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Audited annual report

BSI-MultinvestInvestment Company with variable Capital under Luxembourg Law(Société d’Investissement à Capital Variable, SICAV)

R.C.S. Luxembourg N° B 74 740

BSI-Multinvest – Absoluta Daily*BSI-Multinvest – Alternative UCITSBSI-Multinvest – Asian StocksBSI-Multinvest – Bonds CHFBSI-Multinvest – Bonds EURBSI-Multinvest – Bonds USDBSI-Multinvest – Cash CHFBSI-Multinvest – Cash EURBSI-Multinvest – Cash USDBSI-Multinvest – Emerging Markets Bonds BSI-Multinvest – Global Credit BondBSI-Multinvest – Global Dynamic BondsBSI-Multinvest – Global Themes**

BSI-Multinvest – Short Term Bonds CHFBSI-Multinvest – Short Term Bonds EURBSI-Multinvest – Short Term Bonds USDBSI-Multinvest – Strategy Balanced (CHF)BSI-Multinvest – Strategy Balanced (EUR)BSI-Multinvest – Strategy Income (CHF)BSI-Multinvest – Strategy Income (EUR)BSI-Multinvest – Swiss StocksBSI-Multinvest – US Stocks

* was liquidated during 2014 effective 30 September 2014.** was liquidated during 2014 effective 23 May 2014.

AS OF 31.12.2014

1

Audited annual report as of 31 December 2014

Table of contents Page ISIN

Management and Administration 2Features of the SICAV 4Independent auditor’s report 6

BSI-Multinvest 7 BSI-Multinvest – Absoluta Daily* 9 A/ LU0585206831 A (CHF hedged)/ LU0585207052 A (USD hedged)/ LU0585207219 M (USD hedged)/ LU0811552834 M/ LU1066144236 BSI-Multinvest – Alternative UCITS 12 A/ LU0527840770 M/ LU1011106132BSI-Multinvest – Asian Stocks 16 A/ LU0117786821 M/ LU0184285475 A (EUR hedged)/ LU0585204034 A (CHF hedged)/ LU0585204208 M (EUR hedged)/ LU1066144079 M (CHF hedged)/ LU1066144152BSI-Multinvest – Bonds CHF 25 A/ LU0585205783 M/ LU1066143261BSI-Multinvest – Bonds EUR 31 A/ LU0585205197 M/ LU1011106645BSI-Multinvest – Bonds USD 36 A/ LU0585205510 M/ LU1066143188BSI-Multinvest – Cash CHF 41 A/ LU0585204893 M/ LU1066142883BSI-Multinvest – Cash EUR 46 A/ LU0585204463 M/ LU1011106215BSI-Multinvest – Cash USD 51 A/ LU0585204547 M/ LU1066142701BSI-Multinvest – Emerging Markets Bonds 56 A/ LU0978652567 A (EUR hedged)/ LU0978652997BSI-Multinvest – Global Credit Bond 61 A/ LU0879655545 A (CHF hedged)/ LU0879656436 A (USD hedged)/ LU0879657327 M (USD hedged)/ LU1066143691 M/ LU1066143774 M (CHF hedged)/ LU1066143857BSI-Multinvest – Global Dynamic Bonds 69 A/ LU0585205940 M/ LU0585206161 A (CHF hedged)/ LU0585206328 A (USD hedged)/ LU0585206674 M (USD hedged)/ LU1066143345 M (CHF hedged)/ LU1066143428BSI-Multinvest – Global Themes** 77 A/ LU0528983660 A (EUR hedged)/ LU0694240408 A (CHF hedged)/ LU0694240580 BSI-Multinvest – Short Term Bonds CHF 80 A/ LU0148516585 M/ LU1066143006BSI-Multinvest – Short Term Bonds EUR 86 A/ LU0148517047 M/ LU1011100952BSI-Multinvest – Short Term Bonds USD 92 A/ LU0148517476 M/ LU1066142966BSI-Multinvest – Strategy Balanced (CHF) 99 A/ LU0394160690 BSI-Multinvest – Strategy Balanced (EUR) 103 A/ LU0394160260 A (USD hedged)/ LU0978652724BSI-Multinvest – Strategy Income (CHF) 108 A/ LU0394159767 BSI-Multinvest – Strategy Income (EUR) 112 A/ LU0394160005 BSI-Multinvest – Swiss Stocks 116 A/ LU0153576656 M/ LU0585235699BSI-Multinvest – US Stocks 121 A/ LU0153576730 M/ LU1066143931

Notes to the Financial Statements 125Global Exposure (unaudited) 135

Sales restrictions

UNITED STATES OF AMERICA – The shares have not been registered under the provisions of the United States Securities Act of 1933; they may not therefore either be offered for sale or sold in anyway in the United States of America or in any of its territories or possessions; nor may they be offered for sale or sold to nationals of the United States of America or for their benefit.


Internet address

www.bsibank.com

2

Management and Administration

Registered Office33A, avenue J.F. Kennedy,L-1855 LuxembourgR.C.S. Luxembourg N° B 74 740

Board ChairmanStefano Ambrogi (until 20 November 2014)Senior Vice President, BSI AG,Lugano, Switzerland

Andrea Fincato (since 20 November 2014)First Vice President, BSI AG,Lugano, Switzerland

DirectorsCarlo Cavazzoni (until 17 December 2014)Partner & Managing Director, TENDERCAPITAL LTD LONDON, UK

Pierre-Antoine BoulatChief Executive Officer, UBS Fund Services(Luxembourg) S.A. Luxembourg

Simona BortolazziFirst Vice President, BSI Fund Management S.A.Luxembourg

Management CompanyBSI Fund Management S.A.44F, rue de la ValléeL-2661 Luxembourg

Portfolio ManagerFor all subfunds except BSI-Multinvest – Alternative UCITSBSI AG, Via Magatti 2, CH-6901 Lugano

BSI-Multinvest – Alternative UCITSTHALIA SA, Via Trevano 2a, CH-6900 Lugano

Custodian Bank and Paying agentUBS (Luxembourg) S.A.,33A, avenue J.F. Kennedy,L-1855 Luxembourg

Domiciliation, Administrative and Transfer AgentUBS Fund Services (Luxembourg) S.A.,33A, avenue J.F. Kennedy,L-1855 Luxembourg

Independent Auditor of the SICAVErnst & Young S.A.,7, Rue Gabriel Lippmann, Parc d’Activité Syrdall 2,L-5365 Munsbach

Sale in SwitzerlandRepresentative and Paying agentBSI AG,Via Magatti 2, CH-6901 Lugano

Sale in Singapore** Restricted foreign schemeThe shares of the subfundsBSI-Multinvest – Asian StocksBSI-Multinvest – Bonds CHFBSI-Multinvest – Bonds EURBSI-Multinvest – Bonds USDBSI-Multinvest – Cash CHFBSI-Multinvest – Cash EURBSI-Multinvest – Cash USDBSI-Multinvest – Emerging Markets BondsBSI-Multinvest – Global Credit BondBSI-Multinvest – Global Dynamic Bonds

Annual Report as of 31 December 2014 BSI-Multinvest

3

BSI-Multinvest – Short Term Bonds CHFBSI-Multinvest – Short Term Bonds EURBSI-Multinvest – Short Term Bonds USDBSI-Multinvest – Strategy Balanced (EUR)BSI-Multinvest – Strategy Income (CHF)BSI-Multinvest – Strategy Income (EUR)BSI-Multinvest – Swiss StocksBSI-Multinvest – US Stocksmay be sold in this country.

The sales prospectus, the KIID, the articles of association of the SICAV, the annual and semi-annual reports as well as the portfolio movements of the SICAV mentioned in this publication are avail-able free of charge from BSI Fund Management S.A., 44F, rue de la Vallée, L-2661 Luxembourg, UBS Fund Services (Luxembourg) S.A., 33A, avenue J.F. Kennedy, L-1855 Luxembourg, BSI AG, and at Via Magatti 2, CH-6901 Lugano.


4

Features of the SICAV

BSI-Multinvest (hereafter “the SICAV”) is an investment company qualifying as a “société d’investissement à capital variable, SICAV” which was established for an indefinite period of time on 21 March 2000 in the form of a joint-stock company under Luxembourg law, in accordance with the provisions of the 1915 Law and of the 2010 Law, as amended from time to time.

The articles of association have been published for the first time in the Mémorial C, Recueil Spécial des sociétés et associations (“Mémorial”) dated 4 May 2000. Following an extraordinary general meeting of the shareholders held on 20 July 2012, the articles of asso-ciation of the SICAV were amended in order to have the SICAV regulated by Part I of the 2010 Law as amended. Any interested person may inspect and obtain a copy of the coordinated articles of association at the Register of Trade and Companies of Luxembourg in Luxembourg.

The SICAV’s Management Company is in Luxembourg.

The SICAV is a single legal entity. With respect to the shareholders, each subfund is regarded as being sepa-rate from the others. The assets of a subfund can only be used to offset the liabilities which the subfund con-cerned has assumed.

In accordance with the articles of association, shares may be issued in various subfunds of the SICAV’s assets at the Board’ discretion. Separate portfolios of assets are constituted for each subfund and invested in keeping with the investment objectives of the subfund concerned. The SICAV has therefore been established as an umbrella fund and allows the inves-tor to choose between different investment objec-tives and to invest accordingly in one or more of the subfunds constituting the SICAV’s assets.

The share capital corresponds at all times to the aggre-gate value of the net assets of all the subfunds.

As at 31 December 2014 the following subfunds are active:

BSI-Multinvest – Alternative UCITSBSI-Multinvest – Asian StocksBSI-Multinvest – Bonds CHFBSI-Multinvest – Bonds EURBSI-Multinvest – Bonds USDBSI-Multinvest – Cash CHFBSI-Multinvest – Cash EURBSI-Multinvest – Cash USDBSI-Multinvest – Emerging Markets Bonds

BSI-Multinvest – Global Credit BondBSI-Multinvest – Global Dynamic BondsBSI-Multinvest – Short Term Bonds CHFBSI-Multinvest – Short Term Bonds EURBSI-Multinvest – Short Term Bonds USDBSI-Multinvest – Strategy Balanced (CHF)BSI-Multinvest – Strategy Balanced (EUR)BSI-Multinvest – Strategy Income (CHF)BSI-Multinvest – Strategy Income (EUR)BSI-Multinvest – Swiss StocksBSI-Multinvest – US Stocks

All subfunds are consolidated in EUR.

The Board may decide at any time that the SICAV will issue shares in further subfunds.

When launching the above-listed subfunds and new subfunds, the sales prospectus shall be supplemented in the necessary manner with detailed information about the new subfunds.

The Board reserves the right to issue various classes of shares for each subfund. These may differ from one another, particularly in respect of dividend policy and commission structure.

The shares issued in the various subfunds of the SICAV’s assets are exclusively registered shares.

Currently, the following share classes are offered: – Shares of “Class A” which are capitalizing shares dedicated to retail investors.

– Shares of “Class M” which are capitalizing shares dedicated to institutional investors as defined from time to time by the competent Supervisory Authority in Luxembourg including investors who have signed a discretionary asset management mandate with a credit institution or other professional of the financial sector.

– “Hedged” shares of “Class A” and “Class M” hedge the foreign currency exposure of the respective subfunds against their respective reference currency. Under normal circumstances the hedge ratio will be between 90% and 110% of the share classes’ NAV. Changes in the value of the hedged sections of the portfolio and the volume of the subscription and redemption request for these classes may, however, result in the level of currency hedging temporarily surpassing the stated limits.

The financial year of the SICAV ends on the last day of December.


5

The annual general meeting of shareholders is held in Luxembourg at the venue indicated in the notice of meeting, on the first Monday in the month of May at 2:00 p.m. If this day is a public or bank holiday in Luxembourg, the annual general meeting of share-holders will be held on the next banking day.

No person is authorized to supply any information other than the information contained in the sales prospectus and in the documents mentioned therein.

The annual and semi-annual reports are available free of charge to shareholders at the registered office of the SICAV and of the Custodian Bank.

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the latest annual report and the latest semi-annual report if available.

The figures stated in the report are historical and not necessarily indicative of future performance.


Independent auditor’s report

Annual Report as of 31 December 2014BSI-Multinvest

To the Shareholders of

BSl-Multinvest33A, avenue J.F. Kennedy,L-1855 Luxembourg

We have audited the accompanying financialstatements of BSI-Multinvest and of each of itssubfunds, which comprise the statement of net assetsand The statement of investments in securities andother net assets as at 31 December 2014 and thestatement of operations and the statement of changesin net assets for the year then ended and a summaryof significant accounting policies and other explanatorynotes to the financial statements.

Responsibility of the Board of Directors of theSICAV for the financial statements

The Board of Directors of the SICAV is responsible forthe preparation and fair presentation of these financialstatements in accordance with Luxembourg legal andregulatory requirements relating to the preparation andpresentation of the financial statements and for suchinternal control as the Board of Directors of the SICAVdetermines is necessary to enable the preparation andpresentation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

Responsibility of the “Réviseur d’entreprisesagréé”

Our responsibility is to express an opinion on thesefinancial statements based on our audit. We conductedour audit in accordance with International Standards onAuditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonableassurance whether the financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in thefinancial statements. The procedures selected dependon the judgement of the “Réviseur d’entreprises agree”,including the assessment of the risks of material misstatement of the financial statements, whether due tofraud or error. In making those risk assessments, the“Réviseur d’entreprises agree” considers internal control

relevant to the entity’s preparation and fair presentationof the financial statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control.

An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness ofaccounting estimates made by the Board of Directorsof the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouraudit opinion.

Opinion

In our opinion, the financial statements give a true andfair view of the financial position of BSI-Multinvest andof each of its subfunds as of 31 December 2014, andof the results of their operations and changes in theirnet assets for the year then ended in accordance withthe Luxembourg legal and regulatory requirementsrelating to the preparation and presentation of thefinancial statements.

Other matter

Supplementary information included in the annualreport has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standardsdescribed above. Consequently, we express no opinionon such information. However, we have no observationto make concerning such information in the context ofthe financial statements taken as a whole.

Luxembourg, 17 April 2015

Ernst & YoungSociété AnonymeCabinet de revision agree

7The notes are an integral part of the financial statements.

Annual Report as of 31 December 2014

Consolidated Statement of Net Assets EURAssets 31.12.2014

Investments in securities, cost 1 647 952 488.81Investments in securities, unrealized appreciation (depreciation) 73 084 370.47Total investments in securities (Note 1) 1 721 036 859.28Cash at banks, deposits on demand and deposit accounts 113 467 276.08Other liquid assets (Margins) 3 824 076.83Receivable on securities sales (Note 1) 98.40Receivable on subscriptions 2 960 633.46Interest receivable on securities 13 256 557.98Interest receivable on liquid assets 410.40Receivable on dividends 165 913.92Other receivables 18 239.19Unrealized gain (loss) on financial futures (Note 1) -177 330.59Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -1 607 622.65

Total Assets 1 852 945 112.30

Liabilities

Bank overdraft -18 850 053.99Interest payable on bank overdraft -29 643.05Payable on redemptions -3 845 390.97Other payables -14 049.01Provisions for flat fee (Note 2) -1 389 767.15Provisions for performance fee (Note 2) -148 210.55Provisions for taxe d’abonnement (Note 3) -103 091.46Total provisions -1 641 069.16

Total Liabilities -24 380 206.18

Net assets at the end of the financial year 1 828 564 906.12

BSI-Multinvest

8 The notes are an integral part of the financial statements.

Consolidated Statement of Operations EURIncome 1.1.2014-31.12.2014

Interest on liquid assets 81 811.35Interest on securities 32 044 331.78Dividends 4 528 714.31Income on securities lending (Note 15) 635 451.70Other income 302 199.28

Total income 37 592 508.42

Expenses

Flat fee (Note 2) -18 334 962.23Performance fee (Note 2) -1 265 988.58Taxe d’abonnement (Note 3) -533 773.53Cost on securities lending (Note 15) -32 663.62Interest on cash liquidity and bank overdraft -179 393.80

Total expenses -20 346 781.76

Net income (loss) on investments 17 245 726.66

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 40 751 307.31Realized gain (loss) on options 356 826.51Realized gain (loss) on yield-evaluated securities and money market instruments 1 452 634.69Realized gain (loss) on financial futures -8 202 233.05Realized gain (loss) on options, futures-styled -18 994.95Realized gain (loss) on forward foreign exchange contracts -3 363 175.03Total realized gain (loss) on investments 30 976 365.48Realized gain (loss) on foreign exchange 1 037 782.80

Total realized gain (loss) 32 014 148.28

Net realized gain (loss) of the financial year 49 259 874.94

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 33 844 991.66Unrealized appreciation (depreciation) on options -1 969.60Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -325 986.47Unrealized appreciation (depreciation) on financial futures -173 111.35Unrealized appreciation (depreciation) on options, futures-styled 6 268.23Unrealized appreciation (depreciation) on forward foreign exchange contracts -188 605.63

Total changes in unrealized appreciation (depreciation) 33 161 586.84

Net increase (decrease) in net assets as a result of operations 82 421 461.78




BSI-Multinvest – Absoluta Daily

Three-year comparison

DATE ISIN 30.9.2014 31.12.2013 31.12.2012

Net assets in EUR 30 631 769.82 90 336 141.93 82 395 789.14

CLASS A LU0585206831

Shares outstanding 174 546.5720 540 258.2760 477 054.4710Net asset value per share in EUR 99.42 99.48 101.50

CLASS A (CHF hedged) LU0585207052

Shares outstanding 36 496.8850 149 897.2250 86 585.0250Net asset value per share in CHF 98.53 98.83 101.13

CLASS A (USD hedged) LU0585207219

Shares outstanding 116 860.0000 274 250.4000 305 896.0000Net asset value per share in USD 99.95 100.03 102.00

CLASS M1 LU1066144236

Shares outstanding 510.0000 - -Net asset value per share in EUR 100.45 - -

CLASS M (USD hedged)* LU0811552834


1 First NAV: 19.5.2014* See note 10

Structure of the Securities Portfolio

As BSI-Multinvest – Absoluta Daily was liquidated as at 30 September 2014, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


Annual Report as of 31 December 2014 BSI-Multinvest – Absoluta Daily

Statement of Operations EURIncome 1.1.2014-31.12.2014

Interest on liquid assets 282.44Income on securities lending (Note 15) 1 128.33Other income 106 233.32

Total income 107 644.09

Expenses

Flat fee (Note 2) -410 530.90Performance fee (Note 2) -11 824.85Taxe d’abonnement (Note 3) -11 442.57Cost on securities lending (Note 15) -130.54Interest on cash liquidity and bank overdraft -240.55

Total expenses -434 169.41

Net income (loss) on investments -326 525.32


Realized gain (loss) on market-priced securities without options 1 895 008.19Realized gain (loss) on options -223 875.15Realized gain (loss) on financial futures -146 883.96Realized gain (loss) on forward foreign exchange contracts 763 216.71Total realized gain (loss) on investments 2 287 465.79Realized gain (loss) on foreign exchange 304 517.84




Unrealized appreciation (depreciation) on market-priced securities without options -1 338 778.19Unrealized appreciation (depreciation) on options 34 861.81Unrealized appreciation (depreciation) on forward foreign exchange contracts 98 562.71

Total changes in unrealized appreciation (depreciation) -1 205 353.67



Annual Report as of 31 December 2014 BSI-Multinvest – Absoluta Daily

Statement of Changes in Net Assets EUR 1.1.2014-31.12.2014

Net assets at the beginning of the financial year 90 336 141.93Subscriptions 7 535 297.47Redemptions -98 931 544.04Total net subscriptions (redemptions) -91 396 246.57Net income (loss) on investments -326 525.32Total realized gain (loss) 2 591 983.63Total changes in unrealized appreciation (depreciation) -1 205 353.67Net increase (decrease) in net assets as a result of operations 1 060 104.64

Net assets at the end of the financial year 0.00

Changes in the Number of Shares outstanding

1.1.2014-31.12.2014

Class ANumber of shares outstanding at the beginning of the financial year 540 258.2760Number of shares issued 469.4000Number of shares redeemed -540 727.6760

Number of shares outstanding at the end of the financial year 0.0000

Class A (CHF hedged)Number of shares outstanding at the beginning of the financial year 149 897.2250Number of shares issued 12.0000Number of shares redeemed -149 909.2250


Class A (USD hedged)Number of shares outstanding at the beginning of the financial year 274 250.4000Number of shares issued 2 750.0000Number of shares redeemed -277 000.4000


Class MNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 3 922.3210Number of shares redeemed -3 922.3210


Class M (USD hedged)Number of shares outstanding at the beginning of the financial year 63 703.0000Number of shares issued 93 930.0000Number of shares redeemed -157 633.0000




BSI-Multinvest – Alternative UCITS


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in EUR 23 869 546.91 28 374 876.88 25 152 331.95



CLASS M1 LU1011106132

Shares outstanding 219 004.8890 - -Net asset value per share in EUR 103.15 - -

1 First NAV: 28.5.2014

Performance

Currency 2014 2013 2012

CLASS A EUR 2.1% 5.3% 3.0%

CLASS M1 EUR - - -

Historical performance is no indicator of current or future performance.The performance data do not take account of any commissions and costs charged when subscribing and redeeming shares.The performance data were not audited.The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark.

1 Due to the launch in the reporting period, no historical performance data is available.

Report of the Portfolio Manager

2014 was overall a challenging year for hedge fund strategies implemented through UCITS compliant vehi-cles. Mixed or negative macro-economic data in par-ticular from Europe and Japan contributed to increase the level of uncertainty during the year. However, major central banks continued to provide the markets with accommodative economic policies, that resulted in an effective support for equity related strategies. Long/short equity funds and CTAs benefited the most from the market environment. On the contrary, Event Driven funds suffered in particular during the last quarter of the year.

The fund does not track any benchmark. The portfolio structure is well diversified across strategies and geo-graphic exposures. The largest weight is dedicated to equity related managers that in aggregate represented slightly more than 60% of the portfolio at year end. The other strategies covered are event driven which has a weight of roughly 21%, CTA 5%, convertible bond arbitrage 5% and credit and fixed income for about 8%. The remaining cushion of cash is used to manage investor flows and is deployed tactically as opportuni-ties arise.


GEOGRAPHICAL BREAKDOWN AS A % OF NET ASSETS

Ireland 51.47Luxembourg 46.24

TOTAL 97.71

ECONOMIC BREAKDOWN AS A % OF NET ASSETS

Investment funds 97.71

TOTAL 97.71


Statement of Net Assets EURAssets 31.12.2014

Investments in securities, cost 19 606 451.09Investments in securities, unrealized appreciation (depreciation) 3 716 976.98Total investments in securities (Note 1) 23 323 428.07Cash at banks, deposits on demand and deposit accounts 628 751.96

Total Assets 23 952 180.03

Liabilities

Payable on redemptions -42 038.60Provisions for flat fee (Note 2) -29 103.01Provisions for performance fee (Note 2) -11 135.64Provisions for taxe d’abonnement (Note 3) -355.87Total provisions -40 594.52

Total Liabilities -82 633.12

Net assets at the end of the financial year 23 869 546.91


Other income 11 409.23


Expenses

Flat fee (Note 2) -397 446.01Performance fee (Note 2) -67 457.54Taxe d’abonnement (Note 3) -4 590.66Interest on cash liquidity and bank overdraft -16.28




Realized gain (loss) on market-priced securities without options 485 743.94Total realized gain (loss) on investments 485 743.94Realized gain (loss) on foreign exchange 1 691.06

Total realized gain (loss) 487 435.00

Net realized gain (loss) of the financial year 29 333.74


Unrealized appreciation (depreciation) on market-priced securities without options 477 659.35

Total changes in unrealized appreciation (depreciation) 477 659.35

Net increase (decrease) in net assets as a result of operations 506 993.09

Annual Report as of 31 December 2014 BSI-Multinvest – Alternative UCITS



Net assets at the beginning of the financial year 28 374 876.88Subscriptions 35 357 475.79Redemptions -40 369 798.85Total net subscriptions (redemptions) -5 012 323.06Net income (loss) on investments -458 101.26Total realized gain (loss) 487 435.00Total changes in unrealized appreciation (depreciation) 477 659.35Net increase (decrease) in net assets as a result of operations 506 993.09



1.1.2014-31.12.2014

Class ANumber of shares outstanding at the beginning of the financial year 270 345.9010Number of shares issued 52 068.2140Number of shares redeemed -310 445.4100

Number of shares outstanding at the end of the financial year 11 968.7050





Statement of Investments in Securities and other Net Assets as of 31 December 2014

Description Quantity/ Valuation in EUR as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)

UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010

Investment certificates, open end

Ireland

EUR CHEYNE SELECT UCITS FUND PLC-EUROPEAN MID CAP EQUITY FD-I2EU 1 300.45 1 388 677.23 5.82EUR FUNDLOGIC ALT PLC - SALAR CONV ARF-B-EUR ACC STAND 9 496.22 1 117 989.75 4.68EUR FUNDLOGIC ALT PLC INDUS PACIFIC ASIA FUND-S EUR 1 211.53 1 506 713.07 6.31EUR FUNDLOGIC ALTERNATIVES PLC - MS LONG TERM TRENDS UCITS-E-EUR 998.93 1 221 852.44 5.12EUR HADRON ALPHA PLC - HADRON ALPHA SELECT FUND-A-EUR-ACCUM 17 180.78 1 923 336.44 8.06EUR HADRON ALPHA PLC-HADRN ALPA SLCT FUND-A-EQUALIZATION 14 588.89 14 588.89 0.06*EUR LYXOR NEWCITS IRL PLC - LYXOR/CANYON CREDIT STRATEGY FUND-EB 16 170.39 1 793 296.47 7.51EUR MARSHALL WACE-MW DEVELOPED EUROPE TOPS FD-EUR-A-ACC 9 011.26 1 441 261.56 6.04EUR MS PSAM GLOBAL EVENT UCITS FUND-I 242.00 285 811.68 1.20EUR MS PSAM GLOBAL EVENT UCITS FUND-B 1 306.02 1 590 893.95 6.67EUR MS PSAM GLOBAL EVENT UCITS FUND-I EUR EQUALIZATION 915.33 915.33 0.00*

Total Ireland 12 285 336.81 51.47

Luxembourg

EUR ALLIANCE BERNSTEIN - SELECT ABSOLUTE ALPHA PORTFOLIO-FEURH 87 253.20 1 655 193.17 6.93EUR MERRILL LYNCH INVEST SOLUTIONS-MARSHALL WT UCITS-EU B 11 836.00 1 503 172.00 6.30EUR MERRILL LYNCH INVEST SOLUTIONS-CCI HEALTHCARE LS UCITS-EU B 11 381.00 1 660 260.28 6.95EUR MERRILL LYNCH INVT SOL-CAST EQ EVT AND ARBIT UCITS-EUR-D-ACC 8 002.00 992 648.10 4.16EUR RWC FUND - US ABSOLUTE ALPHA-B 13 475.00 1 787 352.56 7.49EUR RWC FUNDS SICAV - RWC EUROPE ABSOLUTE ALPHA FUND-B 12 550.00 1 682 842.05 7.05EUR SCHRODER GAIA EGERTON EQUITY-C CAP 11 041.00 1 756 623.10 7.36

Total Luxembourg 11 038 091.26 46.24

Total Investment certificates, open end 23 323 428.07 97.71

Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 23 323 428.07 97.71

Total investments in securities 23 323 428.07 97.71

Cash at banks, deposits on demand and deposit accounts and other liquid assets 628 751.96 2.63

Other assets and liabilities -82 633.12 -0.34

Total net assets 23 869 546.91 100.00

*see note 13




BSI-Multinvest – Asian Stocks


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in USD 217 898 542.45 286 082 598.94 201 420 645.02


Shares outstanding 180 142.9910 1 017 789.9210 812 705.5320Net asset value per share in USD 224.09 217.32 204.59



CLASS A (EUR hedged) LU0585204034


CLASS M* LU0184285475


CLASS M (CHF hedged)1 LU1066144152

Shares outstandingi 144 803.7470 - -Net asset value per share in CHF 100.98 - -

CLASS M (EUR hedged)1 LU1066144079


1 First NAV: 20.5.2014* See note 10

Performance

Currency 2014 2013 2012

Class A USD 3.1% 6.2% 18.6%

Class A (CHF hedged) CHF 2.7% 5.8% 17.4%

Class A (EUR hedged) EUR 3.1% 5.8% 17.8%

Class M USD 4.0% 7.3% 19.8%

Class M (CHF hedged)1 CHF - - -

Class M (EUR hedged)1 EUR - - -

Benchmark:

MSCI AC ASIA EX JAPAN TR USD USD - 0.8% 19.4%

Historical performance is no indicator of current or future performance.The performance data do not take account of any commissions and costs charged when subscribing and redeeming shares.The performance data were not audited.


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The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark.


Annual Report as of 31 December 2014 BSI-Multinvest – Asian Stocks


In 2014, the Fund had a return of +4.83% (gross of fees) versus the target’s return of +2.23%. This fol-lows the Fund’s return in 2013 of +8.03% (gross of fees) versus the benchmark’s return of +0.68%. And in 2012, the Fund had a return of +20.62% (gross of fees) compared to the benchmark’s return of +19.42%. Since the Fund’s inception in February 2001, the Fund has outperformed the benchmark in 10 of the 14 years, or 71% of the time, and underperformed the bench-mark in 4 of those 14 years, or 29% of the time. One of the most effervescent starts to a new year in a very long while: Greek woes to fore as Syriza wins by more than was thought imaginable, a surprise 25bps cut in interest rates in India, a shock in Switzerland with the removal of the currency cap, Beijing clamping down on margin accounts (causing the Shanghai Composite Index to fall 8% in one day), Chinese 4Q GDP coming in at 7.3% YoY with indications that 2015 growth could slim down to 7%, IMF cutting global growth for 2015 down to 3.5%, the Russian ruble continuing its slide, the price of oil slipping further, and the ECB pulling the trigger on QE. Result: a roller coaster of a ride for equity, bond, and currency markets. The Fund underperformed the benchmark by being too defensive in a surprisingly buoyant market. Thus the cash position was increased from 1.6% at the end of the year to 6.0% at the end of January. The Fund remains overweight Chinese related stocks and continues to be significantly underweight the Korean market. Looking ahead to 2015, although the 12 month outlook remains constructive, the view for the short term is for heightened volatility. The Fund cur-rently has a significant overweight in Chinese related shares with a 45% weighting compared to the bench-mark’s 38% weighting. This is funded by the under-weight in Korea, where the current weighting is 11% compared to the benchmark’s 18%. The Fund’s cash position is a little over 1%. Looking ahead to 2015, the 12 month outlook remains constructive, although in the shorter term the view is for increased volatility.



China 22.35United States 14.94Hong Kong 11.23South Korea 10.74Taiwan 8.02India 5.75Japan 5.43Thailand 2.67Malaysia 2.33Indonesia 2.23Philippines 1.88Singapore 1.55Canada 1.07Macau 0.48South Africa 0.14Australia 0.04United Kingdom 0.04Jersey 0.03

TOTAL 90.92


Banks & credit institutions 15.01Electronics & semiconductors 14.66Investment funds 9.09Traffic & transportation 5.21Finance & holding companies 5.03Building industry & materials 4.89Vehicles 4.75Internet, software & IT services 3.31Petroleum 3.16Insurance 3.10Real Estate 3.07Energy & water supply 2.56Mining, coal & steel 2.30Electrical devices & components 2.09Tobacco & alcohol 2.03Computer hardware & network equipment providers 1.65Lodging, catering & leisure 1.39Chemicals 1.34Mechanical engineering & industrial equipment 1.16Precious metals & stones 0.98Textiles, garments & leather goods 0.68Miscellaneous unclassified companies 0.63Miscellaneous services 0.52Photographic & optics 0.33Watches & jewellery 0.33Pharmaceuticals, cosmetics & medical products 0.32Rubber & tyres 0.23Miscellaneous trading companies 0.21Non-ferrous metals 0.20Aerospace industry 0.18Telecommunications 0.16Environmental services & recycling 0.12Forestry, paper & pulp products 0.10Miscellaneous consumer goods 0.07Various capital goods 0.06

TOTAL 90.92

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In 2014, the Fund had a return of +4.83% (gross of fees). This follows the Fund’s return in 2013 of +8.03% (gross of fees). And in 2012, the Fund had a return of +20.62% (gross of fees). One of the most effervescent starts to a new year in a very long while: Greek woes to fore as Syriza wins by more than was thought imaginable, a surprise 25bps cut in interest rates in India, a shock in Switzerland with the removal of the currency cap, Beijing clamping down on margin accounts (causing the Shanghai Composite Index to fall 8% in one day), Chinese 4Q GDP coming in at 7.3% YoY with indications that 2015 growth could slim down to 7%, IMF cutting global growth for 2015 down to 3.5%, the Russian ruble continuing its slide, the price of oil slipping further, and the ECB pulling the trigger on QE. Result: a roller coaster of a ride for equity, bond, and currency markets. Looking ahead to 2015, although the 12 month outlook remains constructive, the view for the short term is for heightened volatility. The Fund currently has significant exposure to Chinese related shares with a 45% weighting. This is funded by underexposure to Korea, where the current weighting is only 11%. The Fund’s cash position is a little over 1%.


