3K MUTUAL FUNDS - ethe.org.gr annual report 2015_1464677987.pdf · 3k mutual funds semi annual report 2015 . ucits do not have guaranteed performance and past returns do not ensure

3K MUTUAL FUNDS

SEMI ANNUAL REPORT 2015

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES

2

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND

PAST RETURNS DO NOT ENSURE FUTURE ONES

3

CONTENTS

COMPANY DETAILS 3

3K DOMESTIC EQUITY FUND 7

3K GREEK VALUE DOMESTIC EQUITY FUND 13

3K BALANCED FUND 18

3K EUROPEAN SHORT-TERM MONEY MARKET FUND 24



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5

3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. COMPANY DETAILS

Established by

Ministry of Finance Decision No. 38476/B 1288/13-09-1990 General Commercial Register No: 1003501000

Head Office

25-27-29 Karneadou St., Athens GR-10675, tel. 210-7419800

Paid-up share capital on 30.06.2015 € 1.455.198,00

Board of Directors

Chairman & CEO Georgios Koufopoulos

Vice-Chairmen & Executive Members

Gerasimos Vasiliou Theodoros Lizardos

Members

Anna Margariti, Executive Member Ioannis Zannas, Non-Executive Member

Nikolaos Kambanis, Non-Executive Member Georgios Tachtalidis, Non-Executive Member

Company Management

CEO/CIO Georgios Koufopoulos

CFO Gerasimos Vasiliou

Auditors Deloitte

Chatzipavlou, Sofianos & Kampanis Certified Public Accountants S.A

Custodian

PIRAEUS BANK, 4 Amerikis St. Athens

Distributor NN Hellenic Life Insurance Co S.A

Supervisory Authority

Hellenic Capital Market Commission A body governed by public law

You can also find the Key Investor Information for each mutual fund

and the complete Prospectus on the website of 3K Investment Partners Mutual Fund Management Co. S.A. at www.3kip.gr, by clicking on Documents/Prospectuses.


http://www.3kip.gr/

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3K DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette

264/B/2.3.2006) MUTUAL FUND SEMI ANNUAL MANAGEMENT REPORT AS AT 30.06.2015

In line with Article 11 & 77 of Law 4099/2012 (Government Gazette 250/A/20.12.2012) & Law 4308/2014

MANAGEMENT COMPANY: 3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. CUSTODIAN: PIRAEUS BANK S.A.

A. DETAILED ASSET STATEMENT

CURRENT

UNIT PRICE IN FX

CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 30.06.2015

ASSET STRUCTURE

ON 31.12.2014

UNITS

TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET TRANSFERABLE SECURITIES TRADED IN DOMESTIC ISSUERS’ REGULATED MARKET

Domestic Equities

Equities Listed in Athens Stock Exchange EUROPEAN RELINCE INSURANCE CO SA (CR) 239.030 1,510 360.935,30

JUMBO (CR) 635.000 7,420 4.711.700,00

PAPOUTSANIS (CR) 550.000 0,258 141.900,00

KRI KRI MILK INDUSTRY SA (CR) 253.500 1,800 456.300,00

Thessaloniki Water & Sewage Co SA (CR) 100.000 2,660 266.000,00

MLS Multimedia SA (CR) 330.000 4,020 1.326.600,00

PLAISIO COMPUTERS (CR) 288.400 5,150 1.485.260,00

HELLENIC EXCHANGES (CR) 460.000 4,640 2.134.400,00

Piraeus Port Authority SA (CR) 313.887 13,310 4.177.835,97

GEK TERNA (CR) 1.120.000 1,790 2.004.800,00

MYTILINEOS (CR) 617.200 5,790 3.573.588,00

METKA (CR) 215.000 7,790 1.674.850,00

COCA COLA HBC AG 107.000 20,010 2.141.070,00

Greek Organization of Football Prognostics SA (CR) 300.000 7,810 2.343.000,00

FOLLI FOLLIE GROUP (CR) 98.000 24,200 2.371.600,00

TITAN (CR) 175.000 21,400 3.745.000,00

Thessaloniki Port Authority SA(CR) 114.460 19,800 2.266.308,00 Hellenic Telecom Org. (CR) 260.000 8,200 2.132.000,00 FOURLIS HOLDINGS SA (CR) 178.000 3,000 534.000,00 PLASTIKA KRITIS SA (CR) 46.341 6,250 289.631,25 AEGEAN AIRLINES SA (CR) 120.000 6,180 741.600.00 KARELIA TOBACCO CO SA (CR) 400 227,950 91.180,00 PETROS PETROPOULOS SA(CR) 150.000 3,760 564.000,00

TOTAL 39.533.558,52 82,61% 76,79%

Total domestic equities 39.533.558,52 82,61% 76,79%

Domestic Bonds

Greek Government Bonds

HELLENIC EPUBLIC 17/04/2014-17/04/2019 4,75% FXD 38.000 54,220 2.060.360,00

TOTAL

2.060.360,00

4,31%

0,00%

Total Domestic Bonds 2.060.360,00 4,31%

0,00%

Total Domestic Transferable Securities 41.593.918,52 86,91% 76,79%



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TRANSFERABLE SECURITIES TRADED IN FOREIGN ISSUERS’ REGULATED MARKET

Foreign Equities

Foreign Equities in USD Equities Listed in New York Stock Exchange Lenovo Group LTD -ADR 14.000 27,2115 24,3199 340.478,15

Berkshire Hathaway INC-CL 1 204.850,00 183.081,6000 183.081,60

TOTAL

523.559,75 1,09% 0,00%

Foreign Equities in SEK

Equities Listed in Stockholm Stock Exchange

Investor AB-B 16.000 301,000 32,6641 522.626,15

TOTAL 522.626,15 1,09% 0,00%

Total Foreign Equities

1.046.185,90 2,19% 0,00%

Foreign Money Market Instruments

Foreign Money Market Instruments in EUR

Holland Bonds

DTB18/3/15-31/08/2015 ZERO COUPON 20.000

100,042 2.000.840,00

German Bonds

GERMAN 01/10/2014-30/09/2015 ZERO COUPON 10.000

100,068 1.000.680,00 TOTAL

3.001.520,00 6,27% 0,00%

Total Foreign Money Market Instruments 3.001.520,00

Total Foreign Transferable Securities 4.047.705.90 8,46% 0,00%

TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET 45.641.624,42 95,37% 76,79%

TOTAL TRANSFERABLE SECURITIES 45.641.624,42 95,37% 76,79%

SUNDRY DEBTORS

Other debtors 554.224,73 1,16% 1,20% RECEIVABLE 37.075,50 0,08% 0,00% CASH EUR Sight Deposits 436.851,18 0,91% 0,24% EUR Time Deposits 1.349.948,25 2,82% 22,44% Total Cash 1.786.799,43 3,73% 22,68% TOTAL ASSETS 48.019.724,08 100,33% 100,66%

