responsAbility SICAV (Lux) · Report by Subfund responsAbility SICAV (Lux) Financial Inclusion Fund 8 ... rue Jean Monnet, L-2180 Luxembourg Portfolio Manager responsAbility Investments

responsAbility SICAV (Lux) Investment company with variable capital under Luxembourg law R.C.S. Luxembourg B 121 154 Unaudited Semi-Annual Report at 30.06.2017

responsAbility SICAV (Lux) • Unaudited Semi-Annual Report at 30.06.2017

Page 2Table of Contents

Management and Administration 3

Consolidated Report 4

Notes 6

Report by SubfundresponsAbility SICAV (Lux) Financial Inclusion Fund 8responsAbility SICAV (Lux) Microfinance Micro and SME Finance Leaders 18responsAbility SICAV (Lux) Mikro- und KMU-Finanz-Fonds 29

Unaudited information 51


Management and Administration Page 3

Company

responsAbility SICAV (Lux) 148-150, boulevard de la Pétrusse, L-2330 Luxembourg R.C.S. Luxembourg B 121 154

Board of Directors

Jean-Paul Gennari, Member of the Board Luxembourg Hans-Jürgen Böhm, Member of the Board Director, responsAbility Management Company S.A., Luxembourg Markus Beeler, Member of the Board responsAbility Investments AG, Zurich

AIFM

responsAbility Managment Company S.A. 148-150, boulevard de la Pétrusse, L-2330 Luxembourg R.C.S. Luxembourg B 45 629

Board of Directors of the AIFM

Jean-Paul Gennari, Member of the Board Luxembourg Robert Archbold, Member of the Board Director, Credit Suisse Funds AG, Dublin Johann Will, Member of the Board (until 13.07.2017) Director, responsAbility Management Company S.A. Markus Beeler, Member of the Board Head of Product Management and Markets, responsAbility Investment AG, Zurich Stefan Petter, Member of the Board Head of Finance, responsAbility Investment AG, Zurich

Custodian Bank

Credit Suisse (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg

"Cabinet de Révision agréé"

KPMG Luxembourg, Société coopérative 39, avenue John F. Kennedy, L-1855 Luxembourg

Distribution Agent

Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg

Portfolio Manager

responsAbility Investments AG, Zurich Josefstrasse 59, CH-8005 Zurich Central Administration

Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the latest annual report and the latest semi-annual report. The issue and redemption prices are published in Luxembourg at the registered office of the Company. The net asset value is also published on the Internet: www.credit-suisse.com. Shareholders may obtain the sales prospectus, the latest annual and semi-annual reports, the changes in the composition of the securities portfolio during the reporting period and copies of the Management Regulations free of charge from the registered office of the Company.


Page 4Consolidated Report

Statement of Net Assets in USD

30.06.2017

Assets

Investments in securities at market value 955,799,458.09Cash at banks 230,131,475.04Receivable for securities sold 20,209,443.80Income receivable 14,199,620.13Net unrealised gain on swaps contracts 199,862.54Net unrealised gain on forward foreign exchange contracts 7,023,520.87Other assets 159,046.56

1,227,722,427.03

Liabilities

Other liabilities 1,396,114.66Net unrealised loss on swaps contracts 2,986.35Net unrealised loss on forward foreign exchange contracts 5,442,730.19Provisions 21,247,354.12

28,089,185.32

Net assets 1,199,633,241.71

The notes are an integral part of the financial statements.


Page 5


Net assets at the beginning of the period 1,097,089,876.74

Income

Interest on investments in securities (net) 26,307,816.69Dividends (net) 620,235.04Bank interest 488,838.52Other income 431,770.18

27,848,660.43

Expenses

Management fee 8,034,077.20Write-off on promissory notes 1,538,653.88Custodian and safe custody fees 223,146.84Interest and bank charges 291,126.79Other expenses 340,375.20

10,427,379.91

Net income (loss) 17,421,280.52

Realised gain (loss)

Realised gain on sales of investments 10,141,006.24Realised loss on sales of investments -7,132,914.99Realised gain on swap agreements 9,401,627.21Realised loss on swap agreements -8,716,069.33Realised gain on forward foreign exchange contracts 22,436,315.09Realised loss on forward foreign exchange contracts -26,685,784.52Realised gain on foreign exchange 2,725,595.23Realised loss on foreign exchange -7,316,709.45

-5,146,934.52

Net realised gain (loss) 12,274,346.00

Consolidated Report

Statement of Operations / Changes in Net Assets in USD

For the period from01.01.2017 to

30.06.2017

Change in net unrealised appreciation (depreciation)

Change in unrealised appreciation on investments 16,707,734.40Change in unrealised depreciation on investments -45,252,428.53Change in unrealised appreciation on swap agreements 1,404,777.11Change in unrealised depreciation on swap agreements -4,358,528.08Change in unrealised appreciation on forward foreign exchange contracts 54,368,719.92Change in unrealised depreciation on forward foreign exchange contracts -21,700,958.91

1,169,315.91

Net increase (decrease) in net assets as a result of operations 13,443,661.91

Subscriptions / Redemptions

Subscriptions 89,104,901.17Redemptions -36,619,326.65

52,485,574.52

Distribution -13,608,976.33

Currency translation adjustment 50,223,104.87

Net assets at the end of the period 1,199,633,241.71


Notes Page 6

General

responsAbility SICAV (Lux) was established on 6.11.2006 as an open-ended undertaking for collective investment in the legal form of an investment company with variable capital (société d’investissement à capital variable, SICAV) in accordance with Part II of the law of 20.12.2002 on undertakings for collective investment (“Law of 20.12.2002”) in co-operation with Credit Suisse Asset Management Fund Holding (Luxembourg) S.A., Luxembourg, a wholly owned subsidiary of Credit Suisse AG, Zurich, and responsAbility Investments AG, Zurich (former responsAbility Social Investments AG, Zurich). The Law of 20.12.2002 was superseded by the Law of 17.12.2010 on undertakings for collective investment (“Law of 2010”). As of 30.06.2017 the Fund had 3 subfunds. Changes: As per 01.04.2017 the following subfunds were renamed as follows: Old name New name

responsAbililty SICAV (Lux) Microfinance Leaders

responsAbility SICAV (Lux) Microfinance Micro and SME Finance Leaders

responsAbility SICAV (Lux) Mikrofinanz-Fonds

responsAbility SICAV (Lux) Mikro-und KMU-Finanz Fonds

Summary of significant accounting policies

a) Computation of the net asset value of each subfund The net asset value of the Shares of each Subfund shall be calculated under the responsibility of the Board of Directors of the Company in Luxembourg on the last banking day of each month in the reference currency of the respective Subfund (each such day being referred to as a “Valuation Day”). The financial statements reflect the net asset value as calculated on 30.06.2017. b) Valuation of investment securities of each subfund Debt instruments, and especially promissory notes, not listed on a stock exchange or another regulated market plus claims arising from loans will be valued at their nominal value plus accrued interest. This valuation will be adapted, in the event of major fluctuations in interest rates in the relevant markets or in the event of other material market developments, if such circumstances affect the value of the investments. In the event of default or another critical situation that could lead to default, or in the case of the elimination or improvement of such a situation, the AIFM shall decide on the basis of the information available to the Investment Adviser as to whether and to what extent an adjustment should be made to the valuation of debt instruments. Securities which are listed on a stock exchange or which are regularly traded on a stock exchange shall be valued at the last known purchase price. If such a price is not available for a particular exchange session, but a closing mid-price (the mean of the listed closing bid and ask prices) or a closing bid price is available, then the closing mid-price, or alternatively the closing bid price, may be taken as a basis for the valuation. If a security is traded on more than one stock exchange, the valuation shall be made by reference to the exchange on which it is chiefly traded. In the case of securities for which trading on a stock exchange is not significant but which are bought and sold on a secondary market with regulated trading among securities dealers (with the effect that the price is set on a market basis), the AIFM may decide to base the valuation on this secondary market. Securities traded on a regulated market shall be valued in the same way as securities listed on a stock exchange. Securities that are not listed on a stock exchange and are not traded on a regulated market shall be valued at their last available market price. If no such price is available, the AIFM shall value the securities in accordance with other criteria that it shall establish and on the basis of the probable sales price, which shall be estimated with due care and in good faith. If a valuation in accordance with the above rules is rendered impossible or incorrect owing to special or changed circumstances, the AIFM shall be entitled to use other generally recognized and auditable valuation principles in order to value the assets. The valuation price of a money market instrument shall be progressively adjusted to the redemption price, based on the net acquisition price and keeping the resultant investment yield constant. In the event of a significant change in market conditions, the basis for the valuation of individual investments shall be brought into line with the new market yields. Units in undertakings for collective investment will be valued at their last-stated net asset value. Other valuation methods may be used to adjust the price of these

units if, in the opinion of the AIFM, it has changed since the net asset value was last calculated. c) Net realised gain/loss on sales of investments of each subfund The realised gains or losses on the sales of securities are calculated on the basis of the average acquisition cost. d) Cash at banks Cash at banks and at brokers includes cash in hand, margin calls and deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less and bank overdrafts. e) Foreign exchange conversion Cash at banks, other net assets and the value of portfolio securities in currencies other than reference currency are converted into the reference currency at the foreign exchange rate prevailing on the day before the date of valuation. Income and expenses in currencies other than reference currency are converted into the reference currency at the foreign exchange rate applicable at the date they accrue to the subfund. Realised gains or losses on foreign currencies are accounted for in the statement of operations. The acquisition cost of securities in currencies other than the reference currency is converted into the reference currency at the foreign exchange rate valid at the date of acquisition. f) Transactions on investments in securities The transactions on investments in securities are booked on a trade date basis. g) Valuation of forward foreign exchange contracts of each subfund Unmatured forward foreign exchange contracts are valued at the date before the valuation date at forward exchange rates prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations and are shown in the statement of net assets. h) Valuation of swaps On each valuation day, swap agreements are valued at the net present value of the future cash flows, using the relevant interest rate yield curve on the date before the valuation day (for MFX Solutions T-3 is used). Asset swaps and the securities linked to the asset swaps are not revalued as the security and the asset swap are considered for the purpose of the valuation as a single instrument. i) Income recognition Dividends are recorded on ex-dividend date, net of withholding tax. Interests are accrued on a daily basis.

Management fee (see detail at subfund level)

As remuneration for its services and reimbursement of its expenses, the AIFM is entitled to a yearly management fee, payable at the end of each month and may not exceed 2.2% of the average total net assets of the Fund per year. Charges incurred by the AIFM in relation to the provision of investment advice, distribution and other unspecified services rendered for the Company shall be paid out of the management fee. The charges of the Portfolio Manager are paid out of this monthly Management fee.

Private Equity transactions in the securities portfolio

The cost of underlying investments is comprised of capital contributions which reduce the total unfunded commitment. Late entry fees are not recorded as part of the cost and are expensed immediately as they are not part of the total commitments. Late entry fees are penalty fees to pay in case of investments in existing funds. During the period ended 30.06.2017 there were no late entry fees paid.

"Taxe d'abonnement"

The Company’s assets are exempt from the tax normally payable quarterly by undertakings for collective investment in the Grand Duchy of Luxembourg (“taxe d’abonnement”) as of 14.07.2010, as the main purpose of the Company is investment in MFIs.


Notes Page 7

Total Expense Ratio (TER) (see detail at subfund level)

The TER expresses the sum of all costs and commissions charged on an ongoing basis to the fund’s assets, taken retrospectively as a percentage of these assets. No TER is disclosed for shares launched less than 6 months ago.

Changes in the composition of the securities portfolio

Changes in the composition of the securities portfolio during the reporting period are available to shareholders free of charge at the registered office of the Management Company or the local representatives in the countries where the Fund is registered.

Exchange Rates

The consolidated financial statements are kept in USD. For this purpose, the financial statements of the subfunds are converted into USD at the foreign exchange rate as of 30.06.2017: 1 EUR = 1.14055 USD

Risk provision

Risk provision on investments include the provisions done for investments which are classified as critical (late payments, political disturbance).

Transaction costs

Transactions costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period. Transaction costs are included in the cost of securities purchased and sold. Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and for some other derivative contracts, transaction costs will be included in the purchase and sales price of the investment. Whilst not separately identifiable these transaction costs will be captured within the performance of each subfund.


Page 8responsAbility SICAV (Lux) Financial Inclusion Fund

Technical Data and Notes

USDI 13486719 LU0656658084 0.92% 1.00%Capitalisation -

Valoren ISIN Management Fee Total Expense Ratio

Technical Data

0.96% (max 1.06%) p.a. of Microfinance Assets including 10% cash if the amount of Microfinance Assets is up to USD 75,000,000.0.90% (max 1.00%) p.a. of Microfinance Assets including 10% cash if the amount of Microfinance Assets is above USD 75,000,000.For Non-Microfinance Assets the rate applicable is 0.88 (max 0.98%).

625,128USD INR -43,915,226 -53,225.3221.07.2017Standard Chartered Bank London

621,941USD INR -43,915,226 -56,420.5121.07.2017CREDIT SUISSE (SCHWEIZ) AG


367,869USD NGN -83,050,000 146,012.5806.11.2017MFX Solutions Inc.

402,934USD IDR -6,523,500,000 -75,015.8012.03.2018CITIBANK N.A. LONDON

355,635USD COP -1,034,898,480 26,075.0023.03.2018CREDIT SUISSE (SCHWEIZ) AG




764,976USD PEN -2,680,475 -55,789.6310.08.2017CREDIT SUISSE (SCHWEIZ) AG


13,179,928INR USD -183,949 19,599.8921.07.2017CITIBANK N.A. LONDON


1,117,140USD INR -83,603,982 -128,442.5631.07.2018CREDIT SUISSE (SCHWEIZ) AG


115,709EUR XOF -81,174,678 -8,955.9303.08.2017MFX Solutions Inc.

259,956USD INR -20,627,492 -46,566.2521.09.2018CITIBANK N.A. LONDON







SalesPurchases Valuation(in USD)

MaturityCounterparty

Forward foreign exchange contracts




376,103USD CNH -2,534,560 15,251.9915.10.2018Standard Chartered Bank London


946,064USD THB -35,572,000 -100,662.6030.10.2017CITIBANK N.A. LONDON


91,038USD MXN -1,600,000 4,213.4427.11.2017CITIBANK N.A. LONDON

27,640USD ZMW -650,919 -38,022.6804.12.2018MFX Solutions Inc.




1,886,213USD THB -71,280,000 -200,899.8415.02.2019CITIBANK N.A. LONDON

117,849USD CLP -87,797,500 -13,696.6026.02.2018CREDIT SUISSE (SCHWEIZ) AG


1,446,356USD INR -107,175,000 -163,177.0807.05.2018CITIBANK N.A. LONDON

205,022USD KZT -88,405,680 -57,122.3024.05.2018MFX Solutions Inc.




458,592USD MXN -9,000,000 -40,993.4110.07.2017Standard Chartered Bank London



80,346USD COP -258,553,750 -2,631.4812.02.2018CITIBANK N.A. LONDON



116,279USD MXN -2,250,000 -4,429.2201.03.2018CITIBANK N.A. LONDON


126,984USD PEN -448,127 -10,034.6907.09.2017Standard Chartered Bank London











308,547USD PEN -1,141,931 -24,377.2124.04.2019CITIBANK N.A. LONDON


195,352USD PEN -761,288 -18,055.6926.10.2020CITIBANK N.A. LONDON


384,052USD INR -29,840,842 -40,029.9910.12.2019CREDIT SUISSE AG





1,750,766USD INR -134,283,787 -147,763.6817.01.2020Standard Chartered Bank London





373,333USD CNY -2,759,680 -18,287.7624.01.2019CITIBANK N.A. LONDON


143,153USD EUR -133,334 -9,377.8224.07.2017Standard Chartered Bank London

90,318USD RON -375,000 -3,823.8029.01.2020CITIBANK N.A. LONDON













682,084USD PEN -2,469,825 -29,183.7009.09.2019Standard Chartered Bank London



676,201USD PEN -2,469,825 -30,242.0009.12.2019Standard Chartered Bank London






53,122USD KZT -18,114,443 -296.0012.04.2018CITIBANK N.A. LONDON




1,082,678USD EUR -1,000,000 -66,523.6823.10.2017Standard Chartered Bank London


1,100,000EUR USD -1,208,381 69,138.3020.04.2018Standard Chartered Bank London





306,195USD GEL -968,680 -10,593.4624.05.2021MFX Solutions Inc.

