ARMADA CAPITAL SICAV SIF - quadrigafunds.comArmada Capital SICAV SIF • Audited Annual Report as at 31.12.2013 Consolidated Report Page 7 Notes General Armada Capital SICAV SIF (the

ARMADA CAPITAL SICAV SIF

Luxembourg R.C.S. B 154177

Société d’investissement à capital variable – Fonds d’investissement spécialisé

Audited annual report for the year ended December 31, 2013

Armada Capital SICAV SIF • Audited Annual Report as at 31.12.2013

Page 2Table of Contents

Audit report 3

Management and Administration 4

Consolidated Report 5

Manager's Report 9

Report by Sub-fundArmada Capital - Milena Investments Fund 10Mirtal Fund 11Sub-Fund Lynx 15S2A2 Trading Opportunities 18


Audit report Page 3

,

pwc

To the Shareholders of Armada Capital SICAV SIF

We have audited the accompanying financial statements of Armada Capital Other matters SICAV SIF and of each of its sub-funds, which comprise the statement of net assets and the statement of investments in securities and other net assets as at Supplementary information included in the annual report has been reviewed in the

December 31, 2013 and the statement of operations and changes in net assets context of our mandate but has not been subject to specific audit procedures

for the year then ended, and a summary of significant accounting policies and carried out in accordance with the standards described above. Consequently, we

other explanatory notes to the financial statements, express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Responsibility of the Board of Directors of the SICAV SIF for the financial statements

The Board of Directors of the SICAV SIF is responsible for the preparation and Luxembourg, May 12,2014 fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV SIF determines is necessary to enable the preparation of financial PricewaterhouseCoo , Société coopérative statements that are free from material misstatement, whether due to fraud or Represented by error.

AM& Responsibility of the "Réviseur d'entreprises agréé"

Our responsibility is to express an opinion on these financial statements based on Fanny Sergent

our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the 'Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the "Réviseur d'entreprises agréé", including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the "Réviseur d'entreprises agréé" considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV SIF, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Armada Capital SICAV SIF and of each of its sub-funds as of December 31, 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

PricewaterhouseCoopers, Société coopérative, 400 Route d'Esch, B.P. 1443, L-1014 Luxembourg T: + 352 494848 1, F: + 352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autonsation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 — TVA LU25482518


Management and Administration Page 4

Registered office

Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet L-2180 Luxembourg R.C.S. B 154 177

Board of Directors

Fernando Primo de Rivera, Chairman Lopez de Hoyos 35, 28002 Madrid, Spain Miguel Barrón, Member of the Board 350 Madison Avenue, NY10017 New York, United States of America Franck Willaime, Member of the Board 24, rue Xavier de Feller, L-1514 Luxembourg, Grand Duchy of Luxembourg

Auditor of the Company

PricewaterhouseCoopers, Société coopérative 400, route d’Esch, L-1471 Luxembourg

Custodian bank and paying agent

Credit Suisse (Luxembourg) S.A. 56, Grand Rue, L-2010 Luxembourg

Administrative agent, transfer and register agent

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

Investment Manager

Auriga Global Investors (previously Auriga Securities) Cuesta del Sagrado Corazón, n.6-8, 28016 Madrid, Spain Sub-investment manager (Armada Capital Milena Investment Fund (from 01.06.2013 to 31.10.2013)) Method Investments and Advisory Ltd 55 Grosvenor Street, W1K 3HY, London, United Kingdom

Investment Adviser

Lynx Capital Partners SL Lopez de Hoyos 35, 28002 Madrid, Spain

Principal Legal Advisers

As to Luxembourg Law: CHEVALIER & SCIALES 51, route de Thionville, L-2611 Luxembourg, As to Spanish Law: Cuatrecasas, Gonçalves Pereira Madrid Velázquez, 63, 28001 Madrid, Spain No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report. An audited annual report is prepared and made available to Shareholders in respect of each financial year. Copies of the financial reports may be obtained free of charge by any person at the registered office of the Fund. The Company's financial year shall end on December 31 of each year.


Page 5Consolidated Report

Statement of Net Assets in EUR

31.12.2013

Assets

Investments in securities at market value - Long positions 8,353,103.85Cash at banks 4,549,894.53Receivable for securities sold 651,098.25Income receivable 4,607.99Prepaid expenses 3,953.43Formation expenses 12,412.84Other assets 108.85

13,575,179.74

Liabilities

Due to banks 403,431.12Investments in securities at market value - Short positions 2,480,525.89Interest payable 346.12Provisions for accrued expenses 60,412.82Other liabilities 133,196.06

3,077,912.01

Net assets 10,497,267.73

The notes are an integral part of the financial statements.


