Audited Annual Report as of December 31, 2014 Annual Report as of December 31, 2014 CGS FMS (formerly SAXO INVEST, SICAV) Société d’Investissement à Capital Variable Administrative

Audited Annual Report

as of December 31, 2014

CGS FMS (formerly SAXO INVEST, SICAV)

Société d’Investissement à Capital Variable

Administrative Agent:

R.C.S. LuxembourgB 157.442

Organisation 4

Report of the Board of Directors 5 - 6

Global Exposure 7 - 8

Risk Management 8

Report of the Investment Managers 9 - 26

CGS FMS - SICAV (formerly SAXO INVEST, SICAV)

Combined Statement of Net Assets 27

Combined Statement of Operations 28 - 29

Combined Statement of Changes in Net Assets 30

CGS FMS - Global Evolution Frontier Markets (formerly SAXO INVEST - Global Evolution Frontier Markets)

Fund Structure 31

Statement of Net Assets 32 - 40

Statement of Forward Transactions 41 - 44

Statement of Swaps 44

Statement of Operations 45 - 46

Statement of Changes in Net Assets 47

Statistical Information 48 - 58

CGS FMS - Global Evolution EM Debt (formerly SAXO INVEST - Global Evolution EM Debt)

Fund Structure 59


Statement of Forward Transactions 65




CGS FMS - Global Evolution EM Local Debt (formerly SAXO INVEST - Global Evolution EM Local Debt)

Fund Structure 71



Statement of Option Rights 76




CGS FMS - Global Evolution EM Blended Debt (formerly SAXO INVEST - Global Evolution EM Blended Debt)

Fund Structure 82



Table of Contents

2

Table of Contents




CGS FMS - CPH Capital Global Equities (formerly SAXO INVEST - CPH Capital Global Equities)

Fund Structure 94





CGS FMS - Global Evolution EM Debt and FX (formerly SAXO INVEST - Global Evolution EM Debt and FX)

Fund Structure 106


Statement of Forward Transactions 111 - 113




CGS FMS - Global Evolution Emerging Frontier (formerly SAXO INVEST - Global Evolution Emerging Frontier)

Fund Structure 119





Statistical Information 129

SAXO INVEST - CPH Capital Consumer Equities

Fund Structure 130

Statement of Net Assets 131

Statement of Operations 132


Statistical Information 134

Notes to the Financial Statements 135 - 143

Report of the Réviseur d’Entreprises agréé 144

Local Centralizing, Paying, Facilities, Information or Representative Agents 145

3

CGS FMS (formerly SAXO INVEST)

Registered Office Custodian Bank

CGS FMS (formerly SAXO INVEST) The Bank of New York Mellon SA/NV, Luxembourg Branch

Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg

R.C.S. Luxembourg B 157.442

Domiciliary, Paying, Registrar and Transfer AgentBoard of Directors

The Bank of New York Mellon (Luxembourg) S.A.

Chairman of the Board of Directors Vertigo Building - Polaris, 2-4, rue Eugène Ruppert, L - 2453 Luxembourg

Mr. Eric Chinchon Investment ManagersME Business Solutions S.à.r.l.

16, rue Jean-Pierre Brasseur, L - 1258 Luxembourg Global Evolution Fondsmæglerselskab A/S

Kokholm 3A, DK - 6000 Kolding

Directors CPH Capital Fondsmæglerselskab A/S (until December 29, 2014)

Tuborg Havnevej 19, DK - 2900 Hellerup

Mr. Bjørn Krog Andersen

Head of Legal and Compliance of Saxo Bank A/S (Denmark) Legal AdvisorPhilip Heymans Allé 15, DK - 2900 Hellerup

Elvinger, Hoss & Prussen

Mrs. Priscilla Hardison 2, place Winston Churchill, L - 1340 Luxembourg

Head of Investment Funds and Client Management of CGS FMS SICAV

16, rue Jean-Pierre Brasseur, L - 1258 Luxembourg Auditor

Mr. Søren Rump KPMG Luxembourg, Société coopérative

CEO Global Evolution Cabinet de révision agréé

Fondsmæglerselskab A/S, Kokholm 3A, DK - 6000 Kolding 39, avenue John F. Kennedy, L - 1855 Luxembourg

Management Company

Universal-Investment-Luxembourg S.A.

15, rue de Flaxweiler, L - 6776 Grevenmacher

Organisation

4


Share class ISIN Net asset value of the share class

in currency

Performance of

the share price in %

CGS FMS - Global Evolution Frontier Markets I EUR LU0501220262 405,823,923.14 4.83

CGS FMS - Global Evolution Frontier Markets R EUR LU0501220429 148,175,111.47 3.75

CGS FMS - Global Evolution Frontier Markets E EUR LU0697197597 12,292,754.35 3.18

CGS FMS - Global Evolution Frontier Markets R USD LU0735966888 117,860,532.45 3.84

CGS FMS - Global Evolution Frontier Markets R SEK LU0875246554 279,348,666.74 4.63

CGS FMS - Global Evolution Frontier Markets R CHF LU0875244427 1,878,177.15 3.57

CGS FMS - Global Evolution Frontier Markets I USD (17/03/2014 until 31/12/2014) LU1034966249 41,062,841.17 4.58

CGS FMS - Global Evolution Frontier Markets R CL CHF (25/03/2014 until 31/12/2014) LU1034967130 3,413,648.59 3.80

On January 27, 2014, SAXO INVEST CPH Capital Consumer Equities R EUR share class, respectively the sub-fund, was liquidated and thereafter the sub-fund was removed from the prospectus.

On December 2, 2014, the Company convened an extraordinary general meeting for shareholders. At the meeting, the shareholders resolved to proceed with the transfer of assets and liabilities of the assets of CGS FMS – CPH Capital Global

Equities to those of ACMBernstein SICAV – Global Core Equity Portfolio with effective date as of December 29, 2014.

On 29 December 2014 (the “Transfer Date”), accordingly, the assets and liabilities of CGS FMS – CPH Capital Global Equities were transferred to the ACMBernstein SICAV – Global Core Equity Portfolio. In exchange for the transfer of the assets

and liabilities, ACMBernstein SICAV issued to the shareholders of the CGS FMS – CPH Capital Global Equities (for the shares of each class of shares that they held) an equal number of shares in the ACMBernstein SICAV – Global Core Equity

Portfolio on the Transfer Date.

The launch of new share classes of the sub-funds are stated in the section “Statistical Information”.

As at December 31, 2014, the net asset value and the performance of the share price of the sub-funds during the reporting period was as follows:

Report of the Board of Directors

Dear Shareholders,

With this report, we would like to give you an overview of the general economic environment and the performance of the CGS FMS, SICAV (formerly SAXO INVEST, SICAV) and its respective sub-funds Global Evolution Frontier Markets, Global

Evolution EM Debt, Global Evolution EM Local Debt, Global Evolution EM Blended Debt, CPH Capital Global Equities, Global Evolution EM Debt and FX and Global Evolution Emerging Frontier and SAXO INVEST - CPH Capital Consumer

Equities.

CGS FMS, SICAV (formerly SAXO INVEST, SICAV) ("the fund") was established in the Grand Duchy of Luxembourg on December 3, 2010 in the form of an investment company governed by the Law of Luxembourg. The fund is subject to Part 1

of the Law of December 17, 2010 on undertakings for collective investment ("UCI").

On January 29, 2014 the Company's reconvened extraordinary general meeting of shareholders (the "EGM") decided to change the name of the Company from "SAXO INVEST" to "CGS FMS" from 7 February 2014. We would like to briefly

explain why it decided to ask the EGM to change the Company's name. In 2013, Saxo Bank A/S fully divested from the Company's investment managers CPH Capital Fondsmæglerselskab A/S ("CPH Capital FMS") and Global Evolution

Fondsmæglerselskab A/S ("Global Evolution FMS"). In so doing, it reduced its commercial interest (stakeholding) in the Company. To reflect the new shared interest in the Company, the Company's name was changed to "CGS FMS".

On August 6, 2014, the sub-fund CGS FMS Global Evolution EM Debt and FX, which was dormant since September 28, 2012, was reactivated with the simultaneous launching of the institutional and retail share classes.

Effective April 1, 2014, the Company adopted a new performance fee calculation methodology for the sub-funds CGS FMS – Global Evolution EM Debt and FX, CGS FMS – Global Evolution EM Debt, CGS FMS – Global Evolution EM Local Debt

and CGS FMS – Global Evolution EM Blended Debt.

5


Report of the Board of Directors

Share class ISIN Net asset value of the share class

in currency

Performance of

the share price in %

CGS FMS - Global Evolution Frontier Markets R CL EUR (27/06/2014 until 31/12/2014) LU1034966678 6,296,580.77 -0.30

CGS FMS - Global Evolution Frontier Markets R DD EUR (04/09/2014 until 31/12/2014) LU1034966751 3,858,418.58 -0.79

CGS FMS - Global Evolution Frontier Markets E USD (04/12/2014 until 31/12/2014) LU0735966961 49,780.23 -0.44

CGS FMS - Global Evolution EM Debt I EUR LU0616502026 132,238,635.56 8.19

CGS FMS - Global Evolution EM Debt E EUR (01/01/2014 until 10/07/2014) LU0699624671 529.32 7.32

CGS FMS - Global Evolution EM Local Debt I EUR LU0616502372 94,099,623.24 8.22

CGS FMS - Global Evolution EM Local Debt R EUR LU0616502455 2,152,766.80 7.24

CGS FMS - Global Evolution EM Blended Debt R EUR LU0616502612 24,390,450.83 -0.25

CGS FMS - Global Evolution EM Blended Debt I EUR (08/07/2014 until 31/12/2014) LU0616502539 5,488,674.71 -5.86

CGS FMS - CPH Capital Global Equities R EUR (01/01/2014 until 29/12/2014) LU0616502885 56,740,503.12 13.54

CGS FMS - CPH Capital Global Equities I EUR (01/01/2014 until 29/12/2014) LU0616502703 95,944,931.94 14.93

CGS FMS - CPH Capital Global Equities X EUR (01/01/2014 until 29/12/2014) LU0725851603 180,148,189.91 15.22

CGS FMS - CPH Capital Global Equities X GBP (01/01/2014 until 29/12/2014) LU0875249731 29,688,100.96 8.65

CGS FMS - Global Evolution EM Debt and FX I (06/08/2014 until 31/12/2014) LU0501220775 25,096,583.82 3.51

CGS FMS - Global Evolution EM Debt and FX R (06/08/2014 until 31/12/2014) LU0501220858 12,450,607.42 3.03

CGS FMS - Global Evolution Emerging Frontier Z USD LU0914716807 267,160,309.71 5.28

SAXO INVEST - CPH Capital Consumer Equities R EUR (01/01/2014 until 27/01/2014) LU0735967183 37,942.85 -1.44

6


1. Commitment approach

Sub-Fund




SAXO INVEST - CPH Capital Consumer Equities*

* The period of operation for this sub-fund was less than one calendar year. The sub-fund was only active from the 1 January - 27 January 2014.

2. Relative VaR approach

Confidence level : 99% Holding Period: 1 day Observation Period: 1 year

Sub-Fund Reference Portfolio Minimum Maximum Average

CGS FMS - Global Evolution EM Debt

(formerly SAXO INVEST - Global Evolution EM Debt) 0.42% 1.24% 0.82%

CGS FMS - Global Evolution EM Local Debt

(formerly SAXO INVEST - Global Evolution EM Local

Debt)

0.80% 1.71% 1.16%

CGS FMS - Global Evolution EM Blended Debt

(formerly SAXO INVEST - Global Evolution EM Blended

Debt)

0.57% 1.14% 0.79%

100% JPM Emerging Markets Bond Index (EMBI Global Diversified USD)

100% JPM EMBI Global Total Return USD

Global Exposure (not audited)The global exposure is calculated for all sub-funds regardless of their investment strategies. The methods used to measure the global exposure for the sub-funds are the commitment

approach and VaR approach according to the CSSF Circular 11/512.

The commitment approach is used for the sub-funds that do not use financial derivative instruments to a large extent and in a systematic way as part of complex investment strategies.

The sum of the underlying equivalents must not exceed the net asset value of the fund.

The VaR approach is considered for sub-funds that use financial derivative instruments to a large extent and in a systematic way as part of complex investment strategies. The relative

VaR approach was used for the following sub-funds (listed below) because a derivative-free benchmark (Reference Portfolio), which reflects the investment policy and investment

strategy, could be defined.

The Sub-Fund’s VaR was calculated using historical simulation based on these figures:

20% JP Morgan GBI-EM Global Div Asia Traded In- dex Total Return Index Level

US $ (Morgan Markets), 25% JP Morgan GBI-EM Global Div Middle East & Africa

Traded Index Total Return Index Level US $ (Morgan Markets), 25% JP Morgan

GBI-EM Global Div Latin America Traded Index Total Return Index Level US $

(Morgan Markets) and 30% JP Morgan GBI-EM Global Div Europe Traded Index

Total Return Index Level US $ (Morgan Markets)

7


Sub-Fund Reference Portfolio Minimum Maximum Average

CGS FMS - Global Evolution EM Debt and FX

(formerly SAXO INVEST - Global Evolution EM Debt and

FX)*

0.31% 1.06% 0.80%

* The period of measurement is less than a calendar year. The sub-fund was only active from 6 August - 31 December 2014

Risk Management (not audited)Derivatives Exposure and Leverage (not audited)

Sub-Funds Derivative

Exposure in %

128.00

97.00

34.00

102.00

0.00

254.00

17.00

0.00

For sub-funds using relative VaR, the leverage (sum of notionals of derivatives) is shown below.

Sub-Funds Leverage %

CGS FMS - Global Evolution EM Debt 200.00

CGS FMS - Global Evolution EM Local Debt 154.00

CGS FMS - Global Evolution EM Blended Debt 220.00

CGS FMS - Global Evolution EM Debt and FX 338.00

SAXO INVEST - CPH Capital Consumer Equities (01/01/2014 until 27/01/2014)

100% JPM Emerging Markets Bond Index (EMBI Global Diversified USD)

CGS FMS - Global Evolution EM Debt and FX

CGS FMS - Global Evolution EM Local Debt


CGS FMS - CPH Capital Global Equities (01/01/2014 until 29/12/2014)

CGS FMS - Global Evolution Emerging Frontier

CGS FMS - Global Evolution Frontier Markets


The derivative exposure (as per reporting period end) is shown in the following table.

8


Report of the Investment Managers

CGS FMS - Global Evolution Frontier Markets (former SAXO INVEST - Global Evolution Frontier Markets)

Investment Objective

The objective of the frontier markets strategy is to create attractive returns by utilizing a non-benchmark focused and diversified strategy within sovereign frontier emerging markets globally. The sub-fund invests in hard currency and local currency

instruments as well as foreign exchange contracts. To achieve the investment objective Global Evolution Frontier Markets will use a range of financial instruments (local currency debt instruments, hard currency debt instruments and foreign

exchange) and derivative financial instruments (interest rate futures, interest rate swaps, total return swaps, credit default swaps, FX forwards, FX options and non-deliverable forwards).

Past Year’s Market Environment

2014 proved a year to remember. The consensus call for the US economy and the dollar to gain strength proved right but the concurrent consensus call for 10yr US treasury yields to rise to 3.30% and above in 2014 certainly proved wrong despite

better US macro data and bellwether US stock index S&P500 going from one record high to another and with the Federal Reserve (Fed) unwinding its quantitative easing (QE)-program. The Fed's go-it-alone approach on monetary policy tightening

became obvious as the ECB and the Bank of Japan (BOJ) shifted into overdrive on monetary easing leaving ECB's deposit rate negative and BOJ's target for annual monetary base expansion at JPY 80trn. The dovish camp was joined by the People's

Bank of China that unexpectedly cut in its benchmark interest rates for the first time since 2012.

As to geopolitical and idiosyncratic market drivers, the Russian annexation of Crimea and the ongoing conflict in eastern Ukraine kept investors busy and defensive through most of the second half of 2014. As Western-imposed sanctions on Russia

began to bite, capital outflows became a notable drag on the Ruble and the performance of Russian assets in general. Elsewhere, despite US led airstrikes in Iraq and Syria, Islamic state continued to question the balance of power, not only in Iraq

and Syria but also in much of the Arab world. Africa for a while became the epicenter for scary global headlines as Ebola took its toll in primarily three West African countries. However, global media soon lost interest as Ebola seemed contained and

with crude oil entering a freefall following the game changer decision by OPEC to keep output unchanged and defend market shares amid booming US shale output, the global media and investors had found a new focus area.

Performance Drivers for 2014

Performance-wise, a few notable investment themes dominated 2014. Going into 2014 Fed's tapering and the call for higher US yields saw the so-called twin deficit "fragile five" countries (Brazil, South Africa, Indonesia, India and Turkey) in the firing

line. Later on, in late spring and early summer the very same "fragile five" were back in vogue as the previous fear was replaced by complacency thanks to the unexpected low volatility/low yield environment ruling the US treasury market. The

Russian/Ukrainian crisis and the downing of a Malaysian airliner over rebel held eastern Ukraine was a wake-up call. Chinese slow down worries came and went and the Brazilian presidential election caused some market volatility locally but it was the

collapse in oil prices in Q4 that proved decisive for the full year overall emerging markets (EM) performance as investors questioned the sustainability of oil exporters' fiscal and external positions.

A 86bps dollar debt supportive decline in 10yr US treasury yields, broad based dollar strength that left most local currencies behind and the steep decline in oil prices were the dominant performance drivers in 2014. For a while Ebola took its toll on

risk sentiment towards frontier Africa, but it was the sudden slump in oil prices that in earnest saw local fixed income and FX as well as dollar denominated debt backed by oil exporters in the firing line. Being the most extreme example of an oil

dependent economy in dire need of structural reforms, Venezuela suffered thereby causing headwinds to overall sub-fund performance. Ukraine fared even worse leaving the credit down 29.77% on the year as the ongoing armed conflict with pro-

Russian separatists in the eastern regions of Ukraine and sanctions on Ukrainian exports to Russia led to fiscal distress and with debt restructuring only being averted by international donor support. However, our longstanding zero-weight in Ukrainian

hard currency debt as well as local currency debt spared the sub-fund for negative performance. In Africa, fiscal underperformance ruled in Ghana leaving investor sentiment negative and the Cedi (GHS) under pressure. At some point the Cedi was

trading as weak as 3.8876 to the dollar in August having started the year in 2.3750. With its back against the wall the Ghanaian government finally turned to the IMF and the Cedi recovered to 3.25 - 3.26. Still, the Cedi was down almost 30% on the

year contributing negatively to overall sub-fund performance. The 65/35 split between local currency debt and hard currency debt was slightly changed as the year progressed to 60/40. In Nigeria (oil dependent exporter), we cut the local market

exposure to zero in December on concerns that ongoing depressed pricing of oil would leave fiscal performance strained in the run-up to presidential and parliamentary elections due in February 2015.

9


Frontier FX spot performance, % against USD, 2014 (sample)

Source: Bloomberg

To the contrary, our exposure to Argentina (hard currency debt) and Sri Lanka (local currency debt) performed very well, with Argentina (EMBIGD component) up 19.07% on the year despite being in selective default. Also, although most currencies in

the sub-fund were down against the dollar in 2014, we benefitted from a generous carry primarily in local fixed income.

Frontier sub-fund 2014 return attribution

Source: Bloomberg

10


Outlook for 2015

On the threshold of 2015, following two years of negative returns (against the dollar), local currency debt - or rather local FX - is an unloved under-owned asset class that is not given the benefit of doubt in an environment of depressed commodity

prices (read oil prices) and with most forecasters calling for eminent QE by the ECB while predicting ongoing dollar strength. As to hard currency debt, the appetite is more plain sailing; credit premiums are roughly 50bps wider than a year ago and

therefore more attractive, and with the oil price slump and its deflationary impact, it is hard to envision a major jump in US treasury yield that could jeopardize the appeal of hard currency debt anytime soon. For various reasons Ukraine, Venezuela

and Argentina remain risk factors with potentially adverse impact on investors sentiment towards EM debt and FX. On the other hand, provided that the ECB delivers on QE and that risk free German yields stay record low and even negative, any hike

of the US Fed sub-funds rate is likely to be a one-off and the rise in US treasury yields probably to be modest. In the second half of 2015, we expect crude oil prices and the hard commodity complex to recover from the current depressed pricing in H2

2015. In the meantime we are biased to keep the exposure to oil dependent exporters low to the benefit of oil importers and manufacturing exporters.

A stronger US dollar may pose a headwind for local curry performance again in 2015, but this is as much about broad based dollar strength as it is about local currency weakness. In fact, we expect frontier currencies to do relatively well against the

euro and the yen.

Portfolio composition as of December 31, 2014, % of AUM

Source: Global Evolution

11




The sub-fund invested in publicly listed equities including ordinary and preference shares primarily in the consumer staples sector and secondary the consumer discretionary sector. Issuers of these securities may be located in any country.

Material Changes

The sub-fund has been liquidated as of January 27, 2014.

CGS FMS - Global Evolution EM Debt (former SAXO INVEST - Global Evolution EM Debt )


The objective of the emerging markets debt strategy is to create attractive returns by utilizing a diversified strategy within emerging markets focusing primarily on sovereign hard currency debt, but also on strategies that include sovereign local

currency denominated debt and currency instruments.











Performance-wise, a few notable investment themes dominated 2014. Going into 2014, Fed's tapering and the call for higher US yields saw the so-called twin deficit "fragile five" countries in the firing line. Later on, in late spring and early summer the

very same "fragile five" were back in vogue as the previous fear was replaced by complacency thanks to the unexpected low volatility/low yield environment ruling the US treasury market. The Russian/Ukrainian crisis and the downing of a Malaysian

airliner over rebel held eastern Ukraine was a wake-up call. Chinese slowdown worries came and went and the Brazilian presidential election caused some market volatility locally but it was the collapse in oil prices in Q4 that proved decisive for the

full year overall EM performance as investors questioned the sustainability of oil exporters' fiscal and external positions. As it turned out, hard currency debt index EMBIGD made a full year return of 7.43% after recording a 8.67% return in H1, 2014. In

spite of the negative return in H2, 2014 the full-year return compares favorably to local currency debt benchmark GBIEMGD (unhedged against USD) that suffered a negative 5.72% full-year return after being up 5.99% by end H1. The sub-fund

performance was influenced by the downtrend in US treasury yields and our reluctance towards long duration, which - in hindsight - proved a bad call. On a positive note, by taking off-benchmark positions in euro denominated emerging markets

bonds we successfully took advantage of the support that was lend to these bonds by low yielding/no yielding government bonds in the Euro-area and the extraordinary easing measures put in place by the ECB. Furthermore, our decision to keep both

Ukraine and Russia as zero-weights contributed very significantly to relative performance. Despite Argentina in selective default as a consequence of US court rulings and the ongoing legal stand-off with debt hold-outs, our exposure to Argentina was

a positive contributor to overall sub-fund performance, absolute as well as relative. Still in Latin America, as oil prices nosedived in Q4 a slight overweight position in Venezuela was a drag on overall sub-fund performance. To the contrary, an

overweight/long duration in oil importing Turkey and in Indonesia paid off well and in the end, as the general sentiment towards emerging markets turned really bad in December and spreads generally widened, we actually gained from being overall

low on duration.

