(formerly RICHELIEU Fd)

Variable Capital Investment Fund Luxembourg R.C.S. Luxembourg B 57 138 This report is the English translation of the annual, respectively half-yearly report in French. In case of discrepancy of content and/or meaning between the French and English versions, the French version shall prevail. No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus respectively the key investor information document ("KIID"), supplemented by the subscription form, the latest annual report and the most recent half-yearly report, if published thereafter.

Annual report including

audited financial statements as at 31 December 2018

RIVERTREE Fd

(formerly RICHELIEU Fd)

Rivertree Fd

Contents

1

Organisation .............................................................................................................................................................................. 2

Report on activities of the Board of Directors ........................................................................................................................ 3

Report of the réviseur d'entreprises agréé ............................................................................................................................. 4

Combined statement of net assets .......................................................................................................................................... 5

Combined statement of operations and other changes in net assets ................................................................................. 6

Rivertree Fd - Bond Euro Short Term ...................................................................................................................................... 7 Statement of net assets .......................................................................................................................................................... 7 Statement of operations and other changes in net assets ...................................................................................................... 8 Statistical information .............................................................................................................................................................. 9 Statement of investments and other net assets .................................................................................................................... 10 Industrial and geographical classification of investments ..................................................................................................... 12

Rivertree Fd - Flagship ........................................................................................................................................................... 13 Statement of net assets ........................................................................................................................................................ 13 Statement of operations and other changes in net assets .................................................................................................... 14 Statistical information ............................................................................................................................................................ 15 Statement of investments and other net assets .................................................................................................................... 16 Industrial and geographical classification of investments ..................................................................................................... 17

Rivertree Fd - Strategic Defensive ......................................................................................................................................... 18 Statement of net assets ........................................................................................................................................................ 18 Statement of operations and other changes in net assets .................................................................................................... 19 Statistical information ............................................................................................................................................................ 20 Statement of investments and other net assets .................................................................................................................... 22 Industrial and geographical classification of investments ..................................................................................................... 27

Rivertree Fd - Strategic Balanced .......................................................................................................................................... 29 Statement of net assets ........................................................................................................................................................ 29 Statement of operations and other changes in net assets .................................................................................................... 30 Statistical information ............................................................................................................................................................ 31 Statement of investments and other net assets .................................................................................................................... 33 Industrial and geographical classification of investments ..................................................................................................... 38

Rivertree Fd - Strategic Dynamic ........................................................................................................................................... 40 Statement of net assets ........................................................................................................................................................ 40 Statement of operations and other changes in net assets .................................................................................................... 41 Statistical information ............................................................................................................................................................ 42 Statement of investments and other net assets .................................................................................................................... 44 Industrial and geographical classification of investments ..................................................................................................... 47

Rivertree Fd - Strategic Conservative ................................................................................................................................... 49 Statement of net assets ........................................................................................................................................................ 49 Statement of operations and other changes in net assets .................................................................................................... 50 Statistical information ............................................................................................................................................................ 51 Statement of investments and other net assets .................................................................................................................... 52 Industrial and geographical classification of investments ..................................................................................................... 54

Rivertree Fd - 2020 US High Yield .......................................................................................................................................... 55 Statement of net assets ........................................................................................................................................................ 55 Statement of operations and other changes in net assets .................................................................................................... 56 Statistical information ............................................................................................................................................................ 57 Statement of investments and other net assets .................................................................................................................... 58 Industrial and geographical classification of investments ..................................................................................................... 59

Notes to the financial statements .......................................................................................................................................... 60

Additional information (unaudited) ....................................................................................................................................... 61

Rivertree Fd

2

Organisation

Rivertree Fd

3

Report on activities of the Board of Directors

Luxembourg, The Board of Directors Note: The information in this report represents historical data and is not an indication of future results.

4

Société à responsabilité limitée au capital de 35.000 € RCS Luxembourg B 67.895 Autorisation d’établissement 10022179

Deloitte Audit

Société à responsabilité limitée

560, rue de Neudorf

L-2220 Luxembourg

BP 1173

L-1011 Luxembourg

Tel: +352 451 451

www.deloitte.lu

Report of the réviseur d'entreprises agréé

Rivertree Fd

Combined statement of net assets (in EUR) as at 31 December 2018

The accompanying notes are an integral part of these financial statements.

5

Assets Securities portfolio at market value 996,653,186.02 Cash at banks 154,998,691.53 Formation expenses, net 2,533.59 Income receivable on portfolio 2,985,740.18 Interest receivable on bank accounts 6,479.04

Total assets 1,154,646,630.36

Liabilities Bank overdrafts 0.51 Payable on redemptions of shares 87,860.43 Unrealised loss on forward foreign exchange contracts 21,245.05 Expenses payable 2,926,023.80

Total liabilities 3,035,129.79

Net assets at the end of the year 1,151,611,500.57

Rivertree Fd

Combined statement of operations and other changes in net assets (in EUR) from 1 January 2018 to 31 December 2018


6

Income Dividends, net 5,271,256.38 Interest on bonds and other debt securities, net 8,114,407.18 Interest on bank accounts 18,613.28 Commissions on subscription and on redemption 227,931.97 Other commissions received 105,398.06 Other income 172.80

Total income 13,737,779.67

Expenses Management fees 10,800,855.63 Depositary fees 485,035.20 Banking charges and other fees 235,952.83 Transaction fees 1,006,358.55 Central administration costs 613,606.97 Professional fees 78,792.37 Other administration costs 368,534.82 Subscription duty ("taxe d'abonnement") 437,505.74 Bank interest paid 486,150.47 Other expenses 53,145.08

Total expenses 14,565,937.66

Net investment loss -828,157.99

Net realised gain/(loss) - on securities portfolio -2,463,319.30 - on futures contracts -662,076.80 - on forward foreign exchange contracts -1,351,631.20 - on foreign exchange -960,110.65

Realised result -6,265,295.94

Net variation of the unrealised gain/(loss) - on securities portfolio -61,263,392.66 - on forward foreign exchange contracts -434,214.52

Result of operations -67,962,903.12

Dividends paid -7,779,041.55

Subscriptions 515,166,065.93

Redemptions -287,844,288.53

Total changes in net assets 151,579,832.73

Total net assets at the beginning of the year 997,632,414.21

Revaluation difference 2,399,253.63

Total net assets at the end of the year 1,151,611,500.57

Rivertree Fd - Bond Euro Short Term

Statement of net assets (in EUR) as at 31 December 2018


7

Assets Securities portfolio at market value 165,664,195.25 Cash at banks 2,155,729.61 Income receivable on portfolio 1,371,978.87

Total assets 169,191,903.73

Liabilities Expenses payable 137,888.36

Total liabilities 137,888.36

Net assets at the end of the year 169,054,015.37

Breakdown of net assets per share class

Share class Number of

shares

Currency of

share class

NAV per share in currency of

share class

Net assets per share class

(in EUR)

I Cap 43,681.000 EUR 501.66 21,913,051.39 F Cap 54,520.492 EUR 502.53 27,398,292.54 F Dis 216,337.004 EUR 553.50 119,742,671.44

169,054,015.37


Statement of operations and other changes in net assets (in EUR) from 1 January 2018 to 31 December 2018


8

Income Interest on bonds and other debt securities, net 2,548,246.03


Expenses Management fees 394,733.42 Depositary fees 73,937.48 Banking charges and other fees 25,303.01 Central administration costs 76,053.14 Professional fees 10,862.51 Other administration costs 59,614.05 Subscription duty ("taxe d'abonnement") 68,890.42 Bank interest paid 8,640.45 Other expenses 13,307.47

Total expenses 731,341.95

Net investment income 1,816,904.08

Net realised gain/(loss) - on securities portfolio -522,687.68

Realised result 1,294,216.40

Net variation of the unrealised gain/(loss) - on securities portfolio -4,265,092.83


Dividends paid -606,657.31





Total net assets at the end of the year 169,054,015.37


Statistical information (in EUR) as at 31 December 2018

(*) Net asset value used for the final redemption. Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated. The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the Sicav.


9

Total net assets Currency 31.12.2016 31.12.2017 31.12.2018

EUR 120,048,424.27 114,051,918.71 169,054,015.37

Net asset value per share Currency 31.12.2016 31.12.2017 31.12.2018

I Cap EUR 501.80 510.19 501.66 I Dis EUR - 510.25 (*) 507.87 F Cap EUR 504.05 511.74 502.53 F Dis EUR 558.42 566.41 553.50

Annual performance per share (in %) Currency 31.12.2016 31.12.2017 31.12.2018

I Cap EUR - 1.67 -1.67 F Cap EUR - 1.53 -1.80 F Dis EUR 2.19 1.54 -1.79

Number of shares outstanding at the

beginning of the year issued redeemed outstanding at the end

of the year

I Cap 24,281.000 26,690.000 -7,290.000 43,681.000 I Dis 1.000 - -1.000 - F Cap 18,494.868 74,831.991 -38,806.367 54,520.492 F Dis 162,776.560 100,961.420 -47,400.976 216,337.004

TER per share as at 31.12.2018 (in %)

I Cap 0.37 F Cap 0.48 F Dis 0.48

Dividends paid Currency Dividend per share Ex-dividend date

F Dis EUR 2.83 29.06.2018


Statement of investments and other net assets (in EUR) as at 31 December 2018


10

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Bonds

EUR 2,200,000 ABN AMRO Bank NV 7.125% EMTN Sub 12/06.07.22 2,807,230.00 2,633,279.00 1.56 EUR 2,500,000 Accor SA 2.625% Sen 14/05.02.21 2,623,600.00 2,612,275.00 1.55 EUR 4,000,000 ACEA SpA FRN Sen Reg S 18/08.02.23 3,998,905.00 3,809,360.00 2.25 EUR 4,000,000 ALD SA FRN EMTN Ser 9 Sen Reg S 18/26.02.21 3,994,790.00 3,913,280.00 2.31 EUR 4,000,000 Anheuser-Busch InBev SA FRN EMTN Sen Reg S 18/15.04.24 3,987,810.00 3,841,880.00 2.27 EUR 4,000,000 ArcelorMittal SA 3% EMTN Reg S Sen 15/09.04.21 4,288,100.00 4,193,660.00 2.48 EUR 3,200,000 Banco Santander SA FRN EMTN Reg S Ser 323 15/04.03.20 3,194,465.00 3,209,360.00 1.90 EUR 4,000,000 Bayer Capital Corp BV FRN Sen Reg S 18/26.06.22 4,019,600.00 3,976,900.00 2.35 EUR 3,000,000 Bilfinger SE 2.375% Sen 12/07.12.19 3,090,496.00 3,037,545.00 1.80 EUR 1,800,000 Bollore 2.875% Reg S 15/29.07.21 1,922,080.00 1,839,717.00 1.09 EUR 500,000 Carrefour Banque FRN Sen 15/20.03.20 504,500.00 500,412.50 0.30 EUR 4,000,000 Deutsche Bank AG FRN EMTN Sen 14/15.04.19 3,963,065.00 3,998,420.00 2.37 EUR 4,000,000 EDP Finance BV 2.625% EMTN Sen 14/18.01.22 4,345,600.00 4,250,440.00 2.51 EUR 1,500,000 Eramet SA 4.5% 13/06.11.20 1,616,235.00 1,494,202.50 0.88 EUR 2,000,000 Fiat Chrysler Fin Europe SA 4.75% EMTN Reg S Sen 14/22.03.21 2,229,940.00 2,141,370.00 1.27 EUR 4,000,000 Ford Motor Cred Co LLC FRN EMTN Sen 18/07.12.22 3,936,800.00 3,653,600.00 2.16 EUR 4,000,000 GE Capital European Funding Co FRN EMTN 06/17.05.21 3,981,105.00 3,807,100.00 2.25 EUR 4,000,000 Gecina SA FRN EMTN Sen 17/30.06.22 4,009,620.00 3,941,380.00 2.33 EUR 1,000,000 General Mills Inc FRN Sen 16/15.01.20 999,700.00 1,004,615.00 0.59 EUR 3,500,000 Glencore Finance Europe Ltd 1.25% EMTN Reg S 15/17.03.21 3,493,880.00 3,520,142.50 2.08 EUR 3,000,000 Goldman Sachs Group Inc FRN EMTN Reg S Sen 15/29.05.20 2,990,900.00 3,000,855.00 1.78 EUR 3,000,000 HeidelbergCem Fin Lux SA 3.25% EMTN Sen 13/21.10.21 3,294,585.00 3,215,610.00 1.90 EUR 3,000,000 Hochtief AG 3.875% Sen 13/20.03.20 3,283,550.00 3,129,825.00 1.85 EUR 4,000,000 HSBC Holdings Plc FRN EMTN Sen 17/27.09.22 4,026,400.00 3,925,740.00 2.32 EUR 3,500,000 Iliad SA 2.125% Reg S Sen 15/05.12.22 3,659,730.00 3,476,777.50 2.06 EUR 3,300,000 Ingenico Group SA 2.5% 14/20.05.14 3,499,975.00 3,350,952.00 1.98 EUR 3,600,000 Intesa Sanpaolo SpA FRN EMTN Sen 15/15.06.20 3,609,090.00 3,596,688.00 2.13 EUR 3,000,000 Ipsen 1.875% Sen 16/16.06.23 3,108,985.00 3,060,900.00 1.81 EUR 2,500,000 KBC Group NV FRN EMTN Sen Reg S 17/24.11.22 2,502,200.00 2,463,187.50 1.46 EUR 2,200,000 Lagardere SCA 2% Reg S Sen 14/19.09.19 2,213,250.00 2,219,151.00 1.31 EUR 650,000 Macquarie Bank Ltd 6% EMTN Sub 10/21.09.20 741,173.75 709,910.50 0.42 EUR 4,000,000 Mylan N.V. FRN Sen Reg S 17/24.05.20 4,008,720.00 3,983,840.00 2.36 EUR 1,000,000 NIBC Bank NV 2.25% EMTN Reg S Ser DIP 16/24.09.19 995,754.55 1,016,055.00 0.60 EUR 3,100,000 Ope Reseaux Energies SCRL 4% Sen Reg S 12/02.10.21 3,429,460.00 3,411,984.00 2.02 EUR 3,500,000 Orano SA 3.25% EMTN Sen 13/04.09.20 3,687,162.50 3,535,350.00 2.09 EUR 2,000,000 Peugeot SA 2.375% EMTN Sen 16/14.04.23 2,126,355.00 2,068,060.00 1.22 EUR 2,000,000 Plastic Omnium 2.875% Sen 13/29.05.20 2,098,967.50 2,060,290.00 1.22 EUR 6,000,000 Portugal 2.2% OT'S Sen 15/17.10.22 6,426,585.00 6,471,000.00 3.83 EUR 4,500,000 ProSieben Sat.1 Media SE 2.625% Sen 14/15.04.21 4,794,645.00 4,599,675.00 2.72 EUR 950,000 Radian SA 6% Sub 09/26.06.19 1,102,760.00 976,832.75 0.58 EUR 3,000,000 RCI Banque SA FRN Sen 18/12.03.25 2,956,800.00 2,741,325.00 1.62 EUR 2,300,000 Renault SA 3.125% EMTN Sen 14/05.03.21 2,537,610.00 2,421,589.50 1.43 EUR 4,000,000 Sabic Capital BV 2.75% Reg S Sen 13/20.11.20 4,185,920.00 4,181,440.00 2.47 EUR 4,000,000 SAFRAN SA FRN Sen 17/28.06.21 4,024,430.00 3,986,640.00 2.36 EUR 500,000 SAFRAN SA FRN Sen Reg S 18/13.07.20 500,000.00 499,720.00 0.30 EUR 3,000,000 Sky Ltd FRN EMTN Reg S Sen 15/01.04.20 3,004,230.00 3,009,825.00 1.78 EUR 400,000 Société Foncière Lyonnaise SA 2.25% Reg S 15/16.11.22 426,554.44 420,758.00 0.25 EUR 4,000,000 Société Générale SA FRN Sen Reg S 17/22.05.24 4,013,880.00 3,857,100.00 2.28 EUR 500,000 Ste Autoroute Paris-Rhin-Rhone FRN EMTN Reg S 15/03.01.20 503,669.05 502,307.50 0.30 EUR 2,400,000 Telecom Italia SpA 4.5% EMTN Reg S Sen 14/25.01.21 2,717,220.00 2,540,376.00 1.50 EUR 1,000,000 Telefon AB LM Ericsson 0.875% EMTN Sen Reg S 17/01.03.21 1,001,105.00 1,003,250.00 0.59 EUR 1,000,000 Teva Pharmaceutical Fin II BV 0.375% Reg S Sen 16/25.07.20 979,685.00 977,675.00 0.58 EUR 3,000,000 UCB 4.125% EMTN Sen 13/04.01.21 3,349,905.00 3,227,985.00 1.91 EUR 3,500,000 Vestas Wind Systems A/S 2.75% Reg S Sen 15/11.03.22 3,737,381.00 3,678,167.50 2.18 EUR 4,000,000 Vonovia Finance BV FRN Sen Reg S 18/22.12.22 4,006,050.00 3,930,540.00 2.32

