Auriga Investors Investors - Semi-Anual Report 2… · Unaudited Semi-Annual Report as at 30.06.2013 Auriga Investors A Self-Managed Open-ended Investment Company with Variable Capital

Unaudited Semi-Annual Report as at 30.06.2013

Auriga Investors

A Self-Managed Open-ended Investment Company with Variable Capital Governed by Part I of the Law of 17th December 2010 R.C.S. Luxembourg B 148 816

Subscriptions are only valid if made on the basis of the prospectuses accompanied by the Key Investor Information Documents (KIID), the most recent annual report and, in addition, by the most recent half-year report if this was published after the most recent annual report.

Auriga Investors • Unaudited Semi-Annual Report at 30.06.2013

Page 3Table of Contents

Management and Administration 4

Combined Report 5

Report by SubfundAuriga Investors - AZ Total Return Fund 7Auriga Investors - Belgravia Lynx 11Auriga Investors - GFE Aequitas Fund 15Auriga Investors - M2T Multi Strategy 19Auriga Investors - Mirtal Global Fund 22Auriga Investors - Montserrat Global Fund 23Auriga Investors - Vitrio Real Return 28

Notes to the Combined Report 31


Management and Administration Page 4

Registered office

5, rue Jean Monnet L-2180 Luxembourg Board of Directors

Chairman Iñigo Resusta Covarrubias Chairman, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Members Alfonso Torres Sánchez CIO, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Benoît Andrianne Kinetic Partners (Luxembourg) Management Company S.à r.l. (former Kinetic Partners (Luxembourg) S.à r.l.) 65, rue d’Eich, L-1461 Luxembourg Enrique Martinnavarro Ferrer Board member, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Conducting officers

Stephane Charlier Kinetic Partners (Luxembourg) Management Company S.à r.l. (former Kinetic Partners (Luxembourg) S.à r.l.) 65, rue d’Eich, L-1461 Luxembourg Daniel Arribas Head of Middle Office and Risk en Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Custodian bank and paying agent

Credit Suisse (Luxembourg) S.A. 56, Grand Rue, L-2010 Luxembourg Administrative, domiciliary and register and transfer agent

Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg Investment manager

Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Cabinet de révision agréé

KPMG Luxembourg S.à r.l. 9, Allée Scheffer, L-2520 Luxembourg Legal Advisers

As to Luxembourg law Arendt & Medernach, 14, rue Erasme, L-2010 Luxembourg As to Spanish law Cuatrecasas C/Lagasca, 88. Planta 3ª, ES-28001 Madrid Distributor

Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the Key Investor Information Documents (KIID), the latest annual report and the latest semi-annual report, if more recent. The issue and redemption prices are published in Luxembourg at the registered office of the Company. Shareholders may obtain the Sales Prospectus, the Key Investor Information Documents (KIID), the latest annual and semi-annual reports, the changes in the composition of the securities portfolio during the reporting period and copies of the Articles of Incorporation free of charge from the registered office of the Company


Page 5Combined Report

Statement of Net Assets in EUR

30.06.2013

Assets

Investments in securities at market value 71,430,000.79

Cash at banks 15,476,904.10Receivable for securities sold 66,067.63Income receivable 733,664.35Prepaid expenses 19,938.97Formation expenses 35,751.25Other assets 18,059.67

87,780,386.76

Liabilities

Due to banks 419,714.23Payable for securities purchased 49,270.30Interest payable 349.26Provisions for accrued expenses 599,304.73Other liabilities 225,826.51

1,294,465.03

Net assets 86,485,921.73

The notes are an integral part of the financial statements.


Page 6

Income

Interest on investments in securities (net) 732,887.20Dividends (net) 154,913.96Bank interest 570.96

888,372.12

Expenses

Management fee 448,380.35Interest on contracts for difference 22,494.74Short dividends (net) 5,923.76Performance fee 553,067.66Custodian and safe custody fees 33,416.95Administration expenses 64,873.59Printing and publication expenses 2,410.12Interest and bank charges 1,375.17Audit, control, legal, representative bank and other expenses 195,555.77"Taxe d'abonnement" 4,710.84Amortisation of formation expenses 12,408.07

1,344,617.02

Net income (loss) -456,244.90

Realised gain (loss)

Net realised gain (loss) on sales of investments 4,229,933.78Net realised gain (loss) on financial futures contracts -336,498.82Net realised gain (loss) on foreign exchange 30,981.03

3,924,415.99

Net realised gain (loss) 3,468,171.09

Change in net unrealised appreciation (depreciation)

Change in net unrealised appreciation (depreciation) on investments -610,569.23

Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference -223,191.03-833,760.26

Net increase (decrease) in net assets as a result of operations 2,634,410.83

Subscriptions / Redemptions

Subscriptions 20,241,631.48

Redemptions -10,935,252.949,306,378.54


Combined Report

Statement of Operations in EUR

For the period from01.01.2013 to

30.06.2013


Page 7Auriga Investors - AZ Total Return Fund

Technical Data and Notes

EURANTENA 3 DE TELEVISION -1- 01/49 -5,000 -30,300.00 -4,000.00USDCOLUMBIA SPORTSWEAR -1- 12/49 -1,500 -93,975.00 -2,031.00EURDAIMLER reg -1- 12/49 -1,000 -46,485.00 1,130.00USDEURO E-MINI -62500- 09/13 14 1,139,512.50 -19,656.11USDKOHL'S -1- 01/49 -3,000 -151,530.00 207.72USDMCDONALD'S -1- 12/49 -1,000 -99,000.00 -1,138.59EURPORTUGAL TELECOM SGPS reg -1- 12/49 -20,000 -59,800.00 3,620.00

-21,867.98Unrealised loss on futures contracts and on contracts for difference

Quantity EngagementDescription Currency Valuation(in EUR)

Financial futures contracts and contracts for difference


Page 8

Assets

Investments in securities at market value 5,597,173.38Cash at banks 3,718,796.76Income receivable 11,683.99Prepaid expenses 2,054.06Formation expenses 10,783.83Other assets 4,125.00

9,344,617.02

Liabilities

Interest payable 203.76Provisions for accrued expenses 51,039.01Other liabilities 21,867.98

