Cuentas Anuales auditadas 2013

Audited Annual Report as at 31.12.2013

Auriga Investors

A Self-Managed Open-ended Investment Company with Variable Capital Governed by Part I of the Law of 17th December 2010 R.C.S. Luxembourg B 148 816

Subscriptions are only valid if made on the basis of the prospectuses accompanied by the Key Investor Information Documents (KIID), the most recent annual report and, in addition, by the most recent half-year report if this was published after the most recent annual report.

Auriga Investors • Audited Annual Report as at 31.12.2013

Page 3Table of Contents

Report of the "Réviseur d'Entreprises Agréé" 4

Management and Administration 5

Combined Report 6

Board of Director's Report 8

Report by SubfundAuriga Investors - AZ Total Return Fund 9

Auriga Investors - Belgravia Lynx 13

Auriga Investors – GFE Aequitas Fund 17

Auriga Investors - M2T Multi Strategy 22

Auriga Investors - Mirtal Global Fund 26

Auriga Investors - Montserrat Global Fund 27

Auriga Investors - Vitrio Real Return 31

Notes to the Combined Report 34


Report of the 'Reviseur d'Entreprises Agree'

To the Shareholders of Auriga Investors

We have audited the accompanying financial statements of Auriga Investors (the 'SICAV') and of each of its subfunds, which comprise the statement of net assets and fund evolvtion, the statement of investments In securities and other net assets as of 31 · December 2013, the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting po6cies and other expianatoiy 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 SlCAV determines is neolSsary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the R6viseur d'Entreprises agr66

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 Suiveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance abovt whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence abovt the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Revlseur d'Entreprises agree, including the assessment of the risks of material misstatement of the flnancial 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, bvt 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 fair view of the finandal posttion of Auriga lrivestors and each of its subfunds as of 31 December 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Page4

Other matter

Supplementary information included In the annual report has been reviewed in the context of our mandate but has not been subject to specific audtt procedures carried out In accordance with the standards described above. Consequently, we express no opinion on such informatiOn. However, we havo no observation to make concerning such Information In the context of the financial statements taken as a whole.

Luxembourg, April 25, 2014 KPMG Luxembourg S.a r.I. Cabinet de revision agre6

M. Tabart


Management and Administration Page 5

Registered office

5, rue Jean Monnet L-2180 Luxembourg Board of Directors

Chairman Iñigo Resusta Covarrubias Chairman, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Members Alfonso Torres Sánchez CEO, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Benoît Andrianne Independent Director – I.D. Associates 9bis rue Basse, L-4963 Clemency Enrique Martinnavarro Ferrer Board member, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Conducting officers

Stephane Charlier Kinetic Partners (Luxembourg) Management Company S.à r.l. (former Kinetic Partners (Luxembourg) S.à r.l.) 65, rue d’Eich, L-1461 Luxembourg Daniel Arribas Head of Middle Office and Risk en Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Custodian bank and paying agent

Credit Suisse (Luxembourg) S.A. 56, Grand Rue, L-2010 Luxembourg Administrative, domiciliary and register and transfer agent

Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg Investment manager

Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Cabinet de révision agréé

KPMG Luxembourg S.à r.l. 9, Allée Scheffer, L-2520 Luxembourg Legal Advisers

As to Luxembourg law Arendt & Medernach, 14, rue Erasme, L-2010 Luxembourg As to Spanish law Cuatrecasas C/Lagasca, 88. Planta 3ª, ES-28001 Madrid Distributor

Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the Key Investor Information Documents (KIID), the latest annual report and the latest semi-annual report, if more recent. The issue and redemption prices are published in Luxembourg at the registered office of the Company. Shareholders may obtain the Sales Prospectus, the Key Investor Information Documents (KIID), the latest annual and semi-annual reports, the changes in the composition of the securities portfolio during the reporting period and copies of the Articles of Incorporation free of charge from the registered office of the Company


Page 6Combined Report

Statement of Net Assets in EUR

31.12.2013

Assets

Investments in securities at market value 81,926,244.89Cash at banks 14,741,932.53Receivable for securities sold 112,395.22Income receivable 962,094.87Prepaid expenses 1,051.68Formation expenses 35,847.74Other assets 552,280.70

98,331,847.63

Liabilities

Due to banks 4,306.49Payable for securities purchased 339,907.11Interest payable 935.06Provisions for accrued expenses 875,736.36Other liabilities 113,018.44

1,333,903.46

Net assets 96,997,944.17

The notes are an integral part of the financial statements.


Page 7

Income

Interest on investments in securities (net) 1,570,268.44Dividends (net) 312,179.11Bank interest 1,807.55

1,884,255.10

Expenses

Management fee 873,446.87Interest on contracts for difference 26,424.20Advisory fee 104,494.85Performance fee 1,184,606.51Custodian and safe custody fees 69,423.64Administration expenses 139,764.17Printing and publication expenses 2,728.17Interest and bank charges 22,535.53Audit, control, legal, representative bank and other expenses 523,417.76"Taxe d'abonnement" 11,859.39Amortisation of formation expenses 18,357.56

2,977,058.65

Net income (loss) -1,092,803.55

Realised gain (loss)

Net realised gain (loss) on sales of investments 7,698,314.77Net realised gain (loss) on financial futures contracts -251,409.98Net realised gain (loss) on foreign exchange -142,103.61

7,304,801.18

Net realised gain (loss) 6,211,997.63

Change in net unrealised appreciation (depreciation)

Change in net unrealised appreciation (depreciation) on investments 1,626,397.13Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference 430,312.54

2,056,709.67

Net increase (decrease) in net assets as a result of operations 8,268,707.30

Subscriptions / Redemptions

Subscriptions 32,195,184.25Redemptions -17,866,323.19

14,328,861.06


Combined Report

Statement of Operations in EUR

For the period from01.01.2013 to

31.12.2013


Board of Directors’ Report Page 8

MARKET COMMENTARY FOR 2013 We initiated 2013 with a very low valuation of equities compared to fixed income assets. The premium was caused by the central bank’s monetary policies and the low appetite for risk after the convulsed 2011 and 2012. The bank of Japan initiated its strong QE policy in March, which along with the FED QE infinite, the BoE QE, and the closer to zero policy rate in Europe supposed the first big rally in risk assets. The major surprise came with the FED announcement of QE tapering in May; this brought an abrupt sell off in risk assets during the month of June. The verbal intervention by the FED and other central banks during the summer and the decision not to taper QE by the FED in September helped risk assets and the great rally in equities of the second half. Economic growth picked up in second half especially in US and UK, and the Eurozone exited recession in the fourth quarter, helping the peripheral Europe stock market to outperform the rest. In December the FED initiated the tapering, but reinforcing their dovish forward guidance. The worst performer asset was the core bonds of US and UK that are already discounting less accommodative monetary policy.

OUTLOOK FOR 2014 We entered the year with a strong performance of corporate and Eurozone peripheral bonds, following the strong search for yield in the last half of 2013. The US economy initiated the year affected by the bad weather conditions, reflected in the job market indicators and ISM indexes. UK continues with very strong numbers and the Eurozone keeps printing slightly better numbers. We expect economy to pick up from Q2 in US, due to better access to credit helped by better financial sector balance sheets, improved labor market and capacity utilization, we expect inflation to pick up to 2% by year end. We expect the Eurozone to grow slowly in the next few years and inflation to stay around 1% for the next two years unless shocks in the energy markets. UK is expected to continue its strong performance although we expect the BoE to be the first to move rates up at the end of 2014. Central banks will play again a mayor role for the performance of different assets. We expect the FED and the BoE to remove accommodative policies and start a slight tightening. The ECB will probably stay on hold or enter new accommodative policies if inflation falls below 0.5%, and the BoJ is expected to increase QE by midyear. In general we expect higher core yields in UK and US, stable in Europe and Japan. Slight tightening of corporate spreads, and single digits performance of equities. We expect stronger USD and GBP vs EUR and JPY.