LESS

TAXES AND DUTIES DUE

29.925,19

SUNDRY CREDITORS

115.192,80

TIME ADJUSTMENT ACCOUNTS

18.701,04

TOTAL LIABILITIES

163.819,03 0.33% 0.66%

TOTAL NET ASSETS

7.921.391,240 units x € 6,0414

47.855.905,05 100,00% 100,00%

B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGE IN INVESTMENT VALUATIONS FROM 1.1.2015 TO 30.06.2015

I. UNITHOLDERS’ CAPITAL UNITS

EUR Units in circulation on 31.12.2014

8.172.778,833

49.368.593,83 PLUS:

Sales of units from 1.1.2015 to 30.06.2015 271.176,799

1.687.582,63 LESS: Units redeemed from 1.1.2015 to 30.06.2015 522.564,392 (251.387,593) 3.215.372,73 (1.527.790,10)

Units in circulation on 30.06.2015 7.921.391,240 47.840.803,73



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II. INCOME STATEMENT FOR THE PERIOD 1.1.2015-30.06.2015

REVENUES Income from transferable securities (Dividends) 924.656,56 Interests from bonds 72.199,96 Interests from deposits 857,77 997.714,29

EXPENSES

Management Fee

(516.349,95)

Custodian Fee and Commission

(63.701,60)

Third party Fees and Expenses

(38.226,20)

Portfolio Trading Costs

(35.260,87)

Portfolio Trading Taxes

(18.713,15)

Other Government Taxes-HCMC duties

(30.949,19) (703.200,96)

CAPITAL PROFITS

Profits from sale of transferable securities

564.860,67

CAPITAL LOSSES

Losses from sale of Transferable Securities

(1.556.414,87)

Exchange Differences

(4.893,91) (1.561.308,78)

NET PROFITS/(LOSSES) 1.1.2015-30.06.2015

(701.934,78)

ΙΙΙ. CHANGE IN INVESTMENT VALUATIONS

Assets at current prices (30.06.2015)

47.855.905,05

Assets at acquisition prices (30.06.2015)

47.138.868,95 717.036,10

TOTAL NET ASSET VALUE ON 30.06.2015

7.921.391,240 units x € 6,0414

47.855.905,05

C. UNIT VALUE (ARTICLE 77, LAW 4099/2012& ARTICLE 4 PAR,3 &4 HCMC DECISION 17/633/20.12.2012)

Total Net Asset Value 30.06.2015 47.855.905,05 Units in circulation 7.921.391,24 Net unit value 30.06.2015 6.0414

D. REWARD-TO-VARIABILITY RATIO FROM 1.1.2014 TO 31.12.2014 STANDARD DEVIATION OF DAILY RETURN 2,13%

E. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS in € 2012 2013 2014 NET ASSET VALUE ON 31 Dec. 52.048.534,52 69.402.737,94 50.810.693,06 UNITS IN CIRCULATION ON 31 Dec. 9.305.600,619 8.813.576,953 8.172.778,833 NET UNIT PRICE ON 31 Dec. 5,5932 7,8745 6,2171



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SEMI ANNUAL MANAGEMENT REPORT AS AT 30.06.2015

I. BALANCE SHEET AS AT 30.06.2015 (Law 4308/14 ANNEX B. – Specimen B.11. / Government Gazette 251 A/24.11.14)

30.06.2015

30.06.2014

30.06.2013

Transferable Securities 45.641.624.,42

68.804.054,86

51.148.566,53

Bank Deposits 1.786.799,43 5.495.820,51 2.187.374,45

Other assets 591.300,23 656.278,11 742.086,23

Total Assets 48.019.724,08 74.956.153,48 54.078.027,21

Liabilities 163.819,03

353.480,58

221.690,49

Net Assets Value 47.855.905,05 74.602.672,90 53.856.336,72

Units in circulation 7.921.391,24

8.532.877,84

9.051.858,67 Net Asset Value per Unit 6,0414 8,7430 5,9498

Portfolio Analysis

1. Transferable securities traded in official stock exchange 45.641.624,42

68.803.957,15

51.148.468,82

2. Transferable securities traded in other regulated markets 0,00

0,00

0,00

3. Recently issued transferable securities the issue of which contains terms for admission within one year on an official stock exchange or other regulated market 0,00

0,00

0,00 4. Other transferable securities not included in cases

(1), (2) & (3) 0,00

97,71

97,71

Total 45.641.624,42

68.804.054,86 51.148.566,53

II. NET ASSETS’ STATEMENT OF CHANGES Period 01.01 to 30.06.2015

(Law 4308/14 ANNEX B. – Specimen B.11. / Government Gazette 251 A/24.11.14)

01.01.-30.06.2015

01.01.-30.06.2014

01.01-30.06.2013

-71.791,55

9.950.428,36

A. Profit & Loss Statement Investments’ Income

1.345.310,44 Other Incomes 73.057,73

-516.349,95 1.397,89

-839.179,14 24,33

Management Fees -615.286,80 Custodian Fees -63.701,60

-123.149,41

-96.971,83

-265.257,64 -71.099,81

Other Expenses & Taxes -169.005,96

Net Income -701.934,78 8.750.417,64 489.942,20

B. Net assets’ profit & loss statement of changes

Income distribution and reinvestments 49.368.593,83 49.768.755,84 47.829.811,96 New units issued 1.687.582,63 2.733.257,59 2.656.110,45 Units redemption -3.215.372,73 -5.202.419,71 -4.149.433,86 Various Investments measurements 717.036,10

18.552,661,54 7.029.905,97 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0,00

48.557.839,83 65.852.255,26 53.366.394,52

Total of net assets ‘ changes (A+B) 47.855.905,05 74.602.672,90 53.856.336,72

3K DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette

264/B/2.3.2006)



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NOTES 1. On 30.6.2015 the percentage of the UCITS’ assets invested in equities was 84,80% compared to 76,79% on 31.12.2014. This change is not considered to be significant. On 30.6.2015 the percentage of the UCITS’ assets invested in bonds was 4,31% compared to 0,00% on 31.12.2014. This change is not considered to be significant. On 30.6.2015 the percentage of the UCITS’ assets invested in money market instruments was 6,27% compared to 0,00% on 31.12.2014. This change is not considered to be significant. 2. Under Statutory Instrument No. 65/28.6.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.6.2015). As a result of this: a) Equities listed on the Athens Exchange were valued based on the cash-settled stock exchange transaction closing prices on 26.6.2015. b) Deposits the mutual fund has with Greek credit institutions are subject to the cash withdrawal and capital transfer restrictions adopted in Statutory Instrument No. 65/28.6.2015 which apply in line with subsequent relevant ministerial decisions which have been issued. c) Suspension of the redemption of mutual fund units coupled with the said capital controls have significantly limited mutual fund operations. Such operations will continue to be suspended for as long as the capital controls are in place. 3. Bonds denominated in EUR were valued using Bloomberg BGN rates on 30.6.2015. The accrued interest from these transferable securities up to 30.6.2015, from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period 1.1.2015-30.6.2015. 4. The time deposits listed in the cash assets on 30.6.2015 were valued at current prices. The accrued interest on the time deposits has been computed up to 30.6.2015 at the agreed interest rate, and reported in the results for the period 1.1.2015-30.6.2015. 5. Derivatives were not used in the period 1.1.2015-30.6.2015. 6. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A. 7. The total value of financial assets measured at fair value based on published prices was € 46.991.572,67 (notes 2 and 3) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardization and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009). 8. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/30.4.2013).

