CROWN ALTERNATIVE UCITS PLC - Fundstore€¦ · CROWN ALTERNATIVE UCITS PLC An umbrella fund with...

CROWN ALTERNATIVE UCITS PLC An umbrella fund with variable capital and segregated liability between sub-funds

(the “Company”)

UNAUDITED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2013

Registered number: 477894

CROWN ALTERNATIVE UCITS PLC



1

TABLE OF CONTENTS Page

COMPANY INFORMATION 2

BACKGROUND TO THE COMPANY 3

INVESTMENT ADVISOR’S REPORT 5

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME 11

BALANCE SHEET 13

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE

TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 15

UNAUDITED STATEMENT OF CASH FLOWS 17

NOTES TO THE FINANCIAL STATEMENTS 19

FINANCIAL INFORMATION 43

STATEMENT OF PORTFOLIO CHANGES 45

PORTFOLIO OF INVESTMENTS 49




2

COMPANY INFORMATION

DIRECTORS � Konrad Bächinger (Swiss)

� Paul Garvey (Irish)

� André Lagger (Swiss)

� Tycho Sneyers (Belgian)

� Desmond Tobin (Irish)

� Werner von Baum (German)

� Thomas Weber (German)

� Urs Gähwiler (Swiss)

� * Brian Goonan (Irish)

* denotes Alternate Director

TRUSTEE AND CUSTODIAN Credit Suisse International, Dublin Branch

Kilmore House

Park Lane

Spencer Dock

Dublin 1

Ireland

PROMOTER, INVESTMENT ADVISOR

AND SUB-DISTRIBUTOR

α generix Long/Short Equity UCITS sub-fund,

α generix Global Macro UCITS sub-fund and

α generix Balanced UCITS sub-fund LGT Investment Partners Limited

Schützenstrasse 6

8808 Pfäffikon

Switzerland

Crown Managed Futures UCITS sub-fund and

Crown Multi-Strategy UCITS sub-fund

LGT Capital Partners Limited

Schützenstrasse 6

8808 Pfäffikon

Switzerland

SECRETARY AND REGISTERED OFFICE

LGT Fund Managers (Ireland) Limited

Segrave House

19/20 Earlsfort Terrace

Dublin 2

Ireland

Main contact:

Kathryn O’Driscoll

INVESTMENT MANAGER AND DISTRIBUTOR

LGT Capital Partners (Ireland) Limited

Segrave House

19/20 Earlsfort Terrace

Dublin 2

Ireland

Main contact:

Salvatore Colella

INDEPENDENT AUDITORS

PricewaterhouseCoopers

Chartered Accountants and Registered Auditors

One Spencer Dock

North Wall Quay

Dublin 1

Ireland

ADMINISTRATOR AND TRANSFER AGENT

Credit Suisse Administration Services (Ireland) Limited

Kilmore House

Park Lane

Spencer Dock

Dublin 1

Ireland

LEGAL ADVISORS

Maples and Calder

75 St. Stephen's Green

Dublin 2

Ireland

PRIME BROKER1)

UBS Securities LLC

480 Washington Blvd.

Jersey City

NJ 07310

USA

NOTE: 1) UBS Securities LLC act as prime broker for α generix Long/Short Equity UCITS sub-fund, α generix Global Macro UCITS sub-fund and α generix Balanced UCITS sub-fund only.




3

.

BACKGROUND TO THE COMPANY

The following information is derived from and should be read in conjunction with the full text and definitions section of

Crown Alternative UCITS plc’s (the “Company”) prospectus (the “Prospectus”). The Prospectus was re-issued on 19

August 2011 as the Company changed Custodian from ABN AMRO Custodial Services (Ireland) Limited to Credit

Suisse International, Dublin Branch with effect from 1 May 2011.

Structure

Fund size (NAV as at 30 June 2013) USD 1,196,568,550

Date of incorporation 23 November 2009

Investment vehicle type Umbrella investment company with variable capital and segregated

liability between sub-funds

The Company is an umbrella investment company with variable capital and segregated liability between sub-funds

which is open-ended and was authorised by the Central Bank of Ireland pursuant to the provisions of the Companies

Acts 1963 to 2012 and the European Communities (Undertakings for Collective Investment in Transferable Securities)

Regulations, 2011 (as amended) (the “UCITS Regulations”). The Company was incorporated with limited liability on

23 November 2009.

There have been no updates to the Company’s Prospectus for the period 1 January 2013 to 30 June 2013.

α – GeneriX Long/Short Equity UCITS Sub-Fund, α – GeneriX Global Macro UCITS Sub-Fund and α – GeneriX

Balanced UCITS Sub-Fund are referred to as “α generix Long/Short Equity UCITS sub-fund”, “α generix Global Macro

UCITS sub-fund” and “α generix Balanced UCITS sub-fund” respectively throughout.

As at the end of the reporting period, the Company comprised of five sub-funds, α generix Long/Short Equity UCITS

sub-fund, α generix Global Macro UCITS sub-fund, α generix Balanced UCITS sub-fund, Crown Managed Futures

UCITS sub-fund and Crown Multi-Strategy UCITS sub-fund. They are sub-funds with limited liquidity.

The sub-funds launched on the following dates:

• α generix Long/Short Equity UCITS sub-fund – 10 February 2010.

• α generix Global Macro UCITS sub-fund – 10 February 2010.

• α generix Balanced UCITS sub-fund – 1 September 2011.

• Crown Managed Futures UCITS sub-fund – 3 May 2010.

• Crown Multi-Strategy UCITS sub-fund – 16 April 2012.

Each sub-fund has the following share classes available for issue as at 30 June 2013:

• α generix Long/Short Equity UCITS sub-fund – Class A, Class B, Class C, Class D, Class E, Class F, Class G,

Class H, Class I, Class J, Class K, Class L, Class M, Class N, Class O, Class P and Class Q.

• α generix Global Macro UCITS sub-fund – Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class

H, Class I, Class J, Class K, Class L and Class M, Class N, Class O, Class P, Class Q, Class R, Class S, Class T

and Class U.

• α generix Balanced UCITS sub-fund – Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H,

Class I, Class J, Class K, Class L, Class M, Class N, Class O, Class P and Class Q.

• Crown Managed Futures UCITS sub-fund – Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class

H, Class I, Class J, Class K and Class L.

• Crown Multi-Strategy UCITS sub-fund – Class A, Class B, Class C, Class D, Class E, Class F and Class G.




4

BACKGROUND TO THE COMPANY (continued)

The initial subscriptions into the share classes of the following sub-funds were entered into on the dates shown below:

• α generix Long/Short Equity UCITS sub-fund – Class A: 10 February 2010; Class B: 1 June 2011; Class C: 12

March 2012; Class I: 1 October 2012; Class J: 1 October 2012; Class K: 1 October 2012.

• α generix Global Macro UCITS sub-fund – Class A: 10 February 2010; Class B: 1 June 2011; Class C: 1

September 2011; Class E: 2 February 2012; Class F: 13 February 2012; Class G: 12 December 2011; Class I: 1

December 2011; Class J: 14 November 2011; Class K: 1 December 2011; Class L: 1 December 2011; Class M:

21 February 2012; Class O: 1 October 2012; Class P: 1 October 2012; Class Q: 1 October 2012; Class R: 24

October 2012; Class S: 17 December 2012; Class U: 1 October 2012.

• α generix Balanced UCITS sub-fund – Class A: 1 September 2011; Class B: 1 September 2011; Class C: 2 April

2012; Class G: 2 April 2012; Class I: 1 October 2012; Class J: 1 October 2012; Class K: 1 October 2012.

• Crown Managed Futures UCITS sub-fund – Class A: 3 May 2010; Class B: 12 July 2010; Class C: 28 June

2010; Class D: 1 October 2010; Class E: 23 January 2012; Class F: 8 November 2010; Class G: 20 December

2010; Class H: 1 October 2010; Class I: 25 July 2011; Class J: 1 December 2011, Class K: 17 September 2012;

Class L: 17 June 2013.

• Crown Multi-Strategy UCITS sub-fund – Class A: 16 April 2012; Class B: 10 September 2012; Class C: 5

November 2012; Class D: 1 February 2013; Class E: 9 July 2012.

Investment objective

The Company's investment objective is to achieve capital growth through a rule-based strategy designed to capture a

broad range of returns/risk typically generated over the long term by a broad universe of alternative investment

strategies.

There can be no assurance that the Company will achieve its investment objective and investment results may vary

substantially on a monthly, quarterly and annual basis, and over the course of a market cycle.




5

INVESTMENT ADVISOR’S REPORT: LGT Investment Partners Limited

Investment results: α generix Long/Short Equity UCITS sub-fund

Investment results: α generix Global Macro UCITS sub-fund




6

INVESTMENT ADVISOR’S REPORT: LGT Investment Partners Limited (continued)

Investment results: α generix Global Macro UCITS sub-fund (continued)




7


Investment results α generix Balanced UCITS Sub Fund




8


Outlook for the α generix sub-funds




9

INVESTMENT ADVISOR’S REPORT: LGT Capital Partners Limited

LGT Capital Partners Limited acted as the Investment Advisor to the following Crown sub-funds for which the

investment results are subsequently discussed:

- Crown Managed Futures UCITS sub-fund

- Crown Multi-Strategy UCITS sub-fund

Investment results: Crown Managed Futures UCITS sub-fund (“CMF”)




10

INVESTMENT ADVISOR’S REPORT: LGT Capital Partners Limited (continued)

Investment results Crown Multi Strategy UCITS Sub-Fund ("CMS")

Outlook

The investment advisor does not anticipate any significant change in the investment strategy of the sub-funds.

The main emphasis during the remainder of 2013 will be on continued research and development efforts as well as on

risk monitoring. These efforts may translate to the addition of complementary underlying rule-based strategies and risk

management rules or substitutions thereof, well within the investment objectives of the relevant sub -funds.

LGT Capital Partners Limited & LGT Investment Partners Limited Pfäffikon, Switzerland Date




11

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 20131) (amounts in USD)

α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

Total

for the six

months ended

30 June

2013

INCOME

Interest income 5,013 96,041 8,622 25,862 251,074 386,612

Dividend income - - 55,956 - - 55,956

Other income - - - - 1,856,026 1,856,026

Net gain/(loss) on financial assets and

liabilities at fair value through profit or loss 2,818,457 (38,631,046) (1,467,781) (16,533,980) (1,853,271) (55,667,621)

Net (loss)/gain on foreign currency (34,536) (848,059) (56,688) 40,981 (41,641) (939,943)

Total investment gain/(loss) 2,788,934 (39,383,064) (1,459,891) (16,467,137) 212,188 (54,308,970)

EXPENSES

Management fee (12,321) (2,653,693) (20,933) (1,614,424) (141,215) (4,442,586)

Performance fee (2,492) (440,255) (1,304) - (38,940) (482,991)

Administration fee (23,086) (192,781) (32,511) (97,023) (29,047) (374,448)

Custodian and trustee fee (4,130) (52,707) (6,688) (22,121) (13,388) (99,034)

Audit fee (9,824) (11,350) (9,824) (62,922) (53,673) (147,593)

Director’s fee - - - (394) - (394)

Commission expense (105,658) (1,164,158) (180,580) - - (1,450,396)

Other expenses (33,796) (114,778) (37,802) (32,375) (34,218) (252,969)

Total operating expenses (191,307) (4,629,722) (289,642) (1,829,259) (310,481) (7,250,411)

Operating profit/(loss) 2,597,627 (44,012,786) (1,749,533) (18,296,396) (98,293) (61,559,381)

FINANCE COSTS

Interest expense (12,063) (65,665) (9,198) (3,486) (2,194) (92,606)

Total finance costs (12,063) (65,665) (9,198) (18,299,882) (2,194) (92,606)

Profit/(loss) before tax 2,585,564 (44,078,451) (1,758,731) (18,299,882) (100,487) (61,651,987)

Withholding tax - - 1,249 - - 1,249

Profit//(loss) after tax 2,585,564 (44,078,451) (1,757,482) (18,299,882) (100,487) (61,650,738)

Increase/(decrease) in net assets

attributable to holders of redeemable

participating shares from operations 2,585,564 (44,078,451) (1,757,482) (18,299,882) (100,487) (61,650,738)

All amounts arose solely from continuing operations. There are no gains and losses other than those dealt with in the statement of comprehensive income.

NOTE: 1) Please refer to the Background to the Company for details of the relevant sub-fund launch dates.

See accompanying notes to financial statements




12

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME


α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

Total

for the six

months ended

30 June

2012

INCOME

Dividend income - - 29,324 - - 29,324

Interest income 12,158 68,496 7,172 18,689 135,769 242,284

Other income - - - 157 42,410 42,567

Net gain/(loss) on financial assets and

liabilities at fair value through profit or loss 1,212,413 (220,973) 398,750 (4,611,141) (723,540) (3,944,491)

Net gain/(loss) on foreign currency 24,171 (134,217) (6,762) 96,707 (576) (20,677)

Total investment gain/(loss) 1,248,742 (286,694) 428,484 (4,495,588) (545,937) (3,650,993)

EXPENSES

Management fee (4,942) (668,981) (13,208) (1,111,432) - (1,798,563)

Administration fee (18,627) (69,368) (19,334) (73,582) (6,538) (187,449)

Custodian and trustee fee (22,108) (52,551) (22,393) (52,154) (9,045) (158,251)

Audit fee (10,527) (6,934) (11,251) (12,049) (4,915) (45,676)

Commission expense (107,602) (325,387) (37,012) - - (470,001)

Organizational costs (1,100) (1,100) (14,293) - (8,809) (25,302)

Other expenses (48,865) (197,776) (34,628) (66,960) (5,958) (354,187)

Total operating expenses (213,771) (1,322,097) (152,119) (1,316,177) (35,265) (3,039,429)

Operating profit/(loss) 1,034,971 (1,608,971) 276,365 (5,811,765) (581,202) (6,690,422)

FINANCE COSTS

Interest expense (15,314) (41,600) (5,344) (23,566) (1,668) (87,492)

Total finance costs (15,314) (41,600) (5,344) (23,566) (1,668) (87,492)

Profit/(loss) before tax 1,019,657 (1,650,391) 271,021 (5,835,331) (582,870) (6,777,914)

Withholding tax - - (7,831) - - (7,831)

Profit/(loss) after tax 1,019,657 (1,650,391) 263,190 (5,835,331) (582,870) (6,785,745)

Increase/(decrease) in net assets


participating shares from operations 1,019,657 (1,650,391) 263,190 (5,835,331) (582,870) (6,785,745)

All amounts arose solely from continuing operations. There are no gains and losses other than those dealt with in the statement of comprehensive income. NOTE: 1) Please refer to the background to the Company for details of the relevant Sub-Fund launch dates.

_________________________ _________________________

Director Director

Date: XX





13

BALANCE SHEET

As of 30 June 2013 (amounts in USD) (unaudited)

α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

As of

30 June

2013

ASSETS

Cash at bank 54,080,075 636,801,878 87,273,101 95,078,714 6,947,386 880,181,154

Margin cash 3,431,256 21,432,047 2,349,800 - - 27,213,103

Cash received as collateral - - - 221,963,578 - 221,963,578

Financial assets at fair value through profit

or loss:

- Forward currency contracts 6,059 672,331 16,608 68,500 5,965 769,463

- Futures positions 253,093 - 119,698 - - 372,791

- Transferrable securities - 4,775,565 216,504 - - 4,992,069

- OTC index swap - - - 251,561,954 - 251,561,954

- Corporate bonds - - - - 28,149,662 28,149,662

- Government bonds - - - - 39,675,205 39,675,205

Investments purchased paid in advance - - - 21,000,000 - 21,000,000

Other receivables 37 5,394 66 3,489 2,801 11,787

Total assets 57,770,520 663,687,215 89,975,777 589,676,235 74,781,019 1,475,890,766

LIABILITIES

Financial assets at fair value through profit

or loss:

- Forward currency contracts (1,597) (651,512) (9,796) (301,597) (48,084) (1,012,586)

- Futures positions - (2,721,756) - - - (2,721,756)

- OTC index swap - - - - (1,158,309) (1,158,309)

Collateral repayable to counterparty - - - (221,963,578) - (221,963,578)

Management fee payable (2,303) (404,232) (3,683) (260,541) (43,605) (714,364)

Administration fee payable (3,584) (29,431) (5,017) (16,077) (4,823) (58,932)

Custodian and trustee fee payable (639) (7,868) (1,011) (3,637) (1,296) (14,451)

Audit fee payable (30,662) (30,662) (30,662) (30,662) (25,644) (148,292)

Director’s fee payable - - - (394) - (394)

Organizational costs payable - - (4,538) - - (4,538)

Payable for investments purchased - - - - (2,096,277) (2,096,277)

Redemptions payable to holders of

redeemable participating shares - (786,372) - (1,659,367) (107,248) (2,552,987)

Subscriptions received in advance (2,000,000) (4,000,000) (4,000,000) (36,777,547) (32,907) (46,810,454)

Other payables (11,222) (15,226) (11,326) (10,686) (16,838) (65,298)

Liabilities (excluding net assets


participating shares) (2,050,007) (8,647,059) (4,066,033)

(261,024,086) (3,535,031) (279,322,216)

Net assets attributable to holders of

redeemable participating shares 55,720,513 655,040,156 85,909,744 328,652,149 71,245,988

1,196,568,550





14

BALANCE SHEET

As of 31 December 2012 (amounts in USD) (audited)

α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

As of

31 December

2012

ASSETS

Current assets

Cash and cash equivalents 46,881,359 423,965,022 80,743,107 67,046,101 2,524,779 621,160,368

Margin cash 5,060,952 56,912,968 2,479,367 - - 64,453,287

Collateral cash - 17,300,000 - - - 17,300,000

Cash received as collateral - - - 201,648,501 - 201,648,501

Financial assets at fair value through profit or

loss:

- Futures positions 461,420 1,282,100 147,098 - - 1,890,618

- Forward currency contracts 9,513 3,408,370 34,396 3,173,975 72,187 6,698,441

- Collective investment schemes - - 2,038,418 - - 2,038,418

- Transferable securities - 100,739,000 2,362,534 - - 103,101,534

- OTC index swap - - - 204,999,833 564,762 205,564,595

- Corporate bonds - - - - 9,762,937 9,762,937

- Government bonds - - - - 15,414,580 15,414,580

Other receivables 837 15,372 4,264 5,501,897 - 5,522,370

Total assets 52,414,081 603,622,832 87,809,184 482,370,307 28,339,245 1,254,555,649

LIABILITIES

Current liabilities

Financial liabilities at fair value through

profit or loss:

- Forward currency contracts (1,465) (298,899) (1,782) (37,571) (194,188) (533,905)

Collateral repayable to counterparty - - - (201,648,501) - (201,648,501)

Management fee payable (1,813) (335,689) (2,930) (251,802) (4,568) (596,802)

Performance fee payable (962) (9,816) - - (1,712) (12,490)

Administration fee payable (3,787) (25,835) (3,896) (15,340) (4,727) (53,585)

Custodian and trustee fee payable (651) (6,976) (430) (3,371) (569) (11,997)

Audit fee payable (20,838) (20,838) (20,838) (20,838) (17,018) (100,370)

Director’s fee payable (278) (278) (278) (278) (278) (1,390)

Payable for financial assets at fair value

through profit or loss

- (248,901) (1,100,871)

-

-

(1,349,772)

Redemptions payable to holders of

redeemable participating shares

-

-

- (875,925)

-

(875,925)

Subscriptions received in advance - (2,093,555) (52,000,000) (29,883) - (54,123,438)

Other payables (6,330) (7,171) (11,149) (7,765) (5,339) (37,754)

Liabilities (excluding net assets


participating shares)

(36,124) (3,047,958) (53,142,174) (202,891,274) (228,399) (259,345,929)


redeemable participating shares 52,377,957 600,574,874 34,667,010 279,479,033 28,110,846 995,209,720

_______________________ _________________________

Director Director

Date: XX





15

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS

OF REDEEMABLE PARTICIPATING SHARES


α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

Total

for the six

months ended

30 June

2013


redeemable participating shares at

1 January 2013 52,377,957 600,574,874 34,667,010 279,479,033 28,110,846 995,209,720

Share capital transactions

Proceeds from redeemable participating shares

issued 2,956,992 150,156,870 53,000,216 94,068,454 51,340,778 351,523,310

Redemptions from redeemable participating

shares sold (2,200,000) (51,613,137) - (26,595,456) (8,105,149) (88,513,742)

Net increase from share transactions 756,992 98,543,733 53,000,216 67,472,998 43,235,629 263,009,568

Increase/(decrease) in net assets attributable to

holders of redeemable participating shares

from operations 2,585,564 (44,078,451) (1,757,482) (18,299,882) (100,487) (61,650,738)



30 June 2013 55,720,513 655,040,156 85,909,744 328,652,149 71,245,988 1,196,568,550

NOTE: 1) Please refer to the background to the Company for details of the relevant Sub-Fund launch dates.