Total bonds 162,552,208.79 158,630,320.25 93.83


Statement of investments and other net assets (in EUR) (continued) as at 31 December 2018


11



Transferable securities dealt in on another regulated market

Bonds

EUR 3,000,000 Havas SA 1.875% Reg S Sen 15/08.12.20 3,036,895.00 3,077,415.00 1.82

Total bonds 3,036,895.00 3,077,415.00 1.82

Other transferable securities

Bonds

EUR 4,000,000 AT&T Inc FRN 18/05.09.23 4,047,239.79 3,956,460.00 2.34

Total bonds 4,047,239.79 3,956,460.00 2.34

Total investments in securities 169,636,343.58 165,664,195.25 97.99

Cash at banks 2,155,729.61 1.28

Other net assets/(liabilities) 1,234,090.51 0.73

Total 169,054,015.37 100.00


Industrial and geographical classification of investments as at 31 December 2018

12

Industrial classification

(in percentage of net assets)

Financials 41.77 %

Cyclical consumer goods 14.14 %

Industrials 8.79 %

Utilities 6.36 %

Healthcare 6.08 %

Telecommunications services 5.90 %

Countries and governments 3.83 %

Raw materials 3.36 %

Non-cyclical consumer goods 2.86 %

Technologies 2.57 %

Investment funds 2.33 %

Total 97.99 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

France 31.09 %

The Netherlands 14.75 %

Germany 8.74 %

Belgium 7.66 %

United States of America 6.87 %

Italy 5.88 %

Luxembourg 5.65 %

United Kingdom 4.10 %

Portugal 3.83 %

Ireland 2.25 %

Denmark 2.18 %

Jersey 2.08 %

Spain 1.90 %

Sweden 0.59 %

Australia 0.42 %

Total 97.99 %

Rivertree Fd - Flagship



13

Assets Securities portfolio at market value 114,749,773.06 Cash at banks 2,206,399.52 Income receivable on portfolio 1,132.14


Liabilities Payable on redemptions of shares 87,860.43 Expenses payable 424,726.10




Number of

shares

Currency of

share class


share class


(in EUR)

R Cap 60,547.864 EUR 557.98 33,784,571.00 R Dis 90,331.521 EUR 476.46 43,039,108.68 F Cap 29,556.612 EUR 460.94 13,623,748.17 F Dis 23,576.269 EUR 461.36 10,877,231.10 F1 Cap 11,222.399 EUR 980.78 11,006,682.42 F1 Dis 4,391.856 EUR 936.59 4,113,376.82

116,444,718.19




14

Income Dividends, net 344,796.69 Interest on bank accounts 30.61

Total income 344,827.30

Expenses Management fees 1,854,946.89 Depositary fees 71,221.52 Banking charges and other fees 21,509.66 Transaction fees 698,472.41 Central administration costs 131,858.97 Professional fees 10,532.49 Other administration costs 67,487.04 Subscription duty ("taxe d'abonnement") 50,736.65 Bank interest paid 61,828.17 Other expenses 16,109.42


Net investment loss -2,639,875.92

Net realised gain/(loss) - on securities portfolio -5,739,264.52 - on foreign exchange -560,960.95

Realised result -8,940,101.39






Total changes in net assets -31,273,457.13





Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated. The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the Sicav.


15


EUR 193,774,893.93 147,718,175.32 116,444,718.19


R Cap EUR 585.11 611.84 557.98 R Dis EUR 524.13 537.78 476.46 F Cap EUR - 502.91 460.94 F Dis EUR - 503.36 461.36 F1 Cap EUR 1,009.45 1,065.82 980.78 F1 Dis EUR 1,001.29 1,047.50 936.59


R Cap EUR -4.82 4.57 -8.80 R Dis EUR -4.82 4.65 -8.80 F Cap EUR - - -8.35 F Dis EUR - - -8.34 F1 Cap EUR - 5.58 -7.98 F1 Dis EUR - 5.57 -7.98



of the year

R Cap 76,042.373 8,142.906 -23,637.415 60,547.864 R Dis 119,194.058 5,435.356 -34,297.893 90,331.521 F Cap 29,327.200 14,253.012 -14,023.600 29,556.612 F Dis 21,231.017 12,868.708 -10,523.456 23,576.269 F1 Cap 8,700.705 5,708.944 -3,187.250 11,222.399 F1 Dis 2,274.873 3,138.083 -1,021.100 4,391.856


R Cap 2.08 R Dis 2.08 F Cap 1.58 F Dis 1.58 F1 Cap 1.19 F1 Dis 1.19


R Dis EUR 15.06 29.06.2018 F1 Dis EUR 29.33 29.06.2018




16





Investment certificates

EUR 112,327 DB ETC Plc Certif Physical Gold 15.06.60 9,751,631.52 9,978,007.41 8.57 EUR 361,850 ETFS Hedged Metal Sec Ltd Certif Gold Perpetual 2,990,690.25 2,998,289.10 2.57

12,742,321.77 12,976,296.51 11.14

USD 48,550 ETFS Metal Sec Ltd Certif Gold Perpetual 4,926,499.79 5,207,975.07 4.47

Total investment certificates 17,668,821.56 18,184,271.58 15.61

Open-ended investment funds

Investment funds (UCITS)

EUR 42,882 DNCA Invest Alpha Bonds I Cap 4,355,786.24 4,324,649.70 3.71 EUR 20,670 DPAM Invest B SA Real Estate Europe Dividend F Cap 4,428,355.04 4,153,843.20 3.57 EUR 77,140 Morgan Stanley Inv Fds Global Brands ZH EUR Cap 5,713,662.83 5,321,888.60 4.57 EUR 20 Rivertree Bond EUR I Cap 1,000,445.60 978,174.20 0.84 EUR 89 Rivertree Equity Fd Income Europe I Cap 4,455,952.06 4,073,147.30 3.50 EUR 3,342 Rivertree Fd Bond Euro Short Term I Cap* 1,699,373.58 1,676,547.72 1.44

Total investment funds (UCITS) 21,653,575.35 20,528,250.72 17.63

Tracker funds (UCITS)

EUR 24,240 iShares IV Plc EUR Ultrashort Bond UCITS ETF EUR Dist 2,427,286.28 2,419,636.80 2.08 EUR 36,293 iShares V Plc Germany Govt Bond UCITS ETF EUR Dist 5,086,772.82 5,122,756.95 4.40 EUR 37,122 JPMorgan ETFs (Ireland) ICAV EUR Ultra-Sh Inc UCITS ETF Dist 3,714,325.37 3,698,650.47 3.18 EUR 807,482 Xtrackers ES 50 Short Daily Swap UCITS ETF 1C Cap 12,196,257.09 12,483,671.72 10.72

23,424,641.56 23,724,715.94 20.38

USD 37,662 iShares II Plc USD Treasury Bond 7-10yr UCITS ETF Dist 6,272,685.28 6,289,521.05 5.40 USD 2,112,546 iShares IV Plc USD Treasury Bd 20+yr UCITS ETF Dist 8,347,179.21 8,339,289.20 7.16 USD 3,513 iShares IV Plc USD Ultrashort Duration Bd UCITS ETF Dist 308,530.83 307,118.57 0.26 USD 3,144,336 iShares Plc USD Treasury Bond 1-3yr UCITS ETF Cap 13,905,955.73 13,952,819.06 11.98 USD 2,014,066 iShares V Plc S&P 500 Utilities Sector UCITS ETF USD Cap 10,028,579.94 9,557,122.02 8.21 USD 472,827 iShares V Plc S&P500 Health Care Sector UCITS ETF USD Cap 2,775,055.02 2,580,278.57 2.22 USD 3,508 JPMorgan ETFs (Ireland) ICAV USD Ultra-Short Inc UCITS Dist 306,049.79 307,464.08 0.26 USD 769,494 Xtrackers S&P 500 Inverse Daily UCITS ETF 1C USD Cap 10,712,008.40 10,978,922.27 9.43

52,656,044.20 52,312,534.82 44.92

Total tracker funds (UCITS) 76,080,685.76 76,037,250.76 65.30


Cash at banks 2,206,399.52 1.89

Other net assets/(liabilities) -511,454.39 -0.43

Total 116,444,718.19 100.00

* see Note 12



17




Financials 15.61 %

Total 98.54 %



Ireland 45.15 %

Luxembourg 34.21 %

Jersey 15.61 %

Belgium 3.57 %

Total 98.54 %

Rivertree Fd - Strategic Defensive



18



Liabilities Bank overdrafts 0.44 Expenses payable 716,517.96





shares

Currency of

share class


share class


(in EUR)

I Dis (restricted) 4.552,000 EUR 1.039,38 4.731.265,12 F Cap (restricted) 141.858,076 EUR 1.034,23 146.714.482,22 F Dis (restricted) 77.624,620 EUR 1.003,65 77.908.163,86 F1 Cap (restricted) 1.236,212 EUR 9.504,27 11.749.290,62 F1 Dis (restricted) 1.403,322 EUR 9.504,66 13.338.099,93 F2 Cap (restricted) 633,980 EUR 19.253,43 12.206.288,15 F2 Dis (restricted) 695,318 EUR 19.250,25 13.385.044,47 F3 Cap (restricted) 51,500 EUR 47.944,87 2.469.160,89

282.501.795,26




19

Income Dividends, net 1,046,086.44 Interest on bonds and other debt securities, net 2,147,902.99 Other commissions received 41,857.20





Net realised gain/(loss) - on securities portfolio 1,616,374.51 - on futures contracts -254,351.00 - on foreign exchange -61,826.99

Realised result 1,149,333.51













20


EUR 169,129,488.02 268,959,133.59 282,501,795.26


I Cap (restricted) EUR 1,069.94 1,107.73 (*) 1,110.06 I Dis (restricted) EUR 1,063.17 1,090.48 1,039.38 F Cap (restricted) EUR 1,053.35 1,080.93 1,034.23 F Dis (restricted) EUR 1,042.28 1,059.63 1,003.65 F1 Cap (restricted) EUR - 9,914.15 9,504.27 F1 Dis (restricted) EUR - 9,914.84 9,504.66 F2 Cap (restricted) EUR - 20,054.09 19,253.43 F2 Dis (restricted) EUR - 20,051.75 19,250.25 F3 Cap (restricted) EUR - - 47,944.87


I Dis (restricted) EUR 3,11 3,53 -3,72 F Cap (restricted) EUR 2,21 2,62 -4,32 F Dis (restricted) EUR 2,21 2,62 -4,32 F1 Cap (restricted) EUR - - -4,13 F1 Dis (restricted) EUR - - -4,14 F2 Cap (restricted) EUR - - -3,99 F2 Dis (restricted) EUR - - -4,00



of the year

I Cap (restricted) 1,095.000 - -1,095.000 - I Dis (restricted) 4,528.000 42.000 -18.000 4,552.000 F Cap (restricted) 144,874.343 20,580.160 -23,596.427 141,858.076 F Dis (restricted) 77,759.665 15,824.264 -15,959.309 77,624.620 F1 Cap (restricted) 891.100 458.032 -112.920 1,236.212 F1 Dis (restricted) 674.000 1,099.340 -370.018 1,403.322 F2 Cap (restricted) 292.680 382.900 -41.600 633.980 F2 Dis (restricted) 121.000 579.791 -5.473 695.318 F3 Cap (restricted) - 51.500 - 51.500


Statistical information (in EUR) (continued) as at 31 December 2018



21


I Dis (restricted) 0,76 F Cap (restricted) 1,38 F Dis (restricted) 1,38 F1 Cap (restricted) 1,19 F1 Dis (restricted) 1,20 F2 Cap (restricted) 1,04 F2 Dis (restricted) 1,05 F3 Cap (restricted) 0,93


