best choice - novacap-am.com choice_rs... · the net asset value of each sub-fund, the issue and...

as at June 30, 2016

SICAV with variable Capital under the Luxembourglaw

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

Semi-annual report, including unaudited financial statements

BEST CHOICE

R.C.S. Luxembourg B 174040

BEST CHOICE

Table of contents

Page Organisation of the SICAV 3 Board of Directors of the SICAV 4 Board of Directors of the Management Company 4 Day to Day Managers of the Management Company 5 General information 6 Combined 7 BEST CHOICE - DYNAMIC 10

BEST CHOICE - BALANCED 15

BEST CHOICE - CONSERVATIVE 21 Notes to the financial statements 26 No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

BEST CHOICE

Organisation of the SICAV

REGISTERED OFFICE 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg

PROMOTOR Optima Bank NV/SA

Keizer Karelstraat 75, B-9000 Gent, Belgium (until June 15, 2016)

MANAGEMENT COMPANY NOVACAP ASSET MANAGEMENT S.A. 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg

DEPOSITARY BANK CACEIS BANK Luxembourg

5, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg

PAYING AGENT, ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT

CACEIS BANK Luxembourg 5, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg

AUDITOR Ernst & Young S.A.

35E, Avenue John F. Kennedy L - 1855 Luxembourg Grand Duchy of Luxembourg

DISTRIBUTOR Optima Bank NV/SA

Keizer Karelstraat 75, B-9000 Gent, Belgium (until June 15, 2016)

NOVACAP ASSET MANAGEMENT S.A. 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg (since September 1, 2016)

INVESTMENT ADVISOR

Expert Timing Systems International EAFI SL 2-4, Urbanizacion La Cabana, Pozuelo de Alarcon E-28223 Madrid, Spain

BEST CHOICE

Board of Directors of the SICAV

CHAIRMAN

Mr. Philip DE HULSTERS, Independent Director

DIRECTORS

Mr. Jan DE PAEPE, Independent Director (since June 16, 2016) Secretary General and Executive Director, Optima Bank NV/SA, Belgium (until June 15, 2016)

Mr. Ludwig CALUWE, Independent Director (since June 16, 2016) Executive Director of Optima Bank NV/SA, Belgium (until June 15, 2016)

Board of Directors of the Management Company

CHAIRMAN

Mr. Marc MICHIELS, CEO

MEMBERS

Mr. Gérard DÉJARDIN-VERKINDER, Independent Director

Mr. Hugo KOWALEWSKI FERREIRA , Independent Director

BEST CHOICE

Day to Day Managers of the Management Company

Mr. Bart VAN WAGENBERG, Conducting Officer

Mrs. Catherine GREYER, Conducting Officer

Mr. Marc MICHIELS, Conducting Officer

Mr. Hervé LEITE-FARIA (since June 8, 2016)

BEST CHOICE

General information

The financial year of BEST CHOICE (the "SICAV") ends on December 31 in each year. Annual report, including audited financial statements, of the SICAV made up to December 31 in each year are prepared in EUR, the SICAV’s Reference Currency. The SICAV publishes Annual reports, including audited financial statements, within four months of the end of the financial year and Semi-annual reports, including unaudited financial statements within two months of the end of the reference period. The net asset value of each sub-fund, the issue and repurchase prices shall be made public after the calculation of the net asset value at the registered office of the SICAV. Copies of the articles of incorporation, the most recent Prospectus, the KIIDs and the latest financial reports may be obtained free of charge, on request at the registered office of the SICAV or at the Promotor (for Belgian investors).

7Page

BEST CHOICECombined

The accompanying notes form an integral part of these financial statements

8Page

15,720,523.49Assets13,373,595.60Investments in securities at market value 2Note13,020,706.76Securities at acquisition cost

352,888.84Net unrealised gain on investments882,199.87Cash at banks and liquidities50,625.10Formation expenses 2Note

1,414,102.92Brokers receivable

1,882,326.20Liabilities1,375,463.50Brokers payable

4,013.55Taxe d'abonnement payable 3Note476,079.74Redemptions payable21,436.77Management and distribution fees payable 4Note5,332.64Other fees payable 8Note

13,838,197.29Total net assets

BEST CHOICE

Financial Statements as at June 30, 2016

Expressed in EUR

Statement of net assets as at June 30, 2016

Combined


9Page

260,246.37Fees and expenses8,991.64Amortisation of formation expenses 2Note

137,366.55Management and distribution fees 4Note2,576.30Depositary fees 5Note

881.54Taxe d'abonnement 3Note18,750.00Administrative expenses 6Note5,322.27Domiciliation fees

