SEVEN UCITS · SEVEN UCITS 5, allée Scheffer L-2520 Luxembourg Report on the Audit of the...

as at 31/12/18

Société d'Investissement à Capital Variable

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

Annual report including the audited financial statements

SEVEN UCITS

R.C.S. Luxembourg B 196158

SEVEN UCITS

Table of contents

Page Organisation et Administration 3 Management report 4 Auditor report 7 Combined 10 SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND 13 SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND 17 SEVEN UCITS - SEVEN DIVERSIFIED FUND 22 SEVEN UCITS - SEVEN FIXED INCOME FUND (absorbé le 26/06/18) 26 SEVEN UCITS - SEVEN FORTRESS FUND 29 Notes to the financial statements – Schedule of derivative instruments 35 Other notes to the financial statements 38 Additional information (unaudited) 45 No subscription can be registered solely on the basis of the financial statements. In order to be eligible, a subscription must be made on the basis of the current prospectus accompanied by the most recent annual report, including the audited financial statements and the latest semi-annual report (if more recent than annual report), including the audited financial statements and the Key Investor Information Document. The historical performance of the sub-funds is appended to the Key Investor Information Documents ("KIID").

SEVEN UCITS

Organisation et Administration

Registered office 5, Allée Scheffer

L-2520 Luxembourg Board of Directors Chairman Directors

Johann SCHWIMANN Chairman, SEVEN CAPITAL MANAGEMENT Louis-Grégoire LOGRE Independant Director Johann NOUVEAU (until 28.11.18) Director General, SEVEN CAPITAL MANAGEMENT

Renaud LABBE (since 28.11.18)

SEVEN CAPITAL MANAGEMENT Management Company SEVEN CAPITAL MANAGEMENT

39, Rue Marbeuf 75008 Paris - France

Directors of the management company Johann SCHWIMANN

Chairman Johann NOUVEAU (until 28.11.18)

Director General Renaud LABBE (since 28.11.18)

Director General Custodian CACEIS Bank, Luxembourg Branch

5, Allée Scheffer L-2520 Luxembourg

Domiciliary Agent, Administration Agent, Transfert and Registrar Agent

CACEIS Bank, Luxembourg Branch 5, Allée Scheffer L-2520 Luxembourg

Global Distributor SEVEN CAPITAL MANAGEMENT

39, Rue Marbeuf 75008 Paris - France

Auditor DELOITTE AUDIT Société à Responsabilité Limitée

560, Rue de Neudorf L-2220 Luxembourg

SEVEN UCITS

Management Report

Seven Absolute Return Fund (from 31 December 2017 to 31 December 2018)

Performance of Part I from 31 December 2017 to 31 December 2018: -4.51% Performance of Part P from 31 December 2017 to 31 December 2018: -5.41%

The VaR is a 20 day 99-% VaR. Maximum VaR: 10.75% Minimum VaR: 1.22% Average VaR: 5.11% Maximum leverage: 13.51 Minimum leverage: 2.34 Average leverage: 5.83

In the period from 31 December 2017 to 31 December 2018, global equity markets suffered, with the main global indices posting losses at the close of 2018.

In Europe, the DJ EuroStoxx 50 index fell -12%; in the United States, the S&P 500 shed -4.4%; and in Japan, the NIKKEI 225 plummeted -10.30%.

This decline in global markets adversely affected the performance of the sub-fund that began in 2018 with 127% exposure to stock markets, a figure considerably reduced in February 2018 [29.30% as of 28/02/18].

At the end of December 2018, the sub-fund posted a net short exposure to equity markets of -11.05%.

The losses suffered by the sub-fund on equity markets were partially offset by its long exposure to German and Japanese government bonds.

During the period, the futures contract on the German 10-year bond, the Bund, rose +3.90%, while the Japanese equivalent gained +1.40%.

Of note is the sub-fund’s limited exposure to US government bonds until mid-October 2018, having suffered from the prospect of a FED rate hike in the first half of 2018.

Seven European Equity Fund (from 31 December 2017 to 31 December 2018)


All securities held in the portfolio on 31/12/2018 were denominated in euros and were, without exception, eligible for the PEA (Plan d'épargne en Actions, Shared Savings Plan).

In 2018, the Euro Stoxx 50 Net Return index lost -12.03%.

Part I of the Seven European Equity Fund shed -16.73%, underperforming its benchmark by 4.70 points.

Major contributors to this underperformance include the Industrial Goods and Services, Automobiles and Parts, and Chemical sectors.

These sectors were significantly impacted by fears of a trade war between the US, China, and Europe.

Thus, the sector profile of the sub-fund gradually shifted over the course of the year, becoming more defensive, with the Utilities sector gaining considerably more weight in the portfolio.

SEVEN UCITS

Management Report

With regard to the securities held in the portfolio in 2018, WACKER CHEMIE AG and COVESTRO AG, German companies operating in the chemical field, declined -49.77% and -48.39%, respectively. FAURECIA, a French automotive industry supplier, dropped -48.44%.

It is worth noting the positive performance of the Finnish company FORTUM OYJ and the German firm RWE AG, both operating in the Utilities sector, which gained +22.92% and +19.99%, respectively in 2018.

Seven Diversified Fund (from 31 December 2017 to 31 December 2018)



In the period from 31 December 2017 to 31 December 2018, global equity markets suffered, with the main global indices posting losses at the close of 2018.

In Europe, the DJ EuroStoxx 50 index fell -12%; in the United States, the S&P 500 shed -4.4%; and in Japan, the NIKKEI 225 plummeted -10.30%.

This decline in global markets adversely affected the performance of the sub-fund that began in 2018 with 67.7% exposure to stock markets, a figure considerably reduced over the course of the year, most notably in the fourth quarter of 2018.

At the end of December 2018, the sub-fund’s exposure to equity markets was almost nil at 0.21%.

The losses suffered by the sub-fund on equity markets were partially offset by its long exposure to German and Japanese government bonds.

During the period, the futures contract on the German 10-year bond, the Bund, rose +3.90%, while the Japanese equivalent gained +1.40%.

Of note is the sub-fund’s limited exposure to US government bonds until mid-October 2018, having suffered from the prospect of a FED rate hike in the first half of 2018.

Seven Fixed Income Fund (from 31 December 2017 to 26 June 18)

Performance of Part S from 31 December 2017 to 26 June 18: -0.37% Performance of Part I from 31 December 2017 to 26 June 18: -0.39% Performance of Part R from 31 December 2017 to 26 June 18: -0.81%


Upon the management company’s decision and subsequent notification of the shareholders, the Seven Fixed Income Fund sub-fund was absorbed by the Seven Diversified Fund sub-fund on 26/06/2018.

SEVEN UCITS

Management Report

Prior to this date, the gains made by the sub-fund on its long exposure to Japanese bonds were offset by losses on short positions in US bonds early in the year.

Seven Fortress Fund (du 31/12/17 au 31/12/18)

Performance of Part S from 31 December 2017 to 31 December 2018: -6.74% Performance of Part I from 31 December 2017 to 31 December 2018: -7.36% Performance of Part R from 31 December 2017 to 31 December 2018: -7.94% The VaR is a 20 day 99-% VaR. Maximum VaR: 6.33% Minimum VaR: 2.92% Average VaR: 4.31% Maximum leverage: 0.23 Minimum leverage: 0.10 Average leverage: 0.19 In 2018, the net asset value of the Seven Fortress Fund sub-fund declined as a result of considerable exposure to the Industrial Goods and Services, Automobiles and Parts, and Chemical sectors. These sectors were significantly impacted by fears of a trade war between the US, China, and Europe. Thus, the sector profile of the sub-fund gradually shifted over the course of the year, becoming more defensive, with the Utilities sector gaining considerably more weight in the portfolio. Moreover, the decline in oil prices in the fourth quarter of 2018, and consequently oil-producing companies, also negatively impacted the performance of the sub-fund, 10% of which is exposed to oil and oil derivative producers. The decline of stock indices contributed positively to the performance of the sub-fund, with a structurally short exposure on European (DJ EuroStoxx 50) and US (S&P 500) indices. The Board of Directors of the SICAV, Luxembourg, 8 January 2019 Note: The information stated in this report is historical and not necessarily indicative of future performance.

