GROWTH EQUITY FUND B.

V
BALANCE SHEET AS OF JULY 31, 2012
ASSETS

USD

Other Receivable

1.00

Bank accounts

3,113.78

Cost of investment - equities

1,748,429.68

Cost of investment other securities

117,750.00

App/depr other securities settled

(12,587.44)

App/depr settled equities

(122,464.64)

Prepaid expenses

4,416.64

ASSETS
LIABILITIES

1,738,659.02

USD

Interest payable

3.10

Incentive fee payable

797.57

Administration fees payable

4,770.00

Annual Fees payable -Financial statements

3,091.64

Audit fee payable

5,125.00

LIABILITIES

13,787.31

NET ASSET VALUE

1,724,871.71

SHAREHOLDER CAPITAL

USD

CLASS A - PARTICIPATING INVESTOR SHARES

1,724,870.71

MANAGEMENT SHARES

1.00

SHAREHOLDER CAPITAL TOTAL

1,724,871.71

of 1

GROWTH EQUITY FUND B.V

PROFIT & LOSS STATEMENT FOR THE PERIOD JULY 1, 2012 TO JULY 31, 2012

Realised gain/loss

Commission & other charges

Realised gain/loss equities
Realised gain/loss fx spot

Unrealised gain/loss

FX gain/loss - balance sheet

Unrealised p/l other securities - settled
Unrealised p/l settled equities

Dividend income

Long- Dividends income

Interest expenses

Interest expenses

Other expenses

Administration fee expense

Annual Fees-Financial Statements
Audit fee expense
Bank charges
Directors fee expense
General Expenses

Taxation expense

Withholding tax

TOTAL

8/3/2012

11:38:15

PERIOD USD

YTD USD

(3.50)
.00
.19

(192.54)
538.10
(79.73)

(3.31)

265.83

1,937.45
(1,911.31)
1,864.24

(1,029.28)
(10,611.44)
(71,567.08)

1,890.38

(83,207.80)

.00

10,883.44

.00

10,883.44

(4.52)

(431.14)

(4.52)

(431.14)

(2,650.00)
(441.66)
(1,975.00)
(98.75)
(883.34)
.00

(15,370.00)
(3,091.64)
(12,175.00)
(716.82)
(6,183.36)
(562.75)

(6,048.75)

(38,099.57)

.00

(3,400.28)

.00

(3,400.28)

(4,166.20)

(113,989.52)

Page 1 of 1

As of:

SECURITIES POSITION

7/31/2012

GROWTH EQUITY FUND B.V

Security

CCY

Settled

Unsettled

Total

CAD

7,171.000000

0.000000

7,171.000000

Market Price PL

Market Value

Local CCy Eq. % of Total

Position: Long - CAD

Security Type: Equity
ROYAL CANADIAN MINT

134,025.99

133,611.79

7.7182%

Total for Long - CAD - Equity

18.690000

134,025.99

133,611.79

7.7182%

Total for Long - CAD

134,025.99

133,611.79

7.7182%

2,336.000000

Position: Long - JPY

Security Type: Equity
TREND MICRO INC

JPY

300.000000

0.000000

300.000000

700,800.00

8,970.81

0.5182%

Total for Long - JPY - Equity

700,800.00

8,970.81

0.5182%

Total for Long - JPY

700,800.00

8,970.81

0.5182%

Position: Long - USD

Security Type: Equity
CACI INTERNATIONAL INC

USD

160.000000

0.000000

160.000000

56.450000

9,032.00

9,032.00

0.5217%

CHECK POINT SOFTWARD TECH

USD

160.000000

0.000000

160.000000

48.570000

7,771.20

7,771.20

0.4489%

EGSHARES EM CONSUMER ETF

USD

2,905.000000

0.000000

2,905.000000

23.020000

66,873.10

66,873.10

3.8630%

ENERGY SELECT SECTOR SPDR

USD

2,050.000000

0.000000

2,050.000000

69.650000

142,782.50

142,782.50

8.2479%

FORTINET INC

USD

355.000000

0.000000

355.000000

24.010000

8,523.55

8,523.55

0.4924%

GUGGENHEIN TIMBER ETF

USD

2,500.000000

0.000000

2,500.000000

16.850000

42,125.00

42,125.00

2.4334%

ISHARES MSCI ASIA EX-JAPAN

USD

1,734.000000

0.000000

1,734.000000

52.980000

91,867.32

91,867.32

5.3068%

ISHARES MSCI BRAZIL(EWZ US)

USD

1,358.000000

0.000000

1,358.000000

52.450000

71,227.10

71,227.10

4.1145%

ISHARES MSCI SINGAPORE(EWS US)

USD

3,686.000000

0.000000

3,686.000000

13.140000

48,434.04

48,434.04

2.7978%

ISHARES S&P EM MKTS INFRA

USD

2,179.000000

0.000000

2,179.000000

32.680000

71,209.72

71,209.72

4.1135%

MANTECH INTERNATIONAL CORP

USD

260.000000

0.000000

260.000000

21.930000

5,701.80

5,701.80

0.3294%

MARKET VECTORS AGRIBUSINESS

USD

4,734.000000

0.000000

4,734.000000

49.630000

234,948.42

234,948.42

13.5720%

MARKET VECTORS GOLD MINERS (GDX US)

USD

2,155.000000

0.000000

2,155.000000

42.830000

92,298.65

92,298.65

5.3317%

POWERSHARES EMER MARK INFRA

USD

1,495.000000

0.000000

1,495.000000

37.510000

56,077.45

56,077.45

3.2394%

POWERSHARES GLOABAL WATER PORTFOLIO

USD

3,050.000000

0.000000

3,050.000000

16.650000

50,782.50

50,782.50

2.9335%

POWERSHARES WATER RESOURCES

USD

2,170.000000

0.000000

2,170.000000

18.450000

40,036.50

40,036.50

2.3127%

RADWARE LTD.

