1) Ten largest collateral issuers across all SFTs and total ...

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency KINGDOM OF THE NETHERLANDS 17.980.501,52 EUR FRENCH REPUBLIC 5.608.406,99 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)

name counterparty Country of counterparty

Market value on a settled basis

currency

equity (Goldman Sachs)

Barclays Capital Securities Ltd. London

UK 20.048.277,81 EUR


Credit Suisse Securities (Europe) Ltd

UK 377.969,45 EUR

Aggregate transaction data for each type of SFTs and total return swaps separately to be broken down according to the below categories: 1) Type and quality of collateral; equity

(Goldman Sachs)

equity (KBC Bank)

bonds (Société Générale)

type bonds Nil Nil quality – Bloomberg composite rating: see table below 2) Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity: see table below;

3) Currency of the collateral: see table below 4) Maturity tenor of the SFTs and total return swaps broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions;

open maturity

Nil Nil

5) Country in which the counterparties are established: see table above

6) Settlement and clearing (e.g., tri-party, Central Counterparty, bilateral).

tri-party Nil Nil

collateral quality Currency Maturity tenor OAT FRANCE 2008 2,10% 25/07/23 AA+ EUR above one year OAT FRANCE 2005 3 3/4% 25/04/21 AA+ EUR above one year NETHERLANDS GOVERN 0.0 15JAN24 144A NR EUR above one year FRANCE TREASURY BILL BT 0.0 09MAY18 NR EUR three months to one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil

2) Cash collateral reinvestment returns to the collective investment undertaking. (EUR)

Nil

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: 1) Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians. number Name collateral custodian Market value on a settled basis currency 1 Bank of New York 23.588.908,51 EUR Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: 1) The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts.

Nil

681

Data on return and cost for each type of SFTs and total return swaps: 1) Data on return and cost for each type of SFTs and total return swaps broken down between the collective investment undertaking, the manager of the collective investment undertaking and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of SFTs and total return swaps. Lending program: equity (Goldman Sachs)

collective investment undertaking

manager of the collective investment undertaking

agent lender

return (EUR) 47.355,55 12.312,44 4.262,00 percentage of overall returns 100,00% 26,00% 9,00% cost (EUR) 16.574,44 percentage of overall returns 35,00 % Lending program: equity (KBC Bank)



agent lender

return (EUR) 30,93 10,83 0,00 percentage of overall returns

100,00% 35,00% 0,00%

cost (EUR) 10,83 percentage of overall returns

35,00 %

682

2.1.7 POLICY PERSUED DURING THE FINANCIAL YEAR

The allocation towards the different sectors (Finance and Real Estate) was in line with the KBC AM Equity strategy. Looking back at 2017, we had a good year. Equities performed well and Financials were no exception. Globally, financial shares performed roughly in line with the broad market. Uncertainties surrounding Brexit created some volatility in Europe but it didn't really weigh on the performance of European financial institutions. The performance of banks was aligned to the financial sector. Outside the US, banks are still finding it hard to grow total revenue in the low interest rate climate. However, the global economic recovery is providing - albeit very low - profit margins and more robust capital positions. Italy has also contributed to the positive outlook. Although much still needs to be done, the situation has improved considerably. Tax reform in the US also boosted the sector. Diversified financial services was a mixed bag of good and bad in 2017. Results were mixed during the first couple of months and even disappointing due to low interest rates and low volatility, but tax reform in the US later boosted the sector and financial services in particular. This picture also applies to insurers. 2017 was an exceptional year in operational terms as insurers were inundated by damage claims as a result of tropical hurricanes in the US. Overall though insurers had a good year. Their capital positions are more than adequate and this supports the sector's dividend yield. However, weaker performance over the past few weeks means that it was the worst performer within financial stocks. In line with the defined strategy, the fund invests in a selection of core satellite themes as set out by the KBCAM Strategy team. The choice of themes can change monthly depending on the preferences of the strategy team. Currently no themes require a currency hedge. The stocks are categorised by theme and given a benchmark weight.

2.1.8 FUTURE POLICY

The allocation towards the different sectors (Finance and Real Estate) will be aligned with the KBC AM Equity strategy. 2018 is going to be an important year for the financial sector. The European Central Bank has decided to halve its bond-purchasing programme to 30 billion euros in 2018 which should push up interest rates eventually. In the US, the Federal Reserve already increased interest rates three times in 2017 and three more rates rises are expected in 2018. This is positive for the sector as banks will be able to benefit from a steeper yield curve. Viewed globally, we retain our preference for US banks. As regards Diversified Financials a few dangers lurk around the corner. Passive investments and new legislation are the two main challenges for the sector. In that context, we think large institutions will be better equipped to deal with them. Stronger regulatory requirements and higher interest rates can also have a positive impact on brokerage firms. Insurers will also be able to benefit from rising interest rates. The question is how much this has already been factored into current share prices. This year in the portfolio we aim to provide a healthy mix of shares with interesting valuations and surprising growth potential.

2.1.9 SYNTHETIC RISK AND REWARD INDICATOR

Classic Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return. Leveraged finance The total amount of leveraged finance used by the sub-fund is 8,062,928.13 EUR. This amount was calculated by multiplying the leverage ratio calculated using the commitment method by the sub-fund's total assets under management.

690

2.2 BALANCE SHEET

Balance sheet layout 31/12/2017

(in the currency of the sub-fundt)

31/12/2016 (in the currency of the sub-fund )

TOTAL NET ASSETS 1.683.998.021,67 1.170.972.747,82

II. Securities, money market instruments, UCIs and derivatives

A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 7.205.953,63 5.634.297,45 C. Shares and similar instruments a) Shares 1.691.182.476,52 1.174.483.211,45 Of which securities lent 762.420,00 4.853.786,70 D. Other securities 113,60 25,17

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 6.460,69 402,50 B. Payables a) Accounts payable (-) -217.259,92 -1.591.845,26 c) Borrowings (-) -9.913.042,82 -3.289.221,36 d) Collateral (-) -7.205.953,63 -5.634.297,45

V. Deposits and cash at bank and in hand A. Demand balances at banks 3.107.165,02 923.811,26

VI. Accruals and deferrals B. Accrued income 1.086.378,03 1.582.224,84 C. Accrued expense (-) -1.254.269,45 -1.135.860,78

TOTAL SHAREHOLDERS' EQUITY 1.683.998.021,67 1.170.972.747,82

A. Capital 1.546.258.145,34 1.119.373.269,78

B. Income equalization 3.989.149,19 12.657.277,76

D. Result of the bookyear 133.750.727,08 38.942.200,28

Off-balance-sheet headings

I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 7.205.953,63 5.634.297,45

IX Financial instruments lent 762.420,00 4.853.786,70

691

2.3 PROFIT AND LOSS ACCOUNT

Income Statement 31/12/2017

(in the currency of the sub-fund)

31/12/2016 (in the currency of the sub-fund)

I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 201.296.887,09 27.738.573,76 D. Other securities -24,67 21.154,82 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -82.423.534,12 1.998.508,13

Det.section I gains and losses on investments Realised gains on investments 147.108.100,99 32.943.599,95 Unrealised gains on investments 67.503.029,29 82.420.046,85 Realised losses on investments -47.806.389,51 -108.346.870,61 Unrealised losses on investments -47.931.412,41 22.741.460,52

II. Investment income and expenses A. Dividends 40.562.402,54 18.142.594,68 B. Interests a) Securities and money market instruments 247.165,75 337.474,38 b) Cash at bank and in hand and deposits 123.185,04 4.741,04 C. Interest on borrowings (-) -41.122,33 -23.196,95 F. Other investment income 2.515,81 4.240,62

III. Other income A. Income received to cover the acquisition and

realizaion of assets, to discourage withdrawals and for delivery charges

2.306.059,24 3.102.531,21

B. Other 4.011,62

IV. Operating expenses A. Investment transaction and delivery costs (-) -3.403.583,40 -1.727.605,07 B. Financial expenses (-) -1.674,29 -6.751,81 C. Custodian's fee (-) -723.851,13 -470.547,07 D. Manager's fee (-) a) Financial management Classic Shares -280.119,49 -302.626,56 Institutional B Shares -21.850.093,54 -8.699.702,94 b) Administration and accounting management -1.475.349,45 -600.156,00 E. Administrative expenses (-) -999,55 0,44 F. Formation and organisation expenses (-) -5.796,26 -8.210,40 G. Remuneration, social security charges and

pension -78,13 -59,30

H. Services and sundry goods (-) -36.997,85 -24.801,49 J. Taxes Classic Shares -14.982,06 -15.425,35 Institutional B Shares -171.478,08 -115.079,99 K. Other expenses (-) -361.815,66 -413.455,87

Income and expenditure for the period Subtotal II + III + IV 14.877.398,84 9.183.963,57

V. Profit (loss) on ordinary activities before tax 133.750.727,14 38.942.200,28

VII. Result of the bookyear 133.750.727,14 38.942.200,28

692

Appropriation Account 31/12/2017

(in the currency of the sub-fundm)


I. Profit to be appropriated 137.739.876,33 51.599.478,04 Profit for the period available for appropriation 133.750.727,14 38.942.200,28 Income on the creation of shares (income on the

cancellation of shares) 3.989.149,19 12.657.277,76

II. (Appropriations to) Deductions from capital -137.642.366,88 -51.514.597,44

IV. (Dividends to be paid out) -97.509,45 -84.880,60

693

2.4 COMPOSITION OF THE ASSETS AND KEY FIGURES

2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND STRATEGIC FINANCE

Name Quantity on 31/12/2017

Cur rency

Price in currency

Evaluation (in the currency of the

sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS

SECURITIES PORTFOLIO

Shares

Exchange-listed shares

Austria

ERSTE GROUP BANK AG - 84.906,00 EUR 36,105 3.065.531,13 0,18 0,18

RAIFFEISEN BANK INTL - 45.026,00 EUR 30,200 1.359.785,20 0,08 0,08

VIENNA INSURANCE GROUP AG WIEN - 44.304,00 EUR 25,765 1.141.492,56 0,07 0,07

Belgium

KBC GROUP - 194.974,00 EUR 71,110 13.864.601,14 0,82 0,82

Bermuda

HAL TRUST (AMS) 1.859,00 EUR 153,800 285.914,20 0,02 0,02

Canada

BROOKFIELD ASSET MANAGEMENT - 129.691,00 CAD 54,720 4.716.976,75 0,28 0,28

MANULIFE FINANCIAL CORP - 1.085.335,00 CAD 26,220 18.914.911,07 1,12 1,12

SUN LIFE FINANCIAL INC - 299.454,00 CAD 51,880 10.326.137,27 0,61 0,61

China

AGRICULTURAL BANK OF CHINA - 8.809.000,00 HKD 3,640 3.415.850,56 0,20 0,20

BANK OF CHINA LTD - 11.926.000,00 HKD 3,840 4.878.618,95 0,29 0,29

PING AN INSURANCE GROUP CO OF - 3.130.500,00 HKD 81,350 27.129.521,52 1,60 1,61

Denmark

TOPDANMARK AS - 60.161,00 DKK 268,100 2.166.326,07 0,13 0,13

France

AMUNDI SA - 91.641,00 EUR 70,650 6.474.436,65 0,38 0,38

AXA - 2.466.306,00 EUR 24,735 61.004.078,91 3,61 3,62

BNP PARIBAS SA - 1.396.084,00 EUR 62,250 86.906.229,00 5,14 5,16

CREDIT AGRICOLE - 763.532,00 EUR 13,800 10.536.741,60 0,62 0,63

NATIXIS (PAR) 998.354,00 EUR 6,596 6.585.142,98 0,39 0,39

SCOR SE (PAR) 120.380,00 EUR 33,545 4.038.147,10 0,24 0,24

SOCIETE GENERALE SA - 1.381.115,00 EUR 43,050 59.457.000,75 3,52 3,53

WENDEL INVESTISSEMENT (PAR) 27.231,00 EUR 144,400 3.932.156,40 0,23 0,23

Germany

ALLIANZ AG REG 288.892,00 EUR 191,500 55.322.818,00 3,27 3,29

TALANX AG - 64.016,00 EUR 34,070 2.181.025,12 0,13 0,13

Hong Kong

I CABLE COMMUNICATION LTD - 12.640,00 HKD 0,229 308,36

India

HOUSING DEV. FIN. CORP. LTD. - 395.974,00 INR 1.710,400 8.836.608,81 0,52 0,53

Ireland

AIB GROUP PLC - 2.063.301,00 EUR 5,500 11.348.155,50 0,67 0,67

BANK OF IRELAND - 1,00 EUR 0,246 0,25

694

BANK OF IRELAND GROUP PLC - 1.124.216,00 EUR 7,095 7.976.312,52 0,47 0,47

Italy

BANCA GENERALI SPA - 145.903,00 EUR 27,740 4.047.349,22 0,24 0,24

BANCO BPM SPA - 307.008,00 EUR 2,620 804.360,96 0,05 0,05

BPER BANCA - 230.360,00 EUR 4,210 969.815,60 0,06 0,06

INTESA SANPAOLO SPA (MIL) RSNC 2.477.420,00 EUR 2,660 6.589.937,20 0,39 0,39

INTESA SANPAOLO SPA - 6.942.834,00 EUR 2,770 19.231.650,18 1,14 1,14

MEDIOBANCA (MIL) 1.425.235,00 EUR 9,460 13.482.723,10 0,80 0,80

UNICREDIT SPA - 682.848,00 EUR 15,580 10.638.771,84 0,63 0,63

UNIONE DI BANCHE ITALIANE SCPA - 640.043,00 EUR 3,646 2.333.596,78 0,14 0,14

Japan

FUKUOKA FINANCIAL GROUP INC - 578.000,00 JPY 633,000 2.704.766,24 0,16 0,16

MITSUBISHI UFJ FINANCIAL GROUP - 3.469.458,00 JPY 826,400 21.195.815,57 1,25 1,26

ORIX (ORIENT LEASING) - 794.680,00 JPY 1.904,500 11.188.489,25 0,66 0,66

RESONA HOLDINGS INC - 1.485.400,00 JPY 673,100 7.391.306,28 0,44 0,44

SEVEN BANK LTD - 2.511.000,00 JPY 386,000 7.165.264,16 0,42 0,43

SUMITOMO MITSUI FINANCIAL GROUP INC - 1.005.949,00 JPY 4.868,000 36.201.346,28 2,14 2,15

THE BANK OF KYOTO LTD - 115.200,00 JPY 5.870,000 4.999.064,83 0,30 0,30

Malaysia

CIMB GROUP HOLDINGS BHD - 5.944.000,00 MYR 6,540 7.999.374,43 0,47 0,48

HONG LEONG BANK BERHAD - 766.700,00 MYR 17,000 2.682.093,18 0,16 0,16

Netherlands

ABN AMRO GROUP NV - 1.040.628,00 EUR 26,900 27.992.893,20 1,66 1,66

AEGON - 3.547.658,00 EUR 5,315 18.855.802,27 1,12 1,12

ING GROEP NV - 5.145.442,00 EUR 15,325 78.853.898,65 4,66 4,68

ING VERZEKERINGEN - 421.467,00 EUR 36,120 15.223.388,04 0,90 0,90

MUNICH RE FINANCE BV REG 193.450,00 EUR 180,750 34.966.087,50 2,07 2,08

Norway

DNB BANK ASA - 356.585,00 NOK 152,100 5.522.089,09 0,33 0,33

Peru

CREDICORP LTD. - 39.751,00 USD 207,430 6.866.713,80 0,41 0,41

Philippines

AYALA CORP - 144.380,00 PHP 1.015,000 2.444.714,14 0,15 0,15

BANK OF THE PHILIPPINE ISLAND - 532.300,00 PHP 108,100 959.924,70 0,06 0,06

Singapore

DBS GROUP HOLDINGS LTD - 1.036.432,00 SGD 24,850 16.049.437,73 0,95 0,95

SINGAPORE EXCHANGE LTD. - 722.800,00 SGD 7,440 3.351.071,51 0,20 0,20

South Korea

BS FINANCIAL GROUP INC - 94.521,00 KRW 9.420,000 692.630,44 0,04 0,04

DB INSURANCE CO LTD - 64.653,00 KRW 71.200,000 3.580.890,47 0,21 0,21

DGB FINANCIAL GROUP INC - 22.847,00 KRW 10.550,000 187.501,18 0,01 0,01

HANWHA LIFE INSURANCE CO LTD - 38.002,00 KRW 6.910,000 204.271,07 0,01 0,01

HYUNDAI MARINE & FIRE INSURANCE CO - 94.025,00 KRW 47.000,000 3.437.665,07 0,20 0,20

KB FINANCIAL GROUP INC - 245.348,00 KRW 63.400,000 12.100.244,38 0,72 0,72

Spain

BANCO BILBAO VIZCAYA ARGENTARIA - 1.130.833,00 EUR 7,112 8.042.484,30 0,48 0,48

BANCO SANTANDER CENTRAL HISPANO SA - 12.784.024,00 EUR 5,479 70.043.667,50 4,14 4,16

Sweden

INDUSTRIVARDEN AB - 89.834,00 SEK 202,500 1.850.316,33 0,11 0,11

INVESTOR AB "B" 172.544,00 SEK 374,100 6.565.499,71 0,39 0,39

KINNEVIK AB -B- 320.329,00 SEK 277,300 9.034.962,28 0,53 0,54

695

SKANDINAVISKA ENSKILDA "A" 1.547.146,00 SEK 96,300 15.154.367,07 0,90 0,90

SWEDBANK - 1.383.196,00 SEK 197,900 27.842.596,59 1,65 1,65

Switzerland

BALOISE HLDG REG 52.270,00 CHF 151,700 6.776.361,15 0,40 0,40

CS GROUP REG 757.561,00 CHF 17,400 11.264.847,58 0,67 0,67

PARTNERS GROUP AG - 10.268,00 CHF 668,000 5.861.662,18 0,35 0,35

SWISS RE - 115.812,00 CHF 91,250 9.031.188,31 0,53 0,54

Thailand

KASIKORNBANK PLC - 2.486.800,00 THB 232,000 14.738.757,29 0,87 0,88

KASIKORNBANK PLC FOR 265.400,00 THB 239,000 1.620.432,12 0,10 0,10

KRUNG THAI BANK PCL - 4.649.200,00 THB 19,200 2.280.402,36 0,14 0,14

Turkey

HACI OMER SABANCI HOLDING S.A - 511.624,00 TRY 11,120 1.249.576,40 0,07 0,07

TURKIYE HALK BANKASI - 208.112,00 TRY 10,780 492.745,88 0,03 0,03

U.K.

BARCLAYS BANK PLC - 16.694.355,00 GBP 2,031 38.197.752,50 2,26 2,27

HASTINGS GROUP HOLDINGS PLC - 345.680,00 GBP 3,200 1.246.184,87 0,07 0,07

HSBC HOLDING PLC - 1.121.222,00 GBP 7,669 9.686.984,19 0,57 0,58

JARDINE LLOYD THOMPSON GROUP PLC - 69.760,00 GBP 13,910 1.093.180,42 0,07 0,07

KINGSTON COMMUNICATIONS - 3.580.000,00 HKD 7,500 2.860.323,53 0,17 0,17

LLOYDS BANKING GROUP PLC - 47.088.199,00 GBP 0,681 36.104.577,52 2,14 2,14

LONDON STOCK EXCHANGE GRP PLC - 275.500,00 GBP 37,930 11.772.337,07 0,70 0,70

PRUDENTIAL PLC - 849.219,00 GBP 19,055 18.230.009,63 1,08 1,08

SCHRODERS PLC - 166.154,00 GBP 35,160 6.581.394,29 0,39 0,39

ST JAMESS PLACE PLC - 515.899,00 GBP 12,260 7.125.468,08 0,42 0,42

3IGROUP - 632.304,00 GBP 9,135 6.507.178,55 0,39 0,39

U.S.A.

AFLAC INC - 83.392,00 USD 87,780 6.096.060,76 0,36 0,36

ALLY FINANCIAL INC - 55.192,00 USD 29,160 1.340.272,09 0,08 0,08

AMERIPRISE FINANCIAL INC - 25.399,00 USD 169,470 3.584.584,05 0,21 0,21

ARTHUR J GALLAGHER & CO - 119.131,00 USD 63,280 6.277.989,41 0,37 0,37

BANK OF AMERICA CORP - 2.563.460,00 USD 29,520 63.019.103,26 3,73 3,74

BERKSHIRE HATHAWAY INC. "B" 274.702,00 USD 198,220 45.345.961,39 2,68 2,69

BLACKROCK INC. - 27.424,00 USD 513,710 11.732.164,42 0,69 0,70

BROWN & BROWN INC - 135.564,00 USD 51,460 5.809.563,16 0,34 0,35

CAPITAL ONE FINANCIAL CORP - 42.429,00 USD 99,580 3.518.554,15 0,21 0,21

CITIGROUP INC - 392.333,00 USD 74,410 24.311.707,64 1,44 1,44

CITIZENS FINANCIAL GROUP - 97.987,00 USD 41,980 3.425.628,13 0,20 0,20

CME GROUP INC - 224.001,00 USD 146,050 27.244.625,29 1,61 1,62

COMERICA INC - 80.905,00 USD 86,810 5.848.903,27 0,35 0,35

DISCOVER FINANCIAL SERVICES - 215.206,00 USD 76,920 13.785.514,26 0,82 0,82

FIFTH THIRD BANCORPORATION - 143.277,00 USD 30,340 3.620.106,75 0,21 0,22

FRANKLIN RESOURCES INC - 131.569,00 USD 43,330 4.747.572,26 0,28 0,28

HUNTINGTON BANCSHARES,INC. - 293.002,00 USD 14,560 3.552.722,45 0,21 0,21

INTERCONTINENTALEXCHANGE GROUP - 191.179,00 USD 70,560 11.233.835,98 0,66 0,67

INVESCO LTD - 148.176,00 USD 36,540 4.508.953,23 0,27 0,27

JPMORGAN CHASE & CO - 745.690,00 USD 106,940 66.409.134,41 3,93 3,94

KEYCORP - 185.626,00 USD 20,170 3.117.985,03 0,18 0,19

LINCOLN NATIONAL CORPORATION - 63.504,00 USD 76,870 4.065.250,23 0,24 0,24

MARSH & MCLENNAN CO - 536.469,00 USD 81,390 36.361.768,75 2,15 2,16

MCGRAW HILL FINANCIAL INC - 16.043,00 USD 169,400 2.263.228,01 0,13 0,13

METLIFE INC. - 737.224,00 USD 50,560 31.041.010,53 1,84 1,84

MOODY S CORP - 80.392,00 USD 147,610 9.882.297,73 0,58 0,59

MORGAN STANLEY - 341.087,00 USD 52,470 14.904.093,01 0,88 0,89

MSCI INC - 78.946,00 USD 126,540 8.319.309,49 0,49 0,49

696

NASDAQ INC - 77.660,00 USD 76,830 4.968.868,92 0,29 0,30

PNC FINANCIAL SERVICES GROUP - 102.217,00 USD 144,290 12.282.554,07 0,73 0,73

PRINCIPAL FINANCIAL GROUP INC - 131.064,00 USD 70,560 7.701.428,91 0,46 0,46

PRUDENTIAL FINANCIAL INC - 107.736,00 USD 114,980 10.316.027,05 0,61 0,61

REGIONS FINANCIAL CORPORATION - 138.052,00 USD 17,280 1.986.624,38 0,12 0,12

SCHWAB (CHARLES) CORP. - 73.999,00 USD 51,370 3.165.663,42 0,19 0,19

SYNCHRONY FINANCIAL - 456.198,00 USD 38,610 14.668.391,72 0,87 0,87

TD AMERITRADE HOLDING CORP - 210.435,00 USD 51,130 8.960.311,08 0,53 0,53

TRAVELERS COS INC - 175.340,00 USD 135,640 19.806.060,63 1,17 1,18

UNUM GROUP - 126.911,00 USD 54,890 5.801.253,16 0,34 0,34

WELLS FARGO COMPANY - 709.557,00 USD 60,670 35.850.119,25 2,12 2,13

WINTRUST FINANCIAL CORP - 33.125,00 USD 82,370 2.272.240,38 0,13 0,14

Total shares 1.691.182.476,52 100,00 100,43

Rights

Bermuda

HAL TRUST CP 22/05/2017 32,00 EUR 3,550 113,60

Total rights 113,60

TOTAL SECURITIES PORTFOLIO 1.691.182.590,12 100,00 100,43

COLLATERAL RECEIVED

Belgium

COLLATERAL ONTVANGEN SECURITIES LENDING 7.205.953,63 EUR 1,000 7.205.953,63 0,42

TOTAL RECEIVED COLLATERAL 7.205.953,63 0,42

CASH AT BANK AND IN HAND

Demand accounts

Belgium

KBC GROUP AUD 295.457,21 AUD 1,000 192.448,92 0,01

KBC GROUP CAD 309.494,73 CAD 1,000 205.712,68 0,01

KBC GROUP CHF 253.861,23 CHF 1,000 216.947,60 0,01

KBC GROUP DKK 687.944,18 DKK 1,000 92.398,55 0,01

KBC GROUP EURO -9.913.042,82 EUR 1,000 -9.913.042,82 -0,59

KBC GROUP GBP 41.530,77 GBP 1,000 46.787,33 0,00

KBC GROUP HKD 55.838,82 HKD 1,000 5.948,50

KBC GROUP JPY 24.410.361,00 JPY 1,000 180.456,44 0,01

KBC GROUP MXN 24.888.021,14 MXN 1,000 1.059.323,93 0,06

KBC GROUP NOK 73.455,21 NOK 1,000 7.478,83

KBC GROUP SEK 4.094,37 SEK 1,000 416,45

KBC GROUP SGD 1.214.047,33 SGD 1,000 756.533,62 0,05

KBC GROUP TRY 156.301,81 TRY 1,000 34.329,79 0,00

KBC GROUP USD 257.574,23 USD 1,000 214.502,19 0,01

KBC GROUP ZAR 1.395.613,47 ZAR 1,000 93.880,19 0,01

Total demand accounts -6.805.877,80 -0,40

TOTAL CASH AT BANK AND IN HAND -6.805.877,80 -0,40

OTHER RECEIVABLES AND PAYABLES

Receivables

Belgium

KBC GROUP EUR RECEIVABLE 6.460,69 EUR 1,000 6.460,69

Total receivables 6.460,69

697

Payables

Belgium

COLLATERAL ONTVANGEN SECURITIES LENDING TEGENP

-7.205.953,63 EUR 1,000 -7.205.953,63 -0,42

KBC GROUP EUR PAYABLE -217.259,92 EUR 1,000 -217.259,92 -0,01

Payables -7.423.213,55 -0,43

TOTAL RECEIVABLES AND PAYABLES -7.416.752,86 -0,43

OTHER Interest receivable EUR 1.086.378,03 0,06

Accrued interest EUR 0,00

Expenses payable EUR -1.254.269,45 -0,08

TOTAL OTHER -167.891,42 -0,01

TOTAL NET ASSETS 1.683.998.021,67 100,00

698

Geographic breakdown (as a % of securities portfolio)

30/06/2016 31/12/2016 30/06/2017 31/12/2017

Australia 1,23 2,73 0,64 0,00 Austria 0,27 0,68 0,68 0,33 Belgium 2,42 2,79 2,33 0,82 Bermuda 0,80 0,77 0,02 0,02 Brazil 1,03 0,75 0,57 0,00 Canada 3,89 3,87 2,79 2,01 Switzerland 2,34 2,17 1,43 1,95 China 0,94 0,36 0,12 0,49 Germany 9,89 8,54 4,24 5,47 Denmark 0,00 0,26 0,15 0,13 Spain 5,81 5,68 4,74 4,62 Finland 0,22 0,43 0,00 0,00 France 11,50 13,28 14,24 14,13 U.K. 4,92 5,89 7,08 8,51 Hong Kong 0,60 1,25 1,52 1,60 India 0,46 0,34 0,67 0,52 Indonesia 0,00 0,00 0,04 0,00 Ireland 0,47 0,15 0,62 1,14 Italy 3,10 3,80 3,69 3,44 Jersey/The Channel Islands 0,01 0,00 0,16 0,00 Japan 4,10 3,71 6,62 5,37 South Korea 3,37 2,39 1,89 1,19 Luxembourg 0,23 0,05 0,00 0,00 Mexico 0,12 0,02 0,00 0,00 Malaysia 0,00 0,00 0,07 0,63 Netherlands 3,76 4,54 5,34 8,33 Norway 0,97 0,85 1,01 0,33 Peru 0,00 0,00 0,00 0,41 Philippines 0,42 0,08 0,19 0,20 Russia 0,21 0,21 0,00 0,00 Singapore 1,14 0,76 1,23 1,15 Sweden 2,04 1,72 3,64 3,57 Thailand 0,77 0,42 0,56 1,10 Turkey 0,26 0,71 0,57 0,10 U.S.A. 32,71 30,80 33,15 32,44 Total 100,00 100,00 100,00 100,00

Sector breakdown (as a % of securities portfolio)

30/06/2016 31/12/2016 30/06/2017 31/12/2017

Cyclicals 0,20 0,00 0,02 0,02 Consum(cycl) 0,00 0,19 0,12 0,24 Financials 86,36 88,13 93,31 99,57 Technology 1,06 0,01 0,00 0,00 Telecomm. 0,00 0,00 0,03 0,17 Real est. 12,38 11,67 6,52 0,00 Total 100,00 100,00 100,00 100,00

699

Currency breakdown (as a % of net assets)

30/06/2016 31/12/2016 30/06/2017 31/12/2017

AUD 1,24 2,74 0,65 0,01 BRL 1,03 0,75 0,57 0,00 CAD 3,89 3,89 2,83 2,03 CHF 2,45 2,17 1,46 1,97 DKK -0,01 0,26 0,15 0,13 EUR 37,55 39,74 36,87 37,86 GBP 4,54 5,70 6,65 8,11 HKD 1,28 1,50 1,65 2,27 IDR 0,00 0,00 0,04 0,00 INR 0,29 0,31 0,67 0,52 JPY 4,08 3,72 6,68 5,40 KRW 3,37 2,40 1,89 1,20 MXN 0,12 0,05 0,03 0,06 MYR 0,00 0,00 0,06 0,63 NOK 0,97 0,85 1,00 0,33 PHP 0,42 0,08 0,19 0,20 SEK 2,04 1,72 3,58 3,59 SGD 1,14 0,76 1,25 1,20 THB 0,77 0,42 0,57 1,11 TRY 0,20 0,70 0,58 0,11 USD 34,63 32,24 32,62 33,26 ZAR 0,00 0,00 0,01 0,01 Total 100,00 100,00 100,00 100,00

700

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND STRATEGIC FINANCE

(IN THE CURRENCY OF THE SUB-FUND)

1st half of year 2nd half of year Year

Purchases 929.815.207,63 787.632.255,64 1.717.447.463,26 Sales 690.365.682,18 630.014.928,32 1.320.380.610,50 Total 1 1.620.180.889,81 1.417.647.183,96 3.037.828.073,76 Subscriptions 545.748.282,24 517.108.043,62 1.062.856.325,86 Redemptions 324.478.784,76 361.613.769,47 686.092.554,23 Total 2 870.227.067,00 878.721.813,09 1.748.948.880,09 Monthly average of total assets

1.384.332.968,10 1.574.482.735,29 1.480.193.594,53

Turnover rate 54,17 % 34,23 % 87,08 %


Purchases 929.815.207,63 787.632.255,64 1.717.447.463,26 Sales 690.365.682,18 630.014.928,32 1.320.380.610,50 Total 1 1.620.180.889,81 1.417.647.183,96 3.037.828.073,76 Subscriptions 545.748.282,24 517.108.043,62 1.062.856.325,86 Redemptions 324.478.784,76 361.613.769,47 686.092.554,23 Total 2 870.227.067,00 878.721.813,09 1.748.948.880,09 Monthly average of total assets

1.395.288.885,01 1.592.286.742,50 1.495.167.446,23

Corrected turnover rate 53,75 % 33,85 % 86,20 %

The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). Reason: The fund is frequently rebalanced to reflect the most up-to-date analyst views and expectations and changes in the KBC AM Equity strategy. The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.

2.4.3 AMOUNT OF COMMITMENTS IN RESPECT OF FINANCIAL DERIVATIVES POSITIONS

Nil

701

2.4.4 CHANGES OF THE NUMBER OF SUBSCRIPTIONS AND REDEMPTIONS AND THE NET ASSET

VALUE

Classic Shares

Period Change in number of shares in circulation

Year Subscriptions Redemptions End of period

Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 8.105,92 569,00 13.604,07 2.254,95 51.634,51 10.786,51 62.421,02

2016 - 12 9.318,43 1.382,91 26.002,51 1.982,00 34.950,43 10.187,42 45.137,85

2017 - 12 2.359,47 2.195,00 8.740,36 1.476,91 28.569,54 10.905,51 39.475,05

Period Amounts received and paid by the UCI

(in the currency of the class)

Year Subscriptions Redemptions

Capitalization Distribution Capitalization Distribution 2015 - 12 3.637.895,53 174.505,64 5.872.971,73 719.686,27

2016 - 12 3.419.602,78 370.998,80 9.574.788,05 538.523,53

2017 - 12 1.127.986,38 707.452,17 4.218.947,90 475.773,18

Period Net asset value

End of period (in the currency of the class)

Year Of the class Of one share

Capitalization Distribution 2015 - 12 25.415.415,23 428,85 303,34

2016 - 12 19.021.400,05 453,46 311,44

2017 - 12 17.836.184,92 497,30 332,72

Institutional B Shares



Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 3.460.614,57 4.997.987,51 1.319.117,61 1.319.117,61

2016 - 12 3.511.492,51 2.291.975,73 2.538.634,39 2.538.634,39

2017 - 12 2.252.379,05 1.444.101,22 3.346.912,22 3.346.912,22




Capitalization Distribution Capitalization Distribution 2015 - 12 1.553.897.656,09 2.191.386.032,77

2016 - 12 1.396.424.367,26 849.634.157,74

2017 - 12 1.076.416.916,94 694.193.099,65




Capitalization Distribution 2015 - 12 566.271.105,08 429,28

2016 - 12 1.151.951.347,77 453,77

2017 - 12 1.666.161.836,75 497,82

702

Classic Shares Distribution Dividend on ex-dividend date 03/04/2018: 6.2589 EUR net (8.9413 EUR gross).

2.4.6 COSTS

Ongoing Charges: * Classic Shares Distribution: 1.751% Classic Shares Capitalization: 1.732% Institutional B Shares Capitalization: 1.683% * The following are not included in the charges shown: entry and exit charges, performance fees, transaction costs paid when buying or selling assets, interest paid, payments made with a view to providing collateral in the context of derivative financial instruments, or commissions relating to Commission Sharing Agreements or similar fees received by the Management Company or any person associated with it.

EXISTENCE OF COMMISSION SHARING AGREEMENTS

The Management Company, or where applicable, the appointed manager has entered into a Commission Sharing Agreement with one or more brokers for transactions in shares on behalf of one or more sub-funds. This agreement specifically concerns the execution of orders and the delivery of research reports. For more information, please see the ‘General’ section of the annual report.

Broker

Commission gross

in EUR

paid during the period:

1-01-17

-

31-12-17

CSA Credits

in EUR

accrued during the period:

1-01-17

-

31-12-17 Percentage

CARNEGIE 41,035 9,722 23.69%

CITI 155,845 64,420 41.34%

CSFBSAS 84,154 28,004 33.28%

DEUTSCHE 7,209 1,553 21.54%

EQ CSA GOLDMAN SACHS INTERNATIONAL 106,744 50,728 47.52%

HSBC 16,852 5,387 31.96%

HSBC 284,482 86,615 30.45%

INSTINET 113,109 42,952 37.97%

MACQUARIE 12,289 4,915 40.00%

MACQUARIE 71,630 25,530 35.64%

MERRILL 39,904 11,501 28.82%

MORGAN STANLEY 44,797 9,858 22.01%

SOCGEN 63,170 13,644 21.60%

UBSWDR 147,276 33,361 22.65%

FEE-SHARING AGREEMENTS AND REBATES:

The management company may share its fee with the distributor, and institutional and/or professional parties. In principle, the percentage share amounts to between 35% and 60% if the distributor is an entity of KBC Group NV or to between 35% and 70% if the distributor is not an entity of KBC Group NV. However, in a small number of cases, the distributor’s fee is less than 35%. Investors may, on request, obtain more information on these cases. If the management company invests the assets of the undertaking for collective investment in units of undertakings for collective investment that are not managed by an entity of KBC Group NV, and receives a fee for doing so, it will pay this fee to the undertaking for collective investment. Fee-sharing does not affect the amount of the management fee paid by the sub-fund to the management company. This management fee is subject to the limitations laid down in the articles of association. The limitations may only be amended after approval by the general meeting of shareholders. The management company has concluded a distribution agreement with the distributor in order to facilitate the wider distribution of the sub-fund's units by using multiple distribution channels. It is in the interests of the holders of units, the sub-fund and of the distributor for the largest possible number of units to be sold and for the assets of the sub-fund to be maximised in this way. In this respect, there is therefore no question of any conflict of interest.

706

2.4.7 NOTES TO THE FINANCIAL STATEMENTS AND OTHER DATA

Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek.

Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 160.657,72 EUR and for the Management Company 64.263,09 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 1 and 10, with a market value fluctuating between 175.055,17 and 86.501.364,14 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:

Manager of the securities lending system: Goldman Sachs o Type of securities lending transactions effected: the lending transactions are effected

through the agency of a Lending Agent. o Nature of the lent securities: the securities lending applies only to the equity portion of

the portfolio. o Nature of the financial collateral: government bonds issued by Austria, Belgium,

Germany, the Netherlands, Luxembourg, the UK, France, the US and Switzerland and supranational bonds denominated in EUR, USD or GBP issued by the EIB or the KFW.

o Reinvestment of the financial collateral received: no reinvestment takes place. Overview of securities lent as at 29/12/2017 Name Currency Quantity Price Value in currency of the portfolio

BANCO BPM SPA EUR 291.000 2,620 762.420,00

Total 762.420,00

707

Details of collateral received for securities lent

Name Currency Nominal value Currency fund Value in currency fund

AUSTRIA 2012 3,4% 22/11/2022 EUR 5385000 EUR 6.324.652,58 UNITED KINGDOM GILT 4.5 07DEC2042 GBP 400 EUR 697,00 UNITED STATES TREAS N 1.875 31MAR22 USD 1059600 EUR 880.604,05 Total 7.205.953,63

For the valuation of the collateral received, indicative prices have been used in this detail list by the Collateral Management Division of KBC Bank

The amount in securities lent on a traded basis, as given in the annual report, can differ from the amount in securities lent on a settled basis. The position held as collateral is determined on the basis of the settled positions. Transparency of securities financing transactions and of reuse Global data: 1) The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents;

0,05 %

2) The amount of assets engaged in each type of SFTs and total return swaps expressed as an absolute amount (in the collective investment undertaking’s currency) and as a proportion of the collective investment undertaking’s assets under management (AUM).

The amount of assets engaged in each type of SFTs and total return swaps expressed as an absolute amount (in the collective investment undertaking’s currency)

762.420,00 EUR

proportion of the collective investment undertaking’s assets under management (AUM)

0,05 %

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency REPUBLIC OF AUSTRIA 6.324.652,58 EUR UNITED STATES OF AMERICA 733.347,81 EUR UNITED KINGDOM OF GREAT BRITAI 785,23 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)



currency


Morgan Stanley & Co. International PLC

UK 5.537.409,73 EUR


Merrill Lynch International UK 762.420,00 EUR

708


(Goldman Sachs)

equity (KBC Bank)




open maturity

Nil Nil



tri-party Nil Nil

collateral quality Currency Maturity tenor UNITED STATES TREAS N 1.875 31MAR22 NR USD above one year UNITED KINGDOM GILT 4.5 07DEC2042 AA+ GBP above one year AUSTRIA 2012 3,4% 22/11/2022 AA+ EUR above one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil


Nil




agent lender

return (EUR) 247.165,73 64.263,09 22.244,92 percentage of overall returns

100,00% 26,00% 9,00%

cost (EUR) 86.508,01 percentage of overall returns

35,00 %

709


In line with the defined strategy, the fund was and is invested in a selection of shares issued by European companies that pursue a policy of buying back their own shares.

