Platinum UCITS Funds SICAV · Company JCI FX Macro Platinum UCITS Funds SICAV JCI Capital Ltd. R.C.S. Lux B 158.545 78 Brook Street, London W1K 5EF, UK 5, allée Scheffer, L - 2520

Platinum UCITS Funds SICAV

Audited Annual Report

as of May 31, 2015

Société d’Investissement à Capital Variable and qualifies as a collective investment

undertaking under Part I of the Luxembourg law of 17 December 2010

R.C.S. LuxembourgB 158.545

Administrative Agent:


Organisation 4

Report of the Board of Directors 5 - 6

Techniques of Efficient Portfolio Management 7

Risk Management 7

Report of the Investment Manager 8 - 10


Combined Statement of Net Assets 11

Combined Statement of Operations (including income equalisation) 12 - 13

Combined statement of Changes in Net Assets 14

PLATINUM GLOBAL DIVIDEND UCITS FUND

Fund Structure 15

Statement of Net Assets 16 - 19

Statement of Forward-, Option- and Future Transactions 20

Statement of Operations (including income equalisation) 21 - 22

Statement of Changes in Net Assets 23

Statistical Information 24 - 26

Table of Contents

2


Table of Contents

PLATINUM Essential Resources UCITS Fund

Fund Structure 27




Statistical Information 34 - 36

JCI FX Macro

Fund Structure 37


Statement of Forward Transactions 40 - 41



Statistical Information 45

Notes to the Financial Statements 46 - 50

Report of the Réviseur d’Entreprises agréé 51

3


Company JCI FX Macro

Platinum UCITS Funds SICAV JCI Capital Ltd.

R.C.S. Lux B 158.545 78 Brook Street, London W1K 5EF, UK

5, allée Scheffer, L - 2520 Luxembourg

Investment ManagersDirectors of the Company

PLATINUM GLOBAL DIVIDEND UCITS FUND and PLATINUM Essential Resources UCITS FundChairman of the Board of Directors

Platinum Capital Management Limited

Fred Sage 15-17 King Street, St James`s, London SW1Y 6QU, UK

Members of the Board JCI FX Macro

Dr. Hendrik Leber JCI Capital Ltd.

Robert Friedmann 78 Brook Street, London W1K 5EF, UK

Management Company and Central Administrator Paying Agent

Universal-Investment-Luxembourg S.A. (until May 31, 2015) LuxembourgR.C.S. Lux B 75.014

15, rue de Flaxweiler, L - 6776 Grevenmacher CACEIS Bank Luxembourg


CACEIS Bank Luxembourg (since June 1, 2015)

5 Allée Scheffer L - 2520 Luxembourg Germany

Depositary, Registrar and Transfer Agent, Domiciliary Agent Hauck & Aufhäuser Privatbankiers KGaA

Kaiserstraße 24, D - 60311 Frankfurt am Main

CACEIS Bank Luxembourg


Legal AdvisorDistributor

Allen & Overy, société en commandite simple

PLATINUM GLOBAL DIVIDEND UCITS FUND and PLATINUM Essential Resources UCITS Fund 33, avenue John F. Kennedy, L - 1855 Luxembourg

Platinum Capital Management Limited Auditor15-17 King Street, St James`s, London SW1Y 6QU, UK

KPMG Luxembourg, Société coopérative

Cabinet de révision agréé

39, avenue John F. Kennedy, L - 1855 Luxembourg

Organisation

4


Sub-fund/Share class ISIN Net asset value of the share class

in currency

Performance of

the share price in %

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class A Shares (USD) LU0580901238 9.344.031,71 -3,52*

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class B Shares (EUR) LU0580916699 26.679.663,17 -4,03*

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class C Shares (GBP) LU0580920709 228.242,86 -3,74*

PLATINUM Essential Resources UCITS Fund Class A Shares (USD)

(04/07/2014 - 31/05/2015)LU1074063360 1.636.422,31 -26,84

PLATINUM Essential Resources UCITS Fund Class B Shares (EUR)

(04/07/2014 - 31/05/2015)LU1074063873 1.293.027,36 -27,64

PLATINUM Essential Resources UCITS Fund Class D Shares (CHF)

(22/09/2014 - 31/05/2015)LU1074064764 266.984,66 -21,50

JCI FX Macro Institutional A Shares (EUR) LU0975092122 9.129.669,65 0,56

* Performance was recalculated by considering the following distributions:

● Ex-date July 2, 2014 and value date July 7, 2014

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class A Shares (USD) 1,2600 USD per share

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class B Shares (EUR) 1,2700 EUR per share

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class C Shares (GBP) 1,5000 GBR per share

The sub-fund PLATINUM Essential Resources UCITS Fund was launched on July 4, 2014. The initial subscription was in form of a non-cash contribution.

As at 31 May, 2015 the net asset value and the performance of the share price of the sub-funds during the reporting period were as follows:

Report of the Board of Directors

Dear Shareholders,

With this report, we would like to give you an overview of the general economic environment and the performance of the Platinum UCITS Funds SICAV and its respective sub-funds Platinum Global Dividend UCITS

Fund, PLATINUM Essential Resources UCITS Fund and JCI FX Macro.

Platinum UCITS Funds SICAV is organised in Luxembourg as a société d’investissement à capital variable („SICAV”) and qualifies as a collective investment undertaking under Part I of the Luxembourg law of 17

December, 2010. The Company was established on January 17, 2011 for an indefinite duration.

5


Report of the Board of Directors

● Ex-date October 2, 2014 and value date October 7, 2014



PLATINUM GLOBAL DIVIDEND UCITS FUND - Class C Shares (GBP) 1,500 GBP per share

● Ex-date December 30, 2014 and value date January 5, 2015

PLATINUM GLOBAL DIVIDEND UCITS FUND- Class A Shares (USD) 1,2600 USD per share


PLATINUM GLOBAL DIVIDEND UCITS FUND- Class C Shares (GBP) 1,500 GBP per share

● Ex-date March 31, 2015 and value date April 3, 2015



PLATINUM GLOBAL DIVIDEND UCITS FUND - Class C Shares (GBP) 1,3800 GBP per share

6


Description Average exposure in %

PLATINUM GLOBAL DIVIDEND UCITS FUND 146,00

PLATINUM Essential Resources UCITS Fund 0,00

JCI FX Macro 501,00

Risk Management (not audited)

Confidence level : 99% Holding Period: 1 day Observation Period: 1 year

JCI FX Macro

Minimum: 0,03%

Maximum: 1,89%

Average: 0,86%

Techniques of Efficient Portfolio Management (not audited)

The sub-funds may employ techniques and instruments relating for hedging and efficient portfolio management purposes and financial derivative instruments for hedging and efficient portfolio management and investment

purposes as detailed in the prospectus.

The average exposure of derivatives used subdivided by applied techniques for the reporting period is shown in below mentioned table for OTC-derivatives.

The average exposure results from the average of the daily exposure of the sub-fund in relation to the net assets of the sub-fund on the respective day.

The following VaR ratios have been calculated:

The average leverage was 764%.

The VaR approach is considered for sub-funds that use financial derivative instruments to a large extent and in a systematic way as part of complex investment strategies. The relative VaR approach was used for the following

sub-funds (listed below) because a derivative-free benchmark (Reference Portfolio), which reflects the investment policy and investment strategy, could be defined.

The sub-fund’s VaR was calculated using historical simulation based on these figures:

The global risk on derivatives has been determined according to the commitment approach during the reporting period from June 1, 2014 until May 31, 2015 for the sub-fund Platinum Global Dividend UCITS Fund and from

July 4, 2014 until May 31, 2015 for the sub-fund PLATINUM Essential Ressources UCITS. The sum of these underlying equivalents must not exceed the net asset value of the fund.

PLATINUM GLOBAL DIVIDEND UCITS FUND and PLATINUM Essential Resources UCITS Fund

During the period from June 1, 2014 until May 31, 2015 the absolute VaR (4.40%) has been used for monitoring and measuring the global risk associated with derivatives.

7


Report of the Investment Manager


Overview

Solid stock picking has always been a strength of the Fund. However, current macro and geopolitical dynamics have reduced the impact of catalyst-driven events within the overall context of equity strategies. The Fund’s more catalyst- driven

positions are less consistently driving overall performance. Very much in line with successful tactical adjustments implemented in the past, the Fund has taken steps to transition the portfolio from primarily event-driven holdings to a more value-

driven allocation. As always, Platinum’s Global Dividend strategy continues to focus on preserving investors’ capital during extreme pullbacks in the equity market via hedging strategies and delivering consistent risk-adjusted performance.

Regions

For more than twelve months there has been a macro tug of war between Quantitive Easing (QE) based liquidity within certain regions (particularly in Japan and Europe), potential interest rate increases in the United States and the United Kingdom,

and related tail risks. Continued global easing has seen an increase in risk asset allocations and increasingly compressed yielding assets despite macro risks (Greece, China) and increased geopolitical tensions (Russia/Ukraine, Brazil and Turkey).

In addition, the precipitous drop in oil prices and major forex movements have created an extraordinarily complex relationship between asset classes and geographical allocations.

Currency exposure and listing jurisdiction mattered significantly. Of note, analysts awaited formal guidance during the US year-end results season to adjust (mainly downward) earnings forecasts to account for the impact of the rapidly changing

value of overseas profits. This triggered a reversal of several months’ relative outperformance of US equity markets. Moreover, European shares benefitted from expectations of monetary policy support from the ECB. Though the portfolio balances

geographic exposure, the relative magnitude of the two regions’ decoupling negatively affected short term results for the portfolio.

The portfolio remains overweight US and UK best in class global companies. Consumers and companies in the US and the UK are spending and investing more normally again. The windfall from cheaper oil can propel US and UK GDP gains to

above 3% - with consequent support of corporate earnings and share prices.

The Fund also continued to enjoy strong performance from the growing Asia Pacific component of the investment portfolio. This region represents a compelling diversification from the push-pull of the US and European circular capital flows. As an

additional benefit, portfolio holdings in the region are forecast to benefit from the current macro landscape of competitive currency devaluation and fiscal stimulus. Each holding offers compelling valuation, accelerating organic growth, and fortress

balance sheets.