Deloitte Audit Société à responsabilité limitée560, rue de Neudorf L-2220 Luxembourg BP 1173 L-1011 Luxembourg Tel: +352 451 451 www.deloitte.lu

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ To the Shareholders of SEVEN UCITS 5, allée Scheffer L-2520 Luxembourg Report on the Audit of the Financial Statements Opinion We have audited the financial statements of SEVEN UCITS (la « SICAV »)and of each of its sub-funds which comprise the combined statement of net assets and the statement of investments in securities and other net assets as at December 31, 2018 and the combined statement of operations and changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of SEVEN UCITS and of each of its sub-funds as at December 31, 2018, and of the results of their operations and changes in their net assets for the year then in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. Basis for Opinion We conducted our audit in accordance with the Law of July 23, 2016 on the audit profession (Law of July 23, 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under those Law and standards are further described in the “Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements” section of our report. We are also independent of the SICAV in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information

The Board of Directors of the SICAV is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our report of the Réviseur d'Entreprises Agréé thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉE (continued)

Responsibilities of the Board of Directors of the Company for the Financial Statements

The Board of Directors of SICAV the is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the SICAV is responsible for assessing the SICAV’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the SICAV either intends to liquidate the SICAV or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the Réviseur d’Entreprises Agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Law of July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the SICAV’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the SICAV.

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉE (continued)

• Conclude on the appropriateness of Board of Directors of the SICAV’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the SICAV’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the Réviseur d’Entreprises Agréé to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the Réviseur d’Entreprises Agréé. However, future events or conditions may cause the SICAV to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. For Deloitte Audit, Cabinet de Révision Agréé Ladislas de Crouy-Chanel, Réviseur d’entreprises agréé Partner Luxembourg, April 24, 2019 560, rue de Neudorf L-2220 Luxembourg Only the French version of the present Annual Report has been reviewed by the auditor. Consequently, the audit report only refers to the French version of the report; other versions result from a conscientious translation made under the responsibility of the Board of Directors of the Fund. In case of difference between the French version and the translation, the French version should be retained.

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SEVEN UCITSCombined

The accompanying notes form an integral part of these financial statements

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133,455,052.26Assets111,928,635.21Securities portfolio at market value 2Note117,028,695.67Cost price

-5,100,060.46Unrealised loss on the securities portfolio20,064,285.00Cash at banks and liquidities 2Note

28,804.45Formation expenses 2Note7,243.65Dividends receivable

1,420,200.17Unrealised net appreciation on financial futures 2Note5,883.78Other assets

15,731,369.23Liabilities14,760,291.14Bank overdrafts

91,769.15Interest payable521,401.83Brokers payable

4,413.79Taxe d'abonnement payable 7Note18,785.02Redemptions payable

111,587.42Management fees 3Note22,708.48Custody and administration 5, 6Note14,051.55Audit fees

186,360.85Other liabilities

117,723,683.03Net asset value

SEVEN UCITS

Financial Statements as at 31/12/18

Expressed in EUR

Statement of net assets as at 31/12/18

Combined


12Page

907,078.80Income809,683.42Net dividends 2Note80,143.71Bank interest on cash account 2Note

801.78Other financial income16,449.89Other income 9Note

4,580,517.00Expenses15,664.03Amortisation of formation expenses 2Note

134,604.56Advisory fees 8Note1,461,535.64Management fees 3Note

79,571.88Custodian fees 5Note20,086.29Taxe d'abonnement 7Note41,726.33Administrative expenses 6Note86,618.27Incentive and performance fees 4Note7,793.21Domiciliation fees

43,006.81Audit fees205,558.66Bank interest on overdrafts26,733.00Legal fees

1,912,295.90Transaction fees 2Note550.00Other taxes

12,017.79Expenses on repos and reverse repos532,754.63Other expenses

-3,673,438.20Net loss from investments

Net realised profit / loss on:-1,902,472.23- sales of investment securities 2Note-3,261,528.00- financial futures 2Note

918,106.34- foreign exchange 2Note

-7,919,332.09Net realised loss

Movement in net unrealised appreciation / depreciation on:-6,947,089.97- investments1,219,020.22- financial futures 2Note

-13,647,401.84Decrease in net assets as a result of operations

63,648,125.10Subscription capitalisation shares-64,730,873.48Redemption capitalisation shares

-14,730,150.22Decrease in net assets

132,453,833.25Net assets at the beginning of the year

117,723,683.03Net assets at the end of the year

EUR

Statement of Operations and Changes in Net Assets from 01/01/18 to 31/12/18

SEVEN UCITSCombined

Expressed in

13Page

SEVEN UCITS- SEVEN ABSOLUTE RETURN FUND


14Page


-19,200.00Unrealised loss on the securities portfolio4,192,745.16Cash at banks and liquidities 2Note

4,636.74Formation expenses 2Note202,408.69Unrealised net appreciation on financial futures 2Note

1,698.77Other assets


22,887.35Interest payable424.56Taxe d'abonnement payable 7Note

3,713.20Redemptions payable13,600.87Management fees 3Note2,997.98Custody and administration 5, 6Note

264.09Audit fees29,433.92Other liabilities



Expressed in EUR


SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND

Key figures

Total Net Assets 15,944,525.60 24,965,797.00 17,614,084.16

31/12/1631/12/1731/12/18Period/Year ending as at:

EUREUR-I (cap)

126.04123,949.562 182,933.704

131.98148,484.263

115.57Number of sharesNet asset value per share EUR

EUR-R (cap)

116.282,765.017 6,688.803

122.924,218.642



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FRANCE TREASURY BILL ZCP 0401192,500,000.00 2,504,675.00 15.71EUR

Transferable securities admitted to an official stock exchange listing and/or dealt inon another regulated market 15,041,621.53 94.34

Bonds 15,041,621.53 94.34

France 15,041,621.53 94.34

FRANCE TREASURY BILL ZCP 0602192,000,000.00 2,007,066.12 12.59EURFRANCE TREASURY BILL ZCP 0603191,500,000.00 1,502,710.95 9.42EURFRANCE TREASURY BILL ZCP 1601192,500,000.00 2,505,000.00 15.72EURFRANCE TREASURY BILL ZCP 2002192,000,000.00 2,006,985.96 12.59EURFRANCE TREASURY BILL ZCP 2301192,000,000.00 2,007,657.30 12.59EURFRANCE TREASURY BILL ZCP 2702191,500,000.00 1,505,576.20 9.44EURFRANCE TREASURY BILL ZCP 3001191,000,000.00 1,001,950.00 6.28EUR

SEVEN UCITS - SEVEN FORTRESS FUND EUR-S (CAP)2,500.00 230,800.00 1.45EUR

Shares/Units of UCITS/UCIS 230,800.00 1.45

Shares/Units in investment funds 230,800.00 1.45

Luxembourg 230,800.00 1.45

Total securities portfolio 15,272,421.53 95.78

Securities portfolio as at 31/12/18EURExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket value


16Page

Statement of Operations and Changes in Net Assets from 01/01/18 to 31/12/18Expressed in EUR


37,918.17Income35,481.84Bank interest on cash account 2Note


1,118,872.16Expenses2,668.67Amortisation of formation expenses 2Note

26,397.56Advisory fees 8Note242,340.27Management fees 3Note13,566.92Custodian fees 5Note2,419.39Taxe d'abonnement 7Note7,027.58Administrative expenses 6Note

50,964.47Incentive and performance fees 4Note1,334.02Domiciliation fees7,080.50Audit fees

57,886.69Bank interest on overdrafts6,356.55Legal fees

582,606.96Transaction fees 2Note12,017.79Expenses on repos and reverse repos

106,204.79Other expenses

-1,080,953.99Net loss from investmentsNet realised profit / loss on:

-188,519.39- sales of investment securities 2Note-334,340.18- financial futures 2Note260,957.98- foreign exchange 2Note

-1,342,855.58Net realised lossMovement in net unrealised appreciation / depreciation on:

-18,150.00- investments229,056.23- financial futures 2Note

-1,131,949.35Decrease in net assets as a result of operations9,802,965.31Subscription capitalisation shares

-17,692,287.36Redemption capitalisation shares




17Page

SEVEN UCITS- SEVEN EUROPEAN EQUITY FUND


18Page

24,857,809.94Assets24,354,293.08Securities portfolio at market value 2Note27,892,904.09Cost price-3,538,611.01Unrealised loss on the securities portfolio

499,657.93Cash at banks and liquidities 2Note2,029.52Formation expenses 2Note1,829.41Other assets

493,794.27Liabilities429,766.95Brokers payable

1,533.88Taxe d'abonnement payable 7Note25,496.18Management fees 3Note4,583.46Custody and administration 5, 6Note2,527.54Audit fees




Expressed in EUR


SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND

Key figures

Total Net Assets 24,364,015.67 12,445,802.42 7,508,510.58


EUREUR-I (cap)

180.1983,899.174 31,004.381

216.3818,597.925


EUR-R (cap)