16

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

REDEEMABLE PARTICIPATING SHARES


α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

Total

for the six

months ended

30 June

2012



1 January 2012

40,846,169 95,046,772 23,059,918 182,832,257 - 341,785,116

Share capital transactions


issued 1,178,088 187,456,531 5,269,469 69,525,531 23,500,000 286,929,619

Redemptions from redeemable participating

shares sold (10,603) (11,091,149)

- (31,462,785)

- (42,564,537)

Net increase from share transactions 1,167,485 176,365,382 5,269,469 38,062,746 23,500,000 244,365,082

Increase/(decrease) in net assets attributable to

holders of redeemable participating shares

from operations

1,019,657 (1,650,391) 263,190 (5,835,331) (582,870) (6,785,745)



30 June 2012

43,033,311 269,761,763 28,592,577 215,059,672 22,917,130 579,364,453






17

UNAUDITED STATEMENT OF CASH FLOWS


α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

Total

for the six

months ended

30 June

2013

Cash flows (used in)/from operating activities:

Purchase of financial assets at fair value

through profit or loss - (67,543,460) (15,619,982) (56,983,331) (110,152,002) (250,298,775)

Proceeds from sales of financial assets at fair

value through profit or loss - 153,207,217 17,919,275 - 69,325,391 240,451,883

Movement in margin cash 1,629,696 35,480,921 129,567 - - 37,240,184

Movement in collateral cash - 17,300,000 - - - 17,300,000

Proceeds from derivative financial instruments 10,587,599 109,304,211 10,116,145 16,032,182 500,068 146,540,205

Payments to derivative financial instruments (7,557,229) (130,791,972) (10,746,440) (34,275,451) (434,612) (183,805,704)

Operating expenses paid (177,556) (4,548,906) (272,926) (1,806,656) (253,094) (7,059,138)

Dividends received - - 61,250 - - 61,250

Other income received - - - - 1,856,026 1,856,026

Interest received 5,813 106,019 8,775 24,270 248,273 393,150

Net cash from/(used in) operating activities 4,488,323 112,514,030 1,595,664 (77,008,986) (38,909,950) 2,679,081

Cash flows (used in)/from financing activities:

Interest paid (12,063) (65,665) (9,198) (3,486) (1,586) (91,998)


issued 4,956,992 152,063,315 5,000,216 130,816,118 51,373,685 344,210,326

Redemption of redeemable participating shares (2,200,000) (50,826,765) - (25,812,014) (7,997,901) (86,836,680)

Net cash flow from financing activities 2,744,929 101,170,885 4,991,018 105,000,618 43,374,198 257,281,648

Net increase in cash and cash equivalents 7,233,252 213,684,915 6,586,682 27,991,632 4,464,248 259,960,729

Cash and cash equivalents, beginning of the

period 46,881,359 423,965,022 80,743,107 67,046,101 2,524,779 621,160,368

Net increase in cash at bank 7,233,252 213,684,915 6,586,682 27,991,632 4,464,248 259,960,729

Exchange (loss)/gain on cash and cash

equivalents (34,536) (848,059) (56,688) 40,981 (41,641) (939,943)

Cash and cash equivalents, end of the period 54,080,075 636,801,878 87,273,101 95,078,714 6,947,386 880,181,154

Cash and cash equivalents consist of the

following, as at 30 June 2013:

Cash at bank 54,080,075 636,801,878 87,273,101 95,078,714 6,947,386 880,181,154

Total 54,080,075 636,801,878 87,273,101 95,078,714 6,947,386 880,181,154






18

UNAUDITED STATEMENT OF CASH FLOWS


α generix

Long/Short

Equity

UCITS

sub-fund

α generix

Global

Macro

UCITS

sub-fund

α generix

Balanced

UCITS

sub-fund

Crown

Managed

Futures

UCITS

sub-fund

Crown

Multi-

Strategy

UCITS

sub-fund

Total

for the six

months ended

30 June

2012

Cash flows (used in)/from operating activities:

Purchase of financial assets at fair value

through profit or loss

-

(85,499,153)

(5,713,196)

(36,500,000)

(30,953,608)

(158,665,957)

Proceeds from sales of financial assets at fair

value through profit or loss

- 33,381,196 3,596,712

16,500,000

8,550,000

62,027,908

Proceeds from derivative financial instruments 8,264,052 36,991,391 3,781,888 4,020,059 - 53,057,390

Payments to derivative financial instruments (7,653,726) (30,426,391) (3,290,017) (12,349,244) (3,231) (53,722,609)

Operating expenses paid (221,421) (1,150,710) (145,796) (1,288,209) (40,937) (2,847,073)

Dividends received - - 25,134 - - 25,134

Other income received - - - - 42,410 42,410

Interest received 12,204 68,606 7,172 18,689 135,769 242,440

Net cash from/(used in) operating activities 401,109 (46,635,061) (1,738,103) (29,598,705) (22,269,597) (99,840,357)

Cash flows (used in)/from financing activities:

Interest paid (15,314) (41,600) (5,344) (23,566) (1,668) (87,492)


issued 1,178,088 193,090,497 5,269,469 69,317,543 23,500,000 292,355,597

Redemption of redeemable participating shares (10,603) (11,091,149) - (31,181,856) - (42,283,608)

Net cash flow from financing activities 1,152,171 181,957,748 5,264,125 38,112,121 23,498,332 249,984,497

Net increase in cash and cash equivalents 1,553,280 135,322,687 3,526,022 8,513,416 1,228,735 150,144,140

Cash and cash equivalents, beginning of the

period 41,248,135 83,585,159 20,835,214 50,759,423 - 196,427,931

Net increase in cash at bank 1,553,280 135,322,687 3,526,022 8,513,416 1,228,735 150,144,140

Exchange gain/(loss) on cash and cash

equivalents 24,171 (134,217) (6,762) 96,707 (576) (20,677)

Cash and cash equivalents, end of the period 42,825,586 218,773,629 24,354,474 59,369,546 1,228,159 346,551,394

Cash and cash equivalents consist of the

following, as at 30 June 2012:

Cash at bank (including margin cash) 42,825,586 218,773,629 24,354,474 59,369,546 1,228,159 346,551,394

Total 42,825,586 218,773,629 24,354,474 59,369,546 1,228,159 346,551,394






19

NOTES TO THE FINANCIAL STATEMENTS

1. GENERAL

Crown Alternative UCITS plc, (the “Company”) is an umbrella investment company with variable capital and

segregated liability between sub-funds which is authorized by the Central Bank of Ireland pursuant to the

provisions of the Companies Acts 1963 to 2012 and the European Communities (Undertakings for Collective

Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The

Company was incorporated with limited liability on 23 November 2009.

Please refer to the Background to the Company section for details of the sub-fund launch dates.

As at the end of the reporting period, the Company comprised of five sub-funds, α generix Long/Short Equity

UCITS sub-fund, α generix Global Macro UCITS sub-fund, α generix Balanced UCITS sub-fund, Crown

Managed Futures UCITS sub-fund and Crown Multi-Strategy UCITS sub-fund. The initial subscriptions into

the share classes of the following sub-funds were entered into on the dates shown below:

• α generix Long/Short Equity UCITS sub-fund – Class A: 10 February 2010; Class B: 1 June 2011; Class

C: 12 March 2012; Class I: 1 October 2012; Class J: 1 October 2012; Class K: 1 October 2012.


September 2011; Class E: 2 February 2012; Class F: 13 February 2012; Class G: 12 December 2011;

Class I: 1 December 2011; Class J: 14 November 2011; Class K: 1 December 2011; Class L: 1 December

2011; Class M: 21 February 2012; Class O: 1 October 2012; Class P: 1 October 2012; Class Q: 1 October

2012; Class R: 24 October 2012; Class S: 17 December 2012; Class U: 1 October 2012.

• α generix Balanced UCITS sub-fund – Class A: 1 September 2011; Class B: 1 September 2011; Class C: 2

April 2012; Class G: 2 April 2012; Class I: 1 October 2012; Class J: 1 October 2012; Class K: 1 October

2012.

• Crown Managed Futures UCITS sub-fund – Class A: 3 May 2010; Class B: 12 July 2010; Class C: 28

June 2010; Class D: 1 October 2010; Class E: 23 January 2012; Class F: 8 November 2010; Class G: 20

December 2010; Class H: 1 October 2010; Class I: 25 July 2011; Class J: 1 December 2011, Class K: 17

September 2012; Class L: 17 June 2013.



The Company's investment objective is to achieve long-term capital growth with principles designed to

minimise the risk of capital loss. However, there can be no assurance that the investment objective will be

met.

Copies of the Company’s Prospectus, simplified prospectus, annual and semi-annual financial reports are

available at the registered office of the Company and may be received free of charge. A statement of portfolio

changes is available at the registered office of the Company and is sent to shareholders at their registered

addresses. The base currency of account of each sub-fund is specified in the relevant Supplement to the

Prospectus of the Company. The functional currency of each sub-fund is the US Dollar (“USD”).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation

The financial statements of the Company have been prepared in accordance with International Financial

Reporting Standards (“IFRS”) as adopted by the EU, and Irish statute comprising the Companies Acts, 1963

to 2012. The principles of accounting applied in the interim financial statements as per 30 June 2013

correspond to those of the audited annual report for 2012, unless otherwise stated.




20

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 Financial assets and liabilities at fair value through profit or loss

Under IAS 39, the Company has designated all its investments and securities into the financial assets and

liabilities at fair value through profit and loss category. This category was chosen as it reflects the business of

an investment fund: the assets and liabilities are managed and their performance evaluated on a fair value

basis and management decisions are therefore reflected in the statement of comprehensive income. The

Company’s policy is for the Investment Manager and the Board of Directors to evaluate the information about

these financial assets and liabilities on a fair value basis together with other related financial information.

The category of financial assets and liabilities at fair value through profit or loss comprises:

– Financial instruments designated at fair value through profit or loss at inception. These include financial

assets that are not held for trading purposes but which may be sold.

– Financial assets that are classified as loans and receivables include balances due from brokers and accounts

receivable.

– Financial liabilities that are not at fair value through profit or loss include balances due to brokers and

accounts payable.

Purchases and sales of investments are recognised on the trade date – the date on which the Company

commits to purchase or sell the asset. Investments are initially recognized at fair value and transaction costs

for all financial assets and financial liabilities carried at fair value through profit or loss are expensed as

incurred. Investments are derecognized when the rights to receive cash flows from the investments have

expired or the Company has transferred substantially all risks and rewards of ownership.

Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss

are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or

financial liabilities at fair value through profit or loss’ category are presented in the statement of

comprehensive income within other net changes in fair value of financial assets and liabilities at fair value

through profit or loss in the year in which they arise.

As at 30 June 2013, all investments were classified as financial assets and liabilities at fair value through

profit or loss.

Financial assets or liabilities held for trading are acquired or incurred principally for the purpose of selling or

repurchasing in the short term.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date. The fair value of financial assets and

liabilities traded in active markets (such as publicly traded derivatives and trading securities) are based on

quoted market prices at the close of trading on the reporting date. Prior to 1 January 2012, the quoted market

price used for financial assets held by the Company was the current bid price; the quoted market price for

financial liabilities was the current asking price. The Company early adopted IFRS 13, ‘Fair value

measurement’, from 1 January 2012; it changed its fair valuation input to utilize the last traded market price

for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In

circumstances where the last traded price is not within the bid-ask spread, management will determine the

point within the bid-ask spread that is most representative of fair value.

The underlying investments of the Company are valued as follows:

- futures: futures are contractual obligations to buy or sell financial instruments on a future date at a specified

price established in an organized market. The futures contracts are collateralized by cash or marketable

securities; changes in the futures contracts’ value are settled daily with the exchange and valued at mark-to-

market. Interest rate futures are contractual obligations to receive or pay a net amount based on changes in

interest rates at a future date at a specified price, established in an organized financial market. The Company

has entered into a master netting arrangement with the prime broker and the other derivative counterparties

with whom it undertakes futures transactions. Futures margins are posted on a daily basis and are settled on a

net basis.




21

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

For open futures contracts, changes in the fair value of the contract are recognized as unrealized gains or

losses by "marking-to-market" the value of the contract at the balance sheet date and are included in the net

gain/(loss) on financial assets and liabilities at fair value through profit or loss in the statement of

comprehensive income. When the contract is closed, the difference between the proceeds from (or cost of) the

closing transactions and the original transaction is recorded as a realized gain or loss.

- forward currency contracts: the unrealized gain or loss on open forward currency contracts is calculated as

the difference between the original contracted rate and the rate at the period end. Unrealized gains or losses on

open forward currency contracts are included in financial assets or financial liabilities at fair value through

profit or loss in the balance sheet. Realized gains or losses on currency as reflected in the statement of

comprehensive income include net gains/(losses) on forward currency contracts that have been settled as at

the balance sheet date.

- exchange traded funds: exchange traded funds are valued at the last reported price on the main exchange.

- transferable securities: transferable securities (as listed in the portfolio of investments) are valued at the last

reported price on the main exchange.

- bonds: bonds are valued at the last reported price on the main exchange on the last business day of the

valuation period.

- OTC Index Swap:

Crown Managed Futures UCITS sub-fund: this investment is valued weekly using a price received from the

index calculation agent, Credit Suisse International. The Investment Manager checks this price to ensure that

the investment is fairly valued.

Crown Multi-Strategy UCITS sub-fund: this investment is valued weekly using a price received from the index

calculation agent, UBS AG, London Branch. The Investment Manager checks this price to ensure that the

investment is fairly valued.

Fair value measurement principles

The majority of the Company's underlying investments are derivative financial instruments and exchange

traded funds and there are no management judgements applied in the valuation of these investments.

Crown Managed Futures UCITS sub-fund invests in on an over-the-counter (“OTC”) Index Swap, a derivative

instrument to get exposure to the performance of the Crown Managed Futures Index, an OTC financial

derivative instrument. The Investment Manager independently verifies the price received from the index

calculation agent and there are no management judgements applied in the valuation of this investment.

Realized gains or losses as reflected in the statement of comprehensive income occur when the OTC Index

Swap increases or decreases its exposure to the underlying Index.

Crown Multi-Strategy UCITS sub-fund invests in on an over-the-counter (“OTC”) Index Swap, a derivative

instrument to get exposure to the performance of the Crown Multi-Strategy Index, an OTC financial derivative

instrument. The Investment Manager independently verifies the price received from the index calculation

agent and there are no management judgements applied in the valuation of this investment. Realized gains or

losses as reflected in the statement of comprehensive income occur when there is a rollover of the OTC Index

Swap or when there is a reset in the OTC Index Swap’s exposure to the underlying Index.




22

3. DERIVATIVE FINANCIAL INSTRUMENTS

The main risks arising from the Company’s derivative financial instruments are market price, foreign

currency, interest rate, credit and liquidity risks. The Board of Directors reviews and agrees policies for

managing each of these risks. The Company holds the following derivative instruments:

(a) Futures

Futures are contractual obligations to buy or sell financial instruments on a future date at a specified price

established in an organized market. The futures contracts are collateralized by cash or marketable securities;

changes in the futures contracts’ value are settled daily with the exchange. Interest rate futures are contractual

obligations to receive or pay a net amount based on changes in interest rates at a future date at a specified

price, established in an organized financial market. Futures are settled on a net basis.

Investment in such derivative financial instruments is a primary feature of the Company and is used for direct

investment and for the purposes of asset allocation, taking views on the pricing of assets (whether overpriced

or underpriced) or likely direction of markets, currency management, maintaining the required level of

exposure, hedging, cash management and efficient investing.

(b) Forward currency contracts

A forward currency contract is an agreement between two parties to exchange two currencies at a given

exchange rate at some point in the future, usually 30, 60, or 90 days hence. A forward currency contract

mitigates foreign exchange risk for the parties and is most useful when both parties have operations or some

other interest in a country using a given currency. Forward currency contracts are over-the-counter contracts.

Some of the share classes of the sub-funds are denominated in other currencies other than the US Dollar. The

Directors currently instruct the Investment Manager to hedge the US Dollar exposure of these share classes in

the relevant sub-fund. The Company utilizes a variety of financial instruments such as derivatives to hedge

against changes in currency values which may affect the value of the relevant share classes and such

transactions are clearly attributable to each relevant share class.

Details of forward currency contracts and futures held at 30 June 2013 and 31 December 2012 are included in

the portfolio of investments.

(c) “Over the counter” financial derivative instruments

An “over the counter” financial derivative instrument (“FDI”) is a financial instrument which displays the

following characteristics:

1. its value changes in response to a specified variable (interest rate, price of underlying investment, etc.);

2. it is not quoted in an active market; and

3. it is settled at a future date.

Crown Managed Futures UCITS sub-fund

Crown Managed Futures UCITS sub-fund currently invests in an over the counter (“OTC”) Index Swap, a

derivative instrument to get exposure to the performance of the Crown Managed Futures Index. The Crown

Managed Futures Index (the “Index”) is an investable index which is designed to provide a measure of the

performance of a broad based universe of trading strategies hedge funds. The OTC Index Swap aims to deliver

a risk and return profile representative of the risk and return profile achieved from investing in hedge funds

with trading strategies. Based on a multi-level in-depth quantitative and qualitative analysis of hedge funds,

the OTC Index Swap construction methodology aims to provide systematic diversification and

representativeness across trading styles, trading methodologies and holding periods.




23

3. DERIVATIVE FINANCIAL INSTRUMENTS (continued)

Credit Suisse International and LGT Capital Partners Limited are the OTC Index Swap sponsors in accordance

with their relevant duties and responsibilities. The OTC Index Swap is calculated by Credit Suisse

International (the “Calculation Agent”) and managed by LGT Capital Partners Limited (the “Index

Manager”). The OTC Index Swap has a fixed maturity date of 30 April 2020 but the investment can be

terminated with one weeks notice being given by Crown Managed Futures UCITS sub-fund.

The Index Manager is responsible for identifying the components of the Index using a rule based

methodology. The Calculation Agent is responsible for calculating the Index after taking into account any

costs or benefits of the investable structure and any adjustment factor as provided by the Index Manager.

LGT Capital Partners Limited, as Index Sponsor of the Index, has determined the Index objective and

developed the Index construction methodology and implemented it into the Index rules for the purposes of the

Index objective. They also have responsibility for the implementation and oversight of (i) the role of the Index

Manager in conducting its responsibilities under the Index rules and (ii) the management of any conflicts of

interest that may arise with respect to the Index construction methodology and the Index review and Index

rebalancing. Finally, LGT Capital Partners Limited, as Index Sponsor of the Index, has responsibility for

providing oversight as to the implementation of the Index construction methodology and Index review and

Index rebalancing by the Index Manager to ensure that this is performed in accordance with the Index rules.

