICAV - SIFINISHEER FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 21,046,265.08INCOMEIncome from investments:- Bond interest, net 846,217.20846,217.20EXPENSESFees:- Management fee (see notes) 133,901.18- Investment advisory fee (see notes) 16,023.84- Custodian fee and safekeeping charges (see notes) 25,399.31Other expenses:- Annual tax (see notes) 2,146.37- Amortisation of formation/reorganisation expenses (see notes) 37,123.00- Audit and legal fees 6,084.74- Printing and publishing fees 603.50- Administration and other expenses 5,074.30226,356.24NET OPERATING RESULT 619,860.96Net realised result on:- Sales of investments (see notes) 35,838.31NET REALISED RESULT 655,699.27Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 734,485.92NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS1,390,185.19MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (316,500.00)(316,500.00)NET ASSETS AT THE END OF THE YEAR 22,119,950.27The notes are an integral part of these financial statements96
A&G GLOBAL SICAV - SIFINISHEER FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 205,000.00000Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (3,000.00000)Shares outstanding at the end of the year 202,000.00000NET ASSET VALUE PER SHAREEURHighest 109.5012.31.12Lowest 101.2007.31.12At the end of the year 109.50CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.12.11205,000.00000 20,500,000.00EUR100.0012.31.1112.31.12205,000.00000 21,046,265.08EUR102.66202,000.00000 22,119,950.27EUR109.50* first valuation97
A&G GLOBAL SICAV - SIFINISHEER FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)FaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN1,600,000 AYT CEDULAS CAJAS GLOBAL FONDO DEEUR 1,401,322.25 94.035 1,504,560.00 6.80TITULIZATION DE ACTIVOS3.5% 12.14.05 - 03.14.161,400,000 AYT CEDULAS CAJAS GLOBAL FONDO DEEUR 1,333,822.25 98.755 1,382,570.00 6.25TITULIZATION DE ACTIVOS4.25% 07.29.09 - 07.29.142,600,000 BANCO ESPANOL DE CREDITO SA EUR 2,580,796.62 104.330 2,712,580.00 12.264.625% 03.30.11 - 03.30.152,000,000 BANCO SANTANDER SA EUR 1,887,242.25 101.460 2,029,200.00 9.173.125% 09.28.05 - 09.28.151,000,000 BANKIA SA EUR 910,642.25 95.830 958,300.00 4.333.5% 12.14.05 - 12.14.152,000,000 BBVA SA EUR 1,972,242.25 103.680 2,073,600.00 9.374.25% 03.30.11 - 03.30.15500,000 CAIXABANK EUR 499,682.85 101.195 505,975.00 2.294% 02.16.12 - 02.16.17500,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 495,271.12 104.890 524,450.00 2.375% 02.22.11 - 02.22.162,000,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 1,863,042.25 100.205 2,004,100.00 9.063.25% 10.05.05 - 10.05.153,600,000 FONDO DE AMORTIZACION DEL DEFICITEUR 3,601,079.05 103.275 3,717,900.00 16.82ELECTRICO5% 02.24.11 - 06.17.153,000,000 INSTITUTO DE CREDITO OFICIAL EMTN EUR 2,838,942.25 100.470 3,014,100.00 13.643.75% 07.28.10 - 07.28.15200,000 SPAIN EUR 192,530.03 100.850 201,700.00 0.913.3% 07.07.09 - 10.31.14630,000 SPAIN EUR 595,094.18 99.885 629,275.50 2.843% 03.09.10 - 04.30.15250,000 SPAIN EUR 255,690.84 102.010 255,025.00 1.154% 01.17.12 - 07.30.15TOTAL SPAIN20,427,400.4421,513,335.50TOTAL BONDS 20,427,400.4421,513,335.50 97.2697.26TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET20,427,400.4421,513,335.5097.26TOTAL INVESTMENTS IN SECURITIES 20,427,400.4421,513,335.50 97.26Cash/(bank overdraft) 36,363.09 0.16Other assets and liabilities 570,251.68 2.58TOTAL NET ASSETS 22,119,950.27 100.00The notes are an integral part of these financial statements98
A&G GLOBAL SICAV - SIFINISHEER FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 97.26TOTAL INVESTMENTS IN SECURITIES97.26Other assets/(liabilities) and liquid assets 2.74NET ASSETS 100.0099
A&G GLOBAL SICAV - SIFINISHEER FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsBanks and other credit institutions 46.56Mortgage & funding institutions MBA 29.87Government bonds 18.54Holding and finance companies 2.29TOTAL INVESTMENTS IN SECURITIES97.26Other assets/(liabilities) and liquid assets 2.74NET ASSETS 100.00100
A&G GLOBAL SICAV - SIFBANAGHER FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 7,047,464.71- Net unrealised result 194,490.197,241,954.90Cash:- Cash at sight 92,443.65Other assets:- Interest receivable 82,294.53- Formation/reorganisation expenses, net (see notes) 1,470.00- Unrealised gain on forward foreign exchange contracts (see notes) 479.02on currencies7,418,642.10LIABILITIESBank overdraft:- Long-term borrowings (see notes) 1,790,000.00Other liabilities:- Taxes and expenses payable- Unrealised loss on forward foreign exchange contracts(see notes)20,007.43387.18on currencies- Interest payable 1,349.291,811,743.90NET ASSETS 5,606,898.20Net asset value per Ordinary SharesOrdinary Shares outstanding110.2650,852.23329The notes are an integral part of these financial statements101
A&G GLOBAL SICAV - SIFBANAGHER FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 4,139,396.86INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 4,735.36- Bond interest, net 233,222.40237,957.76EXPENSESBank interest, net 12,397.28Fees:- Management fee (see notes) 11,668.03- Performance fee (see notes) 25,921.00- Investment advisory fee (see notes) 3,423.61- Custodian fee and safekeeping charges (see notes) 6,737.46Other expenses:- Annual tax (see notes) 505.52- Amortisation of formation/reorganisation expenses (see notes) 544.00- Audit and legal fees 5,452.62- Printing and publishing fees 128.74- Administration and other expenses 6,387.1073,165.36NET OPERATING RESULT 164,792.40Net realised result on:- Sales of investments (see notes) 88,938.44- Foreign exchange (7,427.17)NET REALISED RESULT 246,303.67Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 244,700.90- Forward foreign exchange contracts on currencies (153.23)- Future contracts 1,650.00NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS492,501.34MOVEMENTS IN CAPITALSubscriptions of shares 975,000.00975,000.00NET ASSETS AT THE END OF THE YEAR 5,606,898.20The notes are an integral part of these financial statements102
A&G GLOBAL SICAV - SIFBANAGHER FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 41,386.21388Subscriptions of shares 9,466.01941Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 50,852.23329NET ASSET VALUE PER SHAREEURHighest 110.2612.31.12Lowest 100.6905.31.12At the end of the year 110.26CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.05.1135,000.00000 3,500,000.00EUR100.0012.31.1112.31.1241,386.21388 4,139,396.86EUR100.0250,852.23329 5,606,898.20EUR110.26* first valuation103
A&G GLOBAL SICAV - SIFBANAGHER FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSCROATIA150,000 AGROKOR DD - REG-S EUR 158,142.25 110.950 166,425.00 2.9710% 12.07.09 - 12.07.16TOTAL CROATIA158,142.25166,425.00 2.97FRANCE100,000 BANQUE PSA FINANCE EMTN EUR 95,266.00 103.070 103,070.00 1.844.25% 02.25.11 - 02.25.16200,000 FAURECIA SA EUR 221,542.25 116.565 233,130.00 4.169.375% 11.09.11 - 12.15.16TOTAL FRANCE316,808.25336,200.00 6.00PORTUGAL150,000 EDP FINANCE BV EMTN EUR 149,425.00 107.305 160,957.50 2.875.75% 09.21.12 - 09.21.17150,000 REDES ENERGETICAS NACIONAIS SGPS SA EMTN - EUR 154,917.25 104.430 156,645.00 2.79INDEXE SUR RATING7.875% 12.10.08 - 12.10.13TOTAL PORTUGALSPAIN304,342.25317,602.50200,000 INSTITUTO DE CREDITO OFICIAL EMTN AUD 151,186.85 97.714 153,883.92 2.746.125% 02.27.07 - 02.27.14250,000 ABENGOA SA EMTN EUR 240,474.35 102.865 257,162.50 4.598.5% 03.31.10 - 03.31.16100,000 BANCO DE SABADELL SA EUR 97,290.00 100.045 100,045.00 1.784.25% 01.24.07 - 01.24.17300,000 BBVA INTERNATIONAL PREFERRED SA FRN SERIE E EUR 294,374.50 98.125 294,375.00 5.25- PERPETUAL8.5% 10.21.09200,000 CAMPOFRIO FOOD GROUP SA EUR 201,080.00 107.415 214,830.00 3.838.25% 11.02.09 - 10.31.16100,000 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA EUR 95,142.25 93.450 93,450.00 1.67CONV6.5% 10.30.09 - 10.30.14300,000 GAS NATURAL SDG SA EMTN EUR 304,542.25 110.320 330,960.00 5.905% 02.13.12 - 02.13.18350,000 OBRASCON HUARTE LAIN SA EMTN EUR 366,594.75 109.300 382,550.00 6.828.75% 03.30.11 - 03.15.18400,000 SANTANDER INTERNATIONAL DEBT SA EMTN EUR 393,242.25 102.970 411,880.00 7.354% 03.27.12 - 03.27.17300,000 SPAIN EUR 303,430.00 104.345 313,035.00 5.585.85% 11.22.11 - 01.31.22100,000 TELEFONICA EMISIONES SA EMTN EUR 100,040.00 113.760 113,760.00 2.035.811% 09.19.12 - 09.05.175.66The notes are an integral part of these financial statements104
A&G GLOBAL SICAV - SIFBANAGHER FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets90,000 TELEFONICA SA EUR 79,375.36 97.775 87,997.50 1.574.184% 11.29.12 - 11.29.22TOTAL SPAIN2,626,772.562,753,928.92TOTAL BONDS 3,406,065.313,574,156.42 63.74EQUITIESSPAIN5,903 TELEFONICA SA EUR 51,839.24 10.190 60,151.57 1.07TOTAL SPAIN51,839.2460,151.57TOTAL EQUITIES 51,839.2460,151.57 1.0749.111.07TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET3,457,904.553,634,307.9964.81OTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSFRANCE2,000,000 SOCIETE GENERALE LKD TO A BASKET OF BONDS EUR 2,000,042.25 99.230 1,984,600.00 35.406.05% 11.30.12 - 01.10.23TOTAL FRANCEUNITED KINGDOM2,000,042.251,984,600.00500,000 BARCLAYS BANK PLC LKD TO A BASKET OF CORP EUR 500,042.25 107.910 539,550.00 9.625.25% 11.17.11 - 12.20.16TOTAL UNITED KINGDOM500,042.25539,550.00TOTAL BONDS STRUCTURED PRODUCTS 2,500,084.502,524,150.00 45.02SICAR35.409.62CHINA789.910 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINAWORLD941.220 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 61,584.76 91.786 54,975.87 0.9861,584.7654,975.870.98USD 76,142.99 95.620 68,243.35 1.2276,142.9968,243.351.22TOTAL SICAR 137,727.75123,219.22 2.20TOTAL OTHER TRANSFERABLE SECURITIES 2,637,812.252,647,369.22 47.22INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSCHINA6,177.000 JKC FUND SICAV LFP CHINA VALUE -I- EUR 249,291.95 40.960 253,009.92 4.51TOTAL CHINAEUROPEAN MONETARY UNION249,291.95253,009.920.00188 BESTINVER SICAV BESTIFUND -R- EUR 0.64 357.028 0.67 0.00TOTAL EUROPEAN MONETARY UNIONUNITED STATES OF AMERICA2,622.000 MUZINICH FUNDS AMERICAYIELD -HEDGED-EUR- EUR 350,084.56 133.560 350,194.32 6.25TOTAL UNITED STATES OF AMERICA0.64350,084.560.67350,194.324.510.006.25The notes are an integral part of these financial statements105
A&G GLOBAL SICAV - SIFBANAGHER FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsWORLD1,348.000 CARMIGNAC PORTOFOLIO SICAV EMERGINGPATRIMOINE -A-EUR-870.000 JULIUS BAER MULTIBOND SICAV LOCAL EMERGINGBOND -B-TOTAL WORLDEUR 151,524.76 112.260 151,326.48 2.70EUR 200,846.00 236.490 205,746.30 3.67352,370.76357,072.78TOTAL OPEN-ENDED INVESTMENT FUNDS 951,747.91960,277.69 17.13TOTAL INVESTMENT FUNDS 951,747.91960,277.69 17.136.37TOTAL INVESTMENTS IN SECURITIES 7,047,464.717,241,954.90 129.16Cash/(bank overdraft) (1,697,556.35) (30.28)Other assets and liabilities 62,499.65 1.12TOTAL NET ASSETS 5,606,898.20 100.00The notes are an integral part of these financial statements106
A&G GLOBAL SICAV - SIFBANAGHER FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 50.18France 41.40United Kingdom 9.62World 7.59United States of America 6.25Portugal 5.66China 5.49Croatia 2.97TOTAL INVESTMENTS IN SECURITIES129.16Other assets/(liabilities) and liquid assets (29.16)NET ASSETS 100.00107
A&G GLOBAL SICAV - SIFBANAGHER FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsBanks and other credit institutions 56.89Investment funds 17.13Building and building materials 13.08Holding and finance companies 9.96Foodstuffs and non-alcoholic drinks 6.80Energy and public utilities 5.90Government bonds 5.58Data transmission 4.67Road vehicles 4.16Electrotechnical and electronic industry 2.79SICAR 2.20TOTAL INVESTMENTS IN SECURITIES129.16Other assets/(liabilities) and liquid assets (29.16)NET ASSETS 100.00108
A&G GLOBAL SICAV - SIFNEWBRIDGE FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 11,042,380.48- Net unrealised result 157,214.0911,199,594.57Cash:- Cash at sight 711,633.47- Margin <strong>de</strong>posits 4,318.31Other assets:- Interest receivable 69,764.04- Formation/reorganisation expenses, net (see notes) 190.98- Unrealised gain on futures contracts (see notes) 9,186.6711,994,688.04LIABILITIESBank overdraft:- Cash at sight 18.30- Long-term borrowings (see notes) 2,500,000.00- Margin call 6,109.25Other liabilities:- Taxes and expenses payable 10,007.33- Unrealised loss on futures contracts (see notes) 295.72- Unrealised loss on forward foreign exchange contracts(see notes) 2,434.41on currencies- Interest payable 7,800.832,526,665.84NET ASSETS 9,468,022.20Net asset value per Ordinary SharesOrdinary Shares outstanding98.3996,228.96781The notes are an integral part of these financial statements109
A&G GLOBAL SICAV - SIFNEWBRIDGE FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 9,006,767.50INCOMEIncome from investments:- Bond interest, net 82,963.6082,963.60EXPENSESBank interest, net 7,934.30Fees:- Management fee (see notes) 28,085.57- Performance fee (see notes) 343.00- Investment advisory fee (see notes) 6,933.67- Custodian fee and safekeeping charges (see notes) 11,806.83Other expenses:- Annual tax (see notes) 808.83- Amortisation of formation/reorganisation expenses (see notes) 1,320.00- Audit and legal fees 7,541.24- Printing and publishing fees 265.27- Administration and other expenses 20,181.8085,220.51NET OPERATING RESULT (2,256.91)Net realised result on:- Sales of investments (see notes) 200,434.14- Foreign exchange (29,923.91)NET REALISED RESULT 168,253.32Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 381,806.67- Forward foreign exchange contracts on currencies (3,873.89)- Future contracts 15,068.60NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS561,254.70MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (100,000.00)(100,000.00)NET ASSETS AT THE END OF THE YEAR 9,468,022.20The notes are an integral part of these financial statements110
A&G GLOBAL SICAV - SIFNEWBRIDGE FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 97,261.83900Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (1,032.87119)Shares outstanding at the end of the year 96,228.96781NET ASSET VALUE PER SHAREEURHighest 98.3912.31.12Lowest 92.1205.31.12At the end of the year 98.39CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share97,720.74171 9,608,188.52EUR98.3297,261.83900 9,006,767.50EUR92.6096,228.96781 9,468,022.20EUR98.39111
A&G GLOBAL SICAV - SIFNEWBRIDGE FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN100,000 BANCO POPULAR ESPANOL SA EUR 99,872.00 101.150 101,150.00 1.074.375% 06.16.09 - 06.16.14300,000 BANCO SANTANDER SA EUR 299,127.25 104.050 312,150.00 3.304.375% 03.16.11 - 03.16.15200,000 CAIXABANK EUR 199,898.49 101.195 202,390.00 2.144% 02.16.12 - 02.16.17300,000 FONDO DE AMORTIZACION DEL DEFICITEUR 300,385.35 103.275 309,825.00 3.27ELECTRICO5% 02.24.11 - 06.17.15TOTAL SPAIN899,283.09925,515.00TOTAL BONDS 899,283.09925,515.00 9.789.78TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET899,283.09925,515.009.78OTHER TRANSFERABLE SECURITIESOTHER DEBT INSTRUMENTSSPAIN2,500,000 PLASOLFO PRIVATE EQUITY LOAN FRN REG-SHS -TR1TOTAL SPAINEUR 2,505,200.00 100.800 2,520,000.00 26.622,505,200.002,520,000.0026.62TOTAL OTHER DEBT INSTRUMENTS 2,505,200.002,520,000.00 26.62SICARCHINA500,000.000 PRAX CAPITAL FUND II LP PARTNERSHIP - NOM AUNOM DU CLIENTTOTAL CHINAUSD 394,534.12 1.054 399,487.60 4.22394,534.12399,487.604.22TOTAL SICAR 394,534.12399,487.60 4.22TOTAL OTHER TRANSFERABLE SECURITIES 2,899,734.122,919,487.60 30.84INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA38,297.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 165,976.97 5.850 169,879.53 1.79165,976.97169,879.531.79EUROPEAN MONETARY UNION773.00000 BESTINVER SICAV BESTIFUND -R- EUR 250,202.15 357.028 275,982.64 2.91The notes are an integral part of these financial statements112
A&G GLOBAL SICAV - SIFNEWBRIDGE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets27,130.43 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 248,620.29 10.420 282,699.08 2.99234.5800 GROUPAMA ASSET MANAGEMENT ENTREPRISESFCP -I-EUR 533,684.54 2,276.390 533,995.57 5.64TOTAL EUROPEAN MONETARY UNION1,032,506.981,092,677.29 11.54EUROPEAN UNION813.4966 ABACO FINANCIALS EUR SHS EUR 148,026.00 208.904 169,943.02 1.79516.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 45,451.73 90.050 46,465.80 0.49106,950.0000 DIP FCP LIQUIDITY FUND -B- EUR 1,069,550.00 9.998 1,069,264.71 11.3037,269.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-EUR 53,849.03 1.526 56,853.86 0.60TOTAL EUROPEAN UNION1,316,876.761,342,527.39 14.18LATIN AMERICA365.00 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA1,290.0414 AA (ALTERNATIVE ADVANTAGE) PUBLICLANDMARK INV IE EUR -F-507.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR2,223.00 NEW CAPITAL UCITS FUND PLC US GROWTH -A-USD2,082.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 22,567.31 81.580 22,578.60 0.2422,567.3122,578.600.24EUR 132,110.00 0.000 0.00 0.00EUR 56,457.71 113.220 57,402.54 0.61USD 206,965.39 120.930 203,842.13 2.15USD 214,294.62 133.880 211,357.11 2.23609,827.72472,601.784.99WORLD5,297.000 AMUNDI FUNDS SICAV CASH EUR -ME- EUR 536,073.47 101.270 536,427.19 5.671,548.000 AMUNDI INTERNATIONAL SICAV -AHE-C- EUR 178,515.28 132.500 205,110.00 2.17231.000 CARMIGNAC INVESTISSEMENT FCP EUR 172,720.09 882.480 203,852.88 2.1533,999.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 342,168.90 9.806 333,404.39 3.5211,539.000 FRANKLIN TEMPLETON INV FUNDS SICAVEUR 111,557.45 9.820 113,312.98 1.20FRANKLIN MUT GL DISCOVERY-A-H2-EUR-33,645.000 FRANKLIN TEMPLETON INV FUNDS SICAV GLOBAL EUR 635,599.96 20.400 686,358.00 7.25TOTAL RETURN-A-ACC-EUR-H1-5.000 LFP RENDEMENT EMERGENT 2017 FCP -I- EUR 531,420.73 107,470.150 537,350.75 5.685.300 LFP RENDEMENT 2017 FCP -I- EUR 566,759.12 110,396.000 585,098.80 6.187,645.000 M&G INVESTMENT FUNDS (1) GLOBAL BASICS -C- EUR 190,249.90 26.377 201,654.46 2.13EUR-46,551.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 731,801.86 16.478 767,044.10 8.0910.85 THAMES RIVER GLOBAL FUNDS HILLSIDE APEX -B- EUR 18,173.97 566.460 6,146.09 0.06IN LIQUIDATION694.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 80,566.80 113.210 78,567.74 0.83HI-HEDGED-TOTAL WORLD4,095,607.534,254,327.38 44.93TOTAL OPEN-ENDED INVESTMENT FUNDS 7,243,363.277,354,591.97 77.67TOTAL INVESTMENT FUNDS 7,243,363.277,354,591.97 77.67TOTAL INVESTMENTS IN SECURITIES 11,042,380.4811,199,594.57 118.29Cash/(bank overdraft) (1,790,175.77) (18.91)Other assets and liabilities 58,603.40 0.62TOTAL NET ASSETS 9,468,022.20 100.00The notes are an integral part of these financial statements113
A&G GLOBAL SICAV - SIFNEWBRIDGE FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 44.93Spain 36.40<strong>Europe</strong>an Union 14.18<strong>Europe</strong>an Monetary Union 11.54United States of America 4.99China 4.22Asia 1.79Latin America 0.24TOTAL INVESTMENTS IN SECURITIES118.29Other assets/(liabilities) and liquid assets (18.29)NET ASSETS 100.00114
A&G GLOBAL SICAV - SIFNEWBRIDGE FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 77.67Other 26.62Banks and other credit institutions 4.37SICAR 4.22Mortgage & funding institutions MBA 3.27Holding and finance companies 2.14TOTAL INVESTMENTS IN SECURITIES118.29Other assets/(liabilities) and liquid assets (18.29)NET ASSETS 100.00115
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 4,796,582.93- Net unrealised result 45,291.544,841,874.47Cash:- Cash at sight 252,892.23- Fiduciary <strong>de</strong>posits 150,000.00- Margin <strong>de</strong>posits 2,502.27Other assets:- Interest receivable 70,267.02- Formation/reorganisation expenses, net (see notes) 1,535.00- Unrealised gain on futures contracts (see notes) 1,413.335,320,484.32LIABILITIESBank overdraft:- Margin call 939.88Other liabilities:- Taxes and expenses payable 18,412.72- Unrealised loss on futures contracts (see notes) 1,023.66- Unrealised loss on forward foreign exchange contracts(see notes) 884.42on currencies21,260.68NET ASSETS 5,299,223.64Net asset value per Ordinary SharesOrdinary Shares outstanding105.9450,021.16470The notes are an integral part of these financial statements116
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 5,065,869.83INCOMEIncome from investments:- Bond interest, net 260,228.80Bank interest, net 3,267.99263,496.79EXPENSESFees:- Management fee (see notes) 13,830.73- Performance fee (see notes) 12,282.00- Investment advisory fee (see notes) 3,740.30- Custodian fee and safekeeping charges (see notes) 6,731.95Other expenses:- Annual tax (see notes) 464.06- Amortisation of formation/reorganisation expenses (see notes) 505.00- Audit and legal fees 5,374.09- Printing and publishing fees 149.73- Administration and other expenses 382.9143,460.77NET OPERATING RESULT 220,036.02Net realised result on:- Sales of investments (see notes) 38,324.39- Foreign exchange 6,383.62NET REALISED RESULT 264,744.03Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments (28,440.62)- Forward foreign exchange contracts on currencies (1,121.83)- Future contracts (1,827.77)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS233,353.81NET ASSETS AT THE END OF THE YEAR 5,299,223.64The notes are an integral part of these financial statements117
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 50,021.16470Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 50,021.16470NET ASSET VALUE PER SHAREEURHighest 105.9412.31.12Lowest 93.7105.31.12At the end of the year 105.94CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.13.1150,021.16470 5,002,116.47EUR100.0012.31.1112.31.1250,021.16470 5,065,869.83EUR101.2750,021.16470 5,299,223.64EUR105.94* first valuation118
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN300,000 CAIXABANK EUR 299,826.61 101.195 303,585.00 5.734% 02.16.12 - 02.16.17600,000 FONDO DE AMORTIZACION DEL DEFICITEUR 577,818.06 101.360 608,160.00 11.47ELECTRICO5.9% 03.31.11 - 03.17.21300,000 FONDO DE RESTRUCTURACION ORDENADA EUR 298,392.25 104.685 314,055.00 5.93BANCARIA5.5% 07.12.11 - 07.12.16300,000 INSTITUTO DE CREDITO OFICIAL EMTN EUR 291,942.25 103.100 309,300.00 5.845% 04.05.11 - 07.05.16300,000 INSTITUTO DE CREDITO OFICIAL REG-S EUR 303,204.06 101.650 304,950.00 5.754.875% 02.01.12 - 02.01.18TOTAL SPAIN1,771,183.231,840,050.00TOTAL BONDS 1,771,183.231,840,050.00 34.7234.72TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET1,771,183.231,840,050.0034.72OTHER TRANSFERABLE SECURITIESEQUITIES STRUCTURED PRODUCTSCANADA1,000,000 ROYAL BANK OF CANADA LONDON LINKED TOEUROSTOXX 50 INDEX0% 11.14.12 - 06.14.16TOTAL CANADAEUR 1,000,040.00 99.370 993,700.00 18.761,000,040.00993,700.0018.76NETHERLANDS500,000 RABOBANK STRUCTURED PRODUCTS EUR 500,042.25 93.600 468,000.00 8.834.55% 03.30.12 - 09.30.13TOTAL NETHERLANDS500,042.25468,000.00TOTAL EQUITIES STRUCTURED PRODUCTS 1,500,082.251,461,700.00 27.59REVERSE CONVERTIBLE BONDS8.83SWITZERLAND500,000 EFG FINANCIAL PRODUCTS LTD REV CONV ONSOCIETE GENERALE SA10.2% 11.26.12 - 11.26.13TOTAL SWITZERLANDEUR 500,040.00 101.660 508,300.00 9.59500,040.00508,300.009.59TOTAL REVERSE CONVERTIBLE BONDS 500,040.00508,300.00 9.59The notes are an integral part of these financial statements119
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsSICARCHINA1,444.410 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINAUSD 112,499.43 91.786 100,527.52 1.90112,499.43100,527.521.90TOTAL SICAR 112,499.43100,527.52 1.90TOTAL OTHER TRANSFERABLE SECURITIES 2,112,621.682,070,527.52 39.08INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA5,155.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 22,573.69 5.850 22,866.78 0.4322,573.6922,866.780.43EUROPEAN MONETARY UNION3,646.13 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 31,799.19 10.420 37,992.67 0.7220.00000 LFP EURO SOUVERAINS FCP EUR 21,222.00 1,086.830 21,736.60 0.41TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION53,021.1959,729.27130.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 11,685.10 90.050 11,706.50 0.2214,850.0000 DIP FCP LIQUIDITY FUND -B- EUR 148,550.00 9.998 148,467.33 2.80263.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 29,618.98 112.190 29,505.97 0.56RETURN EUROPE EQUITY -C-4,985.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 7,480.00 1.526 7,604.62 0.14EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION197,334.08197,284.42 3.721.13LATIN AMERICA153.41 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA63.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR279.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 9,530.41 81.580 9,489.82 0.189,530.419,489.820.18EUR 7,031.03 113.220 7,132.86 0.13USD 28,702.00 133.880 28,323.07 0.5435,733.0335,455.930.67WORLD565.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 69,184.74 122.860 69,415.90 1.312,957.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 69,160.38 23.520 69,548.64 1.31GOVERNMENT BOND -A2-EUR-HEDGED15.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 20,175.05 1,340.410 20,106.15 0.38FCP52.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 42,006.72 829.270 43,122.04 0.813,072.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 30,351.93 9.806 30,124.95 0.57217.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 21,588.12 97.496 21,156.70 0.40DAILY -E-EUR-1,731.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 19,361.38 11.650 20,166.15 0.38ORDINARY-EUR-1,881.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 19,497.47 10.654 20,039.42 0.38CREDIT ALPHA -EUR-Y-ACC-26,652.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 29,694.18 1.127 30,036.80 0.57GOVERNEMENT BOND-I2-EUR-HEDGED4,186.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 60,685.05 15.503 64,894.30 1.22A-6,699.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 76,725.04 11.680 78,244.32 1.48BOND -A(ACC)-EUR-220.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 28,619.31 136.770 30,089.40 0.57RETURN BOND FUND PLUS -C-2,769.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 39,933.29 15.180 42,033.42 0.79CREDIT -E-EUR-HEDGED-The notes are an integral part of these financial statements120
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets227.000 VONTOBEL FUND SICAV BELVISTA COMMODITY -HI-HEDGED-274.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT -P-USD-TOTAL WORLDEUR 26,508.68 113.210 25,698.67 0.48USD 41,094.28 201.160 41,793.87 0.79594,585.62606,470.73TOTAL OPEN-ENDED INVESTMENT FUNDS 912,778.02931,296.95 17.57TOTAL INVESTMENT FUNDS 912,778.02931,296.95 17.5711.44TOTAL INVESTMENTS IN SECURITIES 4,796,582.934,841,874.47 91.37Cash/(bank overdraft) 404,454.62 7.63Other assets and liabilities 52,894.55 1.00TOTAL NET ASSETS 5,299,223.64 100.00The notes are an integral part of these financial statements121
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 34.72Canada 18.76World 11.44Switzerland 9.59Netherlands 8.83<strong>Europe</strong>an Union 3.72China 1.90<strong>Europe</strong>an Monetary Union 1.13United States of America 0.67Asia 0.43Latin America 0.18TOTAL INVESTMENTS IN SECURITIES91.37Other assets/(liabilities) and liquid assets 8.63NET ASSETS 100.00122
A&G GLOBAL SICAV - SIFBALLYFORAN FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsHolding and finance companies 30.08Banks and other credit institutions 18.76Investment funds 17.57Government bonds 11.59Mortgage & funding institutions MBA 11.47SICAR 1.90TOTAL INVESTMENTS IN SECURITIES91.37Other assets/(liabilities) and liquid assets 8.63NET ASSETS 100.00123
