HSBC Global Investment Funds - assetmanagement.hsbc…€¦ · HSBC Global Investment Funds Audited...

HSBC Global Investment FundsAudited Report for the year from1 April 2011 to 31 March 2012

R.C.S. Luxembourg B 25 087

HSBc m Global Asset Management

1

Audited report for the year from 1 April 2011 to 31 March 2012

Société d’Investissement à Capital Variable (SICAV), Luxembourg

2

Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland. HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Company in Switzerland and the Company’s paying agent in that country. The Prospectus, Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from the Company’s representative in Switzerland. Information concerning the distribution of shares of HSBC Global Investment Funds in or from Germany.

HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legal representative of the Company in Germany and the Company’s paying agent in that country. The Prospectus, Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG. A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from the Company’s representative in Germany.

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 and the most recent semi-annual report, if published thereafter. Audited report for the year from 1 April 2011 to 31 March 2012

Table of Contents

3

General Information 4 Board of Directors 13 Management and Administration 14 Directors’ Report 18 Report of the Réviseur d’Entreprises Agréé 23 Statement of Net Assets as at 31 March 2012 24

Key Figures as at 31 March 2012 36 Statement of Operations and Changes in Net Assets 82 Notes to the Financial Statements 94 Comparative Table of Net Assets 177 Portfolio of Investments and Other Net Assets 200 Currency Conversion Table 349 Dealing Days of the Fund 350 Fund Holiday Calendar for 2012 351

General Information

4

General HSBC Investment Funds (Luxembourg) S.A. (the “Management Company”) uses a risk management process that allows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios on the managed funds at any time. In accordance with the Law of 17 December 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Company reports to the CSSF on a regular basis on the risk management process. The Management Company assures, at the basis of appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The Management Company uses the following methods: • Commitment Approach: The "commitment approach" is based on the positions of derivative financial instruments, converted into their corresponding underlying equivalents using the delta approach. Netting and Hedging might be considered for derivative financial instruments and their underlying assets. The sum of these underlying equivalents must not exceed the net asset value of the fund. • VaR- approach: The value-at-Risk (VaR) is a mathematical-statistical concept and is used as a standard measure of risk in the financial sector. The VaR represents the potential loss of a portfolio over a given period (so-called holding period), which is with a certain probability (so-called confidence level).

o Relative VaR approach: The relative VaR concept determines the VaR based on a reference portfolio. The relative VaR cannot exceed the VaR of a reference portfolio by more than a maximum of twice (200%). The reference portfolio is a matching portfolio in comparison to the Fund's investment policy. o Absolute VaR approach: In the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the fund cannot exceed 20% of the fund net assets.

The Management Company has delegated the VaR monitoring to the following Global Risk Management teams:

HSBC Global Asset Management (UK) Limited

For the HGIF European Equity Absolute Return, the HGIF GEM Equity Absolute Return and HGIF RMB Fixed Income Funds, the VaR has been calculated using the BarraOne risk engine which uses a parametric approach with the following parameters:

- One tailed confidence interval of 99%. - Holding period equivalent to 1-month - Effective observation period of at least 250 days. - Daily data set updates. - Daily VaR calculation.

For the HGIF Global Currency Fund the VaR has been calculated using a historic simulation approach with the following parameters:

- One tailed confidence interval of 99%. - Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month) - Effective observation period of at least 250 days. - Daily data set updates. - Daily VaR calculation.

General Information (continued)

5

HSBC Global Asset Management Limited (AMGB)

The VaR for several fixed income funds has been calculated using the Algorithmics risk engine which uses a historic simulation approach using the following parameters:

- One tailed confidence interval of 99%. - Holding period equivalent to 1-month - Effective observation period of at least 250 days. - Daily data set updates. - Daily VaR calculation.

HSBC Global Asset Management (France)

The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the following parameters: - One tailed confidence interval of 99%. - Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month) - Effective observation period of at least 250 days. - Daily data set updates are used for:

o HGIF – Global Inflation Linked Bond o HGIF - Multi Government Bond Strategies (liquidated as at 2 March 2012)

- Weekly data set updates are used for o all other sub-funds managed by HSBC Global Asset Management (France).

- Daily VaR calculation.

HSBC Bank Brasil S.A – Banco Múltiplo

The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the following parameters: - One tailed confidence interval of 99%. - Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month) - Effective observation period of at least 250 days. - Weekly data set updates. - Daily VaR calculation.

• Leverage: For Sub-funds measuring and monitoring the global risk on derivatives via VaR approach, the Management Company has delegated the leverage monitoring to the respective Sub-Funds’ Investment Advisers. They determine the sum of the nominal values or equivalent values of all the relevant derivatives and estimate in this regard a degree of the expected average value (leverage). This level of leverage can, depending on the respective market conditions, derive from the actual value at the reporting date. Furthermore, the published expected/ level of leverage is explicitly not understood as an investment limit.

Gen

eral

Info

rmat

ion

(con

tinue

d)

6

UC

ITS

En

tity

in

ch

arg

e o

f

Co

mm

itm

en

t /

VaR

mo

nit

ori

ng

Sta

rtin

g

peri

od

En

din

g

peri

od

Mark

et

Ris

k

Calc

ula

tio

n

Lo

west

fun

d V

aR

uti

lisati

on

Hig

hest

fun

d V

aR

uti

lisati

on

Avera

ge

fun

d V

aR

uti

lisati

on

VaR

uti

lisati

on

lim

it

(in

tern

al

lim

it)

Maxim

um

exp

ecte

d

level

of

levera

ge

(net

levera

ge)

Realised

avera

ge

level

of

levera

ge

Refe

ren

ce P

ort

folio

(if an

y)

1) R

eserv

e S

ub

-Fu

nd

s

HG

IF –

Eur

o R

eser

ve

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Abs

olut

e Va

R

0.05

%

0.15

%

0.07

%

15%

0%

0%

N

/A

2) B

on

d S

ub

-Fu

nd

s

HG

IF -

Asi

an

Cur

renc

ies

Bon

d (la

unch

ed a

s at

27

Apr

il 20

11)

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

27/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

70.5

%

108.

0%

93.0

%

120%

10

0%

22%

M

AR

KIT

iBox

x A

BF

Pan

Asi

a (e

x C

hine

se Y

uan

and

HK

Dol

lar)

Inde

x

HG

IF -

Bra

zil B

ond

HSB

C B

ank

Bra

zil S

A

01/0

4/20

11

31/0

3/20

12

Abs

olut

e Va

R

0.06

3%*

0.80

5%*

0.36

8%*

N/A

N

/A

2.5%

N

/A

HG

IF- E

mer

ging

In

flatio

n Li

nked

B

ond

(laun

ched

as

at 3

0 Ju

ne 2

011)

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

30/0

6/20

11

31/0

3/20

12

Com

mitm

ent

N/A

N

/A

N/A

N

/A

N/A

N

/A

N/A

HG

IF –

Eur

o B

ond

H

SBC

Glo

bal A

sset

M

anag

emen

t (Fr

ance

) 01

/04/

2011

31

/03/

2012

R

elat

ive

VaR

94

.19%

11

4.76

%

104.

24%

14

0%

100%

45

%

Bar

clay

s C

apita

l Eur

o A

ggre

gate

Inde

x

HG

IF –

Eur

o C

redi

t B

ond

H

SBC

Glo

bal A

sset

M

anag

emen

t (Fr

ance

) 01

/04/

2011

31

/03/

2012

R

elat

ive

VaR

91

.07%

13

5.69

%

119.

38%

15

0%

100%

30

%

Ibox

x Eu

ro C

orp

Inde

x

HG

IF –

Eur

o H

igh

Yiel

d B

ond

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

88.4

2%

118.

13%

10

8.24

%

120%

10

0%

3%

Mer

rill L

ynch

EH

Y B

B-B

C

ON

ST

HG

IF -

Glo

bal B

ond

H

SBC

Glo

bal A

sset

M

anag

emen

t Lim

ited

(AM

GB

) 01

/04/

2011

31

/03/

2012

R

elat

ive

VaR

83

.8%

12

0.1%

10

6.2%

12

7%

100%

17

%

Bar

clay

s C

apita

l Glo

bal

Agg

rega

te

Gen

eral

Info

rmat

ion

(con

tinue

d)

7

UC

ITS

En

tity

in

ch

arg

e o

f

Co

mm

itm

en

t /

VaR

mo

nit

ori

ng

Sta

rtin

g

peri

od

En

din

g

peri

od

Mark

et

Ris

k

Calc

ula

tio

n

Lo

west

fun

d V

aR

uti

lisati

on

Hig

hest

fun

d V

aR

uti

lisati

on

Avera

ge

fun

d V

aR

uti

lisati

on

VaR

uti

lisati

on

lim

it

(in

tern

al

lim

it)

Maxim

um

exp

ecte

d

level

of

levera

ge

(net

levera

ge)

Realised

avera

ge

level

of

levera

ge

Refe

ren

ce P

ort

folio

(if an

y)

HG

IF -

Glo

bal

Cre

dit B

ond

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

112.

24%

14

7.54

%

122.

61%

15

0%

100%

4%

50%

ML

US

Cor

pora

te

1-10

yea

rs +

50%

ML

Euro

Cor

pora

te (U

S he

dged

)

HG

IF -

Glo

bal

Emer

ging

Mar

kets

B

ond

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

78.5

%

114.

0%

97.4

%

131%

50

%

8%**

* JP

Mor

gan

EMB

I Glo

bal

HG

IF -

Glo

bal

Emer

ging

Mar

kets

C

orpo

rate

Deb

t

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

79.3

%

103.

2%

86.3

%

110%

50

%

0%**

* JP

Mor

gan

CEM

BI

Div

ersi

fied

HG

IF -

Glo

bal

Emer

ging

Mar

kets

In

vest

men

t Gra

de

Bon

d

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

01/0

4/20

11

31/0

3/20

12

Abs

olut

e Va

R

3.5%

12

.6%

8.

2%

15.7

%

150%

38

%**

* N

/A

HG

IF -

Glo

bal

Emer

ging

Mar

kets

Lo

cal D

ebt

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

74.4

%

104.

2%

87.0

%

124%

15

0%

23%

***

JP M

orga

n G

BI-E

M

Glo

bal D

iver

sifie

d

HG

IF- G

loba

l Hig

h In

com

e B

ond

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

52.6

%

86.1

%

62.0

%

190%

10

0%

1%

GH

I Agg

rega

te

Ben

chm

ark

HG

IF –

Glo

bal

Infla

tion

Link

ed

Bon

d

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e V

aR

82.6

1%

100.

04%

92

.63%

15

0%

100%

0

%

Bar

clay

s W

orld

Infla

tion

Link

ed B

ond

inde

x

HG

IF –

Lat

in

Am

eric

an L

ocal

D

ebt (

laun

ched

as

at 1

9 M

ay 2

011)

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

19/0

5/20

11

31/0

3/20

12

Rel

ativ

e Va

R

95.1

%

115.

7%

101.

2%

131%

N

/A

0%

JP M

OR

GA

N G

BI-E

M

Glo

bal L

atin

Am

eric

a In

dex

HG

IF –

RM

B F

ixed

In

com

e (la

unch

ed

as a

t 25

Oct

ober

20

11)

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 25

/10/

2011

31

/03/

2012

A

bsol

ute

VaR

0.

5%

4.2%

2.

7%

5.4%

10

0%

18%

N

/A

Gen

eral

Info

rmat

ion

(con

tinue

d)

8 H

GIF

– U

S D

olla

r B

ond

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

61.7

%

119.

3%

95.7

%

121%

10

0%

32%

B

arcl

ays

Cap

ital U

S A

ggre

gate

3) E

qu

ity S

ub

-Fu

nd

s

HG

IF –

Asi

a ex

Ja

pan

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF –

Asi

a ex

Ja

pan

Equi

ty

Smal

ler C

ompa

nies

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF –

Asi

a Pa

cific

ex

Jap

an E

quity

H

igh

Div

iden

d

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

BR

IC E

quity

H

SBC

Glo

bal A

sset

M

anag

emen

t (U

K)

Lim

ited

01/0

4/20

11

31/0

3/20

12

Com

mitm

ent

N/A

N

/A

N/A

N

/A

N/A

N

/A

N/A

HG

IF -

BR

IC

Mar

kets

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

BR

IC

Mar

kets

Equ

ity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF –

Chi

na

Con

sum

er

Opp

ortu

nitie

s (la

unch

ed a

s at

23

Sept

embe

r 201

1)

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 23

/09/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF –

CIV

ETS

(laun

ched

as

at 1

7 M

ay 2

011)

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 17

/05/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

Gen

eral

Info

rmat

ion

(con

tinue

d)

9

UC

ITS

En

tity

in

ch

arg

e o

f

Co

mm

itm

en

t /

VaR

mo

nit

ori

ng

Sta

rtin

g

peri

od

En

din

g

peri

od

Mark

et

Ris

k

Calc

ula

tio

n

Lo

west

fun

d V

aR

uti

lisati

on

Hig

hest

fun

d V

aR

uti

lisati

on

Avera

ge

fun

d V

aR

uti

lisati

on

VaR

uti

lisati

on

lim

it

(in

tern

al

lim

it)

Maxim

um

exp

ecte

d

level

of

levera

ge

(net

levera

ge)

Realised

avera

ge

level

of

levera

ge

Refe

ren

ce P

ort

folio

(if an

y)

HG

IF -

Clim

ate

Cha

nge

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Com

mitm

ent

N/A

N

/A

N/A

N

/A

N/A

N

/A

N/A

HG

IF -

Emer

ging

W

ealth

H

SBC

Glo

bal A

sset

M

anag

emen

t (Fr

ance

) 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Euro

land

Eq

uity

H

SBC

Glo

bal A

sset

M

anag

emen

t (Fr

ance

) 01

/04/

2011

31

/03/

2012

R

elat

ive

VaR

95

.26%

11

9.05

%

106.

09%

20

0%

10%

1.

93%

M

SCI E

MU

(NR

)

HG

IF -

Euro

land

Eq

uity

Sm

alle

r C

ompa

nies

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

96.8

2%

128.

23%

11

2.72

%

200%

10

%

0%

MSC

I EM

U S

MA

LL

CA

PS E

UR

(NR

) Ind

ex

HG

IF -

Euro

land

G

row

th

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e Va

R

92.1

6%

107.

22%

99

.44%

20

0%

10%

3.

80%

M

SCI E

MU

(NR

)

HG

IF -

Euro

pean

Eq

uity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF –

Fron

tier

Mar

kets

(lau

nche

d as

at 3

0 N

ovem

ber

2011

)

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 30

/11/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Glo

bal

Emer

ging

Mar

kets

El

ite (l

iqui

date

d as

at

20

May

201

1)

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

20

/05/

2011

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Glo

bal

Emer

ging

Mar

kets

Eq

uity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

Gen

eral

Info

rmat

ion

(con

tinue

d)

10

HG

IF -

Glo

bal

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Com

mitm

ent

N/A

N

/A

N/A

N

/A

N/A

N

/A

N/A

HG

IF -

Latin

A

mer

ican

Equ

ity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Mid

dle

East

&

Nor

th A

fric

a Eq

uity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Bra

zil E

quity

H

SBC

Ban

k B

razil

SA

01

/04/

2011

31

/03/

2012

R

elat

ive

VaR

0.

167%

**

0.42

6%**

0.

284%

**

N/A

N

/A

NÃ

M

SCI B

razi

l

HG

IF -

Chi

nese

Eq

uity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Hon

g Ko

ng

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Indi

an

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Japa

nese

Eq

uity

H

SBC

Glo

bal A

sset

M

anag

emen

t (Fr

ance

) 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Kore

an

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Rus

sia

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Sing

apor

e Eq

uity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

Gen

eral

Info

rmat

ion

(con

tinue

d)

11

UC

ITS

En

tity

in

ch

arg

e o

f

Co

mm

itm

en

t /

VaR

mo

nit

ori

ng

Sta

rtin

g

peri

od

En

din

g

peri

od

Mark

et

Ris

k

Calc

ula

tio

n

Lo

west

fun

d V

aR

uti

lisati

on

Hig

hest

fun

d V

aR

uti

lisati

on

Avera

ge

fun

d V

aR

uti

lisati

on

VaR

uti

lisati

on

lim

it

(in

tern

al

lim

it)

Maxim

um

exp

ecte

d

level

of

levera

ge

(net

levera

ge)

Realised

avera

ge

level

of

levera

ge

Refe

ren

ce P

ort

folio

(if an

y)

HG

IF -

Taiw

an

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Thai

Equ

ity

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

Turk

ey

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

Turk

ey)

01/0

4/20

11

31/0

3/20

12

Com

mitm

ent

N/A

N

/A

N/A

N

/A

N/A

N

/A

N/A

HG

IF -

UK

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

C

omm

itmen

t N

/A

N/A

N

/A

N/A

N

/A

N/A

N

/A

HG

IF -

US

Equi

ty

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Com

mitm

ent

N/A

N

/A

N/A

N

/A

N/A

N

/A

N/A

4) O

ther

Su

b-F

un

ds

HG

IF -

Euro

pean

Eq

uity

Abs

olut

e R

etur

n

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

A

bsol

ute

VaR

2.

1%

5.7%

3.

3%

20%

22

0%

118%

N

/A

HG

IF -

GEM

Deb

t To

tal R

etur

n

HSB

C G

loba

l Ass

et

Man

agem

ent L

imite

d (A

MG

B)

01/0

4/20

11

31/0

3/20

12

Abs

olut

e Va

R

1.2%

7.

6%

4.2%

9%

20

0%

55%

***

N/A

HG

IF -

GEM

Equ

ity

Abs

olut

e R

etur

n

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

A

bsol

ute

VaR

4.

0%

11.9

%

6.4%

20

%

200%

79

%

N/A

Gen

eral

Info

rmat

ion

(con

tinue

d)

12

HG

IF -

Glo

bal

Cur

renc

y

HSB

C G

loba

l Ass

et

Man

agem

ent (

UK)

Li

mite

d 01

/04/

2011

31

/03/

2012

A

bsol

ute

VaR

0.

4%

9.8%

3.

5%

20%

27

00%

45

3%

N/A

HG

IF -

Glo

bal F

lex

Allo

catio

n

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Rel

ativ

e V

aR

38.3

9%

149.

58%

83

.85%

20

0%

300%

14

4%

40%

MSC

I Wor

ld (N

R)

EUR

+ 6

0% C

itiG

roup

EM

U G

vt B

onds

Inde

x

HG

IF -

Glo

bal

Mac

ro

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

31/0

3/20

12

Abs

olut

e Va

R

2.83

%

8.92

%

4.67

%

10%

12

00%

71

0%

N/A

HG

IF -

Glo

bal

Mac

ro II

H

SBC

Glo

bal A

sset

M

anag

emen

t (Fr

ance

) 01

/04/

2011

31

/03/

2012

A

bsol

ute

VaR

5.

64%

18

.99%

8.

94%

20

%

2400

%

1688

%

N/A

HG

IF -

Mul

ti G

over

nmen

t Bon

d St

rate

gies

(li

quid

ated

as

at 2

M

arch

201

2)

HSB

C G

loba

l Ass

et

Man

agem

ent (

Fran

ce)

01/0

4/20

11

02/0

3/20

12

Abs

olut

e Va

R

1.77

%

6.02

%

8.27

%

10%

20

00%

N

/A

N/A

*

HG

IF -

Bra

zil B

ond:

VaR

util

isat

ion

as a

per

cent

age

of th

e su

b-fu

nd A

sset

s U

nder

Man

agem

ent

**

HG

IF -

Bra

zil E

quity

: VaR

util

isat

ion

as p

erce

ntag

e of

the

corre

spon

ding

refe

renc

e po

rtfol

io

***

Rea

lised

ave

rage

leve

l of l

ever

age

betw

een

31 O

ctob

er 2

011

and

31 M

arch

201

2

Board of Directors

13

BOARD OF DIRECTORS OF THE COMPANY Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Dr. Michael Boehm, Chief Operating Officer (appointed 29 July 2011) HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, 40212 Düsseldorf, Germany. James Boucher, Managing Director, HSBC Bank (Mauritius) Limited 6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius. Thies Clemenz, Chief Executive Officer, HSBC Trinkaus Investment Managers S.A. 8, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg. George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited Level 21, 8 Canada Square, London E14 5HQ, United Kingdom. David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management (UK) Limited Level 21, 8, Canada Square, London E14 5HQ, United Kingdom. Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Edgar Ng, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) Limited Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong. Richard Long, Head of Global Funds Operations (appointed on 29 July 2011 and resigned on 31 August 2011) HSBC Global Asset Management (UK) Limited, 8 Canada Square, London E14 5HQ, United Kingdom

Management and Administration

14

Registered Office

16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. R.C.S. Luxembourg N° B-25087 Management Company

HSBC Investment Funds (Luxembourg) S.A. 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Custodian, Administration Agent, Registrar and Transfer Agent and Central Paying Agent

RBC Dexia Investor Services Bank S.A. 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg. Domiciliary Agent

HSBC Securities Services (Luxembourg) S.A. 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Investment Advisers

From 1 July 2011

HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France HSBC Global Asset Management (Hong Kong) Limited Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay, #10-01 HSBC Building, Singapore 049320, Singapore HSBC Global Asset Management (UK) Limited 8, Canada Square, London E14 5HQ, United Kingdom HSBC Global Asset Management (USA) Inc. 452 Fifth Avenue, 7th Floor, New York, NY 10018, USA HSBC Bank Brasil S.A. – Banco Múltiplo Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil HSBC Portfoy Yonetimi A.S. Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey Until 30 June 2011 Halbis Capital Management (France) Immeuble Ile de France, 4, place de la Pyramide, La Défense 9, 92800 Puteaux, France HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France HSBC Global Asset Management (Hong Kong) Limited Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay, #10-01 HSBC Building, Singapore 049320, Singapore

Management and Administration (continued)

15

Investment Advisers (continued)

HSBC Global Asset Management (UK) Limited 8, Canada Square, London E14 5HQ, United Kingdom HSBC Global Asset Management (USA) Inc. 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA HSBC Bank Brasil S.A. – Banco Múltiplo Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil HSBC Portfoy Yonetimi A.S. Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey Sinopia Asset Management 4, place de la Pyramide, La Défense 9, 92800 Puteaux, France Sinopia Asset Management (UK) Limited 8, Canada Square, London E14 5HQ, United Kingdom


16

Share Distributors

Global Distributor HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Austria, Eastern Europe and Germany Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany. Hong Kong Representative and Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong. United Kingdom Representative and Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Republic of Ireland Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland. Jersey Representative and Distributor HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands. Singapore Representative and Distributor HSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore. Swiss Representative and Paying Agent in Switzerland HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland. Korea Representative and Distributor HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea. Distributor for Continental Europe HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.


17

Paying Agent in Hong Kong

The Hong Kong and Shanghai Banking Corporation Limited, HSBC Main Building, 1 Queen’s Road Central, Hong Kong. Representative and Paying Agent in Poland

HSBC Bank Polska S.A., Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland.

Réviseur d'Entreprises Agréé

KPMG Luxembourg S.à r.l. 9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg. Legal Adviser Elvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.

Directors’ Report

18

Directors’ Comments

The Board of Directors present the Audited Annual Report and Accounts for HSBC Global Investment Funds (the “Company”) for the year ending 31 March 2012. The Company

The Company is a variable capital investment company, incorporated under the laws of the Grand Duchy of Luxembourg and is organized as an “umbrella” with a number of sub-funds, each of which has their own investment policies and restrictions. At present, the Company has issued shares in 57 sub-funds. During the year, the total net assets of the Company decreased from USD 27.5 billion to USD 23 billion at year end. The Company qualifies as an Undertaking for Collective Investments in Transferable Securities under the directive 2009/65/EC of 13 July 2009 and may therefore be offered for sale in European Union Member States, subject to registration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Company and its sub-funds may be made in other countries. The Company and its sub-funds are currently registered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Brunei, Chile, Colombia, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Japan, Jersey, Jordan, Korea, Lebanon, Macau, Malta, Mauritius, Netherlands, Norway, Oman, Panama, Peru, Poland, Portugal, Qatar, Singapore, Slovakia, Spain, Sweden, United Arab Emirates and United Kingdom. Responsibility of the Directors

The responsibility of the Directors of the Company is governed exclusively by Luxembourg law. With respect to these financial statements, the duties of the Directors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings and by the law of 20 December 2002 relating to undertakings for collective investments. From 1 July 2011, the Company is governed by Part I of the law of 17 December 2010 (the “2010 Law”) implementing the directive 2009/65/EC into Luxembourg Law. Annual General Meeting

The next Annual General Meeting of the Company will be held on Friday, 27 July 2012. Market Overview

Global Equities

During the second and third quarters of 2011, financial markets continued to be affected by high levels of risk aversion and volatility as the slowdown in global growth became more apparent. Meanwhile, on-going sovereign debt problems in the eurozone, particularly Greece, also weighed on the already-fragile sentiment. Asian and emerging markets equities were also affected by the developments in the West. Meanwhile, as equity markets fell, risk aversion rose as investors moved from equities into perceived safer havens. Nonetheless, whilst US sovereign debt was ultimately downgraded, this did not negatively impact the performance of US Treasuries. Global bourses saw a distinct improvement in the last quarter of 2011 whilst still experiencing strong volatility levels. Indeed, equities outperformed bonds over the fourth quarter of the year as economic data improved, notably from the US. Meanwhile, persistent sovereign debt concerns in the eurozone kept sentiment in check. Over the quarter as whole, most stock markets performed strongly with Western markets outperforming Asia and emerging markets. The US was among the best performing and Continental European bourses also enjoyed robust gains in spite of the debt problems. Meanwhile, Asian and emerging markets registered positive but modest returns over the last quarter of the year. Into 2012, US economic data releases were generally better than expected over the first quarter. Gross Domestic Product (GDP) growth for the fourth quarter of 2011 was revised upwards to 2.8% (annualised) despite weaker government spending and low consumer confidence. The US quantitative easing programme was not increased during the period. In the eurozone, the latest in the series of European Union (EU) summits produced some positive developments in the Greek debt crisis. A Greek debt swap was negotiated and took place successfully.

Directors’ Report (continued)

19

Global Equities (continued)

The European Central Bank (ECB) also continued to inject liquidity into the banking system, which helped to restore confidence. Although the Japanese economy contracted by 0.6% in the last quarter of 2011, recent data releases suggest an improvement in the pace of growth. The yen continued to weaken against the US dollar and this should support exports and help bolster confidence in the near term. UK GDP shrank by 0.2% during the final quarter of 2011, slightly more than had been expected. The FTSE World index rose 11.3% over the quarter, continuing its positive momentum from the previous quarter, as investor risk appetite returned to the market. Indeed, the new year began strongly, with improving economic data from the US and signs of positive progress in the Greek debt crisis. There was also further monetary stimulus from the ECB, the Bank of Japan and the Bank of England, which improved investor confidence. The rally was led by cyclical sectors, in particular IT, and financial stocks also recovered from their depressed levels. The rally tailed off in March as fears returned about a sharp slowdown in China and the deteriorating debt situation in Spain. The higher oil price and its possible dampening effect on global growth also weighed on global equity markets.

US Equities

At the start of the review period, data showing that the US economy had grown by only 1.8% in the first quarter of 2011, well below the previous quarter, mainly due to weak consumer spending, raised fears about the sustainability of growth. Employment figures were also worse than expected. As such, the S&P 500 index was flat over the second three-month period of the year. Into the second half of 2011, data showed that annualised US GDP had grown by only 1.3% in the second quarter, while growth for the first quarter was revised down to just 0.3%. Standard & Poor’s downgrading of the US long-term credit rating further exacerbated fears. Ongoing worries over the sovereign debt crisis in the eurozone also stoked risk aversion among equity investors. Towards the end of the quarter, however, the Federal Reserve announced a fresh attempt to stimulate the economy, by lowering long-term interest rates and launching ‘Operation Twist’, a programme to purchase US$400 billion of longer-dated US Treasuries and sell an equal amount of shorter-dated US Treasuries by the end of June 2012. Nonetheless, the S&P 500 index slumped over the third quarter, in one of the worst three-month periods for global stocks in a decade. Concerns about US growth returned in the last quarter of 2011 after third-quarter GDP figures were revised down amid lacklustre personal spending. Conversely, employment data started to show encouraging signs towards the end of the quarter. At the end of November, the Federal Reserve and five other major central banks announced a coordinated action to ease dollar funding pressures by reducing swap rates and extending swap duration. As a result, US stocks rose significantly, reversing the previous quarter’s losses. This strong performance continued in December and into the New Year too, with signs of a robust pick-up in the economy bolstering US equities in the first three months of 2012. Against this backdrop, the S&P 500 index was up significantly for the 12-month period as a whole.

Europe ex-UK Equities

The second quarter of 2011 began promisingly with robust economic data and positive corporate earnings supporting eurozone equity markets. However, sovereign debt worries soon resurfaced, this time involving Greece. At the beginning of June, Standard & Poor’s downgraded Greece’s sovereign debt, citing an increased likelihood of debt restructuring or default. Nonetheless, at the end of the month, the Greek parliament gained approval for further austerity measures, a necessary step in ensuring the release of funds by the IMF, and thus narrowly avoided defaulting. Equity markets rallied strongly in relief. The third quarter of the year, however, saw a distinct turnaround in fortunes. Ongoing fears over the sovereign debt crisis in the eurozone and slowing economic growth, notably in the US, led equity markets lower. Meanwhile, the Greek debt crisis intensified, sparking concerns that it would spread to other Southern European nations. Any indication that the debt crisis was reaching resolution led only to short-lived rallies in shares. As a result, European bourses fell dramatically over the third quarter as a whole. On a more positive note, the fourth quarter began promisingly. After intense negotiations among EU leaders and bankers, a plan was reached for a US$1.4 trillion support package for eurozone debt and an agreement for the private sector to take a 50% voluntary reduction in value on Greece’s obligations. Unfortunately, in November, the eurozone debt crisis worsened again, with Italy the potential victim, and the region’s markets dipped sharply. The main focus in December was the 8-9 December EU leaders summit, which failed to find a definitive solution to the crisis. After the initial confusion surrounding the impact of the summit, equities struggled in December. Nevertheless, the FTSE World Europe ex UK index was up over the last quarter of 2011, and began 2012 in promising fashion, rising in both January and February. However, fears that Spain could be the next country to threaten the eurozone weighed on investor sentiment in March. Against this backdrop, continental European equities were down over the 12-month review period.


20

UK Equities

The second quarter of 2011 began optimistically with equities performing strongly amid better-than-expected corporate earnings, although economic data was mixed. The rally was short lived, as sovereign debt worries resurfaced, this time involving Greece. At the beginning of June, Standard & Poor’s downgraded Greece’s sovereign debt, in light of a higher risk of debt restructuring or default. Nevertheless, at the end of the month, after passing further austerity measures, a requirement for the release of funds by the IMF, Greece avoided defaulting on its debt obligations. Equity markets staged a strong but ephemeral rally as a result. Sentiment turned in the third quarter, however, as persistent fears over the sovereign debt crisis in the eurozone and slowing economic growth led global equity markets lower. Disappointing US economic data stoked fears of a double-dip recession in the UK. As the quarter progressed, equities continued their downwards trajectory as the Greek debt crisis intensified, and there were concerns that contagion would spread to other countries. Nonetheless, UK equities rebounded strongly over the fourth quarter, reversing some of the previous quarter’s losses. The period began well with equities rallying as the situation in the eurozone showed signs of improvement and the European Union summit ended on an encouraging note. Even so, shares then weakened on further disappointing news regarding the eurozone debt crisis, which now threatened to engulf Italy. Stock markets rallied towards the end of the year on improving economic data from the US and more positive developments in the eurozone. Into 2012, UK equities continued their run of strong performance in light of an increasing investor appetite for risk. By March, however, this rally had run out of steam amid weak retail sales figures. Against this backdrop, UK equities, as represented by the FTSE All Share index, were down slightly over the 12-month period as a whole.

Japanese Equities

The review period began on a lacklustre note for Japanese equities, which fell in April as investors continued to evaluate the effect of the devastating earthquake and subsequent tsunami in March. There was little relief in May, in light of further minor earthquakes and increasing fears about the scale of the problem at the damaged Fukushima nuclear plant. In June, economic data showed signs of recovering, and so the market rallied, outperforming most other developed markets. This resilience continued into the third quarter, with economic indicators picking up and investors being cheered by the government’s stimulus plans. In August, however, Japanese equities followed other global markets downwards amid fears about slowing global growth and the eurozone debt crisis. Exporting companies fared particularly badly with the strength of the yen hampering exports. In September, Japanese equities continued to be volatile, as any positive news from the eurozone brought only brief relief rallies. The market edged up during October amid increased tolerance for risk among investors, but underperformed world markets due to mixed domestic economic data. The market then fell in November as the situation in the eurozone worsened and threatened to engulf Italy as well. This was despite more positive news in Japan, as the economy continued to recover from the earthquake in March. December was another volatile month; the TOPIX dipped sharply when investors sold riskier assets mid-month, but then recovered on the improving outlook for the US economy. Japanese equities picked up considerably in 2012, however, as a weakening yen boosted the performance of exporters. Indeed, as a result, Japan’s stock market was up over the 12-month period overall.

Asia ex Japan Equities

Despite signs of moderation, Asian economic growth remained robust in the second quarter although the focus remained on inflation. This continued throughout the summer, with China’s inflation accelerating to its fastest pace in three years in June. In response, the People’s Bank of China increased the bank reserve requirement once again. Meanwhile, business sentiment remained robust. In the equity markets, the second quarter began strongly, on better-than-expected corporate earnings but the rally was temporary, as risk aversion soon returned to the markets amid fears of a Greek debt default. There were also concerns for Chinese growth; manufacturing data suggested that the economy was slowing. At the end of the quarter, when Greece narrowly avoided defaulting on its debt, Asian equities rallied strongly in relief. By the third quarter, however, the global slowdown had started to affect exports. Despite inflationary pressures remaining in some areas, the People’s Bank of China paused in its rate hiking cycle, a move in line with market expectations, and indeed headline inflation began a downward trend. Nonetheless, Asian equities slumped over the third quarter, as fears over the sovereign debt crisis in the eurozone and slowing economic growth led global equity markets lower. The fourth quarter saw positive news from China in November; the People’ Bank of China cut banks’ reserve ratio requirement in response to a further decline in headline CPI inflation. Easing inflationary pressures in other Asian markets also suggested that Asian central banks could begin to cut rates. Meanwhile, equity markets in the region were largely driven by vacillating sentiment with regard to the eurozone.


21

Asia ex Japan Equities (continued)

Though equities rallied strongly in October on better-than-expected US economic data and encouraging progress in Europe, this optimism proved short lived and the market retreated later in November, with global macroeconomic concerns continuing to temper returns from the Asian equity market. Buoyed by the unexpected cut in China’s banking reserve ratio requirement, Asian bourses began December positively, but the rally soon faded on renewed concerns about the eurozone, and Asia equities underperformed global markets. The prevailing mood changed in 2012, however, with Asian ex Japan stocks performing strongly in the first quater of the year with signs of improvement in the US economy helping to boost the performance of export-reliant markets. For the review period as a whole, though, the region’s equities were in negative territory.

Emerging Market Equities

The MSCI Emerging Markets index suffered a volatile second quarter in 2011, falling slightly. Asia was the best-performing region, followed by Latin America and Eastern Europe, Middle East and Africa (EMEA). Over the course of the quarter, there was a pull-back in risk appetite, which resulted in a sell-off of emerging market equities. The main factors behind this were concerns over Greek sovereign debt, weakening US economic data and fears of a ‘hard landing’ in China. Ongoing concerns over inflation in emerging markets also weighed on markets, as did the tightening measures that followed. All of the BRIC (Brazil, Russia, India and China) countries finished in negative territory. Emerging markets equities fell more significantly over the third quarter, though, as fears over the sovereign debt crisis in the eurozone and slowing economic growth led global equity markets lower. In July, emerging markets as a whole held up relatively well, albeit with wide dispersions between markets. In August and September, however, they suffered heavy falls as investors shunned ‘risk assets’. Aside from global growth fears, there were some emerging-market-specific concerns including continuing high inflation in many markets, and the unexpected interest rate cut in Brazil, which suggested that growth was slowing in Latin America. Over the period, most emerging market currencies weakened sharply as a result of risk aversion. Nonetheless, the fourth quarter saw a turnaround in fortunes, with the MSCI Emerging Markets index up over the last three months of 2011. However, emerging market stocks ended 2011 considerably down, in one of the weakest years for a decade. Latin America was the best-performing region during the quarter with Peru and Mexico being the main contributors. The next best-performing region was Asia, followed closely by EMEA. The underperformance of the broader emerging market index by EMEA was primarily caused by the European debt crisis as well as political and social unrest that had been seen in the region throughout 2011. In December, the political unrest in Russia impacted that market. Yet, the broader rally that begin in the fourth quarter continued into the first quarter of 2012, with the MSCI Emerging Markets index registering double-digit gains. EMEA was the top-performing region, followed by Latin America and Asia. The first two months of the quarter saw a sharp rebound in markets as the ‘risk-on’ trading environment dominated. Loosening monetary policy in emerging markets, the easing of the European sovereign debt crisis, as the European Central Bank’s Long Term Refinancing Operation took effect, and Greek bailout package was agreed, were the driving force behind improved sentiment. March saw a halt to the rebound in emerging market equities as fears over Chinese growth and a lack of monetary policy loosening in China and India negatively impacted market sentiment and saw a decline across markets.

UK Bonds

Gilts began the period strongly, registering robust returns in the second quarter of 2011, amid a continuation of weak economic data and concerns for the path of global growth. The robust performance of gilts continued in the third quarter, as UK GDP growth disappointed and forecasts for the rest of the year were reduced. Although inflation in the UK remained stubbornly high, the poor economic data pushed expectations for interest rate increases further out. In the minutes of the September Monetary Policy Committee meeting, it was revealed that most members of the committee believed that that an extension of the quantitative easing programme was ‘increasingly probable’. This news sparked an additional rally in the gilt market. The last three months of the year were no different; gilts performed very strongly over the fourth quarter. The extension of the quantitative easing programme by £75 billion also lent support to the market. Ten-year gilt yields fell below 2% for the first time on record and two-year gilt yields also reached a record low of 0.29% during the period. However, a return of risk appetite among investors, amid signs of an improvement in the global economy, saw UK bonds weaken in the first quarter of 2012. Despite holding up in January, gilts performed weakly in February and March as demand receded for the perceived safer havens of government bonds. Against this backdrop, over the 12-month review period as a whole, UK bonds rose significantly.


22

Global Bonds

Global bonds strengthened over the second quarter of 2011, as risk aversion returned to the market and investors moved out of risk assets. The combination of weakening economic data following the Japanese earthquake and the continuing sovereign debt worries in the eurozone led investors to seek the safe haven of ‘core’ government bonds. Following a series of downgrades, Greek bond yields reached record levels and crisis talks were held as it looked likely that they could default. At the very end of the quarter, the Greek government avoided default by passing an austerity package involving budget cuts of €78 billion, in order to meet the demands of the EU and IMF. Amid fears of contagion, Portuguese and Irish bonds also came under pressure, and spreads between Italian bonds and German bunds reached eurozone highs. The US $600bn quantitative easing programme was completed at the end of June, taking away some of the support for US Treasuries. Global bonds continued to perform strongly in the third quarter, as risk aversion prevailed and investors sought safe havens. This was despite the news earlier in the quarter being dominated by the US sovereign debt crisis, as with the 2 August deadline for raising the US debt ceiling approaching, Democrats and Republicans struggled to agree on a balance of spending cuts and tax rises that would allow them to raise the debt ceiling. An agreement was finally reached on 1 August and so the US avoided defaulting. For the rest of the quarter, attention was focused on the eurozone debt crisis. The benchmark 10-year German bund yield reached record lows in September, as the Greek debt crisis intensified and investors sought safe havens. Spreads on Greek bonds over German bunds rose to unprecedented levels during the period as negotiations over the terms of the bailout continued between the European Commission, the ECB and the IMF. The performance of global bonds, though positive, was more muted in the final quarter of 2011. They began the period weakly, as investors favoured risk assets and sold government bonds. As the quarter progressed and the sovereign debt crisis in the eurozone intensified, investors sought the safe haven of core government bonds. In the eurozone, spreads on peripheral nations’ bonds over German bunds reached euro-era highs. A plan was reached for a US$1.4 trillion support package for eurozone debt and an agreement for the private sector to take a 50% voluntary reduction on the value of Greece’s debt. Later in the quarter, a wall of liquidity unleashed by the ECB in December saw conditions in European bond markets ease slightly. Global bonds weakened slightly in the first quarter of 2012, however, as risk appetite among investors returned amid signs of a pick-up in the economy, notably in the US. Indeed, US Federal Open Market Committee minutes in March, reflecting a firmer outlook for the US economic growth and labour market conditions, saw US 10-year bond yields rise significantly. In Europe, however, although ratings agency Moody’s declared Greece to have defaulted as per the condition of the debt exchange program, the debt swap was generally perceived to be a success. Against this backdrop, global bonds performed strongly over the 12-month period under review.

Report of the Réviseur d’Entreprises agréé

23

To the Shareholders of HSBC Global Investment Funds 16, Boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

REPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉ

Following our appointment by the Annual General Meeting of the shareholders dated 29 July 2011, we have audited the accompanying financial statements of HSBC Global Investment Funds (“the Company”) and 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 31 March 2012 and the statement of operations and 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 Company responsibility for the financial statements

The Board of Directors of the 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 Company 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 Réviseur d'Entreprises agréé

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 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 Company, 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 HSBC Global Investment Funds and each of its sub-funds as of 31 March 2012, 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.

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.

Luxembourg, 12 July 2012

KPMG Luxembourg S.à r.l. Cabinet de révision agréé R. Beegun

24

Statement of Net Assets as at 31 March 2012

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

Portfolio at Cost *

Unrealised Appreciation/(Depreciation) *

Portfolio at Market Value

Cash at Bank

Bank Overdraft

Receivable from Brokers

Payable to Brokers

Receivable from Shareholders

Payable to Shareholders

Other Assets (note 18)

Other Liabilities (note 18)

Total Net Assets

CONSOLIDATEDUSD

22,594,152,978

(743,809,738)

21,850,343,240

1,226,807,142

(2,496,471)

201,878,813

(346,337,635)

215,793,681

(173,654,627)

204,687,521

(101,161,161)

23,075,860,503

USD

Asia ex JapanEquity

592,578,900

13,933,664

606,512,564

24,191,171

-

8,884,009

(6,341,676)

296,087

(3,035,341)

3,289,673

(1,200,269)

632,596,218

International andRegional Equity

Sub-Funds

USD

Asia ex JapanEquity Smaller

Companies

45,291,557

1,311,743

46,603,300

1,815,286

-

778,797

-

433,312

(2,971,927)

71,732

(149,297)

46,581,203

USD

Asia Pacific exJapan Equity

High Dividend

160,334,379

20,458,760

180,793,139

2,349,683

-

4,226,579

(64,833)

860,610

(6,736,611)

836,061

(2,295,221)

179,969,407

*amounts including transaction fees.

25


USDBRIC Equity

1,537,821,572

(96,127,216)

1,441,694,356

28,437,550

(5)

10,090,296

(14,772,553)

3,364,133

(6,591,079)

1,175,921

(1,692,142)

1,461,706,477

USDBRIC Markets

15,500,829

1,935,189

17,436,018

23,065

-

-

-

-

-

32,283

(19,820)

17,471,546

USD

BRIC MarketsEquity

460,238,910

22,983,504

483,222,414

25,237,328

-

-

-

965,509

(1,553,638)

1,017,654

(1,040,302)

507,848,965

USD

China ConsumerOpportunities

(launched as at 23September 2011)

69,889,036

7,740,967

77,630,003

2,388,211

-

1,821,508

(3,054,712)

3,305,683

(1,647,662)

707,624

(110,485)

81,040,170

USD

CIVETS (launchedas at 17 May

2011)

22,048,403

61,624

22,110,027

416,496

-

-

-

67,468

(2,871)

20,352

(9,014)

22,602,458

USDClimate Change

24,339,982

5,167,025

29,507,007

9,154

-

302,425

-

106,605

(93,165)

101,619

(44,740)

29,888,905

26



Portfolio at Cost *



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDEmerging Wealth

20,502,921

2,032,923

22,535,844

30

(5,268)

609,780

(109,474)

64,118

(163,338)

48,958

(35,686)

22,944,964

EUREuroland Equity

746,713,995

(147,241,483)

599,472,512

427,644

(983,231)

3,384,507

(763,141)

296,775

(5,210,957)

186,551

(891,753)

595,918,907

EUR

Euroland EquitySmaller

Companies

52,191,762

6,165,862

58,357,624

2,935,572

-

-

-

297,125

(227,283)

100,266

(79,517)

61,383,787

EUREuroland Growth

85,002,836

(14,008,693)

70,994,143

4,484,200

-

-

-

1,204

(3,081,780)

12,186

(134,939)

72,275,014


27


EUREuropean Equity

85,845,918

3,333,780

89,179,698

1,226,162

(1,917)

54,646

(461,345)

145,087

(312,529)

261,211

(106,530)

89,984,483

USD

Frontier Markets(launched as at 30

November 2011)

61,031,872

7,123,456

68,155,328

952,333

-

108,724

(71,466)

315,928

(661,351)

499,143

(114,267)

69,184,372

USD

Global EmergingMarkets Equity

676,259,209

(45,029,427)

631,229,782

12,102,842

(5)

7,153,481

(3,582,564)

716,709

(10,101,259)

1,525,533

(1,351,466)

637,693,053

USDGlobal Equity

60,134,132

4,325,168

64,459,300

2,947,607

(280,724)

-

-

27,498

(402,811)

383,224

(46,926)

67,087,168

USD

Latin AmericanEquity

171,514,472

8,018,582

179,533,054

7,618,727

-

743,027

(45,578)

483,988

(3,511,960)

558,425

(198,637)

185,181,046

28



Portfolio at Cost *



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USD

Middle East andNorth Africa

Equity

8,892,392

77,765

8,970,157

153,170

-

-

-

23,793

(32,440)

25,805

(6,670)

9,133,815

USDBrazil Equity

1,764,080,001

138,177,486

1,902,257,487

61,892,841

-

5,883,128

(12,919,728)

22,364,870

(16,249,686)

6,797,007

(2,881,066)

1,967,144,853

Market SpecificEquity Sub-Funds

USDChinese Equity

2,019,537,975

58,874,492

2,078,412,467

55,831,984

-

18,889,904

(33,224,902)

11,690,368

(8,594,141)

-

(3,263,601)

2,119,742,079

USDHong Kong Equity

310,227,189

8,444,273

318,671,462

12,065,902

-

6,457,496

(3,794,336)

1,302,384

(11,485,112)

632,377

(334,522)

323,515,651


29


USDIndian Equity

4,642,096,221

(885,130,139)

3,756,966,082

288,131,912

-

45,896,413

(71,475,183)

5,101,693

(17,488,454)

32,601,861

(44,021,527)

3,995,712,797

JPYJapanese Equity

5,281,382,536

(221,195,731)

5,060,186,805

723,718,375

(80,498)

-

-

349,219,080

(20,666,271)

77,649,515

(6,116,485)

6,183,910,521

USDKorean Equity

102,165,769

7,999,037

110,164,806

762,724

(7,381)

7,026,543

(5,980,749)

121,355

(545,255)

622,803

(162,636)

112,002,210

USDRussia Equity

675,543,322

(63,377,432)

612,165,890

7,691,052

-

9,997,571

(11,212,800)

7,104,896

(2,680,739)

549,404

(976,576)

622,638,698

USDSingapore Equity

64,909,016

6,457,811

71,366,827

3,010,275

-

-

-

84,390

(323,435)

-

(106,822)

74,031,235

USDTaiwan Equity

20,332,422

126,680

20,459,102

50,730

-

164,243

(34,073)

179,749

(156,006)

55

(33,800)

20,630,000

30



Portfolio at Cost *



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDThai Equity

113,959,725

22,760,059

136,719,784

3,379,346

-

-

(2,265,823)

7,953,820

(2,810,526)

1,067,526

(194,089)

143,850,038

EURTurkey Equity

127,121,642

(6,978,206)

120,143,436

3,485,275

-

505,069

(2,095,636)

2,543,398

(4,952,553)

72,783

(185,349)

119,516,423

GBPUK Equity

70,046,581

5,603,564

75,650,145

1,970,174

-

-

-

464,190

(296,381)

410,311

(116,290)

78,082,149

USDUS Equity

133,092,705

22,827,285

155,919,990

16,903,392

-

-

-

8,513,520

(705,331)

1,211,913

(211,870)

181,631,614


31


USD

Asian CurrenciesBond (launched

as at 27 April2011)

75,916,265

31,161

75,947,426

5,694,931

-

2,951,566

(4,297,862)

216,891

-

803,523

(73,374)

81,243,101

Bond Sub-Funds

USDBrazil Bond

53,979,146

753,846

54,732,992

469,760

-

-

-

327,652

(203,255)

3,787,780

(71,370)

59,043,559

USD

EmergingInflation LinkedBond (launched

as at 30 June2011)

124,219,187

9,597,702

133,816,889

2,367,260

-

-

-

983,904

(53,703)

2,207,726

(140,564)

139,181,512

EUREuro Bond

84,119,772

1,764,718

85,884,490

2,305,703

-

3,102,895

(2,894,256)

151,044

(1,897,201)

1,255,687

(105,073)

87,803,289

EUREuro Credit Bond

427,550,717

8,072,989

435,623,706

9,861,423

(140,000)

22,392,032

(27,649,494)

3,529,977

(2,861,704)

9,648,388

(3,055,001)

447,349,327

EUR

Euro High YieldBond

599,636,691

15,988,556

615,625,247

17,479,799

-

-

(24,321,568)

26,303,459

(2,089,311)

17,428,318

(462,144)

649,963,800

32



Portfolio at Cost *



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDGlobal Bond

198,539,164

4,040,834

202,579,998

4,400,272

-

-

(22,692,125)

322,555

(129,421)

1,977,814

(230,520)

186,228,573

USD

Global CreditBond

19,742,687

(59,838)

19,682,849

1,406,124

-

-

-

-

-

381,803

(132,863)

21,337,913

USD

Global EmergingMarkets Bond

2,100,015,449

119,178,452

2,219,193,901

60,234,151

-

6,009,540

-

33,134,353

(32,798,191)

46,343,389

(4,837,142)

2,327,280,001

USD

Global EmergingMarkets

Corporate Debt

10,135,119

138,974

10,274,093

572,813

-

-

-

12,392

-

169,822

(2,511)

11,026,609


33


USD


Investment GradeBond

111,992,314

1,369,116

113,361,430

11,210,428

-

2,367,721

(3,979,538)

239,138

-

1,601,467

(471,309)

124,329,337

USD

Global EmergingMarkets Local

Debt

741,481,615

5,833,231

747,314,846

138,133,696

-

3,705,000

-

11,959,220

(326,524)

18,020,680

(1,236,310)

917,570,608

USD

Global HighIncome Bond

555,399,376

19,190,090

574,589,466

40,525,840

-

3,837,883

(8,501,905)

6,719,987

(3,297,573)

10,685,024

(10,300,380)

614,258,342

USD

Global InflationLinked Bond

31,499,964

6,310,590

37,810,554

1,242,443

(11,336)

567,240

(673,998)

-

-

263,819

(233,641)

38,965,081

USD

Latin AmericanLocal Debt

(launched as at 19May 2011)

19,861,422

44,360

19,905,782

296,828

-

-

-

-

-

237,789

(6,898)

20,433,501

USD

RMB FixedIncome (launched

as at 25 October2011)

52,048,918

285,255

52,334,173

31,789,364

-

-

(1,425,744)

961,653

(247,097)

4,074,349

(3,854,886)

83,631,812

34



Portfolio at Cost *



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDUS Dollar Bond

150,238,015

2,780,049

153,018,064

29,364,279

-

-

(43,986,235)

1,156,249

(2,823,552)

900,377

(177,807)

137,451,375

EUREuro Reserve

140,164,211

39,824

140,204,035

1,795,871

-

10,000,000

(9,992,836)

94,211

(2,718,105)

26,800

(41,788)

139,368,188

Reserve Sub-Fund

EUR

European EquityAbsolute Return

15,793,652

464,428

16,258,080

2,432,936

(13,516)

-

-

20,433

-

7,748

(287,891)

18,417,790

Other Sub-Funds

USD

GEM Debt TotalReturn

918,211,767

(13,008,987)

905,202,780

189,962,622

-

-

-

26,187,912

(2,627,058)

17,192,819

(6,484,471)

1,129,434,604


35


USD

GEM EquityAbsolute Return

20,825,226

(680,117)

20,145,109

5,057,407

(1,112)

-

-

-

-

188,144

(495,600)

24,893,948

USDGlobal Currency

48,456,046

31,208

48,487,254

15,978,743

(499,497)

-

-

76,783

(46,525)

3,433

(1,715,423)

62,284,768

EUR

Global FlexAllocation

17,477,973

(157,160)

17,320,813

1,699,369

(23,766)

12,262

(12,471)

13,259

-

301,013

(46,329)

19,264,150

EURGlobal Macro

169,658,170

(181,772)

169,476,398

37,590,971

(14,347)

548,173

(605,007)

6,362,293

(506,172)

973,591

(1,925,296)

211,900,604

EURGlobal Macro II

6,553,513

(1,636)

6,551,877

2,536,213

(90,022)

28,851

(31,842)

-

-

55,843

(123,868)

8,927,052

36

Class AC Number of Shares OutstandingNet Asset Value per Share

3,015,493.643 49.90

Class ACGBP

Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ACHEUR


3,649,090.078 21.70

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A

Class AD Number of Shares OutstandingNet Asset Value per Share

4,156,039.503 46.16

Class ADGBP


N/AN/A

Class ADHEUR


79,570.582 21.17

Class ADHHKD


N/AN/A

Class AM Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class AMHKD


N/AN/A

Class AMD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class AMHSGD


N/AN/A

Class EC Number of Shares OutstandingNet Asset Value per Share

146,719.153 45.67

Class ED Number of Shares OutstandingNet Asset Value per Share

3,661.487 45.24

Class IC Number of Shares OutstandingNet Asset Value per Share

2,286,229.720 50.48

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A

Class ID Number of Shares OutstandingNet Asset Value per Share

142,661.269 49.94

Class IDHEUR


N/AN/A

Class J1C Number of Shares OutstandingNet Asset Value per Share

6,066,563.987 10.67

Class J1CHJPY


N/AN/A


Sub-Funds

USD

Asia ex JapanEquity

228,549.327 35.15

N/AN/A

N/AN/A

N/AN/A

N/AN/A

962,809.878 33.45

N/AN/A

N/AN/A

99.900 1.09

N/AN/A

N/AN/A

N/AN/A

N/AN/A

102,883.658 34.31

N/AN/A

78,153.043 36.02

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Companies

2,033,853.648 18.79

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,747,975.962 15.75

N/AN/A

N/AN/A

N/AN/A

1,363,764.098 8.95

7,097,449.553 1.15

N/AN/A

N/AN/A

195,727.053 18.39

N/AN/A

1,347,931.824 16.98

33,779.816 13.13

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


High Dividend

7,924,650.265 21.95

3,588.351 16.16

N/AN/A

3,191,816.627 1.05

N/AN/A

128,171.131 22.02

123.862 16.33

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

173,390.425 21.37

N/AN/A

5,245,205.257 22.38

1,163,877.236 12.65

N/AN/A

55,000.000 22.79

N/AN/A

15,394,756.189 16.80

N/AN/A

USDBRIC Equity

Key Figures as at 31 March 2012


37

Class L1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A

Class L1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A

Class M1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A

Class M1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A

Class PC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class PD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class R1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class S1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A


Sub-Funds

USD

Asia ex JapanEquity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Companies

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


High Dividend

5,305.000 22.31

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,337,237.090 23.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

29,569,106.070 22.47

7,657,476.736 22.50

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBRIC Equity



38

Class S2C Number of Shares OutstandingNet Asset Value per Share

N/AN/A


N/AN/A

Class WD Number of Shares OutstandingNet Asset Value per Share

293,237.442 9.75

Class XC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class YAC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class YC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class YD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ZC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ZCHGBP


N/AN/A

Class ZD Number of Shares OutstandingNet Asset Value per Share

263,212.801 47.28

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A

Class ZM Number of Shares OutstandingNet Asset Value per Share

N/AN/A


Sub-Funds

USD

Asia ex JapanEquity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Companies

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,228,245.800 16.00

N/AN/A

N/AN/A

N/AN/A

USD


High Dividend

N/AN/A

N/AN/A

N/AN/A

794,073.316 22.42

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBRIC Equity



39


N/AN/A

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


N/AN/A

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


Sub-Funds

USDBRIC Markets

11,295,549.200 14.15

N/AN/A

N/AN/A

N/AN/A

N/AN/A

9,679,174.498 14.09

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,978,292.271 13.75

8,142.310 13.75

572,593.864 14.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

11,731,649.672 14.99

N/AN/A

USD

BRIC MarketsEquity

4,833,553.916 12.46

N/AN/A

N/AN/A

13,018,668.292 1.60

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



136,407.833 9.82

N/AN/A

22,165.912 13.92

N/AN/A

N/AN/A

38,971.347 9.82

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,985.850 9.94

N/AN/A

60,476.000 9.90

650.000 14.04

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


2011)



40


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


Sub-Funds

USDBRIC Markets

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC MarketsEquity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


2011)



41


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


4,075.000 25.91


1,679.995 25.91


649,085.000 26.69

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


Sub-Funds

USDBRIC Markets

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC MarketsEquity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,998,000.000 9.98

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


2011)



42


1,710,431.953 5.93

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


2,460,566.815 5.86

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


478,808.143 5.80


N/AN/A


412,844.665 6.16

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


Sub-Funds

USDClimate Change

1,014,381.590 8.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,793,334.794 8.11

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,068.181 8.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDEmerging Wealth

9,874,732.395 23.61

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,744,006.892 22.25

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

34,879.373 23.00

6,475.624 22.03

12,166,973.498 24.71

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuroland Equity

926,235.741 39.18

N/AN/A

N/AN/A

N/AN/A

N/AN/A

105,656.522 37.81

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

30,321.279 38.20

N/AN/A

436,463.620 41.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Companies



43


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


Sub-Funds

USDClimate Change

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDEmerging Wealth

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuroland Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Companies



44


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


Sub-Funds

USDClimate Change

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDEmerging Wealth

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

92,827.668 27.30

N/AN/A

809,806.212 24.56

N/AN/A

N/AN/A

N/AN/A

EUREuroland Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

44,017.784 45.19

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Companies



45


2,253.064 10.18

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


N/AN/A

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


N/AN/A


N/AN/A


6,741,304.000 10.38

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


Sub-Funds

EUREuroland Growth

654,936.033 30.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

13,740.131 28.05

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,684.103 28.82

82,427.123 27.65

13,543.311 31.82

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuropean Equity

941,813.762 65.13

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

12,430.000 92.40

N/AN/A

N/AN/A

5,694.000 92.40

N/AN/A

N/AN/A

N/AN/A

USD


November 2011)



46


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


65,911.477 10.23

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


166,702.812 9.54

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


Sub-Funds

EUREuroland Growth

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,519.000 32.16

2,196,816.340 27.76

N/AN/A

N/AN/A

EUREuropean Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


November 2011)



47


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


Sub-Funds

EUREuroland Growth

N/AN/A

N/AN/A

27,027.027 16.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

179,089.719 28.54

N/AN/A

N/AN/A

N/AN/A

EUREuropean Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

535,942.160 11.51

N/AN/A

N/AN/A

N/AN/A

USD


November 2011)



48


3,203,361.721 16.31

Class ACGBP


1,720.886 16.40

Class ACHEUR


338,670.000 15.43

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


5,949,079.775 15.92

Class ADGBP


59.334 16.51

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


916,802.624 15.34


24,630.149 15.24


1,845,615.646 16.93

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


Sub-Funds

USD


176,168.863 24.09

N/AN/A

N/AN/A

N/AN/A

N/AN/A

753,298.554 23.64

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

19,844.714 23.72

N/AN/A

172,759.372 25.14

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDGlobal Equity

272,857.307 18.35

424.001 16.73

N/AN/A

N/AN/A

N/AN/A

823,383.801 18.33

93.285 16.64

N/AN/A

235,969.351 1.13

N/AN/A

N/AN/A

N/AN/A

N/AN/A

97,252.369 18.16

N/AN/A

2,438,915.083 18.76

0.003 13.33

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


123,179.039 9.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

53,771.204 9.41

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

67,321.698 9.56

N/AN/A

180,587.000 9.86

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Equity



49


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


19,059,840.510 11.15


1,169,461.446 10.93


N/AN/A


1,230,517.323 7.89


Sub-Funds

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDGlobal Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,030,793.560 18.55

N/AN/A

N/AN/A

N/AN/A

2,688,656.319 18.61

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,608,732.508 18.40

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Equity



50


N/AN/A


N/AN/A


8,069,190.289 16.44


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


4,425,450.036 16.32

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


Sub-Funds

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,134.887 26.71

N/AN/A

1,560,828.905 25.73

N/AN/A

N/AN/A

N/AN/A

USDGlobal Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

499,000.000 10.05

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Equity



51


15,466,376.781 35.17

Class ACGBP


5,613.641 17.49

Class ACHEUR


67,490.000 13.01

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


17,984,317.636 34.79

Class ADGBP


3,568.727 16.96

Class ADHEUR


N/AN/A

Class ADHHKD


1,736,432.351 1.12


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


1,509,961.725 34.11


5,643.132 34.11


3,396,289.773 37.32

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


585,692.357 35.96

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


USDBrazil Equity

5,643,417.742 68.69

157.730 16.16

33,633.000 12.35

N/AN/A

N/AN/A

23,092,471.640 66.86

147.915 16.13

N/AN/A

2,847,270.980 1.06

N/AN/A

N/AN/A

N/AN/A

N/AN/A

361,610.606 66.31

1,786.758 66.23

910,603.919 72.70

N/AN/A

N/AN/A

336.504 69.00

N/AN/A

90,446.860 72.05

N/AN/A

USDChinese Equity

139,200.301 105.93

N/AN/A

N/AN/A

N/AN/A

N/AN/A

25,560.021 98.62

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

13,181.098 103.38

N/AN/A

40,403.039 110.25

N/AN/A

N/AN/A

N/AN/A

N/AN/A

793,904.594 7.22

N/AN/A

USDHong Kong Equity

7,970,516.864 138.67

34,236.408 15.48

N/AN/A

N/AN/A

N/AN/A

18,515,075.079 138.23

2,236.757 15.44

22,477.000 11.70

1,682,633.177 1.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

447,779.726 132.59

993.549 132.59

1,406,903.933 149.80

600,000.000 12.99

N/AN/A

279,075.401 146.43

N/AN/A

N/AN/A

N/AN/A

USDIndian Equity



52


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


USDBrazil Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDChinese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,541,611.174 97.37

N/AN/A

N/AN/A

USDHong Kong Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDIndian Equity



53


N/AN/A


1,479,322.409 37.21


N/AN/A


14,384,013.623 37.53


N/AN/A


N/AN/A


N/AN/A


3,626.533 40.42

Class ZCHGBP


N/AN/A


594.601 36.68

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


USDBrazil Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,261,739.469 69.72

N/AN/A

N/AN/A

N/AN/A

USDChinese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

456,934.190 103.33

N/AN/A

N/AN/A

N/AN/A

USDHong Kong Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

66,884.107 146.28

N/AN/A

N/AN/A

N/AN/A

USDIndian Equity



54


256,017.575 4,547.46

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


84,860.171 673.19

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


159,289.884 646.24


1,341.732 646.02


536,830.401 4,780.24

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


JPYJapanese Equity

1,517,656.124 15.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,569,498.893 15.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

489,662.949 14.76

2,817.980 14.77

1,447,020.997 15.94

N/AN/A

N/AN/A

N/AN/A

N/AN/A

304,414.846 15.56

N/AN/A

USDKorean Equity

10,770,899.017 7.15

1.000 16.19

9,100.000 12.79

N/AN/A

N/AN/A

47,217,370.778 7.15

7,865.668 17.23

N/AN/A

11,291,025.239 1.05

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,286,372.828 7.01

N/AN/A

4,478,649.858 7.45

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDRussia Equity

351,905.637 43.11

N/AN/A

N/AN/A

N/AN/A

N/AN/A

705,126.001 36.77

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

87,507.656 41.96

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

27,182.600 37.62

N/AN/A

USDSingapore Equity



55


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


1,741.381 4,657.51


3,110,635.888 696.23


N/AN/A


N/AN/A


JPYJapanese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDKorean Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDRussia Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

634,669.009 36.85

N/AN/A

N/AN/A

USDSingapore Equity



56


N/AN/A


N/AN/A


2,756.746 6,255.74


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


148,764.407 682.30

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


JPYJapanese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDKorean Equity

N/AN/A

N/AN/A

N/AN/A

19,623,171.628 7.47

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

36,367.837 7.34

N/AN/A

N/AN/A

N/AN/A

USDRussia Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

128,456.165 37.77

N/AN/A

N/AN/A

N/AN/A

USDSingapore Equity



57


131,798.785 11.97

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


1,517,754.806 11.86

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


88,647.001 11.83


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


USDTaiwan Equity

859,442.803 17.30

N/AN/A

N/AN/A

N/AN/A

N/AN/A

5,702,689.921 15.41

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

752,523.798 16.85

N/AN/A

1,502,808.845 18.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

57,722.865 18.25

N/AN/A

USDThai Equity

2,156,665.956 20.62

11,000.511 13.05

N/AN/A

N/AN/A

N/AN/A

1,107,711.716 15.52

1,604.866 13.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,008,702.518 20.14

N/AN/A

1,615,181.003 21.39

N/AN/A

N/AN/A

80,000.000 15.81

N/AN/A

189,000.000 8.33

N/AN/A

EURTurkey Equity

1,839,058.315 28.09

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,048,385.267 24.27

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

7,873.276 27.67

N/AN/A

N/AN/A

N/AN/A

N/AN/A

28,178.267 27.08

N/AN/A

N/AN/A

N/AN/A

GBPUK Equity



58


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


USDTaiwan Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDThai Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURTurkey Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

GBPUK Equity



59


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


USDTaiwan Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDThai Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURTurkey Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

GBPUK Equity



60


1,852,295.769 22.70

Class ACGBP


N/AN/A

Class ACHEUR


1,817,010.378 25.64

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


107,899.990 25.40

Class ADGBP


N/AN/A

Class ADHEUR


21,646.967 26.55

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


222,786.892 22.12


152.863 24.56


804,610.165 23.44

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


7,463.887 9.60

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A


USDUS Equity

1,099,232.187 10.25

N/AN/A

1,456,445.000 13.73

N/AN/A

N/AN/A

522,614.541 10.25

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

125.000 10.35

N/AN/A

N/AN/A

1,019,992.000 10.35

1,503,901.685 14.29

N/AN/A

N/AN/A

Bond Sub-Funds

USD


as at 27 April2011)

1,592,080.173 22.56

N/AN/A

N/AN/A

N/AN/A

N/AN/A

181,678.487 14.39

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

746,607.012 22.20

N/AN/A

170,434.000 23.11

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBrazil Bond

476,106.741 97.91

45,367.742 9.79

4,253,974.439 9.79

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

138,256.724 98.31

3,751,316.914 9.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


as at 30 June2011)



61


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


1,690,039.632 26.16


N/AN/A


N/AN/A


USDUS Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Bond Sub-Funds

USD


as at 27 April2011)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBrazil Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


as at 30 June2011)



62


N/AN/A


N/AN/A


4,792.434 150.18


N/AN/A


N/AN/A


N/AN/A


1,689,949.823 9.41


N/AN/A

Class ZCHGBP


N/AN/A


191,657.185 25.99

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


USDUS Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,211,199.493 10.38

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Bond Sub-Funds

USD


as at 27 April2011)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBrazil Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


as at 30 June2011)



63


151,686.936 21.67

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


54,803.604 17.73

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


92,176.575 21.34


N/AN/A


3,606,876.486 22.62

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A

Bond Sub-Funds

EUREuro Bond

6,128,690.088 20.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

213,448.321 15.51

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

123,971.575 20.64

N/AN/A

14,166,478.926 22.08

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuro Credit Bond

7,108,393.021 28.84

N/AN/A

N/AN/A

N/AN/A

N/AN/A

305,829.477 19.67

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

184,286.404 28.38

3.650 23.17

9,916,419.466 30.67

N/AN/A

N/AN/A

2,649,846.728 30.78

N/AN/A

N/AN/A

N/AN/A

EUR

Euro High YieldBond

280,928.180 17.18

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,889,399.616 14.49

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

197,157.621 13.22

N/AN/A

621,909.276 17.60

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDGlobal Bond



64


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

EUREuro Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuro Credit Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro High YieldBond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

469,580.994 11.84

N/AN/A

N/AN/A

USDGlobal Bond



65


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A

Bond Sub-Funds

EUREuro Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

12,787.729 17.40

N/AN/A

N/AN/A

N/AN/A

EUREuro Credit Bond

N/AN/A

N/AN/A

N/AN/A

1,505,535.790 30.83

N/AN/A

N/AN/A

N/AN/A

51,566.808 31.63

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro High YieldBond

N/AN/A

N/AN/A

3,241.899 199.82

N/AN/A

N/AN/A

N/AN/A

N/AN/A

556,391.762 16.07

N/AN/A

8,379,306.955 14.96

N/AN/A

N/AN/A

N/AN/A

USDGlobal Bond



66


1,374.350 111.12

Class ACGBP


N/AN/A

Class ACHEUR


3,600.000 146.37

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


N/AN/A

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


N/AN/A


N/AN/A


37,125.095 112.63

Class ICHEUR


3,600.000 148.18

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A

Bond Sub-Funds

USD

Global CreditBond

2,085,787.844 30.80

19,822.747 16.80

N/AN/A

N/AN/A

N/AN/A

558,230.355 30.52

6,125.817 16.86

575,085.148 19.65

N/AN/A

3,046,660.837 26.24

N/AN/A

N/AN/A

N/AN/A

477,133.602 30.31

25,137.390 24.82

26,566,289.382 32.04

202,983.724 13.49

N/AN/A

10,804,881.041 21.60

22,929,148.687 20.74

N/AN/A

N/AN/A

USD


18,563.689 10.61

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,150.000 10.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Corporate Debt

3,977.689 10.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

53,391.802 10.95

N/AN/A

2,667,406.643 11.06

628,935.000 147.49

N/AN/A

N/AN/A

10,000.000 144.93

N/AN/A

N/AN/A

USD





67


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

USD

Global CreditBond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,071,983.008 30.90

8,834,651.489 19.98

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Corporate Debt

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD





68


N/AN/A


N/AN/A


N/AN/A


50.000 113.23


N/AN/A


N/AN/A


N/AN/A


139,850.000 113.96

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A

Bond Sub-Funds

USD

Global CreditBond

N/AN/A

N/AN/A

N/AN/A

1,040,514.708 32.05

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,460,407.574 26.23

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

999,000.000 10.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Corporate Debt

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD





69


9,399,548.983 14.52

Class ACGBP


772.917 16.35

Class ACHEUR


77,702.042 13.16

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


3,370,163.003 12.74

Class ADGBP


16,263.086 16.35

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


1,206,813.121 14.39


N/AN/A


9,417,249.119 15.01

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


26,289,152.203 13.19

Class IDHEUR


2,970,297.030 13.21


N/AN/A

Class J1CHJPY


N/AN/A

Bond Sub-Funds

USD


Debt

954,895.664 11.34

N/AN/A

N/AN/A

N/AN/A

948.773 8.50

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

58,284,316.833 10.35

58,840.579 8.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


8,521.808 113.88

N/AN/A

20,943.551 152.69

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

18,132.179 113.65

N/AN/A

10,000.000 114.68

23,878.956 154.22

16,662.928 185.52

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


90,487.000 9.67

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

500.000 9.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD





70


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

USD


Debt

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD





71


N/AN/A


N/AN/A


N/AN/A


4,973,536.446 15.02


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


1.460 12.49

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


9,289,551.831 12.63

Bond Sub-Funds

USD


Debt

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

214,877.748 115.49

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,998,995.211 9.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD





72


889,523.494 10.21

Class ACGBP


N/AN/A

Class ACHEUR


166,210.629 13.39

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


891,971.126 10.14

Class ADGBP


N/AN/A

Class ADHEUR


140,720.000 13.69

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


924,357.853 10.16


N/AN/A


4,935,880.741 10.23

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A

Bond Sub-Funds

USD



221,777.981 14.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

919,489.441 10.58

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

520,702.076 14.54

N/AN/A

392,971.663 14.96

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDUS Dollar Bond

5,555,719.525 17.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

28,763.889 15.47

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,447,585.826 17.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-Fund

EUREuro Reserve

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Other Sub-Funds

EUR




73


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


N/AN/A

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


N/AN/A

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

USD



N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,497,772.908 10.61

N/AN/A

N/AN/A

USDUS Dollar Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-Fund

EUREuro Reserve

123,634.122 10.40

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,970.909 7.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

13,521.618 10.27

N/AN/A

N/AN/A

23,475.694 10.05

N/AN/A

N/AN/A

N/AN/A

11,359.909 7.27

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Other Sub-Funds

EUR




74


N/AN/A


N/AN/A


N/AN/A


N/AN/A


867,325.811 1.59


N/AN/A


N/AN/A


9,000.000 10.25

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A

Bond Sub-Funds

USD



N/AN/A

N/AN/A

121,008.289 10.67

N/AN/A

N/AN/A

N/AN/A

N/AN/A

289,531.000 15.65

N/AN/A

7,029,909.812 11.19

N/AN/A

N/AN/A

N/AN/A

USDUS Dollar Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-Fund

EUREuro Reserve

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,559,055.690 10.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Other Sub-Funds

EUR




75


N/AN/A

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


N/AN/A

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


698,500.000 121.34

Other Sub-Funds

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDGlobal Currency

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR




76


11,409,209.007 13.54

Class L1CHCHF


N/AN/A

Class L1CHEUR


2,596,953.652 12.54

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Class L1CHSEK


N/AN/A

Class L1CHUSD


N/AN/A


6,042,482.469 12.53

Class L1DHEUR


32,816,211.454 12.09

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


9,389,152.483 13.60

Class M1CHCHF


N/AN/A

Class M1CHEUR


N/AN/A

Class M1CHGBP


N/AN/A

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


9,892,957.812 12.32

Class M1DHGBP


N/AN/A

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Other Sub-Funds

USD


14,390.000 10.25

N/AN/A

133,001.919 13.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

71,146.774 10.12

N/AN/A

48,892.229 13.82

3,944.204 17.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,209.826 10.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


250,000.000 10.32

259,050.180 10.64

346,358.875 14.26

154,453.814 15.59

315,904.587 117.30

187,500.000 1.51

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

93,260.560 9.54

N/AN/A

58,829.032 12.78

27,355.655 15.92

N/AN/A

N/AN/A

N/AN/A

N/AN/A

992,893.661 10.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDGlobal Currency

24,397.000 106.90

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,790.528 105.90

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50.000 105.23

N/AN/A

EUR




77


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDHEUR


9,831,478.874 13.79

Class Z1DHGBP


N/AN/A


N/AN/A

Other Sub-Funds

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,023,187.468 10.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDGlobal Currency

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

149,850.000 107.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR




78


N/AN/A

Class ACGBP


N/AN/A

Class ACHEUR


N/AN/A

Class ACHHKD


N/AN/A

Class ACHSGD


N/AN/A


N/AN/A

Class ADGBP


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A

Class AMHSGD


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A

Class J1CHJPY


N/AN/A

Other Sub-Funds

EURGlobal Macro

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURGlobal Macro II



79


729,003.644 112.50

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


88,012.913 122.18

Class L1CHJPY


N/AN/A

Class L1CHSEK


3,064.738 124.83

Class L1CHUSD


140,780.507 125.85


31,378.164 113.12

Class L1DHEUR


N/AN/A

Class L1DHGBP


1,769.014 120.97

Class L1DHUSD


407.740 98.77


263,781.750 109.98

Class M1CHCHF


35,075.923 78.02

Class M1CHEUR


N/AN/A

Class M1CHGBP


928.665 113.21

Class M1CHJPY


N/AN/A

Class M1CHNOK


4,788.105 113.54

Class M1CHSEK


451,677.977 122.43

Class M1CHUSD


5,523.744 108.79


34,791.584 110.12

Class M1DHGBP


37,694.046 113.30

Class M1DHSEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


8,248.744 93.79


N/AN/A

Other Sub-Funds

EURGlobal Macro

70.000 92.08

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,336.300 92.07

N/AN/A

6,549.209 108.50

N/AN/A

2,379.575 91.19

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

332.637 89.15

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURGlobal Macro II



80


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


583.698 101.75


N/AN/A

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A

Other Sub-Funds

EURGlobal Macro

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

76,977.798 93.48

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURGlobal Macro II



81

82

Statement of Operations and Changes in Net Assets as at 31 March 2012


27,550,553,866 Net Assets at the Beginning of the Year

INCOME

781,358,838 Investment Income

1,739,857 Bank Interest

12,448,507 Other Income (note 15)

795,547,202 Total Income

EXPENSES

(263,156,823)Management Fees (note 4.2)

(2,533,899)Performance Fees (note 4.3)

(48,304,078)Transaction fees

(77,723,762)Operating, Administrative and ServicingFees (note 4.4)

(1,442,501)Other fees

(54,569,349)Interest Paid

(447,730,412)Total Expenses

347,816,790 Net Investment Profit/(Loss)

277,230,540 Realised Profit/(Loss) on Sale ofInvestments

625,047,330 Realised Profit/(Loss) for the year beforeForeign Currency Movement

(23,190,468)Profit/(Loss) on Foreign Currency

(3,901,472,744)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(3,299,615,882)Change in Total Net Assets as a Result of Operations

11,850,787,720 Proceeds on Issue of Shares (note 18)

(12,578,849,159)Payments on Redemption of Shares(note 18)

(159,960,714)Dividends Paid (note 13)

(287,055,328)Currency Translation

23,075,860,503 Net Assets as at 31 March 2012

CONSOLIDATEDUSD

776,006,555

16,582,594

5,716

551,436

17,139,746

(8,474,881)

-

(2,779,301)

(2,163,027)

(10,061)

(213)

(13,427,483)

3,712,263

(9,640,474)

(5,928,211)

(2,070,025)

(112,558,976)

(120,557,212)

245,262,154

(267,366,098)

(749,181)

-

632,596,218


Sub-Funds

USD

Asia ex JapanEquity

73,130,192

1,842,051

21,237

63,757

1,927,045

(906,021)

-

(334,746)

(209,731)

-

(100)

(1,450,598)

476,447

1,471,503

1,947,950

(132,768)

(11,426,354)

(9,611,172)

29,684,021

(46,579,283)

(42,555)

-

46,581,203

USD


Companies

163,544,153

6,729,354

87

111,157

6,840,598

(2,192,052)

-

(481,306)

(584,658)

(947)

(78)

(3,259,041)

3,581,557

9,279,310

12,860,867

(814,900)

(22,179,903)

(10,133,936)

116,517,907

(87,310,266)

(2,648,451)

-

179,969,407

USD

Asia Pacific exJapan Equity High

Dividend

83



2,077,032,912

35,971,011

3,510

597,442

36,571,963

(15,680,497)

-

(7,129,402)

(6,085,760)

-

(4,082)

(28,899,741)

7,672,222

42,913,257

50,585,479

(1,496,251)

(472,967,674)

(423,878,446)

296,474,454

(487,471,823)

(450,620)

-

1,461,706,477

USDBRIC Equity

41,955,053

661,295

3

17,032

678,330

(236,413)

-

(29,167)

(59,084)

-

(721)

(325,385)

352,945

2,274,700

2,627,645

(90,714)

(9,247,009)

(6,710,078)

21,552

(17,794,981)

-

-

17,471,546

USDBRIC Markets

706,821,539

15,344,850

9,557

300,986

15,655,393

(6,751,925)

-

(522,575)

(1,760,306)

(119,378)

(3,722)

(9,157,906)

6,497,487

(6,288,256)

209,231

(143,055)

(114,439,598)

(114,373,422)

80,267,260

(164,640,860)

(225,552)

-

507,848,965

USD

BRIC MarketsEquity

-

218,150

27

-

218,177

(348,578)

-

(236,385)

(92,954)

-

(439)

(678,356)

(460,179)

1,159,848

699,669

(68,878)

7,928,565

8,559,356

147,667,269

(75,186,455)

-

-

81,040,170

USD



-

441,787

3,240

2,993

448,020

(15,535)

-

(119,155)

(52,179)

-

(3,101)

(189,970)

258,050

(284,626)

(26,576)

(17,201)

162,682

118,905

22,541,626

(58,073)

-

-

22,602,458

USD

CIVETS (launchedas at 17 May 2011)

40,866,614

1,032,645

5,892

34,932

1,073,469

(478,191)

-

(57,165)

(110,006)

(571)

(402)

(646,335)

427,134

(10,028,038)

(9,600,904)

(90,171)

4,987,653

(4,703,422)

3,414,840

(9,635,762)

(53,365)

-

29,888,905

USDClimate Change

84



31,479,904 Net Assets at the Beginning of the Year

INCOME

524,540 Investment Income

1,803 Bank Interest

59,380 Other Income (note 15)

585,723 Total Income

EXPENSES

(369,663)Management Fees (note 4.2)

-Performance Fees (note 4.3)

(127,567)Transaction fees

(98,524)Operating, Administrative and ServicingFees (note 4.4)

(2,052)Other fees

(778)Interest Paid

(598,584)Total Expenses

(12,861)Net Investment Profit/(Loss)

(1,778,371)Realised Profit/(Loss) on Sale ofInvestments

(1,791,232)Realised Profit/(Loss) for the year beforeForeign Currency Movement

26,218 Profit/(Loss) on Foreign Currency

(210,593)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(1,975,607)Change in Total Net Assets as a Result of Operations

5,226,139 Proceeds on Issue of Shares (note 18)

(11,735,803)Payments on Redemption of Shares(note 18)

(49,669)Dividends Paid (note 13)

-Currency Translation

22,944,964 Net Assets as at 31 March 2012

USDEmerging Wealth

1,012,399,563

28,996,579

82,276

2,641,260

31,720,115

(8,721,808)

-

(681,355)

(2,348,705)

(29,456)

(2,149)

(11,783,473)

19,936,642

(43,165,990)

(23,229,348)

10,995

(128,245,536)

(151,463,889)

314,471,465

(577,259,914)

(2,228,318)

-

595,918,907

EUREuroland Equity

72,028,576

1,119,835

8,757

164,858

1,293,450

(760,734)

-

(159,506)

(187,727)

-

-

(1,107,967)

185,483

(3,996,969)

(3,811,486)

(19,658)

(5,571,349)

(9,402,493)

36,904,827

(38,139,554)

(7,569)

-

61,383,787

EUR


Companies

90,492,275

2,619,653

11,323

308,436

2,939,412

(587,664)

-

(44,716)

(193,804)

(2,464)

-

(828,648)

2,110,764

(3,147,086)

(1,036,322)

(2,543)

(7,200,199)

(8,239,064)

9,763,885

(19,714,282)

(27,800)

-

72,275,014

EUREuroland Growth

85



120,600,765

2,712,957

4,971

180,363

2,898,291

(1,081,880)

-

(239,077)

(345,091)

-

(169)

(1,666,217)

1,232,074

(6,090,632)

(4,858,558)

(19,817)

(4,555,646)

(9,434,021)

25,249,850

(44,857,893)

(1,574,218)

-

89,984,483

EUREuropean Equity

-

1,067,257

147

-

1,067,404

(384,154)

-

(177,645)

(93,259)

-

(2,014)

(657,072)

410,332

616,429

1,026,761

(312,880)

7,170,423

7,884,304

88,258,324

(26,958,256)

-

-

69,184,372

USD


November 2011)

13,976,745

73,706

10

1,897

75,613

(17,376)

-

-

(4,346)

-

(331)

(22,053)

53,560

1,062,796

1,116,356

(70,855)

(978,097)

67,404

-

(14,044,149)

-

-

-

USD

Global EmergingMarkets Elite

(liquidated as at 20May 2011)

720,215,938

15,710,739

3,259

557,280

16,271,278

(5,453,804)

-

(665,624)

(2,090,348)

-

(14,763)

(8,224,539)

8,046,739

(24,321,538)

(16,274,799)

(1,334,508)

(98,304,413)

(115,913,720)

184,650,344

(147,513,467)

(3,746,042)

-

637,693,053

USD


88,167,851

1,589,281

25,764

67,212

1,682,257

(391,039)

-

(105,085)

(208,870)

(25,987)

(3,355)

(734,336)

947,921

786,923

1,734,844

(58,424)

(2,471,610)

(795,190)

8,487,594

(27,900,428)

(872,659)

-

67,087,168

USDGlobal Equity

337,454,578

7,243,401

667

26,593

7,270,661

(2,126,739)

-

(537,469)

(826,969)

-

(159)

(3,491,336)

3,779,325

445,640

4,224,965

(525,300)

(47,806,243)

(44,106,578)

57,290,498

(164,750,718)

(706,734)

-

185,181,046

USD


86




INCOME

416,238 Investment Income

3 Bank Interest

354 Other Income (note 15)

416,595 Total Income

EXPENSES





-Other fees

(195)Interest Paid


308,161 Net Investment Profit/(Loss)

(407,805)Realised Profit/(Loss) on Sale ofInvestments

(99,644)Realised Profit/(Loss) for the year beforeForeign Currency Movement

(9,393)Profit/(Loss) on Foreign Currency

117,268 Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

8,231 Change in Total Net Assets as a Result of Operations



(9,500)Dividends Paid (note 13)



USD

Middle East andNorth Africa Equity

2,543,613,754

65,929,341

821

90,089

66,020,251

(29,095,104)

-

(4,509,684)

(6,985,806)

-

(10,130)

(40,600,724)

25,419,527

33,777,305

59,196,832

(6,850,936)

(401,262,733)

(348,916,837)

1,366,216,165

(1,591,629,734)

(2,138,495)

-

1,967,144,853


USDBrazil Equity

2,954,044,156

64,256,959

734

3,244,921

67,502,614

(34,149,904)

-

(14,300,645)

(9,439,449)

(11,883)

(197)

(57,902,078)

9,600,536

12,478,051

22,078,587

(1,315,452)

(484,935,459)

(464,172,324)

318,857,059

(682,707,944)

(6,278,868)

-

2,119,742,079

USDChinese Equity

437,909,828

10,848,942

38

420,885

11,269,865

(3,073,778)

-

(1,827,269)

(1,187,744)

-

(38)

(6,088,829)

5,181,036

(1,254,382)

3,926,654

(181,572)

(61,076,569)

(57,331,487)

49,814,226

(102,354,140)

(4,522,776)

-

323,515,651

USDHong Kong Equity

87



5,917,782,756

55,779,834

6,632

155,451

55,941,917

(65,188,824)

-

(8,266,164)

(18,076,536)

(183,642)

(15,791)

(91,730,957)

(35,789,040)

447,608,549

411,819,509

(15,348,695)

(1,769,499,663)

(1,373,028,849)

601,075,990

(1,150,007,912)

(109,188)

-

3,995,712,797

USDIndian Equity

5,247,366,135

109,798,028

616,474

1,666,998

112,081,500

(48,486,757)

-

(2,880,269)

(14,723,300)

(646,610)

(29,258)

(66,766,194)

45,315,306

(542,324,423)

(497,009,117)

(9,699,646)

337,330,307

(169,378,456)

3,431,788,403

(2,304,781,383)

(21,084,178)

-

6,183,910,521

JPYJapanese Equity

153,459,927

-

155

159,364

159,519

(1,798,612)

-

(1,037,618)

(505,900)

(131,873)

(1,052)

(3,475,055)

(3,315,536)

7,988,850

4,673,314

(213,208)

(31,857,115)

(27,397,009)

102,478,759

(116,539,467)

-

-

112,002,210

USDKorean Equity

503,883,135

9,136,664

134

209,013

9,345,811

(9,435,610)

-

(1,507,751)

(2,187,367)

-

(3,154)

(13,133,882)

(3,788,071)

(23,202,701)

(26,990,772)

(1,329)

(144,683,985)

(171,676,086)

782,832,265

(492,400,478)

(138)

-

622,638,698

USDRussia Equity

72,779,560

3,151,024

-

93,008

3,244,032

(888,476)

-

(253,651)

(274,138)

(2,095)

(908)

(1,419,268)

1,824,764

2,553,165

4,377,929

(375,042)

(3,792,304)

210,583

58,191,571

(56,451,042)

(699,437)

-

74,031,235

USDSingapore Equity

35,195,281

953,954

1

-

953,955

(452,262)

-

(158,609)

(119,055)

(143)

(492)

(730,561)

223,394

(2,509,026)

(2,285,632)

(74,524)

(1,270,147)

(3,630,303)

36,156,254

(46,897,594)

(193,638)

-

20,630,000

USDTaiwan Equity

* Please refer to note 7 related to the Korean Withholding Tax.