Sell-off stress tests

The trend toward higher volatility – intra-month, often day-to-day – continues gathering momentum. The extreme market volatility witnessed during October, to choose just one example among many, appeared very much a function of positioning

and psychology. Global equity markets suffered a swift, fierce sell-off that took the indexes down nearly 10% by mid-October. During the second half of the month, stocks surged globally and matched the velocity of the sell-off. The S&P 500

rebounded to post a gain for the month, after “travelling” 18% in aggregate. Similarly, after moving 25% in aggregate during the month, Europe closed down -3.5%.

The Fund’s hedging strategy performed strongly during these “air pockets” – sidestepping a considerable portion of equity market mark-to-market losses, while participating in the recovery. The Fund aims to use periodic market weakness to

increase existing holdings in core positions as well as reintroduce familiar world-class companies at compelling levels. Such companies are positioned to take advantage of baseline global growth, have visible earnings progress, focused corporate

management, robust balance sheets and healthy margins.

The Fund remains committed to core holdings in wider corrections and seeks to use these as an opportunity. For example, the world’s leading provider of agricultural products fell 9% on concerns the company might overpay in the hostile bid for a

competitor. Strategically the potential acquisition makes enormous sense as well as being materially enhancing from year two. Alternatively, if the portfolio company decides to walk from the deal, this world class business still offers prospects for

ongoing, double-digit earnings growth based on improved seed value propositions, an industry-leading pipeline and long-term growth opportunities in Latin America, Eastern Europe and China. Either way, for patient investors, the holding presents

compelling risk/reward regardless of the eventual outcome.

Sectors

Clusters of companies, at times, undergo transitions that present catalyst-rich opportunities. Global hotel brands are such a sector in the Fund’s current portfolio. Market dynamics have conspired to supercharge property management fee growth

and reinforce pricing power. While strategic events are anticipated in the coming year, the key catalyst today for the sector is continued monetization of premium real-estate. Asset disposals and capital recirculation are also dropping windfall profit

upgrades into recent quarters. The detail of sequential revenue reporting reinforces the sector theses of supply scarcity in the U.S. and secular growth from rebranding properties as franchises of global chains.

Two other sectors in particular are rapidly undergoing consolidation, re-rating, and investor rotation: medical devices and convergent media/ telecommunications. As many as eight distinct portfolio investments benefit from this virtuous cycle.

Fundamentally sound, growing, and highly profitable franchises are the bedrock of the portfolio and an expected source of both yield and capital gain over the year ahead.

8




Overview

Platinum Essential Resources is a resource sector-focused fund. The Fund is principally invested in the equities of the world’s leading energy, mining, agricultural, and associated economic sectors. The 2014/15 fiscal year welcomed simultaneous

multi-year lows across crude oil, agricultural commodities and industrial metals. Six months of panic in resources appeared to subside briefly from February through April 2015, allowing the sector as a whole to show its recovery potential. Still, at

the close of June, the Fund’s holdings are diversified with over 30 investments across the full range of sub-sectors – from mega-cap energy and miners to niche producers and non-benchmark special situations.

This past year has seen remarkable dispersion between sub-sectors in which the Essential Resources Fund is invested. Volatility also dominated the month-to-month results of the sector. With this volatility, the Platinum Essential Resources Fund

has seen opportunity – in particular where business success begins to drive share prices, rather than share prices drive management behaviour. These long-term returns reflect both attractive economics of world-leading resource production,

processing, and delivery as well as the attractive valuation at which investors can buy the sector champions today.

Non-Energy

The key for portfolio management is to remain focused on unique situations able to contribute to outperformance regardless of the commodity market sentiment of the month. To this end, an on-going review of the most dislocated sub-sectors

remains a source of new portfolio ideas and represents a growing sub-set of the Fund’s capital allocation.

Though presently capped at 10% of the portfolio, these shares represent a significant source of differentiation – and uncorrelated performance. The investment horizon is measured in multiple quarters and the share price movements in the market

rarely reflect the intrinsic value – in many cases because the recapitalization underway represents a revolution in the shareholder register and such companies are under the radar. When these investments work – they really do contribute

meaningful returns. Though more volatile month to month, these holdings can be expected to remain key contributors to Platinum Essential Resource Fund total returns over the second half of calendar 2015. Conviction is, however, critical to

potential outperformance.

To illustrate the benefits of such allocation, one leading unorthodox holding – a European paper and consumer products company – rewarded patience with an 18% single-month gain in the January. Having been a stable, unexciting holding for five

months, on the last day of January the company not only announced stellar results, but indicated that significant value realization initiatives were underway. Looking forward, the portfolio today has a handful of these unorthodox resource holdings

which can make material contributions to investor returns in the foreseeable future.

To continue, two current investments illustrate this approach. First, in the rail transport sector, one portfolio investment is strategically positioned to serve the on-going development of shale oil and gas extraction. The second resulted from continued

geopolitical uncertainty around Russia, creating an opportunity to add a global leader in aquaculture – a renewable, reliable, and profitably-growing resource to meet global protein demands. This specialist producer is vertically integrated, global in

production footprint, and a lynch-pin supplier into a structurally under-served market. These dynamics support the outlook of continued growth alongside sector-leading returns for both firms.

Also outside of the energy sector dislocation, the impact of a strong US dollar was visible in the retreat of gold and gold-related equities. As a sub-sector, gold miners dropped a further 20% in October, following a similar decline in September. The

portfolio benchmark underweight this sub-sector, but the contribution to overall portfolio volatility prompted closer examination of targeted opportunities in the precious metals miner’s space.

Energy

The Platinum Essential Resources Fund remains steadfast in holding a diversified portfolio of top-tier global companies, as evident from the highlighted holdings listed below. However, the retreat in crude oil overshadowed most company-specific

factors. Performance for the group for the year was dominated by the OPEC decision not to cut production levels in second half of 2014. Traders have focused on economic viability of new production at today’s oil price – though the ability to fund

and deliver projects into 2018’s energy market is really the key decision. Particularly pronounced were the reactions of on-shore US energy producers, especially those with a perceived dependence on high-yield bond issuance to fund continuing

operations. The investment community is actively sifting between survivors and casualties of this oil price move. Key symptoms under study today are the financial leverage of each operator, the rival capital commitments of development /

exploration / shareholder return, and the producing asset breakeven of each firm’s portfolio as at the end of the summer.

Core portfolio energy companies have continued development of world class fields in Brazil, East Africa, and Southern Ocean. These asset portfolios are transitioning to a stage of elevated production from origins as exploration endeavours. The

marquee assets to their portfolios are best-in-class globally for the reservoir or basin in question – from Brazil to the Falklands. Finally, these core portfolio holdings have a demonstrated track record of realizing the value of their portfolios and

allocating capital to maximize shareholder returns.

9



An acceleration of M&A is the anticipated solution to today’s current mismatch between large-scale developments operated by mid-size independents and the cash-rich position of super-majors. In this regard, large-capitalization energy firms make

compelling consolidation targets for the global leaders – independent or state-owned. Further, the difference between the current listed share price and the assets’ value is compelling. Recently, the magnitude of corporate takeover premia was

illustrated by Royal Dutch Shell’s bid for British Gas in April and Repsol’s 70% premium bid for Talisman Energy of Canada. This will surely not be the last such transaction, and the Essential Resources portfolio is poised to benefit from further

developments.

Strategy Going Forward

2015/6 presents a considerable directional opportunity for the Platinum Essential Resources Fund going forward. Considerable value stands-out in this investment universe; and this conviction is reflected in the Essential Resources portfolio. For all

the geopolitical noise and governmental intervention in certain aspects of major commodity markets, the Platinum Essential Resources portfolio remains very much grounded in the investment fundamentals of portfolio companies. The first

differentiator for most Essential Resource companies will be self-help potential – close analysis of which is a key area of focus for the Fund. New personnel, analysis, and perspectives are being engaged to drive total investor performance.

Deliberate sector targeting underpins a portfolio focused on considerable value stands-out in this investment universe. Balanced globally, the portfolio’s world-class assets, many trapped within sub-scale firms, represent compelling targets for the

reserve-hungry consolidators in the global energy sector – both listed and nationally-controlled. This strategy, however, is for the patient, diligent, and focused.

Highlighted Holdings During The YearMonsanto, Chevron, SCA, GATX, Marine Harvest, Potash, RioTinto, BG Group, Chevron, Woodside Petroleum.

JCI FX Macro

The Fund has been active for the entire financial year, having been launched on May 5, 2014.

Considering that a full trading regime (with a complete FX portfolio) has been implemented only starting with the last week of July 2014, the Annualized Daily Volatility registered (7.48%) is lower but not far and consistent with the expected 10%.

Performance has been flat (+0.56%) at the end of the financial year.

Most important positive contribution has come from keeping a long USD bias.

Major drags have been losses from a long NOK position, during the most severe part of oil collapse (December 2014) and from the shocking de-flooring of EUR/CHF in January 2015.

Macro view

China and Greece: Despite being so different in sizes (0.3% and 17% of world GDP at PPP prices) and in the narrative, they both underline how difficult it is to correct structural problems in time of secular slow growth and big (and still growing)

debt.

Our Europe of Austerity&Bailout is not working, without more fiscal and political integration. China, with an export-infrastructure growth model, cannot survive anymore and has to evolve towards a more consumer driven economy. Big changes:

Current situation shows how difficult/impossible is to implement them (see Europe) or, even if change is willingly pursued, how it might generate several out-of-control consequences (see China).

I think they will be both able to overcome the short term crisis. In Europe it is going to happen anyway, either with Greece swallowing more austerity or significantly limiting any contagion in case of Grexit (and good luck to them). In China I am pretty

confident they will manage to stabilize the market, since they really want it. Anyway some medium-long term damage to the image of both projects (more Eurozone integration and full liberalization of Chinese asset markets) is now inevitable.

Moreover, in all this, the real elephant in the room is the global lack of vibrant growth, stagnating productivity and, above all, broad deflationary forces which contingent crisis are not making any better.

In particular, it feels like the global epicenter of deflationary forces is China and the current domestic markets debacle together with their unwillingness to let the yuan weaken (stability/credibility and SDRs inclusion project still too important) can only

make the problem worse.

