CIG FUNDS. R.C.S. Lux B Audited Annual Report as at 30 September 2013

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1 CIG FUNDS R.C.S. Lux B Audited Annual Report as at 30 September 2013 Société d Investissement à Capital Variable and qualifies as a collective investment undertaking under Part I of the Luxembourg law of 17 December 2010

2 Contents Organisational structure 3 Report of the Board of Directors 4 Techniques of efficient portfolio management 4 Risk Management 4 Report of the investment managers 5-6 Statement of Net Assets 7 Bank overdrafts 8 Call money 8 Statement of changes in Net Assets 9 Changes in the number of shares outstanding 9 Statistical information 9 Statement of operations 10 Statement of Investments Statement of forward transactions 14 Notes to the Annual Report Report of the Réviseur d Entreprises agréé 18 Tax-related information

3 Organisational structure of CIG FUNDS Company CIG Funds SICAV R.C.S. Lux B avenue Charles de Gaulle, L Luxembourg Directors of the Company Chairman of the Board of Directors Anja Richter Members Peter Ferry Peter Tommerup Management Company and Promotor Universal-Investment-Luxembourg S.A. R.C.S. Lux B , rue Gabriel Lippmann, Munsbach, L Luxembourg Custodian Bank, Registrar and Transfer Agent, Domiciliary and Corporate Agent Brown Brothers Harriman (Luxembourg) S.C.A. 2-8 avenue Charles des Gaulle, L Luxembourg Distributor Catalytic Investment Group Pte. Ltd. 11 Collyer Quay 11-01, Singapore Paying Agent Luxembourg Brown Brothers Harriman (Luxembourg) S.C.A. 2-8 avenue Charles des Gaulle, L Luxembourg Austria Erste Bank der österreichischen Sparkassen AG, Graben 21, A Wien Germany Hauck & Aufhäuser Privatbankiers KGaA Kaiserstraße 24, D Frankfurt am Main Investment Manager Catalytic Investment Group Pte. Ltd. 11 Collyer Quay 11-01, Singapore Auditor KPMG Luxembourg S.à r.l. Cabinet de révision agréé 9, allée Scheffer, L Luxembourg 3

4 Report of the Board of Directors as at 30 September 2013 Dear all, We hereby present to you the Annual Report of CIG FUNDS, together with its sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI. CIG FUNDS is organised in Luxembourg as a société d investissement à capital variable ( SICAV ) and qualifies as a collective investment undertaking under Part I of the Luxembourg law of 17 December The Company qualifies as an undertaking for collective investment in transferable securities under article 1(2) of the Directive 2009/65/EC and may therefore be offered for sale in any EU Member State, subject to registration. The Company was established on 28 March 2013 for an indefinite duration. The sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI has been launched as of 14 May As at 30 September 2013, the net assets and the performance of the share price of the Fund during the reporting period was as follows: Sub-fund ISIN Net Assets of the Fund in currency Performance of the Share Price in % CIG FUNDS - CIG Asian Tortoise Fund UI AK IA (EUR) LU ,904, CIG FUNDS - CIG Asian Tortoise Fund UI AK IA (USD) LU ,552, Techniques of efficient portfolio management The minimum, maximum and average exposure subdivided by applied techniques for the reporting period is shown in below mentioned table for OTC-derivatives. The exposure-figures for the minimum and maximum exposure of the sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI are shown in relation to the net assets of the sub-fund of the respective day and result from the minimum or maximum exposure for the reporting period. The average exposure results from the average of the daily exposure of the sub-fund in relation to the net assets of the sub-fund on the respective day. Description Minimum Exposure in % Maximum Exposure in % Average Exposure in % OTC-derivatives Risk Management 1 When determining the market risk potential for the use of derivatives the management company uses the value-at-risk calculation as its risk management procedure for the CIG FUNDS - CIG Asian Tortoise Fund UI in agreement with Article 16) of the articles of incorporation in accordance with CSSF circulars (11/512). The relative value-at-risk method of calculation is used for the fund. CIG FUNDS - CIG Asian Tortoise Fund UI During the period from 14 May 2013 until 30 September 2013 the relative VaR has been used for monitoring and measuring the global risk associated with derivatives. The reference portfolio is 100% MSCI AC Pacific (EUR). The MSCI AC Pacific (EUR) index represents equities in the Asian markets. The VaR is calculated with the historical simulation and the following figures: 99 % confidence level 1 day holding periode 1 year observation periode The following VaR ratios have been calculated: minimum: 0.68% maximum: 2.47% average: 1.68% The average net leverage was 1.56%. 1 The figures relating to the risk management are not subject of the audit and are therefore not included in the auditor s opinion of KPMG Luxembourg S.à r.l. 4