222,127USD PLN -833,333 -2,476.9503.08.2018CITIBANK N.A. LONDON



59,706,000NGN USD -145,980 -1,582.8818.12.2018CITIBANK N.A. LONDON

138,993USD KZT -53,095,350 -5,534.1228.06.2019CITIBANK N.A. LONDON









-3,136,254.35Net unrealised loss on forward foreign exchange contracts




ICRS FIXED (VariableNotional. from20/11/17 on)

18.05.2018 -100.42XOF 95,113,765 7.750% USD 164,517 FIXED (VariableNotional. from20/11/17 on)

5.600%

MFX Solutions (Responsability) - Washington - USAICRS FIXED (Variable

Notional. from23/02/17 on)

25.02.2019 -3,348.34XOF 131,847,357 8.500% EUR 200,901 FIXED (VariableNotional. from23/02/17 on)

4.750%

MFX Solutions (Responsability) - Washington - USAICRS ZAR 3M Jibar +

475bps (VariableNotional) from15/06/2015 on

15.03.2018 129,135.09ZAR 5,597,826 USD 559,783 USD 3M Libor +404bps (VariableNotional) from15/06/2015 on

Standard Chartered Bank - London - United KingdomICRS ZAR 3M JIBAR + 800

bps (compounding)22.01.2018 63,660.11ZAR 8,625,000 USD 746,656 USD 6M Libor +

675bpsStandard Chartered Bank - London - United KingdomICRS PLN 3M WIBOR +

825bps (VariableNotional from06/09/2016 on)

05.09.2017 3,645.43PLN 825,000 USD 219,415 USD 6M LIBOR +750bps (VariableNotional from06/09/2016 on)

MFX Solutions (Responsability) - Washington - USAICRS TMM comp. + 500bps

(Variable Notional from27/07/2017 on)

28.01.2019 107,139.26TND 1,436,470 USD 700,000 6M US LIBOR +245bps (VariableNotional from27/07/2017 on)MFX Solutions (Responsability) - Washington - USA

ICRS TMM comp. + 500bps(Variable Notional from20/05/2016 on)

20.11.2017 63,644.34TND 457,800 USD 250,000 6M US LIBOR +309bps (VariableNotional from20/05/2016 on)MFX Solutions (Responsability) - Washington - USA

ICRS ZAR 3M JIBAR +825bps (VariableNotional from11/04/2018 on)

14.04.2020 -328,210.93ZAR 20,662,500 USD 1,359,375 6M USD LIBOR +577bps (VariableNotional from11/04/2018 on)

MFX Solutions (Responsability) - Washington - USA

35,564.54Net unrealised gain on swap contracts

Type Maturity ReceivablePayable Valuation

(in USD)Nominal IR Nominal IRCounterparty

Swap contracts


Page 13

Assets

Investments in securities at market value 167,869,205.14Cash at banks 38,613,459.03Receivable for securities sold 3,343,508.67Income receivable 2,627,964.78Net unrealised gain on swaps contracts 35,564.54

212,489,702.16

Liabilities

Other liabilities 160,824.45Net unrealised loss on forward foreign exchange contracts 3,136,254.35Provisions 3,447,204.48

6,744,283.28

205,745,418.88Net assets

Statement of Net Assets in USD and Fund Evolution

30.06.2017

1,239.12 1,186.50USDI 1,212.30Capitalisation -

Total net assets

Net asset value per share

205,745,418.88 201,291,781.80 197,007,713.70USD

Fund Evolution 30.06.2017 31.12.2016 31.12.2015

166.041,552 0,000I 166.041,552 0,000Capitalisation - USD

Number of shares outstanding at the endof the period

at the beginningof the period

Number of shares issued

Number of shares redeemed

responsAbility SICAV (Lux) Financial Inclusion Fund



Page 14


responsAbility SICAV (Lux) Financial Inclusion Fund

Net assets at the beginning of the period 201,291,781.80

Income

Interest on investments in securities (net) 4,746,585.33Bank interest 188,667.90Other income 16,684.84

4,951,938.07

Expenses

Management fee 929,860.00Write-off on promissory notes 372,714.35Custodian and safe custody fees 30,315.78Interest and bank charges 2,845.73Other expenses 60,105.85

1,395,841.71



Realised gain on sales of investments 705,374.00Realised loss on sales of investments -1,326,507.34Realised gain on swap agreements 2,092,117.13Realised loss on swap agreements -1,911,155.07Realised gain on forward foreign exchange contracts 421,909.37Realised loss on forward foreign exchange contracts -873,791.48Realised gain on foreign exchange 115,997.56Realised loss on foreign exchange -60,892.70

-836,948.53




30.06.2017


Change in unrealised appreciation on investments 5,291,777.63Change in unrealised depreciation on investments -344,234.15Change in unrealised appreciation on swap agreements 295,610.53Change in unrealised depreciation on swap agreements -912,862.47Change in unrealised appreciation on forward foreign exchange contracts 579,437.89Change in unrealised depreciation on forward foreign exchange contracts -3,175,240.18

1,734,489.25



Subscriptions 0.00Redemptions 0.00

0.00

Net assets at the end of the period 205,745,418.88

The notes are an integral part of the financial statements.Any differences in the percentage of Net Assets are the result of roundings.



Statement of Investments in Securities

10.86MauritiusBreakdown by Country

5.44Cambodia4.97Georgia4.82Costa Rica4.30Armenia4.18Ecuador3.89Germany3.70Peru3.51Panama2.92Turkey2.89Kenya2.48Bosnia and Herzegovina2.39Azerbaijan2.14Paraguay1.77Chile1.71Sri Lanka1.70People's Republic of China1.40USA1.19Egypt1.15Kazakhstan1.14Morocco0.97Bolivia0.77Namibia0.75Romania0.72Nicaragua0.67Burkina Faso0.64South Africa0.63Kosovo0.60Mexico0.59Moldova0.56Serbia0.48Tanzania0.46Indonesia0.44Poland0.39Palestine0.38Tunisia0.35Senegal0.34Jordania0.32Uganda0.32Russia0.29Colombia0.29Dominican Republic0.24Mongolia0.24Ghana0.22France0.22Nigeria0.21Kyrgyz Republic0.18Montenegro0.14Bulgaria0.12El Salvador0.10Macedonia0.09Albania0.09Bangladesh0.08Ivory Coast0.07Zambia0.06Uzbekistan

0.02Botswana81.59Total

65.75Financial, investment and other div. companiesBreakdown by Economic Sector

11.03Investment trusts/funds4.81Banks and other credit institutions

81.59Total






DescriptionQuantity /

NominalValuation % of net

assets(in USD)

Securities listed on a stock exchange or other organised markets: Bonds

Bonds

USD TC ZIRAAT BANKASII 4.25%/14-03.07.2019 2,500,000 2,520,200.00 1.22

Securities listed on a stock exchange or other organised markets:Bonds 2,520,200.00 1.22

Bonds 2,520,200.00 1.22

Securities not listed on a stock exchange

Private Equities

USD MFX SOLUTIONS LLC 269,142 341,238.41 0.17

Private Equities 341,238.41 0.17

Promissory notes

NGN AB MICROFINANCE BANK NIGERIA 16.75%/14-06.11.2017

83,050,000 263,441.69 0.13

USD ACBA CREDIT AGRICOLE BANK 4.9%/15-15.10.2018

2,500,000 2,500,000.00 1.22

USD ACBA CREDIT AGRICOLE BK 4.9%/16-25.02.2019

1,000,000 1,000,000.00 0.49

USD ACBA LEASING 5.5%/14-22.01.2018 1,000,000 1,000,000.00 0.49AZN ACCESSBANK AZERBAIJAN 17%/15-

14.12.2018209,820 124,439.22 0.06

USD ACCESSBANK AZERBAIJAN 5%/14-29.01.2018 4,500,000 4,500,000.00 2.20USD ACLEDA BANK 6%/15-23.04.2018 500,000 500,000.00 0.24EUR AGENCY FOR FINANCE IN KOSOVO 5.3%/17-

22.02.2019200,000 228,530.00 0.11

EUR AL AMANA FRN 15-30.11.2018 600,000 342,795.30 0.17EUR ALTER MODUS 6%/15-15.05.2019 300,000 228,530.00 0.11PEN ALTERNATIVA (EDPYME) 10%/16-06.09.2018 1,357,960 417,644.06 0.20PEN ALTERNATIVA (EDPYME) 10.20%/17-

17.01.20191,681,350 517,103.48 0.25

USD AMERIABANK FRN 16-10.06.2021 300,000 300,000.00 0.15USD AMERIABANK FRN 16-16.02.2021 1,000,000 1,000,000.00 0.49USD AMRET 6.85%/15-13.11.2017 1,000,000 1,000,000.00 0.49USD AMRET 6.85%/16-05.02.2018 400,000 400,000.00 0.19USD AMRET 6.9%/17-10.03.2020 1,500,000 1,500,000.00 0.73NGN AQUILA LEASING 26%/15-18.12.2018 59,706,000 189,392.53 0.09USD ARARATBANK 4.7%/15-28.09.2018 1,000,000 1,000,000.00 0.49KZT ARNUR CREDIT 15.90%/17-29.06.2020 160,895,000 499,930.04 0.24EUR ATTAWFIQ FRN 15-28.09.2018 1,500,000 1,713,975.00 0.83USD BANCO CONTINENTAL SAECA FRN 15-

27.08.20181,000,000 1,000,000.00 0.49

USD BANCO CREDITO AGRICOLA DE CARTAGO FRN16-29.12.2022

1,000,000 1,000,000.00 0.49

USD BANCO INTERNACIONAL SA FRN 17-15.06.2020

1,300,000 1,300,000.00 0.63

USD BANCO LA HIPOTECARIA 4.2%/16-19.07.2018 1,000,000 1,000,000.00 0.49USD BANCO LA HIPOTECARIA 4.3%/16-29.11.2018 1,250,000 1,250,000.00 0.61USD BANCO LA HIPOTECARIA 4.5%/17-15.06.2020 1,250,000 1,250,000.00 0.61USD BANCO PARA LA COMERCIALIZACION Y LA

PRODUCCION FRN 16-26.11.2018500,000 500,000.00 0.24

USD BANCO PICHINCHA FRN 12-15.02.2019 2,200,000 2,200,000.00 1.07USD BANCO PICHINCHA FRN 13-15.02.2019 1,000,000 1,000,000.00 0.49USD BANCO PICHINCHA FRN 14-15.12.2020 500,000 500,000.00 0.24USD BANCO PROMERICA FRN 14-15.12.2021 2,000,000 2,000,000.00 0.97USD BANCO PROMERICA FRN 15-28.04.2020 500,000 500,000.00 0.24USD BANCO REGIONAL FRN 15-18.12.2019 800,000 600,000.00 0.29USD BANCO SOLIDARIO 7%/16-06.11.2017 500,000 500,000.00 0.24USD BHD LEON 5.32%/16-15.05.2020 600,000 600,000.00 0.29IDR BINA ARTHA 13%/17-28.05.2020 5,983,650,000 448,970.16 0.22USD BRAC BANGLADESH FRN 14-16.12.2019 550,000 186,607.14 0.09USD BRAC TANZANIA FINANCE 7.1%/16-29.06.2018 400,000 400,000.00 0.19USD BRAC UGANDA 6.95%/15-09.07.2018 500,000 333,333.33 0.16USD BRAC UGANDA 6.95%/16-03.09.2019 333,333 333,333.00 0.16USD CENTRAL EMPRESARIAL SOLIDARIA PANAMA

6.80%/16-24.09.2018250,000 187,500.00 0.09

EUR CEP MOZNOSTI SKOPJE 5.5%/16-21.05.2018 180,000 102,838.50 0.05USD CFPA MICROFINANCE MANAGEMENT 5.5%/17-

14.11.20191,300,000 1,300,000.00 0.63

USD CHASE BANK FRN 15-03.09.2020 500,000 500,000.00 0.24USD CHASE BANK FRN 15-23.11.2020 500,000 500,000.00 0.24USD CIDRE 5.99%/15-09.11.2017 250,000 250,000.00 0.12PEN COMPARTAMOS FINANCIERA 8.25%/16-

21.12.20203,832,313 1,178,637.49 0.57

PEN COMPARTAMOS FINANCIERA 8.25%/16-26.10.2020

3,806,438 1,170,679.57 0.57

PEN CONFIANZA 9.43%/15-10.08.2017 2,680,475 824,386.93 0.40MXN CONSULTORES DE SERVICIOS VARIOS

11.29%/16-10.07.20179,000,000 500,305.28 0.24

MXN CONSULTORES DE SERVICIOS VARIOS13.5%/17-10.06.2019

7,360,000 409,138.54 0.20

COP CONTACTAR 8.33%/15-23.03.2018 3,136,056,000 341,505.56 0.17USD COOPERATIVA DE AHORRO Y CREDITO

COOPROGRESO 7.50%/15-27.11.20171,000,000 1,000,000.00 0.49

EUR CORIS BANK 5%/17-22.10.2018 1,000,000 1,142,650.00 0.56USD CORPLEASE 5%/16-08.04.2021 500,000 400,000.00 0.19USD CORPLEASE 5%/16-12.05.2021 819,346 655,476.80 0.32USD CORPLEASE 5%/16-19.07.2021 1,400,000 1,400,000.00 0.68USD CRAC CREDINKA FRN 14-01.11.2021 500,000 500,000.00 0.24USD CREDITO CON EDUCACION RURAL - CRECER

5.38%/15-14.08.20171,000,000 500,000.00 0.24

GEL CREDO 14%/17-08.06.2021 1,204,300 500,543.21 0.24



assets(in USD)

GEL CREDO 14%/17-24.05.2021 1,210,850 503,265.59 0.24GEL CREDO 14%/17-24.05.2021 968,680 402,612.47 0.20GEL CREDO 15%/16-18.01.2019 971,200 403,659.86 0.20USD DIACONIA 5.36%/15-07.12.2017 400,000 200,000.00 0.10USD ECOFUTURO SA FONDO FINANCIERO PRIVADO

5.95%/14-25.08.2017500,000 150,000.00 0.07

USD ECOFUTURO SA FONDO FINANCIERO PRIVADO5.95%/15-23.02.2018

500,000 150,000.00 0.07

USD EDPYME RAIZ 4.15%/15-26.03.2018 500,000 500,000.00 0.24PEN EDPYME RAIZ 9%/17-09.12.2019 4,939,650 1,519,201.97 0.74USD EFC TANZANIA 6.4%/14-17.07.2017 200,000 100,000.00 0.05ZMW EFC ZAMBIA 42.05%/15-04.12.2018 1,301,838 141,503.81 0.07EUR EKI 6.5%/13-05.12.2016 200,000 228,530.00 0.11CLP EMPRENDE MICROFINANZAS 11.5%/16-