Statement of Net Assets USDAssets 31.12.2014

Investments in securities, cost 185 793 356.68Investments in securities, unrealized appreciation (depreciation) 12 309 214.81Total investments in securities (Note 1) 198 102 571.49Cash at banks, deposits on demand and deposit accounts 34 404 882.06Other liquid assets (Margins) 1 037 669.25Receivable on securities sales (Note 1) 119.07Receivable on subscriptions 114 370.41Interest receivable on liquid assets 496.60Receivable on dividends 200 764.14Unrealized gain (loss) on financial futures (Note 1) 1 313 026.05Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -791 610.72


Liabilities

Bank overdraft -16 059 121.16Interest payable on bank overdraft -35 869.57Payable on redemptions -167 401.36Provisions for flat fee (Note 2) -211 302.92Provisions for taxe d’abonnement (Note 3) -10 050.89Total provisions -221 353.81



Statement of Operations USDIncome 1.1.2014-31.12.2014

Interest on liquid assets 2 486.98Dividends 4 370 309.54Income on securities lending (Note 15) 120 784.48


Expenses

Flat fee (Note 2) -3 228 403.70Taxe d’abonnement (Note 3) -61 939.79Cost on securities lending (Note 15) -5 814.61Interest on cash liquidity and bank overdraft -134 920.44




Realized gain (loss) on market-priced securities without options 19 939 577.89Realized gain (loss) on financial futures -991 878.95Realized gain (loss) on forward foreign exchange contracts -2 738 105.87Total realized gain (loss) on investments 16 209 593.07Realized gain (loss) on foreign exchange -112 262.60




Unrealized appreciation (depreciation) on market-priced securities without options -14 541 367.98Unrealized appreciation (depreciation) on financial futures 1 350 426.10Unrealized appreciation (depreciation) on forward foreign exchange contracts -766 979.69





Statement of Changes in Net Assets USD 1.1.2014-31.12.2014

Net assets at the beginning of the financial year 286 082 598.94Subscriptions 195 185 315.76Redemptions -266 571 283.61Total net subscriptions (redemptions) -71 385 967.85Net income (loss) on investments 1 062 502.46Total realized gain (loss) 16 097 330.47Total changes in unrealized appreciation (depreciation) -13 957 921.57Net increase (decrease) in net assets as a result of operations 3 201 911.36



1.1.2014-31.12.2014

Class ANumber of shares outstanding at the beginning of the financial year 1 017 789.9210Number of shares issued 63 739.7680Number of shares redeemed -901 386.6980


Class A (CHF hedged)Number of shares outstanding at the beginning of the financial year 172 024.8860Number of shares issued 19 323.0000Number of shares redeemed -179 057.3100


Class A (EUR hedged)Number of shares outstanding at the beginning of the financial year 129 077.6700Number of shares issued 20 378.1440Number of shares redeemed -114 185.4060


Class MNumber of shares outstanding at the beginning of the financial year 155 949.6630Number of shares issued 762 723.5590Number of shares redeemed -139 179.1290


Class M (CHF hedged)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 157 438.4110Number of shares redeemed -12 634.6640


Class M (EUR hedged)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 108 493.3610Number of shares redeemed -18 312.3390





Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Bearer shares

Canada

USD AGNICO EAGLE MINES LTD COM 3 000.00 75 150.00 0.03USD B2GOLD CORP COM NPV 160 000.00 254 400.00 0.12USD BARRICK GOLD CORP COM NPV 10 000.00 108 600.00 0.05USD ELDORADO GOLD CORP NEW COM 56 000.00 340 480.00 0.16USD FIRST MAJESTIC SIL COM NPV 20 000.00 101 000.00 0.05USD FRANCO NEVADA CORP COM NPV 2 000.00 98 420.00 0.04USD GOLDCORP INC NEW COM 12 000.00 223 080.00 0.10USD IAMGOLD CORP COM 52 000.00 138 840.00 0.06USD KINROSS GOLD CORP COM NO PAR 20 000.00 56 000.00 0.02USD NEW GOLD INC COM NPV 97 600.00 415 776.00 0.19USD PAN AMER SILVER COM NPV 16 000.00 148 000.00 0.07USD SILVER WHEATON CORP COM 5 000.00 101 200.00 0.05USD SILVERCREST MINES COM NPV 150 000.00 187 500.00 0.09USD YAMANA GOLD INC COM 20 000.00 81 400.00 0.04

Total Canada 2 329 846.00 1.07

China

HKD 1ST TRACTOR CO ‘H’CNY1 560 000.00 412 263.74 0.19HKD ALUMINIUM CORP CHN ‘H’ CNY1 432 000.00 199 953.59 0.09HKD ANHUI CONCH CEMENT ‘H’CNY1 426 000.00 1 595 536.47 0.73HKD ANHUI EXPRESSWAY ‘H’CNY1 328 000.00 220 747.27 0.10HKD BBMG CORPORATION CNY1 390 000.00 326 332.48 0.15HKD BEIJING NORTH STAR ‘H’CNY1 1 050 000.00 334 377.66 0.15HKD BEIREN PRINT MCHY ‘H’CNY1 654 000.00 252 958.92 0.12HKD BYD CO ‘H’CNY1 16 000.00 62 607.98 0.03HKD CHINA CNR CORP LTD ‘H’CNY1 1 600 000.00 2 293 906.81 1.05HKD CHINA COAL ENERGY ‘H’CNY1 348 000.00 218 055.23 0.10HKD CHINA CONST BK ‘H’CNY1 5 500 000.00 4 517 031.53 2.07HKD CHINA COSCO HLDGS ‘H’CNY1 678 000.00 334 795.39 0.15HKD CHINA EAST AIRLINE ‘H’CNY1 1 500 000.00 719 424.46 0.33HKD CHINA GALAXY SECUR CNY1 H 370 000.00 464 157.71 0.21HKD CHINA MOLYBDENUM C ‘H’CNY0.2 140 000.00 81 225.34 0.04HKD CHINA OILFIELD SER ‘H’CNY1 120 000.00 208 246.31 0.10HKD CHINA RAILWAY CONS ‘H’CNY1 1 500 000.00 1 910 729.48 0.88HKD CHINA SHIPPING CON ‘H’CNY1 700 000.00 221 113.43 0.10HKD CHINA SHIPPING DEV ‘H’CNY1 420 000.00 288 079.21 0.13HKD CHINA STHN AIRLINE ‘H’CNY1 1 168 000.00 555 674.17 0.27HKD CHONGQING IRON & S ‘H’CNY1 1 260 000.00 277 790.67 0.13HKD CITIC SECURITIES CNY1 ‘H’ 130 000.00 489 414.92 0.22HKD DALIAN PORT (PDA) ‘H’CNY1 1 980 000.00 650 963.10 0.30HKD DATANG INTL POWER ‘H’CNY1 600 000.00 322 580.64 0.15HKD DONGFANG ELECT COR ‘H’CNY1 240 000.00 441 247.00 0.20HKD DONGFENG MOTOR GRO ‘H’CNY1 520 000.00 736 133.67 0.34HKD GREAT WALL MOTOR ‘H’CNY1 26 000.00 147 830.12 0.07HKD GUANGZHOU AUTOMOBI ‘H’ CNY1 100 000.00 91 023.95 0.04HKD GUANGZHOU BAIYUNSH ‘H’CNY1 60 000.00 181 403.26 0.08HKD HAITONG SECURITIES ‘H’CNY1 190 000.00 478 172.30 0.22HKD HISENSE KELON ELEC ‘H’CNY1 168 000.00 148 371.63 0.07HKD HUA HONG SEMICONDU NPV 272 000.00 359 103.68 0.16HKD INDUSTRIAL & COM B ‘H’CNY1 4 500 000.00 3 283 824.55 1.51HKD JIANGXI COPPER CO ‘H’CNY1 54 000.00 92 596.89 0.04HKD JINGWEI TEXTILE MA ‘H’CNY1 294 000.00 340 388.33 0.16HKD KWG PROPERTY HLDGS HKD0.10 1 120 000.00 766 767.23 0.35HKD LONGFOR PROPERTIES 340 000.00 437 920.63 0.20HKD MAANSHAN IRON&STL ‘H’CNY1 1 720 000.00 514 478.74 0.24HKD METALLURGICAL CORP ‘H’CNY1 1 890 000.00 628 684.15 0.29HKD NANJING PANDA ELEC ‘H’CNY1 620 000.00 479 616.31 0.22HKD NORTHEAST ELEC DEV ‘H’CNY1 2 000 000.00 477 037.72 0.22HKD PETROCHINA CO ‘H’CNY1 2 300 000.00 2 550 217.89 1.17HKD PING AN INSURANCE ‘H’CNY1 500 000.00 5 099 146.49 2.34HKD Q TECHNOLOGY GROUP HKD0.01 16 000 000.00 4 538 304.84 2.08HKD SHANDONG CHENMING ‘H’CNY1 440 000.00 208 762.02 0.10HKD SHANDONG MOLONG PE ‘H’CNY0.1 1 080 000.00 424 692.50 0.19HKD SHANDONG XINHUA PH ‘H’CNY1 595 000.00 284 604.57 0.13HKD SHANGHAI ELECTRIC ‘H’CNY1 1 110 000.00 591 049.74 0.27HKD SHENJI GP KUNMING ‘H’CNY1 424 000.00 176 571.00 0.08HKD SHENZHEN DONGJIANG ‘H’CNY0.1 72 000.00 252 030.63 0.12HKD SHIMAO PROPERTY HO HKD0.10 360 000.00 804 827.11 0.37HKD SHN EXPRESSWAY ‘H’CNY1 850 000.00 566 578.99 0.26HKD SICHUAN EXPRESSWAY ‘H’CNY1 1 096 000.00 470 550.01 0.22HKD SINOPEC S/PETROCHE ‘H’CNY1 628 000.00 183 796.19 0.08HKD TENCENT HLDGS LIMI HKD0.00002 162 000.00 2 349 733.12 1.08HKD TIANJIN CAPITAL EN ‘H’ CNY1 730 000.00 491 297.28 0.23



HKD YANZHOU COAL MININ ‘H’CNY1 342 000.00 289 695.98 0.13HKD ZHEJIANG SHIBAO ‘H’CNY1 546 000.00 488 543.36 0.22HKD ZHENGZHOU COAL MIN ‘H’CNY1 640 000.00 401 846.26 0.18HKD ZIJIN MINING GROUP ‘H’CNY0.1 370 000.00 104 948.30 0.05

Total China 46 839 762.95 21.50

Hong Kong

HKD AIA GROUP LTD USD1.00 250 000.00 1 390 822.82 0.64HKD BEIJING ENTER. INV HKD0.1 190 000.00 1 489 389.13 0.68HKD BOC HONG KONG HLDG HKD5 1 305 000.00 4 366 152.24 2.00HKD CHEUNG KONG(HLDGS) HKD0.50 102 000.00 1 713 545.29 0.79HKD CHINA RES PWR HLDG HKD1 560 000.00 1 444 006.08 0.66HKD CHINA SOUTH CITY H NPV 3 000 000.00 1 369 227.20 0.63HKD CHOW TAI FOOK JEWE HKD1 540 000.00 724 065.91 0.33HKD CNOOC LTD HKD0.02 590 000.00 794 151.77 0.37HKD COSCO PACIFIC HKD0.10 1 200 000.00 1 704 958.61 0.78HKD GALAXY ENTERTAINME HKD0.10 448 000.00 2 521 234.62 1.16HKD HK ELECTRIC INVEST UNITS (STAPLED) 44 999.00 29 704.61 0.01HKD HUTCHISON WHAMPOA HKD0.25 70 000.00 805 484.64 0.37HKD ORIENT O/SEAS INTL USD0.10 600 000.00 3 508 161.21 1.61HKD SUN HUNG KAI PROP HKD0.50 65 000.00 991 400.43 0.46

Total Hong Kong 22 852 304.56 10.49

India

INR EDUCOMP SOLUTIONS LTD INR2 35 000.00 13 570.72 0.01INR RELIANCE CAPITAL INR10 13 600.00 106 453.97 0.05INR RELIANCE COMMUNICA INR5 272 000.00 344 371.91 0.16INR RELIANCE INFRASTRU INR10 20 400.00 165 298.52 0.07INR RELIANCE POWER INR10 68 000.00 66 453.02 0.03

Total India 696 148.14 0.32

Indonesia

IDR BK RAKYAT IDR250 1 700 000.00 1 599 113.13 0.73IDR H M SAMPOERNA IDR100 546 500.00 3 029 249.55 1.39IDR UTD TRACTORS IDR250 170 000.00 238 151.18 0.11

Total Indonesia 4 866 513.86 2.23

Japan

JPY BRIDGESTONE CORP NPV 14 000.00 491 933.05 0.22JPY DAI-ICHI LIFE INS NPV 17 000.00 261 899.58 0.12JPY HITACHI NPV 72 000.00 542 681.17 0.25JPY ITOCHU CORP NPV 42 000.00 454 092.05 0.21JPY JAPAN AIRLINES CO NPV 40 000.00 1 205 020.92 0.56JPY JAPAN TOBACCO INC NPV 50 000.00 1 392 468.61 0.64JPY MITSUBISHI ESTATE NPV 20 000.00 427 698.74 0.20JPY MITSUBISHI UFJ FIN NPV 46 000.00 255 790.79 0.12JPY RECRUIT HLDGS CO L NPV 16 000.00 460 585.77 0.21JPY SEIKO HOLDINGS NPV 100 000.00 568 200.83 0.26JPY SEKISUI HOUSE NPV 20 000.00 265 606.69 0.12JPY SOFTBANK CORP NPV 8 000.00 482 677.82 0.22JPY SOMPO JAPAN NIPPON NPV 40 000.00 1 021 255.23 0.47JPY SUMITOMO MITSUI FG NPV 13 000.00 475 941.42 0.22

Total Japan 8 305 852.67 3.81

Macau

HKD MGM CHINA HLDGS LT HKD1 204 000.00 518 666.36 0.24HKD SANDS CHINA LTD USD0.01 REG’S’ 108 000.00 531 213.74 0.24

Total Macau 1 049 880.10 0.48

Malaysia

MYR AIRASIA BHD MYR0.1 200 000.00 155 584.16 0.07MYR GENTING BHD MYR0.10 125 000.00 317 102.82 0.15MYR IJM CORP BERHAD MYR1 720 000.00 1 352 895.75 0.62MYR MALAYAN BKG BERHAD MYR1 250 000.00 655 655.66 0.30MYR SAPURAKENCANA PET MYR1 300 000.00 199 056.20 0.09MYR TENAGA NASIONL BHD MYR1 604 000.00 2 383 869.58 1.09

Total Malaysia 5 064 164.17 2.32

Philippines

PHP AYALA CORP PHP50 140 000.00 2 172 022.58 1.00PHP MELCO CROWN (PHILI PHP1 750 000.00 227 686.80 0.10PHP NICKEL ASIA CORPOR PHP0.50 1 179 250.00 1 254 843.79 0.57PHP PREMIUM LEISURE CO PHP0.25 3 500 000.00 166 657.35 0.08PHP SM INVEST CORP PHP10 15 000.00 273 291.23 0.13

Total Philippines 4 094 501.75 1.88




Singapore

SGD CAPITALAND SGD1 200 000.00 500 926.94 0.23SGD KEPPEL CORP NPV 131 999.00 883 955.32 0.41SGD KRISENERGY LIMITED USD0.00125 REG’S 554 000.00 264 098.97 0.12SGD OVERSEA-CHINESE BK NPV 151 875.00 1 202 082.78 0.55SGD SINGAPORE TECH ENG SGD0.10 150 000.00 385 910.48 0.18

Total Singapore 3 236 974.49 1.49

South Korea

KRW HOTEL SHILLA KRW5000 18 000.00 1 496 792.92 0.69KRW HYUNDAI MOBIS KRW5000 5 000.00 1 073 556.80 0.49KRW HYUNDAI MOTOR CO KRW5000 13 500.00 2 075 694.78 0.95KRW KOREA ELEC POWER KRW5000 30 000.00 1 165 445.99 0.54KRW NAVER CORP KRW500 3 900.00 2 526 315.70 1.16KRW SAMSUNG ELECTRONIC KRW5000 7 200.00 8 692 534.84 3.99KRW SK HYNIX INC KRW5000 23 000.00 999 181.15 0.46KRW SK INNOVATION CO KRW5000 3 500.00 270 982.11 0.12

Total South Korea 18 300 504.29 8.40

Taiwan

TWD ADVANCED SEMICONDT TWD10 (ASE) 1.00 1.21 0.00TWD CHROMA ATE INC TWD10 500 000.00 1 298 968.42 0.59TWD COMPAL ELECTRONIC TWD10 300 000.00 210 746.16 0.10TWD DELTA ELECTRONIC TWD10 90 000.00 536 833.11 0.25TWD FUBON FINANCIAL HL TWD10 574 905.00 922 336.67 0.42TWD INOTERA MEMORIES I TWD10 1 000 000.00 1 588 507.06 0.73TWD MEDIATEK INC TWD10 74 000.00 1 081 830.27 0.50TWD TAIWAN SEMICON MAN TWD10 2 325 867.00 10 377 420.65 4.76

Total Taiwan 16 016 643.55 7.35

United States

USD ALASKA AIRGROUP COM USD1 4 000.00 239 080.00 0.11USD APPLE INC COM NPV 30 000.00 3 375 600.00 1.55USD CITIGROUP INC COM USD0.01 9 000.00 493 560.00 0.22USD GOLDMAN SACHS GRP COM USD0.01 2 600.00 508 846.00 0.23USD JETBLUE AWYS CORP COM 16 000.00 254 240.00 0.12USD MORGAN STANLEY COM STK USD0.01 13 400.00 522 600.00 0.24USD NEWMONT MINING CORP COM 15 000.00 288 900.00 0.13USD ROYAL GOLD INC COM 2 000.00 126 360.00 0.06HKD SAMSONITE INTL SA USD0.01 499 800.00 1 482 091.75 0.68USD SKYWEST INC COM 20 000.00 257 400.00 0.12

Total United States 7 548 677.75 3.46

Total Bearer shares 141 201 774.28 64.80

Preference shares

South Korea

KRW SAMSUNG ELECTRONIC PFD KRW5000 2 000.00 1 890 551.72 0.87


Total Preference shares 1 890 551.72 0.87

Depository receipts

Australia

USD BHP BILLITON LTD SPONSORED ADR 2 000.00 95 680.00 0.04

Total Australia 95 680.00 0.04

China

USD BAIDU INC ADS EACH REPR 10 ORD CLS’A 5 000.00 1 150 050.00 0.53USD JD.COM INC ADS EA REPR 2 COM ‘A’ SHS 30 000.00 697 500.00 0.32

Total China 1 847 550.00 0.85

Hong Kong

USD CNOOC LTD SPONSORED ADR 12 000.00 1 614 000.00 0.74

Total Hong Kong 1 614 000.00 0.74

India

USD BAJAJ HOLDINGS AND INVESTMENT LTD REG S 19 000.00 421 736.10 0.19USD HDFC BANK LTD ADR REPS 3 SHS 64 000.00 3 243 520.00 1.49USD ICICI BK LTD ADR 410 000.00 4 760 100.00 2.18USD LARSEN & TOUBRO GDR-REPR 1 ORD INR2 REG S 62 000.00 1 450 800.00 0.67USD RELIANCE INDS LTD GDR 144A 70 000.00 1 963 500.00 0.90

Total India 11 839 656.10 5.43




Japan

USD TOYOTA MOTOR CORP SP ADR REP2COM 28 000.00 3 525 480.00 1.62

Total Japan 3 525 480.00 1.62

Jersey

USD RANDGOLD RES LTD ADR 1 000.00 67 910.00 0.03

Total Jersey 67 910.00 0.03

South Africa

USD ANGLOGOLD ASHANTI LTD SPONSORED ADR 18 000.00 157 500.00 0.07USD GOLD FIELDS LTD ADR REPR 1 ORD ZAR0.50(BNY) 30 000.00 135 300.00 0.06

Total South Africa 292 800.00 0.13

South Korea

USD POSCO SPONSORED ADR 22 000.00 1 402 940.00 0.64USD SAMSUNG ELECTRONIC GDR REP 1/2 ORD REG’S’/144A 3 000.00 1 806 000.00 0.83


Taiwan

USD HON HAI PRECISION GDR(REP 2 SHS TWD10)REG’S 3 912.00 21 907.20 0.01USD SINO-AMERICAN SILI GDR EACH REPR’REG S’ 420 000.00 718 876.58 0.33

Total Taiwan 740 783.78 0.34

Thailand

THB BANGKOK BANK THB10 (NVDR) 122 000.00 719 392.10 0.33THB CENT PATTANA PUB THB0.5(NVDR) 1 000 000.00 1 382 978.72 0.63THB CP ALL PLC THB1(NVDR) 150 000.00 193 769.00 0.09THB KASIKORNBANK PLC THB10 (NVDR) 67 500.00 469 832.83 0.22THB KRUNG THAI BNK LTD THB5.15(NVDR) 1 450 000.00 1 000 455.93 0.46THB LAND & HOUSES THB1(NVDR) 600 000.00 165 045.59 0.08THB PTT EXPLORTN & PRD THB1(NVDR) 150 000.00 510 638.30 0.23THB PTT PUBLIC COMPANY THB10(NVDR) 52 000.00 512 097.26 0.24THB SIAM CEMENT CO THB1(NVDR) 20 000.00 272 340.43 0.12THB SIAM COMMERCIAL BK THB10 (NVDR) 104 500.00 578 085.11 0.27

Total Thailand 5 804 635.27 2.67

United Kingdom

USD RIO TINTO ADR EACH REP 1 ORD 2 000.00 93 140.00 0.04

Total United Kingdom 93 140.00 0.04

Total Depository receipts 29 130 575.15 13.36

Certificates on indices

United States

USD BARCLAYS BANK/IPATH ETN LINKED MSCI INDIA TR INDEX 18.12.36 75 000.00 5 197 500.00 2.39


Total Certificates on indices 5 197 500.00 2.39

Investment certificates, closed end

Singapore

SGD KEPPEL REIT NPV (REIT) 157 358.00 145 266.36 0.06

Total Singapore 145 266.36 0.06

Total Investment certificates, closed end 145 266.36 0.06

Total Transferable securities and money market instruments listed on an official stock exchange 177 565 667.51 81.49

Transferable securities and money market instruments traded on another regulated market

Bearer shares

Taiwan

TWD GINKO INTERNATIONA TWD10 68 000.00 725 143.98 0.34

Total Taiwan 725 143.98 0.34

Total Bearer shares 725 143.98 0.34

Total Transferable securities and money market instruments traded on another regulated market 725 143.98 0.34






United States

USD ISHARES INC-MSCI SOUTH KOREA INDEX FUND 48 000.00 2 650 560.00 1.22USD ISHARES MSCI TAIWAN ETF 1 135 000.00 17 161 200.00 7.87





Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures on Indices

USD FTSE XINHUA CHINA A 50 INDEX FUTURE 29.01.15 800.00 799 250.00 0.36HKD HANG SENG CHINA ENTERPRISES INDEX FUTURE 29.01.15 25.00 106 592.15 0.05HKD HANG SENG INDEX FUTURE 29.01.15 75.00 407 183.90 0.19Total Financial Futures on Indices 1 313 026.05 0.60

Total Derivative instruments listed on an official stock exchange 1 313 026.05 0.60

Total Derivative instruments 1 313 026.05 0.60

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 3 463 000.00 USD 4 313 859.10 16.1.2015 -104 774.56 -0.05EUR 8 767 000.00 USD 10 921 051.90 16.1.2015 -265 249.38 -0.12CHF 13 970 000.00 USD 14 499 221.59 16.1.2015 -378 845.47 -0.17CHF 1 255 000.00 USD 1 302 542.81 16.1.2015 -34 033.72 -0.02EUR 116 000.00 USD 142 262.40 16.1.2015 -1 270.83 0.00EUR 299 000.00 USD 366 693.60 16.1.2015 -3 275.67 0.00CHF 476 000.00 USD 485 417.09 16.1.2015 -4 293.32 0.00USD 28 130.40 CHF 27 700.00 16.1.2015 132.23 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) -791 610.72 -0.36

Cash at banks, deposits on demand and deposit accounts and other liquid assets 35 442 551.31 16.27

Bank overdraft and other short-term liabilities -16 059 121.16 -7.37Other assets and liabilities -108 874.52 -0.06

Total net assets 217 898 542.45 100.00





BSI-Multinvest – Bonds CHF


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in CHF 29 666 123.17 53 700 639.64 35 079 153.67



CLASS M1 LU1066143261

Shares outstanding 195 461.4080 - -Net asset value per share in CHF 101.82 - -

1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A CHF 4.0% -0.6% 5.0%

CLASS M1 CHF - - -





2014 was characterized by uncertain global environ-ment. Divergences in macro data in the United States and in Europe, geopolitical tensions and the shock in oil price were some topics. In this context main central banks were particularly accommodative and used unconventional measures to stimulate the real economy. The bonds yields almost everywhere came down sharply reaching new all-time lows. The Swiss yield curve flattened and 10-year government yields dropped by 75 bps, from 1.07% at the beginning of the year to 0.32% at the end of December. The SNB highlighted several times its utmost determination to defend the eur/chf exchange rate floor at 1.20 and in December introduced negative interest rates on bank sight deposits (-0.25%) and widened the target range for the 3 month libor to -0.75%/0.25%. Credit spreads widened slightly on average. Especially bonds of Russian issuers suffered a lot because of the risk off behaviour of the investors.

In 2014 the fund obtained a positive performance but underperformed its target. During the year the duration was maintained shorter than the benchmark’s duration. The exposure to the 10+ years bucket was lower than the one of the reference index. This penalized the per-formance of the fund. AAA and AA rated bonds were underweight especially in favour of bond with A rating. For diversification purposes, special attention was paid to bonds selection among countries, sectors and issu-ers. Purchases were made especially on the primary market and sales concerned mainly bonds with maturity less than 5 years.



Netherlands 18.78France 11.67Supranationals 8.48United States 7.72Australia 5.27Sweden 3.98Chile 3.09Finland 2.83New Zealand 2.79United Kingdom 2.76Austria 2.20Italy 2.14Canada 1.91Luxembourg 1.82Cayman Islands 1.78Germany 1.76South Korea 1.76Slovakia 1.43Curacao 1.32Spain 1.11Lithuania 1.06Poland 1.04Brazil 1.01China 0.85Ireland 0.81Guernsey 0.68

TOTAL 90.05


Banks & credit institutions 40.74Finance & holding companies 20.56Supranational organisations 8.48Countries & central governments 5.67Public, non-profit institutions 4.06Cantons, federal states 2.83Insurance 1.76Tobacco & alcohol 1.40Pharmaceuticals, cosmetics & medical products 1.32Telecommunications 1.11Real Estate 1.07Petroleum 1.05

TOTAL 90.05

Annual Report as of 31 December 2014 BSI-Multinvest – Bonds CHF

t143230

Cross-Out

t143230

Inserted Text

2014 was characterized by uncertain global environment. Divergences in macro data in the United States and in Europe, geopolitical tensions and the shock in oil price were some topics. In this context main central banks were particularly accommodative and used unconventional measures to stimulate the real economy. The bonds yields almost everywhere came down sharply reaching new all-time lows. The Swiss yield curve flattened and 10-year government yields dropped by 75 bps, from 1.07% at the beginning of the year to 0.32% at the end of December. The SNB highlighted several times its utmost determination to defend the eur/chf exchange rate floor at 1.20 and in December introduced negative interest rates on bank sight deposits (-0.25%) and widened the target range for the 3 month libor to -0.75%/0.25%. Credit spreads widened slightly on average. Especially bonds of Russian issuers suffered a lot because of the risk off behaviour of the investors. In 2014 the fund obtained a positive performance but underperformed its target. During the year the duration was maintained prudentially short and on average below 4.5 years. The exposure to the 10+ years bucket was lower than the one of the reference index. This penalized the performance of the fund. AAA and AA rated bonds were underweight especially in favour of bond with A rating. For diversification purposes, special attention was paid to bonds selection among countries, sectors and issuers. Purchases were made especially on the primary market and sales concerned mainly bonds with maturity less than 5 years.


Statement of Net Assets CHFAssets 31.12.2014

Investments in securities, cost 25 357 858.85Investments in securities, unrealized appreciation (depreciation) 1 356 331.15Total investments in securities (Note 1) 26 714 190.00Cash at banks, deposits on demand and deposit accounts 2 736 113.47Receivable on subscriptions 6 718.80Interest receivable on securities 230 564.30


Liabilities

Payable on redemptions -2 036.00Provisions for flat fee (Note 2) -17 709.33Provisions for taxe d’abonnement (Note 3) -1 718.07Total provisions -19 427.40



Statement of Operations CHFIncome 1.1.2014-31.12.2014

Interest on securities 593 486.74Income on securities lending (Note 15) 4 100.19


Expenses

Flat fee (Note 2) -266 979.88Taxe d’abonnement (Note 3) -10 359.18Cost on securities lending (Note 15) -170.12Interest on cash liquidity and bank overdraft -359.63


Net income (loss) on investments 319 718.12


Realized gain (loss) on market-priced securities without options 766 730.27Total realized gain (loss) on investments 766 730.27Realized gain (loss) on foreign exchange -483.93




Unrealized appreciation (depreciation) on market-priced securities without options 387 762.38





Statement of Changes in Net Assets CHF 1.1.2014-31.12.2014

Net assets at the beginning of the financial year 53 700 639.64Subscriptions 28 184 782.91Redemptions -53 693 026.22Total net subscriptions (redemptions) -25 508 243.31Net income (loss) on investments 319 718.12Total realized gain (loss) 766 246.34Total changes in unrealized appreciation (depreciation) 387 762.38Net increase (decrease) in net assets as a result of operations 1 473 726.84



1.1.2014-31.12.2014








Description Quantity/ Valuation in CHF as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)


Notes, fixed rate

CHF

CHF BANCO DE CHILE 1.12500% 13-23.05.18 500 000.00 511 500.00 1.72CHF BHARTI AIRTEL INTL NETHERLANDS BV 3.00000% 14-31.03.20 200 000.00 214 000.00 0.72CHF CENTRAL AMERICAN BANK ECO INTEGRAT 1.50000% 13-04.02.20 300 000.00 314 250.00 1.06CHF EBN BV 1.12500% 12-04.07.24 300 000.00 319 050.00 1.08CHF GPB EUROBOND FINANCE PLC LPN 3.37500% 12-05.08.15 250 000.00 241 250.00 0.81CHF SLOVAKIA, REPUBLIC OF 2.12500% 12-25.04.18 400 000.00 425 600.00 1.43CHF TEVA PHARMACEUTICAL FINANCE IV BV 1.50000% 12-25.10.18 375 000.00 391 125.00 1.32CHF VTB CAPITAL SA LPN 3.15000% 12-16.12.16 200 000.00 168 000.00 0.57

Total CHF 2 584 775.00 8.71

Total Notes, fixed rate 2 584 775.00 8.71

Medium term notes, fixed rate

CHF

CHF ABN AMRO BANK NV 2.50000% 06-30.12.15 700 000.00 717 360.00 2.42CHF ANZ NEW ZEALAND INT’L LTD 0.87500% 13-14.02.19 400 000.00 410 800.00 1.38CHF BANCO SANTANDER BRASIL SA KY 1.12500% 13-26.06.15 300 000.00 299 220.00 1.01CHF BANCO SANTANDER CHILE SA 1.00000% 14-31.07.17 400 000.00 405 200.00 1.37CHF BANK NEDERLANDSE GEMEENTEN NV 2.12500% 10-06.11.18 600 000.00 649 500.00 2.19CHF BAT INTERNATIONAL FINANCE PLC-REG-S 0.62500% 14-08.09.21 300 000.00 303 300.00 1.02CHF BNZ INTERNATIONAL FUNDING LTD 1.12500% 12-20.09.19 400 000.00 415 800.00 1.40CHF CAISSE D’AMORTIS DE LA DETTE SOCIALE 2.37500% 11-19.04.23 500 000.00 579 250.00 1.95CHF COMMONWEALTH BANK OF AUSTRALIA 0.87500% 13-11.02.20 500 000.00 516 250.00 1.74CHF COMPAGNIE DE FINANCEMENT FONCIER 2.87500% 09-10.09.19 300 000.00 339 000.00 1.14CHF CORP ANDINA DE FOMENTO 1.50000% 10-11.09.18 200 000.00 208 800.00 0.70CHF CORP ANDINA DE FOMENTO 1.37500% 13-11.02.21 250 000.00 262 250.00 0.88CHF CREDIT AGRICOLE SA 1.25000% 14-17.07.20 300 000.00 311 550.00 1.05CHF DEUTSCHE BAHN FINANCE BV 1.75000% 10-03.06.20 500 000.00 543 750.00 1.83CHF ENBW INTERNATIONAL FINANCE BV 1.25000% 13-12.07.18 350 000.00 363 300.00 1.22CHF EUROPEAN INVESTMENT BANK 1.50000% 12-02.08.24 800 000.00 886 800.00 2.99CHF F VAN LANSCHOT BANKIERS NV 2.12500% 12-04.04.16 400 000.00 406 160.00 1.37CHF GAS NATURAL FINANCE BV 2.12500% 13-08.02.19 250 000.00 263 750.00 0.89CHF GLENCORE FINANCE EUROPE SA 2.62500% 12-03.12.18 350 000.00 372 750.00 1.26CHF GOLDMAN SACHS GROUP INC 1.50000% 12-29.11.18 300 000.00 311 850.00 1.05CHF HSBC BANK PLC 1.87500% 10-01.09.16 500 000.00 514 750.00 1.74CHF HYUNDAI CAPITAL SERVICES INC 2.50000% 12-15.02.17 500 000.00 521 500.00 1.76CHF ITALY, REPUBLIC OF 2.50000% 06-30.01.18 600 000.00 635 100.00 2.14CHF KOMMUNINVEST I SVERIGE AB 1.25000% 12-28.02.22 400 000.00 429 200.00 1.45CHF MACQUARIE BANK LTD 2.12500% 12-29.11.18 500 000.00 529 500.00 1.78CHF METROPOLITAN LIFE GLOBAL FUNDING-REG-S 1.00000% 14-19.09.22 250 000.00 258 750.00 0.87CHF MFINANCE FRANCE SA 2.50000% 13-08.10.18 300 000.00 316 800.00 1.07CHF MUNICIPALITY FINANCE PLC 1.62500% 11-07.02.18 800 000.00 840 800.00 2.83CHF NATIONAL AUSTRALIA BANK LTD 1.12500% 12-07.11.18 500 000.00 518 500.00 1.75CHF NEDERLANDSE WATERSCHAPSBANK NV 1.75000% 10-22.07.16 700 000.00 719 250.00 2.42CHF OESTERREICHISCHE KONTROLLBANK AG 1.75000% 12-24.05.23 300 000.00 334 800.00 1.13CHF PHILIP MORRIS INTERNATIONAL INC 1.00000% 12-18.09.20 400 000.00 415 200.00 1.40CHF POLAND, REPUBLIC OF-REG-S 1.00000% 14-17.09.21 300 000.00 308 850.00 1.04CHF RABOBANK NEDERLAND NV 2.00000% 11-31.01.18 300 000.00 316 350.00 1.07CHF RABOBANK NEDERLAND NV 1.00000% 13-26.06.20 500 000.00 517 750.00 1.75CHF RESEAU FERRE DE FRANCE SA 2.62500% 11-10.03.31 500 000.00 624 500.00 2.11CHF ROYAL BANK OF CANADA 2.25000% 11-21.04.21 500 000.00 565 750.00 1.91CHF SVENSKA HANDELSBANKEN AB 1.37500% 12-05.10.22 300 000.00 320 700.00 1.08CHF SWEDISH EXPORT CREDIT CORP 1.25000% 13-17.07.23 400 000.00 430 000.00 1.45CHF TELEFONICA EMISIONES SAU 2.59500% 13-23.10.20 300 000.00 328 050.00 1.11CHF TOTAL CAPITAL INTERNATIONAL SA-REG-S 1.00000% 14-29.08.24 300 000.00 310 500.00 1.05CHF WELLS FARGO & CO-REG-S 0.62500% 14-03.09.20 300 000.00 303 450.00 1.02

Total CHF 18 626 690.00 62.79

Total Medium term notes, fixed rate 18 626 690.00 62.79

Medium term notes, floating rate

CHF

CHF ALLIANZ SE 3.25000%/VAR 14-PRP 500 000.00 523 750.00 1.76CHF EFG FUNDING GUERNSEY LTD-SUB 4.750%/VAR 13-31.01.23 200 000.00 201 000.00 0.68

Total CHF 724 750.00 2.44

Total Medium term notes, floating rate 724 750.00 2.44



Bonds, fixed rate

CHF

CHF CAISSE DE REFINANCEMENT DE L’HABITAT 1.75000% 13-26.06.25 500 000.00 560 250.00 1.89CHF CAISSE DES DEPOTS ET CONSIGNATION 1.25000% 13-16.12.20 400 000.00 421 800.00 1.42CHF ENEL FINANCE INTERNATIONAL NV 2.75000% 12-17.12.18 500 000.00 540 250.00 1.82CHF EUROPEAN INVESTMENT BANK 1.75000% 10-21.04.17 300 000.00 313 500.00 1.06CHF EUROPEAN INVESTMENT BANK 1.25000% 12-02.08.19 500 000.00 530 500.00 1.79CHF GENERAL ELECTRIC CAPITAL CORP 2.00000% 10-15.01.15 1 000 000.00 1 000 400.00 3.37CHF INDUSTRIAL&COMME BK OF CHINA LTD-REG-S 1.00000% 14-17.12.19 250 000.00 253 625.00 0.85CHF LGT FINANCE LTD 2.50000% 10-12.05.17 500 000.00 526 750.00 1.78CHF LITHUANIA, REPUBLIC OF 2.00000% 12-11.04.18 300 000.00 313 200.00 1.06CHF OESTERREICHISCHE KONTROLLBANK AG 1.00000% 12-28.09.21 300 000.00 317 700.00 1.07

Total CHF 4 777 975.00 16.11

Total Bonds, fixed rate 4 777 975.00 16.11




Other assets and liabilities 215 819.70 0.73

Total net assets 29 666 123.17 100.00





BSI-Multinvest – Bonds EUR


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in EUR 91 098 718.70 106 386 503.91 77 944 793.04



CLASS M1 LU1011106645


1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A EUR 13.8% 1.4% 11.5%

CLASS M1 EUR - - -




Entering 2014 many investors believed in an actual recovery in the Eurozone but this didn’t happen: Europe suffered from the continued lack of coordination and delay in implementation of monetary easing and fiscal policies, and from crisis (Russia, Greece). All in all 10 year core government bond yields collapsed during the year (German federal bonds by 139bp) and peripheral ones even more (Italian bonds by 223bp, Spanish ones by 254bp). With the refi rate at 0.05% at the end of 2014, the ECB will likely expand Quantitative Easing in Q1 2015.

In 2014 the fund had a very good positive net perfor-mance in absolute terms. This was mainly due to the maintenance for all the year of overall neutral to very often long duration, never being short as the majority of the peers were especially in 1H14. During 2014 very careful and active selection of country risk (EU periph-eral versus EU core), and sector allocation (bond pick-ing among corporates issues) were very profitable for the fund.