5 Report of the investment managers as at 30 September 2013 Dear Investors and Prospects, since inception of the CIG FUNDS SICAV and its first sub fund, the CIG Asian Tortoise Fund UI, the dominant factor influencing global equity markets has been expectations regarding the timing of US Quantitative Easing (QE) tapering and its consequences. QE tapering fears resulted in a broad based Asian sell-off from early May highs, both in stocks and currencies. The Association of Southeast Asian Nations markets, REITs and defensives have underperformed due to heavy investor concentration and somewhat challenging valuations in general and macroeconomic worries in Indonesia, Thailand and Malaysia in particular. As governments are trying to address factors such as current account deficits and foreign currency denominated debt, markets have started to improve in tandem with stabilizing regional bond markets and currencies, having overreacted to Bernanke's comments of tapering QE. Fig.1: Indonesia, Thailand, Malaysia market performance - left: USD, right: EUR Source: Bloomberg Since inception of the fund, ASEAN markets such as Indonesian, Thailand and Malaysian, indices are down 23%, 15% and 4% in USD terms and 27%, 19% and 9% respectively in EUR terms. Return contribution from foreign exchange effects are the dominant factor, with the Indonesian Rupiah (IDR) losing 16%, the Malayan Ringgit (MYR) 6% and the Thai Baht (THB) 5% against the US Dollar and 21%, 11% and 10% against the EUR. On a sector basis, Asian REITs on aggregate are down 11% over the period under review. Yield as a driver of performance has been a dominant market theme for over two years now. In many sectors, yield was driving stock returns irrespective of earnings revisions. With higher interest rates imminent, yield alone will be challenged. After the net foreign outflows of US$16bn since the May peak, money has started to return to the region over the last month and two, with the majority of the buying focusing on Korea and Taiwan. Selective ASEAN currencies will remain under pressure as the market waits for evidence of cyclical and structural adjustments to reduce external imbalances and to slow down credit growth. North Asian economies are more geared to US growth and hence are less vulnerable to tapering concerns. These countries have better fiscal and domestic credit conditions and are benefiting from international inflows as investors reduce a large underweight position that they have been running for 2 years now. Fund Assets: While we have gradually increased our weighting in North Asia over time to position for a more sanguine global economic recovery, we have also added selective Singapore names with global exposure that are trading on attractive valuations. As to the question of whether yield is over, we think we have transitioned to a more balanced period whereby stock selection based on growth of yield as well as absolute dividend yields will drive performance. In short, our view is that the market has seen a major structural shift in leadership in the last few months. Since its first NAV, the fund is down 8.89% in USD terms and 12.65% in EUR terms. Relative to peers and a comparative universe, the most notable difference was our lower weighting in Japan and Australia. Our average 8% and 5% weightings compare with a 63% weighting in Japan and 23% in Australia for the MSCI Pacific Index (MXPC). For reference, the MSCI Asia Pacific ex-japan High Dividend Yield Index (MXAPJDY) has 33% in China and 25% in Australia. 5