26.02.2018175,595,000 132,480.53 0.06

TND ENDA TAMWEEL FRN 16-28.01.2019 1,436,470 591,180.26 0.29TND ENVIRONNEMENT ET DEVELOPPEMENT DANS

LE MONDE ARABE FRN 14-20.11.20171,831,200 188,407.92 0.09

USD EQUITY BANK LIMITED FRN 14-23.09.2019 2,000,000 2,000,000.00 0.97USD EQUITY BANK LIMITED FRN 15-17.11.2020 200,000 200,000.00 0.10USD EQUITY BANK LIMITED FRN 16-31.03.2021 1,000,000 1,000,000.00 0.49USD EXPRESSLEASING 7.25%/17-15.06.2020 500,000 500,000.00 0.24USD EXPRESSLEASING 8.1%/16-19.08.2019 250,000 250,000.00 0.12USD EXPRESSLEASING 8%/15-26.10.2018 250,000 166,667.00 0.08XOF FIDELIS FINANCE-BURKINA FASO 8.5%/16-

25.02.2019196,787,100 229,672.65 0.11

USD FINANCIERA DESYFIN FRN 15-26.02.2018 1,000,000 300,000.00 0.15USD FINANCIERA DESYFIN 6%/17-21.01.2020 1,500,000 1,500,000.00 0.73USD FINANCIERA EL COMERCIO 6.25%/15-

06.11.2017500,000 166,666.67 0.08

USD FINANCIERA FAMA 8.25%/17-16.12.2019 750,000 750,000.00 0.36USD FINCA AZERBAIJAN 6.9%/15-18.05.2018 1,000,000 260,312.00 0.13USD FINCA ECUADOR 7.75%/16-04.09.2018 1,778,000 1,600,000.00 0.78USD FINCA GEORGIA 5.5%/15-21.08.2018 1,000,000 1,000,000.00 0.49EUR FONDATION POUR LE DEVELOPEMENT LOCAL

ET LE PARTENARIAT MICROCREDIT FRN 14-14.07.2017

1,000,000 285,662.50 0.14

USD FUNDACION DIACONIA FONDO ROTATIVO DEINVERSION Y FOMENTO 5.36%/16-12.09.2018

400,000 400,000.00 0.19

USD FUNDESER 8.5%/15-22.01.2018 500,000 250,000.00 0.12USD GLOBAL BANK CORPORATION FRN 16-

29.12.20211,000,000 1,000,000.00 0.49

CNY GRASSLAND FINANCE LIMITED 10.5%/17-23.01.2020

5,519,360 814,103.46 0.40

USD GRASSLAND 7% /17-150520 1,000,000 1,000,000.00 0.49USD GRUPO MUTUAL ALAJUELA FRN 14-

29.07.2021500,000 500,000.00 0.24

USD HATTHA KAKSEKAR 6.95%/14-04.08.2017 500,000 500,000.00 0.24USD INECOBANK 4.80%/16-10.06.2021 1,000,000 1,000,000.00 0.49USD INECOBANK 5.35%/15-16.07.2018 500,000 500,000.00 0.24USD INECOBANK 5.35%/15-24.08.2018 250,000 250,000.00 0.12PLN INICJATYWA MIKRO FRN 17-03.08.2018 2,500,000 674,495.89 0.33PLN INICJATYWA MIKRO FRN/15-05.09.2017 1,650,000 222,583.64 0.11USD JAMII BORA 5.5%/14-27.11.2027 500,000 250,000.00 0.12USD JSC TBC BANK FRN 16-29.12.2021 500,000 500,000.00 0.24USD JSCB HAMKORBANK 7.7%/15-24.09.2018 200,000 133,333.33 0.06EUR KEP TRUST 5.5%/17-03.06.2019 225,000 257,096.25 0.12EUR KEP TRUST 5.5%/17-25.04.2019 225,000 257,096.25 0.12EUR KEP TRUST 5.95%/16-24.10.2018 250,000 285,662.50 0.14EUR KEP TRUST 6.75%/16-12.02.2018 500,000 285,662.50 0.14USD KHAN BANK 7.2%/15-19.12.2017 500,000 500,000.00 0.24KZT KMF 19.7%/17-10.03.2020 158,260,000 491,742.61 0.24KZT KMF 22.7%/16-24.05.2019 267,896,000 557,709.08 0.27USD KMF 6.2%/15-05.06.2018 2,000,000 666,668.00 0.32KGS KOMPANION FINANCIAL 24.75%/16-

07.03.201929,207,600 423,882.95 0.21

USD KREDIT MICROFINANCE INSTITUTION 7.35%15-24.08.2017

400,000 400,000.00 0.19


200,000 200,000.00 0.10


200,000 200,000.00 0.10


300,000 300,000.00 0.15

USD LAZIKA CAPITAL 7.3%/17-14.04.2020 1,000,000 1,000,000.00 0.49USD LAZIKA CAPITAL 7.3%/17-22.06.2020 500,000 500,000.00 0.24EUR LIDER MIKROKREDITNA FONDACIJA 6%/16-

14.06.2019250,000 285,662.50 0.14

USD LLC MICROFINANCE ORGANIZATION CREDO7.20%/14-05.09.2017

2,000,000 2,000,000.00 0.97


1,000,000 1,000,000.00 0.49

USD LOLC CAMBODIA 7.2%/17-28.02.2020 750,000 750,000.00 0.36USD LOLC MICRO CREDIT LIMITED 5.20%/17-

22.06.20202,500,000 2,500,000.00 1.22

USD LOLC MICRO CREDIT 5%/15-16.10.2018 1,000,000 1,000,000.00 0.49KHR LOLC 12.2%/15-27.07.2017 2,052,000,000 502,043.27 0.24EUR LOVCEN BANKA 4.9%/15-24.07.2017 400,000 152,354.10 0.07MXN MASKAPITAL 12.4%/16-29.08.2018 4,500,000 250,152.64 0.12EUR MCC EKI 4.50%17-20.04.2020 1,100,000 1,256,915.00 0.61EUR MCC EKI 5.75%15-11.12.2018 250,000 285,662.50 0.14KZT MFO BEREKE 17%/17-13.04.2020 54,892,250 170,560.21 0.08EUR MICRO CREDIT COMOMPANY MIKROFIN

4.5%/17-24.04.2020400,000 457,060.00 0.22

EUR MICRO CREDIT COMOMPANY MIKROFIN6.25%/15-16.03.2018

500,000 571,325.00 0.28

CNH MICROCRED CHINA 8.7%/15-15.10.2018 2,534,560 373,078.48 0.18




Statement of Investments in Securities (Continued)



assets(in USD)

XOF MICROCRED IVORY COAST 7.75%16-18.05.2018

95,113,765 165,684.25 0.08

XOF MICROCRED SENEGAL 7%/15-03.08.2018 245,983,875 428,493.75 0.21XOF MICROCRED SENEGAL 7%/15-26.04.2018 163,989,250 285,662.50 0.14EUR MICROCREDIT HOLDING FRN 16-14.12.2018 400,000 457,060.00 0.22USD MICROFINANCE ORGANIZATION CRYSTAL

8%/15-05.10.20181,000,000 666,667.00 0.32

USD MICROINVEST 7%/14-17.07.2017 500,000 166,666.00 0.08EUR MIKROFIN 4.5%/17-29.06.2020 450,000 514,192.50 0.25EUR MIKROFIN 6.5%/14-13.11.2017 300,000 342,795.00 0.17EUR MIKROFOND AD 6.5%/16-06.09.2019 250,000 285,662.50 0.14EUR MIKROKREDITNA FONDACIJA MI-BOSPO TUZLA

6%/15-04.09.20181,000,000 1,142,650.00 0.56

IDR MITRA BISNIS KELUARGA VENTURA 14%/15-12.03.2018

13,047,000,000 489,476.63 0.24

EUR MOZNOSTI 5.5%/16-30.04.2018 180,000 102,838.50 0.05USD MUTUAL ALAJUELA FRN 15-15.05.2019 1,000,000 700,000.00 0.34USD MUTUAL ALAJUELA FRN 15-20.04.2020 2,000,000 1,400,000.00 0.68USD MUTUAL CARTAGO DE AHORRO Y PRESTAMO

FRN 13-28.02.20191,000,000 1,000,000.00 0.49

USD MUTUAL CARTAGO DE AHORRO Y PRESTAMOFRN 14-26.09.2017

1,000,000 1,000,000.00 0.49

USD NBD BANK FRN 14-06.10.2017 2,000,000 666,666.67 0.32EUR NOA 6.9%/14-14.11.2017 500,000 190,442.05 0.09COP OPPORTUNITY COLOMBIA 13.25%/16-

13.08.2018738,725,000 243,771.44 0.12

EUR OPPORTUNITY SERBIA 4.5%/15-15.05.2018 1,000,000 1,142,650.00 0.56JOD PARTNERS FOR FINANCE 7.15%/16-

28.11.2018425,400 599,178.03 0.29

JOD PARTNERS FOR FINANCE 8.3%/15-28.09.2017 141,800 99,863.00 0.05RON PATRIA CREDIT 4.75%/17-10.04.2019 1,125,000 281,302.31 0.14RON PATRIA CREDIT 5.25%/13-29.01.2020 1,125,000 281,302.31 0.14THB PRASAC MICROFINANCE INSTITUTION

10.2%/16-15.02.201971,280,000 2,097,085.95 1.02

USD PRASAC MICROFINANCE INSTITUTION6.9%/17-27.04.2020

150,000 150,000.00 0.07

THB PRASAC MICROFINANCE INSTITUTION8.1%/17-03.04.2020

3,450,000 101,500.37 0.05


8,749,500 257,413.77 0.13

USD PRIDE TANZANIA 8.75%/16-24.05.2018 1,000,000 500,000.00 0.24USD PROCREDIT GEORGIA FRN 15-03.12.2018 1,500,000 1,500,000.00 0.73USD PROCREDIT HOLDING FRN 15-30.06.2025 5,750,000 5,750,000.00 2.80USD PROCREDIT HOLDING FRN 16-29.04.2026 2,250,000 2,250,000.00 1.09USD PROMERICA HOLDING FRN 16-15.02.2024 2,500,000 2,500,000.00 1.22USD PROMUJER BOLIVIA 5.19%/16-15.10.2018 376,809 376,808.98 0.18MXN PROMUJER MEXICO 11%/15-27.11.2017 3,200,000 88,943.16 0.04USD PROMUJER NICARAGUA 8.8%/16-28.09.2018 500,000 500,000.00 0.24USD RAFIKI MICROFINANCE BANK LIMITED FRN 15-

03.09.20201,500,000 1,500,000.00 0.73

PEN RAIZ 8.85%/17-19.08.2019 3,250,500 999,699.57 0.49ZAR REAL PEOPLE INVESTMENT HOLDINGS FRN

15-22.01.201811,500,000 886,235.19 0.43

EUR ROCREDIT IFN 5.75%/17-27.04.2020 250,000 285,662.50 0.14EUR ROCREDIT IFN 6.75%/15-16.04.2018 1,000,000 380,883.33 0.19ZAR SA TAXI FRN 13-15.03.2018 22,391,304 431,390.46 0.21USD SATHAPANA BANK 6.5%/16-15.08.2019 300,000 300,000.00 0.15USD SEF INTERNATIONAL UNIVERSAL CREDIT

ORGANIZATION 7.5%/14-18.09.2017500,000 250,000.00 0.12

USD SEKERBANK FRN 14-19.12.2017 3,500,000 3,500,000.00 1.70USD SERVICIOS FINANCIEROS ENLACE 6.25%/16-

07.11.2019250,000 250,000.00 0.12

USD TANNER FRN 16-15.05.2019 3,500,000 3,500,000.00 1.71USD TBC LEASING 7.6%/16-18.04.2019 250,000 250,000.00 0.12THB THANEAKEA PHUM CAMBODIA 10.5%/15-

30.10.201735,572,000 1,046,542.39 0.51

EUR TOTAL LEASING 6%/15-25.09.2018 200,000 152,354.10 0.07ZAR TRUSTCO GROUP HOLDINGS FRN 16-

14.04.202020,662,500 1,592,333.44 0.77

USD UNIBANK FRN 15-21.08.2018 500,000 500,000.00 0.24USD UNTU HOLDINGS LIMITED 7%/15-01.09.2017 200,000 50,048.82 0.02USD VISION BANCO 5.95%/14-17.11.2017 500,000 250,000.00 0.12USD VISION BANCO 6.20%/15-24.06.2019 500,000 500,000.00 0.24USD VISION BANCO 6.2%/15-01.04.2019 1,400,000 1,400,000.00 0.68USD VISION FUND INTERNATIONAL FRN 14-

08.01.20181,500,000 750,000.00 0.36

USD VISION FUND INTERNATIONAL FRN 15-27.02.2018

1,000,000 500,000.00 0.24

USD VISIONFUND CAMBODIA 7.5%/17-02.03.2020 500,000 500,000.00 0.24USD VISIONFUND CAMBODIA 7.5%/17-06.04.2020 500,000 500,000.00 0.24USD VISIONFUND ECUADOR 7.6%/16-28.08.2018 500,000 500,000.00 0.24USD VISIONFUND INTERNATIONAL FRN 16-

01.03.2019500,000 500,000.00 0.24

USD VISIONFUND INTERNATIONAL FRN 16-01.04.2019

100,000 100,000.00 0.05


100,000 100,000.00 0.05

USD VISIONFUND INTERNATIONAL 6.6%/17-02.06.2020

600,000 600,000.00 0.29

USD VITAS PALESTINE 5%/17-29.06.2020 800,000 800,000.00 0.39EUR VITAS ROMANIA 5.5%/13-14.08.2017 500,000 285,662.50 0.14

Securities not listed on a stock exchange 143,013,187.60 69.51

Promissory notes 142,671,949.19 69.34



assets(in USD)

Securities not listed on a stock exchange: Investment funds

Fund units (Open-End)

USD UTI INTERNATIONAL WEALTH CREATOR 4 C. 1 17,295 22,335,817.54 10.86

Securities not listed on a stock exchange: Investment funds 22,335,817.54 10.86

Fund units (Open-End) 22,335,817.54 10.86

Total of Portfolio 167,869,205.14 81.59

Risk provision on investments -3,447,204.48 -1.68

Cash at banks and at brokers 38,613,459.03 18.77

Other net liabilities 2,709,959.19 1.32

Total net assets 205,745,418.88 100.00


Page 18responsAbility SICAV (Lux) Microfinance Micro and SME Finance Leaders


USDI 11475927 LU0520962514 1.30% 1.42%Capitalisation -


USDI-II 29992186 LU1303876830 1.62% /Capitalisation - CHFS 11475931 LU0520962605 1.30% 1.42%Capitalisation - EURI-II 29992187 LU1303876913 1.56% 1.67%Capitalisation - EURS 11475934 LU0520963082 1.30% 1.42%Capitalisation - NOKI-II 29992189 LU1303877135 1.62% /Capitalisation -

Technical Data

The rate applicable as part of the management fee, is payable to the Management Company (as rate of the Microfinance Assets including 10% cash), is layered asfollows:

Share Class: I and S I-II

-on the amount up to USD 50,000,000 1.38% p.a. 1.68% p.a.

-on the next amount USD 50,000,000 1.34% p.a. 1.64% p.a.

-on the amount above USD 100,000,000 1.32% p.a. 1.62% p.a.

-for Non-Microfinance Assets: 0.30% p.a. 0.30% p.a.

The Share Class I-II USD and I-II NOK has been launched on 31.01.2017 and the first NAV was calculated on 28.02.2017. No TER is disclosed for shares launched lessthan 6 months ago.