158.7158,259.053 29,926.930

191.7024,826.080



19Page

COLRUYT7,666.00 477,131.84 1.96EUR


Shares 24,354,293.08 99.96

Belgium 871,895.70 3.58

UCB2,852.00 203,347.60 0.83EURUMICORE SA5,491.00 191,416.26 0.79EUR

ELISA CORPORATION -A-5,957.00 214,928.56 0.88EURFinland 2,616,209.88 10.74

FORTUM CORP22,932.00 438,001.20 1.80EURNESTE12,250.00 825,160.00 3.39EURSTORA ENSO -R-73,679.00 743,052.72 3.05EURUPM KYMMENE CORP17,836.00 395,067.40 1.62EUR

AEROPORTS DE PARIS-ADP-2,575.00 426,162.50 1.75EURFrance 7,806,304.79 32.04

DASSAULT SYSTEMES SA7,764.00 805,126.80 3.30EUREDF SA45,071.00 621,979.80 2.55EURFAURECIA17,880.00 591,291.60 2.43EURHERMES INTERNATIONAL SA878.00 425,654.40 1.75EURIPSEN5,507.00 621,464.95 2.55EURKERING1,048.00 431,356.80 1.77EURPERNOD RICARD SA1,517.00 217,386.10 0.89EURSAFRAN5,797.00 611,003.80 2.51EURSANOFI8,312.00 628,885.92 2.58EURSCOR SE ACT PROV REGROUPEMENT10,119.00 398,688.60 1.64EURSUEZ ACT.16,256.00 187,431.68 0.77EURTELEPERFORMANCE SA5,849.00 816,520.40 3.35EURTHALES5,954.00 607,308.00 2.49EURUBISOFT ENTERTAINMENT5,903.00 416,043.44 1.71EUR

COVESTRO AG12,778.00 551,754.04 2.27EURGermany 6,533,354.25 26.82

DELIVERY HERO SE12,907.00 419,477.50 1.72EURDEUTSCHE BOERSE AG REG SHS1,856.00 194,787.20 0.80EURDEUTSCHE LUFTHANSA AG REG SHS20,435.00 402,569.50 1.65EURDEUTSCHE TELEKOM AG REG SHS13,851.00 205,271.82 0.84EURDEUTSCHE WOHNEN AG5,167.00 206,680.00 0.85EURHANNOVER RUECKVERSICHERUNG AG REG SHS1,727.00 203,267.90 0.83EURINNOGY10,787.00 439,354.51 1.80EURLEG IMMOBILIEN - NAMEN AKT2,157.00 196,545.84 0.81EURMERCK KGAA4,342.00 390,693.16 1.60EURMORPHOSYS2,063.00 183,503.85 0.75EURMTU AERO ENGINES HOLDING AG3,429.00 543,153.60 2.23EURPORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR11,171.00 576,870.44 2.38EURRHEINMETALL AG2,449.00 188,964.84 0.78EURRWE AG11,093.00 210,378.75 0.86EURUNIPER NAMEN-AKT.9,162.00 207,061.20 0.85EURWACKER CHEMIE AG4,943.00 390,991.30 1.60EURWIRECARD AG7,696.00 1,022,028.80 4.20EUR

FINECOBANK66,968.00 587,845.10 2.41EURItaly 2,056,824.44 8.44

MONCLER SPA35,538.00 1,028,114.34 4.22EURPOSTE ITALIANE SPA63,125.00 440,865.00 1.81EUR

TENARIS SA - REG.SHS19,466.00 183,759.04 0.75EURLuxembourg 183,759.04 0.75

EDP-ENERGIAS REG.SHS68,765.00 209,664.49 0.86EURPortugal 209,664.49 0.86

AMADEUS IT -A-10,033.00 610,407.72 2.51EURSpain 1,472,173.56 6.04

MERLIN PROPERTIES SOCIMI S.A.19,264.00 207,762.24 0.85EURNATURGY ENERGY GROUP SA19,532.00 434,782.32 1.78EURRED ELECTRICA11,245.00 219,221.28 0.90EUR

AIRBUS GROUP2,235.00 187,650.60 0.77EURThe Netherlands 2,604,106.93 10.69

DSM KONINKLIJKE8,430.00 602,239.20 2.47EURFIAT CHRYSLER AUTOMOBILES -A-28,673.00 363,630.99 1.49EUR






20Page

KONINKLIJKE AHOLD NV29,023.00 640,682.73 2.64EURQIAGEN REGD EUR6,685.00 198,410.80 0.81EURROYAL PHILIPS ELECTRONIC6,365.00 196,869.45 0.81EURWOLTERS KLUWER8,026.00 414,623.16 1.70EUR







21Page



395,135.83Income390,205.40Net dividends 2Note

1,067.86Bank interest on cash account 2Note3,862.57Other income 9Note

545,330.61Expenses1,168.00Amortisation of formation expenses 2Note

23,993.96Advisory fees 8Note232,578.81Management fees 3Note11,542.19Custodian fees 5Note4,626.30Taxe d'abonnement 7Note5,802.91Administrative expenses 6Note

32,496.99Incentive and performance fees 4Note1,103.63Domiciliation fees7,159.72Audit fees2,395.23Bank interest on overdrafts2,577.83Legal fees

206,266.78Transaction fees 2Note150.00Other taxes


-150,194.78Net loss from investmentsNet realised profit / loss on:

-768,417.03- sales of investment securities 2Note-13.29- foreign exchange 2Note

-918,625.10Net realised lossMovement in net unrealised appreciation / depreciation on:

-4,109,435.49- investments

-5,028,060.59Decrease in net assets as a result of operations25,297,260.67Subscription capitalisation shares-8,350,986.83Redemption capitalisation shares

11,918,213.25Increase in net assets



22Page

SEVEN UCITS- SEVEN DIVERSIFIED FUND


23Page


-660,045.42Unrealised loss on the securities portfolio14,536,343.20Cash at banks and liquidities 2Note

21,856.88Formation expenses 2Note4,208.88Dividends receivable

1,008,258.63Unrealised net appreciation on financial futures 2Note2,275.92Other assets


68,881.80Interest payable2,279.48Taxe d'abonnement payable 7Note4,674.96Redemptions payable

67,417.27Management fees 3Note13,988.02Custody and administration 5, 6Note10,705.28Audit fees




Expressed in EUR


SEVEN UCITS - SEVEN DIVERSIFIED FUND

Key figures

Total Net Assets 71,335,476.84 87,958,273.52 71,020,325.44


EUREUR-I (cap)

126.04521,240.695 529,611.109

136.26502,323.838


EUR-R (cap)

111.2150,721.949 130,639.033

120.8873,063.642



24Page

MICRO FOCUS INTL SHS SPONSORED ADR872.00 13,127.87 0.02USD


Shares 13,127.87 0.02

United Kingdom 13,127.87 0.02

FRANCE TREASURY BILL ZCP 0602191,500,000.00 1,502,295.00 2.11EUR

Bonds 61,110,583.84 85.66

France 61,110,583.84 85.66

FRANCE TREASURY BILL ZCP 0603193,500,000.00 3,506,325.55 4.92EURFRANCE TREASURY BILL ZCP 0901195,000,000.00 5,008,899.15 7.02EURFRANCE TREASURY BILL ZCP 13021910,000,000.00 10,016,400.00 14.04EURFRANCE TREASURY BILL ZCP 16011910,000,000.00 10,020,000.00 14.05EURFRANCE TREASURY BILL ZCP 2002191,000,000.00 1,001,490.00 1.40EURFRANCE TREASURY BILL ZCP 23011920,000,000.00 20,036,500.00 28.08EURFRANCE TREASURY BILL ZCP 2702193,500,000.00 3,505,999.14 4.91EURFRANCE TREASURY BILL ZCP 3001196,500,000.00 6,512,675.00 9.13EUR

BNP PARIBAS ISSU 0.00 18-19 25/01U4,000,000.00 3,578,400.00 5.02EUR

Other transferable securities 3,578,400.00 5.02

Bonds 3,578,400.00 5.02

The Netherlands 3,578,400.00 5.02

SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND EUR-I (CAP)12,854.39 1,617,082.01 2.27EUR

Shares/Units of UCITS/UCIS 2,071,507.01 2.90

Shares/Units in investment funds 2,071,507.01 2.90

Luxembourg 2,071,507.01 2.90

SEVEN UCITS - SEVEN FORTRESS FUND EUR-R (CAP)2,500.00 223,625.00 0.31EURSEVEN UCITS - SEVEN FORTRESS FUND EUR-S (CAP)2,500.00 230,800.00 0.32EUR







25Page



418,207.08Income364,340.63Net dividends 2Note43,594.01Bank interest on cash account 2Note