The Swap generates a return representing the performance of the Index less any cost of structuring. The Index

tracks a portfolio of Managed accounts called "Crown RF Segregated Portfolio" which is part of the Crown

Alternative Investments SPC (a Cayman Islands domiciled vehicle). This "Crown RF Segregated Portfolio", in

turn, has exposure to many managed accounts that are part of Crown Managed Accounts SPC.

The Index construction methodology follows a proprietary process undertaken by the Index Manager in which

the following steps are carried out to achieve objective in the construction of the Index:

a) The qualification process: determining the hedge funds that are eligible to be included as Index

Components in the Index.

b) The allocation process: determining the respective Index components and the respective weights that,

subject to the Index re-balancing, are to be applied to each target Index component in the calculation of the

Index.

The Index currency is US Dollar.

The key components of the adjusted Index level are, the Index level, the structuring fee rate (this is a fixed

fee) and the collateral fee rate.

The collateral fee rate means a level as determined by the Calculation Agent on a quarterly basis to be equal to

the cost that would be incurred by Credit Suisse International for posting collateral in the manner that meets

the requirements of Crown Alternative UCITS plc (acting for and on behalf of Crown Managed Futures

UCITS sub-fund).

The OTC Index Swap is open-ended with weekly dealing and on the last business day of each month.

Valuations are carried out on a weekly basis and at month end with payments in relation to the index being

executed at least weekly.

As and when the Crown Managed Futures UCITS sub-fund fund receives a subscription or redemption, the

portfolio is analyzed to determine if there is a need to increase or decrease the exposure to the Index. This

results in the notional exposure of the sub-fund to the Index. The performance of the Index is determined by

two components: the performance of the underlying replication vehicle and the cost of the Index. Both of

these are reflected in the Adjusted Index Value which is calculated as an estimate on a daily basis and

finalized on a weekly/monthly basis. The notional exposure and the Adjusted Index Value are the two

components used to value the OTC Index Swap in the books of the sub-fund.




24



Crown Multi-Strategy UCITS sub-fund aims to achieve its investment objective primarily through

investments in one or more funded or unfunded swaps (the “Swaps”) entered into with one or more approved

counterparties. Under the Swaps a return representing the performance of the Crown Multi-Strategy Index (the

“Index”) minus certain fees and expenses will be swapped. The Index delivers a risk and return profile

representative of the risk and return profile achieved from investing in a basket of hedge funds which

implement the permitted strategies. Through permitted strategies the Index will be exposed to a variety of

asset classes such as equities, fixed income, credit, currencies, volatility and commodities. There is no focus

on any particular permitted strategy or asset class, the Index’s allocations to the permitted strategies may vary

over time in accordance with the “Index Allocation Rules” stated below.

UBS AG, London Branch and LGT Capital Partners Limited are the OTC Index Swap sponsors in accordance

with their relevant duties and responsibilities. The OTC Index Swap is calculated by UBS AG, London

Branch (the “Calculation Agent”) and managed by LGT Capital Partners Limited (the “Index Manager”).

The Index Manager is responsible for identifying the components of the Index using a rule based

methodology. The Calculation Agent is responsible for calculating the Index after taking into account any

costs or benefits of the investable structure and any adjustment factor as provided by the Index Manager.

LGT Capital Partners Limited, as Index Sponsor of the Index, has determined the Index objective and

developed the Index construction methodology and implemented it into the Index rules for the purposes of the

Index objective. They also have responsibility for the implementation and oversight of (i) the role of the Index

Manager in conducting its responsibilities under the Index rules and (ii) the management of any conflicts of

interest that may arise with respect to the Index construction methodology and the Index review and Index

rebalancing. Finally, LGT Capital Partners Limited, as Index Sponsor of the Index, has responsibility for

providing oversight as to the implementation of the Index construction methodology and Index review and

Index rebalancing by the Index Manager to ensure that this is performed in accordance with the Index rules.

The Swap generates a return representing the performance of the Index ("Crown Multi-Strategy Index") less

any cost of structuring. The Index tracks a portfolio of Managed accounts called "Crown Multi-Strategy RF

Segregated Portfolio" which is part of the Crown Phoenix SPC (a Cayman Islands domiciled vehicle). This

"Crown Multi-Strategy RF Segregated Portfolio", in turn, has exposure to many managed accounts that are

part of Crown Managed Accounts SPC.

The Index construction methodology follows a proprietary process undertaken by the Index Manager in which

the following steps are carried out to achieve objective in the construction of the Index:

a) The qualification process: determining the hedge funds that are eligible to be included as Index

Components in the Index.

b) The allocation process: determining the respective Index components and the respective weights that,

subject to the Index re-balancing, are to be applied to each target Index component in the calculation of the

Index.

The Index currency is US Dollar.

The key components of the adjusted Index level are, the Index level and the structuring fee rate (this is a fixed

fee).

The OTC Index Swap is open-ended with weekly dealing and on the last business day of each month.

Valuations are carried out on a weekly basis and at month end with payments in relation to the Index being

executed at least weekly.




25


As and when the Crown Multi-Strategy UCITS sub-fund fund receives a subscription or redemption, the

portfolio is analyzed to determine if there is a need to increase or decrease the exposure to the Index. This

results in the notional exposure of the sub-fund to the Index. The performance of the Index is determined by

two components: the performance of the underlying replication vehicle and the cost of the Index. Both of

these are reflected in the Adjusted Index Value which is calculated as an estimate on a daily basis and

finalized on a weekly/monthly basis. The notional exposure and the Adjusted Index Value are the two

components used to value the OTC Index Swap in the books of the sub-fund.

4. SHARE CAPITAL

(a) Participating shares

The authorised share capital of the Company is divided into 3 management shares of EUR 1 each and

500,000,000,000 participating shares of no par value.

The Company has early adopted IFRS 13 in 2012 and has changed its valuation inputs for financial assets and

liabilities to last traded prices. This is consistent with the inputs prescribed in the Company’s Prospectus for

the calculation of its per share trading value. In the prior year, the Company utilized bid and ask prices for its

financial assets and liabilities in accordance with IAS 39. The impact of change in valuation inputs has not

been material.

The issued participating share capital is at all times equal to the net asset value of the Company. The

participating shares are in substance equity shares. The initial subscriptions into the share classes of the

following sub-funds were entered into on the dates shown below:

• α generix Long/Short Equity UCITS sub-fund – Class A: 10 February 2010; Class B: 1 June 2011; Class

C: 12 March 2012; Class I: 1 October 2012; Class J: 1 October 2012; Class K: 1 October 2012.


September 2011; Class E: 2 February 2012; Class F: 13 February 2012; Class G: 12 December 2011;

Class I: 1 December 2011; Class J: 14 November 2011; Class K: 1 December 2011; Class L: 1 December

2011; Class M: 21 February 2012; Class O: 1 October 2012; Class P: 1 October 2012; Class Q: 1 October

2012; Class R: 24 October 2012; Class S: 17 December 2012; Class U: 1 October 2012.

• α generix Balanced UCITS sub-fund – Class A: 1 September 2011; Class B: 1 September 2011; Class C: 2

April 2012; Class G: 2 April 2012; Class I: 1 October 2012; Class J: 1 October 2012; Class K: 1 October

2012.

• Crown Managed Futures UCITS sub-fund – Class A: 3 May 2010; Class B: 12 July 2010; Class C: 28

June 2010; Class D: 1 October 2010; Class E: 23 January 2012; Class F: 8 November 2010; Class G: 20

December 2010; Class H: 1 October 2010; Class I: 25 July 2011; Class J: 1 December 2011, Class K: 17

September 2012; Class L: 17 June 2013.



The initial issue price to other share classes for each class is 1,000 units (a unit denotes one US Dollar or

equivalent currency of the relevant share class) in the relevant currency and each class has equal rights to the

assets of the relevant sub-fund and a responsibility for the liabilities of the relevant sub-fund with fees and

currency of issuance being the only variant between classes.

Under the Articles, the Directors are given authority to effect the issue of shares and to create new classes of

shares (in accordance with the requirements of the Central Bank of Ireland) and have absolute discretion to

accept or reject in whole or in part any application for shares. Provided applications are received before the

valuation point, the Directors may at their sole discretion accept a subscription application and / or

subscription monies after the relevant dealing deadline. Issues of shares will normally be made with effect

from a dealing day in respect of applications received on or prior to the dealing deadline. Dealing days and

dealing deadlines relating to each sub-fund are specified in the relevant Supplement.




26

4. SHARE CAPITAL (continued)

An initial application for shares may only be made by application form along with supporting documentation

in relation to money laundering prevention checks which may be sent to the Administrator by facsimile, the

signed original of which, in addition to the original or certified supporting documentation in relation to money

laundering prevention checks, shall be delivered to the Administrator promptly. Subsequent applications may

be made to the Administrator by letter or facsimile, or by using an established electronic dealing platform as

described below. Failure to provide the original application form shall result in applicants being unable to

repurchase shares on request until the Administrator has received the original application form and all of the

necessary anti-money laundering checks have been completed. Any change to a shareholder’s registration

details or payment instructions must also be received in original form. Following the initial application,

subsequent requests by facsimile will be treated by the Administrator as definite orders even if not

subsequently confirmed by letter after acceptance by the Administrator and will not be capable of withdrawal.

Applications received after the dealing deadline for the relevant dealing day shall, unless the Administrator

and the Directors shall otherwise agree and provided they are received before the valuation point for the

relevant dealing day, be deemed to have been received by the next dealing deadline.

While an initial application for shares may only be made using an original application form as set out above,

and must be supported by the appropriate documentation in relation to money-laundering prevention checks,

subsequent applications for shares may also be made using an established electronic dealing platform.

Subsequent applications for shares will only be accepted electronically provided all anti-money laundering

documentation has been received and where an applicant has accepted the terms and conditions of use of such

service. Any change to a shareholder’s registration details or payment instructions as recorded on such

electronic dealing platform must also be received in writing in original form.

The minimum initial investment amount for shares of each sub-fund that may be subscribed for by each

investor on initial application and the minimum shareholding of shares of each sub-fund is set out in the

relevant Supplement. The Directors reserve the right from time to time to waive any requirements if any

relating to the minimum initial investment amount, the minimum additional investment amount and the

minimum shareholding as and when they determine, at their reasonable discretion. Fractions of shares up to

three decimal places may be issued. Subscription monies representing smaller fractions of shares will not be

returned to the applicant but will be retained as part of the assets of the relevant sub-fund and accordingly

available to shareholders of the sub-fund on a pro rata basis based on each shareholder’s holding of shares.

The application form contains certain conditions regarding the application procedure for shares in the

Company and certain indemnities in favour of the Company, the relevant sub-fund, the Administrator, the

Custodian and the other shareholders for any loss suffered by them as a result of certain applicants acquiring

or holding shares. If an application is rejected, the Administrator at the cost and risk of the applicant will,

subject to any applicable laws, return application monies or the balance thereof, without interest, by

telegraphic transfer to the account from which it was paid within five business days of the rejection.

The Directors may at any time temporarily suspend the calculation of the Net Asset Value of any sub-fund

and suspend the issue, repurchase and exchange of shares or suspend the payment of repurchase proceeds

during:

(i) any period when any of the markets on which a substantial portion of the investments of the relevant sub-

fund, from time to time, are quoted, listed or dealt in is closed, otherwise than for ordinary holidays, or during

which dealings therein are restricted or suspended; or

(ii) any period when, as a result of political, economic, military or monetary events or any circumstances

outside the control, responsibility and power of the Directors, disposal or valuation of a substantial portion of

the investments of the relevant sub-fund is not reasonably practicable without this being seriously detrimental

to the interests of shareholders of the relevant sub-fund or if, in the opinion of the Directors, the Net Asset

Value of the sub-fund cannot be fairly calculated; or

(iii) any breakdown in the means of communication normally employed in determining the price of a

substantial portion of the investments of the relevant sub-fund, or when, for any other reason the current prices

on any market of any of the investments of the relevant sub-fund cannot be promptly and accurately

ascertained; or




27


(iv) any period during which any transfer of funds involved in the realisation or acquisition of investments of

the relevant sub-fund cannot, in the opinion of the Directors, be effected at normal prices or rates of exchange;

or

(v) any period when the Directors are unable to repatriate funds required for the purpose of making payments

due on the repurchase of shares in the relevant sub-fund; or

(vi) any period when the Directors consider it to be in the best interest of the relevant sub-fund; or

(vii) following the circulation to shareholders of a notice of a general meeting at which a resolution proposing

to wind up the Company or terminate the relevant sub-fund is to be considered.

Where possible, all reasonable steps will be taken to bring any period of suspension to an end as soon as

possible. Shareholders who have requested issue or repurchases of shares of any class or exchanges of shares

of one class to another will be notified of any such suspension in such manner as may be directed by the

Directors and, unless withdrawn but subject to the limitation referred to above, their requests will be dealt with

on the first relevant dealing day after the suspension is lifted. Any such suspension will be notified on the

same business day to the Central Bank of Ireland and will be communicated without delay to the competent

authorities in the Member States in which it markets its shares. Details of any such suspension will also be

notified to all shareholders and will be published in a newspaper circulating in the European Union, or such

other publications as the Directors may determine if, in the opinion of the Directors, it is likely to exceed 14

days.

As at 30 June 2013 the following shares were in issue for the Classes A, B, C, I, J and K of the α generix

Long/Short Equity UCITS sub-fund:

Class A

Shares

Class B

Shares

Class C

Shares

Class I

Shares

Class J

Shares

Class K

Shares

Total no. of

participating

shares

1 January 2012 40,837.94 300.00 - - - - 41,137.94

Issued during the year 6,824.54 20.29 1,165.00 100.00 150.00 150.00 8,409.83

Redeemed during the year (10.00) - - - - - (10.00)

31 December 2012 47,652.48 320.29 1,165.00 100.00 150.00 150.00 49,537.77

1 January 2013 47,652.48 320.29 1,165.00 100.00 150.00 150.00 49,537.77

Issued during the year 2,218.31 - - - 18.72 421.29 2,658.32

Redeemed during the year (1,966.09) - - - - - (1,966.09)

30 June 2013 47,904.70 320.29 1,165.00 100.00 168.72 571.29 50,230.00

As at 30 June 2013 the following shares were in issue for the Classes A, B, C, E, F, G, I, J, K, L, M, O, P, Q,

R, S and U of the α generix Global Macro UCITS sub-fund:

Class A

Shares

Class B

Shares

Class C

Shares

Class E

Shares

Class F

Shares

Class G

Shares

Class I

Shares

1 January 2012 44,875.64 10,350.96 3,081.94 - - 1,200.00 607.38

Issued during the year 58,174.01 57,077.09 20,133.73 153,120.65 8,979.37 8,798.23 53,872.91

Redeemed during the year (13,549.67) (2,172.94) (3,720.38) (5,108.35) (4,579.77) (3,162.09) (4,641.80)

31 December 2012 89,499.98 65,255.11 19,495.29 148,012.30 4,399.60 6,836.14 49,838.49

1 January 2013 89,499.98 65,255.11 19,495.29 148,012.30 4,399.60 6,836.14 49,838.49

Issued during the year 1,811.98 21,746.60 4,175.80 1,757.46 3,156.00 - -

Redeemed during the year (2,024.17) (2,138.80) (850.00) (10,112.31) (335.00) (493.68) (21,280.43)

30 June 2013 89,287.79 84,862.91 22,821.09 139,657.45 7,220.60 6,342.46 28,558.06




28


Class J

Shares

Class K

Shares

Class L

Shares

Class M

Shares

Class O

Shares

Class P

Shares

Class Q

Shares

1 January 2012 200.00 150.00 150.00 - - - -

Issued during the year 8,203.10 11,795.11 953.50 16,500.54 7,366.17 6,054.02 1,319.02

Redeemed during the year (1,238.62) (1,336.38) (381.31) (343.49) - - -

31 December 2012 7,164.48 10,608.73 722.19 16,157.05 7,366.17 6,054.02 1,319.02

1 January 2013 7,164.48 10,608.73 722.19 16,157.05 7,366.17 6,054.02 1,319.02

Issued during the year - - - 999.04 3,775.35 4,649.92 3,437.10

Redeemed during the year (633.89) (1,824.93) (24.86) (523.21) (1,648.48) (759.71) (46.00)

30 June 2013 6,530.59 8,783.80 697.33 16,632.88 9,493.04 9,944.23 4,710.12

Class R

Shares

Class S

Shares

Class U

Shares

Total no. of

participating

shares

1 January 2012 - - - 60,615.92

Issued during the year 7,179.58 1,772.00 597.96 421,896.99

Redeemed during the year - - - (40,234.80)

31 December 2012 7,179.58 1,772.00 597.96 442,278.11

1 January 2013 7,179.58 1,772.00 597.96 442,278.11

Issued during the year 58,121.17 23,619.95 380.37 127,630.74

Redeemed during the year (944.52) (684.00) (71.93) (44,395.92)

30 June 2013 64,356.23 24,707.95 906.40 525,512.93

As at 30 June 2013 the following shares were in issue for the Classes A, B, G, I, J and K of the α generix

Balanced UCITS sub-fund:

Class A

Shares

Class B

Shares

Class C

Shares

Class G

Shares

Class I

Shares

Class J

Shares

Class K

Shares

Total no. of

participating

shares

1 January 2012 23,001.80 100.00 - - - - - 23,101.80

Issued during the year 10,316.61 - 2,500.00 2,500.00 100.00 150.00 150.00 15,716.61

Redeemed during the year (3,157.59) - (2,500.00) - - - - (5,657.59)

31 December 2012 30,162.82 100.00 - 2,500.00 100.00 150.00 150.00 33,160.82

1 January 2013 30,162.82 100.00 - 2,500.00 100.00 150.00 150.00 33,160.82

Issued during the year 50,017.88 - - - 423.33 - 525.30 50,966.51

Redeemed during the year - - - - - - - -

30 June 2013 80,178.70 100.00 - 2,500.00 523.33 150.00 675.30 84,127.33




29


As at 30 June 2013 the following shares were in issue for the Classes A, B, C, D, E, F, G, H, I, J and K of the

Crown Managed Futures UCITS sub-fund:

Class A

Shares

Class B

Shares

Class C

Shares

Class D

Shares

Class E

Shares

Class F

Shares

Class G

Shares

1 January 2012 41,872.23 14,266.75 33,947.96 4,417.42 - 7,871.39 100.00

Issued during the year - 12,490.81 18,595.79 583.02 10,838.90 44,266.90 216.00

Redeemed during the year (15,000.00) (3,818.09) (12,244.42) (465.67) (150.00) (2,093.22) -

31 December 2012 26,872.23 22,939.47 40,299.33 4,534.77 10,688.90 50,045.07 316.00

1 January 2013 26,872.23 22,939.47 40,299.33 4,534.77 10,688.90 50,045.07 316.00

Issued during the year 13,575.32 3,181.78 9,134.48 370.37 4,643.77 - 10.59

Redeemed during the year - (1,576.37) (5,955.01) (793.21) (238.58) (2,458.57) (68.00)

30 June 2013 40,447.55 24,544.88 43,478.80 4,111.93 15,094.09 47,586.50 258.59

Class H

Shares

Class I

Shares

Class J

Shares

Class K

Shares

Class L

Shares

Total no. of

participating

shares

1 January 2012 38,299.51 11,486.47 9,595.00 - - 161,856.73

Issued during the year 22,464.55 3,312.92 17,888.53 6,811.83 - 137,469.25

Redeemed during the year (11,027.79) (5,770.16) (750.00) - - (51,319.35)

31 December 2012 49,736.27 9,029.23 26,733.53 6,811.83 - 248,006.63

1 January 2013 49,736.27 9,029.23 26,733.53 6,811.83 - 248,006.63

Issued during the year 26,293.58 - 1,665.00 3,874.06 20,000.00 82,748.95

Redeemed during the year (8,412.29) (3,886.56) (472.00) - - (23,860.59)

30 June 2013 67,617.56 5,142.67 27,926.53 10,685.89 20,000.00 306,894.99

As at 30 June 2013 the following shares were in issue for the Classes A, B, C and E of the Crown Multi-

Strategy UCITS sub-fund:

Class A

Shares

Class B

Shares

Class C

Shares

Class D

Shares

Class E

Shares

Total no. of

participating

shares

1 January 2012 - - - - - -

Issued during the year 25,513.53 700.75 407.05 - 1,000.00 27,621.33

31 December 2012 25,513.53 700.75 407.05 - 1,000.00 27,621.33

1 January 2013 25,513.53 700.75 407.05 - 1,000.00 27,621.33

Issued during the year 12,278.55 11,208.90 10,672.01 10,465.05 477.31 45,101.82

Redeemed during the year (6,594.74) (532.50) (271.63) (171.11) - (7,569.98)

30 June 2013 31,197.34 11,377.14 10,807.43 10,293.94 1,477.31 65,153.16

(b) Management shares

Subscriber shares issued amount to EUR 3, being 3 management shares of EUR 1 each, fully paid. The

subscriber shares do not form part of the net asset value of the Company and are thus disclosed in the financial

statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the

Company’s business as an investment fund.




