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MainFirstInvestment company with variable capital

under the law of Luxembourg with several sub-funds (Société d’investissement à capital variable, SICAV)

R.C.S. Luxembourg B 89 173

Unaudited semi-annual report as of 30 June 2016

Subscriptions can only be made based on this offering prospectus together with the investor information. The Full Prospectus is only valid if submitted together with the latest available Annual Report or, where applicable, the latest available Semi-annual Report if prepared later than the most recent annual report. The respective Annual and Semi-annual Reports and the essential information for investors are available before and after conclusion of contract from the Company's registered office or any paying or information agent free of charge.

MainFirstTable of Contents

Management and administration ........................................................................................................................................................................ 2General Information ............................................................................................................................................................................................. 4Statement of consolidated assets ...................................................................................................................................................................... 8Consolidated income statement and changes in net assets ........................................................................................................................... 9MainFirst – Classic Stock Fund .......................................................................................................................................................................... 10

Statement of assets ........................................................................................................................................................................................... 10Statement of operations and changes in net sub-fund assets ........................................................................................................................... 11Performance of net sub-fund assets .................................................................................................................................................................. 12Securities portfolio and other net sub-fund assets ............................................................................................................................................. 13Changes to the Securities Portfolio .................................................................................................................................................................... 16

MainFirst – Top European Ideas Fund ................................................................................................................................................................ 17Statement of assets ........................................................................................................................................................................................... 17Statement of operations and changes in net sub-fund assets ........................................................................................................................... 18Performance of net sub-fund assets .................................................................................................................................................................. 19Securities portfolio and other net sub-fund assets ............................................................................................................................................. 22Changes to the Securities Portfolio .................................................................................................................................................................... 27

MainFirst – Germany Fund .................................................................................................................................................................................. 29Statement of assets ........................................................................................................................................................................................... 29Statement of operations and changes in net sub-fund assets ........................................................................................................................... 30Performance of net sub-fund assets .................................................................................................................................................................. 31Securities portfolio and other net sub-fund assets ............................................................................................................................................. 33Changes to the Securities Portfolio .................................................................................................................................................................... 35

MainFirst – Emerging Markets Corporate Bond Fund Balanced ..................................................................................................................... 36Statement of assets ........................................................................................................................................................................................... 36Statement of operations and changes in net sub-fund assets ........................................................................................................................... 37Performance of net sub-fund assets .................................................................................................................................................................. 38Securities portfolio and other net sub-fund assets ............................................................................................................................................. 41Changes to the Securities Portfolio .................................................................................................................................................................... 48

MainFirst – Global Equities Fund ........................................................................................................................................................................ 51Statement of assets ........................................................................................................................................................................................... 51Statement of operations and changes in net sub-fund assets ........................................................................................................................... 52Performance of net sub-fund assets .................................................................................................................................................................. 53Securities portfolio and other net sub-fund assets ............................................................................................................................................. 55Changes to the Securities Portfolio .................................................................................................................................................................... 59

MainFirst – Absolute Return Multi Asset ........................................................................................................................................................... 60Statement of assets ........................................................................................................................................................................................... 60Statement of operations and changes in net sub-fund assets ........................................................................................................................... 61Performance of net sub-fund assets .................................................................................................................................................................. 62Securities portfolio and other net sub-fund assets ............................................................................................................................................. 64Changes to the Securities Portfolio .................................................................................................................................................................... 69

MainFirst – Emerging Markets Credit Opportunities Fund ............................................................................................................................... 71Statement of assets ........................................................................................................................................................................................... 71Statement of operations and changes in net sub-fund assets ........................................................................................................................... 72Performance of net sub-fund assets .................................................................................................................................................................. 73Securities portfolio and other net sub-fund assets ............................................................................................................................................. 76Changes to the Securities Portfolio .................................................................................................................................................................... 83

Explanatory notes to the semi-annual financial statements ............................................................................................................................ 85Appendix - Information for Investors in Switzerland ........................................................................................................................................ 91

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MainFirstManagement and administration

Board of Directors of the investment company

Headquarters of the investment company

6c, route de TrèvesL-2633 Senningerberg

President Daniel VAN HOVE, CFADirector, Member of the ManagementOrionis Management S.A.Luxembourg

Members of the Board Moritz POHLELawyerSNP Schlawien Partnerschaft mbBFreiburgGermany

Björn KOGLERManaging DirectorMainFirst Affiliated Fund Managers S.A. 16, rue Gabriel Lippmann L-5365 Munsbach

Management company MainFirst Affiliated Fund Managers S.A.16, rue Gabriel Lippmann L-5365 Munsbach

Investment manager MainFirst Bank AGKennedyallee 76D-60596 Frankfurt am Main

MainFirst Affiliated Fund Manager (Switzerland) AG*Gartenstraße 32CH-8002 Zurich

Nominee MainFirst Bank AGKennedyallee 76D-60596 Frankfurt am Main

Custodian Bank and Paying Agent J.P. Morgan Bank Luxembourg S.A.6c, route de TrèvesL-2633 Senningerberg

Central Administration Agent, Register and Transfer Agent

J.P. Morgan Bank Luxembourg S.A.6c, route de TrèvesL-2633 Senningerberg

* With effect from January 2016, the investment manager MainFirst Schweiz AG was renamed MainFirstAffiliated Fund Managers (Switzerland) AG.

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MainFirstManagement and administration (continued)

Paying agent

- in Luxembourg J.P. Morgan Bank Luxembourg S.A.6c, route de TrèvesL-2633 Senningerberg

- in Austria Raiffeisen Bank International AGAm Stadtpark 9A-1030 Vienna

Representative and Paying Agent in Switzerland

Banque Cantonale de Genève17, quai de l’lleCH-1204 Geneva (paying agent)

Carnegie Fund Services S.A.11, rue du Général-DufourCH-1204 Geneva (representative agent)

Other Information Agents in Germany

MainFirst Bank AGKennedyallee 76D-60596 Frankfurt am Main

Legal counsel

- in Germany Freshfields Bruckhaus Deringer LLPBockenheimer Anlage 44D-60322 Frankfurt am Main

Auditor (“Cabinet de révision agréé”)

KPMG LuxembourgSociété coopérative39, Avenue John F. KennedyL-1855 Luxembourg

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MainFirstGeneral Information

MainFirst (the "Company", the SICAV) is an investment company with variable capital ("société d'investissement à capital variable", SICAV) which was established on 26 September 2002, in the form of a stock company in accordance with Luxembourg law, pursuant to the provisions of the law of 10 August 1915 on Commercial Companies including subsequent changes and supplements and the law of 20 December 2002 on undertakings for collective investments for an indefinite period. From 1 July 2011 the Company is subject to the law of 17 December 2010 for undertakings for collective investments. The Company is subject, in particular, to the provisions of the first section of the above-mentioned law. Until 18 August 2014, the Company carried out its activities as a self-governing investment company investing in securities ("SIAG").

The Board of Directors of the investment company appointed Lemanik Asset Management S.A. as management company as defined by the 2010 law, under an agreement concluded with effect from 18 August 2014.

The Board of Directors of the investment company decided to end the management company agreement with Lemanik Asset Management S.A. with effect from 1 January 2016, and to appoint MainFirst Affiliated Fund Managers S.A. with business address at 16, rue Gabriel Lippmann, L-5365 Munsbach, Grand Duchy of Luxembourg, as management company by concluding a management company agreement.

The Articles of Incorporation were deposited in the Commercial and Business Register of Luxembourg together with the statutory notification regarding the issuance and sale of shares ("Notice légale") and published in the "Mémorial, Recueil des Sociétés et Associations" ("Mémorial") on 24 October 2002. The Articles of Incorporation of the Company were last amended pursuant to a document of 21 December 2011 and published in the "Mémorial". Any interested party may view and obtain a copy of the current coordinated Articles of Incorporation and the "Notice légale" at the Commercial and Business Register of Luxembourg.

Pursuant to the Articles of Incorporation, shares of the different sub-funds constituting the Company's assets can be issued at the discretion of the Board of Directors. The assets of each Sub-fund are established separately and invested according to the relevant Sub-fund’s investment objectives. Thus, the Company is established as an umbrella fund, enabling the investor to choose from various investment objectives and to invest in one or several Sub-fund(s) of the Company’s assets.

Shares in the following sub-funds were offered during the reporting period:

MainFirst - Classic Stock Fund in EUR(hereinafter referred to as the Classic Stock Fund)

MainFirst - Top European Ideas Fund in EUR(hereinafter referred to as Top European Ideas Fund)

MainFirst - Germany Fund in EUR(hereinafter referred to as the Germany Fund)

MainFirst - Emerging Markets Corporate Bond Fund Balanced in USD(hereinafter referred to as the Emerging Markets Corporate Bond Fund Balanced)

MainFirst - Global Equities Fund in EUR(hereinafter referred to as the Global Equities Fund)

MainFirst - Absolute Return Multi Asset in EUR(hereinafter referred to as Absolute Return Multi Asset)

MainFirst – Emerging Markets Credit Opportunities Fund in USD

5

MainFirstGeneral Information (continued)

(hereinafter referred to as Emerging Markets Credit Opportunities Fund )

The Company may issue Shares in the form of registered Shares and/or bearer Shares. The Board of Directors can launch share classes ("classes") as described below:

Classes Currency Investors Distribution policyA shares EUR, USD Public transactions accumulationB shares EUR, USD Public transactions distributingC shares EUR, USD Institutional investors accumulationD shares EUR, USD Institutional investors distributingA1 CHF shares CHF Public transactions accumulationA2 EUR shares EUR Public transactions accumulationB1 CHF shares CHF Public transactions distributingB2 EUR shares EUR Public transactions distributingC1 CHF shares CHF Institutional investors accumulationC2 EUR shares EUR Institutional investors accumulationD1 CHF shares CHF Institutional investors distributingD2 EUR shares EUR Institutional investors distributingA3 USD shares USD Public transactions accumulationC3 USD shares USD Institutional investors accumulationR shares EUR, USD Public transactions accumulationV shares EUR VAG Investors accumulationX shares EUR, USD Public transactions distributing

Currently all the shares are issued in the following sub-funds of the MainFirst SICAV:

• Classic Stock Fund A-Shares, C-Shares, V-Shares• Top European Ideas Fund : A-Shares, B-Shares, C-Shares, D-Shares, A3-USD-Shares,

C3-USD-Shares, R-Shares, V-Shares, X-Shares• Germany Fund : A-Shares, B-Shares, C-Shares, D-Shares, V-Shares• Emerging Markets Corporate Bond Fund Balanced : A-Shares, B-Shares, C-Shares, D-Shares,

A1-CHF-Shares, A2-EUR-Shares, B1-CHF-Shares, B2-EUR-Shares, C1-CHF-Shares, C2-EUR-Shares, D1-CHF-Shares, D2-EUR-Shares, R-Shares

• Global Equities Fund : A-Shares, B-Shares, C-Shares, D-Shares, V-Shares• Absolute Return Multi Asset : A-Shares, B-Shares, C-Shares, D-Shares, V-Shares• Emerging Markets Credit Opportunities Fund : A-Shares, C-Shares, D-Shares, A1-CHF-Shares,

A2-EUR-Shares, C1-CHF-Shares, C2-EUR-Shares, D2-EUR-Shares, R-Shares, X-Shares

The Board of Directors may, at any time, resolve for the Company to issue shares in a further sub-fund.

For the launch of a new sub-fund, the offering prospectus and the key investor information will be supplemented through detailed information on the new sub-fund in the required manner.

At any time, the SICAV capital corresponds to the total of all the sub-funds’ net asset values.

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The financial year of the Company begins on 1 January of the calendar year and ends on 31 December of the same year.

Information for investors in Germany

The Company has appointed MainFirst Bank AG, Kennedyallee 76, D-60596 Frankfurt am Main, as information agent in Germany.

Redemption and conversion applications for the shares may also be submitted at the German Paying and Information Agents. At the request of the Investor, redemption proceeds, any distributions and other payments may also be made via the German Paying and Information Agents and paid to the Investor through the German Paying and Information Agents.

The full offering prospectus, the essential information for investors, the coordinated Articles of Incorporation and the annual and semi-annual reports are available from the German Paying and Information Agents as photocopies free of charge, as well as the subscription, redemption and conversion prices and any dividend declarations and the latest net asset value per share. Furthermore, all remaining documents available to the Investor in Luxembourg are also accessible there.

The subscription and redemption prices are published at the following internet address: http://www.mainfirst.de. Any announcements to investors are published in the "Börsen-Zeitung".

Information for investors in Austria

The Company has appointed the Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna as the Paying Agent in Austria.

Redemption and conversion applications may be submitted to the Austrian Paying Agent. The processing and payment of the redemption price will also be undertaken by this agent, in cooperation with the Company and the Custodian.

The current version of the offering prospectus, the key investor information, the Articles of Incorporation, the statement of accounts and the semi-annual report, as well as the subscription and redemption prices of the fund are available from the Austrian Paying Agent; other available documents may also be accessed here.

The subscription and redemption prices will be published in Austria in the daily newspaper "Der Standard".

Information for investors in Switzerland

The role of paying agent is fulfilled Banque Cantonale de Genève, 17 quai de l‘lle, CH-1204 Geneva; representation is carried out by Carnegie Fund Services S.A., 11 rue du Général-Dufour, CH-1204 Geneva.

Swiss investors or investors who subscribe for their shares via Swiss banks or other financial intermediaries may send their subscription applications to the Paying Agent in Switzerland and process payments through them. In addition, investors residing in Switzerland or whose shares are deposited at a Swiss depositary have the right to request the redemption or conversion of their shares, or the redemption of accrued dividends, at the Swiss Paying Agent.

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Copies of the offer prospectus, the essential investor information, the Articles of Incorporation and the annual and semi-annual reports may be obtained, in German and free of charge, at the above-mentioned representative's headquarters.

In Switzerland, the subscription and redemption prices together, or the net asset value, of the shares of the sub-funds are published with the remark "plus commission" every day on which shares are issued or redeemed at http://www.fundinfo.com.

The explanatory notes are an integral component of this report.

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MainFirst

Statement of consolidated assetsas of 30 June 2016

(in EUR)

AssetsSecurities portfolio at market value 1,360,469,575 Bank balances 62,872,718 Receivables from the sale of securities 42,755,943 Receivables from share subscriptions 4,789,998 Receivables from security income 7,986,002 Interest receivables from bank balances 2,503 Non-realized net profits from forward exchange transactions 8,432 Other assets 229,156

Total assets 1,479,114,327

Shareholders’ equity and liabilitiesLiabilities to banks 24,814,518 Liabilities from the purchase of securities 6,024,852 Liabilities from the redemption of shares 17,073,630 Bank interest and other liabilities 3,008,957 Non-realized net loss from forward exchange transactions 2,742,645 Non-realized net profits from financial forwards 2,053,952 Total equity and liabilities 55,718,554

Net assets at end of reporting period 1,423,395,773


9

MainFirst

Consolidated income statement and changes in net assetsfrom 01 January 2016 to 30 June 2016

(in EUR)

Income Net dividend income 28,773,114 Net interest income from bonds and other debentures 12.187.005 Interest income from bank balances 1,775 Commissions received 1,544,525 Other income 28,572

Total income 42,534,991 ExpensesFlat-rate fee 8,231,165 Performance fee 1,767,039 Management company fee 252,814 Custodian fee 161,117 Central administration expense 725,900 Audit costs 33,010 Other administration expense 2,472,106 Capital tax (“taxe d’abonnement ”) 177,607 Interest expense from liabilities to banks 244,261 Other expenses 95,933

Total expenses 14,160,952

Total net income 28,374,039 Net realized increases in value / (decreases in value)- from securities -8,465,347- from forward exchange transactions -6,306,043- from financial forwards -6,771,616- from forex transactions 2,900,562

Realised result 9,731,595 Net change of the unrealized increases in value / (decreases in value)- from securities -197,043,042- from forward exchange transactions 6,560,200- from financial forwards -2,098,816- from forex transactions -1,655,334

Result -194,236,992

Distribution of dividends -5,241,997

Inflow of funds 235,418,422Reinvested funds -406,109,976

Total change in net assets -360,438,948

Net assets at start of reporting period 1,783,834,721*

Net assets at end of reporting period 1,423,395,773

* The opening balance was calculated using the exchange rate as at 30 June 2016. The same net asset value calculated using the exchange rate as at 31 December 2015 results in a value of EUR 1,789,748,918. Differing exchange rates result in a difference of EUR 5,914,197. The consolidated net assets at the end of the year, in the annual report for the year ending 31 December 2015, amounted to EUR 1,810,349,901. This figure includes the net sub-fund assets of the Avant-garde Stock Fund, which was transferred on 31 December 2015.


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MainFirstClassic Stock Fund

Statement of assetsas of 30 June 2016

(in EUR)

AssetsSecurities portfolio at market value 22,715,095 Bank balances 63,958 Receivables from security income 56,420 Other assets 18,903 Total assets 22,854,376 Shareholders’ equity and liabilitiesLiabilities from the redemption of shares 3,561 Bank interest and other liabilities 53,628 Total equity and liabilities 57,189 Net sub-fund assets at end of reporting period 22,797,187 Number of A shares in circulation 11,494.04Net asset value per A share 118.52 Number of C shares in circulation 280,610.71Net asset value per C share 76.35 Number of V shares in circulation 100.00Net asset value per V share 95.87


11


Statement of operations and changes in net sub-fund assetsfrom 01 January 2016 to 30 June 2016

(in EUR)

IncomeNet dividend income 610,853 Commissions received 30,413 Total income 641,266

ExpensesFlat-rate fee 124,636 Management company fee 4,382 Custodian fee 3,447 Central administration expense 29,975 Audit costs 3,598 Other administration expense 51,467 Capital tax (“taxe d’abonnement ”) 1,516 Interest expense from liabilities to banks 2,367 Other expenses 1,465

Total expenses 222,853

Total net income 418,413

Net realized increases in value / (decreases in value)- from securities -827,268

Realised result -408,855

Net change of the unrealized increases in value / (decreases in value)- from securities -3,028,295

Result -3,437,150

Inflow of funds 2,073,212 Reinvested funds -5,571,986

Total change in net sub-fund assets -6,935,924

Net sub-fund assets at start of reporting period 29,733,111

Net sub-fund assets at end of reporting period 22,797,187


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Performance of net sub-fund assetsas of 30 June 2016

(in EUR)

Net sub-fund assetsas of 30/06/2016 22,797,186.98- as of 31/12/2015 29,733,110.58- as of 31/12/2014 36,098,929.19 Number of A shares in circulation at start of reporting period 13,896.68 issued shares 510.60 redeemed shares -2,913.24 in circulation at end of reporting period 11,494.04 Net asset value per A share - as of 30/06/2016 118.52 - as of 31/12/2015 133.88- as of 31/12/2014 127.27 Number of C shares in circulation at start of reporting period 324,063.42 issued shares 25,897.67 redeemed shares -69,350.38 in circulation at end of reporting period 280,610.71 Net asset value per C share - as of 30/06/2016 76.35 - as of 31/12/2015 86.01- as of 31/12/2014 81.33

Number of V shares in circulation at start of reporting period - issued shares 100.00 redeemed shares - in circulation at end of reporting period 100.00

Net asset value per V share- as of 30/06/2016 95.87 - As of 11/05/2016 (inception date) 100.00


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Securities portfolio and other net sub-fund assetsas of 30 June 2016

(in EUR)

Designation Currency Quantity /nominal

value

Market valueEUR

% of net sub-fund

assetsTransferable securities and money market instruments admitted to an official securities exchange