17,619.61Professional fees1,028.48Bank interest on overdrafts

10,459.96Legal fees36,983.57Transaction fees 2Note20,266.45Other expenses

-260,246.37Net investment loss

Net realised gain / loss on:-499,634.98- sales of investment securities

-759,881.35Net realised loss

Change in net unrealised appreciation / depreciation on:281,896.00- investments in securities

-477,985.35Decrease in net assets as a result of operations

14,705.84Proceeds from subscriptions of shares-6,202,165.34Cost of shares redeemed

-6,665,444.85Decrease in net assets

20,503,642.14Net assets at the beginning of the period

13,838,197.29Net assets at the end of the period

EUR

Statement of operations and changes in net assets from January 1, 2016 to June 30, 2016

BEST CHOICECombined

Expressed in

10Page

BEST CHOICE- DYNAMIC


11Page



255,126.69Brokers receivable

131,678.50Liabilities125,419.41Brokers payable

723.47Taxe d'abonnement payable 3Note5,030.82Management and distribution fees payable 4Note

504.80Other fees payable 8Note



Expressed in EUR


BEST CHOICE - DYNAMIC

Statistics

BEST CHOICE - DYNAMIC - Class A

Capitalisation shares

99.8030,485.52 41,222.86

102.1558,233.27

106.26Number of sharesNet asset value per share

EUR EUR EUR

Total Net Assets 3,042,594.12 4,210,820.51 6,187,585.99

December 31, 2014December 31, 2015June 30, 2016Period/Year ending as at:

EUR


12Page

Statement of operations and changes in net assets from January 1, 2016 to June 30, 2016Expressed in EUR



28,782.18Management and distribution fees 4Note514.16Depositary fees 5Note202.34Taxe d'abonnement 3Note

6,250.00Administrative expenses 6Note1,774.09Domiciliation fees3,684.80Professional fees

192.54Bank interest on overdrafts2,193.35Legal fees9,168.48Transaction fees 2Note5,347.36Other expenses

-60,417.68Net investment lossNet realised gain / loss on:

-205,294.81- sales of investment securities

-265,712.49Net realised lossChange in net unrealised appreciation / depreciation on:

105,309.12- investments in securities

-160,403.37Decrease in net assets as a result of operations-1,007,823.02Cost of shares redeemed





13Page

CPR ACTIVE US FCP -P- CAPITALISATION7,857 131,054.76 4.31%EUR 130,190.49

Shares/Units in investment funds 2,782,482.29 91.45%2,627,259.60

France 416,188.76 13.68%412,580.91

GROUPAMA EUROPE STOCK -N- CAP213 143,170.08 4.70%EUR 141,231.78MANDARINE VALEUR -4- DEC -S-28 141,963.92 4.67%EUR 141,158.64

AWF FRAMLINGTON HYBRID RESOURCES -A-2,041 132,052.70 4.34%EUR 128,725.87Luxembourg 2,366,293.53 77.77%2,214,678.69

BRGF US BASIC VALUE FD -A2- EUR HDG CAP2,831 140,389.29 4.61%EUR 145,513.40BRGF WORLD ENERGY FUND -A2- EUR HDG CAP28,752 143,184.96 4.71%EUR 140,597.28BRGF WORLD GOLD FUND -A2 EUR HDG- CAP33,334 202,337.38 6.64%EUR 115,335.64BRGF WORLD MINING FUND -A2- EUR HDG CAP61,798 161,292.78 5.30%EUR 149,551.16CARMIGNAC PTF SICAV EMERGING DISCOVERY102 133,175.28 4.38%EUR 131,031.24DEUT INV I GLOBAL INFRA -LC-1,067 147,448.73 4.85%EUR 141,345.49NN L EM EUR EQ PC -P- CAP2,745 129,015.00 4.24%EUR 129,536.55NORDEA 1 GLB STABLE EQ FD -BP BASE CUR-9,754 155,673.84 5.12%EUR 146,144.49N1 GL ST EQ U-BP BASE CURR- CAP8,017 156,331.50 5.14%EUR 149,086.21PICTET EMERGING EUROPE -P-CAPITALISATION586 156,602.64 5.15%EUR 149,629.24PICTET FD EME MARKETS -P- CAP501 151,302.00 4.97%EUR 145,134.69PICTET SICAV HIGH DVD SEL -P- EUR CAP829 125,419.41 4.12%EUR 125,419.41PICTET VAR WATER -P- CAPITALISATION592 152,688.64 5.02%EUR 143,357.46R CAP PROP EQ -D EUR- CAP858 133,573.44 4.39%EUR 128,871.60ROBECO K GROWTH SAM SUST AGRIB -D- CAP1,071 145,805.94 4.79%EUR 145,398.96