Page 6

Income

Interest on investments in securities (net) 321,305.87Dividends (net) 23,088.78Bank interest 8,580.99

352,975.64

Expenses

Management fee 91,254.53Performance fee 8,530.77Custodian and safe custody fees 63,125.77Administration expenses 121,130.12Printing and publication expenses 3,375.26Interest and bank charges 38,669.09Audit, control, legal, representative bank and other expenses 136,530.45"Taxe d'abonnement" 1,700.50Amortisation of formation expenses 3,841.45

468,157.94

Net income (loss) -115,182.30

Realised gain (loss)

Net realised gain (loss) on sales of investments 4,160,395.75Net realised gain (loss) on financial futures contracts -1,637,352.97Net realised gain (loss) on forward foreign exchange contracts 0.55Net realised gain (loss) on foreign exchange -68,269.03

2,454,774.30

Net realised gain (loss) 2,339,592.00

Change in net unrealised appreciation (depreciation)

Change in net unrealised appreciation (depreciation) on investments -123,929.08Change in net unrealised appreciation (depreciation) on financial futures contracts -141,346.31

-265,275.39

Net increase (decrease) in net assets as a result of operations 2,074,316.61

Subscriptions / Redemptions

Subscriptions 2,529,688.17Redemptions -17,263,560.63

-14,733,872.46


Consolidated Report

Statement of Operations in EUR

For the period from01.01.2013 to

31.12.2013


Consolidated Report Page 7

Notes

General

Armada Capital SICAV SIF (the “Fund”) is a public limited liability company, organized as a “société anonyme” and qualifies as a “Société d'Investissement à Capital Variable" (“SICAV”) and a Fonds d'Investissement Spécialisé (“FIS”) under the SIF Law. The Fund was incorporated for an unlimited period on June 18, 2010 with an initial capital of EUR 31,000. The Articles have been published in the Mémorial under number 1474 dated July 19, 2010. The Fund is registered under B 154177 with the Registre de Commerce et des Sociétés, where the Articles have been filed and are available for inspection. The Company exists for an unlimited period. The capital of the Fund shall be equal at all times to the net assets of the Fund. The minimum subscribed capital of the Fund, is Euro 1,250,000. This minimum must be reached within a period of twelve (12) months following the authorization of the Fund as a SICAV SIF under the Law of 2007 as amended by the law of March 26, 2012 and effective as from April 1, 2012. Fractions of Ordinary Shares may be issued up to one thousandth of an Ordinary Share. As of 31.12.2013 the Company had 3 sub-funds. Changes: As at 15.02.2013, Mirtal Fund has been launched. As at 31.10.2013, Armada Capital – Milena Investments Fund has been liquidated, after a redemption in kind (by all the existing shareholders of Armada Capital – Milena Investments Fund) into the fund Simplify 04 - Milena II Fund by transferring of all the assets (only securities) of Armada Capital – Milena Investments Fund.

Summary of significant accounting policies

a) Computation of the net asset value of each sub-fund The financial statements of the Fund are presented in accordance with the regulations in force in Luxembourg governing collective investment undertakings. b) Valuation of the assets of each sub-fund 1. The value of any cash in hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is reduced 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 transferable securities, money market instruments and any financial assets admitted to official listing on any stock exchange or dealt on any regulated market shall be based on the last available closing or settlement price in the relevant market prior to the time of valuation, or any other price deemed appropriate by the Board of Directors. 3. In the event that any assets are not listed or dealt in on any stock exchange or on any regulated market or if with respect to assets listed or dealt in on any stock exchange, or any regulated market, the price as determined pursuant to sub-paragraph (2) is, in the opinion of the Board of Directors, not representative of the value of the relevant assets, such assets are stated at fair market value or otherwise at the fair value at which it is expected they may be resold, as determined in good faith by and under the direction of the Board of Directors. 4. The liquidating value of futures, forward or options contracts not admitted to official listing on any stock exchange or dealt on any regulated market shall mean their net liquidating value determined, pursuant to the policies established prudently and in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts admitted to official listing on any stock exchange or dealt on any regulated market shall be based upon the last available closing or settlement prices of these contracts on stock exchanges and regulated market on which the particular futures, forward or options contracts are traded on behalf of the Fund; provided that if a future, forward or options contract could not be liquidated on the day with respect to which assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. 5. Units or shares of an open-ended undertaking for collective investment (“UCI”) will be valued at their last determined and available official net asset value, as reported or provided by such UCI or its agents, or at their last estimated net asset values (i.e. estimates of net asset values) if more recent than their last official net asset values, provided that due diligence has been carried out by the Administrator, in accordance with instructions and under the overall control and responsibility of the Board of Directors, as to the reliability of such estimated net asset values.