12


Outlook for 2015

On the threshold of 2015, whereas local currency debt - or rather local FX - is an unloved under-owned asset class that is not given the benefit of doubt, the appetite for hard currency debt is more plain sailing; credit premiums are roughly 60bps wider

than a year ago and therefore more attractive, and with the oil price slump and its deflationary impact making headline deflation the more plausible near-term outcome in G3, it is hard to envision a major jump in US treasury yields that could

jeopardize the appeal of hard currency debt anytime soon. For various reasons Russia, Ukraine, Venezuela and Argentina remain risk factors with potentially adverse impact on investors sentiment towards EM debt and FX. On the other hand,

provided that the ECB delivers on QE and that risk free German yields stay record low and even negative, the high grade spectrum of EM hard currency debt as well as local fixed income in CEE EU-member states should see some support from

crossover investors in search for yield. In fact, the attraction of hard currency debt (euro denominated) and perhaps even local currency debt issued by EU member states should prove particularly hard to resist. Consequently, this is something that we

will look to exploit in our hard currency debt investment strategy.



13


CGS FMS - Global Evolution EM Local Debt (former SAXO INVEST - Global Evolution EM Local Debt )


The objective of the emerging markets local debt strategy is to create attractive returns by utilizing a diversified strategy within emerging markets focusing on sovereign local currency denominated debt and currency instruments.










2014 local currency performance against the dollar, % (sample)

Source: Bloomberg

14


2014 local currency performance against the euro, % (sample)

Source: Bloomberg

Source: Bloomberg





full year overall EM performance as investors questioned the sustainability of oil exporters' fiscal and external positions. As it turned out, hard currency debt index EMBIGD made a full year return of 7.43% after recording a 8.67% return in H1, 2014. To

the contrary, local currency debt benchmark GBIEMGD (unhedged against USD) suffered a negative 5.72% full-year return after being up 5.99% by end of the first half of 2014.

As to the sub-fund´s performance, we correctly foresaw the broad based strengthening of the dollar, although the extent of strengthening in Q4 was not part of our initial base scenario for 2014. That being said, we correctly held a CEE-local fixed

income and FX underweight thereby gaining from the decline in EUR/USD. Benefitting relative performance in H2, a significant underweight in Russian local currency debt proved successful. In Asia, we successfully invested in India and Sri Lanka

although a zero weight in China proved a drag on relative performance. Turning to Latin America, our investment strategies in Brazil proved successful for the year as a whole but an overweight exposure was a drag on performance in particular in Q4,

2014 as the real plummeted following the presidential election in October. Also hurting performance, our long exposure to local fixed income and FX in oil exporting Colombia was a drag on overall and relative performance as authorities let the

currency adjust as a counterweight to dwindling hard currency export earnings from oil. In Nigeria, another oil exporter with a high sensitivity to oil prices, we lowered the duration exposure in summer 2014 and avoided a 350bps jump in longer dated

tenors. Later, in November we went zero-weight as oil prices continued to tank and since political and sectarian risks were rising ahead of presidential and parliamentary elections scheduled for February 2015. For the year as a whole we actually

benefitted from our Nigerian investment strategies.

15




Outlook for 2015


prices (read oil prices) and with most forecasters calling for eminent QE by the ECB while predicting ongoing dollar strength. On the other hand, provided that the ECB delivers on QE and that risk free German yields stay record low and even negative,

the high grade spectrum of EM hard currency debt as well as local fixed income in CEE EU-member states should see some support from crossover investors in search for yield.

Admittedly, the case for local FX is not convincing. However, the fact that GBIEMGD unhedged against the euro returned +6.29% in 2014 as the DXY dollar index gained 10.40% is a testimony of broad based dollar strength in contrast to EM currency

weakness. Being the devils advocate, the 2014 consensus call for US yields to move higher proved wrong and we think that the current consensus for crude oil prices to stay depressed and the dollar to continue its advance may prove too emotional

and herd-like. This is not to say that we are near-term euro and commodity bulls, but we can come up with a few potential surprises that would rock consensus.

Given the outlook (at least near term) for ongoing dollar strength most emerging markets currencies will face a hard time to keep track with the greenback. Add to this that the weakness in hard commodities and the deterioration in exporters' terms of

trade, these are strong arguments for local policy makers to let currencies adjust and most investors will probably agree that commodity exporters are to be avoided/kept underweight to the benefit of commodity importers. Eastern European low

yielding local markets are kept underweight (due to EUR/USD sensitivity and in some cases a high US ownership) to the benefit of selective Latin American markets (Mexico should benefit from US growth, Brazil offer significant carry), Asia (energy

importers) and selective African names. Finally, despite many frontier economies being commodity exporters we remain a fan of frontier markets due to these markets' idiosyncratic risk profile, the benign sensitivity to global headlines/the relatively low

foreign participation and the carry offered.

16


CGS FMS - Global Evolution EM Blended Debt (former SAXO INVEST - Global Evolution EM Blended Debt)


The sub-fund objective is to create attractive returns by utilizing a diversified strategy within emerging markets focusing on sovereign hard currency debt, local currency denominated debt and currency instruments in a dynamic and very actively

managed format. To achieve the investment objective Global Evolution will dynamically manage the exposure to sovereign hard currency debt, local currency instruments and frontier markets.











Performance wise, a few notable investment themes dominated 2014. Going into 2014, Fed's tapering and the call for higher US yields saw the so-called twin deficit "fragile five" countries in the firing line. Later on, in late spring and early summer the



full year overall EM performance as investors questioned the sustainability of oil exporters' fiscal and external positions. The performance of the sub-fund was influenced by our reluctance towards long duration dollar debt and - in hindsight - a local

currency exposure that proved too high especially in early Q1 and the slump in oil prices and the ongoing broad based dollar strength in late Q3 and Q4. That being said, in our local currency debt bucket we correctly held a CEE-local fixed income and

FX underweight thereby gaining from the decline in EUR/USD. Also benefitting relative performance, a zero weight in Ukrainian hard currency debt, a zero weight in Russian hard currency debt and a significant underweight in Russian local currency

debt all proved successful. However, an overweight exposure to local fixed income and FX in Brazil was a drag on performance in H2, 2014 and in particular as the real plummeted following the presidential election in October. Also hurting

performance, our long exposure to local fixed income and FX in Colombia was a drag on overall and relative performance as authorities let the currency adjust as a counterweight to dwindling hard currency export earnings from oil. Finally, a slight

overweight in Venezuela's dollar debt was both a negative absolute and relative return.

Allocation between hard currency debt and local currency debt, % of AuM


17


Outlook for 2015



therefore more attractive, and with the oil price slump and its deflationary impact making headline deflation the more plausible near-term outcome in G3, it is hard to envision a major jump in US treasury yield that could jeopardize the appeal of hard

currency debt anytime soon. For various reasons Russia, Ukraine, Venezuela and Argentina remain risk factors with potentially adverse impact on investors sentiment towards EM debt and FX. On the other hand, provided that the ECB delivers on QE

and that risk free German yields stay record low and even negative, the high grade spectrum of EM hard currency debt as well as local fixed income in CEE EU-member states should see some support from crossover investors in search for yield.

Admittedly, the case for local FX is not convincing. However, the fact that GBIEMGD unhedged against the euro returned 6.29% in 2014 as the DXY dollar index gained 10.40% is a testimony of broad based dollar strength as much as EM currency

weakness. Being the devils advocate, the 2014 consensus call for US yields to move higher proved wrong and we think that the current consensus for crude oil prices to stay depressed and for the dollar to continue its advance may prove too

emotional and herd-like. This is not to say that we are near-term euro and commodity bulls, but we can come up with a few potential surprises that would rock consensus.

Given the outlook (at least near term) for ongoing dollar strength most emerging markets currencies will face a hard time to keep track with the greenback. Add to this that the weakness in hard commodities and the deterioration in exporters' terms of

trade are strong arguments for local policy makers to let currencies adjust and most investors will probably agree that commodity exporters are to be avoided/kept underweight to the benefit of commodity importers. Eastern European low yielding local

markets are kept underweight (due to EUR/USD sensitivity and in some cases a high US ownership) to the benefit of selective Latin American markets (Mexico should benefit from US growth, Brazil offer significant carry), selective Asian countries

(high yielding/energy importers) and selective African names.

As to hard currency debt, the credit premium offered by benchmark EMBIGD is now far more attractive than in early 2014/summer 2014 and as such offers better protection against any rise in US treasury yields. Also, with the high grade bracket of

EMBIGD offering a credit premium of 245bps this category of emerging markets hard currency debt should gain a lot more attention from Euro-area based investors that up until now predominantly have been investing in core Euro-area government

debt but are now looking for return enhancements. The attraction of hard currency debt (euro denominated) and perhaps even local currency debt issued by EU member states should prove particularly hard to resist. Consequently, this is something

that we will look to exploit.

Portfolio composition (PF) as of December 31, 2014, % of AUM vs. benchmark (BM)


18


CGS FMS - CPH Capital Global Equities (former SAXO INVEST - CPH Capital Global Equities)


The sub-fund aims to deliver returns in excess of the broad global market through a combination of active stock selection and risk-controlled portfolio construction. We use a bottom-up approach to find and invest in attractively-priced companies with

sustainable returns on invested capital. The portfolio has a high active share and is diversified by sector, region, market cap and style, maintaining market-like risk characteristics.

As fundamental stock-pickers we aim to ensure that the majority of relative risk is stock specific by limiting factor and style risk exposures. We construct our portfolio with a focus on minimizing unintended risk exposures to different factors relative to

the benchmark. This means the strategy has a very high active share (above 90%) with a low tracking-error of 3-4% and a beta which is targeted to be between 0.95 and 1.05. The stock selection process is based upon an extensive quantitative

screening process that identifies investment candidates that meet our requirements for quality and valuation (both as described above). Candidates from this continuously updated short list is put through a due diligence review for fundamental and

financial viability and a cash flow based valuation estimate is performed. Each investment candidate clearing these steps is proposed to our investment board that takes the final transaction decision.

The sub-fund’s investing activities expose it to various types of financial risks that are associated with the financial instruments and markets in which it invests. These financial risks include liquidity risk and market risk (including currency risk and

stock price risk). Our overall risk management process focuses on keeping absolute risk levels in line with our benchmark. This is done by risk measurement including neutral market exposure (Beta) and relative risk (tracking-error) below 6%.

Furthermore, risk is measured by +/-5% limit on relative sector exposures, and 6% limit on single stock exposure.

The sub-fund targets being fully invested with cash levels kept to a minimum. The sub-fund does not use derivatives to hedge risk.

These risk metrics have allowed the strategy historically to keep overall risk levels close to those of the benchmark while generating an attractive long term outperformance based on stock selection.

No material changes occured during the period.

Past Year´s Market Environment

Global equity markets remained largely resilient in the face of new challenges in 2014. Oil prices tumbled, the US dollar strengthened significantly and geopolitical risks from Russia to the Middle East added new threats. US large-cap stocks led the

gains in 2014 as a resilient economic recovery fueled earnings growth. Emerging markets trailed the global index. Investors favored defensive stocks, while resources stocks fell as plunging oil prices dragged down shares of energy companies.


When constructing the portfolio, we try to ensure that idiosyncratic stock risk drives returns in the portfolio, and we aim to minimise unintended factor biases. However, as we are high conviction stock pickers, we do run intended over and under-

weights to countries and sectors in the portfolio, depending on where we are able to source our best ideas.

All sectors remained within our limit of +/-5% relative to the MSCI ACWI index throughout 2014. We were consistently underweight in energy and materials, which contributed to returns, as did our overweight in technology. We did not own any

telecoms which contributed to returns. Although two of our top contributors, Teva Pharmaceutical and UnitedHealth Group were in the healthcare sector, at the overall level we were underweight the index and this detracted from returns. Looking at

stock selection within sectors, technology, industrials and health care were the strongest and consumer staples and discretionary names the weakest sector.

Our significant holding in Teva Pharmaceutical and KazMunaiGas meant we had an overweight in Israel and Kazakhstan, respectively and these positions contributed to returns. Our holdings in Sberbank and Lukoil produced an overweight to Russia,

which detracted.

During the year 2014, the sub-fund has been fully invested across all regions. At year end, the sub-fund was 98.2% invested in equities and 0.3% in cash. Within equities, the composition was 46% North American, 21% in Europe, 0.8% in Japan, 8%

in Non-Japan Asia, 12.2% United Kingdom and 9.8% in Emerging Market. The charts below illustrate our year-end positions vs. the benchmark.

Essential sources of capital gains have been stock price increases and dividends received.

19


Portfolio composition (PF) as of December 31, 2014

Outlook for 2015

In both Europe and the U.S., we have seen signs of improvement for some time, albeit at unimpressive levels. We hope to see such gains continue, although drastic fiscal changes could potentially disrupt the meager recovery.

Although valuations have risen, stocks remain attractive as rates normalize. Intra-market correlations have declined making conditions favourable for active managers. We remain focused on finding companies that are able to generate strong, stable

returns on invested capital into the future.

20


CGS FMS - Global Evolution EM Debt and FX (former SAXO INVEST - Global Evolution EM Debt and FX)


The objective is to achieve capital appreciation through well diversified investments in emerging and frontier market debt and FX.










2014 local currency performance against the dollar, % (sample)

Source: Bloomberg

21


2014 local currency performance against the euro, % (sample)

Source: Bloomberg





full year overall EM performance as investors questioned the sustainability of oil exporters' fiscal and external positions.

As to the sub-fund performance, the sub-fund was launched in early August. For 2014, we correctly foresaw the broad based strengthening of the dollar - a strengthening that gained momentum as the ECB and the Bank of Japan further loosened

their monetary policies and as crude oil and the hard commodity complex nosedived. This was successfully executed in the strategy as long positions in emerging markets currencies were balanced via short positions in EUR, JPY and CHF. In local

fixed income markets, we believe that some high yielders offered value; consequently we were long; in most cases currency hedged. Also, we actively played the falling oil price theme by being short in currencies backed by oil exports while being long

currencies benefitting from lower oil prices. Malaysian Ringit (one of a very few Asian currencies backed by fossil fuel exports) was a short that made notable positive contribution to performance in December, but a long position in Turkish lira

(benefitting from lower oil prices) went somewhat against us.



22


Outlook for 2015


prices (read oil prices) and with most forecasters calling for eminent QE by the ECB while predicting ongoing dollar strength. On the other hand, provided that the ECB delivers on QE and that risk free German yields stay record low and even negative,

the high grade spectrum of EM hard currency debt as well as local fixed income in CEE EU-member states should see some support from crossover investors in search for yield.

Admittedly, the case for being long in local FX is not convincing. However, the fact that in 2014, the most used emerging markets local currency bond index (JPMorgan GBI-EM Global Diversified) unhedged against the Euro returned +6.29% in 2014

as the DXY dollar index gained 10.40% are testimonies of broad based dollar strength as much as EM currency weakness. Given the outlook (at least near term) for ongoing dollar strength most emerging markets´ currencies will face a hard time to

keep track with the greenback. Add to this that the weakness in hard commodities and the deterioration in exporters' terms of trade, these are strong arguments for local policy makers to let currencies adjust and most investors will probably agree that

commodity exporters are to be avoided/kept underweight or short to the benefit of commodity importers. Eastern European low yielding local markets are not the obvious long positions due to EUR/USD sensitivity and in some cases a high US

ownership whereas selective Latin American markets (Mexico should benefit from US growth, Brazil offer significant carry), Asia (energy importers) and selective African names (south Africa) make sense as long positions in our opinion. Finally,

despite many frontier economies being commodity exporters we remain a fan of frontier markets due to these markets' idiosyncratic risk profile, the benign sensitivity to global headlines/the relatively low foreign participation and not least the carry

offered.

23


CGS FMS - Global Evolution Emerging Frontier (former SAXO INVEST - Global Evolution Emerging Frontier)


The objective of the Global Evolution Emerging Frontier strategy is to create attractive returns by utilizing a non-benchmark focused and diversified strategy within sovereign frontier emerging markets globally. The sub-fund invests in hard currency

and local currency instruments as well as in foreign exchange. To achieve the investment objective, Global Evolution Emerging Frontier will use a range of financial instruments (local currency debt instruments, hard currency debt instruments and

foreign exchange) and derivative financial instruments (interest rate futures, interest rate swaps, total return swaps, credit default swaps, FX forwards, FX options and non-deliverable forwards).










Performance Drivers in 2014

Performance-wise, a few notable investment themes dominated 2014. Going into 2014, Fed's tapering and the call for higher US yields saw the so-called twin deficit "fragile five" countries (Brazil, South Africa, Indonesia, India and Turkey) in the firing

line. Later on, in late spring and early summer the very same "fragile five" were back in vogue as the previous fear was replaced by complacency thanks to the unexpected low volatility/low yield environment ruling the US treasury market. The

Russian/Ukrainian crisis and the downing of a Malaysian airliner over rebel held eastern Ukraine was a wake-up call. Chinese slow down worries came and went and the Brazilian presidential election caused some market volatility locally but it was the

collapse in oil prices in Q4 that proved decisive for the full year overall EM performance as investors questioned the sustainability of oil exporters' fiscal and external positions.

A 86bps dollar debt supportive decline in 10yr US treasury yields, broad based dollar strength that left most local currencies behind and the steep decline in oil prices were the dominant performance drivers in 2014. For a while Ebola took its toll on

risk sentiment towards frontier Africa, but it was the sudden slump in oil prices that in earnest saw local fixed income and FX as well as dollar denominated debt backed by oil exporters in the firing line. Being the most extreme example of an oil

dependent economy in dire need of structural reforms, Venezuela suffered thereby causing headwinds to overall sub-fund performance as the credit lost 28.74% over the course of the year. Ukraine fared even worse leaving the credit down 29.77%

on the year as the ongoing armed conflict with pro-Russian separatists in the eastern regions of Ukraine and sanctions on Ukrainian exports to Russia led to fiscal distress and with debt restructuring only being averted by international donor support.

However, our longstanding zero-weight in Ukrainian hard currency debt as well as local currency debt spared the sub-fund for negative performance. In Africa, fiscal underperformance ruled in Ghana leaving investor sentiment negative and the Cedi

(GHS) under pressure. At some point the Cedi was trading as weak as 3.8876 to the dollar in August having started the year in 2.3750. With its back against the wall the Ghanaian government finally turned to the IMF and the Cedi recovered to 3.25-

3.26. Still, the Cedi was down almost 30% on the year contributing negatively to overall sub-fund performance. The 65/35 split between local currency debt and hard currency debt was slightly changed as the year progressed to 60/40. In Nigeria (oil

dependent exporter), we cut the local market exposure to zero in December on concerns that ongoing depressed pricing of oil would leave fiscal performance strained in the run-up to presidential and parliamentary elections due in February 2015.

24


Frontier FX spot performance, % against USD, 2014 (sample)

Source: Bloomberg

To the contrary, our exposure to Argentina (hard currency debt), Sri Lanka (local currency debt) and Bangladesh (local currency debt) performed very well, with Argentina (EMBIGD component) up 19.07% on the year despite being in selective default

and with Sri Lanka and Bangladesh benefitting from being less exposed to global headline news and capital flows and with both being oil importers. Also, although most currencies in the sub-fund were down against the dollar in 2014 we were

compensated via a generous carry primarily in local fixed income.

Emerging Frontier sub-fund, 2014 return attribution


25


Outlook for 2015



therefore more attractive, and with the oil price slump and its deflationary impact making headline deflation the more plausible near-term outcome in G3 (USA, Europe and Japan), it is hard to envision a major jump in US treasury yield that could

jeopardize the appeal of hard currency debt anytime soon. For various reasons Ukraine, Venezuela and Argentina remain risk factors with potentially adverse impact on investors sentiment towards EM debt and FX. On the other hand, provided that

the ECB delivers on QE and that risk free German yields stay record low and even negative, any hike of the US Fed sub-funds rate is likely to be a one-off and the rise in US treasury yields likely to be modest. We expect crude oil prices and the hard

commodity complex to recover from the current depressed pricing in H2, 2015. In the meantime we are biased to keep the exposure to oil dependent exporters low to the benefit of oil importers and manufacturing exporters. A stronger US dollar may

pose a headwind for local curry performance again in 2015, but this is as much about broad based dollar strength as it is about local currency weakness. In fact, we expect frontier currencies to do relatively well against the Euro and the Yen.



26


Combined Statement of Net Assets as of December 31, 2014EUR %

Assets

Portfolio at market value 1,155,038,652.03 91.78

Options rights 396.73 0.00

Unrealised result on forward transactions -10,010,991.04 -0.80

Unrealised result on swap transactions -391,605.92 -0.03

Cash at banks 96,100,924.68 7.64

Interest receivables 18,663,021.98 1.48

Incorporation cost, net 74,865.14 0.01

Performance fee receivable 43,446.18 0.00

Other receivables 3,195,603.60 0.26

Total Assets 1,262,714,313.38 100.34

Liabilities

Administration fee payable -505,028.39 -0.04

Custodian Bank fee payable -48,201.69 0.00

Asset Management fee payable -3,238,573.06 -0.26

Audit fee payable -72,177.14 -0.01

Performance fee payable -79,166.84 -0.02

Other payables (incl. interest payables) -297,406.45 -0.02

Total Liabilities -4,240,553.57 -0.34

Total Net Assets as of December 31, 2014 1,258,473,759.81 100.00

The accompanying notes form an integral part of the financial statements.27


Combined Statement of Operations (including income equalisation)

for the period from 01/01/2014 to 31/12/2014Total

I. Income

Dividends EUR 9,481,145.33

Interest on securities EUR 90,377,625.76

Interest on liquidity investments EUR 2,277.96

Other income EUR 6.26

Total income EUR 99,861,055.31

II. Expenses

Interest on bank overdraft EUR -10,964.74

Administration fee EUR -2,437,250.48

Asset Management fee EUR -14,748,522.29

Custodian Bank fee EUR -1,404,541.42

Performance fee EUR -3,452,555.70

Auditing and publication expenses EUR -266,004.20

Subscription tax ("Taxe d`Abonnement") EUR -285,438.61

Registrar and Transfer Agent fee EUR -217,001.43

Legal fee *) EUR -746,867.63

Foreign withholding taxes EUR -2,724,626.12

Equalisation of ordinary expenses EUR -327,078.90

Other expenses EUR -691,121.06

Total expenses EUR -27,311,972.58

III. Ordinary net income EUR 72,549,082.73

*) The position includes legal fees, advisory fees and notary fees.