88




INCOME


58 Bank Interest



EXPENSES

(1,748,831)Management Fees (note 4.2)




(21,300)Other fees

(999)Interest Paid

(2,571,766)Total Expenses




(506,273)Profit/(Loss) on Foreign Currency

(5,259,135)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

10,600,378 Change in Total Net Assets as a Result of Operations






USDThai Equity

142,715,776

2,300,931

201,067

497,819

2,999,817

(1,947,792)

-

(220,622)

(447,042)

-

(1,225)

(2,616,681)

383,136

(24,427,263)

(24,044,127)

(176,146)

8,223,472

(15,996,801)

124,921,033

(132,065,998)

(57,587)

-

119,516,423

EURTurkey Equity

48,624,419

1,985,991

1,636

6,507

1,994,134

(899,299)

-

(351,727)

(186,394)

-

(138)

(1,437,558)

556,576

1,463,576

2,020,152

(79,533)

(1,277,268)

663,351

60,056,680

(30,827,054)

(435,247)

-

78,082,149

GBPUK Equity

170,599,436

2,093,256

18,085

16,342

2,127,683

(1,798,038)

-

(104,667)

(507,938)

(11,949)

(647)

(2,423,239)

(295,556)

785,804

490,248

100,341

5,220,749

5,811,338

149,796,629

(144,433,309)

(142,480)

-

181,631,614

USDUS Equity

89



-

1,839,772

156

-

1,839,928

(260,678)

-

(117,807)

(135,402)

-

(84)

(513,971)

1,325,957

1,144,221

2,470,178

(146,404)

80,468

2,404,242

97,737,805

(18,898,946)

-

-

81,243,101

Bond Sub-Funds

USD

Asian CurrenciesBond (launched as

at 27 April 2011)

60,309,377

1,533,541

1,990

-

1,535,531

(589,722)

-

-

(193,467)

-

(184)

(783,373)

752,158

433,388

1,185,546

213,202

(2,326,372)

(927,624)

44,428,632

(44,085,984)

(680,842)

-

59,043,559

USDBrazil Bond

-

3,442,140

6,913

2,000

3,451,053

(689,483)

-

-

(253,645)

-

(4,068)

(947,196)

2,503,857

(16,836,634)

(14,332,777)

(873,713)

9,571,207

(5,635,283)

236,213,017

(91,396,222)

-

-

139,181,512

USD

Emerging InflationLinked Bond

(launched as at 30June 2011)

78,001,894

3,329,134

11,015

-

3,340,149

(338,864)

-

-

(130,598)

(17,339)

(113,487)

(600,288)

2,739,861

682,790

3,422,651

(620)

2,710,453

6,132,484

79,266,609

(75,562,347)

(35,351)

-

87,803,289

EUREuro Bond

409,950,506

21,316,847

74,805

42,077

21,433,729

(2,224,431)

-

(13,467)

(869,558)

(26,806)

(2,252,122)

(5,386,384)

16,047,345

479,480

16,526,825

4,269

8,994,356

25,525,450

254,145,011

(242,112,761)

(158,879)

-

447,349,327

EUREuro Credit Bond

528,034,276

36,600,877

60,342

156,809

36,818,028

(4,202,344)

-

(16,835)

(1,192,463)

-

(201,377)

(5,613,019)

31,205,009

(14,684,598)

16,520,411

(21,648)

(4,188,053)

12,310,710

605,909,832

(495,898,474)

(392,544)

-

649,963,800

EUR

Euro High YieldBond

90




INCOME


13,941 Bank Interest



EXPENSES



-Transaction fees


(1,125)Other fees

-Interest Paid






92,351 Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps







USDGlobal Bond

20,622,837

1,045,054

1,240

-

1,046,294

(31,167)

-

-

(42,035)

(159)

(39)

(73,400)

972,894

358,205

1,331,099

(199,489)

(104,534)

1,027,076

589,000

(901,000)

-

-

21,337,913

USDGlobal Credit Bond

1,331,154,117

110,212,213

8,122

42

110,220,377

(10,065,521)

-

-

(4,581,358)

(2,275)

(3,938,501)

(18,587,655)

91,632,722

(12,012,243)

79,620,479

603,755

84,652,113

164,876,347

1,678,407,210

(811,441,250)

(35,716,423)

-

2,327,280,001

USD


10,178,686

706,497

-

-

706,497

(776)

-

-

(25,976)

-

-

(26,752)

679,745

(78,513)

601,232

(786)

63,814

664,260

265,545

(81,882)

-

-

11,026,609

USD

Global EmergingMarkets Corporate

Debt

91



22,612,739

4,551,013

3,168

-

4,554,181

(323,812)

-

-

(209,495)

-

(319,609)

(852,916)

3,701,265

(659,232)

3,042,033

47,514

875,330

3,964,877

119,257,767

(21,506,046)

-

-

124,329,337

USD



668,552,245

52,059,043

51,021

10,940

52,121,004

(5,391,942)

-

(3)

(2,110,643)

-

(15,138,945)

(22,641,533)

29,479,471

(7,883,972)

21,595,499

(605,255)

(14,289,029)

6,701,215

634,260,742

(375,952,431)

(15,991,163)

-

917,570,608

USD


Debt

1,210,337,809

48,682,908

34,654

545

48,718,107

(10,363,434)

-

-

(2,072,687)

(725)

(19,583)

(12,456,429)

36,261,678

4,473,731

40,735,409

3,186,289

1,378,730

45,300,428

379,166,677

(974,565,897)

(45,980,675)

-

614,258,342

USD


38,820,270

674,647

3,088

-

677,735

(71,631)

-

-

(68,523)

(236)

(6,559)

(146,949)

530,786

(630,340)

(99,554)

(609,349)

3,983,548

3,274,645

7,263,080

(10,392,914)

-

-

38,965,081

USD


-

731,667

337

-

732,004

(2,552)

-

-

(42,515)

-

(103)

(45,170)

686,834

(1,137,456)

(450,622)

(52,847)

44,360

(459,109)

20,893,959

(1,349)

-

-

20,433,501

USD



-

364,795

76,538

32

441,365

(103,682)

-

-

(48,168)

-

(296)

(152,146)

289,219

19,248

308,467

(83,783)

285,255

509,939

102,642,448

(19,520,575)

-

-

83,631,812

USD

RMB Fixed Income(launched as at 25

October 2011)

92




INCOME


19,279 Bank Interest



EXPENSES



-Transaction fees


(723)Other fees

(1,057)Interest Paid






2,165,985 Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps







USDUS Dollar Bond

22,008,155

478,793

2,979

1,788

483,560

(284,139)

-

-

(77,512)

-

(55)

(361,706)

121,854

121,854

243,708

(5,738)

23,784

261,754

174,854,463

(57,755,873)

(311)

-

139,368,188

Reserve Sub-Fund

EUREuro Reserve

18,769,159

228,896

15,042

2,392

246,330

(17,085)

(8)

-

(54,123)

(1,601)

(257,308)

(330,125)

(83,795)

970,633

886,838

56,630

329,920

1,273,388

2,275,992

(3,900,749)

-

-

18,417,790

Other Sub-Funds

EUR


1,098,763,853

81,625,890

232,354

12,932

81,871,176

(6,272,304)

(2,531,815)

-

(3,025,507)

(18,096)

(26,818,729)

(38,666,451)

43,204,725

(14,497,081)

28,707,644

4,065,014

(43,374,376)

(10,601,718)

641,280,047

(578,185,238)

(21,822,340)

-

1,129,434,604

USD


93



30,096,792

358,261

2,012

98,660

458,933

(75,515)

-

-

(111,818)

(62,090)

(427,634)

(677,057)

(218,124)

438,334

220,210

(58,421)

(1,658,250)

(1,496,461)

7,490,512

(11,196,895)

-

-

24,893,948

USD


84,761,711

-

22,232

-

22,232

(819,947)

(5)

-

(163,991)

(57,298)

(6,998)

(1,048,239)

(1,026,007)

3,964,726

2,938,719

(835,958)

(1,446,265)

656,496

6,440,844

(29,574,283)

-

-

62,284,768

USDGlobal Currency

14,921,457

471,899

14,753

2,104

488,756

(5,923)

-

-

(32,802)

(10,562)

(1,668)

(50,955)

437,801

501,635

939,436

181,847

172,406

1,293,689

3,254,537

(205,533)

-

-

19,264,150

EUR


630,916,883

2,705,466

311,408

6,517

3,023,391

(4,938,817)

(1,551)

-

(1,142,126)

(471,679)

(1,290,266)

(7,844,439)

(4,821,048)

(32,469,370)

(37,290,418)

1,768,869

(627,901)

(36,149,450)

197,874,399

(580,741,228)

-

-

211,900,604

EURGlobal Macro

32,182,463

281,249

24,929

673

306,851

(132,580)

-

(52,438)

(46,696)

-

(158,356)

(390,070)

(83,219)

(5,302,360)

(5,385,579)

139,623

(74,733)

(5,320,689)

25,821,995

(43,756,717)

-

-

8,927,052

EURGlobal Macro II

73,801,656

1,564,450

34,594

-

1,599,044

(180,848)

-

-

(59,922)

(17,224)

(1,581,901)

(1,839,895)

(240,851)

(4,973,279)

(5,214,130)

549,155

423,611

(4,241,364)

787,915

(70,348,207)

-

-

-

EUR

Multi GovernmentBond Strategies

(Formerly GlobalBond Market

Neutral -Liquidated on 2

March 2012)

Notes to the Financial Statements

94

1. Basis of presentation

HSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company with variable capital (Société d’Investissement à Capital Variable or “SICAV”). The capital comprises various Classes of Shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the Prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States Dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.

The Company is an officially registered investment fund under part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment (the “2010 Law”) and has been certified as a UCITS fund under the European directive 2009/65/EC.

Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the “Securities and Futures Ordinance”.

In the Prospectus and in the various reports, the short names of the sub-funds are used. The complete name of each sub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.

From 1 April 2011 to 31 March 2012: 1) The following sub-funds have been liquidated: • Global Emerging Markets Elite on 20 May 2011 • Multi Government Bond Strategies on 2 March 2012. 2) The following sub-funds have been opened: • Asian Currencies Bond on 27 April 2011 • CIVETS on 17 May 2011 • Latin American Local Debt on 19 May 2011 • Emerging Inflation Linked Bond on 30 June 2011 • China Consumer Opportunities on 23 September 2011 • RMB Fixed Income on 25 October 2011 • Frontier Markets on 30 November 2011 3) The following sub-fund has changed its name: Global Bond Market Neutral has changed its name to Multi Government Bond Strategies on 31 May 2011.

Notes to the Financial Statements (continued)

95

1. Basis of presentation (continued)

The following investment advisers changes have occurred during the year:

Name of the Sub-fund Investment Adviser from 1 June 2011 Emerging Wealth HSBC Global Asset Management (UK) Limited

Name of the Sub-fund Investment Adviser from 1 July 2011 Euro Bond HSBC Global Asset Management (France) Euro Credit Bond HSBC Global Asset Management (France) Euro High Yield Bond HSBC Global Asset Management (France) Global Credit Bond HSBC Global Asset Management (France) Global Inflation Linked Bond HSBC Global Asset Management (France) BRIC Markets HSBC Global Asset Management (UK) Limited BRIC Markets Equity HSBC Global Asset Management (France) Climate Change HSBC Global Asset Management (France) Euroland Equity HSBC Global Asset Management (France) Euroland Equity Smaller Companies HSBC Global Asset Management (France) Euroland Growth HSBC Global Asset Management (France) Global Equity HSBC Global Asset Management (France) Japanese Equity HSBC Global Asset Management (UK) Limited US Equity HSBC Global Asset Management (France) Global Flex Allocation HSBC Global Asset Management (France) Global Macro HSBC Global Asset Management (France) Global Macro II HSBC Global Asset Management (France) Multi Government Bond Strategies (Formerly Global Bond Market Neutral)

HSBC Global Asset Management (France)

Name of the Sub-fund Investment Adviser from 1 September 2011 Latin American Equity HSBC Bank Brasil S.A.- Banco Multiplo Brazil Equity HSBC Bank Brasil S.A.- Banco Multiplo

Name of the Sub-fund Investment Adviser from 30 September 2011 Climate Change HSBC Global Asset Management (UK) Limited

Name of the Sub-fund Sub-Investment Adviser Global High Income Bond HSBC Global Asset Management (UK) Limited has

appointed HSBC Global Asset Management (USA) Inc to provide discretionary investment management services in respect of a part of the sub-fund's portfolio. HSBC Global Asset Management (France) (replacing Halbis Capital Management (France) from 1 July 2011) will continue to provide discretionary investment management services in respect of a part of the sub-fund's portfolio.

BRIC Markets Until 30 June 2011, Sinopia Asset Management (UK) Limited has appointed HSBC Global Asset Management (UK) Limited to provide non-binding investment advice in respect of a part of the sub-fund’s portfolio.


96

2. Accounting Policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements.

a) Accounting convention

The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

b) Assets and portfolio securities valuation

Portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors.

The assets of each share class within each sub-fund are valued using prices available at different times during the day of 30 March 2012, being the last business day of the reporting period (31 March 2012 was not a business day). If the Company had calculated the net asset values solely with a view to publication, the market prices used to value the net assets would have been the closing prices on 30 March 2012. However, these net asset values would not have been significantly different from those shown in these financial statements. The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market are valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds are valued at their last available net asset value reduced by any applicable charges.

The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the form of short term debt (such as commercial paper, certificate of deposit, treasury bills).

c) Income and Expenses

Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.

d) Foreign Exchange

The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 30 March 2012.

e) Realised Profit/(Loss) on Sale of Investments

Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.

f) Segregated Liability

The Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusively available to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with the creation, operation and liquidation of that sub-fund.


97

3. Share capital

The Company has issued either A, E, I, J, L, M, P, R, S, W, X, Y, Z and ZP Shares to investors in one or several sub-funds as detailed below.

Within each Share Class of a sub-fund, the Company shall be entitled to create different sub-classes, distinguished by their distribution policy (Capital-Accumulation (C), Distribution (D) and Monthly Distribution (M) Shares), their reference currency, their hedging activity (H) and/or by any other criteria stipulated by the Board of Directors.

All share classes are available as both ‘Capital Accumulation’ and ‘Distribution’ shares.

Class Description Minimum Initial

Investment

Minimum Holding

Class A A Shares are available to all investors.

USD 5,000

Class E E Shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor. E Shares will incur annual management fee, equivalent to that of the Class A Shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class E Shares, which may be payable to specific distributors in certain countries.

USD 5,000

Class I I Shares are available through specific distributors selected by the Distributor.

USD 1,000,000

Class J J Shares are available for investment by fund of fund ranges managed by the HSBC Group only.

USD 100,000

Class L L Shares are available through specific distributors selected by the Distributor, provided that the investors qualify as institutional investors within the meaning of article 174 of the 2010 Law.

USD 1,000,000

Class M M Shares are available to all investors.

USD 5,000

Class P P Shares are available for subscription in certain jurisdictions or through certain distributors selected by the Distributor.

USD 50,000

Class R R Shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor. R Shares will incur annual management fees equivalent to that of the Class M shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class R Shares, which may be payable to specific distributors in certain countries.

USD 5,000

Class S S Shares are available in certain jurisdictions or through certain distributors selected by the Distributor provided that the investors qualify as institutional investors within the meaning of article 174 of the 2010 Law.

USD 100,000


98

3. Share capital (continued)

Class Description Minimum Initial

Investment

Minimum Holding

Class W W Shares are available through specific distributors that will also be members or affiliated entities of the HSBC Group as selected by the Distributor provided that the investors qualify as institutional investors within the meaning of article 174 of the 2010 Law. No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to this class will be paid directly by members or affiliated entities of the HSBC Group.

USD 100,000

Class X X Shares are available through specific distributors selected by the Distributor, provided that the investors qualify as institutional investors within the meaning of article 174 of the 2010 Law and fall into one of the following categories: companies or company pension funds, insurance companies or registered charities or funds managed or advised by an HSBC Group entity and other such institutional investors, as agreed by the Board of Directors.

USD 10,000,000Unless otherwise

provided in the Sub-Fund characteristics

of the Prospectus

Class Y Y Shares are available in certain jurisdictions through specific distributors appointed by the Distributor.

USD 1,000

Class Z Z Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor, provided that such investors qualify as institutional investors within the meaning of article 174 of the 2010 Law.

USD 1,000,000

Class ZP ZP Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor provided that such investors qualify as institutional investors within the meaning of article 174 of the 2010 Law.

USD 1,000,000


99

3. Share capital (continued)

The Board of Directors of the Company is authorised to issue different Classes of Shares in one or more sub-funds. Details of the characteristics of such Share Classes offered will be determined at the sole discretion of the Board of Directors. In case of the creation of any additional Classes of Shares, the Prospectus will be updated.

The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments. All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be entitled to one vote at all meetings of shareholders.

The minimum initial investment amount may be waived or reduced at the discretion of the Company.

Share Class Denominations and Successive Classes:

The Share Classes issued in the different sub-funds are designated by their class name, followed by their distribution characteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency is hedged. This means that for example Shares issued in Class A which are distributing income and applying a hedging policy to Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating income would be identified as IC.

Distribution Shares are identifiable by a "D" following the sub-fund and Class names (e.g.: Class AD), with the exception of Monthly Distribution Shares which are identifiable by an "M" following the sub-fund and Class names (e.g.: Class AM).

Successive Classes J, L, M, R and ZP in a given sub-fund are numbered 1, 2, 3… and will be referred to as J1, J2, J3, (…), L1, L2, L3 (…), M1, M2, M3 (…) etc.

Successive Classes S Shares will be issued in different sub-funds, and numbered 1, 2, 3 etc. and will be referred to as S1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and S Class launched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (see Section 3.2. of the Prospectus).

Within each Share Class of a sub-fund, separate currency hedged classes may be issued (suffixed by “H” and the currency into which the Base Currency is hedged or the currency into which the currency the sub-fund total assets are primarily invested in, is hedged. These currency hedged share classes will be named : "ACHEUR" or "ACHGBP" for a Capital-Accumulation Share Class hedged into Euro or Pound Sterling). Any fees of the Administrator relating to the execution of the currency hedging policy will be borne by the relevant currency hedged class. These fees are in addition to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrue to the relevant currency hedged class.

4. Charges and Expenses

1. Explanation of the Charging Structure

Investment in the Company is generally offered via charging structures, as represented by the A, E, I, J, L, M, P, R, S, W, X, Y, Z and ZP Classes of Shares.

The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see paragraph (2) headed “Management Fee” below).

In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicing expenses. To safeguard shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The potential excess of such expenses above such annual rate will be borne directly by the Management Company (see paragraph (4) headed “Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees” below).


100

4. Charges and Expenses (continued)

2. Management Fee The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or share class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table on page 160. The maximum rate for Class E, I, J, L and M Shares is 3.5%. The maximum rate for Class A, P, R, S, X, Y, Z and ZP Shares is as stated in the Prospectus. No Management Fee is currently charged for Class W Shares. The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers. In such case, the Management Fee due to the Management Company is reduced accordingly. 3. Performance Fee Unless otherwise provided in the Prospectus, for sub-funds issuing Class J Shares, L Shares, M Shares, R Shares and ZP Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period. Each Dealing Day, the Performance Fee accrual will be calculated as 20% of the difference between the change in the Net Asset Value per share of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined in the Prospectus for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day the Net Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below). On a Dealing Day when the Net Asset Value exceeds the Low Tide Mark but immediately follows a Dealing Day when the Net Asset Value per share was below the Low Tide Mark, no accrual is made. On the first issue of the relevant Class of Shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the sub-fund. The cumulative Performance Fee accrual from the beginning of the twelve month period will be included in the calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value per Share of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the ‘Low Tide Mark’. No further daily Performance Fee accrual will be made until the Net Asset Value per Share exceeds the Low Tide Mark.


101


3. Performance Fee (continued)

At the end of the twelve month period, the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value per Share of the relevant Class of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant Class of Shares, followed by a period of negative performance, all shareholders will participate (in proportion with their shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive performance.

The detailed Performance Fee information can be found in the Prospectus dated December 2011.

If there is a positive balance of the Performance Fee, it will become payable to the Management Company and will be included in the “performance fees” balance from the statement of operations. If there was a positive balance of the Performance Fees accrued as at 31 March 2011 but no performance fees paid during the year ended 31 March 2012 or payable as at 31 March 2012, the 31 March 2011 accrual reversal is included in the “other income” balance from the statement of operations.

With effect from 1 June 2011, the Board of Directors has decided to bring into line the Performance Period starting on the first issue of each relevant Class of Shares and used for the calculation of the Performance Fee payable annually.

The positive balance (if any) of the Performance Fee accrual will therefore become payable to the Management Company each year on the last Business Day of November.

The first date on which Performance Fees were paid simultaneously for all relevant Class of Shares was on 30 November 2011.

As a consequence: 1. Any Class of Share that was due to pay a Performance Fee between 1 June 2011 and 30 November 2011 delayed its payment date until 30 November 2011 (and consequently the next following performance period will be between 12 to 18 months). 2. Any Class of Share that is due to pay a Performance Fee between 1 December 2011 and 31 May 2012 had an earlier payment date, on 30 November 2011 (and consequently the next following performance period will be between 6 to 12 months).

In relation to performance fees, the following sub-funds stopped paying performance fees compared to last year: - BRIC Equity - Euroland Growth - GEM Equity

4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees

The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, Administration Agent, Registrar and Transfer Agent.

This fee is set, for each sub-fund and/or Class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the Company’s Prospectus (as specified in the table on page 158). Such fee is accrued daily and payable monthly in arrears.


102


4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued)

No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to such Class of Shares will be paid directly by a member or an affiliated entity of HSBC Group.

The maximum rate for class A, E, I, J, L, M, P, R, S, X, Y, Z and ZP Shares is 1.0% (but not including the fees of the Administration Agent relating to the execution of the currency hedging for the currency hedged Share Classes). However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each Class of Shares. In the event of an increase of such expenses, the concerned shareholders will be given at least three months prior notice of such increase. During this three months notice, such shareholders may request the redemption of their Shares, free of charge.

Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Registrar and Transfer Agent.

Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiaries (see paragraph (6) below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under Section “Taxation” of the Company’s Prospectus; attendance fees and reasonable out-of-pocket expenses incurred by the Board of Directors; legal and auditing fees and expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s Prospectus, Key Investor Information Documents, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.

The Company pays to the Management Company a fee to cover the expense of the Administration Agent relating to the execution of the hedged Share Classes launched on or after 1 December 2008.

The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assets of the Company to any of the aforementioned service providers. In such case the fee due to the Management Company is reduced accordingly.

5. Transaction expenses and extraordinary expenses

The transaction expenses linked to security dealing are written off against the realised profit/loss from the sale of investments.

Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.

The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.

6. Indian Equity and Global Emerging Markets Equity

The Company's wholly owned subsidiaries in Mauritius, HSBC Global Investment Funds Mauritius Limited ("HSBC Mauritius") and HSBC GIF Mauritius No. 2 Limited ("HSBC Mauritius No. 2"), (each a Subsidiary or collectively, the Subsidiaries") are located at Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius manages the Indian Equity sub-funds investments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging Markets Equity sub-fund’s investments in India.


103

6. Indian Equity and Global Emerging Markets Equity (continued)

HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and of HSBC Mauritius are consolidated.

HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global Emerging Markets Equity sub-fund and of HSBC Mauritius No. 2 are consolidated.

The Subsidiaries have appointed Multiconsult Limited, Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of its accounts, books and records.

The Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiaries in Mauritius to perform the auditor’s duties required by Mauritius law.

7. Taxation of the Company

The following summary is based on the Company’s understanding of the law and practice currently in force in the Grand Duchy of Luxembourg and in other jurisdictions and is subject to changes therein.

Belgium

The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the net outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.

To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial or long term, the Management Company may require the sub-funds concerned to bear that tax charge for future periods.

China Where the Company invests in shares and securities issued by companies tax resident (or with their primary activity) in PRC, securities issued by government agencies in the PRC or other permissible PRC investments, the Company may be subject to withholding and other taxes imposed in the PRC. The tax laws, regulations and practice in the PRC are constantly changing, and they may be changed with retrospective effect. In particular, there is uncertainty as to whether and how capital gains are to be taxed. Therefore any provision for PRC tax liabilities that the Company may hold is likely to be excessive or inadequate to meet final PRC tax liabilities, and in particular (but not exclusively) in relation to gains derived from the disposal of PRC investments. Consequently, the Company and shareholders may be disadvantaged depending upon the final outcome of how PRC investment returns will be taxed. Hong Kong The Company may be subject to Hong Kong profits tax in relation to a particular sub-fund if it is treated as carrying on a trade or business in Hong Kong either on its own account or through the agency of the investment adviser of that sub-fund. If the Company is treated as carrying on business in Hong Kong, a liability to profits tax, the rate of which is currently 16.5%, will only exist in respect of any profits of the relevant sub-funds which arise in or are derived from Hong Kong from that trade or business, and which are not capital profits. Such amounts may include, but not be limited to, profits arising from the disposal of securities (except those held as capital assets) listed on the Hong Kong Stock Exchange, unlisted securities where the purchase or sale contracts are effected in Hong Kong and interest income arising from certain debt instruments where the loan funds were first made available to the issuer in Hong Kong.


104

7. Taxation of the Company (continued)

Hong Kong (continued)

Under the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance 2006, funds resident outside Hong Kong (“Offshore Funds”) are exempted from Hong Kong profits tax providing certain conditions are met. It is intended that affairs of the Company will be conducted as far as possible to comply with the conditions for exemption from profits tax.

India

On the basis that they are Mauritian tax residents, the Subsidiaries will benefit from the tax advantages available to them under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries will file, through their Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Until 31 March 2012, capital gains resulting from the purchase and sale by the Subsidiaries of stocks on the Indian stock exchanges has been exempt from tax on the basis that the Subsidiaries are able to benefit from the provisions of the India-Mauritius double taxation treaty.

Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt from income tax. The sale and purchase of stocks and securities is exempt from Indian Sales tax.

The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiaries neither have a permanent establishment nor its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the said treaty will continue to be available to the Indian Equity and in Global Emerging Markets Equity sub-funds in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.

Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company pays a dividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1 April 2003.

India-Mauritius tax treaty benefits shall now be subject to fulfilment of the conditions prescribed under the General Anti-Avoidance Rule (“GAAR”). The foresaid rules i.e. GAAR have been introduced in the Indian Income Tax Act Finance Bill 2012 and shall be effective from financial year 2014 i.e. 1st April 2013.

South Korea

In 2011, the South Korean tax authorities issued a "clarification" that the S.Korean/Luxembourg double taxation agreement was not applicable to Luxembourg SICAVs and that they would be looking to recover amounts they considered as owing back to 2006 (including penalties). In anticipation of these claims, a provision has been booked for HGIF Korean Equity corresponding to the withholding tax on dividends. This provision being higher than the dividend income for the year, the net amount has been booked under the caption “Other fees”.

Luxembourg

The Company is not liable to any Luxembourg tax on profits or income. The Company is however liable in Luxembourg to a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for the Euro Reserve sub-fund and Classes J, L, S, W, X, Z and ZP Shares in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of shares.

The classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the articles 174 and 175 of the Luxembourg law of 17 December 2010 which include: (i) the shares of the class/sub-fund must be reserved to institutional investors; (ii) the exclusive object of the class/sub-fund’s portfolio must be the investment in money market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/sub-fund’s portfolio must be less than 90 days; and (iv) the class/sub-fund must benefit from the highest possible rating of a recognized rating agency.

No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.


105


Luxembourg (continued) Are also exempt from this tax: a) sub-funds/Classes whose Shares are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set up on one or more employers' initiative for the benefit of their employees and (ii) companies of one or more employers investing funds they hold, to provide retirement benefits to their employees; b) sub-funds whose main objective is the investment in microfinance institutions; c) sub-funds/Classes of Shares whose Shares are listed or traded on at least one stock exchange or another regulated market operating regularly, recognised and open to the public and whose exclusive object is to replicate the performance of one or more indices. Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that such units/shares have already been subject of this tax provided for by Article 174 of the 2010 Law or by the Law of 13 February 2007 as amended. Mauritius The Subsidiaries are registered with the Financial Services Commission in Mauritius as offshore companies. As a result they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiaries investments in India and any dividends and redemption proceeds paid by the Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by the Mauritius Revenue Authority. On the basis that they are Mauritian tax residents, the Subsidiaries have to date qualified for certain reliefs from Indian tax as set out in the Indian tax paragraph above. Thailand Where possible, Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favourable position, no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the net asset value. United Kingdom It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains.


106


France For the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the following sub-funds have invested in excess of 75% of equity or equity equivalent securities, which have their registered office in a country which is a member of the EU or the European Economic Area. % of holdings in shares Euroland Equity 100.60 Euroland Equity Smaller Companies 95.07 Euroland Growth 98.23 European Equity 94.02 UK Equity 91.79 General

In many markets the company, as a foreign investment fund, may be subject to non-recoverable tax on income and gains (either by withholding or direct assessment) in relation to the investment returns it realizes from its holdings of shares and securities in those markets. Where practicable the Company will make claims under the relevant double tax treaties and domestic law of the countries concerned in order to minimize the impact of local taxation on the investment return and to obtain the best return for its shareholders. Those claims will be made on the basis of the Company’s understanding of the validity of such claims given the information available from the Company’s custodians, external advisers and other sources as to the interpretation and application of the relevant legal provisions by the tax authorities in the country concerned. The company will seek to provide for tax on capital gains where it considers that it is more likely than not that the tax will be payable, given the advice and information available to the Company at the date concerned. However, any provision held may be insufficient to cover, or be in excess of, any final liability. The Company will seek to claim concessionary tax treatment and account for tax on a bests efforts basis, given the tax law and practice at that date. Any change in tax law or practice in any country where the Company is registered, marketed or invested could affect the value of the Company’s investments in the affected country. In particular, where retrospective changes to tax law or practice are applied by the legislature or tax authorities in a particular country these may result in a loss for current Sahreholders in the affected sub fund. The Company does not offer any warranty as to the tax position of returns from investments held in a particular market nor of the risk of a retrospective assessment to tax in a particular market or country.

8. Public and bank holidays in Hong Kong

HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share Distributor in Hong Kong. There will be no dealing for the shares of the Company in Hong Kong on a day which is a public or bank holiday in Hong Kong.


107

9. Forward foreign exchange contracts

As at 31 March 2012, the Company had entered into various forward foreign currency contracts, for the purpose of hedging the portfolio, which obliges the Company to deliver currencies at specified dates. Open contracts are as follows: Contracts with a settlement date of 30 March 2012 still appear because they were open at the time of the preparation and publication of the net asset value of 31 March 2012.

Sub-funds In exchange for Settlement Contract to

deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asia ex Japan Equity

EUR 71,362,000 30/03/2012 USD 93,408,797 1,802,385

USD 95,095,279 30/03/2012 EUR 71,362,000 (115,900)

EUR 58,617,000 29/06/2012 USD 78,415,621 (313,744)

USD 1,372,741

Asia Pacific ex Japan Equity High Dividend

USD 3,863 05/04/2012 HKD 30,000 (1)

USD (1)

Global Emerging Markets Equity

USD 468,419 02/04/2012 ZAR 3,560,470 4,684

USD 654,176 03/04/2012 ZAR 5,009,041 1,875

USD 6,559

US Equity

USD 5,941,868 30/03/2012 EUR 4,500,000 (62,032)

USD 10,648,168 31/05/2012 EUR 8,000,000 (20,841)

EUR 35,885,000 08/06/2012 USD 47,111,157 735,605

USD 1,005,386 08/06/2012 EUR 757,000 (3,953)

USD 648,779

Asian Currencies Bond

KRW 10,809,200,000 18/04/2012 USD 9,496,249 37,465

MYR 9,137,000 18/04/2012 USD 2,994,116 (15,874)

PHP 30,000,000 18/04/2012 USD 701,098 (3,328)

USD 239,808 18/04/2012 SGD 300,000 933

USD 1,620,000 18/04/2012 PHP 70,032,600 (8,900)

USD 810,000 18/04/2012 THB 24,696,900 10,354

USD 2,170,000 18/04/2012 KRW 2,458,610,000 1,508

USD 655,093 18/04/2012 MYR 2,000,000 3,190


108

9. Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asian Currencies Bond (continued)

USD 1,600,000 18/04/2012 KRW 1,797,600,000 14,533

USD 2,413,043 18/04/2012 IDR 22,200,000,000 (10,106)

USD 2,125,775 18/04/2012 KRW 2,400,000,000 8,985

USD 1,591,658 14/05/2012 IDR 14,500,000,000 13,542

PHP 57,000,000 16/05/2012 USD 1,333,333 (10,192)

USD 42,110

Emerging Inflation Linked Bond

USD 301,112 02/04/2012 EUR 225,746 (74)

USD 66,704 03/04/2012 EUR 50,000 (5)

BRL 1,000,000 08/06/2012 USD 552,792 (13,195)

CLP 1,600,000,000 08/06/2012 USD 3,275,333 (14,533)

ILS 6,050,000 08/06/2012 USD 1,591,052 31,619

KRW 6,250,000,000 08/06/2012 USD 5,558,026 (64,276)

MXN 57,000,000 08/06/2012 USD 4,470,939 (38,733)

USD 1,415,064 08/06/2012 PLN 4,440,000 565

USD 3,205,553 08/06/2012 ILS 12,100,000 (39,957)

USD 5,192,636 08/06/2012 ZAR 39,500,000 105,530

USD 4,229,750 08/06/2012 TRY 7,670,000 6,564

USD (26,495)

Global Bond

USD 2,645,156 02/04/2012 EUR 2,000,000 (23,208)

GBP 167,000 05/04/2012 USD 266,456 1,092

USD 4,852,143 05/04/2012 EUR 3,694,000 (76,269)

USD 487,677 05/04/2012 CAD 482,000 3,982

USD 11,177,735 05/04/2012 EUR 8,378,000 92

USD 2,292,024 05/04/2012 GBP 1,438,000 (11,772)

USD 133,169 05/04/2012 CAD 132,000 705

USD 627,301 05/04/2012 GBP 400,000 (13,533)

USD 1,165,093 05/04/2012 EUR 890,000 (22,316)

USD 267,193 05/04/2012 GBP 170,000 (5,161)

JPY 76,610,000 06/04/2012 USD 944,242 (10,371)


109



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Bond (continued)

USD 1,767,736 06/04/2012 JPY 145,350,000 (4,071)

USD 5,299,988 10/04/2012 EUR 4,000,000 (36,641)

USD 2,656,500 18/04/2012 EUR 2,000,000 (11,591)

AUD 1,680,000 16/05/2012 USD 1,750,242 (12,286)

CHF 850,000 16/05/2012 USD 918,138 23,513

DKK 3,770,000 16/05/2012 USD 662,081 13,692

KRW 2,002,000,000 16/05/2012 USD 1,777,344 (15,584)

MXN 7,194,000 16/05/2012 USD 568,323 (7,435)

PLN 1,433,000 16/05/2012 USD 449,385 8,407

SEK 6,258,000 16/05/2012 USD 918,804 22,931

USD (175,824)

Global Credit Bond

EUR 7,240,288 02/04/2012 USD 9,650,000 9,861

USD 9,650,000 02/04/2012 EUR 7,343,474 (147,531)

USD 9,650,000 01/06/2012 EUR 7,238,360 (3,013)

EUR 381,000 02/04/2012 USD 500,929 7,395

EUR 381,000 02/04/2012 USD 500,929 7,395

USD 507,763 02/04/2012 EUR 381,000 (561)

USD 507,763 02/04/2012 EUR 381,000 (561)

EUR 381,000 01/06/2012 USD 507,900 198

EUR 381,000 01/06/2012 USD 507,900 198

USD (126,619)

Global Emerging Markets Bond

EUR 360,790,140 30/03/2012 USD 483,117,509 (1,751,302)

USD 483,992,407 30/03/2012 EUR 362,733,743 33,049

USD 793,176 02/04/2012 EUR 594,737 (310)

BRL 53,403,976 03/04/2012 USD 30,851,517 (1,575,137)

USD 2,075,451 03/04/2012 EUR 1,563,004 (9,874)

USD 30,359,730 03/04/2012 BRL 53,509,024 1,026,821

EUR 14,328 04/04/2012 USD 19,135 (20)

USD 670,062 04/04/2012 EUR 501,969 349

EUR 364,377,441 30/04/2012 USD 486,258,862 (81,339)

USD (2,357,763)


110



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Investment Grade Bond

BRL 14,695,845 03/04/2012 USD 8,338,834 (282,484)

USD 8,235,557 03/04/2012 BRL 14,695,845 179,392

PEN 1,253,679 19/04/2012 USD 467,662 2,158

USD 465,595 19/04/2012 PEN 1,253,679 (4,226)

BRL 17,185,820 03/05/2012 USD 9,535,322 (182,696)

USD 1,500,000 03/05/2012 BRL 2,762,250 (3,260)

THB 174,182,118 21/05/2012 USD 5,635,538 (9,455)

USD 8,328,802 21/05/2012 THB 260,920,176 (99,302)

COP 3,109,307,123 22/05/2012 USD 1,736,977 (14,421)

USD 450,000 22/05/2012 COP 799,450,000 7,156

RUB 162,116,225 24/05/2012 USD 5,404,771 53,034

USD 541,775 24/05/2012 RUB 16,138,752 (1,566)

MXN 46,052,233 01/06/2012 USD 3,590,397 (6,751)

USD 630,100 01/06/2012 MXN 8,011,316 6,732

CZK 148,046 04/06/2012 USD 8,021 (56)

PLN 10,168,176 04/06/2012 USD 3,267,156 (26,334)

USD 600,000 04/06/2012 PLN 1,899,300 (5,390)

USD 1,300,000 04/06/2012 CZK 24,369,800 (11,230)

USD 595,000 04/06/2012 PLN 1,906,380 (12,703)

USD 595,000 04/06/2012 CZK 11,287,150 (12,320)

USD 151,741 04/06/2012 PLN 472,508 1,152

USD 3,366,120 07/06/2012 ZAR 25,629,802 64,677

ZAR 10,147,233 07/06/2012 USD 1,314,753 (7,373)

MXN 7,694,777 14/06/2012 USD 590,000 7,938

MYR 1,337,160 14/06/2012 USD 440,000 (6,150)

USD 2,488,194 14/06/2012 MYR 7,628,844 13,048

CLP 60,972,500 21/06/2012 USD 124,964 (885)

USD 1,053,320 26/06/2012 EUR 800,000 (12,704)

KRW 379,580,800 09/07/2012 USD 336,806 (3,914)

CNY 9,481,500 27/07/2012 USD 1,500,000 (2,435)

USD 67,611 30/07/2012 PEN 180,319 50

USD (370,318)


111



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Local Debt

BRL 31,671,275 03/04/2012 USD 17,892,255 (529,872)

ILS 52,491,680 03/04/2012 USD 13,776,514 358,235

USD 13,997,781 03/04/2012 ILS 52,491,680 (137,004)

USD 17,964,421 03/04/2012 BRL 31,671,275 602,660

RON 52,956,716 05/04/2012 USD 15,924,560 183,814

USD 15,986,931 05/04/2012 RON 52,956,716 (121,518)

HUF 12,623,729,572 17/04/2012 USD 51,355,419 5,531,146

USD 35,696,896 17/04/2012 HUF 7,975,410,220 (243,524)

CNY 52,152,000 19/04/2012 USD 8,280,724 (5,297)

PEN 11,601,400 19/04/2012 USD 4,300,000 47,659

USD 7,170,920 19/04/2012 CNY 45,212,650 (3,380)

USD 3,222,165 19/04/2012 PEN 8,636,900 (14,541)

USD 1,104,289 19/04/2012 CNY 6,939,350 3,162

USD 1,099,184 19/04/2012 PEN 2,964,500 (11,773)

ARS 32,115,575 27/04/2012 USD 7,073,915 192,426

USD 7,274,196 27/04/2012 ARS 32,115,575 7,944

BRL 33,355,920 03/05/2012 USD 18,200,000 (47,508)

USD 31,509,895 03/05/2012 BRL 57,437,425 254,219

TRY 97,491,923 11/05/2012 USD 51,612,202 2,480,705

USD 21,648,071 11/05/2012 TRY 39,854,717 (470,419)

PHP 858,586,000 18/05/2012 USD 19,825,710 102,071

THB 802,064,740 21/05/2012 USD 25,874,542 32,150

USD 29,069,937 21/05/2012 THB 898,459,100 49,900

COP 56,692,753,083 22/05/2012 USD 31,549,038 (141,253)

RUB 1,729,059,300 24/05/2012 USD 58,187,364 23,146

USD 6,007,072 29/05/2012 IDR 55,024,780,000 28,817

MXN 455,000,000 01/06/2012 USD 34,985,199 421,536

USD 14,296,409 01/06/2012 MXN 184,194,723 (37,340)

CZK 663,927,480 04/06/2012 USD 35,972,537 (249,918)

PLN 72,920,764 04/06/2012 USD 23,540,293 (298,841)

USD 28,400,000 04/06/2012 CZK 533,569,200 (309,052)

USD 22,692,385 07/06/2012 ZAR 173,131,200 390,374

ZAR 10,116,220 07/06/2012 USD 1,308,898 (5,514)

TWD 228,480,000 12/06/2012 USD 7,773,279 (40,145)

MYR 58,063,400 14/06/2012 USD 19,200,000 (360,981)


112



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Local Debt (continued)

USD 35,400,954 14/06/2012 MXN 460,000,000 (347,247)

USD 4,876,262 14/06/2012 MYR 14,801,894 74,146

CLP 4,014,867,000 21/06/2012 USD 8,147,878 22,376

ILS 52,491,680 21/06/2012 USD 13,948,311 120,299

RON 46,324,716 21/06/2012 USD 13,925,963 39,317

SGD 67,604,671 21/06/2012 USD 52,618,419 1,214,099

USD 9,100,000 21/06/2012 SGD 11,507,041 (62,867)

INR 456,663,680 25/06/2012 USD 9,027,049 (300,663)

USD 15,747,134 26/06/2012 EUR 11,960,000 (189,926)

HKD 377,897,133 28/06/2012 USD 48,623,584 45,409

USD 4,200,000 28/06/2012 HKD 32,617,200 (737)

KRW 6,155,426,000 09/07/2012 USD 5,468,115 (69,807)

ARS 32,115,575 27/07/2012 USD 7,010,604 (15,992)

CNY 162,178,900 27/07/2012 USD 25,659,565 (44,056)

PEN 5,348,154 30/07/2012 USD 2,005,307 (1,493)

USD 10,800,000 08/08/2012 TRY 19,712,160 113,617

USD 8,278,559

Global High Income Bond

SGD 400,774 30/03/2012 USD 318,073 1,028

USD 316,846 30/03/2012 SGD 400,773 (2,253)

SGD 637,283 02/05/2012 USD 504,859 2,626

EUR 8,000,000 02/04/2012 USD 10,568,822 104,634

USD 165,508,622 02/04/2012 EUR 126,000,000 (2,598,345)

EUR 1,000,000 01/06/2012 USD 1,326,531 7,060

USD 157,405,746 01/06/2012 EUR 118,000,000 42,027

EUR 4,809,000 05/04/2012 USD 6,370,439 45,566

USD 4,977,350 05/04/2012 GBP 3,132,000 (40,376)

USD 7,891,789 05/04/2012 EUR 5,954,000 (51,837)

USD (2,489,870)

Global Inflation Linked Bond

EUR 5,148,500 16/04/2012 USD 6,775,422 93,186

GBP 1,926,600 16/04/2012 USD 3,044,247 41,894

AUD 91,324 11/05/2012 USD 95,074 (538)


113



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Inflation Linked Bond (continued)

CAD 111,870 11/05/2012 USD 112,563 (385)

EUR 527,653 11/05/2012 USD 703,000 954

GBP 170,200 11/05/2012 USD 270,238 2,334

JPY 10,550,469 11/05/2012 USD 125,675 2,969

SEK 845,337 11/05/2012 USD 125,413 1,832

USD 1,080,105 11/05/2012 AUD 1,025,000 19,142

USD 7,907,071 11/05/2012 EUR 6,019,809 (124,095)

USD 920,819 11/05/2012 CAD 912,000 6,313

USD 11,867,078 11/05/2012 GBP 7,559,648 (239,684)

USD 637,813 11/05/2012 JPY 52,568,670 (3,166)

USD 929,748 11/05/2012 SEK 6,325,860 (22,501)

USD (221,745)

US Dollar Bond

USD 2,645,156 02/04/2012 EUR 2,000,000 (23,209)

USD 5,299,988 10/04/2012 EUR 4,000,000 (36,641)

USD 2,656,500 18/04/2012 EUR 2,000,000 (11,591)

USD (71,441)

European Equity Absolute Return

GBP 198,200 30/04/2012 EUR 233,478 4,456

USD 199,800 30/04/2012 EUR 148,521 1,223

EUR 5,679

GEM Debt Total Return

EUR 430,056,909 30/03/2012 USD 566,367,297 6,339,494

JPY 5,047,888,966 30/03/2012 USD 62,700,820 (1,361,851)

USD 32,717,389 30/03/2012 EUR 24,668,166 (133,208)

USD 61,304,483 30/03/2012 JPY 5,047,888,966 (34,486)

USD 537,651,552 30/03/2012 EUR 405,388,746 (2,204,643)

BRL 53,509,024 03/04/2012 USD 29,977,044 (676,038)

USD 30,911,119 03/04/2012 BRL 53,509,024 1,611,774

HUF 10,128,000 17/04/2012 USD 40,900 4,703

EUR 428,003,506 02/05/2012 USD 567,758,126 2,129,398

JPY 7,008,929,447 02/05/2012 USD 84,988,371 199,138

USD 1,253,195 02/05/2012 EUR 943,523 (3,109)


114


Sub-funds In exchange

for

Settlement Contract to

deliver

Unrealised

Gain / (Loss)

by Sub-Fund

GEM Debt Total Return (continued)

USD 29,788,467 03/05/2012 BRL 53,509,024 707,167

TRY 72,755,362 11/05/2012 USD 37,745,972 2,601,605

USD 38,290,000 11/05/2012 TRY 72,289,688 (1,819,833)

USD 49,428,111 14/06/2012 MXN 643,900,000 (407,451)

USD 50,568,803 08/08/2012 TRY 92,460,000 467,298

USD 7,419,958

GEM Equity Absolute Return

EUR 2,690,100 30/04/2012 USD 3,535,223 54,094

GBP 45,400 30/04/2012 USD 71,157 1,562

USD 977,868 30/04/2012 EUR 739,856 (9,299)

USD 2,142 30/04/2012 GBP 1,350 (20)

USD 28,415 30/04/2012 EUR 21,600 (406)

USD 45,931

Global Currency

AUD 1,744,237 30/03/2012 USD 1,815,297 (767)

CHF 2,531,126 30/03/2012 USD 2,756,125 48,293

CZK 32,907,944 30/03/2012 USD 1,785,390 (11,717)

EUR 4,363,970 30/03/2012 USD 5,737,877 87,154

GBP 2,926,411 30/03/2012 USD 4,643,232 43,267

JPY 3,094,672,690 30/03/2012 USD 39,150,781 (1,438,448)

NZD 2,198,672 30/03/2012 USD 1,799,789 7,080

SEK 3,769,189 30/03/2012 USD 560,455 8,903

SGD 2,249,336 30/03/2012 USD 1,790,160 (570)

USD 2,737,824 30/03/2012 CHF 2,491,693 (22,903)

USD 5,632,219 30/03/2012 EUR 4,253,125 (44,852)

USD 23,210 30/03/2012 CHF 21,297 (386)

USD 55,234 30/03/2012 EUR 42,045 (888)

USD 1,801,790 30/03/2012 MXN 22,923,095 5,949

USD 1,796,686 30/03/2012 PLN 5,597,161 (1,654)

USD 1,788,640 30/03/2012 ILS 6,653,114 (3,203)

USD 1,812,183 30/03/2012 ZAR 13,852,960 5,092

USD 20,166 30/03/2012 GBP 12,726 (213)

USD 588,019 30/03/2012 JPY 48,251,739 13


115



for


deliver

Unrealised

Gain / (Loss) by

Sub-Fund

Global Currency (continued)

USD 2,055,626 30/03/2012 SEK 13,711,171 (15,529)

USD 24,562 30/03/2012 GBP 15,612 (439)

USD 1,786,261 30/03/2012 EUR 1,338,836 (818)

USD 2,801,220 30/03/2012 GBP 1,768,548 (31,020)

USD 36,869,978 30/03/2012 JPY 3,046,123,824 (250,727)

USD 1,796,238 30/03/2012 NOK 10,249,730 (3,717)

USD 50,419 30/03/2012 EUR 37,900 (170)

USD 284,605 30/03/2012 SEK 1,898,847 (2,227)

USD 19,855 30/03/2012 CHF 18,136 (240)

USD 39,714 30/03/2012 EUR 30,083 (440)

USD 3,615 30/03/2012 JPY 297,127 (6)

CHF 2,491,693 02/05/2012 USD 2,738,895 21,924

EUR 4,272,188 02/05/2012 USD 5,657,786 44,187

GBP 1,778,548 02/05/2012 USD 2,816,549 31,208

JPY 3,046,123,824 02/05/2012 USD 36,881,317 246,851

SEK 1,870,340 02/05/2012 USD 276,773 5,351

EUR 819 31/05/2012 USD 1,092 1

GBP 685 31/05/2012 USD 1,091 4

CAD 4,055,408 19/06/2012 USD 4,069,214 (7,557)

TRY 15,795,197 19/06/2012 USD 8,620,940 45,869

USD 8,829,551 19/06/2012 CAD 8,791,918 24,135

USD 3,945,746 19/06/2012 TRY 7,329,543 (77,654)

AUD 5,763,405 20/06/2012 USD 5,991,601 (57,386)

CZK 77,303,475 20/06/2012 USD 4,179,470 (19,383)

EUR 8,203,155 20/06/2012 USD 10,910,279 29,637

GBP 2,622,437 20/06/2012 USD 4,162,513 34,558

ILS 40,583,146 20/06/2012 USD 10,843,125 33,524

INR 446,904,718 20/06/2012 USD 8,671,123 (114,685)

KRW 4,602,625,805 20/06/2012 USD 4,056,337 (15,232)

MXN 137,238,654 20/06/2012 USD 10,735,285 (82,820)

MYR 18,537,532 20/06/2012 USD 6,038,481 (26,759)

NOK 62,248,412 20/06/2012 USD 10,864,893 22,416

NZD 5,004,027 20/06/2012 USD 4,062,254 26,526

PHP 260,544,626 20/06/2012 USD 6,043,717 (12,109)

PLN 27,817,323 20/06/2012 USD 8,738,458 112,346


116



for


deliver

Unrealised

Gain / (Loss)

by Sub-Fund


RUB 259,251,015 20/06/2012 USD 8,722,485 (15,280)

SEK 59,701,800 20/06/2012 USD 8,776,897 203,925

SGD 5,167,020 20/06/2012 USD 4,093,133 18,172

USD 2,994,434 20/06/2012 MYR 9,255,947 (7,317)

USD 199,571 20/06/2012 KRW 227,749,048 (395)

USD 593,746 20/06/2012 MYR 1,829,087 577

USD 592,853 20/06/2012 KRW 676,683,184 (1,282)

USD 4,026,932 20/06/2012 AUD 3,879,914 32,360

USD 1,784,853 20/06/2012 CZK 32,907,944 13,934

USD 1,798,706 20/06/2012 AUD 1,744,237 2,804

USD 977,446 20/06/2012 CZK 18,050,726 6,056

USD 4,899,559 20/06/2012 AUD 4,706,919 53,691

USD 6,001,779 20/06/2012 MXN 76,756,321 44,362

USD 6,054,084 20/06/2012 CZK 113,941,909 (77,820)

USD 4,618,208 20/06/2012 PHP 199,033,945 10,637

USD 399,138 20/06/2012 KRW 455,493,530 (790)

USD 2,008,777 20/06/2012 MYR 6,224,992 (10,053)

USD 4,062,343 20/06/2012 RUB 120,458,484 16,854

USD 4,537,342 20/06/2012 MYR 13,952,925 12,489

USD 6,031,551 20/06/2012 ILS 22,899,394 (106,211)

USD 3,976,450 20/06/2012 INR 205,477,222 43,478

USD 2,706,798 20/06/2012 PHP 116,998,095 (1,718)

USD 1,584,846 20/06/2012 KRW 1,808,862,162 (3,354)

USD 4,052,898 20/06/2012 ZAR 31,317,974 23,311

USD 2,767,598 20/06/2012 PHP 119,339,135 4,927

USD 8,832,622 20/06/2012 SGD 11,141,304 (32,311)

USD 4,132,855 20/06/2012 PLN 13,026,478 (11,974)

USD 8,821,936 20/06/2012 GBP 5,611,539 (159,133)

USD 6,058,225 20/06/2012 EUR 4,640,561 (130,650)

USD 6,038,722 20/06/2012 KRW 6,827,861,969 44,109

USD 8,781,183 20/06/2012 NZD 10,808,849 (50,997)

USD 676,699 20/06/2012 PHP 29,249,502 (430)

USD 593,840 20/06/2012 MYR 1,829,087 672

USD 4,152,777 20/06/2012 SEK 28,065,988 (69,422)

USD 6,044,181 20/06/2012 NOK 35,142,302 (102,657)


117



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


ZAR 67,642,425 20/06/2012 USD 8,733,732 (29,709)

USD (1,639,376)

Global Flex Allocation

CHF 1,882,000 27/04/2012 JPY 161,208,194 89,351

EUR 86,713 27/04/2012 GBP 72,000 272

EUR 36,274 27/04/2012 SEK 320,000 146

EUR 110,721 27/04/2012 USD 144,000 2,791

EUR 227,109 27/04/2012 SEK 2,000,000 1,309

EUR 536,532 27/04/2012 GBP 450,000 (3,728)

EUR 682,035 27/04/2012 USD 900,000 7,469

NOK 1,392,000 27/04/2012 EUR 183,784 (911)

USD 812,000 27/04/2012 CAD 813,519 (3,031)

USD 1,740,000 27/04/2012 AUD 1,638,747 30,497

USD 464,000 27/04/2012 SGD 587,206 (2,695)

EUR 121,470

Global Macro

CHF 3,316,900 08/06/2012 EUR 2,744,690 11,312

GBP 13,003,980 08/06/2012 EUR 15,647,943 (45,625)

NOK 4,210,000 08/06/2012 EUR 561,332 (8,974)

SEK 497,869,900 08/06/2012 EUR 55,521,841 658,107

USD 24,914,370 08/06/2012 EUR 19,073,611 (397,425)

AUD 6,000,000 26/04/2012 USD 6,269,598 (35,790)

CAD 12,945,010 26/04/2012 USD 13,000,000 (11,473)

CAD 5,194,545 26/04/2012 AUD 5,000,000 19,250

CZK 93,506,500 26/04/2012 USD 5,000,000 28,566

EUR 5,000,000 26/04/2012 SEK 44,742,770 (58,231)

JPY 458,853,450 26/04/2012 USD 5,500,000 69,320

JPY 1,532,400,000 26/04/2012 SGD 24,000,000 (314,403)

SEK 44,676,695 26/04/2012 EUR 5,000,000 50,701

SGD 12,565,070 26/04/2012 USD 10,000,000 (1,526)

SGD 24,000,000 26/04/2012 JPY 1,521,501,600 413,888

SGD 6,500,000 26/04/2012 NZD 6,326,775 (12,507)

SGD 6,244,520 26/04/2012 USD 5,000,000 (23,424)


118



for


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Macro (continued) USD 3,132,000 26/04/2012 AUD 3,000,000 15,849

USD 10,000,000 26/04/2012 CHF 9,122,860 (81,154)

USD 10,000,000 26/04/2012 GBP 6,338,847 (112,169)

USD 10,000,000 26/04/2012 AUD 9,424,911 170,339

USD 9,500,000 26/04/2012 JPY 756,969,500 205,257

USD 10,134,550 26/04/2012 AUD 9,693,479 62,151

USD 5,000,000 26/04/2012 JPY 405,462,500 43,598

USD 6,556,310 26/04/2012 EUR 5,000,000 (87,607)

USD 5,500,000 26/04/2012 JPY 445,580,300 51,869

USD 3,000,000 26/04/2012 CAD 2,972,340 13,905

USD 5,000,000 26/04/2012 CZK 93,773,300 (39,349)

USD 3,147,900 26/04/2012 AUD 3,000,000 27,799

USD 5,000,000 26/04/2012 JPY 418,031,000 (71,148)

PHP 470,250,000 27/04/2012 USD 11,000,000 (51,722)

BRL 8,887,500 30/04/2012 USD 5,000,000 (120,954)

KRW 7,484,500,000 30/04/2012 EUR 5,000,000 (57,885)

KRW 50,939,100,000 30/04/2012 USD 45,000,000 (91,889)

MYR 33,358,600 30/04/2012 USD 11,000,000 (101,816)

USD 15,000,000 30/04/2012 KRW 16,996,500,000 19,585

AUD 2,164,501 08/06/2012 EUR 1,700,000 (26,862)

EUR 23,300,000 08/06/2012 GBP 19,570,183 (180,494)

EUR 1,380,000 08/06/2012 USD 1,825,501 11,570

EUR 20,000,000 08/06/2012 JPY 2,155,678,000 304,212

EUR 1,700,000 08/06/2012 SEK 15,217,528 (17,205)

EUR 1,600,000 08/06/2012 CAD 2,105,342 18,895

EUR 13,480,000 08/06/2012 NOK 101,214,122 201,120

GBP 1,435,161 08/06/2012 EUR 1,720,000 1,922

JPY 243,157,640 08/06/2012 EUR 2,200,000 21,633

MXN 135,663,947 08/06/2012 USD 10,620,000 (57,086)

PLN 27,500,074 08/06/2012 USD 8,700,000 46,545

SEK 179,547,349 08/06/2012 EUR 20,050,000 210,234

SGD 54,922,048 08/06/2012 USD 43,600,000 75,158

USD 9,440,000 08/06/2012 CZK 174,442,704 37,318

USD 59,444,064 08/06/2012 EUR 45,300,000 (739,833)

USD 16,760,000 08/06/2012 CZK 313,820,441 (99,732)

USD 20,000,000 08/06/2012 ZAR 152,612,000 242,216

USD 21,800,000 08/06/2012 MXN 277,536,759 173,571


119



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Macro (continued)

USD 5,360,000 08/06/2012 SGD 6,770,564 (20,373)

ZAR 40,668,551 08/06/2012 USD 5,280,000 (26,600)

BRL 51,948,400 12/06/2012 USD 28,000,000 (2,739)

INR 1,125,663,500 12/06/2012 USD 22,100,000 (376,851)

KRW 3,720,668,000 12/06/2012 USD 3,280,000 (9,929)

TWD 1,293,820,800 12/06/2012 USD 43,900,000 (81,916)

USD 11,510,000 12/06/2012 CLP 5,632,418,500 53,303

USD 5,400,000 12/06/2012 TWD 159,213,600 8,442

USD 21,360,000 12/06/2012 CLP 10,470,672,000 71,061

USD 2,850,000 12/06/2012 INR 146,977,350 23,079

USD 15,380,000 12/06/2012 BRL 28,529,900 3,427

RUB 652,038,000 13/06/2012 USD 21,800,000 98,853

USD 3,340,000 13/06/2012 RUB 98,797,200 12,785

EUR 112,149

Global Macro II

GBP 604,920 24/04/2012 EUR 728,275 (2,535)

AUD 400,000 26/04/2012 USD 417,973 (2,386)

CAD 598,351 26/04/2012 USD 600,000 139

CZK 5,610,390 26/04/2012 USD 300,000 1,714

JPY 88,176,850 26/04/2012 SGD 1,381,000 (18,091)

JPY 41,713,950 26/04/2012 USD 500,000 6,302

SGD 500,000 26/04/2012 NZD 486,675 (962)

SGD 1,381,000 26/04/2012 JPY 87,549,738 23,816

SGD 1,097,163 26/04/2012 USD 875,000 (1,496)

USD 393,379 26/04/2012 EUR 300,000 (5,256)

USD 200,000 26/04/2012 CAD 198,156 927

USD 1,308,800 26/04/2012 AUD 1,243,601 14,447

USD 575,000 26/04/2012 GBP 364,484 (6,450)

USD 547,000 26/04/2012 JPY 43,585,507 11,818

USD 575,000 26/04/2012 CHF 524,564 (4,666)

USD 209,860 26/04/2012 AUD 200,000 1,853

USD 300,000 26/04/2012 JPY 25,081,860 (4,269)

USD 300,000 26/04/2012 CZK 5,626,398 (2,361)

USD 800,000 26/04/2012 JPY 64,835,050 7,334


120



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Macro II (continued)

PHP 27,060,750 27/04/2012 USD 633,000 (2,976)

BRL 533,250 30/04/2012 USD 300,000 (7,257)

KRW 431,107,200 30/04/2012 EUR 288,000 (3,334)

KRW 2,932,960,180 30/04/2012 USD 2,591,000 (5,291)

MYR 1,919,636 30/04/2012 USD 633,000 (5,859)

USD 1,000,000 30/04/2012 KRW 1,133,100,000 1,306

AUD 250,623 18/04/2012 EUR 198,000 (3,074)

EUR 48,000 18/04/2012 SEK 428,858 (501)

EUR 146,000 18/04/2012 CAD 191,849 1,791

EUR 61,800 18/04/2012 GBP 51,534 (27)

EUR 1,000,000 18/04/2012 NOK 7,489,683 15,205

EUR 1,770,000 18/04/2012 GBP 1,485,625 (12,349)

EUR 1,560,000 18/04/2012 JPY 168,174,084 24,290

JPY 10,502,184 18/04/2012 EUR 95,000 902

MXN 9,645,559 18/04/2012 USD 758,000 (2,951)

PLN 2,170,133 18/04/2012 USD 690,000 4,292

SEK 13,850,557 18/04/2012 EUR 1,550,000 16,393

SGD 4,283,643 18/04/2012 USD 3,400,000 6,197

USD 241,000 18/04/2012 SGD 304,385 (886)

USD 150,760 18/04/2012 EUR 114,000 (1,038)

USD 1,444,000 18/04/2012 ZAR 10,937,041 16,202

USD 1,220,000 18/04/2012 CZK 22,840,462 (8,062)

USD 1,670,000 18/04/2012 MXN 21,167,098 11,426

USD 960,000 18/04/2012 CZK 17,745,101 2,851

USD 4,578,196 18/04/2012 EUR 3,490,000 (59,625)

ZAR 1,920,163 18/04/2012 USD 251,000 (951)

RUB 50,795,550 19/04/2012 USD 1,710,000 10,679

BRL 4,023,468 20/04/2012 USD 2,190,000 4,218

INR 81,615,600 20/04/2012 USD 1,620,000 (21,043)

KRW 287,235,900 20/04/2012 USD 254,000 (493)

TWD 100,415,600 20/04/2012 USD 3,400,000 1,032

USD 1,660,000 20/04/2012 CLP 808,420,000 5,088

USD 242,000 20/04/2012 TWD 7,161,022 (424)

USD 1,160,000 20/04/2012 BRL 2,128,600 (1,197)

USD 1,070,000 20/04/2012 CLP 521,293,300 2,968

USD 181,000 20/04/2012 RUB 5,318,453 371

EUR 7,751


121

10. Futures

As at 31 March 2012, the Company had entered into the following outstanding futures contracts: Sub-funds Number

of

contracts

Currency Commitments Maturity

Date

Unrealised

gain / (loss) in

sub-fund

currency

Asia ex Japan Equity

HONG KONG HANG SENG INDICES 22 HKD 22,550,000 27/04/2012 (23,093)

HSCEI - HKD CHINA ENT 91 HKD 48,275,500 27/04/2012 6,446

KOREA KOSPI 200 INDEX 46 KRW 6,158,250,000 14/06/2012 29,448

SGX S&P NIFTY INDEX 219 USD 2,333,664 26/04/2012 26,937

SIMSCI MSCI SINGAPORE FREE 33 SGD 2,277,000 27/04/2012 11,561

TAMSCI MSCI TAIWAN IDX FUT 141 USD 3,980,430 27/04/2012 7,050

USD 58,349

BRIC Markets Equity

HSCEI - HKD CHINA ENT 319 HKD 169,229,500 27/04/2012 (408,802)

SGX S&P NIFTY INDEX 588 USD 6,265,728 26/04/2012 27,771

USD (381,031)

Euroland Equity

DOW JONES EURO STOXX 50/PR.IND 171 EUR 4,095,450 15/06/2012 (125,700)

EUR (125,700)

Euroland Growth

DOW JONES EURO STOXX 50/PR.IND 65 EUR 1,556,750 15/06/2012 (70,180) EUR (70,180)

Global Equity

AEX 4 EUR 256,640 20/04/2012 (12,808)

BEL-20 10 EUR 231,900 20/04/2012 (2,562)

CAC 40 5 EUR 170,250 20/04/2012 (11,141)

DAX-INDEX (5) EUR (865,500) 15/06/2012 27,018


122

10. Futures (continued)

Sub-funds

Number

of

contracts Currency Commitments

Maturity

Date

Unrealised

gain / (loss) in

sub-fund

currency

Global Equity (continued)

FTSE MIB INDEX 12 EUR 937,800 15/06/2012 (50,433)


IBEX-35 INDICES (BOLSA ESPANOL) (10) EUR (788,000) 20/04/2012 66,376

S&P / ASX 200 INDEX (8) AUD (869,000) 21/06/2012 (16,648)

S&P 500 INDICES 12 USD 4,195,500 14/06/2012 95,100

S&P INDICES S&P/TSX 60 INDEX (10) CAD (1,405,000) 14/06/2012 (3,914)

SIMSCI MSCI SINGAPORE FREE 8 SGD 552,000 27/04/2012 (3,185)

SMI INDEX/(OHNE DIVIDENDENKORR.) (12) CHF (732,240) 15/06/2012 14,090

SWED OPTI OMX STOCKHOLM 30 36 SEK 3,825,900 20/04/2012 (19,817)

TOPIX INDEX (TOKYO) 15 JPY 128,550,000 07/06/2012 82,831

UKX FTSE 100 INDEX (19) GBP (1,085,850) 15/06/2012 56,131

USD 201,410

Indian Equity

CAIRN INDIA LIMITED 132 INR 43,731,600 26/04/2012 0

USD 0

Japanese Equity

TOPIX INDEX (TOKYO) 131 JPY 1,122,670,000 07/06/2012 19,271,000 JPY 19,271,000

Singapore Equity SIMSCI MSCI SINGAPORE FREE 20 SGD 1,380,000 27/04/2012 (4,698)

USD (4,698)

Thai Equity

THAI SET 50 INDEX (SET50) 61 THB 51,819,500 29/03/2012 28,965 USD 28,965


123


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

US Equity

S&P 500 INDICES 73 USD 25,522,625 14/06/2012 407,300 USD 407,300

Brazil Bond IDI INTERBK DEP RATE INDEX (10) BRL (91,100) 28/06/2012 0

IDI INTERBK DEP RATE INDEX 95 BRL 1,011,750 29/12/2012 0

IDI INTERBK DEP RATE INDEX (235) BRL (2,239,550) 30/12/2012 0

USD 0

Euro Bond

EURO BOBL (1) EUR (124,050) 30/06/2012 (740)

EURO BUND (15) EUR (2,075,700) 07/06/2012 (5,700)

EURO SCHATZ 52 EUR 5,737,160 07/06/2012 (2,860) EUR (9,300) Euro Credit Bond

EURO BOBL (312) EUR (38,703,600) 30/06/2012 (139,940)

EURO BUND (362) EUR (50,093,560) 07/06/2012 (508,910)

EUR (648,850)

Global Bond

10Y TREASURY NOTES USA (113) USD (14,677,641) 20/06/2012 112,989

EURO BOBL 22 EUR 2,729,100 30/06/2012 (1,761)

USD 111,228

Global Credit Bond

EURO BUND (1) EUR (138,380) 07/06/2012 133

EURO SCHATZ 5 EUR 551,650 07/06/2012 (366)

USD (233)


124


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

Global High Income Bond EURO BOBL (37) EUR (4,589,850) 30/06/2012 4,937

EURO BUND (41) EUR (5,673,580) 07/06/2012 (14,610)

USD (9,673)

Global Inflation Linked Bond 10 YEAR TREAS.BOND AUSTRAL.6% (5) AUD (580,414) 15/06/2012 3,266

10Y TREASURY NOTES USA (6) USD (779,344) 20/06/2012 8,132

TREASURY BONDS USA (8) USD (1,221,500) 20/06/2012 51,063

EURO BUND (4) EUR (553,520) 7/06/2012 428

LONG GILT STERLING FUTURES (3) GBP (343,560) 27/06/2012 3,268

USD 66,157

Latin American Local Debt

IDI INTERBK DEP RATE INDEX 20 BRL 213,000 29/12/2012 0

IDI INTERBK DEP RATE INDEX (40) BRL (381,200) 30/12/2012 0

USD 0

US Dollar Bond

10Y TREASURY NOTES USA (10) USD (1,298,906) 20/06/2012 (10,781)

30Y TREASURY NOTES USA 13 USD 1,805,375 20/06/2012 (48,547)

USD (59,328)


DJ EURO STOXX/BANKS/PRICE 70 EUR 366,450 15/06/2012 (29,050)

DOW JONES EURO STOXX 50 (39) EUR (934,050) 15/06/2012 18,330 EUR (10,720)


125


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency

Global Currency

3M SHORT STERLING 7 GBP 866,950 19/12/2012 1,541

90 DAYS - EURO $ FUTURE 8 USD 1,989,500 17/12/2012 2,700 BANKERS ACC.CANADIAN 3 MONTHS 4 CAD 986,700 17/12/2012 (2,810)

EURIBOR 360 /3 MONATE 3 EUR 744,713 17/12/2012 2,002 USD 3,433

Global Flex Allocation

10Y TREASURY NOTES USA 6 USD 779,344 20/06/2012 (6,359)

2Y TREASURY NOTES USA (6) USD (1,321,031) 29/06/2012 562

TREASURY BONDS USA (3) USD (458,063) 20/06/2012 14,352

5Y TREASURY NOTES USA 10 USD 1,226,797 29/06/2012 (5,329)

AEX 8 EUR 513,280 20/04/2012 (19,200)

DAX-INDEX (1) EUR (173,100) 15/06/2012 4,050

DJ CBOT MINI SIZED (DJ IND AV) (8) USD (524,000) 15/06/2012 (6,056) DOW JONES EURO STOXX 50/PR.IND 26 EUR 622,700 15/06/2012 (7,800)

EUREX MDAX INDEX 6 EUR 319,920 15/06/2012 (2,145)

EURO BOBL (10) EUR (1,240,500) 30/06/2012 800

EURO BUND (11) EUR (1,522,180) 07/06/2012 (10,840)

EURO SCHATZ (26) EUR (2,868,580) 07/06/2012 1,200

EURO-BUXL-FUTURES (4) EUR (506,400) 07/06/2012 1,280

FTSE MIB INDEX 16 EUR 1,250,400 15/06/2012 (86,800)

HONG KONG HANG SENG INDICES (1) HKD (1,025,000) 27/04/2012 2,413

IBEX MINI 35 MEFF 3 EUR 23,640 20/04/2012 (1,482)

IBEX-35 INDICES (BOLSA ESPANOL) 2 EUR 157,600 20/04/2012 (9,950)

NASDAQ 100 E-MINI INDEX 9 USD 494,955 15/06/2012 13,829

S&P / ASX 200 INDEX (4) AUD (434,500) 21/06/2012 (6,239)

S&P 500 EMINI INDEX (2) USD (139,875) 15/06/2012 (2,398)

S&P 500 INDICES (2) USD (699,250) 14/06/2012 (11,880)

S&P INDICES S&P/TSX 60 INDEX 1 CAD 140,500 14/06/2012 293


126


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency

Global Flex Allocation (continued)

SIMSCI MSCI SINGAPORE FREE 1 SGD 69,000 27/04/2012 (298) SMI INDEX/(OHNE DIVIDENDENKORR.) (19) CHF (1,159,380) 15/06/2012 16,720 SWED OPTI OMX STOCKHOLM 30 (IDX) (37) SEK (3,932,175) 20/04/2012 15,265

TOPIX INDEX (TOKYO) 12 JPY 102,840,000 07/06/2012 49,666

UKX FTSE 100 INDEX (6) GBP (342,900) 15/06/2012 15,167 EUR (41,179)

Global Macro


CAC 40 (75) EUR (2,565,750) 20/04/2012 113,250

DAX-INDEX (28) EUR (4,867,100) 15/06/2012 93,100

EURO BUND (549) EUR (75,849,840) 7/06/2012 (337,640)

EURO-BUXL-FUTURES 136 EUR 17,146,880 7/06/2012 (57,120)


HSCEI - HKD CHINA ENT 100 HKD 53,050,000 27/04/2012 (6,031)

IBEX-35 INDICES (BOLSA ESPANOL) 23 EUR 1,816,310 20/04/2012 (110,515)

JP 10Y MINI GV BDS (93) JPY (1,320,228,000) 8/06/2012 29,717


LONG GILT STERLING FUTURES 44 GBP 5,033,160 27/06/2012 139,893

NIKKEI 225 INDICES D 428 JPY 2,159,260,000 07/06/2012 646,851

SGX S&P NIFTY INDEX (1,910) USD (20,352,960) 26/04/2012 (120,045)

S&P / ASX 200 INDEX 11 AUD 1,194,875 21/06/2012 (5,261)

S&P 500 EMINI INDEX (160) USD (11,236,000) 15/06/2012 (103,246)

S&P INDICES S&P/TSX 60 INDEX 5 CAD 705,600 14/06/2012 3,797 SMI INDEX/(OHNE DIVIDENDENKORR.) (13) CHF (792,220) 15/06/2012 12,302

UKX FTSE 100 INDEX 185 GBP 10,598,650 15/06/2012 (437,255) EUR 813,803


127


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency

Global Macro II


CAC 40 (6) EUR (205,260) 20/04/2012 9,060

DAX-INDEX (2) EUR (347,650) 15/06/2012 6,650

EURO BUND (39) EUR (5,388,240) 07/06/2012 (29,870)

EURO-BUXL-FUTURES 8 EUR 1,008,640 07/06/2012 (3,360)


IBEX-35 INDICES (BOLSA ESPANOL) 1 EUR 78,970 20/04/2012 (4,805)

JP 10Y MINI GV BDS (8) JPY (113,568,000) 08/06/2012 2,556


LONG GILT STERLING FUTURES 4 GBP 457,560 27/06/2012 12,910

NIKKEI 225 INDICES D 11 JPY 55,495,000 07/06/2012 30,529

S&P / ASX 200 INDEX (6) AUD (651,750) 21/06/2012 (9,352)

S&P 500 EMINI INDEX (2) USD (140,450) 15/06/2012 (2,828) SMI INDEX/(OHNE DIVIDENDENKORR.) (1) CHF (60,940) 15/06/2012 946

UKX FTSE 100 INDEX 15 GBP 859,350 15/06/2012 (35,453)

EUR 45,060


128

11. Swaps

Euro Bond As at 31 March 2012, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

J.P. MORGAN CHASE LONDON EUR 20/09/2013 1,000,000 29,422

SOCIETE GENERALE PARIS EUR 20/12/2015 1,000,000 (20,181)

J.P. MORGAN CHASE LONDON EUR 20/12/2015 1,000,000 (42,967)

BNP PARIBAS PARIS EUR 20/09/2015 2,000,000 (19,050)

EUR (52,776)

Euro Credit Bond As at 31 March 2012, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

MORGAN STANLEY CIE LONDON USD 20/09/2014 3,000,000 (2,477) BNP PARIBAS PARIS EUR 20/12/2016 8,000,000 (200,750) J.P. MORGAN CHASE LONDON EUR 20/06/2017 6,000,000 (118,755) MORGAN STANLEY CIE LONDON EUR 20/06/2017 15,000,000 183,463 UBS AG LONDON EUR 20/03/2017 7,000,000 176,379 MORGAN STANLEY CIE LONDON EUR 20/06/2017 6,000,000 26,170 MORGAN STANLEY CIE LONDON USD 20/09/2014 3,000,000 (43,492) J.P. MORGAN SEC LONDON EUR 20/12/2016 8,000,000 (85,837) BNP PARIBAS PARIS EUR 20/06/2017 30,000,000 (1,960,486) UBS AG LONDON EUR 20/06/2017 6,000,000 172,166 MORGAN STANLEY CIE LONDON EUR 20/03/2017 6,000,000 374,183 BNP PARIBAS PARIS EUR 20/06/2017 25,000,000 305,772 BNP PARIBAS PARIS EUR 20/12/2016 8,000,000 (180,365) J.P MORGAN SEC LONDON EUR 20/06/2017 10,000,000 (653,495) BNP PARIBAS PARIS EUR 20/12/2016 6,000,000 103,874 EUR (1,903,650)


129

11. Swaps (continued)

Euro High Yield Bond

As at 31 March 2012, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss) in

EUR

J.P MORGAN CHASE GBP EUR 20/03/2014 1,000,000 98,403 J.P MORGAN LONDON EUR 20/09/2015 2,000,000 36,767 SOCIETE GENERALE PARIS EUR 20/12/2016 2,000,000 154,247 CREDIT SUISSE FIRST BOSTON LONDON EUR 20/12/2012 2,000,000 (32,030) CREDIT SUISSE FIRST BOSTON LONDON EUR 20/12/2017 2,000,000 (181,182) HSBC LONDON EUR 20/06/2013 1,000,000 (22,751) MORGAN STANLEY CIE LONDON EUR 20/12/2016 2,000,000 115,933 SOCIETE GENERALE PARIS EUR 20/06/2015 2,000,000 18,911 HSBC FRANCE EUR 20/12/2013 1,000,000 34,925 MORGAN STANLEY CIE LONDON EUR 20/12/2016 1,500,000 (133,381) J.P MORGAN LONDON EUR 20/03/2014 1,000,000 43,559 HSBC FRANCE EUR 20/06/2013 1,000,000 21,007 MORGAN STANLEY CIE LONDON EUR 20/06/2015 1,000,000 10,049 BNP PARIBAS PARIS EUR 20/06/2016 2,500,000 169,979 BNP PARIBAS PARIS EUR 20/03/2013 1,000,000 (39,259) SOCIETE GENERALE PARIS EUR 20/03/2014 1,000,000 100,255 UBS LONDON EUR 20/03/2017 1,000,000 73,760 BNP PARIBAS PARIS EUR 20/09/2012 1,000,000 5,335 EUR 474,527


As at 31 March 2012, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BANK OF AMERICA LONDON USD 20/09/2016 15,000,000 (86,428) BARCLAYS CAP USD 20/03/2017 13,150,000 (132,806) BARCLAYS CAP USD 20/12/2016 5,000,000 567,638 BARCLAYS BANK PLC USD 20/12/2016 15,000,000 1,702,914 BARCLAYS BANK PLC USD 20/12/2016 30,000,000 3,405,828 DEUTSCHE BANK LONDON USD 20/09/2016 11,000,000 (63,380) BARCLAYS BANK PLC USD 20/12/2016 20,000,000 2,270,552 BANK OF AMERICA NEW YORK USD 20/09/2016 10,000,000 (2,210) J.P MORGAN LONDON USD 20/09/2016 11,000,000 (2,430)


130


Global Emerging Markets Bond (Continued)

Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

J.P MORGAN LONDON USD 20/09/2016 19,500,000 (4,309) BARCLAYS CAP USD 20/12/2016 30,000,000 3,405,828 USD 11,061,197

Global Emerging Markets Investment Grade Bond As at 31 March 2012, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS BANK PLC ZAR 23/03/2014 121,000,000 3,248 BARCLAYS BANK PLC PLN 27/03/2014 52,000,000 11,271 UBS LONDON BRL 02/01/2015 12,298,364 110,474

CREDIT SUISSE FIRST BOSTON LONDON MXN 23/12/2021 11,200,000 5,405

USD 130,398 Global Emerging Markets Local Debt

As at 31 March 2012, the Company entered into the following interest rate swaps:


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

DEUTSCHE BANK LONDON ZAR 23/03/2014 335,000,000 8,993 CREDIT SUISSE FIRST BOSTON LONDON MXN 23/12/2021 88,560,000 42,738 BARCLAYS BANK PLC PLN 27/03/2014 168,000,000 36,414 BARCLAYS BANK PLC BRL 02/01/2014 84,083,800 18,198 DEUTSCHE BANK LONDON PLN 27/03/2014 100,000,000 21,675 BARCLAYS BANK PLC ZAR 23/03/2014 392,000,000 10,522 USD 138,540


131



As at 31 March 2012, the Company entered into the following CDS swaps:


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS BANK PLC USD 17/02/2051 10,000,000 663,417

USD 663,417


As at 31 March 2012, the Company entered into the following CFDS:

Description Quantity Currency Commitment Unrealised

gain / (loss)

in EUR

ACCIONA SA /ESP 167 (2,640) EUR (138,600) 17,292 ACCIONA SA /ESP 167 (2,120) EUR (111,300) 8,593 ACCOR SA (4,390) EUR (117,059) (5,950) ACCOR SA (5,480) EUR (146,124) (1,452) ACTELION LTD. ALLSCHWIL 6,400 CHF 211,776 (5,313) ARYZTA AG /NAM. (6,130) CHF (269,720) 4,580 ARYZTA AG /NAM. (4,910) CHF (216,040) 2,468 ASHTEAD GROUP PLC (24,000) GBP (61,440) (592) ASHTEAD GROUP PLC (30,000) GBP (76,800) (3,242) AUTOGRILL SPA (47,440) EUR (374,064) (24,544) BABCOCK INTERNATIONAL GROUP (19,800) GBP (157,905) (13,610) BABCOCK INTERNATIONAL GROUP (24,740) GBP (197,302) (13,220) BHP BILLITON PLC 26,660 GBP 509,873 (43,059) BOURBON (1,690) EUR (37,603) (6,697) BOURBON (2,430) EUR (54,068) 3,438 BP PLC 60,570 GBP 279,803 (26,839) BRISA (23,380) EUR (62,658) (4,763) BRISA (36,810) EUR (98,651) 1,841 CAPITA GRP (20,920) GBP (153,657) 3,705 CAPITA GRP (10,000) GBP (73,450) 1,595 CARNIVAL PLC (7,470) GBP (149,549) (13,814) CARNIVAL PLC (5,980) GBP (119,720) (9,183) CENTRICA PLC 133,270 GBP 421,800 20,004 CENTRICA PLC 66,360 GBP 210,029 6,847 CIE GEN.GEOPHYSIQUE/VERITAS (5,450) EUR (120,391) 5,995 CIE GEN.GEOPHYSIQUE/VERITAS (4,360) EUR (96,312) (2,122) CRH PLC (9,430) EUR (143,195) 8,063 CRH PLC (7,550) EUR (114,647) (831)


