HSBC Global Investment Funds...HSBC Global Investment Funds Unaudited Semi-Annual Report for the...

HSBC Global Investment FundsUnaudited Semi-Annual Report for the period from1 April 2011 to 30 September 2011

R.C.S. Luxembourg B 25 087

1

Unaudited semi-annual report for the period from 1 April 2011 to 30 September 2011

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, simplified Prospectuses, 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, simplified Prospectuses, 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. Unaudited semi-annual report for the period from 1 April 2011 to 30 September 2011

Table of Contents

3

Board of Directors 4 Management and Administration 5 Statement of Net Assets as at 30 September 2011 10 Key Figures as at 30 September 2011 22 Statement of Operations and Changes in Net Assets 68 Notes to the Financial Statements 80 Comparative Table of Net Assets 216 Portfolio of Investments and Other Net Assets 237 Currency Conversion Table 380 Dealing Days of the Fund 381 Fund Holiday Calendar for 2012 382

Board of Directors

4

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. 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 8 Canada Square, London E14 5HQ, United Kingdom. David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management (UK) Limited 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, Director, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building, 1 Queen's Road Central, Hong Kong. Dr. Michael Boehm, Managing Director and Chief Operating Officer HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, 40212 Düsseldorf, Germany

Management and Administration

5

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, 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.

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, #15-02 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, 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

Management and Administration (continued)

6

Investment Advisers (continued)

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, #15-02 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, 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


7

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.


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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.

9

10

Statement of Net Assets as at 30 September 2011

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

22,181,159,681

(3,013,448,106)

19,167,711,575

1,033,339,076

(24,396,799)

284,256,665

(211,403,166)

61,572,545

(313,701,612)

198,261,658

(123,453,506)

20,072,186,436

USD

Asia ex JapanEquity

633,388,591

(95,214,736)

538,173,855

32,369,382

-

2,033,364

(619,074)

190,842

(1,434,098)

1,534,242

(6,481,582)

565,766,931

International andRegional Equity

Sub-Funds

USD

Asia ex JapanEquity Smaller

Companies

54,314,694

(1,245,261)

53,069,433

2,036,587

-

218,939

-

203,519

(513,859)

114,423

(166,288)

54,962,754

USD

Asia Pacific exJapan Equity

High Dividend

163,555,936

(5,583,604)

157,972,332

13,160,264

-

-

-

1,411,442

(2,054,103)

835,632

(429,377)

170,896,190

11


USDBRIC Equity

1,608,949,807

(350,088,829)

1,258,860,978

11,920,584

(897)

25,637,579

(6,800,951)

1,102,212

(6,741,310)

3,509,328

(1,608,630)

1,285,878,893

USDBRIC Markets

18,032,455

(773,229)

17,259,226

44,592

(6,150)

-

-

-

-

66,240

(20,882)

17,343,026

USD

BRIC MarketsEquity

499,594,528

(57,698,934)

441,895,594

14,691,432

-

-

-

113,388

(2,383,043)

1,774,712

(885,997)

455,206,086

USD

China ConsumerOpportunities

(launched as at 23September 2011)

6,642,178

(298,268)

6,343,910

7,620,313

-

-

(1,989,670)

2,102,773

(971,004)

98,216

(10,839)

13,193,699

USD

CIVETS (launchedas at 17 May

2011)

20,755,883

(2,867,273)

17,888,610

398,212

-

-

-

2,964

-

11,986

(5,924)

18,295,848

USDClimate Change

26,496,372

625,452

27,121,824

1,076,885

(203)

199,776

(691,166)

32,387

(180,929)

64,545

(67,840)

27,555,279

12



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDEmerging Wealth

23,456,730

(3,830,482)

19,626,248

78,182

-

387,794

-

30,186

(110,502)

27,674

(43,179)

19,996,403

EUREuroland Equity

884,339,144

(263,668,172)

620,670,972

24,995,340

-

2,971,724

(3,971,548)

4,768,886

(7,549,598)

1,384,716

(3,321,045)

639,949,447

EUR

Euroland EquitySmaller

Companies

51,207,504

(5,097,981)

46,109,523

1,570,153

-

274,676

-

114,367

(236,432)

79,417

(67,478)

47,844,226

EUREuroland Growth

87,740,474

(26,153,225)

61,587,249

3,488,772

-

-

-

29,298

(519,840)

202,000

(53,968)

64,733,511

13


EUREuropean Equity

104,825,638

(18,724,320)

86,101,318

1,467,330

-

1,050,619

(448,317)

68,389

(428,185)

191,921

(105,003)

87,898,072

USD

Global EmergingMarkets Equity

652,763,915

(166,931,307)

485,832,608

22,598,794

-

-

-

197,159

(4,849,646)

1,196,839

(1,075,646)

503,900,108

USDGlobal Equity

68,807,370

(7,101,593)

61,705,777

5,005,974

(763,228)

-

-

2,219

(923,420)

228,184

(45,942)

65,209,564

USD

Latin AmericanEquity

198,829,926

(21,859,917)

176,970,009

7,292,709

-

185,305

(538,703)

181,344

(992,467)

368,630

(253,034)

183,213,793

USD

Middle East andNorth Africa

Equity

10,618,252

(900,736)

9,717,516

162,394

-

66,744

(60,245)

16,407

(3,913)

5,160

(8,811)

9,895,252

USDBrazil Equity

1,643,401,196

(148,914,417)

1,494,486,779

50,191,109

-

15,535,541

-

3,068,270

(19,928,432)

5,133,874

(2,682,110)

1,545,805,031

Market SpecificEquity Sub-Funds

14



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDChinese Equity

2,200,015,875

(320,070,822)

1,879,945,053

88,898,159

-

34,601,413

(41,734,478)

1,179,697

(9,550,186)

10,196,726

(3,330,600)

1,960,205,784

USDHong Kong Equity

334,327,668

(45,292,749)

289,034,919

4,987,709

-

5,508,048

(3,234,475)

1,640,951

(926,062)

1,766,000

(323,268)

298,453,822

USDIndian Equity

4,632,434,694

(833,553,942)

3,798,880,752

41,355,884

-

38,075,568

(20,857,972)

302,609

(17,257,790)

10,950,953

(9,701,647)

3,841,748,357

JPYJapanese Equity

5,056,713,747

(971,386,351)

4,085,327,396

163,915,901

-

-

-

12,053,012

(10,927,939)

45,834,829

(4,975,179)

4,291,228,020

15


USDKorean Equity

116,468,076

(6,385,795)

110,082,281

339,620

-

1,285,334

(984,541)

297,020

(781,124)

4,559

(172,362)

110,070,787

USDRussia Equity

720,358,078

(192,585,556)

527,772,522

17,876,439

-

3,691,628

(704,511)

2,360,081

(13,735,639)

1,270,416

(970,512)

537,560,424

USDSingapore Equity

66,638,213

(9,457,820)

57,180,393

4,449,816

-

240,226

(866,317)

122,324

(267,632)

178,591

(89,756)

60,947,645

USDTaiwan Equity

29,055,920

(3,373,292)

25,682,628

1,747,235

-

1,242,129

-

22,532

(2,788,793)

66,669

(50,224)

25,922,176

USDThai Equity

88,097,315

2,374,546

90,471,861

1,721,795

-

2,870,523

-

461,785

(2,003,692)

45,864

(172,942)

93,395,194

EURTurkey Equity

132,115,526

(28,536,578)

103,578,948

7,561,234

-

-

(9,336,934)

14,258,402

(2,607,962)

19,607

(166,400)

113,306,895

16



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

GBPUK Equity

48,235,161

(3,810,628)

44,424,533

580,418

-

-

-

156,597

(166,576)

259,542

(71,294)

45,183,220

USDUS Equity

127,525,806

(3,082,302)

124,443,504

9,218,321

-

10,731,294

(2,753,117)

3,267,847

(3,819,516)

104,697

(1,114,901)

140,078,129

USD

Asian CurrenciesBond (launched

as at 27 April2011)

40,806,460

(1,567,397)

39,239,063

3,978,192

-

512,014

(682,465)

21,194

(39)

415,208

(248,382)

43,234,785

Bond Sub-Funds

USDBrazil Bond

52,630,147

(1,345,001)

51,285,146

159,377

-

768,349

-

313,225

(957,789)

318,948

(66,665)

51,820,591

17


USD

EmergingInflation LinkedBond (launched

as at 30 June2011)

106,105,890

(1,590,173)

104,515,717

5,607,309

(175,617)

8,453,289

(1,999,981)

91,652

(10,451,676)

1,474,600

(436,503)

107,078,790

EUREuro Bond

82,793,564

553,423

83,346,987

2,838,101

-

241,850

(198,950)

19,085

(51,884)

1,323,815

(495,298)

87,023,706

EUREuro Credit Bond

376,364,108

(14,803,337)

361,560,771

16,762,667

-

12,822,987

(18,065,827)

374,706

(1,748,551)

9,800,726

(508,177)

380,999,302

EUR

Euro High YieldBond

485,819,651

(44,519,767)

441,299,884

30,690,707

-

3,240,068

(5,476,836)

255,299

(5,653,235)

14,081,436

(1,727,088)

476,710,235

USDGlobal Bond

231,026,758

4,287,315

235,314,073

19,311,263

-

-

(28,223,575)

1,362,652

(3,927,793)

2,477,359

(72,516)

226,241,463

USD

Global CreditBond

19,432,458

(962,243)

18,470,215

564,140

(65,055)

-

-

-

-

1,051,061

(84,232)

19,936,129

18



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USD

Global EmergingMarkets Bond

1,474,281,459

(11,380,104)

1,462,901,355

113,669,942

(3,303)

52,775,965

-

2,445,269

(101,312,837)

31,666,218

(29,997,775)

1,532,144,834

USD

Global EmergingMarkets

Corporate Debt

10,116,355

(872,713)

9,243,642

214,226

-

-

-

-

-

210,458

(2,138)

9,666,188

USD


Investment GradeBond

85,401,068

(4,758,839)

80,642,229

13,793,010

-

-

-

1,020,260

-

1,356,669

(2,270,279)

94,541,889

USD

Global EmergingMarkets Local

Debt

641,836,176

(40,163,983)

601,672,193

74,777,479

(114,364)

-

-

252,240

(3,364,056)

12,186,753

(10,179,378)

675,230,867

19


USD

Global HighIncome Bond

712,483,843

(38,411,942)

674,071,901

29,070,984

(3,360,380)

8,686,883

(5,490,103)

687,570

(11,734,676)

31,415,008

(5,940,543)

717,406,644

USD

Global InflationLinked Bond

32,410,524

6,139,073

38,549,597

537,980

(51,751)

723,637

(436,000)

883

(90,194)

329,250

(11,762)

39,551,640

USD

Latin AmericanLocal Debt

(launched as at 19May 2011)

18,925,671

(1,576,233)

17,349,438

302,719

-

-

-

-

-

214,197

(6,533)

17,859,821

USDUS Dollar Bond

135,003,295

2,232,624

137,235,919

26,392,626

-

2,709,585

(40,080,002)

4,320,219

(2,353,190)

1,512,153

(9,829,878)

119,907,432

EUREuro Reserve

55,531,775

30,131

55,561,906

10,005

-

3,499,999

(1,499,490)

2,954,293

(345,964)

36,145

(25,543)

60,191,351

Reserve Sub-Fund

EUR

European EquityAbsolute Return

16,626,197

(1,092,565)

15,533,632

1,800,450

-

179,427

-

6,270

(11,329)

932,821

(150,564)

18,290,707

Other Sub-Funds

20



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USD

GEM Debt TotalReturn

930,036,222

(87,311,646)

842,724,576

173,003,033

-

78,000

-

371,421

(16,482,330)

27,387,818

(6,364,181)

1,020,718,337

USD

GEM EquityAbsolute Return

21,532,674

(3,697,453)

17,835,221

6,007,489

-

-

-

-

(10,587)

1,415,546

(622,196)

24,625,473

USDGlobal Currency

54,434,826

32,942

54,467,768

14,645,272

(401,947)

-

-

413,297

(202,844)

730,328

(672,501)

68,979,373

EUR

Global FlexAllocation

13,789,192

(1,234,214)

12,554,978

3,297,200

(235,873)

20,385

(19,413)

-

-

427,755

(285,414)

15,759,618

21


EURGlobal Macro

289,654,427

2,958,989

292,613,416

48,493,069

(8,662,286)

21,373,765

-

538,145

(32,829,420)

3,193,122

(10,634,516)

314,085,295

EURGlobal Macro II

14,453,459

255,382

14,708,841

6,633,844

(1,660,608)

-

-

-

(27,999)

323,341

(1,232,735)

18,744,684

EUR

MultiGovernment

Bond Strategies(Formerly Global

Bond MarketNeutral)

19,913,898

23,547

19,937,445

5,277,809

(3,856,336)

3,998,643

-

-

(3,180)

270,200

(1,055,626)

24,568,955

22

Class AC Number of Shares OutstandingNet Asset Value per Share

3,207,641.528 42.75

Class ACH Number of Shares OutstandingNet Asset Value per Share

4,246,826.290 18.85

Class ACHEUR

Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A

Class AD Number of Shares OutstandingNet Asset Value per Share

4,530,124.554 39.55

Class ADH Number of Shares OutstandingNet Asset Value per Share

88,017.794 18.48

Class ADHEUR


N/AN/A

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 EC Number of Shares OutstandingNet Asset Value per Share

147,556.591 39.23

Class ED Number of Shares OutstandingNet Asset Value per Share

2,941.487 38.86

Class IC Number of Shares OutstandingNet Asset Value per Share

1,969,447.097 43.06

Class ICH Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A

Class ID Number of Shares OutstandingNet Asset Value per Share

142,000.000 42.60

Class IDH Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class IDHEUR


N/AN/A

Class J1C Number of Shares OutstandingNet Asset Value per Share

6,526,563.987 9.10

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


Sub-Funds

USD

Asia ex JapanEquity

304,669.748 30.92

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,265,869.122 29.42

N/AN/A

N/AN/A

99.900 0.96

N/AN/A

N/AN/A

N/AN/A

113,177.554 30.26

N/AN/A

154,376.129 31.56

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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

2,093,051.044 16.48

N/AN/A

N/AN/A

N/AN/A

N/AN/A

5,140,830.575 14.05

N/AN/A

N/AN/A

N/AN/A

1,738,527.844 7.97

9,233,930.788 1.03

N/AN/A

213,213.635 16.17

N/AN/A

1,043,071.367 14.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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

7,435,423.681 18.58

N/AN/A

N/AN/A

N/AN/A

2,416,658.562 0.89

99,718.071 18.64

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

145,719.469 18.13

N/AN/A

5,100,949.763 18.87

N/AN/A

N/AN/A

N/AN/A

55,000.000 19.21

N/AN/A

N/AN/A

16,113,646.189 14.15

4,055.000 18.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBRIC Equity

Key Figures as at 30 September 2011


23

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

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

33,036.997 8.28

Class XC 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

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

USD


High Dividend

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,483,538.549 19.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

32,993,083.586 18.97

8,449,628.076 19.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

443.255 18.89

USDBRIC Equity



24

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

283,389.507 40.19

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

USD


Companies

N/AN/A

N/AN/A

319,330.090 15.05

N/AN/A

1,192,550.572 14.36

N/AN/A

N/AN/A

N/AN/A

USD


High Dividend

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



25


N/AN/A


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


N/AN/A


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


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


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A


Sub-Funds

USDBRIC Markets

11,882,356.528 12.10

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,189,750.583 12.05

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,866,593.336 11.78

8,285.310 11.78

682,042.518 12.63

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

12,387,649.672 12.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC MarketsEquity

780,332.822 9.86

N/AN/A

N/AN/A

N/AN/A

4,354,666.036 1.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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



88,037.442 8.68

N/AN/A

1,082.959 12.30

N/AN/A

N/AN/A

5,455.464 8.68

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 8.71

N/AN/A

450.000 12.34

N/AN/A

N/AN/A

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)



26

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


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

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

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

USD


2011)



27


4,075.000 22.55


1,679.995 22.55


743,389.000 23.16

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

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

USD



N/AN/A

N/AN/A

1,998,000.000 8.74

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


2011)



28


1,991,501.487 4.89


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


2,728,548.799 4.84


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


525,059.530 4.80


N/AN/A


412,844.665 5.06


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A


Sub-Funds

USDClimate Change

886,134.917 6.74

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,116,094.984 6.63

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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

12,015,321.092 20.86

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,920,876.261 19.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

45,286.421 20.36

8,009.631 19.51

13,443,614.163 21.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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

1,039,549.530 32.22

N/AN/A

N/AN/A

N/AN/A

N/AN/A

126,107.230 31.09

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

29,364.825 31.49

N/AN/A

234,183.717 33.67

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

EUR


Companies



29

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


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

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

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

EUR


Companies



30


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

USDEmerging Wealth

N/AN/A

N/AN/A

91,402.668 23.92

N/AN/A

786,292.975 21.52

N/AN/A

N/AN/A

N/AN/A

EUREuroland Equity

N/AN/A

N/AN/A

43,865.625 36.86

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Companies



31


2,253.064 8.86


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


N/AN/A


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


N/AN/A


N/AN/A


6,954,568.000 9.00


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A


Sub-Funds

EUREuroland Growth

720,519.009 25.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

15,552.805 23.42

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

21,164.257 24.12

83,881.543 23.14

195,713.804 26.46

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuropean Equity

3,055,500.286 13.66

N/AN/A

444,883.000 12.93

N/AN/A

N/AN/A

5,538,071.772 13.34

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

893,705.735 12.88

10,646.838 12.80

1,877,275.594 14.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD




32

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


77,376.168 8.89

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


176,094.436 8.29

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


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

5,159.000 26.78

2,435,610.756 23.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

27,027.027 14.02

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

21,112,287.972 9.31

1,409,059.282 9.13

N/AN/A

1,226,991.777 6.58

N/AN/A

N/AN/A

8,021,811.518 13.64

N/AN/A

USD




33


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

N/AN/A

N/AN/A

194,621.472 23.64

N/AN/A

N/AN/A

N/AN/A

EUREuropean Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,286,915.339 13.56

N/AN/A

N/AN/A

N/AN/A

USD




34


181,795.452 20.14


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


843,061.574 19.76


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


14,899.127 19.87


N/AN/A


208,848.442 20.93


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A


Sub-Funds

USDGlobal Equity

258,448.846 15.51

N/AN/A

N/AN/A

N/AN/A

N/AN/A

832,649.711 15.49

N/AN/A

N/AN/A

421,496.236 0.96

N/AN/A

N/AN/A

N/AN/A

92,334.194 15.39

N/AN/A

3,853,961.557 15.79

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

USD


305,674.221 8.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

53,953.100 8.53

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

74,139.581 8.69

N/AN/A

180,587.000 8.90

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

USD


Equity

16,592,007.859 29.35

N/AN/A

12,450.000 10.86

N/AN/A

N/AN/A

19,754,743.677 29.03

N/AN/A

N/AN/A

2,314,160.866 0.94

N/AN/A

N/AN/A

N/AN/A

1,481,057.685 28.54

5,390.744 28.54

3,219,563.874 30.99

N/AN/A

N/AN/A

N/AN/A

634,802.357 29.86

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 Equity



35

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


N/AN/A


N/AN/A


N/AN/A


N/AN/A


Sub-Funds

USDGlobal Equity

N/AN/A

N/AN/A

1,682,793.560 15.60

N/AN/A

N/AN/A

N/AN/A

3,132,265.627 15.69

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,819,149.502 15.51

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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

USD


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

1,656,405.619 30.85

N/AN/A

8,694,670.742 31.12


USDBrazil Equity



36


N/AN/A


N/AN/A


2,134.887 22.15

Class ZCHGBP


N/AN/A


1,883,224.336 21.34

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


Sub-Funds

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

USD


N/AN/A

N/AN/A

499,000.000 9.04

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Equity

N/AN/A

N/AN/A

4,241.533 33.42

N/AN/A

594.601 30.33

N/AN/A

N/AN/A

N/AN/A


USDBrazil Equity



37


6,276,597.462 59.90


N/AN/A

Class ACHEUR


6,390.000 10.77

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


24,626,909.948 58.30


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


897,939.356 0.92


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


415,268.670 57.97


1,971.758 57.90


563,737.205 63.13


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


1,504.245 59.92


N/AN/A

Class IDHEUR


N/AN/A


94,446.860 62.52


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A


USDChinese Equity

155,299.200 90.85

N/AN/A

N/AN/A

N/AN/A

N/AN/A

27,925.999 84.57

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

13,036.253 88.87

N/AN/A

70,090.792 94.15

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

899,904.594 6.16

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDHong Kong Equity

7,874,880.317 133.46

N/AN/A

N/AN/A

N/AN/A

N/AN/A

19,294,647.448 133.03

N/AN/A

11,297.000 11.26

342,658.274 0.96

N/AN/A

N/AN/A

N/AN/A

397,454.771 127.92

972.549 127.93

816,136.463 143.56

N/AN/A

N/AN/A

N/AN/A

279,343.794 140.33

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

245,431.159 4,041.89

N/AN/A

N/AN/A

N/AN/A

N/AN/A

88,524.163 598.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

210,996.055 575.82

1,483.799 575.71

192,754.977 4,230.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

JPYJapanese Equity



38

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


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

2,615,158.254 83.30

N/AN/A

N/AN/A

N/AN/A

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

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,741.381 4,129.47

3,538,103.790 617.29

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,756.746 5,509.30

N/AN/A

JPYJapanese Equity



39


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


1,354,922.397 60.32

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A


USDChinese Equity

N/AN/A

N/AN/A

101,835.855 91.77

N/AN/A

472,075.808 87.91

N/AN/A

N/AN/A

N/AN/A

USDHong Kong Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

116,175.414 139.67

N/AN/A

N/AN/A

N/AN/A

USDIndian Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

169,474.710 601.64

N/AN/A

N/AN/A

N/AN/A

JPYJapanese Equity



40


1,666,491.734 13.81


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


4,062,790.151 13.81


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


542,451.760 13.52


3,491.980 13.52


1,315,131.703 14.50


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


317,414.846 14.14


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A


USDKorean Equity

11,456,909.757 6.01

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50,039,209.634 6.01

N/AN/A

N/AN/A

8,461,275.100 0.88

N/AN/A

N/AN/A

N/AN/A

2,837,930.544 5.91

N/AN/A

4,648,886.261 6.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDRussia Equity

313,413.377 34.07

N/AN/A

N/AN/A

N/AN/A

N/AN/A

777,273.537 29.07

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

72,866.150 33.25

N/AN/A

88,579.000 32.18

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

31,182.600 29.59

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDSingapore Equity

144,756.484 10.85

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,147,047.727 10.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

117,585.230 10.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDTaiwan Equity



41

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


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

18,295,163.291 6.24

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

606,157.813 29.05

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDSingapore 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

USDTaiwan Equity



42


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


USDKorean Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

67,870.577 6.12

N/AN/A

N/AN/A

N/AN/A

USDRussia Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

130,743.168 29.62

N/AN/A

N/AN/A

N/AN/A

USDSingapore 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

USDTaiwan Equity



43


722,633.238 13.28


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


6,051,876.028 11.82


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


720,060.389 12.96


N/AN/A


136,787.100 13.94


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


72,722.865 13.94


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A


USDThai Equity

2,564,077.716 18.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,029,007.018 14.10

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,085,160.651 18.35

N/AN/A

1,458,159.726 19.35

N/AN/A

N/AN/A

N/AN/A

80,000.000 14.29

N/AN/A

N/AN/A

200,000.000 7.53

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURTurkey Equity

542,978.610 23.94

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,540,668.554 20.68

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,738.249 23.64

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

12,116.827 22.98

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

1,170,813.629 18.60

1,905,004.656 21.39

N/AN/A

N/AN/A

N/AN/A

190,391.787 20.81

25,837.849 22.16

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

181,457.921 18.17

152.863 20.17

655,973.587 19.12

N/AN/A

N/AN/A

N/AN/A

8,524.269 7.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDUS Equity



44

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


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

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

GBPUK 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

1,687,533.719 21.38

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,792.434 121.92

N/AN/A

USDUS Equity



45


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


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

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

GBPUK Equity

N/AN/A

1,731,036.090 7.66

N/AN/A

N/AN/A

339,814.666 21.13

N/AN/A

N/AN/A

N/AN/A

USDUS Equity



46


144,986.000 9.75


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


71,824.439 9.75


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


N/AN/A


N/AN/A


100,125.000 9.81


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


712,500.000 9.80


N/AN/A

Class IDHEUR


1,000,000.000 13.55


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Bond Sub-Funds

USD


as at 27 April2011)

1,719,329.634 19.38

N/AN/A

N/AN/A

N/AN/A

N/AN/A

277,865.017 12.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

677,272.990 19.10

N/AN/A

35,076.000 19.80

N/AN/A

N/AN/A

N/AN/A

95,000.000 15.00

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

402,903.216 89.44

N/AN/A

1,420,315.642 8.94

66,066.442 8.95

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

281,348.320 89.56

N/AN/A

3,634,390.609 8.96

N/AN/A

N/AN/A

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)

251,886.671 20.62

N/AN/A

N/AN/A

N/AN/A

N/AN/A

61,024.385 16.87

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

58,755.573 20.34

N/AN/A

3,707,329.614 21.47

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

N/AN/A

N/AN/A

N/AN/A

EUREuro Bond



47

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


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

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

USD


as at 30 June2011)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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 Bond



48


N/AN/A


N/AN/A


1,999,000.000 9.81

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


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

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

USD


as at 30 June2011)

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 Bond



49


5,250,070.556 19.05


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


211,248.080 14.11


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


143,728.826 18.79


N/AN/A


13,713,026.144 20.03


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Bond Sub-Funds

EUREuro Credit Bond

7,069,756.965 24.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

315,749.764 16.90

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

279,380.961 24.43

315.650 19.97

9,294,127.811 26.28

N/AN/A

N/AN/A

N/AN/A

1,690,897.224 26.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro High YieldBond

126,977.601 16.96

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,992,481.761 14.31

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

188,672.006 13.08

N/AN/A

2,751,542.781 17.34

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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 Bond

1,374.350 104.23

3,600.000 138.94

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

37,125.095 105.35

3,600.000 140.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global CreditBond



50

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


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

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

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

572,811.740 11.68

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,805.830 196.34

N/AN/A

USDGlobal 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

50.000 105.81

USD

Global CreditBond



51


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


37,519.724 15.75

Class ZDHEUR


N/AN/A

Class Z1DHGBP


N/AN/A


N/AN/A

Bond Sub-Funds

EUREuro Credit Bond

N/AN/A

N/AN/A

17,175.659 27.03

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

557,773.943 15.80

N/AN/A

8,715,678.591 14.71

N/AN/A

N/AN/A

N/AN/A

USDGlobal Bond

N/AN/A

N/AN/A

139,850.000 106.34

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global CreditBond



52


890,855.910 27.69


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


238,828.333 27.44


148,879.372 17.85

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


430,440.389 24.15

Class AMHKD


N/AN/A


N/AN/A


409,856.299 27.29


24,070.390 22.35


23,031,087.719 28.68


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


5,454,032.879 19.34


13,806,745.345 18.80

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Bond Sub-Funds

USD


2,067.000 9.53

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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 9.59

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Corporate Debt

2,120.000 10.06

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,590,500.000 10.12

N/AN/A

425,900.000 134.94

N/AN/A

N/AN/A

N/AN/A

5,000.000 132.61

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



10,649,029.153 13.58

N/AN/A

N/AN/A

504.796 15.29

N/AN/A

3,578,386.113 11.91

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

265,288.612 13.47

N/AN/A

8,422,264.674 13.98

N/AN/A

N/AN/A

N/AN/A

15,305,346.783 12.29

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


Debt



53

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


6,178,039.063 27.74


7,584,159.796 17.94


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


1,040,514.708 28.68

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

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

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

4,973,536.446 13.99

USD


Debt



54


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


4,695,857.991 24.13

Bond Sub-Funds

USD


N/AN/A

N/AN/A

999,000.000 9.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Corporate Debt

N/AN/A

N/AN/A

1,999,000.000 10.15

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

2.460 11.82

N/AN/A

N/AN/A

9,086,530.437 12.00

USD


Debt



55


882,396.226 10.20


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


N/AN/A


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


74,040,411.267 9.57


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


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Bond Sub-Funds

USD


4,117.996 110.09

26,654.668 148.85

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

148.799 110.02

N/AN/A

10,000.000 110.64

N/AN/A

48,180.249 149.87

16,662.928 173.67

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

USD


5,987.000 8.86

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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 8.89

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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