Combined Statement of Operations (including income equalisation)


IV. Realised profit/loss on

1. Realised profit on EUR 125,260,837.76

- Securities EUR 76,672,138.70

- Forward exchange transactions EUR 46,230,865.91

- Option transactions EUR 259,843.93

- Swap transactions EUR 222,782.41

- Foreign exchange transactions EUR 1,875,206.80

2. Realised loss on EUR -165,829,426.54

- Securities EUR -48,867,778.05

- Forward exchange transactions EUR -105,487,953.32

- Option transactions EUR -1,418,063.69

- Futures transactions EUR -67.22

- Swap transactions EUR -1,419.18

- Foreign exchange transactions EUR -10,054,145.08

Total realised profit/loss EUR -40,568,588.78

V. Net change in unrealised profit/loss on



- Option transactions EUR -35,246.84


- Foreign exchange transactions & other transactions EUR 26,351,156.36

Total net change in unrealised profit/loss EUR 109,330,495.78

VI. Result of operations for the period EUR 141,310,989.73



Combined Statement of Changes in Net Assets 2014I. Net assets at the beginning of the period EUR 1,403,705,221.16

1. Distribution for the previous year/tax reduction for the previous year EUR 0.00

2. Interim distributions EUR 0.00

3. Net cash flow EUR -290,739,746.59

a) Proceeds from shares issued EUR 511,201,214.62

b) Proceeds from shares redeemed EUR -801,940,961.21 *)

4. Income/expense equalisation EUR 4,197,295.51

5. Result of operations for the period EUR 141,310,989.73

II. Net assets at the end of the period EUR 1,258,473,759.81

*) The amount includes EUR 558,162,745.13 from the CPH Capital Global Equities of which EUR 370,696,271.27 is due to the merger of this sub-fund with ACMBernstein SICAV-Global Core Equity Portfolio and

EUR 187,466,473.86 is due to shareholder redemptions. Furthermore the last NAV for CPH Capital Consumer Equities which amounted to EUR 37.942,85 is included in the proceeds from shares redeemed.



Fund Structure as at 31/12/2014

Investment Focus

Market Value

in EUR % of Fund Assets

I. Assets 744,638,996.23 100.39

1. Bonds 685,237,084.22 92.38

2. Derivatives -8,641,925.89 -1.16

3. Bank balances 54,460,782.28 7.34

4. Other Assets 13,583,055.62 1.83

II. Liabilities -2,894,467.13 -0.39

III. Fund Assets 741,744,529.10 100.00



Statement of Net Assets as at 31/12/2014

Description ISIN Commitment Units / Holdings Currency Price Market Value %

in EUR % in 1,000 31/12/2014 in EUR of the sub-fund-

assets

Portfolio holdings EUR 685,237,084.22 92.38

Exchange-traded securities EUR 96,915,431.79 13.07

Interest-bearing securities EUR 96,915,431.79 13.07

0.9375% Federation of Bosnia and Herzegovina DM-FLR Bds 1997(10-21) Reg.S BXS0082227546 % 29,300 DEM 83.250 7,275,076.32 0.99

0.9375% Federation of Bosnia and Herzegovina DM-FLR Bds 97(98/05-17)Reg.S AXS0082227462 % 22,000 DEM 90.500 3,868,332.11 0.52

17.0000% ABSA Bank Ltd. NM/DL-FLR Cred. Lkd MTN 12(16) XS0721890357 % 4,981 USD 137.430 5,657,949.60 0.76

6.8750% Egypt, Arab Republic DL-Notes 2010(40) Reg.S XS0505478684 % 17,000 USD 103.672 14,566,691.46 1.96

8.2800% Argentina, Republic DL-Bonos 2005(24-33) Disc. ARARGE03E113 % 4,750 USD 83.182 4,578,606.02 0.62

7.0000% Argentina, Republic DL-Bonos 2007(17) ARARGE03F441 % 12,000 USD 96.405 9,561,616.66 1.29

8.7500% Argentina, Republic DL-Bonos 2014(19-24) ARARGE03H413 % 11,500 USD 97.870 9,302,463.01 1.25

11.7500% Buenos Aires, Province of... DL-Bonds 2010(15) Reg.S XS0546539486 % 3,800 USD 98.406 3,090,691.79 0.42

1.5489% Dominican Republic DL-FLR Notes 1994(24) XS0052684601 % 2,500 USD 103.500 2,138,606.50 0.29

5.1250% Mongolia DL-Med.-Term Nts 2012(22)Reg.S US60937GAB23 % 13,750 USD 87.253 9,915,933.13 1.34

5.3750% Zambia, Republic DL-Bonds 2012(22) Reg.S XS0828779594 % 8,000 USD 92.629 6,124,737.58 0.83

8.5000% Zambia, Republic DL-Bonds 2014(24) Reg.S XS1056386714 % 1,000 USD 109.959 908,827.18 0.12

8.7500% Senegal, Republic DL-Bonds 2011(21) Reg.S XS0625251854 % 6,200 USD 110.671 5,671,214.15 0.76

5.0000% Seychelles, Republic DL-Notes 2010(16-26) XS0471464023 % 6,174 USD 96.000 4,898,785.02 0.66

5.0000% Uruguay, Republic PU/DL-Infl.lkd Bonds 2006(18) US760942AT98 % 143,000 UYU 102.676 9,355,901.26 1.26

Securities admitted to or included in organised markets EUR 498,146,167.53 67.14


Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-16) XS1111166366 **) % 14,600 USD 86.270 10,410,298.37 1.40

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-17) XS1116569838 **) % 16,400 USD 87.000 11,792,710.14 1.59

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(15) XS1088133266 **) % 14,500 USD 102.070 12,232,539.88 1.65

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 **) % 22,380 USD 106.700 19,736,722.04 2.66

Frontera Capital B.V. DL-Zo Credit Lkd NTNs 2014(15) XS1086070338 **) % 8,400 USD 100.710 6,992,015.87 0.94

3.9750% Macedonia, Republic EO-Bonds 2014(21) Reg.S XS1087984164 % 5,700 EUR 100.710 5,740,470.00 0.78

21.0000% Ghana, Republic of... CG-Bonds 2012(15) GHGGOG029117 % 20,500 GHS 97.386 5,140,352.04 0.70

**) The last available market price as of December 31, 2014 is dated December 29, 2014.






assets






12.0000% Kenya, Republic KS-Treasury Bonds 2011(15-23) KE2000002242 % 3,312,500 KES 103.159 31,242,440.00 4.21

11.0000% Kenya, Republic KS-Treasury Bonds 2013(17-25) KE3000008130 % 600,000 KES 99.507 5,458,669.71 0.74

6.4000% Citigroup Inc. CR/DL-Credit Lkd MTN 2013(16) XS0922219117*) % 900,000 LKR 102.000 5,785,286.47 0.78

10.6000% Citigroup Inc. CR/DL-Credit Lkd MTN 2014(19) XS1057555978*) % 600,000 LKR 117.000 4,424,042.59 0.60

8.5000% Citigroup Inc. CR/DL-FLR Cr.Lkd MTN 2013(18) XS0876274621*) % 1,000,000 LKR 105.961 6,677,720.47 0.90

0.0000% Citigroup Inc. CR/DL-FLR Cr.Lkd MTN 2014(19) XS1055190877 % 1,050,000 LKR 117.000 7,742,074.54 1.04

0.0000% Citigroup Inc. PR/DL-FLR Cr.Lkd MTN 2014(16) XS1074140374 % 1,342,000 PKR 106.570 11,761,745.14 1.59

10.0000% Citigroup Inc. SJ/EO-Cred.Linked MTN 2013(18) XS0880306138 % 1,275,000 RSD 107.410 11,331,396.88 1.53

5.8000% Citigroup Inc. CR-Credit Linked MTN 2012(17) XS0834224593 *) % 820,000 LKR 99.500 5,141,846.65 0.69

7.5000% Citigroup Inc. CR/DL-Cr.Lkd M.-T.Nts 2012(18) XS0861554516 *) % 650,000 LKR 103.250 4,229,466.64 0.57

0.0000% Creative Africa B.V. DL-FLR Cred.Lkd Nts 2013(15) XS0957105819 **) % 9,450 USD 108.290 8,458,058.52 1.14

10.7500% Uganda, Republic UG-Bonds 2011(16) UG0000000972 % 5,500,000 UGX 96.427 1,588,191.20 0.21


14.1250% Uganda, Republic UG-Bonds 2013(16) UG0000001368 % 1,000,000 UGX 101.080 302,695.99 0.04



6.6250% Ethiopia, Democratic Federal Republic DL-Notes 2014(24) Reg.S XS1151974877 % 20,400 USD 99.037 16,698,527.15 2.25

10.8750% Buenos Aires, Province of... DL-Bonds 2011(19-21) Reg.S XS0584493349 % 6,000 USD 91.000 4,512,769.65 0.61

0.0000% Citigroup Inc. DL-FLR Credit Lkd MTN 2014(16) XS1122013193 % 3,200 USD 102.890 2,721,282.75 0.37

Citigroup Inc. DL-Zo Cred.Lkd MTN 2014(15) XS1143714167 % 9,500 USD 100.200 7,867,592.36 1.06

12.3750% Córdoba, Province of... DL-Nts 2010(10/17) Reg.S USP79171AB31 % 3,700 USD 91.808 2,807,584.10 0.38

5.7500% Côte d'Ivoire, Republic DL-Bonds 2010(10/16-32) Reg.S XS0496488395 % 33,700 USD 96.268 26,814,047.44 3.61

9.3750% Ecuador, Republic DL-Bonds 2005(15) Reg.S USP8055QDE90 % 21,081 USD 98.473 17,157,693.31 2.31

7.9500% Ecuador, Republic DL-Bonds 2014(14/24) Reg.S XS1080330704 % 6,349 USD 86.133 4,519,880.33 0.61

7.8750% Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 % 5,000 USD 92.250 3,812,298.54 0.51

8.7500% Honduras, Republic DL-Notes 2013(20) Reg.S XS1006084211 % 3,000 USD 111.461 2,763,724.27 0.37

7.5000% Honduras, Republic DL-Notes 2013(22-24) Reg.S XS0905659230 % 7,800 USD 104.288 6,723,253.16 0.91

16.1250% ING Bank N.V. DL-Credit Linked MTN 2014(17) XS1122197061 % 8,327 USD 99.891 6,874,892.05 0.93

0.0000% ING Bank N.V. DL-FLR Credit Lkd MTN 2014(17) XS1136231872 % 5,440 USD 101.442 4,561,088.62 0.61

*) The last available market price as of December 31, 2014 is dated December 23, 2014.







assets

ING Bank N.V. DL-Zo Cr.Lkd M.-T.Nts 2014(15) XS1122197145 % 5,732 USD 86.493 4,097,695.42 0.55


7.8750% Pakistan, Republic DL-Notes 2006(36) Reg.S USY8793YAL66 % 14,295 USD 92.170 10,889,909.50 1.47

6.7500% Pakistan, Republic DL-Notes 2014(19) Reg.S XS1147732553 % 2,600 USD 98.877 2,124,811.80 0.29


6.6250% Rwanda, Republic DL-Notes 2013(23) Reg.S XS0925613217 % 18,750 USD 102.401 15,869,204.07 2.14

12.5000% Saderea Ltd. DL-Notes 2014(15-26) XS1136935506 % 16,800 USD 96.751 13,434,293.08 1.81


10.0000% Serbia, Republic SJ-Bonds 2012(17) RSMFRSD16132 % 310,000 RSD 100.262 2,571,724.49 0.35


10.0000% Serbia, Republic SJ-Treasury Bonds 2012(15) RSMFRSD52228 % 300,000 RSD 100.857 2,503,545.10 0.34

10.0000% Serbia, Republic SJ-Treasury Notes 2014(17) RSMFRSD44555 % 610,000 RSD 100.397 5,067,329.21 0.68

4.7324% Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18) XS0659669484 % 3,750 USD 101.030 2,348,515.37 0.32

11.2300% Standard Chartered Bank DL-Credit Linked MTN 2014(19) XS1020319890 % 5,029 USD 109.487 4,551,135.42 0.61

0.0000% Standard Chartered Bank DL-FLR Cred.Lkd MTN 2013(15) XS0961652699 % 12,485 USD 104.899 10,824,834.64 1.46





11.0000% Zambia, Republic ZK-Bonds 2014(19) ZM1000002239 % 800 ZMW 76.922 79,595.41 0.01

7.0000% Venezuela, Boliv. Republic DL-Bonds 2007(38) Reg.S USP97475AJ95 % 12,900 USD 41.325 4,406,087.28 0.59

9.0000% Venezuela, Boliv. Republic DL-Bonds 2008(23) Reg.S USP17625AA59 % 27,250 USD 45.478 10,242,792.79 1.38

7.7500% Venezuela, Boliv. Republic DL-Bonds 2009(19) Reg.S USP97475AN08 % 10,000 USD 43.250 3,574,675.59 0.48

10.2500% Uruguay, Republic PU-Bonds 2012(15) UYNA00006UY8 % 400,000 UYU 97.140 13,216,056.82 1.78



10.0000% Zambia, Republic ZK-Bonds 2014(17) ZM1000002106 % 45,000 ZMW 87.216 5,076,403.71 0.68

6.3050% Mozambique Ematum Fin. 2020 BV DL-LPN 2013(15-20) Ematum XS0969351450 % 8,500 USD 97.452 6,846,367.47 0.92

5.0000% Nicaragua, Republic DL-Bonds 2001(12-16) Ser.J XS0132444216 % 7,046 USD 96.000 2,402,708.16 0.32

5.0000% Nicaragua, Republic DL-Bonds 2003(14-18) XS0264192393 % 6,505 USD 94.500 4,325,916.46 0.58

11.0000% Singularity Africa PCC DL-Credit Linked Nts 2013(15) XS0953721049 **) % 15,000 USD 113.180 14,031,738.16 1.89

10.0000% Zambia 03.09.2015 ZM1000002106 % 97,705 ZMW 95.505 12,069,530.38 1.63

0.0000% ZAMBIA GOVT BOND 20022017 ZM1000000753 % 4,000 ZMW 90.601 468,749.11 0.06







assets

New issue EUR 27,374,519.81 3.69

Admission to stock exchange EUR 5,637,186.15 0.76



Admission or inclusion to an organized market EUR 21,737,333.66 2.93


7.0000% Zambezi B.V. DL-Cred.Lkd MTN 2014(24)Reg.S XS1143243969 % 26,300 USD 100.000 21,737,333.66 2.93

Unlisted securities EUR 62,800,965.09 8.48


9.2000% Costa Rica, Republic CO/DL-Glbl Dep.Nts 12(19)Reg.S US221597BJ58 % 1,000,000 CRC 98.902 1,532,765.97 0.21

9.4300% Costa Rica, Republic CO/DL-Glbl Dep.Nts 12(22)Reg.S XS0834592551 % 2,997,150 CRC 97.030 4,506,976.42 0.61

11.1300% Costa Rica, Republic CO/DL-Glbl.Dep.Nts 12(18)Reg.S XS0853353836 % 800,000 CRC 105.486 1,307,842.92 0.18

16.0000% Dominican Republic DP/DL-Glbl Dep.Nts 10(20)Reg.S US25714PBB31 % 116,000 DOP 119.993 2,599,865.89 0.35

15.5000% Dominican Republic DP/DL-Glbl Dep.Nts 11(18)Reg.S US25714RAK05 % 252,000 DOP 111.696 5,257,450.68 0.71

15.9500% Dominican Republic DP/DL-Glbl Dep.Nts 11(21)Reg.S US25714PBF45 % 374,600 DOP 121.594 8,507,793.96 1.15

16.9500% Dominican Republic DP/DL-Glbl Dep.Nts 12(22)Reg.S US25714PBP27 % 40,000 DOP 127.336 951,367.34 0.13

12.5000% Dominican Republic DP/DL-Glbl Dep.Nts 13(18)Reg.S XS0900686956 % 300,000 DOP 103.869 5,820,284.99 0.78

11.5000% Dominican Republic DP/DL-Glob.Dep.Nts 14(24)Reg.S XS1084826483 % 350,000 DOP 99.462 6,502,229.25 0.88

0.0000% Singularity Africa PCC DL-FLR Cred. Lkd. Nts 2013(15) XS0935359280 **) % 15,000 USD 107.110 13,279,196.63 1.79

Zambia, Republic ZK-Treasury Bills 21.9.2015 ZM3000000858 % 10,000 ZMW 88.286 1,141,930.85 0.15

11.0000% ZAMBIA GOVERNMENT BOND 04092017 XF0004973602 % 71,250 ZMW 86.653 7,985,754.34 1.08

0.0000% ZAMBIA T-BILLS 04/06/15 ZM3000000585 % 27,500 ZMW 95.798 3,407,505.85 0.46

Total securities EUR 685,237,084.22 92.38







assets

Derivatives EUR -8,641,925.89 -1.16

(holdings shown with a minus are short positions)

Swaps EUR -391,605.92 -0.05

Cross Currency Swaps EUR -391,605.92 -0.05

Cross Currency Swap without Initial Exchange 01.02.13/02.02.15 -391,605.92 % 5,000,000 EUR -391,605.92 -0.05

USD 5,000,000/GEL 8,290,000 (counterparty: The Currency Exchange Fund (G) NL (V))

Foreign exchange derivatives EUR -8,250,319.97 -1.11

Foreign exchange forward contracts (short) EUR -12,551,215.95 -1.69

Foreign exchange forward contracts (long) EUR 4,300,895.98 0.58

Bank balances, non-securitised money market instruments and money market funds EUR 54,460,782.28 7.34

Bank balances EUR 54,460,782.28 7.34

Balances with The Bank of New York Mellon S.A./NV, Luxembourg Branch (G)

Balances in the sub-fund currency

15,649,515.34 EUR 15,649,515.34 2.11

Balances in other EU/EEA currencies

2.76 DKK 0.37 0.00

782.50 GBP 1,008.64 0.00

3,285,705.32 SEK 347,007.01 0.05

Balances in non-EU/EEA currencies

104,127.97 CHF 86,614.52 0.01

28,463.57 GHS 7,328.79 0.00






assets

253,955.00 KES 2,321.87 0.00

82,992,302.62 NGN 375,037.46 0.05

478,260.52 RSD 3,957.25 0.00

3,053,553,606.00 UGX 914,422.68 0.12

42,950,123.30 USD 35,498,903.46 4.79

28,100,000.00 UYU 955,762.81 0.13

759,197.31 ZMW 98,197.89 0.01

Balances with The Bank of New York Mellon S.A./NV, Luxembourg Branch


630,000.00 USD 520,704.19 0.07

Other Assets EUR 13,583,055.62 1.83

Interest receivables 11,144,917.52 EUR 11,144,917.52 1.50

Other receivables 2,387,402.40 EUR 2,387,402.40 0.32

Incorporation cost, net 50,735.70 EUR 50,735.70 0.01

Liabilities EUR -2,894,467.13 -0.39

Interest payable -9,738.93 EUR -9,738.93 0.00

Administration fee payable -334,561.70 EUR -334,561.70 -0.05

Custodian Bank fee payable -17,797.59 EUR -17,797.59 0.00

Asset Management fee payable -2,263,640.68 EUR -2,263,640.68 -0.31

Audit fee payable -27,431.18 EUR -27,431.18 0.00

Other payables -241,297.05 EUR -241,297.05 -0.03

Total net assets EUR 741,744,529.10 100.00

CGS FMS - Global Evolution Frontier Markets I EUR (formerly SAXO INVEST - Global Evolution Frontier Markets I EUR)

Net Asset Value per share EUR 133.06

Subscription price EUR 133.89

Redemption price EUR 132.23

Number of shares in circulation 3,049,914.388






assets

CGS FMS - Global Evolution Frontier Markets R EUR (formerly SAXO INVEST - Global Evolution Frontier Markets R EUR)





CGS FMS - Global Evolution Frontier Markets E EUR (formerly SAXO INVEST - Global Evolution Frontier Markets E EUR)




Number of shares in circulation 107,985.432

CGS FMS - Global Evolution Frontier Markets R USD (formerly SAXO INVEST - Global Evolution Frontier Markets R USD)

Net Asset Value per share USD 107.24

Subscription price USD 107.24

Redemption price USD 107.24


CGS FMS - Global Evolution Frontier Markets R SEK (formerly SAXO INVEST - Global Evolution Frontier Markets R SEK)

Net Asset Value per share SEK 106.75

Subscription price SEK 106.75

Redemption price SEK 106.75


CGS FMS - Global Evolution Frontier Markets R CHF (formerly SAXO INVEST - Global Evolution Frontier Markets R CHF)

Net Asset Value per share CHF 102.81

Subscription price CHF 102.81

Redemption price CHF 102.81







assets

CGS FMS - Global Evolution Frontier Markets I USD1)

(formerly SAXO INVEST - Global Evolution Frontier Markets I USD)





CGS FMS - Global Evolution Frontier Markets R CL CHF2)

(formerly SAXO INVEST - Global Evolution Frontier Markets R CL CHF)

Net Asset Value per share CHF 103.80

Subscription price CHF 103.80

Redemption price CHF 103.80


CGS FMS - Global Evolution Frontier Markets R CL EUR3)

(formerly SAXO INVEST - Global Evolution Frontier Markets R CL)





CGS FMS - Global Evolution Frontier Markets R DD EUR4)

(formerly SAXO INVEST - Global Evolution Frontier Markets R DD EUR)





1) I USD share class was launched on March 17, 2014.

2) R CL CHF share class was launched on March 25, 2014.

3) R CL EUR share class was launched on June 27, 2014.

4) R DD EUR share class was launched on September 4, 2014.






assets

CGS FMS - Global Evolution Frontier Markets E USD5)

(formerly SAXO INVEST - Global Evolution Frontier Markets E USD)




Number of shares in circulation 500.000

5) E USD share class was launched on December 4, 2014.