6 Fig.2: CIGATUU (USD) performance and return volatility Source: Bloomberg In the period under review, for the USD share class, 66 up days compare with 55 down days. Return volatilities as measured by annualized daily standard deviation of returns stands at 7.9%. Fig.3: CIGATUE (EUR) performance and return volatility Source: Bloomberg In the period under review, for the EUR share class, 58 up days compare with 63 down days. Return volatilities as measured by annualized daily standard deviation of returns stands at 10.4%. Our benchmark agnostic portfolio is derived from bottom-up research, maximizing and optimizing the benefits of dividend yield, dividend growth and dividend sustainability over the long term. The portfolio shows a 4.6% 12m forward dividend yield and trades on 11.3x 12m forward earnings, 1.8x current book value for 24% ROE and 14% 1y forward EPS growth. Dividends are expected to grow by 10% over the next twelve months. When judged against a comparative universe, our fund s (USD share class) beta currently stands at 0.57 (MXPC). Taking the aforementioned Asian dividend yield index (MXAPJDY), the beta stands at Outlook: We remain constructive as to the outlook for Asia in general and our strategy in particular. Current overall Asian equity valuations are attractive on a P/E of 12x forward 12m earnings, 1.6x P/B and 2.9% dividend yield. This corresponds to MSCI World valuations of 14x P/E, 2.0x P/B and 2.5% dividend yield, an exceptionally cheap discount. Our focus remains on the company specific level. Our bottom up research supports the view that North Asian economies are more geared to US growth and hence are less vulnerable to tapering concerns. These countries have better fiscal and domestic credit conditions and are benefiting from international inflows as investors reduce a large underweight position that they have been running for 2 years now. While our running yield has dropped somewhat, we believe that we will be compensated by the higher growth component of our dividends. 6

7 CIG FUNDS As the fund CIG FUNDS is consisting of just one sub-fund, the CIG FUNDS - CIG Asian Tortoise Fund UI, the statement of the net assets, the statement of changes in the net assets and the statement of operations of the CIG FUNDS - CIG Asian Tortoise Fund UI is simultaneously the consolidated above named schedule of the Fund CIG FUNDS. Net Assets Assets EUR in % Investments at market value 9,932, (Portfolio at cost) (9,887,410.83) Call money 2 4,483, Dividends receivable 24, Incorporation expenses 18, Total Assets 14,457, Liabilities Unrealised result on forward transactions -18, Bank overdraft 2-4,378, Management Company fee payable -2, Custodian Bank fee payable -5, Global Custody fees payable Investment Management fee payable -8, Subscription tax ( taxe d abonnement ) payable Registrar and Transfer Agent fee payable -1, Audit fee payable -11, Other liabilities -24, Total Liabilities -4,450, Total Net Assets as at 30 September ,006, Part of the amounts on the current accounts are transferred to call money accounts in relation with the sweep-out/sweep-in program of Brown Brothers Harriman (Luxembourg) S.C.A. 7

8 Bank overdrafts 3 Currency Amount in Currency Amount in EUR Current account Brown Brothers Harriman S.C.A. (Custodian) AUD -4, , Current account Brown Brothers Harriman S.C.A. (Custodian) EUR -4,467, ,467, Current account Brown Brothers Harriman S.C.A. (Custodian) HKD -2,178, , Current account Brown Brothers Harriman S.C.A. (Custodian) JPY 25,195, , Current account Brown Brothers Harriman S.C.A. (Custodian) KRW 72,499, , Current account Brown Brothers Harriman S.C.A. (Custodian) MYR 49, , Current account Brown Brothers Harriman S.C.A. (Custodian) SGD -260, , Current account Brown Brothers Harriman S.C.A. (Custodian) THB 737, , Current account Brown Brothers Harriman S.C.A. (Custodian) TWD Current account Brown Brothers Harriman S.C.A. (Custodian) USD 250, , Total Bank overdraft as at 30 September ,378, Call money 3 Bank Currency Amount in currency Amount in EUR Period of validity Brown Brothers Harriman Trust Co Ltd., Cayman AUD 11, , Call money HSBC Bank plc, London HKD 2,962, , Call money Brown Brothers Harriman Trust Co Ltd., Cayman JPY Call money Brown Brothers Harriman Trust Co Ltd., Cayman NZD 7, , Call money HSBC Bank plc, London SGD 293, , Call money Brown Brothers Harriman Trust Co Ltd., Cayman USD 5,434, ,014, Call money Total Call money as at 30 September ,483, Part of the amounts on the current accounts are transferred to call money accounts in relation with the sweep-out/sweep-in program of Brown Brothers Harriman (Luxembourg) S.C.A. 8