132


European Equity Absolute Return (continued)


gain / (loss)

in EUR

DAILY MAIL & GENERAL TR A (37,250) GBP (167,290) (10,077) DAILY MAIL & GENERAL TR A (46,560) GBP (209,101) (10,679) DANONE (7,200) EUR (376,272) 487 DEUTSCHE TELEKOM /NAM. (28,800) EUR (259,402) (13,983) DEUTSCHE TELEKOM /NAM. (36,000) EUR (324,252) (19,097) DUFRY AG BASEL (1,820) CHF (212,758) (11,332) DUFRY AG BASEL (1,000) CHF (116,900) 1,645 DUFRY AG BASEL (1,460) CHF (170,674) (10,676) ELECTROLUX AB B (19,000) SEK (2,641,000) 13,530 ELECTROLUX AB B (15,200) SEK (2,112,800) (2,299) EMS CHEMIE HOLDING AG 1,300 CHF 222,300 (5,396) EMS CHEMIE HOLDING AG 1,040 CHF 177,840 (1,653) FIRSTGROUP PLC (69,540) GBP (165,644) 46,680 FIRSTGROUP PLC (55,640) GBP (132,534) 32,347 FUGRO NV (3,600) EUR (190,800) (4,978) G4S PLC (88,300) GBP (241,677) 16,435 G4S PLC (70,640) GBP (193,342) 9,598 GDF SUEZ (6,500) EUR (125,450) 1,105 GDF SUEZ (5,200) EUR (100,360) 783 GERRESHEIMER AG (7,200) EUR (236,412) (1,927) GERRESHEIMER AG (9,000) EUR (295,515) 4,500 GIVAUDAN SA /REG. (410) CHF (356,290) (4,936) GIVAUDAN SA /REG. (330) CHF (286,770) (7,491) GKN PLC (43,020) GBP (88,621) 152 GKN PLC (53,770) GBP (110,766) 8,265 GLAXOSMITHKLINE PLC 61,120 GBP 853,235 (24,954) GROUPE EUROTUNNEL REGROUPEMT (27,860) EUR (180,811) (1,572) GROUPE EUROTUNNEL REGROUPEMT (34,820) EUR (225,982) 766 HAYS PLC 597,640 GBP 507,695 (7,535) HEXAGON AB B (8,990) SEK (1,152,518) 4,878 HEXAGON AB B (7,200) SEK (923,040) (3,356) HOLCIM LTD /NAM. (2,930) CHF (171,259) 1,338 HOLCIM LTD /NAM. (2,350) CHF (137,358) 1,738 HUSQVARNA AB -B- (36,810) SEK (1,463,934) 208 HUSQVARNA AB -B- (29,450) SEK (1,171,227) (6,019) IBERDROLA SA (83,890) EUR (357,455) 5,844


133




gain / (loss)

in EUR

IMI PLC 24,960 GBP 241,738 (6,591) IMI PLC 16,470 GBP 159,512 6,837 INDRA SISTEMAS SA (6,000) EUR (54,936) 15,926 INDRA SISTEMAS SA (4,610) EUR (42,209) 2,804 INDRA SISTEMAS SA (350) EUR (3,205) 432 INDRA SISTEMAS SA (5,570) EUR (50,999) 15,074 INDRA SISTEMAS SA (3,430) EUR (31,405) 10,115 INMARSAT PLC 17,800 GBP 82,005 5,785 INMARSAT PLC 41,080 GBP 189,256 (524) INMARSAT PLC 34,720 GBP 159,955 (7,880) INTERCONT HOTELS GROUP INC 11,100 GBP 160,617 8,346 INTERCONT HOTELS GROUP INC 8,880 GBP 128,494 2,834 J.SAINSBURY PLC (81,050) GBP (251,903) (17,707) J.SAINSBURY PLC (101,310) GBP (314,871) (15,207) KEMIRA OYJ (17,500) EUR (174,125) 13,825 KEMIRA OYJ (14,000) EUR (139,300) 9,091 LINDE A.G. (1,550) EUR (207,235) (15,382) LINDE A.G. (1,930) EUR (258,041) (17,177) LUXOTTICA GROUP (8,280) EUR (223,974) (5,104) LUXOTTICA GROUP (10,350) EUR (279,968) 621 MEGGITT PLC (33,260) GBP (134,437) (7,109) MEGGITT PLC (26,610) GBP (107,558) (5,524) MODERN TIMES GROUP AB B 7,000 SEK 2,547,300 31,314 MODERN TIMES GROUP AB B 6,220 SEK 2,263,458 28,334 NESTLE / ACT NOM 9,100 CHF 514,605 8,310 NESTLE / ACT NOM 7,280 CHF 411,684 5,406 NEXT PLC 13,430 GBP 398,200 31,287 NEXT PLC 10,750 GBP 318,738 29,854 NORSK HYDRO AS (36,120) NOK (1,114,302) 13,063 NORSK HYDRO AS (28,900) NOK (891,565) 2,806 PERNOD-RICARD (2,900) EUR (226,258) (1,044) PERNOD-RICARD (2,320) EUR (181,006) (204)


134




gain / (loss)

in EUR

PETROFAC LTD 19,710 GBP 340,983 9,231 PORTUGAL TELEC.SGPS NOM. (62,960) EUR (256,562) (12,214) PORTUGAL TELEC.SGPS NOM. (50,370) EUR (205,258) (7,049) PPR SA (1,380) EUR (177,192) (2,521) PPR SA (1,720) EUR (220,848) (1,376) QIAGEN NV (37,570) EUR (437,691) (17,472) QIAGEN NV (40,750) EUR (474,738) (5,909) RENTOKIL INITIAL PLC (395,360) GBP (336,056) (33,233) RENTOKIL INITIAL PLC (316,290) GBP (268,847) (44,526) RHOEN KLINIKUM AG (39,550) EUR (595,228) (14,238) RHOEN KLINIKUM AG (35,550) EUR (535,028) (27,567) ROCHE HOLDING AG /GENUSSSCHEIN 5,190 CHF 815,349 (1,724) ROCHE HOLDING AG /GENUSSSCHEIN 1,910 CHF 300,061 (5,805) ROY.PHILIPS ELECTR./EUR 0.2 (19,100) EUR (289,747) 11,174 ROY.PHILIPS ELECTR./EUR 0.2 (15,280) EUR (231,798) (2,293) SAAB AB B 9,600 SEK 1,185,600 (4,588) SAAB AB B 12,000 SEK 1,482,000 (14,921) SCHINDLER HOLDING SA /PARTIC. 2,210 CHF 240,006 (3,138) SCHINDLER HOLDING SA /PARTIC. 2,760 CHF 299,736 (5,270) SEVERN TRENT PLC 38,810 GBP 598,450 (29,827) SKANSKA B (17,680) SEK (2,013,752) 1,769 SKANSKA B (22,100) SEK (2,517,190) 16,987 SKF AB B 8,890 SEK 1,425,956 2,555 SKF AB B 11,110 SEK 1,782,044 (8,665) SMITH AND NEPHEW PLC 60,250 GBP 380,178 (1,447) STADA ARZNEIMITTEL AG (13,460) EUR (332,260) (23,084) STADA ARZNEIMITTEL AG (10,770) EUR (265,857) (39,591) SUEZ ENVIRONNEMENT CIE (25,090) EUR (286,904) (11,165) SUEZ ENVIRONNEMENT CIE (20,080) EUR (229,615) (11,062) SVENSKA CELLUL.-B- (27,790) SEK (3,190,292) 3,091 TELE2 AB / B 14,260 SEK 1,922,248 11,400 TELE2 AB / B 30,720 SEK 4,141,056 347


135




gain / (loss)

in EUR

TELENOR AS (20,450) NOK (2,145,205) (4,303) TELENOR AS (16,360) NOK (1,716,164) (4,310) TELIASONERA AB (42,350) SEK (1,953,182) 10,340 TELIASONERA AB (33,880) SEK (1,562,546) 3,075 TGS NOPEC GEOPHYSICAL CO 11,220 NOK 1,741,344 (9,296) THYSSENKRUPP AG DUESSELDORF (19,150) EUR (355,903) 7,583 UCB (5,180) EUR (167,780) (7,620) UCB (6,470) EUR (209,563) (13,458) ULTRA ELECTRONICS HLDGS PLC 36,090 GBP 631,214 5,201 UNITED BUSINESS MEDIA LTD (19,160) GBP (119,750) (9,108) UNITED BUSINESS MEDIA LTD (23,940) GBP (149,625) (12,074) VOLVO B 17,950 SEK 1,724,995 10,366 VOLVO B 25,950 SEK 2,493,795 12,344 WOLSELEY PLC (4,400) GBP (104,896) (2,554) WOLSELEY PLC (5,490) GBP (130,882) 3,429 EUR (228,376)

GEM Debt Total Return



Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BANK OF AMERICA LONDON USD 20/03/2017 10,000,000 80,121 DEUTSCHE BANK AG LONDON USD 20/03/2017 8,000,000 64,097 STANDARD CHARTERED LONDON USD 20/12/2016 10,000,000 58,756 BARCLAYS BANK PLC USD 20/12/2015 25,000,000 1,956,838 BARCLAYS CAP USD 20/12/2016 92,000,000 10,245,959 STANDARD CHARTERED GB USD 20/03/2016 3,000,000 15,593 UBS AG LONDON USD 20/03/2017 8,000,000 64,097 BARCLAYS BANK PLC USD 20/06/2015 5,000,000 585,657 DEUTSCHE BANK LONDON USD 20/09/2016 8,000,000 (46,094) BANK OF AMERICA NEW YORK USD 20/06/2015 5,000,000 631,978 STANDARD CHARTERED GB USD 20/09/2015 10,000,000 1,601 STANDARD CHARTERED LONDON USD 20/09/2015 15,000,000 2,402 STANDARD CHARTERED LONDON USD 20/12/2016 10,000,000 58,755 J.P MORGAN LONDON USD 20/03/2017 4,000,000 32,047 USD 13,751,807


136


GEM Debt Total Return (continued) As at 31 March 2012, the Company entered into the following interest rate swaps:


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

DEUTSCHE BANK AG LONDON USD 06/06/2021 65,500,000 (5,579,376) BARCLAYS BANK PLC USD 21/06/2021 66,000,000 (5,632,409) DEUTSCHE BANK AG LONDON USD 12/05/2021 32,000,000 (3,124,519) CREDIT SUISSE FIRST BOSTON LONDON MXN 23/12/2021 260,240,000 125,077 USD (14,211,227) GEM Equity Absolute Return

As at 31 March 2012, the Company entered into the following CFDS: Description Quantity Currency Commitment Unrealised

gain / (loss)

in USD

ALL AMERICA /CONV (17,800) USD (90,326) (9,647) ALL AMERICA /CONV (26,000) USD (131,936) 1,363 ALL AMERICA /CONV (4,500) USD (22,835) 3,660 ALL AMERICA /CONV (18,971) USD (96,268) 110,292 ALL AMERICA /CONV (16,000) USD (81,192) 17,096 ALL AMERICA /CONV (9,100) USD (46,178) 6,101 BANCO DO BRASIL SA 7,200 USD 103,921 (21,960) BANCO DO BRASIL SA 5,700 USD 82,271 9,717 BANCO DO BRASIL SA 5,800 USD 83,714 4,702 BANCO DO BRASIL SA 8,900 USD 128,458 (2,298) BHART=J2 IS (55,000) USD (367,710) (9,802) CANARA BANK /DEMAT. 5,600 USD 52,301 (1,589) CANARA BANK /DEMAT. 8,447 USD 78,891 (469) CANARA BANK /DEMAT. 9,555 USD 89,239 (25,098) CANARA BANK /DEMAT. 8,500 USD 79,386 (29) CANARA BANK /DEMAT. 5,594 USD 52,245 332 CANARA BANK /DEMAT. 8,500 USD 79,386 4,400 CENCOSUD SA - USD EQ (73,467) USD (481,376) 7,503 CHEIL INDUSTRIAL INC USD EQUIV (4,508) USD (381,238) 19,421 CHINA RESOURCES ENTERPRISE LTD (24,000) USD (83,770) (9,623) CHINA RESOURCES ENTERPRISE LTD (12,000) USD (41,885) 7,524 CHINA RESOURCES ENTERPRISE LTD (12,000) USD (41,885) 7,157 CHINA RESOURCES ENTERPRISE LTD (86,000) USD (300,176) 67,762 CHINA UNICO (HK) (110,000) USD (186,448) 13,235 CHINA UNICO (HK) (40,000) USD (67,799) 8,621


137


GEM Equity Absolute Return (continued)


gain / (loss)

in USD

CHINA UNICO (HK) (12,000) USD (20,340) 2,618 CHINA UNICO (HK) (52,000) USD (88,139) 15,058 CHINA UNICO (HK) (26,000) USD (44,070) 9,269 CHINA UNICO (HK) (12,000) USD (20,340) 4,869 CIA BRASILEIRA /PFD (87) USD (4,045) (627) CIA BRASILEIRA /PFD (9,824) USD (456,749) (69,525) CIPLA=J2 IS (58,000) USD (351,336) (17,613) COCA COLA FEMSA/SADR 10 SHS-L- (4,128) USD (431,252) (1,238) EMPRESAS COPEC SA (4,929) USD (82,951) 7,532 EMPRESAS COPEC SA (6,942) USD (116,828) (6,797) EMPRESAS COPEC SA (9,000) USD (151,462) (15,624) EMPRESAS COPEC SA (4,900) USD (82,463) (4,045) EMPRESAS COPEC SA (3,400) USD (57,219) (4,443) FALABELLA SA COMERC.E INDUST. (5,400) USD (52,299) (3,503) FALABELLA SA COMERC.E INDUST. (12,000) USD (116,221) (13,739) FALABELLA SA COMERC.E INDUST. (12,000) USD (116,221) (10,413) FALABELLA SA COMERC.E INDUST. (19,600) USD (189,828) 25,968 FAR EAST DEPT STORES (89,000) USD (113,834) 13,970 FAR EAST DEPT STORES (62,000) USD (79,300) (926) FAR EAST DEPT STORES (42,000) USD (53,719) 25,560 FAR EAST DEPT STORES (1,680) USD (2,149) (2,149) FAR EAST DEPT STORES (28,000) USD (35,813) 14,531 FAR EAST DEPT STORES (95,000) USD (121,508) 28,068 FAR EAST DEPT STORES (11,760) USD (15,041) 3,474 FAR EASTERN TEXTILE (187,000) USD (216,370) 6,524 FAR EASTERN TEXTILE (64,000) USD (74,052) 3,119 FORMOSA PETROCHEMICAL CO (53,000) USD (165,207) (4,433) FORMOSA PETROCHEMICAL CO (57,000) USD (177,675) (4,082) FORMOSA PETROCHEMICAL CO (41,000) USD (127,802) (2,846) GOL LINHAS AEREAS /ADR (51,172) USD (342,766) 88,103 GRUPO BIMBO SAB DE CV A (126,700) USD (297,545) (31,060) GRUPO BIMBO SAB DE CV A (65,000) USD (152,647) (22,104) GRUPO FIN.I.SAB DE CV O (50,000) USD (103,996) (909) GRUPO FIN.I.SAB DE CV O (37,000) USD (76,957) (3,927) GRUPO FIN.I.SAB DE CV O (78,000) USD (162,234) 32,376 GRUPO FIN.I.SAB DE CV O (52,700) USD (109,612) (11,282)


138




gain / (loss)

in USD

GRUPO MODELO SA DE CV C (25,700) USD (178,045) (28,381) GRUPO MODELO SA DE CV C (33,086) USD (229,214) (26,822) GRUPO MODELO SA DE CV C (2,500) USD (17,320) (3,147) GRUPO TELEVISA /GDS (16,000) USD (334,400) 2,967 GRUPO TELEVISA /GDS (3,931) USD (82,158) (4,787) KMB=J2 IS (42,000) USD (451,699) (13,609) MAGNIT OJSC - SGDR (15,807) USD (460,616) (2,213) MRV ENGENHARIA -EQUIV CFD 13,700 USD 99,282 18,365 MRV ENGENHARIA -EQUIV CFD 32,500 USD 235,524 38,719 NASPERS LTD N (192) USD (10,771) (601) NASPERS LTD N (3,300) USD (185,130) (36,378) NASPERS LTD N (1,100) USD (61,710) (7,424) NASPERS LTD N (1,835) USD (102,944) (25,538) PDG REALTY SA 11,000 USD 39,043 (10,890) PDG REALTY SA 10,800 USD 38,333 (13,938) PDG REALTY SA 720 USD 2,556 (1,251) PDG REALTY SA 25,000 USD 88,735 (15,405) POLISH TELECOM WARSZAWA (9,746) USD (53,178) 2,854 POLISH TELECOM WARSZAWA (32,394) USD (176,753) 15,172 POLISH TELECOM WARSZAWA (20,000) USD (109,127) 137 POLISH TELECOM WARSZAWA (18,714) USD (102,110) (3,499) ROSSI RESIDENCIAL ON 57,865 USD 317,125 55,757 RPWR=J2 IS (184,000) USD (426,727) 4,881 RURAL ELECTRIFICATION CORP LTD 15,905 USD 64,126 (14,347) RURAL ELECTRIFICATION CORP LTD 17,702 USD 71,371 (7,855) RURAL ELECTRIFICATION CORP LTD 20,513 USD 82,704 6,082 RURAL ELECTRIFICATION CORP LTD 22,800 USD 91,925 16,580 RURAL ELECTRIFICATION CORP LTD 30,000 USD 120,954 (28,065) SAMSUNG CORP (2,300) USD (161,211) (31,546) SAMSUNG CORP (1,763) USD (123,572) (22,213) SAMSUNG CORP (1,981) USD (138,852) 2,111 SAMSUNG CORP (292) USD (20,467) 255 SAMSUNG ELECTRO-MECHANICS CO (3,163) USD (278,940) (18,067) SAMSUNG ELECTRO-MECHANICS CO (2,092) USD (184,490) (9,819) SAMSUNG TECHWIN CO LTD (1,458) USD (87,521) (11,257) SAMSUNG TECHWIN CO LTD (5,424) USD (325,593) (12,353) SESA GOA LTD /DEMATERIALISED 96,954 USD 370,536 73,469


139




gain / (loss)

in USD

SESA GOA LTD /DEMATERIALISED 13,900 USD 53,123 (155) SILICONWARE PRECISION (105,000) USD (127,361) (27,288) SILICONWARE PRECISION (300,000) USD (363,889) (72,268) SINOPHARM GROUP CO -H- (30,000) USD (83,847) (9,159) SINOPHARM GROUP CO -H- (22,000) USD (61,488) (7,146) SINOPHARM GROUP CO -H- (22,000) USD (61,488) (6,726) SINOPHARM GROUP CO -H- (38,000) USD (106,207) (6,776) SINOPHARM GROUP CO -H- (10,000) USD (27,949) 7,214 SINOPHARM GROUP CO -H- (48,000) USD (134,156) (5,108) TAIWAN FERTILIZER CO (64,000) USD (165,668) (17,367) TAIWAN FERTILIZER CO (63,000) USD (163,079) (14,248) TAIWAN FERTILIZER CO (7,000) USD (18,120) 2,893 TAIWAN FERTILIZER CO (29,000) USD (75,068) 4,312 TAIWAN FERTILIZER CO (1,000) USD (2,589) 616 TIM PARTICIPACOES SA EQ USD (79,500) USD (501,986) (75,682) TSINGTAO BREWERY CO LTD H (14,000) USD (75,643) (2,569) TSINGTAO BREWERY CO LTD H (32,000) USD (172,898) (9,737) TSINGTAO BREWERY CO LTD H (12,000) USD (64,837) (808) TSINGTAO BREWERY CO LTD H (10,000) USD (54,031) 4,027 ULTRAPAR PARTICIPACOES SA (21,888) USD (478,021) 7,295 UNI-PRESIDENT ENT. (77,000) USD (106,573) (6,914) UNI-PRESIDENT ENT. (70,000) USD (96,885) 6,671 UNI-PRESIDENT ENT. (138,000) USD (191,001) 2,213 WAL-MART DE MEXICO V (6,000) USD (20,211) (4,773) WAL-MART DE MEXICO V (117,927) USD (397,227) (12,821) YULON MOTOR CO (106,000) USD (202,558) 55,541 YULON MOTOR CO (25,000) USD (47,773) 2,332 YULON MOTOR CO (47,000) USD (89,813) 15,993 YULON MOTOR CO (23,000) USD (43,951) 6,748 ZEE ENTERTAINMENT (146,000) USD (367,687) (2,612) USD (20,233)


140


Global Macro



Date

Net notional

amount

Unrealised

gain / (loss)

in EUR

HSBC LONDON EUR 20/06/2017 132,400,000 (1,619,367)

EUR (1,619,367) Global Macro II



Date

Net notional

amount

Unrealised

gain / (loss)

in EUR

HSBC LONDON EUR 20/06/2017 9,870,000 (120,719)

EUR (120,719)


141

12. Options

As at 31 March 2012, the Company had entered into the following written options contracts:

Sub-funds Quantity Strike

(in Trade

currency)

Trade

currency

Maturity

Date

Commitment

(in Trade

currency)

Unrealised

Gain /

(Loss)

Euro Bond

PUT EURO BUND (40) 135.5 EUR 20/04/2012 (5,420,000) 1,200

PUT EURO BUND (40) 136.5 EUR 20/04/2012 (5,460,000) 1,200

EUR 2,400 Euro Credit Bond

PUT EURO BUND (150) 136 EUR 20/04/2012 (20,400,000) 45,750 EUR 45,750

Global Emerging Markets Investment Grade Bond CALL USD/BRL SPOT CROSS (1,250,000) 1.745 USD 25/05/2012 (2,181,250) (37,954) USD (37,954) Global Macro

CALL HSCEI - HKD CHINA ENT (95) 12,800 HKD 28/06/2012 (60,800,000) 116,929 CALL HSCEI - HKD CHINA ENT (95) 12,600 HKD 28/06/2012 (59,850,000) 107,721 CALL SGD/JPY SPOT CROSS (24,000,000) 67.04 SGD 23/08/2012 (1,608,960,000) (65,854)

PUT EUR/CHF SPOT CROSS (20,000,000) 1.21 EUR 11/04/2012 (24,200,000) 148,144

PUT HSCEI - HKD CHINA ENT (190) 10,000 HKD 28/06/2012 (95,000,000) (18,081)

PUT NIKKEI 225 INDICES (40) 9,000 JPY 13/04/2012 (360,000,000) 26,331 PUT SGD/JPY SPOT CROSS (28,800,000) 60.66 SGD 23/08/2012 (1,747,008,000) 129,685 EUR 444,875

Global Macro II

CALL HSCEI - HKD CHINA ENT (5) 12,600 HKD 28/06/2012 (3,150,000) 5,670

CALL HSCEI - HKD CHINA ENT (5) 12,800 HKD 28/06/2012 (3,200,000) 6,154

CALL SGD/JPY SPOT CROSS (1,500,000) 67.04 SGD 23/08/2012 (100,560,000) (4,116)

PUT HSCEI - HKD CHINA ENT (10) 10,000 HKD 28/06/2012 (5,000,000) (952)

PUT SGD/JPY SPOT CROSS (1,800,000) 60.66 SGD 23/08/2012 (109,188,000) 8,105

EUR 14,861


142

13. Dividends

Most distributing fund share classes in issue as at 31 March 2012 have UK Reporting Fund status, either from 1 April 2010 or from the launch of the fund share class concerned. As and when new fund share classes are launched, UK Reporting Fund applications will be made to HM Revenue & Customs accordingly. Details of the distributing share classes that have UK Reporting Fund status can be found on the HM Revenue & Customs’ website (www.hmrc.gov.uk).

At the date of this Report, the status can be found at http://www.hmrc.gov.uk/collective/rep-funds.xls.

The Company will make available to Shareholders the reportable income information that they required for their UK tax returns at www.assetmanagement.hsbc.com/uk/globalfunds/gif by 30 September 2012. If investors do not have access to the internet they can apply in writing at the registered office of the Company.

The Company paid the following dividends during the year ended 31 March 2012.

Sub-Fund Share class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Asia ex Japan Equity AD USD 0.080284 06/07/2011 27/07/2011 5,202,301 417,662 ADH USD 0.028492 06/07/2011 27/07/2011 95,554 2,723 ID USD 0.523285 06/07/2011 27/07/2011 143,462 75,071 WD USD 0.201552 06/07/2011 27/07/2011 20,958 4,223 ZD USD 0.862915 06/07/2011 27/07/2011 289,138 249,502 Asia ex Japan Equity Smaller Companies

AD USD 0.030558 06/07/2011 27/07/2011 1,392,586 42,555 Asia Pacific ex Japan Equity High Dividend

AD USD 0.025291 06/07/2011 27/07/2011 5,365,111 135,689 AD USD 0.281389 07/02/2012 16/02/2012 4,735,554 1,332,533 AM USD 0.024417 29/07/2011 10/08/2011 1,055,578 25,774 AM USD 0.022610 31/08/2011 12/09/2011 1,637,002 37,013 AM USD 0.019967 30/09/2011 11/10/2011 1,738,528 34,714 AM USD 0.022102 31/10/2011 10/11/2011 1,632,365 36,079 AM USD 0.020355 30/11/2011 09/12/2011 1,703,877 34,681 AM USD 0.020515 30/12/2011 10/01/2012 1,700,149 34,878 AM USD 0.022327 31/01/2012 09/02/2012 1,640,628 36,629 AM USD 0.023497 29/02/2012 09/03/2012 1,335,901 31,389 AM USD 0.022650 30/03/2012 16/04/2012 1,363,764 30,889 AM HKD USD 0.003140 29/07/2011 10/08/2011 6,033,886 18,946 AM HKD USD 0.002907 31/08/2011 12/09/2011 8,160,585 23,723 AM HKD USD 0.002567 30/09/2011 11/10/2011 9,233,931 23,706 AM HKD USD 0.002842 31/10/2011 10/11/2011 6,892,036 19,587 AM HKD USD 0.002617 30/11/2011 09/12/2011 7,102,299 18,587 AM HKD USD 0.002640 30/12/2011 10/01/2012 6,995,355 18,468 AM HKD USD 0.002872 31/01/2012 09/02/2012 7,183,151 20,630 AM HKD USD 0.003022 29/02/2012 09/03/2012 6,786,953 20,510 AM HKD USD 0.002912 30/03/2012 16/04/2012 7,097,450 20,668 ZD USD 0.063681 06/07/2011 27/07/2011 1,201,586 76,518 ZD USD 0.508048 07/02/2012 16/02/2012 1,214,138 616,840


143

13. Dividends (continued)

Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

BRIC Equity

AD USD 0.024247 06/07/2011 27/07/2011 92,321 2,239 M2D USD 0.048130 06/07/2011 27/07/2011 9,316,041 448,381 BRIC Markets Equity AD USD 0.020974 06/07/2011 27/07/2011 10,753,885 225,552 Climate Change AD USD 0.018742 06/07/2011 27/07/2011 2,847,324 53,365 Emerging Wealth AD USD 0.020696 06/07/2011 27/07/2011 2,399,915 49,669 Euroland Equity AD EUR 0.276654 06/07/2011 27/07/2011 6,175,292 1,708,419 ED EUR 0.151481 06/07/2011 27/07/2011 8,694 1,317 ZD EUR 0.750658 06/07/2011 27/07/2011 690,836 518,582 Euroland Equity Smaller Companies AD EUR 0.049416 06/07/2011 27/07/2011 153,165 7,569 Euroland Growth M1D EUR 0.161208 06/07/2011 27/07/2011 172,449 27,800 European Equity

AD EUR 0.386786 06/07/2011 27/07/2011 18,585 7,189 ED EUR 0.243183 06/07/2011 27/07/2011 84,728 20,604 PD EUR 0.525825 06/07/2011 27/07/2011 2,601,126 1,367,737 WD EUR 0.552016 06/07/2011 27/07/2011 27,027 14,919 ZD EUR 0.857657 06/07/2011 27/07/2011 190,949 163,769 Global Emerging Markets Equity AD USD 0.047030 06/07/2011 27/07/2011 5,763,649 271,065 PD USD 0.090594 06/07/2011 27/07/2011 1,466,204 132,829 S1D USD 0.067458 06/07/2011 27/07/2011 1,319,389 89,003 WD USD 0.382719 06/07/2011 27/07/2011 7,834,036 2,998,235 ZD USD 0.327958 06/07/2011 27/07/2011 777,265 254,910


144


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Global Equity AD USD 0.043930 06/07/2011 27/07/2011 860,934 37,821 ZD USD 0.420144 06/07/2011 27/07/2011 1,987,028 834,838 Latin American Equity AD USD 0.023118 06/07/2011 27/07/2011 1,217,298 28,141 L1D USD 0.233227 06/07/2011 27/07/2011 1,903,616 443,975 M1D USD 0.115192 06/07/2011 27/07/2011 2,036,755 234,618 Middle East and North Africa Equity AD USD 0.172348 06/07/2011 27/07/2011 55,120 9,500 Brazil Equity AD USD 0.089007 06/07/2011 27/07/2011 20,402,050 1,815,926 ID USD 0.463383 06/07/2011 27/07/2011 696,118 322,569 Chinese Equity AD USD 0.170936 06/07/2011 27/07/2011 25,687,295 4,390,883 ID USD 0.836118 06/07/2011 27/07/2011 3,180 2,659 ZD USD 1.429549 06/07/2011 27/07/2011 1,318,826 1,885,326 Hong Kong Equity

AD USD 0.729883 06/07/2011 27/07/2011 26,564 19,388 PD USD 1.260092 06/07/2011 27/07/2011 2,616,111 3,296,541 ZD USD 2.587824 06/07/2011 27/07/2011 466,356 1,206,847 Indian Equity

ZD USD 0.931150 06/07/2011 27/07/2011 117,261 109,188 Japanese Equity

AD JPY 1.400282 06/07/2011 27/07/2011 88,365 123,736 PD JPY 5.062604 06/07/2011 27/07/2011 3,886,201 19,674,295 WD JPY 132.652726 06/07/2011 27/07/2011 2,757 365,690 ZD JPY 12.730101 06/07/2011 27/07/2011 72,306 920,457 Russia Equity

ZD USD 0.003210 06/07/2011 27/07/2011 43,125 138


145


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Singapore Equity

AD USD 0.410937 06/07/2011 27/07/2011 791,985 325,456 PD USD 0.581105 06/07/2011 27/07/2011 643,568 373,981 Taiwan Equity

AD USD 0.078585 06/07/2011 27/07/2011 2,464,058 193,638 Thai Equity

AD USD 0.224130 06/07/2011 27/07/2011 6,341,840 1,421,397 Turkey Equity

AD EUR 0.056264 06/07/2011 27/07/2011 1,023,512 57,587 UK Equity

AD GBP 0.259361 06/07/2011 27/07/2011 1,663,140 431,354 ID GBP 0.516155 06/07/2011 27/07/2011 7,543 3,893 US Equity ID USD 0.019263 06/07/2011 27/07/2011 8,511 164 WD USD 1.539520 06/07/2011 27/07/2011 4,792 7,377 YD USD 0.053698 06/07/2011 27/07/2011 1,833,431 98,452 ZD USD 0.212795 06/07/2011 27/07/2011 171,465 36,487 Brazil Bond AD USD 1.413773 06/07/2011 27/07/2011 247,688 350,175 ID USD 1.738981 06/07/2011 27/07/2011 190,150 330,667 Euro Bond

AD EUR 0.512840 06/07/2011 27/07/2011 68,932 35,351 Euro Credit Bond AD EUR 0.528754 06/07/2011 27/07/2011 245,771 129,952 ZD EUR 0.770976 06/07/2011 27/07/2011 37,520 28,927 Euro High Yield Bond

AD EUR 0.948072 06/07/2011 27/07/2011 412,694 391,264 ED EUR 1.053057 06/07/2011 27/07/2011 1,216 1,280


146


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Global Bond

AD USD 0.425099 06/07/2011 27/07/2011 2,517,036 1,069,989 PD USD 0.375034 06/07/2011 27/07/2011 588,176 220,587 WD USD 7.733686 06/07/2011 27/07/2011 8,737 67,570 ZD USD 0.557863 06/07/2011 27/07/2011 2,740,312 1,528,719 Global Emerging Markets Bond

AD USD 0.259513 06/07/2011 27/07/2011 112,857 29,288 ADH USD 0.390221 06/07/2011 27/07/2011 75,529 29,473 AM USD 0.159052 28/04/2011 11/05/2011 294,419 46,828 AM USD 0.033664 31/05/2011 09/06/2011 292,867 9,859 AM USD 0.099600 09/06/2011 20/06/2011 297,628 29,644 AM USD 0.070293 30/06/2011 12/07/2011 280,647 19,728 AM USD 0.099649 29/07/2011 10/08/2011 415,926 41,447 AM USD 0.109632 31/08/2011 12/09/2011 434,308 47,614 AM USD 0.097138 30/09/2011 11/10/2011 430,440 41,812 AM USD 0.104008 31/10/2011 10/11/2011 424,418 44,143 AM USD 0.104843 30/11/2011 09/12/2011 576,664 60,459 AM USD 0.105145 30/12/2011 10/01/2012 564,640 59,369 AM USD 0.104590 31/01/2012 09/02/2012 573,874 60,021 AM USD 0.086884 29/02/2012 09/03/2012 633,746 55,062 AM USD 0.094019 30/03/2012 16/04/2012 3,046,661 286,444 ED USD 1.113984 06/07/2011 27/07/2011 19,501 21,724 ID USD 1.154496 06/07/2011 27/07/2011 4,705,161 5,432,089 IDH USD 1.098102 06/07/2011 27/07/2011 13,164,822 14,456,317 PD USD 1.002175 06/07/2011 27/07/2011 7,746,556 7,763,404 ZD USD 1.553586 06/07/2011 27/07/2011 63,225 98,225 ZM USD 0.183240 28/04/2011 11/05/2011 4,582,602 839,716 ZM USD 0.061164 31/05/2011 09/06/2011 4,616,191 282,345 ZM USD 0.110400 09/06/2011 20/06/2011 4,616,191 509,627 ZM USD 0.264152 31/08/2011 12/09/2011 4,647,795 1,227,724 ZM USD 0.124917 30/09/2011 11/10/2011 4,695,858 586,592 ZM USD 0.130398 31/10/2011 10/11/2011 4,719,838 615,457 ZM USD 0.134831 30/11/2011 09/12/2011 4,744,059 639,646 ZM USD 0.133057 30/12/2011 10/01/2012 4,769,500 634,615 ZM USD 0.134525 31/01/2012 09/02/2012 4,794,706 645,009 ZM USD 0.114657 29/02/2012 09/03/2012 4,819,654 552,608 ZM USD 0.123337 30/03/2012 16/04/2012 4,460,408 550,134


147


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid


AD USD 0.496721 06/07/2011 27/07/2011 3,742,077 1,858,768 ID USD 0.607555 06/07/2011 27/07/2011 15,006,726 9,117,411 ZD USD 0.665008 06/07/2011 27/07/2011 2 2 ZM USD 0.173415 28/04/2011 11/05/2011 8,924,913 1,547,714 ZM USD 0.064200 09/06/2011 20/06/2011 9,041,942 580,493 ZM USD 0.031425 30/09/2011 11/10/2011 9,086,530 285,544 ZM USD 0.059933 31/10/2011 10/11/2011 9,109,789 545,977 ZM USD 0.035183 30/11/2011 09/12/2011 9,154,141 322,070 ZM USD 0.045083 30/12/2011 10/01/2012 9,180,756 413,897 ZM USD 0.056694 31/01/2012 09/02/2012 9,215,285 522,451 ZM USD 0.046425 29/02/2012 09/03/2012 9,255,873 429,704 ZM USD 0.039521 30/03/2012 16/04/2012 9,289,552 367,132 Global High Income Bond AMH SGD USD 0.036724 30/11/2011 09/12/2011 5,649 207 AMH SGD USD 0.036429 30/12/2011 10/01/2012 17,638 643 AMH SGD USD 0.037681 31/01/2012 09/02/2012 17,638 665 AMH SGD USD 0.037946 29/02/2012 09/03/2012 17,638 669 AMH SGD USD 0.037750 30/03/2012 16/04/2012 58,841 2,221 AMD USD 0.050000 28/04/2011 11/05/2011 112,228,463 5,611,423 AMD USD 0.050000 31/05/2011 09/06/2011 102,818,571 5,140,929 AMD USD 0.050000 30/06/2011 12/07/2011 97,564,354 4,878,218 AMD USD 0.050000 29/07/2011 10/08/2011 92,711,110 4,635,556 AMD USD 0.050000 31/08/2011 12/09/2011 81,424,925 4,071,246 AMD USD 0.047500 30/09/2011 11/10/2011 74,040,411 3,516,920 AMD USD 0.047500 31/10/2011 10/11/2011 69,854,030 3,318,066 AMD USD 0.047500 30/11/2011 09/12/2011 66,716,292 3,169,024 AMD USD 0.047500 30/12/2011 10/01/2012 64,875,477 3,081,585 AMD USD 0.047500 31/01/2012 09/02/2012 61,851,637 2,937,953 AMD USD 0.047500 29/02/2012 09/03/2012 59,933,594 2,846,846 AMD USD 0.047500 30/03/2012 16/04/2012 58,284,317 2,768,504 US Dollar Bond AD USD 0.409372 06/07/2011 27/07/2011 305,535 125,077 PD USD 0.437358 06/07/2011 27/07/2011 1,746,450 763,824 WD USD 0.517176 06/07/2011 27/07/2011 1,398,272 723,153 ZD USD 0.526202 06/07/2011 27/07/2011 6,223,060 3,274,587


148


14. Equalisation received/(paid) Equalisation is calculated for bonds and reserve sub-funds only. Equalisation received reflects the amounts received by a sub-fund in respect of undistributed income on the shares issued during the accounting year. Equalisation paid reflects the amounts paid by a sub-fund in respect of undistributed income on shares purchased during the year. Sub-fund Currency Total amount received /

(paid)

Asian Currencies Bond USD 57,225

Brazil Bond USD 23,312

Emerging Inflation Linked Bond USD 185,878 Euro Bond EUR 73,371 Euro Credit Bond EUR 770,911 Euro High Yield Bond EUR 1,246,244 Global Bond USD 765,157 Global Credit Bond USD (14,506) Global Emerging Markets Bond USD 29,125,182 Global Emerging Markets Corporate Debt USD 7,185 Global Emerging Markets Investment Grade Bond USD 964,303 Global Emerging Markets Local Debt USD 3,727,032 Global High Income Bond USD (9,817,791) Global Inflation Linked Bond USD (23,629) Latin American Local Debt USD (19,447) RMB Fixed Income USD 128,850 US Dollar Bond USD 342,689 Euro Reserve EUR 166,787

Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Euro Reserve

AD EUR 0.007252 06/07/2011 27/07/2011 42,892 311 GEM Debt Total Return

L1D USD 0.382711 06/07/2011 27/07/2011 5,711,060 2,185,685 L1DH USD 0.469923 06/07/2011 27/07/2011 32,958,982 15,488,185 M1D USD 0.398147 06/07/2011 27/07/2011 10,418,890 4,148,250 ZD USD 0.000717 06/07/2011 27/07/2011 308,241 221


149

15. Securities lending The Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at 31 March 2012, the value of securities lent is as follows:

Sub-fund Value of securities lent Currency

Asia ex Japan Equity 54,298,823 USD Asia ex Japan Equity Smaller Companies 2,069,659 USD Asia Pacific ex Japan Equity High Dividend 17,952,862 USD BRIC Equity 169,816,146 USD BRIC Markets 762,782 USD BRIC Markets Equity 41,902,591 USD CIVETS 2,130,374 USD Climate Change 1,435,848 USD Emerging Wealth 2,607,817 USD Euroland Equity 76,038,808 EUR Euroland Equity Smaller Companies 7,264,939 EUR Euroland Growth 1,107,171 EUR European Equity 7,358,160 EUR Global Emerging Markets Equity 86,124,692 USD Global Equity 1,430,595 USD Chinese Equity 730,143,191 USD

Hong Kong Equity 29,491,290 USD

Indian Equity 19,716,762 USD Japanese Equity 56,129,182 JPY Korean Equity 1,983,314 USD Russia Equity 64,456,870 USD Singapore Equity 16,384,490 USD

Turkey Equity 14,016,033 EUR UK Equity 2,871,450 GBP

US Equity 3,325,558 USD European Equity Absolute Return 554,049 EUR GEM Equity Absolute Return 1,665,365 USD Global Flex Allocation 93,769 EUR

In return for making securities available for loan throughout the year, the sub-funds participating in the programs received fees which are reflected in the financial statements as "other income" for USD 12,292,254. With regards to the holding of collateral as at 31 March 2012, collaterals were held for USD 168,415,151 as cash collateral and for USD 1,402,125,917 as non-cash collateral. As at 31 March 2012, the cash collateral was reinvested in the following securities: Asset Type Security Name Local Collateral

Currency

Security Description /

Yield / Maturity date

Cash Collateral Received

(Base Currency USD)

Mutual fund HSBC EURO LIQUIDITY FUND EUR N/A 168,415,151


150

15. Securities lending (continued) As per Prospectus, HSBC Investment Funds (Luxembourg) S.A. (the "Management Company") is entitled to collect a fee of up to 10% of the stock lending gross fee payable to the Company to cover the administration work associated with the monitoring and oversight of this activity. Since 5 October 2011, HSBC Bank plc acts as the securities lending agent and fees received by this affiliate, together with the fees earned by the Management Company, are included in the below table. Affiliate Company Earnings

HSBC Bank PLC (Lending Agent)

HSBC Investment Funds Luxembourg

(Management Company)

USD EUR EUR GBP USD Apr-11 - - 48,542 101 61,149

May-11 - - 57,316 118 72,733 Jun-11 - - 52,694 123 67,227 Jul-11 - - 59,807 121 88,435

Aug-11 - - 49,519 106 83,750 Sep-11 - - 40,003 99 65,774 Oct-11 77,271 12,661 55,305 21 73,317 Nov-11 101,036 631 2,799 - 99,746 Dec-11 95,065 373 1,495 - 87,644 Jan-12 212,329 1,282 5,130 - 141,333 Feb-12 213,435 677 2,710 - 142,321 Mar-12 218,821 38 155 - 146,892

As at 31 March 2012, only the following sub fund was involved in a program where the level of the securities lent represented 30% or more of its total net assets. Sub-fund Nature of

collateral

Counterparty

providing the

collateral

Total value (as a

percentage of the

securities on loan)

secured by collateral,

including asset class,

if non-cash

Total value (as a

percentage of the

Total Net Assets)

secured by collateral,

including asset class,

if non-cash

Collateral

credit rating

Chinese Equity

Cash and Equities

HSBC Bank PLC 113.10% 38.96% -


151

16. Transactions with connected persons and Brokerage Commission paid per sub-fund

HGIF transactions with connected persons. All the figures are expressed in USD

Name Total Aggregate

value of

transactions for

the year with

HSBC

(USD)

Total Brokerage

Commission

paid per sub-

fund (USD)

Average rate of

commission

(%)

Percentage of

Transaction

(%)

Asia ex Japan Equity 5,245,156 12,513 0.24 0.48 Asia ex Japan Equity Smaller Companies 3,596,051 5,465 0.15 3.36 Asia Pacific ex Japan Equity High Dividend 796,972 2,303 0.29 0.30 BRIC Equity 297,545,271 572,757 0.19 10.23 BRIC Markets Equity 776,730,966 237,594 0.03 61.20 Climate Change 10,414,773 16,719 0.16 12.50 Emerging Wealth 9,024,192 19,812 0.22 15.30 Euroland Equity 731,014,347 863,278 0.12 56.60 Euroland Equity Smaller Companies 13,366,328 203,501 1.52 9.90 Euroland Growth 38,299,081 58,279 0.15 38.30 European Equity 22,025,252 35,240 0.16 11.76 Global Emerging Markets Elite (Liquidated) 465,047 1,134 0.24 2.86 Global Emerging Markets Equity 107,882,593 243,056 0.23 8.14 Global Equity 264,266,492 57,465 0.02 43.00 Latin American Equity 94,318,615 163,520 0.17 5.21 Middle East and North Africa Equity 2,398,374 2,686 0.11 33.50 Brazil Equity 1,301,041,006 2,349,044 0.18 32.49 Chinese Equity 134,563,198 192,444 0.14 2.11 Hong Kong Equity 20,162,881 35,510 0.18 2.80 Indian Equity 97,394,387 181,036 0.19 3.12 Korean Equity 9,434,989 23,587 0.25 2.36 Russia Equity 1,392,331 2,228 0.16 0.14 Singapore Equity 370,880 572 0.15 0.37 Taiwan Equity 2,029,230 5,097 0.25 2.75 Thai Equity 658,651 13,150 2.00 0.38 Turkey Equity 105,672,472 299,055 0.28 30.25 UK Equity 5,970,804 9,553 0.16 4.17 US Equity 345,113,268 95,576 0.03 33.40 Asian Currencies Bond 26,609,169 0 0.00 11.80 Emerging Inflation Linked Bond 26,387,090 342 0.00 3.50 Euro Bond 325,571,649 1,065 0.00 32.00 Euro Credit Bond 2,391,696,602 3,817 0.00 40.80 Euro High Yield Bond 118,955,873 0 0.00 10.60 Global Credit Bond 1,860,534 24 0.00 1.40 Global High Income Bond 51,123,552 11 0.00 1.90 Global Inflation Linked Bond 9,633,633 715 0.01 2.00 RMB Fixed Income 12,936,406 0 0.00 23.48


152

16. Transactions with connected persons and Brokerage Commission paid per sub-fund (continued)

Name Total Aggregate

value of

transactions for

the year with

HSBC

(USD)

Total Brokerage

Commission

paid per sub-

fund (USD)

Average rate of

commission

(%)

Percentage of

Transaction

(%)

Euro Reserve 37,177,146 0 0.00 2.50 European Equity Absolute Return 1,904,794,596 9,087 0.00 46.46 GEM Equity Absolute Return 798,184,064 3,023 0.00 38.39 Global Flex Allocation 254,581,530 7,206 0.00 41.80 Global Macro 3,402,208,037 37,772 0.00 20.37 Global Macro II 984,135,545 25,298 0.00 32.01 Multi Government Bond Strategies (Liquidated) 453,157,058 18,215 0.00 22.90

The investment adviser and its connected persons of the following sub-funds have entered into soft commission arrangements with certain brokers, for which goods and services used to support the investment decision making process were received by it or its connected persons: Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend Chinese Equity Hong Kong Equity Korean Equity Taiwan Equity BRIC Equity The investment adviser or its connected persons do not make direct payment for these services, but transact and agree an amount of business with brokers on behalf of the sub-funds concerned. All transactions were entered into in the ordinary course of business and on normal commercial terms. Commissions were paid by the Company on these transactions. The goods and services utilized for the Company include the following: research and advisory services; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services; computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related publications. The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after the end of each twelve month period. Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation method is explained on Page 92. Detailed Performance Fee information may also be found in the Prospectus dated December 2011.


153

17. List of movements in the investment portfolio

The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the registered office of the Company. The current Prospectus, the Articles of Incorporation, together with both the interim and audited annual reports are available free of charge upon request from the German payment and information officer from the Management Company. 18. Pricing Adjustment Single - Swinging Prices (SSP)

In the SSP method, the expenses resulting from subscriptions and redemptions above a pre-defined threshold, for the acquisition and disposal of shares (price/offer margins, market-appropriate brokerages, commissions, charges etc.) are included in the calculation of the net asset value. The net amount resulting from the difference between subscriptions and redemptions determines the adjustment of the portfolio and thus the resulting expenses. The transaction costs incurred on the day of trading for subscriptions and redemptions will be paid by the investors who commission these transactions. If the subscriptions on a particular day of trading exceed the redemptions and the threshold for the application of an adjustment, then the fund management will add the transaction costs incurred by the excess of subscriptions at the calculated "valuation net asset value". This amount is known as the "modified net asset value". On the other hand, if the redemptions on a particular valuation day exceed the subscriptions and the threshold for the application of an adjustment, then the transaction costs resulting from the excess of redemptions will be deducted from the "valuation net asset value". The surcharge on or deduction from the transaction costs that is incurred by subscriptions is effected at a flat rate, and is based on an average value from a previous period of a maximum of one year. If the fund has been on the market launched for less than one year, then depending on the fund's special features this factor will be determined depending on the fund's portfolio of investments, so that a representative figure results. The following Single Swinging Price values were posted on 31 March 2012:

Asia Pacific ex Japan Equity High Dividend USD (1,726,107) Other liabilities

China Consumer Opportunities USD 603,277 Other assets

Brazil Bond USD 3,342,088 Other assets The amounts shall be booked on the following day after capital has been definitively booked. 19. Subsequent events The sub-fund Global Macro II has been liquidated as at 29 May 2012. The sub-fund Managed Solutions-Asia Focused Income has been opened as at 25 May 2012.


154

Charges and Expenses

Operating, Administration and Servicing Expenses (refer also to note 4.4)

Sub-fund Class A, AM,

E, M, P, R, S1

Class I, J, L, Y, Z,

ZP, S2, S3, S4

Class X Class W

RESERVE SUB-FUND Euro Reserve 0.15% 0.10% - 0.00% BOND SUB-FUNDS Asian Currencies Bond 0.35% 0.25% 0.20% 0.00% Brazil Bond 0.35% 0.25% 0.20% 0.00% Emerging Inflation Linked Bond 0.30% 0.25%* 0.20% 0.00% Euro Bond 0.25% 0.15% 0.15% 0.00% Euro Credit Bond 0.25% 0.20% 0.15% 0.00% Euro High Yield Bond 0.25% 0.20% 0.15% 0.00% Global Bond 0.25% 0.15% 0.15% 0.00% Global Credit Bond 0.25% 0.20% 0.15% 0.00% Global Emerging Markets Bond 0.35% 0.25% 0.20% 0.00% Global Emerging Markets Corporate Debt 0.35% 0.25% 0.20% 0.00% Global Emerging Markets Investment Grade Bond 0.35% 0.25% 0.20% 0.00% Global Emerging Markets Local Debt 0.35% 0.25% 0.20% 0.00% Global High Income Bond 0.25% 0.20% 0.15% 0.00% Global Inflation Linked Bond 0.25% 0.20%** 0.15% 0.00% Latin American Local Debt 0.35% 0.25% 0.20% 0.00% RMB Fixed Income 0.25% 0.20% 0.15% 0.00% US Dollar Bond 0.25% 0.15% 0.15% 0.00% EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 0.35% 0.25% 0.20% 0.00% Asia ex Japan Equity Smaller Companies 0.35% 0.25% 0.20% 0.00% Asia Pacific ex Japan Equity High Dividend 0.35% 0.25% 0.20% 0.00% BRIC Equity 0.40% 0.30% 0.25% 0.00% BRIC Markets - 0.35%*** - 0.00% BRIC Markets Equity 0.35% 0.25% 0.20% 0.00% China Consumer Opportunities 0.40% 0.30% 0.25% 0.00% CIVETS 0.40% 0.30% 0.25% 0.00% Climate Change 0.35% 0.25% 0.20% 0.00% Emerging Wealth 0.40% 0.25% 0.20% 0.00% Euroland Equity 0.35% 0.25% 0.20% 0.00% Euroland Equity Smaller Companies 0.35% 0.25% 0.20% 0.00% Euroland Growth 0.35% 0.25% 0.20% 0.00% European Equity 0.35% 0.25% 0.20% 0.00%

*0.20% for share class Z ** 0.15% for share class Z ***0.25% for for share class Z


155

Charges and Expenses (continued)

Operating, Administration and Servicing Expenses (refer also to note 4.4) (continued)

Sub-fund Class A, AM, E, M,

P, R, S1

Class I, J, L,Y, Z, ZP

S2,S3,S4

Class X Class W

Frontier Markets 0.40% 0.30% 0.25% 0.00% Global Emerging Markets Elite (liquidated as at 20 May 2011)

- J,Z=0.25% / Y=0.35%

- -

Global Emerging Markets Equity 0.40%*** 0.30% 0.20% 0.00% Global Equity 0.35% 0.25% 0.20% 0.00% Latin American Equity 0.40% 0.30%* 0.25% 0.00% Middle East and North Africa Equity 0.40% 0.30%** 0.25% 0.00% b) Market Specific sub-funds Brazil Equity 0.40% 0.30% 0.20% 0.00% Chinese Equity 0.40% 0.30% 0.20% 0.00% Hong Kong Equity 0.35% 0.25% 0.20% 0.00% Indian Equity 0.40% 0.30% 0.20% 0.00% Japanese Equity 0.35% 0.25% 0.20% 0.00% Korean Equity 0.40% 0.30% 0.20% 0.00% Russia Equity 0.40% 0.30% 0.20% 0.00% Singapore Equity 0.40% 0.30% 0.20% 0.00% Taiwan Equity 0.40% 0.30% 0.20% 0.00% Thai Equity 0.35% 0.25% 0.20% 0.00% Turkey Equity 0.40% 0.30% 0.20% 0.00% UK Equity 0.31% 0.25% 0.20% 0.00% US Equity 0.35% 0.25% 0.20% 0.00% OTHER SUB-FUNDS European Equity Absolute Return 0.40% 0.30% - 0.00% GEM Debt Total Return 0.35% 0.25% - 0.00% GEM Equity Absolute Return 0.50% 0.40% - 0.00% Global Currency 0.30% 0.20% - 0.00% Global Flex Allocation 0.30% 0.20% - 0.00% Global Macro 0.30% 0.20% - 0.00% Global Macro II 0.30% 0.20% - 0.00% Multi Government Bond Strategies (Formerly Global Bond Market Neutral) (liquidated as at 2 March 2012)

0.30% 0.20% - 0.00%

* 0.25% for class Z ** 0.25% for class J *** 0.30% for share class S1


156


Management Fee Percentages (refer also to note 4.2)

Class Class Class Class Class Class Class Class Class Class Class Class Class Class

Sub-Fund A AM E I M P Z, ZM,

ZP J L R S W Y X

RESERVE SUB-FUND Euro Reserve 0.50 - - 0.25 - - 0.00 - - - - 0.00 - - BOND SUB-FUNDS Asian Currencies Bond 1.25 - 1.55 0.625 - - 0.00 0.60 - - - 0.00 - 0.60Brazil Bond 1.00 - 1.30 0.50 - - 0.00 - - - - 0.00 - 0.50Emerging Inflation Linked Bond 1.00 - 1.25 0.50 - - 0.00 - - - - 0.00 - 0.50

Euro Bond 0.75 - 1.05 0.375 - 0.50 0.00 0.60 - - - 0.00 - 0.30Euro Credit Bond 0.85 - 1.15 0.425 - - 0.00 0.60 - - - 0.00 - 0.35Euro High Yield Bond 1.10 - 1.40 0.55 - - 0.00 0.60 - - - 0.00 - 0.50Global Bond 0.75 - 1.05 0.375 - 0.50 0.00 0.60 - - - 0.00 - 0.35Global Credit Bond 1.00 - 1.30 0.50 - - 0.00 - - - - 0.00 - 0.35Global Emerging Markets Bond 1.25 - 1.55 0.50 - 1.00 0.00 0.60 - - - 0.00 - 0.50

Global Emerging Markets Corporate Debt 1.50 - 1.80 0.75 - - 0.00 0.60 - - - 0.00 - 0.70

Global Emerging Markets Investment Grade Bond 1.10 - 1.40 0.475 - - 0.00 0.60 - - - 0.00 - 0.45

Global Emerging Markets Local Debt 1.25 - 1.55 0.625 - - 0.00 0.60 - - - 0.00 - 0.60

Global High Income Bond 1.25 - 1.55 0.625 - - 0.00 - - - - 0.00 - 0.50Global Inflation Linked Bond 0.70 - 1.00 0.35 - - 0.00 - - - - 0.00 - 0.35Latin American Local Debt 1.25 - 1.55 0.625 - - 0.00 0.60 - - - 0.00 - 0.60RMB Fixed Income 0.75 - 1.05 0.375 - - 0.00 - - - - 0.00 - 0.35US Dollar Bond 0.75 - 1.05 0.375 - 0.50 0.00 - - - - 0.00 - 0.35 EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70Asia ex Japan Equity Smaller Companies 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70

Asia Pacific ex Japan Equity High Dividend 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70

BRIC Equity 1.50 - 2.00 0.75 1.00 - 0.00 0.60 0.50 - - 0.00 - 0.70BRIC Markets - - - - - - 1.00 - - - - 0.00 1.50 - BRIC Markets Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.60China Consumer Opportunities 1.50 - 2.00 0.75 - - 0.00 - - - - 0.00 - 0.70

CIVETS 1.75 - 2.25 0.875 - - 0.00 - - - - 0.00 - 0.75Climate Change 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.60Emerging Wealth 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.60Euroland Equity 1.50 - 2.00 0.75 - - 0.00 - - - - 0.00 - 0.60Frontier Markets 1.75 - 2.25 1.25 - - 0.00 - - - - 0.00 - 1.00


157


Management Fee Percentages (refer also to note 4.2) (continued)

Class Class Class Class Class Class Class Class Class Class Class Class Class Class

Sub-Fund A AM E I M P Z, ZM,

ZP J L R S W Y X

Euroland Equity Smaller Companies 1.50 - 2.00 0.75 - - 0.00 - - - - 0.00 - 0.70

Euroland Growth 1.50 - 2.00 0.75 1.25 - 0.00 - - - - 0.00 - 0.60 European Equity 1.50 - 2.00 0.75 - 1.00 0.00 - - - - 0.00 - 0.60 Global Emerging Markets Elite (liquidated as at 20 May 2011)

- - - - - - 1.00 0.60 - - - - 1.50 -

Global Emerging Markets Equity 1.50 - 2.00 0.75 - 1.00 0.00 0.60 - - 0.55 0.00 - 0.70

Global Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.60 Latin American Equity 1.50 - 2.00 0.75 1.00 - 0.00 - 0.50 - 1.75 0.00 0.00 0.70 Middle East and North Africa Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70

b) Market Specific Equity sub-funds

Brazil Equity 1.75 - 2.25 0.875 - - 0.00 - - - 0.55 0.00 - 0.70 Chinese Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70 Hong Kong Equity 1.50 - 2.00 0.75 - 1.00 0.00 0.60 - - - 0.00 - 0.70 Indian Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70 Japanese Equity 1.50 - 2.00 0.75 - 1.00 0.00 - - - - 0.00 - 0.60 Korean Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70 Russia Equity 1.75 - 2.25 0.875 - - 0.00 - - - - 0.00 - 0.70 Singapore Equity 1.50 - 2.00 0.75 - 1.00 0.00 0.60 - - - 0.00 - 0.70 Taiwan Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70 Thai Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.70 Turkey Equity 1.75 - 2.25 0.875 - - 0.00 0.60 - - - 0.00 - 0.70 UK Equity 1.50 - 2.00 0.75 - - 0.00 - - - - 0.00 - 0.60 US Equity 1.50 - 2.00 0.75 - 1.00 0.00 - - - - 0.00 0.30 0.50 OTHER SUB-FUNDS European Equity Absolute Return - - - - 1.50 - 0.00 - 1.00 2.00 - 0.00 - -

GEM Debt Total Return - - - - 1.00 - 0.00 0.60 0.50 1.50 1.00 0.00 - - GEM Equity Absolute Return - - - - 1.50 - 0.00 - 1.00 2.00 - 0.00 - -

Global Currency - - - - 1.50 - 0.00 - 1.00 2.00 - 0.00 - - Global Flex Allocation - - - - 1.20 - 0.00 - 0.60 1.70 - 0.00 - - Global Macro - - - - 1.50 - 0.00 - 1.00 2.00 - 0.00 - - Global Macro II - - - - 1.50 - 0.00 - 1.00 2.00 - 0.00 - - Multi Government Bond Strategies (Formerly Global Bond Market Neutral) (liquidated as at 2 March 2012)

- - - - 1.05 - 0.00 - 0.50 1.55 - 0.00 - -

Publication of TER (Total Expense Ratio) – Information concerning the Swiss Investors

158

EC

Sub-Fund

Share class

TER excluding the

performance fee (in %)

EQUITY SUB-FUNDS

a) International and Regional sub-funds

Asia ex Japan Equity AC 1.85% ACH 1.85% AD 1.86% ADH 1.86% EC 2.36% ED 2.36% IC 1.00% ID 1.00% J1C 0.85% WD 0.00% ZD 0.25% Asia ex Japan Equity Smaller Companies AC 1.86% AD 1.85% ADH HKD 1.00% EC 2.35% IC 1.00% Asia Pacific ex Japan Equity High Dividend AC 1.85% AD 1.85% AM 1.85% AM HKD 1.84% EC 2.33% IC 0.99% ICH EUR 1.04% ZC 0.25% ZD 0.25% BRIC Equity AC 1.89% AC GBP 1.81% ACH HKD 1.90% AD 1.89% AD GBP 1.31% EC 2.39% IC 1.05% ICH EUR 1.04% ID 1.04% J1C 0.90%


159

TER excluding the Sub-Fund

Share class performance fee (in %)

BRIC Equity (Continued) L1C 0.80%

M1C 1.40%

M2C 1.40%

M2D 1.40%

XC 0.94%

BRIC Markets YC 1.85%

YD 1.85%

ZC 1.26%

BRIC Markets Equity AC 1.85%

AD 1.85%

EC 2.35%

ED 2.35%

IC 1.01%

J1C 0.85%

China Consumer Opportunities AC 1.87%

ACH HKD 1.89%

CIVETS AC 2.10%

ACH EUR 2.01%

AD 2.03%

EC 2.65%

IC 1.09%

ICH EUR 1.15%

ZC 0.30%

Climate Change AC 1.86%

AD 1.86%

EC 2.36%

IC 1.00%

Emerging Wealth AC 1.90%

AD 1.91%

EC 2.42%


160



Euroland Equity AC 1.88%

AD 1.89%

EC 2.41%

ED 2.39%

IC 1.02%

ZC 0.25%

ZD 0.25%

Euroland Equity Smaller Companies AC 1.88%

AD 1.88%

EC 2.41%

IC 1.01%

ZC 0.25%

Euroland Growth AC 1.87%

IC 1.01%

M1C 1.64%

M1D 1.62%

European Equity AC 1.88%

AD 1.89%

EC 2.41%

ED 2.38%

IC 1.03%

PC 1.37%

PD 1.37%

WD 0.00%

ZD 0.25%


161



Frontier Markets AC 2.15%

IC 1.67%

ID 1.57%

ZD 0.30%

Global Emerging Markets Equity AC 1.92%

AC GBP 1.83%

ACH EUR 1.93%

AD 1.93%

AD GBP 2.50%

EC 2.44%

ED 2.44%

IC 1.07%

PC 1.43%

PD 1.43%

S1D 0.90%

WD 0.02%

ZD 0.31%

Global Equity AC 1.85%

AD 1.86%

EC 2.34%

IC 1.00%

ZC 0.25%

ZD 0.25%

Latin American Equity AC 1.90%

AC GBP 1.79%

AD 1.90%

AD GBP 1.79%

ADH HKD 1.89%

EC 2.40%

IC 1.06%

ICH EUR 1.23%

L1D 0.80%

M1C 1.40%

M1D 1.41%


162



Middle East and North Africa Equity AC 1.73%

AD 1.80%

EC 2.17%

IC 0.95%

ZC 0.27%

Brazil Equity AC 2.17%

AC GBP 2.05%

ACH EUR 2.12%

AD 2.16%

AD GBP 1.98%

ADH HKD 2.15%

EC 2.66%

ED 2.65%

IC 1.18%

ID 1.18%

S3D 0.85%

XC 0.89%

ZC 0.30%

ZD 0.30%

Chinese Equity AC 1.91%

AC GBP 1.77%

ACH EUR 1.87%

AD 1.91%

AD GBP 1.86%

ADH HKD 1.87%

EC 2.42%

ED 2.41%

IC 1.05%

ID 1.00%

J1C 0.90%

ZD 0.30%

Hong Kong Equity AC 1.87%

AD 1.85%

EC 2.36%

IC 1.02%

J1C 0.85%


163



Hong Kong Equity (continued) PD 1.35%

ZC 0.25%

ZD 0.25%

Indian Equity AC 1.92%

AC GBP 1.91%

AD 1.92%

AD GBP 1.90%

ADH EUR 1.93%

ADH HKD 1.89%

EC 2.42%

ED 2.42%

IC 1.06%

ICH EUR 1.05%

ID 1.06%

ZD 0.31%

Japanese Equity AC 1.84%

AD 1.84%

EC 2.33%

ED 2.31%

IC 0.99%

PC 1.35%

PD 1.35%

WD 0.00%

ZD 0.25%

Korean Equity AC 1.91%

AD 1.91%

EC 2.41%

ED 2.42%

IC 1.06%

J1C 0.90%

Russia Equity AC 2.16%

AC GBP 0.00%

ACH EUR 2.17%

AD 2.15%


164



Russia Equity (continued) AD GBP 2.05%

ADH HKD 2.13%

EC 2.68%

IC 1.18%

XC 0.88%

ZD 0.30%

Singapore Equity AC 1.90%

AD 1.90%

EC 2.39%

IC 1.06%

J1C 0.90%

PD 1.40%

ZD 0.30%

Taiwan Equity AC 1.90%

AD 1.90%

EC 2.42%

IC 1.05%

Thai Equity AC 1.86%

AD 1.86%

EC 2.38%

IC 1.01%

J1C 0.85%

Turkey Equity AC 2.19%

AC GBP 2.05%

AD 2.17%

AD GBP 2.03%

EC 2.70%

IC 1.19%

ID 1.19%

J1C 0.91%

UK Equity AC 1.78%

AD 1.82%


165



UK Equity (continued) EC 2.29%

IC 1.02%

ID 1.02%

US Equity AC 1.84%

ACH 1.85%

AD 1.87%

ADH 1.86%

EC 2.35%

ED 2.38%

IC 1.01%

ID 1.00%

PD 1.34%

WD 0.00%

YD 0.55%

ZD 0.25%

Bond Sub-Funds

Asian Currencies Bond AC 1.59%

ACH EUR 1.60%

AD 1.56%

IC 0.90%

ID 0.85%

IDH EUR 0.89%

ZC 0.25%

Brazil Bond AC 1.35%

AD 1.35%

EC 1.65%

IC 0.74%

ID 0.76%

Emerging Inflation Linked Bond AC 1.28%

AC GBP 1.26%

ACH EUR 1.27%

IC 0.74%

ICH EUR 0.74%


166



Euro Bond AC 1.02%

AD 1.01%

EC 1.30%

IC 0.53%

Euro Credit Bond AC 1.11%

AD 1.12%

EC 1.42%

IC 0.63%

ZD 0.20%

Euro High Yield Bond AC 1.37%

AD 1.37%

EC 1.68%

ED 1.68%

IC 0.76%

ID 0.75%

XC 0.66%

ZC 0.20%

Global Bond AC 0.98%

AD 1.00%

EC 1.28%

IC 0.52%

PD 0.75%

WD 0.00%

ZC 0.15%

ZD 0.15%

Global Credit Bond AC 1.25%

ACH 1.25%

IC 0.70%

ICH 0.70%

XC 0.50%

ZC 0.20%


167



Global Emerging Markets Bond AC 1.57%

AC GBP 1.47%

AD 1.56%

AD GBP 1.52%

ADH 1.56%

AM 1.55%

EC 1.89%

ED 1.89%

IC 0.75%

ICH EUR 0.77%

ID 0.74%

IDH 0.74%

PC 1.34%

PD 1.35%

XC 0.67%

ZD 0.32%

ZM 0.25%

Global Emerging Markets Corporate Debt AC 1.65%

IC 0.99%

ZC 0.25%

Global Emerging Markets Investment Grade Bond AC 1.42%

EC 1.70%

IC 0.72%

ICH EUR 0.72%

IDH EUR 0.73%

ZC 0.25%

Global Emerging Markets Local Debt AC 1.60%

AC GBP 1.59%

ACH EUR 1.61%

AD 1.60%

AD GBP 1.56%


168


Share class performance fee

(in %)

Global Emerging Markets Local Debt (continued) EC 1.86%

IC 0.88%

ID 0.87%

IDH EUR 0.87%

XC 0.78%

ZD 0.26%

ZM 0.25%

Global High Income Bond AC 1.50%

ACH SGD 1.50%

AMH SGD 1.47%

AMD 1.51%

Global Inflation Linked Bond AC 0.93%

ACH 0.95%

EC 1.25%

IC 0.55%

ICH EUR 0.56%

ICH GBP 0.55%

ZC 0.15%

Latin American Local Debt AC 1.61%

IC 0.87%

ZC 0.25%

RMB Fixed Income AC 0.97%

ACH EUR 0.92%

AD 0.99%

ADH EUR 0.97%

EC 1.17%

IC 0.57%

YAC 1.01%

ZC 0.21%


169



(in %)

US Dollar Bond AC 0.99%

AD 0.99%

EC 1.27%

IC 0.52%

PD 0.75%

WD 0.00%

ZC 0.15%

ZD 0.15%

Reserve Sub-Fund

Euro Reserve AC 0.50%

AD 0.53%

IC 0.34%

Other Sub-Funds

European Equity Absolute Return L1C 1.28%

L1CH USD 1.30%

M1C 1.92%

M1CH GBP 1.95%

M1CH USD 1.95%

ZC 0.30%

GEM Debt Total Return J1CH JPY 0.84%

L1C 0.75%

L1CH EUR 0.75%

L1D 0.75%

L1DH EUR 0.75%

M1C 1.35%

M1D 1.35%

ZD 0.25%

ZDH EUR 0.25%


170



(in %)

GEM Equity Absolute Return L1C 1.43%

L1CH EUR 1.42%

M1C 1.99%

M1CH EUR 1.99%

M1CH GBP 2.00%

M1D 2.01%

ZC 0.40%

Global Currency L1C 1.21%

L1CH CHF 1.20%

L1CH EUR 1.21%

L1CH GBP 1.20%

M1CH JPY 1.80%

L1CH JPY 1.19%

L1CH SEK 1.20%

M1C 1.80%

M1CH EUR 1.79%

M1CH GBP 1.81%

M1D 1.85%

M1DH GBP 1.80%

Global Flex Allocation L1C 0.77%

M1C 1.49%

R1C 2.02%

ZC 0.20%


171



(in %)

Global Macro L1C 1.23%

L1CH GBP 1.21%

L1CH SEK 1.21%

L1CH USD 1.21%

L1D 1.26%

L1DH GBP 1.27%

L1DH USD 1.15%

M1C 1.84%

M1CH CHF 1.82%

M1CH GBP 1.88%

M1CH NOK 1.79%

M1CH SEK 1.83%

M1CH USD 1.85%

M1D 1.83%

M1DH GBP 1.87%

M1DH SEK 1.84%

R1C 2.35%

ZCH GBP 0.24%

Z1DH GBP 0.10%

Global Macro II L1C 1.28%

L1D 1.24%

L1DH GBP 1.23%

L1DH USD 1.26%

M1C 1.87%

M1D 1.88%

Z1DH GBP 0.16%

ZC 0.21%


172

TER including the Sub-Fund


GEM Debt Total Return J1CH JPY 1.04%

L1C 0.93%

L1CH EUR 0.86%

L1D 0.97%

L1DH EUR 1.20%

M1C 1.48%

M1D 1.35%

ZD 0.25%

ZDH EUR 0.25%

GEM Equity Absolute Return L1C 1.99%

L1CH EUR 1.42%

M1C 2.10%

M1CH EUR 1.99%

M1CH GBP 2.00%

M1D 2.01%

ZC 0.40%

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

173

% Asia ex Japan Equity 126.88 Asia ex Japan Equity Smaller Companies 88.55 Asia Pacific ex Japan Equity High Dividend 86.29 BRIC Equity 160.68 BRIC Markets 25.20 BRIC Markets Equity 52.38 China Consumer Opportunities 19.32 CIVETS 68.36 Climate Change 182.36 Emerging Wealth 311.61 Euroland Equity (26.29) Euroland Equity Smaller Companies 86.07 Euroland Growth 0.52 European Equity 82.43 Frontier Markets (2.08) Global Emerging Markets Equity 165.87 Global Equity 252.75 Latin American Equity 54.00 Middle East and North Africa Equity 23.19 Brazil Equity 28.52 Chinese Equity 248.48 Hong Kong Equity 171.72 Indian Equity 47.86 Japanese Equity 115.38 Korean Equity 200.96 Russia Equity 61.96 Singapore Equity 23.91 Taiwan Equity 79.09 Thai Equity (25.91) Turkey Equity 73.68 UK Equity 17.23 US Equity 202.08 Asian Currencies Bond 228.85 Brazil Bond 130.82 Emerging Inflation Linked Bond (25.89) Euro Bond 82.54 Euro Credit Bond 293.57 Euro High Yield Bond 7.83 Global Bond 311.32 Global Credit Bond 20.94

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

174

% Global Emerging Markets Bond 25.64 Global Emerging Markets Corporate Debt 62.05 Global Emerging Markets Investment Grade Bond 134.02 Global Emerging Markets Local Debt 192.29 Global High Income Bond 85.09 Global Inflation Linked Bond 97.59 Latin American Local Debt 220.51 RMB Fixed Income (104.65) US Dollar Bond 837.71 Euro Reserve 2,419.73 European Equity Absolute Return 486.39 GEM Debt Total Return 289.71 GEM Equity Absolute Return 451.82 Global Currency 243.19 Global Flex Allocation 68.87 Global Macro 405.26 Global Macro II 345.57

With reference to section 2.8 (2) of the Prospectus dated December 2011, adjustments related to swing pricing methodology are included in the PTR figures.

Publication of performance for sub-funds distributed in Switzerland – Information concerning the Swiss Investors

175

Calendar Year Performance

Sub-fund name Share class Share class

currency 2011 2010 2009

Asia ex Japan Equity AC USD -23.26% 21.18% 61.90%

Asia ex Japan Equity Smaller Companies AC USD -24.75% 29.04% 102.83%

Asia Pacific ex Japan Equity High Dividend AC USD -13.66% 17.28% 61.63%

BRIC Equity M1C USD -28.09% 12.98% 109.05%

BRIC Markets YC USD -25.68% 10.68% 103.07%

BRIC Markets Equity AC USD -23.22% 6.90% 85.43%

Climate Change AC USD -18.93% 0.78% 25.35%

Emerging Wealth AC USD -13.51% 9.49% 50.37%

Euroland Equity AC EUR -18.43% 1.02% 36.97%

Euroland Equity Smaller Companies AC EUR -22.52% 27.78% 51.04%

Euroland Growth M1C EUR -14.40% -0.75% 32.45%

European Equity AC EUR -13.22% 10.85% 31.26% Global Emerging Markets Equity AC USD -27.38% 14.40% 66.52%

Global Equity AC USD -6.75% 7.67% 26.21%

Latin American Equity M1C USD -25.54% 19.26% 127.85%

Middle East and North Africa Equity AC USD -15.00% 19.73% n/a

Brazil Equity AC USD -25.76% 13.87% 156.52%

Chinese Equity AC USD -20.43% 0.95% 57.07%

Hong Kong Equity AC USD -22.89% 8.20% 57.48%

Indian Equity AC USD -45.82% 13.00% 131.55%

Japanese Equity AC JPY -18.49% -0.94% 3.62%

Korean Equity AC USD -16.68% 20.70% 54.12%

Russia Equity AC USD -27.48% 23.74% 145.85%

Singapore Equity AC USD -18.37% 16.05% 87.23%

Taiwan Equity AC USD -21.29% 21.61% 74.13%

Publication of performance for sub-funds distributed in Switzerland – Information concerning the Swiss Investors

176

Calendar Year Performance

Sub-fund name Share class Share class

currency 2011 2010 2009

Thai Equity AC USD -4.50% 50.27% 79.05%

Turkey Equity AC EUR -32.62% 37.65% 101.53%

UK Equity AC GBP -6.26% 12.99% 16.47%

US Equity AC USD 2.58% 9.14% 23.08%

Brazil Bond AC USD -0.15% 13.01% 43.84%

Euro Bond AC EUR 2.90% 3.34% 14.33%

Euro Credit Bond AC EUR 0.87% 4.80% 21.36%

Euro High Yield Bond AC EUR -2.34% 12.87% 55.63%

Global Bond AC USD 7.57% 3.38% 6.33%

Global Credit Bond AC USD 0.51% 4.70% n/a

Global Emerging Markets Bond EC USD 6.31% 11.82% 31.19%

Global Emerging Markets Corporate Debt AC USD -0.09% n/a n/a

Global Emerging Markets Investment Grade Bond AC USD 1.83% n/a n/a

Global Emerging Markets Local Debt AC USD -3.99% 12.69% n/a

Global High Income Bond AC USD 2.25% n/a n/a

Global Inflation Linked Bond AC USD 11.04% n/a n/a

US Dollar Bond AC USD 7.27% 3.83% n/a Euro Reserve AC EUR 0.45% 0.27% 0.54%

European Equity Absolute Return M1C EUR 2.39% n/a n/a

GEM Debt Total Return M1C USD -1.47% 8.60% 26.36%

GEM Equity Absolute Return M1C USD -4.45% n/a n/a

Global Currency M1C USD -2.13% n/a n/a

Global Flex Allocation M1C EUR 1.04% n/a n/a

Global Macro M1C EUR -6.31% 1.19% 5.09%

177

Asia ex Japan EquityUSD

AC 49.9057.8347.32

ACH EUR 21.7026.9421.10

AD 46.1653.5743.97

ADH EUR 21.1726.2820.66

EC 45.6753.1943.74

ED 45.2452.7043.33

IC 50.4858.0047.06

ID 49.9457.9047.06

J1C 10.6712.249.92

WD 9.7511.299.10

ZD 47.2854.7844.90

Total Net Assets 732,481,378 776,006,555 632,596,218

Net Asset Value per Share

Asia ex Japan Equity Smaller CompaniesUSD

AC 35.1538.8832.59

AD 33.4537.0231.13

ADH HKD 1.09N/AN/A

EC 34.3138.1432.13

ED N/AN/A30.89

IC 36.0239.5132.83

Total Net Assets 55,570,392 73,130,192 46,581,203


Comparative Table of Net Assets

at 31 March 2011at 31 March 2010 at 31 March 2012

178

Asia Pacific ex Japan Equity High DividendUSD

AC 18.7920.0317.20

AD 15.7517.1014.84

AM 8.95N/AN/A

AM HKD 1.15N/AN/A

EC 18.3919.7017.01

IC 16.9817.9515.28

ICH EUR 13.13N/AN/A

ZC N/A18.1515.34

ZD 16.0017.3815.04

Total Net Assets 130,080,396 163,544,153 179,969,407


BRIC EquityUSD

AC 21.9527.7123.59

AC GBP 16.16N/AN/A

ACH HKD 1.05N/AN/A

AD 22.0227.82N/A

AD GBP 16.33N/AN/A

EC 21.3727.11N/A

IC 22.3828.0223.66

ICH EUR 12.65N/AN/A

ID 22.79N/AN/A

J1C 16.8021.0017.70

L1C 22.3127.8623.47

M1C 23.3729.3524.87

M2C 22.4728.2223.92

M2D 22.5028.3123.99

XC 22.4228.04N/A

Total Net Assets 2,020,189,397 2,077,032,912 1,461,706,477




179

BRIC MarketsUSD

YC 25.9131.5327.85

YD 25.9131.53N/A

ZC 26.6932.2928.35

Total Net Assets 42,863,997 41,955,053 17,471,546


BRIC Markets EquityUSD

AC 14.1516.9815.19

AD 14.0916.9315.17

EC 13.7516.5814.91

ED 13.7516.5814.91

IC 14.8317.6415.65

J1C 14.9917.8015.77

Total Net Assets 693,145,864 706,821,539 507,848,965


China Consumer Opportunities (launched as at 23September 2011)USD

AC 12.46N/AN/A

ACH HKD 1.60N/AN/A

Total Net Assets N/A N/A 81,040,170


CIVETS (launched as at 17 May 2011)USD

AC 9.82N/AN/A

ACH EUR 13.92N/AN/A

AD 9.82N/AN/A

EC 9.94N/AN/A

IC 9.90N/AN/A

ICH EUR 14.04N/AN/A

ZC 9.98N/AN/A





180

Climate ChangeUSD

AC 5.936.676.31

AD 5.866.626.27

EC 5.806.566.24

IC 6.166.876.44

Total Net Assets 44,102,409 40,866,614 29,888,905


Emerging WealthUSD

AC 8.248.777.70

AD 8.118.657.64

EC 8.248.767.69

Total Net Assets 34,703,204 31,479,904 22,944,964


Euroland EquityEUR

AC 23.6128.1926.77

AD 22.2526.8425.91

EC 23.0027.5926.33

ED 22.0326.5925.67

IC 24.7129.2427.53

ZC 27.3032.0729.97

ZD 24.5629.6128.58

Total Net Assets 1,111,987,486 1,012,399,563 595,918,907


Euroland Equity Smaller CompaniesEUR

AC 39.1843.8237.28

AD 37.8142.3336.44

EC 38.2042.9336.70

IC 41.1245.5938.46

ZC 45.1949.7241.63

Total Net Assets 69,348,554 72,028,576 61,383,787




181

Euroland GrowthEUR

AC 10.1811.2611.01

IC 10.3811.3911.04

M1C 10.2311.2911.01

M1D 9.5410.6910.64

Total Net Assets 125,960,642 90,492,275 72,275,014


European EquityEUR

AC 30.7333.2430.06

AD 28.0530.7428.23

EC 28.8231.3428.48

ED 27.6530.3127.84

IC 31.8234.1430.61

PC 32.1634.6131.15

PD 27.7630.4027.92

WD 16.9518.5517.02

ZD 28.5431.2428.67

Total Net Assets 112,787,066 120,600,765 89,984,483


Frontier Markets (launched as at 30 November 2011)USD

AC 65.13N/AN/A

IC 92.40N/AN/A

ID 92.40N/AN/A

ZD 11.51N/AN/A



Global Emerging Markets Elite (liquidated as at 20 May2011)USD

YC N/A12.4110.66

ZC N/A11.9110.33

Total Net Assets 13,979,295 13,976,745 N/A




182

Global Emerging Markets EquityUSD

AC 16.3119.6017.05

AC GBP 16.40N/AN/A

ACH EUR 15.43N/AN/A

AD 15.9219.1816.69

AD GBP 16.51N/AN/A

EC 15.3418.5316.20

ED 15.2418.4116.10

IC 16.9320.1817.41

PC 11.1513.3311.54

PD 10.9313.1611.40

S1D 7.899.458.19

WD 16.4419.7717.18

ZD 16.3219.6317.07

Total Net Assets 722,049,225 720,215,938 637,693,053


Global EquityUSD

AC 24.0924.1721.86

AD 23.6423.7721.61

EC 23.7223.9221.73

IC 25.1425.0222.43

ZC 26.7126.3823.47

ZD 25.7325.8223.47

Total Net Assets 109,115,760 88,167,851 67,087,168




183

Latin American EquityUSD

AC 18.3521.30N/A

AC GBP 16.73N/AN/A

AD 18.3321.30N/A

AD GBP 16.64N/AN/A

ADH HKD 1.13N/AN/A

EC 18.1621.1918.42

IC 18.7621.6018.52

ICH EUR 13.33N/AN/A

L1D 18.5521.5418.49

M1C 18.6121.4918.50

M1D 18.4021.3718.45

S2C N/AN/A18.42

Total Net Assets 264,783,920 337,454,578 185,181,046


Middle East and North Africa EquityUSD

AC 9.659.529.49

AD 9.419.459.49

EC 9.569.47N/A

IC 9.869.649.53

ZC 10.059.769.57

Total Net Assets 6,610,924 10,333,463 9,133,815




184

Brazil EquityUSD

AC 35.1740.8435.14

AC GBP 17.49N/AN/A

ACH EUR 13.01N/AN/A

AD 34.7940.5035.00

AD GBP 16.96N/AN/A

ADH HKD 1.12N/AN/A

EC 34.1139.8134.43

ED 34.1139.8134.43

IC 37.3242.9236.57

ID 35.9641.8336.10

S3D 37.21N/AN/A

XC 37.5343.0436.58

ZC 40.4246.0838.92

ZD 36.68N/AN/A

Total Net Assets 2,472,031,818 2,543,613,754 1,967,144,853


Chinese EquityUSD

AC 68.6982.2876.58

AC GBP 16.16N/AN/A

ACH EUR 12.35N/AN/A

AD 66.8680.2674.83

AD GBP 16.13N/AN/A

ADH HKD 1.06N/AN/A

EC 66.3179.8374.67

ED 66.2379.7374.58

IC 72.7086.3579.69

ID 69.0082.8177.20

J1C 72.0585.4578.74

ZD 69.7283.6477.98

Total Net Assets 3,367,916,217 2,954,044,156 2,119,742,079




185

Hong Kong EquityUSD

AC 105.93123.55111.19

AD 98.62115.76104.72

EC 103.38121.17109.57

IC 110.25127.50113.78

J1C 7.228.347.43

PD 97.37114.28103.37

ZC N/A123.80109.65

ZD 103.33121.24109.65

Total Net Assets 428,756,893 437,909,828 323,515,651


Indian EquityUSD

AC 138.67182.85181.65

AC GBP 15.48N/AN/A

AD 138.23182.26181.07

AD GBP 15.44N/AN/A

ADH EUR 11.70N/AN/A

ADH HKD 1.00N/AN/A

EC 132.59175.71175.44

ED 132.59175.71175.44

IC 149.80195.84192.92

ICH EUR 12.99N/AN/A

ID 146.43191.44188.58

ZD 146.28190.79187.13

Total Net Assets 6,876,598,268 5,917,782,756 3,995,712,797




186

Japanese EquityJPY

AC 4,547.464,659.375,135.45

AD 673.19691.15761.78

EC 646.24665.44736.95

ED 646.02665.31736.78

IC 4,780.244,856.655,304.91

PC 4,657.514,748.485,207.14

PD 696.23714.87783.92

WD 6,255.746,424.357,039.03

ZD 682.30700.70767.58

Total Net Assets 7,109,597,023 5,247,366,135 6,183,910,521


Korean EquityUSD

AC 15.1218.0713.84

AD 15.1218.0713.84

EC 14.7617.7213.64

ED 14.7717.7313.65

IC 15.9418.8814.34

J1C 15.5618.4013.96

Total Net Assets 123,443,939 153,459,927 112,002,210


Russia EquityUSD

AC 7.159.397.49

AC GBP 16.19N/AN/A

ACH EUR 12.79N/AN/A

AD 7.159.397.49

AD GBP 17.23N/AN/A

ADH HKD 1.05N/AN/A

EC 7.019.257.42

IC 7.459.697.66

XC 7.47N/AN/A

ZD 7.349.47N/A

Total Net Assets 112,840,000 503,883,135 622,638,698




187

Singapore EquityUSD

AC 43.1141.9236.13

AD 36.7736.1531.73

EC 41.9641.0135.52

IC N/A36.2336.73

J1C 37.62N/AN/A

PD 36.8536.2031.75

ZD 37.77N/AN/A

Total Net Assets 73,472,733 72,779,560 74,031,235


Taiwan EquityUSD

AC 11.9712.8710.29

AD 11.8612.8310.28

EC 11.8312.7810.27

Total Net Assets 7,187,878 35,195,281 20,630,000


Thai EquityUSD

AC 17.3015.4311.06

AD 15.4113.9610.18

EC 16.8515.1010.87

IC 18.2416.1211.45

J1C 18.25N/AN/A

ZD N/AN/A10.52

Total Net Assets 107,711,690 136,229,473 143,850,038




188

Turkey EquityEUR

AC 20.6222.3021.15

AC GBP 13.05N/AN/A

AD 15.5216.8416.03

AD GBP 13.12N/AN/A

EC 20.1421.8920.87

IC 21.3922.9121.52

ID 15.8116.93N/A

J1C 8.338.90N/A

Total Net Assets 33,564,070 142,715,776 119,516,423


UK EquityGBP

AC 28.0928.1525.08

AD 24.2724.5822.35

EC 27.6727.8624.94

IC N/A28.6025.26

ID 27.0827.4324.92

ZC N/AN/A26.92

Total Net Assets 51,436,817 48,624,419 78,082,149




189

US EquityUSD

AC 22.7021.5318.90

ACH EUR 25.6426.2221.97

AD 25.4024.1021.15

ADH EUR 26.5527.1522.70

EC 22.1221.0918.60

ED 24.5623.4220.65

IC 23.4422.0419.18

ID 9.609.047.88

PD 26.1624.6921.57

WD 150.18141.35123.41

YD 9.418.877.70

ZD 25.9924.4721.36

Total Net Assets 155,416,819 170,599,436 181,631,614


Asian Currencies Bond (launched as at 27 April 2011)USD

AC 10.25N/AN/A

ACH EUR 13.73N/AN/A

AD 10.25N/AN/A

IC 10.35N/AN/A

ID 10.35N/AN/A

IDH EUR 14.29N/AN/A

ZC 10.38N/AN/A



Brazil BondUSD

AC 22.5622.0717.55

AD 14.3915.4014.72

EC 22.2021.7817.37

ED N/AN/A17.37

IC 23.1122.4717.76

ID N/A18.6514.75

Total Net Assets 43,646,193 60,309,377 59,043,559




190

Emerging Inflation Linked Bond (launched as at 30June 2011)USD

AC 97.91N/AN/A

AC GBP 9.79N/AN/A

ACH EUR 9.79N/AN/A

IC 98.31N/AN/A

ICH EUR 9.83N/AN/A



Euro BondEUR

AC 21.6720.1420.16

AD 17.7316.9817.58

EC 21.3419.8919.97

IC 22.6220.9220.84

Total Net Assets 67,323,983 78,001,894 87,803,289


Euro Credit BondEUR

AC 20.9519.6119.28

AD 15.5115.0415.34

EC 20.6419.3719.11

IC 22.0820.5720.11

ZD 17.4016.9017.23

Total Net Assets 375,061,060 409,950,506 447,349,327




191

Euro High Yield BondEUR

AC 28.8427.5625.52

AD 19.6719.7319.20

EC 28.3827.2025.26

ED 23.1723.2822.65

IC 30.6729.1426.79

ID 30.78N/AN/A

XC 30.83N/AN/A

ZC 31.6329.8827.32

Total Net Assets 237,598,720 528,034,276 649,963,800


Global BondUSD

AC 17.1816.1815.25

AD 14.4914.0713.60

EC 13.2212.4911.81

IC 17.6016.5015.47

PD 11.8411.4911.11

WD 199.82193.89187.36

ZC 16.0715.01N/A

ZD 14.9614.5114.02

Total Net Assets 87,144,986 112,015,501 186,228,573


Global Credit BondUSD

AC 111.12106.42103.78

ACH EUR 146.37149.14138.19

IC 112.63107.27104.00

ICH EUR 148.18150.06138.29

XC 113.23107.63104.10

ZC 113.96108.00104.19

Total Net Assets 15,581,391 20,622,837 21,337,913




192

Global Emerging Markets BondUSD

AC 30.8027.6225.61

AC GBP 16.80N/AN/A

AD 30.5227.6218.43

AD GBP 16.86N/AN/A

ADH EUR 19.6519.06N/A

AM 26.2424.74N/A

EC 30.3127.2725.35

ED 24.8223.4022.91

IC 32.0428.4926.24

ICH EUR 13.49N/AN/A

ID 21.6020.3219.68

IDH EUR 20.7420.6418.89

PC 30.9027.64N/A

PD 19.9818.84N/A

XC 32.0528.4826.23

ZC N/AN/A24.57

ZD N/A25.1424.57

ZM 26.2324.63N/A

Total Net Assets 918,079,559 1,331,154,117 2,327,280,001


Global Emerging Markets Corporate DebtUSD

AC 10.6110.13N/A

IC 10.7310.15N/A

ZC 10.8310.17N/A

Total Net Assets N/A 10,178,686 11,026,609




193

Global Emerging Markets Investment Grade BondUSD

AC 10.9510.25N/A

EC 10.95N/AN/A

IC 11.0610.27N/A

ICH EUR 147.49N/AN/A

IDH EUR 144.93N/AN/A

ZC N/A10.28N/A



Global Emerging Markets Local DebtUSD

AC 14.5214.3813.10

AC GBP 16.35N/AN/A

ACH EUR 13.16N/AN/A

AD 12.7413.1012.40

AD GBP 16.35N/AN/A

EC 14.3914.2913.05

IC 15.0114.7513.34

ID 13.1913.5612.83

IDH EUR 13.21N/AN/A

XC 15.02N/AN/A

ZD 12.4913.1212.41

ZM 12.6312.89N/A

Total Net Assets 188,366,728 668,552,245 917,570,608


Global High Income BondUSD

AC 11.3410.57N/A

ACH SGD 8.50N/AN/A

AMD 10.3510.21N/A

AMH SGD 8.44N/AN/A

Total Net Assets N/A 1,210,337,809 614,258,342




194

Global Inflation Linked BondUSD

AC 113.88103.39N/A

ACH EUR 152.69146.96N/A

EC 113.65N/AN/A

IC 114.68103.70N/A

ICH EUR 154.22147.63N/A

ICH GBP 185.52167.84N/A

ZC 115.49104.01N/A



Latin American Local Debt (launched as at 19 May2011)USD

AC 9.67N/AN/A

IC 9.73N/AN/A

ZC 9.78N/AN/A



RMB Fixed Income (launched as at 25 October 2011)USD

AC 10.21N/AN/A

ACH EUR 13.39N/AN/A

AD 10.14N/AN/A

ADH EUR 13.69N/AN/A

EC 10.16N/AN/A

IC 10.23N/AN/A

YAC 1.59N/AN/A

ZC 10.25N/AN/A





195

US Dollar BondUSD

AC 14.7813.8013.43

AD 10.5810.2810.22

EC 14.5413.6313.30

IC 14.9613.9113.47

PD 10.6110.3210.25

WD 10.6710.3710.31

ZC 15.6514.4913.98

ZD 11.1910.8810.81

Total Net Assets 87,491,283 95,003,755 137,451,375


Euro ReserveEUR

AC 17.3517.2817.23

AD 15.4715.4115.36

IC 17.3717.2817.25

Total Net Assets 29,795,236 22,008,155 139,368,188


European Equity Absolute ReturnEUR

L1C 10.409.73N/A

L1CH USD 7.356.48N/A

M1C 10.279.71N/A

M1CH GBP 10.058.91N/A

M1CH USD 7.276.44N/A

ZC 10.659.87N/A





196

GEM Debt Total ReturnUSD

J1CH JPY 121.34N/AN/A

L1C 13.5412.9912.41

L1CH EUR 12.5412.81N/A

L1D 12.5312.3911.94

L1DH EUR 12.0912.8311.78

M1C 13.6013.1112.56

M1D 12.3212.2511.85

ZD N/A12.5312.53

ZDH EUR 13.79N/AN/A

Total Net Assets 567,173,302 1,098,763,853 1,129,434,604


GEM Equity Absolute ReturnUSD

L1C 10.2510.68N/A

L1CH EUR 13.9515.52N/A

M1C 10.1210.62N/A

M1CH EUR 13.8215.38N/A

M1CH GBP 17.5718.12N/A

M1D 10.12N/AN/A

ZC 10.5710.91N/A





197

Global CurrencyUSD

L1C 10.3210.1910.68

L1CH CHF 10.6410.429.46

L1CH EUR 14.2614.9514.74

L1CH GBP 15.5915.4315.19

L1CH JPY 117.30115.12107.44

L1CH SEK 1.511.54N/A

M1C 9.549.4810.00

M1CH EUR 12.7813.5113.49

M1CH GBP 15.9215.8615.53

M1CH JPY N/A114.25106.12

M1D 10.2610.2010.75

M1DH GBP N/A15.3215.14

Total Net Assets 68,435,114 84,761,711 62,284,768


Global Flex AllocationEUR

L1C 106.9099.29N/A

M1C 105.9099.07N/A

R1C 105.2398.95N/A

ZC 107.7399.48N/A





198

Global MacroEUR

L1C 112.50118.97118.22

L1CH GBP 122.18121.87119.70

L1CH SEK 124.83129.06N/A

L1CH USD 125.85125.18130.81

L1D 113.12119.63118.46

L1DH GBP 120.97121.98119.90

L1DH USD 98.7798.17N/A

M1C 109.98117.01116.66

M1CH CHF 78.0277.41N/A

M1CH GBP 113.21113.76N/A

M1CH NOK 113.54N/AN/A

M1CH SEK 122.43127.41N/A

M1CH USD 108.79109.02N/A

M1D 110.12117.16116.82

M1DH GBP 113.30113.75N/A

M1DH SEK N/A128.14N/A

R1C 93.79100.29N/A

ZCH GBP 101.75100.49N/A

Z1DH GBP N/A115.63N/A

Total Net Assets 353,479,140 630,916,883 211,900,604


Global Macro IIEUR

L1C 92.08103.42N/A

L1D 92.07N/AN/A

L1DH GBP 108.50114.70N/A

M1C 91.19103.08N/A

M1D 89.15100.77N/A

ZC 93.48103.92N/A





199

Multi Government Bond Strategies (Formerly GlobalBond Market Neutral - Liquidated on 2 March 2012)EUR