30


(b) Management shares (continued)

The three management shares were held by LGT Fund Managers (Ireland) Limited, LGT Bank (Ireland)

Limited and LGT Capital Partners (Ireland) Limited as at 30 June 2013 and 31 December 2012.

(c) Significant investors

The following table displays the investors that hold ten per cent or more of the share capital of the relevant

share class by sub-fund.

Significant Investors Shares held

% of issued share capital by share

class

30 June 2013

α – generix Long/Short Equity UCITS sub-fund

Investor reference 1000505903 (Class A) 4,858.45 10.14%


Investor reference 1000872503 (Class B) 320.29 100.00%

Investor reference 1000679603 (Class C) 1,165.00 100.00%

Investor reference 10000872503 (Class I) 100.00 100.00%

Investor reference 10000872503 (Class J) 168.72 100.00%

Investor reference 10000872503 (Class K) 571.29 100.00%

α – generix Global Macro UCITS sub-fund



Investor reference 1000786803 (Class B) 10,680.57 12.59%







Investor reference 1000872503 (Class E) 116,143.27 83.16%

Investor reference 11003910 (Class F) 975.87 13.52%

Investor reference 11003710 (Class F) 1,951.73 27.03%


Investor reference 1000872503 (Class G) 1,427.27 22.50%



Investor reference 1000872503 (Class I) 26,122.58 91.47%

Investor reference 1000872503 (Class J) 5,892.51 90.23%

Investor reference 1000679603 (Class K) 2,582.77 29.40%


Investor reference 11051510 (Class L) 135.17 19.38%



Investor reference 11003610 (Class M) 3,561.77 21.41%





31




class

30 June 2013 α – generix Global Macro UCITS sub-fund

Investor reference 10000872503 (Class O) 8,661.67 91.24%

Investor reference 10000872503 (Class P) 9,181.93 92.33%

Investor reference 10497810 (Class Q) 766.47 16.27%

Investor reference 10000872503 (Class Q) 3,891.91 82.63%

Investor reference 1000679603 (Class R) 8,878.72 13.80%


Investor reference 10497810 (Class S) 22,707.00 91.90%

Investor reference 11051510 (Class U) 100.95 11.14%


α – generix Balanced UCITS sub-fund














Investor reference 10965210 (Class D) 1,118.84 27.21%





Investor reference 1000727103 (Class G) 100.00 38.67%


Investor reference 10065910 (Class H) 9,698.72 14.34%










Investor reference 11127610 (Class L) 20,000.00 100.00%




32




class

30 June 2013 Crown Multi-Strategy UCITS sub-fund



Investor reference 1000872503(Class C) 10,750.23 99.47%



Significant Investors

31 December 2012


















Investor reference 11003910 (Class F) 975.87 22.18%













Investor reference 10000872503 (Class O) 7,148.31 97.04%

Investor reference 10000872503 (Class P) 6,054.02 100.00%

Investor reference 10000872503 (Class Q) 1,267.28 96.08%




33



% of issued share capital

by share class

31 December 2012



Investor reference 10000872503 (Class S) 1,772.00 100.00%




































Investor reference 1000679603 (Class C) 407.05 100.00%





34

5. CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly

liquid investments with original maturities of three months or less and bank overdrafts. Cash and cash

equivalents are recorded at nominal value. As at 30 June 2013 cash and cash equivalents are unsecured and

held with Credit Suisse International, Dublin Branch, Barclays Global Investors Limited, HSBC Republic

Bank (Suisse) S.A., J.P. Morgan Chase Bank, LGT Bank in Liechtenstein AG, LGT Bank (Ireland) Limited

and UBS Global Asset Management (UK) Limited as follows:

All amounts are in US$

α generix

Long/Short

Equity

UCITS

α generix

Global Macro

UCITS

α generix

Balanced

UCITS

Crown

Managed

Futures

UCITS

Crown

Multi-

Strategy

UCITS

Total

As at

30 June

2013

FINANCIAL INSTITUTION

Credit Suisse International,

Dublin Branch 8,961,986 80,298,587 20,006,556 35,058,118 6,467,893 150,793,140

Barclays Global Investors

Limited 8,849,897 127,499,729 15,649,954 - - 151,999,580

HSBC Bank 9,098,307 127,613,449 15,905,884 - - 152,617,640

J.P. Morgan Chase Bank 9,048,206 127,487,076 14,998,879 - - 151,534,161

LGT Bank (Ireland) Limited * 9,427,330 120,159,311 15,063,851 32,044,520 - 176,695,012

LGT Bank AG 370 1,239,654 22,249 27,976,076 479,493 29,717,842

UBS Global Asset Management

(UK) Limited ** 12,125,235 73,936,119 7,975,528 - - 94,036,882

Total 57,511,331 658,233,925 89,622,901 95,078,714 6,947,386 907,394,257

* The following fixed-term deposits were in place with LGT Bank (Ireland) Limited as at 30 June 2013.

All amounts are in US$ Principal Start date Maturity

date Interest rate

α generix Long/Short Equity UCITS sub-fund

Fixed-term deposit 1 9,427,330 28 June 2013 31 July 2013 14%

α generix Global Macro UCITS sub-fund Fixed-term deposit 2 120,159,311 28 June 2013 31 July 2013 14%

α generix Balanced sub-fund Fixed-term deposit 3 15,063,851 28 June 2013 31 July 2013 14% Crown Managed Futures UCITS sub-fund Fixed-term deposit 4 32,044,520 28 June 2013 31 July 2013 14%




35

5. CASH AND CASH EQUIVALENTS (continued)

All amounts are in US$

α generix

Long/Short

Equity

UCITS

α generix

Global Macro

UCITS

α generix

Balanced

UCITS

Crown

Managed

Futures

UCITS

Crown

Multi-

Strategy

UCITS

Total

As at

31

December

2012

FINANCIAL INSTITUTION

Credit Suisse International,

Dublin Branch

6,284,912 36,135,891

15,828,349

24,212,835

2,230,747 84,692,734

Barclays Global Investors

Limited

8,849,900 93,499,747

15,649,966

-

- 117,999,613

HSBC Bank 9,098,307 93,575,926 15,905,884 - - 118,580,117

J.P. Morgan Chase Bank 9,048,606 93,490,801 14,999,591 - - 117,538,998

LGT Bank (Ireland) Limited * 9,421,570 96,090,365 15,055,456 22,033,115 - 142,600,506

LGT Bank AG 634 1,240,696 22,508 20,800,151 294,032 22,358,021

UBS Global Asset Management

(UK) Limited **

4,177,430 9,931,596

3,281,353

-

- 17,390,379

Total

46,881,359 423,965,022

80,743,107

67,046,101

2,524,779 621,160,368

* The following fixed-term deposits were in place with LGT Bank (Ireland) Limited as at 31 December 2012.


date Interest rate


Fixed-term deposit 1 9,421,570 30 Nov 2012 7 Jan 2013 0.10%

α generix Global Macro UCITS sub-fund Fixed-term deposit 2 32,500,000 17 Dec 2012 9 Jan 2013 0.09% Fixed-term deposit 3 63,590,365 30 Nov 2012 7 Jan 2013 0.10% 96,090,365

α generix Balanced sub-fund Fixed-term deposit 4 6,055,456 30 Nov 2012 7 Jan 2013 0.10% Fixed-term deposit 5 9,000,000 31 Dec 2012 7 Jan 2013 0.08% 15,055,456


date Interest rate

Crown Managed Futures UCITS sub-fund Fixed-term deposit 6 22,033,115 30 Nov 2012 7 Jan 2013

0.10%

**Cash held with UBS Global Asset Management (UK) Limited is held as collateral for the open futures

positions held as at 30 June 2013 and 31 December 2012.

6. SOFT COMMISSION ARRANGEMENTS

The Investment Advisor received USD 82,565 (inclusive of taxes) soft commission benefits from Bloomberg

LP in the half year ending June 2013. They were used by the Investment Advisor in the form of Bloomberg

terminals and other exchange-traded services on behalf of the Company. The Company will receive soft

commission benefits from Bloomberg LP in the form of a Bloomberg terminal (USD 7,267 value approx.),

that will be provided to the Company’s Investment Manager to be used by the Company as a result of credit

generated by the Company on trading activity from April 2013 onwards.

There were no other soft commission arrangements affecting the Company during the six months ended 30

June 2012.




36

7. RELATED PARTY TRANSACTIONS

Parties are considered to be related if one party has the ability to control the other party or exercise

considerable influence over the other party in making financial or operating decisions. In the opinion of the

Board of Directors, LGT Capital Partners (Ireland) Limited, LGT Capital Partners Limited, LGT Investment

Partners Limited, LGT Fund Managers (Ireland) Limited and LGT Bank (Ireland) Limited are related parties

under IAS 24 “Related Party Disclosures”. Fees payable to these parties and the amounts due at the period end

are shown in the statement of comprehensive income and balance sheet.

The Company has contracted with Credit Suisse International, Dublin Branch to act as its Administrator and

Custodian during the period. Ancillary banking services (deposit and foreign exchange services) provided by a

connected custodian bank are on terms no less favourable that could reasonably have been expected from

other non-connected service providers and has not got significant influence over the Company by virtue of

this relationship and are, on this basis, not considered related party transactions as defined by IAS 24.

Certain directors are also directors of LGT Capital Partners (Ireland) Limited, LGT Capital Partners Limited,

LGT Investment Partners Limited, LGT Fund Managers (Ireland) Limited and LGT Bank (Ireland) Limited.

Directors’ fees of USD394 were charged in respect of Konrad Baechinger’s services since 1 January 2013

(June 2012: $800).

Details of forward currency contracts held with LGT Bank in Liechtenstein AG as at 30 June 2013 and 31

December 2012 are disclosed in the portfolio of investments. Details of cash and fixed-term deposits held with

LGT Bank (Ireland) Limited and LGT Bank in Liechtenstein AG as at 30 June 2013 and 31 December 2012

are disclosed in note 5.

LGT Capital Partners Limited are the OTC Index Swap Sponsors and Index Manager of the Index Swaps held

by Crown Managed Futures UCITS sub-fund and Crown Multi-Strategy UCITS sub-fund. Please refer to note

3 for further details.

The following participating shares were held by related parties of the Company as at 30 June 2013 and 31

December 2012:

30 June 2013:


Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 43,046.25 47,904.70 89.86%

Class B:

LGT Bank AG 320.29 320.29 100.00%

Class I:

LGT Bank AG 100.00 100.00 100.00%

Class J:

LGT Bank AG 168.72 168.72 100.00%

Class K:

LGT Bank AG 571.29 571.29 100.00%




37

7. RELATED PARTY TRANSACTIONS (continued)

α generix Global Macro UCITS sub-fund

Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 28,455.12 89,287.79 31.87%

Class B:

LGT Bank AG 28,917.36 84,862.91 34.08%

Class C:

LGT Bank AG 2,276.88 22,821.09 9.98%

Class E:

LGT Bank AG 116,143.27 139,657.45 83.16%

Class F:

LGT Bank AG 4,293.00 7,220.60 59.45%

Class G:

LGT Bank AG 1,427.27 6,342.46 22.50%

Class I:

LGT Bank AG 26,122.58 28,558.06 91.47%

Class J:

LGT Bank AG 5,892.51 6,530.59 90.23%

Class K:

LGT Bank AG 5,449.26 8,783.80 62.04%

Class L:

LGT Bank AG 215.06 697.33 30.84%

Class O:

LGT Bank AG 8,661.67 9,493.04 91.24%

Class P:

LGT Bank AG 9,181.93 9,944.23 92.33%

Class Q:

LGT Bank AG 3,891.91 4,710.12 82.63%

Class R:

LGT Bank AG 1,428.75 64,356.23 2.22%

Class S:

LGT Bank AG 2,000.95 24,707.95 8.10%

Class U:

LGT Bank AG 774.50 906.40 85.45%

α generix Balanced UCITS sub-fund

Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 75,567.52 80,178.70 94.25%

Class B:

LGT Bank AG 100.00 100.00 100.00%

Class I:

LGT Bank AG 523.33 523.33 100.00%

Class J:

LGT Bank AG 150.00 150.00 100.00%

Class K:

LGT Bank AG 675.30 675.30 100.00%




38



Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 40,447.55 40,447.55 100.00%

Class B:

LGT Bank AG 13,659.43 24,544.88 55.65%

Class C:

LGT Bank AG 28,239.44 43,478.80 64.95%

Class D:

LGT Bank AG 2,612.88 4,111.93 63.54%

Class E:

LGT Bank AG 224.34 15,094.09 1.49%

Class F:

LGT Bank AG 277.32 47,586.50 0.58%

Class H:

LGT Bank AG 21,996.36 67,617.56 32.53%

Class I:

LGT Bank AG 2,376.55 5,142.67 46.21%

Class J:

LGT Bank AG 25,344.00 27,926.53 90.75%


Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 31,197.34 31,197.34 100.00%

Class B:

LGT Bank AG 10,997.14 11,377.14 96.66%

Class C:

LGT Bank AG 10,750.23 10,807.43 99.47%

Class D:

LGT Bank AG 10,274.24 10,293.94 99.81%

Class E:

LGT Bank AG 1,477.31 1,477.31 100.00%




39


31 December 2012:


Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 40,827,94 47,652.48 85.68%

Class B:

LGT Bank AG 320.29 320.29 100.00%

Class I:

LGT Bank AG 100.00 100.00 100.00%

Class J:

LGT Bank AG 150.00 150.00 100.00%

Class K:

LGT Bank AG 150.00 150.00 100.00%


Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 27,780.29 89,499.98 31.04%

Class B:

LGT Bank AG 29,364.51 65,255.11 45.00%

Class C:

LGT Bank AG 2,746.13 19,495.29 14.09%

Class E:

LGT Bank AG 116,143.27 148,012.30 78.47%

Class F:

LGT Bank AG 1,472.00 4,399.60 33.46%

Class G:

LGT Bank AG 1,427.27 6,836.14 20.88%

Class I:

LGT Bank AG 45,863.03 49,838.49 92.02%

Class J:

LGT Bank AG 6,048.22 7,164.48 84.42%

Class K:

LGT Bank AG 6,708.18 10,608.73 63.23%

Class L:

LGT Bank AG 239.92 722.19 33.22%

Class O:

LGT Bank AG 7,148.31 7,366.17 97.04%

Class P:

LGT Bank AG 6,054.02 6,054.02 100.00%

Class Q:

LGT Bank AG 1,267.28 1,319.02 96.08%

Class S:

LGT Bank AG 1,772.00 1,772.00 100.00%

Class U:

LGT Bank AG 518.57 597.96 86.72%




40


α generix Balanced UCITS sub-fund

Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 27,473.41 30,160.82 91.09%

Class B:

LGT Bank AG 100.00 100.00 100.00%

Class I:

LGT Bank AG 100.00 100.00 100.00%

Class J:

LGT Bank AG 150.00 150.00 100.00%

Class K:

LGT Bank AG 150.00 150.00 100.00%


Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 26,872.23 26,872.23 100.00%

Class B:

LGT Bank AG 13,548.00 22,939.47 59.06%

Class C:

LGT Bank AG 29,532.77 40,299.33 73.28%

Class D:

LGT Bank AG 3,097.24 4,534.77 68.30%

Class E:

LGT Bank AG 292.91 10,688.90 2.74%

Class F:

LGT Bank AG 277.32 50,045.07 0.55%

Class H:

LGT Bank AG 22,285.59 49,736.27 44.81%

Class I:

LGT Bank AG 2,736.55 9,029.23 26.32%

Class J:

LGT Bank AG 23,751.00 26,733.53 88.84%


Investor name

Number of

shares

Total number of

shares in Share

Class

%

holding

Class A:

LGT Bank AG 25,513.53 25,513.53 100.00%

Class B:

LGT Bank AG 700.75 700.75 100.00%

Class C:

LGT Bank AG 407.05 407.05 100.00%

Class E:

LGT Bank AG 1,000.00 1,000.00 100.00%




41


The 3 management shares of EUR 1 each are held by LGT Fund Managers (Ireland) Limited, LGT Capital

Partners (Ireland) Limited and LGT Bank (Ireland) Limited respectively.