55,078.605 14.59

N/AN/A

N/AN/A

N/AN/A

N/AN/A

586,842.939 10.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

201,107.408 14.38

N/AN/A

376,367.653 14.74

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDUS Dollar Bond



56

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


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

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

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

2,081,959.658 10.46

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,368,309.416 10.48

N/AN/A

USDUS Dollar Bond



57


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

USD


N/AN/A

N/AN/A

214,877.748 111.19

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

1,998,995.211 8.91

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



N/AN/A

N/AN/A

295,127.000 15.38

N/AN/A

5,804,816.547 11.00

N/AN/A

N/AN/A

N/AN/A

USDUS Dollar Bond



58


3,160,967.412 17.33


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


47,447.332 15.45


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


N/AN/A


N/AN/A


270,904.355 17.34


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


N/AN/A

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


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

122,639.917 10.42

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Other Sub-Funds

EUR


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

13,574,929.086 12.26

N/AN/A

5,793,850.557 11.45

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

12,850.000 9.69

N/AN/A

150,745.158 13.36

N/AN/A

N/AN/A

USD




59

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


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Reserve Sub-Fund

EUREuro Reserve

N/AN/A

8,970.909 7.28

N/AN/A

N/AN/A

N/AN/A

N/AN/A

7,363.000 10.33

N/AN/A

N/AN/A

23,238.727 9.69

N/AN/A

N/AN/A

N/AN/A

11,381.909 7.22

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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


N/AN/A

N/AN/A

5,951,782.469 11.34

32,285,053.521 11.07

N/AN/A

N/AN/A

10,510,934.380 12.33

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,320,475.670 11.16

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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

123,575.290 9.60

N/AN/A

95,226.797 13.28

3,944.204 16.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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




60


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

Reserve Sub-Fund

EUREuro Reserve

N/AN/A

N/AN/A

1,559,055.690 10.62

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Other Sub-Funds

EUR


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

9,451,578.874 12.53

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

2,008,798.979 9.94

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD




61


N/AN/A


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


N/AN/A


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


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


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


250,000.000 10.21

Class L1CHCHF


259,050.180 10.58

Class L1CHEUR


354,942.720 14.29

Class L1CHGBP


154,453.814 15.01

Class L1CHJPY


317,240.971 124.15

Other Sub-Funds

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

60.000 101.30

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,590,041.091 106.27

N/AN/A

N/AN/A

78,125.054 110.94

N/AN/A

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

4,995.866 82.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURGlobal Macro II



62

Class L1CHSEK


375,000.000 1.43

Class L1CHUSD


N/AN/A


N/AN/A

Class L1DHEUR


N/AN/A

Class L1DHGBP


N/AN/A

Class L1DHUSD


N/AN/A


83,191.054 9.47

Class M1CHCHF


N/AN/A

Class M1CHEUR


48,139.838 12.84

Class M1CHGBP


78,311.835 15.38

Class M1CHJPY


N/AN/A

Class M1CHNOK


N/AN/A

Class M1CHSEK


N/AN/A

Class M1CHUSD


N/AN/A


1,351,641.870 10.18

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


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Other Sub-Funds

USDGlobal Currency

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,928.812 100.71

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50.000 100.32

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


3,064.738 111.61

193,033.164 117.33

31,767.639 106.86

N/AN/A

2,282.005 109.68

394.399 91.98

360,128.869 104.19

36,332.252 73.35

N/AN/A

1,359.451 103.12

N/AN/A

1,892.346 102.75

494,019.420 109.81

7,660.231 101.81

44,336.457 104.33

71,591.805 103.15

882.173 110.49

N/AN/A

N/AN/A

N/AN/A

N/AN/A

23,149.523 89.09

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURGlobal Macro

N/AN/A

N/AN/A

36,465.366 82.44

N/AN/A

10,366.729 93.31

8,447.835 97.81

3,094.998 81.90

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

562.479 80.07

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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



63


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

Other Sub-Funds

USDGlobal Currency

N/AN/A

N/AN/A

149,850.000 101.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


N/AN/A

N/AN/A

N/AN/A

583.698 91.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURGlobal Macro

N/AN/A

N/AN/A

76,977.798 83.27

N/AN/A

N/AN/A

N/AN/A

70,456.000 96.86

N/AN/A

EURGlobal Macro II



64


N/AN/A


N/AN/A

Class ACHEUR


N/AN/A

Class ACHGBP


N/AN/A

Class ACHHKD


N/AN/A


N/AN/A


N/AN/A

Class ADHEUR


N/AN/A

Class ADHHKD


N/AN/A


N/AN/A

Class AMHKD


N/AN/A


N/AN/A


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


N/AN/A

Class IDHEUR


N/AN/A


N/AN/A


21,789.876 930.35

Class L1CHCHF


N/AN/A

Class L1CHEUR


N/AN/A

Class L1CHGBP


N/AN/A

Class L1CHJPY


N/AN/A

Other Sub-Funds

EUR

MultiGovernment


Bond MarketNeutral)



65

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


4,739.524 906.60

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


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


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Other Sub-Funds

EUR

MultiGovernment


Bond MarketNeutral)



66


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

Other Sub-Funds

EUR

MultiGovernment


Bond MarketNeutral)



67

68

Statement of Operations and Changes in Net Assets as at 30 September 2011


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

INCOME

507,292,191 Investment Income

810,750 Bank Interest

7,087,707 Other Income (note 15)

515,190,648 Total Income

EXPENSES

(147,875,809)Management Fees (note 4.2)

(36,207)Performance Fees (note 4.3)

(43,642,470)Operating, Administrative and ServicingFees (note 4.4)

(41,695,463)Interest Paid

(233,249,949)Total Expenses

281,940,699 Net Investment Profit/(Loss)

314,977,312 Realised Profit/(Loss) on Sale ofInvestments

596,918,011 Realised Profit/(Loss) for the Periodbefore Foreign Currency Movement

(14,921,795)Profit/(Loss) on Foreign Currency

(6,247,947,787)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(5,665,951,571)Change in Total Net Assets as a Result of Operations

6,309,531,223 Proceeds on Issue of Shares (note 18)

(7,753,973,484)Payments on Redemption of Shares(note 18)

(132,824,261)Dividends Paid (note 13)

(235,149,337)Currency Translation

20,072,186,436 Net Assets as at 30 September 2011

CONSOLIDATEDUSD

776,006,555

14,537,430

5,701

271,141

14,814,272

(4,755,149)

-

(1,209,018)

(142)

(5,964,309)

8,849,963

14,234,484

23,084,447

(2,072,453)

(229,372,362)

(208,360,368)

174,725,214

(175,855,289)

(749,181)

-

565,766,931


Sub-Funds

USD

Asia ex JapanEquity

73,130,192

1,612,430

21,199

43,964

1,677,593

(546,147)

-

(126,409)

-

(672,556)

1,005,037

(1,632,589)

(627,552)

(90,543)

(14,105,629)

(14,823,724)

17,569,618

(20,870,777)

(42,555)

-

54,962,754

USD


Companies

163,544,153

4,810,008

-

50,091

4,860,099

(1,086,661)

-

(291,432)

(50)

(1,378,143)

3,481,956

9,983,517

13,465,473

(729,075)

(48,212,504)

(35,476,106)

76,725,565

(33,521,342)

(376,080)

-

170,896,190

USD

Asia Pacific exJapan Equity High

Dividend

69



2,077,032,912

28,249,521

3,483

311,238

28,564,242

(8,881,280)

-

(3,454,043)

(3,411)

(12,338,734)

16,225,508

61,441,563

77,667,071

(878,289)

(730,408,920)

(653,620,138)

168,209,232

(305,292,493)

(450,620)

-

1,285,878,893

USDBRIC Equity

41,955,053

571,391

-

11,684

583,075

(152,392)

-

(38,077)

(639)

(191,108)

391,967

2,721,834

3,113,801

(94,111)

(11,958,601)

(8,938,911)

21,548

(15,694,664)

-

-

17,343,026

USDBRIC Markets

706,821,539

11,678,492

5,886

126,063

11,810,441

(3,793,447)

-

(1,054,833)

(2,902)

(4,851,182)

6,959,259

(1,966,478)

4,992,781

(174,503)

(195,227,992)

(190,409,714)

42,387,936

(103,368,123)

(225,552)

-

455,206,086

USD

BRIC MarketsEquity

-

-

-

-

-

(2,721)

-

(725)

-

(3,446)

(3,446)

-

(3,446)

(15,192)

(298,268)

(316,906)

14,481,333

(970,728)

-

-

13,193,699

USD



-

266,776

2,866

-

269,642

(3,632)

-

(22,199)

(2,996)

(28,827)

240,815

37,192

278,007

(25,192)

(2,867,274)

(2,614,459)

20,914,239

(3,932)

-

-

18,295,848

USD

CIVETS (launchedas at 17 May 2011)

40,866,614

763,719

5,901

27,371

796,991

(265,897)

-

(61,651)

(318)

(327,866)

469,125

(11,040,544)

(10,571,419)

(84,555)

411,970

(10,244,004)

1,969,344

(4,983,310)

(53,365)

-

27,555,279

USDClimate Change

70



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

INCOME

369,049 Investment Income

1,373 Bank Interest

6,081 Other Income (note 15)

376,503 Total Income

EXPENSES

(207,633)Management Fees (note 4.2)

-Performance Fees (note 4.3)

(57,375)Operating, Administrative and ServicingFees (note 4.4)

(701)Interest Paid

(265,709)Total Expenses

110,794 Net Investment Profit/(Loss)

(316,692)Realised Profit/(Loss) on Sale ofInvestments

(205,898)Realised Profit/(Loss) for the Periodbefore Foreign Currency Movement

27,987 Profit/(Loss) on Foreign Currency

(6,140,742)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(6,318,653)Change in Total Net Assets as a Result of Operations

2,271,854 Proceeds on Issue of Shares (note 18)

(7,387,033)Payments on Redemption of Shares(note 18)

(49,669)Dividends Paid (note 13)

-Currency Translation

19,996,403 Net Assets as at 30 September 2011

USDEmerging Wealth

1,012,399,563

24,727,324

64,464

1,678,763

26,470,551

(4,978,198)

-

(1,354,241)

(181)

(6,332,620)

20,137,931

(9,460,577)

10,677,354

58,938

(243,631,742)

(232,895,450)

178,523,301

(315,849,649)

(2,228,318)

-

639,949,447

EUREuroland Equity

72,028,576

995,171

6,623

114,223

1,116,017

(440,167)

-

(107,560)

-

(547,727)

568,290

(2,064,520)

(1,496,230)

(16,870)

(16,916,031)

(18,429,131)

14,896,992

(20,644,642)

(7,569)

-

47,844,226

EUR


Companies

90,492,275

2,112,109

7,369

182,984

2,302,462

(316,312)

-

(104,936)

-

(421,248)

1,881,214

(928,775)

952,439

966

(19,169,221)

(18,215,816)

1,489,377

(9,004,525)

(27,800)

-

64,733,511

EUREuroland Growth

71



120,600,765

2,020,297

3,707

122,304

2,146,308

(602,429)

-

(192,166)

(162)

(794,757)

1,351,551

(373,440)

978,111

(11,406)

(26,745,693)

(25,778,988)

16,166,867

(21,516,354)

(1,574,218)

-

87,898,072

EUREuropean Equity

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

13,098,756

1,582

228,114

13,328,452

(3,002,137)

-

(1,083,073)

(11,461)

(4,096,671)

9,231,781

(3,982,589)

5,249,192

(1,184,668)

(220,408,209)

(216,343,685)

69,135,990

(65,362,093)

(3,746,042)

-

503,900,108

USD


88,167,851

996,709

16,780

39,742

1,053,231

(210,896)

-

(124,655)

(2,642)

(338,193)

715,038

197,559

912,597

(100,222)

(14,138,783)

(13,326,408)

6,894,139

(15,653,359)

(872,659)

-

65,209,564

USDGlobal Equity

337,454,578

4,436,721

648

21,688

4,459,057

(1,272,686)

-

(491,838)

-

(1,764,524)

2,694,533

721,974

3,416,507

(573,554)

(77,865,584)

(75,022,631)

32,788,355

(111,299,775)

(706,734)

-

183,213,793

USD


10,333,463

271,028

-

-

271,028

(33,415)

-

(15,117)

(62)

(48,594)

222,434

(207,774)

14,660

(1,948)

(867,921)

(855,209)

1,757,435

(1,330,937)

(9,500)

-

9,895,252

USD

Middle East andNorth Africa Equity

72



2,543,613,754 Net Assets at the Beginning of thePeriod

INCOME


194 Bank Interest



EXPENSES



(3,872,054)Operating, Administrative and ServicingFees (note 4.4)

(10,109)Interest Paid





(8,339,186)Profit/(Loss) on Foreign Currency




(1,082,612,951)Payments on Redemption of Shares(note 18)

(2,138,495)Dividends Paid (note 13)


1,545,805,031 Net Assets as at 30 September 2011


USDBrazil Equity

2,954,044,156

63,352,992

733

1,703,849

65,057,574

(19,150,837)

-

(5,289,844)

(197)

(24,440,878)

40,616,696

82,248,654

122,865,350

(1,140,611)

(870,710,028)

(748,985,289)

152,473,066

(391,047,281)

(6,278,868)

-

1,960,205,784

USDChinese Equity

437,909,828

9,274,557

38

258,104

9,532,699

(1,700,299)

-

(652,522)

(38)

(2,352,859)

7,179,840

638,502

7,818,342

(139,843)

(115,679,654)

(108,001,155)

25,374,563

(52,306,638)

(4,522,776)

-

298,453,822

USDHong Kong Equity

5,917,782,756

37,689,065

726

65,299

37,755,090

(38,254,257)

-

(10,391,435)

(5,541)

(48,651,233)

(10,896,143)

237,245,379

226,349,236

(6,212,675)

(1,721,273,977)

(1,501,137,416)

172,541,036

(747,328,831)

(109,188)

-

3,841,748,357

USDIndian Equity

73



5,247,366,135

49,488,633

426,935

1,184,721

51,100,289

(25,974,482)

-

(8,091,621)

(10,211)

(34,076,314)

17,023,975

(259,167,877)

(242,143,902)

(9,818,414)

(429,959,391)

(681,921,707)

938,991,497

(1,192,123,727)

(21,084,178)

-

4,291,228,020

JPYJapanese Equity

153,459,927

682,532

58

107,289

789,879

(1,038,407)

-

(294,808)

(687)

(1,333,902)

(544,023)

10,178,860

9,634,837

(337,162)

(46,423,796)

(37,126,121)

83,526,377

(89,789,396)

-

-

110,070,787

USDKorean Equity

503,883,135

7,946,234

102

65,515

8,011,851

(5,132,394)

-

(1,183,350)

(2,654)

(6,318,398)

1,693,453

5,552,797

7,246,250

(38,375)

(274,868,411)

(267,660,536)

592,916,907

(291,578,944)

(138)

-

537,560,424

USDRussia Equity

72,779,560

2,932,071

-

31,574

2,963,645

(486,222)

-

(147,687)

-

(633,909)

2,329,736

2,891,521

5,221,257

(385,679)

(19,831,390)

(14,995,812)

35,955,159

(32,091,825)

(699,437)

-

60,947,645

USDSingapore Equity

35,195,281

968,956

-

-

968,956

(283,006)

-

(74,723)

(152)

(357,881)

611,075

(1,476,650)

(865,575)

(54,818)

(4,813,270)

(5,733,663)

33,857,154

(37,202,958)

(193,638)

-

25,922,176

USDTaiwan Equity

136,229,473

3,622,548

36

43,975

3,666,559

(954,030)

-

(219,151)

-

(1,173,181)

2,493,378

6,534,288

9,027,666

(359,772)

(25,846,167)

(17,178,273)

79,525,533

(103,760,142)

(1,421,397)

-

93,395,194

USDThai Equity

74




INCOME





EXPENSES




(2)Interest Paid



(12,451,715)Realised Profit/(Loss) on Sale ofInvestments

(11,171,455)Realised Profit/(Loss) for the Periodbefore Foreign Currency Movement

(845,604)Profit/(Loss) on Foreign Currency





(57,587)Dividends Paid (note 13)



EURTurkey Equity

48,624,419

1,091,438

583

4,747

1,096,768

(404,358)

-

(83,904)

(137)

(488,399)

608,369

1,612,834

2,221,203

(13,020)

(11,011,251)

(8,803,068)

19,221,826

(13,424,710)

(435,247)

-

45,183,220

GBPUK Equity

170,599,436

1,013,424

8,000

5,926

1,027,350

(897,977)

-

(255,271)

(289)

(1,153,537)

(126,187)

(1,806,297)

(1,932,484)

103,798

(22,738,681)

(24,567,367)

76,101,740

(81,913,200)

(142,480)

-

140,078,129

USDUS Equity

-

530,444

36

-

530,480

(39,283)

-

(37,304)

(16)

(76,603)

453,877

86,217

540,094

14,886

(1,793,849)

(1,238,869)

44,493,360

(19,706)

-

-

43,234,785

Bond Sub-Funds

USD

Asian CurrenciesBond (launched as

at 27 April 2011)

75



60,309,377

690,001

1,170

-

691,171

(312,512)

-

(103,323)

(127)

(415,962)

275,209

(232,703)

42,506

(91,033)

(4,425,219)

(4,473,746)

16,617,107

(19,951,305)

(680,842)

-

51,820,591

USDBrazil Bond

-

1,240,285

2,511

-

1,242,796

(272,011)

-

(101,800)

(1,739)

(375,550)

867,246

(13,249,057)

(12,381,811)

8,144

(1,923,329)

(14,296,996)

177,915,101

(56,539,315)

-

-

107,078,790

USD

Emerging InflationLinked Bond

(launched as at 30June 2011)

78,001,894

1,679,281

6,926

-

1,686,207

(169,237)

-

(75,654)

(72,500)

(317,391)

1,368,816

(611,567)

757,249

258

1,140,919

1,898,426

35,703,758

(28,545,021)

(35,351)

-

87,023,706

EUREuro Bond

409,950,506

11,694,223

51,950

40,443

11,786,616

(1,197,993)

-

(484,179)

(1,055,211)

(2,737,383)

9,049,233

(8,562,305)

486,928

5,013

(11,100,232)

(10,608,291)

102,874,386

(121,058,420)

(158,879)

-

380,999,302

EUREuro Credit Bond

528,034,276

19,141,978

33,597

114,356

19,289,931

(2,294,760)

-

(644,268)

(156,169)

(3,095,197)

16,194,734

(8,492,426)

7,702,308

(14,203)

(66,497,930)

(58,809,825)

295,285,269

(287,406,941)

(392,544)

-

476,710,235

EUR

Euro High YieldBond

112,015,501

1,524,120

7,165

7,133

1,538,418

(211,825)

-

(132,833)

-

(344,658)

1,193,760

1,629,497

2,823,257

770,179

848,368

4,441,804

164,554,907

(51,883,884)

(2,886,865)

-

226,241,463

USDGlobal Bond

76




INCOME


801 Bank Interest

-Other Income (note 15)


EXPENSES




(323)Interest Paid


492,077 Net Investment Profit/(Loss)

(636,743)Realised Profit/(Loss) on Sale ofInvestments

(144,666)Realised Profit/(Loss) for the Periodbefore Foreign Currency Movement

(85,639)Profit/(Loss) on Foreign Currency

(144,403)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(374,708)Change in Total Net Assets as a Result of Operations

589,000 Proceeds on Issue of Shares (note 18)

(901,000)Payments on Redemption of Shares(note 18)

-Dividends Paid (note 13)



USDGlobal Credit Bond

1,331,154,117

53,428,881

4,852

42

53,433,775

(4,596,462)

-

(2,125,741)

(3,640,034)

(10,362,237)

43,071,538

20,430,727

63,502,265

790,545

(82,778,864)

(18,486,054)

682,960,996

(431,970,768)

(31,513,457)

-

1,532,144,834

USD


10,178,686

352,450

-

-

352,450

(130)

-

(13,022)

-

(13,152)

339,298

80,108

419,406

-

(947,874)

(528,468)

15,970

-

-

-

9,666,188

USD

Global EmergingMarkets Corporate

Debt

22,612,739

1,484,294

1,457

-

1,485,751

(78,627)

-

(68,172)

(176,273)

(323,072)

1,162,679

617,250

1,779,929

102,483

(7,216,145)

(5,333,733)

77,568,112

(305,229)

-

-

94,541,889

USD



77



668,552,245

31,802,952

17,443

7,140

31,827,535

(2,691,388)

-

(1,054,991)

(13,992,838)

(17,739,217)

14,088,318

16,197,415

30,285,733

(366,997)

(75,377,805)

(45,459,069)

330,024,943

(264,497,320)

(13,389,932)

-

675,230,867

USD


Debt

1,210,337,809

28,834,243

28,755

545

28,863,543

(6,290,768)

-

(1,258,436)

(12,917)

(7,562,121)

21,301,422

(11,721,607)

9,579,815

2,642,098

(36,740,568)

(24,518,655)

277,964,202

(718,522,421)

(27,854,291)

-

717,406,644

USD


38,820,270

328,594

1,405

-

329,999

(37,974)

-

(36,065)

(1,063)

(75,102)

254,897

(2,248,916)

(1,994,019)

(444,188)

4,364,571

1,926,364

4,235,120

(5,430,114)

-

-

39,551,640

USD


-

321,366

274

-

321,640

(192)

-

(18,138)

(108)

(18,438)

303,202

(859,971)

(556,769)

(63,151)

(1,576,233)

(2,196,153)

20,057,323

(1,349)

-

-

17,859,821

USD



95,003,755

1,114,546

5,979

43,101

1,163,626

(82,085)

-

(81,842)

(940)

(164,867)

998,759

2,607,270

3,606,029

57,670

2,262,774

5,926,473

57,664,885

(33,801,040)

(4,886,641)

-

119,907,432

USDUS Dollar Bond

22,008,155

143,285

1,436

-

144,721

(87,684)

-

(19,556)

(55)

(107,295)

37,426

52,001

89,427

(5,732)

14,091

97,786

53,697,674

(15,611,953)

(311)

-

60,191,351

Reserve Sub-Fund

EUREuro Reserve

78




INCOME



-Other Income (note 15)


EXPENSES


(202)Performance Fees (note 4.3)


(204,753)Interest Paid


(19,744)Net Investment Profit/(Loss)



45,393 Profit/(Loss) on Foreign Currency

(318,875)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

1,232,742 Change in Total Net Assets as a Result of Operations



-Dividends Paid (note 13)



Other Sub-Funds

EUR


1,098,763,853

46,379,922

4,640

11,991

46,396,553

(3,383,081)

(33,878)

(1,620,678)

(18,908,260)

(23,945,897)

22,450,656

(8,204,875)

14,245,781

4,051,871

(122,107,866)

(103,810,214)

470,263,975

(422,676,937)

(21,822,340)

-

1,020,718,337

USD


30,096,792

294,597

147

1,425

296,169

(45,292)

-

(58,597)

(212,582)

(316,471)

(20,302)

1,334,352

1,314,050

(34,219)

(4,155,863)

(2,876,032)

6,095,367

(8,690,654)

-

-

24,625,473

USD


84,761,711

(1)

9,175

-

9,174

(460,578)

(5)

(143,650)

(6,998)

(611,231)

(602,057)

3,211,993

2,609,936

(859,048)

844,813

2,595,701

3,999,469

(22,377,508)

-

-

68,979,373

USDGlobal Currency

79



14,921,457

260,479

7,363

-

267,842

(803)

-

(20,297)

(466)

(21,566)

246,276

985,135

1,231,411

104,802

(993,017)

343,196

494,965

-

-

-

15,759,618

EUR


630,916,883

1,792,533

190,360

6,488

1,989,381

(3,355,971)

(1,520)

(1,117,190)

(987,452)

(5,462,133)

(3,472,752)

(46,413,419)

(49,886,171)

1,279,134

(7,684,738)

(56,291,775)

161,147,080

(421,686,893)

-

-

314,085,295

EURGlobal Macro

32,182,463

210,221

17,341

673

228,235

(118,170)

-

(73,236)

(132,731)

(324,137)

(95,902)

(5,342,735)

(5,438,637)

194,238

(1,388,843)

(6,633,242)

25,803,084

(32,607,621)

-

-

18,744,684

EURGlobal Macro II

73,801,656

918,963

19,571

-

938,534

(143,681)

-

(58,549)

(869,684)

(1,071,914)

(133,380)

(3,991,534)

(4,124,914)

467,697

(287,711)

(3,944,928)

650,224

(45,937,997)

-

-

24,568,955

EUR

Multi GovernmentBond Strategies

(Formerly GlobalBond Market

Neutral)

Notes to the Financial Statements

80

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 30 September 2011: 1) The following sub-fund has been liquidated as at 20 May 2011: • Global Emerging Markets Elite 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. 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.


81

1. Basis of presentation (continued)

The following investment advisers changes have occurred during the period:

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. Halbis Capital Management (France) (and HSBC Global Asset 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.


82

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 September 2011. 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 September 2011. 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 September 2011.

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.

Notes to the Financial Statements (continued)

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3. Share capital

The Company has issued either A, E, I, J, L, M, P, R, S, W, X, Y, YP, 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 I, 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


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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 YP YP 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


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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, YP, 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 e.g. “HEUR” or “HGBP”). 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, YP, 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).


86

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 195. 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, YP, 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 Management Company is reduced accordingly. 3. Performance Fee Unless otherwise provided in the Prospectus, for sub-funds issuing Classes J Shares, L Shares, M Shares, R Shares, YP 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 below 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.


87


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 June 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 period ended 30 September 2011 or payable as at 30 September 2011, 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 are paid simultaneously for all relevant Class of Shares is on 30 November 2011.

As a consequence: 1. Any Class of Shares that is due to pay a Performance Fee between 2 January 2011 and 31 May 2011 will continue to make any payment on its anniversary date; 2. Any Class of Share that is due to pay a Performance Fee between 1 June 2011 and 30 November 2011 will delay its payment date until 30 November 2011 (and consequently the next following performance period will be between 12 to 18 months). 3. Any Class of Share that is due to pay a Performance Fee between 1 December 2011 and 31 May 2012 will have 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, 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 193). Such fee is accrued daily and payable monthly in arrears.


88


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, YP, 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 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, Simplified Prospectuses, 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.


89

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.

Both 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.


90

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 beconducted as far as possible to comply with the conditions for exemption from profits tax.

India

On the basis that they are a Mauritian tax resident, 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. Capital gains resulting from the purchase and sale by the Subsidiaries of stocks on the Indian stock exchanges will be 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.

The Indian Central Board of Direct Taxes has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India confirmed on 7 October 2003 the validity of this position.

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.

The new Indian Direct Tax code is expected to come into force from 1 April 2012, which will give considerable discretion to the tax authorities and may be used to seek to deny treaty benefits to foreign investors. Such actions could result in a significant financial cost for investors. 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 Luxembourg law of 19 December 2003 which include: (i) the shares of the class/sub-fund must be reserved to institutional investors in the meaning of article 174 of the 2010 Law; (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.


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7. Taxation of the Company (continued)

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 will qualify 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. General Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. 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 96.99 Euroland Equity Smaller Companies 96.37 Euroland Growth 95.13 European Equity 93.69 UK Equity 94.20


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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.

9. Forward foreign exchange contracts

As at 30 September 2011, 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 future dates. Open contracts are as follows: Contracts with a settlement date of 30 September 2011 still appear because they were open at the time of the preparation and publication of the net asset value of 30 September 2011.