SharesGermany

Aareal Bank AG EUR 20,000 565,300 2.47Allianz SE EUR 2,000 255,600 1.12Amadeus Fire AG EUR 18,816 1,072,700 4.70Bertrandt AG EUR 3,000 264,000 1.16Daimler AG EUR 5,000 267,600 1.17DEAG Deutsche Entertainment AG EUR 39,173 125,275 0.55Deutsche Pfandbriefbank AG EUR 38,000 336,300 1.48Deutsche Post AG EUR 59,000 1,485,325 6.52Duerr AG EUR 11,000 747,890 3.28E.ON SE EUR 86,186 777,915 3.41Evonik Industries AG EUR 20,000 534,800 2.35Hapag-Lloyd AG EUR 23,000 437,000 1.92Porsche Automobil Holding SE Preference EUR 10,000 413,350 1.82Renk AG EUR 3,027 287,562 1.26Schaeffler AG Preference EUR 52,000 616,200 2.70Sixt Leasing AG EUR 37,000 689,865 3.03Sixt SE Preference EUR 37,981 1,341,488 5.89TUI AG EUR 40,000 406,800 1.78VTG AG EUR 12,828 333,528 1.46Wuestenrot & Wuerttembergische AG EUR 19,500 316,875 1.39

11,275,373 49.46France

Altran Technologies SA EUR 40,000 478,800 2.10Amundi SA EUR 13,000 486,850 2.14BNP Paribas SA EUR 15,000 596,325 2.62Engie SA EUR 19,000 275,690 1.21Europcar Groupe SA EUR 30,000 232,800 1.02Gaztransport Et Technigaz SA EUR 10,000 274,050 1.20Peugeot SA EUR 25,000 270,375 1.19Sanofi EUR 13,000 973,960 4.26

3,588,850 15.74United Kingdom

Royal Dutch Shell plc 'A' EUR 48,000 1,184,160 5.191,184,160 5.19

Grand Duchy of LuxembourgBRAAS Monier Building Group SA EUR 16,293 343,294 1.51

343,294 1.51Italy

Anima Holding SpA EUR 92,000 387,320 1.70Banca Monte dei Paschi di Siena SpA EUR 590,000 223,728 0.99Eni SpA EUR 54,000 784,080 3.44Telecom Italia SpA EUR 900,000 661,500 2.90UniCredit SpA EUR 70,000 137,900 0.60

2,194,528 9.63


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Securities portfolio and other net sub-fund assets (continued)as of 30 June 2016

(in EUR)


value

Market valueEUR

% of net sub-fund


SharesThe Netherlands

Euronext NV EUR 10,000 331,400 1.45ING Groep NV, CVA EUR 57,000 523,203 2.29NN Group NV EUR 12,000 297,540 1.31

1,152,143 5.05Austria

Raiffeisen Bank International AG EUR 18,000 202,950 0.89Strabag SE EUR 14,569 394,820 1.73voestalpine AG EUR 32,000 960,640 4.22

1,558,410 6.84Switzerland

EDAG Engineering Group AG EUR 21,825 364,478 1.60364,478 1.60

SpainIndra Sistemas SA EUR 59,000 560,146 2.46Naturhouse Health SAU EUR 68,565 267,404 1.17Tecnicas Reunidas SA EUR 8,457 226,309 0.99

1,053,859 4.62Total equities 22,715,095 99.64Total securities and money market instruments admitted to an official securities exchange 22,715,095 99.64

Total securities portfolio 22,715,095 99.64Bank balances 63,958 0.28Other net assets/(liabilities) 18,134 0.08Net sub-fund assets 22,797,187 100.00


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Geographic breakdown % of net sub-fund assets

Germany 49.46France 15.74Italy 9.63Austria 6.84United Kingdom 5.19The Netherlands 5.05Spain 4.62Switzerland 1.60Grand Duchy of Luxembourg 1.51Total investment 99.64Cash assets and other / (liabilities) 0.36Total 100.00


16


Changes to the Securities Portfoliofrom 01 January 2016 to 30 June 2016

Currency Designation Acquisitions Sales Other

Shares

EUR Aareal Bank AG 0 16,108 0 EUR Allianz SE 1,000 1,500 0 EUR Altran Technologies SA 31,000 16,000 0 EUR Amadeus Fire AG 0 1,000 0 EUR Amundi SA 0 2,000 0 EUR Anima Holding SpA 92,000 0 0 EUR ASR Nederland NV 18,787 18,787 0 EUR Banca Monte dei Paschi di Siena SpA 700,000 110,000 0 EUR Bayerische Motoren Werke AG 0 7,000 0 EUR Bertrandt AG 3,000 0 0 EUR BNP Paribas SA 0 2,500 0 EUR BRAAS Monier Building Group SA 0 2,018 0 EUR CANCOM SE 0 7,568 0 EUR Daimler AG 4,000 3,000 0 EUR Deutsche Pfandbriefbank AG 0 4,600 0 EUR Deutsche Post AG 7,900 20,800 0 EUR Duerr AG 6,000 1,000 0 EUR E.ON SE 15,000 0 0 EUR EDAG Engineering Group AG 1,825 4,000 0 EUR Engie SA 0 21,000 0 EUR Eni SpA 0 31,000 0 EUR Euronext NV 0 9,000 0 EUR Evonik Industries AG 20,000 11,000 0 EUR Gaztransport Et Technigaz SA 0 6,645 0 EUR Indra Sistemas SA 9,000 0 0 EUR ING Groep NV 12,000 26,000 0 EUR Manutan International 0 9,134 0 EUR Nabaltec AG 0 11,000 0 EUR NN Group NV 17,000 5,000 0 EUR Peugeot SA 0 12,000 0 EUR Porsche Automobil Holding SE 0 2,500 0 EUR Royal Dutch Shell plc 12,000 32,900 0 EUR S&T AG 0 87,450 0 EUR Sanofi 2,500 4,000 0 EUR Schaeffler AG 30,000 0 0 EUR Sixt Leasing AG 0 3,000 0 EUR Sixt SE 0 7,561 0 EUR Strabag SE 6,500 0 0 EUR Technip SA 0 17,000 0 EUR Tecnicas Reunidas SA 8,457 0 0 EUR Telecom Italia SpA 0 50,000 0 EUR TUI AG 40,000 0 0 EUR UniCredit SpA 110,000 40,000 0 EUR Unilever NV 9,000 9,000 0 EUR voestalpine AG 0 2,400 0 EUR VTG AG 0 1,000 0 EUR Wuestenrot & Wuerttembergische AG 0 5,500 0 EUR Zodiac Aerospace 0 22,000 0


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MainFirstTop European Ideas Fund


(in EUR)

AssetsSecurities portfolio at market value 773,523,475Bank balances 43,992,352Receivables from the sale of securities 34,989,612Receivables from share subscriptions 2,790,917Receivables from security income 2,445,735Interest receivables from bank balances 2,260Non-realized net profits from forward exchange transactions 8,432Other assets 61,214 Total assets 857,813,997 Shareholders’ equity and liabilitiesLiabilities to banks 22,171,529Liabilities from the purchase of securities 2,319,244Liabilities from the redemption of shares 7,545,554Bank interest and other liabilities 1,158,496 Total equity and liabilities 33,194,823 Net sub-fund assets at end of reporting period 824,619,174 Number of A shares in circulation 2,482,217.17Net asset value per A share 68.63 Number of B shares in circulation 306,241.42Net asset value per B share 77.69 Number of C shares in circulation 11,946,404.63Net asset value per C share 42.83 Number of D shares in circulation 749.57Net asset value per D share 83.62 Number of A3 USD shares in circulation 2,870.00Net asset value per A3 USD share 46.24 Number of C3 USD shares in circulation 7,379.83Net asset value per C3 USD share 46.56 Number of R shares in circulation 108,709.80Net asset value per R share 97.01 Number of V shares in circulation 100.00Net asset value per V share 93.33 Number of X shares in circulation 1,161,599.73Net asset value per X share 92.82


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(in EUR)

IncomeNet dividend income 23,766,836 Interest income from bank balances 1,626 Commissions received 1,137,005 Total income 24,905,467 ExpensesFlat-rate fee 5,015,870 Performance fee 518,318 Management company fee 152,900 Custodian fee 91,344 Central administration expense 336,545 Audit costs 9,026 Other administration expense 1,567,979 Capital tax (“taxe d’abonnement ”) 116,298 Interest expense from liabilities to banks 202,553 Other expenses 58,873 Total expenses 8,069,706 Total net income 16,835,761 Net realized increases in value / (decreases in value)- from securities 9,860,490 - from forward exchange transactions 2,374 - from forex transactions 831,521 Realised result 27,530,146 Net change of the unrealized increases in value / (decreases in value)- from securities -207,198,278- from forward exchange transactions -2,557- from forex transactions -1,668,578 Result -181,339,267

Distribution of dividends -4,744,877

Inflow of funds 131,372,197 Reinvested funds -216,197,981 Total change in net sub-fund assets -270,909,928

Net sub-fund assets at start of reporting period 1,095,529,102



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(in EUR)

Net sub-fund assetsas of 30/06/2016 824,619,174.48- as of 31/12/2015 1,095,529,102.36- as of 31/12/2014 1,012,381,423.16 Number of A shares in circulation at start of reporting period 2,585,630.89 issued shares 332,464.84 redeemed shares -435,878.56 in circulation at end of reporting period 2,482,217.17 Net asset value per A share - as of 30/06/2016 68.63 - as of 31/12/2015 82.96- as of 31/12/2014 70.62 Number of B shares in circulation at start of reporting period 392,508.26 issued shares 44,336.51 redeemed shares -130,603.35 in circulation at end of reporting period 306,241.42 Net asset value per B share - as of 30/06/2016 77.69 - as of 31/12/2015 96.16- as of 31/12/2014 82.70 Number of C shares in circulation at start of reporting period 13,396,937.97 issued shares 1,908,034.66 redeemed shares -3,358,568.00 in circulation at end of reporting period 11,946,404.63 Net asset value per C share - as of 30/06/2016 42.83 - as of 31/12/2015 51.63- as of 31/12/2014 43.76

Number of D shares in circulation at start of reporting period 50.00 issued shares 699.57 redeemed shares - in circulation at end of reporting period 749.57 Net asset value per D share - as of 30/06/2016 83.62 - as of 31/12/2015 101.00- As of 29/10/2015 (inception date) 100.00


20


Net sub-fund asset performance (continued)as of 30 June 2016

(in EUR)

Number of A3 EUR shares in circulation at start of reporting period 2,870.00 issued shares - redeemed shares - in circulation at end of reporting period 2,870.00 Net asset value per A3 USD share - as of 30/06/2016 46.24 - as of 31/12/2015 55.92- as of 31/12/2014 49.21 Number of C3 USD shares in circulation at start of reporting period 9,650.00issued shares 5,559.83redeemed shares -7,830.00 in circulation at end of reporting period 7,379.83 Net asset value per C3 USD share - as of 30/06/2016 46.56 - as of 31/12/2015 56.11- as of 31/12/2014 49.24 Number of R shares in circulation at start of reporting period 1,018.00 issued shares 108,244.22 redeemed shares -552.42 in circulation at end of reporting period 108,709.80 Net asset value per R share - as of 30/06/2016 97.01 - as of 31/12/2015 116.92- as of 31/12/2014 98.67

Number of V shares in circulation at start of reporting period - issued shares 100.00 redeemed shares - in circulation at end of reporting period 100.00 Net asset value per V share - as of 30/06/2016 93.33 - As of 11/05/2016 (inception date) 100.00


21



(in EUR)

Number of X shares in circulation at start of reporting period 1,303,779.91 issued shares 66,422.58 redeemed shares -208,602.76 in circulation at end of reporting period 1,161,599.73 Net asset value per X share - as of 30/06/2016 92.82 - as of 31/12/2015 115.67- as of 31/12/2014 98.68


22



(in EUR)


value

Market valueEUR

% of net sub-fund


SharesDenmark

AP Moeller - Maersk A/S 'A' DKK 8,261 9,316,070 1.13AP Moeller - Maersk A/S 'B' DKK 6,692 7,830,020 0.95

17,146,090 2.08Germany

Amadeus Fire AG EUR 457,095 26,058,986 3.16Atoss Software AG EUR 186,783 10,665,309 1.29Aurelius SE & Co. KGaA EUR 141,775 7,472,960 0.91Berentzen-Gruppe AG EUR 92,128 580,406 0.07Bertrandt AG EUR 316,815 27,879,720 3.38Deutsche Pfandbriefbank AG EUR 5,175,629 45,804,317 5.55Duerr AG EUR 887,909 60,368,933 7.32FUCHS PETROLUB SE EUR 333,903 10,801,762 1.31Hapag-Lloyd AG EUR 1,806,000 34,314,000 4.16Hella KGaA Hueck & Co. EUR 540,184 15,538,393 1.88Indus Holding AG EUR 165,109 6,901,556 0.84Leifheit AG EUR 144,642 7,897,453 0.96Maschinenfabrik Berthold Hermle AG Pref EUR 4,500 1,187,775 0.14Mensch und Maschine Software SE EUR 416,058 5,679,192 0.69MPC Muenchmeyer Petersen Capital AG EUR 70,506 585,200 0.07REALTECH AG EUR 159,393 286,907 0.03Schaeffler AG Preference EUR 5,904,631 69,969,877 8.49Siltronic AG EUR 1,409,109 20,432,081 2.48Sixt Leasing AG EUR 847,908 15,809,245 1.92Sixt SE EUR 1,406 64,641 0.01Sixt SE Preference EUR 885,587 31,278,933 3.79USU Software AG EUR 16,000 321,600 0.04Wuestenrot & Wuerttembergische AG EUR 540,849 8,788,796 1.07

408,688,042 49.56France

Amundi SA EUR 542,191 20,305,053 2.46Europcar Groupe SA EUR 2,294,867 17,808,168 2.16Peugeot SA EUR 456,144 4,933,197 0.60

43,046,418 5.22Greece

Aegean Airlines SA EUR 1,075,500 6,635,835 0.806,635,835 0.80

United KingdomAshmore Group plc GBP 4,821,387 17,242,202 2.09Direct Line Insurance Group plc GBP 3,230,662 13,403,885 1.62Jupiter Fund Management plc GBP 3,356,446 14,765,827 1.79Royal Dutch Shell plc 'A' EUR 1,028,336 25,369,049 3.08

70,780,963 8.58Ireland

Cpl Resources plc EUR 101,197 521,164 0.06FBD Holdings plc EUR 80,000 461,200 0.06

982,364 0.12


23



(in EUR)


value

Market valueEUR

% of net sub-fund


SharesItaly

Anima Holding SpA EUR 1,784,247 7,511,680 0.91Banca Monte dei Paschi di Siena SpA EUR 29,331,458 11,122,489 1.35Intesa Sanpaolo SpA EUR 22,533,477 38,351,978 4.65

56,986,147 6.91Jersey

Shire plc GBP 175,665 9,809,994 1.199,809,994 1.19

The NetherlandsASR Nederland NV EUR 1,177,168 22,895,918 2.78Euronext NV EUR 1,283,223 42,526,010 5.16Ferrari NV EUR 2,733 100,164 0.01Fiat Chrysler Automobiles NV EUR 27,343 150,250 0.02NN Group NV EUR 778,622 19,305,932 2.34

84,978,274 10.31Austria

DO & CO AG EUR 10,000 789,000 0.10FACC AG EUR 50,000 210,000 0.02Porr AG EUR 347,074 8,468,606 1.03UBM Development AG EUR 173,630 5,122,085 0.62Vienna Insurance Group AG Wiener Versicherung Gruppe EUR 197,672 3,361,412 0.41

17,951,103 2.18Switzerland

EDAG Engineering Group AG EUR 559,879 9,349,979 1.13EFG International AG CHF 196,854 672,982 0.08Schmolz + Bickenbach AG CHF 1,006,029 632,087 0.08Starrag Group Holding AG CHF 36,000 1,476,872 0.18Swiss Life Holding AG CHF 71,555 14,803,058 1.79VAT Group AG CHF 79,000 4,503,702 0.55

31,438,680 3.81Spain

Fomento de Construcciones y Contratas SA EUR 333,713 2,532,882 0.31Indra Sistemas SA EUR 1,156,466 10,979,488 1.33Naturhouse Health SAU EUR 1,284,302 5,008,778 0.61Tecnicas Reunidas SA EUR 131,100 3,508,236 0.42

22,029,384 2.67Total equities 770,473,294 93.43WarrantsFrance

Peugeot SA 29/04/2017 EUR 1,918,353 3,050,181 0.373,050,181 0.37

Total Warrants 3,050,181 0.37Total securities and money market instruments admitted to an official securities exchange 773,523,475 93.80

Total securities portfolio 773,523,475 93.80


24



(in EUR)


value

Market valueEUR

% of net sub-fund


SharesBank balances 21,820,823 2.65Other net assets/(liabilities) 29,274,876 3.55Net sub-fund assets 824,619,174 100.00


25



(in EUR)


Germany 49.56The Netherlands 10.31United Kingdom 8.58Italy 6.91France 5.59Switzerland 3.81Spain 2.67Austria 2.18Denmark 2.08Jersey 1.19Greece 0.80Ireland 0.12Total investment 93.80Cash assets and other / (liabilities) 6.20Total 100.00


26



Open forward exchange transactionsPurchased currency

Purchased amount

Sold currency

Sold amount

Due date Counterparty Non-realized profit/(loss)

% of net sub-fund

assets

EUR 18,913 USD 20,857 21/07/2016 J.P. Morgan 151 –EUR 18,913 USD 20,877 18/08/2016 J.P. Morgan 151 –USD 368,632 EUR 325,112 21/07/2016 J.P. Morgan 6,500 –USD 267,357 EUR 237,940 18/08/2016 J.P. Morgan 2,318 –Non-realized profit on open forward exchange transactions, total 9,120 –EUR 93,853 USD 104,984 21/07/2016 J.P. Morgan (589) –EUR 6,681 USD 7,545 18/08/2016 J.P. Morgan (99) –Non-realized loss on open forward exchange transactions, total (688) –Non-realized net profits on open forward exchange transactions 8,432 –


27



(in EUR)


Shares

CHF Credit Suisse Group AG 406,621 406,621 0 CHF EFG International AG 0 123,500 0 CHF Huber & Suhner AG 0 111,198 0 CHF Schmolz + Bickenbach AG 0 1,387,000 0 CHF Swiss Life Holding AG 287,810 271,074 0 CHF Syngenta AG 124,387 124,387 0 CHF VAT Group AG 79,000 0 0 CHF Zurich Insurance Group AG 99,999 99,999 0

DKK AP Moeller - Maersk A/S 36,877 27,131 0 DKK Carlsberg A/S 0 199,230 0

EUR Aareal Bank AG 0 585,487 0 EUR Amadeus Fire AG 0 16,900 0 EUR Amundi SA 0 180,129 0 EUR Anima Holding SpA 1,784,247 2,886,939 0 EUR ASR Nederland NV 1,191,168 14,000 0 EUR Aurelius SE & Co. KGaA 0 88,208 0 EUR Banca Monte dei Paschi di Siena SpA 20,137,010 4,000,000 0 EUR Bankia SA 0 1,088,847 0 EUR Bayerische Motoren Werke AG 0 214,609 0 EUR Bechtle AG 0 19,637 0 EUR Bertrandt AG 0 42,062 0 EUR BRAAS Monier Building Group SA 0 41,487 0 EUR Brunel International NV 0 58,000 0 EUR CTT-Correios de Portugal SA 0 854,000 0 EUR Deutsche Pfandbriefbank AG 0 933,839 0 EUR Duerr AG 75,450 261,999 0 EUR E.ON SE 666,666 1,222,221 0 EUR EDAG Engineering Group AG 0 42,371 0 EUR Elis SA 0 417,231 0 EUR Erste Group Bank AG 0 465,247 0 EUR Euronext NV 42,000 442,966 0 EUR Europcar Groupe SA 0 449,200 0 EUR Ferrari NV 0 0 2,733 EUR Fomento de Construcciones y Contratas SA 0 0 104,280 EUR FUCHS PETROLUB SE 0 11,200 0 EUR Gerry Weber International AG 0 23,288 0 EUR Hapag-Lloyd AG 0 8,000 0 EUR Heidelberger Druckmaschinen AG 0 1,011,242 0 EUR Hella KGaA Hueck & Co. 96,000 98,217 0 EUR Indra Sistemas SA 732,934 99,999 0 EUR Indus Holding AG 0 94,709 0 EUR Intesa Sanpaolo SpA 41,926,143 19,392,666 0 EUR KION Group AG 0 404,840 0 EUR National Bank of Greece SA 0 66,872,529 0 EUR NN Group NV 2,965,582 2,186,960 0 EUR Peugeot SA 456,144 1,124,497 0 EUR Porr Ag 0 48,440 0 EUR Raiffeisen Bank International AG 0 870,395 0 EUR Rizzoli Corriere Della Sera Mediagroup SpA 0 1,852 1,852 EUR Royal Dutch Shell plc 6,812,806 5,784,470 0 EUR RWE AG 344,000 832,222 0 EUR SAF-Holland SA 0 968,133 0 EUR Salzgitter AG 0 383,278 0 EUR Schaeffler AG 3,170,000 1,236,997 0 EUR Sixt Leasing AG 0 9,999 0