73,110.75

9,271,506.27Net assets

Statement of Net Assets in EUR and Fund Evolution

30.06.2013

111.64EURA 109.50Capitalisation -

Total net assets

Net asset value per share

9,271,506.27 7,852,858.60EUR

Fund Evolution 30.06.2013 31.12.2012

83,050.361 13,823.685A 71,714.862 2,488.186Capitalisation - EUR

Number of shares outstanding at the endof the period

at the beginningof the period

Number of shares issued

Number of shares redeemed

Auriga Investors - AZ Total Return Fund




Net assets at the beginning of the period 7,852,858.60

Income

Interest on investments in securities (net) 22,684.91Dividends (net) 14,204.26

36,889.17

Expenses

Management fee 42,964.22Interest on contracts for difference 7,438.52Performance fee 28,282.20Custodian and safe custody fees 6,955.99Administration expenses 10,773.80Printing and publication expenses 264.08Interest and bank charges 138.13Audit, control, legal, representative bank and other expenses 28,429.68"Taxe d'abonnement" 442.45Amortisation of formation expenses 1,471.14

127,160.21



Net realised gain (loss) on sales of investments 655,604.24Net realised gain (loss) on financial futures contracts -66,093.41Net realised gain (loss) on foreign exchange -7,585.82

581,925.01

Net realised gain (loss) 491,653.97


Change in net unrealised appreciation (depreciation) on investments -301,094.21Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference -30,217.49

-331,311.70

Net increase (decrease) in net assets as a result of operations 160,342.27


Subscriptions 1,536,998.81Redemptions -278,693.41

1,258,305.40

Net assets at the end of the period 9,271,506.27

Statement of Operations / Changes in Net Assets in EUR


30.06.2013


The notes are an integral part of the financial statements.Any differences in the percentage of Net Assets are the result of roundings.



Breakdown by Country and Economic Sector of the Investments in SecuritiesStatement of Investments in Securities and Other Net Assets

28.86SpainBreakdown by Country

17.86USA4.84United Kingdom1.97Luxembourg1.68Germany1.59Portugal1.36France1.22Argentina0.99Gibraltar

60.37Total

8.62Countries and central governmentsBreakdown by Economic Sector

8.09Banks and other credit institutions6.90Telecommunication4.35Insurance companies3.92Vehicles3.62Financial, investment and other div. companies3.50Food and soft drinks3.23Computer hardware and networking2.92Miscellaneous services2.81Petroleum2.18Forestry, paper and forest products2.10Pharmaceuticals, cosmetics and medical products1.89Internet, software and IT services1.76Lodging and catering industry, leisure facilities1.57Miscellaneous consumer goods1.37Energy and water supply0.79Mortgage and funding institutions (MBA, ABS)0.46Retailing, department stores0.29Agriculture and fishery

60.37Total

Statement of Investments in Securities and Other Net Assets

DescriptionQuantity /

NominalValuation % of net

assets(in EUR)

Securities listed on a stock exchange or other organised markets: Shares (and equity-type securities)

Shares (and equity-type securities)

EUR AMADEUS IT HOLDING -A- 3,000 73,665.00 0.79USD AMERICAN INTERNATIONAL GROUP 4,000 137,554.33 1.48EUR BANCO DE VALENCIA (reg. shares) 1,500,000 15,000.00 0.16EUR BANCO SANTANDER (reg. shares) 20,000 98,040.00 1.06EUR BANKIA 606 359.96 0.00GBP BETFAIR GROUP 18,000 179,054.84 1.93EUR BNP PARIBAS -A- 3,000 125,925.00 1.36USD BURGER KING WORLDWIDE 10,000 150,094.24 1.62GBP BWIN.PARTY DIGITAL ENTERTAINMENT 70,000 92,135.36 0.99USD CHARTER COMMUNICATIONS -A- 1,500 142,920.34 1.54EUR DSTRIBUIDORA INTERNACIONAL DE

ALIMENTACION30,000 174,300.00 1.88

EUR GALP ENERGIA -B- 13,000 147,875.00 1.59USD GOOGLE 150 101,592.88 1.10EUR IBERDROLA 31,428 127,471.97 1.37USD INTUITIVE SURGICAL 500 194,860.95 2.10EUR JAZZTEL 45,000 268,650.00 2.91USD LAS VEGAS SANDS 4,000 162,880.33 1.76EUR MAPFRE (reg. shares) 70,000 175,140.00 1.89EUR MIQUEL Y COSTAS Y MIQUEL 8,980 202,050.00 2.18USD ROVI 17,000 298,711.39 3.23EUR TELEFONICA 23,000 226,435.00 2.45USD THOR INDUSTRIES 5,500 208,093.24 2.24USD VISA -A- 500 70,296.57 0.76EUR VW (pref. shares) 1,000 155,550.00 1.68USD WILLIAMS-SONOMA 1,000 42,997.27 0.46USD WINNEBAGO INDUSTRIES 9,000 145,332.15 1.57USD YPF -D- ADR 10,000 113,551.56 1.22

Securities listed on a stock exchange or other organised markets:Shares (and equity-type securities) 3,830,537.38 41.32

Shares (and equity-type securities) 3,830,537.38 41.32

Securities listed on a stock exchange or other organised markets: Bonds

Bonds

EUR BANCO DE CAJA ESPANA DE INVERSIONESSALAMANCA Y SORIA FRN 05-30.06.2015

100,000 41,500.00 0.45

EUR BANCO MARE NOSTRUM (subordinated) S. 11FRN 05-30.06.2015

300,000 142,530.00 1.54

EUR CAIXA TERRASSA SOCIETAT DEPARTICIPACIONS PREFERENTS S. B FRN 05-PERPETUAL

300,000 153,000.00 1.65

EUR CAJAMAR CAJA RURAL FRN 05-16.03.2015 200,000 140,020.00 1.51EUR CEDULAS TDA S. A6 4.25%/06-10.04.2031 100,000 73,033.00 0.79EUR CODERE FINANCE LUXEMBOURG (reg. -S-)

8.25%/05-15.06.2015300,000 182,988.00 1.97

EUR MAPFRE (subordinated) FIX-TO-FRN 5.921%/07-24.07.2037

100,000 91,038.00 0.98

EUR PESCANOVA (reg. -S-) 8.75%/12-17.02.2019 300,000 27,015.00 0.29EUR SPAIN 18.10.2013 600,000 598,446.00 6.45EUR SPAIN 2.5%/10-31.10.2013 200,000 201,066.00 2.17EUR UNNIM BANC (subordinated) FRN 07-

PERPETUAL200,000 116,000.00 1.25

Securities listed on a stock exchange or other organised markets:Bonds 1,766,636.00 19.05