9 Statement of changes in Net Assets for the period from 14 May 2013 to 30 September 2013 EUR Net assets of the Fund at the beginning of the reporting period 0.00 Proceeds from shares issued 11,357, Proceeds from shares redeemed -85, Income equalisation -6, Result of operations for the period -1,258, Net Assets at the end of the period 10,006, Changes in the number of shares outstanding for the period from 14 May 2013 to 30 September 2013 Share class EUR Quantity Number of shares at the beginning of the period Number of shares issued 68, Number of shares redeemed Number of shares outstanding at the end of the period 67, Share class USD Quantity Number of shares at the beginning of the period Number of shares issued 61, Number of shares redeemed Number of shares outstanding at the end of the period 60, Statistical information Share Class EUR 30 September 2013 Total Net Assets (EUR) 5,904, Number of shares outstanding 67, Net asset value per share in EUR Share Class USD 30 September 2013 Total Net Assets (USD) 5,552, Number of shares outstanding 60, Net asset value per share in USD

10 Statement of operations 4 for the period from 14 May 2013 to 30 September 2013 EUR Income Interest on cash accounts 2, Dividends 147, Total income 149, Expenses Interest on bank overdraft -10, Management Company fee -9, Custodian Bank fee -9, Global Custody fee -6, Investment Management fee -39, Registrar and Transfer Agent fee -6, Subscription tax ( taxe d abonnement ) Audit fee -10, Publication fee -1, Withholding tax -3, Other expenses -37, Expense equalisation Total expenses -136, Ordinary net income 13, Realised profit/loss on - Disposals of securities -1,439, Future transactions -58, Foreign exchange transactions 21, Total realised profit/loss -1,477, Net change in unrealised profit/loss on - Securities transactions ,82 - Forward exchange transactions -18, Foreign exchange transactions 178, Total net change in unrealised profit/loss 205, Result of operations for the period -1,258, The balances recorded in the statement of operations comprise the income equalisation amount. 10

11 Statement of Investments as at 30 September 2013 Holdings Security denomination Ccy Market price Market value % Exchange Cost price Cost value of rate in ccy in EUR NAV Consumer Discretionary 12, Accordia Golf Co. Ltd. Registered Shares o.n. JPY 1, , , , , BEC World PCL Reg. Shares (Local) BA 1 THB , , , Berjaya Sports Toto Berhad Registered Shares MR 1 MYR , , ,148, Bonjour Holdings Ltd. Registered Shares HD -,01 HKD , , , Grand Korea Leisure Co. Ltd. Registered Shares SW 500 KRW 34, , , , , , Media Prima Berhad Registered Shares MR 1 MYR , , , MGM China Holdings Ltd. Registered Shares HD 1 HKD , , , NagaCorp. Ltd. Registered Shares HD -,0125 HKD , , , Sands China Ltd. Registered Shs.Reg.S DL-,01 HKD , , , Shenzhou Intl Group Hldgs Ltd. Reg. Shs REG S HD -,10 HKD , , , SJM Holdings Ltd. Registered Shares HD 1 HKD , , , Sky Network Television Ltd. Registered Shares o.n. NZD , , , Skycity Entertainment Grp Ltd. Registered Shares o.n. NZD , , , Toyota Motor Corp. Registered Shares o.n. JPY 6, , , , , Xinyi Glass Holdings Ltd. Registered Shares HD -,10 HKD , , Consumer Staples 314, Shenguan Holdings Group Ltd Reg. Shares Reg.S HD-,01 HKD , ,

12 Statement of Investments as at 30 September 2013 Holdings Security denomination Ccy Market price Market value % Exchange Cost price Cost value of rate in ccy in EUR NAV Energy 134, CNOOC Ltd. Reg.Subdivided Shares HD -,02 HKD , , , Semirara Mining Corp. Registered Shares PP 1 PHP , , , Woodside Petroleum Ltd. Registered Shares o.n. AUD , , , WorleyParsons Ltd. Registered Shares o.n. AUD , , Financials 371, Cambridge Industrial Trust Registered Units o.n. SGD , , , Cheung Kong (Holdings) Ltd. Registered Shares HD -,50 HKD , , , China Construction Bank Corp. Registered Shares H YC 1 HKD , , , Country Garden Holdings Co.Ltd Registered Shares o.n. HKD , , , Far East Hospitality Trust Reg. Stapled Units o.n. SGD , , ,846, Filinvest Land Inc. Registered Shares PP 1 PHP , , , Frasers Centrepoint Trust Registered Units o.n. SGD , , , Industr. & Commerc.Bk of China Registered Shares H YC 1 HKD , , , Keppel REIT Registered Units o.n. SGD , , Mapletree Commercial Trust Registered Shares RegS o.n. SGD , , , National Australia Bank Ltd. Registered Shares o.n. AUD , , , Sumitomo Mitsui Financ. Group Registered Shares o.n. JPY 4, , , , , Suncorp Group Ltd. Registered Shares o.n. AUD , ,

