PARVEST - Fundsupermart.com
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<strong>PARVEST</strong>SICAVSEMI-ANNUAL REPORTat 31/08/2013R.C.S. Luxembourg B 33 363
<strong>PARVEST</strong>Table of contentsPageEquity World Finance 72Equity World Health Care 73Equity World Low Volatility 74Equity World Materials 76Equity World Technology 77Equity World Tele<strong>com</strong> 78Equity World Utilities 79Green Tigers 80Opportunities USA 81Real Estate Securities Pacific 82Real Estate Securities World 83Notes to the financial statements 84No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of thecurrent prospectus, ac<strong>com</strong>panied by the latest annual report and the most recent semi-annual report, if published thereafter.Page 2
<strong>PARVEST</strong>OrganisationRegistered office of the Company33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of LuxembourgBoard of DirectorsChairmanMr Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, ParisMembersMr Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, BrusselsMr Vincent CAMERLYNCK, Deputy CEO Asia Pacific, BNP Paribas Investment Partners, Hong KongMr Christian DARGNAT, Head of Investments - Multi-Expertise Investments Centres, BNP Paribas InvestmentPartners, ParisMrs Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, ParisMr William DE VIJLDER, Head of Investments - Partners & Alternative Investments, BNP Paribas InvestmentPartners, BrusselsMr Andrea FAVALORO, Head of External Distribution, BNP Paribas Investment Partners, ParisMr Anthony FINAN, Head of Marketing, Communication & Group Networks, BNP Paribas Investment Partners,ParisMr Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, ParisMr Christian VOLLE, Chairman of the “Fondation pour l’Art et la Recherche”, ParisManaging DirectorMr Anthony FINAN, Head of Marketing, Communication & Group Networks, BNP Paribas Investment Partners,ParisCompany Secretary (non-member of the Board)Mr Stéphane BRUNET, Managing Director, BNP Paribas Investment Partners Luxembourg, HesperangeManagement CompanyBNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourgBNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the law of17 December 2010 concerning undertakings for collective investment.The Management Company performs the administration, portfolio management and marketing duties.Responsibility for calculating net asset values is delegated to:• BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourgThe responsibilities of transfer agent and registrar are delegated to:• BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourgPage 3
Organisation<strong>PARVEST</strong>Responsibility for portfolio management is delegated to:Management entities of the BNP Paribas Group• BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France• BNP Paribas Asset Management Inc., 75 State Street, Suite 2700, Boston, Massachusetts, 02109, USA• BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, CentralHong-Kong• BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad – Tripolis 200, PO box 71770, NL-1008DG Amsterdam, The Netherlands• BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore 049319• BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom• Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA• Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom• FOURPOINTS Investment Managers, 13/15 rue de la Baume, 75008 Paris, France• THEAM S.A.S., 1 Boulevard Haussmann, F-75009 Paris, FranceManagement entities not part of the Group:• Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA• Neuflize Private Assets (NPA) S.A., 3 Avenue Hoche, F-75008, Paris, France• RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky 40202-3466, USASub investment managers, which are not part of the Group:The Company may also seek advice from the following investment advisors:• TKB BNP Paribas Investment Partners JSC, Marata Street, d.69-71 liter A, 191119 St. Petersburg, RussianFederationPromoterBNP Paribas, 16 Boulevard des Italiens, F-75009 Paris, FranceDepositary/Paying agentBNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourgAuditorPricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy ofLuxembourgPage 4
Information<strong>PARVEST</strong>Establishment<strong>PARVEST</strong> (the “Fund”, the “Company”) is an open-ended investment <strong>com</strong>pany (Société d’Investissement à CapitalVariable – SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period.The Company is currently governed by the provisions of Part I of the law of December 17, 2010 governingundertakings for collective investment as well as by Directive 2009/65.The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on26 October 2011, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 5 January 2012.The latest version of the Articles of Association has been filed with the Registrar of the District Court of Luxembourg,where any interested party may consult it and obtain a copy.The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363.The minimum capital amounts to EUR 1 250 000. It is at all times equal to the total net assets of the various sub-funds.It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically withoutthe notification and specific recording measures required for increases and decreases in the capital of limited<strong>com</strong>panies.ListingThe shares of the Company’s are not listed on a Stock Exchange.Information to the ShareholdersNet Asset Values and DividendsThe Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countrieswhere the shares are publicly offered.This information is also available on the website: www.bnpparibas-ip.<strong>com</strong>.Financial YearThe Company’s financial year starts on 1 March and ends on the last day of February.Financial ReportsThe Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well asa non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Companyis authorised to publish a simplified version of the financial report when required.The financial reports of each sub-fund are published in the accounting currency of the sub-fund, although theconsolidated accounts of the Company are expressed in euro.The annual report is made public within four months of the end of the financial year and the interim report within twomonths of the end of the half-year.Documents for ConsultationThe Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company’sregistered office and at the establishments responsible for the Company’s financial service. Copies of the Articles ofAssociation and the annual and interim reports are available upon request.Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any othernewspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets itsshares.Documents and information are also available on the website: www.bnpparibas-ip.<strong>com</strong>.Page 5
<strong>PARVEST</strong>Financial statements at 31/08/2013Bond Asia ex-JapanBond BestSelection WorldEmergingBond USDBond USDGovernmentExpressed in USD USD USD USDNotesStatement of net assetsAssets 549 274 003 313 844 894 143 732 983 96 371 349Securities portfolio at cost price 517 343 808 343 365 188 120 132 264 93 055 184Unrealised gain/(loss) on securities portfolio (39 222 153) (41 927 539) (1 686 869) (2 780 467)Securities portfolio at market value 2 478 121 655 301 437 649 118 445 395 90 274 717Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0Cash at banks and time deposits 57 998 600 6 592 333 11 058 549 5 686 445Other assets 13 153 748 5 814 912 14 229 039 410 187Liabilities 12 387 030 4 914 750 22 843 135 1 578 709Bank overdrafts 0 0 194 710 2Net Unrealised loss on financial instruments 2,8,9,10 710 378 759 597 297 607 18 934Other liabilities 11 676 652 4 155 153 22 350 818 1 559 773Net asset value 536 886 973 308 930 144 120 889 848 94 792 640Statement of operations and changes in netassetsIn<strong>com</strong>e on investments and assets 7 623 153 6 058 497 1 774 590 1 217 511Management fees 3 2 069 846 1 263 694 268 877 321 736Bank interest 113 2 361 1 389 967Interest on swaps 0 283 333 223 932 0Other fees 4 421 149 222 171 90 676 127 960Taxes 5 212 264 103 844 63 801 47 342Distribution fees 0 13 507 73 13 973Transaction fees 18 199 0 6 971 6 030Total expenses 2 703 571 1 888 910 655 719 518 008Net result from investments 4 919 582 4 169 587 1 118 871 699 503Net realised result on:Investments securities 2 (15 771 973) (11 836 828) (6 113 491) (388 512)Financial instruments 1 454 592 13 242 763 1 966 423 625 478Net realised result (9 397 799) 5 575 522 (3 028 197) 936 469Movement on net unrealisedgain/loss on:Investments securities (39 222 153) (41 927 539) (1 686 869) (4 355 391)Financial instruments (710 378) (759 597) (297 607) 29 681Change in net assets due to operations (49 330 330) (37 111 614) (5 012 673) (3 389 241)Net subscriptions/(redemptions) 588 262 874 346 942 899 125 914 344 (19 525 790)Dividends paid 6 (2 045 571) (901 141) (11 823) (37 328)Increase/(Decrease) in net assets duringthe year/period536 886 973 308 930 144 120 889 848 (22 952 359)Net assets at the beginning of thefinancial year/period0 0 0 117 744 999Reevaluation of openingconsolidated NAV0 0 0 0Net assets at the end of the financialyear/period536 886 973 308 930 144 120 889 848 94 792 640The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 6
<strong>PARVEST</strong>Bond WorldBond WorldEmergingCorporateBond WorldEmerging LocalBond World HighYieldBond WorldInflation-LinkedConvertibleBond AsiaEUR USD USD EUR EUR USD127 679 564 246 601 255 1 629 736 622 210 072 147 253 950 640 166 248 639107 603 697 227 376 847 1 791 677 951 203 506 606 246 796 147 155 616 907(2 788 017) (9 742 898) (235 615 769) (2 051 193) (7 352 893) 1 044 492104 815 680 217 633 949 1 556 062 182 201 455 413 239 443 254 156 661 3990 0 0 0 2 341 298 015 012 133 20 712 067 19 276 992 2 576 955 8 349 531 9 023 0357 851 751 8 255 239 54 397 448 6 039 779 3 816 557 564 20523 743 610 7 061 885 42 125 946 3 430 013 8 651 935 824 334186 792 54 11 760 493 0 0 51 082 456 37 604 5 797 556 2 318 945 0 96 81122 474 362 7 024 227 24 567 897 1 111 068 8 651 935 727 518103 935 954 239 539 370 1 587 610 676 206 642 134 245 298 705 165 424 3051 358 501 4 720 836 26 948 282 4 415 628 1 631 564 1 488 440215 643 475 882 3 975 363 753 188 918 815 1 136 1191 170 2 962 23 694 288 490 980374 644 0 0 0 0 072 825 120 205 865 288 158 387 321 943 297 28652 769 47 017 286 804 94 177 105 277 83 4060 0 0 4 423 59 317 19 02710 398 0 158 0 8 816 3 367727 449 646 066 5 151 307 1 010 463 1 414 658 1 540 185631 052 4 074 770 21 796 975 3 405 165 216 906 (51 745)(6 115 638) (14 006 711) (78 356 393) (13 137 001) (8 535 157) 5 473 9433 734 549 620 802 (20 127 731) 6 427 489 5 655 106 (245 031)(1 750 037) (9 311 139) (76 687 149) (3 304 347) (2 663 145) 5 177 167(2 788 017) (9 742 898) (235 615 769) (2 051 193) (9 730 613) (7 378 649)(1 082 456) (37 604) (5 797 556) (2 318 945) (3 591 899) 54 695(5 620 510) (19 091 641) (318 100 474) (7 674 485) (15 985 657) (2 146 787)109 556 464 258 631 011 1 906 943 390 214 698 009 (48 643 872) (76 423 879)0 0 (1 232 240) (381 390) 0 (329 108)103 935 954 239 539 370 1 587 610 676 206 642 134 (64 629 529) (78 899 774)0 0 0 0 309 928 234 244 324 0790 0 0 0 0 0103 935 954 239 539 370 1 587 610 676 206 642 134 245 298 705 165 424 305The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 7
<strong>PARVEST</strong>Financial statements at 31/08/2013Convertible BondWorldEquity BestSelection Asia ex-JapanEquity BestSelection EuropeEquity BrazilExpressed in EUR EUR EUR USDNotesStatement of net assetsAssets 1 406 280 804 349 960 167 2 133 374 442 306 323 682Securities portfolio at cost price 1 314 366 401 330 183 087 1 830 369 789 354 947 124Unrealised gain/(loss) on securities portfolio 28 254 721 15 465 650 264 156 519 (61 682 677)Securities portfolio at market value 2 1 342 621 122 345 648 737 2 094 526 308 293 264 447Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0Cash at banks and time deposits 47 838 663 3 466 580 14 770 782 10 050 856Other assets 15 821 019 844 850 24 077 352 3 008 379Liabilities 15 125 085 1 245 528 37 733 261 3 529 428Bank overdrafts 0 4 167 811 0Net Unrealised loss on financial instruments 2,8,9,10 4 011 835 0 0 0Other liabilities 11 113 250 1 245 524 37 565 450 3 529 428Net asset value 1 391 155 719 348 714 639 2 095 641 181 302 794 254Statement of operations and changes in netassetsIn<strong>com</strong>e on investments and assets 8 646 312 5 186 019 9 424 548 8 987 534Management fees 3 2 623 136 1 539 219 6 324 574 3 603 022Bank interest 4 851 1 347 2 288 2 379Interest on swaps 231 912 0 0 0Other fees 4 941 111 373 299 1 862 282 789 291Taxes 5 205 980 182 439 636 901 174 857Distribution fees 1 287 19 585 54 223 42 854Transaction fees 18 545 874 288 220 1 385 666 904 010Total expenses 4 554 151 2 404 109 10 265 934 5 516 413Net result from investments 4 092 161 2 781 910 (841 386) 3 471 121Net realised result on:Investments securities 2 (87 660 922) (69 595 542) (304 010 086) (63 377 383)Financial instruments 29 916 943 (242 640) 296 677 (699 813)Net realised result (53 651 818) (67 056 272) (304 554 795) (60 606 075)Movement on net unrealisedgain/loss on:Investments securities 28 254 721 15 465 650 264 156 519 (61 742 278)Financial instruments (4 011 835) 0 0 0Change in net assets due to operations (29 408 932) (51 590 622) (40 398 276) (122 348 353)Net subscriptions/(redemptions) 1 420 564 651 400 305 261 2 136 039 457 (152 193 909)Dividends paid 6 0 0 0 (807 974)Increase/(Decrease) in net assets duringthe year/period1 391 155 719 348 714 639 2 095 641 181 (275 350 236)Net assets at the beginning of thefinancial year/period0 0 0 578 144 490Reevaluation of openingconsolidated NAV0 0 0 0Net assets at the end of the financialyear/period1 391 155 719 348 714 639 2 095 641 181 302 794 254The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 8
<strong>PARVEST</strong>Equity BricEquity ChinaEquity EuropeConvergingEquity EuropeEmergingEquity EuropeGrowthEquity EuropeMid CapUSD USD EUR EUR EUR EUR234 367 613 407 373 888 0 179 440 142 744 657 415 83 763 694269 472 168 357 694 093 0 166 744 999 584 609 088 67 463 201(37 748 257) 34 957 932 0 11 175 206 148 352 548 13 736 409231 723 911 392 652 025 0 177 920 205 732 961 636 81 199 6100 0 0 0 0 0943 994 12 689 364 0 1 137 044 5 531 124 1 825 0321 699 708 2 032 499 0 382 893 6 164 655 739 0522 271 119 6 290 349 0 536 998 6 612 711 403 518498 426 0 0 2 0 70 0 0 0 0 20 4461 772 693 6 290 349 0 536 996 6 612 711 383 065232 096 494 401 083 539 0 178 903 144 738 044 704 83 360 1766 395 749 11 367 996 276 712 2 091 803 2 754 636 1 420 6482 531 831 2 177 679 128 336 855 034 2 288 536 621 88511 009 1 517 45 1 185 622 2260 0 0 0 0 0553 743 443 047 30 011 250 741 629 725 147 652200 899 221 699 6 561 77 866 238 307 39 27737 646 118 382 7 052 14 990 5 778 8 230814 197 1 082 377 74 749 28 467 513 768 105 3144 149 325 4 044 701 246 754 1 228 283 3 676 736 922 5842 246 424 7 323 295 29 958 863 520 (922 100) 498 064(24 062 487) (56 322 693) (1 076 258) (30 754 650) (164 186 360) 3 999 454(629 278) (82 130) (124 903) (150 451) (136 645) 18 065(22 445 341) (49 081 528) (1 171 203) (30 041 581) (165 245 105) 4 515 583(29 374 744) 34 957 932 (7 436) 11 175 206 148 352 548 (976 061)0 0 0 0 0 (20 446)(51 820 085) (14 123 596) (1 178 639) (18 866 375) (16 892 557) 3 519 076(218 317 124) 415 207 135 (38 227 376) 197 769 519 754 937 261 (6 792 401)(120 746) 0 (40 930) 0 0 (22 281)(270 257 955) 401 083 539 (39 446 945) 178 903 144 738 044 704 (3 295 606)502 354 449 0 39 446 945 0 0 86 655 7820 0 0 0 0 0232 096 494 401 083 539 0 178 903 144 738 044 704 83 360 176The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 9
<strong>PARVEST</strong>Financial statements at 31/08/2013Equity HighDividend EuropeEquity HighDividend PacificEquity HighDividend USAEquity IndiaExpressed in EUR EUR USD USDNotesStatement of net assetsAssets 706 318 599 67 039 411 107 919 512 255 170 479Securities portfolio at cost price 642 021 152 68 210 372 101 028 597 274 269 143Unrealised gain/(loss) on securities portfolio 55 822 083 (2 793 564) 5 689 797 (26 755 874)Securities portfolio at market value 2 697 843 235 65 416 808 106 718 394 247 513 269Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0Cash at banks and time deposits 1 644 406 1 201 988 789 792 6 059 387Other assets 6 830 958 420 615 411 326 1 597 823Liabilities 2 199 172 309 484 805 016 1 388 258Bank overdrafts 201 0 4 049 0Net Unrealised loss on financial instruments 2,8,9,10 0 0 408 937 0Other liabilities 2 198 971 309 484 392 030 1 388 258Net asset value 704 119 427 66 729 927 107 114 496 253 782 221Statement of operations and changes in netassetsIn<strong>com</strong>e on investments and assets 18 829 030 670 111 1 334 184 2 224 567Management fees 3 5 711 974 212 986 906 999 1 293 185Bank interest 1 114 502 285 360Interest on swaps 0 0 0 0Other fees 4 1 394 760 56 309 216 950 314 791Taxes 5 354 051 24 794 51 671 106 332Distribution fees 40 522 0 6 182 102 316Transaction fees 18 885 296 25 975 100 030 322 522Total expenses 8 387 717 320 566 1 282 117 2 139 506Net result from investments 10 441 313 349 545 52 067 85 061Net realised result on:Investments securities 2 5 997 208 (6 862 226) (8 014 780) (41 296 890)Financial instruments 24 579 117 703 4 705 785 (120 324)Net realised result 16 463 100 (6 394 978) (3 256 928) (41 332 153)Movement on net unrealisedgain/loss on:Investments securities 2 020 890 (2 793 564) 5 689 797 (26 755 874)Financial instruments 0 0 (408 937) 0Change in net assets due to operations 18 483 990 (9 188 542) 2 023 932 (68 088 027)Net subscriptions/(redemptions) (97 511 575) 75 918 470 105 090 564 321 870 248Dividends paid 6 (2 662 677) (1) 0 0Increase/(Decrease) in net assets duringthe year/period(81 690 262) 66 729 927 107 114 496 253 782 221Net assets at the beginning of thefinancial year/period785 809 689 0 0 0Reevaluation of openingconsolidated NAV0 0 0 0Net assets at the end of the financialyear/period704 119 427 66 729 927 107 114 496 253 782 221The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 10
<strong>PARVEST</strong>Equity IndonesiaEquity JapanEquity LatinAmericaEquity RussiaEquity RussiaOpportunityEquity USAGrowthUSD JPY USD EUR USD USD108 761 373 90 763 943 151 291 967 090 1 391 220 647 88 627 921 890 284 135113 903 593 77 852 558 921 318 620 251 1 339 511 680 97 489 740 755 915 652(8 005 572) 11 908 823 799 (38 904 830) (75 624 555) (11 180 105) 95 783 948105 898 021 89 761 382 720 279 715 421 1 263 887 125 86 309 635 851 699 6000 0 0 0 0 02 144 416 18 114 273 9 355 953 95 893 955 1 443 459 6 365 175718 936 984 446 158 2 895 716 31 439 567 874 827 32 219 3601 737 523 1 151 521 073 5 358 817 44 852 307 777 537 31 694 9000 547 055 271 1 27 271 223 0 20 274 004 377 0 0 0 140 5331 737 523 330 461 425 5 358 816 17 581 084 777 537 31 554 365107 023 850 89 612 422 078 286 608 273 1 346 368 340 87 850 384 858 589 2351 427 529 657 129 776 5 810 028 34 541 757 4 429 787 3 926 894599 549 452 366 045 2 742 003 4 232 916 666 356 4 244 736132 1 033 983 1 393 16 637 84 2100 0 0 0 0 0145 116 136 705 591 598 359 1 461 510 192 534 1 229 05950 919 31 346 965 135 374 228 672 30 272 411 02985 3 498 106 60 789 26 081 12 510 18 218221 166 57 933 371 635 491 922 069 264 355 527 4791 016 967 682 884 061 4 173 409 6 887 885 1 166 111 6 430 731410 562 (25 754 285) 1 636 619 27 653 872 3 263 676 (2 503 837)(45 382 268) 6 397 742 905 (27 145 159) (10 634 068) (5 929 433) (119 178 767)(23 677) 1 697 550 872 (238 507) (2 892 739) (84 497) 914 465(44 995 383) 8 069 539 492 (25 747 047) 14 127 065 (2 750 254) (120 768 139)(8 005 572) 4 909 048 979 (53 020 780) (75 624 555) (10 135 556) 95 783 9480 701 210 945 0 0 0 (140 533)(53 000 955) 13 679 799 416 (78 767 827) (61 497 490) (12 885 810) (25 124 724)160 024 805 23 392 139 531 (34 984 443) 1 407 865 830 (27 433 461) 883 713 9590 (13 291 346) (695 129) 0 (72 962) 0107 023 850 37 058 647 601 (114 447 399) 1 346 368 340 (40 392 233) 858 589 2350 52 553 774 477 401 055 672 0 128 242 617 00 0 0 0 0 0107 023 850 89 612 422 078 286 608 273 1 346 368 340 87 850 384 858 589 235The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 11
<strong>PARVEST</strong>Financial statements at 31/08/2013Equity USAMid CapEquity WorldConsumerDurablesEquity WorldEmergingEquity WorldEnergyExpressed in USD EUR USD EURNotesStatement of net assetsAssets 1 076 119 305 128 072 228 689 906 111 215 929 237Securities portfolio at cost price 916 865 005 118 444 880 681 723 260 194 303 643Unrealised gain/(loss) on securities portfolio 109 612 170 8 286 653 2 148 745 20 075 399Securities portfolio at market value 2 1 026 477 175 126 731 533 683 872 005 214 379 042Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0Cash at banks and time deposits 45 561 893 931 638 1 293 144 609 296Other assets 4 080 237 409 057 4 740 962 940 899Liabilities 5 317 041 635 822 4 270 422 889 659Bank overdrafts 4 3 16 0Net Unrealised loss on financial instruments 2,8,9,10 506 713 0 0 0Other liabilities 4 810 324 635 819 4 270 406 889 659Net asset value 1 070 802 264 127 436 406 685 635 689 215 039 578Statement of operations and changes in netassetsIn<strong>com</strong>e on investments and assets 2 506 703 599 732 5 713 168 1 579 882Management fees 3 5 707 978 515 836 2 144 279 937 624Bank interest 0 284 6 184 140Interest on swaps 0 0 0 0Other fees 4 1 236 593 124 551 982 321 224 466Taxes 5 323 044 63 582 168 419 109 704Distribution fees 11 185 1 714 15 733 11 770Transaction fees 18 228 913 74 682 1 785 622 16 707Total expenses 7 507 713 780 649 5 102 558 1 300 411Net result from investments (5 001 010) (180 917) 610 610 279 471Net realised result on:Investments securities 2 15 846 936 (7 680 802) (76 138 725) (24 865 798)Financial instruments (34 862) (3 264) (297 271) 14 582Net realised result 10 811 064 (7 864 983) (75 825 386) (24 571 745)Movement on net unrealisedgain/loss on:Investments securities 58 861 423 8 286 653 2 148 745 20 075 399Financial instruments 344 177 0 0 0Change in net assets due to operations 70 016 664 421 670 (73 676 641) (4 496 346)Net subscriptions/(redemptions) 583 146 518 127 014 736 759 312 330 219 535 924Dividends paid 6 (1 616 223) 0 0 0Increase/(Decrease) in net assets duringthe year/period651 546 959 127 436 406 685 635 689 215 039 578Net assets at the beginning of thefinancial year/period419 255 305 0 0 0Reevaluation of openingconsolidated NAV0 0 0 0Net assets at the end of the financialyear/period1 070 802 264 127 436 406 685 635 689 215 039 578The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 12
<strong>PARVEST</strong>Equity WorldFinanceEquity WorldHealth CareEquity World LowVolatilityEquity WorldMaterialsEquity WorldTechnologyEquity WorldTechnologyInnovatorsEUR EUR EUR EUR EUR USD31 646 101 268 697 949 626 199 939 101 712 411 85 559 762 026 727 781 225 812 572 617 335 792 97 370 107 79 253 794 04 677 858 34 179 099 2 057 779 3 719 769 5 784 167 031 405 639 259 991 671 619 393 571 101 089 876 85 037 961 00 0 0 0 0 0158 302 1 277 812 541 753 177 479 406 554 082 160 7 428 466 6 264 615 445 056 115 247 0130 021 6 470 525 6 337 460 355 809 355 287 00 0 2 702 011 0 53 00 0 0 0 0 0130 021 6 470 525 3 635 449 355 809 355 234 031 516 080 262 227 424 619 862 479 101 356 602 85 204 475 0263 256 1 144 140 5 731 133 697 402 249 752 75 214146 909 1 218 525 2 143 288 456 739 365 950 113 211244 257 5 704 29 202 1200 0 0 0 0 034 701 302 858 592 167 107 455 86 614 25 02017 112 138 657 196 696 55 025 40 682 5 1900 5 838 2 651 0 4 253 3 5754 154 192 429 349 979 11 234 24 709 83 810203 120 1 858 564 3 290 485 630 482 522 410 230 92660 136 (714 424) 2 440 648 66 920 (272 658) (155 712)(7 249 503) (45 902 756) (35 207 025) (9 891 421) (9 284 646) 2 478 550(4 987) (37 583) 151 372 7 161 (6 736) 5 037(7 194 354) (46 654 763) (32 615 005) (9 817 340) (9 564 040) 2 327 8754 677 858 34 179 099 2 057 779 3 719 769 5 784 167 (2 218 055)0 0 0 0 0 8 325(2 516 496) (12 475 664) (30 557 226) (6 097 571) (3 779 873) 118 14534 032 576 274 703 088 650 419 705 107 454 173 88 984 348 (32 954 846)0 0 0 0 0 (8 163)31 516 080 262 227 424 619 862 479 101 356 602 85 204 475 (32 844 864)0 0 0 0 0 32 844 8640 0 0 0 0 031 516 080 262 227 424 619 862 479 101 356 602 85 204 475 0The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 13
<strong>PARVEST</strong>Financial statements at 31/08/2013Equity WorldTele<strong>com</strong>Equity WorldUtilitiesGreen TigersOpportunities USAExpressed in EUR EUR EUR USDNotesStatement of net assetsAssets 67 429 423 69 052 616 22 797 709 203 293 321Securities portfolio at cost price 59 587 182 71 273 937 18 319 735 214 938 352Unrealised gain/(loss) on securities portfolio 6 565 615 (4 420 487) 2 165 800 (23 120 995)Securities portfolio at market value 2 66 152 797 66 853 450 20 485 535 191 817 357Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0Cash at banks and time deposits 63 617 223 722 2 144 561 10 591 047Other assets 1 213 009 1 975 444 167 613 884 917Liabilities 909 045 1 792 342 852 792 4 681 592Bank overdrafts 361 507 79 698 800 532 793 497Net Unrealised loss on financial instruments 2,8,9,10 0 0 0 1 248 070Other liabilities 547 538 1 712 644 52 260 2 640 025Net asset value 66 520 378 67 260 274 21 944 917 198 611 729Statement of operations and changes in netassetsIn<strong>com</strong>e on investments and assets 575 365 1 050 249 239 523 976 255Management fees 3 278 166 310 048 85 444 963 691Bank interest 136 296 2 494 7 246Interest on swaps 0 0 0 0Other fees 4 65 493 74 055 20 087 224 713Taxes 5 36 387 37 057 10 138 94 208Distribution fees 0 0 0 22 601Transaction fees 18 23 214 27 521 20 577 219 912Total expenses 403 396 448 977 138 740 1 532 371Net result from investments 171 969 601 272 100 783 (556 116)Net realised result on:Investments securities 2 (8 898 380) (1 896 016) (3 390 000) 24 750 764Financial instruments (31 918) 7 321 (8 288) 5 178 608Net realised result (8 758 329) (1 287 423) (3 297 505) 29 373 256Movement on net unrealisedgain/loss on:Investments securities 6 565 615 (4 420 487) 2 165 800 (23 120 995)Financial instruments 0 0 0 (1 248 070)Change in net assets due to operations (2 192 714) (5 707 910) (1 131 705) 5 004 191Net subscriptions/(redemptions) 68 713 092 72 968 184 23 076 622 193 607 538Dividends paid 6 0 0 0 0Increase/(Decrease) in net assets duringthe year/period66 520 378 67 260 274 21 944 917 198 611 729Net assets at the beginning of thefinancial year/period0 0 0 0Reevaluation of openingconsolidated NAV0 0 0 0Net assets at the end of the financialyear/period66 520 378 67 260 274 21 944 917 198 611 729The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 14
<strong>PARVEST</strong>Real EstateSecurities PacificReal EstateSecurities WorldConsolidatedEUR EUR EUR54 384 818 35 722 775 15 982 380 22947 879 837 39 054 590 14 942 160 2003 833 235 (3 760 296) 402 291 08951 713 072 35 294 294 15 344 451 2890 0 2 341 298255 449 395 536 386 792 7202 416 297 32 945 248 794 9222 607 881 50 617 296 364 534452 246 0 46 300 0460 0 17 152 6462 155 635 50 617 232 911 84251 776 937 35 672 158 15 686 015 695446 800 233 113 188 772 058180 588 116 185 64 894 425448 26 97 0870 0 991 25651 538 33 335 17 372 97322 491 11 942 5 366 2520 0 672 92336 693 23 822 11 513 478291 758 185 310 100 908 394155 042 47 803 87 863 664(8 536 125) (548 147) (1 219 614 973)73 061 (20 930) 60 554 247(8 308 022) (521 274) (1 071 197 062)3 833 235 (3 760 296) 225 926 6960 0 (12 403 237)(4 474 787) (4 281 570) (857 673 603)56 251 724 39 953 728 13 086 531 0760 0 (9 184 842)51 776 937 35 672 158 12 219 672 6310 0 3 511 658 5190 0 (45 315 455)51 776 937 35 672 158 15 686 015 695The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 15
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Bond Asia ex-Japan USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 536 886 973Net asset value per shareShare “Classic - Capitalisation” 0 0 138.74 714 341.868Share “Classic - Distribution” 0 0 128.29 877 194.849Share “Classic EUR - Capitalisation” 0 0 110.32 458 988.556Share “Classic EUR - Distribution” 0 0 96.01 141 206.695Share “Classic H AUD MD” 0 0 92.16 4 763.658Share “Classic H EUR - Capitalisation” 0 0 93.55 77 674.325Share “Classic H SGD MD” 0 0 91.55 485 192.714Share “Classic MD” 0 0 92.74 1 206 715.254Share “I - Capitalisation” 0 0 165.50 121 677.391Share “IH EUR” 0 0 94.68 476 084.216Share “Privilege - Capitalisation” 0 0 94.09 1.000Share “X” 0 0 108.52 39 969.135Bond Best Selection World Emerging USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 308 930 144Net asset value per shareShare “Classic - Capitalisation” 0 0 215.54 439 504.115Share “Classic - Distribution” 0 0 194.47 246.275Share “Classic EUR - Capitalisation” 0 0 101.15 7 863.591Share “Classic H EUR - Capitalisation” 0 0 75.03 559 594.623Share “Classic H EUR - Distribution” 0 0 31.72 716 550.478Share “Classic MD” 0 0 29.71 1 811 235.330Share “I - Capitalisation” 0 0 230.75 948.740Share “IH EUR” 0 0 81.05 611 601.603Share “N” 0 0 122.43 68 421.798Share “Privilege - Capitalisation” 0 0 97.06 3.467Share “Privilege - Distribution” 0 0 89.12 1.000Bond USD USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 120 889 848Net asset value per shareShare “Classic - Capitalisation” 0 0 693.14 117 078.913Share “Classic - Distribution” 0 0 333.87 104 396.370Share “Classic EUR - Capitalisation” 0 0 110.74 5 768.525Share “Classic MD” 0 0 115.18 16 768.397Share “I - Capitalisation” 0 0 728.45 2 505.107Share “N” 0 0 99.65 2 849.145Share “Privilege - Capitalisation” 0 0 99.16 1.000Bond USD Government USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 160 009 962 117 744 999 94 792 640Net asset value per shareShare “Classic - Capitalisation” 446.11 451.55 436.60 108 877.378Share “Classic - Distribution” 125.33 0 0 0Share “Classic H EUR - Capitalisation” 151.23 114.36 110.32 11 580.404Share “Classic MD” 0 124.33 118.98 21 015.633Share “I - Capitalisation” 199 043.44 202 809.31 196 751.80 29.144Share “N” 420.36 423.35 408.31 12 338.435Share “Privilege - Capitalisation” 1 645.01 1 671.01 1 618.53 19 649.298Share “X” 99.96 102.17 99.27 5 000.000The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 16
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Bond World EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 103 935 954Net asset value per shareShare “Classic - Capitalisation” 0 0 298.35 216 626.655Share “Classic - Distribution” 0 0 183.92 110 885.288Share “Classic USD - Capitalisation” 0 0 393.52 56 406.327Share “I - Capitalisation” 0 0 310.78 6 685.239Share “Privilege - Capitalisation” 0 0 99.40 1.000Bond World Emerging Corporate USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 239 539 370Net asset value per shareShare “Classic - Capitalisation” 0 0 109.26 353 574.209Share “Classic - Distribution” 0 0 95.30 333 933.782Share “Classic EUR - Capitalisation” 0 0 114.80 53 436.419Share “Classic EUR - Distribution” 0 0 98.36 84 944.143Share “I - Capitalisation” 0 0 112.96 359 035.891Share “X” 0 0 131.37 832 914.703Bond World Emerging Local USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 1 587 610 676Net asset value per shareShare “Classic - Capitalisation” 0 0 149.26 880 733.586Share “Classic - Distribution” 0 0 95.72 8 956.285Share “Classic EUR - Capitalisation” 0 0 98.90 384 446.284Share “Classic EUR - Distribution” 0 0 84.42 275 990.206Share “Classic GBP” 0 0 87.37 921.000Share “Classic H EUR - Capitalisation” 0 0 102.45 1 425 014.259Share “Classic H EUR - Distribution” 0 0 84.73 133 422.682Share “Classic H SGD MD” 0 0 91.96 1 670.786Share “Classic HUF - Capitalisation” 0 0 91.50 156 224.030Share “Classic MD” 0 0 80.40 603 208.658Share “I - Capitalisation” 0 0 161.58 3 737 008.236Share “IH EUR” 0 0 119.83 385 743.553Share “N” 0 0 96.16 1.000Share “Privilege - Capitalisation” 0 0 85.66 1.000Share “Privilege - Distribution” 0 0 85.66 1.000Share “X” 0 0 91.45 4 958 438.913Bond World High Yield EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 206 642 134Net asset value per shareShare “Classic - Capitalisation” 0 0 90.18 516 667.453Share “Classic - Distribution” 0 0 32.97 2 851 533.249Share “Classic H USD - Capitalisation” 0 0 96.61 327 147.353Share “Classic H USD - Distribution” 0 0 41.64 23 603.754Share “Classic MD” 0 0 95.77 327 823.073Share “Classic USD - Capitalisation” 0 0 116.50 635.255Share “Classic USD - Distribution” 0 0 103.39 3 663.547Share “I - Capitalisation” 0 0 95.92 134 772.086Share “IH USD” 0 0 147.27 11 934.264Share “N” 0 0 88.18 32 832.589Share “Privilege - Capitalisation” 0 0 98.69 1.000Share “Privilege - Distribution” 0 0 101.00 1.362The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 17
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Bond World Inflation-Linked EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 323 515 156 309 928 234 245 298 705Net asset value per shareShare “Classic - Capitalisation” 135.84 139.62 131.73 1 048 897.186Share “Classic - Distribution” 125.07 128.55 121.28 191 296.315Share “I - Capitalisation” 139 846.91 144 689.68 136 964.90 510.540Share “N” 132.39 135.39 127.42 97 649.476Share “Privilege - Capitalisation” 1 112.99 1 147.86 1 084.86 1 439.873Share “Privilege - Distribution” 0 0 94.71 1.000Convertible Bond Asia USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 213 764 088 244 324 079 165 424 305Net asset value per shareShare “Classic - Capitalisation” 334.70 349.66 346.80 327 037.141Share “Classic - Distribution” 173.31 102.64 100.14 125 664.527Share “Classic MD” 0 177.54 174.38 45 215.922Share “I - Capitalisation” 244 321.30 257 230.09 256 142.36 75.396Share “N” 313.01 325.04 321.42 17 900.133Share “Privilege - Capitalisation” 1 874.60 1 968.15 1 957.13 3 307.133Share “Privilege - Distribution” 0 0 99.18 1.000Convertible Bond World EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 1 391 155 719Net asset value per shareShare “Classic - Capitalisation” 0 0 139.40 1 599 420.324Share “Classic - Distribution” 0 0 79.35 14 539.638Share “Classic H CZK” 0 0 2 815.68 108 267.304Share “Classic H PLN” 0 0 390.85 25 259.457Share “Classic USD - Capitalisation” 0 0 109.04 40 318.464Share “I - Capitalisation” 0 0 148.78 6 239 908.821Share “IH NOK” 0 0 118.14 373 155.369Share “IH USD” 0 0 135.01 461 304.962Share “N” 0 0 133.30 5 391.023Share “Privilege - Capitalisation” 0 0 99.68 2.553Share “Privilege - Distribution” 0 0 99.81 1.000Share “X” 0 0 112.01 1 497 779.323Equity Best Selection Asia ex-Japan EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 348 714 639Net asset value per shareShare “Classic - Capitalisation” 0 0 400.96 462 648.155Share “Classic - Distribution” 0 0 293.15 162 853.130Share “Classic USD - Capitalisation” 0 0 103.69 1 067 953.656Share “Classic USD - Distribution” 0 0 386.63 8 807.971Share “I - Capitalisation” 0 0 435.13 27 797.484Share “N” 0 0 94.69 92 741.313Share “Privilege - Capitalisation” 0 0 97.67 16 764.709Share “Privilege - Distribution” 0 0 92.92 1.000Share “X” 0 0 99.58 64 195.734The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 18
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity Best Selection Europe EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 2 095 641 181Net asset value per shareShare “Classic - Capitalisation” 0 0 172.97 5 569 114.813Share “Classic - Distribution” 0 0 126.85 2 283 713.283Share “Classic CHF - Capitalisation” 0 0 119.86 355 213.689Share “Classic CHF - Distribution” 0 0 122.24 7 049.278Share “Classic HUF - Capitalisation” 0 0 114.62 6 269.000Share “Classic USD - Capitalisation” 0 0 228.09 5 324.072Share “I - Capitalisation” 0 0 189.86 2 488 041.703Share “N” 0 0 128.36 196 649.404Share “Privilege - Capitalisation” 0 0 125.84 200 594.803Share “X” 0 0 128.29 2 209 870.990Equity Brazil USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 864 673 415 578 144 490 302 794 254Net asset value per shareShare “Classic - Capitalisation” 160.67 140.29 106.56 2 476 528.299Share “Classic - Distribution” 141.84 119.26 86.74 154 284.255Share “I - Capitalisation” 169 817.41 149 957.00 114 551.35 142.020Share “N” 154.54 133.93 101.34 86 086.212Share “Privilege - Capitalisation” 1 334.34 1 173.96 895.20 589.153Equity Bric USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 609 231 665 502 354 449 232 096 494Net asset value per shareShare “Classic - Capitalisation” 147.10 136.13 115.25 1 481 173.417Share “Classic - Distribution” 135.31 121.65 99.79 31 318.776Share “I - Capitalisation” 156 711.17 146 664.62 124 873.70 370.674Share “N” 140.89 129.41 109.15 79 552.844Share “Privilege - Capitalisation” 1 231.17 1 147.81 975.60 3 380.780Equity China USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 401 083 539Net asset value per shareShare “Classic - Capitalisation” 0 0 298.82 934 472.230Share “Classic - Distribution” 0 0 207.38 96 132.908Share “Classic EUR - Capitalisation” 0 0 95.76 320 739.625Share “Classic EUR - Distribution” 0 0 87.58 14 028.489Share “I - Capitalisation” 0 0 317.77 7 068.556Share “N” 0 0 283.71 189 905.963Share “Privilege - Capitalisation” 0 0 93.73 1 807.625Share “X” 0 0 95.89 36 453.351Equity Europe Converging EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 46 649 249 39 446 945 0Net asset value per shareShare “Classic - Capitalisation” 103.23 106.99 0 0Share “Classic - Distribution” 77.17 77.06 0 0Share “I - Capitalisation” 213 592.39 223 642.63 0 0Share “N” 94.21 96.91 0 0Share “Privilege - Capitalisation” 2 024.53 2 112.89 0 0The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 19
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity Europe Emerging EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 178 903 144Net asset value per shareShare “Classic - Capitalisation” 0 0 1 093.21 106 773.094Share “Classic - Distribution” 0 0 798.36 11 103.164Share “Classic USD - Capitalisation” 0 0 1 441.80 6 150.976Share “Classic USD - Distribution” 0 0 1 052.92 337.203Share “I - Capitalisation” 0 0 1 188.82 33 637.175Share “N” 0 0 1 034.59 6 112.381Share “Privilege - Capitalisation” 0 0 84.55 73.611Equity Europe Growth EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 738 044 704Net asset value per shareShare “Classic - Capitalisation” 0 0 38.01 7 087 993.780Share “Classic - Distribution” 0 0 133.46 1 493 770.807Share “I - Capitalisation” 0 0 14 233.71 18 677.224Share “N” 0 0 57.64 48 512.621Share “Privilege - Capitalisation” 0 0 126.45 5 025.072Share “Privilege - Distribution” 0 0 111.60 3.328Equity Europe Mid Cap EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 77 158 977 86 655 782 83 360 176Net asset value per shareShare “Classic - Capitalisation” 431.37 494.42 515.61 144 232.822Share “Classic - Distribution” 298.13 331.72 336.40 2 625.579Share “I - Capitalisation” 124 113.75 143 724.00 150 663.58 38.932Share “N” 394.00 448.22 465.68 4 818.090Share “Privilege - Capitalisation” 970.23 1 118.27 0 0Share “X” 516.50 0 0 0Equity High Dividend Europe EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 892 127 127 785 809 689 704 119 427Net asset value per shareShare “Classic - Capitalisation” 68.17 75.21 76.79 7 216 166.926Share “Classic - Distribution” 41.97 44.46 43.73 1 504 254.054Share “I - Capitalisation” 74 534.66 83 085.60 85 268.10 860.287Share “N” 62.62 68.57 69.74 148 840.279Share “Privilege - Capitalisation” 857.21 952.82 976.28 505.561Share “Privilege - Distribution” 0 101.48 104.24 1.466Share “X” 82.49 0 0 0Equity High Dividend Pacific EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 66 729 927Net asset value per shareShare “Classic - Capitalisation” 0 0 60.38 389 492.158Share “Classic - Distribution” 0 0 44.05 229 426.861Share “Classic MD” 0 0 100.53 1.000Share “Classic USD - Capitalisation” 0 0 99.25 149 891.686Share “Classic USD - Distribution” 0 0 94.07 14 946.498Share “Privilege - Capitalisation” 0 0 98.72 458.000Share “X” 0 0 89.20 232 187.518The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 20
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity High Dividend USA USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 107 114 496Net asset value per shareShare “Classic - Capitalisation” 0 0 95.69 416 061.386Share “Classic - Distribution” 0 0 114.69 10 005.976Share “Classic EUR - Capitalisation” 0 0 145.26 42 876.046Share “Classic EUR - Distribution” 0 0 130.22 4 331.146Share “Classic H EUR - Capitalisation” 0 0 44.24 496 597.651Share “Classic H EUR - Distribution” 0 0 38.68 162 670.243Share “I - Capitalisation” 0 0 12 040.02 940.344Share “N” 0 0 67.53 44 019.408Share “Privilege - Capitalisation” 0 0 97.57 24 705.342Share “X” 0 0 99.13 32 600.000Equity India USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 253 782 221Net asset value per shareShare “Classic - Capitalisation” 0 0 79.23 1 451 462.458Share “Classic - Distribution” 0 0 73.52 109 126.875Share “Classic EUR - Capitalisation” 0 0 71.11 182 395.707Share “Classic EUR - Distribution” 0 0 55.76 2 117.467Share “I - Capitalisation” 0 0 14 042.58 4 894.731Share “N” 0 0 28.89 1 362 354.323Share “Privilege - Capitalisation” 0 0 73.25 73 787.268Equity Indonesia USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 107 023 850Net asset value per shareShare “Classic - Capitalisation” 0 0 188.68 223 308.119Share “Classic - Distribution” 0 0 164.50 75 921.795Share “Classic EUR - Capitalisation” 0 0 89.81 93 062.607Share “Classic EUR - Distribution” 0 0 84.72 2 800.482Share “I - Capitalisation” 0 0 207.80 192 179.407Share “N” 0 0 83.77 182.733Share “Privilege - Capitalisation” 0 0 84.05 13 282.494Share “Privilege - Distribution” 0 0 77.79 1.000Equity Japan JPY JPY JPY Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 53 705 852 277 52 553 774 477 89 612 422 078Net asset value per shareShare “Classic - Capitalisation” 2 663.00 3 262.00 3 767.00 3 483 869.683Share “Classic - Distribution” 2 205.00 2 633.00 2 990.00 276 233.508Share “Classic H EUR - Capitalisation” 5 223.00 57.96 65.91 5 097 341.816Share “I - Capitalisation” 2 019 676.00 2 499 482.00 2 901 414.00 3 285.366Share “N” 2 423.00 2 946.00 3 389.00 263 790.368Share “Privilege - Capitalisation” 55 568.00 68 548.00 79 451.00 10 176.657Share “Privilege - Distribution” 0 0 11 399.00 1.291Share “X” 3 170.00 3 947.00 4 598.00 4 558 974.602The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 21
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity Latin America USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 571 486 343 401 055 672 286 608 273Net asset value per shareShare “Classic - Capitalisation” 844.22 814.10 644.00 308 112.336Share “Classic - Distribution” 636.46 595.68 455.63 35 144.228Share “I - Capitalisation” 503 958.96 491 489.72 391 023.18 148.325Share “N” 778.71 745.32 587.37 22 271.209Share “Privilege - Capitalisation” 4 568.69 4 439.01 3 525.42 309.309Equity Russia EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 1 346 368 340Net asset value per shareShare “Classic - Capitalisation” 0 0 92.89 1 120 914.505Share “Classic - Distribution” 0 0 81.30 313 107.645Share “Classic USD - Capitalisation” 0 0 82.10 3 763 102.475Share “Classic USD - Distribution” 0 0 80.57 27 056.654Share “I - Capitalisation” 0 0 99.50 9 740 348.164Share “N” 0 0 213.96 54 633.052Share “Privilege - Capitalisation” 0 0 93.56 118.677Equity Russia Opportunity USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 88 403 934 128 242 617 87 850 384Net asset value per shareShare “Classic - Capitalisation” 83.83 81.49 72.91 703 555.448Share “Classic - Distribution” 80.08 76.43 65.69 23 990.670Share “I - Capitalisation” 86 746.72 85 271.12 76 730.14 312.650Share “N” 81.43 78.56 70.02 46 527.457Share “Privilege - Capitalisation” 685.20 671.03 602.83 80.604Share “X” 0 0 107.63 71 390.860Equity USA Growth USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 858 589 235Net asset value per shareShare “Classic - Capitalisation” 0 0 183.59 1 587 193.110Share “Classic - Distribution” 0 0 82.44 1 761 204.971Share “Classic EUR - Capitalisation” 0 0 142.69 303 049.111Share “Classic H CZK” 0 0 1 754.93 34 632.035Share “Classic H EUR - Capitalisation” 0 0 111.15 15 739.541Share “Classic H EUR - Distribution” 0 0 108.24 47 166.712Share “I - Capitalisation” 0 0 17 825.44 17 148.344Share “N” 0 0 78.88 97 984.625Share “Privilege - Capitalisation” 0 0 105.03 1.000Share “Privilege - Distribution” 0 0 104.38 1.000Share “X” 0 0 98.43 400 565.075The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 22
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity USA Mid Cap USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 483 829 663 419 255 305 1 070 802 264Net asset value per shareShare “Classic - Capitalisation” 135.29 152.40 173.24 2 539 464.121Share “Classic - Distribution” 124.59 138.09 154.06 1 460 299.834Share “Classic H EUR - Capitalisation” 134.06 112.16 127.26 274 347.935Share “I - Capitalisation” 144 637.71 164 851.76 188 519.29 1 335.866Share “N” 129.41 144.68 163.85 21 339.111Share “Privilege - Capitalisation” 1 139.88 1 293.61 1 476.35 70 804.099Equity World Consumer Durables EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 127 436 406Net asset value per shareShare “Classic - Capitalisation” 0 0 109.93 911 239.382Share “Classic - Distribution” 0 0 88.34 256 719.143Share “I - Capitalisation” 0 0 123.27 29 827.333Share “N” 0 0 134.84 6 746.977Share “Privilege - Capitalisation” 0 0 137.25 2.709Share “Privilege - Distribution” 0 0 101.79 2.090Equity World Emerging USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 685 635 689Net asset value per shareShare “Classic - Capitalisation” 0 0 523.38 299 164.054Share “Classic - Distribution” 0 0 136.86 12 061.421Share “Classic EUR - Capitalisation” 0 0 87.83 848 112.827Share “Classic EUR - Distribution” 0 0 81.89 30 012.443Share “I - Capitalisation” 0 0 575.06 552 467.410Share “N” 0 0 158.92 42 059.538Share “Privilege - Capitalisation” 0 0 80.00 2 136.446Share “Privilege - Distribution” 0 0 96.79 1.000Share “X” 0 0 81.77 1 239 919.318Equity World Energy EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 215 039 578Net asset value per shareShare “Classic - Capitalisation” 0 0 628.45 174 455.538Share “Classic - Distribution” 0 0 432.49 143 705.548Share “Classic USD - Capitalisation” 0 0 105.04 367 917.203Share “Classic USD - Distribution” 0 0 570.43 2 466.144Share “I - Capitalisation” 0 0 678.06 11 455.794Share “N” 0 0 597.89 8 261.490Share “Privilege - Capitalisation” 0 0 105.88 1 570.492Share “Privilege - Distribution” 0 0 104.43 5.601The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 23
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity World Finance EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 31 516 080Net asset value per shareShare “Classic - Capitalisation” 0 0 264.97 64 894.605Share “Classic - Distribution” 0 0 173.08 82 736.346Share “I - Capitalisation” 0 0 299.06 1.000Share “Privilege - Capitalisation” 0 0 94.32 4.121Share “Privilege - Distribution” 0 0 106.10 2.812Equity World Health Care EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 262 227 424Net asset value per shareShare “Classic - Capitalisation” 0 0 579.84 365 400.413Share “Classic - Distribution” 0 0 441.52 93 937.258Share “Classic USD - Capitalisation” 0 0 153.34 38 082.096Share “I - Capitalisation” 0 0 614.37 2 952.742Share “N” 0 0 163.05 16 169.685Share “Privilege - Capitalisation” 0 0 115.09 6.597Share “Privilege - Distribution” 0 0 97.76 1.000Equity World Low Volatility EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 619 862 479Net asset value per shareShare “Classic - Capitalisation” 0 0 295.98 1 233 025.624Share “Classic - Distribution” 0 0 214.21 144 246.302Share “Classic USD - Capitalisation” 0 0 390.98 116 020.465Share “Classic USD - Distribution” 0 0 284.79 1 466.876Share “I - Capitalisation” 0 0 318.74 544 323.049Share “N” 0 0 150.58 7 513.017Share “Privilege - Capitalisation” 0 0 113.22 29 725.232Share “X” 0 0 108.85 103 791.605Equity World Materials EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 101 356 602Net asset value per shareShare “Classic - Capitalisation” 0 0 78.11 375 200.161Share “Classic - Distribution” 0 0 46.02 103 793.000Share “Classic USD - Capitalisation” 0 0 103.06 859 909.478Share “I - Capitalisation” 0 0 96.32 653.252Share “Privilege - Capitalisation” 0 0 93.35 1.929Equity World Technology EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 85 204 475Net asset value per shareShare “Classic - Capitalisation” 0 0 346.73 170 173.953Share “Classic - Distribution” 0 0 311.48 22 423.360Share “Classic USD - Capitalisation” 0 0 458.95 44 440.282Share “Classic USD - Distribution” 0 0 127.68 2 964.532Share “I - Capitalisation” 0 0 367.82 3 756.332Share “N” 0 0 164.43 12 559.510Share “Privilege - Capitalisation” 0 0 103.65 142.316The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 24
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity World Technology Innovators USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 49 279 381 32 844 864 0Net asset value per shareShare “Classic - Capitalisation” 104.42 100.68 0 0Share “Classic - Distribution” 92.83 88.43 0 0Share “I - Capitalisation” 124 449.24 121 228.12 0 0Share “N” 96.46 92.32 0 0Share “Privilege - Capitalisation” 1 055.10 1 024.49 0 0Equity World Tele<strong>com</strong> EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 66 520 378Net asset value per shareShare “Classic - Capitalisation” 0 0 494.43 111 925.597Share “Classic - Distribution” 0 0 293.63 38 061.290Share “I - Capitalisation” 0 0 99.95 47.214Share “Privilege - Capitalisation” 0 0 105.98 6.183Equity World Utilities EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 67 260 274Net asset value per shareShare “Classic - Capitalisation” 0 0 108.09 273 905.216Share “Classic - Distribution” 0 0 63.44 223 146.570Share “Classic USD - Capitalisation” 0 0 100.27 300 725.368Share “Classic USD - Distribution” 0 0 83.67 4 620.693Share “I - Capitalisation” 0 0 116.66 2 882.410Share “Privilege - Distribution” 0 0 107.15 1.657Green Tigers EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 21 944 917Net asset value per shareShare “Classic - Capitalisation” 0 0 141.50 47 589.589Share “Classic - Distribution” 0 0 128.76 111 022.457Share “Classic USD - Distribution” 0 0 91.74 13 048.492Share “I - Capitalisation” 0 0 103.95 74.000Opportunities USA USD USD USD Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 198 611 729Net asset value per shareShare “Classic - Capitalisation” 0 0 83.98 1 158 969.045Share “Classic - Distribution” 0 0 48.07 236 121.938Share “Classic EUR - Capitalisation” 0 0 82.69 59 340.757Share “Classic H EUR - Capitalisation” 0 0 38.94 261 436.142Share “Classic H EUR - Distribution” 0 0 39.75 358 610.079Share “Classic H GBP” 0 0 34.36 298.672Share “Classic HUF - Capitalisation” 0 0 70.91 53 045.178Share “I - Capitalisation” 0 0 8 046.66 4 658.923Share “IH EUR” 0 0 7 495.43 374.822Share “N” 0 0 78.39 124 457.252Share “Privilege - Capitalisation” 0 0 88.16 1.000Share “Privilege - Distribution” 0 0 99.29 1.000Share “Privilege H EUR - Capitalisation” 0 0 97.66 1 021.688Share “Privilege H EUR - Distribution” 0 0 97.64 1 021.906The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 25
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Real Estate Securities Pacific EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 51 776 937Net asset value per shareShare “Classic - Capitalisation” 0 0 97.09 172 669.660Share “Classic - Distribution” 0 0 78.80 254 845.055Share “Classic USD - Capitalisation” 0 0 122.26 20 213.007Share “Classic USD - Distribution” 0 0 103.93 4 951.299Share “I - Capitalisation” 0 0 107.08 56 735.571Share “Privilege - Capitalisation” 0 0 96.59 1.000Share “X” 0 0 139.50 47 247.905Real Estate Securities World EUR EUR EUR Number of shares29/02/2012 28/02/2013 31/08/2013 31/08/2013Net assets 0 0 35 672 158Net asset value per shareShare “Classic - Capitalisation” 0 0 38.16 547 255.741Share “Classic - Distribution” 0 0 27.53 43 434.110Share “Classic USD - Capitalisation” 0 0 121.56 4 723.108Share “I - Capitalisation” 0 0 8 181.94 1 608.015Share “Privilege - Capitalisation” 0 0 104.25 1.000The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 26
<strong>PARVEST</strong> Bond Asia ex-JapanSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets478 121 655 89.05Bonds 390 459 555 72.72Cayman Islands 69 970 225 13.03AGILE PROPERTY 10.000% 09-1 750 00014/11/2016USD 1 850 625 0.3411 000 000 CHAMPION MTN 3.750% 13-17/01/2023 USD 9 288 180 1.73CHINA OVERSEAS FIN 3.950% 12-20 000 00015/11/2022USD 17 799 000 3.32CHINA STATE CONS 3.125% 13-11 000 00002/04/2018USD 10 318 880 1.92COUNTRY GARDEN 7.500% 13-4 000 00010/01/2023USD 3 710 000 0.69DBS BANK LTD/SP 3.625% 12-15 000 00021/09/2022USD 15 143 700 2.8212 000 000 SINO LAND 3.250% 12-21/09/2017 USD 11 859 840 2.21Indonesia 66 330 000 12.36BANK NEGARA (LO) 4.125% 12-7 500 00027/04/2017USD 7 275 000 1.36BANK RAKYAT INDO 2.950% 13-5 000 00028/03/2018USD 4 500 000 0.84BERAU CAP RESOUR 12.500% 10-7 000 00008/07/2015USD 7 245 000 1.35INDONESIA (REP) 3.375% 13-5 000 00015/04/2023USD 3 962 500 0.74INDONESIA (REP) 4.625% 13-3 000 00015/04/2043USD 2 115 000 0.39INDONESIA (REP) 5.375% 13-5 000 00017/10/2023USD 4 662 500 0.8710 000 000 PERTAMINA 4.300% 13-20/05/2023 USD 8 000 000 1.496 000 000 PERTAMINA 4.875% 12-03/05/2022 USD 5 130 000 0.9610 000 000 PERTAMINA 5.625% 13-20/05/2043 USD 7 000 000 1.30PERUSAHAAN LISTR 5.250% 12-8 000 00024/10/2042USD 5 520 000 1.03PERUSAHAAN LISTR 5.500% 11-12 000 00022/11/2021USD 10 920 000 2.03South Korea 43 190 640 8.04DAEGU BANK LTD 2.250% 13-7 000 00029/04/2018USD 6 658 540 1.2411 000 000 KHFC 1.625% 13-15/09/2018 USD 10 229 230 1.91KOREA DEV BANK 1.000% 13-1 000 00022/01/2016USD 982 520 0.18KOREA EXCH BANK 2.000% 13-9 000 00002/04/2018USD 8 602 020 1.60KOREA FINANCE CO 2.875% 13-3 000 00022/08/2018USD 2 977 020 0.55KOREA GAS CORP 2.250% 12-2 000 00025/07/2017USD 1 967 520 0.37KOREA GAS CORP 2.875% 13-5 000 00029/07/2018USD 4 944 100 0.92NONGHYUP BANK 2.250% 12-7 000 00019/09/2017USD 6 829 690 1.27British Virgin Islands 41 742 470 7.784 000 000 PCCW CAP NO4 5.750% 12-17/04/2022 USD 4 007 960 0.75PCCW-HKT CAP NO5 3.750% 13-27 000 00008/03/2023USD 23 832 360 4.44YUEXIU REIT MTN 3.100% 13-15 000 00014/05/2018USD 13 902 150 2.59United States ofAmerica 35 638 400 6.64NATIONAL FEDERAT 3.500% 12-10 000 00003/05/2017USD 10 244 400 1.9110 000 000 PSALM 7.390% 09-02/12/2024 USD 11 800 000 2.20RELIANCE HOLDING USA 5.400% 12-14 000 00014/02/2022USD 13 594 000 2.53Philippines 27 692 500 5.16PHILIPPINES (REP) 5.500% 11-9 000 00030/03/2026USD 9 562 500 1.78PHILIPPINES (REP) 6.375% 09-11 000 00023/10/2034USD 12 430 000 2.32SM INVESTMENTS 4.250% 12-6 000 00017/10/2019USD 5 700 000 1.06Quantity DenominationQuotationcurrencyMarket value% of netassetsHong Kong 27 407 630 5.11BANGKOK BANK HK 3.875% 12-6 000 00027/09/2022BANK OF CHINA HK 5.550% 10-17 000 00011/02/2020BRIGHT FOOD HK 3.000% 13-4 000 00021/05/2018USD 5 537 820 1.03USD 18 075 250 3.37USD 3 794 560 0.71United Kingdom 15 181 420 2.82FPC FINANCE LTD 6.000% 12-3 400 00028/06/2019USD 3 400 000 0.63ST BK INDIA LON 4.125% 12-3 000 00001/08/2017USD 2 918 940 0.54ST BK INDIA/LON 3.250% 13-6 000 00018/04/2018USD 5 547 480 1.03VEDANTA RESOURCE 6.000% 13-2 000 00031/01/2019USD 1 800 000 0.34VEDANTA RESOURCE 6.750% 11-1 500 00007/06/2016USD 1 515 000 0.28Cyprus 15 145 130 2.82SUN HUNG KAI PRO 3.500% 11-1 000 00002/11/2016USD 1 037 800 0.19SUN HUNG KAI PRO 3.625% 13-4 000 00016/01/2023USD 3 694 480 0.69SUN HUNG KAI PROPERTIES 4.500%10 500 00012-14/02/2022USD 10 412 850 1.94Singapore 14 189 710 2.64OVERSEA-CHINESE 3.150% 12-9 000 00011/03/2023USD 8 862 210 1.652 000 000 YANLORD LAND 9.500% 10-04/05/2017 USD 2 110 000 0.39YANLORD LAND GRP 10.625% 11-3 000 00029/03/2018USD 3 217 500 0.60India 11 778 950 2.207 000 000 HDFC BANK 3.000% 13-06/03/2018 USD 6 377 630 1.19ONGC VIDESH LTD 2.500% 13-6 000 00007/05/2018USD 5 401 320 1.01United Arab Emirates 8 721 000 1.62ICICI BANK/DUBAI 4.700% 12-9 000 00021/02/2018USD 8 721 000 1.62China 8 568 630 1.593 000 000 CITIC SEC 2013 2.500% 13-03/05/2018 USD 2 844 330 0.53SUNAC CHINA HLDG 9.375% 13-4 000 00005/04/2018USD 3 890 000 0.72YUEXIU PROPERTY 3.250% 13-2 000 00024/01/2018USD 1 834 300 0.34Thailand 3 862 850 0.725 000 000 PTT PCL 4.500% 12-25/10/2042 USD 3 862 850 0.721 000 000The Netherlands 1 040 000 0.19PT ADARO INDONES 7.625% 09-22/10/2019USD 1 040 000 0.19Floating rate bonds 87 662 100 16.33Malaysia 28 760 680 5.361 000 000 AMBB CAPITAL 06-29/01/2049 FRN USD 1 005 000 0.19MALAYAN BANKING 12-8 000 00020/09/2022 FRNUSD 7 685 680 1.4310 800 000 PUBLIC BANK BERH 06-22/08/2036 SR USD 11 070 000 2.06SBB CAPITAL CORP 05-9 000 00029/11/2049 FRNUSD 9 000 000 1.68Singapore 27 819 620 5.19OVERSEA-CHINESE 10-11 000 00015/11/2022 FRNUSD 11 140 580 2.08UNITED OVERSEAS 12-17 000 00017/10/2022 FRNUSD 16 679 040 3.11Taiwan 18 852 750 3.5118 900 000 CHINATRUST COMM 05-29/03/2049 SR USD 18 852 750 3.51Hong Kong 12 229 050 2.275 000 000 CITIC BANK INTL 12-28/09/2022 FRN USD 4 747 800 0.887 500 000 WING HANG BK LTD 07-29/04/2049 SR USD 7 481 250 1.39Total securities portfolio 478 121 655 89.05The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 27