2.1.8 FUTURE POLICY

The fund will continue investing in a selection of shares issued by European companies that pursue a policy of buying back their own shares.


Classic Shares: 5 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B Shares: 5 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return. Leveraged finance The total amount of leveraged finance used by the sub-fund is 489,871.04 EUR. This amount was calculated by multiplying the leverage ratio calculated using the commitment method by the sub-fund's total assets under management.

717

2.2 BALANCE SHEET




TOTAL NET ASSETS 97.734.017,96 97.901.607,20


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 535.747,59 807.583,28 C. Shares and similar instruments a) Shares 98.132.320,30 98.440.070,46 Of which securities lent 468.728,23 733.682,27 D. Other securities 39.264,01 43.443,38

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 43.620,43 13.659,24 B. Payables a) Accounts payable (-) -11.944,75 -342.575,86 c) Borrowings (-) -482.530,72 -327.215,04 d) Collateral (-) -535.747,59 -807.583,28

V. Deposits and cash at bank and in hand A. Demand balances at banks 82.044,80 151.958,87

VI. Accruals and deferrals B. Accrued income 60.216,99 49.841,15 C. Accrued expense (-) -128.973,10 -127.575,00

TOTAL SHAREHOLDERS' EQUITY 97.734.017,96 97.901.607,20

A. Capital 89.240.012,05 94.788.908,13

B. Income equalization -140.955,80 -243.493,94



I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 535.747,59 807.583,28

IX Financial instruments lent 468.728,23 733.682,27

718





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 9.152.872,99 5.344.645,42 D. Other securities -3.639,66 7.398,98 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -2.010.612,43 -3.699.749,21

Det.section I gains and losses on investments Realised gains on investments 8.468.507,80 6.352.887,95 Unrealised gains on investments 301.013,59 -4.294.714,69 Realised losses on investments -2.171.696,16 -2.949.801,76 Unrealised losses on investments 540.795,66 2.543.923,69

II. Investment income and expenses A. Dividends 3.258.767,01 3.440.781,52 B. Interests a) Securities and money market instruments 71.115,57 43.558,90 b) Cash at bank and in hand and deposits 385,90 152,49 C. Interest on borrowings (-) -1.618,27 -945,08



43.833,75 20.275,82

B. Other 11.097,62

IV. Operating expenses A. Investment transaction and delivery costs (-) -115.093,99 -91.583,51 B. Financial expenses (-) -155,71 -2.030,83 C. Custodian's fee (-) -60.745,45 -81.416,96 D. Manager's fee (-) a) Financial management Classic Shares -1.347.932,29 -1.327.927,54 Institutional B Shares -135.374,53 -86.922,34 b) Administration and accounting management -98.887,09 -94.323,31 E. Administrative expenses (-) -1.002,13 -2,41 F. Formation and organisation expenses (-) -3.172,07 -3.832,42 G. Remuneration, social security charges and

pension -5,29 -9,07

H. Services and sundry goods (-) -5.969,41 -8.359,90 J. Taxes Classic Shares -80.367,83 -81.059,15 Institutional B Shares -843,59 -905,97 K. Other expenses (-) -37.691,38 -21.552,42




719





cancellation of shares) -140.955,80 -243.493,94



720


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND BUYBACK EUROPE


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Austria

EVN(ENERG.VERS.NIEDEROST) (WIEN) 18.951,00 EUR 16,700 316.481,70 0,32 0,32

IMMOFINANZ AG - 138.790,00 EUR 2,147 297.982,13 0,30 0,31

STRABAG SE - 5.548,00 EUR 34,030 188.798,44 0,19 0,19

Belgium

AGEAS NV - 20.799,00 EUR 40,715 846.831,29 0,86 0,87

BREDERODE - 2.277,00 EUR 49,690 113.144,13 0,12 0,12

SOFINA - 5.561,00 EUR 131,150 729.325,15 0,74 0,75

Bermuda

STOLT-NIELSEN LTD - 3.166,00 NOK 109,000 35.135,69 0,04 0,04

Denmark

A.P. MOLLER-MAERSK A/S -B- 372,00 DKK 10.840,000 541.606,90 0,55 0,55

D/S NORDEN - 5.601,00 DKK 116,500 87.640,22 0,09 0,09

DFDS A/S - 5.809,00 DKK 331,300 258.484,66 0,26 0,26

GN-GREAT NORDIC LTD - 7.292,00 DKK 200,500 196.369,03 0,20 0,20

MATAS A/S - 1.493,00 DKK 78,500 15.741,33 0,02 0,02

SYDBANK A/S - 26.210,00 DKK 249,900 879.721,57 0,90 0,90

TDC AS "B" 31.125,00 DKK 38,130 159.399,93 0,16 0,16

UNITED INTERNATIONAL ENTERPRIS - 476,00 DKK 1.299,000 83.047,79 0,09 0,09

Finland

KEMIRA (HEL) 71.107,00 EUR 11,500 817.730,50 0,83 0,84

NOKIA "A" 136.550,00 EUR 3,894 531.725,70 0,54 0,54

France

ALSTOM - 13.655,00 EUR 34,605 472.531,28 0,48 0,48

AXA - 67.497,00 EUR 24,735 1.669.538,30 1,70 1,71

BIC (PAR) 1.437,00 EUR 91,660 131.715,42 0,13 0,14

BNP PARIBAS SA - 41.912,00 EUR 62,250 2.609.022,00 2,66 2,67

BOIRON SA - 2.403,00 EUR 74,850 179.864,55 0,18 0,18

BOURBON CORP - 1.683,00 EUR 7,000 11.781,00 0,01 0,01

CAPGEMINI SA - 9.549,00 EUR 98,890 944.300,61 0,96 0,97

CIE DE ST-GOBAIN - 42.405,00 EUR 45,980 1.949.781,90 1,99 2,00

DERICHEBOURG - 15.496,00 EUR 9,112 141.199,55 0,14 0,14

ETAB ECON CASINO GUICH-P (PAR) 4.966,00 EUR 50,560 251.080,96 0,26 0,26

EURAZEO (PAR) 8.056,00 EUR 77,000 620.312,00 0,63 0,64

FFP (PAR) 1.770,00 EUR 100,300 177.531,00 0,18 0,18

IPSOS - 659,00 EUR 30,700 20.231,30 0,02 0,02

L'OREAL - 10.640,00 EUR 184,950 1.967.868,00 2,01 2,01

LAGARDERE S.C.A. - 10.055,00 EUR 26,730 268.770,15 0,27 0,28

MERSEN (PAR) 2.738,00 EUR 37,340 102.236,92 0,10 0,11

MICHELIN (PAR) 8.319,00 EUR 119,550 994.536,45 1,01 1,02

721

NEXANS SA (PAR) 5.694,00 EUR 51,110 291.020,34 0,30 0,30

NRJ GROUP (PAR) 1.550,00 EUR 9,120 14.136,00 0,01 0,01

PARROT SA - 1.900,00 EUR 8,820 16.758,00 0,02 0,02

RALLYE - 947,00 EUR 14,830 14.044,01 0,01 0,01

RENAULT (PAR) 12.405,00 EUR 83,910 1.040.903,55 1,06 1,07

SANOFI - 30.199,00 EUR 71,850 2.169.798,15 2,21 2,22

SCHNEIDER ELECTRIC SE - 27.419,00 EUR 70,860 1.942.910,34 1,98 1,99

SCOR SE (PAR) 8.639,00 EUR 33,545 289.795,26 0,30 0,30

SOCIETE GENERALE SA - 28.884,00 EUR 43,050 1.243.456,20 1,27 1,27

TELEVISION FRANCAISE (TF1) (PAR) 7.572,00 EUR 12,285 93.022,02 0,10 0,10

TOTAL - 41.040,00 EUR 46,045 1.889.686,80 1,93 1,93

VIVENDI SA - 25.162,00 EUR 22,420 564.132,04 0,58 0,58

Germany

DEUTSCHE TELEKOM INT FIN REG 134.771,00 EUR 14,795 1.993.936,95 2,03 2,04

FRESENIUS MEDICAL CARE AG & CO - 12.875,00 EUR 87,780 1.130.167,50 1,15 1,16

HOCHTIEF AG - 4.243,00 EUR 147,600 626.266,80 0,64 0,64

INFINEON TECHNOLOGIES AG - 60.435,00 EUR 22,835 1.380.033,23 1,41 1,41

RHOEN-KLINIKUM AG - 7.921,00 EUR 29,880 236.679,48 0,24 0,24

ROCKET INTERNET AG - 5.996,00 EUR 21,125 126.665,50 0,13 0,13

SOFTWARE AG NOM 11.969,00 EUR 46,860 560.867,34 0,57 0,57

SUDZUCKER AG (FRA) 27.814,00 EUR 18,080 502.877,12 0,51 0,52

Ireland

C&C GROUP PLC - 149.796,00 EUR 2,850 426.918,60 0,44 0,44

Italy

ASTM SPA - 10.868,00 EUR 24,230 263.331,64 0,27 0,27

CIR SPA (MIL) NOM 188.420,00 EUR 1,165 219.509,30 0,22 0,23

DIGITAL MULTIMEDIA TECH SPA - 5.758,00 EUR 53,500 308.053,00 0,31 0,32

GEDI GRUPPO EDITORIALE SPA (MIL) 56.104,00 EUR 0,702 39.356,96 0,04 0,04

PIAGGIO & C SPA - 65.919,00 EUR 2,300 151.613,70 0,15 0,16

RECORDATI SPA - 40.009,00 EUR 37,060 1.482.733,54 1,51 1,52

Luxembourg

SUBSEA 7 SA - 1.215,00 NOK 123,000 15.215,72 0,02 0,02

Netherlands

AEGON - 58.137,00 EUR 5,315 308.998,16 0,32 0,32

ALTICE NV - 12.043,00 EUR 8,746 105.328,08 0,11 0,11

ASM INTERNATIONAL - 5.919,00 EUR 56,370 333.654,03 0,34 0,34

BINCK NV - 4.974,00 EUR 4,434 22.054,72 0,02 0,02

CORBION NV (AMS)NRC 9.187,00 EUR 27,000 248.049,00 0,25 0,25

INTERTRUST NV - 3.279,00 EUR 15,630 51.250,77 0,05 0,05

KON. AHOLD DELHAIZE NV - 28.634,00 EUR 18,335 525.004,39 0,54 0,54

KONINKLIJKE D.S.M. NV (AMS) 25.297,00 EUR 79,670 2.015.411,99 2,05 2,06

KONINKLIJKE PHILIPS ELECTRONICS N.V. - 31.347,00 EUR 31,540 988.684,38 1,01 1,01

MUNICH RE FINANCE BV REG 9.334,00 EUR 180,750 1.687.120,50 1,72 1,73

RANDSTAD HOLDING (AMS) 12.063,00 EUR 51,240 618.108,12 0,63 0,63

REPSOL INTERNATIONAL FINANCE B - 43.971,00 EUR 14,745 648.352,40 0,66 0,66

ROYAL DUTCH SHELL PLC -A- 45.596,00 EUR 27,785 1.266.884,86 1,29 1,30

ROYAL DUTCH SHELL PLC -B- 81.363,00 GBP 25,085 2.299.319,39 2,34 2,35

Norway

ORKLA ASA "A" 124.706,00 NOK 87,050 1.105.267,12 1,13 1,13

TELENOR A/S - 17.723,00 NOK 175,900 317.405,32 0,32 0,33

TOMRA SYSTEMS - 6.718,00 NOK 131,500 89.944,97 0,09 0,09

YARA INTL ASA - 20.226,00 NOK 376,700 775.741,00 0,79 0,79

722

Portugal

PHAROL SGPS SA - 25.431,00 EUR 0,250 6.357,75 0,01 0,01

SEMAPA-SOCIEDADE DE INV. - 45.212,00 EUR 17,795 804.547,54 0,82 0,82

Spain

ACCIONA SA - 9.433,00 EUR 68,040 641.821,32 0,65 0,66

ENCE ENERGIA Y CELULOSA SA (MAD) 77.947,00 EUR 5,500 428.708,50 0,44 0,44

IBERDROLA SA - 376.566,00 EUR 6,460 2.432.616,36 2,48 2,49

Sweden

BURE EQUITY AB - 8.154,00 SEK 98,250 81.486,09 0,08 0,08

EASTNINE AB - 2.918,00 SEK 81,750 24.263,49 0,03 0,03

FABEGE AB - 48.184,00 SEK 174,600 855.711,38 0,87 0,88

KINNEVIK AB -B- 38.937,00 SEK 277,300 1.098.228,15 1,12 1,12

ORESUND INVESTMENT AB - 5.422,00 SEK 131,750 72.659,16 0,07 0,07

RATOS AB - 51.774,00 SEK 35,840 188.738,26 0,19 0,19

SWEDISH MATCH AB - 34.340,00 SEK 323,200 1.128.890,61 1,15 1,16

TELIA CO AB - 206.044,00 SEK 36,550 765.997,88 0,78 0,78

Switzerland

ADECCO GROUP AG REG 13.385,00 CHF 74,550 852.755,42 0,87 0,87

BALOISE HLDG REG 5.036,00 CHF 151,700 652.874,59 0,67 0,67

BB BIOTECH AG - 4.975,00 CHF 64,550 274.440,24 0,28 0,28

FORBO HOLDING - 314,00 CHF 1.505,000 403.854,21 0,41 0,41

GAM HOLDING LTD - 8.607,00 CHF 15,750 115.848,61 0,12 0,12

IWG PLC - 31.297,00 GBP 2,574 90.754,78 0,09 0,09

LOGITECH INTERNATIONAL SA REG 10.671,00 CHF 32,900 300.026,41 0,31 0,31

NESTLE AG REG 62.466,00 CHF 83,800 4.473.486,99 4,56 4,58

NOVARTIS AG REG 51.778,00 CHF 82,400 3.646.119,90 3,71 3,73

SWISS RE - 10.208,00 CHF 91,250 796.034,70 0,81 0,81

THE SWATCH GROUP AG REG 13.400,00 CHF 74,500 853.138,49 0,87 0,87

U.K.

ASTRAZENECA PLC - 22.456,00 GBP 51,210 1.295.523,87 1,32 1,33

AUTO TRADER GROUP PLC - 73.052,00 GBP 3,528 290.348,06 0,30 0,30

BERKELEY GROUP (THE) PLC - 12.698,00 GBP 41,970 600.388,73 0,61 0,61

BGEO GROUP PLC - 6.268,00 GBP 35,570 251.171,93 0,26 0,26

BILLITON PLC - 129.987,00 GBP 15,225 2.229.541,01 2,27 2,28

BP PLC - 346.147,00 GBP 5,227 2.038.315,07 2,08 2,09

BRITISH LAND CO PLC - 110.071,00 GBP 6,915 857.478,70 0,87 0,88

CARNIVAL PLC PLC 6.208,00 GBP 48,920 342.134,13 0,35 0,35

CLS HOLDING PLC - 37.382,00 GBP 2,475 104.230,78 0,11 0,11

COMPASS GROUP - 60.792,00 GBP 16,000 1.095.783,25 1,12 1,12

DIALOG SEMICONDUCTOR PLC. (FRA) 3.378,00 EUR 25,950 87.659,10 0,09 0,09

EI GROUP PLC - 17.266,00 GBP 1,413 27.475,05 0,03 0,03

GRIFFIN MINING LTD - 114.670,00 GBP 1,165 150.499,13 0,15 0,15

HSBC HOLDING PLC - 487.279,00 GBP 7,669 4.209.928,07 4,29 4,31

INCHCAPE PLC - 39.518,00 GBP 7,825 348.367,43 0,36 0,36

INTERCONTINENTAL HOTELS GROUP PLC - 11.935,00 GBP 47,190 634.498,56 0,65 0,65

KINGFISHER PLC - 58.454,00 GBP 3,377 222.384,00 0,23 0,23

MAN GROUP PLC - 116.809,00 GBP 2,068 272.135,43 0,28 0,28

MARKS&SPENCER - 61.270,00 GBP 3,148 217.290,55 0,22 0,22

MEGGITT PLC - 134.662,00 GBP 4,822 731.527,25 0,75 0,75

MELROSE INDUSTRIES PLC - 107.615,00 GBP 2,122 257.262,47 0,26 0,26

MITIE GROUP PLC - 32.119,00 GBP 1,932 69.908,08 0,07 0,07

MORRISON SUPERMARKETS - 171.154,00 GBP 2,199 424.004,56 0,43 0,43

NEXT PLC - 3.249,00 GBP 45,250 165.625,25 0,17 0,17

PAYSAFE GROUP PLC - 40.999,00 GBP 5,900 272.510,67 0,28 0,28

PEARSON PLC - 19.256,00 GBP 7,360 159.662,21 0,16 0,16

723

PENDRAGON PLC - 48.253,00 GBP 0,285 15.492,71 0,02 0,02

PERSIMMON - 19.988,00 GBP 27,380 616.539,67 0,63 0,63

RIGHTMOVE GROUP PLC - 10.824,00 GBP 45,000 548.729,79 0,56 0,56

ROYAL BANK OF SCOTLAND GROUP PLC - 402.453,00 GBP 2,780 1.260.428,48 1,28 1,29

SAGE GROUP - 113.335,00 GBP 7,980 1.018.885,03 1,04 1,04

SMITH&NEPHEW PLC - 55.596,00 GBP 12,880 806.710,39 0,82 0,83

SPIRENT COMMUNICATIONS PLC - 19.969,00 GBP 1,020 22.946,41 0,02 0,02

SPORTS DIRECT INTERNATIONAL PLC - 10.573,00 GBP 3,770 44.905,32 0,05 0,05

TRINITY MIRROR PLC - 15.093,00 GBP 0,795 13.517,64 0,01 0,01

UNILEVER PLC - 33.756,00 GBP 41,255 1.568.865,86 1,60 1,61

VECTURA GROUP PLC - 13.080,00 GBP 1,177 17.343,73 0,02 0,02

VODAFONE GROUP PLC - 522.406,00 GBP 2,350 1.383.038,47 1,41 1,42

WETHERSPOON PLC - 2.096,00 GBP 12,570 29.681,43 0,03 0,03

WILLIAM HILL PLC - 17.934,00 GBP 3,220 65.056,59 0,07 0,07

WPP GROUP PLC - 33.621,00 GBP 13,410 507.922,73 0,52 0,52

U.S.A.

AERCAP HOLDINGS NV - 18.609,00 USD 52,610 815.306,04 0,83 0,83

Total shares 98.132.320,30 99,96 100,41

Rights

France

TOTAL CP 19/12/2017 41.040,00 EUR 0,620 25.444,80 0,03 0,03

Spain

REPSOL YPF SA CP18/12/2017 43.971,00 EUR 0,314 13.819,21 0,01 0,01

Total rights 39.264,01 0,04 0,04

TOTAL SECURITIES PORTFOLIO 98.171.584,31 100,00 100,45

COLLATERAL RECEIVED

Belgium

COLLATERAL ONTVANGEN SECURITIES LENDING 535.747,59 EUR 1,000 535.747,59 0,58

TOTAL RECEIVED COLLATERAL 535.747,59 0,58


Demand accounts

Belgium

KBC GROUP AUD -3,91 AUD 1,000 -2,55

KBC GROUP CHF 4.983,75 CHF 1,000 4.259,07 0,00

KBC GROUP DKK -3.392,71 DKK 1,000 -455,68

KBC GROUP EURO -476.807,75 EUR 1,000 -476.807,75 -0,49

KBC GROUP GBP 26.416,44 GBP 1,000 29.759,97 0,03

KBC GROUP NOK 28.606,20 NOK 1,000 2.912,54 0,00

KBC GROUP SEK 443.530,65 SEK 1,000 45.113,22 0,05

KBC GROUP USD -6.321,90 USD 1,000 -5.264,74 -0,01

Total demand accounts -400.485,92 -0,41

TOTAL CASH AT BANK AND IN HAND -400.485,92 -0,41


Receivables

Belgium

KBC GROUP EUR RECEIVABLE 43.620,43 EUR 1,000 43.620,43 0,05

Total receivables 43.620,43 0,05

724

Payables

Belgium


-535.747,59 EUR 1,000 -535.747,59 -0,58


Payables -547.692,34 -0,59

TOTAL RECEIVABLES AND PAYABLES -504.071,91 -0,55

OTHER Interest receivable EUR 60.216,99 0,06

Expenses payable EUR -128.973,10 -0,13

TOTAL OTHER -68.756,11 -0,07

TOTAL NET ASSETS 97.734.017,96 100,00

725


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Austria 0,45 0,41 0,38 0,82 Belgium 1,24 1,16 1,28 1,72 Bermuda 0,02 0,02 0,02 0,04 Switzerland 14,82 13,95 14,59 12,69 Germany 10,23 10,41 9,75 8,40 Denmark 2,55 2,87 2,66 2,26 Spain 4,30 4,41 4,66 4,24 Finland 1,83 1,93 2,44 1,37 France 19,37 20,88 20,27 22,52 U.K. 29,53 24,61 24,99 25,75 Ireland 0,38 0,30 0,30 0,43 Italy 2,68 2,97 2,51 2,51 Luxembourg 0,01 0,01 0,01 0,02 Netherlands 5,85 9,71 9,76 8,95 Norway 2,11 2,12 1,53 2,33 Portugal 0,01 0,22 0,45 0,83 Sweden 4,62 4,02 4,40 4,29 U.S.A. 0,00 0,00 0,00 0,83 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Cyclicals 23,18 24,34 23,08 24,46 Consum(cycl) 14,14 14,74 14,92 15,08 Cons.goods 15,07 13,39 12,41 10,89 Pharma 14,69 12,81 13,01 11,65 Financials 16,70 19,17 20,65 20,65 Technology 5,63 5,18 5,36 6,87 Telecomm. 5,79 5,22 5,02 4,82 Utilities 2,78 3,04 3,26 2,80 Real est. 2,02 2,11 2,29 2,78 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

AUD -0,01 0,00 0,00 0,00 CHF 14,76 14,02 14,70 12,65 DKK 2,52 2,89 2,67 2,27 EUR 47,90 49,85 49,41 49,27 GBP 28,01 26,92 27,12 28,23 NOK 2,22 2,17 1,61 2,39 SEK 4,58 4,12 4,45 4,36 USD 0,02 0,03 0,04 0,83 Total 100,00 100,00 100,00 100,00

726

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND BUYBACK EUROPE



Purchases 16.322.982,76 15.803.821,41 32.126.804,16 Sales 19.816.609,44 19.779.713,73 39.596.323,17 Total 1 36.139.592,19 35.583.535,14 71.723.127,33 Subscriptions 12.441.018,31 4.526.369,41 16.967.387,72 Redemptions 16.446.907,35 8.367.730,74 24.814.638,09 Total 2 28.887.925,66 12.894.100,15 41.782.025,81 Monthly average of total assets

99.815.815,63 98.301.703,28 99.055.669,43

Turnover rate 7,26 % 23,08 % 30,23 %



101.237.840,75 98.994.044,46 100.127.417,06


The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.


Nil


VALUE

Classic Shares



Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 14.807,33 15.495,23 9.861,05 6.486,20 82.234,46 42.381,35 124.615,81

2016 - 12 5.874,59 2.864,98 17.300,30 6.368,24 70.808,75 38.878,09 109.686,84

2017 - 12 5.084,98 2.379,00 9.372,39 7.113,31 66.521,34 34.143,77 100.665,11




Capitalization Distribution Capitalization Distribution 2015 - 12 13.184.330,90 10.153.460,37 8.895.578,65 4.288.907,17

2016 - 12 4.851.216,77 1.690.783,00 13.959.420,57 3.707.872,96

2017 - 12 4.870.106,23 1.557.518,17 8.999.495,27 4.653.851,83

727

Period

Net asset value End of period (in the currency of the class)



2016 - 12 89.249.202,97 911,37 635,74

2017 - 12 89.091.347,15 994,56 671,62




Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 10.187,72 19.286,92 4.623,80 4.623,80

2016 - 12 7.702,00 2.862,80 9.463,00 9.463,00

2017 - 12 11.372,00 12.177,00 8.658,00 8.658,00




Capitalization Distribution Capitalization Distribution 2015 - 12 9.190.533,74 17.089.321,17

2016 - 12 6.441.658,65 2.321.472,34

2017 - 12 10.761.865,50 11.548.175,43





2016 - 12 8.652.404,23 914,34

2017 - 12 8.642.670,81 998,23

728


2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CARNEGIE 188 33 17.61%

CITI 8 1 16.67%

CITI 1,630 408 25.06%

CSFBSAS 1,982 569 28.72%

DEUTSCHE 218 58 26.39%

EQ CSA GOLDMAN SACHS INTERNATIONAL 355 102 28.57%

EQ CSA GOLDMAN SACHS INTERNATIONAL 2,218 887 40.00%

HSBC 263 75 28.57%

HSBC 299 87 29.27%

INSTINET 66 13 20.00%

INSTINET 426 117 27.34%

MACQUARIE 11,151 4,025 36.10%

MERRILL 588 196 33.33%

MERRILL 2,939 1,162 39.55%

MORGAN STANLEY 753 147 19.48%

MORGAN STANLEY 1,832 467 25.48%

SOCGEN 333 83 25.00%

SOCGEN 4,543 1,136 25.00%

UBSWDR 200 67 33.33%

UBSWDR 1,282 334 26.09%


The management company may share its fee with the distributor, and institutional and/or professional parties. In principle, the percentage share amounts to between 35% and 60% if the distributor is an entity of KBC Group NV or to between 35% and 70% if the distributor is not an entity of KBC Group NV. However, in a small number of cases, the distributor’s fee is less than 35%. Investors may, on request, obtain more information on these cases. If the management company invests the assets of the undertaking for collective investment in units of undertakings for collective investment that are not managed by an entity of KBC Group NV, and receives a fee for doing so, it will pay this fee to the undertaking for collective investment.

732

Fee-sharing does not affect the amount of the management fee paid by the sub-fund to the management company. This management fee is subject to the limitations laid down in the articles of association. The limitations may only be amended after approval by the general meeting of shareholders. The management company has concluded a distribution agreement with the distributor in order to facilitate the wider distribution of the sub-fund's units by using multiple distribution channels. It is in the interests of the holders of units, the sub-fund and of the distributor for the largest possible number of units to be sold and for the assets of the sub-fund to be maximised in this way. In this respect, there is therefore no question of any conflict of interest.


Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. KBC Fund Management Limited receives a fee from the management company of max. 1.5% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek. Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 46.224,38 EUR and for the Management Company 18.489,75 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 1 and 11, with a market value fluctuating between 84.041,41 and 10.099.621,00 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:





o Reinvestment of the financial collateral received: no reinvestment takes place.

733

Overview of securities lent as at 29/12/2017 Name Currency Quantity Price Value in currency of the portfolio

ALTICE NV EUR 11.400 8,746 99.704,40 BB BIOTECH AG CHF 4.726 64,550 260.704,44 BOURBON CORP EUR 1.598 7,000 11.186,00 D/S NORDEN DKK 5.321 116,500 83.258,99 HOCHTIEF AG EUR 94 147,600 13.874,40

Total 468.728,23



UK 2015 2.50% 22/07/2065 GBP 76300 EUR 112.336,00 NEDERLAND 2005 4% 15/01/37 EUR 191960 EUR 300.364,08 NETHERLANDS GOVERN 2.0 15JUL24 144A EUR 11300 EUR 12.761,22 EIB EUR. INV 6.00 07DEC2028 GBP 68000 EUR 110.286,29 Total 535.747,59



0,48 %



468.728,23 EUR


0,48 %

734

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency KINGDOM OF THE NETHERLANDS 313.125,29 EUR UNITED KINGDOM OF GREAT BRITAI 126.554,39 EUR EUROPEAN INVESTMENT BANK 124.245,24 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)



currency


Citigroup Global Markets Limited

UK 260.704,44 EUR


Goldman, Sachs International LTD

UK 99.704,40 EUR


UBS AG Switzerland 97.133,39 EUR



UK 11.186,00 EUR


(Goldman Sachs)

equity (KBC Bank)




open maturity

Nil Nil



tri-party Nil Nil

collateral quality Currency Maturity tenor UK 2015 2.50% 22/07/2065 NR GBP above one year NETHERLANDS GOVERN 2.0 15JUL24 144A NR EUR above one year NEDERLAND 2005 4% 15/01/37 AAA EUR above one year EIB EUR. INV 6.00 07DEC2028 AAA GBP above one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: 1) Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians. number Name collateral custodian Market value on a settled basis currency 1 Bank of New York 563.924,92 EUR

735

Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: 1) The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts.

Nil




agent lender

return (EUR) 71.114,43 18.489,75 6.400,30 percentage of overall returns 100,00% 26,00% 9,00% cost (EUR) 24.890,05 percentage of overall returns 35,00 %

736


In line with the defined strategy, the fund was and is invested in a global selection of shares issued by companies that are characterised by their extensive global presence.

2.1.8 FUTURE POLICY

The fund will continue investing in a global selection of shares issued by companies characterised by their extensive global presence.



744

2.2 BALANCE SHEET




TOTAL NET ASSETS 26.833.065,94 32.208.007,19


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 1.098.912,00 C. Shares and similar instruments a) Shares 26.825.674,68 32.470.243,84 Of which securities lent 119.397,17 D. Other securities 4.864,40

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 2.077,01 1.120,98 B. Payables a) Accounts payable (-) -23.939,44 -42.726,09 c) Borrowings (-) -78.023,41 -288.997,64 d) Collateral (-) -1.098.912,00




A. Capital 25.131.179,58 29.859.958,64




I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 1.098.912,00

IX Financial instruments lent 119.397,17

745





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 3.934.014,51 1.992.895,90 D. Other securities 0,01 -1.550,12 G. Receivables, deposits, cash at bank and in hand

and payables 0,01

H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -2.328.658,51 288.953,69

Det.section I gains and losses on investments Realised gains on investments 2.831.293,57 3.144.520,40 Unrealised gains on investments -115.044,17 -150.495,35 Realised losses on investments -833.008,63 -2.263.547,37 Unrealised losses on investments -277.884,73 1.549.821,79

II. Investment income and expenses A. Dividends 676.382,27 754.272,30 B. Interests a) Securities and money market instruments 4.012,02 7.927,41 b) Cash at bank and in hand and deposits 1.108,01 287,46 C. Interest on borrowings (-) -801,05 -834,13



1.477,49 959,66

B. Other 7.259,65

IV. Operating expenses A. Investment transaction and delivery costs (-) -16.983,32 -30.037,35 B. Financial expenses (-) -95,83 -1.409,98 C. Custodian's fee (-) -20.105,10 -31.063,19 D. Manager's fee (-) a) Financial management Classic Shares -431.684,51 -461.012,32 Institutional B Shares -1.654,96 -27.428,28 b) Administration and accounting management -28.889,16 -32.562,66 E. Administrative expenses (-) -1.000,70 0,71 F. Formation and organisation expenses (-) -3.025,85 -3.234,22 G. Remuneration, social security charges and

pension -1,52 -3,10

H. Services and sundry goods (-) -4.362,66 -5.637,83 J. Taxes Classic Shares -23.532,97 -26.549,59 Institutional B Shares -1,71 -124,30 K. Other expenses (-) -2.542,04 4.217,21

Income and expenditure for the period Subtotal II + III + IV 155.558,08 147.767,80


746


747








748


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND GLOBAL LEADERS


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Australia

BHP BILLITON LTD - 12.383,00 AUD 29,570 238.505,33 0,89 0,89

COCHLEAR LTD - 1.214,00 AUD 171,230 135.400,24 0,51 0,51

CSL LIMITED - 1.234,00 AUD 141,300 113.573,82 0,42 0,42

GOODMAN GROUP - 31.932,00 AUD 8,420 175.129,42 0,65 0,65

WESTFIELD CORP - 14.142,00 AUD 9,490 87.417,41 0,33 0,33

Belgium

ANHEUSER-BUSCH INBEV NV - 1.756,00 EUR 93,130 163.536,28 0,61 0,61

Brazil

VALE SA - 12.500,00 BRL 40,260 126.343,14 0,47 0,47

Canada

MANULIFE FINANCIAL CORP - 6.669,00 CAD 26,220 116.225,44 0,43 0,43

POWER CORP - 9.279,00 CAD 32,370 199.641,89 0,74 0,74

POWER FINANCIAL CORP - 6.414,00 CAD 34,540 147.251,29 0,55 0,55

THOMSON REUTERS CORP - 4.035,00 CAD 54,790 146.944,27 0,55 0,55

VERMILION ENERGY TRUST - 5.134,00 CAD 45,680 155.879,77 0,58 0,58

Cayman Islands

GARMIN LTD - 2.154,00 USD 59,570 106.856,91 0,40 0,40

Denmark

WILLIAM DEMANT HOLDING - 4.192,00 DKK 173,500 97.686,09 0,36 0,36

France

BNP PARIBAS SA - 2.519,00 EUR 62,250 156.807,75 0,58 0,58

PERNOD RICARD SA - 1.499,00 EUR 131,950 197.793,05 0,74 0,74

SANOFI - 2.330,00 EUR 71,850 167.410,50 0,62 0,62

Germany

ADIDAS AG - 715,00 EUR 167,150 119.512,25 0,45 0,45

BAYER AG - 1.584,00 EUR 104,000 164.736,00 0,61 0,61

DEUTSCHE TELEKOM INT FIN REG 16.175,00 EUR 14,795 239.309,13 0,89 0,89

FRESENIUS SE & CO KGAA (FRA) 2.345,00 EUR 65,070 152.589,15 0,57 0,57

SAP AG - 2.812,00 EUR 93,450 262.781,40 0,98 0,98

Hong Kong

AIA GROUP LTD - 16.200,00 HKD 66,650 115.023,36 0,43 0,43

BANK OF EAST ASIA LTD. - 25.800,00 HKD 33,850 93.035,62 0,35 0,35

BEIJING ENTERPRISES WATER GROUP LTD - 146.000,00 HKD 6,050 94.097,72 0,35 0,35

CHINA EVERBRIGHT-IHD PAC LTD - 66.000,00 HKD 17,480 122.901,23 0,46 0,46

CHINA MERCHANTS HLDGS INTL - 40.000,00 HKD 20,450 87.141,33 0,33 0,33

CITIC LTD - 144.000,00 HKD 11,280 173.038,39 0,65 0,65

FAR EAST HORIZON LTD - 138.000,00 HKD 6,670 98.056,36 0,37 0,37

749

HONG KONG CHINA GAS - 83.820,00 HKD 15,320 136.797,23 0,51 0,51

SHANGAI INDUSTRIAL HOLDING - 50.000,00 HKD 22,400 119.313,31 0,45 0,45

SWIRE PACIFIC LTD - 14.000,00 HKD 72,350 107.903,97 0,40 0,40

Hungary

OTP BANK PLC - 3.456,00 HUF 10.720,000 119.431,73 0,45 0,45

India

UPL LTD - 15.506,00 INR 762,700 154.303,15 0,58 0,58

Ireland

ANGLO IRISH BANK CORP - 12.016,00 EUR 0,000 0,01

Italy

ENI - 15.847,00 EUR 13,800 218.688,60 0,82 0,82

Japan

ABC-MART INC - 2.100,00 JPY 6.470,000 100.443,48 0,37 0,37

ASTELLAS PHARMA INC - 11.700,00 JPY 1.437,000 124.291,33 0,46 0,46

DAIKIN INDUSTRIES - 2.400,00 JPY 13.335,000 236.593,30 0,88 0,88

MITSUBISHI UFJ FINANCIAL GROUP - 23.100,00 JPY 826,400 141.123,87 0,53 0,53

MIZUHO FINANCIAL GROUP INC. - 117.800,00 JPY 204,600 178.175,96 0,66 0,66

SEVEN & I HOLDINGS CO LTD - 3.400,00 JPY 4.683,000 117.706,72 0,44 0,44

SOFTBANK GROUP CORP - 2.200,00 JPY 8.920,000 145.072,71 0,54 0,54

SONY CORP - 3.000,00 JPY 5.083,000 112.730,01 0,42 0,42

SUMITOMO MITSUI FINANCIAL GROUP INC - 4.800,00 JPY 4.868,000 172.738,84 0,64 0,64

TAKEDA PHARMACEUTICAL CO LTD - 4.700,00 JPY 6.401,000 222.404,66 0,83 0,83

TOYODA GOSEI CO LTD - 7.300,00 JPY 2.867,000 154.720,81 0,58 0,58

Jersey/The Channel Islands

FERGUSON PLC - 2.859,00 GBP 53,300 171.672,06 0,64 0,64

Malaysia

YTL POWER INTERNATIONAL BHD - 321.912,00 MYR 1,290 85.452,81 0,32 0,32

Mexico

BIMBO - 72.400,00 MXN 43,510 134.080,64 0,50 0,50

Netherlands

AIRBUS SE - 2.156,00 EUR 83,000 178.948,00 0,67 0,67

ROYAL DUTCH SHELL PLC -A- 12.790,00 GBP 24,800 357.339,04 1,33 1,33

UNILEVER CVA 3.244,00 EUR 46,955 152.322,02 0,57 0,57

Singapore

OVERSEA-CHINESE BANKING CORP LTD. - 26.700,00 SGD 12,390 206.146,13 0,77 0,77

UNITED OVERSEAS BANK LTD. - 10.000,00 SGD 26,450 164.823,18 0,61 0,61

South Africa

NASPERS LTD N 595,00 ZAR 3.451,000 138.124,50 0,52 0,52

NOVUS HOLDINGS LTD - 283,00 ZAR 5,900 112,32

THE SPAR GROUP LTD - 9.098,00 ZAR 203,330 124.438,91 0,46 0,46

South Korea

HANKOOK TIRE WORLDWIDE CO LTD - 2.674,00 KRW 54.600,000 113.573,34 0,42 0,42

KIA MOTORS CORP. - 5.943,00 KRW 33.500,000 154.872,00 0,58 0,58

Spain

BANCO BILBAO VIZCAYA ARGENTARIA - 20.454,00 EUR 7,112 145.468,85 0,54 0,54

BANCO SANTANDER CENTRAL HISPANO SA - 40.466,00 EUR 5,479 221.713,21 0,83 0,83

TELEFONICA SA - 21.978,00 EUR 8,125 178.571,25 0,67 0,67

Sweden

ATLAS COPCO AB "A" 4.487,00 SEK 354,200 161.653,40 0,60 0,60

750

Switzerland

ABB LTD - 8.706,00 CHF 26,120 194.334,68 0,72 0,72

DUFRY GROUP - 762,00 CHF 144,900 94.358,67 0,35 0,35

NESTLE AG REG 4.183,00 CHF 83,800 299.564,50 1,12 1,12

NOVARTIS AG REG 2.094,00 CHF 82,400 147.455,97 0,55 0,55

ROCHE HOLDING GENOTS 1.094,00 CHF 246,500 230.458,49 0,86 0,86

TE CONNECTIVITY LTD - 3.247,00 USD 95,040 256.991,07 0,96 0,96

UBS GROUP AG - 7.298,00 CHF 17,940 111.888,32 0,42 0,42

Taiwan

HON HAI PRECISION - 54.800,00 TWD 95,200 145.994,29 0,54 0,54

TAIWAN SEMICONDUCTOR - 39.215,00 TWD 229,500 251.856,57 0,94 0,94

U.K.

