Société d'investissement à capital variable (SICAV)

as at 30/06/14

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Unaudited semi-annual report

7HSociété d'investissement à capital variable (SICAV)

RCS Luxembourg N B115479

7H

Table of Contents

Page 2

Page Management and Administration 3 Board of Directors 4 Consolidated 5 7H - European Opportunities 7 7H - Activyt 12 General Information 16 Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published after the latest annual report.

7H

Management and Administration

Page 3

REGISTERED OFFICE 5, Allée Scheffer L - 2520 Luxembourg Grand Duchy of Luxembourg CENTRAL ADMINISTRATIVE AGENT, TRANSFER AGENT AND REGISTRAR CACEIS Bank Luxembourg 5, Allée Scheffer L - 2520 Luxembourg Grand Duchy of Luxembourg CUSTODIAN AND PAYING AGENT CACEIS Bank Luxembourg 5, Allée Scheffer L - 2520 Luxembourg Grand Duchy of Luxembourg AUDITOR PricewaterhouseCoopers, Société coopérative 400, route d’Esch L - 1471 Luxembourg Grand Duchy of Luxembourg

MANAGEMENT COMPANY Degroof Gestion Institutionnelle - Luxembourg ("DGI") 12, rue Eugène Ruppert L - 2453 Luxembourg Grand Duchy of Luxembourg INVESTMENT MANAGER GWM Asset Management (Malta) Limited 171, Old Bakery Street MT VLT 1455 Valletta Malta LEGAL ADVISERS Elvinger, Hoss & Prussen 2, Place Winston Churchill B.P. 425 L - 2014 Luxembourg Grand Duchy of Luxembourg

Page 4

7H

Board of Directors Sigieri DIAZ DELLA VITTORIA PALLAVICINI, Chairman of GWM Group Holding S.A. 31, Grand Rue, L - 1661 Luxembourg, Grand Duchy of Luxembourg (until May 19, 2014) Arturo NATTINO, Managing Director, Banca Finnat Euramerica, Palazzo Altieri, 49, piazza del Gesù, I - 00186 Rome, Italy (until April 8, 2014) Andrea NATTINO, Relationship Manager / High Net Worth Clients, Banca Finnat Euramerica, Palazzo Altieri, 49, piazza del Gesù, I - 00186 Rome, Italy (until April 8, 2014) Giacomo SCRIBANI ROSSI, Director, Global Wealth Management S.A., 23, Quai des Bergues, CH - 1201 Geneva, Switzerland (until April 8, 2014) Moataz EL-SHERIF, Director, Global Wealth Management S.A., 23, Quai des Bergues, CH - 1201 Geneva, Switzerland (until May 19, 2014) Gabriele BARTOLUCCI, Director, Global Wealth Management Group S.A., 17, rue Beaumont, L - 1219 Luxembourg, Grand Duchy of Luxembourg (until May 19, 2014) Angelo DE BERNARDI Chief Executive Officer of Custom S.A. 10 Boulevard Royal, L - 2449 Luxembourg (since April 8, 2014) Alexis DE BERNARDI Chief Executive Officer of Manaco S.A. 17 Rue Beaumont, L - 1219 Luxembourg (since April 8, 2014) Georges GUDENBURG Partner at Novalaw-GJP 11 Rue Beaumont, L - 1219 Luxembourg (since April 8, 2014)

5Page

7HConsolidated

6Page

71,122,787.85Assets65,124,921.49Securities portfolio at market value52,272,261.70Cost price12,852,659.79Unrealised profit on the securities portfolio

27,715.46Options purchased at market value46,938.42Options purchased at cost

5,496,245.97Current cash accounts52,229.02Interest receivable93,276.55Receivables on securities sold86,386.86Dividends receivable

242,012.50Net unrealised appreciation on financial futures

633,010.38Liabilities7,808.01Taxe d'abonnement payable

83,031.45Accrued performance fees395,764.71Redemption payable23,308.77Net unrealised depreciation on forward foreign exchange contracts91,933.29Accrued management fees31,164.15Other liabilities