<strong>PARVEST</strong> Bond Best Selection World EmergingSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets271 044 646 87.7413 173 000 000 COP 6 003 328 1.94Shares 4 143 0.00Russia 7 313 495 2.37NM FAR EASTERN S 8.000% 13-Kazakhstan 4 143 0.00 3 000 000 USD 2 662 500 0.8602/05/2018405 852 ALLIANCE BANK - SPON GDR REG S USD 1 218 0.00RUSSIA - EUROBOND 7.850% 11-150 000 000 RUB 4 650 995 1.51731 200 ALLIANCE BANK - SPON GDR REG S USD 2 925 0.0010/03/2018Bonds 266 114 243 86.15Uruguay 6 164 895 2.00120 181 000 URUGUAY 4.375% 11-15/12/2028 UYU 6 164 895 2.00Mexico 53 302 232 17.25MEXICAN BONOS 10.000% 05-United Kingdom 4 973 450 1.61152 000 000 MXN 14 716 404 4.7605/12/20242 260 000 DTEK FINANCE 7.875% 13-04/04/2018 USD 2 090 500 0.68MEXICAN BONOS 5.000% 12-307 000 000 MXN 22 881 068 7.41STATE EXPORT-IMP 8.750% 13-15/06/20172 000 00022/01/2018MEXICAN BONOS 6.500% 11-205 000 000 MXN 15 704 760 5.08UZ RAIL SHORTLIN 9.500% 13-10/06/20211 250 00021/05/2018USDUSD1 770 0001 112 9500.570.36Brazil 40 746 095 13.17Nigeria 4 359 228 1.421 200 000 BANCO BRASIL 5.875% 11-26/01/2022 USD 1 122 000 0.36NIGERIA T-BOND 15.100% 12-357 000 000 NGN 2 284 056 0.74BANCO SANTAN BS 8.000% 13-27/04/20179 700 000 BRL 3 659 769 1.1818/03/2016NIGERIA T-BOND 16.000% 12-210 000 000 NGN 1 407 151 0.46ITAU UNIBANCO/KY 10.500% 10-29/06/20199 000 000 BRL 3 795 463 1.2323/11/2015NIGERIA T-BOND 7.000% 09-149 000 000 NGN 668 021 0.22NOTA DO TESOURO NAC 6.000% 04-23/10/201929 739 000 BRL 30 426 872 9.8415/05/2045 FLATDominican Republic 3 498 900 1.133 879 000 REP OF BRAZIL 12.500% 05-05/01/2016 BRL 1 741 991 0.56TurkeyDOMINICAN REPUBLIC 7.500% 10-3 270 00006/05/202135 676 099 11.55USD 3 498 900 1.134 300 000 AKBANK 7.500% 13-05/02/2018 TRY 1 849 600 0.60Luxembourg 3 260 249 1.06ALBARAKA TURK 7.750% 13-3 000 00007/05/2023USD 3 045 000 0.99COSAN LUXEMBOURG 9.500% 13-3 310 00014/03/2018BRL 1 236 624 0.401 900 000 HALKBANK 4.875% 12-19/07/2017 USD 1 845 375 0.60 750 000 MHP SA 8.250% 13-02/04/2020 USD 665 625 0.222 100 000 ISBANK 6.000% 12-24/10/2022 USD 1 863 750 0.60MINERVA LUX SA 7.750% 13-1 400 00031/01/2023USD 1 358 000 0.441 170 000 MERSIN 5.875% 13-12/08/2020 USD 1 112 963 0.363 800 000 SISECAM 4.250% 13-09/05/2020 USD 3 144 500 1.02Costa Rica 3 026 150 0.98TURKEY GOVT BOND 11.000% 09-1 030 000 BANCO DE CR 5.250% 13-12/08/2018 USD 1 035 150 0.346 300 000 TRY 3 134 473 1.0106/08/20142 200 000 COSTA RICA 4.250% 12-26/01/2023 USD 1 991 000 0.64TURKEY GOVT BOND 4.000% 10-7 525 05629/04/2015TRY 3 717 580 1.20Cayman Islands 1 722 500 0.56TURKEY GOVT BOND 9.000% 12-10 200 000 TRY 5 012 118 1.62VIRGOLINO DE OLI 10.500% 11-05/03/20142 000 00028/01/2018TURKIYE FINANS V 3.950% 13-3 400 000 USD 3 119 500 1.01VIRGOLINO DE OLI 11.750% 12-02/05/2018500 00009/02/2022USDUSD1 380 000342 5000.450.11YAPI VE KREDI BA 5.500% 12-2 300 00006/12/2022USD 1 909 000 0.62Rwanda 1 715 000 0.56YAPI VE KREDI BA 6.750% 12-REPUBLIC OF RWAN 6.625% 13-3 800 000 USD 3 942 500 1.28 2 000 00008/02/201702/05/2023USD 1 715 000 0.56YASAR HOLDINGS 9.625% 10-2 000 00007/10/2015USD 1 979 740 0.64Venezuela 33 652 600 10.908 000 000 VENEZUELA 11.750% 11-21/10/2026 USD 7 200 000 2.335 550 000 VENEZUELA 11.950% 11-05/08/2031 USD 4 995 000 1.6212 388 000 VENEZUELA 12.750% 10-23/08/2022 USD 12 233 150 3.9610 029 000 VENEZUELA 9.250% 97-15/09/2027 USD 8 023 200 2.601 550 000 VENEZUELA 9.375% 04-13/01/2034 USD 1 201 250 0.3920 000 000United States ofAmerica 19 166 311 6.20CITIGROUP FNDG 7.600% 12-16/04/2021USD 19 166 311 6.20South Africa 16 134 073 5.22REPUBLIC OF SOUTH AFRICA25 000 00010.500% 98-21/12/2026ZAR 2 833 262 0.92REPUBLIC OF SOUTH AFRICA 7.250%32 000 00005-15/01/2020ZAR 3 030 684 0.98REPUBLIC OF SOUTH AFRICA 8.250%102 000 00004-15/09/2017ZAR 10 270 127 3.32Hungary 12 070 003 3.91HUNGARY GOVT 6.000% 07-2 905 000 00024/11/2023HUF 12 070 003 3.91Peru 8 120 160 2.63REPUBLIC OF PERU 5.625% 10-1 800 00018/11/2050USD 1 764 000 0.57REPUBLIC OF PERU 7.125% 09-3 000 00030/03/2019USD 3 570 000 1.16REPUBLIC OF PERU 7.350% 05-2 256 00021/07/2025USD 2 786 160 0.90Quantity DenominationQuotationcurrencyMarket value% of netassetsColombia 7 856 578 2.542 100 000 BANCOLOMBIA 5.125% 12-11/09/2022 USD 1 853 250 0.60REP OF COLOMBIA 4.375% 12-21/03/2023Zambia 1 273 125 0.411 500 000 ZAMBIA REP OF 5.375% 12-20/09/2022 USD 1 273 125 0.41Georgia 1 045 400 0.34BANK OF GEORGIA 7.750% 12-1 000 00005/07/2017USD 1 045 400 0.34Canada 792 000 0.26PACIFIC RUBIALES 5.125% 13-900 00028/03/2023USD 792 000 0.26The Netherlands 245 700 0.08INDO ENERGY FIN 6.375% 13-315 00024/01/2023USD 245 700 0.08Floating rate bonds 4 926 260 1.59Turkey 2 720 010 0.883 000 000 ASYA SUKUK CO 13-28/03/2023 FRN USD 2 720 010 0.88United Arab Emirates 2 206 250 0.712 500 000 EMIRATES NBD 13-PERP FRN USD 2 206 250 0.71Other transferable securities 70 637 0.02Shares 70 637 0.02Kazakhstan 70 637 0.02156 972 BTA BANK JSC - GDR REG S SPON USD 70 637 0.02The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 28
<strong>PARVEST</strong> Bond Best Selection World EmergingSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsShares/Units in investment funds 30 322 366 9.81Luxembourg 30 322 366 9.81<strong>PARVEST</strong> BOND WORLD EMERGING230 834.10CORPORATE - X - CAPUSD 30 322 366 9.81Total securities portfolio 301 437 649 97.57The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 29
<strong>PARVEST</strong> Bond USDSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets94 519 202 78.20Bonds 94 188 557 77.93United States ofAmerica 89 135 229 73.75ALLY FINANCIAL 4.625% 12-850 00026/06/2015USD 879 980 0.73ALTRIA GROUP INC 10.200% 09-440 00006/02/2039USD 664 755 0.55330 000 APPLE INC 2.400% 13-03/05/2023 USD 297 339 0.25600 000 AT&T INC 2.625% 12-01/12/2022 USD 534 486 0.44507 000 AT&T INC 6.300% 07-15/01/2038 USD 564 199 0.47BANK OF AMER CRP 4.100% 13-750 00024/07/2023USD 737 285 0.61BANK OF AMERICA CORP 2.000% 13-1 875 00011/01/2018USD 1 818 749 1.50BANK OF AMERICA CORP 6.500% 09-1 760 00001/08/2016USD 1 982 858 1.64BANK OF AMERICA CORP 7.625% 09-1 065 00001/06/2019USD 1 288 594 1.07200 000 CITIGROUP INC 1.700% 13-25/07/2016 USD 199 674 0.17800 000 CITIGROUP INC 2.250% 12-07/08/2015 USD 814 328 0.67486 000 CITIGROUP INC 6.125% 07-21/11/2017 USD 553 977 0.46CNH CAPITAL LLC 3.875% 13-1 000 00001/11/2015USD 1 020 000 0.84557 000 COMCAST CORP 6.950% 07-15/08/2037 USD 697 038 0.58334 000 CON EDISON NY 6.750% 08-01/04/2038 USD 428 138 0.35CONOCOPHILLIPS CO 2.400% 12-486 00015/12/2022USD 442 751 0.37CONTINENTAL RES 4.500% 13-750 00015/04/2023USD 736 875 0.61100 000 DOMINION RES 2.750% 12-15/09/2022 USD 93 110 0.08550 000 DOMINION RES 8.875% 08-15/01/2019 USD 709 062 0.59DOW CHEMICAL CO 3.000% 12-600 00015/11/2022USD 551 454 0.46EL PASO NAT GAS 5.950% 07-350 00015/04/2017USD 395 583 0.332 072 045 FG A64128 6.000% 07-01/08/2037 USD 2 259 177 1.87485 002 FG A95317 4.500% 10-01/12/2040 USD 510 010 0.422 001 491 FG A95974 4.500% 10-01/12/2040 USD 2 104 692 1.74417 100 FG E01084 5.500% 02-01/01/2017 USD 438 607 0.362 366 850 FG E03054 3.000% 12-01/02/2027 USD 2 414 186 2.002 123 454 FG G05733 5.000% 09-01/11/2039 USD 2 270 769 1.881 918 299 FG Q05590 4.000% 12-01/01/2042 USD 1 973 450 1.63962 029 FG Q09222 4.000% 12-01/07/2042 USD 989 687 0.821 730 581 FG Q10054 4.500% 12-01/08/2042 USD 1 819 814 1.511 427 445 FN 889069 5.500% 08-01/01/2021 USD 1 506 401 1.252 484 106 FN AO3244 3.500% 12-01/08/2032 USD 2 549 992 2.112 212 953 FN AP1770 4.000% 12-01/08/2042 USD 2 280 724 1.891 822 738 FNR 2012-99 SD 12-25/09/2042 FRN USD 423 075 0.35FORD MOTOR CO 4.750% 13-1 000 00015/01/2043USD 884 020 0.73FORD MOTOR CRED 4.375% 13-1 400 00006/08/2023USD 1 368 331 1.13750 000 FREMF 2012-K709 C 12-25/04/2045 FRN USD 689 632 0.57GCCFC 2005-GG3 A4 05-1 240 00010/08/2042 FRNUSD 1 284 112 1.06GEN ELEC CAP CRP 3.150% 12-1 050 00007/09/2022USD 975 301 0.81GEN MOTORS FIN 2.750% 13-750 00015/05/2016USD 748 125 0.62GENERAL ELECTRIC CAP SVC297 0007.500% 95-21/08/2035USD 378 619 0.31355 258 GN 595793 5.500% 05-15/07/2035 USD 386 233 0.32315 320 GN 781636 5.500% 03-15/07/2033 USD 342 812 0.281 264 435 GN 783274 6.000% 11-15/04/2036 USD 1 383 766 1.143 610 043 GNR 2010-H17 CI 10-20/03/2060 FRN USD 177 950 0.155 192 745 GNR 2010-H19 JI 10-20/08/2060 FRN USD 609 150 0.502 768 547 GNR 2010-H27 JI 10-20/11/2060 FRN USD 206 739 0.173 285 239 GNR 2010-H28 KI 10-20/12/2060 FRN USD 239 402 0.204 415 450 GNR 2011-H03 HI 11-20/01/2061 FRN USD 269 939 0.222 421 550 GNR 2011-H05 HI 11-20/01/2061 FRN USD 157 846 0.13Quantity DenominationQuotationcurrencyMarket value% of netassets6 357 877 GNR 2011-H22 FI 11-20/12/2061 FRN USD 421 839 0.355 436 094 GNR 2012-H02 AI 12-20/01/2062 FRN USD 392 122 0.329 321 026 GNR 2012-H05 AI 12-20/03/2062 FRN USD 445 620 0.371 520 003 GNR 2013-H01 FI 13-20/01/2063 FRN USD 204 228 0.1712 495 087 GNR 2013-H04 BI 13-20/02/2063 FRN USD 1 658 660 1.372 821 918 GNR 2013-H06 KI 13-20/01/2063 FRN USD 343 041 0.283 632 804 GNR 2013-H06 MI 13-20/01/2063 FRN USD 451 496 0.372 080 371 GNR 2013-H08 IO 13-20/03/2063 FRN USD 262 647 0.223 650 265 GNR 2013-H08 MI 13-20/03/2063 FRN USD 258 191 0.213 742 659 GNR 2013-H09 HI 13-20/04/2063 FRN USD 489 839 0.413 182 361 GNR 2013-H10 HI 13-20/03/2063 FRN USD 412 071 0.34GOLDMAN SACHS GP 1.600% 12-814 00023/11/2015USD 817 757 0.68GOLDMAN SACHS GP 3.300% 12-887 00003/05/2015USD 914 917 0.76GOLDMAN SACHS GP 6.750% 07-712 00001/10/2037USD 728 477 0.60HOME DEPOT INC 2.700% 13-320 00001/04/2023USD 298 018 0.25HOST HOTELS & RESORTS 3.750% 13-700 00015/10/2023USD 641 484 0.53HSBC FINANCE CORP 5.500% 06-1 173 00019/01/2016USD 1 277 873 1.06920 000 INTL PAPER CO 4.750% 11-15/02/2022 USD 964 486 0.80JPMORGAN CHASE 3.375% 13-550 00001/05/2023USD 497 803 0.41JPMORGAN CHASE 6.400% 08-861 00015/05/2038USD 1 016 200 0.84KINDER MORGAN EN 2.650% 13-300 00001/02/2019USD 296 202 0.25KINDER MORGAN EN 5.000% 13-150 00001/03/2043USD 139 798 0.12KINDER MORGAN EN 6.950% 07-234 00015/01/2038USD 274 424 0.23MACYS RETAIL HLD 2.875% 12-183 00015/02/2023USD 164 879 0.14MCDONALDS CORP 6.300% 07-273 00015/10/2037USD 342 188 0.28MIDAMERICAN ENER HOLDING513 0006.125% 06-01/04/2036USD 582 494 0.48740 000 MLCFC 2006-3 AM 06-12/07/2046 FRN USD 801 670 0.66MORGAN STANLEY 1.750% 13-470 00025/02/2016USD 468 210 0.39MORGAN STANLEY 2.125% 13-360 00025/04/2018USD 345 597 0.29MORGAN STANLEY 6.625% 08-1 002 00001/04/2018USD 1 147 001 0.95NBC UNIVERSAL ENT 1.974% 13-700 00015/04/2019USD 675 276 0.56452 000 NEWS AMER INC 6.650% 07-15/11/2037 USD 517 268 0.431 513 000 PFIZER INC 6.200% 09-15/03/2019 USD 1 800 514 1.49PLAINS ALL AMER 3.650% 12-700 00001/06/2022USD 687 010 0.57PRUDENTIAL COVER 2.997% 12-720 00030/09/2015USD 737 472 0.61PRUDENTIAL FIN 6.625% 10-193 00021/06/2040USD 232 291 0.19SCHERING-PLOUGH 6.500% 03-647 00001/12/2033USD 817 025 0.68TIME WARNER CABLE 6.750% 08-224 00001/07/2018USD 248 693 0.21TIME WARNER CABLE 8.250% 09-1 075 00001/04/2019USD 1 251 606 1.04UNITED TECHNOLOGIES CORP1 076 0006.125% 08-01/02/2019USD 1 269 193 1.05US TREASURY N/B 0.250% 12-5 000 00015/05/2015USD 4 993 299 4.12US TREASURY N/B 0.250% 13-5 000 00031/07/2015USD 4 988 299 4.12US TREASURY N/B 1.375% 13-4 583 00031/07/2018USD 4 539 140 3.74VERIZON COMMUNICATIONS 8.750%500 00008-01/11/2018USD 640 649 0.53WILLIAMS COS INC 3.700% 12-850 00015/01/2023USD 767 381 0.6332 000 WYETH 5.950% 07-01/04/2037 USD 37 628 0.03XTO ENERGY INC 6.750% 07-603 00001/08/2037USD 820 457 0.68The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 30
<strong>PARVEST</strong> Bond USDSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsUnited Kingdom 1 815 382 1.50777 000 BP CAPITAL PLC 3.245% 12-06/05/2022 USD 740 804 0.61HSBC HOLDINGS PLC 6.500% 07-184 00015/09/2037USD 208 185 0.17ROYAL BANK SCOTLAND 2.550% 12-850 00018/09/2015USD 866 393 0.72Japan 1 144 225 0.95MIZUHO CORP BANK 1.850% 13-1 190 00021/03/2018USD 1 144 225 0.95Italy 895 240 0.74INTESA SANPAOLO 3.125% 13-900 00015/01/2016USD 895 240 0.74France 809 198 0.67SOCIETE GENERALE 2.750% 12-800 00012/10/2017USD 809 198 0.67Canada 317 683 0.26TRANS CANADA PL 7.625% 09-238 00015/01/2039USD 317 683 0.26Mexico 71 600 0.06PETROLEOS MEXICA 3.500% 13-80 00030/01/2023USD 71 600 0.06Floating rate bonds 330 645 0.27United States ofAmerica 330 645 0.27329 000METLIFE INC 6.400% 06-15/12/2036 FRNUSD 330 645 0.27Other transferable securities 11 895 720 9.84To be Announced 11 895 720 9.84United States ofAmerica 11 895 720 9.841 200 000 FGLMC 4 9/11 11-15/05/2041 USD 1 234 500 1.021 000 000 FNCI 2.5 9/12 12-25/07/2027 USD 989 063 0.821 800 000 FNCL 3 9/13 13-25/06/2043 USD 1 719 000 1.421 900 000 FNCL 3.5 9/12 12-25/04/2042 USD 1 894 063 1.571 200 000 FNCL 4.5 9/11 11-25/11/2040 USD 1 265 250 1.05500 000 FNCL 5 9/10 10-25/12/2035 USD 537 188 0.441 800 000 G2SF 3 9/12 12-20/07/2042 USD 1 738 688 1.442 500 000 GNSF 3.5 9/12 12-15/05/2042 USD 2 517 968 2.08Shares/Units in investment funds 12 030 473 9.94Luxembourg 8 382 419 6.92<strong>PARVEST</strong> BOND WORLD EMERGING86 000.00- I - CAPUSD 8 382 419 6.92Ireland 3 648 054 3.02FFTW MORTGAGE TOTAL1 382.35RETURN AACUSD 3 648 054 3.02Total securities portfolio 118 445 395 97.98The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 31
<strong>PARVEST</strong> Bond USD GovernmentSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets90 274 717 95.23Bonds 90 274 717 95.23United States ofAmerica 85 142 417 89.82US TREASURY N/B 1.000% 11-1 180 00015/05/2014USD 1 187 233 1.25US TREASURY N/B 1.000% 13-1 750 00031/05/2018USD 1 708 175 1.80US TREASURY N/B 1.500% 11-11 230 00031/07/2016USD 11 470 771 12.10US TREASURY N/B 1.625% 12-630 00015/11/2022USD 575 146 0.61US TREASURY N/B 1.750% 12-1 740 00015/05/2022USD 1 624 760 1.71US TREASURY N/B 1.875% 10-11 210 00030/06/2015USD 11 518 837 12.15US TREASURY N/B 1.875% 10-2 970 00031/10/2017USD 3 039 676 3.21US TREASURY N/B 2.000% 13-8 770 00015/02/2023USD 8 244 940 8.70US TREASURY N/B 2.250% 11-9 310 00031/07/2018USD 9 609 130 10.14US TREASURY N/B 2.500% 10-3 000 00030/04/2015USD 3 108 120 3.28US TREASURY N/B 2.750% 12-4 210 00015/11/2042USD 3 491 900 3.68US TREASURY N/B 3.000% 12-5 660 00015/05/2042USD 4 970 216 5.24US TREASURY N/B 3.125% 09-8 590 00031/10/2016USD 9 195 337 9.70US TREASURY N/B 3.125% 11-2 450 00015/11/2041USD 2 213 967 2.34US TREASURY N/B 3.125% 13-10 00015/02/2043USD 8 980 0.01US TREASURY N/B 3.625% 11-8 270 00015/02/2021USD 9 034 148 9.53US TREASURY N/B 3.750% 08-343 00015/11/2018USD 378 833 0.40US TREASURY N/B 4.625% 10-910 00015/02/2040USD 1 071 025 1.13US TSY I/L STOCK 2.500% 09-2 174 84015/01/2029USD 2 614 396 2.76US TSY INFL IX N/B 0.125% 13-80 91715/01/2023USD 76 827 0.08Australia 5 132 300 5.41COM BK AUSTRALIA 3.625% 09-5 000 00025/06/2014USD 5 132 300 5.41Total securities portfolio 90 274 717 95.23The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 32
<strong>PARVEST</strong> Bond WorldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets88 416 137 85.06Bonds 88 012 616 84.68United States ofAmerica 35 816 302 34.44ALLY FINANCIAL 4.625% 12-720 00026/06/2015USD 565 292 0.54ALTRIA GROUP INC 10.200% 09-101 00006/02/2039USD 115 722 0.11AMER INTL GROUP 8.250% 09-700 00015/08/2018USD 655 438 0.63130 000 APPLE INC 2.400% 13-03/05/2023 USD 88 832 0.09530 000 AT&T INC 2.625% 12-01/12/2022 USD 358 053 0.34177 000 AT&T INC 6.300% 07-15/01/2038 USD 149 377 0.14BANK OF AMER CRP 4.100% 13-700 00024/07/2023USD 521 866 0.50BANK OF AMERICA CORP 2.000% 13-1 100 00011/01/2018USD 809 191 0.78BANK OF AMERICA CORP 6.500% 09-735 00001/08/2016USD 627 991 0.60BANK OF AMERICA CORP 7.625% 09-340 00001/06/2019USD 311 984 0.30750 000 CITIGROUP INC 2.250% 12-07/08/2015 USD 578 972 0.56123 000 CITIGROUP INC 6.125% 07-21/11/2017 USD 106 328 0.10CNH CAPITAL LLC 3.875% 13-900 00001/11/2015USD 696 193 0.67157 000 COMCAST CORP 6.950% 07-15/08/2037 USD 149 000 0.14101 000 CON EDISON NY 6.750% 08-01/04/2038 USD 98 185 0.09CONOCOPHILLIPS CO 2.400% 12-324 00015/12/2022USD 223 849 0.22CONTINENTAL RES 4.500% 13-800 00015/04/2023USD 596 087 0.57176 000 DOMINION RES 8.875% 08-15/01/2019 USD 172 076 0.17DOW CHEMICAL CO 3.000% 12-150 00015/11/2022USD 104 553 0.10DUKE ENERGY CORP 1.625% 12-200 00015/08/2017USD 148 535 0.141 247 900 FG A64128 6.000% 07-01/08/2037 USD 1 031 853 0.99228 082 FG A95317 4.500% 10-01/12/2040 USD 181 892 0.18773 685 FG A95974 4.500% 10-01/12/2040 USD 617 002 0.59173 286 FG E01084 5.500% 02-01/01/2017 USD 138 193 0.131 061 002 FG E03054 3.000% 12-01/02/2027 USD 820 735 0.79886 311 FG G05733 5.000% 09-01/11/2039 USD 718 792 0.69807 705 FG Q05590 4.000% 12-01/01/2042 USD 630 158 0.61382 944 FG Q09222 4.000% 12-01/07/2042 USD 298 766 0.291 148 679 FG Q10054 4.500% 12-01/08/2042 USD 916 053 0.88593 347 FN 889069 5.500% 08-01/01/2021 USD 474 872 0.461 615 493 FN AO3244 3.500% 12-01/08/2032 USD 1 257 653 1.21827 533 FN AP1770 4.000% 12-01/08/2042 USD 646 804 0.622 057 842 FNR 2012-99 SD 12-25/09/2042 FRN USD 362 236 0.35FORD MOTOR CO 4.750% 13-600 00015/01/2043USD 402 254 0.39FORD MOTOR CRED 4.375% 13-700 00006/08/2023USD 518 858 0.50550 000 FREMF 2013-K24 C 13-25/11/2045 FRN USD 338 189 0.33GCCFC 2005-GG3 A4 05-330 00010/08/2042 FRNUSD 259 169 0.25GEN ELEC CAP CRP 1.500% 13-1 400 00012/07/2016USD 1 065 360 1.03GEN ELEC CAP CRP 3.150% 12-400 00007/09/2022USD 281 771 0.27GEN MOTORS FIN 2.750% 13-800 00015/05/2016USD 605 187 0.58GENERAL ELECTRIC CAP SVC83 0007.500% 95-21/08/2035USD 80 244 0.08133 842 GN 595793 5.500% 05-15/07/2035 USD 110 353 0.11118 698 GN 781636 5.500% 03-15/07/2033 USD 97 867 0.09483 632 GN 783274 6.000% 11-15/04/2036 USD 401 391 0.393 873 588 GNR 2010-H17 CI 10-20/03/2060 FRN USD 144 806 0.144 719 721 GNR 2010-H19 JI 10-20/08/2060 FRN USD 419 886 0.403 126 506 GNR 2010-H27 JI 10-20/11/2060 FRN USD 177 058 0.173 848 727 GNR 2010-H28 KI 10-20/12/2060 FRN USD 212 699 0.202 387 535 GNR 2011-123 SH 11-20/09/2041 FRN USD 400 535 0.39Quantity DenominationQuotationcurrencyMarket value% of netassets4 343 403 GNR 2011-H03 HI 11-20/01/2061 FRN USD 201 376 0.192 380 680 GNR 2011-H05 HI 11-20/01/2061 FRN USD 117 687 0.115 842 636 GNR 2011-H22 FI 11-20/12/2061 FRN USD 293 988 0.287 179 218 GNR 2011-H23 HI 11-20/12/2061 FRN USD 378 670 0.365 009 734 GNR 2012-H02 AI 12-20/01/2062 FRN USD 274 054 0.268 527 747 GNR 2012-H05 AI 12-20/03/2062 FRN USD 309 187 0.301 722 670 GNR 2013-H01 FI 13-20/01/2063 FRN USD 175 533 0.1714 493 494 GNR 2013-H04 BI 13-20/02/2063 FRN USD 1 459 077 1.403 341 230 GNR 2013-H06 KI 13-20/01/2063 FRN USD 308 031 0.304 311 459 GNR 2013-H06 MI 13-20/01/2063 FRN USD 406 371 0.393 770 672 GNR 2013-H08 IO 13-20/03/2063 FRN USD 361 025 0.354 307 515 GNR 2013-H08 MI 13-20/03/2063 FRN USD 231 063 0.224 349 577 GNR 2013-H09 HI 13-20/04/2063 FRN USD 431 725 0.42GOLDMAN SACHS GP 1.600% 12-784 00023/11/2015USD 597 314 0.57GOLDMAN SACHS GP 3.300% 12-419 00003/05/2015USD 327 762 0.32GOLDMAN SACHS GP 6.750% 07-182 00001/10/2037USD 141 219 0.14HOME DEPOT INC 2.700% 13-150 00001/04/2023USD 105 943 0.10HOST HOTELS & RESORTS 3.750% 13-800 00015/10/2023USD 555 987 0.53HSBC FINANCE CORP 5.500% 06-434 00019/01/2016USD 358 564 0.34430 000 INTL PAPER CO 4.750% 11-15/02/2022 USD 341 872 0.33JPMCC 2012-C6 A3 3.507% 12-350 00015/05/2045USD 261 519 0.25JPMORGAN CHASE 3.375% 13-800 00001/05/2023USD 549 125 0.53JPMORGAN CHASE 6.400% 08-223 00015/05/2038USD 199 603 0.19KINDER MORGAN EN 2.650% 13-700 00001/02/2019USD 524 145 0.50KINDER MORGAN EN 6.950% 07-107 00015/01/2038USD 95 165 0.09MACYS RETAIL HLD 2.875% 12-152 00015/02/2023USD 103 859 0.10MCDONALDS CORP 6.300% 07-77 00015/10/2037USD 73 195 0.07MIDAMERICAN ENER HOLDING207 0006.125% 06-01/04/2036USD 178 251 0.17200 000 MLCFC 2006-3 AM 06-12/07/2046 FRN USD 164 316 0.16MORGAN STANLEY 1.750% 13-420 00025/02/2016USD 317 306 0.31MORGAN STANLEY 2.125% 13-360 00025/04/2018USD 262 094 0.25MORGAN STANLEY 6.625% 08-439 00001/04/2018USD 381 108 0.37NBC UNIVERSAL ENT 1.974% 13-800 00015/04/2019USD 585 275 0.56142 000 NEWS AMER INC 6.650% 07-15/11/2037 USD 123 240 0.12533 000 PFIZER INC 6.200% 09-15/03/2019 USD 481 029 0.46PLAINS ALL AMER 3.650% 12-349 00001/06/2022USD 259 763 0.25PRUDENTIAL COVER 2.997% 12-630 00030/09/2015USD 489 373 0.47PRUDENTIAL FIN 6.625% 10-87 00021/06/2040USD 79 411 0.08SCHERING-PLOUGH 6.500% 03-210 00001/12/2033USD 201 112 0.19TIME WARNER CABLE 6.750% 08-69 00001/07/2018USD 58 097 0.06TIME WARNER CABLE 8.250% 09-326 00001/04/2019USD 287 848 0.28UNITED TECHNOLOGIES CORP373 0006.125% 08-01/02/2019USD 333 665 0.32US TSY I/L STOCK 2.500% 09-835 68215/01/2029USD 761 855 0.73VERIZON COMMUNICATIONS 8.750%221 00008-01/11/2018USD 214 748 0.21WILLIAMS COS INC 3.700% 12-800 00015/01/2023USD 547 733 0.5314 000 WYETH 5.950% 07-01/04/2037 USD 12 485 0.01XTO ENERGY INC 6.750% 07-200 00001/08/2037USD 206 374 0.20The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 33
<strong>PARVEST</strong> Bond WorldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsSpain 7 221 733 6.94BANCO BILBAO VIZCAYA 3.500% 12-600 00005/12/2017EUR 624 666 0.60800 000 BANESTO SA 3.500% 05-27/01/2015 EUR 823 352 0.79800 000 BANESTO SA 3.500% 06-18/01/2016 EUR 830 616 0.80400 000 BANKINTER SA 2.750% 13-26/07/2016 EUR 404 992 0.39GAS NATURAL CAP 4.375% 09-150 00002/11/2016EUR 160 911 0.15820 000 SPANISH GOVT 2.750% 13-31/03/2015 EUR 832 062 0.801 890 000 SPANISH GOVT 3.150% 05-31/01/2016 EUR 1 925 570 1.85612 000 SPANISH GOVT 4.800% 08-31/01/2024 EUR 622 398 0.60478 000 SPANISH GOVT 5.400% 13-31/01/2023 EUR 510 710 0.49TELEFONICA EMIS 2.736% 13-300 00029/05/2019EUR 292 824 0.28TELEFONICA EMIS 3.987% 13-200 00023/01/2023EUR 193 632 0.19Italy 7 100 149 6.81INTESA SANPAOLO 3.125% 13-800 00015/01/2016USD 603 495 0.58INTESA SANPAOLO 4.000% 12-300 00009/11/2017EUR 305 730 0.29210 000 ITALY BTPS 4.500% 13-01/05/2023 EUR 212 715 0.201 481 000 ITALY BTPS 4.750% 08-01/08/2023 EUR 1 538 670 1.482 096 000 ITALY BTPS 4.750% 12-01/05/2017 EUR 2 229 201 2.14523 000 ITALY BTPS 5.250% 98-01/11/2029 EUR 549 181 0.53616 000 ITALY BTPS 5.500% 12-01/09/2022 EUR 669 740 0.64444 000 ITALY BTPS 6.000% 11-15/11/2014 EUR 468 393 0.45501 000 UNICREDIT SPA 4.375% 12-11/09/2015 EUR 523 024 0.50United Kingdom 6 472 638 6.23BARCLAYS BANK PLC 10.000% 09-104 00021/05/2021GBP 156 193 0.15299 000 BP CAPITAL PLC 3.245% 12-06/05/2022 USD 216 192 0.21HSBC HOLDINGS PLC 6.500% 07-152 00015/09/2037USD 130 426 0.13HSBC HOLDINGS PLC 6.500% 09-180 00020/05/2024GBP 256 168 0.25LLOYDS TSB BANK 7.500% 09-100 00015/04/2024GBP 150 528 0.14NATIONAL GRID GAS 6.000% 08-141 00013/05/2038GBP 202 766 0.20ROYAL BANK SCOTLAND 2.550% 12-800 00018/09/2015USD 618 405 0.5991 000 TESCO PLC 6.125% 09-24/02/2022 GBP 123 672 0.12440 000 UK TREASURY 4.250% 08-07/12/2049 GBP 590 325 0.57262 000 UK TREASURY 4.250% 09-07/09/2039 GBP 346 203 0.332 682 406 UK TSY I/L GILT 0.125% 12-22/03/2024 GBP 3 245 070 3.12VODAFONE GROUP 6.250% 09-388 00015/01/2016EUR 436 690 0.42Germany 5 070 620 4.893 400 000 BUNDESOBL-158 1.750% 10-09/10/2015 EUR 3 508 868 3.38200 000 DAIMLER AG 1.375% 12-10/12/2015 GBP 234 955 0.23DEUTSCHLAND REP 4.750% 98-157 00004/07/2028EUR 203 967 0.20DT PFANDBRIEFBAN 1.875% 12-1 000 00020/12/2019GBP 1 122 830 1.08France 4 414 060 4.25110 000 CARREFOUR SA 4.000% 10-09/04/2020 EUR 119 922 0.12CIE FIN FONCIER 4.875% 09-110 00025/05/2021EUR 130 832 0.13CIF EUROMORTGAGE 4.000% 06-650 00025/10/2016EUR 709 124 0.68CREDIT AGRICOLE 5.971% 08-150 00001/02/2018EUR 166 629 0.16ELEC DE FRANCE 6.250% 08-100 00030/05/2028GBP 137 687 0.131 518 000 FRANCE O.A.T. 2.500% 10-25/10/2020 EUR 1 586 872 1.53FRANCE TELECOM 5.000% 09-132 00012/05/2016GBP 167 355 0.16FRANCE TELECOM 7.250% 00-130 00010/11/2020GBP 187 980 0.18SOCIETE GENERALE 2.750% 12-900 00012/10/2017USD 690 389 0.66493 000 ST GOBAIN 3.500% 11-30/09/2015 EUR 517 270 0.50Poland 3 346 754 3.22POLAND GOVT BOND 3.000% I/L 04-7 540 58524/08/2016PLN 1 830 724 1.76POLAND GOVT BOND 5.000% 10-2 604 00025/04/2016PLN 635 295 0.61REPUBLIC OF POLAND 5.000% 11-1 110 00023/03/2022USD 880 735 0.85The Netherlands 2 751 650 2.64ALLIANZ FINANCE 4.750% 09-450 00022/07/2019EUR 520 115 0.50BMW FINANCE NV 1.500% 12-180 00005/06/2018EUR 180 628 0.17DEUTSCHE TEL FIN 6.000% 09-196 00020/01/2017EUR 226 643 0.22EADS FINANCE BV 4.625% 09-407 00012/08/2016EUR 449 776 0.43GAS NATURAL CAP 6.375% 09-150 00009/07/2019EUR 174 390 0.17IBERDROLA INTL 4.250% 12-100 00011/10/2018EUR 107 456 0.10342 000 ING BANK NV 4.500% 12-21/02/2022 EUR 381 669 0.37300 000 RABOBANK 3.875% 13-25/07/2023 EUR 292 518 0.2890 000 RABOBANK 4.125% 10-14/07/2025 EUR 98 620 0.09315 000 RABOBANK 4.375% 09-22/01/2014 EUR 319 835 0.31Russia 1 905 167 1.84LUKOIL INTL FIN 7.250% 09-650 00005/11/2019USD 550 252 0.53RUSSIA - EUROBOND 5.000% 10-1 100 00029/04/2020USD 879 057 0.85RUSSIAN FEDERATION 00-31/03/2030543 850STEP UPUSD 475 858 0.46Australia 1 864 622 1.80AUSTRALIAN I/L 0.000% 96-1 433 00020/08/2020 FLATAUD 1 764 018 1.70BHP BILLITON FIN 3.250% 12-100 00024/09/2027EUR 100 604 0.10Japan 1 512 942 1.45JAPAN GOVT 30-YR 2.000% 10-51 200 00020/09/2040JPY 416 203 0.40JAPAN GOVT 5-YR 0.300% 12-66 150 00020/03/2017JPY 513 372 0.49MIZUHO CORP BANK 1.850% 13-800 00021/03/2018USD 583 367 0.56Brazil 1 285 902 1.24200 000 BANCO BRASIL 5.875% 11-26/01/2022 USD 141 817 0.14586 000 REP OF BRAZIL 2.625% 12-05/01/2023 USD 378 860 0.36310 000 REP OF BRAZIL 5.625% 09-07/01/2041 USD 226 282 0.22340 000 REP OF BRAZIL 7.125% 06-20/01/2037 USD 292 014 0.28370 000 TELEMAR N L 5.500% 10-23/10/2020 USD 246 929 0.24Cayman Islands 1 239 157 1.20490 000 IPIC GMTN LTD 5.875% 11-14/03/2021 EUR 573 300 0.55KUWAIT PROJECTS 9.375% 10-240 00015/07/2020USD 214 318 0.21SAUDI ELECTRCITY 4.211% 12-250 00003/04/2022USD 184 381 0.18VOTO - VOTORANTIM 6.625% 09-330 00025/09/2019USD 267 158 0.26Colombia 1 116 146 1.08500 000 BANCOLOMBIA 5.950% 11-03/06/2021 USD 381 086 0.37260 000 ECOPETROL SA 7.625% 09-23/07/2019 USD 225 770 0.22REP OF COLOMBIA 4.375% 11-660 00012/07/2021USD 509 290 0.491 127 000South Africa 798 071 0.77REPUBLIC OF SOUTH AFRICA 4.665%12-17/01/2024USD 798 071 0.77Kazakhstan 766 931 0.74210 000 KAZATOMPROM 6.250% 10-20/05/2015 USD 167 223 0.16KAZMUNAIGAZ FINA 11.750% 09-440 00023/01/2015KMG FINANCE SUB 7.000% 10-270 00005/05/2020USD 374 981 0.36USD 224 727 0.22The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 34
<strong>PARVEST</strong> Bond WorldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsChile 706 621 0.68310 000 CHILE 3.875% 10-05/08/2020 USD 240 388 0.23260 000 CODELCO INC 7.500% 09-15/01/2019 USD 234 207 0.23290 000 ENAP 6.250% 09-08/07/2019 USD 232 026 0.22Panama 602 533 0.58350 000 PANAMA 6.700% 06-26/01/2036 USD 294 631 0.28290 000 PANAMA 9.375% 99-01/04/2029 USD 307 902 0.30Sweden 551 608 0.53NORDEA BANK AB 2.125% 12-350 00013/11/2019GBP 396 715 0.38NORDEA BANK AB 2.250% 12-150 00005/10/2017EUR 154 893 0.15Mexico 525 853 0.51MEXICAN BONOS 6.000% 10-5 140 00018/06/2015MXN 301 270 0.29PETROLEOS MEXICA 3.500% 13-320 00030/01/2023USD 217 200 0.21UNITED MEXICAN 3.625% 12-10 00015/03/2022USD 7 383 0.01Lithuania 457 472 0.44510 000 LITHUANIA 7.375% 10-11/02/2020 USD 457 472 0.44British Virgin Islands 403 992 0.39PCCW - HKT CAP NO4 4.250% 10-140 00024/02/2016SINOPEC GRP OVER 3.900% 12-400 00017/05/2022USD 111 773 0.11USD 292 219 0.28South Korea 385 245 0.37EXP - IMP BANK KOREA 5.125% 10-240 00029/06/2020USD 196 001 0.19KOREA RESOURCES CO 4.125% 10-240 00019/05/2015USD 189 244 0.18Luxembourg 372 746 0.36ENEL FIN INTL NV 5.750% 11-195 00024/10/2018EUR 220 188 0.21190 000 SB CAPITAL SA 5.499% 10-07/07/2015 USD 152 558 0.15Malaysia 363 229 0.35450 000 SARAWAK INT 5.500% 05-03/08/2015 USD 363 229 0.35Qatar 268 163 0.26STATE OF QATAR 4.500% 11-340 00020/01/2022USD 268 163 0.26Trinidad & Tobago 240 558 0.23260 000 PETROTRIN 9.750% 09-14/08/2019 USD 240 558 0.23India 237 197 0.23330 000 NTPC LTD 5.625% 11-14/07/2021 USD 237 197 0.23Ireland 153 818 0.15RUSSIAN RAILWAYS 5.739% 10-190 00003/04/2017USD 153 818 0.15Canada 60 737 0.06TRANS CANADA PL 7.625% 09-60 00015/01/2039USD 60 737 0.06Floating rate bonds 403 521 0.38France 207 472 0.20200 000 AXA SA 10-16/04/2040 FRN EUR 207 472 0.20Luxembourg 118 307 0.11150 000 BANK OF MOSCOW 05-25/11/2015 SR USD 118 307 0.11102 000United States ofAmerica 77 742 0.07METLIFE INC 6.400% 06-15/12/2036 FRNUSD 77 742 0.07Other transferable securities 10 902 691 10.50Options, Warrants, Rights 55 367 0.05610 000 PUT 6M GBP-LIBOR 02/06/2023 3.872 GBP 55 367 0.05To be Announced 10 847 324 10.45United States ofAmerica 10 847 324 10.457 500 000 FGLMC 4 9/11 11-15/05/2041 USD 5 851 377 5.64600 000 FNCI 2.5 9/12 12-25/07/2027 USD 450 051 0.431 200 000 FNCL 3 9/13 13-25/06/2043 USD 869 104 0.841 200 000 FNCL 3.5 9/12 12-25/04/2042 USD 907 212 0.871 000 000 FNCL 4.5 9/11 11-25/11/2040 USD 799 617 0.77300 000 FNCL 5 9/10 10-25/12/2035 USD 244 435 0.241 000 000 G2SF 3 9/12 12-20/07/2042 USD 732 548 0.701 300 000 GNSF 3.5 9/12 12-15/05/2042 USD 992 980 0.96Shares/Units in investment funds 5 496 852 5.29Luxembourg 5 496 852 5.29<strong>PARVEST</strong> BOND WORLD EMERGING0.94ADVANCED - X - CAPUSD 67 0.00<strong>PARVEST</strong> BOND WORLD EMERGING79 396.00LOCAL - X - CAPUSD 5 496 785 5.29Total securities portfolio 104 815 680 100.85The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 35
<strong>PARVEST</strong> Bond World Emerging CorporateSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets217 630 194 90.86Bonds 193 064 202 80.60Cayman Islands 31 461 326 13.13BANCO BRASL (CI) 8.500% 09-2 750 00029/10/2049USD 2 921 875 1.22COUNTRY GARDEN 7.500% 13-1 000 00010/01/2023USD 925 000 0.39EMAAR SUKUK LTD 8.500% 11-2 500 00003/08/2016USD 2 809 375 1.17EVERGRANDE REAL ESTATE2 500 00013.000% 10-27/01/2015USD 2 662 500 1.11INTERCORP RETAIL 8.875% 11-1 100 00014/11/2018USD 1 188 000 0.504 753 000 KAISA GROUP 10.250% 13-08/01/2020 USD 4 539 115 1.89KUWAIT PROJECTS 9.375% 10-2 300 00015/07/2020USD 2 708 250 1.13MAF GLOBAL SEC 5.250% 12-2 000 00005/07/2019USD 2 040 000 0.85MARFRIG OVERSEAS 9.500% 10-500 00004/05/2020USD 473 750 0.201 790 000 PETROBRAS 3.000% 13-15/01/2019 USD 1 643 739 0.69PETROBRAS INTL 5.750% 09-950 00020/01/2020USD 957 942 0.40SCHAHIN II FINAN 5.875% 12-1 962 66725/09/2022USD 1 825 280 0.763 350 000 TAM CAPITAL 3 8.375% 11-03/06/2021 USD 3 316 500 1.38VIRGOLINO DE OLI 10.500% 11-5 000 00028/01/2018USD 3 450 000 1.44Turkey 19 251 841 8.03ALBARAKA TURK 7.750% 13-4 000 00007/05/2023USD 4 060 000 1.695 400 000 FINANSBANK 5.500% 11-11/05/2016 USD 5 305 500 2.21YAPI VE KREDI BA 6.750% 12-3 232 00008/02/2017USD 3 353 200 1.40YASAR HOLDINGS 9.625% 10-6 600 00007/10/2015USD 6 533 141 2.73Brazil 17 362 875 7.25ANDRADE GUT INT 4.000% 13-4 350 00030/04/2018USD 4 023 750 1.68ARALCO FINANCE 10.125% 13-3 250 00007/05/2020USD 2 925 000 1.221 000 000 BANCO BRASIL 5.875% 11-26/01/2022 USD 935 000 0.39BRASIL TELECOM 5.750% 12-4 050 00010/02/2022USD 3 513 375 1.471 850 000 ESAL GMBH 6.250% 13-05/02/2023 USD 1 655 750 0.692 000 000 JBS FINANCE II 8.250% 10-29/01/2018 USD 2 060 000 0.86QGOG CONSTELLATI 6.250% 12-2 500 00009/11/2019USD 2 250 000 0.94Luxembourg 13 766 305 5.73COSAN LUXEMBOURG 5.000% 13-500 00014/03/2023USD 442 500 0.181 554 000 GAZPROM 4.950% 12-19/07/2022 USD 1 445 220 0.601 164 000 GAZPROM NEFT 4.375% 12-19/09/2022 USD 1 035 960 0.43MINERVA LUX SA 7.750% 13-2 600 00031/01/2023USD 2 522 000 1.05MOL GROUP FIN SA 6.250% 12-3 225 00026/09/2019USD 3 144 375 1.31OJSC RUSS AGRIC 6.000% 11-3 000 00003/06/2021USD 2 970 000 1.24TNK BP FINANCE 7.250% 10-1 100 00002/02/2020USD 1 223 750 0.511 000 000 VTB BANK 6.950% 12-17/10/2022 USD 982 500 0.41Russia 12 848 857 5.374 070 000 ALFA BANK 7.500% 12-26/09/2019 USD 4 268 413 1.7850 000 000 ALFA BANK 8.625% 13-26/04/2016 RUB 1 482 569 0.623 600 000 GEORGIAN OIL 6.875% 12-16/05/2017 USD 3 654 000 1.53LUKOIL INTL FIN 7.250% 09-700 00005/11/2019USD 781 375 0.33NM FAR EASTERN S 8.000% 13-3 000 00002/05/2018USD 2 662 500 1.11United Kingdom 11 294 771 4.712 750 000 AFREN PLC 11.500% 11-01/02/2016 USD 3 141 875 1.311 240 000 DTEK FINANCE 7.875% 13-04/04/2018 USD 1 147 000 0.48FERREXPO FINANCE 7.875% 11-3 400 00007/04/2016USD 3 221 500 1.34Quantity DenominationQuotationcurrencyMarket value% of netassets1 500 000 OSCHADBANK 8.875% 13-20/03/2018 USD 1 256 250 0.52STATE EXPORT-IMP 8.750% 13-1 750 00022/01/2018USD 1 548 750 0.65UZ RAIL SHORTLIN 9.500% 13-1 100 00021/05/2018USD 979 396 0.41Ireland 8 973 513 3.75CREDIT BANK OF M 8.700% 13-5 000 00013/11/2018USD 4 831 250 2.02FED GRID CO OJSC 8.446% 12-141 400 00013/03/2019RUB 4 142 263 1.73Croatia 7 422 713 3.102 970 000 AGROKOR 8.875% 12-01/02/2020 USD 3 103 650 1.30HRVATSKA ELECTRO 6.000% 12-4 250 00009/11/2017USD 4 319 063 1.80Georgia 6 538 579 2.73BANK OF GEORGIA 7.750% 12-5 200 00005/07/2017USD 5 436 079 2.27GEORGIAN RAILWAY 7.750% 12-1 050 00011/07/2022USD 1 102 500 0.46Mexico 6 371 000 2.66CONTROLADORA MAB 7.875% 09-4 760 00028/10/2019USD 5 236 000 2.19SIGMA ALIMENTOS 6.875% 09-1 000 00016/12/2019USD 1 135 000 0.47The Netherlands 6 199 735 2.59ELEC DE CAR FIN 8.500% 08-4 500 00010/04/2018INDO ENERGY FIN 6.375% 13-2 117 00024/01/2023VIMPELCOM HOLDINGS 7.504% 11-950 00001/03/2022USD 3 588 975 1.50USD 1 651 260 0.69USD 959 500 0.40Chile 5 387 850 2.252 130 000 CENCOSUD SA 4.875% 12-20/01/2023 USD 1 959 600 0.82700 000 CENCOSUD SA 5.500% 11-20/01/2021 USD 698 250 0.293 000 000 CFR INTL SPA 5.125% 12-06/12/2022 USD 2 730 000 1.14Kazakhstan 4 966 550 2.08ALLIANCE BANK 10.500% 10-1 500 00025/03/2017USD 975 000 0.41ZHAIKMUNAI LLP 7.125% 12-3 880 00013/11/2019USD 3 991 550 1.67Canada 4 456 050 1.86PACIFIC RUBIALES 5.125% 13-1 500 00028/03/2023USD 1 320 000 0.55PACIFIC RUBIALES 7.250% 11-3 030 00012/12/2021USD 3 136 050 1.31United Arab Emirates 3 982 750 1.66DUBAI ELEC & WTR 7.375% 10-1 500 00021/10/2020USD 1 683 750 0.70EMIRATES AIRLINE 5.125% 11-2 200 00008/06/2016USD 2 299 000 0.96Bermuda 3 950 000 1.65ALLIANCE OIL CO 7.000% 13-4 000 00004/05/2020USD 3 950 000 1.65Austria 3 900 000 1.63OAS INVESTMENT G 8.250% 12-4 000 00019/10/2019USD 3 900 000 1.63Venezuela 3 600 000 1.504 000 000 VENEZUELA 5.750% 05-26/02/2016 USD 3 600 000 1.50Bahrain 3 025 500 1.263 000 000 BBK 4.500% 10-28/10/2015 USD 3 025 500 1.26Hungary 2 767 440 1.16NITROGENMUVEK ZR 7.875% 13-3 000 00021/05/2020USD 2 767 440 1.16India 2 179 894 0.912 300 000 NTPC LTD 5.625% 11-14/07/2021 USD 2 179 894 0.91Ukraine 2 041 310 0.85DTEK FINANCE BV 9.500% 10-1 532 00028/04/2015USD 1 558 810 0.65500 000 UKREXIMBANK 8.375% 10-27/04/2015 USD 482 500 0.20The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 36
<strong>PARVEST</strong> Bond World Emerging CorporateSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsJersey Island 1 955 567 0.822 008 800 DANA GAS 9.000% 13-31/10/2017 USD 1 955 567 0.82Egypt 1 881 000 0.791 800 000 AFREXIMBANK 5.750% 11-27/07/2016 USD 1 881 000 0.79Colombia 1 522 313 0.641 725 000 BANCOLOMBIA 5.125% 12-11/09/2022 USD 1 522 313 0.64Hong Kong 1 473 150 0.62BRIGHT FOOD HK 3.000% 13-500 00021/05/2018FRANSHION DEV LT 6.750% 11-1 000 00015/04/2021USD 473 150 0.20USD 1 000 000 0.42Costa Rica 1 190 925 0.501 185 000 BANCO DE CR 5.250% 13-12/08/2018 USD 1 190 925 0.50Singapore 944 888 0.39BUMI CAPITAL PTE 12.000% 09-1 665 00010/11/2016USD 944 888 0.39Peru 930 000 0.39VOLCAN CIA MIN-B 5.375% 12-1 000 00002/02/2022USD 930 000 0.39Indonesia 912 500 0.38INDO ENERGY FIN 7.000% 11-1 000 00007/05/2018USD 912 500 0.38United States ofAmerica 505 000 0.21BBVA BANCOMER SA 6.750% 12-500 00030/09/2022USD 505 000 0.21Convertible bonds 210 818 0.09Jersey Island 210 818 0.09231 000 DANA GAS 7.000% 13-31/10/2017 CV USD 210 818 0.09Floating rate bonds 24 355 174 10.17United Arab Emirates 5 295 000 2.216 000 000 EMIRATES NBD 13-PERP FRN USD 5 295 000 2.21Cayman Islands 4 665 000 1.953 300 000 DIB TIER 1 SUKUK 13-PERP FRN USD 3 093 750 1.29HUTCHISON WHAMPOA FIN 10 10-1 500 00029/12/2049 FRNUSD 1 571 250 0.66Bahrain 3 240 000 1.353 600 000 ICICI BANK LTD 07-30/04/2022 SR USD 3 240 000 1.35Turkey 2 896 811 1.213 195 000 ASYA SUKUK CO 13-28/03/2023 FRN USD 2 896 811 1.21Russia 2 825 625 1.182 750 000 ALFA BANK 07-22/02/2017 SR USD 2 825 625 1.18Brazil 2 175 000 0.912 500 000 OAS FINANCIAL 13-29/04/2049 FRN USD 2 175 000 0.91Nigeria 2 174 238 0.91FBN FINANCE CO B 13-2 200 00007/08/2020 FRNUSD 2 174 238 0.91Peru 1 083 500 0.45BANCO DE CREDITO 12-1 100 00024/04/2027 FRNUSD 1 083 500 0.45Other transferable securities 3 755 0.00Shares 3 755 0.00Kazakhstan 3 755 0.008 345 BTA BANK JSC - GDR REG S SPON USD 3 755 0.00Total securities portfolio 217 633 949 90.86The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 37
<strong>PARVEST</strong> Bond World Emerging LocalSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket valueIndonesia 107 220 856 6.761 460 440 076 91.99INDONESIA GOVT 10.000% 05-56 100 000 00015/07/2017IDR 5 484 612 0.35INDONESIA GOVT 10.000% 07-124 954 000 000 IDR 12 421 570 0.7815/02/2028Bonds 1 460 440 076 91.99INDONESIA GOVT 10.000% 07-192 600 000 000 IDR 19 101 262 1.2015/09/2024Mexico 216 274 181 13.61INDONESIA GOVT 10.250% 07-MEXICAN BONOS 10.000% 05-45 000 000 000 IDR 4 553 571 0.29241 450 000 MXN 23 376 814 1.4715/07/202705/12/2024INDONESIA GOVT 10.750% 05-MEXICAN BONOS 5.000% 12-137 197 000 000 IDR 13 416 701 0.85629 000 000 MXN 46 880 104 2.9515/05/201615/06/2017INDONESIA GOVT 11.000% 06-MEXICAN BONOS 6.000% 10-50 000 000 000 IDR 5 322 645 0.34295 110 000 MXN 22 808 138 1.4415/09/202518/06/2015INDONESIA GOVT 12.800% 06-MEXICAN BONOS 6.500% 11-72 700 000 000 IDR 8 305 242 0.52421 658 900 MXN 32 302 692 2.0315/06/202110/06/2021INDONESIA GOVT 5.250% 12-MEXICAN BONOS 6.500% 12-180 000 000 000 IDR 14 711 537 0.93414 000 000 MXN 31 437 332 1.9815/05/201809/06/2022INDONESIA GOVT 5.625% 12-MEXICAN BONOS 7.250% 06-100 000 000 000 IDR 7 509 157 0.47332 890 000 MXN 26 728 968 1.6815/05/202315/12/2016INDONESIA GOVT 6.250% 11-MEXICAN BONOS 7.750% 11-15 000 000 000 IDR 1 301 511 0.08180 560 000 MXN 14 310 382 0.9015/04/201729/05/2031INDONESIA GOVT 8.250% 10-MEXICAN BONOS 8.000% 10-48 000 000 000 IDR 4 362 899 0.27220 830 000 MXN 18 429 751 1.1615/07/202111/06/2020INDONESIA GOVT 9.000% 07-62 238 000 000 IDR 5 884 682 0.3715/09/2018South Africa 188 341 593 11.87INDONESIA GOVT 9.500% 07-REPUBLIC OF SOUTH AFRICA49 800 000 000 IDR 4 845 467 0.31401 200 000 ZAR 45 468 183 2.8615/07/202310.500% 98-21/12/2026REPUBLIC OF SOUTH AFRICA126 200 000 ZAR 13 936 472 0.88Russia 93 065 932 5.8613.500% 91-15/09/2015390 000 000 ALFA BANK 8.625% 13-26/04/2016 RUB 11 564 036 0.73REPUBLIC OF SOUTH AFRICA 6.750%491 200 000 ZAR 44 726 237 2.8206-31/03/2021GAZPROMBANK OJSC 7.875% 13-334 700 000 RUB 9 876 576 0.62REPUBLIC OF SOUTH AFRICA 7.000%25/07/201672 740 000 ZAR 5 852 332 0.3710-26/02/2031RUSSIA - EUROBOND 7.850% 11-2 310 000 000 RUB 71 625 320 4.51REPUBLIC OF SOUTH AFRICA 7.250%10/03/2018375 000 000 ZAR 35 515 830 2.2405-15/01/2020Malaysia 86 833 043 5.47REPUBLIC OF SOUTH AFRICA 8.250%425 500 000 ZAR 42 842 539 2.70MALAYSIAN GOVT 3.492% 12-04-15/09/201712 800 000 MYR 3 793 043 0.2431/03/2020Poland 167 298 060 10.54MALAYSIAN GOVT 3.835% 10-65 100 000 MYR 20 027 057 1.26POLAND GOVT BOND 0.000% 13-12/08/2015149 500 000 PLN 43 557 363 2.7425/07/2015MALAYSIAN GOVT 4.240% 03-100 900 000 MYR 31 293 822 1.97POLAND GOVT BOND 3.000% I/L 04-07/02/2018124 839 712 PLN 39 965 343 2.5224/08/2016MALAYSIAN GOVT 4.262% 06-101 971 000 MYR 31 719 121 2.00POLAND GOVT BOND 4.000% 12-15/09/201691 100 000 PLN 27 142 467 1.7125/10/2023Turkey 78 644 000 4.95POLAND GOVT BOND 4.750% 11-32 000 000 PLN 10 267 617 0.6525/10/201625 500 000 AKBANK 7.500% 13-05/02/2018 TRY 10 968 558 0.69POLAND GOVT BOND 5.750% 08-51 000 00025/04/2029PLN 17 431 001 1.10TURKEY GOVT BOND 4.000% 10-39 352 45201/04/2020TRY 19 601 677 1.23POLAND GOVT BOND 6.250% 04-88 300 00024/10/2015PLN 28 934 269 1.82TURKEY GOVT BOND 4.000% 10-29 473 13529/04/2015TRY 14 560 522 0.92Thailand 165 620 995 10.43TURKEY GOVT BOND 4.500% 10-21 966 04011/02/2015TRY 10 979 743 0.69THAILAND GOVT 3.250% 11-1 730 500 000 THB 53 376 320 3.36TURKEY GOVT BOND 7.100% 13-16/06/201744 000 00008/03/2023THAILAND GOVT 3.580% 12-649 046 000 THB 18 321 277 1.15TURKIYE GARANTI 7.375% 13-17/12/202711 000 00007/03/2018TRYTRY17 835 9654 697 5351.120.30THAILAND GOVT 3.625% 10-167 000 00016/06/2023THB 4 906 239 0.31Hungary 72 877 061 4.59THAILAND GOVT 3.650% 10-1 448 500 00017/12/2021THB 43 488 809 2.74HUNGARY GOVT 6.000% 07-17 540 000 00024/11/2023HUF 72 877 061 4.59THAILAND GOVT 3.875% 09-1 464 172 00013/06/2019THB 45 528 350 2.87United States ofAmerica 36 215 976 2.28Brazil 110 928 119 7.01CITIGROUP FNDG 7.600% 12-BANCO SAFRA SA 10.250% 11-38 522 779 USD 36 215 976 2.2810 700 000 BRL 4 366 097 0.2822/07/202208/08/2016BANCO SANTAN BS 8.000% 13-28 000 000 BRL 10 564 281 0.67Luxembourg 30 791 685 1.9418/03/2016COSAN LUXEMBOURG 9.500% 13-BANCO VOTORANTIM 6.250% 11-14 755 000 BRL 5 512 502 0.3519 380 000 BRL 8 927 005 0.5614/03/201816/05/2016 FLATOJSC RUSS AGRIC 8.625% 12-253 100 000 RUB 7 591 174 0.481 275 000 BRAZIL 12.500% 06-05/01/2022 BRL 601 382 0.0417/02/2017BRAZIL NTN-B 6.000% 03-591 400 000 SBERBANK 7.000% 13-31/01/2016 RUB 17 688 009 1.1110 000 000 BRL 10 107 115 0.6415/05/2015 FLAT51 000 000 BRAZIL-LTN 12-01/07/2016 FLAT BRL 15 562 535 0.98Uruguay 30 670 840 1.9354 000 000 BRAZIL-LTN 13-01/01/2017 FLAT BRL 15 518 653 0.98597 910 000 URUGUAY 4.375% 11-15/12/2028 UYU 30 670 840 1.9323 900 000 BRF SA 7.750% 13-22/05/2018 BRL 8 038 115 0.51Nigeria 28 853 399 1.81NOTA DO TESOURO NAC 6.000% 04-NIGERIA T-BOND 15.100% 12-31 330 000 BRL 32 054 674 2.02 1 947 000 00015/05/2045 FLAT27/04/2017NGN 12 456 742 0.785 623 000 REP OF BRAZIL 12.500% 05-05/01/2016 BRL 2 525 191 0.167 200 000 REP OF BRAZIL 8.500% 12-05/01/2024 BRL 2 663 071 0.17NIGERIA T-BOND 16.000% 12-2 447 000 00029/06/2019NGN 16 396 657 1.03% of netassetsThe ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 38
<strong>PARVEST</strong> Bond World Emerging LocalSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsColombia 21 394 349 1.34EE. PP. MEDELLIN 8.375% 11-4 000 000 00001/02/2021COP 2 135 206 0.13REP OF COLOMBIA 4.375% 12-17 913 000 00021/03/2023COP 8 163 487 0.51REP OF COLOMBIA 7.750% 10-6 726 000 00014/04/2021COP 3 894 929 0.25REP OF COLOMBIA 9.850% 07-10 750 000 00028/06/2027 FLATCOP 7 200 727 0.45Peru 20 934 542 1.32REPUBLIC OF PERU 6.950% 08-42 379 00012/08/2031PEN 14 885 444 0.94REPUBLIC OF PERU 7.840% 05-15 200 00012/08/2020PEN 6 049 098 0.38Cayman Islands 4 475 445 0.28ODEBRECHT FINANCE 8.250% 13-13 000 00025/04/2018BRL 4 475 445 0.28Other transferable securities 12 508 831 0.79Bonds 12 508 831 0.79Brazil 12 508 831 0.79BRAZIL NTN-F 0.000% 07-31 000 00001/01/2017 FLATBRL 12 508 831 0.79Shares/Units in investment funds 83 113 275 5.23Luxembourg 83 113 275 5.23BNPP FLEXI I BOND ASIA LOCAL50 000.00CURRENCY - I - CAPUSD 45 317 000 2.85<strong>PARVEST</strong> BOND WORLD EMERGING246 361.85ADVANCED - X - CAPUSD 23 125 987 1.46<strong>PARVEST</strong> BOND WORLD EMERGING111 680.03CORPORATE - X - CAPUSD 14 670 288 0.92Total securities portfolio 1 556 062 182 98.01The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 39
<strong>PARVEST</strong> Bond World High YieldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets199 563 474 96.58Bonds 197 409 354 95.53United States ofAmerica 140 282 831 67.88ACI WORLDWIDE 6.375% 13-500 00015/08/2020USD 382 982 0.19AES CORPORATION 8.000% 07-29 00015/10/2017USD 25 292 0.01AES CORPORATION 8.000% 09-1 625 00001/06/2020USD 1 398 737 0.68645 000 ALERIS INTL 7.625% 11-15/02/2018 USD 509 944 0.251 165 000 ALERIS INTL 7.875% 13-01/11/2020 USD 914 436 0.44ALPHABET HLDNG 7.750% 13-1 270 00001/11/2017USD 994 445 0.48ALTA MESA HLDGS 9.625% 11-2 230 00015/10/2018USD 1 771 518 0.87AMER AXLE & MFG 6.250% 13-860 00015/03/2021USD 663 621 0.32AMER AXLE & MFG 6.625% 12-940 00015/10/2022USD 728 917 0.35AMER AXLE & MFG 7.750% 11-525 00015/11/2019USD 437 965 0.21AMKOR TECHNOLOGY INC 6.625%1 360 00011-01/06/2021USD 1 013 347 0.49385 000 ARCH COAL INC 7.250% 12-15/06/2021 USD 225 552 0.11100 000 ARCH COAL INC 8.750% 10-01/08/2016 USD 73 373 0.04280 000 ATLAS PIPE ES 6.625% 12-01/10/2020 USD 213 408 0.10900 000 ATLAS PIPELINE 5.875% 13-01/08/2023 USD 639 883 0.311 220 000 ATLAS PIPELINE 6.625% 12-01/10/2020 USD 929 850 0.45805 000 BE AEROSPACE 5.250% 12-01/04/2022 USD 604 391 0.291 550 000 BELDEN INC 5.500% 13-15/04/2023 EUR 1 488 000 0.72BMC SOFTWARE FIN 8.125% 13-800 00015/07/2021USD 614 288 0.30BOISE CASCADE CO 6.375% 13-1 270 00001/11/2020USD 996 853 0.48BONANZA CREEK EN 6.750% 13-1 350 00015/04/2021USD 1 041 730 0.50BON-TON DEPT STR 8.000% 13-950 00015/06/2021USD 697 046 0.34CABLEVISION SYS 5.875% 12-1 000 00015/09/2022USD 724 253 0.35CAESARS ENT OPER 9.000% 13-630 00015/02/2020USD 458 668 0.22CALUMET SPECIAL 9.375% 12-425 00001/05/2019USD 354 543 0.17CALUMET SPECIAL 9.375% 12-425 00001/05/2019USD 354 543 0.17CALUMET SPECIAL 9.625% 13-1 635 00001/08/2020USD 1 362 397 0.66CASE NEW HOLLAND 7.875% 11-1 045 00001/12/2017USD 911 383 0.44CCO HOLDINGS LLC 5.125% 12-840 00015/02/2023USD 571 743 0.28CCO HOLDINGS LLC 5.750% 13-1 005 00001/09/2023USD 710 725 0.34CCO HOLDINGS LLC 7.000% 11-1 000 00015/01/2019USD 801 987 0.39CCO HOLDINGS LLC 7.250% 10-375 00030/10/2017USD 301 456 0.15CCO HOLDINGS LLC 7.375% 11-600 00001/06/2020USD 486 880 0.24CENTURYLINK INC 5.800% 12-500 00015/03/2022USD 357 387 0.17CENTURYLINK INC 6.450% 11-290 00015/06/2021USD 218 831 0.11CENTURYTEL INC 7.600% 09-960 00015/09/2039USD 655 240 0.32790 000 CHASSIX INC 9.250% 13-01/08/2018 USD 624 583 0.30CHESAPEAKE ENRGY 3.250% 13-1 010 00015/03/2016USD 767 879 0.37CHESAPEAKE ENRGY 5.375% 13-915 00015/06/2021USD 688 713 0.33CHESAPEAKE ENRGY 6.125% 11-300 00015/02/2021USD 236 615 0.11CHESAPEAKE ENRGY 6.500% 05-800 00015/08/2017USD 667 374 0.32CHESAPEAKE ENRGY 6.625% 10-60 00015/08/2020USD 48 802 0.02CHESAPEAKE ENRGY 9.500% 09-400 00015/02/2015USD 334 825 0.16CHRYSLER GP/CG C 8.250% 12-1 090 00015/06/2021USD 907 231 0.44Quantity DenominationQuotationcurrencyMarket value% of netassetsCHS/COMMUNITY 7.125% 12-900 00015/07/2020USD 689 368 0.33CHS/COMMUNITY 8.000% 12-1 190 00015/11/2019USD 947 596 0.46270 000 CINC BELL INC 8.375% 10-15/10/2020 USD 216 536 0.101 570 000 CINC BELL INC 8.750% 10-15/03/2018 USD 1 235 306 0.60CITIZENS COMM CO 9.000% 02-300 00015/08/2031USD 220 689 0.11CLEAR CHNL WORLD 6.500% 13-760 00015/11/2022USD 576 369 0.28CLEAR CHNL WORLD 7.625% 12-770 00015/03/2020USD 585 413 0.281 215 000 COINSTAR INC 6.000% 13-15/03/2019 USD 921 432 0.45COMSTOCK RES INC 7.750% 11-610 00001/04/2019USD 476 490 0.23COMSTOCK RES INC 9.500% 12-1 495 00015/06/2020USD 1 230 149 0.60CONCHO RES/MIDLA 5.500% 12-1 230 00001/04/2023USD 904 823 0.44CONSTELLATION BR 6.000% 12-650 00001/05/2022USD 521 292 0.25CONTINENTAL RES 4.500% 13-1 300 00015/04/2023USD 968 641 0.47CONTINENTAL RES 8.250% 10-400 00001/10/2019USD 333 687 0.16850 000 CORELOGIC INC 7.250% 12-01/06/2021 USD 689 747 0.33CROSSTEX ENERGY 7.125% 13-1 330 00001/06/2022USD 1 033 862 0.50CVR REF/COFF FIN 6.500% 12-810 00001/11/2022USD 589 716 0.29CYRUSONE LP/CYRU 6.375% 13-730 00015/11/2022USD 556 386 0.27500 000 DANA HOLDING 5.375% 13-15/09/2021 USD 372 554 0.18100 000 DANA HOLDING 6.000% 13-15/09/2023 USD 73 942 0.04975 000 DAVITA INC 5.750% 12-15/08/2022 USD 732 026 0.351 605 000 DELPHI CORP 5.000% 13-15/02/2023 USD 1 236 980 0.60350 000 DISH DBS CORP 4.625% 12-15/07/2017 USD 268 751 0.131 040 000 DISH DBS CORP 5.000% 13-15/03/2023 USD 727 590 0.35730 000 DISH DBS CORP 6.750% 11-01/06/2021 USD 577 146 0.28150 000 DISH DBS CORP 7.875% 09-01/09/2019 USD 128 261 0.06DONNELLEY & SONS 6.125% 07-24 00015/01/2017USD 20 112 0.01DONNELLEY & SONS 7.875% 13-1 000 00015/03/2021USD 813 363 0.39EASTON - BELL SPOR 9.750% 10-473 00001/12/2016USD 381 133 0.18300 000 ECHOSTAR DBS 7.125% 06-01/02/2016 USD 247 990 0.12500 000 ECHOSTAR DBS 7.750% 08-31/05/2015 USD 411 421 0.20720 000 EL PASO CORP 6.500% 11-15/09/2020 USD 575 896 0.28ENDO PHARMA HOLDING 7.250% 11-850 00015/01/2022USD 659 127 0.32ENERGY TRANSFER 7.500% 10-1 680 00015/10/2020USD 1 388 746 0.67EPE HLD/EP BOND 8.125% 12-938 60615/12/2017USD 726 057 0.35ERICKSON AIR-CRN 8.250% 13-1 065 00001/05/2020USD 795 560 0.38EVEREST ACQ LLC 9.375% 12-950 00001/05/2020USD 792 507 0.38FIRST DATA CORP 6.750% 12-1 175 00001/11/2020USD 911 146 0.44FORESIGHT ENERGY 7.875% 13-800 00015/08/2021USD 603 671 0.29FRESENIUS MEDICAL 5.625% 12-285 00031/07/2019USD 222 622 0.11FRESENIUS MEDICAL 6.500% 11-500 00015/09/2018USD 413 317 0.20FRESENTIUS US FIN 9.000% 09-425 00015/07/2015USD 358 974 0.17FRONTIER COMM 7.125% 12-375 00015/01/2023USD 276 572 0.13FRONTIER COMM 8.500% 10-400 00015/04/2020USD 331 412 0.16FRONTIER COMM 8.750% 10-1 185 00015/04/2022USD 972 822 0.47FTI CONSULTING 6.000% 13-1 030 00015/11/2022USD 771 367 0.37GENESIS ENERGY 5.750% 13-325 00015/02/2021USD 242 776 0.12GENESIS LP/FIN 7.875% 2011-550 00015/12/2018USD 443 178 0.21455 000 GENON ENERGY 9.500% 11-15/10/2018 USD 389 921 0.19GIBRALTAR STEEL 6.250% 13-1 260 00001/02/2021USD 969 892 0.47The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 40
<strong>PARVEST</strong> Bond World High YieldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsGULFMARK OFFSHOR 6.375% 13-1 534 00015/03/2022USD 1 177 897 0.57H&E EQUIPMENT 7.000% 13-1 275 00001/09/2022USD 1 027 368 0.50HALCON RESOURCES 8.875% 13-2 190 00015/05/2021USD 1 665 004 0.82HARRAHS OPER CO 11.250% 10-1 000 00001/06/2017USD 781 132 0.38HCA HOLDINGS INC 6.250% 12-450 00015/02/2021USD 342 124 0.171 800 000 HCA INC 5.875% 12-01/05/2023 USD 1 330 957 0.64275 000 HCA INC 5.875% 12-15/03/2022 USD 215 333 0.10800 000 HCA INC 6.500% 06-15/02/2016 USD 658 274 0.32850 000 HCA INC 6.500% 11-15/02/2020 USD 692 164 0.33850 000 HCA INC 7.500% 11-15/02/2022 USD 701 028 0.34900 000 HD SUPPLY INC 7.500% 13-15/07/2020 USD 713 256 0.351 450 000 HDTFS INC 6.250% 13-15/10/2022 USD 1 118 895 0.54HERCULES OFFSHOR 10.250% 12-1 800 00001/04/2019USD 1 511 831 0.73HERCULES OFFSHOR 8.750% 13-205 00015/07/2021USD 165 185 0.08HUNTSMAN INT LLC 4.875% 13-430 00015/11/2020USD 310 614 0.15IASIS HEALTHCARE 8.375% 11-1 525 00015/05/2019USD 1 211 465 0.59425 000 KB HOME 7.500% 12-15/09/2022 USD 336 010 0.16710 000 KB HOME 9.100% 09-15/09/2017 USD 609 794 0.30KINDRED HEALTHCARE 8.250% 11-565 00001/06/2019USD 449 909 0.22KINETICS/KCI USA 10.500% 13-850 00001/11/2018USD 710 697 0.34LEGACY RES/FIN C 6.625% 13-1 400 00001/12/2021USD 1 008 646 0.49435 000 LENNAR CORP 4.750% 12-15/11/2022 USD 302 679 0.15125 000 LEVEL 3 FIN INC 7.000% 13-01/06/2020 USD 95 508 0.05455 000 LEVEL 3 FIN INC 8.625% 12-15/07/2020 USD 369 217 0.18725 000 LEVEL 3 FIN INC 9.375% 11-01/04/2019 USD 603 434 0.29LIBBEY GLASS INC 6.875% 12-1 043 00015/05/2020USD 845 371 0.41LIMITED BRANDS 5.625% 12-500 00015/02/2022USD 382 034 0.18LIMITED BRANDS 6.625% 11-770 00001/04/2021USD 620 450 0.30LINN ENERGY LLC 7.750% 10-1 000 00001/02/2021USD 735 629 0.36900 000 LSB INDUSTRIES 7.750% 13-01/08/2019 USD 706 431 0.34MARKWEST ENERGY 4.500% 13-1 330 00015/07/2023USD 917 867 0.44MARKWEST ENERGY 6.250% 11-465 00015/06/2022USD 368 516 0.18815 000 MASCO CORP 6.125% 06-03/10/2016 USD 682 978 0.33MCRON FINANCE SU 8.375% 12-1 080 00015/05/2019USD 880 479 0.43MEDIACOM BROADBD 6.375% 13-1 400 00001/04/2023USD 1 056 423 0.51MEM PROD PART LP 7.625% 13-1 785 00001/05/2021USD 1 306 329 0.63785 000 MERITOR INC 6.750% 13-15/06/2021 USD 581 189 0.28METROPCS WIRELES 6.250% 13-730 00001/04/2021USD 552 233 0.27METROPCS WIRELES 6.625% 13-605 00001/04/2023USD 455 379 0.22260 000 MGM RESORTS 10.000% 10-01/11/2016 USD 231 685 0.111 230 000 MGM RESORTS 6.625% 12-15/12/2021 USD 946 800 0.46520 000 MGM RESORTS 7.750% 12-15/03/2022 USD 419 005 0.20MGM RESORTS INTRNL 5.875% 04-375 00027/02/2014USD 290 080 0.14MGM RESORTS INTRNL 7.500% 07-565 00001/06/2016USD 471 333 0.23MIRANT AMERICAS 8.500% 06-590 00001/10/2021USD 476 528 0.23MIRANT AMERICAS 9.125% 06-795 00001/05/2031USD 633 058 0.31MURPHY OIL USA 6.000% 13-500 00015/08/2023USD 376 346 0.18MURRAY ENERGY 8.625% 13-1 000 00015/06/2021USD 754 588 0.371 260 000 NCL CORP 5.000% 13-15/02/2018 USD 943 614 0.46NES RENTALS HLDG 7.875% 13-1 160 00001/05/2018USD 901 714 0.44Quantity DenominationQuotationcurrencyMarket value% of netassets1 700 000 NETFLIX INC 5.375% 13-01/02/2021 USD 1 295 692 0.63NORCRAFT COS LP 10.500% 10-1 815 00015/12/2015USD 1 434 959 0.69NRG ENERGY INC 7.625% 11-1 950 00015/01/2018USD 1 637 816 0.79OASIS PETROLEUM 6.500% 11-850 00001/11/2021USD 676 854 0.33PARKER DRILLING 7.500% 13-500 00001/08/2020USD 372 554 0.18PNK FINANCE CORP 6.375% 13-1 100 00001/08/2021USD 832 133 0.401 000 000 QVC INC 7.375% 10-15/10/2020 USD 820 567 0.40REGENCY ENERGY 4.500% 13-790 00001/11/2023USD 534 715 0.26REGENCY ENERGY 5.500% 12-800 00015/04/2023USD 585 469 0.28REX ENERGY CORP 8.875% 12-1 265 00001/12/2020USD 992 928 0.48REYNOLDS GROUP 5.750% 13-1 100 00015/10/2020USD 826 919 0.401 200 000 RITE AID CORP 10.250% 10-15/10/2019 USD 1 024 951 0.50SABINE PASS LIQU 5.625% 13-720 00001/02/2021USD 521 462 0.25SABINE PASS LNG 6.500% 12-955 00001/11/2020USD 727 874 0.35SABINE PASS LNG 7.500% 07-1 600 00030/11/2016USD 1 336 266 0.65SAFWAY GROUP HLD 7.000% 13-1 470 00015/05/2018USD 1 120 393 0.54SALLY HOLDING / SAL CA 6.875% 12-400 00015/11/2019USD 330 654 0.16SANDRIDGE ENERGY 7.500% 12-625 00015/02/2023USD 458 583 0.22SANDRIDGE ENERGY 8.125% 12-1 010 00015/10/2022USD 769 794 0.37SANDRIDGE ENERGY 8.750% 10-500 00015/01/2020USD 396 254 0.19SEALED AIR CORP 8.375% 11-500 00015/09/2021USD 428 959 0.21SIRIUS XM RADIO 5.250% 12-700 00015/08/2022USD 492 378 0.24SIRIUS XM RADIO 8.750% 10-460 00001/04/2015USD 391 415 0.19SPRINT CAP CORP 6.875% 98-785 00015/11/2028USD 537 284 0.26SPRINT CAP CORP 8.750% 02-345 00015/03/2032USD 268 182 0.13SPRINT NEXTEL 11.500% 12-455 00015/11/2021USD 450 307 0.22635 000 SPRINT NEXTEL 6.000% 12-15/11/2022 USD 450 269 0.22450 000 SPRINT NEXTEL 8.375% 09-15/08/2017 USD 383 077 0.191 455 000 SPRINT NEXTEL 9.000% 11-15/11/2018 USD 1 288 270 0.62STARZ LLC/FIN CO 5.000% 13-1 000 00015/09/2019USD 743 213 0.36TAYLOR MORRISON 5.250% 13-1 110 00015/04/2021USD 795 503 0.38TENET HEALTHCARE 8.000% 11-900 00001/08/2020USD 708 991 0.34TENET HEALTHCARE 9.250% 06-1 110 00001/02/2015USD 921 773 0.45585 000 TENNECO INC 6.875% 11-15/12/2020 USD 475 817 0.23825 000 TENNECO INC 7.750% 11-15/08/2018 USD 671 024 0.32TES LOG LP/CORP 6.125% 13-600 00015/10/2021USD 453 890 0.221 000 000 TITAN INTL INC 7.875% 11-01/10/2017 USD 803 883 0.391 050 000 TITAN INTL INC 7.875% 13-01/10/2017 USD 844 077 0.41T-MOBILE USA INC 5.250% 13-1 200 00001/09/2018USD 919 157 0.44TOLL BR FIN CORP 6.750% 09-1 531 00001/11/2019USD 1 280 091 0.62765 000 TRANSDIGM INC 7.500% 13-15/07/2021 USD 613 520 0.30TRONOX FINANCE 6.375% 12-1 265 00015/08/2020USD 916 180 0.44TW TELECOM HLDS 5.375% 13-450 00001/10/2022USD 325 061 0.16UNITED RENTAL NA 5.750% 13-475 00015/07/2018USD 384 546 0.19UNITED RENTAL NA 7.375% 13-335 00015/05/2020USD 273 747 0.13UNITED RENTAL NA 7.625% 13-1 265 00015/04/2022USD 1 031 302 0.50UNITED RENTAL NA 9.250% 09-775 00015/12/2019USD 659 009 0.32UNIVISION COMM 6.750% 12-1 475 00015/09/2022USD 1 160 559 0.56The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 41