28


Changes in securities portfolio (continued)from 01 January 2016 to 30 June 2016


Shares

EUR Tecnicas Reunidas SA 131,100 0 0 EUR TOTAL SA 2,573,333 2,573,333 0 EUR UNIQA Insurance Group AG 0 492,915 0 EUR Vienna Insurance Group AG Wiener Versicherung

Gruppe 0 104,947 0

EUR voestalpine AG 0 844,014 0 EUR Wuestenrot & Wuerttembergische AG 0 51,265 0

GBP Ashmore Group plc 222,222 0 0 GBP Direct Line Insurance Group plc 0 681,000 0 GBP Jupiter Fund Management plc 0 580,000 0 GBP Royal Mail plc 0 2,222,529 0 GBP Shire plc 175,665 0 0 GBP Wizz Air Holdings plc 0 369,698 0


29

MainFirstGermany Fund


(in EUR)

AssetsSecurities portfolio at market value 162,994,748Bank balances 8,455,461Receivables from the sale of securities 1,629,875Receivables from share subscriptions 1,504,858Receivables from security income 400,947Other assets 29,089 Total assets 175,014,978 Shareholders’ equity and liabilitiesLiabilities from the purchase of securities 610,792Liabilities from the redemption of shares 7,990,777Bank interest and other liabilities 1,209,224 Total equity and liabilities 9,810,793 Net sub-fund assets at end of reporting period 165,204,185

Number of A shares in circulation 371,694.53Net asset value per A share 163.72 Number of B shares in circulation 286,520.36Net asset value per B share 76.97 Number of C shares in circulation 713,677.49Net asset value per C share 112.48 Number of D shares in circulation 29,021.00Net asset value per D share 69.26 Number of V shares in circulation 100.00Net asset value per V share 101.14


30



(in EUR)

Income Net dividend income 3,702,225 Commissions received 30,217 Total income 3,732,442 ExpensesFlat-rate fee 978,922 Performance fee 1,219,319 Management company fee 25,942 Custodian fee 21,597 Central administration expense 93,826 Audit costs 3,598 Other administration expense 267,249 Capital tax (“taxe d’abonnement ”) 25,031 Interest expense from liabilities to banks 9,906 Other expenses 9,732 Total expenses 2,655,122 Total net income 1,077,320 Net realized increases in value / (decreases in value)- from securities -2,147,109 Realised result -1,069,789 Net change of the unrealized increases in value / (decreases in value)- from securities -10,585,596 Result -11,655,385 Distribution of dividends -117,421

Inflow of funds 51,704,080 Reinvested funds -53,596,943 Total change in net sub-fund assets -13,665,669 Net sub-fund assets at start of reporting period 178,869,854 Net sub-fund assets at end of reporting period 165,204,185


31



(in EUR)

Net sub-fund assets - as of 30/06/2016 165,204,184.98- as of 31/12/2015 178,869,853.91- as of 31/12/2014 17,067,367.73 Number of A shares in circulation at start of reporting period 327,295.27 issued shares 175,839.73 redeemed shares -131,440.47 in circulation at end of reporting period 371,694.53 Net asset value per A share - as of 30/06/2016 163.72- as of 31/12/2015 174.35- as of 31/12/2014 127.03 Number of B shares in circulation at start of reporting period 236,332.59 issued shares 79,988.47 redeemed shares -29,800.70 in circulation at end of reporting period 286,520.36 Net asset value per B share - as of 30/06/2016 76.97 - as of 31/12/2015 82.34- as of 31/12/2014 60.16 Number of C shares in circulation at start of reporting period 836,089.59 issued shares 157,215.47 redeemed shares -279,627.57 in circulation at end of reporting period 713,677.49 Net asset value per C share - as of 30/06/2016 112.48 - as of 31/12/2015 119.51- as of 31/12/2014 86.73 Number of D shares in circulation at start of reporting period 32,515.00 issued shares 2,551.00 redeemed shares -6,045.00 in circulation at end of reporting period 29,021.00 Net asset value per D share - as of 30/06/2016 69.26 - as of 31/12/2015 74.54- as of 31/12/2014 54.08


32



(in EUR)



33



(in EUR)


value

Market valueEUR

% of net sub-fund


SharesGermany

All for One Steeb AG EUR 233,840 14,030,400 8.50Amadeus Fire AG EUR 40,442 2,305,598 1.40Atoss Software AG EUR 206,651 11,799,772 7.14Berentzen-Gruppe AG EUR 723,372 4,557,244 2.76Bertrandt AG EUR 53,681 4,723,928 2.86CENIT AG EUR 652,859 12,404,320 7.50DEAG Deutsche Entertainment AG EUR 377,433 1,207,031 0.73Deutsche Pfandbriefbank AG EUR 445,519 3,942,843 2.39Duerr AG EUR 100,222 6,814,094 4.12E.ON SE EUR 11,000 99,286 0.06FUCHS PETROLUB SE EUR 125,115 4,047,470 2.45Hapag-Lloyd AG EUR 429,068 8,152,292 4.93Hella KGaA Hueck & Co. EUR 251,044 7,221,281 4.37Indus Holding AG EUR 34,149 1,427,428 0.86Isra Vision AG EUR 1,394 101,832 0.06Koenig & Bauer AG EUR 176,313 8,056,622 4.89Leifheit AG EUR 136,256 7,439,578 4.50Maschinenfabrik Berthold Hermle AG Pref EUR 1,340 353,693 0.21Mensch und Maschine Software SE EUR 622,340 8,494,941 5.14MPC Muenchmeyer Petersen Capital AG EUR 1,577,985 13,097,276 7.93Nexus AG EUR 142,156 2,433,000 1.47Schaeffler AG Preference EUR 69,978 829,239 0.50Siltronic AG EUR 115,951 1,681,290 1.02Sixt Leasing AG EUR 262,897 4,901,715 2.97Sixt SE Preference EUR 449,659 15,881,956 9.61USU Software AG EUR 414,167 8,324,757 5.04Wuestenrot & Wuerttembergische AG EUR 391,265 6,358,056 3.85

160,686,942 97.26Switzerland

EDAG Engineering Group AG EUR 138,192 2,307,806 1.402,307,806 1.40

Total equities 162,994,748 98.66Total securities and money market instruments admitted to an official securities exchange 162,994,748 98.66

Total securities portfolio 162,994,748 98.66Bank balances 8,455,461 5.12Other net assets/(liabilities) (6,246,024) (3.78)Net sub-fund assets 165,204,185 100.00


34



(in EUR)


Germany 97.26Switzerland 1.40Total investment 98.66Cash assets and other / (liabilities) 1.34Total 100.00


35



(in EUR)


Shares

EUR Aareal Bank AG 2,650 158,165 0 EUR All for One Steeb AG 47,731 2,985 0 EUR Amadeus Fire AG 29,016 12,556 0 EUR Atoss Software AG 32,087 4,211 0 EUR Aurelius SE & Co. KGaA 10,329 25,700 0 EUR Bayerische Motoren Werke AG 20,173 20,173 0 EUR Bechtle AG 0 23,898 0 EUR Berentzen-Gruppe AG 590,000 0 0 EUR Bertrandt AG 9,238 28,756 0 EUR CENIT AG 168,319 9,398 0 EUR Deutsche Pfandbriefbank AG 340,780 515,233 0 EUR Duerr AG 164,866 149,941 0 EUR E.ON SE 11,000 0 0 EUR EDAG Engineering Group AG 15,698 186,349 0 EUR FUCHS PETROLUB SE 9,990 277,731 0 EUR Hapag-Lloyd AG 298,460 4,923 0 EUR Hella KGaA Hueck & Co. 192,864 123,047 0 EUR Indus Holding AG 13,417 166,569 0 EUR Isra Vision AG 0 122 0 EUR Koenig & Bauer AG 44,992 75,606 0 EUR LANXESS AG 86,231 86,231 0 EUR Leifheit AG 4,378 7,443 0 EUR Mensch und Maschine Software SE 333,636 41,455 0 EUR MPC Muenchmeyer Petersen Capital AG 1,602,946 24,961 0 EUR RWE AG 0 222,222 0 EUR SAF-Holland SA 0 24,912 0 EUR Schaeffler AG 1,086,408 1,447,370 0 EUR Siltronic AG 0 11,700 0 EUR Sixt Leasing AG 110,182 33,287 0 EUR Sixt SE 88,807 107,027 0 EUR USU Software AG 104,332 26,048 0 EUR Wuestenrot & Wuerttembergische AG 55,340 83,493 0


36

MainFirstEmerging Markets Corporate Bond Fund Balanced


(in USD)

AssetsSecurities portfolio at market value 192,871,979Bank balances 151,545Receivables from the sale of securities 2,138,200Receivables from share subscriptions 329,626Receivables from security income 3,046,680Interest receivables from bank balances 203Other assets 42,138 Total assets 198,580,371 Shareholders’ equity and liabilitiesLiabilities to banks 705,984Liabilities from the purchase of securities 2,485,261Liabilities from the redemption of shares 335,500Bank interest and other liabilities 293,349Non-realized net loss from forward exchange transactions 1,247,419 Total equity and liabilities 5,067,513 Net sub-fund assets at end of reporting period 193,512,858 Number of A shares in circulation 244,451.76Net asset value per A share 111.27

Number of B shares in circulation 53.89Net asset value per B share 92.72

Number of C shares in circulation 400,098.13Net asset value per C share 113.07

Number of D shares in circulation 31,110.00Net asset value per D share 92.19

Number of A1-CHF shares in circulation 26,415.32Net asset value per A1-CHF share 106.15

Number of A2-EUR shares in circulation 69,016.79Net asset value per A2-EUR share 109.97

Number of B1-CHF shares in circulation 54.15Net asset value per B1-CHF share 88.94

Number of B2-EUR shares in circulation 9,544.00Net asset value per B2-EUR share 92.06

Number of C1-CHF shares in circulation 441,581.00Net asset value per C1-CHF share 108.06

Number of C2-EUR shares in circulation 362,370.23Net asset value per C2-EUR share 112.16

Number of D1 CHF shares in circulation 904.09Net asset value per D1 CHF share 89.45

Number of D2-EUR shares in circulation 41,058.72Net asset value per D2-EUR share 97.87

Number of R shares in circulation 68,322.43Net asset value per R share 105.80


37



(in USD)

IncomeNet interest income from bonds and other debentures 7.532.453 Commissions received 157,329 Other income 20,662 Total income 7,710,444

ExpensesFlat-rate fee 872,733 Management company fee 33,331 Custodian fee 27,514 Central administration expense 113,581 Audit costs 6,233 Other administration expense 221,205 Capital tax (“taxe d’abonnement ”) 19,794 Interest expense from liabilities to banks 3,220 Other expenses 12,118 Total expenses 1,309,729

Total net income 6,400,715

Net realized increases in value / (decreases in value)- from securities -14,027,686- from forward exchange transactions -4,618,521- from forex transactions 1,266,383

Realised result -10,979,109

Net change of the unrealized increases in value / (decreases in value)- from securities 24,634,327 - from forward exchange transactions 4,700,550 - from forex transactions -1,223 Result 18,354,545

Distribution of dividends -397,248






38



(in USD)

Net sub-fund assetsas of 30/06/2016 193,512,857.66- as of 31/12/2015 240,337,844.57- as of 31/12/2014 582,301,058.19 Number of A shares in circulation at start of reporting period 317,504.46 issued shares 1,147.85 redeemed shares -74,200.55 in circulation at end of reporting period 244,451.76 Net asset value per A share - as of 30/06/2016 111.27 - as of 31/12/2015 101.23- as of 31/12/2014 104.42 Number of B shares in circulation at start of reporting period 51.61 issued shares 2.28 redeemed shares - in circulation at end of reporting period 53.89 Net asset value per B share - as of 30/06/2016 92.72 - as of 31/12/2015 88.11- as of 31/12/2014 93.86 Number of C shares in circulation at start of reporting period 400,128.58 issued shares 145,501.92 redeemed shares -145,532.37 in circulation at end of reporting period 400,098.13 Net asset value per C share - as of 30/06/2016 113.07 - as of 31/12/2015 102.64- as of 31/12/2014 105.41 Number of D shares in circulation at start of reporting period 32,690.00 issued shares - redeemed shares -1,580.00 in circulation at end of reporting period 31,110.00 Net asset value per D share - as of 30/06/2016 92.19 - as of 31/12/2015 87.71- as of 31/12/2014 96.18


39



(in USD)

Number of A1-CHF shares in circulation at start of reporting period 28,559.11 issued shares 1,217.24 redeemed shares -3,361.03 in circulation at end of reporting period 26,415.32 Net asset value per A1-CHF share - as of 30/06/2016 106.15 - as of 31/12/2015 97.63- as of 31/12/2014 103.58 Number of A2-EUR shares in circulation at start of reporting period 83,366.34 issued shares 212.17 redeemed shares -14,561.72 in circulation at end of reporting period 69,016.79 Net asset value per A2-EUR share - as of 30/06/2016 109.97 - as of 31/12/2015 100.91- as of 31/12/2014 103.98 Number of B1-CHF shares in circulation at start of reporting period 51.75 issued shares 2.40 redeemed shares - in circulation at end of reporting period 54.15 Net asset value per B1-CHF share - as of 30/06/2016 88.94 - as of 31/12/2015 85.55- as of 31/12/2014 94.00 Number of B2-EUR shares in circulation at start of reporting period 11,304.00 issued shares 160.00 redeemed shares -1,920.00 in circulation at end of reporting period 9,544.00 Net asset value per B2-EUR share - as of 30/06/2016 92.06 - as of 31/12/2015 88.33- as of 31/12/2014 94.09 Number of C1-CHF shares in circulation at start of reporting period 793,618.78 issued shares 11,820.00 redeemed shares -363,857.78 in circulation at end of reporting period 441,581.00


40



(in USD)

Net asset value per C1-CHF share - as of 30/06/2016 108.06 - as of 31/12/2015 99.18- as of 31/12/2014 104.75 Number of C2-EUR shares in circulation at start of reporting period 490,158.38 issued shares 25,140.00 redeemed shares -152,928.15 in circulation at end of reporting period 362,370.23 Net asset value per C2-EUR share - as of 30/06/2016 112.16 - as of 31/12/2015 102.69- as of 31/12/2014 105.37 Number of D1 CHF shares in circulation at start of reporting period 901.15 issued shares 2.94redeemed shares - in circulation at end of reporting period 904.09 Net asset value per D1 CHF share - as of 30/06/2016 89.45- as of 31/12/2015 86.82- as of 31/12/2014 93.56 Number of D2-EUR shares in circulation at start of reporting period 69,455.87 issued shares 1,602.85 redeemed shares -30,000.00 in circulation at end of reporting period 41,058.72 Net asset value per D2-EUR share - as of 30/06/2016 97.87 - as of 31/12/2015 93.96- as of 31/12/2014 102.66 Number of R shares in circulation at start of reporting period 99,456.07 issued shares - redeemed shares -31,133.64 in circulation at end of reporting period 68,322.43 Net asset value per R share - as of 30/06/2016 105.80 - as of 31/12/2015 95.97- as of 31/12/2014 98.45


41



(in USD)


value

Market valueUSD

% of net sub-fund


BondsAngola

Angolan Government International Bond, Reg. S 9.5% 12/11/2025 USD 1,500,000 1,492,500 0.771,492,500 0.77

ArgentinaProvince of Salta Argentina, Reg. S 9.125% 07/07/2024 USD 500,000 500,700 0.26Provincia de Buenos Aires, Reg. S 9.125% 16/03/2024 USD 500,000 547,500 0.28Provincia De Mendoza Argentina Bond, Reg. S 8.375% 19/05/2024 USD 250,000 257,500 0.14

1,305,700 0.68Azerbaijan

State Oil Co. of the Azerbaijan Republic, Reg. S 6.95% 18/03/2030 USD 1,550,000 1,625,175 0.841,625,175 0.84

AustraliaAusdrill Finance Pty Ltd., Reg. S 6.875% 01/11/2019 USD 1,000,000 912,500 0.47

912,500 0.47Bermuda

GeoPark Latin America Ltd Agencia en Chile Regs 7.5% 11/02/2020 USD 2,400,000 1,908,000 0.99Gulf Keystone Petroleum Ltd., Reg. S 13% 18/04/2017§ USD 1,800,000 1,179,000 0.61Noble Group Ltd., Reg. S 6.75% 29/01/2020 USD 250,000 204,375 0.10

3,291,375 1.70Brazil

Banco BTG Pactual SA, Reg. S 4% 16/01/2020 USD 1,195,000 1,036,662 0.53USJ Acucar e Alcool SA, Reg. S 9.875% 09/11/2021 USD 881,000 616,700 0.32

1,653,362 0.85British Virgin Islands

China Cinda Finance 2014 Ltd., Reg. S 5.625% 14/05/2024 USD 3,750,000 4,150,845 2.14GTL Trade Finance, Inc., Reg. S 5.893% 29/04/2024 USD 3,000,000 2,660,100 1.37Huarong Finance II Co. Ltd., Reg. S 5.5% 16/01/2025 USD 3,200,000 3,498,429 1.81Sino-Ocean Land Treasure Finance I Ltd., Reg. S 6% 30/07/2024 USD 2,420,000 2,588,071 1.34Wanda Properties International Co. Ltd., Reg. S 7.25% 29/01/2024 USD 3,700,000 4,037,218 2.09

16,934,663 8.75Chile

Empresa Electrica Angamos SA, Reg. S 4.875% 25/05/2029 USD 4,250,000 4,188,940 2.174,188,940 2.17

United KingdomAfren plc, Reg. S 10.25% 08/04/2019§ USD 2,195,631 18,663 0.01Genel Energy Finance plc, Reg. S, 144A 7.5% 14/05/2019 USD 2,200,000 1,672,000 0.86Petra Diamonds US Treasury plc, Reg. S 8.25% 31/05/2020 USD 500,000 482,500 0.25Vedanta Resources PLC Regs 8.25% 07/06/2021 USD 1,500,000 1,218,750 0.63Vedanta Resources plc, Reg. S 7.125% 31/05/2023 USD 1,000,000 762,500 0.40

4,154,413 2.15Grand Duchy of Luxembourg

Evraz Group SA, Reg. S 6.75% 31/01/2022 USD 900,000 905,625 0.47Klabin Finance SA, Reg. S 5.25% 16/07/2024 USD 3,500,000 3,491,250 1.80Minerva Luxembourg SA, Reg. S 7.75% 31/01/2023 USD 3,000,000 3,067,500 1.59Offshore Drilling Holding SA, Reg. S 8.375% 20/09/2020 USD 1,750,000 837,813 0.43Russian Agricultural Bank OJSC, Reg. S 8.5% 16/10/2023 USD 1,000,000 1,053,491 0.54