BP PLC - 39.607,00 GBP 5,227 233.229,08 0,87 0,87

BRITISH AMERICAN TOBACCO PLC - 3.042,00 GBP 50,180 171.968,19 0,64 0,64

GLENCORE PLC - 30.986,00 GBP 3,900 136.140,82 0,51 0,51

HSBC HOLDING PLC - 26.822,00 GBP 7,669 231.733,14 0,86 0,86

NAT. GRID PLC - 10.966,00 GBP 8,751 108.109,58 0,40 0,40

RIO TINTO PLC - 4.255,00 GBP 39,420 188.961,98 0,70 0,70

VODAFONE GROUP PLC - 57.662,00 GBP 2,350 152.656,68 0,57 0,57

WILLIS GROUP HOLDINGS LTD - 1.076,00 USD 150,690 135.028,68 0,50 0,50

U.S.A.

ACCENTURE LTD "A" 1.563,00 USD 153,090 199.266,88 0,74 0,74

ACTIVISION INC - 2.082,00 USD 63,320 109.787,01 0,41 0,41

ADOBE SYSTEMS - 772,00 USD 175,240 112.662,62 0,42 0,42

AES CORP - 9.827,00 USD 10,830 88.629,59 0,33 0,33

AGCO CORP - 2.497,00 USD 71,430 148.534,90 0,55 0,55

ALPHABET INC -A- 513,00 USD 1.053,400 450.028,48 1,68 1,68

AMAZON COMM. INC. - 354,00 USD 1.169,470 344.763,81 1,29 1,29

AMERICAN EXPRESS - 2.321,00 USD 99,310 191.954,12 0,72 0,72

AMERICAN TOWER CORP CL A 1.533,00 USD 142,670 182.139,50 0,68 0,68

AON CORPORATION - 1.401,00 USD 134,000 156.340,77 0,58 0,58

APPLE INC - 4.597,00 USD 169,230 647.860,02 2,42 2,41

APPLIED MATERIALS - 2.884,00 USD 51,120 122.776,55 0,46 0,46

AVERY DENNISON CORPORATION - 1.943,00 USD 114,860 185.853,58 0,69 0,69

AXALTA COATING SYSTEMS LTD - 1.560,00 USD 32,360 42.039,97 0,16 0,16

BANK OF AMERICA CORP - 14.601,00 USD 29,520 358.945,30 1,34 1,34

BANK OF NEW YORK MELLON CORP - 4.544,00 USD 53,860 203.813,99 0,76 0,76

BECTON DICKINSON - 1.025,00 USD 214,060 182.721,10 0,68 0,68

BOEING - 922,00 USD 294,910 226.438,22 0,84 0,84

CHEVRON CORP - 1.934,00 USD 125,190 201.630,13 0,75 0,75

CITIGROUP INC - 5.357,00 USD 74,410 331.957,34 1,24 1,24

COCA-COLA CO - 4.712,00 USD 45,880 180.035,44 0,67 0,67

COLGATE - PALMOLIVE - 2.084,00 USD 75,450 130.944,20 0,49 0,49

CONOCOPHILLIPS - 3.222,00 USD 54,890 147.281,46 0,55 0,55

EQUINIX INC - 384,00 USD 453,220 144.933,78 0,54 0,54

EXPEDITORS INTL OF WASHINGTON INC. - 4.729,00 USD 64,690 254.762,67 0,95 0,95

EXXON MOBIL CORP - 4.909,00 USD 83,640 341.929,35 1,27 1,27

FACEBOOK INC - 2.996,00 USD 176,460 440.268,29 1,64 1,64

GENERAL ELEC CAP CORP - 9.985,00 USD 17,450 145.101,81 0,54 0,54

GILEAD SCIENCES - 2.507,00 USD 71,640 149.568,19 0,56 0,56

GOLDMAN SACHS - 979,00 USD 254,760 207.703,23 0,77 0,77

HESS CORP - 1.809,00 USD 47,470 71.513,35 0,27 0,27

I.B.M. - 1.239,00 USD 153,420 158.300,62 0,59 0,59

IHS MARKET LTD - 2.409,00 USD 45,150 90.578,24 0,34 0,34

INTEL CORP - 5.359,00 USD 46,160 206.005,53 0,77 0,77

751

INTL FLAVORS & FRAG. - 1.040,00 USD 152,610 132.173,88 0,49 0,49

INVESCO LTD - 5.749,00 USD 36,540 174.940,42 0,65 0,65

JOHNSON & JOHNSON - 2.811,00 USD 139,720 327.076,05 1,22 1,22

JPMORGAN CHASE & CO - 5.006,00 USD 106,940 445.820,82 1,66 1,66

KIMBERLEY-CLARK CORP - 1.377,00 USD 120,660 138.365,11 0,52 0,52

LKQ CORP - 5.509,00 USD 40,670 186.584,80 0,70 0,70

MANPOWER GROUP - 1.542,00 USD 126,110 161.943,39 0,60 0,60

MARSH & MCLENNAN CO - 2.527,00 USD 81,390 171.279,59 0,64 0,64

MASTERCARD INC - 1.930,00 USD 151,360 243.275,15 0,91 0,91

MC DONALD'S CORP - 1.578,00 USD 172,120 226.187,01 0,84 0,84

MEDTRONIC PLC - 3.332,00 USD 80,750 224.066,46 0,84 0,84

MERCK & CO - 2.508,00 USD 56,270 117.525,95 0,44 0,44

MICROSOFT CORP - 8.009,00 USD 85,540 570.527,86 2,13 2,13

MONDELEZ INTERNATIONAL INC "A" 2.927,00 USD 42,800 104.326,78 0,39 0,39

NIKE "B" 2.776,00 USD 62,550 144.602,60 0,54 0,54

NORTHERN TRUST CORPORATION - 1.437,00 USD 99,890 119.538,58 0,45 0,45

NVIDIA CORP NAS 628,00 USD 193,500 101.197,53 0,38 0,38

OMNICOM GROUP - 2.676,00 USD 72,830 162.302,70 0,61 0,61

ORACLE CORP - 4.192,00 USD 47,280 165.054,76 0,62 0,62

PFIZER - 7.762,00 USD 36,220 234.126,95 0,87 0,87

PHILIP MORRIS INTERNATIONAL IN - 2.216,00 USD 105,650 194.970,35 0,73 0,73

PPG INDUSTRIES INC - 1.797,00 USD 116,820 174.821,40 0,65 0,65

PPL CORP - 6.029,00 USD 30,950 155.394,36 0,58 0,58

PRICELINE GROUP INC/THE - 93,00 USD 1.737,740 134.585,13 0,50 0,50

PROCTER & GAMBLE CO/THE - 2.843,00 USD 91,880 217.534,01 0,81 0,81

SCHLUMBERGER - 2.736,00 USD 67,390 153.546,84 0,57 0,57

SYNOPSYS INC - 2.137,00 USD 85,240 151.697,10 0,57 0,57

TEXAS INSTRUMENTS - 3.676,00 USD 104,440 319.721,39 1,19 1,19

TIME WARNER INC - 1.619,00 USD 91,470 123.326,06 0,46 0,46

TOYOTA MOTOR CREDIT - 6.169,00 JPY 7.213,000 328.949,24 1,23 1,23

TWENTY FIRST CENTURY FOX INC NEW 'A' 4.411,00 USD 34,530 126.841,96 0,47 0,47

WABCO HOLDINGS INC - 1.115,00 USD 143,500 133.246,59 0,50 0,50

WAL-MART STORES - 2.229,00 USD 98,750 183.305,92 0,68 0,68

WALGREENS BOOTS ALLLIANCE INC - 2.013,00 USD 72,620 121.738,89 0,45 0,45

WATERS CORP - 1.092,00 USD 193,190 175.685,78 0,66 0,66

3M CO - 1.149,00 USD 235,370 225.216,63 0,84 0,84

Total shares 26.825.674,68 99,98 99,97

Rights

Netherlands

ROYAL DUTCH SHELL PLC CP 16/11/17 12.100,00 GBP 0,357 4.864,40 0,02 0,02

Total rights 4.864,40 0,02 0,02


COLLATERAL RECEIVED

Belgium




Demand accounts

Belgium

KBC GROUP AUD 694,01 AUD 1,000 452,05 0,00

KBC GROUP CAD 13.865,79 CAD 1,000 9.216,21 0,03

KBC GROUP CHF 632,15 CHF 1,000 540,23 0,00

752

KBC GROUP DKK 28.821,52 DKK 1,000 3.871,05 0,01


KBC GROUP GBP 17.812,28 GBP 1,000 20.066,78 0,08

KBC GROUP HKD 101.224,21 HKD 1,000 10.783,39 0,04

KBC GROUP HUF 1.482.059,28 HUF 1,000 4.777,68 0,02

KBC GROUP ILS -28.491,39 ILS 1,000 -6.834,52 -0,03

KBC GROUP JPY 158.212,00 JPY 1,000 1.169,60 0,00

KBC GROUP MXN 54.916,13 MXN 1,000 2.337,43 0,01

KBC GROUP NOK -57,73 NOK 1,000 -5,88

KBC GROUP SEK 122.002,96 SEK 1,000 12.409,39 0,05

KBC GROUP SGD 17.139,54 SGD 1,000 10.680,50 0,04

KBC GROUP TRY -1.621,73 TRY 1,000 -356,19 0,00

KBC GROUP USD 29.357,38 USD 1,000 24.448,18 0,09

KBC GROUP ZAR 132.908,62 ZAR 1,000 8.940,50 0,03

Total demand accounts 31.669,58 0,12

TOTAL CASH AT BANK AND IN HAND 31.669,58 0,12


Receivables

Belgium



Payables

Belgium


-1.098.912,00 EUR 1,000 -1.098.912,00 -4,10


Payables -1.122.851,44 -4,19




TOTAL OTHER -7.280,29 -0,03

TOTAL NET ASSETS 26.833.065,94 100,00

753


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Australia 3,36 3,19 3,36 3,27 Belgium 0,65 0,54 0,60 0,61 Brazil 0,00 0,47 0,00 0,47 Canada 3,11 3,08 2,93 2,85 Switzerland 2,86 3,10 4,11 4,02 China 0,56 0,59 0,89 0,00 Cayman Islands 0,00 0,00 0,00 0,40 Germany 2,68 3,04 3,43 3,50 Denmark 0,64 0,52 0,00 0,36 Spain 1,54 1,77 1,98 2,03 Finland 0,54 0,54 0,27 0,00 France 2,31 2,42 2,19 1,95 U.K. 7,65 5,69 5,42 5,71 Hong Kong 4,17 3,81 4,05 4,28 Hungary 0,00 0,00 0,45 0,45 India 0,60 0,49 0,56 0,58 Italy 0,73 0,76 0,74 0,82 Jersey/The Channel Islands 0,42 0,51 0,54 0,64 Japan 7,41 8,05 7,42 7,58 South Korea 0,55 0,86 0,85 1,00 Mexico 0,88 0,60 0,57 0,50 Malaysia 0,51 0,40 0,00 0,32 Netherlands 0,69 1,74 2,12 2,58 Philippines 0,44 0,00 0,00 0,00 Russia 0,51 0,62 0,41 0,00 Singapore 1,11 0,89 1,17 1,38 Sweden 1,10 1,19 0,81 0,60 Taiwan 1,53 1,71 1,55 1,48 U.S.A. 52,63 52,44 52,59 51,64 South Africa 0,82 0,98 0,99 0,98 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017


754


30/06/2016 31/12/2016 30/06/2017 31/12/2017

AUD 2,86 2,61 3,02 2,80 BRL 0,00 0,47 0,00 0,47 CAD 3,16 3,11 2,99 2,89 CHF 2,87 3,13 4,11 4,02 DKK 0,65 0,54 0,02 0,38 EUR 8,81 8,87 9,70 9,79 GBP 7,13 6,25 6,00 6,62 HKD 4,75 4,44 5,00 4,31 HUF 0,00 0,00 0,47 0,46 ILS -0,02 -0,02 -0,03 -0,03 INR 0,60 0,49 0,56 0,57 JPY 7,43 8,17 7,49 7,59 KRW 0,55 0,87 0,85 1,00 MXN 0,89 0,61 0,58 0,51 MYR 0,51 0,40 0,00 0,32 PHP 0,44 0,00 0,00 0,00 SEK 1,11 1,22 0,84 0,65 SGD 1,16 0,90 1,19 1,42 TWD 1,54 1,73 1,55 1,48 USD 54,74 55,21 54,65 53,74 ZAR 0,82 1,00 1,01 1,01 Total 100,00 100,00 100,00 100,00

755

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND GLOBAL LEADERS



Purchases 3.181.875,77 2.784.666,55 5.966.542,32 Sales 8.100.700,01 5.117.055,98 13.217.755,99 Total 1 11.282.575,78 7.901.722,52 19.184.298,31 Subscriptions 492.887,23 310.401,17 803.288,40 Redemptions 5.072.659,09 2.637.519,01 7.710.178,10 Total 2 5.565.546,32 2.947.920,18 8.513.466,50 Monthly average of total assets

30.215.360,33 27.642.672,47 28.918.385,46

Turnover rate 18,92 % 17,92 % 36,90 %


Purchases 3.181.875,77 2.784.666,55 5.966.542,32 Sales 8.100.700,01 5.117.055,98 13.217.755,99 Total 1 11.282.575,78 7.901.722,52 19.184.298,31 Subscriptions 492.887,23 310.401,17 803.288,40 Redemptions 5.072.659,09 2.637.519,01 7.710.178,10 Total 2 5.565.546,32 2.947.920,18 8.513.466,50 Monthly average of total assets

30.218.454,79 27.639.359,18 28.913.541,99




Nil


VALUE

Classic Shares




2016 - 12 1.630,38 568,00 15.271,53 6.732,14 56.167,71 26.690,26 82.857,97

2017 - 12 1.745,60 288,00 11.046,32 5.399,27 46.866,99 21.578,99 68.445,98





2016 - 12 586.726,79 161.550,32 5.419.562,46 1.868.646,57

2017 - 12 718.902,15 92.895,59 4.566.920,87 1.736.354,10

756

Period




2016 - 12 30.753.023,51 398,63 313,33

2017 - 12 26.833.065,94 422,66 325,50





2016 - 12 141,00 2.395,00 3.635,00 3.635,00

2017 - 12 0,00 3.635,00 0,00 0,00





2016 - 12 48.409,53 887.081,20

2017 - 12 0,00 1.477.491,36





2016 - 12 1.454.983,68 400,27

757


2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CITI 1,633 499 30.58%

CSFBSAS 1,414 474 33.53%


HSBC 82 21 25.00%

INSTINET 2,052 797 38.83%

MACQUARIE 1,680 468 27.86%

MERRILL 876 263 29.97%


UBSWDR 86 17 20.00%



761


Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. KBC Fund Management Limited receives a fee from the management company of max. 1.5% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek. Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 2.594,23 EUR and for the Management Company 1.042,57 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 0 and 4, with a market value fluctuating between 0,00 and 666.077,43 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:

Manager of the securities lending system: KBC Bank NV o Type of securities lending transactions effected: the lending transactions are effected

with a Principal. o Nature of the lent securities: the securities lending applies only to the equity portion of



o Reinvestment of the financial collateral received: the financial collateral is not reinvested.

o Portion of the volume of securities lent which were used for own account or were held by the Principal or which were transferred by the Principal for any reason to party belonging to one of the categories as referred to in Article 5, § 1 of the Royal Decree of 7 March 2006: 100 %.




Germany, the Netherlands, Luxembourg, the UK, France, the US and Switzerland and

762

supranational bonds denominated in EUR, USD or GBP issued by the EIB or the KFW.


OTP BANK RT. HUF 3.455 10.720,000 119.397,17

Total 119.397,17



FLEMISH COMMUNITY 2010 3,1155% 18/08/2020 EUR 1000000 EUR 1.098.912,00 Total 1.098.912,00



0,45 %



119.397,17 EUR


0,44 %

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency FLEMISH COMMUNITY 1.098.912,00 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)

name counterparty

Country of counterparty


currency

equity (KBC Bank) KBC Bank NV Belgium 119.397,17 EUR

763


(Goldman Sachs)

equity (KBC Bank)


type Nil bonds Nil quality – Bloomberg composite rating: see table below 2) Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity: see table below;


Nil open maturity

Nil



Nil bilateral Nil

collateral quality Currency Maturity tenor FLEMISH COMMUNITY 2010 3,1155% 18/08/2020 NR EUR above one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: 1) Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians. number Name collateral custodian Market value on a settled basis currency 1 KBC Bank 1.098.912,00 EUR Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: 1) The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts.

Nil




agent lender

return (EUR) 3.936,87 1.023,59 354,32 percentage of overall returns 100,00% 26,00% 9,00% cost (EUR) 1.377,90 percentage of overall returns 35,00 % Lending program: equity (KBC Bank)



agent lender


100,00% 35,00% 0,00%


35,00 %

764


In contrast to 2016, investors in the oil sector had far less reason to rejoice in 2017, as the oil sector tended to lag behind other sectors. The energy sector was the worst performing sector by far on stock exchange floors during the first eight months of 2017, due to collapsing oil prices. In the last few months of 2017, there was a moderate recovery, influenced by a recovering oil price. The average price of a barrel of Brent crude was about 55 US dollars in 2017, as compared with 45 US dollars in 2016. At the beginning of 2017, the price of oil was well supported by the production restrictions imposed by the OPEC cartel and Russia. Since oil stocks remained at a high level for a long time, however, the oil price gradually fell, reaching a low in June. From the summer onwards, the price recovered over several months, resulting in the price of Brent crude ending 2017 at 66 US dollars, which is the highest level in more than two years. Demand for oil grew more quickly than the supply, which led to oil stocks being run down rapidly during the second half of the year. The twelve OPEC countries and eleven other oil-producing countries, including Russia, agreed to keep the flow of oil under control for a while longer and extended production restrictions until the end of 2018. Unlike globally traded oil, the price of natural gas is determined on a more regional basis. The price of natural gas in the US remained fairly stable at a low level in 2017. Increasing demand for gas for electricity generation and the start of liquefied natural gas exports from the US were offset by rising natural gas production from US shale fields. The natural gas price in Europe followed a much more volatile course in 2017, with very low prices in the spring and summer, and higher prices in the autumn and winter. Companies with large downstream exposure (oil processing and oil products distribution) were the absolute stars on stock exchange floors in 2017. Refining companies, both in Europe and the US, benefited from strong demand for oil products and high refining margins. Oil service companies performed below par in 2017 because oil producers were cautious about costs and invested less in new projects.

2.1.8 FUTURE POLICY

The upward potential for the price of a barrel of Brent crude in 2018 seems limited because higher prices result in increased activity in US shale fields. It is also uncertain how quickly OPEC and Russia will increase their oil production again after the expiry of production restrictions. This year the oil market is again seeing fierce competition between OPEC and US shale producers. Due to reductions in oil stocks, however, there is now a greater sensitivity to supply disturbances resulting from geopolitical unrest. As regards the natural gas price, we also believe that the potential for the price to go up is somewhat limited if the weather remains in normal bounds. Regardless of climatic conditions, we expect structurally rising demand for natural gas in the US over the coming years due to increased electricity generation from gas-fired power stations (at the expense of coal), higher industrial demand for natural gas in petrochemicals and more exports from the US in the form of LNG (Liquefied Natural Gas). Natural gas production in the US is also set to rise as a result of the higher prices for gas and oil (where a lot of gas is often extracted as a by-product), as a result of which supply will also rise. Within the oil sector, we prefer exposure to the European international oil companies that have adapted very impressively to a world of lower oil and gas prices. Cash flows are picking up thanks to radical cost savings, sustained investment discipline and growing production from earlier investments. The debt ratio can be reduced further and there is even some scope for increased shareholder remuneration (abolition of optional dividends and/or share buy-back programmes). The outlook for oil service companies differs according to their exposure. A rise in activity in the US shale fields is offering better prospects for service providers in the area of shale oil extraction. Oil services with exposure to large deep-water offshore projects may continue to be under pressure due to the scarcity of new assignments.

772



773

2.2 BALANCE SHEET




TOTAL NET ASSETS 123.431.564,03 188.569.879,41


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 1.609.303,81 C. Shares and similar instruments a) Shares 123.421.169,52 189.915.332,78 Of which securities lent 1.508.815,02 D. Other securities 208.367,00 108.056,62

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 8.459.113,21 15.921,06 B. Payables a) Accounts payable (-) -8.517.857,10 -481.417,53 c) Borrowings (-) -8.924.125,79 -1.457.287,78 d) Collateral (-) -1.609.303,81

V. Deposits and cash at bank and in hand A. Demand balances at banks 8.694.401,95 762.773,11



A. Capital 144.282.253,79 118.684.266,30

B. Income equalization -552.771,30 -2.240.370,74

D. Result of the bookyear -20.297.918,47 72.125.983,85


I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 1.609.303,81

IX Financial instruments lent 1.508.815,02

774





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares -9.912.753,12 68.926.324,38 D. Other securities -12.221,19 G. Receivables, deposits, cash at bank and in hand

and payables 0,01


transactions -11.558.250,01 353.610,95

Det.section I gains and losses on investments Realised gains on investments 26.487.443,62 45.630.544,09 Unrealised gains on investments -25.204.235,99 34.445.484,92 Realised losses on investments -18.614.607,07 -16.011.124,12 Unrealised losses on investments -4.139.603,67 5.202.809,26

II. Investment income and expenses A. Dividends 4.119.457,00 6.958.454,95 B. Interests a) Securities and money market instruments 85.247,72 156.899,76 b) Cash at bank and in hand and deposits 4.764,41 8.992,60 C. Interest on borrowings (-) -7.165,85 -5.689,18



49.979,55 448.410,99

B. Other 6.098,81

IV. Operating expenses A. Investment transaction and delivery costs (-) -580.796,38 -905.357,30 B. Financial expenses (-) -223,26 -2.940,13 C. Custodian's fee (-) -117.570,94 -29.391,11 D. Manager's fee (-) a) Financial management Classic Shares -1.950.563,81 -2.467.016,62 Institutional B Shares -188.875,92 -715.702,88 b) Administration and accounting management -142.629,45 -212.181,33 E. Administrative expenses (-) -1.000,00 10,72 F. Formation and organisation expenses (-) -3.277,05 -5.061,21 G. Remuneration, social security charges and

pension -7,27 -34,98

H. Services and sundry goods (-) -7.133,81 -8.227,47 J. Taxes Classic Shares -110.482,36 -156.906,83 Institutional B Shares -3.761,26 1.606,81 K. Other expenses (-) 21.024,51 -207.597,09


V. Profit (loss) on ordinary activities before tax -20.297.918,47 72.125.983,85

775

VII. Result of the bookyear -20.297.918,47 72.125.983,85

776




I. Profit to be appropriated -20.850.689,77 69.885.613,11 Profit for the period available for appropriation -20.297.918,47 72.125.983,85 Income on the creation of shares (income on the

cancellation of shares) -552.771,30 -2.240.370,74

II. (Appropriations to) Deductions from capital 22.554.070,56 -67.599.927,17

IV. (Dividends to be paid out) -1.703.380,79 -2.285.685,94

777


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND OIL


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Australia

SANTOS LTD. - 333.512,00 AUD 5,450 1.183.937,73 0,96 0,96

Austria

OMV AG (WIEN) 63.846,00 EUR 52,830 3.372.984,18 2,73 2,73

Canada

CAMECO CORPORATION - 92.274,00 CAD 11,610 712.064,57 0,58 0,58

CANADIAN NATURAL RESOURCES LTD - 67.319,00 CAD 44,920 2.009.949,80 1,63 1,63

ENCANA CORP - 338.861,00 CAD 16,770 3.777.134,58 3,06 3,06

TOURMALINE OIL CORP - 52.265,00 CAD 22,780 791.357,06 0,64 0,64

TRANSCANADA CORP - 49.268,00 CAD 61,180 2.003.467,09 1,62 1,62

Denmark

VESTAS WINDS SYSTEMS - 33.135,00 DKK 428,800 1.908.331,05 1,54 1,55

Finland

NESTE OIL OYJ - 64.715,00 EUR 53,350 3.452.545,25 2,79 2,80

France

GAZTRANSPORT ET TECHNIGAZ SA - 17.335,00 EUR 50,100 868.483,50 0,70 0,70

RUBIS - 40.923,00 EUR 58,980 2.413.638,54 1,95 1,96

TOTAL - 147.981,00 EUR 46,045 6.813.785,15 5,51 5,52

Ireland

DCC PLC - 20.749,00 GBP 74,650 1.744.958,99 1,41 1,41

Italy

ENI - 303.000,00 EUR 13,800 4.181.400,00 3,38 3,39

SARAS SPA - 568.423,00 EUR 2,004 1.139.119,69 0,92 0,92

SNAM SPA - 679.939,00 EUR 4,080 2.774.151,12 2,24 2,25

Japan

INPEX CORP - 11.000,00 JPY 1.409,000 114.578,17 0,09 0,09

Luxembourg

TENARIS SA - 106.850,00 EUR 13,160 1.406.146,00 1,14 1,14

Monaco

GASLOG LTD - 20.555,00 USD 22,250 380.870,04 0,31 0,31

Netherlands

ROYAL DUTCH SHELL PLC -A- 269.315,00 GBP 24,800 7.524.375,60 6,09 6,10


SBM OFFSHORE NV (AMS) 16.287,00 EUR 14,670 238.930,29 0,19 0,19

VOPAK (KON.) (AMS) 23.140,00 EUR 36,570 846.229,80 0,68 0,69

778

Norway

HOEGH LNG HOLDINGS LTD - 178.104,00 NOK 65,000 1.178.686,08 0,95 0,96

Papua New Guinea

OIL SEARCH LTD - 181.690,00 AUD 7,790 921.911,81 0,75 0,75

Poland

POLSKI KONCERN NAFTOWY ORLEN SA - 286,00 PLN 106,000 7.265,67 0,01 0,01

Russia

GAZPROM ADR NEW 59.444,00 USD 4,410 218.311,16 0,18 0,18

LUKOIL PJSC - 16.800,00 USD 57,220 800.546,30 0,65 0,65

NOVATEK OAO - 981,00 USD 120,200 98.198,03 0,08 0,08

Spain

ENAGAS - 30.877,00 EUR 23,870 737.033,99 0,60 0,60

U.K.

BP PLC - 1.604.992,00 GBP 5,227 9.451.127,34 7,65 7,66

HUNTING PLC - 431.828,00 GBP 6,050 2.943.231,45 2,38 2,39

OPHIR ENERGY PLC - 1.625.083,00 GBP 0,668 1.222.038,98 0,99 0,99

WOOD GROUP (JOHN) PLC - 305.043,00 GBP 6,500 2.233.740,21 1,81 1,81

U.S.A.

ANADARKO PETROLEUM - 45.777,00 USD 53,640 2.044.868,65 1,65 1,66

ANDEAVOR - 15.148,00 USD 114,340 1.442.390,34 1,17 1,17

CABOT OIL & GAS CORP - 59.161,00 USD 28,600 1.409.064,46 1,14 1,14

CHENIERE ENERGY INC - 31.160,00 USD 53,840 1.397.113,92 1,13 1,13

CHEVRON CORP - 66.683,00 USD 125,190 6.952.069,26 5,62 5,63

CONCHO RESOURCES INC/MIDLAND TX - 2.093,00 USD 150,220 261.834,16 0,21 0,21

CONOCOPHILLIPS - 80.502,00 USD 54,890 3.679.842,42 2,98 2,98

CONTINENTAL RESOURCES INC/OK - 28.772,00 USD 52,970 1.269.197,90 1,03 1,03

DEVON ENERGY CORP - 43.920,00 USD 41,400 1.514.230,51 1,23 1,23

EOG RESOURCES INC. - 33.894,00 USD 107,910 3.045.887,36 2,46 2,47

EXXON MOBIL CORP - 165.683,00 USD 83,640 11.540.411,49 9,34 9,36

FMC TECHNOLOGIES INC. - 5.207,00 USD 31,310 135.768,80 0,11 0,11

HOLLY CORPORATION - 31.594,00 USD 51,220 1.347.638,81 1,09 1,09

MARATHON PETROLEUM CORP - 16.603,00 USD 65,980 912.280,10 0,74 0,74

NEWFIELD EXPLORATION CO. - 97.993,00 USD 31,530 2.573.050,71 2,08 2,09

PIONEER NATURAL RESOURCES CO - 17.460,00 USD 172,850 2.513.291,97 2,03 2,04

SCHLUMBERGER - 37.758,00 USD 67,390 2.119.013,67 1,71 1,72

TARGA RESOURCES CORP - 31.799,00 USD 48,420 1.282.234,83 1,04 1,04

TPI COMPOSITES INC - 64.456,00 USD 20,460 1.098.242,64 0,89 0,89

US SILICA HOLDINGS INC - 109.109,00 USD 32,560 2.958.518,52 2,39 2,40

WILLIAMS COMPAGNIES - 3.794,00 USD 30,490 96.334,99 0,08 0,08

Total shares 123.421.169,52 99,83 99,99

Rights

France

TOTAL CP 19/12/2017 130.788,00 EUR 0,620 81.088,56 0,07 0,07

Netherlands

ROYAL DUTCH SHELL PLC CP 16/11/17 316.600,00 GBP 0,357 127.278,44 0,10 0,10

Total rights 208.367,00 0,17 0,17


779


Demand accounts

Belgium

KBC GROUP AUD 1.107.489,00 AUD 1,000 721.373,72 0,58

KBC GROUP CAD 481.393,74 CAD 1,000 319.969,25 0,26

KBC GROUP CHF 17.364,42 CHF 1,000 14.839,48 0,01

KBC GROUP DKK 5.829.608,25 DKK 1,000 782.981,20 0,63


KBC GROUP GBP 1.505.425,00 GBP 1,000 1.695.966,88 1,37

KBC GROUP HKD 372.362,31 HKD 1,000 39.667,66 0,03

KBC GROUP JPY 3.180.743,00 JPY 1,000 23.514,01 0,02

KBC GROUP NOK 630.087,79 NOK 1,000 64.152,29 0,05

KBC GROUP PLN 326.998,34 PLN 1,000 78.369,88 0,06

KBC GROUP SEK 22.036,65 SEK 1,000 2.241,43 0,00

KBC GROUP TRY -208.064,20 TRY 1,000 -45.698,77 -0,04

KBC GROUP USD 5.945.552,44 USD 1,000 4.951.326,15 4,01




Receivables

Belgium

KBC GROUP EUR RECEIVABLE 8.459.113,21 EUR 1,000 8.459.113,21 6,85

Total receivables 8.459.113,21 6,85

Payables

Belgium

KBC GROUP AUD PAYABLE -1.152.616,90 AUD 1,000 -750.768,21 -0,61

KBC GROUP CAD PAYABLE -471.625,74 CAD 1,000 -313.476,73 -0,25

KBC GROUP DKK PAYABLE -5.477.928,00 DKK 1,000 -735.746,64 -0,60


KBC GROUP GBP PAYABLE -1.496.694,56 GBP 1,000 -1.686.131,43 -1,37

KBC GROUP USD PAYABLE -5.917.281,04 USD 1,000 -4.927.782,35 -3,99

Payables -8.517.857,10 -6,90




TOTAL OTHER 90.495,24 0,07

TOTAL NET ASSETS 123.431.564,03 100,00

780


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Australia 0,54 0,00 0,00 0,96 Austria 0,00 0,00 0,00 2,73 Belgium 1,10 0,36 0,49 0,00 Canada 10,18 8,69 6,22 7,52 China 1,13 1,28 0,23 0,00 Colombia 0,05 0,00 0,00 0,00 Denmark 0,00 0,00 2,52 1,54 Spain 0,00 0,00 0,00 0,60 Finland 0,55 0,00 0,00 2,79 France 7,85 6,25 6,09 8,23 U.K. 14,30 7,07 11,40 12,82 Hong Kong 0,57 0,00 0,00 0,00 India 1,89 0,59 0,09 0,00 Ireland 0,04 0,00 2,90 1,41 Italy 0,74 5,07 3,39 6,55 Japan 0,11 0,00 0,00 0,09 South Korea 0,24 0,00 0,00 0,00 Luxembourg 0,01 1,44 2,62 1,14 Monaco 0,27 0,00 0,00 0,31 Netherlands 0,81 11,78 12,17 10,59 Norway 2,60 1,17 2,56 0,95 Papua New Guinea 0,67 0,00 0,00 0,75 Poland 0,05 0,00 0,00 0,01 Portugal 1,09 3,11 0,00 0,00 Russia 2,54 0,00 1,63 0,90 Thailand 0,08 0,00 0,00 0,00 Turkey 0,68 0,00 0,00 0,00 Taiwan 0,17 0,00 0,00 0,00 U.S.A. 51,74 53,19 47,69 40,11 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Cyclicals 94,84 97,32 99,47 95,13 Consum(cycl) 0,85 1,60 0,00 0,00 Cons.goods 0,99 0,00 0,53 0,08 Technology 0,64 0,00 0,00 0,00 Utilities 1,84 1,08 0,00 4,79 Real est. 0,84 0,00 0,00 0,00 Total 100,00 100,00 100,00 100,00

781


30/06/2016 31/12/2016 30/06/2017 31/12/2017

AUD 1,17 0,00 0,00 1,68 CAD 10,13 8,81 6,19 7,54 CHF 0,00 0,00 0,00 0,01 COP 0,05 0,00 0,00 0,00 DKK 0,00 0,00 2,63 1,59 EUR 12,03 17,47 15,54 22,54 GBP 14,30 16,99 23,67 24,01 HKD 1,71 1,29 0,26 0,03 INR 1,89 0,59 0,09 0,00 JPY 0,12 0,00 0,00 0,11 KRW 0,24 0,00 0,00 0,00 NOK 2,64 1,19 2,33 1,01 PLN 0,05 0,04 0,06 0,07 THB 0,08 0,00 0,00 0,00 TRY 0,77 0,00 0,00 -0,04 TWD 0,17 0,00 0,00 0,00 USD 54,65 53,62 49,23 41,45 Total 100,00 100,00 100,00 100,00

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND OIL (IN THE

CURRENCY OF THE SUB-FUND)



150.825.356,22 134.523.403,60 142.674.379,91

Turnover rate 159,85 % 175,03 % 334,01 %



149.514.132,93 134.781.475,33 142.960.871,11



782


Nil


VALUE

Classic Shares




2016 - 12 180.002,66 282.213,47 81.753,30 147.494,99 127.196,82 155.874,82 283.071,64

2017 - 12 12.915,46 24.235,00 46.214,11 61.368,43 93.898,17 118.741,39 212.639,56





2016 - 12 99.812.087,29 123.226.832,34 49.750.732,42 70.613.910,14

2017 - 12 8.126.046,28 11.256.418,46 30.563.923,33 31.156.871,88





2016 - 12 180.160.952,39 725,91 563,45

2017 - 12 117.289.882,27 639,24 482,28





2016 - 12 269.878,85 275.237,85 11.536,00 11.536,00

2017 - 12 30.893,13 32.861,13 9.568,00 9.568,00





2016 - 12 143.355.000,20 161.700.999,11

2017 - 12 19.754.719,77 20.382.351,08

783

Period




2016 - 12 8.408.927,02 728,93

2017 - 12 6.141.681,76 641,90

784

Classic Shares Distribution Dividend on ex-dividend date 03/04/2018: 10.0417 EUR net (14.3453 EUR gross). In accordance with the Royal Decree of 10 November 2006 on the accounting and the annual accounts of certain public collective investment undertakings, investors are informed that the General Meeting of the fund will decide to pay a dividend despite the fact that a negative ‘result available for appropriation’ was recorded for the corresponding financial year. Investors are also informed that the dividend to be paid stems directly from the interest, dividends and realised capital gains received from the investments made during the financial year corresponding to the dividend to be paid out.

2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CARNEGIE 2,192 365 16.67%

CARNEGIE 1,762 326 18.49%

CITI 61 15 25.00%

CITI 33,246 9,836 29.59%

CSFBSAS 1,198 399 33.33%

CSFBSAS 30,266 8,564 28.30%

DEUTSCHE 3,999 1,117 27.92%



HSBC 25,406 8,584 33.79%

INSTINET 1,052 262 24.86%

INSTINET 25,093 8,859 35.30%

MACQUARIE 58 15 25.00%

MACQUARIE 28,678 10,111 35.26%

MERRILL 35,829 11,167 31.17%

MORGAN STANLEY 5,212 1,693 32.49%

MORGAN STANLEY 11,005 2,949 26.80%

SOCGEN 6,205 1,269 20.46%

UBSWDR 583 233 40.00%

UBSWDR 23,080 6,354 27.53%

788




Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek.

Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 55.401,71 EUR and for the Management Company 22.161,93 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 0 and 5, with a market value fluctuating between 0,00 and 22.928.898,58 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:


with a Principal.

789

o Nature of the lent securities: the securities lending applies only to the equity portion of the portfolio.

o Nature of the financial collateral: government bonds issued by Austria, Belgium, Germany, the Netherlands, Luxembourg, the UK, France, the US and Switzerland and supranational bonds denominated in EUR, USD or GBP issued by the EIB or the KFW.







o Reinvestment of the financial collateral received: no reinvestment takes place. Transparency of securities financing transactions and of reuse Global data: 1) The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents;

0,00 %



0,00 EUR


0,00 %

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency Nil Nil Nil 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)

name counterparty



currency

Nil Nil Nil Nil Nil

790


(Goldman Sachs)

equity (KBC Bank)


type Nil Nil Nil quality – Bloomberg composite rating: see table below 2) Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity: see table below;


Nil Nil Nil



Nil Nil Nil

collateral quality Currency Maturity tenor Nil Nil Nil Nil Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: 1) Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians. number Name collateral custodian Market value on a settled basis currency Nil Nil Nil Nil Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: 1) The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts.

Nil




agent lender

return (EUR) 85.219,51 22.157,07 7.669,76 percentage of overall returns 100,00% 26,00% 9,00% cost (EUR) 29.826,83 percentage of overall returns 35,00 % Lending program: equity (KBC Bank)



agent lender


100,00% 35,00% 0,00%


35,00 %

791


Please refer to the general market review text for an overview of developments during the period under review.

2.1.8 FUTURE POLICY

Please refer to the general market outlook text for an overview of developments during the period under review.


Classic Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return.

798

Leveraged finance The total amount of leveraged finance used by the sub-fund is 0.00 EUR. This amount was calculated by multiplying the leverage ratio calculated using the commitment method by the sub-fund's total assets under management.