USD

280.000000

0.000000

280.000000

30.230000

8,464.40

8,464.40

0.4890%

SOURCEFIRE INC(FIRE)

USD

265.000000

0.000000

265.000000

51.050000

13,528.25

13,528.25

0.7815%

SPDR METALS & MINING ETF

USD

2,413.000000

0.000000

2,413.000000

39.800000

96,037.40

96,037.40

5.5477%

SPDR S&P EMERGING MARKETS SMALL

USD

1,580.000000

0.000000

1,580.000000

41.280000

65,222.40

65,222.40

3.7676%

SPDR S&P INTL ENERGY SECTOR

USD

3,820.000000

0.000000

3,820.000000

23.990000

91,641.80

91,641.80

5.2938%

SYMANTEC CORP

USD

1,045.000000

0.000000

1,045.000000

15.750000

16,458.75

16,458.75

0.9508%

VANGUARD MSCI EMERGING MARKET

USD

3,333.000000

0.000000

3,333.000000

40.010000

133,353.33

133,353.33

7.7033%

VERISIGN INC

USD

250.000000

0.000000

250.000000

44.420000

11,105.00

11,105.00

0.6415%

WEBSENSE INC

USD

525.000000

0.000000

525.000000

15.010000

7,880.25

7,880.25

0.4552%

1,483,382.43

1,483,382.43

85.6888%

83,415.25

83,415.25

4.8186%

Total for Long - USD - Equity

Security Type: Other Securities

ISHARES MSCI CHINA INDEX FD

8/3/2012

11:38:30

USD

2,047.000000

0.000000

2,047.000000

40.750000

Page 1 of 2

As of:

SECURITIES POSITION

7/31/2012

GROWTH EQUITY FUND B.V

Security

CCY

Settled

Unsettled

Total

USD

1,703.000000

0.000000

1,703.000000

Market Price PL

Market Value

Local CCy Eq. % of Total

Position: Long - USD

Security Type: Other Securities
MARKET VECTORS RARE EARTH/ST

21,747.31

21,747.31

Total for Long - USD - Other Securities

12.770000

105,162.56

105,162.56

6.0748%

Total for Long - USD

Total for All Counterparts - Long

1,588,544.99

1,588,544.99

91.7636%

Total for All Counterparts - Short

Company Total for Long positions
Company total for Short positions

8/3/2012

11:38:30

1.2563%

1,731,127.60 100.0000%
0.00

0.0000%

Page 2 of 2

As of: 7/31/2012

INVESTOR HOLDINGS
Investor

Investor No.

Number Held

NAV Price CCY

ST Equalisation
Accrual

NAV Value

Total

% WF

GROWTH EQUITY FUND B.V - USD

CLASS A - PARTICIPATING INVESTOR SHARES
GROWTH Limited Account
Guernroy Limited Account 2
IBM US AG/CH
MARC FOGSSAl
UBS AG
UBS ARAB EMIRATES
Series total

100.000
647.109
376.953
56.378
118.471
798.951
2,097.862

Series total

1.000
1.000

Company / Currency total

2,098.862

MANAGEMENT SHARES
GROWTH CAPITAL MANAGEMENT LTD

8/3/2012

11:38:57

822.204
822.204
822.204
822.204
822.204
822.204

USD
USD
USD
USD
USD
USD

1.000 USD

82,220.41
532,055.49
309,932.53
46,354.19
97,407.37
656,900.73
1,724,870.71

C
C
C
C
C
C

1.00
1.00

1,724,871.71

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

82,220.41 4.77%
532,055.49 30.85%
309,932.53 17.97%
46,354.19 2.69%
97,407.37 5.65%
656,900.73 38.08%
1,724,870.71

0.00

1.00
1.00

0.00

1,724,871.71

0.00%

Page 1 of 1

VALUATION DETAIL
31 Jul 2012
GROWTH EQUITY FUND B.V

Profit allocation basis: Gross Assets

Local currency: USD

Gross Assets
Brought Fwd

Net Assets
Brought Fwd

Profit allocation calculations are in local currency

Capital
Perf. Fee
Allocation
Profit Alloc
Movements Crystalised
Base

Uneven Management
Allocations
Fee

Previous valuation date: 30 Jun 2012

Status: Confirmed

System Calc
Perf. Fee

Closing
Net Capital

Shares
Outstanding

0.00

1,724,870.71

2,097.862

CLASS A - PARTICIPATING INVESTOR SHARES

1,729,036.91

1,729,036.91

0.00

0.00

1,729,036.91

-4,166.20

0.00

0.00

MANAGEMENT SHARES
1.00

1.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1.00

1.000

1,729,037.91

0.00

0.00

1,729,036.91

-4,166.20

0.00

0.00

0.00

1,724,871.71

2,098.862

EQ Shares
EQ Amount

GAV
% Change

NAV
% Change

0.000

822.204

822.204

0.00

-.241%

-.241%

1.000
.%

1.000
.%

Total for Company

1,729,037.91

8/3/2012

11:39:06

Page 1 of 1