Italy 21.99France 21.37Germany 13.06Spain 13.03Netherlands 6.13Portugal 5.79Belgium 4.97Austria 3.71Luxembourg 3.34Ireland 1.30Finland 1.19United States 1.11Brazil 1.10

TOTAL 98.09


Countries & central governments 84.19Banks & credit institutions 6.89Finance & holding companies 3.35Rubber & tyres 1.42Investment funds 1.13Computer hardware & network equipment providers 1.11

TOTAL 98.09





Liabilities

Payable on redemptions -149 442.35Provisions for flat fee (Note 2) -55 580.94Provisions for taxe d’abonnement (Note 3) 231.48Total provisions -55 349.46




Interest on securities 2 317 008.18Income on securities lending (Note 15) 41 339.52


Expenses

Flat fee (Note 2) -741 894.53Taxe d’abonnement (Note 3) -23 533.30Cost on securities lending (Note 15) -1 638.21




Realized gain (loss) on market-priced securities without options 3 648 788.52Realized gain (loss) on yield-evaluated securities and money market instruments 45 505.53Total realized gain (loss) on investments 3 694 294.05Realized gain (loss) on foreign exchange 131.22




Unrealized appreciation (depreciation) on market-priced securities without options 7 163 833.37Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -10 273.12



Annual Report as of 31 December 2014 BSI-Multinvest – Bonds EUR



Net assets at the beginning of the financial year 106 386 503.91Subscriptions 87 985 255.57Redemptions -115 712 307.96Total net subscriptions (redemptions) -27 727 052.39Net income (loss) on investments 1 591 281.66Total realized gain (loss) 3 694 425.27Total changes in unrealized appreciation (depreciation) 7 153 560.25Net increase (decrease) in net assets as a result of operations 12 439 267.18



1.1.2014-31.12.2014










Notes, fixed rate

EUR

EUR BELGIUM, KINGDOM OF-REG-S 1.25000% 13-22.06.18 2 000 000.00 2 075 000.01 2.28

Total EUR 2 075 000.01 2.28



EUR

EUR APPLE INC 1.00000% 14-10.11.22 1 000 000.00 1 011 630.00 1.11EUR BANCO DO BRASIL SA-REG-S 3.75000% 13-25.07.18 1 000 000.00 1 000 700.00 1.10EUR CONTINENTAL AG-REG-S 3.00000% 13-16.07.18 1 200 000.00 1 297 512.00 1.42EUR FIAT CHRYSLER FINANCE EUROPE-REG-S 7.00000% 12-23.03.17 1 000 000.00 1 090 460.00 1.20EUR GAZ CAPITAL SA/GAZPROM LPN-REG-S 3.75500% 12-15.03.17 1 000 000.00 922 130.00 1.01EUR KREDITANSTALT FUER WIEDERAUFBAU 1.50000% 14-11.06.24 1 500 000.00 1 616 160.00 1.77EUR SANTANDER INTERNATIONAL DEBT SA 1.37500% 14-25.03.17 1 500 000.00 1 525 815.00 1.68EUR UNICREDIT SPA-REG-S 3.25000% 14-14.01.21 1 000 000.00 1 092 770.00 1.20EUR VOLKSWAGEN INTERNATIONAL FIN NV 1.87500% 12-15.05.17 1 000 000.00 1 036 910.00 1.14

Total EUR 10 594 087.00 11.63


Bonds, fixed rate

EUR

EUR AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 2 000 000.00 2 195 800.00 2.41EUR AUSTRIA, REPUBLIC OF 2.40000% 13-23.05.34 1 000 000.00 1 184 350.00 1.30EUR BELGIUM, KINGDOM OF-144A-REG-S 3.00000% 14-22.06.34 2 000 000.00 2 453 000.00 2.69EUR CREDIT AGRICOLE SA LONDON 1.87500% 12-18.10.17 1 000 000.00 1 041 030.00 1.14EUR FINLAND, REPUBLIC OF 1.62500% 12-15.09.22 1 000 000.00 1 087 400.00 1.19EUR FRANCE, REPUBLIC OF OAT 2.50000% 10-25.10.20 2 000 000.00 2 250 400.00 2.47EUR FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 1 000 000.00 1 127 600.00 1.24EUR FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 3 000 000.00 3 539 400.00 3.89EUR FRANCE, REPUBLIC OF-OAT-REG-S 3.25000% 12-25.05.45 1 500 000.00 1 961 700.00 2.15EUR FRANCE, REPUBLIC OF-OAT 1.75000% 13-25.05.23 2 000 000.00 2 181 000.00 2.40EUR FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 4 000 000.00 4 335 200.00 4.76EUR FRANCE, REPUBLIC OF-OAT 0.50000% 14-25.11.19 3 000 000.00 3 033 600.00 3.33EUR GERMANY, REPUBLIC OF 1.50000% 13-15.02.23 1 500 000.00 1 641 600.00 1.80EUR GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 2 000 000.00 2 188 900.00 2.40EUR GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 2 500 000.00 2 607 250.00 2.86EUR GERMANY, REPUBLIC OF 2.50000% 12-04.07.44 2 000 000.00 2 548 900.00 2.80EUR IRELAND 3.40000% 14-18.03.24 1 000 000.00 1 185 700.00 1.30EUR ITALY, REPUBLIC OF 3.75000% 06-01.08.21 3 000 000.00 3 434 850.00 3.77EUR ITALY, REPUBLIC OF BTP 3.75000% 10-01.03.21 3 000 000.00 3 434 250.00 3.77EUR ITALY, REPUBLIC OF BTP 4.50000% 13-01.05.23 3 000 000.00 3 635 250.00 3.99EUR ITALY, REPUBLIC OF-BTP 4.00000% 05-01.02.37 1 000 000.00 1 150 350.00 1.26EUR ITALY, REPUBLIC OF-BTP 5.00000% 09-01.09.40 1 500 000.00 1 978 125.00 2.17EUR ITALY, REPUBLIC OF-BTP 3.75000% 14-01.09.24 2 000 000.00 2 325 400.00 2.55EUR NETHERLANDS, KINGDOM OF THE 2.25000% 12-15.07.22 1 000 000.00 1 136 050.00 1.25EUR NETHERLANDS, KINGDOM OF THE 2.50000% 12-15.01.33 1 000 000.00 1 209 250.00 1.33EUR NETHERLANDS, KINGDOM OF THE-144A-REG-S 1.75000% 13-15.07.23 2 000 000.00 2 198 100.00 2.41EUR PORTUGAL, REPUBLIC OF-OT 3.35000% 05-15.10.15 2 000 000.00 2 047 000.00 2.25EUR PORTUGAL, REPUBLIC OF-OT 4.20000% 06-15.10.16 2 000 000.00 2 133 500.00 2.34EUR PORTUGAL, REPUBLIC OF-OT 4.35000% 07-16.10.17 1 000 000.00 1 092 600.00 1.20EUR SPAIN GOVERNMENT BOND-144A-REG-S 2.75000% 14-31.10.24 3 000 000.00 3 291 450.00 3.61EUR SPAIN, KINGDOM OF 2.75000% 14-30.04.19 1 500 000.00 1 621 050.00 1.78EUR SPAIN, KINGDOM OF 4.70000% 09-30.07.41 1 000 000.00 1 333 550.00 1.47EUR SPAIN, KINGDOM OF 4.00000% 10-30.04.20 3 000 000.00 3 462 450.00 3.80EUR SPAIN, KINGDOM OF 4.65000% 10-30.07.25 500 000.00 634 100.00 0.70

Total EUR 72 680 155.00 79.78


Bonds, zero coupon

EUR

EUR ITALY, REPUBLIC OF 0.00000% 14-29.04.16 3 000 000.00 2 981 250.00 3.27

Total EUR 2 981 250.00 3.27

Total Bonds, zero coupon 2 981 250.00 3.27






Luxembourg

EUR BSI-MULTINVEST - EMERGING MARKETS BONDS A EUR (HEDGED) 10 000.00 1 027 600.00 1.13







Total net assets 91 098 718.70 100.00





BSI-Multinvest – Bonds USD


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in USD 17 522 378.34 27 656 285.80 24 352 252.70



CLASS M1 LU1066143188

Shares outstanding 87 037.2660 - -Net asset value per share in USD 101.63 - -

1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A USD 3.8% -3.0% 2.9%

Class M1 USD -




During 2014 US fixed income market quite surprisingly registered a very positive performance, as the 10yr-yield went down about 85 bps and the curve flattened strongly. The corporate sector suffered and even more the emerging market, with average spreads in a wid-ening trend. Notwithstanding an improving American economy and a FED rhetoric signaling rate increases forthcoming next year, some other factors prevailed in determining a risk aversion scenario. Among the oth-ers the most important were: the geo-political tension in Ukraine, the accommodative action taken by other Central Banks, and, towards the end of the year, the oil crisis.

In the period analyzed the fund registered a positive performance, even if slightly worse than the reference index. The underperformance was mostly determined by the portfolio positioning in terms of duration, as an average underweight around -0.5y was implemented throughout the year. Also the corporate allocation (between 10% and 15%), while some positive trades were achieved, was slightly detrimental to the relative performance.



United States 74.26Supranationals 2.66Italy 2.37Portugal 2.35Japan 2.31France 2.30Germany 2.29Netherlands 2.28Canada 1.69South Africa 1.15Colombia 1.11Luxembourg 1.08United Kingdom 0.56

TOTAL 96.41


Countries & central governments 70.67Banks & credit institutions 8.92Cantons, federal states 3.98Supranational organisations 2.66Telecommunications 1.96Finance & holding companies 1.64Energy & water supply 1.14Petroleum 1.07Non-ferrous metals 0.93Vehicles 0.87Internet, software & IT services 0.87Retail trade, department stores 0.58Lodging, catering & leisure 0.56Electronics & semiconductors 0.56

TOTAL 96.41



Investments in securities, cost 16 827 339.61Investments in securities, unrealized appreciation (depreciation) 65 691.76Total investments in securities (Note 1) 16 893 031.37Cash at banks, deposits on demand and deposit accounts 508 572.42Other liquid assets (Margins) 10 456.25Receivable on subscriptions 19 687.12Interest receivable on securities 103 824.57Unrealized gain (loss) on financial futures (Note 1) -312.50


Liabilities

Provisions for flat fee (Note 2) -11 575.17Provisions for taxe d’abonnement (Note 3) -1 305.72Total provisions -12 880.89




Interest on liquid assets 626.85Interest on securities 413 683.36Income on securities lending (Note 15) 21 720.73


Expenses





Realized gain (loss) on market-priced securities without options -66 647.33Realized gain (loss) on financial futures -34 794.26Total realized gain (loss) on investments -101 441.59Realized gain (loss) on foreign exchange -939.66

Total realized gain (loss) -102 381.25



Unrealized appreciation (depreciation) on market-priced securities without options 814 507.35Unrealized appreciation (depreciation) on financial futures -312.50



Annual Report as of 31 December 2014 BSI-Multinvest – Bonds USD



Net assets at the beginning of the financial year 27 656 285.80Subscriptions 22 146 279.53Redemptions -33 215 692.38Total net subscriptions (redemptions) -11 069 412.85Net income (loss) on investments 223 691.79Total realized gain (loss) -102 381.25Total changes in unrealized appreciation (depreciation) 814 194.85Net increase (decrease) in net assets as a result of operations 935 505.39



1.1.2014-31.12.2014










Notes, fixed rate

USD

USD ALCOA INC 5.40000% 11-15.04.21 150 000.00 162 455.10 0.93USD BANK NEDERLANDSE GEMEENTEN-REG-S 1.37500% 13-19.03.18 400 000.00 399 181.20 2.28USD CITIGROUP INC 1.70000% 13-25.07.16 100 000.00 100 684.90 0.57USD COLOMBIA TELECOMUNICACIONES SA-REG-S 12-27.09.22 200 000.00 195 000.00 1.11USD ENSCO PLC 4.50000% 14-01.10.24 100 000.00 97 197.70 0.56USD EXPEDIA INC 4.50000% 14-15.08.24 150 000.00 151 465.65 0.86USD GAZ CAPITAL SA-REG-S LPN 4.95000% 11-23.05.16 200 000.00 189 500.00 1.08USD GOLDMAN SACHS GROUP INC 3.62500% 11-07.02.16 100 000.00 102 605.80 0.59USD MURPHY OIL CORP 3.70000% 12-01.12.22 100 000.00 89 751.30 0.51

Total USD 1 487 841.65 8.49



BRL

BRL INTERNATIONAL FINANCE CORP 10.00000% 13-12.06.17 150 000.00 55 495.82 0.32

Total BRL 55 495.82 0.32

IDR

IDR INTER-AMERICAN DEVELOPMENT BANK 7.25000% 14-17.07.17 750 000 000.00 60 105.95 0.34

Total IDR 60 105.95 0.34

INR

INR INTER-AMERICAN DEVELOPMENT BANK 5.00000% 13-24.07.15 3 500 000.00 54 972.00 0.31

Total INR 54 972.00 0.31

USD

USD AGENCE FRANCAISE DE DEVELOP SA-REG-S 2.00000% 14-18.03.19 400 000.00 403 648.00 2.30USD BANK OF AMERICA CORP 2.65000% 14-01.04.19 150 000.00 151 100.25 0.86USD NORDRHEIN-WESTFALEN, STATE OF-REG-S 1.87500% 14-17.06.19 400 000.00 400 836.00 2.29USD PORTUGAL, REPUBLIC OF 3.50000% 10-25.03.15 200 000.00 201 448.20 1.15USD PORTUGAL, REPUBLIC OF-REG-S 5.12500% 14-15.10.24 200 000.00 209 648.00 1.20

Total USD 1 366 680.45 7.80


Bonds, fixed rate

USD

USD AFRICAN DEVELOPMENT BANK 0.87500% 13-15.03.18 300 000.00 295 650.00 1.69USD ESKOM HOLDINGS SOC LTD-REG-S 5.75000% 11-26.01.21 200 000.00 200 500.00 1.15USD ITALY, REPUBLIC OF 4.75000% 06-25.01.16 400 000.00 415 408.80 2.37USD JAPAN FINANCE CORP 2.12500% 12-07.02.19 400 000.00 405 368.00 2.31USD ONTARIO, PROVINCE OF 1.65000% 12-27.09.19 300 000.00 296 547.00 1.69

Total USD 1 613 473.80 9.21


Treasury notes, fixed rate

USD

USD AMERICA, UNITED STATES OF 1.37500% 10-30.11.15 700 000.00 707 000.00 4.04USD AMERICA, UNITED STATES OF 1.50000% 11-31.07.16 1 000 000.00 1 015 312.00 5.79USD AMERICA, UNITED STATES OF 0.25000% 12-15.05.15 1 000 000.00 1 000 703.00 5.71

Total USD 2 723 015.00 15.54

Total Treasury notes, fixed rate 2 723 015.00 15.54






Notes, fixed rate

USD

USD DIGITAL REALTY TRUST LP 3.62500% 12-01.10.22 100 000.00 98 477.40 0.56USD GENERAL MOTORS CO 3.50000% 14-02.10.18 150 000.00 153 000.00 0.88USD MAXIM INTEGRATED PRODUCTS 3.37500% 13-15.03.23 100 000.00 98 535.20 0.56USD MOTOROLA SOLUTIONS INC 3.50000% 13-01.03.23 150 000.00 147 652.50 0.84USD SAFEWAY INC 4.75000% 11-01.12.21 100 000.00 101 249.60 0.58USD WYNDHAM WORLDWIDE 3.90000% 13-01.03.23 100 000.00 98 663.60 0.57

Total USD 697 578.30 3.99

Total Notes, fixed rate 697 578.30 3.99


USD

USD AMERICA, UNITED STATES OF 3.12500% 11-15.11.41 600 000.00 647 531.40 3.69USD AMERICA, UNITED STATES OF 2.75000% 12-15.08.42 1 300 000.00 1 299 594.40 7.42USD AMERICA, UNITED STATES OF 2.12500% 14-31.01.21 600 000.00 609 000.00 3.47USD AMERICA, UNITED STATES OF 0.87500% 12-28.02.17 1 000 000.00 1 002 422.00 5.72USD AMERICA, UNITED STATES OF 0.50000% 12-31.01.17 700 000.00 692 070.40 3.95USD AMERICA, UNITED STATES OF 1.00000% 12-31.08.19 700 000.00 680 913.80 3.89USD AMERICA, UNITED STATES OF 0.25000% 13-15.05.16 1 400 000.00 1 397 047.40 7.97USD AMERICA, UNITED STATES OF 1.75000% 13-31.10.20 1 200 000.00 1 194 656.40 6.82USD AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 200 000.00 210 546.80 1.20USD AMERICA, UNITED STATES OF 0.62500% 13-15.11.16 1 100 000.00 1 100 085.80 6.28

Total USD 8 833 868.40 50.41


Total Transferable securities and money market instruments traded on another regulated market 9 531 446.70 54.40




Financial Futures on bonds

USD US LONG BOND FUTURE 20.03.15 -5.00 -312.50 0.00Total Financial Futures on bonds -312.50 0.00

Total Derivative instruments listed on an official stock exchange -312.50 0.00

Total Derivative instruments -312.50 0.00



Total net assets 17 522 378.34 100.00




BSI-Multinvest – Cash CHF


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in CHF 84 311 284.68 65 599 603.45 76 868 711.19



CLASS M1 LU1066142883


1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A CHF 0.0% 0.0% 0.8%

CLASS M1 CHF - - -




The year has been characterized from one side, by the role of the main Central banks (FED, BCE and SNB) and, on the other side, by the geopolitical tension in Russia/Ukraine and the potential contagion to Russian markets and the rest of EM. In the first months of the year the market has not been too much influenced by the geopolitical tension in Russia/Ukraine. But in the second part of the year it started to be afraid by the situation and the further drop in oil price. The BCE intervened massively in the market. Firstly, reducing the refi rate and the deposit facility to an historical low rate. And secondly, by intervening with a set of unconven-tional measures (TLTRO, outright purchases of ABS, covered bonds and also consider government bonds). The FED gradually ended the asset purchases and the economy has started to improve. However, the FED has not yet sent a clear message to the market concerning the first hike of the Fed funds and this has put some pressure on the direction of the US Treasury (and not only). SNB has kept the EUR/CHF exchange rate tar-get at 1.20.

The Fund over performed its target. The fund was overweight in Spain and to a less extends also in Italy compare to core countries. The overweight was more in financial than in govies. The duration has been kept above the benchmark in order to benefit from the pick-up yield. The use of the future (short) has helped to more benefit from the pick-up yield.



United Kingdom 13.61France 11.30Netherlands 10.76South Korea 4.73Spain 4.65Luxembourg 4.16Brazil 3.84United States 3.76Sweden 3.28Poland 3.04Germany 2.64Supranationals 2.41Switzerland 2.37Cayman Islands 2.06Italy 1.79Canada 1.78Jersey 1.20New Zealand 1.19Chile 1.01India 0.96Australia 0.59

TOTAL 81.13


Banks & credit institutions 36.02Finance & holding companies 26.51Countries & central governments 4.83Supranational organisations 2.41Vehicles 2.40Public, non-profit institutions 2.37Cantons, federal states 1.81Energy & water supply 1.46Retail trade, department stores 1.45Miscellaneous unclassified companies 1.01Petroleum 0.86

TOTAL 81.13

t143230

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t143230

Inserted Text

The year has been characterized from one side, by the role of the main Central banks (FED, BCE and SNB) and, on the other side, by the geopolitical tension in Russia/Ukraine and the potential contagion to Russian markets and the rest of EM. In the first months of the year the market has not been too much influenced by the geopolitical tension in Russia/Ukraine. But in the second part of the year it started to be afraid by the situation and the further drop in oil price. The BCE intervened massively in the market. Firstly, reducing the refi rate and the deposit facility to an historical low rate. And secondly, by intervening with a set of unconventional measures (TLTRO, outright purchases of ABS, covered bonds and also consider government bonds). The FED gradually ended the asset purchases and the economy has started to improve. However, the FED has not yet sent a clear message to the market concerning the first hike of the Fed funds and this has put some pressure on the direction of the US Treasury (and not only). SNB has kept the EUR/CHF exchange rate target at 1.20. The Fund over performed its target. The fund was overweight in Spain and to a less extends also in Italy compare to core countries. The overweight was more in financial than in govies. The duration has been kept on average above 3 months, as allowed by the investment policy of the fund, in order to benefit from the pickup yield. The use of the future (short) has helped to more benefit from the pick-up yield.



Investments in securities, cost 68 859 491.60Investments in securities, unrealized appreciation (depreciation) -459 034.67Total investments in securities (Note 1) 68 400 456.93Cash at banks, deposits on demand and deposit accounts 14 311 112.99Other liquid assets (Margins) 2 343.03Receivable on subscriptions 999 900.00Interest receivable on securities 645 251.95Unrealized gain (loss) on financial futures (Note 1) 5 868.48Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -27 565.11


Liabilities





Interest on liquid assets 23.49Interest on securities 940 384.88Income on securities lending (Note 15) 597.58


Expenses





Realized gain (loss) on market-priced securities without options -758 045.94Realized gain (loss) on yield-evaluated securities and money market instruments 52 131.41Realized gain (loss) on financial futures -14 837.63Total realized gain (loss) on investments -720 752.16Realized gain (loss) on foreign exchange 5 996.89




Unrealized appreciation (depreciation) on market-priced securities without options -53 067.69Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -14 810.16Unrealized appreciation (depreciation) on financial futures 5 868.48Unrealized appreciation (depreciation) on forward foreign exchange contracts -27 565.11

Total changes in unrealized appreciation (depreciation) -89 574.48


Annual Report as of 31 December 2014 BSI-Multinvest – Cash CHF



Net assets at the beginning of the financial year 65 599 603.45Subscriptions 64 378 400.23Redemptions -45 670 960.15Total net subscriptions (redemptions) 18 707 440.08Net income (loss) on investments 808 570.90Total realized gain (loss) -714 755.27Total changes in unrealized appreciation (depreciation) -89 574.48Net increase (decrease) in net assets as a result of operations 4 241.15



1.1.2014-31.12.2014










Notes, fixed rate

CHF

CHF BANCO DE CREDITO E INVERSIONES 0.75000% 13-23.12.15 850 000.00 853 315.00 1.01CHF BANCO NACIONAL DE DESENV ECO&SOC 2.75000% 11-15.12.16 1 500 000.00 1 545 000.00 1.83CHF KOREA NATIONAL OIL CORP 2.62500% 11-12.05.16 700 000.00 722 330.00 0.86CHF SB CAPITAL SA FOR SBERBANK LPN 3.10000% 12-14.09.15 1 500 000.00 1 432 650.00 1.70

Total CHF 4 553 295.00 5.40



CHF

CHF ABN AMRO BANK NV 2.00000% 11-30.06.15 1 000 000.00 1 008 700.00 1.20CHF ABN AMRO BANK NV 2.50000% 06-30.12.15 300 000.00 307 440.00 0.36CHF ADCB FINANCE CAYMAN LTD 3.00000% 11-08.12.15 1 000 000.00 1 025 200.00 1.22CHF BANCO SANTANDER BRASIL SA KY 1.12500% 13-26.06.15 1 700 000.00 1 695 580.00 2.01CHF BANK NEDERLANDSE GEMEENTEN NV 2.75000% 09-11.05.16 500 000.00 518 700.00 0.61CHF BANK OF SCOTLAND 3.00000% 06-26.05.16 545 000.00 563 421.00 0.67CHF BARCLAYS BANK PLC 2.50000% 11-29.03.16 2 000 000.00 2 057 000.00 2.44CHF BMW (UK) CAPITAL PLC 2.12500% 10-29.06.15 2 000 000.00 2 020 400.00 2.40CHF BNP PARIBAS 1.87500% 10-25.03.15 1 500 000.00 1 505 850.00 1.79CHF BNZ INTERNATIONAL FUNDING LTD 2.00000% 10-18.02.15 1 000 000.00 1 002 300.00 1.19CHF CANADIAN IMPERIAL BANK OF COMMERCE 1.75000% 09-30.01.15 1 500 000.00 1 501 800.00 1.78CHF CORPORACION ANDINA DE FOMENTO 2.62500% 10-05.11.15 1 000 000.00 1 021 200.00 1.21CHF CREDIT AGRICOLE SA LONDON 2.0000% 10-08.04.15 1 000 000.00 1 004 700.00 1.19CHF CREDIT SUISSE LONDON BRANCH 2.12500% 10-05.02.15 1 000 000.00 1 001 700.00 1.19CHF DEUTSCHE BANK AG 2.00000% 10-05.03.15 1 000 000.00 1 003 200.00 1.19CHF GIC FUNDING LTD 2.75000% 12-16.11.15 700 000.00 715 050.00 0.85CHF GLENCORE FINANCE EUROPE SA 3.62500% 10-06.04.16 2 000 000.00 2 075 000.00 2.46CHF HSBC BANK PLC 1.87500% 10-01.09.16 1 500 000.00 1 544 250.00 1.83CHF HYUNDAI CAPITAL SERVICES INC 3.00000% 10-16.07.15 1 000 000.00 1 013 800.00 1.20CHF INDUSTRIAL BANK OF KOREA 1.25000% 12-19.06.15 250 000.00 251 300.00 0.30CHF ING BANK NV 2.12500% 10-07.10.16 1 000 000.00 1 034 500.00 1.23CHF INSTITUTO DE CREDITO OFICIAL 2.00000% 05-15.12.16 370 000.00 382 580.00 0.45CHF INSTITUTO DE CREDITO OFICIAL 3.00000% 08-06.05.15 2 000 000.00 2 017 200.00 2.39CHF ITALY, REPUBLIC OF 2.50000% 05-02.03.15 1 500 000.00 1 505 400.00 1.78CHF LLOYDS BANK PLC 2.50000% 10-23.03.15 1 500 000.00 1 507 950.00 1.79CHF MADRID, COMUNIDAD DE 3.50000% 08-15.07.15 1 500 000.00 1 522 800.00 1.81CHF METRO AG-SUB 1.87500% 12-02.05.16 1 200 000.00 1 224 600.00 1.45CHF MORGAN STANLEY 2.50000% 05-17.11.15 2 000 000.00 2 040 600.00 2.42CHF PKO FINANCE AB LPN 2.53600% 12-21.12.15 1 500 000.00 1 531 800.00 1.82CHF POLAND, REPUBLIC OF 2.62500% 05-12.05.15 500 000.00 504 500.00 0.60CHF POLAND, REPUBLIC OF 2.75000% 11-25.02.16 2 000 000.00 2 058 800.00 2.44CHF RCI BANQUE SA 2.50000% 12-16.07.15 1 500 000.00 1 517 400.00 1.80CHF ROYAL BANK OF SCOTLAND PLC 2.75000% 10-08.10.15 1 500 000.00 1 527 450.00 1.81CHF UNION BANK OF INDIA 3.37500% 11-07.08.15 800 000.00 809 760.00 0.96CHF VATTENFALL TREASURY AB 3.37500% 08-27.02.15 1 225 000.00 1 230 880.00 1.46

Total CHF 43 252 811.00 51.30

GBP

GBP GOLDMAN SACHS GROUP INC 5.25000% 05-15.12.15 700 000.00 1 125 496.52 1.34

Total GBP 1 125 496.52 1.34



CHF

CHF ABN AMRO BANK NV 3M LIBOR+23BP 14-27.05.16 1 200 000.00 1 199 520.00 1.42CHF AUSTRALIA & NZ BANKING GR 3M CHLIBOR+65BP 12-13.02.15 500 000.00 500 000.00 0.59CHF CREDIT SUISSE LONDON BRCH 3M LIBOR+17BP 14-08.05.15 1 000 000.00 998 000.00 1.19CHF CREDIT SUISSE LONDON-REG-S 3M LIBOR+22BP 14-18.08.15 1 250 000.00 1 247 000.00 1.48

Total CHF 3 944 520.00 4.68

Total Medium term notes, floating rate 3 944 520.00 4.68




Bonds, fixed rate

CHF

CHF CAISSE FRANCAISE DE FINANCEMENT LOCAL 2.37500% 05-11.03.15 1 500 000.00 1 506 600.00 1.79CHF CENTRAL AMERICAN BANK ECO INTEGRAT 0.62500% 13-16.12.16 1 000 000.00 1 008 000.00 1.19CHF UBS JERSEY BRANCH-SUB 2.37500% 05-30.06.15 1 000 000.00 1 009 000.00 1.20

Total CHF 3 523 600.00 4.18


Bonds, floating rate

CHF

CHF KOREA LAND & HOUSING CORP 3M LIBOR+65BP 13-18.12.15 2 000 000.00 2 002 800.00 2.37

Total CHF 2 002 800.00 2.37

Total Bonds, floating rate 2 002 800.00 2.37


Other money market instruments in accordance with Article 41 (1) h)

Euro Commercial Papers, zero coupon

CHF

CHF RCI BANQUE SA-REG-S ECP 0.00000% 28.08.14-27.02.15 5 000 000.00 4 998 182.11 5.93CHF REPSOL INTERNAT FIN-REG-S ECP 0.00000% 28.08.14-27.02.15 5 000 000.00 4 999 752.30 5.93

Total CHF 9 997 934.41 11.86

Total Euro Commercial Papers, zero coupon 9 997 934.41 11.86

Total Other money market instruments in accordance with Article 41 (1) h) 9 997 934.41 11.86





USD US 2YR TREASURY NOTE FUTURE 31.03.15 -18.00 5 868.48 0.01Total Financial Futures on bonds 5 868.48 0.01

Total Derivative instruments listed on an official stock exchange 5 868.48 0.01

Total Derivative instruments 5 868.48 0.01



CHF 1 275 000.00 GBP 850 000.00 15.12.2015 -2 7565.11 -0.03Total Forward Foreign Exchange contracts (Purchase/Sale) -27 565.11 -0.03


Other assets and liabilities 1 619 068.36 1.91

Total net assets 84 311 284.68 100.00




BSI-Multinvest – Cash EUR


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in EUR 145 374 952.43 181 915 788.40 195 194 346.65


Shares outstanding 1 055 287.8550 1 784 291.5200 1 919 714.8850Net asset value per share in EUR 102.24 101.95 101.68

CLASS M1 LU1011106215


1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A EUR 0.3% 0.3% 1.1%

CLASS M1 EUR - - -





The Fund over performed its target. The fund was overweight in Spain and to a less extends also in Italy compare to core countries. The overweight was more in financial than in govies. The duration has been kept above the benchmark. Sporadic use of future to alter duration.



Spain 16.32France 15.29Italy 14.34Netherlands 12.16United Kingdom 9.46United States 7.11Supranationals 3.48Ireland 3.45Denmark 3.44Switzerland 2.00Sweden 1.38Germany 1.38

TOTAL 89.81


Banks & credit institutions 60.64Finance & holding companies 16.74Countries & central governments 4.80Supranational organisations 3.48Cantons, federal states 2.08Vehicles 1.38Energy & water supply 0.69

TOTAL 89.81

t143230

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t143230

Inserted Text

The year has been characterized from one side, by the role of the main Central banks (FED, BCE and SNB) and, on the other side, by the geopolitical tension in Russia/Ukraine and the potential contagion to Russian markets and the rest of EM. In the first months of the year the market has not been too much influenced by the geopolitical tension in Russia/Ukraine. But in the second part of the year it started to be afraid by the situation and the further drop in oil price. The BCE intervened massively in the market. Firstly, reducing the refi rate and the deposit facility to an historical low rate. And secondly, by intervening with a set of unconventional measures (TLTRO, outright purchases of ABS, covered bonds and also consider government bonds). The FED gradually ended the asset purchases and the economy has started to improve. However, the FED has not yet sent a clear message to the market concerning the first hike of the Fed funds and this has put some pressure on the direction of the US Treasury (and not only). SNB has kept the EUR/CHF exchange rate target at 1.20. The Fund over performed its target. The fund was overweight in Spain and to a less extends also in Italy compare to core countries. The overweight was more in financial than in govies. The duration has been kept above 3 months. Sporadic use of future to alter duration.


Annual Report as of 31 December 2014 BSI-Multinvest – Cash EUR


Investments in securities, cost 131 219 373.96Investments in securities, unrealized appreciation (depreciation) -660 488.25Total investments in securities (Note 1) 130 558 885.71Cash at banks, deposits on demand and deposit accounts 13 870 436.57Interest receivable on securities 1 324 536.70Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -100 220.32


Liabilities





Interest on liquid assets 90.53Interest on securities 2 171 448.95Income on securities lending (Note 15) 36 670.16


Expenses

Flat fee (Note 2) -572 879.38Taxe d’abonnement (Note 3) -16 331.90Cost on securities lending (Note 15) -3 546.78




Realized gain (loss) on market-priced securities without options -1 404 470.59Realized gain (loss) on yield-evaluated securities and money market instruments 520 306.33Realized gain (loss) on financial futures -7 948.00Total realized gain (loss) on investments -892 112.26Realized gain (loss) on foreign exchange 11 242.52




Unrealized appreciation (depreciation) on market-priced securities without options 53 867.86Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -169 966.28Unrealized appreciation (depreciation) on forward foreign exchange contracts -100 220.32





Net assets at the beginning of the financial year 181 915 788.40Subscriptions 83 261 695.00Redemptions -120 320 794.07Total net subscriptions (redemptions) -37 059 099.07Net income (loss) on investments 1 615 451.58Total realized gain (loss) -880 869.74Total changes in unrealized appreciation (depreciation) -216 318.74Net increase (decrease) in net assets as a result of operations 518 263.10



1.1.2014-31.12.2014

Class ANumber of shares outstanding at the beginning of the financial year 1 784 291.5200Number of shares issued 322 027.2160Number of shares redeemed -1 051 030.8810

Number of shares outstanding at the end of the financial year 1 055 287.8550








Notes, fixed rate

EUR

EUR COMUNIDAD DE MADRID 4.75000% 12-26.03.15 3 000 000.00 3 026 040.00 2.08

Total EUR 3 026 040.00 2.08



EUR

EUR BANK NEDERLANDSE GEMEENTEN NV 2.87500% 09-15.01.15 4 000 000.00 4 002 800.00 2.76EUR BBVA SENIOR FINANCE SA 3.25000% 10-23.04.15 3 000 000.00 3 024 839.40 2.08EUR BBVA SENIOR FINANCE SA 3.87500% 10-06.08.15 3 000 000.00 3 059 670.00 2.11EUR BBVA SENIOR FINANCE SA 3.25000% 13-21.03.16 2 000 000.00 2 066 340.00 1.42EUR BPCE SA 1.75000% 12-14.03.16 3 000 000.00 3 051 990.00 2.10EUR GENERAL ELECTRIC CAPITAL CORP 5.12500% 98-02.09.15 3 000 000.00 3 098 328.00 2.13EUR INTESA SANPAOLO SPA 4.12500% 11-14.01.16 3 000 000.00 3 106 860.00 2.14EUR RCI BANQUE SA 5.62500% 12-13.03.15 3 000 000.00 3 028 515.00 2.08EUR ROYAL BANK OF SCOTLAND PLC 4.87500% 10-15.07.15 3 000 000.00 3 070 740.00 2.11EUR SOCIETE GENERALE 4.00000% 11-20.04.16 3 000 000.00 3 143 844.90 2.16EUR UNICREDIT SPA 4.37500% 12-11.09.15 4 000 000.00 4 102 262.80 2.82

Total EUR 34 756 190.10 23.91

GBP

GBP GOLDMAN SACHS GROUP INC 5.25000% 05-15.12.15 1 300 000.00 1 738 412.02 1.19GBP HSBC FINANCE CORP 7.00000% 99-05.10.15 2 000 000.00 2 686 432.92 1.85

Total GBP 4 424 844.94 3.04



EUR

EUR ABN AMRO BANK NV-REG-S 3M EURIBOR+58BP 13-01.08.16 3 000 000.00 3 018 150.00 2.08EUR BANCA INTESA SPA 3M EURIBOR+150BP 13-29.07.15 2 000 000.00 2 011 640.00 1.38EUR BANCA INTESA SPA-REG-S 3M EURIBOR+130BP 13-11.01.16 3 570 000.00 3 594 383.10 2.47EUR BNP PARIBAS SA-REG-S 3M EURIBOR+17BP 14-03.12.15 2 000 000.00 1 999 880.00 1.38EUR CREDIT AGRICOLE SA LONDON-REG-S 3M EURIBOR+37BP 14-28.01.16 3 000 000.00 3 006 030.00 2.07EUR CREDIT SUISSE LONDON REG-S 3M LIBOR+27BP 14-23.09.16 1 000 000.00 1 000 350.00 0.69EUR INTESA SANPAOLO BK IRELD-REG-S 3M EURIBOR+135BP 13-30.03.15 5 000 000.00 5 011 850.00 3.45EUR JPMORGAN CHASE & CO-REG-S 3M EURIBOR+25BP 14-20.11.16 500 000.00 499 845.00 0.34EUR LLOYDS BANK PLC-REG-S 3M EURIBOR+30BP 13-14.10.15 1 000 000.00 1 001 460.00 0.69EUR RABOBANK NEDERLAND NV-3M EURIBOR+13BP 14-17.04.15 5 000 000.00 5 000 750.00 3.44EUR SCANIA CV AB 3M EURIBOR+27BP 14-26.11.15 2 000 000.00 2 000 820.00 1.38EUR SOCIETE GENERALE SA 3M EURIBOR+25BP 13-27.05.15 3 000 000.00 3 001 650.00 2.06EUR UBS AG LONDON BRANCH REG-S 3M EURIBOR+25BP 14-05.09.16 1 900 000.00 1 903 002.00 1.31EUR UNICREDIT SPA 3M EURIBOR+150BP 13-22.01.16 2 000 000.00 2 018 560.00 1.39EUR VOLKSWAGEN INTL FINANCE NV-REG-S 3M EURIBOR+30BP 14-21.01.16 500 000.00 500 690.00 0.34

Total EUR 35 569 060.10 24.47


Bonds, fixed rate

EUR

EUR ENEL SPA 5.25000% 07-14.01.15 1 000 000.00 1 001 337.00 0.69EUR EUROPEAN INVESTMENT BANK 2.50000% 10-15.07.15 5 000 000.00 5 065 350.00 3.48EUR FORTIS BANK NEDERLAND NV-REG-S 4.00000% 10-03.02.15 2 000 000.00 2 006 000.00 1.38EUR ROYAL BANK OF SCOTLAND NV 4.25000% 06-11.05.16 3 000 000.00 3 151 320.00 2.17EUR SANTANDER CONSUMER FINANCE SA 1.62500% 13-23.04.15 4 000 000.00 4 013 880.00 2.76EUR SANTANDER CONSUMER FINANCE SA 1.45000% 14-29.01.16 3 000 000.00 3 028 110.00 2.08EUR SANTANDER CONSUMER FINANCE SA 1.15000% 14-02.10.15 2 500 000.00 2 511 747.50 1.73

Total EUR 20 777 744.50 14.29




Bonds, zero coupon

EUR

EUR ITALY, REPUBLIC OF 0.00000% 14-29.04.16 4 000 000.00 3 975 000.00 2.74

Total EUR 3 975 000.00 2.74



EUR

EUR DEUTSCHE BANK AG 3M EURIBOR+15BP 13-28.05.15 2 000 000.00 2 000 400.00 1.38EUR GOLDMAN SACHS GROUP INC 3M EURIBOR+35BP 07-18.05.15 5 000 000.00 5 003 050.00 3.44

Total EUR 7 003 450.00 4.82




Treasury bills, zero coupon

EUR

EUR SPAIN, KINGDOM OF TB 0.00000% 16.04.14-10.04.15 3 000 000.00 2 999 040.00 2.06

Total EUR 2 999 040.00 2.06

Total Treasury bills, zero coupon 2 999 040.00 2.06

Bonds, fixed rate

EUR

EUR UNICREDIT SPA 4.00000% 12-30.01.16 1 000 000.00 1 031 380.00 0.71

Total EUR 1 031 380.00 0.71




Euro Certificates of Deposit, zero coupon

EUR

EUR BNP PARIBAS ECD 0.00000% 31.07.14-30.07.15 5 000 000.00 4 998 755.22 3.44

Total EUR 4 998 755.22 3.44

Total Euro Certificates of Deposit, zero coupon 4 998 755.22 3.44


EUR

EUR DEUTSCHE BANK AG LONDON ECP 0.00000% 25.09.14-25.03.15 7 000 000.00 6 997 927.94 4.81EUR NYKREDIT BANK A/S-REG-S ECP 0.00000% 25.09.14-25.03.15 5 000 000.00 4 999 452.91 3.44

Total EUR 11 997 380.85 8.25






EUR 2 891 263.36 GBP 2 300 000.00 5.10.2015 -57 188.18 -0.04EUR 1 812 726.59 GBP 1 450 000.00 15.12.2015 -43 032.14 -0.03Total Forward Foreign Exchange contracts (Purchase/Sale) -100 220.32 -0.07



Total net assets 145 374 952.43 100.00





BSI-Multinvest – Cash USD


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in USD 113 758 533.14 144 189 795.02 143 945 636.94


Shares outstanding 917 647.1170 1 425 798.0180 1 427 913.9230Net asset value per share in USD 101.24 101.13 100.81

CLASS M1 LU1066142701


1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A USD 0.1% 0.3% 1.0%

CLASS M1 USD - - -





The Fund over performed its target. In the first months of the year the percentage of floating rate notes has been increased. The fund was overweight in Spain and Italy. The overweight was more in financial than in govies. The duration has been kept at benchmark. Sporadic use of future.