8,816,083INR USD -123,388 12,598.6902.08.2017CREDIT SUISSE (SCHWEIZ) AG

29,386,943INR USD -412,448 41,398.7821.07.2017CREDIT SUISSE (SCHWEIZ) AG




132,324USD COP -375,534,225 14,117.6122.06.2018CITIBANK N.A. LONDON














225,035USD MXN -4,000,000 4,616.1424.08.2017Standard Chartered Bank London










1,000,000USD EUR -850,412 1,956.6416.10.2018CITIBANK N.A. LONDON








278,229USD RON -1,112,500 -1,518.9930.03.2018CITIBANK N.A. LONDON


















142,394USD EUR -125,000 -686.9203.08.2017Standard Chartered Bank London



255,600USD EUR -225,000 -2,101.2415.08.2017CREDIT SUISSE (SCHWEIZ) AG


230,200USD EUR -200,000 1,054.3721.08.2017CREDIT SUISSE (SCHWEIZ) AG

283,700USD EUR -250,000 -2,960.7906.09.2017CREDIT SUISSE (SCHWEIZ) AG
















411,740USD EUR -367,500 -14,316.3229.03.2018CITIBANK N.A. LONDON







3,945,716USD EUR -3,545,118 -216,033.7116.11.2018CREDIT SUISSE AG

273,563USD EUR -250,000 -14,099.6716.11.2017CREDIT SUISSE AG



1,653,704USD EUR -1,500,000 -106,759.9816.11.2018CITIBANK N.A. LONDON

411,366USD INR -31,963,108 -42,876.9010.12.2019CREDIT SUISSE AG


1,856,588USD INR -133,860,000 -151,969.2307.05.2018CREDIT SUISSE AG







129,832USD RON -550,000 -7,820.5707.08.2017CREDIT SUISSE AG










3,036,951USD EUR -2,850,000 -231,791.1615.09.2017CITIBANK N.A. LONDON
























71,090USD PLN -266,667 -760.3919.10.2018CITIBANK N.A. LONDON




110,128,865CHF USD -113,664,044 1,466,433.4305.07.2017CREDIT SUISSE AG

1,994,420NOK USD -237,101 617.1805.07.2017CREDIT SUISSE AG

61,063,453EUR USD -68,695,164 1,097,188.1305.07.2017CREDIT SUISSE AG


750,000EUR USD -844,739 17,148.7516.10.2017Standard Chartered Bank London



-2,306,475.84Net unrealised loss on forward foreign exchange contracts







ICRS FIXED (VariableNotional. from13/04/17 on)

14.05.2018 -2,084.66KES 10,158,100 21.500% USD 100,000 FIXED (VariableNotional. from13/04/17 on)

9.550%




5.600%




4.750%


475bps (VariableNotional) from15/06/2015 on

15.03.2018 103,308.07ZAR 4,478,261 USD 447,826 3M USD LIBOR +404bps (VariableNotional) from15/06/2015 on

Standard Chartered Bank - London - United KingdomICRS TMM comp. + 500bps


28.01.2019 137,750.48TND 1,846,890 USD 900,000 6M US LIBOR +245bps (VariableNotional from27/07/2017 on)MFX Solutions (Responsability) - Washington - USA


20.11.2017 63,644.34TND 457,800 USD 250,000 6M US LIBOR +309bps (VariableNotional from20/05/2016 on)MFX Solutions (Responsability) - Washington - USA




800bps (compounding)22.01.2018 127,320.23ZAR 17,250,000 USD 1,493,313 6M USD Libor +

675bpsStandard Chartered Bank - London - United KingdomICRS PLN 3M WIBOR +

825bps (VariableNotional from06/09/2016 on)

05.09.2017 3,645.42PLN 825,000 USD 219,415 6M USD LIBOR +750bps (VariableNotional from06/09/2016 on)


-2,986.35Net unrealised loss on swap contracts


(in USD)Nominal IR Nominal IRCounterparty

Swap contracts


Page 24

Assets

Investments in securities at market value 247,675,318.85Cash at banks 54,296,683.39Receivable for securities sold 3,880,529.16Income receivable 3,158,260.09Other assets 50,350.17

309,061,141.66

Liabilities

Other liabilities 323,655.64Net unrealised loss on swaps contracts 2,986.35Net unrealised loss on forward foreign exchange contracts 2,306,475.84Provisions 3,919,326.44

6,552,444.27

302,508,697.39Net assets

Statement of Net Assets in USD and Fund Evolution

30.06.2017

123.99 120.36USDI 122.90Capitalisation -

100.78 /USDI-II /Capitalisation -

115.39 115.22CHFS 115.62Capitalisation -

100.21 /EURI-II 100.31Capitalisation -

119.02 117.89EURS 118.97Capitalisation -

100.61 /NOKI-II /Capitalisation -

Total net assets


302,508,697.39 278,399,262.11 259,269,795.51USD

Fund Evolution 30.06.2017 31.12.2016 31.12.2015

929.274,354 40.501,976I 889.072,378 300,000Capitalisation - USD

3.000,000 3.000,000I-II 0,000 0,000Capitalisation - USD

964.071,984 111.790,000S 936.271,606 83.989,622Capitalisation - CHF

11.505,283 2.507,774I-II 8.997,509 0,000Capitalisation - EUR

508.617,752 8.421,052S 500.266,700 70,000Capitalisation - EUR

20.000,000 20.000,000I-II 0,000 0,000Capitalisation - NOK








Page 25




Income

Interest on investments in securities (net) 6,352,775.57Dividends (net) 620,235.04Bank interest 191,326.22Other income 118,023.66

7,282,360.49

Expenses

Management fee 1,846,947.88Write-off on promissory notes 220,239.35Custodian and safe custody fees 57,055.39Interest and bank charges 72,680.86Other expenses 116,997.46

2,313,920.94



Realised gain on sales of investments 725,131.56Realised loss on sales of investments -3,223,179.63Realised gain on swap agreements 1,596,554.37Realised loss on swap agreements -1,407,234.25Realised gain on forward foreign exchange contracts 13,846,605.75Realised loss on forward foreign exchange contracts -7,064,278.51Realised gain on foreign exchange 1,649,566.88Realised loss on foreign exchange -1,068,355.37

5,054,810.80




30.06.2017


Change in unrealised appreciation on investments 9,123,929.02Change in unrealised depreciation on investments -3,157,790.68Change in unrealised appreciation on swap agreements 353,325.84Change in unrealised depreciation on swap agreements -1,126,759.33Change in unrealised appreciation on forward foreign exchange contracts 5,161,047.60Change in unrealised depreciation on forward foreign exchange contracts -6,532,649.59

3,821,102.86




10,265,082.07







6.69Germany5.76Costa Rica4.73Cambodia4.38Georgia4.29Armenia3.81Ecuador3.58Panama3.04Brazil2.64Sri Lanka2.63Kenya2.44Peru2.02Bolivia1.84Turkey1.71Kazakhstan1.62Chile1.61Paraguay1.33Tunisia1.22People's Republic of China1.09Bosnia and Herzegovina0.99Ghana0.98Palestine0.95Egypt0.90USA0.77Kyrgyz Republic0.74Russia0.71Bangladesh0.70South Africa0.69Namibia0.69Dominican Republic0.64El Salvador0.61Mexico0.58Kosovo0.56France0.52Nicaragua0.48Burkina Faso0.44Moldova0.36Netherlands0.35Mongolia0.35Senegal0.33Azerbaijan0.31Morocco0.31Romania0.28Jordania0.22Montenegro0.22Tanzania0.21Colombia0.18Uganda0.14Poland0.14Ivory Coast0.11Zimbabwe0.10Lebanon0.10Indonesia0.10Macedonia0.09Bulgaria0.09Nigeria

0.06Tajikistan0.05Zambia0.04Uzbekistan

81.87Total


12.84Investment trusts/funds11.55Banks and other credit institutions81.87Total








assets(in USD)

Securities listed on a stock exchange or other organised markets: Shares (and equity-type securities)

Private Equities

EUR ALIOS FINANCE 150,361 1,129,226.18 0.37

Private Equities 1,129,226.18 0.37

Shares (and equity-type securities)

EUR PROCREDIT HOLDING 881,276 12,664,542.92 4.19

Securities listed on a stock exchange or other organised markets:Shares (and equity-type securities) 13,793,769.10 4.56

Shares (and equity-type securities) 12,664,542.92 4.19


Bonds

USD TC ZIRAAT BANKASII 4.25%/14-03.07.2019 2,500,000 2,520,200.00 0.83USD YAPI VE KREDI BANKASI 5.125%/14-

22.10.20193,000,000 3,059,910.00 1.01


Bonds 5,580,110.00 1.84


Private Equities



Promissory notes


2,500,000 2,500,000.00 0.83


750,000 750,000.00 0.25


1,250,000 1,250,000.00 0.41

USD ACCESS MICROFINANCE HOLDING 7.7%/16-220219 7

250,000 250,000.00 0.08

AZN ACCESSBANK AZERBAIJAN 17%/15-14.12.2018

839,280 497,756.88 0.16

USD ACCESSBANK AZERBAIJAN 8%/14-01.08.2022 500,000 500,000.00 0.17USD ACLEDA BANK 6%/15-10.09.2018 2,000,000 2,000,000.00 0.66USD AFRICAN CENTURY LIMITED 9.75%/14-

21.08.20171,000,000 333,333.34 0.11

EUR AGENCY FOR FINANCE IN KOSOVO 5.3%/17-22.02.2019

200,000 228,530.00 0.08

EUR AL AMANA FRN 15-30.11.2018 600,000 342,795.30 0.11USD AL MAJMOUA 6.3%/16-15.10.2019 300,000 300,000.00 0.10EUR ALTER MODUS 6%/15-15.05.2019 500,000 380,883.33 0.13USD AMERIABANK FRN 16-10.06.2021 500,000 500,000.00 0.17USD AMERIABANK FRN 16-16.02.2021 2,500,000 2,500,000.00 0.83USD AMRET CO 6.85%/16-19.01.2018 700,000 700,000.00 0.23USD AMRET 6.85%/16-05.02.2018 600,000 600,000.00 0.20USD AMRET 6.9%/17-13.03.2020 500,000 500,000.00 0.17USD AMRET 6.9%/17-16.03.2020 500,000 500,000.00 0.17NGN AQUILA LEASING 19.80%/13-02.10.2017 161,600,000 128,152.25 0.04NGN AQUILA LEASING 22.2%/15-21.05.2018 99,525,000 157,850.90 0.05USD ARARATBANK 4.7%/15-28.09.2018 2,000,000 2,000,000.00 0.66KZT ASIAN CREDIT FUND MICROFINANCE

ORGANIZATION 17.4%/16-28.03.201867,892,000 210,952.80 0.07

USD BANCO CONTINENTAL FRN 14-26.07.2017 3,000,000 1,500,000.00 0.50USD BANCO CONTINENTAL SAECA FRN 14-

08.08.20171,000,000 500,000.00 0.17

USD BANCO CONTINENTAL SAECA FRN 15-27.08.2018

750,000 750,000.00 0.25


2,500,000 2,500,000.00 0.83

EUR BANCO DAYCOVAL FRN 17-15.03.2019 2,850,000 3,256,552.50 1.07USD BANCO DELTA 5.25%/16-18.11.2019 700,000 700,000.00 0.23USD BANCO IMPROSA FRN 16-17.09.2018 900,000 540,000.00 0.18USD BANCO INDUSTRIAL FRN 17-17.06.2019 6,000,000 6,000,000.00 1.97USD BANCO INTERNACIONAL SA FRN 17-

15.06.20203,300,000 3,300,000.00 1.08


PRODUCCION FRN 15-23.10.20171,500,000 750,000.00 0.25

USD BANCO PICHINCHA FRN 12-15.02.2019 1,800,000 1,800,000.00 0.60USD BANCO PICHINCHA FRN 14-15.12.2020 2,000,000 2,000,000.00 0.66USD BANCO PROMERICA FRN 13-08.01.2019 1,500,000 1,050,000.00 0.35USD BANCO PROMERICA FRN 14-27.06.2019 4,500,000 3,150,000.00 1.03USD BANCO PROMERICA 3.4%/17-27.10.2017 2,000,000 2,000,000.00 0.66USD BANCO PROMERICA 5.5%/17-27.04.2021 1,500,000 1,500,000.00 0.50USD BANCO REGIONAL FRN 15-15.05.2020 500,000 333,500.00 0.11USD BANCO SOLIDARIO 7%/16-22.09.2017 2,000,000 2,000,000.00 0.66USD BANK OF GEORGIA FRN 17-28.02.2022 1,625,000 1,625,000.00 0.54USD BHD LEON 5.32%/16-15.05.2020 2,100,000 2,100,000.00 0.69IDR BINA ARTHA 13%/17-28.05.2020 3,989,100,000 299,313.44 0.10USD BRAC BANGLADESH FRN 14-16.12.2019 650,000 220,535.71 0.07USD BRAC TANZANIA FINANCE 7.1%/16-29.06.2018 300,000 300,000.00 0.10USD BRAC UGANDA 6.95%/15-09.07.2018 800,000 533,333.33 0.18



assets(in USD)

USD CENTRAL EMPRESARIAL SOLIDARIA PANAMA6.80%/16-24.09.2018

250,000 187,500.00 0.06


14.11.20191,775,000 1,775,000.00 0.59

USD CHASE BANK FRN 15-03.09.2020 2,300,000 2,300,000.00 0.76USD CLC FRN 16-15.12.2020 3,000,000 3,000,000.00 0.99USD CLC FRN 16-15.12.2020 1,000,000 1,000,000.00 0.33PEN COMPARTAMOS FINANCIERA 8.25%/16-

21.12.20204,683,938 1,440,556.94 0.48


4,652,313 1,430,830.59 0.47

MXN CONSULTORES DE SERVICIOS VARIOS13.5%/17-10.06.2019

23,920,000 1,329,700.25 0.44

COP CONTACTAR 8.33%/15-22.06.2018 1,137,982,500 123,922.32 0.04COP CONTACTAR 9.9%/16-19.11.2018 782,777,500 258,308.30 0.09USD COOPERATIVA DE AHORRO Y CREDITO

COOPROGRESO 7.50%/15-27.11.2017750,000 750,000.00 0.25

USD COOPERATIVA DE AHORRO Y CREDITORIOBAMBA 6.5%/14-28.08.2017

1,000,000 500,000.00 0.17

EUR CORIS BANK 5%/17-22.10.2018 1,000,000 1,142,650.00 0.38USD CORPLEASE 5%/16-08.04.2021 500,000 400,000.00 0.13USD CORPLEASE 5%/16-12.05.2021 1,300,000 1,040,000.00 0.34USD CORPLEASE 5%/16-20.05.2021 1,800,000 1,440,000.00 0.48USD CRAC CREDINKA FRN 14-30.09.2021 1,000,000 1,000,000.00 0.33USD CRECER 5.15%/16-30.04.2018 187,500 93,750.00 0.03USD CREDITO CON EDUCACION RURAL - CRECER

5.38%/15-14.08.20171,000,000 500,000.00 0.17

USD CREDITO CON EDUCACION RURAL - CRECER5.38%/15-18.09.2017

500,000 250,000.00 0.08

GEL CREDO 14%/17-08.06.2021 1,204,300 500,543.21 0.17GEL CREDO 14%/17-24.05.2021 1,210,850 503,265.59 0.17USD CREDO 6.5%/16-25.02.2019 500,000 250,000.00 0.08USD CREDO 6.8%/15-23.07.2018 750,000 750,000.00 0.25USD DIACONIA 5.25%/15-29.09.2017 300,000 150,000.00 0.05USD DUTCH BANGLA BANK FRN 16-18.02.2020 2,600,000 1,950,000.00 0.64USD ECOFUTURO SA FONDO FINANCIERO PRIVADO