In this environment it is very unlikely the Fed can start a proper hiking cycle (i.e. 3 or 4 hikes per year, starting Q4 2015 and ending above 3%). They have a window after the summer to do one, maybe two hikes but not because the economy (i.e.

inflation) needs them but mostly for political reasons (to have some cover in case something goes badly wrong market-wise in the next few quarters). Biggest risk to this view, central to most of cross-assets forecasts, is if the US labour market,

which is creating a decent number of jobs compared to subdued growth in economic activity, suddenly tightens up generating significant wage inflation. No sign of it so far and I believe markets are still too optimistic about global growth (especially

the US).

In this environment rates, especially core, are a buy on dips, now that some normalization in yields has happened in May-June (i.e. the normalization seen so far is enough for the current state of the world).

The asset class I see as more risky is US equity. The window in which the risk of a mini-crash is higher is during buy-backs (major engine in last 3 years rally) black-out period (earning season).

European equity has limited downside since ECB-QE is going to stay with for long. Same to be said, with even more direct support, for European periphery bonds.

Finally (and mostly) in FX. Agnostic on USD (for the summer). See opportunities in some EM local currencies since Fed will not / cannot be aggressive: PLN, HUF, MXN, ZAR, TRY (after been a bear for a long time think a weaker Erdogan is a +ve

longer term). Still bearish commodity currencies (AUD, NZD, CAD).

10


Combined Statement of Net Assets as of May 31, 2015USD %*

Assets

Portfolio at market value 39.993.670,59 76,48

Derivatives 845.227,16 1,62

Cash at bank 12.940.557,53 24,75

Dividend receivables 77.214,31 0,15

Interest on securities receivables 23.742,15 0,05

Contingent Deferred Redemption fee receivables 1.900.062,94 3,63

Incorporation cost, net 26.235,29 0,05

Total Assets 55.806.709,96 106,74

Liabilities

Loan Liabilities -3.340.130,23 -6,39

Management Company fee payable -10.858,00 -0,02

Custodian Bank fee payable -1.916,07 0,00

Investment Management fee payable -58.458,56 -0,11

Performance-fee payable -942,52 0,00

Audit fee payable -26.782,42 -0,05

Other payables -84.166,30 -0,16

Total Liabilities -3.523.254,10 -6,74

Total Net Assets as of May 31, 2015 52.283.455,86 100,00

* There might be differences due to rounding.

The accompanying notes form an integral part of these financial statements.

11


Combined Statement of Operations (including income equalisation)

for the period from 01/06/2014 to 31/05/2015Total

I. Income

Dividends USD 555.735,55

Interest on securities USD 99.368,39

Interest on liquidity investments USD 19,45

Income from investment units USD 15.660,94

Other income USD 5.377,71

Total income USD 676.162,05

II. Expenses

Interest on bank overdraft *) USD -11.962,84

Management Company Fee USD -116.404,14

Investment Management fee USD -624.772,54

Custodian Bank fee USD -91.612,01

Custodian fee USD -655,66

Performance fee USD -50.201,81

Auditing and publication expenses USD -58.648,98

Subscription tax ("Taxe dàbonnement") USD -18.925,86

Registrar and Transfer Agent fee USD -7.392,58

Legal fee USD -4.862,63

Foreign withholding taxes USD -107.492,61

Equalisation of ordinary expenses USD -316.381,00

Amortization Contingent Deferred Redemption fee USD -617.582,00

Distribution fee USD -405.838,36

Other expenses USD -89.731,43

Total expenses USD -2.522.464,43

III. Ordinary net income USD -1.846.302,38

*) The interest on bank overdraft include negative interests of 0.72 USD.

The accompanying notes form an integral part of these financial statements. 12


Combined Statement of Operations (including income equalisation)

for the period from 01/06/2014 to 31/05/2015Total

IV. Realised profit/loss on

1. Realised profit on USD 39.665.092,48

- Securities USD 8.429.168,84

- Forward exchange transactions USD 23.101.476,96

- Option transactions USD 6.402.295,54

- Futures transactions USD 977.169,63

- Foreign exchange transactions USD 754.981,51

2. Realised loss on USD -45.840.262,24

- Securities USD -7.762.409,18

- Forward exchange transactions USD -27.777.505,54

- Option transactions USD -7.010.548,53

- Futures transactions USD -2.220.390,27

- Foreign exchange transactions USD -1.069.408,72

Total realised profit/loss USD -6.175.169,76

V. Net change in unrealised profit/loss on


- Forward exchange transactions USD 217.040,68

- Option transactions USD -223.029,56


- Participations in real estates/real estate companies USD -0,93

- Foreign exchange transactions and other transactions USD -368.356,73

Total net change in unrealised profit/loss USD -1.495.078,31

VI. Result of operations for the period USD -9.516.550,44

The accompanying notes form an integral part of these financial statements.13


Combined statement of Changes in Net Assets 2015I. Net assets at the beginning of the period USD 42.371.618,66

1. Distribution for the previous year/tax reduction for the previous year USD 0,00

2. Interim distributions USD -2.050.954,82

3. Net cash flow USD 20.607.330,40

a) Proceeds from shares issued USD 29.931.826,91

b) Proceeds from shares redeemed USD -9.324.496,51

4. Income/expense equalisation USD 872.012,07

5. Results of operations for the period USD -9.516.550,44

II. Net assets at the end of the period USD 52.283.455,87

21.449.719,70

-7.183.652,18



Fund structure as at 31/05/2015

Investment Focus

Market Value

in USD

% of Sub-Fund

Assets *

I. Assets 39.516.553,29 101,47

1. Equities 29.728.205,88 76,35

2. Other equity securities 415.800,12 1,07

3. Derivatives 810.093,50 2,08

4. Bank balances 6.354.244,53 16,32

5. Other Assets 2.208.209,26 5,65

II. Liabilities -577.952,62 -1,47

III. Sub-Fund Assets 38.938.600,67 100,00




Statement of Net Assets as at 31/05/2015

Description ISIN Units / Holdings Currency Price Market Value %

% in 1'000 31/05/2015 in USD of the sub-fund-

assets*

Portfolio holdings USD 30.144.006,00 77,41

Exchange-traded securities USD 30.144.006,00 77,41

Equities USD 29.728.205,88 76,35

Aurizon Holdings Ltd. Registered Shares o.N. AU000000AZJ1 Units 112.216 AUD 5,340 458.778,95 1,18

Rio Tinto Ltd. Registered Shares o.N. AU000000RIO1 Units 8.500 AUD 58,200 378.747,13 0,97

Woodside Petroleum Ltd. Registered Shares o.N. AU000000WPL2 Units 15.900 AUD 36,630 445.904,12 1,15

Nestlé S.A. Namens-Aktien SF -,10 CH0038863350 Units 5.000 CHF 72,900 386.463,78 0,99

Novartis AG Namens-Aktien SF 0,50 CH0012005267 Units 3.925 CHF 96,500 401.585,70 1,03

A.P.Møller-Mærsk A/S Navne-Aktier B DK 1000 DK0010244508 Units 200 DKK 13.100,000 384.987,33 0,99

Acerinox SA (CE Fab.Acero In.) Acciones Nom. EO -,25 ES0132105018 Units 55.000 EUR 13,900 838.044,90 2,15

Anheuser-Busch InBev N.V./S.A. Actions au Port. o.N. BE0003793107 Units 3.185 EUR 109,450 382.133,40 0,98

ASML Holding N.V. Aandelen op naam EO -,09 NL0010273215 Units 3.660 EUR 101,750 408.230,36 1,05

Bayer AG Namens-Aktien o.N. DE000BAY0017 Units 5.670 EUR 129,150 802.725,88 2,06

Endesa S.A. Acciones Port. EO 1,20 ES0130670112 Units 19.750 EUR 17,025 368.590,40 0,95

Enel Green Power S.P.A. Azioni nom. EO -,20 IT0004618465 Units 250.000 EUR 1,723 472.188,15 1,21

Ferrovial S.A. Acciones Port. EO -,20 ES0118900010 Units 18.150 EUR 19,655 391.056,47 1,00

Iliad S.A. Actions au Porteur o.N. FR0004035913 Units 1.750 EUR 206,350 395.851,52 1,02

ING Groep N.V. Cert.v.Aandelen EO 0,24 NL0000303600 Units 26.450 EUR 14,975 434.192,49 1,12

Koninklijke DSM N.V. Aandelen op naam EO 1,50 NL0000009827 Units 6.400 EUR 53,990 378.776,56 0,97

Koninklijke Philips N.V. Aandelen aan toonder EO 0,20 NL0000009538 Units 14.650 EUR 24,805 398.351,68 1,02

Nokia Corp. Registered Shares EO 0,06 FI0009000681 Units 54.150 EUR 6,645 394.442,08 1,01

Siemens AG Namens-Aktien o.N. DE0007236101 Units 4.500 EUR 95,780 472.473,16 1,21

Volkswagen AG Vorzugsaktien o.St. o.N. DE0007664039 Units 1.465 EUR 221,000 354.911,19 0,91

Aviva PLC Registered Shares LS -,25 GB0002162385 Units 50.000 GBP 5,235 399.457,54 1,03

BG Group PLC Registered Shares LS -,10 GB0008762899 Units 23.000 GBP 11,370 399.091,27 1,02

Experian PLC Registered Shares DL -,10 GB00B19NLV48 Units 22.600 GBP 12,460 429.744,58 1,10

Imperial Tobacco Group PLC Registered Shares LS -,10 GB0004544929 Units 8.300 GBP 33,700 426.866,35 1,10

London Stock Exchange GroupPLC Reg. Shares LS 0,069186047 GB00B0SWJX34 Units 11.400 GBP 24,570 427.458,48 1,10

SABMiller PLC Registered Shares DL -,10 GB0004835483 Units 19.780 GBP 34,940 1.054.710,13 2,71

AIA Group Ltd Registerd Shares o.N. HK0000069689 Units 63.700 HKD 51,050 419.526,46 1,08

Cheung Kong Infrast.(Hldgs)Ltd Registered Shares HD 1 BMG2098R1025 Units 47.800 HKD 64,000 394.668,12 1,01

Canon Inc. Registered Shares o.N. JP3242800005 Units 10.800 JPY 4.292,000 373.578,33 0,96

Komatsu Ltd. Registered Shares o.N. JP3304200003 Units 19.000 JPY 2.623,500 401.728,71 1,03