Statement of Forward Transactions as of December 31, 2014

Transaction Ccy Amount Transaction Ccy Amount Commitment in EUR Maturity Unrealised Profit/ Loss in EUR Counterparty

Buy USD 93,855,000.00 Sell EUR -75,000,000.00 77,572,526.66 20.02.2015 2,552,399.82 The Bank of New York Mellon Corp.

Sell USD -825,935,800.00 Buy EUR 670,000,000.00 682,647,987.44 20.02.2015 -12,470,868.79 The Bank of New York Mellon Corp.

Buy AMD 4,242,836,000.00 Sell USD -9,568,617.51 7,460,587.30 17.06.2015 -773,188.29 The Currency Exchange Fund

Buy KGS 202,211,200.00 Sell USD -3,622,298.65 2,838,179.40 27.02.2015 -201,171.04 The Currency Exchange Fund


Buy MZN 154,375,000.00 Sell USD -4,750,000.00 3,823,055.97 18.03.2015 -151,724.70 Standard Bank PLC


Buy TJS 27,759,500.00 Sell USD -5,000,000.00 4,448,637.82 18.02.2015 145,476.77 The Currency Exchange Fund

Buy TZS 6,980,000,000.00 Sell USD -4,000,000.00 3,338,307.32 23.01.2015 15,150.04 Standard Bank PLC

Buy SEK 276,179,365.70 Sell EUR -29,533,376.89 29,167,611.78 15.01.2015 -367,262.12 The Bank of New York Mellon Corp.

Buy SEK 315,528.93 Sell EUR -33,874.02 33,323.36 15.01.2015 -552.37 The Bank of New York Mellon Corp.


Sell SEK -2,835,553.61 Buy EUR 298,849.65 299,465.99 15.01.2015 -600.97 The Bank of New York Mellon Corp.


Sell SEK -164,194.75 Buy EUR 17,307.15 17,340.79 15.01.2015 -32.75 The Bank of New York Mellon Corp.

Buy SEK 77,132.39 Sell EUR -8,130.23 8,146.04 15.01.2015 15.39 The Bank of New York Mellon Corp.




Sell SEK -45,229.60 Buy EUR 4,778.79 4,776.75 15.01.2015 2.29 The Bank of New York Mellon Corp.


Buy SEK 3,182,671.03 Sell EUR -333,632.06 336,125.45 15.01.2015 2,476.14 The Bank of New York Mellon Corp.








Buy USD 116,624,429.00 Sell EUR -93,900,279.63 96,391,791.88 15.01.2015 2,485,856.07 The Bank of New York Mellon Corp.

Sell USD -266,575.00 Buy EUR 214,527.95 220,328.13 15.01.2015 -5,787.25 The Bank of New York Mellon Corp.

Buy USD 122,927.37 Sell EUR -98,926.59 101,601.26 15.01.2015 2,668.72 The Bank of New York Mellon Corp.


Sell USD -1,163,196.02 Buy EUR 936,039.76 961,398.48 15.01.2015 -25,302.30 The Bank of New York Mellon Corp.







Buy USD 48,466.19 Sell EUR -39,458.94 40,058.01 15.01.2015 596.73 The Bank of New York Mellon Corp.

Buy USD 1,336,085.62 Sell EUR -1,089,908.97 1,104,294.26 15.01.2015 14,320.49 The Bank of New York Mellon Corp.






Buy CHF 1,872,044.26 Sell EUR -1,556,519.15 1,557,182.05 15.01.2015 681.03 The Bank of New York Mellon Corp.

Sell CHF -20,240.70 Buy EUR 16,852.91 16,836.38 15.01.2015 16.33 The Bank of New York Mellon Corp.

Buy CHF 20,223.40 Sell EUR -16,828.05 16,821.99 15.01.2015 -5.86 The Bank of New York Mellon Corp.





Buy CHF 4,952,906.44 Sell EUR -4,118,115.09 4,119,868.94 15.01.2015 1,801.83 The Bank of New York Mellon Corp.

Sell CHF -15,957.25 Buy EUR 13,266.93 13,273.37 15.01.2015 -6.60 The Bank of New York Mellon Corp.

Sell CHF -51,867.97 Buy EUR 43,186.56 43,144.21 15.01.2015 41.85 The Bank of New York Mellon Corp.

Sell CHF -1,521,588.00 Buy EUR 1,267,148.40 1,265,669.61 15.01.2015 1,464.06 The Bank of New York Mellon Corp.

Buy CHF 35,816.36 Sell EUR -29,788.73 29,792.35 15.01.2015 3.97 The Bank of New York Mellon Corp.


Sell USD -492.62 Buy EUR 396.42 407.16 15.01.2015 -10.71 The Bank of New York Mellon Corp.

Buy USD 574.13 Sell EUR -468.35 474.53 15.01.2015 6.15 The Bank of New York Mellon Corp.


Sell USD -18,857.76 Buy EUR 15,175.90 15,586.21 15.01.2015 -409.40 The Bank of New York Mellon Corp.



















Total -8,250,319.97

Statement of Swaps as of December 31, 2014

Description Maturity Nominal Currency Interest Rate Commitment in EUR Unrealised Result in EUR Counterparty

Receiver Leg Final Exchange 01.02.13/02.02.15 GEL 6,3% 8,290,000.00 GEL 6.3000 96,696.71

Payer Leg Final Exchange 01.02.13/02.02.15 USD 0,5545% -5,000,000.00 USD 0.5545 -9,567.49

Total -391,605.92

02.02.2015 -391,605.92 The Currency Exchange Fund



Statement of Operations (including income equalisation)

for the period from 01/01/2014 to 31/12/2014

Total

I. Income


Interest on liquidity investments EUR 24.13


II. Expenses


Administration fee EUR -1,250,205.99


Custodian Bank fee EUR -883,436.41

Performance fee EUR -3,326,418.43




Legal fee *) EUR -208,887.85

Foreign withholding taxes EUR -825,658.31









for the period from 01/01/2014 to 31/12/2014

Total





- Swap transactions EUR 222,782.41

- Foreign exchange transactions EUR 66,460.20




- Futures transactions EUR -67.22








- Foreign exchange transactions & other transactions EUR -2,012,512.84






I. Net assets at the beginning of the period EUR 584,681,361.74



3. Net cash flow EUR 119,550,681.78


b) Proceeds from shares redeemed EUR -240,053,516.87

4. Income/expense equalisation EUR -1,257,673.94


II. Net assets at the end of the period EUR 741,744,529.10



CGS FMS - Global Evolution Frontier Markets I EUR

Statistical Information

Financial year Number of shares outstanding at Net asset value at Net asset value per share

end of the financial year end of the financial year in currency

in currency

2011 Shares 759,893.280 EUR 79,965,157.67 EUR 105.23

2012 Shares 1,291,016.038 EUR 159,088,589.20 EUR 123.23

2013 Shares 1,104,743.675 EUR 134,535,270.77 EUR 121.78

2014 Shares 3,049,914.388 EUR 405,823,923.14 EUR 133.06

Changes in the number of shares outstanding Shares

Number of shares outstanding at the beginning of the period 2,322,887.602

Number of shares issued 1,097,393.000

Number of shares redeemed -370,366.214

Number of shares outstanding at the end of the period 3,049,914.388



CGS FMS - Global Evolution Frontier Markets R EUR




in currency

2011 *) Shares 152,454.317 EUR 15,697,373.94 EUR 102.96

2012 Shares 1,155,258.547 EUR 137,813,411.80 EUR 119.29

2013 Shares 2,322,887.602 EUR 294,836,324.65 EUR 126.93

2014 Shares 1,172,737.408 EUR 148,175,111.47 EUR 126.35

*) Inception: 19/01/2011



Number of shares issued 752,773.017





CGS FMS - Global Evolution Frontier Markets E EUR




in currency

2012 *) Shares 65,763.619 EUR 7,160,198.83 EUR 108.88

2013 Shares 83,836.527 EUR 9,249,552.30 EUR 110.33

2014 Shares 107,985.432 EUR 12,292,754.35 EUR 113.84

*) Inception: 14/05/2012


Number of shares outstanding at the beginning of the period 83,836.527



Number of shares outstanding at the end of the period 107,985.432



CGS FMS - Global Evolution Frontier Markets R USD




in currency

2012 *) Shares 491,785.134 USD 49,842,485.13 USD 101.35

2013 Shares 1,391,837.269 USD 143,731,209.49 USD 103.27

2014 Shares 1,099,080.167 USD 117,860,532.45 USD 107.24

*) Inception: 16/10/2012








CGS FMS - Global Evolution Frontier Markets R SEK




in currency

2013 *) Shares 3,583,114.101 SEK 365,580,856.52 SEK 102.03

2014 Shares 2,616,768.194 SEK 279,348,666.74 SEK 106.75

*) Inception: 16/01/2013




Number of shares redeemed -1,919,761.854




CGS FMS - Global Evolution Frontier Markets R CHF




in currency

2013 *) Shares 5,191.789 CHF 515,377.95 CHF 99.27

2014 Shares 18,267.609 CHF 1,878,177.15 CHF 102.81

*) Inception: 17/04/2013








CGS FMS - Global Evolution Frontier Markets I USD




in currency

2014 *) Shares 392,651.772 USD 41,062,841.17 USD 104.58

*) Inception: 17/03/2014


Number of shares outstanding at the beginning of the period 0.000






CGS FMS - Global Evolution Frontier Markets R CL CHF




in currency

2014 *) Shares 32,885.692 CHF 3,413,648.59 CHF 103.80

*) Inception: 25/03/2014








CGS FMS - Global Evolution Frontier Markets R CL EUR




in currency

2014 *) Shares 63,154.719 EUR 6,296,580.77 EUR 99.70

*) Inception: 27/06/2014








CGS FMS - Global Evolution Frontier Markets R DD EUR




in currency

2014 *) Shares 38,893.000 EUR 3,858,418.58 EUR 99.21

*) Inception: 04/09/2014








CGS FMS - Global Evolution Frontier Markets E USD




in currency

2014 *) Shares 500.000 USD 49,780.23 USD 99.56

*) Inception: 04/12/2014



Number of shares issued 500.000

Number of shares redeemed 0.000

Number of shares outstanding at the end of the period 500.000




Investment Focus

Market Value


I. Assets 132,565,947.72 100.25

1. Bonds 129,570,264.87 97.98

2. Derivatives -2,214,642.21 -1.67

3. Bank balances 3,256,738.85 2.46

4. Other Assets 1,953,586.21 1.48

II. Liabilities -327,317.13 -0.25

III. Fund Assets 132,238,630.59 100.00






assets




2.9500% Bulgaria EO-Bonds 2014(24) XS1083844503 % 1,850 EUR 100.482 1,858,917.00 1.42

3.5000% Morocco, Kingdom EO-Notes 2014(24) Reg.S XS1079233810 % 1,600 EUR 102.927 1,646,832.00 1.25

3.6250% Romania EO-Medium-Term Notes 2014(24) XS1060842975 % 1,500 EUR 109.673 1,645,095.00 1.24



5.7500% Development Bk of Mongolia LLC DL-Medium-Term Notes 2012(17) XS0755567301 % 1,300 USD 97.109 1,043,406.08 0.79

6.8750% Georgia DL-Notes 2011(21) Reg.S XS0617134092 % 700 USD 104.977 607,355.15 0.46

4.5570% Hazine Müste.Varl.Kiralama AS DL-Certificates 2013(18) Reg.S XS0975124180 % 1,600 USD 105.135 1,390,329.78 1.05

6.3750% Croatia, Republic DL-Notes 2011(21) Reg.S XS0607904264 % 2,300 USD 109.500 2,081,576.99 1.57

6.0000% Croatia, Republic DL-Notes 2013(24) Reg.S XS0997000251 % 2,000 USD 108.002 1,785,304.57 1.35

4.2500% Morocco, Kingdom DL-Notes 2012(22) Reg.S XS0850020586 % 2,000 USD 101.771 1,682,304.32 1.27

6.2500% MFB Magyar Fejlesztesi Bk Zrt. DL-Notes 2013(20) Reg.S XS0954674312 % 1,000 USD 110.866 916,323.66 0.69


3.3000% Perusah.Pen.SBSN Indonesia III DL-Trust Certs 2012(22) Reg.S US71567RAA41 % 2,200 USD 94.664 1,721,305.89 1.30

6.1250% Perusah.Pen.SBSN Indonesia III DL-Trust Certs 2013(19) Reg.S US71567RAB24 % 3,100 USD 111.206 2,849,314.82 2.15

3.0000% Poland, Republic DL-Notes 2012(23) US731011AT95 % 3,000 USD 99.790 2,474,336.72 1.87

6.7500% Romania DL-Med.-Term Nts 2012(22)Reg.S US77586TAA43 % 2,200 USD 120.188 2,185,416.98 1.65

4.8750% Romania DL-Med.-Term Nts 2014(24)Reg.S US77586TAD81 % 1,000 USD 109.468 904,771.47 0.68



5.8750% Serbia, Republic DL-Bonds 2013(18) Reg.S XS0995679619 % 1,900 USD 104.608 1,642,740.72 1.24

7.2500% Serbia, Republic DL-Notes 2011(21) Reg.S XS0680231908 % 2,100 USD 112.414 1,951,148.03 1.48

5.8750% Republic of South Africa DL-Notes 2013(25) US836205AR58 % 2,000 USD 112.917 1,866,550.95 1.41

5.8750% Sri Lanka, Republic DL-Bonds 2012(22) Reg.S USY2029SAH77 % 2,500 USD 101.806 2,103,603.60 1.59

6.7500% Turkey, Republic DL-Notes 2007(18) US900123BA75 % 1,000 USD 111.813 924,150.76 0.70

4.8750% Turkey, Republic DL-Notes 2013(43) US900123CB40 % 2,000 USD 99.996 1,652,969.67 1.25

6.6250% Turkey, Republic DL-Notes 2014(45) US900123CG37 % 1,000 USD 123.610 1,021,654.68 0.77

6.3750% Hungary DL-Notes 2011(21) US445545AE60 % 2,200 USD 114.444 2,080,968.34 1.57






assets

5.7500% Hungary DL-Notes 2013(23) US445545AJ57 % 2,100 USD 110.500 1,917,927.10 1.45

4.0000% Hungary DL-Notes 2014(19) US445545AK21 % 1,000 USD 103.028 851,541.45 0.64

6.7500% Vietnam, Republic DL-Bonds 2010(20) Reg.S USY9374MAF06 % 600 USD 112.479 557,793.21 0.42

3.9030% ZAR Sovereign Cap.Fd Pty Ltd. DL-Notes 2014(20) Reg.S XS1113141441 % 1,400 USD 101.199 1,170,994.27 0.89



3.9750% Macedonia, Republic EO-Bonds 2014(21) Reg.S XS1087984164 % 700 EUR 100.710 704,970.00 0.54

6.0000% Armenia, Republic DL-Notes 2013(20) Reg.S XS0974642273 % 1,700 USD 98.501 1,384,012.73 1.06

4.7500% Azerbaijan, Republic DL-Notes 2014(24)Reg.S XS1044540547 % 2,300 USD 99.069 1,883,285.40 1.43

0.1622% Asset Repackag.Trust Six B.V. DL-FLR Med.-Term Nts 2010(15) XS0501533631 % 2,900 USD 102.150 2,448,425.49 1.85


4.8750% Brazil DL-Bonds 2010(21) US105756BS83 % 4,600 USD 106.750 4,058,599.88 3.07

12.3750% Córdoba, Province of... DL-Nts 2010(10/17) Reg.S USP79171AB31 % 1,000 USD 91.808 758,806.51 0.57

4.2500% Costa Rica, Republic DL-Notes 2012(23) Reg.S USP3699PGB78 % 2,500 USD 92.706 1,915,571.53 1.45

4.3750% Costa Rica, Republic DL-Notes 2013(25) Reg.S USP3699PGE18 % 500 USD 89.510 369,906.60 0.28


6.6000% Dominican Republic DL-Bonds 2013(24) Reg.S USP3579EAT49 % 3,100 USD 107.321 2,749,763.29 2.08

6.4500% Dubai DOF Sukuk Ltd. DL-Med.-T.Trust Certs 2012(22) XS0778097674 % 3,500 USD 118.300 3,422,183.65 2.59

0.1622% Earls Eight Ltd. DL-FLR Med.-Term Nts 2010(15) XS0501533987 % 500 USD 102.150 422,142.33 0.32



0.2656% Eirles Three Ltd. DL-FLR Med.-Term Nts 2010(15) XS0501533714 % 4,400 USD 102.150 3,714,852.47 2.81

7.8750% Republic of Ghana, DL-Bonds 2013(23) Reg.S XS0956935398 % 2,000 USD 92.250 1,524,919.41 1.15

8.1250% Republic of Ghana, DL-Bonds 2014(24-26) Reg.S XS1108847531 % 1,150 USD 93.500 888,709.81 0.67

4.8750% Guatemala, Republic DL-Notes 2013(28) Reg.S USP5015VAE67 % 1,300 USD 100.703 1,082,022.48 0.82

4.4890% Hazine Müste.Varl.Kiralama AS DL-Notes 2014(24) Reg.S XS1141043296 % 2,400 USD 101.414 2,011,675.68 1.52

8.7500% Honduras, Republic DL-Notes 2013(20) Reg.S XS1006084211 % 1,500 USD 111.461 1,381,862.14 1.04

5.8750% Indonesia, Republic DL-Med.-Term Nts 2014(24)Reg.S USY20721BJ74 % 1,600 USD 113.375 1,499,297.46 1.13

6.7500% Indonesia, Republic DL-Notes 2014(44) Reg.S USY20721BK48 % 2,300 USD 123.918 2,355,658.90 1.78

5.8750% Kenya, Republic DL-Notes 2014(19) Reg.S XS1028951850 % 1,800 USD 102.385 1,523,204.07 1.15

6.8750% Kenya, Republic DL-Notes 2014(24) Reg.S XS1028952403 % 800 USD 106.255 702,573.11 0.53

4.3750% Columbia, Republic DL-Bonds 2011(11/21) US195325BN40 % 3,200 USD 105.875 2,800,231.42 2.12






assets

2.6250% Columbia, Republic DL-Bonds 2013(13/23) USP3772NHK11 % 1,600 USD 93.345 1,234,416.07 0.93

4.0000% Columbia, Republic DL-Bonds 2013(13/24) US195325BQ70 % 700 USD 102.480 592,908.50 0.45

5.6250% Columbia, Republic DL-Bonds 2014(14/44) US195325BR53 % 600 USD 113.043 560,590.13 0.42

5.9500% Mexico DL-Med.-Term Notes 2008(19) US91086QAW87 % 2,500 USD 113.547 2,346,212.50 1.77

3.6250% Mexico DL-Med.-Term Notes 2012(12/22) US91086QBA58 % 4,200 USD 102.189 3,547,349.37 2.68




4.8750% Panama, Republic DL-Bonds 2014(21) PAL634445PA9 % 3,700 USD 106.214 3,248,125.38 2.46

4.0000% Philippines DL-Bonds 2010(21) US718286BK23 % 4,900 USD 108.512 4,394,650.80 3.32


4.5000% Uruguay, Republic DL-Bonds 2013(22-24) US760942AZ58 % 1,000 USD 105.598 872,784.53 0.66


1.7500% Venezuela, Boliv. Republic DL-Bonds 2011(26) Reg.S USP17625AE71 % 1,600 USD 49.250 651,293.50 0.49

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 *) % 4,000 USD 106.700 3,527,564.26 2.67

6.3050% Mozambique Ematum Fin. 2020 BV DL-LPN 2013(15-20) Ematum XS0969351450 % 900 USD 97.452 724,909.50 0.55

New issue EUR 2,602,914.13 1.97



5.1250% Sri Lanka, Republic DL-Bonds 2014(19) Reg.S USY8137FAB41 % 1,500 USD 101.246 1,255,219.44 0.95

4.8000% Vietnam, Republic DL-Notes 2014(24) Reg.S USY9384RAA87 % 1,580 USD 103.201 1,347,694.69 1.02








assets

Derivatives EUR -2,214,642.21 -1.67


Foreign exchange derivatives EUR -2,214,642.21 -1.67

Foreign exchange forward contracts (short) EUR -2,337,070.14 -1.76

Foreign exchange forward contracts (long) EUR 122,427.93 0.09





2,178,590.93 EUR 2,178,590.93 1.65


231,332.63 DKK 31,068.88 0.02


1,266,860.93 USD 1,047,079.04 0.79



Performance fee receivable 43,446.18 EUR 43,446.18 0.03


Liabilities EUR -327,317.13 -0.25



Asset Management fee payable -246,033.76 EUR -246,033.76 -0.19






assets

Audit fee payable -9,785.00 EUR -9,785.00 -0.01

Other payables -16,900.86 EUR -16,900.86 0.00


CGS FMS - Global Evolution EM Debt I EUR (formerly SAXO INVEST - Global Evolution EM Debt I EUR)


Issuing price EUR 123.20



CGS FMS - Global Evolution EM Debt E EUR6)

(SAXO INVEST - Global Evolution EM Debt E EUR)





6) As a result of a full redemption on July 10, 2014, the E EUR share class is now dormant.





Sell USD -149,802,817.50 Buy EUR 121,500,000.00 123,814,213.98 20.02.2015 -2,282,089.37 BNY Mellon N.A.


Sell USD -4,302,287.50 Buy EUR 3,500,000.00 3,555,903.38 20.02.2015 -54,980.77 The Bank of New York Mellon Corp.