Sub-funds Contract Date In exchange for Settlement Contract to

deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asia ex Japan Equity

27/06/2011 EUR 56,768,000 30/09/2011 USD 80,406,195 (3,794,941)

04/07/2011 EUR 1,838,000 30/09/2011 USD 2,663,630 (183,157)

05/07/2011 EUR 1,147,000 30/09/2011 USD 1,656,658 (108,724)

11/07/2011 EUR 1,434,000 30/09/2011 USD 2,022,299 (87,044)

15/07/2011 EUR 1,269,000 30/09/2011 USD 1,793,224 (80,645)

21/07/2011 EUR 699,000 30/09/2011 USD 994,118 (50,782)

22/07/2011 EUR 2,305,000 30/09/2011 USD 3,314,821 (204,108)

25/07/2011 EUR 1,870,000 30/09/2011 USD 2,681,935 (158,277)

27/07/2011 EUR 1,280,000 30/09/2011 USD 1,851,110 (123,686)

02/08/2011 EUR 2,476,000 30/09/2011 USD 3,509,656 (168,170)

11/08/2011 EUR 1,440,000 30/09/2011 USD 2,053,886 (110,534)

17/08/2011 EUR 1,889,000 30/09/2011 USD 2,717,043 (167,743)

24/08/2011 EUR 1,255,000 30/09/2011 USD 1,813,350 (119,664)

30/08/2011 EUR 15,718,000 30/09/2011 USD 22,736,873 (1,524,646)

31/08/2011 EUR 856,000 30/09/2011 USD 1,236,081 (80,866)

01/09/2011 EUR 2,033,000 30/09/2011 USD 2,901,701 (158,066)

02/09/2011 EUR 2,583,000 30/09/2011 USD 3,678,321 (192,434)

08/09/2011 EUR 1,159,000 30/09/2011 USD 1,630,191 (66,063)

09/09/2011 EUR 922,000 30/09/2011 USD 1,273,904 (29,619)

12/09/2011 EUR 158,000 30/09/2011 USD 214,754 (1,525)

15/09/2011 EUR 9,646,000 30/09/2011 USD 13,288,426 (270,667)

19/09/2011 EUR 2,397,000 30/09/2011 USD 3,270,611 (35,739)

28/06/2011 USD 1,290,298 30/09/2011 EUR 907,000 66,256


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9. Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asia ex Japan Equity (continued)

07/07/2011 USD 972,668 30/09/2011 EUR 682,000 52,275

13/07/2011 USD 4,405,315 30/09/2011 EUR 3,141,000 166,379

19/07/2011 USD 1,429,349 30/09/2011 EUR 1,012,000 63,604

26/07/2011 USD 1,599,841 30/09/2011 EUR 1,105,000 108,588

01/08/2011 USD 2,255,525 30/09/2011 EUR 1,565,000 143,479

03/08/2011 USD 3,239,403 30/09/2011 EUR 2,265,000 182,672

04/08/2011 USD 1,831,047 30/09/2011 EUR 1,288,000 92,826

08/08/2011 USD 5,574,636 30/09/2011 EUR 3,891,000 323,537

09/08/2011 USD 997,838 30/09/2011 EUR 703,000 49,105

10/08/2011 USD 2,745,729 30/09/2011 EUR 1,914,000 162,690

12/08/2011 USD 37,045 30/09/2011 EUR 26,000 1,957

15/08/2011 USD 1,338,807 30/09/2011 EUR 938,000 72,930

19/08/2011 USD 1,190,673 30/09/2011 EUR 831,000 69,197

22/08/2011 USD 102,231 30/09/2011 EUR 71,000 6,413

23/08/2011 USD 1,148,772 30/09/2011 EUR 793,000 78,578

25/08/2011 USD 1,553,020 30/09/2011 EUR 1,075,000 102,254

06/09/2011 USD 4,564,411 30/09/2011 EUR 3,218,000 221,559

12/09/2011 USD 20,301,011 30/09/2011 EUR 14,936,000 144,132

15/09/2011 USD 356,801 30/09/2011 EUR 259,000 7,268

16/09/2011 USD 6,598,858 30/09/2011 EUR 4,784,000 142,611

20/09/2011 USD 3,187,691 30/09/2011 EUR 2,325,000 49,988

23/09/2011 USD 4,993,919 30/09/2011 EUR 3,694,000 8,681

26/09/2011 USD 1,622,297 30/09/2011 EUR 1,209,000 (9,309)

27/09/2011 USD 79,117,222 30/09/2011 EUR 58,510,000 155,052

27/09/2011 EUR 56,196,000 30/12/2011 USD 75,957,323 (351,113)

28/09/2011 EUR 2,655,000 30/12/2011 USD 3,611,729 (39,687)

USD (5,645,178)


94



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Equity

28/09/2011 USD 2,256 04/10/2011 AUD 2,281 40

27/09/2011 USD 93,146 04/10/2011 ZAR 733,331 2,460

USD 2,500

US Equity

19/09/2011 EUR 33,945,000 15/12/2011 USD 46,188,758 (493,221)

20/09/2011 EUR 507,000 15/12/2011 USD 694,137 (11,632)

26/09/2011 EUR 555,000 15/12/2011 USD 747,892 (771)

27/09/2011 EUR 811,000 15/12/2011 USD 1,094,853 (3,114)

21/09/2011 USD 623,937 15/12/2011 EUR 456,000 10,111

22/09/2011 USD 2,665,534 15/12/2011 EUR 1,976,000 5,528

23/09/2011 USD 2,564,460 15/12/2011 EUR 1,900,000 6,766

29/09/2011 USD 690,286 15/12/2011 EUR 506,000 9,150

USD (477,183)

Asian Currencies Bond

28/06/2011 MYR 3,060,000 30/09/2011 USD 1,000,000 (41,504)

08/07/2011 USD 565,442 30/09/2011 MYR 1,700,000 32,944

20/07/2011 USD 451,827 30/09/2011 MYR 1,360,000 25,829

08/09/2011 KRW 1,000,000,000 11/10/2011 USD 929,368 (81,368)

07/09/2011 USD 930,882 11/10/2011 KRW 1,000,000,000 82,784

12/07/2011 IDR 7,200,000,000 14/10/2011 USD 831,889 (14,401)

13/07/2011 IDR 7,200,000,000 14/10/2011 USD 835,655 (18,167)

12/07/2011 KRW 1,800,000,000 14/10/2011 USD 1,678,478 (152,078)

13/07/2011 KRW 1,800,000,000 14/10/2011 USD 1,688,555 (162,155)

22/09/2011 KRW 800,000,000 14/10/2011 USD 689,655 (11,255)

12/07/2011 MYR 3,800,000 14/10/2011 USD 1,247,538 (58,552)

13/07/2011 MYR 3,800,000 14/10/2011 USD 1,252,885 (63,899)

12/07/2011 PHP 32,000,000 14/10/2011 USD 737,157 (6,085)

13/07/2011 PHP 32,000,000 14/10/2011 USD 741,084 (10,012)

13/07/2011 THB 50,000,000 14/10/2011 USD 1,644,737 (40,837)

14/09/2011 THB 20,000,000 14/10/2011 USD 658,979 (17,419)

21/07/2011 USD 1,281,305 14/10/2011 IDR 11,000,000,000 32,430

21/07/2011 USD 940,734 14/10/2011 KRW 1,000,000,000 92,624


95



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asian Currencies Bond (continued)

04/08/2011 USD 560,224 14/10/2011 KRW 600,000,000 51,363

20/07/2011 USD 431,321 14/10/2011 MYR 1,300,000 24,589

21/07/2011 USD 531,209 14/10/2011 MYR 1,600,000 30,617

18/08/2011 USD 567,613 14/10/2011 MYR 1,700,000 35,738

19/09/2011 USD 482,548 14/10/2011 MYR 1,500,000 13,226

04/08/2011 USD 470,256 14/10/2011 PHP 20,000,000 13,350

08/08/2011 USD 444,341 14/10/2011 PHP 19,000,000 10,277

09/08/2011 USD 469,925 14/10/2011 PHP 20,000,000 13,018

09/09/2011 USD 664,011 14/10/2011 THB 20,000,000 22,479

22/09/2011 USD 457,447 26/10/2011 IDR 4,300,000,000 (29,988)

- USD (226,452)

Emerging Inflation Linked Bond

26/09/2011 EUR 143,704 30/09/2011 USD 194,196 (260)

27/09/2011 EUR 142,503 03/10/2011 USD 193,690 (1,390)

27/09/2011 USD 1,730,934 03/10/2011 MXN 23,101,298 62,094

27/09/2011 USD 977,143 03/10/2011 PLN 3,150,161 14,724

27/09/2011 USD 448,225 03/10/2011 TRY 829,138 3,002

27/09/2011 USD 616,137 03/10/2011 ZAR 4,816,774 20,385

28/09/2011 EUR 3,340 04/10/2011 USD 4,555 (48)

27/09/2011 BRL 1,200,000 15/12/2011 USD 655,738 (18,348)

16/09/2011 CLP 1,400,000,000 15/12/2011 USD 2,884,219 (221,419)

19/09/2011 ILS 9,950,000 15/12/2011 USD 2,686,760 (26,270)

16/09/2011 KRW 6,550,000,000 15/12/2011 USD 5,887,640 (359,440)

19/09/2011 MXN 40,840,000 15/12/2011 USD 3,092,989 (166,599)

27/09/2011 MXN 7,000,000 15/12/2011 USD 521,239 (19,654)

19/09/2011 PLN 60,000 15/12/2011 USD 18,655 (484)

19/09/2011 TRY 7,830,000 15/12/2011 USD 4,297,254 (157,321)

16/09/2011 USD 744,772 15/12/2011 BRL 1,300,000 55,533

27/09/2011 USD 195,503 15/12/2011 CLP 100,000,000 5,359

27/09/2011 USD 268,465 15/12/2011 ILS 1,000,000 1,085

28/09/2011 USD 510,638 15/12/2011 KRW 600,000,000 4,253

27/09/2011 USD 801,614 15/12/2011 TRY 1,500,000 8,661

19/09/2011 USD 7,417,278 15/12/2011 ZAR 57,000,000 451,580

USD (344,557)


96



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Bond

01/09/2011 CAD 571,000 07/10/2011 USD 583,009 (36,665)

01/09/2011 EUR 238,000 07/10/2011 USD 339,636 (18,519)

01/09/2011 GBP 255,000 07/10/2011 USD 413,389 (16,172)

01/09/2011 JPY 174,409,000 07/10/2011 USD 2,268,942 (2,388)

01/09/2011 USD 9,126,576 07/10/2011 EUR 6,387,000 509,171

28/09/2011 USD 762,104 07/10/2011 EUR 560,000 6,537

05/09/2011 USD 410,444 07/10/2011 GBP 255,000 13,229

28/09/2011 USD 620,183 07/10/2011 JPY 47,400,000 4,191

05/08/2011 USD 2,838,031 09/11/2011 EUR 2,006,951 133,554

02/09/2011 USD 1,426,380 14/11/2011 EUR 1,002,479 75,699

12/08/2011 USD 4,280,283 16/11/2011 EUR 3,000,000 238,514

16/09/2011 AUD 2,073,000 18/11/2011 USD 2,135,234 (132,726)

16/09/2011 CHF 1,166,000 18/11/2011 USD 1,338,674 (44,642)

16/09/2011 DKK 5,345,000 18/11/2011 USD 990,457 (22,380)

14/09/2011 KRW 2,458,527,000 18/11/2011 USD 2,209,912 (129,998)

16/09/2011 MXN 8,050,000 18/11/2011 USD 619,425 (40,912)

16/09/2011 PLN 1,759,000 18/11/2011 USD 561,578 (27,121)

16/09/2011 SEK 7,657,000 18/11/2011 USD 1,151,575 (38,171)

14/09/2011 TWD 24,240,000 18/11/2011 USD 821,138 (26,260)

USD 444,941

Global Credit Bond

01/09/2011 EUR 762,440 03/10/2011 USD 1,092,326 (63,453)

29/09/2011 USD 1,037,589 03/10/2011 EUR 762,440 8,718

29/09/2011 EUR 762,440 01/12/2011 USD 1,037,213 (10,320)

19/09/2011 EUR 200,000 03/10/2011 USD 272,930 (3,041)

30/08/2011 USD 9,960,000 03/10/2011 EUR 6,909,105 636,578

29/09/2011 USD 9,114,586 01/12/2011 EUR 6,700,000 90,866

USD 659,348


97



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Bond

29/08/2011 EUR 211,906,079 30/09/2011 USD 307,128,407 (21,150,558)

01/09/2011 EUR 3,130,784 30/09/2011 USD 4,466,690 (241,540)

02/09/2011 EUR 5,409,024 30/09/2011 USD 7,708,022 (408,273)

07/09/2011 EUR 4,873,406 30/09/2011 USD 6,847,282 (270,377)

08/09/2011 EUR 3,993,544 30/09/2011 USD 5,605,019 (215,532)

12/09/2011 EUR 28,416 30/09/2011 USD 38,727 (378)

13/09/2011 EUR 268,671 30/09/2011 USD 366,405 (3,820)

14/09/2011 EUR 54,957 30/09/2011 USD 75,409 (1,242)

19/09/2011 EUR 68,808 30/09/2011 USD 93,948 (1,087)

20/09/2011 EUR 85,143 30/09/2011 USD 116,661 (1,756)

22/09/2011 EUR 117,346 30/09/2011 USD 158,045 320

27/09/2011 EUR 18,915,073 30/09/2011 USD 25,717,690 (190,853)

28/09/2011 EUR 11,378,571 30/09/2011 USD 15,929,999 (574,049)

16/09/2011 USD 21,355 30/09/2011 EUR 15,508 427

23/09/2011 USD 4,907,899 30/09/2011 EUR 3,653,546 (22,743)

26/09/2011 USD 7,189,073 30/09/2011 EUR 5,322,282 6,387

27/09/2011 USD 27,695,887 30/09/2011 EUR 20,376,984 196,128

28/09/2011 USD 288,998,774 30/09/2011 EUR 211,946,431 2,966,469

28/09/2011 EUR 848,452 03/10/2011 USD 1,157,323 (12,381)

18/08/2011 BRL 38,272,150 04/10/2011 USD 23,572,401 (2,796,479)

29/09/2011 EUR 7,663,874 04/10/2011 USD 10,438,503 (96,864)

19/09/2011 USD 21,555,703 04/10/2011 BRL 38,272,150 780,794

29/09/2011 USD 533,023 04/10/2011 EUR 391,342 4,947

30/09/2011 USD 8,368 05/10/2011 EUR 6,199 3

22/08/2011 MXN 387,782,196 19/10/2011 USD 31,554,368 (3,591,782)

15/07/2011 PLN 202,220 19/10/2011 USD 70,396 (8,731)

15/07/2011 USD 14,126,406 19/10/2011 BRL 22,679,945 1,884,807

18/07/2011 USD 25,000,000 19/10/2011 BRL 40,339,700 3,225,703

15/07/2011 USD 230,973 19/10/2011 MXN 2,732,300 34,023

19/09/2011 USD 29,268,007 19/10/2011 MXN 385,049,896 1,505,694

21/09/2011 USD 62,762 19/10/2011 PLN 202,220 1,100

21/09/2011 USD 1,117,159 19/10/2011 ZAR 8,858,511 24,359

15/07/2011 ZAR 8,858,511 19/10/2011 USD 1,271,113 (178,238)


98



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Market Bond (continued)

28/09/2011 EUR 200,567,860 31/10/2011 USD 273,423,934 (3,054,649)

29/09/2011 EUR 391,404 31/10/2011 USD 532,796 (5,177)

29/09/2011 USD 8,981,208 31/10/2011 EUR 6,597,789 87,361

19/09/2011 BRL 38,272,150 03/11/2011 USD 21,420,580 (839,961)

23/09/2011 BRL 25,369,359 03/11/2011 USD 13,393,179 249,042

19/08/2011 EUR 34,831,094 10/11/2011 USD 50,100,000 (3,161,270)

21/09/2011 EUR 17,569,418 10/11/2011 USD 24,000,000 (323,277)

28/09/2011 EUR 11,378,571 10/11/2011 USD 15,498,979 (165,103)

08/08/2011 USD 88,395,937 10/11/2011 EUR 62,263,156 4,495,948

19/09/2011 MXN 385,049,896 21/12/2011 USD 29,110,902 (1,537,864)

29/09/2011 MXN 590,000 21/12/2011 USD 43,565 (1,315)

21/09/2011 ZAR 8,858,511 21/12/2011 USD 1,107,729 (25,326)

21/09/2011 PLN 202,220 23/12/2011 USD 62,404 (1,219)

USD (23,418,332)

Global Emerging Markets Investment Grade Bond

18/08/2011 BRL 3,283,510 04/10/2011 USD 2,022,364 (239,920)

09/09/2011 USD 1,000,000 04/10/2011 BRL 1,688,500 83,511

19/09/2011 USD 898,344 04/10/2011 BRL 1,595,010 32,540

15/07/2011 BRL 2,653,865 19/10/2011 USD 1,651,646 (217,874)

25/07/2011 BRL 3,599,500 19/10/2011 USD 2,300,000 (355,341)

23/08/2011 BRL 1,455,300 19/10/2011 USD 900,000 (113,763)

16/09/2011 BRL 1,722,900 19/10/2011 USD 1,000,000 (69,189)

15/07/2011 CLP 12,272,500 19/10/2011 USD 26,235 (2,708)

23/08/2011 COP 534,750,000 19/10/2011 USD 300,000 (21,930)

27/09/2011 COP 226,885,377 19/10/2011 USD 120,045 (2,065)

09/09/2011 CZK 14,261,400 19/10/2011 USD 800,000 (22,825)

27/09/2011 CZK 22,048,513 19/10/2011 USD 1,226,758 (25,224)

15/07/2011 INR 2,080 19/10/2011 USD 46 (4)

29/07/2011 INR 44,400,000 19/10/2011 USD 1,000,000 (99,346)

23/08/2011 INR 13,764,000 19/10/2011 USD 300,000 (20,797)


99


Sub-funds Contract

Date

In exchange

for

Settlement Contract to

deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Investment Grade Bond (continued)

15/07/2011 MXN 9,270,961 19/10/2011 USD 783,715 (115,196)

09/08/2011 MXN 5,029,200 19/10/2011 USD 400,000 (37,349)

22/08/2011 MXN 10,449,216 19/10/2011 USD 850,267 (96,784)

23/08/2011 MXN 16,071,640 19/10/2011 USD 1,300,000 (141,090)

06/09/2011 MXN 8,796,200 19/10/2011 USD 700,000 (65,715)

15/07/2011 MYR 1,593,098 19/10/2011 USD 527,691 (29,422)

06/09/2011 MYR 2,097,550 19/10/2011 USD 700,000 (43,956)

23/08/2011 PEN 548,300 19/10/2011 USD 200,000 (2,281)

15/07/2011 PLN 1,842,415 19/10/2011 USD 641,375 (79,551)

25/07/2011 PLN 1,689,900 19/10/2011 USD 600,000 (84,684)

29/07/2011 PLN 2,115,750 19/10/2011 USD 750,000 (104,825)

09/08/2011 PLN 1,155,800 19/10/2011 USD 400,000 (47,552)

16/08/2011 PLN 1,736,340 19/10/2011 USD 600,000 (70,522)

24/08/2011 PLN 1,609,459 19/10/2011 USD 553,000 (62,213)

09/09/2011 PLN 5,296,690 19/10/2011 USD 1,700,000 (84,833)

21/09/2011 PLN 134,586 19/10/2011 USD 41,771 (730)

28/07/2011 RUB 66,693,300 19/10/2011 USD 2,395,808 (324,781)

12/08/2011 RUB 11,746,000 19/10/2011 USD 400,000 (35,251)

23/08/2011 RUB 17,529,000 19/10/2011 USD 600,000 (55,672)

28/09/2011 RUB 7,641,600 19/10/2011 USD 240,000 (2,705)

18/07/2011 USD 260,000 19/10/2011 BRL 419,588 33,517

27/09/2011 USD 24,278 19/10/2011 CLP 12,272,500 754

28/07/2011 USD 428,656 19/10/2011 COP 761,635,377 32,668

15/07/2011 USD 384,588 19/10/2011 CZK 6,652,034 22,093

20/07/2011 USD 185,216 19/10/2011 CZK 3,199,790 10,847

25/07/2011 USD 630,000 19/10/2011 CZK 10,716,300 46,030

23/08/2011 USD 300,000 19/10/2011 CZK 5,093,289 22,448

16/09/2011 USD 600,000 19/10/2011 CZK 10,648,500 19,716

27/09/2011 USD 1,184,887 19/10/2011 INR 58,166,080 5,012

10/08/2011 USD 400,000 19/10/2011 MXN 4,874,800 48,588

09/09/2011 USD 1,000,000 19/10/2011 MXN 12,630,000 89,456

19/09/2011 USD 2,440,895 19/10/2011 MXN 32,112,417 125,572

15/07/2011 USD 152,594 19/10/2011 PEN 420,900 817


100


Sub-funds Contract Date In exchange

for


deliver

Unrealised

Gain / (Loss)

by Sub-Fund


06/09/2011 USD 170,808 19/10/2011 PEN 466,990 2,412

07/09/2011 USD 170,540 19/10/2011 PEN 466,000 2,501

08/09/2011 USD 162,884 19/10/2011 PEN 444,860 2,468

17/08/2011 USD 1,350,000 19/10/2011 PLN 3,879,765 167,288

23/08/2011 USD 1,054,743 19/10/2011 PLN 3,058,650 122,319

21/09/2011 USD 2,640,577 19/10/2011 PLN 8,507,939 46,280

10/08/2011 USD 400,000 19/10/2011 ZAR 2,875,560 45,380

16/08/2011 USD 3,117,553 19/10/2011 ZAR 22,500,000 342,772

12/09/2011 USD 2,930,272 19/10/2011 ZAR 21,800,000 241,542

16/09/2011 USD 300,000 19/10/2011 ZAR 2,241,450 23,544

15/07/2011 ZAR 651,644 19/10/2011 USD 93,505 (13,111)

09/08/2011 ZAR 5,845,480 19/10/2011 USD 795,991 (74,834)

23/08/2011 ZAR 6,547,721 19/10/2011 USD 900,000 (92,208)

30/08/2011 ZAR 480,265 19/10/2011 USD 67,395 (8,145)

12/09/2011 ZAR 1,757,118 19/10/2011 USD 234,207 (17,432)

14/09/2011 ZAR 20,500,000 19/10/2011 USD 2,761,631 (232,546)

21/09/2011 ZAR 13,634,782 19/10/2011 USD 1,723,740 (41,617)

07/07/2011 KRW 374,510,000 28/10/2011 USD 351,026 (33,816)

25/07/2011 KRW 477,225,000 28/10/2011 USD 450,000 (45,790)

29/07/2011 KRW 848,000,000 28/10/2011 USD 800,000 (81,744)

12/08/2011 KRW 431,800,000 28/10/2011 USD 400,000 (34,265)

06/09/2011 USD 1,200,000 28/10/2011 KRW 1,295,400,000 102,796

12/08/2011 IDR 3,464,000,000 31/10/2011 USD 402,791 (10,493)

08/07/2011 THB 10,805,810 31/10/2011 USD 356,097 (9,998)

16/08/2011 THB 8,991,000 31/10/2011 USD 300,000 (12,027)

23/08/2011 THB 11,980,000 31/10/2011 USD 400,000 (16,293)

08/08/2011 USD 400,000 31/10/2011 IDR 3,464,000,000 7,737

21/09/2011 USD 700,000 31/10/2011 IDR 6,583,500,000 (45,791)

08/07/2011 USD 638,632 31/10/2011 THB 19,372,908 18,188

25/07/2011 USD 2,200,000 31/10/2011 THB 65,817,400 92,190

19/09/2011 BRL 1,595,010 03/11/2011 USD 892,713 (35,006)

28/09/2011 BRL 439,200 03/11/2011 USD 240,000 (3,823)

08/08/2011 TRY 713,800 03/11/2011 USD 400,000 (19,206)


101



for


deliver

Unrealised

Gain / (Loss)

by Sub-Fund


10/08/2011 USD 400,000 03/11/2011 TRY 710,040 21,361

19/08/2011 HUF 132,811,298 23/11/2011 USD 697,209 (89,856)

26/08/2011 HUF 68,050,500 23/11/2011 USD 354,799 (43,601)

09/09/2011 HUF 164,744,000 23/11/2011 USD 800,000 (46,617)

19/09/2011 MXN 32,112,417 21/12/2011 USD 2,427,793 (128,255)

21/09/2011 MXN 9,438,100 21/12/2011 USD 700,000 (24,147)

28/09/2011 MXN 3,234,048 21/12/2011 USD 240,000 (8,413)

21/09/2011 USD 1,709,005 21/12/2011 ZAR 13,634,782 43,547

21/09/2011 ZAR 5,570,950 21/12/2011 USD 700,000 (19,297)

29/09/2011 ZAR 94,262 21/12/2011 USD 11,891 (373)

21/09/2011 PLN 8,507,939 23/12/2011 USD 2,625,502 (51,273)

28/09/2011 PLN 786,095 23/12/2011 USD 240,000 (2,154)

21/09/2011 USD 41,532 23/12/2011 PLN 134,586 819

27/09/2011 CLP 12,272,500 29/12/2011 USD 24,071 (765)

27/09/2011 USD 119,413 29/12/2011 COP 226,885,377 1,898

27/09/2011 USD 1,227,509 29/12/2011 CZK 22,048,513 27,675

27/09/2011 INR 58,166,080 30/12/2011 USD 1,171,994 (14,082)

17/08/2011 RON 3,874,650 09/01/2012 USD 1,300,000 (119,797)

24/08/2011 RON 689,363 09/01/2012 USD 230,000 (20,023)

09/09/2011 USD 1,500,000 09/01/2012 RON 4,681,950 75,103

USD (2,111,507)


102



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Local Debt

18/08/2011 BRL 17,322,000 04/10/2011 USD 10,668,884 (1,265,688)

15/09/2011 BRL 27,579,300 04/10/2011 USD 16,100,000 (1,128,660)

09/09/2011 USD 16,200,000 04/10/2011 BRL 27,353,700 1,352,881

13/09/2011 USD 3,700,000 04/10/2011 BRL 6,364,000 245,640

19/09/2011 USD 6,298,845 04/10/2011 BRL 11,183,600 228,158

21/07/2011 USD 40,591,352 06/10/2011 MXN 475,000,000 6,293,019

02/08/2011 USD 12,538,523 06/10/2011 MXN 148,500,000 1,815,678

07/07/2011 SGD 50,084,198 11/10/2011 USD 40,930,166 (2,489,342)

22/08/2011 SGD 1,928,320 11/10/2011 USD 1,600,000 (119,968)

15/09/2011 SGD 1,860,854 11/10/2011 USD 1,500,000 (71,750)

13/09/2011 USD 3,700,000 11/10/2011 SGD 4,592,773 174,935

23/09/2011 USD 5,400,000 11/10/2011 SGD 6,988,518 36,144

28/09/2011 USD 32,873,688 11/10/2011 SGD 42,292,000 413,561

15/07/2011 ARS 32,115,575 19/10/2011 USD 7,599,521 (3,256)

15/07/2011 CLP 3,420,027,000 19/10/2011 USD 7,310,874 (754,683)

15/09/2011 COP 1,278,200,000 19/10/2011 USD 700,000 (35,336)

27/09/2011 COP 9,566,040,000 19/10/2011 USD 5,061,397 (87,056)

15/07/2011 CZK 234,397,494 19/10/2011 USD 13,551,730 (778,238)

27/07/2011 CZK 23,623,600 19/10/2011 USD 1,400,000 (112,632)

09/09/2011 CZK 215,703,675 19/10/2011 USD 12,100,000 (345,228)

15/07/2011 INR 352,101,280 19/10/2011 USD 7,824,299 (681,925)

06/09/2011 INR 379,578,000 19/10/2011 USD 8,200,000 (500,260)

02/08/2011 MXN 29,610,000 19/10/2011 USD 2,500,000 (364,853)

09/08/2011 MXN 109,463,300 19/10/2011 USD 8,700,000 (806,711)

22/08/2011 MXN 30,706,250 19/10/2011 USD 2,500,000 (285,803)

06/09/2011 MXN 113,094,000 19/10/2011 USD 9,000,000 (844,905)

15/09/2011 MXN 19,391,301 19/10/2011 USD 1,500,000 (101,713)

19/09/2011 MXN 171,583,499 19/10/2011 USD 13,042,224 (669,509)

15/07/2011 MYR 27,137,806 19/10/2011 USD 8,989,005 (501,195)

06/09/2011 MYR 24,571,300 19/10/2011 USD 8,200,000 (514,908)

15/09/2011 MYR 5,861,500 19/10/2011 USD 1,900,000 (66,716)

15/07/2011 PLN 26,302,279 19/10/2011 USD 9,156,262 (1,135,672)

29/07/2011 PLN 11,239,796 19/10/2011 USD 4,000,000 (572,548)


103



for


deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

Global Emerging Markets Local Debt (continued) 22/08/2011 PLN 3,493,680 19/10/2011 USD 1,200,000 (134,641)

09/09/2011 PLN 77,180,710 19/10/2011 USD 24,800,000 (1,264,591)

28/07/2011 RUB 545,013,100 19/10/2011 USD 19,595,624 (2,671,333)

12/08/2011 RUB 231,983,500 19/10/2011 USD 7,900,000 (696,216)

15/07/2011 USD 6,228,082 19/10/2011 BRL 9,999,185 830,978

18/07/2011 USD 12,360,000 19/10/2011 BRL 19,918,140 1,608,815

27/09/2011 USD 6,765,632 19/10/2011 CLP 3,420,027,000 209,987

28/07/2011 USD 4,568,291 19/10/2011 COP 8,116,940,000 348,151

13/09/2011 USD 1,500,000 19/10/2011 COP 2,727,300,000 81,961

20/07/2011 USD 8,121,617 19/10/2011 CZK 140,309,054 475,623

13/09/2011 USD 1,500,000 19/10/2011 CZK 26,884,050 34,965

16/09/2011 USD 7,500,000 19/10/2011 CZK 133,106,250 246,452

27/09/2011 USD 9,672,360 19/10/2011 CZK 173,425,415 221,611

27/09/2011 USD 14,904,854 19/10/2011 INR 731,679,280 63,043

15/07/2011 USD 7,655,343 19/10/2011 MXN 90,558,880 1,127,667

10/08/2011 USD 8,000,000 19/10/2011 MXN 97,496,000 971,759

09/09/2011 USD 16,200,000 19/10/2011 MXN 204,606,000 1,449,194

13/09/2011 USD 6,300,000 19/10/2011 MXN 81,187,470 446,617

13/09/2011 USD 3,700,000 19/10/2011 MYR 11,414,500 130,115

23/09/2011 USD 5,000,000 19/10/2011 MYR 15,975,000 3,552

06/09/2011 USD 2,781,992 19/10/2011 PEN 7,605,967 39,287

07/09/2011 USD 2,777,676 19/10/2011 PEN 7,590,000 40,730

08/09/2011 USD 2,148,364 19/10/2011 PEN 5,867,386 32,592

28/07/2011 USD 4,065,583 19/10/2011 PLN 11,526,335 552,008

17/08/2011 USD 11,140,000 19/10/2011 PLN 32,015,246 1,380,437

13/09/2011 USD 5,600,000 19/10/2011 PLN 17,755,920 185,950

21/09/2011 USD 17,665,724 19/10/2011 PLN 56,918,964 309,615

06/09/2011 USD 2,100,000 19/10/2011 RUB 62,475,000 160,438

23/09/2011 USD 1,700,000 19/10/2011 RUB 54,706,000 1,218

10/08/2011 USD 8,000,000 19/10/2011 ZAR 57,301,600 933,546

12/09/2011 USD 22,493,400 19/10/2011 ZAR 167,000,000 1,896,388

13/09/2011 USD 5,600,000 19/10/2011 ZAR 41,278,720 508,995

15/09/2011 USD 5,900,000 19/10/2011 ZAR 43,691,866 511,292


104



deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

Global Emerging Markets Local Debt (continued)