<strong>PARVEST</strong> Bond World High YieldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassets600 000 USG CORP 9.750% 07-15/01/2018 USD 524 420 0.25VALEANT PHARMA 6.750% 10-300 00001/10/2017USD 242 018 0.12VALEANT PHARMA 6.875% 10-325 00001/12/2018USD 261 262 0.13VALEANT PHARMA 7.000% 10-370 00001/10/2020USD 294 631 0.14VANGUARD HEALTH 7.750% 11-1 525 00001/02/2019USD 1 237 487 0.60VANGUARD HEALTH 8.000% 10-575 00001/02/2018USD 460 597 0.221 195 000 VENOCO INC 8.875% 11-15/02/2019 USD 903 999 0.44VIK CRUISES LTD 8.500% 12-1 400 00015/10/2022USD 1 159 942 0.56VPI ESCROW CORP 6.375% 12-1 350 00015/10/2020USD 1 040 450 0.50W & T OFFSHORE 8.500% 12-1 500 00015/06/2019USD 1 205 824 0.58WATCO COS LLC/FI 6.375% 13-630 00001/04/2023USD 471 807 0.23WINDSTREAM CORP 7.500% 11-755 00001/04/2023USD 559 694 0.27WINDSTREAM CORP 7.750% 13-2 000 00001/10/2021USD 1 550 887 0.75WMG ACQUISITION 6.000% 12-562 00015/01/2021USD 436 865 0.21ZACHRY HOLDINGS 7.500% 13-610 00001/02/2020USD 474 177 0.23Luxembourg 11 557 808 5.61ARCELORMITTAL 10.350% 09-590 00001/06/2019USD 530 221 0.26ARCELORMITTAL 6.125% 08-1 590 00001/06/2018USD 1 241 999 0.60ARCELORMITTAL 6.750% 12-1 075 00025/02/2022USD 829 526 0.40ARCELORMITTAL 7.500% 09-795 00015/10/2039USD 554 679 0.27DEMATIC SA / DH 7.750% 12-1 070 00015/12/2020USD 837 839 0.41FIAT FIN & TRADE 6.375% 11-1 100 00001/04/2016EUR 1 153 636 0.56FIAT FIN & TRADE 7.750% 12-650 00017/10/2016EUR 707 844 0.34450 000 FIAT IND FIN 5.250% 11-11/03/2015 EUR 470 250 0.23GESTAMP FUN LUX 5.875% 13-600 00031/05/2020EUR 597 000 0.29INEOS GROUP HOLD 6.125% 13-1 145 00015/08/2018USD 840 124 0.41MATTERHORN MOB 8.250% 12-750 00015/02/2020EUR 797 385 0.39SUNRISE COMM HOLDING 8.500% 10-400 00031/12/2018EUR 430 200 0.21WIND ACQUISITION 11.750% 09-650 00015/07/2017USD 515 130 0.25WIND ACQUISITION 7.375% 10-800 00015/02/2018EUR 814 000 0.391 150 000 XEFIN LUX SCA 8.000% 11-01/06/2018 EUR 1 237 975 0.60The Netherlands 7 887 015 3.82EDP FINANCE BV 5.750% 12-820 00021/09/2017EUR 871 578 0.42EDP FINANCE BV 6.625% 02-750 00009/08/2017GBP 930 901 0.45HEIDELBERGCEMENT 8.000% 09-550 00031/01/2017EUR 636 625 0.31PORTUGAL TEL FIN 5.000% 09-570 00004/11/2019EUR 555 579 0.27REFRESCO GROUP 7.375% 11-900 00015/05/2018EUR 956 250 0.46STORK TECHNICAL 11.000% 12-1 000 00015/08/2017EUR 968 400 0.47UPC HOLDING BV 6.375% 12-850 00015/09/2022EUR 829 813 0.40UPC HOLDING BV 8.375% 10-750 00015/08/2020EUR 815 880 0.39UPC HOLDING BV 9.875% 09-440 00015/04/2018USD 362 051 0.1850 000 ZIGGO FINANCE 6.125% 10-15/11/2017 EUR 51 755 0.03850 000 ZIGGO FINANCE 8.000% 10-15/05/2018 EUR 908 183 0.44France 6 936 325 3.35CERBA EUROPEAN 7.000% 13-860 00001/02/2020EUR 853 550 0.41700 000 LA FIN ATALIAN 7.250% 13-15/01/2020 EUR 682 500 0.33300 000 LAFARGE SA 5.375% 10-29/11/2018 EUR 330 600 0.161 850 000 LAFARGE SA 7.625% 09-24/11/2016 EUR 2 171 437 1.06400 000 PEUGEOT SA 6.875% 11-30/03/2016 EUR 426 952 0.21400 000 PEUGEOT SA 8.375% 09-15/07/2014 EUR 419 976 0.20500 000 PICARD 9.000% 10-01/10/2018 EUR 547 500 0.26350 000 RENAULT 5.625% 10-30/06/2015 EUR 371 560 0.18500 000 REXEL SA 7.000% 11-17/12/2018 EUR 543 750 0.26550 000 SPCM SA 5.500% 12-15/06/2020 EUR 588 500 0.28United Kingdom 6 843 992 3.31ALGECO SCOTSMAN 9.000% 12-950 00015/10/2018EUR 980 875 0.47BAKKAVOR FIN 2 8.250% 11-250 00015/02/2018GBP 305 754 0.151 000 000 BOPARAN 9.750% 11-30/04/2018 EUR 1 100 000 0.53370 000 DIXONS RETAIL 8.750% 12-15/09/2017 GBP 492 920 0.24ECO-BAT FIN PLC 7.750% 12-722 00015/02/2017EUR 736 440 0.36INEOS FINANCE PL 8.375% 12-920 00015/02/2019USD 763 992 0.37JAGUAR LAND ROVR 8.125% 11-750 00015/05/2018GBP 952 458 0.46300 000 OTE PLC 4.625% 06-20/05/2016 EUR 291 000 0.141 019 000 PRIORY GROUP 7.000% 11-15/02/2018 GBP 1 220 553 0.59Canada 5 734 795 2.78BOMBARDIER INC 7.500% 10-1 175 00015/03/2018USD 984 662 0.48BOMBARDIER INC 7.750% 10-1 440 00015/03/2020USD 1 219 020 0.59CHC HELICOPTER S 9.250% 12-1 988 00015/10/2020USD 1 545 351 0.751 080 000 NEW GOLD INC 6.250% 12-15/11/2022 USD 784 241 0.38515 000 NEW GOLD INC 7.000% 12-15/04/2020 USD 397 401 0.19975 000 NOVELIS INC 8.750% 11-15/12/2020 USD 804 120 0.39Ireland 4 999 939 2.41AG SPRING FINANC 7.500% 13-900 00001/06/2018EUR 893 250 0.43ARDAGH PKG FIN 7.375% 10-900 00015/10/2017EUR 958 050 0.46ARDAGH PKG FIN 7.375% 12-655 00015/10/2017USD 530 269 0.26NARA CABLE FUNDI 8.875% 10-770 00001/12/2018EUR 811 003 0.39NARA CABLE FUNDI 8.875% 12-425 00001/12/2018USD 334 398 0.16ROTTAPHARM LTD 6.125% 12-1 455 00015/11/2019EUR 1 472 969 0.71Cayman Islands 4 442 307 2.15OFFSHORE GROUP I 7.125% 13-1 160 00001/04/2023USD 846 731 0.41OFFSHORE GROUP I 7.500% 13-1 100 00001/11/2019USD 867 587 0.42957 000 SABLE INTL FIN 8.750% 12-01/02/2020 USD 798 347 0.39SHELF DRL HOLD 8.625% 12-1 544 00001/11/2018USD 1 244 123 0.60UPCB FINANCE VI 6.875% 12-865 00015/01/2022USD 685 519 0.33Australia 2 133 618 1.04FMG RES AUG 2006 6.000% 12-850 00001/04/2017USD 655 904 0.32FMG RES AUG 2006 6.875% 12-545 00001/04/2022USD 409 184 0.20FMG RES AUG 2006 7.000% 10-1 000 00001/11/2015USD 781 132 0.38FMG RES AUG 2006 8.250% 11-355 00001/11/2019USD 287 398 0.14Germany 1 720 054 0.83KABEL DTLD V&S 6.500% 11-800 00029/06/2018EUR 848 384 0.41300 000 KUKA AG 8.750% 10-15/11/2017 EUR 336 975 0.16480 000 UNITYMEDIA 5.500% 12-15/01/2023 USD 331 260 0.16500 000 UNITYMEDIA 8.125% 09-01/12/2017 EUR 203 435 0.10Sweden 1 453 155 0.70500 000 STENA AB 7.875% 10-15/03/2020 EUR 547 530 0.26TVN FIN CORP III 7.875% 10-875 00015/11/2018EUR 905 625 0.44The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 42
<strong>PARVEST</strong> Bond World High YieldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsBermuda 827 819 0.40INTELSAT JACKSON 5.500% 13-400 00001/08/2023USD 281 359 0.14INTELSAT JACKSON 7.250% 10-675 00015/10/2020USD 546 460 0.26Finland 774 166 0.37STORA ENSO OYJ 5.500% 12-500 00007/03/2019EUR 522 500 0.25UPM KYMMENE CORP 6.625% 02-200 00023/01/2017GBP 251 666 0.12Belgium 773 430 0.38BARRY CALLE SVCS 5.375% 11-434 00015/06/2021EUR 471 975 0.23BARRY CALLE SVCS 6.000% 07-270 00013/07/2017EUR 301 455 0.15Portugal 417 300 0.20BRISA CONCESSAO 6.875% 12-400 00002/04/2018EUR 417 300 0.20Spain 371 000 0.18OBRASCON HUARTE 7.375% 10-350 00028/04/2015EUR 371 000 0.18Austria 253 800 0.12SAPPI PAPIER HOL 6.625% 11-250 00015/04/2018EUR 253 800 0.12Floating rate bonds 2 154 120 1.05United States ofAmerica 1 211 853 0.591 590 000 CHESAP OIL OP/FN 13-15/11/2019 FRN USD 1 211 853 0.59Italy 490 625 0.24500 000 TELECOM ITALIA 13-20/03/2073 FRN EUR 490 625 0.24The Netherlands 451 642 0.22440 000 KPN NV 13-29/03/2049 FRN EUR 451 642 0.22Other transferable securities 1 891 939 0.91Bonds 1 891 939 0.91United States ofAmerica 1 891 939 0.91CSC HOLDINGS INC 7.875% 98-900 00015/02/2018USD 774 685 0.37540 000 EL PASO CORP 7.750% 02-15/01/2032 USD 429 858 0.21SPRINT CAP CORP 6.900% 99-880 00001/05/2019USD 687 396 0.33US ONCOLOGY 9.125% 2011-1 370 00015/08/2017 DFLTUSD 0 0.00Total securities portfolio 201 455 413 97.49The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 43
<strong>PARVEST</strong> Bond World Inflation-LinkedSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets239 443 254 97.61Bonds 223 263 092 91.02United States ofAmerica 107 092 588 43.70US TSY I/L STOCK 2.500% 09-6 852 92115/01/2029USD 6 247 505 2.55US TSY INFL IX N/B 0.125% 11-2 041 38015/04/2016USD 1 584 911 0.65US TSY INFL IX N/B 0.125% 12-12 058 46915/01/2022USD 8 821 973 3.60US TSY INFL IX N/B 0.125% 12-24 505 13615/04/2017USD 19 011 065 7.76US TSY INFL IX N/B 0.125% 12-9 330 05615/07/2022USD 6 803 202 2.77US TSY INFL IX N/B 0.125% 13-930 54315/01/2023USD 670 034 0.27US TSY INFL IX N/B 0.125% 13-21 270 17915/04/2018USD 16 409 391 6.70US TSY INFL IX N/B 0.375% 13-11 055 48415/07/2023USD 8 137 317 3.32US TSY INFL IX N/B 0.500% 10-1 637 52615/04/2015USD 1 270 683 0.52US TSY INFL IX N/B 0.625% 13-4 797 08015/02/2043USD 2 910 408 1.19US TSY INFL IX N/B 0.750% 12-6 527 88415/02/2042USD 4 140 727 1.69US TSY INFL IX N/B 1.125% 11-3 842 17215/01/2021USD 3 072 494 1.25US TSY INFL IX N/B 1.750% 08-9 684 31015/01/2028USD 8 038 088 3.28US TSY INFL IX N/B 2.000% 06-1 893 82715/01/2026USD 1 622 840 0.66US TSY INFL IX N/B 2.125% 09-8 601 49215/01/2019USD 7 297 831 2.98US TSY INFL IX N/B 2.125% 11-6 567 23815/02/2041USD 5 796 791 2.36US TSY INFL IX N/B 2.375% 04-532 58915/01/2025USD 471 654 0.19US TSY INFL IX N/B 2.375% 07-3 693 06315/01/2027USD 3 300 722 1.35US TSY INFL IX N/B 3.625%98-1 443 48015/04/2028USD 1 484 952 0.61United Kingdom 60 019 150 24.45NETWRK RAIL INFR 1.375% 07-117 81722/11/2037GBP 170 551 0.07NETWRK RAIL INFR 1.750% 07-229 96822/11/2027GBP 324 804 0.136 931 362 UK TSY I/L GILT 0.125% 11-22/03/2029 GBP 8 253 964 3.366 639 059 UK TSY I/L GILT 0.125% 12-22/03/2024 GBP 8 031 672 3.274 476 815 UK TSY I/L GILT 0.125% 12-22/03/2044 GBP 5 322 126 2.177 122 788 UK TSY I/L GILT 0.250% 12-22/03/2052 GBP 8 943 595 3.65843 259 UK TSY I/L GILT 0.375% 11-22/03/2062 GBP 1 156 068 0.47740 889 UK TSY I/L GILT 0.750% 11-22/03/2034 GBP 991 603 0.403 754 875 UK TSY I/L GILT 1.125% 07-22/11/2037 GBP 5 564 474 2.272 329 054 UK TSY I/L GILT 1.250% 06-22/11/2027 GBP 3 245 210 1.324 621 021 UK TSY I/L GILT 1.250% 08-22/11/2032 GBP 6 703 300 2.73UK TSY I/L STOCK 1.875% 07-4 354 30122/11/2022GBP 6 231 084 2.54UK TSY I/L STOCK 6.287% 86-1 320 00017/07/2024GBP 5 080 699 2.07France 18 626 091 7.58482 000 FRANCE O.A.T. 4.500% 09-25/04/2041 EUR 571 869 0.23FRANCE O.A.T.I/L 1.000% 05-4 309 94825/07/2017EUR 4 563 589 1.86FRANCE O.A.T.I/L 1.800% 07-1 268 08625/07/2040EUR 1 406 751 0.57FRANCE O.A.T.I/L 1.850% 11-1 371 48125/07/2027EUR 1 511 166 0.62FRANCE O.A.T.I/L 2.250% 04-3 520 91625/07/2020EUR 4 007 154 1.63FRANCE O.A.T.I/L 3.150% 02-2 036 76025/07/2032EUR 2 699 725 1.10FRANCE O.A.T.I/L 3.400% 99-1 150 14725/07/2029EUR 1 553 504 0.63FRENCH BTAN I/L 0.450% 11-2 232 19725/07/2016EUR 2 312 333 0.94Quantity DenominationQuotationcurrencyMarket value% of netassetsGermany 14 626 890 5.961 644 659 BUNDESOBL I/L 0.750% 11-15/04/2018 EUR 1 724 589 0.70DEUTSCHLAND I/L 0.100% 12-11 639 44215/04/2023EUR 11 484 056 4.68DEUTSCHLAND I/L 1.500% 06-652 12815/04/2016EUR 686 593 0.28DEUTSCHLAND I/L 1.750% 09-651 89315/04/2020EUR 731 652 0.30Australia 7 247 373 2.96AUSTRALIAN I/L 0.000% 09-3 940 00020/09/2025 FLATAUD 3 372 432 1.37AUSTRALIAN I/L 0.000% 12-415 00021/02/2022 FLATAUD 282 663 0.12AUSTRALIAN I/L 0.000% 94-520 00020/08/2015 FLATAUD 625 577 0.26AUSTRALIAN I/L 0.000% 96-2 410 00020/08/2020 FLATAUD 2 966 701 1.21Sweden 5 895 739 2.4015 890 000 3108 SWEDEN I/L 0.253% 11-01/06/2022 SEK 1 762 403 0.729 880 000 SWEDEN I / L 4.000% 95-01/12/2020 SEK 1 797 557 0.735 400 000 SWEDEN I/L 4.297% 99-01/12/2015 SEK 816 857 0.337 930 000 SWEDEN I/L 4.297% 99-01/12/2028 SEK 1 518 922 0.62Canada 5 706 788 2.32CANADA GOVT I/L 1.500% 10-2 284 42901/12/2044CAD 1 802 416 0.73CANADA GOVT I/L 2.000% 07-165 89001/12/2041CAD 145 171 0.06CANADA GOVT I/L 4.000% 99-2 113 20401/12/2031CAD 2 291 938 0.93CANADA GOVT I/L 4.250% 95-1 424 30901/12/2026CAD 1 467 263 0.60Japan 4 048 473 1.65309 927 000 JAPAN I/L-10YR 1.200% 07-10/06/2017 JPY 2 611 806 1.06166 388 900 JAPAN I/L-10YR 1.400% 08-10/06/2018 JPY 1 436 667 0.59Floating rate bonds 16 180 162 6.59United Kingdom 16 180 162 6.59UK TSY I/L STOCK 2.829% 02-1 780 00026/01/2035GBP 4 190 434 1.71UK TSY I/L STOCK 7.322% 83-1 951 00016/04/2020GBP 8 351 374 3.40UK TSY I/L STOCK 7.522% 83-254 00026/07/2016GBP 1 017 415 0.41UK TSY I/L STOCK 7.633% 92-720 00022/07/2030GBP 2 620 939 1.07Total securities portfolio 239 443 254 97.61The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 44
<strong>PARVEST</strong> Convertible Bond AsiaSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/or 156 661 399 94.70traded on another regulated marketConvertible bonds 156 661 399 94.70Taiwan 33 339 557 20.15AU OPTRONICS 0.000% 10-3 700 00013/10/2015 CVUSD 3 745 214 2.26CATHAY FINANCIAL 0.000% 12-1 200 00014/08/2014 CVUSD 1 442 400 0.87EPISTAR CORP 0.000% 11-2 400 00027/01/2016 CVUSD 2 362 656 1.43HON HAI PRECISION 0.000% 10-6 500 00012/10/2013 CVUSD 6 478 160 3.92PEGATRON CORP 0.000% 12-2 000 00006/02/2017 CVUSD 2 400 460 1.45TAIWAN GLASS IND 11-2 000 00028/07/2014 CVUSD 1 914 000 1.16TPK HOLDING CO 0.000% 11-9 000 00020/04/2014 CVUSD 8 813 339 5.32TPK HOLDING CO 0.000% 12-1 250 00001/10/2017 CVUSD 1 292 988 0.78UNITED MICROELEC 11-3 000 00024/05/2016 CVUSD 2 861 640 1.73WISTRON CORP 0.000% 12-2 000 00019/01/2015 CVUSD 2 028 700 1.23Cayman Islands 28 674 513 17.33AGILE PROPERTY 4.000% 11-2 000 00028/04/2016 CVUSD 2 006 820 1.21CHINA OVERSEAS 12-21/03/201714 000 000CV SRHKD 2 288 758 1.38CHINA OVERSEAS FIN 0.000% 07-1 900 00014/05/2014 CVUSD 2 879 526 1.74ENN ENERGY HLDG 13-4 500 00026/02/2018 CVUSD 4 860 360 2.9437 000 000 HENGAN INTL 13-27/06/2018 CV HKD 4 900 316 2.96INTIME DEPARTMEN 1.750% 10-15 000 00027/10/2013 CVHKD 2 059 870 1.25KAISA GROUP 8.000% 10-10 000 00020/12/2015 CVCNY 1 720 494 1.04SHUI ON LAND 4.500% 10-11 500 00029/09/2015 CVCNY 1 867 017 1.1317 000 000 SOHO CHINA 3.750% 09-02/07/2014 CV HKD 2 829 563 1.71XINYU HENGDELI H 2.500% 10-14 000 00020/10/2015 CVHKD 1 855 943 1.121 300 000 ZHEN DING TECH 12-07/06/2015 CV USD 1 405 846 0.85British Virgin Islands 24 931 316 15.07BILLION EXPRESS 0.750% 10-10 300 00018/10/2015 CVUSD 10 595 918 6.40NEWFORD CAPITAL 0.000% 11-3 200 00012/05/2016 CVUSD 3 234 400 1.96POWER REGAL GROU 2.250% 09-13 000 00002/06/2014 CVHKD 2 126 801 1.2927 000 000 TONG JIE LTD 13-18/02/2018 CV HKD 3 464 485 2.09WHARF FIN (2014) 2.300% 11-42 000 00007/06/2014 CVHKD 5 509 712 3.33Singapore 18 995 369 11.48CAPITACOMMERCIAL 2.700% 10-1 250 00021/04/2015 CVSGD 1 126 224 0.68CAPITALAND LTD 1.850% 13-2 500 00019/06/2020 CVSGD 1 815 748 1.10CAPITALAND LTD 2.100% 06-750 00015/11/2016 CVSGD 586 844 0.35CAPITALAND LTD 2.875% 09-3 500 00003/09/2016 CVSGD 2 801 299 1.69CAPITALAND LTD 2.950% 07-4 500 00020/06/2022 CVSGD 3 486 591 2.11KEPPEL LAND LTD 1.875% 10-3 000 00029/11/2015 CVSGD 2 324 699 1.41RUBY ASSETS PTE 1.600% 10-2 500 00001/02/2017 CVSGD 2 189 965 1.32SUNTEC REIT 1.400% 13-2 000 00018/03/2018 CVSGD 1 541 278 0.93TEMASEK FINANCIA 0.000% 11-4 000 00014/12/2013 CVSGD 3 122 721 1.89Hong Kong 17 441 734 10.53CHINA POWER INTL 2.750% 12-36 000 00018/09/2017 CVHK EXCHANGES 0.500% 12-3 700 00023/10/2017 CVNEW WORLD DEV BV 07-40 000 00004/06/2014 CVCNY 7 072 906 4.27USD 3 882 188 2.35HKD 6 486 640 3.91Quantity DenominationQuotationcurrencyMarket value% of netassetsSouth Korea 11 045 605 6.68HYNIX SEMI INC 2.650% 10-3 300 00014/05/2015 CVUSD 3 606 372 2.182 400 000 000 LOTTE SHOPPING 13-24/01/2018 CV KRW 2 266 925 1.37LOTTE SHOPPING 0.000% 11-220 000 00005/07/2016 CVJPY 2 228 297 1.352 100 000 SK TELECOM 1.750% 09-07/04/2014 CV USD 2 944 011 1.78Philippines 6 062 644 3.67SAN MIGUEL CORP 2.000% 11-3 200 00005/05/2014 CVUSD 3 170 144 1.92SM INVESTMENTS 1.625% 12-2 600 00015/02/2017 CVUSD 2 892 500 1.75India 5 535 865 3.35JAIPRAKASH POWER 5.000% 10-900 00013/02/2015 CVUSD 739 782 0.45LARSEN & TOUBRO 3.500% 09-1 400 00022/10/2014 CVUSD 1 387 806 0.84TATA POWER CO 1.750% 09-1 100 00021/11/2014 CVUSD 1 147 014 0.69TATA STEEL LTD 4.500% 09-2 269 00021/11/2014 CVUSD 2 261 263 1.37Japan 4 841 082 2.94AEON CREDIT SRVC 12-30 000 00023/03/2017 CVJPY 590 585 0.36300 000 BANK OF IWATE 13-25/07/2018 CV USD 323 748 0.20170 000 000 PARK24 CO LTD 13-26/04/2018 CV JPY 1 786 789 1.08SEKISUI HOUSE 0.000% 11-100 000 00005/07/2016 CVJPY 1 318 789 0.80UNICHARM CORP 0.000% 10-60 000 00024/09/2015 CVJPY 821 171 0.50Malaysia 4 152 039 2.51PULAI CAPITAL 0.000% 12-1 700 00022/03/2019 CVUSD 1 620 423 0.98YTL CORP FINANCE 1.875% 10-2 400 00018/03/2015 CVUSD 2 531 616 1.53Australia 1 641 675 0.99DRILLSEARCH FINA 6.000% 13-1 500 00001/09/2018 CVUSD 1 641 675 0.99Total securities portfolio 156 661 399 94.70The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 45
<strong>PARVEST</strong> Convertible Bond WorldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets1 322 328 508 95.05Shares 33 985 299 2.44United States ofAmerica 22 037 010 1.58BANK OF AMERICA CORP 7.250%5 00031/12/2049 PFD CVUSD 4 095 253 0.29GENERAL MOTORS 10-01/12/13300 000CV FLATUSD 11 070 833 0.80WELLS FARGO CO 08-31/12/498 000CV FLATUSD 6 870 924 0.49Bermuda 11 910 359 0.86150 000 BUNGE 31/12/2049 PF CV USD 11 910 359 0.862 408Luxembourg 37 930 0.00ARCELORMITTAL 13-15/01/2016CV FLATUSD 37 930 0.00Convertible bonds 1 286 732 240 92.50United States ofAmerica 394 088 603 28.35ANNALY CAPITAL 5.000% 12-10 200 00015/05/2015 CVUSD 7 820 877 0.56ARCHER DANIELS 0.875% 07-19 000 00015/02/2014 CVUSD 14 653 890 1.05ARES CAPITAL COR 5.750% 11-10 000 00001/02/2016 CVUSD 8 147 846 0.59BOSTON PROPERTIES LP 3.625% 08-13 000 00015/02/2014 CVUSD 10 047 543 0.72CONCUR TECH INC 0.500% 13-8 500 00015/06/2018 CVUSD 7 054 368 0.5117 500 000 HOLOGIC INC 12-01/03/2042 CV SR USD 13 603 443 0.98ICONIX BRAND GRP 1.500% 13-8 000 00015/03/2018 CVUSD 7 322 372 0.53ILLUMINA INC 0.250% 11-5 900 00015/03/2016 CVUSD 5 010 973 0.3630 000 000 INTEL CORP 2.950% 06-15/12/2035 CV USD 24 056 196 1.7349 500 000 INTEL CORP 3.250% 09-01/08/2039 CV USD 44 948 296 3.24INTL GAME TECH 3.250% 09-14 400 00001/05/2014 CVUSD 12 147 393 0.87JARDEN CORP 1.875% 12-8 500 00015/09/2018 CVUSD 7 237 506 0.52JDS UNIPHASE 0.625% 13-4 900 00015/08/2033 CVUSD 3 694 138 0.27LAM RESEARCH 1.250% 11-10 000 00015/05/2018 CVUSD 8 701 274 0.63LIBERTY INTERACT 0.750% 13-20 000 00030/03/2043 CVUSD 16 437 889 1.18LIFEPOINT HOSPIT 3.500% 07-7 750 00015/05/2014 CVUSD 6 228 506 0.45LINEAR TECH 3.000% 07-12 061 00001/05/2027 CVUSD 9 706 151 0.70MGIC INVT CORP 2.000% 13-2 900 00001/04/2020 CVUSD 2 751 525 0.20MGM MIRAGE 4.250% 10-22 000 00015/04/2015 CVUSD 19 809 844 1.42MICRON TECH 2.375% 12-10 000 00001/05/2032 CVUSD 11 650 842 0.84NETSUITE INC 0.250% 13-7 000 00001/06/2018 CVUSD 5 656 378 0.41NEWMONT MINING 1.250% 07-7 400 00015/07/2014 CVUSD 5 757 420 0.41NUANCE COMMUNIC 2.750% 11-9 155 00001/11/2031 CVUSD 7 115 711 0.51OWENS-BROCKWAY 3.000% 10-11 000 00001/06/2015 CVUSD 8 592 447 0.62PRICELINE.COM 0.350% 13-19 000 00015/06/2020 CVUSD 14 494 092 1.04PRICELINE.COM 1.000% 12-18 000 00015/03/2018 CVUSD 16 866 161 1.21PROLOGIS LP 3.250% 11-5 960 00015/03/2015 CVUSD 5 031 468 0.36SALESFORCE.COM 0.250% 13-22 000 00001/04/2018 CVUSD 17 393 448 1.25SALIX PHARMACEUT 1.500% 12-11 000 00015/03/2019 CVUSD 10 252 624 0.74SANDISK CORP 1.500% 10-17 300 00015/08/2017 CVUSD 16 544 683 1.19STARWOOD PROP TR 4.550% 13-12 000 00001/03/2018 CVUSD 9 452 389 0.68Quantity DenominationQuotationcurrencyMarket value% of netassetsTESLA MOTORS INC 1.500% 13-6 622 00001/06/2018 CVUSD 7 659 745 0.55TEVA PHARMACEUT 0.250% 06-5 000 00001/02/2026 CVUSD 3 949 302 0.28WELLPOINT INC 2.750% 12-25 000 00015/10/2042 CVUSD 24 291 863 1.75France 144 724 664 10.39AIR FRANCE - KLM 4.970% 09-186 06201/04/2015 CV FLATEUR 194 246 0.01AIR FRANCE-KLM 0.000% 13-15/02/2311 460 563CV FLATEUR 10 462 492 0.75ALCATEL-LUCENT 0.000% 13-01/07/1810 892 529CV FLATEUR 14 275 264 1.03CAP GEMINI SA 3.500% 09-01/01/201410 707 586CV FLATEUR 13 186 392 0.95CGG VERITAS 1.250% 12-01/01/201917 075 886CV FLATEUR 16 723 104 1.20FAURECIA 3.250% 12-01/01/20187 655 445CV FLATEUR 9 512 323 0.68GEOPHYSIQUE - V 1.750% 11-01/01/162 828 316CV FLATEUR 2 920 491 0.21INGENICO 2.750% 11-01/01/20175 893 543CV FLATEUR 8 941 058 0.64MISARTE 3.250% 10-01/01/201616 001 482CV FLATEUR 20 872 155 1.50TECHNIP 0.250% 11-01/01/20178 934 929CV FLATEUR 10 352 392 0.74TECHNIP 0.500% 10-01/01/201617 955 334CV FLATEUR 21 579 891 1.55UNIBAIL-RODAM 0.750% 12-01/01/1814 178 606CV FLATEUR 15 704 856 1.13Cayman Islands 79 847 319 5.74AGILE PROPERTY 4.000% 11-9 800 00028/04/2016 CVUSD 7 457 469 0.54BES FINANCE LTD 3.500% 12-15 600 00006/12/2015 CVUSD 11 814 048 0.85CHINA OVERSEAS 12-21/03/201745 000 000CV SRHKD 5 579 191 0.40CHINA OVERSEAS FIN 0.000% 07-8 400 00014/05/2014 CVUSD 9 654 585 0.69ENN ENERGY HLDG 13-8 500 00026/02/2018 CVUSD 6 962 445 0.50115 000 000 HENGAN INTL 13-27/06/2018 CV HKD 11 550 668 0.8317 100 000 PYRUS LTD 7.500% 10-20/12/2015 CV USD 17 359 366 1.25SHUI ON LAND 4.500% 10-35 800 00029/09/2015 CVCNY 4 407 785 0.3240 100 000 SOHO CHINA 3.750% 09-02/07/2014 CV HKD 5 061 762 0.36Japan 69 688 624 5.01260 000 000 ABC MART 13-05/02/2018 CV JPY 2 297 958 0.17ASAHI BREWERIES 0.000% 08-915 000 00026/05/2028 CVJPY 8 940 622 0.648 100 000 BANK OF IWATE 13-25/07/2018 CV USD 6 629 149 0.48CASIO COMPUTER 0.000% 08-230 000 00031/03/2015 CVJPY 1 722 781 0.12390 000 000 IHI CORP 0.000% 11-29/03/2016 CV JPY 4 401 600 0.321 235 000 000 NIDEC CORP 0.000% 10-18/09/2015 CV JPY 10 085 375 0.72300 000 000 ORIX CORP 1.000% 09-31/03/2014 CV JPY 4 678 281 0.34SAWAI PHARM 0.000% 10-538 000 00017/09/2015 CVJPY 5 719 978 0.411 380 000 000 SONY CORP 0.000% 12-30/11/2017 CV JPY 22 099 081 1.59UNICHARM CORP 0.000% 10-300 000 00024/09/2015 CVJPY 3 113 799 0.22Luxembourg 63 823 511 4.59ESPIRITO SANTO F 05-15/11/202538 800 000CV SREUR 25 608 000 1.84GBL VERWALTUN 1.250% 13-18 200 00007/02/17 CVEUR 19 427 408 1.40SUBSEA 7 INC 3.500% 09-1 100 00013/10/2014 CVUSD 1 123 483 0.0823 200 000 SUBSEA 7 SA 1.000% 12-05/10/2017 CV USD 17 664 620 1.27Germany 59 511 414 4.2813 400 000 ADIDAS AG 0.250% 12-14/06/2019 CV EUR 16 296 812 1.17CELESIO FINANCE 2.500% 11-3 700 00007/04/2018 CVEUR 4 027 746 0.29DEUTSCHE POST AG 0.600% 12-24 100 00006/12/2019 CVEUR 29 433 571 2.12STEINHOFF FINANC 6.375% 12-6 300 00026/05/2017 CVEUR 6 498 576 0.4735 757 TUI AG 5.500% 09-17/11/2014 CV FLAT EUR 3 254 709 0.23The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 46
<strong>PARVEST</strong> Convertible Bond WorldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsBritish Virgin Islands 53 189 414 3.83BILLION EXPRESS 0.750% 10-33 700 00018/10/2015 CVUSD 26 291 674 1.89NEWFORD CAPITAL 0.000% 11-11 800 00012/05/2016 CVUSD 9 045 086 0.6571 000 000 TONG JIE LTD 13-18/02/2018 CV HKD 6 909 080 0.50WHARF FIN (2014) 2.300% 11-110 000 00007/06/2014 CVHKD 10 943 574 0.79The Netherlands 42 755 328 3.07AMORIM ENERGIA B 3.375% 13-4 700 00003/06/2018 CVSIEMENS FINAN 1.050% 12-43 750 00016/08/2017 CVVOLKSWAGEN INTFN 5.500% 12-2 700 00009/11/2015 CVEUR 5 046 437 0.36USD 34 738 216 2.50EUR 2 970 675 0.21United Kingdom 42 091 896 3.03BRITISH AIRWAYS 5.800% 09-27 00013/08/2014 CVDIALOG SEMICOND 1.000% 12-6 200 00012/04/2017 CVINTL CONSOLIDAT 1.750% 13-16 400 00031/05/2018 CVMOLINA HEALTHCAR 1.125% 13-8 525 00015/01/2020 CVTUI TRAVEL PLC 6.000% 09-9 700 00005/10/2014 CVGBP 47 995 0.00USD 4 707 881 0.34EUR 17 905 520 1.29USD 6 680 417 0.48GBP 12 750 083 0.92Italy 34 335 786 2.4718 600 000 ENI SPA 0.250% 12-30/11/2015 CV EUR 19 610 166 1.4114 500 000 ENI SPA 0.625% 13-18/01/2016 CV EUR 14 725 620 1.06Mexico 33 785 628 2.4212 000 000 CEMEX SAB 3.250% 11-15/03/2016 CV USD 11 598 483 0.839 000 000 CEMEX SAB 3.750% 11-15/03/2018 CV USD 8 809 434 0.6315 000 000 CEMEX SAB 4.875% 10-15/03/2015 CV USD 13 377 711 0.96South Korea 31 570 669 2.27HYNIX SEMI INC 2.650% 10-9 100 00014/05/2015 CVUSD 7 541 972 0.5411 000 000 000 LOTTE SHOPPING 13-24/01/2018 CV KRW 7 879 624 0.57LOTTE SHOPPING 0.000% 11-820 000 00005/07/2016 CVJPY 6 298 704 0.459 265 000 SK TELECOM 1.750% 09-07/04/2014 CV USD 9 850 369 0.71Portugal 27 227 826 1.9626 200 000 PARPUBLICA 5.250% 10-28/09/2017 CV EUR 27 227 826 1.96United Arab Emirates 25 803 235 1.85AABAR INVESTMENT 4.000% 11-23 500 00027/05/2016 CVEUR 25 803 235 1.85Sweden 21 665 172 1.5559 002 260 ELEKTA AB 2.750% 12-25/04/2017 CV SEK 8 493 384 0.61INDUSTRIVARDEN 1.875% 11-50 00027/02/2017 CVEUR 53 650 0.00INDUSTRIVARDEN 2.500% 10-10 650 00027/02/2015 CVEUR 13 118 138 0.94Russia 21 585 891 1.55LUKOIL INTL FIN 2.625% 10-26 200 00016/06/2015 CVUSD 21 585 891 1.55Spain 17 082 356 1.23MELIA HOTELS 4.500% 13-7 900 00004/04/2018 CVEUR 8 747 828 0.63OHL INVESTMENTS 4.000% 13-8 300 00025/04/2018 CVEUR 8 334 528 0.60Ireland 16 698 248 1.2018 655 000 SHIRE PLC 2.750% 09/05/2014 CV USD 16 698 248 1.20Belgium 14 426 435 1.04GRP BRUXELLES 0.125% 12-8 000 00021/09/2015 CVEUR 8 875 280 0.644 500 000 UCB SA 4.500% 09-22/10/2015 CV EUR 5 551 155 0.40Taiwan 13 362 125 0.96CATHAY FINANCIAL 0.000% 12-4 800 00014/08/2014 CVUSD 4 375 550 0.31TPK HOLDING CO 0.000% 11-6 300 00020/04/2014 CVUSD 4 678 703 0.34WISTRON CORP 0.000% 12-5 600 00019/01/2015 CVUSD 4 307 872 0.31Hong Kong 13 259 418 0.95CHINA POWER INTL 2.750% 12-19 500 00018/09/2017 CVCNY 2 905 474 0.21HK EXCHANGES 0.500% 12-13 012 00023/10/2017 CVUSD 10 353 944 0.74Finland 13 031 328 0.949 600 000 NOKIA OYJ 5.000% 12-26/10/2017 CV EUR 13 031 328 0.94Jersey Island 11 887 591 0.85BRITISH LAND CO 1.500% 12-6 100 00010/09/2017 CVGBP 7 576 481 0.54CPT SHP CNTR JER 2.500% 12-3 500 00004/10/2018 CVGBP 4 311 110 0.31Singapore 11 153 919 0.80CAPITALAND LTD 1.850% 13-20 250 00019/06/2020 CVSGD 11 153 919 0.80Canada 11 075 270 0.80GOLDCORP INC 2.000% 09-14 350 00001/08/2014 CVUSD 11 075 270 0.80Philippines 8 483 661 0.61SAN MIGUEL CORP 2.000% 11-6 800 00005/05/2014 CVUSD 5 108 870 0.37SM INVESTMENTS 1.625% 12-4 000 00015/02/2017 CVUSD 3 374 791 0.24Austria 6 257 073 0.45IMMOFINANZ 4.250% 11-08/03/20185 731 245CV FLATEUR 6 257 073 0.45Malaysia 4 319 836 0.31YTL CORP FINANCE 1.875% 10-5 400 00018/03/2015 CVUSD 4 319 836 0.31Options, Warrants, Rights 1 610 969 0.11CALL ELECTRONIC ARTS INC5 00021/09/2013 25CALL ELECTRONIC ARTS INC(10 000)21/09/2013 29CALL ELECTRONIC ARTS INC5 00021/09/2013 31CALL NEWMONT MINING CORP10 00018/01/2014 40CALL NEWMONT MINING CORP(6 000)18/01/2014 45CALL NEWMONT MINING CORP10 00018/01/2014 47SYMPHONY IN WTS 03/08/20072 044 757SYMPHONY IN CUSD 1 057 940 0.08USD (106 173) (0.01)USD 41 711 0.00USD 568 785 0.04USD (141 059) (0.01)USD 182 011 0.01USD 7 754 0.00Shares/Units in investment funds 20 292 614 1.46United States ofAmerica 16 722 281 1.20500 000.00 SPDR BARCLAYS CAPTL CONV SEC USD 16 722 281 1.20France 3 570 333 0.26LYXOR ETF DJST 600 BASIC88 947.00RESOURCESEUR 3 570 333 0.26Total securities portfolio 1 342 621 122 96.51The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 47
<strong>PARVEST</strong> Equity Best Selection Asia ex-JapanSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets345 648 737 99.12Shares 345 648 737 99.12Hong Kong 53 137 063 15.24GALAXY ENTERTAINMENT1 110 000GROUP LHKD 5 335 625 1.533 871 000 HANG LUNG PROPERTIES LTD HKD 9 275 302 2.66HONG KONG EXCH AND786 100CLEARING LTDHKD 9 348 678 2.681 432 000 HUTCHISON WHAMPOA LTD HKD 12 737 510 3.6510 652 000 LENOVO GROUP LTD HKD 7 865 329 2.262 957 000 MASS TRANSIT RAILWAY CORP HKD 8 574 619 2.46Taiwan 47 488 309 13.62510 000 ADVANTECH CO LTD TWD 1 938 748 0.562 771 000 CHUNGHWA TELECOM CO LTD TWD 6 622 290 1.90DELTA ELECTRONIC906 000INDUSTRIAL COTWD 3 099 716 0.897 437 938 FUBON FINANCIAL HOLDING CO TWD 7 700 246 2.211 823 000 NOVATEKMICROELECTRONICS CORTWD 5 636 461 1.62549 000 PRESIDENT CHAIN STORE CORP TWD 2 893 981 0.83TAIWAN SEMICONDUCTOR7 581 000MANUFACTURING CO LTDTWD 19 596 867 5.61China 44 375 662 12.725 748 000 CHINA COMMUNICATIONS SERVI - H HKD 2 900 716 0.8323 706 000 CHINA CONSTRUCTION BANK - H HKD 13 446 990 3.852 395 500 GREAT WALL MOTOR COMPANY - H HKD 9 300 911 2.677 688 000 HUANENG POWER INTL INC - H HKD 5 706 817 1.6425 701 000 IND & COMM BANK OF CHINA - H HKD 13 020 228 3.73India 39 135 284 11.23639 670 ASIAN PAINTS SHS INR 3 090 787 0.89HINDUSTAN UNILEVER966 736DEMATERIALISEDINR 7 062 996 2.031 090 442 KOTAK MAHINDRA BANK LTD INR 8 181 454 2.35637 172 LUPIN LTD INR 5 976 054 1.712 493 608 TATA MOTORS LTD INR 8 498 084 2.44398 779 TECH MAHINDRA LTD INR 6 325 909 1.81South Korea 37 477 487 10.7421 249 LOTTE SHOPPING CO KRW 5 059 244 1.4526 730 SAMSUNG ELECTRONICS CO LTD KRW 24 671 678 7.0780 991 SK ENERGY KRW 7 746 565 2.22Singapore 24 458 682 7.024 444 000 CAPITALAND LTD SGD 7 972 011 2.292 435 000 SINGAPORE EXCHANGE LTD SGD 10 500 802 3.012 871 000 SINGAPORETELECOMMUNICATIONSSGD 5 985 869 1.72Indonesia 23 990 972 6.888 043 500 BANK CENTRAL ASIA PT IDR 4 999 567 1.434 749 000 PERUSAHAAN GAS NEGARA PT IDR 1 715 022 0.49PT BANK RAKYAT INDONESIA8 356 500(PERSERO) TBKIDR 3 714 229 1.077 382 500 SEMEN GRESIK IDR 6 357 544 1.823 412 500 UNILEVER INDONESIA TBK PT IDR 7 204 610 2.07Thailand 20 991 374 6.02798 900 ADVANCED INFO SERVICE - FOR RG THB 4 573 666 1.315 331 100 CP ALL PCL - NVDR THB 4 144 733 1.192 175 700 PTT EXPLORATION & PROD - FOR THB 8 508 890 2.441 166 200 SIAM COMMERCIAL BANK P - NVDR THB 3 764 085 1.08Malaysia 16 579 252 4.765 416 900 DIGI.COM BHD MYR 5 853 066 1.682 723 200 PUBLIC BANK BHD - FOREIGN MKT MYR 10 726 186 3.08Quantity DenominationQuotationcurrencyMarket value% of netassetsCayman Islands 13 773 053 3.94CHINA STATE CONSTRUCTION INTL6 150 000HOLD LTDHKD 7 434 168 2.138 530 038 COUNTRY GARDEN HOLDINGS HKD 4 021 025 1.15948 000 SHENZHOU INTERNATIONAL GROUP HKD 2 317 860 0.66Bermuda 13 472 098 3.861 634 000 CHEUNG KONG INFRASTRUCTURE HKD 8 405 753 2.413 743 000 HAIER ELECTRONICS GROUP CO HKD 5 066 345 1.45Philippines 10 769 501 3.0979 130 SM INVESTMENTS PHP 948 598 0.2735 696 100 SM PRIME HOLDINGS INC PHP 9 820 903 2.82Total securities portfolio 345 648 737 99.12The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 48
<strong>PARVEST</strong> Equity Best Selection EuropeSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets2 079 471 127 99.23Shares 2 079 471 127 99.23United Kingdom 595 591 062 28.424 582 258 BG GROUP PLC GBP 65 960 002 3.158 083 710 CENTRICA PLC GBP 36 596 712 1.759 920 500 HSBC HOLDINGS GBP 78 675 011 3.753 610 984 INMARSAT GBP 29 441 974 1.40393 155 JOHNSON MATTHEY PLC GBP 13 103 629 0.6314 206 795 KINGFISHER PLC GBP 64 167 246 3.06238 866 LIBERTY GLOBAL INC-SERIES C USD 13 320 049 0.64319 893 LIBERTY GLOBAL PLC USD 18 845 206 0.9081 683 906 LLOYDS BANKING GROUP PLC GBP 69 523 315 3.326 743 221 PREMIER OIL PLC GBP 28 463 291 1.361 030 378 RIO TINTO PLC ORD GBP 35 212 237 1.681 292 293 SABMILLER PLC GBP 46 603 809 2.222 068 239 SMITHS GROUP PLC GBP 31 106 082 1.487 880 687 TESCO PLC GBP 33 888 618 1.621 202 526 WEIR GROUP GBP 30 683 881 1.46Germany 250 838 866 11.95981 075 BAYER AG EUR 82 449 542 3.92FRESENIUS MEDICAL CARE814 852AG & COEUR 40 078 496 1.91382 249 LINDE AG EUR 55 617 230 2.65929 369 SAP AG EUR 51 979 608 2.483 917 910 TELEFONICA DEUTSCHLAND HOLDI EUR 20 713 990 0.99Spain 219 121 014 10.462 013 134 AMADEUS IT HOLDING SA - A SHS EUR 49 200 995 2.357 215 890 BANCO BILBAO VIZCAYA ARGENTA EUR 52 098 726 2.4911 110 386 BANCO SANTANDER SA EUR 59 329 461 2.833 260 382 GESTEVISION TELECINCO SA EUR 24 100 744 1.151 092 053 GRIFOLS SA EUR 33 187 491 1.5851 568 GRIFOLS SA - B EUR 1 203 597 0.06France 210 537 561 10.05438 797 AEROPORTS DE PARIS EUR 32 405 158 1.55459 090 AIR LIQUIDE SA EUR 45 684 046 2.18329 367 LVMH MOET HENNES EUR 43 657 596 2.08179 328 SCHNEIDER ELECTRIC SA EUR 10 383 091 0.501 220 954 SCOR SE EUR 28 906 086 1.38562 518 TECHNIP SA EUR 49 501 584 2.36Switzerland 166 321 275 7.94419 119 ROCHE HOLDING AG GENUSSCHEIN CHF 79 122 794 3.78264 919 SCHINDLER HOLDING - PART CERT CHF 27 645 783 1.32136 599 THE SWATCH GROUP AG BR CHF 59 552 698 2.84The Netherlands 112 562 601 5.37888 918 AKZO NOBEL NV EUR 39 552 406 1.896 363 011 ING GROEP NV EUR 52 272 135 2.491 720 287 KONINKLIJKE AHOLD EUR 20 738 060 0.99Sweden 75 604 149 3.612 101 659 ATLAS COPCO AB - A SHS SEK 43 002 722 2.052 735 988 ELEKTA AB SEK 32 601 427 1.56Belgium 73 898 711 3.53713 689 ANHEUSER - BUSCH INBEV SA EUR 50 229 432 2.40648 740 TELENET GROUP HOLDING EUR 23 669 279 1.13Austria 65 878 284 3.14255 944 ANDRITZ AG EUR 10 672 865 0.511 088 165 ERSTE GROUP BANK AG EUR 26 393 442 1.26748 752 VIENNA INSURANCE GROUP EUR 28 811 977 1.37Quantity DenominationQuotationcurrencyMarket value% of netassetsJersey Island 52 371 086 2.503 950 541 EXPERIAN PLC GBP 52 371 086 2.50Finland 47 219 563 2.251 498 558 SAMPO OYJ - A EUR 47 219 563 2.25Portugal 45 263 739 2.163 081 262 JERONIMO MARTINS SGPS SA EUR 45 263 739 2.16Denmark 44 242 125 2.11602 804 CARLSBERG AS - B DKK 44 242 125 2.11Norway 38 303 678 1.833 258 252 DNB NOR ASA NOK 38 303 678 1.83Ireland 31 580 910 1.511 972 574 CRH PLC EUR 31 580 910 1.51Italy 25 072 369 1.20635 548 LUXOTTICA GROUP SPA EUR 25 072 369 1.20Luxembourg 25 064 134 1.20407 786 MILLICOM INTL CELLULAR-SDR SEK 25 064 134 1.20Shares/Units in investment funds 15 055 181 0.72France 15 055 181 0.72BNP PARIBAS MONEY PRIME12 642.00EURO - CEUR 15 055 181 0.72Total securities portfolio 2 094 526 308 99.95The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 49
<strong>PARVEST</strong> Equity BrazilSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets289 650 373 95.66Shares 284 427 064 93.93Brazil 280 202 503 92.531 400 AMBEV CIA DE BEDIDAS ADR USD 48 692 0.021 148 872 BANCO BRADESCO SA-PREF BRL 13 392 019 4.42763 000 BANCO BRADESCO-ADR USD 8 866 060 2.931 924 760 BM&FBOVESPA SA BRL 9 465 182 3.13468 245 BR MALLS PARTICIPACOES SA BRL 3 565 247 1.18933 406 BR PROPERTIES SA BRL 7 126 644 2.35559 123 BRADESPAR SA -PREF BRL 5 802 490 1.92413 000 BRASKEM SA-PREF A BRL 3 049 053 1.011 355 850 BRAZIL PHARMA SA BRL 4 848 065 1.60521 416 BRF - BRASIL FOODS SA BRL 12 107 690 4.00238 293 CETIP SA - BALCAO ORGANIZADO BRL 2 345 660 0.7760 653 CIA BRASILEIRA DE DIS-PREF BRL 2 493 295 0.82346 582 CIA DE BEBIDAS DAS AME-PREF BRL 12 130 179 4.0154 400 CIA DE BEBIDAS DAS AMERICAS BRL 1 914 954 0.631 802 917 CIA DE CONCESSOES RODOVIARIAS BRL 13 158 703 4.35599 990 CIA ENERGETICA MINAS GER-PRF BRL 4 694 559 1.5561 600 CIA PARANAENSE DE ENERGIA BRL 531 218 0.18175 332 CIA PARANAENSE DE ENERGI-PFB BRL 2 105 742 0.70209 700 CIA SANEAMENTO BASICO DE SP BRL 1 728 107 0.57509 189 CIA VALE DO RIO DOCE BRL 7 372 720 2.43235 473 CIELO SA BRL 5 785 837 1.91218 744 COSAN SA INDUSTRIA COMERCIO BRL 3 826 119 1.26134 600 CPFL ENERGIA SA BRL 1 104 123 0.36909 900 EDP - ENERGIAS DO BRASIL SA BRL 4 095 579 1.3548 300 EMBRAER SA BRL 397 830 0.1340 500 EMBRAER SA-ADR USD 1 334 475 0.4466 303 EQUATORIAL ENERGIA SA - ORD BRL 559 224 0.18924 645 EVEN CONSTRUTORA E INCORPORA BRL 3 115 627 1.0396 400 FIBRIA CELULOSE SA BRL 1 118 431 0.37159 595 FLEURY SA BRL 1 238 664 0.4149 732 GERDAU SA-PREF BRL 358 788 0.12486 100 HYPERMARCAS SA BRL 3 320 852 1.101 843 867 ITAU UNIBANCO HOLDING SA BRL 22 493 937 7.42319 395 ITAU UNIBANCO MULT - ADR USD 3 887 037 1.285 655 706 ITAUSA-INVESTIMENTOS ITAU-PR BRL 19 889 825 6.57161 390 JSL SA BRL 957 268 0.321 896 361 KLABIN SA-PREF BRL 9 820 123 3.24376 738 KROTON EDUCACIONAL SA BRL 5 071 393 1.67771 441 LOJAS AMERICANAS PREF BRL 4 906 732 1.621 179 906 MARFRIG ALIMENTOS SA BRL 3 037 643 1.00271 950 METALURGICA GERDAU SA-PREF BRL 2 421 853 0.80298 241 MILLS ESTRUTURAS E SERVICOS BRL 3 713 615 1.23MPX ENERGIA SUBSCRIPTION199 159RECEIPTS SHSBRL 431 464 0.14944 777 MPX MINERECAO E ENERGIA SA BRL 1 947 436 0.641 593 000 OSX BRASIL SA BRL 489 189 0.16335 050 PDG REALTY SA BRL 324 172 0.11705 347 PETROBRAS - PETROLEO BRAS-PR BRL 4 984 826 1.65876 015 PETROLEO BRASILEIRO ADR SPONS USD 12 491 974 4.13503 324 TELEFONICA BRASIL SA BRL 9 841 281 3.25856 015 TIM PARTICIPACOES SA BRL 3 377 708 1.1270 900 TOTVS SA BRL 1 115 464 0.37163 500 ULTRAPAR PARTICIPACOES SA BRL 3 569 628 1.18412 400 USINAS SIDER MINAS GER-PF A BRL 1 788 608 0.591 590 100 VALE SA-SP PREF ADR USD 20 639 499 6.81Bermuda 4 224 561 1.40315 737 COSAN LTD-CLASS A SHARES USD 4 224 561 1.40Quantity DenominationQuotationcurrencyMarket value% of netassetsBonds 25 180 0.01Brazil 25 180 0.011 197 135 PDG REALTY 0.000% 12-19/09/2016 CV BRL 25 180 0.01Options, Warrants, Rights 5 198 129 1.72MMX MINERACAO E METALICOS4 845 839SA RTSBRL 5 198 129 1.72Other transferable securities 3 614 074 1.19Shares 3 614 074 1.19Brazil 3 614 074 1.19ANHANGUERA EDUCACIONAL420 700PARTIBRL 2 451 095 0.81138 716 SONAE SIERRA BRASIL SA BRL 1 162 979 0.38Total securities portfolio 293 264 447 96.85The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 50
<strong>PARVEST</strong> Equity BricSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets228 912 685 98.63Shares 228 556 908 98.48Russia 67 181 272 28.9441 343 GAZPROM NEFT - SPONSORED ADR USD 850 426 0.372 384 868 GAZPROM OAO - SPONS. ADR REG.S USD 18 745 061 8.07121 082 GLOBALTRANS INV GDR USD 1 611 601 0.69INTER-REGIONAL DISTRIB GRID9 769 196COMPANIES HOLDINGUSD 297 960 0.13243 787 LUKOIL CO SPONS ADR (JSC OIL) USD 14 127 456 6.08MAGNIT JSC -SPONSORED70 476GDR REGSUSD 3 911 418 1.69182 279 MOBILE TELESYSTEMS USD 1 574 963 0.6839 078 MOBILE TELESYSTEMS ADR USD 826 890 0.3629 000 000 OGK-4-CLS USD 2 163 400 0.93220 000 PHOSAGRO OAO - GDR REG S USD 2 028 400 0.87100 000 ROS AGRO PLC- GDR REG S W/I USD 530 000 0.234 626 589 SBERBANK USD 12 243 804 5.2842 570 SEVERSTAL GDR USD 351 628 0.1570 234 SISTEMA JSFC REG-S GDR USD 1 554 981 0.678 554 412 SURGUTNEFTEGAZ - PFD USD 5 742 577 2.4748 229 TMK SPONS.GDR REG-S USD 620 707 0.27India 53 371 258 23.0364 000 ASIAN PAINTS SHS INR 407 761 0.189 000 BAJAJ AUTO LTD INR 253 122 0.11220 000 BALKRISHNA INDUSTRIES LTD INR 737 385 0.328 500 BHARAT ELECTRONICS LTD INR 150 651 0.06BHARAT PETROLEUM201 000CORPORATION LTDINR 831 441 0.36502 500 BHARTI AIRTEL INR 2 272 925 0.98222 000 CAIRN INDIA LTD-DEMATERALISED INR 1 080 767 0.47130 000 CIPLA LTD INR 827 380 0.3665 000 COAL INDIA LTD INR 250 083 0.11259 327 COROMANDELINTERNATIONAL LTDINR 755 765 0.33DABUR INDIA LTD-90 000DEMATERIALISEDINR 225 375 0.10300 000 DISH TV INDIA LTD INR 190 934 0.0837 000 DR REDDYS LABORATOIRIES LTD INR 1 279 572 0.5528 500 FAG BEARINGS INDIA LTD INR 517 654 0.2269 000 FEDERAL BANK LTD INR 270 851 0.12438 050 HDFC BANK LIMITED INR 3 898 493 1.6898 000 HINDUSTAN PETROLEUM CORP INR 251 564 0.11229 500 HOUSING DEV. FINANCE CORP LTD INR 2 537 457 1.091 257 000 IDEA CELLULAR LTD INR 2 962 236 1.28124 000 INDUSIND BANK LIMITED INR 692 914 0.30112 892 INFOSYS TECHNOLOGIES LTD INR 5 271 255 2.27575 000 ITC LTD INR 2 754 900 1.196 000 JAMMU & KASHMIR BANK LTD INR 100 076 0.0431 000 JUBILANT FOODWORKS LTD INR 482 665 0.2158 000 JUST DIAL LTD INR 598 303 0.2625 000 JYOTHY LABORATORIES LTD INR 58 650 0.0398 750 KOTAK MAHINDRA BANK LTD INR 976 963 0.4277 500 LUPIN LTD INR 958 457 0.4184 000 MADRAS CEMENTS LTD INR 203 421 0.09121 774 MAHINDRA HOLIDAYS + RESORTS INR 399 954 0.17420 000 MOTHERSON SUMI SYSTEMS LTD INR 1 248 494 0.54796 000 NATIONAL THERMAL POWER CORP INR 1 555 375 0.674 800 NESTLE INDIA DEMATERIALISED INR 360 708 0.16OIL & NATURAL GAS255 000CORPORATION LTDINR 957 939 0.41400 000 POWER GRID CORP OF INDIA LTD INR 599 364 0.26521 140 PURAVANKARA PROJECTS LTD INR 481 938 0.21216 000 RALLIS INDIA LTD INR 478 947 0.21227 900 RELIANCE INDUSTRIES LIMITED INR 2 990 950 1.29Quantity DenominationQuotationcurrencyMarket value% of netassets300 000 REPCO HOME FINANCE LTD INR 1 087 483 0.47305 000 SADBHAV ENGINEERING LTD INR 248 127 0.1194 500 SOBHA DEVELOPERS LTD INR 351 067 0.151 141 000 SPICEJET LTD INR 329 849 0.14SUN PHARMACEUTICAL161 500INDUSTRIESINR 1 286 965 0.5545 000 SUN TV NETWORK LTD INR 275 197 0.12TATA CONSULTANCY SVS122 000DEMATERIALINR 3 764 975 1.6211 000 ULTRATECH CEMENT LTD INR 250 984 0.1119 000 UNITED SPIRITS LIMITED INR 655 395 0.28110 000 VA TECH WABAG LTD INR 743 711 0.32305 000 VARDHMAN TEXTILES LTD INR 1 465 450 0.63223 000 WIPRO LTD INR 1 632 419 0.70115 000 ZEE ENTERTAINMENT ENTERPRISE INR 406 947 0.18Brazil 52 252 682 22.48338 970 BANCO BRADESCO SA-PREF BRL 3 951 260 1.709 500 BANCO BRADESCO-ADR USD 110 390 0.05265 442 BM&FBOVESPA SA BRL 1 305 335 0.5683 200 BR MALLS PARTICIPACOES SA BRL 633 490 0.27164 915 BR PROPERTIES SA BRL 1 259 142 0.5466 733 BRADESPAR SA -PREF BRL 692 544 0.3062 200 BRASKEM SA-PREF A BRL 459 204 0.20243 393 BRAZIL PHARMA SA BRL 870 292 0.3786 694 BRF - BRASIL FOODS SA BRL 2 013 103 0.8737 097 CETIP SA - BALCAO ORGANIZADO BRL 365 168 0.167 446 CIA BRASILEIRA DE DIS-PREF BRL 306 087 0.13100 753 CIA DE BEBIDAS DAS AME-PREF BRL 3 526 299 1.5221 100 CIA DE BEBIDAS DAS AMERICAS BRL 742 749 0.32279 890 CIA DE CONCESSOES RODOVIARIAS BRL 2 042 795 0.8892 809 CIA ENERGETICA MINAS GER-PRF BRL 726 174 0.3110 200 CIA PARANAENSE DE ENERGIA BRL 87 961 0.0428 939 CIA PARANAENSE DE ENERGI-PFB BRL 347 558 0.15215 066 CIA VALE DO RIO DOCE BRL 3 114 014 1.3428 800 CIELO SA BRL 707 648 0.3042 895 COSAN SA INDUSTRIA COMERCIO BRL 750 290 0.321 DURATEX SA BRL 5 0.00150 700 EDP - ENERGIAS DO BRASIL SA BRL 678 320 0.2911 849 EQUATORIAL ENERGIA SA - ORD BRL 99 939 0.04159 039 EVEN CONSTRUTORA E INCORPORA BRL 535 888 0.238 300 FIBRIA CELULOSE SA BRL 96 296 0.04612 400 ITAU UNIBANCO HOLDING SA BRL 7 470 867 3.22158 857 ITAU UNIBANCO MULT - ADR USD 1 933 290 0.8389 000 ITAUSA-INVESTIMENTOS ITAU-PR BRL 312 993 0.1331 331 JSL SA BRL 185 837 0.08331 208 KLABIN SA-PREF BRL 1 715 129 0.7459 822 KROTON EDUCACIONAL SA BRL 805 283 0.35129 309 LOJAS AMERICANAS PREF BRL 822 467 0.35242 394 MARFRIG ALIMENTOS SA BRL 624 038 0.2729 802 METALURGICA GERDAU SA-PREF BRL 265 402 0.1155 648 MILLS ESTRUTURAS E SERVICOS BRL 692 914 0.30MPX ENERGIA SUBSCRIPTION29 439RECEIPTS SHSBRL 63 778 0.03157 103 MPX MINERECAO E ENERGIA SA BRL 323 831 0.1458 232 PDG REALTY SA BRL 56 341 0.02159 142 PETROBRAS - PETROLEO BRAS BRL 1 069 123 0.46561 841 PETROBRAS - PETROLEO BRAS-PR BRL 3 970 641 1.7150 200 PETROLEO BRASILEIRO ADR SPONS USD 715 852 0.3180 671 TELEFONICA BRASIL SA BRL 1 577 326 0.68123 068 TIM PARTICIPACOES SA BRL 485 608 0.2149 842 VALE SA-PREF A BRL 652 069 0.28237 900 VALE SA-SP PREF ADR USD 3 087 942 1.33The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 51
<strong>PARVEST</strong> Equity BricSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsChina 29 211 358 12.605 687 000 AGRICULTURAL BANK OF CHINA HKD 2 508 195 1.08438 500 ANHUI CONCH CEMENT CO LTD - H HKD 1 458 953 0.632 060 000 BANK OF CHINA LTD HKD 887 290 0.381 774 000 BEIJING CAPITAL INTL AIRPO - H HKD 1 175 895 0.512 522 000 CHINA COMMUNICATIONS SERVI - H HKD 1 678 211 0.726 954 040 CHINA CONSTRUCTION BANK - H HKD 5 201 362 2.24592 600 CHINA PACIFIC INSURANCE GR - H HKD 2 055 729 0.89175 500 CHINA SHENHUA ENERGY CO - H HKD 565 808 0.24429 455 CHINA VANKE CO LTD - B HKD 838 485 0.36684 000 CITIC SECURITIES CO LTD - H HKD 1 360 167 0.59586 000 DONGFENG MOTOR GRP CO LTD - H HKD 825 225 0.363 625 000 GLC POLY ENERGY HOLDINGS LTD HKD 963 002 0.41489 600 HAITONG SECURITIES CO LTD-H HKD 713 463 0.311 776 000 HUANENG POWER INTL INC - H HKD 1 738 348 0.756 727 000 IND & COMM BANK OF CHINA - H HKD 4 493 690 1.94466 000 JIANGXI COPPER CO LTD - H HKD 917 049 0.401 666 000 PETROCHINA CO LTD - H HKD 1 830 486 0.79Cayman Islands 11 594 032 4.9811 000 BELLE INTERNATIONAL HOLDINGS HKD 15 264 0.01212 000 CHINA RESOURCES LAND LTD HKD 589 162 0.25258 000 ENN ENERGY HOLDINGS LTD HKD 1 285 941 0.55168 000 HENGAN INTL GROUP CO LTD HKD 1 861 034 0.804 000 LONGFOR PROPERTIES HKD 6 582 0.00792 500 SHIMAO PROPERTY HOLDINGS LTD HKD 1 972 461 0.85504 000 SINO BIOPHARMACEUTICAL HKD 359 424 0.1596 200 TENCENT HOLDINGS LTD HKD 4 614 981 1.99TINGYI (CAYMAN ISLAND)358 000HOLDING COHKD 889 183 0.38Hong Kong 9 317 082 4.02428 000 AIA GROUP LTD HKD 1 904 210 0.82CHINA EVERBRIGHT883 000INTERNATIONAL LTDHKD 826 702 0.36786 000 CHINA OVERSEAS LAND & INVEST HKD 2 387 071 1.03398 000 CIMC ENRIC HOLDINGS LTD HKD 414 712 0.181 419 000 CNOOC LTD HKD 2 902 268 1.25906 000 LENOVO GROUP LTD HKD 882 119 0.38Taiwan 2 328 059 1.00TAIWAN SEMICONDUCTOR683 000MANUFACTURING CO LTDTWD 2 328 059 1.00Bermuda 2 078 865 0.90394 000 BRILLIANCE CHINA AUTOMOTIVE HKD 566 022 0.2447 786 COSAN LTD-CLASS A SHARES USD 639 377 0.28590 000 COSCO PACIFIC LTD HKD 873 466 0.38Bahrain 943 300 0.4176 000 ICICI BANKING CORP INR 943 300 0.41The Netherlands 279 000 0.12139 500 NORD GOLD NV - REG S GDR USD 279 000 0.12Bonds 3 115 0.00Brazil 3 115 0.00148 084 PDG REALTY 0.000% 12-19/09/2016 CV BRL 3 115 0.00Options, Warrants, Rights 352 662 0.15328 761MMX MINERACAO E METALICOSSA RTSBRL 352 662 0.15Other transferable securities 2 811 226 1.21Shares 2 811 226 1.21Russia 2 592 801 1.12198 048 MMC NORILSK NICKEL JSC-ADR USD 2 580 565 1.1135 758 TGK - 5 - REG S GDR USD 12 236 0.01Brazil 218 425 0.0926 053 SONAE SIERRA BRASIL SA BRL 218 425 0.09Total securities portfolio 231 723 911 99.84The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 52
<strong>PARVEST</strong> Equity ChinaSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets392 652 024 97.90Shares 392 652 024 97.90China 212 196 947 52.9041 398 000 AGRICULTURAL BANK OF CHINA HKD 18 258 174 4.552 921 000 ANHUI CONCH CEMENT CO LTD - H HKD 9 718 587 2.4213 546 443 BANK OF CHINA LTD HKD 5 834 768 1.4513 526 000 BEIJING CAPITAL INTL AIRPO - H HKD 8 965 704 2.2418 740 000 CHINA COMMUNICATIONS SERVI - H HKD 12 470 135 3.1151 516 135 CHINA CONSTRUCTION BANK - H HKD 38 532 141 9.604 303 200 CHINA PACIFIC INSURANCE GR - H HKD 14 927 796 3.721 165 500 CHINA SHENHUA ENERGY CO - H HKD 3 757 545 0.943 077 079 CHINA VANKE CO LTD - B HKD 6 007 813 1.504 918 000 CITIC SECURITIES CO LTD - H HKD 9 779 683 2.444 178 000 DONGFENG MOTOR GRP CO LTD - H HKD 5 883 597 1.4725 186 000 GLC POLY ENERGY HOLDINGS LTD HKD 6 690 804 1.673 604 800 HAITONG SECURITIES CO LTD-H HKD 5 253 050 1.3112 548 000 HUANENG POWER INTL INC - H HKD 12 281 974 3.0649 893 337 IND & COMM BANK OF CHINA - H HKD 33 329 146 8.313 454 000 JIANGXI COPPER CO LTD - H HKD 6 797 180 1.6912 476 982 PETROCHINA CO LTD - H HKD 13 708 850 3.42Cayman Islands 81 599 242 20.351 482 000 CHINA RESOURCES LAND LTD HKD 4 118 579 1.031 672 000 ENN ENERGY HOLDINGS LTD HKD 8 333 696 2.081 271 500 HENGAN INTL GROUP CO LTD HKD 14 085 148 3.515 106 500 SHIMAO PROPERTY HOLDINGS LTD HKD 12 709 619 3.172 744 000 SINO BIOPHARMACEUTICAL HKD 1 956 866 0.49713 440 TENCENT HOLDINGS LTD HKD 34 225 695 8.53TINGYI (CAYMAN ISLAND)2 484 000HOLDING COHKD 6 169 639 1.54Hong Kong 70 524 073 17.583 158 400 AIA GROUP LTD HKD 14 051 999 3.50CHINA EVERBRIGHT6 726 000INTERNATIONAL LTDHKD 6 297 169 1.575 764 380 CHINA OVERSEAS LAND & INVEST HKD 17 506 341 4.363 346 000 CIMC ENRIC HOLDINGS LTD HKD 3 486 496 0.8711 248 883 CNOOC LTD HKD 23 007 237 5.746 342 000 LENOVO GROUP LTD HKD 6 174 831 1.54Taiwan 16 906 546 4.22TAIWAN SEMICONDUCTOR4 960 000MANUFACTURING CO LTDTWD 16 906 546 4.22Bermuda 11 425 216 2.853 532 000 BRILLIANCE CHINA AUTOMOTIVE HKD 5 074 085 1.274 290 000 COSCO PACIFIC LTD HKD 6 351 131 1.58Other transferable securities 1 0.00Shares 1 0.00Hong Kong 1 0.008 000 000EURO ASIA AGRICULTURALHOLDINGSHKD 1 0.00Total securities portfolio 392 652 025 97.90The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 53
<strong>PARVEST</strong> Equity Europe EmergingSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets177 916 862 99.45Shares 177 916 862 99.45Russia 101 397 622 56.66AO TATNEFT GDR SPONSORED274 887REG.SUSD 7 900 969 4.42410 112 EURASIA DRILLIN - GDR REGS-W/I USD 11 989 851 6.70MAGNIT JSC -SPONSORED173 523GDR REGSUSD 7 303 600 4.08269 241 MAIL.RU GROUP-GDR REGS W/I USD 6 666 706 3.73350 196 MEGAFON-GDR-WI USD 8 976 661 5.02154 622 NOVATEK SHS GDR 1/100 SHSREGS USD 14 048 017 7.85216 292 POLYMETAL INTERNATIONAL - W/I GBP 1 917 041 1.07983 724 ROS AGRO PLC- GDR REG S W/I USD 3 953 995 2.212 605 573 ROSNEFT OIL COMPANY GDR USD 14 523 708 8.117 614 721 SBERBANK USD 15 282 570 8.5317 353 160 SURGUTNEFTEGAZ - PFD USD 8 834 504 4.94Turkey 34 919 610 19.53395 386 ANADOLU EFES BIRACILIK VE TRY 3 464 556 1.94232 221 COCA-COLA ICECEK URETIM AS TRY 4 130 140 2.31193 928 FORD OTOMOTIV SANAYI AS TRY 1 839 993 1.03TUPRAS-TURKIY PETROL102 210RAFINELERITRY 1 490 784 0.832 730 270 TURK HAVA YOLLARI AO TRY 6 420 341 3.592 983 996 TURKIYE GARANTI BANKASI TRY 7 816 391 4.37567 853 TURKIYE HALK BANKASI TRY 2 746 722 1.541 274 639 TURKIYE IS BANKASI - C TRY 2 266 994 1.277 455 637 TURKIYE SINAI KALKINMA BANK TRY 4 743 689 2.65Poland 25 290 184 14.1495 093 BANK PEKAO SA PLN 3 875 665 2.17179 065 EUROCASH SA PLN 2 176 840 1.22109 142 KGHM POLSKA MIEDZ SA PLN 3 134 229 1.75604 928 PKO BANK POLSKI SA PLN 5 428 305 3.03597 854 POLSKA GRUPA ENERGETYCZNA SA PLN 2 379 233 1.33POLSKI KONCERN NAFTOWY244 450ORLENPLN 2 576 051 1.44POWSZECHNY ZAKLAD45 799UBEZPIECZEPLN 4 698 172 2.63570 176 TELEKOMUNIKACJA POLSKA SA PLN 1 021 689 0.57The Netherlands 10 322 609 5.77425 356 YANDEX NV - A USD 10 322 609 5.77Guernsey Island 5 986 837 3.351 738 820 ETALON GROUP-GDR REGS-W/I USD 5 986 837 3.35Other transferable securities 3 343 0.00Shares 3 343 0.00Russia 3 343 0.0012 882 TGK - 5 - REG S GDR USD 3 343 0.00Total securities portfolio 177 920 205 99.45The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 54
<strong>PARVEST</strong> Equity Europe GrowthSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets729 335 388 98.82Shares 729 335 388 98.82United Kingdom 202 512 696 27.42240 927 BETFAIR GROUP PLC-W/I GBP 2 796 777 0.381 591 872 BG GROUP PLC GBP 22 914 441 3.103 488 905 HSBC HOLDINGS GBP 27 668 931 3.741 648 886 INMARSAT GBP 13 444 108 1.82138 257 JOHNSON MATTHEY PLC GBP 4 608 026 0.625 270 599 KINGFISHER PLC GBP 23 805 498 3.2393 870 LIBERTY GLOBAL INC-SERIES C USD 5 234 537 0.71126 233 LIBERTY GLOBAL PLC USD 7 436 508 1.0128 312 004 LLOYDS BANKING GROUP PLC GBP 24 097 089 3.262 391 895 PREMIER OIL PLC GBP 10 096 244 1.37376 964 RIO TINTO PLC ORD GBP 12 882 404 1.75510 098 SABMILLER PLC GBP 18 395 604 2.49475 417 SMITHS GROUP PLC GBP 7 150 218 0.972 169 704 TESCO PLC GBP 9 330 185 1.26495 847 WEIR GROUP GBP 12 652 126 1.71Germany 89 133 270 12.08322 899 BAYER AG EUR 27 136 432 3.68FRESENIUS MEDICAL CARE325 640AG & COEUR 16 016 603 2.17134 020 LINDE AG EUR 19 499 910 2.64366 591 SAP AG EUR 20 503 435 2.781 130 488 TELEFONICA DEUTSCHLAND HOLDI EUR 5 976 890 0.81France 82 122 514 11.14127 653 AEROPORTS DE PARIS EUR 9 427 174 1.28164 009 AIR LIQUIDE SA EUR 16 320 536 2.21149 058 INGENICO EUR 7 870 262 1.07125 686 LVMH MOET HENNES EUR 16 659 679 2.2637 633 SCHNEIDER ELECTRIC SA EUR 2 178 951 0.30365 562 SCOR SE EUR 8 654 680 1.17238 764 TECHNIP SA EUR 21 011 232 2.85Spain 81 968 715 11.11672 579 AMADEUS IT HOLDING SA - A SHS EUR 16 437 831 2.232 737 374 BANCO BILBAO VIZCAYA ARGENTA EUR 19 763 840 2.683 959 662 BANCO SANTANDER SA EUR 21 144 595 2.861 173 209 GESTEVISION TELECINCO SA EUR 8 672 361 1.18475 871 GRIFOLS SA EUR 14 461 720 1.9663 769 GRIFOLS SA - B EUR 1 488 368 0.20Switzerland 54 815 903 7.43123 560 ROCHE HOLDING AG GENUSSCHEIN CHF 23 326 102 3.1690 346 SCHINDLER HOLDING - PART CERT CHF 9 428 112 1.2850 604 THE SWATCH GROUP AG BR CHF 22 061 689 2.99The Netherlands 36 304 288 4.91325 147 AKZO NOBEL NV EUR 14 467 416 1.962 168 902 ING GROEP NV EUR 17 817 530 2.41333 417 KONINKLIJKE AHOLD EUR 4 019 342 0.54Austria 31 177 818 4.22186 018 ANDRITZ AG EUR 7 756 951 1.05510 751 ERSTE GROUP BANK AG EUR 12 388 266 1.68286 710 VIENNA INSURANCE GROUP EUR 11 032 601 1.49Sweden 26 109 249 3.54626 881 ATLAS COPCO AB - A SHS SEK 12 826 814 1.741 114 693 ELEKTA AB SEK 13 282 435 1.80Belgium 22 944 390 3.11221 828 ANHEUSER - BUSCH INBEV SA EUR 15 612 255 2.12200 963 TELENET GROUP HOLDING EUR 7 332 135 0.99Quantity DenominationQuotationcurrencyMarket value% of netassetsJersey Island 18 383 366 2.491 386 724 EXPERIAN PLC GBP 18 383 366 2.49Denmark 16 127 425 2.19219 738 CARLSBERG AS - B DKK 16 127 425 2.19Portugal 15 927 574 2.161 084 246 JERONIMO MARTINS SGPS SA EUR 15 927 574 2.16Finland 14 942 893 2.02474 227 SAMPO OYJ - A EUR 14 942 893 2.02Norway 10 854 268 1.47923 304 DNB NOR ASA NOK 10 854 268 1.47Ireland 9 873 991 1.34616 739 CRH PLC EUR 9 873 991 1.34Luxembourg 8 190 930 1.11133 264 MILLICOM INTL CELLULAR-SDR SEK 8 190 930 1.11Italy 7 946 098 1.08201 422 LUXOTTICA GROUP SPA EUR 7 946 098 1.08Shares/Units in investment funds 3 626 248 0.49France 3 626 248 0.49BNP PARIBAS MONEY PRIME3 045.00EURO - CEUR 3 626 248 0.49Total securities portfolio 732 961 636 99.31The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 55
<strong>PARVEST</strong> Equity Europe Mid CapSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market81 199 610 97.41Shares 81 199 610 97.41United Kingdom 28 304 961 33.96345 253 AFREN PLC GBP 563 811 0.687 946 AGGREKO PLC GBP 151 668 0.18155 049 AMEC PLC GBP 1 889 910 2.27218 140 ASHTEAD GROUP PLC GBP 1 650 637 1.98532 415 BARRATT DEVELOPMENTS PLC GBP 1 895 682 2.27140 938 BRITISH LAND COMPANY PLC GBP 922 612 1.1162 700 CRODA INTERNATIONAL PLC GBP 1 911 747 2.2931 589 DERWENT LONDON PLC GBP 858 284 1.03633 957 DS SMITH PLC GBP 1 917 341 2.3044 015 FILTRONA GBP 397 601 0.4885 896 G4S PLC GBP 262 001 0.31206 962 IG GROUP HOLDINGS PLC GBP 1 379 099 1.65131 562 IMI PLC GBP 2 214 822 2.66318 288 INFORMA PLC GBP 1 898 750 2.286 633 JOHNSON MATTHEY PLC GBP 221 074 0.27122 526 MONDI PLC GBP 1 429 518 1.71146 817 PERSIMMON PLC GBP 1 892 913 2.2710 670 PETROFAC LTD GBP 173 369 0.2143 152 SMITHS GROUP PLC GBP 649 001 0.7865 806 SPECTRIS PLC GBP 1 714 631 2.0625 061 SPIRAX-SARCO ENGINEERING PLC GBP 873 783 1.0579 543 WEIR GROUP GBP 2 029 633 2.43148 900 WOOD GROUP (JOHN) PLC GBP 1 407 074 1.69France 14 978 582 17.9726 294 ARKEMA EUR 2 010 702 2.4133 634 ATOS ORIGIN SA EUR 1 890 231 2.2733 964 BUREAU VERITAS SA EUR 776 417 0.9376 932 EDENRED EUR 1 743 279 2.0967 785 EUTELSAT COMMUNICATIONS EUR 1 534 652 1.8462 363 KLEPIERRE EUR 1 871 514 2.2566 090 SCOR SE EUR 1 564 681 1.884 895 SEB SA EUR 287 043 0.344 200 SODEXO SA EUR 280 434 0.3436 855 VALEO SA EUR 2 099 628 2.528 398 ZODIAC AEROSPACE EUR 920 001 1.10Germany 9 506 596 11.3923 597 BILFINGER BERGER SE EUR 1 652 262 1.9872 918 GEA GROUP AG EUR 2 230 561 2.679 349 HUGO BOSS AG EUR 861 697 1.039 232 KABEL DTLD HOLDING AG EUR 793 029 0.9545 854 PROSIEBENSAT.1 MEDIA AG EUR 1 470 767 1.7641 378 SOFTWARE AG-BEARER EUR 958 108 1.1546 559 SYMRISE AG EUR 1 540 172 1.85Switzerland 9 180 014 11.0225 152 ACTELION LTD CHF 1 293 964 1.5541 844 ARYZTA AG CHF 2 021 662 2.436 383 DUFRY AG - REG CHF 641 701 0.774 060 HELVETIA HOLDING AG CHF 1 317 614 1.581 509 KUEHNE + NAGEL INTL CHF 142 253 0.1717 279 SCHINDLER HOLDING - PART CERT CHF 1 803 161 2.16875 SIKA AG CHF 1 813 413 2.181 325 SULZER AG - REG CHF 146 246 0.18Finland 4 149 339 4.9831 410 METSO OYJ EUR 914 345 1.1059 140 NOKIAN RENKAAT OYJ EUR 2 090 598 2.5193 116 POHJOLA BANK PLC EUR 1 144 396 1.37Sweden 3 531 264 4.2369 497 HEXAGON AB - B SEK 1 510 925 1.8149 277 TELE2 AB SEK 468 951 0.56121 462 TRELLEBORG AB-B SHS SEK 1 551 388 1.86The Netherlands 3 451 973 4.1422 761 GEMALTO EUR 1 981 800 2.3841 297 NUTRECO NV EUR 1 470 173 1.76Ireland 2 522 520 3.0327 406 DCC PLC GBP 822 759 0.9935 612 KERRY GROUP PLC - A EUR 1 699 761 2.04Austria 1 402 709 1.688 424 ANDRITZ AG EUR 351 281 0.4227 324 VIENNA INSURANCE GROUP EUR 1 051 428 1.26Italy 1 052 369 1.2662 641 PRYSMIAN SPA EUR 1 052 369 1.26Belgium 948 266 1.1419 643 DELHAIZE GROUP EUR 948 266 1.14Spain 947 490 1.1457 721 EBRO PULEVA SA EUR 947 490 1.14Norway 716 818 0.8632 110 TGS NOPEC GEOPHYSICAL CO ASA NOK 716 818 0.86Luxembourg 506 709 0.618 244 MILLICOM INTL CELLULAR-SDR SEK 506 709 0.61Total securities portfolio 81 199 610 97.41The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 56
<strong>PARVEST</strong> Equity High Dividend EuropeSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market697 843 235 99.11Spain 24 179 740 3.432 243 064 BANCO SANTANDER SA EUR 11 977 962 1.70695 060 REPSOL YPF SA EUR 12 201 778 1.73Shares 697 843 235 99.11United Kingdom 254 268 732 36.12900 047 ADMIRAL GROUP PLC GBP 13 314 867 1.89697 280 BHP BILLITON PLC GBP 15 362 410 2.18418 386 BRITISH AMERICAN TOBACCO PLC GBP 15 976 612 2.271 370 850 GLAXOSMITHKLINE PLC GBP 26 463 323 3.763 650 581 HSBC HOLDINGS GBP 28 951 112 4.11314 511 IMPERIAL TOBACCO GROUP PLC GBP 7 866 465 1.121 526 362 NATIONAL GRID GBP 13 295 680 1.891 047 244 PEARSON PLC GBP 15 615 288 2.221 654 427 PRUDENTIAL PLC GBP 20 922 951 2.97422 299 RIO TINTO PLC ORD GBP 14 431 687 2.051 139 549 ROYAL DUTCH SHELL PLC - B SHS GBP 29 050 211 4.13896 819 STANDARD CHARTERED PLC GBP 15 160 912 2.153 563 637 TESCO PLC GBP 15 324 392 2.189 312 474 VODAFONE GROUP GBP 22 532 822 3.20Germany 94 392 230 13.41178 013 ALLIANZ SE EUR 19 296 609 2.7458 578 BASF SE EUR 3 873 763 0.55164 577 DEUTSCHE BOERSE AG EUR 8 730 810 1.24447 193 DEUTSCHE POST AG-REG EUR 9 775 639 1.39757 134 DEUTSCHE TELEKOM AG EUR 7 338 143 1.04141 002 HUGO BOSS AG EUR 12 996 154 1.85447 738 METRO AG EUR 12 438 162 1.77226 438 OSRAM LICHT AG EUR 6 858 807 0.97163 368 SIEMENS AG EUR 13 084 143 1.86Sweden 88 011 669 12.49579 550 ELECTROLUX AB B SEK 11 606 758 1.651 731 769 ERICSSON LM - B SHS SEK 15 412 232 2.19337 143 HENNES & MAURITZ AB-B SHS SEK 9 378 885 1.331 694 426 NORDEA BANK AB SEK 14 934 705 2.12584 153 SKF AB-B SHARES SEK 11 712 291 1.66345 059 SVENSKA HANDELSBANKEN-A SHS SEK 11 211 431 1.591 260 755 VOLVO AB - B SHS SEK 13 755 367 1.95Switzerland 75 139 249 10.69206 976 NESTLE SA CHF 10 277 673 1.46629 052 NOVARTIS AG CHF 34 715 667 4.94159 685 ROCHE HOLDING AG GENUSSCHEIN CHF 30 145 909 4.29The Netherlands 58 972 575 8.37186 377 FUGRO EUR 8 665 599 1.234 418 345 IMTECH EUR 8 129 755 1.15114 732 KONINKLIJKE DSM NV EUR 6 403 193 0.91KONINKLIJKE PHILIPS590 424ELECTRONICSEUR 13 810 017 1.96147 559 NUTRECO NV EUR 5 253 100 0.7546 763 UNILEVER NV EUR 1 329 238 0.19512 637 ZIGGO NV EUR 15 381 673 2.18France 48 075 269 6.82124 384 BNP PARIBAS EUR 5 897 667 0.84473 156 EUTELSAT COMMUNICATIONS EUR 10 712 252 1.52114 510 SAFRAN EUR 4 811 138 0.68240 314 SANOFI AVENTIS EUR 17 468 425 2.48235 111 VINCI SA EUR 9 185 787 1.30Italy 27 042 358 3.84939 683 ENI SPA EUR 16 237 722 2.313 052 157 SNAM RETE GAS EUR 10 804 636 1.53Jersey Island 11 746 595 1.67837 891 WPP PLC GBP 11 746 595 1.67Norway 10 921 858 1.55656 697 STATOIL ASA NOK 10 921 858 1.55Luxembourg 5 092 960 0.72229 103 SES EUR 5 092 960 0.72Total securities portfolio 697 843 235 99.11The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 57