5.72%/16-04.11.2019250,000 250,000.00 0.08

PEN EDPYME RAIZ 10.9%/16-22.01.2018 2,491,200 766,174.92 0.25PEN EDPYME RAIZ 10.9%/16-25.05.2018 2,510,025 771,964.60 0.26USD EDPYME RAIZ 4.15%/15-26.03.2018 500,000 500,000.00 0.17PEN EDPYME RAIZ 9.55%/15-14.08.2017 1,613,800 496,328.31 0.16ZMW EFC ZAMBIA 42.05%/15-04.12.2018 1,301,838 141,503.81 0.05CLP EMPRENDE MICROFINANZAS 11.5%/16-

26.02.2018175,595,000 132,480.53 0.04

TND ENDA TAMWEEL FRN 16-28.01.2019 1,846,890 760,088.91 0.25TND ENVIRONNEMENT ET DEVELOPPEMENT DANS

LE MONDE ARABE FRN 14-20.11.20171,831,200 188,407.92 0.06

USD EQUITY BANK LIMITED FRN 15-17.11.2020 3,300,000 3,300,000.00 1.08USD EQUITY BANK LIMITED FRN 16-31.03.2021 1,300,000 1,300,000.00 0.43USD EXPRESSLEASING 7.25%/17-15.06.2020 200,000 200,000.00 0.07USD EXPRESSLEASING 8.1%/16-19.08.2019 250,000 250,000.00 0.08USD EXPRESSLEASING 8%/15-11.09.2018 700,000 466,667.25 0.15USD FATEN 5%/16-25.03.2019 400,000 254,544.00 0.08USD FEDECREDITO FRN 16-14.01.2022 1,800,000 1,800,000.00 0.60XOF FIDELIS FINANCE-BURKINA FASO 8.5%/16-

25.02.2019262,382,800 306,230.20 0.10

PEN FINANCIERA CONFIANZA 9.5%/15-10.08.2017 3,153,500 969,866.98 0.32USD FINANCIERA DESYFIN 5.85% 15-27.08.2018 2,000,000 1,400,000.00 0.46USD FINANCIERA DESYFIN 6%/17-21.01.2020 500,000 500,000.00 0.17USD FINANCIERA FAMA 8.25%/16-25.10.2018 300,000 300,000.00 0.10USD FINANCIERA FAMA 8.25%/16-27.12.2018 400,000 400,000.00 0.13USD FINANCIERA FAMA 8.25%/17-16.12.2019 250,000 250,000.00 0.08USD FINCA ARMENIA 6.85%/16-12.03.2018 750,000 750,000.00 0.25USD FINCA GEORGIA 5.5%/15-21.08.2018 1,000,000 1,000,000.00 0.33EUR FINCA KOSOVO 6.50%/16-15.08.2018 225,000 257,096.25 0.08EUR FINCA KOSOVO 6.9%/15-21.08.2017 400,000 228,530.00 0.08USD FINCA NICARAGUA 8.95%/16-16.04.2018 800,000 400,000.00 0.13USD FINCA TAJIKISTAN 8.85%/15-14.09.2017 200,000 171,677.00 0.06EUR FONDATION AL KARAMA 7%/16-05.04.2019 300,000 342,795.00 0.11EUR FONDATION POUR LE DEVELOPEMENT LOCAL


1,000,000 285,662.50 0.09

USD FRONTIERS 7.3%/17-20.06.2018 500,000 500,000.00 0.17USD FUNDACION DE APOYO COMUNITARIO Y

SOCIAL DEL ECUADOR 8.5%/15-17.11.2017375,000 187,500.00 0.06


450,000 450,000.00 0.15


400,000 400,000.00 0.13

USD FUNDESER 8.5%/16-05.04.2018 500,000 250,000.00 0.08USD GLOBAL BANK CORPORATION FRN 16-

29.12.20211,000,000 1,000,000.00 0.33


8,279,040 1,221,155.19 0.40

USD GRASSLAND 7% /17-150520 500,000 500,000.00 0.17USD GRUPO MUTUAL ALAJUELA FRN 14-

29.07.2021750,000 750,000.00 0.25

USD GRUPO MUTUAL ALAJUELA-LA VIVIENDA DEAHORRO Y PRESTAMO FRN 11-20.11.2017

1,000,000 1,000,000.00 0.33

USD HATTHA KAKSEKAR 6.93%/15-31.08.2018 2,500,000 2,500,000.00 0.83THB HATTHA KAKSEKAR 9.30%/14-17.07.2017 32,153,000 945,954.05 0.31USD INECOBANK 4.80%/16-10.06.2021 1,000,000 1,000,000.00 0.33USD INECOBANK 5.35%/15-16.07.2018 1,250,000 1,250,000.00 0.41USD INECOBANK 5.55%/14-27.12.2017 500,000 250,000.00 0.08PLN INICJATYWA MIKRO FRN 17-19.10.2018 800,000 215,838.69 0.07







assets(in USD)

PLN INICJATYWA MIKRO FRN/15-05.09.2017 1,650,000 222,583.64 0.07USD JSC BANK OF GEORGIA FRN/16-16.12.2021 1,625,000 1,625,000.00 0.54USD JSC TBC BANK FRN 16-29.12.2021 600,000 600,000.00 0.20USD JSCB HAMKORBANK 7.7%/15-24.09.2018 200,000 133,333.33 0.04KES JUHUDI KILIMO 21.5%/16-14.05.2018 20,316,200 97,909.39 0.03EUR KEP TRUST 5.5%/17-23.01.2019 300,000 342,795.00 0.11EUR KEP TRUST 5.5%/17-25.04.2019 230,000 262,809.50 0.09EUR KEP TRUST 6.5%/16-23.04.2018 250,000 142,831.25 0.05EUR KEP TRUST 6.75%/16-12.02.2018 500,000 285,662.50 0.09USD KHAN BANK 7.2%/15-19.12.2017 500,000 500,000.00 0.17KZT KMF 22.7%/16-24.05.2019 435,331,000 906,277.26 0.30KGS KOMPANION FINANCIAL 24.75%/16-

07.03.201965,717,100 953,736.65 0.32

USD KOMPANION 6.75%/16-30.04.2019 500,000 500,000.00 0.17USD KOMPANION 6.75%/16-31.05.2019 500,000 333,333.46 0.11USD KREDIT MICROFINANCE INSTITUTION 7.35%16-

21.03.2018500,000 500,000.00 0.17


500,000 500,000.00 0.17

EUR LIDER MIKROKREDITNA FONDACIJA 6.75%/15-20.11.2018

300,000 171,397.50 0.06

USD LOLC CAMBODIA 7.2%/17-28.02.2020 750,000 750,000.00 0.25USD LOLC MICRO CREDIT 5%/15-16.10.2018 1,400,000 1,400,000.00 0.46KHR LOLC 12.2%/15-27.07.2017 2,052,000,000 502,043.27 0.17EUR LOVCEN BANKA 4.9%/15-24.07.2017 700,000 266,619.67 0.09MXN MASKAPITAL 12.4%/16-28.09.2018 5,400,000 300,183.17 0.10EUR MCC EKI 4.50%17-20.04.2020 550,000 628,457.50 0.21EUR MCC EKI 5.75%/15-16.07.2018 300,000 342,795.00 0.11EUR MICRO CREDIT COMOMPANY MIKROFIN

4.5%/17-24.04.2020250,000 285,662.50 0.09

EUR MICRO CREDIT COMOMPANY MIKROFIN5.15%16-08.04.2019

1,000,000 1,142,650.00 0.38


250,000 285,662.50 0.09

CNH MICROCRED CHINA 8.7%/15-15.10.2018 1,267,280 186,539.24 0.06XOF MICROCRED IVORY COAST 7.75%16-

18.05.2018236,144,520 411,354.00 0.14

XOF MICROCRED SENEGAL 7%/15-03.08.2018 81,994,625 142,831.25 0.05XOF MICROCRED SENEGAL 7%/15-07.12.2018 196,787,100 342,795.00 0.11XOF MICROCRED SENEGAL 7%/15-26.04.2018 327,978,500 571,325.00 0.19EUR MICROCREDIT HOLDING FRN 16-14.12.2018 500,000 571,325.00 0.19USD MICROFINANCE ORGANIZATION CRYSTAL

8%/15-05.10.20181,000,000 666,667.00 0.22

USD MICROSERFIN SOLUCIONES DEMICROFINANZAS 5.75%/17-30.07.2018

250,000 250,000.00 0.08

EUR MIKROFIN 4.5%/17-29.06.2020 400,000 457,060.00 0.15EUR MIKROFOND AD 6.5%/16-06.09.2019 250,000 285,662.50 0.09EUR MOZNOSTI 5.5%/16-30.04.2018 250,000 142,831.25 0.05USD MUTUAL ALAJUELA -FRN- 16-01.07.2020 1,500,000 1,500,000.00 0.50USD MUTUAL ALAJUELA -FRN- 16-14.09.2022 500,000 500,000.00 0.17USD MUTUAL CARTAGO DE AHORRO Y PRESTAMO

FRN 14-18.08.20201,000,000 1,000,000.00 0.33

USD NATIONS TRUST BANK FRN 16-29.09.2017 2,600,000 2,600,000.00 0.86COP OPPORTUNITY COLOMBIA 13.25%/16-

13.08.2018738,725,000 243,771.44 0.08

RON OPPORTUNITY MICROCREDIT ROMANIA IFNFRN 17-04.12.2017

1,048,034 131,028.62 0.04

USD PALESTINE FOR CREDIT & DEVELOPMENT -FATEN 5%/16-20.06.2019

400,000 290,911.00 0.10


400,000 290,908.00 0.10


700,000 700,000.00 0.23


400,000 290,908.86 0.10

JOD PARTNERS FOR FINANCE 7.15%/16-28.11.2018

496,300 699,041.03 0.23

JOD PARTNERS FOR FINANCE 8.3%/15-28.09.2017 212,700 149,794.51 0.05RON PATRIA CREDIT 5.75%/16-30.03.2018 2,225,000 278,176.73 0.09THB PRASAC MICROFINANCE INSTITUTION

10.2%/16-15.02.201962,370,000 1,834,950.20 0.61


49,226,800 1,448,272.03 0.48

USD PRIDE TANZANIA 8.75%/16-24.05.2018 750,000 375,000.00 0.12USD PROCREDIT GEORGIA FRN 15-03.12.2018 1,500,000 1,500,000.00 0.50USD PROCREDIT HOLDING FRN 15-30.06.2025 1,000,000 1,000,000.00 0.33USD PROCREDIT HOLDING FRN 16-29.04.2026 750,000 750,000.00 0.25USD PROMERICA HOLDING FRN 16-15.02.2024 5,500,000 5,500,000.00 1.81USD PROMUJER BOLIVIA 5.19%/16-17.10.2018 450,000 450,000.00 0.15MXN PROMUJER MEXICO 11%/15-24.08.2017 8,000,000 222,357.90 0.07USD RAFIKI MICROFINANCE BANK LIMITED FRN 15-

03.09.20201,000,000 1,000,000.00 0.33

ZAR REAL PEOPLE INVESTMENT HOLDINGS FRN15-22.01.2018

23,000,000 1,772,470.38 0.59

EUR ROCREDIT IFN 5.75%/17-27.04.2020 250,000 285,662.50 0.09ZAR SA TAXI FRN 13-15.03.2018 17,913,044 345,112.39 0.11AMD SEF INTERNATIONAL UNIVERSAL CREDIT

ORGANIZATION 15.75%/14-18.09.2017204,675,000 213,001.18 0.07

USD SERVICIOS FINANCIEROS ENLACE 6.8%/15-18.09.2017

250,000 125,000.00 0.04

USD TANNER FRN 16-15.05.2019 4,800,000 4,800,000.00 1.58USD TBC BANK FRN 16-17.04.2023 1,600,000 1,600,000.00 0.53USD TBC LEASING 7.9%/15-09.07.2018 1,000,000 1,000,000.00 0.33USD TBC LEASING 8%/14-22.08.2017 500,000 500,000.00 0.17THB THANEAKEA PHUM CAMBODIA 10.2%/15-

27.07.201717,395,000 511,767.82 0.17

KZT TOO MFO BEREKE 17%/17-06.05.2020 55,132,000 171,305.15 0.06EUR TOTAL LEASING 6%/15-25.09.2018 550,000 418,973.76 0.14



assets(in USD)

ZAR TRUSTCO GROUP HOLDINGS FRN 16-14.04.2020

27,187,500 2,095,175.58 0.69

EUR TUNISIE LEASING 3.3%/16-28.06.2021 1,500,000 1,371,180.00 0.45EUR TUNISIE LEASING 3.3%/17-23.05.2022 1,500,000 1,713,975.00 0.57USD UNIBANK FRN 15-21.08.2018 3,000,000 3,000,000.00 0.99USD VISION BANCO 6.32%/15-26.08.2019 1,000,000 1,000,000.00 0.33USD VISIONFUND CAMBODIA 7.5%/17-02.03.2020 200,000 200,000.00 0.07USD VISIONFUND CAMBODIA 7.5%/17-06.04.2020 200,000 200,000.00 0.07USD VISIONFUND ECUADOR 7.6%/16-28.08.2018 1,000,000 1,000,000.00 0.33USD VISIONFUND INTERNATIONAL FRN 16-

01.03.2019600,000 600,000.00 0.20


200,000 200,000.00 0.07


200,000 200,000.00 0.07


1,350,000 1,350,000.00 0.45

USD VITAS PALESTINE 4.95%/16-10.06.2019 100,000 66,666.67 0.02USD VITAS PALESTINE 4.95%/16-11.10.2019 100,000 100,000.00 0.03USD VITAS PALESTINE 4.95%/16-12.07.2019 200,000 200,000.00 0.07USD VITAS PALESTINE 4.95%/16-12.11.2019 100,000 100,000.00 0.03USD VITAS PALESTINE 4.95%/16-20.09.2019 200,000 200,000.00 0.07USD VITAS PALESTINE 4.95%/16-23.04.2019 100,000 66,666.67 0.02USD VITAS PALESTINE 5%/17-29.06.2020 400,000 400,000.00 0.13EUR VITAS ROMANIA 5%/15-16.11.2017 250,000 285,662.50 0.09USD XACLEASING 8.1%/15-18.12.2017 550,000 550,000.00 0.18



Securities not listed on a stock exchange: Shares (and equity-type securities)

Private Equities

USD CENTER-INVEST BANK RUSSIA 618,533 1,210,000.23 0.40EUR CENTER-INVEST BANK RUSSIA 493,350 1,034,025.26 0.34KZT MICROCREDIT ORGANIZATION 989,752,991 3,869,057.79 1.28

Securities not listed on a stock exchange: Shares (and equity-typesecurities) 6,113,083.28 2.02




USD ACCION INVESTMENTS SHARES 1,687 2,962,330.65 0.98USD FUND OF PRIVATE EQUITIES - LOK CAPITAL 5,317 96,957.19 0.03USD INDIA FINANCIAL INCLUSION FUND 11,674 1,907,481.32 0.63USD UTI INTERNATIONAL WEALTH CREATOR 4 C. 1 18,525 23,924,298.39 7.91


Private Equities

EUR ACCESS MICROFINANCE HOLDING 817,203 2,614,575.62 0.86EUR BALKAN FINANCIAL SECTOR EQUITY HOLDING

BV2,927,610 1,095,921.93 0.36

BOB BANCO SOLIDARIO BOLIVIA 167,624 3,549,392.83 1.18USD CATALYST MICROFINANCE INVESTORS 1,380 2,363,625.55 0.78GEL LLC MICROFINANCE ORGANIZATION CREDO 17,552 1,065,774.36 0.35






Other net assets 4,456,021.59 1.47

Total net assets 302,508,697.39 100.00


Page 29responsAbility SICAV (Lux) Mikro- und KMU-Finanz-Fonds


EURA 3118944 LU0302153209 2.05% 2.16%Distribution -


EURI 19411204 LU0826191198 1.57% 1.67%Distribution - EURI-II 29992698 LU1303877564 1.43% 1.53%Distribution - CHFI 19411173 LU0825854945 1.58% 1.68%Distribution - CHFI-II 24153479 LU1050624276 1.13% 1.23%Distribution - CHFI-III 29992697 LU1303877481 1.42% 1.52%Distribution - USDI-II 29992696 LU1303877309 1.42% 1.51%Distribution -

Technical Data

The rate applicable as part of the management fee, is payable to the Management Company (as rate of the Microfinance Assets including 10% cash), is layered asfollows:

Share Class I I-II CHF I-II USD, I-IIEUR and I-III

CHF

A

-on the amount up to EUR 100,000,000 1.68% p.a. 1.18% p.a. 1.48% p.a. 2.18% p.a.