799

2.2 BALANCE SHEET




TOTAL NET ASSETS 469.039.164,60 265.608.288,20


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 22.127.200,46 3.313.651,80 C. Shares and similar instruments a) Shares 464.035.826,83 262.521.642,49 Of which securities lent 17.929.124,63 2.894.060,00

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 249.429,09 3.952.584,76 B. Payables a) Accounts payable (-) -104.859,22 -5.184.052,48 d) Collateral (-) -22.127.200,46 -3.313.651,80

V. Deposits and cash at bank and in hand A. Demand balances at banks 5.378.388,01 4.625.580,57



A. Capital 400.155.571,88 270.903.751,79

B. Income equalization 1.285.099,00 71.535,72

D. Result of the bookyear 67.598.493,72 -5.366.999,31


I Collateral (+/-)


IX Financial instruments lent 17.929.124,63 2.894.060,00

800





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 70.457.885,87 -3.358.345,80 D. Other securities 21.459,72 -439,07 G. Receivables, deposits, cash at bank and in hand

and payables -0,01


transactions -247.025,68 -541.190,64

Det.section I gains and losses on investments Realised gains on investments 27.419.728,91 17.015.009,65 Unrealised gains on investments 53.628.014,47 -32.515,01 Realised losses on investments -6.231.857,68 -21.125.027,77 Unrealised losses on investments -4.583.565,79 242.557,61

II. Investment income and expenses A. Dividends 4.183.209,27 3.619.232,97 B. Interests a) Securities and money market instruments 299.496,64 94.082,56 b) Cash at bank and in hand and deposits 201,06 53,42 C. Interest on borrowings (-) -11.675,30 -2.701,29



232.513,70 182.256,43

IV. Operating expenses A. Investment transaction and delivery costs (-) -522.937,08 -784.251,96 B. Financial expenses (-) -434,81 -3.636,68 C. Custodian's fee (-) -212.323,13 -181.571,73 D. Manager's fee (-) a) Financial management Classic Shares -3.762.752,07 -2.593.869,79 Institutional B Shares -1.981.860,63 -1.295.153,16 b) Administration and accounting management -359.038,49 -243.064,14 E. Administrative expenses (-) -1.000,00 -7,54 F. Formation and organisation expenses (-) -2.426,56 -5.321,06 G. Remuneration, social security charges and

pension -18,42 -24,18


Income and expenditure for the period Subtotal II + III + IV -2.633.826,19 -1.467.023,79

V. Profit (loss) on ordinary activities before tax 67.598.493,72 -5.366.999,31

VII. Result of the bookyear 67.598.493,72 -5.366.999,31

801




I. Profit to be appropriated 68.883.592,72 -5.295.463,59 Profit for the period available for appropriation 67.598.493,72 -5.366.999,31 Income on the creation of shares (income on the

cancellation of shares) 1.285.099,00 71.535,72

II. (Appropriations to) Deductions from capital -67.357.127,43 6.346.548,27


802


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND FAMILY ENTERPRISES


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Austria

MAYR-MELNHOF KARTON (WIEN) 3.000,00 EUR 122,500 367.500,00 0,08 0,08

PALFINGER AG - 99.105,00 EUR 34,045 3.374.029,73 0,73 0,72

Belgium

ACKERMANS VH NV - 18.276,00 EUR 145,150 2.652.761,40 0,57 0,57

ANHEUSER-BUSCH INBEV NV - 150.000,00 EUR 93,130 13.969.500,00 3,01 2,98

BEKAERT - 84.473,00 EUR 36,445 3.078.618,49 0,66 0,66

C.F.E. (BRU) 40.058,00 EUR 121,700 4.875.058,60 1,05 1,04

DECEUNINCK - 139.750,00 EUR 3,008 420.368,00 0,09 0,09

ECONOCOM GROUP - 765.231,00 EUR 5,957 4.558.481,07 0,98 0,97

FINANCIERE DE TUBIZE (BRU) 5.769,00 EUR 63,880 368.523,72 0,08 0,08

GREENYARD NV - 70.000,00 EUR 20,105 1.407.350,00 0,30 0,30

JENSEN-GROUP NV (BRU) 120.512,00 EUR 39,900 4.808.428,80 1,04 1,03

KINEPOLIS GROUP (BRU) 85.081,00 EUR 55,660 4.735.608,46 1,02 1,01

LOTUS BAKERIES (BRU) 168,00 EUR 2.116,950 355.647,60 0,08 0,08

RECTICEL - 357.611,00 EUR 7,730 2.764.333,03 0,60 0,59

RESILUX (BRU) 164,00 EUR 143,800 23.583,20 0,01 0,01

ROULARTA MEDIA GROUP - 7.400,00 EUR 21,950 162.430,00 0,04 0,04

SIOEN INDUSTRIES - 70.275,00 EUR 30,420 2.137.765,50 0,46 0,46

TESSENDERLO GROUP - 96.275,00 EUR 38,890 3.744.134,75 0,81 0,80

VAN DE VELDE - 3.156,00 EUR 44,445 140.268,42 0,03 0,03

WAREHOUSE DISTR. DE PAUW - 7.283,00 EUR 93,430 680.450,69 0,15 0,15

X-FAB SILICON FOUNDRIES SE - 1.229.774,00 EUR 9,600 11.805.830,40 2,54 2,52

Denmark

A.P. MOLLER-MAERSK A/S -B- 2.213,00 DKK 10.840,000 3.221.978,67 0,69 0,69

AMBU A/S - 22.136,00 DKK 556,000 1.653.049,67 0,36 0,35

Finland

CARGOTEC CORP -B- 105.243,00 EUR 47,200 4.967.469,60 1,07 1,06

DETECTION TECHNOLOGY OY - 270.058,00 EUR 17,980 4.855.642,84 1,05 1,04

France

AKKA TECHNOLOGIES SA - 5.501,00 EUR 46,300 254.696,30 0,06 0,05

BENETEAU - 34.938,00 EUR 19,945 696.838,41 0,15 0,15

BIOMERIEUX - 46.158,00 EUR 74,690 3.447.541,02 0,74 0,74

BOIRON SA - 1.650,00 EUR 74,850 123.502,50 0,03 0,03

BOLLORE (PAR) 730.254,00 EUR 4,528 3.306.590,11 0,71 0,71

BOLLORE NEW 2018 3.781,00 EUR 4,550 17.203,55 0,00 0,00

BOUYGUES - 40.479,00 EUR 43,310 1.753.145,49 0,38 0,37

DASSAULT AVIATION SA - 1.235,00 EUR 1.297,900 1.602.906,50 0,35 0,34

DASSAULT SYSTEMES - 35.132,00 EUR 88,590 3.112.343,88 0,67 0,66

ESI GROUP (PAR) 162.987,00 EUR 46,500 7.578.895,50 1,63 1,62

EUROFINS SCIENTIFIC - 11.288,00 EUR 507,600 5.729.788,80 1,24 1,22

803

EXEL INDUSTRIES -A- - 5.158,00 EUR 116,000 598.328,00 0,13 0,13

GROUPE GUILLIN - 118.904,00 EUR 34,400 4.090.297,60 0,88 0,87

GUERBET - 5.606,00 EUR 79,300 444.555,80 0,10 0,10

HAULOTTE GROUP - 19.500,00 EUR 16,130 314.535,00 0,07 0,07

IMERYS (PAR) 31.700,00 EUR 78,540 2.489.718,00 0,54 0,53

IPSEN - 72.620,00 EUR 99,570 7.230.773,40 1,56 1,54

KERING - 42.441,00 EUR 393,000 16.679.313,00 3,59 3,56

LECTRA - 155.526,00 EUR 25,150 3.911.478,90 0,84 0,83

LISI - 29.506,00 EUR 40,100 1.183.190,60 0,26 0,25

MICHELIN (PAR) 30.359,00 EUR 119,550 3.629.418,45 0,78 0,77

NATUREX - 8.456,00 EUR 88,570 748.947,92 0,16 0,16

OENEO SA - 5.632,00 EUR 10,250 57.728,00 0,01 0,01

SEB (PAR) 75.744,00 EUR 154,450 11.698.660,80 2,52 2,49

SOMFY SA - 16.701,00 EUR 82,370 1.375.661,37 0,30 0,29

SOPRA STORIA GROUP SA (PAR) 24.559,00 EUR 155,850 3.827.520,15 0,83 0,82

SRP GROUPE SA - 99.612,00 EUR 6,340 631.540,08 0,14 0,14

TARKETT SA - 78.668,00 EUR 34,980 2.751.806,64 0,59 0,59

TRIGANO SA - 132.535,00 EUR 147,300 19.522.405,50 4,21 4,16

WENDEL INVESTISSEMENT (PAR) 30.909,00 EUR 144,400 4.463.259,60 0,96 0,95

Germany

ADO PROPERTIES SA - 35.600,00 EUR 42,280 1.505.168,00 0,32 0,32

AUMANN AG - 23.000,00 EUR 63,920 1.470.160,00 0,32 0,31

AURELIUS EQUITY OPPORTUNITIES - 136.575,00 EUR 56,960 7.779.312,00 1,68 1,66

BAYERISCHE MOTOREN WERKE AG (FRA)(PREF) 142,00 EUR 74,640 10.598,88 0,00 0,00

BAYERISCHE MOTOREN WERKE AG - 20.000,00 EUR 86,830 1.736.600,00 0,37 0,37

BRAIN BIOTECHNOLOGY RESEARCH & - 121.748,00 EUR 22,342 2.720.093,82 0,59 0,58

CENTROTEC SUSTAINABLE AG - 44.533,00 EUR 15,470 688.925,51 0,15 0,15

COMPUGROUP MEDICAL AG - 201.453,00 EUR 54,720 11.023.508,16 2,38 2,35

CONTINENTAL AG - 22.267,00 EUR 225,050 5.011.188,35 1,08 1,07

CTS EVENTIM AG - 61.976,00 EUR 38,825 2.406.218,20 0,52 0,51

DUERR AG (FRA) 50.952,00 EUR 106,550 5.428.935,60 1,17 1,16

ELRINGKLINGER AG - 55.340,00 EUR 18,675 1.033.474,50 0,22 0,22

FINTECH GROUP AG - 10.000,00 EUR 30,645 306.450,00 0,07 0,07

GRENKE AG - 107.190,00 EUR 79,160 8.485.160,40 1,83 1,81

HENKEL KGAA PREF 68.395,00 EUR 110,350 7.547.388,25 1,63 1,61

HORNBACH BAUMARKT AKTIENGESELL - 16.602,00 EUR 30,935 513.582,87 0,11 0,11

HYPOPORT AG - 75.563,00 EUR 145,350 10.983.082,05 2,37 2,34

JUNGHEINRICH AG PREF 215.633,00 EUR 39,345 8.484.080,39 1,83 1,81

KOENIG & BAUER AG - 15.179,00 EUR 62,830 953.696,57 0,21 0,20

KRONES AG (FRA) 30.495,00 EUR 114,500 3.491.677,50 0,75 0,74

MBB INDUSTRIES - 46.713,00 EUR 87,090 4.068.235,17 0,88 0,87

MERCK KGAA - 44.935,00 EUR 89,750 4.032.916,25 0,87 0,86

NABALTEC AG - 83.009,00 EUR 25,935 2.152.838,42 0,46 0,46

PARAGON AG (FRA) 32.183,00 EUR 78,680 2.532.158,44 0,55 0,54

RIB SOFTWARE SE - 234.782,00 EUR 24,820 5.827.289,24 1,26 1,24

SILTRONIC AG - 68.469,00 EUR 121,300 8.305.289,70 1,79 1,77

STEICO SE - 14.401,00 EUR 20,605 296.732,61 0,06 0,06

STO SE & CO KGAA - 15.091,00 EUR 125,900 1.899.956,90 0,41 0,41

STROOER SE & CO KGAA - 178.848,00 EUR 61,615 11.019.719,52 2,38 2,35

TAKKT AG (FRA) 23.678,00 EUR 18,865 446.685,47 0,10 0,10

UNITED INTERNET AG - 260.618,00 EUR 57,340 14.943.836,12 3,22 3,19

USU SOFTWARE AG - 1.599,00 EUR 26,195 41.885,81 0,01 0,01

VA-Q-TEC AG - 262.614,00 EUR 18,335 4.815.027,69 1,04 1,03

WACKER CHEMIE AG - 33.500,00 EUR 162,200 5.433.700,00 1,17 1,16

WACKER NEUSON SE - 105.765,00 EUR 30,075 3.180.882,38 0,69 0,68

804

Ireland

KINGSPAN GROUP PLC - 136.126,00 EUR 36,405 4.955.667,03 1,07 1,06

Italy

AUTOGRILL SPA (MIL) 166.019,00 EUR 11,500 1.909.218,50 0,41 0,41

BIESSE SPA - 44.272,00 EUR 42,300 1.872.705,60 0,40 0,40

BREMBO SPA - 199.223,00 EUR 12,670 2.524.155,41 0,54 0,54

BUZZI UNICEM SPA - 183.827,00 EUR 22,500 4.136.107,50 0,89 0,88

DATALOGIC SPA - 16.602,00 EUR 30,820 511.673,64 0,11 0,11

DAVIDE CAMPARI - MILANO SPA - 1.457.988,00 EUR 6,445 9.396.732,66 2,03 2,00

DELONGHI SPA - 163.982,00 EUR 25,230 4.137.265,86 0,89 0,88

ERG SPA - 67.652,00 EUR 15,400 1.041.840,80 0,23 0,22

EXOR NV - 55.340,00 EUR 51,100 2.827.874,00 0,61 0,60

IMA SPA - 45.269,00 EUR 67,800 3.069.238,20 0,66 0,65

LUXOTTICA GROUP SPA - 60.000,00 EUR 51,150 3.069.000,00 0,66 0,65

RECORDATI SPA - 113.682,00 EUR 37,060 4.213.054,92 0,91 0,90

REPLY SPA - 44.272,00 EUR 46,170 2.044.038,24 0,44 0,44

TECHNOGYM SPA - 429.923,00 EUR 8,075 3.471.628,23 0,75 0,74

YOOX NET-A-PORTER GROUP - 10.000,00 EUR 29,120 291.200,00 0,06 0,06

Luxembourg

GRAND CITY PROPERTIES SA - 210.000,00 EUR 19,650 4.126.500,00 0,89 0,88

Netherlands

APERAM - 50.000,00 EUR 42,925 2.146.250,00 0,46 0,46

ASM INTERNATIONAL - 123.312,00 EUR 56,370 6.951.097,44 1,50 1,48

BASIC-FIT - 374.916,00 EUR 20,110 7.539.560,76 1,63 1,61

GRANDVISION BV - 40.330,00 EUR 21,295 858.827,35 0,19 0,18

HEINEKEN - 99.992,00 EUR 86,930 8.692.304,56 1,87 1,85

KONINKLIJKE VOLKERWESSELS NV - 83.404,00 EUR 23,745 1.980.427,98 0,43 0,42

QIAGEN NV - 87.703,00 EUR 26,190 2.296.941,57 0,50 0,49

SLIGRO FOOD GROUP NV - 23.360,00 EUR 39,850 930.896,00 0,20 0,20

TAKEAWAY.COM HOLDING BV - 16.699,00 EUR 50,880 849.645,12 0,18 0,18

Spain

ACCIONA SA - 20.000,00 EUR 68,040 1.360.800,00 0,29 0,29

FERROVIAL SA - 315.399,00 EUR 18,925 5.968.926,08 1,29 1,27

GRIFOLS SA -B- 294.882,00 EUR 19,015 5.607.181,23 1,21 1,20

INDUSTRIA DE DISENO TEXTIL SA - 280.166,00 EUR 29,045 8.137.421,47 1,75 1,74

SOL MELIA SA (MAD) 92.357,00 EUR 11,500 1.062.105,50 0,23 0,23

Sweden

HEXAGON AB -B- 63.897,00 SEK 410,900 2.670.526,09 0,58 0,57

U.K.

ASSOCIATED BRITISH FOODS PLC - 100.198,00 GBP 28,200 3.183.218,16 0,69 0,68

PLAYTECH PLC - 243.330,00 GBP 8,605 2.358.874,16 0,51 0,50

STALLERGENES GREER PLC - 10.120,00 EUR 38,510 389.721,20 0,08 0,08

U.S.A.

FIAT CHRYSLER AUTOMOBILES NV - 166.019,00 EUR 14,910 2.475.343,29 0,53 0,53

Total shares 464.035.826,83 100,00 98,93


COLLATERAL RECEIVED

Belgium



805


Demand accounts

Belgium

KBC GROUP CHF 81,19 CHF 1,000 69,38

KBC GROUP DKK 185.624,73 DKK 1,000 24.931,47 0,01

KBC GROUP EURO 5.330.377,90 EUR 1,000 5.330.377,90 1,14

KBC GROUP GBP 12.977,83 GBP 1,000 14.620,44 0,00

KBC GROUP SEK 78.002,71 SEK 1,000 7.933,96 0,00

KBC GROUP USD 546,19 USD 1,000 454,86

Total demand accounts 5.378.388,01 1,15

TOTAL CASH AT BANK AND IN HAND 5.378.388,01 1,15


Receivables

Belgium



Payables

Belgium


-22.127.200,46 EUR 1,000 -22.127.200,46 -4,99


Payables -22.232.059,68 -5,01




TOTAL OTHER -519.620,11 -0,11

TOTAL NET ASSETS 469.039.164,60 100,00

806


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Austria 0,52 1,60 1,25 0,81 Belgium 10,73 13,50 11,93 13,51 Bermuda 0,47 0,41 0,00 0,00 Canada 0,00 0,00 0,00 0,07 Switzerland 2,34 0,18 0,00 0,00 Germany 30,78 19,67 29,65 32,37 Denmark 0,00 0,00 0,00 1,05 Spain 10,46 6,54 5,56 4,77 Finland 0,59 0,00 1,40 2,12 France 18,85 30,17 31,41 24,41 U.K. 0,89 1,80 1,63 1,28 Ireland 1,11 0,37 0,96 1,07 Italy 8,88 7,40 8,73 9,59 Luxembourg 0,00 3,08 0,00 0,89 Netherlands 12,76 12,41 6,77 6,95 Portugal 0,67 1,79 0,00 0,00 Sweden 0,95 1,08 0,71 0,58 U.S.A. 0,00 0,00 0,00 0,53 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Cyclicals 21,79 24,89 24,24 25,38 Consum(cycl) 25,66 30,16 25,08 21,58 Cons.goods 22,48 15,69 12,27 14,28 Pharma 13,38 8,35 10,45 8,24 Financials 2,82 3,88 8,13 8,09 Technology 12,53 13,95 19,21 20,69 Telecomm. 0,86 2,53 0,44 0,38 Real est. 0,48 0,55 0,18 1,36 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

CHF 1,05 0,18 0,00 0,00 DKK 0,02 0,00 0,00 1,04 EUR 97,18 96,96 97,80 97,21 GBP 0,78 1,78 1,50 1,18 SEK 0,97 1,07 0,70 0,57 USD 0,00 0,01 0,00 0,00 Total 100,00 100,00 100,00 100,00

807

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND FAMILY

ENTERPRISES (IN THE CURRENCY OF THE SUB-FUND)



311.795.053,08 406.453.085,23 359.124.069,16

Turnover rate 82,41 % 9,79 % 82,63 %



307.429.453,76 387.346.496,71 352.168.702,80


The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). Reason: Actively managed fund in growth phase. The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.


Nil

808


VALUE

Classic Shares




2016 - 12 26.923,13 28.028,62 11.819,92 26.217,40 88.455,72 64.545,11 153.000,82

2017 - 12 54.492,23 35.523,27 19.818,85 10.572,17 123.129,10 89.496,21 212.625,31





2016 - 12 29.905.538,00 30.801.645,83 13.136.849,31 28.692.747,65

2017 - 12 73.593.867,32 46.848.514,76 26.608.043,55 13.722.645,71




Capitalization Distribution 2015 - 12 163.320.864,09 1.200,99 1.199,11

2016 - 12 176.532.774,32 1.162,97 1.141,24

2017 - 12 299.766.578,89 1.428,75 1.383,82 Institutional B Shares




2016 - 12 57.986,92 40.728,35 72.769,24 72.769,24

2017 - 12 50.727,34 11.045,96 112.450,62 112.450,62





2016 - 12 67.445.077,02 47.366.292,62

2017 - 12 72.604.778,30 15.772.483,67




Capitalization Distribution 2015 - 12 70.121.767,51 1.263,21

2016 - 12 89.075.513,88 1.224,08

2017 - 12 169.272.585,71 1.505,31

809


2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CARNEGIE 4,068 1,091 26.81%

CITI 17,043 3,894 22.85%

CSFBSAS 10,924 2,553 23.37%

DEUTSCHE 19,489 3,746 19.22%

EQ CSA GOLDMAN SACHS INTERNATIONAL 1,659 405 24.40%

HSBC 21,880 4,568 20.88%

INSTINET 10,325 2,499 24.20%

MACQUARIE 6,130 1,162 18.96%

MERRILL 11,304 2,616 23.14%

MORGAN STANLEY 13,497 2,575 19.08%

SOCGEN 31,443 6,079 19.33%

UBSWDR 10,801 2,150 19.90%



813


Fee for managing the investment portfolio: max.1.6% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek.

Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 194.672,82 EUR and for the Management Company 77.869,13 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 0 and 6, with a market value fluctuating between 0,00 and 24.601.355,00 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:






AMBU A/S DKK 14.144 556,000 1.056.231,23 AURELIUS EQUITY OPPORTUNITIES EUR 32.000 56,960 1.822.720,00 DAVIDE CAMPARI - MILANO SPA EUR 1.380.000 6,445 8.894.100,00 KRONES AG EUR 28.900 114,500 3.309.050,00 WACKER CHEMIE AG EUR 15.847 162,200 2.570.383,40 YOOX NET-A-PORTER GROUP EUR 9.500 29,120 276.640,00

Total 17.929.124,63

814



AUSTRIA GOVERNMEN 0.75 20OCT26 144A EUR 1939000 EUR 1.984.639,21 BUNDESREPUB.DTL. 1993 6 1/4% 04/01/24 EUR 500 EUR 719,18 FRANCE TREASURY BILL BT 0.0 28FEB18 EUR 10181100 EUR 10.195.557,16 UNITED KINGDOM GIL 0.125 22MAR46 IL GBP 4450549,76 EUR 8.647.177,28 EIB EUR. INV 6.00 07DEC2028 GBP 801000 EUR 1.299.107,63 Total 22.127.200,46



3,86 %



17.929.124,63 EUR


3,82 %

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency FRENCH REPUBLIC 10.195.557,16 EUR UNITED KINGDOM OF GREAT BRITAI 9.741.651,87 EUR REPUBLIC OF AUSTRIA 1.984.639,21 EUR EUROPEAN INVESTMENT BANK 1.463.535,88 EUR FEDERAL REPUBLIC OF GERMANY 719,18 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)



currency



UK 8.894.100,00 EUR



UK 7.640.690,00 EUR


Citigroup Global Markets Limited

UK 1.739.751,23 EUR


UBS AG Switzerland 1.139.200,00 EUR

815


(Goldman Sachs)

equity (KBC Bank)




open maturity

Nil Nil



tri-party Nil Nil

collateral quality Currency Maturity tenor UNITED KINGDOM GIL 0.125 22MAR46 IL NR GBP above one year FRANCE TREASURY BILL BT 0.0 28FEB18 NR EUR one to three months EIB EUR. INV 6.00 07DEC2028 AAA GBP above one year BUNDESREPUB.DTL. 1993 6 1/4% 04/01/24 AAA EUR above one year AUSTRIA GOVERNMEN 0.75 20OCT26 144A AA+ EUR above one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil


Nil




agent lender


100,00% 26,00% 9,00%


35,00 %

816


Please refer to the general market review text for an overview of developments during the period under review.

2.1.8 FUTURE POLICY

Please refer to the general market outlook text for an overview of developments during the period under review.



824

2.2 BALANCE SHEET




TOTAL NET ASSETS 897.304.888,03 1.205.686.245,12


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 9.088.902,15 9.003.742,64 C. Shares and similar instruments a) Shares 881.858.202,20 1.214.900.942,64 Of which securities lent 7.967.868,91 8.348.074,28 D. Other securities 425.612,03 477.085,88 F. Derivative financial instruments j) Foreign exchange Futures and forward contracts (+/-) 107.489,31

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 286.929,02 22.459.827,62 B. Payables a) Accounts payable (-) -106.789,11 -37.835.168,82 d) Collateral (-) -9.088.902,15 -9.003.742,64


VI. Accruals and deferrals B. Accrued income -0,19 -0,15 C. Accrued expense (-) -718.849,58 -1.282.055,21

TOTAL SHAREHOLDERS' EQUITY 897.304.888,03 1.205.686.245,12

A. Capital 761.468.545,85 1.190.669.457,30

B. Income equalization -2.546.509,93 11.450.134,86



I Collateral (+/-)


III Notional amounts of futures and forward contracts

III.A Purchased futures and forward contracts 10.239.393,22 III.B Written futures and forward contracts -18.093.945,29


825





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 136.637.230,96 1.825.339,55 D. Other securities -439.036,54 -23.027,64 H. Foreign exchange positions and transactions a) Derivative financial instruments Futures and forward contracts -107.489,31 107.489,31 b) Other foreign exchange positions and

transactions -1.001.362,98 -360.120,61

Det.section I gains and losses on investments Realised gains on investments 177.752.524,13 67.401.755,24 Unrealised gains on investments -30.152.186,13 87.570.051,85 Realised losses on investments -29.824.675,21 -133.163.987,51 Unrealised losses on investments 17.313.679,37 -20.258.138,97




1.576.153,09 4.095.437,60

B. Other 5.692,25

IV. Operating expenses A. Investment transaction and delivery costs (-) -4.443.769,25 -5.442.349,99 B. Financial expenses (-) -1.186,19 -7.533,28 C. Custodian's fee (-) -748.990,11 -521.857,99 D. Manager's fee (-) a) Financial management Classic Shares -1.769.049,95 -578.838,45 Institutional B Shares -12.642.293,20 -9.215.713,60 b) Administration and accounting management -960.757,41 -652.970,98 E. Administrative expenses (-) -1.011,22 0,99 F. Formation and organisation expenses (-) -4.997,31 -8.470,31 G. Remuneration, social security charges and

pension -50,29 -62,46




826


827





cancellation of shares) -2.546.509,93 11.450.134,86



828


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND EUROZONE


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Austria

ERSTE GROUP BANK AG - 156.062,00 EUR 36,105 5.634.618,51 0,64 0,63

OMV AG (WIEN) 99.767,00 EUR 52,830 5.270.690,61 0,60 0,59

PALFINGER AG - 19.003,00 EUR 34,045 646.957,14 0,07 0,07

S&T AG - 310.821,00 EUR 17,985 5.590.115,69 0,63 0,62

Belgium

ANHEUSER-BUSCH INBEV NV - 190.000,00 EUR 93,130 17.694.700,00 2,01 1,97

BARCO NV NEW 61.803,00 EUR 89,250 5.515.917,75 0,63 0,62

BEKAERT - 67.197,00 EUR 36,445 2.448.994,67 0,28 0,27

BIOCARTIS NV - 106.407,00 EUR 11,940 1.270.499,58 0,14 0,14

C.F.E. (BRU) 22.744,00 EUR 121,700 2.767.944,80 0,31 0,31

ECONOCOM GROUP - 237.231,00 EUR 5,957 1.413.185,07 0,16 0,16

KBC ANCORA - 58.825,00 EUR 52,490 3.087.724,25 0,35 0,34

KBC GROUP - 104.214,00 EUR 71,110 7.410.657,54 0,84 0,83

NYRSTAR - 300.000,00 EUR 6,711 2.013.300,00 0,23 0,22

ONTEX GROUP NV - 87.343,00 EUR 27,575 2.408.483,23 0,27 0,27

SIOEN INDUSTRIES - 22.802,00 EUR 30,420 693.636,84 0,08 0,08

SOLVAY - 48.589,00 EUR 115,900 5.631.465,10 0,64 0,63

TELENET - 73.958,00 EUR 58,090 4.296.220,22 0,49 0,48

TESSENDERLO GROUP - 100.000,00 EUR 38,890 3.889.000,00 0,44 0,43

UMICORE - 100.002,00 EUR 39,455 3.945.578,91 0,45 0,44

X-FAB SILICON FOUNDRIES SE - 981.952,00 EUR 9,600 9.426.739,20 1,07 1,05

Finland

AMER SPORTS CORP (HEL) 81.000,00 EUR 23,090 1.870.290,00 0,21 0,21

HUHTAMAKI OYJ - 134.394,00 EUR 35,000 4.703.790,00 0,53 0,52

NOKIA "A" 2.085.994,00 EUR 3,894 8.122.860,64 0,92 0,91

France

ALSTOM - 89.178,00 EUR 34,605 3.086.004,69 0,35 0,34

ALTRAN TECHNOLOGIES - 46.370,00 EUR 13,890 644.079,30 0,07 0,07

AMUNDI SA - 41.352,00 EUR 70,650 2.921.518,80 0,33 0,33

AXA - 510.079,00 EUR 24,735 12.616.804,07 1,43 1,41

BNP PARIBAS SA - 285.000,00 EUR 62,250 17.741.250,00 2,01 1,98

CIE DE ST-GOBAIN - 139.121,00 EUR 45,980 6.396.783,58 0,73 0,71


EIFFAGE SA - 105.130,00 EUR 91,340 9.602.574,20 1,09 1,07

ELIS SA - 422.910,00 EUR 23,015 9.733.273,65 1,10 1,09

ENGIE - 413.521,00 EUR 14,335 5.927.823,54 0,67 0,66

ESI GROUP (PAR) 14.885,00 EUR 46,500 692.152,50 0,08 0,08

EUROPCAR GROUPE SA - 273.190,00 EUR 10,250 2.800.197,50 0,32 0,31

FNAC DARTY SA - 66.511,00 EUR 100,700 6.697.657,70 0,76 0,75

GROUPE GUILLIN - 53.789,00 EUR 34,400 1.850.341,60 0,21 0,21

ILIAD SA - 23.185,00 EUR 199,750 4.631.203,75 0,53 0,52

829

IMERYS (PAR) 30.000,00 EUR 78,540 2.356.200,00 0,27 0,26

INGENICO - 25.845,00 EUR 89,010 2.300.463,45 0,26 0,26

IPSEN - 63.692,00 EUR 99,570 6.341.812,44 0,72 0,71

KERING - 22.127,00 EUR 393,000 8.695.911,00 0,99 0,97

LECTRA - 58.812,00 EUR 25,150 1.479.121,80 0,17 0,17

MAISONS DU MONDE SA - 210.583,00 EUR 37,750 7.949.508,25 0,90 0,89

MICHELIN (PAR) 46.521,00 EUR 119,550 5.561.585,55 0,63 0,62

NEOPOST SA - 75.000,00 EUR 24,000 1.800.000,00 0,20 0,20

PERNOD RICARD SA - 60.000,00 EUR 131,950 7.917.000,00 0,90 0,88

PEUGEOT - 124.056,00 EUR 16,955 2.103.369,48 0,24 0,23

PUBLICIS GROUPE SA - 150.000,00 EUR 56,650 8.497.500,00 0,96 0,95

RUBIS - 160.239,00 EUR 58,980 9.450.896,22 1,07 1,05

SANOFI - 149.785,00 EUR 71,850 10.762.052,25 1,22 1,20

SEB (PAR) 54.472,00 EUR 154,450 8.413.200,40 0,95 0,94


SOITEC - 50.000,00 EUR 59,450 2.972.500,00 0,34 0,33

STMICROELECTRONICS NV - 221.202,00 EUR 18,205 4.026.982,41 0,46 0,45

TELEPERFORMANCE - 65.101,00 EUR 119,450 7.776.314,45 0,88 0,87

TOTAL - 603.486,00 EUR 46,045 27.787.512,87 3,15 3,10

TRIGANO SA - 26.782,00 EUR 147,300 3.944.988,60 0,45 0,44

UBI SOFT ENTERTAINMENT - 46.600,00 EUR 64,140 2.988.924,00 0,34 0,33

UNIBAIL-RODAMCO SE - 32.610,00 EUR 210,000 6.848.100,00 0,78 0,76

VALEO - 60.000,00 EUR 62,270 3.736.200,00 0,42 0,42

VINCI S.A. - 99.646,00 EUR 85,150 8.484.856,90 0,96 0,95

VIVENDI SA - 810.019,00 EUR 22,420 18.160.625,98 2,06 2,02

Germany

ADIDAS AG - 75.558,00 EUR 167,150 12.629.519,70 1,43 1,41

AIXTRON AG - 306.886,00 EUR 11,580 3.553.739,88 0,40 0,40


ASCLEPION-MEDITEC AG - 41.733,00 EUR 51,760 2.160.100,08 0,25 0,24

AUMANN AG - 30.000,00 EUR 63,920 1.917.600,00 0,22 0,21

AURELIUS EQUITY OPPORTUNITIES - 89.726,00 EUR 56,960 5.110.792,96 0,58 0,57

BAYER AG - 224.080,00 EUR 104,000 23.304.320,00 2,64 2,60

BRAIN BIOTECHNOLOGY RESEARCH & - 146.251,00 EUR 22,342 3.267.539,84 0,37 0,36

CANCOM SE - 76.974,00 EUR 69,400 5.341.995,60 0,61 0,60

COMPUGROUP MEDICAL AG - 68.286,00 EUR 54,720 3.736.609,92 0,42 0,42

DAIMLER AG - 100.000,00 EUR 70,800 7.080.000,00 0,80 0,79

DEUTSCHE LUFTHANSA AG REG 64.710,00 EUR 30,720 1.987.891,20 0,23 0,22

DEUTSCHE POST AG - 254.765,00 EUR 39,750 10.126.908,75 1,15 1,13


DEUTSCHE WOHNEN AG - 203.811,00 EUR 36,460 7.430.949,06 0,84 0,83

E.ON SE - 496.402,00 EUR 9,061 4.497.898,52 0,51 0,50

FINTECH GROUP AG - 17.978,00 EUR 30,645 550.935,81 0,06 0,06

FRESENIUS SE & CO KGAA (FRA) 112.096,00 EUR 65,070 7.294.086,72 0,83 0,81

HAPAG-LLOYD AG - 137.505,00 EUR 33,500 4.606.417,50 0,52 0,51

HYPOPORT AG - 35.917,00 EUR 145,350 5.220.535,95 0,59 0,58

KION GROUP AG - 113.058,00 EUR 71,980 8.137.914,84 0,92 0,91

KOENIG & BAUER AG - 44.515,00 EUR 62,830 2.796.877,45 0,32 0,31

LANXESS - 20.000,00 EUR 66,290 1.325.800,00 0,15 0,15

MBB INDUSTRIES - 20.890,00 EUR 87,090 1.819.310,10 0,21 0,20

OSRAM LICHT AG - 35.844,00 EUR 74,930 2.685.790,92 0,30 0,30

RWE AG - 114.328,00 EUR 17,000 1.943.576,00 0,22 0,22

SGL CARBON AG - 142.735,00 EUR 11,390 1.625.751,65 0,18 0,18

SIEMENS AG REG 55.500,00 EUR 116,150 6.446.325,00 0,73 0,72

SILTRONIC AG - 45.404,00 EUR 121,300 5.507.505,20 0,62 0,61

STABILUS GMBH - 14.548,00 EUR 74,950 1.090.372,60 0,12 0,12

TELE COLUMBUS AG - 36.564,00 EUR 9,250 338.217,00 0,04 0,04

830

UNITED INTERNET AG - 160.000,00 EUR 57,340 9.174.400,00 1,04 1,02

VA-Q-TEC AG - 37.096,00 EUR 18,335 680.155,16 0,08 0,08

VAPIANO SE - 203.674,00 EUR 23,900 4.867.808,60 0,55 0,54

VARTA AG - 169.000,00 EUR 21,380 3.613.220,00 0,41 0,40

VONOVIA SE - 103.380,00 EUR 41,390 4.278.898,20 0,49 0,48

WACKER NEUSON SE - 41.849,00 EUR 30,075 1.258.608,68 0,14 0,14

WIRECARD AG - 150.000,00 EUR 93,070 13.960.500,00 1,58 1,56

Ireland

KERRY GROUP PLC - 84.094,00 EUR 93,500 7.862.789,00 0,89 0,88

KINGSPAN GROUP PLC - 59.910,00 EUR 36,405 2.181.023,55 0,25 0,24

Italy

ANIMA HOLDING SPA - 361.831,00 EUR 5,960 2.156.512,76 0,24 0,24

ATLANTIA SPA - 129.225,00 EUR 26,320 3.401.202,00 0,39 0,38

BIESSE SPA - 26.584,00 EUR 42,300 1.124.503,20 0,13 0,13

BPER BANCA - 710.000,00 EUR 4,210 2.989.100,00 0,34 0,33

DAVIDE CAMPARI - MILANO SPA - 465.211,00 EUR 6,445 2.998.284,90 0,34 0,33

ENEL SOCIETA PER AZIONI - 2.000.244,00 EUR 5,130 10.261.251,72 1,16 1,14

EXOR NV - 111.473,00 EUR 51,100 5.696.270,30 0,65 0,64


LEONARDO SPA (MIL) 304.475,00 EUR 9,920 3.020.392,00 0,34 0,34

LUXOTTICA GROUP SPA - 80.000,00 EUR 51,150 4.092.000,00 0,46 0,46

OVS SPA - 290.965,00 EUR 5,555 1.616.310,58 0,18 0,18

TELECOM ITALIA SPA (MIL) DI RISPARMIO NWE 7.236.608,00 EUR 0,596 4.313.018,37 0,49 0,48

UNICREDIT SPA - 622.806,00 EUR 15,580 9.703.317,48 1,10 1,08

UNIONE DI BANCHE ITALIANE SCPA - 400.000,00 EUR 3,646 1.458.400,00 0,17 0,16

Jersey/The Channel Islands

SHIRE LTD - 60.261,00 GBP 39,000 2.647.641,53 0,30 0,30

Luxembourg

ARCELORMITTAL - 284.295,00 EUR 27,115 7.708.658,93 0,87 0,86

BEFESA SA - 30.000,00 EUR 40,250 1.207.500,00 0,14 0,14

Netherlands

ADVANCED METALLURGICAL GROUP - 308.835,00 EUR 41,915 12.944.819,03 1,47 1,44

ASML HOLDING NV - 94.000,00 EUR 145,150 13.644.100,00 1,55 1,52

ASR NEDERLAND NV - 103.380,00 EUR 34,305 3.546.450,90 0,40 0,40

BASIC-FIT - 229.401,00 EUR 20,110 4.613.254,11 0,52 0,51

BE SEMICONDUCTOR - 156.533,00 EUR 69,910 10.943.222,03 1,24 1,22

FERRARI NV - 30.000,00 EUR 87,450 2.623.500,00 0,30 0,29

HEINEKEN - 142.611,00 EUR 86,930 12.397.174,23 1,41 1,38

ING GROEP NV - 995.108,00 EUR 15,325 15.250.030,10 1,73 1,70

ING VERZEKERINGEN - 99.428,00 EUR 36,120 3.591.339,36 0,41 0,40

KON. AHOLD DELHAIZE NV - 550.000,00 EUR 18,335 10.084.250,00 1,14 1,12

KONINKLIJKE D.S.M. NV (AMS) 95.650,00 EUR 79,670 7.620.435,50 0,86 0,85

KONINKLIJKE KPN NV - 982.110,00 EUR 2,908 2.855.975,88 0,32 0,32

KONINKLIJKE VOLKERWESSELS NV - 98.997,00 EUR 23,745 2.350.683,77 0,27 0,26

REPSOL INTERNATIONAL FINANCE B - 10.642,00 EUR 14,745 156.916,29 0,02 0,02

SIF HOLDING NV - 149.361,00 EUR 17,410 2.600.375,01 0,30 0,29

TKH GROUP NV - 148.384,00 EUR 52,930 7.853.965,12 0,89 0,88

UNILEVER CVA 338.201,00 EUR 46,955 15.880.227,96 1,80 1,77

VAN LANSCHOT KEMPEN NV - 35.293,00 EUR 26,150 922.911,95 0,11 0,10

Spain

ACTIVIDADES CONSTRUCY SERV - 3.327,00 EUR 32,620 108.526,74 0,01 0,01

AMADEUS IT GROUP SA - 91.778,00 EUR 60,110 5.516.775,58 0,63 0,62

BANCO BILBAO VIZCAYA ARGENTARIA - 885.190,00 EUR 7,112 6.295.471,28 0,71 0,70

BANCO SANTANDER CENTRAL HISPANO SA - 3.342.929,00 EUR 5,479 18.315.907,99 2,08 2,04

831

CELLNEX TELECOM SAU - 103.380,00 EUR 21,350 2.207.163,00 0,25 0,25

GRIFOLS SA - 220.178,00 EUR 24,425 5.377.847,65 0,61 0,60

INDUSTRIA DE DISENO TEXTIL SA - 270.341,00 EUR 29,045 7.852.054,35 0,89 0,88

TELEFONICA SA - 932.235,00 EUR 8,125 7.574.409,38 0,86 0,84

Sweden

CELLAVISION AB - 106.651,00 SEK 143,750 1.559.383,74 0,18 0,17

MUNTERS GROUP AB - 12.338,00 SEK 55,250 69.335,76 0,01 0,01

TROAX GROUP AB - 175.326,00 SEK 278,500 4.966.514,88 0,56 0,55

U.K.

COCA-COLA EUROPEAN PARTNERS PL - 98.646,00 EUR 33,230 3.278.006,58 0,37 0,37

ORANGE PLC - 800.000,00 EUR 14,475 11.580.000,00 1,31 1,29

RECKITT BENCKISER PLC - 60.000,00 GBP 69,190 4.676.843,35 0,53 0,52

U.S.A.