<strong>PARVEST</strong> Equity High Dividend PacificSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets65 416 808 98.03Shares 65 415 247 98.03Japan 28 801 165 43.169 000 ASAHI INTECC CO LTD JPY 388 176 0.5872 700 CANON INC JPY 1 649 279 2.4747 400 CHUBU ELECTRIC POWER CO INC JPY 454 309 0.6814 800 CHUGOKU ELECTRIC POWER CO JPY 157 410 0.24199 000 COSMO OIL COMPANY LTD JPY 304 558 0.4616 200 EISAI CO LTD JPY 509 637 0.768 100 ELECTRIC POWER DEVELOPMENT C JPY 190 644 0.2912 200 HOKKAIDO ELECTRIC POWER CO JPY 109 199 0.16HOKURIKU ELECTRIC POWER7 400CO INCJPY 74 987 0.11170 600 ITOCHU CORP JPY 1 466 342 2.20280 800 JX HOLDINGS INC JPY 1 128 631 1.6945 400 KANSAI ELECTRIC POWER CO INC JPY 395 135 0.5921 000 KYUSHU ELECTRIC POWER CO INC JPY 209 068 0.3110 900 LAWSON INC JPY 630 202 0.942 500 MANI INC JPY 64 155 0.10208 000 MARUBENI CORPORATION JPY 1 139 885 1.7114 300 MIRACA HOLDINGS INC JPY 490 209 0.7357 200 MITSUBISHI CORPORATION JPY 813 072 1.22606 900 MITSUBISHI UFJ FINANCIAL GROUP JPY 2 711 418 4.061 800 400 MIZUHO FINANCIAL GROUP INC JPY 2 824 987 4.24MS&AD INSURANCE GROUP42 600HOLDINGS INCJPY 815 289 1.229 400 NIHON KOHDEN CORP JPY 266 289 0.4031 200 NIPPON TELEGRAPH & TELEPHONE JPY 1 210 625 1.81102 800 NISSAN MOTOR CO LTD JPY 779 495 1.173 000 NITORI HOLDINGS JPY 204 986 0.311 092 NTT DOCOMO INC JPY 1 336 149 2.0079 000 RICOH CO LTD JPY 636 277 0.9566 000 SHARP CORP JPY 192 836 0.2910 900 SHIKOKU ELECTRIC POWER CO JPY 128 905 0.19109 700 SUMITOMO CORP JPY 1 067 539 1.6099 300 SUMITOMO MITSUI FINANCIAL GR JPY 3 357 986 5.04SUMITOMO MITSUI TRUST247 000HOLDINGSJPY 824 769 1.24TAKEDA PHARMACEUTICAL31 900CO LTDJPY 1 114 501 1.67379 000 TOSHIBA CORPORATION JPY 1 154 216 1.73Australia 25 760 837 38.6544 100 AGL ENERGY AUD 463 787 0.7031 190 ALS LTD AUD 195 925 0.29129 088 AMCOR LTD AUD 901 567 1.35158 186 AMP LIMITED AUD 501 109 0.75138 017 AUST & NZ BANKING GROUP LTD AUD 2 796 697 4.20169 760 BHP BILLITON LTD AUD 4 084 331 6.1370 850 BRAMBLES LTD AUD 422 564 0.6361 959 COCA-COLA AMATIL LTD AUD 518 941 0.78COMMONWEALTH BANK OF61 236AUSTRALIAAUD 3 047 531 4.5874 488 COMPUTERSHARE AUD 492 562 0.7416 385 MACQUARIE GROUP AUD 495 700 0.7499 510 NATIONAL AUSTRALIA BANK AUD 2 207 973 3.3166 653 QBE INSURANCE GR LTD AUD 687 014 1.03101 134 SAI GLOBAL LTD AUD 288 954 0.4327 597 SONIC HEALTHCARE LIMITED AUD 291 348 0.4476 026 SUNCOR GROUP LTD AUD 641 895 0.96147 413 SYDNEY AIRPORT AUD 377 369 0.57275 356 TELSTRA CORPORATION LTD AUD 918 783 1.3869 165 TOLL HOLDINGS AUD 261 150 0.39111 226 TRANSURBAN GROUP AUD 513 120 0.77Quantity DenominationQuotationcurrencyMarket value% of netassets49 027 WESFARMERS LTD AUD 1 374 942 2.06127 549 WESTPAC BANKING CORP AUD 2 741 377 4.1241 156 WOOLWORTHS LIMITED AUD 1 003 534 1.5035 143 WORLEY PARSONS LTD AUD 532 664 0.80Hong Kong 3 842 148 5.75163 500 BOC HONG KONG HOLDINGS LTD HKD 394 960 0.59155 500 CLP HOLDINGS LTD HKD 943 650 1.4191 449 DAH SING BANKING GROUP HKD 101 779 0.15DAH SING FINANCIAL36 407HOLDINGS LTDHKD 131 208 0.2065 200 HANG SENG BANK LTD HKD 782 404 1.17HONG KONG EXCH AND59 300CLEARING LTDHKD 705 224 1.06696 000 PCCW LIMITED HKD 238 241 0.3679 500 POWER ASSETS HOLDINGS LTD HKD 528 318 0.79356 000 WATER OASIS GROUP LTD HKD 16 364 0.02New Zealand 1 551 303 2.3291 701 AUCKLAND INTL AIRPORT LTD NZD 166 499 0.25121 296 FLETCHER BUILDING LTD NZD 641 134 0.96564 659 TELECOM CORP OF NEW ZEALAND NZD 743 670 1.11Taiwan 1 242 796 1.85157 002 CHUNGHWA TELECOM CO LTD TWD 375 212 0.5644 000 CTCI CORP TWD 56 424 0.0840 347 PACIFIC HOSPITAL SUPPLY CO TWD 109 409 0.1616 000 ST SHINE OPTICAL CO LTD TWD 332 096 0.50TAIWAN SEMICONDUCTOR143 000MANUFACTURING CO LTDTWD 369 655 0.55South Korea 1 026 117 1.54312 HYUNDAI MOTOR CO LTD KRW 52 117 0.081 487 HYUNDAI MOTOR LTD KRW 105 147 0.1610 620 KT CORP KRW 266 641 0.403 416 SK TELECOM CO LTD KRW 513 434 0.771 692 S-OIL CORP KRW 88 778 0.13Malaysia 836 527 1.25189 600 MAXIS BHD MYR 300 296 0.45136 300 PUBLIC BANK BHD MYR 536 231 0.80Philippines 619 298 0.936 945 PHILIPPINE LONG DISTANCE TEL PHP 337 274 0.51139 728 SECURITY BANK CORP PHP 282 024 0.42Bermuda 529 130 0.7952 000 CHEUNG KONG INFRASTRUCTURE HKD 267 503 0.40238 000 LI & FUNG LTD HKD 261 627 0.39India 526 282 0.7818 447 BAJAJ ELECTRICALS LTD INR 33 455 0.0533 365 COROMANDELINTERNATIONAL LTDINR 73 742 0.1151 907 HINDUSTAN PETROLEUM CORP INR 101 050 0.1550 236 MCLEOD RUSSEL INDIA LIMITED INR 147 617 0.22OIL & NATURAL GAS47 643CORPORATION LTDINR 135 732 0.208 370 PHILLIPS CARBON BLACK LTD INR 3 319 0.0020 718 TUBE INVESTMENTS OF INDIA INR 31 367 0.05Indonesia 491 722 0.73PT BANK RAKYAT INDONESIA577 000(PERSERO) TBKIDR 256 460 0.38TELEKOMUNIKASI INDONESIA1 557 500SER BIDR 235 262 0.35Thailand 187 922 0.28ADVANCED INFORMATION TE-106 000NVDRTHB 187 922 0.28Options, Warrants, Rights 1 561 0.002 835 ALS LTD RTS 12/08/2013 AUD 1 561 0.00Total securities portfolio 65 416 808 98.03The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 58
<strong>PARVEST</strong> Equity High Dividend USASecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market106 718 394 99.63Shares 106 718 394 99.63United States ofAmerica 101 104 395 94.3910 030 3M CO USD 1 139 207 1.0623 970 ABM INDUSTRIES INC USD 578 876 0.5452 980 AIRCASTLE LTD USD 863 574 0.8152 275 AVISTA CORP USD 1 373 264 1.286 430 BECTON DICKINSON & CO USD 626 153 0.5835 065 BEMIS COMPANY USD 1 395 236 1.306 525 BLACKROCK INC USD 1 698 588 1.5913 430 BOB EVANS FARMS USD 658 473 0.6157 615 CA INC USD 1 685 239 1.5749 750 CHEVRON CORP USD 5 991 392 5.6026 315 CME GROUP INC USD 1 871 260 1.7535 170 COACH INC USD 1 857 328 1.7349 808 COMPASS DIVERSIFIED HOLDINGS USD 860 682 0.80131 320 CORNING INC USD 1 843 733 1.7241 005 DARDEN RESTAURANTS INC USD 1 894 841 1.7745 275 DR PEPPER SNAPPLE GROUP USD 2 026 509 1.8927 960 EMERSON ELECTRIC CO USD 1 687 945 1.58147 160 GENERAL ELECTRIC CO USD 3 405 281 3.1913 120 GENERAL MILLS INC USD 647 078 0.6047 630 HASBRO INC USD 2 170 975 2.0366 990 HILLENBRAND INC USD 1 658 672 1.5516 210 INNOPHOS HOLDINGS INC USD 793 804 0.74139 670 INTEL CORP USD 3 069 947 2.8748 237 IRON MOUNTAIN INC USD 1 244 515 1.1634 295 J2 GLOBAL COMMUNICATIONS INC USD 1 688 686 1.5819 810 JOHNSON & JOHNSON USD 1 711 782 1.6016 895 KIMBERLY-CLARK CORP USD 1 579 345 1.4744 730 KOHLS CORP USD 2 295 096 2.1433 150 MEDTRONIC INC USD 1 715 513 1.6017 265 MERCK & CO INC USD 816 462 0.7653 706 MICROSOFT CORP USD 1 793 780 1.6726 190 MOLSON COORS BREWING CO - B USD 1 277 810 1.1932 115 NATIONAL CINEMEDIA INC USD 577 428 0.5436 745 NATIONAL FUEL GAS CO USD 2 398 714 2.2431 755 NORFOLK SOUTHERN CORP USD 2 291 441 2.1433 050 NUCOR CORP USD 1 503 445 1.4028 600 OCCIDENTAL PETROLEUM CORP USD 2 522 806 2.3656 445 ONEBEACON INSURANCE GROUP - A USD 806 035 0.7552 845 OWENS AND MINOR INC USD 1 802 543 1.6816 250 PAYCHEX INC USD 628 550 0.5941 235 PEPSICO INC USD 3 287 666 3.07110 015 PFIZER INC USD 3 103 523 2.9031 196 PNC FINANCIAL SERVICES GROUP USD 2 254 535 2.1062 955 PROCTER & GAMBLE CO USD 4 903 564 4.5943 275 REPUBLIC SERVICES INC USD 1 406 870 1.3120 995 SAFETY INSURANCE GROUP INC USD 1 052 689 0.98127 205 STAPLES INC USD 1 769 422 1.6571 530 SYSCO CORP USD 2 290 391 2.1437 915 TARGET CORP USD 2 400 399 2.2426 410 UNITED PARCEL SERVICE INC CL B USD 2 260 168 2.1166 865 US BANCORP USD 2 415 832 2.2656 952 VERIZON COMMUNICATIONS INC USD 2 698 386 2.5253 845 WALGREEN CO USD 2 588 329 2.42126 675 WESTERN UNION USD 2 220 613 2.07United Kingdom 2 069 467 1.9362 940 THOMSON REUTERS CORP USD 2 069 467 1.93Canada 2 006 334 1.8750 665 ROGERS COMMUNICATIONS INC-B USD 2 006 334 1.87Bermuda 1 538 198 1.4417 650 PARTNERRE LTD USD 1 538 198 1.44Total securities portfolio 106 718 394 99.63The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 59
<strong>PARVEST</strong> Equity IndiaSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets247 513 269 97.53Shares 247 513 269 97.53India 243 758 689 96.05160 000 ASIAN PAINTS SHS INR 1 019 404 0.4048 000 BAJAJ AUTO LTD INR 1 349 986 0.531 200 000 BALKRISHNA INDUSTRIES LTD INR 4 022 098 1.5860 000 BHARAT ELECTRONICS LTD INR 1 063 418 0.42BHARAT PETROLEUM875 000CORPORATION LTDINR 3 619 457 1.432 605 000 BHARTI AIRTEL INR 11 783 022 4.641 260 000 CAIRN INDIA LTD-DEMATERALISED INR 6 134 085 2.42420 000 CIPLA LTD INR 2 673 074 1.05540 000 COAL INDIA LTD INR 2 077 615 0.821 008 294 COROMANDELINTERNATIONAL LTDINR 2 938 505 1.161 835 000 DISH TV INDIA LTD INR 1 167 879 0.46261 000 DR REDDYS LABORATOIRIES LTD INR 9 026 168 3.5675 000 FAG BEARINGS INDIA LTD INR 1 362 248 0.54260 000 FEDERAL BANK LTD INR 1 020 599 0.402 140 000 HDFC BANK LIMITED INR 19 045 255 7.50497 000 HINDUSTAN PETROLEUM CORP INR 1 275 786 0.501 000 000 HOUSING DEV. FINANCE CORP LTD INR 11 056 456 4.365 425 000 IDEA CELLULAR LTD INR 12 784 509 5.04580 000 INDUSIND BANK LIMITED INR 3 241 047 1.28512 749 INFOSYS TECHNOLOGIES LTD INR 23 941 739 9.442 520 000 ITC LTD INR 12 073 649 4.7634 000 JAMMU & KASHMIR BANK LTD INR 567 096 0.22201 863 JUBILANT FOODWORKS LTD INR 3 142 977 1.24175 000 JUST DIAL LTD INR 1 805 226 0.71135 000 JYOTHY LABORATORIES LTD INR 316 710 0.12376 500 KOTAK MAHINDRA BANK LTD INR 3 724 826 1.47398 500 LUPIN LTD INR 4 928 324 1.94465 000 MADRAS CEMENTS LTD INR 1 126 078 0.441 380 000 MOTHERSON SUMI SYSTEMS LTD INR 4 102 195 1.624 000 000 NATIONAL THERMAL POWER CORP INR 7 815 953 3.0822 500 NESTLE INDIA DEMATERIALISED INR 1 690 820 0.67OIL & NATURAL GAS1 480 000CORPORATION LTDINR 5 559 800 2.191 260 000 POWER GRID CORP OF INDIA LTD INR 1 887 998 0.741 675 320 PURAVANKARA PROJECTS LTD INR 1 549 297 0.61590 000 RALLIS INDIA LTD INR 1 308 234 0.521 045 000 RELIANCE INDUSTRIES LIMITED INR 13 714 538 5.40600 000 REPCO HOME FINANCE LTD INR 2 174 966 0.86900 000 SADBHAV ENGINEERING LTD INR 732 178 0.29160 000 SHRIRAM CITY UNION FINANCE INR 2 191 494 0.86465 000 SOBHA DEVELOPERS LTD INR 1 727 475 0.685 170 000 SPICEJET LTD INR 1 494 582 0.59SUN PHARMACEUTICAL610 000INDUSTRIESINR 4 860 981 1.92230 000 SUN TV NETWORK LTD INR 1 406 561 0.55TATA CONSULTANCY SVS630 000DEMATERIALINR 19 442 085 7.66135 000 TORRENT POWER LTD INR 152 838 0.0654 000 ULTRATECH CEMENT LTD INR 1 232 102 0.49108 000 UNITED SPIRITS LIMITED INR 3 725 403 1.47540 000 VA TECH WABAG LTD INR 3 650 946 1.44900 000 VARDHMAN TEXTILES LTD INR 4 324 277 1.701 276 818 WIPRO LTD INR 9 346 648 3.68390 000 ZEE ENTERTAINMENT ENTERPRISE INR 1 380 082 0.54Bahrain 3 754 580 1.48302 500 ICICI BANKING CORP INR 3 754 580 1.48Total securities portfolio 247 513 269 97.53The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 60
<strong>PARVEST</strong> Equity IndonesiaSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets104 409 193 97.56Shares 104 409 193 97.56Indonesia 104 409 193 97.568 318 000 ADARO ENERGY PT IDR 708 401 0.665 426 000 ADHI KARYA TBK PT IDR 958 991 0.9029 555 500 AGUNG PODOMORO LAND TBK PT IDR 717 235 0.67636 500 ASTRA AGRO LESTARI IDR 1 122 035 1.0511 029 500 ASTRA INTERNATIONAL TBK PT IDR 5 858 159 5.478 295 000 BANK CENTRAL ASIA PT IDR 6 798 557 6.3410 202 676 BANK MANDIRI IDR 6 400 030 5.979 692 607 BANK NEGARA INDONESIA PT IDR 3 195 365 2.99BANK PEMBANGUNAN3 297 500DAERAH JAWAIDR 241 575 0.2314 469 600 BUMI SERPONG DAMAI PT IDR 1 656 319 1.5517 616 500 CIPUTRA DEVELOPMENT TBK PT IDR 1 338 983 1.2545 560 500 ENERGI MEGA PERSADA TBK PT IDR 308 743 0.2910 691 000 ERAJAYA SWASEMBADA TBK PT IDR 1 282 528 1.203 686 500 GAJAH TUNGGAL TBK PT IDR 621 168 0.585 602 500 GLOBAL MEDIACOM TBK PT IDR 867 054 0.81759 000 GUDANG GARAM TBK PT IDR 2 651 634 2.481 543 000 HOLCIM INDONESIA TBK PT IDR 296 731 0.28342 500 INDO TAMBANGRAYA MEGAH PT IDR 981 708 0.922 175 000 INDOCEMENT TUNGGAL PRAKARSA IDR 3 724 588 3.482 816 500 INDOFOOD CBP SUKSES MAKMUR T IDR 2 514 732 2.354 153 500 INDOSAT TBK PT IDR 1 549 955 1.456 184 000 INTERNATIONAL NICKEL INDONES IDR 1 316 648 1.234 855 500 JAPFA COMFEED INDONESIA TBK IDR 511 339 0.488 128 000 JASA MARGA (PERSERO) TBK PT IDR 4 056 556 3.793 521 500 MATAHARI DEPARTMENT STORE TB IDR 3 724 663 3.488 768 000 MEDIA NUSANTARA CITRA TBK PT IDR 2 228 132 2.08PEMBANGUNAN PERUMAHAN19 476 000PERSERIDR 1 854 857 1.7311 712 500 PERUSAHAAN GAS NEGARA PT IDR 5 577 381 5.21PT BANK RAKYAT INDONESIA9 713 000(PERSERO) TBKIDR 5 692 600 5.32PT CHAROEN POKPHAND7 122 500INDONESIA TBKIDR 2 054 567 1.92PT INDOFOOD SUKSES2 944 000MAKMUR TBKIDR 1 590 623 1.4918 848 500 PT KALBE FARMA TBK IDR 2 243 869 2.10PT PP LONDON SUMATRA11 613 000INDONESIAIDR 1 542 019 1.443 185 000 SEMEN GRESIK IDR 3 616 666 3.3816 058 996 SUMMARECON AGUNG TBK PT IDR 1 132 365 1.0611 846 000 SURYA CITRA MEDIA TBK IDR 2 793 356 2.61552 000 TAMBANG BATUBARA BUKIT ASAM IDR 629 341 0.59TELEKOMUNIKASI INDONESIA46 745 000SER BIDR 9 310 473 8.694 515 000 TEMPO SCAN PACIFIC IDR 1 509 135 1.411 771 500 UNILEVER INDONESIA TBK PT IDR 4 931 648 4.61972 184 UNITED TRACTORS TBK PT IDR 1 411 091 1.3212 738 000 WIJAYA KARYA PT IDR 2 018 016 1.892 195 000 XL AXIATA TBK PT IDR 869 357 0.81Other transferable securities 1 488 828 1.39Shares 1 488 828 1.39Indonesia 1 488 828 1.39TOWER BERSAMA2 956 000INFRASTRUCTUREIDR 1 488 828 1.39Total securities portfolio 105 898 021 98.95The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 61
<strong>PARVEST</strong> Equity JapanSecurities portfolio at 31/08/2013Expressed in JPYQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets89 761 382 720 100.17Shares 89 761 382 720 100.17Japan 89 761 382 720 100.17480 500 AISIN SEIKI CO LTD JPY 1 842 717 500 2.062 490 000 ASAHI KASEI CORP JPY 1 812 720 000 2.02337 239 ASTELLAS PHARMA INC JPY 1 726 663 680 1.93518 200 BRIDGESTONE CORP JPY 1 689 332 000 1.892 611 000 CHIBA BANK LTD - THE JPY 1 783 313 000 1.992 949 300 CITIZEN HOLDINGS CO LTD JPY 1 831 515 300 2.041 894 000 DAI NIPPON PRINTING CO LTD JPY 1 833 392 000 2.051 034 000 DAIWA HOUSE INDUSTRY CO LTD JPY 1 856 030 000 2.07940 900 DENA JPY 1 783 946 400 1.99242 000 EAST JAPAN RAILWAY CO JPY 1 863 400 000 2.08826 800 FUJIFILM HOLDINGS JPY 1 766 871 600 1.971 539 000 HITACHI METALS LTD JPY 1 831 410 000 2.04514 800 HONDA MOTOR CO LTD YEN 50 JPY 1 837 836 000 2.05220 800 IDEMITSU KOSAN CO LTD JPY 1 806 144 000 2.021 615 700 ITOCHU CORP JPY 1 796 658 400 2.00812 300 JS GROUP JPY 1 621 350 800 1.813 359 540 JX HOLDINGS INC JPY 1 746 960 800 1.95344 100 KDDI CORPORATION JPY 1 644 798 000 1.8456 631 KEYENCE CORP JPY 1 849 002 150 2.061 270 000 KUBOTA CORP JPY 1 722 120 000 1.921 648 300 KURARAY CO LTD JPY 1 793 350 400 2.002 512 000 MARUBENI CORPORATION JPY 1 781 008 000 1.994 645 000 MAZDA MOTOR CORP JPY 1 853 355 000 2.071 009 200 MITSUBISHI CORPORATION JPY 1 855 918 800 2.07MITSUBISHI TANABE1 322 000PHARMA CORPJPY 1 796 598 000 2.002 990 760 MITSUBISHI UFJ FINANCIAL GROUP JPY 1 728 659 280 1.931 307 000 MITSUI & CO LTD JPY 1 787 976 000 2.004 813 000 MITSUI OSK LINES LTD JPY 1 872 257 000 2.099 027 300 MIZUHO FINANCIAL GROUP INC JPY 1 832 541 900 2.04MS&AD INSURANCE GROUP704 500HOLDINGS INCJPY 1 744 342 000 1.953 998 000 NIPPON EXPRESS CO LTD JPY 1 863 068 000 2.086 552 000 NIPPON STEEL CORP JPY 1 886 976 000 2.10366 200 NIPPON TELEGRAPH & TELEPHONE JPY 1 838 324 000 2.054 349 000 OJI PAPER JPY 1 748 298 000 1.951 333 300 ORIX CORP JPY 1 845 287 200 2.061 471 100 RAKUTEN INC JPY 1 753 551 200 1.961 685 000 RICOH CO LTD JPY 1 755 770 000 1.96321 500 SECOM CO LTD JPY 1 832 550 000 2.041 800 000 SEKISUI CHEMICAL CO LTD JPY 1 648 800 000 1.841 676 000 SHIZUOKA BANK LTD JPY 1 771 532 000 1.98294 500 SOFTBANK CORP JPY 1 855 350 000 2.071 400 200 SUMITOMO ELECTRIC INDUSTRIES JPY 1 879 068 400 2.10SUMITOMO MITSUI TRUST3 920 780HOLDINGSJPY 1 693 776 960 1.894 812 000 TAIHEIYO CEMENT CORP JPY 1 780 440 000 1.99TAKEDA PHARMACEUTICAL413 300CO LTDJPY 1 868 116 000 2.08580 800 TOKIO MARINE HOLDINGS INC JPY 1 756 920 000 1.964 674 000 TOSHIBA CORPORATION JPY 1 841 556 000 2.06305 600 TOYOTA MOTOR CORPORATION JPY 1 833 600 000 2.0537 557 YAHOO JAPAN CORP JPY 1 838 415 150 2.051 417 700 YAMAHA CORP JPY 1 777 795 800 1.98Total securities portfolio 89 761 382 720 100.17The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 62
<strong>PARVEST</strong> Equity Latin AmericaSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets279 292 412 97.45Shares 276 351 768 96.43Brazil 149 064 117 52.0247 380 AMBEV CIA DE BEDIDAS ADR USD 1 647 876 0.57587 750 BANCO BRADESCO SA-PREF BRL 6 851 206 2.3915 100 BANCO BRADESCO-ADR USD 175 462 0.06732 671 BM&FBOVESPA SA BRL 3 602 976 1.26110 500 BR MALLS PARTICIPACOES SA BRL 841 354 0.29650 003 BR PROPERTIES SA BRL 4 962 835 1.73233 993 BRADESPAR SA -PREF BRL 2 428 342 0.8557 400 BRASKEM SA-PREF A BRL 423 767 0.151 001 975 BRAZIL PHARMA SA BRL 3 582 727 1.25234 297 BRF - BRASIL FOODS SA BRL 5 440 561 1.905 000 BRF - BRASIL FOODS SA - ADR USD 116 050 0.0431 CEMIG SA -SPONS ADR USD 246 0.0049 100 CETIP SA - BALCAO ORGANIZADO BRL 483 321 0.173 942 CIA BRASILEIRA DE DIS-PREF BRL 162 046 0.06215 365 CIA DE BEBIDAS DAS AME-PREF BRL 7 537 656 2.6381 500 CIA DE BEBIDAS DAS AMERICAS BRL 2 868 911 1.001 013 806 CIA DE CONCESSOES RODOVIARIAS BRL 7 399 327 2.58222 717 CIA ENERGETICA MINAS GER-PRF BRL 1 742 626 0.6144 846 CIA PARANAENSE DE ENERGI-PFB BRL 538 602 0.19324 966 CIA VALE DO RIO DOCE BRL 4 705 293 1.6453 700 CIELO SA BRL 1 319 470 0.46152 237 COSAN SA INDUSTRIA COMERCIO BRL 2 662 825 0.9352 300 CPFL ENERGIA SA BRL 429 017 0.15409 600 EDP - ENERGIAS DO BRASIL SA BRL 1 843 663 0.6440 248 EQUATORIAL ENERGIA SA - ORD BRL 339 466 0.12497 345 EVEN CONSTRUTORA E INCORPORA BRL 1 675 823 0.58262 300 HYPERMARCAS SA BRL 1 791 935 0.631 405 107 ITAU UNIBANCO HOLDING SA BRL 17 141 359 5.9919 830 ITAU UNIBANCO MULT - ADR USD 241 331 0.083 822 202 ITAUSA-INVESTIMENTOS ITAU-PR BRL 13 441 811 4.701 551 604 KLABIN SA-PREF BRL 8 034 832 2.80150 954 KROTON EDUCACIONAL SA BRL 2 032 041 0.71262 718 LOJAS AMERICANAS PREF BRL 1 671 012 0.581 115 900 MARFRIG ALIMENTOS SA BRL 2 872 861 1.00205 067 MILLS ESTRUTURAS E SERVICOS BRL 2 553 438 0.89MPX ENERGIA SUBSCRIPTION145 201RECEIPTS SHSBRL 314 568 0.11752 420 MPX MINERECAO E ENERGIA SA BRL 1 550 937 0.54585 200 OSX BRASIL SA BRL 179 707 0.06605 607 PDG REALTY SA BRL 585 945 0.20295 044 PETROBRAS - PETROLEO BRAS-PR BRL 2 085 134 0.73747 900 PETROLEO BRASILEIRO ADR SPONS USD 10 665 054 3.73184 812 TELEFONICA BRASIL SA BRL 3 613 551 1.261 360 TELEFONICA BRASIL SA - ADR USD 26 833 0.01118 003 TIM PARTICIPACOES SA BRL 465 622 0.1640 600 TIM PARTICIPACOES SA-ADR USD 800 632 0.2814 600 VALE SA ADR USD 210 386 0.07228 896 VALE SA-PREF A BRL 2 994 584 1.04925 200 VALE SA-SP PREF ADR USD 12 009 096 4.20Mexico 79 316 805 27.701 760 986 ALFA S.A.B.-A MXN 4 451 263 1.55458 183 AMERICA MOVIL ADR USD 8 842 932 3.092 631 ARCA CONTINENTAL SAB DE CV MXN 16 668 0.011 535 456 CEMEX SAB - CPO MXN 1 744 522 0.61468 076 CEMEX SAB-SPONS ADR PART CER USD 5 261 174 1.841 023 061 CORP INMOBILIARIA VESTA SAB MXN 2 000 608 0.7080 400 EL PUERTO DE LIVERPOOL-C1 MXN 843 863 0.291 000 000 FIBRA SHOP PORTAFOLIOS INMOB MXN 1 273 217 0.44Quantity DenominationQuotationcurrencyMarket value% of netassetsFOMENTO ECONOMICO MEX-132 366SP ADRUSD 12 492 703 4.37159 400 GRUPO AEROPORTUARIO DEL CENT MXN 541 401 0.19376 000 GRUPO AEROPORTUARIO DEL-B SH MXN 1 876 339 0.651 620 533 GRUPO FINANCIERO BANORTE-O MXN 10 133 184 3.54599 549 GRUPO FINANCIERO INBURSA-O MXN 1 278 846 0.453 945 580 GRUPO MEXICO SAB DE CV-SER B MXN 11 288 281 3.95304 329 GRUPO TELEVISA SA-SPON ADR USD 7 653 874 2.6726 700 INDUSTRIAS PENOLES SAB DE CV MXN 815 478 0.28382 886 KIMBERLY-CLARK DE MEXICO-A MXN 1 085 685 0.381 302 439 MEXICHEM SAB DE CV MXN 5 189 466 1.81952 160 OHL MEXICO SAB DE CV MXN 2 478 097 0.8615 804 ORGANIZACION SORIANA S.A.B-B MXN 49 204 0.02Chile 16 717 935 5.82503 837 CENCOSUD SA CLP 2 035 547 0.7186 250 CIA CERVECERIAS UNIDAS-ADR USD 2 277 863 0.79677 192 E.CL SA CLP 884 571 0.3190 525 EMPRESAS COPEC SA CLP 1 203 739 0.42ENDESA - EMPRESA NAC CHIL ELE-20 821SPONS ADRUSD 835 547 0.29181 993 QUIMICA Y MINERA CHIL-SP ADR USD 4 715 439 1.65331 273 S.A.C.I. FALABELLA CLP 3 281 347 1.142 680 SOC QUIMICA Y MINERA CHILE-B CLP 69 497 0.02557 100 SONDA SA CLP 1 414 385 0.49Bermuda 10 004 487 3.49221 431 COSAN LTD-CLASS A SHARES USD 2 962 747 1.0358 081 CREDICORP LTD USD 7 041 740 2.46Canada 6 758 114 2.36357 711 PACIFIC RUBIALES ENERGY CORP CAD 6 758 114 2.36British Indian OceanTerritory 5 923 903 2.062 634 604 EMPRESA NACIONAL DE ELECTRIC CLP 3 595 141 1.25147 390 ENERSIS S.A. -SPONS ADR USD 2 328 762 0.81Colombia 4 519 451 1.5751 526 BANCOLOMBIA S.A.-SPONS ADR USD 2 837 537 0.99262 500 CEMENTOS ARGOS SA COP 1 241 609 0.43196 700 ECOPETROL SA COP 440 305 0.15Peru 1 957 637 0.6992 900 CEMENTOS PACASMAYO SAA - ADR USD 1 151 960 0.4031 500 GRANA Y MONTERO SA - ADR USD 617 400 0.22383 240 VOLCAN CIA MINERA SAA-CMN B PEN 188 277 0.07Spain 1 238 511 0.43159 900 CEMEX LATAM HOLDINGS SA COP 1 238 511 0.43Panama 836 992 0.296 400 COPA HOLDINGS SA CLASS A USD 836 992 0.29Luxembourg 13 816 0.00558 TERNIUM SA - SPONSORED ADR USD 13 816 0.00Bonds 9 431 0.00Brazil 9 431 0.00448 378 PDG REALTY 0.000% 12-19/09/2016 CV BRL 9 431 0.00Floating rate bonds 10 252 0.00Brazil 10 252 0.00VALE DO RIO DOCE 97-29/09/2049270 800FRN FLATBRL 10 252 0.00Options, Warrants, Rights 2 920 961 1.02MMX MINERACAO E METALICOS2 723 000SA RTSBRL 2 920 961 1.02The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 63
<strong>PARVEST</strong> Equity Latin AmericaSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsOther transferable securities 423 009 0.15Shares 423 009 0.15Brazil 423 009 0.1550 455 SONAE SIERRA BRASIL SA BRL 423 009 0.15Total securities portfolio 279 715 421 97.60The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 64
<strong>PARVEST</strong> Equity RussiaSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets1 258 032 273 93.44Shares 1 248 431 181 92.73Russia 1 141 553 457 84.802 891 304 BANK ST PETERSBURG USD 2 671 375 0.20170 950 BANK VOZROZHDENIE USD 1 396 329 0.10203 459 BANK VOZROZHDENIE RUB 1 662 389 0.1253 806 BASHNEFT USD 2 321 925 0.171 038 264 BASHNEFT PFD-CLS USD 28 503 599 2.1277 000 000 ENEL OGK-5 OJSC USD 2 160 625 0.16175 000 EURASIA DRILLIN - GDR REGS-W/I USD 5 116 222 0.383 054 948 GAZPROM NEFT - SPONSORED ADR USD 47 656 818 3.5417 646 276 GAZPROM OAO USD 52 847 826 3.931 705 401 GAZPROM OAO - SPONS. ADR REG.S USD 10 165 670 0.762 759 583 GLOBAL PORTS INV-REGS W/I USD 21 974 535 1.634 850 862 GLOBALTRANS INV GDR USD 48 964 791 3.641 103 772 IBS GROUP-REGS GDR EUR 20 087 547 1.491 199 399 558 IDGC OF CENTER AND VOLGA-CLS USD 3 183 603 0.24644 000 000 INTER-REGIONAL DISTRIBUTION USD 4 932 808 0.376 192 271 JSC MMC NORILSK NICKEL - ADR USD 61 190 119 4.542 340 323 KUZBASSKAYA TOPLIVNAYA-BRD USD 3 663 832 0.27330 834 LSR GROUP OJSC - GDR USD 1 053 771 0.0854 LUGA ABRASIVE PLANT-BRD USD 245 715 0.023 016 331 LUKOIL CO SPONS ADR (JSC OIL) USD 132 562 096 9.841 589 156 MAGMA OJSC-SPON GDR REGS USD 3 824 050 0.28170 000 MAGNIT RUB 28 701 135 2.13246 088 MAGNIT USD 41 538 800 3.091 411 156 MAIL.RU GROUP-GDR REGS W/I USD 34 941 789 2.60700 000 MEGAFON-GDR-WI USD 17 943 273 1.33113 778 MOBILE TELESYSTEMS RUB 745 706 0.0616 991 270 MOBILE TELESYSTEMS USD 111 338 821 8.27140 019 MOBILE TELESYSTEMS ADR USD 2 246 930 0.177 158 861 MOSTOTREST-CLS USD 22 672 079 1.681 184 646 NOVATEK OAO-CLS USD 9 749 117 0.72591 831 NOVATEK SHS GDR 1/100 SHSREGS USD 53 770 176 3.99911 170 330 OGK-4-CLS USD 51 549 603 3.832 352 805 PHOSAGRO OAO - GDR REG S USD 16 451 435 1.221 177 464 ROS AGRO PLC- GDR REG S W/I USD 4 732 716 0.3514 275 235 SBERBANK USD 28 650 070 2.136 666 206 SBERBANK-SPONSORED ADR USD 53 285 159 3.9645 596 379 SISTEMA JSFC USD 31 356 588 2.33777 011 SISTEMA JSFC REG-S GDR USD 13 046 431 0.97196 910 405 SURGUTNEFTEGAZ - PFD USD 100 247 198 7.4513 365 859 TATNEFT - PFD 3 SERIES USD 31 529 277 2.341 333 550 TMK SPONS.GDR REG-S USD 13 015 917 0.978 884 673 VNESHTORGBANK SPONSORED GDR USD 17 855 592 1.33Guernsey Island 36 376 958 2.7010 565 343 ETALON GROUP-GDR REGS-W/I USD 36 376 958 2.70Kazakhstan 31 430 455 2.33KAZMUNAIGAS EXPLORA -2 290 976GDR REGSUSD 24 028 665 1.78610 000 KCELL JSC - REG S - W/I USD 7 401 790 0.55Bermuda 23 791 571 1.77700 000 ALLIANCE OIL CO LTD-PREF SEK 23 791 571 1.77The Netherlands 15 278 740 1.135 705 578 NORD GOLD NV - REG S GDR USD 8 653 994 0.64814 109 VIMPELCOM LTD-SPON ADR USD 6 624 746 0.49Floating rate bonds 9 601 092 0.71Russia 9 601 092 0.7112 000 000 VTB BANK 12-29/12/2049 FRN USD 9 601 092 0.71Quantity DenominationQuotationcurrencyMarket value% of netassetsShares/Units in investment funds 5 854 852 0.43Luxembourg 5 854 852 0.43<strong>PARVEST</strong> EQUITY RUSSIA71 390.86OPPORTUNITY - X - CAPUSD 5 854 852 0.43Total securities portfolio 1 263 887 125 93.87The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 65
<strong>PARVEST</strong> Equity Russia OpportunitySecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets86 309 635 98.25Shares 86 309 635 98.25Russia 70 778 139 80.5761 878 BASHNEFT PFD-CLS USD 2 239 965 2.5515 797 000 ENEL OGK-5 OJSC USD 584 489 0.67210 000 GAZPROM NEFT - SPONSORED ADR USD 4 319 700 4.92797 328 GAZPROM OAO USD 3 148 648 3.58260 000 GAZPROM OAO - SPONS. ADR REG.S USD 2 043 600 2.3387 934 GLOBAL PORTS INV-REGS W/I USD 923 307 1.05260 000 GLOBALTRANS INV GDR USD 3 460 600 3.94490 764 HYDRAULIC MACHINE-GDR RE-W/I USD 1 275 986 1.45100 000 IBS GROUP-REGS GDR EUR 2 399 720 2.73168 438 724 IDGC OF CENTER AND VOLGA-CLS USD 589 536 0.6760 000 000 INTER-REGIONAL DISTRIBUTION USD 606 000 0.69211 247 JSC MMC NORILSK NICKEL - ADR USD 2 752 548 3.13255 000 KUZBASSKAYA TOPLIVNAYA-BRD USD 526 397 0.6082 166 LSR GROUP OJSC - GDR USD 345 097 0.39143 000 LUKOIL CO SPONS ADR (JSC OIL) USD 8 286 850 9.4349 102 MAGMA OJSC-SPON GDR REGS USD 155 801 0.1811 000 MAGNIT USD 2 448 326 2.7924 187 MAIL.RU GROUP-GDR REGS W/I USD 789 706 0.90800 000 MOBILE TELESYSTEMS USD 6 912 320 7.873 600 MOSTOSTROY-11 -BRD USD 2 520 000 2.87240 000 MOSTOTREST-CLS USD 1 002 240 1.1448 924 040 OGK-4-CLS USD 3 649 733 4.1517 356 PHOSAGRO OAO - GDR REG S USD 160 022 0.18118 561 ROS AGRO PLC- GDR REG S W/I USD 628 373 0.721 500 000 SBERBANK USD 3 969 600 4.522 650 000 SISTEMA JSFC USD 2 403 020 2.7412 800 394 SURGUTNEFTEGAZ - PFD USD 8 592 905 9.781 300 000 TATNEFT - PFD 3 SERIES USD 4 043 650 4.60United Kingdom 3 971 196 4.522 950 751 VOLGA GAS PLC GBP 3 971 196 4.52Guernsey Island 3 084 140 3.51679 326 ETALON GROUP-GDR REGS-W/I USD 3 084 140 3.51Bermuda 2 913 074 3.3265 000 ALLIANCE OIL CO LTD-PREF SEK 2 913 074 3.32Kazakhstan 2 525 014 2.87KAZMUNAIGAS EXPLORA -159 437GDR REGSUSD 2 205 014 2.5120 000 KCELL JSC - REG S - W/I USD 320 000 0.36The Netherlands 2 463 776 2.81830 000 NORD GOLD NV - REG S GDR USD 1 660 000 1.8916 026 VIMPELCOM LTD-SPON ADR USD 171 959 0.2050 344 ZHAIKMUNAI LP-GDR REG S USD 631 817 0.72Cyprus 574 296 0.656 750 000 URALS ENERGY PUBLIC CO LTD GBP 574 296 0.65Total securities portfolio 86 309 635 98.25The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 66
<strong>PARVEST</strong> Equity USA GrowthSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets844 138 498 98.32Shares 844 138 498 98.32United States ofAmerica 782 648 107 91.16119 764 ALLERGAN INC USD 10 584 742 1.23428 298 ALTRIA GROUP INC USD 14 510 736 1.6975 230 AMAZON.COM INC USD 21 138 125 2.4673 497 AMERICAN EXPRESS CO USD 5 285 169 0.6271 937 APPLE INC USD 35 036 915 4.09394 477 AVON PRODUCTS INC USD 7 798 810 0.91160 579 BAXTER INTL INC USD 11 169 875 1.3043 474 BIOGEN IDEC INC USD 9 260 831 1.0841 681 BLACKROCK INC USD 10 850 398 1.2685 025 BOEING CO/THE USD 8 835 798 1.03320 479 BROADCOM CORP - CL A USD 8 095 300 0.94171 112 CABOT OIL & GAS CORP USD 6 695 613 0.78114 677 CAMERON INTERNATIONAL USD 6 512 507 0.76108 862 CELGENE CORP USD 15 238 503 1.7742 216 CHIPOTLE MEXICAN GRILL INC USD 17 231 305 2.01524 268 COCA-COLA CO USD 20 016 552 2.33478 497 COMCAST CORP A USD 20 139 939 2.35297 946 CONAGRA FOODS INC USD 10 076 534 1.1768 955 CONCHO RESOURCES INC USD 6 654 847 0.78151 136 COSTCO WHOLESALE CORP USD 16 907 584 1.9767 084 CUMMINS INC USD 8 264 749 0.96166 520 DANAHER CORP USD 10 910 390 1.27329 465 DELTA AIR LINES INC USD 6 500 344 0.76246 415 DICKS SPORTING GOODS INC USD 11 436 120 1.33241 523 DIRECTV - CLASS A USD 14 051 808 1.64138 934 DISCOVER FINANCIAL SERVICES USD 6 564 632 0.76173 600 DISNEY (WALT) CO USD 10 560 088 1.23164 879 EASTMAN CHEMICAL CO USD 12 530 804 1.46334 290 EBAY INC USD 16 711 157 1.95586 432 EMC CORP USD 15 118 217 1.76111 635 FLUOR CORP USD 7 081 008 0.8277 314 FMC TECHNOLOGIES INC USD 4 146 350 0.48329 179 FOOT LOCKER INC USD 10 599 564 1.23332 491 GILEAD SCIENCES INC USD 20 039 233 2.3330 662 GOOGLE INC - A USD 25 967 647 3.02155 345 HONEYWELL INTERNATIONAL INC USD 12 360 802 1.44109 275 HUNT (JB) TRANSPRT SVCS INC USD 7 867 800 0.9240 469 INTL BUSINESS MACHINES CORP USD 7 376 285 0.86131 040 INTUIT INC USD 8 324 971 0.97302 230 LAS VEGAS SANDS CORP USD 17 030 661 1.98198 004 LORILLARD INC USD 8 375 569 0.98390 320 LOWES COMPANIES USD 17 884 462 2.08249 450 MARRIOTT INTERNATIONAL - A USD 9 975 506 1.1636 352 MASTERCARD INC - CLASS A USD 22 032 220 2.57128 921 MCKESSON CORP USD 15 652 299 1.821 198 923 MICROSOFT CORP USD 40 044 027 4.67130 253 MONSANTO CO USD 12 750 466 1.49314 832 MYLAN INC USD 11 126 163 1.30149 303 NASDAQ OMX GROUP INC USD 4 458 188 0.52277 831 NETAPP INC USD 11 541 100 1.34255 063 NIKE INC - CL B USD 16 023 058 1.87445 886 ORACLE CORP USD 14 205 928 1.65246 061 PEPSICO INC USD 19 618 444 2.28231 991 PFIZER INC USD 6 544 466 0.7699 502 PHILIP MORRIS INTERNATIONAL USD 8 302 447 0.9725 245 SIMON PROPERTY GROUP INC USD 3 676 429 0.4363 345 STERICYCLE INC USD 7 130 113 0.83Quantity DenominationQuotationcurrencyMarket value% of netassets86 216 TERADATA CORP USD 5 048 809 0.5982 404 UNION PACIFIC CORP USD 12 652 310 1.47147 403 UNITED TECHNOLOGIES CORP USD 14 755 040 1.72298 702 VERIZON COMMUNICATIONS INC USD 14 152 501 1.65133 284 VMWARE INC - A USD 11 215 849 1.31Ireland 21 233 260 2.47165 762 ACCENTURE PLC - A USD 11 976 305 1.39155 841 COVIDIEN PLC USD 9 256 955 1.08Curacao 14 824 728 1.73183 157 SCHLUMBERGER LTD USD 14 824 728 1.73The Netherlands 13 307 525 1.55189 701 LYONDELLBASELL INDU-CL A USD 13 307 525 1.55Switzerland 12 124 878 1.4162 571 ACE LTD USD 5 488 728 0.64200 852 TYCO INTERNATIONAL LTD USD 6 636 150 0.77Shares/Units in investment funds 7 561 102 0.88121 483.00United States ofAmerica 7 561 102 0.88ISHARES DL REAL ESTATEINDEX FDUSD 7 561 102 0.88Total securities portfolio 851 699 600 99.20The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 67
<strong>PARVEST</strong> Equity USA Mid CapSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market993 933 763 92.82Shares 993 933 763 92.82United States ofAmerica 945 405 085 88.28593 000 AGCO CORP USD 33 540 080 3.12742 190 AKAMAI TECHNOLOGIES INC USD 34 125 895 3.18123 600 BORGWARNER INC USD 11 937 288 1.113 327 700 BOSTON SCIENTIFIC CORP USD 35 207 065 3.28389 100 CHARLES RIVER LABORATORIES USD 17 918 055 1.67268 825 CINCINNATI FIANCIAL CORP USD 12 279 926 1.15385 800 CITRIX SYSTEMS INC USD 27 303 066 2.55402 900 CON-WAY INC USD 16 760 640 1.57393 100 CREE INC USD 21 813 119 2.041 210 700 DEVRY INC USD 36 333 106 3.38722 400 DOLBY LABORATORIES INC-CL A USD 22 705 032 2.12278 300 EATON VANCE CORP USD 10 728 465 1.00171 900 EDWARDS LIFESCIENCES CORP USD 12 098 322 1.1399 100 FACTSET RESEARCH SYSTEMS INC USD 10 142 885 0.95425 700 FIRST SOLAR INC USD 15 631 704 1.46118 300 FMC CORP USD 7 879 963 0.74435 273 FMC TECHNOLOGIES INC USD 23 343 691 2.18496 350 FOREST LABORATORIES INC USD 21 109 766 1.97798 000 GANNETT CO USD 19 223 820 1.80315 100 H&R BLOCK INC USD 8 794 441 0.82197 700 HARRIS CORP USD 11 195 751 1.05757 200 HOSPIRA INC USD 29 553 516 2.761 009 000 INTERPUBLIC GROUP OF COS INC USD 15 861 480 1.48779 849 ITRON INC USD 29 213 144 2.73979 200 JABIL CIRCUIT INC USD 22 345 344 2.091 579 100 JUNIPER NETWORKS INC USD 29 844 990 2.79146 000 LEAR CORP USD 10 037 500 0.94509 750 LEXMARK INTERNATIONAL INC-A USD 17 413 060 1.63223 030 MANPOWER INC USD 14 463 496 1.35386 300 MOLEX INC USD 11 210 426 1.05417 250 MOLEX INC -CL A USD 10 243 488 0.96428 200 MOLSON COORS BREWING CO - B USD 20 891 878 1.952 328 250 NEW YORK TIMES CO - A USD 25 959 988 2.42367 700 NORTHERN TRUST CORP USD 20 175 699 1.881 743 100 NUANCE COMMUNICATIONS INC USD 33 275 779 3.111 720 000 NVIDIA CORP USD 25 370 000 2.37640 400 POLYPORE INTERNATIONAL INC USD 27 377 100 2.56411 000 RAYMOND JAMES FINANCIAL INC USD 17 192 130 1.61118 800 SIGMA-ALDRICH CORP USD 9 797 436 0.91973 700 SOUTHWEST AIRLINES CO USD 12 473 097 1.161 555 650 STAPLES INC USD 21 639 092 2.02620 400 STIFEL FINANCIAL CORP USD 24 828 408 2.32843 910 UNISYS CORP USD 21 232 776 1.98338 350 VARIAN MEDICAL SYSTEMS INC USD 23 836 758 2.23913 377 WERNER ENTERPRISES INC USD 21 044 206 1.971 121 300 XYLEM INC USD 27 785 814 2.59269 000 ZEBRA TECHNOLOGIES CORP-CL A USD 12 266 400 1.15Panama 25 218 750 2.363 362 500 MCDERMOTT INTL INC USD 25 218 750 2.36Bermuda 23 309 928 2.18307 600 BUNGE LIMITED USD 23 309 928 2.18Shares/Units in investment funds 32 543 412 3.04United States ofAmerica 32 543 412 3.04244 100.00 ISHARES TRUST RUSSELL MIDCAP USD 32 543 412 3.04Total securities portfolio 1 026 477 175 95.86The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 68
<strong>PARVEST</strong> Equity World Consumer DurablesSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets126 731 533 99.45Japan 14 369 272 11.3042 100 DENTSU INC JPY 1 077 114 0.855 501 FAST RETAILING CO LTD JPY 1 392 530 1.0970 000 ISUZU MOTORS LTD JPY 332 214 0.26112 000 KOITO MANUFACTURING CO LTD JPY 1 511 519 1.19167 801 PANASONIC CORP JPY 1 147 861 0.90183 500 RAKUTEN INC JPY 1 690 689 1.33113 100 SONY CORP JPY 1 730 929 1.361 SUZUKI MOTOR CORP JPY 16 0.00118 300 TOYOTA MOTOR CORPORATION JPY 5 486 400 4.32United Kingdom 12 062 585 9.4657 546 DELPHI AUTOMOTIVE PLC USD 2 401 169 1.8830 542 LIBERTY GLOBAL PLC USD 1 799 259 1.41370 800 MARKS & SPENCER GROUP PLC GBP 2 051 928 1.6135 517 NEXT PLC GBP 2 039 186 1.60134 676 PERSIMMON PLC GBP 1 736 379 1.3656 310 WHITBREAD GBP 2 034 664 1.60Germany 11 294 504 8.8515 968 ADIDAS AG EUR 1 277 440 1.0022 015 CONTINENTAL AG EUR 2 514 113 1.979 594 DAIMLER AG EUR 498 120 0.3928 198 KABEL DTLD HOLDING AG EUR 2 422 208 1.9059 690 PROSIEBENSAT.1 MEDIA AG EUR 1 914 557 1.5015 503 VOLKSWAGEN AG PFD EUR 2 668 066 2.09France 4 096 850 3.2137 269 RENAULT SA EUR 2 015 508 1.5836 534 VALEO SA EUR 2 081 342 1.63Quantity DenominationQuotationcurrencyMarket value% of netassetsCanada 4 059 592 3.1835 150 DOLLARAMA INC CAD 1 878 794 1.4737 469 MAGNA INTERNATIONAL INC CAD 2 180 798 1.71Shares 126 731 533 99.45Switzerland 3 823 033 3.00United States of53 170 CIE FINANCIERE RICHEMON-BR A CHF 3 823 033 3.00America 69 775 602 54.77Cayman Islands 3 370 492 2.6425 796 AMAZON.COM INC USD 5 496 861 4.32MELCO CROWN ENTERTAINME -67 529ADRUSD 1 392 472 1.091 APOLLO GROUP INC - CL A USD 14 0.00439 200 SANDS CHINA LTD HKD 1 978 020 1.5583 814 CBS CORP - B USD 3 248 063 2.557 435 CHIPOTLE MEXICAN GRILL INC USD 2 301 489 1.81Macao 1 952 039 1.5343 572 COACH INC USD 1 745 061 1.37840 400 MGM CHINA HOLDINGS LTD HKD 1 952 039 1.53154 339 COMCAST CORP A USD 4 926 535 3.87Hong Kong 1 927 555 1.518 166 DICKS SPORTING GOODS INC USD 287 414 0.23GALAXY ENTERTAINMENT401 000GROUP LHKD 1 927 555 1.5167 735 DIRECTV - CLASS A USD 2 988 641 2.35Australia 6 0.0037 035 DISCOVERY COMMUNICATIONS - A USD 2 176 993 1.711 ECHO ENTERTAINMENT GROUP LTD AUD 2 0.0089 474 DISNEY (WALT) CO USD 4 127 638 3.241 TABCORP HOLDINGS LTD AUD 2 0.00218 700 FORD MOTOR USD 2 685 237 2.111 TATTERSALLS AUD 2 0.0088 173 GAP INC / THE USD 2 704 168 2.1249 840 GENERAL MOTORS CO USD 1 288 144 1.01Bermuda 3 0.0074 417 HOME DEPOT INC USD 4 203 945 3.302 ESPRIT HOLDINGS HKD 3 0.0083 075 INTL GAME TECHNOLOGY USD 1 190 116 0.93Other transferable securities65 897 LAS VEGAS SANDS CORP USD 2 816 090 2.210 0.0099 358 LOWES COMPANIES USD 3 452 589 2.7172 471 MACYS INC USD 2 441 898 1.92Shares 0 0.0050 069 MARRIOTT INTERNATIONAL - A USD 1 518 474 1.19United States of23 733 MCDONALDS CORP USD 1 698 351 1.33America 0 0.0077 344 NIKE INC - CL B USD 3 684 779 2.8958 226 MARRIOTT INTERNATIONAL USD 0 0.0013 726 OREILLY AUTOMOTIVE INC USD 1 277 353 1.00 Total securities portfolio 126 731 533 99.455 735 PRICELINE.COM INC USD 4 081 958 3.20145 090 STAPLES INC USD 1 530 564 1.2070 143 STARBUCKS CORP USD 3 751 315 2.9416 061 TRW AUTOMOTIVE HOLDINGS CORP USD 841 296 0.6654 869 VIACOM INC - CLASS B USD 3 310 616 2.60The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 69
<strong>PARVEST</strong> Equity World EmergingSecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets683 871 986 99.74Shares 683 871 986 99.74Brazil 77 017 768 11.23289 212 AMBEV CIA DE BEDIDAS ADR USD 10 058 793 1.47476 945 AREZZO INDUSTRIA E COMERCIO BRL 6 661 074 0.97977 100 BTG PACTUAL PARTICIPATIONS BRL 11 138 999 1.62399 217 COSAN SA INDUSTRIA COMERCIO BRL 6 982 829 1.02837 762 EVEN CONSTRUTORA E INCORPORA BRL 2 822 871 0.413 818 286 GAFISA SA BRL 4 497 429 0.661 178 800 GERDAU SA -SPON ADR USD 8 463 784 1.23587 923 MILLS ESTRUTURAS E SERVICOS BRL 7 320 657 1.071 323 479 VALE SA ADR USD 19 071 332 2.78South Korea 75 678 381 11.05102 631 COSMAX INC KRW 4 252 985 0.62560 680 DAEWOO SHIPBUILDING & MARINE KRW 14 849 774 2.17559 740 HYNIX SEMICONDUCTOR INC KRW 14 270 206 2.08SAMSUNG HEAVY INDUSTRIES491 580CO LTDKRW 17 226 667 2.51249 520 SHINHAN FINANCIAL GROUP LTD KRW 9 227 328 1.3554 864 SK TELECOM CO LTD KRW 10 873 456 1.5994 782 WOONGJIN COWAY CO LTD KRW 4 977 965 0.73Cayman Islands 70 630 197 10.306 945 500 GREENTOWN CHINA HOLDINGS HKD 13 560 674 1.98204 559 HOME INNS & HOTELS MANAG-ADR USD 6 887 502 1.006 354 000 INTIME RETAIL CO LTD HKD 7 374 653 1.08MELCO CROWN ENTERTAINME -500 270ADRUSD 13 602 341 1.9811 293 500 SOHO CHINA LTD HKD 9 626 799 1.40258 200 TENCENT HOLDINGS LTD HKD 12 386 570 1.812 738 000 ZHEN DING TECHNOLOGY HOLDING TWD 7 191 658 1.05Taiwan 68 086 236 9.9016 664 152 CATHAY FINANCIAL HOLDING CO TWD 23 444 358 3.4112 865 000 CHIMEI INNOLUX CORP TWD 6 405 737 0.934 731 824 LITE-ON TECHNOLOGY CORP TWD 7 906 270 1.151 831 514 TAIWAN SEMICONDUCTOR - SP ADR USD 30 329 871 4.41Russia 59 028 835 8.61444 047 EURASIA DRILLIN - GDR REGS-W/I USD 17 118 012 2.5012 982 000 IRC LTD HKD 1 372 800 0.20MAGNIT JSC -SPONSORED277 888GDR REGSUSD 15 422 784 2.25328 235 MAIL.RU GROUP-GDR REGS W/I USD 10 716 873 1.565 440 737 SBERBANK USD 14 398 366 2.10China 48 562 351 7.088 736 000 ANTON OILFIELD SERVICES GP HKD 5 407 615 0.792 001 800 CHINA PACIFIC INSURANCE GR - H HKD 6 944 242 1.01259 335 CTRIP.COM INTERNATIONAL-ADR USD 11 934 597 1.742 287 500 GREAT WALL MOTOR COMPANY - H HKD 11 711 256 1.71877 000 PING AN INSURANCE GROUP CO - H HKD 6 327 783 0.92268 946 YOUKU.COM INC-SPON ADR USD 6 236 858 0.91Hong Kong 42 404 691 6.193 694 000 CATHAY PACIFIC AIRWAYS HKD 6 440 587 0.945 280 000 CHINA OVERSEAS LAND & INVEST HKD 16 035 286 2.3412 878 000 CHINA UNICOM HONG KONG LTD HKD 19 928 818 2.91Mexico 42 184 140 6.163 905 030 ALFA S.A.B.-A MXN 9 870 787 1.441 CEMEX SAB - CPO MXN 1 0.001 936 787 CEMEX SAB-SPONS ADR PART CER USD 21 769 486 3.185 967 856 TF ADMINISTRADORA INDUSTRIAL MXN 10 543 866 1.54Quantity DenominationQuotationcurrencyMarket value% of netassetsIndia 35 273 788 5.151 978 064 HDFC BANK LIMITED INR 17 604 081 2.57TATA CONSULTANCY SVS572 568DEMATERIALINR 17 669 707 2.58South Africa 23 953 518 3.5090 812 NASPERS LTD-N SHS ZAR 7 522 906 1.10349 223 SASOL LTD ZAR 16 430 612 2.40Turkey 23 706 583 3.46283 374 COCA-COLA ICECEK URETIM AS TRY 6 645 633 0.97569 436 FORD OTOMOTIV SANAYI AS TRY 7 124 158 1.043 204 651 TURK HAVA YOLLARI AO TRY 9 936 792 1.45Thailand 21 388 608 3.122 535 700 AIRPORTS OF THAILAND PCL-FOR THB 13 115 685 1.913 859 500 PTT GLOBAL CHEMICAL PCL - FOR THB 8 272 923 1.21The Netherlands 15 421 312 2.25481 916 YANDEX NV - A USD 15 421 312 2.25Bermuda 14 971 806 2.18123 489 CREDICORP LTD USD 14 971 806 2.18Indonesia 14 011 577 2.0416 428 500 BANK MANDIRI IDR 10 305 423 1.503 504 000 MATAHARI DEPARTMENT STORE TB IDR 3 706 154 0.54United Arab Emirates 11 191 923 1.637 149 327 EMAAR PROPERTIES PJSC AED 11 191 923 1.63United Kingdom 7 412 368 1.081 CAPITAL + COUNTIES PROPERTIE GBP 5 0.00CAPITAL SHOPPING CENTRES1GROUP PLCGBP 5 0.00475 364 TULLOW OIL PLC GBP 7 412 358 1.08Canada 7 399 341 1.08100 000 GREENSTONE RESOURCES LTD USD 10 0.00391 651 PACIFIC RUBIALES ENERGY CORP CAD 7 399 331 1.08Austria 7 125 402 1.04415 834 CAT OIL AG EUR 7 125 402 1.04Philippines 6 954 386 1.0133 787 100 MELCO CROWN PHILIPPINES RESO PHP 6 954 386 1.01Poland 4 797 327 0.70299 275 EUROCASH SA PLN 4 797 327 0.70Guernsey Island 3 406 476 0.50750 325 ETALON GROUP-GDR REGS-W/I USD 3 406 476 0.50Kenya 3 264 972 0.486 805 913 KENYA COMMERCIAL BANK LTD KES 3 264 972 0.48Other transferable securities 19 0.00Shares 19 0.00United States ofAmerica 19 0.001 556 EXDS INC USD 19 0.00Total securities portfolio 683 872 005 99.74The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 70
<strong>PARVEST</strong> Equity World EnergySecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets214 378 998 99.69Shares 214 378 998 99.69United States ofAmerica 111 376 432 51.7978 907 ANADARKO PETROLEUM CORP USD 5 470 710 2.5476 196 CABOT OIL & GAS CORP USD 2 261 148 1.0578 370 CAMERON INTERNATIONAL USD 3 375 271 1.57224 825 CHEVRON CORP USD 20 533 652 9.5644 870 CONCHO RESOURCES INC USD 3 284 092 1.53121 653 CONOCOPHILLIPS USD 6 116 786 2.8462 236 EOG RESOURCES INC USD 7 412 531 3.4513 358 EQT CORP USD 868 381 0.40253 869 EXXON MOBIL CORP USD 16 780 845 7.8053 991 FMC TECHNOLOGIES INC USD 2 195 918 1.02135 293 HALLIBURTON CO USD 4 924 969 2.29153 453 MARATHON OIL CORP USD 4 006 815 1.86MARATHON PETROLEUM CORP -71 397W / IUSD 3 926 131 1.8375 322 NATIONAL OILWELL VARCO INC USD 4 244 217 1.97118 766 NOBLE ENERGY INC USD 5 532 986 2.5770 981 OCCIDENTAL PETROLEUM CORP USD 4 748 395 2.2195 873 PEABODY ENERGY CORP USD 1 250 581 0.5847 639 RANGE RESOURCES CORP USD 2 708 913 1.26178 069 SPECTRA ENERGY CORP USD 4 471 306 2.08173 137 VALERO ENERGY CORP USD 4 665 219 2.1794 513 WILLIAMS COMPANIES INC USD 2 597 566 1.21United Kingdom 35 094 397 16.321 ANGLO AMERICAN PLC GBP 17 0.00370 232 BG GROUP PLC GBP 5 329 360 2.481 687 069 BP PLC GBP 8 831 185 4.1179 823 ENSCO PLC - CL A USD 3 363 390 1.56331 634 ROYAL DUTCH SHELL PLC - A SHS GBP 8 121 609 3.78370 626 ROYAL DUTCH SHELL PLC - B SHS GBP 9 448 267 4.3962 WELLSTREAM HOLDINGS PLC GBP 569 0.00Canada 19 137 254 8.91252 499 CANADIAN NATURAL RESOURCES CAD 5 834 161 2.711 CENOVUS ENERGY INC CAD 22 0.001 IMPERIAL OIL LTD CAD 32 0.00318 178 SUNCOR ENERGY INC CAD 8 120 287 3.78240 626 TALISMAN ENERGY INC CAD 1 946 113 0.9198 065 TRANSCANADA CORP CAD 3 236 639 1.51France 12 796 257 5.9524 311 TECHNIP SA EUR 2 139 368 0.99254 250 TOTAL SA EUR 10 656 889 4.96Curacao 11 319 692 5.26184 410 SCHLUMBERGER LTD USD 11 319 692 5.26Italy 7 341 719 3.41424 868 ENI SPA EUR 7 341 719 3.41Spain 4 263 039 1.98242 839 REPSOL YPF SA EUR 4 263 039 1.98The Netherlands 3 778 673 1.7632 886 CORE LABORATORIES NV USD 3 778 673 1.76Norway 2 625 615 1.22157 870 STATOIL ASA NOK 2 625 615 1.22Australia 2 487 177 1.1695 544 WOODSIDE PETROLEUM LTD AUD 2 487 177 1.16Quantity DenominationQuotationcurrencyMarket value% of netassetsSwitzerland 2 114 752 0.9874 960 NOBLE CORPORATION USD 2 114 752 0.98Japan 2 043 989 0.95601 INPEX CORP JPY 2 043 989 0.95Poland 2 0.001 MPACT LTD ZAR 2 0.00Other transferable securities 44 0.00Shares 44 0.00Russia 44 0.001 LUKOIL HOLDINGS USD 44 0.00Total securities portfolio 214 379 042 99.69The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 71
<strong>PARVEST</strong> Equity World FinanceSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets31 405 639 99.65Shares 31 405 639 99.65United States ofAmerica 13 007 502 41.2910 320 AMERICAN EXPRESS CO USD 562 802 1.7910 087 AMERICAN TOWER CORP - CL A USD 531 583 1.6942 908 BANK OF AMERICA CORP USD 459 473 1.466 499 BERKSHIRE HATHAWAY INC - B USD 548 171 1.743 831 BLACKROCK INC USD 756 322 2.40150 064 CHIMERA INVESTMENT GROUP USD 334 588 1.0631 014 CITIGROUP INC USD 1 136 741 3.6113 804 DISCOVER FINANCIAL SERVICES USD 494 645 1.572 169 GOLDMAN SACHS GROUP INC USD 250 243 0.7943 841 JPMORGAN CHASE AND CO USD 1 680 030 5.349 640 METLIFE INC USD 337 685 1.0714 892 NASDAQ OMX GROUP INC USD 337 233 1.0713 665 PNC FINANCIAL SERVICES GROUP USD 748 953 2.3812 497 PRUDENTIAL FINANCIAL INC USD 709 673 2.257 240 SIMON PROPERTY GROUP INC USD 799 607 2.5429 866 SLM CORPORATION USD 543 368 1.729 934 TRAVELERS COS INC USD 601 946 1.9123 016 UNUM GROUP USD 515 443 1.6453 251 WELLS FARGO & CO USD 1 658 996 5.26United Kingdom 2 942 231 9.34179 812 BARCLAYS BANK PLC GBP 597 721 1.90148 520 HSBC HOLDINGS GBP 1 177 846 3.74342 357 LEGAL & GENERAL GROUP PLC GBP 750 261 2.3832 926 PRUDENTIAL PLC GBP 416 403 1.32Japan 2 712 645 8.60DAITO TRUST CONSTRUCTION5 300CO LTDJPY 380 987 1.2134 000 MITSUBISHI ESTATE CO LTD JPY 694 851 2.20182 900 MITSUBISHI UFJ FINANCIAL GROUP JPY 817 134 2.5924 200 SONY FINANCIAL HOLDINGS INC JPY 302 279 0.9615 300 SUMITOMO MITSUI FINANCIAL GR JPY 517 394 1.64Australia 1 986 245 6.30COMMONWEALTH BANK OF20 075AUSTRALIAAUD 999 072 3.1725 679 NATIONAL AUSTRALIA BANK AUD 569 777 1.8155 422 WESTFIELD GROUP AUD 417 396 1.32Hong Kong 1 680 713 5.33144 200 AIA GROUP LTD HKD 486 545 1.54199 500 BOC HONG KONG HOLDINGS LTD HKD 481 924 1.53112 300 THE WHARF (HOLDINGS) HKD 712 244 2.26Switzerland 1 643 372 5.2210 660 ACE LTD USD 709 158 2.2520 615 CREDIT SUISSE GROUP CHF 449 709 1.432 572 ZURICH FINANCIAL SERVICES CHF 484 505 1.54Canada 1 491 609 4.7320 711 BANK NOVA SCOTIA CAD 871 023 2.7613 301 ROYAL BANK OF CANADA CAD 620 586 1.97Germany 946 658 3.006 493 ALLIANZ SE EUR 703 841 2.237 412 DEUTSCHE BANK AG EUR 242 817 0.77France 931 473 2.9521 437 AXA EUR 353 389 1.1212 192 BNP PARIBAS EUR 578 084 1.83Quantity DenominationQuotationcurrencyMarket value% of netassetsThe Netherlands 829 034 2.6369 036 AEGON NV EUR 372 518 1.1855 571 ING GROEP NV EUR 456 516 1.45Spain 601 914 1.91112 718 BANCO SANTANDER SA EUR 601 914 1.91Sweden 511 842 1.62SKANDINAVISKA ENSKILDA BANK -65 837ASEK 511 842 1.62Norway 499 355 1.5842 477 DNB NOR ASA NOK 499 355 1.58Italy 324 000 1.03218 182 INTESA SANPAOLO EUR 324 000 1.03Singapore 308 263 0.9852 000 OVERSEA-CHINESE BANKING CORP SGD 308 263 0.98India 289 521 0.9238 588 KOTAK MAHINDRA BANK LTD INR 289 521 0.92Russia 237 897 0.75118 535 SBERBANK USD 237 897 0.75Indonesia 236 018 0.75PT BANK RAKYAT INDONESIA531 008(PERSERO) TBKIDR 236 018 0.75Brazil 225 347 0.7224 416 ITAU UNIBANCO MULT - ADR USD 225 347 0.72Total securities portfolio 31 405 639 99.65The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 72
<strong>PARVEST</strong> Equity World Health CareSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets259 991 671 99.15Shares 259 991 671 99.15United States ofAmerica 178 159 940 67.94167 874 ABBOTT LABORATORIES USD 4 243 319 1.62248 833 ABBVIE INC USD 8 040 933 3.07110 495 AETNA INC USD 5 311 905 2.0394 856 AGILENT TECHNOLOGIES INC USD 3 355 137 1.2833 354 ALEXION PHARMACEUTICALS INC USD 2 725 790 1.0470 141 ALLERGAN INC USD 4 701 245 1.79124 446 AMGEN INC USD 10 281 471 3.92142 362 BAXTER INTL INC USD 7 510 011 2.8622 925 BIOGEN IDEC INC USD 3 703 537 1.4187 507 CARDINAL HEALTH INC USD 3 336 760 1.2767 192 CELGENE CORP USD 7 132 971 2.72169 745 ELI LILLY & CO USD 6 616 785 2.5288 049 EXPRESS SCRIPTS INC USD 4 265 562 1.63275 322 GILEAD SCIENCES INC USD 12 584 299 4.8038 296 JAZZ PHARMACEUTICALS PLC USD 2 546 774 0.97193 733 JOHNSON & JOHNSON USD 12 695 638 4.8478 946 MCKESSON CORP USD 7 268 947 2.77139 584 MEDTRONIC INC USD 5 478 137 2.09430 997 MERCK & CO INC USD 15 457 188 5.89188 229 MYLAN INC USD 5 044 754 1.92947 370 PFIZER INC USD 20 267 941 7.74129 571 ST JUDE MEDICAL INC USD 4 953 492 1.89198 144 UNITEDHEALTH GROUP INC USD 10 780 260 4.1147 636 VERTEX PHARMACEUTICALS INC USD 2 714 884 1.0477 767 WELLPOINT INC USD 5 021 297 1.9135 360 ZIMMER HOLDINGS INC USD 2 120 903 0.81Switzerland 30 243 834 11.53185 874 NOVARTIS AG CHF 10 257 880 3.91105 867 ROCHE HOLDING AG GENUSSCHEIN CHF 19 985 954 7.62United Kingdom 20 056 991 7.65236 822 ASTRAZENECA PLC GBP 8 829 427 3.37528 237 GLAXOSMITHKLINE PLC GBP 10 197 255 3.8986 611 HIKMA PHARMACEUTICALS PLC GBP 1 030 309 0.39France 10 434 577 3.98143 549 SANOFI AVENTIS EUR 10 434 577 3.98Ireland 8 936 788 3.41102 901 COVIDIEN PLC USD 4 635 461 1.77154 247 SHIRE PLC GBP 4 301 327 1.64Japan 8 219 975 3.14120 400 ASTELLAS PHARMA INC JPY 4 764 836 1.8264 200 DAIICHI SANKYO CO JPY 866 425 0.33170 700 SHIONOGI & CO LTD JPY 2 588 714 0.99South Africa 2 352 211 0.90134 598 ASPEN PHARMACARE HOLDINGS ZAR 2 352 211 0.90Israel 1 056 224 0.4067 000 PROLASER LTD EUR 0 0.00TEVA PHARMACEUTICAL IND.LTD-36 440ADRUSD 1 056 224 0.40Brazil 531 131 0.2098 629 RAIA DROGASIL SA BRL 531 131 0.20Total securities portfolio 259 991 671 99.15The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 73
<strong>PARVEST</strong> Equity World Low VolatilitySecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets619 393 571 99.92Shares 619 393 571 99.92United States ofAmerica 318 025 419 51.29140 931 3M CO USD 12 139 347 1.96AIR PRODUCTS AND137 227CHEMICALS INCUSD 10 629 733 1.7110 496 ALLEGHANY CORP USD 3 081 220 0.50127 042 AMERICAN CAPITAL AGENCY CORP USD 2 192 838 0.35312 908 ANNALY CAPITAL MANAGEMENT USD 2 769 328 0.45232 967 AUTOMATIC DATA PROCESSING USD 12 572 374 2.031 900 AUTOZONE INC USD 605 101 0.1045 646 BALL CORP USD 1 537 688 0.2542 074 BECTON DICKINSON & CO USD 3 107 209 0.50141 463 BERKSHIRE HATHAWAY INC - B USD 11 931 985 1.9216 066 CHEVRON CORP USD 1 467 335 0.24344 299 CINCINNATI FIANCIAL CORP USD 11 927 482 1.92138 153 CROWN HOLDINGS INC USD 4 553 412 0.73241 720 DIRECTV - CLASS A USD 10 665 304 1.7254 348 ELI LILLY & CO USD 2 118 525 0.34181 237 EXXON MOBIL CORP USD 11 979 840 1.93FEDERAL REALTY INVESTMENT62 095TRUSTUSD 4 582 485 0.74326 051 FIDELITY NATIONAL INFORMATIO USD 10 993 650 1.77169 847 FISERV INC USD 12 400 402 2.00INTERNATIONAL FLAVORS &187 630FRAGRANCES INCUSD 11 242 717 1.8188 458 INTL BUSINESS MACHINES CORP USD 12 227 544 1.97112 972 JOHNSON & JOHNSON USD 7 403 239 1.1915 500 KELLOGG CO USD 713 639 0.12372 245 LOEWS CORP USD 12 551 200 2.02236 447 MARSH & MCLENNAN COS INC USD 7 393 228 1.19164 250 MCDONALDS CORP USD 11 753 853 1.90454 832 MICROSOFT CORP USD 11 520 847 1.86157 009 MOTOROLA SOLUTIONS INC USD 6 669 251 1.08408 745 PAYCHEX INC USD 11 990 184 1.9396 886 PRAXAIR INC USD 8 626 131 1.39371 080 PROGRESSIVE CORP USD 7 055 192 1.14688 105 SAIC INC USD 7 864 206 1.2711 002 SHERWIN-WILLIAMS CO/THE USD 1 438 454 0.23138 712 SIGMA-ALDRICH CORP USD 8 675 549 1.4037 888 STERICYCLE INC USD 3 234 243 0.5289 917 TARGET CORP USD 4 317 189 0.70177 704 TIM HORTONS INC CAD 7 358 555 1.19309 149 TJX COMPANIES INC USD 12 360 333 1.99271 303 TOTAL SYSTEM SERVICES INC USD 5 693 125 0.9223 200 TRAVELERS COS INC USD 1 405 794 0.23189 625 UNITED PARCEL SERVICE INC CL B USD 12 307 074 1.99261 200 WASTE MANAGEMENT INC USD 8 010 714 1.2993 366 YUM BRANDS INC USD 4 957 900 0.80United Kingdom 67 995 421 10.96281 095 BRITISH SKY BROADCASTING GRO GBP 2 768 410 0.45691 722 COMPASS GROUP PLC GBP 6 946 434 1.12101 480 PEARSON PLC GBP 1 513 152 0.241 322 062 REED ELSEVIER PLC GBP 12 276 068 1.98282 603 REXAM PLC GBP 1 617 574 0.26361 113 ROYAL DUTCH SHELL PLC - A SHS GBP 8 843 540 1.43217 576 ROYAL DUTCH SHELL PLC - B SHS GBP 5 546 605 0.892 506 436 SAGE GROUP PLC GBP 10 118 074 1.63SCOTTISH AND SOUTHERN572 552ENERGY PLCGBP 10 498 578 1.69317 004 THOMSON REUTERS CORP CAD 7 866 986 1.27Quantity DenominationQuotationcurrencyMarket value% of netassetsFrance 48 700 316 7.8719 316 AEROPORTS DE PARIS EUR 1 426 487 0.23125 145 AIR LIQUIDE SA EUR 12 453 179 2.01438 228 BUREAU VERITAS SA EUR 10 017 892 1.6281 807 DASSAULT SYSTEMES SA EUR 7 906 647 1.2818 296 ESSILOR INTERNATIONAL EUR 1 494 600 0.2438 283 SODEXO SA EUR 2 556 156 0.41306 462 TOTAL SA EUR 12 845 355 2.08Canada 48 012 597 7.75173 663 BANK OF MONTREAL CAD 8 253 674 1.3357 879 CANADIAN NATIONAL RAILWAY CO CAD 4 110 200 0.6666 104 CI FINANCIAL CORP CAD 1 523 101 0.2562 641 FIRST CAPITAL REALTY INC CAD 757 006 0.12589 230 GREAT-WEST LIFECO INC CAD 12 602 151 2.0318 657 IGM FINANCIAL INC CAD 633 882 0.1030 175 METRO INC - A CAD 1 462 978 0.2417 453 NATIONAL BANK OF CANADA CAD 1 023 717 0.17367 942 POWER FINANCIAL CORP CAD 8 385 163 1.3532 645 ROYAL BANK OF CANADA CAD 1 523 120 0.25SHAW COMMUNICATIONS-B-102 929NON VTGCAD 1 878 029 0.3090 947 TORONTO-DOMINION BANK CAD 5 859 576 0.95Singapore 36 836 965 5.95802 000 DBS GROUP HOLDING LTD SGD 7 669 854 1.241 358 000 OVERSEA-CHINESE BANKING CORP SGD 8 050 395 1.301 071 000 SINGAPORE AIRLINES LTD SGD 6 050 021 0.984 167 000 SINGAPORE PRESS HOLDINGS LTD SGD 9 727 538 1.57443 000 UNITED OVERSEAS BANK SGD 5 339 157 0.86Japan 28 939 594 4.66200 000 AIR WATER INC JPY 2 073 052 0.332 500 HIROSE ELECTRIC CO LTD JPY 253 141 0.04783 400 HOYA CORP JPY 12 582 896 2.031 244 000 KAMIGUMI CO LTD JPY 7 625 091 1.2365 000 KANEKA CORP JPY 314 011 0.05580 000 ODAKYU ELECTRIC RAILWAY CO JPY 4 097 563 0.66TAKEDA PHARMACEUTICAL53 100CO LTDJPY 1 855 173 0.3020 000 TONENGENERAL SEKIYU KK JPY 138 667 0.02Australia 17 961 265 2.90212 099 ASX LTD AUD 5 038 515 0.81325 968 BHP BILLITON LTD AUD 7 842 607 1.27416 856 CROWN LTD AUD 4 237 543 0.6890 070 ORIGIN ENERGY LTD AUD 842 600 0.14Hong Kong 15 198 080 2.451 064 700 HANG SENG BANK LTD HKD 12 776 462 2.061 004 500 HOPEWELL HOLDINGS LTD HKD 2 421 618 0.39The Netherlands 13 179 066 2.12898 672 REED ELSEVIER NV EUR 12 280 353 1.9831 617 UNILEVER NV EUR 898 713 0.14Germany 10 076 213 1.6310 201 LINDE AG EUR 1 484 246 0.24153 620 SAP AG EUR 8 591 967 1.39Switzerland 8 744 337 1.4128 140 EMS CHEMIE HOLDING AG CHF 6 814 986 1.103 438 SWISSCOM AG-REG CHF 1 178 951 0.192 529 SYNGENTA AG CHF 750 400 0.12Norway 3 083 298 0.50185 389 STATOIL ASA NOK 3 083 298 0.50The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 74
<strong>PARVEST</strong> Equity World Low VolatilitySecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsBermuda 2 639 087 0.4325 410 EVEREST REINSURANCE GROUP USD 2 639 087 0.431 956 000Cayman Islands 1 913 0.00CHAODA MODERN AGRICULTUREHOLDINGS LTDHKD 1 913 0.00Total securities portfolio 619 393 571 99.92The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 75