United States 26.85United Kingdom 13.18Canada 12.76Ireland 12.30France 7.95Denmark 6.59Spain 6.25Germany 4.40Japan 1.85South Korea 1.80Italy 0.62Sweden 0.44

TOTAL 94.99


Banks & credit institutions 49.16Finance & holding companies 29.09Countries & central governments 7.03Cantons, federal states 4.40Public, non-profit institutions 1.76Miscellaneous services 1.35Petroleum 0.88Miscellaneous trading companies 0.44Computer hardware & network equipment providers 0.44Forestry, paper & pulp products 0.44

TOTAL 94.99

t143230

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t143230

Inserted Text

The year has been characterized from one side, by the role of the main Central banks (FED, BCE and SNB) and, on the other side, by the geopolitical tension in Russia/Ukraine and the potential contagion to Russian markets and the rest of EM. In the first months of the year the market has not been too much influenced by the geopolitical tension in Russia/Ukraine. But in the second part of the year it started to be afraid by the situation and the further drop in oil price. The BCE intervened massively in the market. Firstly, reducing the refi rate and the deposit facility to an historical low rate. And secondly, by intervening with a set of unconventional measures (TLTRO, outright purchases of ABS, covered bonds and also consider government bonds). The FED gradually ended the asset purchases and the economy has started to improve. However, the FED has not yet sent a clear message to the market concerning the first hike of the Fed funds and this has put some pressure on the direction of the US Treasury (and not only). SNB has kept the EUR/CHF exchange rate target at 1.20. The Fund over performed its target. In the first months of the year the percentage of floating rate notes has been increased. The fund was overweight in Spain and Italy. The overweight was more in financial than in govies. The duration has been kept above 3 months. Sporadic use of future.



Investments in securities, cost 108 204 489.24Investments in securities, unrealized appreciation (depreciation) -146 801.48Total investments in securities (Note 1) 108 057 687.76Cash at banks, deposits on demand and deposit accounts 6 076 650.57Receivable on subscriptions 65 806.00Interest receivable on securities 208 716.04


Liabilities

Bank overdraft -50 231.72Payable on redemptions -558 658.90Provisions for flat fee (Note 2) -38 592.65Provisions for taxe d’abonnement (Note 3) -2 843.96Total provisions -41 436.61




Interest on liquid assets 65.52Interest on securities 861 803.26Income on securities lending (Note 15) 10 144.00


Expenses





Realized gain (loss) on market-priced securities without options -573 557.75Realized gain (loss) on yield-evaluated securities and money market instruments 470 427.82Realized gain (loss) on financial futures 5 960.80Total realized gain (loss) on investments -97 169.13Realized gain (loss) on foreign exchange 6 937.60




Unrealized appreciation (depreciation) on market-priced securities without options 63 063.55Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -206 090.44Unrealized appreciation (depreciation) on financial futures -13 525.00



Annual Report as of 31 December 2014 BSI-Multinvest – Cash USD



Net assets at the beginning of the financial year 144 189 795.02Subscriptions 40 365 092.85Redemptions -70 966 162.49Total net subscriptions (redemptions) -30 601 069.64Net income (loss) on investments 416 591.18Total realized gain (loss) -90 231.53Total changes in unrealized appreciation (depreciation) -156 551.89Net increase (decrease) in net assets as a result of operations 169 807.76



1.1.2014-31.12.2014










Notes, fixed rate

USD

USD AIR LEASE CORP 4.50000% 13-15.01.16 1 500 000.00 1 541 250.00 1.35USD BBVA US SENIOR SA UNIPERSONAL 4.66400% 12-09.10.15 4 000 000.00 4 107 052.00 3.61USD NOMURA HOLDINGS INC 5.00000% 10-04.03.15 1 590 000.00 1 600 191.90 1.41

Total USD 7 248 493.90 6.37


Notes, floating rate

USD

USD NORDRHEIN-WESTFALEN, STATE-REG-S 3M LIBOR+13BP 13-06.03.15 5 000 000.00 5 000 500.00 4.40

Total USD 5 000 500.00 4.40

Total Notes, floating rate 5 000 500.00 4.40


USD

USD MITSUBISHI CORP 2.75000% 10-16.09.15 500 000.00 505 865.00 0.45

Total USD 505 865.00 0.45

Total Medium term notes, fixed rate 505 865.00 0.45


USD

USD GENERAL ELECTRIC CAPITAL CORP 3M LIBOR+20BP 06-08.01.16 2 500 000.00 2 499 255.00 2.19USD GOLDMAN SACHS GROUP INC 3M LIBOR+40BP 05-22.07.15 2 000 000.00 1 999 690.00 1.76USD KOMMUNEKREDIT-REG-S 3M LIBOR+5BP 13-21.09.15 2 000 000.00 2 000 120.00 1.76

Total USD 6 499 065.00 5.71


Bonds, fixed rate

USD

USD EXPORT-IMPORT BANK OF KOREA 4.12500% 10-09.09.15 2 000 000.00 2 043 900.00 1.79USD INSTITUTI DE CREDITO OFICIAL-REG-S 1.12500% 14-01.04.16 3 000 000.00 3 000 036.00 2.64USD SWEDISH EXPORT CREDIT CORP 0.62500% 13-04.09.15 500 000.00 500 908.00 0.44

Total USD 5 544 844.00 4.87




Notes, fixed rate

USD

USD HARLEY-DAVIDSON FIN.SERV INC-REG-S 1.15000% 12-15.09.15 1 000 000.00 1 002 729.00 0.88USD INTESA SANPAOLO SPA 3.12500% 13-15.01.16 700 000.00 711 063.50 0.63USD JP MORGAN CHASE & CO 0.80000% 13-23.04.15 6 000 000.00 6 002 340.00 5.28USD SOCIETE GENERALE-REG-S 3.10000% 10-14.09.15 2 000 000.00 2 030 158.00 1.78

Total USD 9 746 290.50 8.57



USD

USD CAISSE CENTRALE DESJARDINS-REG-S 3M LIBOR+28BP 13-29.10.15 2 500 000.00 2 500 585.00 2.20USD CATERPILLAR FINANCIAL SERVICES CRP 3M LIBOR+12B 13-25.11.15 1 000 000.00 1 000 053.00 0.88USD CISCO SYSTEMS INC 3M LIBOR+5BP 14-03.09.15 500 000.00 500 013.00 0.44USD CREDIT AGRICOLE SA LONDON-REG-S 3M LIBOR+116BP 13-15.04.16 2 000 000.00 2 018 064.00 1.77



USD DEVON ENERGY CORP 3M LIBOR+45BP 13-15.12.15 1 000 000.00 1 000 439.00 0.88USD GOLDMAN SACHS GROUP INC 3M LIBOR+50BP 05-12.01.15 2 000 000.00 2 000 044.00 1.76USD KIMBERLY-CLARK CORP 3M LIBOR+5BP 14-19.05.16 500 000.00 499 847.00 0.44USD VOLKSWAGEN GP OF AMERICA FIN-REG-S 3M LIBOR+22BP 14-23.05.16 1 000 000.00 998 790.00 0.88

Total USD 10 517 835.00 9.25



USD

USD AMERICAN HONDA FINANCE CORP 3M LIBOR FLAT 14-07.10.15 2 000 000.00 1 999 390.00 1.76USD BANK OF MONTREAL 3M LIBOR+25BP 13-24.09.15 500 000.00 500 532.50 0.44USD JOHN DEERE CAPITAL CORP 3M LIBOR+10BP 14-25.02.16 1 500 000.00 1 500 450.00 1.32USD ROYAL BANK OF CANADA 3M LIBOR+21BP 13-29.04.15 4 000 000.00 4 002 572.00 3.52USD ROYAL BANK OF CANADA 3M LIBOR+22BP 13-16.12.15 3 000 000.00 3 005 301.00 2.64USD TORONTO DOMINION BANK 3M LIBOR+18BP 13-01.05.15 3 500 000.00 3 502 107.00 3.08USD TORONTO-DOMINION BANK 3M LIBOR+20BP 13-06.11.15 1 000 000.00 1 000 735.00 0.88

Total USD 15 511 087.50 13.64


Treasury notes, floating rate

USD

USD AMERICA, UNITED STATES OF 3M USTMMR+4.5BP 14-31.01.16 4 000 000.00 3 998 908.00 3.51USD AMERICA, UNITED STATES OF 3M USTMMR+7BP 14-31.07.16 4 000 000.00 3 999 916.00 3.52

Total USD 7 998 824.00 7.03

Total Treasury notes, floating rate 7 998 824.00 7.03



Euro Certificates of Deposit, zero coupon

USD

USD JYSKE BANK A/S ECD 0.00000% 23.09.14-23.01.15 5 500 000.00 5 498 942.83 4.83

Total USD 5 498 942.83 4.83

Total Euro Certificates of Deposit, zero coupon 5 498 942.83 4.83


USD

USD BARCLAYS BANK PLC-REG-S ECP 0.00000% 13.01.14-12.01.15 1 000 000.00 999 923.06 0.88USD DEUTSCHE BANK AG LONDON ECP 0.00000% 02.10.14-02.04.15 5 000 000.00 4 996 851.44 4.39USD INTESA SANPAOLO BANK IRELAND ECP 0.00000% 01.08.14-02.02.15 7 000 000.00 6 997 830.20 6.15USD NOMURA INTERNATIONAL PLC ECP 0.00000% 23.09.14-23.01.15 4 000 000.00 3 999 154.51 3.52USD RCI BANQUE SA-REG-S ECP 0.00000% 23.09.14-23.01.15 5 000 000.00 4 999 326.34 4.39USD ROYAL BANK OF SCOTLAND-REG-S ECP 0.00000% 01.10.14-01.04.15 5 000 000.00 4 995 388.42 4.39USD UNICREDIT BANK (IRELAND) PLC ECP 0.00000% 04.08.14-04.02.15 7 000 000.00 6 997 466.06 6.15

Total USD 33 985 940.03 29.87





Bank overdraft and other short-term liabilities -50 231.72 -0.04Other assets and liabilities -325 573.47 -0.29

Total net assets 113 758 533.14 100.00





BSI-Multinvest – Emerging Markets Bonds


DATE ISIN 31.12.2014 31.12.2013

Net assets in USD 15 601 284.56 19 652 275.91

CLASS A1 LU0978652567

Shares outstanding 64 937.1850 91 566.5280Net asset value per share in USD 102.67 97.80

CLASS A (EUR hedged)1 LU0978652997

Shares outstanding 71 850.0000 79 370.0000Net asset value per share in EUR 102.76 97.81

1 First NAV : 28.10.2013

Performance

Currency 2014 2013

CLASS A USD 5.0% -

CLASS A (EUR hedged) EUR 5.1% -



For emerging market countries 2014 has been an eventful year characterized by high volatility on prices of their bonds. On one hand the market took advantage from the reduction in interest rates in US and from a comeback of investors flows in the asset class, on the other side important geopolitical issues and relevant elections marked the entire period. Additionally the fall in oil prices has been a clear element in addressing market and single countries performances.

Overall fund performance was fine but affected by significant swings the last part of the year. In general the portfolio duration has been around 7 years and the average rating about BBB-, levels in line with reference index. Main investment decisions regarded country allocation, corporate bonds and opportunities in the currency space.



Turkey 13.83Mexico 11.37Luxembourg 10.37Indonesia 6.47Russian Federation (CIS) 5.47Croatia 5.08Venezuela 4.88Colombia 4.37Peru 4.14Philippines 3.74Argentina 3.63Panama 3.53Brazil 3.45Latvia 3.15Ukraine 2.80South Africa 2.16Hungary 1.99Cayman Islands 1.72British Virgin Islands 1.66Ireland 1.48

TOTAL 95.29


Countries & central governments 72.19Banks & credit institutions 9.73Finance & holding companies 7.22Miscellaneous unclassified companies 1.72Real Estate 1.66Tobacco & alcohol 1.46Petroleum 1.31

TOTAL 95.29



Investments in securities, cost 15 326 644.00Investments in securities, unrealized appreciation (depreciation) -460 123.68Total investments in securities (Note 1) 14 866 520.32Cash at banks, deposits on demand and deposit accounts 759 355.67Interest receivable on securities 252 476.73Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -254 742.53


Liabilities

Bank overdraft -1 001.16Provisions for flat fee (Note 2) -19 374.31Provisions for taxe d’abonnement (Note 3) -1 950.16Total provisions -21 324.47




Interest on liquid assets 105.30Interest on securities 944 093.39


Expenses

Flat fee (Note 2) -243 710.25Taxe d’abonnement (Note 3) -8 350.69Interest on cash liquidity and bank overdraft -474.83




Realized gain (loss) on market-priced securities without options 126 232.62Realized gain (loss) on options 22 232.82Realized gain (loss) on financial futures -64 249.95Realized gain (loss) on forward foreign exchange contracts -842 425.87Total realized gain (loss) on investments -758 210.38Realized gain (loss) on foreign exchange -59 345.21


Net realized gain (loss) of the financial year -125 892.67


Unrealized appreciation (depreciation) on market-priced securities without options 41 742.75Unrealized appreciation (depreciation) on financial futures -6 249.98Unrealized appreciation (depreciation) on forward foreign exchange contracts -278 372.79


Net increase (decrease) in net assets as a result of operations -368 772.69

Annual Report as of 31 December 2014 BSI-Multinvest – Emerging Markets Bonds



Net assets at the beginning of the financial year 19 652 275.91Subscriptions 2 435 766.66Redemptions -6 117 985.32Total net subscriptions (redemptions) -3 682 218.66Net income (loss) on investments 691 662.92Total realized gain (loss) -817 555.59Total changes in unrealized appreciation (depreciation) -242 880.02Net increase (decrease) in net assets as a result of operations -368 772.69



1.1.2014-31.12.2014



Class A (EUR hedged)Number of shares outstanding at the beginning of the financial year 79 370.0000Number of shares issued 2 670.0000Number of shares redeemed -10 190.0000








Notes, fixed rate

USD

USD ANADOLU EFES BIRACILIK VE MALT-REG-S 3.37500% 12-01.11.22 250 000.00 227 912.50 1.46USD ARGENTINA, REPUBLIC OF *DEFAULT* 8.75000% 10-02.06.17 100 000.00 90 000.00 0.58USD BRAZIL, FEDERATIVE REPUBLIC OF 5.62500% 09-07.01.41 500 000.00 537 500.00 3.44USD CROATIA, REPUBLIC OF-REG-S 6.25000% 12-27.04.17 500 000.00 531 250.00 3.40USD CROATIA, REPUBLIC OF-REG-S 5.50000% 13-04.04.23 250 000.00 260 625.00 1.67USD GAZ CAPITAL SA-REG-S LPN 4.95000% 12-19.07.22 200 000.00 160 892.00 1.03USD HUNGARY, REPUBLIC OF 4.12500% 13-19.02.18 300 000.00 309 750.00 1.99USD LATVIA, REPUBLIC OF-REG-S 2.75000% 12-12.01.20 500 000.00 491 880.15 3.15USD PETROBRAS INTL FINANCE CO 5.37500% 11-27.01.21 500 000.00 462 250.00 2.96USD PHILIPPINES, REPUBLIC OF THE 5.00000% 12-13.01.37 500 000.00 583 745.00 3.74USD RUSSIA, FEDERATION OF-REG-S 4.50000% 12-04.04.22 600 000.00 523 500.00 3.36USD RUSSIA, FEDERATION OF-REG-S 5.62500% 12-04.04.42 400 000.00 330 500.00 2.12USD TURKEY, REPUBLIC OF 6.00000% 11-14.01.41 500 000.00 568 750.00 3.65USD TURKIYE IS BANKASI AS-REG-S 5.50000% 13-21.04.19 500 000.00 522 250.00 3.35USD UKRAINE, GOVERNMENT OF-REG-S 9.25000% 12-24.07.17 250 000.00 151 250.00 0.97USD VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 300 000.00 230 250.00 1.48USD VENEZUELA, REPUBLIC OF-REG-S 7.75000% 09-13.10.19 750 000.00 326 250.00 2.09USD VENEZUELA, REPUBLIC OF REG-S 8.25000% 09-13.10.24 750 000.00 330 000.00 2.11

Total USD 6 638 554.65 42.55



USD

USD INDONESIA, REPUBLIC OF-REG-S 5.37500% 13-17.10.23 500 000.00 544 230.00 3.48USD MEXICO, UNITED STATES OF 3.62500% 12-15.03.22 500 000.00 511 750.00 3.28USD MEXICO, UNITED STATES OF 4.75000% 12-08.03.44 750 000.00 785 625.00 5.04

Total USD 1 841 605.00 11.80


Bonds, fixed rate

USD

USD ARGENTINA, REPUBLIC OF STEP-UP *DEFAULT* 05-31.12.38 200 000.00 100 750.00 0.65USD ARGENTINA, REPUBLIC OF (PIK) *DEFAULT* 8.28000% 05-31.12.33 300 000.00 375 395.67 2.41USD COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 400 000.00 478 000.00 3.06USD COLOMBIA, REPUBLIC OF 4.00000% 13-26.02.24 200 000.00 204 500.00 1.31USD INDONESIA, REPUBLIC OF-REG-S 4.62500% 13-15.04.43 500 000.00 464 325.00 2.98USD PANAMA, REPUBLIC OF 5.20000% 09-30.01.20 500 000.00 551 250.00 3.53USD PERU, REPUBLIC OF 6.55000% 07-14.03.37 500 000.00 646 250.00 4.14USD POLY REAL ESTATE FINANCE-REG-S 5.25000% 14-25.04.19 250 000.00 259 480.00 1.66USD SAUDI ELECTRICITY GLOBAL SUKIK CO REG-S 5.50000% 14-08.04.44 250 000.00 268 347.50 1.72USD SOUTH AFRICA, REPUBLIC OF 5.87500% 13-16.09.25 300 000.00 337 500.00 2.16USD TURKEY, REPUBLIC OF 6.75000% 07-03.04.18 500 000.00 558 750.00 3.58USD TURKEY, REPUBLIC OF 5.75000% 14-22.03.24 250 000.00 279 375.00 1.79USD UKRAINE, GOVERNMENT OF-REG-S 7.50000% 13-17.04.23 500 000.00 285 000.00 1.83USD VENEZUELA, REPUBLIC OF-REG-S 6.00000% 05-09.12.20 250 000.00 105 625.00 0.68

Total USD 4 914 548.17 31.50




Notes, fixed rate

USD

USD ALFA SAB DE CV-REG-S 6.87500% 14-25.03.44 250 000.00 272 812.50 1.75

Total USD 272 812.50 1.75

Total Notes, fixed rate 272 812.50 1.75


Bonds, fixed rate

USD

USD PETROLEOS MEXICANOS-REG-S 5.50000% 14-27.06.44 200 000.00 204 000.00 1.31

Total USD 204 000.00 1.31

Total Bonds, fixed rate 204 000.00 1.31


USD

USD BANCO BTG PACTUAL LUXEMBOURG SA-REG-S-SUB 8.750%/VAR PRP 1 000 000.00 995 000.00 6.38

Total USD 995 000.00 6.38

Total Bonds, floating rate 995 000.00 6.38





EUR 7 060 000.00 USD 8 794 642.00 16.1.2015 -250 365.36 -1.60EUR 241 000.00 USD 296 044.40 16.1.2015 -4 377.17 -0.03Total Forward Foreign Exchange contracts (Purchase/Sale) -254 742.53 -1.63


Bank overdraft and other short-term liabilities -1 001.16 -0.01Other assets and liabilities 231 152.26 1.48

Total net assets 15 601 284.56 100.00





BSI-Multinvest – Global Credit Bond


DATE ISIN 31.12.2014 31.12.2013

Net assets in EUR 118 800 785.96 75 898 781.19

CLASS A1 LU0879655545

Shares outstanding 273 692.5060 581 076.7880Net asset value per share in EUR 105.36 102.68

CLASS A (CHF hedged)1 LU0879656436

Shares outstanding 55 963.3400 92 504.0000Net asset value per share in CHF 104.86 102.46

CLASS A (USD hedged)1 LU0879657327

Shares outstanding 48 550.0000 114 053.0000Net asset value per share in USD 105.38 102.71

CLASS M2 LU1066143774

Shares outstanding 627 984.5000 -Net asset value per share in EUR 100.91 -


Shares outstanding 126 428.8570 -Net asset value per share in CHF 100.79 -

CLASS M (USD hedged)2 LU1066143691

Shares outstanding 82 569.9130 -Net asset value per share in USD 100.94 -

1 First NAV : 31.1.20132 First NAV : 19.5.2014

Performance

Currency 2014 2013

CLASS A EUR 2.6% -

CLASS A (CHF hedged) CHF 2.3% -

CLASS A (USD hedged) USD 2.6% -

CLASS M1 EUR - -

CLASS M (CHF hedged)1 CHF - -

CLASS M (USD hedged)1 USD - -




Annual Report as of 31 December 2014 BSI-Multinvest – Global Credit Bond


2014 has been a positive year for credit markets and the asset class performance proved to be fairly good. The first half of the year was strong on all the main sectors, particularly on low rated bonds and periphe-rals issuers. The second semester was characterized by divergent trend among sectors and geographical areas.

Fund performance has been positive mainly in the first half of the year while in the second part it has been limited by less favourable market conditions. In general, the portfolio maintained a structural exposure towards financial sector and some investment grade names, at the same time high yield issuers and emerging mar-kets bonds were managed in a more tactical way. The duration of the fund was actively managed but overall it was mantained between 2 and 3 year, with a general preference towards US curve. Currency exposure offe-red positive contribution mainly in the second semester thanks to euro weakness.



United States 15.96Italy 10.65Germany 9.17United Kingdom 8.62Luxembourg 8.01France 7.13Cayman Islands 5.06Ireland 4.25Netherlands 3.55Japan 3.23Hong Kong 2.18Spain 2.07Greece 2.04China 1.60Turkey 1.37Portugal 1.26Singapore 1.06Brazil 0.84Switzerland 0.75Guernsey 0.74Isle Of Man 0.73Mexico 0.73Sweden 0.70British Virgin Islands 0.68Canada 0.67Argentina 0.36

TOTAL 93.41


Banks & credit institutions 32.36Finance & holding companies 23.54Countries & central governments 6.85Insurance 5.64Telecommunications 4.03Building industry & materials 3.23Petroleum 2.13Mining, coal & steel 1.89Internet, software & IT services 1.81Real Estate 1.71Energy & water supply 1.47Computer hardware & network equipment providers 1.42Investment funds 1.30Miscellaneous unclassified companies 0.88Mortgage & funding institutions 0.79Biotechnology 0.73Precious metals & stones 0.67Tobacco & alcohol 0.66Aerospace industry 0.63Pharmaceuticals, cosmetics & medical products 0.46Miscellaneous services 0.43Traffic & transportation 0.42Miscellaneous trading companies 0.36

TOTAL 93.41



Investments in securities, cost 106 887 223.28Investments in securities, unrealized appreciation (depreciation) 4 085 841.13Total investments in securities (Note 1) 110 973 064.41Cash at banks, deposits on demand and deposit accounts 6 025 855.66Other liquid assets (Margins) 325 840.94Receivable on subscriptions 1 156 371.50Interest receivable on securities 1 877 727.42Unrealized gain (loss) on financial futures (Note 1) -130 673.23Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -1 079 016.30


Liabilities

Bank overdraft -6 392.89Payable on redemptions -120 707.79Provisions for flat fee (Note 2) -77 532.24Provisions for performance fee (Note 2) -137 074.91Provisions for taxe d’abonnement (Note 3) -6 676.61Total provisions -221 283.76




Interest on liquid assets 449.45Interest on securities 3 862 778.66Income on securities lending (Note 15) 76 546.12Other income 26 156.31


Expenses

Flat fee (Note 2) -891 505.84Performance fee (Note 2) -1 186 706.19Taxe d’abonnement (Note 3) -32 327.35Cost on securities lending (Note 15) -7 425.93Interest on cash liquidity and bank overdraft -3 796.56




Realized gain (loss) on market-priced securities without options 1 569 218.38Realized gain (loss) on options 13 406.64Realized gain (loss) on yield-evaluated securities and money market instruments 10 596.42Realized gain (loss) on financial futures -803 295.31Realized gain (loss) on forward foreign exchange contracts -1 974 077.50Total realized gain (loss) on investments -1 184 151.37Realized gain (loss) on foreign exchange 604 861.63




Unrealized appreciation (depreciation) on market-priced securities without options 4 252 485.19Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -8 096.42Unrealized appreciation (depreciation) on financial futures -402 945.56Unrealized appreciation (depreciation) on forward foreign exchange contracts -989 368.24







Net assets at the beginning of the financial year 75 898 781.19Subscriptions 128 280 622.11Redemptions -89 495 571.24Total net subscriptions (redemptions) 38 785 050.87Net income (loss) on investments 1 844 168.67Total realized gain (loss) -579 289.74Total changes in unrealized appreciation (depreciation) 2 852 074.97Net increase (decrease) in net assets as a result of operations 4 116 953.90



1.1.2014-31.12.2014











Class M (USD hedged)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 90 511.8320Number of shares redeemed -7 941.9190






Notes, fixed rate

EUR

EUR BENI STABILI SPA SIIQ 4.12500% 14-22.01.18 700 000.00 728 658.00 0.61EUR BNP PARIBAS-SUB 4.87500% 05-PRP 1 000 000.00 1 005 280.00 0.85EUR FGA CAPITAL IRELAND PLC-REG-S 2.87500% 14-26.01.18 500 000.00 517 945.00 0.44EUR HEIDELBERGCEMENT FINANCE BV-REG-S 8.00000% 09-31.01.17 500 000.00 570 545.00 0.48EUR PRYSMIAN SPA 5.25000% 10-09.04.15 1 300 000.00 1 308 567.00 1.10EUR ROTTAPHARM LTD-REG-S 6.12500% 12-15.11.19 500 000.00 528 705.00 0.44EUR SOFTBANK CORP-REG-S 4.62500% 13-15.04.20 500 000.00 530 875.00 0.45EUR UNITYMEDIA KABELBW GMBH-REG-S 7.50000% 12-15.03.19 1 000 000.00 1 051 300.00 0.88EUR UPCB FINANCE LTD-REG-S 7.62500% 10-15.01.20 1 000 000.00 1 039 790.00 0.88

Total EUR 7 281 665.00 6.13

USD

USD AMGEN INC 3.87500% 11-15.11.21 1 000 000.00 873 115.99 0.73USD ANHEUSER-BUSCH INBEV FINANCE INC 4.62500% 14-01.02.44 1 000 000.00 898 865.33 0.76USD AVIVA PLC-REG-S-SUB 8.25000% 12-PRP 1 000 000.00 926 044.38 0.78USD CONOCOPHILLIPS CO 2.87500% 14-15.11.21 1 000 000.00 834 651.46 0.70USD GLENCORE FUNDING LLC-REG-S 1.70000% 13-27.05.16 1 000 000.00 827 767.45 0.70USD KINDER MORGAN INC 2.00000% 14-01.12.17 500 000.00 410 649.56 0.34USD KOC HOLDING AS-REG-S 3.50000% 13-24.04.20 1 000 000.00 795 330.77 0.67USD OLAM INTERNATIONAL LTD-REG-S 5.75000% 12-20.09.17 500 000.00 427 742.65 0.36USD PETROLEOS MEXICANOS 4.87500% 12-24.01.22 1 000 000.00 863 600.67 0.73USD PHILIP MORRIS INTERNATIONAL INC 3.87500% 12-21.08.42 1 000 000.00 784 590.72 0.66USD QNB FINANCE LTD-REG-S 2.75000% 13-31.10.18 1 000 000.00 826 304.70 0.69USD SUMITOMO MITSUI BANKING CORP 1.35000% 14-11.07.17 2 000 000.00 1 635 386.97 1.38USD TURKIYE BANKASI AS-REG-S 3.87500% 12-07.11.17 1 000 000.00 831 271.43 0.70USD VALE OVERSEAS LTD 4.37500% 12-11.01.22 1 000 000.00 792 124.30 0.67USD VEDANTA RESOURCES PLC-REG-S 6.75000% 11-07.06.16 1 000 000.00 853 270.53 0.72USD YPF SA-REG-S 8.87500% 13-19.12.18 500 000.00 427 296.39 0.36

Total USD 13 008 013.30 10.95



EUR

EUR ALLIANZ FRANCE-SUB 4.62500%/VAR PRP 500 000.00 505 570.00 0.43EUR ELM BV-SUB 5.25200%/6M EURIBOR+209BP 06-PRP 500 000.00 521 250.00 0.44

Total EUR 1 026 820.00 0.87

GBP

GBP RSA INSURANCE GROUP PLC-REG-S-SUB 9.750%/VAR 09-20.05.39 500 000.00 787 614.21 0.66GBP RWE AG REG-S-SUB 7.000%/VAR 12-PRP 500 000.00 689 340.43 0.58

Total GBP 1 476 954.64 1.24



CNY

CNY INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 3.50000% 14-23.09.16 5 000 000.00 663 026.56 0.55

Total CNY 663 026.56 0.55

EUR

EUR BANCA MONTE DEI PASCHI DI SIENA SPA 4.87500% 11-15.09.16 1 000 000.00 1 066 670.00 0.90EUR BANCA MONTE DEI PASCHI DI SIENA-REG-S 3.62500% 14-01.04.19 1 000 000.00 1 013 130.00 0.85EUR BANCA POPOLARE DI VICENZA-REG-S 3.50000% 14-20.01.17 1 000 000.00 1 017 270.00 0.86EUR BANCO COMERCIAL PORTUGUES SA-REG-S 3.37500% 14-27.02.17 500 000.00 506 165.00 0.43EUR BANCO DO BRASIL SA-REG-S 3.75000% 13-25.07.18 1 000 000.00 1 000 700.00 0.84EUR BANCO POPOLARE SC-REG-S 3.50000% 14-14.03.19 1 000 000.00 1 041 820.00 0.88EUR BANK OF IRELAND 4.00000% 10-28.01.15 500 000.00 501 175.00 0.42EUR BANQUE PSA FINANCE 4.00000% 11-24.06.15 500 000.00 506 995.00 0.43EUR BBVA SEN FINANCE SA UNIPERSONAL-REG-S 4.37500% 12-21.09.15 400 000.00 410 372.00 0.34EUR BPE FINANCIACIONES SA 2.50000% 14-01.02.17 1 000 000.00 1 021 410.00 0.86EUR CNH INDUSTRIAL FINANCE EUROPE SA 5.25000% 11-11.03.15 500 000.00 503 220.00 0.42EUR CNH INDUSTRIAL FINANCE EUROPE SA-REG-S 2.75000% 14-18.03.19 1 000 000.00 1 012 160.00 0.85EUR EDP FINANCE BV 4.12500% 13-20.01.21 500 000.00 554 230.00 0.47EUR FIAT FINANCE NORTH AMERICA INC 5.62500% 07-12.06.17 1 000 000.00 1 064 510.00 0.89EUR HOCHTIEF AG 5.50000% 12-23.03.17 1 000 000.00 1 087 800.00 0.91EUR LAFARGE SA-REG-S 4.75000% 13-30.09.20 500 000.00 591 090.00 0.50




EUR NOVO BANCO SA-REG-S 4.00000% 14-21.01.19 500 000.00 484 720.00 0.41EUR PIRAEUS BANK SA-REG-S 5.00000% 14-27.03.17 1 000 000.00 856 500.00 0.72EUR PORTUGAL TELECOM INTL FINANCE BV-REG-S 4.62500% 13-08.05.20 500 000.00 506 490.00 0.43EUR ROYAL BANK OF SCOTLAND PLC-SUB 4.87500% 03-22.04.15 500 000.00 505 030.00 0.42EUR ROYAL BANK OF SCOTLAND PLC-SUB 6.93400% 08-09.04.18 1 000 000.00 1 151 560.00 0.97EUR SANTANDER INTERNATIONAL DEBT SA 3.38100% 11-01.12.15 1 000 000.00 1 023 710.00 0.86EUR UNIPOL GRUPPO FINANZIARIO SPA 4.37500% 14-05.03.21 500 000.00 546 240.00 0.46EUR UNITYMEDIA HESSEN/NRW GMBH-REG-S 5.62500% 13-15.04.23 500 000.00 541 850.00 0.46EUR VENETO BANCA HOLDING SCPA-REG-S 4.00000% 13-31.07.15 1 000 000.00 1 008 580.00 0.85

Total EUR 19 523 397.00 16.43

GBP

GBP FINMECCANICA SPA 8.00000% 09-16.12.19 500 000.00 749 774.98 0.63

Total GBP 749 774.98 0.63

USD

USD ADCB FINANCE CAYMAN LTD-REG-S 3.00000% 14-04.03.19 1 050 000.00 874 414.28 0.74USD BANK OF CHINA/HONG KONG-REG-S 2.12500% 14-23.01.17 1 000 000.00 826 377.42 0.70USD CITIC PACIFIC LTD-REG-S 6.87500% 12-21.01.18 1 000 000.00 914 086.19 0.77USD GAZ CAPITAL SA/GAZPROM LPN-REG-S 6.21200% 06-22.11.16 2 000 000.00 1 596 462.95 1.34USD GAZPROMBANK OJSC-REG-S 4.96000% 14-05.09.19 1 000 000.00 629 445.06 0.53USD NOMURA HOLDINGS INC 2.75000% 14-19.03.19 2 000 000.00 1 668 212.06 1.40USD PRUDENTIAL PLC-SUB 7.75000% 11-PRP 1 000 000.00 880 062.81 0.74USD SB CAPITAL SA FOR SBERBANK-REG-S LPN 5.40000% 10-24.03.17 1 000 000.00 774 943.19 0.65USD TENCENT HOLDINDS LTD-REG-S 3.37500% 14-02.05.19 1 000 000.00 838 329.00 0.71USD UNITED OVERSEAS BANK LTD-REG-S 2.50000% 14-18.03.20 1 000 000.00 829 304.58 0.70USD WELLS FARGO & CO 3.00000% 14-22.01.21 1 000 000.00 841 940.42 0.71