L1C N/A1,031.381,016.24

M1C N/A1,008.561,000.12

Total Net Assets 128,604,573 73,801,656 N/A




Portfolio of Investments and Other Net Assets as at 31 March 2012

200

CHINA YURUN FOOD GROUPLTD 3,727,000 5,299,409 0.84HKD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

SHARES

BERMUDA ISLANDS

LUK FOOK HOLDINGS (INT)LTD 1,324,000 4,024,380 0.64HKD

SKYWORTH DIGITAL HLD LTD 12,361,286 5,779,221 0.91HKD

15,103,010 2.39

CHINA METAL RECYCLINGHOLDINGS 6,556,200 8,021,854 1.27HKD

CAYMAN ISLANDS

CHINA SHANSHUI CEMENTGRP LTD 9,216,000 7,276,155 1.15HKD

CHINA ZHENGTONG AUTOSERVICES 5,266,500 5,277,165 0.83HKD

KINGBOARD LAMINATESHLDGS LTD 7,164,000 3,386,263 0.54HKD

LONGFOR PPT 3,252,000 4,556,994 0.72HKD

MGM CHINA 3,880,000 7,086,095 1.12HKD

MIE HOLDINGS 19,928,000 6,493,566 1.03HKD

PEAK SPORT PDT 13,671,000 3,310,222 0.52HKD

45,408,314 7.18

BANK OF CHINA LTD -H- 23,333,000 9,406,194 1.49HKD

CHINA

CHINA CITIC BANK -H- 9,345,000 5,620,762 0.89HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 9,246,000 9,276,632 1.47HKD

CHINA CONSTRUCTION BANKCO. -H- 24,739,810 19,118,182 3.01HKD

DONGFENG MOTOR -H- 4,578,000 8,266,522 1.31HKD

IND & COM BOC -H- 27,816,235 17,948,786 2.84HKD

JIANGXI COPPER CO. LTD -H- 3,310,000 7,613,923 1.20HKD

PING AN INSURANCE GRPCO. -H- 979,000 7,401,501 1.17HKD

WEICHAI POWER CO LTD /-H- 1,326,000 6,190,854 0.98HKD

YANZHOU COAL MINING CO.-H- 2,208,000 4,788,948 0.76HKD

95,632,304 15.12

AIA GROUP 4,355,200 15,958,401 2.52HKD

HONG KONG

INVESTMENTS

Asia ex Japan EquityStatement of investments as at 31 March 2012(expressed in USD)

Description Currency Evaluation % netassets

Quantity/Facevalue

CHEUNG KONG HOLDINGS 488,000 6,304,052 1.00HKD

CHINA MOBILE LTD 824,500 9,074,062 1.43HKD

CHINA OVERSEASLAND&INVESTMENT 3,090,000 5,874,134 0.93HKD

CNOOC LTD 8,412,000 17,291,439 2.74HKD

SUN HUNG KAI PROPERTIESLTD 220,197 2,736,766 0.43HKD

THE WHARF HOLDING 1,840,425 10,002,984 1.58HKD

67,241,838 10.63

INDO TAMBANGRAYAMEGAH (ITM) 1,795,500 8,531,663 1.35IDR

INDONESIA

PT BANK RAKYAT INDONESIA 13,480,000 10,245,501 1.62IDR

PT HARUM ENERGY TBK 5,096,000 4,541,983 0.72IDR

23,319,147 3.69

AIRASIA BHD 5,351,600 6,026,773 0.95MYR

MALAYSIA

RHB CAPITAL BHD 3,338,240 8,390,549 1.33MYR

14,417,322 2.28

DBS GROUP HOLDINGS LTD 420,000 4,741,908 0.75SGD

SINGAPORE

STX OSV HOLDINGS 6,710,000 9,429,635 1.49SGD

YANGZIJIANG SHIPBUILDINGLTD 8,300,000 8,789,362 1.39SGD

22,960,905 3.63

BS FINL SHS 781,090 9,173,043 1.45KRW

SOUTH KOREA

HONAM PETROCHEMICALCO. LTD 23,246 6,907,072 1.09KRW

HYUNDAI HEAVY INDUSTRIES 34,347 9,750,581 1.54KRW

HYUNDAI MOBIS 35,723 9,037,187 1.43KRW

HYUNDAI MOTOR CO. LTD 65,488 13,473,435 2.12KRW

HYUNDAI STEEL CO. 79,895 7,195,823 1.14KRW

KIA MOTORS CORP. 176,994 11,580,771 1.83KRW

KOREA ZINC CO. LTD 27,235 9,414,990 1.49KRW

KUMHO PETRO SHS 45,042 5,647,636 0.89KRW

LG INTERNATIONAL CORP. 159,613 7,244,228 1.15KRW

SAMSUNG ELECTRONICS CO.LTD 32,349 36,419,312 5.75KRW

SAMSUNG FIRE&MARINEINSURANCE 34,243 6,470,626 1.02KRW

SK TELECOM CO. LTD 54,799 6,750,059 1.07KRW


Quantity/Facevalue

201


S-OIL CORP. 80,609 7,971,908 1.26KRW

147,036,671 23.23

ADVANCEDSEMICONDUCTOR ENG. INC. 5,714,797 5,750,774 0.91TWD

TAIWAN

HON HAI PRECISIONINDUSTRY CO. LTD 1,269,873 4,926,458 0.78TWD

HTC CORP. 460,050 9,305,686 1.47TWD

QUANTA COMPUTER INC. 2,663,000 6,974,606 1.10TWD

RADIANT OPTOELECTRONICS CORP. 1,396,000 6,196,205 0.98TWD

TAISHIN FINANCIALHOLDINGS CO. 9,541,620 3,814,812 0.60TWD

TAIWAN SEMICONDUCTORMANUFACTURING 4,682,849 13,470,599 2.13TWD

TRIPOD TECHNOLOGY CO.LTD 2,689,810 9,022,478 1.43TWD

TSRC CORPORATION 1,526,000 3,903,647 0.62TWD

63,365,265 10.02

BANGKOK BANK PUBLIC/FOREIGN 1,484,300 9,336,915 1.48THB

THAILAND

BANPU PUBLIC CO. LTD/FOR.REG 328,200 6,491,550 1.03THB

PTT GLOBAL PUBLIC COFOREI REG 3,140,212 7,229,318 1.14THB

PTT PLC CO. LTD /FOREIGNREG 938,900 10,777,116 1.69THB

SIAM CEMENT PUBLIC CO./FOREIGN 448,000 6,042,982 0.96THB

39,877,881 6.30

84.47534,362,657TOTAL SHARES

DEUTSCHE BANK AG 07-02.01.17 WRT /CARN INDIA 1,035,400 6,786,143 1.07USD

WARRANTS / EQUITY LINKED SECURITIES

GERMANY

6,786,143 1.07

ABN -30.06.09 WRT/TATASTEEL 843,906 7,814,558 1.24USD

GREAT BRITAIN

DB LN 08-19.03.18 CERT/RECLIN 1,358,500 5,477,199 0.87USD

DB LN 24.01.17 CW/CANADABK 820,700 7,664,915 1.21USD



Quantity/Facevalue

HSBC 22.10.18 CW / UNSP 227,200 2,702,808 0.43USD

23,659,480 3.75

JP MORGAN STRUCTUREPROD BV 25.08.14 CERT/ITC 1,558,136 6,939,661 1.09USD

NETHERLANDS

JP MORGAN STRUCTURE08.09.14 CERT/TTMT 1,144,020 6,181,009 0.98USD

13,120,670 2.07

CITIGROUP GM 24.10.12CW/TTMT 412,000 2,214,500 0.35USD

UNITED STATES

2,214,500 0.35

7.2445,780,793TOTAL WARRANTS / EQUITY LINKEDSECURITIES

SPREADTRUMCOMMUNICATIONS /ADR 225,714 3,744,595 0.59USD

ADR (American Depositary Receipt)

CAYMAN ISLANDS

3,744,595 0.59

0.593,744,595TOTAL ADR (American Depositary Receipt)

92.30TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

583,888,045

KGI SECURITIES CO. LTD 11,710,388 4,939,804 0.78TWD

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SHARES

CHINA

4,939,804 0.78

GS HOME SHOPPING INC. 28,420 2,820,662 0.45KRW

SOUTH KOREA

2,820,662 0.45

1.237,760,466TOTAL SHARES

1.23TOTAL TRANSFERABLE SECURITIES TRADEDON ANOTHER REGULATED MARKET

7,760,466

MOR ST AS 12.11.14CW/BKBAF 463,400 7,256,804 1.15USD

OTHER TRANSFERABLE SECURITIES


CAYMAN ISLANDS

7,256,804 1.15


Quantity/Facevalue


202

JPM STR 12-16.02.17CERT/HCLT 799,800 7,602,347 1.20USD

NETHERLANDS

7,602,347 1.20


AYALA LAND INC. /PREF 12,129,600 4,902 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

4,902 0.00

0.004,902TOTAL PREFERENTIAL SHARES

2.35TOTAL OTHER TRANSFERABLE SECURITIES 14,864,053

95.88TOTAL INVESTMENTS 606,512,564

4.12OTHER NET ASSETS LESS LIABILITIES 26,083,654

100.00TOTAL NET ASSETS 632,596,218



Quantity/Facevalue

203


TRINITY 920,000 757,160 1.63HKD


SHARES

BERMUDA ISLANDS

757,160 1.63

AAC TECHNOLOGIESHOLDINGS 180,000 489,163 1.05HKD

CAYMAN ISLANDS

AMVIG HOLDINGS LTD 1,016,000 549,594 1.18HKD

CHINA METAL RECYCLINGHOLDINGS 613,800 751,017 1.61HKD

CHINA SHANSHUI CEMENTGRP LTD 1,121,000 885,044 1.90HKD

CHINA STATECONSTRUCTIONINTERNATIONAL HOLDINGLTD 995,296 926,808 1.99HKD

COMBA TELECOM SYST 346,000 191,621 0.41HKD

HAITAN INTL HLDGS LTD 594,000 666,352 1.43HKD

INTL TAIFENG 2,336,000 869,500 1.87HKD

KWG PORPERTY HOLDINGLTD 1,657,500 956,380 2.05HKD

MIE HOLDINGS 2,008,000 654,310 1.40HKD

VINDA INTL HLDG 312,000 482,208 1.04HKD

7,421,997 15.93

CHINA RAILWAYCONSTRUCTION CORP. -H- 420,000 261,274 0.56HKD

CHINA

CHONGQING RURAL SHS -H- 1,187,000 567,184 1.22HKD

HARBIN POWER EQUIPMENTCO. -H- 626,000 656,292 1.41HKD

ZIJIN MINING GROUP -H- 1,002,000 397,482 0.85HKD

1,882,232 4.04

DAH CHONG HONGHOLDINGS LTD 282,000 299,278 0.64HKD

HONG KONG

EMPEROR WATCH &JEWELLERY LTD 4,290,000 679,613 1.46HKD

978,891 2.10

LIPPO KARAWACI 13,935,625 1,219,200 2.62IDR

INDONESIA

INVESTMENTS

Asia ex Japan Equity Smaller CompaniesStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

PT ABM INVESTAMA TBK 1,237,500 531,182 1.14IDR

PT HARUM ENERGY TBK 808,500 720,603 1.55IDR

PT TIGA PILAR SEJAHTERAFOOD T 7,725,000 430,851 0.92IDR

2,901,836 6.23

AIRASIA BHD 419,500 472,425 1.01MYR

MALAYSIA

BENALEC HOLDINGS BHD 1,490,600 564,419 1.22MYR

1,036,844 2.23

ALLIANCE GLOBAL GROUPINC. 2,510,600 736,777 1.58PHP

PHILIPPINES

SEMIRARA MINING CORP. 112,770 642,974 1.38PHP

1,379,751 2.96

EZION HOLDINGS LTD 1,502,000 1,177,969 2.53SGD

SINGAPORE

RAFFLES MEDICAL GROUPLTD 459,000 847,868 1.82SGD

STX OSV HOLDINGS 994,000 1,396,879 3.00SGD

WING TAI HOLDINGS 276,000 281,285 0.60SGD

3,704,001 7.95

ASIA PACIFIC SYSTEMS 55,087 634,776 1.36KRW

SOUTH KOREA

BS FINL SHS 43,920 515,792 1.11KRW

CHEIL WORLDWIDE INC. 68,614 1,096,610 2.35KRW

FILA KOREA LTD 9,409 712,839 1.53KRW

GRAND KOREA LEISURE CO.LTD 55,040 1,061,917 2.28KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 32,670 716,863 1.54KRW

HYUNDAI HOME SHOPPINGNETWORK 6,805 805,181 1.73KRW

HYUNDAI HYSCO 26,200 927,697 1.99KRW

KOH YOUNG TECHNOLOGYINC 41,929 990,373 2.13KRW

LG FASHION CORP. 20,370 718,569 1.54KRW

MERITZ FIRE & MARINEINSURANCE CO. 26,130 297,639 0.64KRW

NEXEN TIRE CORP. 64,357 1,011,525 2.17KRW

YOUNGPOONG CORP LTD 548 562,757 1.21KRW

10,052,538 21.58


Quantity/Facevalue


204

CATCHER TECHNOLOGY CO.LTD 95,000 671,118 1.44TWD

TAIWAN

E SUN FINANCIAL HOLDINGLTD 801,053 439,689 0.94TWD

FAR EASTERN DEPARTMENTSTORES 348,560 445,824 0.96TWD

FLEXIUM INTERCONNECTINC. 144,000 583,041 1.25TWD

HIWIN TECHNOLOGIES 36,000 406,177 0.87TWD

HUAKU DEVELOPMENT CO.LTD 214,000 543,081 1.17TWD

KINSUS INTERCONNECTTECHN.CORP 136,000 435,912 0.94TWD

ORIENTAL UNION CHEMICALCORP. 535,000 691,540 1.48TWD

PRINCE HOUSINGDEVELOPMENT CO. 1,113,730 835,839 1.79TWD

RADIANT OPTOELECTRONICS CORP. 211,000 936,533 2.02TWD

TRIPOD TECHNOLOGY CO.LTD 251,963 845,164 1.81TWD

UNIMICRON TECHNOLOGYCORP. 567,000 703,126 1.51TWD

WT MICROELECTRO 499,630 743,160 1.60TWD

8,280,204 17.78

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 2,929,980 579,528 1.24THB

THAILAND

ESSO THAILAND PUBLIC CO.LTD 2,279,500 946,084 2.04THB

LPN DEVELOPMENT PUB. /FOR. REG 150,900 75,840 0.16THB

SUPALAI PUBLIC CO. LTD/FOREIGN 1,371,000 693,493 1.49THB

2,294,945 4.93


BNP PARIBAS AR 05.05.14CW /RDCK 243,589 632,581 1.36USD


NETHERLANDS

BNP PARIBAS AR 05.05.14CW/STR 98,165 1,129,682 2.42USD

JP MORGAN STRUCTURE06.10.14 CERT /INBK 79,546 380,984 0.82USD



Quantity/Facevalue

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 93,399 885,957 1.90USD

3,029,204 6.50



43,719,603

KGI SECURITIES CO. LTD 2,317,738 977,694 2.10TWD


SHARES

CHINA

977,694 2.10

SFA ENGINEERING CORP. 14,903 704,025 1.51KRW

SOUTH KOREA

704,025 1.51



1,681,719

REAL GOLD MINING 527,500 - 0.00HKD


SHARES

CAYMAN ISLANDS

- 0.00

0.00-TOTAL SHARES

BNP PARIBAS AR 01.04.15CW /GNC 842,538 366,321 0.79USD


NETHERLANDS

BNP PARIBAS AR 05.05.15CW/INDIABULLS 205,004 833,376 1.79USD

1,199,697 2.58



Quantity/Facevalue

205


AYALA LAND INC. /PREF 5,644,800 2,281 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

2,281 0.00




(0.05)OTHER NET ASSETS LESS LIABILITIES (22,097)




Quantity/Facevalue


206

ANZ BANKING GROUP 200,294 4,847,521 2.69AUD


SHARES

AUSTRALIA

BHP BILLITON LTD 200,458 7,218,835 4.02AUD

BRADKEN LTD 146,989 1,312,243 0.73AUD

CWTHBK OF AUSTRALIA 108,827 5,673,048 3.15AUD

GRAINCORP LTD -A- 153,356 1,444,081 0.80AUD

INCITEC PIVOT LTD 475,086 1,557,130 0.87AUD

JB HI-FI LTD 84,184 960,024 0.53AUD

LEND LEASE GROUP 199,127 1,547,722 0.86AUD

METCASH LTD / DEFERREDDELIVERY 368,130 1,647,069 0.92AUD

NATIONAL AUSTRALIA BANKLTD 167,525 4,288,020 2.38AUD

QBE INSURANCE GROUP 143,420 2,114,568 1.17AUD

SEVEN WEST MEDIA 353,389 1,437,712 0.80AUD

SIMS METAL MANAGEMENTLTD 95,594 1,461,149 0.81AUD

TATTS GROUP LTD 916,842 2,365,856 1.31AUD

TELSTRA CORPORATION LTD 758,384 2,596,134 1.44AUD

WOOLWORTHS 120,896 3,268,084 1.82AUD

43,739,196 24.30

CHINA YURUN FOOD GROUPLTD 916,000 1,302,457 0.72HKD

BERMUDA ISLANDS


VTECH HLDGS SHS 114,800 1,471,913 0.82HKD

4,067,799 2.26

AAC TECHNOLOGIESHOLDINGS 522,000 1,418,574 0.79HKD

CAYMAN ISLANDS

ANTA SPORTS PRODUCTSLTD 1,060,000 1,105,834 0.61HKD


XINYI GLASS HOLDING CO.LTD 2,334,000 1,424,880 0.79HKD

5,458,047 3.03


CHINA

INVESTMENTS

Asia Pacific ex Japan Equity High DividendStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue



CHINA PETROLEUM & CHEMCORP. -H- 2,166,000 2,360,086 1.31HKD

DONGFENG MOTOR -H- 870,000 1,570,964 0.87HKD

GUANGSHEN RAILWAY COLTD -H- 3,510,000 1,365,253 0.76HKD

IND & COM BOC -H- 5,285,955 3,410,831 1.90HKD

PETROCHINA CO. LTD /-H- 2,092,000 2,958,442 1.64HKD

ZHEJIANG EXPRESSWAY CO.LTD -H- 2,208,000 1,649,400 0.92HKD

21,554,593 11.98

AIA GROUP 857,400 3,141,700 1.75HKD

HONG KONG

CATHAY PACIFIC AIRWAYS 730,000 1,352,013 0.75HKD

CHINA MOBILE LTD 447,500 4,924,977 2.74HKD

CLP HOLDINGS LTD 232,000 2,001,989 1.11HKD

CNOOC LTD 1,586,000 3,260,131 1.81HKD

GUANGDONG INVESTMENTLTD 2,008,000 1,399,136 0.78HKD

HSBC HOLDINGS PLC 162,986 1,437,937 0.80HKD

KINGBOARD CHEMICALSHOLDINGS 354,500 1,239,610 0.69HKD

SJM HOLDINGS LTD 838,000 1,705,297 0.95HKD


21,929,379 12.19

INDO TAMBANGRAYAMEGAH (ITM) 307,000 1,458,769 0.81IDR

INDONESIA

PERUSAHAAN GAS NEGA -B- 4,106,000 1,706,322 0.95IDR


TELKOM INDONESIA S -B- 1,940,000 1,485,109 0.83IDR

6,385,779 3.55

BUMIPUTRA-COMMERCEHOLDINGS 767,400 1,926,328 1.07MYR

MALAYSIA

UMW HOLDINGS 604,100 1,439,507 0.80MYR

3,365,835 1.87

KEPPEL CORP. LTD 241,000 2,108,834 1.17SGD

SINGAPORE


Quantity/Facevalue

207


OVERSEA-CHINESE BANKCORP. 322,501 2,290,464 1.27SGD

SINGAPORE PRESSHOLDINGS LTD 470,000 1,466,937 0.82SGD

STRAITS ASIA RESOURCESLTD 712,000 1,320,881 0.73SGD

UTD OVERSEAS BANK /LOCAL 164,000 2,396,114 1.33SGD

9,583,230 5.32

BS FINL SHS 135,500 1,591,298 0.88KRW

SOUTH KOREA

HYUNDAI FIRE & MARINE INSCO. 45,250 1,302,557 0.72KRW

KANGWON LAND INC. 63,530 1,410,839 0.78KRW


KT CORPORATION 53,420 1,483,492 0.82KRW

KT&G CORPORATION 41,920 2,976,035 1.66KRW

LG CHEMICAL LTD 6,636 2,168,048 1.20KRW



S-OIL CORP. 16,000 1,582,336 0.88KRW

23,244,129 12.92

ASIA CEMENT CORP. 1,339,498 1,631,586 0.91TWD

TAIWAN

ASUSTEK COMPUTER INC. 212,280 2,003,103 1.11TWD

CHINA STEEL 1,769,899 1,808,027 1.00TWD

CHINATRUST FINANCIALHOLDING CO. 2,466,835 1,550,433 0.86TWD

FAR EASTERN TEXTILE LTD 1,251,216 1,447,745 0.80TWD

FORMOSA CHEMICALS &FIBER CO. 558,000 1,629,711 0.91TWD

FUBON FINANCIAL HOLDINGCO. LTD 1,357,123 1,528,903 0.85TWD

HTC CORP. 113,375 2,293,299 1.27TWD

TAIWAN SEMICONDUCTORMANUFACTURING 1,820,161 5,235,841 2.92TWD

UNIMICRON TECHNOLOGYCORP. 921,000 1,142,115 0.63TWD

WISTRON CORP. 1,111,186 1,675,390 0.93TWD

21,946,153 12.19

BANGKOK BANK PUBLIC/FOREIGN 285,400 1,795,294 1.00THB

THAILAND



Quantity/Facevalue

BANGKOK EXPRESSWAY/FOR. REG 1,777,700 1,245,066 0.69THB

CHAROEN POK /FOREIGNREG 1,428,600 1,725,508 0.96THB

PTT GLOBAL PUBLIC COFOREI REG 682,500 1,571,234 0.87THB


8,329,761 4.63

94.24169,603,901TOTAL SHARES

CPN RETAIL GROWTHLEASEHOLD 2,918,334 1,277,464 0.71THB

INVESTMENT FUNDS

THAILAND

1,277,464 0.71

0.711,277,464TOTAL INVESTMENT FUNDS

DB LN 11-7.9.21 CW /IBWS 1 - 0.00USD


GREAT BRITAIN

- 0.00

BNPP AR 10-05.05.14CW/TATA 389,715 2,109,934 1.17USD

NETHERLANDS

JP MORGAN STRUCTURE 11-18.01.16 CERT/CBK 180,343 1,684,311 0.94USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 136,229 1,292,230 0.72USD

JP MORGAN STRUCTURE15.10.14 CERT /MM 113,220 1,556,122 0.86USD

JP MORGAN STRUCTURE25.08.14 CERT/ONGC 324,540 1,711,786 0.95USD

8,354,383 4.64



179,235,748


Quantity/Facevalue


208

BNPP AR 09-01.04.15CW/TATA 168,185 1,557,391 0.87USD



NETHERLANDS

1,557,391 0.87








Quantity/Facevalue

209




SHARES

BERMUDA ISLANDS

4,476,546 0.31

BANCO DO BRASIL SA 1,382,777 19,957,211 1.37BRL

BRAZIL

MRV ENGHENHARIA 2,317,300 16,798,752 1.15BRL

PDG REALTY SA 3,611,000 12,840,870 0.88BRL

PETROBRAS PETROLEOBRASILEIRO 1,603,794 21,114,013 1.44BRL

PETROLEO BRASILEIRO/PREF. 2,187,600 27,755,412 1.89BRL

ROSSI RESIDENCIAL ON 2,309,200 12,672,243 0.87BRL

SID NACIONAL 2,155,100 20,258,941 1.39BRL

VALE RIO DOCE /NAM. 664,570 15,448,582 1.06BRL

146,846,024 10.05

BAOXIN AUTO GROUP LTD 5,812,000 6,954,090 0.48HKD

CAYMAN ISLANDS


EVERGRANDE REAL 25,967,000 13,912,786 0.95HKD

KWG PORPERTY HOLDINGLTD 7,459,500 4,304,143 0.29HKD

LONGFOR PPT 390,000 546,503 0.04HKD

MGM CHINA 8,632,000 15,764,735 1.08HKD

ZHONGSHENG GRP 9,326,500 18,498,582 1.26HKD

66,803,813 4.57

AGRICULT BANK CHINA /-H-SHARES 34,644,000 14,858,373 1.02HKD

CHINA


BBMG -H- 3,970,000 3,338,894 0.23HKD




CHINA NATIONAL BUILDINGMATERIAL -H- 2,950,000 3,719,664 0.25HKD

INVESTMENTS

BRIC EquityStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue


CHINA RAILWAYCONSTRUCTION CORP. -H- 11,589,500 7,209,594 0.49HKD

CHINA RESOURCES LAND -H- 2,336,000 4,037,610 0.28HKD


GREAT WALL MOTOR CO.LTD -H- 5,156,500 10,028,384 0.69HKD

IND & COM BOC -H- 63,261,595 40,820,363 2.79HKD



PING AN INSURANCE GRPCO. -H- 1,093,500 8,267,151 0.57HKD

ZIJIN MINING GROUP -H- 15,244,000 6,047,121 0.41HKD

ZOOMLION HEAVY SHS -H- 5,594,800 7,450,821 0.51HKD

233,721,790 15.99

AK SBEREGATELNY BANKSBERBANK 23,169,546 74,634,668 5.11USD

FEDERATION OF RUSSIA

GAZPROM OAO 11,025,764 67,828,968 4.64USD

MMC NORILSK NICKEL 23,020 4,219,558 0.29USD

146,683,194 10.04

CAIRN ENERGY 3,402,890 17,511,632 1.20GBP

GREAT BRITAIN

VEDANTA RESOURCES PLC 999,097 19,672,643 1.34GBP

37,184,275 2.54

CHINA MOBILE LTD 3,405,000 37,473,839 2.56HKD

HONG KONG


CNOOC LTD 21,070,000 43,310,822 2.97HKD

GALAXY ENTERTAINMENTGROUP 1,929,000 5,329,157 0.36HKD

95,588,473 6.54

CANARA BANK /DEMAT. 257,635 2,406,176 0.16INR

INDIA

HINDALCO INDUSTRIES /DEMAT. 1,403,659 3,565,283 0.24INR

INDIABULLS POWER 11,856,273 3,677,084 0.25INR

JINDAL STEEL & POWER/DEMAT. 193,716 2,072,906 0.14INR

MAHINDRA & MAHINDRA 85,275 1,172,039 0.08INR

MARUTI SUZUKI INDIA LTD 1,127,527 29,889,574 2.05INR


Quantity/Facevalue


210

OIL & NATURAL GAS CORP.LTD 625,366 3,294,079 0.23INR

TATA MOTORS LTD -A- 838,654 2,600,986 0.18INR

48,678,127 3.33

UNITED COMPANY RUSALPLC 7,024,000 5,382,704 0.37HKD

JERSEY

5,382,704 0.37

53.74785,364,946TOTAL SHARES

MOR ST AS 09.06.14 CW/SBIN 648,001 26,664,774 1.82USD


CAYMAN ISLANDS

MOR ST AS 09-15.04.14CW/STLT IN 6,363,794 13,871,811 0.95USD

40,536,585 2.77

DEUTSCHE BANK 07-17.01.17WRT/HCL 1,159,598 11,014,442 0.75USD

GERMANY


24,160,460 1.65

ABN AMRO BANK 06-30.06.09WRT/JSP IN 1,591,864 17,034,148 1.17USD

GREAT BRITAIN

DB LN 08-19.03.18 CERT/RECLIN 4,721,075 19,034,426 1.30USD

DB LN 24.01.17 CW/CANADABK 1,997,069 18,651,594 1.28USD

HSBC BANK 09-19.11.19CW/HNDL 1,942,027 4,942,925 0.34USD

HSBC BANK 13.07.20CW/LICHF 3,259,291 16,883,049 1.16USD

HSBC 09-02.12.19 CW/JSP 892,504 9,550,468 0.65USD

HSBC 09-19.11.19 CERT/FGB 636,216 3,351,233 0.23USD

RBS 03.07.13 CERT/BAJAJ 314,026 10,369,529 0.71USD

RBS 05.07.13 CW/INDIABULLSPOWER 1,149,025 356,356 0.02USD

RBS 10-05.07.12 CERT/MM 288,460 3,972,850 0.27USD

RBS 11-20.06.13 CERT/TATA 2,022,461 10,949,693 0.75USD

RBS 28.06.13 CW/HCLT 1,359,512 12,895,950 0.88USD

127,992,221 8.76



Quantity/Facevalue

JP MORGAN STRUCTURE08.02.17 CW/ONGC 882,126 4,652,774 0.32USD

NETHERLANDS

JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 24,646,939 7,643,952 0.51USD

JP MORGAN STRUCTURE25.08.14 CERT/ONGC 463,007 2,442,130 0.17USD

JP MORGAN STRUCTURE26.08.14 CERT/POWER FIN 1,152,279 4,174,170 0.29USD

18,913,026 1.29

CITIGROUP GM 24.10.12CW/TTMT 618,993 3,327,087 0.23USD

UNITED STATES

CITIGROUP 07-24.10.12WRT/TATA 991,315 9,179,563 0.63USD

12,506,650 0.86


PETROBRAS /SADR 199,139 5,044,191 0.35USD

SADR (Sponsored American Dep. Receipt)

BRAZIL

PETROLEO BRASILEIRO/SADR 299,554 7,878,270 0.54USD

VALE / -A- /SADR 132,100 2,974,892 0.20USD

VALE /SADR 683,581 15,845,408 1.08USD

31,742,761 2.17

GAZPROM OAO /SADR REGS 5,018,038 61,220,064 4.19USD


LUKOIL /SADR (REP.1 SHS.) 1,171,668 70,534,413 4.83USD

MMC NORILSK NICKEL /SADR 861,226 15,760,436 1.08USD

MOBILE TELESYSTEMSOJS/SADR 824,232 15,050,476 1.03USD

162,565,389 11.13

NORD GOLD NV /SADR 2,099,385 12,911,218 0.88USD

NETHERLANDS

12,911,218 0.88

14.18207,219,368TOTAL SADR (Sponsored American Dep.Receipt)

AFK SISTEMA / SGDR 676,882 13,327,807 0.91USD

GDR (Global Depositary Receipt)


GROUPE LSR /SGDR REPR.SREG S 1,275,615 7,526,129 0.51USD


Quantity/Facevalue

211


NOMOS BANK OJSC SHS/SGDR 715,641 10,355,325 0.71USD

NOVOLIPETSK STEEL REGS/GDR 347,588 7,299,348 0.50USD

ROSNEFT OIL COMPANYOJSC /SGDR 4,990,283 35,460,451 2.43USD

73,969,060 5.06

FINANCIAL TECHNOLOGIES/GDR 3 6 0.00USD

INDIA

6 0.00

5.0673,969,066TOTAL GDR (Global Depositary Receipt)

BANCO DAYCOVAL SA /PREF. 346,348 1,828,436 0.13BRL

PREFERENTIAL SHARES

BRAZIL

BANRISUL PNB -B- /PREF 468,122 5,166,103 0.35BRL

BRADESPAR SA BRASIL/PREF. 1,161,600 22,024,020 1.50BRL

CIA VALE DO RIO DOCE A/PREF. 659,106 14,873,060 1.02BRL

ITAU HOLDING /PREF 879,500 16,936,012 1.16BRL

60,827,631 4.16

4.1660,827,631TOTAL PREFERENTIAL SHARES

ITAU HOLDING ITAU / PFD. /SADR 858,643 16,511,705 1.13USD


BRAZIL

16,511,705 1.13

MECHEL OJSC /ADR 687,857 6,287,013 0.43USD


6,287,013 0.43

TATA MOTORS LTD /ADR 202,861 5,456,961 0.37USD

INDIA

5,456,961 0.37



1,379,745,632



Quantity/Facevalue

AEROFLOT MOSCOW 3,874,902 6,259,412 0.43USD


SHARES


TNK-BP HOLDING 2,445,606 7,833,878 0.53USD

14,093,290 0.96


CHERKIZOVO GROUP /SGDR 432,042 5,996,743 0.41USD



5,996,743 0.41



20,090,033

RUSHYDRO OJSC 9 - 0.00USD


SHARES


- 0.00

0.00-TOTAL SHARES

INDIABULLS PROPERTIESINVESTMENT TRUST 21,780,000 2,358,438 0.16SGD

INVESTMENT FUNDS

SINGAPORE

2,358,438 0.16


DEUTSCHE BANK 07-24.01.17WRT/MAHINDRA 564,561 7,775,484 0.54USD


GREAT BRITAIN

RBS 12-03.07.13 CERT/MAHINDRA 269,449 3,703,370 0.25USD

11,478,854 0.79



Quantity/Facevalue


212

OAO TATFNEFT /SGDR REP GREG.S 686,799 28,021,399 1.91USD



28,021,399 1.91



98.63TOTAL INVESTMENTS 1,441,694,356


100.00TOTAL NET ASSETS 1,461,706,477



Quantity/Facevalue

213


BRILLIANCE CHINAAUTOMOTIVE 22,000 23,804 0.14HKD


SHARES

BERMUDA ISLANDS

CHINA YURUN FOOD GROUPLTD 11,000 15,642 0.09HKD

HUABA0 INTERNATIONAL 25,000 16,101 0.09HKD

KUNLUN ENERGY COMPANYLTD 16,000 28,853 0.16HKD

84,400 0.48

ALL AMERICA /CONV 7,100 35,947 0.21BRL

BRAZIL

BANCO DO BRASIL SA 4,700 67,959 0.39BRL

BM&F BOVESPA BOLSA DEVALORES 19,300 120,053 0.68BRL

BR MALLS PARTICIPAES SA 4,000 50,377 0.29BRL

BRF FOODS 5,300 108,148 0.62BRL

CIA DE CONCESSOESRODOVIARIAS 10,000 81,347 0.47BRL

CIELO 2,246 75,152 0.43BRL

COSAN SA INDUSTRIA ECOMERCIO 1,400 25,726 0.15BRL

CPFL ENERGIA SA 1,900 28,869 0.17BRL

CYRELA BRAZIL REALTY SA 2,700 24,852 0.14BRL

DIAGNOST DA AMERICA SABRL 4,000 32,166 0.18BRL

DURATEX 3,220 19,517 0.11BRL

EDP-ENERGIAS DO BRASIL SA 600 13,553 0.08BRL

ELETROBRAS. CENTR. ELETR.BRASIL 2,141 20,294 0.12BRL

ELETROBRAS. EL.BRASIL./PREF. -B- 1,900 24,721 0.14BRL

FIBRIA 1,700 13,782 0.08BRL

HYPERMARCAS SA 2,300 16,136 0.09BRL

INVESTIMENTOS ITAU /PREF. 19,298 121,733 0.69BRL

JBS AS 5,100 21,821 0.12BRL

LOJAS RENNER SA 1,200 41,548 0.24BRL

METALURGICA GERDAU/PREF. 2,400 30,490 0.17BRL

MRV ENGHENHARIA 2,400 17,364 0.10BRL

NATURA COSMETICOS SA 1,400 31,171 0.18BRL

INVESTMENTS

BRIC MarketsStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

OGX PETROLEO E GASPARTICIP SA 10,800 91,469 0.52BRL

PDG REALTY SA 9,100 32,096 0.18BRL

REDECARD SA 3,200 62,138 0.36BRL

ROSSI RESIDENCIAL ON 1,600 8,952 0.05BRL

SOUZA CRUZ 3,300 49,743 0.28BRL

TELEMAR 800 11,388 0.07BRL

USIMINAS 1,500 16,620 0.10BRL

1,295,132 7.41

ALIBABA CO. 13,500 22,953 0.13HKD

CAYMAN ISLANDS

ANTA SPORTS PRODUCTSLTD 40,000 41,733 0.24HKD

BELLE INTERNATIONALHOLDING LTD 42,000 75,414 0.43HKD

CHINA ZHONGWANG 28,800 10,350 0.06HKD

COUNTRY GARDENHOLDINGS 55,000 21,111 0.12HKD

ENN ENERGY HOLDINGS 8,000 27,616 0.16HKD

EVERGRANDE REAL 50,000 26,792 0.15HKD

GCL-POLY ENERGYHOLDINGS LTD 76,000 21,145 0.12HKD

HENGAN INTL GROUP 6,000 60,668 0.35HKD

PARKSON RETAIL GROUP LTD 22,500 25,707 0.15HKD

REHNE COMMERCIALHOLDING COMP LTD 82,000 5,704 0.03HKD

SOHO CHINA LTD 24,000 17,404 0.10HKD

TENCENT HOLDINGS 7,000 195,298 1.12HKD

TINGYI HOLDING CORP. 14,000 40,484 0.23HKD

WANT WANT CHINAHOLDINGS LTD 42,000 46,958 0.27HKD

639,337 3.66

AGILE PROPERTY HOLDINGSLTD 16,000 18,466 0.11HKD

CHINA

AGRICULT BANK CHINA /-H-SHARES 130,000 55,761 0.32HKD

AIR CHINA LTD -H- 16,000 11,088 0.06HKD

ALUMINIUM CORP. OF CHINA-H- 36,000 17,343 0.10HKD

ANGANG STEEL COMPANYLTD -H- 14,000 8,998 0.05HKD

ANHUI CONCH CEMENT CO. -H- 12,000 38,024 0.22HKD

BANK OF CHINA LTD -H- 472,400 190,456 1.09HKD


Quantity/Facevalue


214

BANK OF COMMUNICATIONSCO. -H- 52,198 39,467 0.23HKD

BEIJING CAPITALINTERNATIONAL AIRPORT -H- 14,000 8,097 0.05HKD

BYD COMPANY LIMITED -H- 8,000 22,361 0.13HKD

CHINA CITIC BANK -H- 57,200 34,407 0.20HKD

CHINA COAL ENERGY CO.LTD -H- 30,000 33,657 0.19HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 37,000 37,126 0.21HKD

CHINA COMMUNICATIONSSERVICES -H- 16,800 8,115 0.05HKD

CHINA CONSTRUCTION BANKCO. -H- 422,850 326,795 1.87HKD

CHINA COSCO HOLDINGS -H- 20,000 12,649 0.07HKD

CHINA LIFE INSURANCE CO.LTD -H- 52,000 134,964 0.77HKD

CHINA MENGNIU DAIRY CO.LTD -H- 10,000 29,304 0.17HKD

CHINA MERCHANTS BANK -H- 27,723 56,706 0.32HKD

CHINA MINSHENG BK -H- 28,000 25,354 0.15HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 28,000 35,309 0.20HKD

CHINA OILFIELD SERVICES -H- 12,000 17,219 0.10HKD

CHINA PACI INSU (GROUP)LTD -H- 12,400 38,413 0.22HKD

CHINA PETROLEUM & CHEMCORP. -H- 122,000 132,944 0.76HKD

CHINA RAILWAYCONSTRUCTION CORP. -H- 18,000 11,198 0.06HKD

CHINA RAILWAY GROUP LTD-H- 43,000 13,791 0.08HKD

CHINA RESOURCES LAND -H- 18,000 31,115 0.18HKD

CHINA SHENHUA ENERGYCO. -H- 24,500 103,352 0.59HKD

CHINA SHIPPING CONTAINER-H- 39,100 13,497 0.08HKD

CHINA SHIPPINGDEVELOPMENT -H- 12,000 8,316 0.05HKD

CHINA SOUTH LOCOMOTIVE -H- 24,800 16,930 0.10HKD

CHINA SOUTHERN AIRLINES-H- 20,000 9,557 0.05HKD

CHINA TELECOM CORP. LTD -H- 96,700 53,559 0.31HKD

DATANG INT. POWERGENERATION -H- 50,000 17,647 0.10HKD

DONGFENG MOTOR -H- 26,000 46,953 0.27HKD



Quantity/Facevalue

GUANGZHOU AUTO -H- 23,374 23,183 0.13HKD

GUANGZHOU R&F PROPERTY-H- /NEW 12,000 14,298 0.08HKD

HUANENG POWERINTERNATIONAL -H- 34,000 18,481 0.11HKD

IND & COM BOC -H- 428,300 276,391 1.58HKD

INNER MONG. YITAI COALCO. B -H- 4,300 22,966 0.13USD

JIANGXI COPPER CO. LTD -H- 15,800 36,348 0.21HKD

METALLURGICAL CORP. OFCHINA -H- 39,000 8,741 0.05HKD

NINE DRAGONS PAPERHOLDINGS LTD-H- 21,000 17,231 0.10HKD

PETROCHINA CO. LTD /-H- 149,200 211,013 1.21HKD

PICC PROPERTY & CASUALTY-H- 19,800 23,566 0.13HKD

PING AN INSURANCE GRPCO. -H- 11,800 89,219 0.51HKD

SHANGHAI ELECTRIC GROUPCO. -H- 38,000 19,334 0.11HKD

SHIMAO PROPERTY HOLDINGLTD -H- 21,500 22,958 0.13HKD

SINOFERT HOLDINGS LTD -H- 36,000 8,764 0.05HKD

TSINGTAO BREWERY CO. LTD-H- 2,000 10,807 0.06HKD

WEICHAI POWER CO LTD /-H- 3,000 14,008 0.08HKD

YANZHOU COAL MINING CO.-H- 14,000 30,368 0.17HKD

ZHEJIANG EXPRESSWAY CO.LTD -H- 12,000 8,965 0.05HKD

ZIJIN MINING GROUP -H- 68,000 26,977 0.15HKD

ZOOMLION HEAVY SHS -H- 12,800 17,048 0.10HKD

ZTE CORP. -H- 3,920 10,553 0.06HKD

2,570,157 14.71

AK SBEREGATELNY BANKSBERBANK 157,008 509,334 2.92USD


509,334 2.92

BEIJING ENTERPRISESHOLDING LTD 4,500 27,446 0.16HKD

HONG KONG

CHINA EVERBRIGHT LTD 12,000 18,208 0.10HKD

CHINA INSURANCEINTERNATIONAL HOLDING 6,400 12,514 0.07HKD

CHINA MERCHANTSHOLDINGS 8,323 27,874 0.16HKD


Quantity/Facevalue

215


CHINA MOBILE LTD 42,400 466,677 2.68HKD

CHINA OVERSEASLAND&INVESTMENT 31,341 59,585 0.34HKD

CHINA RESOURCESENTERPRISE LTD 12,000 41,888 0.24HKD

CHINA RESOURCES POWERHOLDINGS 14,200 26,302 0.15HKD

CHINA UNICO (HK) 42,486 72,018 0.41HKD

CITIC PACIFIC LTD 11,000 18,533 0.11HKD

CNOOC LTD 126,200 259,437 1.48HKD

COSCO PACIFIC LTD 12,000 18,115 0.10HKD

FUSHAN INTERNAT ENERGYGROUP 38,000 12,873 0.07HKD

KINGBOARD CHEMICALSHOLDINGS 4,000 13,988 0.08HKD

LENOVO GROUP LTD 44,000 39,616 0.23HKD

SHANGHAI INDUSTRIALHOLDINGS 6,000 18,510 0.11HKD

1,133,584 6.49

ACC LTD /DEMAT. 809 21,123 0.12INR

INDIA

ADANI ENTERPRISESLTD/DEMAT. 3,520 20,942 0.12INR

ADITYA BIRLA NUVO LTD /DEMATER. 700 12,799 0.07INR

AMBUJA CEMENTSLTD/DEMAT. 9,800 32,382 0.19INR

ASIAN PAINTS/DEMATERIALISED 500 31,713 0.18INR

AXIS BANK LTD/DEMAT. 4,185 93,620 0.54INR

BAJAJ AUTO LTD 1,400 45,565 0.26INR

BHARAT HEAVY ELECTRICAL 9,095 45,626 0.26INR

BHARATPETROLEUM/DEMAT. 1,363 18,594 0.11INR

BHARTI AIRTEL LTD/DEMAT. 10,500 68,908 0.39INR

CANARA BANK /DEMAT. 1,500 13,906 0.08INR

CIPLA LTD /DEMAT. 5,131 30,522 0.17INR

COAL INDIA 7,800 51,868 0.30INR

DLF LIMITED 6,709 26,374 0.15INR

GMR INFRASTRUCTURE 15,394 9,303 0.05INR

HCL TECHNOLOGIES /DEMAT. 2,550 23,862 0.14INR

HERO HONDA MOTORS/DEMAT. 1,482 59,499 0.34INR

HINDALCO INDUSTRIES /DEMAT. 17,790 45,075 0.26INR



Quantity/Facevalue

HOUSING DEVT FIN CORP. 18,215 240,111 1.38INR

INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 16,388 43,190 0.25INR

ITC LTD /DEMAT. 34,910 154,305 0.88INR

JAIPRAKASH ASSOCIATIONLTD 15,085 23,927 0.14INR

JINDAL STEEL & POWER/DEMAT. 6,364 67,611 0.39INR

JSW STEEL LTD / DEMAT. 1,434 20,252 0.12INR

KOTAK MAHIND 4,696 48,999 0.28INR

LIC HSG FINANCE 4,500 22,936 0.13INR

LUPIN LTD 2,200 22,805 0.13INR

MAHINDRA & MAHINDRA 4,194 56,754 0.32INR

MARUTI SUZUKI INDIA LTD 1,069 27,834 0.16INR

NTPC LTD / DEMAT. 8,883 28,423 0.16INR

OIL & NATURAL GAS CORP.LTD 12,286 63,557 0.36INR

PIRAMAL HEALTHCARE LTD 1,184 10,617 0.06INR

POWER GRID CORP. OF INDIALTD 17,400 36,413 0.21INR

RELIANCE CAPITAL LTD/DEMAT. 1,671 12,893 0.07INR

RELIANCECOMMUNICATIONS /DEMAT. 13,912 22,910 0.13INR

RELIANCE INFRASTRUCTURELTD 1,759 20,091 0.11INR

RELIANCE POWER LTD 9,000 20,639 0.12INR

RURAL ELECTRIFICATIONCORP LTD 4,600 18,331 0.10INR

SESA GOA LTD /DEMAT. 5,837 22,096 0.13INR

SHRIRAM TRANSPORTFINANCE 2,000 23,254 0.13INR

SIEMENS LTD /DEMAT. 769 11,359 0.07INR

SUN PHARMACEUTICAL SHS 4,735 52,740 0.30INR

SUZLON ENERGY LTD 15,400 7,560 0.04INR

TATA CONSULTANCYSERVICES /DEMAT. 7,580 171,969 0.98INR

TATA POWER CO LTD 15,430 30,631 0.18INR

TATA STEEL LTD /DEMAT. 4,864 44,673 0.26INR

ULTRA TECH CEMENT LTD 1,050 30,728 0.18INR

UNITECH LTD /DEMAT. 26,100 14,395 0.08INR

UNITED PHOSPHORUS LTD/DEMAT. 3,800 9,699 0.06INR

UNITED SPIRITS LIMITED/DEMAT. 1,369 16,127 0.09INR


Quantity/Facevalue


216

ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 6,964 17,325 0.10INR

2,066,835 11.83

SINO-OCEAN LANDHOLDINGS LTD 33,061 15,714 0.09HKD

VIRGIN ISLANDS

15,714 0.09


ISHARES MSCI CHINATRACKER 35,000 85,026 0.49HKD

EXCHANGE TRADED FUNDS

HONG KONG

85,026 0.49

0.4985,026TOTAL EXCHANGE TRADED FUNDS

BARCLAYS BANK 6-36-A-WRT/MSCI INC. 700 38,577 0.22USD


GREAT BRITAIN

DEUTSCHE BANK LN 30.01.17WRT /HIND.LEV 15,300 122,795 0.70USD

161,372 0.92

0.92161,372TOTAL WARRANTS / EQUITY LINKEDSECURITIES

SANTANDERBR/UNITS(55SH+50PFD) 5,400 50,414 0.29BRL

UNIT SHARES

BRAZIL

50,414 0.29

0.2950,414TOTAL - UNIT SHARES

BANCO BRADESCO /SADR 15,446 271,850 1.56USD


BRAZIL

BRASIL TELECOM SA ADR 974 20,074 0.11USD

CEMIG /SADR 3,203 76,488 0.44USD

CIA SIDER. NAC/SADR(REP.1SH) 6,600 63,096 0.36USD

COPEL /SADR (1000 PREF. B) 1,114 25,444 0.15USD

EMBRAER SA /SADR 1,100 35,299 0.20USD

GERDAU SA SADR PREF. SHS 5,700 56,145 0.32USD

PETROBRAS /SADR 16,100 410,227 2.36USD

PETROLEO BRASILEIRO/SADR 12,100 319,561 1.83USD



Quantity/Facevalue

SABESP /SADR 400 30,432 0.17USD

TELE NORT. LE. TNLP /PREF.SADR 2,000 23,280 0.13USD

TIM PARTICIPACOES SASADR 808 26,050 0.15USD

TRACTEBEL ENERGIA SA/SADR 1,000 17,770 0.10USD

ULTRAPAR PARTICIPATION/SADR PREF. 2,800 61,180 0.35USD

USIMINAS -A- SADR (10000PREF. REGS) 4,000 26,720 0.15USD

VALE / -A- /SADR 15,550 349,564 2.00USD

VALE /SADR 10,400 239,408 1.37USD

2,052,588 11.75

GAZPROM OAO /SADR REGS 73,960 905,010 5.17USD


JSC SURGUTNEFTEGAZ/SADR 15,250 153,132 0.88USD

JSC SURGUTNEFTEGAZ/SADR PREF. 14,900 106,088 0.61USD

LUKOIL /SADR (REP.1 SHS.) 9,420 561,903 3.21USD

MMC NORILSK NICKEL /SADR 11,800 216,176 1.24USD

MOBILE TELESYSTEMSOJS/SADR 11,233 203,654 1.17USD

2,145,963 12.28

ICICI BANK /SADR 3,810 129,540 0.74USD

INDIA

INFOSYS TECHNOLOGIES /SADR 7,630 430,790 2.47USD

WIPRO LTD /SADR 7,500 81,150 0.46USD

641,480 3.67


AFK SISTEMA / SGDR 2,927 59,974 0.34USD



GROUPE LSR /SGDR REPR.SREG S 7,600 44,479 0.25USD

NOVATEK OAO /SGDR 2,062 277,132 1.60USD

NOVOLIPETSK STEEL REGS/GDR 1,490 31,520 0.18USD

ROSNEFT OIL COMPANYOJSC /SGDR 35,700 252,756 1.45USD

SEVERSTAL CHEREPOVETSMET/SGDR 4,200 57,288 0.33USD


Quantity/Facevalue

217


TRUBNAYA METALL. KOMP./SGDR REG 1,432 18,141 0.10USD

URALKALITY /GDR 5,780 217,328 1.24USD

VNESHTORGBANK SGDR 28,853 131,369 0.75USD

1,089,987 6.24

GAIL INDIA LTD /GDR REGS 970 42,894 0.25USD

INDIA

LARSEN TOUBRO /GDRREPR.1 SHS 3,670 94,079 0.53USD

RANBAXY LABORATORY /GDR(EQ.SHS) 1,900 17,185 0.10USD

STATE BANK OF INDIA /GDRREGS 1,030 85,078 0.49USD

239,236 1.37


AES TIETE SA /PFD 800 12,068 0.07BRL

PREFERENTIAL SHARES

BRAZIL

BRADESPAR SA BRASIL/PREF. 2,100 39,741 0.23BRL

CIE ENERGY SAO PAULO/PREF. -B- 1,300 26,099 0.15BRL

ELETROPAULOELETRICIDADE PREF 900 19,016 0.11BRL

LOJAS AMERICANAS SA/PRIV. 3,803 36,506 0.21BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 2,650 11,280 0.06BRL

TELECOM SAO PAULO / PFD 2,610 80,388 0.46BRL

225,098 1.29


AMBEV CIA DE BEBIDAS/ADR 5,700 237,405 1.36USD


BRAZIL

BRASIL DISTRIBUTION PAO/ADR 850 40,486 0.23USD

ITAU HOLDING ITAU / PFD. /SADR 17,540 342,029 1.96USD

619,920 3.55

MECHEL OJSC /ADR 3,109 28,292 0.16USD


28,292 0.16



Quantity/Facevalue

DR REDDY SLABORATORIES/ADR 1,550 51,708 0.30USD

INDIA

HOUSING DEVT FIN CORP. 8,850 293,555 1.67USD

STERLITE INDUSTRIES (INDIA)/ADR 5,940 50,252 0.29USD

TATA MOTORS LTD /ADR 4,700 123,939 0.71USD

519,454 2.97



16,173,323

FED HYDROGENE CO-RUSHYDRO OJSC 30,008 1,106 0.01RUB


SHARES


INTER RAO UES JSC 31,967,500 33,694 0.19USD

34,800 0.20

0.2034,800TOTAL SHARES

SBERBANK /PREF. 24,400 65,111 0.37USD

PREFERENTIAL SHARES


TRANSNEFT OJSC MOSCOW 34 66,343 0.38USD

131,454 0.75



166,254

GOME ELECTRICALAPPLIANCE HOLDING 131,000 27,167 0.16HKD


SHARES

BERMUDA ISLANDS

27,167 0.16

CHAODA MODERNAGRICULTURE HOLDING -H- 26,000 1,340 0.01HKD

CHINA

1,340 0.01


Quantity/Facevalue


218

FSK EES 7,138,000 75,991 0.43USD


IDGC HOLDING 380,000 42,354 0.24USD

RUSHYDRO OJSC 2,561,826 94,352 0.54USD

212,697 1.21


ROSTELECOM /SADR REP. 6SHS 4,840 141,231 0.81USD



141,231 0.81

0.81141,231TOTAL SADR (Sponsored American Dep.Receipt)

MAGNIT JSC 5,550 160,506 0.92USD



OAO TATFNEFT /SGDR REP GREG.S 5,020 203,762 1.17USD

364,268 2.09

RELIANCE INDUSTRIES /GDR2 SHS 144A 11,526 337,330 1.93USD

INDIA

337,330 1.93

4.02701,598TOTAL GDR (Global Depositary Receipt)

SATYAM COMPUTER /ADR 4,700 12,408 0.07USD


INDIA

12,408 0.07

0.0712,408TOTAL ADR (American Depositary Receipt)



0.20OTHER NET ASSETS LESS LIABILITIES 35,528




Quantity/Facevalue

219


CHINA GAS HOLDINGSLIMITED 4,286,000 2,059,018 0.41HKD


SHARES

BERMUDA ISLANDS

CHINA YURUN FOOD GROUPLTD 1,337,000 1,901,076 0.37HKD

HAIER ELECTRONICS GROUPCO LTD 736,000 834,179 0.16HKD

4,794,273 0.94

BANCO BRADESCO SA /PREF. 776,209 13,422,054 2.63BRL

BRAZIL

BANCO DO BRASIL SA 149,300 2,154,803 0.42BRL

BM&F BOVESPA BOLSA DEVALORES 269,100 1,655,432 0.33BRL

BRASIL TELECOM SA N1 14,451 92,309 0.02BRL

BRF FOODS 259,000 5,159,390 1.02BRL

COSAN SA INDUSTRIA ECOMERCIO 85,700 1,554,804 0.31BRL

DIAGNOST DA AMERICA SABRL 150,000 1,170,531 0.23BRL

ECORODOVIAS 171,100 1,511,708 0.30BRL

ELETROBRAS. EL.BRASIL./PREF. -B- 161,582 2,084,671 0.41BRL

EMBRAER EMPRESABRASILEIRA AERONAUTICA 358,400 2,842,024 0.56BRL

INVESTIMENTOS ITAU /PREF. 291,300 1,815,979 0.36BRL

LOCALIZA RENTA A CAR 166,100 3,059,940 0.60BRL

PDG REALTY SA 896,700 3,188,703 0.63BRL

PETROBRAS PETROLEOBRASILEIRO 887,241 11,680,564 2.30BRL


REDECARD SA 62,300 1,208,563 0.24BRL


SABESP. CIA SANEAM. BAS.ESTADO 103,818 3,927,108 0.77BRL

TAM SA 27,300 686,152 0.14BRL

TIM PARTICIPACOES SA 636,026 4,020,863 0.79BRL


89,474,501 17.62

INVESTMENTS

BRIC Markets EquityStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue


CAYMAN ISLANDS

CN RESO CEMENT 1,676,000 1,239,039 0.24HKD

COUNTRY GARDENHOLDINGS 5,978,000 2,294,411 0.45HKD


GCL-POLY ENERGYHOLDINGS LTD 7,070,000 1,966,854 0.39HKD

LONKING HOLDINGS LTD 2,271,000 798,507 0.16HKD

TENCENT HOLDINGS 269,800 7,526,609 1.48HKD

TINGYI HOLDING CORP. 624,000 1,804,263 0.36HKD

WANT WANT CHINAHOLDINGS LTD 1,907,000 2,131,913 0.42HKD

21,431,078 4.22

AGILE PROPERTY HOLDINGSLTD 2,138,000 2,467,259 0.49HKD

CHINA


AIR CHINA LTD -H- 2,638,000 1,827,915 0.36HKD

ANHUI CONCH CEMENT CO. -H- 686,500 2,175,077 0.43HKD


BANK OF COMMUNICATIONSCO. -H- 100 76 0.00HKD




CHINA LG PWR -H 1,468,000 1,227,071 0.24HKD

CHINA LIFE INSURANCE CO.LTD -H- 893,000 2,317,531 0.46HKD

CHINA MENGNIU DAIRY CO.LTD -H- 360,000 1,054,831 0.21HKD




CHINA SHENHUA ENERGYCO. -H- 1,141,000 4,812,779 0.95HKD

CHINA SOUTHERN AIRLINES-H- 4,148,000 1,982,037 0.39HKD


Quantity/Facevalue


220

CHINA TELECOM CORP. LTD -H- 8,918,000 4,938,953 0.97HKD


GREAT WALL MOTOR CO.LTD -H- 694,500 1,350,667 0.27HKD

GUANGZHOU AUTO -H- 1,578,000 1,564,937 0.31HKD

IND & COM BOC -H- 17,025,000 10,985,601 2.15HKD


PICC PROPERTY & CASUALTY-H- 816,000 971,094 0.19HKD


SINOPEC SHANGHAIPETROCHEMICAL -H- 3,854,000 1,394,816 0.27HKD

WEICHAI POWER CO LTD /-H- 369,000 1,722,794 0.34HKD

ZHEJIANG EXPRESSWAY CO.LTD -H- 714,000 533,366 0.11HKD


106,459,416 20.96


HONG KONG


CHINA RESOURCESENTERPRISE LTD 494,000 1,724,230 0.34HKD

CHINA UNICO (HK) 730,000 1,237,308 0.24HKD

CNOOC LTD 6,629,000 13,626,362 2.68HKD

GUANGDONG INVESTMENTLTD 1,084,000 755,311 0.15HKD

LENOVO GROUP LTD 5,116,000 4,605,817 0.91HKD

45,001,487 8.86

AXIS BANK LTD/DEMAT. 57,500 1,293,679 0.25INR

INDIA

DR REDDY SLABORATORIES/DEMAT. 56,300 1,950,248 0.38INR

HCL TECHNOLOGIES /DEMAT. 196,800 1,866,789 0.37INR

HDFC BANK LTD 433,900 4,427,574 0.87INR


HOUSING DEVT FIN CORP. 344,700 4,555,626 0.90INR

INDIABULLS WHOLESALESERVICES 12,637 2,034 0.00INR

INFOSYS TECHNOLOGIES LTD/DEMAT. 125,300 7,049,704 1.39INR

ITC LTD /DEMAT. 1,559,000 6,943,506 1.37INR



Quantity/Facevalue

JAIPRAKASH ASSOCIATIONLTD 1,615,200 2,590,279 0.51INR

KOTAK MAHIND 168,200 1,800,526 0.35INR

LIC HSG FINANCE 487,090 2,517,913 0.50INR

MUNDRA PORT 385,043 978,762 0.19INR

OIL & NATURAL GAS CORP.LTD 733,900 3,865,776 0.76INR

POWER GRID CORP. OF INDIALTD 1,252,600 2,659,115 0.52INR

RELIANCE INDUSTRIES/DEMAT. 382,500 5,635,574 1.11INR

RELIANCE INFRASTRUCTURELTD 189,500 2,184,391 0.43INR

SESA GOA LTD /DEMAT. 330,800 1,264,240 0.25INR

STERLITE IND(INDIA) --- SHS 1,131,500 2,466,444 0.49INR

SUN PHARMACEUTICAL SHS 144,900 1,621,076 0.32INR

TATA CONSULTANCYSERVICES /DEMAT. 182,800 4,193,866 0.83INR

TATA MOTORS 901,100 4,868,537 0.96INR

67,284,034 13.25

65.85334,444,789TOTAL SHARES

DR REDDY 9.25% 11-24.03.14 2,136,000 202,762 0.04INR

BONDS

INDIA

202,762 0.04

0.04202,762TOTAL BONDS

HALBIS FD-CHINA A SHARE-X 300 2,465,967 0.49USD

INVESTMENT FUNDS

LUXEMBOURG

2,465,967 0.49


HSBC MSCI BRAZIL ETF 56,500 1,794,440 0.35USD


IRELAND

1,794,440 0.35

ISHARES MSCI BRAZIL /INDEXFD 55,909 3,622,903 0.72USD

UNITED STATES

3,622,903 0.72

1.075,417,343TOTAL EXCHANGE TRADED FUNDS


Quantity/Facevalue

221





JSC SURGUTNEFTEGAZ/SADR 304,910 2,982,020 0.59USD

LUKOIL /SADR (REP.1 SHS.) 187,168 11,267,514 2.22USD

MMC NORILSK NICKEL /SADR 246,083 4,503,319 0.89USD

MOBILE TELESYSTEMSOJS/SADR 229,300 4,187,018 0.82USD

SBERBANK OF RUSSIAOJSC/SADR 488,000 6,285,440 1.24USD

50,826,655 10.01





NOVATEK OAO /SGDR 29,440 3,989,120 0.79USD

NOVOLIPETSK STEEL REGS/GDR 45,210 949,410 0.19USD

ROSNEFT OIL COMPANYOJSC /SGDR 599,570 4,260,484 0.83USD

SEVERSTAL CHEREPOVETSMET/SGDR 103,140 1,373,825 0.27USD

URALKALITY /GDR 62,580 2,359,892 0.46USD

VNESHTORGBANK SGDR 855,100 3,887,280 0.77USD

17,917,729 3.53


AMBEV CIA DEBEDIDAS/PREF. 302,725 12,506,041 2.46BRL

PREFERENTIAL SHARES

BRAZIL


BRADESPAR SA BRASIL/PREF. 125,000 2,370,009 0.47BRL

BRASIL TELECOM SA /PREF. 81,822 448,118 0.09BRL

CIA BRASILEIRA /PFD 27,100 1,260,378 0.25BRL

CIA ENERGET. MIN. GERAIS/PRIV. 297,448 7,097,290 1.40BRL


ELETROPAULOELETRICIDADE PREF 64,100 1,351,473 0.27BRL


KLABIN RIOCELL SA /PREF. 201,300 924,616 0.18BRL



Quantity/Facevalue

LOJAS AMERICANAS SA/PRIV. 349,514 3,316,282 0.65BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 143,125 608,708 0.12BRL

65,410,428 12.87





639,983 0.13



477,325,656

GOME ELECTRICALAPPLIANCE HOLDING 6,064,000 1,257,431 0.25HKD


SHARES

BERMUDA ISLANDS

1,257,431 0.25

AO TATNEFT 235,000 1,573,900 0.31USD


1,573,900 0.31





3,065,427 0.60







Quantity/Facevalue


222

HARRY WINSTON DIAMONDCORP 113,424 1,619,936 2.00CAD


SHARES

CANADA

1,619,936 2.00

BOSIDENG INTERNATION.HLDG LTD 3,218,000 1,007,143 1.24HKD

CAYMAN ISLANDS

HERBALIFE LTD 33,521 2,316,636 2.86USD

SANDS CHINA /IPO 617,200 2,412,591 2.98HKD

5,736,370 7.08

DONGFENG MOTOR -H- 706,000 1,274,828 1.57HKD

CHINA

1,274,828 1.57

L'OREAL 20,997 2,575,905 3.18EUR

FRANCE

LVMH MOET HENNESSY 18,590 3,178,476 3.92EUR

PPR SA 18,199 3,112,838 3.84EUR

8,867,219 10.94

ADIDAS AG 41,110 3,189,466 3.93EUR

GERMANY

BMW-BAYERISCHEMOTOREN WERKE 18,283 1,635,807 2.02EUR

HENKEL / VORZUG 33,209 2,431,150 3.00EUR

7,256,423 8.95

DIAGEO PLC 107,546 2,596,203 3.20GBP

GREAT BRITAIN

INTERCONT HOTELS GROUPINC. 135,068 3,131,296 3.87GBP

UNILEVER PLC 83,092 2,750,380 3.39GBP

8,477,879 10.46

DAH CHONG HONGHOLDINGS LTD 283,000 300,340 0.37HKD

HONG KONG

EMPEROR WATCH &JEWELLERY LTD 10,490,000 1,661,803 2.05HKD

1,962,143 2.42

INVESTMENTS

China Consumer Opportunities (launched as at 23 September2011)Statement of investments as at 31 March 2012(expressed in USD)

Description Quantity Currency Evaluation % netassets

PRADA SHS 453,200 2,947,680 3.64HKD

ITALY

2,947,680 3.64

HONDA MOTOR CO. LTD 41,700 1,598,665 1.97JPY

JAPAN

1,598,665 1.97

L OCCITANE INTERNATIONALSA 832,500 1,981,460 2.45HKD

LUXEMBOURG

1,981,460 2.45

HYUNDAI MOBIS 3,256 823,701 1.02KRW

SOUTH KOREA



6,052,167 7.47

CIE FINANCIERE RICHEMONTSA 51,371 3,192,195 3.94CHF

SWITZERLAND

NESTLE 43,669 2,732,940 3.37CHF

THE SWATCH GROUP AG 6,925 3,163,347 3.90CHF

9,088,482 11.21

APPLE INC. 5,375 3,238,975 4.00USD

UNITED STATES

COACH INC. 35,070 2,697,584 3.33USD

MEAD JOHNSON NUTRITIONCO 39,149 3,241,146 4.01USD

NIKE INC. -B- 26,490 2,872,046 3.54USD

SOTHEBYS 43,235 1,707,783 2.11USD

TIFFANY & CO. 32,395 2,220,353 2.74USD

YUM BRANDS 45,696 3,228,879 3.98USD

19,206,766 23.71



223




INDIA

1,559,985 1.92



77,630,003




China Consumer Opportunities (launched as at 23 September2011)Statement of investments as at 31 March 2012(expressed in USD)



224

COMMERCIALINTERNATIONAL BANK LTD 104,597 433,988 1.92EGP


SHARES

EGYPT

ELSEWEDY CABLES 55,435 205,134 0.91EGP

ORASCOM CONSTRUCTIONINDUSTRIE 8,054 344,039 1.52EGP

TELECOM EGYPT 90,575 210,698 0.93EGP

1,193,859 5.28

ANGLO AMERICAN PLC 12,294 457,122 2.02ZAR

GREAT BRITAIN

457,122 2.02

INDO TAMBANGRAYAMEGAH (ITM) 127,500 605,841 2.68IDR

INDONESIA

PERUSAHAAN GAS NEGA -B- 1,829,500 760,282 3.36IDR

PT ASTRA INTERNATIONALTBK 134,000 1,083,680 4.80IDR

PT BANK MANDIRI PERSEROTBK 1,213,000 908,678 4.02IDR


TELKOM INDONESIA S -B- 1,181,000 904,079 4.00IDR

5,266,209 23.30

AFRICAN BANKINVESTMENTS 82,325 426,949 1.89ZAR

SOUTH AFRICA

AFRICAN RAINBOWMINERALS LTD 12,680 296,912 1.31ZAR

ANGLOGOLD ASHANTI LTD 12,082 443,178 1.96ZAR

AVENG LTD 58,570 297,418 1.32ZAR

EXXARO RESOURCESLIMITED 13,423 345,794 1.53ZAR

FIRSTRAND LTD / NEW 123,195 382,060 1.69ZAR

GOLD FIELDS 32,419 441,445 1.95ZAR

IMPERIAL HOLDINGS LTD 20,527 411,888 1.82ZAR

KUMBA IRON ORE LTD 6,080 413,676 1.83ZAR

SASOL LTD /REG 19,399 937,809 4.15ZAR

STEINHOFF INTERNATIONALHOLDING LTD 103,656 368,333 1.63ZAR

THE FOSCHINI GROUP 18,130 291,051 1.29ZAR

INVESTMENTS

CIVETS (launched as at 17 May 2011)Statement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

VODACOM 33,719 474,525 2.10ZAR

5,531,038 24.47

ARCELIK AS 98,909 441,816 1.95TRY

TURKEY

KOC HOLDING AS 143,432 582,743 2.58TRY

SABANCI HOLDING 135,033 580,445 2.57TRY

TUPRAS TURKIYE PETROLRAFINEL 26,440 675,095 2.99TRY

TURK TELEKOMUNIKASYON 105,961 460,234 2.04TRY

TURKIYE GARANTI BANKASI 301,585 1,194,831 5.28TRY

TURKIYE HALK BANKASI AS 77,601 555,226 2.46TRY

TURKIYE IS BANKASI AS C 338,327 833,476 3.69TRY

TURKIYE VAKIFLAR BANKASITAO 245,737 466,100 2.06TRY

YAPI KREDI BANKASA 241,928 488,743 2.16TRY

6,278,709 27.78


DB X-TRACK FTSE VIETNAMETF 7,737 184,260 0.82USD


LUXEMBOURG

184,260 0.82


CITIGROUP GM 20.01.15CW/PVD 48,490 92,794 0.41USD


UNITED STATES

CITIGROUP HLDG 20.01.15CW/VNM 33,120 146,141 0.65USD

238,935 1.06


ORASCOMCONSTR.IND./SGDR 2,711 116,137 0.51USD


EGYPT

116,137 0.51


BANCOLOMBIA SA / ADR 14,455 923,819 4.09USD


COLOMBIA


Quantity/Facevalue

225


ECOPETROL SA/ADR 31,552 1,919,939 8.49USD

2,843,758 12.58



22,110,027




CIVETS (launched as at 17 May 2011)Statement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue


226

NATURA COSMETICOS SA 31,700 691,668 2.31BRL


SHARES

BRAZIL

691,668 2.31

AGRIUM INC. 8,718 753,410 2.52USD

CANADA

753,410 2.52

ALSTOM 19,116 744,478 2.49EUR

FRANCE

LEGRAND HOLDING ACT.PROV. OPO 21,875 801,438 2.68EUR

1,545,916 5.17

ALLIANZ SE /NAMEN.VINKULIERT 6,632 786,801 2.63EUR

GERMANY

BASF 9,254 803,646 2.69EUR

1,590,447 5.32

BG GROUP PLC 33,615 775,059 2.59GBP

GREAT BRITAIN

GLAXOSMITHKLINE PLC 32,118 718,094 2.40GBP

HSBC HOLDINGS PLC 83,965 744,997 2.49GBP

KINGFISHER PLC 165,078 813,011 2.72GBP

XSTRATA PLC 37,758 644,261 2.16GBP

3,695,422 12.36

CHINA MOBILE LTD 68,500 753,879 2.52HKD

HONG KONG

753,879 2.52

KDDI CORP. 110 718,718 2.40JPY

JAPAN

NTT DOCOMO INC. 400 669,958 2.24JPY

SUMITOMO MITSUIFINANCIAL GROUP 23,000 763,443 2.56JPY

TOKYO ELECTRON CO. LTD 13,800 796,525 2.67JPY

2,948,644 9.87

INVESTMENTS

Climate ChangeStatement of investments as at 31 March 2012(expressed in USD)


UNILEVER CERT.OF SHS 21,335 727,854 2.44EUR

NETHERLANDS

727,854 2.44

SASOL LTD /REG 13,993 676,466 2.26ZAR

SOUTH AFRICA

676,466 2.26

SAMSUNG ELECTRONICS CO.LTD 701 789,203 2.64KRW

SOUTH KOREA

789,203 2.64

ROCHE HOLDING AG/GENUSSSCHEIN 4,206 731,438 2.45CHF

SWITZERLAND

UBS AG 53,070 738,912 2.47CHF

1,470,350 4.92

AMERICAN EXPRESS CO. 13,435 774,931 2.59USD

UNITED STATES

BANK OF NEW YORKMELLON CORP. SHS 33,762 802,184 2.69USD

CHEVRON CORPORATION 7,029 749,643 2.51USD

CONOCOPHILLIPS 10,114 767,551 2.57USD

EATON CORP. 16,043 787,872 2.64USD

ELI LILLY & CO. 18,928 759,770 2.54USD

JOHNSON & JOHNSON 11,000 724,130 2.42USD

JP MORGAN 17,070 777,709 2.60USD

MACY S 19,594 779,645 2.61USD

MICROSOFT CORP. 24,436 785,129 2.63USD

ORACLE CORP. 26,085 761,552 2.55USD

PEPSICO INC. 12,078 800,167 2.68USD

PPG INDUSTRIES INC. 8,304 794,693 2.66USD

STATE STREET CORP. 16,894 758,372 2.54USD

SYSCO CORP. 24,453 727,232 2.43USD

TJX COS INC. 19,844 778,282 2.60USD

WAL-MART STORES INC. 12,401 757,453 2.53USD

3M CO. 8,747 777,433 2.60USD

13,863,748 46.39



29,507,007



227




Climate ChangeStatement of investments as at 31 March 2012(expressed in USD)



228

HERBALIFE LTD 6,507 449,699 1.96USD


SHARES

CAYMAN ISLANDS

SANDS CHINA /IPO 178,800 698,916 3.05HKD

1,148,615 5.01

BBMG -H- 246,500 207,314 0.90HKD

CHINA



CHINA SHENHUA ENERGYCO. -H- 100 422 0.00HKD


IND & COM BOC -H- 669,000 431,681 1.89HKD

1,706,113 7.44

LVMH MOET HENNESSY 2,033 347,598 1.51EUR

FRANCE

347,598 1.51

ADIDAS AG 3,397 263,552 1.15EUR

GERMANY

BMW-BAYERISCHEMOTOREN WERKE 3,683 329,523 1.44EUR

FRESENIUS MEDICAL CAREAG 5,154 365,484 1.58EUR

GEA GROUP AG 10,305 353,004 1.54EUR

HENKEL / VORZUG 4,910 359,449 1.57EUR

1,671,012 7.28

DIAGEO PLC 23,969 578,621 2.52GBP

GREAT BRITAIN

PRUDENTIAL PLC 47,539 567,807 2.47GBP

ROYAL DUTCH SHELL -B- 12,079 425,752 1.86GBP

STANDARD CHARTERED PLC 21,750 541,770 2.36HKD

UNILEVER PLC 14,117 467,279 2.04GBP

VODAFONE GROUP PLC 80,002 220,525 0.96GBP

2,801,754 12.21

INVESTMENTS

Emerging WealthStatement of investments as at 31 March 2012(expressed in USD)


BOC HONG KONG HOLDINGSLTD 83,800 231,510 1.01HKD

HONG KONG

231,510 1.01

PT BANK MANDIRI PERSEROTBK 315,000 235,972 1.03IDR

INDONESIA

235,972 1.03

HONDA MOTOR CO. LTD 12,100 463,881 2.02JPY

JAPAN

KOMATSU LTD 12,300 353,699 1.54JPY

817,580 3.56

SASOL LTD /REG 7,065 341,544 1.49ZAR

SOUTH AFRICA

341,544 1.49

HYUNDAI MOBIS 885 223,887 0.98KRW

SOUTH KOREA

HYUNDAI MOTOR CO. LTD 2,449 503,855 2.20KRW

SAMSUNG ELECTRONICS CO.LTD 532 598,939 2.60KRW

1,326,681 5.78

BANCO SANTANDERCENTRAL HISPANO/REG 28,677 217,589 0.95EUR

SPAIN

217,589 0.95

ABB LTD ZUERICH /NAMEN. 10,645 216,956 0.95CHF

SWITZERLAND

NESTLE 7,330 458,734 2.00CHF


908,199 3.96

AMGEN INC. 5,168 348,788 1.52USD

UNITED STATES

APACHE CORP. 2,167 216,158 0.94USD

APPLE INC. 1,688 1,017,189 4.42USD

CITIGROUP INC. 12,362 449,853 1.96USD

COACH INC. 5,206 400,446 1.75USD

DANAHER CORP. 5,699 314,984 1.37USD

EMC CORP. 10,731 317,960 1.39USD

FMC CORP. 3,600 379,836 1.66USD

GOOGLE INC. -A- 600 387,660 1.69USD


229


JOY GLOBAL INC. 4,856 352,837 1.54USD

JP MORGAN 18,803 856,665 3.72USD

MEAD JOHNSON NUTRITIONCO 5,681 470,330 2.05USD

MYLAN INC. 17,569 409,709 1.79USD

NATIONAL OILWELL VARCOINC. 4,372 343,421 1.50USD

ORACLE CORP. 14,882 434,480 1.89USD

PFIZER INC. 20,817 471,921 2.06USD

PHILIP MORRISINTERNATIONAL 6,850 605,403 2.64USD

QUALCOMM INC. 8,605 584,366 2.55USD

TIMKEN CO 4,422 225,345 0.98USD

YUM BRANDS 7,165 506,279 2.21USD

9,093,630 39.63


PETROLEO BRASILEIRO/SADR 11,923 313,575 1.37USD


BRAZIL

313,575 1.37

SBERBANK OF RUSSIAOJSC/SADR 25,839 332,806 1.45USD


332,806 1.45

2.82646,381TOTAL SADR (Sponsored American Dep.Receipt)