Page 9Auriga Investors - AZ Total Return Fund

Technical Data and Notes

EURANTENA 3 DE TELEVISION -1- 01/49 -5,000.00 -60,100.00 -2,600.00CADBANK OF NOVA SCOTIA -1- 12/49 -3,000.00 -199,290.00 -1,844.20CADBOARDWALK REIT INVT -1- 12/49 -2,000.00 -119,700.00 -846.97CADCDN PPTYS REIT --- TRUST -1- 12/49 -5,000.00 -106,250.00 -922.10USDCOLUMBIA SPORTSWEAR -1- 12/49 -1,500.00 -118,125.00 272.14EURDAIMLER reg -1- 12/49 -1,000.00 -62,900.00 -3,310.00USDEURO E-MINI -62500- 03/14 17.00 1,464,975.00 -539.75USDKOHL'S -1- 01/49 -3,000.00 -170,250.00 -2,307.78CADLAURENTIAN BANK OF CANADA -1- 12/49 -2,000.00 -93,840.00 -122.95USDMACY'S -1- 11/49 -4,000.00 -213,600.00 -1,654.63USDMCDONALD'S -1- 12/49 -1,000.00 -97,030.00 -137.89CADNATIONAL BANK OF CANADA -1- 12/49 -1,500.00 -132,585.00 -20.49EURPORTUGAL TELECOM SGPS reg -1- 12/49 -20,000.00 -63,200.00 1,000.00

-13,034.62Unrealised loss on futures contracts and on contracts for difference

Quantity EngagementDescription Currency Valuation(in EUR)

Financial futures contracts and contracts for difference


Page 10

Assets

Investments in securities at market value 7,919,158.18Cash at banks 5,259,215.83Income receivable 4,207.84Formation expenses 9,254.91

13,191,836.76

Liabilities

Interest payable 533.88Provisions for accrued expenses 113,691.94Other liabilities 13,034.62

127,260.44

13,064,576.32Net assets

Statement of Net Assets in EUR and Fund Evolution

31.12.2013

120.97EURA 109.50Capitalisation -

Total net assets

Net asset value per share

13,064,576.32 7,852,858.60EUR

Fund Evolution 31.12.2013 31.12.2012

107,997.039 40,230.500A 71,714.862 3,948.323Capitalisation - EUR

Number of shares outstanding at the endof the year

at the beginningof the year

Number of shares issued

Number of shares redeemed

Auriga Investors - AZ Total Return Fund




Net assets at the beginning of the year 7,852,858.60

Income

Interest on investments in securities (net) 37,902.89Dividends (net) 36,723.42Bank interest 1,103.07

75,729.38

Expenses

Interest on contracts for difference 15,872.29Advisory fee 104,494.85Performance fee 129,411.62Custodian and safe custody fees 12,052.17Administration expenses 21,984.46Printing and publication expenses 264.08Interest and bank charges 2.62Audit, control, legal, representative bank and other expenses 82,236.00"Taxe d'abonnement" 1,084.97Amortisation of formation expenses 3,000.06

370,403.12

Net income (loss) -294,673.74



893,454.90

Net realised gain (loss) 598,781.16


Change in net unrealised appreciation (depreciation) on investments 557,613.55Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference -21,384.13

536,229.42



Subscriptions 4,525,472.32Redemptions -448,765.18

4,076,707.14

Net assets at the end of the year 13,064,576.32

Statement of Operations / Changes in Net Assets in EUR


31.12.2013


The notes are an integral part of the financial statements.Any differences in the percentage of Net Assets are the result of roundings.



Breakdown by Country and Economic Sector of the Investments in SecuritiesStatement of Investments in Securities and Other Net Assets

24.00SpainBreakdown by Country

18.87USA3.74United Kingdom3.69Germany3.02France2.75Argentina2.46Portugal1.30Luxembourg0.79Gibraltar

60.62Total

8.38Banks and other credit institutionsBreakdown by Economic Sector

5.77Telecommunication5.38Petroleum5.35Countries and central governments3.72Vehicles3.37Insurance companies3.17Lodging and catering industry, leisure facilities3.16Internet, software and IT services3.01Food and soft drinks2.81Energy and water supply2.45Forestry, paper and forest products2.19Computer hardware and networking1.84Retailing, department stores1.66Building materials and building industry1.56Textiles, garments and leather goods1.49Pharmaceuticals, cosmetics and medical products1.39Financial, investment and other div. companies1.37Miscellaneous consumer goods1.30Miscellaneous services0.64Mortgage and funding institutions (MBA, ABS)0.61Graphics publishing and printing media

60.62Total

Statement of Investments in Securities and Other Net Assets

DescriptionQuantity /

NominalValuation % of net

assets(in EUR)

Securities listed on a stock exchange or other organised markets: Shares (and equity-type securities)

Shares (and equity-type securities)

EUR AMADEUS IT HOLDING -A- 5,000.00 155,525.00 1.19USD AMERICAN INTERNATIONAL GROUP 6,000.00 222,286.73 1.70EUR BANCO COMERCIAL PORTUGUES (reg. shares) 1,000,000.00 166,400.00 1.27EUR BANCO DE CAJA ESPANA DE INVERSIONES

SALAMANCA Y SORIA90,000.00 41,400.00 0.32

EUR BANCO DE SABADELL (reg. shares) 150,000.00 284,400.00 2.18EUR BANKIA 606.00 747.80 0.01GBP BETFAIR GROUP 5,130.00 66,591.35 0.51EUR BNP PARIBAS -A- 4,000.00 226,600.00 1.73USD BURGER KING WORLDWIDE 10,000.00 165,898.62 1.27GBP BWIN.PARTY DIGITAL ENTERTAINMENT 70,000.00 103,569.71 0.79EUR CAIXABANK 3,225.00 12,216.30 0.09USD COACH 5,000.00 203,672.12 1.56EUR DSTRIBUIDORA INTERNACIONAL DE

ALIMENTACION35,000.00 227,500.00 1.74

USD EQUINIX 2,000.00 257,556.52 1.97EUR GALP ENERGIA -B- 13,000.00 154,895.00 1.19EUR HOCHTIEF 3,500.00 217,210.00 1.66USD HYATT HOTELS 5,000.00 179,469.50 1.37EUR IBERDROLA 37,428.00 173,478.78 1.33USD INTUITIVE SURGICAL 700.00 195,113.03 1.49EUR JAZZTEL 54,000.00 420,066.00 3.23USD JC PENNEY 30,000.00 199,208.97 1.52USD LAS VEGAS SANDS 4,100.00 234,672.52 1.80EUR MAPFRE (reg. shares) 70,000.00 217,910.00 1.67EUR MIQUEL Y COSTAS Y MIQUEL 10,480.00 319,640.00 2.45EUR PROMOTORA DE INFORMACIONES 200,000.00 80,000.00 0.61EUR RED ELECTRICA DE ESPANA 4,000.00 194,000.00 1.48EUR REPSOL 10,000.00 183,200.00 1.40EUR REPSOL (rights) 09.01.2014 10,000.00 4,960.00 0.04USD ROVI 20,000.00 285,786.86 2.19EUR SOCIETE GENERALE PARIS -A- 4,000.00 168,880.00 1.29EUR TELEFONICA 28,000.00 331,380.00 2.54USD THOR INDUSTRIES 5,500.00 220,447.04 1.69USD VISA -A- 500.00 80,801.19 0.62EUR VW (pref. shares) 1,300.00 265,395.00 2.03USD WILLIAMS-SONOMA 1,000.00 42,294.71 0.32USD WINNEBAGO INDUSTRIES 9,000.00 179,288.07 1.37USD YPF -D- ADR 15,000.00 358,793.86 2.75

Securities listed on a stock exchange or other organised markets:Shares (and equity-type securities) 6,841,254.68 52.37

Shares (and equity-type securities) 6,841,254.68 52.37

Securities listed on a stock exchange or other organised markets: Bonds

Bonds

EUR CEDULAS TDA S. A6 4.25%/06-10.04.2031 100,000.00 84,213.00 0.64EUR CODERE FINANCE LUXEMBOURG (reg. -S-)

8.25%/05-15.06.2015300,000.00 170,062.50 1.30

EUR SPAIN TREASURY BILL 16.04.2014 700,000.00 698,628.00 5.35EUR UNNIM BANC (subordinated) FRN 07-

PERPETUAL200,000.00 125,000.00 0.96

Securities listed on a stock exchange or other organised markets:Bonds 1,077,903.50 8.25