Total -2,214,642.21





I. Income



II. Expenses

Interest on bank overdraft EUR -342.66

Administration fee EUR -197,735.48

Asset Management fee EUR -959,640.95


Performance fee EUR -46,970.43




Legal fee *) EUR -97,187.19






















- Foreign exchange transactions & other transactions EUR 51,641.32











b) Proceeds from shares redeemed EUR -529.32

4. Income/expense equalisation EUR 11,116.24





CGS FMS - Global Evolution EM Debt I EUR




in currency

2011 *) Shares 882,675.000 EUR 90,159,098.93 EUR 102.14

2012 Shares 971,912.908 EUR 115,116,942.81 EUR 118.44

2013 Shares 1,055,503.980 EUR 120,191,638.65 EUR 113.87

2014 Shares 1,073,366.579 EUR 132,238,635.56 EUR 123.20

*) Inception: 21/06/2011








CGS FMS - Global Evolution EM Debt E EUR




in currency

2012 *) Shares 3.000 EUR 322.68 EUR 107.56

2013 Shares 4.856 EUR 493.23 EUR 101.57

10/07/2014 **) Shares 4.856 EUR 529.32 EUR 109.00

*) Inception: 03/07/2012

**) Liquidation: 10/07/2014




Number of shares redeemed -4.856





Investment Focus

Market Value


I. Assets 96,530,660.81 100.29

1. Bonds 87,213,535.29 90.61

2. Derivatives 270,644.95 0.28

3. Bank balances 7,622,358.61 7.92

4. Other Assets 1,424,121.96 1.48

II. Liabilities -278,270.77 -0.29

III. Fund Assets 96,252,390.04 100.00






assets




10.0000% Brazil RB-Nota 2012(23) Ser.NTNF BRSTNCNTF147 Units 5,000 BRL 934.238 1,452,980.98 1.53

Brazil RB-Zero Nota 2012(16) BRSTNCLTN6S3 Units 10,000 BRL 885.698 2,754,978.38 2.86

11.0000% Indonesia, Republic RP-Notes 2006(25) FR40 IDG000007204 % 10,750,000 IDR 120.411 864,180.59 0.90


5.6250% Indonesia, Republic RP-Notes 2012(23) FR63 IDG000010208 % 25,000,000 IDR 86.498 1,443,696.66 1.50



7.7500% International Finance Corp. IR/DL-Medium-Term Nts 2013(16) US45950VCQ77 % 160,000 INR 103.503 2,168,658.04 2.25

6.3000% International Finance Corp. IR/DL-Medium-Term Nts 2014(24) US45950VEM46 % 140,000 INR 101.914 1,868,441.96 1.94

8.0000% Mexico MN-Bonos 2006(15) MX0MGO000086 Units 440,000 MXN 104.468 2,577,807.69 2.68

7.7500% Mexico MN-Bonos 2008(17) MX0MGO0000F3 Units 200,000 MXN 109.197 1,224,772.03 1.27

8.5000% Mexico MN-Bonos 2009(18) MX0MGO0000G1 Units 750,000 MXN 113.003 4,752,977.89 4.94

7.7500% Mexico MN-Bonos 2011(31) MX0MGO0000P2 Units 225,000 MXN 113.945 1,437,783.49 1.49

5.8500% Romania LN-Bonds 2013(23) RO1323DBN018 % 15,000 RON 116.911 3,912,247.63 4.06

3.2500% Thailand BA-Bonds 2011(17) TH062303R603 % 120,000 THB 102.614 3,094,387.04 3.21

6.5000% Turkey, Republic TN-Bonds 2013(15) TRT070115T13 % 6,000 TRY 99.921 2,120,114.58 2.20

10.4000% Turkey, Republic TN-Bonds 2014(19) TRT270319T13 % 4,000 TRY 108.830 1,539,429.95 1.60

4.0000% Turkey, Republic TN-Infl.Index Lkd Bds 2010(15) TRT290415T14 % 8,000 TRY 100.145 3,979,372.87 4.13



10.0000% Columbia, Republic KP-Bonos 2008(24) Ser.B COL17CT02385 % 11,500,000 COP 119.554 4,784,635.53 4.99

6.4000% Citigroup Inc. CR/DL-Credit Lkd MTN 2013(16) XS0922219117 *) % 400,000 LKR 102.000 2,571,238.43 2.67

5.5000% Poland, Republic ZY-Bonds 2009(15) Ser.0415 PL0000105953 % 12,600 PLN 101.238 2,968,787.21 3.08







assets

2.7500% Poland, Republic ZY-Infl.Idx Lkd Bds 2008(23) PL0000105359 % 4,200 PLN 111.635 1,261,337.02 1.31

0.1622% Asset Repackag.Trust Six B.V. DL-FLR Med.-Term Nts 2010(15) XS0501533631 % 7,000 USD 102.150 5,909,992.56 6.14

0.1622% Earls Eight Ltd. DL-FLR Med.-Term Nts 2010(15) XS0501533987 % 5,500 USD 102.150 4,643,565.58 4.82

0.2656% Eirles Three Ltd. DL-FLR Med.-Term Nts 2010(15) XS0501533714 % 5,500 USD 102.150 4,643,565.58 4.82


7.0000% South Africa, Republic of... RC-Loan 2010(31) No.R213 ZAG000077470 % 47,000 ZAR 87.705 2,946,293.54 3.06

13.5000% South Africa, Republic of... RC-Loan 2012(15) No.R158 ZAG000099862 % 17,500 ZAR 104.685 1,309,411.12 1.36

13.5000% South Africa, Republic of... RC-Loan 2012(16) No.R159 ZAG000099870 % 9,000 ZAR 110.824 712,902.10 0.74

7.7500% South Africa, Republic of... RC-Loan 2012(23) No.2023 ZAG000096165 % 35,000 ZAR 99.786 2,496,282.33 2.59


10.0000% Serbia, Republic SJ-Treasury Notes 2014(17) RSMFRSD44555 % 25,500 RSD 100.397 211,830.98 0.22


New issue EUR 3,445,312.30 3.58



10.0000% Brazil RB-Nota 2014(25) Ser.NTNF BRSTNCNTF170 Units 12,000 BRL 923.028 3,445,312.30 3.58



16.9500% Dominican Republic DP/DL-Glbl Dep.Nts 12(22)Reg.S US25714PBP27 % 60,000 DOP 127.336 1,427,051.02 1.48

5.7000% Peru NS/DL-Glbl Dep.Nts 14(24)Reg.S USP78024AB57 % 10,033 PEN 100.765 2,808,640.72 2.92

10.0000% Zambia 03.09.2015 ZM1000001869 % 10,000 ZMW 95.505 1,235,303.25 1.28







assets

Derivatives EUR 270,644.95 0.28


Options rights EUR 396.73 0.00

Foreign exchange derivatives EUR 270,248.22 0.28

Foreign exchange forward contracts (short) EUR 270,248.22 0.28





2,100,637.47 EUR 2,100,637.47 2.19


13,718.27 CZK 495.24 0.00

979,577.98 HUF 3,105.73 0.00

131,043.13 PLN 30,498.55 0.03


61,387.97 BRL 19,094.83 0.02

726,389,674.96 COP 252,788.07 0.26

1,839,338,115.00 IDR 122,798.04 0.13

7,004,204.36 MXN 392,801.71 0.41

12,955,397.26 NGN 58,544.70 0.06

1.41 RON 0.31 0.00

198,426.80 RSD 1,641.83 0.00

20,553.45 TRY 7,268.35 0.01

2,989,902.09 USD 2,471,197.69 2.57

2,050,000.00 UYU 69,726.47 0.07

170,660.28 ZAR 12,197.95 0.01

615,115.16 ZMW 79,561.67 0.08






assets

Balances with The Bank of New York Mellon (G) London (V)

Balances in the Fund currency

2,000,000.00 EUR 2,000,000.00 2.08





Aministration fee payable -39,629.02 EUR -39,629.02 -0.05






CGS FMS - Global Evolution EM Local Debt I EUR (formerly SAXO INVEST - Global Evolution EM Local Debt I EUR)


Issuing price EUR 102.03



CGS FMS - Global Evolution EM Local Debt R EUR (formerly SAXO INVEST - Global Evolution EM Local Debt R EUR)









Buy BRL 9,216,000.00 Sell USD -3,296,137.34 2,866,652.15 13.02.2015 101,958.80 The Bank of New York Mellon Corp.

Buy CLP 2,557,750,000.00 Sell USD -4,096,332.48 3,486,751.77 13.02.2015 89,187.70 The Bank of New York Mellon Corp.

Buy IDR 34,320,000,000.00 Sell USD -2,645,086.71 2,291,274.69 13.02.2015 87,313.78 The Bank of New York Mellon Corp.

Buy INR 163,320,000.00 Sell USD -2,550,480.21 2,138,737.71 13.02.2015 10,471.02 The Bank of New York Mellon Corp.

Buy INR 127,780,000.00 Sell USD -2,000,000.00 1,673,327.85 13.02.2015 4,449.32 The Bank of New York Mellon Corp.

Buy KRW 4,084,000,000.00 Sell USD -3,755,402.30 3,071,415.45 13.02.2015 -39,619.08 The Bank of New York Mellon Corp.

Buy MYR 27,116,700.00 Sell USD -7,739,888.68 6,412,689.78 13.02.2015 -10,298.04 The Bank of New York Mellon Corp.

Buy TWD 76,950,000.00 Sell USD -2,463,976.95 2,012,669.75 13.02.2015 -25,244.16 The Bank of New York Mellon Corp.


Buy USD 2,008,675.68 Sell RON -7,315,175.00 1,660,199.75 13.02.2015 29,567.08 The Bank of New York Mellon Corp.

Total 270,248.22

Statement of Options Rights as of December 31, 2014

Exp. Date No. Contracts Ccy Acqu. Price in Ccy Curr. Price in Ccy Total value in EUR Commitment in EUR Unrealised Profit/ Loss in EUR Counterparty

PUT CrossRate USD/RUB 13.01.15 BP 39,75 OTC 13.01.2015 5,000,000 USD 0.0090 0.0001 396.73 -4,132,572.94 -35,246.83 JPMorgan Chase & Co.

Total -35,246.83





I. Income


Interest on liquidity investments EUR 1,674.23


II. Expenses








Legal fee *) EUR -100,893.10















- Option transactions EUR 259,843.93

- Foreign exchange transactions EUR 1,388,502.51




- Option transactions EUR -1,418,063.69

- Foreign exchange transactions EUR -340,417.48




- Forward exchange transactions EUR 384,889.92

- Option transactions EUR -35,246.84


















CGS FMS - Global Evolution EM Local Debt I EUR




in currency

2011 *) Shares 832,264.000 76,906,628.17 EUR 92.41

EUR

2012 Shares 841,714.000 88,972,220.10 EUR 105.70

EUR

2013 Shares 854,814.000 80,589,719.22 EUR 94.28

EUR

2014 Shares 922,301.034 94,099,623.24 EUR 102.03

EUR

*) Inception: 21/06/2011








CGS FMS - Global Evolution EM Local Debt R EUR




in currency

2013 *) Shares 21,512.672 1,907,706.06 EUR 88.68

EUR

2014 Shares 22,637.653 2,152,766.80 EUR 95.10

EUR

*) Inception: 15/01/2013









Investment Focus

Market Value


I. Assets 30,013,166.62 100.45

1. Bonds 26,479,900.65 88.62

2. Derivatives -423,135.81 -1.42

3. Bank balances 3,550,563.50 11.89

4. Other Assets 405,838.28 1.36

II. Liabilities -134,041.08 -0.45

III. Fund Assets 29,879,125.54 100.00






assets




10.0000% Brazil RB-Nota 2012(23) Ser.NTNF BRSTNCNTF147 Units 2,000 BRL 934.238 581,192.39 1.95

Brazil RB-Zero Nota 2012(16) BRSTNCLTN6S3 Units 1,800 BRL 885.698 495,896.11 1.66

2.9500% Bulgaria EO-Bonds 2014(24) XS1083844503 % 200 EUR 100.482 200,964.00 0.67

3.5000% Morocco, Kingdom EO-Notes 2014(24) Reg.S XS1079233810 % 150 EUR 102.927 154,390.50 0.52

6.5000% Romania EO-Notes 2008(18) XS0371163600 % 200 EUR 118.510 237,020.00 0.79


7.7500% International Finance Corp. IR/DL-Medium-Term Nts 2013(16) US45950VCQ77 % 35,000 INR 103.503 474,393.95 1.59

6.3000% International Finance Corp. IR/DL-Medium-Term Nts 2014(24) US45950VEM46 % 25,000 INR 101.914 333,650.35 1.12

8.0000% Mexico MN-Bonos 2006(15) MX0MGO000086 Units 80,000 MXN 104.468 468,692.31 1.57

8.5000% Mexico MN-Bonos 2009(18) MX0MGO0000G1 Units 130,000 MXN 113.003 823,849.50 2.76

6.0000% Mexico MN-Bonos 2010(15) Ser.M MX0MGO0000M9 Units 55,000 MXN 101.325 312,531.55 1.05

7.7500% Mexico MN-Bonos 2011(31) MX0MGO0000P2 Units 15,000 MXN 113.945 95,852.23 0.32

3.1720% Malaysia MR-Bonds 2013(16) MYBMH1300019 % 1,500 MYR 99.429 352,701.84 1.18

3.2500% Thailand BA-Bonds 2011(17) TH062303R603 % 15,000 THB 102.614 386,798.38 1.29

6.5000% Turkey, Republic TN-Bonds 2013(15) TRT070115T13 % 800 TRY 99.921 282,681.94 0.95

8.3000% Turkey, Republic TN-Bonds 2013(15) TRT071015T12 % 2,000 TRY 99.830 706,061.25 2.36


2.5000% Argentina, Republic DL-Bonds 2005(29-38) Par US040114GK09 % 300 USD 51.400 127,448.55 0.43

7.0000% Argentina, Republic DL-Bonos 2007(17) ARARGE03F441 % 250 USD 96.405 199,200.35 0.67

3.1250% CHILE 3 1/8 03/27/25 US168863BW77 % 250 USD 99.750 206,112.08 0.69

4.5570% Hazine Müste.Varl.Kiralama AS DL-Certificates 2013(18) Reg.S XS0975124180 % 400 USD 105.135 347,582.44 1.16

6.3750% Croatia, Republic DL-Notes 2011(21) Reg.S XS0607904264 % 600 USD 109.500 543,020.08 1.82

6.0000% Croatia, Republic DL-Notes 2013(24) Reg.S XS0997000251 % 200 USD 108.002 178,530.46 0.60

4.2500% Morocco, Kingdom DL-Notes 2012(22) Reg.S XS0850020586 % 300 USD 101.771 252,345.65 0.84

5.1250% Mongolia DL-Med.-Term Nts 2012(22)Reg.S US60937GAB23 % 500 USD 87.253 360,579.39 1.21

3.3000% Perusah.Pen.SBSN Indonesia III DL-Trust Certs 2012(22) Reg.S US71567RAA41 % 400 USD 94.664 312,964.71 1.05

4.8750% Romania DL-Med.-Term Nts 2014(24)Reg.S US77586TAD81 % 300 USD 109.468 271,431.44 0.91

5.3750% Zambia, Republic DL-Bonds 2012(22) Reg.S XS0828779594 % 300 USD 92.629 229,677.66 0.77







assets

5.8750% Serbia, Republic DL-Bonds 2013(18) Reg.S XS0995679619 % 350 USD 104.608 302,610.13 1.01

7.2500% Serbia, Republic DL-Notes 2011(21) Reg.S XS0680231908 % 300 USD 112.414 278,735.43 0.93

5.8750% Sri Lanka, Republic DL-Bonds 2012(22) Reg.S USY2029SAH77 % 200 USD 101.806 168,288.29 0.56

5.7500% Turkey, Republic DL-Notes 2014(24) US900123CF53 % 400 USD 112.144 370,754.61 1.24

5.7500% Hungary DL-Notes 2013(23) US445545AJ57 % 700 USD 110.500 639,309.03 2.14

4.0000% Hungary DL-Notes 2014(19) US445545AK21 % 200 USD 103.028 170,308.29 0.57

3.9030% ZAR Sovereign Cap.Fd Pty Ltd. DL-Notes 2014(20) Reg.S XS1113141441 % 350 USD 101.199 292,748.57 0.98

5.0000% Uruguay, Republic PU/DL-Infl.lkd Bonds 2006(18) US760942AT98 % 1,700 UYU 102.676 111,224.00 0.37

8.2500% South Africa, Republic of... RC-Loan 2004(17) No.203 ZAG000021833 % 3,500 ZAR 103.299 258,414.47 0.86



10.0000% Columbia, Republic KP-Bonos 2008(24) Ser.B COL17CT02385 % 1,900,000 COP 119.554 790,505.00 2.62


6.9500% Peru NS/DL-Glbl Dep.Nts 08(31)Reg.S US715638BE14 % 500 PEN 106.585 148,055.01 0.50

5.5000% Poland, Republic ZY-Bonds 2009(15) Ser.0415 PL0000105953 % 3,500 PLN 101.238 824,663.11 2.76

2.7500% Poland, Republic ZY-Infl.Idx Lkd Bds 2008(23) PL0000105359 % 400 PLN 111.635 120,127.34 0.40

4.7500% Azerbaijan, Republic DL-Notes 2014(24)Reg.S XS1044540547 % 300 USD 99.069 245,645.92 0.82

6.6250% Ethiopia, Democratic Federal Republic DL-Notes 2014(24) Reg.S XS1151974877 % 500 USD 99.037 409,277.63 1.37

4.8750% Brazil DL-Bonds 2010(21) US105756BS83 % 500 USD 106.750 441,152.16 1.48

5.7500% Côte d'Ivoire, Republic DL-Bonds 2010(10/16-32) Reg.S XS0496488395 % 300 USD 96.268 238,700.72 0.80

5.8750% Dominican Republic DL-Bonds 2013(22-24) Reg.S USP3579EAS65 % 200 USD 102.734 169,822.30 0.57

6.4500% Dubai DOF Sukuk Ltd. DL-Med.-T.Trust Certs 2012(22) XS0778097674 % 500 USD 118.300 488,883.38 1.64

9.3750% Ecuador, Republic DL-Bonds 2005(15) Reg.S USP8055QDE90 % 150 USD 98.473 122,084.06 0.41

7.9500% Ecuador, Republic DL-Bonds 2014(14/24) Reg.S XS1080330704 % 200 USD 86.133 142,380.86 0.48

7.8750% Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 % 350 USD 92.250 266,860.90 0.89

8.1250% Ghana, Republic of... DL-Bonds 2014(24-26) Reg.S XS1108847531 % 200 USD 93.500 154,558.23 0.52

4.4890% Hazine Müste.Varl.Kiralama AS DL-Notes 2014(24) Reg.S XS1141043296 % 250 USD 101.414 209,549.55 0.70

8.7500% Honduras, Republic DL-Notes 2013(20) Reg.S XS1006084211 % 200 USD 111.461 184,248.28 0.62

7.5000% Honduras, Republic DL-Notes 2013(22-24) Reg.S XS0905659230 % 200 USD 104.288 172,391.11 0.58

5.8750% Indonesia, Republic DL-Med.-Term Nts 2014(24)Reg.S USY20721BJ74 % 250 USD 113.375 234,265.23 0.78

6.7500% Indonesia, Republic DL-Notes 2014(44) Reg.S USY20721BK48 % 250 USD 123.918 256,049.88 0.86



2.6250% Columbia, Republic DL-Bonds 2013(13/23) USP3772NHK11 % 650 USD 93.345 501,481.53 1.68






assets

3.6250% Mexico DL-Med.-Term Notes 2012(12/22) US91086QBA58 % 700 USD 102.189 591,224.89 1.98

7.2500% Pakistan, Republic DL-Notes 2014(19) Reg.S XS1056560763 % 400 USD 101.000 333,911.89 1.12

6.7000% Panama, Republic DL-Bonds 2006(36) US698299AW45 % 250 USD 128.228 264,955.78 0.89

4.8750% Panama, Republic DL-Bonds 2014(21) PAL634445PA9 % 700 USD 106.214 614,510.21 2.06

4.0000% Philippines DL-Bonds 2010(21) US718286BK23 % 1,000 USD 108.512 896,867.51 3.00

6.6250% Rwanda, Republic DL-Notes 2013(23) Reg.S XS0925613217 % 300 USD 102.401 253,907.27 0.85

9.0000% Venezuela, Boliv. Republic DL-Bonds 2008(23) Reg.S USP17625AA59 % 1,100 USD 45.478 413,470.53 1.38

11.7500% Venezuela, Boliv. Republic DL-Bonds 2011(26) Reg.S USP17625AE71 % 200 USD 49.250 81,411.69 0.27

7.0000% Republic of South Africa, RC-Loan 2010(31) No.R213 ZAG000077470 % 10,500 ZAR 87.705 658,214.51 2.20

7.7500% Republic of South Africa, RC-Loan 2012(23) No.2023 ZAG000096165 % 4,000 ZAR 99.786 285,289.41 0.95

10.0000% Serbia, Republic SJ-Bonds 2012(17) RSMFRSD16132 % 15,000 RSD 100.262 124,438.28 0.42


Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 *) % 300 USD 106.700 264,567.32 0.89


New issue EUR 912,175.57 3.05

Admission to stock exchange EUR 912,175.57 3.05

Interest-bearing securities EUR 912,175.57 3.05


5.1250% Sri Lanka, Republic DL-Bonds 2014(19) Reg.S USY8137FAB41 % 200 USD 101.246 167,362.59 0.56

4.8000% Vietnam, Republic DL-Notes 2014(24) Reg.S USY9384RAA87 % 200 USD 103.201 170,594.26 0.57



6.0000% Chile, Republic CP/DL-Glbl Dep.Nts 11(18)Reg.S XS0831748115 % 160,000 CLP 107.239 233,902.94 0.77

15.9500% Dominican Republic DP/DL-Glbl Dep.Nts 11(21)Reg.S US25714PBF45 % 2,500 DOP 121.594 56,779.19 0.19

5.7000% Peru NS/DL-Glbl Dep.Nts 14(24)Reg.S USP78024AB57 % 3,500 PEN 100.765 979,790.94 3.28








assets

Derivatives


EUR -423,135.81 -1.42

Foreign exchange derivativesEUR -507,130.97 -1.70

Foreign exchange forward contracts (short)

EUR 83,995.16 0.28

Foreign exchange forward contracts (long)

EUR 3,550,563.50 11.89

Bank balances, non-securitised money market instruments and money market fundsEUR 3,550,563.50 11.89

Bank balancesBalances with The Bank of New York Mellon S.A./NV, Luxembourg Branch (G)

Balances in the sub-fund currency 3,344,703.84 EUR 3,344,703.84 11.21

Balances in other EU/EEA currencies 11,233.34 CZK 405.54 0.00

2.77 DKK 0.37 0.00

707,601.02 HUF 2,243.43 0.01

17,653.51 PLN 4,108.62 0.01

Balances in non-EU/EEA currencies 97,617.55 BRL 30,364.10 0.10

126,005,345.04 COP 43,850.63 0.15

1,119,187.90 MXN 62,765.00 0.21

3,517,911.78 NGN 15,897.24 0.05

0.63 RON 0.14 0.00

750,000.00 RSD 6,205.69 0.02

877.81 TRY 310.42 0.00

47,594.98 USD 39,337.95 0.13

5,184.06 ZAR 370.53 0.00






assets

EUR 405,838.28 1.36

Other Assets405,838.28 EUR 405,838.28 1.36

Interest receivables

EUR -134,041.08 -0.45

Liabilities-18,808.44 EUR -18,808.44 -0.06


Custodian Bank fee payable -91,789.26 EUR -91,789.26 -0.31



Other payables

EUR 29,879,125.54 100.00

Total net assets

CGS FMS - Global Evolution EM Blended Debt R EUR (former SAXO INVEST - Global Evolution EM Blended Debt R EUR)

EUR 108.31



Redemption price 225,200.472

Number of shares in circulation

CGS FMS - Global Evolution EM Blended Debt I EUR7)

(formerly SAXO INVEST - Global Evolution EM Blended Debt I EUR)

EUR 941.45



Redemption price 5,830.000

Number of shares in circulation

7) I EUR share class was launched on July 8, 2014.