FIAT CHRYSLER AUTOMOBILES NV - 200.000,00 EUR 14,910 2.982.000,00 0,34 0,33

Total shares 881.858.202,20 99,95 98,28

Rights

France

TOTAL CP 19/12/2017 603.486,00 EUR 0,620 374.161,32 0,04 0,04

Netherlands

ING VERZEKERINGEN CO 21/08/2017 91.283,00 EUR 0,527 48.106,14 0,01 0,01

Spain

REPSOL YPF SA CP18/12/2017 10.642,00 EUR 0,314 3.344,57

Total rights 425.612,03 0,05 0,05


COLLATERAL RECEIVED

Belgium




Demand accounts

Belgium

KBC GROUP CHF 3.116,24 CHF 1,000 2.663,11

KBC GROUP DKK 4.034,93 DKK 1,000 541,94


KBC GROUP GBP 137,95 GBP 1,000 155,41

KBC GROUP NOK 4.375,18 NOK 1,000 445,46

KBC GROUP SEK 2.862.897,32 SEK 1,000 291.196,39 0,03

KBC GROUP TRY 783,86 TRY 1,000 172,17

KBC GROUP USD 13.385,36 USD 1,000 11.147,04 0,00

KBC GROUP ZAR 251.207,81 ZAR 1,000 16.898,26 0,00




Receivables

Belgium


832

KBC GROUP SEK RECEIVABLE 100.934,95 SEK 1,000 10.266,49 0,00


Payables

Belgium


-9.088.902,15 EUR 1,000 -9.088.902,15 -1,01


Payables -9.195.691,26 -1,02


OTHER Interest receivable EUR -0,19


TOTAL OTHER -718.849,77 -0,08

TOTAL NET ASSETS 897.304.888,03 100,00

833


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Austria 0,00 1,01 2,86 1,94 Belgium 8,13 5,75 6,99 8,38 Canada 0,00 0,00 0,00 0,06 Switzerland 0,60 0,00 0,00 0,00 Germany 25,99 25,68 22,83 23,48 Denmark 0,99 0,68 0,00 0,00 Spain 6,21 5,47 6,58 6,05 Finland 2,35 1,62 2,80 1,67 France 27,98 33,11 32,84 32,57 U.K. 3,19 0,02 1,42 0,90 Ireland 1,97 2,05 2,36 1,14 Israel 0,00 0,24 0,00 0,00 Italy 7,36 5,31 6,06 6,70 Jersey/The Channel Islands 2,17 0,62 0,36 0,30 Luxembourg 0,21 1,17 0,00 1,01 Netherlands 12,45 16,02 14,66 14,71 Portugal 0,32 0,58 0,23 0,00 Sweden 0,00 0,00 0,01 0,75 U.S.A. 0,00 0,46 0,00 0,34 South Africa 0,08 0,21 0,00 0,00 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Cyclicals 24,38 28,42 23,22 23,14 Consum(cycl) 11,24 15,16 16,24 16,05 Cons.goods 17,68 11,70 12,53 12,94 Pharma 12,33 5,32 6,00 4,56 Financials 12,22 18,73 19,62 19,16 Technology 9,22 9,89 12,51 12,57 Telecomm. 6,70 6,54 3,50 4,96 Utilities 4,07 3,16 4,02 3,64 Real est. 2,16 1,08 1,62 2,10 Various 0,00 0,00 0,74 0,88 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

CHF 0,61 0,00 0,00 0,00 DKK 1,01 0,68 0,00 0,00 EUR 96,41 97,95 99,38 98,41 GBP 0,43 0,01 0,12 0,82 NOK 0,32 0,00 0,00 0,00 SEK 0,00 0,00 0,01 0,77 USD 1,22 1,15 0,49 0,00 ZAR 0,00 0,21 0,00 0,00 Total 100,00 100,00 100,00 100,00

834

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND EUROZONE (IN THE



Purchases 1.436.299.898,52 438.577.077,17 1.874.876.975,69 Sales 1.838.071.213,27 501.079.956,37 2.339.151.169,64 Total 1 3.274.371.111,79 939.657.033,54 4.214.028.145,33 Subscriptions 242.136.310,20 194.728.427,21 436.864.737,41 Redemptions 611.976.290,35 265.787.808,30 877.764.098,65 Total 2 854.112.600,55 460.516.235,51 1.314.628.836,06 Monthly average of total assets

1.046.885.413,94 879.993.614,75 963.439.514,34

Turnover rate 231,19 % 54,45 % 300,94 %


Purchases 1.436.299.898,52 438.577.077,17 1.874.876.975,69 Sales 1.838.071.213,27 501.079.956,37 2.339.151.169,64 Total 1 3.274.371.111,79 939.657.033,54 4.214.028.145,33 Subscriptions 242.136.310,20 194.728.427,21 436.864.737,41 Redemptions 611.976.290,35 265.787.808,30 877.764.098,65 Total 2 854.112.600,55 460.516.235,51 1.314.628.836,06 Monthly average of total assets

1.001.327.449,26 851.563.640,62 940.175.982,05


The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). Reason: Implimentation of strategic decisions. The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.


Nil


VALUE

Classic Shares




2016 - 12 35.556,92 134.392,40 49.247,87 9.688,48 57.979,01 147.498,21 205.477,21

2017 - 12 27.172,19 162.738,00 55.426,61 23.197,59 29.724,58 287.038,62 316.763,20

835

Period

Amounts received and paid by the UCI (in the currency of the class)



2016 - 12 16.205.932,10 47.476.585,95 21.887.676,93 3.317.011,97

2017 - 12 13.652.100,89 63.741.948,06 29.013.874,54 9.231.850,90





2016 - 12 83.587.812,32 498,48 370,76

2017 - 12 137.140.552,52 574,67 418,27




Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 3.564.545,60 4.910.074,82 1.246.349,41 1.246.349,41

2016 - 12 3.308.754,43 2.311.438,33 2.243.665,51 2.243.665,51

2017 - 12 670.344,21 1.596.435,02 1.317.574,69 1.317.574,69




Capitalization Distribution Capitalization Distribution 2015 - 12 1.803.087.833,59 2.391.729.235,91

2016 - 12 1.534.687.966,40 1.029.274.071,35

2017 - 12 364.635.774,17 848.929.007,41





2016 - 12 1.122.098.432,77 500,12

2017 - 12 760.164.335,51 576,94

836


2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CARNEGIE 18,688 3,812 20.40%

CITI 227,515 55,679 24.47%

CSFBSAS 127,424 28,668 22.50%

DEUTSCHE 175,972 33,096 18.81%


HSBC 201,294 41,769 20.75%

INSTINET 110,783 22,659 20.45%

MACQUARIE 89,156 23,592 26.46%

MERRILL 136,135 30,224 22.20%

MORGAN STANLEY 177,421 33,821 19.06%

SOCGEN 248,841 50,874 20.44%

UBSWDR 328,976 84,733 25.76%



840


Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek. Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 308.555,81 EUR and for the Management Company 123.422,32 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 2 and 10, with a market value fluctuating between 4.282.921,00 and 51.566.261,00 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:






ALTRAN TECHNOLOGIES EUR 44.000 13,890 611.160,00 HAPAG-LLOYD AG EUR 50.620 33,500 1.695.770,00 NYRSTAR NV EUR 285.000 6,711 1.912.635,00 UMICORE SA EUR 95.002 39,455 3.748.303,91

Total 7.967.868,91

841



UK 2015 2.50% 22/07/2065 GBP 1331000 EUR 1.959.622,79 NETHERLANDS GOVERN 2.0 15JUL24 144A EUR 3803200 EUR 4.294.996,02 KREDITANSTALT FUR WIEDE 2.5 20NOV24 USD 592000 EUR 495.675,70 US 2013 3,75% 15/11/43 USD 1583200 EUR 1.582.326,78 UNITED STATES TREAS N 1.875 30SEP22 USD 1000 EUR 828,48 US TREASURY 2015 1,375% 31/03/20 USD 100 EUR 83,03 US T NOTE 2015 2,25% 15/11/25 USD 66000 EUR 54.867,46 UNITED STATES TREAS N 1.375 30SEP18 USD 800 EUR 670,58 EUROPEAN INVESTMENT BAN 0.0 07DEC28 GBP 747000 EUR 699.831,31 Total 9.088.902,15



0,90 %



7.967.868,91 EUR


0,89 %

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency KINGDOM OF THE NETHERLANDS 4.294.996,02 EUR UNITED KINGDOM OF GREAT BRITAI 2.207.652,55 EUR UNITED STATES OF AMERICA 1.364.737,12 EUR EUROPEAN INVESTMENT BANK 788.409,07 EUR KFW 412.787,89 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)



currency



UK 3.748.303,91 EUR



UK 1.729.325,00 EUR


Merrill Lynch International UK 1.442.865,00 EUR


UBS AG Switzerland 611.160,00 EUR


Deutsche Bank AG Germany 436.215,00 EUR

842


(Goldman Sachs)

equity (KBC Bank)




open maturity

Nil Nil



tri-party Nil Nil

collateral quality Currency Maturity tenor US TREASURY 2015 1,375% 31/03/20 AAA USD above one year US T NOTE 2015 2,25% 15/11/25 AAA USD above one year US 2013 3,75% 15/11/43 AAA USD above one year UNITED STATES TREAS N 1.875 30SEP22 NR USD above one year UNITED STATES TREAS N 1.375 30SEP18 AAA USD three months to one year UK 2015 2.50% 22/07/2065 NR GBP above one year NETHERLANDS GOVERN 2.0 15JUL24 144A NR EUR above one year KREDITANSTALT FUR WIEDE 2.5 20NOV24 AAA USD above one year EUROPEAN INVESTMENT BAN 0.0 07DEC28 AAA GBP above one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil


Nil




agent lender


100,00% 26,00% 9,00%


35,00 %

843


Central European equity markets had a very strong 2017 thanks to strong economic growth. The economies are in full expansion fase evidenced by the very high GDP growth numbers. The most successful calls were coming from Romania and Hungary. Hungarian Gideon Richter and Romanian stocks as Banca Transilvania and Romgaz were good picks. Rationale was cheap valuation and good macro backup. From Czech Republic our selection of Pegas and Unipetrol proved successful, however, we underestimated the upside potential at CEZ, which mostly offset the gains compared to the index. In Poland, good longs were PZU and CCC, but missing out on LPP cost us a lot.

2.1.8 FUTURE POLICY

We are on the top of the economic cycle but the economic perspectives in Central Europe remains positive, regional countries being the leaders of growth in the EU once again. There are no significant valuation gaps between countries, further growth in the equity market has to be accompanied by growing profits. We have no clear country preference but the bulk of the fund is populated by Polish companies given limited liquid alternatives in the other markets. In terms of sectors we are avoiding the utilities sector which is still heavily coal based and as such has a limited life span. We’re also trying to find more value added alternatives for the energy sector which is mainly fossil fuel based thus again in the long term an ending story. Although we still have exposure to the sector given limited alternatives for fossil fuels in the region and low valuations. A big part of the fund is financials due to the still emerging nature of the region. The banks and insurers should gain from widening interest margin expectations. We also have an important exposure to consumer sectors which should profit from the strong wage growth in the region.


Classic Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return. Leveraged finance The total amount of leveraged finance used by the sub-fund is 855.68 EUR. This amount was calculated by multiplying the leverage ratio calculated using the commitment method by the sub-fund's total assets under management.

851

2.2 BALANCE SHEET




TOTAL NET ASSETS 49.742.147,17 33.389.854,20


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 13.137.741,38 9.503.903,71 C. Shares and similar instruments a) Shares 49.344.543,42 32.986.646,21 Of which securities lent 12.313.619,10 8.787.213,62

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 5.701,00 B. Payables a) Accounts payable (-) -1,66 -44.950,74 c) Borrowings (-) -4,70 d) Collateral (-) -13.137.741,38 -9.503.903,71


VI. Accruals and deferrals B. Accrued income 371,32 11.459,83 C. Accrued expense (-) -43.400,48 -26.021,73


A. Capital 40.120.219,75 31.732.673,89

B. Income equalization 115.102,34 125.020,79



I Collateral (+/-)



852





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 7.922.390,66 1.405.223,35 D. Other securities -5.621,97 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions 1.278.863,32 -401.812,60

Det.section I gains and losses on investments Realised gains on investments 6.541.210,69 1.115.428,08 Unrealised gains on investments 2.778.618,24 1.170.145,28 Realised losses on investments -1.254.569,29 -3.976.147,96 Unrealised losses on investments 1.135.994,34 2.688.363,38

II. Investment income and expenses A. Dividends 1.185.405,44 1.091.518,18 B. Interests a) Securities and money market instruments 11.526,98 13.250,68 b) Cash at bank and in hand and deposits 1.790,59 1.480,46 C. Interest on borrowings (-) -1.313,25 -171,99



30.151,72 17.365,89

B. Other 4.004,14

IV. Operating expenses A. Investment transaction and delivery costs (-) -149.296,41 -53.207,97 B. Financial expenses (-) -835,32 -1.309,94 C. Custodian's fee (-) -20.533,91 -24.384,84 D. Manager's fee (-) a) Financial management Classic Shares -263.812,82 -188.274,24 Institutional B Shares -412.603,69 -270.664,31 b) Administration and accounting management -42.275,86 -28.683,56 E. Administrative expenses (-) 0,11 F. Formation and organisation expenses (-) -3.047,05 -3.204,32 G. Remuneration, social security charges and

pension -2,35 -2,55

H. Services and sundry goods (-) -4.616,70 -4.914,89 J. Taxes Classic Shares -13.621,74 -7.857,36 Institutional B Shares -2.761,67 -999,20 K. Other expenses (-) -12.587,00 -5.569,41




853





cancellation of shares) 115.102,34 125.020,79



854


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND CENTRAL EUROPE


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Austria

ERSTE GROUP BANK AG - 17.279,00 EUR 36,105 623.858,30 1,26 1,25

VIENNA INSURANCE GROUP AG WIEN - 11.276,00 EUR 25,765 290.526,14 0,59 0,58

Czech Republic

KOMERCNI BANKA - 30.949,00 CZK 915,000 1.109.261,43 2,25 2,23

MONETA MONEY BANK AS - 101.096,00 CZK 82,400 326.307,74 0,66 0,66

PEGAS NONWOVENS SA - 24.915,00 CZK 821,100 801.351,66 1,62 1,61

Hungary

GEDEON RICHTER - 154.168,00 HUF 6.780,000 3.369.575,09 6,83 6,77

MAGYAR OLAJ-ES GAZIPARI RT. - 227.552,00 HUF 3.005,000 2.204.328,62 4,47 4,43

OTP BANK PLC - 139.026,00 HUF 10.720,000 4.804.431,65 9,74 9,66

Poland

ALIOR BANK SA - 107.021,00 PLN 79,500 2.039.105,93 4,13 4,10

BANK HANDLOWY W WARSZAWIE - 14.157,00 PLN 81,880 277.813,10 0,56 0,56

BANK MILLENNIUM S.A. "J" 456.996,00 PLN 8,940 979.159,79 1,98 1,97

BANK PEKAO SA - 75.725,00 PLN 129,500 2.350.242,66 4,76 4,73

BANK ZACHODNI - 19.348,00 PLN 396,250 1.837.422,41 3,72 3,69

CCC SA - 35.449,00 PLN 285,000 2.421.321,75 4,91 4,87

CD PROJEKT SA - 55.434,00 PLN 97,000 1.288.699,34 2,61 2,59

CYFROWY POLSAT SA - 214.720,00 PLN 24,860 1.279.314,37 2,59 2,57

EUROCASH_SA - 192.696,00 PLN 26,470 1.222.447,72 2,48 2,46

GRUPA AZOTY SA - 23.817,00 PLN 69,600 397.282,97 0,81 0,80

GRUPA LOTOS SA - 104.262,00 PLN 57,700 1.441.801,65 2,92 2,90

KGHM POLSKA MIEDZ SA - 69.053,00 PLN 111,200 1.840.310,03 3,73 3,70

KRUK SA - 15.540,00 PLN 261,500 973.926,90 1,97 1,96

LPP SA - 240,00 PLN 8.910,000 512.498,50 1,04 1,03

MBANK - 8.004,00 PLN 465,000 891.997,60 1,81 1,79

POLISH OIL & GAS - 31.694,00 PLN 6,290 47.778,37 0,10 0,10

POLSKI KONCERN NAFTOWY ORLEN SA - 91.961,00 PLN 106,000 2.336.217,14 4,73 4,70

POWOSZECHNA KASA OSZCZEDNOSCI BANK - 452.719,00 PLN 44,310 4.807.664,20 9,75 9,67

POWSZECHNY BANK KREDYTOWY SA - 435.848,00 PLN 42,160 4.403.918,92 8,93 8,85

Romania

BANCA TRANSILVANIA - 4.053.255,00 RON 2,130 1.849.215,66 3,75 3,72

BRD-GROUPE SOCIETE GENERALE - 121.703,00 RON 12,900 336.275,34 0,68 0,68

OMV PETROM SA - 5.091.537,00 RON 0,286 311.902,58 0,63 0,63

SOCIETATEA NATIONALA DE GAZE N - 267.897,00 RON 31,300 1.796.040,89 3,64 3,61

Russia

ETALON GROUP PLC - 69.064,00 USD 3,000 172.544,97 0,35 0,35

Total shares 49.344.543,42 100,00 99,20


855

COLLATERAL RECEIVED

Belgium




Demand accounts

Belgium

KBC GROUP CZK 500.936,92 CZK 1,000 19.622,27 0,04

KBC GROUP EURO 275.807,56 EUR 1,000 275.807,56 0,55

KBC GROUP GBP 2.396,47 GBP 1,000 2.699,79 0,01

KBC GROUP HUF 5.445.224,50 HUF 1,000 17.553,63 0,04

KBC GROUP PLN 474.131,74 PLN 1,000 113.632,53 0,23

KBC GROUP RON -21,95 RON 1,000 -4,70

KBC GROUP USD 6.751,49 USD 1,000 5.622,49 0,01

Total demand accounts 434.933,57 0,87

TOTAL CASH AT BANK AND IN HAND 434.933,57 0,87


Receivables

Belgium



Payables

Belgium


-13.137.741,38 EUR 1,000 -13.137.741,38 -26,41

KBC GROUP EUR PAYABLE -1,66 EUR 1,000 -1,66

Payables -13.137.743,04 -26,41


OTHER Interest receivable EUR 371,32 0,00


TOTAL OTHER -43.029,16 -0,09

TOTAL NET ASSETS 49.742.147,17 100,00

856


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Austria 14,79 4,20 4,30 1,85 Czech Republic 16,24 13,12 9,91 4,53 Hungary 14,92 18,91 16,79 21,03 Croatia 0,84 0,71 0,12 0,00 Poland 41,07 55,22 58,91 63,54 Portugal 1,38 0,00 0,00 0,00 Romania 10,76 7,84 9,97 8,70 Russia 0,00 0,00 0,00 0,35 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017



30/06/2016 31/12/2016 30/06/2017 31/12/2017

CZK 16,05 12,97 9,83 4,53 EUR 16,68 5,00 4,66 2,40 GBP 0,01 0,01 0,01 0,01 HRK 0,83 0,70 0,12 0,00 HUF 14,82 18,67 16,71 20,88 PLN 40,96 54,91 58,70 63,20 RON 10,65 7,74 9,97 8,62 USD 0,00 0,00 0,00 0,36 Total 100,00 100,00 100,00 100,00

857

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND CENTRAL EUROPE




39.532.047,41 45.027.751,73 42.324.580,09

Turnover rate 123,60 % 70,84 % 190,81 %



38.954.058,45 44.550.573,18 41.856.610,84


The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). Reason: change of investment process, analyst covering the region and fund management team from CSOB to KBC FM. The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.


Nil


VALUE

Classic Shares



Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 622,75 280,93 3.948,64 371,00 11.271,51 1.895,04 13.166,55

2016 - 12 369,07 361,00 940,05 333,73 10.700,54 1.922,31 12.622,85

2017 - 12 1.858,83 4.091,00 1.744,85 436,89 10.814,52 5.576,42 16.390,94

858

Period



Capitalization Distribution Capitalization Distribution 2015 - 12 645.731,53 231.503,15 4.225.070,32 298.843,84

2016 - 12 342.507,83 262.913,57 883.429,68 236.936,93

2017 - 12 2.237.911,02 3.587.671,89 2.095.930,87 385.372,58





2016 - 12 12.263.886,78 1.009,50 760,40

2017 - 12 19.143.609,30 1.287,35 936,36





2016 - 12 8.383,09 6.086,66 20.886,42 20.886,42

2017 - 12 11.263,17 8.437,53 23.712,06 23.712,06





2016 - 12 7.847.962,98 5.593.985,53

2017 - 12 13.494.806,78 9.909.472,15





2016 - 12 21.125.967,40 1.011,47

2017 - 12 30.598.537,87 1.290,42

859


2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CITI 79 25 32.01%

CITI 28,267 3,482 12.32%

CSFBSAS 1,202 104 8.66%

CSFBSAS 27,396 4,303 15.71%

DEUTSCHE 1,284 280 21.76%


HSBC 526 62 11.76%

HSBC 973 115 11.76%

INSTINET 474 48 10.05%

INSTINET 12,528 1,399 11.17%

MACQUARIE 975 367 37.61%

MERRILL 96 38 40.00%

MERRILL 2,367 473 19.98%


SOCGEN 1,121 260 23.19%

UBSWDR 4,293 712 16.59%

WOOD 5,959 388 6.52%


The management company may share its fee with the distributor, and institutional and/or professional parties. In principle, the percentage share amounts to between 35% and 60% if the distributor is an entity of KBC Group NV or to between 35% and 70% if the distributor is not an entity of KBC Group NV. However, in a small number of cases, the distributor’s fee is less than 35%. Investors may, on request, obtain more information on these cases. If the management company invests the assets of the undertaking for collective investment in units of undertakings for collective investment that are not managed by an entity of KBC Group NV, and receives a fee for doing so, it will pay this fee to the undertaking for collective investment. Fee-sharing does not affect the amount of the management fee paid by the sub-fund to the management company. This management fee is subject to the limitations laid down in the articles of association. The limitations may only be amended after approval by the general meeting of shareholders. The management company has concluded a distribution agreement with the distributor in order to facilitate the wider distribution of the sub-fund's units by using multiple distribution channels.

863

It is in the interests of the holders of units, the sub-fund and of the distributor for the largest possible number of units to be sold and for the assets of the sub-fund to be maximised in this way. In this respect, there is therefore no question of any conflict of interest.


Fee for managing the investment portfolio: 1.6% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. CSOB Asset Management a.s. receives a fee from the management company of max. 1.6% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek. Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 7.492,54 EUR and for the Management Company 4.034,44 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 7 and 13, with a market value fluctuating between 6.073.704,29 and 12.450.444,10 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:


with a Principal. o Nature of the lent securities: the securities lending applies only to the equity portion of





864

Overview of securities lent as at 29/12/2017 Name Currency Quantity Price Value in currency of the portfolio

ALIOR BANK SA PLN 107.019 79,500 2.039.067,83 BANK PEKAO SA PLN 23.750 129,500 737.118,03 BANK ZACHODNI PLN 14.463 396,250 1.373.508,39 CYFROWY POLSAT SA PLN 206.440 24,860 1.229.981,64 GRUPA LOTOS SA PLN 104.260 57,700 1.441.774,00 KGHM POLSKA MIEDZ SA PLN 25.000 111,200 666.267,23 MBANK PLN 4.003 465,000 446.110,25 POLISH OIL & GAS PLN 11.431 6,290 17.232,11 POLSKI KONCERN NAFTOWY ORLEN SA PLN 75.580 106,000 1.920.067,11 POWSZECHNA KASA OSZCZEDNOSCI BK PLN 230.000 44,310 2.442.492,51

Total 12.313.619,10



Belgie (OLO61) 11 04,25 280921 EUR 3970690 EUR 4.698.747,78 FLEMISH COMMUNITY 2010 3,1155% 18/08/2020 EUR 2600000 EUR 2.857.171,20 FRANCE 2013 3,25% 25/05/2045 EUR 2200000 EUR 3.032.682,40 FRANCE 2014 2,375% 25/01/2024 EUR 2200000 EUR 2.549.140,00 Total 13.137.741,38



24,95 %



12.313.619,09 EUR


24,75 %

865

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency KINGDOM OF BELGIUM 4.698.747,78 EUR FRENCH REPUBLIC 3.032.682,40 EUR FLEMISH COMMUNITY 2.857.171,20 EUR CAISSE D AMORTISSEMENT DE LA D 2.549.140,00 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)

name counterparty



currency

equity (KBC Bank) KBC Bank NV Belgium 12.313.619,09 EUR Aggregate transaction data for each type of SFTs and total return swaps separately to be broken down according to the below categories: 1) Type and quality of collateral; equity

(Goldman Sachs)

equity (KBC Bank)


type Nil bonds Nil quality – Bloomberg composite rating: see table below 2) Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity: see table below;


Nil open maturity

Nil



Nil bilateral Nil

collateral quality Currency Maturity tenor FRANCE 2014 2,375% 25/01/2024 AA EUR above one year FRANCE 2013 3,25% 25/05/2045 AA+ EUR above one year FLEMISH COMMUNITY 2010 3,1155% 18/08/2020 NR EUR above one year Belgie (OLO61) 11 04,25 280921 AA- EUR above one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: 1) Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians. number Name collateral custodian Market value on a settled basis currency 1 KBC Bank 13.137.741,38 EUR Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: 1) The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts.

Nil

866

Data on return and cost for each type of SFTs and total return swaps: 1) Data on return and cost for each type of SFTs and total return swaps broken down between the collective investment undertaking, the manager of the collective investment undertaking and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of SFTs and total return swaps. Lending program: equity (KBC Bank)



agent lender

return (EUR) 11.526,98 4.034,44 0,00 percentage of overall returns

100,00% 35,00% 0,00%


35,00 %

867


The fund invests in well-diversified portfolios of shares in companies that pay out sustainable dividends that are higher than their peers. Active positions in stocks were taken based on quantitative analysis and a stringent risk framework. Approximately once a month, the fund was rebalanced to reflect recommendations originated by forementioned analysis.

2.1.8 FUTURE POLICY

The fund will continue its active stock selection strategy based on quantitative analysis within the limits defined by the stringent risk framework.


Classic Shares: 5 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B Shares: 5 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return. Leveraged finance The total amount of leveraged finance used by the sub-fund is 330,062.41 USD. This amount was calculated by multiplying the leverage ratio calculated using the commitment method by the sub-fund's total assets under management.

875

2.2 BALANCE SHEET




TOTAL NET ASSETS 36.687.849,57 409.735.343,92


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 2.307.069,30 C. Shares and similar instruments a) Shares 36.971.207,92 370.496.588,15 D. Other securities 0,24 0,48 F. Derivative financial instruments m) Financial indices Futures and forward contracts (+/-) -327.515,00

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 1.227,36 711.312,36 c) Collateral 1.472.500,00 B. Payables a) Accounts payable (-) -1.246.106,63 c) Borrowings (-) -759.495,41 -2.100,46 d) Collateral (-) -2.307.069,30

V. Deposits and cash at bank and in hand A. Demand balances at banks 500.250,80 38.403.718,33



A. Capital 21.347.820,22 383.055.821,42




I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 2.307.069,30 I.A.B Cash at bank and in hand/deposits 1.472.500,00


III.A Purchased futures and forward contracts 34.661.100,00

876





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 16.951.758,79 20.205.887,01 D. Other securities 40,57 F. Derivative financial instruments l) Financial indices Futures and forward contracts 455.418,95 -1.837.922,85 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions 78.786,02 -286.975,14





520.984,37 517.459,86

B. Other 3.577,69

IV. Operating expenses A. Investment transaction and delivery costs (-) -284.995,28 -149.295,92 B. Financial expenses (-) -1.946,17 -4.096,85 C. Custodian's fee (-) -250.087,17 -24.413,54 D. Manager's fee (-) a) Financial management Classic Shares -503.427,34 -453.297,73 Institutional B Shares -2.397.942,50 -1.964.792,67 b) Administration and accounting management -193.424,77 -161.206,04 E. Administrative expenses (-) -1.186,92 -0,16 F. Formation and organisation expenses (-) -4.118,50 -5.138,16 G. Remuneration, social security charges and

pension -2,49 -2,16

H. Services and sundry goods (-) -8.477,04 -5.900,76 J. Taxes Classic Shares -23.197,33 -39.625,08 Institutional B Shares -3.090,71 -36.661,76 K. Other expenses (-) 48.617,16 -214.374,94


877



878








879


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND NORTH AMERICA


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Canada

BANK OF NOVA SCOTIA PREF 3.70 % 1.164,00 CAD 23,020 21.386,36 0,06 0,06

C.I.B.C. - 7.286,00 CAD 122,540 712.599,53 1,93 1,94

CANADIAN APARTMENT PROPERTIES - 989,00 CAD 37,320 29.458,89 0,08 0,08

COMINAR REAL ESTAT INVESTMENT - 30.317,00 CAD 14,400 348.439,36 0,94 0,95

GRANITE REAL ESTATE INC - 7.219,00 CAD 49,250 283.766,92 0,77 0,77

MANULIFE FINANCIAL CORP - 9.486,00 CAD 26,220 198.515,44 0,54 0,54

POWER CORP - 21.720,00 CAD 32,370 561.152,64 1,52 1,53

RUSSEL METALS INC - 11.275,00 CAD 29,170 262.501,31 0,71 0,72

TORONTO DOMINION BK - 8.383,00 CAD 73,650 492.777,31 1,33 1,34

TRANSCANADA CORP - 5.908,00 CAD 61,180 288.488,46 0,78 0,79

U.S.A.

ABBVIE INC - 4.928,00 USD 96,710 476.586,88 1,29 1,30

AETNA INC NEW 896,00 USD 180,390 161.629,44 0,44 0,44

ALLERGAN PLC - 1.977,00 USD 163,580 323.397,66 0,88 0,88

ALLIANCE DATA SYSTEMS CORP - 1.672,00 USD 253,480 423.818,56 1,15 1,16

ALLY FINANCIAL INC - 7.579,00 USD 29,160 221.003,64 0,60 0,60

AMERICAN CAPITAL AGENCY CORP - 27.019,00 USD 20,190 545.513,61 1,48 1,49

AMGEN - 422,00 USD 173,900 73.385,80 0,20 0,20

ANTHEM INC - 2.463,00 USD 225,010 554.199,63 1,50 1,51

APPLE INC - 7.958,00 USD 169,230 1.346.732,34 3,64 3,68

AT&T INC - 11.094,00 USD 38,880 431.334,72 1,17 1,18

BANK OF AMERICA CORP - 25.757,00 USD 29,520 760.346,64 2,06 2,07

BEST BUY - 6.428,00 USD 68,470 440.125,16 1,19 1,20

BOEING - 2.414,00 USD 294,910 711.912,74 1,93 1,94

BRINKER INTERNATIONAL INC. - 2.045,00 USD 38,840 79.427,80 0,22 0,22

CA INC - 12.487,00 USD 33,280 415.567,36 1,12 1,13

CARDINAL HEALTH INC - 2.232,00 USD 61,270 136.754,64 0,37 0,37

CARNIVAL CORP CORP 8.222,00 USD 66,370 545.694,14 1,48 1,49

CATERPILLAR INC - 499,00 USD 157,580 78.632,42 0,21 0,21

CDK GLOBAL INC - 8.875,00 USD 71,280 632.610,00 1,71 1,72

CELANESE CORPORATION -A- 470,00 USD 107,080 50.327,60 0,14 0,14

CENTERPOINT ENERGY INC - 18.623,00 USD 28,360 528.148,28 1,43 1,44

CHIMERA INVESTMENT CORP - 24.541,00 USD 18,480 453.517,68 1,23 1,24

CITIZENS FINANCIAL GROUP - 8.919,00 USD 41,980 374.419,62 1,01 1,02

COCA-COLA CO - 3.068,00 USD 45,880 140.759,84 0,38 0,38

COGNIZANT TECHNOLOGY SOLUTIONS CORP. - 5.956,00 USD 71,020 422.995,12 1,14 1,15

COMCAST CORP -A- 1.009,00 USD 40,050 40.410,45 0,11 0,11

CORNING INC - 17.263,00 USD 31,990 552.243,37 1,49 1,51

CSX - 2.684,00 USD 55,010 147.646,84 0,40 0,40

CUMMINS INC. - 3.281,00 USD 176,640 579.555,84 1,57 1,58

CVS HEALTH CORP - 7.334,00 USD 72,500 531.715,00 1,44 1,45

DEERE & COMPANY - 2.108,00 USD 156,510 329.923,08 0,89 0,90

880

DST SYSTEMS INC - 2.031,00 USD 62,070 126.064,17 0,34 0,34

DTE ENERGY COMPANY - 3.123,00 USD 109,460 341.843,58 0,93 0,93

EXXON MOBIL CORP - 10.834,00 USD 83,640 906.155,76 2,45 2,47

FIRST AMERICAN FINANCIAL CORP - 1.283,00 USD 56,040 71.899,32 0,19 0,20

FNF GROUP - 11.490,00 USD 39,240 450.867,60 1,22 1,23

FORD MOTOR CY - 1.414,00 USD 12,490 17.660,86 0,05 0,05

GATX CORP - 8.181,00 USD 62,160 508.530,96 1,38 1,39

GEN.MOTORS - 16.135,00 USD 40,990 661.373,65 1,79 1,80

HANESBRAND INC - 14.777,00 USD 20,910 308.987,07 0,84 0,84

HEWLETT PACKARD ENTERPRISE CO - 27.162,00 USD 14,360 390.046,32 1,06 1,06

HOME DEPOT - 4.445,00 USD 189,530 842.460,85 2,28 2,30

I.B.M. - 5.051,00 USD 153,420 774.924,42 2,10 2,11

INTEL CORP - 16.761,00 USD 46,160 773.687,76 2,09 2,11

JABIL INC - 4.986,00 USD 26,250 130.882,50 0,35 0,36

JPMORGAN CHASE & CO - 8.828,00 USD 106,940 944.066,32 2,55 2,57

KAISER ALUMINUM CORP - 601,00 USD 106,850 64.216,85 0,17 0,18

KOHL'S CORPORATION - 5.824,00 USD 54,230 315.835,52 0,85 0,86

KRONOS WORLDWIDE INC - 9.743,00 USD 25,770 251.077,11 0,68 0,68

LYONDELLBASELL INDUSTRIES NV CL A 5.001,00 USD 110,320 551.710,32 1,49 1,50

MANPOWER GROUP - 2.743,00 USD 126,110 345.919,73 0,94 0,94


MASTERCARD INC - 548,00 USD 151,360 82.945,28 0,22 0,23

MERCK & CO - 14.481,00 USD 56,270 814.845,87 2,20 2,22

METLIFE INC. - 694,00 USD 50,560 35.088,64 0,10 0,10

MICROSOFT CORP - 10.613,00 USD 85,540 907.836,02 2,46 2,47

MONDELEZ INTERNATIONAL INC "A" 1.091,00 USD 42,800 46.694,80 0,13 0,13

MORGAN STANLEY - 10.042,00 USD 52,470 526.903,74 1,43 1,44

ORITANI FINANCIAL CORP - 2.712,00 USD 16,400 44.476,80 0,12 0,12

OWENS & MINOR INC - 18.546,00 USD 18,880 350.148,48 0,95 0,95

OWENS CORNING - 2.428,00 USD 91,940 223.230,32 0,60 0,61

PEPSICO INC - 6.340,00 USD 119,920 760.292,80 2,06 2,07

PFIZER - 24.976,00 USD 36,220 904.630,72 2,45 2,47

PG & E CORP - 10.393,00 USD 44,830 465.918,19 1,26 1,27

PITNEY BOWES - 25.282,00 USD 11,180 282.652,76 0,77 0,77

POTLATCH CORPORATION - 11.677,00 USD 49,900 582.682,30 1,58 1,59

PROCTER & GAMBLE CO/THE - 10.612,00 USD 91,880 975.030,56 2,64 2,66

QUEST DIAGNOSTICS INC - 2.729,00 USD 98,490 268.779,21 0,73 0,73

SABRE CORP - 13.062,00 USD 20,500 267.771,00 0,72 0,73

TARGET CORP - 7.493,00 USD 65,250 488.918,25 1,32 1,33

TEXAS INSTRUMENTS - 8.363,00 USD 104,440 873.431,72 2,36 2,38

THE JM SMUCKER CO - 3.199,00 USD 124,240 397.443,76 1,08 1,08

TIME WARNER INC - 6.314,00 USD 91,470 577.541,58 1,56 1,57

UNION PACIFIC CORPORATION - 1.903,00 USD 134,100 255.192,30 0,69 0,70

UNITED TECHNOLOGIES - 618,00 USD 127,570 78.838,26 0,21 0,22

UNITEDHEALTH GROUP INC. - 321,00 USD 220,460 70.767,66 0,19 0,19

VALERO ENERGY CORPORATION - 6.379,00 USD 91,910 586.293,89 1,59 1,60

VIACOM B 815,00 USD 30,810 25.110,15 0,07 0,07

WALGREENS BOOTS ALLLIANCE INC - 7.047,00 USD 72,620 511.753,14 1,38 1,40

WEST UNION COMPANY - 33.041,00 USD 19,010 628.109,41 1,70 1,71

Total shares 36.971.207,92 100,00 100,77

Rights

U.S.A.

SAFEWAY INC. CVR A - CP 02/02/2015 2.400,00 USD 0,000 0,24

Total rights 0,24


881


Demand accounts

Belgium

KBC GROUP CAD 35.890,95 CAD 1,000 28.645,96 0,08


KBC GROUP USD -718.314,08 USD 1,000 -718.314,08 -1,96


Managed futures accounts

Belgium

KBC GROUP USD FUT REK 471.604,84 USD 1,000 471.604,84 1,29

Total managed futures accounts 471.604,84 1,29



Receivables

Belgium

KBC GROUP USD RECEIVABLE 1.227,36 USD 1,000 1.227,36 0,00


TOTAL RECEIVABLES AND PAYABLES 1.227,36 0,00

OTHER Interest receivable USD 46.700,31 0,13

Expenses payable USD -72.041,65 -0,20

TOTAL OTHER -25.341,34 -0,07

TOTAL NET ASSETS 36.687.849,57 100,00

882


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Bermuda 0,65 0,39 0,00 0,00 Canada 6,33 8,32 8,71 8,65 U.K. 0,00 0,00 0,70 0,00 U.S.A. 93,02 91,29 90,59 91,35 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017



30/06/2016 31/12/2016 30/06/2017 31/12/2017

CAD 6,49 7,54 8,65 8,79 EUR -0,12 0,04 0,01 -0,11 USD 93,63 92,42 91,34 91,32 Total 100,00 100,00 100,00 100,00

883

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND

NORTH AMERICA (IN THE CURRENCY OF THE SUB-FUND)



353.074.502,71 35.330.346,52 192.889.432,23

Turnover rate 49,75 % 51,94 % 100,58 %



338.462.951,17 35.728.625,86 198.840.611,77


The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). Reason: The fund is regulary rebalanced to reflect quantitative views in a timely and adequate manner. Monthly turnover can be significant in case of strong quantitative signals. The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.


Nil


VALUE

Classic Shares




2016 - 12 3.412,77 37.250,03 2.893,50 10.808,51 17.653,36 41.733,35 59.386,71

2017 - 12 3.652,18 10.083,43 4.696,57 40.354,40 16.608,98 11.462,39 28.071,37

884

Period




2016 - 12 3.082.793,05 27.337.994,13 2.604.960,29 7.253.598,23

2017 - 12 3.672.012,98 8.014.147,11 4.767.810,01 32.107.191,11





2016 - 12 49.217.587,55 959,90 773,29

2017 - 12 29.035.252,05 1.134,30 889,49





2016 - 12 469.179,82 98.939,84 374.294,53 374.294,53

2017 - 12 77.526,31 445.100,84 6.720,00 6.720,00





2016 - 12 428.633.427,42 88.826.503,13

2017 - 12 76.838.123,01 444.146.268,72





2016 - 12 360.517.756,37 963,19

2017 - 12 7.652.597,52 1.138,78

885

Classic Shares Distribution Dividend on ex-dividend date 03/04/2018: 16.3158 USD net (23.3083 USD gross).