13 Statement of Investments as at 30 September 2013 Holdings Security denomination Ccy Market price Market value % Exchange Cost price Cost value of rate in ccy in EUR NAV Health Care 3, Fukuda Denshi Co. Ltd. Registered Shares o.n. JPY 4, , , , , Sunny Optical Tech.Grp Co.Ltd. Registered Shares HD -,10 HKD , , Industrials 34, ITOCHU Corp. Registered Shares o.n. JPY 1, , , , , Jardine Matheson Holdings Ltd. Registered Shares DL -,25 USD , , , Keppel Corp. Ltd. Registered Subd. Shares SD-,25 SGD , , , Singapore Airlines Ltd. Registered Shares o.n. SGD , , , Singapore Techn.Engineer. Ltd. Registered Shares SD -,10 SGD , , Information Technology 112, Chicony Electronics Co. Ltd. Registered Shares TA 10 TWD , , , Delta Electronics Inc. Registered Shares TA 10 TWD , , , MediaTek Inc. Registered Shares TA 10 TWD , , Samsung Electronics Co. Ltd. Reg Pref. Shares SW 5000 KRW 876, , , , , , Shin Corporation PCL (INTOUCH) Reg. Shs (NVDRs) BA 1 THB , , , Silverlake Axis Ltd. Registered Shares DL -,02 SGD , , , Venture Corp. Ltd. Registered Shares SD -,25 SGD , , Materials 22, Amcor Ltd. Registered Shares o.n. AUD , ,

14 Statement of Investments as at 30 September 2013 Holdings Security denomination Ccy Market price Market value % Exchange Cost price Cost value of rate in ccy in EUR NAV Telecommunication Services 449, Citic Telecom Intl Hldgs Ltd. Registered Shares o.n. HKD , , , SK Telecom Co. Ltd. Registered Shares SW 500 KRW 218, , , , , Utilities 282, Perusahaan Gas Negara Registered Shares RP 100 IDR 5, , , , , Shares at market value 9,932, Shares at cost value 9,887, TOTAL INVESTMENTS AT MARKET VALUE 9,932, TOTAL INVESTMENTS AT COST VALUE 9,887, Statement of forward transactions as at 30 September 2013 Ccy Amount Ccy Amount Comittment Maturity Unrealised profit / loss in EUR in EUR Sale JPY -159,368, Purchase USD 1,600, ,165, /12/13-18, Total unrealised profit / loss -18, The forward transactions have been settled with Brown Brothers Harriman (Luxemburg) S.C.A.. 14