Total USD 10 673 577.96 8.99



EUR

EUR ALLIANZ FINANCE II-SUB 5.750%/3M EURIBOR+334.9BP 11-08.07.41 1 000 000.00 1 192 370.00 1.00EUR AUTOROUTES PARIS RHIN RHONE 3M EURIBOR+87BP 13-18.01.16 500 000.00 503 100.00 0.42EUR BPCE SA 3M EURIBOR+45BP 13-16.01.15 1 000 000.00 1 000 130.00 0.84EUR CITIGROUP INC-SUB 4.750%/3M EURIBOR+74BP 07-31.05.17 1 000 000.00 988 830.00 0.83EUR DEUTSCHE BANK AG-SUB 3M EURIBOR+80BP 04-20.09.16 2 000 000.00 1 994 920.00 1.68EUR ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 3.625%/VAR 14-02.04.76 500 000.00 506 100.00 0.43EUR LAFARGE SA 7.62500%/ RATING LINKED 09-24.11.16 1 000 000.00 1 142 760.00 0.96EUR SOCIETE GENERALE SA 3M EURIBOR+45BP 13-14.01.15 1 000 000.00 1 000 110.00 0.84EUR STANDARD CHARTERED-SUB 4.000%/VAR 13-21.10.25 1 000 000.00 1 059 740.00 0.89EUR UNICREDIT SPA-REG-S-SUB 5.750%/VAR 13-28.10.25 1 000 000.00 1 079 680.00 0.91EUR VOLVO TREASURY AB-REG-S 3M EURIBOR+80BP 13-16.05.16 500 000.00 503 320.00 0.43

Total EUR 10 971 060.00 9.23

GBP

GBP NATIONWIDE BUILDING SOCIETY-REG-S-SUB 6.875%/VAR 14-PRP 500 000.00 629 066.95 0.53GBP STANDARD LIFE PLC-REG-S-SUB 5.500%/VAR 12-04.12.42 500 000.00 697 413.40 0.59

Total GBP 1 326 480.35 1.12

USD

USD ABN AMRO BANK NV-SUB 6.25000% 12-13.09.22 1 000 000.00 895 169.63 0.75USD CLOVERIE PLC FOR ZURICH INS CO-REG-S-SUB 8.250%/VAR 12-PRP 1 000 000.00 940 820.63 0.79USD CREDIT SUISSE GROUP GUERNS-REG-S-SUB 7.875%/VAR 11-24.02.41 1 000 000.00 876 947.24 0.74USD UBS JERSEY BRANCH-REG-S-SUB 7.250%/USSW5+606.1BP 12-22.02.22 1 000 000.00 886 831.12 0.75

Total USD 3 599 768.62 3.03


Bonds, fixed rate

EUR

EUR ASTALDI SPA-REG-S 7.12500% 13-01.12.20 1 000 000.00 1 019 510.00 0.86EUR BANK OF IRELAND-REG-S 3.25000% 14-15.01.19 1 000 000.00 1 072 510.00 0.90EUR GERMANY, REPUBLIC OF 2.25000% 10-10.04.15 5 000 000.00 5 029 250.00 4.23EUR GREECE, HELLENIC REPUBLIC OF-144A-REG-S 4.75000% 14-17.04.19 2 000 000.00 1 570 400.00 1.32EUR ITALY, REPUBLIC OF-BTP 4.50000% 12-15.07.15 1 000 000.00 1 020 500.00 0.86EUR LBG CAPITAL NO.2 PLC-REG-S-SUB 6.38500% 09-12.05.20 1 000 000.00 1 044 920.00 0.88EUR NUMERICABLE GROUP SA-REG-S 5.37500% 14-15.05.22 500 000.00 516 435.00 0.44EUR PORTUGAL, REPUBLIC OF-OT 3.35000% 05-15.10.15 500 000.00 511 750.00 0.43EUR WIND ACQUISITION FINANCE SA-REG-S 7.00000% 14-23.04.21 500 000.00 488 915.00 0.41

Total EUR 12 274 190.00 10.33




USD

USD ANGLOGOLD ASHANTI HOLDINGS PLC 8.50000% 13-30.07.20 1 000 000.00 867 732.74 0.73USD BESTGAIN REAL ESTATE LTD-REG-S 2.62500% 13-13.03.18 1 000 000.00 805 586.55 0.68USD HUTCHISON WHAMPOA INTERNATIONAL-REG-S 1.62500% 14-31.10.17 2 000 000.00 1 637 767.04 1.38USD LENOVO GROUP LTD-REG-S 4.70000% 14-08.05.19 1 000 000.00 858 536.43 0.72USD NOVARTIS CAPITAL CORP 4.40000% 14-06.05.44 2 000 000.00 1 852 224.29 1.56USD WHEELOCK FINANCE LTD-REG-S 2.75000% 14-02.07.17 1 000 000.00 821 784.22 0.69

Total USD 6 843 631.27 5.76



EUR

EUR ARCELORMITTAL 9.375%/RATING LINKED 09-03.06.16 500 000.00 564 615.00 0.48EUR AXA SA-REG-S-SUB 5.125%/3M EURIBOR+435BP 13-04.07.43 1 000 000.00 1 170 380.00 0.99EUR ENEL SPA-SUB 6.500%/VAR 13-10.01.74 500 000.00 549 545.00 0.46EUR JPMORGAN CHASE BANK-SUB 4.625%/1M EURIBOR+76BP 07-29.05.17 1 000 000.00 997 250.00 0.84EUR ORANGE SA-REG-S-SUB 4.250%/VAR 14-PRP 500 000.00 526 775.00 0.44EUR TELEFONICA EUROPE BV-REG-S-SUB 6.500%/VAR 13-PRP 500 000.00 546 875.00 0.46

Total EUR 4 355 440.00 3.67

GBP

GBP BARCLAYS BANK PLC-SUB 14.000%/3M LIBOR+1340BP 08-PRP 1 000 000.00 1 701 200.32 1.43

Total GBP 1 701 200.32 1.43

USD

USD AQUARIUS+INV FOR SWISS REIN-REG-S-SUB 6.375%/VAR 13-01.09.24 1 000 000.00 859 815.70 0.72USD SKANDINAVISKA ENSKILDA BANKEN-REG-S-SUB 5.750%/VAR 14-PRP 400 000.00 327 292.26 0.28

Total USD 1 187 107.96 1.00


Convertible bonds, fixed rate

EUR

EUR BENI STABILI SPA SIIQ 3.87500% 10-23.04.15 500 000.00 501 075.00 0.42

Total EUR 501 075.00 0.42

Total Convertible bonds, fixed rate 501 075.00 0.42



Notes, fixed rate

USD

USD BARRICK GOLD CORP 3.85000% 12-01.04.22 1 000 000.00 795 291.93 0.67USD GENERAL MOTORS FINANCIAL CO INC 2.75000% 14-15.05.16 2 000 000.00 1 679 682.66 1.41USD INDUSTRIAL & COMMERCIAL BANK OF CHINA 3.23100% 14-13.11.19 500 000.00 415 115.08 0.35USD JPMORGAN CHASE & CO 4.85000% 14-01.02.44 4 000 000.00 3 666 965.82 3.09USD MICROSOFT CORP 3.50000% 12-15.11.42 1 000 000.00 783 246.14 0.66USD VERIZON COMMUNICATIONS INC 3.00000% 14-01.11.21 1 000 000.00 815 035.74 0.68

Total USD 8 155 337.37 6.86


Bonds, fixed rate

USD

USD GOLDMAN SACHS GROUP INC/THE 2.55000% 14-23.10.19 1 000 000.00 823 394.07 0.70USD INTERNATIONAL BUSINESS MACHINES CORP 4.00000% 12-20.06.42 1 000 000.00 822 909.80 0.69

Total USD 1 646 303.87 1.39



USD

USD BANCO BTG PACTUAL LUXEMBOURG SA-REG-S-SUB 8.750%/VAR PRP 3 000 000.00 2 466 840.21 2.08

Total USD 2 466 840.21 2.08








Luxembourg

EUR BSI-MULTINVEST - EMERGING MARKETS BONDS A EUR (HEDGED) 15 000.00 1 541 400.00 1.30








EUR EURO-BUND FUTURE 06.03.15 -50.00 -137 000.00 -0.12USD US 5YR TREASURY NOTE FUTURE 31.03.15 -100.00 5 810.26 0.01USD US LONG BOND FUTURE 20.03.15 -10.00 516.51 0.00Total Financial Futures on bonds -130 673.23 -0.11

Total Derivative instruments listed on an official stock exchange -130 673.23 -0.11

Total Derivative instruments -130 673.23 -0.11



EUR 2 000 000.00 GBP 1 587 600.00 18.3.2015 -43 065.08 -0.04EUR 43 000 000.00 USD 53 597 350.00 18.3.2015 -1 262 501.18 -1.06CHF 5 680 000.00 EUR 4 730 967.85 16.1.2015 -6 738.24 -0.01USD 8 545 000.00 EUR 6 859 597.01 16.1.2015 201 000.60 0.17CHF 12 670 000.00 EUR 10 553 056.80 16.1.2015 -15 030.55 -0.01USD 5 106 000.00 EUR 4 098 900.22 16.1.2015 120 106.38 0.10EUR 2 000 000.00 GBP 1 578 200.00 18.3.2015 -30 968.33 -0.03EUR 165 525.11 USD 203 000.00 16.1.2015 -2 210.56 0.00CHF 186 000.00 EUR 154 664.89 16.1.2015 36.99 0.00EUR 3 000 000.00 USD 3 680 700.00 18.3.2015 -39 646.33 -0.03Total Forward Foreign Exchange contracts (Purchase/Sale) -1 079 016.30 -0.91


Bank overdraft and other short-term liabilities -6 392.89 -0.01Other assets and liabilities 2 692 107.37 2.27

Total net assets 118 800 785.96 100.00




BSI-Multinvest – Global Dynamic Bonds


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in EUR 132 359 541.08 137 968 856.85 194 425 573.16


Shares outstanding 387 086.2830 797 461.0270 1 069 464.7560Net asset value per share in EUR 146.44 128.79 136.54



CLASS A (USD hedged) LU0585206674


CLASS M1 LU0585206161




CLASS M (USD hedged)1 LU1066143345


1 First NAV : 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A EUR 13.7% -5.7% -1.4%

CLASS A (CHF hedged) CHF 13.4% -5.9% -1.9%

CLASS A (USD hedged) USD 13.5% -5.7% -1.5%

CLASS M1 EUR - - -

CLASS M (CHF hedged)1 CHF - - -

CLASS M (USD hedged)1 USD - - -





2014 was a year dominated by a big divergence in eco-nomic performance between major developed count-ries (US on one side, Japan and EURO area on the other). The US economy, after a brief contraction due to bad weather ended the year almost exploding with nominal growth above 5.5%. On the other side of the Atlantic, Europe got close to recession again with clear deflationary pressures mounting. Japan showed first signs of QE monetary policy not working efficiently if not accompanied by sound fiscal policy and structural reform. Emerging Market countries continued suffering from the collapse in commodity prices.

The fund overperformed its customized target by a wide margin. The overperformance was mainly attri-buted to currency exposures. Finally, the bet to strongly overweight the US dollar paid off, while the weakness of the EUR contributed to performance in absolute terms. Some exposure to the commodities market didn’t penalize the fund, since the main holding, gold, ended the year almost unchanged.



United States 45.37Jersey 10.60South Africa 5.57Luxembourg 4.68Supranationals 3.79Mexico 3.69Indonesia 3.08France 2.69Italy 2.65Spain 2.64United Kingdom 2.35Netherlands 2.19Germany 1.41Switzerland 1.09Portugal 0.88Turkey 0.85Norway 0.84Greece 0.83

TOTAL 95.20


Countries & central governments 44.00Finance & holding companies 24.36Food & soft drinks 4.88Supranational organisations 3.79Energy & water supply 3.63Retail trade, department stores 3.61Insurance 2.26Investment funds 2.11Banks & credit institutions 1.99Aerospace industry 1.13Miscellaneous unclassified companies 0.89Telecommunications 0.85Pharmaceuticals, cosmetics & medical products 0.76Traffic & transportation 0.69Internet, software & IT services 0.25

TOTAL 95.20

Annual Report as of 31 December 2014 BSI-Multinvest – Global Dynamic Bonds



Investments in securities, cost 117 447 572.20Investments in securities, unrealized appreciation (depreciation) 8 563 502.95Total investments in securities (Note 1) 126 011 075.15Cash at banks, deposits on demand and deposit accounts 7 926 150.83Other liquid assets (Margins) 965 556.46Receivable on subscriptions 18 777.73Interest receivable on securities 1 527 379.73Other receivables 17 556.69Unrealized gain (loss) on financial futures (Note 1) -495 068.92Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 375 377.13


Liabilities

Bank overdraft -3 637 472.36Payable on redemptions -223 235.44Provisions for flat fee (Note 2) -115 559.98Provisions for taxe d’abonnement (Note 3) -10 995.94Total provisions -126 555.92




Interest on liquid assets 77 883.97Interest on securities 3 711 129.42Income on securities lending (Note 15) 67 782.14Other income 64 842.75


Expenses





Realized gain (loss) on market-priced securities without options 891 901.93Realized gain (loss) on options -213 460.54Realized gain (loss) on financial futures -1 469 778.77Realized gain (loss) on options, futures-styled -20 190.00Realized gain (loss) on forward foreign exchange contracts 1 817 454.84Total realized gain (loss) on investments 1 005 927.46Realized gain (loss) on foreign exchange -68 319.48




Unrealized appreciation (depreciation) on market-priced securities without options 14 033 517.47Unrealized appreciation (depreciation) on options -5 515.49Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 2 051.89Unrealized appreciation (depreciation) on financial futures -68 995.22Unrealized appreciation (depreciation) on forward foreign exchange contracts 1 661 926.01






Net assets at the beginning of the financial year 137 968 856.85Subscriptions 67 256 077.69Redemptions -91 891 871.71Total net subscriptions (redemptions) -24 635 794.02Net income (loss) on investments 2 465 885.61Total realized gain (loss) 937 607.98Total changes in unrealized appreciation (depreciation) 15 622 984.66Net increase (decrease) in net assets as a result of operations 19 026 478.25



1.1.2014-31.12.2014











Class M (USD hedged)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 69 926.2120Number of shares redeemed -2 646.5240







Certificates on commodities

Jersey

USD ETFS METAL SECURITIES LTD-ETC SILVER COMMODITY 07-PRP 520 000.00 6 638 728.98 5.02USD GOLD BULLION SECURITIES LIMITED CC 07-PRP 78 000.00 7 393 901.08 5.59

Total Jersey 14 032 630.06 10.61

Total Certificates on commodities 14 032 630.06 10.61

Notes, fixed rate

GBP

GBP EUROPEAN COAL AND STEEL COMMUNITY-REG-S 9.87500% 92-26.05.17 730 000.00 1 123 916.75 0.85

Total GBP 1 123 916.75 0.85

USD

USD COCA-COLA CO/THE 1.65000% 12-14.03.18 6 500 000.00 5 405 660.09 4.08USD ELECTRICITE DE FRANCE-REG-S 4.60000% 10-27.01.20 1 250 000.00 1 137 331.10 0.86USD GAZ CAPITAL SA/GAZPROM-REG-S LPN 6.51000% 07-07.03.22 3 000 000.00 2 219 809.10 1.68USD INVESTEC BANK LTD-REG-S 3.87500% 12-24.07.17 5 000 000.00 4 164 579.98 3.15USD JP MORGAN CHASE & CO 3.70000% 09-20.01.15 700 000.00 579 458.62 0.44USD MEXICO, UNITED STATES OF 5.75000% 10-12.10.110 5 500 000.00 4 886 161.73 3.69USD MONDELEZ INTL 4.12500% 10-09.02.16 700 000.00 599 981.07 0.45USD PEPSICO INC 4.50000% 10-15.01.20 500 000.00 455 179.95 0.34USD WAL-MART STORES INC 3.25000% 10-25.10.20 3 500 000.00 3 025 491.92 2.29

Total USD 22 473 653.56 16.98



EUR

EUR ABERTIS INFRAESTRUCTURAS SA 4.75000% 12-25.10.19 400 000.00 473 252.00 0.36EUR CARREFOUR SA 4.00000% 10-09.04.20 1 500 000.00 1 745 580.00 1.32EUR KONINKLIJKE KPN NV 5.62500% 09-30.09.24 850 000.00 1 121 150.00 0.85EUR MERCK FINANCIAL SERVICES GMBH 3.37500% 10-24.03.15 1 000 000.00 1 003 340.00 0.76EUR NATIONAL GRID TRANSCO PLC 5.000% 03-02.07.18 500 000.00 576 595.00 0.43EUR STATKRAFT AS 4.62500% 07-22.09.17 1 000 000.00 1 112 630.00 0.84EUR SUEZ ENVIRONNEMENT SA 5.50000% 09-22.07.24 500 000.00 677 760.00 0.51EUR UNICREDITO ITALIANO SPA-SUB 5.75000% 07-26.09.17 500 000.00 554 690.00 0.42

Total EUR 7 264 997.00 5.49

GBP

GBP FINMECCANICA SPA 8.00000% 09-16.12.19 1 000 000.00 1 499 549.94 1.13

Total GBP 1 499 549.94 1.13

INR

INR INTER-AMERICAN DEVELOPMENT BANK 5.00000% 13-24.07.15 175 000 000.00 2 271 476.33 1.72INR INTERNATIONAL FINANCE CORP 7.80000% 14-03.06.19 70 000 000.00 998 797.08 0.75

Total INR 3 270 273.41 2.47

MXN

MXN GENERAL ELECTRIC CAPITAL CORP 8.50000% 08-06.04.18 30 000 000.00 1 860 316.66 1.41MXN GENERAL ELECTRIC CAPITAL CORP-REG-S 4.12500% 13-15.05.17 30 000 000.00 1 687 271.77 1.27MXN RABOBANK NEDERLAND NV 6.00000% 11-26.01.15 5 200 000.00 291 854.02 0.22

Total MXN 3 839 442.45 2.90

SGD

SGD MORGAN STANLEY 3.80000% 11-29.01.16 1 750 000.00 1 121 384.07 0.85

Total SGD 1 121 384.07 0.85

TRY

TRY MORGAN STANLEY & CO INTERNATIONAL STEP-UP 11-16.03.16 2 500 000.00 871 204.18 0.66TRY RABOBANK NEDERLAND NV 7.25000% 11-20.01.15 2 500 000.00 882 655.17 0.66

Total TRY 1 753 859.35 1.32



USD

USD ALLIANZ SE-REG-S-SUB 5.50000% 12-PRP 1 000 000.00 864 567.58 0.65USD INDONESIA, REPUBLIC OF-REG-S 6.75000% 14-15.01.44 4 000 000.00 4 081 517.29 3.08

Total USD 4 946 084.87 3.73


Medium term notes, zero coupon

MXN

MXN RABOBANK NEDERLAND NV 0.00000% 05-05.10.15 11 000 000.00 602 514.00 0.46

Total MXN 602 514.00 0.46

Total Medium term notes, zero coupon 602 514.00 0.46


CHF

CHF ZURICH INSURANCE CO-SUB 4.250%/3M LIBOR+3.046BP 10-PRP 2 000 000.00 1 713 288.37 1.29

Total CHF 1 713 288.37 1.29

GBP

GBP SSE PLC-REG-S-SUB 5.45300%/FLR 10-PRP 1 000 000.00 1 305 296.04 0.99

Total GBP 1 305 296.04 0.99


Bonds, fixed rate

EUR

EUR ATLANTIA SPA 3.62500% 12-30.11.18 400 000.00 442 868.00 0.33EUR FMC FINANCE VIII SA-REG-S 6.50000% 11-15.09.18 1 000 000.00 1 179 140.00 0.89EUR GREECE, HELLENIC REPUBLIC OF STEP-UP 12-24.02.27 2 000 000.00 1 095 500.00 0.83EUR ITALY, REPUBLIC OF BTP 3.00000% 10-15.06.15 1 000 000.00 1 011 150.00 0.76EUR MAPFRE SA 5.12500% 12-16.11.15 400 000.00 415 260.00 0.31EUR PORTUGAL, REPUBLIC OF-OT 4.80000% 10-15.06.20 1 000 000.00 1 159 850.00 0.88EUR SPAIN, KINGDOM OF-REG-S 5.40000% 13-31.01.23 2 000 000.00 2 606 600.00 1.97EUR TURKEY, REPUBLIC OF 5.12500% 10-18.05.20 1 000 000.00 1 132 500.00 0.86

Total EUR 9 042 868.00 6.83

GBP

GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.00000% 06-07.09.16 900 000.00 1 228 844.40 0.93

Total GBP 1 228 844.40 0.93

USD

USD ADOBE SYSTEMS INC 3.25000% 10-01.02.15 400 000.00 331 192.27 0.25

Total USD 331 192.27 0.25

ZAR

ZAR SOUTH AFRICA, REPUBLIC OF 7.75000% 12-28.02.23 45 000 000.00 3 205 921.88 2.42

Total ZAR 3 205 921.88 2.42



USD

USD AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 5 000 000.00 5 759 381.84 4.35USD AMERICA, UNITED STATES OF 2.00000% 11-15.11.21 7 000 000.00 5 806 127.02 4.39

Total USD 11 565 508.86 8.74




Notes, fixed rate

USD

USD CORPORACION ANDINA DE FOMENTO 5.75000% 06-12.01.17 700 000.00 626 258.92 0.47USD SABMILLER HOLDINGS INC-REG-S 2.45000% 12-15.01.17 4 000 000.00 3 372 647.41 2.55

Total USD 3 998 906.33 3.02






USD

USD JOHN DEERE CAPITAL CORP 2.95000% 10-09.03.15 500 000.00 415 122.11 0.31

Total USD 415 122.11 0.31

Total Medium term notes, fixed rate 415 122.11 0.31


USD

USD GENERAL ELECTRIC CAPITAL CORP 3M LIBOR+87BP 11-09.05.16 3 000 000.00 2 501 514.81 1.89

Total USD 2 501 514.81 1.89



USD

USD AMERICA, UNITED STATES OF 4.50000% 06-15.02.36 7 000 000.00 7 716 041.49 5.83USD AMERICA, UNITED STATES OF 3.12500% 11-15.11.41 7 000 000.00 6 243 157.73 4.72USD AMERICA, UNITED STATES OF 0.75000% 12-31.12.17 7 000 000.00 5 723 871.74 4.32

Total USD 19 683 070.96 14.87



USD

USD AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 8 000 000.00 6 574 752.99 4.97

Total USD 6 574 752.99 4.97





Luxembourg

EUR BSI-MULTINVEST - EMERGING MARKETS BONDS A EUR (HEDGED) 10 000.00 1 027 600.00 0.78EUR WORLD INVEST - ABSOLUTE STRATEGY-C 15 000.00 1 762 200.00 1.33




Derivative instruments not listed on an official stock exchange and not traded on another regulated market

Options on currencies, classic-styled

RUB

RUB USD/RUB CALL 60.00000 13.03.15 -240 000 000.00 -373 436.70 -0.28

Total RUB -373 436.70 -0.28

USD

USD EUR/USD PUT 1.21000 06.01.15 36 300 000.00 111 490.39 0.08USD EUR/USD CALL 1.25000 06.01.15 -37 500 000.00 -11 371.02 -0.01

Total USD 100 119.37 0.07

Total Options on currencies, classic-styled -273 317.33 -0.21

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market -273 317.33 -0.21








EUR EURO-BUND FUTURE 06.03.15 -100.00 -313 000.00 -0.23USD US LONG BOND FUTURE 20.03.15 -150.00 -182 068.92 -0.14Total Financial Futures on bonds -495 068.92 -0.37





USD 11 228 000.00 EUR 9 013 406.12 16.1.2015 264 111.72 0.20CHF 14 856 000.00 EUR 12 373 813.09 16.1.2015 -17 623.83 -0.01CHF 8 710 000.00 EUR 7 254 705.98 16.1.2015 -10 332.77 -0.01USD 6 918 000.00 EUR 5 553 504.05 16.1.2015 162 729.33 0.12AUD 17 332 200.00 GBP 9 000 000.00 18.3.2015 67 139.72 0.05TRY 28 000 000.00 JPY 1 408 960 000.00 18.3.2015 16 245.60 0.01MXN 520 173 000.00 EUR 29 000 000.00 18.3.2015 7 415.23 0.01EUR 9 000 000.00 USD 11 045 700.00 18.3.2015 -121 911.98 -0.09USD 398 000.00 EUR 324 527.07 16.1.2015 4 334.00 0.00USD 282 000.00 EUR 229 941.29 16.1.2015 3 070.83 0.00CHF 594 000.00 EUR 493 929.82 16.1.2015 118.14 0.00CHF 408 000.00 EUR 339 264.93 16.1.2015 81.14 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 375 377.13 0.28


Bank overdraft and other short-term liabilities -3 637 472.36 -2.75Other assets and liabilities 1 213 922.79 0.92

Total net assets 132 359 541.08 100.00





BSI-Multinvest – Global Themes


DATE ISIN 23.5.2014 31.12.2013 31.12.2012

Net assets in USD 13 798 397.73 25 129 674.63 17 846 431.77





CLASS A (EUR hedged) LU0694240408



As BSI-Multinvest – Global Themes was liquidated as at 23 May 2014, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


Annual Report as of 31 December 2014 BSI-Multinvest – Global Themes


Income on securities lending (Note 15) 4 567.07Other income 6 322.30


Expenses





Realized gain (loss) on market-priced securities without options 2 832 134.43Realized gain (loss) on financial futures -79 013.30Realized gain (loss) on forward foreign exchange contracts -727.30Total realized gain (loss) on investments 2 752 393.83Realized gain (loss) on foreign exchange -104 646.43




Unrealized appreciation (depreciation) on market-priced securities without options -2 363 565.53Unrealized appreciation (depreciation) on financial futures -62 413.78Unrealized appreciation (depreciation) on forward foreign exchange contracts -10 591.98





Net assets at the beginning of the financial year 25 129 674.63Subscriptions 110 044.50Redemptions -25 325 567.13Total net subscriptions (redemptions) -25 215 522.63Net income (loss) on investments -125 328.11Total realized gain (loss) 2 647 747.40Total changes in unrealized appreciation (depreciation) -2 436 571.29Net increase (decrease) in net assets as a result of operations 85 848.00

Net assets at the end of the financial year 0.00


1.1.2014-31.12.2014

Class ANumber of shares outstanding at the beginning of the financial year 101 518.9200Number of shares issued 12.9960Number of shares redeemed -101 531.9160


Class A (CHF hedged)Number of shares outstanding at the beginning of the financial year 29 984.1460Number of shares issued 432.0000Number of shares redeemed -30 416.1460


Class A (EUR hedged)Number of shares outstanding at the beginning of the financial year 51 328.0000Number of shares issued 330.0000Number of shares redeemed -51 658.0000


Annual Report as of 31 December 2014 BSI-Multinvest – Global Themes



BSI-Multinvest – Short Term Bonds CHF


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in CHF 119 239 835.46 109 038 163.76 105 587 621.87



CLASS M1 LU1066143006


1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A CHF 0.4% 0.2% 3.3%

CLASS M1 CHF - - -

Benchmark:

SBI® FOREIGN AAA-BBB 1-5 YEAR CHF 1.5% 1.0% 4.4%



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Annual Report as of 31 December 2014 BSI-Multinvest – Short Term Bonds CHF


2014 was characterized by uncertain global environ-ment. Divergences in macro data in the United States and in Europe, geopolitical tensions and the shock of oil price were some topics. In this context main central banks were particularly accommodative and used unconventional measures to stimulate the real economy. The bonds yields almost everywhere came down sharply reaching new all-time lows. The Swiss yield curve flattened and 10-year government yields dropped by 75 bps, from 1.07% at the beginning of the year to 0.32% at the end of December. The SNB highlighted several times its utmost determination to defend the eur/chf exchange rate floor at 1.20 and in December introduced negative interest rates on bank sight deposits (-0.25%) and widened the target range for the 3 month libor to -0.75%/0.25%. Credit spreads widened slightly on average. Especially bonds of Russian issuers suffered a lot because of the risk off behaviour of the investors.

In 2014 the fund obtained a positive performance but underperformed its target. During the year the duration was maintained shorter than the benchmark’s duration. The duration underweight was particularly important towards the end of the year. The overweight of bonds with less than 1 year maturity penalized the fund per-formance in relative terms. For diversification purposes, special attention was paid to bonds selection among countries, sectors and issuers. Most of the purchases were made on the secondary market because of the scarcity of foreign new issues with maturity lower than 5 years.



Netherlands 17.94United States 10.57France 8.88South Korea 5.31Australia 4.36Germany 4.32Sweden 3.87Luxembourg 3.44Cayman Islands 3.31United Kingdom 3.25New Zealand 3.20Chile 2.85Norway 2.46Canada 2.14India 2.13Supranationals 2.12Poland 1.79Denmark 1.74Ireland 1.57Mexico 1.32Austria 1.30Bermuda 1.29Czech Republic 1.15Jersey 1.05Peru 0.93Slovakia 0.89Lithuania 0.88United Arab Emirates 0.86Spain 0.85Panama 0.85South Africa 0.84China 0.68Brazil 0.42

TOTAL 98.56


Banks & credit institutions 42.36Finance & holding companies 32.83Countries & central governments 4.71Telecommunications 4.17Mortgage & funding institutions 2.77Supranational organisations 2.12Electrical devices & components 1.79Traffic & transportation 1.74Cantons, federal states 1.70Tobacco & alcohol 1.28Public, non-profit institutions 1.04Retail trade, department stores 0.86Miscellaneous unclassified companies 0.76Petroleum 0.43

TOTAL 98.56

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2014 was characterized by uncertain global environment. Divergences in macro data in the United States and in Europe, geopolitical tensions and the shock of oil price were some topics. In this context main central banks were particularly accommodative and used unconventional measures to stimulate the real economy. The bonds yields almost everywhere came down sharply reaching new all-time lows. The Swiss yield curve flattened and 10-year government yields dropped by 75 bps, from 1.07% at the beginning of the year to 0.32% at the end of December. The SNB highlighted several times its utmost determination to defend the eur/chf exchange rate floor at 1.20 and in December introduced negative interest rates on bank sight deposits (-0.25%) and widened the target range for the 3 month libor to -0.75%/0.25%. Credit spreads widened slightly on average. Especially bonds of Russian issuers suffered a lot because of the risk off behaviour of the investors. In 2014 the fund obtained a positive absolute performance. During the year the duration was maintained prudentially short, on average under 2.5 years. The short duration was particularly important towards the end of the year. The duration underweight was particularly important towards the end of the year. The overweight of bonds with less than 1 year maturity penalized the fund performance in relative terms. For diversification purposes, special attention was paid to bonds selection among countries, sectors and issuers. Most of the purchases were made on the secondary market because of the scarcity of foreign new issues with maturity lower than 5 years.



Investments in securities, cost 117 397 640.03Investments in securities, unrealized appreciation (depreciation) 129 949.97Total investments in securities (Note 1) 117 527 590.00Cash at banks, deposits on demand and deposit accounts 661 231.50Receivable on subscriptions 15 632.76Interest receivable on securities 1 138 146.61


Liabilities







Expenses





Realized gain (loss) on market-priced securities without options -599 580.98Realized gain (loss) on financial futures -58 555.41Realized gain (loss) on options, futures-styled 1 436.89Total realized gain (loss) on investments -656 699.50Realized gain (loss) on foreign exchange -1 620.16




Unrealized appreciation (depreciation) on market-priced securities without options -300 507.57Unrealized appreciation (depreciation) on financial futures -42 279.05Unrealized appreciation (depreciation) on options, futures-styled 7 536.70






Net assets at the beginning of the financial year 109 038 163.76Subscriptions 98 388 150.94Redemptions -88 734 998.13Total net subscriptions (redemptions) 9 653 152.81Net income (loss) on investments 1 542 088.47Total realized gain (loss) -658 319.66Total changes in unrealized appreciation (depreciation) -335 249.92Net increase (decrease) in net assets as a result of operations 548 518.89



1.1.2014-31.12.2014










Notes, fixed rate

CHF

CHF AT&T INC-REG-S 0.50000% 14-04.12.19 1 000 000.00 1 006 000.00 0.84CHF BANCO DE CHILE 1.12500% 13-23.05.18 1 000 000.00 1 023 000.00 0.86CHF BANCO DE CREDITO E INVERSIONES 0.75000% 13-23.12.15 900 000.00 903 510.00 0.76CHF BANCO GENERAL SA 1.62500% 14-18.06.18 1 000 000.00 1 012 500.00 0.85CHF BHARTI AIRTEL INTL NETHERLANDS BV 3.00000% 14-31.03.20 500 000.00 535 000.00 0.45CHF EBN BV-REG-S 0.50000% 14-22.09.22 1 000 000.00 1 021 000.00 0.86CHF GPB EUROBOND FINANCE PLC LPN 3.37500% 12-05.08.15 1 000 000.00 965 000.00 0.81CHF PHILIP MORRIS INTERNATIONAL INC 1.00000% 11-06.12.16 1 500 000.00 1 527 000.00 1.28CHF SB CAPITAL SA FOR SBERBANK LPN 2.06500% 13-28.02.17 750 000.00 665 625.00 0.56CHF SLOVAKIA, REPUBLIC OF 2.12500% 12-25.04.18 1 000 000.00 1 064 000.00 0.89CHF VTB CAPITAL SA LPN 3.15000% 12-16.12.16 500 000.00 420 000.00 0.35CHF WESTPAC BANKING CORP 2.50000% 10-16.02.17 1 000 000.00 1 050 500.00 0.88