16/09/2011 USD 800,000 19/10/2011 ZAR 5,977,200 62,784

21/09/2011 USD 3,295,964 19/10/2011 ZAR 26,135,344 71,865

15/07/2011 ZAR 124,640,107 19/10/2011 USD 17,884,678 (2,507,828)

09/08/2011 ZAR 58,240,000 19/10/2011 USD 7,919,823 (734,754)

30/08/2011 ZAR 4,897,899 19/10/2011 USD 687,318 (83,065)

12/09/2011 ZAR 11,606,724 19/10/2011 USD 1,547,068 (115,147)

14/09/2011 ZAR 142,000,000 19/10/2011 USD 19,129,345 (1,610,805)

07/07/2011 ILS 43,029,655 26/10/2011 USD 12,571,845 (1,024,536)

07/07/2011 HKD 316,743,913 27/10/2011 USD 40,723,577 (69,179)

22/08/2011 HKD 13,246,740 27/10/2011 USD 1,700,000 232

07/07/2011 TWD 228,480,000 27/10/2011 USD 7,990,208 (494,922)

13/09/2011 USD 3,000,000 27/10/2011 HKD 23,399,850 (3,394)

23/09/2011 USD 2,700,000 27/10/2011 HKD 21,054,060 (2,310)

07/07/2011 KRW 12,722,496,000 28/10/2011 USD 11,924,731 (1,148,777)

12/08/2011 KRW 8,528,050,000 28/10/2011 USD 7,900,000 (676,742)

22/08/2011 KRW 1,840,250,000 28/10/2011 USD 1,700,000 (141,308)

06/09/2011 USD 12,300,000 28/10/2011 KRW 13,284,000,000 1,048,452

13/09/2011 USD 1,500,000 28/10/2011 KRW 1,658,400,000 95,335

07/07/2011 IDR 139,294,150,000 31/10/2011 USD 16,176,304 (401,241)

22/08/2011 IDR 14,597,900,000 31/10/2011 USD 1,700,000 (46,788)

08/07/2011 THB 516,153,240 31/10/2011 USD 17,019,418 (487,546)

03/08/2011 USD 950,000 31/10/2011 IDR 8,098,750,000 32,967

08/08/2011 USD 8,100,000 31/10/2011 IDR 70,146,000,000 156,682

06/09/2011 USD 13,100,000 31/10/2011 IDR 112,594,500,000 350,274

13/09/2011 USD 3,000,000 31/10/2011 IDR 26,445,000,000 5,127

21/09/2011 USD 10,900,000 31/10/2011 IDR 102,460,000,000 (706,826)

08/07/2011 USD 11,423,860 31/10/2011 THB 347,022,600 309,932

13/09/2011 USD 3,700,000 31/10/2011 THB 112,184,000 107,156

23/09/2011 USD 1,300,000 31/10/2011 THB 40,313,000 8,839

19/09/2011 BRL 11,183,600 03/11/2011 USD 6,259,361 (245,447)

02/08/2011 TRY 7,968,927 03/11/2011 USD 4,601,077 (349,854)

08/08/2011 TRY 14,454,450 03/11/2011 USD 8,100,000 (388,912)

12/08/2011 TRY 15,281,300 03/11/2011 USD 8,500,000 (347,808)


105



deliver

Unrealised

Gain /

(Loss) by

Sub-Fund


22/08/2011 TRY 4,527,000 03/11/2011 USD 2,500,000 (84,959)

30/08/2011 TRY 931,026 03/11/2011 USD 530,469 (33,790)

06/09/2011 TRY 14,627,160 03/11/2011 USD 8,200,000 (396,776)

28/09/2011 TRY 320,000 03/11/2011 USD 172,400 (1,688)

03/08/2011 USD 1,653,370 03/11/2011 TRY 2,860,000 128,530

10/08/2011 USD 8,000,000 03/11/2011 TRY 14,185,600 435,380

13/09/2011 USD 8,900,000 03/11/2011 TRY 15,897,180 422,203

23/09/2011 USD 5,000,000 03/11/2011 TRY 9,241,500 70,383

26/08/2011 CNY 52,152,000 23/11/2011 USD 8,190,985 (20,852)

19/08/2011 HUF 788,818,640 23/11/2011 USD 4,140,998 (533,691)

26/08/2011 HUF 2,430,435,500 23/11/2011 USD 12,671,718 (1,557,215)

09/09/2011 HUF 2,491,753,000 23/11/2011 USD 12,100,000 (705,089)

26/08/2011 PHP 1,105,615,000 23/11/2011 USD 26,162,210 (947,554)

13/09/2011 USD 3,000,000 23/11/2011 HUF 625,890,000 138,848

06/09/2011 USD 7,600,000 23/11/2011 PHP 321,100,000 277,771

13/09/2011 USD 1,500,000 23/11/2011 PHP 64,875,000 20,518

26/08/2011 PEN 17,774,607 29/11/2011 USD 6,474,087 (60,476)

21/09/2011 MXN 146,964,700 21/12/2011 USD 10,900,000 (376,005)

29/09/2011 MXN 590,000 21/12/2011 USD 43,565 (1,316)

19/09/2011 USD 12,969,274 21/12/2011 MXN 171,583,499 688,602

23/09/2011 USD 5,000,000 21/12/2011 MXN 69,417,500 29,349

21/09/2011 ZAR 89,007,494 21/12/2011 USD 11,168,144 (292,496)

29/09/2011 ZAR 283,798 21/12/2011 USD 35,800 (1,123)

21/09/2011 PLN 56,918,964 23/12/2011 USD 17,564,871 (343,014) 23/09/2011 USD 5,700,000 23/12/2011 PLN 18,737,610 30,909

27/09/2011 CLP 3,420,027,000 29/12/2011 USD 6,707,908 (213,277)

28/09/2011 CZK 173,425,415 29/12/2011 USD 9,679,918 (242,107)

28/09/2011 SGD 42,292,000 29/12/2011 USD 32,886,470 (429,177)

27/09/2011 USD 5,034,758 29/12/2011 COP 9,566,040,000 80,011

27/09/2011 INR 731,679,280 30/12/2011 USD 14,742,681 (177,141)

06/07/2011 RON 48,968,250 09/01/2012 USD 16,350,000 (1,434,466)

08/07/2011 RON 41,913,160 09/01/2012 USD 13,920,145 (1,153,564)

17/08/2011 RON 24,186,600 09/01/2012 USD 8,100,000 (732,858)


106



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


22/08/2011 RON 4,194,400 09/01/2012 USD 1,400,000 (122,403)

08/07/2011 USD 1,422,603 09/01/2012 RON 4,276,344 122,005

09/09/2011 USD 24,500,000 09/01/2012 RON 76,476,750 1,225,169

27/07/2011 USD 40,673,775 28/03/2012 EUR 28,500,000 2,417,309

USD (6,753,928)

Global High Income Bond

12/08/2011 EUR 2,000,000 03/10/2011 USD 2,848,430 (149,536)

24/08/2011 EUR 2,000,000 03/10/2011 USD 2,886,434 (187,540)

15/09/2011 EUR 3,000,000 03/10/2011 USD 4,116,660 (68,319)

24/08/2011 EUR 2,000,000 03/10/2011 USD 2,887,728 (188,834)

26/08/2011 EUR 2,000,000 03/10/2011 USD 2,877,470 (178,576)

01/09/2011 EUR 2,000,000 03/10/2011 USD 2,850,702 (151,808)

08/09/2011 EUR 3,000,000 03/10/2011 USD 4,201,098 (152,757)

12/09/2011 EUR 1,000,000 03/10/2011 USD 1,366,965 (17,518)

15/09/2011 EUR 2,000,000 03/10/2011 USD 2,770,904 (72,010)

21/09/2011 EUR 3,000,000 03/10/2011 USD 4,101,774 (53,433)

23/09/2011 EUR 3,000,000 03/10/2011 USD 4,062,420 (14,079)

27/07/2011 EUR 1,000,000 03/10/2011 USD 1,434,475 (85,028)

28/07/2011 EUR 2,000,000 03/10/2011 USD 2,853,780 (154,886)

28/07/2011 USD 258,480,000 03/10/2011 EUR 180,000,000 15,580,729

01/08/2011 EUR 2,000,000 03/10/2011 USD 2,837,890 (138,996)

04/08/2011 EUR 2,000,000 03/10/2011 USD 2,830,064 (131,170)

05/08/2011 EUR 1,000,000 03/10/2011 USD 1,414,744 (65,297)

08/08/2011 EUR 3,000,000 03/10/2011 USD 4,263,810 (215,469)

10/08/2011 EUR 4,000,000 03/10/2011 USD 5,672,944 (275,156)

11/08/2011 EUR 2,000,000 03/10/2011 USD 2,845,336 (146,442)

15/08/2011 EUR 1,000,000 03/10/2011 USD 1,436,944 (87,497)

17/08/2011 EUR 1,000,000 03/10/2011 USD 1,444,569 (95,122)

19/08/2011 EUR 1,000,000 03/10/2011 USD 1,444,297 (94,850)

18/08/2011 EUR 1,000,000 03/10/2011 USD 1,432,148 (82,701)

22/08/2011 EUR 1,000,000 03/10/2011 USD 1,437,563 (88,116)


107



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global High Income Bond (continued)

11/08/2011 EUR 3,000,000 03/10/2011 USD 4,254,519 (206,178)

12/09/2011 EUR 2,000,000 03/10/2011 USD 2,734,070 (35,176)

22/09/2011 USD 19,281,465 07/10/2011 EUR 14,320,000 (39,504)

02/09/2011 USD 2,479,497 07/10/2011 EUR 1,745,000 125,122

02/09/2011 USD 1,263,468 07/10/2011 GBP 780,000 48,459

22/09/2011 USD 744,923 07/10/2011 GBP 485,000 (10,568)

29/09/2011 USD 174,125,952 01/12/2011 EUR 128,000,000 1,732,489

14,300,233

Global Inflation Linked Bond

26/09/2011 EUR 10,740 30/09/2011 USD 14,514 (19)

27/09/2011 EUR 26,330 03/10/2011 USD 35,788 (257)

28/09/2011 EUR 25,400 04/10/2011 USD 34,637 (363)

28/09/2011 JPY 25,743,997 14/12/2011 USD 337,221 (2,989)

16/09/2011 USD 526,341 14/12/2011 AUD 515,000 30,758

16/09/2011 USD 430,268 14/12/2011 CAD 425,000 24,334

16/09/2011 USD 8,983,683 14/12/2011 EUR 6,510,000 220,374

22/09/2011 USD 415,619 14/12/2011 EUR 310,000 (1,712)

16/09/2011 USD 10,490,182 14/12/2011 GBP 6,645,000 150,827

28/09/2011 USD 437,109 14/12/2011 GBP 279,864 1,646

16/09/2011 USD 2,913,029 14/12/2011 JPY 223,300,000 13,965

16/09/2011 USD 380,170 14/12/2011 SEK 2,530,000 12,941

16/09/2011 EUR 8,745,750 15/12/2011 USD 12,053,907 (280,693)

23/09/2011 EUR 14,700 15/12/2011 USD 19,805 (17)

16/09/2011 GBP 1,851,431 15/12/2011 USD 2,916,198 (35,463)

23/09/2011 GBP 13,500 15/12/2011 USD 20,826 179

19/09/2011 USD 483,043 15/12/2011 EUR 354,000 6,517

22/09/2011 USD 28,292 15/12/2011 EUR 21,000 22

26/09/2011 USD 52,953 15/12/2011 EUR 39,200 184

27/09/2011 USD 35,772 15/12/2011 EUR 26,330 329

28/09/2011 USD 34,622 15/12/2011 EUR 25,400 431

29/09/2011 USD 68,794 15/12/2011 EUR 50,500 815

26/09/2011 USD 10,706 15/12/2011 GBP 6,900 (31)

29/09/2011 USD 16,946 15/12/2011 GBP 10,800 142

USD 141,920


108



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

US Dollar Bond

29/09/2011 EUR 2,000,000 30/09/2011 USD 2,729,830 (30,730)

29/06/2011 USD 2,890,108 30/09/2011 EUR 2,007,662 180,668

05/08/2011 USD 2,838,031 09/11/2011 EUR 2,006,951 133,554

02/09/2011 USD 1,426,380 14/11/2011 EUR 1,002,479 75,699

12/08/2011 USD 2,140,142 16/11/2011 EUR 1,500,000 119,257

29/09/2011 USD 2,735,117 30/11/2011 EUR 2,004,744 34,997

USD 513,445

European Equity Absolute Return

30/08/2011 EUR 1,085,692 30/09/2011 CHF 1,283,338 30,091

30/08/2011 EUR 1,571,378 30/09/2011 GBP 1,389,112 (32,192)

28/09/2011 EUR 220,193 30/09/2011 GBP 191,900 (1,334)

28/09/2011 EUR 143,707 30/09/2011 USD 195,900 (1,452)

17/08/2011 GBP 191,900 30/09/2011 EUR 218,868 2,659

17/08/2011 USD 195,900 30/09/2011 EUR 135,264 9,895

28/09/2011 EUR 1,065,361 31/10/2011 CHF 1,299,442 (4,574)

28/09/2011 EUR 1,772,654 31/10/2011 GBP 1,544,850 (11,930)

28/09/2011 GBP 197,000 31/10/2011 EUR 226,050 1,523

28/09/2011 USD 201,000 31/10/2011 EUR 147,504 1,604

EUR (5,710)

GEM Debt Total Return

28/09/2011 EUR 24,950,000 30/09/2011 USD 34,930,000 (1,454,585)

28/09/2011 USD 33,996,870 30/09/2011 EUR 24,950,000 521,455

25/08/2011 BRL 95,782,600 04/10/2011 USD 59,092,233 (7,559,087)

18/08/2011 USD 619,518 04/10/2011 BRL 1,005,850 78,451

19/09/2011 USD 53,455,584 04/10/2011 BRL 94,776,750 2,466,808

26/09/2011 MXN 721,000,000 06/10/2011 USD 52,623,896 (525,157)

21/07/2011 USD 61,613,399 06/10/2011 MXN 721,000,000 9,521,112

09/08/2011 MXN 31,234,500 19/10/2011 USD 2,500,000 (246,368)

11/08/2011 MXN 679,927,050 19/10/2011 USD 54,200,000 (5,141,903)

18/08/2011 MXN 744,980,000 19/10/2011 USD 60,000,000 (6,248,203)

09/09/2011 PLN 79,046,830 19/10/2011 USD 25,400,000 (1,433,634)

15/07/2011 USD 31,252,745 19/10/2011 BRL 50,176,282 4,412,236


109



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

GEM Debt Total Return (continued)

18/07/2011 USD 60,500,000 19/10/2011 BRL 97,622,074 8,277,730

15/07/2011 USD 16,262 19/10/2011 MXN 192,376 2,387

18/08/2011 USD 58,000,000 19/10/2011 MXN 716,764,000 6,297,631

19/09/2011 USD 56,186,164 19/10/2011 MXN 739,185,174 2,858,643

15/07/2011 USD 24,102,765 19/10/2011 PLN 69,237,603 3,117,557

06/09/2011 USD 1,800,000 19/10/2011 PLN 5,450,940 147,654

21/09/2011 USD 1,352,665 19/10/2011 PLN 4,358,287 31,339

15/07/2011 USD 560,967 19/10/2011 ZAR 3,909,438 76,406

21/09/2011 ZAR 3,909,438 19/10/2011 USD 494,240 (9,442)

06/09/2011 KRW 1,405,300,000 28/10/2011 USD 1,300,000 (106,900)

06/09/2011 USD 1,300,000 28/10/2011 KRW 1,404,000,000 108,004

07/07/2011 USD 16,704,216 31/10/2011 IDR 143,840,000,000 416,238

06/09/2011 USD 1,300,000 31/10/2011 IDR 11,173,500,000 34,760

19/09/2011 BRL 94,776,750 03/11/2011 USD 53,120,026 (2,606,482)

12/08/2011 TRY 55,192,460 03/11/2011 USD 30,700,000 (1,221,486)

15/08/2011 TRY 53,799,000 03/11/2011 USD 30,000,000 (1,265,739)

25/08/2011 TRY 62,157,200 03/11/2011 USD 35,000,000 (1,801,591)

29/08/2011 TRY 40,878,103 03/11/2011 USD 23,300,000 (1,466,842)

30/08/2011 TRY 92,198 03/11/2011 USD 52,531 (3,288)

02/08/2011 USD 12,081,098 03/11/2011 TRY 20,946,208 899,817

18/08/2011 USD 61,400,000 03/11/2011 TRY 110,630,520 2,327,764

26/09/2011 EUR 27,380,027 10/11/2011 USD 37,000,000 (319,279)

28/09/2011 EUR 24,950,000 10/11/2011 USD 33,984,894 (559,653)

08/08/2011 USD 76,328,738 10/11/2011 EUR 53,763,423 4,308,930

19/09/2011 HUF 5,876,478,000 23/11/2011 USD 27,400,000 (740,182)

21/09/2011 HUF 5,738,950,000 23/11/2011 USD 26,600,000 (564,106)

19/08/2011 USD 61,295,002 23/11/2011 HUF 11,676,085,000 8,390,602

09/09/2011 EUR 455,499,747 16/12/2011 USD 624,417,271 (14,858,855)

12/09/2011 EUR 57,287 16/12/2011 USD 77,939 (1,277)

13/09/2011 EUR 1,852 16/12/2011 USD 2,532 (54)

15/09/2011 EUR 74,909 16/12/2011 USD 103,654 (3,409)

16/09/2011 EUR 2,937,456 16/12/2011 USD 4,046,296 (115,336)

19/09/2011 EUR 72,981 16/12/2011 USD 99,277 (1,613)

20/09/2011 EUR 9 16/12/2011 USD 12 0


110



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

GEM Debt Total Return (continued)

22/09/2011 EUR 31,336 16/12/2011 USD 42,190 (256)

28/09/2011 EUR 4,646,295 16/12/2011 USD 6,316,396 (98,636)

09/09/2011 USD 17,159 16/12/2011 EUR 12,518 408

12/09/2011 USD 12,378 16/12/2011 EUR 9,098 203

13/09/2011 USD 7,503,962 16/12/2011 EUR 5,489,529 158,180

14/09/2011 USD 1,101,073 16/12/2011 EUR 805,719 22,903

15/09/2011 USD 36,038 16/12/2011 EUR 26,044 1,188

16/09/2011 USD 310,250 16/12/2011 EUR 225,234 8,860

19/09/2011 USD 5,663,049 16/12/2011 EUR 4,163,306 91,872

20/09/2011 USD 26,557 16/12/2011 EUR 19,377 628

21/09/2011 USD 1,802,737 16/12/2011 EUR 1,317,375 39,904

22/09/2011 USD 9,654,177 16/12/2011 EUR 7,172,361 56,132

23/09/2011 USD 33,090,389 16/12/2011 EUR 24,486,912 322,374

26/09/2011 USD 12,059,749 16/12/2011 EUR 8,956,540 74,130

27/09/2011 USD 65,752 16/12/2011 EUR 48,239 1,200

28/09/2011 USD 1,439,675 16/12/2011 EUR 1,058,957 22,617

29/09/2011 USD 2,976,379 16/12/2011 EUR 2,181,483 57,225

19/09/2011 MXN 739,185,174 21/12/2011 USD 55,884,567 (2,920,471)

29/09/2011 MXN 300,000 21/12/2011 USD 22,152 (656)

21/09/2011 USD 490,015 21/12/2011 ZAR 3,909,438 10,012

21/09/2011 PLN 4,358,287 23/12/2011 USD 1,344,943 (33,817)

06/07/2011 RON 8,704,190 09/01/2012 USD 2,915,000 (276,899)

13/07/2011 RON 65,009,593 09/01/2012 USD 20,931,000 (1,227,633)

06/09/2011 RON 5,515,200 09/01/2012 USD 1,800,000 (128,431)

09/09/2011 USD 25,800,000 09/01/2012 RON 80,547,600 1,409,639

23/09/2011 EUR 50,500,000 28/03/2012 USD 68,096,220 (672,914)

27/07/2011 USD 72,071,075 28/03/2012 EUR 50,500,000 4,670,691

USD 7,629,506


111



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

GEM Equity Absolute Return

26/08/2011 EUR 2,129,000 30/09/2011 USD 3,065,515 (192,324)

02/09/2011 EUR 43,600 30/09/2011 USD 62,127 (3,287)

07/09/2011 EUR 379,800 30/09/2011 USD 533,519 (20,960)

26/08/2011 GBP 42,500 30/09/2011 USD 69,082 (2,871)

26/09/2011 USD 94,126 30/09/2011 EUR 69,700 62

28/09/2011 USD 3,384,392 30/09/2011 EUR 2,482,700 33,864

28/09/2011 USD 66,499 30/09/2011 GBP 42,500 288

27/09/2011 EUR 3,500 03/10/2011 USD 4,758 (35)

28/09/2011 EUR 4,400 04/10/2011 USD 5,998 (60)

28/09/2011 EUR 2,469,700 30/11/2011 USD 3,365,127 (38,690)

28/09/2011 GBP 41,300 30/11/2011 USD 64,584 (300)

USD (224,313)


112



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Currency

24/03/2011 AUD 12,550,988 30/09/2011 USD 12,478,707 (274,754)

25/03/2011 AUD 1,088,077 30/09/2011 USD 1,089,408 (31,416)

28/03/2011 AUD 591,029 30/09/2011 USD 593,710 (19,023)

30/03/2011 AUD 916,709 30/09/2011 USD 925,043 (33,681)

31/03/2011 AUD 614,733 30/09/2011 USD 621,833 (24,097)

01/04/2011 AUD 433,085 30/09/2011 USD 438,890 (17,780)

04/04/2011 AUD 252,769 30/09/2011 USD 256,357 (10,577)

06/04/2011 AUD 1,595,278 30/09/2011 USD 1,621,397 (70,229)

07/04/2011 AUD 997,044 30/09/2011 USD 1,022,079 (52,603)

08/04/2011 AUD 1,701,758 30/09/2011 USD 1,754,790 (100,085)

11/04/2011 AUD 277,449 30/09/2011 USD 286,605 (16,827)

15/04/2011 AUD 982,904 30/09/2011 USD 1,013,162 (57,435)

18/04/2011 AUD 422,390 30/09/2011 USD 435,253 (24,542)

20/04/2011 AUD 1,395,476 30/09/2011 USD 1,460,893 (104,002)

21/04/2011 AUD 231,531 30/09/2011 USD 244,414 (19,284)

26/04/2011 AUD 504,050 30/09/2011 USD 531,304 (41,191)

28/04/2011 AUD 8,258,013 30/09/2011 USD 8,821,771 (792,092)

04/05/2011 AUD 76,692 30/09/2011 USD 81,489 (6,918)

09/05/2011 AUD 755,993 30/09/2011 USD 798,323 (63,234)

10/05/2011 AUD 2,680,361 30/09/2011 USD 2,838,561 (232,312)

11/05/2011 AUD 1,796,862 30/09/2011 USD 1,914,030 (166,851)

13/05/2011 AUD 4,774,961 30/09/2011 USD 4,992,847 (349,914)

17/05/2011 AUD 386,556 30/09/2011 USD 402,758 (26,890)

19/05/2011 AUD 546,945 30/09/2011 USD 573,858 (42,036)

20/05/2011 AUD 50,051 30/09/2011 USD 52,574 (3,907)

24/05/2011 AUD 334,795 30/09/2011 USD 347,639 (22,101)

25/05/2011 AUD 593,882 30/09/2011 USD 613,739 (36,277)

26/05/2011 AUD 3,309,981 30/09/2011 USD 3,447,349 (228,889)

27/05/2011 AUD 1,651,082 30/09/2011 USD 1,734,105 (128,675)


113



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Currency (continued)

01/06/2011 AUD 1,084,786 30/09/2011 USD 1,146,302 (91,510)

02/06/2011 AUD 1,674,159 30/09/2011 USD 1,757,581 (129,712)

03/06/2011 AUD 467,920 30/09/2011 USD 491,341 (36,359)

06/06/2011 AUD 2,100,879 30/09/2011 USD 2,221,749 (178,959)

10/06/2011 AUD 528,030 30/09/2011 USD 552,615 (39,185)

14/06/2011 AUD 1,716,860 30/09/2011 USD 1,801,887 (132,499)

15/06/2011 AUD 222,378 30/09/2011 USD 234,243 (18,013)

16/06/2011 AUD 4,569,398 30/09/2011 USD 4,747,668 (304,614)

17/06/2011 AUD 700,374 30/09/2011 USD 733,480 (52,471)

22/06/2011 AUD 110,709 30/09/2011 USD 116,285 (8,638)

24/06/2011 AUD 2,006,791 30/09/2011 USD 2,094,155 (142,851)

28/06/2011 AUD 294,197 30/09/2011 USD 304,229 (18,166)

29/06/2011 AUD 1,591,699 30/09/2011 USD 1,670,272 (122,583)

30/06/2011 AUD 959,451 30/09/2011 USD 1,017,498 (84,576)

06/07/2011 AUD 17,763 30/09/2011 USD 18,781 (1,509)

07/07/2011 AUD 1,658,840 30/09/2011 USD 1,763,443 (150,470)

12/07/2011 AUD 2,590,813 30/09/2011 USD 2,710,797 (191,619)

14/07/2011 AUD 853,219 30/09/2011 USD 907,735 (78,107)

19/07/2011 AUD 226,662 30/09/2011 USD 239,702 (19,307)

20/07/2011 AUD 1,129,584 30/09/2011 USD 1,203,321 (104,970)

22/07/2011 AUD 2,570,748 30/09/2011 USD 2,770,107 (270,440)

25/07/2011 AUD 183,457 30/09/2011 USD 196,962 (18,578)

26/07/2011 AUD 1,637,304 30/09/2011 USD 1,777,359 (185,326)

03/08/2011 AUD 3,221,813 30/09/2011 USD 3,425,477 (292,747)

04/08/2011 AUD 223,646 30/09/2011 USD 234,886 (17,424)

12/08/2011 AUD 9,909,446 30/09/2011 USD 10,190,617 (555,167)

15/08/2011 AUD 1,691,966 30/09/2011 USD 1,751,016 (105,832)

16/08/2011 AUD 192,796 30/09/2011 USD 199,998 (12,533)

17/08/2011 AUD 921,480 30/09/2011 USD 965,991 (69,990)

18/08/2011 AUD 112,503 30/09/2011 USD 117,020 (7,627)

22/08/2011 AUD 31,887 30/09/2011 USD 33,192 (2,187)

23/08/2011 AUD 5,542,457 30/09/2011 USD 5,795,254 (406,046)

24/08/2011 AUD 2,024,620 30/09/2011 USD 2,114,218 (145,578)

25/08/2011 AUD 1,666,343 30/09/2011 USD 1,736,586 (116,317)


114



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


26/08/2011 AUD 1,198,139 30/09/2011 USD 1,253,343 (88,333)

30/08/2011 AUD 982,202 30/09/2011 USD 1,039,959 (84,915)

31/08/2011 AUD 17,255 30/09/2011 USD 18,349 (1,571)

01/09/2011 AUD 118,213 30/09/2011 USD 126,080 (11,135)

06/09/2011 AUD 1,125,839 30/09/2011 USD 1,187,927 (93,217)

07/09/2011 AUD 2,843,358 30/09/2011 USD 3,009,345 (244,606)

09/09/2011 AUD 776,856 30/09/2011 USD 816,584 (61,208)

29/09/2011 CAD 21,112 30/09/2011 USD 20,509 (293)

29/03/2011 CHF 109,075 30/09/2011 USD 118,800 2,300

04/04/2011 CHF 37,863 30/09/2011 USD 41,063 974

05/04/2011 CHF 119,769 30/09/2011 USD 129,814 3,160

12/04/2011 CHF 625,526 30/09/2011 USD 694,493 (4)

19/04/2011 CHF 76,051 30/09/2011 USD 84,680 (245)

27/04/2011 CHF 1,925,249 30/09/2011 USD 2,197,229 (59,725)

03/05/2011 CHF 84,076 30/09/2011 USD 97,109 (3,764)

06/05/2011 CHF 347,650 30/09/2011 USD 398,730 (12,752)

12/05/2011 CHF 842,382 30/09/2011 USD 947,731 (12,478)

16/05/2011 CHF 441,009 30/09/2011 USD 496,551 (6,922)

23/05/2011 CHF 559,950 30/09/2011 USD 634,545 (12,863)

26/05/2011 CHF 6,968,294 30/09/2011 USD 8,024,531 (287,996)