Bonds 1,766,636.00 19.05

Total of Portfolio 5,597,173.38 60.37

Cash at banks 3,718,796.76 40.11

Other liabilities -44,463.87 -0.48

Total net assets 9,271,506.27 100.00


Page 11Auriga Investors - Belgravia Lynx


GBPEUR/GBP FX CURRENCY FUTURE -125000- 09/13 8 856,550.00 5,630.115,630.11Unrealised gain on financial futures contracts


Financial futures contracts


Page 12

Assets

Investments in securities at market value 5,476,688.09Cash at banks 330,173.34Income receivable 8,760.70Prepaid expenses 2,396.88Formation expenses 8,049.07Other assets 5,630.11

5,831,698.19

Liabilities

Due to banks 74.15Provisions for accrued expenses 30,934.92

31,009.07



30.06.2013

100.78 95.85EURA 99.59Capitalisation -

Total net assets


5,800,689.12 6,972,054.17 576,079.12EUR

Fund Evolution 30.06.2013 31.12.2012 31.12.2011






Auriga Investors - Belgravia Lynx





Income

Dividends (net) 113,386.11Bank interest 11.67

113,397.78

Expenses

Performance fee 12,974.46Custodian and safe custody fees 4,897.65Administration expenses 10,773.36Printing and publication expenses 243.05Audit, control, legal, representative bank and other expenses 31,227.84"Taxe d'abonnement" 339.77Amortisation of formation expenses 1,195.72

61,651.85

Net income (loss) 51,745.93


Net realised gain (loss) on sales of investments 427,115.01Net realised gain (loss) on financial futures contracts -56,378.90Net realised gain (loss) on foreign exchange -15,113.18

355,622.93



Change in net unrealised appreciation (depreciation) on investments -282,733.09Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference -5,889.89

-288,622.98



Subscriptions 1,378,479.45Redemptions -2,668,590.38

-1,290,110.93




30.06.2013






16.99United KingdomBreakdown by Country

15.37France13.40Netherlands9.77Switzerland9.66Germany8.20Italy5.53Sweden5.25Norway3.71Portugal3.50Denmark3.03Spain

94.41Total

12.58Banks and other credit institutionsBreakdown by Economic Sector

10.87Financial, investment and other div. companies7.90Insurance companies6.67Pharmaceuticals, cosmetics and medical products5.98Tobacco and alcoholic beverages5.26Traffic and transportation5.25Miscellaneous services4.38Telecommunication3.82Agriculture and fishery3.65Chemicals3.64Mechanical engineering and industrial equipment3.58Electronics and semiconductors2.86Real estate2.60Textiles, garments and leather goods2.44Building materials and building industry1.98Graphics publishing and printing media1.90Precious metals and precious stones1.81Watch and clock industry, jewellery1.77Retailing, department stores1.76Rubber and tires1.45Petroleum1.22Vehicles1.04Electrical appliances and components

94.41Total




assets(in EUR)



CHF ADECCO (reg. shares) 2,350 102,892.51 1.77EUR ADIDAS (reg. shares) 900 74,826.00 1.29EUR ALLIANZ SE (reg. shares) 670 75,207.50 1.30EUR ALSTOM 2,400 60,384.00 1.04SEK ASSA ABLOY -B- 3,550 106,339.16 1.83SEK ATLAS COPCO -A- 5,700 105,251.76 1.81EUR AUTOGRILL 11,250 120,150.00 2.07EUR AXA 7,550 113,967.25 1.96EUR AZIMUT HOLDING 7,700 107,723.00 1.86GBP BERKELEY GROUP HOLDINGS 5,700 141,735.12 2.44EUR BMW 1,050 70,539.00 1.22EUR BNP PARIBAS -A- 2,950 123,826.25 2.13EUR BOLLORE 275 87,958.75 1.52NOK BORREGAARD 31,350 104,671.82 1.80DKK CARLSBERG -B- 2,950 202,895.93 3.50EUR CGG 4,950 84,100.50 1.45CHF CIE FINANCIERE RICHEMONT -A- 1,850 125,674.85 2.17EUR CREDITO EMILIANO 29,350 106,951.40 1.84CHF CS GROUP (reg. shares) 6,400 130,352.06 2.25EUR DELTA LLOYD 8,550 131,627.25 2.27GBP DERWENT LONDON 4,250 114,060.68 1.97NOK DNB ASA 13,400 148,486.51 2.56CHF DUFRY 1,100 102,496.14 1.77EUR GAMESA CORPORACION TECNOLOGICA 26,350 110,143.00 1.90GBP HAYS 71,300 74,003.91 1.28EUR IMERYS 1,550 72,966.25 1.26GBP IMPERIAL TOBACCO 5,400 143,663.94 2.48EUR ING GROEP (cert. shares) 15,800 110,600.00 1.91EUR INGENICO 1,900 97,280.00 1.68USD LIBERTY GLOBAL -A- 2,250 128,230.18 2.21EUR LVMH 610 75,945.00 1.31EUR MAPFRE (reg. shares) 26,200 65,552.40 1.13GBP NATIONAL EXPRESS GROUP 34,200 89,590.43 1.54EUR NUTRECO 6,800 222,020.00 3.82GBP PEARSON 8,400 114,777.13 1.98EUR PIRELLI & C. 11,500 102,292.50 1.76EUR RANDSTAD HOLDING 2,400 75,600.00 1.30EUR ROYAL PHILIPS 5,250 109,961.25 1.90EUR SANOFI 2,200 175,164.00 3.02NOK SELVAAG BOLIG 20,675 51,837.61 0.89EUR STADA-ARZNEIMITTEL (reg. shares) (restricted) 6,400 211,648.00 3.65GBP STANDARD LIFE 17,800 71,802.33 1.24SEK SWEDBANK -A- 6,250 109,566.01 1.89GBP SYNTHOMER 47,850 107,201.87 1.85EUR TELECOM ITALIA 72,700 38,821.80 0.67CHF THE SWATCH GROUP 250 105,089.84 1.81EUR TNT EXPRESS 22,100 127,340.20 2.20EUR WIRE CARD 6,100 127,551.00 2.20EUR ZON MULTIMEDIA (reg. shares) 58,200 215,922.00 3.71




Cash at banks 330,173.34 5.69

Due to banks -74.15 /


Total net assets 5,800,689.12 100.00


Page 15

Assets

Investments in securities at market value 3,266,604.87Cash at banks 2,732,657.72Income receivable 18,760.05Prepaid expenses 3,550.92