Total CHF 11 193 135.00 9.39



CHF

CHF ABN AMRO BANK NV 2.37500% 11-02.02.16 2 500 000.00 2 560 750.00 2.15CHF ADCB FINANCE CAYMAN LTD 3.00000% 11-08.12.15 1 000 000.00 1 025 200.00 0.86CHF ANZ NEW ZEALAND INT’L LTD 2.12500% 11-25.02.16 2 000 000.00 2 045 000.00 1.72CHF ASB FINANCE LTD/LONDON-REG-S 1.12500% 14-05.02.20 1 300 000.00 1 352 650.00 1.13CHF AUSTRALIA & NEW ZEALAND BANKING GROUP 2.62500% 11-27.10.17 600 000.00 641 700.00 0.54CHF BANCO BILBAO VIZCAYA ARGENTAIRA CHILE 1.37500% 14-09.05.17 450 000.00 453 600.00 0.38CHF BANCO DO BRASIL CAYMAN 2.50000% 13-20.06.19 500 000.00 505 500.00 0.42CHF BANCO SANTANDER CHILE SA 1.00000% 14-31.07.17 1 000 000.00 1 013 000.00 0.85CHF BANK NEDERLANDSE GEMEENTEN NV 1.50000% 10-03.11.17 1 000 000.00 1 043 500.00 0.88CHF BANK OF AMERICA CORP 3.00000% 10-23.12.16 1 000 000.00 1 052 500.00 0.88CHF BANQUE FEDERATIVE DU CREDIT MUTUEL 1.12500% 14-12.02.19 1 000 000.00 1 034 500.00 0.87CHF BANQUE PSA FINANCE 3.25000% 12-25.09.15 1 000 000.00 1 015 900.00 0.85CHF BARCLAYS BANK PLC 2.50000% 11-29.03.16 1 000 000.00 1 028 500.00 0.86CHF BASF FINANCE EUROPE NV 3.62500% 08-03.06.15 1 400 000.00 1 420 580.00 1.19CHF BAT INTERNATIONAL FINANCE PLC-REG-S 0.62500% 14-08.09.21 1 000 000.00 1 011 000.00 0.85CHF BLACK SEA TRADE&DEVELOPMT BK 2.50000% 12-04.10.16 1 500 000.00 1 511 250.00 1.26CHF BMW FINANCE NV 1.75000% 11-29.09.17 1 300 000.00 1 356 550.00 1.14CHF COMMONWEALTH BANK OF AUSTRALIA 3.00000% 09-09.11.17 1 500 000.00 1 623 750.00 1.36CHF CORPORACION ANDINA DE FOMENTO 2.62500% 10-05.11.15 1 000 000.00 1 021 200.00 0.86CHF CREDIT AGRICOLE HOME LOAN SFH 1.37500% 12-30.07.18 1 800 000.00 1 884 600.00 1.58CHF DANSKE BANK AS 2.37500% 09-13.01.17 1 000 000.00 1 048 500.00 0.88CHF DEUTSCHE BAHN FINANCE BV 1.50000% 11-18.12.17 500 000.00 521 750.00 0.44CHF DEUTSCHE BANK AG 2.00000% 10-05.03.15 2 000 000.00 2 006 400.00 1.68CHF DEUTSCHE TELEKOM AG 2.25000% 10-08.07.16 1 500 000.00 1 548 000.00 1.30CHF DNB BANK ASA 1.75000% 12-18.04.18 800 000.00 840 400.00 0.71CHF ENBW INTERNATIONAL FINANCE BV 1.25000% 13-12.07.18 650 000.00 674 700.00 0.57CHF ENEL FINANCE INTERNATIONAL NV 2.00000% 11-23.12.15 1 000 000.00 1 016 200.00 0.85CHF EXPORT-IMPORT BANK OF KOREA 2.37500% 11-30.03.15 1 500 000.00 1 508 100.00 1.26CHF F VAN LANSCHOT BANKIERS NV 2.12500% 12-04.04.16 1 000 000.00 1 015 400.00 0.85CHF FIRST GULF BANK 3.00000% 11-16.02.16 1 000 000.00 1 029 400.00 0.86CHF GAS NATURAL FINANCE BV 2.12500% 13-08.02.19 500 000.00 527 500.00 0.44CHF GIC FUNDING LTD 2.75000% 12-16.11.15 1 300 000.00 1 327 950.00 1.11CHF GLENCORE FINANCE EUROPE SA 2.62500% 12-03.12.18 1 000 000.00 1 065 000.00 0.89CHF GOLDMAN SACHS GROUP INC 1.25000% 14-11.09.19 800 000.00 824 000.00 0.69CHF HEATHROW FUNDING LTD 2.50000% 12-08.02.17 1 200 000.00 1 254 600.00 1.05CHF HYUNDAI CAPITAL SERVICES INC 2.50000% 12-15.02.17 1 000 000.00 1 043 000.00 0.87CHF IBERDROLA INTERNATIONAL BV 3.00000% 12-13.02.17 1 000 000.00 1 055 000.00 0.88CHF INDUSTRIAL BANK OF KOREA 1.25000% 12-19.06.15 1 000 000.00 1 005 200.00 0.84CHF ING BANK NV 2.12500% 10-07.10.16 2 000 000.00 2 069 000.00 1.74CHF KIWIBANK LTD 1.00000% 13-23.12.20 400 000.00 418 000.00 0.35CHF KOREA DEVELOPMENT BANK 1.50000% 12-23.05.16 1 000 000.00 1 016 900.00 0.85CHF KOREA FINANCE CORP 1.37500% 13-02.07.18 1 200 000.00 1 244 400.00 1.04CHF KOREA NATIONAL OIL CORP 1.87500% 12-08.03.17 500 000.00 517 000.00 0.43CHF LLOYDS BANK PLC 2.50000% 10-23.03.15 1 000 000.00 1 005 300.00 0.84CHF MADRID, COMUNIDAD DE 3.50000% 08-15.07.15 1 000 000.00 1 015 200.00 0.85CHF METRO AG-SUB 1.87500% 12-02.05.16 1 000 000.00 1 020 500.00 0.86CHF NEDERLANDSE FINANCIERINGS-MAAT 2.62500% 08-22.09.15 2 000 000.00 2 037 000.00 1.71CHF NEDERLANDSE WATERSCHAPSBANK NV 2.50000% 05-20.04.15 2 000 000.00 2 014 600.00 1.69CHF NORDEA BANK AB 0.87500% 13-25.09.18 1 500 000.00 1 542 000.00 1.29CHF NYKREDIT BANK A/S 1.75000% 12-26.09.16 1 000 000.00 1 025 500.00 0.86CHF OESTER POSTSPARKASSE BAWAG AG-SUB 4.50000% 00-16.10.15 1 500 000.00 1 546 500.00 1.30CHF PKO FINANCE AB LPN 2.53600% 12-21.12.15 1 000 000.00 1 021 200.00 0.86CHF POLAND, REPUBLIC OF 2.25000% 12-15.05.18 2 000 000.00 2 133 000.00 1.79CHF QNB FINANCE LTD 0.50000% 13-27.06.16 700 000.00 702 450.00 0.59CHF QUEBEC, PROVINCE OF 2.25000% 05-05.10.15 1 000 000.00 1 017 000.00 0.85CHF RABOBANK NEDERLAND NV 2.75000% 07-16.03.15 2 500 000.00 2 513 250.00 2.11




CHF RCI BANQUE SA 2.50000% 12-16.07.15 1 500 000.00 1 517 400.00 1.27CHF ROYAL BANK OF CANADA 0.62500% 14-09.04.19 1 500 000.00 1 535 250.00 1.29CHF SOCIETE GENERALE 1.87500% 10-19.10.15 1 500 000.00 1 520 400.00 1.28CHF SPAREBANK 1 SR BANK ASA 0.87500% 13-30.11.18 1 000 000.00 1 019 500.00 0.85CHF STATE BANK OF INDIA LTD 3.37500% 11-22.02.16 1 500 000.00 1 532 400.00 1.29CHF STATNETT SF 2.62500% 06-15.12.17 1 000 000.00 1 073 000.00 0.90CHF SVENSKA HANDELSBANKEN AB-REG-S 0.62500% 14-11.12.18 1 000 000.00 1 020 000.00 0.86CHF SWEDISH COVERED BOND CORP 2.12500% 09-08.06.16 1 000 000.00 1 029 500.00 0.86CHF TELSTRA CORP LTD 1.75000% 11-14.12.18 800 000.00 845 200.00 0.71CHF TOYOTA MOTOR CREDIT CORP 2.87500% 06-20.09.16 2 000 000.00 2 096 000.00 1.76CHF UNION BANK OF INDIA 3.37500% 11-07.08.15 1 000 000.00 1 012 200.00 0.85CHF VEB FINANCE PLC LPN 3.75000% 11-17.02.16 1 000 000.00 909 500.00 0.76CHF WELLS FARGO & CO-REG-S 0.62500% 14-03.09.20 1 000 000.00 1 011 500.00 0.85CHF WESTPAC BANKING CORP 2.00000% 11-15.12.16 1 000 000.00 1 038 000.00 0.87

Total CHF 84 930 980.00 71.22


Bonds, fixed rate

CHF

CHF AMERICA MOVIL SAB DE CV 2.00000% 11-27.12.17 1 500 000.00 1 575 000.00 1.32CHF BP CAPITAL MARKETS PLC 1.00000% 14-28.08.20 800 000.00 828 800.00 0.69CHF CBQ FINANCE LTD 3.00000% 10-07.12.15 1 500 000.00 1 537 500.00 1.29CHF CZECH REPUBLIC 2.87500% 09-23.11.16 1 300 000.00 1 370 850.00 1.15CHF DZ BANK GENOSSENSCHAFTSBANK AG-REGS-SUB 2.00000% 12-14.11.17 550 000.00 572 000.00 0.48CHF EBN NV 0.62500% 12-04.07.19 1 000 000.00 1 028 500.00 0.86CHF EL FONDO MIVIVIENDA 1.25000% 14-13.06.18 1 100 000.00 1 107 700.00 0.93CHF FIRSTRAND BANK LTD 2.00000% 14-28.05.19 1 000 000.00 1 000 000.00 0.84CHF GENERAL ELECTRIC CAPITAL CORP 2.00000% 10-15.01.15 3 000 000.00 3 001 200.00 2.52CHF GENERAL ELECTRIC CAPITAL CORP 2.25000% 11-19.12.16 2 000 000.00 2 087 000.00 1.75CHF INDUSTRIAL&COMME BK OF CHINA LTD-REG-S 1.00000% 14-17.12.19 800 000.00 811 600.00 0.68CHF LGT FINANCE LTD 2.50000% 10-12.05.17 850 000.00 895 475.00 0.75CHF LITHUANIA, REPUBLIC OF 2.00000% 12-11.04.18 1 000 000.00 1 044 000.00 0.88CHF STE NATL DES CHEMINS DE FER FRANCAIS 5.00000% 95-20.10.15 2 000 000.00 2 078 600.00 1.74CHF TOTAL CAPITAL 3.12500% 07-29.09.15 1 500 000.00 1 534 650.00 1.29

Total CHF 20 472 875.00 17.17




Bonds, fixed rate

CHF

CHF RSHB CAPITAL SA 3.12500% 12-17.08.15 1 000 000.00 930 600.00 0.78

Total CHF 930 600.00 0.78

Total Bonds, fixed rate 930 600.00 0.78

Total Transferable securities and money market instruments traded on another regulated market 930 600.00 0.78




Total net assets 119 239 835.46 100.00




BSI-Multinvest – Short Term Bonds EUR


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in EUR 355 338 828.78 366 746 425.81 351 123 915.57


Shares outstanding 1 258 037.6240 2 523 682.9120 2 440 313.2560Net asset value per share in EUR 151.11 145.32 143.88

CLASS M1 LU1011100952

Shares outstanding 1 621 707.6360 - -Net asset value per share in EUR 101.89 - -

1 First NAV: 19.5.2014

Performance

Currency 2014 2013 2012

CLASS A EUR 4.0% 1.0% 6.1%

CLASS M1 EUR - - -

Benchmark:

JPM EMU BOND INDEX 1 TO 5 YEAR EUR - 2.1% 6.3%



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Entering 2014 many investors believed in an actual recovery in the Eurozone but this didn’t happen: Europe suffered from the continued lack of coordination and delay in implementation of monetary easing and fiscal policies, and from crisis (Russia, Greece). All in all 10 year core government bond yields collapsed during the year (German federal bonds by 139bp) and peripheral ones even more (Italian bonds by 223bp, Spanish ones by 254bp). With the refi rate at 0.05% at the end of 2014, the ECB will likely expand Quantitative Easing in Q1 2015.

In 2014 the fund had a very good positive net perfor-mance. This was mainly due to the maintenance for all the year of overall neutral to very often long duration, never being short as the majority of the peers were especially in 1H14. During 2014 very careful and active selection of country risk (EU peripheral versus EU core), and sector allocation (bond picking among corporates issues) were very profitable for the fund.



Italy 27.20Spain 15.26France 13.85Netherlands 11.73Germany 7.86Luxembourg 4.15Portugal 3.93United States 3.37Austria 3.04Belgium 1.75Ireland 1.10Latvia 0.91Canada 0.75United Kingdom 0.60Poland 0.43Brazil 0.42Denmark 0.38Czech Republic 0.29

TOTAL 97.02


Countries & central governments 64.41Banks & credit institutions 14.39Finance & holding companies 11.05Energy & water supply 1.71Building industry & materials 1.00Vehicles 0.93Computer hardware & network equipment providers 0.85Investment funds 0.80Rubber & tyres 0.63Aerospace industry 0.58Tobacco & alcohol 0.38Food & soft drinks 0.29

TOTAL 97.02

Annual Report as of 31 December 2014 BSI-Multinvest – Short Term Bonds EUR



Investments in securities, cost 330 794 321.01Investments in securities, unrealized appreciation (depreciation) 13 961 236.82Total investments in securities (Note 1) 344 755 557.83Cash at banks, deposits on demand and deposit accounts 7 980 945.40Receivable on subscriptions 251 258.01Interest receivable on securities 3 680 847.13


Liabilities

Payable on redemptions -1 061 783.00Provisions for flat fee (Note 2) -240 326.16Provisions for taxe d’abonnement (Note 3) -27 670.43Total provisions -267 996.59




Interest on liquid assets 111.51Interest on securities 8 658 042.74Income on securities lending (Note 15) 127 627.54


Expenses

Flat fee (Note 2) -3 047 631.07Taxe d’abonnement (Note 3) -134 457.86Cost on securities lending (Note 15) -5 039.88Interest on cash liquidity and bank overdraft -21.94




Realized gain (loss) on market-priced securities without options 2 392 352.48Realized gain (loss) on yield-evaluated securities and money market instruments 444 101.80Total realized gain (loss) on investments 2 836 454.28Realized gain (loss) on foreign exchange 3 668.11




Unrealized appreciation (depreciation) on market-priced securities without options 6 275 442.84Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 42 930.61






Net assets at the beginning of the financial year 366 746 425.81Subscriptions 239 022 706.55Redemptions -265 187 430.46Total net subscriptions (redemptions) -26 164 723.91Net income (loss) on investments 5 598 631.04Total realized gain (loss) 2 840 122.39Total changes in unrealized appreciation (depreciation) 6 318 373.45Net increase (decrease) in net assets as a result of operations 14 757 126.88



1.1.2014-31.12.2014

Class ANumber of shares outstanding at the beginning of the financial year 2 523 682.9120Number of shares issued 361 476.6690Number of shares redeemed -1 627 121.9570


Class MNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 1 839 746.1880Number of shares redeemed -218 038.5520








EUR

EUR ITALY, REPUBLIC OF TB 0.00000% 29.11.13-31.12.15 10 000 000.00 9 956 000.00 2.80EUR ITALY, REPUBLIC OF TB 0.00000% 14.07.14-14.07.15 6 000 000.00 5 989 860.00 1.69

Total EUR 15 945 860.00 4.49


Notes, fixed rate

EUR

EUR BELGIUM, KINGDOM OF-REG-S 1.25000% 13-22.06.18 6 000 000.00 6 225 000.01 1.75EUR FRANCE, REPUBLIC OF-BTAN 1.75000% 12-25.02.17 5 000 000.00 5 172 250.00 1.46

Total EUR 11 397 250.01 3.21



EUR

EUR APPLE INC 1.00000% 14-10.11.22 3 000 000.00 3 034 890.00 0.85EUR AUSTRIA, REPUBLIC OF 1.95000% 12-18.06.19 3 000 000.00 3 238 200.00 0.91EUR BANCO DO BRASIL SA-REG-S 3.75000% 13-25.07.18 1 500 000.00 1 501 050.00 0.42EUR BANK NEDERLANDSE GEMEENTEN NV-REG-S 1.00000% 14-19.03.19 4 000 000.00 4 137 120.00 1.16EUR BMW FINANCE NV 2.12500% 12-13.01.15 3 000 000.00 3 001 170.00 0.84EUR BMW FINANCE NV-REG-S 1.62500% 14-17.07.19 4 000 000.00 4 221 280.00 1.19EUR BMW US CAPITAL LLC-REG-S 1.25000% 12-20.07.16 1 700 000.00 1 726 503.00 0.49EUR CARLSBERG BREWERIES AS 3.37500% 10-13.10.17 1 250 000.00 1 342 287.50 0.38EUR CEZ AS 3.62500% 11-27.05.16 1 000 000.00 1 043 510.00 0.29EUR CONTINENTAL AG-REG-S 3.12500% 13-09.09.20 2 000 000.00 2 247 980.00 0.63EUR DAIMLER AG 1.75000% 12-21.05.15 2 000 000.00 2 011 280.00 0.57EUR DAIMLER AG-144A 2.12500% 12-27.06.18 1 200 000.00 1 272 432.00 0.36EUR DANONE 1.37500% 13-10.06.19 1 000 000.00 1 040 170.00 0.29EUR EDP FINANCE BV 4.12500% 13-20.01.21 1 000 000.00 1 108 460.00 0.31EUR ENEL FINANCE INTERNATIONAL NV-REG-S 4.00000% 09-14.09.16 2 000 000.00 2 108 600.00 0.59EUR FIAT CHRYSLER FINANCE EUROPE-REG-S 7.00000% 12-23.03.17 2 000 000.00 2 180 920.00 0.61EUR FIAT CHRYSLER FINANCE EUROPE-REG-S 7.75000% 12-17.10.16 3 200 000.00 3 490 048.00 0.98EUR GAZPROM OAO-REG-S LPN 3.60000% 14-26.02.21 5 000 000.00 4 150 250.00 1.17EUR GDF SUEZ 1.50000% 12-20.07.17 1 000 000.00 1 030 140.00 0.29EUR GDF SUEZ 2.75000% 10-18.10.17 1 750 000.00 1 867 215.00 0.53EUR GDF SUEZ-REG-S 2.25000% 12-01.06.18 2 000 000.00 2 128 940.00 0.60EUR GE CAPITAL EUROPEAN FUNDING 3.75000% 11-04.04.16 2 500 000.00 2 609 975.00 0.73EUR GOLDMAN SACHS GROUP INC-REG-S 2.50000% 14-18.10.21 5 000 000.00 5 414 000.00 1.52EUR HEIDELBERGCEMENT FIN LUX SA-REG-S 2.25000% 14-12.03.19 2 000 000.00 2 080 220.00 0.59EUR INSTITUTO DE CREDITO OFICIAL-REG-S 2.37500% 13-31.10.15 3 500 000.00 3 553 795.00 1.00EUR INTESA SANPAOLO SPA 4.87500% 12-10.07.15 2 000 000.00 2 042 780.00 0.58EUR JPMORGAN CHASE & CO 3.75000% 11-15.06.16 1 700 000.00 1 783 504.00 0.50EUR LAFARGE SA-REG-S 4.75000% 13-30.09.20 3 000 000.00 3 546 540.00 1.00EUR LATVIA, REPUBLIC OF-REG-S 2.62500% 14-21.01.21 3 000 000.00 3 246 870.00 0.91EUR PORTUGAL TELECOM INTL FINANCE BV-REG-S 4.62500% 13-08.05.20 1 400 000.00 1 418 172.00 0.40EUR ROYAL BANK OF SCOTLAND PLC 4.75000% 11-18.05.16 2 000 000.00 2 116 360.00 0.60EUR SANTANDER INTERNATIONAL DEBT SA 1.37500% 14-25.03.17 4 000 000.00 4 068 840.00 1.15EUR SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.50000% 12-10.03.20 3 000 000.00 3 157 140.00 0.89EUR THALES 2.75000% 10-19.10.16 2 000 000.00 2 074 380.00 0.58EUR TOTAL CAPITAL CANADA LTD-REG-S 1.87500% 13-09.07.20 2 500 000.00 2 666 750.00 0.75EUR UNICREDIT SPA-REG-S 3.25000% 14-14.01.21 3 200 000.00 3 496 864.00 0.98EUR VOLKSWAGEN BANK GMBH-REG-S 1.50000% 14-13.02.19 5 000 000.00 5 216 100.00 1.47EUR VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 2.12500% 12-19.01.15 4 000 000.00 4 002 840.00 1.13EUR VOLKSWAGEN LEASING GMBH 2.37500% 12-06.09.22 1 200 000.00 1 334 352.00 0.38

Total EUR 101 711 927.50 28.62


Bonds, fixed rate

EUR

EUR AUSTRIA, REPUBLIC OF 3.20000% 10-20.02.17 4 000 000.00 4 265 400.00 1.20EUR AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 3 000 000.00 3 293 700.00 0.93EUR BANK OF IRELAND-REG-S 3.25000% 14-15.01.19 1 200 000.00 1 287 012.00 0.36EUR CIE DE FINANCEMENT FONCIER 2.62500% 10-16.04.15 5 000 000.00 5 013 300.00 1.41EUR COMPAGNIE DE FINANCEMENT FONCIER 6.12500% 00-23.02.15 5 000 000.00 5 037 750.00 1.42EUR FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 3 000 000.00 3 382 800.00 0.95EUR FRANCE, REPUBLIC OF-OAT 1.75000% 13-25.05.23 6 000 000.00 6 543 000.00 1.84EUR FRANCE, REPUBLIC OF-OAT 1.00000% 13-25.11.18 7 000 000.00 7 229 250.00 2.03EUR FRANCE, REPUBLIC OF-OAT 1.00000% 14-25.05.19 5 000 000.00 5 168 250.00 1.45EUR GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 5 000 000.00 5 214 500.00 1.47



EUR GERMANY, REPUBLIC OF 1.75000% 12-04.07.22 5 000 000.00 5 561 500.01 1.57EUR GERMANY, REPUBLIC OF 0.50000% 12-13.10.17 5 000 000.00 5 077 000.00 1.43EUR ITALY, REPUBLIC OF 3.75000% 13-01.05.21 6 000 000.00 6 863 400.00 1.93EUR ITALY, REPUBLIC OF-BTP 3.75000% 05-01.08.15 5 000 000.00 5 095 500.00 1.43EUR ITALY, REPUBLIC OF-BTP 3.00000% 10-.15.04.15 5 000 000.00 5 030 500.00 1.42EUR ITALY, REPUBLIC OF-BTP 3.00000% 10-01.11.15 7 500 000.00 7 653 375.00 2.15EUR ITALY, REPUBLIC OF-BTP 3.75000% 11-15.04.16 3 000 000.00 3 114 750.00 0.88EUR ITALY, REPUBLIC OF-BTP 2.50000% 12-01.03.15 5 000 000.00 5 015 250.00 1.41EUR ITALY, REPUBLIC OF-BTP 2.75000% 12-01.12.15 5 000 000.00 5 105 000.00 1.44EUR ITALY, REPUBLIC OF-BTP 2.25000% 13-15.05.16 6 000 000.00 6 120 300.00 1.72EUR ITALY, REPUBLIC OF-BTP 2.75000% 13-15.11.16 3 000 000.00 3 109 800.00 0.88EUR ITALY, REPUBLIC OF-BTP 1.50000% 14-15.12.16 6 000 000.00 6 093 000.00 1.72EUR ITALY, REPUBLIC OF-BTP 3.75000% 14-01.09.24 6 000 000.00 6 976 200.00 1.96EUR ITALY, REPUBLIC OF-BTP 1.15000% 14-15.05.17 5 000 000.00 5 047 500.00 1.42EUR NEDERLANDSE WATERSCHAPSBANK NV 2.37500% 10-04.06.15 5 000 000.00 5 048 250.00 1.42EUR NETHERLANDS, KINGDOM OF THE 1.25000% 12-15.01.18 5 000 000.00 5 190 250.00 1.46EUR NETHERLANDS, KINGDOM OF THE-144A-REG-S 1.75000% 13-15.07.23 3 000 000.00 3 297 150.00 0.93EUR POLAND, REPUBLIC OF 1.62500% 13-15.01.19 1 450 000.00 1 519 382.50 0.43EUR PORTUGAL, REPUBLIC OF-OT 3.35000% 05-15.10.15 3 000 000.00 3 070 500.00 0.86EUR PORTUGAL, REPUBLIC OF-OT 4.20000% 06-15.10.16 3 000 000.00 3 200 250.00 0.90EUR PORTUGAL, REPUBLIC OF-OT 4.35000% 07-16.10.17 5 000 000.00 5 463 000.00 1.54EUR PORTUGAL, REPUBLIC OF-OT 3.85000% 05-15.04.21 2 000 000.00 2 217 200.00 0.62EUR SPAIN, KINGDOM OF 2.75000% 13-31.03.15 5 000 000.00 5 014 000.00 1.41EUR SPAIN, KINGDOM OF 2.10000% 13-30.04.17 6 000 000.00 6 200 400.00 1.75EUR SPAIN, KINGDOM OF 2.75000% 14-30.04.19 7 000 000.00 7 564 900.00 2.13EUR SPAIN, KINGDOM OF 3.15000% 05-31.01.16 5 000 000.00 5 147 500.00 1.45EUR SPAIN, KINGDOM OF 3.00000% 10-30.04.15 3 000 000.00 3 024 900.00 0.85EUR SPAIN, KINGDOM OF 3.25000% 10-30.04.16 3 000 000.00 3 100 500.00 0.87EUR SPAIN, KINGDOM OF 4.30000% 09-31.10.19 5 000 000.00 5 805 500.00 1.63EUR SPAIN, KINGDOM OF 4.00000% 10-30.04.20 5 000 000.00 5 770 750.00 1.62

Total EUR 192 932 469.51 54.29


Bonds, zero coupon

EUR

EUR ITALY, REPUBLIC OF 0.00000% 13-30.06.15 5 000 000.00 4 990 200.00 1.41EUR ITALY, REPUBLIC OF 0.00000% 14-30.08.16 5 000 000.00 4 952 600.00 1.39

Total EUR 9 942 800.00 2.80

NLG

NLG BANK NEDERLANDSE GEMEENTEN NV 0.00000% 95-04.09.15 11 000 000.00 4 980 650.81 1.40

Total NLG 4 980 650.81 1.40





EUR

EUR SPAIN, KINGDOM OF TB 0.00000% 18.07.14-17.07.15 5 000 000.00 4 992 700.00 1.41

Total EUR 4 992 700.00 1.41





Luxembourg

EUR BSI-MULTINVEST - EMERGING MARKETS BONDS A EUR (HEDGED) 17 500.00 1 798 300.00 0.50EUR BSI-MULTINVEST - GLOBAL CREDIT BOND A EUR 10 000.00 1 053 600.00 0.30







Total net assets 355 338 828.78 100.00





BSI-Multinvest – Short Term Bonds USD


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in USD 219 972 826.85 219 220 359.97 144 603 564.04


Shares outstanding 1 012 875.0190 1 406 024.1150 944 099.2570Net asset value per share in USD 156.92 155.92 153.17

CLASS M1 LU1066142966


1 First NAV: 19.05.2014

Performance

Currency 2014 2013 2012

CLASS A USD 0.6% 1.8% 4.4%

CLASS M1 USD - - -

Benchmark:

JP MORGAN GOVT BOND INDEX US 1 - 5 UNHEDGED USD USD - -0.2% 1.0%



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2014 was characterized by two separate and very different halves. The first half of the year saw the economy very weak, clearly conditioned by the excep-tionally cold winter on one side, and a negative impact from the increase in interest rates during 2013. But in the second half the economy rebounded spectacularly, also helped by the collapse in oil prices giving consu-mers both a boost to confidence and buying power. The return of geopolitical risks (Russia) also surprised investors from the summer onwards.

The fund slightly underperformed its target. The manager was caught off guard by the decrease of yields despite very good economic prospects and the forthcoming FED tightening in 2015. Duration was held too short relative to the benchmark’s, particularly through a short position in the long end. Some expo-sure to Russian names also damaged the performance in the last months of the year.



United States 54.08Russian Federation (CIS) 5.03Netherlands 4.79Canada 4.66Norway 4.63Portugal 4.12Supranationals 3.71Indonesia 2.24Turkey 2.03Hong Kong 1.86Luxembourg 1.75Japan 1.48United Kingdom 1.25France 1.00Ireland 0.95Poland 0.48South Africa 0.46Cayman Islands 0.45British Virgin Islands 0.33

TOTAL 95.30


Countries & central governments 53.25Banks & credit institutions 12.72Finance & holding companies 10.04Cantons, federal states 4.66Supranational organisations 3.71Food & soft drinks 2.07Petroleum 1.42Internet, software & IT services 1.42Energy & water supply 1.00Computer hardware & network equipment providers 0.95Investment funds 0.93Mortgage & funding institutions 0.93Tobacco & alcohol 0.92Pharmaceuticals, cosmetics & medical products 0.49Healthcare & social services 0.46Miscellaneous unclassified companies 0.33

TOTAL 95.30

Annual Report as of 31 December 2014 BSI-Multinvest – Short Term Bonds USD

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2014 was characterized by two separate and very different halves. The first half of the year saw the economy very weak, clearly conditioned by the exceptionally cold winter on one side, and a negative impact from the increase in interest rates during 2013. But in the second half the economy rebounded spectacularly, also helped by the collapse in oil prices giving consumers both a boost to confidence and buying power. The return of geopolitical risks (Russia) also surprised investors from the summer onwards. The fund slightly underperformed its target. The manager was caught off guard by the decrease of yields despite very good economic prospects and the forthcoming FED tightening in 2015. During the year the duration was held on average under 3 years, particularly through a short position in the long end. Some exposure to Russian names also damaged the performance in the last months of the year.



Investments in securities, cost 206 789 812.41Investments in securities, unrealized appreciation (depreciation) 2 844 715.98Total investments in securities (Note 1) 209 634 528.39Cash at banks, deposits on demand and deposit accounts 9 857 116.40Other liquid assets (Margins) 1 916 022.74Receivable on subscriptions 188 061.33Interest receivable on securities 1 775 888.33Unrealized gain (loss) on financial futures (Note 1) -797 051.62


Liabilities

Bank overdraft -2 289 025.75Payable on redemptions -132 613.11Provisions for flat fee (Note 2) -158 906.58Provisions for taxe d’abonnement (Note 3) -21 193.28Total provisions -180 099.86






Expenses





Realized gain (loss) on market-priced securities without options 528 392.36Realized gain (loss) on financial futures -5 919 382.03Total realized gain (loss) on investments -5 390 989.67Realized gain (loss) on foreign exchange 22 808.12

Total realized gain (loss) -5 368 181.55



Unrealized appreciation (depreciation) on market-priced securities without options 3 253 967.73Unrealized appreciation (depreciation) on financial futures -1 363 573.92






Net assets at the beginning of the financial year 219 220 359.97Subscriptions 112 485 139.86Redemptions -113 169 348.69Total net subscriptions (redemptions) -684 208.83Net income (loss) on investments 4 914 463.45Total realized gain (loss) -5 368 181.55Total changes in unrealized appreciation (depreciation) 1 890 393.81Net increase (decrease) in net assets as a result of operations 1 436 675.71



1.1.2014-31.12.2014










Notes, fixed rate

USD

USD BANK OF SCOTLAND PLC-REG-S 5.25000% 07-21.02.17 500 000.00 542 000.00 0.25USD CITIGROUP INC 3.95300% 11-15.06.16 4 000 000.00 4 152 284.00 1.89USD CITIGROUP INC 6.12500% 08-15.05.18 3 000 000.00 3 395 025.00 1.54USD ELECTRICITE DE FRANCE-REG-S 4.60000% 10-27.01.20 2 000 000.00 2 201 964.00 1.00USD ELI LILLY & CO 5.20000% 07-15.03.17 1 000 000.00 1 087 368.00 0.49USD EUROPEAN INVESTMENT BANK 2.25000% 11-15.03.16 8 000 000.00 8 167 120.00 3.71USD GAZ CAPITAL SA/GAZPROM-REG-S LPN 6.51000% 07-07.03.22 2 000 000.00 1 790 720.00 0.81USD INVESTEC BANK LTD-REG-S 3.87500% 12-24.07.17 1 000 000.00 1 007 870.00 0.46USD JP MORGAN CHASE & CO 3.70000% 09-20.01.15 3 000 000.00 3 005 031.00 1.37USD MONDELEZ INTL 6.12500% 08-23.08.18 4 000 000.00 4 547 300.00 2.07USD NETHERLANDS, KINGDOM OF THE-REG-S 1.00000% 12-24.02.17 7 000 000.00 7 011 270.00 3.19USD ONTARIO, PROVINCE OF 2.9500% 10-15.02.15 5 000 000.00 5 008 990.00 2.28USD POLAND, REPUBLIC OF 4.00000% 14-22.01.24 1 000 000.00 1 061 250.00 0.48USD QNB FINANCE LTD-REG-S 2.75000% 13-31.10.18 1 000 000.00 999 870.00 0.45USD SINOPEC CAPITAL 2013 LTD-REG-S 3.12500% 13-24.04.23 750 000.00 717 757.50 0.33USD UNITEDHEALTH GROUP INC 2.87500% 12-15.03.22 1 000 000.00 1 003 201.00 0.45USD ZIMMER HOLDINGS INC 4.62500% 09-30.11.19 3 500 000.00 3 823 281.00 1.74

Total USD 49 522 301.50 22.51



USD

USD INDONESIA, REPUBLIC OF-REG-S 6.75000% 14-15.01.44 4 000 000.00 4 938 840.00 2.24USD NESTLE HOLDINGS INC-REG-S 2.00000% 14-30.09.19 4 000 000.00 4 015 040.00 1.83USD PORTUGAL, REPUBLIC OF 3.50000% 10-25.03.15 9 000 000.00 9 065 169.00 4.12

Total USD 18 019 049.00 8.19



USD

USD RABOBANK NEDERLAND NV-SUB 8.375%/H15T5Y+642.5BP 11-PRP 800 000.00 854 056.00 0.39

Total USD 854 056.00 0.39

Total Medium term notes, floating rate 854 056.00 0.39

Bonds, fixed rate

USD

USD BP CAPITAL MARKETS PLC 4.74200% 11-11.03.21 1 000 000.00 1 088 509.00 0.49USD DEVELOPMENT BANK OF JAPAN 5.12500% 07-01.02.17 3 000 000.00 3 251 640.00 1.48USD KOMMUNALBANKEN A/S-REG-S 2.12500% 14-15.03.19 2 000 000.00 2 035 740.00 0.93USD ONTARIO, PROVINCE OF 3.00000% 11-16.07.18 5 000 000.00 5 237 350.00 2.38USD RUSSIA, FEDERATION OF-REG-S STEP-UP 00-31.03.30 2 000 000.00 1 359 780.00 0.62USD RUSSIA, FEDERATION OF-REG-S 4.87500% 13-16.09.23 11 000 000.00 9 707 500.00 4.41USD TURKEY, REPUBLIC OF 5.75000% 14-22.03.24 4 000 000.00 4 470 000.00 2.03

Total USD 27 150 519.00 12.34



USD

USD AQUARIUS+INV FOR SWISS REIN-REG-S-SUB 6.375%/VAR 13-01.09.24 2 000 000.00 2 080 840.00 0.95

Total USD 2 080 840.00 0.95



USD

USD AMERICA, UNITED STATES OF 3.50000% 09-15.02.39 7 000 000.00 8 039 612.00 3.66USD AMERICA, UNITED STATES OF 3.50000% 10-15.05.20 4 000 000.00 4 363 752.00 1.98

Total USD 12 403 364.00 5.64






Notes, fixed rate

USD

USD CISCO SYSTEMS INC 3.15000% 11-14.03.17 2 000 000.00 2 090 592.00 0.95USD CITIGROUP INC 4.58700% 10-15.12.15 3 000 000.00 3 099 954.00 1.41USD DEUTSCHE BANK AG LONDON 6.00000% 07-01.09.17 1 000 000.00 1 110 886.00 0.51USD GENERAL ELECTRIC CAPITAL CORP 2.25000% 10-09.11.15 500 000.00 506 860.00 0.23USD HSBC FINANCE CORP-SUB 6.67600% 11-15.01.21 3 000 000.00 3 559 368.00 1.62USD HUTCHISON WHAMPOA INTL LTD-144A 4.62500% 09-11.09.15 4 000 000.00 4 098 920.00 1.86USD LUKOIL INTERNATIONAL FINANCE BV-REG-S 4.56300% 13-24.04.23 2 000 000.00 1 585 060.00 0.72USD MICROSOFT CORP 3.00000% 10-01.10.20 3 000 000.00 3 127 659.00 1.42USD PHILIP MORRIS INTERNATIONAL INC 2.90000% 11-15.11.21 2 000 000.00 2 029 504.00 0.92USD SIEMENS FINANCIERINGSMAATSCHAPPIJ-REG-S 5.75000% 06-17.10.16 1 000 000.00 1 082 300.00 0.49USD STATOIL ASA 3.12500% 10-17.08.17 3 000 000.00 3 134 241.00 1.43

Total USD 25 425 344.00 11.56



USD

USD EKSPORTFINANS ASA 2.00000% 10-15.09.15 5 000 000.00 5 005 850.00 2.28

Total USD 5 005 850.00 2.28



USD

USD AMERICA, UNITED STATES OF 3.12500% 11-15.11.41 13 000 000.00 14 029 847.00 6.38USD AMERICA, UNITED STATES OF 1.50000% 13-31.12.18 12 000 000.00 12 015 936.00 5.46USD AMERICA, UNITED STATES OF 1.87500% 10-31.10.17 5 000 000.00 5 117 580.00 2.33USD AMERICA, UNITED STATES OF 1.50000% 12-31.03.19 6 000 000.00 6 001 404.00 2.73USD AMERICA, UNITED STATES OF 0.75000% 12-31.12.17 7 000 000.00 6 926 171.00 3.15USD AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 9 000 000.00 8 966 250.00 4.07USD AMERICA, UNITED STATES OF 0.75000% 13-28.02.18 2 000 000.00 1 972 500.00 0.90USD AMERICA, UNITED STATES OF 2.25000% 14-30.04.21 6 000 000.00 6 123 282.00 2.78

Total USD 61 152 970.00 27.80



USD

USD AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 6 000 000.00 5 966 834.89 2.71

Total USD 5 966 834.89 2.71





Luxembourg

USD BSI-MULTINVEST - EMERGING MARKETS BONDS A USD 20 000.00 2 053 400.00 0.93











EUR EURO-BUND FUTURE 06.03.15 -250.00 -946 864.12 -0.43USD US LONG BOND FUTURE 20.03.15 -225.00 149 812.50 0.07Total Financial Futures on bonds -797 051.62 -0.36




Bank overdraft and other short-term liabilities -2 289 025.75 -1.04Other assets and liabilities 1 651 236.69 0.75

Total net assets 219 972 826.85 100.00





BSI-Multinvest – Strategy Balanced (CHF)


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in CHF 31 554 520.76 37 939 803.43 38 463 958.79



Performance

Currency 2014 2013 2012

CLASS A CHF 7.2% 0.2% 10.7%



The general climate of uncertainty that has pervaded in recent years continued in 2014. The global economy and the financial markets experienced shocks that were difficult to foresee. Aside from the numerous geo-political tensions in emerging markets, the decline in raw material prices turned out to be a particularly nota-ble aspect of 2014. There was a significant divergence between the economy of the US and that of the EMU: unequal intensity in the respective economic recove-ries resulted in the adoption of different monetary policies, policies that became increasingly significant not only for government bond yields but also for the currency markets. Positive year for the bond market, with yields on the government bonds of almost all EMU countries, including Germany, Spain and Italy, reached new all-time lows, as did those of Switzerland, the United Kingdom and Japan. Also positive was the stock market, characterized by a very volatile year. 2014 was a rather lively year in the currency market, characterized by a gradual strengthening of the US dollar compared to the majority of other currencies and with the Swiss Franc, which closed the year close to the limit of 1.20 set by the Central Bank.