6. The net asset value calculated on the basis of estimated net asset values of the target UCIs may differ from the net asset value which would have been calculated on the relevant Valuation Day, on the basis of the official net asset values determined by the Administrators of the target UCI. In case of significant differences between the estimated value and the final value of the target UCI, the Fund may, at its discretion, recalculate the net asset value for the relevant period. 7. All other securities, instruments and other assets are valued at fair market value as determined in good faith pursuant to procedures established by the Board of Directors. c) Net realised gain/loss on sales of investments of each sub-fund The realised gains or losses on the sales of securities are determined on the basis of the average acquisition cost. d) Foreign exchange conversion The financial statements are kept in the reference currency of each sub-fund and the consolidated financial statements are kept in EUR. e) Formation expenses of each sub-fund Formation expenses are amortised on a straight line basis over a period of 5 years from the date on which the Fund commenced business. f) Valuation of forward foreign exchange contracts of each sub-fund Unmatured forward foreign exchange contracts are valued at valuation date at forward exchange rates prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations and are shown under other assets/liabilities in the statement of net assets. g) Valuation of financial futures contracts of each sub-fund Unmatured financial futures contracts are valued at valuation date at market rates prevailing at this date and resulting changes in unrealised gains or losses are posted to the statement of operations and are shown under other assets/liabilities in the statement of net assets. h) Income recognition Interest income is recognised on an accrual basis, net of any irrecoverable withholding tax and classified under the interest line item within the statement of operations. Dividend Income is recognized on an “ex-dividend” basis, net of any irrecoverable withholding tax.

Exchange Rate

The consolidated financial statements are kept in EUR. For this purpose, the financial statements of the sub-funds are converted into EUR at the foreign exchange rate: - 1 EUR = 1.377950 USD - 1 EUR = 0.832000 GBP

Management Fee

Armada Capital – Milena Investments Fund: no management fee is applicable. Mirtal Fund shall pay to the Investment Manager a fixed fee of EUR 8,500 p.a. S2A2 Trading Opportunities shall pay to the Investment Manager on a monthly basis in arrears an overall Management Fee equal to 2% per annum of the Net Asset Value of the sub-fund. Sub-Fund Lynx shall pay to the Investment Manager and to the Investment Advisor on a monthly basis in arrears an overall Management Fee equal to1.5% per annum of the Net Asset Value of the sub-fund. Such Management fee is not applicable to the class P share.


Consolidated Report Page 8

Notes

Performance Fee

For S2A2 Trading Opportunities: Provided that the net profits reach a threshold of 5% per annum, the sub-fund shall pay on overall Performance fees to the Investment Manager and the Investment Advisor equal to twenty percent (20%) of any excess increase in the Net Asset Value applicable to each Class A Share in issue in respect of each yearly Performance period calculated and paid annually in arrears. For Sub-Fund Lynx: The sub-fund shall pay on overall Performance fees to the Investment Manager and the Investment Advisor equal to twenty percent (20%) of any excess increase in the Net Asset Value applicable to each Class A Share in issue in respect of each yearly Performance period calculated and paid annually in arrear. Performance Fees is not applicable to the Class P Shares. For Armada Capital – Milena Investments Fund: The sub-fund shall pay an overall Performance fees to the Investment Manager equal to ten percent (10%) of any excess increase in the Net Asset Value applicable to each Class A Share in issue in respect of each Performance period calculated yearly and paid annually in arrear. For all these sub-funds: Each time a Performance fees is earned and paid, the Net Asset Value per Share of the sub-fund at the time of payment is set as a High Water Mark net asset value (the “High Water Mark”). Therefore, any Performance fees are to be retained despite net trading losses which might occur in subsequent periods but no performance fees will be payable during the period until the Class recoups the trading losses and achieves additional trading gains. Equalization factor: When Class A Shares are subscribed for during the course of a Performance Period certain adjustments are necessary. This is done so that (i) the Performance Fee paid to the Investment Manager and to the Investment Advisor is charged only to those Class A Shares which have appreciated in value since their acquisition, (ii) all Shareholders in Class A will have the same amount per Class A Share at risk, and (iii) all Class A Shares will have the same net asset value per Class A Share. As a consequence of the above, if an investor subscribes for Class A Shares at a time when the Net Asset Value per Class A Share is other than the High Water Mark of such Class A Share, certain adjustments will be made to reduce inequities that could otherwise result to the Shareholders. No performance fee is applicable for the sub-fund Mirtal Fund.