Bonds 1,077,903.50 8.25

Total of Portfolio 7,919,158.18 60.62

Cash at banks 5,259,215.83 40.26

Other liabilities -113,797.69 -0.88

Total net assets 13,064,576.32 100.00


Page 13Auriga Investors - Belgravia Lynx


CHFEUR/CHF FX CURRENCY FUTURE -125000- 03/14 3.00 459,300.00 1,514.69GBPEUR/GBP FX CURRENCY FUTURE -125000- 03/14 4.00 416,350.00 -2,779.45EUREURO STOXX 50 INDEX -10- 03/14 -119.00 -3,698,520.00 -83,530.00


Quantity CommitmentDescription Currency Valuation(in EUR)



Page 14

Assets

Investments in securities at market value 5,432,577.40Cash at banks 1,753,386.64Income receivable 4,012.81Formation expenses 6,806.59

7,196,783.44

Liabilities

Provisions for accrued expenses 74,430.33Other liabilities 84,794.76

159,225.09

7,037,558.35Net assets


31.12.2013

120.42 95.85EURA 99.59Capitalisation -

Total net assets


7,037,558.35 6,972,054.17 576,079.12EUR

Fund Evolution 31.12.2013 31.12.2012 31.12.2011






Auriga Investors - Belgravia Lynx





Income

Dividends (net) 134,229.19Bank interest 9.12

134,238.31

Expenses

Performance fee 119,777.35Custodian and safe custody fees 9,993.62Administration expenses 21,983.83Printing and publication expenses 243.05Audit, control, legal, representative bank and other expenses 78,467.00"Taxe d'abonnement" 675.31Amortisation of formation expenses 2,438.20

233,578.36




1,264,192.55



Change in net unrealised appreciation (depreciation) on investments 168,762.58Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference -96,314.76

72,447.82




-1,171,796.14




31.12.2013






11.58ItalyBreakdown by Country

11.49Germany11.07France10.12Netherlands9.29Switzerland5.27Spain5.15Belgium4.86Portugal4.72United Kingdom1.29Denmark1.19Austria1.16Ireland

77.19Total


7.84Telecommunication7.10Traffic and transportation6.84Miscellaneous services5.98Pharmaceuticals, cosmetics and medical products5.38Chemicals5.20Energy and water supply4.90Financial, investment and other div. companies3.66Watch and clock industry, jewellery2.89Insurance companies2.66Building materials and building industry2.05Miscellaneous consumer goods1.95Retailing, department stores1.86Textiles, garments and leather goods1.68Healthcare and social services1.54Agriculture and fishery1.19Countries and central governments1.16Miscellaneous trading companies1.13Aeronautic and astronautic industry0.59Mechanical engineering and industrial equipment

77.19Total




assets(in EUR)



CHF ADECCO (reg. shares) 2,300.00 132,501.02 1.88EUR ALLIANZ SE (reg. shares) (restricted) 850.00 110,797.50 1.57EUR AXA 4,600.00 92,966.00 1.32EUR AZIMUT HOLDING 7,200.00 142,776.00 2.03EUR BANK OF IRELAND 324,000.00 81,648.00 1.16EUR BNP PARIBAS -A- 1,600.00 90,640.00 1.29EUR BOLLORE 260.00 110,929.00 1.58EUR BPOST 5,900.00 83,839.00 1.19GBP BURBERRY GROUP 7,200.00 131,192.31 1.86CHF CIE FINANCIERE RICHEMONT (reg. shares) 1,700.00 123,182.37 1.75EUR CREDITO EMILIANO 21,800.00 126,767.00 1.80EUR CTT-CORREIOS DE PORTUGAL 38,300.00 214,097.00 3.04DKK DE SAMMENSLUTTEDE VOGNMAEND 3,800.00 90,564.12 1.29EUR ENDESA 7,500.00 174,750.00 2.48EUR ENEL 27,000.00 85,698.00 1.22EUR ERSTE GROUP BANK 3,300.00 83,589.00 1.19EUR GROUPE NORBERT DENTRESSANGLE 1,850.00 172,975.00 2.46EUR HEIDELBERGCEMENT 3,400.00 187,510.00 2.66EUR IMERYS 1,100.00 69,531.00 0.99EUR INDESIT COMPANY 15,000.00 144,000.00 2.05EUR ING GROEP (cert. shares) 9,100.00 91,910.00 1.31GBP INTERNATIONAL CONSOLIDATED AIRLINES

GROUP16,500.00 79,604.57 1.13

EUR ION BEAM APPLICATIONS 19,300.00 150,540.00 2.14CHF JULIUS BAER GRUPPE 3,800.00 132,837.21 1.89EUR KBC GROUP 3,100.00 127,875.00 1.82EUR KLOECKNER & CO 8,200.00 81,606.40 1.16EUR KONINKLIJKE DSM 2,200.00 125,752.00 1.79EUR KONINKLIJKE KPN 55,100.00 129,099.30 1.83GBP LLOYDS BANKING GROUP 84,200.00 79,828.08 1.13CHF LONZA GROUP (reg. shares) 1,900.00 131,162.79 1.86EUR MEDICA 6,235.00 118,340.30 1.68EUR NUTRECO 3,000.00 108,330.00 1.54EUR POSTNL 30,000.00 124,500.00 1.77EUR RANDSTAD HOLDING 2,800.00 132,020.00 1.88EUR SANOFI 1,600.00 123,392.00 1.75EUR SMA SOLAR TECHNOLOGY 4,600.00 105,616.00 1.50EUR STADA-ARZNEIMITTEL (reg. shares) (restricted) 4,100.00 147,292.50 2.09GBP SYNTHOMER 39,750.00 121,591.05 1.73EUR TELECOM ITALIA 247,000.00 178,087.00 2.53EUR TELEFONICA 9,900.00 117,166.50 1.66CHF THE SWATCH GROUP 280.00 134,687.88 1.91EUR WACKER CONSTRUCTION EQUIPMENT (reg.

shares)3,600.00 41,346.00 0.59

EUR WIRE CARD 4,700.00 134,960.50 1.92EUR WORLD DUTY FREE 15,000.00 137,100.00 1.95EUR ZON OPTIMUS SGPS (reg. shares) 23,700.00 127,980.00 1.82




Cash at banks 1,753,386.64 24.91


Total net assets 7,037,558.35 100.00


Page 17Auriga Investors – GFE Aequitas Fund


EURCAC 40 INDEX -10- 01/14 -10.00 -429,825.00 -14,055.00USDE-MINI MSCI EMERGING MARKETS INDEX -50- 03/14 -6.00 -305,040.00 -7,162.81USDE-MINI RUSSEL 2000 INDEX USD -100- 03/14 4.00 464,560.00 8,563.45CHFEUR/CHF FX CURRENCY FUTURE -125000- 03/14 3.00 459,300.00 1,040.39JPYEUR/JPY FX CURRENCY FUTURE -125000- 03/14 4.00 72,545,000.00 13,235.39USDEURO FX CURRENCY FUTURE -125000- 03/14 16.00 2,757,600.00 1,641.94EUREURO STOXX 50 INDEX -10- 03/14 11.00 341,880.00 8,800.00GBPFTSE 100 INDEX -10- 03/14 3.00 200,925.00 5,985.58EURMINI IBEX 35 INDEX 17/01/2014 57.00 562,555.80 20,575.80JPYMINI NIKKEI 225 INDEX -100- 03/14 63.00 102,532,500.00 38,638.55USDNASDAQ E-MINI 100 INDEX -20- 03/14 7.00 501,725.00 7,635.26USDS&P E-MINI 500 STOCK INDEX -50- 03/14 8.00 736,400.00 10,580.94USDUS TREASURY NOTE 10 YEAR CBT -100000- 03/14 6.00 738,281.25 476.25USDUS TREASURY NOTE 5 YEAR CBT -100000- 03/14 -9.00 -1,073,812.50 -510.27

95,445.47Unrealised gain on financial futures contracts and on contracts for difference




Page 18

Assets

Investments in securities at market value 12,024,507.73Cash at banks 1,685,544.42Income receivable 89,765.19Prepaid expenses 1,051.68Formation expenses 6,074.06Other assets 95,445.47