The fund’s tactical policy has seen the equity sector with an underweight in the months of February and March, a neutral weight until the end of June and an overweight for the rest of 2014. Within our bond busi-ness, from the second quarter we favorite an under-weight, with the presence of certain non-directional elements in the portfolio. The instrument used to rep-licate the commodity sector generated value given its defensive characteristics as well as the market timing that contributed positively. Net of all expenses, the subfund recorded a positive return.



Luxembourg 75.55United Kingdom 8.23Switzerland 8.17Ireland 3.19

TOTAL 95.14


Investment funds 86.97Countries & central governments 8.17

TOTAL 95.14


Annual Report as of 31 December 2014 BSI-Multinvest – Strategy Balanced (CHF)


Investments in securities, cost 27 635 840.01Investments in securities, unrealized appreciation (depreciation) 2 386 266.25Total investments in securities (Note 1) 30 022 106.26Cash at banks, deposits on demand and deposit accounts 1 660 451.24Interest receivable on securities 53 208.89


Liabilities

Bank overdraft -863.37Payable on redemptions -135 024.46Provisions for flat fee (Note 2) -44 393.59Provisions for taxe d’abonnement (Note 3) -964.21Total provisions -45 357.80




Interest on liquid assets 9.23Interest on securities 54 909.01Dividends 43 307.00Income on securities lending (Note 15) 6 480.97Other income 7 495.65


Expenses





Realized gain (loss) on market-priced securities without options 652 100.49Realized gain (loss) on options 82 995.46Realized gain (loss) on financial futures 11 666.74Realized gain (loss) on forward foreign exchange contracts -121 500.00Total realized gain (loss) on investments 625 262.69Realized gain (loss) on foreign exchange 36 262.33




Unrealized appreciation (depreciation) on market-priced securities without options 2 238 305.85Unrealized appreciation (depreciation) on options -11 585.60Unrealized appreciation (depreciation) on financial futures -27 300.00Unrealized appreciation (depreciation) on forward foreign exchange contracts 977.07





Net assets at the beginning of the financial year 37 939 803.43Subscriptions 1 493 745.25Redemptions -10 293 947.83Total net subscriptions (redemptions) -8 800 202.58Net income (loss) on investments -447 002.43Total realized gain (loss) 661 525.02Total changes in unrealized appreciation (depreciation) 2 200 397.32Net increase (decrease) in net assets as a result of operations 2 414 919.91



1.1.2014-31.12.2014








Bonds, fixed rate

CHF

CHF SWITZERLAND 3.00000% 04-12.05.19 1 420 000.00 1 613 546.00 5.11CHF SWITZERLAND 4.00000% 98-11.02.23 740 000.00 965 700.00 3.06

Total CHF 2 579 246.00 8.17





Ireland

USD DELAWARE INVESTMENTS US LARGE CAP VALUE FUND-I-USD 46 910.00 1 006 821.82 3.19

Total Ireland 1 006 821.82 3.19

Luxembourg

USD ABERDEEN GLOBAL - ASIA PACIFIC EQUITY FUND-I2 23 250.00 1 777 322.51 5.63JPY ABERDEEN GLOBAL SICAV-JAPANESE EQUITY FUND-I2-CAP 1 770.00 1 326 736.04 4.20EUR AGIF - ALLIANZ EUROLAND EQUITY GROWTH-IT (EUR) 295.00 646 497.45 2.05CHF CREDIT SUISSE BOND FUND (LUX) FCP-SFR-EB 10 580.00 1 296 579.00 4.11CHF DB X-TRACKERS SMI ETF-1D 27 950.00 2 540 934.50 8.05USD EASYETF S&P GSCI TM CAPPED COMMODITY 35/20-A CAP 43 400.00 1 549 891.30 4.91USD FRANKLIN TEMPLETON INV FD TEMPLETON ASIAN GWTH FD-I-EUR-ACC 50 200.00 1 768 788.42 5.61EUR HENDERSON HORIZON FUND SICAV - PAN EUROPEAN EQUITY FUND-I2 20 350.00 643 757.07 2.04CHF JULIUS BAER MULTIBOND SICAV - SWISS FRANC BOND FUND-C 7 845.00 1 618 894.20 5.13CHF LOMBARD ODIER FDS SICAV - INVESTMENT GRADE A-BBB (CHF)-I CAP 117 000.00 1 617 934.50 5.13CHF PICTET SICAV - CHF BONDS-I 2 605.00 1 297 368.15 4.11CHF UBAM SICAV - SWISS EQUITY-IC-CAPITALISATION 10 775.00 2 907 310.50 9.21CHF UBAM SICAV - UNCONSTRAINED BOND - IPHC CHF 19 000.00 1 939 520.00 6.15CHF UBS (LUX) BOND FUND - CHF I-A1-ACC 15 480.00 1 618 124.40 5.13CHF VONTOBEL FUND SICAV-SWISS FRANC BOND-CAP-I 9 700.00 1 291 167.00 4.09


United Kingdom

USD M&G INVESTMENT FUNDS 1 - ASIAN FUND-USD-C-ACC 66 070.00 1 603 669.94 5.08USD THREADNEEDLE INVESTMENT FUNDS-AMERICAN SELECT GROWTH-$-2 304 000.00 991 543.46 3.15

Total United Kingdom 2 595 213.40 8.23





Bank overdraft and other short-term liabilities -863.37 0.00Other assets and liabilities -127 173.37 -0.40

Total net assets 31 554 520.76 100.00




BSI-Multinvest – Strategy Balanced (EUR)


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in EUR 35 381 812.21 54 001 648.84 42 725 253.48



CLASS A (USD hedged)1 LU0978652724

Shares outstanding 33 275.0000 38 130.0000 -Net asset value per share in USD 109.34 99.93 -

1 First NAV : 14.10.2013

Performance

Currency 2014 2013 2012

CLASS A1 EUR 9.6% -2.1% 13.5%

CLASS A (USD hedged)1 USD 9.4% 0.0% -





The general climate of uncertainty that has pervaded in recent years continued in 2014. The global economy and the financial markets experienced shocks that were difficult to foresee. Aside from the numerous geo-political tensions in emerging markets, the decline in raw material prices turned out to be a particularly nota-ble aspect of 2014. There was a significant divergence between the economy of the US and that of the EMU: unequal intensity in the respective economic recove-ries resulted in the adoption of different monetary policies, policies that became increasingly significant not only for government bond yields but also for the currency markets. Positive year for the bond market, with yields on the government bonds of almost all EMU countries, including Germany, Spain and Italy, reached new all-time lows, as did those of Switzerland, the United Kingdom and Japan. Also positive was the stock market, characterized by a very volatile year. 2014 was a rather lively year in the currency market, cha-racterized by a gradual strengthening of the US dollar compared to the majority of other currencies and with the Swiss Franc, which closed the year close to the limit of 1.20 set by the Central Bank.

The fund’s tactical policy has seen the equity sector with an underweight in the months of February and March, a neutral weight until the end of June and an overweight for the rest of 2014. Within our bond business, from the fourth quarter we favorite an underweight, with the presence of certain non-directional elements in the portfolio. The instrument used to replicate the commo-dity sector generated value given its defensive charac-teristics as well as the market timing that contributed positively. Net of all expenses, the subfund recorded a positive return.



Luxembourg 65.05Ireland 15.45United Kingdom 10.67Germany 3.15

TOTAL 94.32



TOTAL 94.32

Annual Report as of 31 December 2014 BSI-Multinvest – Strategy Balanced (EUR)



Investments in securities, cost 30 309 604.44Investments in securities, unrealized appreciation (depreciation) 3 062 961.11Total investments in securities (Note 1) 33 372 565.55Cash at banks, deposits on demand and deposit accounts 2 167 726.54Receivable on subscriptions 49 280.60Interest receivable on securities 7 128.49Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 83 881.58


Liabilities





Interest on securities 42 764.25Dividends 48 423.13Income on securities lending (Note 15) 5 499.98Other income 16 113.24


Expenses

Flat fee (Note 2) -701 749.44Taxe d’abonnement (Note 3) -7 002.28Cost on securities lending (Note 15) -1 117.01Interest on cash liquidity and bank overdraft -281.31




Realized gain (loss) on market-priced securities without options 2 370 206.78Realized gain (loss) on options 124 280.55Realized gain (loss) on financial futures -20 970.80Realized gain (loss) on forward foreign exchange contracts 5 175.94Total realized gain (loss) on investments 2 478 692.47Realized gain (loss) on foreign exchange 100 547.21




Unrealized appreciation (depreciation) on market-priced securities without options 2 509 751.30Unrealized appreciation (depreciation) on financial futures -70 400.00Unrealized appreciation (depreciation) on forward foreign exchange contracts 70 982.29






Net assets at the beginning of the financial year 54 001 648.84Subscriptions 4 327 525.77Redemptions -27 439 586.23Total net subscriptions (redemptions) -23 112 060.46Net income (loss) on investments -597 349.44Total realized gain (loss) 2 579 239.68Total changes in unrealized appreciation (depreciation) 2 510 333.59Net increase (decrease) in net assets as a result of operations 4 492 223.83



1.1.2014-31.12.2014










Bonds, fixed rate

EUR

EUR GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 980 000.00 1 114 897.00 3.15

Total EUR 1 114 897.00 3.15





Ireland

USD DELAWARE INVESTMENTS US LARGE CAP VALUE FUND-I-USD 103 800.00 1 852 882.11 5.24EUR ISHARES EURO GOVERNMENT BOND 3-5YR UCITS ETF 10 840.00 1 794 345.20 5.07EUR MELLON GLOBAL FUNDS PLC - EUROLAND BOND FUND-C 927 820.00 1 820 011.71 5.14

Total Ireland 5 467 239.02 15.45

Luxembourg

USD ABERDEEN GLOBAL - ASIA PACIFIC EQUITY FUND-I2 28 070.00 1 784 633.10 5.04JPY ABERDEEN GLOBAL SICAV-JAPANESE EQUITY FUND-I2-CAP 2 070.00 1 290 460.92 3.65EUR AGIF - ALLIANZ EUROLAND EQUITY GROWTH-IT (EUR) 1 185.00 2 159 863.95 6.11EUR BLACKROCK GLOBAL FUNDS SICAV- EURO BOND FUND-I2 CAP 135 300.00 1 798 137.00 5.08EUR BLACKROCK GLOBAL FUNDS SICAV-EURO MARKETS FUND SHS I2 CAP 60 500.00 1 389 685.00 3.93CHF DB X-TRACKERS SMI ETF-1D 4 600.00 347 802.53 0.98USD EASYETF S&P GSCI TM CAPPED COMMODITY 35/20-A CAP 57 680.00 1 713 168.22 4.84USD FRANKLIN TEMPLETON INV FD TEMPLETON ASIAN GWTH FD-I-EUR-ACC 60 650.00 1 777 322.42 5.02EUR HENDERSON HORIZON FUND SICAV - PAN EUROPEAN EQUITY FUND-I2 81 000.00 2 131 110.00 6.02EUR HSBC GLOBAL INVESTMENT FUNDS SICAV-EURO BOND-IC CAP 64 850.00 1 818 847.95 5.14EUR JULIUS BAER MULTIBOND SICAV - ABSOLUTE RETURN BOND FUND-C 7 650.00 1 035 810.00 2.93EUR SCHRODER INTERNATIONAL SELECTION FUND SICAV-EURO BOND-C CAP 84 850.00 1 818 335.50 5.14CHF UBAM SICAV - SWISS EQUITY-IC-CAPITALISATION 1 590.00 356 807.94 1.01EUR UBAM SICAV - UNCONSTRAINED BOND - IPC EUR 17 380.00 1 782 319.00 5.04EUR VONTOBEL FUND SICAV-EURO CORP MID YIELD BOND-I 12 150.00 1 809 864.00 5.12


United Kingdom

USD M&G INVESTMENT FUNDS 1 - ASIAN FUND-USD-C-ACC 96 600.00 1 950 073.83 5.51USD THREADNEEDLE INVESTMENT FUNDS-AMERICAN SELECT GROWTH-$-2 673 200.00 1 826 188.17 5.16







USD 3 566 000.00 EUR 2 862 647.51 16.1.2015 83 881.58 0.24 Total Forward Foreign Exchange contracts (Purchase/Sale) 83 881.58 0.24



Total net assets 35 381 812.21 100.00




BSI-Multinvest – Strategy Income (CHF)


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in CHF 83 482 488.68 101 811 140.75 106 507 410.59



Performance

Currency 2014 2013 2012

CLASS A CHF 4.0% -5.4% 7.0%

Historical performance is no indicator of current or future performanceThe performance data do not take account of any commissions and costs charged when subscribing and redeeming shares.The performance data were not audited.The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark.


The general climate of uncertainty that has pervaded in recent years continued in 2014. The global economy and the financial markets experienced shocks that were difficult to foresee. Aside from the numerous geo-political tensions in emerging markets, the decline in raw material prices turned out to be a particularly nota-ble aspect of 2014. There was a significant divergence between the economy of the US and that of the EMU: unequal intensity in the respective economic recove-ries resulted in the adoption of different monetary policies, policies that became increasingly significant not only for government bond yields but also for the currency markets. Positive year for the bond market, with yields on the government bonds of almost all EMU countries, including Germany, Spain and Italy, reached new all-time lows, as did those of Switzerland, the United Kingdom and Japan. Also positive was the stock market, characterized by a very volatile year. 2014 was a rather lively year in the currency market, characte-rized by a gradual strengthening of the US dollar com-pared to the majority of other currencies and with the Swiss Franc, which closed the year close to the limit of 1.20 set by the Central Bank.

The fund’s tactical policy has seen the equity sector with an underweight in the months of February and March, a neutral weight until the end of June and an overweight for the rest of 2014. Within our bond busi-ness, from the second quarter we favorite an under-weight, with the presence of certain non-directional elements in the portfolio. The instrument used to rep-licate the commodity sector generated value given its defensive characteristics as well as the market timing that contributed positively. Net of all expenses, the subfund recorded a positive return.



Luxembourg 72.46Switzerland 14.26United Kingdom 3.02Ireland 1.05

TOTAL 90.79



TOTAL 90.79


Annual Report as of 31 December 2014 BSI-Multinvest – Strategy Income (CHF)


Investments in securities, cost 72 973 271.32Investments in securities, unrealized appreciation (depreciation) 2 816 436.41Total investments in securities (Note 1) 75 789 707.73Cash at banks, deposits on demand and deposit accounts 7 722 475.82Interest receivable on securities 252 043.33

Total Assets 83764 226.88

Liabilities





Interest on liquid assets 264.36Interest on securities 243 812.02Dividends 49 530.00Income on securities lending (Note 15) 16 870.80Other income 15 408.49


Expenses

Flat fee (Note 2) -1 375 887.78Taxe d’abonnement (Note 3) -10 779.44Cost on securities lending (Note 15) -939.37Interest on cash liquidity and bank overdraft -1 481.12


Net income (loss) on investments -1 063 202.04


Realized gain (loss) on market-priced securities without options 555 224.11Realized gain (loss) on options 245 593.55Realized gain (loss) on financial futures -640.91Realized gain (loss) on forward foreign exchange contracts -314 700.00Total realized gain (loss) on investments 485 476.75Realized gain (loss) on foreign exchange 86 253.39




Unrealized appreciation (depreciation) on market-priced securities without options 3 952 526.33Unrealized appreciation (depreciation) on options -26 067.60Unrealized appreciation (depreciation) on financial futures 229 042.18Unrealized appreciation (depreciation) on forward foreign exchange contracts 2 233.29





Net assets at the beginning of the financial year 101 811 140.75Subscriptions 3 586 220.45Redemptions -25 581 134.82Total net subscriptions (redemptions) -21 994 914.37Net income (loss) on investments -1 063 202.04Total realized gain (loss) 571 730.14Total changes in unrealized appreciation (depreciation) 4 157 734.20Net increase (decrease) in net assets as a result of operations 3 666 262.30



1.1.2014-31.12.2014








Bonds, fixed rate

CHF

CHF SWITZERLAND 3.00000% 04-12.05.19 4 460 000.00 5 067 898.00 6.07CHF SWITZERLAND 4.00000% 98-11.02.23 3 250 000.00 4 241 250.00 5.08CHF SWITZERLAND 4.00000% 98-08.04.28 1 790 000.00 2 597 827.00 3.12

Total CHF 11 906 975.00 14.27





Ireland

USD DELAWARE INVESTMENTS US LARGE CAP VALUE FUND-I-USD 40 700.00 873 537.59 1.05

Total Ireland 873 537.59 1.05

Luxembourg

USD ABERDEEN GLOBAL - ASIA PACIFIC EQUITY FUND-I2 27 490.00 2 101 444.98 2.52JPY ABERDEEN GLOBAL SICAV-JAPANESE EQUITY FUND-I2-CAP 1 160.00 869 499.33 1.04EUR AGIF - ALLIANZ EUROLAND EQUITY GROWTH-IT (EUR) 385.00 843 733.96 1.01CHF CREDIT SUISSE BOND FUND (LUX) FCP-SFR-EB 41 430.00 5 077 246.50 6.08CHF DB X-TRACKERS SMI ETF-1D 31 800.00 2 890 938.00 3.46USD EASYETF S&P GSCI TM CAPPED COMMODITY 35/20-A CAP 67 800.00 2 421 258.75 2.90USD FRANKLIN TEMPLETON INV FD TEMPLETON ASIAN GWTH FD-I-EUR-ACC 59 440.00 2 094 358.24 2.51EUR HENDERSON HORIZON FUND SICAV - PAN EUROPEAN EQUITY FUND-I2 26 380.00 834 511.63 1.00CHF JULIUS BAER MULTIBOND SICAV - SWISS FRANC BOND FUND-C 28 680.00 5 918 404.80 7.09CHF JULIUS BAER MULTIBOND SICAV - ABSOLUTE RETURN BOND FUND-C 36 065.00 4 121 508.20 4.94CHF LOMBARD ODIER FDS SICAV - INVESTMENT GRADE A-BBB (CHF)-I CAP 366 070.00 5 062 199.00 6.06CHF PICTET SICAV - CHF BONDS-I 11 880.00 5 916 596.40 7.09CHF UBAM SICAV - SWISS EQUITY-IC-CAPITALISATION 10 910.00 2 943 736.20 3.53CHF UBAM SICAV - UNCONSTRAINED BOND - IPHC CHF 74 140.00 7 568 211.20 9.06CHF UBS (LUX) BOND FUND - CHF I-A1-ACC 56 530.00 5 909 080.90 7.08CHF VONTOBEL FUND SICAV-SWISS FRANC BOND-CAP-I 44 440.00 5 915 408.40 7.08


United Kingdom

USD M&G INVESTMENT FUNDS 1 - ASIAN FUND-USD-C-ACC 68 820.00 1 670 418.73 2.00USD THREADNEEDLE INVESTMENT FUNDS-AMERICAN SELECT GROWTH-$-2 260 800.00 850 639.92 1.02







Total net assets 83 482 488.68 100.00




BSI-Multinvest – Strategy Income (EUR)


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in EUR 91 809 270.22 133 262 700.47 107 666 044.63


Shares outstanding 733 667.0570 1 150 943.0650 864 608.4080Net asset value per share in EUR 125.14 115.79 124.53

Performance

Currency 2014 2013 2012

CLASS A EUR 8.1% -7.0% 10.4%

Historical performance is no indicator of current or future performance.The performance data do not take account of any commissions and costs charged when subscribing and redeeming sharesThe performance data were not audited.The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark.


The general climate of uncertainty that has pervaded in recent years continued in 2014. The global economy and the financial markets experienced shocks that were difficult to foresee. Aside from the numerous geo-political tensions in emerging markets, the decline in raw material prices turned out to be a particularly nota-ble aspect of 2014. There was a significant divergence between the economy of the US and that of the EMU: unequal intensity in the respective economic recove-ries resulted in the adoption of different monetary policies, policies that became increasingly significant not only for government bond yields but also for the currency markets. Positive year for the bond market, with yields on the government bonds of almost all EMU countries, including Germany, Spain and Italy, reached new all-time lows, as did those of Switzerland, the United Kingdom and Japan. Also positive was the stock market, characterized by a very volatile year. 2014 was a rather lively year in the currency market, characterized by a gradual strengthening of the US dollar compared to the majority of other currencies and with the Swiss Franc, which closed the year close to the limit of 1.20 set by the Central Bank.

The fund’s tactical policy has seen the equity sector with an underweight in the months of February and March, a neutral weight until the end of June and an overweight for the rest of 2014. Within our bond busi-ness, from the fourth quarter we favorite an under-weight, with the presence of certain non-directional elements in the portfolio. The instrument used to rep-licate the commodity sector generated value given its defensive characteristics as well as the market timing that contributed positively. Net of all expenses, the subfund recorded a positive return.



Luxembourg 59.23Ireland 18.54Germany 12.51United Kingdom 4.62

TOTAL 94.90



TOTAL 94.90


Annual Report as of 31 December 2014 BSI-Multinvest – Strategy Income (EUR)




Liabilities





Interest on securities 275 672.38Dividends 128 088.45Income on securities lending (Note 15) 17 547.01Other income 23 891.05


Expenses

Flat fee (Note 2) -1 598 699.80Taxe d’abonnement (Note 3) -19 708.31Cost on securities lending (Note 15) -728.23Interest on cash liquidity and bank overdraft -714.40


Net income (loss) on investments -1 174 651.85


Realized gain (loss) on market-priced securities without options 759 247.91Realized gain (loss) on options 324 347.49Realized gain (loss) on financial futures -22 450.00Realized gain (loss) on forward foreign exchange contracts -652 631.95Total realized gain (loss) on investments 408 513.45Realized gain (loss) on foreign exchange 164 956.66




Unrealized appreciation (depreciation) on market-priced securities without options 8 844 727.29Unrealized appreciation (depreciation) on financial futures 290 400.00Unrealized appreciation (depreciation) on forward foreign exchange contracts -38 570.20





Net assets at the beginning of the financial year 133 262 700.47Subscriptions 15 350 853.29Redemptions -65 299 658.89Total net subscriptions (redemptions) -49 948 805.60Net income (loss) on investments -1 174 651.85Total realized gain (loss) 573 470.11Total changes in unrealized appreciation (depreciation) 9 096 557.09Net increase (decrease) in net assets as a result of operations 8 495 375.35



1.1.2014-31.12.2014








Bonds, fixed rate

EUR

EUR GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 5 040 000.00 5 733 756.00 6.24EUR GERMANY, REPUBLIC OF 2.00000% 11-04.01.22 5 110 000.00 5 753 349.00 6.27

Total EUR 11 487 105.00 12.51





Ireland

USD DELAWARE INVESTMENTS US LARGE CAP VALUE FUND-I-USD 108 900.00 1 943 919.67 2.12EUR ISHARES EURO GOVERNMENT BOND 3-5YR UCITS ETF 51 130.00 8 463 548.90 9.22EUR MELLON GLOBAL FUNDS PLC - EUROLAND BOND FUND-C 3 371 000.00 6 612 553.60 7.20

Total Ireland 17 020 022.17 18.54

Luxembourg

USD ABERDEEN GLOBAL - ASIA PACIFIC EQUITY FUND-I2 36 900.00 2 346 026.40 2.56JPY ABERDEEN GLOBAL SICAV-JAPANESE EQUITY FUND-I2-CAP 1 590.00 991 223.61 1.08EUR AGIF - ALLIANZ EUROLAND EQUITY GROWTH-IT (EUR) 1 295.00 2 360 357.65 2.57EUR BLACKROCK GLOBAL FUNDS SICAV- EURO BOND FUND-I2 CAP 497 400.00 6 610 446.00 7.20EUR BLACKROCK GLOBAL FUNDS SICAV-EURO MARKETS FUND SHS I2 CAP 79 500.00 1 826 115.00 1.99USD EASYETF S&P GSCI TM CAPPED COMMODITY 35/20-A CAP 90 900.00 2 699 843.81 2.94USD FRANKLIN TEMPLETON INV FD TEMPLETON ASIAN GWTH FD-I-EUR-ACC 79 700.00 2 335 574.56 2.55EUR HENDERSON HORIZON FUND SICAV - PAN EUROPEAN EQUITY FUND-I2 88 300.00 2 323 173.00 2.53EUR HSBC GLOBAL INVESTMENT FUNDS SICAV-EURO BOND-IC CAP 235 800.00 6 613 482.60 7.20EUR JULIUS BAER MULTIBOND SICAV - ABSOLUTE RETURN BOND FUND-C 33 910.00 4 591 414.00 5.00EUR SCHRODER INTERNATIONAL SELECTION FUND SICAV-EURO BOND-C CAP 353 180.00 7 568 647.40 8.24EUR UBAM SICAV - UNCONSTRAINED BOND - IPC EUR 73 170.00 7 503 583.50 8.17EUR VONTOBEL FUND SICAV-EURO CORP MID YIELD BOND-I 44 350.00 6 606 376.00 7.20


United Kingdom

USD M&G INVESTMENT FUNDS 1 - ASIAN FUND-USD-C-ACC 115 300.00 2 327 572.60 2.53USD THREADNEEDLE INVESTMENT FUNDS-AMERICAN SELECT GROWTH-$-2 707 400.00 1 918 962.44 2.09







Total net assets 91 809 270.22 100.00




BSI-Multinvest – Swiss Stocks


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in CHF 34 209 322.89 40 408 830.93 35 822 882.69



CLASS M* LU0585235699

Shares outstanding 143 487.3600 6 962.0000 950.0000Net asset value per share in CHF 143.25 130.13 102.77

* See note 10

Performance

Currency 2014 2013 2012

CLASS A CHF 9.1% 25.0% 15.3%

CLASS M CHF 10.1% 26.6% 16.8%

Benchmark:

SPI - SWISS PERFORMANCE INDEX CHF - 24.6% 17.7%



The Swiss equity market gained 13% in 2014, in line with other major mature markets such as the US. The market performed well with temporary corrections in the second part of the year but always recovering quickly thanks to central banks activity and to the recovery of US economy. Large caps defensive and insurance stocks have been winners whereas banks, cyclicals and mid caps underperformed in general.

The BSI-Multinvest Swiss Stocks fund closed the year 2014 at +9.1% with an underperformance in respect to the target. This was due to the underexposure in defensive blue chips, mainly Novartis which outperfor-med strongly the index in 2014. The fund overexposure in insurance sector and in other outperforming small and medium caps (such as Actelion, Lindt, Givaudan) was not enough to compensate the overall underper-formance of the fund.



Switzerland 95.54United Kingdom 0.60Austria 0.53Germany 0.45

TOTAL 97.12


Pharmaceuticals, cosmetics & medical products 20.69Food & soft drinks 15.11Chemicals 10.75Insurance 10.19Finance & holding companies 8.63Banks & credit institutions 6.14Watches & jewellery 4.64Electrical devices & components 3.71Building industry & materials 3.25Miscellaneous services 2.71Traffic & transportation 1.94Electronics & semiconductors 1.54Telecommunications 1.53Mechanical engineering & industrial equipment 1.31Internet, software & IT services 1.23Real Estate 0.93Tobacco & alcohol 0.60Mining, coal & steel 0.47Energy & water supply 0.45Retail trade, department stores 0.44Petroleum 0.32Vehicles 0.29Miscellaneous trading companies 0.25

TOTAL 97.12

t143230

Sticky Note


t143230

Cross-Out



Investments in securities, cost 27 870 094.96Investments in securities, unrealized appreciation (depreciation) 5 353 991.89Total investments in securities (Note 1) 33 224 086.85Cash at banks, deposits on demand and deposit accounts 1 107 265.30Receivable on subscriptions 34 320.40Other receivables 820.61


Liabilities





Interest on liquid assets 38.35Dividends 771 860.46Income on securities lending (Note 15) 7 070.07


Expenses





Realized gain (loss) on market-priced securities without options 3 322 420.26Realized gain (loss) on financial futures 55 340.00Total realized gain (loss) on investments 3 377 760.26Realized gain (loss) on foreign exchange 5 768.56




Unrealized appreciation (depreciation) on market-priced securities without options -371 723.40Unrealized appreciation (depreciation) on financial futures -14 700.00



Annual Report as of 31 December 2014 BSI-Multinvest – Swiss Stocks



Net assets at the beginning of the financial year 40 408 830.93Subscriptions 28 056 306.70Redemptions -37 506 109.38Total net subscriptions (redemptions) -9 449 802.68Net income (loss) on investments 253 189.22Total realized gain (loss) 3 383 528.82Total changes in unrealized appreciation (depreciation) -386 423.40Net increase (decrease) in net assets as a result of operations 3 250 294.64



1.1.2014-31.12.2014



Class MNumber of shares outstanding at the beginning of the financial year 6 962.0000Number of shares issued 168 074.6180Number of shares redeemed -31 549.2580







Bearer shares

Austria

CHF AMS AG NPV (BR) 5 000.00 181 250.00 0.53

Total Austria 181 250.00 0.53

Germany

EUR RWE AG (NEU) NPV 5 000.00 154 203.46 0.45

Total Germany 154 203.46 0.45

Switzerland

CHF GURIT HOLDING AG CHF50(BR) 200.00 76 900.00 0.23CHF KUDELSKI SA CHF10(BR) 15 000.00 181 500.00 0.53CHF SIKA AG CHF0.60 (BR) 160.00 469 760.00 1.37CHF SWATCH GROUP CHF2.25(BR) 400.00 177 680.00 0.52CHF SWISS RE AG CHF0.10 14 000.00 1 171 100.00 3.42

Total Switzerland 2 076 940.00 6.07

United Kingdom

GBP BRIT AMER TOBACCO ORD GBP0.25 3 800.00 206 063.39 0.60

Total United Kingdom 206 063.39 0.60

Total Bearer shares 2 618 456.85 7.65

Participation certificates

Switzerland

CHF LINDT & SPRUENGLI PTG CERT CHF10 200.00 986 400.00 2.89CHF SCHINDLER-HLDG AG PTG CERT CHF0.10(POST-SUBD) 2 000.00 288 000.00 0.84


Total Participation certificates 1 274 400.00 3.73

Other shares

Switzerland

CHF ROCHE HLDGS AG GENUSSCHEINE NPV 10 500.00 2 833 950.00 8.28


Total Other shares 2 833 950.00 8.28

Registered shares

Switzerland

CHF ABB LTD CHF1.03(REGD) 60 000.00 1 268 400.00 3.71CHF ACTELION CHF0.50(REGD) 4 500.00 518 850.00 1.52CHF ADECCO SA CHF1(REGD) 9 000.00 619 650.00 1.81CHF ARYZTA AG CHF0.02 (REGD) 10 000.00 769 500.00 2.25CHF BALOISE-HLDGS CHF0.1(REGD) 1 500.00 191 700.00 0.56CHF BARRY CALLEBAUT AG CHF18.6 (REGD) 200.00 204 400.00 0.60CHF BASILEA PHARMACEUT CHF1(REGD) 2 000.00 184 300.00 0.54CHF BUCHER INDUSTRIES CHF0.20 (REGD) 400.00 99 560.00 0.29CHF BURCKHARDT COMPRES CHF2.5 300.00 114 225.00 0.33CHF CEMBRA MONEY BANK CHF1.00 (REGD) 5 000.00 275 000.00 0.80CHF CLARIANT CHF4.00(REGD) 35 000.00 585 200.00 1.71CHF CREDIT SUISSE GRP CHF0.04(REGD) 40 000.00 1 003 200.00 2.93CHF DKSH HOLDING LTD CHF0.1 1 000.00 76 000.00 0.22CHF DUFRY AG CHF5 (REGD) 1 000.00 149 000.00 0.44CHF FLUGHAFEN ZURICH A CHF50 300.00 199 950.00 0.58CHF GALENICA AG CHF0.10 (REGD) 350.00 277 200.00 0.81CHF GAM HOLDING AG CHF0.05 (REGD) 20 000.00 360 000.00 1.05CHF GEBERIT CHF0.10(REGD) 1 300.00 439 920.00 1.29CHF GEORG FISCHER AG CHF1.00 (REGD) 100.00 62 900.00 0.18CHF GIVAUDAN AG CHF10 750.00 1 344 750.00 3.93CHF HELVETIA HOLDING CHF0.10 (REGD) 500.00 237 000.00 0.69CHF HOLCIM CHF2(REGD) 7 000.00 499 450.00 1.46CHF IMPLENIA AG CHF1.90 (REGD) 3 000.00 173 250.00 0.51CHF JULIUS BAER GRUPPE CHF0.02 (REGD) 6 000.00 274 860.00 0.80CHF KABA HOLDINGS AG CHF5.20’B’(REGD) 200.00 100 500.00 0.29CHF KOMAX CHF0.10(REGD) 300.00 43 350.00 0.13



CHF KUEHNE&NAGEL INTL CHF1(REGD)(POST-SUBD) 2 000.00 270 600.00 0.79CHF KUONI REISEN HLDG CHF1 SER’B’(REGD) 200.00 60 250.00 0.18CHF LIFEWATCH AG CHF1.3(REGD) 7 000.00 86 100.00 0.25CHF LONZA GROUP AG CHF1(REGD) 3 000.00 336 600.00 0.98CHF NESTLE SA CHF0.10(REGD) 44 000.00 3 209 800.00 9.38CHF NOVARTIS AG CHF0.50(REGD) 34 000.00 3 139 900.00 9.18CHF OC OERLIKON CORP CHF1.00(REGD) 5 000.00 62 500.00 0.18CHF PANALPINA WELT AG CHF 0.1 (REGD) 1 000.00 133 500.00 0.39CHF PARTNERS GROUP HLG CHF0.01 (REGD) 1 000.00 289 500.00 0.85CHF PSP SWISS PROPERTY CHF0.10 (REGD) 2 000.00 171 600.00 0.50CHF RICHEMONT(CIE FIN) CHF1.00 (REG) SER ‘A’ 12 000.00 1 065 600.00 3.11CHF RIETER HOLDING AG CHF5 200.00 33 100.00 0.10CHF SCHMOLZ & BICKENBA CHF0.5(REGD) 150 000.00 162 000.00 0.47CHF SFS GROUP AG CHF0.1 3 000.00 237 300.00 0.69CHF SGS LTD CHF1(REGD) 150.00 306 750.00 0.90CHF SONOVA HOLDING AG 3 000.00 440 700.00 1.29CHF STRAUMANN HLDG CHF0.1(REGD) 500.00 125 375.00 0.37CHF SULZER AG CHF0.01 200.00 21 200.00 0.06CHF SWATCH GROUP CHF0.45(REGD) 4 000.00 344 000.00 1.01CHF SWISS LIFE HLDG CHF5.1(REGD) 2 700.00 638 280.00 1.87CHF SWISS PRIME SITE CHF15.3 (REGD) 2 000.00 146 000.00 0.43CHF SWISSCOM AG CHF1(REGD) 1 000.00 522 500.00 1.53CHF SYNGENTA CHF0.1(REGD) 2 700.00 864 000.00 2.53CHF TEMENOS GROUP AG CHF5(REGD)(CHF) 6 000.00 213 000.00 0.62CHF TRANSOCEAN LTD COM CHF15 6 000.00 110 160.00 0.32CHF U-BLOX HOLDING AG CHF0.90 (REGD) 1 500.00 206 100.00 0.60CHF UBS GROUP CHF0.10 (REGD) 105 000.00 1 794 450.00 5.25CHF VONTOBEL HLDGS AG CHF1(REGD) 5 000.00 187 500.00 0.55CHF ZURICH INSURANCE GRP CHF0.10 4 000.00 1 246 800.00 3.65


Total Registered shares 26 497 280.00 77.46





Total net assets 34 209 322.89 100.00





BSI-Multinvest – US Stocks


DATE ISIN 31.12.2014 31.12.2013 31.12.2012

Net assets in USD 40 163 475.70 34 577 431.67 39 970 438.32



CLASS M1 LU1066143931


1 First NAV: 19.05.2014

Performance

Currency 2014 2013 2012

CLASS A USD 9.1% 23.0% 9.1%

CLASS M1 USD - - -

Benchmark:

S&P 500 USD - 32.4% 16.0%




2014 has been another positive year for the equity markets, with widespread gains all over the world. In particular, the Chinese and Indian markets have been particularly strong. On the other side the Q2 sharp drop of the oil prices weighted on the Russian index, which suffered heavy losses. The U.S. market produced double-digit gains, sustained by quite good growth in the companies’ earnings as well as by inc-reased shares buy-backs. Net of all the expenses the fund posted a return of nine hundred and nine basis points, under- performing the reference index. The under-performance was in part driven by the negative excess returns obtained by the average U.S. Equity active manager. Furthermore the over-allocation to small & mid caps was detrimental; in particular it was a significant performance detractor during the equity sell-off in March/April. Between October and November, after the change of the fund’s portfolio manager, there have been significant amendments to the portfolio in order to reduce its tracking error compared to the target. The changes included the sale some underlyings which were under-performing and reducing the posi-tions in some “heavy-weighted” defensive funds. These changes allowed the fund to perform well in the last two and half months of the year.