<strong>PARVEST</strong> Equity World MaterialsSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets101 089 876 99.74Shares 101 089 876 99.74United States ofAmerica 29 550 012 29.15AIR PRODUCTS AND50 377CHEMICALS INCUSD 3 902 250 3.8530 189 BALL CORP USD 1 016 984 1.0056 123 CELANESE CORP SERIES A USD 2 095 781 2.0760 721 CLIFFS NATURAL RESOURCES INC USD 961 055 0.95132 013 DOW CHEMICAL USD 3 744 340 3.6953 306 DU PONT DE NEMOURS USD 2 288 932 2.2674 099 EASTMAN CHEMICAL CO USD 4 270 836 4.2137 501 FMC CORP USD 1 894 389 1.8782 355 MONSANTO CO USD 6 113 857 6.0374 338 NEWMONT MINING CORP USD 1 791 080 1.77RELIANCE STEEL AND29 075ALUMINIUM COUSD 1 470 508 1.45United Kingdom 14 884 609 14.69102 741 ANGLO AMERICAN PLC GBP 1 782 057 1.76113 197 ANTOFAGASTA PLC GBP 1 135 423 1.12258 677 BHP BILLITON PLC GBP 5 699 148 5.62245 657 REXAM PLC GBP 1 406 101 1.39142 268 RIO TINTO PLC ORD GBP 4 861 880 4.80Germany 13 299 032 13.1285 960 BASF SE EUR 5 684 535 5.6153 026 HEIDELBERGCEMENT AG EUR 2 786 516 2.7533 182 LINDE AG EUR 4 827 981 4.76Canada 10 597 784 10.4539 338 AGNICO EAGLE MINES LTD USD 896 486 0.88111 901 BARRICK GOLD CAD 1 617 778 1.6093 973 GOLDCORP INC USD 2 102 384 2.07169 745 KINROSS GOLD CORP CAD 709 000 0.70139 907 POTASH CORP SASKATCHEW CAD 3 133 072 3.09112 196 TECK RESOURCES LTD CAD 2 139 064 2.11Japan 9 778 936 9.6597 600 JFE HOLDINGS INC JPY 1 676 275 1.65609 000 MITSUI CHEMICALS INC JPY 1 247 426 1.23600 000 MITSUI MINING & SMELTING CO JPY 1 113 048 1.1063 600 NIPPON PAPER INDUSTRIES CO L JPY 665 621 0.6662 500 NITTO DENKO CORP JPY 2 555 566 2.52651 000 SUMITOMO CHEMICAL CO LTD JPY 1 801 422 1.78433 000 TEIJIN LTD JPY 719 578 0.71Australia 8 885 250 8.77280 105 BHP BILLITON LTD AUD 6 739 170 6.6553 652 RIO TINTO LIMITED AUD 2 146 080 2.12The Netherlands 3 366 891 3.3263 287 LYONDELLBASELL INDU-CL A USD 3 366 891 3.32Sweden 2 925 653 2.89158 175 SVENSKA CELLULOSA AB - B SEK 2 925 653 2.89Switzerland 1 879 322 1.851 844 GIVAUDAN CHF 1 879 322 1.85Austria 1 665 629 1.6451 448 VOESTALPINE AG EUR 1 665 629 1.64Ireland 1 598 166 1.5899 823 CRH PLC EUR 1 598 166 1.58Norway 943 168 0.9331 495 YARA INTERNATIONAL ASA NOK 943 168 0.93Quantity DenominationQuotationcurrencyMarket value% of netassetsIsrael 889 275 0.88168 320 ISRAEL CHEMICALS LTD ILS 889 275 0.88Luxembourg 826 149 0.8285 056 ARCELORMITTAL EUR 826 149 0.82Total securities portfolio 101 089 876 99.74The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 76
<strong>PARVEST</strong> Equity World TechnologySecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets85 037 961 99.80Shares 85 037 961 99.80United States ofAmerica 68 015 192 79.8022 407 APPLE INC USD 8 276 453 9.70113 760 APPLIED MATERIALS INC USD 1 294 963 1.5226 172 ARRIS GROUP INC USD 311 023 0.3761 251 BROADCOM CORP - CL A USD 1 173 366 1.38244 394 CISCO SYSTEMS INC USD 4 320 359 5.0794 669 EBAY INC USD 3 589 036 4.21211 958 EMC CORP USD 4 143 999 4.8610 663 GOOGLE INC - A USD 6 848 548 8.04108 880 INTEL CORP USD 1 814 942 2.1324 710 INTL BUSINESS MACHINES CORP USD 3 415 662 4.0122 677 INTUIT INC USD 1 092 575 1.2834 832 LINEAR TECHNOLOGY CORP USD 1 012 521 1.191 413 LINKEDIN CORP - A USD 257 225 0.304 329 MANHATTAN ASSOCIATES INC USD 287 265 0.348 861 MASTERCARD INC - CLASS A USD 4 072 861 4.78285 315 MICROSOFT CORP USD 7 227 000 8.4740 261 NETAPP INC USD 1 268 347 1.49137 069 ORACLE CORP USD 3 311 860 3.8917 706 QUALCOMM INC USD 890 000 1.0454 476 SALESFORCE.COM INC USD 2 029 733 2.3811 315 SANDISK CORP USD 473 503 0.5629 736 SKYWORKS SOLUTIONS INC USD 571 898 0.6784 561 SYMANTEC CORP USD 1 642 353 1.9315 899 TERADATA CORP USD 706 086 0.8341 996 TEXAS INSTRUMENTS INC USD 1 216 629 1.4332 951 TOTAL SYSTEM SERVICES INC USD 691 456 0.8112 453 VISA INC - A USD 1 647 241 1.9321 522 VMWARE INC - A USD 1 373 484 1.6157 758 XEROX CORP USD 437 149 0.5125 614 XILINX INC USD 843 440 0.9986 264 YAHOO INC USD 1 774 215 2.08Japan 5 667 154 6.6662 500 BROTHERS INDUSTRIES LTD JPY 480 195 0.5651 400 FUJIFILM HOLDINGS JPY 849 022 1.00261 000 FUJITSU LIMITED JPY 740 386 0.87345 000 HITACHI LTD JPY 1 581 340 1.86106 500 KONICA MINOLTA HOLDINGS INC JPY 664 316 0.78249 000 NEC CORP JPY 406 100 0.4822 000 TDK CORP JPY 611 326 0.72884 YAHOO JAPAN CORP JPY 334 469 0.39Ireland 4 913 276 5.7664 123 ACCENTURE PLC - A USD 3 513 489 4.1248 167 SEAGATE TECHNOLOGY USD 1 399 787 1.64Sweden 2 716 216 3.19305 203 ERICSSON LM - B SHS SEK 2 716 216 3.19United Kingdom 1 958 937 2.30190 834 ARM HOLDINGS PLC GBP 1 958 937 2.30South Korea 1 086 366 1.281 177 SAMSUNG ELECTRONICS CO LTD KRW 1 086 366 1.28Taiwan 376 700 0.4532 000 ASUSTEK COMPUTER INC TWD 192 202 0.237 000 LARGAN PRECISION CO LTD TWD 184 498 0.22Quantity DenominationQuotationcurrencyMarket value% of netassetsIsrael 304 120 0.36CHECK POINT SOFTWARE7 152TECHNOLOGIEUSD 304 120 0.36Total securities portfolio 85 037 961 99.80The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 77
<strong>PARVEST</strong> Equity World Tele<strong>com</strong>Securities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets66 152 797 99.45Shares 66 152 797 99.45United States ofAmerica 17 792 228 26.75140 461 AT&T INC USD 3 603 668 5.428 229 ATLANTIC TELE-NETWORK INC USD 294 811 0.4420 076 BOINGO WIRELESS INC USD 108 860 0.1666 273 CENTURYLINK INC USD 1 664 615 2.5023 985 COMCAST CORP A USD 765 606 1.1526 060 CROWN CASTLE INTL CORP USD 1 371 974 2.0638 051 SBA COMMUNICATIONS CORP USD 2 164 284 3.25107 934 SPRINT CORP-W/I USD 549 247 0.835 026 TIME WARNER CABLE INC USD 409 177 0.6269 708 T-MOBILE US INC USD 1 234 401 1.869 608 TW TELECOM INC USD 208 540 0.31150 758 VERIZON COMMUNICATIONS INC USD 5 417 045 8.15United Kingdom 9 169 262 13.79956 301 BT GROUP PLC GBP 3 649 517 5.498 684 LIBERTY GLOBAL PLC USD 511 583 0.772 069 797 VODAFONE GROUP GBP 5 008 162 7.53Japan 7 771 185 11.6857 100 KDDI CORPORATION JPY 2 109 675 3.1738 100 NIPPON TELEGRAPH & TELEPHONE JPY 1 478 360 2.22422 NTT DOCOMO INC JPY 516 351 0.7875 300 SOFTBANK CORP JPY 3 666 799 5.51Spain 5 175 703 7.79503 718 TELEFONICA SA EUR 5 175 703 7.79Germany 3 710 180 5.58313 760 DEUTSCHE TELEKOM AG EUR 3 040 962 4.57126 578 TELEFONICA DEUTSCHLAND HOLDI EUR 669 218 1.01Canada 3 611 124 5.4235 208 BCE INC CAD 1 093 194 1.6415 409 ROGERS COMMUNICATIONS INC - B CAD 460 719 0.6925 737 TELUS CORP CAD 598 001 0.9062 802 TELUS CORP CAD 1 459 210 2.19Sweden 3 255 367 4.89600 391 TELIASONERA AB SEK 3 255 367 4.89France 2 977 360 4.47195 339 FRANCE TELECOM SA EUR 1 499 422 2.2596 314 VIVENDI EUR 1 477 938 2.22Singapore 2 232 973 3.361 071 000 SINGAPORETELECOMMUNICATIONSSGD 2 232 973 3.36Norway 2 205 673 3.32140 127 TELENOR ASA NOK 2 205 673 3.32Australia 2 022 420 3.04606 112 TELSTRA CORPORATION LTD AUD 2 022 420 3.04The Netherlands 1 966 871 2.96460 386 KONINKLIJKE KPN NV EUR 1 017 453 1.5331 642 ZIGGO NV EUR 949 418 1.43Switzerland 1 406 648 2.114 102 SWISSCOM AG-REG CHF 1 406 648 2.11Italy 821 053 1.241 686 621 TELECOM ITALIA RSP EUR 709 055 1.07211 516 TELECOM ITALIA SPA EUR 111 998 0.17Quantity DenominationQuotationcurrencyMarket value% of netassetsFinland 627 681 0.9439 452 ELISA OYJ EUR 627 681 0.94Luxembourg 513 718 0.7729 671 INTELSAT SA USD 513 718 0.77Russia 508 717 0.7619 846 MEGAFON-GDR-WI USD 508 717 0.76New Zealand 384 634 0.58292 048 TELECOM CORP OF NEW ZEALAND NZD 384 634 0.58Total securities portfolio 66 152 797 99.45The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 78
<strong>PARVEST</strong> Equity World UtilitiesSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets66 853 450 99.40Shares 66 853 450 99.40United States ofAmerica 25 915 800 38.53165 386 AES CORPORATION USD 1 594 157 2.3742 204 AMEREN CORPORATION USD 1 082 146 1.6166 701 AMERICAN ELECTRIC POWER USD 2 165 026 3.2231 995 AMERICAN WATER WORKS CO INC USD 988 530 1.4722 711 DOMINION RESOURCES INC/VA USD 1 004 995 1.4923 581 DTE ENERGY COMPANY USD 1 195 860 1.7850 226 DUKE ENERGY CORP USD 2 498 730 3.7247 294 EDISON INTERNATIONAL USD 1 645 929 2.4529 967 EXELON CORP USD 692 927 1.0337 733 FPL GROUP INC USD 2 299 578 3.4241 477 NRG ENERGY INC USD 825 702 1.2342 899 PG&E CORP USD 1 345 596 2.0027 142 PINNACLE WEST CAPITAL CORP USD 1 117 091 1.6678 477 PUBLIC SERVICE ENTERPRISE GP USD 1 929 489 2.8728 914 SEMPRA ENERGY USD 1 851 145 2.7558 640 SOUTHERN CO USD 1 850 900 2.7527 018 UGI CORP USD 803 205 1.1943 436 WESTAR ENERGY INC USD 1 024 794 1.52United Kingdom 10 430 046 15.50662 026 CENTRICA PLC GBP 2 997 136 4.46658 616 NATIONAL GRID GBP 5 737 007 8.52SCOTTISH AND SOUTHERN92 488ENERGY PLCGBP 1 695 903 2.52France 7 217 852 10.7347 203 ELEC DE FRANCE (EDF) EUR 1 000 704 1.49244 217 GDF SUEZ EUR 4 005 160 5.9523 838 SUEZ ENVIRONNEMENT SA EUR 268 773 0.40166 728 VEOLIA ENVIRONNEMENT EUR 1 943 215 2.89Spain 5 753 980 8.5637 508 ENAGAS SA EUR 644 387 0.9661 728 GAS NATURAL SDG SA EUR 914 809 1.36591 454 IBERDROLA SA EUR 2 372 913 3.5346 423 RED ELECTRICA CORPORACION SA EUR 1 821 871 2.71Germany 5 272 559 7.84322 948 E.ON AG EUR 3 868 917 5.7567 499 RWE AG EUR 1 403 642 2.09Italy 4 542 513 6.76889 074 ENEL SPA EUR 2 224 463 3.31155 496 SNAM RETE GAS EUR 550 456 0.82546 904 TERNA SPA EUR 1 767 594 2.63Japan 2 429 482 3.60HOKURIKU ELECTRIC POWER69 900CO INCJPY 708 323 1.05179 000 OSAKA GAS CO LTD JPY 554 816 0.82293 000 TOKYO GAS CO LTD JPY 1 166 343 1.73Portugal 1 834 169 2.73685 927 ENERGIAS DE PORTUGAL SA EUR 1 834 169 2.73Bermuda 1 167 751 1.74227 000 CHEUNG KONG INFRASTRUCTURE HKD 1 167 751 1.74Finland 966 897 1.4464 203 FORTUM OYJ EUR 966 897 1.44Australia 800 511 1.191 017 302 SP AUSNET AUD 800 511 1.19Quantity DenominationQuotationcurrencyMarket value% of netassetsHong Kong 521 890 0.7886 000 CLP HOLDINGS LTD HKD 521 890 0.78Total securities portfolio 66 853 450 99.40The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 79
<strong>PARVEST</strong> Green TigersSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets20 398 828 92.95Shares 20 398 828 92.95Hong Kong 5 057 824 23.0553 000 AIA GROUP LTD HKD 178 827 0.81156 000 BEIJING ENTERPRISES HOLDINGS HKD 821 579 3.74CHINA EVERBRIGHT489 000INTERNATIONAL LTDHKD 347 204 1.58614 000 CHINA GAS HOLDINGS LTD HKD 482 195 2.20208 000 CHINA RESOURCES GAS GROUP LTD HKD 373 486 1.70260 000 CIMC ENRIC HOLDINGS LTD HKD 205 458 0.94684 000 GUANGDONG INVESTMENT LTD HKD 427 460 1.95605 990 HONG KONG & CHINA GAS HKD 1 085 750 4.95334 500 MASS TRANSIT RAILWAY CORP HKD 969 973 4.42233 000 TOWNGAS CHINA CO LTD HKD 165 892 0.76Taiwan 4 459 225 20.33DELTA ELECTRONIC341 000INDUSTRIAL COTWD 1 166 670 5.32156 000 EPISTAR TWD 201 630 0.9272 000 GIANT MANUFACTURING TWD 361 291 1.6573 000 MERIDA INDUSTRY CO LTD TWD 360 759 1.6491 000 MOTECH INDUSTRIES INC TWD 93 633 0.4368 525 RADIANT OPTO-ELECTRONICS COR TWD 166 022 0.7648 600 SIMPLO TECHNOLOGY CO LTD TWD 176 130 0.80TAIWAN SEMICONDUCTOR440 000MANUFACTURING CO LTDTWD 1 137 399 5.182 563 000 UNITED MICROELECTRONICS CORP TWD 795 691 3.63China 4 122 652 18.77CHAOWEI POWER HOLDINGS LTD -283 000HHKD 92 166 0.42CHINA DATANG CORP RENEWABL -679 000HHKD 109 570 0.50218 000 CHINA MEDICAL SYSTEM HOLDING HKD 138 369 0.63CHINA RAILWAY CONSTRUCTION -573 500HHKD 432 441 1.971 307 000 CHINA RAILWAY GROUP LTD - H HKD 518 968 2.36325 000 CHINA SINGYES SOLAR TECH - H HKD 253 326 1.15902 000 CHINA SUNTIEN GREEN ENERGY - H HKD 203 778 0.93489 000 CSR CORP LTD - H HKD 270 685 1.23188 800 DONGFANG ELECTRIC CORP LTD - H HKD 197 572 0.90282 000 FIRST TRACTOR CO - H HKD 133 485 0.612 783 000 GLC POLY ENERGY HOLDINGS LTD HKD 560 685 2.55626 000 GUANGSHEN RAILWAY CO LTD - H HKD 227 749 1.04HOLLYSYS AUTOMATION19 750TECHNOLOUSD 196 961 0.901 126 000 HUANENG RENEWABLES CORP - H HKD 284 117 1.29SHANGHAI ELECTRIC GROUP CO812 000LTD - HHKD 222 358 1.01YINGLI GREEN ENERGY HOLDING26 624CO LTD-ADRUSD 86 822 0.4083 000 ZHUZHOU CSR TIMES ELECTRIC - H HKD 193 600 0.88South Korea 3 220 116 14.674 410 CELLTRION INC KRW 155 164 0.7120 720 DAEKYO CO LTD KRW 97 817 0.4514 809 LG ELECTRONICS INC KRW 740 596 3.3738 380 LG PHILIPS LCD KRW 768 275 3.502 819 OCI CO LTD KRW 303 333 1.382 311 SAMSUNG LIFE INSURANCE CO KRW 164 991 0.757 852 SAMSUNG SDI CO LTD KRW 909 273 4.142 232 SEEGENE INC KRW 80 667 0.37Cayman Islands 2 216 756 10.1030 600 ASM PACIFIC TECHNOLOGY LTD HKD 234 626 1.07266 000 CHINA HIGH SPEED TRANSMISSION HKD 85 068 0.39253 200 CHINA METAL RECYCLING HKD 233 515 1.06244 000 ENN ENERGY HOLDINGS LTD HKD 922 313 4.20Quantity DenominationQuotationcurrencyMarket value% of netassetsLEE & MAN PAPER522 000MANUFACTURING LTDHKD 236 369 1.08374 000 TIANNENG POWER INTL HKD 109 732 0.50578 000 XINYI GLASS HOLDINGS LTD HKD 395 133 1.80Bermuda 419 421 1.911 284 000 BEIJING ENTERPRISES WATER GR HKD 419 421 1.91Philippines 405 684 1.852 079 400 ENERGY DEVELOPMENT CORP PHP 199 774 0.91372 600 MANILA WATER COMPANY PHP 205 910 0.94India 274 126 1.2516 811 HOUSING DEV. FINANCE CORP LTD INR 140 960 0.6494 860 PETRONET LNG LTD INR 133 166 0.61Thailand 149 464 0.68798 000 BTS GROUP HOLDINGS PCL THB 149 464 0.68Indonesia 73 560 0.34PT BANK RAKYAT INDONESIA165 500(PERSERO) TBKIDR 73 560 0.34Other transferable securities 86 707 0.40Shares 86 707 0.40Indonesia 86 707 0.40TOWER BERSAMA227 000INFRASTRUCTUREIDR 86 707 0.40Total securities portfolio 20 485 535 93.35The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 80
<strong>PARVEST</strong> Opportunities USASecurities portfolio at 31/08/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market187 002 823 94.16Shares 187 002 823 94.16United States ofAmerica 121 574 217 61.20351 438 ALLIED NEVADA GOLD CORP USD 1 630 672 0.8284 240 APACHE CORP USD 7 217 683 3.63486 900 APPLIED MATERIALS INC USD 7 308 369 3.68238 000 ARCHER DANIELS MIDLAND CO USD 8 379 980 4.2249 183 AT&T INC USD 1 663 861 0.8459 100 AUTODESK INC USD 2 171 925 1.09143 500 AVNET INC USD 5 533 360 2.7941 400 BECTON DICKINSON & CO USD 4 031 532 2.03248 300 CA INC USD 7 262 775 3.66475 200 COEUR D ALENE MINES CORP USD 6 861 888 3.4540 620 COLGATE-PALMOLIVE CO USD 2 346 617 1.18102 000 COMPUTER SCIENCES CORP USD 5 115 300 2.58488 200 CORNING INC USD 6 854 328 3.45103 000 DEVON ENERGY CORPORATION USD 5 880 270 2.9673 300 EMC CORP USD 1 889 674 0.95128 400 HARRIS CORP USD 7 271 292 3.661 620 017 HECLA MINING CO USD 5 540 458 2.7966 000 HELMERICH & PAYNE INC USD 4 160 640 2.097 113 INTL BUSINESS MACHINES CORP USD 1 296 487 0.65125 170 JOY GLOBAL INC USD 6 148 350 3.10145 150 MOSAIC CO/THE-WI USD 6 045 498 3.0439 338 NEWMONT MINING CORP USD 1 249 768 0.63329 820 PEABODY ENERGY CORP USD 5 672 904 2.86101 240 SOTHEBYS USD 4 668 176 2.35237 000 TERADYNE INC USD 3 637 950 1.837 000 TEXAS PACIFIC LAND TRUST USD 601 300 0.3021 000 TIDEWATER INC USD 1 133 160 0.57Canada 37 288 892 18.78100 422 BARRICK GOLD CORP USD 1 923 081 0.97292 000 CAMECO CORP USD 5 559 680 2.80353 212 DETOUR GOLD CORP CAD 3 897 395 1.96244 946 GOLDCORP INC USD 7 225 907 3.64164 777 GOLDEN STAR RESOURCES LTD USD 90 660 0.05153 425 IAMGOLD CORPORATION USD 923 619 0.471 065 592 KINROSS GOLD CORP USD 5 860 756 2.95700 000 LAKE SHORE GOLD CORP CAD 345 054 0.17603 444 NOVAGOLD RESOURCES INC USD 1 653 437 0.83361 877 PAN AMERICAN SILVER CORP USD 4 422 137 2.23639 047 SILVER STANDARD RESOURCES INC USD 5 387 166 2.71Bermuda 9 036 765 4.56119 250 BUNGE LIMITED USD 9 036 765 4.56Curacao 8 395 906 4.23103 730 SCHLUMBERGER LTD USD 8 395 906 4.23The Netherlands 7 742 002 3.90129 400 CHICAGO BRIDGE & IRON-NY SHR USD 7 742 002 3.90Switzerland 2 965 041 1.4965 700 TRANSOCEAN LTD USD 2 965 041 1.49Shares/Units in investment funds 4 814 534 2.42France 4 814 534 2.423 325.00 NEUFLIZE FIXED INCOME USD USD 4 814 534 2.42Total securities portfolio 191 817 357 96.58The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 81
<strong>PARVEST</strong> Real Estate Securities PacificSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets51 713 072 99.88Shares 51 713 072 99.88Japan 22 676 709 43.7950 DAIWA HOUSE REIT INVESTMENT JPY 249 873 0.48978 JAPAN HOTEL REIT INVESTMENT JPY 295 485 0.57151 JAPAN REAL ESTATE INVESTMENT JPY 1 229 516 2.37249 219 MITSUBISHI ESTATE CO LTD JPY 5 093 239 9.84196 274 MITSUI FUDOSAN CO LTD JPY 4 831 953 9.33145 MORI HILLS REIT INVESTMENT C JPY 614 978 1.19159 NIPPON BUILDING FUND INC JPY 1 334 797 2.5881 NIPPON PROLOGIS REIT INC JPY 534 211 1.03694 NOMURA REAL ESTATE MASTER FU JPY 488 180 0.941 662 NTT URBAN DEVELOPMENT CORP JPY 1 545 126 2.98646 ORIX JREIT INC JPY 521 964 1.01SUMITOMO REALTY &124 150DEVELOPMENTJPY 4 284 693 8.28171 203 TOKYO TATEMONO CO LTD JPY 1 171 134 2.26491 UNITED URBAN INVESTMENT CORP JPY 481 560 0.93Hong Kong 11 789 373 22.77485 306 HANG LUNG PROPERTIES LTD HKD 1 162 841 2.25312 883 HENDERSON LAND DEVELOPMENT HKD 1 441 258 2.7883 923 HYSAN DEVELOPMENT CO HKD 277 420 0.541 089 322 SINO LAND CO LTD HKD 1 122 886 2.17399 151 SUN HUNG KAI PROPERTIES LTD HKD 3 962 252 7.65576 888 SWIRE PROPERTIES LTD HKD 1 232 768 2.38THE LINK REAL ESTATE75 840INVESTMENT TRUSTHKD 265 533 0.51366 492 THE WHARF (HOLDINGS) HKD 2 324 415 4.49Australia 8 807 022 17.02169 140 ABACUS PROPERTY GROUP AUD 257 052 0.50419 716 CROMWELL PROPERTY GROUP AUD 297 671 0.571 583 140 DEXUS PROPERTY GROUP AUD 1 096 061 2.12405 625 FEDERATION CENTRES AUD 624 670 1.21242 357 ING OFFICE FUND AUD 481 275 0.93MIRVAC GROUP STAPLED1 865 709SECURITIESAUD 2 085 611 4.03304 487 WESTFIELD GROUP AUD 2 293 161 4.43836 043 WESTFIELD RETAIL TRUST AUD 1 671 521 3.23Singapore 5 529 113 10.68ASCENDAS REAL ESTATE INV TRT458 220UNITSSGD 598 803 1.16517 806 CAPITACOMMERCIAL TRUST SGD 413 691 0.80912 162 CAPITALAND LTD SGD 1 636 311 3.161 159 818 CAPITAMALLS ASIA LTD SGD 1 226 300 2.3799 029 FRASERS CENTREPOINT TRUST SGD 105 294 0.20522 841 GLOBAL LOGISTIC PROPERTIES L SGD 850 956 1.64375 976 MAPLETREE COMMERCIAL TRUST SGD 253 479 0.49977 704 RELIGARE HEALTH TRUST SGD 444 279 0.86Bermuda 2 474 134 4.78378 493 HONGKONG LAND HOLDINGS LTD USD 1 854 290 3.58198 059 KERRY PROPERTIES LTD HKD 619 844 1.20Philippines 436 721 0.84991 636 AYALA LAND INC PHP 436 721 0.84Total securities portfolio 51 713 072 99.88The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 82
<strong>PARVEST</strong> Real Estate Securities WorldSecurities portfolio at 31/08/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets35 294 294 98.94Shares 35 294 294 98.94United States ofAmerica 15 310 539 42.9022 226 AMERICAN CAMPUS COMMUNITIES USD 561 465 1.579 661 AVALONBAY COMMUNITIES INC USD 907 779 2.5411 475 BOSTON PROPERTIES INC USD 891 997 2.5041 195 BRANDYWINE REALTY TRUST USD 400 516 1.127 107 CAMDEN PROPERTY TRUST USD 333 036 0.9328 678 CBL & ASSOCIATES PROPERTIES USD 417 577 1.1743 212 DCT INDUSTRIAL TRUST INC USD 219 239 0.6158 918 DIAMONDROCK HOSPITALITY CO USD 432 971 1.2114 928 DIGITAL REALTY TRUST INC USD 629 453 1.7614 713 DOUGLASS EMMETT INC - W/I USD 257 751 0.725 148 EASTGROUP PROPERTIES INC USD 219 413 0.6224 808 EQUITY RESIDENTIAL USD 976 253 2.741 173 ESSEX PROPERTY TRUST USD 127 486 0.3627 687 GLIMCHER REALTY TRUST USD 207 873 0.5810 323 HCP INC USD 318 865 0.8961 967 HOST HOTELS & RESORTS INC USD 800 317 2.2412 787 KILROY REALTY CORP USD 473 136 1.3323 472 LASALLE HOTEL PROPERTIES USD 472 253 1.3218 031 LIBERTY PROPERTY TRUST USD 473 133 1.337 898 MACERICH CO / THE USD 337 100 0.945 393 MID-AMERICA APARTMENT COMM USD 252 186 0.7121 923 PEBBLEBROOK HOTEL TRUST USD 425 625 1.1936 344 PROLOGIS INC USD 971 305 2.721 742 PUBLIC STORAGE INC USD 201 692 0.5714 754 RLJ LODGING TRUST USD 257 126 0.7218 908 SIMON PROPERTY GROUP INC USD 2 088 253 5.869 277 SL GREEN REALTY CORPORATION USD 613 425 1.72TANGER FACTORY OUTLET4 289CENTERSUSD 100 346 0.289 249 TAUBMAN CENTERS INC USD 472 831 1.339 957 VENTAS INC USD 470 137 1.32Japan 7 056 759 19.7947 JAPAN REAL ESTATE INVESTMENT JPY 382 541 1.0796 000 MITSUBISHI ESTATE CO LTD JPY 1 961 933 5.5147 000 MITSUI FUDOSAN CO LTD JPY 1 157 068 3.2430 MORI HILLS REIT INVESTMENT C JPY 127 073 0.3678 NIPPON BUILDING FUND INC JPY 652 942 1.8325 NIPPON PROLOGIS REIT INC JPY 164 059 0.46172 NOMURA REAL ESTATE MASTER FU JPY 120 982 0.34679 NTT URBAN DEVELOPMENT CORP JPY 631 374 1.77171 ORIX JREIT INC JPY 138 122 0.39SUMITOMO REALTY &34 000DEVELOPMENTJPY 1 173 416 3.2980 000 TOKYO TATEMONO CO LTD JPY 547 249 1.53Hong Kong 3 740 379 10.49182 000 HANG LUNG PROPERTIES LTD HKD 436 090 1.22130 500 HENDERSON LAND DEVELOPMENT HKD 601 133 1.6949 000 HYSAN DEVELOPMENT CO HKD 161 976 0.45322 000 SINO LAND CO LTD HKD 331 921 0.93128 000 SUN HUNG KAI PROPERTIES LTD HKD 1 270 617 3.57138 000 SWIRE PROPERTIES LTD HKD 294 896 0.83101 500 THE WHARF (HOLDINGS) HKD 643 746 1.80Quantity DenominationQuotationcurrencyMarket value% of netassetsSingapore 2 038 957 5.71ASCENDAS REAL ESTATE INV TRT149 000UNITSSGD 194 713 0.55313 000 CAPITACOMMERCIAL TRUST SGD 250 065 0.70406 000 CAPITALAND LTD SGD 728 316 2.04548 000 CAPITAMALLS ASIA LTD SGD 579 412 1.62176 000 GLOBAL LOGISTIC PROPERTIES L SGD 286 451 0.80Australia 1 748 198 4.9194 025 CROMWELL PROPERTY GROUP AUD 66 684 0.19471 853 DEXUS PROPERTY GROUP AUD 326 680 0.92176 961 FEDERATION CENTRES AUD 272 524 0.76MIRVAC GROUP STAPLED489 978SECURITIESAUD 547 730 1.5428 586 WESTFIELD GROUP AUD 215 288 0.60159 700 WESTFIELD RETAIL TRUST AUD 319 292 0.90France 1 281 837 3.593 962 ICADE EMGP EUR 261 215 0.731 646 STE DE LA TOUR EIFFEL EUR 75 716 0.215 555 UNIBAIL RODAMCO SE EUR 944 906 2.65Bermuda 902 904 2.54130 000 HONGKONG LAND HOLDINGS LTD USD 636 888 1.7985 000 KERRY PROPERTIES LTD HKD 266 016 0.75United Kingdom 674 934 1.9022 939 BIG YELLOW GROUP GBP 108 990 0.31237 412 SAFESTORE HOLINDS LTD GBP 378 093 1.0654 837 SEGRO PLC (REIT) GBP 187 851 0.53Finland 523 519 1.4687 661 CITYCON OYJ EUR 206 880 0.5862 141 SPONDA OYJ EUR 233 650 0.6518 442 TECHNOPOLIS OYJ EUR 82 989 0.23Canada 483 127 1.3510 703 ALLIED PROPERTIES REAL ESTAT CAD 240 529 0.675 323 CAN REAL ESTATE INVEST TRUST CAD 156 169 0.44RIOCAN REAL ESTATE INVEST5 105TRUSTCAD 86 429 0.24Germany 420 572 1.1810 336 LEG IMMOBILIEN AG EUR 420 572 1.18The Netherlands 417 424 1.172 965 CORIO NV EUR 88 090 0.253 300 VASTNED RETAIL NV EUR 103 934 0.294 474 WERELDHAVE NV EUR 225 400 0.63Norway 374 292 1.05374 805 NORWEGIAN PROPERTY ASA NOK 374 292 1.05Jersey Island 186 441 0.52140 020 LXB RETAIL PROPERTIES GBP 186 441 0.52Philippines 134 412 0.38305 200 AYALA LAND INC PHP 134 412 0.38Total securities portfolio 35 294 294 98.94The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 83
Notes to the financial statementsPage 84
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Note 1 - GeneralSince 1 March 2013 the Company has proceeded to the following changes:• At 21 May 2013 the share class “Classic PmRv” merged into “Classic - Distribution”a) Complete merger of sub-fundsSub-funds Date EventsBond Asia ex-Japan 21 May 2013 Absorbing BNP Paribas L1 Bond Asia ex-JapanBond Best Selection World Emerging 21 May 2013 Absorbing BNP Paribas L1 Bond Best Selection World EmergingBond USD 21 May 2013 Absorbing BNP Paribas L1 Bond USDBond World High Yield 21 May 2013 Absorbing BNP Paribas L1 Bond World High YieldEquity Best Selection Asia ex-Japan 21 May 2013 Absorbing BNP Paribas L1 Equity Best Selection Asia ex-JapanEquity Best Selection Europe 21 May 2013 Absorbing BNP Paribas L1 Equity Best Selection EuropeEquity China 21 May 2013 Absorbing BNP Paribas L1 Equity ChinaEquity Europe Emerging 21 May 2013 Absorbing BNP Paribas L1 Equity Europe EmergingEquity High Dividend Pacific 21 May 2013 Absorbing BNP Paribas L1 Equity High Dividend PacificEquity India 21 May 2013 Absorbing BNP Paribas L1 Equity IndiaEquity Indonesia 21 May 2013 Absorbing BNP Paribas L1 Equity IndonesiaEquity Russia 21 May 2013 Absorbing BNP Paribas L1 Equity RussiaEquity USA Growth 21 May 2013 Absorbing BNP Paribas L1 Equity USA GrowthEquity World Emerging 21 May 2013 Absorbing BNP Paribas L1 Equity World EmergingEquity World Energy 21 May 2013 Absorbing BNP Paribas L1 Equity World EnergyEquity World Finance 21 May 2013 Absorbing BNP Paribas L1 Equity World FinanceEquity World Health Care 21 May 2013 Absorbing BNP Paribas L1 Equity World Health CareEquity World Low Volatility 21 May 2013 Absorbing BNP Paribas L1 Equity World Low VolatilityEquity World Materials 21 May 2013 Absorbing BNP Paribas L1 Equity World MaterialsEquity World Technology 21 May 2013 Absorbing BNP Paribas L1 Equity World TechnologyEquity World Utilities 21 May 2013 Absorbing BNP Paribas L1 Equity World UtilitiesOpportunities USA 21 May 2013 Absorbing BNP Paribas L1 Opportunities USABond World 27 May 2013 Absorbing BNP Paribas L1 Bond WorldBond World Emerging Corporate 27 May 2013 Absorbing BNP Paribas L1 Bond World Emerging CorporateEquity Best Selection Asia ex-Japan 27 May 2013 Absorbing BNP Paribas L1 Equity Asia EmergingEquity Europe Growth 27 May 2013 Absorbing BNP Paribas L1 Equity Europe GrowthEquity High Dividend USA 27 May 2013 Absorbing BNP Paribas L1 Equity High Dividend USAEquity USA Growth 27 May 2013 Absorbing BNP Paribas L1 Equity Best Selection USAEquity World Consumer Durables 27 May 2013 Absorbing BNP Paribas L1 Equity World Consumer DurablesEquity World Health Care 27 May 2013 Absorbing BNP Paribas L1 Equity Europe Health CareEquity World Tele<strong>com</strong> 27 May 2013 Absorbing BNP Paribas L1 Equity World Tele<strong>com</strong>Equity World Utilities 27 May 2013 Absorbing BNP Paribas L1 Equity Europe UtilitiesGreen Tigers 27 May 2013 Absorbing BNP Paribas L1 Green TigersReal Estate Securities Pacific 27 May 2013 Absorbing BNP Paribas L1 Real Estate Securities PacificReal Estate Securities World 27 May 2013 Absorbing BNP Paribas L1 Real Estate Securities WorldEquity World Low Volatility 27 May 2013 Absorbing BNP Paribas L1 Equity High Dividend WorldEquity World Consumer Durables 3 June 2013 Absorbing BNP Paribas L1 Equity Europe Consumer DurablesEquity World Consumer Durables 3 June 2013 Absorbing BNP Paribas L1 Equity Europe Consumer GoodsEquity World Energy 3 June 2013 Absorbing BNP Paribas L1 Equity Europe EnergyEquity Best Selection Europe 3 June 2013 Absorbing BNP Paribas L1 Equity Europe FinanceEquity Best Selection Europe 3 June 2013 Absorbing Equity Europe ConvergingEquity High Dividend USA 3 June 2013 Absorbing Equity USA ValueEquity World Consumer Durables 3 June 2013 Absorbing BNP Paribas L1 Equity World Consumer GoodsEquity World Materials 3 June 2013 Absorbing BNP Paribas L1 Equity Europe MaterialsEquity World Technology 3 June 2013 Absorbing BNP Paribas L1 Equity Europe IndustrialsEquity World Technology 3 June 2013 Absorbing BNP Paribas L1 Equity Europe TechnologyPage 85
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013To calculate the net positions per currency on financial instruments, the positions are converted at the exchange rateeffective on the closing date.The underlying securities on index futures contracts are presented after the securities portfolios and are calculated at thenominal value of the contract.g) Valuation of credit default swapsThe value of a Credit Default Swap shall be determined by <strong>com</strong>paring the value of the protection swap leg and the valueof the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using therelevant risk-adjusted discount. The value of the protection leg is the present value of the expected loss inherent to thecontract. Default probabilities used to <strong>com</strong>pute the expected loss are derived from the structure of par market swaprates. Par market swap rates will be obtained from a cross-section of market counterparties.h) Valuation of total return swaps and performance swapsThe Company may enter into Total Return Swap contracts (“TRS”) and performance swaps in which the Company andthe counterparty agree to exchange payments, where one or both of the parties pays/pay returns generated by a basket ofassets, an index, etc. The payments made by the Company to the counterparty and vice versa are calculated by referenceto a specific security, a specific index or a given nominal amount in a financial instrument.Underlying securities or instruments must be transferable securities and indices must be indices deriving from aregulated market.The valuation of these TRS and performance swaps will reflect at any time the difference between the last-known priceof the underlying security and the valuation that was taken into account when the transaction was established.The details of the underlying securities are available on request from BNP Paribas Investment Partners Luxembourg.i) Presentation of optionsOptions contracts traded over-the-counter are valued at the prices at which the position could be liquidated under themarket conditions prevailing at the valuation date. The liquidation value of forward contracts or options contracts tradedon regulated markets will be based on the latest available settlement price of these contracts on the regulated markets onwhich these forward contracts or option contracts are traded by the SICAV; provided that if a forward contract or anoptions contract cannot be liquidated on the day on which the net assets are valued, the basis that will be used todetermine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors.Options are included in the “Securities portfolio statement” under the heading “Options”.j) Valuation of securities lending, reverse repurchase and repurchase agreementsSecurities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the“Statement of operations and changes in net assets” under “In<strong>com</strong>e on investments and assets”.Securities that have been lent are shown in the net assets of the sub-fund in question, at their market value.Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteedby the underlying securities. They are transactions by which the transferor transfers ownership of securities to anotherperson (the transferee) and by which the transferor irrevocably undertakes to repurchase them and the transfereeirrevocably undertakes to retrocede them, at an agreed price and date.Securities reverse repurchase agreements are valued at their purchase price expressed in the original currency,irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date beingshown under the heading “Other assets”.Securities repurchase agreements are valued at their market value.Page 88
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013k) Valuation of interest rate swapsInterest rate swaps are valued on the basis of the difference between the value of all future interest payable by theCompany to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of thesepayments and the value of all future interest payable by the counterparty to the Company on the valuation date at thezero coupon swap rate corresponding to the maturity of these payments.l) Valuation of volatility swapsA volatility swap is a forward contract whose underlying is the volatility of a given product. The underlying is usuallya foreign exchange rate, equity or index. At given point in time, the valuation of the volatility swap will reflect thedifference between the last known volatility of the underlying and the valuation on the basis of which the initialagreement was concluded.m) ComparisonsConcerning the sub-funds that merged during the financial period and that were still open on 31 August 2013, mergersinvolving absorption of the net assets of the absorbed sub-funds or funds were recorded in the accounts by means of asubscription in the absorbing sub-funds at the merger dates. Consequently, the line “Net subscriptions/(redemptions)” inthe “Statement of operations and changes in net assets” includes the net assets of the absorbed sub-funds or funds at themerger dates.n) Geographic distributionThe geographic distribution of the securities portfolio is based on the issuing country.o) AbbreviationsPosition P: P = purchasePosition S: S = salep) Note on Indian TaxEach sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised whendisposing of certain Indian securities held by a sub-fund are subject to capital gains tax in India, which, if any, isdisclosed in the Statement of operations and changes in net assets under the heading taxes. The tax is <strong>com</strong>puted on netrealised gains, and realised losses in excess of gains may under certain conditions be carried forward one year to offsetfuture gains. Indian tax law imposes a tax on net realised gains from Indian securities sold within one year from the dateof purchase. Given the Company’s intent to hold portfolio securities for more than one year, the Company does notaccrue a deferred tax liability on net unrealised gains on Indian securities.In case the Company incurred a total realised loss on security sales as at fiscal year-end, the Company could recover thetaxable amount paid during the period on net realised gains, provided that a claim to the Tax Administration isintroduced within three years.q) Position on mortgage-backed securities (to be announced)Mortgage-backed securities are subject to current <strong>com</strong>mercial market practices in relation to securities guaranteed bybonds, according to which a security will buy/sell a basket of mortgage loans for a fixed price at a later date.At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed atthe time of purchase/sale, the final face value will not yet have been fixed.The “to-be-announced” positions are shown in the securities portfolio as at 31 August 2013.At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating topayables/receivables on securities are included under “Other liabilities”/“Other assets” in the Statement of net assets.Page 89
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013r) Net asset valueThis semi-annual report is prepared on the basis of the last net asset value as at 30 August 2013.Note 3 - Management feesThe maximum annual fee payable monthly and calculated on the average net asset value of each share category for eachsub-fund over the past month. For certain sub-funds a reduced management fee was charged during financialyear/period.The management fees applicable to the Classic category are also applicable for the category Classic H EUR.The management fees applicable to the I category are also applicable for the category IH EUR.No management fee is charged for the “X” class.A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3% per annum.Classic, Privilege ISub-fundsClassic NewDistri and NBond Asia ex-Japan (launched on 21 May 2013) 1.25% 0.80% 0.60%Bond Best Selection World Emerging (launched on 21 May 2013) 1.50% 0.80% 0.60%Bond USD (launched on 21 May 2013) 0.75% 0.40% 0.30%Bond USD Government 0.75% 0.40% 0.30%Bond World (launched on 27 May 2013) 0.75% 0.40% 0.30%Bond World Emerging Corporate (launched on 27 May 2013) 1.50% 0.80% 0.60%Bond World Emerging Local (launched on 21 May 2013) 1.50% 0.80% 0.60%Bond World High Yield (launched on 21 May 2013) 1.20% 0.80% 0.60%Bond World Inflation-Linked 0.75% 0.40% 0.30%Convertible Bond Asia 1.20% 0.70% 0.60%Convertible Bond World (launched on 21 May 2013) 1.20% 0.70% 0.60%Equity Best Selection Asia ex-Japan (launched on 21 May 2013) 1.50% 0.80% 0.75%Equity Best Selection Europe (launched on 21 May 2013) 1.50% 0.80% 0.60%Equity Brazil 1.75% 1.00% 0.75%Equity Bric 1.75% 1.00% 0.75%Equity China (launched on 21 May 2013) 1.75% 1.00% 0.75%Equity Europe Converging (absorbed by Equity Best Selection Europe on3 June 2013)1.50% 0.80% 0.60%Equity Europe Emerging (launched on 21 May 2013) 1.75% 1.00% 0.75%Equity Europe Growth (launched on 27 May 2013) 1.50% 0.80% 0.60%Equity Europe Mid Cap 1.50% 0.80% 0.60%Equity High Dividend Europe 1.50% 0.80% 0.60%Equity High Dividend Pacific (launched on 21 May 2013) 1.50% 0.80% 0.75%Equity High Dividend USA (launched on 27 May 2013) 1.50% 0.80% 0.60%Equity India (launched on 21 May 2013) 1.75% 1.00% 0.75%Equity Indonesia (launched on 21 May 2013) 1.75% 1.00% 0.75%Equity Japan 1.50% 0.80% 0.60%Equity Latin America 1.75% 1.00% 0.75%Equity Russia (launched on 21 May 2013) 1.75% 1.00% 0.75%Equity Russia Opportunity 1.75% 1.00% 0.75%Equity USA Growth (launched on 21 May 2013) 1.50% 0.80% 0.60%Equity USA Mid Cap 1.75% 1.00% 0.70%Equity World Consumer Durables (launched on 27 May 2013) 1.50% 0.80% 0.60%Equity World Emerging (launched on 21 May 2013) 1.75% 1.00% 0.75%Equity World Energy (launched on 21 May 2013) 1.50% 0.80% 0.60%Equity World Finance (launched on 21 May 2013) 1.50% 0.80% 0.60%Equity World Health Care (launched on 21 May 2013) 1.50% 0.80% 0.60%Equity World Low Volatility (launched on 21 May 2013) 1.50% 0.80% 0.60%Page 90
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Sub-fundsClassic,Classic NewDistri and NPrivilegeEquity World Materials (launched on 21 May 2013) 1.50% 0.80% 0.60%Equity World Technology (launched on 21 May 2013) 1.50% 0.80% 0.60%Equity World Technology Innovators (absorbed by Equity WorldTechnology on 3 June 2013)1.50% 0.80% 0.60%Equity World Tele<strong>com</strong> (launched on 27 May 2013) 1.50% 0.80% 0.60%Equity World Utilities (launched on 21 May 2013) 1.50% 0.80% 0.60%Green Tigers (launched 27 May 2013) 1.50% 0.80% 0.70%Opportunities USA (launched on 21 May 2013) 1.50% 0.80% 0.60%Real Estate Securities Pacific (launched on 27 May 2013) 1.50% 0.80% 0.60%Real Estate Securities World (launched on 27 May 2013) 1.50% 0.80% 0.60%World Agriculture (USD) (unlisted on 27 May 2013) 1.50% 0.80% 0.60%INote 4 - Other feesOther fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share classand serving to cover general custody assets expenses (remuneration of the Depositary) and daily administrationexpenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documentslegally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, <strong>com</strong>missionsfor transactions not related to the deposit, director fees, interest and bank fees, one-off expenses, and the “taxed’abonnement” in force in Luxembourg, as well as any other specific foreign tax and other regulators levy.Note 5 - TaxesAt the date of the Prospectus, the Company is not liable to any Luxembourg in<strong>com</strong>e tax or capital gains tax.The Company is liable to an annual “taxe d’abonnement” in Luxembourg representing 0.05% of the net asset value.This rate is reduced to 0.01% for:a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits withcredit institutions;b) sub-funds with the exclusive objective of collective investments with credit institutions;c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs.The following are exempt from this “taxe d’abonnement”:a) the value of assets represented by units or shares in other UCIs, provided that these units, or shares have alreadybeen subject to the “taxe d’abonnement”;b) sub-funds, share categories and/or classes:(i) whose securities are reserved to Institutional investors, Managers or UCIs and(ii) whose sole object is the collective investment in money market instruments and the placing of deposits withcredit institutions, and(iii) whose weighted residual portfolio maturity does not exceed 90 days, and(iv) that have obtained the highest possible rating from a recognised rating agency;c) sub-funds, share categories and/or classes reserved to:(i) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one ormore employers for the benefit of their employees, and(ii) <strong>com</strong>panies having one or more employers investing funds to provide pension benefits to their employees;d) sub-funds whose main objective is investment in microfinance institutions;e) sub-funds, shares categories and/or classes:(i) whose securities are listed or traded on at least one stock exchange or another regulated market operatingregularly that is recognized and open to the public, and(ii) whose exclusive object is to replicate the performance of one or several indices.Page 91
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013When due, the “taxe d’abonnement” is payable quarterly based on the relevant net assets and calculated at the end ofthe quarter for which it is applicable.In addition, the Company may be subject to foreign UCI’s tax, and/or other regulators levy in the country where thesub-fund is registered for distribution.Note 6 - DividendsFor the “Classic MD” share class, the following dividends were paid:- Payment datesMonth Record Date (1) NAV ex-Dividend Date (2) Payment Date (3)March 18 19 2 AprilApril 17 18 30 AprilMay 6 7 14 MayJune 18 19 1 JulyJuly 18 19 31 JulyAugust 21 22 3 September(1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day.(2)Dates are based on a valorisation simulation in 2013. as a consequence, dates may change depending on the <strong>com</strong>position of theportfolio at this date. if for a particular reason, the day in question the valorisation was not possible, the ex-date would be put off tothe valorisation day possible immediately afterwards.(3)If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for aparticular reason, the settlement is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1stbusiness day after or any other day <strong>com</strong>municated by the local agent.- Monthly Amount:Sub-fund Class Currency DividendBond Asia ex-Japan Classic H AUD MD AUD 0.50Bond Asia ex-Japan Classic H SGD MD SGD 0.40Bond Asia ex-Japan Classic MD USD 0.40Bond Best Selection World Emerging Classic MD USD 0.16Bond USD Classic MD USD 0.23Bond USD Government Classic MD USD 0.21Bond World Emerging Local Classic H SGD MD SGD 0.58Bond World Emerging Local Classic MD USD 0.57Bond World High Yield Classic MD USD 0.48Convertible Bond Asia Classic MD USD 0.29Equity High Dividend Pacific Classic MD USD 0.33The following dividends were paid on 30 April 2013 for shares outstanding as at 17 April 2013:Sub-fund Class Coupon n° Currency DividendConvertible Bond Asia Classic-Distribution 13 USD 1.69Equity Brazil Classic-Distribution 13 USD 4.73Equity Bric Classic-Distribution 13 USD 3.51Equity Europe Converging Classic-Distribution 15 EUR 3.95Equity Europe Mid Cap Classic-Distribution 17 EUR 8.85Equity High Dividend Europe Classic-Distribution 12 EUR 1.62Equity Japan Classic-Distribution 19 JPY 49.00Equity Latin America Classic-Distribution 12 USD 18.55Equity Russia Opportunity Classic-Distribution 13 USD 2.64Equity USA Mid Cap Classic-Distribution 13 USD 2.55Equity World Technology Innovators Classic-Distribution 11 USD 1.50Page 92
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013It has been decided to not pay dividends for the following sub-funds for shares in issue on 17 April 2013:Sub-fund Class Coupon n°Bond World Inflation-linked Classic-Distribution 13Note 7 - Exchange ratesThe exchange rates used for consolidation and for share classes denominated in a foreign currency as at 30 August 2013were the following:EUR 1 = CHF 1.22945EUR 1 = CZK 25.77750EUR 1 = GBP 0.85240EUR 1 = JPY 129.37445EUR 1 = NOK 8.08105EUR 1 = PLN 4.26925EUR 1 = SEK 8.75310EUR 1 = USD 1.31860Note 8 - Futures contractsAs at 31 August 2013, the following positions were outstanding:Bond USDCurrency Quantity Purchase/Net unrealisedCommitmentDescription Maturitygain/lossSale(in USD)(in USD)ULTRA LONG TERM USUSD 82 P TREASURY BOND 19/12/2013 11 633 750 121 578FUTUREUSD 6 PUS 2YR NOTE FUTURE(CBT)31/12/2013 1 318 500 0USD 29 PUS 5YR NOTE FUTURE(CBT)31/12/2013 3 470 711 (3 852)AUD 37 P AUST 10YR BOND 16/09/2013 3 865 402 (46 878)USD 319 SUS 10YR NOTE FUTURE(CBT)19/12/2013 39 645 719 72 297USD 15 PUS LONG BOND FUTURE19/12/2013(CBT)1 978 594 4 688CAD 18 SCAN 10YR BONDFUTURE18/12/2013 2 197 729 (16 210)AUD 45 SAUST 3YR BONDFUTURE16/09/2013 4 380 535 (4 626)Total: 126 997Bond USD GovernmentCurrency Quantity Purchase/SaleUSD 6 SUSD 15 PUSD 59 PDescriptionULTRA LONG TERM USTREASURY BONDFUTUREUS 2YR NOTE FUTURE(CBT)US 5YR NOTE FUTURE(CBT)MaturityCommitment(in USD)Net unrealisedgain/loss(in USD)19/12/2013 851 250 (4 352)31/12/2013 3 296 250 1 07831/12/2013 7 061 102 4 148Page 93
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Bond USD Government (continued)Currency Quantity Purchase/SaleUSD 117 SUSD 10 PBond WorldCurrency Quantity Purchase/SaleDescriptionMaturityCommitment(in USD)Net unrealisedgain/loss(in USD)US 10YR NOTE FUTURE(CBT)19/12/2013 14 540 906 (10 045)US LONG BOND FUTURE19/12/2013(CBT)1 319 063 8 359Total: (812)DescriptionMaturityCommitment(in EUR)Net unrealisedgain/loss(in EUR)EUR 56 P EURO-BUND FUTURE 06/09/2013 7 876 960 (75 100)EUR 35 S EURO-BOBL FUTURE 06/09/2013 4 377 450 15 630USD 38 PULTRA LONG TERM USTREASURY BONDFUTURE19/12/2013 4 088 617 42 706USD 44 SUS 2YR NOTE FUTURE(CBT)31/12/2013 7 332 777 (403)USD 50 SUS 5YR NOTE FUTURE(CBT)31/12/2013 4 538 135 5 036EUR 19 P EURO BUXL 30Y BONDS 06/09/2013 2 379 940 (97 660)GBP 61 SLONG GILT FUTURE(LIFFE)27/12/2013 7 828 954 (9 303)EUR 8 P3MO EURO EURIBORLIFFE16/09/2013 1 995 400 125EUR 43 P3MO EURO EURIBORLIFFE16/03/2015 10 674 750 (9 750)AUD 38 P AUST 10YR BOND 16/09/2013 3 010 673 (38 193)JPY 10 P JPN 10YR BOND (TSE) 10/09/2013 11 142 076 36 561USD 379 SUS 10YR NOTE FUTURE(CBT)19/12/2013 35 721 670 65 137USD 31 PUS LONG BOND FUTURE19/12/2013(CBT)3 101 087 7 347CAD 39 SCAN 10YR BONDFUTURE18/12/2013 3 611 215 (25 126)USD 24 P 90DAYS EURO $ FUTURE 16/09/2013 4 538 222 1 128USD 58 S 90DAYS EURO $ FUTURE 16/03/2015 10 901 392 13 821AUD 64 SAUST 3YR BONDFUTURE16/09/2013 4 724 781 (5)KRW 22 PKOREA 3YR BONDFUTURE17/09/2013 1 589 903 (2 555)Bond World Inflation-LinkedCurrency Quantity Purchase/SaleUSD 3 SUSD 26 SGBP 71 SDescriptionULTRA LONG TERM USTREASURY BONDFUTUREUS 5YR NOTE FUTURE(CBT)LONG GILT FUTUREMaturityCommitment(in EUR)Total: (70 604)Net unrealisedgain/loss(in EUR)19/12/2013 322 786 (1 653)31/12/2013 2 359 830 (462)27/12/2013 9 112 389 (2 558)(LIFFE)AUD 17 P AUST 10YR BOND 16/09/2013 1 346 880 (20 304)JPY 5 S JPN 10YR BOND (TSE) 10/09/2013 5 571 038 (5 720)Page 94
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Bond World Inflation-Linked (continued)Currency Quantity Purchase/SaleUSD 20 PUSD 26 SCAD 8 SConvertible Bond WorldCurrency Quantity Purchase/SaleDescriptionMaturityCommitment(in EUR)Net unrealisedgain/loss(in EUR)US 10YR NOTE FUTURE(CBT)19/12/2013 1 885 049 1 351US LONG BOND FUTURE19/12/2013(CBT)2 600 912 (17 810)CAN 10YR BONDFUTURE18/12/2013 740 762 (5 464)Total: (52 620)DescriptionMaturityCommitment(in EUR)Net unrealisedgain/loss(in EUR)USD 45 P JPY CURRENCY FUTURE 16/09/2013 4 346 087 (26 287)USD 4 715 PEURO FX CURR FUTURE16/09/2013(CME)590 358 335 (3 809 462)Opportunities USACurrency Quantity Purchase/SaleDescriptionMaturityCommitment(in USD)Total: (3 835 749)Net unrealisedgain/loss(in USD)USD 101 S S&P 500 FUTURE 19/09/2013 41 190 325 (690 587)US LONG BOND FUTUREUSD 150 S19/12/2013 19 785 938 (158 204)(CBT)Total: (848 791)Note 9 - Forward foreign exchange contractsAs at 31 August 2013, the total amount purchased per currency and the total amount sold per currency in the context offorward foreign exchange contracts were as follows:Bond Asia ex-JapanCurrency Purchase amount Currency Sale amountAUD 1 908 924 AUD 1 463 850EUR 52 397 054 USD 106 485 869SGD 44 659 112USD 1 306 130Net unrealised loss (in USD) (710 378)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Bond Best Selection World EmergingCurrency Purchase amount Currency Sale amountEUR 121 435 806 BRL 106 000 000INR 760 000 000 COP 12 100 000 000PHP 138 000 000 CZK 151 000 000PLN 40 200 000 EUR 947 067USD 176 359 056 HUF 6 150 000 000MXN 600 000 000RUB 494 000 000TRY 28 100 000USD 181 083 106ZAR 267 127 026Net unrealised loss (in USD) (2 216 408)As at 31 August 2013, the latest maturity of all outstanding contracts is 22 November 2013.Page 95
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Bond USDCurrency Purchase amount Currency Sale amountAUD 3 334 540 AUD 3 499 792NZD 115 281 CAD 80 000USD 3 535 884 EUR 130 000NZD 233 000USD 3 047 657Net unrealised gain (in USD) 3 683As at 31 August 2013, the latest maturity of all outstanding contracts is 10 October 2013.Bond USD GovernmentCurrency Purchase amount Currency Sale amountEUR 1 271 832 USD 1 695 250Net unrealised loss (in USD) (18 122)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Bond WorldCurrency Purchase amount Currency Sale amountAUD 7 109 000 AUD 9 918 434BRL 9 000 CAD 818 000CAD 4 702 003 CHF 2 672 000CHF 3 740 821 CLP 1 417 098 000CLP 1 068 774 800 CNY 8 741 910CNY 8 557 857 COP 899 987 000DKK 3 023 664 EUR 50 009 448EUR 49 435 447 GBP 4 852 807GBP 1 554 842 HKD 49 193 000HKD 50 188 000 HUF 479 555 000HUF 322 384 000 IDR 3 825 615 000IDR 30 009 000 JPY 843 660 701ILS 784 000 KRW 811 863 000INR 134 000 MXN 22 441 946JPY 2 407 535 684 MYR 3 300 255KRW 1 650 781 000 NOK 3 500 082MXN 4 783 317 PHP 15 228 000MYR 1 011 000 PLN 16 860 163NOK 4 579 874 SGD 3 597 123NZD 122 513 THB 19 891 000PLN 4 630 000 TRY 2 612 333RUB 59 000 TWD 21 151 260SEK 5 000 000 USD 43 959 322THB 9 269 000 ZAR 10 183 586TRY 614 000USD 42 902 067ZAR 3 659 000Net unrealised gain (in EUR) 181 367As at 31 August 2013, the latest maturity of all outstanding contracts is 11 October 2013.Bond World Emerging CorporateCurrency Purchase amount Currency Sale amountUSD 8 997 001 BRL 6 823 000RUB 199 000 000TRY 675 810Net unrealised loss (in USD) (37 604)As at 31 August 2013, the latest maturity of all outstanding contracts is 22 November 2013.Page 96
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Bond World Emerging LocalCurrency Purchase amount Currency Sale amountBRL 40 100 000 CZK 790 000 000COP 39 600 000 000 EUR 4 662 052EUR 239 590 366 HUF 16 120 000 000IDR 180 000 000 000 SGD 3 157INR 3 950 000 000 USD 601 417 200MXN 143 000 000 ZAR 882 903 419PHP 720 000 000PLN 161 000 000RUB 2 030 000 000SGD 156 630TRY 139 810 000USD 161 891 108ZAR 54 000 000Net unrealised loss (in USD) (5 797 556)As at 31 August 2013, the latest maturity of all outstanding contracts is 22 November 2013.Bond World High YieldCurrency Purchase amount Currency Sale amountEUR 171 023 410 EUR 25 833 310USD 34 433 735 GBP 3 570 000USD 223 428 789Net unrealised loss (in EUR) (2 318 945)As at 31 August 2013, the latest maturity of all outstanding contracts is 27 September 2013.Bond World Inflation-LinkedCurrency Purchase amount Currency Sale amountCAD 6 066 267 AUD 11 114 101EUR 243 719 754 CAD 14 029 656GBP 17 236 863 EUR 31 747 151JPY 198 551 300 GBP 83 232 263SEK 7 705 796 JPY 716 187 794USD 54 752 979 SEK 60 209 415USD 198 530 310Net unrealised gain (in EUR) 2 393 918As at 31 August 2013, the latest maturity of all outstanding contracts is 24 October 2013.Convertible Bond AsiaCurrency Purchase amount Currency Sale amountJPY 600 000 000 JPY 1 000 000 000SGD 10 000 000 USD 14 049 506USD 10 197 141Net unrealised loss (in USD) (96 811)As at 31 August 2013, the latest maturity of all outstanding contracts is 6 September 2013.Convertible Bond WorldCurrency Purchase amount Currency Sale amountCZK 303 725 076 EUR 82 239 811EUR 369 154 299 GBP 21 710 000GBP 500 000 HKD 411 000 000HKD 5 000 000 JPY 12 354 000 000JPY 1 800 000 000 SEK 77 900 000NOK 44 433 312 SGD 19 000 000PLN 10 020 174 USD 250 000 000SEK 1 500 000Page 97
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Convertible Bond World (continued)Currency Purchase amount Currency Sale amountSGD 300 000USD 63 001 690Net unrealised loss (in EUR) (1 276 740)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Equity Europe Mid CapCurrency Purchase amount Currency Sale amountEUR 4 300 000 GBP 3 683 251Net unrealised loss (in EUR) (20 446)As at 31 August 2013, the latest maturity of all outstanding contracts is 13 September 2013.Equity High Dividend USACurrency Purchase amount Currency Sale amountEUR 28 743 592 EUR 509 178USD 672 040 USD 38 312 908Net unrealised loss (in USD) (408 937)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Equity JapanCurrency Purchase amount Currency Sale amountEUR 345 815 887 EUR 10 326 679JPY 1 343 307 830 JPY 45 021 977 834Net unrealised loss (in JPY) (274 004 377)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Equity USA GrowthCurrency Purchase amount Currency Sale amountCZK 61 798 717 CZK 1 226 825EUR 6 936 737 USD 12 449 346USD 62 890Net unrealised loss (in USD) (140 533)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Equity USA Mid CapCurrency Purchase amount Currency Sale amountEUR 35 625 700 EUR 745 984USD 984 590 USD 47 486 207Net unrealised loss (in USD) (506 713)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Opportunities USACurrency Purchase amount Currency Sale amountEUR 28 414 887 EUR 848 392GBP 10 634 GBP 245USD 1 122 800 USD 37 889 313Net unrealised loss (in USD) (399 279)As at 31 August 2013, the latest maturity of all outstanding contracts is 26 September 2013.Page 98
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Note 10 - SwapsCredit Default SwapsThe Company has entered into swap agreements whereby it exchanges fixed in<strong>com</strong>e for in<strong>com</strong>e linked to changes incredit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. Theseamounts are calculated and recognised at each calculation of the Net Asset Value; the amount of the unrealised capitalgain is stated under “Net Unrealised gain on financial instruments” in the Statement of net assets, and the amount of netcapital loss is given under “Net Unrealised loss on financial instruments” in the Statement of net assets.Bond Best Selection World EmergingNominal Currency Maturity Sub-fund paid Sub-fund received20 000 000 USD 20/06/2015DP WORLD LTD 6.85% 07-02/07/20375.000%Net unrealised gain (in USD) 1 456 811Bond USDNominal Currency Maturity Sub-fund paid Sub-fund received1 450 000 USD 20/12/2015 1.000%MARKIT CDX.NA.IG.15 12/1520/12/20151 450 000 USD 20/03/2016FORD MOTOR CO 6.5% 98-01/08/20185.000%1 800 000 USD 20/12/2016 1.000%CDX NA IG S17 5Y/100BP20/12/161 700 000 USD 20/03/2017 1.000%PRUDENTIAL FIN 4.5% 03-15/07/20131 700 000 USD 20/03/2017METLIFE INC 5% 05-15/06/20151.000%1 600 000 USD 20/06/2017FORD MOTOR CO 6.5% 98-01/08/20185.000%1 600 000 USD 20/06/2017 5.000%FORD MOTOR CRED 5% 11-15/05/20181 700 000 USD 20/09/2017CITIGROUP INC 6.125% 08-15/05/20181.000%1 700 000 USD 20/09/2017 1.000%GOLDMAN SACHS 5.95% 08-18/01/2018800 000 USD 20/12/2017 1.000% POLAND 5.25% 03-15/01/2014700 000 USD 20/03/2018GENWORTH FINL 5.75% 04-15/06/20145.000%9 000 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20181 500 000 USD 11/05/2063CDS CMBX NA AAA - 611/05/20630.500 %1 500 000 USD 11/05/2063CDS CMBX NA AAA - 611/05/20630.500 %1 500 000 USD 11/05/2063CDS CMBX NA AAA - 611/05/20630.500 %600 000 USD 11/05/2063CDS CMBX NA BBB CDSI S6PRC 11/05/20633.000%600 000 USD 11/05/2063CDS CMBX NA AAA - 605/08/20223.000%Net unrealised loss (in USD) (752 792)Page 99
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Bond WorldNominal Currency Maturity Sub-fund paid Sub-fund received1 585 000 USD 20/12/2015 1.000%MARKIT CDX.NA.IG.15 12/1520/12/20151 585 000 USD 20/03/2016FORD MOTOR CO 6.5% 98-01/08/20185.000%2 500 000 USD 20/06/2016SPANISH GOVT 5.5% 02-30/07/20171.000%1 800 000 USD 20/12/2016 1.000%CDX NA IG S17 5Y/100BP20/12/161 620 000 USD 20/03/2017 1.000%PRUDENTIAL FIN 4.5% 03-15/07/20131 620 000 USD 20/03/2017METLIFE INC 5% 05-15/06/20151.000%1 600 000 USD 20/06/2017 5.000%FORD MOTOR CRED 5% 11-15/05/20181 600 000 USD 20/06/2017FORD MOTOR CO 6.5% 98-01/08/20185.000%1 700 000 USD 20/09/2017 1.000%GOLDMAN SACHS 5.95% 08-18/01/20181 700 000 USD 20/09/2017CITIGROUP INC 6.125% 08-15/05/20181.000%800 000 USD 20/12/2017METLIFE INC 4.75% 10-08/02/20211.000%800 000 USD 20/03/2018GENWORTH FINL 5.75% 04-15/06/20145.000%2 900 000 EUR 20/06/2018ITRAXX EURO CROSSOVERS19 5Y 20/06/20185.000%1 800 000 USD 20/06/2018SPANISH GOVT 5.5% 02-30/07/20171.000%2 100 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20184 500 000 USD 20/06/2018REP OF AUSTRIA 4.65% 03-15/01/20181.000%3 000 000 USD 20/06/2018NETHERLANDS GOVT 3.25%05-15/07/20150.250 %3 000 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20182 000 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20182 400 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20182 400 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20182 200 000 USD 20/06/2018REP OF AUSTRIA 4.65% 03-15/01/20181.000%2 200 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20182 200 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20182 600 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/2018Page 100
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Bond World (continued)Nominal Currency Maturity Sub-fund paid Sub-fund received2 600 000 USD 20/06/2018 5.000%CDX EM CDSI S19 V1 5Y PRC20/06/20185 900 000 USD 20/06/2018NETHERLANDS GOVT 3.25%05-15/07/20150.250 %1 300 000 EUR 20/06/2021 0.250 %US TREASURY NB 4.875% 06-15/08/20162 900 000 EUR 20/09/2021 0.250 %US TREASURY NB 4.875% 06-15/08/20161 200 000 EUR 20/06/2022 0.250 %US TREASURY NB 4.875% 06-15/08/20161 900 000 USD 11/05/2063CDS CMBX NA AAA - 611/05/20630.500 %1 900 000 USD 11/05/2063CDS CMBX NA AAA - 611/05/20630.500 %1 900 000 USD 11/05/2063CDS CMBX NA AAA - 611/05/20630.500 %700 000 USD 11/05/2063CDS CMBX NA AAA - 605/08/20223.000%700 000 USD 11/05/2063CDS CMBX NA AAA - 605/08/20223.000%Net unrealised loss (in EUR) (1 139 232)Convertible Bond WorldNominal Currency Maturity Sub-fund paid Sub-fund received25 000 000 USD 20/06/2018 1.000%ITRAXX EXJP IG CDSI S19 5YV1 20/06/201825 000 000 USD 20/06/2018 1.000%ITRAXX EXJP IG CDSI S19 5YV1 20/06/201825 000 000 USD 20/09/2018 1.000%CHINA (PEOPLES) 4.25% 04-28/10/2014Net unrealised gain (in EUR) 1 100 654Interest Rate SwapsThe Company has entered into swap agreements whereby it exchanges fixed in<strong>com</strong>e (sum of the notional amount andthe fixed rate) for variable in<strong>com</strong>e (sum of the notional amount and the floating rate) and vice versa. These amounts arecalculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under “Otherassets” in the Statement of net assets, while the payable amount is given under “Other liabilities” in the Statement of netassets.Bond USDNominal Currency Maturity Sub-fund paid Sub-fund received5 800 000 AUD 13/09/2014 2.560% AUSTRALIAN BK BILL ST3M5 900 000 AUD 13/06/2015 AUSTRALIAN BK BILL ST3M 2.870%1 700 000 USD 26/09/2041 0.259% LIBOR 3M USDNet unrealised gain (in USD) 324 505Bond WorldNominal Currency Maturity Sub-fund paid Sub-fund received7 400 000 AUD 13/09/2014 2.560% AUSTRALIAN BK BILL ST3M637 000 000 JPY 27/04/2015 0.355% LIBOR JPY 6M7 600 000 AUD 13/06/2015 AUSTRALIAN BK BILL ST3M 2.870%Page 101