Custody Fee

The Custodian and Paying Agent is entitled to receive out of the assets of the Fund a fee calculated in accordance with customary banking practice in Luxembourg, which represents up to 0.04 % per annum (Milena Investments Fund and Sub-Fund Lynx are subject to a minimum fee of EUR 18,000, S2A2 Trading Opportunities and Mirtal Fund are subject to a minimum of EUR 15,000 for the first year and EUR 18,000 thereafter) which will be calculated retrospectively every month on the basis of the net asset value of each sub-fund and paid monthly.

Administration Fee

The Administrator, the Registrar and Transfer Agent is entitled to receive out of the assets of the Fund a fee calculated in accordance with customary banking practice in Luxembourg, which represents up to 0,08 % per annum (with a minimum fee of EUR 30,000 for Armada Capital - Milena Investments Fund, Mirtal Funds and for S2A2 Trading Opportunities, an annual minimum fee of EUR 35,000 for the Sub-Fund Lynx), which will be calculated retrospectively every month on the basis of the net asset value of each sub-fund and paid monthly. In addition, all reasonable out-of-pocket expenses incurred by the Administrator in connection with the provision of services to the Fund pursuant to this Administration Agreement, shall be reimbursed by the Fund to the Administrator on a quarterly basis in arrears.

Taxation of the Fund

The Fund is not subject to any taxes in Luxembourg on income or capital gains. In addition, the only tax to which the Fund in Luxembourg is subject, is the "taxe d’abonnement" at a rate of 0.01% per annum based on the net asset value of each sub-fund at the end of the relevant quarter, calculated and paid quarterly. Interest and dividend income received by the Fund may be subject to non-recoverable withholding tax in the countries of origin. The Fund may further be subject to tax on the realised or unrealised capital appreciation of its assets in the countries of origin. Taxation of Shareholders Shareholders are not normally subject to any capital gains, income, withholding, gift, estate, inheritance or other taxes in Luxembourg except for Shareholders domiciled, resident or having a permanent establishment in Luxembourg, and except for certain former residents of Luxembourg and non-residents if owning more than 10% of the share capital of the Fund and disposing of it in whole or part within six months of acquisition.

Subsequent event

Since 20.01.2014 Societe Generale Securities Services Luxembourg is the new Custodian and Administrator of the Fund.