6,021,573.56

Liabilities

Provisions for accrued expenses 8,762.248,762.24



30.06.2013

100.36EURA Capitalisation -

Total net assets


6,012,811.32EUR

Fund Evolution 30.06.2013

59,910.504 59,910.504A 0.000 0.000Capitalisation - EUR





Auriga Investors - GFE Aequitas Fund



Page 16Auriga Investors - GFE Aequitas Fund

Net assets at the beginning of the period 0.00

Income

Interest on investments in securities (net) 710.76Dividends (net) 1,381.59

2,092.35

Expenses

Management fee 3,083.01Performance fee 2,396.42Custodian and safe custody fees 547.97Administration expenses 1,205.43Audit, control, legal, representative bank and other expenses 1,035.29"Taxe d'abonnement" 732.45

9,000.57



Net realised gain (loss) on foreign exchange 12,247.8512,247.85



Change in net unrealised appreciation (depreciation) on investments 20,730.3520,730.35



Subscriptions 5,986,741.34Redemptions 0.00

5,986,741.34




30.06.2013




Page 17Auriga Investors - GFE Aequitas Fund


19.48USABreakdown by Country

14.51Spain7.19Luxembourg6.80Jersey6.35United Kingdom

54.33Total

26.67Investment trusts/fundsBreakdown by Economic Sector

23.45Banks and other credit institutions4.21Financial, investment and other div. companies

54.33Total




assets(in EUR)


Bonds

EUR BANCO FINANCIERO Y AHORROS S. 14 FRN05-12.04.2015

287,000 271,243.70 4.51

EUR BANCO FINANCIERO Y DE AHORROS FRN 04-15.07.2014

355,000 347,935.50 5.79

GBP BARCLAYS BANK 14%/08-PERPETUAL 250,000 381,826.14 6.35EUR BBVA INTERNATIONAL PREFERRED FIX-TO-

FRN 09-PERPETUAL250,000 253,420.00 4.21


Bonds 1,254,425.34 20.86

Securities listed on a stock exchange or other organised markets: Investment funds

Fund units (Open-End)

JPY FIDELITY FUNDS JAPAN SMALLER COMPANIES-C-Y-

45,493 432,310.23 7.19

USD ISHARES MSCI JAPAN INDEX FUND 39,921 344,588.70 5.73USD ISHARES TRUST RUSSELL 2000 INDEX FUND 1,370 102,182.17 1.70USD POWERSHARES QQQ TRUST SERIES I 1,844 101,020.30 1.68USD SPDR EURO STOXX 50 ETF 7,177 182,758.55 3.04USD SPDR S&P 500 TRUST (units) 1 819 100,899.84 1.68USD VANGUARD INDEX FUND - VANGUARD REIT

ETF6,420 339,558.41 5.65

Securities listed on a stock exchange or other organised markets:Investment funds 1,603,318.20 26.67

Fund units (Open-End) 1,603,318.20 26.67

Securities listed on a stock exchange or other organised markets: Certificates

Certificates

USD UBS JERSEY BRANCH S. -A- (ALERIANINFRASTRUCTURE INDEX) 10-02.04.2040

13,530 408,861.33 6.80

Securities listed on a stock exchange or other organised markets:Certificates 408,861.33 6.80

Certificates 408,861.33 6.80


Cash at banks 2,732,657.72 45.45

Other net assets 13,548.73 0.22

Total net assets 6,012,811.32 100.00


Page 18Auriga Investors - M2T Multi Strategy


USDCAD -100000- 09/13 20 1,893,600.00 -48,424.82USDEURO FX CURRENCY FUTURE -125000- 09/13 30 4,875,562.50 -109,772.28USDS&P E-MINI 500 STOCK INDEX -50- 09/13 -37 -2,970,415.50 -31,282.84

-189,479.94Unrealised loss on futures contracts


Financial futures contracts


Page 19

Assets

Investments in securities at market value 37,538,688.45Cash at banks 4,651,020.86Income receivable 526,273.68Prepaid expenses 6,737.73Formation expenses 1,748.96

42,724,469.68

Liabilities

Due to banks 20,552.88Provisions for accrued expenses 189,450.59Other liabilities 189,479.94

399,483.41

42,324,986.27Net assets


30.06.2013

109.17 101.54EURA 107.89Capitalisation -

113.13 103.66EURB 111.16Capitalisation -

Total net assets


42,324,986.27 40,045,721.94 32,027,370.59EUR

Fund Evolution 30.06.2013 31.12.2012 31.12.2011


232,614.414 24,315.900B 230,026.347 21,727.833Capitalisation - EUR





Auriga Investors - M2T Multi Strategy





Income

Interest on investments in securities (net) 603,013.77603,013.77

Expenses

Management fee 283,928.26Performance fee 179,854.42Custodian and safe custody fees 10,303.24Administration expenses 18,555.05Printing and publication expenses 1,266.64Interest and bank charges 833.90Audit, control, legal, representative bank and other expenses 57,293.36"Taxe d'abonnement" 2,079.30Amortisation of formation expenses 606.81

554,720.98



Net realised gain (loss) on sales of investments 257,947.33Net realised gain (loss) on financial futures contracts 418,922.23Net realised gain (loss) on foreign exchange 24,164.31

701,033.87



Change in net unrealised appreciation (depreciation) on investments 89,929.50Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference -210,817.83

-120,888.33




1,650,826.00




30.06.2013






62.66SpainBreakdown by Country

20.21Italy3.57Austria1.74Luxembourg0.49Greece0.02USA

88.69Total

29.54Banks and other credit institutionsBreakdown by Economic Sector

27.38Countries and central governments24.36Mortgage and funding institutions (MBA, ABS)4.87Energy and water supply1.74Investment trusts/funds0.78Electrical appliances and components0.02Index

88.69Total




assets(in EUR)


Bonds

EUR AYT CEDULAS CAJAS V S. -A- 4.5%/03-04.12.2013

1,500,000 1,519,035.00 3.59

EUR AYT CEDULAS CAJAS X S. XX FRN 08-24.11.2015

2,000,000 1,910,240.00 4.51

EUR AYT CEDULAS S. A 4%/04-18.11.2014 5,000,000 5,088,150.00 12.02EUR BANCA MONTE DEI PASCHI DI SIENA SPA

4.875%/11-15.09.2016200,000 204,178.00 0.48

EUR BANCA MONTE DEI PASCHI DI SIENA 2.5%/10-23.09.2013

1,250,000 1,251,437.50 2.96

EUR BANCA POPOLARE DI MILANO 3.5%/09-17.10.2016

1,000,000 1,018,250.00 2.41

EUR BANCO BILBAO VIZCAYA ARGENTARIA4.125%/11-13.01.2014

1,500,000 1,525,380.00 3.60

EUR BANCO SANTANDER 4.375%/11-16.03.2015 3,500,000 3,642,765.00 8.61EUR CAIXABANK 4.75%/11-18.03.2015 3,200,000 3,348,512.00 7.91EUR CEDULAS TDA 2 4.5%/03-26.11.2013 1,000,000 1,011,100.00 2.39EUR CEDULAS TDA 6 3.875%/05-23.05.2025 1,000,000 783,250.00 1.85EUR ENEL 3.5%/10-26.02.2016 2,000,000 2,063,180.00 4.87EUR HELLENIC REPUBLIC (GDP linked securities) 12-