42



(in USD)


value

Market valueUSD

% of net sub-fund


BondsGrand Duchy of Luxembourg (continued)

Sberbank of Russia, Reg. S, FRN 5.5% 26/02/2024 USD 3,301,000 3,257,922 1.68Tonon Luxembourg SA, Reg. S 7.25% 24/01/2020§ USD 3,517,625 474,879 0.25Tupy Overseas SA, Reg. S 6.625% 17/07/2024 USD 780,000 750,750 0.39VTB Bank OJSC, Reg. S 6.95% 17/10/2022 USD 1,700,000 1,780,410 0.92

15,619,640 8.07Hong Kong

Yuexiu Property Co. Ltd., Reg. S 4.5% 24/01/2023 USD 2,052,000 2,037,287 1.052,037,287 1.05

IndonesiaGajah Tunggal Tbk. PT, Reg. S 7.75% 06/02/2018 USD 600,000 472,800 0.24

472,800 0.24Ireland

Borets Finance Ltd., Reg. S 7.625% 26/09/2018 USD 1,762,000 1,656,280 0.86Credit Bank of Moscow, Reg. S 8.7% 13/11/2018 USD 2,650,000 2,738,722 1.41Tinkoff Credit Systems, Reg. S 14% 06/06/2018 USD 2,450,000 2,707,250 1.40

7,102,252 3.67Isle of Man

Sasol Financing International plc 4.5% 14/11/2022 USD 1,000,000 1,004,230 0.521,004,230 0.52

Cayman IslandsAlpha Star Holding Ltd., Reg. S 4.97% 09/04/2019 USD 500,000 473,912 0.25Bantrab Senior Trust, Reg. S 9% 14/11/2020 USD 2,712,000 2,419,104 1.25Braskem Finance Ltd. 6.45% 03/02/2024 USD 4,500,000 4,567,950 2.36GrupoSura Finance SA, Reg. S 5.5% 29/04/2026 USD 3,500,000 3,653,125 1.89Lamar Funding Ltd., Reg. S 3.958% 07/05/2025 USD 3,500,000 3,276,350 1.69Lima Metro Line 2 Finance Ltd., Reg. S 5.875% 05/07/2034 USD 5,000,000 5,267,500 2.72Odebrecht Finance Ltd., Reg. S 5.25% 27/06/2029 USD 3,800,000 1,550,400 0.80Odebrecht Offshore Drilling Finance Ltd., Reg. S 6.75% 01/10/2023 USD 3,417,556 666,423 0.34

21,874,764 11.30Cameroon

Republic of Cameroon International Bond, Reg. S 9.5% 19/11/2025 USD 900,000 913,500 0.47913,500 0.47

CanadaVale Canada Ltd. 7.2% 15/09/2032 USD 1,250,000 1,087,500 0.56

1,087,500 0.56Kazakhstan

Development Bank of Kazakhstan JSC 6% 23/03/2026 USD 1,870,000 1,853,320 0.96KazAgro National Management Holding, Reg. S 4.625% 24/05/2023 USD 5,300,000 4,876,000 2.52Zhaikmunai LLP, Reg. S 7.125% 13/11/2019 USD 2,500,000 2,200,000 1.13

8,929,320 4.61Colombia

Ecopetrol SA 5.375% 26/06/2026 USD 3,000,000 2,925,000 1.512,925,000 1.51

MoroccoOCP SA, Reg. S 5.625% 25/04/2024 USD 5,000,000 5,316,600 2.75

5,316,600 2.75


43



(in USD)


value

Market valueUSD

% of net sub-fund


BondsMauritius

MTN Mauritius Investment Ltd., Reg. S 4.755% 11/11/2024 USD 750,000 723,750 0.37723,750 0.37

MexicoBio Pappel Scribe SA CV, Reg. S 8.875% 07/04/2020 USD 3,478,000 3,495,390 1.81Financiera Independencia SAB de CV SOFOM ENR, Reg. S 7.5% 03/06/2019

USD 2,200,000 2,101,000 1.09

Grupo Famsa SAB de CV, Reg. S 7.25% 01/06/2020 USD 1,919,000 1,410,465 0.73Unifin Financiera SAB de CV SOFOM ENR, Reg. S 6.25% 22/07/2019

USD 2,500,000 2,465,000 1.27

9,471,855 4.90The Netherlands

CIMPOR Financial Operations BV, Reg. S 5.75% 17/07/2024 USD 500,000 373,750 0.19GTH Finance BV, Reg. S 7.25% 26/04/2023 USD 1,500,000 1,567,500 0.81Helios Towers Finance Netherlands BV, Reg. S 8.375% 15/07/2019 USD 4,000,000 3,750,000 1.94Oi Brasil Holdings Cooperatief UA, Reg. S 5.75% 10/02/2022§ USD 220,000 35,750 0.02Petrobras Global Finance BV 8.75% 23/05/2026 USD 1,900,000 1,914,250 0.99

7,641,250 3.95Nigeria

Seven Energy Ltd., Reg. S 10.25% 11/10/2021 USD 3,150,000 1,814,400 0.941,814,400 0.94

AustriaEldorado Intl. Finance GmbH, Reg. S 8.625% 16/06/2021 USD 1,000,000 972,850 0.50

972,850 0.50Panama

Aeropuerto Internacional de Tocumen SA 5.75% 09/10/2023 USD 2,450,000 2,572,500 1.33AES El Salvador Trust II, Reg. S 6.75% 28/03/2023 USD 1,500,000 1,297,500 0.67Global Bank Corp., Reg. S 5.125% 30/10/2019 USD 2,950,000 3,053,250 1.58

6,923,250 3.58Singapore

Golden Legacy Pte. Ltd., Reg. S 9% 24/04/2019 USD 5,000 5,250 –Golden Legacy Pte. Ltd., Reg. S 8.25% 07/06/2021 USD 1,600,000 1,638,298 0.85Marquee Land Pte. Ltd., Reg. S 9.75% 05/08/2019 USD 2,700,000 2,862,000 1.48Ottawa Holdings Pte. Ltd., Reg. S 5.875% 16/05/2018 USD 3,085,000 2,066,950 1.07

6,572,498 3.40Spain

ACI Airport Sudamerica SA, Reg. S 6.875% 29/11/2032 USD 2,996,250 2,741,569 1.422,741,569 1.42

South AfricaEskom Holdings SOC Ltd., Reg. S 7.125% 11/02/2025 USD 1,500,000 1,489,725 0.77

1,489,725 0.77Suparanational Banks

Banque Ouest Africaine de Developpement, Reg. S 5.5% 06/05/2021 USD 4,000,000 4,170,000 2.164,170,000 2.16


44



(in USD)


value

Market valueUSD

% of net sub-fund


BondsTurkey

Global Liman Isletmeleri, Reg. S 8.125% 14/11/2021 USD 3,152,000 2,964,960 1.53KOC Holding A/S, Reg. S 5.25% 15/03/2023 USD 2,500,000 2,602,375 1.34Turk Telekomunikasyon A/S, Reg. S 4.875% 19/06/2024 USD 1,500,000 1,501,395 0.78

7,068,730 3.65Venezuela

Petroleos de Venezuela SA, Reg. S 12.75% 17/02/2022 USD 1,000,000 512,000 0.26512,000 0.26

United States of AmericaRio Oil Finance Trust, Reg. S 9.25% 06/07/2024 USD 4,702,500 4,067,662 2.10Rolta Americas LLC, Reg. S 8.875% 24/07/2019 USD 3,500,000 560,000 0.29

4,627,662 2.39Vietnam

Debt and Asset Trading Corp., Reg. S 1% 10/10/2025 USD 2,750,000 1,409,375 0.731,409,375 0.73

CyprusGlobal Ports Finance plc, Reg. S 6.872% 25/01/2022 USD 1,700,000 1,761,625 0.91UkrLandFarming plc, Reg. S 10.875% 26/03/2018 USD 500,000 147,600 0.08

1,909,225 0.99Total bonds 160,889,660 83.14

Convertible bondsBermuda

Gulf Keystone Petroleum Ltd., Reg. S 6.25% 18/10/2017§ USD 1,000,000 180,000 0.10180,000 0.10

Total convertible bonds 180,000 0.10Total securities and money market instruments admitted to an official securities exchange 161,069,660 83.24

Securities and money market instruments admitted to a regulated market

BondsAustralia

Cimic Finance USA Pty. Ltd., Reg. S 5.95% 13/11/2022 USD 1,500,000 1,602,024 0.83Newcrest Finance Pty. Ltd., Reg. S 4.2% 01/10/2022 USD 3,500,000 3,549,192 1.83

5,151,216 2.66Brazil

Centrais Eletricas Brasileiras SA, Reg. S 5.75% 27/10/2021 USD 4,200,000 3,891,300 2.013,891,300 2.01

British Virgin IslandsSea Trucks Group Ltd., Reg. S, 144A 9% 26/03/2018 USD 1,932,775 677,438 0.35

677,438 0.35Chile

Cencosud SA, Reg. S 5.15% 12/02/2025 USD 2,250,000 2,314,093 1.20Ruta Del Maipo Sociedad Concesionaria SA, Reg. S 7.373% 15/06/2022

USD 1,504,867 1,614,294 0.83

3,928,387 2.03


45



(in USD)


value

Market valueUSD

% of net sub-fund


BondsUnited Kingdom

Afren plc, Reg. S 6.625% 09/12/2020§ USD 1,463,754 12,442 0.0112,442 0.01

Cayman IslandsAutopistas del Nordeste Cayman Ltd., Reg. S 9.39% 15/01/2026 USD 484,952 481,315 0.25Grupo Aval Ltd., Reg. S 4.75% 26/09/2022 USD 850,000 833,000 0.43Marfrig Overseas Ltd., Reg. S 9.5% 04/05/2020 USD 500,000 516,740 0.27

1,831,055 0.95Colombia

Fideicomiso P.A. Costera, Reg. S 6.75% 15/01/2034 USD 800,000 784,136 0.41Fideicomiso PA Pacifico Tres, Reg. S 8.25% 15/01/2035 USD 1,700,000 1,861,500 0.96

2,645,636 1.37Mexico

Grupo Posadas SAB de CV, Reg. S 7.875% 30/06/2022 USD 1,000,000 1,017,500 0.52Mexico Generadora de Energia S de rl, Reg. S 5.5% 06/12/2032 USD 4,852,038 4,682,217 2.42Servicios Corporativos Javer SAPI de CV, Reg. S 9.875% 06/04/2021

USD 86,000 89,010 0.05

Sixsigma Networks Mexico SA de CV, Reg. S 8.25% 07/11/2021 USD 830,000 830,000 0.436,618,727 3.42

The NetherlandsWPE International Cooperatief UA, Reg. S 10.375% 30/09/2020§ USD 245,000 25,725 0.01

25,725 0.01Peru

Camposol SA, Reg. S 10.5% 15/07/2021 USD 1,082,000 908,880 0.47Scotiabank Peru SAA, Reg. S, FRN 4.5% 13/12/2027 USD 3,465,000 3,508,313 1.81Volcan Cia Minera SAA, Reg. S 5.375% 02/02/2022 USD 2,410,000 2,169,000 1.12

6,586,193 3.40Total bonds 31,368,119 16.21Total securities and money market instruments admitted to another regulated market 31,368,119 16.21

Other transferable securities and money market instrumentsBondsBrazil

Ceagro Agricola Ltda, Reg. S 10.75% 16/05/2016§* USD 3,340,000 434,200 0.22434,200 0.22

Total bonds 434,200 0.22Total other transferable securities and money market instruments 434,200 0.22

Total securities portfolio 192,871,979 99.67Bank overdraft (554,439) (0.29)Other net assets/(liabilities) 1,195,318 0.62Net sub-fund assets 193,512,858 100.00

§ Security is currently in default.* This investment is measured at fair value under the guidance of the Managing Board.


46




Cayman Islands 12.25British Virgin Islands 9.10Mexico 8.32Grand Duchy of Luxembourg 8.07Kazakhstan 4.61Chile 4.20The Netherlands 3.96Ireland 3.67Turkey 3.65Panama 3.58Peru 3.40Singapore 3.40Australia 3.13Brazil 3.08Colombia 2.88Morocco 2.75United States of America 2.39Supranational Banks 2.16United Kingdom 2.16Bermuda 1.80Spain 1.42Hong Kong 1.05Cyprus 0.99Nigeria 0.94Azerbaijan 0.84Angola 0.77South Africa 0.77Vietnam 0.73Argentina 0.68Canada 0.56Isle of Man 0.52Austria 0.50Cameroon 0.47Mauritius 0.37Venezuela 0.26Indonesia 0.24Total investment 99.67Cash assets and other / (liabilities) 0.33Total 100.00


47




Purchased amount

Sold currency

Sold amount


% of net sub-fund assets

CHF 24,728,872 USD 25,404,295 21/07/2016 J.P. Morgan 7,654 0.01CHF 5,374 USD 5,499 18/08/2016 J.P. Morgan 33 –EUR 11,096 USD 12,293 21/07/2016 J.P. Morgan 41 –EUR 11,085 USD 12,293 18/08/2016 J.P. Morgan 41 –USD 69,504 CHF 66,930 21/07/2016 J.P. Morgan 725 –USD 69,504 CHF 66,841 18/08/2016 J.P. Morgan 702 –USD 1,480,254 EUR 1,314,809 21/07/2016 J.P. Morgan 18,666 0.01USD 238,991 EUR 212,815 18/08/2016 J.P. Morgan 2,173 –Non-realized profit on open forward exchange transactions, total 30,035 0.02CHF 50,711 USD 52,428 01/07/2016 J.P. Morgan (374) –CHF 1,225,248 USD 1,269,500 21/07/2016 J.P. Morgan (10,408) (0.01)CHF 24,843,001 USD 25,875,483 18/08/2016 J.P. Morgan (303,671) (0.16)EUR 57,711 USD 64,149 01/07/2016 J.P. Morgan (35) –EUR 28,014,476 USD 31,796,617 21/07/2016 J.P. Morgan (654,715) (0.34)EUR 27,116,451 USD 30,465,556 18/08/2016 J.P. Morgan (290,640) (0.15)USD 655,521 CHF 645,756 21/07/2016 J.P. Morgan (8,073) –USD 7,149 CHF 6,989 18/08/2016 J.P. Morgan (45) –USD 913,371 EUR 826,105 21/07/2016 J.P. Morgan (4,958) –USD 823,573 EUR 744,174 18/08/2016 J.P. Morgan (4,535) –Non-realized loss on open forward exchange transactions, total (1,277,454) (0.66)Non-realized net loss on open forward exchange transactions (1,247,419) (0.64)


48




Shares

USD Access Bank plc 0 2,000,000 0 USD ACI Airport Sudamerica SA 0 0 -3,750 USD Aeropuerto Internacional de Tocumen SA 0 2,300,000 0 USD Ageas Capital Asia Ltd. 0 5,000,000 0 USD Alpha Star Holding Ltd. 500,000 0 0 USD Ausdrill Finance Pty. Ltd. 0 1,000,000 0 USD Autopistas del Nordeste Cayman Ltd. 0 492,218 -21,465 USD Banco BTG Pactual SA 0 1,250,000 0 USD Banco de Credito del Peru 0 2,000,000 0 USD Banglalink Digital Communications Ltd. 0 2,102,000 0 USD Banque Ouest Africaine de Developpement 7,500,000 3,500,000 0 USD Bantrab Senior Trust 0 1,250,000 0 USD Black Sea Trade & Development Bank 2,000,000 2,000,000 0 USD Bluestar Finance Holdings Ltd. 0 3,000,000 0 USD Bluewater Holding BV 0 3,200,000 0 USD Borets Finance Ltd. 0 750,000 0 USD Braskem Finance Ltd. 0 988,000 0 USD Ceagro Agricola Ltd. 3,340,000 3,340,000 0 USD Cencosud SA 2,250,000 0 0 USD Centrais Eletricas Brasileiras SA 0 1,000,000 0 USD Charming Light Investments Ltd. 0 500,000 0 USD China Cinda Finance 2014 Ltd. 0 750,000 0 USD Cimic Finance USA Pty. Ltd. 0 3,500,000 0 USD Comfeed Finance BV 600,000 600,000 0 USD CSN Islands XI Corp. 0 600,000 0 USD Development Bank of Kazakhstan JSC 0 2,300,000 0 USD Eastcomtrans LLP 0 250,000 0 USD Ecopetrol SA 3,000,000 0 0 USD EDC Finance Ltd. 0 2,850,000 0 USD Eldorado Intl. Finance GmbH 2,000,000 1,000,000 0 USD Empresa Electrica Angamos SA 0 2,750,000 0 USD Empresas ICA SAB de CV 0 4,060,000 0 USD Evraz Group SA 1,800,000 3,300,000 0 USD Fideicomiso P.A. Costera 800,000 0 0 USD Fideicomiso PA Pacifico Tres 1,700,000 0 0 USD Gajah Tunggal Tbk. PT 600,000 0 0 USD Gazprom Neft OAO 0 2,500,000 0 USD Global Bank Corp. 0 2,600,000 0 USD Global Ports Finance plc 1,700,000 0 0 USD Gold Fields Orogen Holdings BVI Ltd. 1,300,000 1,500,000 -2,616,000 USD Golden Legacy Pte. Ltd. 2,600,000 3,000,000 -1,245,000 USD Grupo Aval Ltd. 0 2,000,000 0 USD GrupoSura Finance SA 5,500,000 2,000,000 0 USD GTH Finance BV 1,500,000 0 0 USD GTL Trade Finance, Inc. 0 3,000,000 0 USD Harkand Finance, Inc. 0 1,587,582 4,749 USD Helios Towers Finance Netherlands BV 0 1,000,000 0 USD Huarong Finance II Co. Ltd. 0 1,000,000 0 USD International Bank of Azerbaijan OJSC 0 375,000 -125,000


49




Shares

USD Israel Electric Corp. Ltd. 0 1,000,000 0 USD Itau Unibanco Holding SA 0 200,000 0 USD JBS Investments GmbH 1,000,000 1,000,000 0 USD KazAgro National Management Holding JSC 0 1,700,000 0 USD Kazakhstan Temir Zholy Finance BV 0 950,000 0 USD King Power Capital Ltd. 0 4,000,000 0 USD Klabin Finance SA 0 500,000 0 USD KOC Holding A/S 2,500,000 0 0 USD Lamar Funding Ltd. 3,500,000 0 0 USD Lima Metro Line 2 Finance Ltd. 1,000,000 500,000 0 USD Logan Property Holdings Co. Ltd. 0 1,000,000 0 USD Marquee Land Pte. Ltd. 0 600,000 0 USD Masisa SA 0 0 -455,000 USD Mersin Uluslararasi Liman Isletmeciligi A/S 0 5,500,000 0 USD Mexico Generadora de Energia S de rl 0 0 -85,986 USD MPM Global Pte. Ltd. 0 2,600,000 0 USD MTN Mauritius Investment Ltd. 750,000 0 0 USD Newcrest Finance Pty. Ltd. 0 3,000,000 0 USD Noble Group Ltd. 250,000 0 0 USD Odebrecht Finance Ltd. 0 200,000 0 USD Odebrecht Offshore Drilling Finance Ltd. 0 0 -99,288 USD Ottawa Holdings Pte. Ltd. 0 1,000,000 0 USD Pertamina Persero PT 0 2,600,000 0 USD Perusahaan Penerbit SBSN Indonesia III 2,000,000 2,000,000 0 USD Petra Diamonds US Treasury plc 500,000 0 0 USD Petrobras Global Finance BV 4,800,000 3,900,000 0 USD Province of Salta Argentina 500,000 0 0 USD Provincia de Buenos Aires 500,000 0 0 USD Provincia de Mendoza Argentina 250,000 0 0 USD Republic of Cameroon International Bond 900,000 0 0 USD Rio Oil Finance Trust Series 2014-1 0 1,000,000 -47,500 USD Rolta Americas LLC 0 1,000,000 0 USD Russian Agricultural Bank OJSC 1,000,000 0 0 USD Ruta Del Maipo Sociedad Concesionaria SA 0 0 -78,424 USD Sasol Financing International plc 1,000,000 0 0 USD Sberbank of Russia 0 4,200,000 0 USD Scotiabank Peru SAA 0 750,000 0 USD Sea Trucks Group Ltd. 0 2,700,000 -117,225 USD Servicios Corporativos Javer SAPI de CV 0 0 -125,000 USD Sixsigma Networks Mexico SA de CV 830,000 0 0 USD Southern Gas Corridor CJSC 1,500,000 1,500,000 0 USD Sri Lanka Government International Bond 1,100,000 1,100,000 0 USD State Oil Co. of the Azerbaijan Republic 2,650,000 1,100,000 0 USD Tinkoff Credit Systems 0 500,000 0 USD TMK OAO 0 1,600,000 0 USD Tupy Overseas SA 780,000 0 0 USD Turk Telekomunikasyon A/S 1,500,000 0 0 USD Unifin Financiera SAB de CV SOFOM ENR 0 200,000 0 USD USJ Acucar e Alcool SA 0 0 -219,000