Manager's Report Page 9

Global equity markets in unison were put to the test by the single most distinctive feature of finance in this post crisis era: unconventional monetary policy as central banks deal with the rates zero low bound and deploy their own balance sheets. Effectively the combination of the ECB ’s early month meeting delivering no new easing measures and the market jitters surrounding the possibility of FED tapering- finally delivered, put equity markets in a melt’down that had Europe loose -6% in less than 15 days. In the US, the S&P troughed down 2%, but of course, the $ depreciated yet another 2% with the € scraping year heights of 1.37/$. On the one side the paradox of the weakest economic juncture, Europe, in which disinflation/deflation forces are debated, harnessed by the strongest currency. On the other, the inflection point in the FED´s largest monetary policy experiment in financial history at test. We can not stress enough the iconic psychological importance of global equity markets reaction to the FED’s decision to taper (from $85 to 75 bn of securities purchases) on December 18th underpinning an incipient recovery and the effectiveness of unconventional monetary policy; perhaps not optimal- check Summers new buzz term for our timid recovery, “secular stagnation”, but enough. Indeed global equities were up by almost 2%, the US 10Y Treasury sold off orderly scrapping 3% and the 2Y remained well anchored at below 0.5% - the FED having been successful in having the market distinguish between tapering and tightening. The route for the Great Rotation amongst asset classes might be opened: from fix income, at historical peaks in 2013, into equities. It should have in the ERP (equity risk premium) contraction its corollary as the global economy transits from 2.5% growth to 3.5% attempting take off velocity. Whilst many still are held in ransom by debt levels and its shifting (private to public and onto central banks´), the moral implication of such unconventional policy, the side effects in the form of assets price inflation, the magnitude of multiple expansions and so on and so forth, we dare not question money’s neutrality- newly created money is intrinsically as good as existing one. To detach its fiduciary value from the issuer´s credibility is a flawed logic exercise. We just don’t see China and other large US creditors daring question that validity. We would rather focus, for the medium term, on the interaction between circulation velocity, credit aggregates and inflation indicators which remains strongly subdued. In our European turf, a very flawed banking union was signed off by Heads of States. The shortfalls came about in the two key features in the Single Resolution Mechanism (SRM)- who decides to close down a bank and how is that done. A convoluted deciding body formed by an overlap of the European Commission and intergovernmental instances, and a bail-in & bail out interplay which left the fiscal backstop at a meager € 55 bn to be formed in 10 years (European banking assets north of € 30 trn), is not much of an achievement. As Draghi pointed out, a SRM in which “single” is only the name. It has been again Germany’s interest in preventing German tax payer real involvement, the criteria informing Schauble to create such banking union. But perhaps not only. German aspiration to a federalized European governance was brought forward at the time of the € creation proposal early 90’s, and only watered down recently as the potential burden sharing of the current debt crisis came apparent. Conditioning debt mutualisation to overcoming current debt legacy problems in the German position suggests a contingency-cyclicality angle which is not at odds with the original aspiration to political union. The real contest lies elsewhere, as originally, in France’s instinctive aversion to open up its own national sovereignty. Ultimately, why writing a blank check- or acting as guarantor of last resort, if there are fiscal convergence loopholes ingrained in national sovereignty that could make the deployment of that guarantee not equitable enough? Indeed a proper banking union is a fiscal union from the back door and this has been postponed. Net/net, in practical terms, this procrastination will put the onus on the only real federal institution in place for economic governance and that is the ECB after its overtaking of the supervisory duties from governments in the Single Supervisory Mechanism (SSM). The SSM will carry critical Asset Quality Reviews and stress tests along 2014. Credible efforts by the ECB will be confronted not so much by under covered national interests, but by the markets’ appetite to fund capital raising exercises. Once again reflexivity between the real economy /business cycle with financial markets European fragmentation will be the key element. But as the cycle appear to gain momentum and capital flows into the periphery steadily resume- Ireland out of its program, Spain delivering consecutive positive growth quarters and consolidating its current account surplus, there is margin to believe that the current banking union proposal might not be put to test in the near to medium term. Whereas European institutional overhaul initiatives have been slow and timid- by the nature of the crisis it could not have been otherwise, efforts in the front of the real economy: structural reforms, fiscal consolidation and competitiveness do make the very best use of time bought by these contingency mechanisms. Ultimately Merkel’s policy follows a key physiology principle, that the strength of the whole can only be predicated from the strength of the parts. In that quest, the critical role played by a peripheral market like Spain, posting a historical current account turnaround epitomizes the route to healing. No wonder the example comes up in all current policy defense efforts by creditors and European officials. The main difference with current policy dissenters is one of perspective. Is time put in place by these mechanisms enough to sustainably restore imbalances? Financial markets fragmentation reversion and marginal trends in new loan granting will be the key variables to track and assess the possibility that Europe joins in the global economy growth acceleration. The information stated relates to the period under review and is not indicative of future returns.


Page 10Armada Capital - Milena Investments Fund

Net assets at the beginning of the period 15,486,661.49

Income

Interest on investments in securities (net) 319,161.46Bank interest 8,492.12

327,653.58

Expenses

Performance fee 8,530.77Custodian and safe custody fees 13,760.88Administration expenses 28,752.61Printing and publication expenses 815.05Interest and bank charges 90.84Audit, control, legal, representative bank and other expenses 57,870.13"Taxe d'abonnement" 926.22

110,746.50

Net income (loss) 216,907.08


Net realised gain (loss) on sales of investments 725,212.83Net realised gain (loss) on foreign exchange -1,364.35

723,848.48

Net realised gain (loss) 940,755.56


Change in net unrealised appreciation (depreciation) on investments -1,041,807.46-1,041,807.46

Net increase (decrease) in net assets as a result of operations -101,051.90


Subscriptions 0.00Redemptions -15,385,609.59

-15,385,609.59

Net assets at the end of the period 0.00

Statement of Operations / Changes in Net Assets in EUR


31.10.2013



Page 11

Assets

Investments in securities at market value - Long positions 1,499,353.57Cash at banks 699,637.33Prepaid expenses 1,421.46Other assets 108.85

2,200,521.21

Liabilities

Interest payable 346.12Provisions for accrued expenses 7,631.81

7,977.93

2,192,543.28Net assets

Statement of Net Assets in EUR and Fund Evolution

31.12.2013

94.23EURA Capitalisation -

Total net assets

Net asset value per share

2,192,543.28EUR

Fund Evolution 31.12.2013

23,266.89 23,266.89A 0.00 0.00Capitalisation - EUR

Number of shares outstanding at the endof the period

at the beginningof the period

Number of shares issued

Number of shares redeemed

Mirtal Fund



Page 12Mirtal Fund

Net assets at the beginning of the period 0.00

Income

Interest on investments in securities (net) 2,144.41Bank interest 1.50

2,145.91

Expenses

Management fee 7,452.07Custodian and safe custody fees 13,150.68Administration expenses 26,301.38Printing and publication expenses 125.36Audit, control, legal, representative bank and other expenses 31,466.06"Taxe d'abonnement" 222.66