BREAKDOWN OF BONDS IN THE 3K DOMESTIC EQUITY FUND PORTFOLIO

DESCRIPTION CODE (ISIN) TYPE OF

INTEREST RATE

ISSUER DATE

INTEREST RATE QUANTITY CURRENT

PRICE CURRENT

VALUE VALUATION

SOURCE

CREDIT RATING

CONVERTIBLE WITHDRAWABLE OF ISSUE OF

MATURITY FITCH

GERMAN 01/10/2014-30/09/2015 ZERO COUPON DE0001119337 ZERO

COUPON GERMANY 1/10/2014 30/9/2014 0,000% 10.000,00 100,0680 1.000.680,00 BLOOMBERG AAA NO NO

DTB 16/03/2015-31/08/2015 ZERO COUPON NL0011214036 ZERO

COUPON HOLLAND 18/3/2014 31/8/2015 0,000% 20.000,00 100,0420 2.000.840,00 BLOOMBERG N/A. NO NO

HELLENIC REPUBLIC 17/04/2014-17/04/2019 4,75 GR0114028534

FIXED INTEREST

RATE GREECE 17/4/2014 17/4/2019 4,750% 38.000,00 54,2200 2.060.360,00 BLOOMBERG CCC NO NO

Athens, 24 July 2015

The Custodian The Management Company PIRAEUS BANK S.A. 3Κ INVESTMENT PARTNERS MUTUAL FUNDS

MANAGEMENT CO. S.A.

K. XENOU T. PAPADIMITRIOU G. KOUFOPOULOS G. VASILIOU



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Audit Report prepared by Independent Certified Public Accountant

To the Management of 3K Investment Partners Mutual Fund Management Co. S.A. on behalf of the Unitholders of the “3K DOMESTIC EQUITY FUND”

Audit Report on the Mutual Fund Half-Yearly Management Report We audited the Half-Yearly Management Report for the 3K DOMESTIC EQUITY FUND (the Management Report) for the period 1.1.2015 to 30.6.2015, prepared by the company which manages its assets, 3K INVESTMENT PARTNERS Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual Fund’s asset status and results for the period and also contains explanatory notes. Management Company responsibility for the Management Report The management team of the Management Company is responsible for preparing the Mutual Fund’s Management Report in accordance with the provisions of Law 4099/2012 on Undertakings for Collective Investment in Transferable Securities and Mutual Fund Management Companies read in conjunction with Decision No. 5567/87/8.6.2010 of the Minister of Finance, which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, and for putting in place checks and balances which the management team of Management Company considers necessary to make it possible to prepare a Management Report free of material misstatements due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the Management Report based on our audit carried out in accordance with the international standards of auditing. However, because of the issue outlined in the section entitled ‘Basis for Disclaimer of opinion’ we were not able to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Basis for Disclaimer of opinion As stated in note 2 of the Management Report, under Statutory Instrument No. 65/28.6.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.6.2015). Basis for Disclaimer of opinion - Continued Due to those events, it was not possible to value securities listed on the Athens Exchange at 30.6.2015, and valuations were carried out based on the closing price for stock exchange transactions on 26.6.2015. As a result of this, it was not possible to determine whether adjustments were needed which could affect the value of the Mutual Fund’s assets, and consequently the net price of its units on 30.6.2015, as shown in the attached Management Report. Disclaimer of opinion Due to the importance of the issue cited in the section entitled ‘Basis for Disclaimer of opinion’ it was not possible for us to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Consequently, we have not expressed an opinion on the attached Management Report.

Athens, 27 August 2015

The Certified Public Accountant

Despina Xenaki ICPA (GR) Reg. No. 14161

Chatzipavlou, Sofianos & Kambanis Auditors & Business Consultants SA.

3a Fragkoklissias & Granikou St., Marousi GR-15125



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3K GREEK VALUE DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.240/13.05.2015)

MUTUAL FUND SEMI ANNUAL MANAGEMENT REPORT AS AT 30.06.2015 In line with Article 11 & 77 of Law 4099/2012 (Government Gazette 250/A/20.12.2012) & Law 4308/2014



CURRENT

UNIT PRICE IN FX

CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 30.06.2015

ASSET STRUCTURE

ON 31.12.2014 UNITS


Domestic Equities

Equities Listed in Athens Stock Exchange EUROPEAN RELINCE INSURANCE CO SA (CR) 24.500 1,510 36.995,00

JUMBO (CR) 6.300 7,420 46.746,00

KRI KRI MILK INDUSTRY SA (CR) 5.004 1,800 9.007,20

MLS Multimedia SA (CR) 3.200 4,020 12.864,00

PLAISIO COMPUTERS (CR) 3.900 5,150 20.085,00

HELLENIC EXCHANGES (CR) 2.300 4,640 10.672,00

Piraeus Port Authority SA (CR) 1.680 13,310 22.360,80

STELIOS KANAKIS SA 7.000 1,850 12.950,00

MYTILINEOS (CR) 6.500 5,790 37.635,00

FLECOPACK SA (CR) 4.000 3,200 12.800,00

AS COMPANY SA 44.800 0,366 16.396,80

KLEEMANN HELLAS SA 7.000 1,790 12.530,00

PLASTIKA KRITIS SA (CR) 7.000 6,250 43.750,00

AEGEAN AIRLINES SA (CR) 2.600 6,180 16.068,00

KARELIA TOBACCO CO SA (CR) 80 227,950 18.236,00

PETROS PETROPOULOS SA(CR) 3.000 3,760 11.280,00

TOTAL 340.375,80 70,32%

Total Domestic Equites 340.375,80 70,32%

Total Domestic Transferable Securities

340.375,80 70,32%

TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET 340.375,80 70,32%

TOTAL TRANFERABLE SECURITIES 340.375,80 70,32%

SUNDRY DEBTORS Other debtors 536,82 0,11%

CASH

EUR Sight Deposits 15.972,80 3,30% EUR Time Deposits 149.996,17 30,99% Total Cash