15 Notes to the annual report 1 General The company was constituted in Luxembourg on 28 March 2013 and is registered at the Register of Commerce and Companies of Luxembourg under number B The Articles of Incorporation have been published in the Mémorial, Recueil Spécial des Sociétés et Associations (the Mémorial ) on 12 April The company has adopted the status of an investment company with variable capital and qualifies as a collective investment undertaking under Part I of the Luxembourg Law of 17 December Significant accounting principles 2.1 Computation of the net asset value The Net Asset Value per sub-fund, Net Asset Value per share, Net Asset Value per class, the redemption price of shares and the issue price of shares shall be determined on each valuation date, at least twice a month. The valuation dates for each sub-fund are indicated in the relevant Appendix of the prospectus. The Net Asset Value of each sub-fund and the Net Asset Value of the relevant class shall be expressed in the currency of each sub-fund as described in the relevant Appendix. Whilst the reporting currency of the company is the Euro, the Net Asset Value is made available in the currency of each sub-fund as described in the relevant Appendix. The Net Asset Value shall be determined on each valuation date separately for each share of each sub-fund and for each class dividing the total Net Asset Value of the relevant sub-fund and of the relevant class by the number of outstanding shares of such sub-fund and of the relevant class. The Net Asset Value shall be determined by subtracting the total liabilities of the sub-fund or class from the total assets of such sub-fund or class in accordance with the principles laid down in the company s Articles of Incorporation and in such further valuation regulations as may be adopted from time to time by the board of directors. The reporting currency of the company is the Euro. The share value is calculated every full banking day which is simultaneously a stock exchange day in Luxembourg and Frankfurt am Main, by dividing the amount of the net assets of the fund by the number of shares in circulation on the valuation date. 2.2 Valuation of investment securities (1) The value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such provision as the company may consider appropriate in such case to reflect the true value thereof. (2) The value of all securities which are listed on an official stock exchange is determined on the basis of the last available prices. If there is more than one stock exchange on which the securities are listed, the Board of Directors may in its discretion select the stock exchange which shall be the principal stock exchange for such purposes. (3) Securities traded on a regulated market are valued in the same manner as listed securities. (4) Securities which are not listed on an official stock exchange or traded on a regulated market shall be valued by the company in accordance with valuation principles decided by the Board of Directors, at a price no lower than the bid price and no higher than the ask price on the relevant valuation date. (5) Derivatives and repurchase agreements which are not listed on an official stock exchange or traded on a regulated market shall be valued by the company in accordance with valuation principles decided by the directors on the basis of their markedto-market price. (6) Term deposits shall be valued at their present value. (7) Traded options and futures contracts to which the company is a party which are traded on a stock, financial futures or other exchange shall be valued by reference to the profit or loss which would arise on closing out the relevant contract at or immediately before the close of the relevant market. All securities or other assets for which the valuation in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of their fair realisation value, will be valued at their fair realisation value, as determined in good faith and prudently pursuant to the procedures established by the Board of Directors. Amounts determined in accordance with such valuation principles shall be translated into the currency of the sub-fund s accounts at the respective exchange rates, using the relevant rates quoted by a bank or another first class financial institution Net realised gain/loss on disposals of securities The realised gains or losses on disposals of securities are determined on basis of the average acquisition cost. 15

16 2.4 Foreign exchange conversion As of 30 September 2013, positions denominated in foreign currencies were valuated at the following exchange rates: AUD HKD JPY KRW 1, MYR NZD SGD THB TWD USD Transactions on investments in securities Transactions on investments in securities are booked on a trade date basis Incorporation expenses Incorporation expenses are amortised on a straight-line basis over a period of five years Allocation of accrued expenses Accrued expenses which can be allocated directly to a sub-fund are charged to this sub-fund. Accrued expenses which cannot be allocated directly are divided among the sub-funds in proportion of their net assets. 3 Management Company Fee The Management Company receives for the sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI remuneration in the amount of up to 0.30% p.a., minimum EUR 45,000.00, reduced to a pro rata EUR 35, for the first 6 months after launch date, out of the net asset value of the share class. The amount of this remuneration is calculated on each valuation date, and paid to the Management Company, on a monthly basis. 4 Investment Management Fee The investment manager receives for the sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI remuneration in the amount of up to 1% p.a., of the net asset value of the share class. The amount of this remuneration is calculated on each valuation date, and paid to the investment manager, on a monthly basis. 5 Custodian Bank, Paying Agent Fee, Domiciliary and Corporate Agent Services Fee, Registrar and Transfer Agency Fee The company of the above named function receives remuneration in the amount of up to 0.20% p.a., min. up to EUR 50, p.a., of the net asset value of the sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI, monthly on a pro rata basis. Transaction-related costs are charged separately to each individual sub-fund. 6 Performance Fee The investment manager will, in addition to the above-mentioned fixed annual remuneration, receive a Performance Fee. The Performance Fee amount is a result of the comparison and positive excess return between the Net Asset Value (NAV) per share and the standard of comparison ( SoC ). CIG FUNDS - CIG Asian Tortoise Fund UI For the Euro share classes the SoC is the performance period related pro-rata EURIBOR 3M TR +2% (capped at a combined 5%) at the end of a performance period (quarterly). For the USD share classes the SoC is the performance period related pro-rata LIBOR 3M TR +2% (capped at a combined 5%) at the end of a performance period (quarterly). The investment manager will only receive a Performance Fee if the NAV per share exceeds the aforementioned SoC. If the outperformance of the SoC is less than 10%, the Performance Fee amount is 7.5% of the difference. If the outperformance of the SoC is higher than 10%, the performance fee amount is 10% of the difference. The performance-related compensation also entails a High-Water-Mark (HWM). 16