-on the amount above EUR 100,000,000 1.62% p.a. 1.12% p.a. 1.42% p.a. 2.12% p.a.

-for non MicrofinanceAssets:

0.70% p.a. 0.70% p.a. 0.70% p.a. 0.70% p.a.

A Distribution- EUR 21.04.2017 2.00

Ex-Date Amount

I Distribution- EUR 21.04.2017 2.00I-II Distribution- EUR 21.04.2017 2.00I Distribution- CHF 21.04.2017 2.00I-II Distribution- CHF 21.04.2017 2.00I-III Distribution- CHF 21.04.2017 2.00I-II Distribution- USD 21.04.2017 2.00

Distributions

342,521EUR XAF -281,511,235 -85,808.1616.08.2017MFX Solutions Inc.





381,022EUR USD -500,000 -54,499.5110.10.2017CREDIT SUISSE (SCHWEIZ) AG





SalesPurchases Valuation(in EUR)










184,259USD TZS -537,500,000 -35,070.6305.06.2018MFX Solutions Inc.

2,249,929USD PEN -7,883,750 -143,602.2910.08.2017CREDIT SUISSE (SCHWEIZ) AG

132,324USD COP -375,534,225 12,355.1422.06.2018CITIBANK N.A. LONDON




281,511,235XAF EUR -402,907 25,214.2016.08.2017MFX Solutions Inc.




1,785,671USD PEN -6,455,200 -166,941.2114.08.2017CITIBANK N.A. LONDON





854,610USD LKR -140,565,000 -39,432.3025.09.2017MFX Solutions Inc.





684,193USD CNH -4,627,200 22,457.0422.10.2018CREDIT SUISSE (SCHWEIZ) AG











55,280USD ZMW -1,301,838 -66,551.7604.12.2018MFX Solutions Inc.


121,120EUR MXN -2,400,000 8,164.6327.11.2017CITIBANK N.A. LONDON








2,399,391EUR USD -2,725,228 47,889.1209.03.2018CITIBANK N.A. LONDON


278,229USD RON -1,112,500 -1,329.3630.03.2018CITIBANK N.A. LONDON

240,454EUR USD -278,229 594.9029.03.2018CREDIT SUISSE (SCHWEIZ) AG





2,155,639EUR USD -2,500,000 -27,699.8610.08.2017CITIBANK N.A. LONDON






709,837EUR USD -800,000 11,905.6829.08.2017CREDIT SUISSE (SCHWEIZ) AG









446,012EUR USD -500,000 9,468.2814.08.2017CITIBANK N.A. LONDON




1,772,641EUR USD -2,000,000 23,876.7117.07.2017CREDIT SUISSE (SCHWEIZ) AG








895,655EUR USD -1,000,000 21,743.0327.07.2017Standard Chartered Bank London

























522,170EUR USD -600,000 -1,605.3718.08.2017CREDIT SUISSE (SCHWEIZ) AG

436,374EUR USD -500,000 -34.7521.08.2017Standard Chartered Bank London

434,335EUR USD -500,000 -2,057.1722.08.2017Standard Chartered Bank London

868,710EUR USD -1,000,000 -4,119.0921.08.2017Standard Chartered Bank London

434,523EUR USD -500,000 -1,846.0523.08.2017Standard Chartered Bank London

1,915,354EUR USD -2,200,000 -4,562.5524.08.2017Standard Chartered Bank London



869,845EUR USD -1,000,000 -2,846.3224.08.2017CREDIT SUISSE (SCHWEIZ) AG

871,693EUR USD -1,000,000 -814.3628.08.2017Standard Chartered Bank London

3,484,943EUR USD -4,000,000 -5,090.2528.08.2017Standard Chartered Bank London

301,339EUR MXN -6,750,000 -11,503.8601.03.2018CITIBANK N.A. LONDON

292,715EUR MXN -6,750,000 -9,574.3129.08.2018CITIBANK N.A. LONDON


110,002EUR USD -125,000 965.7001.09.2017Standard Chartered Bank London













886,506EUR USD -1,016,667 136.9311.09.2017Standard Chartered Bank London


436,069EUR USD -500,000 223.2514.09.2017CITIBANK N.A. LONDON



















































1,376,021EUR USD -1,500,000 73,488.5217.11.2017CREDIT SUISSE AG

330,585USD COP -1,095,888,500 -21,521.7820.11.2017CITIBANK N.A. LONDON

315,636USD COP -1,095,888,500 -24,331.2419.11.2018CITIBANK N.A. LONDON

647,309EUR USD -700,000 39,602.1820.11.2017CREDIT SUISSE AG












1,166,359USD INR -90,626,089 -106,393.3310.12.2019CREDIT SUISSE AG























1,000,000USD EUR -935,609 -62,206.5008.08.2017Standard Chartered Bank London


















165,478EUR RON -750,000 1,517.3707.08.2017Standard Chartered Bank London







80,507EUR RON -375,000 692.5229.01.2019CITIBANK N.A. LONDON






3EUR USD -3 0.1708.08.2017Standard Chartered Bank London

0EUR USD -1 0.0308.02.2018Standard Chartered Bank London









16,062,282EUR USD -17,246,875 1,006,639.0015.08.2017CREDIT SUISSE AG
























2,028,604USD PEN -7,409,475 -79,399.6309.12.2019Standard Chartered Bank London










2,046,251USD PEN -7,409,475 -76,621.0909.09.2019Standard Chartered Bank London



77,454EUR RON -377,668 -887.6413.03.2020CITIBANK N.A. LONDON




934,396EUR USD -1,000,000 62,951.6214.09.2017CREDIT SUISSE AG






527,715USD RUB -31,370,000 1,624.1018.08.2017CREDIT SUISSE AG






































































59,579USD IDR -877,602,000 -721.1024.05.2019CITIBANK N.A. LONDON




612,391USD GEL -1,937,360 -18,541.9124.05.2021MFX Solutions Inc.




233,989EUR PLN -1,000,000 2,531.3304.06.2018CITIBANK N.A. LONDON








156,782EUR PLN -666,667 1,871.5629.03.2018CITIBANK N.A. LONDON











205,101,403CHF EUR -188,069,974 -472,366.0404.07.2017CREDIT SUISSE AG



























375,000USD EUR -335,476 -8,428.6205.09.2017CITIBANK N.A. LONDON




59,706,000NGN USD -145,980 -1,385.2718.12.2018CITIBANK N.A. LONDON














6,158,012.25Net unrealised gain on forward foreign exchange contracts







ICRS ZAR 3M Jibar +475bps (VariableNotional) from15/06/2015 on

15.03.2018 126,886.57ZAR 15,673,913 EUR 1,191,933 EUR 3M Euribor +385bps (VariableNotional) from15/06/2015 on

Standard Chartered Bank - London - United KingdomICRS FIXED 11.05.2020 162,136.18PEN 1,961,625 12.500% USD 750,000 FIXED 9.100%MFX Solutions (Responsability) - Washington - USAICRS FIXED (Variable


31.05.2018 -6,309.70XOF 293,257,000 7.750% USD 500,000 FIXED (VariableNotional. from04/12/17 on)

5.700%



14.05.2018 -2,736.61KES 15,237,150 21.500% USD 150,000 FIXED (VariableNotional. from13/04/17 on)

9.550%




5.600%




4.750%

MFX Solutions (Responsability) - Washington - USAICRS ZAR 3M JIBAR + 800

bps (compounding)22.01.2018 167,138.09ZAR 25,875,000 USD 2,239,969 USD 6M Libor +

675bpsStandard Chartered Bank - London - United KingdomICRS TMM comp. + 500bps


28.01.2019 241,107.02TND 3,693,780 USD 1,800,000 6M US LIBOR +245bps (VariableNotional from27/07/2017 on)MFX Solutions (Responsability) - Washington - USA


20.02.2018 280,622.60TND 2,892,150 USD 1,500,000 6M US LIBOR +344bps (VariableNotional from19/08/2016 on)MFX Solutions (Responsability) - Washington - USA




144,051.55Net unrealised gain on swap contracts


(in EUR)Nominal IR Nominal IRCounterparty

Swap contracts


Page 45

Assets

Investments in securities at market value 473,679,307.44Cash at banks 120,311,544.97Receivable for securities sold 11,385,214.13Income receivable 7,376,612.39Net unrealised gain on swaps contracts 144,051.55Net unrealised gain on forward foreign exchange contracts 6,158,012.25Other assets 95,301.73

619,150,044.46

Liabilities

Other liabilities 799,293.82Provisions 12,170,289.07

12,969,582.89

606,180,461.57Net assets

Statement of Net Assets in EUR and Fund Evolution

30.06.2017

99.91 105.67EURA 102.13Distribution -

100.17 105.21EURI 102.16Distribution -

98.53 100.35EURI-II 100.45Distribution -

95.49 101.69CHFI 97.72Distribution -

98.03 103.58CHFI-II 100.06Distribution -

97.52 100.14CHFI-III 99.69Distribution -

100.91 100.56USDI-II 101.99Distribution -

Total net assets


606,180,461.57 585,350,872.56 514,232,928.99EUR

Fund Evolution 30.06.2017 31.12.2016 31.12.2015

1.499.496,538 6.813,000A 1.551.036,764 58.353,226Distribution - EUR

2.616.565,076 206.746,105I 2.451.031,541 41.212,570Distribution - EUR

5.615,136 0,000I-II 11.970,883 6.355,747Distribution - EUR

165.837,396 2.174,000I 191.539,396 27.876,000Distribution - CHF

1.908.128,496 413.858,214I-II 1.600.363,220 106.092,938Distribution - CHF

23.444,671 4.500,000I-III 21.494,671 2.550,000Distribution - CHF

68.403,000 0,000I-II 69.681,420 1.278,420Distribution - USD





responsAbility SICAV (Lux) Mikro- und KMU-Finanz-Fonds



Page 46


responsAbility SICAV (Lux) Mikro- und KMU-Finanz-Fonds


Income

Interest on investments in securities (net) 13,334,317.48Bank interest 95,431.50Other income 260,454.76

13,690,203.74

Expenses

Management fee 4,609,415.92Write-off on promissory notes 829,161.53Custodian and safe custody fees 119,044.03Interest and bank charges 189,031.78Other expenses 143,151.89

5,889,805.15



Realised gain on sales of investments 7,637,105.50Realised loss on sales of investments -2,264,896.78Realised gain on swap agreements 5,008,948.06Realised loss on swap agreements -4,732,523.79Realised gain on forward foreign exchange contracts 7,161,281.81Realised loss on forward foreign exchange contracts -16,437,433.28Realised gain on foreign exchange 841,726.18Realised loss on foreign exchange -5,424,980.39

-8,210,772.69

Net realised gain (loss) -410,374.10

Statement of Operations / Changes in Net Assets in EUR


30.06.2017


Change in unrealised appreciation on investments 2,009,581.12Change in unrealised depreciation on investments -36,605,500.59Change in unrealised appreciation on swap agreements 662,698.47Change in unrealised depreciation on swap agreements -2,033,147.41Change in unrealised appreciation on forward foreign exchange contracts 42,635,776.10Change in unrealised depreciation on forward foreign exchange contracts -10,515,162.98

-3,845,755.29

Net increase (decrease) in net assets as a result of operations -4,256,129.39



37,017,660.30

Distribution -11,931,941.90







6.15Costa Rica5.27Georgia4.49Cambodia4.34Armenia3.20Panama3.14Brazil3.06Ecuador3.01Sri Lanka2.93Kenya2.89Peru2.66Germany2.12Turkey1.92Paraguay1.59Chile1.53Tunisia1.38People's Republic of China1.32Bosnia and Herzegovina1.09Kazakhstan1.06Egypt0.93USA0.89Palestine0.88Ghana0.85Morocco0.81Bolivia0.80Dominican Republic0.79Mongolia0.73Bangladesh0.67El Salvador0.65Namibia0.58Burkina Faso0.55South Africa0.52Kosovo0.49Azerbaijan0.49Nicaragua0.45Moldova0.38Romania0.33Kyrgyz Republic0.33Serbia0.31Tanzania0.30Nigeria0.27Jordania0.26Senegal0.25Poland0.19Uganda0.19Colombia0.19Mexico0.16France0.14Indonesia0.13Lebanon0.11Zambia0.11Ivory Coast0.10Montenegro0.10Macedonia0.08Bulgaria0.07Zimbabwe

0.06Tajikistan0.03Albania0.03Uzbekistan

78.14Total


9.92Investment trusts/funds6.35Banks and other credit institutions

78.14Total








assets(in EUR)


Bonds

USD TC ZIRAAT BANKASII 4.25%/14-03.07.2019 6,000,000 5,293,379.43 0.87USD YAPI VE KREDI BANKASI 5.125%/14-

22.10.20197,000,000 6,248,448.78 1.03


Bonds 11,541,828.21 1.90


Private Equities



Promissory notes

NGN AB BANK NIGERIA 23.30%/15-09.02.2018 193,670,000 537,642.99 0.09NGN AB MICROFINANCE BANK NIGERIA 16.75%/14-

06.11.2017166,100,000 461,106.53 0.08


4,250,000 3,719,424.15 0.61


3,750,000 3,281,844.83 0.54

USD ACBA LEASING 5.5%/14-22.01.2018 1,000,000 875,158.62 0.14USD ACCESS MICROFINANCE HOLDING 7.7%/16-

220219 7250,000 218,789.66 0.04

AZN ACCESSBANK AZERBAIJAN 17%/15-14.12.2018

1,573,650 816,780.42 0.13

USD ACCESSBANK AZERBAIJAN 8%/14-01.08.2022 1,500,000 1,312,737.93 0.22USD ACLEDA BANK 6%/15-10.09.2018 3,000,000 2,625,475.87 0.43USD ACLEDA BANK 6%/15-23.05.2018 1,500,000 1,312,737.93 0.22USD AFRICAN CENTURY LIMITED 9.75%/14-

21.08.20171,500,000 437,579.32 0.07


200,000 200,000.00 0.03


500,000 500,000.00 0.08

EUR AL AMANA FRN 15-30.11.2018 1,500,000 750,000.65 0.12USD AL MAJMOUA 6.3%/16-15.10.2019 900,000 787,642.76 0.13EUR ALTER MODUS 6%/15-15.05.2019 700,000 466,666.67 0.08PEN ALTERNATIVA (EDPYME) 10%/16-06.09.2018 2,036,940 548,257.21 0.09PEN ALTERNATIVA (EDPYME) 10.20%/17-

17.01.20193,362,700 905,095.15 0.15

USD AMERIABANK FRN 16-10.06.2021 5,800,000 5,075,920.01 0.85USD AMERIABANK FRN 16-16.02.2021 5,500,000 4,813,372.42 0.80THB AMK MICROFINANCE INSTITUTION 10.10%/16-