70,489,777.47Net asset value

7H

Financial Statements as at 30/06/14

Expressed in EUR

Statement of net assets as at 30/06/14

Consolidated

7Page

7H- European Opportunities

8Page

61,033,316.85Assets56,566,907.42Securities portfolio at market value44,240,405.84Cost price12,326,501.58Unrealised profit on the securities portfolio

27,500.00Options purchased at market value37,500.00Options purchased at cost

4,017,489.15Current cash accounts93,276.55Receivables on securities sold86,131.23Dividends receivable

242,012.50Net unrealised appreciation on financial futures

583,081.21Liabilities7,556.99Taxe d'abonnement payable

55,600.32Accrued performance fees395,764.71Redemption payable23,308.77Net unrealised depreciation on forward foreign exchange contracts78,128.47Accrued management fees22,721.95Other liabilities



Expressed in EUR


7H - European Opportunities

European Opportunities A EURDistribution shares 436,760.02 3,404.93 118,357.51 321,807.44

European Opportunities E EURDistribution shares 156,467.59 0.00 25,742.65 130,724.94

Changes in number of shares outstanding from 01/01/14 to 30/06/14

Shares issued Shares redeemedShares

outstanding as at30/06/14

Sharesoutstanding as at

01/01/14

9Page

Key figures


European Opportunities A EUR

Distribution shares

134.60321,807.44 436,760.02

132.52435,715.84

123.77Number of sharesNet asset value per share

EUR EUR EUR

European Opportunities E EUR

Distribution shares

131.07130,724.94 156,467.59

129.40136,079.21


EUR EUR EUR

Total Net Assets 60,450,235.64 78,125,278.08 70,592,951.63

31/12/1231/12/1330/06/14Period / year ending as at:

EUR

10Page

ANHEUSER-BUSCH INBEV NV10,812.00 907,126.80 1.50EUR

Transferable securities admitted to an official stock exchange listing and/or dealt inon another regulated market 56,566,907.42 93.57

Shares 56,566,907.42 93.57

Belgium 2,310,373.05 3.82

KBC GROUPE SA21,625.00 859,593.75 1.42EURSOLVAY4,325.00 543,652.50 0.90EUR

NESTE OIL43,250.00 616,312.50 1.02EURFinland 1,575,165.00 2.61

SAMPO OYJ -A-25,950.00 958,852.50 1.59EUR

BNP PARIBAS SA8,650.00 428,564.25 0.71EURFrance 9,210,481.41 15.24

CIE DE SAINT-GOBAIN SA8,650.00 356,423.25 0.59EURDANONE18,165.00 985,269.60 1.63EURINGENICO SA12,975.00 824,561.25 1.36EURJC DECAUX SA4,325.00 117,856.25 0.19EURL'OREAL SA12,975.00 1,632,903.75 2.71EURORPEA SA5,622.00 288,015.06 0.48EURREXEL SA25,950.00 443,226.00 0.73EURSANOFI12,975.00 1,006,600.50 1.67EURSCHNEIDER ELECTRIC SA17,300.00 1,189,375.00 1.97EURSOCIETE GENERALE SA17,300.00 661,811.50 1.09EURSUEZ ENVIRONNEMENT COMPANY SA25,950.00 362,781.00 0.60EURTOTAL SA17,300.00 913,094.00 1.51EUR

ALLIANZ SE REG SHS6,000.00 730,200.00 1.21EURGermany 9,641,016.40 15.95

BASF - NAMEN AKT13,000.00 1,105,390.00 1.83EURBEIERSDORF AG12,975.00 916,943.25 1.52EURDEUTSCHE BANK AG REG SHS51,900.00 1,333,570.50 2.20EURGEA GROUP AG21,625.00 747,792.50 1.24EURMUENCHENER RUECKVERSICHERUNGS AG REG SHS8,650.00 1,400,435.00 2.31EURPORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR11,245.00 855,632.05 1.42EURSAP AG8,650.00 487,860.00 0.81EURSIEMENS AG REG SHS10,380.00 1,001,151.00 1.66EURVOLKSWAGEN AG3,025.00 571,120.00 0.94EURWIRECARD AG15,570.00 490,922.10 0.81EUR