A&G GLOBAL SICAV - SIFOLDCASTLE FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 45,654,694.22- Net unrealised result 251,268.5945,905,962.81Cash:- Cash at sight 6,623,766.02- Margin <strong>de</strong>posits 228,985.51Other assets:- Receivable for investments sold (see notes) 181,057.95- Unrealised gain on futures contracts (see notes) 11,889.41- Unrealised gain on forward foreign exchange contracts (see notes) 8,014.23on currencies52,959,675.93LIABILITIESBank overdraft:- Long-term borrowings (see notes) 17,500,000.00Other liabilities:- Taxes and expenses payable 66,144.26- Unrealised loss on futures contracts (see notes) 20,347.92- Unrealised loss on forward foreign exchange contracts(see notes) 52,137.20on currencies- Interest payable 5,920.8317,644,550.21NET ASSETS 35,315,125.72Net asset value per Ordinary SharesOrdinary Shares outstanding80.77437,240.43952The notes are an integral part of these financial statements124
A&G GLOBAL SICAV - SIFOLDCASTLE FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 59,851,602.01INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 740,890.38- Bond interest, net 322,690.861,063,581.24EXPENSESBank interest, net 1,128,927.73Fees:- Management fee (see notes) 249,422.95- Investment advisory fee (see notes) 50,922.19- Custodian fee and safekeeping charges (see notes) 75,863.50Other expenses:- Annual tax (see notes) 1,131.17- Amortisation of formation/reorganisation expenses (see notes) 18,091.88- Audit and legal fees 22,624.62- Printing and publishing fees 1,755.48- Administration and other expenses 53,867.671,602,607.19NET OPERATING RESULT (539,025.95)Net realised result on:- Sales of investments (see notes) (1,651,844.00)- Foreign exchange 343,880.42NET REALISED RESULT (1,846,989.53)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 3,576,503.18- Forward foreign exchange contracts on currencies (93,120.97)- Future contracts 43,900.69NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS1,680,293.37MOVEMENTS IN CAPITALSubscriptions of shares 14,458,321.20Re<strong>de</strong>mptions of shares (40,675,090.86)(26,216,769.66)NET ASSETS AT THE END OF THE YEAR 35,315,125.72The notes are an integral part of these financial statements125
A&G GLOBAL SICAV - SIFOLDCASTLE FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 769,731.45845Subscriptions of shares 177,142.00147Re<strong>de</strong>mptions of shares (509,633.02040)Shares outstanding at the end of the year 437,240.43952NET ASSET VALUE PER SHAREEURHighest 82.3302.29.12Lowest 73.1607.25.12At the end of the year 80.77CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share777,660.58306 63,897,103.47EUR82.17769,731.45845 59,851,602.01EUR77.76437,240.43952 35,315,125.72EUR80.77126
A&G GLOBAL SICAV - SIFOLDCASTLE FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsOTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSNETHERLANDS100,000 BOIRO FINANCE BV EMTN LKD TO BASKET OFREFERENCE ENTITIES4.45% 01.13.12 - 06.20.13TOTAL NETHERLANDSEUR 100,014.08 100.158 100,158.00 0.28100,014.08100,158.000.28TOTAL BONDS STRUCTURED PRODUCTS 100,014.08100,158.00 0.28CLOSED-ENDED INVESTMENT FUNDSWORLD302.6013 THE DRAKE LOW VOLATILITY FUND LTD CL -C-S12/07 NI - IN LIQUIDATIONTOTAL WORLDUSD 205,202.36 1,001.422 229,847.89 0.65205,202.36229,847.890.65TOTAL CLOSED-ENDED INVESTMENT FUNDS 205,202.36229,847.89 0.65EQUITIES STRUCTURED PRODUCTSCANADA490,000 ROYAL BANK OF CANADA LONDON LINKED TOEUROSTOXX 50 INDEX0% 11.14.12 - 06.14.16TOTAL CANADANETHERLANDS14,086,000 BOIRO FINANCE BV LINKED TO EUROSTOXX50 -SERIES 8030% 05.08.12 - 02.06.17147,000 RABOBANK NEDERLAND NV EMTN LKD TOEUROSTOXX50 - DOUBLE TOP 5.76%0% 09.23.10 - 09.23.13TOTAL NETHERLANDSEUR 490,020.70 100.450 492,205.00 1.39490,020.70492,205.001.39EUR 12,047,776.46 89.708 12,636,268.88 35.78EUR 147,023.52 100.600 147,882.00 0.4212,194,799.9812,784,150.8836.20TOTAL EQUITIES STRUCTURED PRODUCTS 12,684,820.6813,276,355.88 37.59SICARCHINA2,500.0000 PRAX CAPITAL CHINA GROWTH FUND II SCA SICAR- EUR 597,667.17 305.200 763,000.00 2.16ORDINARY SHARES3,333.50000 PRAX CAPITAL REAL ESTATE I SICAR EUR 333,350.00 141.640 472,156.94 1.343,173.740 PRAX CAPITAL CHINA GROWTH FUND III FD SCA USD 235,963.51 91.786 220,952.10 0.63SICAR-PARTNERSHIP-REG SHSTOTAL CHINA1,166,980.681,456,109.04 4.13WORLD59,166.66 GALLAGHER SUSTAINABLE DEV FUND SCA SICAR- EUR 17,750,098.50 292.130 17,284,356.39 48.95TOTAL WORLD17,750,098.5017,284,356.39TOTAL SICAR 18,917,079.1818,740,465.43 53.08TOTAL OTHER TRANSFERABLE SECURITIES 31,907,116.3032,346,827.20 91.6048.95The notes are an integral part of these financial statements127
A&G GLOBAL SICAV - SIFOLDCASTLE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA105,424.51 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 447,243.05 5.850 467,789.19 1.32447,243.05467,789.191.32EUROPEAN UNION14,489.4851 ABACO FINANCIALS EUR SHS EUR 3,085,783.04 205.875 2,983,019.85 8.4573,262.290 FRANKLIN TEMPLETON INV FUNDS SICAVEUR 1,063,055.15 15.610 1,143,624.35 3.24FRANKLIN MUTUAL EUROPEAN-N-ACC-EUR-3,087.6900 MANDARINE GESTION VALEUR FCP -R- EUR 1,220,853.08 376.810 1,163,472.47 3.29TOTAL EUROPEAN UNION5,369,691.275,290,116.67 14.98UNITED STATES OF AMERICA2,250.7391 AA (ALTERNATIVE ADVANTAGE) PUBLICLANDMARK INV IE EUR -F-20,127.44 NEW CAPITAL UCITS FUND PLC US GROWTH -A-USDTOTAL UNITED STATES OF AMERICAEUR 227,644.32 0.000 0.00 0.00USD 1,724,247.36 118.350 1,806,797.68 5.121,951,891.681,806,797.685.12WORLD7,822.670 AMUNDI INTERNATIONAL SICAV -AHE-C- EUR 988,418.81 131.860 1,031,497.27 2.92489.10 BLUEMAR OFFSHORE FUND LTD CLASS C SERIES 10- EUR 531,934.46 1,152.584 563,728.62 1.6011 SHS EUR UNRESTRICTED1,433.060 CARMIGNAC INVESTISSEMENT FCP EUR 1,220,863.53 872.120 1,249,800.29 3.54257,075.850 DIP FCP MARKET RISK GLOBAL EQUITIES EUR 2,518,021.23 9.700 2,493,584.33 7.0645.96 THAMES RIVER GLOBAL FUNDS HILLSIDE APEX -B- EUR 77,044.14 566.463 26,034.64 0.07IN LIQUIDATION18,747.200 FRANKLIN TEMPLETON INV FUNDS SICAVUSD 535,624.56 37.240 529,540.05 1.50EMERGING MARKETS-A-ACC-13,551.044 VENTOR FUND INC -A-USD- SHS-INUSD 106,845.19 9.753 100,246.87 0.28REIMBURSEMEMT JUNETOTAL WORLD5,978,751.925,994,432.07 16.97TOTAL OPEN-ENDED INVESTMENT FUNDS 13,747,577.9213,559,135.61 38.39TOTAL INVESTMENT FUNDS 13,747,577.9213,559,135.61 38.39TOTAL INVESTMENTS IN SECURITIES 45,654,694.2245,905,962.81 129.99Cash/(bank overdraft) (10,647,248.47) (30.15)Other assets and liabilities 56,411.38 0.16TOTAL NET ASSETS 35,315,125.72 100.00The notes are an integral part of these financial statements128
A&G GLOBAL SICAV - SIFOLDCASTLE FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 66.57Netherlands 36.48<strong>Europe</strong>an Union 14.98United States of America 5.12China 4.13Canada 1.39Asia 1.32TOTAL INVESTMENTS IN SECURITIES129.99Other assets/(liabilities) and liquid assets (29.99)NET ASSETS 100.00129
A&G GLOBAL SICAV - SIFOLDCASTLE FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsSICAR 53.08Investment funds 39.04Holding and finance companies 36.48Banks and other credit institutions 1.39TOTAL INVESTMENTS IN SECURITIES129.99Other assets/(liabilities) and liquid assets (29.99)NET ASSETS 100.00130
A&G GLOBAL SICAV - SIFCOOTEHILL FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 5,390,917.12- Net unrealised result 132,696.885,523,614.00Cash:- Cash at sight 116,855.94Other assets:- Interest receivable 139,578.75- Formation/reorganisation expenses, net (see notes) 17,485.005,797,533.69LIABILITIESOther liabilities:- Taxes and expenses payable 7,282.027,282.02NET ASSETS 5,790,251.67Net asset value per Ordinary SharesOrdinary Shares outstanding103.8655,747.94000The notes are an integral part of these financial statements131
A&G GLOBAL SICAV - SIFCOOTEHILL FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 5,671,514.52INCOMEIncome from investments:- Bond interest, net 248,429.19248,429.19EXPENSESFees:- Management fee (see notes) 21,545.87- Investment advisory fee (see notes) 4,339.93- Custodian fee and safekeeping charges (see notes) 6,820.82Other expenses:- Annual tax (see notes) 574.04- Amortisation of formation/reorganisation expenses (see notes) 7,749.00- Audit and legal fees 5,464.53- Printing and publishing fees 168.65- Administration and other expenses 6,024.5952,687.43NET OPERATING RESULT 195,741.76Net realised result on:- Sales of investments (see notes) 10,938.87NET REALISED RESULT 206,680.63Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 89,317.13NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS295,997.76DIVIDEND PAID (see notes) (177,260.61)NET ASSETS AT THE END OF THE YEAR 5,790,251.67The notes are an integral part of these financial statements132
A&G GLOBAL SICAV - SIFCOOTEHILL FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 55,747.94000Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 55,747.94000NET ASSET VALUE PER SHAREEURHighest 105.1703.31.12Lowest 100.9809.30.12At the end of the year 103.86CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.28.1155,747.94000 5,574,794.00EUR100.0012.31.1112.31.1255,747.94000 5,671,514.52EUR101.7355,747.94000 5,790,251.67EUR103.86* first valuation133
A&G GLOBAL SICAV - SIFCOOTEHILL FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)FaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN800,000 BANKIA SA EUR 797,242.25 100.690 805,520.00 13.915% 10.30.02 - 10.30.14850,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 849,617.25 103.790 882,215.00 15.244.75% 03.18.11 - 03.18.151,000,000 FONDO DE AMORTIZACION DEL DEFICITEUR 1,002,042.25 102.110 1,021,100.00 17.64ELECTRICO4.8% 01.25.11 - 03.17.14500,000 FONDO DE RESTRUCTURACION ORDENADA EUR 496,021.12 101.670 508,350.00 8.78BANCARIA4.5% 02.03.11 - 02.03.14850,000 KUTXABANK SA EUR 843,539.75 103.030 875,755.00 15.125.125% 04.08.11 - 04.08.15850,000 MONTE DE PIEDAD Y CAJA AHORROS DE RONDA EUR 810,942.25 98.570 837,845.00 14.47CADIZ - UNICAJA3.125% 10.06.09 - 10.06.1490,000.00 SPAIN EUR 90,222.25 103.060 92,754.00 1.604.75% 12.07.98 - 07.30.14500,000 XUNTA DE GALICIA EUR 501,290.00 100.015 500,075.00 8.645.7% 11.27.12 - 05.27.14TOTAL SPAIN5,390,917.125,523,614.00TOTAL BONDS 5,390,917.125,523,614.00 95.4095.40TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET5,390,917.125,523,614.0095.40TOTAL INVESTMENTS IN SECURITIES 5,390,917.125,523,614.00 95.40Cash/(bank overdraft) 116,855.94 2.02Other assets and liabilities 149,781.73 2.58TOTAL NET ASSETS 5,790,251.67 100.00The notes are an integral part of these financial statements134
A&G GLOBAL SICAV - SIFCOOTEHILL FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 95.40TOTAL INVESTMENTS IN SECURITIES95.40Other assets/(liabilities) and liquid assets 4.60NET ASSETS 100.00135
A&G GLOBAL SICAV - SIFCOOTEHILL FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsBanks and other credit institutions 44.27Holding and finance companies 23.25Mortgage & funding institutions MBA 17.64Government bonds 10.24TOTAL INVESTMENTS IN SECURITIES95.40Other assets/(liabilities) and liquid assets 4.60NET ASSETS 100.00136
A&G GLOBAL SICAV - SIFBLACKWATER FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 45,762,043.73- Net unrealised result 393,983.6246,156,027.35Cash:- Cash at sight 1,713,584.62- Margin <strong>de</strong>posits 11,715.18Other assets:- Formation/reorganisation expenses, net (see notes) 168,895.00- Unrealised gain on futures contracts (see notes) 12,966.3148,063,188.46LIABILITIESOther liabilities:- Taxes and expenses payable 109,483.55- Prepaid investment 935,010.34- Unrealised loss on forward foreign exchange contracts(see notes) 38,841.29on currencies1,083,335.18NET ASSETS 46,979,853.28Net asset value per Ordinary SharesOrdinary Shares outstanding95.27493,106.52909The notes are an integral part of these financial statements137
A&G GLOBAL SICAV - SIFBLACKWATER FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 40,172,997.26INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 1,014,292.26- Bond interest, net 71,920.00Other income 192.331,086,404.59EXPENSESBank interest, net 253.84Fees:- Management fee (see notes) 427,136.20- Investment advisory fee (see notes) 36,074.54- Custodian fee and safekeeping charges (see notes) 53,951.39Other expenses:- Annual tax (see notes) 3,682.87- Amortisation of formation/reorganisation expenses (see notes) 46,161.00- Audit and legal fees 7,182.08- Printing and publishing fees 1,258.09- Administration and other expenses 29,156.11604,856.12NET OPERATING RESULT 481,548.47Net realised result on:- Sales of investments (see notes) (478,679.34)- Foreign exchange 163,946.87NET REALISED RESULT 166,816.00Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments (314,804.72)- Forward foreign exchange contracts on currencies (67,851.55)- Future contracts 181,426.34NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS(34,413.93)MOVEMENTS IN CAPITALSubscriptions of shares 13,141,269.95Re<strong>de</strong>mptions of shares (6,300,000.00)6,841,269.95NET ASSETS AT THE END OF THE YEAR 46,979,853.28The notes are an integral part of these financial statements138
A&G GLOBAL SICAV - SIFBLACKWATER FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 421,981.44293Subscriptions of shares 138,075.28814Re<strong>de</strong>mptions of shares (66,950.20198)Shares outstanding at the end of the year 493,106.52909NET ASSET VALUE PER SHAREEURHighest 95.6802.29.12Lowest 92.5407.31.12At the end of the year 95.27CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.05.11312,271.91100 31,227,191.10EUR100.0012.31.1112.31.12421,981.44293 40,172,997.26EUR95.20493,106.52909 46,979,853.28EUR95.27* first valuation139
A&G GLOBAL SICAV - SIFBLACKWATER FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsOTHER TRANSFERABLE SECURITIESCLOSED-ENDED INVESTMENT FUNDSEUROPEAN UNION329,329.945 WATERFRONT INVESTMENTS FUND -A- NVTG PTGNRED USDTOTAL EUROPEAN UNIONUSD 2,450,097.07 9.162 2,287,858.44 4.872,450,097.072,287,858.444.87TOTAL CLOSED-ENDED INVESTMENT FUNDS 2,450,097.072,287,858.44 4.87EQUITIES STRUCTURED PRODUCTSCANADA1,000,000 ROYAL BANK OF CANADA LONDON LINKED TOEUROSTOXX 50 INDEX0% 11.14.12 - 06.14.16TOTAL CANADANETHERLANDS300,000 RABOBANK STRUCTURED PRODUCTS LINKED TOEUROSTOXX50 INDEX3.8% 10.05.12 - 04.08.15TOTAL NETHERLANDSSWITZERLAND1,500,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT0% 12.28.12 - 01.05.18TOTAL SWITZERLANDEUR 1,000,042.25 99.370 993,700.00 2.121,000,042.25993,700.002.12EUR 300,042.25 98.800 296,400.00 0.63300,042.25296,400.000.63EUR 1,500,042.25 99.250 1,488,750.00 3.171,500,042.251,488,750.003.17TOTAL EQUITIES STRUCTURED PRODUCTS 2,800,126.752,778,850.00 5.92SICARCHINA7,739.00000 PRAX CAPITAL REAL ESTATE I SICAR EUR 1,360,561.42 141.640 1,096,151.96 2.334,704.480 PRAX CAPITAL CHINA GROWTH FUND III FD SCA USD 352,850.85 91.786 327,420.71 0.70SICAR-PARTNERSHIP-REG SHSTOTAL CHINA1,713,412.271,423,572.67 3.03WORLD6,158.600 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 490,261.93 95.620 446,530.55 0.95490,261.93446,530.550.95TOTAL SICAR 2,203,674.201,870,103.22 3.98TOTAL OTHER TRANSFERABLE SECURITIES 7,453,898.026,936,811.66 14.77INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSEUROPEAN MONETARY UNION2,093.0000 GROUPAMA ASSET MANAGEMENT ENTREPRISESFCP -I-EUR 4,731,936.70 2,276.390 4,764,484.27 10.1414,214.00 INVESCO FUNDS SICAV EURO RESERVE-C- EUR 4,755,546.89 334.710 4,757,567.94 10.13The notes are an integral part of these financial statements140
A&G GLOBAL SICAV - SIFBLACKWATER FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets42.44302 LFP TRESORERIE FCP -I- EUR 4,521,724.52 107,475.290 4,561,575.88 9.71TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION14,009,208.1114,083,628.09646,600.0000 DIP FCP LIQUIDITY FUND -B- EUR 6,466,050.00 9.998 6,464,577.48 13.76TOTAL EUROPEAN UNIONWORLD6,466,050.006,464,577.4847,054.000 AMUNDI FUNDS SICAV CASH EUR -ME- EUR 4,748,884.71 101.270 4,765,158.58 10.142,575.0000 AXA INVESTMENT MANAGERS PARIS TRESOR EUR 6,334,359.73 2,463.646 6,343,889.48 13.50COURT TERME FCP -C-383.000 GOLDMAN SACHS FUNDS PLC EURO LIQUID EUR 4,756,073.54 12,434.400 4,762,375.20 10.14RESERVES - INSTITUTIONAL CLASS280,447.340 CEZANNE SPC SEGREGATED PORTFOLIO USD -B- USD 1,993,569.62 13.165 2,799,586.86 5.96TOTAL WORLD17,832,887.6018,671,010.12TOTAL OPEN-ENDED INVESTMENT FUNDS 38,308,145.7139,219,215.69 83.48TOTAL INVESTMENT FUNDS 38,308,145.7139,219,215.69 83.4829.9813.7639.74TOTAL INVESTMENTS IN SECURITIES 45,762,043.7346,156,027.35 98.25Cash/(bank overdraft) 1,725,299.80 3.67Other assets and liabilities (901,473.87) (1.92)TOTAL NET ASSETS 46,979,853.28 100.00The notes are an integral part of these financial statements141
A&G GLOBAL SICAV - SIFBLACKWATER FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 40.69<strong>Europe</strong>an Monetary Union 29.98<strong>Europe</strong>an Union 18.63Switzerland 3.17China 3.03Canada 2.12Netherlands 0.63TOTAL INVESTMENTS IN SECURITIES98.25Other assets/(liabilities) and liquid assets 1.75NET ASSETS 100.00142
A&G GLOBAL SICAV - SIFBLACKWATER FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 88.35SICAR 3.98Holding and finance companies 3.17Banks and other credit institutions 2.75TOTAL INVESTMENTS IN SECURITIES98.25Other assets/(liabilities) and liquid assets 1.75NET ASSETS 100.00143
A&G GLOBAL SICAV - SIFKILMALLOCK FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 7,777,863.88- Net unrealised result 83,192.487,861,056.36Cash:- Cash at sight 343,888.31- Margin <strong>de</strong>posits 126,343.52Other assets:- Formation/reorganisation expenses, net (see notes) 1,329.67- Unrealised gain on futures contracts (see notes) 1,943.648,334,561.50LIABILITIESOther liabilities:- Taxes and expenses payable 32,809.27- Unrealised loss on futures contracts (see notes) 16,485.72- Unrealised loss on forward foreign exchange contracts(see notes) 2,837.78on currencies52,132.77NET ASSETS 8,282,428.73Net asset value per Ordinary SharesOrdinary Shares outstanding119.6269,238.48372The notes are an integral part of these financial statements144
A&G GLOBAL SICAV - SIFKILMALLOCK FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 11,419,335.28INCOMEIncome from investments:- Bond interest, net 62,285.4262,285.42EXPENSESFees:- Management fee (see notes) 44,555.30- Performance fee (see notes) 53,189.00- Investment advisory fee (see notes) 8,508.75- Custodian fee and safekeeping charges (see notes) 23,261.65Other expenses:- Annual tax (see notes) 680.82- Amortisation of formation/reorganisation expenses (see notes) 1,852.00- Audit and legal fees 5,605.89- Printing and publishing fees 326.33- Administration and other expenses 11,882.14149,861.88NET OPERATING RESULT (87,576.46)Net realised result on:- Sales of investments (see notes) 336,813.46- Foreign exchange 16,654.76NET REALISED RESULT 265,891.76Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 329,187.62- Forward foreign exchange contracts on currencies (3,621.40)- Future contracts (38,848.37)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS552,609.61MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (3,689,516.16)(3,689,516.16)NET ASSETS AT THE END OF THE YEAR 8,282,428.73The notes are an integral part of these financial statements145
A&G GLOBAL SICAV - SIFKILMALLOCK FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 100,824.79785Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (31,586.31413)Shares outstanding at the end of the year 69,238.48372NET ASSET VALUE PER SHAREEURHighest 120.1312.20.12Lowest 111.4306.05.12At the end of the year 119.62CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDate12.31.1012.31.1112.31.12Number ofsharesoutstandingNetAssetsCcyNet assetvalueper share138,195.24251 15,571,121.94EUR112.67100,824.79785 11,419,335.28EUR113.2669,238.48372 8,282,428.73EUR119.62146
A&G GLOBAL SICAV - SIFKILMALLOCK FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETOPTIONSGERMANY(520) EUROSTOXX50 C2850 SEPT. 13 EUR (26,364.00) 63.900 (33,228.00) (0.40)(520) EUROSTOXX50 P2150 SEPT. 13 EUR (37,544.00) 66.400 (34,528.00) (0.42)520 EUROSTOXX50 P2400 SEPT. 13 EUR 77,636.00 130.800 68,016.00 0.82TOTAL GERMANY13,728.00260.00 0.00TOTAL OPTIONS 13,728.00260.00 0.00TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET13,728.00260.000.00OTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSNETHERLANDS1,500,000 BOIRO FINANCE BV EMTN LKD TO BASKET OFREFERENCE ENTITIES4.45% 01.13.12 - 06.20.13TOTAL NETHERLANDSEUR 1,500,042.25 100.158 1,502,370.00 18.141,500,042.251,502,370.0018.14TOTAL BONDS STRUCTURED PRODUCTS 1,500,042.251,502,370.00 18.14EQUITIES STRUCTURED PRODUCTSFRANCE1,500,000 BNP PARIBAS ARBITRAGE ISSUANCE BV LINKED TOEUROSTOXX50 EMTN0% 05.13.11 - 11.13.14TOTAL FRANCEThe notes are an integral part of these financial statements147EUR 1,500,042.25 101.420 1,521,300.00 18.371,500,042.251,521,300.00TOTAL EQUITIES STRUCTURED PRODUCTS 1,500,042.251,521,300.00 18.37TOTAL OTHER TRANSFERABLE SECURITIES 3,000,084.503,023,670.00 36.51INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSEUROPEAN MONETARY UNION210.00000 LFP EURO SOUVERAINS FCP EUR 222,342.98 1,086.270 228,116.70 2.75TOTAL EUROPEAN MONETARY UNIONWORLD222,342.98228,116.705,895.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 720,017.17 122.860 724,259.70 8.743,475.325 A4 FUNDS AVALON UNITS -A- EUR 350,200.00 86.730 301,414.94 3.6430,549.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 713,063.66 23.520 718,512.48 8.68GOVERNMENT BOND -A2-EUR-HEDGED556.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 447,012.84 829.630 461,274.28 5.5718.372.75
A&G GLOBAL SICAV - SIFKILMALLOCK FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets44,055.00 INVESCO FUNDS SICAV EURO CORPORATE BOND -A-69,835.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENTBOND -A(ACC)-EUR-29,598.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADECREDIT -E-EUR-HEDGED-2,985.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT -P-USD-TOTAL WORLDEUR 639,415.74 15.503 682,971.45 8.25EUR 796,533.16 11.680 815,672.80 9.85EUR 427,671.10 15.180 449,297.64 5.42USD 447,794.73 201.230 455,606.37 5.504,541,708.404,609,009.66TOTAL OPEN-ENDED INVESTMENT FUNDS 4,764,051.384,837,126.36 58.40TOTAL INVESTMENT FUNDS 4,764,051.384,837,126.36 58.4055.65TOTAL INVESTMENTS IN SECURITIES 7,777,863.887,861,056.36 94.91Cash/(bank overdraft) 470,231.83 5.68Other assets and liabilities (48,859.46) (0.59)TOTAL NET ASSETS 8,282,428.73 100.00The notes are an integral part of these financial statements148
A&G GLOBAL SICAV - SIFKILMALLOCK FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 55.65France 18.37Netherlands 18.14<strong>Europe</strong>an Monetary Union 2.75TOTAL INVESTMENTS IN SECURITIES94.91Other assets/(liabilities) and liquid assets 5.09NET ASSETS 100.00149
A&G GLOBAL SICAV - SIFKILMALLOCK FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 58.40Holding and finance companies 36.51TOTAL INVESTMENTS IN SECURITIES94.91Other assets/(liabilities) and liquid assets 5.09NET ASSETS 100.00150
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 3,966,895.45- Net unrealised result 117,976.564,084,872.01Cash:- Cash at sight 154,410.45- Margin <strong>de</strong>posits 2,396.11Other assets:- Interest receivable 32,742.92- Formation/reorganisation expenses, net (see notes) 13,520.00- Unrealised gain on futures contracts (see notes) 1,413.33- Unrealised gain on forward foreign exchange contracts (see notes) 365.54on currencies4,289,720.36LIABILITIESBank overdraft:- Margin call 939.88Other liabilities:- Taxes and expenses payable 10,977.27- Unrealised loss on futures contracts (see notes) 917.50- Unrealised loss on forward foreign exchange contracts(see notes) 955.22on currencies13,789.87NET ASSETS 4,275,930.49Net asset value per Ordinary SharesOrdinary Shares outstanding104.1541,055.35012The notes are an integral part of these financial statements151
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 3,620,049.20INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 176.40- Bond interest, net 110,617.22110,793.62EXPENSESBank interest, net 3.87Fees:- Management fee (see notes) 19,083.65- Performance fee (see notes) 8,636.00- Investment advisory fee (see notes) 2,913.07- Custodian fee and safekeeping charges (see notes) 6,105.71Other expenses:- Annual tax (see notes) 334.35- Amortisation of formation/reorganisation expenses (see notes) 3,975.00- Audit and legal fees 5,482.25- Printing and publishing fees 110.60- Administration and other expenses 6,349.9952,994.49NET OPERATING RESULT 57,799.13Net realised result on:- Sales of investments (see notes) (2,113.04)- Foreign exchange 11,578.71NET REALISED RESULT 67,264.80Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 117,714.26- Forward foreign exchange contracts on currencies (581.94)- Future contracts 2,484.17NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS186,881.29MOVEMENTS IN CAPITALSubscriptions of shares 469,000.00469,000.00NET ASSETS AT THE END OF THE YEAR 4,275,930.49The notes are an integral part of these financial statements152
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 36,427.64491Subscriptions of shares 4,627.70521Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 41,055.35012NET ASSET VALUE PER SHAREEURHighest 104.1512.31.12Lowest 99.4206.30.12At the end of the year 104.15CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 11.16.1126,000.00000 2,600,000.00EUR100.0012.31.1112.31.1236,427.64491 3,620,049.20EUR99.3841,055.35012 4,275,930.49EUR104.15* first valuation153
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSITALY200,000 FIAT FINANCE & TRADE LTD SA EUR 197,947.73 102.715 205,430.00 4.806.375% 04.01.11 - 04.01.16TOTAL ITALY197,947.73205,430.00 4.80100,000PORTUGALPORTUGAL TELECOM INTL FINANCE BV EUR 98,448.15 101.339 101,339.00 2.376% 04.30.09 - 04.30.13TOTAL PORTUGAL98,448.15101,339.00 2.37SPAIN100,000 INSTITUTO DE CREDITO OFICIAL EMTN AUD 79,874.04 97.714 76,941.96 1.806.125% 02.27.07 - 02.27.14100,000 BBVA SENIOR FINANCE SA EMTN EUR 98,183.73 100.760 100,760.00 2.364% 11.11.11 - 05.13.13100,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 100,704.96 105.245 105,245.00 2.465.125% 04.27.11 - 04.27.16150,000 CITERIA CAIXACORP SA EUR 140,853.79 100.960 151,440.00 3.544.125% 11.20.09 - 11.20.14100,000 FONDO DE RESTRUCTURACION ORDENADA EUR 97,193.61 101.670 101,670.00 2.38BANCARIA4.5% 02.03.11 - 02.03.14200,000 GAS NATURAL CAPITAL MARKETS SA EMTN EUR 203,870.55 105.605 211,210.00 4.945.25% 07.09.09 - 07.09.14100,000 TELEFONICA EMISIONES SA EMTN EUR 101,924.08 113.760 113,760.00 2.665.811% 09.19.12 - 09.05.17TOTAL SPAIN822,604.76861,026.96TOTAL BONDS 1,119,000.641,167,795.96 27.3120.14TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET1,119,000.641,167,795.9627.31OTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSNETHERLANDS300,000 BOIRO FINANCE BV EMTN LKD TO BASKET OFREFERENCE ENTITIES4.45% 01.13.12 - 06.20.13TOTAL NETHERLANDSEUR 300,042.25 100.158 300,474.00 7.03300,042.25300,474.007.03The notes are an integral part of these financial statements154