17 The Performance Fee will be payable quarterly in arrears in respect of each performance period, ending on 31 March, 30 June, 30 September and 31 December in each year. The Performance Fee is calculated and, if positive accrued daily and is based on the daily fund value as determined by the Management Company. The Performance Fee becomes due in the event the Net Asset Value per share at the end of the performance period exceeds the benchmark and the High Water Mark. 7 Subscription Tax ( taxe d abonnement ) The sub-funds are subject to tax ( taxe d abonnement ) in the Grand Duchy of Luxembourg at the rate of 0.01% p.a. This taxe d abonnement is payable on a quarterly basis, in each case on the amount of the net assets of the sub-funds as reported at the end of the quarter in question. The income realised by the fund is not subject to taxation in Luxembourg. 8 Transaction costs For the sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI transaction costs occurred during the corresponding period amount to EUR 124, Portfolio Turnover Rate/PTR For reporting period from 14 May 2013 until 30 September 2013: % The PTR was calculated using the following formula: Turnover = [Total 1 Total 2 ]* 100 M Total 1 = Total purchases + Total sales of securities Total 2 = Total subscription + Total redemption M = Average Assets (monthly) 10 Total Expense Ratio/TER For reporting period from 14 May 2013 until 30 September 2013: CIG FUNDS CIG Asian Tortoise Fund UI AI (EUR) CIG FUNDS CIG Asian Tortoise Fund UI AI (USD) 1.21 % 1.22 % 11 Changes in the composition of the securities portfolio Details of purchases and sales of investments are available, free of charge, from the registered office of the fund. 17

18 Report of the Réviseur d Entreprises agréé To the shareholders of CIG FUNDS: Following our appointment by the Board of Directors of the SICAV of 18 April 2013, we have audited the accompanying financial statements of CIG FUNDS, SICAV and each of its sub-funds, which comprise the statement of net assets and the statement of investments as at 30 September 2013 and the statement of operations and the statement of changes in net assets for the period from 14 May 2013 to 30 September 2013, and a summary of significant accounting policies and other explanatory information. Board of Directors of the SICAV responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of CIG FUNDS, SICAV and each of its sub-funds as of 30 September 2013, and of the results of their operations and changes in their net assets for the period from 14 May 2013 to 30 September 2013 in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 28 January 2014 KPMG Luxembourg S.à r.l. Cabinet de révision agréé Jan Klopp 18

19 Tax-related information for investors in CIG Funds - CIG Asian Tortoise Fund UI in the Federal Republic of Germany Dear Shareholders, Following the end of the 2013 financial year, we provide you with tax-related information as at 30 September 2013 in respect of each investment unit on the following pages. CIG Funds - CIG Asian Tortoise Fund UI IA (EUR) Bekanntmachung der Angaben gemäß 5 Abs. 1 Nr. 3 Investmentsteuergesetz für das Geschäftsjahr vom 14. Mai 2013 bis zum 30. September 2013 Privatanleger Kapitalgesellschaft Sonst. Betriebsvermögen ISIN: LU Betrag per Anteil in EUR 5 Abs. 1 Nr. 3 InvStG 1a) Betrag der Ausschüttung 0, , , a) aa) In der Ausschüttung enthaltene ausschüttungsgleiche Erträge der Vorjahre 0, , , a) bb) In der Ausschüttung enthaltene Substanzbeträge 0, , , Teilthesaurierungsbetrag/ausschüttungsgleicher Ertrag*** 0, , , b) Betrag der ausgeschütteten Erträge 0, , , c) In den ausgeschütteten / ausschüttungsgleichen Erträgen enthaltene: 1c) aa) 1c) bb) Erträge i.s.d. 2 Abs. 2 S. 1 dieses Gesetzes i.v.m. 3 Nr. 40 des EStG oder im Fall des 16 dieses Gesetzes i.v.m. 8b Abs. 1 des KStG Veräußerungsgewinne i.s.d. 2 Abs. 2 S. 2 InvStG, die dem Teileinkünfteverfahren i.s.d. 3 Nr. 40 EStG bzw. der Steuerbefreiung i.s.d. 8b Abs. 2 KStG unterliegen , , , c) cc) Erträge im Sinne des 2 Abs. 2a InvStG (Zinsschranke) --- 0, , c) dd) Im Privatvermögen steuerfreie Alt-Veräußerungsgewinne aus Wertpapieren, Bezugsrechten und Termingeschäften 0,