13,902,388.55

Liabilities

Due to banks 4,283.97Provisions for accrued expenses 90,523.43

94,807.40

13,807,581.15Net assets


31.12.2013

103.79EURA Capitalisation -

Total net assets


13,807,581.15EUR

Fund Evolution 31.12.2013

133,037.999 133,037.999A 0.000 0.000Capitalisation - EUR





Auriga Investors – GFE Aequitas Fund




Net assets at the beginning of the year 0.00

Income

Interest on investments in securities (net) 112,834.91Dividends (net) 59,921.09

172,756.00

Expenses

Management fee 57,818.57Performance fee 46,760.08Custodian and safe custody fees 5,644.21Administration expenses 12,416.15Printing and publication expenses 344.50Interest and bank charges 451.20Audit, control, legal, representative bank and other expenses 47,044.78"Taxe d'abonnement" 3,681.54Amortisation of formation expenses 446.44

174,607.47



Net realised gain (loss) on sales of investments -44,845.50Net realised gain (loss) on financial futures contracts 280,420.21Net realised gain (loss) on foreign exchange 15,187.54

250,762.25



Change in net unrealised appreciation (depreciation) on investments 87,182.70Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference 95,445.47

182,628.17

Net increase (decrease) in net assets as a result of operations 431,538.95


Subscriptions 13,376,042.20Redemptions 0.00

13,376,042.20




31.12.2013







16.84USA14.42Ireland14.31Luxembourg6.56United Kingdom2.62Greece2.58France1.60Netherlands1.54Italy1.49Switzerland1.09Portugal0.43Japan0.21Germany

87.09Total

37.56Investment trusts/fundsBreakdown by Economic Sector

18.26Financial, investment and other div. companies16.09Banks and other credit institutions5.23Telecommunication4.10Countries and central governments2.17Mortgage and funding institutions (MBA, ABS)1.47Biotechnology0.80Index0.63Petroleum0.60Forestry, paper and forest products0.16Graphics publishing and printing media0.02Miscellaneous services

87.09Total




assets(in EUR)

Securities listed on a stock exchange or other organised markets

Call-Options

EUR DJ EURO STOXX 50 INDEX (call) -2950-17.01.2014

17.00 28,356.00 0.21

USD EURO FX CURRENCY (call) -1.385- 07.02.2014 -7.00 -6,858.01 -0.05USD EURO FX CURRENCY (call) -1.390- 03.01.2014 22.00 798.29 0.01EUR MINI IBEX 35 INDEX (call) -9300- 21.02.2014 15.00 10,005.00 0.07EUR MINI IBEX 35 INDEX (call) -9500- 17.01.2014 13.00 5,421.00 0.04JPY NIKKEI 225 (call) -15500- 10.01.2014 5.00 27,791.31 0.20JPY NIKKEI 225 (call) -15500- 14.02.2014 5.00 35,213.83 0.25

Call-Options 100,727.42 0.73

Put-Options

USD EURO FX CURRENCY (put) -1.345- 07.02.2014 5.00 1,678.22 0.01USD EURO FX CURRENCY (put) -1.37- 03.01.2014 8.00 580.57 0.00USD EURO FX CURRENCY (put) -1.37- 07.02.2014 7.00 6,413.51 0.05EUR MINI IBEX 35 INDEX (put) -8800- 21.02.2014 -15.00 -480.00 0.00EUR MINI IBEX 35 INDEX (put) -9200- 17.01.2014 15.00 210.00 0.00JPY NIKKEI 225 INDEX (put) -14500- 14.02.2014 -5.00 -2,589.25 -0.02JPY NIKKEI 225 INDEX (put) -15500- 10.01.2014 -2.00 -469.52 0.00USD S&P E-MINI 500 STOCK INDEX (put) -1800-

17.01.2014-21.00 -5,334.01 -0.04

USD S&P E-MINI 500 STOCK INDEX (put) -1835-17.01.2014

21.00 11,811.02 0.09

Securities listed on a stock exchange or other organised markets 112,547.96 0.82

Put-Options 11,820.54 0.09



CHF BB BIOTECH (reg. shares) 1,763.00 202,555.39 1.47USD BUCKEYE PARTNERS 1,692.00 87,193.96 0.63USD CARADOR INCOME FUND 375,000.00 259,216.59 1.88GBP EDINBURGH DRAGON 70,000.00 205,877.40 1.49USD ENTERPRISE PRODUCTS PARTNERS 3,750.00 180,431.08 1.31USD ING PRIME RATE TRUST 108,495.00 460,608.69 3.34USD MAGELLAN MIDSTREAM PARTNERS 3,161.00 145,140.59 1.05EUR NATIONAL BANK OF GREECE (wts) 26.12.2017 7,000.00 8,120.00 0.06USD PLUM CREEK TIMBER 634.00 21,399.43 0.15USD POTLATCH 132.00 3,998.46 0.03EUR PROMOTORA DE INFORMACIONES 55,560.00 22,224.00 0.16USD RAYONIER 448.00 13,687.58 0.10USD WEYERHAEUSER 2,129.00 48,777.19 0.35




Bonds

EUR ALLIED IRISH BANK (reg. -S-) 2.875%/13-28.11.2016

150,000.00 149,550.00 1.08

EUR BANCO ESPIRITO SANTO STEP UP 08-20.02.2019

150,000.00 150,000.00 1.09

EUR BANCO GRUPO CAJATRES 2.5%/13-29.06.2014

214,500.00 210,980.06 1.53

EUR BANCO POPULAR ESPANOL FIX-TO- FRN11.5%/13-PERPETUAL

200,000.00 219,320.00 1.59

EUR BANCO SABADELL 5%/13-28.10.2017 300,000.00 276,000.00 2.00GBP BARCLAYS BANK 14%/08-PERPETUAL 250,000.00 399,975.96 2.90EUR BBVA INTERNATIONAL PREFERRED FIX-TO-

FRN 09-PERPETUAL1,000,000.00 1,034,770.00 7.49

EUR BPE FINANCIACIONES (subordinated) FRN 04-30.06.2014

200,000.00 187,940.00 1.36

EUR CAIXA CATALUNYA FRN 06-21.03.2021 600,000.00 450,000.00 3.26EUR FINMECCANICA FINANCE 4.5%/13-19.01.2021 400,000.00 396,320.00 2.87EUR HELLENIC 13.06.2014 360,000.00 353,447.23 2.56EUR ITALY BTP 4.25%/09-01.03.2020 200,000.00 212,480.00 1.54EUR SANTANDER FINANCE (reg. -S.) S. 9 FIX-TO-

FRN 10.5%/09-PERPETUAL300,000.00 313,926.00 2.27

USD SOCIETE GENERALE FIX-TO-FRN 8.25%/13-PERPETUAL

270,000.00 210,219.67 1.52

USD SOCIETE GENERALE (subordinated) FIX-TO-FRN7.875%/13-PERPETUAL

200,000.00 146,260.75 1.06

EUR TELEFONICA EUROPE FRN 00-02.03.2015 500,000.00 501,690.00 3.63EUR TELEFONICA EUROPE (subordinated) FIX-TO-

FRN 7.625%/13-PERPETUAL200,000.00 221,272.00 1.60

Bonds 5,434,151.67 39.35

Mortgage-, asset backed securities

EUR ESTIA MORTGAGE FINANCE (reg. -S-) -A- FRN05-27.04.2040

1,700,000.00 299,394.48 2.17


Mortgage-, asset backed securities 299,394.48 2.17




Statement of Investments in Securities and Other Net Assets (Continued)



assets(in EUR)

Securities listed on a stock exchange or other organised markets: Investment funds

Fund units (Open-End)

USD AXA IM FIXED INCOME INVESTMENTSTRATEGIES FCP - US SHORT DURATION HIGHYIELD -B- (capitalisation)