2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CITI 16,394 4,113 25.09%

CSFBSAS 10,635 2,659 25.00%


HSBC 13,185 3,585 27.19%

INSTINET 16,339 4,120 25.22%

MACQUARIE 13,408 3,405 25.39%

MERRILL 975 244 25.00%

UBSWDR 210 42 20.00%


The management company may share its fee with the distributor, and institutional and/or professional parties. In principle, the percentage share amounts to between 35% and 60% if the distributor is an entity of KBC Group NV or to between 35% and 70% if the distributor is not an entity of KBC Group NV. However, in a small number of cases, the distributor’s fee is less than 35%. Investors may, on request, obtain more information on these cases. If the management company invests the assets of the undertaking for collective investment in units of undertakings for collective investment that are not managed by an entity of KBC Group NV, and receives a fee for doing so, it will pay this fee to the undertaking for collective investment. Fee-sharing does not affect the amount of the management fee paid by the sub-fund to the management company. This management fee is subject to the limitations laid down in the articles of association. The limitations may only be amended after approval by the general meeting of shareholders.

891

The management company has concluded a distribution agreement with the distributor in order to facilitate the wider distribution of the sub-fund's units by using multiple distribution channels. It is in the interests of the holders of units, the sub-fund and of the distributor for the largest possible number of units to be sold and for the assets of the sub-fund to be maximised in this way. In this respect, there is therefore no question of any conflict of interest.


Fee for managing the investment portfolio: max.1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. KBC Fund Management Limited receives a fee from the management company of max. 1.5% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek.

Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 11.195,26 USD and for the Management Company 4.478,10 USD.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 0 and 1, with a market value fluctuating between 0,00 and 6.544.903,88 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:





o Reinvestment of the financial collateral received: no reinvestment takes place.

892

Transparency of securities financing transactions and of reuse Global data: 1) The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents;

0,00 %



0,00 USD


0,00 %


name counterparty



currency

Nil Nil Nil Nil Nil Aggregate transaction data for each type of SFTs and total return swaps separately to be broken down according to the below categories: 1) Type and quality of collateral; equity

(Goldman Sachs)

equity (KBC Bank)




Nil Nil Nil



Nil Nil Nil

collateral quality Currency Maturity tenor Nil Nil Nil Nil Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: 1) Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians. number Name collateral custodian Market value on a settled basis currency Nil Nil Nil Nil

893

Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: 1) The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts.

Nil




agent lender

return 17.223,48 4.478,10 1.550,11 percentage of overall returns 100,00% 26,00% 9,00% cost 6.028,22 percentage of overall returns 35,00 %

894



2.1.8 FUTURE POLICY



Classic Shares: 5 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B Shares: 5 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional Shares: 5 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return. Leveraged finance The total amount of leveraged finance used by the sub-fund is 11,294,317.75 EUR. This amount was calculated by multiplying the leverage ratio calculated using the commitment method by the sub-fund's total assets under management.

902

2.2 BALANCE SHEET




TOTAL NET ASSETS 679.374.366,24 848.207.238,19


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 17.953.139,75 18.719.835,26 C. Shares and similar instruments a) Shares 669.283.322,28 808.882.977,75 Of which securities lent 11.641.339,12 16.654.396,31 D. Other securities 343.362,27 179.784,70 F. Derivative financial instruments m) Financial indices Futures and forward contracts (+/-) -145.502,00 -176.357,86

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 217.485,54 10.252.535,14 c) Collateral 490.602,45 2.123.993,36 B. Payables a) Accounts payable (-) -106.849,12 -11.204.486,50 c) Borrowings (-) -1.163.628,23 -2.457.819,86 d) Collateral (-) -17.953.139,75 -18.719.835,26


VI. Accruals and deferrals B. Accrued income 1.207.144,85 1.430.052,17 C. Accrued expense (-) -637.168,48 -940.971,08


A. Capital 643.882.515,07 743.615.989,95




I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 17.953.139,75 18.719.835,26 I.A.B Cash at bank and in hand/deposits 490.602,45 2.123.993,36


III.A Purchased futures and forward contracts 10.950.960,71 40.865.545,56


903





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 79.917.970,32 67.519.250,70 D. Other securities 6.791,61 -2.680,69 F. Derivative financial instruments l) Financial indices Futures and forward contracts 1.150.834,08 109.434,55 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -55.164.765,16 19.311.576,21


II. Investment income and expenses A. Dividends 22.979.601,21 16.485.023,31 B. Interests a) Securities and money market instruments 146.130,25 106.337,44 b) Cash at bank and in hand and deposits 34.328,50 12.310,97 C. Interest on borrowings (-) -39.054,15 -52.244,11 F. Other investment income 13.355,20



702.488,69 1.214.638,89

B. Other 11.290,53

IV. Operating expenses A. Investment transaction and delivery costs (-) -1.064.861,41 -702.076,55 B. Financial expenses (-) -3.267,79 -7.496,49 C. Custodian's fee (-) -532.189,59 -165.300,37 D. Manager's fee (-) a) Financial management Classic Shares -3.837.519,01 -3.283.489,22 Institutional Shares -32.164,56 Institutional B Shares -6.298.859,86 -4.148.605,40 b) Administration and accounting management -680.354,15 -495.473,54 E. Administrative expenses (-) -1.000,00 1,71 F. Formation and organisation expenses (-) -3.015,56 -7.822,72 G. Remuneration, social security charges and

pension -32,12 -42,33

H. Services and sundry goods (-) -20.560,83 -17.550,01 J. Taxes Classic Shares -223.025,42 -232.420,22 Institutional Shares -3.692,46 Institutional B Shares -41.032,33 -59.349,03 K. Other expenses (-) -45.543,59 -363.956,51

904




905








906


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Australia

FORTESCUE METALS GROUP - 1.376.028,00 AUD 4,880 4.373.891,31 0,65 0,64

NATIONAL AUSTRALIA BANK - 452.567,00 AUD 29,570 8.716.760,26 1,30 1,28

TELSTRA CORP - 1.614.392,00 AUD 3,630 3.817.126,17 0,57 0,56

VICINITY CENTRES - 291.667,00 AUD 2,720 516.745,96 0,08 0,08

WESFARMERS - 69.246,00 AUD 44,420 2.003.522,11 0,30 0,30

WESTPAC BANKING - 206.653,00 AUD 31,350 4.219.880,51 0,63 0,62

Canada

BANK OF NOVA SCOTIA - 75.681,00 CAD 81,120 4.080.586,72 0,61 0,60

C.I.B.C. - 132.766,00 CAD 122,540 10.813.656,12 1,62 1,59

CANADIAN REAL ESTATE INVESTMENT - 11.142,00 CAD 46,300 342.887,74 0,05 0,05

CI FINANCIAL INC - 72.438,00 CAD 29,770 1.433.352,78 0,21 0,21

COMINAR REAL ESTAT INVESTMENT - 91.756,00 CAD 14,400 878.222,93 0,13 0,13

CORUS ENTERTAINMENT INC - 758,00 CAD 11,700 5.894,72 0,00 0,00

GENWORTH MI CANADA INC - 17.761,00 CAD 43,500 513.528,41 0,08 0,08

GRANITE REAL ESTATE INC - 13.263,00 CAD 49,250 434.166,00 0,07 0,06

H&R REAL ESTATE INV. TRUST - 43.651,00 CAD 21,360 619.731,05 0,09 0,09

MANULIFE FINANCIAL CORP - 474.103,00 CAD 26,220 8.262.532,84 1,23 1,22

NORBORD INC - 1.889,00 CAD 42,550 53.424,36 0,01 0,01

NORTHLAND POWER INC - 700,00 CAD 23,350 10.864,07 0,00 0,00

POWER CORP - 124.222,00 CAD 32,370 2.672.692,68 0,40 0,39

RIOCAN REALESTATE INV. TRUST - 23.268,00 CAD 24,360 376.742,09 0,06 0,06

ROYAL BK CANADA - 745,00 CAD 102,650 50.830,34 0,01 0,01

RUSSEL METALS INC - 33.118,00 CAD 29,170 642.108,38 0,10 0,10

TRANSCANADA CORP - 65.223,00 CAD 61,180 2.652.271,94 0,40 0,39

Cayman Islands

SEAGATE TECHNOLOGY - 121.191,00 USD 41,840 4.222.711,06 0,63 0,62

Denmark

PANDORA A/S - 6.076,00 DKK 675,500 551.258,23 0,08 0,08

France

BOUYGUES - 130.339,00 EUR 43,310 5.644.982,09 0,84 0,83

CAPGEMINI SA - 15.150,00 EUR 98,890 1.498.183,50 0,22 0,22


ETAB ECON CASINO GUICH-P (PAR) 27.952,00 EUR 50,560 1.413.253,12 0,21 0,21

EUTELSAT - 3.720,00 EUR 19,295 71.777,40 0,01 0,01

FONCIERE DES REGIONS - 5.559,00 EUR 94,480 525.214,32 0,08 0,08

KLEPIERRE (CIE FONCIERE) - 92.175,00 EUR 36,665 3.379.596,38 0,51 0,50

M6 - METROPOLE TELEVISION (PAR) 14.368,00 EUR 21,535 309.414,88 0,05 0,05

NATIXIS (PAR) 901.564,00 EUR 6,596 5.946.716,14 0,89 0,88

NEOPOST SA - 14.091,00 EUR 24,000 338.184,00 0,05 0,05

SANOFI - 122.422,00 EUR 71,850 8.796.020,70 1,31 1,30

907

TOTAL - 229.247,00 EUR 46,045 10.555.678,12 1,58 1,55

Germany



Hong Kong

LI & FUNG LTD - 948.000,00 HKD 4,290 433.247,93 0,07 0,06

Israel

BEZEQ ISRAELI TELECOMMUNICATIO - 496.074,00 ILS 5,260 625.930,85 0,09 0,09

Italy

POSTE ITALIANE - 128.989,00 EUR 6,275 809.405,98 0,12 0,12

SARAS SPA - 647.718,00 EUR 2,004 1.298.026,87 0,19 0,19

Japan

CANON INC - 265.400,00 JPY 4.200,000 8.240.401,98 1,23 1,21

DAI NIPPON PRINTNG - 12.500,00 JPY 2.513,000 232.220,57 0,04 0,03

HOYA CORPORATION - 216.400,00 JPY 5.628,000 9.003.461,96 1,35 1,33

IIDA GROUP HOLDINGS CO LTD - 43.400,00 JPY 2.125,000 681.784,07 0,10 0,10

JAPAN AIRLINES - 9.000,00 JPY 4.408,000 293.279,89 0,04 0,04

JAPAN TOBACCO - 320.889,00 JPY 3.631,000 8.613.492,26 1,29 1,27

MARUBENI CORP - 360.600,00 JPY 816,100 2.175.541,08 0,33 0,32

MITSUBISHI CORP - 461.200,00 JPY 3.113,000 10.613.695,12 1,59 1,56

MIXI INC - 52.000,00 JPY 5.060,000 1.945.145,31 0,29 0,29

NINTENDO CO - 2.800,00 JPY 41.190,000 852.605,27 0,13 0,13

NIPPON STEEL & SUMITOMO METAL - 62.900,00 JPY 2.891,000 1.344.302,25 0,20 0,20

NOMURA HOLDINGS INC - 1.143.400,00 JPY 665,100 5.621.902,70 0,84 0,83

SEKISUI HOUSE LTD - 261.100,00 JPY 2.035,500 3.928.946,97 0,59 0,58

SUMITOMO CORP - 673.800,00 JPY 1.915,000 9.538.892,93 1,43 1,40

TAKEDA PHARMACEUTICAL CO LTD - 25.400,00 JPY 6.401,000 1.201.931,54 0,18 0,18

TOKYO ELECTRON - 44.000,00 JPY 20.400,000 6.635.612,75 0,99 0,98

YAMADA DENKI - 196.000,00 JPY 621,000 899.799,73 0,13 0,13

Netherlands

REPSOL INTERNATIONAL FINANCE B - 640.203,00 EUR 14,745 9.439.793,24 1,41 1,39

ROYAL DUTCH SHELL PLC -A- 39,00 GBP 24,800 1.089,62


WERELDHAVE NV (AMS) 1.881,00 EUR 40,000 75.240,00 0,01 0,01

Norway

AKER ASA - 1.427,00 NOK 403,000 58.551,79 0,01 0,01

Singapore

MAPLETREE LOGISTICS TRUST - 19.580,00 SGD 1,320 16.105,69 0,00 0,00

Spain

ABERTIS INFRAESTRUCTURAS - 58.012,00 EUR 18,550 1.076.122,60 0,16 0,16

ACTIVIDADES CONSTRUCY SERV - 26.273,00 EUR 32,620 857.025,26 0,13 0,13

CAIXABANK SA - 1.212.564,00 EUR 3,889 4.715.661,40 0,70 0,69

TELEFONICA SA - 781.963,00 EUR 8,125 6.353.449,38 0,95 0,94

Sweden

JM AB - 18.380,00 SEK 186,900 349.409,75 0,05 0,05

SKANSKA AB "B" 139.644,00 SEK 170,000 2.414.634,59 0,36 0,36

SWEDISH MATCH AB - 66.444,00 SEK 323,200 2.184.275,12 0,33 0,32

VOLVO TREASURY AB "B" 122.984,00 SEK 152,700 1.910.151,74 0,29 0,28

U.K.

BABCOCK INTERNATIONAL GROUP - 86.686,00 GBP 7,055 688.976,21 0,10 0,10

BRITISH LAND CO PLC - 401.529,00 GBP 6,915 3.128.004,32 0,47 0,46

908

DIXONS CARPHONE PLC - 613.279,00 GBP 1,990 1.374.894,62 0,21 0,20

EVRAZ PLC - 501.336,00 GBP 3,400 1.920.286,60 0,29 0,28

GREENE KING PLC - 72.751,00 GBP 5,550 454.873,04 0,07 0,07

INTERNAT CONSOLIDATED AIRLINES GROUP - 379.206,00 EUR 7,236 2.743.934,62 0,41 0,40

INTU PROPERTIES PLC - 631.963,00 GBP 2,530 1.801.235,16 0,27 0,27

INVESTEC PLC - 7.725,00 GBP 5,350 46.559,74 0,01 0,01

LAND SECURITIES GROUP PLC - 298.372,00 GBP 10,080 3.388.260,87 0,51 0,50

LEGAL & GENERAL GROUP PLC - 2.394.421,00 GBP 2,733 7.372.221,70 1,10 1,09

LLOYDS BANKING GROUP PLC - 5.889.429,00 GBP 0,681 4.515.682,28 0,68 0,67

MARKS&SPENCER - 1.371.712,00 GBP 3,148 4.864.698,22 0,73 0,72

PERSIMMON - 162.482,00 GBP 27,380 5.011.837,05 0,75 0,74

PLAYTECH PLC - 252.336,00 GBP 8,605 2.446.179,55 0,37 0,36

RIO TINTO PLC - 161.180,00 GBP 39,420 7.157.906,38 1,07 1,05

ROYAL MAIL PLC - 590.003,00 GBP 4,525 3.007.675,97 0,45 0,44

SSE PLC - 396.032,00 GBP 13,200 5.889.283,39 0,88 0,87

STAGECOACH GROUP PLC - 221.505,00 GBP 1,647 410.993,90 0,06 0,06

WPP GROUP PLC - 479.728,00 GBP 13,410 7.247.397,60 1,08 1,07

U.S.A.

ABBVIE INC - 129.927,00 USD 96,710 10.464.057,44 1,56 1,54

ALLERGAN PLC - 36.420,00 USD 163,580 4.961.345,44 0,74 0,73

ALLIANCE DATA SYSTEMS CORP - 32.826,00 USD 253,480 6.929.325,85 1,04 1,02

ALLY FINANCIAL INC - 165.007,00 USD 29,160 4.006.998,77 0,60 0,59

AMERICAN CAPITAL AGENCY CORP - 602.728,00 USD 20,190 10.134.142,50 1,51 1,49

AMERISOURCEBERGEN CORP - 11.156,00 USD 91,820 853.051,23 0,13 0,13

APOLLO INVESTMENT CORP - 151.440,00 USD 5,660 713.816,12 0,11 0,11

APPLE INC - 22.524,00 USD 169,230 3.174.330,88 0,47 0,47

APPLIED MATERIALS - 43.762,00 USD 51,120 1.863.019,19 0,28 0,27

ARCHER DANIEL - 36.837,00 USD 40,080 1.229.536,11 0,18 0,18

AT&T INC - 361.523,00 USD 38,880 11.705.541,51 1,75 1,72

BANK OF AMERICA CORP - 294.811,00 USD 29,520 7.247.518,92 1,08 1,07

BEST BUY - 118.111,00 USD 68,470 6.734.726,99 1,01 0,99

BOEING - 44.676,00 USD 294,910 10.972.184,51 1,64 1,62

BRINKER INTERNATIONAL INC. - 180.435,00 USD 38,840 5.836.188,71 0,87 0,86

CA INC - 119.571,00 USD 33,280 3.313.893,14 0,50 0,49

CARDINAL HEALTH INC - 133.073,00 USD 61,270 6.789.958,95 1,01 1,00

CARNIVAL CORP CORP 116.255,00 USD 66,370 6.425.586,57 0,96 0,95

CENTERPOINT ENERGY INC - 417.132,00 USD 28,360 9.851.651,83 1,47 1,45

CHIMERA INVESTMENT CORP - 192.987,00 USD 18,480 2.970.019,79 0,44 0,44

CITIZENS FINANCIAL GROUP - 171.647,00 USD 41,980 6.000.783,69 0,90 0,88

COLONY NORTHSTAR INC - 14.350,00 USD 11,410 136.353,68 0,02 0,02

CORNING INC - 336.634,00 USD 31,990 8.968.122,63 1,34 1,32

CUMMINS INC. - 43.833,00 USD 176,640 6.447.918,99 0,96 0,95

CVS HEALTH CORP - 99.803,00 USD 72,500 6.025.747,42 0,90 0,89

DARLING INGREDIENTS INC - 159.794,00 USD 18,130 2.412.612,61 0,36 0,36

DEERE & COMPANY - 61.805,00 USD 156,510 8.055.546,76 1,20 1,19

DINEEQUITY INC - 15.000,00 USD 50,730 633.702,53 0,10 0,09

DOMTAR CORP - 73.412,00 USD 49,520 3.027.450,23 0,45 0,45

EXELON CORP - 34.755,00 USD 39,410 1.140.651,69 0,17 0,17

FNF GROUP - 62.774,00 USD 39,240 2.051.342,24 0,31 0,30

FORD MOTOR CY - 1.147.892,00 USD 12,490 11.939.682,78 1,78 1,76

GATX CORP - 48.307,00 USD 62,160 2.500.635,51 0,37 0,37

GEN.MOTORS - 310.034,00 USD 40,990 10.583.189,26 1,58 1,56

GENERAL MILLS IN - 206.785,00 USD 59,290 10.210.095,48 1,53 1,50

HEWLETT PACKARD ENTERPRISE CO - 546.473,00 USD 14,360 6.535.103,50 0,98 0,96

HOME DEPOT - 19.493,00 USD 189,530 3.076.705,77 0,46 0,45

I.B.M. - 97.698,00 USD 153,420 12.482.367,72 1,86 1,84

INTEL CORP - 109.936,00 USD 46,160 4.226.054,10 0,63 0,62

909

KOHL'S CORPORATION - 119.134,00 USD 54,230 5.380.277,17 0,80 0,79

KRONOS WORLDWIDE INC - 83.505,00 USD 25,770 1.792.075,16 0,27 0,26

LILLY (ELI) & CO - 4.876,00 USD 84,460 342.960,49 0,05 0,05

LYONDELLBASELL INDUSTRIES NV CL A 94.337,00 USD 110,320 8.666.936,91 1,30 1,28

MANPOWER GROUP - 59.827,00 USD 126,110 6.283.130,39 0,94 0,93


MEDICAL PROPERTIES TRUST INC - 208.024,00 USD 13,780 2.387.217,46 0,36 0,35

MERCK & CO - 213.763,00 USD 56,270 10.017.025,32 1,50 1,47

MICROSOFT CORP - 235.297,00 USD 85,540 16.761.580,10 2,51 2,47

MOTOROLA SOLUTIONS INC - 60.739,00 USD 90,340 4.569.587,99 0,68 0,67

NAVIENT CORP WHEN DISTRIBUTE 8.139,00 USD 13,320 90.282,71 0,01 0,01

OLD REPUBLIC INTERNAT CORP - 124.166,00 USD 21,380 2.210.750,40 0,33 0,33

OWENS & MINOR INC - 106.337,00 USD 18,880 1.671.920,85 0,25 0,25

PEPSICO INC - 63.283,00 USD 119,920 6.319.867,89 0,94 0,93

PFIZER - 414.370,00 USD 36,220 12.498.735,34 1,87 1,84

PG & E CORP - 216.788,00 USD 44,830 8.093.442,74 1,21 1,19

PITNEY BOWES - 399.074,00 USD 11,180 3.715.562,39 0,56 0,55

POTLATCH CORPORATION - 53.400,00 USD 49,900 2.219.070,62 0,33 0,33

PRINCIPAL FINANCIAL GROUP INC - 10.878,00 USD 70,560 639.200,27 0,10 0,09

PROCTER & GAMBLE CO/THE - 204.683,00 USD 91,880 15.661.454,06 2,34 2,31

QUEST DIAGNOSTICS INC - 18.387,00 USD 98,490 1.508.107,62 0,23 0,22

RYMAN HOSPITALITY PROPERTIES - 32.855,00 USD 69,020 1.888.451,12 0,28 0,28

SABRE CORP - 126.381,00 USD 20,500 2.157.570,37 0,32 0,32

TARGET CORP - 134.926,00 USD 65,250 7.331.713,44 1,10 1,08

THE JM SMUCKER CO - 50.924,00 USD 124,240 5.268.818,92 0,79 0,78

VALERO ENERGY CORPORATION - 118.754,00 USD 91,910 9.089.507,11 1,36 1,34

WALGREENS BOOTS ALLLIANCE INC - 137.356,00 USD 72,620 8.306.789,41 1,24 1,22

WEST UNION COMPANY - 549.784,00 USD 19,010 8.703.692,41 1,30 1,28

Total shares 669.283.322,28 99,97 98,52

Options and futures

Exchange-listed futures

Germany

EURO - STOXX 50 MAR 18 94,00 EUR 3.493,000 3.283.420,00 0,49 0,48

Japan

NIKKEI-INDEX MAR 18 13,00 JPY 22.755,000 1.093.423,45 0,16 0,16

U.S.A.

STAND & POORS MAR 18 59,00 USD 2.676,000 6.574.117,26 0,98 0,97

Suspense accounts (futures)

Germany

EURO - STOXX 50 MAR 18 -3.383.060,00 EUR 1,000 -3.383.060,00 -0,51 -0,50

Japan

NIKKEI-INDEX MAR 18 -148.525.000,00 JPY 1,000 -1.097.988,40 -0,16 -0,16

U.S.A.

STAND & POORS MAR 18 -7.943.789,50 USD 1,000 -6.615.414,31 -0,99 -0,97

Total options and futures -145.502,00 -0,02 -0,02

Rights

France

TOTAL CP 19/12/2017 229.247,00 EUR 0,620 142.133,14 0,02 0,02

Netherlands

ROYAL DUTCH SHELL PLC CP 16/11/17 39,00 GBP 0,357 15,68

910

Spain


U.S.A.

SAFEWAY INC. CVR A - CP 02/02/2015 125.513,00 USD 0,000 10,45

Total rights 343.362,27 0,05 0,05


COLLATERAL RECEIVED

Belgium




Demand accounts

Belgium

KBC GROUP AUD 83.146,13 AUD 1,000 54.158,04 0,01

KBC GROUP CAD 349.161,59 CAD 1,000 232.078,16 0,03

KBC GROUP CHF 59.271,88 CHF 1,000 50.653,23 0,01

KBC GROUP DKK 867.239,07 DKK 1,000 116.479,85 0,02


KBC GROUP GBP 241.365,31 GBP 1,000 271.914,96 0,04

KBC GROUP HKD 399.013,64 HKD 1,000 42.506,82 0,01

KBC GROUP ILS 229.517,49 ILS 1,000 55.056,67 0,01

KBC GROUP JPY 108.475.826,00 JPY 1,000 801.920,20 0,12

KBC GROUP NOK 180.544,36 NOK 1,000 18.382,10 0,00

KBC GROUP NZD 8.528,78 NZD 1,000 5.051,40 0,00

KBC GROUP SEK 2.380.860,80 SEK 1,000 242.166,59 0,04

KBC GROUP SGD 59.221,15 SGD 1,000 36.903,66 0,01

KBC GROUP USD 7.263.097,82 USD 1,000 6.048.549,15 0,89



Belgium

KBC GROUP EURO FUT REK 895.697,17 EUR 1,000 895.697,17 0,13

KBC GROUP JPY FUT REK 33.358.560,00 JPY 1,000 246.607,05 0,04


Total managed futures accounts 1.909.775,85 0,28



Receivables

Belgium


Netherlands

KBC CLEARING NV DEKKING EUR 231.442,66 EUR 1,000 231.442,66 0,03

KBC CLEARING NV DEKKING JPY 5.148.000,00 JPY 1,000 38.057,19 0,01

KBC CLEARING NV DEKKING USD 265.500,00 USD 1,000 221.102,60 0,03


911

Payables

Belgium


-17.953.139,75 EUR 1,000 -17.953.139,75 -2,66


Payables -18.059.988,87 -2,67


OTHER Interest receivable EUR 1.207.144,85 0,18


TOTAL OTHER 569.976,37 0,08

TOTAL NET ASSETS 679.374.366,24 100,00

912


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Australia 1,92 2,54 3,38 3,53 Bermuda 0,00 0,43 0,01 0,00 Canada 3,86 3,03 4,82 5,06 Switzerland 1,10 0,77 0,25 0,00 Germany 1,72 1,49 0,61 1,79 Denmark 0,00 0,01 0,73 0,08 Spain 2,25 3,07 3,74 3,38 Finland 0,54 0,81 0,62 0,00 France 4,03 4,76 6,50 6,86 U.K. 5,62 7,18 5,55 9,48 Hong Kong 0,09 0,11 0,12 0,06 Israel 0,00 0,05 0,12 0,09 Italy 2,04 2,31 0,27 0,31 Japan 11,47 10,03 8,40 10,73 Luxembourg 0,00 0,00 0,13 0,00 Netherlands 0,45 0,11 2,49 0,72 Norway 1,02 0,62 0,97 0,01 New Zealand 0,00 0,02 0,04 0,00 Singapore 0,34 0,21 0,13 0,00 Sweden 4,48 3,47 1,64 1,02 U.S.A. 59,07 58,98 59,48 56,88 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Cyclicals 21,80 18,71 17,00 18,72 Consum(cycl) 15,25 14,19 15,00 13,63 Cons.goods 10,12 11,28 11,12 12,58 Pharma 11,24 10,83 11,20 8,58 Financials 14,27 18,16 18,74 18,38 Technology 15,87 17,11 15,66 16,12 Telecomm. 3,32 2,97 3,52 4,22 Utilities 4,33 4,19 4,46 3,73 Real est. 3,80 2,54 3,30 4,05 Various 0,00 0,02 0,00 -0,01 Total 100,00 100,00 100,00 100,00

913


30/06/2016 31/12/2016 30/06/2017 31/12/2017

AUD 1,94 2,48 3,52 3,49 CAD 3,90 2,93 5,07 5,02 CHF 0,83 0,59 0,26 0,01 DKK 0,00 0,01 0,75 0,10 EUR 11,24 12,94 13,31 12,60 GBP 5,69 7,06 8,14 9,69 HKD 0,09 0,09 0,12 0,07 ILS 0,00 0,05 0,13 0,10 JPY 11,52 10,06 9,75 10,74 NOK 0,74 0,61 0,72 0,01 NZD 0,00 0,00 0,01 0,00 SEK 3,84 3,35 1,69 1,05 SGD 0,38 0,23 0,13 0,01 USD 59,83 59,60 56,40 57,11 Total 100,00 100,00 100,00 100,00

914

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND (IN

THE CURRENCY OF THE SUB-FUND)


Purchases 355.983.666,58 295.963.505,48 651.947.172,06 Sales 561.604.235,61 248.694.580,75 810.298.816,35 Total 1 917.587.902,19 544.658.086,23 1.462.245.988,42 Subscriptions 152.834.730,12 148.589.165,22 301.423.895,34 Redemptions 404.394.959,41 96.128.738,95 500.523.698,36 Total 2 557.229.689,53 244.717.904,17 801.947.593,70 Monthly average of total assets

749.017.784,84 625.948.554,07 686.974.618,91

Turnover rate 48,11 % 47,92 % 96,12 %


Purchases 355.983.666,58 295.963.505,48 651.947.172,06 Sales 561.604.235,61 248.694.580,75 810.298.816,35 Total 1 917.587.902,19 544.658.086,23 1.462.245.988,42 Subscriptions 152.834.730,12 148.589.165,22 301.423.895,34 Redemptions 404.394.959,41 96.128.738,95 500.523.698,36 Total 2 557.229.689,53 244.717.904,17 801.947.593,70 Monthly average of total assets

767.405.367,90 609.584.956,63 665.200.925,54




NAME Currency Value in

currency

In the currency of the sub-fund

Lot-size

Transaction

date

KBCCLEAR DEKKING EUR

EUR 231.442,66 231.442,66 N/A 29.12.2017

KBCCLEAR DEKKING JPY

JPY 5.148.000,00 38.057,19 N/A 19.12.2017

KBCCLEAR DEKKING USD

USD 265.500,00 221.102,60 N/A 18.12.2017

EUROSTOX 18/03/2018

EUR 3.283.420,00 3.283.420,00 10,00 18.12.2017

NIKKEI 18/03/2018 JPY 147.907.499,00 1.093.423,45 500,00 19.12.2017 STPOORS 18/03/2018 USD 7.894.200,01 6.574.117,26 50,00 18.12.2017

915


VALUE

Classic Shares




2016 - 12 38.753,91 72.085,66 34.862,54 25.152,39 91.439,31 129.904,12 221.343,42

2017 - 12 13.383,94 33.196,54 14.784,92 55.495,12 90.038,33 107.605,54 197.643,87





2016 - 12 49.588.968,56 66.242.003,31 47.949.634,75 23.225.999,44

2017 - 12 20.140.757,52 34.109.250,65 22.284.082,24 56.910.751,46




Capitalization Distribution 2015 - 12 193.422.226,00 1.310,82 948,08

2016 - 12 267.462.088,10 1.474,22 1.021,21

2017 - 12 251.038.844,87 1.546,11 1.039,25





2016 - 12 524.957,37 137.830,60 393.242,46 393.242,46

2017 - 12 143.262,29 283.680,70 252.824,05 252.824,05





2016 - 12 689.879.994,56 179.818.915,10

2017 - 12 216.155.685,53 427.673.887,64





2016 - 12 580.745.150,08 1.476,81

2017 - 12 391.846.476,11 1.549,88

916

Institutional Shares



Cap. Dis. Cap. Dis. Cap. Dis. Total 2017 - 12 34.643,00 0,00 34.643,00 34.643,00

Period



Capitalization Distribution Capitalization Distribution 2017 - 12 34.999.870,98 0,00

Period




917


2.4.6 COSTS

Ongoing Charges: * Classic Shares Distribution: 1.768% Classic Shares Capitalization: 1.764% Institutional B Shares Capitalization: 1.694% Institutional Shares Capitalization: Not applicable * The following are not included in the charges shown: entry and exit charges, performance fees, transaction costs paid when buying or selling assets, interest paid, payments made with a view to providing collateral in the context of derivative financial instruments, or commissions relating to Commission Sharing Agreements or similar fees received by the Management Company or any person associated with it.



Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CITI 26,856 6,714 25.00%

CSFBSAS 35,573 13,130 36.91%


HSBC 34,797 10,212 29.35%

INSTINET 52,679 13,426 25.49%

MACQUARIE 35,750 9,785 27.37%

MERRILL 1,316 329 25.00%



SOCGEN 1,858 317 17.08%

UBSWDR 1,352 344 25.46%


The management company may share its fee with the distributor, and institutional and/or professional parties. In principle, the percentage share amounts to between 35% and 60% if the distributor is an entity of KBC Group NV or to between 35% and 70% if the distributor is not an entity of KBC Group NV. However, in a small number of cases, the distributor’s fee is less than 35%. Investors may, on request, obtain more information on these cases. If the management company invests the assets of the undertaking for collective investment in units of undertakings for collective investment that are not managed by an entity of KBC Group NV, and receives a fee for doing so, it will pay this fee to the undertaking for collective investment. Fee-sharing does not affect the amount of the management fee paid by the sub-fund to the management company. This management fee is subject to the limitations laid down in the articles of association. The limitations may only be amended after approval by the general meeting of shareholders.

921

The management company has concluded a distribution agreement with the distributor in order to facilitate the wider distribution of the sub-fund's units by using multiple distribution channels. It is in the interests of the holders of units, the sub-fund and of the distributor for the largest possible number of units to be sold and for the assets of the sub-fund to be maximised in this way. In this respect, there is therefore no question of any conflict of interest.


Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. KBC Fund Management Limited receives a fee from the management company of max. 1.5% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek. Financial derivatives on financial indices The following financial indices were used as the underlying for financial derivatives: The Euro Stoxx 50 is a weighted equity index computed by Stoxx Ltd. The dividend is not reinvested. The main purpose of this index is to provide a continuous indication of market trends on the European stock markets. The base value of the index is 1000, calculated on the basis of the underlying prices recorded on 31 December 1991. The Euro Stoxx 50 consists solely of shares from countries participating in the Economic and Monetary Union, with the exception of Luxembourg. On 10 April 1998, the following stock exchanges were included in the index: Austria (Vienna), Belgium (Brussels), Finland (Helsinki), France (Paris), Germany (Frankfurt), Italy (Milan), Ireland (Dublin), the Netherlands (Amsterdam), Portugal (Lisbon) and Spain (Madrid). The index consists of the 50 largest European shares in terms of shares that are freely negotiable, and the shares are accordingly weighted on the basis of this criterion. The Euro Stoxx 50 is published daily in L’Echo, De Tijd, The Financial Times and The Wall Street Journal Europe. Stoxx Limited has all proprietary rights with repect to the index. In no way Stoxx Limited endorses, sponsors or is otherwise involved in the issue and offering the shares of this undertaking for collective investment. Stoxx Limited disclaims any liability for the issue and offering of the shares of this undertaking for collective investment. The S&P 500 is an equity index computed by Standard & Poor’s that is made up of 500 shares. The dividend is not reinvested. The S&P 500 serves primarily as a continuous indicator of market trends on the US stock markets. The value of the S&P 500 index is calculated on the basis of the market value of the shares of 500 companies at a given point in time, compared to the market value of the shares of 500 similar companies during the reference period from 1941 to 1943. The index is published daily in L’Echo, De Tijd, The Financial Times and The Wall Street Journal Europe. Standard & Poor’s has all proprietary rights with repect to the index. In no way Standard & Poor’s endorses, sponsors or is otherwise involved in the issue and offering the shares of this undertaking for collective investment. Standard & Poor’s disclaims any liability for the issue and offering of the shares of this undertaking for collective investment

922

The Nikkei 225 is an equity index computed by Nikkei, Inc. The dividend is not reinvested. It comprises 225 shares. The Nikkei 225 serves primarily as a continuous indicator of market trends on the Japanese stock market. The value of the Nikkei 225 is based on the market value of the shares of 225 companies. These are the 225 leading and most liquid shares on the first section of the Tokyo Stock Exchange. The index was launched on 16 May 1949, with a base value of 176.21. The Nikkei 225 is published daily in the leading financial newspapers, i.e. The Financial Times and The Wall Street Journal Europe. In Belgium, the index is published in De Tijd and L’Echo. Nikkei, Inc has all proprietary rights with repect to the index. In no way Nikkei, Inc endorses, sponsors or is otherwise involved in the issue and offering the shares of this undertaking for collective investment. Nikkei, Inc. disclaims any liability for the issue and offering of the shares of this undertaking for collective investment. Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 94.980,01 EUR and for the Management Company 37.992,00 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 1 and 8, with a market value fluctuating between 431.210,00 and 30.065.607,36 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:






JAPAN TOBACCO JPY 292.000 3.631,000 7.838.036,64 SEKISUI HOUSE LTD JPY 248.000 2.035,500 3.731.822,48 WERELDHAVE NV EUR 1.787 40,000 71.480,00

Total 11.641.339,12



GERMANY 2011 0,75% 15/04/2018 EUR 74800 EUR 81.348,86 UNITED KINGDOM GILT 0.75 22JUL23 GBP 584300 EUR 655.682,72 NETHERLANDS GOVERN 0.5 15JUL26 144A EUR 16998900 EUR 17.216.108,17 Total 17.953.139,75


The amount in securities lent on a traded basis, as given in the annual report, can differ from the amount in securities lent on a settled basis. The position held as collateral is determined on the basis of the settled positions.

923

Transparency of securities financing transactions and of reuse Global data: 1) The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents;

1,74 %



11.641.339,12 EUR


1,71 %

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency KINGDOM OF THE NETHERLANDS 17.216.108,17 EUR UNITED KINGDOM OF GREAT BRITAI 738.672,59 EUR FEDERAL REPUBLIC OF GERMANY 81.348,86 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)



currency



UK 15.662.382,15 EUR



UK 71.480,00 EUR


(Goldman Sachs)

equity (KBC Bank)




open maturity

Nil Nil



tri-party Nil Nil

collateral quality Currency Maturity tenor UNITED KINGDOM GILT 0.75 22JUL23 NR GBP above one year NETHERLANDS GOVERN 0.5 15JUL26 144A NR EUR above one year GERMANY 2011 0,75% 15/04/2018 AAA EUR three months to one year

924

Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil


Nil




agent lender


100,00% 26,00% 9,00%


35,00 %

925


Active positions in stocks from the Pacific region were taken based on quantitative analysis and a stringent risk framework. Approximately once a month, the fund was rebalanced to reflect recommendations originated by forementioned analysis.