Nippon Steel & Sumitomo Metal Registered Shares o.N. JP3381000003 Units 156.350 JPY 341,900 430.819,34 1,11

Toyota Motor Corp. Registered Shares o.N. JP3633400001 Units 5.750 JPY 8.604,000 398.718,56 1,02

Marine Harvest ASA Navne-Aksjer NK 7,50 NO0003054108 Units 33.150 NOK 89,650 381.162,28 0,98







assets*

Ericsson Namn-Aktier B (fria) o.N. SE0000108656 Units 35.000 SEK 95,700 392.043,42 1,01

Hexagon AB Namn-Aktier B (fria)SK1,333 SE0000103699 Units 10.850 SEK 312,900 397.364,89 1,02

Svenska Cellulosa AB Namn-Aktier B (fria) SK 10 SE0000112724 Units 17.150 SEK 222,400 446.429,72 1,15

AES Corp., The Registered Shares DL -,01 US00130H1059 Units 30.000 USD 13,600 408.000,00 1,05

Anadarko Petroleum Corp. Registered Shares DL -,10 US0325111070 Units 4.650 USD 83,610 388.786,50 1,00

Apple Inc. Registered Shares o.N. US0378331005 Units 3.185 USD 130,280 414.941,80 1,07

Chesapeake Energy Corp. Registered Shares DL -,01 US1651671075 Units 26.700 USD 14,110 376.737,00 0,97

Chevron Corp. Registered Shares DL-,75 US1667641005 Units 4.150 USD 103,000 427.450,00 1,10

Colgate-Palmolive Co. Registered Shares DL 1 US1941621039 Units 5.725 USD 66,790 382.372,75 0,98

Dish Network Corp. Reg. Shares Class A DL -,01 US25470M1099 Units 6.100 USD 70,790 431.819,00 1,11

Disney Co., The Walt Registered Shares DL -,01 US2546871060 Units 3.750 USD 110,370 413.887,50 1,06

Dominion Resources Inc.(New) Registered Shares o.N. US25746U1097 Units 6.000 USD 70,520 423.120,00 1,09

Dow Chemical Co., The Registered Shares DL 2,50 US2605431038 Units 8.080 USD 52,070 420.725,60 1,08

Du Pont Nemours & Co., E.I. Registered Shares DL -,30 US2635341090 Units 5.500 USD 71,010 390.555,00 1,00

General Motors Co. Registered Shares DL -,01 US37045V1008 Units 12.550 USD 35,970 451.423,50 1,16

Google Inc. Reg. Shares Class A DL -,001 US38259P5089 Units 720 USD 545,320 392.630,40 1,01

Halliburton Co. Registered Shares DL 2,50 US4062161017 Units 9.000 USD 45,400 408.600,00 1,05

Hilton Worldwide Holdings Inc. Registered Shares DL -,01 US43300A1043 Units 14.650 USD 28,960 424.264,00 1,09

Hyatt Hotels Corp. Registered Shs ClassA DL-,01 US4485791028 Units 6.400 USD 57,460 367.744,00 0,94

Johnson & Johnson Registered Shares DL 1 US4781601046 Units 3.885 USD 100,140 389.043,90 1,00

Liberty Global Inc. Registered Shares A DL -,01 GB00B8W67662 Units 7.500 USD 57,530 431.475,00 1,11

Monsanto Co. Registered Shares DL -,01 US61166W1018 Units 3.500 USD 116,980 409.430,00 1,05

Oracle Corp. Registered Shares DL -,01 US68389X1054 Units 10.300 USD 43,490 447.947,00 1,15

PepsiCo Inc. Registered Shares DL -,0166 US7134481081 Units 4.150 USD 96,430 400.184,50 1,03

Praxair Inc. Registered Shares DL -,01 US74005P1049 Units 3.250 USD 122,860 399.295,00 1,03

Raytheon Co. Registered Shares DL -,01 US7551115071 Units 3.500 USD 103,260 361.410,00 0,93

Realogy Holdings Corp. Registered Shares DL -,01 US75605Y1064 Units 8.400 USD 46,950 394.380,00 1,01

Time Warner Cable Inc. Registered Shares DL -,01 US88732J2078 Units 5.975 USD 180,890 1.080.817,75 2,78

Time Warner Inc. Registered Shares New DL -,01 US8873173038 Units 5.000 USD 84,480 422.400,00 1,08

United Technologies Corp. Registered Shares DL 1 US9130171096 Units 3.375 USD 117,170 395.448,75 1,02

UnitedHealth Group Inc. Registered Shares DL -,01 US91324P1021 Units 3.350 USD 120,210 402.703,50 1,03

VISA Inc. Reg. Shares Class A DL -,0001 US92826C8394 Units 6.050 USD 68,680 415.514,00 1,07

Wal-Mart Stores Inc. Registered Shares DL -,10 US9311421039 Units 5.000 USD 74,270 371.350,00 0,95

Walgreens Boots Alliance Inc. Reg. Shares DL -,01 US9314271084 Units 4.150 USD 85,840 356.236,00 0,91

Wells Fargo & Co. Registered Shares DL 1,666 US9497461015 Units 7.250 USD 55,960 405.710,00 1,04







assets*

Other equity securities USD 415.800,12 1,07

Roche Holding AG Inhaber-Genußscheine o.N. CH0012032048 Units 1.400 CHF 276,200 409.980,28 1,05

Ferrovial S.A. Anrechte ES0618900957 Units 17.350 EUR 0,306 5.819,84 0,01

Total securities USD 30.144.006,00 77,41

Derivatives USD 810.093,50 2,08

Bank balances, non-securitised money market instruments and money market funds USD 7.619.413,53 19,57

Bank balances USD 7.619.413,53 19,57

Balances with CACEIS Bank, Luxembourg

Balances in the Fund currency

3.082.399,87 USD 3.082.399,87 7,92

Balances in other EU/EEA currencies

2.110.888,35 EUR 2.313.955,81 5,94

Balances with JP Morgan Securities plc, London


2.223.057,85 USD 2.223.057,85 5,71

Other Assets USD 1.755.832,82 5,67

Dividend receivables 72.994,44 USD 72.994,44 0,19

Contingent Deferred Redemption fee receivables 1.682.838,38 USD 1.682.838,38 4,32

Loan liabilities USD -1.265.169,00 -3,25

Loans in other EU/EEA currencies

-11.294,68 GBP -17.236,85 -0,04

-347.329,60 NOK -44.546,94 -0,11

-25,04 SEK -2,93 0,00

Loans in other EU/EEA currencies -1.097.629,60 EUR -1.203.221,56 -3,09

Loans in non-EU/EEA currencies

-135,26 AUD -103,56 0,00

-7.093,00 JPY -57,16 0,00







assets*

Liabilities USD -125.576,19 -1,47

Management Company fee payable -7.784,54 USD -7.784,54 -0,02

Custodian Bank fee payable -1.441,17 USD -1.441,17 0,00

Investment Management fee payable -47.628,78 USD -47.628,78 -0,12

Performace-Fee payable -942,52 USD -942,52 0,00

Audit fee payable -13.477,78 USD -13.477,78 -0,03

Other payables -54.301,40 USD -54.301,40 -0,14

Total net assets USD 38.938.600,67 100,00

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class A Shares (USD)

Net Asset Value per share USD 74,12

Subscription price USD 74,12

Redemption price USD 74,12

Number of shares in circulation 126.066,216

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class B Shares (EUR)

Net Asset Value per share EUR 75,09

Subscription price EUR 75,09

Redemption price EUR 75,09


PLATINUM GLOBAL DIVIDEND UCITS FUND - Class C Shares (GBP)

Net Asset Value per share GBP 89,89

Subscription price GBP 89,89

Redemption price GBP 89,89





Statement of Forward Transactions as of May 31, 2015

Transaction Ccy Amount Transaction Ccy Amount Commitment Maturity Unrealised Profit/ Loss Counterparty

in USD in USD

Sell AUD -1.650.000,00 Buy USD 1.264.870,20 1.263.302,96 30/06/2015 3.958,54 JPMorgan Chase Bank, N.A. (GD) London (V)

Sell CHF -1.100.000,00 Buy USD 1.165.903,88 1.166.242,58 30/06/2015 -1.422,86 JPMorgan Chase Bank, N.A. (GD) London (V)

Sell EUR -6.350.000,00 Buy USD 6.963.321,10 6.961.192,72 30/06/2015 1.371,60 JPMorgan Chase Bank, N.A. (GD) London (V)

Buy GBP 228.638,00 Sell USD -351.805,29 348.905,84 30/06/2015 -2.973,97 JPMorgan Chase Bank, N.A. (GD) London (V)

Sell GBP -2.100.000,00 Buy USD 3.211.496,40 3.204.639,10 30/06/2015 7.541,80 JPMorgan Chase Bank, N.A. (GD) London (V)

Sell JPY -200.000.000,00 Buy USD 1.616.135,50 1.611.863,31 30/06/2015 4.102,62 JPMorgan Chase Bank, N.A. (GD) London (V)

Sell NOK -3.000.000,00 Buy USD 385.304,49 384.768,31 30/06/2015 956,13 JPMorgan Chase Bank, N.A. (GD) London (V)

Sell SEK -10.600.000,00 Buy USD 1.249.161,24 1.240.680,27 30/06/2015 7.968,59 JPMorgan Chase Bank, N.A. (GD) London (V)

Sell USD -29.072.461,31 Buy EUR 26.708.738,00 29.072.461,31 30/06/2015 210.165,17 JPMorgan Chase Bank, N.A. (GD) London (V)