50




Shares

USD Vale Canada Ltd. 1,250,000 0 0 USD VimpelCom Holdings BV 0 2,400,000 0 USD Vingroup JSC 0 6,226,000 0 USD Virgolino de Oliveira Finance SA 0 1,900,000 0 USD Vnesheconombank 0 3,000,000 0 USD Volcan Cia Minera SAA 910,000 0 0 USD VTB Bank OJSC 0 900,000 0 USD Wanda Properties International Co. Ltd. 0 2,000,000 0 USD Yingde Gases Investment Ltd. 0 500,000 0 USD Zhaikmunai LLP 0 1,050,000 0

Convertible bonds

USD African Minerals Ltd. 0 2,000,000 0


51

MainFirstGlobal Equities Fund


(in EUR)

AssetsSecurities portfolio at market value 89,904,171Bank balances 7,205,151Receivables from the sale of securities 3,823,841Receivables from share subscriptions 38,257Receivables from security income 46,895Interest receivables from bank balances 45Other assets 25,134 Total assets 101,043,494 Shareholders’ equity and liabilitiesLiabilities to banks 1,564,442Liabilities from the redemption of shares 1,141,884Bank interest and other liabilities 127,169Non-realized net profits from financial futures 1,657,080 Total equity and liabilities 4,490,575 Net sub-fund assets at end of reporting period 96,552,919 Number of A shares in circulation 79,867.90Net asset value per A share 145.04 Number of B shares in circulation 19,279.77Net asset value per B share 88.28 Number of C shares in circulation 531,669.30Net asset value per C share 147.34 Number of D shares in circulation 55,566.96Net asset value per D share 88.57 Number of V shares in circulation 100.00Net asset value per V share 98.29


52



(in EUR)

IncomeNet dividend income 566,798 Interest income from bank balances 92 Commissions received 154,202 Total income 721,092

ExpensesFlat-rate fee 539,796 Performance fee 29,402 Management company fee 16,626 Custodian fee 8,639 Central administration expense 54,804 Audit costs 3,598 Other administration expense 173,152 Capital tax (“taxe d’abonnement ”) 8,904 Interest expense from liabilities to banks 19,739 Other expenses 6,231


Total net income -139,799

Net realized increases in value / (decreases in value)- from securities 25,021 - from forward exchange transactions -3,477- from financial futures -6,689,581- from forex transactions 64,879

Realised result -6,742,957

Net change of the unrealized increases in value / (decreases in value)- from securities -7,029,692- from financial forwards -1,773,599- from forex transactions 14,086

Result -15,532,162






53



(in EUR)

Net sub-fund assetsas of 30/06/2016 96,552,918.68- as of 31/12/2015 112,329,116.23- as of 31/12/2014 14,486,268.25 Number of A shares in circulation at start of reporting period 87,107.43 issued shares 64,099.33 redeemed shares -71,338.86 in circulation at end of reporting period 79,867.90 Net asset value per A share - as of 30/06/2016 145.04 - as of 31/12/2015 168.74- as of 31/12/2014 126.04 Number of B shares in circulation at start of reporting period 3,171.42 issued shares 22,394.87 redeemed shares -6,286.52 in circulation at end of reporting period 19,279.77 Net asset value per B share - as of 30/06/2016 88.28 - as of 31/12/2015 102.75- As of 12/11/2015 (inception date) 100.00 Number of C shares in circulation at start of reporting period 569,180.47 issued shares 58,879.03 redeemed shares -96,390.20 in circulation at end of reporting period 531,669.30 Net asset value per C share - as of 30/06/2016 147.34 - as of 31/12/2015 170.95- as of 31/12/2014 127.45 Number of D shares in circulation at start of reporting period 50.00 issued shares 55,516.96 redeemed shares - in circulation at end of reporting period 55,566.96 Net asset value per D share - as of 30/06/2016 88.57 - as of 31/12/2015 102.81- As of 09/12/2015 (inception date) 100.00


54



(in EUR)



55



(in EUR)


value

Market valueEUR

% of net sub-fund


SharesBermuda

Signet Jewelers Ltd. USD 17,100 1,268,474 1.311,268,474 1.31

DenmarkNovo Nordisk A/S 'B' DKK 49,600 2,387,394 2.47Vestas Wind Systems A/S DKK 74,500 4,531,198 4.70

6,918,592 7.17Germany

Continental AG EUR 13,000 2,200,900 2.28Fresenius SE & Co. KGaA EUR 30,500 2,007,510 2.08Nordex SE EUR 161,000 4,093,425 4.24Stroeer SE & Co. KGaA EUR 71,000 2,928,395 3.03Wirecard AG EUR 67,000 2,643,820 2.74

13,874,050 14.37France

Essilor International SA EUR 12,200 1,449,970 1.50Safran SA EUR 59,300 3,612,556 3.74Valeo SA EUR 102,000 4,093,260 4.24


ARM Holdings plc GBP 154,600 2,103,992 2.182,103,992 2.18

Grand Duchy of LuxembourgStabilus SA EUR 93,000 3,971,100 4.11

3,971,100 4.11Japan

Keyence Corp. JPY 2,900 1,759,251 1.821,759,251 1.82

Cayman IslandsAlibaba Group Holding Ltd., ADR USD 65,000 4,653,180 4.82


Mobileye NV USD 98,000 4,070,138 4.22Unilever NV, CVA EUR 60,000 2,514,600 2.60

6,584,738 6.82United States of America

Adobe Systems, Inc. USD 34,900 3,009,200 3.12Albemarle Corp. USD 28,000 1,998,902 2.07Alphabet, Inc. 'A' USD 5,500 3,482,979 3.60Amazon.com, Inc. USD 7,050 4,541,267 4.70Applied Materials, Inc. USD 145,800 3,145,799 3.27Facebook, Inc. 'A' USD 30,100 3,096,294 3.21Illumina, Inc. USD 13,000 1,642,684 1.70NIKE, Inc. 'B' USD 85,000 4,223,412 4.37NVIDIA Corp. USD 65,000 2,750,484 2.85Starbucks Corp. USD 19,600 1,007,743 1.04Teradyne, Inc. USD 86,000 1,524,227 1.58Tesla Motors, Inc. USD 14,550 2,780,210 2.88


56



(in EUR)


value

Market valueEUR

% of net sub-fund


SharesUnited States of America (continued)

Thermo Fisher Scientific, Inc. USD 16,000 2,128,053 2.21Visa, Inc. 'A' USD 14,800 988,088 1.02WhiteWave Foods Co. (The) USD 78,000 3,295,666 3.41

39,615,008 41.03Total equities 89,904,171 93.11Total securities and money market instruments admitted to an official securities exchange 89,904,171 93.11

Total securities portfolio 89,904,171 93.11Bank balances 5,640,709 5.84Other net assets/(liabilities) 1,008,039 1.05Net sub-fund assets 96,552,919 100.00


57




United States of America 41.03Germany 14.37France 9.48Denmark 7.17The Netherlands 6.82Cayman Islands 4.82Grand Duchy of Luxembourg 4.11United Kingdom 2.18Japan 1.82Bermuda 1.31Total investment 93.11Cash assets and other / (liabilities) 6.89Total 100.00


58



Financial futures Description of securities

Number of contracts

Currency Liability Non-realized profit/(loss)

% of net asset value

DAX Index, 16/09/2016 (33) EUR (7,976,513) (307,550) (0.32)EURO STOXX 50 Index, 16/09/2016 (469) EUR (13,389,950) (519,260) (0.54)STOXX 50 Index, 16/09/2016 (811) EUR (22,602,570) (830,270) (0.86)Non-realized loss from financial futures (1,657,080) (1.72)Non-realized net loss from financial futures (1,657,080) (1.72)


59




Shares

DKK Novo Nordisk A/S 20,000 20,400 0 DKK Vestas Wind Systems A/S 0 8,500 0

EUR Airbus Group SE 0 35,000 0 EUR Elior Participations SCA 0 81,500 0 EUR Fresenius SE & Co. KGaA 25,500 32,000 0 EUR Jungheinrich AG 0 20,000 0 EUR KUKA AG 0 34,400 0 EUR Merck KGaA 0 32,000 0 EUR Nordex SE 21,000 17,000 0 EUR Safran SA 0 13,700 0 EUR SAP SE 0 17,000 0 EUR Valeo SA 7,575 14,725 75,150

GBP ARM Holdings plc 80,000 132,400 0 GBP Ashtead Group plc 0 175,000 0

JPY Don Quijote Holdings Co. Ltd. 0 54,400 0 JPY Keyence Corp. 0 5,300 0

USD Adobe Systems, Inc. 0 16,800 0 USD Albemarle Corp. 28,000 0 0 USD Alibaba Group Holding Ltd. 29,400 6,400 0 USD Alphabet, Inc. 800 2,500 0 USD Amazon.com, Inc. 1,000 2,440 0 USD Applied Materials, Inc. 145,800 0 0 USD Carnival Corp. 0 41,000 0 USD Facebook, Inc. 0 17,900 0 USD Illumina, Inc. 13,000 0 0 USD Mobileye NV 33,000 0 0 USD NIKE, Inc. 0 8,400 0 USD Signet Jewelers Ltd. 17,100 0 0 USD SolarCity Corp. 0 40,000 0 USD Starbucks Corp. 19,600 0 0 USD Teradyne, Inc. 86,000 0 0 USD Tesla Motors, Inc. 5,000 0 0 USD Visa, Inc. 14,800 0 0 USD Walt Disney Co. (The) 0 39,000 0 USD WhiteWave Foods Co. (The) 35,000 0 0


60

MainFirstAbsolute Return Multi Asset


(in EUR)

AssetsSecurities portfolio at market value 26,555,019Bank balances 1,200,934Receivables from share subscriptions 159,260Receivables from security income 168,546Interest receivables from bank balances 15Other assets 23,834 Total assets 28,107,608

Shareholders’ equity and liabilitiesLiabilities to banks 443,069Liabilities from the redemption of shares 6,319Bank interest and other liabilities 44,909Non-realized net profits from financial futrues 396,872 Total equity and liabilities 891,169 Net sub-fund assets at end of reporting period 27,216,439 Number of A shares in circulation 23,879.28Net asset value per A share 108.66 Number of B shares in circulation 2,158.29Net asset value per B share 92.74 Number of C shares in circulation 215,656.87Net asset value per C share 110.41 Number of D shares in circulation 6,181.89Net asset value per D share 97.19 Number of V shares in circulation 100.00Net asset value per V share 99.43


61



(in EUR)

IncomeNet dividend income 126,402 Net interest income from bonds and other debentures 238.592 Interest income from bank balances 56 Commissions received 11,085

Total income 376,135

ExpensesFlat-rate fee 164,880 Management company fee 6,380 Custodian fee 4,970 Central administration expense 29,007 Audit costs 3,598 Other administration expense 77,066 Capital tax (“taxe d’abonnement ”) 2,232 Interest expense from liabilities to banks 5,842 Other expenses 1,828 Total expenses 295,803

Total net income 80,332

Net realized increases in value / (decreases in value)- from securities 42,236 - from forward exchange transactions 906 - from financial futures -82,035- from forex transactions -1,557

Realised result 39,882

Net change of the unrealized increases in value / (decreases in value)- from securities -966,628- from financial forwards -325,217- from forex transactions 290

Result -1,251,673







62



(in EUR)

Net sub-fund assetsas of 30/06/2016 27,216,439.21- as of 31/12/2015 38,064,394.47- as of 31/12/2014 10,504,193.69 Number of A shares in circulation at start of reporting period 15,691.82 issued shares 16,363.88 redeemed shares -8,176.42 in circulation at end of reporting period 23,879.28 Net asset value per A share - as of 30/06/2016 108.66 - as of 31/12/2015 112.40- as of 31/12/2014 106.48 Number of B shares in circulation at start of reporting period 125.15 issued shares 2,033.14 redeemed shares - in circulation at end of reporting period 2,158.29 Net asset value per B share - as of 30/06/2016 92.74 - as of 31/12/2015 97.28- As of 29/04/2015 (inception date) 100.00 Number of C shares in circulation at start of reporting period 317,680.85 issued shares 10,789.57 redeemed shares -112,813.55 in circulation at end of reporting period 215,656.87 Net asset value per C share - as of 30/06/2016 110.41 - as of 31/12/2015 113.90- as of 31/12/2014 107.42 Number of D shares in circulation at start of reporting period 1,050.00 issued shares 5,131.89 redeemed shares - in circulation at end of reporting period 6,181.89 Net asset value per D share - as of 30/06/2016 97.19 - as of 31/12/2015 100.23- As of 09/12/2015 (inception date) 100.00


63


Performance of net sub-fund assets (continued)as of 30 June 2016

(in EUR)



64



(in EUR)


value

Market valueEUR

% of net sub-fund


BondsBelgium

KBC Group NV, Reg. S, FRN 5.625% Perpetual EUR 300,000 284,740 1.05284,740 1.05

DenmarkDenmark Government Bond 1.5% 15/11/2023 DKK 2,000,000 302,335 1.11

302,335 1.11Germany

Aareal Bank AG, Reg. S, FRN 7.625% Perpetual EUR 400,000 383,386 1.41Deutsche Boerse AG, Reg. S, FRN 2.75% 05/02/2041 EUR 300,000 307,482 1.13HeidelbergCement AG, Reg. S 2.25% 03/06/2024 EUR 200,000 200,976 0.74KFW 6.25% 04/12/2019 AUD 500,000 380,155 1.40KFW 2.375% 25/08/2021 USD 750,000 711,347 2.61KFW 2% 04/10/2022 USD 500,000 464,626 1.71Landwirtschaftliche Rentenbank 4.75% 08/04/2024 AUD 300,000 231,123 0.85Merck KGaA, Reg. S, FRN 2.625% 12/12/2074 EUR 500,000 508,401 1.87State of Hesse, Reg. S 0.25% 10/06/2025 EUR 500,000 503,097 1.85Unitymedia Hessen GmbH & Co. KG, Reg. S 4% 15/01/2025 EUR 400,000 404,088 1.48

4,094,681 15.05France

AXA SA, FRN 1.13% Perpetual EUR 500,000 297,500 1.09JCDecaux SA, Reg. S 1% 01/06/2023 EUR 300,000 305,707 1.12SCOR SE, Reg. S, FRN 3.625% 27/05/2048 EUR 300,000 295,750 1.09

898,957 3.30United Kingdom

Worldpay Finance plc, Reg. S 3.75% 15/11/2022 EUR 200,000 205,000 0.75205,000 0.75

Grand Duchy of LuxembourgEurofins Scientific SE, FRN 7% Perpetual EUR 300,000 325,424 1.20

325,424 1.20Ireland

Grenke Finance plc 2.25% 10/12/2018 EUR 250,000 258,731 0.95Kerry Group Financial Services, Reg. S 2.375% 10/09/2025 EUR 500,000 561,263 2.06

819,994 3.01Iceland

Iceland Government International Bond Regs 5.875% 11/05/2022 USD 250,000 262,998 0.97262,998 0.97

The NetherlandsAegon NV, FRN 1.739% Perpetual USD 600,000 309,195 1.14ASR Nederland NV, Reg. S, FRN 5% Perpetual EUR 300,000 297,150 1.09Generali Finance BV, Reg. S, FRN 4.596% Perpetual EUR 500,000 466,835 1.71Koninklijke DSM NV, Reg. S 1% 09/04/2025 EUR 400,000 413,420 1.52Siemens Financieringsmaatschappij NV, FRN 5.25% 14/09/2066 EUR 400,000 403,565 1.48

1,890,165 6.94Norway

City of Oslo Norway 1.6% 05/05/2022 NOK 5,000,000 537,157 1.97Kommunalbanken A/S, Reg. S 3% 02/09/2016 NOK 5,000,000 539,585 1.99

1,076,742 3.96


65



(in EUR)


value

Market valueEUR

% of net sub-fund


BondsSweden

Nordea Bank AB, FRN 0.697% Perpetual EUR 400,000 201,840 0.74Rodamco Sverige AB, Reg. S 3% 10/12/2018 SEK 5,000,000 563,364 2.07

765,204 2.81Spain

Amadeus Capital Markets SA Sociedad Unipersonal, Reg. S 1.625% 17/11/2021

EUR 400,000 420,395 1.54

420,395 1.54Supranationale Banken

European Investment Bank 5% 01/12/2020 SEK 5,000,000 646,427 2.38646,427 2.38

USAInternational Flavors & Fragrances, Inc. 1.75% 14/03/2024 EUR 250,000 264,058 0.97US Treasury 1.125% 28/02/2021 USD 500,000 453,246 1.66

717,304 2.63Total bonds 12,710,366 46.70SharesBermuda

Signet Jewelers Ltd. USD 5,000 370,899 1.36370,899 1.36

DenmarkNovo Nordisk A/S 'B' DKK 11,500 553,529 2.03Vestas Wind Systems A/S DKK 7,500 456,161 1.68

1,009,690 3.71Germany

Continental AG EUR 2,500 423,250 1.56Fresenius Medical Care AG & Co. KGaA EUR 5,000 390,150 1.43Fresenius SE & Co. KGaA EUR 6,000 394,920 1.46KUKA AG EUR 5,000 532,500 1.96Merck KGaA EUR 7,000 637,350 2.34Nordex SE EUR 20,000 508,500 1.87SAP SE EUR 5,000 335,800 1.23Tele Columbus AG EUR 35,000 292,285 1.07Wirecard AG EUR 7,000 276,220 1.01

3,790,975 13.93Finland

Nokian Renkaat OYJ EUR 10,000 320,300 1.18320,300 1.18

FranceAmundi SA EUR 10,000 374,500 1.38Safran SA EUR 10,000 609,200 2.23Valeo SA EUR 10,500 421,365 1.55


ARM Holdings plc GBP 20,000 272,185 1.00272,185 1.00

Grand Duchy of LuxembourgStabilus SA EUR 6,000 256,200 0.94

256,200 0.94


66



(in EUR)


value

Market valueEUR

% of net sub-fund


SharesCayman Islands

Alibaba Group Holding Ltd., ADR USD 5,000 357,937 1.32357,937 1.32

The NetherlandsAirbus Group SE EUR 6,000 310,380 1.14Mobileye NV USD 12,500 519,150 1.91