2.1.8 FUTURE POLICY




933

2.2 BALANCE SHEET




TOTAL NET ASSETS 2.675.742,69 6.162.929,42


C. Shares and similar instruments a) Shares 2.690.748,55 6.399.842,91 D. Other securities 76,03 F. Derivative financial instruments m) Financial indices Futures and forward contracts (+/-) 1.001,67

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 97,11 233.545,87 c) Collateral 9.690,09 B. Payables a) Accounts payable (-) -240.581,19 c) Borrowings (-) -35.669,63 -264.642,95




A. Capital 2.553.762,49 5.821.961,54

B. Income equalization -55.537,05 6.993,12

D. Result of the bookyear 177.517,25 333.974,76


I Collateral (+/-)

I.A Collateral (+/-) I.A.B Cash at bank and in hand/deposits 9.690,09


III.B Written futures and forward contracts -220.040,07

934





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 524.162,60 100.564,25 D. Other securities 21,53 12,33 F. Derivative financial instruments l) Financial indices Futures and forward contracts -4.154,72 -33.135,40 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -377.965,54 219.319,72

Det.section I gains and losses on investments Realised gains on investments 788.345,32 270.900,27 Unrealised gains on investments -596.578,03 436.833,97 Realised losses on investments -285.929,24 -326.148,39 Unrealised losses on investments 236.225,84 -94.824,95

II. Investment income and expenses A. Dividends 122.915,86 146.460,13 B. Interests a) Securities and money market instruments 1.322,58 b) Cash at bank and in hand and deposits 130,87 233,03 C. Interest on borrowings (-) -340,61 -597,26



9.978,70 3.989,69

B. Other 865,34

IV. Operating expenses A. Investment transaction and delivery costs (-) -7.251,54 -4.118,82 B. Financial expenses (-) -102,83 -1.480,10 C. Custodian's fee (-) -3.820,49 -3.958,10 D. Manager's fee (-) a) Financial management Classic Shares -40.284,19 -39.486,34 Institutional B Shares -30.858,92 -39.617,89 b) Administration and accounting management -4.742,72 -5.273,48 E. Administrative expenses (-) -999,94 -0,07 F. Formation and organisation expenses (-) -2.976,72 -2.972,11 H. Services and sundry goods (-) -3.769,84 -3.865,63 J. Taxes Classic Shares -2.417,00 -2.262,13 Institutional B Shares -18,95 -338,76 K. Other expenses (-) -853,66 -820,88


V. Profit (loss) on ordinary activities before tax 177.517,25 333.974,76

VII. Result of the bookyear 177.517,25 333.974,76

935




I. Profit to be appropriated 121.980,20 340.967,88 Profit for the period available for appropriation 177.517,25 333.974,76 Income on the creation of shares (income on the

cancellation of shares) -55.537,05 6.993,12

II. (Appropriations to) Deductions from capital -105.553,83 -323.636,48


936


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND PACIFIC


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Australia

AGL ENERGY LIMITED - 583,00 AUD 24,360 9.250,53 0,34 0,35

AMCOR - 638,00 AUD 15,420 6.408,05 0,24 0,24

AMP LTD - 1.837,00 AUD 5,190 6.210,08 0,23 0,23

APA GROUP - 1.207,00 AUD 8,330 6.548,97 0,24 0,25

AURIZON HOLDINGS LTD - 1.999,00 AUD 4,960 6.458,26 0,24 0,24

AUSTRALIAN STOCK EXCHANGE LTD - 302,00 AUD 54,860 10.791,55 0,40 0,40

BANK OF QUEENSLAND - 1.072,00 AUD 12,720 8.881,84 0,33 0,33

BENDIGO BANK LTD - 1.381,00 AUD 11,670 10.497,49 0,39 0,39

BHP BILLITON LTD - 1.999,00 AUD 29,570 38.502,15 1,43 1,44

BORAL LTD - 2.344,00 AUD 7,790 11.893,67 0,44 0,44

BRAMBLES LTD - 1.288,00 AUD 10,070 8.448,24 0,31 0,32

COCHLEAR LTD - 60,00 AUD 171,230 6.691,94 0,25 0,25

COMMONWEALTH BANK AUST - 912,00 AUD 80,340 47.725,18 1,77 1,78

COMPUTERSHARE LTD - 1.039,00 AUD 16,300 11.031,23 0,41 0,41

CSL LIMITED - 286,00 AUD 141,300 26.322,62 0,98 0,98

GOODMAN GROUP - 1.744,00 AUD 8,420 9.564,88 0,36 0,36

INCITEC PIVOT LTD - 3.722,00 AUD 3,900 9.455,01 0,35 0,35

INSURANCE AUSTRALIA GR LTD - 1.995,00 AUD 7,240 9.408,11 0,35 0,35

LEND LEASE GROUP - 554,00 AUD 16,350 5.899,95 0,22 0,22

MACQUARIE GROUP LTD - 129,00 AUD 99,630 8.371,45 0,31 0,31

NATIONAL AUSTRALIA BANK - 1.690,00 AUD 29,570 32.550,59 1,21 1,22

NEWCREST MINING - 501,00 AUD 22,820 7.446,88 0,28 0,28

QBE INSURANCE GROUP LTD - 939,00 AUD 10,680 6.532,17 0,24 0,24

RAMSAY HEALTH CARE LTD - 125,00 AUD 70,120 5.709,17 0,21 0,21

RIO TINTO LTD - 270,00 AUD 75,810 13.332,49 0,50 0,50

SCENTRE GROUP - 3.846,00 AUD 4,190 10.496,49 0,39 0,39

SEEK LTD - 905,00 AUD 19,010 11.206,03 0,42 0,42

SONIC HEALTHCARE LTD - 388,00 AUD 22,860 5.777,35 0,22 0,22

SOUTH32 LTD - 6.484,00 AUD 3,490 14.739,72 0,55 0,55

SUNCORP GROUP LTD - 908,00 AUD 13,860 8.197,28 0,31 0,31

SYDNEY AIRPORT - 1.184,00 AUD 7,050 5.437,03 0,20 0,20

TRANSURBAN GROUP - 1.430,00 AUD 12,430 11.577,85 0,43 0,43

VICINITY CENTRES - 4.842,00 AUD 2,720 8.578,56 0,32 0,32

WESFARMERS - 793,00 AUD 44,420 22.944,18 0,85 0,86

WESTPAC BANKING - 1.711,00 AUD 31,350 34.938,84 1,30 1,31

WOODSIDE PETROLEUM LTD - 708,00 AUD 33,080 15.255,26 0,57 0,57

WOOLWORTH GROUP LTD - 893,00 AUD 27,300 15.879,43 0,59 0,59

Austria

AUST&NZ BANKING GROUP - 1.867,00 AUD 28,740 34.950,39 1,30 1,31

Hong Kong

AIA GROUP LTD - 6.800,00 HKD 66,650 48.281,41 1,79 1,80

937

BOC HONG KONG HOLD LTD - 2.500,00 HKD 39,600 10.546,44 0,39 0,39

CATHAY PACIFIC AIRWAYS - 4.000,00 HKD 12,120 5.164,56 0,19 0,19

CK ASSET HOLDINGS LTD - 1.921,00 HKD 68,300 13.977,16 0,52 0,52

CK HUTCHISON HOLDINGS LTD - 1.920,00 HKD 98,100 20.065,09 0,75 0,75

CK INFRASTRUCTURE HOLDINGS LTD - 1.000,00 HKD 67,150 7.153,47 0,27 0,27

CLP - 1.500,00 HKD 79,950 12.775,58 0,48 0,48

GALAXY ENTERTAINMENT GROUP LTD - 2.000,00 HKD 62,700 13.358,83 0,50 0,50

HANG LUNG PROPERTIES LTD - 5.000,00 HKD 19,100 10.173,59 0,38 0,38

HANG SENG BANK LTD. - 700,00 HKD 194,000 14.466,74 0,54 0,54

HIGHLIGHT CHINA IOT INT - 37,00 HKD 0,810 3,19

HONG KONG CHINA GAS - 4.959,00 HKD 15,320 8.093,26 0,30 0,30

HONG KONG EXCHANGES & CLEARING LTD. - 900,00 HKD 239,800 22.991,25 0,85 0,86

I CABLE COMMUNICATION LTD - 766,00 HKD 0,229 18,69 0,00 0,00

KERRY PROPERTIES LTD - 2.500,00 HKD 35,150 9.361,30 0,35 0,35

LI & FUNG LTD - 16.000,00 HKD 4,290 7.312,20 0,27 0,27

POWER ASSETS HOLDINGS LTD - 1.500,00 HKD 65,950 10.538,45 0,39 0,39

SUN HUNG KAI PROPS - 1.250,00 HKD 130,400 17.364,35 0,65 0,65

SWIRE PROPERTIES LTD - 3.400,00 HKD 25,200 9.127,47 0,34 0,34

THE LINK REIT - 2.000,00 HKD 72,450 15.436,16 0,57 0,58

WHARF (HOLDINGS) LTD. - 1.000,00 HKD 27,000 2.876,30 0,11 0,11

WHARF REAL ESTATE INVESTMENT CO LTD - 1.000,00 HKD 52,000 5.539,55 0,21 0,21

Japan

ASAHI GLASS - 400,00 JPY 4.880,000 14.430,39 0,54 0,54

ASTELLAS PHARMA INC - 1.000,00 JPY 1.437,000 10.623,19 0,40 0,40

CANON INC - 300,00 JPY 4.200,000 9.314,70 0,35 0,35

CENTRAL JAPAN RAILWAY - 200,00 JPY 20.180,000 29.836,60 1,11 1,12

CHUBU ELECTRIC POWER - 2.200,00 JPY 1.400,500 22.777,39 0,85 0,85

COMSYS HOLDINGS CORP - 700,00 JPY 3.265,000 16.895,83 0,63 0,63

DAI NIPPON PRINTNG - 1.000,00 JPY 2.513,000 18.577,65 0,69 0,69

DAI-ICHI LIFE HOLDINGS INC - 900,00 JPY 2.324,000 15.462,40 0,58 0,58

DAIICHI SANKYO COMPANY LTD - 600,00 JPY 2.937,000 13.027,27 0,48 0,49

DAINIPPON SUMITOMO PHARMA CO L - 1.200,00 JPY 1.674,000 14.850,29 0,55 0,56

DAISHI BANK LTD/THE - 200,00 JPY 5.130,000 7.584,82 0,28 0,28

DAIWA HOUSE - 1.000,00 JPY 4.327,000 31.987,85 1,19 1,20

DENSO CORP. - 900,00 JPY 6.763,000 44.996,64 1,67 1,68

EAST JAPAN RAILWAY - 100,00 JPY 10.995,000 8.128,18 0,30 0,30

FANUC CORP - 200,00 JPY 27.060,000 40.008,84 1,49 1,50

FUJI PHOTO FILM - 900,00 JPY 4.605,000 30.638,70 1,14 1,15

FUJITELEVISION NETWORK - 700,00 JPY 1.772,000 9.169,80 0,34 0,34

FUJITSU LTD - 4.000,00 JPY 802,700 23.736,21 0,88 0,89

HEIWADO CO LTD - 600,00 JPY 2.343,000 10.392,54 0,39 0,39

HONDA MOTOR CO - 1.800,00 JPY 3.862,000 51.390,51 1,91 1,92

HYAKUGO BANK LTD/THE - 7.000,00 JPY 537,000 27.788,85 1,03 1,04

IBIDEN CO LTD - 900,00 JPY 1.687,000 11.224,21 0,42 0,42

IIDA GROUP HOLDINGS CO LTD - 500,00 JPY 2.125,000 7.854,66 0,29 0,29

ISETAN MITSUKOSHI HOLDINGS LTD - 1.500,00 JPY 1.397,000 15.491,23 0,58 0,58

IT HOLDINGS CORP - 1.000,00 JPY 3.935,000 29.089,95 1,08 1,09

JAPAN POST HOLDINGS CO LTD - 1.400,00 JPY 1.292,000 13.371,77 0,50 0,50

JAPAN POST HOLDINGS CO LTD - 1.300,00 JPY 1.467,000 14.098,46 0,52 0,53

JAPAN TOBACCO - 1.206,00 JPY 3.631,000 32.372,17 1,20 1,21

JFE HOLDINGS INC - 400,00 JPY 2.706,000 8.001,77 0,30 0,30

JUROKU BANK LTD - 300,00 JPY 3.320,000 7.363,05 0,27 0,28

KINDEN CORP - 1.300,00 JPY 1.838,000 17.663,92 0,66 0,66

KISSEI PHARMS. - 900,00 JPY 3.195,000 21.257,47 0,79 0,79

KYOCERA - 600,00 JPY 7.373,000 32.703,46 1,22 1,22

MILLEA HOLDINGS INC - 200,00 JPY 5.141,000 7.601,09 0,28 0,28

MISASHINO BANK LTD - 300,00 JPY 3.765,000 8.349,96 0,31 0,31

938

MITSUBISHI CORP - 1.800,00 JPY 3.113,000 41.423,79 1,54 1,55

MITSUBISHI GAS CHEMICAL COMPANY INC - 1.000,00 JPY 3.235,000 23.915,12 0,89 0,89

MITSUBISHI HEAVY IND. - 700,00 JPY 4.210,000 21.786,04 0,81 0,81

MITSUBISHI UFJ FINANCIAL GROUP - 5.500,00 JPY 826,400 33.600,92 1,25 1,26

MITSUBISHI UFJ NICOS CO LTD - 600,00 JPY 3.305,000 14.659,56 0,55 0,55

MITSUI & CO - 2.900,00 JPY 1.832,000 39.275,49 1,46 1,47

MITSUI CHEMICAL INC - 800,00 JPY 3.625,000 21.438,59 0,80 0,80

MITSUI FUDOSAN - 2.000,00 JPY 2.525,000 37.332,71 1,39 1,40

MITSUI OSK LINES LTD - 1.000,00 JPY 3.760,000 27.796,24 1,03 1,04

MURATA MANUFACTURING CO - 200,00 JPY 15.120,000 22.355,27 0,83 0,84

NEC ELECTRONICS CORP - 1.000,00 JPY 1.313,000 9.706,51 0,36 0,36

NIPPON FLOUR MILLS CO LTD - 500,00 JPY 1.728,000 6.387,22 0,24 0,24

NIPPON PAPER IND.(JUJO PAPER) - 1.200,00 JPY 2.142,000 19.001,98 0,71 0,71

NIPPON TEL & TEL - 800,00 JPY 5.301,000 31.350,61 1,17 1,17

NIPPON YUSEN KK - 300,00 JPY 2.749,000 6.096,69 0,23 0,23

NIPRO CORP - 1.200,00 JPY 1.672,000 14.832,55 0,55 0,55

NISSAN MOTOR - 800,00 JPY 1.123,500 6.644,48 0,25 0,25

NISSHINBO IND. - 800,00 JPY 1.527,000 9.030,82 0,34 0,34

NITTO DENKO - 200,00 JPY 10.010,000 14.800,02 0,55 0,55

NOMURA HOLDINGS INC - 2.500,00 JPY 665,100 12.292,07 0,46 0,46

NTT DOCOMO, INC. - 1.100,00 JPY 2.661,000 21.638,93 0,80 0,81

ORIENTAL LAND COMPANY,LTD - 400,00 JPY 10.270,000 30.368,87 1,13 1,14

ORIX (ORIENT LEASING) - 2.310,00 JPY 1.904,500 32.523,04 1,21 1,22

OTSUKA HOLDINGS CO LTD - 800,00 JPY 4.948,000 29.262,93 1,09 1,09

PANASONIC CORPORATION - 3.200,00 JPY 1.649,500 39.021,19 1,45 1,46

POLA ORBIS HOLDINGS INC - 400,00 JPY 3.955,000 11.695,12 0,44 0,44

RECRUIT HOLDINGS CO LTD - 1.500,00 JPY 2.800,000 31.048,99 1,15 1,16

SAIZERIYA CO LTD - 400,00 JPY 3.770,000 11.148,07 0,41 0,42

SANKYO CO LTD GUNMA - 100,00 JPY 3.545,000 2.620,68 0,10 0,10

SBI HOLDINGS INC - 1.000,00 JPY 2.356,000 17.417,00 0,65 0,65

SEINO HOLDINGS CO LTD - 2.000,00 JPY 1.790,000 26.465,57 0,98 0,99

SEVEN & I HOLDINGS CO LTD - 100,00 JPY 4.683,000 3.461,96 0,13 0,13

SHIMIZU CONSTR. - 3.000,00 JPY 1.164,000 25.815,02 0,96 0,97

SHIN-ETSU CHEM CO - 100,00 JPY 11.450,000 8.464,55 0,32 0,32

SHISEIDO CO - 400,00 JPY 5.446,000 16.104,08 0,60 0,60

SOFTBANK GROUP CORP - 500,00 JPY 8.920,000 32.971,07 1,23 1,23

SOMPO JAPAN NIPPONKOA HOLDINGS - 300,00 JPY 4.364,000 9.678,41 0,36 0,36

SONY CORP - 600,00 JPY 5.083,000 22.546,00 0,84 0,84

START TODAY CO LTD - 900,00 JPY 3.425,000 22.787,74 0,85 0,85

SUBARU CORPORATION - 300,00 JPY 3.583,000 7.946,32 0,30 0,30

SUMITOMO ELECTR. - 1.900,00 JPY 1.905,000 26.757,58 0,99 1,00

SUMITOMO HEAVY INDUSTRIES LTD - 200,00 JPY 4.770,000 7.052,56 0,26 0,26

SUMITOMO MITSUI FINANCIAL GROUP INC - 300,00 JPY 4.868,000 10.796,18 0,40 0,40

SURUGA BANK LTD - 300,00 JPY 2.417,000 5.360,39 0,20 0,20

SUZUKEN CO LTD - 640,00 JPY 4.635,000 21.929,46 0,82 0,82

TAISHO PHARM. - 100,00 JPY 9.000,000 6.653,36 0,25 0,25

TODA CORP - 2.000,00 JPY 904,000 13.365,85 0,50 0,50

TOKYO ELECTRON - 100,00 JPY 20.400,000 15.080,94 0,56 0,56

TOKYO TATEMONO CO LTD - 1.700,00 JPY 1.522,000 19.127,66 0,71 0,72

TOYO SEIKAN GROUP HOLDINGS LTD - 300,00 JPY 1.810,000 4.014,19 0,15 0,15

UNIVERSAL ENTERTAINMENT CORP - 400,00 JPY 4.150,000 12.271,74 0,46 0,46

YAMATO KOGYO CO LTD - 400,00 JPY 3.275,000 9.684,33 0,36 0,36

77 BANK LTD - 800,00 JPY 2.846,000 16.831,51 0,63 0,63

New Zealand

FLECHTER BUILDING LTD - 2.042,00 NZD 7,600 9.191,66 0,34 0,34

SPARK NEW ZEALAND LTD NZL REGD 4.030,00 NZD 3,630 8.664,36 0,32 0,32

939

Singapore

ASCENDAS REAL ESTATE INVESTM. TR. - 4.500,00 SGD 2,720 7.627,36 0,28 0,29

CAPITAMALL TRUST - 6.300,00 SGD 2,130 8.362,05 0,31 0,31

DBS GROUP HOLDINGS LTD - 1.000,00 SGD 24,850 15.485,28 0,58 0,58

GENTING SIGNAPORE PLC - 15.000,00 SGD 1,310 12.244,90 0,46 0,46

GLOBAL LOGISTIC PROPERTIES LTD - 5.200,00 SGD 3,370 10.920,08 0,41 0,41

KEPPEL CORP - 2.500,00 SGD 7,350 11.450,38 0,43 0,43

OVERSEA-CHINESE BANKING CORP LTD. - 1.400,00 SGD 12,390 10.809,16 0,40 0,40

SINGAPORE EXCHANGE LTD. - 2.000,00 SGD 7,440 9.272,47 0,35 0,35

SINGAPORE TELECOM - 4.700,00 SGD 3,570 10.455,83 0,39 0,39

STARHUB LTD - 4.000,00 SGD 2,850 7.103,91 0,26 0,27

UNITED OVERSEAS BANK LTD. - 600,00 SGD 26,450 9.889,39 0,37 0,37

UOL GROUP LTD - 2.000,00 SGD 8,870 11.054,68 0,41 0,41

U.S.A.

TOYOTA MOTOR CREDIT - 1.800,00 JPY 7.213,000 95.981,30 3,57 3,59

Total shares 2.690.748,55 100,00 100,56

Rights

Australia

TRANSURBAN GROUP CP 12/12/2017 115,00 AUD 1,015 76,03 0,00 0,00

Total rights 76,03 0,00 0,00



Demand accounts

Belgium

KBC GROUP AUD -386,69 AUD 1,000 -251,87 -0,01


KBC GROUP HKD 11.950,50 HKD 1,000 1.273,08 0,05

KBC GROUP JPY -220.092,00 JPY 1,000 -1.627,06 -0,06

KBC GROUP NZD 6.842,93 NZD 1,000 4.052,91 0,15

KBC GROUP SGD 11.971,01 SGD 1,000 7.459,74 0,28



Belgium

KBC GROUP FUT.REK. AUD 6.372,50 AUD 1,000 4.150,79 0,16

KBC GROUP JPY FUT REK 649.625,00 JPY 1,000 4.802,43 0,18




Receivables

Belgium

KBC GROUP EUR RECEIVABLE 97,11 EUR 1,000 97,11 0,00

Total receivables 97,11 0,00

TOTAL RECEIVABLES AND PAYABLES 97,11 0,00


940


TOTAL OTHER -1.248,32 -0,05

TOTAL NET ASSETS 2.675.742,69 100,00

941


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Australia 20,91 20,90 20,20 19,47 Belgium 0,00 0,00 -0,08 0,00 Hong Kong 9,17 8,76 9,74 9,83 Japan 65,45 66,26 65,02 65,41 New Zealand 0,45 0,37 0,77 0,66 Singapore 4,02 3,71 4,35 4,63 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017



30/06/2016 31/12/2016 30/06/2017 31/12/2017

AUD 20,97 20,16 9,25 19,72 EUR -1,29 -0,55 53,95 -1,26 HKD 9,11 9,17 4,59 9,93 JPY 66,65 66,84 29,69 65,85 NZD 0,50 0,43 0,42 0,82 SGD 4,06 3,95 2,10 4,94 Total 100,00 100,00 100,00 100,00

942

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND PACIFIC (IN THE



Purchases 3.178.965,25 3.832,80 3.182.798,05 Sales 6.944.296,12 90.524,77 7.034.820,90 Total 1 10.123.261,37 94.357,58 10.217.618,95 Subscriptions 3.406.835,23 49.799,78 3.456.635,01 Redemptions 3.821.684,98 3.213.969,31 7.035.654,29 Total 2 7.228.520,21 3.263.769,09 10.492.289,30 Monthly average of total assets

6.836.849,28 2.664.805,88 4.715.169,09

Turnover rate 42,34 % -118,94 % -5,82 %


Purchases 3.178.965,25 3.832,80 3.182.798,05 Sales 6.944.296,12 90.524,77 7.034.820,90 Total 1 10.123.261,37 94.357,58 10.217.618,95 Subscriptions 3.406.835,23 49.799,78 3.456.635,01 Redemptions 3.821.684,98 3.213.969,31 7.035.654,29 Total 2 7.228.520,21 3.263.769,09 10.492.289,30 Monthly average of total assets

1.333.140,44 2.664.378,56 3.902.121,79

Corrected turnover rate 217,14 % -118,96 % -7,04 %



Nil


VALUE

Classic Shares



Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 432,08 617,47 1.182,33 360,00 4.203,90 1.438,77 5.642,67

2016 - 12 124,71 99,00 515,72 72,22 3.812,89 1.465,55 5.278,44

2017 - 12 225,18 66,00 592,22 212,00 3.445,86 1.319,55 4.765,40




Capitalization Distribution Capitalization Distribution 2015 - 12 228.480,55 289.628,74 614.177,21 169.517,70

2016 - 12 61.010,79 43.297,43 263.189,17 30.820,21

2017 - 12 126.706,76 31.197,18 335.263,01 100.853,24

943

Period




2016 - 12 2.742.081,89 540,06 465,96

2017 - 12 2.621.098,01 575,21 484,25





2016 - 12 5.329,00 2.813,84 6.336,00 6.336,00

2017 - 12 5.886,00 12.127,00 95,00 95,00





2016 - 12 2.612.830,92 1.345.109,17

2017 - 12 3.304.495,98 6.674.188,42





2016 - 12 3.420.847,53 539,91

2017 - 12 54.644,68 575,21

944


2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CITI 440 110 25.01%

CSFBSAS 735 184 25.00%

HSBC 314 78 25.00%

INSTINET 472 118 25.01%

MACQUARIE 45 11 25.00%

MERRILL 21 5 25.00%



948


Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. KBC Fund Management Limited receives a fee from the management company of max. 1.5% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek.

949


After the abysmal performance Turkish stocks had a strong 2017. The uncertainty of the referendum is behind us and Erdogan took pro-cyclical measures to stimulate the economy after the coup attempt subdued economic activity. Nonetheless Turkey faces difficult times. The pro-cyclical measures are elevating companies debt levels to worrying levels. The relationship with EU stays complicated. The attempted coup made perspective even worse as the government has further tightened its grip on opposition and remnants of independent media. Not to forget, the period of cheap oil proved to be rather missed opportunity for the Turkish economy as inflation still remains high. In the environment of Turkish lira constantly depreciating, export-driven companies were important positions in the fund. Limiting exposure to the banks helped the performance while avoiding the very cyclical parts like aviation and steel making was not the right decision in 2017.

2.1.8 FUTURE POLICY

Although things have calmed in Turkey, given the coup attempt is more than a year behind us, doubts about political stability is still a major concern. After the strong rally we saw in Turkish stocks in 2017, valuation is again to more normal levels. The pro-cyclical measures of Erdogan could further elevate the stock exchanges in the short term but this will be a drag on growth in the future given it is pulling future demand to the present. Strongly needed economic reforms (labor market, education system) which would put the Turkish economy on a sustainable growth path remain of low priority. Not to forget, Fed policy is of great importance as the balance of payments remains structurally vulnerable and the Turkish central bank is under political pressure not to turn hawkish. In conclusion, 2018 could again be a good year for Turkish stocks thanks to loose monetary and fiscal policy but the stability of the economy is being undermined and it will be hard to avoid negative shocks in de mid and long term. We avoid companies with high debt levels and focus on sound consumer stocks and companies in the well-developed industrial sector in Turkey.


Classic Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return. Leveraged finance The total amount of leveraged finance used by the sub-fund is 87,943.60 TRY. This amount was calculated by multiplying the leverage ratio calculated using the commitment method by the sub-fund's total assets under management.

957

2.2 BALANCE SHEET




TOTAL NET ASSETS 20.189.814,74 22.011.182,74


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 202.405,81 C. Shares and similar instruments a) Shares 20.543.404,80 21.980.693,68 Of which securities lent 49.889,49

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 2.738,67 87.083,06 B. Payables a) Accounts payable (-) -58.082,74 c) Borrowings (-) -330.647,40 d) Collateral (-) -202.405,81

V. Deposits and cash at bank and in hand A. Demand balances at banks 30.139,98

VI. Accruals and deferrals B. Accrued income -0,03 -0,03 C. Accrued expense (-) -25.681,30 -28.651,21


A. Capital 12.547.056,39 20.158.336,12




I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 202.405,81

IX Financial instruments lent 49.889,49

958





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 7.526.660,26 1.907.832,79 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -3.884,05 637,20

Det.section I gains and losses on investments Realised gains on investments 4.114.609,82 1.650.476,68 Unrealised gains on investments 2.968.468,72 -170.003,11 Realised losses on investments -573.679,75 -5.337.207,79 Unrealised losses on investments 1.013.377,42 5.765.203,64

II. Investment income and expenses A. Dividends 756.376,20 1.304.740,54 B. Interests a) Securities and money market instruments 5.442,75 26.600,45 b) Cash at bank and in hand and deposits 6.002,34 22.075,79 C. Interest on borrowings (-) -4.134,68 -989,30



26.519,06

B. Other 6.827,97

IV. Operating expenses A. Investment transaction and delivery costs (-) -79.050,61 -83.166,10 B. Financial expenses (-) -193,78 -4.150,96 C. Custodian's fee (-) -14.891,59 -40.165,81 D. Manager's fee (-) a) Financial management Classic Shares -340.526,25 -414.989,48 Institutional B Shares -159.864,90 b) Administration and accounting management -21.282,94 -35.924,77 E. Administrative expenses (-) -4.536,34 0,29 F. Formation and organisation expenses (-) -11.650,99 -10.145,69 G. Remuneration, social security charges and

pension -3,58

H. Services and sundry goods (-) -14.698,81 -13.694,24 J. Taxes Classic Shares -17.688,78 -18.814,20 Institutional B Shares -325,72 K. Other expenses (-) -3.539,15 11.907,77




959








960


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND TURKEY


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Austria

DO & CO RESTAURANTS & CATERING AG - 1.351,00 TRY 210,200 283.980,20 1,38 1,41

Turkey

AKBANK T.A.S. - 158.117,00 TRY 9,850 1.557.452,45 7,58 7,71

AKSA ENERJI URETIM AS - 7.480,00 TRY 4,130 30.892,40 0,15 0,15

ALBARAKA TURK KATILIM BANKASI - 22.093,00 TRY 1,550 34.244,15 0,17 0,17

ANADOLU EFES BIRACILIK VE - 17.357,00 TRY 24,200 420.039,40 2,05 2,08

ARCELIK AS - 42.788,00 TRY 21,520 920.797,76 4,48 4,56

ASELSAN ELEKTRONIK SANAYI VE T - 10.921,00 TRY 31,800 347.287,80 1,69 1,72

AYGAZ AS - 3.876,00 TRY 16,070 62.287,32 0,30 0,31

BAGFAS BANDIRMA GUBRE FABRIK - 2.095,00 TRY 10,500 21.997,50 0,11 0,11

BIM BIRLESIK MAGAZALAR AS - 7.825,00 TRY 78,100 611.132,50 2,98 3,03

CIMSA CIMENTO SANAYI VE TICARET AS - 3.093,00 TRY 13,690 42.343,17 0,21 0,21

COCA-COLA ICECEK URETIM AS - 20.473,00 TRY 34,220 700.586,06 3,41 3,47

DOGUS OTOMOTIV SERVIS VE TICARET AS - 4.956,00 TRY 8,240 40.837,44 0,20 0,20

EMLAK KONUT GAYRIMENKUL YATIRI - 307.646,00 TRY 2,810 864.485,26 4,21 4,28

ENKA INSAAT VE SANAYI AS - 98.460,00 TRY 6,030 593.713,80 2,89 2,94

EREGLI DEMIR VE CELIK FABRIK - 71.660,00 TRY 10,020 718.033,20 3,50 3,56

FENERBAHCE SPORTIF HIZMETLERI - 692,00 TRY 34,300 23.735,60 0,12 0,12

FORD OTOMOTIV SANAYI AS - 6.261,00 TRY 60,250 377.225,25 1,84 1,87

HACI OMER SABANCI HOLDING S.A - 75.666,00 TRY 11,120 841.405,92 4,10 4,17

IS GAYRIMENKUL YATIRIM ORTAK - 20.952,00 TRY 1,360 28.494,72 0,14 0,14

KOC HOLDING A.S. - 74.559,00 TRY 18,480 1.377.850,32 6,71 6,82

KONYA CIMENTO SANAYII AS - 192,00 TRY 255,000 48.960,00 0,24 0,24

KOZA ALTIN ISLETMELERI AS - 1.513,00 TRY 38,200 57.796,60 0,28 0,29

LOGO YAZILIM SANAYI VE TICARET - 11.003,00 TRY 58,750 646.426,25 3,15 3,20

MAVI JEANS - 737,00 TRY 58,000 42.746,00 0,21 0,21

MIGROS TURK TAS - 2.828,00 TRY 27,560 77.939,68 0,38 0,39

PETKIM PETROKIMYA HOLD AS - 49.102,00 TRY 7,770 381.522,54 1,86 1,89

POLISAN HOLDING AS - 4.619,00 TRY 8,720 40.277,68 0,20 0,20

SODA SANAYII AS - 37.670,00 TRY 5,040 189.856,80 0,92 0,94

TEKFEN HOLDINGS AS - 10.801,00 TRY 17,000 183.617,00 0,89 0,91

TOFAS TURK OTOMOBIL FABRIKASI AS - 25.545,00 TRY 33,020 843.495,90 4,11 4,18

TORUNLAR GAYRIMENKUL YATIRIM O - 139.166,00 TRY 3,330 463.422,78 2,26 2,30

TRAKYA CAM SANAYII AS - 28.489,00 TRY 4,620 131.619,18 0,64 0,65

TUMOSAN MOTOR VE TRAKTOR SANAY - 2.971,00 TRY 7,590 22.549,89 0,11 0,11

TUPRAS-TURKIYE PETROL RAF. A.S. - 12.304,00 TRY 121,500 1.494.936,00 7,28 7,40

TURK HAVA YOLLARI AO - 6.676,00 TRY 15,690 104.746,44 0,51 0,52

TURK SISE VE CAM FABRIKALARI AS - 77.405,00 TRY 4,700 363.803,50 1,77 1,80

TURK TRAKTOR VE ZIRAAT MAKINELERI AS - 8.340,00 TRY 76,000 633.840,00 3,09 3,14

TURKCELL ILETISIM HIZMETERI A.S. - 111.577,00 TRY 15,480 1.727.211,96 8,41 8,56

TURKIYE GARANTI BANKASI A.S. - 150.345,00 TRY 10,720 1.611.698,40 7,85 7,98

TURKIYE HALK BANKASI - 14,00 TRY 10,780 150,92 0,00 0,00

961

TURKIYE IS BANKASI - 97.713,00 TRY 6,970 681.059,61 3,32 3,37

ULKER GIDA SANAYI - 43.547,00 TRY 19,670 856.569,49 4,17 4,24

YAPI VE KREDI BANKASI A.S. - 9.294,00 TRY 4,340 40.335,96 0,20 0,20

Total shares 20.543.404,80 100,00 101,75



Demand accounts

Belgium


KBC GROUP TRY -242.690,19 TRY 1,000 -242.690,19 -1,20




Receivables

Belgium

KBC GROUP TRY RECEIVABLE 2.738,67 TRY 1,000 2.738,67 0,01


TOTAL RECEIVABLES AND PAYABLES 2.738,67 0,01

OTHER Interest receivable TRY -0,03

Expenses payable TRY -25.681,30 -0,13

TOTAL OTHER -25.681,33 -0,13

TOTAL NET ASSETS 20.189.814,74 100,00

962


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Austria 2,49 2,12 0,47 1,38 Turkey 97,51 97,88 99,53 98,62 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017



30/06/2016 31/12/2016 30/06/2017 31/12/2017

EUR 0,01 0,02 0,01 -0,44 TRY 99,99 99,98 99,99 100,44 Total 100,00 100,00 100,00 100,00

963

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND TURKEY (IN THE



Purchases 9.217.300,55 7.716.225,03 16.933.525,58 Sales 14.458.420,88 11.439.053,84 25.897.474,72 Total 1 23.675.721,43 19.155.278,87 42.831.000,30 Subscriptions 802.076,95 890.876,95 1.692.953,90 Redemptions 6.358.956,34 4.595.942,72 10.954.899,06 Total 2 7.161.033,29 5.486.819,67 12.647.852,96 Monthly average of total assets

21.208.487,87 21.382.455,66 21.295.829,72

Turnover rate 77,87 % 63,92 % 141,73 %


Purchases 9.217.300,55 7.716.225,03 16.933.525,58 Sales 14.458.420,88 11.439.053,84 25.897.474,72 Total 1 23.675.721,43 19.155.278,87 42.831.000,30 Subscriptions 802.076,95 890.876,95 1.692.953,90 Redemptions 6.358.956,34 4.595.942,72 10.954.899,06 Total 2 7.161.033,29 5.486.819,67 12.647.852,96 Monthly average of total assets

21.411.220,06 21.911.253,75 21.829.136,72


The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). Reason: change of investment process, analyst covering the region and fund management team from CSOB to KBC FM. The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.


Nil


VALUE

Classic Shares




2016 - 12 970,88 653,40 4.928,04 1.373,34 10.979,45 5.719,08 16.698,53

2017 - 12 452,96 632,51 4.387,11 2.731,60 7.045,30 3.620,00 10.665,30

964

Period




2016 - 12 1.351.818,72 829.718,27 6.905.130,84 1.658.502,43

2017 - 12 785.459,12 941.257,30 7.029.131,51 4.102.002,70




Capitalization Distribution 2015 - 12 27.260.195,12 1.312,96 1.187,92

2016 - 12 22.011.182,76 1.374,82 1.209,37

2017 - 12 20.189.814,74 1.990,66 1.703,05





2016 - 12 1.372,61 16.771,25 0,00 0,00





2016 - 12 1.809.882,73 23.090.270,33





2016 - 12 0,00 0,00

965

Classic Shares Distribution Dividend on ex-dividend date 03/04/2018: 37.4225 TRY net (53.4607 TRY gross).

2.4.6 COSTS

Ongoing Charges: * Classic Shares Distribution: 2.001% Classic Shares Capitalization: 2.022% Institutional B Shares Capitalization: Not applicable * The following are not included in the charges shown: entry and exit charges, performance fees, transaction costs paid when buying or selling assets, interest paid, payments made with a view to providing collateral in the context of derivative financial instruments, or commissions relating to Commission Sharing Agreements or similar fees received by the Management Company or any person associated with it.



Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CSFBSAS 54 6 11.76%

971




Fee for managing the investment portfolio: 1.6% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. CSOB Asset Management a.s. receives a fee from the management company of max. 1.6% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek.

Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 3.537,79 TRY and for the Management Company 1.415,13 TRY.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 0 and 2, with a market value fluctuating between 0,00 and 51.010,55 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:

972





o Reinvestment of the financial collateral received: no reinvestment takes place. Transparency of securities financing transactions and of reuse Global data: 1) The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents;

0,00 %



0,00 TRY


0,00 %


name counterparty



currency

Nil Nil Nil Nil Nil Aggregate transaction data for each type of SFTs and total return swaps separately to be broken down according to the below categories: 1) Type and quality of collateral; equity

(Goldman Sachs)

equity (KBC Bank)




Nil Nil Nil



Nil Nil Nil

collateral quality Currency Maturity tenor Nil Nil Nil Nil

973

Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: 1) Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians. number Name collateral custodian Market value on a settled basis currency Nil Nil Nil Nil Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: 1) The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts.