78,718.21



Net realised gain (loss) on sales of investments 14,290.00Net realised gain (loss) on financial futures contracts 17,230.50Net realised gain (loss) on foreign exchange -89,506.23

-57,985.73

Net realised gain (loss) -134,558.03


Change in net unrealised appreciation (depreciation) on investments 303.57Change in net unrealised appreciation (depreciation) on financial futures contracts 108.85

412.42



Subscriptions 2,326,688.89Redemptions 0.00

2,326,688.89

Net assets at the end of the period 2,192,543.28



31.12.2013


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


Page 13Mirtal Fund

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

45.58SpainBreakdown by Country

22.80Germany68.38Total

68.38Countries and central governments68.38Total

Breakdown by Economic Sector

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: Bonds

Bonds

EUR GERMANY TREASURY BILL 12.03.2014 500,000.00 500,000.00 22.80EUR SPAIN TREASURY BILL 14.03.2014 500,000.00 499,475.00 22.78EUR SPAIN TREASURY BILL 24.01.2014 500,000.00 499,878.57 22.80

Securities listed on a stock exchange or other organised markets:Bonds 1,499,353.57 68.38

Bonds 1,499,353.57 68.38

Total of Portfolio 1,499,353.57 68.38

Cash at banks 699,637.33 31.91

Other liabilities -6,447.62 -0.29

Total net assets 2,192,543.28 100.00


Page 14Mirtal Fund

Financial Derivative Instruments

USDCOMMODITIES LIGHT SWEET CRUDE OIL -1000-02/14

-1.00 -98,420.00 217.71

USDEURO FX CURRENCY FUTURE -125000- 3/14 1.00 172,350.00 -108.86108.85Unrealised gain on financial futures contracts

Quantity CommitmentDescription Currency Valuation(in EUR)

Commitment in USD

Financial futures contracts


Page 15

Assets

Investments in securities at market value - Long positions 6,657,734.46Cash at banks 8,254.25Receivable for securities sold 651,098.25Income receivable 4,440.00Prepaid expenses 2,531.97

7,324,058.93

Liabilities

Due to banks 403,431.12Investments in securities at market value - Short positions 1,989,110.00Provisions for accrued expenses 34,429.68

2,426,970.80



31.12.2013

1,379.46 732.84EURP 668.38Capitalisation -

Total net assets


4,897,088.13 2,573,260.89 2,931,365.33EUR

Fund Evolution 31.12.2013 31.12.2012 31.12.2011

3,550.00 0.00P 3,850.00 300.00Capitalisation - EUR

Number of shares outstanding at the endof the year

at the beginningof the year



Sub-Fund Lynx



Page 16Sub-Fund Lynx

Net assets at the beginning of the year 2,573,260.89

Income

Dividends (net) 19,868.2619,868.26

Expenses

Custodian and safe custody fees 18,000.00Administration expenses 35,000.00Printing and publication expenses 155.13Interest and bank charges 23,023.23Audit, control, legal, representative bank and other expenses 22,213.06"Taxe d'abonnement" 249.79

98,641.21



Net realised gain (loss) on sales of investments 1,974,480.08Net realised gain (loss) on forward foreign exchange contracts 0.55Net realised gain (loss) on foreign exchange 3,129.50

1,977,610.13

Net realised gain (loss) 1,898,837.18


Change in net unrealised appreciation (depreciation) on investments 711,403.33711,403.33

Net increase (decrease) in net assets as a result of operations 2,610,240.51


Subscriptions 0.00Redemptions -286,413.27

-286,413.27

Net assets at the end of the year 4,897,088.13



31.12.2013


* reg. shares: a registered share is a stock that is registered on the name of the exact owner. If the owner of such a share sells his share, the new owner must registerwith name and address.The notes are an integral part of the financial statements.Any differences in the percentage of Net Assets are the result of roundings.


Page 17Sub-Fund Lynx


99.49SpainBreakdown by Country

21.55France-10.97Portugal-14.74Germany95.33Total

24.60Graphics publishing and printing mediaBreakdown by Economic Sector

21.55Banks and other credit institutions21.47Building materials and building industry21.23Real estate19.08Petroleum17.94Mining, coal and steel industry10.08Lodging and catering industry, leisure facilities-7.34Textiles, garments and leather goods

-10.97Telecommunication-22.31Energy and water supply95.33Total




assets(in EUR)

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

Long positions

Shares (and equity-type securities)