829,530 3.05Panama

Carnival Corp. USD 12,500 497,322 1.83497,322 1.83

United States of AmericaAdobe Systems, Inc. USD 3,000 258,671 0.95Alphabet, Inc. 'A' USD 750 474,952 1.75NIKE, Inc. 'B' USD 10,000 496,872 1.83NVIDIA Corp. USD 15,000 634,726 2.32Teradyne, Inc. USD 15,000 265,854 0.98Thermo Fisher Scientific, Inc. USD 3,500 465,512 1.71WhiteWave Foods Co. (The) USD 10,000 422,521 1.55

3,019,108 11.09Total equities 12,129,211 44.57Total securities and money market instruments admitted to an official securities exchange 24,839,577 91.27Securities and money market instruments admitted to a regulated marketBondsUnited States of America

Fresenius US Finance II, Inc., Reg. S 4.5% 15/01/2023 USD 400,000 369,954 1.36369,954 1.36

Total bonds 369,954 1.36Total securities and money market instruments admitted to another regulated market 369,954 1.36

Units of authorized UCITS or other undertakings for collective investmentExchange-traded funds Germany

Xetra-Gold Fund EUR 15,000 573,750 2.11573,750 2.11

Jerseydb Physical Gold ETC EUR Fund EUR 6,600 771,738 2.83

771,738 2.83Total amount of exchange-traded funds 1,345,488 4.94Total units of authorized UCITS or other undertakings for collective investment 1,345,488 4.94

Total securities portfolio 26,555,019 97.57Bank balances 757,865 2.78Other net assets/(liabilities) (96,445) (0.35)Net sub-fund assets 27,216,439 100.00


67




Germany 31.09United States of America 15.08The Netherlands 9.99France 8.46Denmark 4.82Norway 3.96Ireland 3.01Jersey 2.83Sweden 2.81Supranational Banks 2.38Grand Duchy of Luxembourg 2.14Panama 1.83United Kingdom 1.75Spain 1.54Bermuda 1.36Cayman Islands 1.32Finland 1.18Belgium 1.05Iceland 0.97Total investment 97.57Cash assets and other / (liabilities) 2.43Total 100.00


68



Financial futures Description of securities

Number of contracts

Currency Liability Non-realized profit/(loss)

% of net asset value

DAX Index, 16/09/2016 (10) EUR (2,417,125) (104,625) (0.38)EURO STOXX 50 Index, 16/09/2016 (80) EUR (2,284,000) (124,000) (0.46)Foreign Exchange EUR/USD, 19/09/2016 30 USD 3,749,325 (99,577) (0.37)STOXX 50 Index, 16/09/2016 (75) EUR (2,090,250) (68,670) (0.25)Non-realized loss from financial futures (396,872) (1.46)Non-realized net loss from financial futures (396,872) (1.46)


69




Shares

DKK Novo Nordisk A/S 4,000 5,000 0DKK Vestas Wind Systems A/S 0 2,500 0

EUR Amundi SA 2,268 0 0EUR Bayer AG 0 5,000 0EUR Brenntag AG 0 10,000 0EUR Elior Participations SCA 0 30,000 0EUR Fresenius Medical Care AG & Co. KGaA 5,000 0 0EUR GrandVision NV 0 18,000 0EUR ING Groep NV 25,000 25,000 0EUR Jungheinrich AG 5,000 5,000 0EUR KUKA AG 5,000 6,500 0EUR Nokian Renkaat OYJ 10,000 0 0EUR Safran SA 0 2,000 0EUR SAP SE 0 2,500 0EUR Stabilus SA 0 7,500 0EUR Tele Columbus AG 35,000 0 0EUR Valeo SA 403,500 403,500 7,000EUR Wirecard AG 8,519 9,019 0

GBP ARM Holdings plc 0 15,000 0GBP Ashtead Group PLC 0 30,000 0

JPY Don Quijote Holdings Co. Ltd. 0 16,000 0JPY Hoya Corp 0 15,000 0JPY Keyence Corp. 0 1,000 0

USD Adobe Systems, Inc. 0 4,500 0USD Alibaba Group Holding Ltd. 5,000 0 0USD Amazon.com, Inc. 600 600 0USD CVS Health Corp 0 7,000 0USD Mobileye NV 12,500 0 0USD NIKE, Inc. 2,000 0 0USD NVIDIA Corp. 0 5,000 0USD Signet Jewelers Ltd. 5,000 0 0USD Teradyne, Inc. 15,000 0 0USD Thermo Fisher Scientific, Inc. 3,500 0 0USD Walt Disney Co. (The) 0 7,500 0USD WhiteWave Foods Co. (The) 20,000 10,000 0

Bonds

AUD Landwirtschaftliche Rentenbank 0 300,000 0

DKK Denmark Government Bond 2,000,000 0 0DKK DSV A/S 0 4,000,000 0

EUR Abertis Infraestructuras SA 200,000 200,000 0EUR ABN AMRO Bank NV 0 200,000 0


70




Bonds

EUR Air Liquide Finance SA 0 500,000 0EUR Aroundtown Property Holdings plc 100,000 100,000 0EUR ASR Nederland NV 0 200,000 0EUR Deutsche Boerse AG 0 200,000 0EUR France Government Bond OAT 0 400,000 0EUR GRENKE FINANCE plc 0 200,000 0EUR HeidelbergCement AG 200,000 0 0EUR HSBC Holdings plc 0 400,000 0EUR Iceland Government International Bond 0 400,000 0EUR International Flavors & Fragrances, Inc. 250,000 0 0EUR Italy Buoni Poliennali Del Tesoro 0 500,000 0EUR JCDecaux SA 300,000 0 0EUR KBC Group NV 300,000 500,000 0EUR KFW 0 500,000 0EUR Koninklijke DSM NV 0 200,000 0EUR Landesbank Hessen-Thueringen Girozentrale 400,000 400,000 0EUR MasterCard, Inc. 0 200,000 0EUR Merck Financial Services GmbH 0 250,000 0EUR Merlin Entertainments plc 0 250,000 0EUR Netherlands Government Bond 0 500,000 0EUR SCOR SE 300,000 0 0EUR Siemens Financieringsmaatschappij NV 400,000 0 0EUR Solvay Finance SA 600,000 600,000 0EUR Spain Government Bond 0 900,000 0EUR State of Hesse 0 250,000 0EUR Unilever NV 500,000 500,000 0EUR Worldpay Finance plc 0 200,000 0EUR ZF North America Capital, Inc. 0 300,000 0

NOK Kommunalbanken A/S 5,000,000 0 0NOK Norway Government Bond 4,000,000 7,000,000 0

SEK Nordea Bank AB 0 2,000,000 0SEK Rodamco Sverige AB 5,000,000 0 0SEK Sweden Government Bond 0 5,000,000 0

USD KFW 1,500,000 750,000 0USD Svenska Handelsbanken AB 0 400,000 0USD US Treasury 500,000 500,000 0

Exchange-traded funds

EUR db Physical Gold ETC EUR Fund 6,600 0 0EUR WTI Crude Oil Fund 100,000 100,000 0EUR Xetra-Gold Fund 15,000 0 0


71

MainFirstEmerging Markets Credit Opportunities Fund


(in USD)

Assets Securities portfolio at market value 123,501,100Bank balances 2,020,209Receivables from the sale of securities 431,000Receivables from security income 2,360,823Other assets 36,719

Total assets 128,349,851

Shareholders’ equity and liabilitiesLiabilities from the purchase of securities 952,925Liabilities from the redemption of shares 92,810Bank interest and other liabilities 168,285Non-realized net loss from forward exchange transactions 1,799,522

Total equity and liabilities 3,013,542

Net sub-fund assets at end of reporting period 125,336,309 Number of A shares in circulation 325.00Net asset value per A share 98.06 Number of C shares in circulation 63,524.72Net asset value per C share 99.00 Number of D shares in circulation 20,230.71Net asset value per D share 107.56 Number of A1-CHF shares in circulation 1,720.00Net asset value per A1-CHF share 94.24 Number of A2-EUR shares in circulation 1,670.00Net asset value per A2-EUR share 97.73 Number of C1-CHF shares in circulation 16,971.62Net asset value per C1-CHF share 95.23 Number of C2-EUR shares in circulation 1,030,836.15Net asset value per C2-EUR share 98.29 Number of D2 shares in circulation 20,100.00Net asset value per D2 share 101.31 Number of R shares in circulation 50.00Net asset value per R share 99.17 Number of X shares in circulation 55.38Net asset value per X share 89.48


72



(in USD)

IncomeNet interest income from bonds and other debentures 5.741.636Interest income from bank balances 1Commissions received 44,423

Total income 5,797,140

ExpensesFlat-rate fee 690,441Management company fee 18,422Custodian fee 7,059Central administration expense 88,326Audit costs 4,423Other administration expense 151,178Capital tax (“taxe d’abonnement ”) 6,453Interest expense from liabilities to banks 1,062Other expenses 7,660


Total net income 4,822,116

Net realized increases in value / (decreases in value)- from securities -3,101,737- from forward exchange transactions -2,386,959- from forex transactions 961,871

Realised result 295,291

Net change of the unrealized increases in value / (decreases in value)- from securities 10,655,496- from forward exchange transactions 2,590,345- from forex transactions -35

Result 13,541,097



Total change in net sub-fund assets -171,835




73



(in USD)

Net sub-fund assetsas of 30/06/2016 125,336,309.33- as of 31/12/2015 125,508,144.24- as of 31/12/2014 125,887,827.78 Number of A shares in circulation at start of reporting period 1,335.00issued shares - redeemed shares -1,010.00 in circulation at end of reporting period 325.00 Net asset value per A share - as of 30/06/2016 98.06- as of 31/12/2015 89.15- as of 31/12/2014 91.59 Number of C shares in circulation at start of reporting period 69,279.99 issued shares - redeemed shares -5,755.27 in circulation at end of reporting period 63,524.72 Net asset value per C share - as of 30/06/2016 99.00- as of 31/12/2015 89.82- as of 31/12/2014 91.87 Number of D shares in circulation at start of reporting period 20,050.00 issued shares 180.71 redeemed shares - in circulation at end of reporting period 20,230.71 Net asset value per D share - as of 30/06/2016 107.56 - as of 31/12/2015 98.48- As of 09/12/2015 (inception date) 100.00 Number of A1-CHF shares in circulation at start of reporting period 2,575.00 issued shares 120.00 redeemed shares -975.00 in circulation at end of reporting period 1,720.00 Net asset value per A1-CHF share - as of 30/06/2016 94.24- as of 31/12/2015 86.65- as of 31/12/2014 91.60


74



(in USD)

Number of A2-EUR shares in circulation at start of reporting period 5,575.37 issued shares 950.00 redeemed shares -4,855.37 in circulation at end of reporting period 1,670.00

Net asset value per A2-EUR share - as of 30/06/2016 97.73- as of 31/12/2015 89.71- as of 31/12/2014 92.00 Number of C1-CHF shares in circulation at start of reporting period 17,021.62 issued shares 300.00 redeemed shares -350.00 in circulation at end of reporting period 16,971.62 Net asset value per C1-CHF share - as of 30/06/2016 95.23- as of 31/12/2015 87.34- as of 31/12/2014 91.77 Number of C2-EUR shares in circulation at start of reporting period 1,170,897.15 issued shares 6,289.00 redeemed shares -146,350.00 in circulation at end of reporting period 1,030,836.15 Net asset value per C2-EUR share - as of 30/06/2016 98.29- as of 31/12/2015 89.92- as of 31/12/2014 92.03 Number of D2-EUR shares in circulation at start of reporting period - issued shares 20,100.00 redeemed shares - in circulation at end of reporting period 20,100.00 Net asset value per D2-EUR share - as of 30/06/2016 101.31- As of 08/06/2016 (inception date) 100.00


75



(in USD)

Number of R shares in circulation at start of reporting period 50.00issued shares - redeemed shares - in circulation at end of reporting period 50.00 Net asset value per R share - as of 30/06/2016 99.17- as of 31/12/2015 89.94- as of 31/12/2014 91.93 Number of X shares in circulation at start of reporting period 52.32issued shares 3.06redeemed shares - in circulation at end of reporting period 55.38 Net asset value per X share - as of 30/06/2016 89.48- as of 31/12/2015 85.93- as of 31/12/2014 91.93


76



(in USD)


value

Market valueUSD

% of net sub-fund


BondsAngola

Angolan Government International Bond, Reg. S 9.5% 12/11/2025 USD 1,400,000 1,393,000 1.111,393,000 1.11

ArgentinaProvince of Salta Argentina, Reg. S 9.125% 07/07/2024 USD 950,000 951,330 0.76Provincia de Buenos Aires, Reg. S 9.125% 16/03/2024 USD 1,400,000 1,533,000 1.22Provincia De Mendoza Argentina Bond, Reg. S 8.375% 19/05/2024 USD 1,000,000 1,030,000 0.82

3,514,330 2.80Azerbaijan

State Oil Co. of the Azerbaijan Republic, Reg. S 6.95% 18/03/2030 USD 1,300,000 1,363,050 1.091,363,050 1.09

AustraliaAusdrill Finance Pty Ltd., Reg. S 6.875% 01/11/2019 USD 1,500,000 1,368,750 1.09

1,368,750 1.09Bermuda

GeoPark Latin America Ltd Agencia en Chile Regs 7.5% 11/02/2020 USD 1,500,000 1,192,500 0.95Gulf Keystone Petroleum Ltd., Reg. S 13% 18/04/2017§ USD 800,000 524,000 0.42Noble Group Ltd., Reg. S 6.75% 29/01/2020 USD 300,000 245,250 0.20

1,961,750 1.57Brazil

Banco BTG Pactual SA, Reg. S 4% 16/01/2020 USD 1,105,000 958,587 0.76Banco BTG Pactual SA, Reg. S 5.75% 28/09/2022 USD 300,000 244,500 0.20USJ Acucar e Alcool SA, Reg. S 9.875% 09/11/2021 USD 1,162,000 813,400 0.65VRG Linhas Aereas SA, Reg. S 10.75% 12/02/2023 USD 700,000 255,500 0.20


GTL Trade Finance, Inc., Reg. S 5.893% 29/04/2024 USD 1,000,000 886,700 0.71Yingde Gases Investment Ltd., Reg. S 8.125% 22/04/2018 USD 400,000 342,000 0.27

1,228,700 0.98Chile

Masisa SA Regs 9.5% 05/05/2019 USD 1,388,000 1,381,060 1.101,381,060 1.10

GabonGabon Government International Bond, Reg. S 6.375% 12/12/2024 USD 1,000,000 865,000 0.69

865,000 0.69Ghana

Ghana Government International Bond, Reg. S 7.875% 07/08/2023 USD 250,000 219,128 0.18219,128 0.18

United KingdomGenel Energy Finance plc, Reg. S, 144A 7.5% 14/05/2019 USD 1,000,000 760,000 0.61Petra Diamonds US Treasury plc, Reg. S 8.25% 31/05/2020 USD 1,250,000 1,206,250 0.96Privatbank CJSC 10.25% 23/01/2018 USD 200,000 161,000 0.13Vedanta Resources plc, Reg. S 8.25% 07/06/2021 USD 250,000 203,125 0.16Vedanta Resources plc, Reg. S 7.125% 31/05/2023 USD 1,838,000 1,401,475 1.12

3,731,850 2.98Grand Duchy of Luxembourg

Evraz Group SA, Reg. S 6.75% 31/01/2022 USD 500,000 503,125 0.40Gol LuxCo SA, Reg. S 8.875% 24/01/2022 USD 800,000 328,960 0.26


77



(in USD)


value

Market valueUSD

% of net sub-fund


BondsGrand Duchy of Luxembourg (continued)

MHP SA, Reg. S 8.25% 02/04/2020 USD 500,000 475,000 0.38Minerva Luxembourg SA, Reg. S 7.75% 31/01/2023 USD 2,500,000 2,556,250 2.04Offshore Drilling Holding SA, Reg. S 8.375% 20/09/2020 USD 1,250,000 598,437 0.48Russian Agricultural Bank OJSC, Reg. S 8.5% 16/10/2023 USD 2,050,000 2,159,657 1.72Sberbank of Russia, Reg. S, FRN 5.5% 26/02/2024 USD 2,050,000 2,023,248 1.61Tonon Luxembourg SA, Reg. S 7.25% 24/01/2020§ USD 3,121,749 421,436 0.34Tupy Overseas SA, Reg. S 6.625% 17/07/2024 USD 1,750,000 1,684,375 1.34VTB Bank OJSC, Reg. S 6.95% 17/10/2022 USD 1,000,000 1,047,300 0.84

11,797,788 9.41Hong Kong

Zoomlion HK SPV Co. Ltd., Reg. S 6.125% 20/12/2022 USD 300,000 265,875 0.21265,875 0.21

IndonesiaGajah Tunggal Tbk. PT, Reg. S 7.75% 06/02/2018 USD 1,000,000 788,000 0.63

788,000 0.63Ireland

Borets Finance Ltd., Reg. S 7.625% 26/09/2018 USD 1,750,000 1,645,000 1.31Credit Bank of Moscow, Reg. S 8.7% 13/11/2018 USD 2,150,000 2,221,982 1.78Tinkoff Credit Systems, Reg. S 14% 06/06/2018 USD 1,670,000 1,845,350 1.47

5,712,332 4.56Jersey

Kuwait Energy plc, Reg. S 9.5% 04/08/2019 USD 1,025,000 893,831 0.71893,831 0.71

Cayman IslandsAlbaraka Sukuk Ltd., Reg. S, FRN 10.5% 30/11/2025 USD 1,000,000 1,096,475 0.88Alpha Star Holding Ltd., Reg. S 4.97% 09/04/2019 USD 1,300,000 1,232,170 0.98Bantrab Senior Trust, Reg. S 9% 14/11/2020 USD 2,135,000 1,904,420 1.52Braskem Finance Ltd. 6.45% 03/02/2024 USD 2,400,000 2,436,240 1.94China Shanshui Cement Group Ltd., Reg. S 7.5% 10/03/2020 USD 1,000,000 734,616 0.59MIE Holdings Corp., Reg. S 7.5% 25/04/2019 USD 1,250,000 844,967 0.67Odebrecht Finance Ltd., Reg. S 4.375% 25/04/2025 USD 1,750,000 773,500 0.62

9,022,388 7.20Cameroon

Republic of Cameroon International Bond, Reg. S 9.5% 19/11/2025 USD 1,500,000 1,522,500 1.211,522,500 1.21

CanadaVale Canada Ltd. 7.2% 15/09/2032 USD 1,550,000 1,348,500 1.08

1,348,500 1.08Kazakhstan

Development Bank of Kazakhstan JSC 6% 23/03/2026 USD 1,500,000 1,486,620 1.19Eastcomtrans LLP, Reg. S 7.75% 22/04/2018 USD 750,000 696,000 0.55KazAgro National Management Holding, Reg. S 4.625% 24/05/2023 USD 2,000,000 1,840,000 1.47Zhaikmunai LLP, Reg. S 7.125% 13/11/2019 USD 2,000,000 1,760,000 1.40

5,782,620 4.61Mexico

Bio Pappel Scribe SA CV, Reg. S 8.875% 07/04/2020 USD 2,144,000 2,154,720 1.72


78



(in USD)


value

Market valueUSD

% of net sub-fund


BondsMexico (continued)

Financiera Independencia SAB de CV SOFOM ENR, Reg. S 7.5% 03/06/2019

USD 2,400,000 2,292,000 1.83

Grupo Famsa SAB de CV, Reg. S 7.25% 01/06/2020 USD 1,602,000 1,177,470 0.94Unifin Financiera SAB de CV SOFOM ENR, Reg. S 6.25% 22/07/2019 USD 2,300,000 2,267,800 1.81