ITAU HOLDING ITAU / PFD. /SADR 17,110 329,025 1.43USD


BRAZIL

329,025 1.43

TATA MOTORS LTD /ADR 14,019 377,111 1.65USD

INDIA

377,111 1.65

Emerging WealthStatement of investments as at 31 March 2012(expressed in USD)


SHINHAN FINANCIAL GROUP/ADR 4,378 335,530 1.46USD

SOUTH KOREA

335,530 1.46



22,535,844






230

OMV AG 208,533 5,508,399 0.92EUR


SHARES

AUSTRIA

5,508,399 0.92

DELHAIZE GROUP 156,904 6,187,509 1.04EUR

BELGIUM

6,187,509 1.04

NOKIA OY 1,043,980 4,226,031 0.71EUR

FINLAND

4,226,031 0.71

ALSTOM 225,000 6,567,750 1.10EUR

FRANCE

AXA 1,147,791 14,146,524 2.37EUR

BNP PARIBAS 558,021 19,756,734 3.32EUR

BOUYGUES 215,886 4,922,201 0.83EUR

CAP GEMINI SA 299,590 9,979,343 1.67EUR

CARREFOUR SA 316,195 5,664,633 0.95EUR

CIE GEN.GEOPHYSIQUE /VERITAS 500,000 11,045,000 1.85EUR

GAZ DE FRANCE 801,403 15,471,085 2.60EUR

MICHELIN B /NOM. 193,415 10,705,520 1.80EUR

NATIXIS 2,725,734 7,841,937 1.32EUR

PEUGEOT SA 568,536 6,833,803 1.15EUR

SAFRAN SA 306,348 8,418,443 1.41EUR

SAINT-GOBAIN 356,668 11,891,311 2.00EUR

SANOFI-AVENTIS 526,138 30,558,094 5.12EUR

SOCIETE GENERALE PARIS -A- 594,931 12,877,282 2.16EUR

TOTAL SA 519,839 19,720,092 3.31EUR

VALLOUREC 126,186 5,964,181 1.00EUR

VEOLIA ENVIRONNEMENT 688,888 8,504,322 1.43EUR

VIVENDI 666,049 9,151,513 1.54EUR

ZODIAC AEROSPACE 89,826 6,987,565 1.17EUR

227,007,333 38.10

ALLIANZ SE /NAMEN.VINKULIERT 221,746 19,717,655 3.31EUR

GERMANY

BAYER 290,000 15,227,900 2.56EUR

DAIMLER CHRYSLER 388,737 17,471,784 2.93EUR

INVESTMENTS

Euroland EquityStatement of investments as at 31 March 2012(expressed in EUR)


DEUTSCHE BOERSE AG 219,779 11,032,906 1.85EUR

DEUTSCHE LUFTHANSA 745,331 7,807,342 1.31EUR

DEUTSCHE POST AG BONN 958,517 13,760,470 2.31EUR

FRESENIUS MEDICAL CAREAG 222,019 11,800,310 1.98EUR

HEIDELBERGCEMENT AG 174,268 7,849,031 1.32EUR

HENKEL / VORZUG 234,000 12,839,580 2.15EUR

MUENCHENER RUECKVERS 121,743 13,720,436 2.30EUR

SIEMENS AG 130,300 9,812,893 1.65EUR

141,040,307 23.67

HELLENIC TELECOM 1,091,785 3,482,794 0.58EUR

GREECE

3,482,794 0.58

KERRY GROUP A 277,518 9,574,371 1.61EUR

IRELAND

9,574,371 1.61

AUTOGRILL SPA 796,491 6,280,332 1.05EUR

ITALY

BUZZI UNICEM 552,287 4,843,557 0.81EUR

UNICREDIT AZ 3,475,000 12,968,700 2.18EUR

24,092,589 4.04

ARCELORMITTAL SA REG 639,754 9,113,296 1.53EUR

LUXEMBOURG

9,113,296 1.53

HEINEKEN NV 208,092 8,660,789 1.45EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 2,259,649 13,982,708 2.35EUR

KONINKLIJKE DSM NV 245,828 10,609,936 1.78EUR

KONINKLIJKE KPN NV 1,335,905 10,995,834 1.85EUR

RANDSTAD HOLDING 290,136 8,190,539 1.37EUR

REED ELSEVIER NV 846,966 8,081,750 1.36EUR

ROYAL PHILIPSELECTRONICS 641,110 9,722,433 1.63EUR

UNILEVER CERT.OF SHS 707,542 18,091,850 3.03EUR

88,335,839 14.82

BANCO SANTANDERCENTRAL HISPANO/REG 3,786,562 21,534,178 3.61EUR

SPAIN

DIA 96,210 356,939 0.06EUR

FERROVIAL SA 657,811 5,638,098 0.95EUR


231


GESTEVISION TELECINCO SA 1,093,778 4,680,276 0.79EUR

GRIFOLS -B- 752,000 8,685,600 1.46EUR

REPSOL YPF SA. MADRID 948,876 17,805,658 2.99EUR

TELEFONICA SA 1,814,736 22,203,295 3.72EUR

80,904,044 13.58

100.60599,472,512TOTAL SHARES


599,472,512


(0.60)OTHER NET ASSETS LESS LIABILITIES (3,553,605)


Euroland EquityStatement of investments as at 31 March 2012(expressed in EUR)



232

VIENNA INSURANCE GROUP 41,000 1,338,650 2.18EUR


SHARES

AUSTRIA

VOESTALPINE AG 52,000 1,301,820 2.12EUR

2,640,470 4.30

ACKERMANS & VAN HAARENSA 12,000 756,720 1.23EUR

BELGIUM

CMB NEW (AFT SPLIT &DEMERGER) 23,566 420,182 0.68EUR

COMPAGNIE ENTREPRISESCFE SA 27,000 1,286,550 2.10EUR

EURONAV NV ANVERS 85,700 575,047 0.94EUR

FORTIS SA /NV 730,000 1,183,330 1.93EUR

KINEPOLIS GROUP 20,000 1,402,000 2.27EUR

NYRSTAR NV 130,000 807,560 1.32EUR

THROMBOGENICS NV 50,000 1,243,500 2.03EUR

7,674,889 12.50

NOKIAN TYRES PLC 35,000 1,270,500 2.07EUR

FINLAND

SPONDA OYJ HELSINKI 338,000 1,041,040 1.70EUR

YIT OYJ 100,000 1,600,000 2.60EUR

3,911,540 6.37

ATOS ORIGIN 29,000 1,249,755 2.04EUR

FRANCE

BIC 20,000 1,501,200 2.44EUR


ETABLISSEMENT MAUREL &PROM 73,000 960,680 1.57EUR

FAURECIA SA 57,000 1,140,570 1.86EUR

ORPEA 50,000 1,324,750 2.16EUR

RALLYE SA 47,000 1,303,780 2.12EUR

REXEL SA 78,000 1,274,910 2.08EUR

SEB SA 20,000 1,250,200 2.04EUR

ZODIAC AEROSPACE 15,500 1,205,745 1.96EUR

12,360,270 20.14

INVESTMENTS

Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2012(expressed in EUR)


BILFINGER BERGER AG 14,100 987,000 1.61EUR

GERMANY

GEA GROUP AG 48,000 1,232,400 2.01EUR

GERRESHEIMER AG 31,058 1,018,702 1.66EUR

LANXESS AG 23,000 1,412,430 2.30EUR

MTU AERO ENGINESHOLDINGS /NAMEN 20,000 1,207,600 1.97EUR

NORDDEUTSCHE AFFINERIEAG 33,000 1,302,840 2.12EUR

SKY DEUTSCHLAND AG 300,000 618,300 1.01EUR

STADA ARZNEIMITTEL AG 60,000 1,478,700 2.40EUR

9,257,972 15.08

AZIMUT HOLDING SPA 95,000 768,550 1.25EUR

ITALY

BANCA POPOLARE DIMILANO 2,222,156 916,417 1.49EUR

BENI STABILI SPA 1,000,000 459,900 0.75EUR

CREDITO EMILIANO SPACREDEM 152,453 539,684 0.88EUR

DANIELI +C./RISP.N-CV 115,000 1,279,950 2.09EUR

PRYSMIAN SPA 100,000 1,315,000 2.14EUR

SALVATORE FERRAGAMOSPA 85,000 1,310,700 2.14EUR

6,590,201 10.74

AALBERTS INDUSTRIES NV 78,500 1,204,975 1.96EUR

NETHERLANDS

ASM INTERNATIONAL NV 45,000 1,296,900 2.11EUR

DELTA LLOYD 100,000 1,307,500 2.13EUR

FUGRO NV 28,000 1,482,040 2.42EUR

GEMALTO 30,000 1,478,700 2.41EUR

IMTECH NV 60,139 1,436,119 2.34EUR

KONINKLIJKE VOPAK 27,000 1,167,480 1.90EUR

POSTNL 300,000 1,380,000 2.25EUR

SBM OFFSHORE NV 50,157 763,891 1.24EUR

11,517,605 18.76

BANCO ESPIRITO SANTO SA/REG. 885,000 1,213,335 1.98EUR

PORTUGAL

1,213,335 1.98

BANKINTER SA 265,000 1,034,295 1.68EUR

SPAIN

DIA 253,000 938,630 1.53EUR


233


OBRASCON HUARTE LAIN SA 55,000 1,218,250 1.99EUR

3,191,175 5.20



58,357,457

NYRSTAR NV/STRIP VVPR 83,342 167 0.00EUR


STRIP VVPR

BELGIUM

167 0.00

0.00167TOTAL STRIP VVPR

0.00TOTAL OTHER TRANSFERABLE SECURITIES 167




Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2012(expressed in EUR)



234

VOESTALPINE AG 11,990 300,170 0.42EUR


SHARES

AUSTRIA

300,170 0.42

ANHEUSER-BUSH INBEV SA 48,448 2,643,808 3.66EUR

BELGIUM

UMICORE SA 14,668 601,901 0.83EUR

3,245,709 4.49

KONE OYJ -B- 13,675 569,974 0.79EUR

FINLAND

NOKIA OY 108,623 439,706 0.61EUR

SAMPO PLC -A- 45,218 974,448 1.35EUR

1,984,128 2.75

AIR LIQUIDE 21,330 2,125,961 2.94EUR

FRANCE

ALSTOM 17,838 520,691 0.72EUR

AXA 106,377 1,311,097 1.81EUR

BNP PARIBAS 57,776 2,045,559 2.83EUR

GAZ DE FRANCE 83,119 1,604,612 2.22EUR

GROUPE DANONE 22,121 1,155,822 1.60EUR

IPSOS SA PARIS 13,619 362,265 0.50EUR

L'OREAL 6,244 574,136 0.79EUR

LVMH MOET HENNESSY 10,887 1,395,169 1.93EUR

SANOFI-AVENTIS 49,645 2,883,382 3.99EUR

SCHNEIDER ELECTRIC SA 43,947 2,148,349 2.97EUR

SEB SA 6,733 420,880 0.58EUR

SOCIETE GENERALE PARIS -A- 46,006 995,800 1.38EUR

TOTAL SA 118,751 4,504,819 6.24EUR

VEOLIA ENVIRONNEMENT 42,010 518,613 0.72EUR

VIVENDI 46,026 632,397 0.87EUR

23,199,552 32.09

ALLIANZ SE /NAMEN.VINKULIERT 20,994 1,866,786 2.58EUR

GERMANY

BASF 37,208 2,421,869 3.35EUR

BAYER 18,140 952,531 1.32EUR

BRENNTAG 3,996 364,595 0.50EUR

INVESTMENTS

Euroland GrowthStatement of investments as at 31 March 2012(expressed in EUR)


DAIMLER CHRYSLER 59,087 2,655,666 3.67EUR

DEUTSCHE BANK AG 47,598 1,755,176 2.43EUR

DEUTSCHE BOERSE AG 34,782 1,746,056 2.42EUR

E.ON 63,251 1,129,979 1.56EUR


GEA GROUP AG 27,977 718,309 0.99EUR

MUENCHENER RUECKVERS 3,617 407,636 0.56EUR

RWE AG (NEU). ESSEN A 14,776 525,065 0.73EUR

SAP AG 43,189 2,259,217 3.13EUR

SIEMENS AG 40,414 3,043,579 4.22EUR

WIRECARD AG/APRESRED.CAP 32,298 458,793 0.63EUR

21,381,917 29.58

DIALOG SEMICONDUCTOR 15,487 282,870 0.39EUR

GREAT BRITAIN

282,870 0.39

BANQUE NATIONALEGRECE/NOM. S.C.P. 112,394 215,796 0.30EUR

GREECE

215,796 0.30

KERRY GROUP A 38,758 1,337,151 1.85EUR

IRELAND

1,337,151 1.85

DIASORIN AZ 19,749 431,121 0.60EUR

ITALY

SAIPEM SPA 25,845 990,897 1.37EUR

TERNA- RETE ELETTRICANAZIONAL 363,355 1,087,158 1.50EUR

UNICREDIT AZ 295,938 1,104,441 1.53EUR

3,613,617 5.00

ARCELORMITTAL SA REG 34,952 497,891 0.69EUR

LUXEMBOURG

497,891 0.69

ASML HOLDING NV 19,953 743,449 1.03EUR

NETHERLANDS

GEMALTO 19,983 984,962 1.36EUR

ING GROEP NV/CERT.OF SHS 196,354 1,215,039 1.68EUR

KONINKLIJKE KPN NV 198,137 1,630,865 2.26EUR

UNILEVER CERT.OF SHS 46,874 1,198,568 1.66EUR

5,772,883 7.99


235


BANCO BILBAO VIZCAYAARGENTARIA/NAM. 48,448 286,425 0.40EUR

SPAIN

BANCO SANTANDERCENTRAL HISPANO/REG 400,449 2,277,353 3.15EUR

GRIFOLS SA -A- 57,522 919,202 1.27EUR

INDITEX /REG 28,233 2,018,942 2.79EUR

TELEFONICA SA 239,086 2,925,217 4.05EUR

8,427,139 11.66

ELEKTA AB 19,506 735,320 1.02SEK

SWEDEN

735,320 1.02



70,994,143




Euroland GrowthStatement of investments as at 31 March 2012(expressed in EUR)



236

ITHACA ENERGY INC 407,301 978,200 1.09GBP


SHARES

CANADA

978,200 1.09

NOKIAN TYRES PLC 41,118 1,492,583 1.66EUR

FINLAND

1,492,583 1.66

ALSTOM 115,461 3,370,307 3.75EUR

FRANCE

BNP PARIBAS 102,997 3,646,609 4.05EUR


SAFRAN SA 142,708 3,921,615 4.35EUR

SEB SA 62,127 3,883,559 4.32EUR

VALLOUREC 69,025 3,262,467 3.63EUR

VIVENDI 233,934 3,214,253 3.57EUR

22,981,604 25.54


GERMANY

INFINEON TECHNOLOGIES/NAMEN 480,067 3,650,910 4.06EUR

SOFTWARE AG 61,714 1,732,003 1.92EUR

9,048,934 10.06

BG GROUP PLC 219,671 3,796,239 4.22GBP

GREAT BRITAIN

BRITISH AMERICANTOBACCO 96,441 3,649,734 4.06GBP

CENTRICA PLC 1,007,871 3,831,758 4.26GBP

HSBC HOLDINGS PLC 576,261 3,832,255 4.25GBP

PETROFAC LTD 189,830 3,934,942 4.36GBP

PRUDENTIAL PLC 388,841 3,480,983 3.87GBP

UNILEVER PLC 149,340 3,705,004 4.12GBP

WM MORRISONSUPERMARKETS PLC 1,000,467 3,582,553 3.98GBP

XSTRATA PLC 254,467 3,254,343 3.62GBP

33,067,811 36.74

INVESTMENTS

European EquityStatement of investments as at 31 March 2012(expressed in EUR)


RYANAIR HOLDINGS PLC 938,330 4,168,062 4.63EUR

IRELAND

4,168,062 4.63

WOLSELEY PLC 64,700 1,851,444 2.06GBP

JERSEY

1,851,444 2.06

ING GROEP NV/CERT.OF SHS 259,844 1,607,915 1.79EUR

NETHERLANDS

1,607,915 1.79

AMADEUS IT HOLDING SR. A 208,986 2,944,613 3.27EUR

SPAIN

2,944,613 3.27

ROCHE HOLDING AG/GENUSSSCHEIN 28,973 3,776,423 4.20CHF

SWITZERLAND

3,776,423 4.20

VIRGIN MEDIA INC 194,207 3,600,762 4.00GBP

UNITED STATES

3,600,762 4.00



85,518,351

JULIUS BAER GRP 122,131 3,661,347 4.07CHF


SHARES

SWITZERLAND

3,661,347 4.07



3,661,347





237


CREDICORP. 14,678 1,922,084 2.78USD


SHARES

BERMUDA ISLANDS

1,922,084 2.78

SOUTHGOBI ENERGYRESOURCES LTD 57,532 379,384 0.55HKD

CANADA

379,384 0.55

NAGACORP LTD 1,622,827 737,812 1.07HKD

CAYMAN ISLANDS

737,812 1.07

ECOPETROL SA 700,794 2,139,005 3.09COP

COLOMBIA

2,139,005 3.09


EGYPT

ORASCOM CONSTRUCTIONINDUSTRIE 23,884 1,020,241 1.47EGP

ORASCOM TELECOMHOLDING 732,600 480,329 0.69EGP

SIXTH OF OCT. DVPT &INV/SODIC SA 94,223 254,285 0.37EGP

2,251,876 3.25

TALLINK GROUP AS 944,696 781,456 1.13EUR

ESTONIA

781,456 1.13

BANK OF GEORGIAHOLDINGS PLC 62,421 1,050,082 1.52GBP

GREAT BRITAIN

COVE ENERGY 189,489 648,164 0.94GBP

KAZAKHMYS LIMITED 77,842 1,126,796 1.62GBP

2,825,042 4.08

CENTAMIN SHS 305,498 338,164 0.49GBP

JERSEY

338,164 0.49

INVESTMENTS

Frontier Markets (launched as at 30 November 2011)Statement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

KUWAIT INVES PROJECT 658,544 806,487 1.17KWD

KUWAIT

MABANEE CO. 262,871 984,713 1.42KWD

MOBILETELECOMMUNICATIONS CO. 369,042 1,156,454 1.67KWD

2,947,654 4.26

OANDO PLC 1,544,703 217,967 0.32NGN

NIGERIA

217,967 0.32

BANKMUSCAT 977,524 1,561,479 2.26OMR

OMAN

1,561,479 2.26

COPA HOLDINGS -A- 10,084 797,342 1.15USD

PANAMA

797,342 1.15

METROPOLITAN BANK &TRUST 275,104 559,691 0.81PHP

PHILIPPINES

SECURITY BANK CORP. 350,478 1,167,307 1.69PHP

SM INVESTMENTSCORPORATIONS 98,232 1,510,027 2.18PHP

3,237,025 4.68

COMMERCIAL BANK OFQATAR 29,126 614,383 0.89QAR

QATAR

DOHA BANK SHS 42,045 703,281 1.02QAR

INDUSTRIES OF QATAR 25,674 990,756 1.43QAR

QATAR ELECT & WATER 14,365 572,098 0.83QAR

QATAR ISLAMIC BANK 36,570 772,411 1.12QAR

QATAR NATIONAL BANK 49,240 1,827,135 2.64QAR

5,480,064 7.93

BANCA ROMANA PENTRUDEZVOLTARE 98,254 318,492 0.46RON

ROUMANIA

318,492 0.46

NATL BANK OF KUWAIT 317,191 1,233,895 1.78KWD

SAUDI ARABIA

1,233,895 1.78


Quantity/Facevalue


238

KRKA D.D. 21,729 1,453,310 2.10EUR

SLOVENIA

1,453,310 2.10

JOHN KEELLS HLDG PLC 671,766 1,078,979 1.56LKR

SRI LANKA

SAMPATH BANK PLC 135,000 189,572 0.27LKR

1,268,551 1.83

DP WORLD 56,734 658,114 0.95USD

UNITED ARAB EMIRATES

EMAAR PROPERTIES 2,080,342 1,716,155 2.48AED

FIRST GULF BANK 464,042 1,229,275 1.78AED

NATIONAL BANK OF ABUDHABI 632,118 1,495,536 2.16AED

UNION NATIONAL BANK 399,168 341,244 0.49AED

5,440,324 7.86


SIF 5 OLTENIA SA 1,212,674 516,739 0.75RON

INVESTMENT FUNDS

ROUMANIA

516,739 0.75

0.75516,739TOTAL INVESTMENT FUNDS

DB LN 10.12.12 CERT /EEC 62,190 1,073,714 1.55USD


GREAT BRITAIN

1,073,714 1.55

CITIGROUP GM 20.01.15CW/PVD 179,759 343,999 0.50USD

UNITED STATES

CITIGROUP HLDG 20.01.15CW/VNM 176,713 779,741 1.13USD

1,123,740 1.63


FINANCIERO GALACIASP.ADR -B- 123,622 794,889 1.15USD


ARGENTINA

TELECOM ARGENTINA SA-SADR 91,672 1,621,679 2.34USD

2,416,568 3.49



Quantity/Facevalue

LEBANESE CO FOR-A/SADR10SHS-S 44,380 627,977 0.91USD

LEBANON

627,977 0.91

BUENAVENTURA / SADR(1SHS) 22,742 907,178 1.31USD

PERU

907,178 1.31


KAZMUNAIGASEXPL.PR/REGS/GDR 150,758 3,057,372 4.42USD


KAZAKHSTAN

3,057,372 4.42


BANCACOLOMBIA SA/CONV.PREF 182,630 2,928,823 4.23COP

PREFERENTIAL SHARES

COLOMBIA

2,928,823 4.23


BANCO MACRO SA B /ADR 48,919 969,575 1.40USD


ARGENTINA

YPF / SADS -D- ADR 25,912 738,492 1.07USD

1,708,067 2.47



49,691,104

CROATIAN TELEKOM INC 12,865 489,795 0.71HRK


SHARES

CROATIA

489,795 0.71


Quantity/Facevalue

239


BANK AUDI SAL AUDISARADAR 55,783 362,590 0.52USD

LEBANON

362,590 0.52

DANGOTE CEMENT PLC 628,668 453,507 0.66NGN

NIGERIA

FIRST BANK OF NIGERIA 11,961,232 758,223 1.10NGN

GUARANTY TRUST BANK 15,424,774 1,319,020 1.90NGN

GUINESS NIGERIA 633,123 959,155 1.39NGN

NESTLE FOODS NIGERIA PLC 233,883 618,682 0.89NGN

NIGERIAN BREWERIES PLC 1,442,950 891,819 1.29NGN

SKYE BANK PLC 6,789,599 166,992 0.24NGN

ZENITH BANK 13,705,112 1,077,271 1.55NGN

6,244,669 9.02

RENAISSANCE SERVICESSAOG 428,804 632,617 0.91OMR

OMAN

632,617 0.91

HUB POWER CO LTD 2,532,678 1,040,877 1.51PKR

PAKISTAN

MCB BANK LTD 498,218 962,222 1.39PKR

PAKISTAN PETROLEUM LTD 464,279 934,887 1.35PKR

UNITED BANK LTD 1,133,624 953,680 1.38PKR

3,891,666 5.63

GULF INTERNATIONALSERVICES 54,377 393,544 0.57QAR

QATAR

QATAR INSURANCE CO. 21,367 431,935 0.62QAR

QATAR TELECOM (Q-TELL) 44,639 1,655,180 2.40QAR

2,480,659 3.59

ABU DHABI COMMERCIALBANK 402,708 339,884 0.49AED


DRAKE & SCULL 1,733,105 486,005 0.70AED

EMIRATES NBD PJSC 181,200 150,466 0.22AED

976,355 1.41




Quantity/Facevalue

BANKMUSCAT 7% 09-20.3.14CV 8,213 (449) 0.00OMR

CONVERTIBLE BONDS

OMAN

(449) 0.00

0.00(449)TOTAL CONVERTIBLE BONDS


15,077,902

ISLAMI BANK BANGLADESHLTD 915,330 619,516 0.90BDT


SHARES

BANGLADESH

PRIME BANK 1,384,848 650,196 0.94BDT

1,269,712 1.84

KENYA COMMERCIAL BANK 4,310,391 1,156,150 1.66KES

KENJA

SAFARICOM 17,202,063 663,587 0.96KES

1,819,737 2.62

DANA GAS 2,225,339 296,873 0.43AED


296,873 0.43







Quantity/Facevalue


240



SHARES

BRAZIL

MRV ENGHENHARIA 940,500 6,817,946 1.07BRL

PDG REALTY SA 1,809,933 6,436,199 1.01BRL

PETROLEO BRASILEIRO/PREF. 162,300 2,059,199 0.32BRL

ROSSI RESIDENCIAL ON 1,266,400 6,949,649 1.09BRL

29,514,892 4.63

CHINA RONGSHENG 20,479,000 5,407,065 0.85HKD

CAYMAN ISLANDS


LONKING HOLDINGS LTD 19,271,000 6,775,883 1.06HKD

TPK HOLDINGS CO. 535,000 8,655,581 1.36TWD

27,666,240 4.34


CHINA


BANK OF COMMUNICATIONSCO. -H- 10,073,300 7,615,683 1.19HKD



CHINA MINSHENG BK -H- 8,085,500 7,320,845 1.15HKD






IND & COM BOC -H- 20,475,955 13,212,375 2.08HKD



116,779,254 18.32

INVESTMENTS

Global Emerging Markets EquityStatement of investments as at 31 March 2012(expressed in USD)




GAZPROM OAO 462,759 2,846,829 0.45USD

14,880,931 2.33

ANGLO AMERICAN PLC 157,663 5,862,310 0.92ZAR

GREAT BRITAIN

5,862,310 0.92

KINGBOARD CHEMICALSHOLDINGS 1,664,000 5,818,649 0.91HKD

HONG KONG

5,818,649 0.91

BANK OF INDIA /DEMATERIALISED 926,375 6,594,360 1.03INR

INDIA

CAIRN INDIA LIMITED 928,433 6,085,064 0.95INR

CANARA BANK /DEMAT. 651,680 6,086,351 0.95INR

JSW STEEL LTD / DEMAT. 467,093 6,614,664 1.04INR

OIL & NATURAL GAS CORP.LTD 1,233,966 6,499,845 1.02INR

POWER FINANCECORPORATION LTD 1,741,383 6,308,216 0.99INR

RURAL ELECTRIFICATIONCORP LTD 1,566,787 6,316,967 0.99INR

SESA GOA LTD /DEMAT. 1,735,936 6,634,342 1.04INR

SHRIRAM TRANSPORTFINANCE 536,790 6,329,893 0.99INR

TATA MOTORS 1,461,579 7,896,738 1.25INR

65,366,440 10.25

URBI DESARROLLOSURBANOS SAB 3,580,100 4,259,633 0.67MXN

MEXICO

4,259,633 0.67

KGHM POLSKA MIEDZ SA 181,414 8,250,852 1.29PLN

POLAND

8,250,852 1.29

ANGLOGOLD ASHANTI LTD 227,200 8,333,891 1.31ZAR

SOUTH AFRICA

EXXARO RESOURCESLIMITED 303,375 7,815,334 1.23ZAR

GOLD FIELDS 553,659 7,539,104 1.18ZAR

SASOL LTD /REG 200,378 9,686,904 1.51ZAR


241


STEINHOFF INTERNATIONALHOLDING LTD 2,037,146 7,238,830 1.14ZAR

40,614,063 6.37

ASIANA AIRLINE INC 1,041,120 6,462,742 1.01KRW

SOUTH KOREA

BS FINL SHS 538,830 6,327,966 0.99KRW

DGB FINANCIAL GROUP 460,430 6,037,411 0.95KRW

GS HOLDINGS CORP. 126,739 7,262,994 1.14KRW





LG CORP. 125,295 7,191,307 1.13KRW


SK ENERGY 53,527 7,822,248 1.23KRW

SK HOLDINGS CO. LTD 51,432 6,698,632 1.05KRW


S-OIL CORP. 64,232 6,352,288 1.00KRW

118,371,825 18.57

FARGLORY LANDDEVELOPMENT CO 3,553,000 7,150,735 1.12TWD

TAIWAN

HON HAI PRECISIONINDUSTRY CO. LTD 1,017,000 3,945,440 0.62TWD

RADIANT OPTOELECTRONICS CORP. 1,067,000 4,735,924 0.74TWD

TAISHIN FINANCIALHOLDINGS CO. 7,830,000 3,130,494 0.49TWD

WISTRON CORP. 5,673,955 8,554,900 1.35TWD

27,517,493 4.32

KRUNG THAI BANK /FOREIGN.REG. 11,453,800 6,499,316 1.02THB

THAILAND


PTT PUBLIC /NON-VOTINGDEP.REC 60,600 695,594 0.11THB

14,995,664 2.35

ARCELIK AS 1,391,974 6,217,794 0.98TRY

TURKEY

KOC HOLDING AS 1,782,575 7,242,333 1.13TRY



SABANCI HOLDING 1,675,479 7,202,112 1.13TRY

TURKIYE HALK BANKASI AS 996,034 7,126,503 1.12TRY

TURKIYE VAKIFLAR BANKASITAO 3,797,749 7,203,359 1.13TRY

YAPI KREDI BANKASA 4,215,915 8,516,997 1.33TRY

43,509,098 6.82

82.09523,407,344TOTAL SHARES



BRAZIL


VALE / -A- /SADR 579,335 13,046,624 2.04USD

VALE /SADR 363,764 8,432,050 1.32USD

32,684,047 5.12




28,157,905 4.42

NORD GOLD NV /SADR 925,448 5,691,505 0.89USD

NETHERLANDS

5,691,505 0.89






14,706,298 2.31



PREFERENTIAL SHARES

BRAZIL

7,164,731 1.12




242

MECHEL OJSC /ADR 624,078 5,704,073 0.89USD



5,704,073 0.89



617,515,903

INDUSTRIAL BANK OF KOREA 505,920 6,142,501 0.96KRW


SHARES

SOUTH KOREA

6,142,501 0.96



6,142,501





7,571,378 1.19








243


ANZ BANKING GROUP 16,799 406,570 0.61AUD


SHARES

AUSTRALIA

LEND LEASE GROUP 24,617 191,336 0.29AUD

NATIONAL AUSTRALIA BANKLTD 15,045 385,096 0.57AUD

WESTPAC BANKING CORP. 23,531 535,955 0.80AUD

WOOLWORTHS 14,186 383,479 0.57AUD

1,902,436 2.84

ERSTE GROUP BANK AG 7,702 175,720 0.26EUR

AUSTRIA

OMV AG 4,238 149,359 0.22EUR

TELEKOM AUSTRIA AG 10,802 125,572 0.19EUR

VOESTALPINE AG 4,682 156,387 0.23EUR

607,038 0.90

ANHEUSER-BUSH INBEV SA 6,900 502,370 0.75EUR

BELGIUM

502,370 0.75

AGRIUM INC 3,668 318,187 0.47CAD

CANADA

BARRICK GOLD CORP. 9,303 404,576 0.60CAD

BCE INC /NEW 10,052 403,654 0.60CAD

CANADA IMPER. BANK OFCOMMERCE 5,749 441,467 0.66CAD

IMPERIAL OIL LTD 14,525 656,747 0.99CAD

LOBLAW COMPANIES LTD 8,142 278,986 0.42CAD

POWER CORP.CANADA 12,438 330,565 0.49CAD

SUNCOR ENERGY 18,230 592,084 0.88CAD

3,426,266 5.11

COLOPLAST /-B- 2,447 423,905 0.63DKK

DENMARK

423,905 0.63

AXA 19,641 322,977 0.48EUR

FRANCE

CHRISTIAN DIOR SA 1,770 270,750 0.40EUR

IMERYS 5,258 318,491 0.47EUR

LVMH MOET HENNESSY 2,315 395,813 0.59EUR

INVESTMENTS

Global EquityStatement of investments as at 31 March 2012(expressed in USD)


MICHELIN B /NOM. 6,071 448,331 0.67EUR

TOTAL SA 11,786 596,524 0.89EUR

VIVENDI 17,078 313,072 0.47EUR

2,665,958 3.97

ADIDAS AG 3,623 281,086 0.42EUR

GERMANY

BASF 3,681 319,669 0.48EUR

DAIMLER CHRYSLER 6,069 363,931 0.54EUR

DEUTSCHE BANK AG 4,628 227,691 0.34EUR

LANXESS AG 4,841 396,639 0.59EUR

SAP AG 9,825 685,707 1.02EUR

2,274,723 3.39

ADMIRAL GROUP PLC 13,463 253,660 0.38GBP

GREAT BRITAIN

BARCLAYS PLC 53,152 199,865 0.30GBP

BHP BILLITON PLC 20,407 625,457 0.94GBP

BP PLC 76,701 567,674 0.85GBP

BRITISH AMERICANTOBACCO 11,081 559,499 0.83GBP

DIAGEO PLC 33,916 818,747 1.23GBP

GLAXOSMITHKLINE PLC 16,269 363,742 0.54GBP


ITV PLC 187,090 262,428 0.39GBP


RIO TINTO PLC /REG 9,454 522,562 0.78GBP


SCOTTISH & SOUTHERNENERGY PLC 15,819 337,841 0.50GBP

SERCO GROUP PLC 47,179 410,820 0.61GBP

5,659,983 8.44

RESOLUTION 76,112 319,490 0.48GBP

GUERNSEY

319,490 0.48

HANG SENG BANK LTD 15,200 202,033 0.30HKD

HONG KONG

HONGKONG ELECTRICHOLDINGS LTD 47,500 348,712 0.52HKD

550,745 0.82

ACCENTURE PLC 3,281 210,903 0.31USD

IRELAND

210,903 0.31



244

BANCO POPOLARE SOC.COOP. 146,923 276,787 0.41EUR

ITALY

ENEL 96,677 346,715 0.52EUR

623,502 0.93

ASAHI GLASS CO. LTD 26,200 224,202 0.33JPY

JAPAN

BRIDGESTONE CORP. 14,400 352,123 0.52JPY

CANON INC. 7,100 338,404 0.50JPY

CENTRAL JAPAN RAILWAYCO. 39 324,227 0.48JPY

DAIHATSU MOTOR CO. 21,000 388,078 0.58JPY

HAMAMATSU PHOTONICS 5,500 209,514 0.31JPY

KAO CORP. 14,500 383,909 0.57JPY

MARUBENI CORP. 54,300 395,163 0.60JPY

MITSUBISHI UFJ FINANCIALGROUP 75,400 378,677 0.56JPY

NISSAN MOTOR CO. LTD 34,800 373,728 0.56JPY

OSAKA GAS CO. LTD 95,000 384,470 0.57JPY

SANTEN PHARMACEUTICAL 11,100 478,315 0.72JPY

SEGA SAMMY HOLDING INC. 18,500 391,041 0.58JPY

SUMITOMO HEAVYINDUSTRIES 66,000 370,086 0.55JPY

SUMITOMO MITSUIFINANCIAL GROUP 11,800 391,680 0.59JPY

TOSHIBA CORP. 44,900 199,227 0.30JPY

WEST JAPAN RAILWAY CO. 9,408 381,320 0.57JPY

5,964,164 8.89

DELTA LLOYD 10,994 191,786 0.28EUR

NETHERLANDS

KONINKLIJKE AHOLD NV 13,041 179,735 0.27EUR

371,521 0.55

STATOILHYDRO ASA 16,308 438,954 0.65NOK

NORWAY

438,954 0.65

EDP-ENERGIAS DEPORTUGAL SA 105,081 305,774 0.46EUR

PORTUGAL

305,774 0.46



GLOBAL LOGISTIC 127,000 222,461 0.33SGD

SINGAPORE

222,461 0.33

ACS 8,852 225,400 0.34EUR

SPAIN

BANCO POPULAR ESPANOL/REG. 60,213 216,426 0.32EUR

RED ELECTRICACORPORACION SA 6,572 318,467 0.47EUR

ZARDOYA OTIS / SPLIT ISSUE 9,395 120,334 0.18EUR

880,627 1.31

SANDVIK AB 20,368 291,813 0.43SEK

SWEDEN

SKANSKA -B- 19,888 341,624 0.51SEK

TELE2 AB / -B- 19,542 396,686 0.60SEK

1,030,123 1.54


SWITZERLAND

ACTELION LTD ALLSCHWIL 4,409 161,601 0.24CHF

ADECCO /AKTIEN NOM. 4,920 256,136 0.38CHF

NESTLE 3,313 207,338 0.31CHF


UBS AG 26,882 374,287 0.56CHF

1,905,911 2.84

ABBOTT LABORATORIES INC. 11,047 675,635 1.01USD

UNITED STATES

AETNA INC. 7,903 400,050 0.60USD

AFLAC INC. 8,833 402,696 0.60USD

AGILENT TECHNOLOGIES 7,374 326,005 0.49USD

AMERICAN EXPRESS CO. 9,223 531,983 0.79USD

AMERISOURCEBERGENCORP. 10,202 399,408 0.60USD

AMGEN INC. 7,004 472,700 0.70USD

APACHE CORP. 3,357 334,861 0.50USD

APOLLO GROUP INC. -A- 2,719 104,817 0.16USD

APPLE INC. 3,054 1,840,339 2.74USD

APPLIED MATERIALS INC. 24,490 304,656 0.45USD

AT & T 5,157 161,002 0.24USD

BED BATH & BEYOND INC. 7,077 467,294 0.70USD

CAMPBELL SOUP CO. 10,488 352,502 0.53USD


245


CAPITAL ONE FINANCIALCORP. 5,819 324,293 0.48USD

CATERPILLAR INC. 4,488 477,748 0.71USD

CHEVRON CORPORATION 6,958 742,071 1.11USD


CLIFFS NATURALRESOURCES INC. 2,840 197,124 0.29USD

COCA-COLA CO. 3,936 290,044 0.43USD

COLGATE-PALMOLIVE CO. 3,405 330,966 0.49USD

COMPUTER ASSOCIATESINTERNATIONAL INC. 16,603 458,409 0.68USD

DAVITA INC. 3,453 309,182 0.46USD

DEERE & CO. 4,272 345,904 0.52USD

DELL INC. 16,416 275,050 0.41USD

DIRECTV 11,335 556,435 0.83USD

DISCOVER FIN SVC 11,827 387,453 0.58USD

EASTMAN CHEMICAL CO. 6,785 349,088 0.52USD

ELI LILLY & CO. 6,689 268,496 0.40USD

EMERSON ELECTRIC CO. 7,224 375,070 0.56USD

EXELON CORP. 10,522 411,200 0.61USD

EXXON MOBIL CORP. 9,235 796,888 1.19USD

FIDELITY NATIONALFINANCIAL -A- 18,126 326,087 0.49USD

FREEPORT MCMO.COPP&GOLD -B- 10,076 378,656 0.56USD

GENERAL ELECTRIC CO. 11,436 228,606 0.34USD

GENERAL MOTORS 12,376 313,484 0.47USD

GILEAD SCIENCES INC. 9,584 466,070 0.69USD

GOOGLE INC. -A- 568 366,985 0.55USD

HALLIBURTON CO. 9,099 300,358 0.45USD

HCP INC. 4,709 185,582 0.28USD

HESS CORP. 7,090 414,836 0.62USD

HEWLETT-PACKARD CO. 13,271 314,125 0.47USD

HOME DEPOT INC. 7,180 359,646 0.54USD

HONEYWELLINTERNATIONAL INC. 6,442 392,189 0.58USD

HORMEL FOODSCORPORATION 14,732 434,594 0.65USD

IBM CORP. 4,855 1,011,393 1.51USD

INTEL CORP. 28,470 800,861 1.19USD

JOHNSON & JOHNSON 5,578 367,200 0.55USD

JP MORGAN 17,649 804,088 1.20USD

KEYCORP 49,555 414,280 0.62USD

KOHL S CORP. 7,525 374,444 0.56USD



MARATHON OIL CORP. 15,224 482,905 0.72USD

MATTEL INC. 12,945 438,447 0.65USD

MCDONALD S CORP. 4,040 395,435 0.59USD

MCKESSON CORP. 4,466 391,981 0.58USD

MICROSOFT CORP. 11,897 382,251 0.57USD

NATIONAL OILWELL VARCOINC. 5,211 409,324 0.61USD

NEWMONT MINING CORP. 5,731 291,421 0.43USD

NOBLE ENERGY 1,932 189,549 0.28USD

NORFOLK SOUTHERN CORP. 5,094 337,019 0.50USD

OCCIDENTAL PETROLEUMCORP. 3,588 339,425 0.51USD

PARKER-HANNIFIN 4,226 357,012 0.53USD

PFIZER INC. 9,335 211,624 0.32USD

PHILIP MORRISINTERNATIONAL 9,181 811,416 1.21USD

PITNEY BOWES INC. 17,872 314,726 0.47USD

PNC FINANCIAL SERVICES GP 5,757 367,700 0.55USD

PPG INDUSTRIES INC. 4,794 458,786 0.68USD

PROCTER & GAMBLE CO. 2,722 182,973 0.27USD

PRUDENTIAL FINANCIAL INC. 7,439 465,681 0.69USD

PUBLIC SERVICESENTERPRISE 12,792 390,028 0.58USD

RAYONIER INC REIT 7,907 349,331 0.52USD

SANDISK CORP. 6,701 330,895 0.49USD

THE HERSHEY CO. 7,980 487,578 0.73USD

TYSON FOODS INC. -A- 17,753 339,792 0.51USD

UTD PARCEL SERVICE INC. -B- 5,879 472,084 0.70USD

VERIZON COMMUNICATIONS-I- 9,167 348,621 0.52USD

VIACOM INC. -B- 8,434 398,085 0.59USD

WAL-MART STORES INC. 6,124 374,054 0.56USD

WELLS FARGO & CO. 7,828 265,291 0.40USD

WESTERN UNION COMPANY 19,692 349,730 0.52USD

YAHOO INC. 24,305 369,922 0.55USD

3M CO. 3,353 298,015 0.44USD

34,172,424 50.94



64,459,278



246

RAYONIER INC. REIT 50,000 22 0.00USD


SHARES

UNITED STATES

22 0.00

0.0022TOTAL SHARES







247


CREDICORP. 15,785 2,067,046 1.12USD


SHARES

BERMUDA ISLANDS

2,067,046 1.12

ANHANGUERAEDUCACIONAL PART 63,400 760,556 0.41BRL

BRAZIL

AREZZO INDUSTRIA ECOMERCIO 58,300 1,003,633 0.54BRL

BANCO BRADESCO SA /PREF. 240,393 4,156,829 2.24BRL


BR MALLS PARTICIPAES SA 513,062 6,461,666 3.49BRL

BRF FOODS 304,529 6,066,347 3.28BRL

CIA DE CONCESSOESRODOVIARIAS 856,948 6,978,792 3.77BRL

CIA HERING 105,440 2,687,714 1.45BRL

DIAGNOST DA AMERICA SABRL 186,601 1,456,148 0.79BRL

DURATEX 750,983 4,611,605 2.49BRL

ECORODOVIAS 553,000 4,885,882 2.64BRL

GERDAU /PREF. 330,414 3,171,321 1.71BRL

GOL LINHAS AEREASINTELIGENTES 72,400 485,117 0.26BRL

INVESTIMENTOS ITAU /PREF. 463,176 2,887,462 1.56BRL

IOCHPE MAXION SA 104,100 2,076,572 1.12BRL

MARCOPOLO POMO /PREF. 454,084 2,277,584 1.23BRL

METALURGICA GERDAU/PREF. 126,600 1,567,346 0.85BRL

MILLS ESTRUTUR ESERVICOS 29,200 355,255 0.19BRL

MRV ENGHENHARIA 222,990 1,616,517 0.87BRL

PDG REALTY SA 407,100 1,447,665 0.78BRL

PETROBRAS PETROLEOBRASILEIRO 331,679 4,366,567 2.36BRL

SAO MARTINHO SA 145,428 1,852,316 1.00BRL

TOTVS SA 159,500 2,875,332 1.55BRL


69,057,116 37.28

INVESTMENTS

Latin American EquityStatement of investments as at 31 March 2012(expressed in USD)


PACIFIC RUB SHS 50,690 1,475,395 0.80CAD

CANADA

1,475,395 0.80

BCO DE CRED.DEINVERSIONES SA 47,833 3,320,816 1.79CLP

CHILE

CRUZ BLANCA SALUD 1,520,442 1,686,413 0.91CLP

ENERSIS SA 1,951,378 794,973 0.43CLP

ENTEL EMPRESA NACIONALDE TELECOMUNCACIONES 115,196 2,283,311 1.23CLP

FALABELLA SA COMERC.EINDUST. 437,305 4,248,602 2.30CLP

12,334,115 6.66

BANCOLOMBIA SA 68,527 1,070,666 0.58COP

COLOMBIA

1,070,666 0.58

ANTOFAGASTA PLC 98,681 1,811,846 0.98GBP

GREAT BRITAIN

1,811,846 0.98

AEROMEXICO 267,505 478,258 0.26MXN

MEXICO

AMERICA MOVIL SAB DE CV -L- 7,570,900 9,417,371 5.09MXN

GENOMMA LABINTERNACION. SA 817,700 1,486,919 0.80MXN

GRUPO TELEVISA SA / CERT.PAR. 140,500 590,925 0.32MXN

MEXICHEM SAB DE CV 1,351,327 5,211,117 2.81MXN

OHL MEXICO SAB DE CV 1,787,824 2,865,651 1.55MXN

20,050,241 10.83

BANCO LATINOAMER.COM 26,993 569,552 0.31USD

PANAMA

COPA HOLDINGS -A- 52,821 4,176,557 2.25USD

4,746,109 2.56

ALICORP SA 496,703 1,258,514 0.68PEN

PERU

GRANA Y MONTERO SAGRAMON 71,480 230,408 0.12PEN

1,488,922 0.80

61.61114,101,456TOTAL SHARES



248

BANCO BRADESCO /SADR 148,658 2,574,757 1.39USD


BRAZIL

BRF BR FOODS /SADR 21,863 440,321 0.24USD

GERDAU SA SADR PREF. SHS 65,685 629,919 0.34USD



TELEF BRASIL /SADR 126,963 3,937,123 2.13USD

VALE / -A- /SADR 159,759 3,597,773 1.94USD

VALE /SADR 214,181 4,964,715 2.68USD

26,151,026 14.13

BANCO SANTANDER /SADR. 8,207 708,839 0.38USD

CHILE

708,839 0.38

BUENAVENTURA / SADR(1SHS) 31,839 1,270,058 0.69USD

PERU

CEMENTOS PACASMAYO/SADR 65,298 749,621 0.40USD

2,019,679 1.09


GP INVESTMENTS LTD /BDR 123,579 347,900 0.19BRL

BDR (Bearer Depositary Receipt)

BERMUDA ISLANDS

347,900 0.19

0.19347,900TOTAL BDR (Bearer Depositary Receipt)


PREFERENTIAL SHARES

BRAZIL

BANCO DAYCOVAL SA /PREF. 299,691 1,582,125 0.85BRL


BRADESPAR SA BRASIL/PREF. 173,600 3,291,469 1.78BRL

CIA BRASILEIRA /PFD 6,200 288,352 0.16BRL


CIE ENERGY SAO PAULO/PREF. -B- 36,200 726,086 0.39BRL

CONTAXPARTICIPACOES/PREF. SHS 89,645 1,035,056 0.56BRL

Latin American EquityStatement of investments as at 31 March 2012(expressed in USD)



SARAIVA SA LIVREIROS EDIT/PREF. 39,742 495,071 0.27BRL

TELECOM SAO PAULO / PFD 49,505 1,540,910 0.83BRL

19,744,015 10.66


ITAU HOLDING ITAU / PFD. /SADR 426,112 8,194,134 4.43USD


BRAZIL

8,194,134 4.43

BANCOLOMBIA SA / ADR 32,841 2,098,868 1.13USD

COLOMBIA

2,098,868 1.13

TERNIUM SA LUXEMBOURG/ADR 85,584 2,016,359 1.09USD

LUXEMBOURG

2,016,359 1.09

AMERICA MOVIL SAB /ADR -L- 167,776 4,150,778 2.24USD

MEXICO

4,150,778 2.24



179,533,054





249




SHARES

EGYPT

ELSEWEDY CABLES 15,109 55,910 0.61EGP

GHABBOUR AUTO 16,685 58,013 0.64EGP

ORASCOM CONSTRUCTIONINDUSTRIE 6,273 267,961 2.93EGP

ORASCOM TELECOMHOLDING 145,430 95,351 1.04EGP

SIXTH OF OCT. DVPT &INV/SODIC SA 20,186 54,477 0.60EGP

TELECOM EGYPT 18,132 42,179 0.46EGP

780,348 8.54

CENTAMIN SHS 42,558 47,109 0.52GBP

JERSEY

47,109 0.52

AGILITY PUBLIC 30,000 43,223 0.47KWD

KUWAIT

KUWAIT FINANCE HOUSE 71,915 202,045 2.21KWD

KUWAIT INVES PROJECT 167,463 205,084 2.25KWD

MABANEE CO. 40,050 150,027 1.64KWD

MOBILETELECOMMUNICATIONS CO. 127,500 399,543 4.38KWD

NATIONAL MOBILE TEL 25,000 196,304 2.15KWD

1,196,226 13.10

MAROC TELECOM 9,848 160,646 1.76MAD

MOROCCO

160,646 1.76

BANKMUSCAT 141,323 225,747 2.47OMR

OMAN

225,747 2.47

COMMERCIAL BANK OFQATAR 5,925 124,982 1.37QAR

QATAR

DOHA BANK SHS 7,106 118,861 1.30QAR

INDUSTRIES OF QATAR 9,988 385,436 4.22QAR

QATAR ELECT & WATER 2,564 102,113 1.12QAR

INVESTMENTS

Middle East and North Africa EquityStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

QATAR ISLAMIC BANK 5,991 126,538 1.39QAR

QATAR NATIONAL BANK 10,590 392,959 4.29QAR

1,250,889 13.69

NATL BANK OF KUWAIT 167,147 650,213 7.12KWD

SAUDI ARABIA

650,213 7.12

DP WORLD 7,063 81,931 0.90USD


EMAAR PROPERTIES 271,784 224,205 2.45AED

FIRST GULF BANK 62,748 166,223 1.82AED

NATIONAL BANK OF ABUDHABI 84,812 200,658 2.20AED

UNION NATIONAL BANK 113,620 97,132 1.06AED

770,149 8.43


CS INT 11-17.10.11 CT/JARIR 1,670 69,020 0.76USD


GREAT BRITAIN

CS INTL 11-31.10.12 CERT 3,500 100,324 1.10USD

DB LN 03.12.12 CW /RJHI 10,700 235,378 2.57USD

DB LN 03.12.12 CW /SABIC 800 22,931 0.25USD

DB LN 08-10.12.12CW/YANSAB 7,831 106,492 1.17USD

DB LN 10.12.12 CERT /EEC 13,108 226,310 2.48USD

DB LN 31.12.12 CW /YACCO 9,074 119,282 1.31USD

HSBC BANK 11-05.12.14CERT/EEC 3,277 56,578 0.62USD

HSBC BANK 11-26.09.14CERT/SAFCO 2,340 118,861 1.30USD

HSBC 11-13.08.14 CERT/NICAB 14,882 191,069 2.09USD

HSBC 13.08.14 CERT/SAMBA 18,047 269,477 2.94USD

HSBC 13.08.14 ELN/ SAUDI 11,055 104,644 1.15USD

1,620,366 17.74

CITIGROUP CERT/ALMARAI 4,716 143,353 1.57USD

UNITED STATES

CITIGROUP CERT/RJHI 6,973 153,392 1.68USD


Quantity/Facevalue


250

CITIGROUP CERT/SABIC 11,928 341,904 3.74USD

638,649 6.99



7,340,342

BANK AUDI SAL AUDISARADAR 8,601 55,907 0.61USD


SHARES

LEBANON

SOLIDERE -A- 10,014 144,001 1.58USD

199,908 2.19

ATTIJARIWAFA BANK 4,183 177,462 1.94MAD

MOROCCO

DOUJA PROM.GRP ADDOHAMAROC 12,817 112,152 1.23MAD

289,614 3.17

RENAISSANCE SERVICESSAOG 51,811 76,437 0.84OMR

OMAN

76,437 0.84

GULF INTERNATIONALSERVICES 8,941 64,709 0.71QAR

QATAR

QATAR INSURANCE CO. 3,484 70,429 0.77QAR

QATAR TELECOM (Q-TELL) 5,588 207,199 2.27QAR

342,337 3.75

ABU DHABI COMMERCIALBANK 59,035 49,825 0.55AED


DRAKE & SCULL 273,680 76,747 0.83AED

EMIRATES NBD PJSC 28,058 23,299 0.26AED

149,871 1.64


CS INTL 11-23.05.12CERT/RIBL 27,610 189,203 2.07USD


GREAT BRITAIN

Middle East and North Africa EquityStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

CS INTL 11-26.09.12 CERT/BSFR 14,971 196,401 2.15USD

385,604 4.22



1,443,771

ARAB BANK 12,855 147,623 1.62JOD


SHARES

JORDAN

147,623 1.62

DANA GAS 287,997 38,421 0.42AED


38,421 0.42


2.04TOTAL OTHER TRANSFERABLE SECURITIES 186,044





Quantity/Facevalue

251


ANHANGUERAEDUCACIONAL PART 796,408 9,553,835 0.49BRL


SHARES

BRAZIL

AREZZO INDUSTRIA ECOMERCIO 1,059,600 18,240,990 0.93BRL

BANCO BRADESCO SA /PREF. 3,032,955 52,445,269 2.67BRL

BANCO DO BRASIL SA 2,699,900 38,966,856 1.98BRL

BR MALLS PARTICIPAES SA 8,678,269 109,296,875 5.56BRL

BRF FOODS 4,211,116 83,887,215 4.26BRL

CIA DE CONCESSOESRODOVIARIAS 15,477,324 126,043,868 6.41BRL

CIA HERING 1,733,337 44,183,556 2.25BRL

CONTAX PARTICIPACOES SA 303,200 3,910,110 0.20BRL

DIAGNOST DA AMERICA SABRL 2,975,527 23,219,638 1.18BRL

DURATEX 8,690,074 53,363,647 2.71BRL

ECORODOVIAS 8,277,014 73,129,316 3.72BRL

GERDAU /PREF. 4,424,234 42,463,897 2.16BRL

GOL LINHAS AEREASINTELIGENTES 1,637,756 10,973,794 0.56BRL

INVESTIMENTOS ITAU /PREF. 13,328,453 83,090,241 4.22BRL

IOCHPE MAXION SA 2,065,640 41,205,102 2.09BRL

MARCOPOLO POMO /PREF. 7,198,058 36,103,847 1.84BRL

METALFRIO SOLUTIONS SA 1,752,997 4,733,019 0.24BRL

METALURGICA GERDAU/PREF. 3,375,000 41,783,500 2.12BRL

MILLS ESTRUTUR ESERVICOS 2,139,100 26,024,879 1.32BRL

MRV ENGHENHARIA 3,068,079 22,241,358 1.13BRL

ODONTOPREV SA 286,100 4,652,019 0.24BRL

OGX PETROLEO E GASPARTICIP SA 940,636 7,939,074 0.40BRL

PDG REALTY SA 6,584,200 23,413,695 1.19BRL

PETROBRAS PETROLEOBRASILEIRO 3,621,500 47,677,193 2.42BRL


PROFAMA SA 1,623,000 8,674,999 0.44BRL

SAO CARLOSEMPREENDIMENTOS 2,642,684 46,479,903 2.36BRL

SAO MARTINHO SA 2,027,081 25,818,927 1.31BRL

INVESTMENTS

Brazil EquityStatement of investments as at 31 March 2012(expressed in USD)


TOTVS SA 1,677,300 30,236,956 1.54BRL

VALE RIO DOCE /NAM. 3,071,000 71,388,410 3.63BRL

1,246,628,049 63.37

63.371,246,628,049TOTAL SHARES

BANCO BRADESCO /SADR 3,494,049 60,516,929 3.08USD


BRAZIL

BRF BR FOODS /SADR 602,854 12,141,480 0.62USD

GERDAU SA SADR PREF. SHS 823,806 7,900,300 0.40USD


PETROLEO BRASILEIRO/SADR 2,854,057 75,061,698 3.81USD

TELEF BRASIL /SADR 2,078,402 64,451,245 3.28USD

VALE / -A- /SADR 663,790 14,948,551 0.76USD

VALE /SADR 757,477 17,558,317 0.89USD

254,110,504 12.92


GP INVESTMENTS LTD /BDR 2,177,142 6,129,091 0.31BRL

BDR (Bearer Depositary Receipt)

BERMUDA ISLANDS

6,129,091 0.31

0.316,129,091TOTAL BDR (Bearer Depositary Receipt)


PREFERENTIAL SHARES

BRAZIL

BANCO DAYCOVAL SA /PREF. 4,523,100 23,878,289 1.21BRL

BANRISUL PNB -B- /PREF 2,827,603 31,204,875 1.59BRL

BRADESPAR SA BRASIL/PREF. 3,923,881 74,397,068 3.78BRL

CIA BRASILEIRA /PFD 214,700 9,985,359 0.51BRL

CIA ENERGET. MIN. GERAIS/PRIV. 817,200 19,498,888 0.99BRL


CIE ENERGY SAO PAULO/PREF. -B- 606,400 12,162,939 0.62BRL

CONTAXPARTICIPACOES/PREF. SHS 1,056,100 12,193,903 0.62BRL

ITAU HOLDING /PREF 3,107,300 59,835,440 3.04BRL

SARAIVA SA LIVREIROS EDIT/PREF. 931,356 11,602,018 0.59BRL



252

TELECOM SAO PAULO / PFD 702,320 21,860,657 1.11BRL

317,720,738 16.15


ITAU HOLDING ITAU / PFD. /SADR 4,038,955 77,669,105 3.95USD


BRAZIL

77,669,105 3.95



1,902,257,487



100.00TOTAL NET ASSETS 1,967,144,853

Brazil EquityStatement of investments as at 31 March 2012(expressed in USD)


253


BRILLIANCE CHINAAUTOMOTIVE 17,660,000 19,105,965 0.90HKD


SHARES

BERMUDA ISLANDS

KUNLUN ENERGY COMPANYLTD 16,748,000 30,198,822 1.43HKD


61,393,252 2.90

BAOXIN AUTO GROUP LTD 9,699,000 11,604,907 0.55HKD

CAYMAN ISLANDS



GEELY AUTOMOBILE HLDLTD 46,640,000 18,261,276 0.86HKD

HENGAN INTL GROUP 2,299,500 23,248,882 1.10HKD

LONGFOR PPT 7,473,000 10,471,837 0.49HKD

MGM CHINA 24,734,800 45,173,489 2.13HKD

SOHO CHINA LTD 8,354,000 6,057,618 0.29HKD

TENCENT HOLDINGS 1,675,000 46,727,470 2.20HKD

TINGYI HOLDING CORP. 6,898,000 19,945,207 0.94HKD

ZHONGSHENG GRP 2,086,500 4,138,454 0.20HKD

228,036,089 10.76


CHINA


BBMG -H- 16,449,500 13,834,545 0.65HKD


CHINA COAL ENERGY CO.LTD -H- 5,173,000 5,803,094 0.27HKD



CHINA LIFE INSURANCE CO.LTD -H- 5,346,000 13,874,042 0.65HKD


CHINA PACI INSU (GROUP)LTD -H- 628,200 1,945,862 0.09HKD

INVESTMENTS

Chinese EquityStatement of investments as at 31 March 2012(expressed in USD)





CHINA SHENHUA ENERGYCO. -H- 14,434,500 60,885,244 2.87HKD

CHINA TELECOM CORP. LTD -H- 38,602,000 21,378,502 1.01HKD



HUANENG POWERINTERNATIONAL -H- 10,520,000 5,717,777 0.27HKD

IND & COM BOC -H- 300,335,175 193,795,161 9.14HKD


NINE DRAGONS PAPERHOLDINGS LTD-H- 10,957,000 8,989,387 0.42HKD


PICC PROPERTY & CASUALTY-H- 17,950,200 21,361,919 1.01HKD

PING AN INSURANCE GRPCO. -H- 5,801,000 43,857,106 2.07HKD


YANZHOU COAL MINING CO.-H- 2,620,000 5,682,538 0.27HKD


ZOOMLION HEAVY SHS -H- 14,014,000 18,663,009 0.88HKD

1,238,746,221 58.43

AIA GROUP 20,858,400 76,429,720 3.61HKD

HONG KONG



CHINA RESOURCES POWERHOLDINGS 180,000 333,373 0.02HKD

CNOOC LTD 82,622,000 169,835,156 8.01HKD

GALAXY ENTERTAINMENTGROUP 14,452,000 39,925,858 1.88HKD

550,236,905 25.96

98.052,078,412,467TOTAL SHARES


2,078,412,467




254


100.00TOTAL NET ASSETS 2,119,742,079

Chinese EquityStatement of investments as at 31 March 2012(expressed in USD)


255


BRILLIANCE CHINAAUTOMOTIVE 2,628,000 2,843,174 0.88HKD


SHARES

BERMUDA ISLANDS

CHINA YURUN FOOD GROUPLTD 672,000 955,515 0.30HKD

ESPRIT HOLDINGS LTD 344,900 692,974 0.21HKD

LI & FUNG LTD 856,000 1,964,629 0.61HKD

LUK FOOK HOLDINGS (INT)LTD 645,000 1,960,517 0.61HKD


9,497,279 2.94

AAC TECHNOLOGIESHOLDINGS 250,000 679,394 0.21HKD

CAYMAN ISLANDS

BAOXIN AUTO GROUP LTD 979,000 1,171,379 0.36HKD

CHINA METAL RECYCLINGHOLDINGS 2,524,200 3,088,491 0.95HKD

CHINA ZHENGTONG AUTOSERVICES 2,327,500 2,332,213 0.72HKD


HENGAN INTL GROUP 111,000 1,122,255 0.35HKD

HKT LTD - STAPLED 5,637,000 4,385,146 1.36HKD

LONGFOR PPT 3,158,500 4,425,974 1.36HKD

MIE HOLDINGS 2,664,000 868,068 0.27HKD

SANDS CHINA /IPO 652,800 2,551,748 0.79HKD

SINO PROSPER STATE GOLDRES 6,368,000 410,083 0.13HKD

TENCENT HOLDINGS 132,900 3,707,511 1.15HKD

26,937,382 8.33


CHINA

BANK OF COMMUNICATIONSCO. -H- 2,595,260 1,962,086 0.61HKD




CHINA LIFE INSURANCE CO.LTD -H- 1,443,000 3,744,901 1.16HKD

INVESTMENTS

Hong Kong EquityStatement of investments as at 31 March 2012(expressed in USD)



CHINA PACI INSU (GROUP)LTD -H- 248,200 768,804 0.24HKD




CHINA SHENHUA ENERGYCO. -H- 813,500 3,431,372 1.06HKD

CHINA SHIPPING CONTAINER-H- 1,556,000 537,085 0.17HKD

CHINA SOUTHERN AIRLINES-H- 5,504,000 2,629,973 0.81HKD


IND & COM BOC -H- 37,920,015 24,468,380 7.55HKD


NEW CHINA LIFE INSURANCECO -H- 1,392,200 5,675,111 1.75HKD

NINE DRAGONS PAPERHOLDINGS LTD-H- 1,209,000 991,893 0.31HKD




122,655,950 37.91

AIA GROUP 3,975,600 14,567,464 4.50HKD

HONG KONG

BOC HONG KONG HOLDINGSLTD 1,509,000 4,168,843 1.29HKD

CHEUNG KONG HOLDINGS 494,000 6,381,560 1.97HKD

CHINA EVERBRIGHT LTD 1,084,000 1,644,650 0.51HKD



CHINA RESOURCES POWERHOLDINGS 1,466,000 2,715,138 0.84HKD

CHINA UNICO (HK) 1,980,000 3,355,986 1.04HKD

CLP HOLDINGS LTD 249,500 2,153,002 0.67HKD

CNOOC LTD 7,247,000 14,896,703 4.60HKD

EMPEROR WATCH &JEWELLERY LTD 23,040,000 3,649,947 1.13HKD

HANG LUNG PROPERTIESLTD 1,704,000 6,243,827 1.93HKD



256

HENDERSON LANDDEVELOPMENT 303,000 1,672,216 0.52HKD

H.K.EXCHANGES ANDCLEARING LTD 157,100 2,640,497 0.82HKD

HONGKONG ELECTRICHOLDINGS LTD 618,500 4,540,603 1.40HKD

HSBC HOLDINGS PLC 3,659,239 32,283,481 9.97HKD

HUTCHISON WHAMP 471,261 4,710,014 1.46HKD

NEW WORLD DEVELOPMENTCO. LTD 1,223,000 1,469,627 0.45HKD


SWIRE PACIFIC LTD A 241,000 2,701,997 0.84HKD

THE WHARF HOLDING 1,560,236 8,480,115 2.62HKD

147,354,916 45.54


SINGAPORE

1,088,610 0.34

95.06307,534,137TOTAL SHARES

THE LINK REIT 888,000 3,305,292 1.02HKD

INVESTMENT FUNDS

HONG KONG

3,305,292 1.02


CHARM COMM INC -A- ADR 149,727 1,374,494 0.42USD


CAYMAN ISLANDS

MELCO CROWN ENT /ADR 473,774 6,457,539 2.00USD

7,832,033 2.42



318,671,462




Hong Kong EquityStatement of investments as at 31 March 2012(expressed in USD)


257


GUJARAT NRE MINERALSLTD - SHS 73,400,000 12,983,359 0.32AUD


SHARES

AUSTRALIA

12,983,359 0.32

CAIRN ENERGY 28,092,989 144,569,494 3.62GBP

GREAT BRITAIN

VEDANTA RESOURCES PLC 3,436,342 67,663,029 1.69GBP

212,232,523 5.31

ADANI POWER 1,000,000 1,344,587 0.03INR

INDIA

ADITYA BIRLA NUVO LTD /DEMATER. 8,565,822 158,823,646 3.97INR

ASHAPURA MINECHEM LTD/DEMAT. 3,343,476 626,758 0.02INR

AUROBINDO PHARMA 4,059,412 9,482,182 0.24INR

BANK OF BARODA /DEMAT. 1,055,383 16,441,343 0.41INR

BHARAT HEAVY ELECTRICAL 7,241,930 36,554,347 0.91INR

BHARTI AIRTEL LTD/DEMAT. 3,159,915 20,958,576 0.52INR

CAIRN INDIA LIMITED 714,641 4,683,845 0.12INR

CANARA BANK /DEMAT. 6,909,288 64,529,145 1.61INR

CROMPTON GREAVESLTD/DEMAT. 8,510,209 23,069,176 0.58INR

CUMMINS INDIA LTD 3,727,005 36,242,167 0.91INR

ESSAR OIL LTD- DEMAT. 6,850,442 7,214,172 0.18INR

EVEREADY INDUSTRIES (I)/DEMAT. 4,461,166 1,970,285 0.05INR

GAMMON INDIA LTD /DEMAT. 4,874,659 4,152,715 0.10INR

GAMMON INFRASTR 12,886,285 3,718,290 0.09INR

GLENMARKPHARMACEUTICALS 14,557,222 88,409,104 2.21INR

GUJARAT NRE COKE LTD 33,900,000 14,739,122 0.37INR

GUJARAT NRE COKE LTD 2,890,747 791,558 0.02INR

GVK POWERINFRASTRUCTURE 115,250,000 39,363,015 0.99INR

HCL INFOSYSTEMS LTD/DEMAT. 16,300,000 14,509,855 0.36INR

HCL TECHNOLOGIES /DEMAT. 28,118,246 266,721,646 6.69INR

HDFC BANK LTD 824,191 8,410,157 0.21INR

INVESTMENTS

Indian EquityStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue


HINDUSTAN CONSTR. LTD/DEMAT. 50,174,601 25,311,345 0.63INR

ICICI BANK LTD /DEMAT. 7,180,693 125,473,532 3.14INR

INDIA CEMENTS LTD /DEMAT. 9,600,999 21,003,645 0.53INR

INDIABULLS FINANCESRV/DEMAT. 18,427,734 74,911,796 1.87INR

INDIABULLS REAL ESTATE/DEMAT. 27,613,717 34,608,593 0.87INR

INDIAN BANK LTD 241,332 1,155,854 0.03INR

INDUSIND BANK LTD 396,940 2,506,147 0.06INR

INFOSYS TECHNOLOGIES LTD/DEMAT. 589,537 33,168,886 0.83INR

IVR PRIME URBANDEVELOPERS 3,092,123 3,089,390 0.08INR

IVRCL INFRASTRUCTURESAND PROJECTS 17,301,976 22,465,895 0.56INR

JAIPRAKASH ASSOCIATIONLTD 22,123,387 35,479,039 0.89INR

JINDAL STEEL & POWER/DEMAT. 17,130,202 183,305,997 4.59INR

KALPATARU POWER 5,846,045 12,439,119 0.31INR

LARSEN & TOUBRO LTD /DEMAT. 551,451 14,145,909 0.35INR

LIC HSG FINANCE 4,933,291 25,501,647 0.64INR

LUPIN LTD 1,510,705 15,701,596 0.39INR

MAHINDRA & MAHINDRA 8,622,425 118,508,556 2.97INR

MARUTI SUZUKI INDIA LTD 14,106,975 373,961,298 9.37INR

OIL & NATURAL GAS CORP.LTD 7,148,532 37,654,479 0.94INR

OPTO CIRCUITS INDIALTD/DEMAT. 8,607,191 34,043,536 0.85INR

POWER FINANCECORPORATION LTD 4,655,534 16,864,821 0.42INR

PURAVANKARA PROJECTSLTD 8,405,470 11,235,885 0.28INR

RADICO KHAITAN LTD/DEMAT. 11,124,125 28,888,426 0.72INR

RELIANCE INDUSTRIES/DEMAT. 1,571,909 23,159,764 0.58INR

RURAL ELECTRIFICATIONCORP LTD 28,653,751 115,526,096 2.89INR

ST.BK OFINDIA/DEMATERIALISED 5,290,724 217,709,346 5.46INR

STERLITE IND(INDIA) --- SHS 9,917,882 21,619,004 0.54INR

STRIDES ARCOLAB LTD 3,405,778 39,232,106 0.98INR


Quantity/Facevalue


258

TATA MOTORS LTD -A- 2,050,134 6,358,249 0.16INR

TATA STEEL LTD /DEMAT. 221,505 2,051,132 0.05INR

UNITECH LTD /DEMAT. 182,190,342 102,816,159 2.57INR

UNITED SPIRITS LIMITED/DEMAT. 9,852,229 117,203,648 2.93INR

USHA MARTIN LTD 18,695,359 11,284,364 0.28INR

WELSPUN INVEST&COMMERCIALS LTD 98,085 63,824 0.00INR

WIPRO LTD /DEMAT. 486,821 4,205,512 0.11INR

2,753,742,093 68.92

74.552,978,957,975TOTAL SHARES

MOR ST AS 04.07.14 CW /LT 222,436 5,715,354 0.14USD


CAYMAN ISLANDS

MOR ST AS 21.04.14 CW/UT 22,142,000 12,495,484 0.32USD

18,210,838 0.46


GERMANY

DEUTSCHE BANK 07-24.01.17WRT /ICICI 1,188,810 20,772,964 0.52USD

38,609,260 0.97

ABN AMRO BANK 18.12.06WRT/HCL INF 50,000 44,509 0.00USD

GREAT BRITAIN

DB LN 24.01.17 CW/CANADABK 258,732 2,416,423 0.06USD

DB LN 29.01.17 CERT/ TTMT 595,537 3,217,618 0.08USD

DEUTSCHE BANK LN 07-27.03.17 CW /INDIABULLS 1,700,000 2,130,630 0.05USD

DEUTSCHE BANK LN 30.01.17WRT /HCL INFOS 2,150,000 1,913,878 0.05USD

DEUTSCHE BANK 07-04.02.17CW/HDFC 1,339,273 17,700,119 0.44USD

HSBC BANK 09-12.11.19CW/BJAUT IN 180,838 5,971,496 0.15USD

HSBC BANK 09-19.11.19CW/HNDL 3,985,681 10,144,515 0.25USD

HSBC BANK 09-19.11.19WRT/GNP 3,455,166 20,983,969 0.53USD

HSBC BANK 10-26.5.20CW/BHARTI IN 1,533,955 10,174,176 0.25USD

HSBC BANK 12-01.02.22CW/RELIANCE 1,031,267 15,225,590 0.38USD



Quantity/Facevalue

HSBC BANK 13.07.20CW/LICHF 2,341,496 12,128,893 0.30USD

HSBC 14.01.19 CW/MARUTI 982,912 26,055,994 0.66USD

HSBC 22.10.18 CW / UNSP 140,459 1,670,923 0.04USD

RBS 10-05.07.12 CERT/MM 435,873 6,003,113 0.15USD

RBS 28.06.13 CW/HCLT 1,323,949 12,558,610 0.31USD

148,340,456 3.70

JP MORGAN INTERNATIONAL08-13 WRT/GAMMON 2,242,255 646,994 0.02USD

JERSEY

646,994 0.02

JP MORGAN STRUCTURE CW07.02.17/INBK 1,074,074 5,144,255 0.13USD

NETHERLANDS

JP MORGAN STRUCTURE06.10.14 CERT /INBK 619,359 2,966,407 0.07USD

JP MORGAN STRUCTURE07.10.14 CERT/GISP 8,969,020 2,587,975 0.06USD

JP MORGAN STRUCTURE08.02.17 CW/BHARTI 1,255,338 8,337,327 0.21USD

JP MORGAN STRUCTURE08.02.17 CW/ONGC 567,186 2,991,623 0.07USD

JP MORGAN STRUCTURE10.07.14 CERT/UT 7,830,152 4,418,821 0.11USD

JP MORGAN STRUCTURE13.05.15 CERT/GVKP 11,000,000 3,756,995 0.09USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 1,068,837 10,138,689 0.26USD

JP MORGAN STRUCTURE19.05.14 CERT/IBREL 9,800,000 12,282,457 0.32USD

52,624,549 1.32

CITIGROUP HLDG 24.10.12CW/GNC 5,692,324 2,474,926 0.06USD

UNITED STATES

CITIGROUP HOLDING 06-24.10.12 CW / UNITED 1,314,346 15,635,674 0.39USD

CITIGROUP 07-24.10.12WRT/TATA 701,662 6,497,380 0.16USD

CITIGROUP 24.01.10 CW / UT 1,000,000 564,334 0.01USD

CITIGROUP 24.10.12 CW/HDFC 2,480,380 32,848,935 0.83USD

CITIGROUP 24.10.12CW/HCLT 2,391,291 22,683,117 0.57USD

80,704,366 2.02



Quantity/Facevalue

259


ICICI BANK /SADR 2,778,337 96,324,944 2.41USD


INDIA

INFOSYS TECHNOLOGIES /SADR 2,147,091 122,405,658 3.06USD

218,730,602 5.47


FINANCIAL TECHNOLOGIES/GDR 6 11 0.00USD


INDIA

UNITED SPIRITS LTD / GDR 1 6 0.00USD

17 0.00

0.0017TOTAL GDR (Global Depositary Receipt)

DR REDDY SLABORATORIES/ADR 2,702,857 93,816,167 2.35USD


INDIA

STERLITE INDUSTRIES (INDIA)/ADR 6,497,993 55,297,920 1.38USD


164,151,187 4.11



3,700,976,244

EMAMI INFRASTRUCTURELTD 2,365,148 18,767,504 0.47INR


SHARES

INDIA

IB REAL EST 81,460,465 23,495,523 0.59INR

INDIABULLS SECURITIES LTD 15,803,106 2,853,832 0.07INR

KESORAM TEXT.MILLSLTD/DM 1,014,882 4,183 0.00INR

WELSPUN GLOBAL BRANDSLTD 179,957 110,034 0.00INR

45,231,076 1.13



Quantity/Facevalue

YATRA CAPITAL LTD 299,604 1,179,208 0.03EUR

JERSEY

1,179,208 0.03


DEUTSCHE BANK 07-24.01.17WRT/MAHINDRA 309,438 4,261,772 0.11USD


GREAT BRITAIN

4,261,772 0.11

BNP PARIBAS 01.04.15 CW/HCLT 416,114 3,947,141 0.10USD

NETHERLANDS

BNP PARIBAS 01.04.15CW/HCLI 900,000 801,158 0.02USD

4,748,299 0.12

CITIGROUP 24.10.12 CW/INFO 10,101 569,483 0.01USD

UNITED STATES

569,483 0.01





100.00TOTAL NET ASSETS 3,995,712,797


Quantity/Facevalue


260

AEON CO. LTD 44,700 48,633,600 0.79JPY


SHARES

JAPAN

AISIN SEIKI CO. LTD 11,200 32,547,200 0.53JPY

ALFRESA HOLDING CORP.TOKYO 2,700 10,624,500 0.17JPY

ASAHI BREWERIES 27,400 50,224,200 0.81JPY

ASAHI GLASS CO. LTD 73,000 51,246,000 0.83JPY

BENESSE CORP. 7,100 29,287,500 0.47JPY

BRIDGESTONE CORP. 18,000 36,108,000 0.58JPY

BROTHER INDUSTRIES LTD 22,900 25,693,800 0.42JPY

CANON INC. 31,200 121,992,000 1.97JPY

CENTRAL JAPAN RAILWAYCO. 86 58,652,000 0.95JPY

CHUBU ELECTRIC POWER -C- 17,000 25,398,000 0.41JPY

CHUGOKU BANK LTD 7,000 7,833,000 0.13JPY

CHUO MITSUI TRUSTHOLDINGS INC. 80,000 21,120,000 0.34JPY

CITIZEN HOLDINGS CO. LTD 68,800 36,051,200 0.58JPY

DAICEL CHEMICALINDUSTRIES CO. 28,000 14,924,000 0.24JPY

DAIHATSU MOTOR CO. 24,000 36,384,000 0.59JPY

DAI-ICHI LIFE INSURANCE CO.LTD 429 49,034,700 0.79JPY

DAITO TRUSTCONSTRUCTION 6,200 46,066,000 0.74JPY

DAIWA HOUSE INDUSTRYCO. LTD 43,000 47,042,000 0.76JPY

DAIWA SECURITIES GROUPINC. 100,000 32,700,000 0.53JPY

DENKI KAGAKU KOGYO KK 66,000 21,846,000 0.35JPY

EAST JAPAN RAILWAY CO. 16,800 87,528,000 1.42JPY

EISAI CO. LTD 18,300 60,207,000 0.97JPY

ELECTRIC POWERDEVELOPMENT CO. 11,400 25,581,600 0.41JPY

FANUC LTD JPY 50 2,600 38,168,000 0.62JPY

FUJI HEAVY INDUSTRIES LTD 73,000 48,545,000 0.79JPY

FUJITSU LTD 120,000 52,320,000 0.85JPY

GREE 9,200 19,218,800 0.31JPY

GS YUASA CORP KYOTO 49,000 22,246,000 0.36JPY

GUNMA BANK LTD 40,000 17,720,000 0.29JPY

INVESTMENTS

Japanese EquityStatement of investments as at 31 March 2012(expressed in JPY)


HINO MOTORS LTD 65,000 38,870,000 0.63JPY

HISAMITSUPHARMACEUTICAL CO. 4,200 16,485,000 0.27JPY

HITACHI LTD 216,000 114,696,000 1.85JPY

HITACHI LTD 21,000 21,588,000 0.35JPY

HONDA MOTOR CO. LTD 32,900 103,470,500 1.67JPY

HOYA CORP. 11,800 21,936,200 0.35JPY

IDEMITSU KOSAN 4,000 33,000,000 0.53JPY

IHI CORP. 189,000 39,501,000 0.64JPY

ISUZU MOTORS LTD 108,000 52,380,000 0.85JPY

ITOCHU CORP. 22,200 20,046,600 0.32JPY

J. FRONT RETAILING CO. LTD 55,000 25,410,000 0.41JPY

JAPAN STEEL WORKS LTD 34,000 19,278,000 0.31JPY

JAPAN TOBACCO INC. 45 20,970,000 0.34JPY

JGC CORP. 12,000 30,780,000 0.50JPY

JSR CORP. TOKYO 21,500 35,819,000 0.58JPY

JUPITER TELECOM CO. LTD 216 17,906,400 0.29JPY

JX HOLDINGS 61,800 31,703,400 0.51JPY

KANSAI ELECTRIC POWERCO. 21,200 27,178,400 0.44JPY

KAO CORP. 25,900 56,254,800 0.91JPY

KAWASAKI KISEN 86,000 15,652,000 0.25JPY

KDDI CORP. 109 58,424,000 0.94JPY

KOMATSU LTD 11,400 26,892,600 0.43JPY

LAWSON INC. 8,300 43,243,000 0.70JPY

MARUBENI CORP. 93,000 55,521,000 0.90JPY

MEDICEO PALTAC HOLDINGSCO. LTD 7,100 7,611,200 0.12JPY

MEIJI HOLDINGS CO LTD 4,400 15,906,000 0.26JPY

MIRACA HOLDINGS INC. 8,800 28,424,000 0.46JPY

MITSUBISHI CORP. 20,900 40,128,000 0.65JPY

MITSUBISHI ELECTRIC CORP. 17,000 12,444,000 0.20JPY

MITSUBISHI ESTATE CO. 11,000 16,236,000 0.26JPY

MITSUBISHI MATERIALSCORP. 95,000 24,890,000 0.40JPY

MITSUBISHI UFJ FINANCIALGROUP 307,600 126,731,200 2.06JPY

MITSUBISHI UFJ LEASE &FINANCE 6,320 23,004,800 0.37JPY

MITSUI & CO. LTD 60,700 82,369,900 1.33JPY

MITSUI FUDOSAN CO. 11,000 17,413,000 0.28JPY

MIZUHO FINANCIAL GROUPINC. 493,700 66,649,500 1.08JPY

NAMCO BANDAI HOLDING 20,600 24,596,400 0.40JPY


261


NGK INSULATORS LTD 22,000 25,982,000 0.42JPY

NIDEC CORP. 2,400 18,096,000 0.29JPY

NIKON CORP. 9,200 23,110,400 0.37JPY

NIPPON ELECTRIC GLASS 44,000 31,636,000 0.51JPY

NIPPON SHEET GLASS CO. 50,000 6,350,000 0.10JPY

NIPPON STEEL CORP. 140,000 31,780,000 0.51JPY

NIPPON TEL&TEL 17,500 65,712,500 1.06JPY

NISSAN MOTOR CO. LTD 108,600 95,676,600 1.55JPY

NOMURA HOLDINGS INC. 99,000 36,234,000 0.59JPY

NOMURA RESEARCHINSTITUTE LTD 19,300 39,622,900 0.64JPY

NTN CORP 100,000 35,000,000 0.57JPY

NTT DATA CORP. 51 14,835,900 0.24JPY

NTT DOCOMO INC. 341 46,853,400 0.76JPY

OJI PAPER CO. LTD 65,000 26,000,000 0.42JPY

OSAKA GAS CO. LTD 108,000 35,856,000 0.58JPY

OTSUKA CORP. 4,300 28,939,000 0.47JPY

OTSUKA HOLDINGS CO LTD 20,400 49,980,000 0.81JPY

PANASONIC CORP. 22,000 16,742,000 0.27JPY

RESONA HOLDINGS INC. 97,000 36,957,000 0.60JPY

SECOM LTD 5,600 22,680,000 0.37JPY

SEGA SAMMY HOLDING INC. 23,400 40,575,600 0.66JPY

SEKISUI CHEMICAL CO. LTD 38,000 27,284,000 0.44JPY

SEKISUI HOUSE LTD 37,000 30,007,000 0.49JPY

SEVEN & I HOLDINGS CO.LTD 6,300 15,485,400 0.25JPY

SHARP CORP. 31,000 18,724,000 0.30JPY

SHIKOKU ELECTRIC POWERCO INC. 6,700 15,631,100 0.25JPY

SHIMAMURA CORP. 2,500 23,150,000 0.37JPY

SHIN-ETSU CHEMICAL CO. 2,900 13,862,000 0.22JPY

SHINSEI BANK LTD 221,000 23,868,000 0.39JPY

SHIONOGI & CO. LTD 23,600 26,998,400 0.44JPY

SHIZUOKA BANK LTD 44,000 37,488,000 0.61JPY

SHOWA DENKO KK 201,000 37,788,000 0.61JPY

SOFTBANK 12,000 29,364,000 0.47JPY

SONY CORP. 27,300 46,519,200 0.75JPY

SONY FINANCIAL HOLDINGINC. 27,000 39,690,000 0.64JPY

SUMITOMO CHEMICAL CO.LTD 93,000 32,736,000 0.53JPY

SUMITOMO CORP. 51,800 61,952,800 1.00JPY

SUMITOMO ELECTRICINDUSTRIES 49,300 55,856,900 0.90JPY

Japanese EquityStatement of investments as at 31 March 2012(expressed in JPY)