EUR ACERINOX (reg. shares*) 95,000.00 878,465.00 17.94EUR FOMENTO DE CONSTRUCCIONES Y

CONTRATAS65,000.00 1,051,375.00 21.47

EUR NH HOTELES 115,222.00 493,726.27 10.08EUR PROMOTORA DE INFORMACIONES 2,750,000.00 1,100,000.00 22.46USD PROMOTORA DE INFORMACIONES ADR -B- 49,900.00 104,656.19 2.14EUR REPSOL 51,000.00 934,320.00 19.08EUR SACYR 276,000.00 1,039,692.00 21.23EUR SOCIETE GENERALE PARIS -A- 25,000.00 1,055,500.00 21.55

Total long positions 6,657,734.46 135.95

Shares (and equity-type securities) 6,657,734.46 135.95

Short positions

Shares (and equity-type securities)

EUR E.ON (reg. shares*) -30,000.00 -402,450.00 -8.22EUR IBERDROLA -80,000.00 -370,800.00 -7.57EUR INDUSTRIA DE DISENO TEXTIL INDITEX (reg.

shares*)-3,000.00 -359,400.00 -7.34

EUR PORTUGAL TELECOM SGPS (reg. shares*) -170,000.00 -537,200.00 -10.97EUR RWE -A- -12,000.00 -319,260.00 -6.52

Securities listed on a stock exchange or other organised markets:Shares (and equity-type securities) 4,668,624.46 95.33

Total short positions -1,989,110.00 -40.62

Shares (and equity-type securities) -1,989,110.00 -40.62

Total of Portfolio 4,668,624.46 95.33

Cash at banks 8,254.25 0.17

Due to banks -403,431.12 -8.24

Other liabilities -1,365,469.46 -27.88

Total net assets 4,897,088.13 100.00


Page 18

Assets

Investments in securities at market value - Long positions 196,015.82Cash at banks 3,842,002.95Income receivable 167.99Formation expenses 12,412.84

4,050,599.60

Liabilities

Investments in securities at market value - Short positions 491,415.89Provisions for accrued expenses 18,351.33Other liabilities 133,196.06

642,963.28



31.12.2013

104.22EURA 106.78Capitalisation -

104.92EURB 107.50Capitalisation -

Total net assets


3,407,636.32 5,096,901.20EUR

Fund Evolution 31.12.2013 31.12.2012

23,439.07 1,907.23A 32,754.12 11,222.28Capitalisation - EUR

9,196.24 0.00B 14,880.06 5,683.82Capitalisation - EUR

Number of shares outstanding at the endof the year

at the beginningof the year



S2A2 Trading Opportunities



Page 19S2A2 Trading Opportunities

Net assets at the beginning of the year 5,096,901.20

Income

Dividends (net) 3,220.52Bank interest 87.37

3,307.89

Expenses

Management fee 83,802.46Custodian and safe custody fees 18,214.21Administration expenses 31,076.13Printing and publication expenses 2,279.72Interest and bank charges 15,555.02Audit, control, legal, representative bank and other expenses 24,981.20"Taxe d'abonnement" 301.83Amortisation of formation expenses 3,841.45

180,052.02



Net realised gain (loss) on sales of investments 1,446,412.84Net realised gain (loss) on financial futures contracts -1,654,583.47Net realised gain (loss) on foreign exchange 19,472.05

-188,698.58

Net realised gain (loss) -365,442.71


Change in net unrealised appreciation (depreciation) on investments 206,171.48Change in net unrealised appreciation (depreciation) on financial futures contracts -141,455.16

64,716.32



Subscriptions 202,999.28Redemptions -1,591,537.77

-1,388,538.49

Net assets at the end of the year 3,407,636.32



31.12.2013






2.89MexicoBreakdown by Country

-2.16United Kingdom-9.40USA-8.67Total

5.75Investment trusts/fundsBreakdown by Economic Sector

-14.42Index-8.67Total




assets(in EUR)

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

Long positions

Fund units (Open-End)

USD ISHARES MSCI BRAZIL CAPPED INDEX FUNDS. -I-

3,000.00 97,318.48 2.86

USD MSCI MEXICO FREE INDEX FUND S. -I- 2,000.00 98,697.34 2.89

Securities listed on a stock exchange or other organised markets:Investment funds 196,015.82 5.75