Schedule of related party transactions

Related party/ Relationship/ Agreement (s) Direct/indirect

Transaction type

For the six months

ended 30 June 2013

For the six months

ended 30 June 2012

USD USD

LGT Capital Partners (Ireland) Limited/ Common Directorships Investment Management Agreement/ Direct

Investment management fee

α – generix Long/Short Equity UCITS sub-fund 12,321 4,942

α – generix Global Macro UCITS sub-fund 2,653,693 668,981

α – generix Balanced UCITS sub-fund 20,933 13,208

Crown Managed Futures UCITS sub-fund 1,614,424 1,111,432

Crown Multi-Strategy UCITS sub-fund 141,215 -

Total 4,442,586 1,798,563

As at 30 June

2013

As at 31 December

2012

USD USD

Investment management fee payable


α – generix Global Macro UCITS sub-fund 404,232 335,689

α – generix Balanced UCITS sub-fund 3,683 2,930

Crown Managed Futures UCITS sub-fund 260,541 251,802

Crown Multi-Strategy UCITS sub-fund 43,605 4,568

Total 714,364 596,802

For the six months

ended 30 June 2013

For the six months

ended 30 June 2012

USD USD

LGT Fund Managers (Ireland) Limited/ Common directorships/ Management agreement/ Direct

Financial statement preparation and company secretarial fees

α – generix Long/Short Equity UCITS sub-fund 500 2,000

α – generix Global Macro UCITS sub-fund 500 2,000

α – generix Balanced UCITS sub-fund 500 2,000 Crown Managed Futures UCITS sub-fund 500 2,000 Crown Multi-Strategy UCITS sub-fund 500 2,000

Total 2,500 10,000

As at 30 June

2013

As at 31 December

2012

USD USD

Finacial statement preparation and company secretarial fees payable

α – generix Long/Short Equity UCITS sub-fund 500 5,372


α – generix Balanced UCITS sub-fund 500 5,372 Crown Managed Futures UCITS sub-fund 500 5,372 Crown Multi-Strategy UCITS sub-fund 500 4,901

Total 2,500 26,389




42


Related party/ Relationship/ Agreement (s) Direct/indirect

Transaction type

For the six months

ended 30 June 2013

For the six months

ended 30 June 2012

USD USD

LGT Bank (Ireland) Limited/ Common directorships/ Direct

Interest income


α – generix Global Macro UCITS sub-fund 64,429 32,693

α – generix Balanced UCITS sub-fund 7,907 13


Crown Multi-Strategy UCITS sub-fund 944 -

Total 104,102 44,823

As at 30 June

2013

As at 31 December

2012

USD USD

Interest receivable

α – generix Long/Short Equity UCITS sub-fund 37 837


α – generix Balanced UCITS sub-fund 66 558


Crown Multi-Strategy UCITS sub-fund 753 -

Total 5,191 8,944

8. NET ASSET VALUE PER SHARE

α generix Long/Short Equity

UCITS sub-fund

Net Asset

Value

Shares in

Issue

Net asset value

per share As at 30 June 2013

Class A (USD) Shares US$ 53,101,313 47,904.70 US$ 1,108.48

Class B (EUR) Shares EUR 333,815 320.29 EUR 1,042.23

Class C (USD) Shares US$ 1,212,335 1,165.00 US$ 1,040.63

Class I (USD) Shares US$ 105,795 100.00 US$ 1,057.95

Class J (EUR) Shares EUR 177,933 168.72 EUR 1,054.59

Class K (CHF) Shares CHF 601,269 571.29 CHF 1,052.47




43

8. NET ASSET VALUE PER SHARE (continued)

α generix Global Macro UCITS

sub-fund

Net Asset

Value

Shares in

Issue

Net asset value



Class B (EUR) Shares EUR 84,284,909 84,862.91 EUR 993.19

Class C (USD) Shares US$ 21,683,565 22,821.09 US$ 950.15

Class E (EUR) Shares EUR 131,490,208 139,657.45 EUR 941.52

Class F (EUR) Shares EUR 6,836,504 7,220.60 EUR 946.81

Class G (CHF) Shares CHF 6,108,082 6,342.46 CHF 963.05

Class I (USD) Shares US$ 27,546,927 28,558.06 US$ 964.59

Class J (EUR) Shares EUR 6,092,838 6,530.59 EUR 932.97

Class K (CHF) Shares CHF 8,368,697 8,783.80 CHF 952.74

Class L (GBP) Shares GBP 674,025 697.33 GBP 966.57

Class M (GBP) Shares GBP 15,752,077 16,632.88 GBP 947.04

Class O (USD) Shares US$ 8,745,569 9,493.04 US$ 921.26

Class P (EUR) Shares EUR 9,124,086 9,944.23 EUR 917.53

Class Q (CHF) Shares CHF 4,314,509 4,710.12 CHF 916.01

Class R (USD) Shares US$ 61,611,926 64,356.23 US$ 957.36

Class S (EUR) Shares EUR 23,194,613 24,707.95 EUR 938.75

Class U (GBP) Shares GBP 835,815 906.40 GBP 922.12

α generix Balanced UCITS sub-

fund

Net Asset

Value

Shares in

Issue

Net asset value



Class B (EUR) Shares EUR 99,959 100.00 EUR 999.59


Class I (USD) Shares US$ 505,841 523.33 US$ 966.57

Class J (EUR) Shares EUR 144,665 150.00 EUR 964.44

Class K (CHF) Shares CHF 651,067 675.30 CHF 964.12

Crown Managed Futures

UCITS sub-fund

Net Asset

Value

Shares in

Issue

Net asset value


Class A (USD) Shares US$ 40,317,449 40,447.55 US$ 996.78

Class B (USD) Shares US$ 23,822,499 24,544.88 US$ 970.57

Class C (EUR) Shares EUR 41,420,774 43,478.80 EUR 952.67

Class D (GBP) Shares GBP 3,732,795 4,111.93 GBP 907.80

Class E (USD) Shares US$ 14,107,155 15,094.09 US$ 934.61


Class G (GBP) Shares GBP 231,906 258.59 GBP 896.80

Class H (CHF) Shares CHF 59,554,001 67,617.56 CHF 880.75

Class I (CHF) Shares CHF 4,592,747 5,142.67 CHF 893.07



Class L (EUR) Shares EUR 19,828,698 20,000.00 EUR 991.43




44



Net Asset Value

Shares in Issue

Net asset value per share

As at 30 June 2013

Class A (USD) Shares US$ 32,598,986 31,197.34 US$1,044.93

Class B (USD) Shares US$ 11,645,296 11,377.14 US$1,023.57

Class C (EUR) Shares EUR11,183,256 10,807.43 EUR 1,034.77

Class D (CHF) Shares CHF 10,327,164 10,293.94 CHF 1,003.23

Class E (USD) Shares US$ 1,542,069 1,477.31 EUR 1,043.84

α generix Long/Short Equity

UCITS sub-fund

Net Asset

Value

Shares in

Issue

Net asset value

per share As at 31 December 2012

Class A (USD) Shares US$50,325,011 47,652.48 US$1,056.08

Class B (EUR) Shares EUR 319,481 320.29 EUR 997.48

Class C (USD) Shares US$1,160,707 1,165.00 US$996.31

Class I (USD) Shares US$102,065 100.00 US$1,020.65

Class J (EUR) Shares EUR 152,751 150.00 EUR 1,018.34

Class K (CHF) Shares CHF 152,706 150.00 CHF 1,018.04

α generix Global Macro UCITS

sub-fund

Net Asset

Value

Shares in

Issue

Net asset value



Class B (EUR) Shares EUR 68,318,689 65,255.11 EUR 1,046.95

Class C (USD) Shares US$19,498,972 19,495.29 US$1,000.19

Class E (EUR) Shares EUR 147,094,060 148,012.30 EUR 993.80


Class G (CHF) Shares CHF 6,948,887 6,836.14 CHF 1,016.49

Class I (USD) Shares US$50,732,873 49,838.49 US$1,017.95


Class K (CHF) Shares CHF 10,695,419 10,608.73 CHF 1,008.17

Class L (GBP) Shares GBP 736,107 722.19 GBP 1,019.27

Class M (GBP) Shares GBP 16,096,045 16,157.05 GBP 996.22

Class O (USD) Shares US$7,175,516 7,366.17 US$974.12

Class P (EUR) Shares EUR 5,885,913 6,054.02 EUR 972.23

Class Q (CHF) Shares CHF 1,281,876 1,319.02 CHF 971.84

Class R (USD) Shares US$7,267,928 7,179.58 US$1,012.30

Class S (EUR) Shares EUR 1,762,617 1,772.00 EUR 994.71

Class U (GBP) Shares GBP 582,722 597.96 GBP 974.52

α generix Balanced UCITS sub-

fund

Net Asset

Value

Shares in

Issue

Net asset value



Class B (EUR) Shares EUR 102,444 100.00 EUR 1,024.44


Class I (USD) Shares US$99,571 100.00 US$995.71

Class J (EUR) Shares EUR 149,081 150.00 EUR 993.87

Class K (CHF) Shares CHF 149,028 150.00 CHF 993.52




45


Crown Managed Futures

UCITS sub-fund

Net Asset

Value

Shares in

Issue

Net asset value



Class B (USD) Shares US$23,091,673 22,939.47 US$1,006.64

Class C (EUR) Shares EUR 39,907,955 40,299.33 EUR 990.29

Class D (GBP) Shares GBP 4,263,546 4,534.77 GBP 940.19

Class E (USD) Shares US$10,335,197 10,688.90 US$966.91


Class G (GBP) Shares GBP 292,664 316.00 GBP 926.17

Class H (CHF) Shares CHF 45,527,101 49,736.27 CHF 915.37

Class I (CHF) Shares CHF8,366,111 9,029.23 CHF 926.56




Net Asset Value

Shares in Issue

Net asset value per share

As at 31 December 2012


Class B (USD) Shares US$704,305 700.75 US$1,005.08

Class C (EUR) Shares EUR 414,202 407.05 EUR 1,017.58

Class E (USD) Shares US$1,019,780 1,000.00 US$1,019.78

9. EVENTS SINCE THE PERIOD END

Since the balance sheet date of 30 June 2013, the following subscriptions and redemptions occurred:

Subscriptions Amount










Redemptions Amount











46

9. EVENTS SINCE THE PERIOD END

Since the balance sheet date of 30 June 2013 the following share classes were launched:

Sub-Fund Class Initial Subscription

Date

10. EXCHANGE RATES

The period-end exchange rates to USD used in the preparation of these financial statements are as follows:

30

June

2013

31

December

2012

30

June

2012

AUD 0.9121 1.0383 1.0235

CAD 0.9500 1.0052 0.9818

CHF 1.0570 1.0934 1.0532

EUR 1.3005 1.3197 1.2651

GBP 1.5185 1.6242 1.5682

HKD 7.7561 7.7507 7.7758

JPY 99.3300 86.62 79.800

SEK 6.7208 6.5042 6.9266

SGD 1.2686 1.2214 1.2677

ZAR 9.9260 8.4787 -

11. TAXATION

Under current law and practice the Company qualifies as an investment undertaking as defined in Section

739B of the Taxes Consolidation Act, 1997, as amended (the “TCA”). On that basis, it is not chargeable to

Irish tax on its income or gains.

However, Irish tax may arise on the occurrence of a "chargeable event". A chargeable event includes any

distribution payments to shareholders or any encashment, redemption, transfer or cancellation of shares and

any deemed disposal of shares for Irish tax purposes arising as a result of holding shares in the Company for a

period of eight years or more.

No Irish tax will arise in respect of chargeable events in respect of a shareholder who is an Exempt Irish

Investor (as defined in Section 739D of the TCA) or who is neither Irish resident nor ordinarily resident in

Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate valid

declaration in accordance with Schedule 2B of the TCA is held by the Company or where the Company has

been authorised by Irish Revenue to make gross payments in absence of appropriate declarations.

Distributions, interest and capital gains (if any) received on investments made by the Company may be

subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the

Company or its shareholders.

12. APPROVAL OF FINANCIAL STATEMENTS

The Board of Directors approved the financial statements on XXX.




47

FINANCIAL INFORMATION

Total Expense Ratio (“TER”) Basis Points

Fund Class

30 June

2013

30 June

2012


A 24.08

B 61.66

C 38.39

I N/A

J N/A

K N/A


A 21.28

B 81.02

C 85.81

E 55.29

F 30.21

G 62.10

I 85.93

J 102.31

K 81.53

L 85.31

M 51.74

O N/A

P N/A

Q N/A

R N/A

S N/A

U N/A


A 41.01

B 77.87

C 35.04

G 35.19

I N/A

J N/A

K N/A




48


(continued)

Total Expense Ratio (“TER”) Basis Points

Fund Class

30 June

2013

30 June

2012


A 10.48

B 87.00

C 82.86

D 86.67

E 49.08

F 78.71

G 59.47

H 87.35

I 68.65

J 45.77

K N/A

L N/A


A 16.91

B N/A

C N/A

D N/A

E N/A

Note: 1. Total expenses exclude commission costs and interest expense.

2. The total expense ratio (TER) is calculated by dividing total expenses by an average NAV of each sub-fund and

allocated to each class as follows:

(TER/12)*No of months share class in issue

3. Total Expense Ratios for share classes launched during the year are not annualized.




49


(continued)

Portfolio Turnover Ratio

Fund

For the six

months

ended

30 June

2013

For the six

months

ended

30 June

2012

α – generix Long/Short Equity UCITS sub-fund 5,386%

α – generix Global Macro UCITS sub-fund 68,984%

α – generix Balanced UCITS sub-fund 34,541%

Crown Managed Futures UCITS sub-fund (33.66%)

Crown Multi-Strategy UCITS sub-fund (32.61%)

Note: The Portfolio Turnover Ratio is calculated as follows:

α – generix sub-funds: sum of investments purchased and sold (gross) during the period (excluding forward

currency contracts) less capital subscribed and redeemed during the period (gross) divided by the average

assets under management for the period.

Crown Managed Futures UCITS sub-fund: sum of amount paid and received on purchases and sales of

investments in funded swap (gross) less capital subscribed and redeemed during the period (gross) divided

by the average assets under management for the period.

Crown Multi-Strategy UCITS sub-fund: sum of increase in notional value of swap (gross) less capital

subscribed and redeemed during the period (gross) divided by the average assets under management for the

period.




50

STATEMENT OF PORTFOLIO CHANGES


α GENERIX GLOBAL MACRO UCITS SUB-FUND

TOTAL PURCHASES

Cost

(US$)

Exchange traded funds

Gold Bullion Securities Limited 8,356,035

iShares Gold Trust 2,919,603

iShares Silver Trust 29,449,930

SPDR Gold Trust 20,249,785

TRANSFERABLE SECURITIES

ETFS Physical Gold 6,321,759

TOTAL SALES

Proceeds

(US$)








α GENERIX BALANCED UCITS SUB-FUND

TOTAL PURCHASES

Cost

(US$)


iShares Gold Trust 913,673

iShares iBoxx High Yield Corporate Bond 1,030,944

iShares iBoxx Investment Growth Corporate Bond 3,484,977

iShares JPMorgan Emerging Markets Bond Fund 2,796,099





TOTAL SALES

Proceeds

(US$)



iShares iBoxx High Yield Corporate Bond 1,671,114

iShares iBoxx Investment Growth Corporate Bond 4,132,127









51

CROWN MULTI-STRATEGY UCITS SUB-FUND

TOTAL 20 PURCHASES

Cost

(US$)

Corporate bonds

KOMMUNEKREDIT FLT 06/04/13 SR:EMTN 4,500,695

KFW 4.000% 10/15/13 3,563,349

NORDIC INVESTMENT BANK 3.500% 09/11/13 3,536,425

INTL BK RECON & DEVELOP 5.500% 11/25/13 SR:EMTN 3,393,149

EUROPEAN INVESTMENT BANK 2.375% 03/14/14 3,261,058

INTER-AMERICAN DEVEL BK 3.000% 04/22/14 3,070,100

Government bonds

TREASURY BILL 0.000% 05/16/13 4,799,769

TREASURY BILL 0.000% 10/10/13 3,999,598

TREASURY BILL 0.000% 05/30/13 3,999,493

TREASURY BILL 0.000% 07/18/13 3,999,405

TREASURY BILL 0.000% 09/05/13 3,999,146

TREASURY BILL 0.000% 12/19/13 3,998,401

TREASURY BILL 0.000% 03/07/13 3,699,983

TREASURY BILL 0.000% 06/13/13 3,699,935

TREASURY BILL 0.000% 04/04/13 3,699,911

TREASURY BILL 0.000% 08/01/13 3,699,370

TREASURY BILL 0.000% 12/12/13 3,498,861

TREASURY BILL 0.000% 02/07/13 3,300,035

TREASURY BILL 0.000% 10/03/13 3,199,477

TREASURY BILL 0.000% 04/25/13 3,099,726

STATEMENT OF PORTFOLIO CHANGES (continued)


CROWN MANAGED FUTURES UCITS SUB-FUND

TOTAL PURCHASES

Cost

(US$)

OTC Financial Derivative Indices

Crown Managed Futures Index 57,000,000

TOTAL SALES

Proceeds

(US$)


Crown Managed Futures Index -




52

TOTAL 20 SALES

Proceeds

(US$)

Corporate bonds

KOMMUNEKREDIT FLT 06/04/13 SR:EMTN 4,500,000

REPUBLIC OF AUSTRIA 3.250% 06/25/13 SR:EMTN 2,750,000

CAISSE D'AMORT DETTE SOC 5.000% 01/15/13 SR:EMTN 1,500,000

MUNICIPALITY FINANCE PLC 8.000% 02/22/13 SR:EMTN 1,015,839

Government bonds

TREASURY BILL 0.000% 05/16/13 4,800,000

TREASURY BILL 0.000% 05/30/13 4,750,000

TREASURY BILL 0.000% 02/07/13 3,700,000

TREASURY BILL 0.000% 03/07/13 3,700,000

TREASURY BILL 0.000% 04/04/13 3,700,000

TREASURY BILL 0.000% 06/13/13 3,700,000

TREASURY BILL 0.000% 04/18/13 3,200,000

TREASURY BILL 0.000% 10/03/13 3,198,272

TREASURY BILL 0.000% 04/25/13 3,100,000

TREASURY BILL 0.000% 06/27/13 3,000,000

TREASURY BILL 0.000% 03/28/13 2,500,000

TREASURY BILL 0.000% 02/21/13 2,250,000

TREASURY BILL 0.000% 05/02/13 2,150,000

TREASURY BILL 0.000% 04/11/13 2,000,000

TREASURY BILL 0.000% 01/10/13 1,400,000

TREASURY BILL 0.000% 02/14/13 1,200,000







53

STATEMENT OF PORTFOLIO CHANGES


α GENERIX GLOBAL MACRO UCITS SUB-FUND

TOTAL PURCHASES

Cost

(US$)




Source Physical Markets Gold P-ETC 2,605,940




TOTAL SALES

Proceeds

(US$)



Source Physical Markets Gold P-ETC 2,730,985




α GENERIX BALANCED UCITS SUB-FUND

TOTAL PURCHASES

Cost

(US$)


Gold Bullion Securities Limited 896,862


iShares iBoxx High Yield Corporate Bond 815,351

iShares iBoxx Investment Growth Corporate Bond 669,324


SPDR Gold Trust 405,798



TOTAL SALES

Proceeds

(US$)


Gold Bullion Securities Limited 791,692


iShares iBoxx High Yield Corporate Bond 558,007

iShares iBoxx Investment Growth Corporate Bond 570,076


SPDR Gold Trust 301,913


ETFS Physical Gold 805,828




54


TOTAL PURCHASES

Cost

(US$)

Corporate bonds

ASIAN DEVELOPMENT BANK 7.580% 11/19/12 SR:EMTN 858,234

EUROPEAN BK RECON & DEV 7.000% 08/28/12 SR:GMTN 1,039,197

EUROPEAN INVESTMENT BANK 1.750% 09/14/12 1,254,838

GENERAL ELECTRIC CO GE 5% 02/01/13 776,357

LANDWIRTSCH. RENTENBANK 5.250% 07/02/12 SR:GMTN 2,020,200

L-BANK BW FOERDERBANK FLT 08/28/12 SR:EMTN 1,001,350

OEKB OEST. KONTROLLBANK 4.750% 10/16/12 766,125

PHILIP MORRIS INTL INC 3.250% 03/11/13 559,410

RABOBANK NEDERLAND 2.125% 08/13/12 1,097,546

SVENSKA HANDELSBANKEN AB 2.875% 09/14/12 SR:REGS 503,850

TOTAL CAPITAL SA 2.375% 11/30/12 528,340

TOTAL CAPITAL SA 5.000% 05/22/12 SR:EMTN 502,044

WESTPAC BANKING CORP 2.250% 11/19/12 605,880

Government bonds

CAISSE D'AMORT DETTE SOC 5.000% 01/15/13 SR:EMTN 1,548,353

CAISSE DES DEPOTS ET CON 1.750% 03/26/13 SR:EMTN 806,000


JAPAN FINANCE CORP 2.125% 11/05/12 403,800

KOMMUNALBANKEN AS 7.030% 09/05/12 SR:EMTN 791,914

KOMMUNINVEST I SVERIGE 5.375% 07/03/12 SR:EMTN 2,014,100

MUNICIPALITY FINANCE PLC 8.000% 02/22/13 SR:EMTN 1,178,539

ONTARIO (PROVINCE OF) 5.125% 07/17/12 504,030

REPUBLIC OF CHILE 5.500% 01/15/13 776,250

SFEF 2.250% 06/11/12 SR:REGS 1,253,741

TREASURY BILL 0.000% 05/17/12 2,999,844

TREASURY BILL 0.000% 06/14/12 2,999,825

TREASURY BILL 0.000% 07/19/12 2,999,921



CROWN MANAGED FUTURES UCITS SUB-FUND

TOTAL PURCHASES

Cost

(US$)