SUMITOMO HEAVYINDUSTRIES 76,000 34,960,000 0.57JPY

SUMITOMO METAL MININGCO. LTD 28,000 32,564,000 0.53JPY

SUMITOMO MITSUIFINANCIAL GROUP 48,600 132,337,800 2.15JPY

SUMITOMO RUBBERINDUSTRIES 37,100 40,772,900 0.66JPY

TAKEDA PHARMACEUTICALCO. LTD 30,367 110,687,715 1.79JPY

TDK CORP. 5,800 27,202,000 0.44JPY

TOHOKU ELECTRIC POWER 13,000 12,272,000 0.20JPY

TOKIO MARINE HOLDINGSINC. 31,400 71,309,400 1.15JPY

TOKYO ELECTRIC POWER 19,100 3,972,800 0.06JPY

TOKYO ELECTRON CO. LTD 11,700 55,399,500 0.90JPY

TOKYO GAS CO. LTD 70,000 27,300,000 0.44JPY

TOKYU LAND CORP. 95,000 38,475,000 0.62JPY

TONENGENERAL SEKIYU KKTOKYO 34,000 25,908,000 0.42JPY

TOSHIBA CORP. 201,000 73,164,000 1.18JPY

TOSOH CORP 77,000 17,710,000 0.29JPY

TOYO SUISAN KAISHA 17,000 36,533,000 0.59JPY

TOYODA GOSEI CO. LTD 16,500 26,581,500 0.43JPY

TOYOTA MOTOR CORP. 69,997 249,889,290 4.05JPY

TOYOTA TSUSHO CORP. 27,600 46,506,000 0.75JPY

UBE INDUSTRIES LTD 109,000 24,525,000 0.40JPY

USS CO. LTD TOKAI 4,350 36,496,500 0.59JPY

WEST JAPAN RAILWAY CO. 13,400 44,555,000 0.72JPY

YAMADA DENKI CO. LTD 7,290 37,689,300 0.61JPY

5,060,186,805 81.83

81.835,060,186,805TOTAL SHARES


5,060,186,805


18.17OTHER NET ASSETS LESS LIABILITIES 1,123,723,716

100.00TOTAL NET ASSETS 6,183,910,521



262

ASIA PACIFIC SYSTEMS 49,000 564,634 0.50KRW


SHARES

SOUTH KOREA

ASIANA AIRLINE INC 157,070 975,010 0.87KRW

BS FINL SHS 110,810 1,301,342 1.16KRW

CELLTRION INC. 45,800 1,494,310 1.33KRW

CRUCIALTEC 70,400 742,850 0.66KRW

DAELIM INDUSTRIAL CO. LTD 22,400 2,422,952 2.16KRW

DAEWOO SHIPBUILDING &MARINE ENGINEERING CO. 71,000 1,899,598 1.70KRW

DOOSAN INFRACORE CO.LTD 57,700 1,110,690 0.99KRW

FILA KOREA LTD 15,600 1,181,878 1.06KRW

GSENGINEERING&CONSTRUCTTION CORP. 17,100 1,508,420 1.35KRW

HAN KOOK TIREMANUFACTURING CO. 49,000 1,815,051 1.62KRW

HANA FINANCIAL GROUP INC. 57,000 2,149,134 1.92KRW


HYNIX SEMICONDUCTOR INC 105,650 2,728,702 2.44KRW

HYUNDAI DEPARTMENTSTORE CO. 11,635 1,787,625 1.60KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 60,800 1,334,107 1.19KRW

HYUNDAI FIRE & MARINE INSCO. 76,470 2,201,250 1.97KRW

HYUNDAI HEAVY INDUSTRIES 12,100 3,435,002 3.07KRW

HYUNDAI HOME SHOPPINGNETWORK 16,900 1,999,642 1.79KRW

HYUNDAI HYSCO 31,500 1,115,361 1.00KRW



HYUNDAI STEEL CO. 33,650 3,030,721 2.71KRW

KB FINANCIAL GROUP INC. 98,200 3,585,483 3.20KRW


KOREA ZINC CO. LTD 9,603 3,319,704 2.96KRW

KP CHEMICAL CORPORATION 37,100 506,131 0.45KRW

KUMHO PETRO SHS 5,205 652,634 0.58KRW

LG CHEMICAL LTD 11,423 3,732,008 3.33KRW

INVESTMENTS

Korean EquityStatement of investments as at 31 March 2012(expressed in USD)


LG CORP. 42,900 2,462,246 2.20KRW

LG DISPLAY CO. LTD 58,400 1,366,531 1.22KRW

LG FASHION CORP. 30,900 1,090,024 0.97KRW

LS CORP. 16,450 1,162,028 1.04KRW

PACIFIC CORP. 5,571 1,296,207 1.16KRW

POSCO 7,301 2,449,778 2.19KRW


SAMSUNG ENGINEERING CO.LTD 8,600 1,837,700 1.64KRW

SAMSUNG FIRE&MARINEINSURANCE 6,500 1,228,253 1.10KRW

SAMSUNG HEAVYINDUSTRIES 111,300 3,709,991 3.31KRW

SAMSUNG SDI CO. LTD 8,200 991,962 0.89KRW

SHINHAN FINANCIAL GROUP 124,897 4,824,927 4.31KRW

SK ENERGY 7,334 1,071,765 0.96KRW

SK HOLDINGS CO. LTD 9,100 1,185,207 1.06KRW


S-OIL CORP. 22,660 2,240,983 2.00KRW

106,757,604 95.32

95.32106,757,604TOTAL SHARES

ISHARES/MSCI SOUTHKOREA IND 57,341 3,407,202 3.04USD


UNITED STATES

3,407,202 3.04

3.043,407,202TOTAL EXCHANGE TRADED FUNDS


110,164,806





263


ALLIANCE OIL CO/SDR 552,667 6,063,586 0.97SEK


SHARES

BERMUDA ISLANDS

6,063,586 0.97



59,556,070 9.57

UNITED COMPANY RUSALPLC 15,406,000 11,806,084 1.90HKD

JERSEY

11,806,084 1.90





JSC SURGUTNEFTEGAZ/SADR 2,377,898 23,255,842 3.74USD


MMC NORILSK NICKEL /SADR 1,542,569 28,229,013 4.53USD

MOBILE TELESYSTEMSOJS/SADR 1,664,632 30,396,180 4.88USD

RUSHYDRO OJSC /SADR 2,164,554 7,935,255 1.27USD

210,652,863 33.82

NORD GOLD NV /SADR 3,528,361 21,699,420 3.49USD

NETHERLANDS

21,699,420 3.49





GROUPE LSR /SGDR REPR.SREG S 1,877,218 11,075,586 1.78USD

NOMOS BANK OJSC SHS/SGDR 1,154,403 16,704,211 2.68USD

NOVATEK OAO /SGDR 205,816 27,888,068 4.48USD

NOVOLIPETSK STEEL REGS/GDR 502,101 10,544,121 1.69USD

INVESTMENTS

Russia EquityStatement of investments as at 31 March 2012(expressed in USD)


PHOSAGRO OJSC /SGDR 727,564 7,537,563 1.21USD


TRUBNAYA METALL. KOMP./SGDR REG 894,878 11,071,094 1.78USD

URALKALITY /GDR 501,162 18,898,819 3.04USD

VNESHTORGBANK SGDR 6,383,198 29,017,986 4.66USD

192,582,944 30.93


GAZPROM NEFT OJSC /ADR 417,645 11,146,945 1.79USD



MECHEL OJSC /ADR 1,796,629 16,421,189 2.64USD

27,568,134 4.43



529,929,101

AEROFLOT MOSCOW 3,014,363 4,869,321 0.78USD


SHARES


TNK-BP HOLDING 4,615,207 14,783,643 2.38USD

19,652,964 3.16


CHERKIZOVO GROUP /SGDR 466,799 6,479,170 1.04USD



6,479,170 1.04



26,132,134

FSK EES 381,609,642 4,074,446 0.65USD


SHARES


IDGC HOLDING 39,875,393 4,417,436 0.71USD

RASPADSKAYA 824,548 3,044,343 0.49USD



264

RUSHYDRO OJSC 60 2 0.00USD

11,536,227 1.85


MAGNIT JSC 492,395 14,318,206 2.30USD




44,568,428 7.16






Russia EquityStatement of investments as at 31 March 2012(expressed in USD)


265


NOBLE GROUP LTD 3,000,000 3,296,309 4.45SGD


SHARES

BERMUDA ISLANDS

3,296,309 4.45

MEWAH INTERNATIONAL INC 2,274,000 959,608 1.30SGD

CAYMAN ISLANDS

959,608 1.30

AMTEK ENGINEERING 1,000 569 0.00SGD

SINGAPORE

CSE GLOBAL LTD 1,800,000 1,182,372 1.60SGD

DBS GROUP HOLDINGS LTD 630,000 7,112,861 9.60SGD

EZION HOLDINGS LTD 3,319,000 2,602,982 3.52SGD

FALCON ENERGY GROUPLIMITED 5,000,000 1,035,073 1.40SGD

FIRST RESSOURCES LTD 1,400,000 2,129,066 2.88SGD

HI-P INTERNATLIONAL LTD 2,000,000 1,568,534 2.12SGD

HYFLUX LTD 1,400,000 1,666,468 2.25SGD

JARDINE CYCLE & CARRIAGELTD 67,000 2,576,082 3.48SGD

KEPPEL CORP. LTD 800,000 7,000,277 9.46SGD

OLAM INTERNATIONAL LTD 1,700,000 3,194,395 4.31SGD

OVERSEA-CHINESE BANKCORP. 999 7,095 0.01SGD

ROTARY ENGINEERING 2,100,000 1,187,149 1.60SGD

SEMBCORP INDUSTRIES LTD 740,000 3,110,952 4.20SGD

SINGAPORE POST LTD 1,000,000 812,134 1.10SGD

SINGAPORE TELECOM/BOARD LOT 1000 2,500,000 6,270,154 8.47SGD

STRAITS ASIA RESOURCESLTD 1,500,000 2,782,754 3.76SGD

STX OSV HOLDINGS 2,300,000 3,232,215 4.37SGD

SWIBER HOLDINGS LTD 2,064,000 1,101,063 1.49SGD

UTD OVERSEAS BANK /LOCAL 500,000 7,305,226 9.86SGD

VENTURE CORPORATION LTD 500,000 3,391,855 4.58SGD

WHEELOCK PROPERTY(SINGAPORE) LTD 500,000 750,428 1.01SGD

WILMAR INTERNATIONALLTD 500,000 1,950,715 2.63SGD

WING TAI HOLDINGS 740,000 754,170 1.02SGD

INVESTMENTS

Singapore EquityStatement of investments as at 31 March 2012(expressed in USD)



YONGNAM HOLDINGS LTD 7,000,000 1,421,235 1.92SGD

67,110,910 90.65



71,366,827






266

TPK HOLDINGS CO. 6,750 109,206 0.53TWD


SHARES

CAYMAN ISLANDS

109,206 0.53

ADVANCEDSEMICONDUCTOR ENG. INC. 516,339 519,590 2.52TWD

TAIWAN

ASUSTEK COMPUTER INC. 44,760 422,361 2.05TWD

CATCHER TECHNOLOGY CO.LTD 32,000 226,061 1.10TWD

CATHAY FINANCIAL HOLDING 340,578 387,726 1.88TWD

CHINA STEEL 827,970 845,806 4.10TWD

CHINATRUST FINANCIALHOLDING CO. 1,296,440 814,827 3.95TWD

CHUNGHWA TELECOM CO.LTD 55,194 169,991 0.82TWD

E SUN FINANCIAL HOLDINGLTD 831,891 456,615 2.21TWD

EVA AIRWAYS CORP. 400,000 245,983 1.19TWD

FAR EASTERN TEXTILE LTD 208,292 241,008 1.17TWD

FAR EASTONE TELECOM. CO.LTD 218,000 446,870 2.17TWD

FIRST FINANCIAL HOLDINGCO. 399,000 239,961 1.16TWD

FLEXIUM INTERCONNECTINC. 111,000 449,428 2.18TWD

FORMOSA CHEMICALS &FIBER CO. 235,000 686,348 3.33TWD

FORMOSA PLASTICS 343,000 1,009,911 4.90TWD

FOXCONN TECHNOLOGY CO.LTD 68,000 281,085 1.36TWD

FUBON FINANCIAL HOLDINGCO. LTD 544,491 613,411 2.97TWD

HON HAI PRECISIONINDUSTRY CO. LTD 472,388 1,832,623 8.88TWD

HON HAI PRECISIONINDUSTRY /GDR 25,906 202,067 0.98USD

HTC CORP. 50,191 1,015,240 4.92TWD

KINSUS INTERCONNECTTECHN.CORP 97,000 310,908 1.51TWD

LARGAN PRECISION CO. LTD 12,000 235,819 1.14TWD

MEDIA TEK INCORPORATION 72,082 689,945 3.34TWD

INVESTMENTS

Taiwan EquityStatement of investments as at 31 March 2012(expressed in USD)


MEGA FINANCIAL HOLDINGCOMPANY 1,188,400 839,533 4.07TWD

NAN YA PLASTICS CORP. 298,000 673,459 3.26TWD

PRESIDENT CHAIN STORECORP. 101,000 561,221 2.72TWD

PRINCE HOUSINGDEVELOPMENT CO. 434,230 325,884 1.58TWD

QUANTA COMPUTER INC. 136,000 356,195 1.73TWD

RADIANT OPTOELECTRONICS CORP. 83,000 368,399 1.79TWD

SYNNEX TECHNOLOGYINTERNATIONAL 139,000 345,214 1.67TWD

TAIWAN CEMENT CORP. 233,000 272,755 1.32TWD

TAIWAN SEMICONDUCTORMANUFACTURING 513,834 1,478,085 7.16TWD

UNIMICRON TECHNOLOGYCORP. 209,000 259,177 1.26TWD

UNITED MICROELECTRONICCORP 792,000 387,759 1.88TWD

YUANTA FINANCIAL HOLDINGCO. 588,792 306,224 1.48TWD

18,517,489 89.75


CHUNGHWA TELECOM CO/SADR 7,211 222,027 1.08USD


TAIWAN

QUANTA COMPUTER INC./SADR 34,008 445,344 2.16USD

TAIWAN SEMICONDUCTORMANUFACTURING/SADR 37,876 573,820 2.78USD

1,241,191 6.02


FAR EASTONE TELECOM/GDR 7,212 221,752 1.08USD


TAIWAN

FUBON FINANCIAL /SP.GDR 8,266 93,122 0.45USD

314,874 1.53



20,182,760


267


SIMPLO TECHNOLOGY CO. 16,000 120,620 0.58TWD


SHARES

TAIWAN

ST.SHINE OPT 12,000 155,722 0.76TWD

276,342 1.34



276,342




Taiwan EquityStatement of investments as at 31 March 2012(expressed in USD)



268

A.J.PLAST PUBLICCO/FOR.REG. 3,000,000 1,517,490 1.05THB


SHARES

THAILAND

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 26,000,000 5,142,605 3.57THB

ASIAN PROPERTYDEVELOPMENT PUBLIC CO. 120 24 0.00THB

BANGCHAK PETROLEUM PCL 8,800,000 6,762,558 4.70THB

BANGKOK BANK PUBLIC/FOREIGN 806,000 5,070,103 3.52THB

BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 93,900 563,271 0.39THB

BANK OF AYUDHYA PUBLIC/FOREIGN REG. 2,000,000 1,783,375 1.24THB

BANPU PUBLIC CO. LTD/FOR.REG 220,000 4,351,435 3.02THB

ELECTRICITY GENERATING /FOREIGN REG 1,000,000 3,015,525 2.10THB

GFPT PUBLIC CO - FOREIGNREG. 130,600 43,617 0.03THB

GLOW ENERGY PUBLIC CO.LTD 2,500,000 4,985,344 3.47THB

HANAMICROELECTRONICS/FOREIGN REG. 3,674,600 2,609,361 1.81THB

INDORAMA VENTURES/FOREIGN REG 9,950,000 12,179,235 8.47THB

JASMINE INTERNATIONALPUBLIC 33,000,000 2,996,070 2.08THB

KASIKORNBANK PUBLICCOMPANY FOR. REG 500,000 2,537,256 1.76THB

KASIKORNBANK PUBLICCOMPANY LTD /NVDR 2,100,000 10,486,245 7.29THB

KRUNG THAI BANK /FOREIGN.REG. 9,500,000 5,390,656 3.75THB

LPN DEVELOPMENT PUB. /FOR. REG 10,000,000 5,025,875 3.49THB

PRECIOUS SHIPPINGPUBL/FOREIGN 1,000,000 515,558 0.36THB

PRUKSA REAL ESTATE /REIT 4,000,000 1,958,470 1.36THB

PTT EXPL. PROD.PUBLIC/FOR. REG 500,000 2,829,081 1.97THB

INVESTMENTS

Thai EquityStatement of investments as at 31 March 2012(expressed in USD)


PTT GLOBAL PUBLIC COFOREI REG 5,349,984 12,316,599 8.57THB


SHIN CORP /FOREIGN REG. 3,500,000 6,695,763 4.65THB

SIAM CEMENT PUBLIC /NVDR 400,000 4,604,350 3.20THB

SIAM COMMERC.BANKPUBL./FOR.REG 2,800,000 13,028,364 9.07THB

SRI TRANG AGRO-IND 3,000,000 2,033,048 1.41THB

SUPALAI PUBLIC CO. LTD/FOREIGN 10,500,000 5,311,215 3.69THB

THAI AIRWAYSINTERNATIONAL /FOREIGNREG 300 250 0.00THB

THAI OIL PUBLIC CO. /FOR.REG. 2,300,000 5,406,869 3.76THB

THAI UNIONFROZEN/FOREIGN REG. 450,300 1,033,019 0.72THB

135,931,856 94.49

94.49135,931,856TOTAL SHARES

BANK OF AYUDHYA /NON-VOT DEP. RECEIPT 900,000 787,928 0.55THB

UNIT SHARES

THAILAND

787,928 0.55

0.55787,928TOTAL - UNIT SHARES


136,719,784





269


AKBANK 2,337,000 6,880,626 5.76TRY


SHARES

TURKEY

ANADOLU EFES BIRACILIK VEMALT 184,594 1,933,250 1.62TRY

ANADOLU HAYAT EMEKLILIKAS 1,145,224 1,854,481 1.55TRY

ANEL ELEKTRIK A.S 1,250,000 1,156,655 0.97TRY

ASYA KATILIM BANKASI A.S 1,000,000 824,380 0.69TRY

BANVIT BANDIRMA 135,293 200,304 0.17TRY

BIM BIRLESIK MAGAZALARAS 77,000 2,186,078 1.83TRY

BIMEKS BILGI ISLEM 620,000 743,203 0.62TRY

BIZIM TOPTAN SATISMAGAZALARI 140,000 1,433,832 1.20TRY

COCA COLA ICECEK SANAYI 116,851 1,118,111 0.94TRY

EMLAK KONUT GAYR.REIT/IPO 6,000,000 5,854,778 4.90TRY

ENKA INSAAT VE SANAYI AS 1,903,038 4,546,393 3.80TRY

HURRIYET GAZETE 1,308,105 649,226 0.54TRY

KARDEMIR KARABUK -D- 5,550,000 2,194,280 1.84TRY

KOC HOLDING AS 485,364 1,478,010 1.24TRY

KOZA ALTIN ISLETMELE A.S 98,396 1,398,831 1.17TRY

KOZA ANAD SHS ISSUE 2012 1,583,689 2,071,579 1.73TRY

MIGROS TICARET 470,000 3,212,347 2.69TRY

SABANCI HOLDING 917,814 2,957,023 2.47TRY

SINPAS GAYRIM YATITIM 4,600,000 2,611,938 2.19TRY

TAV HAVALIMALARI HOLDINGAS 370,000 1,381,929 1.16TRY

TEKFEN HOLDING AS 1,246,011 3,238,781 2.71TRY

TOFAS TURK OTOMOBILFABRIKASI 700,000 2,243,490 1.88TRY

TUPRAS TURKIYE PETROLRAFINEL 215,000 4,114,538 3.44TRY

TURCAS PETROL AS 1,499,622 1,703,008 1.42TRY

TURK HAVA YOLLARI AO 5,300,000 5,795,894 4.85TRY

TURK TELEKOMUNIKASYON 1,699,000 5,531,024 4.63TRY

TURKCELL ILETISIM HIZMET 1,295,000 4,967,476 4.16TRY

TURKIYE GARANTI BANKASI 4,100,000 12,174,740 10.18TRY

TURKIYE HALK BANKASI AS 1,554,000 8,333,595 6.96TRY

TURKIYE IS BANKASI AS C 6,392,123 11,802,685 9.87TRY

INVESTMENTS

Turkey EquityStatement of investments as at 31 March 2012(expressed in EUR)


TURKIYE VAKIFLAR BANKASITAO 4,100,000 5,828,701 4.88TRY

YAPI KREDI BANKASA 5,100,000 7,722,250 6.46TRY

120,143,436 100.52

100.52120,143,436TOTAL SHARES


120,143,436






270

ITHACA ENERGY INC 1,229,338 2,458,676 3.15GBP


SHARES

CANADA

2,458,676 3.15

BARCLAYS PLC 1,334,739 3,132,632 4.01GBP

GREAT BRITAIN

BG GROUP PLC 213,135 3,067,279 3.93GBP

BHP BILLITON PLC 162,161 3,102,140 3.97GBP

BP PLC 666,351 3,078,208 3.94GBP

BRITISH AMERICANTOBACCO 98,440 3,102,337 3.97GBP

BT GROUP PLC 711,513 1,600,904 2.05GBP

CAPITA GRP 424,680 3,121,398 4.00GBP

CENTRICA PLC 995,568 3,151,968 4.04GBP

COMPASS GROUP PLC 480,401 3,153,833 4.04GBP

GLAXOSMITHKLINE PLC 218,206 3,045,065 3.90GBP

GREGGS PLC 302,886 1,574,280 2.02GBP

HOMESERVE PLC 466,411 1,091,402 1.40GBP

HSBC HOLDINGS PLC 1,119,681 6,200,793 7.93GBP

INMARSAT PLC 336,663 1,548,650 1.98GBP

KINGFISHER PLC 1,116,990 3,433,627 4.40GBP

PETROFAC LTD 190,228 3,283,716 4.21GBP

PRUDENTIAL PLC 217,264 1,619,703 2.07GBP

RECKITT BENCKISER GROUPPLC 87,347 3,080,074 3.94GBP

UNILEVER PLC 156,670 3,236,802 4.15GBP

VODAFONE GROUP PLC 1,902,464 3,273,189 4.19GBP

WM MORRISONSUPERMARKETS PLC 1,056,675 3,151,005 4.04GBP

WS ATKINS PLC 213,508 1,569,284 2.01GBP

XSTRATA PLC 274,618 2,924,682 3.75GBP

65,542,971 83.94

RESOLUTION 1,114,314 2,919,503 3.74GBP

GUERNSEY

2,919,503 3.74

RYANAIR HOLDINGS PLC 867,626 3,209,437 4.11EUR

IRELAND

3,209,437 4.11

INVESTMENTS

UK EquityStatement of investments as at 31 March 2012(expressed in GBP)


VIRGIN MEDIA INC 98,417 1,519,558 1.95GBP

UNITED STATES

1,519,558 1.95



75,650,145





271


ACCENTURE PLC 21,761 1,398,797 0.77USD


SHARES

IRELAND

1,398,797 0.77

ACE LTD 15,744 1,148,682 0.63USD

SWITZERLAND

1,148,682 0.63

ABBOTT LABORATORIES INC. 30,000 1,834,800 1.01USD

UNITED STATES

ADVANCED MICRO DEVICESINC. 108,805 869,352 0.48USD

AETNA INC. 26,435 1,338,140 0.74USD

AFLAC INC. 15,000 683,850 0.38USD

ALTRIA GROUP 22,047 678,827 0.37USD

AMERICAN EXPRESS CO. 27,807 1,603,908 0.88USD

AMGEN INC. 17,000 1,147,330 0.63USD

APACHE CORP. 15,523 1,548,419 0.85USD

APPLE INC. 12,871 7,756,064 4.28USD

AT & T 42,089 1,314,019 0.72USD

AUTOZONE INC. 1,802 671,497 0.37USD

BANK OF AMERICA CORP. 35,361 332,393 0.18USD

BED BATH & BEYOND INC. 17,000 1,122,510 0.62USD

BERKSHIRE HATHAWAY -B- 21,410 1,732,925 0.95USD

BIG LOTS 21,260 914,180 0.50USD

BMC SOFTWARE INC. 23,000 924,600 0.51USD

BOEING CO. 20,330 1,501,777 0.83USD

CAPITAL ONE FINANCIALCORP. 23,791 1,325,872 0.73USD

CAREMARK GROUP 33,344 1,485,809 0.82USD

CATERPILLAR INC. 13,980 1,488,171 0.82USD

CBRE GROUP -A- 40,000 792,400 0.44USD

CELGENE CORP. 15,947 1,231,427 0.68USD

CF INDUSTRIES HOLDINGSINC. 5,726 1,047,114 0.58USD

CHESAPEAKE ENERGY 32,907 754,558 0.42USD

CHEVRON CORPORATION 32,690 3,486,389 1.92USD

CHUBB CORP. 13,786 950,683 0.52USD

CINTAS 16,855 655,491 0.36USD

CISCO SYSTEMS INC. 109,788 2,313,782 1.27USD

INVESTMENTS

US EquityStatement of investments as at 31 March 2012(expressed in USD)



CLIFFS NATURALRESOURCES INC. 11,082 769,202 0.42USD

CMS ENERGY CORP. 35,462 779,809 0.43USD

COACH INC. 17,324 1,332,562 0.73USD

COCA-COLA CO. 13,159 969,687 0.53USD

COMPUTER ASSOCIATESINTERNATIONAL INC. 33,187 916,293 0.50USD

CONAGRA FOODS INC. 23,382 614,947 0.34USD

CONOCOPHILLIPS 26,325 1,997,804 1.10USD

CONSOLIDATED EDISON INC. 10,688 622,897 0.34USD

CONSTELLATION BRAND -A- 43,815 1,040,168 0.57USD

CSX CORP. 46,339 1,001,386 0.55USD

DAVITA INC. 13,163 1,178,615 0.65USD

DEERE & CO. 14,000 1,133,580 0.62USD

DELL INC. 67,114 1,124,495 0.62USD

DEVON ENERGY CORP. (NEW) 16,453 1,160,430 0.64USD

DIRECTV 35,674 1,751,237 0.96USD

DISCOVER FIN SVC 32,218 1,055,462 0.58USD

DTE ENERGY COMPANY 11,750 648,130 0.36USD

ECOLAB INC. 12,500 771,500 0.42USD

ELI LILLY & CO. 30,000 1,204,200 0.66USD

ENTERGY CORP. 16,356 1,094,380 0.60USD

EXXON MOBIL CORP. 69,676 6,012,341 3.31USD

FORD MOTOR CO. 96,013 1,194,402 0.66USD

GAP INC. 43,876 1,149,112 0.63USD

GENERAL ELECTRIC CO. 83,699 1,673,143 0.92USD

GILEAD SCIENCES INC. 28,000 1,361,640 0.75USD

GOODYEAR TIRE & RUBBER 45,000 504,450 0.28USD

GOOGLE INC. -A- 2,180 1,408,498 0.78USD

GRAINGER INC..WW 4,054 872,056 0.48USD

HALLIBURTON CO. 41,368 1,365,558 0.75USD

HARRIS CORP. 21,690 972,580 0.54USD

HEINZ (H.J.) CO. 20,056 1,070,188 0.59USD

HELMERICH & PAYNE 13,070 691,926 0.38USD

HONEYWELLINTERNATIONAL INC. 22,151 1,348,553 0.74USD

HUMANA INC. 9,465 874,850 0.48USD

IBM CORP. 20,728 4,318,056 2.38USD

INTEL CORP. 90,820 2,554,767 1.41USD

INTERCONTINENTALEXCHANGE INC. 5,500 747,175 0.41USD

JOHNSON & JOHNSON 22,000 1,448,260 0.80USD



272

JP MORGAN 68,555 3,123,366 1.72USD

KROGER CO. 49,169 1,189,890 0.66USD

MATTEL INC. 28,770 974,440 0.54USD

MCDONALD S CORP. 18,336 1,794,728 0.99USD

MCGRAW HILL COMPANIESINC. 29,760 1,433,539 0.79USD

MEDTRONIC INC. 34,000 1,327,020 0.73USD

METROPCSCOMMUNICATIONS INC. 68,000 611,320 0.34USD

MICROSOFT CORP. 116,777 3,752,044 2.07USD

NASDAQ OMX GROUP INC. 28,000 721,280 0.40USD

NEWMONT MINING CORP. 18,014 916,012 0.50USD

NIKE INC. -B- 10,057 1,090,380 0.60USD

NORFOLK SOUTHERN CORP. 17,500 1,157,800 0.64USD

OCCIDENTAL PETROLEUMCORP. 21,327 2,017,534 1.11USD

OMNICOM GROUP INC. 29,332 1,470,413 0.81USD

PFIZER INC. 122,962 2,787,549 1.53USD

PHILIP MORRISINTERNATIONAL 32,660 2,886,491 1.59USD

PNC FINANCIAL SERVICES GP 18,048 1,152,726 0.63USD

PPG INDUSTRIES INC. 10,832 1,036,622 0.57USD

PROCTER & GAMBLE CO. 24,796 1,666,787 0.92USD

PROLOGIS INC. 19,783 704,077 0.39USD

PUBLIC SERVICESENTERPRISE 28,979 883,570 0.49USD

QUALCOMM INC. 30,235 2,053,259 1.13USD

SLM CORP. 49,457 773,013 0.43USD

SOUTHWEST AIRLINES CO. 70,000 577,500 0.32USD

TARGET CORP. 26,147 1,520,710 0.84USD

TIME WARNER CABLE 18,748 1,514,463 0.83USD

TJX COS INC. 28,910 1,133,850 0.62USD

TORCHMARK CORP. 17,293 859,981 0.47USD

TYSON FOODS INC. -A- 61,408 1,175,349 0.65USD

UNION PACIFIC CORP. 11,718 1,264,372 0.70USD

UNITED TECHNOLOGIESCORP. 21,669 1,792,460 0.99USD

UNITEDHEALTH GROUP INC. 28,459 1,679,935 0.92USD

US BANCORP. 48,947 1,534,488 0.84USD

VERIZON COMMUNICATIONS-I- 67,555 2,569,117 1.41USD

VORNADOREAL.TRUST/BEN.IN 12,219 1,021,753 0.56USD

WAL-MART STORES INC. 40,338 2,463,845 1.36USD

US EquityStatement of investments as at 31 March 2012(expressed in USD)


WELLS FARGO & CO. 91,999 3,117,846 1.72USD

WESTERN UNION COMPANY 63,986 1,136,391 0.63USD

3M CO. 17,000 1,510,960 0.83USD

153,372,511 84.44

85.84155,919,990TOTAL SHARES


155,919,990





273


C SHASHU 6.5% 11-22.07.14 4,000,000 614,857 0.76CNY


BONDS

CAYMAN ISLANDS

EVERGRANDE 7.5% 11-19.01.14 8,000,000 1,149,568 1.41CNY

1,764,425 2.17

RUSSIA 5.625% 12- 04.04.42 600,000 604,206 0.74USD


604,206 0.74

LOTTE SHOP 4% 12-09.02.15 7,500,000 1,199,878 1.48CNY

HONG KONG

1,199,878 1.48

BK DANAMON 10.6% 07-19.04.12 3,000,000,000 330,098 0.41IDR

INDONESIA

GOV INDONESIA 7% 11-15.05.27 17,560,000,000 2,038,079 2.50IDR

INDONESIA 8.375% 10-15.09.26 9,500,000,000 1,224,305 1.51IDR

PLN 5.5% 11-22.11.21 1,000,000 1,049,510 1.29USD

4,641,992 5.71

MALAYAN BANKING 6% (FRN)08-PERP 750,000 643,649 0.79SGD

MALAYSIA

MALAYSIA 3.58% 11-28.09.18 3,000,000 981,324 1.21MYR

1,624,973 2.00

PETRON 7% 10-10.11.17 /USD 70,000,000 1,668,684 2.05PHP

PHILIPPINES

PHILIPPINES 4.95% 10-15.01.21 /USD 40,000,000 966,702 1.19PHP

2,635,386 3.24

OLAM INTL 6% 11-10.08.18 1,500,000 1,240,554 1.53SGD

SINGAPORE

SINGAPORE 2.25% 11-01.06.21 2,500,000 2,092,550 2.59SGD

SINGAPORE 2.375% 10-01.04.17 1,000,000 864,772 1.06SGD

SINGAPORE 2.75% 12-01.04.42 1,000,000 787,937 0.97SGD

INVESTMENTS

Asian Currencies Bond (launched as at 27 April 2011)Statement of investments as at 31 March 2012(expressed in USD)


Face Value

SINGAPORE 3.25% 05-01.09.20 1,000,000 900,517 1.11SGD

5,886,330 7.26

BK OF KOREA 3.83% 11-02.04.13 3,000,000,000 2,643,571 3.25KRW

SOUTH KOREA

KDB 7% 11-03.05.12 10,000,000 195,456 0.24INR

2,839,027 3.49

THAILAND GOV 3.125% 10-11.12.15 40,000,000 1,278,168 1.57THB

THAILAND

THAILAND GOV 5.25% 07-12.05.14 60,000,000 2,019,594 2.49THB

3,297,762 4.06

RAINBOW 3% 11-30.06.16 2,000,000 303,754 0.37CNY

VIRGIN ISLANDS

303,754 0.37

30.5224,797,733TOTAL BONDS

DAH SING BANK (FRN) 12-09.02.22 1,000,000 807,783 0.99SGD

FLOATING RATE BONDS

HONG KONG

807,783 0.99

MALAYAN BANK 3.8% (FRN)11-28.04.21 750,000 599,713 0.74SGD

MALAYSIA

599,713 0.74

DBS BANK 3.3% (FRN) 12-21.02.22 2,000,000 1,594,904 1.97SGD

SINGAPORE

UOBSP FRN 11-01.04.21 1,000,000 807,425 0.99SGD

2,402,329 2.96

4.693,809,825TOTAL FLOATING RATE BONDS


28,607,558


Face Value


274

BK DANAMON 8.75% 10-09.12.13 5,000,000,000 564,978 0.70IDR


BONDS

INDONESIA

INDONESIA 7% 11-15.05.22 20,000,000,000 2,370,247 2.91IDR

INDONESIA 9.5% 10-15.07.31 2,500,000,000 351,378 0.43IDR

PT INDOFOOD 10.0125% 07-15.05.12 3,000,000,000 330,692 0.41IDR

PT INDOSAT TBK 10.2% 07-29.05.14 3,000,000,000 340,855 0.42IDR

3,958,150 4.87

CAGAMAS BHD 4.21% 99-31.10.12 4,000,000 1,313,680 1.62MYR

MALAYSIA

MALAYSIA 3.434% 11-15.08.14 8,000,000 2,630,129 3.23MYR

MALAYSIA 4.232% 11-30.06.31 2,500,000 829,092 1.02MYR

MALAYSIA 4.26% 06-15.09.16 2,000,000 679,246 0.84MYR

MALAYSIA 4.392% 11-15.04.26 3,000,000 1,024,578 1.26MYR

6,476,725 7.97

PHILIPPINES 5.875% 08-31.01.18 90,000,000 2,223,869 2.74PHP

PHILIPPINES

PHILIPPINES 8% 11-19.07.31 80,000,000 2,304,756 2.83PHP

4,528,625 5.57

SINGAPORE 1.125% 11-01.04.16 1,500,000 1,229,595 1.51SGD

SINGAPORE

SINGAPORE 2.5% 09-01.06.19 700,000 602,024 0.74SGD

SINGAPORE 3.5% 07-01.03.27 2,000,000 1,819,634 2.24SGD

3,651,253 4.49

BANK OF KOREA 3.62% 10-02.04.12 1,000,000,000 881,983 1.09KRW

SOUTH KOREA

BANK OF KOREA 3.81% 10-02.08.12 1,000,000,000 883,695 1.09KRW

EIBK 1.57% 10-24.05.12 750,000 597,623 0.74SGD

KOREA 4.25% 11-10.06.21 6,000,000,000 5,416,594 6.67KRW

KOREA 5% 10-10.06.20 3,000,000,000 2,843,105 3.50KRW



Face Value

KOREA 5.75% 08-10.09.18 1,000,000,000 977,921 1.20KRW

11,600,921 14.29

THAILAND GOV 2.8% 10-10.10.17 220,000,000 6,814,741 8.39THB

THAILAND

THAILAND GOV 3.45% 11-08.03.19 40,000,000 1,274,607 1.57THB

8,089,348 9.96

47.1538,305,022TOTAL BONDS

THAILAND GOV 1.2% 11-14.07.21/CPI 50,000,000 1,680,891 2.07THB

INFLATION INDEX BOND

THAILAND

1,680,891 2.07

2.071,680,891TOTAL INFLATION INDEX BOND


39,985,913

MALAYSIA 4.012% 10-15.09.17 10,000,000 3,355,475 4.12MYR


BONDS

MALAYSIA

3,355,475 4.12

PHILIPPINES 5.875% 12-01.03.32 40,000,000 931,090 1.15PHP

PHILIPPINES

931,090 1.15

KOREA 4%11-10.03.16 3,000,000,000 2,679,735 3.30KRW

SOUTH KOREA

2,679,735 3.30

8.576,966,300TOTAL BONDS

CAPITALAND COM 2.875%09-03.09.16 CV 500,000 387,655 0.48SGD

CONVERTIBLE BONDS

SINGAPORE

387,655 0.48

0.48387,655TOTAL CONVERTIBLE BONDS




Face Value

275






Face Value


276

BRAZIL 0% 11-01.01.14 13,600 6,353,724 10.76BRL


BONDS

BRAZIL

BRAZIL 0% 11-01.07.13LETRAS TES 23,205 11,420,881 19.33BRL

BRAZIL 10% 07-01.01.13 200 110,532 0.19BRL

BRAZIL 10% 07-01.01.17 15,800 8,458,048 14.33BRL

BRAZIL 10% 10-01.01.21 7,100 3,671,106 6.22BRL

BRAZIL 10.25% 07-10.01.28 1,500,000 984,621 1.67BRL

30,998,912 52.50

52.5030,998,912TOTAL BONDS


PLACEMENTS

BRAZIL


4,382,961 7.42

7.424,382,961PLACEMENTS

BRAZIL FRN 09-07.03.13 482 1,361,255 2.31BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL 0% 11-01.01.15 LTN 23,000 9,648,608 16.34BRL

11,009,863 18.65



46,391,736

BRAZIL 0% 08-07.03.14 238 672,534 1.14BRL


BONDS

BRAZIL

BRAZIL 10% 06-01.01.14 S.F 6,100 3,366,706 5.70BRL

BRAZIL 10% 12-01.01.18 2,000 1,060,099 1.80BRL

INVESTMENTS

Brazil BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

BRAZIL 6% 09-15.08.14/INFL 2,000 2,445,534 4.14BRL

7,544,873 12.78


BRAZIL FRN 07-07.03.13 232 655,210 1.11BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL FRN 08-07.09.12 50 141,173 0.24BRL

796,383 1.35

1.35796,383TOTAL FLOATING RATE BONDS


8,341,256





Face Value

277


BRAZIL 6% 04-15.05.45 N.TES. 9,700 12,776,220 9.18BRL


BONDS

BRAZIL

12,776,220 9.18

BCO CTRL CHILE 3% 08-01.07.13 85,000 4,028,187 2.89CLP

CHILE

4,028,187 2.89

ISRAEL 3.5% 08-30.04.18 CPI 14,100,000 4,875,955 3.50ILS

ISRAEL

ISRAEL 4% 01-30.07.21 /INFL 22,800,000 9,080,340 6.53ILS

13,956,295 10.03

MEXICO 3.5% 08-14.12.17 CPI 95,000 3,843,008 2.76MXN

MEXICO

MEXICO 4% 09-13.06.19/INFL 96,000 4,016,279 2.89MXN

MEXICO 4.5% 04-18.12.14/INFL 167,000 6,684,837 4.80MXN

MEXICO 4.5% 06-22.11.35UDIBONOS 228,000 9,653,244 6.95MXN

24,197,368 17.40

39.5054,958,070TOTAL BONDS

ISRAEL 0.5% 10-30.06.13 CPI 26,300,000 7,473,857 5.37ILS

FLOATING RATE BONDS

ISRAEL

7,473,857 5.37


POLAND FRN 04-24.08.16 IZ0816 6,700,000 2,790,029 2.00PLN


POLAND

POLAND 2.75% 08-25.08.23/INFL 13,500,000 4,843,761 3.48PLN

7,633,790 5.48

SOUTH AFRICA FRN 00-31.03.13/CPI 27,000,000 7,567,067 5.44ZAR

SOUTH AFRICA

INVESTMENTS

Emerging Inflation Linked Bond (launched as at 30 June2011)Statement of investments as at 31 March 2012(expressed in USD)


Face Value

SOUTH AFRICA 5.5% 01-07.12.23/INFL 39,100,000 12,611,813 9.06ZAR

20,178,880 14.50

TURKEY FRN 09-21.05.14 CPI 700,000 553,795 0.40TRY

TURKEY

TURKEY 3% 11-06.01.21/CPI 8,800,000 5,269,670 3.79TRY

TURKEY 4% 10-29.04.15/TUCPI 21,000,000 13,900,350 9.98TRY

19,723,815 14.17



109,968,412

BRAZIL 6% 03-15.05.15 S.B /INDEX 3,300 4,057,160 2.92BRL


BONDS

BRAZIL

BRAZIL 6% 08-15.05.13 / IPCA 9,500 11,465,150 8.23BRL

15,522,310 11.15

11.1515,522,310TOTAL BONDS

KOREA 2.75% 10-10.6.20/CPI 3,000,000,000 3,239,909 2.33KRW


SOUTH KOREA

3,239,909 2.33



18,762,219

BRAZIL 6% 06-15.05.35S.NTNB 3,900 5,086,258 3.65BRL


BONDS

BRAZIL

5,086,258 3.65






Face Value


278


Emerging Inflation Linked Bond (launched as at 30 June2011)Statement of investments as at 31 March 2012(expressed in USD)


Face Value

279


TELSTRA 3.75% 11-16.05.22 400,000 417,410 0.48EUR


BONDS

AUSTRALIA

417,410 0.48

AUSTRIA 3.2% 10-20.02.17 1,600,000 1,715,480 1.95EUR

AUSTRIA

1,715,480 1.95

BELGIUM 2.75% 10-28.03.16 1,000,000 1,028,950 1.17EUR

BELGIUM

BELGIUM 3.5% 09-28.03.15 1,000,000 1,054,225 1.20EUR

BELGIUM 3.75% 05-28.09.15OLO46 1,500,000 1,598,550 1.82EUR

BELGIUM 3.75% 10-28.09.20OLO 1,000,000 1,042,725 1.19EUR

4,724,450 5.38

SAMPO BANK 4.25% 12-27.02.17 875,000 908,618 1.03EUR

FINLAND

908,618 1.03

AFD 3.75% 12-15.02.27 2,000,000 2,004,609 2.28EUR

FRANCE

BFCM 6.50% 01-19.07.13EMTN 1,000,000 1,043,100 1.19EUR

BNP PARIBAS 5.25% 02-17.12.12 EMTN 1,000,000 1,024,065 1.17EUR

BPCE SFH 4% 11-23.03.22 S6 1,000,000 1,062,535 1.21EUR

CARREFOUR 4.375% 06-02.11.16 800,000 861,072 0.98EUR

CCBP 9.25% 09-PERP 400,000 360,184 0.41EUR

CNP ASSURANCES 4.75% 06-PERP. 250,000 168,745 0.19EUR

CR AGR 3.875% 12-13.02.19 700,000 709,909 0.81EUR

CRH 3.3% 10-23.09.22 1,350,000 1,373,645 1.56EUR

CRH 3.75%10-19.02.20 1,000,000 1,072,100 1.22EUR

FRANCE 3.5% 04-25.04.15OAT 1,000,000 1,076,550 1.23EUR

FRANCE 3.75% 05-25.04.21OAT 2,000,000 2,158,199 2.46EUR

RFF 4.375% 06-02.06.22 1,000,000 1,104,350 1.26EUR

INVESTMENTS

Euro BondStatement of investments as at 31 March 2012(expressed in EUR)


Quantity/Facevalue

SCOR ASSIST 6.154% 06-PERP. 250,000 213,391 0.24EUR

SOCGEN 3.75% 12-01.03.17 500,000 517,978 0.59EUR

ST GOBAIN 3.625% 12-28.03.22 225,000 224,847 0.26EUR

VIVENDI 4.125% 12-18.07.17 300,000 313,733 0.36EUR

15,289,012 17.42

DAIGR 2.625% 12-02.04.19 1,800,000 1,796,310 2.05EUR

GERMANY

GERMANY 2.5% 10-04.01.21 1,200,000 1,285,560 1.46EUR

GERMANY 3.25% 09-04.01.20 400,000 453,230 0.52EUR

GERMANY 3.5% 09-04.07.19 1,200,000 1,378,860 1.57EUR

GERMANY 4% 05-04.01.37 2,500,000 3,181,625 3.62EUR

GERMANY 4.75% 98-04.07.28 800,000 1,040,720 1.19EUR

GERMANY 5.50% 00-04.01.31 1,150,000 1,654,706 1.88EUR

KFW 3.125% 11-15.06.18 2,000,000 2,161,570 2.46EUR

12,952,581 14.75

BARCLAYS BANK 4.75% 05-PERP. 1,000,000 565,075 0.64EUR

GREAT BRITAIN

BP PLC 2.177% 12-16.02.16 700,000 710,437 0.81EUR

BPCM 2.994% 12-18.02.19 250,000 256,003 0.29EUR

HSBC 3.875% 11-24.10.18 1,050,000 1,124,539 1.29EUR

LLOYDS 3.375% 10-17.03.15 1,000,000 1,046,610 1.19EUR

LLOYDS 4.625% 12-02.02.17 900,000 922,968 1.05EUR

4,625,632 5.27

ENI 4.25% 12-03.02.20 300,000 316,938 0.36EUR

ITALY

ITALY 3.75% 05-01.08.15 BTP 1,000,000 1,007,125 1.15EUR

ITALY 3.75% 10-01.03.21 BTP 2,100,000 1,940,768 2.21EUR

ITALY 4% 06-01.02.17 BTP 2,000,000 1,997,399 2.27EUR

ITALY 4.00% 05-01.02.37 BTP 2,300,000 1,815,563 2.07EUR

ITALY 4.25% 03-01.08.13 BTP 2,000,000 2,048,949 2.33EUR

ITALY 4.25% 04-01.02.15 BTP 1,000,000 1,027,375 1.17EUR

ITALY 4.25% 04-01.08.14 BTPAGO 1,000,000 1,023,925 1.17EUR

ITALY 4.25% 08-15.04.13 BTP 1,000,000 1,023,575 1.17EUR

ITALY 5 % 11-01.03.22 BTP 500,000 498,213 0.57EUR

UNICREDIT 4.875% 12-07.03.17 400,000 397,178 0.45EUR

13,097,008 14.92


Quantity/Facevalue


280

AIG. SUN. III 4.75% 03-11.09.13 1,100,000 1,132,846 1.29EUR

JERSEY

1,132,846 1.29

BEI 4.75% 07-15.10.17 EMTN 2,300,000 2,635,455 3.00EUR

LUXEMBOURG

HANNOVER FIN 5.75% 04-26.02.24 1,500,000 1,517,445 1.73EUR

4,152,900 4.73

ABN AMRO 4.125% 12-28.03.22 600,000 604,314 0.69EUR

NETHERLANDS

ABN AMRO 4.25% 11-11.04.16 500,000 533,528 0.61EUR

ABN AMRO 6.375% 11-27.04.21/SUB 550,000 556,067 0.63EUR

CRH FIN 5% 12-25.01.19 400,000 435,376 0.50EUR

ING NV 4.5% 12-21.02.22 800,000 844,104 0.96EUR

NETHERLANDS 3.5% 10-15.07.20 3,350,000 3,715,568 4.22EUR

RABOBANK 3.5% 11-17.10.18 1,500,000 1,550,595 1.77EUR

8,239,552 9.38

GAS NCP 5% 12-13.02.18 500,000 516,923 0.59EUR

SPAIN

SANTANDER 5.435% (FRN)07-24.10.17 500,000 422,475 0.48EUR

SPAIN 3.15% 05-31.01.16 1,000,000 983,450 1.12EUR

SPAIN 4.25% 08-31.01.14 2,000,000 2,065,300 2.35EUR

SPAIN 5% 02-30.07.12 1,300,000 1,317,420 1.50EUR

SPAIN 5.5% 02-30.07.17 2,000,000 2,105,700 2.40EUR

TELEFONICA 4.797% 12-21.02.18 200,000 203,176 0.23EUR

7,614,444 8.67

SWEDBANK 3.375% 12-09.02.17 2,000,000 2,064,310 2.35EUR

SWEDEN

2,064,310 2.35

BANK AMERICA CORP 4% 05-23.03.15 500,000 513,570 0.59EUR

UNITED STATES

BOA 4.75% 10-03.04.17 450,000 465,111 0.53EUR



Quantity/Facevalue

GE CAP IV FRN 09-15.09.66SUB 500,000 431,133 0.49EUR

1,409,814 1.61

89.2378,344,057TOTAL BONDS

CREDIT LOGEMENT FRN 04-PERP. 500,000 319,813 0.36EUR

FLOATING RATE BONDS

FRANCE

NATIXIS FRN 07-06.07.17 1,000,000 979,240 1.12EUR

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 800,000 756,920 0.86EUR

2,055,973 2.34



80,400,030

CADES 3.25% 11-07.03.18 500,000 525,845 0.60EUR


BONDS

FRANCE

PSA FIN 4.25% 11-25.02.16 400,000 403,842 0.46EUR

929,687 1.06

BARCLAYS 4.125% 11-15.03.16 500,000 530,663 0.60EUR

GREAT BRITAIN

SCOT & STH EN 5.025% 10-PERP 750,000 728,632 0.83EUR

1,259,295 1.43

LA CAIXA 5.125% 11-27.04.16 400,000 418,842 0.48EUR

SPAIN

418,842 0.48



Quantity/Facevalue

281


ALLIANDER 4.875% (FRN) 10-29.11.49 1,800,000 1,826,361 2.08EUR

FLOATING RATE BONDS

NETHERLANDS

1,826,361 2.08



4,434,185

UNICREDIT 4.25% 09-29.07.16 1,000,000 1,038,675 1.18EUR


BONDS

ITALY

1,038,675 1.18



PUT EURO BUND 20/04/2012135.5 (40) (4,800) (0.01)EUR

FINANCIAL INSTRUMENTS

OPTIONS

GERMANY

PUT EURO BUND 20/04/2012136.5 (40) (10,000) (0.01)EUR

PUT EURO BUND 20/04/2012138.0 40 26,400 0.03EUR

11,600 0.01

0.0111,600TOTAL OPTIONS

0.01TOTAL FINANCIAL INSTRUMENTS 11,600






Quantity/Facevalue


282

OMV 4.25% 11-12.10.21 1,850,000 2,031,911 0.45EUR


BONDS

AUSTRIA

2,031,911 0.45

FORTIS BANK 4.25% (FRN) 06-21 EMTN 5,000,000 4,658,350 1.04EUR

BELGIUM

4,658,350 1.04

HUTCH WHAM 4.75% 09-14.11.16 3,000,000 3,275,505 0.73EUR

CAYMAN ISLANDS

3,275,505 0.73

TDC 3.75% 12-02.03.22 6,000,000 6,130,590 1.37EUR

DENMARK

6,130,590 1.37

BFCM 4.125% 10-20.07.20 2,500,000 2,586,050 0.58EUR

FRANCE

BPCE 4.5% 12-10.02.22 8,000,000 8,557,360 1.91EUR

CA HOME LOAN 4% 12-17.01.22 5,000,000 5,395,625 1.21EUR

FRANCE TELECOM 8.125%03-28.01.33 2,000,000 2,921,980 0.65EUR

FRANCE 3% 11-25.04.22 OAT 13,000,000 13,126,100 2.94EUR

RCI BQ 4% 10-25.01.16 3,000,000 3,080,415 0.69EUR

ST GOBAIN 3.625% 12-28.03.22 1,100,000 1,099,252 0.25EUR

ST GOBAIN 4.5% 11-30.09.19 5,100,000 5,547,372 1.24EUR

VALEO SA 4.875% 11-11.05.18 5,000,000 5,256,000 1.17EUR

VALEO SA 5.75% 12-19.01.17 3,000,000 3,276,825 0.73EUR

50,846,979 11.37

DEUTSCHE BANK 1.671% 05-09.03.17 4,500,000 4,047,053 0.90EUR

GERMANY

DEUTSCHE BANK 5% 10-24.06.20 2,150,000 2,182,970 0.49EUR

6,230,023 1.39

BARCLAYS BANK 6% 10-14.01.21 4,000,000 3,718,100 0.83EUR

GREAT BRITAIN

INVESTMENTS

Euro Credit BondStatement of investments as at 31 March 2012(expressed in EUR)


Quantity/Facevalue

BARCLAYS 4.875% 09-13.08.19 6,000,000 6,602,490 1.48EUR

BPCM 2.994% 12-18.02.19 8,800,000 9,011,287 2.01EUR

FCE BK 9.375% 09-17.01.14 4,500,000 4,963,230 1.11EUR

HSBC HLDG 6.25% 08-19.03.18 3,000,000 3,351,060 0.75EUR

HSBC 3.875% 11-24.10.18 5,000,000 5,354,950 1.20EUR

LLOYDS TSB 5.625% 08-05.03.18 4,000,000 3,499,340 0.78EUR

LLOYDS 4.625% 12-02.02.17 5,000,000 5,127,600 1.15EUR

MONDI FIN 5.75% 10-03.04.17 7,000,000 7,590,555 1.70EUR

RBS 4.875% 10-20.01.17 5,000,000 5,197,250 1.16EUR

UBS LOND. 6% 08-18.04.18SENIOR 7,000,000 8,132,145 1.82EUR

VIRGIN MEDIA FIN 9.5% 09-15.08.16 3,250,000 3,645,753 0.81EUR

66,193,760 14.80

BANK OF IRELAND 4.625%09-08.04.13 2,500,000 2,394,050 0.54EUR

IRELAND

GE CAP EUR 5.375% 09-23.01.20 4,450,000 5,105,040 1.14EUR

7,499,090 1.68

ASSGEN 6.9% 00-20.07.22 5,000,000 4,974,975 1.11EUR

ITALY

ENI 4.25% 12-03.02.20 4,000,000 4,225,840 0.94EUR

INT SANPAOLO 5.75% (FRN)08-28.05.18 6,000,000 5,661,600 1.28EUR

INTESA SAN 5% 12-28.02.17 4,900,000 4,964,117 1.11EUR

TELECOM IT. 5.25% 05-17.03.55 6,000,000 4,575,900 1.02EUR

UNICREDIT 4.875% 12-07.03.17 2,000,000 1,985,890 0.44EUR

26,388,322 5.90

PROSECURE FUND 4.668%06-30.06.16 5,500,000 4,771,965 1.07EUR

JERSEY

4,771,965 1.07

ABN AMRO 4.125% 12-28.03.22 4,000,000 4,028,760 0.90EUR

NETHERLANDS

ABN AMRO 6.375% 11-27.04.21/SUB 5,000,000 5,055,150 1.13EUR

ADECCO IF 4.75% 11-13.04.18 2,000,000 2,150,360 0.48EUR


Quantity/Facevalue

283


ALLIANZ FIN.II 6.125% 02-31.05.22 EMTN 6,000,000 5,985,090 1.34EUR

CRH FIN 5% 12-25.01.19 6,000,000 6,530,640 1.46EUR

ENEL FIN 4.625% 11-24.06.12 3,000,000 3,160,815 0.71EUR

EUREKO 7.375% 09-16.06.14 9,000,000 9,844,739 2.20EUR

HIT FIN BV 5.75% 11-09.03.18 5,000,000 5,280,175 1.18EUR

KPN 5.625% 09-30.09.24 7,000,000 7,948,535 1.78EUR

RABOBANK 3.5% 11-17.10.18 3,000,000 3,101,190 0.69EUR

RABOBANK 4.128% 11-12.01.21 5,000,000 5,257,800 1.18EUR

SIEMENS F. 5.25% FLR 06-14.09.66 6,000,000 6,377,820 1.43EUR

TELEFONICA EUR. 5.875% 03-33 EMTN 4,000,000 4,154,300 0.93EUR

68,875,374 15.41

DNB 4.25% 12-18.01.22 5,000,000 5,289,775 1.18EUR

NORWAY

DNB 4.75% 12-08.03.22/SUB 5,300,000 5,323,400 1.19EUR

EKSPORTFINANS 4.75% 08-11.06.13 4,000,000 4,022,520 0.90EUR

14,635,695 3.27

GAS NCP 5.125% 09-02.11.21 3,000,000 3,006,255 0.67EUR

SPAIN

3,006,255 0.67

ATLAS COPCO 2.625% 12-15.03.19 1,300,000 1,313,319 0.29EUR

SWEDEN

NORDEA 4% 12-11.07.19 4,250,000 4,543,144 1.02EUR

SWEDBANK 7.375% 08-26.06.18 10,000,000 10,386,449 2.32EUR

16,242,912 3.63

CITIGROUP 7.375% 09-04.09.19 7,000,000 8,323,700 1.86EUR

UNITED STATES

CS GROUP (US) 3.625% 05-14.09.20 5,700,000 5,429,165 1.21EUR

FRESENIUS FINANCE II 8.75%09-15.07.15 2,000,000 2,327,510 0.52EUR

GE CAP IV FRN 09-15.09.66SUB 4,000,000 3,449,060 0.77EUR

GS 4.375% 10-16.03.17 9,000,000 9,077,850 2.03EUR

JP MORGAN CHASE NY4.625% 07-31.05.17 3,700,000 3,473,449 0.78EUR



Quantity/Facevalue

JP MORGAN CHASE 3.875%10-23.09.20 7,000,000 7,338,660 1.64EUR

MORGAN STANLEY 5.5% 07-02.10.17 5,000,000 5,200,450 1.16EUR

WELLS FARGO 4.125% 06-03.11.16 5,250,000 5,685,304 1.27EUR

ZURICH FIN.USA 5.75% 03-02.10.23 9,000,000 9,168,929 2.05EUR

59,474,077 13.29

76.07340,260,808TOTAL BONDS

OMV 6.75%(FRN) 11-29.04.49/SUB 5,000,000 5,203,275 1.16EUR

FLOATING RATE BONDS

AUSTRIA

5,203,275 1.16

BPCE FRN 09-PERP 5,000,000 5,502,500 1.23EUR

FRANCE

CREDIT LOGEMENT FRN 04-PERP. 3,000,000 1,918,875 0.43EUR

CREDIT LOGEMENT FRN 07-15.06.17 1,050,000 1,030,139 0.23EUR

GRPE BPCE FRN 10-PERP/SUB 1,000,000 925,405 0.21EUR

STE GENERALE FRN 07-07.06.17 7,500,000 7,384,088 1.64EUR

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 6,000,000 5,676,900 1.27EUR

22,437,907 5.01

ENBW 7.375%(FRN) 11-02.04.72/SUB 6,000,000 6,176,580 1.38EUR

GERMANY

MUNICH RE FRN (6.25%) 12-26.05.42 9,000,000 8,947,755 2.00EUR

15,124,335 3.38

HSBC HLDGS FRN 05-20 3,000,000 2,987,070 0.67EUR

GREAT BRITAIN

2,987,070 0.67

INTESA FRN 09-PERP 3,000,000 2,643,615 0.59EUR

ITALY

2,643,615 0.59

UBS PREF. FD FRN 05-PERP 6,000,000 4,952,220 1.11EUR

JERSEY

4,952,220 1.11


Quantity/Facevalue


284

TALANZ FI FRN 12-15.06.42 3,800,000 3,794,566 0.85EUR

LUXEMBOURG

3,794,566 0.85

ALLIANZ FIN 5.75% 11-08.07.41 SUB 5,200,000 4,945,590 1.11EUR

NETHERLANDS

4,945,590 1.11

NORDEA 4.625% (FRN)12-15.02.22 6,000,000 6,015,300 1.34EUR

SWEDEN

6,015,300 1.34



408,364,686

TDCDC 4.375% 11-23.02.18 2,000,000 2,186,260 0.49EUR


BONDS

DENMARK

2,186,260 0.49

PSA FIN 4.25% 11-25.02.16 3,000,000 3,028,815 0.68EUR

FRANCE

RCI BQ 3.25% 11-17.01.14 2,000,000 2,034,710 0.45EUR

5,063,525 1.13

BARCLAYS 6.625% 11-30.03.22 5,000,000 4,756,275 1.06EUR

GREAT BRITAIN

SCOT & STH EN 5.025% 10-PERP 6,000,000 5,829,060 1.31EUR

10,585,335 2.37

SUEDZ FIN 4.125% 11-29.03.18 3,050,000 3,364,440 0.75EUR

NETHERLANDS

3,364,440 0.75




Quantity/Facevalue

ALLIANDER 4.875% (FRN) 10-29.11.49 6,000,000 6,087,870 1.36EUR

FLOATING RATE BONDS

NETHERLANDS

6,087,870 1.36



27,287,430

LEHMAN 4.625% 07-14.03.19DEFLT 900,000 90 0.00EUR


BONDS

NETHERLANDS

90 0.00

0.0090TOTAL BONDS


PUT EURO BUND 20/04/2012136.0 (150) (28,500) (0.01)EUR


OPTIONS

GERMANY

(28,500) (0.01)

(0.01)(28,500)TOTAL OPTIONS

(0.01)TOTAL FINANCIAL INSTRUMENTS (28,500)





Quantity/Facevalue

285


WIENERBERGER 6.5% 07-PERP 7,003,000 6,081,405 0.94EUR


BONDS

AUSTRIA

6,081,405 0.94

FORTIS BANK 4.625% 04 -PERP. 11,650,000 9,106,572 1.40EUR

BELGIUM

KBC BANK 8% 08-PERP. 7,700,000 6,094,204 0.94EUR

15,200,776 2.34

UPCB FIN 7.625%10-15.01.20REGS 1,300,000 1,377,454 0.21EUR

CAYMAN ISLANDS

1,377,454 0.21

DONG ENERGY 7.75% 11-PERP /SUB 7,500,000 8,069,663 1.24EUR

DENMARK

FS FUNDING 8.875% 06-15.05.16 REG 1,750,000 1,794,345 0.28EUR

9,864,008 1.52

STORA ENSO 5.5% 12-07.03.19 5,350,000 5,309,688 0.82EUR

FINLAND

5,309,688 0.82

AXA SA 5.777% 06-PERP 10,300,000 8,444,249 1.30EUR

FRANCE

BPCE 6.117% 07-PERP EMTN 5,600,000 4,216,184 0.65EUR

CROWN EU HOLDING 7.125%15.08.18 REGS 18,350,000 19,609,910 3.01EUR

FAURECIA 9.375% 11-15.12.16 5,500,000 6,214,285 0.96EUR

LAFARGE 5.5% 09-16.12.19ST-UP 15,450,000 15,561,394 2.38EUR

NEXANS 5.75% 07-02.05.17 5,950,000 6,169,406 0.95EUR

RENAULT 5.625% 10-30.06.15 13,000,000 13,657,930 2.09EUR

REXEL 7% 11-17.12.18 6,436,000 6,816,657 1.05EUR

REXEL 8.25% 09-15.12.16 2,531,000 2,769,306 0.43EUR

SCOR ASSIST 6.154% 06-PERP. 6,100,000 5,206,747 0.80EUR

INVESTMENTS

Euro High Yield BondStatement of investments as at 31 March 2012(expressed in EUR)


Face Value

SOCIETE GENERALE 7.756%(FRN) 08-PERP. 4,850,000 4,196,511 0.65EUR

TEREOS EUROPE 6.375% 07-15.04.14 REGS 5,855,000 6,144,735 0.95EUR

VINCI 6.25% 06-PERP 2,850,000 2,852,038 0.44EUR

WENDEL INVESTMENT4.375% 05-09.08.17 1,000,000 953,715 0.15EUR

102,813,067 15.81

COMZBK 7.75% 11-16.03.21 /SUB 10,000,000 8,846,700 1.36EUR

GERMANY

ELSTER FIN 6.25% 11-15.04.18 2,000,000 2,095,000 0.32EUR

HSH NORDBANK 4.375% 07-14.02.08 2,050,000 1,401,595 0.22EUR

KABEL DEUTS 6.5% 11-29.06.18 1,000,000 1,057,325 0.16EUR

MUNICH RE 5.767% 07-26.06.49 9,000,000 8,245,845 1.27EUR

MUSKETEER GMBH 9.5% 11-15.03.21 6,750,000 7,332,626 1.13EUR

UNITYMEDIA 8.125% 09-01.12.17 16,250,000 17,285,449 2.66EUR

UPC GER 9.625% 09-01.12.19 3,900,000 4,274,069 0.66EUR

50,538,609 7.78

ALBA GROUP 8% 11-15.05.18 150,000 155,750 0.02EUR

GREAT BRITAIN

BARCLAYS BANK 4.75% 05-PERP. 13,550,000 7,656,766 1.18EUR

FCE BK 4.75% 11-19.01.15 4,750,000 4,891,004 0.75EUR

FCE BK 9.375% 09-17.01.14 11,650,000 12,849,250 1.99EUR

LLOYDS TSB 5.625% 08-05.03.18 1,000,000 874,835 0.13EUR

LLOYDS 11.875% 11-16.12.21 4,600,000 5,104,321 0.79EUR

MONDI FIN 5.75% 10-03.04.17 1,625,000 1,762,093 0.27EUR

REXAM PLC 6.75% 07-29.06.67 11,000,000 10,739,905 1.65EUR

VIRGIN MEDIA FIN 9.5% 09-15.08.16 2,850,000 3,197,045 0.49EUR

47,230,969 7.27

MOL HU O&G 5.875% 10-20.04.17 7,250,000 6,619,758 1.02EUR

HUNGARY

6,619,758 1.02


Face Value


286

AIB 5.625% 09-12.11.14 2,000,000 1,691,250 0.26EUR

IRELAND

BANK OF IRELAND 4.625%09-08.04.13 4,500,000 4,309,290 0.66EUR

SMURFIT KAP ACQ 7.25% 09-15.11.17 6,750,000 7,236,979 1.12EUR

13,237,519 2.04

CIRINT 5.75% 04-16.12.24 3,050,000 2,490,767 0.38EUR

ITALY

2,490,767 0.38

PROSECURE FUND 4.668%06-30.06.16 6,750,000 5,856,503 0.90EUR

JERSEY

5,856,503 0.90

KAZKOMMERTS 6.875% 07-13.02.17 1,300,000 1,174,531 0.18EUR

KAZAKHSTAN

1,174,531 0.18

CLARIANT FIN 5.625% 12-24.01.17 3,100,000 3,308,429 0.51EUR

LUXEMBOURG

FMC FIN 6.5% 11-15.09.18 400,000 439,718 0.07EUR

GREIF LUX 7.375% 11-15.07.21 2,000,000 2,103,130 0.32EUR

INEOS FIN 9.25% 10-15.05.15 1,000,000 1,059,585 0.16EUR

SPIE BONDCO3 11% 12-15.08.19 1,250,000 1,265,425 0.19EUR

SUNRISE COM 8.5% 10-31.12.18 5,500,000 5,876,942 0.91EUR

14,053,229 2.16

ABN AMRO 6.375% 11-27.04.21/SUB 2,153,000 2,176,748 0.33EUR

NETHERLANDS

BRENNTAG FIN 5.5% 11-19.07.18 1,050,000 1,118,234 0.17EUR

CONGR 7.125% 10-15.10.18 23,650,000 25,061,076 3.85EUR

EDP FIN BV 5.875% 11-01.02.16 1,500,000 1,383,518 0.21EUR

EUREKO 5.125% 05-29.06.49 3,250,000 2,535,585 0.39EUR

GMAC INTL 7.5% 10-21.04.15 10,400,000 10,728,588 1.65EUR

GOODYEAR T&R 6.75% 11-15.04.19 3,355,000 3,351,947 0.52EUR

HEIDEL FIN 9.5% 11-15.12.18 1,550,000 1,821,227 0.28EUR



Face Value

HEIDLRG 7.5% 10-03.04.20 750,000 798,660 0.12EUR

HEIDLRG 8.5% 09-31.10.19 19,800,000 22,415,480 3.44EUR

ING GP NV 8% 08-PERP 4,250,000 4,133,933 0.64EUR

ING GROEP 4.125% 11-23.03.15 740,000 771,853 0.12EUR

INTERXION 9.5% 10-12.02.17 2,350,000 2,603,694 0.40EUR

NWORLD RES 7.875% 10-01.05.18 3,250,000 3,312,725 0.51EUR

RABOBANK 6.875% 10-19.03.20 17,150,000 16,623,667 2.56EUR

SUEDZUCK.INTERNATIONAL5.25% 05-PERP 2,500,000 2,503,625 0.39EUR

ZIGGO 8% 10-15.05.18 14,000,000 15,136,030 2.33EUR

116,476,590 17.91

EKSPORTFINANS 4.75% 08-11.06.13 5,500,000 5,530,965 0.85EUR

NORWAY

5,530,965 0.85

CYFROWY PL 7.125% 11-20.05.18 4,750,000 4,826,000 0.74EUR

POLAND

4,826,000 0.74

CITIGP 4.75% 07-31.05.17 1,500,000 1,305,000 0.20EUR

UNITED STATES

CL CAPITAL TRUST 7.047%02-PERP. 2,450,000 2,456,125 0.38EUR



42,051,550 6.47

69.34450,733,388TOTAL BONDS

ORIGIN EN FRN 11-16.06.71/SUB 8,250,000 8,225,456 1.27EUR

FLOATING RATE BONDS

AUSTRALIA

SANTOS FIN 8.25% (FRN) 10-22.09.70 2,500,000 2,491,463 0.38EUR

10,716,919 1.65

OMV 6.75%(FRN) 11-29.04.49/SUB 9,000,000 9,365,895 1.44EUR

AUSTRIA

9,365,895 1.44


Face Value

287


AXA SA FRN 07-PERP 1,000,000 818,145 0.13EUR

FRANCE

BPCE FRN 09-PERP 1,000,000 1,100,500 0.17EUR

CNP ASSURANCE FRN 06-PERP. 6,600,000 4,454,867 0.68EUR

CREDIT LOGEMENT FRN 04-PERP. 2,800,000 1,790,950 0.28EUR

CREDIT LOG.FRN 06-PERP 1,850,000 1,170,292 0.18EUR

NATIXIS FRN 07-06.07.17 1,000,000 979,240 0.15EUR


12,821,292 1.97

ENBW 7.375%(FRN) 11-02.04.72/SUB 8,550,000 8,830,739 1.35EUR

GERMANY

ENBW 7.375%(FRN) 11-02.04.72/SUB 750,000 772,073 0.12EUR

HSH NORDBK FRN 07-14.02.17 S.239 4,000,000 2,715,000 0.42EUR

MUNICH RE FRN (6.25%) 12-26.05.42 2,000,000 1,988,390 0.31EUR

14,306,202 2.20

RBS 10.5%(FRN) 12-16.03.22 8,000,000 8,532,360 1.31EUR

GREAT BRITAIN

8,532,360 1.31


JERSEY

11,101,227 1.71

CALCIPAR FRN 07-01.07.14REGS 1,480,000 1,447,625 0.22EUR

LUXEMBOURG

TALANZ FI FRN 12-15.06.42 6,000,000 5,991,420 0.92EUR

7,439,045 1.14

ABN AMRO BANK FRN 06-PERP. 11,400,000 8,704,755 1.34EUR

NETHERLANDS


ING VERZEK.FRN 01-21.06.21 10,300,000 9,636,679 1.49EUR

24,713,637 3.81




Face Value

OXEA FIN 9.625% 10-15.07.17 1,500,000 1,529,752 0.24EUR

ASSET BACKED SECURITIES

LUXEMBOURG

1,529,752 0.24

0.241,529,752TOTAL ASSET BACKED SECURITIES


551,259,717

RENAULT 4.625% 12-25.05.16 5,000,000 5,040,975 0.78EUR


BONDS

FRANCE

5,040,975 0.78

BARCLAYS 6.625% 11-30.03.22 1,550,000 1,474,445 0.23EUR

GREAT BRITAIN

1,474,445 0.23

FIAT FT 6.25% 11-09.03.18 6,350,000 6,378,543 0.98EUR

LUXEMBOURG

TELE FIN III 6.625% 11-15.02.21 1,850,000 1,878,296 0.29EUR

TNETBB 6.375% 10-15.11.20 6,500,000 6,561,685 1.01EUR

14,818,524 2.28

HERTZ HDGS 8.5% 10-31.07.15 6,250,000 6,782,813 1.04EUR

NETHERLANDS

PHOENIX FIN 9.625% 10-15.07.14 1,650,000 1,819,892 0.28EUR

UPC HLD BV 8.375% 15.08.20REGS 21,200,000 22,018,425 3.39EUR

UPC 9.75% 09-15.04.18 1,900,000 2,023,576 0.31EUR

ZIGGO 6.125% 10-15.11.17REG 2,250,000 2,379,308 0.37EUR

35,024,014 5.39

TVN FIN III 7.875% 10-15.11.18 REG 2,650,000 2,623,964 0.40EUR

SWEDEN

2,623,964 0.40



Face Value


288

LYONDELL 8% 10-01.11.17 3,309,000 2,999,245 0.46EUR


UNITED STATES

2,999,245 0.46



61,981,167

C10 CAP SPV 6.277% FRN 07-09.05.49 4,355,000 2,384,363 0.37EUR


BONDS

VIRGIN ISLANDS

2,384,363 0.37








Face Value

289


AUSTRALIA 5.75% 07-15.05.21 600,000 707,925 0.38AUD


BONDS

AUSTRALIA

707,925 0.38

AUSTRIA 3.65% 11-20.04.22144A 800,000 1,151,041 0.62EUR

AUSTRIA

1,151,041 0.62

BELGIUM 4.25% 11-28.09.21 2,760,000 3,942,093 2.12EUR

BELGIUM

3,942,093 2.12

TWU CAYMAN 6.125% 09-04.02.13 350,000 485,621 0.26EUR

CAYMAN ISLANDS

485,621 0.26

FRANCE 3% 11-25.04.22 OAT 1,200,000 1,616,570 0.87EUR

FRANCE

FRANCE 4% 07-25.04.18 OAT 1,000,000 1,482,897 0.80EUR

FRANCE 4% 07-25.04.18 OAT 49,000 72,662 0.04EUR

FRANCE 5.75% 01-25.10.32 1,450,000 2,543,792 1.36EUR

LAFARGE 5.5% 09-16.12.19ST-UP 250,000 335,955 0.18EUR

VEOLIA ENVIRONNEMENT5.25% 08-03.06.13 580,000 603,789 0.32USD

VIVENDI 5.75% 08-04.04.13144A 475,000 494,141 0.27USD

7,149,806 3.84

GERMANY 2.25% 10-10.04.15 4,150,000 5,852,673 3.14EUR

GERMANY

GERMANY 3.5% 08-12.04.13 1,629,000 2,247,851 1.21EUR

GERMANY 3.75% 08-04.01.19 740,000 1,147,844 0.62EUR

GERMANY 4.25% 03-04.01.14 9,000,000 12,860,953 6.90EUR

GERMANY 4.75% 08-04.07.40 715,000 1,391,102 0.75EUR

KFW 1.5% 11-04.04.14 1,700,000 1,731,476 0.93USD

KFW 2.05% 06-16.02.26GLOBAL 70,000,000 930,287 0.50JPY

INVESTMENTS

Global BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

KFW 3.375% 11-18.01.21 1,000,000 1,458,281 0.78EUR

27,620,467 14.83

BAT INTERNATIONALFINANCE 8.125% 08-15.11.13144A 500,000 555,841 0.30USD

GREAT BRITAIN

BRITISH TELECOM. 9.625%00-15.12.30 MULTIC 1,000,000 1,492,365 0.80USD

IMPERIAL TOB 5% 11-02.12.19 500,000 745,394 0.40EUR

RBS 4.875% 09-25.08.14 400,000 413,688 0.22USD

REXAM PLC 6.75% 07-29.06.67 500,000 651,326 0.35EUR

UK TSY 4.00% 06-07.09.16TSY 1,500,000 2,729,102 1.47GBP

UK TSY 4.75% 04-07.12.38 500,000 1,004,067 0.54GBP

UK 4% 09-07.03.22 GILT 1,550,000 2,880,480 1.55GBP

UK 5% 01-07.03.25 2,000,000 4,070,343 2.18GBP

14,542,606 7.81

GE CAP EUR 5.375% 09-23.01.20 1,000,000 1,530,594 0.82EUR

IRELAND

1,530,594 0.82

ITALY 4% 06-01.02.17 BTP 5,780,000 7,701,650 4.13EUR

ITALY

ITALY 4.25% 08-15.04.13 BTP 2,164,000 2,955,275 1.59EUR

ITALY 4.25% 09-01.03.20 BTP 1,000,000 1,297,910 0.70EUR

11,954,835 6.42

JAPAN 0.3% 10-20.06.15 900,000,000 11,016,018 5.92JPY

JAPAN

JAPAN 1.2% 11-20.06.21 40,000,000 500,416 0.27JPY

JAPAN 1.70% 06-20.12.16N284 930,000,000 12,079,514 6.48JPY

JAPAN 1.9% 11-20.06.31 320,000,000 4,010,523 2.15JPY

27,606,471 14.82

HSBC CAPITAL 8.03% 00-PERP 500,000 667,087 0.36EUR

JERSEY

667,087 0.36

BEI 0% 96-06.11.26 SENIOR 1,300,000 716,099 0.38USD

LUXEMBOURG

BEI 1.25% 07-20.09.12 27,800,000 340,722 0.18JPY


Face Value


290

GAZPROM CAPITAL 5.03% 06-25.02.14 REGS 380,000 532,551 0.29EUR

TELECOM IT CAP 6.175% 09-18.06.14 700,000 737,614 0.40USD

2,326,986 1.25

ING NV 5.375% 11-15.04.21 500,000 845,999 0.45GBP

NETHERLANDS

NETHERLANDS 2.25% 12-15.07.22 1,200,000 1,588,672 0.86EUR

2,434,671 1.31

ASIA DVLP BANK 2.35% 07-21.06.27 70,000,000 966,928 0.52JPY

PHILIPPINES

966,928 0.52

BBVA 3.5% 06-24.01.21 600,000 735,778 0.40EUR

SPAIN

SANTANDER US 3.724% 10-20.01.15 400,000 390,170 0.21USD

SPAIN 2.75% 09-30.04.12 1,300,000 1,737,365 0.93EUR

SPAIN 4.1% 08-30.07.18 1,931,000 2,507,681 1.35EUR

TELEFONICA EMIS 5.877%09-15.07.19 500,000 511,515 0.27USD

5,882,509 3.16

SWEDEN 5% 03-01.12.20 1,300,000 244,643 0.13SEK

SWEDEN

244,643 0.13

SWITZERLAND 2% 10-28.04.21 400,000 491,608 0.26CHF

SWITZERLAND

491,608 0.26

ABU DHABI 5.5% 07-02.08.12 500,000 505,117 0.27USD


505,117 0.27

BOA 3.75% 11-12.07.16 SR 1 1,000,000 1,006,815 0.54USD

UNITED STATES

BOA 6.4% 07-28.08.17 450,000 490,667 0.26USD

BURL.NORTHERN 5.65% 07-01.05.17 500,000 582,856 0.31USD

CAPITAL ONE 8.8% 09-15.07.19 400,000 495,480 0.27USD

FNMA 1.25% 11-28.09.16 2,000,000 2,015,540 1.08USD



Face Value

FREDDIE MAC 5.125% 07-17.11.17 600,000 721,140 0.39USD

HPQ 4.65% 11-09.12.21 500,000 525,840 0.28USD

IBRD 1% 11-15.09.16 2,000,000 2,003,270 1.08USD

JPM 4.625% 11-10.05.21 1,200,000 1,260,750 0.68USD

MORGAN STANLEY 6% 08-28.10.08 600,000 630,615 0.34USD

PFIZER 5.75% 09-03.06.21 1,000,000 1,678,203 0.90EUR

TWC 5.5% 11-01.09.41 250,000 264,809 0.14USD

USA 3.125% 09-15.05.19 3,250,000 3,592,265 1.93USD

15,268,250 8.20

67.38125,479,258TOTAL BONDS

FIN DANISH FRN 09-17.08.12144A 250,000 250,062 0.13USD

FLOATING RATE BONDS

DENMARK

250,062 0.13

RWE 4.625% (FRN) 10-PERP 500,000 637,114 0.34EUR

GERMANY

637,114 0.34

SWEDISH EXP FRN 09-14.08.14 1,000,000 999,642 0.54USD

SWEDEN

999,642 0.54


USA 0.375% 11-30.06.13 TBO 300,000 300,428 0.16USD

TREAS. BONDS/NOTES - FIXED RATE

UNITED STATES

USA 1.5% 11-31.07.16 TBO 1,600,000 1,643,875 0.88USD

USA 2.125% 10-31.05.15 1,180,000 1,237,663 0.66USD

USA 2.125% 11-15.08.21 E-2021 3,000,000 3,014,766 1.63USD

6,196,732 3.33

3.336,196,732TOTAL TREASURY BONDS/NOTES - FIXEDRATE


Face Value

291


PERMM FRN 10-15.07.42 1A 1,000,000 1,002,414 0.54USD

MORTGAGE BACKED SECURITIES

GREAT BRITAIN

1,002,414 0.54

0.541,002,414TOTAL MORTGAGE BACKED SECURITIES


134,565,222

ANZ BANK 2.4% 11-23.11.16144A 1,050,000 1,062,243 0.57USD


BONDS

AUSTRALIA

1,062,243 0.57

CANADA 2.75% 11-01.06.22 2,000,000 2,114,607 1.14CAD

CANADA

CANADA 4.00% 06-01.06.17 3,139,000 3,526,730 1.89CAD

5,641,337 3.03

HUTCH WHAM 5.75% 09-11.09.19 1,000,000 1,109,090 0.60USD

CAYMAN ISLANDS

KEL 6.6011% 09-17.04.31 700,000 1,387,391 0.74GBP

2,496,481 1.34

BNPP HM LN COV 3.375% 10-01.17 900,000 1,274,118 0.68EUR

FRANCE

SOCIETE GENERALE 3.1% 10-14.09.15 500,000 482,575 0.26USD

1,756,693 0.94

TESCO 2.7% 11-05.01.17 144A 300,000 307,289 0.17USD

GREAT BRITAIN

307,289 0.17

JAPAN 0.2% 11-15.06.13 270,000,000 3,295,063 1.77JPY

JAPAN

JAPAN 2.00% 07-20.03.27 NO93 (20Y) 310,000,000 4,041,998 2.16JPY

7,337,061 3.93



Face Value

QATAR 4% 09-20.01.15 144A 700,000 738,063 0.40USD

QATAR

738,063 0.40

ABIBB 7.75% 11-15.01.19 PST 600,000 786,672 0.42USD

UNITED STATES

COX COMM.7.125% 02-01.10.12 600,000 619,551 0.33USD

MET LIFE 5.125% 09-10.06.14 1,300,000 1,407,572 0.75USD

RABOBANK CAP.III 5.254%04-PERP 144A 550,000 520,542 0.28USD

TIME WARNER CABLE 6.2%08-01.07.13 535,000 570,198 0.31USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 350,000 382,850 0.21USD

4,287,385 2.30

12.6823,626,552TOTAL BONDS

CBA FRN 09-12.07.13 144A 500,000 501,414 0.27USD

FLOATING RATE BONDS

AUSTRALIA

501,414 0.27


USA 4.375% 09-15.11.39 TBO 5,250,000 6,393,106 3.43USD


UNITED STATES

6,393,106 3.43


FHLMC (30Y) 4% 12-01.04.42TBA 1,130,000 1,183,852 0.64USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.0% 12-01.04.42 TBA 1,360,000 1,466,038 0.79USD