I Dis (restricted) EUR 10.90 29.06.2018 F Dis (restricted) EUR 10.60 29.06.2018




22





Shares

CHF 500 Geberit AG Reg 198,519.33 169,695.94 0.06 CHF 4,800 HBM Healthcare Inv AG A Reg 578,402.42 662,200.33 0.23

776,921.75 831,896.27 0.29

DKK 16,500 Ambu AS B Bearer Reg 504,051.03 346,334.61 0.12 DKK 5,500 Chr. Hansen Holding A/S 421,750.33 425,067.13 0.15 DKK 5,000 Novo Nordisk AS B 210,342.68 199,646.04 0.07 DKK 2,000 Schouw & Co 166,507.84 130,175.38 0.05 DKK 22,000 Tryg A/S 446,091.70 483,305.60 0.17

1,748,743.58 1,584,528.76 0.56

EUR 1,750 Ackermans & Van Haaren SA 210,716.84 230,650.00 0.08 EUR 7,500 Ageas NV 262,046.81 294,750.00 0.10 EUR 9,300 Anheuser-Busch InBev SA 789,823.30 536,610.00 0.19 EUR 3,900 ASML Holding NV 389,135.34 534,924.00 0.19 EUR 25,000 Axa SA 572,172.90 471,450.00 0.17 EUR 99,000 Caixabank SA 399,772.11 313,236.00 0.11 EUR 4,000 CapGemini SE 357,611.11 347,200.00 0.12 EUR 7,000 Deutsche Boerse AG Reg 742,488.92 734,650.00 0.26 EUR 6,500 Edenred SA 218,069.34 208,715.00 0.07 EUR 7,500 Elis SA 171,034.46 109,125.00 0.04 EUR 20,000 Engie SA 296,336.99 250,500.00 0.09 EUR 2,500 EssilorLuxottica SA 288,012.18 276,125.00 0.10 EUR 4,300 Galapagos Genomics NV 362,949.91 346,408.00 0.12 EUR 3,000 Groupe Bruxelles Lambert SA 231,197.19 228,240.00 0.08 EUR 38,000 ING Groep NV 491,205.12 357,580.00 0.13 EUR 70,000 Intesa Sanpaolo SpA 219,514.77 135,786.00 0.05 EUR 5,000 Ipsen 640,050.67 564,250.00 0.20 EUR 8,000 KBC Group SA 471,407.05 453,440.00 0.16 EUR 1,150 Kering Reg 539,395.65 473,340.00 0.17 EUR 3,600 Kerry Group Plc A 291,728.01 311,400.00 0.11 EUR 8,067 Koninklijke DSM NV 583,559.45 576,306.48 0.20 EUR 2,000 L'Oréal SA 352,313.56 402,400.00 0.14 EUR 4,000 LEG Immobilien AG Reg 382,136.97 364,480.00 0.13 EUR 2,650 LVMH Moët Hennessy L Vuit SE 482,100.55 684,230.00 0.24 EUR 5,000 Melexis NV 392,526.15 254,500.00 0.09 EUR 3,250 Michelin SA 328,379.50 281,775.00 0.10 EUR 77,000 Navigator (The) Co SA Reg 375,300.71 277,200.00 0.10 EUR 6,000 NN Group NV 227,494.65 208,800.00 0.07 EUR 29,000 Orange SA 406,294.22 410,495.00 0.15 EUR 4,300 Pernod-Ricard SA 577,064.34 616,190.00 0.22 EUR 17,000 Plastic Omnium 533,769.35 342,890.00 0.12 EUR 800 Puma SE 380,659.43 341,600.00 0.12 EUR 7,300 Renault SA 611,408.14 398,215.00 0.14 EUR 20,000 Royal Dutch Shell Plc A 493,526.38 513,100.00 0.18 EUR 7,000 Royal Philips NV 225,253.41 216,510.00 0.08 EUR 5,000 Sanofi SA 360,384.93 378,300.00 0.13 EUR 4,000 SAP SE 318,737.52 347,720.00 0.12 EUR 9,000 Schneider Electric SE 544,051.47 537,480.00 0.19 EUR 3,500 Teleperformance SE 315,367.08 488,600.00 0.17 EUR 16,000 Total SA 720,185.65 738,880.00 0.26 EUR 15,000 Umicore SA 582,757.02 522,900.00 0.19 EUR 14,500 UPM-Kymmene Corp 437,338.00 321,175.00 0.11 EUR 6,600 Vinci SA 522,041.12 475,332.00 0.17 EUR 23,000 Vonovia SE 926,157.78 910,570.00 0.32 EUR 2,200 Wirecard AG 155,808.98 292,160.00 0.10

19,179,285.03 18,080,187.48 6.38

GBP 9,500 AstraZeneca Plc 589,904.87 621,343.36 0.22 GBP 67,000 BP Plc 390,810.53 370,050.29 0.13 GBP 40,000 HSBC Holdings Plc 344,162.89 288,167.63 0.10




23



GBP 20,000 Relx Plc 305,800.67 360,042.49 0.13 GBP 11,300 Rio Tinto Plc 380,734.88 469,391.62 0.17

2,011,413.84 2,108,995.39 0.75

NOK 11,500 Aker BP ASA 284,683.26 253,305.94 0.09 NOK 35,000 DNB ASA 564,137.17 488,551.08 0.17 NOK 31,000 Equinor ASA 615,902.08 575,546.06 0.20 NOK 25,000 Telenor ASA 460,496.59 423,102.77 0.15

1,925,219.10 1,740,505.85 0.61

SEK 5,500 Investor AB B 212,985.76 203,693.16 0.07 SEK 8,888 Latour Investment AB B Reg 83,512.31 98,154.51 0.03

296,498.07 301,847.67 0.10

USD 9,700 Aflac Inc 369,780.92 386,642.17 0.14 USD 2,000 Alibaba Group Holding Ltd ADR repr 1 Share 287,823.01 239,842.52 0.09 USD 450 Alphabet Inc A 288,467.08 411,401.57 0.15 USD 290 Amazon.com Inc 212,986.85 381,077.25 0.14 USD 2,200 Apple Inc 322,353.67 303,611.55 0.11 USD 26,000 Bank of America Corp 565,006.99 560,489.94 0.20 USD 8,000 Baxter Intl Inc 504,397.84 460,682.41 0.16 USD 170 Booking Holdings Inc Reg 229,974.96 256,177.95 0.09 USD 5,000 Chevron Corp 515,181.18 475,896.76 0.17 USD 11,000 Cisco Systems Inc 353,954.27 416,999.13 0.15 USD 14,000 Citigroup Inc 774,929.68 637,655.29 0.23 USD 6,000 Cognizant Tec Solutions Corp 322,846.01 333,228.35 0.12 USD 3,200 Costco Wholesale Corp 597,567.85 570,316.71 0.20 USD 3,500 Eli Lilly & Co 268,898.54 354,348.21 0.13 USD 1,750 Fedex Corp 307,068.60 247,005.69 0.09 USD 14,000 Gentex Corp 271,741.22 247,541.56 0.09 USD 2,500 Gilead Sciences Inc 176,175.95 136,811.02 0.05 USD 6,800 Halliburton Co (Hg Co) 267,749.14 158,131.23 0.06 USD 2,500 Home Depot Inc 308,231.08 375,809.27 0.13 USD 4,600 Honeywell Intl Inc 452,397.24 531,716.54 0.19 USD 25,500 HP Inc 466,666.30 456,456.69 0.16 USD 8,200 JPMorgan Chase & Co 550,445.16 700,335.96 0.25 USD 5,000 Linde PLC Reg 554,183.36 682,589.68 0.24 USD 5,500 Lyondellbasell Industries NV 437,610.10 400,157.48 0.14 USD 1,500 Mc Donald's Corp 245,629.43 233,031.50 0.08 USD 5,800 Medtronic Plc Reg 377,939.20 461,564.30 0.16 USD 10,500 Micron Technology Inc 436,629.61 291,482.94 0.10 USD 8,600 Microsoft Corp 512,303.70 764,218.72 0.27 USD 3,600 Nike Inc B 237,351.61 233,511.81 0.08 USD 4,800 Pepsico Inc 443,569.16 463,958.01 0.16 USD 9,600 Pfizer Inc 276,882.35 366,614.17 0.13 USD 3,200 Procter & Gamble Co 265,995.68 257,343.83 0.09 USD 5,000 Prudential Financial Inc 452,373.57 356,736.66 0.13 USD 4,800 Qualcomm Inc 274,500.63 238,992.13 0.08 USD 5,500 Schlumberger Ltd 318,095.87 173,613.30 0.06 USD 2,860 Stryker Corp 314,880.14 392,217.85 0.14 USD 7,000 T-Mobile US Inc 319,950.32 389,562.55 0.14 USD 2,000 T. Rowe Price Group Inc 144,580.23 161,539.81 0.06 USD 4,000 Tapestry Inc Reg 165,541.23 118,110.24 0.04 USD 4,300 Target Corp 322,810.14 248,632.55 0.09 USD 10,000 Tencent Holdings Ltd unspons ADR repr 1 Share 264,789.09 345,319.34 0.12 USD 3,900 Texas Instruments Inc 275,273.73 322,440.94 0.11 USD 1,000 Travelers Cies Inc 120,130.18 104,768.15 0.04 USD 5,500 Tyson Foods Inc Cl A 318,612.88 256,955.38 0.09 USD 2,300 United Health Group Inc 398,674.36 501,291.34 0.18 USD 5,500 Visa Inc A 442,407.42 634,881.89 0.22 USD 2,200 Walmart Inc Reg 182,151.48 179,291.34 0.06 USD 4,000 Walt Disney Co (The) 379,180.30 383,727.03 0.14 USD 6,000 Waste Management Inc 436,443.36 467,139.11 0.17

17,333,132.67 18,071,869.82 6.42

Total shares 43,271,214.04 42,719,831.24 15.11




24



Closed-ended investment funds

EUR 8,235 Aedifica SICAFI Dist 621,645.33 648,094.50 0.23 EUR 2,500 Altarea 521,980.00 414,500.00 0.15 EUR 5,000 Argan 200,909.10 219,500.00 0.08 EUR 2,000 Gecina Reg 288,638.40 226,000.00 0.08

Total closed-ended investment funds 1,633,172.83 1,508,094.50 0.54




Bonds

AUD 1,600,000 Wells Fargo & Co 3.25% Sen 17/27.04.22 1,027,787.64 992,544.57 0.35 EUR 2,000,000 Accor SA 2.375% Reg S Sen 15/17.09.23 2,038,600.00 2,113,500.00 0.75 EUR 1,250,000 Adler Real Estate AG 1.5% Sen Reg S 17/06.12.21 1,244,750.00 1,220,768.75 0.43 EUR 778,000 Albemarle Corp 1.875% Reg S Sen 14/08.12.21 788,242.17 808,159.17 0.29 EUR 2,600,000 AP Moeller Maersk AS 1.5% EMTN Reg S Sen 15/24.11.22 2,557,920.00 2,663,804.00 0.94 EUR 1,000,000 Axa SA VAR EMTN Reg S Sub 14/08.10.Perpetual 1,082,000.00 1,018,100.00 0.36 EUR 1,400,000 Banco Santander SA 1.375% Reg S Sen 17/09.02.22 1,412,960.00 1,418,382.00 0.50 EUR 600,000 Banco Santander SA VAR Conv Sub Reg S 17/25.07.Perpetual 640,080.00 610,137.00 0.22 EUR 1,200,000 Barclays Plc 1.875% EMTN Reg S Sen 16/23.03.21 1,215,416.84 1,220,508.00 0.43 EUR 1,000,000 Booking Holdings Inc 1.8% Sen 15/03.03.27 996,810.00 1,005,585.00 0.36 EUR 2,000,000 BPCE SA 2.875% EMTN Reg S Sub 16/22.04.26 2,114,500.00 2,083,980.00 0.74 EUR 2,500,000 Bureau Veritas SA 3.125% Sen 14/21.01.21 2,685,330.00 2,638,050.00 0.93 EUR 1,000,000 Commonwealth Bank of Australia VAR EMTN Reg S 15/22.04.27 1,026,700.00 1,002,765.00 0.36 EUR 2,400,000 Covivio SA 1.75% Sen 14/10.09.21 2,398,800.00 2,462,844.00 0.87 EUR 2,000,000 Deutschland ILB Ser I/L 12/15.04.23 2,264,234.01 2,272,929.30 0.80 EUR 1,200,000 EDP Finance BV 2% EMTN Reg S Sen 15/22.04.25 1,200,740.00 1,221,192.00 0.43 EUR 1,500,000 Energa Finance AB 3.25% EMTN Reg S Sen 13/19.03.20 1,646,852.75 1,551,787.50 0.55 EUR 1,000,000 Espana 5.4% Sen 13/31.01.23 1,270,560.00 1,211,575.00 0.43 EUR 2,000,000 Espana ILB Sen 14/30.11.24 2,266,220.97 2,355,412.14 0.83 EUR 2,600,000 Eurofins Scientific SA 2.25% Sen 15/27.01.22 2,609,960.00 2,620,696.00 0.93 EUR 1,700,000 EXOR NV 2.5% Sen 14/08.10.24 1,794,010.00 1,769,445.00 0.63 EUR 2,500,000 FCE Bank Plc 1.528% EMTN Reg S Sen 15/09.11.20 2,500,800.00 2,512,987.50 0.89 EUR 2,300,000 Ferrari NV 1.5% Reg S Sen 16/16.03.23 2,279,480.00 2,303,507.50 0.82 EUR 1,500,000 Ferrovie dello Stato FS SPA 3.5% EMTN Ser 2 Sen 13/13.12.21 1,687,215.00 1,591,725.00 0.56 EUR 1,800,000 France ILB OAT 10/25.07.19 2,060,741.40 2,004,335.26 0.71 EUR 2,500,000 Gaz Capital SA 2.25% Sen Reg S 17/22.11.24 2,501,500.00 2,397,862.50 0.85 EUR 1,000,000 Glencore Finance Europe Ltd 1.25% EMTN Reg S 15/17.03.21 1,018,650.00 1,005,755.00 0.36 EUR 1,000,000 Goldman Sachs Group Inc 4.75% Sub 06/12.10.21 1,175,400.00 1,093,335.00 0.39 EUR 1,300,000 HeidelbergCement AG 2.25% EMTN Reg S Sen 16/03.06.24 1,397,580.00 1,355,009.50 0.48 EUR 1,000,000 Intesa Sanpaolo SpA 1.125% Reg S Sen 15/04.03.22 988,630.00 983,400.00 0.35 EUR 1,800,000 Ipsen 1.875% Sen 16/16.06.23 1,882,080.00 1,836,540.00 0.65 EUR 6,000,000 Italia 0.05% Ser 3Y 18/15.04.21 5,933,400.00 5,912,310.00 2.09 EUR 6,000,000 Italia 0.35% T-Bonds Ser 3Y Sen 17/15.06.20 6,021,360.00 5,995,500.00 2.12 EUR 2,500,000 Italia 5% BTP 11/01.03.22 2,974,000.00 2,792,375.00 0.99 EUR 2,500,000 Italia 5.5% BTP 12/01.11.22 3,073,000.00 2,869,312.50 1.02 EUR 1,000,000 Italia ILB Ser 5Y 16/15.05.22 983,050.00 1,022,210.82 0.36 EUR 2,600,000 JAB Holdings BV 2.125% Reg S Sen 15/16.09.22 2,604,960.00 2,743,975.00 0.97 EUR 2,100,000 Jefferies Group Inc 2.375% EMTN Reg S 14/20.05.20 2,109,104.30 2,150,337.00 0.76 EUR 1,000,000 KBC Group NV VAR 18/31.12.Perpetual 995,500.00 853,290.00 0.30 EUR 1,800,000 mFinance France SA 2.375% EMTN Reg S Ser 4 14/01.04.19 1,838,518.50 1,809,711.00 0.64 EUR 1,000,000 Petroleos Mexicanos 1.875% EMTN Sen 15/21.04.22 988,000.00 945,600.00 0.33 EUR 900,000 Procter & Gamble Co 0.5% Sen 17/25.10.24 894,942.00 893,821.50 0.32 EUR 500,000 RCI Banque SA FRN EMTN Sen 17/04.11.24 500,300.00 462,245.00 0.16 EUR 2,500,000 Ryanair DAC 1.125% EMTN Sen 15/10.03.23 2,450,220.00 2,478,050.00 0.88 EUR 2,500,000 Sky Ltd FRN EMTN Reg S Sen 15/01.04.20 2,500,500.00 2,508,187.50 0.89 EUR 1,000,000 Slovakia 0% Ser 230 16/13.11.23 986,420.00 995,840.00 0.35 EUR 1,000,000 Syngenta Finance NV 1.875% EMTN Sen 14/02.11.21 1,034,900.00 1,014,465.00 0.36 EUR 2,500,000 TA MFG Ltd 3.625% Reg S Sen 15/15.04.23 2,487,750.00 2,536,375.00 0.90