2,761,993.71Expenses11,124.68Amortisation of formation expenses 2Note75,382.19Advisory fees 8Note

929,863.69Management fees 3Note50,316.42Custodian fees 5Note12,280.81Taxe d'abonnement 7Note25,964.33Administrative expenses 6Note2,892.10Incentive and performance fees 4Note4,967.09Domiciliation fees

26,710.98Audit fees123,126.35Bank interest on overdrafts16,465.19Legal fees

1,079,914.86Transaction fees 2Note150.00Other taxes


-2,343,786.63Net loss from investmentsNet realised profit / loss on:

-925,072.09- sales of investment securities 2Note-3,146,136.14- financial futures 2Note


-5,778,409.68Net realised lossMovement in net unrealised appreciation / depreciation on:

-1,875,322.72- investments767,404.18- financial futures 2Note

-6,886,328.22Decrease in net assets as a result of operations22,244,012.77Subscription capitalisation shares

-31,980,481.23Redemption capitalisation shares




26Page

SEVEN UCITS- SEVEN FIXED INCOME FUND (absorbed le

26/06/18)


27Page

Key figures

SEVEN UCITS - SEVEN FIXED INCOME FUND (absorbed le 26/06/18)

Total Net Assets 0.00 5,938,024.20 7,602,124.41

31/12/1631/12/1726/06/18Period/year ending as at:

EUREUR-I (cap)

0.000.000 1,000.000

87.3710,914.180


EUR-S (cap)

0.000.000 65,000.000

89.8665,000.000


EUR-R (cap)

0.000.000 120.292

82.341,281.927



28Page


SEVEN UCITS - SEVEN FIXED INCOME FUND (absorbed le 26/06/18)

201.81Income201.81Other income 9Note

62,633.06Expenses542.08Amortisation of formation expenses 2Note

2,609.47Advisory fees 8Note18,847.66Management fees 3Note1,848.77Custodian fees 5Note

275.05Taxe d'abonnement 7Note1,763.94Administrative expenses 6Note

166.80Domiciliation fees889.45Audit fees

3,929.70Bank interest on overdrafts1,113.07Legal fees

24,271.98Transaction fees 2Note6,375.09Other expenses


-29,302.98- sales of investment securities 2Note29,849.08- financial futures 2Note11,136.60- foreign exchange 2Note

-50,748.55Net realised lossMovement in net unrealised appreciation / depreciation on:

5,674.99- investments23,871.91- financial futures 2Note

-21,201.65Decrease in net assets as a result of operations-5,916,822.55Redemption capitalisation shares


5,938,024.20Net assets at the beginning of the period

0.00Net assets at the end of the period

29Page

SEVEN UCITS- SEVEN FORTRESS FUND


30Page

6,576,769.20Assets5,528,301.88Securities portfolio at market value 2Note6,410,505.91Cost price-882,204.03Unrealised loss on the securities portfolio835,538.71Cash at banks and liquidities 2Note

281.31Formation expenses 2Note3,034.77Dividends receivable

209,532.85Unrealised net appreciation on financial futures 2Note79.68Other assets

497,104.28Liabilities381,059.87Bank overdrafts91,634.88Brokers payable

175.87Taxe d'abonnement payable 7Note10,396.86Redemptions payable5,073.10Management fees 3Note1,139.02Custody and administration 5, 6Note

554.64Audit fees7,070.04Other liabilities



Expressed in EUR


SEVEN UCITS - SEVEN FORTRESS FUND

Key figures

Total Net Assets 6,079,664.92 1,145,936.11 1,086,538.69


EUREUR-I (cap)

91.5858,709.106 4,083.923

98.864,083.923


EUR-S (cap)

92.875,000.000 5,000.000

99.585,000.000


EUR-R (cap)

89.972,651.975 2,500.000

97.722,500.000



31Page

COLRUYT582.00 36,223.68 0.60EUR


Shares 5,528,301.88 90.93

Belgium 82,602.96 1.36

GALAPAGOS GENOMICS NV186.00 14,984.16 0.25EURUCB234.00 16,684.20 0.27EURUMICORE SA422.00 14,710.92 0.24EUR

CHRISTIAN HANSEN189.00 14,603.43 0.24DKKDenmark 260,831.56 4.29

COLOPLAST -B-604.00 48,967.83 0.81DKKGN GREAT NORDIC2,065.00 67,325.68 1.11DKKH. LUNDBECK1,380.00 52,777.84 0.87DKKWILLIAM DEMANT HOLDINGS A/S3,114.00 77,156.78 1.26DKK

FORTUM CORP1,769.00 33,787.90 0.56EURFinland 197,316.28 3.25

NESTE1,162.00 78,272.32 1.29EURSTORA ENSO -R-3,993.00 40,269.41 0.66EURUPM KYMMENE CORP2,031.00 44,986.65 0.74EUR

AEROPORTS DE PARIS-ADP-196.00 32,438.00 0.53EURFrance 516,854.85 8.50

AIR FRANCE - KLM SA1,658.00 15,717.84 0.26EURDASSAULT SYSTEMES SA589.00 61,079.30 1.00EUREDF SA2,257.00 31,146.60 0.51EURFAURECIA1,357.00 44,875.99 0.74EURGECINA SA REG SHS133.00 15,029.00 0.25EURHERMES INTERNATIONAL SA65.00 31,512.00 0.52EURIPSEN262.00 29,566.70 0.49EURKERING80.00 32,928.00 0.54EURPERNOD RICARD SA128.00 18,342.40 0.30EURSAFRAN461.00 48,589.40 0.80EURSANOFI631.00 47,741.46 0.79EURSCOR SE ACT PROV REGROUPEMENT768.00 30,259.20 0.50EURTELEPERFORMANCE SA444.00 61,982.40 1.01EURUBISOFT ENTERTAINMENT222.00 15,646.56 0.26EUR

COVESTRO AG970.00 41,884.60 0.69EURGermany 517,545.75 8.51

DELIVERY HERO SE980.00 31,850.00 0.52EURDEUTSCHE BOERSE AG REG SHS285.00 29,910.75 0.49EURDEUTSCHE LUFTHANSA AG REG SHS1,551.00 30,554.70 0.50EURDEUTSCHE TELEKOM AG REG SHS1,065.00 15,783.30 0.26EURDEUTSCHE WOHNEN AG427.00 17,080.00 0.28EURHANNOVER RUECKVERSICHERUNG AG REG SHS133.00 15,654.10 0.26EURINNOGY819.00 33,357.87 0.55EURMERCK KGAA165.00 14,846.70 0.24EURMTU AERO ENGINES HOLDING AG260.00 41,184.00 0.68EURPORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR848.00 43,790.72 0.72EURRHEINMETALL AG203.00 15,663.48 0.26EURRWE AG849.00 16,101.29 0.26EURUNIPER NAMEN-AKT.705.00 15,933.00 0.26EURVOLKSWAGEN VORZ.AKT107.00 14,864.44 0.24EURWACKER CHEMIE AG375.00 29,662.50 0.49EURWIRECARD AG701.00 93,092.80 1.54EUR1&1 DRILLISCH AKTIENGESELLSCHAFT367.00 16,331.50 0.27EUR

SEAGATE TECHNOLOGY PLC2,237.00 75,515.75 1.24USDIreland 75,515.75 1.24

FINECOBANK5,084.00 44,627.35 0.73EURItaly 140,525.62 2.31

MONCLER SPA2,158.00 62,430.94 1.03EURPOSTE ITALIANE SPA4,792.00 33,467.33 0.55EUR

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)916.00 15,306.36 0.25EURLuxembourg 15,306.36 0.25

AKER BP SHS5,483.00 120,752.01 1.98NOKNorway 261,714.59 4.30

EQUINOR2,307.00 42,824.73 0.70NOK






32Page

MOWI ASA2,356.00 43,484.40 0.72NOKTGS NOPEC GEOPHYSICAL ASA2,591.00 54,653.45 0.90NOK

POLSKI KONCERN NAFTOWY ORLEN SA151.00 3,802.65 0.06PLNPoland 3,802.65 0.06

AMADEUS IT -A-734.00 44,656.56 0.73EURSpain 96,512.46 1.59

NATURGY ENERGY GROUP SA1,572.00 34,992.72 0.58EURRED ELECTRICA865.00 16,863.18 0.28EUR

BIOVITRUM AB5,095.00 97,023.68 1.60SEKSweden 485,830.95 7.99

ELEKTA INSTRUMENT -B- FREE4,590.00 47,711.54 0.78SEKICA GRUPPEN AB1,017.00 31,789.40 0.52SEKLUNDIN PETROL3,290.00 71,870.35 1.18SEKSKANDINAVISKA ENSKILDA BANKEN -A-3,557.00 30,217.83 0.50SEKSVENSKA CELLULOSA SCA AB-SHS-B-6,635.00 44,988.38 0.74SEKSWEDBANK -A-797.00 15,550.74 0.26SEKSWEDISH MATCH3,722.00 128,204.26 2.11SEKTELEFON AB L.M.ERICSSON2,403.00 18,474.77 0.30SEK