ANSALDO STS SPA165,431.00 1,290,361.80 2.13EURItaly 11,698,099.71 19.34

ASSICURAZIONI GENERALI SPA43,250.00 692,432.50 1.15EURAUTOGRILL SPA103,800.00 667,953.00 1.10EURCAMPARI POST FRAZIONAMENTO129,750.00 820,020.00 1.36EURELICA S.P.A.1,505.00 2,441.11 0.00EURENI SPA86,500.00 1,728,270.00 2.86EURHERA SPA432,500.00 899,600.00 1.49EURINTESA SANPAOLO SPA605,500.00 1,366,008.00 2.26EURSAES GETTERS12,100.00 86,515.00 0.14EURSIAS SPA34,600.00 324,548.00 0.54EURSNAM SPA216,250.00 951,500.00 1.57EURSOL60,550.00 393,575.00 0.65EURTELECOM ITALIA SPA432,500.00 400,062.50 0.66EURTERNA SPA259,500.00 999,594.00 1.65EURUNICREDIT SPA175,833.00 1,075,218.80 1.78EUR

GLENCORE PLC145,250.00 590,559.99 0.98GBPJersey Island 590,559.99 0.98

ARCELORMITTAL SA REG SHS60,550.00 655,756.50 1.09EURLuxembourg 1,250,876.50 2.07

TENARIS SA - REG.SHS34,600.00 595,120.00 0.98EUR

DIA198,950.00 1,337,739.80 2.21EURSpain 3,640,369.80 6.02

ENAGAS51,900.00 1,219,650.00 2.02EURTELEFONICA S A86,500.00 1,082,980.00 1.79EUR

BOLIDEN AB43,250.00 458,098.22 0.76SEKSweden 1,386,390.90 2.29

SKANDINAVISKA ENSKILDA BANKEN -A-95,150.00 928,292.68 1.53SEK

Securities portfolio as at 30/06/14EURExpressed in


Quantity/ Nominal Denomination Quotation

currency% of net

assetsMarket value

11Page

ABB REG.SHS17,300.00 291,066.01 0.48SEKSwitzerland 6,509,237.57 10.77

GALENICA AG NAMEN AKT1,125.00 802,413.21 1.33CHFGEBERIT AG3,700.00 948,655.44 1.57CHFNESTLE SA REG SHS12,110.00 685,217.64 1.13CHFNOVARTIS AG REG SHS12,975.00 858,125.03 1.42CHFROCHE HOLDING AG GENUSSSCHEIN4,325.00 942,192.07 1.56CHFSIKA346.00 1,033,312.19 1.71CHFTHE SWATCH GROUP2,150.00 948,255.98 1.57CHF

AALBERTS INDUSTRIES NV43,250.00 1,031,296.25 1.71EURThe Netherlands 4,050,509.55 6.70

ASML HLDG10,380.00 705,943.80 1.17EURGEMALTO5,000.00 378,500.00 0.63EURGEMALTO NV3,650.00 276,305.00 0.46EURUNILEVER NV51,900.00 1,658,464.50 2.73EUR

BHP BILLITON PLC43,250.00 1,020,617.90 1.69GBPUnited Kingdom 4,703,827.54 7.78

BRITISH AMERICAN TOBACCO PLC17,300.00 751,459.97 1.24GBPDIAGEO PLC30,275.00 705,547.02 1.17GBPDIALOG SEMICONDUCTOR35,000.00 886,375.00 1.47EURPRUDENTIAL PLC80,000.00 1,339,827.65 2.21GBP

LEHMAN BROTHERS HLDGS INC45,000.00 0.00 0.00USD

Other transferable securities 0.00 0.00

Shares 0.00 0.00

United States of America 0.00 0.00

KPN /CALL2,500.00 27,500.00 0.05EUR

Derivative instruments 27,500.00 0.05

Options 27,500.00 0.05

The Netherlands 27,500.00 0.05

Total securities portfolio 56,594,407.42 93.62




currency% of net

assetsMarket value

12Page

7H- Activyt

13Page

10,089,471.00Assets8,558,014.07Securities portfolio at market value8,031,855.86Cost price

526,158.21Unrealised profit on the securities portfolio215.46Options purchased at market value