15.10.204220,000,000 208,000.00 0.49

EUR ITALY I/L 2.55%/12-22.10.2016 2,000,000 2,026,837.00 4.79EUR ITALY 0%/02-01.02.2014 2,000,000 1,988,440.00 4.70EUR KOMMUNALKREDIT AUSTRIA 4.5%/03-

10.09.20131,500,000 1,512,225.00 3.57

EUR RED ELECTRICA FINANCIACIONES (reg. -S-) S.3 T. 2 4.875%/11-29.04.2020

300,000 328,317.00 0.78

USD SPAIN (reg. -S-) 4%/13-06.03.2018 3,000,000 2,287,902.45 5.41EUR SPAIN (stripped capital) 0%/99-30.07.2014 2,000,000 1,960,880.00 4.63EUR SPAIN (stripped coupon) 0%/98-31.01.2015 2,000,000 1,931,140.00 4.56EUR SPAIN 4%/11-30.07.2015 1,150,000 1,184,270.00 2.80


Bonds 36,793,488.95 86.93

Securities not listed on a stock exchange

Call-Options

USD US TREASURY NOTE 10 YEAR (call) -128-23.08.2013

50 21,637.11 0.05

Call-Options 21,637.11 0.05

Put-Options

USD US TREASURY NOTE 10 YEAR (put) -122-23.08.2013

-50 -11,119.05 -0.03

Securities not listed on a stock exchange 10,518.06 0.02

Put-Options -11,119.05 -0.03

Securities not listed on a stock exchange: Investment funds

Fund units (Open-End)

USD AURIGA INVESTORS - MONTSERRAT GLOBALFUND -B-

6,148 734,681.44 1.74

Securities not listed on a stock exchange: Investment funds 734,681.44 1.74

Fund units (Open-End) 734,681.44 1.74


Cash at banks 4,651,020.86 10.99

Due to banks -20,552.88 -0.05


Total net assets 42,324,986.27 100.00


Page 22Auriga Investors - Mirtal Global Fund


Income

Interest on investments in securities (net) 328.85328.85

Expenses

Management fee 879.17Custodian and safe custody fees 1,006.71Administration expenses 2,214.92Interest and bank charges 15.14Audit, control, legal, representative bank and other expenses 3,894.53Amortisation of formation expenses 7,031.52

15,041.99



Net realised gain (loss) on sales of investments 3,473.713,473.71

Net realised gain (loss) -11,239.43


Change in net unrealised appreciation (depreciation) on investments 525.27525.27

Net increase (decrease) in net assets as a result of operations -10,714.16


Subscriptions 0.00Redemptions -2,350,356.07

-2,350,356.07

Net assets at the end of the period 0.00



06.02.2013



Page 23Auriga Investors - Montserrat Global Fund


USDBIOMARIN PHARMACEUTICAL -1- 01/49 -5,000 -285,450.00 -11,850.00USDHALOZYME THERAPEUTICS -1- 12/49 -20,000 -129,400.00 4,300.00USDHOSPIRA -1- 01/49 -10,000 -352,700.00 -7,000.00USDLABORATORY CORP OF AMERICA -1- 01/49 -5,000 -497,250.00 -2,050.00USDMIMEDX GROUP -1- 01/49 -20,000 -142,200.00 4,400.00USDPACIFIC BIOSCIENCES OF CALIFORNIA -1- 12/49 -10,000 -24,700.00 500.00USDQUIDEL -1- 12/49 -25,000 -642,000.00 -7,000.00USDST JUDE MEDICAL -1- 01/49 -14,000 -625,380.00 2,380.00USDTHRESHOLD PHARMACEUTICALS -1- 12/49 -20,000 -101,200.00 1,000.00

-15,320.00Unrealised loss on contracts for difference

Quantity EngagementDescription Currency Valuation(in USD)

Contracts for difference


Page 24

Assets

Investments in securities at market value 17,452,466.16Cash at banks 4,518,005.70Receivable for securities sold 85,878.00Income receivable 29,333.33Prepaid expenses 3,729.87Formation expenses 9,408.67Other assets 9,170.84

22,107,992.57

Liabilities

Payable for securities purchased 64,044.00Interest payable 189.13Provisions for accrued expenses 383,063.91Other liabilities 18,820.00

466,117.04

21,641,875.53Net assets

Statement of Net Assets in USD and Fund Evolution

30.06.2013

130.76 /USDA 117.16Capitalisation -

155.33 98.29USDB 137.93Capitalisation -

Total net assets


21,641,875.53 18,068,770.34 6,762,398.42USD

Fund Evolution 30.06.2013 31.12.2012 31.12.2011

11,515.390 5,407.447A 6,898.461 790.518Capitalisation - USD

129,635.154 11,932.437B 125,136.717 7,434.000Capitalisation - USD





Auriga Investors - Montserrat Global Fund





Income

Interest on investments in securities (net) 29,333.3329,333.33

Expenses

Management fee 151,329.81Interest on contracts for difference 19,570.83Short dividends (net) 7,700.00Performance fee 428,378.79Custodian and safe custody fees 6,320.87Administration expenses 13,905.31Printing and publication expenses 606.61Interest and bank charges 504.34Audit, control, legal, representative bank and other expenses 58,959.73"Taxe d'abonnement" 1,036.34Amortisation of formation expenses 1,472.64

689,785.27



Net realised gain (loss) on sales of investments 3,723,314.22Net realised gain (loss) on financial futures contracts -822,738.42Net realised gain (loss) on foreign exchange -7,290.82

2,893,284.98

Net realised gain (loss) 2,232,833.04


Change in net unrealised appreciation (depreciation) on investments 142,183.53Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference 30,850.87