20 i.s.d. 2 Abs. 3 Nr. 1 S. 1 InvStG in der am anzuwendenden Fassung 1c) ee) 1c) ff) 1c) gg) Steuerfreie Alt-Veräußerungsgewinne aus Bezugsrechten auf Freianteile an Kapitalgesellschaften i.s.d. 2 Abs. 3 Nr. 1 S. 2 InvStG in der am anzuwendenden Fassung Steuerfreie Gewinne aus dem An- und Verkauf inländischer und ausländischer Grundstücke außerhalb der 10-Jahresfrist i.s.d. 2 Abs. 3 InvStG Einkünfte i.s.d. 4 Abs. 1 InvStG, die aufgrund eines Doppelbesteuerungsabkommen steuerfrei sind (insbesondere ausländische Mieterträge und Gewinne aus An- und Verkauf ausländischer Grundstücke) 0, , , , , c) hh) in gg) enthaltene Einkünfte, die nicht dem Progressionsvorbehalt unterliegen 0, , c) ii) 1c) jj) Ausländische Einkünfte, auf die tatsächlich ausländische Quellensteuer einbehalten wurde / als einbehalten gilt ( 4 Abs. 2 InvStG), sofern die ausländische Quellensteuer nicht als Werbungskosten abgezogen wurde in 1 c) ii) enthaltene Einkünfte, auf die 2 Abs. 2 dieses Gesetzes i.v.m. 8b Abs. 2 des KStG oder 3 Nr. 40 des EStG oder im Fall des 16 dieses Gesetzes i.v.m. 8b Abs. 1 des KStG anzuwenden ist 0, , , , c) jj) alt in 1 c) ii) enthaltene Einkünfte i.s.d. 18 Abs. 22 S. 4 i.v.m. 8b Abs. 1 KStG --- 0, c) kk) in ii) enthaltene ausländische Einkünfte, auf die ausländische Quellensteuer als einbehalten gilt (fiktive Quellensteuer) 0, , , c) ll) in 1 c) kk) enthaltene Einkünfte, auf die 2 Abs. 2 dieses Gesetzes i.v.m. 8b Abs. 2 des KStG oder 3 Nr. 40 des EStG oder im Fall des 16 dieses Gesetzes i.v.m. 8b Abs. 1 des KStG anzuwenden ist , c) ll) alt in 1 c) kk) enthaltene Einkünfte i.s.d. 18 Abs. 22 S. 4 i.v.m. 8b Abs.1 KStG --- 0, c) mm) Erträge i.s.d. 18 Abs. 22 S. 4 i.v.m. 8b Abs. 1 KStG --- 0, c) nn)**** in 1 c) ii) enthaltene Einkünfte i.s.d. 21 Abs. 22 S. 4 InvStG -E- AIFMStAnpG i.v.m. 8b Abs. 1 KStG --- 0, c) oo)**** in 1 c) kk) enthaltene Einkünfte i.s.d. 21 Abs. 22 S. 4 InvStG -E- AIFMStAnpG i.v.m. 8b Abs. 1 KStG --- 0, d) Teil der Ausschüttung, der zur Anrechnung von Kapitalertragsteuer berechtigt 0, , , d) aa) Zinsen, sonstige Erträge, ausländische Dividenden, ausländische Erträge aus REIT, ausländische Mieten, steuerpflichtige Veräußerungsgewinne aus Immobilien < 10 Jahre sowie Neu-Veräußerungsgewinne i.s.d. 7 Abs. 1 und 2 InvStG davon in 1 d) aa) enthaltene Zinsen, sonstige Erträge, steuerpflichte Mieten und steuerpflichtige Veräußerungsgewinne aus Immobilien < 10 Jahre 0, , , , , , davon in 1 d) aa) enthaltene Erträge aus Wertpapierleihegeschäften i.s.d. 15 Abs. 1 S. 7 InvStG --- 0,

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