1,816.11 189,868.14 1.38

EUR DB X-TRACKERS II ITRAXX CROSSOVER 5-YEAR TOTAL RETURN INDEX ETF -1C-

1,680.00 269,724.00 1.95

USD DB X-TRACKERS II MARKIT CDX NORTHAMERICA HIGH YIELD -1C-

2,600.00 254,952.65 1.85

JPY FIDELITY FUNDS JAPAN SMALLER COMPANIES-C-Y-

45,493.20 453,268.92 3.28

USD ISHARES BARCLAYS 1-3 YEAR CREDIT BONDETF

4,423.00 338,509.80 2.45

EUR ISHARES EURO COVERED BOND UCITS ETF 5,405.00 789,075.95 5.71EUR ISHARES EURO GOVERNMENT BOND 1-3

UCITS ETF5,581.00 792,167.14 5.75

USD ISHARES GLOBAL TIMBER & FORESTRY ETF 4,580.00 175,794.62 1.27USD ISHARES 0-5 YEAR HIGH YIELD CORPORATE

BOND ETF9,800.00 359,085.60 2.60

EUR PARTNERS GROUP LISTED INVESTMENTSSICAV - LISTED INFRASTRUCTURE -I- -T-

2,790.00 412,027.20 2.98

USD VANGUARD INDEX FUND - VANGUARD REITETF

6,420.00 300,884.36 2.18

USD VANGUARD SHORT-TERM CORPORATE BONDETF

3,175.00 183,824.88 1.33

Securities listed on a stock exchange or other organised markets:Investment funds 4,519,183.26 32.73

Fund units (Open-End) 4,519,183.26 32.73


Cash at banks 1,685,544.42 12.21

Due to banks -4,283.97 -0.03

Other net assets 101,812.97 0.73

Total net assets 13,807,581.15 100.00


Page 22Auriga Investors - M2T Multi Strategy


EURCAC 40 INDEX -10- 01/14 -12.00 -515,790.00 -1,050.00EURDAX INDEX -25- 03/14 -8.00 -1,922,900.00 -46,537.50GBPEUR/GBP FX CURRENCY FUTURE -125000- 03/14 -30.00 -3,121,968.76 40,902.93EUREURO BUND FUTURE -100000- 03/14 50.00 6,954,500.00 -121,500.00USDEURO DOLLARS 90 DAYS 1-250000- 12/14 -100.00 -24,893,125.00 13,153.60USDEURO FX CURRENCY FUTURE -125000- 03/14 20.00 3,444,750.00 7,257.16EUREURO OAT FUTURES -100000- 03/14 -50.00 -6,569,000.00 103,000.00EUREURO STOXX 50 INDEX -10- 03/14 -16.00 -498,000.00 -240.00USDIRS SWAP - 5 Y USD -100000- 03/14 -157.00 -15,753,968.75 92,574.11JPYJAPANESE GOVERNMENT 10 YEAR BONDS FUTURES

-100MM- 03/14-5.00 -716,600,000.00 12,083.18

USDJPY FX CURRENCY FUTURE -125000- 03/14 -62.00 -7,361,337.50 113,651.62GBPLIFFE 3 MONTH STERLING -125000- 06/15 -100.00 -12,336,875.00 47,325.72USDUS TREASURY NOTE 10 YEAR CBT -100000- 03/14 -125.00 -15,377,929.75 178,735.81USDUS TREASURY NOTE 30 YEAR CBT -100000- 03/14 -55.00 -7,059,765.63 93,832.77USDUS TREASURY NOTE 5 YEAR CBT -100000- 03/14 125.00 14,914,550.75 -77,603.42

455,585.98Unrealised gain on financial futures contracts and on contracts for difference




Page 23

Assets

Investments in securities at market value 36,444,323.14Cash at banks 2,771,322.32Income receivable 746,881.42Formation expenses 1,118.42Other assets 455,585.98

40,419,231.28

Liabilities

Due to banks 22.52Provisions for accrued expenses 339,474.37

339,496.89

40,079,734.39Net assets


31.12.2013

111.68 101.54EURA 107.89Capitalisation -

116.29 103.66EURB 111.16Capitalisation -

Total net assets


40,079,734.39 40,045,721.94 32,027,370.59EUR

Fund Evolution 31.12.2013 31.12.2012 31.12.2011


222,005.491 24,315.900B 230,026.347 32,336.756Capitalisation - EUR





Auriga Investors - M2T Multi Strategy





Income

Interest on investments in securities (net) 1,197,007.781,197,007.78

Expenses

Management fee 578,627.71Performance fee 338,552.16Custodian and safe custody fees 21,085.21Administration expenses 37,954.18Printing and publication expenses 1,266.64Interest and bank charges 1,452.46Audit, control, legal, representative bank and other expenses 125,451.04"Taxe d'abonnement" 4,135.23Amortisation of formation expenses 1,237.35

1,109,761.98

Net income (loss) 87,245.80


Net realised gain (loss) on sales of investments 322,536.67Net realised gain (loss) on financial futures contracts 824,511.09Net realised gain (loss) on foreign exchange -122,815.06

1,024,232.70




588,580.48




-1,666,046.53




31.12.2013







13.45Italy4.87USA

90.93Total

45.72Mortgage and funding institutions (MBA, ABS)Breakdown by Economic Sector

20.52Banks and other credit institutions18.64Countries and central governments5.21Energy and water supply0.84Electrical appliances and components

90.93Total




assets(in EUR)


Bonds

EUR AYT CEDULAS CAJAS GLOBAL FONDO DETITULIZACION DE ACTIVOS 4.25%/09-29.07.2014

1,700,000.00 1,728,815.00 4.31

EUR AYT CEDULAS CAJAS II 3.5%/05-14.03.2016 4,000,000.00 4,120,520.00 10.28EUR AYT CEDULAS CAJAS X S. XX FRN 08-

24.11.20152,000,000.00 1,982,460.00 4.95

EUR AYT CEDULAS S. A 4%/04-18.11.2014 3,900,000.00 3,982,875.00 9.94EUR BANCA MONTE DEI PASCHI DI SIENA

4.875%/11-15.09.2016200,000.00 210,873.00 0.53

EUR BANCA POPOLARE DI MILANO 3.5%/09-17.10.2016

1,000,000.00 1,024,950.00 2.56

EUR BANCO SANTANDER 4.375%/11-16.03.2015 3,500,000.00 3,641,680.00 9.09EUR CAIXABANK 4.75%/11-18.03.2015 3,200,000.00 3,343,568.00 8.34EUR CEDULAS TDA 3 4.375%/04-03.03.2016 3,500,000.00 3,665,287.50 9.14EUR CEDULAS TDA 6 3.875%/05-23.05.2025 1,000,000.00 895,455.00 2.23EUR ENEL 3.5%/10-26.02.2016 2,000,000.00 2,086,910.00 5.21EUR ITALY I/L 2.55%/12-22.10.2016 2,000,000.00 2,065,773.53 5.15EUR RED ELECTRICA FINANCIACIONES (reg. -S-) S.

3 T. 2 4.875%/11-29.04.2020300,000.00 338,437.50 0.84

USD SPAIN (reg. -S-) 4%/13-06.03.2018 3,000,000.00 2,230,966.29 5.57EUR SPAIN (stripped coupon) 0%/98-31.01.2015 2,000,000.00 1,974,740.00 4.93EUR SPAIN 4%/11-30.07.2015 1,150,000.00 1,197,690.50 2.99

Bonds 34,491,001.32 86.06

Mortgage-, asset backed securities

USD GSR MORTGAGE LOAN TRUST S. 06-4F -2A7-FRN 06-25.05.2036

10,697,000.00 1,953,321.82 4.87


Mortgage-, asset backed securities 1,953,321.82 4.87


Cash at banks 2,771,322.32 6.91

Due to banks -22.52 /


Total net assets 40,079,734.39 100.00


Page 26Auriga Investors - Mirtal Global Fund


Income

Interest on investments in securities (net) 328.85328.85

Expenses

Management fee 879.17Custodian and safe custody fees 1,006.71Administration expenses 2,214.92Interest and bank charges 15.14Audit, control, legal, representative bank and other expenses 3,894.53Amortisation of formation expenses 7,031.52