11.02.201928,446,400 732,424.10 0.12

USD AMRET 6.9%/17-13.03.2020 2,500,000 2,187,896.56 0.36NGN AQUILA LEASING 19.80%/13-02.10.2017 80,800,000 56,076.77 0.01NGN AQUILA LEASING 22.2%/15-21.05.2018 149,287,500 207,216.86 0.03NGN AQUILA LEASING 24.8%/15-06.08.2018 79,620,000 221,031.32 0.04NGN AQUILA LEASING 26%/15-18.12.2018 59,706,000 165,748.50 0.03USD AQUILA LEASING 7%/15-09.01.2018 250,000 109,394.83 0.02USD ARARATBANK 4.7%/15-28.09.2018 3,000,000 2,625,475.87 0.43KZT ARNUR CREDIT 15.90%/17-29.06.2020 160,895,000 437,518.08 0.07KZT ASIAN CREDIT FUND MICROFINANCE

ORGANIZATION 17.4%/16-28.03.2018101,838,000 276,925.74 0.05

EUR ATTAWFIQ FRN 15-28.09.2018 3,500,000 3,500,000.00 0.58USD BANCA IMPROSA FRN 13-29.10.2018 5,000,000 4,375,793.11 0.72USD BANCO CONTINENTAL FRN 14-26.07.2017 3,000,000 1,312,737.93 0.22USD BANCO CONTINENTAL SAECA FRN 14-

08.08.20171,000,000 437,579.31 0.07

USD BANCO CONTINENTAL SAECA FRN 15-27.08.2018

5,500,000 4,813,372.42 0.80


6,000,000 5,250,951.74 0.88

EUR BANCO DAYCOVAL FRN 17-15.03.2019 6,650,000 6,650,000.00 1.11USD BANCO DELTA 5.25%/16-18.11.2019 1,500,000 1,312,737.93 0.22USD BANCO IMPROSA FRN 16-17.09.2018 600,000 315,057.10 0.05USD BANCO INDUSTRIAL FRN 17-17.06.2019 14,000,000 12,252,220.72 2.03USD BANCO INTERNACIONAL SA FRN 17-

15.06.20207,400,000 6,476,173.81 1.08


PRODUCCION FRN 15-23.10.20173,500,000 1,531,527.59 0.25

USD BANCO PICHINCHA FRN 12-15.02.2019 2,500,000 2,187,896.56 0.36USD BANCO PICHINCHA FRN 13-15.02.2019 3,000,000 2,625,475.87 0.43USD BANCO PICHINCHA FRN 14-15.12.2020 2,500,000 2,187,896.56 0.36USD BANCO PROMERICA FRN 13-08.01.2019 2,750,000 1,684,680.35 0.28USD BANCO PROMERICA FRN 14-15.12.2021 1,000,000 875,158.62 0.14USD BANCO PROMERICA FRN 14-27.06.2019 5,500,000 3,369,360.70 0.56USD BANCO PROMERICA FRN 15-09.03.2022 1,300,000 1,137,706.21 0.19USD BANCO PROMERICA FRN 15-28.04.2020 2,500,000 2,187,896.56 0.36USD BANCO PROMERICA 3.4%/17-27.10.2017 3,000,000 2,625,475.87 0.43USD BANCO PROMERICA 5.5%/17-27.04.2021 2,000,000 1,750,317.25 0.29USD BANCO REGIONAL FRN 15-15.05.2020 2,500,000 1,459,327.00 0.24USD BANCO SOLIDARIO 7%/16-06.11.2018 750,000 656,368.97 0.11USD BANCO SOLIDARIO 7%/16-12.10.2017 1,000,000 875,158.62 0.14USD BANK OF GEORGIA FRN 17-28.02.2022 3,175,000 2,778,628.63 0.46USD BHD LEON 5.32%/16-15.05.2020 5,500,000 4,813,372.42 0.80



assets(in EUR)

IDR BINA ARTHA 13%/17-28.05.2020 2,659,400,000 174,631.16 0.03USD BRAC BANGLADESH FRN 14-16.12.2019 1,300,000 386,007.46 0.06USD BRAC TANZANIA FINANCE 7.1%/16-29.06.2018 800,000 700,126.90 0.12USD BRAC UGANDA 6.95%/15-09.07.2018 1,200,000 700,126.90 0.12USD BRAC UGANDA 6.95%/16-03.09.2019 500,000 437,579.31 0.07USD CENTRAL EMPRESARIAL SOLIDARIA PANAMA

6.80%/16-24.09.2018500,000 328,184.48 0.05


14.11.20193,925,000 3,434,997.59 0.57

USD CHASE BANK FRN 15-03.09.2020 4,700,000 4,113,245.53 0.68USD CHASE BANK FRN 15-23.11.2020 1,000,000 875,158.62 0.14USD CIDRE 5.99%/15-09.11.2017 750,000 656,368.97 0.11USD CLC FRN 16-15.12.2020 6,500,000 5,688,531.05 0.95USD CLC FRN 16-15.12.2020 1,500,000 1,312,737.93 0.22PEN COMPARTAMOS FINANCIERA 8.25%/16-

21.12.202010,219,500 2,750,652.71 0.45


10,150,500 2,732,080.85 0.45

PEN COMPORTAMOS FINANCIERA 12.5%/13-11.05.2020

1,962,075 528,106.75 0.09

PEN CONFIANZA 9.43%/15-10.08.2017 7,883,750 2,121,968.62 0.35MXN CONSULTORES DE SERVICIOS VARIOS

13.5%/17-10.06.20197,360,000 358,061.12 0.06

COP CONTACTAR 8.33%/15-22.06.2018 1,137,982,500 108,451.69 0.02COP CONTACTAR 9.9%/16-19.11.2018 2,191,777,000 632,970.06 0.10USD COOPERATIVA DE AHORRO Y CREDITO

COOPROGRESO 7.50%/15-19.10.2017750,000 656,368.97 0.11

USD COOPERATIVA DE AHORRO Y CREDITOCOOPROGRESO 7.50%/15-27.11.2017

500,000 437,579.31 0.07

EUR CORIS BANK 5%/17-22.10.2018 3,000,000 3,000,000.00 0.49USD CORPLEASE 5%/16-06.04.2021 2,966,296 2,076,783.62 0.34USD CORPLEASE 5%/16-12.05.2021 1,100,000 770,139.59 0.13USD CORPLEASE 5%/16-19.07.2021 4,100,000 3,588,150.35 0.59USD CRECER 5.15%/16-30.04.2018 187,500 82,046.12 0.01USD CREDITO CON EDUCACION RURAL - CRECER

5.38%/15-14.08.20171,000,000 437,579.31 0.07

USD CREDITO CON EDUCACION RURAL - CRECER5.38%/15-18.09.2017

2,000,000 875,158.62 0.14

GEL CREDO 14%/17-08.06.2021 2,890,320 1,051,331.30 0.17GEL CREDO 14%/17-24.05.2021 4,359,060 1,585,573.99 0.26GEL CREDO 14%/17-24.05.2021 1,937,360 704,699.55 0.12GEL CREDO 15%/16-18.01.2019 2,670,800 971,482.61 0.16USD CREDO 6.5%/15-14.12.2018 1,000,000 437,579.31 0.07USD CREDO 6.5%/15-27.11.2018 500,000 218,789.66 0.04USD CREDO 6.8%/15-06.03.2018 2,000,000 1,750,317.25 0.29USD CREDO 6.8%/15-23.07.2018 2,250,000 1,969,106.90 0.32USD CRYSTAL FUND 8%/14-14.08.2017 1,000,000 875,158.62 0.14USD DEMIRBANK OJSC FRN 15-05.02.2018 2,000,000 875,158.62 0.14USD DIACONIA 5.25%/15-29.09.2017 600,000 262,547.59 0.04USD DIACONIA 5.36%/15-07.12.2017 500,000 218,789.66 0.04USD D-MIRO 6.9%/15-31.07.2017 187,500 164,092.24 0.03USD DUTCH BANGLA BANK FRN 16-18.02.2020 6,200,000 4,069,487.59 0.67USD ECOFUTURO SA FONDO FINANCIERO PRIVADO

5.72%/16-04.11.2019250,000 218,789.66 0.04

USD ECOFUTURO SA FONDO FINANCIERO PRIVADO5.95%/15-23.02.2018

500,000 131,273.79 0.02

USD EDPYME RAIZ 4.15%/15-26.03.2018 1,000,000 875,158.62 0.14PEN EDPYME RAIZ 9%/17-09.12.2019 14,818,950 3,988,628.11 0.66PEN EDPYME RAIZ 9.55%/15-14.08.2017 6,455,200 1,737,464.00 0.29TZS EFC TANZANIA MFC 18.3%/15-05.06.2018 1,075,000,000 210,280.56 0.03ZMW EFC ZAMBIA 42.05%/15-04.12.2018 2,603,675 247,676.55 0.04ZMW EFC ZAMBIA 49.95%/16-11.02.2019 4,517,720 429,751.53 0.07EUR EKI 6.5%/13-05.12.2016 600,000 600,000.00 0.10CLP EMPRENDE MICROFINANZAS 11.5%/16-

26.02.2018351,190,000 231,882.95 0.04

TND ENDA TAMWEEL FRN 16-28.01.2019 3,693,780 1,330,396.73 0.22TND ENVIRONNEMENT ET DEVELOPPEMENT DANS

LE MONDE ARABE FRN 15-20.02.20185,784,300 1,041,671.92 0.17

USD EQUITY BANK LIMITED FRN 14-23.09.2019 4,000,000 3,500,634.49 0.58USD EQUITY BANK LIMITED FRN 15-17.11.2020 5,150,000 4,507,066.91 0.75USD EQUITY BANK LIMITED FRN 16-31.03.2021 2,700,000 2,362,928.28 0.39USD EXPRESSLEASING 7.8%/16-13.12.2019 250,000 218,789.66 0.04USD EXPRESSLEASING 7.8%/17-17.01.2020 650,000 568,853.10 0.09USD EXPRESSLEASING 8.1%/16-19.08.2019 600,000 525,095.17 0.09USD EXPRESSLEASING 8%/15-11.09.2018 400,000 233,375.92 0.04USD EXPRESSLEASING 8%/15-26.10.2018 250,000 145,860.06 0.02USD FATEN 5%/16-25.03.2019 700,000 389,841.16 0.06USD FEDECREDITO FRN 16-14.01.2022 4,200,000 3,675,666.21 0.61USD FIDEICOMISO DE PYMES PROCREDIT FRN 13-

23.07.20183,499,800 805,885.37 0.13

XOF FIDELIS FINANCE-BURKINA FASO 8.5%/16-25.02.2019

557,563,450 569,500.00 0.09

USD FINANCIERA DESYFIN FRN 15-26.02.2018 2,000,000 525,095.17 0.09USD FINANCIERA DESYFIN 5.85% 15-27.08.2018 1,000,000 612,611.04 0.10USD FINANCIERA DESYFIN 6%/17-21.01.2020 2,000,000 1,750,317.25 0.29USD FINANCIERA EL COMERCIO 6.25%/15-

06.11.2017300,000 87,515.86 0.01

USD FINANCIERA FAMA 8.25%/16-25.10.2018 350,000 306,305.52 0.05USD FINANCIERA FAMA 8.25%/17-16.12.2019 1,000,000 875,158.62 0.14USD FINCA ARMENIA 6.85%/16-12.03.2018 1,250,000 1,093,948.28 0.18USD FINCA ECUADOR 7.75%/16-04.09.2018 889,000 700,126.90 0.12JOD FINCA JORDAN 9%/16-31.07.2017 354,500 436,979.97 0.07EUR FINCA KOSOVO 6.50%/16-15.08.2018 225,000 225,000.00 0.04







assets(in EUR)

EUR FINCA KOSOVO 6.9%/15-21.08.2017 500,000 250,000.00 0.04USD FINCA NICARAGUA 8.25%/15-02.10.2017 500,000 437,579.31 0.07USD FINCA NICARAGUA 8.95%/16-16.04.2018 200,000 87,515.86 0.01USD FINCA TAJIKISTAN 8.85%/15-14.09.2017 500,000 375,611.52 0.06EUR FONDATION AL KARAMA 7%/16-05.04.2019 400,000 400,000.00 0.07EUR FONDATION POUR LE DEVELOPEMENT LOCAL


2,000,000 500,000.00 0.08

USD FUNDACION DE APOYO COMUNITARIO YSOCIAL DEL ECUADOR 8.5%/15-25.09.2017

500,000 218,789.66 0.04


750,000 656,368.97 0.11


600,000 525,095.17 0.09

USD FUNDESER 8.5%/15-22.01.2018 500,000 218,789.66 0.04USD FUNDESER 8.5%/16-05.04.2018 500,000 218,789.66 0.04USD GLOBAL BANK CORPORATION FRN 16-

29.12.20214,000,000 3,500,634.49 0.58


13,798,400 1,781,174.16 0.29

USD GRASSLAND 7% /17-150520 2,000,000 1,750,317.25 0.29USD GROUP LEASE FINANCE 7.5%/15-23.10.2017 1,000,000 875,158.62 0.14USD GRUPO MUTUAL ALAJUELA FRN 14-

29.07.20211,500,000 1,312,737.93 0.22

USD GRUPO MUTUAL ALAJUELA 6.5%/12-20.12.2017

1,500,000 262,547.59 0.04

USD GRUPO MUTUAL ALAJUELA-LA VIVIENDA DEAHORRO Y PRESTAMO FRN 11-20.11.2017

1,000,000 875,158.62 0.14

USD HATTHA KAKSEKAR 6.93%/15-31.08.2018 2,500,000 2,187,896.56 0.36THB HATTHA KAKSEKAR 9.30%/14-17.07.2017 32,153,000 827,859.84 0.14EUR IM OMF MICROINVEST 7.8%/16-16.04.2018 600,000 450,000.00 0.07USD INECOBANK 4.80%/16-10.06.2021 1,750,000 1,531,527.59 0.25USD INECOBANK 5.35%/15-16.07.2018 1,000,000 875,158.62 0.14USD INECOBANK 5.35%/15-24.08.2018 2,000,000 1,750,317.25 0.29USD INECOBANK 5.55%/14-27.12.2017 1,500,000 656,368.97 0.11PLN INICJATYWA MIKRO FRN 17-03.08.2018 3,000,000 708,349.07 0.12PLN INICJATYWA MIKRO FRN 17-19.10.2018 1,170,000 276,256.14 0.05PLN INICJATYWA MIKRO FRN 17-30.04.2018 2,000,000 472,232.72 0.08USD JAMII BORA 5.5%/14-27.11.2027 500,000 218,789.66 0.04USD JAMII BORA 5.5%/15-20.02.2018 1,500,000 656,368.97 0.11USD JSC BANK OF GEORGIA FRN/16-16.12.2021 3,175,000 2,778,628.63 0.46USD JSC TBC BANK FRN 16-29.12.2021 1,400,000 1,225,222.07 0.20USD JSCB HAMKORBANK 7.7%/15-24.09.2018 300,000 175,031.72 0.03KES JUHUDI KILIMO 21.5%/16-14.05.2018 30,474,300 128,529.37 0.02EUR KEP TRUST 5.5%/17-03.06.2019 265,000 265,000.00 0.04EUR KEP TRUST 5.5%/17-23.01.2019 350,000 350,000.00 0.06EUR KEP TRUST 5.5%/17-25.04.2019 265,000 265,000.00 0.04EUR KEP TRUST 5.95%/16-24.10.2018 500,000 500,000.00 0.08EUR KEP TRUST 6.5%/16-23.04.2018 750,000 375,000.00 0.06EUR KEP TRUST 6.9%/15-27.11.2017 400,000 100,000.00 0.02EUR KEP TRUST 6.9%/15-28.09.2017 400,000 200,000.00 0.03USD KHAN BANK 7.2%/15-19.12.2017 5,000,000 4,375,793.11 0.72KZT KMF 19.7%/17-10.03.2020 791,300,000 2,151,763.94 0.35KZT KMF 22.7%/16-24.05.2019 971,123,000 1,769,304.18 0.29USD KMF 6.2%/15-05.06.2018 2,000,000 583,440.25 0.10USD KMF 6.2%/15-13.08.2018 2,000,000 1,166,878.75 0.19KGS KOMPANION FINANCIAL 24.75%/16-