Luxembourg 49.41Ireland 38.98United Kingdom 3.68

TOTAL 92.07


Investment funds 92.07

TOTAL 92.07

t143230

Cross-Out

t143230

Sticky Note




Investments in securities, cost 33 091 144.72Investments in securities, unrealized appreciation (depreciation) 3 888 388.93Total investments in securities (Note 1) 36 979 533.65Cash at banks, deposits on demand and deposit accounts 3 197 870.96Other liquid assets (Margins) 98 162.50Unrealized gain (loss) on financial futures (Note 1) 21 032.50


Liabilities

Payable on redemptions -64 228.32Other payables -17 000.00Provisions for flat fee (Note 2) -49 928.06Provisions for taxe d’abonnement (Note 3) -1 967.53Total provisions -51 895.59




Dividends 25 850.00Income on securities lending (Note 15) 626.61Other income 36 139.53


Expenses

Flat fee (Note 2) -580 920.22Taxe d’abonnement (Note 3) -10 223.21




Realized gain (loss) on market-priced securities without options 7 622 746.65Realized gain (loss) on options 48 969.20Realized gain (loss) on financial futures 146 872.50Total realized gain (loss) on investments 7 818 588.35Realized gain (loss) on foreign exchange -802.97




Unrealized appreciation (depreciation) on market-priced securities without options -3 622 224.09Unrealized appreciation (depreciation) on financial futures 32 432.50



Annual Report as of 31 December 2014 BSI-Multinvest – US Stocks



Net assets at the beginning of the financial year 34 577 431.67Subscriptions 25 000 230.90Redemptions -23 113 653.37Total net subscriptions (redemptions) 1 886 577.53Net income (loss) on investments -528 527.29Total realized gain (loss) 7 817 785.38Total changes in unrealized appreciation (depreciation) -3 589 791.59Net increase (decrease) in net assets as a result of operations 3 699 466.50



1.1.2014-31.12.2014











Ireland

USD DELAWARE INVESTMENTS US LARGE CAP VALUE FUND-I-USD 126 345.00 2 729 052.00 6.80USD HEPTAGON FUND PLC-YACKTMAN US EQUITY FUND-I 13 341.78 2 121 148.23 5.28USD ISHARES VII PLC - ISHARES CORE S&P 500 UCITS ETF (USD)-ACC 28 700.00 5 471 368.00 13.62USD SANDS CAPITAL US SELECT GROWTH FUND -H USD 189 000.00 2 742 390.00 6.83USD VULCAN VALUE EQUITY FUND-USD-ACC 18 600.00 2 591 761.20 6.45

Total Ireland 15 655 719.43 38.98

Luxembourg

USD ALGER SICAV-THE ALGER AMERICAN ASSET GROWTH FUND-I 47 900.00 2 513 313.00 6.26USD CONVENTUM SICAV-LYRICAL FUND-I CAPITALISATION 12 390.00 2 544 906.00 6.34USD DB X-TRACKERS S&P 500 UCITS ETF - 1C-CAP 131 000.00 4 596 004.00 11.44USD EDGEWOOD L SELECT - US SELECT GROWTH-USD IC 600.00 2 433 282.00 6.06USD MULTI UNITS LUX SICAV-LYXOR UCITS ETF S&P 500-SHS-D-USD 235 000.00 4 993 162.50 12.43USD NATIXIS IFL HARRIS ASS US EQ FD-I/A CAP 10 980.00 2 764 764.00 6.88


United Kingdom

USD THREADNEEDLE INVESTMENT FUNDS-AMERICAN SMALLER CO FUND-USD-2 398 400.00 1 478 382.72 3.68







Financial Futures on Indices

USD S&P500 EMINI FUTURE 20.03.15 31.00 21 032.50 0.05Total Financial Futures on Indices 21 032.50 0.05

Total Derivative instruments listed on an official stock exchange 21 032.50 0.05

Total Derivative instruments 21 032.50 0.05



Total net assets 40 163 475.70 100.00



Notes to the Financial Statements

Note 1 – Summary of significant accounting policies

The financial statements have been prepared in accordance with the generally accepted accounting principles for investment funds in Luxembourg. The significant accounting policies are summarised as follows:

a) Calculation of the net asset valueThe net asset value per share of each class is cal-culated for each subfund under the responsibility of the Board in the currency of the respective subfund (“Reference Currency” of the subfund) on every Valu-ation Day except for the cases specified in the sales prospectus under “2. Temporary suspension of the cal-culation of the net asset value per share and of the issue, repurchase and conversion of shares”. The net asset value is calculated in conformity with the valu-ation rules and guidelines laid down in the articles of association and decreed by the Board.

The net asset value of the shares of each class will be computed as follows: by dividing the net assets attrib-utable to each class of each subfund by the number of shares of such class of a subfund then outstanding. The net assets of each class of each subfund are made up of the value of the assets attributable to such class within each subfund less the total liabilities attributable to such class calculated at such time as the Board shall have set for such purpose.

b) Valuation principles – Securities and other investments listed on a stock exchange are valued at the last available closing price. If the same security or other investment is quoted on several stock exchanges, the last avail-able closing price on the stock exchange that rep-resents the major market for this security will apply.

In the case of securities and other investments where the trade on the stock market is thin but which are traded between securities dealers on a secondary market using usual market price formation methods, the Company and/or the SICAV can use the prices on this secondary market as the basis for the valuation of these securities and investments. Securities and other investments that are not listed on a stock exchange, but which are traded on another regulated market which is recognized, open to the public and operating regularly, are valued at the last available closing price on this market.

– Securities and other investments that are not listed on a stock exchange are valued at the last available price; if this is not available, the Company and/or the

SICAV values these securities according to other principles of its choosing on the basis of the likely sales prices as estimated in good faith.

– The value of money market instruments which are not listed on a stock exchange or traded on another regulated market open to the public is based on the appropriate curves. The valuation based on the curves refers to the interest rate and credit spread components. The following principles are applied in this process: for each money market instrument, the interest rates nearest the residual maturity are interpolated. The interest rate calculated in this way is converted into a market price by adding a credit spread that reflects the underlying borrower. This credit spread is adjusted if there is a significant change in the credit rating of the borrower.

– In the case of assets which are not denominated in the currency of the relevant subfund, the value shall be converted into the currency of such subfund at prevailing market rates.

– Securities and other investments that are denomi-nated in a currency other than the reference currency of the relevant subfund and which are not hedged by means of currency transactions are valued at mid closing spot rate.

– Time and sight deposits are valued at their nominal value plus any accrued interest.

– The value of swap transactions is calculated by the swap counterparty, on the basis of the net present value of all cash flows, both inflows and outflows; this is a valuation method recognized by the Company and/or the SICAV and checked by the auditors.

– The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in accor-dance with market practice as determined by the Board.

– Shares or units in underlying open-ended investment funds (UCITS and UCIs) shall be valued at their last available net asset value reduced by any applicable charges. In some particular circumstances, subject to Board prior approval, shares or units in UCITS or UCIs may also be valued on the basis of the estimated net asset value for such shares or units available prior to the time of calculation of the net asset value of the subfund in case the estimated net asset value provides a more accurate value of these shares or units.

The Board may, at its discretion, employ any other valu-ation method if it is of the opinion that such a valuation reflects more accurately the probable realization value of an asset held by the SICAV.



c) Net realized gain (loss) on sales of securitiesThe realized gains or losses on the sales of securities are calculated on the basis of the average cost of the securities sold.

d) Valuation of forward foreign exchange contractsThe unrealized gain (loss) of outstanding forward foreign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date.

e) Valuation of financial futures contractsFinancial futures contracts are valued based on the latest available price applicable on the valuation date. Realized gains and losses and the changes in unreal-ized gains and losses are recorded in the statement of operations. The realized gains and losses are calcu-lated in accordance with the FIFO method, i.e. the first contracts acquired are regarded as the first to be sold.

f) Conversion of foreign currenciesBank accounts, other net assets and the valuation of the investments in securities and money market instru-ments held denominated in currencies other than the reference currency of the different subfunds are con-verted at the mid closing spot rates on the valuation date. Income and expenses denominated in currencies other than the currency of the different subfunds are converted at the mid closing spot rates at payment date. Gain or loss on foreign exchange is included in the statement of operations.

The cost of securities denominated in currencies other than the reference currency of the different subfunds is converted at the mid closing spot rate prevailing on the day of acquisition.

g) Accounting of securities’ portfolio transactionsThe securities’ portfolio transactions are accounted for the bank business day following the transaction date.

h) Formation expensesFormation expenses are amortised during a period of five years.

i) Consolidated financial statementsThe consolidated financial statements of the SICAV are expressed in EUR. The various items of the con-solidated statement of net assets and the consolidated statement of operations as of 31 December 2014 of the SICAV are equal to the sum of the corresponding items in the financial statements of each subfund.

The following exchange rates were used for the conversion of the consolidated financial statements as of 31 December 2014:

Exchange ratesEUR 1 = CHF 1.202366EUR 1 = USD 1.210050

j) Receivable on securities sales,Payable on securities purchasesThe account “Receivable on securities sales” can also include receivables from foreign currency transactions. The account “Payable on securities purchases” can also include payables from foreign currency transac-tions.

k) Income recognitionDividends, net of withholding taxes, are recognized as income on the date upon which the relevant securi-ties are first listed as “ex-dividend”. Interest income is accrued on a daily basis.

Note 2 – Charges and expenses

Flat feeThe SICAV pays for the various subfunds a flat fee calculated on the average net asset value of the subfund and paid at the end of each month within a period of five banking days in Luxembourg, as shown in the table below:

BSI-Multinvest Flat fee Flat fee max. class “A” max. class “M”

– Absoluta Daily* 1.05% p.a. 0.80% p.a.

– Alternative UCITS 1.55% p.a. 1.00% p.a.

– Asian Stocks 2.00% p.a. 1.00% p.a.

– Bonds CHF 1.20% p.a. 0.80% p.a.

– Bonds EUR 1.20% p.a. 0.80% p.a.

– Bonds USD 1.20% p.a. 0.80% p.a.

– Cash CHF 1.00% p.a. 0.40% p.a.

– Cash EUR 1.00% p.a. 0.40% p.a.

– Cash USD 1.00% p.a. 0.40% p.a.

– Emerging Markets Bonds 1.50% p.a. -

– Global Credit Bond 1.50% p.a. 0.80% p.a.

– Global Dynamic Bonds 1.20% p.a. 0.80% p.a.

– Global Themes** 2.00% p.a. -

– Short Term Bonds CHF 1.00% p.a. 0.80% p.a.

– Short Term Bonds EUR 1.00% p.a. 0.80% p.a.

– Short Term Bonds USD 1.00% p.a. 0.80% p.a.

– Strategy Balanced (CHF) 2.00% p.a. -

– Strategy Balanced (EUR) 2.00% p.a. -

– Strategy Income (CHF) 2.00% p.a. -

– Strategy Income (EUR) 2.00% p.a. -

– Swiss Stocks 2.00% p.a. 1.00% p.a.

– US Stocks 2.00% p.a. 1.00% p.a.




BSI-Multinvest Flat fee Flat fee eff. class “A” eff. class “A” 31.12.2013 31.12.2014

– Absoluta Daily* 1.00% p.a. -



– Bonds CHF 0.90% p.a. 0.95% p.a.

– Bonds EUR 0.90% p.a. 0.95% p.a.

– Bonds USD 0.90% p.a. 0.95% p.a.

– Cash CHF 0.20% p.a. 0.25% p.a.

– Cash EUR 0.35% p.a. 0.40% p.a.

– Cash USD 0.35% p.a. 0.40% p.a.

– Emerging Markets Bonds 1.40% p.a. 1.45% p.a.



– Global Themes** - -




– Strategy Balanced (CHF) 1.60% p.a. 1.65% p.a.

– Strategy Balanced (EUR) 1.60% p.a. 1.65% p.a.

– Strategy Income (CHF) 1.50% p.a. 1.55% p.a.

– Strategy Income (EUR) 1.50% p.a. 1.55% p.a.


– US Stocks 1.60% p.a. 1.65% p.a.

BSI-Multinvest Flat fee Flat fee eff. class “M” *** eff. class “M” *** 31.12.2013 31.12.2014

– Absoluta Daily* 0.40% p.a. -



– Bonds CHF 0.54% p.a. 0.60% p.a.

– Bonds EUR 0.54% p.a. 0.60% p.a.

– Bonds USD 0.54% p.a. 0.60% p.a.

– Cash CHF 0.15% p.a. 0.20% p.a.

– Cash EUR 0.20% p.a. 0.25% p.a.

– Cash USD 0.20% p.a. 0.25% p.a.







– US Stocks 0.96% p.a. 1.00% p.a.

* was liquidated during 2014 effective 30 September 2014.** was liquidated during 2014 effective 23 May 2014.*** formerly class I or class L.

During the reporting period there have been additional changed in the effective rate of the Flat fee.

This flat fee is used to pay the Company for its services (e.g. administrative services, investment management services, marketing/distribution services) and the Cus-todian Bank. It also covers all the costs incurred by the SICAV and the subfunds or classes of shares relating to:

– the establishment expenses including notary fees; – costs of registration and annual charges by super-visory authorities and by stock exchanges in Luxembourg and abroad;

– audit fees; – cost of printing of Articles of Associations, Prospectuses, the annual and semi annual reports and related translations;

– fees related to price publication and the publication of notices to investors;

with the exception of the following: – all taxes which are levied on the assets and the income of the SICAV, particularly the “taxe d’abonnement”;

– customary brokerage fees and commissions which are charged by other banks and brokers for securi-ties transactions and similar transactions;

– costs for extraordinary measures carried out in the interests of shareholders, particularly arranging expert opinions and dealing with legal proceedings, etc.

In the subfunds that may invest in other UCIs or UCITS under the terms of their investment poli-cies, charges may be incurred both at the level of the relevant investment fund as well as at the level of the subfund. In the case of investments in units of funds managed directly or indirectly by the SICAV itself or another company related to it by common management or control, or by a direct or indirect holding of more than 10% of the capital or the voting shares, the subfund may only be charged with a reduced flat fee of no more than 0.25% p.a. The SICAV may, moreover, not charge the subfund making the investment with any of the related target fund’s issuing or redemption commissions.

If, in accordance with the above paragraph, the SICAV invests in a related fund that charges a lower flat fee than the flat fee charged by the subfund making the investment the SICAV may, instead of the afore-mentioned lower flat fee, charge the volume invested in this target fund with the difference between the flat fee charged by the subfund making the investment on the one hand and the flat fee of the target fund on the other hand.



Performance feeIn addition to the aforementioned costs, the SICAV will pay a performance fee which is applicable to the subfund listed below: The performance fee will be calculated on basis of the subfund’s NAV of which all fees have been deducted (hereafter cleared NAV).

BSI-Multinvest – Alternative UCITS The performance fee of 10% is calculated on each “NAV calculation date of the BSI-Multinvest – Alternative UCITS” on the basis of the “cleared NAV” and accrued, chargeable to the net asset value of the subfund, according to the rates and conditions as set out below. After termination of each month, any performance fee will be paid out. The performance fee is subject to a “High Water Mark”. In order to trigger entitlement to the performance fee, the bi-monthly cleared NAV per Share must be above the High Water Mark (as defined hereinafter).

High Water Mark: the performance fee is only pay-able if the net asset value per share of the subfund (before the deduction of the performance fee) on the date when the performance fee is calculated exceeds the net asset values per share from all previous NAV calculation dates. It is understood that after price setbacks, the performance fee is charged again once the setbacks have been offset, i.e. the original highest level of the net asset value per share class has again been exceeded.

BSI-Multinvest – Absoluta Daily (liquidated as per 30 September 2014)The performance fee of 20% is calculated on each Valuation Day and accrued, chargeable to the net asset value of the subfund, according to the rates and conditions as set out below. After termination of each month, any performance fee is paid out.

The performance fee is subject to a “High Water Mark” and to a “Hurdle Rate”. In order to trigger entitlement to the performance fee, the daily net asset value per Share must be above both, the High Water Mark as well as the Hurdle Rate (as defined hereinafter).

High Water Mark: the performance fee is only payable if the net asset value per share of the subfund share (before the deduction of the performance fee) on the date when the performance fee is calculated exceeds the net asset values per share from all previous days. It is understood that after price setbacks, the perfor-mance fee is charged again once the setbacks have been offset, i.e. the original highest level of the net asset value per share class has again been exceeded.

Hurdle rate: the performance fee will only be payable if the net asset value of the subfund share (before the deduction of the performance fee) on the date when the performance fee is calculated exceeds the minimum return which is defined as follows:

USD 3-months LIBOR for the Class A and for the Class M USD (hedged)EUR 3-months LIBOR for the Class A and for the Class M EURCHF 3-months LIBOR for the Class A CHF (hedged)

The rate is adjusted on a daily basis to the current market conditions.

BSI-Multinvest – Global Credit BondThe performance fee of 10% will be calculated on each Valuation Day and accrued, chargeable to the net asset value of the subfund, according to the rates and conditions as mentioned in the prospectus. After termi-nation of each month, any performance fee will be paid out. The performance fee is subject neither to a “High Water Mark” nor to a “Hurdle Rate”.

Note 3 – Taxe d’abonnement

In accordance with the law and the regulations currently in force, the SICAV is subject to a subscription tax at the following annual rates, payable quarterly and calculated on the basis of the net assets of each subfund at the end of each quarter:

BSI-Multinvest Class “A”

– Absoluta Daily* 0.05% p.a.

– Alternative UCITS 0.05% p.a.

– Asian Stocks 0.05% p.a.

– Bonds CHF 0.05% p.a.

– Bonds EUR 0.05% p.a.

– Bonds USD 0.05% p.a.

– Cash CHF 0.01% p.a.

– Cash EUR 0.01% p.a.

– Cash USD 0.01% p.a.

– Emerging Markets Bonds 0.05% p.a.

– Global Credit Bond 0.05% p.a.

– Global Dynamic Bonds 0.05% p.a.

– Global Themes** 0.05% p.a.

– Short Term Bonds CHF 0.05% p.a.

– Short Term Bonds EUR 0.05% p.a.

– Short Term Bonds USD 0.05% p.a.

– Strategy Balanced (CHF) 0.05% p.a.

– Strategy Balanced (EUR) 0.05% p.a.

– Strategy Income (CHF) 0.05% p.a.



BSI-Multinvest Class “A”

– Strategy Income (EUR) 0.05% p.a.

– Swiss Stocks 0.05% p.a.

– US Stocks 0.05% p.a.

BSI-Multinvest Class “M”

– Absoluta Daily* 0.01% p.a.

– Alternative UCITS 0.01% p.a.

– Asian Stocks 0.01% p.a.

– Asian Stocks (CHF hedged) 0.01% p.a.

– Asian Stocks (EUR hedged) 0.01% p.a.

– Bonds CHF 0.01% p.a.

– Bonds EUR 0.01% p.a.

– Bonds USD 0.01% p.a.

– Cash CHF 0.01% p.a.

– Cash EUR 0.01% p.a.

– Cash USD 0.01% p.a.

– Global Credit Bond (CHF hedged) 0.01% p.a.

– Global Credit Bond EUR 0.01% p.a.

– Global Credit Bond (USD hedged) 0.01% p.a.

– Global Dynamic Bonds (CHF hedged) 0.01% p.a.

– Global Dynamic Bonds EUR 0.01% p.a.

– Global Dynamic Bonds (USD hedged) 0.01% p.a.

– Short Term Bonds CHF 0.01% p.a.

– Short Term Bonds EUR 0.01% p.a.

– Short Term Bonds USD 0.01% p.a.

– Swiss Stocks 0.01% p.a.

– US Stocks 0.01% p.a.


The Taxe d’abonnement is waived for that part of the SICAV assets invested in units or shares of other under-takings for collective investment that have already paid the Taxe d’abonnement in accordance with the statu-tory provisions of Luxembourg law.

Under current law and practice, no capital gains tax is payable in Luxembourg on the realized or unrealized capital appreciation of the assets of the SICAV.

Capital gains, dividends and interest on securities issued in other countries may be subject to withholding or capital gains taxes imposed by such countries.

Note 4 – Income distribution

The distribution of dividends to the shareholders is not the principle objective of the SICAV’s earnings distribution policy.

The income and capital gains generated by each subfund or class(es) of shares are capitalized in the subfund or class(es) of shares concerned. However, should the pay-ment of a dividend be deemed appropriate in connection with any subfund or class(es) of shares, the Directors may propose to the general meeting of shareholders the pay-ment of a dividend from the distributable net investment income and/or from the realized and/or unrealized capi-tal gains after deduction of the realized and/or unrealized capital losses within the limits of the law.

Any dividend announcements will be published in the “d’Wort” and, if so decided by the Board, in other news-papers.

Any dividends remaining unclaimed after five years shall be forfeited and revert to the subfund or class(es) of shares out of which they should have been paid.

Note 5 – Soft commission arrangements (unaudited)

During the period from 1 January 2014 until 31 December 2014, no “soft commission arrange-ments” were entered into on behalf of BSI-Multinvest and “soft commissions” amount to nil.

Note 6 – Commitments on Financial Futures and Options

Commitments on Financial Futures and Options per subfund and respective currency as of 31 December 2014 can be summarised as follows:

Financial Futures

BSI-Multinvest Financial Futures Financial Futures on bonds (bought) on bonds (sold)

– Bonds USD - USD 722 812.50 USD

– Cash CHF - CHF 3 909 702.23 CHF

– Global Credit Bond - EUR 18 816 675.74 EUR

– Global Dynamic Bonds - EUR 33 507 230.57 EUR

– Short Term Bonds USD - USD 79 679 185.87 USD

BSI-Multinvest Financial Futures Financial Futures on Indices (bought) on Indices (sold)

– Asian Stocks 22 686 081.33 USD - USD

– US Stocks 3 181 220.00 USD - USD



Options

BSI-Multinvest Options on Options on currencies (bought) currencies (sold)

– Global Dynamic Bonds 11.26 EUR 2.94 EUR

The broker for Financial Futures is BSI AG, Via Magatti 2, CH-6901 Lugano.

Note 7 – Total Expense Ratio (TER)

This ratio was calculated in accordance with the Swiss Funds & Asset Management Association (SFAMA) “Guidelines on the calculation and disclosure of the TER and PTR” in the current version and expresses the sum of all costs and commissions charged on an ongo-ing basis to the net assets (operating expenses) taken retrospectively as a percentage of the net assets.

TER for the last 12 months:

BSI-Multinvest Total Expense thereof proportional Ratio (TER) performance fee

– Alternative UCITS A 3.26% 0.20%

– Alternative UCITS M 2.87% 0.18%

– Asian Stocks A 1.75% 0.00%

– Asian Stocks A (CHF hedged) 1.76% 0.00%

– Asian Stocks A (EUR hedged) 1.75% 0.00%

– Asian Stocks M 0.97% 0.00%

– Asian Stocks M (CHF hedged) 1.00% 0.00%

– Asian Stocks M (EUR hedged) 1.00% 0.00%

– Bonds CHF A 0.95% 0.00%

– Bonds CHF M 0.57% 0.00%

– Bonds EUR A 0.93% 0.00%

– Bonds EUR M 0.57% 0.00%

– Bonds USD A 0.95% 0.00%

– Bonds USD M 0.56% 0.00%

– Cash CHF A 0.22% 0.00%

– Cash CHF M 0.19% 0.00%

– Cash EUR A 0.37% 0.00%

– Cash EUR M 0.23% 0.00%

– Cash USD A 0.37% 0.00%

– Cash USD M 0.23% 0.00%

– Emerging Markets Bonds A 1.46% 0.00%

– Emerging Markets Bonds A (EUR hedged) 1.46% 0.00%

– Global Credit Bond A 2.21% 1.16%

– Global Credit Bond A (CHF hedged) 2.20% 1.15%

– Global Credit Bond A (USD hedged) 2.20% 1.15%

– Global Credit Bond M 1.32% 0.70%

– Global Credit Bond M (CHF hedged) 1.33% 0.71%

– Global Credit Bond M (USD hedged) 1.34% 0.72%

– Global Dynamic Bonds A 1.14% 0.00%

– Global Dynamic Bonds A (CHF hedged) 1.14% 0.00%

BSI-Multinvest Total Expense thereof proportional Ratio (TER) performance fee

– Global Dynamic Bonds A (USD hedged) 1.14% 0.00%

– Global Dynamic Bonds M 0.67% 0.00%

– Global Dynamic Bonds M (CHF hedged) 0.67% 0.00%

– Global Dynamic Bonds M (USD hedged) 0.68% 0.00%

– Short Term Bonds CHF A 0.91% 0.00%

– Short Term Bonds CHF M 0.54% 0.00%

– Short Term Bonds EUR A 0.95% 0.00%

– Short Term Bonds EUR M 0.57% 0.00%

– Short Term Bonds USD A 0.95% 0.00%

– Short Term Bonds USD M 0.57% 0.00%

– Strategy Balanced (CHF) A 2.30% 0.00%

– Strategy Balanced (EUR) A 2.40% 0.00%

– Strategy Balanced (EUR) A (USD hedged) 2.40% 0.00%

– Strategy Income (CHF) A 2.05% 0.00%

– Strategy Income (EUR) A 2.13% 0.00%

– Swiss Stocks A 1.65% 0.00%

– Swiss Stocks M 0.96% 0.00%

– US Stocks A 2.26% 0.00%

– US Stocks M 1.64% 0.00%

TER for classes of shares which were active less than a 12 month period are annualised.

Transaction costs and any other costs incurred in connection with currency hedging are not included in the TER.

Note 8 – Portfolio Turnover Rate (PTR)

This ratio was calculated in accordance with the Swiss Funds & Asset Management Association (SFAMA) “Guidelines on the calculation and disclosure of the TER and PTR” in the current version. The PTR is considered as an indicator of the relevance of the additional costs incurred when buying and selling investments. It shows how many security transactions occurred as a result of voluntary investment shifts in relation to the average net assets. Transactions that resulted from uncontrollable subscriptions and redemptions are not included in this rate.

BSI-Multinvest Portfolio Turnover Rate (PTR)

– Alternative UCITS -229.01%

– Asian Stocks 104.23%

– Bonds CHF -157.44%

– Bonds EUR -109.03%

– Bonds USD -96.67%

– Cash CHF -23.35%

– Cash EUR 64.65%

– Cash USD 16.25%

– Emerging Markets Bonds 129.84%



BSI-Multinvest Portfolio Turnover Rate (PTR)

– Global Credit Bond -70.50%

– Global Dynamic Bonds -6.97%

– Short Term Bonds CHF -122.15%

– Short Term Bonds EUR -62.63%

– Short Term Bonds USD -20.02%

– Strategy Balanced (CHF) 158.98%

– Strategy Balanced (EUR) 207.90%

– Strategy Income (CHF) 137.57%

– Strategy Income (EUR) 149.91%

– Swiss Stocks -87.68%

– US Stocks 69.71%

Note 9 – Transaction costs

Transaction costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the fiscal year. Transaction fees are included in the cost of securities purchased and the realized gain (loss).

For the year ended on 31 December 2014, the Company incurred transaction costs relating to purchase or sale of investments in securities and similar transactions as follows:

BSI-Multinvest Transaction costs

– Absoluta Daily* 2 367.66 EUR

– Alternative UCITS - EUR

– Asian Stocks 2 460 904.15 USD

– Bonds CHF 342.35 CHF

– Bonds EUR 145.00 EUR

– Bonds USD 787.72 USD

– Cash CHF 3 020.20 CHF

– Cash EUR 1 760.06 EUR

– Cash USD 699.10 USD

– Emerging Markets Bonds 2 014.71 USD

– Global Credit Bond 6 911.95 EUR

– Global Dynamic Bonds 16 443.19 EUR

– Global Themes** 5 944.82 USD

– Short Term Bonds CHF 666.14 CHF

– Short Term Bonds EUR 157.50 EUR

– Short Term Bonds USD 24 278.98 USD

– Strategy Balanced (CHF) 5 032.97 CHF

– Strategy Balanced (EUR) 10 223.05 EUR

– Strategy Income (CHF) 11 011.02 CHF

– Strategy Income (EUR) 20 838.70 EUR

– Swiss Stocks 33 162.70 CHF

– US Stocks 8 543.35 USD


Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and other derivative contracts, transaction costs will be included in the purchase and sale price of the invest-ment. Whilst not separately identifiable these transac-tion costs will be captured within the performance of each subfund.

Note 10 – Name change

As per 23 April 2014, the Board resolved to change the name and the characteristics of the current Class I and Class L shares. These two classes of shares were renamed Class M shares and are dedicated to institutional investors as defined from time to time by the competent Supervisory Authority in Luxembourg.

Note 11 – Increase of Flat fee

The Board resolved on 23 April 2014 to increase the rate of the maximum flat fee with immediate effect as follows:

BSI-Multinvest – Absoluta Daily - Class A from 1.00% p.a. to 1.05% p.a.

BSI-Multinvest – Absoluta Daily - Class A (CHF hedged) from 1.00% p.a. to 1.05% p.a.

BSI-Multinvest – Absoluta Daily - Class A (USD hedged) from 1.00% p.a. to 1.05% p.a.

BSI-Multinvest – Absoluta Daily - Class M (USD hedged) from 0.40% p.a. to 0.80% p.a.

BSI-Multinvest – Alternative UCITS - Class A from 1.50% p.a. to 1.55% p.a.

BSI-Multinvest – Global Credit Bonds - Class A from 1.00% p.a. to 1.50% p.a.

BSI-Multinvest – Global Credit Bonds - Class A (CHF hedged) from 1.00% p.a. to 1.50% p.a.

BSI-Multinvest – Global Credit Bonds - Class A (USD hedged) from 1.00% p.a. to 1.50% p.a.



Note 12 – Liquidations

The Board decided to liquidate the subfund BSI-Multinvest – Global Themes with effective date on 23 May 2014 and the subfund - Absoluta Daily with effective date on 30 September 2014.

Note 13 – Equalisation

Positions marked with an asterisk in the Statement of Investments in Securities and other Net Assets are equalisation positions. In the context of alternative investment funds, any open ended fund that pays incentive or performance fees, the term “Equalisation” refers to an accounting methodology, designed to ensure that not only the investment manager is paid the correct incentive, performance or profit sharing fee, but also that the incentive fees are fairly allocated bet-ween each investor in the SICAV.

Note 14 – Applicable law, place of performance and authoritative language

The Luxembourg District Court is the place of perfor-mance for all legal disputes between the shareholders, the SICAV and the Custodian Bank. Luxembourg law applies. However, in matters concerning the claims of investors from other countries, the SICAV and/or the Custodian Bank can elect to make themselves and the SICAV subject to the jurisdiction of the countries in which the SICAV shares were bought and sold.

The English version of these financial statements is the authoritative version and only this version was audited by the auditors. However, in the case of shares sold to investors from the other countries in which SICAV shares can be bought and sold, the SICAV and the Custodian Bank may recognize approved transla-tions (i.e. approved by the SICAV and the Custodian Bank) into the languages concerned as binding upon themselves and the SICAV.




Note 15 – OTC Derivatives and Securities Lending

If the SICAV enters into OTC transactions, it may be exposed to risks related to the creditworthiness of the OTC counterparties: when the SICAV enters into futures contracts, options and swap transactions or uses other derivative techniques it is subject to the risk that an OTC counterparty may not meet (or can not meet) its obligations under a specific or multiple contracts. Counterparty risk can be reduced by depositing a security. If the SICAV is owed a security pursuant to an applicable agreement, such security shall be held in custody by the Custodian bank/Custodian in favour of the SICAV. Bankruptcy and insolvency events or other credit events with the OTC counterparty, the Custodian Bank or within their subcustodian/correspon-dent bank network may result in the rights or recognition of the SICAV in connection with the security to be delayed, restricted or even eliminated, which would force the SICAV to fulfil its obligations in the framework of the OTC transaction, in spite of any security that had previously been made available to cover any such obligation.

The SICAV may lend portions of its securities portfolio to third parties. In general, lendings may only be effected via recognized clearing houses such as Clearstream International or Euroclear, or through the intermediary of prime financial institutions that specialise in such activities and in the modus specified by them. Securities lending income and costs are shown separately in the Statement of Operations. Collateral is received in relation to securities lent. Collateral is composed of high quality securities in an amount typically at least equal to the market value of the securities loaned.

OTC-Derivatives*

SubfundCounterparty Market value Collateral

BSI-Multinvest – Asian Stocks

BSI AG -791 610.72 USD - USD

BSI-Multinvest – Cash CHF

BSI AG -27 565.11 CHF - CHF

BSI-Multinvest – Cash EUR

BSI AG -100 220.32 EUR - EUR

BSI-Multinvest – Emerging Markets Bonds

BSI AG -254 742.53 EUR - EUR

BSI Multinvest – Global Credit Bond

BSI AG -1 039 369.97 EUR - EUR

UBS AG -39 646.33 EUR - EUR

BSI-Multinvest – Global Dynamic Bonds

BSI AG 102 059.80 EUR - EUR

BSI-Multinvest – Strategy Balanced (EUR)

BSI AG 83 881.58 EUR - EUR

* Derivatives traded on an official exchange are not included in this table as they are guaranteed by a clearing house. In the event of a counterparty default the clearing house assumes the risk of loss.



Securities Lending

Counterparty Exposure fromSecurities Lending as of

31 December 2014

Collateral Breakdown(Weight in %)

as of 31 December 2014

BSI-Multinvest Market value ofsecurities lent Collateral (UBS AG) Equity Bonds Cash

– Asian Stocks 11 664 993.78 USD 12 260 630.24 USD 48.95 51.05 0.00

– Bonds CHF 1 819 396.00 CHF 1 912 297.77 CHF 48.95 51.05 0.00

– Bonds EUR 50 270 548.96 EUR 52 837 457.49 EUR 48.95 51.05 0.00

– Bonds USD 9 501 082.50 USD 9 986 225.59 USD 48.95 51.05 0.00

– Cash CHF 1 156 769.00 CHF 1 215 835.80 CHF 48.95 51.05 0.00

– Cash EUR 17 902 198.00 EUR 18 816 317.81 EUR 48.95 51.05 0.00

– Cash USD 4 511 750.00 USD 4 742 128.42 USD 48.95 51.05 0.00

– Global Credit Bond 25 534 249.92 EUR 26 838 076.62 EUR 48.95 51.05 0.00

– Global Dynamic Bonds 46 315 414.97 EUR 48 680 366.94 EUR 48.95 51.05 0.00

– Short Term Bonds CHF 3 162 771.00 CHF 3 324 268.02 CHF 48.95 51.05 0.00

– Short Term Bonds EUR 114 612 246.47 EUR 120 464 562.77 EUR 48.95 51.05 0.00

– Short Term Bonds USD 92 426 558.94 USD 97 146 032.42 USD 48.95 51.05 0.00

– Strategy Balanced (CHF) 2 582 764.00 CHF 2 714 644.77 CHF 48.95 51.05 0.00

– Strategy Balanced (EUR) 1 116 514.00 EUR 1 173 525.30 EUR 48.95 51.05 0.00

– Strategy Income (CHF) 11 800 354.70 CHF 12 402 902.95 CHF 48.95 51.05 0.00

– Strategy Income (EUR) 11 496 187.50 EUR 12 083 204.40 EUR 48.95 51.05 0.00

– Swiss Stocks 4 228 208.31 CHF 4 444 108.56 CHF 48.95 51.05 0.00

– US Stocks 15 441.84 USD 16 230.33 USD 48.95 51.05 0.00

135

Global Exposure (unaudited)

Risk managementThe method used to calculate Global Exposure is the commitment approach for all the subfunds.

BSI-Multinvest Global risk calculation method

– Alternative UCITS Commitment approach– Asian Stocks Commitment approach– Bonds CHF Commitment approach– Bonds EUR Commitment approach– Bonds USD Commitment approach– Cash CHF Commitment approach– Cash EUR Commitment approach– Cash USD Commitment approach– Emerging Markets Bonds Commitment approach– Global Credit Bond Commitment approach– Global Dynamic Bonds Commitment approach– Short Term Bonds CHF Commitment approach– Short Term Bonds EUR Commitment approach– Short Term Bonds USD Commitment approach– Strategy Balanced (CHF) Commitment approach– Strategy Balanced (EUR) Commitment approach– Strategy Income (CHF) Commitment approach– Strategy Income (EUR) Commitment approach– Swiss Stocks Commitment approach– US Stocks Commitment approach


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