Buy IDR 12,879,500,000.00 Sell USD -992,639.69 859,862.25 13.02.2015 32,766.84 The Bank of New York Mellon Corp.

Buy INR 61,945,500.00 Sell USD -967,369.41 811,199.96 13.02.2015 3,971.54 The Bank of New York Mellon Corp.

Buy TWD 11,451,250.00 Sell USD -366,674.67 299,513.77 13.02.2015 -3,756.68 The Bank of New York Mellon Corp.

Sell USD -33,289,515.00 Buy EUR 27,000,000.00 27,514,269.77 20.02.2015 -507,130.97 BNY Mellon N.A.


Total -423,135.81





I. Income




II. Expenses








Legal fee *) EUR -130,005.36




Total expenses EUR -701,579.75

III. Ordinary net income EUR 714,176.46








- Securities EUR 791,722.24










- Forward exchange transactions EUR -592,991.94



VI. Result of operations for the period EUR -567,759.22



Statement of Changes in Net Assets 2014I. Net assets at the beginning of the period EUR 17,456,760.75





b) Proceeds from shares redeemed EUR -987,790.26


5. Result of operations for the period EUR -567,759.22




CGS FMS - Global Evolution EM Blended Debt R EUR




in currency

2011 *) Shares 55,383.441 EUR 5,607,694.78 EUR 101.25

2012 Shares 94,078.897 EUR 11,203,149.35 EUR 119.08

2013 Shares 160,769.900 EUR 17,456,760.75 EUR 108.58

2014 Shares 225,200.472 EUR 24,390,450.83 EUR 108.31

*) Inception: 21/11/2011








CGS FMS - Global Evolution EM Blended Debt I EUR




in currency

2014 *) Shares 5,830.000 EUR 5,488,674.71 EUR 941.15

*) Inception: 08/07/2014









Investment Focus

Market Value


I. Assets 371,893,162.41 100.32

1. Equities 353,838,004.83 95.44

2. Bank balances 17,628,747.11 4.76

3. Other Assets 426,410.47 0.12

II. Liabilities -1,196,891.14 -0.32

III. Fund Assets 370,696,271.27 100.00






assets



Equities EUR 353,838,004.83 95.44

Carsales.com Ltd. Registered Shares o.N. AU000000CRZ0 Units 309,015 AUD 10.640 2,200,013.11 0.56

ABB Ltd. Namens-Aktien SF 1,03 CH0012221716 Units 540,151 CHF 21.360 9,591,508.32 2.56

Nestlé S.A. Namens-Aktien SF -,10 CH0038863350 Units 59,624 CHF 73.250 3,630,773.96 0.98

DSV A/S Indehaver Bonus-Aktier DK 1 DK0060079531 Units 88,633 DKK 188.600 2,246,557.33 0.61

Novo-Nordisk AS Navne-Aktier B DK -,20 DK0060534915 Units 232,530 DKK 264.500 8,265,802.74 2.23

United Intl Enterprises (UIE) Registered Shares DL 10 BSP951331318 Units 37,665 DKK 965.000 4,884,787.25 1.32

BASF SE Namens-Aktien o.N. DE000BASF111 Units 40,801 EUR 70.900 2,892,790.90 0.78

Christian Dior S.A. Actions Port. EO 2 FR0000130403 Units 19,993 EUR 143.950 2,877,992.35 0.78

Hermes International S.A. Actions au Porteur o.N. FR0000052292 Units 1,130 EUR 287.100 324,423.00 0.09

HUGO BOSS AG Namens-Aktien o.N. DE000A1PHFF7 Units 31,440 EUR 103.000 3,238,320.00 0.87

KONE Corp. (New) Registered Shares Cl.B o.N. FI0009013403 Units 127,710 EUR 38.010 4,854,257.10 1.31

Oréal S.A., L' Actions Port. EO 0,2 FR0000120321 Units 59,050 EUR 140.150 8,275,857.50 2.23

SAP SE Inhaber-Aktien o.N. DE0007164600 Units 368,935 EUR 58.730 21,667,552.55 5.85

Schneider Electric SE Actions Port. EO 4 FR0000121972 Units 65,930 EUR 61.390 4,047,442.70 1.09

Unilever N.V. Cert.v.Aandelen EO-,16 NL0000009355 Units 109,596 EUR 32.795 3,594,200.82 0.97

BHP Billiton PLC Registered Shares DL -,50 GB0000566504 Units 146,626 GBP 14.070 2,631,077.44 0.71

Diageo PLC Reg. Shares LS -,28935185 GB0002374006 Units 825,002 GBP 18.700 19,675,471.75 5.31

Experian PLC Registered Shares DL -,10 GB00B19NLV48 Units 592,355 GBP 11.030 8,332,707.12 2.25

Indivior PLC Registered Shares DL0,10 GB00BRS65X63 Units 85,115 GBP 1.420 154,142.71 0.04

Reckitt Benckiser Group Registered Shares LS -,10 GB00B24CGK77 Units 85,115 GBP 52.150 5,660,945.35 1.53

Standard Chartered PLC Registered Shares DL -,50 GB0004082847 Units 221,350 GBP 9.680 2,732,646.35 0.74

Bonjour Holdings Ltd. Registered Shares HD -,01 KYG123731252 Units 27,430,245 HKD 0.800 2,322,358.32 0.63

Guangdong Investment Ltd. Registered Shares o.N. HK0270001396 Units 3,742,000 HKD 10.280 4,071,050.15 1.10

Sa Sa International Hldgs Ltd. Registered Shares HD -,10 KYG7814S1021 Units 6,693,426 HKD 5.430 3,846,430.16 1.04

SJM Holdings Ltd. Registered Shares o.N. HK0880043028 Units 4,953,514 HKD 12.300 6,448,045.02 1.74

Park24 Co. Ltd. Registered Shares o.N. JP3780100008 Units 367,088 JPY 1,760.000 4,400,155.83 1.19

DBS Group Holdings Ltd. Registered Shares SD 1 SG1L01001701 Units 353,778 SGD 20.560 4,516,969.31 1.22

SATS Ltd. Registered Shares SD -,10 SG1I52882764 Units 2,771,597 SGD 2.970 5,111,869.27 1.38






assets

Singapore Exchange Ltd. Registered Shares SD -,01 SG1J26887955 Units 1,000,000 SGD 7.830 4,862,447.99 1.31

American Express Co. Registered Shares DL -,20 US0258161092 Units 281,756 USD 94.270 21,808,964.71 5.88

American International Grp Inc Registered Shares New DL 2,50 US0268747849 Units 40,190 USD 56.490 1,864,137.53 0.50

Anthem Inc. Registered Shares DL -,01 US0367521038 Units 33,803 USD 127.070 3,526,847.20 0.95

Check Point Software Techs Ltd Registered Shares IS -,01 IL0010824113 Units 97,281 USD 79.610 6,358,929.64 1.72

Cigna Corp. Registered Shares DL 1 US1255091092 Units 34,870 USD 104.120 2,981,085.80 0.80

Cisco Systems Inc. Registered Shares DL-,001 US17275R1023 Units 86,110 USD 28.460 2,012,226.46 0.54

Citigroup Inc. Registered Shares New DL -,01 US1729674242 Units 96,065 USD 54.730 4,316,969.74 1.16

CME Group Inc. Registered Shares DL-,01 US12572Q1058 Units 173,545 USD 90.180 12,850,224.24 3.47

Dover Corp. Registered Shares DL 1 US2600031080 Units 35,311 USD 73.250 2,123,762.83 0.57

Enersis S.A. Reg. Shs (Spons.ADRs)/50 o.N. US29274F1049 Units 344,047 USD 16.390 4,630,043.79 1.25

Estée Lauder Compan. Inc., The Reg. Shares Class A DL -,01 US5184391044 Units 61,620 USD 77.400 3,916,075.21 1.06

Express Scripts Holding Inc. Registered Shares DL -,01 US30219G1085 Units 74,036 USD 85.960 5,225,498.45 1.41

Gallagher & Co., Arthur J. Registered Shares DL 1 US3635761097 Units 98,530 USD 47.510 3,843,632.73 1.04

Gilead Sciences Inc. Registered Shares DL -,001 US3755581036 Units 52,711 USD 97.300 4,211,167.01 1.14

KazMunaiGas Explor.Prod.JSC Reg.Shs(GDRsReg.S) 1/6 /KT250 US48666V2043 Units 877,526 USD 13.900 10,015,281.55 2.70

LUKOIL Neftyanaya Komp. OJSC Reg. Shs (Sp. ADRs)/1 RL-,025 US6778621044 Units 78,044 USD 40.250 2,579,251.99 0.70

Markit Ltd. Registered Shares DL -,01 BMG582491061 Units 250,932 USD 26.490 5,457,910.07 1.47

MasterCard Inc. Registered Shares A DL -,0001 US57636Q1040 Units 198,067 USD 87.680 14,259,392.86 3.85

McGraw Hill Financial Inc. Registered Shares DL 1 US5806451093 Units 108,270 USD 90.040 8,004,459.15 2.16

Moody's Corp. Registered Shares DL-,01 US6153691059 Units 152,729 USD 97.560 12,234,371.66 3.30

MSCI Inc. Registered Shares A DL -,01 US55354G1004 Units 338,420 USD 48.100 13,365,631.00 3.61

Occidental Petroleum Corp. Registered Shares DL -,20 US6745991058 Units 37,422 USD 81.710 2,510,675.44 0.68

Parker-Hannifin Corp. Registered Shares DL-,50 US7010941042 Units 68,995 USD 130.820 7,411,056.65 2.00

QUALCOMM Inc. Registered Shares DL -,0001 US7475251036 Units 149,163 USD 74.985 9,183,830.82 2.48

T. Rowe Price Group Inc. Registered Shares DL -,20 US74144T1088 Units 40,116 USD 87.260 2,874,227.90 0.78

UnitedHealth Group Inc. Registered Shares DL -,01 US91324P1021 Units 203,410 USD 102.330 17,090,849.25 4.61

VISA Inc. Reg. Shares Class A DL -,0001 US92826C8394 Units 46,070 USD 265.430 10,040,528.86 2.71

Yum! Brands, Inc. Registered Shares o.N. US9884981013 Units 29,510 USD 73.560 1,782,375.89 0.48







assets





17,383,795.25 EUR 17,383,795.25 4.70


94,220.48 GBP 120,163.86 0.03


151,979.30 USD 124,788.00 0.03

Other Assets EUR 426,410.47 0.12

Dividend receivables 426,410.47 EUR 426,410.47 0.12

Liabilities EUR -1,196,891.14 -0.32




Publication expenses payable -1,761.73 EUR -1,761.73 0.00




CGS FMS - CPH Capital Global Equities R EUR (formerly SAXO INVEST - CPH Capital Global Equities R EUR)










assets

CGS FMS - CPH Capital Global Equities I EUR (formerly SAXO INVEST - CPH Capital Global Equities I EUR)





CGS FMS - CPH Capital Global Equities X EUR (formerly SAXO INVEST - CPH Capital Global Equities X EUR)

Net Asset Value per share EUR 1,364.93

Subscription price EUR 1,364.93

Redemption price EUR 1,364.93


CGS FMS - CPH Capital Global Equities X GBP (formerly SAXO INVEST - CPH Capital Global Equities X GBP)

Net Asset Value per share GBP 1,200.87

Subscription price GBP 1,200.87

Redemption price GBP 1,200.87






I. Income

Dividends EUR 9,481,145.33


II. Expenses








Legal fee *) EUR -154,397.17

Foreign withholding taxes EUR -1,542,990.23

Equalisation of ordinary expenses EUR 584,555.80
















Total realised profit/loss EUR 29,937,571.12



- Foreign exchange transactions & other transactions EUR 2,647,605.93









3. Net cash flow EUR -97,609,965.10



4. Income/expense equalisation EUR 4,955,838.14





CGS FMS - CPH Capital Global Equities R EUR




in currency

2011 *) Shares 265,465.303 EUR 28,941,856.14 EUR 109.02

2012 Shares 272,033.476 EUR 35,686,073.85 EUR 131.18

2013 Shares 363,702.294 EUR 58,632,280.36 EUR 161.21

29/12/2014 Shares 309,983.116 EUR 56,740,503.12 EUR 183.04

*) Inception: 05/07/2011








CGS FMS - CPH Capital Global Equities I EUR




in currency

2011 *) Shares 111,664.572 EUR 12,334,621.06 EUR 110.46

2012 Shares 596,444.882 EUR 80,301,180.17 EUR 134.63

2013 Shares 556,053.842 EUR 93,135,182.44 EUR 167.49

29/12/2014 Shares 498,434.451 EUR 95,944,931.94 EUR 192.49

*) Inception: 25/08/2011








CGS FMS - CPH Capital Global Equities X EUR




in currency

2013 *) Shares 165,007.161 EUR 195,463,874.60 EUR 1,184.58

29/12/2014 Shares 131,983.638 EUR 180,148,189.91 EUR 1,364.93

*) Inception: 13/02/2013








CGS FMS - CPH Capital Global Equities X GBP




in currency

2013 *) Shares 50,742.833 GBP 56,084,091.77 GBP 1,105.26

29/12/2014 Shares 24,722.135 GBP 29,688,100.96 GBP 1,200.87

*) Inception: 08/04/2013









Investment Focus

Market Value


I. Assets 37,762,750.37 100.57

1. Bonds 32,174,744.01 85.69

2. Derivatives 774,315.59 2.06

3. Bank balances 4,222,800.02 11.25

4. Other Assets 590,890.75 1.57

II. Liabilities -215,559.13 -0.57

III. Fund Assets 37,547,191.24 100.00






assets




10.0000% Brazil RB-Nota 2007(17) Ser.F BRSTNCNTF0G9 Units 2,000 BRL 1,001.065 622,765.87 1.68

10.0000% Brazil RB-Nota 2010(21) Ser.F BRSTNCNTF0N5 Units 2,000 BRL 952.712 592,685.31 1.58


2.9500% Bulgaria EO-Bonds 2014(24) XS1083844503 % 500 EUR 100.482 502,410.00 1.34

3.8750% Croatia, Republic EO-Notes 2014(22) XS1028953989 % 1,000 EUR 102.805 1,028,050.00 2.74

3.5000% Morocco, Kingdom EO-Notes 2014(24) Reg.S XS1079233810 % 1,000 EUR 102.927 1,029,270.00 2.74

5.3750% Montenegro, Republic EO-Notes 2014(19) Reg.S XS1069342407 % 500 EUR 105.246 526,227.50 1.40

3.0000% Poland, Republic EO-Medium-Term Notes 2014(24) XS1015428821 % 1,000 EUR 115.065 1,150,650.00 3.06

2.8750% Romania EO-Medium-Term Notes 2014(24) XS1129788524 % 1,500 EUR 103.346 1,550,190.00 4.13



10.0000% Mexico MN-Bonos 2005(24) MX0MGO000078 Units 150,000 MXN 131.372 1,105,117.94 2.94

3.6540% Malaysia MR-Bonds 2014(19) Ser.0414 MYBMJ1400047 % 3,000 MYR 99.172 703,580.38 1.87

4.1810% Malaysia MR-Bonds 2014(24) Ser.0114 MYBMO1400013 % 4,000 MYR 100.483 950,508.44 2.53

5.2000% Peru NS-Bonos Tes. 2012(23) PEP01000C4N3 % 4,000 PEN 98.476 1,094,329.77 2.91

5.8500% Romania LN-Bonds 2013(23) RO1323DBN018 % 5,000 RON 116.911 1,304,082.54 3.47





5.3750% Côte d'Ivoire, Republic DL-Notes 2014(24) Reg.S XS1089413089 % 500 USD 96.278 397,874.62 1.06

5.3750% Zambia, Republic DL-Bonds 2012(22) Reg.S XS0828779594 % 1,000 USD 92.629 765,592.20 2.04

7.2500% Serbia, Republic DL-Notes 2011(21) Reg.S XS0680231908 % 500 USD 112.414 464,559.05 1.24

10.5000% South Africa, Republic of... RC-Loan 1997(26) No. 186 ZAG000016320 % 18,000 ZAR 119.380 1,535,879.02 4.09

7.2500% South Africa, Republic of... RC-Loan 2005(20) No.207 ZAG000024738 % 15,000 ZAR 99.267 1,064,271.49 2.83

6.2500% South Africa, Republic of... RC-Loan 2006(36) No.209 ZAG000030404 % 10,000 ZAR 77.909 556,854.74 1.48






assets









6.6250% Ethiopia, Democratic Federal Republic DL-Notes 2014(24) Reg.S XS1151974877 % 650 USD 99.037 532,060.91 1.42

5.7500% Côte d'Ivoire, Republic DL-Bonds 2010(10/16-32) Reg.S XS0496488395 % 1,000 USD 96.268 795,669.06 2.12

7.8750% Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 % 1,000 USD 92.250 762,459.71 2.03

8.1250% Ghana, Republic of... DL-Bonds 2014(24-26) Reg.S XS1108847531 % 500 USD 93.500 386,395.57 1.03

7.2500% Pakistan, Republic DL-Notes 2014(19) Reg.S XS1056560763 % 1,000 USD 101.000 834,779.73 2.22

8.2500% Pakistan, Republic DL-Notes 2014(24) Reg.S XS1056560920 % 1,000 USD 103.439 854,938.45 2.28

7.0000% Venezuela, Boliv. Republic DL-Bonds 2007(38) Reg.S USP97475AJ95 % 1,000 USD 41.325 341,557.15 0.91

9.0000% Venezuela, Boliv. Republic DL-Bonds 2008(23) Reg.S USP17625AA59 % 500 USD 45.478 187,941.15 0.50

7.7500% Mexico MN-Bonos 2012(42) Ser.M MX0MGO0000R8 Units 100,000 MXN 115.446 647,430.94 1.72

4.7500% Mexico MN-Bonos 2013(18) Ser.M MX0MGO0000T4 Units 150,000 MXN 99.868 840,102.29 2.24








assets

Derivatives EUR 774,315.59 2.06


Foreign exchange derivatives EUR 774,315.59 2.06

Foreign exchange forward contracts (short) EUR 133,405.46 0.35

Foreign exchange forward contracts (long) EUR 640,910.13 1.71





3,294,384.86 EUR 3,294,384.86 8.79


4,028,200.00 HUF 12,771.31 0.03

81,000.00 PLN 18,851.68 0.05


164,323,056.00 COP 57,185.43 0.15

791,889,645.00 IDR 52,868.20 0.14

1,967,941.30 MXN 110,363.81 0.29

54,810.00 MYR 12,961.74 0.03

0.09 NGN 0.00 0.00

104,000.05 PEN 28,892.92 0.08

480,618.13 TRY 169,961.85 0.45

4,288.16 USD 3,544.23 0.01

6,450,000.58 ZAR 461,013.99 1.23






assets

Other Assets EUR 590,890.75 1.57

Interest receivables 590,890.75 EUR 590,890.75 1.57



Custodian Bank fee payable -8,027.76 EUR -8,027.76 -0.02



Performance fee payable -79,166.84 EUR -79,166.84 -0.21



CGS FMS - Global Evolution EM Debt and FX I8)

(formerly SAXO INVEST - Global Evolution EM Debt and FX I)

Net Asset Value per share EUR 1,035.12

Subscription price EUR 1,037.71

Redemption price EUR 1,032.53


CGS FMS - Global Evolution EM Debt and FX R8)

(formerly SAXO INVEST - Global Evolution EM Debt and FX R)





8) I (EUR) share class and R (EUR) share class were launched on August 6, 2014.





Sell BRL -6,000,000.00 Buy USD 2,277,039.85 1,866,309.99 06.02.2015 37,780.39 The Bank of New York Mellon Corp.

Buy BRL 3,000,000.00 Sell USD -1,106,602.73 933,155.00 06.02.2015 7,489.83 The Bank of New York Mellon Corp.

Buy BRL 3,000,000.00 Sell USD -1,074,498.57 933,155.00 06.02.2015 34,024.39 The Bank of New York Mellon Corp.

Sell CHF -2,000,000.00 Buy EUR 1,659,069.51 1,663,616.70 06.02.2015 -4,652.37 The Bank of New York Mellon Corp.

Sell COP -5,000,000,000.00 Buy USD 2,391,200.38 1,740,030.71 06.02.2015 243,793.49 The Bank of New York Mellon Corp.

Sell CZK -30,000,000.00 Buy EUR 1,079,291.98 1,083,032.49 06.02.2015 -3,474.67 The Bank of New York Mellon Corp.

Buy CZK 30,000,000.00 Sell USD -1,352,569.88 1,083,032.49 06.02.2015 -34,969.45 JPMorgan Chase & Co.

Sell HUF -350,000,000.00 Buy EUR 1,111,605.16 1,109,666.78 06.02.2015 4,310.75 The Bank of New York Mellon Corp.

Buy IDR 15,000,000,000.00 Sell USD -1,218,521.53 1,001,431.25 06.02.2015 -12,147.24 The Bank of New York Mellon Corp.

Sell IDR -35,000,000,000.00 Buy USD 2,816,221.44 2,336,672.91 06.02.2015 6,031.41 The Bank of New York Mellon Corp.

Sell INR -70,000,000.00 Buy USD 1,122,334.46 916,676.71 06.02.2015 18,340.30 The Bank of New York Mellon Corp.

Sell INR -70,000,000.00 Buy USD 1,123,234.92 916,676.71 06.02.2015 19,084.55 The Bank of New York Mellon Corp.

Buy INR 140,000,000.00 Sell USD -2,243,589.74 1,833,353.41 06.02.2015 -35,788.66 The Bank of New York Mellon Corp.

Sell KRW -4,000,000,000.00 Buy USD 3,697,199.37 3,008,242.36 06.02.2015 53,464.38 The Bank of New York Mellon Corp.

Buy MXN 80,000,000.00 Sell USD -5,875,730.65 4,486,467.69 06.02.2015 -384,314.21 JPMorgan Chase & Co.

Buy MXN 80,000,000.00 Sell USD -5,556,057.14 4,486,467.69 06.02.2015 -120,099.39 The Bank of New York Mellon Corp.