AIRBUS GROUP186.00 15,616.56 0.26EURThe Netherlands 170,593.64 2.81

DSM KONINKLIJKE663.00 47,364.72 0.78EURFIAT CHRYSLER AUTOMOBILES -A-2,177.00 27,608.71 0.45EURKONINKLIJKE AHOLD NV1,469.00 32,428.18 0.53EURROYAL PHILIPS ELECTRONIC521.00 16,114.53 0.27EURWOLTERS KLUWER609.00 31,460.94 0.52EUR

MICRO FOCUS INTL SHS SPONSORED ADR50.00 752.74 0.01USDUnited Kingdom 16,658.84 0.27

ROYAL DUTCH SHELL PLC620.00 15,906.10 0.26EUR

ABBVIE INC WI200.00 16,129.12 0.27USDUnited States of America 2,686,689.62 44.20

ABIOMED INC339.00 96,390.29 1.60USDADOBE INC228.00 45,123.32 0.74USDADVANCE AUTO PARTS218.00 30,027.80 0.49USDAKAMAI TECHNOLOGIES285.00 15,227.92 0.25USDALIGN TECHNOLOGY INC329.00 60,274.21 0.99USDAMAZON.COM INC77.00 101,169.30 1.67USDANADARKO PETROLEUM CORP361.00 13,844.41 0.23USDANTHEM63.00 14,473.77 0.24USDAUTOMATIC DATA PROCESSING INC265.00 30,395.66 0.50USDBALL CORP376.00 15,123.54 0.25USDBOEING CO COM.162.00 45,702.66 0.75USDBROADRIDGE FINANCIAL SOL -W/I745.00 62,726.89 1.03USDBROWN-FORMAN CORP -B- NON VOTING800.00 33,297.47 0.55USDCATERPILLAR - REGISTERED279.00 31,013.02 0.51USDCENTENE255.00 25,719.72 0.42USDCHURCH AND DWIGHT CO584.00 33,594.75 0.55USDCIGNA --- REGISTERED SHS257.00 42,697.32 0.70USDCINTAS104.00 15,283.17 0.25USDCISCO SYSTEMS INC425.00 16,109.22 0.26USDCITRIX SYSTEMS353.00 31,639.22 0.52USDCLOROX CO235.00 31,686.92 0.52USDCME GROUP -A-108.00 17,772.79 0.29USDCOMERICA INC232.00 13,940.50 0.23USDCOPART INC1,908.00 79,748.27 1.32USDCOSTCO WHOLESALE CORP86.00 15,325.25 0.25USDDEERE & CO115.00 15,006.39 0.25USDDIGITAL REALTY TRUST INC188.00 17,522.98 0.29USDDISCOVERY-A750.00 16,231.46 0.27USDDOLLAR TREE INC458.00 36,186.47 0.60USDDR HORTON492.00 14,917.31 0.25USDE TRADE FINANCIAL353.00 13,549.96 0.22USDELI LILLY & CO819.00 82,906.60 1.37USDESTEE LAUDER COMPANIES INC -A-140.00 15,933.17 0.26USDEVERSOURCE EN272.00 15,475.55 0.25USDFLUOR CORP WHEN ISSUED1,913.00 53,884.97 0.89USDF5 NETWORKS332.00 47,057.66 0.77USD






33Page

GARTNER GROUP INC -A-140.00 15,656.39 0.26USDHARRIS CORP264.00 31,096.18 0.51USDHCA HEALTHCARE RG REGISTERED SHS531.00 57,807.77 0.95USDHELMERICH PAINE339.00 14,216.56 0.23USDHILTON WORLDWIDE HLDGS INC REG SHS498.00 31,278.84 0.51USDHOLLYFRONTIER1,649.00 73,740.87 1.22USDHOME DEPOT INC110.00 16,533.44 0.27USDIDEXX LABS CORP97.00 15,784.40 0.26USDILLUMINA INC166.00 43,553.67 0.72USDINTUIT93.00 16,014.57 0.26USDJACOBS ENGIN GROUP315.00 16,108.91 0.26USDKOHL'S CORP909.00 52,751.66 0.87USDMACYS573.00 14,927.12 0.25USDMARATHON PETROLEUM339.00 17,499.36 0.29USDMARRIOTT INTERNATIONAL -A-336.00 31,908.47 0.52USDMASTERCARD INC -A-185.00 30,529.90 0.50USDMCCORMICK & CO INC NON VOTING257.00 31,303.57 0.51USDMERCK AND CO987.00 65,972.68 1.10USDMOTOROLA SOLUTIONS INC291.00 29,284.56 0.48USDMSCI127.00 16,378.96 0.27USDNETAPP1,110.00 57,939.64 0.95USDNETFLIX INC134.00 31,375.10 0.52USDONEOK INC (NEW)616.00 29,071.60 0.48USDPFIZER INC844.00 32,227.26 0.53USDPHILLIPS 66244.00 18,388.31 0.30USDPROCTER AND GAMBLE CO221.00 17,770.48 0.29USDPROGRESSIVE CORP287.00 15,146.49 0.25USDPULTEGROUP697.00 15,846.59 0.26USDREALTY INCOME CORP290.00 15,992.30 0.26USDRED HAT218.00 33,494.75 0.55USDROBERT HALF INTERNATIONAL INC309.00 15,461.49 0.25USDSALESFORCE COM.INC151.00 18,092.53 0.30USDT ROWE PRICE GROUP INC393.00 31,738.41 0.52USDTEXAS INSTRUMENTS INC193.00 15,954.60 0.26USDTJX COS INC1,604.00 62,776.50 1.03USDTOTAL SYSTEM SERVICES INC432.00 30,719.75 0.51USDTRACTOR SUPPLY CO405.00 29,561.47 0.49USDUNITED RENTALS INC488.00 43,769.09 0.72USDVALERO ENERGY955.00 62,630.76 1.03USDVERISIGN INC365.00 47,347.99 0.78USDWALGREENS BOOTS ALLIANCE INC218.00 13,030.61 0.21USDWELLCARE HEALTH PLANS INC222.00 45,848.73 0.75USDWELLTOWER INC294.00 17,851.15 0.29USDWW GRAINGER INC69.00 17,043.12 0.28USD21ST CENTURY -A- WHEN ISSUED781.00 32,875.58 0.54USD21ST CENTURY -B-1,179.00 49,278.41 0.81USD







34Page



55,615.91Income55,137.39Net dividends 2Note

478.52Other income 9Note

91,687.46Expenses160.60Amortisation of formation expenses 2Note

6,221.38Advisory fees 8Note37,905.21Management fees 3Note2,297.58Custodian fees 5Note

484.74Taxe d'abonnement 7Note1,167.57Administrative expenses 6Note

264.71Incentive and performance fees 4Note221.67Domiciliation fees

1,166.16Audit fees18,220.69Bank interest on overdrafts

220.36Legal fees19,235.32Transaction fees 2Note

250.00Other taxes3,871.47Other expenses


8,839.26- sales of investment securities 2Note189,099.24- financial futures 2Note


171,306.82Net realised profitMovement in net unrealised appreciation / depreciation on:

-949,856.75- investments198,687.90- financial futures 2Note

-579,862.03Decrease in net assets as a result of operations6,303,886.35Subscription capitalisation shares-790,295.51Redemption capitalisation shares

4,933,728.81Increase in net assets



35Page

Notes to the financial statements - Schedule of derivativeinstruments

SEVEN UCITS

36Page

EURO/USD 90DAY(CME) 09/19 2,471.248 USD 1,703,013.60 CACEIS Bank, ParisFutures on interest rates

(purchase/(sale)) DenominationQuantity

Currency(in EUR)

Broker(in absolute value)

Commitment

(in EUR)Unrealised


3MO EURO EURIBOR 09/19 1,450.0040 EUR 10,027,500.00 CACEIS Bank, Paris3,921.24

EURO SCHATZ FUTURE 03/19 330.0015 EUR 1,679,100.00 CACEIS Bank, ParisFutures on bonds