27/05/2011 CHF 455,793 30/09/2011 USD 532,202 (26,159)

01/06/2011 CHF 737,546 30/09/2011 USD 871,750 (52,891)

06/06/2011 CHF 160,213 30/09/2011 USD 191,657 (13,782)

07/06/2011 CHF 325,323 30/09/2011 USD 390,251 (29,062)

10/06/2011 CHF 571,854 30/09/2011 USD 679,598 (44,698)

13/06/2011 CHF 781,398 30/09/2011 USD 934,292 (66,747)

20/06/2011 CHF 520,875 30/09/2011 USD 615,675 (37,374)

21/06/2011 CHF 125,544 30/09/2011 USD 148,954 (9,569)

23/06/2011 CHF 229,107 30/09/2011 USD 272,496 (18,131)

29/06/2011 CHF 24,792 30/09/2011 USD 29,807 (2,282)

30/06/2011 CHF 437,975 30/09/2011 USD 520,334 (34,073)

05/07/2011 CHF 575,984 30/09/2011 USD 682,025 (42,540)

06/07/2011 CHF 1,006,169 30/09/2011 USD 1,198,684 (81,586)

08/07/2011 CHF 321,299 30/09/2011 USD 378,922 (22,201)


115



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


11/07/2011 CHF 1,373,244 30/09/2011 USD 1,641,337 (116,695)

12/07/2011 CHF 1,291,388 30/09/2011 USD 1,550,319 (116,558)

13/07/2011 CHF 365,467 30/09/2011 USD 440,431 (34,672)

14/07/2011 CHF 720,447 30/09/2011 USD 884,060 (84,185)

18/07/2011 CHF 44,732 30/09/2011 USD 54,753 (5,089)

20/07/2011 CHF 630,845 30/09/2011 USD 769,702 (69,307)

21/07/2011 CHF 194,300 30/09/2011 USD 236,684 (20,964)

22/07/2011 CHF 312,713 30/09/2011 USD 381,262 (34,073)

25/07/2011 CHF 285,014 30/09/2011 USD 354,861 (38,425)

26/07/2011 CHF 304,288 30/09/2011 USD 379,572 (41,736)

29/07/2011 CHF 215,588 30/09/2011 USD 269,640 (30,284)

05/08/2011 CHF 3,632,617 30/09/2011 USD 4,791,479 (758,374)

09/08/2011 CHF 419,827 30/09/2011 USD 566,931 (100,819)

15/08/2011 CHF 23,404 30/09/2011 USD 29,779 (3,794)

19/08/2011 CHF 3,353,814 30/09/2011 USD 4,270,656 (547,090)

31/08/2011 CHF 135,792 30/09/2011 USD 168,163 (17,401)

02/09/2011 CHF 125,025 30/09/2011 USD 160,459 (21,651)

07/09/2011 CHF 69,495 30/09/2011 USD 80,847 (3,690)

12/09/2011 CHF 19,306 30/09/2011 USD 21,833 (399)

13/09/2011 CHF 2,445,902 30/09/2011 USD 2,777,079 (61,522)

28/09/2011 CHF 177,254 30/09/2011 USD 197,821 (1,026)

27/05/2011 CZK 221,843 30/09/2011 USD 12,794 (641)

06/06/2011 CZK 2,995,735 30/09/2011 USD 179,472 (15,362)

07/06/2011 CZK 1,672,754 30/09/2011 USD 101,219 (9,584)

08/06/2011 CZK 455,445 30/09/2011 USD 27,479 (2,529)

09/06/2011 CZK 407,569 30/09/2011 USD 24,479 (2,152)

15/06/2011 CZK 601,572 30/09/2011 USD 35,486 (2,531)

20/06/2011 CZK 694,879 30/09/2011 USD 40,958 (2,891)

23/06/2011 CZK 616,696 30/09/2011 USD 35,974 (2,190)

24/06/2011 CZK 494,043 30/09/2011 USD 28,758 (1,694)

11/07/2011 CZK 4,437,433 30/09/2011 USD 259,045 (15,958)

12/07/2011 CZK 2,580,028 30/09/2011 USD 147,900 (6,564)

13/07/2011 CZK 3,632,083 30/09/2011 USD 209,688 (10,719)

15/07/2011 CZK 213,912 30/09/2011 USD 12,357 (639)


116



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


18/07/2011 CZK 1,372,458 30/09/2011 USD 78,629 (3,444)

19/07/2011 CZK 17,232,156 30/09/2011 USD 994,506 (50,511)

20/07/2011 CZK 11,864,761 30/09/2011 USD 689,043 (39,079)

21/07/2011 CZK 2,879,294 30/09/2011 USD 166,984 (9,253)

27/09/2011 CZK 9,887,285 30/09/2011 USD 550,146 (8,511)

28/09/2011 CZK 3,503,031 30/09/2011 USD 194,651 (2,751)

24/03/2011 EUR 1,032,573 30/09/2011 USD 1,453,961 (58,697)

29/03/2011 EUR 171,192 30/09/2011 USD 240,134 (8,811)

30/03/2011 EUR 214,260 30/09/2011 USD 300,738 (11,219)

01/04/2011 EUR 76,502 30/09/2011 USD 107,852 (4,479)

04/04/2011 EUR 111,524 30/09/2011 USD 157,890 (7,194)

08/04/2011 EUR 223,532 30/09/2011 USD 320,559 (18,512)

11/04/2011 EUR 102,092 30/09/2011 USD 146,961 (9,009)

12/04/2011 EUR 184,752 30/09/2011 USD 266,093 (16,447)

13/04/2011 EUR 123,736 30/09/2011 USD 178,672 (11,474)

15/04/2011 EUR 98,496 30/09/2011 USD 141,687 (8,594)

20/04/2011 EUR 46,820 30/09/2011 USD 67,705 (4,439)

28/04/2011 EUR 194,747 30/09/2011 USD 286,833 (23,681)

03/05/2011 EUR 180,787 30/09/2011 USD 265,713 (21,424)

04/05/2011 EUR 319,322 30/09/2011 USD 472,180 (40,696)

05/05/2011 EUR 295,998 30/09/2011 USD 436,916 (36,949)

09/05/2011 EUR 433,600 30/09/2011 USD 621,591 (35,689)

10/05/2011 EUR 370,706 30/09/2011 USD 529,450 (28,533)

11/05/2011 EUR 173,319 30/09/2011 USD 248,147 (13,950)

13/05/2011 EUR 438,826 30/09/2011 USD 622,433 (29,469)

17/05/2011 EUR 172,334 30/09/2011 USD 243,892 (11,026)

19/05/2011 EUR 36,603 30/09/2011 USD 52,057 (2,597)

24/05/2011 EUR 18,712 30/09/2011 USD 26,292 (1,007)

03/06/2011 EUR 456,210 30/09/2011 USD 659,073 (42,620)

06/06/2011 EUR 87,096 30/09/2011 USD 126,766 (9,077)

07/06/2011 EUR 702,917 30/09/2011 USD 1,027,946 (78,129)

08/06/2011 EUR 776,076 30/09/2011 USD 1,131,051 (82,378)

09/06/2011 EUR 591,272 30/09/2011 USD 855,181 (56,225)

14/06/2011 EUR 398,215 30/09/2011 USD 572,718 (34,630)


117



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


15/06/2011 EUR 975,113 30/09/2011 USD 1,389,906 (72,284)

17/06/2011 EUR 401,062 30/09/2011 USD 570,867 (28,932)

20/06/2011 EUR 521,271 30/09/2011 USD 739,711 (35,344)

21/06/2011 EUR 191,300 30/09/2011 USD 273,970 (15,476)

27/06/2011 EUR 806,436 30/09/2011 USD 1,144,147 (54,451)

28/06/2011 EUR 673,223 30/09/2011 USD 958,626 (48,934)

01/07/2011 EUR 891,081 30/09/2011 USD 1,288,141 (84,068)

13/07/2011 EUR 855,984 30/09/2011 USD 1,203,233 (46,584)

15/07/2011 EUR 298,697 30/09/2011 USD 421,753 (18,138)

18/07/2011 EUR 21,342 30/09/2011 USD 29,873 (1,034)

19/07/2011 EUR 307,353 30/09/2011 USD 434,656 (19,346)

20/07/2011 EUR 222,823 30/09/2011 USD 316,259 (15,170)

27/07/2011 EUR 890,668 30/09/2011 USD 1,277,653 (74,138)

28/07/2011 EUR 3,281,163 30/09/2011 USD 4,682,669 (248,998)

01/08/2011 EUR 3,624,676 30/09/2011 USD 5,228,501 (330,657)

04/08/2011 EUR 5,074,401 30/09/2011 USD 7,162,314 (305,530)

05/08/2011 EUR 1,031,437 30/09/2011 USD 1,462,556 (68,827)

09/08/2011 EUR 190,659 30/09/2011 USD 271,767 (14,139)

19/08/2011 EUR 2,760,677 30/09/2011 USD 3,972,159 (241,794)

07/09/2011 EUR 931,204 30/09/2011 USD 1,305,567 (47,277)

08/09/2011 EUR 389,500 30/09/2011 USD 546,905 (20,593)

09/09/2011 EUR 243,133 30/09/2011 USD 335,454 (6,921)

12/09/2011 EUR 414,125 30/09/2011 USD 564,105 (4,519)

13/09/2011 EUR 1,422,134 30/09/2011 USD 1,942,702 (21,043)

28/09/2011 EUR 121,113 30/09/2011 USD 165,161 (1,507)

24/03/2011 GBP 649,687 30/09/2011 USD 1,047,759 (33,955)

25/03/2011 GBP 132,408 30/09/2011 USD 212,599 (5,983)

28/03/2011 GBP 154,153 30/09/2011 USD 245,582 (5,034)

31/03/2011 GBP 143,111 30/09/2011 USD 229,478 (6,161)

01/04/2011 GBP 12,742 30/09/2011 USD 20,380 (497)

04/04/2011 GBP 66,578 30/09/2011 USD 107,145 (3,254)

05/04/2011 GBP 184,134 30/09/2011 USD 298,064 (10,732)

06/04/2011 GBP 48,930 30/09/2011 USD 79,558 (3,205)

08/04/2011 GBP 14,117 30/09/2011 USD 23,017 (988)


118



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


11/04/2011 GBP 63,376 30/09/2011 USD 103,400 (4,505)

13/04/2011 GBP 95,857 30/09/2011 USD 155,606 (6,026)

15/04/2011 GBP 85,734 30/09/2011 USD 139,845 (6,062)

19/04/2011 GBP 63,149 30/09/2011 USD 102,715 (4,174)

20/04/2011 GBP 72,760 30/09/2011 USD 118,869 (5,330)

28/04/2011 GBP 146,529 30/09/2011 USD 243,360 (14,709)

06/05/2011 GBP 218,190 30/09/2011 USD 357,488 (17,013)

10/05/2011 GBP 16,780 30/09/2011 USD 27,364 (1,180)

16/05/2011 GBP 84,775 30/09/2011 USD 136,860 (4,573)

17/05/2011 GBP 28,200 30/09/2011 USD 45,769 (1,765)

23/05/2011 GBP 123,148 30/09/2011 USD 198,411 (6,244)

24/05/2011 GBP 15,347 30/09/2011 USD 24,756 (808)

25/05/2011 GBP 68,748 30/09/2011 USD 111,432 (4,154)

31/05/2011 GBP 115,549 30/09/2011 USD 190,274 (9,965)

01/06/2011 GBP 47,305 30/09/2011 USD 77,561 (3,744)

07/06/2011 GBP 164,152 30/09/2011 USD 269,341 (13,190)

09/06/2011 GBP 714,800 30/09/2011 USD 1,168,467 (53,057)

14/06/2011 GBP 174,269 30/09/2011 USD 285,355 (13,417)

20/06/2011 GBP 128,297 30/09/2011 USD 207,245 (7,044)

21/06/2011 GBP 156,997 30/09/2011 USD 254,048 (9,062)

24/06/2011 GBP 62,508 30/09/2011 USD 99,985 (2,444)

27/06/2011 GBP 210,955 30/09/2011 USD 337,044 (7,860)

01/07/2011 GBP 36,447 30/09/2011 USD 58,349 (1,475)

04/07/2011 GBP 389,185 30/09/2011 USD 624,229 (16,925)

08/07/2011 GBP 463,946 30/09/2011 USD 739,626 (15,661)

11/07/2011 GBP 539,141 30/09/2011 USD 859,476 (18,174)

15/07/2011 GBP 643,791 30/09/2011 USD 1,036,352 (31,749)

27/07/2011 GBP 82,182 30/09/2011 USD 134,166 (5,925)

28/07/2011 GBP 2,303,540 30/09/2011 USD 3,759,225 (164,666)

29/07/2011 GBP 90,715 30/09/2011 USD 147,652 (6,096)

01/08/2011 GBP 1,536,084 30/09/2011 USD 2,523,119 (126,137)

04/08/2011 GBP 1,327,965 30/09/2011 USD 2,164,471 (92,248)

05/08/2011 GBP 1,472,492 30/09/2011 USD 2,410,709 (112,959)

09/08/2011 GBP 119,084 30/09/2011 USD 194,658 (8,833)


119



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


18/08/2011 GBP 155,104 30/09/2011 USD 255,726 (13,694)

19/08/2011 GBP 870,448 30/09/2011 USD 1,441,622 (83,331)

26/08/2011 GBP 133,196 30/09/2011 USD 217,255 (9,409)

31/08/2011 GBP 29,250 30/09/2011 USD 47,616 (1,973)

02/09/2011 GBP 165,012 30/09/2011 USD 267,499 (10,006)

06/09/2011 GBP 34,923 30/09/2011 USD 56,232 (1,736)

07/09/2011 GBP 193,569 30/09/2011 USD 309,298 (7,244)

09/09/2011 GBP 84,257 30/09/2011 USD 134,165 (2,686)

12/09/2011 GBP 347,769 30/09/2011 USD 551,695 (9,019)

13/09/2011 GBP 265 30/09/2011 USD 419 (6)

28/09/2011 GBP 99,811 30/09/2011 USD 156,334 (584)

25/05/2011 HUF 133,900,012 30/09/2011 USD 686,608 (68,688)

26/05/2011 HUF 18,385,277 30/09/2011 USD 95,380 (10,536)

27/05/2011 HUF 1,986,125 30/09/2011 USD 10,358 (1,193)

31/05/2011 HUF 5,835,521 30/09/2011 USD 31,062 (4,133)

01/06/2011 HUF 4,597,689 30/09/2011 USD 24,488 (3,271)

02/06/2011 HUF 34,114,478 30/09/2011 USD 183,092 (25,661)

03/06/2011 HUF 4,280,367 30/09/2011 USD 23,035 (3,282)

09/06/2011 HUF 3,655,308 30/09/2011 USD 19,768 (2,900)

10/06/2011 HUF 8,594,916 30/09/2011 USD 46,383 (6,720)

13/06/2011 HUF 6,143,750 30/09/2011 USD 32,818 (4,465)

16/06/2011 HUF 118,356,093 30/09/2011 USD 613,738 (67,551)

28/06/2011 HUF 3,327,399 30/09/2011 USD 17,453 (2,098)

01/07/2011 HUF 6,622,201 30/09/2011 USD 35,831 (5,271)

06/07/2011 HUF 16,472,911 30/09/2011 USD 88,013 (11,994)

08/07/2011 HUF 6,617,573 30/09/2011 USD 35,532 (4,994)

14/07/2011 HUF 8,078,528 30/09/2011 USD 41,998 (4,717)

15/07/2011 HUF 5,545,316 30/09/2011 USD 28,642 (3,051)

29/03/2011 JPY 6,248,606 30/09/2011 USD 76,287 5,022

30/03/2011 JPY 1,319,043 30/09/2011 USD 15,900 1,263

04/04/2011 JPY 3,351,973 30/09/2011 USD 39,929 3,688

05/04/2011 JPY 1,603,048 30/09/2011 USD 19,031 1,829

11/04/2011 JPY 1,452,068 30/09/2011 USD 17,164 1,731

12/04/2011 JPY 19,213,018 30/09/2011 USD 228,198 21,809


120



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


13/04/2011 JPY 4,219,090 30/09/2011 USD 50,253 4,647

14/04/2011 JPY 10,153,325 30/09/2011 USD 122,058 10,061

18/04/2011 JPY 2,817,637 30/09/2011 USD 34,025 2,639

26/04/2011 JPY 1,685,779 30/09/2011 USD 20,654 1,282

27/04/2011 JPY 101,165,242 30/09/2011 USD 1,230,996 85,402

03/05/2011 JPY 10,427,413 30/09/2011 USD 129,083 6,602

04/05/2011 JPY 5,155,131 30/09/2011 USD 63,639 3,441

05/05/2011 JPY 27,837,653 30/09/2011 USD 348,972 13,262

06/05/2011 JPY 25,606,883 30/09/2011 USD 319,282 13,924

09/05/2011 JPY 12,505,617 30/09/2011 USD 155,008 7,719

10/05/2011 JPY 3,730,159 30/09/2011 USD 46,286 2,252

11/05/2011 JPY 5,883,656 30/09/2011 USD 72,723 3,837

12/05/2011 JPY 5,122,150 30/09/2011 USD 63,365 3,286

13/05/2011 JPY 2,637,902 30/09/2011 USD 32,755 1,570

18/05/2011 JPY 6,933,397 30/09/2011 USD 85,642 4,578

19/05/2011 JPY 4,647,150 30/09/2011 USD 56,806 3,665

20/05/2011 JPY 5,679,235 30/09/2011 USD 69,637 4,264

26/05/2011 JPY 18,939,565 30/09/2011 USD 231,688 14,761

02/06/2011 JPY 3,536,805 30/09/2011 USD 43,808 2,214

03/06/2011 JPY 15,544,787 30/09/2011 USD 193,094 9,180

06/06/2011 JPY 26,009,110 30/09/2011 USD 325,049 13,391

07/06/2011 JPY 22,576,866 30/09/2011 USD 281,626 12,152

08/06/2011 JPY 59,561,419 30/09/2011 USD 747,324 27,711

09/06/2011 JPY 25,063,697 30/09/2011 USD 312,633 13,504

14/06/2011 JPY 5,630,049 30/09/2011 USD 70,247 3,013

15/06/2011 JPY 35,709,900 30/09/2011 USD 442,738 21,932

17/06/2011 JPY 17,893,151 30/09/2011 USD 223,176 9,656

20/06/2011 JPY 30,685,921 30/09/2011 USD 382,488 16,808

22/06/2011 JPY 16,421,523 30/09/2011 USD 205,194 8,489

24/06/2011 JPY 9,865,781 30/09/2011 USD 123,138 5,239

01/07/2011 JPY 29,012,713 30/09/2011 USD 359,470 18,054

04/07/2011 JPY 29,398,571 30/09/2011 USD 363,895 18,650

05/07/2011 JPY 9,969,923 30/09/2011 USD 123,028 6,704

06/07/2011 JPY 26,553,350 30/09/2011 USD 328,289 17,233


121



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


11/07/2011 JPY 62,482,275 30/09/2011 USD 775,164 37,878

12/07/2011 JPY 82,319,806 30/09/2011 USD 1,034,643 36,532

13/07/2011 JPY 35,943,432 30/09/2011 USD 453,895 13,813

14/07/2011 JPY 13,504,857 30/09/2011 USD 171,030 4,700

19/07/2011 JPY 19,234,356 30/09/2011 USD 243,930 6,355

21/07/2011 JPY 15,700,590 30/09/2011 USD 199,235 5,066

25/07/2011 JPY 34,417,403 30/09/2011 USD 440,369 7,482

26/07/2011 JPY 7,767,543 30/09/2011 USD 99,537 1,537

28/07/2011 JPY 45,589,549 30/09/2011 USD 587,144 6,084

01/08/2011 JPY 31,986,862 30/09/2011 USD 414,425 1,799

03/08/2011 JPY 40,807,434 30/09/2011 USD 531,230 (229)

05/08/2011 JPY 256,992,994 30/09/2011 USD 3,279,080 65,005

09/08/2011 JPY 21,159,830 30/09/2011 USD 275,026 313

19/08/2011 JPY 252,075,725 30/09/2011 USD 3,299,524 (19,424)

31/08/2011 JPY 974,863 30/09/2011 USD 12,731 (46)

01/09/2011 JPY 6,469,779 30/09/2011 USD 83,983 204

02/09/2011 JPY 13,417,852 30/09/2011 USD 174,823 (225)

05/09/2011 JPY 2,748,474 30/09/2011 USD 35,783 (19)

08/09/2011 JPY 5,953,805 30/09/2011 USD 77,083 390

12/09/2011 JPY 64,261,820 30/09/2011 USD 835,103 1,095

13/09/2011 JPY 245,825,444 30/09/2011 USD 3,195,231 3,538

28/09/2011 JPY 14,937,760 30/09/2011 USD 195,395 (1,020)

25/05/2011 MXN 21,415,669 30/09/2011 USD 1,807,051 (251,181)

26/05/2011 MXN 3,787,188 30/09/2011 USD 321,027 (45,884)

31/05/2011 MXN 1,600,907 30/09/2011 USD 136,793 (20,485)

01/06/2011 MXN 899,932 30/09/2011 USD 76,967 (11,586)

02/06/2011 MXN 4,353,937 30/09/2011 USD 369,147 (52,829)

03/06/2011 MXN 1,092,145 30/09/2011 USD 92,795 (13,450)

09/06/2011 MXN 1,110,181 30/09/2011 USD 93,137 (12,482)

10/06/2011 MXN 776,698 30/09/2011 USD 65,215 (8,787)

17/06/2011 MXN 423,992 30/09/2011 USD 35,227 (4,424)

21/06/2011 MXN 312,455 30/09/2011 USD 26,165 (3,465)

28/06/2011 MXN 255,193 30/09/2011 USD 21,274 (2,734)

29/06/2011 MXN 294,570 30/09/2011 USD 24,787 (3,386)


122



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


30/06/2011 MXN 310,285 30/09/2011 USD 26,281 (3,739)

01/07/2011 MXN 890,499 30/09/2011 USD 75,562 (10,866)

08/07/2011 MXN 505,436 30/09/2011 USD 43,419 (6,699)

14/07/2011 MXN 549,386 30/09/2011 USD 46,668 (6,755)

24/03/2011 NOK 20,791,390 30/09/2011 USD 3,687,550 (127,191)

28/03/2011 NOK 3,305,774 30/09/2011 USD 582,971 (16,884)

30/03/2011 NOK 1,268,383 30/09/2011 USD 224,356 (7,155)

31/03/2011 NOK 1,081,338 30/09/2011 USD 193,846 (8,676)

01/04/2011 NOK 936,141 30/09/2011 USD 167,676 (7,369)

05/04/2011 NOK 1,321,613 30/09/2011 USD 237,626 (11,311)

06/04/2011 NOK 475,852 30/09/2011 USD 86,539 (5,053)

07/04/2011 NOK 5,339,981 30/09/2011 USD 963,795 (49,366)

08/04/2011 NOK 922,047 30/09/2011 USD 168,556 (10,663)

11/04/2011 NOK 1,579,302 30/09/2011 USD 289,031 (18,588)

13/04/2011 NOK 350,892 30/09/2011 USD 63,950 (3,862)

19/04/2011 NOK 4,080,022 30/09/2011 USD 742,965 (44,294)

20/04/2011 NOK 6,465,047 30/09/2011 USD 1,194,681 (87,593)

21/04/2011 NOK 1,711,083 30/09/2011 USD 317,757 (24,748)

26/04/2011 NOK 2,730,596 30/09/2011 USD 507,207 (39,614)

28/04/2011 NOK 20,567,464 30/09/2011 USD 3,861,226 (339,212)

05/05/2011 NOK 1,835,503 30/09/2011 USD 340,222 (25,907)

09/05/2011 NOK 441,373 30/09/2011 USD 79,968 (4,386)

10/05/2011 NOK 5,152,934 30/09/2011 USD 937,161 (54,762)

11/05/2011 NOK 3,949,410 30/09/2011 USD 722,028 (45,723)

13/05/2011 NOK 12,246,842 30/09/2011 USD 2,205,215 (108,041)

18/05/2011 NOK 2,000,974 30/09/2011 USD 357,251 (14,600)

19/05/2011 NOK 332,824 30/09/2011 USD 59,744 (2,751)

20/05/2011 NOK 454,023 30/09/2011 USD 82,019 (4,271)

24/05/2011 NOK 826,935 30/09/2011 USD 147,218 (5,612)

25/05/2011 NOK 3,844,726 30/09/2011 USD 684,897 (26,518)

27/05/2011 NOK 1,585,667 30/09/2011 USD 287,963 (16,430)

31/05/2011 NOK 5,984,521 30/09/2011 USD 1,101,569 (76,767)

01/06/2011 NOK 255,056 30/09/2011 USD 47,087 (3,410)

02/06/2011 NOK 6,087,180 30/09/2011 USD 1,126,051 (83,670)


123



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


09/06/2011 NOK 1,799,066 30/09/2011 USD 328,970 (20,894)

10/06/2011 NOK 1,573,956 30/09/2011 USD 287,809 (18,282)

14/06/2011 NOK 2,563,424 30/09/2011 USD 469,748 (30,782)

16/06/2011 NOK 2,481,928 30/09/2011 USD 442,928 (17,918)

17/06/2011 NOK 1,924,610 30/09/2011 USD 346,536 (16,962)

23/06/2011 NOK 12,445,281 30/09/2011 USD 2,252,886 (121,731)

24/06/2011 NOK 270,270 30/09/2011 USD 48,983 (2,702)

27/06/2011 NOK 3,772,672 30/09/2011 USD 683,278 (37,238)

28/06/2011 NOK 3,148,317 30/09/2011 USD 572,998 (33,874)

29/06/2011 NOK 1,062,479 30/09/2011 USD 195,712 (13,771)

30/06/2011 NOK 1,996,298 30/09/2011 USD 370,330 (28,480)

04/07/2011 NOK 2,984,509 30/09/2011 USD 554,474 (43,400)

07/07/2011 NOK 3,185,684 30/09/2011 USD 585,304 (39,781)

15/07/2011 NOK 1,637,351 30/09/2011 USD 293,502 (13,118)

18/07/2011 NOK 3,105,160 30/09/2011 USD 552,694 (20,960)

19/07/2011 NOK 2,137,341 30/09/2011 USD 383,869 (17,866)

21/07/2011 NOK 706,627 30/09/2011 USD 127,949 (6,945)

22/07/2011 NOK 3,731,080 30/09/2011 USD 688,686 (49,769)

26/07/2011 NOK 3,103,845 30/09/2011 USD 576,492 (44,983)

27/07/2011 NOK 3,691,085 30/09/2011 USD 681,373 (49,304)

28/07/2011 NOK 1,369,913 30/09/2011 USD 252,248 (17,661)

03/08/2011 NOK 23,531,693 30/09/2011 USD 4,363,965 (334,350)

04/08/2011 NOK 20,951,534 30/09/2011 USD 3,810,721 (222,938)

12/08/2011 NOK 42,659,342 30/09/2011 USD 7,748,705 (443,634)

15/08/2011 NOK 7,757,719 30/09/2011 USD 1,402,942 (74,495)

16/08/2011 NOK 2,644,717 30/09/2011 USD 482,072 (29,185)

17/08/2011 NOK 1,990,076 30/09/2011 USD 367,543 (26,758)

18/08/2011 NOK 1,379,452 30/09/2011 USD 253,739 (17,519)

22/08/2011 NOK 215,405 30/09/2011 USD 39,537 (2,650)

23/08/2011 NOK 21,909,530 30/09/2011 USD 4,055,087 (303,255)

24/08/2011 NOK 8,528,392 30/09/2011 USD 1,570,153 (109,734)

25/08/2011 NOK 5,908,264 30/09/2011 USD 1,091,599 (79,856)

26/08/2011 NOK 5,549,126 30/09/2011 USD 1,028,184 (77,941)

30/08/2011 NOK 2,484,177 30/09/2011 USD 459,579 (34,184)


124



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


31/08/2011 NOK 735,365 30/09/2011 USD 137,051 (11,125)

05/09/2011 NOK 639,401 30/09/2011 USD 117,645 (8,152)

06/09/2011 NOK 3,577,585 30/09/2011 USD 659,140 (46,507)

28/09/2011 NOK 541,126 30/09/2011 USD 94,405 (1,741)

29/03/2011 NZD 500,000 30/09/2011 USD 371,139 11,036

05/04/2011 NZD 557,277 30/09/2011 USD 423,387 2,567

11/04/2011 NZD 56,357 30/09/2011 USD 43,654 (578)

12/04/2011 NZD 1,166,693 30/09/2011 USD 905,981 (14,220)

13/04/2011 NZD 282,071 30/09/2011 USD 220,213 (4,612)

14/04/2011 NZD 213,836 30/09/2011 USD 166,849 (3,403)

19/04/2011 NZD 689,979 30/09/2011 USD 537,503 (10,118)

27/04/2011 NZD 1,147,131 30/09/2011 USD 915,081 (38,272)

05/05/2011 NZD 601,277 30/09/2011 USD 469,164 (9,578)

06/05/2011 NZD 121,977 30/09/2011 USD 94,988 (1,755)