Total investments 2,782,482.29 91.45%2,627,259.60

Cash at bank/(bank liabilities) 123,668.50 4.06

Other net assets/(liabilities) 136,443.33 4.48%

Total net assets 3,042,594.12 100.00

Statement of investments and other net assets as at June 30, 2016EURExpressed in


Quantity Description Quotationcurrency

% of netassets

Market value (note 2)

Securities atacquisition cost

14Page

Luxembourg 77.77%France 13.68%

91.45%

( in % of net assets)

Geographical classification of investments


Units of investment funds 91.45%

91.45%


Industrial classification of investments

15Page

BEST CHOICE- BALANCED


16Page




1,478,285.77Liabilities981,760.44Brokers payable

2,620.40Taxe d'abonnement payable 3Note476,079.74Redemptions payable13,068.31Management and distribution fees payable 4Note4,756.88Other fees payable 8Note



Expressed in EUR


BEST CHOICE - BALANCED

Statistics

BEST CHOICE - BALANCED - Class A


95.7494,996.41 131,699.62

97.51200,916.64


EUR EUR EUR

Total Net Assets 9,094,679.86 12,841,859.64 20,635,556.73


EUR


17Page




84,856.45Management and distribution fees 4Note1,630.87Depositary fees 5Note

512.34Taxe d'abonnement 3Note6,250.00Administrative expenses 6Note1,774.09Domiciliation fees

11,458.94Professional fees575.95Bank interest on overdrafts

6,846.41Legal fees18,671.40Transaction fees 2Note10,054.13Other expenses





-278,085.04Decrease in net assets as a result of operations14,705.84Proceeds from subscriptions of shares

-3,483,800.58Cost of shares redeemed





18Page

PETERCAM EQUITIES WORLD SUNSTAINABLE-F734 118,988.74 1.31%EUR 115,392.14


Belgium 118,988.74 1.31%115,392.14

AMUNDI OBLIG INTERNATIONALES -P- 3 DEC C660 147,259.20 1.62%EUR 144,104.40France 1,096,553.39 12.06%1,091,515.13

CRED.EURO CT-N-CAP337 201,367.61 2.21%EUR 201,475.45GROUPAMA AVENIR EURO -N- CAP 4 DEC112 121,627.52 1.34%EUR 127,962.24GROUPAMA ETAT MONDE -N- CAP 3 DEC188 119,009.64 1.31%EUR 117,518.80GROUPAMA EUROPE STOCK -N- CAP174 116,955.84 1.29%EUR 114,561.60GROUPAMA OBLIG MONDE -N- 4 DEC346 228,508.78 2.51%EUR 226,405.10MANDARINE VALEUR -4- DEC -S-22 111,543.08 1.23%EUR 109,204.04NATIXIS TRESO PLUS 3 MOIS FCP4 50,281.72 0.55%EUR 50,283.50

AMUNDI BOND EURO HIGH YIELD -A- CAP6,896 137,506.24 1.51%EUR 138,471.68Luxembourg 7,794,156.24 85.70%7,625,282.87