Ardshinbank CJSC, Reg. S 12% 29/07/2020 USD 750,000 723,900 0.58CIMPOR Financial Operations BV, Reg. S 5.75% 17/07/2024 USD 1,750,000 1,308,125 1.04GTH Finance BV, Reg. S 7.25% 26/04/2023 USD 1,000,000 1,045,000 0.83Helios Towers Finance Netherlands BV, Reg. S 8.375% 15/07/2019 USD 2,000,000 1,875,000 1.50Oi Brasil Holdings Cooperatief UA, Reg. S 5.75% 10/02/2022§ USD 1,100,000 178,750 0.14Petrobras Global Finance BV 8.75% 23/05/2026 USD 1,900,000 1,914,250 1.53

7,045,025 5.62Nigeria

Access Bank plc, Reg. S, FRN 9.25% 24/06/2021 USD 1,500,000 1,166,550 0.93Diamond Bank plc, Reg. S 8.75% 21/05/2019 USD 1,500,000 1,095,000 0.87Seven Energy Ltd., Reg. S 10.25% 11/10/2021 USD 1,300,000 748,800 0.60

3,010,350 2.40Austria

Eldorado Intl. Finance GmbH, Reg. S 8.625% 16/06/2021 USD 1,000,000 972,850 0.78JBS Investments GmbH, Reg. S 7.25% 03/04/2024 USD 2,000,000 2,069,400 1.65

3,042,250 2.43Pakistan

Pakistan Government International Bond, Reg. S 8.25% 30/09/2025 USD 900,000 955,413 0.76955,413 0.76

PanamaAES El Salvador Trust II, Reg. S 6.75% 28/03/2023 USD 1,850,000 1,600,250 1.28

1,600,250 1.28Peru

Corp. Azucarera del Peru SA, Reg. S 6.375% 02/08/2022 USD 1,210,000 1,122,880 0.89Pesquera Exalmar SAA, Reg. S 7.375% 31/01/2020 USD 670,000 510,037 0.41

1,632,917 1.30Singapore

Alam Synergy Pte. Ltd., Reg. S 6.95% 27/03/2020 USD 1,550,000 1,522,875 1.21Golden Legacy Pte. Ltd., Reg. S 8.25% 07/06/2021 USD 1,500,000 1,535,904 1.23Marquee Land Pte. Ltd., Reg. S 9.75% 05/08/2019 USD 1,850,000 1,961,000 1.56Ottawa Holdings Pte. Ltd., Reg. S 5.875% 16/05/2018 USD 1,550,000 1,038,500 0.83

6,058,279 4.83Spain

ACI Airport Sudamerica SA, Reg. S 6.875% 29/11/2032 USD 2,047,438 1,873,405 1.491,873,405 1.49

Sri LankaSri Lanka Government International Bond, Reg. S 6.125% 03/06/2025 USD 2,050,000 1,925,241 1.54

1,925,241 1.54South Africa

Eskom Holdings SOC Ltd., Reg. S 7.125% 11/02/2025 USD 1,750,000 1,738,013 1.391,738,013 1.39


79



(in USD)


value

Market valueUSD

% of net sub-fund


BondsTurkey

Global Liman Isletmeleri, Reg. S 8.125% 14/11/2021 USD 2,350,000 2,210,551 1.76Turkiye Vakiflar Bankasi TAO, Reg. S, FRN 6.875% 03/02/2025 USD 750,000 762,188 0.61

2,972,739 2.37Hungary

Nitrogenmuvek Vegyipari Zrt., Reg. S 7.875% 21/05/2020 USD 1,400,000 1,437,100 1.151,437,100 1.15

VenezuelaPetroleos de Venezuela SA, Reg. S 12.75% 17/02/2022 USD 500,000 256,000 0.20

256,000 0.20United States of America

Rio Oil Finance Trust, Reg. S 9.25% 06/07/2024 USD 1,386,000 1,198,890 0.96Rolta Americas LLC, Reg. S 8.875% 24/07/2019 USD 2,200,000 352,000 0.28

1,550,890 1.24Vietnam

Debt and Asset Trading Corp., Reg. S 1% 10/10/2025 USD 3,000,000 1,537,500 1.231,537,500 1.23

CyprusGlobal Ports Finance plc, Reg. S 6.872% 25/01/2022 USD 1,400,000 1,450,750 1.16

1,450,750 1.16Total bonds 102,410,551 81.71Convertible bondsBermuda

Gulf Keystone Petroleum Ltd., Reg. S 6.25% 18/10/2017§ USD 600,000 108,000 0.09108,000 0.09

Total convertible bonds 108,000 0.09Total securities and money market instruments admitted to an official securities exchange 102,518,551 81.80Securities and money market instruments admitted to a regulated marketBondsBermuda

Digicel Group Ltd., Reg. S 7.125% 01/04/2022 USD 750,000 561,563 0.45561,563 0.45

BrazilCentrais Eletricas Brasileiras SA, Reg. S 5.75% 27/10/2021 USD 2,150,000 1,991,975 1.59


Sea Trucks Group Ltd., Reg. S, 144A 9% 26/03/2018 USD 862,500 302,306 0.24302,306 0.24

United KingdomAfren plc, Reg. S 6.625% 09/12/2020§ USD 1,463,754 12,442 0.01

12,442 0.01Grand Duchy of Luxembourg

Andrade Gutierrez International SA, Reg. S 4% 30/04/2018 USD 500,000 367,500 0.29367,500 0.29

Cayman IslandsAutopistas del Nordeste Cayman Ltd., Reg. S 9.39% 15/01/2026 USD 484,952 481,315 0.38BCP Singapore VI Cayman Financing Co. Ltd., Reg. S 8% 15/04/2021 USD 1,000,000 862,500 0.69


80



(in USD)


value

Market valueUSD

% of net sub-fund


BondsCayman Islands (continued)

Industrial Subordinated Trust, Reg. S 8.25% 27/07/2021 USD 400,000 423,000 0.34Marfrig Overseas Ltd., Reg. S 9.5% 04/05/2020 USD 1,900,000 1,963,612 1.56Schahin II Finance Co. SPV Ltd., Reg. S 5.875% 25/09/2023§ USD 1,042,400 147,515 0.12

3,877,942 3.09Colombia

Fideicomiso PA Pacifico Tres, Reg. S 8.25% 15/01/2035 USD 700,000 766,500 0.61766,500 0.61

MexicoGrupo Posadas SAB de CV, Reg. S 7.875% 30/06/2022 USD 1,750,000 1,780,625 1.42Maxcom Telecomunicaciones SAB de CV, STEP 7% 15/06/2020 USD 750,000 388,125 0.31Mexico Generadora de Energia S de rl, Reg. S 5.5% 06/12/2032 USD 591,758 571,047 0.46Servicios Corporativos Javer SAPI de CV, Reg. S 9.875% 06/04/2021 USD 1,171,000 1,211,985 0.97Sixsigma Networks Mexico SA de CV, Reg. S 8.25% 07/11/2021 USD 2,150,000 2,150,000 1.71


AES Andres BV, Reg. S 7.95% 11/05/2026 USD 1,500,000 1,565,625 1.25Indo Energy Finance II BV, Reg. S 6.375% 24/01/2023 USD 400,000 223,200 0.18

1,788,825 1.43Peru

Andino Investment Holding SAA, Reg. S 11% 13/11/2020 USD 700,000 455,000 0.36Camposol SA, Reg. S 10.5% 15/07/2021 USD 1,608,000 1,350,720 1.08Cia Minera Ares SAC, Reg. S 7.75% 23/01/2021 USD 1,150,000 1,200,312 0.96Volcan Cia Minera SAA, Reg. S 5.375% 02/02/2022 USD 2,300,000 2,070,000 1.65

5,076,032 4.05Singapore

Oro Negro Drilling Pte. Ltd., Reg. S, 144A 7.5% 24/01/2019 USD 12,627 5,682 0.015,682 0.01

Total bonds 20,852,549 16.64Total securities and money market instruments admitted to another regulated market 20,852,549 16.64Other transferable securities and money market instrumentsBondsBrazil

Ceagro Agricola Ltda, Reg. S 10.75% 16/05/2016§* USD 1,000,000 130,000 0.10130,000 0.10

Total bonds 130,000 0.10Total other transferable securities and money market instruments 130,000 0.10

Total securities portfolio 123,501,100 98.54Bank balances 2,020,209 1.61Other net assets/(liabilities) (185,000) (0.15)Net sub-fund assets 125,336,309 100.00

§ Security is currently in default. * This investment is measured at fair value under the guidance of the Managing Board.


81




Mexico 11.17Cayman Islands 10.29Grand Duchy of Luxembourg 9.70The Netherlands 7.05Peru 5.35Singapore 4.84Kazakhstan 4.61Ireland 4.56Brazil 3.50United Kingdom 2.99Argentina 2.80Austria 2.43Nigeria 2.40Turkey 2.37Bermuda 2.11Sri Lanka 1.54Spain 1.49South Africa 1.39Panama 1.28United States of America 1.24Vietnam 1.23 British Virgin Islands 1.22Cameroon 1.21Cyprus 1.16Hungary 1.15Angola 1.11Chile 1.10Australia 1.09Azerbaijan 1.09Canada 1.08Pakistan 0.76Jersey 0.71Gabon 0.69Indonesia 0.63Colombia 0.61Hong Kong 0.21Venezuela 0.20Ghana 0.18Total investment 98.54Cash assets and other / (liabilities) 1.46Total 100.00


82




Purchased amount

Sold currency

Sold amount


% of net sub-fund assets

CHF 923,704 USD 948,937 21/07/2016 J.P. Morgan 282 –USD 1,671,626 EUR 1,484,236 21/07/2016 J.P. Morgan 21,695 0.02USD 191,605 EUR 169,407 18/08/2016 J.P. Morgan 3,090 –Non-realized profit on open forward exchange transactions, total 25,067 0.02CHF 27,065 USD 28,131 21/07/2016 J.P. Morgan (318) –CHF 916,101 USD 954,172 18/08/2016 J.P. Morgan (11,195) (0.01)EUR 51,698,836 USD 58,712,955 21/07/2016 J.P. Morgan (1,242,664) (0.99)EUR 52,523,307 USD 59,009,186 18/08/2016 J.P. Morgan (561,777) (0.45)USD 81,077 CHF 79,332 21/07/2016 J.P. Morgan (445) –USD 46,406 CHF 45,394 18/08/2016 J.P. Morgan (320) –USD 1,492,228 EUR 1,348,053 18/08/2016 J.P. Morgan (7,870) (0.01)Non-realized loss on open forward exchange transactions, total (1,824,589) (1.46)Non-realized net loss on open forward exchange transactions (1,799,522) (1.44)


83




Bonds

USD ACI Airport Sudamerica SA 0 0 -2,563 USD AES Andres BV 1,700,000 200,000 0 USD Albaraka Sukuk Ltd. 500,000 0 0 USD Andrade Gutierrez International SA 500,000 0 0 USD Angolan Government International Bond 300,000 0 0 USD Autopistas del Nordeste Cayman Ltd. 492,218 0 -7,266 USD Axtel SAB de CV 0 0 -1,000,000 USD Banglalink Digital Communications Ltd. 0 1,900,000 0 USD Bantrab Senior Trust 400,000 0 0 USD Bluewater Holding BV 0 1,900,000 0 USD Caifu Holdings Ltd. 0 1,250,000 0 USD Camposol SA 608,000 0 0 USD Ceagro Agricola 1,000,000 1,000,000 0 USD Centrais Eletricas Brasileiras SA 800,000 0 0 USD China Automation Group Ltd. 0 0 -112,500 USD China Hongqiao Group Ltd. 0 1,000,000 0 USD Cia Minera Ares SAC 0 250,000 0 USD CIFI Holdings Group Co. Ltd. 0 1,100,000 0 USD Comfeed Finance BV 663,000 1,463,000 0 USD Corp Azucarera del Peru SA 710,000 0 0 USD Debt and Asset Trading Corp. 1,000,000 0 0 USD Development Bank of Kazakhstan JSC 500,000 0 0 USD DFCC Bank plc 0 1,670,000 0 USD Digicel Group Ltd. 750,000 0 0 USD EDC Finance Ltd. 0 2,500,000 0 USD Eldorado Intl. Finance GmbH 1,500,000 500,000 0 USD EMATUM 164,000 259,940 -10,530 USD Empresas ICA SAB de CV 0 1,600,000 0 USD Evraz Group SA 1,000,000 2,000,000 0 USD Fideicomiso PA Pacifico Tres 700,000 0 0 USD Financiera Independencia SAB de CV SOFOM ENR 200,000 0 0 USD Gabon Government International Bond 1,000,000 0 0 USD GeoPark Latin America Ltd. Agencia en Chile 250,000 0 0 USD Global Ports Finance plc 1,400,000 0 0 USD Gold Fields Orogen Holdings BVI Ltd. 1,750,000 1,750,000 -2,300,000 USD Golden Legacy Pte. Ltd. 1,500,000 0 -1,250,000 USD GTH Finance BV 1,000,000 0 0 USD Harkand Finance, Inc. 0 1,002,999 2,999 USD Home Credit & Finance Bank OOO 0 200,000 0 USD International Bank of Azerbaijan OJSC 0 1,750,000 -250,000 USD JBS Investments GmbH 1,250,000 0 0 USD Klabin Finance SA 0 800,000 0 USD Kuwait Energy plc 1,025,000 0 0 USD Lima Metro Line 2 Finance Ltd. 0 600,000 0 USD Logan Property Holdings Co. Ltd. 0 1,635,000 0 USD Marfrig Overseas Ltd. 300,000 0 0 USD Marquee Land Pte. Ltd. 0 400,000 0 USD Masisa SA 800,000 0 -1,012,000 USD Mexico Generadora de Energia S de rl 602,245 0 -10,487


84


Changes in securities portfolio(continued)from 01 January 2016 to 30 June 2016


Bonds

USD MPM Global Pte. Ltd. 0 2,100,000 0 USD Noble Group Ltd. 300,000 0 0 USD Oro Negro Drilling Pte. Ltd. 0 0 1,070 USD Pacific Exploration and Production Corp. 0 2,262,000 0 USD Pesquera Exalmar SAA 1,281,000 611,000 0 USD Petra Diamonds US Treasury plc 500,000 0 0 USD Petrobras Global Finance BV 2,200,000 1,900,000 0 USD Province of Salta Argentina 950,000 0 0 USD Provincia de Buenos Aires 1,400,000 965,000 0 USD Provincia de Mendoza Argentina 1,750,000 750,000 0 USD Republic of Cameroon International Bond 1,500,000 0 0 USD Rio Oil Finance Trust Series 2014-1 891,000 0 -5,000 USD Sberbank of Russia 0 500,000 0 USD Sea Trucks Group Ltd. 0 600,000 -37,500 USD Servicios Corporativos Javer SAPI de CV 240,000 0 -1,369,000 USD Seven Energy Ltd. 250,000 0 0 USD Sistema JSFC 0 1,100,000 0 USD Sixsigma Networks Mexico SA de CV 500,000 0 0 USD Sri Lanka Government International Bond 2,050,000 0 0 USD State Oil Co. of the Azerbaijan Republic 1,300,000 0 0 USD TiZir Ltd. 0 500,000 0 USD TMK OAO 0 1,900,000 0 USD Tupy Overseas SA 1,750,000 0 0 USD Turkiye Vakiflar Bankasi TAO 0 1,250,000 0 USD USJ Acucar e Alcool SA 0 0 -288,000 USD Vale Canada Ltd. 1,550,000 0 0 USD VimpelCom Holdings BV 0 1,200,000 0 USD Vingroup JSC 0 2,150,000 0 USD Vnesheconombank 0 900,000 0 USD Volcan Cia Minera SAA 1,300,000 0 0 USD Wuzhou International Holdings Ltd. 0 500,000 0 USD Yancoal International Resources Development Co. Ltd. 0 250,000 0 USD Yingde Gases Investment Ltd. 0 500,000 0 USD Yuzhou Properties Co. Ltd. 0 1,850,000 0 USD Zhaikmunai LLP 0 400,000 0

Convertible bonds

USD African Minerals Ltd. 0 400,000 0

85

MainFirstExplanatory notes to the semi-annual financial statements

as of 30 June 2016

1 Fundamental accounting policies

The Company keeps separate accounting records in the respective currency for each sub-fund and prepares a consolidated statement in EUR. The Company's Annual Report is prepared in accordance with the applicable Luxembourg legal provisions and requirements on undertakings for collective investments in transferable securities ("UCITS").

b) Conversion of foreign currencies

Assets in foreign currencies were converted using the following exchange rates:1 EUR = 1.49201 AUD1 EUR = 1.08229 CHF1 EUR = 7.43981 DKK1 EUR = 0.83105 GBP1 EUR = 113.97236 JPY1 EUR = 9.29637 NOK1 EUR = 9.41275 SEK1 EUR = 1.11095 USD

b) Consolidated statement

The consolidated statement in EUR corresponds to the sum of the statements of the individual sub-funds.

The value of all assets and liabilities not expressed in the currency of the respective sub-fund is converted into such currency at the applicable market rate as determined by the Custodian. If such rates are not available, the exchange rate will be determined, conscientiously, to their best knowledge and in good faith, corresponding to the procedures arranged by the Board of Directors. Transactions in foreign currencies that take place during the year are converted at the current rate of the respective transaction. Realised and unrealised price gains and losses are entered in the statement of operations of the individual sub-funds.

c) Securities portfolio valuation

- The value of all securities traded or listed on an exchange is determined by the applicable closing price of the respective valuation day,

- The value of all securities traded on another regulated market, which operates regularly, is recog-nised and open to the public ("regulated market"), is determined by the last price of the respective valuation day.

- if securities, on the valuation day, are not traded on an exchange or listed or traded on another regulated market or if, for securities that are traded on an exchange or listed or traded on another regulated market, the price determined pursuant to the provisions of the two preceding paragraphs does not reflect the true value of these securities then these securities will be valued based on the probable sale value estimated conscientiously and in good faith,

- the liquidation value of forward exchange transactions and financial futures transactions that are not traded on an exchange is determined according to the rules set by the Board of Directors who establish uniform criteria for each contract class. The liquidation value of forward exchange transactions and financial futures transactions traded on exchanges is determined based on the closing price as published on the exchange on which the Company entered into the contracts in question. If forward exchange transactions and financial futures transactions could not be liquidated on the valuation day concerned, then the valuation criteria, with regard to the liquidation value of such a futures contract, are determined by the Board of Directors conscientiously, to the best of their knowledge and in good faith.

86

MainFirstExplanatory notes to the semi-annual financial statements (continued)

as of 30 June 2016

- all other assets are valued at their expected realisation value as determined by the procedure prepared by the Board of Directors conscientiously, to the best of their knowledge and in good faith.

- contracts for difference are valued on the basis of the closing market rate (mark-to-market) of the underlying security on the reporting date and entered in the statement of net assets as non-realized profits or losses,

- If a contract is terminated, the difference between the proceeds from the terminated transaction and from the transaction initially entered into are entered in the income statement as realized profits or losses.

d) Statement of income

The interest and dividend receipts are entered in the appropriate period after deduction of withholding taxes accruing in the respective countries.

2. Costs of incorporation

Costs connected with the establishment of the Company are paid from the assets of the various sub-funds of the company assets and can be written off over the five following financial years of the Company.

Costs of the launch of new sub-funds are exclusively charged to the respective sub-fund and can be written off over a period of maximum five years after the launch of the respective sub-fund.

3 Capital tax (“taxe d’abonnement”)

The Company is subject to Luxembourg legislation.

Pursuant to Luxembourg laws, the Company is subject to an annual tax of 0.05% of the net sub-fund assets of the Company, which is payable quarterly and calculated on the basis of the net sub-fund assets of each sub-fund on the last day of the respective quarter.

For all classes in all sub-funds reserved for institutional investors within the meaning of Article 174 of the 17 December 2010 law, the capital tax amounts to 0.01% of the net sub-fund assets of the corresponding class in the respective sub-fund.