FHLMC (30Y) 5.5% 12-01.04.42 TBA 1,050,000 1,142,039 0.61USD

FHLMC (30Y) 6% 12-01.04.42TBA 1,550,000 1,710,086 0.92USD

FHLMC 4.5% 12-01.04.42 TBA 1,810,000 1,921,710 1.03USD

7,423,725 3.99

3.997,423,725TOTAL FHLMC


Face Value


292

FNMA (15Y) 4% 12-01.04.27TBA 1,170,000 1,240,383 0.67USD

FNMA

UNITED STATES

FNMA (15Y) 4.5% 12-01.04.27TBA 830,000 889,527 0.48USD

FNMA (15Y) 5% 12-01.04.27TBA 630,000 680,498 0.37USD

FNMA (30Y) 4% 12-01.04.42TBA 1,480,000 1,555,156 0.84USD

FNMA (30Y) 4.5% 12-01.04.42TBA 1,910,000 2,034,449 1.08USD

FNMA (30Y) 5% 12-01.04.42TBA 1,430,000 1,546,411 0.83USD

FNMA (30Y) 5.5% 12-01.04.42TBA 1,370,000 1,493,942 0.80USD

9,440,366 5.07

5.079,440,366TOTAL FNMA

ARRMF FRN 10-16.05.47 10-1XA2C 1,000,000 1,001,536 0.54USD


GREAT BRITAIN

1,001,536 0.54

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 2,000,000 470,442 0.25USD

UNITED STATES

GNMA (30Y) 5.5% 12-01.04.42TBA 770,000 860,836 0.46USD

GNMA 4.5% 12-15.04.42 TBA 1,980,000 2,157,272 1.16USD

JP MORGAN CC 5.875% 06-4506-LD P7 A4 220,000 251,614 0.14USD

3,740,164 2.01



52,126,863

MIDAMERICAN ENERGY5.95% 07-15.07.17 610,000 726,640 0.39USD


BONDS

UNITED STATES

726,640 0.39




Face Value

CAIRN MEZZ.FRN 07-13.08.4707-3A B1 DEFLT 860,000 - 0.00USD


IRELAND

- 0.00

ABFC 3.684% 05-25.03.33 03-AHL1 A1 7,500,000 688,059 0.37USD

UNITED STATES

688,059 0.37

0.37688,059TOTAL ASSET BACKED SECURITIES

JLOC FRN 07-16.02.16 36X-A1 40,000,000 8,888 0.00JPY


JAPAN

8,888 0.00

BACM 5.634% 06-10.07.46 06-4 A4 500,000 567,663 0.30USD

UNITED STATES

GNMA (30Y) 5% 12-01.04.42TBA 1,400,000 1,547,656 0.84USD

GNMA 4% (30Y) 12-01.04.42TBA 1,230,000 1,322,442 0.71USD

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 450,000 354,243 0.19USD

3,792,004 2.04



RABOBANK 0% 12-18.04.12CP 2,000,000 2,667,977 1.44EUR


COMMERCIAL PAPER

NETHERLANDS

2,667,977 1.44

NORDEA 0% 12-10.04.12 CP 2,000,000 2,667,961 1.43EUR

SWEDEN

2,667,961 1.43

2.875,335,938TOTAL COMMERCIAL PAPER

CR AGR 0% 12-02.04.12 CD 2,000,000 2,668,269 1.43EUR

CERTIFICATE OF DEPOSIT

FRANCE

2,668,269 1.43


Face Value

293


DNB 0% 12-10.04.12 CD 2,000,000 2,668,115 1.43EUR

NORWAY

2,668,115 1.43

2.865,336,384TOTAL CERTIFICATE OF DEPOSIT

5.73TOTAL FINANCIAL INSTRUMENTS 10,672,322






Face Value


294

ANZ BK 3.75% 10-10.03.17 150,000 211,782 0.99EUR


BONDS

AUSTRALIA

CBA 5.5% 09-06.08.19 150,000 215,276 1.01EUR

NAB 4% 10-13.07.20 150,000 210,717 0.99EUR

NAB 4.625% 10-10.02.20 100,000 135,183 0.63EUR

772,958 3.62

FORTIS BANK 4.625% 04 -PERP. 100,000 104,292 0.49EUR

BELGIUM

104,292 0.49

HUTCH WHAM 4.75% 09-14.11.16 150,000 218,509 1.02EUR

CAYMAN ISLANDS

HUTCH. WHAMP. 6.5% 03-13.02.13 144A 500,000 520,302 2.44USD

738,811 3.46

DANSKE BANK 6.00% 07-20.03.16 100,000 135,443 0.63EUR

DENMARK

135,443 0.63

AXA SA 5.777% 06-PERP 200,000 218,763 1.03EUR

FRANCE

BPCE 4.5% 12-10.02.22 200,000 285,432 1.34EUR

RCI BQ 4% 10-25.01.16 125,000 171,245 0.80EUR

SOCIETE GENERALE PERP8.75% 200,000 187,415 0.88USD

VEOLIA ENVIRONMENT6.125% 03-25.11.33 EMTN 200,000 308,068 1.43EUR

VIVENDI 5.75% 08-04.04.13144A 200,000 208,059 0.98USD

WENDEL 6.75% 11-20.04.18 100,000 137,929 0.65EUR

1,516,911 7.11

COMZBK 7.75% 11-16.03.21 /SUB 200,000 236,065 1.11EUR

GERMANY

HENKEL 5.375% 05-25.11.14STEP-UP 200,000 276,180 1.29EUR

MUNICH RE FIN. 6.75% 03-21.06.23 120,000 168,980 0.79EUR

INVESTMENTS

Global Credit BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

MUNICH RE 5.767% 07-26.06.49 150,000 183,360 0.86EUR

864,585 4.05

ANGLIAN WATER 4.625% 03-07.10.13 250,000 349,629 1.64EUR

GREAT BRITAIN

BPCM 2.994% 12-18.02.19 175,000 239,091 1.12EUR

RBS 4.875% 09-25.08.14 400,000 413,688 1.94USD

1,002,408 4.70

CRH FIN 7.375% 09-28.05.14 100,000 148,757 0.70EUR

IRELAND

GE CAP EUR 5.375% 09-23.01.20 200,000 306,118 1.43EUR

454,875 2.13

INT SANPAOLO 5.75% (FRN)08-28.05.18 200,000 251,790 1.18EUR

ITALY

INTESA SAN 5% 12-28.02.17 200,000 270,332 1.27EUR

522,122 2.45

ARCELORMITTAL 9% 09-15.02.15 200,000 230,322 1.08USD

LUXEMBOURG


444,556 2.08

KPN 7.5% 09-04.02.19 200,000 333,442 1.57EUR

NETHERLANDS

RABOBANK 4.125% 10-14.01.20 200,000 282,265 1.32EUR

SOLVAY FIN. 6.375% 06-02.06.21 100,000 136,671 0.64EUR

752,378 3.53

GAS NCP 5% 12-13.02.18 100,000 137,936 0.65EUR

SPAIN


342,542 1.61

SVSK HDBK 3.75% 10-24.02.17 100,000 143,060 0.67EUR

SWEDEN


Face Value

295


SVSK HDBK 4.875% 09-25.03.14 150,000 213,848 1.00EUR

356,908 1.67

AMERICAN EXPRESS 8.125%20.05.19 200,000 262,676 1.23USD

UNITED STATES

BOA 7% 09-15.06.16 150,000 225,252 1.06EUR

CAPITAL ONE 8.8% 09-15.07.19 200,000 247,740 1.16USD

CITICORP 5% 04-15.09.14 200,000 207,000 0.97USD

CNTRYW FIN 5.8% 07-07.06.12 200,000 201,452 0.94USD

COMCAST 5.15% 10-01.03.20 200,000 231,444 1.08USD

CS GROUP (US) 3.625% 05-14.09.20 150,000 190,621 0.89EUR

CS NY 5.4% 10-14.01.20*OPR* 300,000 311,687 1.46USD

ETP 9.7% 08-15.03.19 89,000 113,943 0.53USD

FRESENIUS FINANCE II 8.75%09-15.07.15 200,000 310,536 1.46EUR

GE CAP IV FRN 09-15.09.66SUB 200,000 230,087 1.08EUR

GECC 6.375% 07-15.11.67 200,000 203,677 0.95USD

JP MORGAN CHASE 6.3% 09-23.04.19 400,000 466,436 2.19USD

JPM 4.625% 11-10.05.21 100,000 105,063 0.49USD

KRAFT FOODS 4.125% 10-09.02.16 400,000 435,312 2.04USD

KROGER CO. 5.00% 08-15.04.13 200,000 208,789 0.98USD

MECCANICA 6.25% 09-15.07.19 REGS 200,000 176,426 0.83USD

MORGAN STANLEY 4.5% 9-29.10.14 150,000 205,182 0.96EUR

MORGAN STANLEY 6% 08-28.10.08 200,000 210,205 0.99USD

PFIZER 6.2% 09-15.03.19 400,000 501,394 2.36USD

ROCHE HOLDING 5.625% 09-04.03.16 100,000 154,660 0.72EUR

WELLS FARGO 4.125% 06-03.11.16 250,000 361,206 1.69EUR

WELLS FARGO 4.6% 11-01.04.21 200,000 216,001 1.01USD

WM COV BD 4.375% 07-19.05.14 150,000 210,947 0.99EUR

XEROX CORP 4.25% 09-15.02.15 400,000 424,316 1.99USD



Face Value

ZURICH FIN. USA 4.5% 05-15.06.25 100,000 134,918 0.63EUR

6,546,970 30.68

68.2114,555,759TOTAL BONDS

BPCE FRN 09-PERP 150,000 220,243 1.03EUR

FLOATING RATE BONDS

FRANCE

CREDIT AGRICO FRN 08-PERP 200,000 243,982 1.14EUR

464,225 2.17

ALLIANZ FIN 5.75% 11-08.07.41 SUB 200,000 253,785 1.19EUR

NETHERLANDS

ING NV FRN 06-26.09.16 200,000 183,500 0.86USD

437,285 2.05



15,457,269

BARCLAYS 6.625% 11-30.03.22 150,000 190,375 0.89EUR


BONDS

GREAT BRITAIN

190,375 0.89

FIAT FT 6.375% 11-01.04.16 150,000 197,554 0.93EUR

LUXEMBOURG

197,554 0.93

TELEFONICA 4.75% 11-07.02.17 100,000 137,367 0.64EUR

SPAIN

137,367 0.64

AMEREN CORP 8.875% 09-15.05.14 200,000 226,858 1.06USD

UNITED STATES

AT&T INC. 5.50% 08-02.01.18 400,000 471,432 2.21USD

BB&T CORP 3.95% 10-29.04.16 400,000 433,806 2.03USD

CITIGROUP INC. 6.40% 08-27.03.13 125,000 173,893 0.81EUR


Face Value


296

GLENCORE FDG 6% 04-15.04.14 144A 200,000 210,629 0.99USD

KIMCO REALTY 4.3% 10-01.02.18 200,000 205,460 0.96USD

MIDCONT EXP 5.45% 9-15.09.14 200,000 208,673 0.98USD

ROCHE HOLDING 5% 09-01.03.14 144A 254,000 274,735 1.29USD

UNION PACIFIC 6.125% 09-15.02.20 400,000 484,004 2.27USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 200,000 218,771 1.03USD

2,908,261 13.63


ALLIANDER 4.875% (FRN) 10-29.11.49 250,000 338,435 1.59EUR

FLOATING RATE BONDS

NETHERLANDS

338,435 1.59



3,771,992

RIO TINTO FIN 8.95% 09-01.05.14 200,000 230,758 1.09USD


BONDS

AUSTRALIA

230,758 1.09

BOA 6.875% 08-25.04.18 200,000 222,830 1.04USD

UNITED STATES

222,830 1.04








Face Value

297


BELIZE STEP-UP 6.00% 07-20.02.29 2,100,000 1,075,085 0.05USD


BONDS

BELIZE

1,075,085 0.05

ALLI OIL 9.875% 10-11.03.15REGS 1,000,000 1,071,790 0.05USD

BERMUDA ISLANDS

1,071,790 0.05

BANCO DESENV 6.5% 09-10.06.19 1,050,000 1,238,722 0.05USD

BRAZIL

BANCO VOTO 5.25% 11-11.02.16 9,850,000 10,192,583 0.44USD

BCO ABC 7.875% 10-08.04.20REGS 5,625,000 5,921,466 0.25USD

BNDES 5.5% 10-12.07.20 REG-S 5,075,000 5,681,183 0.24USD

BNDES. 6.369% 98-18.06.16REG.-S- 825,000 961,719 0.04USD

BRAZIL 10% 10-01.01.21 30 15,535 0.00BRL

BRAZIL 10.125% 97-15.05.27 7,100,000 11,874,927 0.51USD

BRAZIL 4.875% 10-22.01.21 6,275,000 7,112,901 0.31USD

BRAZIL 5.625% 09-07.01.14 6,400,000 7,421,440 0.32USD

BRAZIL 5.875% 09-15.01.19 9,625,000 11,539,894 0.50USD

BRAZIL 6.00% 06-17.01.17 3,550,000 4,223,258 0.18USD

BRAZIL 7.125% 06-20.01.37 10,135,000 14,000,235 0.59USD

BRAZIL 8.25% 04-20.01.34 2,400,000 3,651,360 0.16USD

BRAZIL 8.75% 05-04.02.25GLOBAL 7,550,000 11,509,220 0.49USD

BRAZIL 8.875% 01-15.04.24 7,875,000 12,051,899 0.52USD

ELETROBRAS 5.75% 11-27.10.21 1,600,000 1,758,416 0.08USD

ITAU UNIBANCO 6.2% 11-21.12.21 5,250,000 5,496,803 0.24USD

SANTAND BR 4.625% 12-13.02.17 5,950,000 5,987,842 0.26USD

TELEMAR N L 5.5% 23.10.20REGS 700,000 723,083 0.03USD

INVESTMENTS

Global Emerging Markets BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

VOTORANTIM 7.375% 10-21.01.20 2,300,000 2,515,372 0.11USD

123,877,858 5.32

BANBRA 5.875% 11-26.01.22 24,700,000 25,484,471 1.10USD

CAYMAN ISLANDS

C SHASHU 8.5% 11-25.05.16 1,350,000 1,309,176 0.06USD

ENN ENERGY HLD 6% 11-13.05.21 1,500,000 1,448,280 0.06USD

GRUPO AVAL 5.25% 12-01.02.17 4,650,000 4,843,556 0.21USD

IPIC GMTN 5.5% 11-01.03.22 550,000 567,009 0.02USD

PETBRA 5.375% 11-27.01.21 5,000,000 5,430,475 0.23USD

PETBRA 5.75% 09-20.01.20 13,400,000 14,950,313 0.64USD

PETROBRAS INTERNATIONAL7.875% 09-15.03.19 1,250,000 1,550,219 0.07USD

PETROBRAS INTL 8.375% 03-10.12.18 1,530,000 1,935,374 0.08USD

57,518,873 2.47

BCO CHILE 3.875% 12-08.02.22 1,600,000 1,591,552 0.07USD

CHILE

EMPRESA NAC 4.75% 11-06.12.21 10,500,000 10,933,545 0.47USD

12,525,097 0.54

MCC HLDG 4.875% 11-29.07.16 4,000,000 4,002,420 0.18USD

CHINA

SINOCHEM 6.3% 10-12.11.40REGS 800,000 778,388 0.03USD

4,780,808 0.21

COLOMBIA 4.375% 11-12.07.21 30,200,000 32,979,155 1.42USD

COLOMBIA

COLOMBIA 6.125% 09-18.01.41 10,675,000 13,152,134 0.57USD

COLOMBIA 7.375% 06-18.09.37 2,500,000 3,507,125 0.15USD

COLOMBIA 8.125% 04-21.05.24 3,500,000 4,982,250 0.21USD

COLUMBIA 8.25%04-22.12.14GL 3,310,000 3,909,772 0.17USD

REPUBLIC OF COLUMBIA7.375% 06-27.01.17 5,500,000 6,799,650 0.29USD

65,330,086 2.81


Face Value


298

CROATIA 6.375% 11-24.03.21 11,700,000 11,257,565 0.48USD

CROATIA

11,257,565 0.48

ALFA MTN ISS 8% 10-18.03.15 3,625,000 3,828,526 0.16USD

CYPRUS

3,828,526 0.16

REPUBLIC ECUADOR 9.375%05-15.12.15 2,845,000 2,909,752 0.13USD

ECUADOR

2,909,752 0.13

EL SALVADOR 7.375%01.12.19 REGS 4,025,000 4,357,727 0.19USD

EL SALVADOR

EL SALVADOR 7.65% 05-15.06.35 REG 1,875,000 1,922,344 0.08USD

EL SALVADOR 7.75% 02-24.01.23 REG 1,775,000 1,945,311 0.08USD

EL SALVADOR 8.25% 02-10.04.32 5,000,000 5,490,875 0.24USD

13,716,257 0.59

RURAIL 5.739% 10-03.04.17 3,000,000 3,177,405 0.14USD


RUSSIA 5% 10-29.04.20 10,500,000 11,213,055 0.48USD

14,390,460 0.62

GABON 8.20% 07-12.12.17REGS 2,800,000 3,413,522 0.15USD

GABON

3,413,522 0.15

REP OF GEORGIA 6.875% 11-12.04.21 1,050,000 1,110,601 0.04USD

GEORGIEN

REP OF GEORGIA 7.5% 08-15.04.13 1,025,000 1,067,281 0.05USD

2,177,882 0.09

GHANA 8.50% 07-04.10.17REG 2,140,000 2,462,263 0.11USD

GHANA

2,462,263 0.11

BIZ FIN 8.375% 10-27.04.15 4,075,000 3,778,971 0.16USD

GREAT BRITAIN

VEDANTA RES 6.75% 11-07.06.16 2,200,000 2,055,691 0.09USD



Face Value

VEDANTA RES 8.25% 11-07.06.21 2,300,000 2,141,956 0.09USD

VEDANTA RESOURCES 9.5%08-18.07.18 1,800,000 1,830,015 0.08USD

9,806,633 0.42

PACNET 9.25% 10-09.11.15REGS 1,900,000 1,784,955 0.08USD

HONG KONG

1,784,955 0.08

HUNGARY 6.25% 10-29.01.20 6,700,000 6,159,947 0.26USD

HUNGARY

HUNGARY 7.625% 11-29.03.41 8,000,000 7,282,640 0.32USD

13,442,587 0.58

BERAU COAL 7.25% 12-13.03.17 1,800,000 1,814,184 0.08USD

INDONESIA

BUMI INV 10.75% 10-10.06.17 1,750,000 1,902,766 0.08USD

INDONESIA 11.625% 09-04.03.19 1,975,000 2,949,653 0.13USD

INDONESIA 4.875% 11-05.05.21 48,850,000 52,963,658 2.27USD

INDONESIA 5.875% 10-13.03.20 REGS 26,825,000 30,877,050 1.33USD

INDONESIA 6.875% 08-17.01.18 26,750,000 31,955,817 1.37USD

INDONESIA 7.25% 05-20.04.15 20,588,000 23,499,864 1.01USD

INDONESIA 7.5% 05-15.01.16REGS 3,600,000 4,220,658 0.18USD


INDONESIA 8.5% 05-12.10.35REGS 5,250,000 7,817,723 0.34USD

MAJAPAHIT 8% 09-07.08.19REGS 5,450,000 6,632,350 0.28USD

PERTAMINA 5.25% 11-23.05.21 675,000 709,266 0.03USD

174,075,104 7.48

ALFA BD ISS 7.75% 11-28.04.21 1,075,000 1,061,477 0.05USD

IRELAND

ALFA BD ISS 7.875% 10-25.09.17 1,200,000 1,238,064 0.05USD

VEB FINANCE 5.375% 12-13.02.17 1,950,000 2,017,100 0.09USD


Face Value

299


VEB FINANCE 6.8% 10-22.11.25 1,300,000 1,363,980 0.06USD

VEB FINANCE 6.902% 10-09.07.20 REG-S 2,400,000 2,607,480 0.11USD

VEB-LEASING INV5.125%27.05.16 8,675,000 8,766,260 0.37USD

17,054,361 0.73

KAZMUNAIGAZ FIN.9.125%08-02.07.18 REG 2,425,000 3,033,432 0.13USD

KAZAKHSTAN

KAZMUNAIGAZ 11.75% 09-23.01.15 REGS 1,825,000 2,234,786 0.10USD

KMG FINANCE 7% 10-05.05.20 REGS 1,225,000 1,402,852 0.06USD

6,671,070 0.29

LITHUANIA 5.125% 10-14.09.17 REGS 6,200,000 6,465,267 0.28USD

LITHUANIA

LITHUANIA 6.125% 11-09.03.21 3,350,000 3,605,974 0.15USD

LITHUANIA 6.625% 12-01.02.22 19,100,000 21,207,494 0.91USD

LITHUANIA 7.375% 10-11.02.20 8,725,000 10,195,773 0.44USD

41,474,508 1.78

GAZ CAPITAL 4.95% 11-23.05.16 7,000,000 7,264,635 0.31USD

LUXEMBOURG

GAZ CAPITAL 6.212% 06-22.11.16 1,325,000 1,446,662 0.06USD

GAZ CAPITAL 6.51% 07-07.03.22 13,000,000 14,230,840 0.61USD

GAZ CAPITAL 8.125% 09-31.07.14 12,525,000 13,883,900 0.60USD

GAZ CAPITAL 9.25% 09-23.04.19 20,800,000 25,747,279 1.10USD

RSHB CAPITAL 6.299% 07-15.05.17 2,125,000 2,254,062 0.10USD

RSHB CAPITAL 7.125% 08-14.01.14 1,000,000 1,064,670 0.05USD

SBERBANK 5.4% 10-24.03.17REGS 7,500,000 7,761,413 0.33USD

73,653,461 3.16

PETRONA CAPITAL 7.875%02-22.05.22 REG 500,000 675,438 0.03USD

MALAYSIA



Face Value

PETRONAS CAP 5.25% 09-12.08.19 22,360,000 25,072,379 1.08USD

25,747,817 1.11

ALESTRA 11.75% 10-11.08.14 900,000 1,010,984 0.04USD

MEXICO

COM ELEC MX 4.875% 11-26.05.21 2,050,000 2,176,383 0.09USD

DESARROLLA H 9.5% 09-11.12.19 REGS 2,375,000 2,516,621 0.11USD

GFB 6.5% 11-10.03.21/SUB 2,700,000 2,821,527 0.12USD

GRUPO PETROTE 9.5% 09-19.08.14 925,000 1,025,779 0.04USD

MEXICO 3.625% 12-15.03.22 6,300,000 6,450,822 0.28USD

MEXICO 5.125% 10-15.01.20 40,880,000 46,999,735 2.03USD

MEXICO 5.625% 06-15.01.17S-19 29,370,000 33,995,775 1.46USD

MEXICO 5.95% 08-19.03.19 25,840,000 30,989,266 1.33USD

MEXICO 6.05% 08-11.01.40 34,250,000 41,306,355 1.78USD

MEXICO 6.625% 03-03.03.15 1,000,000 1,144,150 0.05USD

MEXICO 6.75% 04-27.09.34GLOB. 15,850,000 20,545,959 0.88USD

MEXICO 7.5% 03-08.04.33 7,375,000 10,308,591 0.44USD

MEXICO 8.30% 01-15.08.31T.7 MTN 7,600,000 11,334,260 0.49USD

PEMEX 4.875% 12-24.01.22 12,000,000 12,640,620 0.54USD

PEMEX 5.5% 10-21.01.21 23,000,000 25,496,075 1.10USD

URBI DESA 9.5% 10-21.01.20 1,550,000 1,638,590 0.07USD

252,401,492 10.85

KAZAK TEMIR 6.375% 10-06.10.20 5,825,000 6,495,458 0.28USD

NETHERLANDS

PLNIJ 7.75% 09-20.01.20 2,950,000 3,544,292 0.15USD

WHITE NIGHTS 10.5% 09-25.03.14 3,800,000 4,338,251 0.19USD

14,378,001 0.62

PAKISTAN 6.875% 07-01.06.17 4,050,000 3,060,990 0.13USD

PAKISTAN

PAKISTAN 7.125% 06-31.03.16 1,100,000 922,064 0.04USD

3,983,054 0.17

PANAMA 5.2% 09-30.01.20 11,775,000 13,552,082 0.58USD

PANAMA

PANAMA 8.875% 97-30.09.27 3,900,000 5,976,029 0.26USD


Face Value


300

REPUBLIC PANAMA 7.125%05-29.01.26 9,125,000 12,208,703 0.52USD

31,736,814 1.36

COFIDE 4.75% 12-08.02.22 1,900,000 1,971,830 0.08USD

PERU

PEROU 7.125% 09-30.03.19 10,000,000 12,777,250 0.55USD

PERU 5.625% 10-18.11.50 1,900,000 2,130,641 0.09USD

PERU 7.35% 05-21.07.25 14,725,000 20,192,024 0.87USD

PERU 8.75% 03-21.11.33 6,100,000 9,493,888 0.41USD

REP OF PERU 6.55% 07-14.03.37 1,425,000 1,820,473 0.08USD

48,386,106 2.08

PHILIPPINES 4% 10-15.01.21 7,750,000 8,080,576 0.35USD

PHILIPPINES

PHILIPPINES 5% 12-13.01.37 6,050,000 6,311,027 0.27USD

PHILIPPINES 6.375% 07-15.01.32 6,025,000 7,321,881 0.31USD

PHILIPPINES 6.375% 09-23.10.34 7,475,000 9,220,674 0.40USD

PHILIPPINES 6.5% 09-20.01.20 17,825,000 21,592,938 0.93USD

PHILIPPINES 7.5% 06-25.09.24GLOBAL 1,450,000 1,887,755 0.08USD

PHILIPPINES 8.375% 09-17.06.19 11,825,000 15,718,263 0.68USD

POWER SECTOR 7.25% 09-27.05.19 2,625,000 3,223,894 0.14USD

PSALM 7.39% 09-02.12.24REGS 5,200,000 6,605,300 0.28USD

79,962,308 3.44

POLAND 3.875% 10-16.07.15 3,150,000 3,315,296 0.14USD

POLAND

POLAND 5% 11-23.03.22 21,150,000 22,364,116 0.96USD

POLAND 5.125% 11-21.04.21 20,150,000 21,606,543 0.93USD

47,285,955 2.03

ROMANIA 6.75% 12-07.02.22 7,400,000 7,765,856 0.33USD

ROUMANIA

7,765,856 0.33

SERBIA 7.25% 11-28.09.21 5,550,000 5,868,764 0.25USD

SERBIA

5,868,764 0.25



Face Value

SOUTH AFRICA 4.665% 12-17.01.24 9,075,000 9,327,938 0.40USD

SOUTH AFRICA

SOUTH AFRICA 5.5% 10-03.09.20 21,400,000 23,997,105 1.03USD

SOUTH AFRICA 5.875% 07-30.05.22 1,825,000 2,085,053 0.09USD

SOUTH AFRICA 6.25% 11-08.03.41 175,000 205,237 0.01USD

SOUTH AFRICA 6.875% 09-27.05.19 9,050,000 10,954,192 0.47USD

46,569,525 2.00

SRI LANKA 6.25% 11-27.07.21 875,000 875,149 0.04USD

SRI LANKA

SRI LANKA 8.25% 07-24.10.12REG 500,000 512,045 0.02USD

1,387,194 0.06

FINANSBANK 5.5% 11-11.05.16 2,725,000 2,591,216 0.11USD

TURKEY

TURKEY 5.125% 11-25.03.22 30,100,000 29,997,359 1.29USD

TURKEY 5.625% 10-30.03.21 43,675,000 45,659,373 1.96USD

TURKEY 6.25% 12-26.09.22 33,600,000 36,220,799 1.56USD

TURKEY 6.75% 07-03.04.18 7,575,000 8,512,406 0.37USD

TURKEY 6.75% 10-30.05.40 2,600,000 2,836,782 0.12USD

TURKEY 6.875% 06-17.03.36 11,425,000 12,681,750 0.54USD

TURKEY 7% 08-11.03.19 2,900,000 3,316,875 0.14USD

TURKEY 7.00% 05-05.06.20 9,975,000 11,422,373 0.49USD

TURKEY 7.00% 06-26.09.16 9,850,000 11,096,518 0.48USD

TURKEY 7.25% 04-15.03.15 17,275,000 19,188,206 0.82USD

TURKEY 7.375% 05-05.02.25 15,350,000 18,074,625 0.78USD

TURKEY 7.5% 09-14.07.17 10,375,000 11,983,644 0.51USD

TURKEY 9.50% 03-15.01.14 13,200,000 14,779,710 0.64USD

YAPI KREDI 6.75% 12-08.02.17 3,150,000 3,250,611 0.14USD

231,612,247 9.95

NAFTOGAZ 9.5% 09-30.09.14 3,275,000 3,161,538 0.14USD

UKRAINE

UKRAINE FIN. 6.58% 06-21.11.16 2,975,000 2,573,970 0.11USD

UKRAINE 6.25% 11-17.06.16 4,150,000 3,594,004 0.15USD

UKRAINE 6.385% 07-26.06.12REGS 375,000 373,821 0.02USD

UKRAINE 6.75% 07-14.11.17REGS 4,600,000 3,961,359 0.17USD


Face Value

301


UKRAINE 6.875% 10-23.09.15REG-S 6,425,000 5,888,255 0.25USD

UKRAINE 7.65% 03-11.06.13REG. 1,075,000 1,040,412 0.04USD

UKRAINE 7.75% 10-23.09.20 6,925,000 5,919,974 0.26USD

UKRAINE 7.95% 11-23.02.21 2,500,000 2,148,275 0.09USD

28,661,608 1.23

PEMEX PROJECT FUNDING6.625% 05-15.06.35 10,675,000 12,193,679 0.52USD

UNITED STATES

PEMEX PROJECT 5.75% 07-01.03.18 12,125,000 13,730,532 0.59USD

25,924,211 1.11

PETROLEOS VENEZUELA5.25% 07-12.04.17 8,985,000 6,831,296 0.29USD

VENEZUELA

PETROLEOS VENEZUELA5.375% 07-12.04.27 9,875,000 6,107,194 0.26USD

VENEZUELA 6% 05-09.12.20REGS 6,625,000 4,956,494 0.21USD

VENEZUELA 7.00% 03-01.12.18 13,400,000 11,207,760 0.48USD

VENEZUELA 7.00% 07-31.03.38 REGS 9,025,000 6,438,661 0.28USD

VENEZUELA 7.65% 05-21.04.25 31,000,000 23,723,525 1.02USD


VENEZUELA 8.25% 09-13.10.24 29,950,000 24,011,663 1.03USD

VENEZUELA 8.5% 04-08.10.14GLOBAL 6,100,000 6,146,970 0.26USD

VENEZUELA 9% 08-07.05.23REGS 13,650,000 11,739,341 0.50USD

VENEZUELA 9.25% 08-07.05.28 REG 17,725,000 14,783,979 0.64USD

VENEZUELA 9.375% 04-13.01.34 9,250,000 7,762,831 0.33USD

161,800,863 6.95

VIETNAM 6.875% 05-15.01.16REG.S 1,275,000 1,400,167 0.06USD

VIETNAM

1,400,167 0.06

71.901,673,170,485TOTAL BONDS



Face Value

ARGENTINA 8.28% 03-31.12.33 PIK 7,750,000 7,665,939 0.33USD

PIK BONDS

ARGENTINA

7,665,939 0.33

REPUBLIC DOMINICAN 9.04%05-23.01.18 REG/PIK 1,350,000 1,623,525 0.07USD

DOMINICAN REPUBLIC

1,623,525 0.07

URUGUAY 7.875% 03-15.10.33 PIK 3,365,000 4,714,029 0.20USD

URUGUAY

4,714,029 0.20

0.6014,003,493TOTAL PIK BONDS

ARGENTINA 1.33% 03-31.12.38 36,225,000 13,041,906 0.56USD


ARGENTINA

13,041,906 0.56

BCO BMG 9.15% 05-15.01.16REG.S 1,975,000 1,551,568 0.07USD

BRAZIL

1,551,568 0.07

REP DOMINICAN 7.5%-10-06.05.21/POOL 3,950,000 4,099,251 0.18USD

DOMINICAN REPUBLIC

4,099,251 0.18

RUSSIA 7.50% 00-31.03.30REG/ST-UP 120,180,000 120,066,624 5.16USD


120,066,624 5.16

IVORY COAST 2.5% 09-31.12.32/DFLT 6,225,000 3,947,055 0.17USD

IVORY COAST

3,947,055 0.17

GOVT OF JAMAICA 8% 08-24.06.19 1,400,000 1,436,799 0.06USD

JAMAÏCA

1,436,799 0.06


Face Value


302

GAZPROM INTL 7.201% 04-01.02.20 REG. 12,050,000 5,141,399 0.22USD

LUXEMBOURG

5,141,399 0.22

PANAMA 6.7% 06-26.01.36 7,487,000 9,837,918 0.42USD

PANAMA

9,837,918 0.42

REPUBLIC SERBIA 3.75% 04-01.11.24 STEP-UP 2,750,000 2,372,716 0.10USD

SERBIA

2,372,716 0.10

REPUBLIC URUGUAY 7.625%06-21.03.36 4,075,000 5,676,068 0.24USD

URUGUAY


URUGUAY 6.875% 09-28.09.25 4,675,000 6,048,281 0.26USD

20,841,094 0.90

PETROLEOS 8.5% 10-02.11.17/ POOL 53,950,000 47,935,924 2.06USD

VENEZUELA

47,935,924 2.06

STAR ENERGY 11.5%10-12.02.15 REGS 2,200,000 2,430,714 0.10USD

VIRGIN ISLANDS

2,430,714 0.10


USA 2% 11-15.11.21 S.F-2021 78,850,000 78,079,980 3.35USD


UNITED STATES

USA 2.125% 11-15.08.21 E-2021 37,000,000 37,182,110 1.60USD

115,262,090 4.95



2,035,139,036



Face Value

BANRISUL 7.375% 12-02.02.22 6,100,000 6,445,901 0.28USD


BONDS

BRAZIL

BMG 6.5% 11-14.03.14 1,800,000 1,742,076 0.07USD

8,187,977 0.35

BANBRA 5.375% 10-15.01.21 1,000,000 1,029,210 0.04USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 3,050,000 3,037,617 0.13USD

PETBRA 6.75% 11-27.01.41 1,000,000 1,174,650 0.05USD

PETRO INTERNATIONALFINANCE 5.875% 07-01.03.18 3,700,000 4,164,813 0.18USD

9,406,290 0.40

BANCOLOMBIA 5.95% 11-03.06.21 5,150,000 5,473,214 0.24USD

COLOMBIA

5,473,214 0.24

INDONESIA 6.625% 07-17.02.37 4,725,000 5,841,872 0.25USD

INDONESIA


17,489,384 0.76

VIP FINANCE 7.748% 11-02.02.21 2,700,000 2,669,544 0.11USD

IRELAND

2,669,544 0.11

DEV BK KAZA 5.5% 10-20.12.15 9,100,000 9,735,135 0.43USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 6,950,000 7,686,109 0.33USD

17,421,244 0.76

SB CAPITAL SA 5.499% 10-07.07.15 3,350,000 3,545,305 0.15USD

LUXEMBOURG

3,545,305 0.15


Face Value

303


1MALAY SUK 3.928% 10-04.06.15 9,520,000 10,094,199 0.43USD

MALAYSIA

10,094,199 0.43

PEMEX 4.875% 10-15.03.15 5,000,000 5,434,975 0.23USD

MEXICO

PEMEX 6% 10-05.03.20 8,400,000 9,622,914 0.41USD

PEMEX 8% 09-03.05.19 16,450,000 20,886,811 0.91USD

URBI DESA 9.75% 12-03.02.22 2,400,000 2,550,684 0.11USD

38,495,384 1.66

NAMIBIA 5.5% 11-03.11.21 2,100,000 2,203,604 0.09USD

NAMIBIA

2,203,604 0.09

MAJAPAHIT HOLDING 7.25%07-28.06.17 3,000,000 3,459,525 0.14USD

NETHERLANDS

MAJAPAHIT HOLDING 7.875%07-29.06.37 REG 1,775,000 2,233,296 0.10USD

5,692,821 0.24

BUMI CAP 12% 09-10.11.16 850,000 939,577 0.04USD

SINGAPORE

SIGMA CAP FRN 10-30.04.15 1,000,000 1,054,215 0.05USD

1,993,792 0.09

ESKOM HLDGS 5.75% 11-26.01.21 4,300,000 4,536,513 0.19USD

SOUTH AFRICA

4,536,513 0.19

MEGA ADVANCE 5% 11-12.05.21 4,300,000 4,485,094 0.19USD

VIRGIN ISLANDS

4,485,094 0.19

5.66131,694,365TOTAL BONDS

USA TSY 1.375% 12-28.02.19/TBO 34,400,000 34,037,188 1.46USD


UNITED STATES

USA 2% 12-15.02.22 TBO 13,000,000 12,826,328 0.55USD



Face Value

USA 3.75% 11-15.08.41 5,000,000 5,483,203 0.24USD

52,346,719 2.25



184,041,084

BLUE CITY 13.75% 06-07.11.13 REG -B1- 1,000,000 - 0.00USD


BONDS

CAYMAN ISLANDS

INDEP INTL 12% 09-30.12.16144A 1,378,131 13,781 0.00USD

13,781 0.00





100.00TOTAL NET ASSETS 2,327,280,001


Face Value


304

ALLI OIL 9.875% 10-11.03.15REGS 100,000 107,179 0.97USD


BONDS

BERMUDA ISLANDS

NOBLE GROUP 8.5%08-30.5.13 REG 100,000 105,428 0.96USD

212,607 1.93

BANCO VOTO 5.25% 11-11.02.16 200,000 206,956 1.88USD

BRAZIL

BCO ABC 7.875% 10-08.04.20REGS 250,000 263,175 2.39USD

ITAU UNIBANCO 6.2% 11-21.12.21 200,000 209,402 1.90USD

SANTAND BR 4.625% 12-13.02.17 200,000 201,272 1.83USD

880,805 8.00

BANBRA 5.875% 11-26.01.22 200,000 206,352 1.87USD

CAYMAN ISLANDS

ENN ENERGY HLD 6% 11-13.05.21 200,000 193,104 1.75USD

GRUPO AVAL 5.25% 12-01.02.17 200,000 208,325 1.89USD

IPIC GMTN 5.5% 11-01.03.22 200,000 206,185 1.87USD

PETBRA 5.375% 11-27.01.21 100,000 108,610 0.98USD

SHK PROP 4.5% 14.02.22EMTN 200,000 193,979 1.76USD

VOTORANTIM 6.625% 09-25.09.19 200,000 224,504 2.05USD

1,341,059 12.17

MCC HLDG 4.875% 11-29.07.16 200,000 200,121 1.81USD

CHINA

200,121 1.81

BANCOLOMBIA 6.125% 10-26.07.20 200,000 212,119 1.92USD

COLOMBIA

212,119 1.92

INVESTMENTS

Global Emerging Markets Corporate DebtStatement of investments as at 31 March 2012(expressed in USD)


Face Value

ALFA MTN ISS 8% 10-18.03.15 250,000 264,036 2.39USD

CYPRUS

264,036 2.39

BIZ FIN 8.375% 10-27.04.15 200,000 185,471 1.68USD

GREAT BRITAIN

VEDANTA RESOURCES 9.5%08-18.07.18 100,000 101,668 0.92USD

287,139 2.60

BBLTB 4.8% 10-18.10.20 REG-S 200,000 202,349 1.84USD

HONG KONG

ICICI BK 5.75% 10-16.11.20REGS 100,000 99,316 0.90USD

PACNET 9.25% 10-09.11.15REGS 200,000 187,890 1.70USD

489,555 4.44

BERAU COAL 7.25% 12-13.03.17 200,000 201,576 1.83USD

INDONESIA

201,576 1.83

ISRAEL ELEC 7.25% 08-15.01.19 REGS 200,000 205,169 1.86USD

ISRAEL

205,169 1.86

GAZ CAPITAL 6.51% 07-07.03.22 200,000 218,936 1.99USD

LUXEMBOURG

GAZ CAPITAL 9.25% 09-23.04.19 100,000 123,785 1.12USD

RSHB CAPITAL 6.299% 07-15.05.17 200,000 212,147 1.92USD

554,868 5.03

GFB 6.5% 11-10.03.21/SUB 150,000 156,752 1.42USD

MEXICO

GRUPO TELEVISA6.625%05-18.03.25 100,000 119,755 1.09USD

PEMEX 4.875% 12-24.01.22 200,000 210,677 1.91USD

URBI DESA 9.5% 10-21.01.20 110,000 116,287 1.05USD

603,471 5.47

GTB FIN BV 7.5% 11-19.05.16 200,000 208,564 1.89USD

NETHERLANDS

208,564 1.89


Face Value

305


BANCO PERU 5.75% 10-07.10.20 200,000 204,363 1.85USD

PERU

204,363 1.85

YAPI KREDI 6.75% 12-08.02.17 200,000 206,388 1.87USD

TURKEY

206,388 1.87

CEMEX FIN 9.5% 09-14.12.16 100,000 100,032 0.91USD

UNITED STATES

100,032 0.91

CITIC RES.6.75% 07-15.05.14 200,000 205,730 1.87USD

VIRGIN ISLANDS

205,730 1.87


BCO BMG 9.15% 05-15.01.16REG.S 100,000 78,561 0.72USD


BRAZIL

78,561 0.72

PETROLEOS 8.5% 10-02.11.17/ POOL 75,000 66,639 0.60USD

VENEZUELA

66,639 0.60


VEDANTA RES 4% 10-30.03.17CV 100,000 96,050 0.87USD

CONVERTIBLE BONDS

JERSEY

96,050 0.87

0.8796,050TOTAL CONVERTIBLE BONDS

USA 2% 11-15.11.21 S.F-2021 380,000 376,289 3.41USD


UNITED STATES

376,289 3.41

3.41376,289TOTAL TREASURY BONDS/NOTES - FIXEDRATE


6,995,141



Face Value

BANRISUL 7.375% 12-02.02.22 200,000 211,341 1.92USD


BONDS

BRAZIL

211,341 1.92

ALLIANCE GL 6.5% 10-18.08.17 200,000 212,586 1.93USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 200,000 199,188 1.81USD

HUTCH WHAM 4.625% 12-13.01.22 200,000 202,753 1.84USD

KUWAIT PRO 9.375% 10-15.07.20 200,000 220,060 1.99USD

834,587 7.57

BK OF E ASIA 6.125% 10-16.07.20 100,000 106,560 0.97USD

HONG KONG

CITIC INTL 6.875% 24.06.20 /SUB 200,000 211,458 1.91USD

318,018 2.88

PT ADARO IND 7.625% 09-22.10.19 100,000 108,981 0.99USD

INDONESIA

108,981 0.99

BW GROUP 6.625% 07-28.06.17 REG 100,000 98,963 0.90USD

IRELAND

VIP FINANCE 7.748% 11-02.02.21 200,000 197,744 1.79USD

296,707 2.69

DEV BK KAZA 5.5% 10-20.12.15 200,000 213,959 1.94USD

KAZAKHSTAN

213,959 1.94

SB CAPITAL SA 5.499% 10-07.07.15 250,000 264,575 2.40USD

LUXEMBOURG

264,575 2.40

BUMI CAP 12% 09-10.11.16 250,000 276,345 2.51USD

SINGAPORE


Face Value


306

SIGMA CAP FRN 10-30.04.15 200,000 210,843 1.91USD

487,188 4.42

AKBANK 5.125% 10-22.07.15REGS 150,000 150,203 1.36USD

TURKEY

150,203 1.36

RELIANCE HLDG 4.5% 10-19.10.20 250,000 239,473 2.17USD

UNITED STATES

239,473 2.17

PCCW 4.25% 10-24.02.16 150,000 153,920 1.40USD

VIRGIN ISLANDS

153,920 1.40



3,278,952






Face Value

307


BANCO VOTO 5.25% 11-11.02.16 1,400,000 1,448,691 1.16USD


BONDS

BRAZIL

BNDES 5.5% 10-12.07.20 REG-S 775,000 867,570 0.70USD

BRAZIL 10% 10-01.01.21 2,107 1,091,046 0.88BRL

BRAZIL 4.875% 10-22.01.21 190,000 215,371 0.17USD

BRAZIL 8.25% 04-20.01.34 500,000 760,700 0.61USD

ELETROBRAS 5.75% 11-27.10.21 750,000 824,258 0.66USD

ITAU UNIBANCO 6.2% 11-21.12.21 250,000 261,753 0.21USD

VOTORANTIM 7.375% 10-21.01.20 120,000 131,237 0.11USD

5,600,626 4.50

BANBRA 5.875% 11-26.01.22 1,200,000 1,238,111 1.00USD

CAYMAN ISLANDS

PETBRA 5.375% 11-27.01.21 1,100,000 1,194,705 0.96USD

PETBRA 5.75% 09-20.01.20 150,000 167,354 0.13USD

PETROBRAS INTERNATIONAL7.875% 09-15.03.19 700,000 868,123 0.70USD

VOTORANTIM 6.625% 09-25.09.19 950,000 1,066,399 0.86USD

4,534,692 3.65

BCO CHILE 3.875% 12-08.02.22 250,000 248,680 0.20USD

CHILE

EMPRESA NAC 4.75% 11-06.12.21 1,500,000 1,561,935 1.26USD

EMPRESA NAC 5.25% 10-10.08.20 150,000 163,166 0.13USD

1,973,781 1.59

MCC HLDG 4.875% 11-29.07.16 1,000,000 1,000,605 0.80USD

CHINA

1,000,605 0.80

COLOMBIA 4.375% 11-12.07.21 3,100,000 3,385,278 2.72USD

COLOMBIA

INVESTMENTS

Global Emerging Markets Investment Grade BondStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

COLOMBIA 7.75% 10-14.04.21/DUAL 1,068,000,000 710,264 0.57COP

COLUMBIA 12.00% 05-22.10.15 1,240,000,000 868,003 0.70COP

4,963,545 3.99

CROATIA 6.375% 11-24.03.21 350,000 336,765 0.27USD

CROATIA

CROATIA 6.75% 09-05.11.19REGS 325,000 326,032 0.26USD

662,797 0.53

RURAIL 5.739% 10-03.04.17 900,000 953,222 0.77USD


RUSSIA 5% 10-29.04.20 800,000 854,328 0.69USD

TRANSNEFT 5.67% 07-05.03.14 400,000 425,688 0.34USD

2,233,238 1.80

INDONESIA 5.25% 12-17.01.42 3,100,000 3,253,667 2.62USD

INDONESIA

3,253,667 2.62

TRANSCAP. 7.7% 08-07.08.13 100,000 107,799 0.09USD

IRELAND

VEB FINANCE 5.375% 12-13.02.17 200,000 206,882 0.17USD

VEB-LEASING INV5.125%27.05.16 1,400,000 1,414,728 1.13USD

1,729,409 1.39

LITHUANIA 5.125% 10-14.09.17 REGS 600,000 625,671 0.50USD

LITHUANIA

LITHUANIA 6.625% 12-01.02.22 1,500,000 1,665,510 1.34USD

LITHUANIA 7.375% 10-11.02.20 1,010,000 1,180,256 0.95USD

3,471,437 2.79

GAZ CAPITAL 9.25% 09-23.04.19 600,000 742,710 0.60USD

LUXEMBOURG

RSHB CAPITAL 6.299% 07-15.05.17 800,000 848,588 0.68USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 500,000 526,195 0.42USD

2,117,493 1.70


Quantity/Facevalue


308

MALAYSIA 3.58% 11-28.09.18 5,800,000 1,897,226 1.53MYR

MALAYSIA

PETRONAS CAP 5.25% 09-12.08.19 1,000,000 1,121,305 0.90USD

3,018,531 2.43

GFB 6.5% 11-10.03.21/SUB 1,400,000 1,463,014 1.18USD

MEXICO

MEXICO 10% 05-05.12.24 -M- 59,400 607,183 0.49MXN

MEXICO 10% 06-20.11.36 57,450 573,838 0.46MXN

MEXICO 5.125% 10-15.01.20 750,000 862,275 0.69USD

MEXICO 6.05% 08-11.01.40 550,000 663,314 0.53USD

MEXICO 6.5% 11-10.06.21 37,500 298,713 0.24MXN

MEXICO 6.75% 04-27.09.34GLOB. 1,400,000 1,814,785 1.46USD

MEXICO 7.5% 03-08.04.33 400,000 559,110 0.45USD

MEXICO 8% 10-11.06.20 531,100 4,683,522 3.78MXN

MEXICO 8.5% 08-18.11.38 116,000 1,007,589 0.81MXN

PEMEX 4.875% 12-24.01.22 3,650,000 3,844,854 3.09USD

PEMEX 5.5% 10-21.01.21 550,000 609,689 0.49USD

16,987,886 13.67

KAZAK.TEMIR ZHOLY 7% 06-11.05.16 550,000 617,213 0.50USD

NETHERLANDS

617,213 0.50

PANAMA 5.2% 09-30.01.20 780,000 897,718 0.72USD

PANAMA

REPUBLIC PANAMA 7.125%05-29.01.26 900,000 1,204,146 0.97USD

2,101,864 1.69

BANCO PERU 5.75% 10-07.10.20 700,000 715,271 0.58USD

PERU

PERU 7.35% 05-21.07.25 200,000 274,255 0.22USD

PERU 8.375% 04-03.05.16 525,000 655,594 0.53USD

PERU 8.75% 03-21.11.33 800,000 1,245,099 0.99USD

2,890,219 2.32

POLAND 3.875% 10-16.07.15 600,000 631,485 0.51USD

POLAND

POLAND 5% 11-23.03.22 100,000 105,741 0.09USD

POLAND 5.125% 11-21.04.21 1,520,000 1,629,873 1.31USD

POLAND 5.25% 10-25.10.20 13,212,000 4,195,848 3.37PLN



Quantity/Facevalue

POLAND 5.5% 09-25.04.15 5,850,000 1,920,545 1.54PLN

8,483,492 6.82

ROMANIA 6.75% 12-07.02.22 150,000 157,416 0.13USD

ROUMANIA

157,416 0.13

SOUTH AFRICA 5.5% 10-03.09.20 1,400,000 1,569,904 1.26USD

SOUTH AFRICA

SOUTH AFRICA 7% 10-28.02.31 16,400,000 1,798,259 1.45ZAR

SOUTH AFRICA 8% 04-21.12.18 3,250,000 432,228 0.35ZAR

SOUTH AFRICA 8.25% 04-15.09.17 61,350,000 8,329,593 6.70ZAR

12,129,984 9.76

THAILAND GOV 3.65% 10-17.12.21 8,650,000 276,844 0.22THB

THAILAND

THAILAND GOV 5.25% 07-12.05.14 141,000,000 4,746,047 3.82THB

5,022,891 4.04

PEMEX PROJECT FUNDING6.625% 05-15.06.35 1,400,000 1,599,171 1.29USD

UNITED STATES

1,599,171 1.29

68.0184,549,957TOTAL BONDS




5,469,835 4.40

PANAMA 6.7% 06-26.01.36 175,000 229,950 0.18USD

PANAMA

229,950 0.18

REPUBLIC URUGUAY 7.625%06-21.03.36 750,000 1,044,675 0.84USD

URUGUAY

1,044,675 0.84



Quantity/Facevalue

309


USA 2% 11-15.11.21 S.F-2021 600,000 594,141 0.48USD


UNITED STATES

594,141 0.48

0.48594,141TOTAL TREASURY BONDS/NOTES - FIXEDRATE


91,888,558

BANCO VOTO 4.25% 10-08.02.13 450,000 457,533 0.37USD


BONDS

BRAZIL

457,533 0.37

CROATIA 6.625% 10-14.07.20 200,000 198,139 0.16USD

CROATIA

198,139 0.16

RUSSIA 7.85% 11-10.03.18REGS 55,000,000 1,951,026 1.57RUB


1,951,026 1.57

DEV BK KAZA 5.5% 10-20.12.15 1,200,000 1,283,754 1.03USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 400,000 442,366 0.36USD

1,726,120 1.39

MALAYSIA 2.509% 09-27.08.12 1,100,000 358,390 0.29MYR

MALAYSIA

MALAYSIA 3.21% 09-31.05.13 1,100,000 359,716 0.29MYR

MALAYSIA 3.434% 11-15.08.14 6,500,000 2,136,979 1.72MYR

MALAYSIA 3.835% 10-12.08.15 1,200,000 399,149 0.32MYR

MALAYSIA 4.16% 11-15.07.21 2,990,000 1,010,432 0.81MYR

MALAYSIA 4.24% 03-07.02.18 6,040,000 2,044,235 1.64MYR

6,308,901 5.07

PERU 6.95% 08-12.08.31/USD 2,751,000 1,114,718 0.89PEN

PERU



Quantity/Facevalue

PERU 7.84% 05-12.08.20 REG-S 1,050,000 456,790 0.37PEN

1,571,508 1.26

ESKOM HLDGS 5.75% 11-26.01.21 600,000 633,002 0.51USD

SOUTH AFRICA

633,002 0.51

THAILAND GOV 2.8% 10-10.10.17 69,500,000 2,152,838 1.73THB

THAILAND

2,152,838 1.73

MEGA ADVANCE 5% 11-12.05.21 200,000 208,609 0.17USD

VIRGIN ISLANDS

208,609 0.17

12.2315,207,676TOTAL BONDS


15,207,676

MALAYSIA 4.012% 10-15.09.17 3,850,000 1,291,858 1.04MYR


BONDS

MALAYSIA

1,291,858 1.04



USA 0% 11-28.06.12 TB 5,000,000 4,999,187 4.02USD


TREASURY BILLS

UNITED STATES

4,999,187 4.02

4.024,999,187TOTAL TREASURY BILLS

CALL USD/BRL SPOT CROSS25/05/2012 1.745 (1,250,000) (70,453) (0.06)USD

CURRENCY OPTIONS

GREAT BRITAIN


Quantity/Facevalue


310

CALL USD/BRL SPOT CROSS25/05/2012 1.86 2,500,000 44,604 0.04USD

(25,849) (0.02)

(0.02)(25,849)TOTAL CURRENCY OPTIONS







Quantity/Facevalue

311


BRAZIL 10% 10-01.01.21 116,954 60,561,145 6.60BRL


BONDS

BRAZIL

SAFRA 3.5% 11-16.05.14 620,000 626,361 0.07USD

61,187,506 6.67

CHILE 5.5% 10-05.08.20 425,000,000 913,612 0.10CLP

CHILE

913,612 0.10

ALFA MTN ISS 8% 10-18.03.15 1,925,000 2,033,079 0.22USD

CYPRUS

2,033,079 0.22

HUNGARY 6.75% 01-24.11.1717A 1,992,000,000 8,174,936 0.89HUF

HUNGARY

HUNGARY 7% 11-24.06.22 1,243,000,000 4,879,404 0.53HUF

13,054,340 1.42

INDONESIA 10% 07-15.09.24 10,000,000,000 1,425,721 0.16IDR

INDONESIA

INDONESIA 8.375% 10-15.09.26 43,598,000,000 5,618,657 0.61IDR

7,044,378 0.77

TRANSCAP. 7.7% 08-07.08.13 6,250,000 6,737,438 0.73USD

IRELAND

6,737,438 0.73

KAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 7,500,000 8,003,363 0.87USD

KAZAKHSTAN

8,003,363 0.87

GAZ CAP 7.343% 08-11.04.13REGS 6,925,000 7,288,493 0.79USD

LUXEMBOURG

GAZ CAPITAL 8.125% 09-31.07.14 6,000,000 6,650,970 0.72USD

SBERBANK 6.468% 08-02.07.13 9,500,000 10,026,727 1.10USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 7,150,000 7,524,589 0.82USD

31,490,779 3.43

INVESTMENTS

Global Emerging Markets Local DebtStatement of investments as at 31 March 2012(expressed in USD)


Face Value

MEXICO 4% 09-13.06.19/INFL 45 1,883 0.00MXN

MEXICO

MEXICO 4.5% 06-04.12.25UDIBONOS 99,885 4,483,895 0.49MXN

MEXICO 6.5% 11-10.06.21 4,182,000 33,312,478 3.63MXN

MEXICO 7% 09-19.06.14 64 524 0.00MXN

MEXICO 7.5% 07-21.06.12 6,297,228 49,680,224 5.42MXN

MEXICO 7.75% 07-14.12.17S.M 10 70 609 0.00MXN

MEXICO 8% 03-07.12.23S.M20 50,000 442,612 0.05MXN

MEXICO 8% 03-19.12.13SR131219 78 644 0.00MXN

87,922,869 9.59

REP PERU 7.84% 05-12.08.20 18,267,000 7,941,669 0.86PEN

PERU

REP PERU 9.91% 05-05.05.15 2,000,000 871,755 0.10PEN

8,813,424 0.96

POLAND 4.75% 07-25.04.12PS0412 6,000,000 1,927,345 0.21PLN

POLAND

POLAND 5% 10-25.04.16 11,500,000 3,714,023 0.40PLN

POLAND 5.25% 07-25.04.13S0413 16,900,000 5,470,213 0.60PLN

POLAND 5.25% 10-25.10.20 10,050,000 3,191,665 0.35PLN

POLAND 5.5% 09-25.04.15 35,500,000 11,654,592 1.26PLN

POLAND 5.75% 01-23.09.22 1,300,000 425,128 0.05PLN

POLAND 5.75% 08-25.04.14 3,500,000 1,148,848 0.13PLN

POLAND 6.25% 04-24.10.15DS 1015 10,000,000 3,365,707 0.37PLN

30,897,521 3.37

SOUTH AFRICA 7.5% 05-15.01.14 R206 70,000,000 9,378,180 1.02ZAR

SOUTH AFRICA

SOUTH AFRICA 8.25% 04-15.09.17 411,820,000 55,913,495 6.10ZAR

SOUTH AFRICA 8.75% 03-21.12.14 95,250,000 13,244,726 1.44ZAR

78,536,401 8.56

THAILAND GOV 4.25% 07-13.03.13 140,000,000 4,582,988 0.50THB

THAILAND

THAILAND GOV 5.125% 07-13.03.18 62,000,000 2,155,497 0.23THB


Face Value


312

THAILAND GOV 5.25% 07-12.05.14 65,000,000 2,187,894 0.24THB

THAILAND 3.625% 09-22.05.15 230,000,000 7,471,175 0.81THB

THAILAND 3.875% 09-13.06.19 50,000,000 1,633,174 0.18THB

THAILAND 4.125% 09-18.11.16 90,000,000 2,983,546 0.33THB

THAILAND 5.4% 06-27.07.16 90,000,000 3,123,403 0.34THB

24,137,677 2.63

TURKEY GOVERNMENT BOND14.00% 07-26.09.12 3,500,000 2,007,373 0.22TRY

TURKEY

TURKEY 10% 10-09.01.13 30,000,000 16,910,516 1.85TRY

TURKEY 10% 10-17.06.15 9,625,000 5,520,059 0.60TRY

TURKEY 16% 08-28.08.13 4,000,000 2,441,952 0.27TRY

TURKEY 8% 10-9.10.13 7,660,000 4,230,278 0.46TRY

TURKEY 9% 11-27.01.16 20,500,000 11,421,095 1.24TRY

42,531,273 4.64

TAQA 6.6% 08-01.08.13 REGS 3,550,000 3,764,083 0.41USD


3,764,083 0.41

44.37407,067,743TOTAL BONDS

POLAND 0% 09-25.07.12 30,000,000 9,505,918 1.04PLN

PLACEMENTS

POLAND

POLAND 0% 10-25.10.12 10,000,000 3,133,067 0.34PLN

12,638,985 1.38

TURKEY 0% 10-08.08.12 6,750,000 3,667,063 0.40TRY

TURKEY

3,667,063 0.40


MEX UDIBONOS FRN 06-16.06.16 15,281 641,408 0.07MXN

FLOATING RATE BONDS

MEXICO

641,408 0.07




Face Value

BCO BMG 9.15% 05-15.01.16REG.S 2,350,000 1,846,169 0.20USD


BRAZIL

1,846,169 0.20


POLAND FRN 04-24.08.16 IZ0816 14,565,000 6,065,191 0.65PLN


POLAND

6,065,191 0.65

KOREA 2.75% 07-10.03.17/INFL 3,000,000,000 3,468,388 0.38KRW

SOUTH KOREA

3,468,388 0.38

TURKEY FRN 09-21.05.14 CPI 1,500,000 1,186,703 0.13TRY

TURKEY

TURKEY 12% 08-14.8.13 /CPI 400,000 332,457 0.04TRY

1,519,160 0.17



436,914,107

BANCO VOTO 4.25% 10-08.02.13 3,950,000 4,016,123 0.44USD


BONDS

BRAZIL

4,016,123 0.44

RUSSIA 7.35% 11-20.01.16 50,000 1,711 0.00RUB


RUSSIA 7.85% 11-10.03.18REGS 560,000,000 19,864,988 2.17RUB

19,866,699 2.17

INDONESIA 10% 05-15.07.17S.FR28 7,000,000,000 927,822 0.10IDR

INDONESIA

INDONESIA 10.25% 07-15.07.22 30,000,000,000 4,287,842 0.47IDR


Face Value

313


INDONESIA 11% 03-15.12.12S.FR0023 2,000,000,000 229,378 0.02IDR

INDONESIA 11% 05-15.11.20 55,500,000,000 8,150,462 0.89IDR

INDONESIA 11.5% 06-15.09.19 18,500,000,000 2,716,851 0.30IDR

INDONESIA 12.5% 06-15.03.13 S.FR33 25,000,000,000 2,949,398 0.32IDR

INDONESIA 12.9% 06-15.06.22 FR35 5,000,000,000 823,093 0.09IDR

INDONESIA 7.375% 10-15.09.16 9,806,000,000 1,165,601 0.13IDR

INDONESIA 8.25% 10-15.07.21 29,000,000,000 3,687,497 0.40IDR

INDONESIA 9% 08-15.09.13FR0049 29,500,000,000 3,437,157 0.37IDR

INDONESIA 9.5% 04-15.06.15 71,500,000,000 8,894,658 0.96IDR

INDONESIE 10.75% 05-15.05.16 FR30 20,000,000,000 2,642,411 0.29IDR

INDONESIE 11% 04-15.10.14FR26 5,000,000,000 629,665 0.07IDR

40,541,835 4.41

MALAYSIA 3.835% 10-12.08.15 36,500,000 12,140,791 1.32MYR

MALAYSIA

MALAYSIA 4.16% 11-15.07.21 12,000,000 4,055,244 0.44MYR

MALAYSIA 4.378% 09-29.11.19 5,000,000 1,707,034 0.19MYR

MALAYSIA 5.094% 04-30.04.14 39,500,000 13,407,178 1.46MYR

31,310,247 3.41

PERU 6.95% 08-12.08.31/USD 20,699,000 8,387,332 0.91PEN

PERU

8,387,332 0.91

THAILAND GOV 2.8% 10-10.10.17 247,000,000 7,651,094 0.84THB

THAILAND

THAILAND GOV 4.5% 07-09.04.24 150,000,000 5,151,465 0.56THB

12,802,559 1.40

12.74116,924,795TOTAL BONDS


116,924,795



Face Value

BRAZIL 6% 07-15.05.17 IPCA-IDX 2,425 3,015,485 0.33BRL


BONDS

BRAZIL

3,015,485 0.33

INDONESIAGOVERNMENT11% 06-15.09.25 7,870,000,000 1,208,414 0.13IDR

INDONESIA

1,208,414 0.13

MALAYSIA 4.012% 10-15.09.17 23,695,000 7,950,799 0.86MYR

MALAYSIA

7,950,799 0.86

JP MORGAN 6% 07-09.07.12INT.USD/REGS 8,000,000 189,104 0.02PHP

UNITED STATES

JP MORGAN 8% 07-09.07.12INT.USD 21,500,000 418,690 0.05INR

607,794 0.07



MEXICO 0% 11-14.06.12 TB 46,000,000 35,720,139 3.89MXN


TREASURY BILLS

MEXICO

35,720,139 3.89

USA 0% 11-28.06.12 TB 145,000,000 144,973,313 15.80USD

UNITED STATES

144,973,313 15.80







Face Value


314

ARGENTINA 7% 05-03.10.15 425,000 399,627 0.07USD


BONDS

ARGENTINA

ARGENTINA 7% 07-17.4.17S.X 3,000,000 2,557,936 0.41USD

2,957,563 0.48

OPTUS FIN SIN 3.5% 10-15.09.20 2,200,000 3,069,615 0.50EUR

AUSTRALIA

TELSTRA 3.75% 11-16.05.22 500,000 696,136 0.11EUR

3,765,751 0.61

OMV 4.25% 11-12.10.21 750,000 1,099,044 0.18EUR

AUSTRIA

1,099,044 0.18

FORTIS BANK 4.625% 04 -PERP. 1,500,000 1,564,376 0.25EUR

BELGIUM

KBC BANK 8% 08-PERP. 1,650,000 1,742,333 0.29EUR

3,306,709 0.54

ALLI OIL 9.875% 10-11.03.15REGS 1,900,000 2,036,401 0.33USD

BERMUDA ISLANDS

2,036,401 0.33

BANCO VOTO 5.25% 11-11.02.16 625,000 646,738 0.11USD

BRAZIL

BCO ABC 7.875% 10-08.04.20REGS 3,850,000 4,052,914 0.66USD

BRAZIL 4.875% 10-22.01.21 5,100,000 5,781,003 0.94USD

BRAZIL 5.625% 09-07.01.14 2,500,000 2,899,000 0.47USD

BRAZIL 5.875% 09-15.01.19 1,100,000 1,318,845 0.21USD

ELETROBRAS 5.75% 11-27.10.21 900,000 989,109 0.16USD


SANTAND BR 4.625% 12-13.02.17 2,300,000 2,314,628 0.38USD

INVESTMENTS

Global High Income BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

VOTORANTIM 7.375% 10-21.01.20 1,900,000 2,077,916 0.34USD

22,069,472 3.59

SUNCOR ENERG 6.85% 08-01.06.39 1,000,000 1,306,910 0.21USD

CANADA

1,306,910 0.21

BANBRA 5.875% 11-26.01.22 2,400,000 2,476,224 0.40USD

CAYMAN ISLANDS

BCOCPE 5.75%12-18.01.17 500,000 528,090 0.09USD

GRUPO AVAL 5.25% 12-01.02.17 300,000 312,488 0.05USD

HUTCH WHAM 11 3.5% 12-13.01.17 1,000,000 1,018,305 0.17USD

PETBRA 3.5% 12-06.02.17 1,000,000 1,026,550 0.17USD

PETBRA 4.875% 11-07.03.18 475,000 680,731 0.11EUR

PETBRA 5.75% 09-20.01.20 4,700,000 5,243,766 0.85USD

PETROBRAS INTL 8.375% 03-10.12.18 1,700,000 2,150,415 0.35USD

13,436,569 2.19

BANCOLOMBIA 6.125% 10-26.07.20 2,000,000 2,121,190 0.34USD

COLOMBIA

BCO BOGOTA 5% 11-15.01.16 1,100,000 1,144,836 0.19USD

COLOMBIA 6.125% 09-18.01.41 600,000 739,230 0.12USD

COLOMBIA 8.125% 04-21.05.24 1,350,000 1,921,725 0.31USD

5,926,981 0.96

CROATIA 6.375% 11-24.03.21 1,500,000 1,443,278 0.23USD

CROATIA

1,443,278 0.23

TDC 3.75% 12-02.03.22 400,000 545,296 0.09EUR

DENMARK

545,296 0.09

EL SALVADOR 8.25% 02-10.04.32 1,300,000 1,427,628 0.23USD

EL SALVADOR

1,427,628 0.23

ALFA BK 8.635% 07-22.02.17 1,400,000 1,322,090 0.22USD


1,322,090 0.22


Face Value

315


SAMPO BANK 4.25% 12-27.02.17 575,000 796,639 0.13EUR

FINLAND

STORA ENSO 5.5% 12-07.03.19 400,000 529,659 0.09EUR

1,326,298 0.22

AXA SA 5.777% 06-PERP 2,500,000 2,734,543 0.45EUR

FRANCE

BPCE 6.117% 07-PERP EMTN 400,000 401,802 0.07EUR

CNP ASSURANCES 4.75% 06-PERP. 1,500,000 1,350,837 0.22EUR

CROWN EU HOLDING 7.125%15.08.18 REGS 2,800,000 3,992,258 0.65EUR

EDENRED 3.625% 10-06.10.17 1,500,000 2,094,110 0.34EUR

FAURECIA 9.375% 11-15.12.16 750,000 1,130,604 0.18EUR

NEXANS 5.75% 07-02.05.17 1,950,000 2,697,627 0.44EUR

RCI BQ 4% 10-25.01.16 500,000 684,982 0.11EUR

RCI BQ 5.625% 12-13.03.15 2,100,000 3,002,809 0.49EUR

REXEL 7% 11-17.12.18 700,000 989,178 0.16EUR

ST GOBAIN 4.5% 11-30.09.19 1,300,000 1,886,607 0.31EUR

VALEO SA 5.75% 12-19.01.17 600,000 874,388 0.14EUR

VALLOUREC 4.25% 11-14.02.17 300,000 428,154 0.07EUR

VINCI 4.125% 11-20.02.17 300,000 431,965 0.07EUR

VINCI 6.25% 06-PERP 2,750,000 3,671,673 0.60EUR

VIVENDI 4.125% 12-18.07.17 400,000 558,109 0.09EUR

WENDEL INVESTMENT4.375% 05-09.08.17 500,000 636,223 0.10EUR

27,565,869 4.49

REP OF GEORGIA 6.875% 11-12.04.21 550,000 581,743 0.09USD

GEORGIEN

581,743 0.09

ALZ 5.5% 04-PERP. EMTN 750,000 985,555 0.16EUR

GERMANY

COMZBK 7.75% 11-16.03.21 /SUB 500,000 590,163 0.10EUR

ELSTER FIN 6.25% 11-15.04.18 450,000 628,909 0.10EUR

HENKEL 5.375% 05-25.11.14STEP-UP 1,500,000 2,071,346 0.34EUR

MUNICH RE 5.767% 07-26.06.49 2,250,000 2,750,401 0.44EUR



Face Value

UNITYMEDIA 8.125% 09-01.12.17 1,250,000 1,774,019 0.29EUR

8,800,393 1.43

BIZ FIN 8.375% 10-27.04.15 2,950,000 2,735,697 0.45USD

GREAT BRITAIN


FCE BK 4.75% 11-19.01.15 500,000 686,903 0.11EUR

FCE BK 9.375% 09-17.01.14 3,500,000 5,150,398 0.85EUR

HSBC HOLDING 0% 09-10.06.19 1,000,000 1,477,406 0.24EUR

INEOS FIN 8.375% 15.02.19144A 1,500,000 1,593,750 0.26USD

LLOYDS 4.2% 28.03.17 1,000,000 1,008,775 0.16USD

LLOYDS 4.625% 12-02.02.17 600,000 820,949 0.13EUR

MONDI FIN 5.75% 10-03.04.17 2,000,000 2,893,520 0.47EUR

REXAM PLC 6.75% 07-29.06.67 1,300,000 1,693,449 0.28EUR

VEDANTA RES 6.75% 11-07.06.16 600,000 560,643 0.09USD

VEDANTA RES 8.25% 11-07.06.21 600,000 558,771 0.09USD


22,705,976 3.70

ICICI BK 5.75% 10-16.11.20REGS 1,600,000 1,589,056 0.26USD

HONG KONG

PACNET 9.25% 10-09.11.15REGS 1,200,000 1,127,340 0.18USD

2,716,396 0.44

HUNGARY 7.625% 11-29.03.41 1,100,000 1,001,363 0.16USD

HUNGARY

MOL HU O&G 5.875% 10-20.04.17 1,000,000 1,218,218 0.20EUR

2,219,581 0.36

BERAU COAL 7.25% 12-13.03.17 200,000 201,576 0.03USD

INDONESIA

BUMI INV 10.75% 10-10.06.17 600,000 652,377 0.11USD

INDONESIA 4.875% 11-05.05.21 5,150,000 5,583,681 0.90USD


Face Value


316

INDONESIA 7.75% 08-17.01.38 REGS 650,000 900,933 0.15USD

7,338,567 1.19

ALFA BD ISS 7.75% 11-28.04.21 1,000,000 987,420 0.16USD

IRELAND

ALFA BD ISS 7.875% 10-25.09.17 800,000 825,376 0.13USD

CRH FIN 7.375% 09-28.05.14 2,000,000 2,975,133 0.49EUR

GPB EUROBD 6.25% 10-15.12.14 1,700,000 1,770,856 0.29USD

VEB FINANCE 5.375% 12-13.02.17 800,000 827,528 0.13USD

VIP FIN 9.125% 08-30.04.18REGS 2,000,000 2,198,190 0.36USD

9,584,503 1.56

EXOR SPA 5.375% 07-12.06.17 2,200,000 3,046,764 0.49EUR

ITALY

UNICREDIT 4.875% 12-07.03.17 500,000 662,394 0.11EUR

3,709,158 0.60

CPUK FIN 11.625% 12-28.02.18 500,000 832,113 0.14GBP

JERSEY

832,113 0.14

LITHUANIA 5.125% 10-14.09.17 REGS 1,500,000 1,564,178 0.25USD

LITHUANIA

LITHUANIA 6.625% 12-01.02.22 1,250,000 1,387,925 0.23USD

2,952,103 0.48

ARCELORMIT 3.75% 12-25.02.15 1,000,000 1,017,285 0.17USD

LUXEMBOURG

CLARIANT FIN 5.625% 12-24.01.17 300,000 427,171 0.07EUR

GAZ CAPITAL 6.51% 07-07.03.22 1,400,000 1,532,552 0.25USD

GAZ CAPITAL 6.605% 07-13.02.18 EMTN 1,800,000 2,697,240 0.44EUR

GAZ CAPITAL 9.25% 09-23.04.19 2,000,000 2,475,700 0.40USD

GAZPROM 4.95% 11-23.05.16 1,000,000 1,036,920 0.17USD



Face Value

RSHB CAPITAL 6.299% 07-15.05.17 1,300,000 1,378,956 0.22USD


TELECOM IT CAP 7.175% 09-18.06.19 1,000,000 1,071,170 0.17USD

VTB CAPIT 6.875% 08-29.05.18 REG 2,850,000 3,013,946 0.49USD

18,790,360 3.06

PETRONAS CAP 5.25% 09-12.08.19 1,100,000 1,233,436 0.20USD

MALAYSIA

1,233,436 0.20


MEXICO

GFB 6.5% 11-10.03.21/SUB 3,750,000 3,918,788 0.64USD

MEXICO 5.125% 10-15.01.20 4,100,000 4,713,769 0.77USD

MEXICO 5.95% 08-19.03.19 2,000,000 2,398,550 0.39USD

MEXICO 6.05% 08-11.01.40 5,300,000 6,391,932 1.04USD

MEXICO 6.75% 04-27.09.34GLOB. 1,250,000 1,620,344 0.26USD

PEMEX 4.875% 12-24.01.22 1,000,000 1,053,370 0.17USD

PEMEX 4.875% 12-24.01.22 650,000 684,700 0.11USD

PEMEX 5.5% 10-21.01.21 3,500,000 3,879,838 0.63USD

URBI DESA 9.5% 10-21.01.20 1,614,000 1,706,248 0.28USD

28,486,799 4.64

ABN AMRO 4.125% 12-28.03.22 900,000 1,209,414 0.20EUR

NETHERLANDS

BRENNTAG FIN 5.5% 11-19.07.18 450,000 639,406 0.10EUR

CRH FIN 5% 12-25.01.19 300,000 435,659 0.07EUR

DEUT TEL IF 5.75% 08-10.01.14 1,000,000 1,432,677 0.23EUR

EUREKO 5.125% 05-29.06.49 500,000 520,458 0.08EUR

HEIDLRG 8.5% 09-31.10.19 4,000,000 6,041,764 0.99EUR

KAZAK TEMIR 6.375% 10-06.10.20 1,575,000 1,756,283 0.29USD

LINDE FINANCE 7.375% 06-14.07.66 1,500,000 2,234,842 0.36EUR

PLNIJ 7.75% 09-20.01.20 2,400,000 2,883,492 0.47USD

RABOBANK 6.875% 10-19.03.20 2,600,000 3,362,458 0.55EUR


Face Value

317


SOLVAY FIN. 6.375% 06-02.06.21 1,500,000 2,050,072 0.33EUR

SUEDZUCK.INTERNATIONAL5.25% 05-PERP 1,650,000 2,204,622 0.36EUR

24,771,147 4.03

DNB 4.75% 12-08.03.22/SUB 750,000 1,005,068 0.16EUR

NORWAY

1,005,068 0.16


PANAMA

3,880,026 0.63

BANCO PERU 5.75% 10-07.10.20 1,550,000 1,583,813 0.26USD

PERU

COFIDE 4.75% 12-08.02.22 550,000 570,793 0.09USD

PERU 7.35% 05-21.07.25 1,400,000 1,919,785 0.32USD

PERU 8.75% 03-21.11.33 925,000 1,439,647 0.23USD

5,514,038 0.90

PHILIPPINES 5% 12-13.01.37 2,650,000 2,764,334 0.45USD

PHILIPPINES

PHILIPPINES 6.375% 07-15.01.32 1,000,000 1,215,250 0.20USD

3,979,584 0.65

ROMANIA 6.75% 12-07.02.22 650,000 682,136 0.11USD

ROUMANIA

682,136 0.11

SOUTH AFRICA 5.5% 10-03.09.20 1,800,000 2,018,448 0.33USD

SOUTH AFRICA

SOUTH AFRICA 5.875% 07-30.05.22 2,100,000 2,399,240 0.39USD

4,417,688 0.72

GAS NCP 5% 12-13.02.18 200,000 275,871 0.04EUR

SPAIN

TELEFONICA 3.661% 10-18.09.17 1,500,000 1,949,897 0.32EUR

2,225,768 0.36

PGNIG FIN AB 4% 12-14.02.17 1,000,000 1,343,866 0.22EUR

SWEDEN

1,343,866 0.22



Face Value

FINANSBANK 5.5% 11-11.05.16 1,600,000 1,521,448 0.25USD

TURKEY

TURKEY 5.625% 10-30.03.21 8,300,000 8,677,111 1.40USD

TURKEY 6.25% 12-26.09.22 1,000,000 1,078,000 0.18USD

TURKEY 6.875% 06-17.03.36 3,525,000 3,912,750 0.64USD

TURKEY 7.25% 04-15.03.15 1,100,000 1,221,825 0.20USD

YAPI KREDI 6.75% 12-08.02.17 700,000 722,358 0.12USD

17,133,492 2.79

UKRAINE 6.25% 11-17.06.16 1,000,000 866,025 0.14USD

UKRAINE

866,025 0.14

AMB PROP 4.5% 10-15.08.17 1,500,000 1,559,297 0.25USD

UNITED STATES

BOA 5.7% 12-24.01.22 1,000,000 1,067,490 0.17USD

BURLINGTON 6.15% 07-01.05.37 500,000 604,403 0.10USD

CAP ONE CAP III 7.686%15.08.36 2,000,000 2,010,130 0.33USD

CAPITAL ONE 8.8% 09-15.07.19 1,000,000 1,238,700 0.20USD

CITIGROUP INC 4.875% 03-07.05.15 1,000,000 1,037,130 0.17USD

COMCAST CORP 6.4% 08-15.05.38 1,000,000 1,212,595 0.20USD

FIDELITY NAT 7.875% 10-15.07.20 1,000,000 1,111,250 0.18USD

FORD MC 5.75% 11-01.02.21 7,000,000 7,581,489 1.22USD

FORD MC 5.875% 11-02.08.21SR 1,000,000 1,082,755 0.18USD

FREEPORT MCMORAN 1.4%13.02.15 1,250,000 1,245,956 0.20USD


GCI 7.125% 10-01.09.18 SR 1,000,000 1,063,438 0.17USD


GS 4.5% 11-09.05.16 1,900,000 2,617,392 0.43EUR

GS 5.75% 12-24.01.22 500,000 516,283 0.08USD

IP CO 7.95% 08-15.06.18 1,000,000 1,260,025 0.21USD

LIMITED BRANDS 6.95% 03-01.03.33 1,000,000 962,500 0.16USD

MOR ST 5.375% 10-10.08.20 2,250,000 2,990,227 0.49EUR

MORGAN STANLEY 4.75% 12-22.03.17 300,000 300,806 0.05USD


Face Value


318

NORTH TIER 10.5% 10-01.12.17 1,000,000 1,091,250 0.18USD

QWEST 6.75% 11-01.12.21 1,000,000 1,118,670 0.18USD

RELIANCE 5.4% 12-14.02.22144A 1,000,000 992,570 0.16USD

SLM 7.25% 12-25.01.22 500,000 522,920 0.09USD

SUNTRUST CAP 6.1% 06-15.12.66 2,890,000 2,879,163 0.47USD

WELLS FARGO 4.125% 06-03.11.16 2,500,000 3,612,063 0.59EUR

WYNDHAM 7.375% 10-01.03.20 4,000,000 4,738,557 0.77USD

56,106,827 9.14

PETROLEOS 5% 09-28.10.15 6,000,000 4,972,170 0.81USD

VENEZUELA

VENEZUELA 7.00% 03-01.12.18 7,875,000 6,586,650 1.08USD

VENEZUELA 7.65% 05-21.04.25 6,050,000 4,629,914 0.75USD


17,373,134 2.83

55.14338,785,786TOTAL BONDS

ORIGIN EN FRN 11-16.06.71/SUB 1,500,000 1,995,346 0.32EUR

FLOATING RATE BONDS

AUSTRALIA

1,995,346 0.32

OMV 6.75%(FRN) 11-29.04.49/SUB 650,000 902,487 0.15EUR

AUSTRIA

902,487 0.15

NATIXIS FRN 07-06.07.17 1,000,000 1,306,502 0.21EUR

FRANCE


3,200,032 0.52

ENBW 7.375%(FRN) 11-02.04.72/SUB 1,700,000 2,342,615 0.37EUR

GERMANY

ENBW 7.375%(FRN) 11-02.04.72/SUB 250,000 343,366 0.06EUR

HSH NORDBK FRN 07-14.02.17 S.239 500,000 452,794 0.07EUR



Face Value

MUNICH RE FRN (6.25%) 12-26.05.42 1,000,000 1,326,455 0.22EUR

RWE 4.625% (FRN) 10-PERP 750,000 955,671 0.16EUR

5,420,901 0.88

HSBC CAPITAL JE FRN 03-PERP/PFD 1,000,000 967,966 0.16USD

JERSEY


2,895,081 0.47

ABN AMRO BANK FRN 06-PERP. 1,000,000 1,018,762 0.17EUR

NETHERLANDS


ING VERZEK.FRN 01-21.06.21 3,000,000 3,744,832 0.61EUR

8,316,582 1.36

FTH THRD CAP 6.5% (FRN) 07-15.4.67 3,000,000 2,987,370 0.49USD

UNITED STATES

2,987,370 0.49


ARGENTINA 8.28% 09-31.12.33/POOL 825,000 790,253 0.13USD

PIK BONDS

ARGENTINA

790,253 0.13

0.13790,253TOTAL PIK BONDS

ARGENTINA 1.33% 03-31.12.38 2,000,000 720,050 0.12USD


ARGENTINA

720,050 0.12

BCO BMG 9.15% 05-15.01.16REG.S 3,450,000 2,710,334 0.44USD

BRAZIL

2,710,334 0.44

REP DOMINICAN 7.5%-10-06.05.21/POOL 550,000 570,782 0.09USD

DOMINICAN REPUBLIC

570,782 0.09


Face Value

319




13,212,523 2.15

GRANM FRN 06-20.12.54 06-1C2 4,800,000 3,149,232 0.51USD

GREAT BRITAIN

3,149,232 0.51


URUGUAY

2,367,930 0.39

PETROLEOS 8.5% 10-02.11.17/ POOL 2,000,000 1,777,050 0.29USD

VENEZUELA

1,777,050 0.29


VIRGIN ISLANDS

1,160,114 0.19


THE MALL FD FRN 05-22.04.14 -A- 1,100,000 700,013 0.11GBP


GREAT BRITAIN

700,013 0.11

JPMCC FRN 10-15.10.20 1C2D 5,000,000 4,733,862 0.78USD

UNITED STATES

JPMCC FRN 11-15.02.46 C3E 5,000,000 4,496,618 0.73USD

9,230,480 1.51



400,892,346



Face Value

FMG RES 6.875% 12-01.04.22 1,000,000 999,056 0.16USD


BONDS

AUSTRALIA

999,056 0.16

BANRISUL 7.375% 12-02.02.22 1,400,000 1,479,387 0.24USD

BRAZIL

VOTORANTIM 6.75% 10-05.04.21 REGS 2,700,000 3,038,148 0.50USD

4,517,535 0.74

BOMBARDIER INC 5.75%12-15.03.22 2,000,000 1,959,840 0.32USD

CANADA

BOMBARDIER 7.5% 10-15.03.18 1,500,000 1,653,998 0.27USD

NCX 8.625% 10-01.11.19 1,000,000 1,147,500 0.19USD

TECK RES 3.85% 10-15.08.17 1,000,000 1,062,086 0.17USD

XSTRATA FIN 6% 11-15.11.41144A 1,000,000 1,045,790 0.17USD

6,869,214 1.12

BANBRA 5.375% 10-15.01.21 3,500,000 3,602,234 0.59USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 1,050,000 1,045,737 0.17USD