12/05/2011 NZD 1,183,539 30/09/2011 USD 920,133 (15,495)

18/05/2011 NZD 316,035 30/09/2011 USD 247,211 (5,650)

20/05/2011 NZD 95,567 30/09/2011 USD 75,375 (2,328)

23/05/2011 NZD 328,975 30/09/2011 USD 257,469 (6,017)

24/05/2011 NZD 81,053 30/09/2011 USD 64,194 (2,241)

25/05/2011 NZD 140,934 30/09/2011 USD 111,391 (3,669)

27/05/2011 NZD 78,671 30/09/2011 USD 63,554 (3,422)

31/05/2011 NZD 1,945,990 30/09/2011 USD 1,588,336 (100,919)

01/06/2011 NZD 254,100 30/09/2011 USD 207,409 (13,188)

06/06/2011 NZD 168,613 30/09/2011 USD 136,669 (7,790)

07/06/2011 NZD 1,720,639 30/09/2011 USD 1,403,126 (87,956)

09/06/2011 NZD 1,869,573 30/09/2011 USD 1,531,693 (102,684)

17/06/2011 NZD 312,717 30/09/2011 USD 250,812 (11,787)

20/06/2011 NZD 346,905 30/09/2011 USD 277,633 (12,476)

21/06/2011 NZD 184,548 30/09/2011 USD 148,936 (7,877)

22/06/2011 NZD 174,280 30/09/2011 USD 141,611 (8,400)

23/06/2011 NZD 446,119 30/09/2011 USD 359,990 (18,999)

24/06/2011 NZD 30,988 30/09/2011 USD 25,081 (1,395)

07/07/2011 NZD 211,699 30/09/2011 USD 174,293 (12,481)

11/07/2011 NZD 1,010,513 30/09/2011 USD 837,194 (64,808)


125



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


13/07/2011 NZD 93,387 30/09/2011 USD 76,724 (5,344)

14/07/2011 NZD 621,606 30/09/2011 USD 520,907 (45,783)

15/07/2011 NZD 192,628 30/09/2011 USD 161,115 (13,879)

18/07/2011 NZD 1,302,534 30/09/2011 USD 1,093,259 (97,667)

19/07/2011 NZD 339,152 30/09/2011 USD 287,197 (27,967)

20/07/2011 NZD 259,990 30/09/2011 USD 221,278 (22,555)

21/07/2011 NZD 338,171 30/09/2011 USD 288,212 (29,731)

22/07/2011 NZD 14,026 30/09/2011 USD 12,086 (1,365)

25/07/2011 NZD 749,639 30/09/2011 USD 645,152 (72,166)

26/07/2011 NZD 178,196 30/09/2011 USD 154,842 (18,638)

27/07/2011 NZD 140,383 30/09/2011 USD 121,658 (14,357)

03/08/2011 NZD 1,711,786 30/09/2011 USD 1,473,469 (165,066)

12/08/2011 NZD 2,433,335 30/09/2011 USD 2,008,436 (148,516)

16/08/2011 NZD 672,915 30/09/2011 USD 556,578 (42,236)

18/08/2011 NZD 405,217 30/09/2011 USD 336,209 (26,482)

23/08/2011 NZD 643,664 30/09/2011 USD 534,507 (42,522)

24/08/2011 NZD 400,646 30/09/2011 USD 331,053 (24,820)

25/08/2011 NZD 518,356 30/09/2011 USD 429,598 (33,392)

26/08/2011 NZD 176,309 30/09/2011 USD 146,690 (11,928)

05/09/2011 NZD 27,523 30/09/2011 USD 23,017 (1,980)

07/09/2011 NZD 767,147 30/09/2011 USD 635,959 (49,591)

08/09/2011 NZD 301,511 30/09/2011 USD 251,502 (21,042)

09/09/2011 NZD 288,378 30/09/2011 USD 239,298 (18,876)

12/09/2011 NZD 451,375 30/09/2011 USD 369,536 (24,527)

28/09/2011 NZD 81,078 30/09/2011 USD 63,917 (1,945)

25/05/2011 PLN 1,345,188 30/09/2011 USD 471,749 (60,206)

26/05/2011 PLN 277,892 30/09/2011 USD 98,105 (13,088)

01/06/2011 PLN 58,310 30/09/2011 USD 20,961 (3,122)

02/06/2011 PLN 326,562 30/09/2011 USD 117,890 (17,982)

03/06/2011 PLN 87,481 30/09/2011 USD 31,690 (4,926)

08/06/2011 PLN 36,549 30/09/2011 USD 13,356 (2,174)

10/06/2011 PLN 48,317 30/09/2011 USD 17,582 (2,800)

17/06/2011 PLN 72,023 30/09/2011 USD 25,674 (3,640)

24/06/2011 PLN 144,092 30/09/2011 USD 50,807 (6,724)


126



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


28/06/2011 PLN 39,783 30/09/2011 USD 14,024 (1,853)

30/06/2011 PLN 51,287 30/09/2011 USD 18,554 (2,863)

07/07/2011 PLN 64,126 30/09/2011 USD 23,017 (3,399)

08/07/2011 PLN 88,692 30/09/2011 USD 31,862 (4,728)

14/07/2011 PLN 32,336 30/09/2011 USD 11,243 (1,350)

18/07/2011 PLN 83,443 30/09/2011 USD 28,733 (3,205)

21/07/2011 PLN 6,692 30/09/2011 USD 2,360 (312)

24/03/2011 SEK 442,496 30/09/2011 USD 69,237 (4,665)

25/03/2011 SEK 1,484,062 30/09/2011 USD 231,869 (15,306)

29/03/2011 SEK 1,814,453 30/09/2011 USD 281,579 (16,803)

06/04/2011 SEK 740,490 30/09/2011 USD 116,343 (8,286)

14/04/2011 SEK 1,108,789 30/09/2011 USD 175,168 (13,366)

15/04/2011 SEK 1,354,505 30/09/2011 USD 216,084 (18,426)

18/04/2011 SEK 542,611 30/09/2011 USD 85,906 (6,725)

27/04/2011 SEK 5,780,574 30/09/2011 USD 941,166 (97,630)

05/05/2011 SEK 1,336,683 30/09/2011 USD 216,895 (21,839)

06/05/2011 SEK 2,591,636 30/09/2011 USD 413,508 (35,321)

12/05/2011 SEK 5,302,637 30/09/2011 USD 828,064 (54,271)

16/05/2011 SEK 2,927,860 30/09/2011 USD 455,165 (27,914)

17/05/2011 SEK 231,619 30/09/2011 USD 36,306 (2,507)

18/05/2011 SEK 411,061 30/09/2011 USD 64,856 (4,871)

19/05/2011 SEK 832,193 30/09/2011 USD 131,484 (10,045)

20/05/2011 SEK 674,742 30/09/2011 USD 107,082 (8,619)

23/05/2011 SEK 3,232,201 30/09/2011 USD 503,878 (32,216)

26/05/2011 SEK 42,383,768 30/09/2011 USD 6,691,951 (507,058)

27/05/2011 SEK 5,629,563 30/09/2011 USD 892,711 (71,211)

31/05/2011 SEK 7,840,364 30/09/2011 USD 1,260,757 (116,644)

01/06/2011 SEK 621,387 30/09/2011 USD 99,818 (9,142)

02/06/2011 SEK 2,622,176 30/09/2011 USD 420,352 (37,709)

03/06/2011 SEK 1,030,514 30/09/2011 USD 164,854 (14,475)

06/06/2011 SEK 1,013,600 30/09/2011 USD 163,257 (15,346)

08/06/2011 SEK 3,664,814 30/09/2011 USD 588,989 (54,197)

10/06/2011 SEK 2,570,886 30/09/2011 USD 407,229 (32,069)

13/06/2011 SEK 250,155 30/09/2011 USD 39,165 (2,660)


127



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


16/06/2011 SEK 5,385,863 30/09/2011 USD 822,270 (36,332)

17/06/2011 SEK 1,313,356 30/09/2011 USD 202,793 (11,141)

20/06/2011 SEK 3,011,742 30/09/2011 USD 464,391 (24,899)

21/06/2011 SEK 192,808 30/09/2011 USD 30,059 (1,923)

22/06/2011 SEK 5,756,931 30/09/2011 USD 902,351 (62,265)

24/06/2011 SEK 2,507,967 30/09/2011 USD 386,081 (20,103)

29/06/2011 SEK 5,063,886 30/09/2011 USD 788,751 (49,799)

30/06/2011 SEK 2,474,472 30/09/2011 USD 390,614 (29,524)

01/07/2011 SEK 1,775,547 30/09/2011 USD 280,238 (21,139)

05/07/2011 SEK 6,565,244 30/09/2011 USD 1,042,219 (84,179)

06/07/2011 SEK 4,032,450 30/09/2011 USD 632,683 (44,243)

08/07/2011 SEK 4,783,340 30/09/2011 USD 748,058 (50,045)

12/07/2011 SEK 8,957,085 30/09/2011 USD 1,344,799 (37,727)

13/07/2011 SEK 2,400,429 30/09/2011 USD 365,684 (15,399)

14/07/2011 SEK 11,409,847 30/09/2011 USD 1,746,825 (81,831)

19/07/2011 SEK 998,837 30/09/2011 USD 152,916 (7,159)

21/07/2011 SEK 5,274,339 30/09/2011 USD 816,087 (46,424)

22/07/2011 SEK 524,301 30/09/2011 USD 83,010 (6,501)

25/07/2011 SEK 2,743,309 30/09/2011 USD 431,047 (30,727)

26/07/2011 SEK 3,084,446 30/09/2011 USD 489,858 (39,757)

29/07/2011 SEK 4,256,186 30/09/2011 USD 665,889 (44,801)

05/08/2011 SEK 8,876,241 30/09/2011 USD 1,361,959 (66,684)

09/08/2011 SEK 1,795,593 30/09/2011 USD 276,165 (14,141)

19/08/2011 SEK 8,954,376 30/09/2011 USD 1,395,501 (88,825)

30/08/2011 SEK 1,803,007 30/09/2011 USD 282,065 (18,959)

31/08/2011 SEK 95,546 30/09/2011 USD 15,010 (1,067)

01/09/2011 SEK 1,099,747 30/09/2011 USD 172,018 (11,536)

02/09/2011 SEK 1,649,409 30/09/2011 USD 257,480 (16,788)

05/09/2011 SEK 362,325 30/09/2011 USD 56,167 (3,294)

08/09/2011 SEK 440,730 30/09/2011 USD 69,085 (4,771)

13/09/2011 SEK 18,986,224 30/09/2011 USD 2,843,456 (72,873)

28/09/2011 SEK 644,328 30/09/2011 USD 95,635 (1,611)

27/05/2011 SGD 547,501 30/09/2011 USD 442,465 (20,840)

01/06/2011 SGD 46,357 30/09/2011 USD 37,667 (1,968)


128



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


06/06/2011 SGD 189,796 30/09/2011 USD 154,284 (8,124)

07/06/2011 SGD 99,555 30/09/2011 USD 81,052 (4,386)

15/06/2011 SGD 268,754 30/09/2011 USD 217,707 (10,743)

20/06/2011 SGD 192,883 30/09/2011 USD 156,029 (7,492)

23/06/2011 SGD 166,833 30/09/2011 USD 134,867 (6,390)

24/06/2011 SGD 159,549 30/09/2011 USD 128,988 (6,121)

06/07/2011 SGD 146,900 30/09/2011 USD 119,478 (6,352)

11/07/2011 SGD 737,094 30/09/2011 USD 602,683 (35,054)

12/07/2011 SGD 545,963 30/09/2011 USD 444,123 (23,682)

13/07/2011 SGD 267,285 30/09/2011 USD 218,599 (12,765)

15/07/2011 SGD 33,144 30/09/2011 USD 27,184 (1,661)

18/07/2011 SGD 415,686 30/09/2011 USD 341,493 (21,378)

19/07/2011 SGD 2,239,113 30/09/2011 USD 1,841,149 (116,830)

20/07/2011 SGD 1,355,642 30/09/2011 USD 1,116,960 (72,994)

21/07/2011 SGD 355,794 30/09/2011 USD 293,386 (19,393)

28/09/2011 SGD 229,398 30/09/2011 USD 178,561 (1,904)

29/03/2011 USD 1,138,608 30/09/2011 AUD 1,138,347 31,736

05/04/2011 USD 1,133,614 30/09/2011 AUD 1,124,314 40,388

12/04/2011 USD 2,418,093 30/09/2011 AUD 2,353,540 129,628

14/04/2011 USD 546,279 30/09/2011 AUD 531,975 29,013

19/04/2011 USD 1,623,322 30/09/2011 AUD 1,577,575 89,366

27/04/2011 USD 15,785,379 30/09/2011 AUD 14,879,262 1,317,529

03/05/2011 USD 731,689 30/09/2011 AUD 686,630 64,045

05/05/2011 USD 314,708 30/09/2011 AUD 300,194 22,815

06/05/2011 USD 2,163,484 30/09/2011 AUD 2,066,460 154,162

12/05/2011 USD 6,468,421 30/09/2011 AUD 6,228,841 411,807

16/05/2011 USD 590,620 30/09/2011 AUD 570,768 35,634

18/05/2011 USD 413,189 30/09/2011 AUD 396,242 27,903

23/05/2011 USD 1,403,392 30/09/2011 AUD 1,355,591 85,283

31/05/2011 USD 1,552,806 30/09/2011 AUD 1,479,761 113,961

07/06/2011 USD 3,610,411 30/09/2011 AUD 3,420,427 284,559

08/06/2011 USD 1,479,890 30/09/2011 AUD 1,415,303 103,720

09/06/2011 USD 1,984,757 30/09/2011 AUD 1,897,713 139,516

13/06/2011 USD 447,344 30/09/2011 AUD 429,200 30,011


129



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


20/06/2011 USD 1,326,183 30/09/2011 AUD 1,275,705 85,750

21/06/2011 USD 141,588 30/09/2011 AUD 135,522 9,813

23/06/2011 USD 971,739 30/09/2011 AUD 935,190 62,407

27/06/2011 USD 1,439,954 30/09/2011 AUD 1,393,016 85,455

01/07/2011 USD 329,954 30/09/2011 AUD 311,465 27,101

04/07/2011 USD 297,264 30/09/2011 AUD 280,333 24,682

05/07/2011 USD 267,169 30/09/2011 AUD 252,407 21,741

08/07/2011 USD 40,445 30/09/2011 AUD 37,951 3,544

11/07/2011 USD 1,782,920 30/09/2011 AUD 1,684,164 145,323

13/07/2011 USD 2,086,965 30/09/2011 AUD 1,974,498 167,062

15/07/2011 USD 3,628,065 30/09/2011 AUD 3,436,075 286,998

18/07/2011 USD 1,045,357 30/09/2011 AUD 993,994 78,847

21/07/2011 USD 821,022 30/09/2011 AUD 772,871 69,521

27/07/2011 USD 744,958 30/09/2011 AUD 681,034 82,754

28/07/2011 USD 7,426,841 30/09/2011 AUD 6,779,426 834,866

29/07/2011 USD 2,114,725 30/09/2011 AUD 1,949,224 219,397

01/08/2011 USD 5,716,721 30/09/2011 AUD 5,208,023 652,701

05/08/2011 USD 11,134,966 30/09/2011 AUD 10,721,585 709,833

09/08/2011 USD 1,276,094 30/09/2011 AUD 1,260,219 50,720

19/08/2011 USD 12,682,273 30/09/2011 AUD 12,207,993 811,832

02/09/2011 USD 284,426 30/09/2011 AUD 266,558 25,238

05/09/2011 USD 79,109 30/09/2011 AUD 75,077 6,108

08/09/2011 USD 576,524 30/09/2011 AUD 543,859 47,702

12/09/2011 USD 1,850,586 30/09/2011 AUD 1,794,892 105,322

13/09/2011 USD 14,857,471 30/09/2011 AUD 14,445,062 811,815

28/09/2011 USD 18,288 30/09/2011 AUD 18,440 358

27/04/2011 USD 1,045,774 30/09/2011 CAD 1,000,000 88,195

24/03/2011 USD 1,519,191 30/09/2011 CHF 1,375,000 (7,400)

25/03/2011 USD 115,022 30/09/2011 CHF 104,885 (1,427)

28/03/2011 USD 152,058 30/09/2011 CHF 139,519 (2,843)

30/03/2011 USD 163,101 30/09/2011 CHF 150,005 (3,441)

31/03/2011 USD 10,780 30/09/2011 CHF 9,847 (152)

01/04/2011 USD 118,786 30/09/2011 CHF 109,483 (2,767)

06/04/2011 USD 216,517 30/09/2011 CHF 198,241 (3,579)


130



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


07/04/2011 USD 308,247 30/09/2011 CHF 282,608 (5,517)

08/04/2011 USD 151,932 30/09/2011 CHF 138,574 (1,919)

11/04/2011 USD 103,759 30/09/2011 CHF 94,265 (899)