165.968,97 34,29% TOTAL ASSETS 506.881,59 104,71%

LESS


80,50

SUNDRY CREDITORS

22.469,57

TIME ADJUSTMENT ACCOUNTS

294,95

TOTAL LIABILITIES

22.845,02 4,71%

TOTAL NET ASSETS

95.469,028 units x €5,0701

484.036,57 100,00%



14



EUR Units in circulation on 26.05.2015(date of establishment) 66.800,000 334.000,00

PLUS:

Sales of units from 26.05.2015 to 30.06.2015 28.669,028 143.494,29

LESS: Units redeemed from 26.05.2015 to 30.06.2015 0,000 28.669,028 0,00 143.494,29

Units in circulation on 30.06.2015 95.469,028 477.494,29


REVENUES Income from transferable securities (Dividends) 1.658,32 1.658,32

EXPENSES

Management Fee

(857,67)

Custodian’s fee and commission

(111,51)

Third party fees and expenses

(299,27)

Interests on deposits

(61,15)

Portfolio trading costs

(601,90)

Other government taxes-HCMC duties

(80,50) (2.012,00)


(353,68)



484.036,57


477.140,61 6.895,96


95.469,028 units x € 5,0701

484.036,57


Total Net Asset Value 30.06.2015 484.036,57 Units in circulation 95.469,028 Net unit value 30.06.2015 5,0701

D. REWARD-TO-VARIABILITY RATIO FROM 26.05.2015 TO 30.06.2015 STANDARD DEVIATION OF DAILY RETURN 0,88%



15



30.06.2015

30.06.2014

30.06.2013

Transferable Securities 340.375,80

0,00

0,00

Bank Deposits 165.968,97 0,00 0,00

Other assets 536,82 0,00 0,00

Total Assets 506.881,59 0,00 0,00


0,00

0,00

Net Assets Value 484.036,57 0,00 0,00

Units in circulation 95.469,03

0,00

0,00 Net Asset Value per Unit 5,0701 0,0000 0,0000

Portfolio Analysis

1. Transferable securities traded in official stock exchange 340.375,80

0,00

0,00


0,00

0,00


0,00


(1), (2) & (3) 0,00

0,00

0,00

Total 340.375,80

0,00 0,00



01.01.-30.06.2015

01.01.-30.06.2014

01.01-30.06.2013

1.658,32

0,00


0,00 Other Incomes 0,00

-857,67 0,00

0,00 0,00

Management Fees 0,00 Custodian Fees -111,51

-1.042,82

0,00 0,00

0,00 Other Expenses & Taxes 0,00

Net Income -353,68 0,00 0,00


Income distribution and reinvestments 334.000,00 0,00 0,00 New units issued 143.494,29 0,00 0,00 Units redemption 0,00 0,00 0,00 Various Investments’ measurements 6.895,96 0,00 0,00 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0,00

484.390,25 0,00 0,00

Total of net assets ‘ changes (A+B) 484.036,57 0,00 0,00

3K GREEK VALUE DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette

264/B/2.3.2006)1



16

NOTES 1. Under Statutory Instrument No. 65/28.6.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.6.2015). As a result of this: a) Equities listed on the Athens Exchange were valued based on the cash-settled stock exchange transaction closing prices on 26.6.2015. b) Deposits the mutual fund has with Greek credit institutions are subject to the cash withdrawal and capital transfer restrictions adopted in Statutory Instrument No. 65/28.6.2015 which apply in line with subsequent relevant ministerial decisions which have been issued. c) Suspension of the redemption of mutual fund units coupled with the said capital controls have significantly limited mutual fund operations. Such operations will continue to be suspended for as long as the capital controls are in place. 2. The time deposits listed in the cash assets on 30.6.2015 were valued at current prices. The accrued interest on the time deposits has been computed up to 30.6.2015 at the agreed interest rate, and net interest has arisen which has been included for the results for the period 1.1.2015-30.6.2015. 3. No derivatives were used in the period 26.5.2015 to 30.6.2015, which is the period from the date of establishment of the fund up to 30.6.2015. 4. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, and on 30.6.2015 held deposits over the 20% threshold at the same credit institution. However, it had obtained approval from the Hellenic Capital Market Commission for that. 5. The total value of financial assets measured at fair value based on published prices was € 490,371.97 (notes 1 and 2) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009). 6. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/30.4.2013). 7. This Mutual Fund received authorisation from the Hellenic Capital Market Commission in Decision No. 240/13.5.2015. Decision No. 240/13.5.2015 also granted permission to exceed the investment thresholds for a period of 6 months from the date on which the authorisation was granted. 8. The Mutual Fund became operational on 26.5.2015 in line with Hellenic Capital Market Commission Decision No. 240/13.5.2015.


The Custodian PIRAEUS BANK S.A.

The Management Company 3Κ INVESTMENT PARTNERS MUTUAL FUNDS

MANAGEMENT CO. S.A.

AIK. XENOU

T. PAPADIMITRIOU

G. KOUFOPOULOS

G. VASILIOU



17


To the Management of 3K Investment Partners Mutual Fund Management Co. S.A. on behalf of the Unitholders of the “3K GREEK VALUE DOMESTIC EQUITY FUND”

Audit Report on the Mutual Fund Half-Yearly Management Report We audited the Half-Yearly Management Report for the 3K GREEK VALUE DOMESTIC EQUITY FUND (the Management Report) for the period 1.1.2015 to 30.6.2015, prepared by the company which manages its assets, 3K INVESTMENT PARTNERS Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual Fund’s asset status and results for the period and also contains explanatory notes. Management Company responsibility for the Management Report The management team of the Management Company is responsible for preparing the Mutual Fund’s Management Report in accordance with the provisions of Law 4099/2012 on Undertakings for Collective Investment in Transferable Securities and Mutual Fund Management Companies read in conjunction with Decision No. 5567/87/8.6.2010 of the Minister of Finance, which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, and for putting in place checks and balances which the management team of Management Company considers necessary to make it possible to prepare a Management Report free of material misstatements due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the Management Report based on our audit carried out in accordance with the international standards of auditing. However, because of the issue outlined in the section entitled ‘Basis for Disclaimer of opinion’ we were not able to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Basis for Disclaimer of opinion As stated in note 1 of the Management Report, under Statutory Instrument No. 65/28.6.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.6.2015). Basis for Disclaimer of opinion - Continued Due to those events, it was not possible to value securities listed on the Athens Exchange at 30.6.2015, and valuations were carried out based on the closing price for stock exchange transactions on 26.6.2015. As a result of this, it was not possible to determine whether adjustments were needed which could affect the value of the Mutual Fund’s assets, and consequently the net price of its units on 30.6.2015, as shown in the attached Management Report. Disclaimer of opinion Due to the importance of the issue cited in the section entitled ‘Basis for Disclaimer of opinion’ it was not possible for us to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Consequently, we have not expressed an opinion on the attached Management Report.