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Bond World (continued)Nominal Currency Maturity Sub-fund paid Sub-fund received65 000 000 NOK 09/07/2015 1.700% NIBOR 6M NOK71 400 000 SEK 09/07/2015STOCKHOLM INTERBKOFFER RATE 3M1.660%5 586 000 PLN 26/04/2016 0.263%WARSAW INTERBK OFFERRATE 6M2 793 000 PLN 17/06/2016 0.263%WARSAW INTERBK OFFERRATE 6M36 200 000 NOK 04/01/2017 1.800% NIBOR 6M NOK1 800 000 GBP 14/06/2018 LIBOR GBP 6 M 1.313%16 400 000 NOK 04/01/2023 NIBOR 6M NOK 3.957%1 900 000 EUR 05/07/2032 0.259% EURIBOR 6M 360 DAYS205 000 000 JPY 11/10/2032 LIBOR JPY 6M 1.531%800 000 GBP 13/12/2032 LIBOR GBP 6 M 2.708%1 700 000 USD 26/09/2041 0.259% LIBOR 3M USD1 600 000 EUR 05/07/2042 0.259% EURIBOR 6M 360 DAYS1 400 000 GBP 28/09/2042 LIBOR GBP 6 M 2.926%400 000 GBP 14/06/2043 LIBOR GBP 6 M 0.591%Net unrealised loss (in EUR) (132 056)Inflation SwapsThe Company has entered into inflation swap agreements whereby it exchanges fixed in<strong>com</strong>e (sum of the notionalamount and the fixed rate) for variable in<strong>com</strong>e (sum of the notional amount and the floating rate) and vice versa. Theseamounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under“Other assets” in the Statement of net assets, while the payable amount is given under “Other liabilities” in theStatement of net assets.Bond WorldNominal Currency Maturity Sub-fund paid Sub-fund received2 740 000 EUR 30/09/2015 1.600%EUROSTAT EUROZONE HICPEX TOBACCO2 740 000 EUR 30/09/2015 FRANCE CPI EX TOBACCO 1.870%Net unrealised gain (in EUR) 78 069Note 11 - Share currenciesThe net asset value per share is now priced in the currency of the share class and no longer in the currency of thesub-fund in section “key figures relating to the last 3 years”.Note 12 - Repurchase agreementAs at 31 August 2013, the SICAV had entered into a repurchase agreement under the terms of which the followingsecurity was repurchased:Bond World Inflation-LinkedCurrency Nominal Description MaturityMarket value(EUR)USD (2 669 406) US TIP 0.375% - 15/01/2027 04/09/2013 (2 024 424)USD (5 137 019) US TIP 0.125% - 15/04/2017 04/09/2013 (3 895 813)Page 102
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Note 13 - Securities lendingAs at 31 August 2013, the Company had concluded the following securities lending agreements with financial<strong>com</strong>panies:Sub-fundsCurrencySecurities lending -Market valueConvertible Bond Asia USD 32 728 796Convertible Bond World EUR 127 141 130Equity High Dividend Europe EUR 5 855 900Equity Japan JPY 2 380 107 288As at 31 August 2013, the guarantee delivered consists of pledged securities registered in a tripartite account held withJP Morgan Chase under the name BNP Paribas Investment Partners Luxembourg on behalf of the funds, pursuant toCircular 08/356. This represents 111.21% of the required guarantee.Note 14 - CollateralIn order to limit counterparty risk on swap agreements, the SICAV has put a collateralisation process in place.As at 31 August 2013, the SICAV pledged the following collateral in favour of swap agreement counterparties:Sub-funds Currency OTC collateralBond Asia ex-Japan USD (299 322)Bond Best Selection World Emerging USD (275 392)Bond USD USD (145 046)Bond World EUR (1 240 000)Bond World Emerging Local USD (17 962 949)Bond World High Yield EUR (250 000)Convertible Bond World EUR (870 000)Equity Japan JPY (18 112 423)As at 31 August 2013, the counterparties to swap agreements pledged the following collateral in favour of the SICAV:Sub-funds Currency OTC collateralBond Asia ex-Japan USD 698 858Bond Best Selection World Emerging USD 6 500 698Bond USD USD 448 324Bond World EUR 400 000Bond World Emerging Local USD 11 906 958Bond World High Yield EUR 2 010 000Convertible Bond World EUR 940 000Equity High Dividend USA USD 382 394Equity USA Growth USD 171 418Opportunities USA USD 356 022Note 15 - “Soft dollar” feesWith the aim of optimising execution, broker fees on portfolio transactions for the Company may be granted byportfolio managers in <strong>com</strong>pensation for brokers’ research and services in executing transactions.Research, information and other services allow portfolio managers to strengthen their own research and analyses bygiving them access to information from their counterparts in other <strong>com</strong>panies.Page 103
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013These services do not incorporate travel expenses, ac<strong>com</strong>modation, entertainment, general back-office, office andpremises equipment, membership fees, wages and payments directly charged to the fund managers.During the financial period ending 31 August 2013, the following fund manager was able to conclude soft dollaragreements:• Fairpointe Capital LLCNote 16 - Related party transactionsThe related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies orother financial products for the account of each sub-fund for which the related parties act as broker or for their ownaccount or as counterparty for their clients, including in the case in which the related parties or their clients have theoption of conducting transactions for their own account at the same time as for the account of each sub-fund.When handling purchases and sales of securities for each sub-fund, the related parties may also have acted ascounterparty at the best market conditions.The Company considers that the <strong>com</strong>missions, increases and reductions invoiced by the related parties are <strong>com</strong>petitive,although it is in the related parties’ interests to receive favorable <strong>com</strong>mission rates, and increases and reductions foreach sub-fund.Note 17 - List of investment manager at 31 August 2013• BNP Paribas Investment Partners Asia Limited, Hong Kong, abbreviated to BNPP IP Asia• BNP Paribas Asset Management, Paris, abbreviated to BNPP AM France• BNP Paribas Investment Partners Netherlands N.V., Amsterdam, The Netherlands, abbreviated toBNPP IP NL• BNP Paribas Investment Partners Singapore Limited, Singapore, abbreviated to BNPP IP Singapore• BNP Paribas Investment Partners UK Limited, London, abbreviated to BNPP IP UK• BNP Paribas Asset Management Inc, Boston, Massachusetts, USA abbreviated to BNPP AM Inc• Fairpointe Capital LLC, Chicago, Illinois, USA, abbreviated to Fairpointe• Fischer Francis Trees & Watts UK Ltd., London, United Kingdom, abbreviated to FFTW UK• Fischer Francis Trees & Watts, Inc., New York, abbreviated to FFTW US• FOURPOINTS Investment Managers Sas, Paris• Neuflize Private Assets S.A., Paris, abbreviated to NPA• River Road Asset Management, LLC.Louisville, USA• THEAM S.A.S, Paris, France, abbreviated to THEAM• TKB BNP Paribas Investment Partners J.S.C., St. Petersburg, Russian Federation, abbreviated to TKBConvertible Bond AsiaSub-fundsEquity BrazilEquity USA Growth (launched on 21 May 2013)Equity World Consumer Durables (launched 27 May 2013)Equity World Emerging (launched on 21 May 2013)Equity World Energy (launched on 21 May 2013)Equity World Finance (launched on 21 May 2013)Equity World Health Care (launched on 21 May 2013)Equity World Materials (launched on 21 May 2013)Equity World Technology (launched on 21 May 2013)Equity World Tele<strong>com</strong> (launched on 27 May 2013)Equity World Utilities (launched on 21 May 2013)Equity Europe Converging (absorbed on 3 June 2013)Equity Latin AmericaBond World High Yield (launched on 21 May 2013)Asset managersBNPP IP Asiasub delegating to BNPP IP UK for themanagement of FXBNPP AM IncBNPP AM Incsub delegating to BNPP IP UK for themanagement of FXPage 104
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Sub-fundsGreen Tigers (launched on 27 May 2013)Convertible Bond World (launched on 21 May 2013)Equity Europe Emerging (launched on 21 May 2013)Equity Europe Mid CapEquity JapanEquity Russia (launched on 21 May 2013)Equity Russia OpportunityEquity World Low Volatility (launched on 21 May 2013)World Agriculture (USD) (unlisted on 27 May 2013)Real Estate Securities Pacific (launched on 27 May 2013)Real Estate Securities World (launched on 27 May 2013)Equity High Dividend EuropeBond World Inflation-LinkedBond USD GovernmentEquity World Technology Innovators (absorbed on3 June 2013)Equity USA Mid CapEquity BricEquity Europe Growth (launched on 27 May 2013)Bond Asia ex-Japan (launched on 21 May 2013)Bond Best Selection World Emerging (launched on21 May 2013)Bond USD (launched on 21 May 2013)Bond World (launched on 27 May 2013)Bond World Emerging Corporate (launched on 27 May 2013)Bond World Emerging Local (launched on 21 May 2013)Equity Best Selection Asia ex-Japan (launched on21 May 2013)Equity China (launched on 21 May 2013)Equity High Dividend Pacific (launched on 21 May 2013)Equity India (launched on 21 May 2013)Equity Indonesia (launched on 21 May 2013)Asset managersBNPP AM FranceBNPP AM Francesub delegating to BNPP IP UK for themanagement of FXBNPP AM FranceBNPP IP UK for the management of FXBNPP AM France advised by TKBBNPP AM France advised by TKBsub delegating to BNPP IP UK for themanagement of FXTHEAMTHEAMsub delegating to BNPP IP UK for themanagement of FXBNPP IP NLBNPP IP NLsub delegating to BNPP IP UK for themanagement of FXFFTW USFFTW UKFFTW USFFTW UK as co-managerBNPP IP UK for the FX managementFOURPOINTS Investment Managers SASsub delegating to BNPP IP UK for themanagement of FXFairpointeBNPP IP UK for the FX managementBNPP AM Inc for the asset allocation and themanagement of the assets not entrusted to othermanagersBNPP AM Inc advised by TKB for themanagement of the assets invested in “EquityRussia”BNPP AM Inc sub-delegated to BNPP IP Asia forthe management of the assets invested in “EquityChina” and “Equity India”sub delegating to BNPP IP UK for themanagement of FXBNPP IP UKBNPP IP SingaporeFFTW UKFFTW USBNPP IP SingaporeBNPP IP AsiaPage 105
<strong>PARVEST</strong>Notes to the financial statements at 31/08/2013Sub-fundsEquity Best Selection Europe (launched on 21 May 2013)Equity High Dividend USA (launched on 27 May 2013)Opportunities USA (launched on 21 May 2013)Asset managersBNPP IP UKBNPP AM Francesub delegating to BNPP IP UK for the FXManagementRiver RoadNPANote 18 - Transaction feesTransaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments,derivatives or other eligible assets are mainly <strong>com</strong>posed of standard fees, sundry fees on transaction, stamp fees,brokerage fees, custody fees, VAT fees, stock exchange fees, RTO fees (Reception and Transmission of Orders) anddilution levy.In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financialinstruments. Consequently, in any given transaction, there will be a difference between the purchase and sale pricesquoted by the broker, which represents the broker’s fee.Page 106
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www.bnpparibas-ip.<strong>com</strong>A global presenceEuropeAustriaBelgiumFranceGermanyGreeceItalyLuxembourgPortugalSpainSwitzerlandThe NetherlandsUKNorth AmericaCanadaUSALatin AmericaArgentinaBrazilChileColombiaMexicoUruguayAsia PacificAustraliaBruneiChinaHong KongIndiaIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwanNordicsDenmarkFinlandNorwaySwedenEEMEABahrainCzech RepublicKuwaitMoroccoRussiaTurkeyOffice addresses can be found in the About Us section of www.bnpparibas-ip.<strong>com</strong>.14, rue Bergère - 75009 Paris - FranceDecember 2012 - Design: - P1211105_UK
<strong>PARVEST</strong>SICAVANNUAL REPORTat 28/02/2013R.C.S. Luxembourg B 33 363
<strong>PARVEST</strong>Table of contentsPageOrganisation 2Information 4Manager's report 5Audit report 10Financial statements at 28/02/2013 12Key figures relating to the last 3 years 16Securities portfolio at 28/02/2013Bond Euro 20Bond USD Government 22Bond World Inflation-Linked 23Convertible Bond Asia 24Equity Brazil 25Equity Bric 26Equity Europe Converging 28Equity Europe Mid Cap 29Equity High Dividend Europe 30Equity Japan 31Equity Latin America 32Equity Russia Opportunity 34Equity USA Mid Cap 35Equity World Technology Innovators 36Flexible Bond World 37World Agriculture (USD) 39Notes to the financial statements 40Unaudited appendix 57No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of thecurrent prospectus, ac<strong>com</strong>panied by the latest annual report and the most recent semi-annual report, if published thereafter.Page 1
<strong>PARVEST</strong>OrganisationRegistered office of the Company33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of LuxembourgBoard of DirectorsChairmanMr Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, ParisMembersMr Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, BrusselsMr Vincent CAMERLYNCK, International Head of Institutional Sales, BNP Paribas Investment Partners, LondonMr Christian DARGNAT, Head of Investments - Multi-Expertise Investments Centres, BNP Paribas InvestmentPartners, ParisMrs Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, ParisMr William DE VIJLDER, Head of Investments - Partners & Alternative Investments, BNP Paribas InvestmentPartners, BrusselsMr Andrea FAVALORO, Head of External Distribution, BNP Paribas Investment Partners, ParisMr Anthony FINAN, Head of Marketing, Communication & Group Networks, BNP Paribas Investment Partners,ParisMr Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, ParisMr Christian VOLLE, Vice Chairman of the “Fondation pour l’Art et la Recherche”, ParisManaging DirectorMr Anthony FINAN, Head of Marketing, Communication & Group Networks, BNP Paribas Investment Partners,ParisCompany Secretary (non-member of the Board)Mr Stéphane BRUNET, Managing Director, BNP Paribas Investment Partners Luxembourg, HesperangeManagement CompanyBNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourgBNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the law of17 December 2010 concerning undertakings for collective investment.The Management Company performs the administration, portfolio management and marketing duties.Responsibility for calculating net asset values is delegated to:• BNP Paribas Investment Partners, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchyof Luxembourg (until 30 September 2012)• BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourg (since 30 September 2012)The responsibilities of transfer agent and registrar are delegated to:• BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourgPage 2
Organisation<strong>PARVEST</strong>Responsibility for portfolio management is delegated to:Management entities of the BNP Paribas Group• BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France• BNP Paribas Asset Management Inc., 75 State Street, Suite 2700, Boston, Massachusetts, 02109, USA• BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, CentralHong-Kong• BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad – Tripolis 200, PO box 71770, NL-1008DG Amsterdam, The Netherlands• BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore 049319• BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom• Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA• Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom• THEAM S.A.S., 1 Boulevard Haussmann, F-75009 Paris, FranceManagement entities not part of the Group:• Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA• FOURPOINTS Investment Managers Sas, 13-15 rue de la Baume, F-75008 Paris, FranceThe Company may also seek advice from the following investment advisors:• TKB BNP Paribas Investment Partners JSC, Marata Street, d.69-71 liter A, 191119 St. Petersburg, RussianFederationPromoterBNP Paribas, 16 Boulevard des Italiens, F-75009 Paris, FranceDepositary/Paying agentBNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy ofLuxembourgAuditorPricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy ofLuxembourgCounterparties to performance swaps and OTC options:Barclays BankBNP ParibasCitibankCredit SuisseDeutsche Bank LondonGoldman SachsHSBC Banking CorpJP MorganMorgan Stanley and co.Nomura International PlcRoyal Bank Of ScotlandSociete GeneraleUBS Ltd LondonPage 3
Information<strong>PARVEST</strong>Establishment<strong>PARVEST</strong> (the "Fund", the "Company") is an open-ended investment <strong>com</strong>pany (Société d’Investissement à CapitalVariable – SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period.The Company is currently governed by the provisions of Part I of the law of December 17, 2010 governingundertakings for collective investment as well as by Directive 2009/65.The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on26 October 2011, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 5 January 2012.The latest version of the Articles of Association has been filed with the Registrar of the District Court of Luxembourg,where any interested party may consult it and obtain a copy.The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363.The Articles of Association, the Prospectus, the KIID and periodical reports may be consulted at the Company’sregistered office and at the establishments responsible for the Company’s financial service. Copies of the Articles ofAssociation and the annual and interim reports are available on request.The minimum capital amounts to EUR 1 250 000. It is at all times equal to the total net assets of the various sub-funds.It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically withoutthe notification and specific recording measures required for increases and decreases in the capital of limited<strong>com</strong>panies.ListingThe shares of the Company’s are not listed on a Stock Exchange.Information to the ShareholdersNet Asset Values and DividendsThe Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countrieswhere the shares are publicly offered.This information is also available on the website: www.bnpparibas-ip.<strong>com</strong>.Financial YearThe Company’s financial year starts on 1 March and ends on the last day of February.Financial ReportsThe Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well asa non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Companyis authorised to publish a simplified version of the financial report when required.The financial reports of each sub-fund are published in the accounting currency of the sub-fund, although theconsolidated accounts of the Company are expressed in euro.The annual report is made public within four months of the end of the financial year and the interim report within twomonths of the end of the half-year as well as the list of changes (purchases and sales of securities) made in the<strong>com</strong>position of the investment portfolios are kept at the shareholders’ disposal free of charge at the Custodian Bank, theDomiciliation Agent, the representative in Switzerland, the other banking institutions appointed by it, the registeredoffice of the <strong>com</strong>pany and the registered offices of the representatives. These reports concern both each individual subfundand the Company’s assets as a whole.Documents for ConsultationInformation on changes to the Company will be published in the Luxemburger Wort newspaper and in any othernewspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets itsshares.Documents and information are also available on the website: www.bnpparibas-ip.<strong>com</strong>.Page 4
Manager's report<strong>PARVEST</strong>BackgroundThe global economy had its ups and downs in the past year. The global economy slowed during the summer, just as itdid in the previous two years. The eurozone sank back into recession and during the past six months it became clear thatthe stronger core countries were not immune. The same goes for several Asian economies. Growth in the US held up abit better, although it was far from strong. Equity markets fell in the first part of the reporting period, but recovered afterit became clear that more monetary stimulus was underway. A new bond-purchase programme by the European CentralBank (ECB) capped Italian and Spanish bond yields.United StatesThe US economic growth slowed in the first half of the year. In the second quarter growth was only 1.3% Quarter onQuarter (QoQ) annualised, down from a modest 2% in the first. In the third quarter growth accelerated to 3.1%, but thiswas largely based on one-offs in defense spending and inventory accumulation. In the fourth quarter growth was closeto zero. The slowdown was also visible in the labour market, where job growth fell from a monthly average of 262 00 inthe first quarter to only 108 000 in the second. But in the second half job growth accelerated to 180 000 per month onaverage, a pace which continued in the first months of 2013. The housing market, where construction activity, sales andeven prices continued to stage a gradual recovery was clearly a bright spot. Leading indicators such as the Institute ofSupply Management (ISM) indices and consumer confidence fell during the summer, with the ISM-manufacturingindex pointing to contraction from June through August. These indicators improved modestly towards the end of theyear and more so in early 2013. Towards the end of the year the debate about fiscal policy took centre stage. A deal toavoid some tax hikes and spending cuts was agreed, but taxes will still go up for the majority of US households.Automatic spending cuts and the government debt ceiling were not properly addressed. Consumer spending held upwell in early 2013, but consumer confidence has weakened.EuropeThe slight improvement in the eurozone economy in the first quarter (flat Goodrich Petroleum, GDP growth instead of adecline of 0.3% QoQ as in the final quarter of last year) did not last in the second quarter. In the second quarter GDPfell by 0.2% QoQ. Falling consumption and business investment were only partially <strong>com</strong>pensated by an increase in netexports. GDP fell again modestly in the third quarter, but the recession deepened in the fourth. The Economic SentimentIndex fell consistently during for seven straight months through October. The Purchasing Managers Index (PMI)manufacturing index has been firmly in contraction territory for the whole reporting period. From November leadingindicators showed broad based improvements, before weakening again in March. The level suggests that the economywill weaken before it gets better. The recessions in Southern eurozone member states actually deepened. The sovereigncrisis flared up again late last year and in June and July, when Spanish and Italian two and ten-year yields surged.Deposit flight from Spain intensified during this period. To <strong>com</strong>bat the crisis, the ECB in December 2011 andFebruary 2012 issued a total of more than EUR 1 000 billion of three-year loans to the banking sector. About half ofthis was new liquidity; the other half was used to repay shorter-term loans. These loans alleviated funding difficultiesfor eurozone banks and enabled them to buy government bonds. This led to a decline in risk spreads, especially in Italyand Spain, but only temporary. From March onwards Spanish and Italian yields started to increase again. Spain waspromised up to EUR 100 billion from the bail out funds to recapitalise its banking sector. However, uncertainty aboutthe amounts needed (independent stress tests showed about EUR 60 billion, but doubts remained about the assumptionsused) and where the debts would end up (will the Spanish state be liable or will it go directly from the bail out funds tothe banks), prevented a strong relief. At the end of July ECB-President Draghi said the ECB will do whatever it takes tosupport the euro. In September these words were followed with the announcement of a new bond-purchase programme.In this programme the ECB will buy bonds in the secondary market after a country applies for support for a bail out. Inthat case the conditionality issue is solved and the bail out fund could buy bonds on the primary market. In case of adefault bonds bought by the ECB will be equally treated with private investors’ holdings. The new programme led tostabilisation in peripheral bond markets.Page 5
Manager's report<strong>PARVEST</strong>JapanIn the first quarter Japanese GDP growth bounced upward from a weak final quarter of 2011 due to strongerconsumption growth and surging government investment spending. However, growth fell back to modest contraction inthe second quarter and the economy contracted significantly in the third quarter. The fourth quarter showed modestgrowth. The mood improved after a landslide victory by the LDP in elections for the lower chamber of parliament. NewPrime Minister Abe promised fiscal stimulus and more expansionary monetary policy. A new governor of the centralbank should step up quantitative easing. This led to a strong depreciation of the yen and strong gains in Japaneseequities from December through March. Sentiment among households and <strong>com</strong>panies also improved.Emerging marketsEmerging markets have not been able to escape from the slowdown in developed economies. Leading indicators andreal indicators like exports and industrial production have weakened. Inflation trended lower, which enabled severalcentral banks to ease monetary policy. The growth slowdown in China, primarily driven by net exports but also visiblein industrial production and retail sales, has raised fears for a hard landing of the Chinese economy. Especially as singshave mounted the China’s property bubble is deflating quickly. Thus, Chinese authorities announced a range of fiscaland spending measures to stimulate the economy. Leading indicators improved a bit in a range of emerging economiestowards the end of the reporting period. In China real indicators also improved, but exports from several other emergingeconomies remained under pressure.Monetary policyDuring the last twelve months the US federal funds target rate was held within the range that had been in force sinceDecember 2008 (0-0.25%) and the Federal Reserve Bank of New York (Fed) did its utmost to convince traders andeconomic agents that it will keep its interest rates very low for a very long time. From the very beginning of 2012 BenBernanke hammered out a downbeat message on the economic situation and in particular on employment, in order tomake observers understand that monetary policy will remain ac<strong>com</strong>modative for as long it takes and may even be easedfurther if need be. Expectations of a new phase of quantitative easing (QE3) gradually increased, but in June Bernankemerely extended “Operation Twist” (sales of short-dated and purchases of longer-dated securities). It was not untilSeptember that new quantitative easing measures were finally announced. The new securities purchase programme(mortgage-backed securities this time) was extended into 2013 and will continue as long as labour market does notimprove “substantially”. This undertaking gives a new dimension to these non-conventional measures, as the Fedpurchases mortgage-backed securities (MBS) at a rate of 40 billion dollars a month and longer-term Treasury securities(45 billion dollars a month). The Fed also modified its message concerning keeping interest rates low and is no longer<strong>com</strong>mitting itself to a calendar date but to quantified employment and inflation targets. The federal funds rate will bekept low as long as the unemployment rate remains above 6.5% and inflation expectations do not exceed 2.5%. BenBernanke stated that the Fed would not react automatically to breaches of these limits. These monetary policy decisionsmust be seen in the context of low inflation (2.0% year-on-year in February), which will allow ac<strong>com</strong>modativeconditions to be maintained for a long time.In 2012 the European Central Bank (ECB) cut its main interest rates by 25 bp in early July, bringing the refi rate downto 0.75% and the deposit facility rate to 0%. These unprecedented levels represent a reversion to a more ac<strong>com</strong>modativemonetary policy since the arrival of Mario Draghi as head of the ECB in November 2011. Two non-conventionalelements will probably epitomise this “new” ECB. Firstly, the refinancing of the banks through 3 year Long TermRefinancing Operation (LTROs) (an operation announced in late 2011, then conducted in December and February),which saw euro zone banks borrow more than 1,000 billion euros. Some of this liquidity was used by Spanish andItalian banks to buy back sovereign debt, which helped to bring about a marked easing of yields across all maturities.Furthermore, the ECB had no further recourse to its government bond purchase programme Securities MarketsProgramme (SMP) from March. Secondly, and this was undoubtedly the most striking event, in July Mario Draghideclared that the ECB was “prepared to do whatever it takes” to preserve the euro. This pledge was given at a timewhen the economic situation appeared very depressed and worrying news was following worrying news in the eurozone (downgrading of Italy’s rating, outlook for Germany reduced to “negative”, tightening of periphery country yields,concerns about Spain’s autonomous regions, rumours of a Greek exit and so on), causing periphery yields to tightensubstantially.Page 6
Manager's report<strong>PARVEST</strong>It took until 6 September to obtain more details on the modalities of the future purchases of government bondsmentioned during the summer. Draghi confirmed that, in order to ensure the proper transmission of monetary policy, theECB was prepared to make purchases on the secondary market of short-dated (1-3 year) bonds of countries that haverequested assistance from the European stabilisation mechanisms (European Financial Stability Facility, EFSF, thenEuropean Stability Mechanism ESM) and <strong>com</strong>ply with the conditions attached to these loans. The new bond purchaseprogramme, dubbed OMT (Outright Monetary Transactions), is meant to be more transparent than its predecessor andshould be more effective. Over the months that followed, Draghi also linked the hesitant return of confidence in theeuro zone to the OMT announcement. Purchases of government debt under the OMT scheme have not actually beenactivated, since no government has yet requested assistance from the European support funds. All the same, moretraditional monetary policy continues to play its usual role. The ECB revised its growth and inflation projectionssharply downwards in December, reawakening expectations of an early cut in the refi rate. Nevertheless, the mainmembers of the Executive Board did their utmost to temper these expectations by virtually ruling out a move to anegative deposit rate. For the time being the low level of official interest rates has had no significant impact on thedistribution of credit, which remains sluggish. The absence of inflationary pressure (underlying inflation was 1.3% inFebruary, its lowest since July while unemployment has increased to a record of 11.9%) will obviously enable anac<strong>com</strong>modative monetary policy to be maintained.Currency marketsThe EUR/USD exchange rate began the reporting period at 1.33 USD per EUR and fluctuated within a wide range(1.30-1.35) until late April, according to <strong>com</strong>ments from central bankers (downbeat for the Fed, more confident for theECB). This performance reflects the hesitation that characterised trading and the changes in investors’ attitude to risk.On the one hand, the dollar suffered from doubts about US growth and expectations of additional monetary easingmeasures from the Fed. On the other hand, the euro was adversely affected by the revival of concerns about thesovereign crisis and the marked deterioration in the European economic situation. It was these factors that eventuallycarried the day in the minds of investors, dragging the EUR/USD exchange rate down below 1.25 in May (its lowestsince mid 2010) as a result of fears about the Spanish financial system and procrastination over the recapitalisation ofbanks. Following a consolidation period in June on the occasion of the summit of heads of state and government inBrussels, the exchange rate started heading south again. The dollar then profited from poor statistics, which reawakenedfears about global growth and therefore reduced risk appetite, while the euro was affected by the cut in key interest ratesby the ECB in July (which had been expected, though) and especially by the negative outlook on growth presented byMario Draghi on this occasion. The exchange rate fell below 1.2050 on 24 July. With effect from Mario Draghi’sdeclarations affirming, on 26 July, that the ECB “would do whatever it takes” to save the euro, the EUR/USD exchangerate mainly moved in accordance with the “risk-on/risk-off” regime rather than the growth differential, changes in ECBmonetary policy or even political events in Europe. This explains why the exchange rate appreciated steadily during thesecond half of the year (regaining just under 10% from its low), to exceed 1.32 at times towards the end of the period,as the dollar was adversely affected by the laborious negotiations on US budget policy. The euro, underpinned on theother hand by a sovereign crisis climate that was regarded as having been “eased” following the Greek debtrestructuring agreement, ended the year at 1.3184 dollars, up 1.5% on end 2011. The uptrend continued in January thisyear and the euro peaked at 1.36 at the end of that month. In February the <strong>com</strong>mon currency fell back to 1.31 due toweakening economic date in the eurozone and inconclusive elections in Italy.From the start of 2012, the Japanese authorities issued repeated statements expressing their deep concern over theappreciation of the yen and denouncing “speculative buying”. On 14 February the Bank of Japan (BoJ) made anunexpected announcement, setting itself an inflation target (1% in the medium term). This announcement allowed theUSD/JPY exchange rate to reach 84 on 15 March (its highest since April 2011), before stabilising and then falling backa little in the run-up to the end of the Japanese fiscal year, which traditionally gives rise to the repatriation of capital.Thereafter, the BoJ’s strategy was thwarted from April onwards, when turbulence on the financial markets and concernsabout the European sovereign crisis caused investors to seek what they regarded as safe-haven currencies. Despite thealways assertive statements and regular increases in the securities purchase programmes, the USD/JPY exchange ratestabilised within a range of 78 80 into October. The yen then embarked upon a downward trend in anticipation of a newmonetary easing in response to the deterioration of the economic situation. The fall in the value of the yen gathered pacein November upon the announcement of early general elections, and again in December, following the landslide victoryof the Liberal Democratic Party.Page 7
Manager's report<strong>PARVEST</strong>The pledge given by the new Prime Minister, Shinzo Abe, to insist that the BoJ adopt a much more aggressive securitiespurchase policy was judged credible by traders. In late December the BoJ increased its purchase programme, as it haddone in October. The new Finance Minister declared that he wanted the inflation target to be doubled (from 1% to 2%)from January. The USD/JPY exchange rate ended the year at 86.49, its highest level since the summer of 2010 and up12.4% over the twelve months. This trend continued in January, but stopped in February. The yen ended the reportingperiod at 92.56 JPY per USD.Bond marketsUS government bonds yields fell marginally over the last twelve months, mainly due to a mixed message on economicgrowth and the actions of central banks in both the United States and Europe. The 10 year T note yield fluctuated withinquite a wide range (1.80%-2.40%) until April before easing again on the back of poor equity market performances. Theyield fluctuated between 1.60% and 1.85% from August onwards until the end of the year. The deteriorating economicsituation, the marked slump in equities in the second quarter, expectations of new quantitative monetary policymeasures from the Federal, then the actual announcement of these measures account for the fact that long yields werelower than at the start of the year. “Operation Twist”, designed to re balance the Fed’s balance sheet by selling shortdatedand buying longer-dated securities, was continued throughout the whole year, which helped to keep long-terminterest rates at low levels. It is noteworthy that the “climate” on the other side of the Atlantic exercised a growinginfluence on the US bond market depending on whether investors were seeking safety or not. The changes recordedduring the summer provide an illustration of this pattern. The US 10 year yield recorded a new all-time low of 1.38% on25 July (during trading) because of the renewed difficulties of the euro zone. Conversely, at times it climbed back above1.80% in mid August as a result of the relief afforded by the words of Mario Draghi in late July declaring that the ECBwould do whatever it takes to save the euro. The 10-year T note yield ended the year at 1.76%, an easing of 12 bp onend 2011. The announcement by the Fed in December that it would be continuing its purchases of securities in 2013was widely expected and had no lasting effect on long yields. After politicians had reached a deal on fiscal policiesaround the turn of the year, yields moved up. This move was supported by stronger economic data. But with continuedbond purchases from the Fed, the yield only shortly rose above 2%. At the end of the reporting period it stood at 1.9%.The German 10 year Bund yield (1.83% at end 2011) fluctuated with no clear trend between 1.80% and 2.10% intoApril before easing considerably, due to its role as a safe-haven investment in response to the difficulties beingexperienced by equities, new anxieties over the sovereign crisis and the deterioration in the economic situation. Fearsabout euro zone growth and the revival of expectations of a cut in official interest rates by the ECB and/or new nonconventionalmeasures fuelled the decline in yields on euro zone benchmark bonds. The difficulties experienced by theequity markets in the 2nd quarter further strengthened appetite for these “safe-haven” investments. Trading was drivenby fluctuations in risk appetite with each passing worrying development in the sovereign crisis during the first part ofthe year (concerns about Spain’s ability to meet its budget deficit reduction undertakings, fears of the crisis spreading toItaly, political stalemate in Greece and so on). Generally speaking, investors, not very convinced by the solutionsproposed, tended to fall back on German bonds. Consequently the 10 year Bund yield recorded a low of 1.17% on 20July as “periphery” yields (Spanish and Italian) reached new highs. The calming statements from Mario Draghi on thesustainability of the euro allowed BTP and bono yields to ease, without this return to favour being ac<strong>com</strong>panied by anyserious rise of Bund yields. The Bund yield ended the year at 1.32%, 51 bp lower than one year earlier, despite therecovery by equities in the final months of under review and the growing feeling that the European authorities have abetter grip on the crisis. Periphery markets saw a marked easing of yields, thanks mainly to the ECB’s pledge to buygovernment bonds, subject to conditions. This new instrument, dubbed OMT, was not activated, but by removingsystemic risk, it did allow Italian and Spanish yields to ease considerably from the summer onwards. It should be notedonce again that this phenomenon did not operate to the detriment of German bonds (or even French bonds, which arealso considered a euro zone benchmark bond). The 10 year OAT yield eased by 115 bp over the twelve months, to endthe year at 2%. Investor caution manifested itself in an appetite for short-dated German bonds: the 2 year yieldfluctuated around zero throughout the whole of the second half of the year, dropping into negative territory in July andAugust and then again in November and December. In 2013 yields rose up to early February – especially at the shortend – but the fell back again towards the end of the month to 1.5% for ten-year yields.Page 8
Manager's report<strong>PARVEST</strong>Equity marketsThe start of the 2012 was marked by a continuation of the rebound that occurred in the autumn of 2011. Up to Marchthe enthusiasm of investors was fuelled by news that was regarded as rather encouraging on US growth and especiallyby the assurance that the liquidity provided by central banks would not dry up. This subject of central bank liquiditydominated trading throughout the whole year and was a significant factor in the fine performance of equities. Inparticular, the action taken by the ECB (massive 3-year lending – LTROs – to the banking sector) permitted a crucialeasing of financial conditions which benefited risk assets. Spring saw this movement partly called into question due tonew doubts about the health of the global economy and renewed anxieties about the European sovereign crisis (centredon Spain and Greece), which exerted downward pressure on financial markets (equities and periphery bonds) up to July.These factors persuaded central banks to renew their pledge to support activity and to ensure the smooth operation ofthe financial markets. Their public statements, which culminated in the announcement of new quantitative easingmeasures in September, reassured investors and enabled equities to have a good summer.The role played by the ECB was decisive. On 26 July the European sovereign crisis appeared to be reaching newheights, with fears about a number of periphery countries and the Spanish banking system, the steep tightening of thelong yields of the countries in question and even question-marks over the consequences for Germany of its participationin the support mechanisms. It was then that Mario Draghi came out with a “magic formula” that triggered off therebound by equities. The President of the ECB declared that it was “ready to do whatever it takes to preserve the euro”,opening the way to purchases of sovereign bonds, which would eliminate liquidity risk in the euro zone. The rise inequities took place, however, in thin trading and somewhat bumpy, given that many problems remained unresolved.Quarterly performances sum up quite faithfully the state of mind of investors in 2012: the MSCI AC World index(expressed in dollars) gained 11.3% in the 1st quarter, shed 6.4% in the 2nd, regained 6.2% in the 3rd and finallymanaged to rise by 2.5% in the last quarter. There were large geographical disparities in the fourth quarter thatcorrespond as much to the reality of the moment (greater anxieties about the US situation, an “easing” of the Europeancrisis) as to making up for past developments. US indices, which were adversely affected in October by disappointing<strong>com</strong>pany results and then by the stalemate in the budget debate, fell over the quarter (1% for the S&P 500). The TokyoStock Exchange, on the other hand, soared (+17.2% for the Nikkei 225), mainly as a result of the depreciation of theyen due to the prospect of seeing the new Conservative government demanding the implementation of a veryac<strong>com</strong>modative monetary policy. For their part, European markets recorded substantial growth over the quarter (+7.4%for the Eurostoxx 50), as investors chose to return to these assets following news on the sovereign crisis front that wasreckoned to be less worrying and despite a marked deterioration in the economic situation, including in Germany. Byend December the main European indices had thus climbed back to their highest levels since July 2011. The optimisticmood continued in the first two months of 2013, especially in the US where the main equity indices came close torecord highs as well as in Japan. Europe underperformed in this period.Over the past twelve months the MSCI AC World index of developed equities posted growth of 9.0% in euros.Developed equities gained 10.4% while emerging equities lost 0.3%. The performances on either side of the Atlanticwere in favour of US equities, which gained 11.8%, while European equities were up by 8.1%. Among the majordeveloped markets Japan appears as the big winner, but due to a sharp fall in the yen, it gained only 4.6% in euros.The Board of DirectorsLuxembourg, 30 April 2013Note: The information stated in this report is historical and not necessarily indicative of future performance.Page 9
Audit reportTo the Shareholders of<strong>PARVEST</strong>We have audited the ac<strong>com</strong>panying financial statements of <strong>PARVEST</strong> and of each of its sub-funds, which<strong>com</strong>prise the statement of net assets and the securities portfolio as at 28 February 2013 and the statement ofoperations and changes in net assets for the year then ended, and a summary of significant accounting policiesand other explanatory notes to the financial statements.Responsibility of the Board of Directors of the SICAV for the financial statementsThe Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financialstatements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of thefinancial statements and for such internal control as the Board of Directors of the SICAV determines is necessaryto enable the preparation of financial statements that are free from material misstatement, whether due to fraudor error.Responsibility of the “Réviseur d’entreprises agréé”Our responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commissionde Surveillance du Secteur Financier”. Those standards require that we <strong>com</strong>ply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”,including the assessment of the risks of material misstatement of the financial statements, whether due to fraudor error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevantto the entity’s preparation and fair presentation of the financial statements in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F:+352 494848 2900, www.pwc.luCabinet de révision agréé. Expert-<strong>com</strong>ptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518Page 10
OpinionIn our opinion, the financial statements give a true and fair view of the financial position of <strong>PARVEST</strong> and ofeach of its sub-funds as of 28 February 2013, and of the results of their operations and changes in their net assetsfor the year then ended in accordance with Luxembourg legal and regulatory requirements relating to thepreparation of the financial statements.Other mattersSupplementary information included in the annual report has been reviewed in the context of our mandate buthas not been subject to specific audit procedures carried out in accordance with the standards described above.Consequently, we express no opinion on such information. However, we have no observation to makeconcerning such information in the context of the financial statements taken as a whole.PricewaterhouseCoopers, Société coopérative Luxembourg, 5 June 2013Represented bySébastien SadzotPage 11
<strong>PARVEST</strong>Financial statements at 28/02/2013Bond EuroBond USDGovernmentBond WorldInflation-LinkedConvertibleBond AsiaExpressed in EUR USD EUR USDNotesStatement of net assetsAssets 1 683 197 167 119 137 373 329 757 113 246 651 038Securities portfolio at cost price 1 486 279 351 110 551 462 304 573 225 233 942 027Unrealised gain/(loss) on securities portfolio 80 567 202 1 574 924 2 377 720 8 423 141Securities portfolio at market value 2 1 566 846 553 112 126 386 306 950 945 242 365 168Net Unrealised gain on financial instruments 2,8,9,10 44 255 0 5 933 197 0Cash at banks and time deposits 4 819 431 6 429 574 4 854 990 1 381 559Other assets 111 486 928 581 413 12 017 981 2 904 311Liabilities 37 741 749 1 392 374 19 828 879 2 326 959Bank overdrafts 0 0 102 500 0Net Unrealised loss on financial instruments 2,8,9,10 0 48 615 0 151 506Other liabilities 37 741 749 1 343 759 19 726 379 2 175 453Net asset value 1 645 455 418 117 744 999 309 928 234 244 324 079Statement of operations and changes in netassetsIn<strong>com</strong>e on investments and assets 57 724 692 3 219 749 4 036 610 4 387 461Management fees 3 8 408 437 974 035 1 998 616 2 607 199Bank interest 4 849 612 495 1 534Interest on swaps 0 0 0 5Other fees 4 3 255 294 371 692 689 499 690 419Taxes 5 887 824 123 519 219 256 185 611Distribution fees 43 817 37 831 124 939 47 010Transaction fees 18 49 417 8 671 23 718 33Total expenses 12 649 638 1 516 360 3 056 523 3 531 811Net result from investments 45 075 054 1 703 389 980 087 855 650Net realised result on:Investments securities 2 2 131 109 2 455 134 14 434 576 (386 894)Financial instruments (7 531 225) 291 033 (2 662 304) 309 207Net realised result 39 674 938 4 449 556 12 752 359 777 963Movement on net unrealisedgain/loss on:Investments securities 56 176 898 (2 150 062) (6 712 599) 8 599 956Financial instruments 1 601 995 (111 777) 2 342 969 (236 993)Change in net assets due to operations 97 453 831 2 187 717 8 382 729 9 140 926Net subscriptions/(redemptions) (309 557 643) (44 318 053) (21 969 651) 21 860 465Dividends paid 6 (10 004 227) (134 627) 0 (441 400)Increase/(Decrease) in net assets duringthe year/period(222 108 039) (42 264 963) (13 586 922) 30 559 991Net assets at the beginning of thefinancial year/period1 867 563 457 160 009 962 323 515 156 213 764 088Reevaluation of openingconsolidated NAV0 0 0 0Net assets at the end of the financialyear/period1 645 455 418 117 744 999 309 928 234 244 324 079The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 12
<strong>PARVEST</strong>Equity BrazilEquity BricEquity EuropeConvergingEquity EuropeMid CapEquity HighDividend EuropeEquity JapanUSD USD EUR EUR EUR JPY584 328 005 508 348 494 39 560 900 87 265 953 787 457 006 53 686 926 934559 369 642 504 533 437 38 294 793 69 534 489 709 556 539 45 261 921 87059 601 (8 373 513) 7 436 14 712 470 53 801 193 6 999 774 820559 429 243 496 159 924 38 302 229 84 246 959 763 357 732 52 261 696 6900 0 0 0 0 016 589 404 5 199 268 1 246 603 2 009 809 20 806 779 739 584 5708 309 358 6 989 302 12 068 1 009 185 3 292 495 685 645 6746 183 515 5 994 045 113 955 610 171 1 647 317 1 133 152 4570 0 0 0 202 00 0 0 0 0 975 215 3226 183 515 5 994 045 113 955 610 171 1 647 115 157 937 135578 144 490 502 354 449 39 446 945 86 655 782 785 809 689 52 553 774 47720 661 092 13 683 477 2 132 252 1 692 977 32 973 060 1 117 033 1569 262 867 8 349 223 676 813 1 001 992 11 321 330 396 047 2643 196 11 070 924 225 0 306 9330 0 0 0 0 02 090 033 1 821 833 164 337 239 722 2 793 738 126 713 625421 003 947 891 39 336 60 122 656 241 22 555 217121 989 98 103 40 103 16 120 81 320 5 497 499544 455 1 493 144 52 842 110 518 557 153 34 451 14012 443 543 12 721 264 974 355 1 428 699 15 409 782 585 571 6788 217 549 962 213 1 157 897 264 278 17 563 278 531 461 478(56 894 609) (1 645 584) (623 546) 5 095 127 35 035 853 (5 461 548 795)(3 537 815) (2 355 887) (31 232) 13 944 (290 176) 1 627 056 344(52 214 875) (3 039 258) 503 119 5 373 349 52 308 955 (3 303 030 973)(69 026 699) (46 141 610) 1 182 591 4 477 906 27 044 650 10 248 621 7630 (270 414) 0 0 0 (1 528 071 436)(121 241 574) (49 451 282) 1 685 710 9 851 255 79 353 605 5 417 519 354(164 436 315) (57 270 942) (8 862 268) (333 763) (182 529 758) (6 553 469 455)(851 036) (154 992) (25 746) (20 687) (3 141 285) (16 127 699)(286 528 925) (106 877 216) (7 202 304) 9 496 805 (106 317 438) (1 152 077 800)864 673 415 609 231 665 46 649 249 77 158 977 892 127 127 53 705 852 2770 0 0 0 0 0578 144 490 502 354 449 39 446 945 86 655 782 785 809 689 52 553 774 477The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 13
<strong>PARVEST</strong>Financial statements at 28/02/2013Equity LatinAmericaEquity RussiaOpportunityEquity USAMid CapEquity WorldTechnologyInnovatorsExpressed in USD USD USD USDNotesStatement of net assetsAssets 405 691 252 129 090 138 422 098 853 33 010 596Securities portfolio at cost price 377 823 746 123 294 722 346 248 366 29 482 683Unrealised gain/(loss) on securities portfolio 14 115 950 (1 044 549) 50 750 747 2 218 055Securities portfolio at market value 2 391 939 696 122 250 173 396 999 113 31 700 738Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0Cash at banks and time deposits 7 271 495 5 939 828 21 693 196 1 301 001Other assets 6 480 061 900 137 3 406 544 8 857Liabilities 4 635 580 847 521 2 843 548 165 732Bank overdrafts 35 094 0 3 102 0Net Unrealised loss on financial instruments 2,8,9,10 0 0 850 890 8 325Other liabilities 4 600 486 847 521 1 989 556 157 407Net asset value 401 055 672 128 242 617 419 255 305 32 844 864Statement of operations and changes in netassetsIn<strong>com</strong>e on investments and assets 11 294 324 3 766 305 5 339 239 234 277Management fees 3 6 779 213 1 430 658 5 534 162 597 187Bank interest 3 362 440 132 667Interest on swaps 0 0 0 0Other fees 4 1 460 702 463 405 1 273 468 131 356Taxes 5 644 057 64 527 257 271 31 669Distribution fees 158 132 27 716 19 314 19 414Transaction fees 18 498 169 226 459 70 062 40 862Total expenses 9 543 635 2 213 205 7 154 409 821 155Net result from investments 1 750 689 1 553 100 (1 815 170) (586 878)Net realised result on:Investments securities 2 (10 974 529) 2 808 587 22 246 186 (3 286 683)Financial instruments (1 303 139) (10 460) 1 602 070 (305 881)Net realised result (10 526 979) 4 351 227 22 033 086 (4 179 442)Movement on net unrealisedgain/loss on:Investments securities (24 944 572) (5 018 740) 21 411 825 1 616 322Financial instruments 0 0 (2 573 647) (13 815)Change in net assets due to operations (35 471 551) (667 513) 40 871 264 (2 576 935)Net subscriptions/(redemptions) (134 208 857) 40 551 549 (105 416 396) (13 850 634)Dividends paid 6 (750 263) (45 353) (29 226) (6 948)Increase/(Decrease) in net assets duringthe year/period(170 430 671) 39 838 683 (64 574 358) (16 434 517)Net assets at the beginning of thefinancial year/period571 486 343 88 403 934 483 829 663 49 279 381Reevaluation of openingconsolidated NAV0 0 0 0Net assets at the end of the financialyear/period401 055 672 128 242 617 419 255 305 32 844 864The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 14
<strong>PARVEST</strong>Flexible BondWorldWorld Agriculture(USD)ConsolidatedUSD USD EUR43 243 729 70 218 677 5 331 894 30336 449 080 59 507 667 4 804 891 042832 940 16 142 261 951 76637 282 020 59 523 809 5 066 842 8081 056 598 0 6 785 6504 218 129 10 683 591 101 602 647686 982 11 277 156 663 19810 286 168 4 198 708 99 071 8503 717 810 0 2 975 6940 1 040 478 9 691 4446 568 358 3 158 230 86 404 71232 957 561 66 019 969 5 232 822 4531 281 423 82 429 156 736 227233 840 866 198 54 712 73934 366 450 51 74213 979 0 10 69680 605 231 689 14 782 96426 343 46 699 4 152 1926 761 24 086 780 49713 051 0 3 293 606408 945 1 169 122 77 784 436872 478 (1 086 693) 78 951 7911 017 021 264 375 (23 166 844)(1 370 035) 6 343 262 2 730 286519 464 5 520 944 58 515 233(90 869) 14 779 78 616 0511 227 098 (8 168 561) (16 486 271)1 655 693 (2 632 838) 120 645 013(6 001 451) (16 389 205) (944 343 431)(14 355) 0 (15 183 001)(4 360 113) (19 022 043) (838 881 419)37 317 674 85 042 012 6 067 569 2560 0 (4 134 616)32 957 561 66 019 969 5 232 822 453The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 15