25



EUR 802,000 Tesco Plc 1.375% EMTN Sen 14/01.07.19 789,045.12 806,499.22 0.29 EUR 2,100,000 Vestas Wind Systems A/S 2.75% Reg S Sen 15/11.03.22 2,090,700.00 2,206,900.50 0.78 EUR 1,500,000 VGP SA 3.5% Sen Reg S 18/19.03.26 1,501,875.00 1,490,865.00 0.53

93,504,308.06 92,841,947.16 32.88

JPY 140,000,000 EIB 1.9% Reg S Sen 06/26.01.26 1,258,225.76 1,279,648.02 0.45 NOK 5,000,000 BMW Finance NV 1.375% EMTN Reg S Sen 16/25.10.19 517,512.93 504,553.21 0.18 NOK 5,000,000 BNP Paribas SA 3.125% Ser 16578 Sen 14/24.06.19 529,049.68 508,817.07 0.18 NOK 8,500,000 Cooperatieve Rabobank UA 1.625% EMTN Gl Ser 3066A17/20.01.22 899,903.46 857,663.15 0.30 NOK 8,500,000 Deutsche Bank AG 2.5% EMTN Sen Reg S 16/20.09.22 914,950.15 848,263.20 0.30 NOK 10,000,000 EIB 1.5% EMTN Sen 15/12.05.22 1,036,980.92 1,016,760.15 0.36 NOK 8,000,000 JPMorgan Chase & Co 1.375% EMTN Sen Reg S 17/01.06.21 819,652.70 802,629.23 0.28 NOK 8,500,000 Nordic Investment Bank 1.375% GMTN Sen 15/15.07.20 911,849.75 859,840.30 0.30 NOK 10,000,000 Volkswagen Financial Serv NV 1.75% EMTN Sen 17/14.04.20 1,043,434.87 1,011,112.05 0.36

6,673,334.46 6,409,638.36 2.26

Total bonds 102,463,655.92 101,523,778.11 35.94


Bonds

JPY 160,000,000 Japan ILB Ser 21 16/10.03.26 1,314,580.35 1,336,384.14 0.47

Total bonds 1,314,580.35 1,336,384.14 0.47


Bonds

AUD 1,600,000 AMP Bank Ltd FRN Ser MTN Sen 15/11.06.19 1,026,126.38 986,538.94 0.35 EUR 1,000,000 AT&T Inc FRN 18/05.09.23 1,012,330.00 989,115.00 0.35

Total bonds 2,038,456.38 1,975,653.94 0.70

Warrants and rights

EUR 3,100 Cofinimmo SA Droits d'attribut 31.12.99 0.00 8,494.00 0.00

Total warrants and rights 0.00 8,494.00 0.00



EUR 24,167 Aviva Investors Short Duration Global HY Bond Fd Ih EUR Cap 2,667,623.54 2,589,817.89 0.92 EUR 55,000 AXA IM Fixed Inc Inv Str Europe Short Duration HY B EUR Cap 7,335,900.00 7,147,800.00 2.53 EUR 132,000 Fidelity Fds Asia Focus Y EUR Cap 1,663,551.52 1,962,840.00 0.70 EUR 60 Richelieu Obligations CT I Cap 6,456,435.90 6,494,230.20 2.30 EUR 10,700 Rivertree Bond Corporate EUR F Cap 6,911,587.00 6,785,726.00 2.40 EUR 50 Rivertree Bond EUR Green Bonds I Cap 2,505,390.00 2,482,555.00 0.88 EUR 177 Rivertree Bond EUR I Cap 8,815,327.52 8,656,841.67 3.06 EUR 15,196 Rivertree Bond Government EUR F Cap 9,230,204.04 9,159,844.88 3.24 EUR 23 Rivertree Equity Fd Income Europe I Cap 1,164,973.38 1,052,611.10 0.37 EUR 50 Rivertree Equity Fd Japan I Cap 2,715,626.00 2,676,006.00 0.95 EUR 100 Rivertree Equity Fd Small & Mid Cap Europe I EUR Cap 5,127,505.08 3,972,875.00 1.41 EUR 5,500 Rivertree Fd Bond Euro Short Term I Cap* 2,757,425.00 2,759,130.00 0.98 EUR 15,500 Robeco Capital Gh Fds Fin Institutions Bonds IH Cap 2,334,455.00 2,450,860.00 0.87 EUR 681,807 SICAV Oddo BHF EUR Cred Short Duration CI Cap 8,310,954.44 8,211,683.51 2.91

67,996,958.42 66,402,821.25 23.52

USD 150 Essential Portfolio Selection US Equity I Cap 643,664.90 605,652.23 0.21 USD 4,100 Fidelity Active Strategy Emerging Mks Fd Fd Y USD Cap 614,408.84 488,771.65 0.17

*See Note 12




26



USD 12,500 HSBC Global Inv Fds Asia ex Japan Eq Sm Cies I Cap 666,945.61 719,695.98 0.26 USD 1,660 Rivertree Equity Fd US Value USD Cap 2,059,624.60 2,012,317.94 0.71

3,984,643.95 3,826,437.80 1.35



EUR 3,000 iShares III Plc Core EUR Government Bond UCITS ETF Dist 369,577.18 368,025.00 0.13 EUR 48,000 iShares III Plc Core MSCI Japan IMI UCITS ETF Cap 1,481,194.26 1,570,560.00 0.56 EUR 6,000 Lyxor UCITS ETF China Enterp (HSCEI) Cap 812,373.94 787,560.00 0.28

2,663,145.38 2,726,145.00 0.97

USD 7,000 Invesco Markets III Plc Inv EQQQ Nasdaq 100 UCITS ETF USD 1,081,734.63 941,662.29 0.33 USD 60,000 iShares II Plc JPM USD Em Mkt Bond Fd UCITS ETF Dist 5,388,360.74 5,422,047.24 1.92 USD 176,000 iShares III Plc MSCI Emerging Markets (Acc) Cap 4,897,331.92 4,779,562.55 1.69 USD 11,500 iShares VII Plc Core S&P500 UCITS ETF USD Cap 2,474,237.28 2,468,425.20 0.87

13,841,664.57 13,611,697.28 4.81



Cash at banks 40,075,670.05 14.19

Bank overdrafts -0.44 0.00

Other net assets/(liabilities) 189,662.41 0.06

Total 282,501,795.26 100.00



27




Financials 18.59 %


Industrials 7.08 %


Healthcare 2.71 %

Technologies 1.98 %


Real estate 1.56 %


Energy 1.48 %

International institutions 1.11 %


Utilities 0.09 %

Real estate funds 0.08 %

Total 85.75 %


Industrial and geographical classification of investments (continued) as at 31 December 2018

28



Luxembourg 25.16 %

France 11.87 %


Italy 7.54 %

Ireland 6.89 %



Germany 3.06 %

Jersey 2.70 %

Denmark 2.28 %

Spain 2.09 %

Belgium 2.07 %

Australia 0.71 %

Sweden 0.65 %

Norway 0.61 %

Japan 0.47 %

Finland 0.41 %

Slovakia 0.35 %

Mexico 0.33 %

Switzerland 0.29 %

Cayman Islands 0.21 %

Portugal 0.10 %

Curaçao 0.06 %

Total 85.75 %

Rivertree Fd - Strategic Balanced



29



Liabilities Bank overdrafts 0.07 Expenses payable 1,300,305.06

Total liabilities 1,300,305.13




shares

Currency of

share class


share class


(in EUR)

I Cap (restricted) 10,240.924 EUR 1,088.03 11,142,451.14 I Dis (restricted) 4,094.500 EUR 1,061.51 4,346,360.29 F Cap (restricted) 124,863.423 EUR 1,044.68 130,442,374.30 F Dis (restricted) 186,079.594 EUR 1,000.46 186,165,172.99 F1 Cap (restricted) 3,831.382 EUR 9,310.02 35,670,251.67 F1 Dis (restricted) 2,195.670 EUR 9,309.55 20,440,702.11 F2 Cap (restricted) 1,463.516 EUR 18,675.74 27,332,239.66 F2 Dis (restricted) 569.220 EUR 18,675.22 10,630,310.82 F3 Cap (restricted) 351.635 EUR 47,193.48 16,594,880.73 F3 Dis (restricted) 133.240 EUR 47,202.19 6,289,220.12

449,053,963.83




30

Income Dividends, net 2,904,248.05 Interest on bonds and other debt securities, net 1,312,153.47 Other commissions received 55,625.75




Net investment loss -1,341,144.94

Net realised gain/(loss) - on securities portfolio 1,868,790.12 - on futures contracts -350,334.50 - on forward foreign exchange contracts 1,051.84 - on foreign exchange -289,365.86

Realised result -111,003.34













31


EUR 202,764,783.68 327,958,367.47 449,053,963.83


I Cap (restricted) EUR 1,091.10 1,156.79 1,088.03 I Dis (restricted) EUR 1,080.33 1,128.60 1,061.51 F Cap (restricted) EUR 1,067.90 1,120.00 1,044.68 F Dis (restricted) EUR 1,053.79 1,088.92 1,000.46 F1 Cap (restricted) EUR - 9,957.17 9,310.02 F1 Dis (restricted) EUR - 9,956.55 9,309.55 F2 Cap (restricted) EUR - 19,934.27 18,675.74 F2 Dis (restricted) EUR - - 18,675.22 F3 Cap (restricted) EUR - 50,272.16 47,193.48 F3 Dis (restricted) EUR - 50,276.86 47,202.19


I Cap (restricted) EUR 2.46 6.02 -5.94 I Dis (restricted) EUR 2.46 6.02 -5.94 F Cap (restricted) EUR 1.36 4.88 -6.73 F Dis (restricted) EUR 1.36 4.88 -6.72 F1 Cap (restricted) EUR - - -6.5 F1 Dis (restricted) EUR - - -6.5 F2 Cap (restricted) EUR - - -6.31 F3 Cap (restricted) EUR - - -6.12 F3 Dis (restricted) EUR - - -6.12



of the year

I Cap (restricted) 12,070.924 1,554.500 -3,384.500 10,240.924 I Dis (restricted) 2,125.800 2,775.082 -806.382 4,094.500 F Cap (restricted) 91,526.128 53,402.954 -20,065.659 124,863.423 F Dis (restricted) 174,205.182 45,227.157 -33,352.745 186,079.594 F1 Cap (restricted) 562.000 3,334.054 -64.672 3,831.382 F1 Dis (restricted) 221.000 2,058.924 -84.254 2,195.670 F2 Cap (restricted) 168.000 1,435.516 -140.000 1,463.516 F2 Dis (restricted) - 569.220 - 569.220 F3 Cap (restricted) 50.000 303.635 -2.000 351.635 F3 Dis (restricted) 114.000 25.360 -6.120 133.240





32


I Cap (restricted) 0.83 I Dis (restricted) 0.83 F Cap (restricted) 1.66 F Dis (restricted) 1.66 F1 Cap (restricted) 1.44 F1 Dis (restricted) 1.43 F2 Cap (restricted) 1.22 F2 Dis (restricted) * 1.21 F3 Cap (restricted) 1.02 F3 Dis (restricted) 1.02

* annualized TER


F Dis (restricted) EUR 16.33 29.06.2018




33





Shares

CHF 1,900 Geberit AG Reg 740,715.61 644,844.56 0.14 CHF 15,500 HBM Healthcare Inv AG A Reg 1,909,526.75 2,138,355.23 0.48