18

3K BALANCED FUND

(Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette 264/B/2.3.2006)

MUTUAL FUND SEMI ANNUAL REPORT AS OF 30.06.2015 In line with Article 77 of Law 4099/2012 (Government Gazette 250A/20.12.2012)



CURRENT

UNIT PRICE IN FX

CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 30.06.2015

ASSET STRUCTURE

ON 31.12.2014

UNITS


Domestic Equities

Equities Listed in Athens Stock Exchange GEK SA (CR) 68.000 1,790 121.720,00

HELLENIC EXCHANGES (CR) 35.500 4,640 164.720,00 EUROPEAN RELIANCE INSURANCE CO SA (CR) 76.677 1,510 115.782,27 MYTILINEOS (CR) 70.000 5,790 405.300,00 Piraeus Port Authority SA (CR) 20.000 13,310 266.200,00 Thessaloniki Port Authority SA (CR 3.900 19,800 77.220,00 PLAISIO COMPUTERS SA (CR) 27.200 5,150 140.080.00 PLASTIKA KRITIS SA (CR) 19.786 6,250 123.662,50 TITAN (CR) 14.500 21,400 310.300,00 FOLLI FOLLIE GROUP (CR) 11.500 24,200 278.300,00 GRIVALIA PROPERTIES (CR) 13.000 7,360 95.680,00 JUMBO (CR) 85.000 7,420 630.700,00

TOTAL 2.729.664,77 40,09% 32,65%

Total Domestic Equities 2.729.664,77 40,09% 32,65%

Domestic Bonds Greek Government Bonds HELLENIC REPUBLIC 17/04/2014-17/04/2019 4,75% FXD 10.000 54,2200 542.200,00

TOTAL 542.200,00 7,96% 10,35%

Total Domestic Bonds 542.200,00 7,96% 10,35%

Total Domestic Transferable Securities

3.271.864,77 48,06% 43,00%

TRANSFERABLE SECURITIES TRADED IN FOREIGN ISSUERS’ REGULATED MARKET

Foreign Equities

Foreign Equities in USD Equities listed in New York Stock Exchange

Lenovo Group LTD - ADR 2.000 27,2115 24,3199 48.639,74

TOTAL 48.639,74 0,71% 0,00%

Foreign Equities in SEK

Equities listed in Stockholm Stock Exchange

Investor AB-B 2.700 301,000 32,6641 88.193,16

TOTAL

88.193,16 1,30% 0,00%

Total Foreign Equities

136.832,90 2,01% 0,00%



19

Foreign Bonds

Foreign Bonds in EUR

German Bonds

DEUTCH 15/08/2014-15/08/2024 1,00% FXD 9.500 102,5600 974.320,00

TOTAL

974.320,00 14,31% 12,91%

Holland Bonds

NETHER 22/03/2015-15/07/2023 1,75% FXD 2.000 107,7350 215.470,00

TOTAL 215.470,00 3,16% 11,46%

Belgium Bonds

3.000

BELGIUM 18/03/2014-22/06/2034 3,00% FXD 118,3650 355.095,00

BELGIUM 21/03/2017-28/03/2032 4,00% FXD 2.400 132,4400 317.856,00 TOTAL

672.951,00 9,88% 4,80%

France Bonds

FRANCE 06/05/2014-25/05/2030 2,50%FXD FRANCE 12/09/2006-25/10/2038 4,00%FXD

3.000 2.800

110,5250 136,6250

331.575,00 382.550,00

TOTAL 714.125,00 10,49% 4,50%

Total Foreign Bonds 2.576.866,00 37,84% 33,67%

Foreign Money Market Instruments Foreign Money Market Instruments in EUR

Holland Bonds

DTB 18/03/2015-31/08/2015 ZERO COUPON 7.500 100,042 750.315,00

TOTAL 750.315,00 11,02% 0,00%

Total Foreign Money Market Instruments 750.315,00 11,02% 0,00%

Total Foreign Transferable Securities 3.464.013,90 50,88% 0,00%

TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET 6.735.878,67 98,94% 76,67%

SUNDRY DEBTORS

Other debtors

27.978,17 0,41% 0,49%

ACCRUED INCOME RECEIVABLES

32.576.,30 0,48% 0,58%

CASH

EUR Sight deposits

91.193,28 1,34% 0,36%

EUR Time Deposits

0,00 0,00% 22,68%

Total cash

91.193,28 1,34% 23,04%

TOTAL ASSETS

6.887.626,42 101,17% 100,78%

LESS


2.666,48

SUNDRY CREDITORS

23.270,01

PROFORMA ACCOUNTS FOR INTERIM

53.358,02

TOTAL DEBT

79.294,51 1,17% 0,78%

TOTAL NET ASSETS

2.890.106,307units x €2,3557

6.808.331,91 100,00% 100,00%



20



EURO

Units in circulation on 31.12.2014 3.050.197,292

7.395.227,78

PLUS:

Sales of units 1.1.2015 to 30.06.2015 84.029,006

210.855,17

LESS:

Redemption of units 1.1.2015 to 30.06.2015 244.119,991 (160.090,985)

612.559,48 (401.704,31)

Units in circulation on 30.06.2015 2.890.106,307 6.993.523,47


REVENUES

Income from transferable securities (Dividends) 52.650,11 Interest on bonds 45.090,52 Interest on deposits

233,28 97.973,91

EXPENDITURE

Management Fee

(61.335,42)

Custodian fee and commission

(8.921,52)

Third party fees and expenses

(55.654,97)

Portfolio trading costs

(3.050,53)

Portfolio trading taxes

(1.340,89)

Other government taxes-dues

(3.690,48) (133.993,81)

CAPITAL PROFITS

Profits from sale of transferable securities

157.480,00

CAPITAL LOSSES

Exchange Differences (6.352,90)

Losses from sale of transferable securities

(232.986,56) (239.339,46)


(117.879,36)



6.808.331,91


6.875.644,11 (67.312,20)


2.890.106,307 units x € 2,3557 6.808.331,91

D. REWARD-TO-VARIABILITY RATIO FROM 1.1.2015 TO 30.06.2015 STANDARD DEVIATION OF DAILY RETURNS 1,27%

E. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS in € 2012 2013 2014 NET ASSET VALUE ON 31 Dec. 7.769.367,02 9.474.589,20 7.672.976,63 UNITS IN CIRCULATION ON 31 Dec. 3.740.726,325 3.344.540,705 3.050.197,292 NET UNIT PRICE ON 31 Dec. 2,0770 2,8329 2,5156


Total Net Asset Value 30.06.2015 6.808.331,91 Units in circulation 2.890.106,31 Net unit value 30.06.2015 2.3557