TOTAL SALES

Proceeds

(US$)






55

TOTAL SALES

Proceeds

(US$)

Corporate bonds

TOTAL CAPITAL SA 5.000% 05/22/12 SR:EMTN 500,000

Government bonds


SFEF 2.250% 06/11/12 SR:REGS 1,250,000

TREASURY BILL 0.000% 05/17/12 3,000,000

TREASURY BILL 0.000% 06/14/12 3,000,000







56

PORTFOLIO OF INVESTMENTS - α GENERIX LONG/SHORT EQUITY UCITS SUB-FUND

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

FINANCIAL DERIVATIVE INSTRUMENTS

Futures positions

Long positions

AUSTRALIAN DOLLAR

SPI 200 FUTURES SEP13 2.00 (23) 0.00% - - -

SPI 200 FUTURES MAR13 - - - 8.00 6,437 0.01%

(23) 0.00% 6,437 0.01%

CANADIAN DOLLAR

S&P/TSX 60 IX FUT SEP13 9.00 (399) 0.00% - - -

S&P/TSX 60 IX FUT MAR13 - - - 12.00 14,998 0.03%

(399) 0.00% 14,998 0.03%

EURO

DAX INDEX FUTURE SEP13 4.00 (4,909) (0.01%) - - -

FTSE/MIB IDX FUT SEP13 16.00 (82,666) (0.15%) - - -

CAC40 10 EURO FUT JUL13 17.00 14,832 0.03% - - -

STOXX 600 P HG SEP13 21.00 (21,712) (0.04%) - - -

STOXX 600 HLTH SEP13 23.00 (16,750) (0.03%) - - -

MDAX INDEX FUT SEP13 26.00 6,912 0.01% - - -

STOXX 600 FOOD SEP13 27.00 (9,572) (0.02%) - - -

EURO STOXX 50 SEP13 31.00 6,867 0.01% - - -

STOXX 600 F S SEP13 39.00 (15,469) (0.03%) - - -

STOXX 600 RETL SEP13 41.00 (21,133) (0.04%) - - -

STOXX 600 INDUS SEP13 41.00 (30,394) (0.05%) - - -

STOXX 600 CONS SEP13 44.00 (351) 0.00% - - -

STOXX 600 TECH SEP13 47.00 (12,225) (0.02%) - - -

STOXX 600 INSU SEP13 55.00 (12,602) (0.02%) - - -

STOXX 600 MEDI SEP13 66.00 (7,510) (0.01%) - - -

STOXX 600 TRVL SEP13 86.00 5,891 0.01% - - -

AMSTERDAM IDX FUT JAN13 - - - 12.00 (3,260) (0.01%)

STOXX 600 CHEM MAR13 - - - 31.00 (11,026) (0.02%)

STOXX 600 BAS MAR13 - - - 33.00 6,308 0.01%

MDAX INDEX FUT MAR13 - - - 38.00 (45,028) (0.09%)

STOXX 600 P HG MAR13 - - - 41.00 (14,391) (0.03%)

STOXX 600 HLTH MAR13 - - - 43.00 (8,420) (0.02%)

STOXX 600 FOOD MAR13 - - - 44.00 (7,852) (0.01%)

STOXX 600 INDUS MAR13 - - - 61.00 5,826 0.01%

STOXX 600 RETL MAR13 - - - 75.00 (17,908) (0.03%)

STOXX 600 CONS MAR13 - - - 79.00 16,622 0.03%

STOXX 600 F S MAR13 - - - 82.00 19,571 0.04%

STOXX 600 TECH MAR13 - - - 89.00 (10,247) (0.02%)

STOXX 600 MEDI MAR13 - - - 106.00 (1,227) 0.00%

STOXX 600 INSU MAR13 - - - 112.00 3,656 0.01%

STOXX 600 BANK MAR13 - - - 118.00 2,408 0.00%

STOXX 600 TRVL MAR13 - - - 142.00 (4,612) (0.01%)

(200,791) (0.36%) (69,580) (0.14%)




57


(continued)

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

GREAT BRITAIN POUND

FTSE 250 MID LIF MAR13 - - - 19.00 32,557 0.06%

- - 32,557 0.06%

HONG KONG DOLLAR

H-SHARES IDX FUT JUL13 13.00 22,918 0.04% - - -

HANG SENG IDX FUT JUL13 14.00 45,583 0.08% - - -

HANG SENG IDX FUT JAN13 - - - 30.00 (4,967) (0.01%)

H-SHARES IDX FUT JAN13 - - - 43.00 22,611 0.04%

68,501 0.12% 17,644 0.03%

JAPANESE YEN

NIKKEI 225 (OSE) SEP13 20.00 92,621 0.17% - - -

NIKKEI 225 (OSE) MAR13 - - - 40.00 234,057 0.45%

92,621 0.17% 234,057 0.45%

SINGAPORE DOLLAR

MSCI SING IX ETS JUL13 5.00 (142) 0.00% - - -

MSCI SING IX ETS JAN13 - - - 17.00 (2,734) (0.01%)

(142) 0.00% (2,734) (0.01%)

SWEDISH KRONA

OMXS30 IND FUTURE JUL13 31.00 11,743 0.02% 19.00 32,557 0.06%

11,743 0.02% 32,557 0.06%

SWISS FRANC

SWISS MKT IX FUTR MAR13 - - - 26.00 (24,995) (0.05%)

- - (24,995) (0.05%)

US DOLLAR

RUSSELL 2000 MINI SEP13 9.00 (1,440) 0.00% - - -

MSCI TAIWAN INDEX JUL13 28.00 23,560 0.04% - - -

NASDAQ 100 E-MINI SEP13 43.00 4,551 0.01% - - -

S&P500 EMINI FUT SEP13 159.00 113,400 0.20% - - -

CBOE VIX FUTURE SEP13 217.00 174,150 0.31% - - -

RUSSELL 2000 MINI MAR13 - - - 51.00 35,360 0.07%

NASDAQ 100 E-MINI MAR13 - - - 72.00 11,160 0.02%

MSCI TAIWAN INDEX JAN13 - - - 75.00 39,040 0.07%

CBOE VIX FUTURE MAR13 - - - 190.00 50,050 0.10%

MINI MSCI EMG MKT MAR13 - - - 208.00 311,620 0.59%

S&P500 EMINI FUT MAR13 - - - 305.00 (5,113) (0.01%)

SGX S&P CNX NIFTY JAN13 - - - 317.00 4,522 0.01%

314,221 0.56% 446,639 0.85%

Total long positions 285,731 0.51% 655,023 1.23%




58


(continued)

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

Short positions

EURO

AMSTERDAM IDX FUT JUL13 (3.00) 494 0.00% - - -

STOXX 600 CHEM SEP13 (7.00) (5,150) (0.01%) - - -

STOXX 600 BAS SEP13 (10.00) 20,158 0.04% - - -

STOXX 600 UTIL SEP13 (18.00) 9,012 0.02% - - -

STOXX 600 TLCM SEP13 (18.00) 1,756 0.00% - - -

STOXX 600 OIL SEP13 (21.00) 12,868 0.02% - - -

STOXX 600 BANK SEP13 (23.00) (4,428) (0.01%) - - -

FTSE/MIB IDX FUT MAR13 - - - (14.00) 10,551 0.02%

DAX INDEX FUTURE MAR13 - - - (15.00) 5,460 0.01%

CAC40 10 EURO FUT JAN13 - - - (20.00) (3,623) (0.01%)

34,710 0.06% 12,388 0.02%

GREAT BRITAIN POUND

FTSE 100 IDX FUT MAR13 - - - (33.00) 37,356 0.07%

37,356 0.07%

SWEDISH KRONA

OMXS30 IND FUTURE JAN13 - - - (59.00) 6,153 0.01%

6,153 0.01%

SWISS FRANC

SWISS MKT IX FUTR SEP13 (10.00) (10,993) (0.02%) - - -

(10,993) (0.02%) - -

US DOLLAR

MINI MSCI EMG MKT SEP13 (27.00) 19,845 0.04% - - -

CBOE VIX FUTURE JUL13 (217.00) (76,200) (0.14%) - - -

CBOE VIX FUTURE JAN13 - - - (190.00) (249,500) (0.48%)

(56,355) (0.10%) (249,500) (0.48%)

Total short positions (32,638) (0.06%) (196,603) (0.38%)

Total futures positions 253,093 0.45% 461,420 0.85%

Counterparty: UBS Global Asset Management (UK) Limited




59


(continued)

Forward currency contracts

Fund Buys Fund Sells Maturity date

Unrealized

gain/(loss)

30.06.213

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

CHF 9,400 USD 9,721 31 July 2013 217 0.00% - -

CHF 10,000 USD 10,599 31 July 2013 (26) 0.00% - -

CHF 53,580 USD 56,871 31 July 2013 (298) 0.00% - -

CHF 150,000 USD 156,892 31 July 2013 1,701 0.00% - -

EUR 2,710 USD 3,487 31 July 2013 38 0.00% - -

EUR 4,465 USD 5,744 31 July 2013 63 0.00% - -

EUR 60,425 USD 78,532 31 July 2013 (172) 0.00% - -

EUR 112,665 USD 146,864 31 July 2013 (322) 0.00% - -

USD 7,250 EUR 5,540 31 July 2013 44 0.00% - -

USD 14,728 EUR 11,255 31 July 2013 89 0.00% - -

USD 20,636 CHF 19,470 31 July 2013 50 0.00% - -

CHF 200,035 USD 208,327 30 August 2013 3,225 0.01% - -

EUR 59,120 USD 76,704 30 August 2013 203 0.00% - -

EUR 112,295 USD 145,695 30 August 2013 386 0.00% - -

CHF 189,515 USD 201,269 30 September 2013 (779) 0.00% - -

EUR 58,960 USD 76,696 30 September 2013 15 0.00% - -


CHF 48,550 USD 52,263 31 January 2013 - - 855 0.00%

EUR 48,590 USD 63,140 31 January 2013 - - 1,003 0.00%

EUR 103,440 USD 134,414 31 January 2013 - - 2,135 0.00%

USD 4,697 CHF 4,450 31 January 2013 - - (171) 0.00%

USD 5,657 EUR 4,450 31 January 2013 - - (217) 0.00%

USD 11,632 EUR 9,150 31 January 2013 - - (446) 0.00%

CHF 5,220 USD 5,736 28 February 2013 - - (22) 0.00%

CHF 52,690 USD 56,639 28 February 2013 - - 1,036 0.00%

EUR 5,250 USD 6,968 28 February 2013 - - (36) 0.00%

EUR 11,550 USD 15,330 28 February 2013 - - (80) 0.00%

EUR 52,665 USD 68,076 28 February 2013 - - 1,461 0.00%

EUR 108,940 USD 140,819 28 February 2013 - - 3,023 0.01%

CHF 49,040 USD 53,785 28 March 2013 - - (78) 0.00%

EUR 48,925 USD 64,753 28 March 2013 - - (136) 0.00%

EUR 100,550 USD 133,080 28 March 2013 - - (279) 0.00%

Counterparty: Credit Suisse International, Dublin Branch

Net unrealized gain on forward currency contracts 4,462 0.01% 8,048 0.01%

Total Investments 257,555 0.46% 469,468 0.86%

Other Net Assets 55,462,958 99.54% 51,908,489 99.14%

Total Net Assets 55,720,513 100.00% 52,377,957 100.00%

Analysis of total assets

% of total

assets

% of total

assets

Exchange traded financial derivative instruments 0.44% 0.88%

Over the counter financial derivative instruments (net) 0.01% 0.02%

Other assets 99.55% 99.10%

100.00% 100.00%




60

PORTFOLIO OF INVESTMENTS - α GENERIX GLOBAL MACRO UCITS SUB-FUND

Shares

as at

30.06.13

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Shares

as at

31.12.12

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value

COLLECTIVE INVESTMENT SCHEMES

Transferable securities– UCITS structures - listed

iShares Silver Trust 251,743 4,775,565 0.73% - - -

ETFS Physical Gold - - - 254,341.00 41,261,740 6.87%

Gold Bullion Securities Ltd. - - - 12,567.00 2,014,302 0.34%

iShares Gold Trust - - - 1,765,203.00 28,736,093 4.78%

SPDR Gold Trust - - - 177,304.00 28,726,865 4.78%

Total transferable securities 4,775,565 0.73% 100,739,000 16.77%

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value


Futures positions

Long positions

AUSTRALIAN DOLLAR

SPI 200 FUTURES SEP13 41 40,497 0.01% - - -

40,497 0.01% - - -

CANADIAN DOLLAR

S&P/TSX 60 IX FUT SEP13 33 (23,119) 0.00 - - -

CAN 10YR BOND FUT SEP13 80 (51,072) (0.01%) - - -

CAN 10YR BOND FUT MAR13 - - - 448.00 (113,095) (0.02%)

(74,191) (0.01%) (113,095) (0.02%)

EURO

AMSTERDAM IDX FUT JUL13 25.00 43,307 0.01% - - -

DAX INDEX FUTURE SEP13 25.00 5,430 0.00% - - -

CAC40 10 EURO FUT JUL13 135.00 36,817 0.01% - - -

EURO STOXX 50 SEP13 426.00 (322,992) (0.05%) - - -

EURO-BUND FUTURE SEP13 447.00 (166,152) (0.03%) - - -

3MO EURO EURIBOR Jun14 2,621.00 (923,453) (0.14%) - - -

EURO-BOBL FUTURE MAR13 - - - 609.00 85,213 0.01%

EURO STOXX 50 MAR13 - - - 1,604.00 (636,557) (0.11%)

EURO-BUND FUTURE MAR13 - - - 2,538.00 1,125,005 0.19%

3MO EURO EURIBOR DEC13 - - - 4,446.00 (376,065) (0.06%)

3MO EURO EURIBOR MAR13 - - - 7,425.00 (457,754) (0.08%)

(1,327,043) (0.20%) (260,158) (0.05%)

GREAT BRITAIN POUND

LONG GILT FUTURE SEP13 64.00 15,048 0.00% - - -

FTSE 100 IDX FUT SEP13 92.00 (86,494) (0.01%) - - -

LONG GILT FUTURE MAR13 - - - 342.00 (35,602) (0.01%)

(71,446) (0.01%) (35,602) (0.01%)




61


(continued)

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

HONG KONG DOLLAR


345,242 0.05% - - -

JAPANESE YEN

JPN 10Y BOND(TSE) SEP13 36.00 127,655 0.02% - - -

NIKKEI 225 (OSE) SEP13 139.00 313,420 0.05% - - -

JPN 10Y BOND(TSE) MAR13 - - - 211.00 (1,506,119) (0.25%)

NIKKEI 225 (OSE) MAR13 - - - 505.00 4,619,164 0.77%

441,075 0.07% 3,113,045 0.52%

SWISS FRANC

SWISS MKT IX FUTR SEP13 54.00 24,670 0.00% - - -

24,670 0.00%

UNITED STATES DOLLAR

MINI MSCI EMG MKT SEP13 192.00 200,125 0.03% - - -

AUDUSD CRNCY FUT SEP13 291.00 (765,120) (0.12%) - - -

NEW ZEALAND $ FUT SEP13 397.00 (538,190) (0.08%) - - -

C$ CURRENCY FUT SEP13 447.00 (1,068,325) (0.16%) - - -

S&P500 EMINI FUT SEP13 600.00 (444,738) (0.07%) - - -

GOLDMAN SACHS IDX JUL13 619.00 (2,021,624) (0.31%) - - -

90DAY EURO$ FUTR SEP13 4,317.00 (323,775) (0.05%) - - -

DJ UBS COMDTY IND MAR13 - - - 31.00 930 0.00%

GOLDMAN SACHS IDX JAN13 - - - 60.00 35,225 0.01%

US LONG BOND(CBT) MAR13 - - - 451.00 (408,719) (0.07%)

BP CURRENCY FUT MAR13 - - - 454.00 372,800 0.06%

MINI MSCI EMG MKT MAR13 - - - 699.00 1,029,010 0.17%

US 5YR NOTE (CBT) MAR13 - - - 826.00 (7,500) 0.00%

C$ CURRENCY FUT MAR13 - - - 1,215.00 (931,545) (0.16%)

NEW ZEALAND $ FUT MAR13 - - - 1,317.00 (1,130,930) (0.19%)

A$ CURRENCY FUT MAR13 - - - 1,465.00 (1,506,090) (0.25%)

S&P500 EMINI FUT MAR13 - - - 1,916.00 725,133 0.12%

US 10YR NOTE (CBT) MAR13 - - - 4,198.00 (1,329,266) (0.22%)

90DAY EURO$ FUTR MAR13 - - - 21,685.00 (897,375) (0.15%)

(4,961,647) (0.76%) (4,048,327) (0.68%)

Total long positions (5,582,843) (0.85%) (1,344,137) (0.24%)

Short positions

EURO

3MO EURO EURIBOR JUN16 (2,621.00) 1,690,390 0.26% - - -

3MO EURO EURIBOR SEP13 (4,048.00) 518,477 0.08% - - -

3MO EURO EURIBOR DEC15 - - - (4,446.00) (1,234,150) (0.21%)

2,208,867 0.34% (1,234,150) (0.21%)




62


(continued)

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value


EURO FX CURR FUT SEP13 (7.00) 3,850 0.00% - - -

CHF CURRENCY FUT SEP13 (24.00) 36,150 0.00% - - -

BP CURRENCY FUT SEP13 (74.00) 114,969 0.02% - - -

JPN YEN CURR FUT SEP13 (241.00) 315,838 0.05% - - -

US 10YR NOTE (CBT)SEP13 (357.00) (19,938) 0.00% - - -

DJ UBS COMDTY IND SEP13 (544.00) 726,263 0.11% - - -

DOLLAR INDEX SEP13 (623.00) (1,379,952) (0.21%) - - -

DJ UBS COMDTY IND SEP13 (1,357.00) 855,040 0.13% - - -

EURO FX CURR FUT MAR13 - - - (396.00) (1,048,688) (0.17%)

CHF CURRENCY FUT MAR13 - - - (469.00) (1,063,275) (0.18%)

JPN YEN CURR FUT MAR13 - - - (876.00) 5,983,512 1.00%

DOLLAR INDEX MAR13 - - - (1,603.00) (11,162) 0.00%

652,220 0.10% 3,860,387 0.65%

Total short positions 2,861,087 0.44% 2,626,237 0.44%


Total futures positions (2,721,756) (0.41%) 1,282,100 0.20%


Fund Buys Fund Sells

Maturity

date

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

CHF 10,000 USD 10,459 31 July 2013 113 0.00% - -

CHF 10,000 USD 10,709 31 July 2013 (136) 0.00% - -

CHF 15,000 USD 16,076 31 July 2013 (217) 0.00% - -

CHF 17,000 USD 18,232 31 July 2013 (258) 0.00% - -

CHF 32,000 USD 33,723 31 July 2013 110 0.00% - -

CHF 35,000 USD 36,176 31 July 2013 829 0.00% - -

CHF 55,000 USD 58,457 31 July 2013 (306) 0.00% - -

CHF 100,000 USD 107,944 31 July 2013 (2,216) 0.00% - -

CHF 110,000 USD 117,718 31 July 2013 (1,417) 0.00% - -

CHF 125,000 USD 133,637 31 July 2013 (1,477) 0.00% - -

CHF 150,000 USD 156,892 31 July 2013 1,701 0.00% - -

CHF 1,035,090 USD 1,100,141 31 July 2013 (5,756) 0.00% - -

CHF 2,309,240 USD 2,454,367 31 July 2013 (12,842) 0.00% - -

CHF 3,431,835 USD 3,647,512 31 July 2013 (19,085) 0.00% - -

EUR 95,850 USD 125,419 31 July 2013 (749) 0.00% - -

EUR 100,000 USD 128,721 31 July 2013 1,347 0.00% - -

EUR 198,000 USD 261,370 31 July 2013 (3,836) 0.00% - -

EUR 302,000 USD 398,148 31 July 2013 (5,343) 0.00% - -

EUR 363,675 USD 467,889 31 July 2013 5,136 0.00% - -

EUR 571,025 USD 735,557 31 July 2013 7,163 0.00% - -

EUR 1,882,600 USD 2,454,048 31 July 2013 (5,388) 0.00% - -




63


(continued)