2,650,242.36 2,783,199.79 0.62

DKK 53,000 Ambu AS B Bearer Reg 1,653,255.13 1,112,468.75 0.25 DKK 18,000 Chr. Hansen Holding A/S 1,376,095.88 1,391,128.79 0.31 DKK 16,000 Novo Nordisk AS B 670,525.53 638,867.33 0.14 DKK 6,000 Schouw & Co 497,401.71 390,526.15 0.09 DKK 74,000 Tryg A/S 1,514,432.40 1,625,664.30 0.36

5,711,710.65 5,158,655.32 1.15

EUR 6,500 Ackermans & Van Haaren SA 808,250.75 856,700.00 0.19 EUR 28,000 Ageas NV 1,006,614.46 1,100,400.00 0.25 EUR 30,000 Anheuser-Busch InBev SA 2,527,350.78 1,731,000.00 0.39 EUR 10,000 ASML Holding NV 1,111,560.45 1,371,600.00 0.31 EUR 75,000 Axa SA 1,717,454.68 1,414,350.00 0.31 EUR 350,000 Caixabank SA 1,420,434.81 1,107,400.00 0.25 EUR 16,000 CapGemini SE 1,428,721.65 1,388,800.00 0.31 EUR 100,000 Crédit Agricole SA 1,245,615.15 943,000.00 0.21 EUR 23,100 Deutsche Boerse AG Reg 2,480,003.45 2,424,345.00 0.54 EUR 27,500 Edenred SA 906,779.05 883,025.00 0.20 EUR 36,000 Elis SA 802,993.26 523,800.00 0.12 EUR 115,000 ENEL SpA 556,221.12 580,060.00 0.13 EUR 58,000 Engie SA 860,452.48 726,450.00 0.16 EUR 8,000 EssilorLuxottica SA 941,423.42 883,600.00 0.20 EUR 14,000 Galapagos Genomics NV 1,173,338.80 1,127,840.00 0.25 EUR 10,000 Groupe Bruxelles Lambert SA 802,983.81 760,800.00 0.17 EUR 123,000 ING Groep NV 1,587,126.60 1,157,430.00 0.26 EUR 223,000 Intesa Sanpaolo SpA 663,662.34 432,575.40 0.10 EUR 15,700 Ipsen 2,017,213.63 1,771,745.00 0.39 EUR 23,500 KBC Group SA 1,362,403.19 1,331,980.00 0.30 EUR 3,600 Kering Reg 1,675,765.19 1,481,760.00 0.33 EUR 11,700 Kerry Group Plc A 961,550.69 1,012,050.00 0.23 EUR 26,000 Koninklijke DSM NV 1,938,811.41 1,857,440.00 0.41 EUR 6,200 L'Oréal SA 1,107,702.85 1,247,440.00 0.28 EUR 9,500 LEG Immobilien AG Reg 910,778.24 865,640.00 0.19 EUR 8,200 LVMH Moët Hennessy L Vuit SE 1,423,587.46 2,117,240.00 0.47 EUR 15,000 Melexis NV 1,062,276.97 763,500.00 0.17 EUR 11,000 Michelin SA 1,071,360.68 953,700.00 0.21 EUR 265,000 Navigator (The) Co SA Reg 1,289,691.82 954,000.00 0.21 EUR 22,000 NN Group NV 827,089.49 765,600.00 0.17 EUR 94,000 Orange SA 1,305,011.02 1,330,570.00 0.30 EUR 15,000 Pernod-Ricard SA 2,018,281.47 2,149,500.00 0.48 EUR 55,000 Plastic Omnium 1,718,488.05 1,109,350.00 0.25 EUR 2,550 Puma SE 1,225,547.41 1,088,850.00 0.24 EUR 24,500 Renault SA 1,993,411.64 1,336,475.00 0.30 EUR 62,500 Royal Dutch Shell Plc A 1,561,125.96 1,603,437.50 0.36 EUR 26,500 Royal Philips NV 851,983.02 819,645.00 0.18 EUR 15,000 Sanofi SA 1,053,061.38 1,134,900.00 0.25 EUR 17,000 SAP SE 1,345,201.80 1,477,810.00 0.33 EUR 28,500 Schneider Electric SE 1,766,055.46 1,702,020.00 0.38 EUR 10,900 Teleperformance SE 961,576.29 1,521,640.00 0.34 EUR 57,000 Total SA 2,687,146.57 2,632,260.00 0.59 EUR 50,000 Umicore SA 1,988,173.44 1,743,000.00 0.39 EUR 47,000 UPM-Kymmene Corp 1,392,723.61 1,041,050.00 0.23 EUR 21,000 Vinci SA 1,673,767.02 1,512,420.00 0.34 EUR 75,000 Vonovia SE 3,019,439.73 2,969,250.00 0.66 EUR 7,500 Wirecard AG 506,108.65 996,000.00 0.22

64,756,321.20 60,703,447.90 13.55




34



GBP 28,500 AstraZeneca Plc 1,770,698.49 1,864,030.08 0.42 GBP 225,000 BP Plc 1,318,054.46 1,242,706.21 0.28 GBP 115,000 HSBC Holdings Plc 982,625.76 828,481.94 0.18 GBP 77,000 Relx Plc 1,206,300.61 1,386,163.60 0.31 GBP 40,500 Rio Tinto Plc 1,336,190.39 1,682,332.80 0.37

6,613,869.71 7,003,714.63 1.56

NOK 41,000 Aker BP ASA 1,110,955.31 903,090.75 0.20 NOK 115,000 DNB ASA 1,861,055.87 1,605,239.26 0.36 NOK 102,000 Equinor ASA 2,055,121.28 1,893,732.20 0.42 NOK 8,000 Norway Royal Salmon ASA 206,766.87 144,688.52 0.03 NOK 78,000 Telenor ASA 1,438,459.00 1,320,080.63 0.29

6,672,358.33 5,866,831.36 1.30

SEK 17,000 Investor AB B 658,844.92 629,597.05 0.14 SEK 17,777 Latour Investment AB B Reg 167,034.02 196,320.06 0.04

825,878.94 825,917.11 0.18

USD 34,000 Aflac Inc 1,299,628.86 1,355,240.59 0.30 USD 6,000 Alibaba Group Holding Ltd ADR repr 1 Share 867,405.06 719,527.56 0.16 USD 1,480 Alphabet Inc A 1,112,113.50 1,353,054.07 0.30 USD 1,030 Amazon.com Inc 909,829.33 1,353,481.28 0.30 USD 6,600 Apple Inc 986,104.32 910,834.65 0.20 USD 96,500 Bank of America Corp 2,261,192.29 2,080,279.97 0.46 USD 26,000 Baxter Intl Inc 1,639,610.31 1,497,217.85 0.33 USD 600 Booking Holdings Inc Reg 870,846.27 904,157.48 0.20 USD 19,000 Chevron Corp 1,984,652.65 1,808,407.70 0.40 USD 36,500 Cisco Systems Inc 1,225,062.35 1,383,678.92 0.31 USD 46,000 Citigroup Inc 2,593,784.12 2,095,153.11 0.47 USD 20,000 Cognizant Tec Solutions Corp 1,139,775.60 1,110,761.15 0.25 USD 10,500 Costco Wholesale Corp 1,995,441.52 1,871,351.71 0.42 USD 11,600 Eli Lilly & Co 880,109.74 1,174,411.20 0.26 USD 6,100 Fedex Corp 1,124,065.30 860,991.25 0.19 USD 49,000 Gentex Corp 946,795.34 866,395.45 0.19 USD 6,700 Gilead Sciences Inc 469,797.13 366,653.54 0.08 USD 22,500 Halliburton Co (Hg Co) 876,596.53 523,228.35 0.12 USD 8,600 Home Depot Inc 1,113,187.16 1,292,783.90 0.29 USD 14,700 Honeywell Intl Inc 1,482,924.02 1,699,181.10 0.38 USD 92,000 HP Inc 1,715,090.66 1,646,824.15 0.37 USD 2,000 Intl Flavors & Fragrances Inc 232,973.78 234,943.13 0.05 USD 26,500 JPMorgan Chase & Co 1,985,830.37 2,263,280.84 0.50 USD 15,000 Linde PLC Reg 1,696,940.35 2,047,769.03 0.46 USD 19,000 Lyondellbasell Industries NV 1,594,672.08 1,382,362.20 0.31 USD 4,500 Mc Donald's Corp 731,719.88 699,094.49 0.16 USD 19,600 Medtronic Plc Reg 1,411,125.63 1,559,769.03 0.35 USD 37,000 Micron Technology Inc 1,468,584.60 1,027,130.36 0.23 USD 31,000 Microsoft Corp 2,108,906.03 2,754,741.91 0.61 USD 12,500 Nike Inc B 877,101.62 810,804.90 0.18 USD 13,000 Pepsico Inc 1,218,788.29 1,256,552.93 0.28 USD 32,500 Pfizer Inc 1,008,955.81 1,241,141.73 0.28 USD 11,500 Procter & Gamble Co 959,765.32 924,829.40 0.21 USD 14,000 Prudential Financial Inc 1,268,939.11 998,862.64 0.22 USD 20,500 Qualcomm Inc 1,160,062.65 1,020,695.54 0.23 USD 17,500 Schlumberger Ltd 1,013,835.14 552,405.95 0.12 USD 9,600 Stryker Corp 1,135,516.97 1,316,535.43 0.29 USD 21,500 T-Mobile US Inc 1,024,671.31 1,196,513.56 0.27 USD 6,000 T. Rowe Price Group Inc 458,076.04 484,619.42 0.11 USD 11,000 Tapestry Inc Reg 462,991.43 324,803.15 0.07 USD 12,000 Target Corp 903,703.65 693,858.27 0.15 USD 27,500 Tencent Holdings Ltd unspons ADR repr 1 Share 778,166.30 949,628.17 0.21 USD 13,800 Texas Instruments Inc 1,071,736.55 1,140,944.88 0.25 USD 6,000 Travelers Cies Inc 685,879.06 628,608.92 0.14 USD 19,000 Tyson Foods Inc Cl A 1,058,692.98 887,664.04 0.20 USD 7,900 United Health Group Inc 1,525,787.65 1,721,826.77 0.38 USD 19,000 Visa Inc A 1,597,355.54 2,193,228.35 0.49 USD 7,500 Walmart Inc Reg 620,970.96 611,220.47 0.14




35



USD 13,200 Walt Disney Co (The) 1,281,021.87 1,266,299.21 0.28 USD 20,000 Waste Management Inc 1,475,936.68 1,557,130.36 0.35

60,312,719.71 60,620,880.06 13.50

Total shares 147,543,100.90 142,962,646.17 31.86


EUR 22,800 Aedifica SICAFI Dist 1,723,383.15 1,794,360.00 0.40 EUR 4,800 Altarea 990,988.12 795,840.00 0.18 EUR 7,000 Gecina Reg 992,969.67 791,000.00 0.18

Total closed-ended investment funds 3,707,340.94 3,381,200.00 0.76




Bonds

AUD 2,000,000 Wells Fargo & Co 3.25% Sen 17/27.04.22 1,278,969.26 1,240,680.71 0.28 EUR 1,250,000 Adler Real Estate AG 1.5% Sen Reg S 17/06.12.21 1,244,750.00 1,220,768.75 0.27 EUR 1,200,000 AP Moeller Maersk AS 1.5% EMTN Reg S Sen 15/24.11.22 1,179,990.00 1,229,448.00 0.27 EUR 1,000,000 Axa SA VAR EMTN Reg S Sub 14/08.10.Perpetual 1,082,000.00 1,018,100.00 0.23 EUR 500,000 Banco Santander SA VAR Conv Sub Reg S 17/25.07.Perpetual 533,400.00 508,447.50 0.11 EUR 500,000 Barclays Plc 1.875% EMTN Reg S Sen 16/23.03.21 504,656.67 508,545.00 0.11 EUR 1,300,000 BPCE SA 2.875% EMTN Reg S Sub 16/22.04.26 1,374,375.29 1,354,587.00 0.30 EUR 1,100,000 Bureau Veritas SA 3.125% Sen 14/21.01.21 1,181,730.00 1,160,742.00 0.26 EUR 1,000,000 Covivio SA 1.75% Sen 14/10.09.21 999,500.00 1,026,185.00 0.23 EUR 1,300,000 Deutschland ILB Ser I/L 12/15.04.23 1,471,752.11 1,477,404.05 0.33 EUR 600,000 Espana 5.4% Sen 13/31.01.23 762,300.00 726,945.00 0.16 EUR 1,500,000 Espana ILB Sen 14/30.11.24 1,699,590.73 1,766,559.11 0.39 EUR 1,300,000 Eurofins Scientific SA 2.25% Sen 15/27.01.22 1,283,204.00 1,310,348.00 0.29 EUR 1,500,000 EXOR NV 2.5% Sen 14/08.10.24 1,582,050.00 1,561,275.00 0.35 EUR 1,400,000 Ferrari NV 1.5% Reg S Sen 16/16.03.23 1,387,695.56 1,402,135.00 0.31 EUR 2,500,000 Gaz Capital SA 2.25% Sen Reg S 17/22.11.24 2,501,500.00 2,397,862.50 0.53 EUR 1,500,000 Glencore Finance Europe Ltd 1.25% EMTN Reg S 15/17.03.21 1,527,975.00 1,508,632.50 0.34 EUR 1,400,000 HeidelbergCement AG 2.25% EMTN Reg S Sen 16/03.06.24 1,505,700.00 1,459,241.00 0.32 EUR 1,500,000 Intesa Sanpaolo SpA 1.125% Reg S Sen 15/04.03.22 1,482,945.00 1,475,100.00 0.33 EUR 4,500,000 Italia 0.05% Ser 3Y 18/15.04.21 4,450,050.00 4,434,232.50 0.99 EUR 4,500,000 Italia 0.35% T-Bonds Ser 3Y Sen 17/15.06.20 4,516,020.00 4,496,625.00 1.00 EUR 2,000,000 Italia 5% BTP 11/01.03.22 2,379,200.00 2,233,900.00 0.50 EUR 2,000,000 Italia 5.5% BTP 12/01.11.22 2,458,400.00 2,295,450.00 0.51 EUR 500,000 Italia ILB Ser 5Y 16/15.05.22 491,525.00 511,105.41 0.11 EUR 1,200,000 JAB Holdings BV 2.125% Reg S Sen 15/16.09.22 1,202,520.00 1,266,450.00 0.28 EUR 1,200,000 Jefferies Group Inc 2.375% EMTN Reg S 14/20.05.20 1,210,206.30 1,228,764.00 0.27 EUR 1,000,000 KBC Group NV VAR 18/31.12.Perpetual 995,500.00 853,290.00 0.19 EUR 1,500,000 Petroleos Mexicanos 1.875% EMTN Sen 15/21.04.22 1,482,000.00 1,418,400.00 0.32 EUR 800,000 Procter & Gamble Co 0.5% Sen 17/25.10.24 795,504.00 794,508.00 0.18 EUR 400,000 RCI Banque SA FRN EMTN Sen 17/04.11.24 400,240.00 369,796.00 0.08 EUR 1,200,000 Ryanair DAC 1.125% EMTN Sen 15/10.03.23 1,178,955.00 1,189,464.00 0.26 EUR 2,000,000 Slovakia 0% Ser 230 16/13.11.23 1,972,840.00 1,991,680.00 0.44 EUR 1,500,000 Syngenta Finance NV 1.875% EMTN Sen 14/02.11.21 1,552,350.00 1,521,697.50 0.34 EUR 1,400,000 TA MFG Ltd 3.625% Reg S Sen 15/15.04.23 1,393,140.00 1,420,370.00 0.32 EUR 417,000 Tesco Plc 1.375% EMTN Sen 14/01.07.19 408,521.00 419,339.37 0.09 EUR 1,200,000 Vestas Wind Systems A/S 2.75% Reg S Sen 15/11.03.22 1,202,695.00 1,261,086.00 0.28 EUR 1,500,000 VGP SA 3.5% Sen Reg S 18/19.03.26 1,501,875.00 1,490,865.00 0.33