US 5 YEARS NOTE-CBT 03/19 34,861.1860 USD 6,019,551.24 CACEIS Bank, ParisJPN 10 YEARS BOND 03/19 38,032.009 JPY 10,946,040.01 CACEIS Bank, ParisEURO BOBL FUTURE 03/19 13,250.0067 EUR 8,878,840.00 CACEIS Bank, ParisEURO BUND FUTURE 03/19 20,860.0028 EUR 4,579,120.00 CACEIS Bank, ParisUS 2 YEARS NOTE- CBT 03/19 1,653.883 USD 557,177.54 CACEIS Bank, ParisUS 10 YEARS NOTE 03/19 38,367.1337 USD 3,949,243.87 CACEIS Bank, ParisUS TREASURY BOND 03/19 31,245.9016 USD 2,043,476.36 CACEIS Bank, Paris

178,600.09

FTSE/JSE TOP40 03/19 -1,844.42-3 ZAR 85,245.72 CACEIS Bank, ParisFutures on index

CAC40 10 EURO 01/19 225.00-3 EUR 141,920.70 CACEIS Bank, ParisDJIA MINI FUTURE-CBT 03/19 -6,613.31-2 USD 204,062.98 CACEIS Bank, ParisAMSTERDAM INDEX 01/19 -1,294.00-1 EUR 97,576.00 CACEIS Bank, ParisS&P 500 EMINI INDEX 03/19 -3,800.90-2 USD 219,293.18 CACEIS Bank, ParisHANG SENG INDEX 01/19 921.77-1 HKD 144,386.97 CACEIS Bank, ParisIBEX 35 INDEX 01/19 3,938.00-2 EUR 170,798.00 CACEIS Bank, ParisSGX CNX NIFTY INDEX 01/19 -34.99-6 USD 114,027.56 CACEIS Bank, ParisNIKKEI 225 (SGX) 03/19 -418.59-1 JPY 79,472.53 CACEIS Bank, ParisNASDAQ 100 E-MINI 03/19 -4,023.97-1 USD 110,745.99 CACEIS Bank, ParisOBX INDEX (OBX) 01/19 568.86-3 NOK 22,421.92 CACEIS Bank, ParisMSCI.SING INDEX 01/19 593.65-5 SGD 110,040.75 CACEIS Bank, ParisDJ EURO STOXX 50 03/19 1,930.00-4 EUR 118,960.00 CACEIS Bank, ParisFTSE 100 INDEX 03/19 -1,682.36-2 GBP 149,922.12 CACEIS Bank, Paris

-11,535.26

EUR/USD (CME) 03/19 39,375.8526 USD 3,275,871.50 CACEIS Bank, ParisFutures on currency

EUR/JPY (CME) 03/19 -7,953.233 JPY 375,655.69 CACEIS Bank, Paris31,422.62

US 5 YEARS NOTE-CBT 03/19 53,559.5265 USD 6,521,180.51 CACEIS Bank, ParisFutures on bonds


Currency(in EUR)


Commitment

(in EUR)Unrealised


JPN 10 YEARS BOND 03/19 148,779.2735 JPY 42,551,190.06 CACEIS Bank, ParisEURO BOBL FUTURE 03/19 20,400.00102 EUR 13,517,040.00 CACEIS Bank, ParisEURO BUND FUTURE 03/19 134,940.00167 EUR 27,311,180.00 CACEIS Bank, ParisUS 10 YEARS NOTE 03/19 190,728.47123 USD 13,128,567.45 CACEIS Bank, ParisUS TREASURY BOND 03/19 328,232.30139 USD 17,752,700.87 CACEIS Bank, Paris

876,639.56

OBX INDEX (OBX) 01/19 -3,913.6320 NOK 149,479.48 CACEIS Bank, ParisFutures on index

-3,913.63


EUR/JPY (CME) 03/19 -20,680.408 JPY 1,001,748.52 CACEIS Bank, Paris135,532.70

As at 31/12/18, the following future contracts were outstanding :

SEVEN UCITSFUTURES

37Page

S&P 500 EMINI INDEX 03/19 125,735.91-19 USD 2,081,914.01 CACEIS Bank, ParisFutures on index


Currency(in EUR)


Commitment

(in EUR)Unrealised


DJ EURO STOXX 50 03/19 47,450.00-73 EUR 2,171,020.00 CACEIS Bank, Paris173,185.91


36,346.94

SEVEN UCITSFUTURES

38Page

SEVEN UCITSOther notes to the financial statements

SEVEN UCITS

Other notes to the financial statements as at 31 December 2018

Note 1 - General description SEVEN UCITS (the "SICAV") is a Luxembourg-law Investment Company with Variable Capital (Société d’Investissement à Capital Variable, SICAV) with multiple sub-funds, constituted on 10 April 2015 for an unlimited period in the form of a Limited Company (Société Anonyme). The SICAV is subject to the provisions of Part I of the amended law of 17 December 2010 (Law of 2010) concerning Collective Investment Undertakings, and the amended law of 10 August 1915 on commercial companies. The articles of incorporation of the SICAV were published in the Series C Mémorial (Luxembourg's legal gazette), the Compendium of Companies and Associations, on 17 April 2015 and filed with the Registry of the District Court of and in Luxembourg. The SICAV has been registered with the Registry of Business and Companies of Luxembourg under number B196158. On 10 April 2015, the Board of Directors of the SICAV appointed, under its responsibility and control, SEVEN CAPITAL MANAGEMENT as managing company of the SICAV. The SICAV can be comprised of different sub-funds, each representing a pool of specific assets and liabilities, and each corresponding to a different investment policy and a reference currency specific to it. Within each sub-fund, the shares can be of separate share classes and, within these, of separate categories. The SICAV is, therefore, conceived in order to establish a Collective Investment Undertaking with multiple sub-funds, allowing investors to choose the sub-fund whose investment policy best corresponds to their objectives and sensitivity. As at 31 December 2017, the following sub-funds were active:

- SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND - SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND - SEVEN UCITS - SEVEN DIVERSIFIED FUND - SEVEN UCITS - SEVEN FORTRESS FUND

The SEVEN UCITS - SEVEN FIXED INCOME FUND sub-fund was acquired by the SEVEN UCITS - SEVEN DIVERSIFIED FUND sub-fund on 26 June 2018. For these active sub-funds, the shares are available in the following share classes: - Class EUR-I (cap), denominated in EUR and intended for institutional investors - Class EUR-R (cap), denominated in EUR and intended for all types of investors - Class USD-I (cap), denominated in USD and intended for institutional investors - Class USD-R (cap), denominated in USD and intended for all types of investors - Class CHF-I (cap), denominated in CHF and intended for institutional investors - Class CHF-R (cap), denominated in CHF and intended for all types of investors For the SEVEN UCITS - SEVEN FORTRESS FUND sub-fund, shares are also available in the following share class: Class EUR-S (cap) : denominated in euros and intended for the sub-fund’s institutional seeder investors. In each sub-fund, the Board of Directors of the SICAV can decide at any given time to issue different classes of shares ("share classes" or "classes"), the assets of which will be invested jointly in accordance with the specific investment policy of the sub-fund in question but will be subject to a specific fee structure or will present other distinctive characteristics pertaining to each class. Note 2 - Significant accounting policies 2.1 Presentation of the financial statements The financial statements are prepared in accordance with the generally admitted accounting policies and are presented pursuant to the law and the regulations in force in Luxembourg concerning Collective Investment Undertakings.

SEVEN UCITS

Other notes to the financial statements as at 31 December 2018 (continued)