Nil




agent lender

return 5.442,75 1.415,12 489,85 percentage of overall returns 100,00% 26,00% 9,00% cost 1.904,96 percentage of overall returns 35,00 %

974



2.1.8 FUTURE POLICY




982

2.2 BALANCE SHEET




TOTAL NET ASSETS 468.658.290,60 531.992.421,61


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 1.741.251,45 24.856.094,51 C. Shares and similar instruments a) Shares 456.952.217,26 491.005.676,54 Of which securities lent 913.388,37 22.398.803,60 D. Other securities 413.585,61 367.260,26 F. Derivative financial instruments m) Financial indices Futures and forward contracts (+/-) -383.720,00 432.000,00

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 87.723,11 31.437,39 c) Collateral 891.515,75 2.878.708,39 B. Payables a) Accounts payable (-) -55.805,59 -677.950,92 c) Borrowings (-) -91,43 -100,54 d) Collateral (-) -1.741.251,45 -24.856.094,51




A. Capital 414.175.000,78 490.996.035,51

B. Income equalization 180.348,54 7.091.132,58



I Collateral (+/-)

I.A Collateral (+/-) I.A.A Securities/market instruments 1.741.251,45 24.856.094,51 I.A.B Cash at bank and in hand/deposits 891.515,75 2.878.708,39


III.A Purchased futures and forward contracts 12.644.660,00 39.324.000,00

IX Financial instruments lent 913.388,37 22.398.803,60

983





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 45.170.320,89 28.595.514,36 D. Other securities 30.491,50 F. Derivative financial instruments l) Financial indices Futures and forward contracts 1.440.849,88 -1.681.319,89 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -3.741,30 -612,37


II. Investment income and expenses A. Dividends 15.358.562,71 11.823.808,31 B. Interests a) Securities and money market instruments 300.937,13 508.823,55 b) Cash at bank and in hand and deposits 485,19 18,94 C. Interest on borrowings (-) -63.594,18 -47.603,68 F. Other investment income 5.779,84



741.112,98 1.472.981,17

B. Other 2.601,30

IV. Operating expenses A. Investment transaction and delivery costs (-) -694.951,18 -785.387,81 B. Financial expenses (-) -568,73 -4.459,58 C. Custodian's fee (-) -341.636,91 -277.894,93 D. Manager's fee (-) a) Financial management Classic Shares -1.047.307,64 -1.054.953,59 Institutional B Shares -5.836.911,87 -3.951.040,01 b) Administration and accounting management -458.948,69 -333.733,14 E. Administrative expenses (-) -1.002,56 6,40 F. Formation and organisation expenses (-) -3.912,72 -6.479,68 G. Remuneration, social security charges and

pension -22,46 -27,30



984



985





cancellation of shares) 180.348,54 7.091.132,58


IV. (Dividends to be paid out) -1.112.294,54 -841.939,13

986


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND EUROZONE


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Austria

CA IMMOBILIEN ANLAGEN AG - 3.889,00 EUR 25,805 100.355,65 0,02 0,02

EVN(ENERG.VERS.NIEDEROST) (WIEN) 10.714,00 EUR 16,700 178.923,80 0,04 0,04

MAYR-MELNHOF KARTON (WIEN) 60,00 EUR 122,500 7.350,00 0,00 0,00

OESTERREICHISCHE POST AG - 21.581,00 EUR 37,420 807.561,02 0,18 0,17

VOESTALPINE AG - 58.783,00 EUR 49,845 2.930.038,64 0,64 0,63

Belgium

ANHEUSER-BUSCH INBEV NV - 395,00 EUR 93,130 36.786,35 0,01 0,01

BEFIMMO - 3.188,00 EUR 53,550 170.717,40 0,04 0,04

COFINIMMO - 9.329,00 EUR 109,750 1.023.857,75 0,22 0,22

D'IETEREN - 12.092,00 EUR 37,535 453.873,22 0,10 0,10

GIMV - 3.288,00 EUR 50,520 166.109,76 0,04 0,04

PROXIMUS - 7.853,00 EUR 27,350 214.779,55 0,05 0,05

Finland

CITYCON OYJ (HEL) 64.352,00 EUR 2,158 138.871,62 0,03 0,03

KEMIRA (HEL) 3.684,00 EUR 11,500 42.366,00 0,01 0,01

RAMIRENT OYJ - 15.000,00 EUR 7,810 117.150,00 0,03 0,03

TIETOENATOR OYJ - 55.393,00 EUR 25,980 1.439.110,14 0,32 0,31

UPM-KYMMENE CORP - 436.692,00 EUR 25,910 11.314.689,72 2,48 2,41

France

BNP PARIBAS SA - 9.190,00 EUR 62,250 572.077,50 0,13 0,12

BOUYGUES - 321.044,00 EUR 43,310 13.904.415,64 3,04 2,97

CAPGEMINI SA - 158.910,00 EUR 98,890 15.714.609,90 3,44 3,35

CIE DE ST-GOBAIN - 16.155,00 EUR 45,980 742.806,90 0,16 0,16

CNP ASSURANCE (PAR) 103.172,00 EUR 19,255 1.986.576,86 0,44 0,42


DANONE SA - 78.505,00 EUR 69,950 5.491.424,75 1,20 1,17

ENGIE - 445.614,00 EUR 14,335 6.387.876,69 1,40 1,36

ETAB ECON CASINO GUICH-P (PAR) 191.731,00 EUR 50,560 9.693.919,36 2,12 2,07

EUTELSAT - 305.465,00 EUR 19,295 5.893.947,18 1,29 1,26

FONCIERE DES REGIONS - 38.097,00 EUR 94,480 3.599.404,56 0,79 0,77

ICADE EMGP - 6.842,00 EUR 81,930 560.565,06 0,12 0,12

KLEPIERRE (CIE FONCIERE) - 176.900,00 EUR 36,665 6.486.038,50 1,42 1,38

LAGARDERE S.C.A. - 107.563,00 EUR 26,730 2.875.158,99 0,63 0,61

LVMH-MOET HENNESSY LOUIS VUITT SE - 3.215,00 EUR 245,400 788.961,00 0,17 0,17

M6 - METROPOLE TELEVISION (PAR) 42.676,00 EUR 21,535 919.027,66 0,20 0,20

NATIXIS (PAR) 1.598.044,00 EUR 6,596 10.540.698,22 2,31 2,25

NEOPOST SA - 43.255,00 EUR 24,000 1.038.120,00 0,23 0,22

RALLYE - 15.000,00 EUR 14,830 222.450,00 0,05 0,05

SANOFI - 295.160,00 EUR 71,850 21.207.246,00 4,64 4,53


SOPRA STORIA GROUP SA (PAR) 8.142,00 EUR 155,850 1.268.930,70 0,28 0,27

987

STMICROELECTRONICS NV - 126.296,00 EUR 18,205 2.299.218,68 0,50 0,49

TOTAL - 440.501,00 EUR 46,045 20.282.868,55 4,44 4,33

VILMORIN & CIE - 1.987,00 EUR 88,340 175.531,58 0,04 0,04

VINCI S.A. - 53.253,00 EUR 85,150 4.534.492,95 0,99 0,97

Germany


BAYERISCHE MOTOREN WERKE AG - 182.101,00 EUR 86,830 15.811.829,83 3,46 3,37

COVESTRO AG - 102.964,00 EUR 86,030 8.857.992,92 1,94 1,89

CROPENERGIES AG - 8.027,00 EUR 7,789 62.522,30 0,01 0,01

DAIMLER AG - 289.682,00 EUR 70,800 20.509.485,60 4,49 4,38

DEUTSCHE EUROSHOP AG - 46.502,00 EUR 33,955 1.578.975,41 0,35 0,34



EVONIK INDUSTRIES AG - 202.978,00 EUR 31,370 6.367.419,86 1,39 1,36

FREENET AG FRA 73.576,00 EUR 30,820 2.267.612,32 0,50 0,48

FRESENIUS MEDICAL CARE AG & CO - 17.190,00 EUR 87,780 1.508.938,20 0,33 0,32

HUGO BOSS AG - 126.854,00 EUR 70,940 8.999.022,76 1,97 1,92

KLOECKNER & CO - 65.716,00 EUR 10,290 676.217,64 0,15 0,14

PFEIFFER CACUUM TECHNOLOGY AG - 2.599,00 EUR 156,150 405.833,85 0,09 0,09

PROSIEBEN SAT.1 MEDIA AG PREF 134.201,00 EUR 28,705 3.852.239,71 0,84 0,82

SIEMENS AG REG 128.090,00 EUR 116,150 14.877.653,50 3,26 3,18

SUDZUCKER AG (FRA) 257.691,00 EUR 18,080 4.659.053,28 1,02 0,99

TAG IMMOBILIEN AG - 72.176,00 EUR 15,840 1.143.267,84 0,25 0,24

Ireland

SMURFIT KAPPA PLC - 45.336,00 EUR 28,190 1.278.021,84 0,28 0,27

Italy

ASSICURAZIONI GENERALI - 328.644,00 EUR 15,200 4.995.388,80 1,09 1,07

ASTM SPA - 13.260,00 EUR 24,230 321.289,80 0,07 0,07

DELONGHI SPA - 40.733,00 EUR 25,230 1.027.693,59 0,23 0,22

DIGITAL MULTIMEDIA TECH SPA - 5.103,00 EUR 53,500 273.010,50 0,06 0,06

ENEL SOCIETA PER AZIONI - 2.577.113,00 EUR 5,130 13.220.589,69 2,89 2,82


LUXOTTICA GROUP SPA - 10.245,00 EUR 51,150 524.031,75 0,12 0,11

MAIRE TECNIMONT SPA - 118.051,00 EUR 4,318 509.744,22 0,11 0,11

MARR SPA - 225,00 EUR 21,520 4.842,00 0,00 0,00

POSTE ITALIANE - 1.282.124,00 EUR 6,275 8.045.328,10 1,76 1,72

SARAS SPA - 1.427.682,00 EUR 2,004 2.861.074,73 0,63 0,61

SOCIETA CATTOLICA DI ASSICURAZ - 90.599,00 EUR 9,050 819.920,95 0,18 0,18

Luxembourg

RTL GROUP - 16.570,00 EUR 67,070 1.111.349,90 0,24 0,24

Netherlands

ABN AMRO GROUP NV - 41.033,00 EUR 26,900 1.103.787,70 0,24 0,24

AEGON - 145.307,00 EUR 5,315 772.306,71 0,17 0,17

ASM INTERNATIONAL - 26.997,00 EUR 56,370 1.521.820,89 0,33 0,33

BE SEMICONDUCTOR - 77.580,00 EUR 69,910 5.423.617,80 1,19 1,16

CORBION NV (AMS)NRC 41.013,00 EUR 27,000 1.107.351,00 0,24 0,24

ING GROEP NV - 1.028.372,00 EUR 15,325 15.759.800,90 3,45 3,36

RANDSTAD HOLDING (AMS) 181.214,00 EUR 51,240 9.285.405,36 2,03 1,98

REPSOL INTERNATIONAL FINANCE B - 446.974,00 EUR 14,745 6.590.631,63 1,44 1,41

UNILEVER CVA 250.102,00 EUR 46,955 11.743.539,41 2,57 2,51

WERELDHAVE NV (AMS) 25.501,00 EUR 40,000 1.020.040,00 0,22 0,22

Portugal

ALTRI SGPS SA - 64.585,00 EUR 5,171 333.969,04 0,07 0,07

NAVIGATOR CO SA/THE (LIS) 90.772,00 EUR 4,252 385.962,54 0,08 0,08

988

REN REDES ENERGETICAS - 256.686,00 EUR 2,479 636.324,59 0,14 0,14

SEMAPA-SOCIEDADE DE INV. - 18.511,00 EUR 17,795 329.403,25 0,07 0,07

SONAE SGPS SA - 868.832,00 EUR 1,126 978.304,83 0,21 0,21

Spain

ABERTIS INFRAESTRUCTURAS - 313.076,00 EUR 18,550 5.807.559,80 1,27 1,24

ACCIONA SA - 7.837,00 EUR 68,040 533.229,48 0,12 0,11

ACTIVIDADES CONSTRUCY SERV - 355.968,00 EUR 32,620 11.611.676,16 2,54 2,48

BANCO SANTANDER CENTRAL HISPANO SA - 2.839,00 EUR 5,479 15.554,88 0,00 0,00

BOLSAS Y MERCADOS ESPANOLES - 58.566,00 EUR 26,550 1.554.927,30 0,34 0,33

CAIXABANK SA - 2.039.859,00 EUR 3,889 7.933.011,65 1,74 1,69

DISTRIBUIDORA INTERNACIONAL DE ALIM - 407.918,00 EUR 4,303 1.755.271,15 0,38 0,38

EBRO FOODS SA (MAD) 43.091,00 EUR 19,520 841.136,32 0,18 0,18

ENCE ENERGIA Y CELULOSA SA (MAD) 131.129,00 EUR 5,500 721.209,50 0,16 0,15

IBERDROLA SA - 1.406.190,00 EUR 6,460 9.083.987,40 1,99 1,94

TELEFONICA SA - 1.039.131,00 EUR 8,125 8.442.939,38 1,85 1,80

VISCOFAN IND.NAVARRA DE ENV.CEL.S.A. (MAD) 31.906,00 EUR 55,010 1.755.149,06 0,38 0,38

U.K.

COCA-COLA EUROPEAN PARTNERS PL - 63.635,00 EUR 33,230 2.114.591,05 0,46 0,45

INTERNAT CONSOLIDATED AIRLINES GROUP - 280.481,00 EUR 7,236 2.029.560,52 0,44 0,43

ORANGE PLC - 345.049,00 EUR 14,475 4.994.584,28 1,09 1,07

Total shares 456.952.217,26 99,99 97,50

Options and futures

Exchange-listed futures

Germany

EURO - STOXX 50 MAR 18 362,00 EUR 3.493,000 12.644.660,00 2,77 2,70

Suspense accounts (futures)

Germany

EURO - STOXX 50 MAR 18 -13.028.380,00 EUR 1,000 -13.028.380,00 -2,85 -2,78

Total options and futures -383.720,00 -0,08 -0,08

Rights

France

TOTAL CP 19/12/2017 440.501,00 EUR 0,620 273.110,62 0,06 0,06

Spain


Total rights 413.585,61 0,09 0,09


COLLATERAL RECEIVED

Belgium




Demand accounts

Belgium


KBC GROUP JPY -12.368,00 JPY 1,000 -91,43

KBC GROUP USD 70.046,21 USD 1,000 58.332,95 0,01


989


Belgium

KBC GROUP EURO FUT REK 4.214.182,08 EUR 1,000 4.214.182,08 0,90

KBC GROUP JPY FUT REK 471,00 JPY 1,000 3,48

Total managed futures accounts 4.214.185,56 0,90



Receivables

Belgium


Netherlands

KBC CLEARING NV DEKKING EUR 891.515,75 EUR 1,000 891.515,75 0,19


Payables

Belgium


-1.741.251,45 EUR 1,000 -1.741.251,45 -0,40


Payables -1.797.057,04 -0,41


OTHER Interest receivable EUR 2.091,28


TOTAL OTHER -377.233,41 -0,08

TOTAL NET ASSETS 468.658.290,60 100,00

990


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Austria 0,46 0,17 0,36 0,88 Belgium 1,65 1,05 0,64 0,45 Germany 27,22 27,39 26,65 26,70 Spain 13,50 12,20 12,46 12,43 Finland 5,70 4,99 4,27 2,86 France 35,62 35,32 34,98 35,83 U.K. 0,00 0,49 0,44 0,91 Ireland 0,00 0,13 0,10 0,28 Italy 7,86 9,82 7,49 8,39 Luxembourg 0,14 0,00 0,79 0,24 Netherlands 7,46 7,25 10,72 10,45 Portugal 0,39 1,19 1,10 0,58 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Cyclicals 26,35 24,91 22,79 21,79 Consum(cycl) 15,59 14,69 14,60 18,20 Cons.goods 10,26 8,92 8,97 8,34 Pharma 6,41 5,54 7,84 5,09 Financials 18,04 21,57 20,68 21,92 Technology 4,72 5,47 5,83 6,34 Telecomm. 8,23 8,94 9,33 8,48 Utilities 7,38 6,14 6,11 6,46 Real est. 3,03 3,73 3,85 3,46 Various -0,01 0,09 0,00 -0,08 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017

EUR 100,02 100,00 99,99 99,99 USD -0,02 0,00 0,01 0,01 Total 100,00 100,00 100,00 100,00

991

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND

EUROZONE (IN THE CURRENCY OF THE SUB-FUND)



485.077.213,19 436.220.230,57 460.648.721,88

Turnover rate 35,70 % 29,94 % 65,94 %



425.260.386,80 410.091.058,71 429.190.533,72




NAME Currency Value in

currency

In the currency of the sub-fund

Lot-size

Transaction

date

KBCCLEAR DEKKING EUR

EUR 891.515,75 891.515,75 N/A 29.12.2017

EUROSTOX 18/03/2018

EUR 12.644.660,00 12.644.660,00 10,00 18.12.2017

992


VALUE

Classic Shares




2016 - 12 24.797,84 77.098,36 45.930,92 147.018,69 68.927,66 57.868,81 126.796,48

2017 - 12 27.834,50 28.852,75 11.285,59 10.252,61 85.476,57 76.468,96 161.945,53





2016 - 12 11.117.246,10 27.432.890,24 20.891.574,65 52.436.772,80

2017 - 12 15.455.735,23 12.075.527,53 6.135.355,87 4.253.798,56





2016 - 12 58.208.589,95 511,38 396,77

2017 - 12 81.610.198,59 571,69 428,21




Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 1.445.856,34 1.500.503,91 577.736,16 577.736,16

2016 - 12 1.197.058,67 850.060,61 924.734,21 924.734,21

2017 - 12 368.746,41 618.278,96 675.201,67 675.201,67





2016 - 12 547.643.744,98 377.694.002,05

2017 - 12 202.648.335,36 336.539.382,48





2016 - 12 473.783.831,65 512,35

2017 - 12 387.048.092,01 573,23

993


2.4.6 COSTS




Broker

Commission gross

in EUR


1-01-17

-

31-12-17

CSA Credits

in EUR


1-01-17

-

31-12-17 Percentage

CARNEGIE 2,561 427 16.67%

CITI 13,858 3,464 25.00%

CSFBSAS 24,353 11,900 48.86%


HSBC 2,056 353 17.20%


SOCGEN 13,885 2,462 17.73%

UBSWDR 3,459 577 16.67%



997


Fee for managing the investment portfolio: 1.5% per year calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. KBC Fund Management Limited receives a fee from the management company of max. 1.5% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1844 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek. Financial derivatives on financial indices The following financial indices were used as the underlying for financial derivatives: The Euro Stoxx 50 is a weighted equity index computed by Stoxx Ltd. The dividend is not reinvested. The main purpose of this index is to provide a continuous indication of market trends on the European stock markets. The base value of the index is 1000, calculated on the basis of the underlying prices recorded on 31 December 1991. The Euro Stoxx 50 consists solely of shares from countries participating in the Economic and Monetary Union, with the exception of Luxembourg. On 10 April 1998, the following stock exchanges were included in the index: Austria (Vienna), Belgium (Brussels), Finland (Helsinki), France (Paris), Germany (Frankfurt), Italy (Milan), Ireland (Dublin), the Netherlands (Amsterdam), Portugal (Lisbon) and Spain (Madrid). The index consists of the 50 largest European shares in terms of shares that are freely negotiable, and the shares are accordingly weighted on the basis of this criterion. The Euro Stoxx 50 is published daily in L’Echo, De Tijd, The Financial Times and The Wall Street Journal Europe. Stoxx Limited has all proprietary rights with repect to the index. In no way Stoxx Limited endorses, sponsors or is otherwise involved in the issue and offering the shares of this undertaking for collective investment. Stoxx Limited disclaims any liability for the issue and offering of the shares of this undertaking for collective investment. Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the undertaking for collective investment in transferable securities(UCITS) has entered into securities lending transactions, whereby the title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts.For the period from 01/01/2017 to 31/12/2017, the realised net income for the UCITS amounts to 195.609,12 EUR and for the Management Company 78.243,65 EUR.Direct and indirect costs and charges are deducted from the gross income. These are set at a flat rate of 35% of the fee received and consist of the charges for the clearing services provided by KBC Bank NV, the charges paid to the management company for setting up and monitoring the system for lending securities, the charges for margin management, the charges associated with cash and custody accounts and cash and securities transactions, the fee paid for any management of reinvestments and, if the sub-fund uses an agent, the fee paid to the agent. The undertaking for collective investment in transferable securities will thus receive 65% of the fee received for securities lent.The number of securities lent varied between 2 and 11, with a market value fluctuating between 673.762,06 and 36.429.687,16 EUR.The detailed list of securities lending transactions carried out may be obtained from the registered office of the undertaking for collective investment in transferable securities at Havenlaan 2, 1080 Brussels.During the reporting period, securities lending transactions were effected in relation to the following securities lending systems:

Manager of the securities lending system: Goldman Sachs

998

o Type of securities lending transactions effected: the lending transactions are effected through the agency of a Lending Agent.

o Nature of the lent securities: the securities lending applies only to the equity portion of the portfolio.

o Nature of the financial collateral: government bonds issued by Austria, Belgium, Germany, the Netherlands, Luxembourg, the UK, France, the US and Switzerland and supranational bonds denominated in EUR, USD or GBP issued by the EIB or the KFW.


CITYCON OJY EUR 61.134 2,158 131.927,17 DEUTSCHE EUROSHOP AG EUR 6.640 33,955 225.461,20 WERELDHAVE NV EUR 13.900 40,000 556.000,00

Total 913.388,37



OAT FRANCE 2005 3 3/4% 25/04/21 EUR 10 EUR 11,62 FRENCH REPUBLIC GOVERN 2.25 25MAY24 EUR 550900 EUR 632.749,97 UK 2015 2.50% 22/07/2065 GBP 752900 EUR 1.108.489,86 Total 1.741.251,45



0,20 %



913.388,37 EUR


0,19 %

999

Concentration data: 1) Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); name collateral issuer Market value on a settled basis currency UNITED KINGDOM OF GREAT BRITAI 1.248.791,59 EUR FRENCH REPUBLIC 632.761,59 EUR 2) Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). type SFT (lending program)



currency



UK 980.802,17 EUR



UK 556.000,00 EUR


(Goldman Sachs)

equity (KBC Bank)




open maturity

Nil Nil



tri-party Nil Nil

collateral quality Currency Maturity tenor UK 2015 2.50% 22/07/2065 NR GBP above one year OAT FRANCE 2005 3 3/4% 25/04/21 AA+ EUR above one year FRENCH REPUBLIC GOVERN 2.25 25MAY24 AA+ EUR above one year Data on reuse of collateral: 1) Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;

Nil


Nil


Nil

1000




agent lender


100,00% 26,00% 9,00%


35,00 %

1001



2.1.8 FUTURE POLICY




1009

2.2 BALANCE SHEET




TOTAL NET ASSETS 12.613.333,52 19.456.936,28


A. Bonds and other debt instruments a) Bonds a} Collateral received in the form of bonds 1.098.912,00 1.073.060,00 C. Shares and similar instruments a) Shares 12.671.437,98 19.487.064,70 Of which securities lent 134.467,41 398.443,68 D. Other securities 0,01 5.686,17

IV. Receivables and payables within one year A. Receivables a) Accounts receivable 1.695,55 97,85 B. Payables a) Accounts payable (-) -25.584,93 -33.178,09 c) Borrowings (-) -71.508,68 -70.784,08 d) Collateral (-) -1.098.912,00 -1.073.060,00




A. Capital 10.807.714,06 17.530.574,37

B. Income equalization -111.777,00 89.870,03



I Collateral (+/-)


IX Financial instruments lent 134.467,41 398.443,68

1010





I. Net gains(losses) on investments C. Shares and similar instruments a) Shares 3.077.640,28 861.066,97 D. Other securities 224,72 5.686,17 F. Derivative financial instruments l) Financial indices Futures and forward contracts -27.359,05 24.478,97 H. Foreign exchange positions and transactions b) Other foreign exchange positions and

transactions -1.326.028,04 643.634,35

Det.section I gains and losses on investments Realised gains on investments 2.834.358,68 1.825.020,26 Unrealised gains on investments -78.452,83 262.119,20 Realised losses on investments -1.801.127,93 -3.259.275,50 Unrealised losses on investments 769.699,97 2.707.002,50

II. Investment income and expenses A. Dividends 512.860,63 589.474,01 B. Interests a) Securities and money market instruments 408,32 1.470,16 b) Cash at bank and in hand and deposits 1.336,33 1.583,47 C. Interest on borrowings (-) -2.858,38 -7.004,55



36.418,34 15.807,29

B. Other 4.107,54

IV. Operating expenses A. Investment transaction and delivery costs (-) -69.848,88 -57.052,21 B. Financial expenses (-) 20,87 -1.309,17 C. Custodian's fee (-) -12.511,78 -12.894,76 D. Manager's fee (-) a) Financial management Classic Shares -187.316,95 -149.642,58 Institutional B Shares -52.585,88 -90.318,48 b) Administration and accounting management -15.993,35 -15.997,16 E. Administrative expenses (-) -999,64 0,02 F. Formation and organisation expenses (-) -3.005,55 -3.083,96 G. Remuneration, social security charges and

pension -0,93 -1,26

H. Services and sundry goods (-) -4.199,21 -4.277,47 J. Taxes Classic Shares -11.307,75 -10.696,17 Institutional B Shares -72,96 -826,92 K. Other expenses (-) -1.532,20 46.395,16


1011



1012





cancellation of shares) -111.777,00 89.870,03



1013


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND NEW MARKETS


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Brazil

AMBEV SA - 48.633,00 BRL 21,280 259.818,80 2,05 2,06

BANCO BRADESCO S.A. PREF 8.440,00 BRL 33,850 71.724,74 0,57 0,57

BANCO SANTANDER BRASIL SA - 14.600,00 BRL 31,880 116.852,78 0,92 0,93

BB SEGURIDADE PARTICIPACOES SA - 22.800,00 BRL 28,490 163.077,93 1,29 1,29

COMPANHIA BRASILEIRA DE MEIOS - 23.919,00 BRL 23,520 141.236,92 1,12 1,12

ENERGIAS DO BRASIL SA - 36.500,00 BRL 14,000 128.288,81 1,01 1,02

ENGIE BRASIL SA - 8.300,00 BRL 35,510 73.994,02 0,58 0,59

ITAU UNIBANCO HOLDINGS SA PREF PREF 18.800,00 BRL 42,580 200.970,07 1,59 1,59

KROTON EDUCACIONAL SA - 2.700,00 BRL 18,400 12.472,38 0,10 0,10

VALE SA - 5.000,00 BRL 40,260 50.537,26 0,40 0,40

China

AGRICULTURAL BANK OF CHINA - 284.000,00 HKD 3,640 110.126,18 0,87 0,87

BANK OF CHINA LTD - 479.000,00 HKD 3,840 195.946,54 1,55 1,55

CHINA CONSTRUCTION BANK - 562.221,00 HKD 7,200 431.231,45 3,40 3,42

CHINA HUARONG ASSET MANAGEMENT - 315.000,00 HKD 3,690 123.824,84 0,98 0,98

CHINA PETROLEUM & CHEMICAL COR "A" 324.000,00 HKD 5,730 197.774,59 1,56 1,57

CHINA SHENHUA ENERGY CO LTD - 78.500,00 HKD 20,250 169.342,34 1,34 1,34

CHINA STATE CONSTRUCTION INTL - 7.500,00 HKD 10,940 8.740,77 0,07 0,07

CHINA VANKE CO LTD - 31.000,00 HKD 31,200 103.035,56 0,81 0,82

COUNTRY GARDEN HOLDINGS COMPANY - 7.000,00 HKD 14,900 11.111,05 0,09 0,09

GUANGZHOU AUTOMOBILE GROUP CORP - 66.000,00 HKD 18,520 130.213,43 1,03 1,03

GUANGZHOU R&F PROPERTIES - 62.800,00 HKD 17,620 117.878,99 0,93 0,94

HAITIAN INTERNATIONAL HOLDINGS - 70.000,00 HKD 23,500 175.241,42 1,38 1,39

ICBC - 562.199,00 HKD 6,290 376.713,85 2,97 2,99

JIANGSU EXPRESSWAY COMP LTD - 166.000,00 HKD 11,900 210.438,85 1,66 1,67

NETEASE.COM -ADR- 210,00 USD 345,070 60.347,02 0,48 0,48

TENCENT HOLDINGS - 9.000,00 HKD 406,000 389.259,67 3,07 3,09

TRAVELSKY TECHNOLOGY LTD - 41.000,00 HKD 23,450 102.423,02 0,81 0,81

ZHEJIANG EXPRESSWAY CO. - 40.000,00 HKD 8,590 36.603,62 0,29 0,29

Hong Kong

BEIJING ENTERPRISES WATER GROUP LTD - 102.000,00 HKD 6,050 65.739,50 0,52 0,52

CHINA EVERBRIGHT INTL - 41.000,00 HKD 11,160 48.743,75 0,39 0,39

CHINA MOBILE LTD. - 8.000,00 HKD 79,250 67.539,86 0,53 0,54

CHINA OVERSEAS LAND & INVEST LTD - 12.000,00 HKD 25,150 32.150,68 0,25 0,26

CHINA RESOURCES BEIJING LAND - 24.000,00 HKD 23,000 58.804,42 0,46 0,47

CITIC LTD - 62.000,00 HKD 11,280 74.502,64 0,59 0,59

CNOOC LTD - 61.000,00 HKD 11,220 72.911,08 0,58 0,58

SHANGAI INDUSTRIAL HOLDING - 32.000,00 HKD 22,400 76.360,52 0,60 0,61

SHANGAI PHARMACEUTICALS HOLDING - 25.500,00 HKD 21,150 57.454,15 0,45 0,46

SINOPEC SHANGHAI PETROCHEMICAL - 356.000,00 HKD 4,450 168.764,41 1,33 1,34

1014

India

BHARTI INFRATEL LTD - 12.047,00 INR 378,750 59.532,32 0,47 0,47

GAIL INDIA LTD - 2.446,00 INR 499,650 15.945,70 0,13 0,13

HCL TECHNOLOGIES LTD - 27.798,00 INR 890,500 322.974,88 2,55 2,56

HERO MOTOCORP LTD. - 3.070,00 INR 3.785,150 151.615,20 1,20 1,20

HINDUSTAN LEVER LTD. - 12.451,00 INR 1.367,850 222.210,19 1,75 1,76

PIRAMAL ENTERPRISES LTD - 2.645,00 INR 2.867,250 98.949,25 0,78 0,78

RURAL ELECTRIFICATION CORP LTD - 44.347,00 INR 155,750 90.118,42 0,71 0,71

TATA CONSULTANCY SVS LTD - 6.151,00 INR 2.701,200 216.782,26 1,71 1,72

TECH MAHINDRA LTD - 18.252,00 INR 504,050 120.034,30 0,95 0,95

WIPRO LTD - 43.271,00 INR 314,250 177.416,29 1,40 1,41

Indonesia

INDIAN OIL CORP LTD - 3.616,00 INR 388,550 18.331,44 0,15 0,15

MATAHARI DEPARTMENT STORE TBK - 54.200,00 IDR 10.000,000 33.268,16 0,26 0,26

PT GUDANG GARAM FOREIGN 5.600,00 IDR 83.800,000 28.804,58 0,23 0,23

TELEKOMUNIKASI INDONESIA PERSE 'B' SCRIPLESS

59.200,00 IDR 4.440,000 16.133,71 0,13 0,13

Malaysia

ASTRO MALAYSIA HOLDINGS BHD - 126.900,00 MYR 2,650 69.200,14 0,55 0,55

DIGI.COM BHD - 182.700,00 MYR 5,100 191.738,00 1,51 1,52

GENTING MALAYSIA BHD - 22.300,00 MYR 5,630 25.835,25 0,20 0,21

PETRONAS GAS BHD - 11.900,00 MYR 17,480 42.804,35 0,34 0,34

Mexico

FIBRA UNO ADMINISTRACION - 26.000,00 MXN 29,140 32.247,89 0,25 0,26

WAL-MART DE MEXICO SA DE CV "V" 88.500,00 MXN 48,190 181.525,91 1,43 1,44

Philippines

AYALA CORP PREFERRED 13.327,00 PHP 0,000 0,00

Poland

POWSZECHNY BANK KREDYTOWY SA - 13.309,00 PLN 42,160 134.477,52 1,06 1,07

Russia

GAZPROM ADR NEW 8.368,00 USD 4,410 30.731,91 0,24 0,24

JSC MMC NORILSK NICKEL ADR NEW 10.043,00 USD 18,740 156.733,69 1,24 1,24

LUKOIL PJSC - 3.112,00 USD 57,220 148.291,67 1,17 1,18

ROSNEFT OIL COMPANY - 1.191,00 USD 4,990 4.949,28 0,04 0,04

Singapore

MMI HOLDINGS LTD - 37.725,00 ZAR 21,000 53.291,43 0,42 0,42

South Africa

BARCLAYS AFRICA GROUP LTD - 14.532,00 ZAR 181,990 177.902,36 1,40 1,41

FIRSTRAND LTD. - 45.730,00 ZAR 67,250 206.872,27 1,63 1,64

REDEFINE INCOME FUND LTD - 177.940,00 ZAR 10,700 128.075,53 1,01 1,02

SASOL LTD - 3.900,00 ZAR 428,180 112.331,04 0,89 0,89

STANDARD BANK GROUP LTD - 8.895,00 ZAR 195,660 117.073,01 0,92 0,93

TRUWORTHS INTERNATIONAL LTD - 22.156,00 ZAR 94,470 140.797,22 1,11 1,12

VODACOM GROUP PTY LTD - 16.750,00 ZAR 145,680 164.143,44 1,30 1,30

WOOLWORTHS HOLDINGS LTD - 10.569,00 ZAR 65,310 46.432,53 0,37 0,37

South Korea

CHIEL COMMUNICATIONS INC - 7.313,00 KRW 21.200,000 120.601,80 0,95 0,96

COWAY CO LTD - 1.647,00 KRW 97.700,000 125.172,96 0,99 0,99

HANA FINANCIAL GROUP INC - 5.430,00 KRW 49.800,000 210.354,37 1,66 1,67

HYUNDAI MARINE & FIRE INSURANCE CO - 676,00 KRW 47.000,000 24.715,36 0,20 0,20

KOREA INVESTMENT HOLDINGS CO LTD - 396,00 KRW 69.000,000 21.255,27 0,17 0,17

NCSOFT CORP - 100,00 KRW 447.500,000 34.810,91 0,28 0,28

1015

SAMSUNG ELECTRONICS - 392,00 KRW 2.548.000,000 776.976,44 6,13 6,16

SAMSUNG SDS CO LTD - 420,00 KRW 200.000,000 65.343,39 0,52 0,52

SHINHAN FINANCIAL GROUP CO LTD. - 7.567,00 KRW 49.400,000 290.785,70 2,30 2,31

SK TELECOM CO LTD - 736,00 KRW 267.000,000 152.866,19 1,21 1,21

Taiwan

AU OPTRONICS CORP - 297.000,00 TWD 12,400 103.061,51 0,81 0,82

COMPAL ELECTRONICS - 145.000,00 TWD 21,300 86.430,29 0,68 0,69

FAR EASTERN TEXTILE LTD. - 59.840,00 TWD 26,800 44.879,16 0,35 0,36

FORMOSA CHEM & FIBRE - 82.000,00 TWD 103,000 236.357,53 1,87 1,87

FUHWA FINANCIAL HOLDINGS CO LTD - 159.000,00 TWD 13,800 61.403,71 0,49 0,49

HOTAI MOTOR CO LTD - 16.000,00 TWD 354,000 158.504,51 1,25 1,26

LITE-ON TECHNOLOGY CORP - 98.438,00 TWD 40,600 111.842,58 0,88 0,89

NOVATEK MICROELECTRONICS CORP - 47.000,00 TWD 113,500 149.283,60 1,18 1,18

PHISON ELECTRONICS CORP - 11.000,00 TWD 292,000 89.886,38 0,71 0,71

POU CHEN CORP. - 114.000,00 TWD 38,550 122.983,71 0,97 0,98

POWERTECH TECHNOLOGY INC - 54.000,00 TWD 88,000 132.982,59 1,05 1,05

REALTEK SEMICONDUCTOR CORP. - 4.000,00 TWD 109,000 12.201,26 0,10 0,10

TAIWAN SEMICONDUCTOR - 13.000,00 TWD 229,500 83.491,91 0,66 0,66

UNITED MICRO ELECTRONICS - 64.000,00 TWD 14,200 25.432,36 0,20 0,20

VANGUARD INTERNATIONAL SELECTION - 32.000,00 TWD 66,000 59.103,37 0,47 0,47

WISTRON CORP - 119.435,00 TWD 23,950 80.048,92 0,63 0,64

Thailand

ADVANCED INFO SERVICE PCL - 20.000,00 THB 191,000 97.587,77 0,77 0,77

SIAM CEMENT PUBLIC CO LTD - 8.200,00 THB 484,000 101.389,09 0,80 0,80

THAI OIL PUBLIC CO LTD - 61.100,00 THB 103,500 161.552,46 1,28 1,28

Turkey

EREGLI DEMIR VE CELIK FABRIK - 62.909,00 TRY 10,020 138.448,30 1,09 1,10

TUPRAS-TURKIYE PETROL RAF. A.S. - 5.469,00 TRY 121,500 145.945,71 1,15 1,16

Zaire

GROWTHPOINT PROPERTIES LTD - 8.583,00 ZAR 27,660 15.969,82 0,13 0,13

Total shares 12.671.437,98 100,00 100,46

Rights

China

TENCENT HOLDINGS CP 18/10/17 7,00 HKD 0,000 0,00

Taiwan

CTBC FINANCIAL HOLDINGS CO LTD CP 31/10/17 4.643,00 TWD 0,000 0,01

Total rights 0,01


COLLATERAL RECEIVED

Belgium




Demand accounts

Belgium

KBC GROUP CZK 6.320,56 CZK 1,000 247,58 0,00


KBC GROUP HKD -90.243,74 HKD 1,000 -9.613,64 -0,08

KBC GROUP HUF -157.353,38 HUF 1,000 -507,26 0,00

1016

KBC GROUP MXN 156.765,02 MXN 1,000 6.672,48 0,05

KBC GROUP PLN 26.343,67 PLN 1,000 6.313,64 0,05

KBC GROUP RUB 96.995,51 RUB 1,000 1.403,06 0,01

KBC GROUP TRY 12.645,74 TRY 1,000 2.777,48 0,02

KBC GROUP USD 3.063,96 USD 1,000 2.551,60 0,02

KBC GROUP ZAR -462.140,12 ZAR 1,000 -31.087,26 -0,25



Belgium





Receivables

Belgium



Payables

Belgium


-1.098.912,00 EUR 1,000 -1.098.912,00 -8,71


Payables -1.124.496,93 -8,92




TOTAL OTHER 13.315,73 0,11

TOTAL NET ASSETS 12.613.333,52 100,00

1017


30/06/2016 31/12/2016 30/06/2017 31/12/2017

Belgium 0,00 0,00 -0,03 0,00 Brazil 6,58 8,63 9,12 9,62 China 19,63 18,86 18,19 24,62 Colombia 0,50 0,39 0,00 0,00 Czech Republic 1,15 1,18 0,00 0,00 Cayman Islands 1,98 1,16 2,39 0,00 Hong Kong 1,95 3,85 3,70 4,37 India 6,57 8,25 11,25 11,64 Indonesia 0,75 1,58 1,36 0,76 South Korea 17,52 12,80 12,32 14,39 Mexico 4,90 3,04 1,64 1,69 Malaysia 3,73 2,89 2,83 2,60 Peru 0,86 0,51 0,00 0,00 Poland 1,28 2,04 1,10 1,06 Russia 2,25 2,18 3,45 2,69 Thailand 4,72 5,37 3,15 2,85 Turkey 3,15 2,90 3,72 2,24 Taiwan 13,44 15,31 14,54 12,29 U.S.A. -0,19 0,00 0,00 0,00 British Virgin Islands 0,04 0,01 0,01 0,00 South Africa 9,19 9,05 11,15 9,05 Zaire 0,00 0,00 0,11 0,13 Total 100,00 100,00 100,00 100,00


30/06/2016 31/12/2016 30/06/2017 31/12/2017


1018


30/06/2016 31/12/2016 30/06/2017 31/12/2017

BRL 6,79 8,66 9,84 9,67 COP 0,52 0,39 0,00 0,00 CZK 1,27 1,24 0,07 0,00 EUR -3,29 -0,30 22,75 -0,43 HKD 23,50 22,95 16,90 28,59 IDR 0,77 1,59 1,03 0,62 INR 6,78 8,28 10,41 11,86 KRW 18,08 12,85 12,57 14,47 MXN 5,10 3,12 1,30 1,75 MYR 3,85 2,90 4,65 2,62 PLN 1,32 2,05 0,84 1,12 RUB 0,00 0,00 0,00 0,01 THB 4,88 5,40 4,60 2,86 TRY 3,29 2,92 1,85 2,28 TWD 13,90 15,37 14,92 12,36 USD 3,93 3,60 -8,02 3,24 ZAR 9,31 8,98 6,29 8,98 Total 100,00 100,00 100,00 100,00

1019

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC EQUITY FUND HIGH DIVIDEND NEW

MARKETS (IN THE CURRENCY OF THE SUB-FUND)


Purchases 10.911.765,95 3.349.413,93 14.261.179,88 Sales 18.612.210,53 4.253.434,72 22.865.645,26 Total 1 29.523.976,49 7.602.848,65 37.126.825,14 Subscriptions 6.107.349,58 517.891,99 6.625.241,57 Redemptions 9.372.529,23 5.734.071,08 15.106.600,31 Total 2 15.479.878,81 6.251.963,07 21.731.841,88 Monthly average of total assets

19.619.368,49 12.365.440,02 15.930.930,28

Turnover rate 71,58 % 10,92 % 96,64 %


Purchases 10.911.765,95 3.349.413,93 14.261.179,88 Sales 18.612.210,53 4.253.434,72 22.865.645,26 Total 1 29.523.976,49 7.602.848,65 37.126.825,14 Subscriptions 6.107.349,58 517.891,99 6.625.241,57 Redemptions 9.372.529,23 5.734.071,08 15.106.600,31 Total 2 15.479.878,81 6.251.963,07 21.731.841,88 Monthly average of total assets

11.518.920,03 12.693.907,01 16.109.099,65




Nil


VALUE

Classic Shares



Cap. Dis. Cap. Dis. Cap. Dis. Total 2015 - 12 639,48 20.580,58 5.964,52 24.442,51 16.575,60 6.999,62 23.575,23

2016 - 12 5.183,04 1.347,38 2.595,35 617,00 19.163,29 7.730,00 26.893,30

2017 - 12 1.234,61 2.135,00 3.490,21 1.174,00 16.907,70 8.691,00 25.598,70

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