AMUNDI FDS IND EQ PAC EX JAP AE CAP637 117,596.57 1.29%EUR 115,443.51AV I EU CORP BD -A- CAP14,893 203,407.10 2.23%EUR 201,999.72AVIVA INVESTORS EUROPEAN CVG EQ -A- CAP13,022 111,648.02 1.23%EUR 113,588.30AWF FRAMLINGTON HYBRID RESOURCES -A-1,844 119,306.80 1.31%EUR 116,393.28AXA WLD FD GLB AGG BD -A- EUR6,541 207,218.88 2.27%EUR 203,555.92AXA WORLD FD SICAV EURO 10 + LT -A- CAP647 151,850.90 1.67%EUR 146,946.64AXA WORLD FD VAR GLB INFL BONDS -A- CAP436 65,618.00 0.72%EUR 65,338.96AXA WORLD FRAMLINGTON JUNIOR ENERGY -A-1,537 124,727.55 1.37%EUR 121,284.67BGF GL EQ INC A2 EUR HDG CAP10,523 138,377.45 1.52%EUR 130,590.43BRGF JAPAN OPP FUND -A2- EUR HDG CAP3,410 119,725.10 1.32%EUR 128,932.10BRGF US BASIC VALUE FD -A2- EUR HDG CAP2,468 122,388.12 1.35%EUR 122,881.72BRGF WORLD ENERGY FUND -A2- EUR HDG CAP24,593 122,473.14 1.35%EUR 120,751.63BRGF WORLD GOLD FUND -A2 EUR HDG- CAP24,263 147,276.41 1.62%EUR 82,494.20BRGF WORLD MINING FUND -A2- EUR HDG CAP47,309 123,476.49 1.36%EUR 105,499.07CANDRIAM BDS SICAV EURO HIGH YIELD -CLC-146 149,974.12 1.65%EUR 150,702.66CARMIGNAC PTF SICAV EMERGING DISCOVERY95 124,035.80 1.36%EUR 119,184.15DEXIA BDS MORTGAGES SHS -CLASSIQUE- CAP.270 45,651.60 0.50%EUR 45,486.90DEXIA BONDS GLO.HY -CLASSIQUE- CAP768 147,048.96 1.62%EUR 145,543.68DK-INS LIQUID G - UNITS -CF (T)- CAP52 300,021.80 3.29%EUR 300,018.12DWS INV EU C BD -LC- CAP939 144,277.35 1.59%EUR 143,591.88DWS INV VAR EUR SMALL/MID CAP-FC-EUR CAP586 116,725.34 1.28%EUR 128,357.44DWS INVEST TOP 50 ASIA -LC- CAP540 116,839.80 1.28%EUR 114,723.00EURIZON EASYFUND-BD EM MK-Z403 138,172.58 1.52%EUR 132,595.06ING L RENTA FD GLB HY -P- CAP213 102,001.44 1.12%EUR 101,221.86MORGAN STANLEY INV EUR PROPERTY -Z-2,868 117,071.76 1.29%EUR 128,228.28NN L EM DB HC PHC -P HEDGED- CAP29 141,483.75 1.56%EUR 134,469.81NN L EM EUR EQ PC -P- CAP2,764 129,908.00 1.43%EUR 131,511.12NN L EM HD PC -P- CAP541 119,409.52 1.31%EUR 115,855.15NN L EUR SC EXF PC -P- CAP348 130,524.36 1.44%EUR 130,249.44NN L FOOD B PHC -P HEDGED- CAP217 141,776.95 1.56%EUR 123,822.37NORDEA 1 GLB STABLE EQ FD -BP BASE CUR-8,474 135,245.04 1.49%EUR 127,279.48NORDEA 1 SICAV EME CON -BL BASE CUR- CAP6,189 118,271.79 1.30%EUR 114,991.62N1 CIM ENV EQ -BI- BASE CUR CAP8,773 116,417.71 1.28%EUR 116,417.71N1 GL ST EQ U-BP BASE CURR- CAP6,147 119,866.50 1.32%EUR 108,371.61OYSTER EUROPEAN FIXED INCOME REG463 119,954.04 1.32%EUR 119,421.59PAM (L) BOND UNIVERSALIS -F- CAP931 147,116.62 1.62%EUR 142,712.99PETERCAM L FD BONDS HIGHER YIELD -F- CAP583 142,817.51 1.57%EUR 138,136.02PICTET FD EME MARKETS -P- CAP415 125,330.00 1.38%EUR 120,615.60PICTET GL BDS -I EUR-CAP176 31,569.12 0.35%EUR 30,400.48PICTET SICAV EQ -HP- EUR CAP925 117,687.75 1.29%EUR 121,739.25PICTET VAR WATER -P- CAPITALISATION552 142,371.84 1.57%EUR 141,599.04R CAP GL VAL EQ -D EUR- CAP569 124,952.40 1.37%EUR 127,996.55R CAP PROP EQ -D EUR- CAP808 125,789.44 1.38%EUR 121,224.24R CAPITAL HIGH YIELD BD EUR -SHS D-CAP1,149 151,610.55 1.67%EUR 148,623.15ROBECO K GROWTH SAM SUST AGRIB -D- CAP904 123,070.56 1.35%EUR 123,061.52SCHRODER INT SEL GLB INFL LK BD -A- CAP1,291 40,836.91 0.45%EUR 40,776.49SEEYOND GLOBAL MIN VAR R/A EUR C794 137,369.94 1.51%EUR 126,857.38UBS L BD FD FCP EURO HY -P- CAP635 115,208.05 1.27%EUR 116,332.00UBS LUX BD CONVERT GLOBAL-B- EUR HEDGED11,599 152,294.87 1.67%EUR 152,990.81UBS (LUX) BD FD EUR CONV -P-769 153,154.04 1.68%EUR 146,175.38UBS (LUX) BOND FLEXIBLE TERM -B- EUR1,373 170,691.36 1.88%EUR 170,856.12