15,041.99



Net realised gain (loss) on sales of investments 3,473.713,473.71

Net realised gain (loss) -11,239.43


Change in net unrealised appreciation (depreciation) on investments 525.27525.27

Net increase (decrease) in net assets as a result of operations -10,714.16


Subscriptions 0.00Redemptions -2,350,356.07

-2,350,356.07

Net assets at the end of the year 0.00



06.02.2013



Page 27Auriga Investors - Montserrat Global Fund


USDCYTRX -1- 12/49 -30,000.00 -188,100.00 -9,900.00USDEPIZYME -1- 12/49 -10,000.00 -208,000.00 1,600.00USDHEAT BIOLOGICS -1- 10/23 -10,000.00 -71,000.00 3,100.00USDKARYOPHARM THERAPEUTICS -1- 12/49 -5,000.00 -114,600.00 -1,916.40USDMAZOR ROBOTICS -1- 12/49 -7,936.00 -154,910.72 -2,063.36USDQUIDEL -1- 12/49 -5,000.00 -154,450.00 -20,200.00USDRAPTOR PHARMACEUTICAL -1- 05/49 -15,000.00 -195,300.00 10,050.00USDTHRESHOLD PHARMACEUTICALS -1- 12/49 -20,000.00 -93,400.00 -1,600.00


Quantity EngagementDescription Currency Valuation(in USD)



Page 28

Assets

Investments in securities at market value 17,217,968.34Cash at banks 3,823,920.40Receivable for securities sold 154,875.00Income receivable 105,585.02Formation expenses 7,844.51

21,310,193.27

Liabilities

Payable for securities purchased 468,375.00Interest payable 552.80Provisions for accrued expenses 307,946.30Other liabilities 20,929.76

797,803.86

20,512,389.41Net assets

Statement of Net Assets in USD and Fund Evolution

31.12.2013

141.40 /USDA 117.16Capitalisation -

169.08 98.29USDB 137.93Capitalisation -

Total net assets


20,512,389.41 18,068,770.34 6,762,398.42USD

Fund Evolution 31.12.2013 31.12.2012 31.12.2011

12,001.132 9,704.888A 6,898.461 4,602.217Capitalisation - USD

111,280.673 14,555.437B 125,136.717 28,411.561Capitalisation - USD





Auriga Investors - Montserrat Global Fund





Income

Interest on investments in securities (net) 25,000.0025,000.00

Expenses

Management fee 321,580.48Interest on contracts for difference 14,540.00Performance fee 750,772.23Custodian and safe custody fees 13,294.88Administration expenses 29,248.03Printing and publication expenses 606.61Interest and bank charges 28,405.21Audit, control, legal, representative bank and other expenses 141,475.28"Taxe d'abonnement" 2,157.21Amortisation of formation expenses 3,036.80

1,305,116.73

Net income (loss) -1,280,116.73


Net realised gain (loss) on sales of investments 6,723,551.24Net realised gain (loss) on financial futures contracts -1,494,524.77Net realised gain (loss) on foreign exchange -424.37

5,228,602.10




128,165.23




-1,633,031.53


Statement of Operations / Changes in Net Assets in USD


31.12.2013






75.95USABreakdown by Country

3.21Canada2.65Israel2.03United Kingdom0.10Italy

83.94Total

49.76Pharmaceuticals, cosmetics and medical productsBreakdown by Economic Sector

20.40Biotechnology6.43Financial, investment and other div. companies4.42Photographic and optics1.62Miscellaneous consumer goods1.24Index0.07Chemicals

83.94Total




assets(in USD)

Securities listed on a stock exchange or other organised markets

Put-Options

USD S&P 500 INDEX (put) -1840- 18.01.2014 200.00 254,000.00 1.24

Securities listed on a stock exchange or other organised markets 254,000.00 1.24

Put-Options 254,000.00 1.24


Call-Options

USD KERYX BIOPHARMACEUTICALS (call) -13-18.01.2014

1,025.00 61,500.00 0.30

Call-Options 61,500.00 0.30


USD ADVAXIS 75,125.00 318,530.00 1.55USD ADVAXIS (wts) 15.07.2018 197,451.00 335,666.70 1.64USD ALCOBRA 25,000.00 449,750.00 2.19USD ANTHERA PHARMACEUTICALS 197,011.00 604,823.77 2.95USD AP PHARMA 3,737,220.00 1,663,062.90 8.11USD ARNO THERAPEUTICS 358,513.00 1,003,836.40 4.89USD BIOSPECIFICS TECHNOLOGIES 68.00 1,473.56 0.01USD CEMPRA HOLDINGS 19,566.00 242,422.74 1.18USD CHELSEA THERAPEUTIC INTERNATIONAL 157,015.00 695,576.45 3.39USD CHIMERIX 16,172.00 244,358.92 1.19USD CONATUS PHARMACEUTICALS 140,463.00 905,986.35 4.42USD CYTOKINETICS 17,677.00 114,900.50 0.56USD ENTEROMEDICS 741,969.00 1,513,616.76 7.38USD EVOGENE 4,064.00 79,857.60 0.39USD GALECTIN THERAPEUTICS 24,102.00 194,744.16 0.95USD GENTIUM ADR 345.00 19,699.50 0.10USD GW PHARMACEUTICALS ADR 10,000.00 415,400.00 2.03USD HEALTHCARE CORPORATION OF AMERICA 49,469.00 74,450.85 0.36USD INSMED 26,653.00 453,367.53 2.21USD INTERCEPT PHARMACEUTICALS 105.00 7,169.40 0.03USD KALOBIOS PHARMACEUTICALS 339,356.00 1,499,953.52 7.31USD KAMADA 1,000.00 14,870.00 0.07USD KINDRED BIOSCIENCES 17,157.00 191,128.98 0.93USD KIPS BAY MEDICAL 785,872.00 561,898.48 2.74USD MIMEDX GROUP 37,936.00 331,560.64 1.62USD NOVAVAX 15,000.00 76,800.00 0.37USD NYMOX PHARMACEUTICAL 108,421.00 658,115.47 3.21USD OMEROS 39,991.00 451,498.39 2.20USD ORAMED PHARMACEUTICALS 19,100.00 294,713.00 1.44USD PHARMACYCLICS 500.00 52,890.00 0.26USD PROGENICS PHARMACEUTICALS 96,775.00 515,810.75 2.51USD PTC THERAPEUTICS 32,500.00 551,525.00 2.69USD QUIDEL 1,000.00 30,890.00 0.15USD REPROS THERAPEUTICS 500.00 9,150.00 0.04USD RIGEL PHARMACEUTICALS 33,500.00 95,475.00 0.47USD SUNESIS PHARMACEUTICALS 110,297.00 522,807.78 2.55USD SYNAGEVA BIOPHARMA 300.00 19,416.00 0.09USD VANDA PHARMACEUTICALS 2,571.00 31,906.11 0.16USD XOMA 118,600.00 798,178.00 3.89



Securities not listed on a stock exchange: Shares (and equity-type securities)


USD ARNO THERAPEUTICS (wts) A 26.11.2017 520,833.00 570,468.38 2.78USD ARNO THERAPEUTICS (wts) B 31.10.2014 312,500.00 255,718.75 1.25USD PLURISTEM THERAPEUTICS (wts) 19.09.2017 100,000.00 29,000.00 0.14

Securities not listed on a stock exchange: Shares (and equity-typesecurities) 855,187.13 4.17

Shares (and equity-type securities) 855,187.13 4.17


Cash at banks 3,823,920.40 18.64


Total net assets 20,512,389.41 100.00


Page 31

Assets

Investments in securities at market value 7,610,327.85Cash at banks 497,384.11Income receivable 40,602.89Formation expenses 6,900.88Other assets 1,249.25

8,156,464.98

Liabilities

Provisions for accrued expenses 34,134.8234,134.82

8,122,330.16Net assets


31.12.2013

128.93EURA 114.79Capitalisation -

126.62EURB 114.09Capitalisation -

108.21GBPC /Capitalisation -

Total net assets


8,122,330.16 4,055,879.89EUR

Fund Evolution 31.12.2013 31.12.2012

34,342.703 1,894.571A 32,634.448 186.316Capitalisation - EUR

5,745.924 3,047.426B 2,716.295 17.797Capitalisation - EUR

22,812.335 22,812.335C 0.000 0.000Capitalisation - GBP





Auriga Investors - Vitrio Real Return



Page 32Auriga Investors - Vitrio Real Return


Income

Interest on investments in securities (net) 204,051.12Dividends (net) 81,305.41Bank interest 695.36

286,051.89

Expenses

Management fee 2,745.40Performance fee 5,258.09Custodian and safe custody fees 9,993.42Administration expenses 21,984.87Printing and publication expenses 169.67Audit, control, legal, representative bank and other expenses 83,653.57"Taxe d'abonnement" 716.82Amortisation of formation expenses 2,000.14