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsUNITED KINGDOM500,000 BARCLAYS BANK PLC LKD TO A BASKET OF CORP EUR 500,042.25 107.910 539,550.00 12.625.25% 11.17.11 - 12.20.16TOTAL UNITED KINGDOM500,042.25539,550.00TOTAL BONDS STRUCTURED PRODUCTS 800,084.50840,024.00 19.65REVERSE CONVERTIBLE BONDS12.62SWITZERLAND100,000 EFG FINANCIAL PRODUCTS AG REV CONV ONBANCO SANTANDER SA9.46% 11.01.12 - 11.01.13TOTAL SWITZERLANDEUR 100,040.00 101.520 101,520.00 2.37100,040.00101,520.002.37TOTAL REVERSE CONVERTIBLE BONDS 100,040.00101,520.00 2.37SICARWORLD464.800 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 38,138.95 95.620 33,700.42 0.7938,138.9533,700.420.79TOTAL SICAR 38,138.9533,700.42 0.79TOTAL OTHER TRANSFERABLE SECURITIES 938,263.45975,244.42 22.81INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA5,868.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 25,596.42 5.850 26,029.53 0.6125,596.4226,029.530.61CHINA3,715.000 JKC FUND SICAV LFP CHINA VALUE -I- EUR 149,467.30 40.960 152,166.40 3.56TOTAL CHINAEUROPEAN MONETARY UNION149,467.30152,166.40344.000 CARMIGNAC GESTION EURO PATRIMOINE EUR 103,955.20 300.110 103,237.84 2.424,151.70 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 36,262.57 10.420 43,260.71 1.0123.00000 LFP EURO SOUVERAINS FCP EUR 24,491.41 1,086.830 24,997.09 0.58TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION164,709.18171,495.64146.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 13,059.32 90.050 13,147.30 0.3117,280.0000 DIP FCP LIQUIDITY FUND -B- EUR 172,838.50 9.998 172,761.98 4.04307.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 34,482.85 112.190 34,442.33 0.81RETURN EUROPE EQUITY -C-200.00000 LFP RENDEMENT 2017 FCP -E- EUR 200,050.00 1,029.480 205,896.00 4.815,701.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 8,511.79 1.526 8,696.88 0.20EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION428,942.46434,944.49 10.173.564.01LATIN AMERICA177.41 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUSD 11,021.25 81.580 10,974.44 0.2611,021.2510,974.440.26UNITED STATES OF AMERICA78.000 LEGG MASON GLOBAL FUNDS PLC ROYCE US EUR 8,659.71 113.220 8,831.16 0.21SMALL CAP OPPORTUNITY -E- EUR1,497.208 MUZINICH FUNDS AMERICAYIELD -HEDGED-EUR- EUR 200,017.11 133.560 199,967.10 4.68The notes are an integral part of these financial statements155
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets322.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 33,084.07 133.880 32,688.28 0.76241,760.89241,486.545.65WORLD638.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 78,052.49 122.860 78,384.68 1.833,334.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 77,887.35 23.520 78,415.68 1.83GOVERNMENT BOND -A2-EUR-HEDGED120.000 CARMIGNAC INVESTISSEMENT FCP EUR 102,964.72 882.480 105,897.60 2.4817.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 22,805.08 1,340.410 22,786.97 0.53FCP59.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 47,642.08 829.270 48,926.93 1.143,550.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 35,149.85 9.806 34,812.37 0.81237.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 23,477.59 97.496 23,106.62 0.54DAILY -E-EUR-1,981.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 22,438.28 11.650 23,078.65 0.54ORDINARY-EUR-9,243.00 GAM STAR FUND PLC GLOBAL SELECTOR CLASS -II- EUR 105,631.86 11.630 107,496.09 2.52EUR2,166.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 22,156.20 10.654 23,075.70 0.54CREDIT ALPHA -EUR-Y-ACC-30,918.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 34,372.59 1.127 34,844.59 0.81GOVERNEMENT BOND-I2-EUR-HEDGED4,766.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 70,110.24 15.503 73,885.87 1.73A-7,554.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 86,815.60 11.680 88,230.72 2.06BOND -A(ACC)-EUR-253.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 32,671.10 136.770 34,602.81 0.81RETURN BOND FUND PLUS -C-3,234.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 47,352.54 15.180 49,092.12 1.15CREDIT -E-EUR-HEDGED-256.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 30,308.31 113.210 28,981.76 0.68HI-HEDGED-322.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 48,297.98 201.160 49,115.43 1.15P-USD-TOTAL WORLD888,133.86904,734.59 21.15TOTAL OPEN-ENDED INVESTMENT FUNDS 1,909,631.361,941,831.63 45.41TOTAL INVESTMENT FUNDS 1,909,631.361,941,831.63 45.41TOTAL INVESTMENTS IN SECURITIES 3,966,895.454,084,872.01 95.53Cash/(bank overdraft) 155,866.68 3.65Other assets and liabilities 35,191.80 0.82TOTAL NET ASSETS 4,275,930.49 100.00The notes are an integral part of these financial statements156
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 21.94Spain 20.14United Kingdom 12.62<strong>Europe</strong>an Union 10.17Netherlands 7.03United States of America 5.65Italy 4.80<strong>Europe</strong>an Monetary Union 4.01China 3.56Switzerland 2.37Portugal 2.37Asia 0.61Latin America 0.26TOTAL INVESTMENTS IN SECURITIES95.53Other assets/(liabilities) and liquid assets 4.47NET ASSETS 100.00157
A&G GLOBAL SICAV - SIFCASTLEBRIDGE FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 45.41Holding and finance companies 29.79Banks and other credit institutions 16.88Data transmission 2.66SICAR 0.79TOTAL INVESTMENTS IN SECURITIES95.53Other assets/(liabilities) and liquid assets 4.47NET ASSETS 100.00158
A&G GLOBAL SICAV - SIFNEWTOWNABBEY FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 15,077,317.57- Net unrealised result 447,364.2615,524,681.83Cash:- Cash at sight 1,074,355.14- Margin <strong>de</strong>posits 42,773.77Other assets:- Interest receivable 95,318.83- Formation/reorganisation expenses, net (see notes) 75,652.00- Unrealised gain on futures contracts (see notes) 36,840.6916,849,622.26LIABILITIESBank overdraft:- Long-term borrowings- Margin call(see notes) 6,000,000.0021,617.35Other liabilities:- Taxes and expenses payable 28,913.09- Unrealised loss on futures contracts (see notes) 5,686.98- Unrealised loss on forward foreign exchange contracts(see notes) 12,524.84on currencies- Interest payable 89,101.676,157,843.93NET ASSETS 10,691,778.33Net asset value per Ordinary SharesOrdinary Shares outstanding104.97101,860.00000The notes are an integral part of these financial statements159
A&G GLOBAL SICAV - SIFNEWTOWNABBEY FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 10,289,854.44INCOMEIncome from investments:- Bond interest, net 138,136.60138,136.60EXPENSESBank interest, net 89,126.61Fees:- Management fee (see notes) 52,239.84- Performance fee (see notes) 21,153.00- Investment advisory fee (see notes) 7,784.53- Custodian fee and safekeeping charges (see notes) 12,458.74Other expenses:- Annual tax (see notes) 676.89- Amortisation of formation/reorganisation expenses (see notes) 19,875.00- Audit and legal fees 6,072.71- Printing and publishing fees 295.90- Administration and other expenses 29,980.44239,663.66NET OPERATING RESULT (101,527.06)Net realised result on:- Sales of investments (see notes) 6,824.65- Foreign exchange 158,173.66NET REALISED RESULT 63,471.25Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 319,784.37- Forward foreign exchange contracts on currencies (13,442.08)- Future contracts 32,110.35NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS401,923.89NET ASSETS AT THE END OF THE YEAR 10,691,778.33The notes are an integral part of these financial statements160
A&G GLOBAL SICAV - SIFNEWTOWNABBEY FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 101,860.00000Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 101,860.00000NET ASSET VALUE PER SHAREEURHighest 104.9712.31.12Lowest 99.9107.31.12At the end of the year 104.97CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 11.25.11101,860.00000 10,186,000.00EUR100.0012.31.1112.31.12101,860.00000 10,289,854.44EUR101.02101,860.00000 10,691,778.33EUR104.97* first valuation161
A&G GLOBAL SICAV - SIFNEWTOWNABBEY FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN400,000 BANCO FINANCIERO Y DE AHORROS SA EUR 377,793.20 102.050 408,200.00 3.825.25% 04.07.11 - 04.07.16300,000 BANCO SANTANDER SA EUR 293,887.42 104.990 314,970.00 2.954.625% 06.21.11 - 06.21.16300,000 CAIXABANK EUR 277,324.85 100.155 300,465.00 2.813.5% 03.31.10 - 03.31.16700,000 CAIXABANK EUR 646,166.35 101.195 708,365.00 6.634% 02.16.12 - 02.16.17500,000 FONDO DE AMORTIZACION DEL DEFICITEUR 519,854.47 103.530 517,650.00 4.84ELECTRICO5.6% 05.20.11 - 09.17.18100,000 FONDO DE RESTRUCTURACION ORDENADA EUR 95,480.93 104.685 104,685.00 0.98BANCARIA5.5% 07.12.11 - 07.12.16800,000 SPAIN EUR 799,699.65 102.585 820,680.00 7.675.5% 01.24.11 - 04.30.21TOTAL SPAIN3,010,206.873,175,015.00TOTAL BONDS 3,010,206.873,175,015.00 29.7029.70TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET3,010,206.873,175,015.0029.70INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA143,268.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 624,310.05 5.850 635,514.56 5.94624,310.05635,514.565.94EUROPEAN MONETARY UNION115,844.78 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 1,021,681.20 10.420 1,207,102.61 11.29147.00000 LFP EURO SOUVERAINS FCP EUR 155,664.20 1,086.830 159,764.01 1.49TOTAL EUROPEAN MONETARY UNION1,177,345.401,366,866.62 12.78EUROPEAN UNION3,573.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 317,000.20 90.050 321,748.65 3.01120,543.0000 DIP FCP LIQUIDITY FUND -B- EUR 1,205,464.44 9.998 1,205,164.81 11.283,291.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 368,418.09 112.190 369,217.29 3.45RETURN EUROPE EQUITY -C-995.00000 LFP RENDEMENT 2017 FCP -E- EUR 994,283.85 1,029.480 1,024,332.60 9.58144,708.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-EUR 216,512.53 1.526 220,752.05 2.06TOTAL EUROPEAN UNION3,101,679.113,141,215.40 29.38The notes are an integral part of these financial statements162
A&G GLOBAL SICAV - SIFNEWTOWNABBEY FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsLATIN AMERICA4,252.22 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA1,995.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR9,144.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 315,835.22 81.580 263,038.83 2.46315,835.22263,038.832.46EUR 218,739.47 113.220 225,873.90 2.11USD 946,827.19 133.880 928,265.82 8.681,165,566.661,154,139.7210.79WORLD3,992.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 487,795.00 122.860 490,457.12 4.5920,973.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 489,769.55 23.520 493,284.96 4.61GOVERNMENT BOND -A2-EUR-HEDGED63,675.756993 BSG PROMETEO FI EUR 305,264.65 4.890 311,374.45 2.91183.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 245,025.66 1,340.410 245,295.03 2.29FCP382.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 308,270.52 829.270 316,781.14 2.9638,485.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 375,011.10 9.806 377,395.46 3.532,555.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 249,240.71 97.496 249,103.05 2.33DAILY -E-EUR-21,403.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 241,638.32 11.650 249,344.95 2.33ORDINARY-EUR-23,212.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 238,731.09 10.654 247,291.36 2.31CREDIT ALPHA -EUR-Y-ACC-331,594.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 369,444.34 1.127 373,706.44 3.50GOVERNEMENT BOND-I2-EUR-HEDGED30,277.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 438,616.09 15.503 469,375.25 4.39A-47,229.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 542,163.91 11.680 551,634.72 5.17BOND -A(ACC)-EUR-2,713.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 353,684.21 136.770 371,057.01 3.47RETURN BOND FUND PLUS -C-20,996.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 304,059.62 15.180 318,719.28 2.98CREDIT -E-EUR-HEDGED-3,623.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 425,327.96 113.210 410,159.83 3.84HI-HEDGED-2,058.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 308,331.53 201.160 313,911.65 2.94P-USD-TOTAL WORLD5,682,374.265,788,891.70 54.15TOTAL OPEN-ENDED INVESTMENT FUNDS 12,067,110.7012,349,666.83 115.50TOTAL INVESTMENT FUNDS 12,067,110.7012,349,666.83 115.50TOTAL INVESTMENTS IN SECURITIES 15,077,317.5715,524,681.83 145.20Cash/(bank overdraft) (4,904,488.44) (45.87)Other assets and liabilities 71,584.94 0.67TOTAL NET ASSETS 10,691,778.33 100.00The notes are an integral part of these financial statements163
A&G GLOBAL SICAV - SIFNEWTOWNABBEY FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 54.15Spain 29.70<strong>Europe</strong>an Union 29.38<strong>Europe</strong>an Monetary Union 12.78United States of America 10.79Asia 5.94Latin America 2.46TOTAL INVESTMENTS IN SECURITIES145.20Other assets/(liabilities) and liquid assets (45.20)NET ASSETS 100.00164
A&G GLOBAL SICAV - SIFNEWTOWNABBEY FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 115.50Holding and finance companies 10.42Government bonds 7.67Banks and other credit institutions 6.77Mortgage & funding institutions MBA 4.84TOTAL INVESTMENTS IN SECURITIES145.20Other assets/(liabilities) and liquid assets (45.20)NET ASSETS 100.00165
A&G GLOBAL SICAV - SIFKINGSLAND FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 4,083,157.50- Net unrealised result 148,115.244,231,272.74Cash:- Cash at sight 543,615.21- Margin <strong>de</strong>posits 9,386.69Other assets:- Interest receivable 48,698.62- Formation/reorganisation expenses, net (see notes) 14,236.00- Unrealised gain on futures contracts (see notes) 6,983.87- Unrealised gain on forward foreign exchange contracts (see notes) 313.84on currencies4,854,506.97LIABILITIESBank overdraft:- Long-term borrowings- Margin call(see notes) 1,000,000.003,759.54Other liabilities:- Subscriptions prepaid 100,000.00- Taxes and expenses payable 18,703.68- Unrealised loss on futures contracts (see notes) 1,213.22- Unrealised loss on forward foreign exchange contracts(see notes) 2,270.34on currencies- Interest payable 12,872.501,138,819.28NET ASSETS 3,715,687.69Net asset value per Ordinary SharesOrdinary Shares outstanding103.4235,926.39902The notes are an integral part of these financial statements166
A&G GLOBAL SICAV - SIFKINGSLAND FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 3,367,470.92INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 1,416.98- Bond interest, net 70,808.2672,225.24EXPENSESBank interest, net 12,885.09Fees:- Management fee (see notes) 16,583.68- Performance fee (see notes) 13,409.00- Investment advisory fee (see notes) 2,537.35- Custodian fee and safekeeping charges (see notes) 5,967.35Other expenses:- Annual tax (see notes) 269.31- Amortisation of formation/reorganisation expenses (see notes) 4,175.00- Audit and legal fees 5,438.28- Printing and publishing fees 102.16- Administration and other expenses 12,013.3973,380.61NET OPERATING RESULT (1,155.37)Net realised result on:- Sales of investments (see notes) (18,102.80)- Foreign exchange 10,825.29NET REALISED RESULT (8,432.88)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 151,611.50- Forward foreign exchange contracts on currencies (2,245.82)- Future contracts 7,283.97NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS148,216.77MOVEMENTS IN CAPITALSubscriptions of shares 200,000.00200,000.00NET ASSETS AT THE END OF THE YEAR 3,715,687.69The notes are an integral part of these financial statements167
A&G GLOBAL SICAV - SIFKINGSLAND FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 33,950.00000Subscriptions of shares 1,976.39902Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 35,926.39902NET ASSET VALUE PER SHAREEURHighest 103.4212.31.12Lowest 97.5906.30.12At the end of the year 103.42CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 11.11.1133,950.00000 3,395,000.00EUR100.0012.31.1112.31.1233,950.00000 3,367,470.92EUR99.1935,926.39902 3,715,687.69EUR103.42* first valuation168
A&G GLOBAL SICAV - SIFKINGSLAND FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSFRANCE100,000 BANQUE PSA FINANCE EMTN EUR 95,514.29 103.070 103,070.00 2.774.25% 02.25.11 - 02.25.16TOTAL FRANCE95,514.29103,070.00 2.77150,000ITALYFIAT FINANCE & TRADE LTD SA EMTN EUR 152,339.31 105.170 157,755.00 4.256.875% 11.13.09 - 02.13.15TOTAL ITALY152,339.31157,755.00 4.25100,000PORTUGALEDP FINANCE BV EMTN EUR 102,988.50 107.305 107,305.00 2.895.75% 09.21.12 - 09.21.17TOTAL PORTUGAL102,988.50107,305.00 2.89SPAIN100,000 INSTITUTO DE CREDITO OFICIAL EMTN AUD 75,409.67 97.714 76,941.96 2.076.125% 02.27.07 - 02.27.14100,000 ABENGOA SA EMTN EUR 99,942.36 102.865 102,865.00 2.778.5% 03.31.10 - 03.31.16100,000 BANCO DE SABADELL SA EUR 99,045.18 100.045 100,045.00 2.694.25% 01.24.07 - 01.24.17100,000 BBVA SENIOR FINANCE SA EMTN EUR 97,701.94 100.760 100,760.00 2.714% 11.11.11 - 05.13.13100,000 CAIXABANK EUR 99,970.37 101.195 101,195.00 2.724% 02.16.12 - 02.16.17200,000 FONDO DE AMORTIZACION DEL DEFICITEUR 202,505.81 103.530 207,060.00 5.58ELECTRICO5.6% 05.20.11 - 09.17.18100,000 GAS NATURAL CAPITAL MARKETS SA EMTN EUR 99,190.13 105.605 105,605.00 2.845.25% 07.09.09 - 07.09.14100,000 MAPFRE SA EUR 101,984.23 105.000 105,000.00 2.835.125% 11.16.12 - 11.16.15100,000 MONTE DE PIEDAD Y CAJA AHORROS DE RONDA EUR 102,550.36 103.850 103,850.00 2.79CADIZ - UNICAJA5.5% 03.23.11 - 03.23.16100,000 OBRASCON HUARTE LAIN SA EMTN EUR 104,505.13 109.300 109,300.00 2.948.75% 03.30.11 - 03.15.18100,000 REPSOL INTERNATIONAL FINANCE BV EMTN EUR 98,941.28 109.435 109,435.00 2.954.75% 02.16.07 - 02.16.17100,000 SANTANDER INTERNATIONAL DEBT SA EMTN EUR 97,605.74 102.970 102,970.00 2.774% 03.27.12 - 03.27.1760,000 TELEFONICA SA EUR 53,728.30 97.775 58,665.00 1.584.184% 11.29.12 - 11.29.22TOTAL SPAIN1,333,080.501,383,691.96TOTAL BONDS 1,683,922.601,751,821.96 47.1537.24The notes are an integral part of these financial statements169
A&G GLOBAL SICAV - SIFKINGSLAND FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsEQUITIESSPAIN3,935 TELEFONICA SA EUR 35,086.20 10.190 40,097.65 1.08TOTAL SPAIN35,086.2040,097.65TOTAL EQUITIES 35,086.2040,097.65 1.081.08TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET1,719,008.801,791,919.6148.23OTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSUNITED KINGDOM300,000 BARCLAYS BANK PLC LKD TO A BASKET OF CORP EUR 300,042.25 107.910 323,730.00 8.725.25% 11.17.11 - 12.20.16TOTAL UNITED KINGDOM300,042.25323,730.00TOTAL BONDS STRUCTURED PRODUCTS 300,042.25323,730.00 8.72SICAR8.72WORLD611.217 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 49,511.14 95.620 44,316.41 1.1949,511.1444,316.411.19TOTAL SICAR 49,511.1444,316.41 1.19TOTAL OTHER TRANSFERABLE SECURITIES 349,553.39368,046.41 9.91INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA25,960.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 113,185.29 5.850 115,154.52 3.10113,185.29115,154.523.10CHINA2,478.000 JKC FUND SICAV LFP CHINA VALUE -I- EUR 99,913.40 40.960 101,498.88 2.73TOTAL CHINAEUROPEAN MONETARY UNION99,913.40101,498.8820,881.30 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 186,004.25 10.420 217,583.15 5.8626.00000 LFP EURO SOUVERAINS FCP EUR 27,568.43 1,086.830 28,257.58 0.76TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION213,572.68245,840.73638.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 56,754.08 90.050 57,451.90 1.55598.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 67,081.95 112.190 67,089.62 1.81RETURN EUROPE EQUITY -C-25,906.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 38,817.25 1.526 39,519.60 1.06EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION162,653.28164,061.12 4.422.736.62LATIN AMERICA795.87 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUSD 48,618.10 81.580 49,231.86 1.3248,618.1049,231.861.32The notes are an integral part of these financial statements170
A&G GLOBAL SICAV - SIFKINGSLAND FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsUNITED STATES OF AMERICA352.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR402.000 MUZINICH FUNDS AMERICAYIELD AMERICAYIELD -HEDGED-EUR-1,610.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAWORLDEUR 38,696.59 113.220 39,853.44 1.07EUR 100,397.24 249.780 100,411.56 2.70USD 166,715.21 133.880 163,441.38 4.40305,809.04303,706.38711.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 86,951.31 122.860 87,353.46 2.353,714.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 86,767.42 23.520 87,353.28 2.35GOVERNMENT BOND -A2-EUR-HEDGED34.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 45,589.74 1,340.410 45,573.94 1.23FCP69.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 55,719.96 829.270 57,219.63 1.546,715.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 66,682.03 9.806 65,849.30 1.77500.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 49,433.78 97.496 48,748.15 1.31DAILY -E-EUR-3,869.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 43,617.10 11.650 45,073.85 1.21ORDINARY-EUR-4,226.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 42,984.20 10.654 45,022.11 1.21CREDIT ALPHA -EUR-Y-ACC-60,519.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 67,224.83 1.127 68,204.91 1.84GOVERNEMENT BOND-I2-EUR-HEDGED5,489.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 79,553.50 15.503 85,094.32 2.29A-8,421.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 96,401.09 11.680 98,357.28 2.65BOND -A(ACC)-EUR-495.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 64,485.77 136.770 67,701.15 1.82RETURN BOND FUND PLUS -C-0.940 LFP RENDEMENT 2017 FCP -I- EUR 99,724.40 110,396.000 103,772.24 2.793,605.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 52,089.96 15.180 54,723.90 1.47CREDIT -E-EUR-HEDGED-660.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 77,548.19 113.210 74,718.60 2.01HI-HEDGED-374.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 56,070.24 201.160 57,047.11 1.54P-USD-TOTAL WORLD1,070,843.521,091,813.23 29.38TOTAL OPEN-ENDED INVESTMENT FUNDS 2,014,595.312,071,306.72 55.74TOTAL INVESTMENT FUNDS 2,014,595.312,071,306.72 55.748.17TOTAL INVESTMENTS IN SECURITIES 4,083,157.504,231,272.74 113.88Cash/(bank overdraft) (450,757.64) (12.13)Other assets and liabilities (64,827.41) (1.75)TOTAL NET ASSETS 3,715,687.69 100.00The notes are an integral part of these financial statements171
A&G GLOBAL SICAV - SIFKINGSLAND FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 38.32World 30.57United Kingdom 8.72United States of America 8.17<strong>Europe</strong>an Monetary Union 6.62<strong>Europe</strong>an Union 4.42Italy 4.25Asia 3.10Portugal 2.89France 2.77China 2.73Latin America 1.32TOTAL INVESTMENTS IN SECURITIES113.88Other assets/(liabilities) and liquid assets (13.88)NET ASSETS 100.00172
A&G GLOBAL SICAV - SIFKINGSLAND FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 55.74Holding and finance companies 23.92Banks and other credit institutions 16.25Building and building materials 5.71Mortgage & funding institutions MBA 5.58Insurance 2.83Data transmission 2.66SICAR 1.19TOTAL INVESTMENTS IN SECURITIES113.88Other assets/(liabilities) and liquid assets (13.88)NET ASSETS 100.00173
A&G GLOBAL SICAV - SIFKENMARE FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 5,118,109.00- Net unrealised result 154,258.825,272,367.82Cash:- Cash at sight 660,205.25- Margin <strong>de</strong>posits 2,502.27Other assets:- Interest receivable 88,721.28- Formation/reorganisation expenses, net (see notes) 1,650.00- Unrealised gain on futures contracts (see notes) 2,148.06- Unrealised gain on forward foreign exchange contracts (see notes) 714.52on currencies6,028,309.20LIABILITIESBank overdraft:- Cash at sight 3.94- Long-term borrowings (see notes) 2,005,500.00- Margin call 490.98Other liabilities:- Taxes and expenses payable 14,346.94- Unrealised loss on futures contracts (see notes) 1,023.66- Unrealised loss on forward foreign exchange contracts(see notes) 2,415.88on currencies- Interest payable 19,933.732,043,715.13NET ASSETS 3,984,594.07Net asset value per Ordinary SharesOrdinary Shares outstanding107.4737,075.26573The notes are an integral part of these financial statements174
A&G GLOBAL SICAV - SIFKENMARE FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 3,763,587.03INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 2,821.64- Bond interest, net 188,991.95191,813.59EXPENSESBank interest, net 19,951.63Fees:- Management fee (see notes) 8,251.68- Performance fee (see notes) 14,582.00- Investment advisory fee (see notes) 2,857.01- Custodian fee and safekeeping charges (see notes) 6,263.26Other expenses:- Annual tax (see notes) 388.62- Amortisation of formation/reorganisation expenses (see notes) 436.00- Audit and legal fees 5,392.11- Printing and publishing fees 114.08- Administration and other expenses 7,069.5465,305.93NET OPERATING RESULT 126,507.66Net realised result on:- Sales of investments (see notes) 38,952.57- Foreign exchange 7,048.57NET REALISED RESULT 172,508.80Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 144,871.73- Forward foreign exchange contracts on currencies (2,019.62)- Future contracts 5,646.13NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS321,007.04MOVEMENTS IN CAPITALRe<strong>de</strong>mptions of shares (100,000.00)(100,000.00)NET ASSETS AT THE END OF THE YEAR 3,984,594.07The notes are an integral part of these financial statements175
A&G GLOBAL SICAV - SIFKENMARE FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 38,092.14594Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares (1,016.88021)Shares outstanding at the end of the year 37,075.26573NET ASSET VALUE PER SHAREEURHighest 107.4712.31.12Lowest 97.0505.31.12At the end of the year 107.47CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.27.1135,000.00000 3,500,000.00EUR100.0012.31.1112.31.1238,092.14594 3,763,587.03EUR98.8037,075.26573 3,984,594.07EUR107.47* first valuation176
A&G GLOBAL SICAV - SIFKENMARE FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSCROATIA100,000 AGROKOR DD - REG-S EUR 109,445.24 110.950 110,950.00 2.7810% 12.07.09 - 12.07.16TOTAL CROATIA109,445.24110,950.00 2.78FRANCE100,000 AIR FRANCE KLM EUR 107,759.18 107.965 107,965.00 2.716.75% 10.27.09 - 10.27.16100,000 BANQUE PSA FINANCE EMTN EUR 101,606.73 105.100 105,100.00 2.646% 01.16.12 - 07.16.14100,000 FAURECIA SA EUR 106,554.70 116.565 116,565.00 2.939.375% 11.09.11 - 12.15.16100,000 LAFARGE SA EMTN - STEP CPN EUR 113,786.17 120.900 120,900.00 3.038.875% 06.24.09 - 11.24.16TOTAL FRANCE429,706.78450,530.00 11.31ITALY100,000 FIAT FINANCE & TRADE LTD SA EMTN EUR 101,070.88 105.170 105,170.00 2.646.875% 11.13.09 - 02.13.15100,000 TELECOM ITALIA SPA EUR 114,228.92 118.345 118,345.00 2.978.25% 03.19.09 - 03.21.16TOTAL ITALY215,299.80223,515.00 5.61PORTUGAL100,000 EDP FINANCE BV EMTN EUR 101,046.60 103.005 103,005.00 2.595.5% 02.18.09 - 02.18.14100,000 PORTUGAL TELECOM INTL FINANCE BV EUR 102,804.82 105.755 105,755.00 2.655.625% 02.08.11 - 02.08.16TOTAL PORTUGAL203,851.42208,760.00 5.24SPAIN200,000 INSTITUTO DE CREDITO OFICIAL EMTN AUD 151,895.60 97.714 153,883.92 3.866.125% 02.27.07 - 02.27.14200,000 ABENGOA SA EMTN EUR 198,038.21 102.865 205,730.00 5.168.5% 03.31.10 - 03.31.16350,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 347,872.25 104.890 367,115.00 9.215% 02.22.11 - 02.22.16150,000 CAMPOFRIO FOOD GROUP SA EUR 156,517.05 107.415 161,122.50 4.048.25% 11.02.09 - 10.31.16100,000 GAS NATURAL SDG SA EMTN EUR 102,199.25 110.320 110,320.00 2.775% 02.13.12 - 02.13.18100,000 MAPFRE SA EUR 102,154.65 105.000 105,000.00 2.645.125% 11.16.12 - 11.16.15200,000 MONTE DE PIEDAD Y CAJA AHORROS DE RONDA EUR 202,042.25 103.850 207,700.00 5.21CADIZ - UNICAJA5.5% 03.23.11 - 03.23.16The notes are an integral part of these financial statements177