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Bond Euro EUR EUR EUR Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 591 147 564 1 867 563 457 1 645 455 418Net asset value per shareShare "Classic - Capitalisation" 177.83 183.49 193.52 2 874 658.797Share "Classic - Distribution" 104.03 103.76 105.82 2 587 280.015Share "I - Capitalisation" 170 988.67 177 523.90 188 478.14 281.213Share "N" 168.30 172.79 181.33 51 594.411Share "Privilege - Capitalisation" 1 277.35 1 322.58 1 399.77 16 274.637Share "X" 0 0 101.70 7 180 366.491Bond USD Government USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 110 675 521 160 009 962 117 744 999Net asset value per shareShare "Classic - Capitalisation" 412.50 446.11 451.55 141 029.705Share "Classic - Distribution" 120.29 125.33 0 0Share "Classic H EUR - Capitalisation" 143.81 151.23 114.36 13 581.448Share "Classic MD" 0 0 124.33 38 123.380Share "I - Capitalisation" 182 890.07 199 043.44 202 809.31 29.144Share "N" 390.64 420.36 423.35 15 251.518Share "Privilege - Capitalisation" 1 515.65 1 645.01 1 671.01 20 595.134Share "X" 457.52 99.96 102.17 5 000.000Bond World Inflation-Linked EUR EUR EUR Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 79 914 243 323 515 156 309 928 234Net asset value per shareShare "Classic - Capitalisation" 120.77 135.84 139.62 1 358 329.488Share "Classic - Distribution" 112.31 125.07 128.55 203 465.375Share "I - Capitalisation" 123 552.64 139 846.91 144 689.68 439.115Share "N" 118.29 132.39 135.39 203 543.479Share "Privilege - Capitalisation" 986.05 1 112.99 1 147.86 2 639.572Convertible Bond Asia USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 359 820 093 213 764 088 244 324 079Net asset value per shareShare "Classic - Capitalisation" 358.40 334.70 349.66 437 766.072Share "Classic - Distribution" 189.21 173.31 102.64 145 423.634Share "Classic MD" 0 0 177.54 53 900.476Share "I - Capitalisation" 259 673.55 244 321.30 257 230.09 208.082Share "N" 337.20 313.01 325.04 21 358.207Share "Privilege - Capitalisation" 1 997.33 1 874.60 1 968.15 3 197.368Equity Brazil USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 811 301 487 864 673 415 578 144 490Net asset value per shareShare "Classic - Capitalisation" 169.06 160.67 140.29 2 941 514.127Share "Classic - Distribution" 153.95 141.84 119.26 174 221.107Share "I - Capitalisation" 176 731.74 169 817.41 149 957.00 864.572Share "N" 163.84 154.54 133.93 107 209.140Share "Privilege - Capitalisation" 1 393.42 1 334.34 1 173.96 589.839The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 16
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity Bric USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 543 201 796 609 231 665 502 354 449Net asset value per shareShare "Classic - Capitalisation" 163.59 147.10 136.13 3 073 116.113Share "Classic - Distribution" 152.69 135.31 121.65 37 153.611Share "I - Capitalisation" 172 380.11 156 711.17 146 664.62 415.661Share "N" 157.87 140.89 129.41 90 214.966Share "Privilege - Capitalisation" 1 358.96 1 231.17 1 147.81 5 970.783Equity Europe Converging EUR EUR EUR Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 80 267 986 46 649 249 39 446 945Net asset value per shareShare "Classic - Capitalisation" 123.88 103.23 106.99 317 838.497Share "Classic - Distribution" 95.29 77.17 77.06 9 469.654Share "I - Capitalisation" 253 756.41 213 592.39 223 642.63 0.133Share "N" 113.92 94.21 96.91 46 823.861Share "Privilege - Capitalisation" 2 412.53 2 024.53 2 112.89 68.724Equity Europe Mid Cap EUR EUR EUR Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 213 989 452 77 158 977 86 655 782Net asset value per shareShare "Classic - Capitalisation" 426.78 431.37 494.42 164 917.729Share "Classic - Distribution" 301.92 298.13 331.72 2 215.568Share "I - Capitalisation" 121 580.43 124 113.75 143 724.00 15.082Share "N" 392.75 394.00 448.22 4 936.882Share "Privilege - Capitalisation" 952.58 970.23 1 118.27 2.161Share "X" 502.93 516.50 0 0Equity High Dividend Europe EUR EUR EUR Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 857 971 214 892 127 127 785 809 689Net asset value per shareShare "Classic - Capitalisation" 69.36 68.17 75.21 8 361 335.026Share "Classic - Distribution" 45.59 41.97 44.46 1 674 068.041Share "I - Capitalisation" 75 081.82 74 534.66 83 085.60 852.852Share "N" 64.19 62.62 68.57 162 348.765Share "Privilege - Capitalisation" 866.12 857.21 952.82 548.802Share "Privilege - Distribution" 0 0 101.48 1.000Share "X" 82.60 82.49 0 0Equity Japan JPY JPY JPY Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 55 120 357 147 53 705 852 277 52 553 774 477Net asset value per shareShare "Classic - Capitalisation" 3 050.00 2 663.00 3 262.00 3 173 877.715Share "Classic - Distribution" 2 580.00 2 205.00 2 633.00 269 362.426Share "Classic H EUR - Capitalisation" 6 274.00 5 223.00 57.96 3 716 793.574Share "I - Capitalisation" 2 290 002.00 2 019 676.00 2 499 482.00 2 721.225Share "N" 2 795.00 2 423.00 2 946.00 288 377.942Share "Privilege - Capitalisation" 63 191.00 55 568.00 68 548.00 10 100.132Share "X" 3 572.00 3 170.00 3 947.00 1 814 921.957The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 17
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)Equity Latin America USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 443 197 693 571 486 343 401 055 672Net asset value per shareShare "Classic - Capitalisation" 892.11 844.22 814.10 360 513.655Share "Classic - Distribution" 689.69 636.46 595.68 38 589.401Share "I - Capitalisation" 526 740.73 503 958.96 491 489.72 130.548Share "N" 829.09 778.71 745.32 25 593.961Share "Privilege - Capitalisation" 4 791.66 4 568.69 4 439.01 301.054Equity Russia Opportunity USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 93 375 392 88 403 934 128 242 617Net asset value per shareShare "Classic - Capitalisation" 97.22 83.83 81.49 826 672.236Share "Classic - Distribution" 94.26 80.08 76.43 29 166.779Share "I - Capitalisation" 99 503.56 86 746.72 85 271.12 639.353Share "N" 95.15 81.43 78.56 46 679.214Share "Privilege - Capitalisation" 788.66 685.20 671.03 694.004Equity USA Mid Cap USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 584 869 369 483 829 663 419 255 305Net asset value per shareShare "Classic - Capitalisation" 137.06 135.29 152.40 1 268 859.645Share "Classic - Distribution" 128.38 124.59 138.09 15 934.834Share "Classic H EUR - Capitalisation" 141.96 134.06 112.16 207 079.320Share "I - Capitalisation" 144 854.94 144 637.71 164 851.76 697.497Share "N" 132.09 129.41 144.68 18 776.102Share "Privilege - Capitalisation" 1 146.13 1 139.88 1 293.61 58 458.099Equity World Technology Innovators USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 124 953 763 49 279 381 32 844 864Net asset value per shareShare "Classic - Capitalisation" 115.10 104.42 100.68 269 674.926Share "Classic - Distribution" 103.46 92.83 88.43 5 375.962Share "I - Capitalisation" 135 829.81 124 449.24 121 228.12 23.852Share "N" 107.12 96.46 92.32 22 468.030Share "Privilege - Capitalisation" 1 154.96 1 055.10 1 024.49 245.708Flexible Bond World USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 38 395 147 37 317 674 32 957 561Net asset value per shareShare "Classic - Capitalisation" 45.41 47.48 49.94 464 633.443Share "Classic - Distribution" 18.73 18.92 0 0Share "Classic MD" 0 0 19.53 22 517.829Share "I - Capitalisation" 188 500.68 198 332.16 210 000.09 36.592Share "N" 42.97 44.70 46.79 31 216.609Share "Privilege - Capitalisation" 1 468.27 1 540.75 1 626.33 103.719The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 18
<strong>PARVEST</strong>Key figures relating to the last 3 years (Note 11)World Agriculture (USD) USD USD USD Number of shares28/02/2011 29/02/2012 28/02/2013 28/02/2013Net assets 131 737 046 85 042 012 66 019 969Net asset value per shareShare "Classic - Capitalisation" 99.01 80.86 77.54 493 965.022Share "I - Capitalisation" 101 263.62 83 464.43 80 828.57 231.000Share "N" 97.15 78.75 74.96 34 332.998Share "Privilege - Capitalisation" 815.61 670.62 647.66 83.020Share "X" 102.69 85.14 82.94 77 382.986The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 19
<strong>PARVEST</strong> Bond EuroSecurities portfolio at 28/02/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets1 500 202 286 91.17Bonds 1 442 988 392 87.68France 475 957 393 28.91AGENCE FRANCAISE 2.250% 12-9 900 00023/03/2017EUR 10 413 711 0.634 500 000 AIR LIQUIDE FIN 2.125% 12-15/10/2021 EUR 4 546 350 0.28BANQ FED CRD MUT 4.125% 10-10 000 00020/07/2020EUR 11 421 800 0.69BANQUE FED CREDIT MUTUEL22 000 0002.875% 12-21/06/2017EUR 23 312 520 1.428 000 000 BNP PARIBAS 2.875% 10-13/07/2015 EUR 8 343 440 0.514 200 000 BNP PARIBAS 2.875% 12-24/10/2022 EUR 4 262 286 0.26BNP PARIBAS COV 4.500% 07-9 750 00030/05/2014EUR 10 250 663 0.625 900 000 BOUYGUES 3.641% 10-29/10/2019 EUR 6 453 420 0.398 000 000 BPCE 1.625% 13-08/02/2017 EUR 8 081 280 0.49CAISSE CENT IMMO 3.750% 10-1 118 00022/01/2015EUR 1 135 128 0.07CARREFOUR BANQUE 2.875% 12-700 00025/09/2015EUR 727 594 0.044 200 000 CARREFOUR SA 1.875% 12-19/12/2017 EUR 4 240 614 0.26CIE FIN CRD-MUTL 5.375% 09-2 250 00022/04/2014EUR 2 364 075 0.14CIE FIN FONCIER 2.375% 12-14 600 00021/11/2022EUR 14 724 100 0.89CIE FIN FONCIER 4.750% 07-7 870 00025/06/2015EUR 8 605 137 0.52CREDIT AGRICOLE 3.900% 10-4 500 00019/04/2021EUR 4 544 055 0.28CREDIT AGRICOLE 5.971% 08-4 550 00001/02/2018EUR 5 117 067 0.31CREDIT LOGEMENT 5.454% 11-10 100 00016/02/2021EUR 11 266 954 0.68CSSE REFIN HYPOT 3.500% 05-7 000 00025/04/2017EUR 7 731 360 0.47CSSE REFIN HYPOT 4.250% 03-25 000 00025/10/2014EUR 26 612 000 1.62CSSE REFIN L HAB 3.900% 11-5 000 00018/01/2021EUR 5 766 600 0.35DEXIA MUNI AGENCY 3.875% 06-2 300 00012/03/2014EUR 2 379 672 0.1451 500 000 FRANCE O.A.T. 3.000% 12-25/04/2022 EUR 55 573 134 3.3946 000 000 FRANCE O.A.T. 3.500% 10-25/04/2020 EUR 52 190 219 3.1718 000 000 FRANCE O.A.T. 3.750% 05-25/04/2021 EUR 20 691 360 1.265 000 000 FRANCE O.A.T. 3.750% 09-25/10/2019 EUR 5 751 900 0.357 000 000 FRANCE O.A.T. 4.000% 06-25/10/2038 EUR 8 054 760 0.4915 000 000 FRANCE O.A.T. 4.500% 09-25/04/2041 EUR 18 676 050 1.14FRANCE O.A.T.I/L 1.000% 05-11 243 80025/07/2017EUR 12 211 891 0.74FRANCE TELECOM 4.125% 11-12 000 00023/01/2019EUR 13 503 360 0.829 000 000 GECINA 4.250% 11-03/02/2016 EUR 9 592 920 0.584 000 000 GECINA 4.750% 12-11/04/2019 EUR 4 415 600 0.277 950 000 KLEPIERRE 4.250% 06-16/03/2016 EUR 8 601 582 0.522 000 000 LAFARGE 4.750% 05-23/03/2020 EUR 2 100 000 0.134 400 000 LAFARGE SA 5.375% 10-29/11/2018 EUR 4 979 392 0.306 000 000 RCI BANQUE 4.000% 11-16/03/2016 EUR 6 326 220 0.38SOCIETE GENERALE 3.125% 10-4 000 00021/09/2017EUR 4 291 000 0.26SOCIETE GENERALE 4.000% 11-3 500 00020/04/2016EUR 3 797 955 0.232 300 000 ST GOBAIN 4.000% 10-08/10/2018 EUR 2 515 717 0.155 000 000 ST GOBAIN 4.750% 07-11/04/2017 EUR 5 602 500 0.3444 000 000 UNEDIC 1.750% 12-27/02/2015 EUR 45 196 359 2.75UNIBAIL RODAMCO 3.375% 10-9 146 00011/03/2015EUR 9 585 648 0.58Italy 255 409 218 15.522 000 000 EDISON SPA 3.250% 10-17/03/2015 EUR 2 084 460 0.136 150 000 EDISON SPA 3.875% 10-10/11/2017 EUR 6 732 528 0.41INTESA SANPAOLO 3.625% 12-6 000 00005/12/2022EUR 6 226 920 0.38INTESA SANPAOLO 3.750% 09-10 000 00023/11/2016EUR 10 130 400 0.62INTESA SANPAOLO 4.000% 12-5 500 00009/11/2017EUR 5 589 870 0.34Quantity DenominationQuotationcurrencyMarket value% of netassets30 070 800 ITALY BTPS 0.000% 12-22/10/2016 EUR 30 521 862 1.8528 500 000 ITALY BTPS 3.750% 06-01/08/2016 EUR 29 338 470 1.7810 000 000 ITALY BTPS 4.000% 05-01/02/2037 EUR 8 446 400 0.516 000 000 ITALY BTPS 4.000% 10-01/09/2020 EUR 5 987 100 0.3622 000 000 ITALY BTPS 4.250% 03-01/02/2019 EUR 22 498 300 1.3721 000 000 ITALY BTPS 4.250% 04-01/08/2014 EUR 21 700 770 1.3220 000 000 ITALY BTPS 4.500% 08-01/08/2018 EUR 20 817 400 1.2735 000 000 ITALY BTPS 4.500% 12-15/07/2015 EUR 36 594 950 2.2238 000 000 ITALY BTPS 4.750% 08-01/08/2023 EUR 38 310 839 2.332 420 000 SNAM 3.500% 12-13/02/2020 EUR 2 465 133 0.15TELECOM ITALIA 4.750% 11-7 767 00025/05/2018EUR 7 963 816 0.48Spain 214 763 833 13.04BANCO BILBAO VIZCAYA 4.125% 11-8 000 00013/01/2014EUR 8 187 440 0.506 000 000 BANKINTER SA 4.125% 12-22/03/2017 EUR 6 283 140 0.38BBVA SENIOR FIN 4.875% 11-12 000 00015/04/2016EUR 12 564 720 0.7615 000 000 CAJA AHORROS 5.125% 11-27/04/2016 EUR 16 071 300 0.98INSTIT CRDT OFCL 2.875% 10-10 000 00015/11/2013EUR 10 083 200 0.6110 000 000 LA CAIXA 5.000% 11-22/02/2016 EUR 10 664 000 0.65SANTANDER INTL 4.625% 12-6 000 00021/03/2016EUR 6 211 440 0.3820 000 000 SPANISH GOVT 3.150% 05-31/01/2016 EUR 20 104 998 1.2233 900 000 SPANISH GOVT 3.800% 06-31/01/2017 EUR 34 392 567 2.0928 000 000 SPANISH GOVT 4.100% 08-30/07/2018 EUR 28 382 480 1.7221 250 000 SPANISH GOVT 4.250% 11-31/10/2016 EUR 21 936 163 1.3311 487 000 SPANISH GOVT 4.300% 09-31/10/2019 EUR 11 567 409 0.7011 500 000 SPANISH GOVT 4.500% 12-31/01/2018 EUR 11 887 780 0.728 000 000 SPANISH GOVT 4.700% 09-30/07/2041 EUR 6 955 280 0.426 700 000 SPANISH GOVT 5.750% 01-30/07/2032 EUR 6 890 548 0.42TELEFONICA EMIS 4.797% 12-2 400 00021/02/2018EUR 2 581 368 0.16Germany 189 682 446 11.525 675 200 BUNDESOBL I/L 2.250% 07-15/04/2013 EUR 5 645 689 0.3415 000 000 DEUTSCHLAND 4.250% 08-04/07/2018 EUR 17 958 750 1.09DEUTSCHLAND I/L 1.750% 09-17 277 65115/04/2020EUR 20 290 010 1.23DEUTSCHLAND REP 2.500% 10-13 000 00004/01/2021EUR 14 426 360 0.88DEUTSCHLAND REP 3.000% 10-42 000 00004/07/2020EUR 48 185 339 2.93DEUTSCHLAND REP 3.250% 05-25 000 00004/07/2015EUR 26 862 500 1.63DEUTSCHLAND REP 4.250% 07-13 000 00004/07/2017EUR 15 203 890 0.92DEUTSCHLAND REP 4.250% 07-7 000 00004/07/2039EUR 9 741 620 0.59DEUTSCHLAND REP 4.750% 03-17 600 00004/07/2034EUR 25 112 208 1.53VOLKSWAGEN LEAS 2.750% 11-6 000 00013/07/2015EUR 6 256 080 0.38Belgium 137 006 380 8.3421 500 000 BELGIAN 0319 2.750% 10-28/03/2016 EUR 22 960 280 1.4011 000 000 BELGIAN 0321 4.250% 11-28/09/2021 EUR 12 984 840 0.797 500 000 BELGIAN 0327 3.000% 12-28/09/2019 EUR 8 221 275 0.50BELGIUM OLO 40 5.500% 02-16 013 89828/09/2017EUR 19 300 431 1.17BELGIUM OLO 47 3.250% 06-30 000 00028/09/2016EUR 32 755 800 1.99ELIA SYSTEM OP 5.625% 09-5 000 00022/04/2016EUR 5 688 000 0.35EUROPEAN UNION 2.375% 10-13 379 00022/09/2017EUR 14 406 641 0.88EUROPEAN UNION 3.375% 10-18 250 00010/05/2019EUR 20 689 113 1.26Austria 38 651 130 2.35REPUBLIC OF AUSTRIA 3.650% 11-15 000 00020/04/2022EUR 17 443 350 1.06REPUBLIC OF AUSTRIA 3.900% 05-18 000 00015/07/2020EUR 21 207 780 1.29The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 20
<strong>PARVEST</strong> Bond EuroSecurities portfolio at 28/02/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsThe Netherlands 31 212 162 1.91ABN AMRO BANK NV 4.250% 11-3 400 00011/04/2016EUR 3 711 814 0.23BMW FINANCE NV 1.500% 12-10 700 00005/06/2018EUR 10 802 506 0.66BMW FINANCE NV 3.250% 12-4 000 00014/01/2019EUR 4 362 160 0.27METRO FINANCE BV 2.250% 12-4 000 00011/05/2018EUR 4 050 760 0.257 450 000 RABOBANK 4.250% 07-16/01/2017 EUR 8 284 922 0.50United Kingdom 30 205 250 1.84ABN AMRO BANK NV 3.625% 10-4 500 00006/10/2017EUR 4 929 165 0.307 500 000 BP CAPITAL PLC 3.830% 10-06/10/2017 EUR 8 360 925 0.51LEHMAN BROS CAP 3.875% 06-5 200 00029/12/49 DFLTEUR 520 0.00NATIONWIDE BLDG 2.875% 10-6 000 00014/09/2015EUR 6 346 740 0.3910 000 000 UBS AG 2.250% 12-10/01/2017 EUR 10 567 900 0.64Ireland 20 948 684 1.275 000 000 IRISH GOVT 4.500% 07-18/10/2018 EUR 5 376 450 0.334 000 000 IRISH GOVT 4.600% 99-18/04/2016 EUR 4 322 400 0.2610 054 280 IRISH GOVT 5.500% 12-18/10/2017 EUR 11 249 834 0.68Luxembourg 18 129 370 1.1011 000 000 EIB 2.500% 10-15/07/2015 EUR 11 591 470 0.70ENEL (ENTNZENEL) 5.250% 07-6 000 00020/06/2017EUR 6 537 900 0.40United States ofAmerica 10 281 460 0.62JPMORGAN CHASE 1.875% 12-10 300 00021/11/2019EUR 10 281 460 0.62Switzerland 8 753 040 0.53CREDIT SUISSE GUER 2.875% 11-8 000 00018/10/2018EUR 8 753 040 0.53Finland 7 108 455 0.43NORDEA BANK FIN 2.250% 10-6 803 00016/11/2015EUR 7 108 455 0.43Portugal 4 879 571 0.30PORTUGUESE OTS 4.350% 07-4 997 00016/10/2017EUR 4 879 571 0.30Floating rate bonds 57 142 644 3.49France 33 129 850 2.023 200 000 AXA SA 10-16/04/2040 FRN EUR 3 312 544 0.203 100 000 AXA SA 13-04/07/2043 FRN EUR 3 105 146 0.191 250 000 BNP PARIBAS FRN 07-29/04/2049 EUR 1 162 500 0.07CREDIT LOGEMENT 04-3 000 00029/11/2049 FRNEUR 2 100 000 0.139 000 000 CREDIT LOGEMENT 06-29/03/2049 SR EUR 5 553 540 0.34CREDIT LOGEMENT 07-16 000 00015/06/2017 FRNEUR 15 061 120 0.922 800 000 ELEC DE FRANCE 13-29/12/2049 FRN EUR 2 835 000 0.17The Netherlands 10 682 520 0.658 740 000 ING BANK NV 06-18/03/2016 FRN EUR 8 346 700 0.512 000 000 MUNICH RE 12-26/05/2042 FRN EUR 2 335 820 0.14Spain 6 219 576 0.38SANTANDER ISSUAN 07-7 200 00024/10/2017 FRNEUR 6 219 576 0.38United Kingdom 3 720 000 0.23ROYAL BANK SCOTLAND 06-4 000 00030/01/2017 FRNEUR 3 720 000 0.23United States ofAmerica 1 770 698 0.111 859 000 SG CAP TRUST III 03-29/11/2049 FRN EUR 1 770 698 0.11Italy 1 620 000 0.10INTESA SANPAOLO 08-1 800 00028/05/2018 FRNEUR 1 620 000 0.10Options, Warrants, Rights 71 250 0.00PUT EURO-BOBL 5YR 0.000%72522/03/2013 123.75PUT EURO-BUND 10YR 0.000%3 20026/04/2013 134.5EUR 7 250 0.00EUR 64 000 0.00Money Market Instruments 11 619 000 0.71Italy 11 619 000 0.7150 000 000 ITALY BTPS HYBRD 07-01/08/2039 EUR 11 619 000 0.71Shares/Units in investment funds 55 025 267 3.34France 55 025 267 3.34BNP PARIBAS EURO AGGREGATE192.00OPPOTUNITESEUR 9 067 576 0.5533 000.00 BNP PARIBAS OBLI CREDIT -CAP- EUR 10 210 200 0.627 200.00 BNP PARIBAS OBLIPAR-D EUR 23 830 632 1.45FORTIS INVT MANAGEMENT C EUR100.002013 FCPEUR 11 916 859 0.72Total securities portfolio 1 566 846 553 95.22The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 21
<strong>PARVEST</strong> Bond USD GovernmentSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets112 126 386 95.23Bonds 112 126 386 95.23United States ofAmerica 102 756 326 87.27US TREASURY N/B 0.375% 11-8 550 00015/11/2014USD 8 571 376 7.28US TREASURY N/B 1.000% 11-2 520 00015/05/2014USD 2 544 116 2.16US TREASURY N/B 1.500% 11-13 330 00031/07/2016USD 13 811 212 11.72US TREASURY N/B 1.625% 12-1 050 00015/08/2022USD 1 032 801 0.88US TREASURY N/B 1.625% 12-690 00015/11/2022USD 675 579 0.57US TREASURY N/B 1.750% 12-6 940 00015/05/2022USD 6 933 060 5.89US TREASURY N/B 1.875% 10-11 210 00030/06/2015USD 11 628 133 9.87US TREASURY N/B 1.875% 10-2 970 00031/10/2017USD 3 130 915 2.66US TREASURY N/B 2.000% 11-170 00015/11/2021USD 174 813 0.15US TREASURY N/B 2.250% 11-9 310 00031/07/2018USD 9 991 585 8.49US TREASURY N/B 2.500% 10-5 030 00030/04/2015USD 5 272 748 4.48US TREASURY N/B 3.000% 12-5 610 00015/05/2042USD 5 519 006 4.69US TREASURY N/B 3.125% 09-8 590 00031/10/2016USD 9 412 493 7.99US TREASURY N/B 3.125% 11-2 450 00015/11/2041USD 2 477 293 2.10US TREASURY N/B 3.625% 11-9 480 00015/02/2021USD 11 028 463 9.37US TREASURY N/B 3.750% 08-1 533 00015/11/2018USD 1 775 199 1.51US TREASURY N/B 4.625% 10-3 440 00015/02/2040USD 4 504 336 3.83US TREASURY N/B 4.750% 11-440 00015/02/2041USD 587 646 0.50US TREASURY N/B 7.500% 94-2 350 00015/11/2024USD 3 685 552 3.13Australia 9 370 060 7.96COM BK AUSTRALIA 3.625% 09-5 000 00025/06/2014USD 5 207 300 4.42MACQUARIE BK LTD 3.300% 09-4 000 00017/07/2014USD 4 162 760 3.54Total securities portfolio 112 126 386 95.23The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 22
<strong>PARVEST</strong> Bond World Inflation-LinkedSecurities portfolio at 28/02/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets306 950 945 99.04Bonds 270 203 705 87.19United States ofAmerica 127 746 555 41.21US TSY I/L STOCK 2.500% 09-19 178 45315/01/2029USD 20 573 131 6.64US TSY INFL IX N/B 0.125% 11-48 664 76615/04/2016USD 39 535 936 12.75US TSY INFL IX N/B 0.125% 12-11 828 34915/04/2017USD 9 759 366 3.15US TSY INFL IX N/B 0.125% 13-35 653 99015/01/2023USD 29 462 234 9.50US TSY INFL IX N/B 0.750% 12-12 133 54715/02/2042USD 9 884 291 3.19US TSY INFL IX N/B 1.125% 11-5 951 74215/01/2021USD 5 364 154 1.73US TSY INFL IX N/B 1.875% 09-21 50915/07/2019USD 20 156 0.01US TSY INFL IX N/B 2.000% 06-2 394 82415/01/2026USD 2 383 221 0.77US TSY INFL IX N/B 2.125% 10-435 57615/02/2040USD 477 012 0.15US TSY INFL IX N/B 2.125% 11-1 150 25915/02/2041USD 1 267 864 0.41US TSY INFL IX N/B 2.375% 07-8 665 05015/01/2027USD 9 019 190 2.91United Kingdom 62 218 367 20.09NETWRK RAIL INFR 1.375% 07-116 41922/11/2037GBP 171 811 0.06NETWRK RAIL INFR 1.750% 07-227 23822/11/2027GBP 340 606 0.111 049 723 UK TSY I/L GILT 0.125% 11-22/03/2029 GBP 1 323 901 0.436 137 877 UK TSY I/L GILT 0.125% 12-22/03/2024 GBP 7 969 797 2.5771 362 UK TSY I/L GILT 0.250% 12-22/03/2052 GBP 88 339 0.034 050 000 UK TSY I/L GILT 0.255% 12-22/03/2052 GBP 5 013 536 1.624 316 153 UK TSY I/L GILT 0.375% 11-22/03/2062 GBP 5 854 682 1.897 260 646 UK TSY I/L GILT 0.625% 10-22/03/2040 GBP 9 937 285 3.213 950 157 UK TSY I/L GILT 0.750% 07-22/11/2047 GBP 5 730 881 1.855 158 729 UK TSY I/L GILT 0.750% 11-22/03/2034 GBP 7 190 175 2.321 597 111 UK TSY I/L GILT 1.125% 07-22/11/2037 GBP 2 428 165 0.785 861 661 UK TSY I/L GILT 1.250% 06-22/11/2027 GBP 8 707 587 2.811 375 092 UK TSY I/L GILT 1.250% 08-22/11/2032 GBP 2 094 930 0.68UK TSY I/L STOCK 6.287% 86-1 320 00017/07/2024GBP 5 366 672 1.73France 33 022 869 10.64FRANCE O.A.T. I/L 0.100% 12-450 93625/07/2021EUR 455 152 0.15FRANCE O.A.T.I/L 1.000% 05-4 812 34625/07/2017EUR 5 226 689 1.69FRANCE O.A.T.I/L 1.100% 10-7 106 08825/07/2022EUR 7 653 967 2.47FRANCE O.A.T.I/L 1.800% 07-1 977 91025/07/2040EUR 2 401 776 0.77FRANCE O.A.T.I/L 1.850% 11-1 135 30225/07/2027EUR 1 316 156 0.42FRANCE O.A.T.I/L 2.100% 07-4 479 85925/07/2023EUR 5 327 672 1.72FRANCE O.A.T.I/L 2.250% 04-2 034 74925/07/2020EUR 2 392 254 0.77FRANCE O.A.T.I/L 3.150% 02-2 675 18725/07/2032EUR 3 793 415 1.22FRANCE O.A.T.I/L 3.400% 99-1 466 26825/07/2029EUR 2 122 056 0.68FRENCH BTAN I/L 0.450% 11-2 218 69325/07/2016EUR 2 333 732 0.75Germany 15 893 900 5.13DEUTSCHLAND I/L 0.100% 12-4 508 60815/04/2023EUR 4 699 998 1.52DEUTSCHLAND I/L 1.500% 06-10 387 80815/04/2016EUR 11 193 902 3.61Canada 8 143 849 2.63CANADA GOVT I/L 1.500% 10-4 432 68601/12/2044CAD 4 203 862 1.36CANADA GOVT I/L 2.000% 07-163 49601/12/2041CAD 169 029 0.05CANADA GOVT I/L 4.000% 99-3 024 58001/12/2031CAD 3 770 958 1.22Quantity DenominationQuotationcurrencyMarket value% of netassetsMexico 7 748 014 2.50MEXICAN UDIBONOS 4.500% 05-121 953 13218/12/2014MXN 7 748 014 2.50Japan 6 009 921 1.94308 073 000 JAPAN I/L-10YR 1.200% 07-10/06/2017 JPY 2 826 920 0.91176 121 000 JAPAN I/L-10YR 1.200% 07-10/12/2017 JPY 1 631 282 0.53165 381 500 JAPAN I/L-10YR 1.400% 08-10/06/2018 JPY 1 551 719 0.50Sweden 5 252 912 1.703 540 000 3108 SWEDEN I/L 0.253% 11-01/06/2022 SEK 420 187 0.149 880 000 SWEDEN I / L 4.000% 95-01/12/2020 SEK 1 929 358 0.625 400 000 SWEDEN I/L 4.297% 99-01/12/2015 SEK 862 283 0.289 750 000 SWEDEN I/L 4.297% 99-01/12/2028 SEK 2 041 084 0.66Australia 4 167 318 1.35AUSTRALIAN I/L 0.000% 09-2 590 00020/09/2025 FLATAUD 2 824 166 0.91AUSTRALIAN I/L 0.000% 96-400 00020/08/2020 FLATAUD 605 990 0.20AUSTRALIAN I/L 4.000% 94-520 00020/08/2015 FLATAUD 737 162 0.24Floating rate bonds 36 747 240 11.85United Kingdom 36 747 240 11.85UK TSY I/L STOCK 2.829% 02-1 930 00026/01/2035GBP 4 682 309 1.51UK TSY I/L STOCK 7.322% 83-1 791 00016/04/2020GBP 8 007 668 2.58UK TSY I/L STOCK 7.522% 83-5 909 00026/07/2016GBP 24 057 263 7.76Total securities portfolio 306 950 945 99.04The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 23
<strong>PARVEST</strong> Convertible Bond AsiaSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/or 242 365 168 99.20traded on another regulated marketConvertible bonds 242 365 168 99.20Cayman Islands 51 579 533 21.10AGILE PROPERTY 4.000% 11-4 700 00028/04/2016 CVUSD 4 793 060 1.96CHINA OVERSEAS 12-21/03/201720 000 000CV SRHKD 3 212 520 1.31FAIR VANTAGE LTD 1.000% 08-65 100 00003/06/2013 CVHKD 10 459 857 4.28INTIME DEPARTMEN 1.750% 10-73 000 00027/10/2013 CVHKD 10 038 615 4.11KAISA GROUP 8.000% 10-15 000 00020/12/2015 CVCNY 2 698 525 1.10SHUI ON LAND 4.500% 10-61 500 00029/09/2015 CVCNY 10 132 549 4.1520 700 000 SOHO CHINA 3.750% 09-02/07/2014 CV HKD 3 193 815 1.31XINYU HENGDELI H 2.500% 10-34 000 00020/10/2015 CVHKD 4 481 292 1.832 500 000 ZHEN DING TECH 12-07/06/2015 CV USD 2 569 300 1.05British Virgin Islands 44 097 453 18.04BILLION EXPRESS 0.750% 10-13 800 00018/10/2015 CVUSD 14 343 306 5.87GLORY RIVER HOLDING 1.000% 10-27 200 00029/07/2015 CVHKD 3 581 702 1.47NEWFORD CAPITAL 0.000% 11-4 700 00012/05/2016 CVUSD 4 842 692 1.98PB ISSUER 3 LTD 1.875% 12-3 087 00022/10/2018 CVUSD 3 422 773 1.40POWER REGAL GROU 2.250% 09-25 000 00002/06/2014 CVHKD 4 427 876 1.8142 000 000 TONG JIE LTD 13-18/02/2018 CV HKD 5 529 702 2.26WHARF FIN (2014) 2.300% 11-60 000 00007/06/2014 CVHKD 7 949 402 3.25Taiwan 39 600 704 16.21AU OPTRONICS 0.000% 10-9 800 00013/10/2015 CVUSD 9 322 544 3.82CATHAY FINANCIAL 0.000% 12-7 200 00014/08/2014 CVUSD 8 084 016 3.31EPISTAR CORP 0.000% 11-5 000 00027/01/2016 CVUSD 4 863 450 1.99PEGATRON CORP 0.000% 12-3 000 00006/02/2017 CVUSD 3 427 740 1.40RADIANT OPTO-ELE 11-2 600 00021/07/2016 CVUSD 2 659 332 1.09TAIWAN GLASS IND 11-2 600 00028/07/2014 CVUSD 2 478 528 1.01TPK HOLDING CO 0.000% 11-3 600 00020/04/2014 CVUSD 3 575 268 1.46TPK HOLDING CO 0.000% 12-2 000 00001/10/2017 CVUSD 2 512 580 1.03WISTRON CORP 0.000% 12-2 600 00019/01/2015 CVUSD 2 677 246 1.10Singapore 27 116 422 11.11CAPITACOMMERCIAL 2.700% 10-2 000 00021/04/2015 CVSGD 2 167 188 0.89CAPITALAND LTD 2.100% 06-750 00015/11/2016 CVSGD 609 910 0.25CAPITALAND LTD 2.875% 09-8 000 00003/09/2016 CVSGD 6 963 312 2.85CAPITALAND LTD 2.950% 07-4 500 00020/06/2022 CVSGD 3 621 864 1.48CAPITALAND LTD 3.125% 08-5 000 00005/03/2018 CVSGD 4 362 412 1.79KEPPEL LAND LTD 1.875% 10-3 000 00029/11/2015 CVSGD 2 396 567 0.98OSIM INTL LTD 2.750% 11-1 400 00005/07/2016 CVSGD 1 235 162 0.51SUNTEC REIT 3.250% 08-3 000 00020/03/2013 CVSGD 2 560 706 1.05TEMASEK FINANCIA 0.000% 11-4 000 00014/12/2013 CVSGD 3 199 301 1.31Hong Kong 22 354 196 9.16CHINA POWER INT 2.250% 11-13 000 00017/05/2016 CVCHINA POWER INTL 2.750% 12-36 000 00018/09/2017 CVHK EXCHANGES 0.500% 12-4 700 00023/10/2017 CVNEW WORLD DEV BV 07-50 000 00004/06/2014 CVCNY 2 555 560 1.05CNY 6 561 639 2.69USD 5 193 641 2.13HKD 8 043 356 3.29Quantity DenominationQuotationcurrencyMarket value% of netassetsIndia 19 771 419 8.10JAIPRAKASH POWER 5.000% 10-2 400 00013/02/2015 CVUSD 2 438 640 1.00LARSEN & TOUBRO 3.500% 09-4 500 00022/10/2014 CVUSD 4 636 485 1.90TATA POWER CO 1.750% 09-3 700 00021/11/2014 CVUSD 3 878 451 1.59TATA STEEL LTD 4.500% 09-8 769 00021/11/2014 CVUSD 8 817 843 3.61South Korea 16 181 088 6.62HYNIX SEMI INC 2.650% 10-4 800 00014/05/2015 CVUSD 5 160 624 2.114 200 000 000 LOTTE SHOPPING 13-24/01/2018 CV KRW 3 807 258 1.56LOTTE SHOPPING 0.000% 11-320 000 00005/07/2016 CVJPY 3 425 936 1.403 100 000 SK TELECOM 1.750% 09-07/04/2014 CV USD 3 787 270 1.55Japan 8 142 147 3.33100 000 000 ASAHI BREWERIES 08-26/05/2023 CV JPY 1 191 047 0.49ASAHI BREWERIES 0.000% 08-100 000 00026/05/2028 CVJPY 1 268 697 0.52150 000 000 IHI CORP 0.000% 11-29/03/2016 CV JPY 1 866 253 0.76150 000 000 ORIX CORP 1.000% 09-31/03/2014 CV JPY 2 513 549 1.03SEKISUI HOUSE 0.000% 11-100 000 00005/07/2016 CVJPY 1 302 601 0.53Malaysia 5 595 536 2.29PULAI CAPITAL 0.000% 12-1 700 00022/03/2019 CVUSD 1 612 892 0.66YTL CORP FINANCE 1.875% 10-3 600 00018/03/2015 CVUSD 3 982 644 1.63Australia 4 451 562 1.82WESTERN AREAS NL 6.400% 10-4 250 00002/07/2015 CVAUD 4 451 562 1.82Philippines 3 475 108 1.42SM INVESTMENTS 1.625% 12-2 600 00015/02/2017 CVUSD 3 475 108 1.42Total securities portfolio 242 365 168 99.20The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 24
<strong>PARVEST</strong> Equity BrazilSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets551 070 239 95.31Shares 543 719 204 94.04Brazil 536 187 315 92.741 300 AMBEV CIA DE BEDIDAS ADR USD 57 694 0.01205 300 AMIL PARTICIPACOES SA BRL 3 253 289 0.561 308 429 BANCO BRADESCO SA-PREF BRL 23 374 600 4.041 265 200 BANCO BRADESCO-ADR USD 22 735 644 3.93349 000 BANCO DO BRASIL S.A. BRL 4 649 589 0.803 464 460 BM&FBOVESPA SA BRL 23 498 366 4.06285 745 BR MALLS PARTICIPACOES SA BRL 3 699 917 0.64793 106 BR PROPERTIES SA BRL 9 868 239 1.71849 923 BRADESPAR SA -PREF BRL 12 488 177 2.16758 876 BRAZIL PHARMA SA BRL 5 987 820 1.04995 205 BRF - BRASIL FOODS SA BRL 21 619 669 3.7416 200 CEMIG SA -SPONS ADR USD 192 780 0.03226 545 CIA BRASILEIRA DE DIS-PREF BRL 11 366 833 1.9750 247 CIA BRASILEIRA DE DIS-SP PRF USD 2 546 518 0.44615 182 CIA DE BEBIDAS DAS AME-PREF BRL 27 319 419 4.7319 800 CIA DE BEBIDAS DAS AMERICAS BRL 874 184 0.151 995 517 CIA DE CONCESSOES RODOVIARIAS BRL 20 034 996 3.47580 638 CIA ENERGETICA DE SP-PREF B BRL 5 386 146 0.93690 042 CIA ENERGETICA MINAS GER-PRF BRL 8 177 511 1.41545 232 CIA PARANAENSE DE ENERGI-PFB BRL 7 997 471 1.3888 706 CIA PARANAENSE ENER-SP ADR P USD 1 323 494 0.231 870 589 CIA VALE DO RIO DOCE BRL 35 763 787 6.19121 561 CIELO SA BRL 3 654 040 0.63420 144 COSAN SA INDUSTRIA COMERCIO BRL 9 915 537 1.72355 300 DIAGNOSTICOS DA AMERICA SA BRL 2 453 021 0.42496 452 DIRECIONAL ENGENHARIA SA BRL 3 967 415 0.69770 745 EVEN CONSTRUTORA E INCORPORA BRL 3 898 379 0.6777 495 FLEURY SA BRL 862 322 0.15267 300 GERDAU SA -SPON ADR USD 2 223 936 0.38629 132 GERDAU SA-PREF BRL 5 234 570 0.912 176 234 ITAU UNIBANCO HOLDING SA BRL 38 602 435 6.681 012 805 ITAU UNIBANCO MULT - ADR USD 17 886 136 3.095 447 016 ITAUSA-INVESTIMENTOS ITAU-PR BRL 28 514 931 4.93379 390 JSL SA BRL 3 166 235 0.552 573 761 KLABIN SA-PREF BRL 17 326 849 3.00476 919 KROTON EDUCACIONAL SA BRL 12 495 329 2.161 263 641 LOJAS AMERICANAS PREF BRL 11 542 896 2.0013 200 LOJAS RENNER S.A. BRL 503 139 0.09341 200 MAGAZINE LUIZA SA BRL 1 749 929 0.30614 706 MAGNESITA REFRATARIOS SA BRL 2 456 223 0.421 139 200 MARFRIG ALIMENTOS SA BRL 5 675 571 0.98674 950 METALURGICA GERDAU SA-PREF BRL 7 152 024 1.24431 041 MILLS ESTRUTURAS E SERVICOS BRL 7 011 452 1.213 191 151 MMX MINERACAO E METALICOS SA BRL 5 390 973 0.93953 377 MPX MINERECAO E ENERGIA SA BRL 5 068 048 0.88626 100 OSX BRASIL SA BRL 2 311 745 0.406 523 650 PDG REALTY SA BRL 10 591 781 1.832 233 377 PETROBRAS - PETROLEO BRAS BRL 16 368 307 2.83407 947 PETROBRAS - PETROLEO BRAS-PR BRL 3 427 257 0.59291 315 PETROLEO BRASILEIRO ADR SPONS USD 4 873 700 0.8499 300 PETROLEO BRASILEIRO SA ADR USD 1 456 731 0.25308 600 RAIA DROGASIL SA BRL 3 561 926 0.62788 724 TELEFONICA BRASIL SA BRL 20 800 291 3.6027 871 TELEFONICA BRASIL SA - ADR USD 734 680 0.131 079 315 TIM PARTICIPACOES SA BRL 4 722 127 0.82109 200 ULTRAPAR PARTICIPACOES SA BRL 2 833 436 0.49Quantity DenominationQuotationcurrencyMarket value% of netassets230 100 UNICASA INDUSTRIA DE MOVEIS BRL 1 140 554 0.20599 600 VALE SA ADR USD 11 386 404 1.97163 900 VALE SA-SP PREF ADR USD 3 010 843 0.52Bermuda 7 531 889 1.30366 337 COSAN LTD-CLASS A SHARES USD 7 531 889 1.30Bonds 605 503 0.10Brazil 605 503 0.10119 713 500 PDG REALTY 0.000% 12-19/09/2016 CV BRL 605 503 0.10Options, Warrants, Rights 6 745 532 1.17CIA DE BEBIDAS DAS AMER RTS88306/03/2013BRL 9 0.00CIA DE BEBIDAS DAS AMER RTS606/03/2013BRL 0 0.00MMX MINERACAO E METALICOS3 981 000SA RTSBRL 6 745 440 1.1716 477 OSX BRASIL SA RTS 05/03/2013 BRL 83 0.00Other transferable securities 8 359 004 1.45Shares 8 359 004 1.45Brazil 8 359 004 1.45ANHANGUERA EDUCACIONAL191 900PARTIBRL 3 979 533 0.69303 811 SONAE SIERRA BRASIL SA BRL 4 379 471 0.76Total securities portfolio 559 429 243 96.76The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 25
<strong>PARVEST</strong> Equity BricSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets491 686 069 97.88Shares 491 611 167 97.87Brazil 120 837 090 24.0737 100 AMBEV CIA DE BEDIDAS ADR USD 1 646 498 0.33420 246 BANCO BRADESCO SA-PREF BRL 7 507 539 1.49107 360 BANCO BRADESCO-ADR USD 1 929 259 0.38609 242 BM&FBOVESPA SA BRL 4 132 301 0.824 739 BR MALLS PARTICIPACOES SA BRL 61 362 0.01152 415 BR PROPERTIES SA BRL 1 896 427 0.38135 533 BRADESPAR SA -PREF BRL 1 991 428 0.40156 262 BRAZIL PHARMA SA BRL 1 232 967 0.25163 505 BRF - BRASIL FOODS SA BRL 3 551 956 0.7138 500 CIA BRASILEIRA DE DIS-PREF BRL 1 931 727 0.3815 800 CIA BRASILEIRA DE DIS-SP PRF USD 800 744 0.16170 253 CIA DE BEBIDAS DAS AME-PREF BRL 7 560 711 1.5118 300 CIA DE BEBIDAS DAS AMERICAS BRL 807 958 0.16369 090 CIA DE CONCESSOES RODOVIARIAS BRL 3 705 665 0.7498 728 CIA ENERGETICA DE SP-PREF B BRL 915 826 0.18124 180 CIA ENERGETICA MINAS GER-PRF BRL 1 471 625 0.29131 839 CIA PARANAENSE DE ENERGI-PFB BRL 1 933 816 0.3812 400 CIA PARANAENSE ENER-SP ADR P USD 185 008 0.04615 866 CIA VALE DO RIO DOCE BRL 11 774 741 2.3479 095 COSAN SA INDUSTRIA COMERCIO BRL 1 866 668 0.37112 728 DIRECIONAL ENGENHARIA SA BRL 900 870 0.181 DURATEX SA BRL 8 0.00131 439 EVEN CONSTRUTORA E INCORPORA BRL 664 810 0.1359 500 GERDAU SA -SPON ADR USD 495 040 0.1070 063 GERDAU SA-PREF BRL 582 946 0.12967 600 ITAU UNIBANCO HOLDING SA BRL 17 163 463 3.42232 370 ITAU UNIBANCO MULT - ADR USD 4 103 654 0.8216 100 ITAUSA-INVESTIMENTOS ITAU-PR BRL 84 283 0.0282 431 JSL SA BRL 687 936 0.14532 708 KLABIN SA-PREF BRL 3 586 250 0.71100 861 KROTON EDUCACIONAL SA BRL 2 642 569 0.53328 709 LOJAS AMERICANAS PREF BRL 3 002 636 0.60246 100 MARFRIG ALIMENTOS SA BRL 1 226 087 0.24103 102 METALURGICA GERDAU SA-PREF BRL 1 092 508 0.2293 848 MILLS ESTRUTURAS E SERVICOS BRL 1 526 562 0.30284 549 MMX MINERACAO E METALICOS SA BRL 480 703 0.10195 903 MPX MINERECAO E ENERGIA SA BRL 1 041 399 0.211 403 032 PDG REALTY SA BRL 2 277 959 0.45889 842 PETROBRAS - PETROLEO BRAS BRL 6 521 607 1.30591 141 PETROBRAS - PETROLEO BRAS-PR BRL 4 966 312 0.9922 685 PETROLEO BRASILEIRO ADR SPONS USD 379 520 0.082 400 PETROLEO BRASILEIRO SA ADR USD 35 208 0.0193 771 TELEFONICA BRASIL SA BRL 2 472 936 0.4977 422 TELEFONICA BRASIL SA - ADR USD 2 040 844 0.41130 468 TIM PARTICIPACOES SA BRL 570 812 0.11870 TIM PARTICIPACOES SA-ADR USD 18 931 0.0055 200 UNICASA INDUSTRIA DE MOVEIS BRL 273 614 0.0573 023 VALE SA ADR USD 1 386 707 0.28163 242 VALE SA-PREF A BRL 3 017 815 0.6037 500 VALE SA-SP PREF ADR USD 688 875 0.14India 113 434 922 22.6061 000 BAJAJ AUTO LTD INR 2 195 685 0.44420 000 BALKRISHNA INDUSTRIES LTD INR 1 955 059 0.3987 000 BHARAT ELECTRONICS LTD INR 1 846 980 0.37BHARAT PETROLEUM285 000CORPORATION LTDINR 2 017 865 0.401 320 000 BHARTI AIRTEL INR 7 745 793 1.54330 000 CAIRN INDIA LTD-DEMATERALISED INR 1 770 554 0.35Quantity DenominationQuotationcurrencyMarket value% of netassets165 000 CIPLA LTD INR 1 104 852 0.22300 000 COAL INDIA LTD INR 1 722 084 0.34275 000 COROMANDELINTERNATIONAL LTDINR 1 025 847 0.20960 000 DISH TV INDIA LTD INR 1 168 128 0.2373 500 DR REDDYS LABORATOIRIES LTD INR 2 349 419 0.47705 000 EXIDE INDUSTRIES LTD INR 1 635 345 0.3339 000 FAG BEARINGS INDIA LTD INR 1 089 534 0.22210 000 FEDERAL BANK LTD INR 1 891 370 0.38660 000 HDFC BANK LIMITED INR 7 543 201 1.50330 000 HINDUSTAN PETROLEUM CORP INR 1 807 554 0.36390 000 HOUSING DEV. FINANCE CORP LTD INR 5 516 127 1.102 400 148 IDEA CELLULAR LTD INR 5 049 110 1.01465 000 INDUSIND BANK LIMITED INR 3 455 982 0.69114 000 INFOSYS TECHNOLOGIES LTD INR 6 117 715 1.22600 000 ITC LTD INR 3 215 880 0.6490 000 JUBILANT FOODWORKS LTD INR 1 732 340 0.34183 000 LUPIN LTD INR 1 974 469 0.39420 000 MADRAS CEMENTS LTD INR 1 889 054 0.383 300 000 MANAPPURAM FINANCE LTD INR 2 116 900 0.42450 000 MOTHERSON SUMI SYSTEMS LTD INR 1 637 717 0.33510 000 MUNDRA PORT AND SEZ LTD INR 1 312 379 0.26624 571 MUTHOOT FINANCE LTD INR 2 437 783 0.49460 000 NATIONAL THERMAL POWER CORP INR 1 260 233 0.2514 950 NESTLE INDIA DEMATERIALISED INR 1 296 999 0.26OIL & NATURAL GAS510 000CORPORATION LTDINR 2 958 008 0.59645 000 POWER GRID CORP OF INDIA LTD INR 1 289 288 0.26359 000 RELIANCE INDUSTRIES LIMITED INR 5 341 612 1.06305 000 SADBHAV ENGINEERING LTD INR 604 338 0.12153 000 SHRIRAM TRANSPORT FINANCE INR 1 965 616 0.39165 000 SOBHA DEVELOPERS LTD INR 1 153 529 0.231 950 000 SPICEJET LTD INR 1 250 896 0.2542 000 STATE BANK OF INDIA INR 1 611 138 0.32SUN PHARMACEUTICAL228 000INDUSTRIESINR 3 331 678 0.66TATA CONSULTANCY SVS231 000DEMATERIALINR 6 371 870 1.2748 000 ULTRATECH CEMENT LTD INR 1 686 550 0.34210 000 VA TECH WABAG LTD INR 2 025 889 0.40287 114 VARDHMAN TEXTILES LTD INR 1 467 102 0.29424 500 WIPRO LTD INR 3 300 105 0.66295 000 ZEE ENTERTAINMENT ENTERPRISE INR 1 195 345 0.24Russia 109 030 890 21.7085 092 EURASIA DRILLIN - GDR REGS-W/I USD 3 256 471 0.6541 343 GAZPROM NEFT - SPONSORED ADR USD 937 246 0.192 913 352 GAZPROM OAO - SPONS. ADR REG.S USD 25 928 832 5.16121 082 GLOBALTRANS INV GDR USD 1 936 101 0.391 080 000 000 INTER RAO UES USD 756 000 0.15INTER-REGIONAL DISTRIB GRID21 729 893COMPANIES HOLDINGUSD 1 358 118 0.27176 501 LSR GROUP OJSC - GDR USD 837 321 0.17249 954 LUKOIL CO SPONS ADR (JSC OIL) USD 16 172 024 3.22MAGNIT JSC -SPONSORED70 476GDR REGSUSD 2 989 592 0.60359 078 MOBILE TELESYSTEMS ADR USD 7 429 324 1.4833 404 NOVATEK SHS GDR 1/100 SHSREGS USD 3 874 864 0.7726 031 099 OGK-2-CLS USD 325 389 0.0629 000 000 OGK-4-CLS USD 2 630 300 0.52100 000 ROS AGRO PLC- GDR REG S W/I USD 660 000 0.136 229 016 SBERBANK USD 21 295 759 4.2442 570 SEVERSTAL GDR USD 477 210 0.09100 000 SISTEMA JSFC REG-S GDR USD 1 966 000 0.398 554 412 SURGUTNEFTEGAZ - PFD USD 6 320 855 1.2690 795 TMK SPONS.GDR REG-S USD 1 353 753 0.27The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 26
<strong>PARVEST</strong> Equity Europe ConvergingSecurities portfolio at 28/02/2013Expressed in EURQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets38 302 229 97.10Shares 38 302 229 97.10Poland 26 020 822 65.9761 360 ASSECO POLAND SA PLN 638 253 1.62BANK HANDLOWY W26 028WARSZAWIE SAPLN 563 802 1.43383 473 BANK MILLENNIUM SA PLN 441 660 1.1247 465 BANK PEKAO SA PLN 1 834 440 4.6513 347 BRE BANK SA PLN 1 085 383 2.75150 698 CYFROWY POLSAT SA PLN 595 494 1.5196 867 ENEA SA PLN 361 771 0.9286 392 EUROCASH SA PLN 1 103 253 2.8057 809 GRUPA LOTOS SA PLN 581 816 1.4730 944 JASTRZEBSKA SPOLKA WEGLOWA S PLN 708 314 1.8087 875 KGHM POLSKA MIEDZ SA PLN 3 826 038 9.69232 LPP SA PLN 262 843 0.676 528 LUBELSKI WEGIEL BOGDANKA SA PLN 203 536 0.52396 888 PKO BANK POLSKI SA PLN 3 404 425 8.63381 117 POLSKA GRUPA ENERGETYCZNA SA PLN 1 490 399 3.78POLSKI KONCERN NAFTOWY144 332ORLENPLN 1 865 770 4.731 398 232 POLSKIE GORNICTWO NAFTOWE I PLN 1 927 086 4.89POWSZECHNY ZAKLAD38 967UBEZPIECZEPLN 3 782 857 9.58452 602 SYNTHOS SA PLN 603 069 1.53452 019 TELEKOMUNIKACJA POLSKA SA PLN 740 613 1.88Czech Republic 5 800 183 14.70CESKE ENERGETICKE ZAVODY AS -121 797CESCZK 2 805 869 7.1111 129 KOMERCNI BANKA AS CZK 1 731 876 4.3999 820 TELEFONICA CZECH REPUBLIC AS CZK 1 262 438 3.20Hungary 5 589 298 14.17MAGYAR TELEKOM400 898TELECOMMUNICAHUF 551 626 1.4028 652 MOL HUNGARIAN OIL AND GAS NY HUF 1 684 500 4.27117 086 OTP BANK RT HUF 1 860 456 4.7212 761 RICHTER GEDEON NYRT HUF 1 492 716 3.78Luxembourg 891 926 2.2656 862 KERNEL HOLDING SA PLN 891 926 2.26Total securities portfolio 38 302 229 97.10The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 28
<strong>PARVEST</strong> Equity Europe Mid CapSecurities portfolio at 28/02/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market84 246 959 97.22Shares 84 246 959 97.22United Kingdom 28 343 549 32.71494 449 AFREN PLC GBP 816 379 0.948 810 AGGREKO PLC GBP 173 489 0.20124 045 ALENT PLC GBP 537 228 0.62147 870 AMEC PLC GBP 1 792 468 2.07230 261 BRITISH LAND COMPANY PLC GBP 1 517 250 1.7569 520 CRODA INTERNATIONAL PLC GBP 2 092 259 2.4119 387 DERWENT LONDON PLC GBP 495 902 0.57640 169 DS SMITH PLC GBP 1 794 331 2.07443 102 G4S PLC GBP 1 492 527 1.72164 814 GKN PLC GBP 522 429 0.60229 474 IG GROUP HOLDINGS PLC GBP 1 314 097 1.52168 822 IMI PLC GBP 2 397 321 2.78376 865 INFORMA PLC GBP 2 194 459 2.5391 320 INVENSYS PLC GBP 379 700 0.4459 900 INVESTEC GBP 333 423 0.3848 736 JOHNSON MATTHEY PLC GBP 1 301 513 1.5098 960 MONDI PLC GBP 970 354 1.12107 308 PERSIMMON PLC GBP 1 138 181 1.3111 830 PETROFAC LTD GBP 199 719 0.2347 846 SMITHS GROUP PLC GBP 700 538 0.8159 384 SPECTRIS PLC GBP 1 637 585 1.8997 115 WEIR GROUP GBP 2 643 107 3.06212 990 WOOD GROUP (JOHN) PLC GBP 1 899 290 2.19France 16 140 279 18.628 457 AEROPORTS DE PARIS EUR 547 168 0.6319 501 ARKEMA EUR 1 517 568 1.7537 292 ATOS ORIGIN SA EUR 2 121 542 2.459 415 BUREAU VERITAS SA EUR 930 108 1.0778 999 EDENRED EUR 2 093 474 2.4275 158 EUTELSAT COMMUNICATIONS EUR 2 073 985 2.3964 614 KLEPIERRE EUR 2 033 726 2.3546 722 SCOR SE EUR 1 012 232 1.1714 794 SEB SA EUR 843 258 0.9712 126 SODEXO SA EUR 860 218 0.9948 683 VALEO SA EUR 2 107 000 2.43Switzerland 10 009 943 11.5418 362 ACTELION LTD CHF 727 828 0.8450 447 ARYZTA AG CHF 2 226 606 2.577 078 DUFRY AG - REG CHF 740 839 0.853 979 HELVETIA HOLDING AG CHF 1 234 418 1.425 635 KUEHNE + NAGEL INTL CHF 497 892 0.5719 158 SCHINDLER HOLDING - PART CERT CHF 2 280 023 2.631 104 SIKA AG CHF 2 104 753 2.431 469 SULZER AG - REG CHF 197 584 0.23Germany 9 441 698 10.9027 118 BILFINGER BERGER SE EUR 2 181 372 2.5280 849 GEA GROUP AG EUR 2 205 156 2.546 203 HUGO BOSS AG EUR 550 888 0.6434 341 KABEL DTLD HOLDING AG EUR 2 281 273 2.6445 879 SOFTWARE AG-BEARER EUR 1 387 152 1.6028 778 SYMRISE AG EUR 835 857 0.96The Netherlands 3 401 962 3.9322 835 GEMALTO EUR 1 592 513 1.8434 675 IMTECH EUR 297 095 0.3421 229 NUTRECO NV EUR 1 512 354 1.75Finland 3 392 370 3.9257 411 METSO OYJ EUR 1 888 822 2.1843 193 NOKIAN RENKAAT OYJ EUR 1 503 548 1.74Sweden 3 329 488 3.8577 056 HEXAGON AB - B SEK 1 686 243 1.95134 435 TELE2 AB - B SEK 1 643 245 1.90Austria 2 979 619 3.4431 534 ANDRITZ AG EUR 1 703 467 1.9732 899 VIENNA INSURANCE GROUP EUR 1 276 152 1.47Ireland 2 453 918 2.8457 121 KERRY GROUP PLC - A EUR 2 453 918 2.84Luxembourg 1 766 346 2.0318 482 MILLICOM INTL CELLULAR-SDR SEK 1 113 109 1.2827 703 SES EUR 653 237 0.75Belgium 1 167 146 1.346 485 KBC GROEP NV EUR 184 239 0.2110 421 UCB SA EUR 461 129 0.5313 627 UMICORE EUR 521 778 0.60Spain 940 145 1.0863 999 EBRO PULEVA SA EUR 940 145 1.08Norway 880 496 1.0230 324 TGS NOPEC GEOPHYSICAL CO ASA NOK 880 496 1.02Total securities portfolio 84 246 959 97.22The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 29
<strong>PARVEST</strong> Equity High Dividend EuropeSecurities portfolio at 28/02/2013Expressed in EURQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market763 357 732 97.14Norway 18 806 059 2.39754 463 STATOIL ASA NOK 14 392 721 1.831 278 091 STOREBRAND ASA NOK 4 413 338 0.56Shares 763 357 732 97.14United Kingdom 283 236 683 36.05900 047 ADMIRAL GROUP PLC GBP 13 073 542 1.66697 280 BHP BILLITON PLC GBP 16 912 835 2.153 952 547 BP PLC GBP 20 454 574 2.60593 354 BRITISH AMERICAN TOBACCO PLC GBP 23 661 821 3.011 213 758 GLAXOSMITHKLINE PLC GBP 20 519 381 2.614 838 453 HSBC HOLDINGS GBP 41 089 631 5.24661 935 IMPERIAL TOBACCO GROUP PLC GBP 18 368 936 2.34691 733 PEARSON PLC GBP 9 276 652 1.181 654 427 PRUDENTIAL PLC GBP 18 854 225 2.40422 299 RIO TINTO PLC ORD GBP 17 362 679 2.211 436 101 ROYAL DUTCH SHELL PLC - B SHS GBP 37 076 000 4.72793 468 STANDARD CHARTERED PLC GBP 16 546 514 2.111 644 156 TESCO PLC GBP 7 055 792 0.9011 957 147 VODAFONE GROUP GBP 22 984 101 2.92Switzerland 114 939 705 14.64857 216 CREDIT SUISSE GROUP CHF 17 642 469 2.25487 662 NESTLE SA CHF 26 180 780 3.33728 064 NOVARTIS AG CHF 37 983 093 4.84188 283 ROCHE HOLDING AG GENUSSCHEIN CHF 33 133 363 4.22Germany 107 110 481 13.63178 013 ALLIANZ SE EUR 18 637 961 2.37239 341 BASF SE EUR 17 275 633 2.20107 876 BAYER AG EUR 8 183 473 1.04231 691 DEUTSCHE BOERSE AG EUR 11 001 847 1.40576 589 DEUTSCHE POST AG-REG EUR 9 908 682 1.261 617 458 DEUTSCHE TELEKOM AG EUR 13 306 827 1.69306 886 SIEMENS AG EUR 24 434 263 3.11112 345 WINCOR NIXDORF AG EUR 4 361 795 0.56Italy 52 909 775 6.73325 155 ATLANTIA SPA EUR 4 308 304 0.554 221 865 ENEL SPA EUR 11 703 010 1.491 261 295 ENI SPA EUR 22 022 211 2.803 049 731 INTESA SANPAOLO EUR 3 790 816 0.483 052 157 SNAM RETE GAS EUR 11 085 434 1.41France 43 760 237 5.57242 244 BNP PARIBAS EUR 10 441 928 1.33473 156 EUTELSAT COMMUNICATIONS EUR 13 056 740 1.66268 135 SAFRAN EUR 9 406 176 1.20306 217 VINCI SA EUR 10 855 393 1.38Spain 41 067 660 5.23347 589 ABERTIS INFRAESTRUSTURAS SA EUR 4 678 548 0.602 243 064 BANCO SANTANDER SA EUR 13 034 445 1.662 926 854 IBERDROLA SA EUR 11 092 777 1.411 226 189 TELEFONICA SA EUR 12 261 890 1.56The Netherlands 38 923 287 4.95883 669 IMTECH EUR 7 571 276 0.96189 656 KONINKLIJKE DSM NV EUR 8 504 175 1.08KONINKLIJKE PHILIPS590 424ELECTRONICSEUR 12 824 009 1.63337 389 UNILEVER NV EUR 10 023 827 1.28Sweden 31 826 466 4.04337 143 HENNES & MAURITZ AB-B SHS SEK 9 286 286 1.18584 153 SKF AB-B SHARES SEK 11 029 341 1.40345 059 SVENSKA HANDELSBANKEN-A SHS SEK 11 510 839 1.46Jersey Island 12 610 515 1.601 030 437 WPP PLC GBP 12 610 515 1.60Portugal 9 741 577 1.242 511 363 PORTUGAL TELECOM SGPS SA-REG EUR 9 741 577 1.24Luxembourg 5 402 249 0.69229 103 SES EUR 5 402 249 0.69Poland 3 023 038 0.38132 067 JASTRZEBSKA SPOLKA WEGLOWA S PLN 3 023 038 0.38Total securities portfolio 763 357 732 97.14The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 30
<strong>PARVEST</strong> Equity JapanSecurities portfolio at 28/02/2013Expressed in JPYQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets52 261 696 690 99.44Shares 52 261 696 690 99.44Japan 52 261 696 690 99.44319 300 AISIN SEIKI CO LTD JPY 1 076 041 000 2.051 941 000 ASAHI KASEI CORP JPY 1 108 311 000 2.11205 439 ASTELLAS PHARMA INC JPY 1 041 575 730 1.98371 800 BRIDGESTONE CORP JPY 1 057 027 400 2.011 781 000 CHIBA BANK LTD - THE JPY 1 079 286 000 2.051 999 100 CITIZEN HOLDINGS CO LTD JPY 1 011 544 600 1.921 292 000 DAI NIPPON PRINTING CO LTD JPY 1 071 068 000 2.04614 000 DAIWA HOUSE INDUSTRY CO LTD JPY 1 060 378 000 2.02390 200 DENA JPY 1 012 178 800 1.93153 300 EAST JAPAN RAILWAY CO JPY 1 082 298 000 2.06559 000 FUJIFILM HOLDINGS JPY 992 225 000 1.89293 500 HONDA MOTOR CO LTD YEN 50 JPY 1 016 977 500 1.94575 500 HOYA CORP JPY 1 030 720 500 1.96127 900 IDEMITSU KOSAN CO LTD JPY 1 074 360 000 2.04958 400 ITOCHU CORP JPY 1 038 905 600 1.98520 900 JS GROUP JPY 998 565 300 1.901 746 140 JX HOLDINGS INC JPY 979 584 540 1.86151 300 KDDI CORPORATION JPY 1 059 100 000 2.0239 331 KEYENCE CORP JPY 1 048 171 150 1.99902 000 KUBOTA CORP JPY 1 030 986 000 1.96838 500 KURARAY CO LTD JPY 1 051 479 000 2.001 515 000 MARUBENI CORPORATION JPY 1 033 230 000 1.973 681 000 MAZDA MOTOR CORP JPY 1 015 956 000 1.93530 400 MITSUBISHI CORPORATION JPY 970 632 000 1.85MITSUBISHI TANABE776 000PHARMA CORPJPY 1 036 736 000 1.971 955 460 MITSUBISHI UFJ FINANCIAL GROUP JPY 1 022 705 580 1.95748 200 MITSUI & CO LTD JPY 1 029 523 200 1.963 323 000 MITSUI OSK LINES LTD JPY 1 073 329 000 2.044 825 500 MIZUHO FINANCIAL GROUP INC JPY 984 402 000 1.87MS&AD INSURANCE GROUP536 300HOLDINGS INCJPY 1 043 639 800 1.992 570 000 NIPPON EXPRESS CO LTD JPY 1 087 110 000 2.074 157 000 NIPPON STEEL CORP JPY 1 047 564 000 1.99240 700 NIPPON TELEGRAPH & TELEPHONE JPY 1 019 364 500 1.943 113 000 OJI PAPER JPY 1 133 132 000 2.1699 790 ORIX CORP JPY 1 062 763 500 2.021 217 800 RAKUTEN INC JPY 974 240 000 1.851 072 000 RICOH CO LTD JPY 1 069 856 000 2.04228 000 SECOM CO LTD JPY 1 092 120 000 2.081 171 000 SEKISUI CHEMICAL CO LTD JPY 1 073 807 000 2.041 154 000 SHIZUOKA BANK LTD JPY 1 066 296 000 2.03300 800 SOFTBANK CORP JPY 1 019 712 000 1.941 019 900 SUMITOMO ELECTRIC INDUSTRIES JPY 1 102 511 900 2.10SUMITOMO MITSUI TRUST2 978 780HOLDINGSJPY 1 125 978 840 2.144 714 000 TAIHEIYO CEMENT CORP JPY 1 079 506 000 2.05TAKEDA PHARMACEUTICAL223 500CO LTDJPY 1 092 915 000 2.08386 600 TOKIO MARINE HOLDINGS INC JPY 1 017 917 800 1.942 343 000 TOSHIBA CORPORATION JPY 995 775 000 1.89208 800 TOYOTA MOTOR CORPORATION JPY 991 800 000 1.8924 831 YAHOO JAPAN CORP JPY 979 582 950 1.861 187 900 YAMAHA CORP JPY 1 098 807 500 2.09Total securities portfolio 52 261 696 690 99.44The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 31
<strong>PARVEST</strong> Equity Latin AmericaSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets389 835 392 97.21Shares 384 956 545 96.00Brazil 234 943 561 58.6087 180 AMBEV CIA DE BEDIDAS ADR USD 3 869 048 0.96497 009 BANCO BRADESCO SA-PREF BRL 8 878 882 2.21133 200 BANCO BRADESCO-ADR USD 2 393 604 0.601 326 771 BM&FBOVESPA SA BRL 8 999 079 2.24317 903 BR PROPERTIES SA BRL 3 955 515 0.99350 793 BRADESPAR SA -PREF BRL 5 154 308 1.29352 380 BRAZIL PHARMA SA BRL 2 780 412 0.69238 497 BRF - BRASIL FOODS SA BRL 5 181 069 1.293 972 CEMIG SA -SPONS ADR USD 47 267 0.0125 CENTRAIS ELETRICAS BRAS-PR B BRL 159 0.0079 697 CIA BRASILEIRA DE DIS-PREF BRL 3 998 775 1.0025 800 CIA BRASILEIRA DE DIS-SP PRF USD 1 307 544 0.33289 765 CIA DE BEBIDAS DAS AME-PREF BRL 12 868 081 3.2167 500 CIA DE BEBIDAS DAS AMERICAS BRL 2 980 174 0.74735 106 CIA DE CONCESSOES RODOVIARIAS BRL 7 380 466 1.8428 650 CIA ENERGETICA DE MINAS GER BRL 326 047 0.08249 885 CIA ENERGETICA DE SP-PREF B BRL 2 317 997 0.58197 349 CIA ENERGETICA MINAS GER-PRF BRL 2 338 732 0.58130 846 CIA PARANAENSE DE ENERGI-PFB BRL 1 919 251 0.48160 497 CIA PARANAENSE ENER-SP ADR P USD 2 394 615 0.601 017 766 CIA VALE DO RIO DOCE BRL 19 458 666 4.86178 937 COSAN SA INDUSTRIA COMERCIO BRL 4 222 972 1.05203 220 DIRECIONAL ENGENHARIA SA BRL 1 624 041 0.40266 945 EVEN CONSTRUTORA E INCORPORA BRL 1 350 191 0.3448 900 GERDAU SA-PREF BRL 406 863 0.101 337 170 ITAU UNIBANCO HOLDING SA BRL 23 718 963 5.92393 400 ITAU UNIBANCO MULT - ADR USD 6 947 444 1.733 499 135 ITAUSA-INVESTIMENTOS ITAU-PR BRL 18 317 845 4.571 564 704 KLABIN SA-PREF BRL 10 533 764 2.63192 977 KROTON EDUCACIONAL SA BRL 5 056 018 1.26331 618 LOJAS AMERICANAS PREF BRL 3 029 209 0.76216 794 MAGNESITA REFRATARIOS SA BRL 866 259 0.22653 600 MARFRIG ALIMENTOS SA BRL 3 256 279 0.81201 239 METALURGICA GERDAU SA-PREF BRL 2 132 404 0.53235 067 MILLS ESTRUTURAS E SERVICOS BRL 3 823 676 0.95900 300 MMX MINERACAO E METALICOS SA BRL 1 520 922 0.38335 620 MPX MINERECAO E ENERGIA SA BRL 1 784 119 0.44310 500 OSX BRASIL SA BRL 1 146 457 0.293 360 407 PDG REALTY SA BRL 5 455 948 1.361 493 467 PETROBRAS - PETROLEO BRAS BRL 10 945 544 2.73264 744 PETROBRAS - PETROLEO BRAS-PR BRL 2 224 176 0.55236 300 PETROLEO BRASILEIRO ADR SPONS USD 3 953 299 0.998 859 PETROLEO BRASILEIRO SA ADR USD 129 962 0.03100 300 RAIA DROGASIL SA BRL 1 157 684 0.29225 712 TELEFONICA BRASIL SA BRL 5 952 495 1.4873 960 TELEFONICA BRASIL SA - ADR USD 1 949 586 0.49271 003 TIM PARTICIPACOES SA BRL 1 185 669 0.3032 500 TIM PARTICIPACOES SA-ADR USD 707 200 0.18204 400 VALE SA ADR USD 3 881 556 0.97252 096 VALE SA-PREF A BRL 4 660 437 1.16242 400 VALE SA-SP PREF ADR USD 4 452 888 1.11Mexico 82 918 673 20.651 350 870 ALFA S.A.B.-A MXN 3 285 742 0.82501 683 AMERICA MOVIL ADR USD 10 480 158 2.612 631 ARCA CONTINENTAL SAB DE CV MXN 19 808 0.001 056 323 BOLSA MEXICANA DE VALORES SA MXN 2 570 137 0.641 476 400 CEMEX SAB - CPO MXN 1 585 247 0.40Quantity DenominationQuotationcurrencyMarket value% of netassets367 700 CEMEX SAB-SPONS ADR PART CER USD 3 949 098 0.981 244 200 CORP INMOBILIARIA VESTA SAB MXN 2 501 458 0.62128 700 DESARROLLADORA HOMEX-ADR USD 1 531 530 0.38FOMENTO ECONOMICO MEX-114 766SP ADRUSD 12 823 953 3.20GRUPO AEROPORTUARIO SUR ADR16 900REPRES SHS BUSD 2 228 603 0.56492 700 GRUPO FIN SANTANDER-ADR B USD 7 351 084 1.83725 586 GRUPO FINANCIERO BANORTE-O MXN 5 385 417 1.343 420 080 GRUPO MEXICO SAB DE CV-SER B MXN 13 430 922 3.35271 229 GRUPO TELEVISA SA-SPON ADR USD 7 277 074 1.8113 200 INDUSTRIAS PENOLES SAB DE CV MXN 609 085 0.1515 886 KIMBERLY-CLARK DE MEXICO-A MXN 50 289 0.01900 439 MEXICHEM SAB DE CV MXN 4 509 260 1.121 261 760 OHL MEXICO SAB DE CV MXN 3 275 376 0.8215 804 ORGANIZACION SORIANA S.A.B-B MXN 54 432 0.01Chile 29 234 506 7.306 450 253 BANCO DE CHILE - T CLP 988 571 0.2547 655 BANCO SANTANDER-CHILE-ADR USD 1 384 854 0.353 400 CAP SA CLP 122 272 0.0392 032 CENCOSUD SA CLP 575 091 0.14148 150 CIA CERVECERIAS UNIDAS-ADR USD 4 843 024 1.21672 292 E.CL SA CLP 1 520 953 0.3811 800 EMPRESA NACIONAL DE TELECOM CLP 248 951 0.06155 225 EMPRESAS COPEC SA CLP 2 394 872 0.60ENDESA - EMPRESA NAC CHIL ELE-10 621SPONS ADRUSD 540 290 0.13118 469 INVERSIONES LA CONSTRUCCION CLP 2 253 929 0.56119 893 QUIMICA Y MINERA CHIL-SP ADR USD 6 644 470 1.66648 508 S.A.C.I. FALABELLA CLP 7 568 508 1.892 680 SOC QUIMICA Y MINERA CHILE-B CLP 148 721 0.04Bermuda 11 798 611 2.94171 331 COSAN LTD-CLASS A SHARES USD 3 522 565 0.8855 181 CREDICORP LTD USD 8 276 046 2.06Canada 9 812 569 2.45399 511 PACIFIC RUBIALES ENERGY CORP CAD 9 812 569 2.45British Indian OceanTerritory 5 867 102 1.472 634 604 EMPRESA NACIONAL DE ELECTRIC CLP 4 477 908 1.1274 728 ENERSIS S.A. -SPONS ADR USD 1 389 194 0.35Peru 3 754 034 0.9481 800 CEMENTOS PACASMAYO SAA - ADR USD 1 105 118 0.2890 800 CIA DE MINAS BUENAVENTUR-ADR USD 2 326 296 0.58348 400 VOLCAN CIA MINERA SAA-CMN B PEN 322 620 0.08Luxembourg 2 170 246 0.54107 758 TERNIUM SA - SPONSORED ADR USD 2 170 246 0.54Colombia 2 145 732 0.5412 326 BANCOLOMBIA S.A.-SPONS ADR USD 800 450 0.20262 500 CEMENTOS ARGOS SA COP 1 345 282 0.34Panama 1 420 112 0.3513 600 COPA HOLDINGS SA CLASS A USD 1 420 112 0.35Spain 891 399 0.22120 000 CEMEX LATAM HOLDINGS SA COP 891 399 0.22Bonds 226 787 0.06Brazil 226 787 0.0644 837 800 PDG REALTY 0.000% 12-19/09/2016 CV BRL 226 787 0.06Floating rate bonds 12 327 0.00Brazil 12 327 0.00VALE DO RIO DOCE 97-29/09/2049270 800FRN FLATBRL 12 327 0.00The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 32
<strong>PARVEST</strong> Equity Latin AmericaSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsOptions, Warrants, Rights 4 639 733 1.1523 505 CENCOSUD SA RTS 14/03/2013 CLP 18 266 0.00CIA DE BEBIDAS DAS AMER RTS41606/03/2013BRL 4 0.00CIA DE BEBIDAS DAS AMER RTS5306/03/2013BRL 1 0.0037 663 ENERSIS SA ADR RTS 21/03/2013 USD 7 533 0.00MMX MINERACAO E METALICOS2 723 000SA RTSBRL 4 613 874 1.1510 926 OSX BRASIL SA RTS 05/03/2013 BRL 55 0.00Other transferable securities 2 104 304 0.52Shares 2 104 304 0.52Brazil 2 104 304 0.52145 979 SONAE SIERRA BRASIL SA BRL 2 104 304 0.52Total securities portfolio 391 939 696 97.73The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 33
<strong>PARVEST</strong> Equity Russia OpportunitySecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets122 250 173 95.33Shares 122 250 173 95.33Russia 100 644 474 78.47101 000 BASHNEFT PFD-CLS USD 4 586 804 3.5833 300 000 ENEL OGK-5 OJSC USD 1 744 920 1.36211 593 GAZPROM NEFT - SPONSORED ADR USD 4 796 813 3.74620 000 GAZPROM OAO - SPONS. ADR REG.S USD 5 518 000 4.30160 000 GLOBAL PORTS INV-REGS W/I USD 2 243 200 1.75225 000 GLOBALTRANS INV GDR USD 3 597 750 2.81525 764 HYDRAULIC MACHINE-GDR RE-W/I USD 2 050 480 1.6087 171 IBS GROUP-REGS GDR EUR 2 082 332 1.62218 478 724 IDGC OF CENTER AND VOLGA-CLS USD 1 420 112 1.1160 000 000 INTER-REGIONAL DISTRIBUTION USD 1 200 000 0.94315 000 JSC MMC NORILSK NICKEL - ADR USD 5 575 500 4.35255 000 KUZBASSKAYA TOPLIVNAYA-BRD USD 896 070 0.70157 970 LUKOIL CO SPONS ADR (JSC OIL) USD 10 220 658 7.96100 000 MEGAFON-GDR-WI USD 2 875 000 2.24810 000 MOBILE TELESYSTEMS USD 7 068 384 5.51200 000 MOSTOTREST-CLS USD 1 049 920 0.82170 000 NOVATEK OAO-CLS USD 1 825 987 1.4253 000 000 OGK-4-CLS USD 4 807 100 3.7580 000 PHOSAGRO OAO - GDR REG S USD 1 088 000 0.85232 222 ROS AGRO PLC- GDR REG S W/I USD 1 532 665 1.20200 000 ROSNEFT OIL COMPANY GDR USD 1 587 000 1.24689 615 SBERBANK USD 2 357 656 1.84540 000 SBERBANK-SPONSORED ADR USD 7 446 600 5.803 400 000 SISTEMA JSFC USD 2 963 780 2.31105 468 SISTEMA JSFC REG-S GDR USD 2 073 501 1.6211 000 000 SURGUTNEFTEGAZ - PFD USD 8 127 900 6.331 300 000 TATNEFT - PFD 3 SERIES USD 4 614 610 3.6025 000 TMK SPONS.GDR REG-S USD 372 750 0.292 179 114 TNK BP HOLDINGS USD 4 519 482 3.52250 000 TNK-BP HOLDING-PFD-CLS USD 401 500 0.31The Netherlands 6 420 000 5.01750 000 NORD GOLD NV - REG S GDR USD 3 150 000 2.46300 000 ZHAIKMUNAI LP-GDR REG S USD 3 270 000 2.55United Kingdom 5 479 485 4.28900 000 HIGHLAND GOLD MINING LTD GBP 1 431 064 1.122 800 000 VOLGA GAS PLC GBP 4 048 421 3.16Kazakhstan 4 460 400 3.48HALYK SAVINGS BK-GDR REP 40100 000REG SUSD 712 500 0.56KAZMUNAIGAS EXPLORA -150 000GDR REGSUSD 2 923 500 2.2860 000 KCELL JSC - REG S - W/I USD 824 400 0.64Guernsey Island 2 205 276 1.72397 347 ETALON GROUP-GDR REGS-W/I USD 2 205 276 1.72Bermuda 2 176 719 1.7050 000 ALLIANCE OIL CO LTD-PREF SEK 2 176 719 1.70Cyprus 863 819 0.67150 000 MIRLAND DEVELOPMENT CORP GBP 313 081 0.246 750 000 URALS ENERGY PUBLIC CO LTD GBP 550 738 0.43Total securities portfolio 122 250 173 95.33The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 34