Total long positions 196,015.82 5.75

Fund units (Open-End) 196,015.82 5.75

Securities not listed on a stock exchange

Short positions

Put-Options

GBP FTSE 100 INDEX (put) -5500- 19.09.2014 -18.00 -13,954.32 -0.41GBP FTSE 100 INDEX (put) -5500- 19.12.2014 -5.00 -6,189.90 -0.18GBP FTSE 100 INDEX (put) -5500- 20.06.2014 -10.00 -3,786.06 -0.11GBP FTSE 100 INDEX (put) -5600- 19.09.2014 -10.00 -8,894.23 -0.26GBP FTSE 100 INDEX (put) -5600- 19.12.2014 -5.00 -6,941.11 -0.20GBP FTSE 100 INDEX (put) -5600- 20.06.2014 -13.00 -5,703.13 -0.17GBP FTSE 100 INDEX (put) -5700- 21.03.2014 -5.00 -721.15 -0.02GBP FTSE 100 INDEX (put) -5800- 20.06.2014 -10.00 -6,069.70 -0.18GBP FTSE 100 INDEX (put) -5900- 20.06.2014 -15.00 -10,817.31 -0.32GBP FTSE 100 INDEX (put) -6000- 21.03.2014 -7.00 -1,850.97 -0.05GBP FTSE 100 INDEX (put) -6100- 21.03.2014 -6.00 -1,947.12 -0.06GBP FTSE 100 INDEX (put) -6300- 21.02.2014 -10.00 -2,644.23 -0.08GBP FTSE 100 INDEX (put) -6400- 21.02.2014 -7.00 -2,566.10 -0.08GBP FTSE 100 INDEX (put) -6600- 17.01.2014 -6.00 -1,262.02 -0.04USD S&P E-MINI 500 STOCK INDEX (put) -1250-

18.09.2014-15.00 -3,374.58 -0.10

USD S&P E-MINI 500 STOCK INDEX (put) -1300-18.09.2014

-20.00 -5,660.58 -0.17


-40.00 -14,514.32 -0.43


-20.00 -3,193.16 -0.09


-60.00 -27,432.03 -0.80


-50.00 -10,522.90 -0.31


-25.00 -12,518.60 -0.37


-10.00 -5,696.86 -0.17


-30.00 -8,055.44 -0.24


-5.00 -453.57 -0.01


-15.00 -2,449.29 -0.07


-5.00 -3,592.29 -0.11


-40.00 -3,918.88 -0.12


-40.00 -13,933.74 -0.41


-10.00 -1,886.86 -0.06


-15.00 -1,796.15 -0.05


-5.00 -4,553.87 -0.13


-25.00 -11,611.45 -0.34


-20.00 -5,152.60 -0.15


-20.00 -7,547.44 -0.22


-30.00 -4,953.00 -0.15


-20.00 -3,084.29 -0.09


-30.00 -16,110.90 -0.46


-10.00 -1,959.43 -0.06


-30.00 -9,361.74 -0.27


-20.00 -12,337.16 -0.36


-10.00 -1,923.14 -0.06


-30.00 -10,776.89 -0.32


-25.00 -12,700.03 -0.37


-5.00 -1,143.00 -0.03


-5.00 -1,034.15 -0.03


-10.00 -3,664.86 -0.11


-5.00 -1,143.00 -0.03


-30.00 -21,336.05 -0.62


-5.00 -1,378.86 -0.04




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



assets(in EUR)


-5.00 -5,533.58 -0.16


-10.00 -4,100.29 -0.12

Put-Options -333,752.33 -9.79

Call-Options

USD S&P E-MINI 500 STOCK INDEX (call) -1725-31.12.2013

-5.00 -21,317.90 -0.63


-10.00 -39,478.94 -1.17


-4.00 -13,425.74 -0.39


-2.00 -5,261.44 -0.15


-9.00 -27,660.65 -0.81


-10.00 -27,758.63 -0.81


-3.00 -4,653.65 -0.14


-3.00 -6,509.67 -0.19


-5.00 -6,531.44 -0.19


-4.00 -5,065.50 -0.15

Securities not listed on a stock exchange -491,415.89 -14.42

Total short positions -491,415.89 -14.42

Call-Options -157,663.56 -4.63

Total of Portfolio -295,400.07 -8.67

Cash at banks 3,842,002.95 112.75

Other liabilities -630,382.45 -18.50

Total net assets 3,407,636.32 100.00



Financial Derivative Instruments

USDCOMMODITIES LIGHT SWEET CRUDE OIL -1000-02/14

2.00 196,840.00 1,886.86

USDS&P E-MINI 500 STOCK INDEX -50- 03/14 -75.00 -6,903,750.00 -135,082.92-133,196.06Unrealised loss on futures contracts

Quantity CommitmentDescription Currency Valuation(in EUR)

Commitment in USD

Financial futures contracts

ARMADA CAPITAL SICAV SIF - quadrigafunds.comArmada Capital SICAV SIF • Audited Annual Report as at 31.12.2013 Consolidated Report Page 7 Notes General Armada Capital SICAV SIF (the

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