Forward currency contracts (continued)


Maturity

date

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

EUR 2,292,380 USD 2,988,214 31 July 2013 (6,561) 0.00% - -

EUR 2,927,525 USD 3,816,152 31 July 2013 (8,379) 0.00% - -

EUR 8,150,700 USD 10,624,780 31 July 2013 (23,328) 0.00% - -

EUR 30,548,700 USD 39,821,514 31 July 2013 (87,433) (0.01%) - -

EUR 47,640,540 USD 62,101,445 31 July 2013 (136,352) (0.02%) - -

GBP 65,235 USD 98,571 31 July 2013 465 0.00% - -

GBP 124,380 USD 187,341 31 July 2013 1,487 0.00% - -

GBP 238,705 USD 369,586 31 July 2013 (7,197) 0.00% - -

GBP 268,430 USD 415,610 31 July 2013 (8,093) 0.00% - -

GBP 5,736,310 USD 8,881,517 31 July 2013 (172,946) (0.03%) - -

USD 32,725 GBP 21,510 31 July 2013 70 0.00% - -

USD 37,815 GBP 24,120 31 July 2013 1,197 0.00% - -

USD 55,257 GBP 36,320 31 July 2013 118 0.00% - -

USD 147,463 CHF 142,670 31 July 2013 (3,380) 0.00% - -

USD 163,542 CHF 155,185 31 July 2013 (533) 0.00% - -

USD 196,184 CHF 183,410 31 July 2013 2,268 0.00% - -

USD 280,633 CHF 262,360 31 July 2013 3,244 0.00% - -

USD 349,191 EUR 265,800 31 July 2013 3,470 0.00% - -

USD 386,572 EUR 294,300 31 July 2013 3,781 0.00% - -

USD 400,376 CHF 368,170 31 July 2013 11,116 0.00% - -

USD 578,672 EUR 433,570 31 July 2013 14,736 0.00% - -

USD 1,036,925 GBP 674,150 31 July 2013 13,465 0.00% - -

USD 1,123,376 EUR 859,380 31 July 2013 5,598 0.00% - -

USD 2,627,058 EUR 2,000,000 31 July 2013 25,698 0.00% - -

USD 3,212,727 EUR 2,472,000 31 July 2013 (2,553) 0.00% - -

USD 3,941,208 EUR 3,000,000 31 July 2013 39,168 0.01% - -

CHF 10,000 USD 10,607 30 August 2013 (31) 0.00% - -

CHF 10,000 USD 10,879 30 August 2013 (303) 0.00% - -

CHF 23,000 USD 24,929 30 August 2013 (605) 0.00% - -

CHF 35,000 USD 36,451 30 August 2013 564 0.00% - -

CHF 1,415,360 USD 1,474,034 30 August 2013 22,821 0.00% - -

CHF 2,046,310 USD 2,131,140 30 August 2013 32,995 0.01% - -

CHF 3,109,225 USD 3,238,118 30 August 2013 50,135 0.01% - -

EUR 20,000 USD 26,817 30 August 2013 (800) 0.00% - -

EUR 35,000 USD 45,727 30 August 2013 (197) 0.00% - -

EUR 199,000 USD 262,696 30 August 2013 (3,823) 0.00% - -

EUR 667,292 USD 880,886 30 August 2013 (12,826) 0.00% - -

EUR 2,124,625 USD 2,756,561 30 August 2013 7,297 0.00% - -

EUR 2,299,015 USD 2,982,820 30 August 2013 7,896 0.00% - -

EUR 2,874,810 USD 3,729,876 30 August 2013 9,874 0.00% - -

EUR 7,768,780 USD 10,079,479 30 August 2013 26,682 0.00% - -

EUR 29,324,560 USD 38,046,681 30 August 2013 100,716 0.02% - -

EUR 45,264,040 USD 58,727,104 30 August 2013 155,459 0.02% - -

GBP 13,000 USD 19,776 30 August 2013 (44) 0.00% - -

GBP 69,530 USD 105,044 30 August 2013 491 0.00% - -

GBP 146,350 USD 228,221 30 August 2013 (6,085) 0.00% - -




64


(continued)



Maturity

date

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

GBP 233,495 USD 352,759 30 August 2013 1,648 0.00% - -

GBP 239,563 USD 361,927 30 August 2013 1,691 0.00% - -

GBP 5,161,655 USD 7,798,120 30 August 2013 36,440 0.00% - -

USD 37,807 GBP 24,120 30 August 2013 1,196 0.00% - -

USD 44,882 GBP 29,185 30 August 2013 583 0.00% - -

USD 217,561 CHF 200,000 30 August 2013 6,045 0.00% - -

USD 686,205 EUR 518,955 30 August 2013 11,113 0.00% - -

USD 1,321,198 EUR 1,005,680 30 August 2013 12,941 0.00% - -

USD 2,318,744 EUR 1,765,000 30 August 2013 22,711 0.00% - -

CHF 1,436,765 USD 1,525,873 30 September 2013 (5,903) 0.00% - -



EUR 1,900,965 USD 2,472,806 30 September 2013 471 0.00% - -



EUR 7,650,465 USD 9,951,847 30 September 2013 1,897 0.00% - -



GBP 220,380 USD 337,818 30 September 2013 (3,382) 0.00% - -

GBP 250,215 USD 383,552 30 September 2013 (3,839) 0.00% - -

GBP 5,186,645 USD 7,950,556 30 September 2013 (79,587) (0.01%) - -

CHF 20,000 USD 21,287 31 January 2013 - - 595 0.00%

CHF 60,000 USD 63,981 31 January 2013 - - 1,664 0.00%

CHF 316,650 USD 340,867 31 January 2013 - - 5,576 0.00%

CHF 3,158,280 USD 3,399,820 31 January 2013 - - 55,619 0.01%

CHF 3,719,550 USD 4,004,015 31 January 2013 - - 65,503 0.01%

EUR 20,000 USD 25,452 31 January 2013 - - 949 0.00%

EUR 70,000 USD 90,024 31 January 2013 - - 2,381 0.00%

EUR 104,960 USD 136,389 31 January 2013 - - 2,166 0.00%

EUR 165,000 USD 214,332 31 January 2013 - - 3,480 0.00%

EUR 256,700 USD 333,952 31 January 2013 - - 4,910 0.00%

EUR 590,000 USD 774,013 31 January 2013 - - 4,829 0.00%

EUR 1,338,000 USD 1,755,303 31 January 2013 - - 10,950 0.00%

EUR 2,334,400 USD 3,033,401 31 January 2013 - - 48,171 0.01%

EUR 2,557,130 USD 3,322,824 31 January 2013 - - 52,767 0.01%

EUR 16,338,440 USD 21,230,741 31 January 2013 - - 337,146 0.06%

EUR 16,650,000 USD 21,660,701 31 January 2013 - - 318,467 0.05%

EUR 16,666,000 USD 22,037,285 31 January 2013 - - (36,996) (0.01%)

EUR 23,851,500 USD 30,993,474 31 January 2013 - - 492,180 0.08%

GBP 11,200 USD 17,780 31 January 2013 - - 410 0.00%

GBP 16,000 USD 25,457 31 January 2013 - - 530 0.00%

GBP 28,000 USD 45,110 31 January 2013 - - 364 0.00%

GBP 43,000 USD 69,257 31 January 2013 - - 578 0.00%

GBP 50,000 USD 79,578 31 January 2013 - - 1,625 0.00%

GBP 50,810 USD 81,718 31 January 2013 - - 800 0.00%




65


(continued)



Maturity

date

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

GBP 106,000 USD 171,088 31 January 2013 - - 1,061 0.00%

GBP 113,000 USD 180,960 31 January 2013 - - 2,558 0.00%

GBP 247,970 USD 398,811 31 January 2013 - - 3,905 0.00%

GBP 300,000 USD 477,315 31 January 2013 - - 9,901 0.00%

GBP 5,145,400 USD 8,275,373 31 January 2013 - - 81,030 0.01%

USD 42,095 CHF 39,600 31 January 2013 - - (1,231) 0.00%

USD 441,265 EUR 345,000 31 January 2013 - - (14,159) 0.00%

USD 661,175 EUR 500,000 31 January 2013 - - 1,140 0.00%

USD 818,840 CHF 750,000 31 January 2013 - - (1,727) 0.00%

CHF 75,000 USD 80,491 28 February 2013 - - 1,605 0.00%

CHF 377,800 USD 406,114 28 February 2013 - - 7,430 0.00%

CHF 3,521,900 USD 3,785,849 28 February 2013 - - 69,262 0.01%

CHF 3,204,050 USD 3,444,178 28 February 2013 - - 63,010 0.01%

EUR 170,000 USD 220,891 28 February 2013 - - 3,574 0.00%

EUR 20,000 USD 26,173 28 February 2013 - - 235 0.00%

EUR 50,000 USD 65,268 28 February 2013 - - 751 0.00%

EUR 22,794,000 USD 29,464,163 28 February 2013 - - 632,644 0.11%

EUR 16,440,000 USD 21,250,804 28 February 2013 - - 456,289 0.08%

EUR 1,894,650 USD 2,449,078 28 February 2013 - - 52,586 0.01%

EUR 2,238,150 USD 2,893,095 28 February 2013 - - 62,119 0.01%

EUR 175,755 USD 227,186 28 February 2013 - - 4,878 0.00%

EUR 16,700,000 USD 21,731,844 28 February 2013 - - 318,550 0.05%

EUR 256,700 USD 334,046 28 February 2013 - - 4,816 0.00%

EUR 1,339,000 USD 1,757,089 28 February 2013 - - 10,903 0.00%

EUR 592,000 USD 776,846 28 February 2013 - - 4,821 0.00%

EUR 16,666,000 USD 22,043,002 28 February 2013 - - (37,501) (0.01%)

GBP 150,000 USD 241,134 28 February 2013 - - 2,453 0.00%

GBP 43,000 USD 69,249 28 February 2013 - - 579 0.00%

GBP 143,200 USD 228,914 28 February 2013 - - 3,631 0.00%

GBP 5,198,450 USD 8,310,034 28 February 2013 - - 131,801 0.02%

GBP 256,405 USD 409,879 28 February 2013 - - 6,501 0.00%

USD 819,238 CHF 750,000 28 February 2013 - - (1,720) 0.00%

USD 260,270 EUR 200,000 28 February 2013 - - (3,807) 0.00%

USD 661,317 EUR 500,000 28 February 2013 - - 1,125 0.00%

CHF 20,000 USD 21,952 28 March 2013 - - (49) 0.00%

CHF 393,350 USD 431,409 28 March 2013 - - (624) 0.00%

CHF 1,982,630 USD 2,174,461 28 March 2013 - - (3,146) 0.00%

CHF 3,334,750 USD 3,657,406 28 March 2013 - - (5,291) 0.00%

EUR 552,700 USD 731,510 28 March 2013 - - (1,534) 0.00%

EUR 1,827,050 USD 2,418,137 28 March 2013 - - (5,072) 0.00%

EUR 1,928,150 USD 2,551,945 28 March 2013 - - (5,352) 0.00%

EUR 2,166,300 USD 2,867,141 28 March 2013 - - (6,013) 0.00%

EUR 16,668,000 USD 22,051,664 28 March 2013 - - (37,501) (0.01%)

EUR 20,788,000 USD 27,513,334 28 March 2013 - - (57,706) (0.01%)

EUR 28,628,500 USD 37,890,392 28 March 2013 - - (79,470) (0.01%)




66


(continued)



Maturity

date

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

GBP 188,280 USD 303,686 28 March 2013 - - 2,030 0.00%

GBP 220,100 USD 355,010 28 March 2013 - - 2,373 0.00%

GBP 4,827,350 USD 7,786,274 28 March 2013 - - 52,056 0.01%

USD 642,975 EUR 486,000 28 March 2013 - - 1,093 0.00%


Net unrealized gain on forward currency contracts 20,819 0.00% 3,109,471 0.50%

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value

Total Investments 2,074,628 0.32% 105,130,571 17.47%

Other Net Assets 652,965,528 99.68% 495,444,303 82.53%

Total Net Assets 655,040,156 100.00% 600,574,874 100.00%


% of total

assets

% of total

assets

Transferable securities admitted to an official

stock exchange listing or traded in a regulated market 0.72%

16.69%

Exchanged traded financial derivative instruments (0.41%) 0.21%



100.00% 100.00%




67

PORTFOLIO OF INVESTMENTS - α GENERIX BALANCED UCITS SUB-FUND

Shares

as at

30.06.13

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Shares

as at

31.12.12

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value

COLLECTIVE INVESTMENT SCHEMES

Collective investment schemes – non-UCITS structures - listed

iShares iBoxx High Yield Corporate Bond - - - 7,291.00 680,615 1.96%

iShares iBoxx Investment Grade

Corporate Bond - - - 5,599.00 677,424 1.95%

iShares JPMorgan Emerging Markets Bond

Fund - - - 5,541.00 680,379 1.96%

Total collective investment schemes - - - 2,038,418 5.87%

Transferable securities – UCITS structures - listed

iShares Silver Trust 11,413.00 216,504 0.25% - - -

ETFS Physical Gold - - - 7,082.00 1,148,913 3.31%

iShares Gold Trust - - - 37,268.00 606,693 1.75%

SPDR Gold Trust - - - 3,746.00 606,928 1.75%

Total transferable securities 216,504 0.25% 2,362,534 6.81%

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value


Futures positions

Long positions

AUSTRALIAN DOLLAR

SPI 200 FUTURES SEP13 2.00 (2,919) (0.01)% - - -

SPI 200 FUTURES MAR13 - - - 2.00 1,557 0.00%

(2,919) (0.01)% 1,557 0.00%

CANADIAN DOLLAR

S&P/TSX 60 IX FUT SEP13 4.00 - 0.00% - - -

CAN 10YR BOND FUT SEP13 11.00 (7,638) (0.01%) - - -

S&P/TSX 60 IX FUT MAR13 - - - 4.00 5,187 0.01%

CAN 10YR BOND FUT MAR13 - - - 12.00 (3,287) (0.01%)

(7,638) (0.01%) 1,900 0.00%




68

PORTFOLIO OF INVESTMENTS - α GENERIX BALANCED UCITS SUB-FUND (continued)

Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

EURO

DAX INDEX FUTURE SEP13 3.00 8,470 0.01% - - -

FTSE/MIB IDX FUT SEP13 4.00 (18,090) (0.02%) - - -

MDAX INDEX FUT SEP13 9.00 2,529 0.00% - - -

EURO-BOBL FUTURE SEP13 10.00 3,511 0.01% - - -

CAC40 10 EURO FUT JUL13 15.00 8,583 0.01% - - -

EURO STOXX 50 SEP13 31.00 6,346 0.01% - - -

EURO-BUND FUTURE SEP13 39.00 (8,622) (0.01%) - - -

3MO EURO EURIBOR Jun14 141.00 (48,947) (0.06%) - - -

CAC40 10 EURO FUT JAN13 - - - 4.00 (1,260) 0.00%

AMSTERDAM IDX FUT JAN13 - - - 10.00 (4,091) (0.01%)

MDAX INDEX FUT MAR13 - - - 11.00 (15,025) (0.04%)

EURO-BOBL FUTURE MAR13 - - - 13.00 686 0.00%

EURO STOXX 50 MAR13 - - - 54.00 (4,659) (0.01%)

EURO-BUND FUTURE MAR13 - - - 60.00 8,789 0.03%

3MO EURO EURIBOR DEC13 - - - 69.00 (5,312) (0.02%)

3MO EURO EURIBOR MAR13 - - - 301.00 (17,717) (0.05%)

(46,220) (0.05%) (38,589) (0.10%)

GREAT BRITAIN POUND

FTSE 100 IDX FUT SEP13 6.00 (3,447) (0.01%) - - -

LONG GILT FUTURE SEP13 9.00 (19,315) (0.02%) - - -

FTSE 250 MID LIF MAR13 - - - 5.00 8,771 0.03%

LONG GILT FUTURE MAR13 - - - 7.00 683 0.00%

90DAY STERLING FU MAR13 - - - 89.00 (3,086) (0.01%)

(22,762) (0.03%) 6,368 0.02%

HONG KONG DOLLAR

H-SHARES IDX FUT JUL13 4.00 6,949 0.01% - - -


HANG SENG IDX FUT JAN13 - - - 8.00 (1,316) 0.00%

H-SHARES IDX FUT JAN13 - - - 13.00 6,864 0.02%

34,411 0.04% 5,548 0.02%

JAPANESE YEN

JPN 10Y BOND(TSE) SEP13 3.00 7,953 0.01% - - -

NIKKEI 225 (OSE) SEP13 11.00 81,748 0.10% - - -

3MO EUROYEN TFX SEP13 123.00 1,548 0.00% - - -

JPN 10Y BOND(TSE) MAR13 - - - 5.00 (40,522) (0.12%)

NIKKEI 225 (OSE) MAR13 - - - 18.00 155,692 0.45%

3MO EUROYEN TFX MAR13 - - - 55.00 - 0.00%

91,249 0.11% 115,170 0.33%

SINGAPORE DOLLAR

MSCI SING IX ETS JUL13 1.00 (16) 0.00% - - -

MSCI SING IX ETS JAN13 - - - 6.00 (1,015) 0.00%

(16) 0.00% (1,015) 0.00%




69


Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

SWEDISH KRONA

OMXS30 IND FUTURE JUL13 39.00 5,736 0.01% - - -

OMXS30 IND FUTURE JAN13 - - - 20.00 - 0.00%

5,736 0.01% - 0.00%

SWISS FRANC

SWISS MKT IX FUTR SEP13 2.00 2,378 0.00% - - -

SWISS MKT IX FUTR MAR13 - - - 15.00 (18,763) (0.05%)

2,378 0.00% (18,763) (0.05%)


CHF CURRENCY FUT SEP13 2.00 363 0.00% - - -

EURO FX CURR FUT SEP13 2.00 (538) 0.00% - - -

RUSSELL 2000 MINI SEP13 3.00 (500) 0.00% - - -

US LONG BOND(CBT) SEP13 9.00 3,656 0.01% - - -

MSCI TAIWAN INDEX JUL13 10.00 8,400 0.01% - - -

US 5YR NOTE (CBT) SEP13 13.00 1,930 0.00% - - -

AUDUSD CRNCY FUT SEP13 14.00 (32,550) (0.04%) - - -

NASDAQ 100 E-MINI SEP13 15.00 1,735 0.00% - - -

NEW ZEALAND $ FUT SEP13 17.00 (22,670) (0.03%) - - -

C$ CURRENCY FUT SEP13 21.00 (51,150) (0.06%) - - -

GOLDMAN SACHS IDX JUL13 32.00 (102,362) (0.11%) - - -

CBOE VIX FUTURE SEP13 76.00 60,800 0.07% - - -

S&P500 EMINI FUT SEP13 77.00 45,363 0.05% - - -

90DAY EURO$ FUTR SEP13 712.00 (22,925) (0.03%) - - -

GOLDMAN SACHS IDX JAN13 - - - 1.00 1,413 0.00%

BP CURRENCY FUT MAR13 - - - 10.00 10,525 0.03%

US LONG BOND(CBT) MAR13 - - - 12.00 (11,469) (0.03%)