A&G GLOBAL SICAV - SIFKENMARE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets200,000 OBRASCON HUARTE LAIN SA EMTN EUR 206,561.85 109.300 218,600.00 5.498.75% 03.30.11 - 03.15.18100,000 SANTANDER INTERNATIONAL DEBT SA EMTN EUR 100,141.63 104.630 104,630.00 2.634.625% 09.21.12 - 03.21.16200,000 SPAIN EUR 200,428.66 104.345 208,690.00 5.245.85% 11.22.11 - 01.31.22100,200 TELEFONICA SA EUR 95,217.16 97.775 97,970.55 2.464.184% 11.29.12 - 11.29.2280,000 TELEFONICA EMISIONES SA GBP 101,217.85 105.695 104,146.61 2.615.375% 02.02.06 - 02.02.18TOTAL SPAIN1,964,286.412,044,908.58TOTAL BONDS 2,922,589.653,038,663.58 76.2651.32TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET2,922,589.653,038,663.5876.26OTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSUNITED KINGDOM500,000 BARCLAYS BANK PLC LKD TO A BASKET OF CORP EUR 500,042.25 107.910 539,550.00 13.535.25% 11.17.11 - 12.20.16TOTAL UNITED KINGDOM500,042.25539,550.00TOTAL BONDS STRUCTURED PRODUCTS 500,042.25539,550.00 13.53COMMODITIES STRUCTURED PRODUCTS13.53SWITZERLAND100,000 EFG INTERNATIONAL FINANCE (GUERNSEY) LTDLKD TO XAU/USD0% 10.15.12 - 10.15.13TOTAL SWITZERLANDUSD 77,355.50 99.610 75,530.68 1.9077,355.5075,530.681.90TOTAL COMMODITIES STRUCTURED PRODUCTS 77,355.5075,530.68 1.90EQUITIES STRUCTURED PRODUCTSSWITZERLAND200,000 EFG FINANCIAL PRODUCTS AG GUERNSEY BRANCHCERT LKD TO IBEX 35 INDEX4.5% 11.23.12 - 11.23.15200,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT6.75% 05.11.12 - 05.11.15TOTAL SWITZERLANDEUR 200,040.00 100.170 200,340.00 5.03EUR 200,042.25 103.890 207,780.00 5.21400,082.25408,120.00TOTAL EQUITIES STRUCTURED PRODUCTS 400,082.25408,120.00 10.24REVERSE CONVERTIBLE BONDS10.24SWITZERLAND200,000 EFG FINANCIAL PRODUCTS AG REV CONV ONBANCO SANTANDER SA9.46% 11.01.12 - 11.01.13100,000 EFG FINANCIAL PRODUCTS AG REV CONV ONUNICREDIT SPA11.31% 11.01.12 - 11.01.13TOTAL SWITZERLANDEUR 200,040.00 101.520 203,040.00 5.10EUR 100,040.00 101.610 101,610.00 2.55300,080.00304,650.007.65TOTAL REVERSE CONVERTIBLE BONDS 300,080.00304,650.00 7.65The notes are an integral part of these financial statements178
A&G GLOBAL SICAV - SIFKENMARE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsSICARCHINA1,015.600 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINAWORLD627.480 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 79,141.24 91.786 70,683.36 1.7879,141.2470,683.361.78USD 50,336.20 95.620 45,495.57 1.1450,336.2045,495.571.14TOTAL SICAR 129,477.44116,178.93 2.92TOTAL OTHER TRANSFERABLE SECURITIES 1,407,037.441,444,029.61 36.24INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA15,232.59 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 67,205.09 5.850 67,569.40 1.7067,205.0967,569.401.70CHINA2,476.000 JKC FUND SICAV LFP CHINA VALUE -I- EUR 99,634.72 40.960 101,416.96 2.55TOTAL CHINAEUROPEAN MONETARY UNION99,634.72101,416.9614,232.00 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 149,486.00 10.420 148,297.44 3.72TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION149,486.00148,297.442.553.72480.3226 ABACO FINANCIALS EUR SHS EUR 100,322.00 208.904 100,341.50 2.52ABACO FINANCIALS EUR SHS EQUALISATION EUR 307.37 0.01502.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 45,059.32 90.050 45,205.10 1.1319,331.2871 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 29,652.00 1.526 29,489.88 0.74EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION175,033.32175,343.85 4.40LATIN AMERICA547.86 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUSD 33,607.63 81.580 33,890.17 0.8533,607.6333,890.170.85UNITED STATES OF AMERICA263.980 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUREUR 29,629.00 113.220 29,887.82 0.75749.101 MUZINICH FUNDS AMERICAYIELD -HEDGED-EUR- EUR 100,099.93 133.560 100,049.93 2.51823.8382 ROBECO CAPITAL GROWTH FUNDS SICAV US USD 83,966.28 133.880 83,633.08 2.10PREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICA213,695.21213,570.83 5.36The notes are an integral part of these financial statements179
A&G GLOBAL SICAV - SIFKENMARE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsWORLD438.000 VONTOBEL FUND SICAV BELVISTA COMMODITY -HI-HEDGED-TOTAL WORLDEUR 49,819.94 113.210 49,585.98 1.2449,819.9449,585.981.24TOTAL OPEN-ENDED INVESTMENT FUNDS 788,481.91789,674.63 19.82TOTAL INVESTMENT FUNDS 788,481.91789,674.63 19.82TOTAL INVESTMENTS IN SECURITIES 5,118,109.005,272,367.82 132.32Cash/(bank overdraft) (1,343,287.40) (33.71)Other assets and liabilities 55,513.65 1.39TOTAL NET ASSETS 3,984,594.07 100.00The notes are an integral part of these financial statements180
A&G GLOBAL SICAV - SIFKENMARE FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 51.32Switzerland 19.79United Kingdom 13.53France 11.31Italy 5.61United States of America 5.36Portugal 5.24<strong>Europe</strong>an Union 4.40China 4.33<strong>Europe</strong>an Monetary Union 3.72Croatia 2.78World 2.38Asia 1.70Latin America 0.85TOTAL INVESTMENTS IN SECURITIES132.32Other assets/(liabilities) and liquid assets (32.32)NET ASSETS 100.00181
A&G GLOBAL SICAV - SIFKENMARE FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsHolding and finance companies 35.52Banks and other credit institutions 29.23Investment funds 19.82Building and building materials 13.68Foodstuffs and non-alcoholic drinks 6.82Government bonds 5.24Data transmission 5.07Graphic industry and publishing houses 2.97Road vehicles 2.93SICAR 2.92Energy and public utilities 2.77Transportation 2.71Insurance 2.64TOTAL INVESTMENTS IN SECURITIES132.32Other assets/(liabilities) and liquid assets (32.32)NET ASSETS 100.00182
A&G GLOBAL SICAV - SIFDONEGALL FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 6,281,039.80- Net unrealised result 196,854.686,477,894.48Cash:- Cash at sight 338,984.53- Margin <strong>de</strong>posits 4,092.11Other assets:- Interest receivable 107,753.54- Formation/reorganisation expenses, net (see notes) 1,650.00- Unrealised gain on futures contracts (see notes) 3,076.67- Unrealised gain on forward foreign exchange contracts (see notes) 413.47on currencies6,933,864.80LIABILITIESBank overdraft:- Long-term borrowings- Margin call(see notes) 2,493,200.001,879.77Other liabilities:- Taxes and expenses payable 18,706.14- Unrealised loss on futures contracts (see notes) 917.50- Unrealised loss on forward foreign exchange contracts(see notes) 3,989.12on currencies- Interest payable 21,660.412,540,352.94NET ASSETS 4,393,511.86Net asset value per Ordinary SharesOrdinary Shares outstanding109.6740,060.60626The notes are an integral part of these financial statements183
A&G GLOBAL SICAV - SIFDONEGALL FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 4,013,960.85INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 2,821.64- Bond interest, net 233,643.04Other income 298.54236,763.22EXPENSESBank interest, net 21,685.59Fees:- Management fee (see notes) 10,640.61- Performance fee (see notes) 21,360.00- Investment advisory fee (see notes) 3,510.69- Custodian fee and safekeeping charges (see notes) 6,638.64Other expenses:- Annual tax (see notes) 473.68- Amortisation of formation/reorganisation expenses (see notes) 436.00- Audit and legal fees 5,445.03- Printing and publishing fees 124.25- Administration and other expenses 6,749.9977,064.48NET OPERATING RESULT 159,698.74Net realised result on:- Sales of investments (see notes) 52,696.61- Foreign exchange 14,619.76NET REALISED RESULT 227,015.11Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 182,419.25- Forward foreign exchange contracts on currencies (3,875.17)- Future contracts 242.57NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS405,801.76MOVEMENTS IN CAPITALSubscriptions of shares 890,000.00Re<strong>de</strong>mptions of shares (916,250.75)(26,250.75)NET ASSETS AT THE END OF THE YEAR 4,393,511.86The notes are an integral part of these financial statements184
A&G GLOBAL SICAV - SIFDONEGALL FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 40,060.60626Subscriptions of shares 8,670.86917Re<strong>de</strong>mptions of shares (8,670.86917)Shares outstanding at the end of the year 40,060.60626NET ASSET VALUE PER SHAREEURHighest 109.6712.31.12Lowest 97.3905.31.12At the end of the year 109.67CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.27.1135,000.00000 3,500,000.00EUR100.0012.31.1112.31.1240,060.60626 4,013,960.85EUR100.2040,060.60626 4,393,511.86EUR109.67* first valuation185
A&G GLOBAL SICAV - SIFDONEGALL FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSCYPRUS200,000 SEADRILL LIMITED - REG-S USD 160,558.79 100.188 151,937.15 3.465.625% 09.14.12 - 09.15.17TOTAL CYPRUS160,558.79151,937.15 3.46FRANCE100,000 AIR FRANCE KLM EUR 107,628.58 107.965 107,965.00 2.466.75% 10.27.09 - 10.27.16100,000 BANQUE PSA FINANCE EMTN EUR 97,268.60 103.070 103,070.00 2.354.25% 02.25.11 - 02.25.16100,000 FAURECIA SA EUR 106,554.70 116.565 116,565.00 2.659.375% 11.09.11 - 12.15.16100,000 LAFARGE SA EMTN - STEP CPN EUR 113,435.00 120.900 120,900.00 2.758.875% 06.24.09 - 11.24.16TOTAL FRANCE424,886.88448,500.00 10.21ITALY100,000 FIAT FINANCE & TRADE LTD SA EMTN EUR 101,070.87 105.170 105,170.00 2.396.875% 11.13.09 - 02.13.15100,000 ITALY BUONI DEL TESORO POLIENNALI EUR 96,781.87 106.550 106,550.00 2.434.75% 06.01.12 - 06.01.17100,000 TELECOM ITALIA SPA EUR 114,228.92 118.345 118,345.00 2.698.25% 03.19.09 - 03.21.16TOTAL ITALY312,081.66330,065.00 7.51PORTUGAL100,000 EDP FINANCE BV EMTN EUR 101,046.60 103.005 103,005.00 2.345.5% 02.18.09 - 02.18.14100,000 PORTUGAL TELECOM INTL FINANCE BV EUR 102,704.57 105.755 105,755.00 2.415.625% 02.08.11 - 02.08.16TOTAL PORTUGAL203,751.17208,760.00 4.75SPAIN100,000 INSTITUTO DE CREDITO OFICIAL EMTN AUD 75,967.73 97.714 76,941.96 1.756.125% 02.27.07 - 02.27.14200,000 ABENGOA SA EMTN EUR 198,038.21 102.865 205,730.00 4.688.5% 03.31.10 - 03.31.16100,000 BBVA INTERNATIONAL PREFERRED SA FRN SERIE E EUR 90,635.56 98.125 98,125.00 2.23- PERPETUAL8.5% 10.21.09400,000 CAIXABANK EUR 398,162.25 101.195 404,780.00 9.224% 02.16.12 - 02.16.17150,000 CAMPOFRIO FOOD GROUP SA EUR 156,441.86 107.415 161,122.50 3.678.25% 11.02.09 - 10.31.16100,000 GAS NATURAL SDG SA EMTN EUR 101,948.25 110.320 110,320.00 2.515% 02.13.12 - 02.13.18The notes are an integral part of these financial statements186
A&G GLOBAL SICAV - SIFDONEGALL FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets350,000 MONTE DE PIEDAD Y CAJA AHORROS DE RONDA EUR 353,542.25 103.850 363,475.00 8.27CADIZ - UNICAJA5.5% 03.23.11 - 03.23.16200,000 OBRASCON HUARTE LAIN SA EMTN EUR 210,512.64 109.300 218,600.00 4.988.75% 03.30.11 - 03.15.18100,000 REPSOL SA EMTN EUR 97,098.18 106.800 106,800.00 2.434.25% 12.12.11 - 02.12.16100,000 SANTANDER INTERNATIONAL DEBT SA EMTN EUR 100,243.13 102.970 102,970.00 2.344% 03.27.12 - 03.27.17200,000 SPAIN EUR 200,428.66 104.345 208,690.00 4.755.85% 11.22.11 - 01.31.22100,000 TELEFONICA EMISIONES SA EMTN EUR 100,442.25 109.435 109,435.00 2.494.797% 02.21.12 - 02.21.18100,000 TELEFONICA EMISIONES SA GBP 126,512.34 105.695 130,183.26 2.965.375% 02.02.06 - 02.02.18TOTAL SPAIN2,209,973.312,297,172.72TOTAL BONDS 3,311,251.813,436,434.87 78.2152.28TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET3,311,251.813,436,434.8778.21OTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSUNITED KINGDOM500,000 BARCLAYS BANK PLC LKD TO A BASKET OF CORP EUR 500,042.25 107.910 539,550.00 12.285.25% 11.17.11 - 12.20.16TOTAL UNITED KINGDOM500,042.25539,550.00TOTAL BONDS STRUCTURED PRODUCTS 500,042.25539,550.00 12.28EQUITIES STRUCTURED PRODUCTSNETHERLANDS200,000 RABOBANK STRUCTURED PRODUCTS EUR 200,042.25 98.400 196,800.00 4.4816% 02.24.12 - 08.26.13TOTAL NETHERLANDSSWITZERLAND200,000 EFG FINANCIAL PRODUCTS AG GUERNSEY BRANCHCERT LKD TO IBEX 35 INDEX4.5% 11.23.12 - 11.23.15200,000 EFG INTERNATIONAL FINANCE(GUERNSEY) LTDCERT6.75% 05.11.12 - 05.11.15TOTAL SWITZERLAND200,042.25196,800.0012.284.48EUR 200,040.00 100.170 200,340.00 4.56EUR 200,042.25 103.890 207,780.00 4.74400,082.25408,120.00TOTAL EQUITIES STRUCTURED PRODUCTS 600,124.50604,920.00 13.78REVERSE CONVERTIBLE BONDS9.30SWITZERLAND100,000 EFG FINANCIAL PRODUCTS AG REV CONV ONBANCO SANTANDER SA9.46% 11.01.12 - 11.01.13100,000 EFG FINANCIAL PRODUCTS AG REV CONV ONUNICREDIT SPA11.31% 11.01.12 - 11.01.13TOTAL SWITZERLANDEUR 100,080.00 101.520 101,520.00 2.31EUR 100,040.00 101.610 101,610.00 2.31200,120.00203,130.004.62TOTAL REVERSE CONVERTIBLE BONDS 200,120.00203,130.00 4.62The notes are an integral part of these financial statements187
A&G GLOBAL SICAV - SIFDONEGALL FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsSICARCHINA1,015.600 PRAX CAPITAL CHINA GROWTH FUND III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL CHINAWORLD627.480 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 79,141.24 91.786 70,683.36 1.6079,141.2470,683.361.60USD 50,336.20 95.620 45,495.57 1.0450,336.2045,495.571.04TOTAL SICAR 129,477.44116,178.93 2.64TOTAL OTHER TRANSFERABLE SECURITIES 1,429,764.191,463,778.93 33.32INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA14,199.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 61,975.69 5.850 62,984.55 1.4361,975.6962,984.551.43CHINA3,715.000 JKC FUND SICAV LFP CHINA VALUE -I- EUR 149,467.30 40.960 152,166.40 3.46TOTAL CHINAEUROPEAN MONETARY UNION149,467.30152,166.4011,481.00 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 102,429.04 10.420 119,632.02 2.7214.00000 LFP EURO SOUVERAINS FCP EUR 14,855.40 1,086.830 15,215.62 0.35TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION117,284.44134,847.64969.4434 ABACO FINANCIALS EUR SHS EUR 200,630.00 208.904 202,520.99 4.61ABACO FINANCIALS EUR SHS EQUALISATION EUR 307.38 0.01354.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 31,397.52 90.050 31,877.70 0.73319.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 35,769.77 112.190 35,788.61 0.81RETURN EUROPE EQUITY -C-13,796.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 20,665.69 1.526 21,045.80 0.48EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION288,462.98291,540.48 6.643.463.07LATIN AMERICA434.07 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUSD 26,567.25 81.580 26,851.21 0.6126,567.2526,851.210.61UNITED STATES OF AMERICA189.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUREUR 20,764.44 113.220 21,398.58 0.491,122.656 MUZINICH FUNDS AMERICAYIELD -HEDGED-EUR- EUR 149,991.94 133.560 149,941.94 3.41890.0000 ROBECO CAPITAL GROWTH FUNDS SICAV US USD 91,384.70 133.880 90,349.58 2.06PREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICA262,141.08261,690.10 5.96WORLD389.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 47,611.82 122.860 47,792.54 1.092,034.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 47,526.44 23.520 47,839.68 1.09GOVERNMENT BOND -A2-EUR-HEDGED18.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 24,157.98 1,340.410 24,127.38 0.55FCP36.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 29,078.54 829.270 29,853.72 0.683,682.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 36,193.79 9.806 36,106.80 0.82246.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 24,283.38 97.496 23,984.09 0.55DAILY -E-EUR-The notes are an integral part of these financial statements188
A&G GLOBAL SICAV - SIFDONEGALL FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets2,054.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 22,977.56 11.650 23,929.10 0.54ORDINARY-EUR-2,246.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 23,339.56 10.654 23,927.99 0.54CREDIT ALPHA -EUR-Y-ACC-32,064.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 35,632.80 1.127 36,136.13 0.82GOVERNEMENT BOND-I2-EUR-HEDGED2,908.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 42,155.40 15.503 45,081.85 1.03A-4,608.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 52,878.07 11.680 53,821.44 1.23BOND -A(ACC)-EUR-374.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 48,926.34 136.770 51,151.98 1.16RETURN BOND FUND PLUS -C-0.940 LFP RENDEMENT 2017 FCP -I- EUR 99,724.40 110,396.000 103,772.24 2.371,973.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 28,555.24 15.180 29,950.14 0.68CREDIT -E-EUR-HEDGED-354.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 41,537.85 113.210 40,076.34 0.91HI-HEDGED-197.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 29,545.89 201.160 30,048.88 0.68P-USD-TOTAL WORLD634,125.06647,600.30 14.74TOTAL OPEN-ENDED INVESTMENT FUNDS 1,540,023.801,577,680.68 35.91TOTAL INVESTMENT FUNDS 1,540,023.801,577,680.68 35.91TOTAL INVESTMENTS IN SECURITIES 6,281,039.806,477,894.48 147.44Cash/(bank overdraft) (2,152,003.13) (48.98)Other assets and liabilities 67,620.51 1.54TOTAL NET ASSETS 4,393,511.86 100.00The notes are an integral part of these financial statements189
A&G GLOBAL SICAV - SIFDONEGALL FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 52.28World 15.78Switzerland 13.92United Kingdom 12.28France 10.21Italy 7.51<strong>Europe</strong>an Union 6.64United States of America 5.96China 5.06Portugal 4.75Netherlands 4.48Cyprus 3.46<strong>Europe</strong>an Monetary Union 3.07Asia 1.43Latin America 0.61TOTAL INVESTMENTS IN SECURITIES147.44Other assets/(liabilities) and liquid assets (47.44)NET ASSETS 100.00190
A&G GLOBAL SICAV - SIFDONEGALL FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsHolding and finance companies 47.61Investment funds 35.91Banks and other credit institutions 16.37Building and building materials 12.41Government bonds 7.18Oil 5.89Data transmission 5.45Foodstuffs and non-alcoholic drinks 3.67Graphic industry and publishing houses 2.69Road vehicles 2.65SICAR 2.64Energy and public utilities 2.51Transportation 2.46TOTAL INVESTMENTS IN SECURITIES147.44Other assets/(liabilities) and liquid assets (47.44)NET ASSETS 100.00191
A&G GLOBAL SICAV - SIFMONEYGALL FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 4,256,816.11- Net unrealised result 116,770.024,373,586.13Cash:- Cash at sight 384,216.87- Fiduciary <strong>de</strong>posits 750,000.00- Margin <strong>de</strong>posits 12,467.76Other assets:- Interest receivable 16,362.51- Formation/reorganisation expenses, net (see notes) 39,257.00- Unrealised gain on futures contracts (see notes) 7,222.535,583,112.80LIABILITIESBank overdraft:- Margin call 4,229.48Other liabilities:- Taxes and expenses payable 12,375.27- Unrealised loss on futures contracts (see notes) 2,236.88- Unrealised loss on forward foreign exchange contracts(see notes) 3,317.92on currencies22,159.55NET ASSETS 5,560,953.25Net asset value per Ordinary SharesOrdinary Shares outstanding102.5254,240.00000The notes are an integral part of these financial statements192
A&G GLOBAL SICAV - SIFMONEYGALL FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 5,412,188.75INCOMEBank interest, net 16,327.1016,327.10EXPENSESFees:- Management fee (see notes) 24,829.40- Performance fee (see notes) 7,208.00- Investment advisory fee (see notes) 4,088.29- Custodian fee and safekeeping charges (see notes) 6,572.50Other expenses:- Annual tax (see notes) 325.65- Amortisation of formation/reorganisation expenses (see notes) 10,675.00- Audit and legal fees 5,718.21- Printing and publishing fees 158.95- Administration and other expenses 10,510.4570,086.45NET OPERATING RESULT (53,759.35)Net realised result on:- Sales of investments (see notes) 72,275.85- Foreign exchange 30,802.85NET REALISED RESULT 49,319.35Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 104,933.23- Forward foreign exchange contracts on currencies (3,818.27)- Future contracts (1,669.81)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS148,764.50NET ASSETS AT THE END OF THE YEAR 5,560,953.25The notes are an integral part of these financial statements193
A&G GLOBAL SICAV - SIFMONEYGALL FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 54,240.00000Subscriptions of shares 0.00000Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 54,240.00000NET ASSET VALUE PER SHAREEURHighest 102.5212.31.12Lowest 99.4906.30.12At the end of the year 102.52CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 11.08.1154,240.00000 5,424,000.00EUR100.0012.31.1112.31.1254,240.00000 5,412,188.75EUR99.7854,240.00000 5,560,953.25EUR102.52* first valuation194
A&G GLOBAL SICAV - SIFMONEYGALL FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA28,633.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 124,772.20 5.850 127,011.53 2.28124,772.20127,011.532.28EUROPEAN MONETARY UNION20,904.46 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 181,918.07 10.420 217,824.47 3.92111.00000 LFP EURO SOUVERAINS FCP EUR 117,554.60 1,086.830 120,638.13 2.17TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION299,472.67338,462.60705.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 62,880.71 90.050 63,485.25 1.147,330.0000 DIP FCP LIQUIDITY FUND -B- EUR 73,350.00 9.998 73,283.87 1.321,475.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 165,388.20 112.190 165,480.25 2.97RETURN EUROPE EQUITY -C-27,615.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 41,030.70 1.526 42,126.68 0.76EUROP SMALLER COMPANIES -RET-TOTAL EUROPEAN UNION342,649.61344,376.05 6.196.09LATIN AMERICA835.33 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA384.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR1,485.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 51,510.07 81.580 51,672.83 0.9351,510.0751,672.830.93EUR 42,439.28 113.220 43,476.48 0.78USD 152,561.63 133.880 150,751.83 2.71195,000.91194,228.313.49WORLD3,035.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 370,889.05 122.860 372,880.10 6.7115,947.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 372,412.45 23.520 375,073.44 6.75GOVERNMENT BOND -A2-EUR-HEDGED82.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 109,764.93 1,340.410 109,913.62 1.98FCP290.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 234,039.40 829.270 240,488.30 4.3217,014.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 168,606.99 9.806 166,844.39 3.001,143.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 113,013.99 97.496 111,438.27 2.00DAILY -E-EUR-9,593.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 107,856.45 11.650 111,758.45 2.01ORDINARY-EUR-10,430.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 105,993.22 10.654 111,117.05 2.00CREDIT ALPHA -EUR-Y-ACC-147,721.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 163,959.89 1.127 166,481.57 2.99GOVERNEMENT BOND-I2-EUR-HEDGED23,167.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 335,626.78 15.503 359,151.05 6.46A-35,912.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 409,716.55 11.680 419,452.16 7.55BOND -A(ACC)-EUR-1,218.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 157,504.08 136.770 166,585.86 3.00RETURN BOND FUND PLUS -C-15,474.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 222,825.08 15.180 234,895.32 4.22CREDIT -E-EUR-HEDGED-The notes are an integral part of these financial statements195
A&G GLOBAL SICAV - SIFMONEYGALL FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets1,190.000 VONTOBEL FUND SICAV BELVISTA COMMODITY -HI-HEDGED-1,554.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT -P-USD-TOTAL WORLDEUR 138,367.78 113.210 134,719.90 2.42USD 232,834.01 201.160 237,035.33 4.263,243,410.653,317,834.81TOTAL OPEN-ENDED INVESTMENT FUNDS 4,256,816.114,373,586.13 78.65TOTAL INVESTMENT FUNDS 4,256,816.114,373,586.13 78.6559.67TOTAL INVESTMENTS IN SECURITIES 4,256,816.114,373,586.13 78.65Cash/(bank overdraft) 1,142,455.15 20.54Other assets and liabilities 44,911.97 0.81TOTAL NET ASSETS 5,560,953.25 100.00The notes are an integral part of these financial statements196
A&G GLOBAL SICAV - SIFMONEYGALL FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 59.67<strong>Europe</strong>an Union 6.19<strong>Europe</strong>an Monetary Union 6.09United States of America 3.49Asia 2.28Latin America 0.93TOTAL INVESTMENTS IN SECURITIES78.65Other assets/(liabilities) and liquid assets 21.35NET ASSETS 100.00197
A&G GLOBAL SICAV - SIFMONEYGALL FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 78.65TOTAL INVESTMENTS IN SECURITIES78.65Other assets/(liabilities) and liquid assets 21.35NET ASSETS 100.00198
A&G GLOBAL SICAV - SIFCARRIGALINE FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 10,827,759.48- Net unrealised result 206,280.3211,034,039.80Cash:- Cash at sight 379,189.20Other assets:- Interest receivable 95,616.69- Formation/reorganisation expenses, net (see notes) 45,668.0011,554,513.69LIABILITIESOther liabilities:- Taxes and expenses payable 15,167.7615,167.76NET ASSETS 11,539,345.93Net asset value per Ordinary SharesOrdinary Shares outstanding105.47109,407.11462The notes are an integral part of these financial statements199
A&G GLOBAL SICAV - SIFCARRIGALINE FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 5,993,648.55INCOMEIncome from investments:- Bond interest, net 367,970.40367,970.40EXPENSESFees:- Management fee (see notes) 46,070.29- Investment advisory fee (see notes) 7,593.89- Custodian fee and safekeeping charges (see notes) 12,319.76Other expenses:- Annual tax (see notes) 1,114.33- Amortisation of formation/reorganisation expenses (see notes) 11,490.00- Audit and legal fees 6,647.63- Printing and publishing fees 194.43- Administration and other expenses 2,926.3788,356.70NET OPERATING RESULT 279,613.70Net realised result on:- Sales of investments (see notes) 59,803.36NET REALISED RESULT 339,417.06Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 206,280.32NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS545,697.38MOVEMENTS IN CAPITALSubscriptions of shares 5,000,000.005,000,000.00NET ASSETS AT THE END OF THE YEAR 11,539,345.93The notes are an integral part of these financial statements200
A&G GLOBAL SICAV - SIFCARRIGALINE FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 60,000.00000Subscriptions of shares 49,407.11462Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 109,407.11462NET ASSET VALUE PER SHAREEURHighest 105.4712.31.12Lowest 97.6706.30.12At the end of the year 105.47CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 12.23.1160,000.00000 6,000,000.00EUR100.0012.31.1112.31.1260,000.00000 5,993,648.55EUR99.89109,407.11462 11,539,345.93EUR105.47* first valuation201
A&G GLOBAL SICAV - SIFCARRIGALINE FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSSPAIN1,500,000 BBVA SENIOR FINANCE SA EUR 1,498,333.02 101.345 1,520,175.00 13.173.875% 08.06.10 - 08.06.151,600,000 BBVA SENIOR FINANCE SA EMTN EUR 1,601,252.03 102.640 1,642,240.00 14.234.375% 09.21.12 - 09.21.15900,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 920,757.10 103.790 934,110.00 8.094.75% 03.18.11 - 03.18.152,100,000 CITERIA CAIXACORP SA EUR 2,114,797.63 100.960 2,120,160.00 18.384.125% 11.20.09 - 11.20.141,700,000 FONDO DE RESTRUCTURACION ORDENADA EUR 1,660,278.94 99.580 1,692,860.00 14.67BANCARIA3% 11.19.09 - 11.19.141,300,000 SANTANDER US DEBT SA UNIPERSONAL EMTN EUR 1,279,172.36 100.970 1,312,610.00 11.383.381% 12.01.11 - 12.01.15TOTAL SPAIN9,074,591.089,222,155.00TOTAL BONDS 9,074,591.089,222,155.00 79.9279.92TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET9,074,591.089,222,155.0079.92INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSEUROPEAN UNION1,760.00000 LFP RENDEMENT 2017 FCP -E- EUR 1,753,168.40 1,029.480 1,811,884.80 15.70TOTAL EUROPEAN UNION1,753,168.401,811,884.80TOTAL OPEN-ENDED INVESTMENT FUNDS 1,753,168.401,811,884.80 15.70TOTAL INVESTMENT FUNDS 1,753,168.401,811,884.80 15.7015.70TOTAL INVESTMENTS IN SECURITIES 10,827,759.4811,034,039.80 95.62Cash/(bank overdraft) 379,189.20 3.29Other assets and liabilities 126,116.93 1.09TOTAL NET ASSETS 11,539,345.93 100.00The notes are an integral part of these financial statements202