Total 45.254.056,40 231.667,62

Statement of Option Transactions as of May 31, 2015

Description Maturity Number Ccy Cost price Market-price Market value Commitment Unrealised Profit/ Loss

in Ccy in Ccy in USD in USD in USD

BK N.Y. MELLON CALL 17.07.15 BP 44,00 NYSE 17/07/2015 700 USD 1,0454 0,7950 55.650,00 1.538.846,40 -17.528,00

BK N.Y. MELLON CALL 17.07.15 BP 45,00 NYSE 17/07/2015 700 USD 0,6755 0,4300 30.100,00 1.007.686,40 -17.185,00

BK N.Y. MELLON CALL 19.06.15 BP 42,00 NYSE 19/06/2015 10 USD 1,8655 1,6400 1.640,00 37.983,36 -225,50

DIAGEO PLC CALL 16.10.15 BP 19,50 ICE 16/10/2015 180 GBP 0,3013 0,3550 97.518,00 1.496.145,89 12.211,93

DIAGEO PLC PUT 16.10.15 BP 17,00 ICE 16/10/2015 -60 GBP 0,7185 0,5350 -48.987,92 520.326,29 18.816,42

ESTX 50 PR.EUR PUT 19.06.15 BP 3325,00 EUREX 19/06/2015 250 EUR 28,0450 16,6000 45.492,30 968.786,54 -34.099,41

ESTX 50 PR.EUR PUT 19.06.15 BP 3450,00 EUREX 19/06/2015 100 EUR 57,9450 39,2000 42.971,04 868.972,17 -22.808,12

GENL EL. CO. CALL 21.08.15 BP 30,00 CBOE 21/08/2015 4.000 USD 0,1551 0,1000 40.000,00 1.167.156,00 -22.055,10

ISHARES IBOXX HY CB ETF PUT 17.07.15 BP 87,00 NYSE 17/07/2015 600 USD 0,4755 0,4500 27.000,00 8.531,65 -1.530,00

ISHARES IBOXX HY CB ETF PUT 19.06.15 BP 87,00 NYSE 19/06/2015 1.200 USD 1,0420 0,1000 12.000,00 1.167.284,40 -113.038,40

MCDONALDS CORP. CALL 19.06.15 BP 100,00 NYSE 19/06/2015 150 USD 2,6482 0,4300 6.450,00 394.272,30 -33.272,50

MEDTRONIC PLC CALL 19.06.15 BP 77,50 NYSE 19/06/2015 330 USD 1,2200 0,9700 32.010,00 1.173.648,96 -8.251,50

MERCK CO.Inc.(New) CALL 17.07.15 BP 60,00 NYSE 17/07/2015 300 USD 1,9255 1,8000 54.000,00 864.029,10 -3.765,00

PROCTER GAMBLE CALL 17.07.15 BP 82,50 NYSE 17/07/2015 225 USD 2,6345 0,1900 4.275,00 231.054,53 -55.000,75

SPDR S+P500 ETF PUT 19.06.15 BP 208,00 NYSE 19/06/2015 600 USD 3,5354 1,7100 102.600,00 4.269.250,80 -109.524,00

Total 502.718,42 15.713.974,79 -407.254,93

Statement of Future Transactions as of May 31, 2015

Description Maturity Quantity Ccy Cost price Market-price Commitment Unrealised Profit/ Loss

in Ccy in Ccy in USD in USD

FUTURE VSTOXX -MINI- 08.15 EUREX 19/08/2015 600,00 EUR 20,3579 21,5000 1.414.098,00 75.707,45

Total 21,500 1.414.098,00 75.707,45


20


Statement of operations (including income equalisation)

for the period from 01/06/2014 to 31/05/2015

Total

I. Income

- Dividends USD 458.544,56

- Interest on liquidity investments USD 19,45

- Income from investment units USD 15.660,94

- Other income USD 5.377,71


II. Expenses

- Interest on bank overdraft USD -11.297,79

- Management Company Fee USD -83.466,54

- Investment Management fee USD -501.339,93

- Custodian Bank fee USD -62.010,07

- Custodian fee USD -625,86

- Auditing and publication expenses USD -35.968,50

- Subscription tax ("Taxe dàbonnement") USD -15.946,62

- Registrar and Transfer Agent fee USD -4.943,33

- Legal fee USD -2.312,88

- Foreign withholding taxes USD -91.411,20

- Equalisation of ordinary expenses USD -326.027,64

- Amortization Contingent Deferred Redemption fee USD -515.213,05

- Distribution fee USD -365.106,54

- Other expenses USD -8.144,24

Total expenses USD -2.023.814,19

III. Ordinary net result USD -1.544.211,53





Total


1. Realised profit on USD 22.751.105,45

- Securities USD 8.277.097,42

- Forward exchange transactions USD 6.920.831,42

- Option transactions USD 6.402.295,54





- Forward exchange transactions USD -11.202.754,06

- Option transactions USD -7.010.548,53

- Futures transactions USD -2.220.390,27

- Foreign exchange transactions USD -531.327,98



- Securities USD -847.463,55


- Option transactions USD -223.029,56


- Foreign exchange transactions and other transactions USD 1.075.936,54

Total net change in unrealised profit/loss USD 270.284,94



22



I. Net assets at the beginning of the period USD 31.692.014,28


2. Interim distributions USD -2.050.954,82




4. Income/expense equalisation USD 1.286.946,38





PLATINUM GLOBAL DIVIDEND UCITS FUND - Class A Shares (USD)

Statistical Information

Financial year Number of shares outstanding at Net asset value at the Net asset value per share

the end of the financial year end of the financial year in currency in currency

2013 Shares 100.201,109 USD 7.970.998,22 USD 79,55

2014 Shares 131.233,182 USD 10.745.265,81 USD 81,88

2015 Shares 126.066,216 USD 9.344.031,71 USD 74,12

Changes in the number of shares outstanding Shares

Number of shares outstanding at the beginning of the period 131.233,182

Number of shares issued 32.560,855

Number of shares redeemed -37.727,821

Number of shares outstanding at the end of the period 126.066,216



PLATINUM GLOBAL DIVIDEND UCITS FUND - Class B Shares (EUR)




2013 Shares 55.541,935 EUR 4.360.597,32 EUR 78,51

2014 Shares 178.510,643 EUR 14.880.497,04 EUR 83,36

2015 Shares 355.299,281 EUR 26.679.663,17 EUR 75,09








PLATINUM GLOBAL DIVIDEND UCITS FUND - Class C Shares (GBP)




2014 Shares 3.859,919 GBP 383.759,28 GBP 99,42

2015 Shares 2.539,197 GBP 228.242,86 GBP 89,89









Investment Focus

Market Value

in USD

% of Sub-Fund

Assets *

I. Assets 3.374.998,44 101,14

1. Equities 2.881.207,83 86,34

2. Bank balances 252.361,90 7,56

3. Other Assets 241.428,71 7,24

II. Liabilities -38.087,11 -1,14








assets*

Portfolio holdings USD 2.881.207,83 86,34

Exchange-traded securities USD 2.776.251,16 83,20

Equities USD 2.776.251,16 83,20

South32 Ltd. Registered Shares o.N. AU000000S320 Units 4.752 AUD 2,190 7.967,61 0,24

Woodside Petroleum Ltd. Registered Shares o.N. AU000000WPL2 Units 5.000 AUD 36,630 140.221,42 4,20

Agrium Inc. Registered Shares o.N. CA0089161081 Units 600 CAD 129,190 62.104,11 1,86

Potash Corp. of Saskatch. Inc. Registered Shares o.N. CA73755L1076 Units 4.942 CAD 39,140 154.975,76 4,64

Syngenta AG Nam.-Aktien SF 0,10 CH0011037469 Units 285 CHF 425,500 128.574,75 3,85

Acerinox SA (CE Fab.Acero In.) Acciones Nom. EO -,25 ES0132105018 Units 6.000 EUR 13,900 91.423,08 2,74

Afren PLC Registered Shares LS -,01 GB00B0672758 Units 99.000 GBP 0,030 4.532,53 0,14

Anglo American PLC Registered Shares DL -,54945 GB00B1XZS820 Units 2.851 GBP 10,260 44.640,44 1,34

BG Group PLC Registered Shares LS -,10 GB0008762899 Units 5.500 GBP 11,370 95.434,87 2,86

BHP Billiton PLC Registered Shares DL -,50 GB0000566504 Units 4.752 GBP 13,795 100.041,93 3,00

BP PLC Registered Shares DL -,25 GB0007980591 Units 8.000 GBP 4,508 55.031,28 1,65

Glencore PLC Registered Shares DL -,01 JE00B4T3BW64 Units 23.760 GBP 2,880 104.411,29 3,13

Intelligent Energy Hldgs PLC Registered Shares LS -,05 GB00BNB7LQ31 Units 60.000 GBP 0,773 70.734,89 2,12

Ophir Energy PLC Registered Shares o.N. GB00B24CT194 Units 50.000 GBP 1,314 100.264,99 3,00

Petropavlovsk PLC Registered Shares LS -,01 GB0031544546 Units 900.000 GBP 0,061 83.096,32 2,49

Premier Oil PLC Registered Shares LS -,125 GB00B43G0577 Units 20.000 GBP 1,632 49.812,01 1,49

Rio Tinto PLC Registered Shares LS -,10 GB0007188757 Units 3.160 GBP 28,560 137.730,21 4,13

Nippon Steel & Sumitomo Metal Registered Shares o.N. JP3381000003 Units 30.000 JPY 341,900 82.664,41 2,48

Marine Harvest ASA Navne-Aksjer NK 7,50 NO0003054108 Units 5.500 NOK 89,650 63.239,59 1,90

Statoil ASA Navne-Aksjer NK 2,50 NO0010096985 Units 1.000 NOK 145,800 18.699,66 0,56

Wilmar International Ltd. Registered Shares SD -,50 SG1T56930848 Units 30.000 SGD 3,360 74.745,96 2,24

Anadarko Petroleum Corp. Registered Shares DL -,10 US0325111070 Units 400 USD 83,610 33.444,00 1,00

Chesapeake Energy Corp. Registered Shares DL -,01 US1651671075 Units 8.000 USD 14,110 112.880,00 3,38

Chevron Corp. Registered Shares DL-,75 US1667641005 Units 1.010 USD 103,000 104.030,00 3,12

Concho Resources Inc. Registered Shares DL -,001 US20605P1012 Units 500 USD 120,300 60.150,00 1,80

EOG Resources Inc. Registered Shares DL -,01 US26875P1012 Units 350 USD 88,690 31.041,50 0,93

Exxon Mobil Corp. Registered Shares o.N. US30231G1022 Units 1.901 USD 85,200 161.965,20 4,85

Freeport-McMoRan Inc. Reg. Shares DL-,10 US35671D8570 Units 2.851 USD 19,650 56.022,15 1,68

GATX Corp. Registered Shares DL -,625 US3614481030 Units 2.100 USD 55,710 116.991,00 3,51