RUSSELL 2000 MINI MAR13 - - - 15.00 13,070 0.04%

US 5YR NOTE (CBT) MAR13 - - - 17.00 (391) 0.00%

NASDAQ 100 E-MINI MAR13 - - - 22.00 5,405 0.02%

C$ CURRENCY FUT MAR13 - - - 23.00 (16,725) (0.05%)

MSCI TAIWAN INDEX JAN13 - - - 23.00 11,770 0.03%

NEW ZEALAND $ FUT MAR13 - - - 26.00 (12,215) (0.04%)

A$ CURRENCY FUT MAR13 - - - 31.00 (25,420) (0.07%)

CBOE VIX FUTURE MAR13 - - - 60.00 9,500 0.03%

MINI MSCI EMG MKT MAR13 - - - 76.00 108,415 0.31%

US 10YR NOTE (CBT)MAR13 - - - 91.00 (35,891) (0.10%)

SGX S&P CNX NIFTY JAN13 - - - 92.00 1,075 0.00%

S&P500 EMINI FUT MAR13 - - - 93.00 2,063 0.01%

90DAY EURO$ FUTR MAR13 - - - 225.00 (9,844) (0.03%)

(110,448) (0.13%) 51,281 0.15%

Total long positions (56,229) (0.07%) 123,457 0.37%




70


Open

position

as at

30.06.13

Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Open

position

as at

31.12.12

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

Short positions

EURO

AMSTERDAM IDX FUT JUL13 (4.00) 468 0.00% - - -

3MO EURO EURIBOR JUN16 (141.00) 90,206 0.11% - - -

3MO EURO EURIBOR SEP13 (432.00) 54,735 0.06% - - -

DAX INDEX FUTURE MAR13 - - - (1.00) (462) 0.00%

3MO EURO EURIBOR DEC15 - - - (69.00) (17,024) (0.05%)

145,409 0.17% (17,486) (0.05%)

GREAT BRITAIN POUND

90DAY STERLING FU SEP13 (163.00) 15,470 0.02% - - -

FTSE 100 IDX FUT MAR13 - - - (6.00) 7,050 0.02%

15,470 0.02% 7,050 0.02%


US 10YR NOTE (CBT)SEP13 (3.00) (1,531) 0.00% - - -

BP CURRENCY FUT SEP13 (4.00) 5,325 0.01% - - -

JPN YEN CURR FUT SEP13 (10.00) 18,350 0.02% - - -

DOLLAR INDEX SEP13 (37.00) (81,956) (0.10%) - - -

CBOE VIX FUTURE JUL13 (76.00) (26,600) (0.03%) - - -

DJ UBS COMDTY IND SEP13 (161.00) 101,460 0.12% - - -

EURO FX CURR FUT MAR13 - - - (7.00) (19,738) (0.06%)

CHF CURRENCY FUT MAR13 - - - (8.00) (22,988) (0.07%)

JPN YEN CURR FUT MAR13 - - - (18.00) 116,256 0.34%

DOLLAR INDEX MAR13 - - - (37.00) 27,047 0.08%

CBOE VIX FUTURE JAN13 - - - (60.00) (66,500) (0.19%)

15,048 0.02% 34,077 0.10%

Total short positions 175,927 0.21% 23,641 0.07%

Total futures positions 119,698 0.14% 147,098 0.44%





71




Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

CHF 50,000 USD 52,693 31 July 2013 172 0.00%

CHF 180,700 USD 192,056 31 July 2013 (1,005) 0.00% - -

CHF 824,985 USD 876,832 31 July 2013 (4,588) (0.01%) - -

EUR 35,018 USD 45,647 31 July 2013 (100) 0.00% - -

EUR 51,926 USD 67,688 31 July 2013 (149) 0.00% - -

CHF 50,000 USD 52,732 30 August 2013 147 0.00% - -

CHF 177,305 USD 184,655 30 August 2013 2,859 0.00% - -

CHF 813,860 USD 847,599 30 August 2013 13,123 0.02% - -

EUR 34,075 USD 44,210 30 August 2013 117 0.00% - -

EUR 50,220 USD 65,157 30 August 2013 172 0.00% - -

CHF 190,150 USD 201,943 30 September 2013 (781) 0.00% - -

CHF 772,315 USD 820,214 30 September 2013 (3,173) 0.00% - -



CHF 46,980 USD 50,573 31 January 2013 - - 827 0.00%

CHF 739,100 USD 795,626 31 January 2013 - - 13,016 0.04%

EUR 31,335 USD 40,718 31 January 2013 - - 647 0.00%

EUR 47,000 USD 61,073 31 January 2013 - - 970 0.00%

CHF 49,485 USD 53,194 28 February 2013 - - 973 0.00%

CHF 796,500 USD 856,194 28 February 2013 - - 15,664 0.05%

EUR 33,350 USD 43,109 28 February 2013 - - 926 0.00%

EUR 49,480 USD 63,959 28 February 2013 - - 1,373 0.00%

CHF 50,800 USD 55,715 28 March 2013 - - (81) 0.00%

CHF 919,350 USD 1,008,302 28 March 2013 - - (1,459) 0.00%

EUR 36,450 USD 48,242 28 March 2013 - - (101) 0.00%

EUR 50,710 USD 67,116 28 March 2013 - - (141) 0.00%


Net unrealized gain on forward currency contracts 6,812 0.01% 32,614 0.09%

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value

Total Investments 343,014 0.40% 4,580,664 13.21%

Other Net Assets 85,566,730 99.60% 30,086,346 86.79%

Total Net Assets 85,909,744 100.00% 34,667,010 100.00%


% of total

assets

% of total

assets

Transferable securities admitted to an official

stock exchange listing or traded in a regulated market 0.24% 5.01%

Exchanged traded financial derivative instruments 0.13% 0.16%



100.00% 100.00%




72

PORTFOLIO OF INVESTMENTS – CROWN MANAGED FUTURES UCITS SUB-FUND

Notional

30.06.13

(US$)

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Notional

31.12.12

(US$)

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value


Over the counter (“OTC”)

OTC Index Swap 251,645,249 251,561,954 76.54% 196,224,666 204,999,833 73.35%

Counterparty: Credit Suisse International

Total OTC derivatives 251,561,954 76.54% 204,999,833 73.35%



Unrealized

gain/(loss)

30.06.13

(US$)

%

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

%

Net Asset

Value

CHF 4,635,000 USD 4,915,164 31 July 2013 (14,649) 0.00% - -

CHF 9,682,000 USD 10,267,232 31 July 2013 (30,600) (0.01%) - -

CHF 60,120,000 USD 63,753,977 31 July 2013 (190,010) (0.06%) - -

EUR 7,100,000 USD 9,239,230 31 July 2013 (4,403) 0.00% - -

EUR 20,000,000 USD 26,003,000 31 July 2013 10,598 0.00% - -

EUR 20,000,000 USD 26,026,000 31 July 2013 (12,402) 0.00% - -

EUR 26,600,000 USD 34,583,990 31 July 2013 14,095 0.00% - -

EUR 40,706,000 USD 52,923,906 31 July 2013 21,570 0.01% - -

EUR 41,911,000 USD 54,490,587 31 July 2013 22,210 0.01% - -

GBP 233,900 US 357,984 31 July 2013 (2,889) 0.00% - -

GBP 250,000 USD 379,575 31 July 2013 (38) 0.00% - -

GBP 3,769,200 USD 5,768,761 31 July 2013 (46,555) (0.01%) - -

USD 20,345 GBP 13,400 31 July 2013 2 0.00% - -

USD 824,580 EUR 634,000 31 July 2013 (51) 0.00% - -

USD 1,263,481 CHF1,195,000 31 July 2013 25 0.00% - -

CHF 185,000 USD 198,370 31 January 2013 - - 4,036 0.00%

CHF 415,000 USD 452,908 31 January 2013 - - 1,138 0.00%

CHF 510,000 USD 559,070 31 January 2013 - - (1,084) 0.00%

CHF 6,177,000 USD 6,663,071 31 January 2013 - - 95,117 0.03%

CHF 8,215,000 USD 8,861,442 31 January 2013 - - 126,499 0.05%

CHF 45,256,000 USD 48,817,216 31 January 2013 - - 696,876 0.25%

EUR 280,000 USD 368,844 31 January 2013 - - 776 0.00%

EUR 10,040,000 USD 13,227,198 31 January 2013 - - 26,307 0.01%

EUR 25,635,000 USD 33,287,304 31 January 2013 - - 552,695 0.20%

EUR 33,086,000 USD 42,962,502 31 January 2013 - - 713,340 0.26%

EUR 40,171,000 USD 52,162,445 31 January 2013 - - 866,093 0.31%

GBP 35,000 USD 56,567 31 January 2013 - - 275 0.00%

GBP 48,000 USD 77,628 31 January 2013 - - 327 0.00%

GBP 286,000 USD 458,715 31 January 2013 - - 5,764 0.00%

GBP 4,188,000 USD 6,717,133 31 January 2013 - - 84,401 0.03%




73

PORTFOLIO OF INVESTMENTS – CROWN MANAGED FUTURES UCITS SUB-FUND

(continued)



Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

% of

Net Asset

Value

USD 32,048 GBP 20,000 31 January 2013 - - (433) 0.00%

USD 56,539 GBP 35,000 31 January 2013 - - (303) 0.00%

USD 72,124 GBP 45,000 31 January 2013 - - (959) 0.00%

USD 171,941 EUR 130,000 31 January 2013 - - 331 0.00%

USD 435,758 EUR 335,000 31 January 2013 - - (6,466) 0.00%

USD 658,725 EUR 500,000 31 January 2013 - - (1,310) 0.00%

USD 2,024,401 CHF 1,875,000 31 January 2013 - - (27,016) (0.01%)

Counterparty: LGT Bank AG

Net unrealized (loss)/gain on forward currency

contracts (233,097) (0.07%) 3,136,404 1.13%

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value


Other Net Assets 77,323,292 23.53% 71,342,796 25.52%

Total Net Assets 328,652,149 100.00% 279,479,033 100.00%


% of total

assets

% of total

assets

Over the counter financial derivative instruments (net) 42.62 43.15

Other assets 57.38 56.85

100.00 100.00




74

PORTFOLIO OF INVESTMENTS – CROWN MULTI-STRATEGY UCITS SUB-FUND

Nominal

Value

30.06.13

(US$)

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Nominal

Value

31.12.12

(US$)

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value

DEBT SECURITIES

Corporate bonds

SWISS FRANC

PHILIP MORRIS INTL INC 3.250%

03/11/13

-

-

-

559,410

564,277

2.01%

EURO

LINDE FINANCE BV 5.375% 09/12/13

SR:EMTN 461,984 479,083 0.67%

461,984

485,076 1.73%

BMW US CAPITAL LLC 4.625% 02/20/13

SR:EMTN

-

- -

497,673

551,852 1.96%

HENKEL AG & CO KGAA 4.250% 06/10/13

SR:EMTN

-

- -

375,817

412,134 1.47%

NATL GRID GAS PLC 5.125% 05/14/13

SR:EMTN

-

- -

378,386

415,256 1.48%

ROCHE HOLDINGS INC ROSW 4 5/8

03/04/13

-

- -

658,942

689,638 2.45%

US DOLLAR

ASIAN DEVELOPMENT BANK 1.625%

07/15/13 SR:GMTN 2,605,114 2,620,495 3.68%

- - -

CITIGROUP INC C 5.85 07/02/13 311,859 308,629 0.43% 311,859 316,361 1.13%

CREDIT SUISSE USA INC 5.500% 08/15/13 312,657 307,906 0.43% 312,657 314,384 1.12%

EUROPEAN INVESTMENT BANK 2.375%

03/14/14 3,261,058 3,268,247 4.59%

- - -

FMS WERTMANAGEMENT FLT 04/01/14

SR:EMTN 1,001,840 1,003,034 1.41%

1,001,840

1,003,763 3.57%

INTER-AMERICAN DEVEL BK 3.000%

04/22/14 3,070,100 3,082,810 4.33%

- - -

INTL BK RECON & DEVELOP 1.750%

07/15/13 1,403,070 1,411,903 1.98%

- - -

INTL BK RECON & DEVELOP 5.500%

11/25/13 SR:EMTN 3,393,149 3,476,037 4.88%

- - -

KFW 4.000% 10/15/13 3,563,349 3,566,228 5.01% - - -

KFW FLT 01/17/14 2,096,277 2,095,679 2.94% - - -

LANDWIRTSCH. RENTENBANK FLT

01/28/14 SR:REGS 2,003,501 2,002,574 2.81%

- - -

L-BANK BW FOERDERBANK FLT

04/07/14 SR:EMTN 501,140 501,187 0.70%

501,140

501,483 1.78%

NORDIC INVESTMENT BANK 3.500%

09/11/13 3,536,425 3,619,770 5.08%

- - -

ROYAL BK OF SCOTLAND PLC 3.400%

08/23/13 SR:2 408,452 406,080 0.57%

408,452

409,488 1.45%

CENTRAL AMERICAN BANK 6.750%

04/15/13 SR:REGS - -

619,800

617,118 2.20%

COUNCIL OF EUROPE 4.250% 04/22/13

SR:EMTN - -

513,350

520,748 1.85%




75


(continued)

Nominal

Value

30.06.13

(US$)

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Nominal

Value

31.12.12

(US$)

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value

Corporate bonds (continued)

US DOLLAR (continued)

GENERAL ELECTRIC CO GE 5 02/01/13 - - - 776,357 768,483 2.73%

HUTCHISON WHAMPOA

INTERNATIONAL 03/13 LTD HUWHY 6

1/2 02/13 - - -

411,120

412,407 1.47%

Total corporate bonds 28,149,662 39.51% 9,762,937 34.73%

Government bonds

AUSTRALIAN DOLLAR

KOMMUNALBANKEN AS 0.500%

02/07/13 SR:EMTN

- - -

659,391

674,477 2.40%

KOMMUNINVEST I SVERIGE 4.900%

02/26/13 SR:EMTN

- - -

572,437

582,083 2.07%

EURO

TREASURY CERTIFICATES 0.000%

02/14/13

- - -

491,032

527,880

1.88%

SOUTH AFRICAN RAND

MUNICIPALITY FINANCE PLC 8.000%

02/22/13 SR:EMTN

- - -

1,178,539

1,094,062

3.89%

US DOLLAR

BELGIUM GOVERNMENT

INTERNATIONAL BOND BELG 4 1/4

09/03/13 3,035,043 3,124,273 4.39% - - -

CAISSE D'AMORT DETTE SOC 1.375%

07/29/13 SR:EMTN 1,449,590 1,464,369 2.06% - - -

SFEF 3.375% 05/05/14 SR:REGS 1,391,466 1,390,584 1.95% - - -

TREASURY BILL 0.000% 07/18/13 3,999,405 3,999,961 5.62% - - -

TREASURY BILL 0.000% 07/25/13 3,799,287 3,799,979 5.34% 899,536 899,369 3.20%

TREASURY BILL 0.000% 08/01/13 3,699,370 3,699,974 5.19% - - -

TREASURY BILL 0.000% 08/22/13 499,307 499,979 0.70% 499,307 499,586 1.78%

TREASURY BILL 0.000% 09/05/13 3,999,146 3,999,866 5.61% - - -

TREASURY BILL 0.000% 09/12/13 2,699,709 2,699,957 3.79% - - -

TREASURY BILL 0.000% 09/26/13 2,999,813 2,999,756 4.21% - - -

TREASURY BILL 0.000% 10/10/13 3,999,598 3,999,451 5.61% - - -

TREASURY BILL 0.000% 12/12/13 3,998,428 3,998,748 5.61% 499,567 499,339 1.78%

TREASURY BILL 0.000% 12/19/13 3,998,401 3,998,308 5.61% - - -

CAISSE D'AMORT DETTE SOC 5.000%

01/15/13 SR:EMTN - - -

1,548,353

1,574,273 5.60%

CAISSE DES DEPOTS ET CON 1.750%

03/26/13 SR:EMTN - - -

806,000

813,134 2.89%




76


(continued)

Nominal

Value

30.06.13

(US$)

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Nominal

Value

31.12.12

(US$)

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value

Government bonds

US DOLLAR (continued)

ISRAEL GOVERNMENT

INTERNATIONAL BOND ISRAEL 4 5/8

06/15/13 - - -

412,200

408,014 1.45%

REPUBLIC OF AUSTRIA 3.250% 06/25/13

SR:EMTN - - -

770,310

773,116 2.75%

REPUBLIC OF CHILE 5.500% 01/15/13 - - - 776,250 770,393 2.74%

TREASURY BILL 0.000% 01/10/13 - - - 1,399,821 1,399,987 4.98%

TREASURY BILL 0.000% 02/07/13 - - - 400,060 399,984 1.42%

TREASURY BILL 0.000% 02/14/13 - - - 1,199,776 1,199,948 4.27%

TREASURY BILL 0.000% 04/18/13 - - - 1,499,941 1,499,696 5.33%

TREASURY BILL 0.000% 05/02/13 - - - 549,942 549,837 1.96%

TREASURY BILL 0.000% 05/30/13 - - - 749,309 749,680 2.66%

TREASURY BILL 0.000% 06/27/13 - - - 499,438 499,722 1.78%

Total government bonds 39,675,205 55.69% 15,414,580 54.83%

Notional

Value

30.06.13

(US$)

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Notional

Value

31.12.12

(US$)

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value


Over the counter (“OTC”)

OTC Index Swap (60,670,100) (1,158,309) (1.63%) 24,991,840 564,762 2.01%

Counterparty: UBS AG

Total OTC derivatives (1,158,309) (1.63%) 564,762 2.01%



Unrealized

gain/(loss)

30.06.13

(US$)

% of

Net Asset

Value

Unrealized

gain/(loss)

31.12.12

(US$)

%

Net Asset

Value

CHF 10,391,000 USD 11,019,088 31 July 2013 (32,841) (0.05%) - -

EUR 11,256,000 USD 14,634,488 31 July 2013 5,965 0.01% - -

USD 486,533 EUR 385,700 12 September 2013 (15,243) (0.02%) - -

EUR 200,000 USD 263,454 31 January 2013 - - 560 0.00%

EUR 210,000 USD 272,687 31 January 2013 - - 4,528 0.00%

USD 652,849 AUD 640,865 7 February 2013 - - (10,617) 0.00%

USD 491,833 EUR 399,897 14 February 2013 - - (36,121) 0.00%

USD 510,404 EUR 417,679 20 February 2013 - - (41,056) 0.00%

USD 1,148,271 ZAR 9,251,000 22 February 2013 - - 65,059 0.00%

USD 565,174 AUD 552,900 26 February 2013 - - (6,467) 0.00%

USD 677,408 EUR 522,772 4 March 2013 - - (12,877) 0.00%

USD 565,489 CHF 514,646 11 March 2013 - - 2,040 0.00%

USD 383,374 EUR 314,651 14 May 2013 - - (31,886) 0.00%

USD 380,542 EUR 311,675 10 June 2013 - - (31,399) 0.00%

USD 486,533 EUR 385,700 12 September 2013 - - (23,765) 0.00%

Counterparty: LGT Bank AG

Net unrealized loss on forward currency contracts (42,119) (0.06%) (122,001) (0.43%)




77


(continued)

Fair Value

as at

30.06.13

(US$)

% of

Net Asset

Value

Fair Value

as at

31.12.12

(US$)

% of

Net Asset

Value


Other Net Assets 4,621,549 6.49% 2,490,568 8.86%

Total Net Assets 71,245,988 100.00% 28,110,846 100.00%


% of total

assets

% of total

assets

Debt securities 90.70% 88.84%

Over the counter financial derivative instruments (net) (1.61%) 1.56%


100.00% 100.00%

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