A&G GLOBAL SICAV - SIFCARRIGALINE FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsSpain 79.92<strong>Europe</strong>an Union 15.70TOTAL INVESTMENTS IN SECURITIES95.62Other assets/(liabilities) and liquid assets 4.38NET ASSETS 100.00203
A&G GLOBAL SICAV - SIFCARRIGALINE FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsHolding and finance companies 71.83Investment funds 15.70Banks and other credit institutions 8.09TOTAL INVESTMENTS IN SECURITIES95.62Other assets/(liabilities) and liquid assets 4.38NET ASSETS 100.00204
A&G GLOBAL SICAV - SIFDURGANVAN FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 4,252,469.59- Net unrealised result 1,635.684,254,105.27Cash:- Cash at sight 1,138.37Other assets:- Formation/reorganisation expenses, net (see notes) 21,881.004,277,124.64LIABILITIESOther liabilities:- Taxes and expenses payable 7,048.297,048.29NET ASSETS 4,270,076.35Net asset value per Ordinary SharesOrdinary Shares outstanding101.0142,275.72051The notes are an integral part of these financial statements205
A&G GLOBAL SICAV - SIFDURGANVAN FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear en<strong>de</strong>d December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 3,998,903.71INCOMEBank interest, net 9,764.389,764.38EXPENSESFees:- Management fee (see notes) 18,979.64- Performance fee (see notes) 2,444.00- Investment advisory fee (see notes) 3,043.37- Custodian fee and safekeeping charges (see notes) 5,841.87Other expenses:- Annual tax (see notes) 292.05- Amortisation of formation/reorganisation expenses (see notes) 5,542.00- Audit and legal fees 5,864.35- Printing and publishing fees 120.38- Administration and other expenses 10,866.3052,993.96NET OPERATING RESULT (43,229.58)Net realised result on:- Sales of investments (see notes) 92,209.57- Foreign exchange 2,222.02NET REALISED RESULT 51,202.01Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments (3,491.55)- Forward foreign exchange contracts on currencies (2,215.82)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS45,494.64MOVEMENTS IN CAPITALSubscriptions of shares 225,678.00225,678.00NET ASSETS AT THE END OF THE YEAR 4,270,076.35The notes are an integral part of these financial statements206
A&G GLOBAL SICAV - SIFDURGANVAN FUNDSTATISTICAL INFORMATIONYear en<strong>de</strong>d December 31, 2012SHARESShares outstanding at the beginning of the year 40,012.14980Subscriptions of shares 2,263.57071Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the year 42,275.72051NET ASSET VALUE PER SHAREEURHighest 101.8002.29.12Lowest 99.4206.30.12At the end of the year 101.01CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 12.22.1140,012.14980 4,001,214.98EUR100.0012.31.1112.31.1240,012.14980 3,998,903.71EUR99.9442,275.72051 4,270,076.35EUR101.01* first valuation207
A&G GLOBAL SICAV - SIFDURGANVAN FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSEUROPEAN MONETARY UNION1,976.000 GROUPAMA ASSET MANAGEMENT EONIA FCP -N- EUR 1,017,097.20 514.710 1,017,066.96 23.829.00000 LFP TRESORERIE FCP -I- EUR 966,877.25 107,475.290 967,277.61 22.65TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION1,983,974.451,984,344.5798,700.0000 DIP FCP LIQUIDITY FUND -B- EUR 987,050.00 9.998 986,782.86 23.11TOTAL EUROPEAN UNIONWORLD987,050.00986,782.86235,693.339337 A&G TESORERIA FI EUR 1,281,445.14 5.443 1,282,977.84 30.05TOTAL WORLD1,281,445.141,282,977.84TOTAL OPEN-ENDED INVESTMENT FUNDS 4,252,469.594,254,105.27 99.63TOTAL INVESTMENT FUNDS 4,252,469.594,254,105.27 99.6346.4723.1130.05TOTAL INVESTMENTS IN SECURITIES 4,252,469.594,254,105.27 99.63Cash/(bank overdraft) 1,138.37 0.03Other assets and liabilities 14,832.71 0.34TOTAL NET ASSETS 4,270,076.35 100.00The notes are an integral part of these financial statements208
A&G GLOBAL SICAV - SIFDURGANVAN FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassets<strong>Europe</strong>an Monetary Union 46.47World 30.05<strong>Europe</strong>an Union 23.11TOTAL INVESTMENTS IN SECURITIES99.63Other assets/(liabilities) and liquid assets 0.37NET ASSETS 100.00209
A&G GLOBAL SICAV - SIFDURGANVAN FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 99.63TOTAL INVESTMENTS IN SECURITIES99.63Other assets/(liabilities) and liquid assets 0.37NET ASSETS 100.00210
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 4,300,747.65- Net unrealised result 154,068.344,454,815.99Cash:- Cash at sight 405,105.21- Margin <strong>de</strong>posits 9,386.69Other assets:- Interest receivable 31,216.16- Formation/reorganisation expenses, net (see notes) 22,879.00- Unrealised gain on futures contracts (see notes) 6,983.87- Unrealised gain on forward foreign exchange contracts (see notes) 310.53on currencies4,930,697.45LIABILITIESBank overdraft:- Margin call 3,759.54Other liabilities:- Taxes and expenses payable 15,168.95- Unrealised loss on futures contracts (see notes) 1,213.22- Unrealised loss on forward foreign exchange contracts2,170.50on currencies22,312.21NET ASSETS 4,908,385.24Net asset value per Ordinary SharesOrdinary Shares outstanding102.9047,700.00000The notes are an integral part of these financial statements211
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from May 24, 2012 to December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 115.28- Bond interest, net 27,480.5827,595.86EXPENSESFees:- Management fee (see notes) 14,639.52- Performance fee (see notes) 12,033.00- Investment advisory fee (see notes) 721.18- Custodian fee and safekeeping charges (see notes) 2,857.77Other expenses:- Annual tax (see notes) 269.35- Amortisation of formation/reorganisation expenses (see notes) 3,171.00- Audit and legal fees 5,790.54- Printing and publishing fees 26.77- Administration and other expenses 1,162.7340,671.86NET OPERATING RESULT (13,076.00)Net realised result on:- Sales of investments (see notes) (23,352.11)- Foreign exchange 16,834.33NET REALISED RESULT (19,593.78)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 154,068.34- Forward foreign exchange contracts on currencies (1,859.97)- Future contracts 5,770.65NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS138,385.24MOVEMENTS IN CAPITALSubscriptions of shares 4,770,000.004,770,000.00NET ASSETS AT THE END OF THE PERIOD 4,908,385.24The notes are an integral part of these financial statements212
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDSTATISTICAL INFORMATIONPeriod from May 24, 2012 to December 31, 2012SHARESShares outstanding at the beginning of the period 0.00000Subscriptions of shares 47,700.00000Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the period 47,700.00000NET ASSET VALUE PER SHAREEURHighest 102.9012.31.12Lowest 99.6406.30.12At the end of the period 102.90CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 05.24.1247,700.00000 4,770,000.00EUR100.0012.31.1247,700.00000 4,908,385.24EUR102.90* first valuation213
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSFRANCE100,000 BANQUE PSA FINANCE EMTN EUR 100,543.91 105.100 105,100.00 2.146% 01.16.12 - 07.16.14TOTAL FRANCE100,543.91105,100.00 2.14SPAIN100,000 INSTITUTO DE CREDITO OFICIAL EMTN AUD 75,409.67 97.714 76,941.96 1.576.125% 02.27.07 - 02.27.14200,000 BANCO ESPANOL DE CREDITO SA EUR 200,080.86 105.580 211,160.00 4.294.75% 09.24.12 - 01.24.17100,000 BANCO SANTANDER SA EUR 99,189.89 104.050 104,050.00 2.124.375% 03.16.11 - 03.16.15150,000 BBVA SA EUR 148,919.49 105.670 158,505.00 3.234.75% 02.10.11 - 02.10.16200,000 BBVA SENIOR FINANCE SA EMTN EUR 198,077.96 100.760 201,520.00 4.104% 11.11.11 - 05.13.13150,000 CAJA DE AHORROS Y PENSIONES DE BARCELONA EUR 148,210.17 104.890 157,335.00 3.215% 02.22.11 - 02.22.16150,000 MONTE DE PIEDAD Y CAJA AHORROS DE RONDA EUR 147,192.79 100.995 151,492.50 3.09CADIZ - UNICAJA4.375% 10.14.10 - 10.14.15100,000 SANTANDER INTERNATIONAL DEBT SA EMTN EUR 100,141.63 104.630 104,630.00 2.134.625% 09.21.12 - 03.21.1660,000 TELEFONICA SA EUR 53,230.00 97.775 58,665.00 1.204.184% 11.29.12 - 11.29.22TOTAL SPAIN1,170,452.461,224,299.46TOTAL BONDS 1,270,996.371,329,399.46 27.08EQUITIESSPAIN3,935 TELEFONICA SA EUR 34,754.00 10.190 40,097.65 0.82TOTAL SPAIN34,754.0040,097.65TOTAL EQUITIES 34,754.0040,097.65 0.8224.940.82TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET1,305,750.371,369,497.1127.90OTHER TRANSFERABLE SECURITIESREVERSE CONVERTIBLE BONDSSWITZERLAND100,000 EFG FINANCIAL PRODUCTS AG REV CONV ONBANCO SANTANDER SA9.46% 11.01.12 - 11.01.13EUR 100,040.00 101.520 101,520.00 2.07The notes are an integral part of these financial statements214
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets100,000 EFG FINANCIAL PRODUCTS AG REV CONV ONUNICREDIT SPA11.31% 11.01.12 - 11.01.13TOTAL SWITZERLANDEUR 100,040.00 101.610 101,610.00 2.07200,080.00203,130.004.14TOTAL REVERSE CONVERTIBLE BONDS 200,080.00203,130.00 4.14SICARWORLD581.000 PRAX CAPITAL CHINA REAL ESTATE III FD SCASICAR-PARTNERSHIP-REG SHSTOTAL WORLDUSD 48,285.02 95.620 42,125.52 0.8648,285.0242,125.520.86TOTAL SICAR 48,285.0242,125.52 0.86TOTAL OTHER TRANSFERABLE SECURITIES 248,365.02245,255.52 5.00INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA24,762.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 107,982.70 5.850 109,840.38 2.24107,982.70109,840.382.24EUROPEAN MONETARY UNION20,273.00 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 175,722.58 10.420 211,244.66 4.301,579.00 HENDERSON HORIZON FUND SICAV EUROEUR 200,393.52 135.590 214,096.61 4.37CORPORATE BOND -I2-25.00000 LFP EURO SOUVERAINS FCP EUR 26,508.10 1,086.830 27,170.75 0.55TOTAL EUROPEAN MONETARY UNION402,624.20452,512.02 9.22EUROPEAN UNION625.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 55,596.66 90.050 56,281.25 1.15568.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 63,670.27 112.190 63,723.92 1.30RETURN EUROPE EQUITY -C-200.00000 LFP RENDEMENT 2017 FCP -E- EUR 199,708.00 1,029.480 205,896.00 4.1924,911.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-EUR 37,325.72 1.526 38,001.73 0.77TOTAL EUROPEAN UNION356,300.65363,902.90 7.41USD 45,728.23 81.580 45,923.64 0.9445,728.2345,923.640.94UNITED STATES OF AMERICALATIN AMERICA742.39 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICA343.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR817.000 MUZINICH FUNDS AMERICAYIELD AMERICAYIELD -HEDGED-EUR-5,160.000 PIMCO GIS PLC TOTAL RETURN BOND -INVESTOR-EUR-HEDGED-1,580.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAWORLDEUR 37,705.37 113.220 38,834.46 0.79EUR 200,672.52 249.780 204,070.26 4.16EUR 100,257.20 19.890 102,632.40 2.09USD 162,314.96 133.880 160,395.89 3.27500,950.05505,933.01695.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 84,996.22 122.860 85,387.70 1.743,643.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 85,108.49 23.520 85,683.36 1.75GOVERNMENT BOND -A2-EUR-HEDGED902.000 CARMIGNAC PORTOFOLIO SICAV EMERGING EUR 100,478.68 112.260 101,258.52 2.06PATRIMOINE -A-EUR-32.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 42,916.26 1,340.410 42,893.12 0.87FCP66.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 53,296.76 829.270 54,731.82 1.126,638.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 64,936.67 9.806 65,094.22 1.3310.31The notes are an integral part of these financial statements215
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets444.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 42,891.26 97.496 43,288.36 0.88DAILY -E-EUR-3,711.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 41,620.68 11.650 43,233.15 0.88ORDINARY-EUR-4,025.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 41,566.13 10.654 42,880.74 0.87CREDIT ALPHA -EUR-Y-ACC-56,953.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 63,262.97 1.127 64,186.03 1.31GOVERNEMENT BOND-I2-EUR-HEDGED5,253.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 76,132.98 15.503 81,435.68 1.66A-8,225.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 94,722.87 11.680 96,068.00 1.96BOND -A(ACC)-EUR-471.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 62,878.82 136.770 64,418.67 1.31RETURN BOND FUND PLUS -C-877.000 JULIUS BAER MULTIBOND SICAV LOCAL EMERGING EUR 200,733.91 236.490 207,401.73 4.22BOND -B-6,429.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 100,368.12 16.478 105,933.85 2.163,539.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 51,003.33 15.180 53,722.02 1.09CREDIT -E-EUR-HEDGED-624.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 73,359.97 113.210 70,643.04 1.44HI-HEDGED-352.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 52,772.31 201.160 53,691.40 1.09P-USD-TOTAL WORLD1,333,046.431,361,951.41 27.74TOTAL OPEN-ENDED INVESTMENT FUNDS 2,746,632.262,840,063.36 57.86TOTAL INVESTMENT FUNDS 2,746,632.262,840,063.36 57.86TOTAL INVESTMENTS IN SECURITIES 4,300,747.654,454,815.99 90.76Cash/(bank overdraft) 410,732.36 8.37Other assets and liabilities 42,836.89 0.87TOTAL NET ASSETS 4,908,385.24 100.00The notes are an integral part of these financial statements216
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 28.60Spain 25.76United States of America 10.31<strong>Europe</strong>an Monetary Union 9.22<strong>Europe</strong>an Union 7.41Switzerland 4.14Asia 2.24France 2.14Latin America 0.94TOTAL INVESTMENTS IN SECURITIES90.76Other assets/(liabilities) and liquid assets 9.24NET ASSETS 100.00217
A&G GLOBAL SICAV - SIFKNIGHTSTOWN FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 57.86Banks and other credit institutions 16.55Holding and finance companies 13.47Data transmission 2.02SICAR 0.86TOTAL INVESTMENTS IN SECURITIES90.76Other assets/(liabilities) and liquid assets 9.24NET ASSETS 100.00218
A&G GLOBAL SICAV - SIFBAUFFE FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 17,516,007.21- Net unrealised result 500,131.3418,016,138.55Cash:- Cash at sight 1,210,337.60- Fiduciary <strong>de</strong>posits 1,600,000.00- Margin <strong>de</strong>posits 28,414.05Other assets:- Interest receivable 77,770.26- Formation/reorganisation expenses, net (see notes) 5,753.00- Unrealised gain on futures contracts (see notes) 16,938.9220,955,352.38LIABILITIESBank overdraft:- Margin call 9,398.85Other liabilities:- Taxes and expenses payable 49,147.06- Unrealised loss on futures contracts (see notes) 5,497.42- Unrealised loss on forward foreign exchange contracts17,323.16on currencies- Other 173,364.78254,731.27NET ASSETS 20,700,621.11Net asset value per Ordinary SharesOrdinary Shares outstanding101.33204,291.53381The notes are an integral part of these financial statements219
A&G GLOBAL SICAV - SIFBAUFFE FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 31, 2012 to December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00INCOMEIncome from investments:- Bond interest, net 96,584.79Bank interest, net 34,850.18131,434.97EXPENSESFees:- Management fee (see notes) 117,514.13- Performance fee (see notes) 10,211.65- Investment advisory fee (see notes) 10,191.17- Custodian fee and safekeeping charges (see notes) 17,163.89Other expenses:- Annual tax (see notes) 1,432.97- Amortisation of formation/reorganisation expenses (see notes) 1,247.00- Audit and legal fees 9,919.76- Printing and publishing fees 204.89- Administration and other expenses 184,461.24352,346.70NET OPERATING RESULT (220,911.73)Net realised result on:- Sales of investments (see notes) (92,086.68)- Foreign exchange 19,369.85NET REALISED RESULT (293,628.56)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 500,131.34- Forward foreign exchange contracts on currencies (17,323.16)- Future contracts 11,441.50NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS200,621.12MOVEMENTS IN CAPITALSubscriptions of shares 20,499,999.9920,499,999.99NET ASSETS AT THE END OF THE PERIOD 20,700,621.11The notes are an integral part of these financial statements220
A&G GLOBAL SICAV - SIFBAUFFE FUNDSTATISTICAL INFORMATIONPeriod from January 31, 2012 to December 31, 2012SHARESShares outstanding at the beginning of the period 0.00000Subscriptions of shares 204,291.53381Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the period 204,291.53381NET ASSET VALUE PER SHAREEURHighest 101.3312.31.12Lowest 97.7706.30.12At the end of the period 101.33CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 01.31.1250,000.00000 5,000,000.00EUR100.0012.31.12204,291.53381 20,700,621.11EUR101.33* first valuation221
A&G GLOBAL SICAV - SIFBAUFFE FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSFRANCE400,000 BANKINTER SA EUR 399,923.46 101.965 407,860.00 1.974.125% 03.22.12 - 03.22.17TOTAL FRANCE399,923.46407,860.00 1.97SPAIN400,000 INSTITUTO DE CREDITO OFICIAL REG-S EUR 404,258.00 101.650 406,600.00 1.964.875% 02.01.12 - 02.01.18400,000 SANTANDER INTERNATIONAL DEBT SA EMTN EUR 400,888.01 102.970 411,880.00 1.994% 03.27.12 - 03.27.17TOTAL SPAIN805,146.01818,480.00 3.95TOTAL BONDS 1,205,069.471,226,340.00 5.92TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET1,205,069.471,226,340.005.92OTHER TRANSFERABLE SECURITIESEQUITIESWORLD2,181.000 PINNACLE ALL-CAP FUND LP PARTNERSHIP - NOMAU NOM DU CLIENTTOTAL WORLDUSD 1,636,127.01 1,050.651 1,737,539.72 8.391,636,127.011,737,539.728.39TOTAL EQUITIES 1,636,127.011,737,539.72 8.39EQUITIES STRUCTURED PRODUCTSNETHERLANDS300,000 DOURO FINANCE BV LKD TO EUROSTOXX50 EUR 300,042.25 99.924 299,772.00 1.453% 11.13.12 - 05.13.16TOTAL NETHERLANDS300,042.25299,772.00TOTAL EQUITIES STRUCTURED PRODUCTS 300,042.25299,772.00 1.45REVERSE CONVERTIBLE BONDS1.45SWITZERLAND300,000 EFG FINANCIAL PRODUCTS AG REV CONV ONUNICREDIT SPA11.31% 11.01.12 - 11.01.13TOTAL SWITZERLANDEUR 300,040.00 101.610 304,830.00 1.47300,040.00304,830.001.47TOTAL REVERSE CONVERTIBLE BONDS 300,040.00304,830.00 1.47TOTAL OTHER TRANSFERABLE SECURITIES 2,236,209.262,342,141.72 11.31The notes are an integral part of these financial statements222
A&G GLOBAL SICAV - SIFBAUFFE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA63,627.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 277,108.14 5.850 282,239.47 1.36277,108.14282,239.471.36EUROPEAN MONETARY UNION1,159.00000 BESTINVER SICAV BESTIFUND -R- EUR 403,917.46 357.028 413,795.45 2.0046,547.00 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 405,837.99 10.420 485,019.74 2.34246.00000 LFP EURO SOUVERAINS FCP EUR 260,465.60 1,086.830 267,360.18 1.29TOTAL EUROPEAN MONETARY UNION1,070,221.051,166,175.37 5.63EUROPEAN UNION3,972.3276 ABACO FINANCIALS EUR SHS EUR 813,111.00 208.904 829,836.71 4.011,576.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 140,418.99 90.050 141,918.80 0.6923,500.0000 DIP FCP LIQUIDITY FUND -B- EUR 235,050.00 9.998 234,948.30 1.133,304.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 370,330.59 112.190 370,675.76 1.79RETURN EUROPE EQUITY -C-800.00000 LFP RENDEMENT 2017 FCP -E- EUR 800,050.00 1,029.480 823,584.00 3.9861,529.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PANEUROP SMALLER COMPANIES -RET-EUR 91,310.84 1.526 93,862.49 0.45TOTAL EUROPEAN UNION2,450,271.422,494,826.06 12.05LATIN AMERICA1,867.33 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA818.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR3,307.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 115,153.34 81.580 115,511.50 0.56115,153.34115,511.500.56EUR 90,692.58 113.220 92,613.96 0.45USD 339,693.50 133.880 335,714.68 1.62430,386.08428,328.642.07WORLD6,789.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 829,522.27 122.860 834,096.54 4.0335,671.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 832,967.85 23.520 838,981.92 4.05GOVERNMENT BOND -A2-EUR-HEDGED3,800.000 CARMIGNAC GESTION PATRIMOINE FCP EUR 2,034,522.32 550.810 2,093,078.00 10.123,914.000 CARMIGNAC PORTOFOLIO SICAV EMERGING EUR 412,238.34 112.260 439,385.64 2.12PATRIMOINE -A-EUR-184.001 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 246,041.64 1,340.410 246,636.78 1.19FCP649.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 523,702.14 829.270 538,196.23 2.6038,107.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 382,947.04 9.806 373,688.67 1.812,561.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 258,492.16 97.496 249,688.02 1.21DAILY -E-EUR-21,486.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 243,555.65 11.650 250,311.90 1.21ORDINARY-EUR-23,362.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 238,995.75 10.654 248,889.40 1.20CREDIT ALPHA -EUR-Y-ACC-330,865.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 367,114.34 1.127 372,884.86 1.80GOVERNEMENT BOND-I2-EUR-HEDGED51,411.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 744,746.60 15.503 797,009.31 3.85A-80,329.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 916,597.49 11.680 938,242.72 4.54BOND -A(ACC)-EUR-2,729.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 363,088.16 136.770 373,245.33 1.80RETURN BOND FUND PLUS -C-35,442.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 510,326.87 15.180 538,009.56 2.60CREDIT -E-EUR-HEDGED-2,646.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 307,484.59 113.210 299,553.66 1.45HI-HEDGED-The notes are an integral part of these financial statements223
A&G GLOBAL SICAV - SIFBAUFFE FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets3,466.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 519,245.24 201.160 528,677.25 2.55P-USD-TOTAL WORLD9,731,588.459,960,575.79 48.13TOTAL OPEN-ENDED INVESTMENT FUNDS 14,074,728.4814,447,656.83 69.80TOTAL INVESTMENT FUNDS 14,074,728.4814,447,656.83 69.80TOTAL INVESTMENTS IN SECURITIES 17,516,007.2118,016,138.55 87.03Cash/(bank overdraft) 2,829,352.80 13.67Other assets and liabilities (144,870.24) (0.70)TOTAL NET ASSETS 20,700,621.11 100.00The notes are an integral part of these financial statements224
A&G GLOBAL SICAV - SIFBAUFFE FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 56.52<strong>Europe</strong>an Union 12.05<strong>Europe</strong>an Monetary Union 5.63Spain 3.95United States of America 2.07France 1.97Switzerland 1.47Netherlands 1.45Asia 1.36Latin America 0.56TOTAL INVESTMENTS IN SECURITIES87.03Other assets/(liabilities) and liquid assets 12.97NET ASSETS 100.00225
A&G GLOBAL SICAV - SIFBAUFFE FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 78.19Banks and other credit institutions 3.96Holding and finance companies 2.92Government bonds 1.96TOTAL INVESTMENTS IN SECURITIES87.03Other assets/(liabilities) and liquid assets 12.97NET ASSETS 100.00226
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in USD)ASSETSPortfolio:(see notes)- Cost 5,848,407.18- Net unrealised result 231,929.466,080,336.64Cash:- Cash at sight 475,833.79- Margin <strong>de</strong>posits 40,910.00Other assets:- Interest receivable 8,569.39- Divi<strong>de</strong>nd receivable 7.88- Formation/reorganisation expenses, net (see notes) 28,403.57- Unrealised gain on futures contracts (see notes) 2,795.866,636,857.13LIABILITIESBank overdraft:- Margin call 1,859.28Other liabilities:- Taxes and expenses payable 14,359.87- Unrealised loss on futures contracts (see notes) 12,660.0028,879.15NET ASSETS 6,607,977.98Net asset value per Ordinary SharesOrdinary Shares outstanding102.4264,519.46872The notes are an integral part of these financial statements227
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from April 27, 2012 to December 31, 2012(in USD)NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 2,672.73- Bond interest, net 11,852.8514,525.58EXPENSESBank interest, net 37.94Fees:- Management fee (see notes) 19,772.15- Performance fee (see notes) 8,085.00- Investment advisory fee (see notes) 1,469.70- Custodian fee and safekeeping charges (see notes) 4,450.84Other expenses:- Annual tax (see notes) 310.39- Amortisation of formation/reorganisation expenses (see notes) 4,500.00- Audit and legal fees 7,075.87- Printing and publishing fees 33.10- Administration and other expenses 6,341.1252,076.11NET OPERATING RESULT (37,550.53)Net realised result on:- Sales of investments (see notes) (103,619.24)- Foreign exchange 77,082.43NET REALISED RESULT (64,087.34)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 231,929.46- Future contracts (9,864.14)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS157,977.98MOVEMENTS IN CAPITALSubscriptions of shares 6,450,000.006,450,000.00NET ASSETS AT THE END OF THE PERIOD 6,607,977.98The notes are an integral part of these financial statements228
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDSTATISTICAL INFORMATIONPeriod from April 27, 2012 to December 31, 2012SHARESShares outstanding at the beginning of the period 0.00000Subscriptions of shares 64,519.46872Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the period 64,519.46872NET ASSET VALUE PER SHAREUSDHighest 102.4212.31.12Lowest 99.2006.30.12At the end of the period 102.42CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 04.27.1253,500.00000 5,350,000.00USD100.0012.31.1264,519.46872 6,607,977.98USD102.42* first valuation229
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in USD)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSLUXEMBOURG200,000 ENEL FINANCE INTERNATIONAL SA REG-S USD 192,737.05 105.715 211,430.00 3.195.125% 10.07.09 - 10.07.19TOTAL LUXEMBOURG192,737.05211,430.00 3.19200,000SPAINTELEFONICA EMISIONES SA USD 187,243.99 104.375 208,750.00 3.163.992% 02.16.11 - 02.16.16TOTAL SPAIN187,243.99208,750.00 3.16150,000UNITED STATES OF AMERICAJC PENNEY CO INC USD 147,045.84 87.490 131,235.00 1.995.75% 04.27.07 - 02.15.18TOTAL UNITED STATES OF AMERICA147,045.84131,235.00 1.99TOTAL BONDS 527,026.88551,415.00 8.34EQUITIESUNITED STATES OF AMERICA2,820 ALTRIA GROUP INC USD 100,215.88 31.440 88,660.80 1.33130 APPLE INC USD 81,531.06 532.173 69,182.48 1.051,500 AT&T INC USD 53,079.08 33.710 50,565.00 0.771,800 JPMORGAN CHASE & CO USD 73,782.93 43.669 78,604.38 1.19380 PVH CORP USD 29,442.66 111.010 42,183.80 0.642,200 WELLS FARGO & CO USD 72,730.23 34.180 75,196.00 1.14TOTAL UNITED STATES OF AMERICA410,781.84404,392.46TOTAL EQUITIES 410,781.84404,392.46 6.126.12TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET937,808.72955,807.4614.46INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA9,433.00 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 51,450.76 5.850 55,183.05 0.8451,450.7655,183.050.84EUROPEAN MONETARY UNION6,758.00 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 73,460.78 10.420 92,867.87 1.4039.00000 LFP EURO SOUVERAINS FCP EUR 53,657.52 1,086.830 55,899.23 0.85TOTAL EUROPEAN MONETARY UNION127,118.30148,767.10 2.25The notes are an integral part of these financial statements230