07.03.201994,924,700 1,205,635.67 0.20

USD KOMPANION 6.75%/16-31.05.2019 1,300,000 758,471.10 0.13USD KREDIT MICROFINANCE INSTITUTION 7.35%15-

24.08.2017200,000 175,031.72 0.03

USD KREDIT MICROFINANCE INSTITUTION7.35%/16-09.10.2018

500,000 437,579.31 0.07


1,500,000 1,312,737.93 0.22

EUR LIDER MIKROKREDITNA FONDACIJA 6%/16-14.06.2019

750,000 750,000.00 0.12


2,000,000 1,750,317.25 0.29


1,000,000 875,158.62 0.14

USD LOLC CAMBODIA 7.2%/17-28.02.2020 1,500,000 1,312,737.93 0.22USD LOLC CAMBODIA 7.5%/16-26.07.2019 500,000 437,579.31 0.07THB LOLC CAMBODIA 9.5%/16-26.08.2019 34,709,000 893,670.49 0.15USD LOLC MICRO CREDIT LIMITED 5.20%/17-

22.06.20204,500,000 3,938,213.80 0.65

USD LOLC MICRO CREDIT 5%/15-16.10.2018 2,100,000 1,837,833.11 0.30KHR LOLC 12.2%/15-27.07.2017 2,052,000,000 439,367.50 0.07EUR LOVCEN BANKA 4.9%/15-24.07.2017 300,000 100,000.50 0.02USD MANDUVIRA 9.8%/16-17.10.2017 66,000 57,760.47 0.01MXN MASKAPITAL 12.4%/16-29.08.2018 13,500,000 656,769.71 0.11EUR MCC EKI 4.50%17-20.04.2020 750,000 750,000.00 0.12EUR MCC EKI 5.75%/15-16.07.2018 850,000 850,000.00 0.14KZT MFO BEREKE 17%/17-13.04.2020 54,892,250 149,267.24 0.02EUR MICRO CREDIT COMOMPANY MIKROFIN

4.5%/17-24.04.2020200,000 200,000.00 0.03

EUR MICRO CREDIT COMOMPANY MIKROFIN5.15%16-08.04.2019

1,000,000 1,000,000.00 0.16


1,000,000 1,000,000.00 0.16


500,000 500,000.00 0.08


250,000 250,000.00 0.04

CNH MICROCRED CHINA 8.7%/15-15.10.2018 6,336,400 816,257.13 0.13CNH MICROCRED CHINA 8.7%/15-22.10.2018 4,627,200 596,077.42 0.10



assets(in EUR)


144,310,540 220,000.00 0.04


293,257,000 447,067.41 0.07

XOF MICROCRED SENEGAL 7%/15-03.08.2018 163,989,250 250,000.00 0.04XOF MICROCRED SENEGAL 7%/15-07.12.2018 393,574,200 600,000.00 0.10XOF MICROCRED SENEGAL 7%/15-26.04.2018 491,967,750 750,000.00 0.12EUR MICROCREDIT HOLDING FRN 16-14.12.2018 1,000,000 1,000,000.00 0.16USD MICROFINANCE ORGANIZATION CRYSTAL

8%/15-03.04.20182,000,000 1,750,317.25 0.29

USD MICROINVEST 7%/14-17.07.2017 500,000 145,859.19 0.02USD MICROSERFIN SOLUCIONES DE

MICROFINANZAS 5.75%/17-30.07.2018500,000 437,579.31 0.07

EUR MIKROFIN 4.5%/17-29.06.2020 550,000 550,000.00 0.09EUR MIKROFIN 6.5%/14-13.11.2017 700,000 700,000.00 0.12EUR MIKROFOND AD 6.5%/16-08.07.2019 500,000 500,000.00 0.08EUR MIKROKREDITNA FONDACIJA MI-BOSPO TUZLA

6%/15-04.09.20181,000,000 1,000,000.00 0.16

IDR MITRA BISNIS KELUARGA VENTURA 14%/15-12.03.2018

19,570,500,000 642,554.55 0.11

EUR MOZNOSTI 5.5%/16-30.04.2018 570,000 285,000.00 0.05USD MUTUAL ALAJUELA FRN 15-20.04.2020 6,000,000 3,675,666.21 0.61USD MUTUAL ALAJUELA -FRN- 16-01.07.2020 2,000,000 1,750,317.25 0.29USD MUTUAL ALAJUELA -FRN- 16-14.09.2022 1,000,000 875,158.62 0.14USD MUTUAL CARLAGO DE AHORRO Y PRESTAMO

FRN 15-28.05.20191,000,000 700,126.90 0.12


500,000 437,579.31 0.07


1,000,000 875,158.62 0.14

USD NATIONS TRUST BANK FRN 16-29.09.2017 5,200,000 4,550,824.84 0.76EUR NOA 6.9%/14-14.11.2017 500,000 166,667.00 0.03COP OPPORTUNITY COLOMBIA 13.25%/16-

13.08.20181,477,450,000 426,677.35 0.07

RON OPPORTUNITY MICROCREDIT ROMANIA IFNFRN 17-04.12.2017

1,310,040 143,338.26 0.02

EUR OPPORTUNITY SERBIA 4.5%/15-15.05.2018 2,000,000 2,000,000.00 0.33USD PALESTINE FOR CREDIT & DEVELOPMENT -

FATEN 5%/16-20.06.2019700,000 445,538.22 0.07


700,000 445,533.63 0.07


1,500,000 1,312,737.93 0.22


700,000 445,534.94 0.07

JOD PARTNERS FOR FINANCE 7.15%/16-28.11.2018

779,900 961,355.93 0.16

JOD PARTNERS FOR FINANCE 8.3%/15-28.09.2017 425,400 262,187.98 0.04RON PATRIA CREDIT 4.75%/17-10.04.2019 1,125,000 246,184.15 0.04RON PATRIA CREDIT 5.25%/13-29.01.2020 1,125,000 246,184.15 0.04RON PATRIA CREDIT 5.75%/16-30.03.2018 2,225,000 243,448.77 0.04THB PRASAC MICROFINANCE INSTITUTION LIMITED

10.5%/15-26.10.201717,644,500 454,302.02 0.07


17,820,000 458,820.71 0.08

USD PRASAC MICROFINANCE INSTITUTION6.9%/17-27.04.2020

480,000 420,076.14 0.07


11,040,000 284,252.56 0.05


27,998,400 720,889.22 0.12


38,678,200 995,867.52 0.16


52,845,000 1,360,627.42 0.22


35,203,000 906,389.76 0.15

USD PRIDE TANZANIA 8.75%/16-24.05.2018 2,250,000 984,553.45 0.16USD PROCREDIT GEORGIA FRN 15-03.12.2018 4,500,000 3,938,213.80 0.65USD PROCREDIT HOLDING FRN 14-28.08.2024 4,000,000 3,500,634.49 0.58USD PROCREDIT HOLDING FRN 15-30.06.2025 8,000,000 7,001,268.98 1.16USD PROCREDIT HOLDING FRN 16-29.04.2026 6,000,000 5,250,951.74 0.88USD PROMERICA HOLDING FRN 16-15.02.2024 7,000,000 6,126,110.36 1.02USD PROMUJER BOLIVIA 5.19%/16-15.10.2018 376,809 329,767.63 0.05USD PROMUJER BOLIVIA 5.19%/16-17.10.2018 600,000 525,095.17 0.09MXN PROMUJER MEXICO 11%/15-27.11.2017 4,800,000 116,759.06 0.02USD PROMUJER NICARAGUA 8.8%/16-06.08.2018 1,000,000 875,158.62 0.14USD RAFIKI MICROFINANCE BANK LIMITED FRN 15-

03.09.20201,500,000 1,312,737.93 0.22

USD RAINFOREST TRADING SAC 9.25%/14-31.12.2014

535,535 468,678.49 0.08

PEN RAIZ 8.85%/17-19.08.2019 3,250,500 874,895.70 0.14ZAR REAL PEOPLE INVESTMENT HOLDINGS FRN

15-22.01.201834,500,000 2,326,789.10 0.38

EUR ROCREDIT IFN 5.75%/17-27.04.2020 350,000 350,000.00 0.06EUR ROCREDIT IFN 6.25%/16-23.04.2019 250,000 166,667.00 0.03EUR ROCREDIT IFN 6.75%/15-07.05.2018 500,000 166,666.67 0.03ZAR SA TAXI FRN 13-15.03.2018 62,695,652 1,057,098.25 0.17USD SATHAPANA BANK 6.5%/16-15.08.2019 750,000 656,368.97 0.11USD SEKERBANK FRN 14-19.12.2017 1,500,000 1,312,737.93 0.22USD SERVICIOS FINANCIEROS ENLACE 6.25%/16-

07.11.2019250,000 218,789.66 0.04

USD SERVICIOS FINANCIEROS ENLACE 6.8%/15-18.09.2017

250,000 109,394.83 0.02

USD TANNER FRN 16-15.05.2019 10,700,000 9,364,197.26 1.55USD TBC BANK FRN 16-17.04.2023 5,000,000 4,375,793.11 0.72USD TBC LEASING 7.75%/14-10.10.2017 500,000 437,579.31 0.07USD TBC LEASING 7.75%/14-20.10.2017 500,000 437,579.31 0.07USD TBC LEASING 7.9%/15-09.07.2018 1,000,000 875,158.62 0.14







assets(in EUR)

USD TBC LEASING 8%/14-17.07.2017 1,000,000 875,158.62 0.14USD TBC LEASING 8%/14-22.08.2017 500,000 437,579.31 0.07THB THANEAKEA PHUM CAMBODIA 10.2%/15-

27.07.201717,395,000 447,878.02 0.07

THB THANEAKEA PHUM CAMBODIA 10.85%/15-23.02.2018

32,563,000 419,208.16 0.07

KZT TOO MFO BEREKE 17%/17-06.05.2020 55,132,000 149,919.18 0.02EUR TOTAL LEASING 6%/15-25.09.2018 750,000 500,002.50 0.08ZAR TRUSTCO GROUP HOLDINGS FRN 16-

14.04.202058,725,000 3,960,599.70 0.65

EUR TUNISIE LEASING 3.3%/16-28.06.2021 3,000,000 2,400,000.00 0.40EUR TUNISIE LEASING 3.3%/17-23.05.2022 4,500,000 4,500,000.00 0.74USD UNIBANK FRN 15-21.08.2018 6,000,000 5,250,951.74 0.88USD VISION BANCO 5.95%/14-17.11.2017 500,000 218,789.66 0.04USD VISION BANCO 6.20%/15-24.06.2019 1,000,000 875,158.62 0.14USD VISION BANCO 6.32%/15-26.08.2019 1,000,000 875,158.62 0.14USD VISION FUND INTERNATIONAL FRN 14-

16.01.20181,500,000 656,368.97 0.11

USD VISION FUND INTERNATIONAL FRN 15-27.02.2018

1,200,000 525,095.17 0.09

USD VISIONFUND CAMBODIA 7.15%/15-26.02.2018 2,000,000 1,750,317.25 0.29USD VISIONFUND CAMBODIA 7.25%/15-29.05.2018 2,500,000 2,187,896.56 0.36USD VISIONFUND CAMBODIA 7.5%/17-02.03.2020 100,000 87,515.86 0.01USD VISIONFUND CAMBODIA 7.5%/17-06.04.2020 100,000 87,515.86 0.01THB VISIONFUND CAMBODIA 9%/16-16.09.2019 5,242,050 134,969.76 0.02THB VISIONFUND CAMBODIA 9%/16-18.07.2019 7,040,600 181,277.95 0.03USD VISIONFUND ECUADOR 7.6%/16-12.04.2018 250,000 218,789.66 0.04USD VISIONFUND ECUADOR 7.6%/16-18.06.2018 250,000 218,789.66 0.04USD VISIONFUND INTERNATIONAL FRN 16-

01.03.20191,300,000 1,137,706.21 0.19


300,000 262,547.59 0.04


300,000 262,547.59 0.04


2,300,000 2,012,864.83 0.33

LKR VISIONFUND LANKA 15.85%/15-25.09.2017 140,565,000 801,489.57 0.13USD VITAS PALESTINE 4.95%/16-10.06.2019 300,000 175,031.72 0.03USD VITAS PALESTINE 4.95%/16-11.10.2019 300,000 262,547.59 0.04USD VITAS PALESTINE 4.95%/16-12.07.2019 500,000 437,579.31 0.07USD VITAS PALESTINE 4.95%/16-12.11.2019 300,000 262,547.59 0.04USD VITAS PALESTINE 4.95%/16-20.09.2019 500,000 437,579.31 0.07USD VITAS PALESTINE 4.95%/16-23.04.2019 300,000 175,031.72 0.03USD VITAS PALESTINE 5%/17-29.06.2020 800,000 700,126.90 0.12EUR VITAS ROMANIA 5%/15-16.11.2017 250,000 250,000.00 0.04EUR VITAS ROMANIA 5.2%/17-09.03.2020 250,000 250,000.00 0.04RON VITAS ROMANIA 6.25%/17-13.03.2020 1,133,000 247,934.79 0.04USD XACLEASING 8.1%/15-18.12.2017 500,000 437,579.31 0.07





USD UTI INTERNATIONAL WEALTH CREATOR 4 C. 1 52,526 59,364,973.91 9.79






Other net assets 24,359,898.23 4.02

Total net assets 606,180,461.57 100.00


Unaudited information Page 51

AIFM

The Company has appointed Credit Suisse Microfinance Fund Management Company S.A. as AIFM. The AIFM was incorporated in Luxembourg on 22.11.1993 as a joint-stock company for an indefinite period under the name CS Forex Fund Management Company. The AIFM is registered at the Luxembourg Registry of Commerce under no. R.C.S. B 45 629. As per 15.10.2003 the name was changed to Credit Suisse Microfinance Fund Management Company S.A., and on 21.05.2015 the name was finally changed to responsAbility Management Company S.A. Effective 01.07.2016 the AIFM changed its registered office from Luxembourg 23, Avenue de la Liberté to Luxembourg 148-150, boulevard de la Pétrusse. In order to cover possible liability risk resulting from its activity as AIFM, the AIFM has sufficient, additional capital suitable for covering the potential liability risks attributable to negligence. In addition to the provisions of the Law of 12.07.2013 it is subject to the provisions of section 16 of the Law of 2010. On 25.07.2014 the AIFM licence was granted to the Company, pursuant to article 5, chapter 2 of the Law of 12.07.2013. Material Changes

In accordance with the Law of 12.07.2013 on alternative investment fund managers, we hereby declare that no material changes occurred during the period to report.

Remuneration

Shareholders may obtain details on the remunerations paid by the AIFM to its staff at the registered office of the Company.

Leverage

In accordance with the Law of 12.07.2013, the level of leverage for period ended 30.06.2017 is as follows: Funds Percentage

leverage under gross method

Percentage leverage under

commitment method

responsAbility SICAV (Lux) Financial Inclusion Fund 124 116responsAbility SICAV (Lux) Microfinance Leaders 180 113responsAbility SICAV (Lux) Mikrofinanz-Fonds 232 119

Risk Management

A specific regulatory risk reporting, pursuant to the AIFMD requirements, is available on request at the registered office of the Company. Information in accordance with Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012

In the reporting period, there were no securities financing transactions in accordance with the above-mentioned legal provisions.

Documents

responsAbility SICAV (Lux) · Report by Subfund responsAbility SICAV (Lux) Financial Inclusion Fund 8 ... rue Jean Monnet, L-2180 Luxembourg Portfolio Manager responsAbility Investments