21



30.06.2015

30.06.2014

30.06.2013

Transferable Securities 6.735.878,67

10.294.277,83

6.818.506,18

Bank Deposits 91.193,28 157.102,98 692.566,84

Other assets 60.554,47 298.350,81 160.862,71

Total Assets 6.887.626,42 10.749.731,62 7.671.935,73


48.927,97

26.711,44

Net Assets Value 6.808.331,91 10.700.803,65 7.645.224,29

Units in circulation 2.890.106,31

3.187.888,20

3.560.808,23 Net Asset Value per Unit 2,3557 3,3567 2,1470

Portfolio Analysis


10.294.274,20

6.818.502,55


0,00

0,00


0,00


(1), (2) & (3) 0,00

3,63

3,63

Total 6.735.878,67

10.294.277,83 6.818.506,18



01.01.-30.06.2015

01.01.-30.06.2014

01.01-30.06.2013

-29.209,35

774.250,87


44.407,76 Other Incomes 45.323,80

-61.335,42 82.221,42

-91.307 51.177,62

Management Fees -68.667,59 Custodian Fees -8.921,52

-63.736,87

-12.522,17 -25.713,49

-9.417,28 Other Expenses & Taxes -17.433,02

Net Income -117.879,36 726.929,06 67,49


Income distribution and reinvestments 7.395.227,78 7.262.881,33 7.874.797,05 New units issued 210.855,17 252.277,98 335.793,44 Units redemption -612.559,48 -759.214,67 -731.275,96 Various Investments’ measurements -67.312,20 3.217.929,95 165.842,27 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0,00

6.926.211,27 9.973.874,59 7.645.156,80


3K BALANCED FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette

264/B/2.3.2006)1



22

NOTES 1. On 30.6.2015 the percentage of the UCITS’ assets invested in equities was 42,10% compared to 32,65% on 31.12.2014. That change was primarily due to the drop in investments in deposits. On 30.6.2015 the percentage of the UCITS’ assets invested in bonds was 56,83% compared to 44,02% on 31.12.2014. That change was primarily due to the drop in investments in deposits. On 30.6.2015 the percentage of the UCITS’ assets invested in money market instruments was 11,02% compared to 0.00% on 31.12.2014. That change was primarily due to the drop in investments in deposits. 2. Under Statutory Instrument No. 65/28.6.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.6.2015). As a result of this: a) Equities listed on the Athens Exchange were valued based on the cash-settled stock exchange transaction closing prices on 26.6.2015. b) Deposits the mutual fund has with Greek credit institutions are subject to the cash withdrawal and capital transfer restrictions adopted in Statutory Instrument No. 65/28.6.2015 which apply in line with subsequent relevant ministerial decisions which have been issued. c) Suspension of the redemption of mutual fund units coupled with the said capital controls have significantly limited mutual fund operations. Such operations will continue to be suspended for as long as the capital controls are in place. 3. Bonds denominated in EUR were valued using Bloomberg BGN rates on 30.6.2015. The accrued interest from these transferable securities up to 30.6.2015, from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period 1.1.2015-30.6.2015. 4. The time deposits listed in the cash assets on 30.6.2015 were valued at current prices. The accrued interest on the time deposits has been computed up to 30.6.2015 at the agreed interest rate, and net interest has arisen which has been included for the results for the period 1.1.2015-30.6.2015. 5. Derivatives were not used in the period 1.1.2015-30.6.2015. 6. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A. 7. The total value of financial assets measured at fair value based on published prices was € 6.735.878,67 (notes 2 and 3) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009). 8. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/30.4.2013).

Athens, 24 July 2015 The Custodian

PIRAEUS BANK S.A.

The Management Company 3Κ INVESTMENT PARTNERS MUTUAL FUND

INVESTMENT COMANY

BREAKDOWN OF BONDS IN THE 3K BALANCED FUND PORTFOLIO

DESCRIPTION CODE (ISIN) TYPE OF

INTEREST RATE ISSUER

DATE INTEREST

RATE QUANTITY

CURRENT

PRICE

CURRENT

VALUE

VALUATION

SOURCE

CREDIT RATING CONVERTIBLE WITHDRAWABLE

OF ISSUE OF MATURITY S&P/FITCH

HELLENIC REPUBLIC 17/04/2014-17/04/2019 4,75% FXD GR0114028534 FIXED GREECE 17/04/2014 17/04/2019 4,750% 10.000,00 54,2200 542.200,00 BLOOMBERG CC NO NO

DEUTSCH 15/08/2014-15/08/2024 1,00% FXDFXD DE0001102366 FIXED GERMANY 15/08/2014 15/08/2024 1,000% 9.500,00 102,5600 974.320,00 BLOOMBERG AAA NO NO

NETHER 22/03/2013-15/07/2023 1,75% FXDFXD NL0010418810 FIXED HOLLAND 22/03/2013 15/07/2023 1,750% 2.000,00 107,7350 215.470,00 BLOOMBERG AAA NO NO

BELGIUM 18/03/2014-22/03/2034 3,00% FXDFXD BE0000333428 FIXED BELGIUM 18/03/2014 22/06/2034 3,000% 3.000,00 118,3650 355.095,00 BLOOMBERG AA NO NO

FRANCE 06/05/2014-25/05/2030 2,50% FXDFXD FR0011883966 FIXED FRANCE 06/05/2014 25/05/2030 2,500% 3.000,00 110,5250 331.575,00 BLOOMBERG AA NO NO

FRANCE 12/09/2006-25/10/2038 4,00% FXDFXD FR0010371401 FIXED FRANCE 12/09/2006 25/10/2030 4,000% 2.800,00 136,6250 382.550,00 BLOOMBERG AA NO NO

BELGIUM 21/03/2012-28/03/2032 4,00% FXD DE0000326356 FIXED BELGIUM 21/03/2012 28/03/2032 4,000% 2.400,00 132,4400 317.856,00 BLOOMBERG AA NO NO

DTB 18/03/2012-31/08/2015 ZERO COUPON NL0011214036 ZERO COUPON HOLLAND 18/03/2012 31/08/2015 0,000% 7.500,00 100,04200 150.315,000 BLOOMBERG NA NO NO

E. XENOU

T. PAPADIMITRIOU

G. KOUFOPOULOS

G. VASILIOU



23

Audit Report prepared by Independent Certified Public Accountant To the Management of 3K Investment Partners Mutual Fund Management Co. S.A. on behalf of the Unitholders of the

“3K BALANCED FUND”