Hess Corp. Registered Shares DL 1 US42809H1077 Units 800 USD 67,520 54.016,00 1,62

LUKOIL Neftyanaya Komp. OJSC Reg. Shs (Sp. ADRs)/1 RL-,025 US6778621044 Units 615 USD 47,960 29.495,40 0,88

Monsanto Co. Registered Shares DL -,01 US61166W1018 Units 1.310 USD 116,980 153.243,80 4,59

Mosaic Co. (New) Registered Shares DL -,01 US61945C1036 Units 1.236 USD 45,850 56.670,60 1,70

Occidental Petroleum Corp. Registered Shares DL -,20 US6745991058 Units 400 USD 78,190 31.276,00 0,94

Petroleo Brasileiro S.A. Reg. Shs (Spons.ADRs)/2 o.N. US71654V4086 Units 1.980 USD 8,350 16.533,00 0,50







assets*

Phillips 66 Registered Shares DL -,01 US7185461040 Units 300 USD 79,120 23.736,00 0,71

Uralkali PJSC Reg.Shs(GDRs Reg.S)/5 RL-,50 US91688E2063 Units 1.980 USD 13,630 26.987,40 0,81

Vale S.A. Reg. Shs (Spon. ADRs)/1 o.N. US91912E1055 Units 5.940 USD 6,300 37.422,00 1,12

Securities admitted to or included in organised markets USD 104.404,94 3,13

Equities USD 104.404,94 3,13

Rockhopper Exploration PLC Registered Shares LS -,01 GB00B0FVQX23 Units 96.356 GBP 0,710 104.404,94 3,13

Unlisted securities USD 551,73 0,02

Equities USD 551,73 0,02

Glencore PLC Reg.Shs.(Int.Cr.Entitl.)DL-,01 JE00BW4NK640 Units 23.760 GBP 0,015 551,73 0,02

Total securities USD 2.881.207,83 86,34

Bank balances, non-securitised money market instruments and money market funds USD 252.361,90 7,56

Bank balances USD 252.361,90 7,56

Balances with CACEIS Bank, Luxembourg


137.953,41 USD 137.953,41 4,13

Balances in other EU/EEA currencies

28.043,52 EUR 30.741,31 0,92

18.530,11 GBP 28.278,86 0,85

397.532,85 NOK 50.985,79 1,53

Balances in non-EU/EEA currencies

1.947,37 CAD 1.560,23 0,05

1.526,78 CHF 1.618,78 0,05

1.650,00 SGD 1.223,52 0,04

Other Assets USD 241.428,71 7,24

Dividend receivables 4.219,87 USD 4.219,87 0,13

Contingent Deferred Redemption fee receivables 217.224,57 USD 217.224,57 6,51

Incorporation cost, net 19.984,27 USD 19.984,27 0,60







assets*

Liabilities USD -38.087,11 -1,14

Management Company fee payable -721,53 USD -721,53 -0,02

Custodian Bank fee payable -122,13 USD -122,13 0,00

Audit fee payable -13.304,64 USD -13.304,64 -0,40

Investment Managment fee payable -4.165,98 USD -4.165,98 -0,12

Other payables -19.772,83 USD -19.772,83 -0,59

Total net assets USD 3.336.911,33 100,00

PLATINUM Essential Resources UCITS Fund - Class A Shares (USD)

Net Asset Value per share USD 6,76

Subscription price USD 6,76

Redemption price USD 6,76


PLATINUM Essential Resources UCITS Fund - Class B Shares (EUR)





PLATINUM Essential Resources UCITS Fund - Class D Shares (CHF)

Net Asset Value per share CHF 7,85

Subscription price CHF 7,85

Redemption price CHF 7,85







Total

I. Income

- Dividends USD 97.191,00


II. Expenses

- Interest on bank overdraft *) USD -665,05

- Management Company Fee USD -9.543,47

- Investment Management fee USD -57.149,29

- Custodian Bank fee USD -16.857,49

- Auditing and publication expenses USD -15.098,61

- Subscription tax ("Taxe dàbonnement") USD -1.997,10

- Registrar and Transfer Agent fee USD -1.436,81

- Foreign withholding taxes USD -16.081,41

- Equalisation of ordinary expenses USD 25.463,52

- Amortization Contingent Deferred Redemption fee USD -102.368,95

- Distribution fee USD -40.731,82

- Other expenses USD -35.224,78

Total expenses USD -271.691,25

III. Ordinary net result USD -174.500,25

*) The interest on bank overdraft include negative interests of 0.72 USD.





Total


1. Realised profit on USD 296.764,66

- Securities USD 150.939,00





- Forward exchange transactions USD -650.241,58

- Foreign exchange transactions USD -31.595,60




- Foreign exchange transactions and other transactions USD 649.006,58

Total net change in unrealised profit/loss USD 333.584,62





I. Net assets at the beginning of the period USD 0,00


2. Interim distributions USD 0,00




4. Income/expense equalisation USD -350.637,22





PLATINUM Essential Resources UCITS Fund - Class A Shares (USD)

Statistical information



2014/2015 *) Shares 242.235,403 USD 1.636.422,31 USD 6,76

*) Inception: 04/07/2014


Number of shares outstanding at the beginning of the period 0,000






PLATINUM Essential Resources UCITS Fund - Class B Shares (EUR)




2014/2015 *) Shares 196.953,059 EUR 1.293.027,36 EUR 6,57

*) Inception: 04/07/2014








PLATINUM Essential Resources UCITS Fund - Class D Shares (CHF)




2014/2015 *) Shares 34.000,000 CHF 266.984,66 CHF 7,85

*) Inception: 22/09/2014




Number of shares redeemed 0,000



JCI FX Macro


Investment Focus

Market Value

in EUR

% of Sub-Fund

Assets *

I. Assets 9.147.422,41 100,19

1. Interest-bearing securities 6.356.920,96 69,63

2. Derivatives 32.050,41 0,35

3. Bank balances 2.731.090,01 29,91

4. Other Assets 27.361,03 0,30

II. Liabilities -17.752,76 -0,19




JCI FX Macro



% in 1'000 31/05/2015 in EUR of the sub-fund-

assets*

Portfolio holdings EUR 6.356.920,96 69,63

Exchange-traded securities EUR 6.356.920,96 69,63

Interest-bearing securities EUR 6.356.920,96 69,63

2,2500 % Cie de Financement Foncier EO-Med.-T.Obl.Foncières 12(15) FR0011201995 % 300 EUR 100,504 301.512,00 3,30

0,1880 % Coöp. Centr. Raiff.-Boerenlbk EO-FLR Med.-Term Nts 2014(15) XS1069481601 % 400 EUR 100,077 400.308,00 4,38

2,6250 % Credit Suisse (Guernsey Br.) EO-Med.-T.Hyp.Pf.-Br.2010(15) XS0564366770 % 300 EUR 101,316 303.948,00 3,33

2,7500 % Dänemark, Königreich EO-Med.-T.Notes 2011(16)Reg.S XS0605536613 % 250 EUR 102,260 255.650,00 2,80

0,2480 % European Investment Bank EO-FLR Med.-Term Nts 2009(17) XS0441736625 % 400 EUR 100,600 402.400,00 4,41

3,7500 % GE Capital European Funding EO-Medium-Term Notes 2011(16) XS0612837657 % 200 EUR 103,049 206.098,00 2,26

Italien, Republik EO-C.T.Z. 2013(15) IT0004938186 % 2.000 EUR 100,003 2.000.060,00 21,91

2,5500 % Italien, Republik EO-Infl.Idx Lkd B.T.P.2012(16) IT0004863608 % 400 EUR 102,964 411.855,46 4,51

0,0000 % Kreditanst.f.Wiederaufbau FLR-Anl. v.2011 (2017) DE000A1EWEK3 % 400 EUR 100,172 400.688,00 4,39

0,1160 % Landwirtschaftliche Rentenbank FLR-MTN Ser.1016 v.10(16) XS0524678884 % 400 EUR 100,239 400.956,00 4,39

0,0000 % Niederlande EO-Anl. 2013(16) NL0010364139 % 250 EUR 100,203 250.507,50 2,74

3,0000 % Royal Bank of Scotland PLC EO-Medium-Term Notes 2010(15) XS0539871763 % 300 EUR 100,814 302.442,00 3,31

3,2500 % Spanien EO-Bonos 2010(16) ES00000122X5 % 700 EUR 102,928 720.496,00 7,89

Total securities EUR 6.356.920,96 69,63

Derivatives EUR 32.050,41 0,35

Bank balances, non-securitised money market instruments and money market funds EUR 4.623.957,40 50,65

Bank balances EUR 4.623.957,40 50,65

Balances with CACEIS Bank (G) Luxembourg


3.288.419,93 EUR 3.288.419,93 36,02

Balances in non-EU/EEA currencies

0,01 MXN 0,00 0,00

4.910,01 USD 4.479,12 0,05

Balances with CACEIS Bank Deutschland GmbH (G) (V)


1.040.000,00 EUR 1.040.000,00 11,39

Balances with Barclays Bank PLC (GD) London (V)


291.058,35 EUR 291.058,35 3,19



38

JCI FX Macro



% in 1'000 31/05/2015 in EUR of the sub-fund-

assets*

Other Assets EUR 27.361,03 0,30

Interest receivables 21.658,59 EUR 21.658,59 0,24

Incorporation cost, net 5.702,44 EUR 5.702,44 0,06

Loan liabilities EUR -1.892.867,39 -20,73

Loans in other EU/EEA currencies**

-17.727.838,59 SEK -1.892.867,36 -20,73

-0,02 GBP -0,03 0,00

Liabilities EUR -17.752,76 -0,19

Management Company fee payable -2.145,53 EUR -2.145,53 -0,02

Custodian Bank fee payable -321,81 EUR -321,81 0,00

Investment Management Fee payable -6.079,00 EUR -6.079,00 -0,07

Other payables -9.206,42 EUR -9.206,42 -0,10

Total net assets EUR 9.129.669,65 100,00

JCI FX Macro - Class Institutional Shares A (EUR)






** The amount on the SEK-account is negative due to a technical delay in booking for three foreign exchange transactions. In fact, there is no overdraft of the account and no negative interests have been paid.