Note 2 - Significant accounting policies (continued) 2.2 Assessment of the securities portfolio The assessment of the securities listed or traded on a market regulated under the Law of 2010 or traded on another market of an EU member state that is regulated, in regular operation, recognised and open to the public or admitted to official listing on a securities market of a non-EU state or traded on another market of a non-EU state, regulated, in regular operation, recognised and open to the public (these three conditions can also be classed as a "Regulated Market), is based on the last known closing price on the Day of Assessment and if these securities are traded on several markets, on the basis of the last known closing price of the main market of these securities on the Day of Assessment. Securities not listed on the Stock Exchange or on another regulated market, as well as listed securities whose prices are not representative, are assessed at their last known market value, on the basis of the probable realisable value estimated with prudence and in good faith and under the direction of the Board of Directors of the SICAV. 2.3 Assessment of cash The value of any cash on hand or on deposit, bills, demand notes and accounts receivable, prepaid expenses, dividends and interest matured but not yet received will be represented by the nominal value of these assets, unless it appears that such value is unlikely to be received. In the latter case, the value will be determined by deducting a certain amount to reflect the true value of these assets. 2.4 Assessment of money market instruments If possible in practice, money market instruments can be assessed at the last closing price on the day of assessment or according to the linear amortisation method. In case of linear amortisation, the portfolio positions are reviewed regularly under the direction of the Board of Directors of the SICAV in order to determine whether there is a difference between the assessment according to the last closing prices method and that of linear amortisation. If there is a difference that may lead to a consequent dilution or harm the shareholders, appropriate corrective measures can be taken, including, if necessary, the calculation of the net asset value using the last known closing prices. 2.5 Assessment of the units or shares of collective investment undertakings ("CIUs") Open CIU units or shares are assessed on the basis of the last net asset values available or, if the determined price is not representative of the real value of these assets, the price will be determined by the Board of Directors of the SICAV in a fair and equitable manner. Closed CIU units or shares are assessed at their last known market values or, if the price is not representative of their real value, the prices will be estimated by the Board of Directors of the SICAV with prudence and in good faith. 2.6 Dividends and interest The dividends are presented net of taxes withheld at source. These are recognised as completed on the coupon payment date ("ex-date" dividend). The interest is recognised on an accruals basis. 2.7 Conversion of foreign currencies The financial statements include a consolidation of all the sub-funds. These consolidated figures are expressed in euros (EUR), the SIVAV's reference currency and correspond to the sum of the financial statement items of each sub-fund. The market value of the investments and other assets and liabilities expressed in currencies other than the reference currency of each sub-fund have been converted at the exchange rate in force on the closing date. The costs of the investments and of the transactions recognised in currencies other than the base currency have been converted at the exchange rates in force on the dates of the transactions/acquisitions. The revenue and expenses expressed in currencies other than the consolidated reference currency have been converted at the exchange rates in force on the date of the transaction. The profit and loss from exchange transactions are recognised in the Statement of Operations and Changes in Net Assets.

SEVEN UCITS


Note 2 - Significant accounting policies (continued) The main exchange rates applied as at 31 December 2018 are the following:

1 EUR = 7.46245 DKK 1 EUR = 10.135 SEK 0.89755 GBP 1.55815 SGD 8.95015 HKD 1.14315 USD 125.4207 JPY 16.4442 ZAR 9.89875 NOK 320.8 HUF 4.29455 PLN 1.6238 AUD 1.5613 CAD 1.1269 CHF

2.8 Net profit and net loss on investments The net profit and net loss on the sale of securities is determined based on their average costs. 2.9 9 Futures Contracts Open futures contracts are assessed at their last known price on the date of assessment or the closing date. The appreciation or depreciation on futures contracts is presented in the Equity Statement under the heading "Appreciation/depreciation on futures". The change in the appreciation (or depreciation) on futures is presented in the Statement of Operations and Changes in Net Assets. For the details of outstanding futures contracts, please refer to section “Notes to the financial statements - Schedule of derivative instruments”. 2.10 Formation costs The formation costs are amortised in a linear manner over a period of five years. 2.11 Transaction costs The transaction costs include all the charges linked to the costs of transactions which have been defined as brokerage fees and other transaction charges such as custodian bank transaction costs, taxes and other costs relating to the purchase or sale of securities, futures contracts, money market instruments, derivatives or other eligible assets. These costs are recognised separately in the Statement of Operations and Changes in Net Assets under the heading of "Transaction costs". Note 3 - Management fee As remuneration for its management services, the Managing Company receives from the SICAV on its own account an annual fee. This fee is payable monthly and calculated on basis of the net assets of each sub-fund during the month under review. The annual management fee rates effective at December 31, 2018 were as follows:

Sub-fund Classes Management fee rate incl. taxes per year

EUR-I (cap) 1.00% SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND EUR-R (cap) 1.50% EUR-I (cap) 1.00% SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND EUR-R (cap) 1.75% EUR-I (cap) 1.00% SEVEN UCITS - SEVEN DIVERSIFIED FUND EUR-R (cap) 1.50% EUR-I (cap) 0.90% EUR-R (cap) 1.50% SEVEN UCITS – SEVEN FIXED INCOME FUND EUR-S (cap) 0.65% EUR-I (cap) 1.00% EUR-R (cap) 1.75% SEVEN UCITS - SEVEN FORTRESS FUND EUR-S (cap) 0.50%

In addition, the Managing Company may collect from the SICAV for its own account a transaction fee of up to 0.20% (including tax) of the amount of the transaction carried out, as well as 3 to 15 euros per futures contract.

SEVEN UCITS


Note 4 - Performance fee For the SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND sub-fund, the Managing Company receives for each share class a performance fee (variable management fee) equivalent to 10% of the outperformance of the class with respect to the EONIA reference index. The performance fees are paid to the Managing Company at the end of the financial year. The variable fees follow the "High Water Mark" principle: no variable fee is paid at the year-end if the performance has not exceeded the level since the last time a variable fee was paid. The "High Water Mark" serves only as a condition for the performance fee and is not connected to the determination thereof. The performance fee is always, fully and solely calculated based on the outperformance of the funds with respect to the reference index. For the financial year ending 31 December 2018, there is no performance fee payment for the SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND sub-fund are 50,964.47 euros. For the SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND sub-fund, the Managing Company will receive a performance fee for each share class at the end of the financial year. In calculating each NAV, the sub-fund’s outperformance is defined as the difference between the net asset value of the sub-fund before taking into account any eventual provision for outperformance fees, the net asset value of a notional Collective Investment Undertaking in Transferable Securities by using the performance of the reference index to calculate outperformance (Euro Stoxx 50 Net Return), denominated in euros, available primarily on Bloomberg at the SX5T reference, and registering the same pattern of subscriptions and buybacks as the actual sub-fund. In calculating each NAV, the outperformance fee, defined as 15% of the performance beyond that of the Euro Stoxx 50 Net Return Index, is subject to a provision or a provision review limiting the existing allocation. For the financial year ending 31 December 2018, the performance fee payable for the SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND sub-fund amounted to 32,496.99 euros. For the SEVEN UCITS - SEVEN DIVERSIFIED FUND sub-fund, the Managing Company will receive for each share class a performance fee (variable management fee) equivalent to 10% of the outperformance of the class with respect to the EONIA reference index. The performance fees are paid to the Managing Company at the end of the financial year. The variable fees follow the "High Water Mark" principle: no variable fee is paid at the year-end if the performance has not exceeded the level since the last time a variable fee was paid. The "High Water Mark" serves only as a condition for the performance fee and is not connected to the determination thereof. The performance fee is always, fully and solely calculated based on the outperformance of the funds with respect to the reference index. For the financial year 31 December 2018, the performance fee payable for the SEVEN UCITS - SEVEN DIVERSIFIED FUND sub-fund amounted to 2,892.10 euros. For the SEVEN UCITS - SEVEN FORTRESS FUND sub-fund, the Managing Company will receive for each share class a performance fee (variable management fee) equal to 10% of the outperformance of the class with respect to the EONIA reference index. Performance fees are paid to the Managing Company at the end of the financial year. The variable fees follow the “High Water Mark” principle: no variable fee is paid at year-end if the performance has not exceeded the level since the last time a variable fee was paid. The “High Water Mark” serves only as a condition for the performance fee and is not connected to the determination thereof. The performance fee is always, fully and solely calculated based on the outperformance of the funds with respect to the reference index. For the financial year 31 December 2018, the performance fee payable for the SEVEN UCITS - SEVEN FORTRESS FUND sub-fund amounted to 264.71 euros.. Note 5 - Custodian bank and paying agent fee As remuneration for its service to the SICAV, the Custodian Bank receives a variable annual fee from the SICAV, payable monthly on a pro-rata basis, calculated according to the monthly average of the assets in each sub-fund and on the structure’s net assets for the month at a maximum rate of 0.25% with a monthly minimum of 6,500.00 euros for the structure. Note 6 - Administrative costs Administrative costs include fees for the Administrative Agent, Domiciliary Agent, Partners, and Registry Agent. For bookkeeping and calculating the Net Asset Values (NAVs), the Administrative Agent receives a variable annual fee per sub-fund, payable in 12 instalments at the end of each month, and calculated based on the structure’s month-end net assets at an effective rate of 0.03% with a monthly minimum of 650.00 euros for the structure.