Audit Report on the Mutual Fund Half-Yearly Management Report We audited the Half-Yearly Management Report for the 3K BALANCED FUND (the Management Report) for the period 1.1.2015 to 30.6.2015, prepared by the company which manages its assets, 3K INVESTMENT PARTNERS Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual Fund’s asset status and results for the period and also contains explanatory notes. Management Company responsibility for the Management Report The management team of the Management Company is responsible for preparing the Mutual Fund’s Management Report in accordance with the provisions of Law 4099/2012 on Undertakings for Collective Investment in Transferable Securities and Mutual Fund Management Companies read in conjunction with Decision No. 5567/87/8.6.2010 of the Minister of Finance, which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, and for putting in place checks and balances which the management team of Management Company considers necessary to make it possible to prepare a Management Report free of material misstatements due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the Management Report based on our audit carried out in accordance with the international standards of auditing. However, because of the issue outlined in the section entitled ‘Basis for Disclaimer of opinion’ we were not able to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Basis for Disclaimer of opinion As stated in note 2 of the Management Report, under Statutory Instrument No. 65/28.6.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.6.2015). Basis for Disclaimer of opinion - Continued Due to those events, it was not possible to value securities listed on the Athens Exchange at 30.6.2015, and valuations were carried out based on the closing price for stock exchange transactions on 26.6.2015. As a result of this, it was not possible to determine whether adjustments were needed which could affect the value of the Mutual Fund’s assets, and consequently the net price of its units on 30.6.2015, as shown in the attached Management Report. Disclaimer of opinion Due to the importance of the issue cited in the section entitled ‘Basis for Disclaimer of opinion’, it was not possible for us to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Consequently, we have not expressed an opinion on the attached Management Report.



Despina Xenaki

ICPA (GR) Reg. No. 14161

Chatzipavlou, Sofianos & Kambanis Auditors & Business Consultants SA. 3a Fragkoklissias & Granikou St., Marousi GR-15125



24

3K EUROPEAN SHORT TERM MONEY MARKET FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette 264/B/2.3.2006)

MUTUAL FUND SEMI ANNUAL REPORT AS OF 30.06.2015 In line with Article 77 of Law 4099/2012 (Government Gazette 250A/20.12.2012)



CURRENT

UNIT PRICE IN FX

CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 30.06.2015

ASSET STRUCTURE ON 31.12.2014 UNITS

TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET TRANSFERABLE SECURITIES TRADED IN DOMESTIC ISSUERS’ REGULATED

MARKET

Foreign Money Market Instruments

Foreign Money Market Instruments in EUR

Holland Bonds

DTB 18/03/2015-31/08/2015 ZERO COUPON 6.000,00

100,0420 600.252,00 TOTAL

600.252,00 16,55% 0,00%

French Bonds

BTF 13/05/2015-28/10/2015 ZERO COUPON 3.000,00

100,0580 300.174,00 TOTAL

300.174,00 8,28% 0,00%

Belgium Bonds

BELGIUM 18/09/2014-17/09/2015 ZERO COUPON 2.000,00 100,0420 200.084,00

TOTAL 200.084,00 5,52% 8,42%

German Bonds 0,00% 16,84%

Total Foreign money market instruments

1.100.510,00

30,34%

25,26%

TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET

1.100.510,00

30,34%

25,26%

SUNDRY DEBTORS

0,00 0,00% 0,01%

CASH

EUR Sight deposits

148.863,76 4,10% 17,66%

EUR Time Deposits

2.379.320,52 65,60% 57,26%

Total cash assets

2.528.184,28 69,70% 74,92%

TOTAL ASSETS

3.628.694,28 100,05% 100,20%

LESS


433,43

SUNDRY CREDITORS

606,14

PROFORMA ACCOUNTS FOR INTERIM REPORTING

466,33

TOTAL DEBT

1.505,90 0,05% 0,20%

TOTAL NET ASSETS

679.322,993 units x € 5,3394

3.627.188,38 100,00% 100,00%



25

B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGES IN INVESTMENT VALUATIONS FROM 1.1.2015 TO 30.06.2015

I. UNITHOLDERS’ CAPITAL UNITS EURO Units in circulation on 31.12.2014 777.053,596 4.157.112,22

PLUS: Sales of Units from 1.1.2015 to 30.06.2015 8.891,066 47.541,42 LESS: Units redeemed from 1.1.2015 to 30.06.2015 106.621,669 (97.730,603) 570.022,19 (522.480,77) Units in circulation on 30.06.2015 679.322,993 3.634.631,45 II. INCOME STATEMENT FOR PERIOD 1.1.2015-30.06.2015 REVENUES Interests on Deposits 0,64 EXPENDITURE Management Fee (1.523,64) Custodian Fee and commission (761,91) Third party fees and expenses (1.938,75) Interests on Deposits (1.384,14) Other Government Taxes-Duties (433,43) (6.041,87) FUND PROFITS Profits from sale of Securities 20,51 FUND LOSSES Losses from sale of Transferable Securities (900,56) NET PROFITS/(LOSSES) FOR THE PERIOD 1.1.2015-30.06.2015 (6.921,28) III. CHANGE IN INVESTMENT VALUATIONS Assets at current prices (30.06.2015) 3.627.188,38 Assets at acquisition prices (30.06.2015) 3.627.710,17 (521,79) TOTAL NET VALUE OF ASSETS ON 30.06.2015 679.322,993 units x € 5,3394 3.627.188,38


Total Net Asset Value 30.06.2015 3.627.188,38 Units in circulation 679.322,993 Net unit value 30.06.2015 5,3394

D. REWARD-TO-VARIABILITY RATIO FROM 1.1.2015 TO 30.06.2015

STANDARD DEVIATION OF DAILY RETURNS 0.00%

E. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS in € 2012 2013 2014 NET ASSET VALUE ON 31 Dec. 4.909.875,84 4.389.036,02 4.156.835,23 UNITS IN CIRCULATION ON 31 Dec. 910.860,117 819.019,623 777.053,596 NET UNIT PRICE ON 31 Dec. 5,3904 5,3589 5,3495



26



30.06.2015

30.06.2014

30.06.2013

Transferable Securities 1.100.510,00

1.299.947,30

979.954,50

Bank Deposits 2.528.184,28 2.884.368,36 3.568.639,06

Other assets 0,00 8,92 76,48

Total Assets 3.628.694,28 4.184.324,58 4.548.670,04


2.503,36

4.499,38

Net Assets Value 3.627.188,38 4.181.821,22 4.544.170,66

Units in circulation 679.322,99

780.816,64

845.734,34 Net Asset Value per Unit 5,3394 5,3557 5,3730

Portfolio Analysis


1.299.947,30

979.954,50


0,00

0,00


0,00


(1), (2) & (3) 0,00

0,00

0,00

Total 1.100.510,00

1.299.947,30 979.954,50



01.01.-30.06.2015

01.01.-30.06.2014

01.01-30.06.2013

-880,05

129,14


674,22 Other Incomes 0,64

-1.523,64 1.085,13

-1.696,20 1.035,04

Management Fees -11.645,23 Custodian Fees -761,91

-3.756,32

-848,10

-2.081,49 -1.863,24

Other Expenses & Taxes -3.183,85

Net Income -6.921,28 -3.411,52 -14.983,06


Income distribution and reinvestments 4.157.112,22 4.389.136,71 4.909.538,62 New units issued 47.541,42 75.761,39 170.379,30 Units redemption -570.022,19 -280.343,84 -520.823,58 Various Investments’ measurements -521,79 769,48 59,38 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0,00