Sell MYR -7,000,000.00 Buy USD 2,117,362.37 1,645,742.23 06.02.2015 100,135.57 The Bank of New York Mellon Corp.

Sell MYR -10,000,000.00 Buy USD 2,989,089.82 2,351,060.33 06.02.2015 113,533.03 The Bank of New York Mellon Corp.

Buy PLN 10,000,000.00 Sell USD -2,932,981.38 2,327,367.51 06.02.2015 -101,012.78 JPMorgan Chase & Co.





Buy TRY 6,000,000.00 Sell USD -2,603,601.65 2,121,790.79 06.02.2015 -48,050.64 JPMorgan Chase & Co.

Buy TRY 3,000,000.00 Sell USD -1,291,989.66 1,060,895.40 06.02.2015 -15,916.24 BNY Mellon N.A.

Buy TRY 1,500,000.00 Sell USD -634,625.15 530,447.70 06.02.2015 1,439.09 The Bank of New York Mellon Corp.

Buy TRY 1,500,000.00 Sell USD -640,204.87 530,447.70 06.02.2015 -3,172.63 BNY Mellon N.A.

Sell TWD -100,000,000.00 Buy USD 3,270,645.95 2,615,555.23 06.02.2015 89,234.05 The Bank of New York Mellon Corp.

Buy TWD 100,000,000.00 Sell USD -3,214,400.51 2,615,555.23 06.02.2015 -42,746.37 The Bank of New York Mellon Corp.

Buy USD 1,370,123.27 Sell CZK -30,000,000.00 1,132,426.87 06.02.2015 49,481.38 JPMorgan Chase & Co.

Buy USD 1,350,682.09 Sell CZK -30,000,000.00 1,116,358.45 06.02.2015 33,411.73 The Bank of New York Mellon Corp.




Buy USD 3,163,597.54 Sell ILS -12,000,000.00 2,614,759.52 06.02.2015 65,010.39 The Bank of New York Mellon Corp.

Buy USD 5,843,580.78 Sell MXN -80,000,000.00 4,829,804.76 06.02.2015 358,894.19 JPMorgan Chase & Co.

Buy USD 5,876,562.80 Sell MXN -80,000,000.00 4,857,064.88 06.02.2015 386,242.11 The Bank of New York Mellon Corp.

Buy USD 2,983,935.39 Sell PLN -10,000,000.00 2,466,266.13 06.02.2015 143,387.52 JPMorgan Chase & Co.

Buy USD 2,928,514.95 Sell PLN -10,000,000.00 2,420,460.33 06.02.2015 97,498.35 The Bank of New York Mellon Corp.

Buy USD 2,666,074.21 Sell TRY -6,000,000.00 2,203,549.23 06.02.2015 100,534.52 JPMorgan Chase & Co.

Buy USD 2,599,202.91 Sell TRY -6,000,000.00 2,148,279.12 06.02.2015 44,793.46 The Bank of New York Mellon Corp.

Buy USD 2,714,932.13 Sell ZAR -30,000,000.00 2,243,931.01 06.02.2015 112,316.83 The Bank of New York Mellon Corp.





Buy USD 2,619,172.34 Sell ZAR -30,000,000.00 2,164,784.15 06.02.2015 32,724.25 JPMorgan Chase & Co.

Buy ZAR 30,000,000.00 Sell USD -2,625,246.12 2,144,250.91 06.02.2015 -37,561.07 JPMorgan Chase & Co.

Buy ZAR 15,000,000.00 Sell USD -1,278,478.10 1,072,125.45 06.02.2015 9,440.77 The Bank of New York Mellon Corp.

Total 774,315.59





I. Income

Interest on securities EUR 729,476.31


Total income EUR 729,933.97

II. Expenses





Performance fee EUR -79,166.84



Legal fee *) EUR -12,481.27




Total expenses EUR -360,895.93

III. Ordinary net income EUR 369,038.04












- Securities EUR -46,190.44



Total realised profit/loss EUR -211,360.96



- Forward exchange transactions EUR 774,315.59

- Foreign exchange transactions & other transactions EUR -10,554.66

Total net change in unrealised profit/loss EUR 857,413.15




Statement of Changes in Net Assets 2014I. Net assets at the beginning of the period EUR 0.00





b) Proceeds from shares redeemed EUR 0.00

4. Income/expense equalisation EUR -3,813.93





CGS FMS - Global Evolution EM Debt and FX I




in currency

2014 *) Shares 24,245.125 EUR 25,096,583.82 EUR 1,035.12

*) Inception: 06/08/2014








CGS FMS - Global Evolution EM Debt and FX R




in currency

2014 *) Shares 120,846.964 EUR 12,450,607.42 EUR 103.03

*) Inception: 06/08/2014









Investment Focus

Market Value

in USD % of Fund Assets

I. Assets 267,633,257.23 100.18

1. Bonds 235,159,942.51 88.03

2. Derivatives -202,606.06 -0.08

3. Bank balances 27,812,795.75 10.41

4. Other assets 4,863,125.03 1.82

II. Liabilities -472,947.52 -0.18

III. Fund Assets 267,160,309.71 100.00





in USD % in 1,000 31/12/2014 in USD of the sub-fund-

assets

Portfolio holdings USD 235,159,942.51 88.03

Exchange-traded securities USD 36,216,130.99 13.57

Interest-bearing securities USD 36,216,130.99 13.57

0.9375% Federation of Bosnia and Herzegovina DM-FLR Bds 97(98/05-17)Reg.S AXS0082227462 % 18,637 DEM 90.500 3,964,848.11 1.48

6.8750% Egypt, Arab Republic DL-Notes 2010(40) Reg.S XS0505478684 % 6,000 USD 103.672 6,220,320.00 2.33



8.7500% Argentina, Republic DL-Bonos 2014(19-24) ARARGE03H413 % 3,000 USD 97.870 2,936,100.00 1.10

11.7500% Buenos Aires, Province of... DL-Bonds 2010(15) Reg.S XS0546539486 % 3,000 USD 98.406 2,952,180.00 1.11





5.0000% Seychelles, Republic DL-Notes 2010(16-26) XS0471464023 % 1,550 USD 96.000 1,488,000.00 0.56

5.0000% Uruguay, Republic PU/DL-Infl.lkd Bonds 2006(18) US760942AT98 % 106,000 UYU 102.676 8,390,830.23 3.14

Securities admitted to or included in organised markets USD 172,037,649.64 64.38


3.9750% Macedonia, Republic EO-Bonds 2014(21) Reg.S XS1087984164 % 1,300 EUR 100.710 1,584,037.38 0.61

14.2500% Republic of Ghana, CG-Bonds 2011(16) GHGGOG025438 % 5,000 GHS 88.751 1,382,408.41 0.51

24.0000% Republic of Ghana, CG-Bonds 2012(15) GHGGOG027400 % 2,000 GHS 99.729 621,361.75 0.23



16.9000% Republic of Ghana, CG-Bonds 2013(16) GHGGOG030495 % 300 GHS 93.698 87,568.03 0.03

12.0000% Kenya, Republic KS-Treasury Bonds 2011(15-23) KE2000002242 % 1,070,000 KES 103.159 12,210,186.91 4.57

11.0000% Citigroup Inc. CR/DL-Credit Lkd MTN 2013(15) XS0951722965 *) % 1,250,000 LKR 106.750 10,174,417.64 3.81

0.0000% Citigroup Inc. CR/DL-FLR Cr.Lkd MTN 2014(19) XS1055190877 *) % 150,000 LKR 117.000 1,338,162.28 0.50

0.0000% Citigroup Inc. PR/DL-FLR Cr.Lkd MTN 2014(16) XS1074140374 % 250,000 PKR 106.570 2,650,993.93 0.99







assets

10.0000% Citigroup Inc. SJ/EO-Cred.Linked MTN 2013(18) XS0880306138 % 375,000 RSD 107.410 4,032,310.91 1.51


14.1250% Uganda, Republic UG-Bonds 2013(16) UG0000001368 % 185,000 UGX 101.080 67,752.90 0.03


10.8750% Buenos Aires, Province of... DL-Bonds 2011(19-21) Reg.S XS0584493349 % 2,000 USD 91.000 1,820,000.00 0.68

0.0000% Citigroup Inc. DL-FLR Credit Lkd MTN 2014(16) XS1122013193 % 1,700 USD 102.890 1,749,130.00 0.65

Citigroup Inc. DL-Zo Cred.Lkd MTN 2014(15) XS1143714167 % 2,700 USD 100.200 2,705,400.00 1.01

12.3750% Córdoba, Province of... DL-Nts 2010(10/17) Reg.S USP79171AB31 % 1,250 USD 91.808 1,147,600.00 0.43




7.8750% Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 % 1,000 USD 92.250 922,500.00 0.35

7.5000% Honduras, Republic DL-Notes 2013(22-24) Reg.S XS0905659230 % 2,300 USD 104.288 2,398,624.00 0.90

16.1250% ING Bank N.V. DL-Credit Linked MTN 2014(17) XS1122197061 % 3,600 USD 99.891 3,596,079.60 1.35




7.8750% Pakistan, Republic DL-Notes 2006(36) Reg.S USY8793YAL66 % 3,910 USD 92.170 3,603,847.00 1.35

6.8750% Pakistan, Republic DL-Notes 2007(17) Reg.S USY8793YAM40 % 1,250 USD 101.967 1,274,587.50 0.48

6.7500% Pakistan, Republic DL-Notes 2014(19) Reg.S XS1147732553 % 550 USD 98.877 543,825.15 0.20



12.5000% Saderea Ltd. DL-Notes 2014(15-26) XS1136935506 % 5,000 USD 96.751 4,837,545.00 1.81


4.324% Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18) XS0659669484 % 1,250 USD 101.030 947,156.25 0.35




7.0000% Venezuela, Boliv. Republic DL-Bonds 2007(38) Reg.S USP97475AJ95 % 5,000 USD 41.325 2,066,250.00 0.77


7.7500% Venezuela, Boliv. Republic DL-Bonds 2009(19) Reg.S USP97475AN08 % 3,000 USD 43.250 1,297,500.00 0.49

10.0000% Zambia, Republic ZK-Bonds 2014(17) ZM1000002106 % 13,500 ZMW 87.216 1,842,582.25 0.69


10.0000% Serbia, Republic SJ-Treasury Notes 2014(17) RSMFRSD44555 % 144,000 RSD 100.397 1,447,308.97 0.54

10.2500% UGANDA GOVERNMENT BOND 02062016 UG0000001269 % 3,147,400 UGX 96.084 1,095,705.73 0.41

10.7500% UGANDA GOVERNMENT BOND 13.08.2015 UG0000000790 % 4,500,000 UGX 99.417 1,620,929.35 0.61

0.0000% Creative Africa B.V. DL-FLR Cred.Lkd Nts 2013(15) XS0957105819 *) % 3,875 USD 108.290 4,196,237.50 1.57






assets

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-16) XS1111166366 *) % 500 USD 86.270 431,350.00 0.16

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-17) XS1116569838 *) % 8,440 USD 87.000 7,342,800.00 2.75



Frontera Capital B.V. DL-Zo Credit Lkd NTNs 2014(15) XS1086070338 *) % 3,000 USD 100.710 3,021,300.00 1.13

6.3050% Mozambique Ematum Fin. 2020 BV DL-LPN 2013(15-20) Ematum XS0969351450 % 2,000 USD 97.452 1,949,040.00 0.73

5.0000% Nicaragua, Republic DL-Bonds 2004(15-19) XS0264206367 % 3,350 USD 94.000 3,340,774.10 1.25

11.0000% Singularity Africa PCC DL-Credit Linked Nts 2013(15) XS0953721049 *) % 6,000 USD 113.180 6,790,800.00 2.54

9.0000% ZAMBIA GOVERNMENT BOND 18022015 ZM1000001975 % 20,000 ZMW 98.970 3,097,636.96 1.16

0.0000% ZAMBIA GOVERNMENT BOND 20022017 ZM1000000753 % 1,200 ZMW 90.601 170,141.86 0.06

New issue USD 5,500,000.00 2.06

Admission or inclusion to an organized market USD 5,500,000.00 2.06


7.0000% Zambezi B.V. DL-Cred.Lkd MTN 2014(24)Reg.S XS1143243969 *) % 5,500 USD 100.000 5,500,000.00 2.06

Unlisted securities USD 21,406,161.88 8.02


11.5000% Costa Rica, Republic CO/DL-Glbl Dep.Nts 12(22)Reg.S XS0853357233 % 1,700,000 CRC 106.499 3,394,803.98 1.27

12.5000% Dominican Republic DP/DL-Glbl Dep.Nts 13(18)Reg.S XS0900686956 % 207,000 DOP 103.869 4,858,954.34 1.82




Zambia, Republic ZK-Treasury Bills 21.9.2015 ZM3000000858 % 3,400 ZMW 88.286 469,751.53 0.18








assets


Total securities USD 235,159,942.51 88.03

Derivatives USD -202,606.06 -0.08


Foreign exchange derivatives USD -202,606.06 -0.08

Foreign exchange forward contracts (short) USD 270,912.00 0.10

Foreign exchange forward contracts (long) USD -473,518.06 -0.18

Bank balances, non-securitised money market instruments and money market funds USD 27,812,795.75 10.41

Bank balances USD 27,812,795.75 10.41



25,440,124.74 USD 25,440,124.74 9.53


535,537.34 EUR 647,946.63 0.24


46,032.20 GHS 14,340.17 0.01

94,300.12 KES 1,043.14 0.00

70,136,842.72 NGN 383,471.00 0.14

309,977.87 RSD 3,103.19 0.00

2,020,115,518.00 UGX 731,925.91 0.27

516,576.40 ZMW 80,840.97 0.03

Balances with The Bank of New York Mellon S.A./NV, Luxembourg Branch


510,000.00 USD 510,000.00 0.19






assets

Other Assets USD 4,863,125.03 1.82

Interest receivables 3,885,282.76 USD 3,885,282.76 1.45

Other receivables 977,842.27 USD 977,842.27 0.37

Liabilities USD -472,947.52 -0.18

Administration fee payable -53,491.53 USD -53,491.53 -0.03

Custodian Bank fee payable -10,060.32 USD -10,060.32 0.00

Asset Management fee payable -401,186.50 USD -401,186.50 -0.15

Audit fee payable -8,209.17 USD -8,209.17 0.00

Total net assets USD 267,160,309.71 100.00

CGS FMS - Global Evolution Emerging Frontier Z USD (formerly SAXO INVEST - Global Evolution Emerging Frontier)

Net Asset Value per share USD 10,686.41

Subscription price USD 10,686.41

Redemption price USD 10,686.41





Transaction Ccy Amount Transaction Ccy Amount Commitment in USD Maturity Unrealised Profit/ Loss in EUR Counterparty

Sell EUR -12,000,000.00 Buy USD 14,793,480.00 14,518,800.00 20.02.2015 270,912.00 The Bank of New York Mellon Corp.

Buy AMD 1,051,225,000.00 Sell USD -2,370,765.67 2,236,464.09 17.06.2015 -231,779.05 Standard Bank PLC





Buy TZS 1,745,000,000.00 Sell USD -1,000,000.00 1,009,754.51 23.01.2015 4,582.51 The Currency Exchange Fund

Total -202,606.06





I. Income

Interest on securities USD 21,588,504.86

Interest on liquidity investments USD 18.48

Total income USD 21,588,523.34

II. Expenses

Interest on bank overdraft USD -1,720.28

Administration fee USD -210,199.13

Asset Management fee USD -1,576,493.68

Custodian Bank fee USD -294,191.60

Auditing and publication expenses USD -24,135.82

Registrar and Transfer Agent fee USD -9,203.78

Legal fee *) USD -51,895.56

Foreign withholding taxes USD -261,337.86

Other expenses USD -50,507.50

Total expenses USD -2,479,685.21

III. Ordinary net income USD 19,108,838.13







1. Realised profit on USD 6,351,814.44

- Securities USD 4,320,685.19

- Forward exchange transactions USD 1,888,128.18

- Foreign exchange transactions USD 143,001.07

2. Realised loss on USD -6,459,355.32

- Securities USD -4,786,524.85

- Forward exchange transactions USD -491,329.85

- Foreign exchange transactions USD -1,181,500.62

Total realised profit/loss USD -107,540.88


- Securities USD -5,439,023.40

- Forward exchange transactions USD -165,069.66

- Foreign exchange transactions & other transactions USD -5,239.43

Total net change in unrealised profit/loss USD -5,609,332.49

VI. Result of operations for the period USD 13,391,964.76



Statement of Changes in Net Assets 2014I. Net assets at the beginning of the period USD 253,768,344.95

1. Distribution for the previous year/tax reduction for the previous year USD 0.00

2. Interim distributions USD 0.00

3. Net cash flow USD 0.00

a) Proceeds from shares issued USD 0.00

b) Proceeds from shares redeemed USD 0.00

4. Income/expense equalisation USD 0.00

5. Result of operations for the period USD 13,391,964.76

II. Net assets at the end of the period USD 267,160,309.71



CGS FMS - Global Evolution Emerging Frontier Z USD




in currency

2013 *) Shares 25,000.000 USD 253,768,344.95 USD 10,150.73

2014 Shares 25,000.000 USD 267,160,309.71 USD 10,686.41

*) Inception: 28/06/2013









Investment Focus

Market Value


I. Assets 37,942.85 100.00

1. Bank balances 37,942.85 100.00

II. Fund Assets 37,942.85 100.00






assets

Bank balances, non-securitised money market instruments and money market funds EUR 37,942.85 100.00

Bank balances EUR 37,942.85 100.00



37,942.85 EUR 37,942.85 100.00

Total net assets EUR 37,942.85 100.00

SAXO INVEST - CPH Capital Consumer Equities R EUR







Statement of Operations


I. Income

Other income EUR 6.26

Total income EUR 6.26

II. Expenses


Auditing and publication expenses EUR -300.00

Other expenses EUR -1.14

Legal fee *) EUR -123.25

Total expenses EUR -580.93

III. Ordinary net income EUR -574.67


1. Realised profit on EUR 0.19

- Foreign exchange transactions EUR 0.19

2. Realised loss on EUR -3.48

- Foreign exchange transactions EUR -3.48

Total realised profit/loss EUR -3.29


- Foreign exchange transactions & other transactions EUR 20.05

Total net change in unrealised profit/loss EUR 20.05

VI. Result of operations for the period EUR -557.91




Statement of Changes in Net Assets 2014I. Net assets at the beginning of the period EUR 38,500.76



3. Net cash flow EUR 0.00

a) Proceeds from shares issued EUR 0.00

b) Proceeds from shares redeemed EUR 0.00

4. Income/expense equalisation EUR 0.00

5. Result of operations for the period EUR -557.91

II. Net assets at the end of the period EUR 37,942.85



SAXO INVEST - CPH Capital Consumer Equities R EUR


Financial year Shares in circulation at Net asset value at Net asset value per share


in currency

2012 *) Shares 7,097.570 EUR 651,282.60 EUR 91.76

2013 Shares 386.160 EUR 38,500.76 EUR 99.70

27/01/2014 **) Shares 386.160 EUR 37,942.85 EUR 98.26

*) Inception: 22/08/2012

**) Liquidation: 27/01/2014








1. General

2.1 Annual charges and expenses borne by the fund

2.2 Determination of the net asset value of shares

f. The value of money market instruments not listed or dealt in on any stock exchange or any other regulated market and with remaining maturity of less than twelve (12) calendar months and of more than ninety (90) calendar days is deemed to be the

market value thereof, increased by any interest accrued thereon. Money market instruments with a remaining maturity of ninety (90) calendar days or less will be valued by the amortized cost method, which approximates market value;

c. The value of assets dealt in on any other regulated market is based on the last available price;

g. Units or shares of open-ended UCI will be valued at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors on a fair

and equitable basis. Units or shares of a closed-ended UCI will be valued at their last available stock market value;

h. All other securities and other assets will be valued at fair market value, as determined in good faith pursuant to procedures established by the Board of Directors.

a. The value of any cash on hand or in deposits, bills, demand notes and accounts receivables, prepaid expenses, dividends and interests matured but not yet received shall be valued at the par-value of the assets except however if it appears that such

value is unlikely to be received. In such a case, subject to the approval of the Board of Directors, the value shall be determined by deducting a certain amount to reflect the true value of these assets;

b. The value of assets which are listed or dealt in on any stock exchange is based on the last available price on the stock exchange which is normally the principal market for such assets;

d. In the event that any assets are not listed or dealt in on any stock exchange or on any other regulated market, or if, with respect to assets listed or dealt in on any stock exchange, or other regulated market as aforesaid, the price as determined

pursuant to sub-paragraph (b) or (c) is not representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonably foreseeable sales price determined prudently and in good faith;

The value of such assets is determined by the management company as follows:

e. The market value of forward or options contracts not traded on exchanges or on other regulated markets shall mean their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied

for each different variety of contracts. The market value of futures or options contracts traded on exchanges or on other regulated markets shall be based upon the last available settlement prices of these contracts on exchanges and regulated markets on

which the particular futures or options contracts are traded by the fund. Provided that if a futures forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating

value of such contract shall be such value as the Board of Directors may deem fair and reasonable. Interest rate swaps will be valued at their market value established by reference to the applicable interest rate curve;

Notes to the Financial Statements

2. Significant accounting policies

All costs and expenses relating to the organisation of the fund, including government incorporation charges, professional fees and expenses in connection with the preparation of the fund´s offering documents and the preparation of its basic corporate and

contract documents will be amortized by the fund over a period of five (5) years from the fund´s commencement of operation.

For any additional sub-fund created, expenses incurred in connection with the creation of such additional sub-fund shall exclusively be borne by the relevant sub-fund and shall be written off over a period of a maximum of five (5) years as indicated in the

relevant appendix to the prospectus.

The calculation of the net asset value per share of each class within each sub-fund will be carried out by the management company, in accordance with the requirements of the articles. The net asset value per share of each class within each sub-fund shall

be expressed in the reference currency of each class within each sub-fund, to the nearest two (2) decimal places, and shall be determined for each sub-fund on the relevant valuation day, by dividing the net assets of the sub-fund attributable to shares in

such class within such sub-fund (being the value of the portion of assets less the portion of liabilities attributable to such class within such sub-fund, on any such valuation day) by the number of shares of the relevant class within the relevant sub-fund then

outstanding, in accordance with the valuation rules set forth below. If, since the time of determination of the net asset value, there has been a material change in the quotations in the markets on which a substantial portion of the investments attributable to

the relevant class within the relevant sub-fund are dealt in or quoted, the fund may, in order to safeguard the interests of the shareholders and the fund, cancel the first valuation and carry out a second valuation for all applications received on the relevant

valuation day or temporarily suspend the net asset value calculation in accordance with section 1.14.3 of the prospectus.