<strong>PARVEST</strong> Equity USA Mid CapSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated market396 999 113 94.69Shares 396 999 113 94.69United States ofAmerica 380 849 606 90.84257 190 AKAMAI TECHNOLOGIES INC USD 9 505 742 2.2788 000 BORGWARNER INC USD 6 548 080 1.562 352 700 BOSTON SCIENTIFIC CORP USD 17 386 453 4.16202 200 CHARLES RIVER LABORATORIES USD 8 237 628 1.96118 125 CINCINNATI FIANCIAL CORP USD 5 316 806 1.27270 800 CON-WAY INC USD 9 518 620 2.27223 800 CREE INC USD 10 122 474 2.41204 500 DENBURY RESOURCES INC USD 3 705 540 0.88515 600 DEVRY INC USD 15 457 688 3.70261 300 DOLBY LABORATORIES INC-CL A USD 8 330 244 1.99190 300 EATON VANCE CORP USD 7 267 557 1.73101 100 FMC CORP USD 6 092 286 1.45220 273 FMC TECHNOLOGIES INC USD 11 434 371 2.73282 850 FOREST LABORATORIES INC USD 10 408 880 2.48597 000 GANNETT CO USD 11 981 790 2.86523 800 H&R BLOCK INC USD 13 021 668 3.11145 700 HARRIS CORP USD 7 003 799 1.67500 500 HOSPIRA INC USD 14 729 715 3.52924 400 INTERPUBLIC GROUP OF COS INC USD 11 813 832 2.82291 149 ITRON INC USD 12 248 638 2.92352 300 JABIL CIRCUIT INC USD 6 598 579 1.57111 000 LEAR CORP USD 5 929 620 1.41440 750 LEXMARK INTERNATIONAL INC-A USD 9 705 315 2.31193 330 MANPOWER INC USD 10 555 818 2.5289 565 MATTEL INC USD 3 649 774 0.87152 200 MCGRAW HILL CO INC USD 7 084 910 1.6972 800 MOLEX INC USD 2 017 288 0.48385 250 MOLEX INC -CL A USD 8 752 880 2.09223 300 MOLSON COORS BREWING CO - B USD 9 872 093 2.351 445 150 NEW YORK TIMES CO - A USD 13 974 601 3.33144 600 NORTHERN TRUST CORP USD 7 688 382 1.83476 800 NUANCE COMMUNICATIONS INC USD 8 777 888 2.09840 000 NVIDIA CORP USD 10 634 400 2.54108 800 SIGMA-ALDRICH CORP USD 8 384 128 2.001 017 700 SOUTHWEST AIRLINES CO USD 11 907 090 2.841 052 500 STAPLES INC USD 13 871 950 3.31483 910 UNISYS CORP USD 11 120 252 2.65140 050 VARIAN MEDICAL SYSTEMS INC USD 9 891 732 2.36472 377 WERNER ENTERPRISES INC USD 10 874 119 2.59210 800 ZEBRA TECHNOLOGIES CORP-CL A USD 9 426 976 2.25Panama 6 360 000 1.52500 000 MCDERMOTT INTL INC USD 6 360 000 1.52The Netherlands 5 085 691 1.2194 900 CHICAGO BRIDGE & IRON-NY SHR USD 5 085 691 1.21France 4 703 816 1.12189 670 CIE GEN GEOPHYSIQUE-SP ADR USD 4 703 816 1.12Total securities portfolio 396 999 113 94.69The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 35
<strong>PARVEST</strong> Equity World Technology InnovatorsSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets31 156 006 94.86Shares 31 156 006 94.86United States ofAmerica 22 125 846 67.3517 870 AKAMAI TECHNOLOGIES INC USD 660 475 2.0129 590 ALTERA CORPORATION USD 1 048 078 3.192 105 AMAZON.COM INC USD 556 288 1.6961 030 AMERESCO INC-CL A USD 507 159 1.543 866 APPLE INC USD 1 706 451 5.2031 151 ARUBA NETWORKS INC USD 776 283 2.3627 060 BROADCOM CORP - CL A USD 923 017 2.8142 080 CEVA INC USD 636 670 1.9411 900 CITRIX SYSTEMS INC USD 843 710 2.5712 152 CONCUR TECHNOLOGIES INC USD 853 070 2.6021 923 CORNERSTONE ONDEMAND INC USD 742 313 2.2624 915 DEMANDWARE USD 659 002 2.0110 770 EBAY INC USD 588 904 1.7910 289 F5 NETWORKS INC USD 971 590 2.9623 670 FACEBOOK INC - A USD 645 008 1.9628 640 FORTINET INC USD 692 515 2.111 788 GOOGLE INC - A USD 1 432 546 4.3619 161 INFORMATICA CORP USD 670 827 2.045 680 LINKEDIN CORP - A USD 955 262 2.9141 460 LOGMEIN INC USD 740 476 2.2521 289 NETAPP INC USD 720 207 2.1941 508 PTC INC USD 960 495 2.9219 700 QUALCOMM INC USD 1 292 911 3.944 816 SALESFORCE.COM INC USD 814 964 2.4823 820 SERVICENOW INC USD 773 435 2.3513 284 VMWARE INC - A USD 954 190 2.91Israel 1 565 013 4.77CHECK POINT SOFTWARE13 496TECHNOLOGIEUSD 708 675 2.1624 252 NICE SYSTEMS LTD-SPONS ADR USD 856 338 2.61France 1 265 751 3.8623 540 SAFT GROUPE SA EUR 639 505 1.958 130 SCHNEIDER ELECTRIC SA EUR 626 246 1.91South Korea 998 130 3.04700 SAMSUNG ELECTRONICS CO LTD KRW 998 130 3.04Taiwan 997 089 3.0444 000 MEDIATEK INC TWD 502 048 1.53TAIWAN SEMICONDUCTOR139 868MANUFACTURING CO LTDTWD 495 041 1.51Belgium 835 976 2.5516 700 UMICORE EUR 835 976 2.55Argentina 726 829 2.218 490 MERCADOLIBRE INC USD 726 829 2.21United Kingdom 716 784 2.1849 445 ARM HOLDINGS PLC GBP 716 784 2.18Singapore 716 227 2.18626 500 HYFLUX LTD SGD 716 227 2.18Canada 665 784 2.0325 906 IMAX CORP USD 665 784 2.03Cayman Islands 542 577 1.6515 700 TENCENT HOLDINGS LTD HKD 542 577 1.65Quantity DenominationQuotationcurrencyMarket value% of netassetsShares/Units in investment funds 544 732 1.66Luxembourg 544 732 1.66BNP PARIBAS INSTICASH FUND USD3 672.86INST CAPUSD 544 732 1.66Total securities portfolio 31 700 738 96.52The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 36
<strong>PARVEST</strong> Flexible Bond WorldSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationTransferable securities admitted to anofficial stock exchange listing and/ortraded on another regulated marketQuotationcurrencyMarket value% of netassets28 075 183 85.21Bonds 27 970 433 84.89United States ofAmerica 8 511 626 25.83ALLY FINANCIAL 4.625% 12-200 00026/06/2015USD 210 250 0.64AMER EXPRESS CR 1.750% 12-200 00012/06/2015USD 204 312 0.62AMER INTL GROUP 8.250% 09-450 00015/08/2018USD 586 460 1.78105 000 AT&T INC 2.625% 12-01/12/2022 USD 101 964 0.31BANK OF AMERICA CORP 6.500% 09-230 00001/08/2016USD 265 662 0.81200 000 CITIGROUP INC 2.250% 12-07/08/2015 USD 204 565 0.62350 000 COMET B7 B7 04-17/08/2017 FRN EUR 454 542 1.38CONOCOPHILLIPS CO 2.400% 12-172 00015/12/2022USD 168 478 0.51DAIMLER FINANCE 1.300% 12-200 00031/07/2015USD 200 645 0.61FORD MOTOR CO 4.750% 13-200 00015/01/2043USD 189 956 0.58FORD MOTOR CRED 2.750% 12-400 00015/05/2015USD 408 672 1.24GCCFC 2005-GG3 A4 05-100 00010/08/2042 FRNUSD 105 948 0.32GEN ELEC CAP CRP 1.600% 12-200 00020/11/2017USD 201 154 0.61GEN ELEC CAP CRP 1.625% 12-200 00002/07/2015USD 203 605 0.62994 282 GNR 2010-H19 JI 10-20/08/2060 FRN USD 130 033 0.39771 750 GNR 2010-H28 KI 10-20/12/2060 FRN USD 63 669 0.19892 366 GNR 2011-H03 HI 11-20/01/2061 FRN USD 61 008 0.19463 844 GNR 2011-H05 HI 11-20/01/2061 FRN USD 33 798 0.101 273 530 GNR 2011-H22 FI 11-20/12/2061 FRN USD 91 137 0.281 079 480 GNR 2012-H02 AI 12-20/01/2062 FRN USD 83 828 0.251 799 180 GNR 2012-H05 AI 12-20/03/2062 FRN USD 101 204 0.31299 939 GNR 2013-H01 FI 13-20/01/2063 FRN USD 44 429 0.13698 603 GNR 2013-H01 TI 13-20/01/2063 FRN USD 95 075 0.292 920 000 GNR 2013-H04 BI 13-20/02/2063 FRN USD 430 700 1.31720 000 GNR 2013-H06 KI 13-20/01/2063 FRN USD 98 550 0.30920 000 GNR 2013-H06 MI 13-20/01/2063 FRN USD 128 513 0.39GOLDMAN SACHS GP 1.600% 12-246 00023/11/2015USD 248 010 0.75GOLDMAN SACHS GP 3.300% 12-117 00003/05/2015USD 122 010 0.37700 000 HSBC USA INC 1.625% 12-16/01/2018 USD 702 355 2.13JPMORGAN CHASE 1.100% 12-240 00015/10/2015USD 240 656 0.73KRAFT FOODS GROU 1.625% 13-200 00004/06/2015USD 203 732 0.62MERRILL LYNCH 6.150% 08-120 00025/04/2013USD 120 940 0.3760 000 MLCFC 2006-3 AM 06-12/07/2046 FRN USD 66 757 0.20PLAINS ALL AMER 3.650% 12-100 00001/06/2022USD 105 509 0.32PRUDENTIAL COVER 2.997% 12-190 00030/09/2015USD 196 486 0.60US TSY INFL IX N/B 0.625% 11-676 49015/07/2021USD 772 678 2.34US TSY INFL IX N/B 2.125% 11-192 93315/02/2041USD 278 020 0.84WELLS FARGO & CO 2.100% 12-85 00008/05/2017USD 87 927 0.27WILLIAMS COS INC 3.700% 12-500 00015/01/2023USD 498 389 1.51Sweden 2 028 985 6.142 525 000 SWEDEN GOVT 3.500% 11-01/06/2022 SEK 444 527 1.358 000 000 SWEDEN GOVT 3.750% 06-12/08/2017 SEK 1 369 145 4.141 205 000 SWEDISH GOVT 4.250% 07-12/03/2019 SEK 215 313 0.65Quantity DenominationQuotationcurrencyMarket value% of netassetsRussia 1 966 140 5.97LUKOIL INTL FIN 7.250% 09-490 00005/11/2019USD 588 000 1.78RUSSIA - EUROBOND 5.000% 10-800 00029/04/2020USD 915 000 2.78RUSSIAN FEDERATION 00-31/03/2030372 000STEP UPUSD 463 140 1.41United Kingdom 1 865 904 5.67334 680 ALBA 2006-2 A3B 06-15/12/2038 FRN EUR 392 493 1.19ANGLO AMERICAN 2.150% 10-120 00027/09/2013USD 120 802 0.3773 000 BP CAPITAL PLC 3.245% 12-06/05/2022 USD 75 084 0.23ROYAL BANK SCOTLAND 2.550% 12-200 00018/09/2015USD 205 664 0.62200 000 TESCO PLC 6.125% 09-24/02/2022 GBP 361 510 1.1040 000 UK TREASURY 4.250% 08-07/12/2049 GBP 71 938 0.22105 000 UK TREASURY 4.500% 09-07/09/2034 GBP 196 412 0.60199 506 UK TSY I/L GILT 0.125% 12-22/03/2024 GBP 338 671 1.0356 909 UK TSY I/L GILT 0.625% 09-22/11/2042 GBP 103 330 0.31Italy 1 485 895 4.50INTESA SANPAOLO 3.125% 13-300 00015/01/2016USD 295 735 0.90INTESA SANPAOLO 4.000% 12-100 00009/11/2017EUR 132 871 0.40807 000 ITALY BTPS 3.500% 12-01/11/2017 EUR 1 057 289 3.20Brazil 1 315 714 3.99170 000 REP OF BRAZIL 4.875% 10-22/01/2021 USD 198 050 0.60100 000 REP OF BRAZIL 5.625% 09-07/01/2041 USD 120 000 0.36450 000 REP OF BRAZIL 7.125% 06-20/01/2037 USD 634 500 1.93350 000 TELEMAR N L 5.500% 10-23/10/2020 USD 363 164 1.10Mexico 1 116 380 3.39MEXICAN UTD STS 5.625% 06-160 00015/01/2017USD 184 800 0.56PETROLEOS MEXICA 5.500% 10-480 00021/01/2021USD 548 400 1.66UNITED MEXICAN 3.625% 12-280 00015/03/2022USD 298 480 0.91UNITED MEXICAN 5.950% 08-70 00019/03/2019USD 84 700 0.26Poland 1 112 550 3.38POLAND GOVT BOND 6.250% 04-790 00024/10/2015PLN 265 790 0.81REPUBLIC OF POLAND 5.000% 11-740 00023/03/2022USD 846 760 2.57South Africa 842 263 2.56REPUBLIC OF SOUTH AFRICA 4.665%430 00012-17/01/2024USD 463 863 1.41320 000 SOUTH AFRICA 5.875% 07-30/05/2022 USD 378 400 1.15Spain 839 000 2.55100 000 BANKINTER SA 2.750% 13-26/07/2016 EUR 130 511 0.40INSTIT CRDT OFCL 4.500% 06-200 00007/03/2013GBP 303 059 0.92300 000 SPANISH GOVT 4.500% 12-31/01/2018 EUR 405 430 1.23Colombia 713 200 2.17100 000 BANCOLOMBIA 5.950% 11-03/06/2021 USD 114 000 0.35120 000 ECOPETROL SA 7.625% 09-23/07/2019 USD 151 200 0.46REP OF COLOMBIA 4.375% 11-400 00012/07/2021USD 448 000 1.36Chile 681 615 2.06400 000 CHILE 3.875% 10-05/08/2020 USD 442 000 1.34100 000 CODELCO INC 7.500% 09-15/01/2019 USD 126 865 0.38100 000 ENAP 6.250% 09-08/07/2019 USD 112 750 0.34Cayman Islands 617 699 1.88100 000 IPIC GMTN LTD 5.875% 11-14/03/2021 EUR 157 699 0.48KUWAIT PROJECTS 9.375% 10-100 00015/07/2020SAUDI ELECTRCITY 4.211% 12-200 00003/04/2022VOTO - VOTORANTIM 6.625% 09-100 00025/09/2019USD 129 000 0.39USD 216 750 0.66USD 114 250 0.35The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 37
<strong>PARVEST</strong> Flexible Bond WorldSecurities portfolio at 28/02/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsQuantity DenominationQuotationcurrencyMarket value% of netassetsKazakhstan 540 963 1.64120 000 KAZATOMPROM 6.250% 10-20/05/2015 USD 128 400 0.39KAZMUNAIGAZ FINA 11.750% 09-250 00023/01/2015USD 291 563 0.88KMG FINANCE SUB 7.000% 10-100 00005/05/2020USD 121 000 0.37Qatar 451 000 1.37STATE OF QATAR 4.500% 11-400 00020/01/2022USD 451 000 1.37Lithuania 417 929 1.27330 000 LITHUANIA 7.375% 10-11/02/2020 USD 417 929 1.27Denmark 407 466 1.24DENMARK - BULLET 4.000% 06-1 995 00015/11/2017DKK 407 466 1.24British Virgin Islands 370 830 1.12PCCW - HKT CAP NO4 4.250% 10-100 00024/02/2016USD 106 630 0.32SINOPEC GRP OVER 3.900% 12-250 00017/05/2022USD 264 200 0.80France 355 456 1.0865 000 FRANCE O.A.T. 4.000% 05-25/04/2055 EUR 98 380 0.30SOCIETE GENERALE 2.750% 12-250 00012/10/2017USD 257 076 0.78Malaysia 334 707 1.02310 000 SARAWAK INT 5.500% 05-03/08/2015 USD 334 707 1.02South Korea 305 490 0.93EXP - IMP BANK KOREA 5.125% 10-100 00029/06/2020KOREA RESOURCES CO 4.125% 10-180 00019/05/2015USD 115 050 0.35USD 190 440 0.58Canada 287 425 0.87205 000 CANADA GOVT 5.000% 04-01/06/2037 CAD 287 425 0.87India 258 359 0.78230 000 NTPC LTD 5.625% 11-14/07/2021 USD 258 359 0.78Panama 243 000 0.74150 000 PANAMA 9.375% 99-01/04/2029 USD 243 000 0.74Singapore 240 531 0.73SINGAPORE GOVT 2.500% 09-270 00001/06/2019SGD 240 531 0.73Norway 211 241 0.64NORWEGIAN GOV 4.250% 06-1 095 00019/05/2017NOK 211 241 0.64Trinidad & Tobago 132 500 0.40100 000 PETROTRIN 9.750% 09-14/08/2019 USD 132 500 0.40Ireland 110 500 0.34RUSSIAN RAILWAYS 5.739% 10-100 00003/04/2017USD 110 500 0.34Luxembourg 107 278 0.33100 000 SB CAPITAL SA 5.499% 10-07/07/2015 USD 107 278 0.3365 000The Netherlands 98 787 0.30VOLKSWAGEN INTFN 1.250% 12-20/08/2015GBP 98 787 0.30Floating rate bonds 104 750 0.32Luxembourg 104 750 0.32100 000 BANK OF MOSCOW 05-25/11/2015 SR USD 104 750 0.32Other transferable securities 6 197 815 18.79To be Announced 6 197 815 18.79United States ofAmerica 6 197 815 18.793 000 000 FGLMC 3 3/13 3.000% 13-15/12/2042 USD 3 090 939 9.373 000 000 FNCL 3 3/13 3.000% 13-25/11/2042 USD 3 106 876 9.42Shares/Units in investment funds 3 009 022 9.12Luxembourg 3 009 022 9.12FFTW MORTGAGE TOTAL1 121.47RETURN AACUSD 3 009 022 9.12Total securities portfolio 37 282 020 113.12The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 38
<strong>PARVEST</strong> World Agriculture (USD)Securities portfolio at 28/02/2013Expressed in USDQuantity DenominationQuotationcurrencyMarket value% of netassetsMoney Market Instruments 53 281 896 80.70France 23 291 625 35.28BANQUE FEDERATIVE DU CR 0.000%2 800 00003/06/2013 CDUSD 2 797 878 4.24BANQUE FEDERATIVE DU CR 0.000%3 000 00004/03/2013 CDUSD 2 999 897 4.542 500 000 BPCE SA 0.000% 11/04/2013 CD USD 2 498 834 3.78CAISSE DEPOTS ET CONSI 0.000%4 000 00017/04/2013 ECPUSD 3 998 774 6.06CREDIT AGRICOLE SA 0.000%2 500 00003/06/2013 CDUSD 2 498 986 3.79CREDIT INDUSTRIEL ET CO2 500 00003/06/2013 CDUSD 2 498 986 3.793 000 000 NATIXIS 0.320% 07/05/2013 CD USD 3 000 000 4.54SOCIETE GENERALE SA3 000 00006/05/2013 CDUSD 2 998 270 4.54United States ofAmerica 8 498 139 12.87US TREASURY BILL 0.000% 12-5 000 00006/06/2013USD 4 998 559 7.57US TREASURY BILL 0.000% 12-3 500 00018/04/2013USD 3 499 580 5.30Austria 5 997 480 9.086 000 000 AUSTRIAN T-BILL 12-04/04/2013 USD 5 997 480 9.08Germany 5 498 838 8.33FMS WERTMANAGEMENT3 000 00015/03/2013 ECPUSD 2 999 688 4.54KREDITANSTALT FUR WIED2 500 00007/05/2013 ECPUSD 2 499 150 3.79United Kingdom 5 497 360 8.33BARCLAYS BANK PLC 0.000%2 500 00003/06/2013 CDUSD 2 498 986 3.79CREDIT AGRICOLE CIB3 000 00030/04/2013 CDUSD 2 998 374 4.54Luxembourg 2 999 220 4.54BANQUE ET CAISSE D EPA3 000 00008/04/2013 ECPUSD 2 999 220 4.54Australia 1 499 234 2.27BANK OF CHINA LTD SYDN1 500 00015/04/2013 ECPUSD 1 499 234 2.27Shares/Units in investment funds 6 241 913 9.46Ireland 6 241 857 9.465 100.87 BNP PA-GLB LIQ USD-PRM PPUSD USD 6 241 857 9.46Luxembourg 56 0.000.47 BNP INSTICASH USD PRIV CAP USD 56 0.00Total securities portfolio 59 523 809 90.16The ac<strong>com</strong>panying notes form an integral part of these financial statementsPage 39
Notes to the financial statementsPage 40
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Note 1 - GeneralSince 1 March 2012 the Company has proceeded to the following changes:a) Change the name of sub-fundsSub-funds Date EventsBond USD 1 November 2012 Renamed Bond USD Governmentb) Complete merger of sub-fundsSub-funds Date EventsConvertible Bond Asia 19 March 2012 Absorbing BNP Paribas L1 Convertible Bond Asiac) Transformed categories and classesSub-funds Date EventsBond USD renamed Bond USDTransformation of the share class “Classic-Distribution” into1 November 2012Government“Classic MD”Convertible Bond Asia 1 November 2012Transformation of the share class “Classic-Distribution” into“Classic MD”Convertible Bond Asia 1 November 2012Transformation of the share class “Classic New Distri” into“Classic-Distribution”Flexible Bond World 1 November 2012Transformation of the share class “Classic-Distribution” into“Classic MD”The following share class “Privilege - Distribution” was created on 21 February 2013 into all sub-funds.d) Eligibility for the “Plan Epargne en Actions” (PEA)Owing to their eligibility for French share savings schemes (PEA), the sub-funds of the <strong>PARVEST</strong> SICAV listed belowpermanently invest at least 75% of their net assets in shares and rights that are eligible for the PEA and are issued by<strong>com</strong>panies established in France, another Member State of the European Union or in Iceland or Norway and which aresubject to corporation tax or an equivalent regime.Equity High Dividend EuropeEquity Europe Mid CapNote 2 - Principal accounting methodsa) Globalized statements for the various sub-funds<strong>PARVEST</strong>’s (consolidated) financial statements are expressed in EUR by converting the financial statements of thesub-funds denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial year.b) Currency conversionThe accounts of each sub-fund are kept in the currency in which its net asset value is expressed, and the financialstatements are expressed in that currency.The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency ofthe sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities.The in<strong>com</strong>e and expenses denominated in a currency other than that of the sub-fund are converted into the currency ofthe sub-fund on the basis of the exchange rates prevailing on the transaction date.Page 41
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013On the closing date, the market values of the securities (determined by the method described below), the claims, bankdeposits and debt denominated in a currency other than that of the sub-fund are converted into the currency of the subfundon the basis of the exchange rates prevailing on that date, with any exchange differentials resulting from theconversion of the securities, claims, bank deposits and debt being included in the net result for the financial year.c) Presentation of the financial statementsThe financial statements are presented on the basis of the latest net asset value calculated during the financial period. Inaccordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time ofcalculation. The stock market prices and exchange rates are those of 28 February 2013. This principle has been applieduniformly and consistently for all the sub-funds. By way of information, a certain lead time is required before indicativeprices be<strong>com</strong>e available for certain illiquid securities, so that for these securities it was impossible for material reasonsto use prices as at 28 February 2013 in the last net asset value of the financial year.However, these net asset values would not have been significantly different from those shown in the annual accounts.d) Valuation of the securities portfolioThe valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, isrecognized and accessible to the public, is based on the closing price on the order acceptance date, or the price on themarket day following that day for Asian markets, and, if the securities concerned are traded on several markets, on thebasis of the most recent price on the major market on which they are traded; if this price is not a true reflection, thevaluation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fidemanner.Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regularmanner, is recognised and accessible to the public, are valued on the basis of the probable sale price estimated in aprudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors.e) Valuation of forward foreign exchange contractsForward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreignexchange rate corresponding to the remaining life of the contract. Any unrealised gains and losses are included whendetermining the result of the transactions.To calculate the net positions per currency, the positions are converted at the forward exchange rates corresponding tothe remaining life of the contract.f) Valuation of financial instrumentsFinancial futures are valued at their last-known market price. The other financial instruments are valued at the prices atwhich the position would be able to be liquidated, depending on the conditions prevailing on the market at the valuationdate.Realised and unrealised profits or losses resulting there from are included in the “Statement of operations and changesin net assets”.To calculate the net positions per currency on financial instruments, the positions are converted at the exchange rateeffective on the closing date.The underlying securities on index futures contracts are presented after the securities portfolios and are calculated at thenominal value of the contract.Page 42
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013g) Valuation of credit default swapsThe value of a Credit Default Swap shall be determined by <strong>com</strong>paring the value of the protection swap leg and the valueof the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using therelevant risk-adjusted discount. The value of the protection leg is the present value of the expected loss inherent to thecontract. Default probabilities used to <strong>com</strong>pute the expected loss are derived from the structure of par market swaprates. Par market swap rates will be obtained from a cross-section of market counterparties.h) Valuation of total return swaps and performance swapsThe Company may enter into Total Return Swap contracts (“TRS”) and performance swaps in which the Company andthe counterparty agree to exchange payments, where one or both of the parties pays/pay returns generated by a basket ofassets, an index, etc. The payments made by the Company to the counterparty and vice versa are calculated by referenceto a specific security, a specific index or a given nominal amount in a financial instrument.Underlying securities or instruments must be transferable securities and indices must be indices deriving from aregulated market.The valuation of these TRS and performance swaps will reflect at any time the difference between the last-known priceof the underlying security and the valuation that was taken into account when the transaction was established.The details of the underlying securities are available on request from BNP Paribas Investment Partners Luxembourg.i) Presentation of optionsOptions contracts traded over-the-counter are valued at the prices at which the position could be liquidated under themarket conditions prevailing at the valuation date. The liquidation value of forward contracts or options contracts tradedon regulated markets will be based on the latest available settlement price of these contracts on the regulated markets onwhich these forward contracts or option contracts are traded by the SICAV; provided that if a forward contract or anoptions contract cannot be liquidated on the day on which the net assets are valued, the basis that will be used todetermine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors.Options are included in the “Securities portfolio statement” under the heading “Options".j) Valuation of securities lending, reverse repurchase and repurchase agreementsSecurities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the“Statement of operations and changes in net assets” under “In<strong>com</strong>e on investments and assets”.Securities that have been lent are shown in the net assets of the sub-fund in question, at their market value.Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteedby the underlying securities. They are transactions by which the transferor transfers ownership of securities to anotherperson (the transferee) and by which the transferor irrevocably undertakes to repurchase them and the transfereeirrevocably undertakes to retrocede them, at an agreed price and date.Securities reverse repurchase agreements are valued at their purchase price expressed in the original currency,irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date beingshown under the heading “Other assets”.Securities repurchase agreements are valued at their market value.k) Valuation of interest rate swapsInterest rate swaps are valued on the basis of the difference between the value of all future interest payable by theCompany to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of thesepayments and the value of all future interest payable by the counterparty to the Company on the valuation date at thezero coupon swap rate corresponding to the maturity of these payments.Page 43
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013l) ComparisonsConcerning the sub-funds that merged during the financial period and that were still open on 28 February 2013, mergersinvolving absorption of the net assets of the absorbed sub-funds or funds were recorded in the accounts by means of asubscription in the absorbing sub-funds at the merger dates. Consequently, the line “Net subscriptions/(redemptions)” inthe “Statement of operations and changes in net assets” includes the net assets of the absorbed sub-funds or funds at themerger dates.m) Geographic distributionThe geographic distribution of the securities portfolio is based on the issuing country.n) AbbreviationsPosition P: P = purchasePosition S: S = saleo) Note on Indian TaxEach sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised whendisposing of certain Indian securities held by a sub-fund are subject to capital gains tax in India, which, if any, isdisclosed in the Statement of operations and changes in net assets under the heading taxes. The tax is <strong>com</strong>puted on netrealised gains, and realised losses in excess of gains may under certain conditions be carried forward one year to offsetfuture gains. Indian tax law imposes a tax on net realised gains from Indian securities sold within one year from the dateof purchase. Given the Company’s intent to hold portfolio securities for more than one year, the Company does notaccrue a deferred tax liability on net unrealised gains on Indian securities.In case the Company incurred a total realised loss on security sales as at fiscal year-end, the Company could recover thetaxable amount paid during the year on net realised gains, provided that a claim to the Tax Administration is introducedwithin three years.p) Position on mortgage-backed securities (to be announced)Mortgage-backed securities are subject to current <strong>com</strong>mercial market practices in relation to securities guaranteed bybonds, according to which a security will buy/sell a basket of mortgage loans for a fixed price at a later date.At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed atthe time of purchase/sale, the final face value will not yet have been fixed.The “to-be-announced” positions are shown in the securities portfolio as at 28 February 2013.At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating topayables/receivables on securities are included under “Other liabilities”/“Other assets” in the Statement of net assets.Note 3 - Management feesThe maximum annual fee payable monthly and calculated on the average net asset value of each share category for eachsub-fund over the past month. For certain sub-funds a reduced management fee was charged during financialyear/period.The management fees applicable to the Classic category are also applicable for the category Classic H EUR.The management fees applicable to the I category are also applicable for the category IH EUR.No management fee is charged for the “X” class.A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3% per annum.Page 44
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Sub-fundsClassic,Classic NewDistri and NPrivilegeIBond Euro 0.75% 0.40% 0.30%Bond USD renamed Bond USD Government (on 1 November 2012 ) 0.75% 0.40% 0.30%Bond World Inflation-Linked 0.75% 0.40% 0.30%Convertible Bond Asia 1.20% 0.70% 0.60%Equity Brazil 1.75% 1.00% 0.75%Equity Bric 1.75% 1.00% 0.75%Equity Europe Converging 1.50% 0.80% 0.60%Equity Europe Mid Cap 1.50% 0.80% 0.60%Equity High Dividend Europe 1.50% 0.80% 0.60%Equity Japan 1.50% 0.80% 0.60%Equity Latin America 1.75% 1.00% 0.75%Equity Russia Opportunity 1.75% 1.00% 0.75%Equity USA Mid Cap 1.75% 1.00% 0.70%Equity World Technology Innovators 1.50% 0.80% 0.60%Flexible Bond World 0.75% 0.40% 0.30%World Agriculture (USD) 1.50% 0.80% 0.60%Note 4 - Other feesOther fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share classand serving to cover general custody assets expenses (remuneration of the Depositary) and daily administrationexpenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documentslegally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, <strong>com</strong>missionsfor transactions not related to the deposit, director fees, interest and bank fees, one-off expenses, and the “taxed’abonnement” in force in Luxembourg, as well as any other specific foreign tax and other regulators levy.Note 5 - TaxesAt the date of the Prospectus, the Company is not liable to any Luxembourg in<strong>com</strong>e tax or capital gains tax.The Company is liable to an annual “taxe d’abonnement” in Luxembourg representing 0.05% of the net asset value.This rate is reduced to 0.01% for:a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits withcredit institutions;b) sub-funds with the exclusive objective of collective investments with credit institutions;c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs.The following are exempt from this “taxe d’abonnement”:a) the value of assets represented by units or shares in other UCIs, provided that these units, or shares have alreadybeen subject to the “taxe d’abonnement”;b) sub-funds, share categories and/or classes:Page 45
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013(i) whose securities are reserved to Institutional investors, Managers or UCIs and(ii) whose sole object is the collective investment in money market instruments and the placing of deposits withcredit institutions, and(iii) whose weighted residual portfolio maturity does not exceed 90 days, and(iv) that have obtained the highest possible rating from a recognised rating agency;c) sub-funds, share categories and/or classes reserved to:(i) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one ormore employers for the benefit of their employees, and(ii) <strong>com</strong>panies having one or more employers investing funds to provide pension benefits to their employees;d) sub-funds whose main objective is investment in microfinance institutions;e) sub-funds, shares categories and/or classes:(i) whose securities are listed or traded on at least one stock exchange or another regulated market operatingregularly that is recognized and open to the public, and(ii) whose exclusive object is to replicate the performance of one or several indices.When due, the “taxe d’abonnement” is payable quarterly based on the relevant net assets and calculated at the end ofthe quarter for which it is applicable.In addition, the Company may be subject to foreign UCI’s tax, and/or other regulators levy in the country where thesub-fund is registered for distribution.Note 6 - DividendsThe following monthly dividends were paid in 2012 in the “Classic MD” categories.- Payment datesMonth Record Date (D-9) (1) NAV ex-Dividend Date (D-8) Payment Date (D) (2)January 17 18 31 JanuaryFebruary 18 19 1 MarchMarch 18 19 2 AprilApril 17 18 30 AprilMay 6 7 14 MayJune 18 19 1 JulyJuly 18 19 31 JulyAugust 21 22 3 SeptemberSeptember 17 18 30 SeptemberOctober 18 21 31 OctoberNovember 19 20 2 DecemberDecember 16 17 31 December(1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day.(2) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day.If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific currency or country), settlementwill be made the 1st business day after or any other day <strong>com</strong>municated by the local agent.- Monthly Amount until January:Sub-fund Class Currency DividendBond USD Government“Classic-Distribution” until September,“Classic MD” as from OctoberUSD 0.21Convertible Bond Asia“Classic-Distribution” until September,“Classic MD” as from OctoberUSD 0.28Flexible Bond World“Classic-Distribution” until September,“Classic MD” as from OctoberUSD 0.03Page 46
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Monthly Amount from February until December:Sub-fund Class Currency DividendBond USD Government“Classic-Distribution” until September,“Classic MD” as from OctoberUSD 0.21Convertible Bond Asia“Classic-Distribution” until September,“Classic MD” as from OctoberUSD 0.29Flexible Bond World“Classic-Distribution” until September,“Classic MD” as from OctoberUSD 0.03Dividends paid on 30 April 2012 for distribution shares outstanding at 18 April 2012:Sub-fund Class Coupon n° Currency DividendBond Euro Classic-Distribution 12 EUR 3.41Equity Brazil Classic-Distribution 12 USD 4.79Equity BRIC Classic-Distribution 12 USD 3.53Equity Europe Converging Classic-Distribution 14 EUR 2.71Equity Europe Mid Cap Classic-Distribution 16 EUR 8.86Equity High Dividend Europe Classic-Distribution 12 EUR 1.65Equity Japan Classic-Distribution 12 JPY 53Equity Latin America Classic-Distribution 12 USD 17.61Equity Russia Opportunity Classic-Distribution 12 USD 1.40Equity USA Mid Cap Classic-Distribution 12 USD 1.96Equity World Technology Innovators Classic-Distribution 10 USD 1.12Dividends paid on 2 July 2012 for distribution shares outstanding at 20 June 2012:Sub-fund Class Coupon n° Currency DividendConvertible Bond Asia Classic New Distri 12 USD 1.58It has been decided to not pay dividends for the following sub-funds this year:Sub-fund Class Coupon n°Bond World Inflation-linked Classic-Distribution 12Note 7 - Exchange ratesThe exchange rates used to convert the Fund’s “Statement of net assets” and “Statement of operations and changes innet assets” in currencies other than EUR as at 28 February 2013 were the following:EUR 1 = CHF 1.22005EUR 1 = CZK 25.69750EUR 1 = GBP 0.86125EUR 1 = JPY 120.61610EUR 1 = NOK 7.48030EUR 1 = PLN 4.15025EUR 1 = SEK 8.42650EUR 1 = USD 1.30735Page 47
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Note 8 - Futures contractsAs at 28 February 2013, the following positions were outstanding:Bond EuroCurrency Quantity Purchase/ DescriptionSaleMaturityCommitment(in EUR)Net unrealisedgain/loss(in EUR)EUR 349 P EURO-SCHATZ FUTURE 07/03/2013 38 646 515 44 255Total: 44 255Bond USD GovernmentCurrency Quantity Purchase/SaleUSD 50 SUSD 19 PUSD 4 PUSD 92 SUSD 65 PBond World Inflation-LinkedCurrency Quantity Purchase/SaleDescriptionULTRA LONG TERM USTREASURY BONDFUTUREUS 2YR NOTE FUTURE(CBT)US 5YR NOTE FUTURE(CBT)US 10YR NOTE FUTURE(CBT)US LONG BOND FUTURE(CBT)DescriptionMaturityCommitment(in USD)Net unrealisedgain/loss(in USD)19/06/2013 (7 900 000) 25 62528/06/2013 4 188 906 (594)28/06/2013 495 938 28919/06/2013 (12 102 313) 1 93819/06/2013 9 345 781 (16 594)Total: 10 664MaturityCommitment(in EUR)Net unrealisedgain/loss(in EUR)EUR 44 P EURO-BOBL FUTURE 07/03/2013 5 613 520 53 980USD 132 SULTRA LONG TERM USTREASURY BONDFUTURE19/06/2013 (15 952 882) 50 914USD 25 PUSD 117 PGBP 39 SUSD 56 PUSD 143 PEquity World Technology InnovatorsCurrency Quantity Purchase/SaleUSD 15 SUS 2YR NOTE FUTURE(CBT)US 5YR NOTE FUTURE(CBT)LONG GILT FUTURE(LIFFE)US 10YR NOTE FUTURE(CBT)US LONG BOND FUTURE(CBT)DescriptionNASDAQ E-MINIFUTURE28/06/2013 4 215 947 (598)28/06/2013 11 095 859 2 19926/06/2013 (5 284 075) (91 576)19/06/2013 5 634 776 (2 343)19/06/2013 15 727 019 (34 366)Total: (21 790)MaturityCommitment(in USD)Net unrealisedgain/loss(in USD)15/03/2013 (821 400) (8 325)Total: (8 325)Page 48
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Flexible Bond WorldCurrency Quantity Purchase/SaleDescriptionMaturityCommitment(in USD)Net unrealisedgain/loss(in USD)EUR 14 P EURO-BUND FUTURE 07/03/2013 2 653 738 29 428EUR 12 S EURO-BOBL FUTURE 07/03/2013 (2 001 501) (9 844)USD 64 SUS 10YR NOTE FUT(CBT)19/06/2013 (8 419 000) (11 832)USD 5 SUS LONG BOND FUT(CBT)19/03/2013 (726 406) 17 344USD 1 PUS LONG BOND FUT(CBT)19/06/2013 143 781 (562)USD 12 SULTRA LONG TERM USTREASURY BONDFUTURE19/06/2013 (1 896 000) 11 052USD 11 SUS 2YR NOTE FUTURE(CBT)28/06/2013 (2 425 156) (594)USD 44 SUS 5YR NOTE FUTURE(CBT)28/06/2013 (5 455 313) (3 449)GBP 8 SLONG GILT FUTURE(LIFFE)26/06/2013 (1 417 054) (12 174)EUR 6 P EURO-BTP FUTURE 07/03/2013 859 400 (5 648)EUR 4 P SPANISH 10YR FUTURE 07/03/2013 563 991 20 238AUD 4 S AUST 10YR BOND 15/03/2013 (502 229) (3 477)JPY 1 P JPN 10YR BOND (TSE) 11/03/2013 1 572 187 7 696EUR 4 PEURO BUXL 30YRBONDS07/03/2013 699 694 1 360CAD 1 PCAN 10YR BONDFUTURE19/06/2013 130 317 1 498USD 2 P 90DAYS EURO $ FUTURE 18/03/2013 498 525 0Total: 41 036Note 9 - Forward foreign exchange contractsAs 28 February 2013, forward foreign exchange contracts were as follows:Bond USD GovernmentCurrency Purchase amount Currency Sale amountEUR 3 106 481 EUR 1 569 605USD 2 050 204 USD 4 118 855Net unrealised loss (in USD) (59 279)As at 28 February 2013, the latest maturity of all outstanding contracts was 15/03/2013.Bond World Inflation-LinkedCurrency Purchase amount Currency Sale amountCAD 321 155 AUD 5 230 645EUR 279 609 352 CAD 11 342 724GBP 3 404 719 EUR 21 171 201USD 26 809 515 GBP 89 043 067JPY 716 187 794MXN 129 285 130SEK 45 894 376USD 186 000 064Net unrealised gain (in EUR) 5 954 987As at 28 February 2013, the latest maturity of all outstanding contracts was 10/04/2013.Page 49
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Convertible Bond AsiaCurrency Purchase amount Currency Sale amountSGD 17 000 000 JPY 900 000 000USD 9 602 494 USD 13 733 623Net unrealised loss (in USD) (151 506)As at 28 February 2013, the latest maturity of all outstanding contracts was 08/03/2013.Equity JapanCurrency Purchase amount Currency Sale amountEUR 426 942 859 EUR 221 415 055JPY 26 512 588 633 JPY 52 277 761 523Net unrealised loss (in JPY) (975 215 322)As at 28 February 2013, the latest maturity of all outstanding contracts was 15/03/2013.Equity USA Mid CapCurrency Purchase amount Currency Sale amountEUR 45 420 265 EUR 21 890 473USD 28 567 067 USD 60 181 725Net unrealised loss (in USD) (850 890)As at 28 February 2013, the latest maturity of all outstanding contracts was 15/03/2013.Flexible Bond WorldCurrency Purchase amount Currency Sale amountAUD 3 078 000 AUD 2 570 577BRL 1 450 000 BRL 437 000CAD 2 432 552 CAD 3 117 871CHF 2 872 081 CHF 6 211 421CLP 220 424 000 CLP 219 316 000CNY 4 321 000 CZK 2 760 000COP 452 533 000 DKK 2 348 000CZK 2 735 000 EUR 12 367 203EUR 8 001 442 GBP 6 032 144GBP 2 014 385 HKD 868 000HKD 19 035 000 HUF 24 466 000HUF 102 756 000 IDR 1 806 065 000IDR 6 740 254 000 INR 6 940 000INR 7 007 000 JPY 1 055 170 749JPY 844 363 454 KRW 755 249 749KRW 1 105 516 351 MXN 20 424 198MXN 43 643 000 MYR 123 000MYR 1 708 000 NOK 9 425 819NOK 11 957 000 NZD 1 212 470NZD 1 781 258 PLN 2 880 403PLN 3 560 000 RUB 16 948 000RUB 32 467 000 SEK 18 365 184SEK 5 463 860 SGD 285 000THB 13 587 000 THB 1 373 000TRY 3 331 000 TRY 1 249 000TWD 20 805 000 TWD 1 186 000USD 50 591 212 USD 41 308 079ZAR 6 310 000 ZAR 2 031 000Net unrealised gain (in USD) 439 456As at 28 February 2013, the latest maturity of all outstanding contracts was 11/04/2013.Page 50
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Note 10 - SwapsCredit Default SwapsThe Company has entered into swap agreements whereby it exchanges fixed in<strong>com</strong>e for in<strong>com</strong>e linked to changes incredit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. Theseamounts are calculated and recognised at each calculation of the Net Asset Value; the amount of the unrealised capitalgain is stated under “Net Unrealised gain on financial instruments” in the Statement of net assets, and the amount of netcapital loss is given under “Net Unrealised loss on financial instruments” in the Statement of net assets.Flexible Bond WorldNominal Currency Maturity Sub-fund paid Sub-fund received400 000 USD 20/06/2017 5.000%FORD MOTOR CRED 5.000%11- 15/05/2018400 000 USD 20/06/2017FORD MOTOR CO 6.500% 98-01/08/20185.000%400 000 USD 20/09/2017 1.000%GOLDMAN SACHS 5.950% 08-18/01/2018400 000 USD 20/09/2017CITIGROUP INC 6.125% 08-15/05/20181.000%2 300 000 USD 20/12/2017EMEXEU CDSI S18 V1 5Y PRC20/12/20175.000%2 200 000 USD 20/12/2017EMEXEU CDSI S18 V1 5Y PRC20/12/20175.000%200 000 USD 20/12/2017METLIFE INC 4.750% 10-08/02/20211.000%1 500 000 EUR 20/06/2022 0.250 %US TREASURY NB 4.875% 06-15/08/2016Net unrealised gain (in USD) 568 519Interest Rate SwapsThe Company has entered into swap agreements whereby it exchanges fixed in<strong>com</strong>e (sum of the notional amount andthe fixed rate) for variable in<strong>com</strong>e (sum of the notional amount and the floating rate) and vice versa. These amounts arecalculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under “Otherassets” in the Statement of net assets, while the payable amount is given under “Other liabilities” in the Statement of netassets.Flexible Bond WorldNominal Currency Maturity Sub-fund paid Sub-fund received1 800 000 AUD 22/04/2014 2.820% AUSTRALIAN BK BILL ST3M3 900 000 NZD 24/12/2014 AUSTRALIAN BK BILL ST3M 2.840%1 800 000 AUD 22/01/2015 AUSTRALIAN BK BILL ST3M 3.020%1 300 000 NZD 24/12/2016 3.140%NEW ZEALAND BANK BILL3M FRA7 100 000 NOK 04/01/2017 2.630% NIBOR 6M NOK3 200 000 NOK 04/01/2023 NIBOR 6M NOK 3.958%500 000 EUR 05/07/2032 EURIBOR 6M 360 DAYS 2.770%415 000 EUR 05/07/2042 2.400% EURIBOR 6M 360 DAYSNet unrealised gain (in USD) 1 112Page 51
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Inflation SwapsThe Company has entered into inflation swap agreements whereby it exchanges fixed in<strong>com</strong>e (sum of the notionalamount and the fixed rate) for variable in<strong>com</strong>e (sum of the notional amount and the floating rate) and vice versa. Theseamounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under“Other assets” in the Statement of net assets, while the payable amount is given under “Other liabilities” in theStatement of net assets.Flexible Bond WorldNominal Currency Maturity Sub-fund paid Sub-fund received1 200 000 USD 13/11/2017US CPI URBANCONSUMERS NSA2.377 %200 000 USD 19/09/2022 2.855 %US CPI URBANCONSUMERS NSANet unrealised gain (in USD) 6 475Total Return SwapsA Total Return Swap (TRS) is an agreement to exchange the total performance of a bond or other underlying asset(share, index, etc.) for a benchmark rate plus a spread. The total performance includes the interest coupons, dividendsand profits and losses on the underlying asset over the life of the agreement, depending on the type of underlyingconcerned. The risk in this type of agreement is linked to the fact that the benefit for each counterparty will depend onhow the underlying asset performs over time, which is unknown at the time at which the agreement is entered into.World Agriculture (USD)Nominal Currency Maturity Sub-fund paid Sub-fund received10 100 000 USD 29/05/2013 0.210%SG DJUBS AGRICULTURE &LIVESTOCK7 100 000 USD 29/05/2013 0.350%BARCLAYS MOMENTUMALPHA AGRICULTURE ERINDEX11 450 000 USD 29/05/2013 0.390%MERRILL LYNCH SPGCALPBACKWARDATIONMOMENTUM LONG-ONLYINDEX11 900 000 USD 13/12/2013 0.145%JP MORGAN S&P GSCIAGRICULTURAL &LIVESTOCK INDEX ER26 570 000 USD 13/12/2013 0.120%CREDIT SUISSE DOW JONES -UBS AGRICULTUREINDEX ERNet unrealised loss (in USD) (1 040 478)Note 11 - Share currenciesThe net asset value per share is now priced in the currency of the share class and no longer in the currency of thesub-fund.Page 52
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Note 12 - Repurchase agreementAs at 28 February 2013, the SICAV had entered into a repurchase agreement under the terms of which the followingsecurity was repurchased:Bond World Inflation-LinkedMarket valueCurrency Nominal Description Maturity(EUR)USD (5 355 843) US TSY INFL IX N/B 13-15/01/2023 03/07/2013 (4 096 717)Note 13 - Securities lendingAs at 28 February 2013, the Company had concluded the following securities lending agreements with financial<strong>com</strong>panies:Sub-fundsCurrencySecurities lending -Market valueBond Euro EUR 966 690 341Convertible Bond Asia USD 5 377 060Equity Europe Mid Cap EUR 4 469 339Equity High Dividend Europe EUR 75 142 658Equity Japan JPY 3 704 945 357Equity Latin America USD 712 560Equity World Technology Innovators USD 2 885 287As at 28 February 2013, the guarantee delivered consists of pledged securities registered in a tripartite account held withJP Morgan Chase under the name BNP Paribas Investment Partners Luxembourg on behalf of the funds, pursuant toCircular 08/356. This represents 111.36% of the required guarantee.Note 14 - CollateralIn order to limit counterparty risk on swap agreements, the SICAV has put a collateralisation process in place.As at 28 February 2013, the SICAV pledged the following collateral in favour of swap agreement counterparties:Sub-funds Currency OTC collateralEquity Japan JPY (34 978 669)World Agriculture (USD) USD (2 871 706)As at 28 February 2013, the counterparties to swap agreements pledged the following collateral in favour of the SICAV:Sub-funds Currency OTC collateralEquity Japan JPY 41 009 474Flexible Bond World USD 588 308World Agriculture (USD) USD 987 149Note 15 - “Soft dollar” feesWith the aim of optimising execution, broker fees on portfolio transactions for the Company may be granted byportfolio managers in <strong>com</strong>pensation for brokers’ research and services in executing transactions.Research, information and other services allow portfolio managers to strengthen their own research and analyses bygiving them access to information from their counterparts in other <strong>com</strong>panies.Page 53
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013These services do not incorporate travel expenses, ac<strong>com</strong>modation, entertainment, general back-office, office andpremises equipment, membership fees, wages and payments directly charged to the fund managers.During the financial year ending 28 February 2013, the following fund manager was able to conclude soft dollaragreements:• Fairpointe Capital LLCNote 16 - Related party transactionsThe related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies orother financial products for the account of each sub-fund for which the related parties act as broker or for their ownaccount or as counterparty for their clients, including in the case in which the related parties or their clients have theoption of conducting transactions for their own account at the same time as for the account of each sub-fund.When handling purchases and sales of securities for each sub-fund, the related parties may also have acted ascounterparty at the best market conditions.The Company considers that the <strong>com</strong>missions, increases and reductions invoiced by the related parties are <strong>com</strong>petitive,although it is in the related parties’ interests to receive favorable <strong>com</strong>mission rates, and increases and reductions foreach sub-fund.Note 17 - List of investment manager at 28 February 2013• BNP Paribas Investment Partners Asia Limited, Hong Kong, abbreviated to BNPP IP Asia• BNP Paribas Asset Management, Paris, abbreviated to BNPP AM France• BNP Paribas Investment Partners Netherlands N.V., Amsterdam, The Netherlands, abbreviated to BNPP IPNL• BNP Paribas Investment Partners UK Limited, London, abbreviated to BNPP IP UK• BNP Paribas Asset Management Inc, Boston, Massachusetts, USA abbreviated to BNPP AM Inc• Fairpointe Capital LLC, Chicago, Illinois, USA, abbreviated to Fairpointe• Fischer Francis Trees & Watts UK Ltd., London, United Kingdom, abbreviated to FFTW UK• Fischer Francis Trees & Watts, Inc., New York, abbreviated to FFTW US• FOURPOINTS Investment Managers Sas, Paris, France• THEAM S.A.S, Paris, France, abbreviated to THEAM (since 1 June 2012)• TKB BNP Paribas Investment Partners J.S.C., St. Petersburg, Russian Federation, abbreviated to TKBSub-fundsConvertible Bond AsiaEquity BrazilEquity Europe ConvergingEquity Latin AmericaBond EuroEquity JapanEquity Europe Mid CapEquity Russia OpportunityWorld Agriculture (USD)Equity High Dividend EuropeBond World Inflation-LinkedAsset managersBNPP IP AsiaBNPP IP UK for the management of the FXBNPP AM IncBNPP AM IncBNPP IP UK for the management of the FXBNPP AM FranceBNPP AM FranceBNPP IP UK for the management of FXBNPP AM France advised by TKBBNPP IP UK for the management of FXTHEAMBNPP IP UK for the FX managementBNPP IP NLBNPP IP UK for the management of the FXFFTW USFFTW UK as co-managerPage 54
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013Sub-fundsBond USD renamed Bond USDGovernment (on 1 November 2012)Flexible Bond WorldEquity World Technology InnovatorsEquity USA Mid CapEquity BRICAsset managersFFTW USFFTW UK as co-managerBNPP IP UK for the FX managementFFTW UKFFTW US as co-managerFOURPOINTS Investment Managers SASBNPP IP UK for the FX managementFairpointeBNPP IP UK for the FX managementBNPP AM Inc for the asset allocation and the management of theassets not entrusted to other managersBNPP AM Inc advised by TKB for the management of the assetsinvested in “Equity Russia”BNPP AM Inc sub-delegated to BNPP IP Asia for the managementof the assets invested in “Equity China” and “Equity India”BNPP IP UK for the FX managementNote 18 - Transaction feesTransaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments,derivatives or other eligible assets are mainly <strong>com</strong>posed of standard fees, sundry fees on transaction, stamp fees,brokerage fees, custody fees, VAT fees, stock exchange fees, RTO fees (Reception and Transmission of Orders) anddilution levy.In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financialinstruments. Consequently, in any given transaction, there will be a difference between the purchase and sale pricesquoted by the broker, which represents the broker’s fee.Note 19 - Post balance sheet eventsIn the context of the rationalisation of the BNP Paribas Group range of funds and associated costs, the Board ofDirectors decides, in accordance with the provisions of Article 32 of the Articles of Association of the Company and theChapter 8 of the Luxembourg Law of 17 December 2010 concerning UCI and in agreement with the Board of Directorsof the Luxembourg SICAV-UCITS <strong>PARVEST</strong>,a) to dissolve without liquidation the Merging sub-funds by transfer all of their assets and liabilities into theReceiving sub-funds in exchange for the issuing to their shareholders of new shares of the Receiving sub-fundsas follows:New launched sub-funds Date EventsBond Asia ex-Japan 21 May 2013 Absorbing BNP Paribas L1 Bond Asia ex-JapanBond Best Selection World Emerging 21 May 2013 Absorbing BNP Paribas L1 Bond Best Selection World EmergingBond USD 21 May 2013 Absorbing BNP Paribas L1 Bond USDBond World High Yield 21 May 2013 Absorbing BNP Paribas L1 Bond World High YieldEquity Best Selection Asia ex-Japan 21 May 2013 Absorbing BNP Paribas L1 Equity Best Selection Asia ex-JapanEquity Best Selection Europe 21 May 2013 Absorbing BNP Paribas L1 Equity Best Selection EuropeEquity China 21 May 2013 Absorbing BNP Paribas L1 Equity ChinaEquity Europe Emerging 21 May 2013 Absorbing BNP Paribas L1 Equity Europe EmergingEquity High Dividend Pacific 21 May 2013 Absorbing BNP Paribas L1 Equity High Dividend PacificEquity India 21 May 2013 Absorbing BNP Paribas L1 Equity IndiaEquity Indonesia 21 May 2013 Absorbing BNP Paribas L1 Equity IndonesiaEquity Russia 21 May 2013 Absorbing BNP Paribas L1 Equity RussiaEquity USA Growth 21 May 2013 Absorbing BNP Paribas L1 Equity USA GrowthEquity World Energy 21 May 2013 Absorbing BNP Paribas L1 Equity World EnergyEquity World Finance 21 May 2013 Absorbing BNP Paribas L1 Equity World FinancePage 55
<strong>PARVEST</strong>Notes to the financial statements at 28/02/2013New launched sub-funds Date EventsEquity World Health Care 21 May 2013 Absorbing BNP Paribas L1 Equity World Health CareEquity World Materials 21 May 2013 Absorbing BNP Paribas L1 Equity World MaterialsEquity World Technology 21 May 2013 Absorbing BNP Paribas L1 Equity World TechnologyEquity World Utilities 21 May 2013 Absorbing BNP Paribas L1 Equity World UtilitiesOpportunities USA 21 May 2013 Absorbing BNP Paribas L1 Opportunities USABond World 27 May 2013 Absorbing BNP Paribas L1 Bond WorldBond World Emerging Corporate 27 May 2013 Absorbing BNP Paribas L1 Bond World Emerging CorporateEquity Europe Growth 27 May 2013 Absorbing BNP Paribas L1 Equity Europe GrowthEquity Germany 27 May 2013 Absorbing BNP Paribas L1 Equity GermanyEquity High Dividend USA 27 May 2013 Absorbing BNP Paribas L1 Equity High Dividend USAEquity World Consumer Durables 27 May 2013 Absorbing BNP Paribas L1 Equity World Consumer DurablesEquity World Tele<strong>com</strong> 27 May 2013 Absorbing BNP Paribas L1 Equity World Tele<strong>com</strong>Green tigers 27 May 2013 Absorbing BNP Paribas L1 Green tigersReal Estate Securities Pacific 27 May 2013 Absorbing BNP Paribas L1 Real Estate Securities PacificReal Estate Securities World 27 May 2013 Absorbing BNP Paribas L1 Real Estate Securities WorldWorld Commodities 27 May 2013 Absorbing BNP Paribas L1 World Commoditiesb) To dissolve without liquidation all the share classes without the “Classic-DIS” one of the following BNP ParibasL1 sub-funds by transfer all of their assets and liabilities into the Receiving sub-funds in exchange for the issuingto their shareholders of new shares of the Receiving sub-funds as follows.New launched sub-funds Date EventsBond World Emerging Local 21 May 2013 Absorbing BNP Paribas L1 Bond World Emerging LocalConvertible Bond World 21 May 2013 Absorbing BNP Paribas L1 Convertible Bond WorldEquity World Emerging 21 May 2013 Absorbing BNP Paribas L1 Equity World EmergingPage 56
Unaudited appendix<strong>PARVEST</strong>Consideration of environmental, social and governance (ESG) criteriaBNP Paribas Asset Management applies a Responsible Investment Policy which sets out a certain number of ESGcriteria applicable to our investment decisions. This policy is based on the criteria of the United Nations GlobalCompact, an international framework built on international conventions relating to human rights, labour, theenvironment and anti-corruption. This global initiative is supplemented by criteria aimed at controlling investment incertain business sectors, such as nuclear and coal-fired power stations, and prohibiting investment in controversialproducts, such as anti-personnel mines and cluster bombs. The investment criteria and implementation principlesincluded in our Responsible Investment Policy can be consulted on our website at www.bnpparibas-ip.<strong>com</strong>.Global market risk exposureThe Management Company of the Fund after a risk profile assessment, decides between the <strong>com</strong>mitment approach andthe VAR (99%, 1 Month) to determine the global market risk exposure.The VaR limit use (minimum, maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit(20% for absolute return VaR sub funds and 2 times benchmark VaR for relative VaR for relative VaR sub funds).The global market risk exposure information for the year ending 28 February 2013, are as follows:Sub-fundsBond USD (until31 October 2012)renamed BondUSD GovernmentGlobalRiskcalculationMethodRelative VaRVaRmodelMonteCarloReferencePortfolioJPM GBI United States/ JPM USD (08/00 -JPM 5/7 USD)VaRlimit2 timesBenchmarkVaRLowestutilisationof VaRlimitHighestutilisationof VaRlimitAverageutilisationof VaRlimitAveragelevel ofleveragereachedduringthe year41.02% 46.93% 43.65% 115%Bond USDGovernment (since1 November 2012)Relative VaRMonteCarloJPM GBI United States/ JPM USD (08/00 -JPM 5/7 USD)2 timesBenchmarkVaR38.57% 42.40% 40.81% 50%Bond WorldInflation-LinkedRelative VaRMonteCarloBarclays WLDGovernment InflationLinked All Mat(EUR HD)2 timesBenchmarkVaR24.20% 29.48% 26.75% 119%Convertible BondAsiaRelative VaRMonteCarloUBS Convertible AsiaEx Japan2 timesBenchmarkVaR27.63% 51.28% 43.38% 100%Flexible BondWorldVaR AbsoluteMonteCarloNo Benchmark 20% 7.65% 25.70% 15.56% 250%The sub-funds not disclosed in the table here above use the <strong>com</strong>mitment approach in order to measure and monitor theglobal exposure.Page 57
www.bnpparibas-ip.<strong>com</strong>A global presenceEuropeAustriaBelgiumFranceGermanyGreeceItalyLuxembourgPortugalSpainSwitzerlandThe NetherlandsUKNorth AmericaCanadaUSALatin AmericaArgentinaBrazilChileColombiaMexicoUruguayAsia PacificAustraliaBruneiChinaHong KongIndiaIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwanNordicsDenmarkFinlandNorwaySwedenEEMEABahrainCzech RepublicKuwaitMoroccoRussiaTurkeyOffice addresses can be found in the About Us section of www.bnpparibas-ip.<strong>com</strong>.14, rue Bergère - 75009 Paris - FranceDecember 2012 - Design: - P1211105_UK
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