9,438.42Options purchased at cost1,478,756.82Current cash accounts

52,229.02Interest receivable255.63Dividends receivable

49,929.17Liabilities251.02Taxe d'abonnement payable

27,431.13Accrued performance fees13,804.82Accrued management fees8,442.20Other liabilities



Expressed in EUR


7H - Activyt

Activyt Class A EURCapitalisation shares 79,207.58 3,999.70 3,134.55 80,072.73

Changes in number of shares outstanding from 01/01/14 to 30/06/14

Shares issued Shares redeemedShares

outstanding as at30/06/14

Sharesoutstanding as at

01/01/14

Key figures

Activyt Class A EUR

Capitalisation shares

125.3880,072.73 79,207.58

121.3774,598.56


EUR EUR EUR

Total Net Assets 10,039,541.83 9,613,542.97 8,848,321.73

31/12/1231/12/1330/06/14Period / year ending as at:

EUR

14Page

RYANAIR HOLDING ORD.20,000.00 138,200.00 1.38EUR

Transferable securities admitted to an official stock exchange listing and/or dealt inon another regulated market 7,747,125.39 77.17

Shares 3,931,575.88 39.16

Ireland 138,200.00 1.38

WORLD DUTY FREE S.P.A.12,000.00 106,800.00 1.06EURItaly 106,800.00 1.06

INMOBILIARIA COLONIAL100,000.00 58,200.00 0.58EURSpain 58,200.00 0.58

CIE FINANCIERE RICHEMONT NAMEN AKT1,500.00 114,956.97 1.15CHFSwitzerland 602,829.14 6.00

ROCHE HOLDING AG GENUSSSCHEIN1,000.00 217,847.88 2.17CHFSYNGENTA NAMEN500.00 136,021.08 1.35CHFUBS SA REG SHS10,000.00 134,003.21 1.33CHF

CNH INDUSTRIAL NV15,000.00 112,500.00 1.12EURThe Netherlands 112,500.00 1.12

AEGERION PHARMACEUTICALS INC2,500.00 58,594.75 0.58USDUnited States of America 2,913,046.74 29.02

ALEXION PHARMACEUTICALS1,000.00 114,121.90 1.14USDAMAZON.COM INC500.00 118,606.43 1.18USDAMERICAN EXPRESS CO COM.2,000.00 138,582.33 1.38USDBIOMARIN PHARMACEUTICAL INC2,500.00 113,592.37 1.13USDBLACKSTONE GROUP PARTNERSHIP UNITS5,000.00 122,119.56 1.22USDBLUEBIRD BIO INC5,000.00 140,853.81 1.40USDCF INDUSTRIES HOLDINGS INC1,000.00 175,678.34 1.75USDCISCO SYSTEMS INC8,000.00 145,199.58 1.45USDFIDELITY NATIONAL FINANCL-A SHS -A-10,000.00 239,272.54 2.38USDFIRE EYE4,000.00 118,467.66 1.18USDFISERV INC3,000.00 132,169.59 1.32USDINTEL CORP10,000.00 225,687.47 2.25USDKKR PARTNERSHIP UNITS5,000.00 88,850.75 0.89USDMAVENIR SYSTEMS INC5,000.00 55,326.30 0.55USDMICROSOFT CORP5,000.00 152,284.26 1.52USDQLIK TECHNOLOGIES7,000.00 115,648.39 1.15USDSEATTLE GENETICS INC3,000.00 83,811.12 0.83USDSERVICENOW INC3,000.00 135,763.06 1.35USDSPLUNK2,600.00 105,071.03 1.05USDTOTAL SYSTEM SERVICES INC5,000.00 114,706.20 1.14USDVENTAS INC2,000.00 93,634.74 0.93USD21ST CENTURY -B- WHEN ISSUED5,000.00 125,004.56 1.25USD

RAIFFEISEN BANK INTL 6.625 11-21 18/05A100,000.00 114,812.00 1.14EUR

Bonds 2,603,280.36 25.93

Austria 114,812.00 1.14

TELEMAR N L REGS 5.50 10-20 23/10S100,000.00 74,625.87 0.74USDBrazil 74,625.87 0.74

COMMERZBANK AG 7.75 11-21 16/03A100,000.00 124,149.00 1.24EURGermany 124,149.00 1.24