JBS FIN II 8.25% 10-29.01.18 1,500,000 1,538,108 0.25USD

SEAGATE HDD 6.875% 10-01.05.20 1,500,000 1,610,993 0.26USD

7,797,072 1.27

ECOPETROL 7.625% 09-23.07.19 1,000,000 1,244,715 0.20USD

COLOMBIA

1,244,715 0.20

CR AGR 3.9% 10-19.04.21 500,000 545,898 0.09EUR

FRANCE

LAFARGE 5.375% 29.11.18 ST-UP 1,550,000 2,085,847 0.34EUR

PERNOD RIC 5.5% 12-15.01.42 144A 1,000,000 1,026,395 0.17USD

3,658,140 0.60

BARCLAYS 2.75% 12-23.02.15 1,000,000 1,009,130 0.16USD

GREAT BRITAIN


Face Value


320

SCOT & STH EN 5.025% 10-PERP 2,750,000 3,564,519 0.58EUR

4,573,649 0.74

INDONESIA 6.625% 07-17.02.37 2,025,000 2,503,659 0.41USD

INDONESIA

2,503,659 0.41

NARA CABLE 8.875% 12-01.12.18 1,000,000 947,780 0.15USD

IRELAND

VIP FINANCE 7.748% 11-02.02.21 1,400,000 1,384,208 0.23USD

2,331,988 0.38

FIAT FT 6.25% 11-09.03.18 1,000,000 1,340,197 0.22EUR

LUXEMBOURG

TNETBB 6.375% 10-15.11.20 1,750,000 2,357,008 0.38EUR

3,697,205 0.60

URBI DESA 9.75% 12-03.02.22 400,000 425,114 0.07USD

MEXICO

425,114 0.07

DEUT TEL IF 2.25% 12-06.03.17 1,000,000 994,545 0.16USD

NETHERLANDS

ENEL FIN 6% 09-07.10.39 1,000,000 905,845 0.15USD

ING NV 3.75% 12-07.03.17 -144A- 1,000,000 996,020 0.16USD

2,896,410 0.47

BUMI CAP 12% 09-10.11.16 1,000,000 1,105,385 0.18USD

SINGAPORE

SIGMA CAP FRN 10-30.04.15 1,400,000 1,475,901 0.24USD

2,581,286 0.42

TELEFONICA 4.75% 11-07.02.17 1,000,000 1,373,666 0.22EUR

SPAIN

1,373,666 0.22

AIG 4.25% 11-15.09.14 1,000,000 1,039,635 0.17USD

UNITED STATES

ALEXANDRIA 4.6% 12-01.04.22 400,000 398,711 0.06USD

BANKAMERICA 8% 96-15.12.26 S2 3,000,000 3,032,144 0.50USD



Face Value

BE AEROSPACE 6.875% 10-01.10.20 1,000,000 1,098,695 0.18USD

BERRY PETR 6.375% 12-15.09.22 1,000,000 1,026,250 0.17USD

CALPINE 7.875% 10-31.07.20144A 2,000,000 2,177,500 0.35USD

CIMAREX ENERGY CO 5.875%01.05.22 2,000,000 2,030,000 0.33USD

COMSTCK RES 7.75% 11-01.04.19 1,100,000 1,023,055 0.17USD

DANA HLDG 6.5% 11-15.02.19 1,000,000 1,059,165 0.17USD

DCP MID OP 4.95% 12-01.01.22 SR 1,000,000 1,010,981 0.16USD

DCP MIDSTREAM 4.75% 11-30.09.21 500,000 524,926 0.09USD

DELPHI 6.125% 11-15.05.21 1,600,000 1,712,000 0.28USD

DIRECTV 2.4% 12-15.03.17 1,000,000 996,830 0.16USD

EL PASO 5% 11-01.10.21 500,000 512,368 0.08USD

ETP 6.5% 12-01.02.42 1,000,000 1,066,830 0.17USD

EXELON GEN 5.75% 10-01.10.41 1,000,000 1,128,725 0.18USD

FTR 8.25% 10-15.4.17 1,000,000 1,080,070 0.18USD

HCA INC 7.25% 10-15.9.20 1,000,000 1,087,500 0.18USD

HOST HOTELS 6% 10-01.11.20 1,100,000 1,171,500 0.19USD

ILFC 5.875% 12-01.04.19 1,000,000 972,845 0.16USD

ILFC 6.25% 11-15.05.19 500,000 500,668 0.08USD

ILFC 8.25% 10-15.12.20 1,000,000 1,101,110 0.18USD

JABIL CIR 5.625% 10-15.12.20 1,000,000 1,048,760 0.17USD

JARDEN 6.125% 10-15.11.22 1,000,000 1,057,500 0.17USD

JBS USA 8.25% 12-01.02.20144A 1,250,000 1,290,625 0.21USD

JOY GLOB 5.125% 11-15.10.21 500,000 544,395 0.09USD

KIMCO REALTY 4.3% 10-01.02.18 1,500,000 1,540,950 0.25USD

LG&E AND KU 4.375% 11-01.10.21 1,000,000 1,036,556 0.17USD

LINN EN 6.25% 12-01.11.19144A 1,500,000 1,457,265 0.24USD

MARKW ENERGY 6.5% 11-15.08.21 2,250,000 2,408,399 0.39USD

METROPCS WI 7.875% 10-01.09.18 2,000,000 2,111,250 0.34USD

NEWMONT MIN 4.875% 12-15.03.42 1,000,000 952,905 0.16USD


Face Value

321


NEWS AMERICA 6.9% 10-15.08.39 1,000,000 1,200,880 0.20USD

NOBLE ENERGY 4.15% 11-15.12.21 500,000 513,543 0.08USD

NORFOLK STH 3% 12-01.04.22 SR 1,000,000 987,110 0.16USD

ONEOK INC 4.25% 01.02.22 300,000 306,426 0.05USD

PAA 3.65% 12-01.06.22 500,000 492,781 0.08USD

PETROHAWK EN 7.25% 10-15.08.18 1,000,000 1,143,640 0.19USD

RABOBANK CAP.III 5.254%04-PERP 144A 1,000,000 946,440 0.15USD

ROCK TENN 4.45% 12-01.03.19 144A 500,000 502,334 0.08USD

SABMIL HLDGS 1.85% 12-15.01.15 600,000 608,262 0.10USD

SANDRIDGE 8.75% 10-15.01.20 2,800,000 2,910,963 0.48USD

SANMINA SCI CO 7% 11-15.05.19 1,000,000 1,022,500 0.17USD

SIMON PROP 2.15% 12-15.09.17 1,000,000 990,130 0.16USD

SOUTHERN PWR CO. 5.15%11-15.09.41 1,000,000 1,059,730 0.17USD

SPI AER INC 6.75% 11-15.12.20 2,000,000 2,170,000 0.35USD

STHWEST EN 4.1% 12-15.03.22 1,000,000 999,104 0.16USD

SWIFT ENERG 7.875%01.03.22 1,000,000 1,035,000 0.17USD

VENTAS REAL 4.25% 12-01.03.22 1,000,000 980,085 0.16USD

VERSO PAPER11.75%12-15.01.19 1,000,000 1,026,250 0.17USD

VISTEON 6.75% 11-15.04.19 1,250,000 1,275,000 0.21USD

WINDSTREAM 7.5% 01.06.22OPE 500,000 530,000 0.09USD

WINDSTREAM 7.75% 10-15.10.20 1,500,000 1,613,565 0.26USD

WPX ENERGY 6% 11-15.01.22144A 500,000 502,500 0.08USD

WYN L VEG 5.375% 12-15.03.22 500,000 488,750 0.08USD

62,505,106 10.18

17.58107,973,815TOTAL BONDS



Face Value

ENT PR 7.034% (FRN) 07-15.01.68 3,000,000 3,232,500 0.53USD

FLOATING RATE BONDS

UNITED STATES

VERSO PAP. FRN 06-01.08.14S.B 1,000,000 871,250 0.14USD

4,103,750 0.67


DBUBS 11-01.01.21 LC1A E 5,500,000 5,109,313 0.83USD


UNITED STATES

GSMS 5.231% 10-10.12.43 6,500,000 5,676,352 0.93USD

JPMCC FRN 06-15.04.45 LDP7AJ 2,580,000 2,284,790 0.37USD

JPMCC 5.42% 07-49 07-LDPXA3 2,000,000 2,229,895 0.36USD

JPMCC 5.464%15.03.1407LDPXC-AM 1,600,000 1,526,450 0.25USD

16,826,800 2.74



128,904,365

LYONDELL IND 5.75% 12-15.04.24 2,000,000 2,000,500 0.33USD


BONDS

NETHERLANDS

2,000,500 0.33

CARRIZO 8.625% 11-15.10.18 250,000 264,688 0.04USD

UNITED STATES

CORELOGIC 7.25% 11-01.06.21 144A 500,000 517,500 0.08USD

DOMTAR 4.4% 04.01.22 350,000 347,748 0.06USD

FITB 3.5% 12-15.03.22 350,000 342,258 0.06USD

GFI GROUP 8.375% 11-7.18/GFI 1,250,000 1,203,356 0.20USD

MIDCONT EXP 6.7% 09-15.09.19 1,000,000 1,035,000 0.17USD

PBF HOLD 8.25% 12-15.02.20 1,250,000 1,281,250 0.20USD

TARGA RES 6.875% 11-01.02.21 2,500,000 2,625,000 0.42USD

TENNECO 6.875% 11-15.12.20 1,000,000 1,080,000 0.18USD


Face Value


322

VIASAT 6.875% 12-15.06.20144A 400,000 413,000 0.07USD

9,109,800 1.48


DOMINI.RES.6.3% 06-30.09.66 1,750,000 1,570,625 0.26USD

FLOATING RATE BONDS

UNITED STATES

PPL CAP FDG 6.7% (FRN) 07-30.03.67 3,000,000 3,000,000 0.48USD

4,570,625 0.74


ATRM FRN 06-20.07.20 5A-C 3,500,000 2,432,500 0.40USD


CAYMAN ISLANDS

CENT CDO XII FRN 06-18.11.20 1,250,000 837,500 0.14USD

CLYDS FRN 05-06.12.17 2005-1A C 4,500,000 3,397,500 0.55USD

SLVR FRN 06-16.10.20 06-2A C 2,250,000 1,728,450 0.28USD

8,395,950 1.37

BROADGATE F. FRN 05-05.10.25 CL.D 2,000,000 944,117 0.15GBP

GREAT BRITAIN

BROADGATE FIN FRN 5-05.01.22/POOL 3,000,000 2,243,007 0.37GBP

3,187,124 0.52


SILENUS NO.25 FRN 07-15.05.19 922,000 740,277 0.12EUR


IRELAND

VULCAN FRN 07-15.02.14 28XA 2,478,000 1,068,121 0.17EUR

1,808,398 0.29

BOAMS 4.873% 03-11.03.41A3 2,000,000 1,224,276 0.20USD

UNITED STATES

JPMCC 5.951% 15.06.20 10-C1 B 5,000,000 5,547,492 0.89USD

MORGAN STANLEY CAP FRN15.02.21 5,225,000 4,825,374 0.79USD



Face Value

MSAC 5.357% 11-15.09.21 11-C3 E 2,500,000 2,123,216 0.35USD

7 WTC DEP 4.0824% 12-13.03.31 2,000,000 2,000,000 0.33USD

15,720,358 2.56







Face Value

323


AUSTRALIA 4% 96-20.08.20/INFL 500,000 964,301 2.48AUD


BONDS

AUSTRALIA

964,301 2.48

GERMANY 0.1% 12-15.04.23/INFL 150,000 203,968 0.52EUR

GERMANY

203,968 0.52

SWEDEN 3.5% 98-01.12.28/INFL 1,200,000 327,754 0.84SEK

SWEDEN

SWEDEN 4% 95-01.12.20/INFL 1,900,000 483,694 1.24SEK

811,448 2.08


FRANCE 1% 05-25.07.17VAR/INFL 250,000 389,099 1.00EUR


FRANCE

FRANCE 1.8% 07-25.07.40S.OAT 100,000 159,826 0.41EUR

FRANCE 2.25% 03-25.07.20/INFL 670,000 1,177,390 3.02EUR

FRANCE 3.15% 02-25.07.32OAT 310,000 634,175 1.63EUR

FRANCE 3.4% 99-25.07.29OAT/ INFL 400,000 847,214 2.17EUR

3,207,704 8.23

GERMANY FRN 11-15.04.18CPI 100,000 148,965 0.38EUR

GERMANY

GERMANY 1.5% 06-15.04.16/INFL 100,000 166,038 0.43EUR

GERMANY 1.75% 09-15.04.20/INFL 100,000 164,864 0.42EUR

479,867 1.23

GREAT BRITAIN 1.125% 07-22.11.37 3MO 1,200,000 2,921,346 7.51GBP

GREAT BRITAIN

INVESTMENTS

Global Inflation Linked BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

GREAT BRIT.1.875% 07-22.11.22 200,000 472,648 1.21GBP

UK TSY FRN IL/06-22.11.17 200,000 459,441 1.18GBP

UK TSY FRN 06-22.11.27/RPI 540,000 1,310,900 3.36GBP

UK 0.375% 11-22.03.62 /INFL 200,000 383,949 0.99GBP

UK 0.75% 07-22.11.47/INFL 570,000 1,324,516 3.40GBP

UK 1.8% 11-22.03.29/INFL 50,000 83,360 0.21GBP

UK 2.5% 83-16.04.20/INFL 150,000 879,466 2.26GBP

UK 2.5% 85-16.08.13 /INFL 340,000 1,545,184 3.97GBP

UK 2.5% 86-17.07.24/INFL 150,000 788,847 2.02GBP

UK 2.5% 93-26.07.16 / INFL 300,000 1,656,928 4.25GBP

11,826,585 30.36

ITALY 2.1% 06-15.09.17 /INFL. 500,000 713,809 1.83EUR

ITALY

ITALY 2.1% 10-15.09.16BTP/INFL 400,000 540,457 1.39EUR

ITALY 2.15% 03-15.09.14/INFL 600,000 964,561 2.47EUR

ITALY 2.35% 08-15.09.19 CPIBTP 300,000 400,618 1.03EUR

ITALY 2.55% 09-15.09.41 180,000 190,424 0.49EUR

ITALY 2.6% 07-15.09.23 BTP 440,000 557,096 1.43EUR

3,366,965 8.64

USA 3.875% 99-15.04.29/INFL 1,110,000 2,381,177 6.11USD

UNITED STATES

2,381,177 6.11



23,242,015

USA 2% 12-15.02.22 TBO 2,400,000 2,367,938 6.08USD



UNITED STATES

2,367,938 6.08


CANADA 4% 99-01.12.31/INFL 350,000 791,151 2.03CAD


CANADA

791,151 2.03


Face Value


324

JAPAN GOVT 1.4% 08-10.03.18 CPI 40,000,000 516,715 1.33JPY

JAPAN

516,715 1.33

USA 1.625% 08-15.01.18INF/TBO 700,000 872,651 2.24USD

UNITED STATES

USA 1.875% 05-15.07.15 TBINDEXED 1,600,000 2,080,890 5.34USD

USA 2% 04-15.07.14 TBOINFL.IND 1,000,000 1,310,531 3.36USD

USA 2% 06-15.01.26TSY/INFL.IDX 750,000 1,059,339 2.72USD

USA 2.125% 09-15.01.19 550,000 697,264 1.79USD

USA 2.375% 04-15.01.25/INFL 850,000 1,310,174 3.36USD

USA 2.375% 07-15.01.17TSY/INDEX 580,000 764,775 1.96USD

USA 3.375% 01-15.04.32INFLATION 1,050,000 2,064,085 5.30USD

10,159,709 26.07



13,835,513

USA 0.75% 12-15.02.42 TBO 750,000 733,026 1.88USD



UNITED STATES

733,026 1.88

1.88733,026TOTAL INFLATION INDEX BOND





Global Inflation Linked BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

325


BRAZIL 0% 11-01.01.14 6,200 2,897,670 14.19BRL


BONDS

BRAZIL


BRAZIL 10% 07-01.01.17 3,700 1,982,105 9.70BRL

BRAZIL 10% 10-01.01.21 1,900 983,858 4.81BRL

BRAZIL 10.25% 07-10.01.28 300,000 197,101 0.96BRL

8,916,159 43.64

MEXICO 10% 05-05.12.24 -M- 52,425 535,885 2.63MXN

MEXICO

MEXICO 10% 06-20.11.36 37,415 373,719 1.83MXN

MEXICO 4.5% 04-18.12.14/INFL 4,991 199,785 0.98MXN

MEXICO 6.25% 11-16.06.16 29,810 242,144 1.19MXN

MEXICO 6.5% 11-09.06.22BONOS 12,000 95,005 0.46MXN

MEXICO 6.5% 11-10.06.21 64,797 516,152 2.53MXN

MEXICO 7% 09-19.06.14 23,043 188,787 0.92MXN

MEXICO 7.25% 07-15.12.16 21,199 179,477 0.88MXN

MEXICO 7.5% 06-03.06.27BONOS 54,425 449,273 2.20MXN

MEXICO 7.75% 07-14.12.17S.M 10 32,308 280,928 1.37MXN

MEXICO 7.75% 11-29.05.31BONOS 26,280 216,246 1.06MXN

MEXICO 8% 03-07.12.23S.M20 10,469 92,674 0.45MXN

MEXICO 8% 03-19.12.13SR131219 32,004 264,083 1.29MXN

MEXICO 8% 05-17.12.15 20,716 177,935 0.87MXN

MEXICO 8% 10-11.06.20 52,451 462,541 2.26MXN

MEXICO 8.5% 08-18.11.38 58,651 509,449 2.49MXN

MEXICO 8.5% 09-13.12.18 19,699 179,113 0.88MXN

MEXICO 8.5% 09-31.05.29BONOS 54,973 490,738 2.40MXN

MEXICO 9.50% 04-18.12.14BONOS 45,890 401,140 1.96MXN

MEXIC0 9% 06-20.06.13 BD 21,500 177,111 0.87MXN

6,032,185 29.52

INVESTMENTS

Latin American Local Debt (launched as at 19 May 2011)Statement of investments as at 31 March 2012(expressed in USD)


Face Value

PERU 6.9% 07-12.08.37 300,000 120,348 0.59PEN

PERU

PERU 6.95% 08-12.08.31 170,000 68,726 0.34PEN

REP PERU 7.84% 05-12.08.20 520,000 226,072 1.10PEN

REP PERU 8.2% 06-12.08.26 240,000 109,598 0.54PEN

REP PERU 9.91% 05-05.05.15 110,000 47,947 0.23PEN

REPUBLIC PERU 8.6% 05-12.08.17 50,000 22,257 0.11PEN

594,948 2.91

76.0715,543,292TOTAL BONDS

BRAZIL 0% 11-01.04.14LETRAS TES 1,500 682,961 3.34BRL

PLACEMENTS

BRAZIL

682,961 3.34

3.34682,961PLACEMENTS

BRAZIL 0% 11-01.01.15 LTN 5,260 2,207,997 10.80BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL 0% 12-01.01.16LETRAS TES 1,100 413,856 2.03BRL

2,621,853 12.83



18,848,106

BRAZIL 10% 12-01.01.18 200 106,157 0.52BRL


BONDS

BRAZIL

106,157 0.52

MEXICO 6% 10-18.06.15 32,976 265,765 1.30MXN

MEXICO

265,765 1.30



371,922


Face Value


326

COLOMBIA 11.25% 08-24.10.18 1,000,000,000 685,754 3.36COP


BONDS

COLOMBIA

685,754 3.36






Latin American Local Debt (launched as at 19 May 2011)Statement of investments as at 31 March 2012(expressed in USD)


Face Value

327


BMW AU FIN 2% 11-07.12.12EMTN 15,000,000 2,372,260 2.84CNY


BONDS

AUSTRALIA

2,372,260 2.84

ADB CHINA 3% 12-17.01.14 15,000,000 2,392,209 2.87CNY

CHINA

BAOSTEEL GROUP 3.125%11-01.12.13 14,000,000 2,225,963 2.66CNY

BAOSTEEL GROUP 4.15% 12-01.03.17 10,000,000 1,598,362 1.91CNY

BAOSTEEL GROUP 4.375%11-01.12.16 1,000,000 161,900 0.19CNY

6,378,434 7.63

AIR LIQUIDE 3% 11-19.09.16 8,000,000 1,250,206 1.49CNY

FRANCE

1,250,206 1.49

BANK OF COMMS 2.88% 12-17.01.13 15,000,000 2,367,923 2.83CNY

HONG KONG

LOTTE SHOP 4% 12-09.02.15 17,500,000 2,793,280 3.34CNY

5,161,203 6.17

FONTERRA 1.1% 11-27.06.14 4,000,000 610,694 0.73CNY

NEW ZEALAND

610,694 0.73

GLB LOGISTIC 3.375% 11-11.05.16 4,000,000 620,680 0.74CNY

SINGAPORE

620,680 0.74

EIBK 2% 11-05.11.12 6,000,000 946,219 1.13CNY

SOUTH KOREA

EIBK 3.4% 12-18.01.13 5,000,000 789,407 0.94CNY

KDB 3.4% 12-14.01.13 10,000,000 1,580,675 1.89CNY

SHINHAN BANK 2.5% 12-15.03.13 15,000,000 2,376,240 2.85CNY

5,692,541 6.81

INVESTMENTS

RMB Fixed Income (launched as at 25 October 2011)Statement of investments as at 31 March 2012(expressed in USD)


Face Value

CHAILEASE 5% 12-05.04.15 9,000,000 1,425,744 1.70CNY

VIRGIN ISLANDS

1,425,744 1.70

28.1123,511,762TOTAL BONDS


23,511,762

BANK OF CHINA 2.65% 10-30.09.12 15,000,000 2,368,814 2.83CNY


BONDS

CHINA

2,368,814 2.83

BSH BOSCH 3.375% 11-28.09.16 10,000,000 1,583,582 1.89CNY

GERMANY

1,583,582 1.89

ICBC ASIA 1.1%11-25.02.13 18,000,000 2,801,473 3.35CNY

HONG KONG

2,801,473 3.35

HITACHI CAPITAL 3.75%22.03.15 12,500,000 1,977,982 2.37CNY

JAPAN

MITSUBISHI UFJ LEAS 3.6%02.03.15 19,400,000 3,059,791 3.66CNY

5,037,773 6.03

EIBK 2% 11-14.11.12 PCT 7,000,000 1,103,129 1.32CNY

SOUTH KOREA

1,103,129 1.32

CATERPILLAR 2% 10-01.12.12 10,000,000 1,579,986 1.89CNY

UNITED STATES

CATERPILLAR 2.9% 12-16.03.14 14,000,000 2,224,455 2.66CNY

3,804,441 4.55

19.9716,699,212TOTAL BONDS


16,699,212


Face Value


328

CHINA CONSTR 1.05% 11-03.06.13 CD 10,000,000 1,561,293 1.87CNY



CHINA

CHINA CONSTR 3% 12-30.01.13 CD 10,000,000 1,580,558 1.89CNY

3,141,851 3.76

AGR BANK CHINA 1.2% 11-24.06.13 CD 10,000,000 1,558,191 1.86CNY

HONG KONG

BANK CHINA HK 2% 12-14.05.12 CD 4,000,000 633,275 0.76CNY

BANK OF E ASIA 1.8%05.11.12 CD0 10,000,000 1,582,168 1.89CNY

CN CONSTRUCTION 2.6%09.08.12 CD 5,000,000 791,092 0.95CNY

DBS HK 2.8% 12-16.01.13 CD 15,000,000 2,368,865 2.83CNY

ICBC (ASIA) 1.05% 11-13.05.13CD 3,000,000 469,007 0.56CNY

WING LUNG BANK 2% 11-05.12.12 CD 10,000,000 1,578,750 1.89CNY

8,981,348 10.74






RMB Fixed Income (launched as at 25 October 2011)Statement of investments as at 31 March 2012(expressed in USD)


Face Value

329


VIVENDI 5.75% 08-04.04.13144A 250,000 260,074 0.19USD


BONDS

FRANCE

260,074 0.19

KFW 4.125% 04-15.10.14GLOBAL 3,000,000 3,254,700 2.37USD

GERMANY

3,254,700 2.37


GREAT BRITAIN

NATIONAL GRID 6.3% 06-01.08.16 750,000 869,888 0.63USD

2,362,253 1.72

ITALY 3.125% 10-26.01.15 800,000 799,844 0.58USD

ITALY

799,844 0.58

BEI 4.625% 04-15.05.14 EMTN 3,000,000 3,241,275 2.36USD

LUXEMBOURG


3,768,143 2.74

SANTANDER US 3.724% 10-20.01.15 500,000 487,713 0.35USD

SPAIN


1,101,531 0.80

ABU DHABI 5.5% 07-02.08.12 400,000 404,093 0.29USD


404,093 0.29

BOA 6.4% 07-28.08.17 400,000 436,148 0.32USD

UNITED STATES

CAPITAL ONE 8.8% 09-15.07.19 400,000 495,480 0.36USD

CITIGROUP INC. 6.5% 08-19.08.13 150,000 158,624 0.12USD

COMCAST 5.15% 10-01.03.20 500,000 578,610 0.42USD

INVESTMENTS

US Dollar BondStatement of investments as at 31 March 2012(expressed in USD)


Face Value

ELECTRON.DATA 6.5%03-01.08.13-B- 350,000 371,487 0.27USD

FREDDIE MAC 5.125% 07-17.11.17 3,000,000 3,605,699 2.62USD

GLAXOSMITHKL 4.85% 08-15.05.13 250,000 262,145 0.19USD

HPQ 4.65% 11-09.12.21 500,000 525,840 0.38USD

IBRD 1% 11-15.09.16 1,000,000 1,001,635 0.73USD

7,435,668 5.41

14.1019,386,306TOTAL BONDS

BELGIUM FRN 09-06.08.12 1,000,000 997,345 0.73USD

FLOATING RATE BONDS

BELGIUM

997,345 0.73

FIN DANISH FRN 09-17.08.12144A 1,000,000 1,000,248 0.73USD

DENMARK

1,000,248 0.73

CADES FRN 09-02.07.14 1,000,000 996,805 0.73USD

FRANCE

SOCIETE GENERALE FRN 09-19.06.13 1,000,000 997,835 0.72USD

1,994,640 1.45

KFW FRN 09-05.08.14 REG-S 1,500,000 1,502,078 1.09USD

GERMANY

1,502,078 1.09

HSBC CAPITAL JE FRN 03-PERP/PFD 500,000 483,983 0.35USD

JERSEY

483,983 0.35

SWEDISH EXP FRN 09-14.08.14 1,000,000 999,642 0.73USD

SWEDEN

999,642 0.73


USA 1% 11-15.01.14 TBO 8,850,000 8,956,304 6.52USD


UNITED STATES

USA 1% 11-30.09.16 TBO 5,480,000 5,506,972 4.01USD

USA 2.375% 09-31.10.14 S-2014 15,200,000 15,946,343 11.60USD


Face Value


330

USA 3.125% 11-15.05.21 4,900,000 5,360,523 3.90USD

35,770,142 26.03


PERMM FRN 10-15.07.42 1A 1,000,000 1,002,414 0.73USD


GREAT BRITAIN

1,002,414 0.73



63,136,798

ANZ BANK 2.4% 11-23.11.16144A 1,350,000 1,365,741 0.99USD


BONDS

AUSTRALIA

1,365,741 0.99

HUTCH WHAM 5.75% 09-11.09.19 350,000 388,182 0.28USD

CAYMAN ISLANDS

388,182 0.28

SOCIETE GENERALE 3.1% 10-14.09.15 500,000 482,575 0.35USD

FRANCE

482,575 0.35

TESCO 2.7% 11-05.01.17 144A 200,000 204,859 0.15USD

GREAT BRITAIN

204,859 0.15

COVIDIEN INTERNATIONAL5.45% 08-15.10.12 400,000 409,310 0.30USD

LUXEMBOURG

409,310 0.30

ENEL FIN 3.875% 09-07.04.10 750,000 760,826 0.55USD

NETHERLANDS

ENEL FIN 6% 09-07.10.39 600,000 543,507 0.40USD

1,304,333 0.95



Face Value

QATAR 4% 09-20.01.15 144A 700,000 738,063 0.54USD

QATAR

738,063 0.54

ABIBB 7.75% 11-15.01.19 PST 600,000 786,672 0.57USD

UNITED STATES

AMER HONDA 4.625% 08-02.04.13 200,000 208,042 0.15USD

BXP 4.125% 10-15.05.21 450,000 467,015 0.34USD

CLOROX CO. 5.45% 07-15.10.12 500,000 510,873 0.37USD

MET LIFE 5.125% 09-10.06.14 700,000 757,924 0.55USD

METLIFE 5.875% 10-06.02.41 500,000 604,645 0.44USD

NEWS AMERICA 6.9% 10-15.08.39 500,000 600,440 0.44USD

NY LIFE GBL 3% 10-4.05.15144A 1,000,000 1,054,509 0.77USD

RABOBANK CAP.III 5.254%04-PERP 144A 650,000 615,186 0.45USD

TIME WARNER ENTMT.8.375% 93-15.03.23 525,000 706,981 0.51USD


WAL-MART STORES 6.50%07-15.08.37 750,000 998,040 0.73USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 400,000 437,543 0.32USD

XTRA FIN. 5.15% 07-01.04.17 1,000,000 1,118,623 0.81USD

9,338,231 6.79

10.3514,231,294TOTAL BONDS

CBA FRN 09-12.07.13 144A 1,500,000 1,504,242 1.09USD

FLOATING RATE BONDS

AUSTRALIA

1,504,242 1.09


SLM STU FRN 05-26.04.21 05-04 A2 380,000 233,791 0.17USD


UNITED STATES

233,791 0.17



Face Value

331


USA 3.75% 08-15.11.18 TBO 3,600,000 4,130,438 3.01USD


UNITED STATES

USA 4.375% 08-15.02.38 TBO 3,375,000 4,103,262 2.99USD

USA 4.375% 09-15.11.39 TBO 4,050,000 4,931,823 3.58USD

13,165,523 9.58


FHLMC (30Y) 4% 12-01.04.42TBA 2,190,000 2,294,367 1.67USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.0% 12-01.04.42 TBA 2,640,000 2,845,838 2.07USD

FHLMC (30Y) 5.5% 12-01.04.42 TBA 2,040,000 2,218,819 1.61USD

FHLMC (30Y) 6% 12-01.04.42TBA 3,010,000 3,320,877 2.42USD

FHLMC 4.5% 12-01.04.42 TBA 3,500,000 3,716,015 2.70USD

14,395,916 10.47

10.4714,395,916TOTAL FHLMC

FNMA (15Y) 4% 12-01.04.27TBA 2,260,000 2,395,953 1.74USD

FNMA

UNITED STATES

FNMA (15Y) 4.5% 12-01.04.27TBA 1,610,000 1,725,467 1.26USD

FNMA (15Y) 5% 12-01.04.27TBA 1,220,000 1,317,791 0.96USD

FNMA (30Y) 4% 12-01.04.42TBA 2,870,000 3,015,742 2.19USD

FNMA (30Y) 4.5% 12-01.04.42TBA 3,710,000 3,951,731 2.89USD

FNMA (30Y) 5% 12-01.04.42TBA 2,780,000 3,006,309 2.19USD

FNMA (30Y) 5.5% 12-01.04.42TBA 2,650,000 2,889,742 2.10USD

18,302,735 13.33

13.3318,302,735TOTAL FNMA



Face Value

ARRMF FRN 10-16.05.47 10-1XA2C 1,000,000 1,001,536 0.73USD


GREAT BRITAIN

1,001,536 0.73

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 1,600,000 376,353 0.27USD

UNITED STATES

GNMA (30Y) 5.5% 12-01.04.42TBA 1,490,000 1,665,773 1.21USD

GNMA 4.5% 12-15.04.42 TBA 3,840,000 4,183,801 3.05USD

6,225,927 4.53



69,060,964

MIDAMERICAN ENERGY5.95% 07-15.07.17 750,000 893,410 0.65USD


BONDS

UNITED STATES

893,410 0.65


CAIRN MEZZ.FRN 07-13.08.4707-3A B1 DEFLT 605,000 - 0.00USD


IRELAND

- 0.00

ABFC 3.684% 05-25.03.33 03-AHL1 A1 2,425,000 222,472 0.16USD

UNITED STATES

BURLINGTON 4.83% 05-01.15.23 700,000 421,084 0.31USD


1,097,628 0.80


CWCI 06-15.08.48 06-C1 A2 900,000 524,899 0.38USD


CAYMAN ISLANDS

524,899 0.38


Face Value


332

CGCMT 5.378% 06-15.10.492006-C5 A2 950,000 236,741 0.17USD

UNITED STATES

CIT. DT 5.205% 07-11.12.4907-CD4 A2B 900,000 535,821 0.39USD

GNMA (30Y) 5% 12-01.04.42TBA 2,710,000 2,995,819 2.18USD

GNMA 4% (30Y) 12-01.04.42TBA 2,380,000 2,558,872 1.86USD

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 1,060,000 834,438 0.61USD

WAMU 5.303% 06-23.11.43 700,000 470,352 0.34USD

7,632,043 5.55



RABOBANK 0% 12-18.04.12CP 2,000,000 2,667,977 1.94EUR


COMMERCIAL PAPER

NETHERLANDS

2,667,977 1.94

NORDEA 0% 12-10.04.12 CP 2,000,000 2,667,961 1.94EUR

SWEDEN

2,667,961 1.94


CR AGR 0% 12-02.04.12 CD 2,000,000 2,668,269 1.94EUR


FRANCE

2,668,269 1.94

DNB 0% 12-10.04.12 CD 2,000,000 2,668,115 1.94EUR

NORWAY

2,668,115 1.94








Face Value

333


HSBC MONETAIRE ETAT-R 3DEC 4,000 4,049,200 2.91EUR


OPCVM French - General vocation

FRANCE

4,049,200 2.91

2.914,049,200Total - OPCVM French - General vocation


4,049,200

POHJOLA BANK 0% 12-27.04.12 CP 2,500,000 2,498,544 1.79EUR


COMMERCIAL PAPER

FINLAND

2,498,544 1.79

ANTALIS 0% 12-03.04.12 CP 2,800,000 2,799,861 2.01EUR

FRANCE

LMA 0% 12-29.06.12 CP 2,500,000 2,494,577 1.79EUR

RTE 0% 12-10.05.12 CP 2,500,000 2,499,146 1.79EUR

7,793,584 5.59

ALLIANZ 0% 12-10.04.12 CP 2,000,000 1,999,512 1.43EUR

GERMANY

DGZ DEKABANK 0% 12-02.04.12 CP 4,000,000 3,999,933 2.87EUR

DGZ DEKABANK 0% 12-23.05.12 CP 2,500,000 2,497,566 1.79EUR

FMS WERTMAN 0% 12-23.05.12 CP 5,000,000 4,997,303 3.60EUR

13,494,314 9.69

MATCHPT FIN 0% 12-5.04.12CP 2,800,000 2,799,720 2.01EUR

IRELAND

REGENCY AT 0% 12-17.04.12CP 2,000,000 1,999,650 1.43EUR

4,799,370 3.44

INVESTMENTS

Euro ReserveStatement of investments as at 31 March 2012(expressed in EUR)


Face Value

NBADUH 0% 07.06.12 CP 2,500,000 2,497,990 1.79EUR


2,497,990 1.79


BELGIUM 0% 11-14.06.12 CT 5,000,000 4,998,259 3.59EUR

TREASURY BILLS

BELGIUM

4,998,259 3.59

FRANCE 0% 10.05.12 BTF 5,500,000 5,499,041 3.95EUR

FRANCE

FRANCE 0% 11-05.04.12 BTF 100,000 99,988 0.07EUR

FRANCE 0% 11-14.6.2012 TB 3,700,000 3,697,580 2.65EUR

FRANCE 0% 11-16.05.12 BTF 100,000 99,889 0.07EUR

FRANCE 0% 12-12.07.12 BTF 3,000,000 2,997,902 2.15EUR

FRANCE 0% 12-24.05.12 BTF 2,000,000 1,999,551 1.43EUR

FRANCE 0%11-26.07.12 BTF 8,000,000 7,995,503 5.74EUR

22,389,454 16.06

EFSF 0% 12-07.06.12 TB 5,000,000 4,999,218 3.59EUR

LUXEMBOURG

4,999,218 3.59


ACOSS 0% 12-05.04.12 CD 5,000,000 4,999,833 3.58EUR


FRANCE

BFCM 0.855% 12-01.06.12 CD 2,500,000 2,496,268 1.79EUR

BNPP EO-0.1% 12-03.04.12CD 2,000,000 2,000,000 1.44EUR

BNPP 0% 12-13.04.12 CD 5,000,000 4,999,358 3.59EUR

CADES EONIA+0.075% 12-13.04.12 CD 2,000,000 2,000,000 1.44EUR

CALYON CA EONIA+0.6% 12-18.05.12 CD 4,500,000 4,500,000 3.23EUR

CDC 0% 12-07.05.12 CD 3,000,000 2,998,893 2.15EUR

CRED.AG.CIB EONIA-0.05%12-10.04.12 2,500,000 2,500,000 1.79EUR

GECEF EONIA+0.36%10.04.12 CD 1,500,000 1,500,000 1.08EUR

GRPE BPCE EONIA-0.1% 12-05.04.12 CD 4,000,000 4,000,000 2.87EUR

HSBC FR 0% 07.06.12 CD 4,000,000 3,997,319 2.87EUR

LBP 0% 12-14.5.12 CD 2,500,000 2,498,128 1.79EUR


Face Value


334

NATIXIS EONIA+0.66% 12-18.05.12CD 2,700,000 2,700,000 1.94EUR

OSEO EONIA+0.05% 12-14.06.12 CD 500,000 500,000 0.36EUR

OSEO EONIA+0.17% 12-10.04.12 CD 5,000,000 5,000,000 3.58EUR

SOCGEN EONIA 12-04.04.12CD 6,000,000 6,000,000 4.30EUR

52,689,799 37.80

DEUT POSTBANK 0% 12-09.05.12 CD 2,500,000 2,498,890 1.79EUR

GERMANY

2,498,890 1.79

BARCLAYS 1.19% 12-04.06.12CD 2,500,000 2,502,468 1.80EUR

GREAT BRITAIN

MIZUHO BANK UK 0% 12-12.04.12 CD 1,000,000 999,802 0.72EUR

SUMITOMO LN 0% 12-10.04.12 CD 2,500,000 2,499,847 1.79EUR

6,002,117 4.31

BANK OF TOKYO 0% 12-21.05.12 CD 2,500,000 2,498,575 1.79EUR

JAPAN

2,498,575 1.79

ING NV 0% 12-15.5.12 CD 2,500,000 2,496,718 1.79EUR

NETHERLANDS

RABOBANK EONIA+0.08% 12-09.05.12 CD 2,000,000 2,000,000 1.44EUR

4,496,718 3.23

SHB 0% 12-11.04.12 CD 2,000,000 1,999,408 1.43EUR

SWEDEN

SWEDBANK 0% 12-14.05.12CD 2,500,000 2,498,595 1.80EUR

4,498,003 3.23






Euro ReserveStatement of investments as at 31 March 2012(expressed in EUR)


Face Value

335


ANDRITZ AG GRAZ 7,325 536,117 2.91EUR


SHARES

AUSTRIA

536,117 2.91

MOBISTAR NV 15,110 563,603 3.06EUR

BELGIUM

563,603 3.06

OUTOTEC OYJ 14,870 564,317 3.06EUR

FINLAND

564,317 3.06

BIOMERIEUX 6,430 380,849 2.07EUR

FRANCE

LEGRAND HOLDING ACT.PROV. OPO 23,520 645,859 3.50EUR

METROPOLE TELEVISION SAM6 45,180 612,415 3.33EUR

VINCI 12,680 491,540 2.67EUR

2,130,663 11.57


GERMANY

DAIMLER CHRYSLER 14,400 647,208 3.51EUR

FUCHS PETROLUB AG/VZ.A. 23,810 998,591 5.42EUR

LANXESS AG 5,400 331,614 1.80EUR

NORDDEUTSCHE AFFINERIEAG 10,800 426,384 2.32EUR

PUMA AG 2,540 679,450 3.69EUR

SOFTWARE AG 10,010 280,931 1.53EUR

4,064,878 22.07

ANSALDO STS SPA 85,940 637,245 3.46EUR

ITALY

637,245 3.46

ASML HOLDING NV 14,400 536,544 2.91EUR

NETHERLANDS

KONINKLIJKE AHOLD NV 46,680 482,204 2.62EUR

1,018,748 5.53

INVESTMENTS

European Equity Absolute ReturnStatement of investments as at 31 March 2012(expressed in EUR)


Quantity/Facevalue

AMADEUS IT HOLDING SR. A 24,320 342,669 1.86EUR

SPAIN

342,669 1.86



9,858,240

GERMANY 0% 11-04.04.12 TB 1,800,000 1,800,045 9.78EUR


TREASURY BILLS

GERMANY

GERMANY 0% 11-16.05.12 TB 1,000,000 999,975 5.43EUR

GERMANY 0% 11-30.05.12 TB 1,800,000 1,800,000 9.77EUR

GERMANY 0% 12-11.07.12 TB 1,800,000 1,799,820 9.77EUR

6,399,840 34.75







Quantity/Facevalue


336

LONZIM PLC 1,050,000 209,705 0.02GBP


SHARES

ISLE OF MAN

209,705 0.02


ARGENTINA 7% 07-17.4.17S.X 2,100,000 1,790,556 0.16USD

BONDS

ARGENTINA

1,790,556 0.16

ALLI OIL 9.875% 10-11.03.15REGS 3,575,000 3,831,649 0.34USD

BERMUDA ISLANDS

NOBLE GROUP LTD 6.75% 09-29.01.20 1,275,000 1,259,853 0.11USD

5,091,502 0.45

BANCO VOTO 5.25% 11-11.02.16 17,500,000 18,108,650 1.60USD

BRAZIL

BCO ABC 7.875% 10-08.04.20REGS 13,200,000 13,895,706 1.23USD

BRAZIL 10% 10-01.01.21 57,918 29,957,390 2.64BRL

ELETROBRAS 5.75% 11-27.10.21 2,925,000 3,214,604 0.28USD


SAFRA 3.5% 11-16.05.14 13,250,000 13,385,945 1.19USD

SANTAND BR 4.625% 12-13.02.17 3,200,000 3,220,352 0.29USD

86,860,646 7.68

BANBRA 5.875% 11-26.01.22 23,500,000 24,246,359 2.15USD

CAYMAN ISLANDS

ENN ENERGY HLD 6% 11-13.05.21 3,250,000 3,137,940 0.28USD

GRUPO AVAL 5.25% 12-01.02.17 3,250,000 3,385,281 0.30USD

IPIC GMTN 3.125% 10-15.11.15 7,225,000 7,316,035 0.65USD

IPIC GMTN 5.5% 11-01.03.22 1,000,000 1,030,925 0.09USD

PETBRA 5.75% 09-20.01.20 9,250,000 10,320,179 0.91USD

INVESTMENTS

GEM Debt Total ReturnStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

PETROBRAS INTERNATIONAL7.875% 09-15.03.19 1,500,000 1,860,263 0.16USD

51,296,982 4.54

BCO CHILE 3.875% 12-08.02.22 2,100,000 2,088,912 0.18USD

CHILE

EMPRESA NAC 4.75% 11-06.12.21 3,800,000 3,956,902 0.36USD

6,045,814 0.54

MCC HLDG 4.875% 11-29.07.16 4,075,000 4,077,465 0.36USD

CHINA

4,077,465 0.36

BANCOLOMBIA 6.125% 10-26.07.20 4,000,000 4,242,380 0.38USD

COLOMBIA

COLOMBIA 8.125% 04-21.05.24 9,450,000 13,452,075 1.19USD

17,694,455 1.57

CROATIA 6.375% 11-24.03.21 11,225,000 10,800,527 0.96USD

CROATIA

10,800,527 0.96

ALFA MTN ISS 8% 10-18.03.15 9,850,000 10,403,028 0.92USD

CYPRUS

10,403,028 0.92

RUSSIA BOND 3.625% 10-29.04.15 6,400,000 6,662,496 0.59USD


RUSSIA 5% 10-29.04.20 8,300,000 8,863,653 0.78USD

15,526,149 1.37

GABON 8.20% 07-12.12.17REGS 3,800,000 4,632,637 0.41USD

GABON

4,632,637 0.41

BIZ FIN 8.375% 10-27.04.15 3,900,000 3,616,685 0.32USD

GREAT BRITAIN

VEDANTA RES 6.75% 11-07.06.16 9,000,000 8,409,644 0.75USD

VEDANTA RES 8.25% 11-07.06.21 1,700,000 1,583,185 0.14USD

VEDANTA RESOU 8.75% 08-15.01.14 3,198,000 3,303,982 0.29USD


Quantity/Facevalue

337



19,709,352 1.75

PACNET 9.25% 10-09.11.15REGS 3,550,000 3,335,048 0.30USD

HONG KONG

3,335,048 0.30

BERAU COAL 7.25% 12-13.03.17 2,900,000 2,922,852 0.26USD

INDONESIA

BUMI INV 10.75% 10-10.06.17 7,400,000 8,045,983 0.72USD

INDONESIA 4.875% 11-05.05.21 5,050,000 5,475,261 0.48USD

16,444,096 1.46

ALFA BD ISS 7.75% 11-28.04.21 3,500,000 3,455,970 0.31USD

IRELAND

ALFA BD ISS 7.875% 10-25.09.17 1,500,000 1,547,580 0.14USD

TRANSCAP. 6.103% 07-27.06.12 REGS 7,000,000 7,077,805 0.62USD

TRANSCAP. 7.7% 08-07.08.13 5,450,000 5,875,046 0.52USD

VEB FINANCE 5.375% 12-13.02.17 7,950,000 8,223,559 0.72USD

VEB FINANCE 6.8% 10-22.11.25 2,900,000 3,042,724 0.27USD

VEB-LEASING INV5.125%27.05.16 525,000 530,523 0.05USD

29,753,207 2.63

DEV BK KAZA 5.5% 10-20.12.15 2,200,000 2,353,549 0.21USD

KAZAKHSTAN

KAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 12,175,000 12,992,125 1.15USD

15,345,674 1.36

GAZ CAP 7.343% 08-11.04.13REGS 3,700,000 3,894,213 0.34USD

LUXEMBOURG

GAZ CAPITAL 6.51% 07-07.03.22 1,000,000 1,094,680 0.10USD

GAZ CAPITAL 8.125% 09-31.07.14 15,300,000 16,959,973 1.50USD




Quantity/Facevalue

SBERBANK 6.468% 08-02.07.13 16,200,000 17,098,208 1.51USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 10,800,000 11,365,812 1.01USD

55,690,647 4.93

ALESTRA 11.75% 10-11.08.14 1,325,000 1,488,392 0.13USD

MEXICO


GFB 6.5% 11-10.03.21/SUB 9,050,000 9,457,341 0.84USD

GRUPO PETROTE 9.5% 09-19.08.14 2,000,000 2,217,900 0.20USD

MEXICO 6.5% 11-10.06.21 6,000 47,600 0.00MXN

PEMEX 4.875% 12-24.01.22 9,000,000 9,480,464 0.83USD

PEMEX 5.5% 10-21.01.21 1,800,000 1,995,345 0.18USD

URBI DESA 9.5% 10-21.01.20 3,925,000 4,149,333 0.37USD

35,723,970 3.16


PANAMA

4,147,614 0.37

COFIDE 4.75% 12-08.02.22 2,200,000 2,283,171 0.20USD

PERU

2,283,171 0.20

ROMANIA 6.75% 12-07.02.22 8,200,000 8,605,408 0.76USD

ROUMANIA

8,605,408 0.76

SOUTH AFRICA 5.5% 10-03.09.20 10,500,000 11,774,280 1.04USD

SOUTH AFRICA

11,774,280 1.04

SRI LANKA 6.25% 11-27.07.21 1,650,000 1,650,281 0.15USD

SRI LANKA

1,650,281 0.15

FINANSBANK 5.5% 11-11.05.16 6,725,000 6,394,836 0.57USD

TURKEY

TURKEY 7.25% 04-15.03.15 10,150,000 11,274,113 0.99USD

YAPI KREDI 6.75% 12-08.02.17 4,600,000 4,746,924 0.42USD

22,415,873 1.98


Quantity/Facevalue


338

CITIC RES.6.75% 07-15.05.14 11,600,000 11,932,340 1.06USD

VIRGIN ISLANDS

11,932,340 1.06

40.11453,030,722TOTAL BONDS

TURKEY 0% 10-08.08.12 92,460,000 50,205,281 4.45TRY

PLACEMENTS

TURKEY

50,205,281 4.45


ARGENTINA FRN 02-03.08.12/FLAT 142,100,000 17,556,564 1.55USD

FLOATING RATE BONDS

ARGENTINA

17,556,564 1.55

MEX UDIBONOS FRN 06-16.06.16 22 920 0.00MXN

MEXICO

920 0.00


CHINA HYDROEL /ADR 563,558 1,160,929 0.10USD


CAYMAN ISLANDS

1,160,929 0.10


BCO BMG 9.15% 05-15.01.16REG.S 9,525,000 7,482,878 0.66USD


BRAZIL

7,482,878 0.66

REP DOMINICAN 7.5%-10-06.05.21/POOL 5,075,000 5,266,759 0.47USD

DOMINICAN REPUBLIC

5,266,759 0.47

GAZPROM INTL 7.201% 04-01.02.20 REG. 34,325,000 14,645,521 1.29USD

LUXEMBOURG

14,645,521 1.29



Quantity/Facevalue

URUGUAY 6.875% 09-28.09.25 2,500,000 3,234,375 0.29USD

URUGUAY

3,234,375 0.29


VIRGIN ISLANDS

4,612,832 0.41


VEDANTA RES 4% 10-30.03.17CV 6,700,000 6,435,350 0.57USD

CONVERTIBLE BONDS

JERSEY

6,435,350 0.57

0.576,435,350TOTAL CONVERTIBLE BONDS

USA 2% 11-15.11.21 S.F-2021 60,400,000 59,810,157 5.30USD


UNITED STATES

59,810,157 5.30



623,651,993

BANCO VOTO 4.25% 10-08.02.13 7,100,000 7,218,853 0.63USD


BONDS

BRAZIL

BANRISUL 7.375% 12-02.02.22 2,100,000 2,219,081 0.20USD

VOTORANTIM 6.75% 10-05.04.21 REGS 2,000,000 2,250,480 0.20USD

11,688,414 1.03

BANBRA 5.375% 10-15.01.21 2,200,000 2,264,262 0.20USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 11,875,000 11,826,787 1.05USD

14,091,049 1.25


Quantity/Facevalue

339


BANCOLOMBIA 5.95% 11-03.06.21 5,400,000 5,738,904 0.51USD

COLOMBIA

5,738,904 0.51

VIP FINANCE 7.748% 11-02.02.21 6,500,000 6,426,680 0.57USD

IRELAND

6,426,680 0.57

URBI DESA 9.75% 12-03.02.22 2,500,000 2,656,963 0.24USD

MEXICO

2,656,963 0.24

BUMI CAP 12% 09-10.11.16 2,425,000 2,680,559 0.24USD

SINGAPORE

SIGMA CAP FRN 10-30.04.15 2,400,000 2,530,116 0.22USD

5,210,675 0.46

AKBANK 5.125% 10-22.07.15REGS 6,200,000 6,208,401 0.55USD

TURKEY

6,208,401 0.55


USA TSY 1.375% 12-28.02.19/TBO 67,400,000 66,689,141 5.90USD


UNITED STATES

USA 2% 12-15.02.22 TBO 50,000,000 49,332,032 4.37USD

116,021,173 10.27



168,042,259

XXI CENTURY INVESTMENTSPUBLIC 5,069 457 0.00USD


SHARES

UKRAINE

457 0.00

0.00457TOTAL SHARES



Quantity/Facevalue

BLUE CITY 13.75% 06-07.11.13 REG -B1- 7,000,000 - 0.00USD

BONDS

CAYMAN ISLANDS

INDEP INTL 12% 09-30.12.16144A 4,214,406 42,144 0.00USD

42,144 0.00


XXI CENTURY 24.05.13PW/XXI OPE 400 - 0.00USD


CYPRUS

- 0.00

0.00-TOTAL WARRANTS / EQUITY LINKEDSECURITIES

DOMAS AGR FRN 08-24.10.12LOAN 939,294 375,718 0.04USD

FLOATING RATE BONDS

FRANCE

375,718 0.04


XXI CENTURY INV.10%07-24.11.14 400,000 40,364 0.00USD

PIK BONDS

CYPRUS

40,364 0.00

0.0040,364TOTAL PIK BONDS


MEXICO 0% 11-14.06.12 TB 64,390,000 49,824,929 4.41MXN


TREASURY BILLS

MEXICO

49,824,929 4.41

USA 0% 11-07.06.12 TB 50,000,000 49,995,187 4.43USD

UNITED STATES

USA 0% 12-12.07.12 TB 13,000,000 12,997,356 1.15USD

62,992,543 5.58



Quantity/Facevalue


340

CALL USD/TRY SPOT CROSS09/05/2012 1.885 68,500,000 232,373 0.02USD

CURRENCY OPTIONS

GREAT BRITAIN

232,373 0.02

0.02232,373TOTAL CURRENCY OPTIONS




100.00TOTAL NET ASSETS 1,129,434,604



Quantity/Facevalue

341


PDG REALTY SA 65,700 233,632 0.94BRL


SHARES

BRAZIL


316,497 1.27

CHINA RONGSHENG 1,189,000 313,931 1.26HKD

CAYMAN ISLANDS

CHINA SHANSHUI CEMENTGRP LTD 507,000 400,283 1.61HKD

LONKING HOLDINGS LTD 1,200,000 421,933 1.69HKD

1,136,147 4.56

AGRICULT BANK CHINA /-H-SHARES 909,000 389,859 1.57HKD

CHINA

BANK OF CHINA LTD -H- 964,900 388,979 1.56HKD



CHINA MINSHENG BK -H- 463,000 419,214 1.68HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 340,000 428,706 1.72HKD


WEICHAI POWER CO LTD /-H- 52,000 242,779 0.98HKD

3,112,278 12.50

AK SBEREGATELNY BANKSBERBANK 120,307 387,538 1.56USD


387,538 1.56

KINGBOARD CHEMICALSHOLDINGS 116,000 405,627 1.63HKD

HONG KONG

405,627 1.63

KGHM POLSKA MIEDZ SA 9,905 450,487 1.81PLN

POLAND

450,487 1.81

EXXARO RESOURCESLIMITED 17,293 445,490 1.79ZAR

SOUTH AFRICA

INVESTMENTS

GEM Equity Absolute ReturnStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

GOLD FIELDS 31,365 427,093 1.72ZAR

872,583 3.51

ASIANA AIRLINE INC 66,760 414,412 1.66KRW

SOUTH KOREA

DGB FINANCIAL GROUP 26,060 341,713 1.37KRW

GS HOLDINGS CORP. 7,886 451,920 1.82KRW

HYUNDAI MOBIS 1,124 284,349 1.14KRW

HYUNDAI MOTOR CO. LTD 2,181 448,717 1.80KRW

KIA MOTORS CORP. 7,634 499,494 2.01KRW

SK ENERGY 2,696 393,984 1.58KRW

SK HOLDINGS CO. LTD 2,862 372,754 1.50KRW

3,207,343 12.88

TURKIYE HALK BANKASI AS 71,483 511,453 2.06TRY

TURKEY

YAPI KREDI BANKASA 199,906 403,850 1.62TRY

915,303 3.68


VALE /SADR 18,577 430,615 1.73USD


BRAZIL

430,615 1.73

GAZPROM OAO /SADR REGS 35,930 438,346 1.76USD


LUKOIL /SADR (REP.1 SHS.) 7,287 438,677 1.76USD

877,023 3.52

NORD GOLD NV /SADR 60,159 369,978 1.49USD

NETHERLANDS

369,978 1.49


AFK SISTEMA / SGDR 19,220 378,442 1.52USD



378,442 1.52



Quantity/Facevalue


342




326,088 1.31



13,185,949

OAO TATFNEFT /SGDR REP GREG.S 11,175 455,940 1.83USD




455,940 1.83



USA 0% 11-05.04.12 TB 1,900,000 1,899,994 7.62USD


TREASURY BILLS

UNITED STATES

USA 0% 11-07.06.12 TB 530,000 529,949 2.13USD

USA 0% 11-21.06.12 TB 1,844,000 1,843,744 7.41USD

USA 0% 11-26.07.12 CP 1,700,000 1,699,579 6.83USD

USA 0% 11-31.05.12 TB 530,000 529,954 2.13USD

6,503,220 26.12






GEM Equity Absolute ReturnStatement of investments as at 31 March 2012(expressed in USD)


Quantity/Facevalue

343


USA 0% 11-05.04.12 TB 7,500,000 7,499,700 12.04USD


TREASURY BILLS

UNITED STATES

USA 0% 11-14.06.12 TB 5,000,000 4,999,573 8.03USD

USA 0% 11-18.10.12 TB 3,000,000 2,997,433 4.81USD

USA 0% 11-19.04.12 TB 2,500,000 2,499,983 4.01USD

USA 0% 11-28.06.12 TB 5,000,000 4,999,525 8.03USD

USA 0% 11-31.05.12 TB 9,000,000 8,997,366 14.45USD

USA 0% 12-06.09.12 TB 7,500,000 7,495,900 12.03USD

USA 0% 12-09.08.12 TB 4,000,000 3,998,504 6.42USD

USA 0% 12-12.07.12 TB 5,000,000 4,999,270 8.03USD

48,487,254 77.85






INVESTMENTS

Global CurrencyStatement of investments as at 31 March 2012(expressed in USD)


Face Value


344

ANHEUSER-BUSH INBEV SA 1,851 101,009 0.52EUR


SHARES

BELGIUM

101,009 0.52

A.P. MOELLER - MAERSK A/S-B- 9 52,114 0.27DKK

DENMARK

52,114 0.27

NOKIA OY 4,638 18,775 0.10EUR

FINLAND

SAMPO PLC -A- 1,892 40,772 0.21EUR

59,547 0.31

AIR FRANCE - KLM 6,187 26,270 0.14EUR

FRANCE

AXA 7,417 91,415 0.47EUR

BNP PARIBAS 1,730 61,251 0.32EUR

BOUYGUES 1,813 41,336 0.21EUR

CAP GEMINI SA 2,102 70,018 0.36EUR

CARREFOUR SA 1,394 24,974 0.13EUR

CASINO GUICHARD-PERRACH 1,042 76,993 0.40EUR

CIE GEN.GEOPHYSIQUE /VERITAS 3,083 68,103 0.35EUR

CREDIT AGRICOLE SA PARIS 9,137 42,341 0.22EUR

GAZ DE FRANCE 3,913 75,540 0.39EUR

LAFARGE SA 818 28,933 0.15EUR

MICHELIN B /NOM. 1,011 55,959 0.29EUR

PEUGEOT SA 3,856 46,349 0.24EUR

SAFRAN SA 4,069 111,816 0.59EUR

SAINT-GOBAIN 2,106 70,214 0.36EUR

SANOFI-AVENTIS 3,093 179,641 0.94EUR

SOCIETE GENERALE PARIS -A- 2,841 61,493 0.32EUR

VALLOUREC 395 18,670 0.10EUR

VEOLIA ENVIRONNEMENT 3,005 37,097 0.19EUR

1,188,413 6.17

ALLIANZ SE /NAMEN.VINKULIERT 1,217 108,216 0.56EUR

GERMANY

BAYER 649 34,079 0.18EUR

INVESTMENTS

Global Flex AllocationStatement of investments as at 31 March 2012(expressed in EUR)


Quantity/Facevalue


DEUTSCHE BOERSE AG 1,361 68,322 0.35EUR

DEUTSCHE POST AG BONN 6,253 89,768 0.47EUR

FRESENIUS MEDICAL CAREAG 2,193 116,558 0.61EUR

HENKEL / VORZUG 1,843 101,125 0.52EUR

SIEMENS AG 915 68,909 0.36EUR

658,447 3.42

BARCLAYS PLC 24,942 70,295 0.36GBP

GREAT BRITAIN

BG GROUP PLC 6,627 114,524 0.59GBP

BP PLC 33,533 186,016 0.98GBP

CAPITA GRP 8,631 76,178 0.40GBP

CENTRICA PLC 22,211 84,443 0.44GBP

G4S PLC 22,137 72,651 0.38GBP


IMPERIAL TOBACCO GROUPPLC 2,113 64,491 0.33GBP

INCHCAPE 10,929 48,887 0.25GBP

INTERNATIONAL POWER PLC 14,590 70,939 0.37GBP

INTERTEK GROUP PLC 3,149 95,065 0.49GBP


PRUDENTIAL PLC 10,333 92,503 0.48GBP

RECKITT BENCKISER GROUPPLC 2,295 97,180 0.50GBP

REED ELSEVIER PLC 13,155 87,515 0.45GBP

RIO TINTO PLC /REG 900 37,286 0.19GBP


TESCO PLC 11,880 47,020 0.24GBP

UNILEVER PLC 3,951 98,021 0.51GBP

VODAFONE GROUP PLC 82,112 169,646 0.88GBP

XSTRATA PLC 7,676 98,167 0.51GBP

2,123,139 11.03

HELLENIC TELECOM 6,683 21,319 0.11EUR

GREECE

21,319 0.11

KERRY GROUP A 503 17,354 0.09EUR

IRELAND

17,354 0.09

AUTOGRILL SPA 5,869 46,277 0.24EUR

ITALY


Quantity/Facevalue

345


UNICREDIT AZ 14,998 55,973 0.29EUR

102,250 0.53

ARCELORMITTAL SA REG 4,205 59,900 0.31EUR

LUXEMBOURG

59,900 0.31

HEINEKEN NV 242 10,072 0.05EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 19,513 120,746 0.63EUR

KONINKLIJKE KPN NV 10,702 88,088 0.46EUR

RANDSTAD HOLDING 1,724 48,669 0.25EUR

267,575 1.39

ACERGY SA 4,163 82,178 0.42NOK

NORWAY

NORSK HYDRO AS 11,700 47,485 0.25NOK

129,663 0.67

AMADEUS IT HOLDING SR. A 4,979 70,154 0.36EUR

SPAIN

BANCO SANTANDERCENTRAL HISPANO/REG 19,133 108,809 0.56EUR

DIA 1,486 5,513 0.03EUR

FERROVIAL SA 6,806 58,334 0.30EUR

GRIFOLS -B- 444 5,128 0.03EUR

GRIFOLS SA -A- 3,985 63,680 0.33EUR

REPSOL YPF SA. MADRID 5,422 101,744 0.53EUR

TELEFONICA SA 9,182 112,343 0.59EUR

525,705 2.73

ERICSSON TEL -B- 6,388 49,498 0.26SEK

SWEDEN

VOLVO -B- 8,428 91,407 0.47SEK

140,905 0.73


SWITZERLAND

NESTLE 4,421 207,376 1.07CHF

NOVARTIS AG BASEL 2,878 118,774 0.62CHF


UBS AG 6,319 65,943 0.34CHF



Quantity/Facevalue

ZURICH FINANCIAL SERVICES/ NAMEN 379 75,956 0.39CHF

736,462 3.82


AUSTRIA 4.65% 03-15.01.18S.2 301,000 345,142 1.79EUR

BONDS

AUSTRIA

345,142 1.79

HUTCH WHAM 4.75% 09-14.11.16 450,000 491,326 2.55EUR

CAYMAN ISLANDS

491,326 2.55

FINLAND 3.375% 10-15.04.20 290,000 318,268 1.65EUR

FINLAND

FINLAND 4.25% 04-04.07.15 311,000 345,567 1.80EUR

663,835 3.45

AUCHAN 4.75% 09-15.04.15 400,000 439,105 2.28EUR

FRANCE

CR AGR 3.875% 12-13.02.19 200,000 202,831 1.05EUR

CRH 4% 12-17.06.22 232,000 251,106 1.30EUR

DEXIA MUN AG 2.75% 10-25.01.16 232,000 232,020 1.20EUR

EDF 6.25% 09-25.01.21 350,000 431,678 2.24EUR

FIN.FONCIER 3.375% 06-18.01.16 290,000 305,385 1.59EUR

FRANCE TELECOM 5% 09-22.01.14 350,000 372,771 1.94EUR

RTE EDF TRANSPORT 4.125%06-27.09.16 400,000 437,480 2.27EUR

2,672,376 13.87

GERMANY 2.25% 10-04.09.20 232,000 244,482 1.27EUR

GERMANY

GERMANY 6% 86-20.06.16 283,040 344,905 1.79EUR

VW FIN 6.875% 09-15.01.14 365,000 400,047 2.08EUR

989,434 5.14

ANGLIAN WATER 4.625% 03-07.10.13 406,000 425,570 2.22EUR

GREAT BRITAIN

BPCM 2.994% 12-18.02.19 375,000 384,004 1.99EUR

LLOYDS 3.75% 10-07.09.15 300,000 306,495 1.59EUR


Quantity/Facevalue


346

RBS GRP 5.25% 08-15.05.13 300,000 309,113 1.60EUR

1,425,182 7.40

INTESA TOR 3.375% 10-19.01.15 350,000 351,027 1.82EUR

ITALY

UNICREDIT 4.875% 12-07.03.17 450,000 446,826 2.32EUR

797,853 4.14

ENEL FIN 5.75% 11-24.10.18 360,000 392,513 2.04EUR

NETHERLANDS

NETHERLANDS 3.25% 11-15.07.21 464,000 504,926 2.62EUR

NETHERLANDS 4% 06-15.07.16 314,360 352,523 1.83EUR

SIEMENS FIN 5.125% 09-20.02.17 377,000 437,723 2.27EUR

1,687,685 8.76

DNB NOR BOL 3.375% 10-20.01.17 418,000 446,938 2.32EUR

NORWAY

DNB 2.75% 12-21.03.22 500,000 495,545 2.57EUR

942,483 4.89

BBVASM 3% 12-22.08.13 200,000 199,987 1.04EUR

SPAIN

199,987 1.04

53.0310,215,303TOTAL BONDS

LYXOR INTERNATIONAL ETFRUSSIA -A- 9,063 294,819 1.53EUR

INVESTMENT FUNDS

FRANCE

294,819 1.53


HSBC MSCI CHINA USD 43,780 190,733 0.99GBP


IRELAND

ISHARES EUR STO TOT MKTGR/EUR 7,617 166,081 0.86EUR

356,814 1.85




Quantity/Facevalue

VOLKSWAGEN AG /VORZUG. 446 58,471 0.30EUR

PREFERENTIAL SHARES

GERMANY

58,471 0.30



17,109,209

LA CAIXA 5.125% 11-27.04.16 200,000 209,421 1.09EUR


BONDS

SPAIN

209,421 1.09



209,421

HSBC MONETAIRE ETAT CAP. 1 2,183 0.01EUR


INVESTMENT FUNDS

FRANCE

2,183 0.01







Quantity/Facevalue

347


FRANCE 0% 10.05.12 BTF 24,000,000 23,998,200 11.33EUR


TREASURY BILLS

FRANCE

FRANCE 0% 11-05.04.12 BTF 30,000,000 30,000,000 14.16EUR

FRANCE 0% 11-12.04.12 BTF 35,300,000 35,300,000 16.65EUR

FRANCE 0% 11-14.6.2012 TB 23,000,000 22,997,125 10.85EUR

FRANCE 0% 11-19.04.12 BTF 10,000,000 10,000,000 4.72EUR

FRANCE 0% 12-21.06.12 BTF 27,000,000 26,994,600 12.74EUR

FRANCE 0% 12-26.04.12 BTF 20,000,000 19,999,000 9.44EUR

169,288,925 79.89


PUT EUR/USD SPOT -CROSSRATES 11/04/2012 1.27 10,000,000 285 0.00EUR

CURRENCY OPTIONS

GREAT BRITAIN

PUT EUR/USD SPOT -CROSSRATES 11/04/2012 1.28 5,000,000 470 0.00EUR

755 0.00

CALL SGD/JPY SPOT CROSS23/08/2012 63.85 24,000,000 616,564 0.29SGD

JAPAN

CALL SGD/JPY SPOT CROSS23/08/2012 67.04 (24,000,000) (263,598) (0.12)SGD

PUT SGD/JPY SPOT CROSS23/08/2012 60.66 (28,800,000) (124,397) (0.06)SGD

228,569 0.11

CALL EUR/SEK SPOT CROSS14/06/2012 9.0 11,000,000 84,698 0.04EUR

SWEDEN

84,698 0.04

CALL EUR/CHF SPOT CROSS13/06/2012 1.206 10,000,000 53,824 0.03EUR

SWITZERLAND

PUT EUR/CHF SPOT CROSS11/04/2012 1.21 (20,000,000) (85,856) (0.05)EUR

(32,032) (0.02)


INVESTMENTS

Global MacroStatement of investments as at 31 March 2012(expressed in EUR)


Quantity/Facevalue

CALL HSCEI - HKD CHINA28/06/2012 11,400 95 67,834 0.03HKD

OPTION ON STOCK INDICES

CHINA


CALL HSCEI - HKD CHINA28/06/2012 12,600 (95) (7,792) 0.00HKD

CALL HSCEI - HKD CHINA28/06/2012 12,800 (95) (5,042) 0.00HKD

PUT HSCEI - HKD CHI28/06/2012 10,000 (190) (337,337) (0.15)HKD

(231,461) (0.10)

CALL NIKKEI 225 INDICES13/04/2012 9,750 40 138,770 0.06JPY

JAPAN

PUT NIKKEI 225 INDICES13/04/2012 9,000 (40) (1,826) 0.00JPY

136,944 0.06

(0.04)(94,517)TOTAL OPTION ON STOCK INDICES






Quantity/Facevalue


348

FRANCE 0% 10.05.12 BTF 1,250,000 1,249,906 14.00EUR


TREASURY BILLS

FRANCE

FRANCE 0% 11-05.04.12 BTF 1,650,000 1,650,000 18.48EUR

FRANCE 0% 11-12.04.12 BTF 500,000 500,000 5.60EUR

FRANCE 0% 11-19.04.12 BTF 500,000 500,000 5.60EUR

FRANCE 0% 12-26.04.12 BTF 2,650,000 2,649,867 29.69EUR

6,549,773 73.37


CALL SGD/JPY SPOT CROSS23/08/2012 63.85 1,500,000 38,536 0.43SGD

CURRENCY OPTIONS

JAPAN

CALL SGD/JPY SPOT CROSS23/08/2012 67.04 (1,500,000) (16,475) (0.18)SGD

PUT SGD/JPY SPOT CROSS23/08/2012 60.66 (1,800,000) (7,775) (0.09)SGD

14,286 0.16



OPTION ON STOCK INDICES

CHINA


CALL HSCEI - HKD CHINA28/06/2012 12,600 (5) (410) 0.00HKD

CALL HSCEI - HKD CHINA28/06/2012 12,800 (5) (265) 0.00HKD

PUT HSCEI - HKD CHI28/06/2012 10,000 (10) (17,755) (0.21)HKD

(12,182) (0.14)

(0.14)(12,182)TOTAL OPTION ON STOCK INDICES





INVESTMENTS

Global Macro IIStatement of investments as at 31 March 2012(expressed in EUR)


Quantity/Facevalue

Currency Conversion Table

349

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates).

31 March 2011 30 March 2012

USD USD

AUD 0.9664 0.9611

CAD 0.9699 1.0037

HKD 7.7821 7.7643

JPY 82.8950 82.0350

GBP 0.6215 0.6242

SGD 1.2602 1.2560

CHF 0.9155 0.9028

EUR 0.7029 0.7495

Dealing Days of the Fund

350

Dealing for Shares in the Company will take place on any Business Day (other than days during a period of suspension of dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading. The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and available at the registered office of the Company. Any amendments to such lists are also available at the registered office of the Company. Shareholders who deal through the Company's local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction. Shareholders in such jurisdictions can however deal via the Transfer Agent in Luxembourg. The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company from the registered office of the Company or from the Company's local distributor or representative.

351

HSBC Global Investment Funds (“HGIF”)

Fund Holiday Calendar for 2012

This calendar is indicative as dates in some countries have yet to be confirmed and / or

dates are subject to change. All HGIF sub-funds will have no NAV calculated on the following days:

all Saturdays and Sundays

and on the following dates :

06-Apr Luxembourg 09-Apr Luxembourg 01-May Luxembourg 17-May Luxembourg 28-May Luxembourg 15-Aug Luxembourg 01-Nov Luxembourg 25-Dec Luxembourg 26-Dec Luxembourg In addition, the following funds will have no NAV calculated on the following dates:

Asian Currencies Bond (Hong Kong, Malaysia, Singapore, South Korea)

02-Jan Hong Kong, Malaysia, Singapore 23-Jan Hong Kong, Malaysia, Singapore, South Korea 24-Jan Hong Kong, Malaysia, Singapore, South Korea 25-Jan Hong Kong 01-Feb Malaysia 06-Feb Malaysia 07-Feb Malaysia 01-Mar South Korea 04-Apr Hong Kong 11-Apr South Korea 06-Jun South Korea 02-Jul Hong Kong 09-Aug Singapore 20-Aug Malaysia, Singapore 21-Aug Malaysia 31-Aug Malaysia 17-Sep Malaysia 01-Oct Hong Kong, South Korea 02-Oct Hong Kong 03-Oct South Korea 23-Oct Hong Kong 26-Oct Malaysia, Singapore 13-Nov Malaysia, Singapore 15-Nov Malaysia 19-Dec South Korea 31-Dec South Korea

352

Asia ex Japan Equity (Hong Kong, South Korea)

2-Jan Hong Kong 23-Jan Hong Kong, South Korea 24-Jan Hong Kong, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 11-Apr South Korea 06-Jun South Korea 02-Jul Hong Kong 01-Oct Hong Kong, South Korea 02-Oct Hong Kong 03-Oct South Korea 23-Oct Hong Kong 19-Dec South Korea 31-Dec South Korea

Asia ex Japan Equity Smaller Companies (Taiwan)

19-Jan Taiwan 20-Jan Taiwan 23-Jan Taiwan 24-Jan Taiwan 25-Jan Taiwan 26-Jan Taiwan 27-Jan Taiwan 27-Feb Taiwan 28-Feb Taiwan 04-Apr Taiwan 10-Oct Taiwan 31-Dec Taiwan

Asia Pacific ex Japan Equity High Dividend (Australia, Hong Kong)

2-Jan Australia, Hong Kong 23-Jan Hong Kong 24-Jan Hong Kong 25-Jan Hong Kong 26-Jan Australia 04-Apr Hong Kong 25-Apr Australia 11-Jun Australia 02-Jul Hong Kong 01-Oct Hong Kong 02-Oct Hong Kong 23-Oct Hong Kong

Brazil Bond (Brazil)

25-Jan Brazil 20-Feb Brazil 21-Feb Brazil 07-Jun Brazil 09-Jul Brazil 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil 20-Nov Brazil 24-Dec Brazil 31-Dec Brazil

353

Brazil Equity (Brazil, US)

02-Jan US 16-Jan US 25-Jan Brazil 20-Feb Brazil, US 21-Feb Brazil 07-Jun Brazil 04-Jul US 09-Jul Brazil 03-Sep US 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil 20-Nov Brazil 22-Nov US 24-Dec Brazil 31-Dec Brazil BRIC Equity

BRIC Markets

BRIC Markets Equity (Brazil, Hong Kong, India, UK, US )

02-Jan Hong Kong, UK, US 16-Jan US 23-Jan Hong Kong 24-Jan Hong Kong 25-Jan Brazil, Hong Kong 26-Jan India 20-Feb Brazil, India, US 21-Feb Brazil 08-Mar India 04-Apr Hong Kong 05-Apr India 07-May UK 04-Jun UK 05-Jun UK 07-Jun Brazil 02-Jul Hong Kong 04-Jul US 09-Jul Brazil 20-Aug India 27-Aug UK 03-Sep US 07-Sep Brazil 19-Sep India 01-Oct Hong Kong 02-Oct Hong Kong, India 12-Oct Brazil 23-Oct Hong Kong 24-Oct India 02-Nov Brazil 13-Nov India 14-Nov India 15-Nov Brazil 20-Nov Brazil 22-Nov US 28-Nov India 24-Dec Brazil 31-Dec Brazil

354

Chinese Equity (Hong Kong) 02-Jan Hong Kong 23-Jan Hong Kong 24-Jan Hong Kong 25-Jan Hong Kong 04-Apr Hong Kong 02-Jul Hong Kong 01-Oct Hong Kong 02-Oct Hong Kong 23-Oct Hong Kong China Consumer Opportunities (France, Hong Kong, UK, US)

02-Jan Hong Kong, UK, US 16-Jan US 23-Jan Hong Kong 24-Jan Hong Kong 25-Jan Hong Kong 20-Feb US 04-Apr Hong Kong 07-May UK 04-Jun UK 05-Jun UK 02-Jul Hong Kong 04-Jul US 27-Aug UK 03-Sep US 01-Oct Hong Kong 02-Oct Hong Kong 23-Oct Hong Kong 22-Nov US

Climate Change (UK, US)

02-Jan UK, US 16-Jan US 20-Feb US 07-May UK 04-Jun UK 05-Jun UK 04-Jul US 27-Aug UK 03-Sep US 22-Nov US

CIVETS (Indonesia, Turkey, South Africa, UK)

02-Jan South Africa, UK 23-Jan Indonesia 21-Mar South Africa 23-Mar Indonesia 23-Apr Turkey 27-Apr South Africa 07-May UK 18-May Indonesia 04-Jun UK 05-Jun UK 09-Aug South Africa 17-Aug Indonesia 20-Aug Indonesia, Turkey

355

CIVETS (continued) (Indonesia, Turkey, South Africa, UK)

21-Aug Indonesia, Turkey 22-Aug Indonesia 27-Aug UK 30-Aug Turkey 24-Sep South Africa 25-Oct Turkey 26-Oct Indonesia, Turkey 29-Oct Turkey 15-Nov Indonesia 16-Nov Indonesia 17-Dec South Africa 24-Dec Indonesia 31-Dec Indonesia

Emerging Inflation Linked Bond (Brazil, US**)

02-Jan US 16-Jan US 25-Jan Brazil 20-Feb Brazil, US 21-Feb Brazil 07-Jun Brazil 04-Jul US 09-Jul Brazil 03-Sep US 07-Sep Brazil 08-Oct US ** 12-Oct Brazil 02-Nov Brazil 12-Nov US ** 15-Nov Brazil 20-Nov Brazil 22-Nov US 24-Dec Brazil 31-Dec Brazil Euro Bond

Euro Credit Bond

Euro High Yield Bond (UK)

02-Jan UK 07-May UK 04-Jun UK 05-Jun UK 27-Aug UK Emerging Wealth (UK, US)


356

European Equity (UK, France)

02-Jan UK 07-May UK 04-Jun UK 05-Jun UK 27-Aug UK European Equity Absolute Return (UK, France, Germany)

02-Jan UK 07-May UK 04-Jun UK 05-Jun UK 27-Aug UK 24-Dec Germany 31-Dec Germany Frontier Markets (Note: Fund does not deal on a Friday) (Qatar, UK)

02-Jan UK 07-May UK 04-Jun UK 05-Jun UK 27-Aug UK Global Emerging Markets Equity (Hong Kong, South Korea, UK)

02-Jan Hong Kong, UK 23-Jan Hong Kong, South Korea 24-Jan Hong Kong, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 11-Apr South Korea 07-May UK 04-Jun UK 05-Jun UK 06-Jun South Korea 02-Jul Hong Kong 27-Aug UK 01-Oct Hong Kong, South Korea 02-Oct Hong Kong 03-Oct South Korea 23-Oct Hong Kong 19-Dec South Korea 24-Dec (Due to half day closure in certain markets) 31-Dec South Korea

357

GEM Equity Absolute Return (Brazil, Hong Kong, India, South Korea, Taiwan, UK, US

02-Jan Hong Kong, UK, US 16-Jan US 19-Jan Taiwan 20-Jan Taiwan 23-Jan Hong Kong, South Korea, Taiwan 24-Jan Hong Kong, South Korea, Taiwan 25-Jan Brazil, Hong Kong, Taiwan 26-Jan India, Taiwan 27-Jan Taiwan 20-Feb Brazil, India, US 21-Feb Brazil 27-Feb Taiwan 28-Feb Taiwan 01-Mar South Korea 08-Mar India 04-Apr Hong Kong, Taiwan 05-Apr India 11-Apr South Korea 07-May UK 04-Jun UK 05-Jun UK 06-Jun South Korea 07-Jun Brazil 02-Jul Hong Kong 04-Jul US 09-Jul Brazil 20-Aug India 27-Aug UK 03-Sep US 07-Sep Brazil 19-Sep India 01-Oct Hong Kong, South Korea 02-Oct Hong Kong, India 03-Oct South Korea 10-Oct Taiwan 12-Oct Brazil 23-Oct Hong Kong 24-Oct India 02-Nov Brazil 13-Nov India 14-Nov India 15-Nov Brazil 20-Nov Brazil 22-Nov US 28-Nov India 19-Dec South Korea 24-Dec Brazil 31-Dec Brazil, South Korea, Taiwan

358

Global Bond (Japan, US**)

02-Jan Japan, US 03-Jan Japan 09-Jan Japan 16-Jan US 20-Feb US 20-Mar Japan 30-Apr Japan 03-May Japan 04-May Japan 04-Jul US 16-Jul Japan 03-Sep US 17-Sep Japan 08-Oct Japan, US** 12-Nov US** 22-Nov US 23-Nov Japan 24-Dec Japan 31-Dec Japan

Global Credit Bond (France, Germany, Italy, Netherlands, Spain, UK, US**)

02-Jan UK, US 16-Jan US 20-Feb US 07-May UK 04-Jun UK 05-Jun UK 04-Jul US 27-Aug UK 03-Sep US 08-Oct US** 12-Nov US** 22-Nov US 24-Dec Germany, Italy 31-Dec Germany, Italy Global Currency (UK)

02-Jan UK 07-May UK 04-Jun UK 05-Jun UK 27-Aug UK Global Flex Allocation (France, Germany, US**)

02-Jan US 16-Jan US 20-Feb US 04-Jul US 03-Sep US 08-Oct US ** 12-Nov US ** 22-Nov US 24-Dec Germany 31-Dec Germany

359



Global Emerging Markets Investment Grade Bond


GEM Debt Total Return (UK, US**)

02-Jan UK, US 16-Jan US 20-Feb US 07-May UK 04-Jun UK 05-Jun UK 04-Jul US 27-Aug UK 03-Sep US 08-Oct US ** 12-Nov US ** 22-Nov US Global Emerging Markets Corporate Debt (Note: Fund deals weekly on Tuesday) (UK, US)

Global Equity (Japan, UK, US)

02-Jan Japan, UK, US 03-Jan Japan 09-Jan Japan 16-Jan US 20-Feb US 20-Mar Japan 30-Apr Japan 03-May Japan 04-May Japan 07-May UK 04-Jun UK 05-Jun UK 04-Jul US 16-Jul Japan 27-Aug UK 03-Sep US 17-Sep Japan 08-Oct Japan 22-Nov US 23-Nov Japan 24-Dec Japan 31-Dec Japan

Global Inflation Linked Bond (France, Germany, Italy, UK, US**)

02-Jan UK, US 16-Jan US 20-Feb US 07-May UK 04-Jun UK 05-Jun UK 04-Jul US 27-Aug UK 03-Sep US 08-Oct US ** 12-Nov US ** 22-Nov US 24-Dec Germany, Italy 31-Dec Germany, Italy

360

Global Macro

Global Macro II (Germany, Japan, UK, US**)

02-Jan Japan, UK, US 03-Jan Japan 09-Jan Japan 16-Jan US 20-Feb US 20-Mar Japan 30-Apr Japan 03-May Japan 04-May Japan 07-May UK 04-Jun UK 05-Jun UK 04-Jul US 16-Jul Japan 27-Aug UK 03-Sep US 17-Sep Japan 08-Oct Japan, US** 12-Nov US** 22-Nov US 23-Nov Japan 24-Dec Germany, Japan 31-Dec Germany, Japan Hong Kong Equity (Hong Kong)

02-Jan Hong Kong 23-Jan Hong Kong 24-Jan Hong Kong 25-Jan Hong Kong 04-Apr Hong Kong 02-Jul Hong Kong 01-Oct Hong Kong 02-Oct Hong Kong 23-Oct Hong Kong India Fixed Income (Note: Fund deals weekly on Tuesday) (Hong Kong, India)

24-Jan Hong Kong 26-Jan India 02-Oct Hong Kong, India 23-Oct Hong Kong 13-Nov India Indian Equity (India)

26-Jan India 20-Feb India 08-Mar India 05-Apr India 20-Aug India 19-Sep India 02-Oct India 24-Oct India 13-Nov India 14-Nov India 28-Nov India

361

Japanese Equity (Japan, UK)

02-Jan Japan, UK 03-Jan Japan 09-Jan Japan 20-Mar Japan 30-Apr Japan 03-May Japan 04-May Japan 07-May UK 04-Jun UK 05-Jun UK 16-Jul Japan 27-Aug UK 17-Sep Japan 08-Oct Japan 23-Nov Japan 24-Dec Japan 31-Dec Japan Korean Equity (South Korea)

23-Jan South Korea 24-Jan South Korea 01-Mar South Korea 11-Apr South Korea 06-Jun South Korea 01-Oct South Korea 03-Oct South Korea 19-Dec South Korea 31-Dec South Korea

Latin American Equity (Brazil, Mexico, US)

02-Jan US 16-Jan US 25-Jan Brazil 06-Feb Mexico 20-Feb Brazil, US 21-Feb Brazil 19-Mar Mexico 05-Apr Mexico 07-Jun Brazil 04-Jul US 09-Jul Brazil 03-Sep US 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil, Mexico 15-Nov Brazil 19-Nov Mexico 20-Nov Brazil 22-Nov US 12-Dec Mexico 24-Dec Brazil 31-Dec Brazil

362

Latin American Local Debt (Brazil, Mexico) 25-Jan Brazil 06-Feb Mexico 20-Feb Brazil 21-Feb Brazil 19-Mar Mexico 05-Apr Mexico 07-Jun Brazil 09-Jul Brazil 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil, Mexico 15-Nov Brazil 19-Nov Mexico 20-Nov Brazil 12-Dec Mexico 24-Dec Brazil 31-Dec Brazil Managed Solutions Asia Focused Income (Hong Kong)

02-Jan Hong Kong 23-Jan Hong Kong 24-Jan Hong Kong 25-Jan Hong Kong 04-Apr Hong Kong 02-Jul Hong Kong 01-Oct Hong Kong 02-Oct Hong Kong 23-Oct Hong Kong Middle East and North Africa Equity (Note: Fund does not deal on a Friday) (Kuwait, Qatar, Saudi Arabia, UK)

02-Jan UK 27-Feb Kuwait 07-May UK 04-Jun UK 05-Jun UK 20-Aug Kuwait, Saudi Arabia 21-Aug Kuwait 27-Aug UK 25-Oct Kuwait 29-Oct Kuwait 15-Nov Kuwait RMB Fixed Income (China, Hong Kong, US**)

02-Jan China, Hong Kong, US 03-Jan China 16-Jan US 23-Jan China, Hong Kong 24-Jan China, Hong Kong 25-Jan China, Hong Kong 26-Jan China 27-Jan China 20-Feb US 02-Apr China 03-Apr China 04-Apr China, Hong Kong 30-Apr China 22-Jun China 02-Jul Hong Kong

363

RMB Fixed Income (Continued) (China, Hong Kong, US**)

04-Jul US 03-Sep US 01-Oct China, Hong Kong 02-Oct China, Hong Kong 03-Oct China 04-Oct China 05-Oct China 08-Oct US ** 23-Oct Hong Kong 12-Nov US ** 22-Nov US

Russia Equity (UK, US)


Singapore Equity (Singapore)

02-Jan Singapore 23-Jan Singapore 24-Jan Singapore 09-Aug Singapore 20-Aug Singapore 26-Oct Singapore 13-Nov Singapore Taiwan Equity (Taiwan)

19-Jan Taiwan 20-Jan Taiwan 23-Jan Taiwan 24-Jan Taiwan 25-Jan Taiwan 26-Jan Taiwan 27-Jan Taiwan 27-Feb Taiwan 28-Feb Taiwan 04-Apr Taiwan 10-Oct Taiwan 31-Dec Taiwan Thai Equity (Thailand)

02-Jan Thailand 03-Jan Thailand 07-Mar Thailand 13-Apr Thailand 16-Apr Thailand 07-May Thailand 04-Jun Thailand 02-Aug Thailand 13-Aug Thailand

364

Thai Equity (Continued) (Thailand)

23-Oct Thailand 05-Dec Thailand 10-Dec Thailand 31-Dec Thailand Turkey Equity (Turkey)

23-Apr Turkey 20-Aug Turkey 21-Aug Turkey 30-Aug Turkey 25-Oct Turkey 26-Oct Turkey 29-Oct Turkey UK Equity (UK)

02-Jan UK 07-May UK 04-Jun UK 05-Jun UK 27-Aug UK US Equity (US)

02-Jan US 16-Jan US 20-Feb US 04-Jul US 03-Sep US 22-Nov US US Dollar Bond (US**)

02-Jan US 16-Jan US 20-Feb US 04-Jul US 03-Sep US 08-Oct US ** 12-Nov US ** 22-Nov US ** The NYSE and Nasdaq are open on Columbus Day (8 October 2012) and Veterans Day (12 November 2012)

therefore equity sub-funds listing the US as a material market will not have a holiday on these dates. Bond markets will be closed to trading on these dates and bond sub-funds listing the US as a material market will have holiday days delayed by one business day in line with a policy adopted by the Board of Directors.

HSBC Global Asset Management, the sponsor of HSBC Global Investment Funds, is the asset management specialist of the HSBC Group and operates through HSBC Bank plc and its subsidiaries. HSBC Global Asset Management is the trading name of HSBC Global Asset Management Limited. HSBC Global Asset Management is established at 8 Canada Square, London E14 5HQ which is its registered office. © Copyright. HSBC Global Asset Management Limited 2012. All Rights Reserved 14846/0608

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