52,896,655.66 52,309,348.19 11.62

JPY 220,000,000 EIB 1.9% Reg S Sen 06/26.01.26 1,977,211.91 2,010,875.45 0.45 NOK 5,000,000 BMW Finance NV 1.375% EMTN Reg S Sen 16/25.10.19 517,512.93 504,553.21 0.11 NOK 5,000,000 BNP Paribas SA 3.125% Ser 16578 Sen 14/24.06.19 528,917.63 508,817.07 0.11 NOK 8,500,000 Cooperatieve Rabobank UA 1.625% EMTN Gl Ser 3066A17/20.01.22 899,903.46 857,663.15 0.19 NOK 8,500,000 Deutsche Bank AG 2.5% EMTN Sen Reg S 16/20.09.22 914,950.15 848,263.20 0.19 NOK 10,000,000 EIB 1.5% EMTN Sen 15/12.05.22 1,036,980.92 1,016,760.15 0.23 NOK 8,000,000 JPMorgan Chase & Co 1.375% EMTN Sen Reg S 17/01.06.21 819,652.70 802,629.23 0.18




36



NOK 8,500,000 Nordic Investment Bank 1.375% GMTN Sen 15/15.07.20 911,849.75 859,840.30 0.19 NOK 10,000,000 Volkswagen Financial Serv NV 1.75% EMTN Sen 17/14.04.20 1,043,434.87 1,011,112.05 0.23

6,673,202.41 6,409,638.36 1.43

Total bonds 62,826,039.24 61,970,542.71 13.78


Bonds

JPY 230,000,000 Japan ILB Ser 21 16/10.03.26 1,889,709.26 1,921,052.20 0.43

Total bonds 1,889,709.26 1,921,052.20 0.43


Bonds

AUD 2,000,000 AMP Bank Ltd FRN Ser MTN Sen 15/11.06.19 1,282,657.98 1,233,173.68 0.27 EUR 1,000,000 AT&T Inc FRN 18/05.09.23 1,012,330.00 989,115.00 0.22

Total bonds 2,294,987.98 2,222,288.68 0.49

Warrants and rights

EUR 7,400 Cofinimmo SA Droits d'attribut 31.12.99 0.00 20,276.00 0.00

Total warrants and rights 0.00 20,276.00 0.00



EUR 62,000 Aviva Investors Short Duration Global HY Bond Fd Ih EUR Cap 6,843,739.80 6,644,130.80 1.48 EUR 45,000 AXA IM Fixed Inc Inv Str Europe Short Duration HY B EUR Cap 6,002,100.00 5,848,200.00 1.30 EUR 381,500 Fidelity Fds Asia Focus Y EUR Cap 4,992,040.48 5,672,905.00 1.26 EUR 20 Richelieu Obligations CT I Cap 2,150,177.45 2,164,743.40 0.48 EUR 11,093 Rivertree Bond Corporate EUR F Cap 7,138,516.50 7,034,958.74 1.57 EUR 95 Rivertree Bond EUR Green Bonds I Cap 4,737,967.82 4,716,854.50 1.05 EUR 211 Rivertree Bond EUR I Cap 10,503,262.71 10,319,737.81 2.30 EUR 24,798 Rivertree Bond Government EUR F Cap 14,973,342.64 14,947,738.44 3.33 EUR 37 Rivertree Equity Fd Income Europe I Cap 1,870,559.80 1,693,330.90 0.38 EUR 110 Rivertree Equity Fd Japan I Cap 5,988,542.56 5,887,213.20 1.31 EUR 270 Rivertree Equity Fd Small & Mid Cap Europe I EUR Cap 13,572,761.40 10,726,762.50 2.39 EUR 7,182 Rivertree Fd Bond Euro Short Term I Cap* 3,603,948.39 3,602,922.12 0.80 EUR 22,000 Robeco Capital Gh Fds Fin Institutions Bonds IH Cap 3,313,420.00 3,478,640.00 0.77 EUR 1,019,342 SICAV Oddo BHF EUR Cred Short Duration CI Cap 12,427,419.11 12,276,955.05 2.73

98,117,798.66 95,015,092.46 21.15

USD 700 Essential Portfolio Selection US Equity I Cap 3,037,430.12 2,826,377.08 0.63 USD 16,500 Fidelity Active Strategy Emerging Mks Fd Fd Y USD Cap 2,403,095.92 1,967,007.87 0.44 USD 34,689 HSBC Global Inv Fds Asia ex Japan Eq Sm Cies I Cap 1,906,106.33 1,997,242.69 0.44 USD 2,700 Rivertree Equity Fd US Value USD Cap 3,588,501.18 3,273,047.24 0.73

10,935,133.55 10,063,674.88 2.24



EUR 8,500 iShares III Plc Core EUR Government Bond UCITS ETF Dist 1,047,973.83 1,042,737.50 0.23 EUR 196,364 iShares III Plc Core MSCI Japan IMI UCITS ETF Cap 6,156,192.30 6,425,030.08 1.43 EUR 15,000 iShares STOXX Europe 600 UCITS ETF (DE) Dist 542,485.50 497,400.00 0.11 EUR 19,750 Lyxor UCITS ETF China Enterp (HSCEI) Cap 2,701,356.74 2,592,385.00 0.58

10,448,008.37 10,557,552.58 2.35

USD 18,600 Invesco Markets III Plc Inv EQQQ Nasdaq 100 UCITS ETF USD 2,898,628.33 2,502,131.23 0.56 USD 141,500 iShares II Plc JPM USD Em Mkt Bond Fd UCITS ETF Dist

*see Note 12

12,706,980.00 12,786,994.75 2.85




37



USD 17,636 iShares III Plc Core MSCI Japan IMI UCITS ETF Cap 641,139.48 577,528.85 0.13 USD 512,000 iShares III Plc MSCI Emerging Markets (Acc) Cap UCITS ETF 14,241,095.27 13,904,181.98 3.10 USD 36,000 iShares VII Plc Core S&P500 UCITS ETF USD Cap 7,812,744.65 7,727,244.09 1.72

38,300,587.73 37,498,080.90 8.36



Cash at banks 73,647,424.68 16.40

Bank overdrafts -0.07 0.00


Total 449,053,963.83 100.00



38




Financials 15.10 %



Technologies 4.24 %

Healthcare 4.18 %

Industrials 4.09 %

Energy 2.81 %



Real estate 1.63 %



Utilities 0.29 %


Total 83.76 %



39



Luxembourg 24.41 %


Ireland 11.32 %

France 9.05 %


Italy 3.67 %

Germany 3.40 %

Belgium 3.03 %

Jersey 2.68 %


Denmark 1.70 %

Norway 1.30 %

Spain 0.91 %

Switzerland 0.62 %

Slovakia 0.44 %

Japan 0.43 %

Finland 0.42 %


Mexico 0.32 %

Australia 0.27 %

Portugal 0.21 %

Sweden 0.18 %

Curaçao 0.12 %

Total 83.76 %

Rivertree Fd - Strategic Dynamic



40








shares

Currency of

share class


share class


(in EUR)

I Cap (restricted) 1.000 EUR 9,260.95 9,260.95 F Cap (restricted) 32,060.914 EUR 1,074.45 34,447,930.83 F Dis (restricted) 30,635.914 EUR 1,015.90 31,122,933.03 F1 Cap (restricted) 951.594 EUR 9,228.07 8,781,373.83 F1 Dis (restricted) 61.000 EUR 9,228.00 562,908.23 F2 Cap (restricted) 341.672 EUR 18,146.03 6,199,989.33 F2 Dis (restricted) 172.000 EUR 18,145.09 3,120,955.29 F3 Cap (restricted) 106.000 EUR 45,423.17 4,814,855.91

89,060,207.40




41

Income Dividends, net 949,521.17 Interest on bonds and other debt securities, net 6,545.74 Other commissions received 5,801.50 Other income 172.80





Net realised gain/(loss) - on securities portfolio 1,134,991.35 - on futures contracts -52,440.00 - on foreign exchange -11,952.94

Realised result 684,976.28













42


EUR 74,088,979.41 79,074,808.72 89,060,207.40


I Cap (restricted) EUR - 10,118.99 9,260.95 I Dis (restricted) EUR - 10,118.54 (*) 10,182.67 F Cap (restricted) EUR 1,103.96 1,183.89 1,074.45 F Dis (restricted) EUR 1,086.66 1,141.98 1,015.90 F1 Cap (restricted) EUR - 10,143.53 9,228.07 F1 Dis (restricted) EUR - 10,142.27 9,228.00 F2 Cap (restricted) EUR - 19,905.80 18,146.03 F2 Dis (restricted) EUR - - 18,145.09 F3 Cap (restricted) EUR - - 45,423.17 F3 Dis (restricted) EUR - - (*)47,046.00


I Cap (restricted) EUR - - -8.48 F Cap (restricted) EUR 0.99 7.24 -9.24 F Dis (restricted) EUR 0.99 7.24 -9.22 F1 Cap (restricted) EUR - - -9.03 F1 Dis (restricted) EUR - - -9.01 F2 Cap (restricted) EUR - - -8.84



of the year

I Cap (restricted) 1.000 - - 1.000 I Dis (restricted) 1.000 - -1.000 - F Cap (restricted) 16,791.516 20,279.053 -5,009.655 32,060.914 F Dis (restricted) 48,216.935 23,507.656 -41,088.677 30,635.914 F1 Cap (restricted) 183.700 771.994 -4.100 951.594 F1 Dis (restricted) 51.000 62.000 -52.000 61.000 F2 Cap (restricted) 87.000 265.672 -11.000 341.672 F2 Dis (restricted) - 191.000 -19.000 172.000 F3 Cap (restricted) - 106 - 106 F3 Dis (restricted) - 10 -10 -


I Cap (restricted) 0.94 F Cap (restricted) 1.78 F Dis (restricted) 1.79 F1 Cap (restricted) 1.56 F1 Dis (restricted) 1.54 F2 Cap (restricted) 1.35 F2 Dis (restricted) * 1.35 F3 Cap (restricted) * 1.19

* annualized TER





43


F Dis (restricted) EUR 22.84 29.06.2018




44





Shares

CHF 600 Geberit AG Reg 238,845.24 203,635.12 0.23 CHF 4,400 HBM Healthcare Inv AG A Reg 534,738.43 607,016.97 0.68

773,583.67 810,652.09 0.91

DKK 18,000 Ambu AS B Bearer Reg 548,401.97 377,819.58 0.42 DKK 4,600 Chr. Hansen Holding A/S 345,187.32 355,510.69 0.40 DKK 3,500 Novo Nordisk AS B 147,322.68 139,752.23 0.16 DKK 3,500 Schouw & Co 283,831.25 227,806.92 0.26 DKK 19,500 Tryg A/S 397,677.30 428,384.51 0.48

1,722,420.52 1,529,273.93 1.72

EUR 1,450 Ackermans & Van Haaren SA 180,424.86 191,110.00 0.21 EUR 7,200 Ageas NV 252,572.92 282,960.00 0.32 EUR 1,500 Altarea 312,611.40 248,700.00 0.28 EUR 8,700 Anheuser-Busch InBev SA 740,049.54 501,990.00 0.56 EUR 3,550 ASML Holding NV 357,301.45 486,918.00 0.55 EUR 23,000 Axa SA 520,659.18 433,734.00 0.49 EUR 89,000 Caixabank SA 358,543.91 281,596.00 0.32 EUR 3,500 CapGemini SE 295,357.27 303,800.00 0.34 EUR 14,000 Crédit Agricole SA 178,821.77 132,020.00 0.15 EUR 6,500 Deutsche Boerse AG Reg 687,487.17 682,175.00 0.77 EUR 7,000 Edenred SA 233,730.65 224,770.00 0.25 EUR 11,000 Elis SA 250,190.05 160,050.00 0.18 EUR 45,000 ENEL SpA 218,670.00 226,980.00 0.25 EUR 21,000 Engie SA 312,942.27 263,025.00 0.29 EUR 2,100 EssilorLuxottica SA 249,040.23 231,945.00 0.26 EUR 4,000 Galapagos Genomics NV 306,467.42 322,240.00 0.36 EUR 3,000 Groupe Bruxelles Lambert SA 238,026.88 228,240.00 0.26 EUR 35,000 ING Groep NV 446,705.53 329,350.00 0.37 EUR 60,000 Intesa Sanpaolo SpA 186,762.09 116,388.00 0.13 EUR 4,500 Ipsen 573,522.12 507,825.00 0.57 EUR 8,000 KBC Group SA 467,241.89 453,440.00 0.51 EUR 1,100 Kering Reg 511,961.81 452,760.00 0.51 EUR 3,500 Kerry Group Plc A 281,928.75 302,750.00 0.34 EUR 8,500 Koninklijke DSM NV 615,452.03 607,240.00 0.68 EUR 1,800 L'Oréal SA 318,599.83 362,160.00 0.41 EUR 2,600 LEG Immobilien AG Reg 250,602.82 236,912.00 0.27 EUR 2,400 LVMH Moët Hennessy L Vuit SE 414,213.54 619,680.00 0.70 EUR 3,700 Melexis NV 280,618.83 188,330.00 0.21 EUR 3,500 Michelin SA 341,458.03 303,450.00 0.34 EUR 71,000 Navigator (The) Co SA Reg 333,388.25 255,600.00 0.29 EUR 5,000 NN Group NV 189,827.42 174,000.00 0.20 EUR 28,000 Orange SA 391,309.22 396,340.00 0.44 EUR 4,200 Pernod-Ricard SA 564,468.59 601,860.00 0.68 EUR 15,500 Plastic Omnium 479,900.05 312,635.00 0.35 EUR 750 Puma SE 363,575.75 320,250.00 0.36 EUR 6,900 Renault SA 571,636.07 376,395.00 0.42 EUR 18,000 Royal Dutch Shell Plc A 444,276.09 461,790.00 0.52 EUR 7,700 Royal Philips NV 250,855.51 238,161.00 0.27 EUR 4,000 Sanofi SA 275,908.49 302,640.00 0.34 EUR 3,700 SAP SE 298,831.56 321,641.00 0.36 EUR 8,000 Schneider Electric SE 502,622.52 477,760.00 0.54 EUR 3,000 SOCFINAF SA 44,900.00 34,200.00 0.04 EUR 3,100 Teleperformance SE 248,147.04 432,760.00 0.49 EUR 16,000 Total SA 753,887.76 738,880.00 0.83 EUR 14,000 Umicore SA 521,830.64 488,040.00 0.55 EUR 14,000 UPM-Kymmene Corp 397,464.13 310,100.00 0.35