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsEUROPEAN UNION237.000 DEKA-CONVERGENCEAKTIEN FCP -F(T)- EUR 26,868.84 90.050 28,145.67 0.43499.000 JULIUS BAER MULTISTOCK SICAV ABSOLUTE EUR 69,742.36 112.190 73,830.24 1.12RETURN EUROPE EQUITY -C-10,049.0000 THREADNEEDLE INVESTMENT FUNDS ICVC PAN EUR 19,351.79 1.526 20,216.90 0.31EUROP SMALLER COMPANIES -RET-2,885.7102 ABACO FINANCIALS FUND LTD USD USD 605,294.97 211.336 609,853.01 9.22ABACO FINANCIALS FUND LTD USD EQUALISATION USD 708.35 0.01COTE A 1 USDTOTAL EUROPEAN UNION721,257.96732,754.17 11.09LATIN AMERICA342.58 BLACKROCK GLOBAL FUNDS LATIN AMERICAN -A2-USD-TOTAL LATIN AMERICAUNITED STATES OF AMERICA135.000 LEGG MASON GLOBAL FUNDS PLC ROYCE USSMALL CAP OPPORTUNITY -E- EUR15,622.948 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN US OPPORTUNITIES-N-902.000 MUZINICH FUNDS AMERICAYIELD FUND -ACC-HEDGED-USD-535.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-TOTAL UNITED STATES OF AMERICAUSD 27,562.35 81.580 27,947.68 0.4227,562.3527,947.680.42EUR 18,544.13 113.220 20,157.49 0.31USD 250,774.84 16.330 255,122.74 3.86USD 199,333.40 225.780 203,653.56 3.08USD 67,324.77 133.880 71,625.80 1.08535,977.14550,559.598.33WORLD1,036.000 AMUNDI FUNDS SICAV INDEX GLOBAL BOND (EUR)HEDGED -AE-EUR 164,013.81 122.860 167,861.01 2.545,425.00 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 161,091.94 23.520 168,273.85 2.55GOVERNMENT BOND -A2-EUR-HEDGED28.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGE EUR 47,250.01 1,340.410 49,496.59 0.75FCP97.000 DEXIA BONDS SICAV EURO HIGH YIELD CLASSIQUE EUR 99,551.52 829.270 106,083.36 1.615,778.000 DIP FCP GLOBAL MARKETS 150 FUND-A- EUR 73,681.27 9.806 74,724.37 1.13384.00 FULCRUM UCITS SICAV ALTERNATIVE BETA PLUS EUR 48,856.21 97.496 49,374.07 0.75DAILY -E-EUR-3,230.00 GAM STAR FUND PLC EMERGING MARKET RATES- EUR 47,721.37 11.650 49,625.86 0.75ORDINARY-EUR-3,524.00 HENDERSON STRATEGIC INVESTMENT FUNDS EUR 47,412.72 10.654 49,512.16 0.75CREDIT ALPHA -EUR-Y-ACC-50,313.00 IGNIS GLOBAL FUNDS ABSOLUTE RETURN EUR 69,540.55 1.127 74,779.69 1.13GOVERNEMENT BOND-I2-EUR-HEDGED7,793.00 INVESCO FUNDS SICAV EURO CORPORATE BOND - EUR 140,676.84 15.503 159,327.81 2.41A-12,273.000 JPMORGAN FUNDS SICAV GLOBAL GOVERNMENT EUR 181,869.49 11.680 189,048.46 2.86BOND -A(ACC)-EUR-413.000 JULIUS BAER MULTIBOND SICAV ABSOLUTE EUR 71,555.92 136.770 74,493.86 1.13RETURN BOND FUND PLUS -C-5,259.000 PIMCO GIS PLC GLOBAL INVESTMENT GRADE EUR 94,113.19 15.180 105,282.09 1.59CREDIT -E-EUR-HEDGED-424.000 VONTOBEL FUND SICAV BELVISTA COMMODITY - EUR 60,240.68 113.210 63,303.86 0.96HI-HEDGED-22,512.00 BLACKROCK GLOBAL FUNDS SICAV US DOLLAR USD 598,853.34 27.360 615,928.32 9.32CORE BOND -E2-6,466.00 BLACKROCK GLOBAL FUNDS SICAV WORLD BOND - USD 400,238.14 63.570 411,043.62 6.22E2-12,055.000 FRANKLIN TEMPLETON INV FUNDS SICAVUSD 387,753.14 33.710 406,374.05 6.15EMERGING MARKETS BOND-N-ACC9,870.000 FRANKLIN TEMPLETON INV FUNDS SICAV GLOBAL USD 250,670.35 28.360 279,913.20 4.24TOTAL RETURN -A-USD-517.00000 PICTET SICAV EMERGING LOCAL CURRENCY DEBT - USD 100,129.12 201.160 103,999.72 1.57P-USD-The notes are an integral part of these financial statements231
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets31,412.205 PIMCO GIS PLC GLOBAL REAL RETURN CLASS -E- USD 402,012.34 13.080 410,871.64 6.22TOTAL WORLD3,447,231.953,609,317.59TOTAL OPEN-ENDED INVESTMENT FUNDS 4,910,598.465,124,529.18 77.56TOTAL INVESTMENT FUNDS 4,910,598.465,124,529.18 77.5654.63TOTAL INVESTMENTS IN SECURITIES 5,848,407.186,080,336.64 92.02Cash/(bank overdraft) 514,884.51 7.79Other assets and liabilities 12,756.83 0.19TOTAL NET ASSETS 6,607,977.98 100.00The notes are an integral part of these financial statements232
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 54.63United States of America 16.44<strong>Europe</strong>an Union 11.09Luxembourg 3.19Spain 3.16<strong>Europe</strong>an Monetary Union 2.25Asia 0.84Latin America 0.42TOTAL INVESTMENTS IN SECURITIES92.02Other assets/(liabilities) and liquid assets 7.98NET ASSETS 100.00233
A&G GLOBAL SICAV - SIFMOORFIELDS FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 77.56Holding and finance companies 5.18Data transmission 3.93Banks and other credit institutions 2.33Tobacco and alcohol 1.33Office supplies and computers 1.05Textiles and clothing industry 0.64TOTAL INVESTMENTS IN SECURITIES92.02Other assets/(liabilities) and liquid assets 7.98NET ASSETS 100.00234
A&G GLOBAL SICAV - SIFSTONECARTHY FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in USD)ASSETSPortfolio:(see notes)- Cost 1,979,586.61- Net unrealised result (19,550.71)1,960,035.90Cash:- Cash at sight 3,018,846.26Other assets:- Formation/reorganisation expenses, net (see notes) 3,627.004,982,509.16LIABILITIESOther liabilities:- Subscriptions prepaid 1,000,000.00- Taxes and expenses payable 7,335.88- Other 1,021.941,008,357.82NET ASSETS 3,974,151.34Net asset value per Ordinary SharesOrdinary Shares outstanding99.5739,913.57664The notes are an integral part of these financial statements235
A&G GLOBAL SICAV - SIFSTONECARTHY FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from July 13, 2012 to December 31, 2012(in USD)NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 12,208.8512,208.85EXPENSESFees:- Management fee (see notes) 6,167.94- Performance fee (see notes) 875.00- Investment advisory fee (see notes) 1,545.44- Custodian fee and safekeeping charges (see notes) 1,928.87Other expenses:- Annual tax (see notes) 161.89- Amortisation of formation/reorganisation expenses (see notes) 373.00- Audit and legal fees 6,884.16- Printing and publishing fees 16.37- Administration and other expenses 1,774.9919,727.66NET OPERATING RESULT (7,518.81)Net realised result on:- Sales of investments (see notes) (605.48)- Foreign exchange 1,826.34NET REALISED RESULT (6,297.95)Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments (19,550.71)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS(25,848.66)MOVEMENTS IN CAPITALSubscriptions of shares 4,000,000.004,000,000.00NET ASSETS AT THE END OF THE PERIOD 3,974,151.34The notes are an integral part of these financial statements236
A&G GLOBAL SICAV - SIFSTONECARTHY FUNDSTATISTICAL INFORMATIONPeriod from July 13, 2012 to December 31, 2012SHARESShares outstanding at the beginning of the period 0.00000Subscriptions of shares 39,913.57664Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the period 39,913.57664NET ASSET VALUE PER SHAREUSDHighest 101.1109.30.12Lowest 99.1007.31.12At the end of the period 99.57CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.13.1215,000.00000 1,500,000.00USD100.0012.31.1239,913.57664 3,974,151.34USD99.57* first valuation237
A&G GLOBAL SICAV - SIFSTONECARTHY FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in USD)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETEQUITIESGERMANY6,789 E.ON SE EUR 148,366.47 14.090 126,152.65 3.171,685 VOSSLOH AG EUR 152,130.10 74.470 165,485.83 4.17TOTAL GERMANY300,496.57291,638.48 7.34UNITED KINGDOM3,213 ASTRAZENECA PLC / ADR USD 150,962.52 47.270 151,878.51 3.827,000 REYNOLDS AMERICAN INC USD 297,142.79 41.430 290,010.00 7.30TOTAL UNITED KINGDOM448,105.31441,888.51 11.12UNITED STATES OF AMERICA8,800 DR PEPPER SNAPPLE GROUP INC USD 389,088.26 44.180 388,784.00 9.785,674 JOHNSON & JOHNSON INC USD 401,354.06 70.100 397,747.40 10.011,627 MC DONALD'S CORP USD 151,175.55 88.210 143,517.67 3.61TOTAL UNITED STATES OF AMERICA941,617.87930,049.07 23.40TOTAL EQUITIES 1,690,219.751,663,576.06 41.86TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET1,690,219.751,663,576.0641.86INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSWORLD1.000 LFP RENDEMENT EMERGENT 2017 FCP -I- EUR 135,888.38 107,470.150 141,731.84 3.571,260 ISHARES TRUST JPMORGAN USD EMERGING USD 153,478.48 122.800 154,728.00 3.89MARKETS BOND FUNDTOTAL WORLD289,366.86296,459.84 7.46TOTAL OPEN-ENDED INVESTMENT FUNDS 289,366.86296,459.84 7.46TOTAL INVESTMENT FUNDS 289,366.86296,459.84 7.46TOTAL INVESTMENTS IN SECURITIES 1,979,586.611,960,035.90 49.32Cash/(bank overdraft) 3,018,846.26 75.96Other assets and liabilities (1,004,730.82) (25.28)TOTAL NET ASSETS 3,974,151.34 100.00The notes are an integral part of these financial statements238
A&G GLOBAL SICAV - SIFSTONECARTHY FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsUnited States of America 23.40United Kingdom 11.12World 7.46Germany 7.34TOTAL INVESTMENTS IN SECURITIES49.32Other assets/(liabilities) and liquid assets 50.68NET ASSETS 100.00239
A&G GLOBAL SICAV - SIFSTONECARTHY FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsPharmaceutical and cosmetics industry 13.83Foodstuffs and non-alcoholic drinks 9.78Investment funds 7.46Tobacco and alcohol 7.30Machinery and apparatus construction 4.17Hotels, restaurants and leisure 3.61Energy and public utilities 3.17TOTAL INVESTMENTS IN SECURITIES49.32Other assets/(liabilities) and liquid assets 50.68NET ASSETS 100.00240
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 36,839,819.88- Net unrealised result 1,640,403.8638,480,223.74Cash:- Cash at sight 98,096.64Other assets:- Divi<strong>de</strong>nd receivable 1,020.39- Formation/reorganisation expenses, net (see notes) 212,667.0038,792,007.77LIABILITIESOther liabilities:- Taxes and expenses payable 63,883.86- Other 2,000.0065,883.86NET ASSETS 38,726,123.91Net asset value per Ordinary SharesOrdinary Shares outstanding105.83365,923.93912The notes are an integral part of these financial statements241
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from July 31, 2012 to December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 191,288.00- Bond interest, net 4,569.45195,857.45EXPENSESBank interest, net 0.36Fees:- Management fee (see notes) 86,508.42- Investment advisory fee (see notes) 23,357.26- Custodian fee and safekeeping charges (see notes) 13,486.99Other expenses:- Annual tax (see notes) 1,763.94- Amortisation of formation/reorganisation expenses (see notes) 19,333.00- Audit and legal fees 14,359.04- Printing and publishing fees 133.31- Administration and other expenses 100.00159,042.32NET OPERATING RESULT 36,815.13Net realised result on:- Sales of investments (see notes) 271,139.92- Foreign exchange (3,361.32)NET REALISED RESULT 304,593.73Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 1,640,403.86NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS1,944,997.59MOVEMENTS IN CAPITALSubscriptions of shares 40,281,126.32Re<strong>de</strong>mptions of shares (3,500,000.00)36,781,126.32NET ASSETS AT THE END OF THE PERIOD 38,726,123.91The notes are an integral part of these financial statements242
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDSTATISTICAL INFORMATIONPeriod from July 31, 2012 to December 31, 2012SHARESShares outstanding at the beginning of the period 0.00000Subscriptions of shares 399,878.14944Re<strong>de</strong>mptions of shares (33,954.21032)Shares outstanding at the end of the period 365,923.93912NET ASSET VALUE PER SHAREEURHighest 106.2212.19.12Lowest 100.0007.31.12At the end of the period 105.83CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 07.31.12322,483.91330 32,248,391.35EUR100.0012.31.12365,923.93912 38,726,123.91EUR105.83* first valuation243
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)Quantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETEQUITIESBELGIUM2,490 AGEAS NV EUR 40,402.90 22.215 55,315.35 0.14TOTAL BELGIUM40,402.9055,315.35 0.14FRANCE28,188 BNP PARIBAS SA EUR 850,431.96 42.585 1,200,385.98 3.1012,870 LAFARGE SA NOT AVAILABLE FOR SALE EUR 481,724.10 48.230 620,720.10 1.601,170 LOUIS VUITTON MOET HENESSY SA EUR 143,383.50 138.800 162,396.00 0.4214,620 TOTAL SA EUR 549,785.10 39.010 570,326.20 1.477,233 VIVENDI SA EUR 111,822.18 16.950 122,599.35 0.32TOTAL FRANCE2,137,146.842,676,427.63 6.91GERMANY6,191 ALLIANZ SE - REG SHS EUR 502,028.19 104.800 648,816.80 1.683,695 BAYER AG - REG SHS EUR 228,757.45 71.890 265,633.55 0.699,000 BMW BAYERISCHE MOTOREN WERKE AGEUR 546,930.00 72.930 656,370.00 1.69MUENCHEN4,175 FRAPORT FRANKFURT AIRPORT SERVICES EUR 192,780.63 43.935 183,428.63 0.47WORLWIDE AG9,605 SIEMENS AG - REG SHS EUR 663,705.50 82.200 789,531.00 2.04TOTAL GERMANYITALY2,134,201.772,543,779.983,100 ENI SPA EUR 52,204.00 18.340 56,854.00 0.15TOTAL ITALYLUXEMBOURG52,204.0056,854.002,619 APERAM SA - REG SHS EUR 29,228.04 11.410 29,882.79 0.08TOTAL LUXEMBOURGSPAIN29,228.0429,882.7922,280 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA EUR 357,148.40 19.040 424,211.20 1.10239,021 BANCO BILBAO VIZCAYA ARGENTARIA SA - REG EUR 1,252,747.97 6.960 1,663,586.16 4.30SHS17,154 BANCO POPULAR ESPANOL SA-REG EUR 26,228.47 0.586 10,052.24 0.03926,165 BANCO SANTANDER SA - REG SHS EUR 5,229,552.31 6.100 5,649,606.50 14.5811,552 DAT REPSOL YPF SA 12-01.10.13 EUR 40.00 0.462 5,337.02 0.0113,830 ENAGAS SA EUR 195,003.00 16.140 223,216.20 0.586,475 ENDESA SA EUR 84,693.00 16.870 109,233.25 0.2816,831 GAS NATURAL SDG SA EUR 168,730.78 13.580 228,564.98 0.5937,000 GRUPO CATALANA OCCIDENTE SA EUR 370,000.00 13.770 509,490.00 1.3211,552 REPSOL SA EUR 150,233.76 15.335 177,149.92 0.46190,784 TELEFONICA SA EUR 1,760,363.97 10.190 1,944,088.96 5.01TOTAL SPAINSWITZERLAND9,594,741.6610,944,536.438,800 NESTLE SA - REG SHS (CHF) CHF 439,729.72 59.600 434,604.58 1.136.570.150.0828.26The notes are an integral part of these financial statements244
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets565 ZURICH INSURANCE GROUP AG - REG SHS CHF 102,352.16 243.400 113,955.26 0.29TOTAL SWITZERLANDUNITED KINGDOM542,081.88548,559.8482,499 BP PLC GBP 449,129.96 4.248 432,088.81 1.1244,944 HSBC HOLDINGS PLC GBP 307,779.65 6.469 358,466.61 0.9348,433 NATIONAL GRID PLC GBP 411,256.94 7.030 419,794.29 1.0826,288 ROYAL BANK OF SCOTLAND GROUP PLC GBP 71,969.62 3.245 105,174.89 0.2762,871 SSE PLC GBP 1,057,553.13 14.180 1,099,173.95 2.84TOTAL UNITED KINGDOMUNITED STATES OF AMERICA2,297,689.302,414,698.5518,000 ALTRIA GROUP INC USD 522,109.70 31.420 428,974.43 1.112,900 BANK OF AMERICA CORP USD 17,359.31 11.600 25,515.77 0.079,140 CISCO SYSTEMS INC USD 118,889.97 19.649 136,222.30 0.358,320 COCA COLA CO USD 274,161.45 36.250 228,762.09 0.595,100 EXXON MOBIL CORP USD 361,225.45 86.550 334,803.49 0.8610,740 GOLDMAN SACHS GROUP INC USD 883,758.88 127.560 1,039,133.90 2.68485 IBM CORP USD 77,516.09 191.550 70,465.51 0.187,400 INTEL CORP USD 155,096.92 20.620 115,737.24 0.305,000 JPMORGAN CHASE & CO USD 146,794.86 43.970 166,755.13 0.432,874 KRAFT FOODS GROUP INC USD 39.99 45.470 99,120.72 0.268,623 MONDELEZ INTERNATIONAL INC USD 279,294.25 25.453 166,476.71 0.433,049 PEPSICO INC USD 180,846.19 68.430 158,254.73 0.412,350 PHILIP MORRIS INTERNATIONAL INC USD 175,243.70 83.640 149,085.23 0.386,713 QUALCOMM INC USD 326,726.08 61.860 314,975.28 0.814,080 UNITED TECHNOLOGIES CORP USD 247,687.95 82.010 253,793.03 0.66TOTAL UNITED STATES OF AMERICA3,766,750.793,688,075.56TOTAL EQUITIES 20,594,447.1822,958,130.13 59.291.426.249.52TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET20,594,447.1822,958,130.1359.29INVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA23,635.179 EQUATOR INVESTMENT PROGRAMMES PACIFICBASIN EQUITY PROG- UNITS 1-17,750.00 SCHRODER INTL SELECTION FUND SICAV GREATERCHINA -A-TOTAL ASIAINDIAUSD 928,119.03 52.570 942,431.07 2.43USD 477,303.37 37.550 505,546.40 1.311,405,422.401,447,977.472,499.668 HSBC GLOBAL INVESTMENT FUNDS SICAV INDIAN USD 270,883.15 149.756 283,935.23 0.73EQUITY -AD-9,503.086 JPMORGAN FUNDS SICAV JF INDIA -A- USD 521,882.87 70.980 511,626.90 1.32TOTAL INDIAUNITED STATES OF AMERICA792,766.02795,562.13103,220 POWERSHARES QQQ TRUST SERIES 1 USD 5,454,779.56 65.110 5,097,582.61 13.1638,428 SPDR DOW JONES INDUSTRIAL AVERAGE ETF USD 4,067,498.10 130.900 3,815,400.66 9.85TRUST1,450 SPDR SERIES TRUST S&P DIVIDEND ETF USD 66,812.05 58.160 63,965.40 0.1738,229 SPDR S&P500 ETF TRUST -SERIES-1- USD 4,293,354.61 142.520 4,132,581.94 10.67TOTAL UNITED STATES OF AMERICA13,882,444.3213,109,530.613.742.0533.85The notes are an integral part of these financial statements245
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDQuantity Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsWORLD148.000 GARIM SCA SICAV-SIF WORLD EQUITY-A- EUR 164,739.96 1,142.050 169,023.40 0.44TOTAL WORLD164,739.96169,023.40TOTAL OPEN-ENDED INVESTMENT FUNDS 16,245,372.7015,522,093.61 40.08TOTAL INVESTMENT FUNDS 16,245,372.7015,522,093.61 40.080.44TOTAL INVESTMENTS IN SECURITIES 36,839,819.8838,480,223.74 99.37Cash/(bank overdraft) 98,096.64 0.25Other assets and liabilities 147,803.53 0.38TOTAL NET ASSETS 38,726,123.91 100.00The notes are an integral part of these financial statements246
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsUnited States of America 43.37Spain 28.26France 6.91Germany 6.57United Kingdom 6.24Asia 3.74India 2.05Switzerland 1.42World 0.44Italy 0.15Belgium 0.14Luxembourg 0.08TOTAL INVESTMENTS IN SECURITIES99.37Other assets/(liabilities) and liquid assets 0.63NET ASSETS 100.00247
A&G GLOBAL SICAV - SIFCASTLEBANNY FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 40.08Banks and other credit institutions 26.53Data transmission 6.14Energy and public utilities 5.37Oil 4.07Insurance 3.29Foodstuffs and non-alcoholic drinks 2.82Building and building materials 2.70Electrotechnical and electronic industry 2.04Road vehicles 1.69Tobacco and alcohol 1.49Chemicals 0.69Aeronautical and astronomical industry 0.66Office supplies and computers 0.53Transportation 0.47Textiles and clothing industry 0.42Electronics and semiconductors 0.30Mining industry 0.08TOTAL INVESTMENTS IN SECURITIES99.37Other assets/(liabilities) and liquid assets 0.63NET ASSETS 100.00248
A&G GLOBAL SICAV - SIFCHURCHTOWN FUNDSTATEMENT OF NET ASSETSDecember 31, 2012(in EUR)ASSETSPortfolio:(see notes)- Cost 49,377,309.30- Net unrealised result 186,079.1449,563,388.44Cash:- Cash at sight 3,430,497.50Other assets:- Formation/reorganisation expenses, net (see notes) 175,162.0053,169,047.94LIABILITIESBank overdraft:- Long-term borrowings (see notes) 17,500,000.00Other liabilities:- Taxes and expenses payable 16,628.16- Unrealised loss on forward foreign exchange contracts24,738.16on currencies- Interest payable 5,920.83- Other 177,000.0017,724,287.15NET ASSETS 35,444,760.79Net asset value per Ordinary SharesOrdinary Shares outstanding100.87351,395.69250The notes are an integral part of these financial statements249
A&G GLOBAL SICAV - SIFCHURCHTOWN FUNDSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from December 12, 2012 to December 31, 2012(in EUR)NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00INCOMEIncome from investments:- Divi<strong>de</strong>nds, net 129,033.12- Bond interest, net 2,185.00131,218.12EXPENSESBank interest, net 24,995.83Fees:- Management fee (see notes) 6,447.84- Investment advisory fee (see notes) 2,768.40- Custodian fee and safekeeping charges (see notes) 1,542.99Other expenses:- Annual tax (see notes) 1,113.71- Amortisation of formation/reorganisation expenses (see notes) 1,838.00- Audit and legal fees 5,175.00- Administration and other expenses 460.0044,341.77NET OPERATING RESULT 86,876.35Net realised result on:- Sales of investments (see notes) 0.01- Foreign exchange 56,974.20NET REALISED RESULT 143,850.56Change in net unrealised appreciation/(<strong>de</strong>preciation) on:- Investments 186,079.14- Forward foreign exchange contracts on currencies (24,738.16)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS305,191.54MOVEMENTS IN CAPITALSubscriptions of shares 35,139,569.2535,139,569.25NET ASSETS AT THE END OF THE PERIOD 35,444,760.79The notes are an integral part of these financial statements250
A&G GLOBAL SICAV - SIFCHURCHTOWN FUNDSTATISTICAL INFORMATIONPeriod from December 12, 2012 to December 31, 2012SHARESShares outstanding at the beginning of the period 0.00000Subscriptions of shares 351,395.69250Re<strong>de</strong>mptions of shares 0.00000Shares outstanding at the end of the period 351,395.69250NET ASSET VALUE PER SHAREEURHighest 101.2512.27.12Lowest 100.0012.12.12At the end of the period 100.87CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS ANDIN NET ASSET VALUE PER SHAREDateNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 12.12.12351,395.69250 35,139,569.25EUR100.0012.31.12351,395.69250 35,444,760.79EUR100.87* first valuation251
A&G GLOBAL SICAV - SIFCHURCHTOWN FUNDSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSDecember 31, 2012(in EUR)QuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsOTHER TRANSFERABLE SECURITIESBONDS STRUCTURED PRODUCTSNETHERLANDS200,000 BOIRO FINANCE BV EMTN LKD TO BASKET OFREFERENCE ENTITIES4.45% 01.13.12 - 06.20.13TOTAL NETHERLANDSEUR 201,834.00 100.158 200,316.00 0.57201,834.00200,316.000.57TOTAL BONDS STRUCTURED PRODUCTS 201,834.00200,316.00 0.57CLOSED-ENDED INVESTMENT FUNDSWORLD302.6000 THE DRAKE LOW VOLATILITY FUND LTD CL -C-S12/07 NI - IN LIQUIDATIONTOTAL WORLDUSD 230,040.96 1,001.422 229,846.90 0.65230,040.96229,846.900.65TOTAL CLOSED-ENDED INVESTMENT FUNDS 230,040.96229,846.90 0.65EQUITIES STRUCTURED PRODUCTSCANADA510,000 ROYAL BANK OF CANADA LONDON LINKED TOEUROSTOXX 50 INDEX0% 11.14.12 - 06.14.16TOTAL CANADANETHERLANDS14,714,000 BOIRO FINANCE BV LINKED TO EUROSTOXX50 -SERIES 8030% 05.08.12 - 02.06.17153,000 RABOBANK NEDERLAND NV EMTN LKD TOEUROSTOXX50 - DOUBLE TOP 5.76%0% 09.23.10 - 09.23.13TOTAL NETHERLANDSEUR 512,896.00 100.450 512,295.00 1.45512,896.00512,295.001.45EUR 12,859,781.72 89.708 13,199,635.12 37.24EUR 153,590.80 100.600 153,918.00 0.4313,013,372.5213,353,553.1237.67TOTAL EQUITIES STRUCTURED PRODUCTS 13,526,268.5213,865,848.12 39.12SICARCHINA2,500.0000 PRAX CAPITAL CHINA GROWTH FUND II SCA SICAR- EUR 763,050.00 305.200 763,000.00 2.16ORDINARY SHARES3,333.50000 PRAX CAPITAL REAL ESTATE I SICAR EUR 601,280.06 141.640 472,156.94 1.333,173.750 PRAX CAPITAL CHINA GROWTH FUND III FD SCA USD 224,103.04 91.786 220,952.80 0.62SICAR-PARTNERSHIP-REG SHSTOTAL CHINA1,588,433.101,456,109.74 4.11WORLD59,166.67 GALLAGHER SUSTAINABLE DEV FUND SCA SICAR- EUR 17,284,359.31 292.130 17,284,359.31 48.75TOTAL WORLD17,284,359.3117,284,359.31TOTAL SICAR 18,872,792.4118,740,469.05 52.86TOTAL OTHER TRANSFERABLE SECURITIES 32,830,935.8933,036,480.07 93.2048.75The notes are an integral part of these financial statements252
A&G GLOBAL SICAV - SIFCHURCHTOWN FUNDQuantityorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA110,123.45 INVESCO FUNDS SERIES ASIAN EQUITY FUND -A-USD-TOTAL ASIAUSD 492,179.21 5.850 488,639.30 1.38492,179.21488,639.301.38EUROPEAN MONETARY UNION96,061.00 FIDELITY FUNDS SICAV EURO BLUE CHIP FUND -A- EUR 998,123.79 10.420 1,000,955.62 2.82TOTAL EUROPEAN MONETARY UNIONEUROPEAN UNION998,123.791,000,955.6215,135.3000 ABACO FINANCIALS EUR SHS EUR 3,116,176.86 205.875 3,115,976.86 8.7976,527.710 FRANKLIN TEMPLETON INV FUNDS SICAVEUR 1,188,525.34 15.610 1,194,597.55 3.37FRANKLIN MUTUAL EUROPEAN-N-ACC-EUR-3,225.3100 MANDARINE GESTION VALEUR FCP -R- EUR 1,201,058.68 376.810 1,215,329.06 3.43TOTAL EUROPEAN UNION5,505,760.885,525,903.472.8215.59UNITED STATES OF AMERICA2,351.0600 AA (ALTERNATIVE ADVANTAGE) PUBLICLANDMARK INV IE EUR -F-8,396.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -DH-EUR-21,024.56 NEW CAPITAL UCITS FUND PLC US GROWTH -A-USDTOTAL UNITED STATES OF AMERICAEUR 0.00 0.000 0.00 0.00EUR 997,746.68 118.270 992,994.92 2.80USD 1,954,050.50 118.350 1,887,330.25 5.332,951,797.182,880,325.178.13WORLD8,171.330 AMUNDI INTERNATIONAL SICAV -AHE-C- EUR 1,073,109.06 131.860 1,077,471.57 3.04510.90 BLUEMAR OFFSHORE FUND LTD CLASS C SERIES 10- EUR 584,613.40 1,152.584 588,854.94 1.6611 SHS EUR UNRESTRICTED1,496.940 CARMIGNAC INVESTISSEMENT FCP EUR 1,318,764.32 872.120 1,305,511.31 3.68268,534.150 DIP FCP MARKET RISK GLOBAL EQUITIES EUR 2,567,263.33 9.700 2,604,727.55 7.3619,582.800 FRANKLIN TEMPLETON INV FUNDS SICAVUSD 556,309.27 37.240 553,142.70 1.56EMERGING MARKETS-A-ACC-6,719.0000 ROBECO CAPITAL GROWTH FUNDS SICAVUSD 498,452.97 98.380 501,376.74 1.41EMERGING STARS EQUITIES -D-USD-TOTAL WORLD6,598,512.356,631,084.81 18.71TOTAL OPEN-ENDED INVESTMENT FUNDS 16,546,373.4116,526,908.37 46.63TOTAL INVESTMENT FUNDS 16,546,373.4116,526,908.37 46.63TOTAL INVESTMENTS IN SECURITIES 49,377,309.3049,563,388.44 139.83Cash/(bank overdraft) (14,069,502.50) (39.69)Other assets and liabilities (49,125.15) (0.14)TOTAL NET ASSETS 35,444,760.79 100.00The notes are an integral part of these financial statements253
A&G GLOBAL SICAV - SIFCHURCHTOWN FUNDGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)COUNTRIES% ofnetassetsWorld 68.11Netherlands 38.24<strong>Europe</strong>an Union 15.59United States of America 8.13China 4.11<strong>Europe</strong>an Monetary Union 2.82Canada 1.45Asia 1.38TOTAL INVESTMENTS IN SECURITIES139.83Other assets/(liabilities) and liquid assets (39.83)NET ASSETS 100.00254
A&G GLOBAL SICAV - SIFCHURCHTOWN FUNDECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESDecember 31, 2012(in %)ECONOMIC SECTORS% ofnetassetsSICAR 52.86Investment funds 47.28Holding and finance companies 38.24Banks and other credit institutions 1.45TOTAL INVESTMENTS IN SECURITIES139.83Other assets/(liabilities) and liquid assets (39.83)NET ASSETS 100.00255
A&G GLOBAL SICAV - SIFNOTES TO THE FINANCIAL STATEMENTSDecember 31, 2012GENERALA&G GLOBAL SICAV-SIF, referred to hereinafter as the“Fund”, is a Luxembourg incorporated investmentcompany (société d'investissement à capital variable)existing for an unlimited duration in Luxembourg un<strong>de</strong>rthe form of a “société en commandite par actions”, inaccordance with the provisions of the law of February 13,2007 concerning specialized investment Funds -SIF- (the“SIF Law”) as amen<strong>de</strong>d on March 26, 2012 effective onApril 1, 2012 and the law of August 10, 1915 oncommercial companies, as amen<strong>de</strong>d (the “1915 Law”).The Fund was incorporated on April 24, 2006. The Articlesof Incorporation were published in the Mémorial C, Recueil<strong>de</strong>s Sociétés et Associations (the «Mémorial») on May 13,2006 and have been amen<strong>de</strong>d for the last time on July 31,2009.The Fund is registered at the Luxembourg Register ofCommerce un<strong>de</strong>r the number B 115839.During the Extraordinary General Meeting of July 31,2009, the sharehol<strong>de</strong>rs of the Fund approved the changingof the Fund from a public limited company to a publiclimited partnership (“société en commandite par actions”).As a “société en commandite par actions”, the Fund has twodifferent types of Sharehol<strong>de</strong>rs:- the “associé gérant commandité” or UnlimitedSharehol<strong>de</strong>r (“the General Partner”). The General Partner isresponsible for the management and administration of theFund and is jointly and severally liable for all liabilitieswhich cannot be paid out of the assets of the Fund. TheGeneral Partner holds one General Partner Share in theSub-Fund A&G GLOBAL SICAV - Global Player. Thevalue of this General Partner Share equals the value of theOrdinary Shares and is inclu<strong>de</strong>d in the total net assets of theSub-Fund.- the “associés commanditaires” or Limited Sharehol<strong>de</strong>rswhose liability is limited to the amount of their investmentin the Fund. The Fund may have an unlimited number ofLimited Sharehol<strong>de</strong>rs. The interest of the LimitedSharehol<strong>de</strong>rs in the Fund is expressed by Ordinary Shares.The General Partner is A&G Global GP, a company whichwas set up for an unlimited duration in Luxembourg un<strong>de</strong>rthe laws of Luxembourg on July 22, 2009. The articles ofincorporation of the General Partner have been published inthe Mémorial on September 16, 2009. The General Partneris registered at the Luxembourg Register of Commerceun<strong>de</strong>r the number B 147725.The Fund works as an umbrella fund and, as such, provi<strong>de</strong>sinvestors with a choice of investments in a range of severalsegregated sub-funds (the “Sub-Funds”), each of whichrelates to a separate portfolio of eligible assets andliabilities with specific investment objectives and/or otherspecific characteristics.The Fund's capital and the net assets of all the Sub-Fundsare expressed in Euro (“EUR”).As at December 31, 2012, the following Sub-Funds areavailable to investors:- A&G GLOBAL SICAV - Maragua Fund,- A&G GLOBAL SICAV - Global Player,- A&G GLOBAL SICAV - Brandon Fund,- A&G GLOBAL SICAV - Durham Fund,- A&G GLOBAL SICAV - Fallford Fund,- A&G GLOBAL SICAV - Corbridge Fund,- A&G GLOBAL SICAV - Kidstones Fund,- A&G GLOBAL SICAV - Hollyford Fund,- A&G GLOBAL SICAV - Midleton Fund,- A&G GLOBAL SICAV - Clonbur Fund,- A&G GLOBAL SICAV - Oldhead Fund,- A&G GLOBAL SICAV - Inisheer Fund,- A&G GLOBAL SICAV - Banagher Fund,- A&G GLOBAL SICAV - Newbridge Fund,- A&G GLOBAL SICAV - Ballyforan Fund,- A&G GLOBAL SICAV - Oldcastle Fund,- A&G GLOBAL SICAV - Cootehill Fund,- A&G GLOBAL SICAV - Blackwater Fund,- A&G GLOBAL SICAV - Kilmallock Fund,- A&G GLOBAL SICAV - Castlebridge Fund,- A&G GLOBAL SICAV - Newtownabbey Fund,- A&G GLOBAL SICAV - Kingsland Fund,- A&G GLOBAL SICAV - Kenmare Fund,- A&G GLOBAL SICAV - Donegall Fund,- A&G GLOBAL SICAV - Moneygall Fund,- A&G GLOBAL SICAV - Carrigaline Fund,- A&G GLOBAL SICAV - Durganvan Fund,- A&G GLOBAL SICAV - Bauffe Fund (launched onJanuary 31, 2012),- A&G GLOBAL SICAV - Moorfields Fund (launched onApril 27, 2012),- A&G GLOBAL SICAV - Knigtstown Fund (launched onMay 24, 2012),- A&G GLOBAL SICAV - Stonecarthy Fund (launchedon July 13, 2012),- A&G GLOBAL SICAV - Castlebanny Fund (launchedon July 31, 2012),- A&G GLOBAL SICAV - Churchtown Fund (launchedon December 12, 2012).256