39

JCI FX Macro



in EUR in EUR

Sell AUD -3.016.815,36 Buy EUR 2.115.385,95 2.107.008,91 30/06/2015 12.614,01 Societe Generale Paris

Sell CAD -2.707.496,45 Buy EUR 1.983.063,52 1.978.874,76 30/06/2015 5.465,05 Societe Generale Paris

Buy CAD 120.342,07 Sell EUR -87.625,00 87.956,49 30/06/2015 274,76 Societe Generale Paris

Buy CAD 1.264.221,01 Sell EUR -922.375,00 924.003,08 30/06/2015 1.032,13 Societe Generale Paris

Sell CHF -2.099.234,83 Buy EUR 2.029.344,22 2.030.404,13 30/06/2015 -2.561,39 Societe Generale Paris

Buy CHF 1.976.486,40 Sell EUR -1.920.000,00 1.911.680,43 30/06/2015 -6.905,89 Societe Generale Paris

Sell CHF -1.039.608,15 Buy EUR 1.010.000,00 1.005.520,99 30/06/2015 3.735,43 Societe Generale Paris

Sell CHF -1.986.528,00 Buy EUR 1.920.000,00 1.921.392,78 30/06/2015 -2.813,65 Societe Generale Paris

Sell GBP -709.337,25 Buy EUR 994.193,60 987.522,27 30/06/2015 7.090,46 Societe Generale Paris

Buy HUF 465.304.475,00 Sell EUR -1.504.948,44 1.504.379,16 30/06/2015 -2.742,18 Societe Generale Paris

Buy INR 163.039.250,00 Sell USD -2.525.000,00 2.329.022,35 31/07/2015 -2.171,91 Societe Generale Paris

Sell ILS -3.908.851,50 Buy EUR 921.892,42 921.768,50 30/06/2015 193,26 Societe Generale Paris

Buy JPY 259.956.733,00 Sell USD -2.092.800,00 1.911.214,69 30/06/2015 2.275,14 Societe Generale Paris

Buy JPY 125.066.886,00 Sell USD -1.010.000,00 919.497,90 30/06/2015 -1.770,05 Societe Generale Paris

Sell KRW -2.236.483.400,00 Buy USD 2.020.000,00 1.841.182,90 31/07/2015 6.482,55 Societe Generale Paris

Buy MXN 15.338.653,91 Sell EUR -915.194,15 907.349,58 30/06/2015 -10.486,03 Societe Generale Paris

Sell MYR -3.681.955,00 Buy USD 1.010.000,00 916.593,23 31/07/2015 10.105,21 Societe Generale Paris

Sell NOK -8.430.754,54 Buy EUR 992.834,63 986.399,27 30/06/2015 7.660,40 Societe Generale Paris

Buy NOK 16.357.785,60 Sell EUR -1.920.000,00 1.913.862,83 30/06/2015 -8.514,06 Societe Generale Paris

Buy NOK 8.642.843,71 Sell EUR -1.010.000,00 1.011.213,73 30/06/2015 -42,13 Societe Generale Paris

Buy NZD 1.060.500,00 Sell EUR -700.000,00 688.636,36 30/06/2015 -13.561,58 Societe Generale Paris

Buy PHP 90.704.060,00 Sell USD -2.020.000,00 1.856.289,51 31/07/2015 7.094,61 Societe Generale Paris

Buy PLN 4.147.594,29 Sell EUR -1.010.000,00 1.007.627,01 30/06/2015 -3.731,00 Societe Generale Paris

Sell RUB -26.037.800,00 Buy USD 505.000,00 452.888,01 31/07/2015 16.764,10 Societe Generale Paris


JCI FX Macro



in EUR in EUR

Sell SEK -17.856.090,24 Buy EUR 1.920.000,00 1.906.561,27 30/06/2015 12.948,20 Societe Generale Paris

Sell SGD -2.063.861,27 Buy EUR 1.399.550,59 1.396.104,49 30/06/2015 4.324,78 Societe Generale Paris

Sell TRY -268.537,53 Buy EUR 91.463,74 92.046,87 30/06/2015 242,44 Societe Generale Paris

Buy TRY 1.486.467,50 Sell EUR -505.000,00 509.517,89 30/06/2015 -51,98 Societe Generale Paris

Buy USD 4.079.844,27 Sell EUR -3.741.500,39 3.721.806,49 30/06/2015 -20.271,00 Societe Generale Paris

Buy USD 1.109.873,85 Sell EUR -1.010.000,00 1.012.473,86 30/06/2015 2.316,87 Societe Generale Paris

Buy USD 2.092.800,00 Sell JPY -258.687.868,00 1.909.140,67 30/06/2015 7.053,86 Societe Generale Paris

Total 42.669.940,42 32.050,41


41

JCI FX Macro

Statement of Operations (including income equalisation)


Total

I. Income

- Interest on securities EUR 90.648,05

Total income EUR 90.648,05

II. Expenses

- Management Company Fee EUR -21.341,11

- Investment Management fee EUR -60.466,45

- Custodian Bank fee EUR -11.626,02

- Custodian fee EUR -27,19

- Performance fee EUR -45.796,20

- Auditing and publication expenses EUR -6.916,50

- Subscription tax ("Taxe dàbonnement") EUR -895,95

- Registrar and Transfer Agent fee EUR -923,59

- Legal fee EUR -2.325,99

- Equalisation of ordinary expenses EUR -14.428,83

- Other expenses EUR -42.293,75

Total expenses EUR -207.041,58

III. Ordinary net result EUR -116.393,53


JCI FX Macro

Statement of Operations (including income equalisation)


Total


1. Realised profit on EUR 15.158.933,01

- Securities EUR 1.033,05

- Forward exchange transactions EUR 14.633.790,16

- Foreign exchange transactions EUR 524.109,80

2. Realised loss on EUR -15.003.005,45

- Securities EUR -13.956,87

- Forward exchange transactions EUR -14.527.011,41

- Foreign exchange transactions EUR -462.037,17

Total realised profit/loss EUR 155.927,56


- Securities EUR -37.201,92

- Forward exchange transactions EUR 32.050,41

- Foreign exchange transactions and other transactions EUR 5.462,69

Total net change in unrealised profit/loss EUR 311,18

VI. Result of operations for the period EUR 39.845,21


JCI FX Macro


I. Net assets at the beginning of the period EUR 7.827.326,58

1. Distribution for the previous year/tax reduction for the previous year EUR 0,00

2. Interim distributions EUR 0,00

3. Net cash flow EUR 1.321.152,39

a) Proceeds from shares issued EUR 1.471.140,00

b) Proceeds from shares redeemed EUR -149.987,61

4. Income/expense equalisation EUR -58.654,53

5. Result of operations for the period EUR 39.845,21

II. Net assets at the end of the period EUR 9.129.669,65


JCI FX Macro

JCI FX Macro Institutional - Class Institutional Shares A (EUR)




2014 *) Shares 78.264,890 EUR 7.827.326,58 EUR 100,01

2015 Shares 90.780,890 EUR 9.129.669,65 EUR 100,57

*) Inception: 05/05/2014








General

Foreign exchange rate to EUR

AUD 1,4318

EUR 1,0000

CAD 1,3682

CHF 1,0339

Notes to the Financial Statements

Platinum UCITS Funds SICAV (the “Company”) is organised in Luxembourg as a société d’investissement à capital variable (“SICAV”) and qualifies as a collective investment undertaking under Part I of the Luxembourg law of 17 December 2010. The

Company qualifies as an undertaking for collective investment in transferable securities under article 1(2) of the Directive 2009/65/EC and is presently structured as an umbrella fund. The Company has been established for an indefinite term.

Significant accounting policies

The reference currency of the Company is the US Dollar. The share value is calculated every full banking day which is simultaneously a stock exchange day in Luxembourg and Frankfurt am Main, by dividing the amount of the net assets of the Fund by

the number of shares in circulation on the valuation date.

(1) all borrowings, bills and other amounts due;

The liabilities of the Company shall be deemed to include:

(2) all administrative expenses due or accrued including (but not limited to) the costs of its constitution and registration with regulatory authorities, as well as legal and audit fees and expenses, the costs of legal publications, the cost of listing,

prospectus, financial reports and other documents made available to Shareholders, translation expenses and generally any other expenses arising from the administration of the Company;

(5) any other liabilities of the Company of whatever kind towards third parties.

Investments shall be valued as follows:

(2) The value of all securities which are listed on an official stock exchange is determined on the basis of the last available prices. If there is more than one stock exchange on which the securities are listed, the Board of Directors may in its discretion

select the stock exchange which shall be the principal stock exchange for such purposes.

(3) Securities traded on a regulated market are valued in the same manner as listed securities.

(3) all known liabilities, due or not yet due including all matured contractual obligations for payments of money or property, including the amount of all dividends declared by the Company which remain unpaid until the day these dividends revert to the

Company by prescription;

(4) any appropriate amount set aside for taxes due on the date of the valuation of the Net Asset Value and any other provision of reserves authorised and approved by the Board; and

(1) The value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued and not yet received shall be deemed to be the full amount thereof,

unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such provision as the Company may consider appropriate in such case to reflect the true value thereof.

(5) Derivatives and repurchase agreements which are not listed on an official stock exchange or traded on a regulated market shall be valued by the Company in accordance with valuation principles decided by the Directors on the basis of their marked-

to-market price.

(4) Securities which are not listed on an official stock exchange or traded on a regulated market shall be valued by the Company in accordance with valuation principles decided by the Board of Directors, at a price no lower than the bid price and no

higher than the ask price on the relevant Valuation Date.

(6) Term deposits shall be valued at their present value.

(7) Traded options and futures contracts to which the Company is a party which are traded on a stock, financial futures or other exchange shall be valued by reference to the profit or loss which would arise on closing out the relevant contract at or

immediately before the close of the relevant market.

All securities or other assets for which the valuation in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of their fair realisation value, will be valued at their fair realisation value, as

determined in good faith and prudently pursuant to the procedures established by the Board of Directors.

Amounts determined in accordance with such valuation principles shall be translated into the currency of the sub-fund’s accounts at the respective exchange rates, using the relevant rates quoted by a bank or another first class financial institution.