45



EUR 7,000 Vinci SA 551,014.61 504,140.00 0.57 EUR 23,000 Vonovia SE 923,739.03 910,570.00 1.02 EUR 2,000 Wirecard AG 136,643.51 265,600.00 0.30

18,626,190.48 17,605,900.00 19.80

GBP 8,100 AstraZeneca Plc 510,345.59 529,776.97 0.59 GBP 62,000 BP Plc 357,570.09 342,434.60 0.38 GBP 36,000 HSBC Holdings Plc 311,461.41 259,350.87 0.29 GBP 20,000 Relx Plc 310,786.80 360,042.49 0.40 GBP 11,000 Rio Tinto Plc 363,304.95 456,929.90 0.51

1,853,468.84 1,948,534.83 2.17

NOK 11,000 Aker BP ASA 298,554.63 242,292.64 0.27 NOK 35,000 DNB ASA 563,015.15 488,551.08 0.55 NOK 28,000 Equinor ASA 546,464.09 519,848.05 0.58 NOK 11,000 Norway Royal Salmon ASA 221,591.33 198,946.71 0.22 NOK 24,000 Telenor ASA 444,113.21 406,178.65 0.46

2,073,738.41 1,855,817.13 2.08

SEK 7,000 Investor AB B 268,385.09 259,245.85 0.29 USD 10,000 Aflac Inc 382,183.94 398,600.17 0.45 USD 1,700 Alibaba Group Holding Ltd ADR repr 1 Share 233,368.27 203,866.14 0.23 USD 450 Alphabet Inc A 269,747.55 411,401.57 0.46 USD 330 Amazon.com Inc 274,048.53 433,639.63 0.49 USD 2,000 Apple Inc 313,134.09 276,010.50 0.31 USD 29,500 Bank of America Corp 654,025.95 635,940.51 0.71 USD 7,500 Baxter Intl Inc 473,563.23 431,889.76 0.48 USD 160 Booking Holdings Inc Reg 218,991.12 241,108.66 0.27 USD 6,000 Chevron Corp 619,169.64 571,076.12 0.64 USD 11,000 Cisco Systems Inc 361,084.92 416,999.13 0.47 USD 13,000 Citigroup Inc 699,684.90 592,108.49 0.66 USD 6,000 Cognizant Tec Solutions Corp 336,153.21 333,228.35 0.37 USD 3,100 Costco Wholesale Corp 593,474.75 552,494.31 0.62 USD 3,500 Eli Lilly & Co 269,816.83 354,348.21 0.40 USD 1,800 Fedex Corp 315,209.44 254,062.99 0.28 USD 14,000 Gentex Corp 270,326.50 247,541.56 0.28 USD 2,600 Gilead Sciences Inc 182,352.16 142,283.46 0.16 USD 6,800 Halliburton Co (Hg Co) 274,177.46 158,131.23 0.18 USD 2,500 Home Depot Inc 317,291.26 375,809.27 0.42 USD 5,500 Honeywell Intl Inc 550,900.06 635,748.03 0.71 USD 28,000 HP Inc 514,156.63 501,207.35 0.56 USD 1,500 Intl Flavors & Fragrances Inc 184,289.87 176,207.35 0.20 USD 8,080 JPMorgan Chase & Co 549,212.63 690,087.14 0.77 USD 4,900 Linde PLC Reg 537,397.79 668,937.88 0.75 USD 5,600 Lyondellbasell Industries NV 466,948.19 407,433.07 0.46 USD 1,700 Mc Donald's Corp 278,165.29 264,102.36 0.30 USD 6,000 Medtronic Plc Reg 397,833.64 477,480.31 0.54 USD 10,500 Micron Technology Inc 434,523.55 291,482.94 0.33 USD 9,000 Microsoft Corp 570,638.03 799,763.78 0.90 USD 4,000 Nike Inc B 281,830.41 259,457.57 0.29 USD 4,100 Pepsico Inc 378,515.35 396,297.46 0.44 USD 10,000 Pfizer Inc 314,028.56 381,889.76 0.43 USD 3,500 Procter & Gamble Co 291,276.51 281,469.82 0.32 USD 4,200 Prudential Financial Inc 380,132.20 299,658.79 0.34 USD 5,700 Qualcomm Inc 320,800.14 283,803.15 0.32 USD 5,000 Schlumberger Ltd 293,189.20 157,830.27 0.18 USD 3,000 Stryker Corp 339,066.64 411,417.32 0.46 USD 6,500 T-Mobile US Inc 303,814.92 361,736.66 0.41 USD 2,000 T. Rowe Price Group Inc 145,528.38 161,539.81 0.18 USD 3,500 Tapestry Inc Reg 143,258.07 103,346.46 0.12 USD 4,000 Target Corp 299,378.62 231,286.09 0.26 USD 8,900 Tencent Holdings Ltd unspons ADR repr 1 Share 236,122.58 307,334.21 0.34 USD 4,000 Texas Instruments Inc 305,338.99 330,708.66 0.37 USD 1,500 Travelers Cies Inc 174,485.95 157,152.23 0.18 USD 5,500 Tyson Foods Inc Cl A 318,685.69 256,955.38 0.29




46



USD 2,400 United Health Group Inc 460,402.53 523,086.61 0.59 USD 5,700 Visa Inc A 471,954.15 657,968.50 0.74 USD 2,300 Walmart Inc Reg 190,442.63 187,440.94 0.21 USD 4,000 Walt Disney Co (The) 389,214.10 383,727.03 0.43 USD 6,000 Waste Management Inc 443,201.22 467,139.11 0.52

18,022,536.27 18,544,236.10 20.82

Total shares 43,340,323.28 42,553,659.93 47.79


EUR 7,926 Aedifica SICAFI Dist 589,625.16 623,776.20 0.70 EUR 1,700 Gecina Reg 244,394.97 192,100.00 0.22

Total closed-ended investment funds 834,020.13 815,876.20 0.92






EUR 8,000 Aviva Investors Short Duration Global HY Bond Fd Ih EUR Cap 887,003.20 857,307.20 0.96 EUR 160,000 Fidelity Fds Asia Focus Y EUR Cap 2,034,504.95 2,379,200.00 2.67 EUR 3,098 Rivertree Bond Corporate EUR F Cap 1,973,486.58 1,964,689.64 2.21 EUR 10 Rivertree Equity Fd Income Europe I Cap 518,814.40 457,657.00 0.51 EUR 42 Rivertree Equity Fd Japan I Cap 2,285,683.56 2,247,845.04 2.52 EUR 87 Rivertree Equity Fd Small & Mid Cap Europe I EUR Cap 4,484,457.12 3,456,401.25 3.88 EUR 3,562 Rivertree Fd Bond Euro Short Term I Cap* 1,787,585.54 1,786,912.92 2.01 EUR 66,931 SICAV Oddo BHF EUR Cred Short Duration CI Cap 814,282.55 806,116.96 0.90

14,785,817.90 13,956,130.01 15.66

USD 210 Essential Portfolio Selection US Equity I Cap 901,848.64 847,913.12 0.95 USD 5,400 Fidelity Active Strategy Emerging Mks Fd Fd Y USD Cap 802,923.63 643,748.03 0.72 USD 15,295 HSBC Global Inv Fds Asia ex Japan Eq Sm Cies I Cap 813,243.79 880,620.00 0.99 USD 830 Rivertree Equity Fd US Value USD Cap 1,074,194.28 1,006,158.97 1.13

3,592,210.34 3,378,440.12 3.79



EUR 47,000 iShares III Plc Core MSCI Japan IMI UCITS ETF Cap 1,456,601.10 1,537,840.00 1.73 EUR 6,000 Lyxor UCITS ETF China Enterp (HSCEI) Cap 817,421.22 787,560.00 0.88

2,274,022.32 2,325,400.00 2.61

USD 4,000 Invesco Markets III Plc Inv EQQQ Nasdaq 100 UCITS ETF USD 623,964.73 538,092.74 0.60 USD 34,300 iShares II Plc JPM USD Em Mkt Bond Fd UCITS ETF Dist 3,078,710.07 3,099,603.67 3.48 USD 122,000 iShares III Plc MSCI Emerging Markets (Acc) Cap 3,370,183.77 3,313,105.86 3.72 USD 7,000 iShares VII Plc Core S&P500 UCITS ETF USD Cap 1,648,509.18 1,502,519.69 1.69

8,721,367.75 8,453,321.96 9.49



Cash at banks 15,703,276.94 17.63


Total 89,060,207.40 100.00

*see Note 12



47




Financials 13.61 %


Healthcare 6.16 %

Technologies 6.12 %


Industrials 3.85 %


Energy 3.58 %

Real estate 1.57 %


Utilities 0.54 %


Total 82.64 %



48



Luxembourg 19.49 %


Ireland 12.85 %

France 10.53 %

Belgium 3.68 %

Germany 3.08 %


Jersey 2.38 %


Norway 2.08 %

Denmark 1.72 %

Switzerland 0.91 %


Italy 0.38 %

Finland 0.35 %

Spain 0.32 %

Portugal 0.29 %

Sweden 0.29 %

Curaçao 0.18 %

Total 82.64 %

Rivertree Fd - Strategic Conservative



49

Assets Securities portfolio at market value 11,174,799.48 Cash at banks 1,809,592.42 Formation expenses, net 2,533.59 Income receivable on portfolio 97,360.43







shares

Currency of

share class


share class


(in EUR)

I Cap (restricted) 0.100 EUR 9,717.90 971.79 F Cap (restricted) 3,727.007 EUR 970.00 3,615,197.86 F Dis (restricted) 8,951.470 EUR 970.12 8,683,965.11 F2 Cap (restricted) 765.000 EUR 989.18 756,718.93

13,056,853.69




50

Income Dividends, net 26,604.03 Interest on bonds and other debt securities, net 182,605.58 Other commissions received 2,113.61


Expenses Management fees 95,746.50 Depositary fees 8,968.29 Banking charges and other fees 2,464.62 Transaction fees 646.83 Central administration costs 34,798.75 Professional fees 911.17 Other administration costs 22,346.14 Subscription duty ("taxe d'abonnement") 5,472.94 Bank interest paid 4,699.75 Other expenses 788.38


Net investment income 34,479.85

Net realised gain/(loss) - on securities portfolio 556.68 - on futures contracts -4,951.30 - on foreign exchange -11,178.49

Realised result 18,906.74

Net variation of the unrealised gain/(loss) - on securities portfolio -428,013.15

Result of operations -409,106.41

Dividends paid -



Total changes in net assets 591,284.36







51

Total net assets Currency 31.12.2017 31.12.2018

EUR 12,465,569.33 13,056,853.69

Net asset value per share Currency 31.12.2017 31.12.2018

I Cap (restricted) EUR 9,994.50 9,717.90 I Dis (restricted) EUR 9,990.10 (*) 9,907.50 F Cap (restricted) EUR 1,001.88 970.00 F Dis (restricted) EUR 1,001.92 970.12 F2 Cap (restricted) EUR - 989.18

Annual performance per share (in %) Currency 31.12.2018

I Cap (restricted) EUR -2.77 F Cap (restricted) EUR -3.18 F Dis (restricted) EUR -3.17



of the year

I Cap (restricted) 0.100 - - 0.100 I Dis (restricted) 0.100 - -0.100 - F Cap (restricted) 1,219.000 2,628.317 -120.310 3,727.007 F Dis (restricted) 11,220.700 1,672.270 -3,941.500 8,951.470 F2 Cap (restricted) - 765 - 765


I Cap (restricted) 1.06 F Cap (restricted) 1.49 F Dis (restricted) 1.47 F2 Cap (restricted) * 1,62