CGS FMS, SICAV (former SAXO INVEST, SICAV) ("the fund") was established in the Grand Duchy of Luxembourg on December 3, 2010 in accordance with Part 1 of the Law of December 17, 2010. The fund is organized as a variable capital company,

Société d´investissement à capital variable (SICAV), under the Law of August 10, 1915 relating to commercial companies. The fund has been established for an indefinite period.

The fund keeps the books of each sub-fund in ist respective currency and the financial statements were prepared in EUR in accordance with the Luxembourg regulation relating to undertakings for collective investments.

135



Also exempt from this tax are:

4. Changes in portfolio composition

Foreign exchange rate to EUR

BRL (Brazilian Real) 3.2149

CHF (Swiss Franc) 1.2022

As of December 31, 2014, positions denominated in foreign currencies were valuated at the following exchange rates (WM-Company/Fixing 5:00 CET):

The equalisation procedure characterizes a method to keep the regular result and the earnings per share for all shares of the fund equal, irrespective of the time of purchase or sale.

The value of all assets and liabilities not expressed in the reference currency of a class or sub-fund will be converted into the reference currency of such class or sub-fund at the rate of exchange determined at the relevant valuation day in good faith by or

under procedures established by the Board of Directors.

To the extent that the Board of Directors consider that it is in the best interests of the fund, given the prevailing market conditions and the level of subscriptions or redemptions requested by shareholders in relation to the size of any sub-fund, an adjustment,

as determined by the Board of Directors at their discretion, may be reflected in the net asset value of the sub-fund for such sum as may represent the percentage estimate of costs and expenses which may be incurred by the relevant sub-fund under such

conditions.

b) Sub-funds whose main objective is the investment in microfinance institutions;

The net asset value per share and the issue, redemption and conversion prices per share of each class within each sub-fund may be obtained during business hours at the registered office of the management company.

The company is not subject to any Luxembourg taxes on income or capital gains under existing legislation. The company is, however, subject to the "taxe d'abonnement", which is charged at the rate of 0.05% per annum, based on the net assets of the sub-

fund at the end of each calendar quarter. Such tax is reduced to a rate of 0.01% per annum in respect of the assets attributable to such unit classes which are reserved to institutional investors as well as to certain sub-funds investing exclusively in money

market instruments and the placing of deposits with credit institutions and sub-funds whose sole object is the collective investment in deposits with credit institutions. The tax is calculated daily and paid quarterly.

3. Taxes

The Board of Directors and the management company may at their discretion permit any other method of valuation to be used if they consider that such method of valuation better reflects value generally or in particular markets or market conditions and is

in accordance with good practice.

The classes/sub-funds may be exempt from this tax if they comply with the requirements of the 2010 law of which there are the following: (i) the shares of the class/sub-fund must be reserved to institutional investors; (ii) the exclusive object of the class/sub-

fund's portfolio must be the investment in money market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/sub-fund's portfolio must be less than 90 days and (iv) the class/sub-fund must benefit from the

highest possible rating of a recognised rating agency. Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that such units/shares have already been subject to this tax as provided for by article 174 of the

2010 law or by article 68 of the law of 13 February 2007 on specialised investment funds, as amended.

a) Sub-funds/classes whose shares are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set-up on one or more employers' initiative for the benefit of their employees and (ii) companies of one or more

employers investing funds they hold, to provide retirement benefits to their employees;

c) Sub-funds/classes of shares whose shares are listed or traded on at least one stock exchange or another regulated market operating regularly, recognised and open to the public and whose exclusive object is to replicate the performance of one or more

indices.

No tax is paid on the portion of net assets invested in other Luxembourg investment fund already subject to the "taxe d'abonnement".

5. Equalisation

6. Foreign exchange rate

Details of purchases and sales of investments are available, free of charge, from the registered office of the fund.

136



CLP (Chilean Peso) 733.5624

COP (Colombian Peso) 2873.5125

CRC (Costa Rican Colon) 645.2518

CZK (Czech Koruna) 27.7000

DEM (Deutsche Mark) 1.9558

DKK (Danish Krone) 7.4458

DOP (Dominican Peso) 53.5381

GBP (United Kingdom Pound) 0.7785

GHS (Ghana Cedi) 3.8838

HUF (Hungarian Forint) 315.4100

IDR (Indonesian Rupiah) 14978.5620

INR (Indian Rupee) 76.3628

KES (Kenyan Shilling) 109.3750

LKR (Sri Lanka Rupee) 158.6784

MXN (Mexican Peso) 17.8314

MYR (Malaysian Ringgit) 4.2286

NGN (Naira (Nigeria)) 221.2907

PEN (Nuevo Sol (Peru)) 3.5995

PKR (Pakistan Rupee) 121.5950

PLN (Zloty) 4.2967

RON (New Romanian Leu) 4.4825

RSD (Serbian Dinar) 120.8569

SEK (Swedish Krona) 9.4687

THB (Baht (Thailand)) 39.7936

TRY (New Turkish Lira) 2.8278

UGX (Uganda Shilling) 3339.3240

USD (US Dollar) 1.2099

UYU (Peso Uruguayo) 29.4006

ZAR (South African Rand) 13.9909

ZMW (Zambia Kwacha) 7.7313

AUD (Australian Dollar) 1.4945

CHF (Swiss Franc) 1.2029

DKK (Danish Krone) 7.4408

GBP (United Kingdom Pound) 0.7841

HKD (Hong Kong Dollar) 9.4491

JPY (Japanese Yen) 146.8300

SGD (Singapore Dollar) 1.6103

USD (US Dollar) 1.2179

Foreign exchange rate to USD

CRC (Costa Rican Colon) 533.3100

DEM (Deutsche Mark) 1.6165

DOP (Dominican Peso) 44.2500



137



EUR (Euro) 0.8265

GHS (Ghana Cedi) 3.2100

KES (Kenyan Shilling) 90.4000

LKR (Sri Lanka Rupee) 131.1500

NGN (Naira (Nigeria)) 182.9000

PKR (Pakistan Rupee) 100.5000

RSD (Serbian Dinar) 99.8900

UGX (Uganda Shilling) 2760.0000

UYU (Peso Uruguayo) 24.3000

ZMW (Zambia Kwacha) 6.3900

The PTR was calculated using the following formula:

Turnover = [Total 1 - Total 2] * 100

M

Total 1 = Total purchases + Total sales of securities

Total 2 = Total subscription + Total redemption

M = Average Assets (monthly)

Sub-fund name Reporting period PTR in %

CGS FMS - Global Evolution Frontier Markets January 1, 2014 until December 31, 2014 10.23

CGS FMS - Global Evolution EM Debt January 1, 2014 until December 31, 2014 150.33

CGS FMS - Global Evolution EM Local Debt January 1, 2014 until December 31, 2014 167.74

CGS FMS - Global Evolution EM Blended Debt January 1, 2014 until December 31, 2014 181.37

CGS FMS - CPH Capital Global Equities January 1, 2014 until December 29, 2014 69.04

CGS FMS - Global Evolution EM Debt and FX August 6, 2014 until December 31, 2014 37.65

CGS FMS - Global Evolution Emerging Frontier January 1, 2014 until December 31, 2014 91.04

SAXO INVEST - CPH Capital Consumer Equities January 1, 2014 until January 27, 2014 0.00

Share class Reporting period TER in %

CGS FMS - Global Evolution Frontier Markets I EUR January 1, 2014 until December 31, 2014 1.32

CGS FMS - Global Evolution Frontier Markets I USD March 17, 2014 until December 31, 2014 1.07

CGS FMS - Global Evolution Frontier Markets R EUR January 1, 2014 until December 31, 2014 1.97

CGS FMS - Global Evolution Frontier Markets R USD January 1, 2014 until December 31, 2014 2.01

7. Portfolio Turnover Ratio/PTR

8. Total Expense Ratio/TER

Total expense ratio (TER) - a measure of the total costs charged to an investment fund and expressed in percentage terms of the fund´s average total assets in the reporting period. The total expense ratio includes the administration fee, custodian bank

fee, global custody fee, subscription tax, audit fee, publication fee, legal fee, asset manager fee, registrar and transfer agent fee, payment agent fee and other expenses. Withholding tax, interest on bank overdraft and performance-fee are excluded from

the total expense ratio.

138



CGS FMS - Global Evolution Frontier Markets R SEK January 1, 2014 until December 31, 2014 2.05

CGS FMS - Global Evolution Frontier Markets R CHF January 1, 2014 until December 31, 2014 2.38

CGS FMS - Global Evolution Frontier Markets R CL CHF March 25, 2014 until December 31, 2014 1.66

CGS FMS - Global Evolution Frontier Markets R CL EUR June 27, 2014 until December 31, 2014 1.57

CGS FMS - Global Evolution Frontier Markets R DD EUR September 4, 2014 until December 31, 2014 0.76

CGS FMS - Global Evolution Frontier Markets E EUR January 1, 2014 until December 31, 2014 2.82

CGS FMS - Global Evolution Frontier Markets E USD December 4, 2014 until December 31, 2014 0.54

CGS FMS - Global Evolution EM Debt E EUR January 1, 2014 until July 10, 2014 1.44

CGS FMS - Global Evolution EM Debt I EUR January 1, 2014 until December 31, 2014 1.08

CGS FMS - Global Evolution EM Local Debt I EUR January 1, 2014 until December 31, 2014 1.30

CGS FMS - Global Evolution EM Local Debt R EUR January 1, 2014 until December 31, 2014 2.24

CGS FMS - Global Evolution EM Blended Debt R EUR January 1, 2014 until December 31, 2014 2.44

CGS FMS - Global Evolution EM Blended Debt I EUR July 8, 2014 until December 31, 2014 1.43

CGS FMS - CPH Capital Global Equities R EUR January 1, 2014 until December 29, 2014 2.28

CGS FMS - CPH Capital Global Equities I EUR January 1, 2014 until December 29, 2014 1.02

CGS FMS - CPH Capital Global Equities X EUR January 1, 2014 until December 29, 2014 0.80

CGS FMS - CPH Capital Global Equities X GBP January 1, 2014 until December 29, 2014 0.78

CGS FMS - Global Evolution EM Debt and FX I August 6, 2014 until December 31, 2014 0.61

CGS FMS - Global Evolution EM Debt and FX R August 6, 2014 until December 31, 2014 0.84

CGS FMS - Global Evolution Emerging Frontier Z USD January 1, 2014 until December 31, 2014 0.84

SAXO INVEST - CPH Capital Consumer Equities R January 1, 2014 until January 27, 2014 1.14

Sub-fund name Reporting period Transaction cost

CGS FMS - Global Evolution Frontier Markets January 1, 2014 until December 31, 2014 4,150.02 EUR

CGS FMS - Global Evolution EM Debt January 1, 2014 until December 31, 2014 1,898.00 EUR

CGS FMS - Global Evolution EM Local Debt January 1, 2014 until December 31, 2014 1,770.62 EUR

CGS FMS - Global Evolution EM Blended Debt January 1, 2014 until December 31, 2014 2,988.12 EUR

CGS FMS - CPH Capital Global Equities January 1, 2014 until December 29, 2014 598,672.73 EUR

CGS FMS - Global Evolution EM Debt and FX August 6, 2014 until December 31, 2014 0.00 EUR

CGS FMS - Global Evolution Emerging Frontier January 1, 2014 until December 31, 2014 3,175.25 USD

SAXO INVEST - CPH Capital Consumer Equities January 1, 2014 until January 27, 2014 0.00 EUR

9. Transaction cost

The following transaction cost which is limited to brokerage comimission occurred during the corresponding period:

139



The following poolfactors have been used:

Sub-Fund name Description and ISIN Factor

CGS FMS - Global Evolution Frontier Markets Bosnia and Herzegovina, 2017-A, FRN

XS0082227462

0.38000000

Bosnia and Herzegovina, 2017-B, FRN

XS0082227546

0.58333333

ARGENTINA 2005 8.28% 31/12/33

ARARGE03E113

1.40203800

Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18)

XS0659669484

0.75000000

Nicaragua, Republik DL-Bonds 2001(12-16) Ser.J

XS0132444216

0.42977053

Nicaragua, Republik DL-Bonds 2003(14-18)

XS0264192393

0.85142911

CGS FMS - Global Evolution EM Debt ARGENTINA 2005 8.28% 31/12/33

ARARGE03E113

1.40203800

CGS FMS - Global Evolution Emerging Frontier Bosnia and Herzegovina, 2017-A, FRN

XS0082227462

0.38000000

Nicaragua, Republik DL-Bonds 2004(15-19)

XS0264206367

1.06090000

ARGENTINA 2005 8.28% 31/12/33

ARARGE03E113

1.40203800

Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18)

XS0659669484

0.75000000

Sub-Fund name Description and ISIN Ratio

CGS FMS - Global Evolution Frontier Markets URUGUAY 2006 5% 14/09/18 INDXLK

US760942AT98 1.87342730

CGS FMS - Global Evolution EM Local Debt 2,75% POLAND GOVERNMENT BOND (2023)

PL0000105359 1.15589000

Turkey, Bond 4% 29apr2015

TRT290415T14 1.40457500

CGS FMS - Global Evolution EM Blended Debt URUGUAY 2006 5% 14/09/18 INDXLK

US760942AT98 1.87342730

2,75% POLAND GOVERNMENT BOND (2023)

PL0000105359 1.15589000

CGS FMS - Global Evolution Emerging Frontier URUGUAY 2006 5% 14/09/18 INDXLK

US760942AT98 1.87342730

10. Poolfactor

The poolfactor is a percentage of the original principal that is left to be distributed in the debt security, as represented by numerical factor that will be attached on periodic market quotes. The original principal will be multiplied by the poolfactor.

The fund also holds inflation-linked bonds where interests are paid at fixed intervals and the principal is returned at maturity. However, the interest rate and maturity value are adjusted by the rate of inflation (index ratio) over the life of the bond. The following

bonds are inflation-linked using the below mentioned index ratios.

140



11. Collateral

Sub-fund name Amount collateral Counterparty

CGS FMS - Global Evolution Frontier Markets 630,000.00 USD The Currency Exchange Fund N.V.

CGS FMS - Global Evolution EM Local Debt 2,000,000.00 EUR JP Morgan Chase Bank N.A., London

CGS FMS - Global Evolution Emerging Frontiers 510,000.00 USD The Currency Exchange Fund N.V.

12. Changes in portfolio composition

The cash accounts of the below mentioned sub-funds include the following collaterals:

Details of purchases and sales of investments are available, free of charge, from the registered office of the fund.

141


The new security prices and/or notionals have been detailed in the table below.

CGS FMS - Global Evolution Frontier Markets

CLN Old New Old New

0.0000% Singularity Africa PCC DL-FLR Cred. Lkd. Nts 2013(15) XS0935359280 15,000 107.11 106.00 USD 13,279,196.63 13,141,581.95 - 137,614.68 -

15,000 113.18 - 14,031,738.16 - - Notional shown in the annual report

3,535 - 100.00 - - 2,921,824.08

11,465 - 116.71 - 11,059,316.75 - New outstanding notional amount (after partial installment)

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 22,380 106.70 99.78 USD 19,736,722.04 18,456,702.21 - 1,280,019.84 -

Frontera Capital B.V. DL-Zo Credit Lkd NTNs 2014(15) XS1086070338 8,400 100.71 100.81 USD 6,992,015.87 6,998,958.59 - 6,942.72

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(15) XS1088133266 14,500 102.07 99.67 USD 12,232,539.88 11,944,912.80 - 287,627.08 -


2,920 - 100.00 - - 2,413,422.60

11,680 - 85.01 - 8,206,602.20 - New outstanding notional amount (after partial installment payment)

Impact on receivables (shown in the report) - - - - - 628,434.45

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-17) XS1116569838 16,400 87.00 95.42 USD 11,792,710.14 12,934,027.61 - 1,141,317.46

7.0000% Zambezi B.V. DL-Cred.Lkd MTN 2014(24)Reg.S XS1143243969 26,300 100.00 97.96 USD 21,737,333.66 21,293,892.06 - 443,441.61 -

Impact Total 212,879.47 -

NAV 741,744,529.10

Impact in % -0.03%

* The impact equals the (Summation of Market Value in Fund Currency “New” plus Installments and Others) minus Market Value in Fund Currency “Old”.

Partial installment (computed in January

2015 only)

Partial installment payment (included in the restructuring =>

Issue of new Notes XS1154204298 computed in 2015 only)


12. Subsequent events

Mr. Bjørn Krog Andersen resigned as board member of CGS FMS, SICAV (formerly SAXO INVEST, SICAV) with effect of January 31, 2015.

The securities listed below have been re-valued to account for installment adjustments and interest payments (retained and/or postponed) that have not been incorporated in the valuation of the securities. In particular, there were two securities with installment events occurring in 2014; the confirmation of

these events has taken place in 2015. The overall impact on the sub-funds referred to below are considered as minor and non-material; therefore, the financial statement and valuations of December 31. 2014 remain unchanged.

Installments & Others Impact

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-16) *

XS1111166366 USD 838,160.87

11.0000% Singularity Africa PCC DL-Credit Linked Nts 2013(15) *XS0953721049 USD 50,597.33 -

ISIN Notional

Price

Currency

Market Value in Fund Curreny

142




CLN Old New Old New

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 4,000 106.70 99.78 USD 3,527,564.26 3,298,785.02 228,779.24 -


NAV 132,238,630.59

Impact in % -0.17%


CLN Old New Old New

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 300 106.70 99.78 USD 264,567.32 247,408.88 17,158.44 -


NAV 29,879,125.54

Impact in % -0.06%

CGS FMS - Global Evolution Emerging Frontier Z USD

CLN Old New Old New

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 7,700 106.70 99.78 USD 8,215,900.00 7,683,060.00 532,840.00 - 532,840.00 -

Frontera Capital B.V. DL-Zo Credit Lkd NTNs 2014(15) XS1086070338 3,000 100.71 100.81 USD 3,021,300.00 3,024,300.00 3,000.00 3,000.00

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(15) XS1088133266 4,000 102.07 99.67 USD 4,082,800.00 3,986,800.00 96,000.00 - 96,000.00 -

500 86.27 - 431,350.00 - - Notional shown in the annual report

100 - 100.00 - - 100,000.00

400 - 85.01 - 340,040.00 - New outstanding notional amount (after partial installment payment)

Impact on receivables (shown in the report) - - - - - 40,261.73

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-17) XS1116569838 8,440 87 95.42 USD 7,342,800.00 8,053,448.00 - 710,648.00

7.0000% Zambezi B.V. DL-Cred.Lkd MTN 2014(24)Reg.S XS1143243969 5,500 100 97.96 USD 5,500,000.00 5,387,800.00 - 112,200.00 -


1,414 - 100.00 - 1,414,045.99 Partial installment payment (computed in January 2015 only)

4,586 - 116.71 - 5,352,266.91 - New outstanding notional amount (after partial installment payment)


NAV 267,160,309.71 in USD

Impact in % 0.00%

* The impact equals the (summation of Market Value in Fund Currency “New” plus Installments and Others) minus Market Value in Fund Currency “Old”.

11.0000% Singularity Africa PCC DL-Credit Linked Nts 2013(15) *XS0953721049 USD 24,487.10 -

Impact

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-16) *XS1111166366 USD 48,951.73

Partial installment payment

ISIN NotionalPrice

CurrencyMarket Value in Fund Curreny

Installments & Others

ISIN NotionalPrice


Impact

ISIN NotionalPrice


Impact

143

To the Shareholders of CGS FMS, SICAV (formerly SAXO INVEST, SICAV)

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Following our appointment by the Board of Directors of the Management Company of September 1, 2014, we have audited the accompanying financia l statements of CGS FMS, SICAV (formerly SAXO INVEST, SICAV) and each of its sub-funds, which comprise the statement of net assets, the statement of investments in securities, the statement of forward contracts and the comparison of net asset value as of December 31 , 2014 and the statements of operations, the statements of changes in net assets and changes in the number of shares outstanding for the year then ended, and a summary of significant accounting policies and other explanatory information.

Board of Directors of the SICAV responsibility for the financial statements

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

Responsibility of the Revise1ir d'Entreprises agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financia l statements. The procedures selected depend on the judgement of the Reviseur d'Entreprises agree. including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Reviseur d'Entreprises agree considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV. as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fa ir view of the financial position of CGS FMS, SICAV (formerly SAXO INVEST, SICAV) and each of its sub-funds as of December 31 , 2014. and of the results of their operations and changes in their net assets for the year and ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Otller matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently. we express no opinion on such information. However. we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, April 15, 2015 KPMG Luxembourg, Societe cooperative Cabin t de revision agree

144


Country Agent address details

Austria ERSTE BANK der oesterreichischen Sparkassen AG

Graben 21,

1010 Wien, Austria

Denmark SKANDINAVISKA ENSKILDA BANKEN AB

GTS Custody Services

SEB Merchant Banking, Denmark

Bernstorffsgade 50

1577 Copenhagen V, Denmark

France Société Générale Securities Services

189, rue d'Aubervilliers

75886 Paris Cedex 18, France

Germany Marcard, Stein & Co AG

Ballindamm 36

20095 Hamburg, Germany

Italy Société Générale Securities Services S.p.A.

Via Benigno Crespi 19A-MAC2

Milan, Italy

Ireland Société Générales S.A.

(acting through its Dublin Branch

3rd

Floor IFSC House Dublin 1, Ireland

Norway COSMOS MARKETS AS

Rådhusgata 15,

3211 Sandefjord, Norway

Sweden Skandinaviska Enskilda Banken AB (publ)

Global Transaction Services

SEB Merchant Banking

Sergels Torg

ST MH1

106 40 Stockholm, Sweden

Switzerland Notenstein Privatbank AG

Bohl 17

9004 St. Gallen, Switzerland

United Kingdom Global Funds Registration Ltd.

1st Floor, 10 New Street

London EC2M 4TP, UK

Local Centralizing, Paying, Facilities, Information or Representative Agents

The articles of incorporation, the prospectus, the Key Investor Information Document, periodic financial reports (semi-annual and annual reports), the subscription and redemption prices are available free of charge at the local agent address listed

below:

145

Documents

Audited Annual Report as of December 31, 2014 Annual Report as of December 31, 2014 CGS FMS (formerly SAXO INVEST, SICAV) Société d’Investissement à Capital Variable Administrative