Foreign exchange rate

As of May 31, 2015, positions denominated in foreign currencies were valuated at the following exchange rates (WM-Company/Fixing 5:00 CET):

46



HUF 309,3000

GBP 0,7183

INR 70,0033

ILS 4,2406

JPY 136,0165

KRW 1.214,6992

MYR 4,0170

MXN 16,9049

NOK 8,5470

NZD 1,5400

PHP 48,8631

PLN 4,1162

RUB 57,4928

SGD 1,4783

SEK 9,3656

TRY 2,9174

USD 1,0962

Foreign exchange rate to USD

AUD 1,3061

CAD 1,2481

CHF 0,9432

EUR 0,9122

GBP 0,6553

JPY 124,0800

NOK 7,7969

SEK 8,5437

SGD 1,3486

USD 1,0000

The investment manager receives for the sub-fund JCI FX Macro remuneration in the amount of up to 0.85% p.a. of the net asset value of the share class A.

The investment manager receives for the sub-funds PLATINUM GLOBAL DIVIDEND UCITS FUND and PLATINUM Essential Resources UCITS Fund remuneration in the amount of up to 1.50 % p.a. of the net asset value of the share class.

The management company receives for the sub-fund Platinum Global Dividend UCITS Fund remuneration in the amount of up to 0.30% p.a. of the net asset value of the sub-fund, minimum EUR 45,000.00 p.a., including two share classes, min. EUR

7,500.00 p.a. for each additional share class.

Investment management fee

The management company receives for the sub-fund PLATINUM Essential Resources UCITS Fund and the sub-fund JCI FX Macro remuneration in the amount of up to 0.35% p.a. of the net asset value of the class of shares, up to EUR 100,000.00 p.a.

As of May 31, 2015, positions denominated in foreign currencies were valuated at the following exchange rates (WM-Company/Fixing 5:00 CET):

Management company fee

47



There is no Distribution fee for Sub-fund JCI FX Macro.

The below mentioned fee is applicable for the Sub-fund Platinum Global Dividend UCITS Fund:

Redemption during years since issue Applicable Rate of CDRF

1st year 6 %

2nd year 4.8%

3rd year 3.6%

4th year 2.4%

5th year 1.2%

After end of 5th year None

The CDRF will be paid to the Distributor(s) of the Platinum Global Dividend UCITS Fund.

The Investment Manager will receive a Performance Fee of 15% of any increase (of net profit) in the Net Asset Value per share of the sub-fund over the previous highest daily Net Asset Value per share (the "High Watermark").

The first ‘High Water Mark’ is the share value at the launch of the sub-fund and share class. The Company will provide the amount of Performance Fee charged for each share class in the prospectus as well as in the annual and semi-annual

performance report. The accounting period (calculation and payment) will be quarterly and based on the financial year end of the company. The first settlement period begins on the date of the sub-fund launch and share classes launch and ends on the

last day of the following financial year end (pro rata calculation). In each billing period, the Performance Fee is determined based on the share value which is calculated using the BVI-Method (Bundesverband Investment und Asset Management,

http://www.bvi.de/en/home).

The investment manager receives for the sub-funds PLATINUM GLOBAL DIVIDEND UCITS FUND and PLATINUM Essential Resources UCITS Fund remuneration in the amount of 15% of net profit. Each successive three month period commencing

on a Performance Period Date and ending at the next succeeding Performance Period Date means 31 March, 30 June, 30 September and 31 December in each calendar year. In respect of each Class of Shares the greater of (i) the Net Asset Value per

Share of the relevant Class as of Launch Date and (ii) the highest Net Asset Value per Share of the relevant Class in respect of which a Performance Fee has been paid at the end of any previous Performance Period (if any). Means (i) the value of the

total net assets of the Platinum Global Dividend UCITS Fund as determined by the Management Company/Administrative Agent on the last Business Day of each Performance Period (the Performance Period End Date) but before deduction of

Performance Fee for the relevant Performance Period plus all the Accumulated Distributions divided by (ii) the number of Shares in issue on the relevant Performance Period End Date.

Contingent Redemption fee

Distribution fee

The Distributor receives for the Sub-fund Platinum Global Dividend UCITS Fund remuneration in the amount of up to 1% p.a. calculated and accrued daily by reference to the Net Asset Values and paid monthly to the distributor of the Sub-fund.

The Sub-fund will pay an initial marketing and distribution fee (the Initial Marketing and Distribution Fee) to the Distributor of the sub-fund at the maximum fee rate of 6% of the total amount invested at the time of subscription per shareholder and such

fee will be amortised over a 5-year period from the moment as at which such shares were subscribed. In the event that a shareholder in the sub-fund redeems his shares within five years from the moment as at which such shares were subscribed for

redeems his shares within five years from the moment as at which such shares were subscribed for by the shareholder, the distributor will reimburse to the sub-fund 100% of the relevant Initial Marketing and Distribution Fee during the first year,

thereafter such reimbursement declining by 20% per year through to the fifth year.

Where Shares are redeemed within 5 years of the date of their issue, a contingent deferred redemption fee (CDRF) will be levied at the rates set forth below:

For the purpose of the calculation of the holding period, Shares of a Shareholder will be considered as redeemed on a "first in first out" basis (i.e., Shares subscribed first will be considered as being redeemed first). No Redemption Fee is payable after

the 5th year. The amount of CDRF is calculated by multiplying the relevant percentage rate as determined above by the price paid for the original issue of Shares being redeemed, in either case calculated in the relevant Reference Currency of the

Shares being redeemed.

In order to provide an incentive to the relevant investment manager, the Company may pay an additional performance fee of the relevant sub-fund. The amount of the performance fee will be calculated by the management company.

Performance fee

Domiciliary and corporate agent services fee, registrar and transfer agency fee

The Company pays fees monthly for its rendering of services for domiciliary and corporate agent services, registrar and transfer agency services and listing in accordance with normal banking practices in Luxembourg. In addition, the Company pays out

of the assets of the relevant sub-fund all reasonable out-of-pocket expenses, disbursements and for the charges.

The domiciliary agent receives for the sub-fund Platinum Global Dividend UCITS Fund remuneration an amount of EUR 1,000.00 per month, for the sub-funds PLATINUM Essential Resources UCITS Fund and JCI FX Macro an amount of EUR 500.00

per month.

48



Sub-fund Reporting period Transaction cost in USD

PLATINUM GLOBAL DIVIDEND UCITS FUND June 1, 2014 until May 31, 2015 877.780,64

PLATINUM Essential Resources UCITS Fund July 4, 2014 until May 31, 2015 20.323,32

For the sub-fund JCI FX Macro no transaction cost occurred during the corresponding period.

The PTR was calculated using the following formula:

Turnover = [Total 1 - Total 2] * 100

M

Total 1 = Total purchases + Total sales of securities

Total 2 = Total subscription + Total redemption

M = Average Assets (daily)

Sub-fund Reporting period PTR in %

PLATINUM GLOBAL DIVIDEND UCITS FUND June 1, 2014 until May 31, 2015 1.188,71

PLATINUM Essential Resources UCITS Fund July 4, 2014 until May 31, 2015 191,22

JCI FX Macro June 1, 2014 until May 31, 2015 37,94

Transaction cost

The following transaction cost which is limited to brokerage comimission occurred during the corresponding period:

Subscription tax („taxe d’abonnement”)

The Company is subject to an annual tax of 0.05% p.a. (0.01% p.a. for the institutional share classes) of the net asset value as valued at the end of each quarter, and which is payable quarterly. To the extent that parts of the company’s assets are

invested in other Luxembourg UCITS which are subject to the tax, such parts are not taxed.

Custodian bank, paying agent fee

The depositary is entitled to receive out of the assets of the Company a fee calculated in accordance with customary banking practice in Luxembourg and as detailed for each sub-fund in Appendix. In addition, the depositary is entitled to be reimbursed

out of the assets of the relevant sub-fund for its reasonable out-of-pocket expenses and disbursements and for the charges of any correspondents.

The custodian bank receives for the sub-fundsPLATINUM GLOBAL DIVIDEND UCITS FUND, PLATINUM Essential Resources UCITS Fund and JCI FX Macro remuneration in the amount of up to 0.10% p.a., minimum up to EUR 35,000.00 p.a.

Portfolio Turnover Ratio/PTR

49



Share class Reporting period TER in %

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class A USD June 1, 2014 until May 31, 2015 4,64

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class B EUR June 1, 2014 until May 31, 2015 4,86

PLATINUM GLOBAL DIVIDEND UCITS FUND - Class C GBP June 1, 2014 until May 31, 2015 4,66

PLATINUM Essential Resources UCITS Fund Class A Shares July 4, 2014 until May 31, 2015 7,57

PLATINUM Essential Resources UCITS Fund Class B Shares July 4, 2014 until May 31, 2015 5,95

PLATINUM Essential Resources UCITS Fund Class D Shares September 22, 2014 until May 31, 2015 6,45

JCI FX Macro Institutional A Shares June 1, 2014 until May 31, 2015 1,67

Total expense ratio (TER) - a measure of the total costs charged to an investment fund and expressed in percentage terms of the sub-fund´s average total assets in the reporting period. The total expense ratio includes the administration fee, custodian

bank fee, global custody fee, subscription tax, audit fee, publication fee, legal fee, asset manager fee, registrar and transfer agent fee, payment agent fee and other expenses. Withholding tax, interest on bank overdraft and performance-fee are

excluded from the total expense ratio.

The management company of Platinum UCITS Funds SICAV changed from Universal-Investment-Luxembourg S.A. to CACEIS Bank Luxembourg due to the migration to the afore mentioned management company with effect as of June 1, 2015.

Total Expense Ratio/TER

Subsequent events

50


To the Shareholders of Platinum UCITS Funds SICAV

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Following our appointment by the Board of Directors of the SICAV of April 21. 2015. we have audited the accompanying financial statements of Platinum UCITS Funds SICAV and each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at May 31. 2015 and the statement of operations and the statement of changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory information.

Board of Directors of the SICA V responsibility for the financial statements

The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error.

Responsibility of the Reviseur d'Entreprises agree

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Reviseur d'Entreprises agree, 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 Reviseur d'Entreprises agree considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Platinum UCITS Funds SICAV and each of its sub-funds as of May 31 , 2015, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxemburg, September 23, 2015 xembourg. Societe cooperative

e · on agree

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