126,521.98

Net income (loss) 159,529.91


Net realised gain (loss) on sales of investments 58,249.86Net realised gain (loss) on foreign exchange 15,956.37

74,206.23



Change in net unrealised appreciation (depreciation) on investments 583,286.99583,286.99

Net increase (decrease) in net assets as a result of operations 817,023.13


Subscriptions 3,274,626.95Redemptions -25,199.81

3,249,427.14




31.12.2013




Page 33Auriga Investors - Vitrio Real Return


63.48United KingdomBreakdown by Country

6.93Spain6.60Netherlands6.40Sweden5.54USA4.75France

93.70Total


27.89Insurance companies7.02Financial, investment and other div. companies5.55Energy and water supply3.96Packaging industries3.48Miscellaneous services3.44Retailing, department stores3.36Traffic and transportation3.02Computer hardware and networking2.03Telecommunication1.96Pharmaceuticals, cosmetics and medical products1.19Building materials and building industry

93.70Total




assets(in EUR)



USD ASTRAZENECA ADR 3,700.00 159,417.25 1.96GBP DIGNITY 16,342.00 282,842.31 3.48EUR ENAGAS 11,000.00 208,945.00 2.57USD IBM 1,800.00 245,020.50 3.02SEK INVESTOR -A- 14,600.00 354,854.24 4.37GBP LADBROKES 100,250.00 215,561.60 2.65USD NATIONAL GRID ADR 5,100.00 241,759.13 2.98GBP STAGECOACH GROUP 60,073.00 273,216.62 3.36SEK TELIASONERA 27,270.00 165,006.61 2.03GBP TESCO 69,500.00 279,294.77 3.44GBP THE CO-OP BANK 94,619.00 540,907.75 6.67USD WELLS FARGO 6,218.00 204,867.52 2.52




Bonds

EUR ALLIANZ (subordinated) FIX-TO-FRN 4.375%/05-PERPETUAL

220,000.00 230,054.00 2.83

GBP AMLIN (subordinated) FIX-TO-FRN 6.5%/06-19.12.2026

400,000.00 500,461.54 6.16

EUR AXA (subordinated) (reg. -S-) S. 13 FRN 03-PERPETUAL

440,000.00 385,990.00 4.75

EUR BANCO SANTANDER CENTRAL HISPANO FIX-TO-FRN 4.375%/04-PERPETUAL

410,000.00 354,289.20 4.36

GBP COOPERATIVE BANK reg s 11%/13-18.12.23 66,780.00 96,448.03 1.19EUR HBOS FRN 04-PERPETUAL 520,000.00 449,800.00 5.54EUR OLD MUTUAL FIX-TO-FRN 5%/05-PERPETUAL 470,000.00 476,777.40 5.87EUR REXAM FIX-TO-FRN 6.75%/07-29.06.2067 300,000.00 321,627.00 3.96EUR ROYAL BANK OF SCOTLAND FRN 04-

PERPETUAL530,000.00 450,500.00 5.55

GBP RSA INSURANCE GROUP (reg. -S-) FIX-TO-FRN8.5%/04-PERPETUAL

260,000.00 324,575.00 4.00

GBP SCOTTISH WIDOWS (subordinated) FIX-TO-FRN5.125%/05-PERPETUAL

450,000.00 542,114.78 6.67

GBP STANDARD LIFE FUNDING FIX-TO-FRN6.14%/05-PERPETUAL

250,000.00 305,997.60 3.77


Bonds 4,438,634.55 54.65


Cash at banks 497,384.11 6.12


Total net assets 8,122,330.16 100.00


Combined Report Page 34

Notes

General

Auriga Investors("the Company") is a self-managed “Société d’Investissement à Capital Variable” incorporated on 20.10.2009 and governed by the Part I of the Law of 17.12.2010 relating to Undertakings for Collective Investment. As of 31.12.2013, the Fund had 6 subfunds. Changes:

– Auriga Investors – Mirtal Global Fund: Last NAV was calculated as at 06.02.2013.

– Auriga Investors – GFE Aequitas Fund was launched on 07.06.2013.

– Auriga Investors – Vitrio Real Return -C- GBP was launched on 06.03.2013.

Significant accounting policies

a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. b) Valuation of assets 1. the value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received, is deemed the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof; 2. the value of all portfolio securities and money market instruments or derivatives that are listed on a Regulated Market or traded on Another Regulated Market is based on the price available at 5:00 pm on the principal market on which such securities, money market instruments or derivatives are traded, as furnished by a recognised pricing service approved by the Board of Directors. If such prices are not representative of the fair value, such securities, money market instruments or derivatives as well as other permitted assets may be valued at a fair value at which it is expected that they may be resold, as determined in good faith by and under the direction of the Board of Directors; 3. the value of securities and money market instruments which are not quoted or dealt in on any Regulated Market is based on the last available price, unless such price is not representative of their true value; in this case, they may be valued at a fair value at which it is expected that they may be resold, as determined in good faith by and under the direction of the Board of Directors; 4. the amortised cost method of valuation for transferable debt securities with a remaining maturity of 90 days or less in certain subfunds of the Company is used. This method involves valuing a security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium regardless of the impact of fluctuating interest rates on the market value of the security. While this method provides certainty in valuation, it may result in periods during which value as determined by amortised cost, is higher or lower than the price the subfund would receive if it sold the securities. For certain short term transferable debt securities, the yield to a shareholder may differ somewhat from that which could be obtained from a similar subfund which marks its portfolio securities to market each day; 5. the value of the participations in investment funds shall be based on the last available valuation. Generally, participations in investment funds will be valued in accordance with the methods described in the instruments governing such investment funds. These valuations shall normally be provided by the fund administrator or valuation agent of an investment fund. To ensure consistency within the valuation of each subfund, if the time at which the valuation of an investment fund was calculated does not coincide with the valuation time of any subfund, and such valuation is determined to have changed materially since it was calculated, then the net asset value may be adjusted to reflect these changes as determined in good faith by and under the direction of the Board of Directors; 6. the valuation of swaps is based on their market value, which itself depends on various factors (e.g. level and volatility of the underlying asset, market interest rates, residual term of the swap). Any adjustments required as a result of issues and redemptions are carried out by means of an increase or decrease in the nominal of the swaps, traded at their market value;

7. the valuation of derivatives traded over-the-counter (OTC), such as forward or options contracts not traded on exchanges or on Another Regulated Markets, is based on their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied for each variety of contract. The net liquidating value of a derivative position is to be understood as the net unrealised profit/loss with respect to the relevant position. The valuation applied is based on or controlled by the use of a model recognised and of common practice on the market; 8. the value of other assets is determined prudently and in good faith by and under the direction of the Board of Directors in accordance with generally accepted valuation principles and procedures. The Board of Directors, in its discretion, may permit some other method of valuation to be used if it considers that such valuation better reflects the fair value of any asset of the Company. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each subfund that are denominated in a currency other than the reference currency of the subfund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains or losses on sales of securities are determined on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income is accrued on a prorata temporis basis, net of any withholding tax. f) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Realised and unrealised gains or losses are recorded in the statement of operations and are shown under other assets/liabilities in the statement of net assets. g) Valuation of swaps contracts Swaps contracts are posted off-balance sheet and valued on the basis of the recalculated market prices by using the traditional elements of pricing considering the value, the volatility of the underlying, the interest rates and the residual value of the swap. Realised and unrealised gains or losses are recorded in the statement of operations and are shown under other assets/liabilities in the statement of net assets. h) Valuation of options contracts Premiums received on issued options are recorded as liabilities and premiums paid on the purchase of options are recorded as assets in the statement of net assets. Listed option contracts outstanding on the reporting date are valued at the last settlement or close price on the stock exchanges or regulated markets. Realised and unrealised gains or losses are recorded in the statement of operations and other changes in net assets. i) Valuation of contract for differences of each subfund Unmatured contracts for difference are valued at valuation date at market prices prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations under "Change in net unrealised appreciation (depreciation) on financial futures contracts" and are shown under other assets/liabilities in the statement of net assets. Realised gains or losses are also posted to the statement of operations under "Net realised gain (loss) on financial futures contracts". j) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. If the launch of a subfund occurs after the launch date of the Company, the costs of formation in relation to the launch of the new subfund is charged to such subfund alone and may be amortised over a maximum of five years with effect from the subfund’s launch date. k) Conversion of foreign currencies Cash at banks, other net assets and the valuation of the securities in portfolio expressed in currencies other than the currency of the subfund are converted into this currency at the exchange rate prevailing on the date of the report.