173,034.40

Net increase (decrease) in net assets as a result of operations 2,405,867.44



1,167,237.75


Statement of Operations / Changes in Net Assets in USD


30.06.2013






70.37USABreakdown by Country

7.19Israel3.08Canada

80.64Total

33.41Pharmaceuticals, cosmetics and medical productsBreakdown by Economic Sector

23.29Biotechnology7.91Financial, investment and other div. companies7.19Electrical appliances and components3.98Insurance companies2.85Telecommunication1.62Healthcare and social services0.39Investment trusts/funds

80.64Total




assets(in USD)


Call-Options

USD GTX (call) -10- 17.08.2013 -1,006 -85,510.00 -0.39USD GTX (call) -11- 17.08.2013 -498 -19,920.00 -0.09USD GTX (call) -8- 20.07.2013 -1,006 -28,168.00 -0.13USD GTX (call) -9- 20.07.2013 -498 -12,450.00 -0.06USD IMMUNOMEDICS (call) -5- 20.07.2013 1,602 81,702.00 0.38USD INSMED (call) -20- 17.08.2013 -25 -1,425.00 -0.01

Call-Options -65,771.00 -0.30

Put-Options

USD GTX (put) -4- 17.08.2013 -498 -24,900.00 -0.12USD GTX (put) -6- 17.08.2013 1,504 240,640.00 1.12USD INSMED (put) -10- 17.08.2013 25 4,800.00 0.02

Put-Options 220,540.00 1.02


USD ACADIA PHARMACEUTICALS 10,000 178,200.00 0.82USD AEGERION PHARMACEUTICALS 1,100 71,203.00 0.33USD ANTHERA PHARMACEUTICALS 1,584,089 815,805.84 3.77USD CANCER GENETICS 35,220 350,791.20 1.62USD CARDICA 432,000 540,000.00 2.50USD CELGENE CORP CVR 48,290 357,828.90 1.65USD CEMPRA HOLDINGS 6,000 46,380.00 0.21USD CORONADO BIOSCIENCES 21,300 168,483.00 0.78USD CYTOKINETICS 34,150 372,918.00 1.72USD ECHO THERAPEUTICS 255,843 616,581.63 2.85USD ENTEROMEDICS 434,766 469,547.28 2.17USD GTX 136,360 904,066.80 4.18USD IMMUNOMEDICS 27,400 141,110.00 0.65USD INSMED 89,023 1,037,117.95 4.79USD INTERCEPT PHARMACEUTICALS 1,000 40,510.00 0.19USD KIPS BAY MEDICAL 574,784 569,036.16 2.63USD KYTHERA BIOPHARMACEUTICALS 36,700 973,651.00 4.50USD MAST THERAPEUTICS 50,000 23,350.00 0.11ILS MAZOR ROBOTICS 212,174 1,557,552.19 7.19USD MEDIVATION 9,600 466,848.00 2.16USD NEOSTEM 1,611,772 862,298.02 3.98USD NORTHWEST BIOTHERAPEUTICS (wts)

07.12.20174,149 4,978.80 0.02

USD NPS PHARMACEUTICALS 819 12,522.51 0.06USD NUPATHE 3,200 9,088.00 0.04USD NYMOX PHARMACEUTICAL 100,624 515,194.88 2.38USD PHARMACYCLICS 500 40,620.00 0.19USD PORTOLA PHARMACEUTICALS 800 17,584.00 0.08USD PROGENICS PHARMACEUTICALS 201,531 886,736.40 4.10USD REGULUS THERAPEUTIC 23,310 214,452.00 0.99USD REPROS THERAPEUTICS 1,000 17,230.00 0.08USD RXI PHARMACEUTICALS 2,517,900 488,472.60 2.26USD SAREPTA THERAPEUTICS 800 31,784.00 0.15USD SELWAY CAPITAL ACQUISITIONS -C- 62,269 448,336.80 2.07CAD SOPHIRIS BIO 657,500 150,695.49 0.70USD STEMLINE THERAPEUTICS 49,564 1,250,995.36 5.78USD SUNESIS PHARMACEUTICALS 271,595 1,404,146.15 6.48USD SYNAGEVA BIOPHARMA 700 29,512.00 0.14USD SYNTA PHARMACEUTICALS 370 1,735.30 0.01USD TESARO 2,232 75,776.40 0.35USD TG THERAPEUTICS 2,200 13,640.00 0.06USD VANDA PHARMACEUTICALS 30,000 232,500.00 1.07



Securities listed on a stock exchange or other organised markets: Investment funds

Put-Options

USD SPDR S&P500 TRUST unit 1 (put) -147-20.07.2013

-1,000 -24,000.00 -0.11

USD SPDR S&P500 TRUST unit 1 (put) -155-20.07.2013

1,000 108,000.00 0.50

Securities listed on a stock exchange or other organised markets:Investment funds 84,000.00 0.39

Put-Options 84,000.00 0.39

Securities not listed on a stock exchange: Shares (and equity-type securities)


USD ARNO THERAPEUTICS (wts) A 26.11.2017 525,000 1,627.50 0.01USD ARNO THERAPEUTICS (wts) B 26.05.2014 525,000 27,090.00 0.12USD PLURISTEN THERAPEUTICS (wts) 19.09.2017 100,000 25,000.00 0.12

Securities not listed on a stock exchange: Shares (and equity-typesecurities) 53,717.50 0.25

Shares (and equity-type securities) 53,717.50 0.25




Statement of Investments in Securities and Other Net Assets (Continued)



assets(in USD)

Securities not listed on a stock exchange: Bonds

Bonds

USD ARNO THERAPEUTICS 8%/12-26.11.2015 750,000 750,000.00 3.47

Bonds 750,000.00 3.47


USD ARNO THERAPEUTICS cv 8%/12-26.11.2015 2,000 700.00 0.00

Securities not listed on a stock exchange: Bonds 750,700.00 3.47

Shares (and equity-type securities) 700.00 0.00


Cash at banks 4,518,005.70 20.88


Total net assets 21,641,875.53 100.00


Page 28

Assets

Investments in securities at market value 6,859,004.26Cash at banks 568,465.37Income receivable 145,619.22Prepaid expenses 2,329.92Formation expenses 7,931.12Other assets 1,249.25