A&G GLOBAL SICAV - SIFGENERAL (continued)The investment objective of these Sub-Funds is to generatesuperior long term capital appreciation through a portfoliohaving a diver<strong>sif</strong>ied risk profile by a combination ofinvestments.SUMMARY OF SIGNIFICANTACCOUNTING POLICIESThe Fund prepares its combined financial statements andthose of each Sub-Fund in conformity with legal andregulatory requirements in Luxembourg. The preparationof financial statements in conformity with generallyaccepted accounting principles requires management tomake estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosures ofcontingent assets and liabilities during the reportingperiod. Actual results could differ from those estimates.The significant accounting policies used by the Fund are asfollows:a) Combined financial statementsThe combined statement of net assets and statement ofchanges in net assets are expressed in Euro (EUR).Combined statements are obtained by the arithmeticsum of the financial statements of each individual Sub-Fund on a line by line basis.b) Valuation of investments in securitiesThe value of assets, which are listed or <strong>de</strong>alt in on anystock exchange, is based on the last available price onthe stock exchange, which is normally the principalmarket for such assets. The value of assets <strong>de</strong>alt in onany Regulated Market is based on their last availableprice. In the event that any assets are not listed or <strong>de</strong>altin on any stock exchange or on any Regulated Market,or if, with respect to assets listed or <strong>de</strong>alt in on anystock exchange, or Regulated Market as aforesaid, theprice is not representative of the fair market value ofthe relevant assets, the value of such assets will bebased on the reasonably foreseeable sales price<strong>de</strong>termined pru<strong>de</strong>ntly and in good faith by the GeneralPartner. All other securities will be valued at fairmarket value as <strong>de</strong>termined in good faith pursuant tothe procedures established by the General Partner.c) Valuation of money market instrumentsThe value of money market instruments not admitted toofficial listing on any stock exchange or <strong>de</strong>alt on anyother Regulated Market and with remaining maturity ofless than 12 months and of more than 90 days is<strong>de</strong>emed to be the nominal value thereof, increased byany interest accrued thereon. Money marketinstruments with a remaining maturity of 90 days orless and not tra<strong>de</strong>d on any market will be valued by theamortised cost method, which approximates marketvalue.d) Valuation of investments in investment fundsUnits or shares of open-en<strong>de</strong>d UCIs will be valued attheir last official net asset value, as reported orprovi<strong>de</strong>d by such UCIs or their agents, or at theirunofficial net asset values (i.e. estimates of net assetvalues) if more recent than their last official net assetvalues provi<strong>de</strong>d that a due diligence process has beencarried out, in accordance with instructions and un<strong>de</strong>rthe overall control and responsibility of the GeneralPartner, as to the reliability of such unofficial net assetvalues.The Net Asset Value calculated on the basis ofunofficial net asset values of target UCIs may differfrom the net asset value which would have beencalculated, on the relevant Valuation Day, on the basisof the official net asset values <strong>de</strong>termined by theadministrative agents of the target UCIs. The Net AssetValue is final and binding notwithstanding anydifferent later <strong>de</strong>termination. The value of theseinvestments as of December 31, 2012 may differpositively or negatively from the amount which wouldhave been realizable had the investment been sold atthe date of the computation of the net asset value.Units or shares of closed-en<strong>de</strong>d UCIs shall be valued attheir last available official net asset values.Due to the differing net asset value calculationfrequency of the Sub-Funds, the last available net assetvalue of the same un<strong>de</strong>rlying investment funds used,may differ.e) Valuation of investments in SICARInvestments in SICAR are valued initially at cost andthereafter at the most recent net asset value as reportedby the SICAR and adjusted for subsequent net capitalactivity and any event having an impact on fairvaluation of investments based on the General Partner'sreview of management information provi<strong>de</strong>d by theSICAR.For investments in individual SICAR’s the fair value asper the audited financial statements could besignificantly different than the most recent net value asshown in the NAV of the Fund as at 31 December2012.257
A&G GLOBAL SICAV - SIFSUMMARY OF SIGNIFICANTACCOUNTING POLICIES (continued)f) Valuation of tra<strong>de</strong>d future contracts and optionsThe liquidating value of futures and options contractstra<strong>de</strong>d on exchanges or on Regulated markets is basedupon the last available prices of these contracts onexchanges and regulated markets on which theparticular futures contracts and options contracts aretra<strong>de</strong>d.In the Statement of Investments in securities and othernet assets the number of options takes into account thesize of the contract.g) Valuation of forward foreign exchange contractsForward foreign exchange contracts are valued at theforward rate applicable at the statement of net assetsdate for the remaining period until maturity.Realised and unrealised gains or losses resulting fromforward foreign exchange contracts are recognised inthe statement of changes in net assets un<strong>de</strong>r thecaptions net realised result on foreign exchange andchange in net unrealised appreciation/(<strong>de</strong>preciation) onforward foreign exchange contracts respectively.h) Valuation of other securities and other assetsAll other securities and other assets will be valued atfair market value as <strong>de</strong>termined in good faith pursuantto the procedures established by the General Partner.i) Net realised gain or loss on sales of investmentsRealised gains or losses on sales of investments arecalculated on the basis of weighted average cost of theinvestments sold.j) Short positions on investmentsThe valuation of short positions on investments is<strong>de</strong>termined following the same rules as thoseapplicable to investments in securities (long positions)and is presented on the liability si<strong>de</strong> of the statement ofnet assets, un<strong>de</strong>r “Short investments at market value”.The change in unrealised appreciation/<strong>de</strong>preciationresulting from these short positions is presented in thestatement of operations and changes in net assets un<strong>de</strong>rthe item “Change in net unrealisedappreciation/<strong>de</strong>preciation on investments”. Anyrealised gain/loss is presented in the statement ofoperations and changes in net assets un<strong>de</strong>r “Netrealised gains/ (losses) on investments”.k) Conversion of foreign currenciesThe accounting records and the financial statements ofeach Sub-Fund are expressed in Euro (EUR) exceptedfor A&G GLOBAL SICAV - Clonbur Fund which isexpressed in US Dollars (USD). Bank accounts, othernet assets and market value of the investments insecurities expressed in currencies other than EUR areconverted into EUR at the exchange rates prevailing onthe date of the balance sheet.Income and expenses in currencies other than EUR areconverted into EUR at the rate of exchange prevailingat payment date.l) Cost of investments in securitiesCost of investments in securities in currencies otherthan EUR is converted into EUR at the exchange rateapplicable at purchase date.m) Formation expensesFormation expenses are amortised on a straight linebasis over a period of maximum 5 years.If a new Sub-Fund is created in the future, theformation expenses of this Sub-Fund will be allocatedamong all existing Sub-Funds. Therefore, a new Sub-Fund will also be charged on prorata portion of theinitial formation expenses unamortized as of its launchdate.n) Income recognitionDivi<strong>de</strong>nds are taken into account on the date uponwhich the relevant investments are first listed as exdivi<strong>de</strong>nd.Interest income is accrued on a daily basis.Income is recor<strong>de</strong>d net of withholding tax, if any.o) Prepaid on investmentsThis caption is composed of all the ongoingsubscriptions in the un<strong>de</strong>rlying funds for which thefinal confirmation of quantity of shares subscribed hasnot yet been received by the Custodian Bank at thetime of the Net Asset Value calculation.p) Receivable for investments soldInclu<strong>de</strong>d in this caption are net amounts from unsettledsale transactions. This amount inclu<strong>de</strong>s holdbacksretained by the un<strong>de</strong>rlying funds’ administrators untilthe transactions are settled.258
A&G GLOBAL SICAV - SIFEXCHANGE RATES ASAT DECEMBER 31, 20121 AUD = 0.787745 EUR1 CHF = 0.828089 EUR1 GBP = 1.223705 EUR1 USD = 0.758322 EUR1 JPY = 0.008807 EURISSUE, CONVERSION AND REPURCHASEOF THE FUND'S SHARESAfter the initial subscription period, Ordinary Shares ofeach Sub-Fund are issued at a price corresponding to theapplicable Net Asset Value per Share of such Sub-Fund onthe relevant Valuation Day.Any Limited Sharehol<strong>de</strong>r of any Sub-Fund is entitled torequest the re<strong>de</strong>mption of its Ordinary Shares by the Fund.The re<strong>de</strong>mption price is the Net Asset Value per share inthe Sub-Fund as of the relevant Valuation Day.A Limited Sharehol<strong>de</strong>r may transfer all or part of theOrdinary Shares held to another eligible investor, subjectto approval of the General Partner of the Fund.MANAGEMENT ANDPERFORMANCE FEESSince August 1, 2009 the General Partner has ultimateresponsibility for the management and administration ofthe Fund, including the <strong>de</strong>termination, execution andcontrol of the investment policy of the Sub-Funds of theFund.The Manager / General Partner is entitled to the followingfees:A - Fixed fee:The fixed fee is calculated and paid quarterly out of theassets of the Sub-Funds except for A&G GLOBALSICAV - Kilmallock Fund for which the fee is calculatedon the Net Asset Value of the first day of the accountingyear and to be regularized quarterly in arrears and is paidannually in advance. The following rates were appliedduring the year ending December 31, 2012:- A&G GLOBAL SICAV - Maragua Fund:maximum 0,10 % p.a.- A&G GLOBAL SICAV - Global Player;- A&G GLOBAL SICAV - Brandon Fund;- A&G GLOBAL SICAV - Durham Fund;- A&G GLOBAL SICAV - Fallford Fund;- A&G GLOBAL SICAV - Corbridge Fund;- A&G GLOBAL SICAV - Kidstones Fund;- A&G GLOBAL SICAV - Hollyford Fund;- A&G GLOBAL SICAV - Midleton Fund;- A&G GLOBAL SICAV - Clonbur Fund;- A&G GLOBAL SICAV - Oldhead Fund:- A&G GLOBAL SICAV - Inisheer Fund;- A&G GLOBAL SICAV - Banagher Fund;- A&G GLOBAL SICAV - Newbridge Fund;- A&G GLOBAL SICAV - Ballyforan Fund;- A&G GLOBAL SICAV - Oldcastle Fund;- A&G GLOBAL SICAV - Cootehill Fund;- A&G GLOBAL SICAV - Blackwater Fund;- A&G GLOBAL SICAV - Kilmallock Fund;- A&G GLOBAL SICAV - Castlebridge Fund;- A&G GLOBAL SICAV - Newtownabbey Fund;- A&G GLOBAL SICAV - Kingsland Fund;- A&G GLOBAL SICAV - Kenmare Fund;- A&G GLOBAL SICAV - Donegall Fund;- A&G GLOBAL SICAV - Moneygall Fund;- A&G GLOBAL SICAV - Carrigaline Fund;- A&G GLOBAL SICAV - Durganvan Fund;- A&G GLOBAL SICAV - Moorfields Fund;- A&G GLOBAL SICAV - Stonecarthy Fund;- A&G GLOBAL SICAV - Castlebanny Fund;- A&G GLOBAL SICAV - Churchtown Fund;- A&G GLOBAL SICAV - Knightstown Fund;- A&G GLOBAL SICAV - Bauffe Fund:-maximum 1,00 % p.a.B - Performance fee:For the Sub-Fund A&G GLOBAL SICAV -MARAGUA FUND:The General Partner is entitled to receive a performancefee, paid annually based on the performance of the NetAsset Value ("NAV") per share by applying a high watermark principle (as <strong>de</strong>fined hereafter).- If the performance of the NAV per share is positive butless than 10% on an annual basis, then the performance feerate will be equal to 5%.- If the performance of the NAV per share is either equalor higher than 10% on an annual basis, then theperformance fee rate will be equal to 10%.The performance fee is calculated on the basis of the NAVafter <strong>de</strong>duction of all expenses, liabilities, andmanagement fees (but not performance fee), and isadjusted to take account of all subscriptions andre<strong>de</strong>mptions.259
A&G GLOBAL SICAV - SIFMANAGEMENT ANDPERFORMANCE FEES (continued)The performance fee is equal to the out performance of theNAV per share multiplied by the number of shares incirculation during the calculation period. No performancefee will be due if the NAV per share before performancefee turns out to be below the high water mark for thecalculation period in question.For the Sub-Fund A&G GLOBAL SICAV - GLOBALPLAYER:The General Partner is also entitled to receive aperformance fee, paid annually, based on the NAV,equivalent to 10 % of the performance of the NAV pershare exceeding the high water mark (as <strong>de</strong>finedhereafter).The performance fee is calculated on the basis of the NAVafter <strong>de</strong>duction of all expenses, liabilities, andmanagement fees (but not performance fee), and isadjusted to take account of all subscriptions andre<strong>de</strong>mptions.The performance fee is equal to the out performance of theNAV per share multiplied by the number of shares incirculation during the calculation period. No performancefee will be due if the NAV per share before performancefee turns out to be below the high water mark for thecalculation period in question.For the Sub-Funds A&G GLOBAL SICAV -BRANDON FUND, A&G GLOBAL SICAV -DURHAM FUND, A&G GLOBAL SICAV -FALLFORD FUND, A&G GLOBAL SICAV -CORBRIDGE FUND, A&G GLOBAL SICAV -KIDSTONES FUND, A&G GLOBAL SICAV -HOLLYFORD FUND, A&G GLOBAL SICAV -MIDLETON FUND, A&G GLOBAL SICAV -CLONBUR FUND, A&G GLOBAL SICAV -OLDHEAD FUND, A&G GLOBAL SICAV -INISHEER FUND, A&G GLOBAL SICAV -BANAGHER FUND, A&G GLOBAL SICAV -NEWBRIDGE FUND, A&G GLOBAL SICAV -BALLYFORAN FUND, A&G GLOBAL SICAV -OLDCASTLE FUND, A&G GLOBAL SICAV -COOTEHILL FUND, A&G GLOBAL SICAV -BLACKWATER FUND, A&G GLOBAL SICAV -CASTLEBRIDGE FUND, A&G GLOBAL SICAV -NEWTOWNABBEY FUND, A&G GLOBAL SICAV -KINGSLAND FUND, A&G GLOBAL SICAV -KENMARE FUND, A&G GLOBAL SICAV -DONEGALL FUND, A&G GLOBAL SICAV -MONEYGALL FUND, A&G GLOBAL SICAV -CARRIGALINE FUND, A&G GLOBAL SICAV -BAUFFE FUND, A&G GLOBAL SICAV -MOORFIELDS FUND, A&G GLOBAL SICAV -STONECARTHY FUND, A&G GLOBAL SICAV -CASTLEBANNY FUND, A&G GLOBAL SICAV -CHURCHTOWN FUND, A&G GLOBAL SICAV -KNIGHTSTOWN FUND and A&G GLOBAL SICAV- DURGANVAN FUND:The General Partner is also entitled to receive aperformance fee, paid annually, based on the NAV,equivalent to a maximum of 10 % of the performance ofthe NAV per share exceeding the high water mark (as<strong>de</strong>fined hereafter). Any change to the percentage of theperformance fee within this 10% limit will only take placeat the end of the calculation period of the performance fee,which corresponds to the accounting year of the Fund.The performance fee is calculated on the basis of the NAVafter <strong>de</strong>duction of all expenses, liabilities, andmanagement fees (but not performance fee), and isadjusted to take account of all subscriptions andre<strong>de</strong>mptions.The performance fee is equal to the out performance of theNAV per share multiplied by the number of shares incirculation during the calculation period. No performancefee will be due if the NAV per share before performancefee turns out to be below the high water mark for thecalculation period in question.The high water mark is <strong>de</strong>fined as the greater of thefollowing two figures:‣ The last highest NAV per Share on which aperformance fee has been paid and;‣ The initial NAV per share.For the Sub-Fund A&G GLOBAL SICAV -KILMALLOCK FUND:The General Partner is also entitled to receive aperformance fee, paid annually, based on the NAV,equivalent to a maximum of 10% of the performance ofthe NAV per share exceeding the Reference NAV (as<strong>de</strong>fined hereafter), minus the product of the ReferenceNAV and Euribor 12 months (Bloomberg co<strong>de</strong>EUR012M) published on the last day of the periodpreceding the calculation period. Any change to thepercentage of the performance fee within this 10% limitwill only take place at the end of the calculation period ofthe performance fee, which corresponds to the accountingyear of the Fund.The performance fee is calculated on the basis of the NAVafter <strong>de</strong>duction of all expenses, liabilities, andmanagement fees (but not performance fee), and isadjusted to take account of all subscriptions andre<strong>de</strong>mptions.260
A&G GLOBAL SICAV - SIFMANAGEMENT ANDPERFORMANCE FEES (continued)The performance fee is equal to the out performance of theNAV per share multiplied by the number of shares incirculation during the calculation period. No performancefee will be due if the NAV per share before performancefee turns out to be below the Reference NAV for thecalculation period in question.The Reference NAV is <strong>de</strong>fined as the greater of thefollowing two figures:‣ The latest NAV per Share after <strong>de</strong>duction of theperformance fee during the previous calculationperiod;‣ The latest Reference NAV.Reference NAV for the first period is the initial NAV pershare.INVESTMENT ADVISORAsesores y Gestores Private Equity, S.L. has beenappointed as Investment Advisor of the Fund’sinvestments relating to the private equity field, inaccordance with an Investment Advisory and ManagementAgreement entered into for an unlimited period of timeeffective as of December 29, 2008.The fees of the Investment Advisor are inten<strong>de</strong>d tocompensate its services to the Fund and amount to 0.15 %p.a. paid out of the net assets of the Fund annually inadvance, calculated on the net asset value of the first dayof the calculation period and to be regularized quarterly inarrears based on the quarterly average of the total netassets. The calculation period correspond to the accountingyear of the Fund.ANNUAL TAXThe Fund is governed by the Luxembourg taxation laws.The Fund is subject to an annual tax in Luxembourgcorresponding to 0,01% of the value of the net assets ofeach Sub-Fund. It is payable quarterly on the basis of theSub-Funds’ net assets calculated at the end of the quarterto which the tax relates.In accordance with article 68 of the SIF Law, the value ofassets represented by shares held in other organisms forcollective investment already subject to the subscriptionfee is free from such taxation.securities may be subject to withholding or capital gainstaxes in certain countries.CUSTODIAN AND ADMINISTRATIONFEE<strong>Banque</strong> <strong>Privée</strong> <strong>Edmond</strong> <strong>de</strong> <strong>Rothschild</strong> <strong>Europe</strong> has beenappointed Custodian bank and Central Administration forthe Fund. In remuneration of its services, <strong>Banque</strong> <strong>Privée</strong><strong>Edmond</strong> <strong>de</strong> <strong>Rothschild</strong> <strong>Europe</strong> is entitled to receive a feepayable quarterly and based on the net assets of the Fund.This fee is in line with Luxembourg practice.INVESTMENTS IN SEGURFUNDOINVERTION FII (in liquidation)The following Sub-Funds:- A&G GLOBAL SICAV - MARAGUA FUND,- A&G GLOBAL SICAV - DURHAM FUND, A&GGLOBAL SICAV - KIDSTONES FUND,- A&G GLOBAL SICAV - HOLLYFORD FUNDare invested into SEGURFONDO INVERSION FII (InLiquidation) (ISIN CODE: ES0175444035)("Segurfundo") as at 31 December 2012. Segurfundo is aspanish real estate fund which entered into liquidation inMarch 2011. Re<strong>de</strong>mptions out of Segurfundo aresuspen<strong>de</strong>d. As at December 31, 2012, the price used forvaluation purposes is the one communicated by theAdministrative Agent of Segurfundo. Nevertheless, giventhe situation of the Spanish Real estate market, the finalproceed received upon finalization of the liquidationprocess of Segurfundo might be significantly differentfrom its valuation.Segufundo is currently selling its assets as part of itsliquidation process, which could take a significant amountof time due to the nature of its un<strong>de</strong>rlying investments(Real Estate Investments in Spain).As at December 31, 2012, Segurfungo represents:- 4.24% of the total VNI of A&G GLOBAL SICAV -MARAGUA FUND- 6.71% of the total VNI of A&G GLOBAL SICAV-DURHAM FUND- 17.03 % of the total VNI of A&G GLOBAL SICAV -KIDSTONES FUND- 11.38% of the total VNI of A&G GLOBAL SICAV -HOLLYFORD FUNDUn<strong>de</strong>r current law and practice, the Fund is not liable toLuxembourg taxes on income or capital gains, nor aredivi<strong>de</strong>nds paid by the Fund liable to any Luxembourgwithholding tax. Interests, divi<strong>de</strong>nds and capital gains on261
A&G GLOBAL SICAV - SIFMANAGERS’ INTERESTSM. Sergio Navarro Fernàn<strong>de</strong>z is member of the Board ofManagers of the General Partner of the following SICARs:- GALLAGHER SUSTAINABLE DEVELOPMENTFUND SCA- PRAX CAPITAL REAL ESTATE I SCA- PRAX CAPITAL CHINA GROWTH II SCA- PRAX CAPITAL CHINA GROWTH III SCAin which the Fund is invested as of December 31, 2012.LONG-TERM BORROWINGSPledge Agreements have been signed between A&GGLOBAL SICAV and EFG Bank S.A. for the followingSub-Funds:- A&G GLOBAL SICAV - Oldcastle Fund: EUR35,000,000- A&G GLOBAL SICAV - Newtownabbey Fund: EUR6,000,000- A&G GLOBAL SICAV - Midleton Fund: EUR1,800,000- A&G GLOBAL SICAV - Fallford Fund: EUR1,200,000- A&G GLOBAL SICAV - Kenmare Fund: EUR1,500,000- A&G GLOBAL SICAV - Donegall Fund: EUR1,500,000- A&G GLOBAL SICAV - Kingsland Fund: EUR1,500,000- A&G GLOBAL SICAV - Banagher Fund: EUR1,100,000Un<strong>de</strong>r an agreement signed on 14 December 2009, theSub-Fund A&G GLOBAL SICAV – Oldcastle Fund hasentered into a loan facility agreement with EFG Bank S.A.to borrow up to EUR 35,000,000 to be used for directinvestment purposes in Gallagher SustainableDevelopment Fund SCA SICAR. EFG Bank S.A. chargesa front fee of 0.25% of the facility amount and interestsamounting to its annual internal funding rate plus 1.25%.The assets of the Sub-Fund <strong>de</strong>posited at <strong>Banque</strong> <strong>Privée</strong><strong>Edmond</strong> <strong>de</strong> <strong>Rothschild</strong> <strong>Europe</strong> are pledged to secure theobligations related to the use of the loan facility inaccordance with the Pledge Agreement effective as of 14December 2009.The interests on loan are recognised in the statement ofchanges in net assets un<strong>de</strong>r the caption Bank interest, net.DIVIDEND PAIDThe following divi<strong>de</strong>nds were distributed:A&G GLOBAL SICAV - Cootehill FundDistributedamount(EUR)Ex-datePaymentdate177,260.61 09.30.12 10.08.12CHANGES IN THE SECURITIESPORTFOLIOA copy of the changes in the securities portfolio for theyear en<strong>de</strong>d December 31, 2012, is available free of chargeat the Registered Office of the Fund.RECEIVABLE FOR INVESTMENTS SOLD-BELMONT-The Fund issued a request for re<strong>de</strong>mption for itsinvestments in Belmont ABL Fund in September 2008 fora total amount of USD 2,372,618. Re<strong>de</strong>mption proceeds ofUSD 465,051.47 were received, and shortly thereafterBelmont was put in liquidation and remaining re<strong>de</strong>mptionsreceivables were not paid out. The Company <strong>de</strong>ci<strong>de</strong>d onMay 25, 2011 (i) to set a provision for 41% of the value ofthe receivables held by the Sub-Funds in the BelmontFund with effects as from the Valuation Day dated May31, 2011; (ii) to adjust the financial statements of theCompany corresponding to year end 2010 to reflect suchprovision in the following Sub-Funds as of December 31,2010: A&G Global SICAV Maragua Fund, A&G GlobalSICAV – Oldcastle Fund, A&G Global SICAV - FallfordFund, A&G Global SICAV – Durham Fund, A&G GlobalSICAV – Kidstones Fund; and (iii) to review the value ofthe receivables of the Belmont Fund upon publication ofthe relevant Court’s ruling on the or<strong>de</strong>r of priority of theleverage provi<strong>de</strong>r. In this respect, in on July 13, 2012 theCourt ruled that the leverage provi<strong>de</strong>r had no priority inthe return of the assets of the Belmont Fund as unsecuredcreditor and, consequently, the position of the Companydid not <strong>de</strong>teriorate.On March 4, 2013 the Liquidation Committee of theBelmont Fund supported a proposed Compromise for thedistribution of the assets of the Fund whereby leveragedinvestors would not receive a return until the leverageprovi<strong>de</strong>r has been paid in full. This was not accepted by allparties. A <strong>de</strong>cision from the Court shall be looked for bythe Liquidators with respect of the distribution and thepotential outcome of such Court’s <strong>de</strong>cision remains todayuncertain. Consequently, the General Partner has <strong>de</strong>ci<strong>de</strong>dthat there was no valid ground to revise the level ofprovisions for the receivable in relation to the BelmontFund when compared with last year and will follow theevolution of the directions of the Court to continue toassess the value of the receivables regularly in the future.Sharehol<strong>de</strong>rs should be aware that, <strong>de</strong>pending on the262