1. Key accounting principles (continued)

c) Securities portfolio valuation (continued)

87


as of 30 June 2016

4 Flat-rate fee and fee for the central administration

Each sub-fund is charged a flat-rate fee.

The investment manager and distributor fees, among others, are paid from this flat-rate fee.

A flat-rate fee of up to 1.80% for the A, B and V shares, up to 1.20% for the C and D shares and up to 1.00% for the R and X shares is charged for the Classic Stock Fund, Top European Ideas Fund, Germany Fund and Global Equities Fund sub-funds.

A flat-rate fee of up to 1.20% for the A and B shares and up to 0.80% for the C, D and R shares is charged for the Emerging Markets Corporate Bond Fund Balanced sub-fund.

A flat-rate fee of up to 1.50% for the A and B shares, up to 1.00% for the C and D shares and up to 1.80% for the V shares is charged for the Absolute Return Multi Asset sub-fund.

A flat-rate fee of up to 1.50% for the A shares, up to 1.10% for the C and D shares and up to 0.95% for the R and X shares is charged for the Emerging Markets Credit Opportunities Fund sub-fund.

The following table shows the current flat-rate fees charged to the share classes during the first half of 2016:

Sub-funds A shares

B shares

C shares

D shares

A1 CHF shares

A2 EUR shares

B1 CHF shares

B2 EUR shares

C1 CHF shares

C2 EUR shares

D2 EUR shares

R shares

V shares

X shares

MainFirst - Classic Stock Fund 1.50% 1.50% 1.00% - - - - - - - - - 1.80% -

MainFirst - Top European Ideas Fund

1.50% 1.50% 1.00% 1.00% - - - - - - - 0.75% 1.80% 0.75%

MainFirst - Germany Fund 1.50% 1.50% 1.00% - - - - - - - - - 1.80% -

MainFirst - Emerging Markets Corporate Bond Fund Balanced

1.20% 1.20 % 0.80% 0.80% 1.20% 1.20% 1.20% 1.20% 0.80% 0.80% 0.80% 0.65% - -

MainFirst - Global Equities Fund 1.50% 1.50% 1.00% 1.00% - - - - - - - - 1.80% -

MainFirst - Absolute Return Multi Asset

1.50% 1.50% 1.00% 1.00% - - - - - - - - 1.80% -

MainFirst – Emerging Markets Credit Opportunities Fund

1.50% - 1.10% 1.10% 1.50% 1.50% - - 1.10% 1.10% - 0.95% - 0.95%

The fee for the central administration of the sub-fund amounts up to 0.10% p.a., calculated on the basis of the daily determined net asset value. At present, the Administration fee amounts to 0.06% p.a. of the average net asset value. The fee for central administration includes the fees for the Domicile, Paying, Registration and Transfer Agents.

The total amount of fees including the flat-rate fee and distribution and central administration fees for the sub-funds amounts to a maximum of 1.90% p.a. of the net assets (plus any value added tax), with the exception of the following sub-funds:- For the Emerging Markets Corporate Bond Fund Balanced, a maximum of 1.30% p.a.,- For the Emerging Markets Credit Opportunities Fund, a maximum of 1.60% p.a.,

88


as of 30 June 2016

5 Management company fee

Each sub-fund is charged an annual management company fee, which is paid to MainFirst Affiliated Fund Managers S.A. This fee is determined based on the daily net asset value of the sub-fund and is payable by the sub-fund on a monthly basis. The management company fee consists of a fee of 1-3 basis points p.a. calculated based on the portfolio of assets held by each sub-fund, depending on the amount of the assets held by the sub-fund in question, plus a compliance fee of EUR 5,000 p.a. per sub-fund. However, the management company fee for each sub-fund shall be not less than EUR 20,000 p.a..

6. Performance fee

The Company additionally pays the investment managers a performance-related fee (so-called performance fee) as an incentive. A performance fee of 15% is paid for the A, B, C, D, R, V and X shares for the Classic Stock Fund, Top European Ideas Fund, Germany Fund and Global Equities Fund sub-funds for the net increase in value resulting in the sub-fund’s business activities per share of the sub-fund.

The performance fee amounts to 15% of the positive difference between the percentage increase of the net sub-fund asset value per share of the respective class and the percentage increase of the reference index EUROSTOXX TOTAL RETURN INDEX (SXXT) (Performance Index) for the Classic Stock Fund, STOXX 600 EUROPE TOTAL RETURN INDEX (SXXR) (Performance Index) for the Top European Ideas Fund, MSCI World (MSDEWIN) in Euro (Total Return Index) for the Global Equities Fund as well as the H-DAX Index for the Germany Fund. For the Emerging Markets Credit Opportunities Fund sub-fund the performance fee is 15% for shares of classes A, B, C, D, R and X and is charged depending on the development of the index JP Morgan Corporate Emerging Market Bond Index High Yield Index Level in USD (JPM CEMBI HY - Sub Index - Bloomberg Code: JCMBNOIG Index) (the benchmark index).

For the calculation of the performance fee, this can only be levied if the cumulative difference calculated has reached a new peak value since the launch of the sub-fund ("High Watermark") or the last performance fee payment date. The difference between the cumulative old (before withdrawal of the performance fee) and the new peak value is applied. The calculation period for the performance-related fee is quarterly.

No performance fee is charged for the Emerging Markets Corporate Bond Fund Balanced sub-fund.

For the Absolute Return Multi Asset sub-fund, the performance fee is 15% of the amount by which the performance of the net sub-fund asset value per share of the respective class has increased, provided that the performance of the fund exceeds a level of at least 5% p.a. (the “benchmark”). It is calculated on the basis of the number of Shares currently in circulation in the respective Share class. The performance fee is paid at the end of the quarter; corresponding provisions for the performance fee are made each time the net asset value of the Sub-fund is calculated. These provisions are included in the net asset value. A further performance fee is only applicable if and to the extent that the last High Watermark determined upon the quarterly payment of the performance fee is exceeded.

The performance fee is only due if the sub-fund's portfolio has achieved positive performance at the end of a quarter. If the benchmark index ends the quarter with negative performance, while the sub-fund's portfolio has achieved positive performance, the performance fee is due. No performance fee is incurred, however, if both the benchmark index and the sub-fund's portfolio end the quarter with negative performance.

89


as of 30 June 2016

The performance fee is paid at the end of the quarter; corresponding provisions for the performance fee are made each time the net asset value of the Sub-fund is calculated. These provisions are included in the net asset value.

7. Dividend policy

The income and capital gains achieved in each sub-fund shall be accumulated or distributed by the relevant sub-fund. However, if the payment of a dividend relating to a sub-fund is considered appropriate, the members of the Board of Directors may propose to the General Meeting of Shareholders to distribute a dividend from the distributable net investment income and/or from the realized and/or unrealized capital gains after deduction of the realized and/or unrealized capital losses.

Any dividend statements are published in the “Luxemburger Wort” and - upon resolution of the Board of Directors - in other newspapers.

Dividends not collected within five years shall be forfeited to the benefit of the relevant Sub-fund.

The dividend for the financial year ended 31 December 2015 was paid during 2016 as follows:

Sub-funds Classes Dividend per share

Cur-rency

Reference date

Payment date

MainFirst – Top European Ideas Fund B shares 2.03 EUR 29 April 2016 17 May 2016MainFirst – Top European Ideas Fund D shares 0.06 EUR 29 April 2016 17 May 2016MainFirst – Top European Ideas Fund X shares 3.46 EUR 29 April 2016 17 May 2016MainFirst – Germany Fund B shares 0.34 EUR 29 April 2016 17 May 2016MainFirst – Germany Fund D shares 0.89 EUR 29 April 2016 17 May 2016MainFirst – Emerging Markets Corporate Bond Fund Balanced B shares 3.98 USD 29 April 2016 17 May 2016MainFirst – Emerging Markets Corporate Bond Fund Balanced D shares 4.26 USD 29 April 2016 17 May 2016MainFirst – Emerging Markets Corporate Bond Fund Balanced B1 CHF shares 4.01 CHF 29 April 2016 17 May 2016MainFirst – Emerging Markets Corporate Bond Fund Balanced B2 EUR shares 4.07 EUR 29 April 2016 17 May 2016MainFirst – Emerging Markets Corporate Bond Fund Balanced D1 CHF shares 5.01 CHF 29 April 2016 17 May 2016MainFirst – Emerging Markets Corporate Bond Fund Balanced D2 EUR shares 4.65 EUR 29 April 2016 17 May 2016MainFirst – Global Equities Fund B shares 0.03 EUR 29 April 2016 17 May 2016MainFirst – Global Equities Fund D shares 0.03 EUR 29 April 2016 17 May 2016MainFirst – Absolute Return Multi Asset B shares 1.30 EUR 29 April 2016 17 May 2016MainFirst – Absolute Return Multi Asset D shares 0.04 EUR 29 April 2016 17 May 2016MainFirst – Emerging Markets Credit Opportunities Fund D shares 0.95 USD 29 April 2016 17 May 2016MainFirst – Emerging Markets Credit Opportunities Fund X shares 5.10 USD 29 April 2016 17 May 2016

The dividend for the 2016 financial year will be paid in 2017.

6. Performance fee (continued)

90


as of 30 June 2016

8. Securities lending

The following open securities lending transactions existed as at 30 June 2016:

Sub-funds Currency Market value (in EUR)

% of the sub-fund assets

MainFirst – Classic Stock Fund EUR 3,367,684.66 14.77%MainFirst – Top European Ideas Fund EUR 82,523,833.42 10.01%MainFirst – Germany Fund EUR 11,490,015.18 6.96%MainFirst – Emerging Markets Corporate Bond Fund Balanced USD 18,925,622.84 9.78%MainFirst – Global Equities Fund EUR 18,818,139.33 19.49%MainFirst – Absolute Return Multi Asset EUR 3,471,580.17 12.76%MainFirst – Emerging Market Credit Opportunities Fund USD 10,965,187.64 8.75%

Commissions from securities lending agreements (net) are reported in the income statement under the heading "Commissions received" in the section "Income statement and other changes in sub-fund assets".

9 Events

The role of management company was transferred to MainFirst Affiliated Fund Managers S.A. with effect from 1 January 2016. MainFirst Affiliated Fund Managers S.A is a Société Anonyme (public limited company) under Luxembourg law with registered office at 16, rue Gabriel Lippmann, L-5365 Munsbach, Grand Duchy of Luxembourg, authorised according to Chapter 15 of the Law of 17 December 2010 on undertakings for collective investment.

The MainFirst- Avant-garde Stock Fund sub-fund was transferred to another management company in Luxembourg on 31 December 2015, with effect from 1 January 2016.

With effect from January 2016, the investment manager MainFirst Schweiz AG was renamed MainFirst Affiliated Fund Managers (Switzerland) AG. This has no effect on the asset management licence granted under the Swiss Collective Investment Schemes Act.

V shares were launched in the following sub-funds on 11 May 2016:MainFirst – Classic Stock FundMainFirst – Top European Ideas FundMainFirst – Germany FundMainFirst – Global Equities FundMainFirst – Absolute Return Multi AssetD2 EUR shares were launched in the MainFirst – Emerging Markets Credit Opportunities Fund sub-fund on 8 June 2016.

10. Collateral

No collateral was deposited with respect to derivative financial instruments for the reporting period ending on 30 June 2016.

11. Events after 30 June 2016

No significant events occurred after the end of the reporting period.

91

MainFirstAppendix - Information for Investors in Switzerland

1. Performance and costs

Performancefrom 31 December 2015

to 30 June 2016

from 31 December 2014 to

31 December 2015


31 December 2014

Inception date

MainFirst – Classic Stock FundA shares -11.47 5.19 2.17 12/11/2010

C shares -11.23 5.75 2.61 12/11/2010

V shares -4.13 NA NA 11/05/2016

MainFirst – Top European Ideas FundA shares -17.27 17.47 2.18 12/11/2010

B shares -17.28 17.50 2.20 12/11/2010

C shares -17.04 17.98 2.75 12/11/2010

D shares -17.15 1.00 NA 29/10/2015

A3 USD shares -17.31 13.64 - 1.58 27/11/2014

C3 USD shares -17.02 13.95 - 1.52 27/11/2014

R shares -17.03 18.50 - 1.33 15/01/2014

X shares -17.02 18.48 - 1.32 15/01/2014

V shares -6.67 NA NA 11/05/2016

MainFirst – Germany FundA shares -6.10 37.25 21.07 12/11/2010

B shares -6.11 37.28 20.32 02/01/2014

C shares -5.88 37.80 21.35 12/11/2010

D shares -5.88 37.83 8.16 11/11/2014

V shares 1.14 NA NA 11/05/2016

MainFirst – Emerging Markets Corporate Bond Fund BalancedA shares 9.92 - 3.05 - 0.41 12/10/2012

B shares 9.91 - 3.10 - 6.14 27/05/2014

C shares 10.16 - 2.63 0.02 12/10/2012

D shares 10.14 - 2.63 0.03 29/05/2013

A1 CHF shares 8.73 - 5.74 - 0.45 12/10/2012

A2 EUR shares 8.98 - 2.95 - 0.21 12/10/2012

B1 CHF shares 8.81 - 5.79 - 6.00 27/05/2014

B2 EUR shares 8.99 - 3.02 - 5.91 27/05/2014

C1 CHF shares 8.95 - 5.32 0.01 12/10/2012

C2 EUR shares 9.22 - 2.54 0.36 12/10/2012

D1 CHF shares 8.99 - 5.07 - 6.44 04/08/2014

D2 EUR shares 9.28 - 2.53 0.38 22/08/2013

R shares 10.24 - 2.52 - 1.55 26/03/2014

MainFirst – Global Equities FundA shares -14.05 33.88 13.41 04/03/2013

B shares -14.05 2.75 NA 12/11/2015

C shares -13.81 34.13 14.05 04/03/2013

92

MainFirstAppendix - Information for Investors in Switzerland (continued)

Performancefrom 31 December 2015

to 30 June 2016


31 December 2015


31 December 2014

Inception date

D shares -13.82 2.81 NA 09/12/2015

V shares -1.71 NA NA 11/05/2016

MainFirst – Absolute Return Multi AssetA shares -3.33 5.56 7.24 29/04/2013

B shares -3.33 - 2.72 NA 29/04/2015

C shares -3.06 6.03 7.80 29/04/2013

D shares -2.99 0.23 NA 09/12/2015

V shares -0.57 NA NA 11/05/2016

MainFirst – Emerging Markets Credit Opportunities FundA shares 9.99 - 2.66 - 8.41 20/05/2014

C shares 10.22 - 2.23 - 8.13 20/05/2014

D shares 10.21 - 1.52 NA 09/12/2015

A1 CHF shares 8.76 - 5.40 - 8.40 20/05/2014

A2 EUR shares 8.94 - 2.49 - 8.00 20/05/2014

C1 CHF shares 9.03 - 4.83 - 8.23 20/05/2014

C2 EUR shares 9.31 - 2.29 - 7.97 20/05/2014

D2 shares 1.31 NA NA 08/06/2016

R shares 10.26 - 2.16 - 8.07 20/05/2014

X shares 10.27 - 2.17 - 8.07 20/05/2014

1. Performance and costs (continued)

93

MainFirst

2. Portfolio Turnover Rate (PTR)

The Portfolio Turnover Rate (PTR) is calculated using the following formula:

PTR = (sum 1 – sum 2) / M × 100 Sum 1 = sum of the securities transaction = X + Y X = securities purchases Y = securities sales Sum 2 = sum of the subscriptions and redemptions = S + T S = subscriptions T = redemptions M = average net fund assets

Portfolio turnover rate (in %)30/06/2016

MainFirst – Classic Stock Fund 93.26

MainFirst – Top European Ideas Fund 296.42

MainFirst – Germany Fund 74.48

MainFirst – Emerging Markets Corporate Bond Fund Balanced 15.00

MainFirst – Global Equities Fund 130.78

MainFirst – Absolute Return Multi Asset 141.87

MainFirst – Emerging Markets Credit Opportunities Fund 76.64

Appendix - Information for Investors in Switzerland (continued)

94


3. Total Expense Ratio (TER) in accordance with the guideline of the Swiss Funds & Asset Management Association (SFAMA) of 16 May 2008

The commissions and costs incurred for the management of the collective investment are to be disclosed using the indicator known internationally as the Total Expense Ratio (TER). This indicator retrospectively expresses the total amount of commissions and costs charged on an ongoing basis to the collectively invested assets as a percentage of the net sub-fund assets and in principle is to be calculated in accord-ance with the following formula:

TER%= Total operating expenses/Average net sub-fund assets x 100.

If a performance fee is expected and has been calculated, the TER includes this fee. In addition a performance fee ratio, expressed a percentage of the average net sub-fund assets for the last 12 months prior to the date of this report, is calculated.

Transaction costs are not included in the TER calculation.

In the case of newly established funds the first TER is to be converted to a 12-month period.

TER (SFAMA)

30/06/2016

TER (excluding performance fee)

30/06/2016

Indicator for performance fee

(in % of the average sub-fund assets)

30/06/2016MainFirst – Classic Stock Fund

A shares 2.25% 2.25% -

C shares 1.71% 1.71% -

V shares 2.52% 2.52% -

MainFirst – Top European Ideas Fund

A shares 2.06% 1.91% 0.15

B shares 1.98% 1.90% 0.08

C shares 1.59% 1.37% 0.22

D shares 1.42% 1.32% 0.10

A3 USD shares 2.02% 1.92% 0.10

C3 USD shares 1.59% 1.39% 0.20

R shares 1.10% 1.09% 0.01

V shares 2.12% 2.12% -

X shares 1.37% 1.16% 0.21

MainFirst – Germany Fund

A shares 4.23% 1.95% 2.28

B shares 4.09% 1.96% 2.13

C shares 4.18% 1.40% 2.78

D shares 4.19% 1.39% 2.80

V shares 2.16% 2.16% -

MainFirst – Emerging Markets Corporate Bond Fund Balanced

A shares 1.67% 1.67% -

B shares 1.70% 1.70% -

C shares 1.22% 1.22% -

D shares 1.25% 1.25% -

95


TER (SFAMA)

30/06/2016

TER (excluding performance fee)

30/06/2016

Indicator for performance fee

(in % of the average sub-fund assets)

30/06/2016

A1 CHF shares 1.68% 1.68% -

A2 EUR shares 1.68% 1.68% -

B1 CHF shares 1.70% 1.70% -

B2 EUR shares 1.68% 1.68% -

C1 CHF shares 1.24% 1.24% -

C2 EUR shares 1.25% 1.25% -

D1 CHF shares 1.27% 1.27% -

D2 EUR shares 1.24% 1.24% -

R shares 1.09% 1.09% -

MainFirst – Global Equities Fund

A shares 3.37% 1.99% 1.38

B shares 2.08% 1.95% 0.13

C shares 3.12% 1.42% 1.70

D shares 1.39% 1.39% -

V shares 2.20% 2.20% -

MainFirst – Absolute Return Multi AssetA shares 2.16% 2.16% -

B shares 2.16% 2.16% -

C shares 1.59% 1.59% -

D shares 1.63% 1.63% -

V shares 2.51% 2.51% -

MainFirst – Emerging Markets Credit Opportunities Fund

A shares 1.93% 1.93% -

C shares 1.49% 1.49% -

D shares 1.55% 1.55% -

D2 shares 1.67% 1.67% -

A1 CHF shares 1.94% 1.94% -

A2 EUR shares 1.92% 1.92% -

C1 CHF shares 1.50% 1.50% -

C2 EUR shares 1.50% 1.50% -

R shares 1.42% 1.42% -

X shares 1.42% 1.42% -

3. Total Expense Ratio (TER) in accordance with the guideline of the Swiss Funds & Asset Management Association (SFAMA) of 16 May 2008 (continued)

30-06-16 mainfirst sicav i de.idml de-de en-gb declarations and the latest net asset value per...

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