13/04/2011 USD 19,795 30/09/2011 CHF 17,755 82

15/04/2011 USD 51,819 30/09/2011 CHF 46,243 477

18/04/2011 USD 148,475 30/09/2011 CHF 133,177 615

20/04/2011 USD 269,535 30/09/2011 CHF 240,191 2,864

21/04/2011 USD 272,118 30/09/2011 CHF 240,169 5,471

26/04/2011 USD 97,272 30/09/2011 CHF 85,261 2,612

28/04/2011 USD 1,369,538 30/09/2011 CHF 1,198,184 39,256

04/05/2011 USD 129,600 30/09/2011 CHF 111,700 5,586

05/05/2011 USD 186,004 30/09/2011 CHF 159,603 8,806

09/05/2011 USD 305,107 30/09/2011 CHF 267,195 8,455

10/05/2011 USD 716,447 30/09/2011 CHF 627,707 19,537

11/05/2011 USD 472,128 30/09/2011 CHF 414,901 11,485

13/05/2011 USD 1,465,321 30/09/2011 CHF 1,298,736 23,402

17/05/2011 USD 17,019 30/09/2011 CHF 15,072 285

19/05/2011 USD 127,871 30/09/2011 CHF 112,897 2,528

20/05/2011 USD 25,858 30/09/2011 CHF 22,770 577

24/05/2011 USD 63,309 30/09/2011 CHF 55,648 1,526

25/05/2011 USD 43,507 30/09/2011 CHF 38,099 1,208

31/05/2011 USD 359,146 30/09/2011 CHF 306,089 19,311

02/06/2011 USD 274,437 30/09/2011 CHF 230,547 18,473

03/06/2011 USD 292,316 30/09/2011 CHF 245,802 19,414

08/06/2011 USD 1,206,713 30/09/2011 CHF 1,008,892 86,593

09/06/2011 USD 752,360 30/09/2011 CHF 633,367 49,165

14/06/2011 USD 612,516 30/09/2011 CHF 513,729 42,150

15/06/2011 USD 1,201,535 30/09/2011 CHF 1,021,235 67,711

16/06/2011 USD 874,279 30/09/2011 CHF 741,615 50,902

17/06/2011 USD 572,149 30/09/2011 CHF 485,193 33,464

22/06/2011 USD 73,314 30/09/2011 CHF 61,275 5,283

24/06/2011 USD 27,626 30/09/2011 CHF 23,068 2,014

27/06/2011 USD 657,960 30/09/2011 CHF 548,225 49,295

28/06/2011 USD 503,081 30/09/2011 CHF 418,915 37,981


131



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


01/07/2011 USD 1,809,987 30/09/2011 CHF 1,529,381 111,995

04/07/2011 USD 898,358 30/09/2011 CHF 762,125 52,211

07/07/2011 USD 16,305 30/09/2011 CHF 13,742 1,048

15/07/2011 USD 113,766 30/09/2011 CHF 92,827 10,705

19/07/2011 USD 570,395 30/09/2011 CHF 467,085 51,815

27/07/2011 USD 776,394 30/09/2011 CHF 621,910 85,919

28/07/2011 USD 2,868,586 30/09/2011 CHF 2,296,389 319,025

01/08/2011 USD 2,596,459 30/09/2011 CHF 2,041,271 330,142

03/08/2011 USD 4,272,068 30/09/2011 CHF 3,265,351 646,719

04/08/2011 USD 4,199,623 30/09/2011 CHF 3,227,309 616,509

12/08/2011 USD 3,302,942 30/09/2011 CHF 2,544,765 477,622

16/08/2011 USD 479,026 30/09/2011 CHF 373,639 64,195

17/08/2011 USD 353,144 30/09/2011 CHF 277,994 44,502

18/08/2011 USD 370,472 30/09/2011 CHF 294,239 43,793

23/08/2011 USD 1,243,686 30/09/2011 CHF 978,354 157,470

24/08/2011 USD 543,742 30/09/2011 CHF 428,459 68,046

25/08/2011 USD 630,937 30/09/2011 CHF 500,390 75,379

26/08/2011 USD 302,638 30/09/2011 CHF 240,401 35,733

30/08/2011 USD 343,695 30/09/2011 CHF 282,107 30,486

05/09/2011 USD 35,767 30/09/2011 CHF 28,124 4,542

06/09/2011 USD 68,854 30/09/2011 CHF 58,383 4,034

08/09/2011 USD 95,688 30/09/2011 CHF 82,655 3,920

09/09/2011 USD 47,031 30/09/2011 CHF 41,384 1,085

25/05/2011 USD 740,131 30/09/2011 CZK 12,934,770 31,552

26/05/2011 USD 44,821 30/09/2011 CZK 779,448 2,122

02/06/2011 USD 152,117 30/09/2011 CZK 2,581,278 10,712

03/06/2011 USD 28,684 30/09/2011 CZK 484,458 2,145

13/06/2011 USD 57,132 30/09/2011 CZK 960,607 4,509

16/06/2011 USD 1,722,342 30/09/2011 CZK 29,702,971 95,183

21/06/2011 USD 14,052 30/09/2011 CZK 236,422 1,101

27/06/2011 USD 17,670 30/09/2011 CZK 303,741 1,031

28/06/2011 USD 47,215 30/09/2011 CZK 807,454 2,982

30/06/2011 USD 26,048 30/09/2011 CZK 436,701 2,125

01/07/2011 USD 56,334 30/09/2011 CZK 945,889 4,517


132



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


06/07/2011 USD 37,296 30/09/2011 CZK 631,828 2,683

07/07/2011 USD 26,111 30/09/2011 CZK 443,512 1,815

08/07/2011 USD 22,597 30/09/2011 CZK 383,578 1,585

14/07/2011 USD 42,857 30/09/2011 CZK 740,002 2,319

25/03/2011 USD 15,027 30/09/2011 EUR 10,651 635

28/03/2011 USD 179,522 30/09/2011 EUR 128,303 6,153

05/04/2011 USD 227,510 30/09/2011 EUR 161,242 9,632

07/04/2011 USD 89,486 30/09/2011 EUR 62,971 4,397

14/04/2011 USD 324,360 30/09/2011 EUR 226,199 18,708

18/04/2011 USD 66,845 30/09/2011 EUR 47,007 3,327

19/04/2011 USD 473,246 30/09/2011 EUR 332,987 23,297

21/04/2011 USD 94,940 30/09/2011 EUR 65,201 6,838

26/04/2011 USD 240,357 30/09/2011 EUR 165,272 17,033

27/04/2011 USD 1,522,243 30/09/2011 EUR 1,042,384 113,722

06/05/2011 USD 557,451 30/09/2011 EUR 385,732 36,230

12/05/2011 USD 1,146,350 30/09/2011 EUR 814,030 46,392

16/05/2011 USD 180,495 30/09/2011 EUR 128,445 6,933

18/05/2011 USD 177,933 30/09/2011 EUR 125,251 8,687

20/05/2011 USD 93,948 30/09/2011 EUR 66,067 4,675

23/05/2011 USD 864,759 30/09/2011 EUR 619,501 27,658

25/05/2011 USD 207,538 30/09/2011 EUR 147,975 7,587

26/05/2011 USD 9,919,074 30/09/2011 EUR 7,022,985 429,266

27/05/2011 USD 1,405,085 30/09/2011 EUR 991,226 65,691

31/05/2011 USD 540,101 30/09/2011 EUR 376,308 31,614

01/06/2011 USD 764,969 30/09/2011 EUR 533,171 44,522

02/06/2011 USD 129,991 30/09/2011 EUR 90,125 8,209

10/06/2011 USD 1,259,805 30/09/2011 EUR 873,500 79,488

13/06/2011 USD 569,976 30/09/2011 EUR 398,020 32,152

16/06/2011 USD 2,530,267 30/09/2011 EUR 1,798,214 100,430

22/06/2011 USD 320,398 30/09/2011 EUR 222,644 19,550

23/06/2011 USD 953,266 30/09/2011 EUR 672,082 45,115

24/06/2011 USD 927,675 30/09/2011 EUR 654,435 43,369

29/06/2011 USD 825,081 30/09/2011 EUR 573,556 50,063

30/06/2011 USD 719,250 30/09/2011 EUR 496,516 48,333


133



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


04/07/2011 USD 27,127 30/09/2011 EUR 18,729 1,820

05/07/2011 USD 499,644 30/09/2011 EUR 346,376 31,603

06/07/2011 USD 388,262 30/09/2011 EUR 271,715 21,107

07/07/2011 USD 484,582 30/09/2011 EUR 339,884 25,314

08/07/2011 USD 380,075 30/09/2011 EUR 267,044 19,232

11/07/2011 USD 968,377 30/09/2011 EUR 687,694 39,130

12/07/2011 USD 2,315,559 30/09/2011 EUR 1,667,547 62,286

14/07/2011 USD 2,092,033 30/09/2011 EUR 1,478,847 93,741

21/07/2011 USD 1,034,864 30/09/2011 EUR 732,054 45,677

22/07/2011 USD 503,312 30/09/2011 EUR 350,289 29,984

25/07/2011 USD 376,411 30/09/2011 EUR 262,443 21,785

26/07/2011 USD 1,276,596 30/09/2011 EUR 883,642 82,575

03/08/2011 USD 2,561,039 30/09/2011 EUR 1,794,410 136,343

12/08/2011 USD 2,569,242 30/09/2011 EUR 1,799,592 137,543

15/08/2011 USD 1,059,111 30/09/2011 EUR 741,438 57,243

16/08/2011 USD 248,185 30/09/2011 EUR 172,763 14,739

18/08/2011 USD 249,072 30/09/2011 EUR 173,477 14,661

22/08/2011 USD 19,385 30/09/2011 EUR 13,454 1,205

23/08/2011 USD 1,612,712 30/09/2011 EUR 1,113,820 107,663

24/08/2011 USD 578,431 30/09/2011 EUR 400,259 37,581

25/08/2011 USD 55,705 30/09/2011 EUR 38,577 3,578

26/08/2011 USD 555,501 30/09/2011 EUR 385,189 35,014

30/08/2011 USD 530,196 30/09/2011 EUR 368,328 32,493

31/08/2011 USD 20,293 30/09/2011 EUR 14,061 1,293

01/09/2011 USD 172,208 30/09/2011 EUR 120,624 9,215

02/09/2011 USD 536,711 30/09/2011 EUR 376,562 27,881

05/09/2011 USD 174,094 30/09/2011 EUR 123,232 7,577

06/09/2011 USD 393,640 30/09/2011 EUR 277,631 18,491

29/03/2011 USD 182,687 30/09/2011 GBP 114,579 3,892

07/04/2011 USD 232,039 30/09/2011 GBP 142,508 9,663

12/04/2011 USD 915,178 30/09/2011 GBP 564,069 34,976

14/04/2011 USD 57,380 30/09/2011 GBP 35,286 2,318

18/04/2011 USD 117,388 30/09/2011 GBP 72,345 4,497

21/04/2011 USD 387,671 30/09/2011 GBP 234,606 21,580


134



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


26/04/2011 USD 48,271 30/09/2011 GBP 29,353 2,467

27/04/2011 USD 916,306 30/09/2011 GBP 554,304 51,342

03/05/2011 USD 576,390 30/09/2011 GBP 350,540 29,390

04/05/2011 USD 95,204 30/09/2011 GBP 57,764 5,066

05/05/2011 USD 57,986 30/09/2011 GBP 35,219 3,028

09/05/2011 USD 29,497 30/09/2011 GBP 18,040 1,346

11/05/2011 USD 117,523 30/09/2011 GBP 71,446 6,035

12/05/2011 USD 112,652 30/09/2011 GBP 69,439 4,296

13/05/2011 USD 286,903 30/09/2011 GBP 176,909 10,846

18/05/2011 USD 105,861 30/09/2011 GBP 65,547 3,578

19/05/2011 USD 71,251 30/09/2011 GBP 44,098 2,438

20/05/2011 USD 44,464 30/09/2011 GBP 27,418 1,679

26/05/2011 USD 995,815 30/09/2011 GBP 611,436 41,699

27/05/2011 USD 159,987 30/09/2011 GBP 97,616 7,662

02/06/2011 USD 553,494 30/09/2011 GBP 338,359 25,502

03/06/2011 USD 635,882 30/09/2011 GBP 390,399 26,683

06/06/2011 USD 581,213 30/09/2011 GBP 354,719 27,692

08/06/2011 USD 389,842 30/09/2011 GBP 238,317 17,960

15/06/2011 USD 265,633 30/09/2011 GBP 163,600 10,343

16/06/2011 USD 2,497,550 30/09/2011 GBP 1,551,145 77,066

17/06/2011 USD 712,279 30/09/2011 GBP 440,989 24,138

22/06/2011 USD 877,114 30/09/2011 GBP 544,224 27,880

23/06/2011 USD 201,062 30/09/2011 GBP 125,924 4,563

28/06/2011 USD 150,457 30/09/2011 GBP 94,351 3,227

29/06/2011 USD 211,452 30/09/2011 GBP 132,088 5,335

30/06/2011 USD 787,723 30/09/2011 GBP 490,955 21,612

05/07/2011 USD 1,439,057 30/09/2011 GBP 894,973 42,496

06/07/2011 USD 439,518 30/09/2011 GBP 274,950 10,472

07/07/2011 USD 454,763 30/09/2011 GBP 284,765 10,402

12/07/2011 USD 694,901 30/09/2011 GBP 439,930 8,412

13/07/2011 USD 155,466 30/09/2011 GBP 97,500 3,322

14/07/2011 USD 897,428 30/09/2011 GBP 557,675 27,205

18/07/2011 USD 327,513 30/09/2011 GBP 204,035 9,127

19/07/2011 USD 470,341 30/09/2011 GBP 292,108 14,521


135



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


20/07/2011 USD 970,777 30/09/2011 GBP 601,917 31,515

21/07/2011 USD 205,061 30/09/2011 GBP 126,978 6,918

22/07/2011 USD 929,310 30/09/2011 GBP 570,237 39,484

25/07/2011 USD 550,348 30/09/2011 GBP 338,214 22,582

26/07/2011 USD 302,944 30/09/2011 GBP 184,828 14,529

03/08/2011 USD 301,862 30/09/2011 GBP 184,355 14,186

12/08/2011 USD 1,432,753 30/09/2011 GBP 879,562 60,240

15/08/2011 USD 72,957 30/09/2011 GBP 44,755 3,119

16/08/2011 USD 31,460 30/09/2011 GBP 19,199 1,501

17/08/2011 USD 137,758 30/09/2011 GBP 83,843 6,925

22/08/2011 USD 16,621 30/09/2011 GBP 10,079 893

23/08/2011 USD 430,231 30/09/2011 GBP 260,237 24,145

24/08/2011 USD 88,781 30/09/2011 GBP 53,778 4,863

25/08/2011 USD 418,937 30/09/2011 GBP 256,002 19,459

30/08/2011 USD 71,719 30/09/2011 GBP 43,952 3,135

01/09/2011 USD 80,337 30/09/2011 GBP 49,583 2,966

05/09/2011 USD 46,324 30/09/2011 GBP 28,719 1,509

08/09/2011 USD 334,305 30/09/2011 GBP 209,412 7,528

13/09/2011 USD 83,072 30/09/2011 GBP 52,472 1,192

06/06/2011 USD 53,154 30/09/2011 HUF 9,827,307 7,803

07/06/2011 USD 61,992 30/09/2011 HUF 11,376,000 9,494

08/06/2011 USD 32,935 30/09/2011 HUF 6,071,186 4,917

15/06/2011 USD 92,457 30/09/2011 HUF 17,409,561 12,115

17/06/2011 USD 19,413 30/09/2011 HUF 3,675,215 2,453

20/06/2011 USD 37,003 30/09/2011 HUF 7,062,846 4,410

21/06/2011 USD 26,381 30/09/2011 HUF 4,958,685 3,498

24/06/2011 USD 20,325 30/09/2011 HUF 3,891,997 2,364

27/06/2011 USD 21,143 30/09/2011 HUF 4,038,125 2,508

29/06/2011 USD 10,972 30/09/2011 HUF 2,054,711 1,490

30/06/2011 USD 18,690 30/09/2011 HUF 3,452,825 2,756

11/07/2011 USD 121,760 30/09/2011 HUF 23,108,574 15,119

12/07/2011 USD 73,337 30/09/2011 HUF 14,330,930 7,203

13/07/2011 USD 96,867 30/09/2011 HUF 18,646,953 10,815

18/07/2011 USD 73,019 30/09/2011 HUF 14,320,372 6,934


136



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


19/07/2011 USD 716,687 30/09/2011 HUF 138,103,470 79,370

20/07/2011 USD 443,579 30/09/2011 HUF 84,549,629 53,401

21/07/2011 USD 102,829 30/09/2011 HUF 19,635,077 12,218

28/09/2011 USD 97,797 30/09/2011 HUF 20,705,650 2,245

24/03/2011 USD 985,437 30/09/2011 JPY 79,592,102 (50,244)

25/03/2011 USD 31,418 30/09/2011 JPY 2,548,493 (1,744)

28/03/2011 USD 136,023 30/09/2011 JPY 11,098,670 (8,397)

31/03/2011 USD 16,982 30/09/2011 JPY 1,405,051 (1,301)

01/04/2011 USD 66,824 30/09/2011 JPY 5,584,532 (5,844)

06/04/2011 USD 15,856 30/09/2011 JPY 1,349,356 (1,702)

07/04/2011 USD 95,045 30/09/2011 JPY 8,063,662 (9,882)

08/04/2011 USD 138,700 30/09/2011 JPY 11,815,479 (15,047)

15/04/2011 USD 62,376 30/09/2011 JPY 5,187,917 (5,131)

19/04/2011 USD 268,192 30/09/2011 JPY 22,122,612 (19,675)

20/04/2011 USD 232,844 30/09/2011 JPY 19,251,911 (17,669)

21/04/2011 USD 18,449 30/09/2011 JPY 1,511,217 (1,216)

28/04/2011 USD 724,849 30/09/2011 JPY 59,232,588 (45,906)

16/05/2011 USD 84,558 30/09/2011 JPY 6,830,363 (4,322)

17/05/2011 USD 66,617 30/09/2011 JPY 5,437,834 (4,142)

23/05/2011 USD 129,015 30/09/2011 JPY 10,547,663 (8,235)

24/05/2011 USD 98,660 30/09/2011 JPY 8,064,504 (6,278)

25/05/2011 USD 130,969 30/09/2011 JPY 10,740,868 (8,795)

27/05/2011 USD 123,814 30/09/2011 JPY 10,035,317 (6,769)

31/05/2011 USD 1,042,368 30/09/2011 JPY 84,874,990 (62,056)

01/06/2011 USD 289,069 30/09/2011 JPY 23,488,637 (16,573)

10/06/2011 USD 556,903 30/09/2011 JPY 44,587,362 (23,284)

13/06/2011 USD 512,220 30/09/2011 JPY 41,128,364 (22,957)

16/06/2011 USD 2,707,795 30/09/2011 JPY 218,392,581 (134,008)

21/06/2011 USD 62,228 30/09/2011 JPY 4,987,227 (2,668)

23/06/2011 USD 272,541 30/09/2011 JPY 21,959,676 (13,206)

27/06/2011 USD 395,683 30/09/2011 JPY 31,915,660 (19,615)

28/06/2011 USD 214,629 30/09/2011 JPY 17,336,426 (10,959)

29/06/2011 USD 343,860 30/09/2011 JPY 27,861,986 (18,691)

30/06/2011 USD 34,155 30/09/2011 JPY 2,753,344 (1,672)


137



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


07/07/2011 USD 114,464 30/09/2011 JPY 9,265,933 (6,108)

08/07/2011 USD 663,527 30/09/2011 JPY 53,992,284 (39,040)

14/07/2011 USD 0 30/09/2011 JPY 1 0

15/07/2011 USD 313,014 30/09/2011 JPY 24,735,225 (8,850)

18/07/2011 USD 54,776 30/09/2011 JPY 4,329,610 (1,563)

20/07/2011 USD 619,942 30/09/2011 JPY 48,848,549 (15,693)

22/07/2011 USD 528,875 30/09/2011 JPY 41,485,788 (10,953)

27/07/2011 USD 846,163 30/09/2011 JPY 65,948,604 (11,984)

29/07/2011 USD 62,677 30/09/2011 JPY 4,859,902 (562)

04/08/2011 USD 3,416,038 30/09/2011 JPY 269,467,333 (90,368)

12/08/2011 USD 2,561,233 30/09/2011 JPY 196,286,516 7,082

15/08/2011 USD 533,917 30/09/2011 JPY 40,991,936 515

16/08/2011 USD 110,051 30/09/2011 JPY 8,441,962 201

17/08/2011 USD 231,286 30/09/2011 JPY 17,700,228 965

22/08/2011 USD 22,749 30/09/2011 JPY 1,745,704 34

23/08/2011 USD 1,431,667 30/09/2011 JPY 109,622,160 5,224

24/08/2011 USD 553,360 30/09/2011 JPY 42,338,674 2,434

25/08/2011 USD 659,228 30/09/2011 JPY 50,853,722 (2,499)

26/08/2011 USD 278,450 30/09/2011 JPY 21,435,401 (475)

30/08/2011 USD 253,818 30/09/2011 JPY 19,484,447 279

06/09/2011 USD 442,327 30/09/2011 JPY 34,114,108 (1,578)

07/09/2011 USD 541,313 30/09/2011 JPY 41,859,379 (3,376)

09/09/2011 USD 50,034 30/09/2011 JPY 3,889,141 (573)

27/05/2011 USD 181,855 30/09/2011 MXN 2,143,797 26,106

06/06/2011 USD 77,151 30/09/2011 MXN 912,713 10,841

08/06/2011 USD 113,612 30/09/2011 MXN 1,355,041 15,167

13/06/2011 USD 40,855 30/09/2011 MXN 490,653 5,208

15/06/2011 USD 106,277 30/09/2011 MXN 1,270,443 13,978

16/06/2011 USD 944,400 30/09/2011 MXN 11,419,378 114,771

23/06/2011 USD 115,155 30/09/2011 MXN 1,375,391 15,231

24/06/2011 USD 40,712 30/09/2011 MXN 488,014 5,257

27/06/2011 USD 31,171 30/09/2011 MXN 374,212 3,984

06/07/2011 USD 40,157 30/09/2011 MXN 471,892 5,873


138

9.Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain / (Loss)

by Sub-Fund


07/07/2011 USD 20,818 30/09/2011 MXN 243,360 3,138

11/07/2011 USD 212,292 30/09/2011 MXN 2,499,688 30,687

12/07/2011 USD 168,167 30/09/2011 MXN 2,008,567 22,242

15/07/2011 USD 16,882 30/09/2011 MXN 199,124 2,415

18/07/2011 USD 127,767 30/09/2011 MXN 1,517,133 17,546

19/07/2011 USD 553,166 30/09/2011 MXN 6,511,459 80,102

20/07/2011 USD 350,295 30/09/2011 MXN 4,105,464 52,029

21/07/2011 USD 101,680 30/09/2011 MXN 1,192,145 15,070

25/03/2011 USD 99,185 30/09/2011 NOK 557,714 3,681

29/03/2011 USD 572,114 30/09/2011 NOK 3,244,803 16,467

12/04/2011 USD 870,700 30/09/2011 NOK 4,787,045 50,957

14/04/2011 USD 59,205 30/09/2011 NOK 326,623 3,274

15/04/2011 USD 33,961 30/09/2011 NOK 185,774 2,149

18/04/2011 USD 93,020 30/09/2011 NOK 512,161 5,317

27/04/2011 USD 6,747,256 30/09/2011 NOK 36,141,597 558,297

03/05/2011 USD 68,708 30/09/2011 NOK 366,512 5,946

04/05/2011 USD 122,447 30/09/2011 NOK 654,248 10,412

06/05/2011 USD 2,157,622 30/09/2011 NOK 11,919,567 116,492

12/05/2011 USD 1,566,329 30/09/2011 NOK 8,731,240 71,174

16/05/2011 USD 1,085,990 30/09/2011 NOK 6,107,363 40,153

17/05/2011 USD 103,191 30/09/2011 NOK 579,752 3,914

23/05/2011 USD 711,012 30/09/2011 NOK 4,021,046 22,440

26/05/2011 USD 4,834,756 30/09/2011 NOK 26,812,042 243,408

03/06/2011 USD 156,804 30/09/2011 NOK 851,018 11,074

06/06/2011 USD 515,897 30/09/2011 NOK 2,787,692 38,527

07/06/2011 USD 279,603 30/09/2011 NOK 1,504,701 21,935

08/06/2011 USD 736,010 30/09/2011 NOK 3,997,355 51,494

13/06/2011 USD 155,131 30/09/2011 NOK 854,594 8,789

15/06/2011 USD 128,032 30/09/2011 NOK 705,622 7,200

20/06/2011 USD 2,144,080 30/09/2011 NOK 12,007,250 87,935

21/06/2011 USD 273,126 30/09/2011 NOK 1,515,029 13,690

22/06/2011 USD 184,346 30/09/2011 NOK 1,008,482 11,652

01/07/2011 USD 243,094 30/09/2011 NOK 1,314,365 18,019


139

9.Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain /

(Loss) by

Sub-Fund


05/07/2011 USD 194,086 30/09/2011 NOK 1,043,379 15,416

06/07/2011 USD 1,099,330 30/09/2011 NOK 5,991,401 73,351

08/07/2011 USD 1,079,774 30/09/2011 NOK 5,890,948 70,996

11/07/2011 USD 1,043,280 30/09/2011 NOK 5,752,303 58,244

12/07/2011 USD 912,253 30/09/2011 NOK 5,124,053 34,800

13/07/2011 USD 1,743,018 30/09/2011 NOK 9,729,978 76,837

14/07/2011 USD 693,592 30/09/2011 NOK 3,859,175 32,739

20/07/2011 USD 129,337 30/09/2011 NOK 713,206 7,206

25/07/2011 USD 367,668 30/09/2011 NOK 1,995,145 26,015

29/07/2011 USD 278,609 30/09/2011 NOK 1,519,390 18,426

01/08/2011 USD 183,251 30/09/2011 NOK 981,327 15,207

05/08/2011 USD 7,325,889 30/09/2011 NOK 40,362,080 414,206

09/08/2011 USD 1,050,815 30/09/2011 NOK 5,779,123 61,186

19/08/2011 USD 9,883,862 30/09/2011 NOK 54,017,323 633,828

01/09/2011 USD 107,577 30/09/2011 NOK 581,076 8,072

02/09/2011 USD 16,219 30/09/2011 NOK 87,535 1,230

07/09/2011 USD 1,909,808 30/09/2011 NOK 10,310,258 144,259

08/09/2011 USD 568,324 30/09/2011 NOK 3,064,851 43,493

09/09/2011 USD 646,889 30/09/2011 NOK 3,522,258 43,731

12/09/2011 USD 645,590 30/09/2011 NOK 3,597,748 29,505

13/09/2011 USD 5,598,154 30/09/2011 NOK 31,661,413 176,390

24/03/2011 USD 1,175,050 30/09/2011 NZD 1,588,900 (39,425)

25/03/2011 USD 345,070 30/09/2011 NZD 463,652 (9,323)

28/03/2011 USD 238,309 30/09/2011 NZD 321,358 (7,321)

30/03/2011 USD 204,442 30/09/2011 NZD 272,036 (3,489)

31/03/2011 USD 115,728 30/09/2011 NZD 153,405 (1,527)

01/04/2011 USD 173,814 30/09/2011 NZD 230,189 (2,131)

06/04/2011 USD 287,537 30/09/2011 NZD 375,657 403

07/04/2011 USD 450,655 30/09/2011 NZD 586,694 2,215

08/04/2011 USD 296,366 30/09/2011 NZD 384,078 2,796

15/04/2011 USD 68,744 30/09/2011 NZD 87,389 1,949

18/04/2011 USD 318,410 30/09/2011 NZD 408,525 6,154


140



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


20/04/2011 USD 77,290 30/09/2011 NZD 97,687 2,623

21/04/2011 USD 111,374 30/09/2011 NZD 140,262 4,165

28/04/2011 USD 701,684 30/09/2011 NZD 885,756 24,656

03/05/2011 USD 90,236 30/09/2011 NZD 113,766 3,279

04/05/2011 USD 137,571 30/09/2011 NZD 175,586 3,361

09/05/2011 USD 239,884 30/09/2011 NZD 305,600 6,298

10/05/2011 USD 305,244 30/09/2011 NZD 388,646 8,183

11/05/2011 USD 128,319 30/09/2011 NZD 163,049 3,692

13/05/2011 USD 534,610 30/09/2011 NZD 682,816 12,700

16/05/2011 USD 307,046 30/09/2011 NZD 398,482 2,466

17/05/2011 USD 56,723 30/09/2011 NZD 73,208 767

19/05/2011 USD 108,955 30/09/2011 NZD 138,802 2,862

26/05/2011 USD 562,088 30/09/2011 NZD 700,923 26,337

02/06/2011 USD 521,067 30/09/2011 NZD 643,333 29,335

03/06/2011 USD 852,003 30/09/2011 NZD 1,057,053 44,044

08/06/2011 USD 510,691 30/09/2011 NZD 629,719 29,366

10/06/2011 USD 74,304 30/09/2011 NZD 90,597 5,057

13/06/2011 USD 662,292 30/09/2011 NZD 820,078 35,465

14/06/2011 USD 722,613 30/09/2011 NZD 890,324 42,094

15/06/2011 USD 232,929 30/09/2011 NZD 288,385 12,502

16/06/2011 USD 270,722 30/09/2011 NZD 340,663 10,336

27/06/2011 USD 588,045 30/09/2011 NZD 736,674 24,968

28/06/2011 USD 68,260 30/09/2011 NZD 85,317 3,048

29/06/2011 USD 162,589 30/09/2011 NZD 199,071 10,429

01/07/2011 USD 407,182 30/09/2011 NZD 496,408 27,752

04/07/2011 USD 177,733 30/09/2011 NZD 215,835 12,760

05/07/2011 USD 285,898 30/09/2011 NZD 346,902 20,743

06/07/2011 USD 38,891 30/09/2011 NZD 47,295 2,741

08/07/2011 USD 76,601 30/09/2011 NZD 92,524 5,880

12/07/2011 USD 638,671 30/09/2011 NZD 787,111 37,042

28/07/2011 USD 759,086 30/09/2011 NZD 874,260 90,845

29/07/2011 USD 459,915 30/09/2011 NZD 534,190 51,607

01/08/2011 USD 850,673 30/09/2011 NZD 968,589 110,332


141



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


04/08/2011 USD 160,585 30/09/2011 NZD 189,159 16,001

05/08/2011 USD 2,070,160 30/09/2011 NZD 2,475,862 177,735

09/08/2011 USD 169,123 30/09/2011 NZD 206,241 11,483

15/08/2011 USD 190,268 30/09/2011 NZD 229,308 14,997

19/08/2011 USD 2,625,272 30/09/2011 NZD 3,182,318 192,868

30/08/2011 USD 80,491 30/09/2011 NZD 95,059 7,833

31/08/2011 USD 48,739 30/09/2011 NZD 57,261 4,971

01/09/2011 USD 72,080 30/09/2011 NZD 85,026 7,090

02/09/2011 USD 159,510 30/09/2011 NZD 187,581 16,133

06/09/2011 USD 81,558 30/09/2011 NZD 98,048 6,615

13/09/2011 USD 2,612,167 30/09/2011 NZD 3,179,270 182,092

27/05/2011 USD 69,266 30/09/2011 PLN 196,151 9,257

31/05/2011 USD 34,986 30/09/2011 PLN 97,238 5,237

06/06/2011 USD 52,380 30/09/2011 PLN 143,746 8,403

07/06/2011 USD 11,190 30/09/2011 PLN 30,478 1,866

13/06/2011 USD 20,503 30/09/2011 PLN 56,718 3,151

15/06/2011 USD 27,459 30/09/2011 PLN 76,576 4,032

16/06/2011 USD 92,626 30/09/2011 PLN 263,992 11,861

21/06/2011 USD 26,296 30/09/2011 PLN 73,546 3,795

23/06/2011 USD 80,262 30/09/2011 PLN 227,932 10,529

06/07/2011 USD 38,972 30/09/2011 PLN 108,480 5,784

11/07/2011 USD 159,239 30/09/2011 PLN 452,010 20,952

12/07/2011 USD 136,174 30/09/2011 PLN 399,759 13,873

13/07/2011 USD 100,635 30/09/2011 PLN 290,472 11,768

19/07/2011 USD 91,587 30/09/2011 PLN 261,890 11,465

20/07/2011 USD 29,603 30/09/2011 PLN 83,783 3,971

28/09/2011 USD 11,799 30/09/2011 PLN 38,224 105

28/09/2011 USD 24,770 30/09/2011 RON 78,672 409

28/03/2011 USD 434,426 30/09/2011 SEK 2,801,898 25,556

30/03/2011 USD 132,230 30/09/2011 SEK 845,783 8,808

31/03/2011 USD 32,824 30/09/2011 SEK 208,250 2,434

01/04/2011 USD 173,353 30/09/2011 SEK 1,104,993 12,106

05/04/2011 USD 308,172 30/09/2011 SEK 1,977,794 19,561


142



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


07/04/2011 USD 83,619 30/09/2011 SEK 535,075 5,538

08/04/2011 USD 79,109 30/09/2011 SEK 497,754 6,474

11/04/2011 USD 194,457 30/09/2011 SEK 1,222,157 16,113

12/04/2011 USD 76,266 30/09/2011 SEK 482,600 5,842

13/04/2011 USD 79,650 30/09/2011 SEK 502,255 6,358

19/04/2011 USD 287,920 30/09/2011 SEK 1,815,651 22,970

20/04/2011 USD 273,620 30/09/2011 SEK 1,689,756 27,040

21/04/2011 USD 137,347 30/09/2011 SEK 844,014 14,183

26/04/2011 USD 102,225 30/09/2011 SEK 629,783 10,323

28/04/2011 USD 901,023 30/09/2011 SEK 5,483,882 100,782

03/05/2011 USD 341,873 30/09/2011 SEK 2,089,598 36,947

04/05/2011 USD 274,815 30/09/2011 SEK 1,681,081 29,502

09/05/2011 USD 296,659 30/09/2011 SEK 1,863,946 24,661

10/05/2011 USD 462,861 30/09/2011 SEK 2,913,524 37,702

11/05/2011 USD 170,992 30/09/2011 SEK 1,072,819 14,440

13/05/2011 USD 590,037 30/09/2011 SEK 3,754,156 42,208

24/05/2011 USD 39,465 30/09/2011 SEK 251,206 2,807

25/05/2011 USD 101,728 30/09/2011 SEK 648,956 7,028

07/06/2011 USD 1,041,932 30/09/2011 SEK 6,437,622 102,515

09/06/2011 USD 1,300,049 30/09/2011 SEK 8,146,249 111,300

14/06/2011 USD 427,203 30/09/2011 SEK 2,714,191 31,132

15/06/2011 USD 1,346,928 30/09/2011 SEK 8,662,776 82,803

23/06/2011 USD 1,198,363 30/09/2011 SEK 7,760,947 65,839

27/06/2011 USD 173,520 30/09/2011 SEK 1,128,601 8,828

28/06/2011 USD 1,207,416 30/09/2011 SEK 7,862,135 60,126

04/07/2011 USD 33,626 30/09/2011 SEK 211,848 2,712

07/07/2011 USD 157,218 30/09/2011 SEK 1,004,018 10,705

11/07/2011 USD 84,108 30/09/2011 SEK 546,871 4,305

15/07/2011 USD 339,539 30/09/2011 SEK 2,219,833 15,608

18/07/2011 USD 1,285,047 30/09/2011 SEK 8,500,307 44,631

20/07/2011 USD 99,944 30/09/2011 SEK 646,872 5,548

27/07/2011 USD 1,593,034 30/09/2011 SEK 10,109,854 117,744

28/07/2011 USD 4,163,177 30/09/2011 SEK 26,524,698 292,534


143



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


01/08/2011 USD 3,883,171 30/09/2011 SEK 24,292,090 338,324

03/08/2011 USD 443,557 30/09/2011 SEK 2,826,528 31,093

04/08/2011 USD 5,714,673 30/09/2011 SEK 37,207,831 285,083

12/08/2011 USD 1,218,410 30/09/2011 SEK 7,901,341 65,399

15/08/2011 USD 38,478 30/09/2011 SEK 250,413 1,936

17/08/2011 USD 203,569 30/09/2011 SEK 1,295,131 14,575

18/08/2011 USD 48,274 30/09/2011 SEK 308,154 3,306

23/08/2011 USD 829,349 30/09/2011 SEK 5,214,600 68,403

24/08/2011 USD 350,371 30/09/2011 SEK 2,214,196 27,262

25/08/2011 USD 211,970 30/09/2011 SEK 1,337,990 16,723

26/08/2011 USD 351,135 30/09/2011 SEK 2,217,912 27,484

06/09/2011 USD 128,948 30/09/2011 SEK 830,870 7,703

07/09/2011 USD 409,652 30/09/2011 SEK 2,629,386 25,956

09/09/2011 USD 470,866 30/09/2011 SEK 3,030,472 28,641

12/09/2011 USD 919,378 30/09/2011 SEK 6,060,756 34,956

25/05/2011 USD 2,232,188 30/09/2011 SGD 2,787,587 85,495

26/05/2011 USD 234,808 30/09/2011 SGD 292,269 9,734

31/05/2011 USD 64,822 30/09/2011 SGD 79,984 3,227

02/06/2011 USD 379,711 30/09/2011 SGD 468,645 18,812

03/06/2011 USD 16,977 30/09/2011 SGD 20,939 852

08/06/2011 USD 19,411 30/09/2011 SGD 23,925 986

09/06/2011 USD 110,774 30/09/2011 SGD 136,430 5,711

10/06/2011 USD 186,153 30/09/2011 SGD 229,249 9,610

13/06/2011 USD 45,985 30/09/2011 SGD 56,890 2,175

16/06/2011 USD 2,060,196 30/09/2011 SGD 2,559,518 89,137

17/06/2011 USD 155,710 30/09/2011 SGD 192,259 7,653

21/06/2011 USD 94,664 30/09/2011 SGD 116,788 4,727

29/06/2011 USD 103,254 30/09/2011 SGD 127,490 5,075

30/06/2011 USD 132,777 30/09/2011 SGD 162,984 7,265

01/07/2011 USD 192,462 30/09/2011 SGD 235,963 10,750

08/07/2011 USD 156,919 30/09/2011 SGD 191,318 9,587

14/07/2011 USD 70,328 30/09/2011 SGD 85,611 4,400

27/05/2011 USD 32,968 30/09/2011 ZAR 232,983 4,154


144



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


01/06/2011 USD 63,156 30/09/2011 ZAR 435,880 9,248

07/06/2011 USD 11,010 30/09/2011 ZAR 75,333 1,693

08/06/2011 USD 15,497 30/09/2011 ZAR 106,631 2,310

13/06/2011 USD 26,019 30/09/2011 ZAR 179,474 3,822

15/06/2011 USD 50,830 30/09/2011 ZAR 350,939 7,427

20/06/2011 USD 67,708 30/09/2011 ZAR 467,493 9,891

23/06/2011 USD 22,020 30/09/2011 ZAR 153,372 3,052

24/06/2011 USD 51,680 30/09/2011 ZAR 360,955 7,039

27/06/2011 USD 13,990 30/09/2011 ZAR 97,858 1,887

28/06/2011 USD 21,589 30/09/2011 ZAR 150,337 2,996

06/07/2011 USD 16,914 30/09/2011 ZAR 115,889 2,581

07/07/2011 USD 41,675 30/09/2011 ZAR 283,436 6,621

11/07/2011 USD 148,222 30/09/2011 ZAR 1,014,507 22,752

12/07/2011 USD 132,471 30/09/2011 ZAR 929,794 17,478

13/07/2011 USD 115,723 30/09/2011 ZAR 805,614 16,088

18/07/2011 USD 68,107 30/09/2011 ZAR 480,405 8,692

19/07/2011 USD 493,866 30/09/2011 ZAR 3,462,821 65,598

20/07/2011 USD 295,169 30/09/2011 ZAR 2,057,156 40,748

21/07/2011 USD 63,241 30/09/2011 ZAR 437,550 9,127

28/09/2011 USD 69,389 30/09/2011 ZAR 541,970 2,361

25/05/2011 ZAR 4,977,474 30/09/2011 USD 693,256 (77,662)

26/05/2011 ZAR 847,034 30/09/2011 USD 119,242 (14,484)

31/05/2011 ZAR 514,930 30/09/2011 USD 73,748 (10,063)

02/06/2011 ZAR 1,275,448 30/09/2011 USD 184,779 (27,037)

09/06/2011 ZAR 222,573 30/09/2011 USD 32,440 (4,913)

10/06/2011 ZAR 554,226 30/09/2011 USD 80,619 (12,074)

16/06/2011 ZAR 1,735,085 30/09/2011 USD 248,363 (33,775)

17/06/2011 ZAR 458,210 30/09/2011 USD 66,317 (9,647)

21/06/2011 ZAR 211,298 30/09/2011 USD 30,742 (4,610)

29/06/2011 ZAR 328,336 30/09/2011 USD 47,396 (6,788)

30/06/2011 ZAR 220,910 30/09/2011 USD 32,282 (4,961)