% of netassets




19Page

UBS LUX EQ VAR SMALL CAPS EUROPE -P- CAP399 114,185.82 1.26%EUR 128,525.60UBS (LUX) OB EUR CORPORATES - B CAP8,828 130,830.96 1.44%EUR 130,597.90VONTOBEL FD EUE MID&SML CAP EQ -B- CAP662 119,967.64 1.32%EUR 127,752.76VONTOBEL FD FAR EAST EQUITY -H HDG- CAP786 123,543.48 1.36%EUR 120,540.96VONTOBEL FD SICAV GLB VALUE EQ EX-US969 125,756.82 1.38%EUR 126,541.71VONTOBEL FD SICAV US VALUE EQUITY847 142,439.99 1.57%EUR 130,438.00VONTOBEL GLB TREND FUT RES -B-608 113,288.64 1.25%EUR 114,687.04VONTOBEL GLB VALUE EQ -H- CAP1,133 134,996.95 1.48%EUR 129,887.12

THREADNEEDLE PAN EUR SMLR CIE -RETAIL-53,028 116,433.58 1.28%EUR 128,052.01United Kingdom 116,433.58 1.28%128,052.01



Other net assets/(liabilities) -562,488.69 -6.18%

Total net assets 9,094,679.86 100.00




% of netassets



20Page

Luxembourg 85.70%France 12.06%Belgium 1.31%United Kingdom 1.28%

100.35%





100.35%



21Page

BEST CHOICE- CONSERVATIVE


22Page




272,361.93Liabilities268,283.65Brokers payable

669.68Taxe d'abonnement payable 3Note3,337.64Management and distribution fees payable 4Note

70.96Other fees payable 8Note



Expressed in EUR


BEST CHOICE - CONSERVATIVE

Statistics

BEST CHOICE - CONSERVATIVE - Class A


91.2918,632.65 37,528.10

91.9677,022.55


EUR EUR EUR

Total Net Assets 1,700,923.31 3,450,961.99 7,626,936.44


EUR


23Page




23,727.92Management and distribution fees 4Note431.27Depositary fees 5Note166.86Taxe d'abonnement 3Note

6,250.00Administrative expenses 6Note1,774.09Domiciliation fees2,475.87Professional fees

259.99Bank interest on overdrafts1,420.20Legal fees9,143.69Transaction fees 2Note4,864.96Other expenses





-39,496.94Decrease in net assets as a result of operations-1,710,541.74Cost of shares redeemed





24Page

NATIXIS CASH EURIBOR SICAV -R- CAP0 18,302.89 1.08%EUR 18,303.78


France 18,302.89 1.08%18,303.78

AWF FRAMLINGTON HYBRID RESOURCES -A-1,499 96,985.30 5.70%EUR 96,730.47Luxembourg 1,338,506.34 78.69%1,309,848.17

AXA WORLD FD SICAV EURO 10 + LT -A- CAP466 109,370.20 6.43%EUR 105,698.12AXA WORLD FD VAR GLB INFL BONDS -A- CAP654 98,427.00 5.79%EUR 95,274.72AXA WORLD FRAMLINGTON JUNIOR ENERGY -A-1,223 99,246.45 5.83%EUR 96,188.95DEUT INV I GLOBAL INFRA -LC-669 92,449.11 5.44%EUR 91,693.14EURIZON EASYFUND-BOND INT-Z654 108,642.48 6.39%EUR 105,954.54GENERALI INV VAR EUE HY BD -B- CAP627 93,931.50 5.52%EUR 95,006.18ING L RENTA FD GLB HY -P- CAP222 106,311.36 6.25%EUR 104,607.48NN L EM DB HC PHC -P HEDGED- CAP25 121,968.75 7.16%EUR 115,826.43NN L EUR LD BD PC -P- CAP126 61,514.46 3.62%EUR 57,757.14NORDEA 1 GLOBAL BOND FD -BP- BASE CU CAP3,561 65,130.69 3.83%EUR 64,881.42OYSTER EUROPEAN FIXED INCOME REG456 118,140.48 6.95%EUR 115,956.24PION SF EUR COM -A-CAP3,068 80,749.76 4.75%EUR 79,860.04UBS (LUX) BD FD EUR CONV -P-430 85,638.80 5.03%EUR 84,413.30