7,584,599.14

Liabilities

Due to banks 399,087.20Provisions for accrued expenses 24,419.41

423,506.61



30.06.2013

114.89EURA 114.79Capitalisation -

113.83EURB 114.09Capitalisation -

98.25GBPC /Capitalisation -

Total net assets


7,161,092.53 4,055,879.89EUR

Fund Evolution 30.06.2013 31.12.2012

34,529.019 1,894.571A 32,634.448 0.000Capitalisation - EUR

5,228.867 2,512.572B 2,716.295 0.000Capitalisation - EUR

22,421.278 22,421.278C 0.000 0.000Capitalisation - GBP





Auriga Investors - Vitrio Real Return



Page 29Auriga Investors - Vitrio Real Return


Income

Interest on investments in securities (net) 83,582.21Dividends (net) 25,942.00Bank interest 559.29

110,083.50

Expenses

Management fee 1,104.71Custodian and safe custody fees 4,842.62Administration expenses 10,653.40Printing and publication expenses 169.67Audit, control, legal, representative bank and other expenses 28,316.20"Taxe d'abonnement" 319.59Amortisation of formation expenses 969.95

46,376.14



Net realised gain (loss) on sales of investments 21,375.12Net realised gain (loss) on foreign exchange 22,876.84

44,251.96



Change in net unrealised appreciation (depreciation) on investments -161,663.07-161,663.07

Net increase (decrease) in net assets as a result of operations -53,703.75


Subscriptions 3,158,916.39Redemptions 0.00

3,158,916.39




30.06.2013




Page 30Auriga Investors - Vitrio Real Return


62.94United KingdomBreakdown by Country

8.16Spain7.30USA7.21Netherlands5.97Sweden4.20France

95.78Total

26.60Insurance companiesBreakdown by Economic Sector

23.47Banks and other credit institutions7.88Energy and water supply7.29Financial, investment and other div. companies6.92Building materials and building industry4.30Packaging industries4.09Traffic and transportation3.91Miscellaneous services3.77Computer hardware and networking3.75Retailing, department stores1.90Telecommunication1.90Pharmaceuticals, cosmetics and medical products

95.78Total




assets(in EUR)



USD ASTRAZENECA ADR 3,700 136,190.73 1.90GBP DIGNITY 17,600 279,872.60 3.91EUR ENAGAS 13,900 259,304.50 3.62EUR ENDESA 1,450 23,874.25 0.33USD IBM 1,800 269,754.28 3.77SEK INVESTOR -A- 14,600 291,465.51 4.07GBP LADBROKES 100,250 230,491.03 3.22USD NATIONAL GRID ADR 6,530 281,439.11 3.93GBP STAGECOACH GROUP 80,073 292,823.29 4.09SEK TELIASONERA 27,270 135,897.63 1.90GBP TESCO 69,500 268,587.94 3.75USD WELLS FARGO 8,018 252,950.09 3.53




Bonds

EUR ALLIANZ (subordinated) FIX-TO-FRN 4.375%/05-PERPETUAL

220,000 220,998.80 3.09

GBP AMLIN (subordinated) FIX-TO-FRN 6.5%/06-19.12.2026

400,000 474,436.71 6.63

EUR AXA (reg. -S-) S. 13 (subordinated) FRN 03-PERPETUAL

440,000 300,586.00 4.20

EUR BANCO SANTANDER CENTRAL HISPANO FIX-TO-FRN 4.375%/04-PERPETUAL

410,000 301,714.90 4.21

GBP COOPERATIVE BANK PLC 5.75%/04-02.12.2024

650,000 496,160.79 6.92

EUR HBOS FRN 04-PERPETUAL 520,000 372,127.60 5.20EUR OLD MUTUAL FIX-TO-FRN 5%/05-PERPETUAL 470,000 437,894.30 6.11EUR REXAM FIX-TO-FRN 6.75%/07-29.06.2067 300,000 307,626.00 4.30EUR ROYAL BANK OF SCOTLAND FRN 04-

PERPETUAL430,000 279,095.80 3.90

GBP RSA INSURANCE GROUP (reg. -S-) FIX-TO-FRN8.5%/04-PERPETUAL

160,000 196,416.66 2.74

GBP SCOTTISH WIDOWS (subordinated) FIX-TO-FRN5.125%/05-PERPETUAL

400,000 454,250.32 6.34

GBP STANDARD LIFE FUNDING FIX-TO-FRN6.14%/05-PERPETUAL

250,000 295,045.42 4.12


Bonds 4,136,353.30 57.76


Cash at banks 568,465.37 7.94

Due to banks -399,087.20 -5.57


Total net assets 7,161,092.53 100.00


Combined Report Page 31

Notes

General

Auriga Investors("the Company") is a self-managed “Société d’Investissement à Capital Variable” incorporated on 20.10.2009 and governed by the Part I of the Law of 17.12.2010 relating to Undertakings for Collective Investment. As of 30.06.2013, the Fund had 6 subfunds. Changes: – Auriga Investors – Mirtal Global Fund: Last NAV was calculated as at

06.02.2013. – Auriga Investors – GFE Aequitas Fund was launched on 07.06.2013. – Auriga Investors – Vitrio Real Return -C- GBP was launched on 06.03.2013.

Significant accounting policies

a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. b) Valuation of assets 1. the value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received, is deemed the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof; 2. the value of all portfolio securities and money market instruments or derivatives that are listed on a Regulated Market or traded on Another Regulated Market is based on the price available at 5:00 pm on the principal market on which such securities, money market instruments or derivatives are traded, as furnished by a recognised pricing service approved by the Board of Directors. If such prices are not representative of the fair value, such securities, money market instruments or derivatives as well as other permitted assets may be valued at a fair value at which it is expected that they may be resold, as determined in good faith by and under the direction of the Board of Directors; 3. the value of securities and money market instruments which are not quoted or dealt in on any Regulated Market is based on the last available price, unless such price is not representative of their true value; in this case, they may be valued at a fair value at which it is expected that they may be resold, as determined in good faith by and under the direction of the Board of Directors; 4. the amortised cost method of valuation for transferable debt securities with a remaining maturity of 90 days or less in certain subfunds of the Company is used. This method involves valuing a security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium regardless of the impact of fluctuating interest rates on the market value of the security. While this method provides certainty in valuation, it may result in periods during which value as determined by amortised cost, is higher or lower than the price the subfund would receive if it sold the securities. For certain short term transferable debt securities, the yield to a shareholder may differ somewhat from that which could be obtained from a similar subfund which marks its portfolio securities to market each day; 5. the value of the participations in investment funds shall be based on the last available valuation. Generally, participations in investment funds will be valued in accordance with the methods described in the instruments governing such investment funds. These valuations shall normally be provided by the fund administrator or valuation agent of an investment fund. To ensure consistency within the valuation of each subfund, if the time at which the valuation of an investment fund was calculated does not coincide with the valuation time of any subfund, and such valuation is determined to have changed materially since it was calculated, then the net asset value may be adjusted to reflect these changes as determined in good faith by and under the direction of the Board of Directors; 6. the valuation of swaps is based on their market value, which itself depends on various factors (e.g. level and volatility of the underlying asset, market interest rates, residual term of the swap). Any adjustments required as a result of issues and redemptions are carried out by means of an increase or decrease in the nominal of the swaps, traded at their market value;