* annualized TER




52






USD 4,400 ETFS Metal Sec Ltd Certif Gold Perpetual 456,927.28 471,989.50 3.62

Total investment certificates 456,927.28 471,989.50 3.62

Bonds

EUR 100,000 Anglo American Capital Plc 2.5% EMTN Sen 13/29.04.21 107,150.00 103,785.00 0.80 EUR 100,000 AP Moeller Maersk AS 1.5% EMTN Reg S Sen 15/24.11.22 104,010.00 102,454.00 0.78 EUR 100,000 Belgium 0.2% Ser 79 16/22.10.23 100,132.00 101,140.00 0.77 EUR 200,000 Belgium 2.6% Reg S Ser 72 14/22.06.24 230,854.00 227,370.00 1.74 EUR 100,000 Belgium 4% Ser 55 09/28.03.19 107,770.00 101,129.50 0.77 EUR 100,000 Bollore 2.875% Reg S 15/29.07.21 105,680.00 102,206.50 0.78 EUR 100,000 CNH Industrial Fin Europe SA 1.375% EMTN Sen 17/23.05.22 101,510.00 100,793.50 0.77 EUR 100,000 Deutschland 1.75% 12/04.07.22 109,703.00 107,978.00 0.83 EUR 100,000 Deutschland 3.25% Ser 09 09/04.01.20 109,611.00 104,100.50 0.80 EUR 100,000 E.ON SE 0.375% EMTN Sen Reg S 17/23.08.21 101,052.00 100,380.00 0.77 EUR 100,000 ENI SpA 3.25% EMTN Reg S Ser 11 13/10.07.23 114,994.52 110,802.50 0.85 EUR 100,000 Espana 4.3% Sen 09/31.10.19 110,290.00 103,899.50 0.80 EUR 100,000 Espana 4.6% 09/30.07.19 109,866.00 102,907.00 0.79 EUR 100,000 Espana 4.8% Sen 08/31.01.24 125,240.00 121,637.00 0.93 EUR 100,000 Espana 5.85% 11/31.01.22 125,255.00 118,145.00 0.90 EUR 100,000 European Fin Stability Facilit 1.875% EMTN 13/23.05.23 110,300.00 108,367.50 0.83 EUR 100,000 Eutelsat SA 3.125% Reg S Sen 12/10.10.22 112,550.00 107,300.50 0.82 EUR 100,000 France 2.25% OAT 13/25.05.24 113,323.00 112,019.00 0.86 EUR 100,000 France 3.75% T-Bond 09/25.10.19 109,692.00 103,519.50 0.79 EUR 200,000 France 8.5% OAT 92/25.04.23 289,570.00 275,192.00 2.11 EUR 200,000 Gaz Capital SA 2.25% Sen Reg S 17/22.11.24 200,120.00 191,829.00 1.47 EUR 100,000 Glencore Finance Europe Ltd 1.25% EMTN Reg S 15/17.03.21 102,970.00 100,575.50 0.77 EUR 100,000 Hammerson Plc 2% Sen Reg S 14/01.07.22 106,020.00 101,303.00 0.78 EUR 100,000 HeidelbergCem Fin Lux SA 0.5% EMTN Reg S Sen 17/18.01.21 101,160.00 99,853.50 0.76 EUR 100,000 Ingenico Group SA 2.5% 14/20.05.14 106,110.00 101,544.00 0.78 EUR 100,000 Intesa Sanpaolo SpA 1.125% Reg S Sen 15/04.03.22 102,357.66 98,340.00 0.75 EUR 200,000 Ireland 0.8% T-Notes Reg S 15/15.03.22 207,408.00 206,509.00 1.58 EUR 200,000 Ireland 3.9% T-Bonds 13/20.03.23 241,923.00 233,340.00 1.79 EUR 100,000 Ireland 5.9% T-Bond 09/18.10.19 114,210.00 105,061.00 0.80 EUR 100,000 Italia 0.05% Ser 3Y 18/15.04.21 98,890.00 98,538.50 0.75 EUR 100,000 Italia 0.35% T-Bonds Ser 3Y Sen 17/15.06.20 100,356.00 99,925.00 0.77 EUR 100,000 Italia 0.65% T-Bills Sen 16/15.10.23 96,244.35 95,377.50 0.73 EUR 100,000 Italia 4.25% BTP 09/01.03.20 110,592.00 104,572.00 0.80 EUR 100,000 Italia 4.25% BTP 09/01.09.19 108,988.00 102,608.00 0.79 EUR 100,000 Italia 4.75% BTP 11/01.09.21 116,650.00 109,787.50 0.84 EUR 100,000 Italia 5.5% BTP 12/01.11.22 122,525.00 114,772.50 0.88 EUR 100,000 Lagardere SCA 1.625% Sen Reg S 17/21.06.24 99,370.00 95,983.00 0.74 EUR 100,000 Metro AG 1.375% EMTN Sen 14/28.10.21 103,140.00 101,281.00 0.78 EUR 100,000 mFinance France SA 2% EMTN Reg S Ser 5 14/26.11.21 105,924.00 102,559.50 0.79 EUR 100,000 Natwest Markets Plc VAR Sen 09/08.10.19 100,990.00 100,302.50 0.77 EUR 100,000 NET4GAS Sro 2.5% EMTN Reg S Ser 1 14/28.07.21 107,490.00 104,640.50 0.80 EUR 100,000 Netherlands 1.75% Reg S 13/15.07.23 110,700.00 109,324.50 0.84 EUR 100,000 Netherlands 3.25 11/15.07.21 114,355.00 109,852.00 0.84 EUR 100,000 Netherlands 3.5% 10/15.07.20 111,380.00 106,491.50 0.82 EUR 200,000 Oesterreich 3.9% Sen 05/15.07.20 225,892.00 213,749.00 1.64 EUR 100,000 OMV AG 2.625% EMTN Ser 5 Sen Reg S 12/27.09.22 110,610.00 108,205.50 0.83 EUR 100,000 Orange 2.5% EMTN Ser 128 Sen Reg S 12/01.03.23 109,998.00 108,244.50 0.83 EUR 100,000 Origin Energy Finance Ltd 2.5% EMTN Reg S Sen 13/23.10.20 106,910.00 103,462.00 0.79 EUR 100,000 Petroleos Mexicanos 1.875% EMTN Sen 15/21.04.22 99,980.00 94,560.00 0.72 EUR 100,000 Portugal 4.75% 09/14.06.19 108,970.00 102,346.50 0.78 EUR 100,000 Portugal 4.8% Obr Tesouro 10/15.06.20 113,080.00 107,524.50 0.82 EUR 100,000 Portugal 5.65% OT'S 13/15.02.24 121,955.00 125,323.50 0.96 EUR 100,000 Procter & Gamble Co 0.5% Sen 17/25.10.24 99,438.00 99,313.50 0.76 EUR 100,000 Raiffeisen Bank Intl AG 6.625% EMTN Reg S Sub 11/18.05.21 117,200.00 112,003.50 0.86 EUR 100,000 RCI Banque SA FRN EMTN Sen 17/04.11.24 100,060.00 92,449.00 0.71 EUR 100,000 Slovenia 2.125% Ser RS75 Sen Reg S 15/18.07.25 111,435.00 110,845.50 0.85




53



EUR 100,000 Standard Chartered Plc 3.625% EMTN Sub 12/23.11.22 111,250.00 106,617.50 0.82 EUR 100,000 Syngenta Finance NV 1.875% EMTN Sen 14/02.11.21 103,030.00 101,446.50 0.78 EUR 100,000 Vestas Wind Systems A/S 2.75% Reg S Sen 15/11.03.22 108,160.00 105,090.50 0.80 EUR 100,000 VGP SA 3.5% Sen Reg S 18/19.03.26 100,125.00 99,391.00 0.76 EUR 100,000 Wendel SE 2.75% Sen 14/02.10.24 110,190.00 103,126.50 0.79

Total bonds 7,346,708.53 7,103,196.00 54.41



EUR 1,800 AXA IM Fixed Inc Inv Str Europe Short Duration HY B EUR Cap 240,318.00 233,928.00 1.79 EUR 2,500 Muzinich Fds Enhancedyield Short-Term R Hedged EUR Cap 355,575.00 348,950.00 2.67 EUR 980 Rivertree Bond Corporate EUR F Cap 629,003.20 621,496.40 4.76 EUR 7 Rivertree Bond EUR I Cap 349,262.41 342,360.97 2.62 EUR 350 Rivertree Bond Government EUR F Cap 213,048.50 210,973.00 1.62 EUR 5 Rivertree Equity Fd Income Europe I Cap 256,020.42 228,828.50 1.75

2,043,227.53 1,986,536.87 15.21

USD 30 Rivertree Equity Fd US Value USD Cap 36,417.33 36,367.19 0.28



EUR 28,000 iShares STOXX Europe 600 UCITS ETF (DE) Dist 1,065,834.06 928,480.00 7.11 USD 3,020 iShares VII Plc Core S&P500 UCITS ETF USD Cap 646,545.25 648,229.92 4.96



Cash at banks 1,809,592.42 13.86

Other net assets/(liabilities) 72,461.79 0.55

Total 13,056,853.69 100.00



54





Financials 14.45 %

Energy 3.20 %


Industrials 1.58 %





Technologies 0.78 %

Utilities 0.77 %

Real estate 0.76 %

Total 85.59 %



Luxembourg 16.65 %

Ireland 11.80 %

Germany 10.29 %

France 10.00 %

Italy 7.16 %

Jersey 4.39 %

Belgium 4.04 %

Spain 3.42 %

Austria 3.33 %



Portugal 2.56 %

Denmark 1.58 %

Slovenia 0.85 %

Czech Republic 0.80 %

Australia 0.79 %


Mexico 0.72 %

Total 85.59 %

Rivertree Fd - 2020 US High Yield

Statement of net assets (in USD) as at 31 December 2018


55

Assets Securities portfolio at market value 14,975,171.67 Cash at banks 22,174,883.87 Interest receivable on bank accounts 7,405.54


Liabilities Unrealised loss on forward foreign exchange contracts 24,283.09 Expenses payable 54,318.77





shares

Currency of

share class


share class


(in USD)

F Cap 10,271.991 USD 556.67 5,718,066.45 F Dis 14,419.300 USD 505.69 7,291,635.76 F Cap EUR (hedged) 6,346.347 EUR 518.27 3,759,461.77 F Dis EUR (hedged) 8,535.000 EUR 478.63 4,669,323.37 F1 Dis EUR (hedged) 28,719.000 EUR 476.47 15,640,371.87

37,078,859.22


Statement of operations and other changes in net assets (in USD) from 1 January 2018 to 31 December 2018


56

Income Interest on bonds and other debt securities, net 2,191,077.70 Interest on bank accounts 21,239.99 Commissions on subscription and on redemption 260,526.24


Expenses Management fees 199,552.98 Depositary fees 26,300.37 Banking charges and other fees 18,264.36 Central administration costs 62,824.27 Professional fees 3,304.99 Other administration costs 38,525.37 Subscription duty ("taxe d'abonnement") 21,627.86 Bank interest paid 49.46 Other expenses 1,601.33


Net investment income 2,100,792.94

Net realised gain/(loss) - on securities portfolio -939,637.17 - on forward foreign exchange contracts -1,546,116.72 - on foreign exchange -28,375.46

Realised result -413,336.41

Net variation of the unrealised gain/(loss) - on securities portfolio -1,138,375.05 - on forward foreign exchange contracts -496,307.20



Subscriptions 563,400.08


Total changes in net assets -19,846,763.85




Statistical information (in USD) as at 31 December 2018



57


USD 63,395,162.24 56,925,623.07 37,078,859.22


F Cap USD 538.42 556.73 556.67 F Dis USD 532.53 529.13 505.69 F Cap EUR (hedged) EUR 523.98 532.43 518.27 F Dis EUR (hedged) EUR 519.58 507.19 478.63 F1 Dis EUR (hedged) EUR 514.62 503.64 476.47


F Cap USD 8.77 3.40 -0.01 F Dis USD 8.74 3.39 -0.01 F Cap EUR (hedged) EUR 7.14 1.61 -2.66 F Dis EUR (hedged) EUR 7.16 1.61 -2.67 F1 Dis EUR (hedged) EUR 7.42 1.86 -2.43



of the year

F Cap 13,416.718 27.000 -3,171.727 10,271.991 F Dis 17,430.700 717.000 -3,728.400 14,419.300 F Cap EUR (hedged) 10,622.444 7.000 -4,283.097 6,346.347 F Dis EUR (hedged) 10,450.000 30.000 -1,945.000 8,535.000 F1 Dis EUR (hedged) 44,770.000 255.000 -16,306.000 28,719.000


F Cap 0.93 F Dis 0.93 F Cap EUR (hedged) 0.92 F Dis EUR (hedged) 0.93 F1 Dis EUR (hedged) 0.68


F Dis USD 23.28 29.06.2018 F Dis EUR (hedged) EUR 15.21 29.06.2018 F1 Dis EUR (hedged) EUR 15.11 29.06.2018


Statement of investments and other net assets (in USD) as at 31 December 2018


58




Money market instruments

Money market instruments

USD 2,000,000 US 0% T-Bills 18/07.02.19 1,992,709.35 1,995,310.00 5.38 USD 1,000,000 US 0% T-Bills 18/08.01.19 997,965.78 999,625.83 2.70 USD 1,000,000 US 0% T-Bills 18/10.01.19 997,856.11 999,522.22 2.70 USD 1,000,000 US 0% T-Bills 18/14.02.19 995,864.00 997,193.06 2.69 USD 2,000,000 US 0% T-Bills 18/15.01.19 1,994,780.61 1,998,356.94 5.39 USD 1,000,000 US 0% T-Bills 18/17.01.19 997,524.72 999,047.92 2.69 USD 1,000,000 US 0% T-Bills 18/24.01.19 997,214.56 998,602.08 2.69 USD 1,000,000 US 0% T-Bills 18/28.02.19 995,465.56 996,279.17 2.69 USD 2,000,000 US 0% T-Bills 18/29.01.19 1,993,610.94 1,996,407.50 5.38 USD 1,000,000 US 0% T-Bills 18/31.01.19 996,709.79 998,207.64 2.69 USD 1,000,000 US 0% T-Bills Sen 18/02.01.19 998,559.31 999,886.67 2.70 USD 1,000,000 US 0% T-Bills Sen 18/21.02.19 995,450.00 996,732.64 2.69


Cash at banks 22,174,883.87 59.80


Total 37,078,859.22 100.00



59




Total 40.39 %




Total 40.39 %

Rivertree Fd

Notes to the financial statements as at 31 December 2018

60

1 USD = 0.8748906 EUR Euro

Note 9 : Contrats de changes à terme Forward foreign exchange contracts


Currency

Purchases

Currency

Sales

Maturity

Unrealised

result (in USD)

Forward foreign exchange contracts linked to shares F Cap EUR (hedged), F Dis EUR (hedged) and F1 Dis EUR (hedged) EUR 21,200,000.00 USD 24,271,880.00 11.01.2019 -24,283.09

-24,283.09

Rivertree Fd

Additional information (unaudited) as at 31 December 2018

61

Documents

(formerly RICHELIEU Fd)