A&G GLOBAL SICAV - SIFRECEIVABLE FOR INVESTMENTS SOLD-BELMONT-(continued)evolution of the legal proceedings, the current value of thereceivables may not be recoverable, in full, in the future.In addition, although the Compromise of the LiquidationCommittee waives any claw back action, there is a remoterisk of claw-back, for the following amounts: 211,546.27USD for A&G Global SICAV- Maragua Fund, 97,725.93USD for A&G Global SICAV – Oldcastle Fund, 68,173.58USD for A&G Global SICAV – Fallford Fund, 31,148.69USD for A&G Global SICAV – Durham Fund and56,457.00 USD for A&G Global SICAV – KidstonesFund.SUBSEQUENT EVENTSConsistent with the current prospectus, the administrativeagent has valued the Fund’s investments in other funds onthe basis of the last official net asset value available at thetime of the net asset value computation. If these otherfunds had been valued at the final price per share ofDecember 31, 2012 available subsequent to the net assetvalue computation, the impact on the net asset values pershare would have been the following:Sub-FundsImpact NAVMaragua Fund -0.05%Durham Fund -0.83%Kidstones Fund -0.50%Hollyford Fund -0.06%Oldcastle Fund 4.07%Midleton Fund -0.04%Blackwater Fund -0.07%Churchtown Fund 4.03%Bauffe Fund 0.82%263
A&G GLOBAL SICAV - SIFPRIVATE EQUITY COMMITMENTSAs at December 31, 2012, the Company had committed to subscribing for calls for funds from the following :A&G GLOBAL SICAV - SIF - MARAGUA FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP. CHINA GROWTH USD 1 500 000 USD (1,076,834.03) (816,586.94)(816,586.94)A&G GLOBAL SICAV - SIF - BRANDON FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP. CHINA GROWTH USD 330000 USD (268,660.00) (203,730.79)PRAX CAP.CHINAIII COMMIT.USD700.000 USD (502,522.55) (381,073.91)(584,804.70)A&G GLOBAL SICAV - SIF - DURHAM FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP.CH.III COMMIT.USD 2650000 USD (1,902,406.78) (1,442,636.91)PRAX CAPI CHINA REAL ESTATE III 1 624 500 USD USD (1,312,596.00) (995,370.42)(2,438,007.33)A&G GLOBAL SICAV - SIF - KIDSTONES FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAPI CHINA REAL ESTATE III 617 500 USD USD (498,940.00) (378,357.18)PRAX C.CHINA III COMMIT USD 2700000 USD (1,938,301.24) (1,469,856.47)(1,848,213.65)A&G GLOBAL SICAV - SIF - HOLLYFORD FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAPI CHINA REAL ESTATE III 1 425 000 USD USD (1,151,400.00) (873,131.95)PRAX C.CHINA III COMMIT USD 1156000 USD (829,880.08) (629,316.32)(1,502,448.27)A&G GLOBAL SICAV - SIF - CLONBUR FUNDCommitment Class USD Commitment Commitment(USD)PRAX CAP.CH.III COMMIT.USD 14000000 USD (1,005,045.09) (1,005,045.09)PRAX CAPI CHINA REAL ESTATE III 1 425 000 USD USD (1,151,400.00) (1,151,400.00)(2,156,445.09)A&G GLOBAL SICAV - SIF - OLDHEAD FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX C.CHINA III COMMIT USD 1500000 USD (1,076,834.03) (816,586.94)(816,586.94)264
A&G GLOBAL SICAV - SIFA&G GLOBAL SICAV - SIF - BANAGHER FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP. CHINA GROWTH USD 270000 USD (310,878.00) (235,745.63)PRAX CAPI CHINA GROWTH III USD (201,009.02) (152,429.56)(388,175.19)A&G GLOBAL SICAV - SIF - BALLYFORAN FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAPI CHINA GROWTH III USD (367,559.35) (278,728.34)(278,728.34)A&G GLOBAL SICAV - SIF - OLDCASTLE FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP.CHINA III COM.USD 1125000 USD (807,625.52) (610,865.33)(610,865.33)A&G GLOBAL SICAV - SIF - BLACKWATER FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAPI CHINA GROWTH III USD (1,197,152.28) (907,826.91)PRAX CAPI CHINA REAL ESTATE III USD (2,034,140.00) (1,542,533.11)(2,450,360.02)A&G GLOBAL SICAV - SIF - CASTLEBRIDGE FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP. CHINA GROWTH USD 200000 USD (153,520.00) (116,417.59)(116,417.59)A&G GLOBAL SICAV - SIF - KINGSLAND FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP. CHINA GROWTH USD 263 000 USD (201,878.80) (153,089.14)(153,089.14)A&G GLOBAL SICAV - SIF - KENMARE FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP. CHINA GROWTH USD 270000 USD (207,252.00) (157,163.75)PRAX CAPI CHINA GROWTH III USD (258,440.16) (195,980.86)(353,144.61)A&G GLOBAL SICAV - SIF - DONEGALL FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP. CHINA GROWTH USD 270000 USD (207,252.00) (157,163.75)PRAX CAPI CHINA GROWTH III USD (258,440.16) (195,980.86)(353,144.61)265
A&G GLOBAL SICAV - SIFA&G GLOBAL SICAV - SIF - KNIGHTSTOWN FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAPI CHINA REAL ESTATE III USD 250000 USD (191,900.00) (145,521.99)(145,521.99)A&G GLOBAL SICAV - SIF - CHURCHTOWN FUNDCommitment Class EUR Commitment Commitment(EUR)PRAX CAP.CHINA III COM USD 1125000 USD (807,625.52) (610,865.33)(610,865.33)266
A&G GLOBAL SICAV - SIFFUTURESAs at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseA&G GLOBAL SICAV - SIF - MARAGUA FUNDQuantity Contract(s)Size Price as at12.31.12FUTURES ON EXCHANGE RATESMarket valueas at12.31.12EURUnrealisedresultEURCommitmentEURPurchase 8 EUR FIX MARCH 13 125,000 1.32 USD 1,001,515.09 8,644.21 992,870.881,001,515.09 8,644.21 992,870.88The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - MARAGUAFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - GLOBAL PLAYERQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURSale 4 EUROSTOXX50 MARCH 13 10 2,615.00 EUR (104,600.00) 1,000.00 (105,600.00)Purchase 35 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 319,003.60 24,746.57 294,257.03Purchase 2 S&P 500 E-MINI MAR1350 1,420.10 USD 107,713.87 (591.63) 108,305.50FUT/CME322,117.47 25,154.94 296,962.53FUTURES ON EXCHANGE RATESPurchase 4 AUD MARCH 13 100,000 1.03 USD 313,258.44 (3,883.50) 317,141.94Purchase 4 EUR FIX MARCH 13 125,000 1.32 USD 500,910.10 1,725.58 499,184.52814,168.54 (2,157.92) 816,326.46The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - GLOBALPLAYER is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - BRANDON FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURFUTURES ON INDEXPurchase 4 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 36,438.06 2,826.67 33,611.3936,438.06 2,826.67 33,611.39FUTURES ON EXCHANGE RATESPurchase 2 AUD MARCH 13 100,000 1.03 USD 156,581.52 (1,835.00) 158,416.52Purchase 2 EUR FIX MARCH 13 125,000 1.32 USD 250,378.77 862.53 249,516.24406,960.29 (972.47) 407,932.76The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - BRANDONFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.267
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - DURHAM FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURPurchase 17 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 154,861.77 12,013.34 142,848.43Purchase 2 S&P 500 E-MINI MAR1350 1,420.10 USD 107,681.07 (591.45) 108,272.52FUT/CME262,542.84 11,421.89 251,120.95FUTURES ON EXCHANGE RATESPurchase 12 EUR FIX MARCH 13 125,000 1.32 USD 1,502,272.64 12,966.31 1,489,306.331,502,272.64 12,966.31 1,489,306.33The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - DURHAMFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - FALLFORD FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURFUTURES ON INDEXPurchase 23 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 209,518.86 16,253.34 193,265.52Purchase 2 S&P 500 E-MINI MAR1350 1,420.10 USD 107,681.07 (591.45) 108,272.52FUT/CME317,199.93 15,661.89 301,538.04FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,290.76 (1,023.66) 79,314.42Purchase 1 EUR FIX MARCH 13 125,000 1.32 USD 125,189.39 1,080.53 124,108.86203,480.15 56.87 203,423.28The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - FALLFORDFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - CORBRIDGE FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURFUTURES ON INDEXPurchase 79 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 720,036.69 55,856.55 664,180.14Purchase 8 S&P 500 E-MINI MAR1350 1,420.10 USD 430,855.50 (2,366.50) 433,222.00FUT/CME1,150,892.19 53,490.05 1,097,402.14The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -CORBRIDGE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.CommitmentEUR268
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseA&G GLOBAL SICAV - SIF - KIDSTONES FUNDQuantity Contract(s)Size Price as at12.31.12FUTURES ON EXCHANGE RATESMarket valueas at12.31.12EURUnrealisedresultEURPurchase 7 AUD MARCH 13 100,000 1.03 USD 548,035.31 (6,847.13) 554,882.44Purchase 19 EUR FIX MARCH 13 125,000 1.32 USD 2,378,598.34 17,932.95 2,360,665.392,926,633.65 11,085.82 2,915,547.83The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -KIDSTONES FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.CommitmentEURSale /PurchaseA&G GLOBAL SICAV - SIF - HOLLYFORD FUNDQuantity Contract(s)Size Price as at12.31.12FUTURES ON EXCHANGE RATESMarket valueas at12.31.12EURUnrealisedresultEURPurchase 6 AUD MARCH 13 100,000 1.03 USD 469,744.55 (5,823.47) 475,568.02Purchase 9 EUR FIX MARCH 13 125,000 1.32 USD 1,126,704.48 7,127.68 1,119,576.801,596,449.03 1,304.21 1,595,144.82The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -HOLLYFORD FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.CommitmentEURSale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - MIDLETON FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURSale 2 EUROSTOXX50 MARCH 13 10 2,615.00 EUR (52,300.00) 500.00 (52,800.00)Purchase 12 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 109,372.66 8,484.54 100,888.12Purchase 1 S&P 500 E-MINI MAR1350 1,420.10 USD 53,856.94 (295.81) 54,152.75FUT/CME110,929.60 8,688.73 102,240.87FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,314.61 (1,023.97) 79,338.58Purchase 3 EUR FIX MARCH 13 125,000 1.32 USD 375,682.57 3,242.57 372,440.00453,997.18 2,218.60 451,778.58The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - MIDLETONFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.269
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - CLONBUR FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12USDUnrealisedresultUSDCommitmentUSDPurchase 5 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 60,068.23 4,659.77 55,408.46Purchase 1 S&P 500 E-MINI MAR1350 1,420.10 USD 71,005.00 (390.00) 71,395.00FUT/CME131,073.23 4,269.77 126,803.46FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 103,250.00 (1,350.00) 104,600.00Sale 25 EUR FIX MARCH 13 125,000 1.32 USD (4,127,500.00) (35,781.25) (4,091,718.75)(4,024,250.00) (37,131.25) (3,987,118.75)The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - CLONBURFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - OLDHEAD FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURFUTURES ON INDEXPurchase 7 NIKKEI 225 MARCH 13 1,000 10,390.00 JPY 637,666.09 49,773.55 587,892.54Purchase 7 S&P 500 E-MINI MAR1350 1,420.10 USD 376,883.75 (2,070.06) 378,953.81FUT/CME1,014,549.84 47,703.49 966,846.35FUTURES ON EXCHANGE RATESPurchase 4 AUD MARCH 13 100,000 1.03 USD 313,163.03 (4,094.63) 317,257.66Purchase 3 EUR FIX MARCH 13 125,000 1.32 USD 375,568.16 1,943.05 373,625.11688,731.19 (2,151.58) 690,882.77The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - OLDHEADFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - NEWBRIDGE FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURFUTURES ON INDEXPurchase 13 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 118,423.70 9,186.67 109,237.03Purchase 1 S&P 500 E-MINI MAR1350 1,420.10 USD 53,840.54 (295.72) 54,136.26FUT/CME172,264.24 8,890.95 163,373.29The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -NEWBRIDGE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.CommitmentEUR270
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - BALLYFORAN FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURPurchase 2 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 18,219.03 1,413.33 16,805.7018,219.03 1,413.33 16,805.70FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,290.76 (1,023.66) 79,314.4278,290.76 (1,023.66) 79,314.42The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -BALLYFORAN FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - OLDCASTLE FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURPurchase 50FUTURES ON INDEXEUROSTOXX50 MARCH 13 10 2,615.00 EUR 1,307,500.00 (13,000.00) 1,320,500.00Purchase 5 S&P 500 MARCH 13 250 1,420.10 USD 1,346,423.44 (7,347.92) 1,353,771.362,653,923.44 (20,347.92) 2,674,271.36FUTURES ON EXCHANGE RATESPurchase 11 EUR FIX MARCH 13 125,000 1.32 USD 1,377,502.77 11,889.41 1,365,613.361,377,502.77 11,889.41 1,365,613.36The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -OLDCASTLE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - BLACKWATER FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURFUTURES ON EXCHANGE RATESPurchase 12 EUR FIX MARCH 13 125,000 1.32 USD 1,502,272.64 12,966.31 1,489,306.331,502,272.64 12,966.31 1,489,306.33The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -BLACKWATER FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.CommitmentEUR271
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - KILMALLOCK FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURPurchase 52 EUROSTOXX50 MARCH 13 10 2,615.00 EUR 1,359,800.00 (13,520.00) 1,373,320.001,359,800.00 (13,520.00) 1,373,320.00FUTURES ON EXCHANGE RATESPurchase 3 AUD MARCH 13 100,000 1.03 USD 234,943.83 (2,965.72) 237,909.55Purchase 3 EUR FIX MARCH 13 125,000 1.32 USD 375,682.57 1,943.64 373,738.93610,626.40 (1,022.08) 611,648.48The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -KILMALLOCK FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - CASTLEBRIDGE FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURFUTURES ON INDEXPurchase 2 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 18,219.03 1,413.33 16,805.7018,219.03 1,413.33 16,805.70FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,290.76 (917.50) 79,208.2678,290.76 (917.50) 79,208.26The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -CASTLEBRIDGE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.272
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - NEWTOWNABBEY FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURSale 6 EUROSTOXX50 MARCH 13 10 2,615.00 EUR (156,900.00) 1,500.00 (158,400.00)Purchase 46 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 419,037.72 32,506.68 386,531.04Purchase 3 S&P 500 E-MINI MAR1350 1,420.10 USD 161,521.61 (887.17) 162,408.78FUT/CME423,659.32 33,119.51 390,539.81FUTURES ON EXCHANGE RATESPurchase 5 AUD MARCH 13 100,000 1.03 USD 391,453.79 (4,799.81) 396,253.60Purchase 5 EUR FIX MARCH 13 125,000 1.32 USD 625,946.93 2,834.01 623,112.921,017,400.72 (1,965.80) 1,019,366.52The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -NEWTOWNABBEY FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - KINGSLAND FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURSale 1FUTURES ON INDEXEUROSTOXX50 MARCH 13 10 2,615.00 EUR (26,150.00) 250.00 (26,400.00)Purchase 8 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 72,876.12 5,653.34 67,222.78Purchase 1 S&P 500 E-MINI MAR1350 1,420.10 USD 53,840.54 (295.72) 54,136.26FUT/CME100,566.66 5,607.62 94,959.04FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,290.76 (917.50) 79,208.26Purchase 1 EUR FIX MARCH 13 125,000 1.32 USD 125,189.39 1,080.53 124,108.86203,480.15 163.03 203,317.12The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -KINGSLAND FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.273
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - KENMARE FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURPurchase 7 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 63,766.61 2,148.06 61,618.5563,766.61 2,148.06 61,618.55FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,290.76 (1,023.66) 79,314.4278,290.76 (1,023.66) 79,314.42The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - KENMAREFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - DONEGALL FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURSale 1FUTURES ON INDEXEUROSTOXX50 MARCH 13 10 2,615.00 EUR (26,150.00) 250.00 (26,400.00)Purchase 4 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 36,438.06 2,826.67 33,611.3910,288.06 3,076.67 7,211.39FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,290.76 (917.50) 79,208.2678,290.76 (917.50) 79,208.26The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - DONEGALLFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - MONEYGALL FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURFUTURES ON INDEXPurchase 9 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 81,985.64 6,360.00 75,625.64Purchase 1 S&P 500 E-MINI MAR1350 1,420.10 USD 53,840.54 (295.72) 54,136.26FUT/CME135,826.18 6,064.28 129,761.90FUTURES ON EXCHANGE RATESPurchase 2 AUD MARCH 13 100,000 1.03 USD 156,581.52 (1,941.16) 158,522.68Purchase 2 EUR FIX MARCH 13 125,000 1.32 USD 250,378.77 862.53 249,516.24406,960.29 (1,078.63) 408,038.92The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -MONEYGALL FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.274
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - KNIGHTSTOWN FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURSale 1 EUROSTOXX50 MARCH 13 10 2,615.00 EUR (26,150.00) 250.00 (26,400.00)Purchase 8 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 72,876.12 5,653.34 67,222.78Purchase 1 S&P 500 E-MINI MAR1350 1,420.10 USD 53,840.54 (295.72) 54,136.26FUT/CME100,566.66 5,607.62 94,959.04FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 78,290.76 (917.50) 79,208.26Purchase 1 EUR FIX MARCH 13 125,000 1.32 USD 125,189.39 1,080.53 124,108.86203,480.15 163.03 203,317.12The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -KNIGHTSTOWN FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.Sale /PurchaseA&G GLOBAL SICAV - SIF - BAUFFE FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12EURUnrealisedresultEURCommitmentEURFUTURES ON INDEXPurchase 20 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 182,190.31 14,133.34 168,056.97Purchase 2 S&P 500 E-MINI MAR1350 1,420.10 USD 107,681.07 (591.45) 108,272.52FUT/CME289,871.38 13,541.89 276,329.49FUTURES ON EXCHANGE RATESPurchase 5 AUD MARCH 13 100,000 1.03 USD 391,453.79 (4,905.97) 396,359.76Purchase 5 EUR FIX MARCH 13 125,000 1.32 USD 625,946.93 2,805.58 623,141.351,017,400.72 (2,100.39) 1,019,501.11The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF - BAUFFEFUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.275
A&G GLOBAL SICAV - SIFFUTURES(Continued)As at December 31, 2012, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXA&G GLOBAL SICAV - SIF - MOORFIELDS FUNDQuantity Contract(s)Size Price as at12.31.12Market valueas at12.31.12USDUnrealisedresultUSDCommitmentUSDPurchase 3 NIKKEI 225 MINI MARCH 13 100 10,390.00 JPY 36,040.94 2,795.86 33,245.0836,040.94 2,795.86 33,245.08FUTURES ON EXCHANGE RATESPurchase 1 AUD MARCH 13 100,000 1.03 USD 103,250.00 (1,210.00) 104,460.00Sale 8 EUR FIX MARCH 13 125,000 1.32 USD (1,320,800.00) (11,450.00) (1,309,350.00)(1,217,550.00) (12,660.00) (1,204,890.00)The net unrealised result on the outstanding futures contract(s) as at December 31, 2012 for A&G GLOBAL SICAV - SIF -MOORFIELDS FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.276
A&G GLOBAL SICAV - SIFOPTIONSAs at December 31, 2012, the following options contract(s) was (were) written:A&G GLOBAL SICAV - SIF - KILMALLOCK FUNDQuantity Description Currency CommitmentSALE OF OPTIONS520 EUROSTOXX50 C2850 SEPT. 13 EUR 1,482,000.00520 EUROSTOXX50 P2150 SEPT. 13 EUR 1,118,000.00277
A&G GLOBAL SICAV - SIFFORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIESAs at December 31, 2012, the following forward foreign exchange contract(s) on currencies was (were) outstanding:A&G GLOBAL SICAV - SIF - MARAGUA FUNDSale Purchase Maturity Unrealised inEURUSD 1,295,000.00 EUR 975,591.38 02.01.13 (6,114.69)(6,114.69)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - MARAGUA FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - GLOBAL PLAYERSale Purchase Maturity Unrealised inEURUSD 2,067,400.00 EUR 1,557,480.79 02.01.13 (10,177.84)USD 165,000.00 EUR 124,782.58 02.01.13 (332.73)(10,510.57)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - GLOBAL PLAYER is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - BRANDON FUNDSale Purchase Maturity Unrealised inEURUSD 18,000.00 EUR 13,612.64 02.01.13 (32.68)USD 392,600.00 EUR 295,766.16 02.01.13 (1,853.77)(1,886.45)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - BRANDON FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - DURHAM FUNDSale Purchase Maturity Unrealised inEURUSD 82,000.00 EUR 62,013.16 02.01.13 (148.86)USD 1,092,600.00 EUR 823,112.85 02.01.13 (5,159.01)(5,307.87)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - DURHAM FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - FALLFORD FUNDSale Purchase Maturity Unrealised inEURUSD 1,105,400.00 EUR 832,755.76 02.01.13 (5,219.45)278
A&G GLOBAL SICAV - SIFFORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES(Continued)Sale Purchase Maturity Unrealised inEURUSD 80,000.00 EUR 60,500.64 02.01.13 (145.24)(5,364.69)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - FALLFORD FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - CORBRIDGE FUNDSale Purchase Maturity Unrealised inEURUSD 390,000.00 EUR 294,940.63 02.01.13 (786.46)USD 5,610,100.00 EUR 4,226,382.40 02.01.13 (27,618.62)(28,405.08)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - CORBRIDGE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - KIDSTONES FUNDSale Purchase Maturity Unrealised inEURUSD 741,500.00 EUR 558,610.82 02.01.13 (3,501.19)(3,501.19)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - KIDSTONES FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - HOLLYFORD FUNDSale Purchase Maturity Unrealised inEURUSD 634,000.00 EUR 477,625.43 02.01.13 (2,993.60)(2,993.60)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - HOLLYFORD FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - MIDLETON FUNDSale Purchase Maturity Unrealised inEURUSD 59,000.00 EUR 44,619.22 02.01.13 (118.98)279
A&G GLOBAL SICAV - SIFFORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES(Continued)Sale Purchase Maturity Unrealised inEURUSD 1,037,600.00 EUR 781,678.47 02.01.13 (5,108.12)(5,227.10)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - MIDLETON FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - OLDHEAD FUNDSale Purchase Maturity Unrealised inEURUSD 450,000.00 EUR 340,316.12 02.01.13 (816.94)USD 3,446,000.00 EUR 2,596,052.43 02.01.13 (16,271.22)USD 170,000.00 EUR 128,418.19 02.01.13 (454.34)(17,542.50)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - OLDHEAD FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - BANAGHER FUNDSale Purchase Maturity Unrealised inEURAUD 145,000.00 EUR 114,317.25 02.01.13 479.02USD 82,000.00 EUR 61,774.90 02.01.13 (387.18)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - BANAGHER FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.91.84A&G GLOBAL SICAV - SIF - NEWBRIDGE FUNDSale Purchase Maturity Unrealised inEURUSD 1,300,000.00 EUR 983,061.10 02.01.13 (2,434.41)(2,434.41)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - NEWBRIDGE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - BALLYFORAN FUNDSale Purchase Maturity Unrealised inEURUSD 8,600.00 EUR 6,503.82 02.01.13 (15.61)280
A&G GLOBAL SICAV - SIFFORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES(Continued)Sale Purchase Maturity Unrealised inEURUSD 184,000.00 EUR 138,616.84 02.01.13 (868.81)(884.42)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - BALLYFORAN FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - OLDCASTLE FUNDSale Purchase Maturity Unrealised inEURUSD 10,590,500.00 EUR 7,978,378.79 02.01.13 (52,137.20)EUR 4,769,114.31 USD 6,300,000.00 02.01.13 8,014.23(44,122.97)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - OLDCASTLE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - BLACKWATER FUNDSale Purchase Maturity Unrealised inEURUSD 8,226,000.00 EUR 6,197,076.99 02.01.13 (38,841.29)(38,841.29)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - BLACKWATER FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - KILMALLOCK FUNDSale Purchase Maturity Unrealised inEURUSD 556,000.00 EUR 418,863.94 02.01.13 (2,737.20)USD 35,000.00 EUR 26,439.04 02.01.13 (100.58)(2,837.78)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - KILMALLOCK FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - CASTLEBRIDGE FUNDSale Purchase Maturity Unrealised inEUREUR 11,342.16 USD 15,000.00 02.01.13 28.94AUD 98,000.00 EUR 77,262.69 02.01.13 323.75EUR 9,084.03 USD 12,000.00 02.01.13 12.85281
A&G GLOBAL SICAV - SIFFORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES(Continued)Sale Purchase Maturity Unrealised inEURUSD 202,300.00 EUR 152,403.19 02.01.13 (955.22)(589.68)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - CASTLEBRIDGE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - NEWTOWNABBEY FUNDSale Purchase Maturity Unrealised inEURUSD 195,000.00 EUR 147,470.32 02.01.13 (354.00)USD 2,577,600.00 EUR 1,941,841.19 02.01.13 (12,170.84)(12,524.84)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - NEWTOWNABBEY FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - KINGSLAND FUNDSale Purchase Maturity Unrealised inEURAUD 95,000.00 EUR 74,897.51 02.01.13 313.84USD 37,000.00 EUR 27,981.55 02.01.13 (67.17)USD 466,600.00 EUR 351,514.24 02.01.13 (2,203.17)(1,956.50)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - KINGSLAND FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - KENMARE FUNDSale Purchase Maturity Unrealised inEURUSD 170,000.00 EUR 128,137.48 02.01.13 (735.11)USD 128,800.00 EUR 97,031.79 02.01.13 (608.17)USD 244,000.00 EUR 184,526.96 02.01.13 (442.96)EUR 34,026.47 USD 45,000.00 02.01.13 86.84GBP 103,000.00 EUR 126,194.56 02.01.13 (629.64)AUD 190,000.00 EUR 149,795.02 02.01.13 627.68(1,701.36)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - KENMARE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.282
A&G GLOBAL SICAV - SIFFORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES(Continued)A&G GLOBAL SICAV - SIF - DONEGALL FUNDSale Purchase Maturity Unrealised inEURUSD 642,800.00 EUR 484,254.93 02.01.13 (3,035.16)EUR 49,962.15 USD 66,000.00 02.01.13 70.69USD 75,000.00 EUR 56,531.24 02.01.13 (324.32)GBP 103,000.00 EUR 126,194.56 02.01.13 (629.64)AUD 95,000.00 EUR 74,897.51 02.01.13 313.84EUR 11,342.16 USD 15,000.00 02.01.13 28.94(3,575.65)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - DONEGALL FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - MONEYGALL FUNDSale Purchase Maturity Unrealised inEURUSD 46,000.00 EUR 34,787.87 02.01.13 (83.51)USD 685,000.00 EUR 516,046.41 02.01.13 (3,234.41)(3,317.92)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - MONEYGALL FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - KNIGHTSTOWN FUNDSale Purchase Maturity Unrealised inEURUSD 40,000.00 EUR 30,250.32 02.01.13 (72.62)USD 444,300.00 EUR 334,714.48 02.01.13 (2,097.88)AUD 94,000.00 EUR 74,109.11 02.01.13 310.53(1,859.97)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - KNIGHTSTOWN FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - BAUFFE FUNDSale Purchase Maturity Unrealised inEURUSD 104,000.00 EUR 78,650.84 02.01.13 (188.80)283
A&G GLOBAL SICAV - SIFFORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES(Continued)Sale Purchase Maturity Unrealised inEURUSD 3,628,800.00 EUR 2,733,765.26 02.01.13 (17,134.36)(17,323.16)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - BAUFFE FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.A&G GLOBAL SICAV - SIF - CHURCHTOWN FUNDSale Purchase Maturity Unrealised inEURUSD 5,025,000.00 EUR 3,785,595.90 02.01.13 (24,738.16)(24,738.16)The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2012 for A&GGLOBAL SICAV - SIF - CHURCHTOWN FUND is inclu<strong>de</strong>d in the statement of net assets of the Sub-Fund.284
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