SEVEN UCITS


The Domiciliary Agent receives a variable fee for the structure, payable in 12 instalments at the end of each month, and calculated according to the structure’s month-end net assets at a maximum rate of 0.004% with a monthly minimum of 650.00 euros for the structure. The Registry and Transfer Agent receives a variable annual fee per sub-fund, payable monthly by each sub-fund on a pro-rata basis of the structure’s assets and calculated according to the structure’s net assets for the month at a maximum rate of 0.25% with a monthly minimum of 600.00 euros. The Registry and Transfer Agent also charges transaction costs related to the purchase and sale of assets. Note 7 - Tax status The SICAV is subject to a subscription tax in Luxembourg corresponding to 0.05% of its net assets per year. This tax is reduced to 0.01% per year of the net assets attributable to share classes reserved for institutional investors. This tax is payable each quarter and its basis is the net assets of the SICAV at the close of the relevant quarter. The subscription tax is not payable on pools of assets invested in CIUs already subject to the application of this tax. No stamp duty or tax will be payable to Luxembourg at the time of the issuance of the shares of the SICAV. Note 8 - Commercialisation fee For commercialisation fees, the SICAV takes into account up to 0.10% of amounts outstanding. Note 9 - Securities lending As of 31 December 2018, the SICAV entered into the following guaranteed security lending agreements with first-class institutions:

Sub-funds Currency Securities lending Valuation value Garantees Types of

Guarantees SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND EUR 2,029,949.52 2,123,545.17 Cash

SEVEN UCITS - SEVEN FORTRESS FUND EUR 581,841.82 604,600.45 Cash Net income from securities lending is included in the "Income from Securities Lending" item and is received in cash. A sub-fund may receive income from securities lending without having lent securities at year-end. As of 31 December 2017, income on securities lending generated by the SICAV is as follows:

Sub-funds Currency

Total gross income

from securities

lending

Direct-indirect charges deducted from gross income

from securities lending

Total net income from

securities lending

SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND EUR 3,389.53 1,660.87 1,728.66

SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND EUR 7,573.67 3,711.10 3,862.57

SEVEN UCITS - SEVEN DIVERSIFIED FUND EUR 19,957.51 9,779.18 10,178.33

SEVEN UCITS - SEVEN FIXED INCOME FUND EUR 395.71 193.90 201.81

SEVEN UCITS - SEVEN FORTRESS FUND EUR 938.27 459.75 478.52

Total 32,254.69 15,804.80 16,449.89

SEVEN UCITS


Note 10 - Investments in units or shares of the SEVEN CAPITAL MANAGEMENT group As at 31 December 2017, the sub-funds below invested in other sub-funds of the SEVEN CAPITAL MANAGEMENT group:

Sub-funds UCITS held Quantity Market Value (in EUR)

% of Net

assets SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND

SEVEN UCITS - SEVEN FORTRESS FUND EUR-S (CAP) 2,500 230,800.00 1.45

SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND EUR-I (CAP) 12,854.39 1,617,082.01 2.27

SEVEN UCITS - SEVEN FORTRESS FUND EUR-R (CAP) 2,500 223,625.00 0.31 SEVEN UCITS - SEVEN DIVERSIFIED FUND

SEVEN UCITS - SEVEN FORTRESS FUND EUR-S (CAP) 2,500 230.800.00 0.32

These investments do not give rise to a modification of the management fees borne by the aforementioned sub-fund. No entry or exit fee is charged for such investments. As of 31 December 2018, cross investments amounted to 2,302,307.01 EUR and, therefore, the combined total net asset value at the end of the year, excluding these cross investments, would amount to 115,421,376.02 EUR. Note 11 - Changes in the composition of the securities portfolio The report concerning the changes in the composition of the securities portfolio can be obtained free of charge upon simple request to the registered office of the SICAV.

SEVEN UCITS

Additional information (unaudited)

Overall Exposure Calculation Method

Liabilities approach The following sub-fund uses the liabilities approach to control and measure global risk:

- SEVEN UCITS - SEVEN EUROPEAN EQUITY FUND VaR approach The following sub-funds use the Absolute/Relative VaR (Value at Risk) approach to control and measure global risk. The use of the VaR limits for the period of 1 January 2018 to 31 December 2018 is as follows:

Sub-funds VaR model

Regulatory limit

Lower VaR

Higher VaR

Mean VaR level

Confidence interva

Hold period

SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND Historical 20% 1.22% 10.75% 5.11% 99% 20 jours

SEVEN UCITS - SEVEN DIVERSIFIED FUND Historical 20% 1.53% 4.52% 3.16% 99% 20 jours

SEVEN UCITS - SEVEN FIXED INCOME FUND Historical 20% 1.36% 3.33% 1.91% 99% 20 jours

SEVEN UCITS - SEVEN FORTRESS FUND Historical 20% 2.92% 6.33% 4.31% 99% 20 jours

Sub-funds Mean level of the leverage effect during the course of the financial

year

SEVEN UCITS - SEVEN ABSOLUTE RETURN FUND 5.83 SEVEN UCITS - SEVEN DIVERSIFIED FUND 1.50 SEVEN UCITS - SEVEN FIXED INCOME FUND 2.70 SEVEN UCITS - SEVEN FORTRESS FUND 0.19

Information concerning the remuneration policy This section relates to the remuneration paid by Seven Capital Management (the ‘AIFM’) either to its staff, its senior management and its Board of Directors. Total staff is 5 people, out of which 1 are senior managers (Conducting Officers). As of December 31, 2018, the AIFM managed 5 sub-funds, 4 UCITS sub-funds and 1 AIF sub-funds for a total of EUR 145 million. The total amount of fixed remuneration for the year ended December 31, 2018 is EUR 242,184.52. The total amount of variable remuneration for the year ended December 31, 2018 is EUR 15,000.00. According to the remuneration policy, the global remuneration includes fixed and variable remuneration. For senior management and other staff, the variable remuneration cannot be greater than 100 % of the fixed remuneration.

SEVEN UCITS

Additional information (unaudited) (continued)

The variable part, in the form of a non-contractual and purely discretionary payment, is fixed considering the individual performance of the employee on the one hand and the economic situation of Seven Capital Management on the other hand. The employee’s individual performance is assessed based on quantitative and qualitative criteria. The remuneration policy also encourages the performance sustainability and long term stability and aims to avoid inconsiderate risk-taking. The variable remuneration is never linked to the AIF’s and UCITS’s performance nor their risk profiles and takes into account the potential conflicts of interest. More information related to the remuneration, including split between senior management and other staff, is available to the Fund shareholders at the registered office of the AIFM, Seven Capital Management, 39 rue Marbeuf 75008 Paris (France). There has been no material change during the year ended 31 December 2018 in the information to be provided to investors prior to investing as detailed under article 21 of the Luxembourg law dated 10 July 2013. European Directive 2014/91/EU amending Directive 2009/65/EC on undertakings for collective investment in transferable securities, which is applicable to the fund, came into force on 18 March 2016. It is implemented in national law under the Luxembourg Act of 10 May 2016 implementing Directive 2014/91/EU. Due to these new regulations, the fund is required to publish information relating to the remuneration of identified employees within the meaning of the Act in the annual report.

SEVEN UCITS


Securities Financing Transactions and of Reuse Regulation (“SFTR”)

SECURITIES LENDING TRANSACTIONS

SEVEN UCITS - SEVEN EUROPEAN

EQUITY FUND

SEVEN UCITS - SEVEN FORTRESS

FUND

Assets used In EUR In EUR In absolute terms 2,029,949.52 581,841.82

As a % of lendable assets 8.34% 10.52% As a % of total net asset value 8.33% 9.57%

Transactions classified according to residual maturities

In EUR In EUR

Less than 1 day - - From 1 day to 1 week - -

From 1 week to 1 month - - From 1 month to 3 months - -

From 3 months to 1 year - - Above 1 year - -

Open maturity 2,029,949.52 581,841.82 Collateral received In EUR In EUR

Type: Cash 2,123,545.17 604,600.45

Quality (Bond collateral issuer rating): -

Currency: EUR 2,123,545.17 604,600.45

Classification according to residual:

Less than 1 day - - From 1 day to 1 week - -

From 1 week to 1 month - - From 1 month to 3 months - -

From 3 months to 1 year - - Above 1 year - -

Open maturity 2,123,545.17 604,600.45 The 10 largest issuers of collateral received

In EUR In EUR

First Issuer - - Amount - -

Second Isuer - - Amount - -

Revenue and expenditure components In EUR In EUR Revenue component of the fund:

En valeur absolue 3,862.57 478.52 En % des revenus bruts 51% 51%

Revenue component of management Company

In absolute amount 1,439.00 178.27 In % of gross revenue 19% 19%

Revenue component of third parties: In absolute amount 2,272.10 281.48

In % of gross revenue 30% 30%

SEVEN UCITS


Securities Financing Transactions and of Reuse Regulation (“SFTR”) (continued) The sub-fund has CACEIS Bank, Luxembourg Branch as sole counterparty for securities lending positions and as depositary for collateral received. All transactions are bilateral transactions. Cash collateral is not reused.

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