7. the valuation of derivatives traded over-the-counter (OTC), such as forward or options contracts not traded on exchanges or on Another Regulated Markets, is based on their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied for each variety of contract. The net liquidating value of a derivative position is to be understood as the net unrealised profit/loss with respect to the relevant position. The valuation applied is based on or controlled by the use of a model recognised and of common practice on the market; 8. the value of other assets is determined prudently and in good faith by and under the direction of the Board of Directors in accordance with generally accepted valuation principles and procedures. The Board of Directors, in its discretion, may permit some other method of valuation to be used if it considers that such valuation better reflects the fair value of any asset of the Company. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each subfund that are denominated in a currency other than the reference currency of the subfund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains or losses on sales of securities are determined on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income is accrued on a prorata temporis basis, net of any withholding tax. f) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Realised and unrealised gains or losses are recorded in the statement of operations and are shown under other assets/liabilities in the statement of net assets. g) Valuation of swaps contracts Swaps contracts are posted off-balance sheet and valued on the basis of the recalculated market prices by using the traditional elements of pricing considering the value, the volatility of the underlying, the interest rates and the residual value of the swap. Realised and unrealised gains or losses are recorded in the statement of operations and are shown under other assets/liabilities in the statement of net assets. h) Valuation of options contracts Premiums received on issued options are recorded as liabilities and premiums paid on the purchase of options are recorded as assets in the statement of net assets. Listed option contracts outstanding on the reporting date are valued at the last settlement or close price on the stock exchanges or regulated markets. Realised and unrealised gains or losses are recorded in the statement of operations and other changes in net assets. i) Valuation of contract for differences of each subfund Unmatured contracts for difference are valued at valuation date at market prices prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations under "Change in net unrealised appreciation (depreciation) on financial futures contracts" and are shown under other assets/liabilities in the statement of net assets. Realised gains or losses are also posted to the statement of operations under "Net realised gain (loss) on financial futures contracts". j) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. If the launch of a subfund occurs after the launch date of the Company, the costs of formation in relation to the launch of the new subfund is charged to such subfund alone and may be amortised over a maximum of five years with effect from the subfund’s launch date. k) Conversion of foreign currencies Cash at banks, other net assets and the valuation of the securities in portfolio expressed in currencies other than the currency of the subfund are converted into this currency at the exchange rate prevailing on the date of the report.


Combined Report Page 32

Notes

Income and expenses expressed in currencies other than the currency of the subfund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains or losses are recorded in the statement of operations and other changes in net assets. l) Consolidation The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each subfund converted into this currency at the exchange rate prevailing at the date of the report.

Exchange Rates

The combined financial statements are kept in EUR. For this purpose, the financial statements of the subfunds are converted into EUR at the foreign exchange rates as of 28.06.2013: 1 EUR = 1.299850 USD

Management and performance fee ("success fee")

In remuneration for its management services, the Investment Manager is entitled to receive the following management fee from the subfund: The management fee is based on the net asset value of the shares of the relevant Class and payable quarterly in arrears. For the subfund Auriga Investors - AZ Total Return: In the consolidated report/statement of operations, the advisory fee is included in the management fee. In addition, the Investment Manager is entitled to receive a performance fee (“success fee”). “Success fee” refers to the percentage of the increase of the net assets attributable to the relevant class above the High Watermark that the subfund pays to the Investment Manager, as determined at the end of each quarter. The net assets are calculated after deducting all expenses and management fee (but not the “Success Fee”) and adapted to take into account the subscriptions and redemptions. “Success fee rates”: For the subfunds Auriga Investors - M2T Multi-Strategy, Auriga Investors - Belgravia Lynx, Auriga Investors - AZ Total Return Fund, Auriga Investors - Milena Investments Fund, Auriga Investors - Montserrat Global Fund, the High Watermark is the higher of the initial issue price per share of the relevant class and the highest net asset value per share of the relevant class at the end of any previous quarter in respect of which a “Success Fee” was charged. For the subfund Auriga Investors - Vitrio Real Return, the High Watermark is annual Consumer Price Index (“CPI”) the higher of (i) the initial issue price per share of the relevant class increased of CPI % and (ii) the highest net asset value per share of the relevant class at the end of any previous quarter in respect of which a Success Fee was charged increased of 5% thereof. As at 30.06.2013, the performance fee amounted to: Auriga Investors – AZ Total Return Fund 28,282.20 EUR Auriga Investors – Belgravia Lynx 12,974.46 EUR Auriga Investors – GFE Aequitas Fund 2,396.42 EUR Auriga Investors – M2T Multi Strategy 179,854.42 EUR Auriga Investors – Montserrat Global Fund 428,378.79 USD

Changes in the composition of the securities portfolio

Changes in the composition of the securities portfolio during the reporting period are available to shareholders free of charge at the registered office of the Company.

Transaction costs

Transactions costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period. Transaction fees are included in the cost of securities purchased and sold. For the year ended on 30.06.2013, the Fund incurred transaction costs relating to purchase or sale of investments in securities and similar transactions, (including derivatives instruments or other eligible assets) as follows:

Auriga Investors – AZ Total Return Fund 16,949.52 EUR Auriga Investors – Belgravia Lynx 50,967.55 EUR Auriga Investors – Montserrat Global Fund 363,884.39 USD Auriga Investors – Vitrio Real Return 6,032.16 EUR Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and for some other derivative contracts, transaction costs will be included in the purchase and sales price of the investment. Whilst not separately identifiable these transaction costs will be captured within the performance of each subfund.

Subscription duty ("Taxe d’abonnement")

The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty (“taxe d’abonnement”) of 0.05% which is payable quarterly and calculated on the basis of the net assets of each subfund on the last day of each quarter. Pursuant to Article 175 (a) of the Law of 17.12.2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.

Cross subfunds investments

Cross investments (where one sub-fund has invested in another sub-fund of the Fund) and related inter-Fund accounts have been eliminated for presentation purposes of the combined results.