3.634.109,66 4.185.232,74 4.559.153,72


3K EUROPEAN SHORT TERM MONEY MARKET FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette

264/B/2.3.2006)1



27

NOTES 1. On 30.6.2015 the percentage of the UCITS’ assets invested in money market instruments was 30,34% compared to 25,26% on 31.12.2014. This change is not considered to be significant. On 30.6.2015 the percentage of the UCITS’ assets invested in money market instruments was 69,70% compared to 74,92% on 31.12.2014. This change is not considered to be significant. 2. Under Statutory Instrument No. 65/28.6.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.6.2015). As a result of this: a) Equities listed on the Athens Exchange were valued based on the cash-settled stock exchange transaction closing prices on 26.6.2015. b) Deposits the mutual fund has with Greek credit institutions are subject to the cash withdrawal and capital transfer restrictions adopted in Statutory Instrument No. 65/28.6.2015 which apply in line with subsequent relevant ministerial decisions which have been issued. c) Suspension of the redemption of mutual fund units coupled with the said capital controls have significantly limited mutual fund operations. Such operations will continue to be suspended for as long as the capital controls are in place. 3. The time deposits listed in the cash assets on 30.6.2015 were valued at current prices. The accrued interest on the time deposits has been computed up to 30.6.2015 at the agreed interest rate, and net interest has arisen which has been included for the results for the period 1.1.2015-30.6.2015. 4. Bonds denominated in EUR were valued using Bloomberg BGN rates on 30.6.2015. The accrued interest from these transferable securities up to 30.6.2015, from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period 1.1.2015-30.6.2015. 5. Money market instruments are debt securities with a residual life of up to 397 days until the payment date of each security, in line with Hellenic Capital Market Commission Decision No. 6/587/2.6.2011 (Government Gazette 1428/B/16.6.2011). 6. Derivatives were not used in the period 1.1.2015-30.6.2015. 7. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A. 8. The total value of financial assets measured at fair value based on published prices was € 3.479.830,52 (notes 2 and 3) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009). 9. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/30.4.2013).

BREAKDOWN OF BONDS IN THE 3K EUROPEAN SHORT-TERM MONEY MARKET FUND PORTFOLIO

DESCRIPTION CODE (ISIN) TYPE OF INTEREST RATE ISSUER

DATE INTEREST

RATE QUANTITY CURRENT PRICE

CURRENT VALUE

VALUATION SOURCE

CREDIT RATING

CONVERTIBLE WITHDRAWABLE OF ISSUE OF

MATURITY FITCH

DTB 18/03/2015-31/08/2015 ZERO COUPON NL0011214036 ZERO COUPON HOLLAND 18/3/15 31/8/15 0,000% 6.000,00 100,0420 600.252,00 BLOOMBERG NA NO NO

BTF 13/05/2015-28/10/2015 ZERO COUPON FR0122945910 ZERO COUPON FRANCE 13/5/15 28/10/15 0,000% 3.000,00 100,0580 300.174,00 BLOOMBERG No. NO NO

BELGIUM 18/09/2014-17/09/2015 ZERO COUPON BE0312722912 ZERO COUPON BELGIUM 18/9/14 17/9/15 0,000% 2.000,00 100,0420 200.084,00 BLOOMBERG No. NO NO


The Custodian The Management Company PIRAEUS BANK S.A. 3Κ INVESTMENT PARTNERS MUTUAL FUNDS MANAGEMENT

CO. S.A.

E. XENOU T. PAPADIMITRIOU G. KOUFOPOULOS G. VASILIOU



28


To the Management of 3K Investment Partners Mutual Fund Management Co. S.A. on behalf of the Unitholders of the “3K EUROPEAN SHORT-TERM MONEY MARKET FUND”

Audit Report on the Mutual Fund Half-Yearly Management Report We audited the Half-Yearly Management Report for the 3K EUROPEAN SHORT-TERM MONEY MARKET FUND (the Management Report) for the period 1.1.2015 to 30.6.2015, prepared by the company which manages its assets, 3K INVESTMENT PARTNERS Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual Fund’s asset status and results for the period and also contains explanatory notes. Management Company responsibility for the Management Report The management team of the Management Company is responsible for preparing the Mutual Fund’s Management Report in accordance with the provisions of Law 4099/2012 on Undertakings for Collective Investment in Transferable Securities and Mutual Fund Management Companies read in conjunction with Decision No. 5567/87/8.6.2010 of the Minister of Finance, which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, and for putting in place checks and balances which the management team of Management Company considers necessary to make it possible to prepare a Management Report free of material misstatements due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the Management Report based on our audit. We performed our audit in accordance with the International Standards of Auditing. These Standards require that we comply with the code of ethics, as well as plan and perform the audit so as to obtain reasonable assurance as to whether the Management Report is free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Management Report. The procedures selected depend on the auditor’s judgement, including the risk assessment of material misstatements in the Management Report, whether due to fraud or error. When carrying out the risk assessment, the auditor examines the internal checks and balances on preparation and fair presentation of the Management Report, for the purpose of designing auditing procedures which are suitable under the circumstances, and not to express an opinion on the effectiveness of the Management Company’s internal checks and balances. An audit also includes evaluating the appropriateness of the accounting principles and methods used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the Management Report. Auditor’s responsibility - continued We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the Management Report for the period 1.1.2015 to 30.6.2015 has been prepared in all material regards in accordance with the provisions of Law 4099/2012, including the information specified by Article 77 of that Law, as set out in detail in Decision No. 5567/87/8.6.2010 of the Minister of Finance which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee. Matters of emphasis We would draw your attention to the following points: (1) The tables in the Management Report entitled Balance Sheet and Statement of Changes in Net Assets, particularly in reference to their basis of preparation. (2) Note 2 of the Management Report which refers to the unique situation in the money and capital markets in Greece and the potential effects this could have on the activities of mutual funds and the valuation of their assets. Our report does not contain any qualifications in relation to those matters.








29

3K Investment Partners M.F.M.C Ministry of National Economy Decision No. 38476/B 1288/13-09-1990 General Commercial Registration No. 1003501000 25-27-29 Karneadou St., Athens GR-10675 Tel.: +30 210-7419800

www.3kip.gr Supervisory Authority: Hellenic Capital Market Investors’ Helpline +30 210 74 19 890



http://www.3kip.gr/