TRED GLOBAL BO -2- INST GROSS EUR83,621 108,172.13 6.36%EUR 105,053.06United Kingdom 108,172.13 6.36%105,053.06



Other net assets/(liabilities) 8,447.18 0.50%

Total net assets 1,700,923.31 100.00




% of netassets



25Page

Luxembourg 78.69%United Kingdom 6.36%France 1.08%

86.13%





86.13%



26Page

BEST CHOICENotes to the financial statements

BEST CHOICE

Notes to the financial statements as at June 30, 2016

NOTE 1 – GENERAL BEST CHOICE (the "SICAV") was incorporated in Luxembourg on December 19, 2012, for an unlimited duration as an open-ended investment company with variable share capital (Société d’Investissement à Capital Variable) organised as a multi-compartment investment fund in the form of a public limited liability company (société anonyme) and currently qualifies as an undertaking for a collective investment in transferable securities ("UCITS") governed by Part I of the amended Luxembourg Law of December 17, 2010 (the "Law"). The SICAV is registered with the register of commerce and companies of Luxembourg under the number B 174040. At all times, the SICAV’s capital will be equal to the net asset value and will not fall below the minimum capital of EUR 1,250,000. As at June 30, 2016, the SICAV includes three sub-funds in activity, all of them denominated in Euro (EUR): BEST CHOICE - DYNAMIC BEST CHOICE - BALANCED BEST CHOICE - CONSERVATIVE NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Presentation of financial statements The financial statements are prepared and presented in accordance with generally accepted accounting principles and legal reporting requirements in Luxembourg. The reference currency of the SICAV is the EUR. b) Valuation of assets The value of these assets shall be determined as follows:

1) The value of cash at hand and bank deposits, drafts and bills of exchange payable at sight and receivables, prepaid expenses and dividends and interest notified or due for payment but not yet received, shall be constituted by the nominal value of the said assets, unless it is unlikely that it would be possible to realise that value; in the latter case, the value shall be determined by subtracting the amount that the SICAV considers adequate in order to arrive at the real value of the assets in question.

2) The value of any security admitted to official listing on a stock exchange or any other regulated

market which operates regularly and is recognised and open to the public is based on the last known price in Luxembourg on the Valuation Day and, if that security is dealt on several markets, on the basis of the last known price on the principal market on which the security is dealt in; if the last known price is not representative, the valuation shall be based on the probable sale value that the Board of Directors of the SICAV shall determine in good faith in accordance with the principle of prudence.

3) Securities that are not listed or are not dealt in on a stock exchange or any other regulated market which operates regularly and is recognised and open to the public shall be valued on the basis of the probable sale value estimated in good faith in accordance with the principle of prudence.

4) Shares or units of UCITS (including shares issued by the SICAV sub-funds that may be held by another sub-fund of the SICAV) and UCIs will be valued on the basis of the last available net asset value.

BEST CHOICE

Notes to the financial statements as at June 30, 2016 (continued)

5) Securities denominated in a currency other than the currency in which the class concerned is

denominated shall be converted at the exchange rates prevailing on the days and at the time when the net asset value of the shares is determined.