ROTTAPHARM REGS 6.125 12-19 15/11S100,000.00 108,566.00 1.08EURIreland 108,566.00 1.08

INTESA SP VITA SUB 5.35 13-18 18/09A100,000.00 111,383.00 1.11EURItaly 1,272,353.88 12.67

ITALY BTP 4.00 05-37 01/02S400,000.00 423,000.00 4.21EURITALY CTZS 0.00 13-15 30/06U500,000.00 497,770.00 4.96EURTELECOM ITALIA SPA 4.875 13-20 25/09A100,000.00 109,203.00 1.09EURTELECOM ITALIA SPA 5.875 07-23 19/05A100,000.00 130,997.88 1.30GBP

EUROP INVEST BK REGS 10.50 14-17 21/12A500,000.00 168,844.34 1.68BRLLuxembourg 353,945.40 3.53

FINCAN CAN NAV ITAL 3.75 13-18 19/11A100,000.00 104,275.00 1.04EURTELECOM ITALIA CAPITAL7.20 06-18 18/07S100,000.00 80,826.06 0.81USD

CS AG REGS 6.50 13-23 08/08S200,000.00 162,528.57 1.62USDSwitzerland 162,528.57 1.62

AJECORP REGS 6.50 12-22 14/05S150,000.00 101,375.31 1.01USDThe Netherlands 101,375.31 1.01


7H - Activyt


currency% of net

assetsMarket value

15Page

CLIFFS NAT RESR 6.25 10-40 01/10S150,000.00 95,087.83 0.95USDUnited States of America 240,922.83 2.40

INTEL CORP 4.00 12-32 15/12S200,000.00 145,835.00 1.45USD

VENEZUELA 7.00 05-15 16/03A50,000.00 50,001.50 0.50EURVenezuela 50,001.50 0.50

TELECOM ITALIA 6.125 13-16 15/11A100,000.00 124,498.00 1.24EUR

Convertible bonds 124,498.00 1.24

Luxembourg 124,498.00 1.24

RAIFFEISEN BANK FL.R 14-25 21/02A100,000.00 102,068.00 1.02EUR

Floating rate bonds 898,111.15 8.95

Austria 102,068.00 1.02

ASSICURAZ GENERALI FL.R 06-XX 16/06A200,000.00 262,320.47 2.61GBPItaly 262,320.47 2.61

NEW YORK CV REGS FL.R 08-99 30/12Q200,000.00 101,671.00 1.01EURLuxembourg 101,671.00 1.01

UBS REGS SUB FL.R 13-23 22/05A400,000.00 299,683.75 2.99USDSwitzerland 299,683.75 2.99

TELEFONICA EUROPA SUB FL.R 13-XX 26/11A100,000.00 132,367.93 1.32GBPThe Netherlands 132,367.93 1.32

COMMERZBANK (EURO STOXX) 20.05.19 WAR200.00 189,660.00 1.89EUR

Warrants, Rights 189,660.00 1.89

Germany 189,660.00 1.89

USA STRIPS 0.00 13-43 15/02U400,000.00 106,580.29 1.06USD

Other transferable securities 106,580.29 1.06

Bonds 106,580.29 1.06

United States of America 106,580.29 1.06

ALLIANCEBERNSTEIN GLB HIGH INC FD INC20,000.00 209,911.26 2.09USD

Shares/Units of UCITS/UCIS 704,308.39 7.02

Shares/Units in investment funds 704,308.39 7.02

Cayman Islands 209,911.26 2.09

MULTI STARS BIOTECH -I- CAP320.50 494,397.13 4.93EURLuxembourg 494,397.13 4.93

NASDAQ 100 INDEX /PU1.00 215.46 0.00USD

Derivative instruments 215.46 0.00

Options 215.46 0.00

United States of America 215.46 0.00

Total securities portfolio 8,558,229.53 85.25


7H - Activyt


currency% of net

assetsMarket value

7H

General Information

Page 16

Changes in the composition of the portfolio

The details of the changes in portfolio composition for the period ended June 30, 2014 are at the disposal of the shareholders at the registered office of the Company and are available upon request free of charge.

Documents

Société d'investissement à capital variable (SICAV)