Notes

Income and expenses expressed in currencies other than the currency of the subfund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains or losses are recorded in the statement of operations and other changes in net assets. l) Consolidation The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each subfund converted into this currency at the exchange rate prevailing at the date of the report.

Exchange Rates

The combined financial statements are kept in EUR. For this purpose, the financial statements of the subfunds are converted into EUR at the foreign exchange rates as of 31.12.2013:

1 EUR = 1.377950 USD

Management and performance fee ("success fee")

In remuneration for its management services, the Investment Manager is entitled to receive the following management fee from the subfund: The management fee is based on the net asset value of the shares of the relevant Class and payable quarterly in arrears. In addition, the Investment Manager is entitled to receive a performance fee (“success fee”). “Success fee” refers to the percentage of the increase of the net assets attributable to the relevant class above the High Watermark that the subfund pays to the Investment Manager, as determined at the end of each quarter. The net assets are calculated after deducting all expenses and management fee (but not the “Success Fee”) and adapted to take into account the subscriptions and redemptions. “Success fee rates”: For the subfunds Auriga Investors - M2T Multi-Strategy, Auriga Investors - Belgravia Lynx, Auriga Investors - AZ Total Return Fund, Auriga Investors – GFE Aequitas Fund, Auriga Investors - Montserrat Global Fund, the High Watermark is the higher of the initial issue price per share of the relevant class and the highest net asset value per share of the relevant class at the end of any previous quarter in respect of which a “Success Fee” was charged. For the subfund Auriga Investors - Vitrio Real Return, the High Watermark is the higher of (i) the initial issue price per share of the relevant class increased by the annual Consumer Price Index ("CPI") and (ii) the highest net asset value per share of the relevant class at the end of any previous year in respect of which a Success Fee was charged. As at 31.12.2013, the performance fee amounted to: Auriga Investors – AZ Total Return Fund 129,411.62 EUR Auriga Investors – Belgravia Lynx 119,777.35 EUR Auriga Investors – GFE Aequitas Fund 46,760.08 EUR Auriga Investors – M2T Multi Strategy 338,552.16 EUR Auriga Investors – Montserrat Global Fund 750,772.23 USD Auriga Investors – Vitrio Real Return 5,258.09 EUR

Changes in the composition of the securities portfolio

Changes in the composition of the securities portfolio during the reporting period are available to shareholders free of charge at the registered office of the Company.

Transaction costs

Transactions costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period. Transaction fees are included in the cost of securities purchased and sold. For the year ended on 31.12.2013, the Fund incurred transaction costs relating to purchase or sale of investments in securities and similar transactions, (including derivatives instruments or other eligible assets) as follows:

Auriga Investors - AZ Total Return Fund 19,422.01 EUR

Auriga Investors - Belgravia Lynx 90,594.91 EUR

Auriga Investors - GFE Aiquitas Fund 6,799.55 EUR

Auriga Investors - M 2T M ulti Strategy 0.73 EUR

Auriga Investors - M ontserrat Global Fund 544,271.86 USD

Auriga Investors - Vitrio Real Return 5,445.69 EUR Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and for some other derivative contracts, transaction costs will be included in the purchase and sales price of the investment. Whilst not separately identifiable these transaction costs will be captured within the performance of each subfund.

Subscription duty ("Taxe d’abonnement")

The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty (“taxe d’abonnement”) of 0.05% which is payable quarterly and calculated on the basis of the net assets of each subfund on the last day of each quarter. Pursuant to Article 175 (a) of the Law of 17.12.2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.

Risk management

The Fund uses Value at Risk (VaR) model to decide on the size of trades allocated to each model.

VaR 31/12/2013 Min VaR Max VaR Average VaR Average level of LeverageAuriga Investors - AZ Total Return Fund 3.82% 3.32% 5.37% 4.37% 14%Auriga Investors - Belgravia Lynx 3.77% 3.77% 11.90% 8.41% 25%Auriga Investors - GFE Aiquitas Fund 4.66% 1.46% 6.46% 4.35% 41%Auriga Investors - Montserrat Global Fund 11.08% 5.08% 14.19% 9.06% 70%Auriga Investors - M2T Multi Strategy 1.46% 0.68% 3.61% 1.77% 137%Auriga Investors - Vitrio Real Return 4.76% 2.41% 5.82% 4.45% 0%

The Leverage was calculated based on the sum of notionals approach. The VaR calculation is based on Monte Carlo simulation. Parameters are always 1 month VaR and 99% confidence interval.

Financial Derivative Instruments

The subfunds may engage in derivative transactions for the purpose of efficient portfolio management. Details of the derivatives are displayed in the Technical Data and Notes pages. Depending on the type of derivatives held, collateral might be received from the different counterparts to reduce the counterparty exposure. For other type of derivatives, margin accounts might be used. No collateral was received by the Funds to reduce the counterparty risk as of 31.12.2013.



Notes

Options

As per 31.12.2013 the following subfunds were engaged in options transactions: Auriga Investors - GFE Aequitas Fund

Description Currency Quantity Commitment ValuationEURO STOXX 50 INDEX C-st 2950 17/01/2014 EUR 17 17,680.43 28,356.00EURO FX CURRENCY C-st 1.385 07/02/2014 USD -7 1,205,706.25 -6,858.01EURO FX CURRENCY C-st 1.39 03/01/2014 USD 22 3,789,362.50 798.29MINI IBEX 35 INDEX C-st 9300 21/02/2014 EUR 15 148,750.50 10,005.00MINI IBEX 35 INDEX C-st 9500 17/01/2014 EUR 13 128,917.10 5,421.00NIKKEI 225 INDEX C-st 15500 10/01/2014 JPY 5 81,456,500.00 27,791.31NIKKEI 225 INDEX C-st 15500 14/02/2014 JPY 5 81,456,500.00 35,213.83EURO FX CURRENCY P-st 1.345 07/02/2014 USD 5 861,218.75 1,678.22EURO FX CURRENCY P-st 1.37 03/01/2014 USD 8 1,377,950.00 580.57EURO FX CURRENCY P-st 1.37 07/02/2014 USD 7 1,205,706.25 6,413.51MINI IBEX 35 INDEX P-st 8800 21/02/2014 EUR -15 148,750.50 -480.00MINI IBEX 35 INDEX P-st 9200 17/01/2014 EUR 15 148,750.50 210.00S&P E-MINI 500 STOCK INDEX P-st 1800 17/01/2014 USD -21 1,940,778.00 -5,334.01S&P E-MINI 500 STOCK INDEX P-st 1835 17/01/2014 USD 21 1,940,778.00 11,811.02NIKKEI 225 INDEX P-st 14500 14/02/2014 JPY -5 81,456,500.00 -2,589.25NIKKEI 225 INDEX P-st 15500 10/01/2014 JPY -2 32,582,600.00 -469.52

Counterpart: ALTURA MARKETS MADRID 112,547.96

Auriga Investors - Montserrat Global Fund

Description Currency Quantity Commitment ValuationS&P 500 INDEX P-st 1840 01/14 USD 200 36,960,000.00 254,000.00KERYX BIOPHARMACEUTICALS C-st 13 01/14 USD 1,025 1,327,375.00 61,500.00

Counterpart: MORGAN STANLEY SECURITIES LIMITED 315,500.00 Subsequent events

With effect on 20.01.2014 the administration, the domiciliation, the registration and transfer agent agreements with Credit Suisse Fund Services (Luxembourg) S.A. were terminated. Societe Generale Securities Services have been appointed as new administrator and domiciliary for all sub-funds under the umbrella of Auriga Investors. European Fund Services have been appointed as new registrar and transfer agent for all sub-funds under the umbrella of Auriga Investors. With effect on 20.01.2014 the custodian agreement with Credit Suisse (Luxembourg) S.A. was terminated. Societe Generale Bank and Trust have been appointed as new custodian and paying agent for all sub-funds under the umbrella of Auriga Investors.