6) The Board of Directors of the SICAV may, at its sole discretion, authorise the use of another valuation method if it considers that such a valuation reflects more accurately the market value of any asset owned by a sub-fund.

c) Net realised gain/loss on sales of investments securities Realised gains or losses on the sales of investments are calculated on the basis of the average cost of the investments sold. d) Cost of investment securities The cost of investment securities in currencies other than the currency of the sub-fund is translated into the currency of the sub-fund at the exchange rate applicable at purchase date. e) Transaction fees The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of investments. They include brokerage fees as well as bank commissions, tax, depositary fees and other transaction fees, and are included in the statement of operations and change in net assets. f) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. NOTE 3 – TAXATION Taxation of the SICAV The SICAV is subject in Luxembourg to an annual tax representing 0.05% of the net asset value. This tax is payable quarterly on the basis of the SICAV net assets, calculated at the end of the quarter to which the tax relates. The value of assets represented by units/shares held in other UCIs which are already subject to the subscription tax provided for in article 174 of the Law of 2010 is exempt from the subscription tax. No duties or taxes are payable in Luxembourg when the SICAV shares are issued. Certain income of the SICAV portfolio in the form of dividends and interest payments may be subject to variable rate withholding tax in the country where they are generated. NOTE 4 – MANAGEMENT AND DISTRIBUTION FEES The Management Company is entitled to receive for the services provided as management company including the investment manager function, on a monthly basis, a global fee not exceeding 0.37% p.a. of the average Net Asset Value of the relevant sub-fund as determined during the relevant month. The Management Company applies a minimum fee per sub-fund of EUR 15,000.00 per year. The Distribution fees will not exceed 1.25% p.a. of the average Net Asset Value of the relevant sub-fund. All amounts charged are shown in the SICAV's statement of operations and changes in net assets.

BEST CHOICE


NOTE 5 – DEPOSITARY FEES The appointed Depositary Bank is entitled to receive from the SICAV, on a monthly basis, an annual safekeeping services fee not exceeding 0.03% p.a. of the average Net Asset Value of the relevant sub- fund, as determined during the relevant month. The Depositary Bank reserves the right to apply a minimum fee per sub-fund of EUR 3,000.00 per year. NOTE 6 – ADMINISTRATIVE EXPENSES The Administrative Agent is entitled to receive from the SICAV on a monthly basis, an annual services fee not exceeding 0.04% p.a. of the average Net Asset Value of the relevant sub-fund, as determined during the relevant month with a minimum of EUR 12,000.00 per sub-fund per year. For its function as domiciliary agent of the SICAV, the Management Company is entitled to receive a fixed fee of EUR 15,000.00 per year. NOTE 7 – PERFORMANCE FEE The Management Company is entitled to a performance fee in relation to each sub fund. The performance fee is calculated in respect of each performance period. A performance period is the period from January 1 to December 31 in any year. By way of exemption the first performance period started as of April 27, 2015, i.e. the date of appointment of the current Management Company and has ended on December 31, 2015. A provision for the above mentioned performance fee is made each Valuation Day in the Net Asset Value of the Class of Share. In case of redemption during the relevant quarter, the accrued performance fee at the relevant Valuation Day on which the relevant shares are redeemed, corresponding to the net number of shares redeemed is due to the Management Company in remuneration of its performance of the portfolio management function. The performance fee in respect to each sub-fund will be paid if the difference between the performance of the Net Asset Value per Share over the performance period and the performance of the benchmark in the case it is an index or a composition of indices or the daily compounded accrued income of the benchmark in the case it is a money market rate, is positive (positive spread). The spread (cumulated and annual) will be reset every time a performance fee is charged. However, the spread will be carried forward should it be negative. This will ensure a high water mark structure on the spread. The cumulated spread will then be the basis for the performance fee. Performance fee is only then charged should the cumulated spread be positive. The spread will then be reset again. The performance fee will be 10% over the annual outperformance of the corresponding benchmark for the following sub-funds: - BEST CHOICE - DYNAMIC - BEST CHOICE - BALANCED - BEST CHOICE - CONSERVATIVE As at June 30, 2016, no Performance fee was accrued.

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NOTE 8 – OTHER FEES PAYABLE As at June 30, 2016, the other fees payable include mainly administration, custody and other operating fees. NOTE 9 – CHANGES IN THE COMPOSITION OF THE PORTFOLIO The report on the changes in the statement of investments is available upon request at the registered office of the Management Company of the SICAV free of charge. NOTE 10 – EVENT Following the bankruptcy of Optima Bank N.V. in June 2016, the Board of Directors has decided to appoint, with effect on 1st of September 2016 , Novacap Asset Management S.A. as the global distributor in replacement of Optima bank N.V. with which the distribution agreement was terminated on June 30th, 2016. A new Financial Services Agent is also being appointed in Belgium and will be communicated as soon as officially appointed. Any subscription, redemption or conversion request shall be temporarily submitted directly to CACEIS BANK LUXEMBOURG, the SICAV's transfer agent.

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