01/07/2011 ZAR 372,407 30/09/2011 USD 54,412 (8,354)

08/07/2011 ZAR 249,249 30/09/2011 USD 36,831 (6,005)


145



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


14/07/2011 ZAR 231,249 30/09/2011 USD 33,265 (4,665)

27/09/2011 ILS 1,257,364 03/10/2011 USD 338,935 (2,546)

29/09/2011 NZD 10,677 03/10/2011 USD 8,339 (180)

29/09/2011 SEK 86,792 03/10/2011 USD 12,834 (170)

29/09/2011 USD 28,007 03/10/2011 EUR 20,544 248

28/09/2011 ILS 500,908 04/10/2011 USD 135,052 (1,052)

29/09/2011 USD 26,407 04/10/2011 AUD 26,816 346

13/09/2011 CAD 1,615,053 14/12/2011 USD 1,627,913 (82,578)

13/09/2011 TRY 7,701,346 14/12/2011 USD 4,288,047 (198,717)

13/09/2011 USD 1,627,515 14/12/2011 CAD 1,615,053 82,243

13/09/2011 USD 4,283,761 14/12/2011 TRY 7,701,346 196,844

13/09/2011 AUD 2,298,145 15/12/2011 USD 2,352,820 (137,082)

13/09/2011 CHF 3,553,646 15/12/2011 USD 4,054,359 (106,703)

13/09/2011 CZK 48,129,292 15/12/2011 USD 2,685,187 (49,434)

13/09/2011 EUR 1,488,052 15/12/2011 USD 2,036,250 (28,420)

13/09/2011 GBP 1,331,094 15/12/2011 USD 2,103,528 (27,796)

13/09/2011 HUF 275,991,423 15/12/2011 USD 1,324,236 (63,143)

13/09/2011 ILS 6,358,011 15/12/2011 USD 1,712,042 (18,325)

13/09/2011 JPY 232,397,747 15/12/2011 USD 3,026,012 (1,665)

13/09/2011 MXN 11,226,864 15/12/2011 USD 869,239 (59,591)

13/09/2011 NOK 1,290,865 15/12/2011 USD 227,766 (7,685)

13/09/2011 NZD 403,015 15/12/2011 USD 330,390 (23,583)

13/09/2011 PLN 4,113,908 15/12/2011 USD 1,292,323 (43,764)

13/09/2011 RON 6,972,868 15/12/2011 USD 2,210,985 (75,830)

13/09/2011 SEK 2,563,919 15/12/2011 USD 382,623 (9,793)

13/09/2011 SGD 3,377,402 15/12/2011 USD 2,723,931 (120,288)

13/09/2011 USD 2,351,002 15/12/2011 AUD 2,298,145 136,416

13/09/2011 USD 4,055,391 15/12/2011 CHF 3,553,646 107,674

13/09/2011 USD 2,687,478 15/12/2011 CZK 48,129,292 51,742

13/09/2011 USD 2,038,229 15/12/2011 EUR 1,488,052 30,443

13/09/2011 USD 2,105,795 15/12/2011 GBP 1,331,094 30,083

13/09/2011 USD 1,320,976 15/12/2011 HUF 275,991,423 60,478

13/09/2011 USD 1,710,440 15/12/2011 ILS 6,358,011 16,799


146



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


13/09/2011 USD 3,026,990 15/12/2011 JPY 232,397,747 2,642

13/09/2011 USD 868,482 15/12/2011 MXN 11,226,864 59,270

13/09/2011 USD 228,271 15/12/2011 NOK 1,290,865 8,226

13/09/2011 USD 329,948 15/12/2011 NZD 403,015 23,235

13/09/2011 USD 1,291,367 15/12/2011 PLN 4,113,908 43,152

13/09/2011 USD 2,205,836 15/12/2011 RON 6,972,868 71,474

13/09/2011 USD 383,684 15/12/2011 SEK 2,563,919 10,892

13/09/2011 USD 2,725,657 15/12/2011 SGD 3,377,402 121,886

13/09/2011 USD 3,215,871 15/12/2011 ZAR 23,854,363 300,139

13/09/2011 ZAR 23,854,363 15/12/2011 USD 3,214,975 (296,060)

09/09/2011 CHF 2,537,071 16/12/2011 USD 2,892,848 (74,352)

09/09/2011 EUR 3,954,725 16/12/2011 USD 5,460,142 (123,905)

14/09/2011 EUR 1,206 16/12/2011 USD 1,650 (23)

16/09/2011 EUR 5,083 16/12/2011 USD 7,007 (149)

19/09/2011 EUR 242 16/12/2011 USD 330 (4)

20/09/2011 EUR 7,840 16/12/2011 USD 10,730 (152)

22/09/2011 EUR 240,122 16/12/2011 USD 323,317 688

23/09/2011 EUR 7,714 16/12/2011 USD 10,384 25

27/09/2011 EUR 181,131 16/12/2011 USD 244,551 (145)

09/09/2011 GBP 2,253,712 16/12/2011 USD 3,587,585 (73,016)

13/09/2011 GBP 484 16/12/2011 USD 765 (11)

15/09/2011 GBP 60,000 16/12/2011 USD 94,832 (1,264)

22/09/2011 GBP 47 16/12/2011 USD 73 1

09/09/2011 JPY 3,105,974,532 16/12/2011 USD 40,035,557 386,558

09/09/2011 SEK 3,754,601 16/12/2011 USD 581,565 (35,597)

13/09/2011 USD 43,402 16/12/2011 CHF 38,159 1,010

22/09/2011 USD 22,650 16/12/2011 CHF 20,675 (319)

23/09/2011 USD 12,466 16/12/2011 CHF 11,276 (61)

09/09/2011 USD 8,847 16/12/2011 EUR 6,407 202

13/09/2011 USD 86,082 16/12/2011 EUR 63,074 975

22/09/2011 USD 40,584 16/12/2011 EUR 30,145 (93)

23/09/2011 USD 96,480 16/12/2011 EUR 71,677 (237)

28/09/2011 USD 18,525 16/12/2011 EUR 13,549 243


147



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


29/09/2011 USD 11,686 16/12/2011 EUR 8,569 124

13/09/2011 USD 46,644 16/12/2011 GBP 29,485 664

22/09/2011 USD 28,950 16/12/2011 GBP 18,774 (328)

23/09/2011 USD 16,215 16/12/2011 GBP 10,516 (185)

13/09/2011 USD 591,798 16/12/2011 JPY 45,507,863 (455)

22/09/2011 USD 304,465 16/12/2011 JPY 23,247,022 1,921

23/09/2011 USD 192,119 16/12/2011 JPY 14,627,231 1,755

13/09/2011 USD 7,633 16/12/2011 SEK 51,195 189

22/09/2011 USD 3,979 16/12/2011 SEK 27,420 (8)

23/09/2011 USD 2,533 16/12/2011 SEK 17,589 (25)

16/09/2011 CAD 67,171 20/12/2011 USD 68,183 (3,898)

21/09/2011 CAD 488,650 20/12/2011 USD 488,536 (20,882)

22/09/2011 CAD 179,440 20/12/2011 USD 173,632 (1,902)

13/09/2011 TRY 7,701,346 20/12/2011 USD 4,280,071 (193,583)

27/09/2011 TRY 859,007 20/12/2011 USD 459,950 (4,144)

28/09/2011 TRY 155,173 20/12/2011 USD 83,126 (788)

13/09/2011 USD 1,627,749 20/12/2011 CAD 1,615,053 82,141

27/09/2011 USD 393,951 20/12/2011 CAD 402,012 9,219

28/09/2011 USD 137,865 20/12/2011 CAD 141,121 2,810

16/09/2011 USD 378,908 20/12/2011 TRY 683,596 16,390

21/09/2011 USD 1,482,565 20/12/2011 TRY 2,708,666 45,887

22/09/2011 USD 515,588 20/12/2011 TRY 964,254 3,987

13/09/2011 AUD 2,298,145 21/12/2011 USD 2,349,568 (134,678)

27/09/2011 AUD 235,810 21/12/2011 USD 232,506 (5,238)

28/09/2011 AUD 18,440 21/12/2011 USD 18,108 (336)

16/09/2011 CHF 285,867 21/12/2011 USD 328,517 (10,863)

21/09/2011 CHF 1,118,331 21/12/2011 USD 1,255,434 (12,754)

22/09/2011 CHF 451,036 21/12/2011 USD 497,878 3,309

16/09/2011 CZK 1,324,670 21/12/2011 USD 75,019 (2,459)

21/09/2011 CZK 14,965,207 21/12/2011 USD 828,114 (8,380)

22/09/2011 CZK 6,006,478 21/12/2011 USD 325,845 3,166

16/09/2011 EUR 20,845 21/12/2011 USD 28,811 (680)

21/09/2011 EUR 462,178 21/12/2011 USD 634,140 (10,426)


148



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


22/09/2011 EUR 183,720 21/12/2011 USD 247,290 642

16/09/2011 GBP 50,258 21/12/2011 USD 79,440 (1,054)

21/09/2011 GBP 416,996 21/12/2011 USD 650,760 (381)

22/09/2011 GBP 161,518 21/12/2011 USD 247,946 3,970

13/09/2011 HUF 275,991,423 21/12/2011 USD 1,320,435 (59,988)

27/09/2011 HUF 47,040,868 21/12/2011 USD 221,576 (6,741)

28/09/2011 HUF 20,705,650 21/12/2011 USD 96,928 (2,365)

16/09/2011 ILS 637,080 21/12/2011 USD 173,851 (4,146)

21/09/2011 ILS 1,922,857 21/12/2011 USD 520,162 (7,953)

22/09/2011 ILS 714,372 21/12/2011 USD 191,212 (918)

21/09/2011 JPY 88,686,327 21/12/2011 USD 1,162,955 (8,455)

22/09/2011 JPY 28,499,204 21/12/2011 USD 373,905 (2,908)

13/09/2011 MXN 11,226,864 21/12/2011 USD 868,122 (58,687)

27/09/2011 MXN 497,643 21/12/2011 USD 37,009 (1,130)

21/09/2011 NOK 289,321 21/12/2011 USD 50,826 (1,503)

22/09/2011 NOK 66,743 21/12/2011 USD 11,354 24

13/09/2011 NZD 403,015 21/12/2011 USD 329,809 (23,015)

13/09/2011 PLN 4,113,908 21/12/2011 USD 1,290,974 (42,855)

27/09/2011 PLN 312,501 21/12/2011 USD 96,223 (1,414)

28/09/2011 PLN 38,224 21/12/2011 USD 11,700 (104)

13/09/2011 RON 6,972,868 21/12/2011 USD 2,204,676 (70,755)

27/09/2011 RON 703,477 21/12/2011 USD 220,117 (4,830)

28/09/2011 RON 78,672 21/12/2011 USD 24,528 (451)

21/09/2011 SEK 560,122 21/12/2011 USD 83,584 (2,136)

22/09/2011 SEK 260,006 21/12/2011 USD 37,514 294

16/09/2011 SGD 202,010 21/12/2011 USD 163,269 (7,482)

21/09/2011 SGD 1,061,155 21/12/2011 USD 832,680 (14,336)

22/09/2011 SGD 390,435 21/12/2011 USD 298,597 2,499

16/09/2011 USD 134,482 21/12/2011 AUD 130,881 8,417

21/09/2011 USD 820,544 21/12/2011 AUD 812,124 38,178

22/09/2011 USD 260,493 21/12/2011 AUD 269,591 674

13/09/2011 USD 4,055,136 21/12/2011 CHF 3,553,646 106,263

27/09/2011 USD 665,298 21/12/2011 CHF 594,588 4,593


149



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


28/09/2011 USD 198,176 21/12/2011 CHF 177,254 1,212

13/09/2011 USD 2,685,391 21/12/2011 CZK 48,129,292 49,065

27/09/2011 USD 550,475 21/12/2011 CZK 9,887,285 8,890

28/09/2011 USD 194,761 21/12/2011 CZK 3,503,031 2,880

13/09/2011 USD 2,036,224 21/12/2011 EUR 1,488,052 28,119

27/09/2011 USD 490,047 21/12/2011 EUR 360,036 4,180

28/09/2011 USD 165,075 21/12/2011 EUR 121,113 1,634

13/09/2011 USD 2,103,427 21/12/2011 GBP 1,331,094 27,364

27/09/2011 USD 465,360 21/12/2011 GBP 296,810 2,434

28/09/2011 USD 156,211 21/12/2011 GBP 99,811 538

16/09/2011 USD 78,215 21/12/2011 HUF 16,308,961 3,771

21/09/2011 USD 392,649 21/12/2011 HUF 84,025,519 8,999

22/09/2011 USD 151,048 21/12/2011 HUF 33,132,275 (269)

13/09/2011 USD 1,711,880 21/12/2011 ILS 6,358,011 18,322

27/09/2011 USD 337,975 21/12/2011 ILS 1,257,364 3,053

28/09/2011 USD 134,652 21/12/2011 ILS 500,908 1,226

13/09/2011 USD 3,026,288 21/12/2011 JPY 232,397,747 983

27/09/2011 USD 648,587 21/12/2011 JPY 49,596,382 2,951

28/09/2011 USD 195,610 21/12/2011 JPY 14,937,760 1,153

16/09/2011 USD 135,009 21/12/2011 MXN 1,755,851 8,481

21/09/2011 USD 267,411 21/12/2011 MXN 3,613,721 6,922

22/09/2011 USD 99,887 21/12/2011 MXN 1,400,061 (1,063)

13/09/2011 USD 227,707 21/12/2011 NOK 1,290,865 7,680

16/09/2011 USD 85,629 21/12/2011 NOK 480,231 3,778

27/09/2011 USD 225,002 21/12/2011 NOK 1,292,065 4,757

28/09/2011 USD 94,023 21/12/2011 NOK 541,126 1,782

16/09/2011 USD 68,813 21/12/2011 NZD 83,060 5,607

21/09/2011 USD 142,127 21/12/2011 NZD 175,530 8,540

22/09/2011 USD 42,645 21/12/2011 NZD 55,109 697

27/09/2011 USD 85,757 21/12/2011 NZD 108,659 3,053

28/09/2011 USD 63,549 21/12/2011 NZD 81,078 1,836

16/09/2011 USD 11,715 21/12/2011 PLN 36,621 610

21/09/2011 USD 451,451 21/12/2011 PLN 1,463,475 7,510


150



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


22/09/2011 USD 164,732 21/12/2011 PLN 556,568 (4,160)

16/09/2011 USD 243,576 21/12/2011 RON 758,174 11,687

21/09/2011 USD 709,474 21/12/2011 RON 2,241,453 23,795

22/09/2011 USD 266,438 21/12/2011 RON 862,881 2,397

13/09/2011 USD 382,545 21/12/2011 SEK 2,563,919 9,757

16/09/2011 USD 66,038 21/12/2011 SEK 438,374 2,301

27/09/2011 USD 213,457 21/12/2011 SEK 1,440,999 3,933

28/09/2011 USD 95,249 21/12/2011 SEK 644,328 1,562

13/09/2011 USD 2,724,160 21/12/2011 SGD 3,377,402 119,399

27/09/2011 USD 505,656 21/12/2011 SGD 646,988 6,701

28/09/2011 USD 178,576 21/12/2011 SGD 229,398 1,667

16/09/2011 USD 230,333 21/12/2011 ZAR 1,723,070 19,822

21/09/2011 USD 973,528 21/12/2011 ZAR 7,743,146 26,840

22/09/2011 USD 327,093 21/12/2011 ZAR 2,738,212 (7,878)

13/09/2011 ZAR 23,854,363 21/12/2011 USD 3,213,454 (296,066)

27/09/2011 ZAR 2,380,506 21/12/2011 USD 301,517 (10,382)

28/09/2011 ZAR 541,970 21/12/2011 USD 68,596 (2,314)

21/09/2011 CAD 44,699 19/01/2012 USD 44,829 (2,109)

22/09/2011 CAD 21,028 19/01/2012 USD 20,407 (310)

13/09/2011 USD 230,581 19/01/2012 CAD 230,124 10,660

27/09/2011 USD 25,951 19/01/2012 CAD 26,663 467

29/09/2011 USD 20,462 19/01/2012 CAD 21,112 284

13/09/2011 AUD 329,069 20/01/2012 USD 334,274 (18,921)

27/09/2011 AUD 42,033 20/01/2012 USD 41,039 (758)

29/09/2011 AUD 26,816 20/01/2012 USD 26,077 (379)

22/09/2011 EUR 10,719 20/01/2012 USD 14,408 36

29/09/2011 EUR 20,544 20/01/2012 USD 27,995 (312)

22/09/2011 JPY 1,000,553 20/01/2012 USD 13,131 (120)

13/09/2011 NOK 782,244 20/01/2012 USD 137,285 (4,297)

21/09/2011 NOK 128,481 20/01/2012 USD 22,479 (637)

13/09/2011 NZD 63,986 20/01/2012 USD 52,195 (3,604)

22/09/2011 USD 57,661 20/01/2012 AUD 59,427 721

13/09/2011 USD 50,142 20/01/2012 CHF 44,076 1,153


151



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


13/09/2011 USD 28,820 20/01/2012 EUR 21,129 350

13/09/2011 USD 419 20/01/2012 GBP 265 5

13/09/2011 USD 62,963 20/01/2012 JPY 4,837,343 62

22/09/2011 USD 16,479 20/01/2012 NOK 96,176 129

22/09/2011 USD 19,462 20/01/2012 NZD 25,071 426

29/09/2011 USD 8,276 20/01/2012 NZD 10,677 169

13/09/2011 USD 101,797 20/01/2012 SEK 685,114 2,397

21/09/2011 USD 21,509 20/01/2012 SEK 143,983 620

29/09/2011 USD 12,768 20/01/2012 SEK 86,792 175

USD 730,323

Global Flex Allocation

08/09/2011 EUR 2,272,114 16/12/2011 USD 3,175,000 (86,306)

01/09/2011 USD 1,500,000 16/12/2011 AUD 1,419,796 99,725

05/09/2011 USD 635,000 16/12/2011 EUR 450,324 21,404

06/09/2011 USD 6,350,000 16/12/2011 EUR 4,482,080 235,203

13/09/2011 USD 625,000 16/12/2011 EUR 459,926 4,373

EUR 274,399

Global Macro

16/09/2011 CHF 3,390,000 15/12/2011 EUR 2,820,147 (29,171)

21/09/2011 EUR 73,855 15/12/2011 CHF 90,000 (241)

23/09/2011 EUR 41,081 15/12/2011 CHF 50,000 (83)

27/09/2011 EUR 1,723 15/12/2011 CHF 2,100 (6)

21/09/2011 EUR 189,683 15/12/2011 GBP 165,400 (1,473)

22/09/2011 EUR 57,056 15/12/2011 GBP 50,000 (730)

23/09/2011 EUR 173,695 15/12/2011 GBP 151,700 (1,627)

26/09/2011 EUR 757,801 15/12/2011 GBP 660,000 (4,971)

29/09/2011 EUR 8,036 15/12/2011 GBP 7,000 (54)

23/09/2011 EUR 1,174,593 15/12/2011 SEK 10,941,000 (4,525)

26/09/2011 EUR 129,375 15/12/2011 SEK 1,200,000 52

27/09/2011 EUR 536,035 15/12/2011 SEK 4,950,000 2,580

28/09/2011 EUR 89,207 15/12/2011 SEK 820,100 827

23/09/2011 EUR 690,456 15/12/2011 USD 931,500 98


152



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Macro (continued)

29/09/2011 EUR 418,005 15/12/2011 USD 570,000 (4,430)

16/09/2011 GBP 15,050,500 15/12/2011 EUR 17,240,194 154,015

22/09/2011 GBP 100,000 15/12/2011 EUR 114,125 1,448

26/09/2011 GBP 63,000 15/12/2011 EUR 72,336 475

27/09/2011 GBP 18,100 15/12/2011 EUR 20,823 95

28/09/2011 GBP 31,320 15/12/2011 EUR 35,835 362

29/09/2011 GBP 125,000 15/12/2011 EUR 143,500 965

20/09/2011 NOK 1,550,000 15/12/2011 EUR 198,567 (2,717)

16/09/2011 SEK 528,138,000 15/12/2011 EUR 57,479,153 (561,879)

16/09/2011 USD 33,309,570 15/12/2011 EUR 24,168,999 517,538

29/09/2011 SEK 1,000,000 30/09/2011 GBP 94,523 (1,164)

26/07/2011 CHF 7,000,000 19/10/2011 SEK 55,055,455 (188,023)

05/08/2011 CHF 7,000,000 19/10/2011 SEK 59,889,235 (710,039)

09/08/2011 EUR 18,000,000 19/10/2011 MXN 320,363,694 803,679

22/09/2011 EUR 9,000,000 19/10/2011 USD 12,118,923 26,176

10/08/2011 JPY 286,504,800 19/10/2011 SGD 4,560,000 160,242

22/09/2011 JPY 352,823,400 19/10/2011 SGD 6,000,000 (21,783)

22/09/2011 JPY 801,987,900 19/10/2011 USD 10,500,000 (47,177)

18/07/2011 MXN 300,335,508 19/10/2011 EUR 18,000,000 (1,877,560)

31/08/2011 MXN 289,021,728 19/10/2011 EUR 16,000,000 (484,900)

21/07/2011 SEK 54,398,715 19/10/2011 CHF 7,000,000 116,976

22/07/2011 SEK 53,844,000 19/10/2011 CHF 7,000,000 57,134

15/08/2011 SEK 57,747,585 19/10/2011 CHF 7,000,000 478,250

27/09/2011 SEK 52,681,153 19/10/2011 CHF 7,000,000 (68,313)

18/07/2011 SGD 30,000,000 19/10/2011 JPY 1,946,865,000 (1,650,927)

11/08/2011 SGD 4,560,000 19/10/2011 JPY 287,618,352 (170,964)

18/07/2011 SGD 12,183,130 19/10/2011 USD 10,000,000 (457,005)

18/07/2011 USD 10,000,000 19/10/2011 CHF 8,175,830 682,857

21/06/2011 USD 45,000,000 19/10/2011 EUR 31,403,238 1,918,321

18/07/2011 USD 20,000,000 19/10/2011 JPY 1,580,986,000 (424,282)

02/08/2011 PHP 586,400,000 20/10/2011 NZD 16,000,000 876,789

21/06/2011 PHP 654,600,000 20/10/2011 USD 15,000,000 (36,700)

22/09/2011 USD 4,000,000 20/10/2011 PHP 176,692,000 (26,283)


153



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


21/06/2011 INR 684,000,000 21/10/2011 USD 15,000,000 (837,669)

18/07/2011 KRW 7,483,200,000 21/10/2011 EUR 5,000,000 (303,761)

18/07/2011 KRW 64,161,000,000 21/10/2011 USD 60,000,000 (4,185,482)

02/08/2011 MYR 41,160,000 21/10/2011 NZD 16,000,000 491,375

21/06/2011 MYR 45,720,000 21/10/2011 USD 15,000,000 (519,812)

22/09/2011 USD 15,000,000 21/10/2011 KRW 18,161,250,000 (283,130)

22/09/2011 USD 4,000,000 21/10/2011 MYR 12,736,000 12,739

19/09/2011 AUD 6,868,558 15/12/2011 EUR 5,100,000 (192,079)

27/09/2011 AUD 1,800,000 15/12/2011 EUR 1,303,056 (16,868)

15/09/2011 CAD 19,405,095 15/12/2011 EUR 14,200,000 (438,790)

19/09/2011 CZK 88,187,750 15/12/2011 USD 4,900,000 (52,164)

15/09/2011 EUR 36,600,000 15/12/2011 AUD 49,706,716 1,089,724

19/09/2011 EUR 3,700,000 15/12/2011 CAD 4,980,973 167,604

15/09/2011 EUR 12,200,000 15/12/2011 GBP 10,666,765 (127,726)

27/09/2011 EUR 9,994,360 15/12/2011 GBP 8,700,000 (60,383)

15/09/2011 EUR 9,800,000 15/12/2011 JPY 1,039,865,260 (228,884)

19/09/2011 EUR 2,600,000 15/12/2011 SEK 23,952,682 18,665

19/09/2011 GBP 3,566,500 15/12/2011 EUR 4,100,000 21,886

14/09/2011 HUF 3,041,628,480 15/12/2011 USD 14,400,000 (371,379)

15/09/2011 HUF 2,999,931,760 15/12/2011 USD 14,200,000 (364,368)

26/09/2011 HUF 1,000,000,000 15/12/2011 USD 4,604,003 (25,667)

19/09/2011 JPY 43,016,134 15/12/2011 EUR 410,000 4,880

27/09/2011 JPY 110,000,000 15/12/2011 EUR 1,061,202 (280)

19/09/2011 MXN 9,302,845 15/12/2011 USD 700,000 (21,541)

27/09/2011 PLN 25,051 15/12/2011 EUR 5,686 (51)

19/09/2011 PLN 3,229,005 15/12/2011 USD 1,000,000 (14,806)

14/09/2011 RUB 892,982,970 15/12/2011 USD 29,100,000 (1,253,915)

15/09/2011 RUB 886,364,142 15/12/2011 USD 28,700,000 (1,108,222)

26/09/2011 RUB 330,100,000 15/12/2011 USD 10,036,800 69,543

15/09/2011 SEK 297,003,507 15/12/2011 EUR 32,300,000 (292,021)

14/09/2011 SGD 41,890,061 15/12/2011 USD 33,600,000 (967,186)

15/09/2011 SGD 41,435,856 15/12/2011 USD 33,300,000 (1,004,298)

26/09/2011 SGD 16,400,000 15/12/2011 USD 12,621,423 15,802


154



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


14/09/2011 USD 34,000,000 15/12/2011 CZK 607,961,140 522,357

15/09/2011 USD 34,000,000 15/12/2011 CZK 606,259,100 591,360

26/09/2011 USD 12,065,869 15/12/2011 CZK 220,000,000 13,169

15/09/2011 USD 8,570,638 15/12/2011 EUR 6,200,000 151,910

27/09/2011 USD 15,700,000 15/12/2011 EUR 11,556,430 79,224

19/09/2011 USD 2,200,000 15/12/2011 HUF 472,833,460 29,503

14/09/2011 USD 11,600,000 15/12/2011 MXN 150,702,676 545,564

15/09/2011 USD 11,500,000 15/12/2011 MXN 149,742,903 522,614

26/09/2011 USD 4,191,792 15/12/2011 MXN 57,600,000 28,221

14/09/2011 USD 11,400,000 15/12/2011 PLN 36,426,215 257,188

15/09/2011 USD 11,200,000 15/12/2011 PLN 35,980,806 208,832

26/09/2011 USD 4,164,308 15/12/2011 PLN 13,700,000 4,774

19/09/2011 USD 4,500,000 15/12/2011 RUB 141,227,460 124,299

19/09/2011 USD 3,600,000 15/12/2011 SGD 4,538,610 74,801

14/09/2011 USD 18,800,000 15/12/2011 ZAR 140,109,143 1,238,436

15/09/2011 USD 18,800,000 15/12/2011 ZAR 141,433,960 1,117,180

26/09/2011 USD 7,362,315 15/12/2011 ZAR 59,900,000 24,468

19/09/2011 ZAR 17,015,009 15/12/2011 USD 2,200,000 (87,308)

14/09/2011 BRL 58,308,300 19/12/2011 USD 33,300,000 (1,718,643)

15/09/2011 BRL 57,592,350 19/12/2011 USD 33,300,000 (2,000,135)

26/09/2011 BRL 22,800,000 19/12/2011 USD 12,189,254 (56,397)

20/09/2011 CLP 1,186,800,000 19/12/2011 USD 2,400,000 (87,166)

14/09/2011 INR 1,612,386,000 19/12/2011 USD 33,300,000 (790,678)

15/09/2011 INR 1,596,082,000 19/12/2011 USD 33,100,000 (883,864)

26/09/2011 INR 570,000,000 19/12/2011 USD 11,372,706 15,981

14/09/2011 KRW 6,234,480,000 19/12/2011 USD 5,600,000 (245,598)

15/09/2011 KRW 5,830,240,000 19/12/2011 USD 5,200,000 (202,366)

26/09/2011 KRW 2,450,000,000 19/12/2011 USD 2,063,522 4,979

14/09/2011 TWD 993,813,000 19/12/2011 USD 33,700,000 (800,787)

15/09/2011 TWD 992,633,500 19/12/2011 USD 33,700,000 (829,436)

26/09/2011 TWD 336,100,000 19/12/2011 USD 11,052,285 (15,650)

19/09/2011 USD 2,600,000 19/12/2011 BRL 4,669,600 90,224

14/09/2011 USD 33,400,000 19/12/2011 CLP 16,093,790,000 1,830,390


155



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


15/09/2011 USD 33,200,000 19/12/2011 CLP 16,088,720,000 1,688,350

26/09/2011 USD 13,059,414 19/12/2011 CLP 6,770,000,000 30,388

19/09/2011 USD 3,100,000 19/12/2011 INR 150,506,550 68,951

19/09/2011 USD 900,000 19/12/2011 KRW 1,031,722,650 20,915

19/09/2011 USD 3,000,000 19/12/2011 TWD 89,180,430 54,028

EUR (10,136,334)

Global Macro II

26/07/2011 CHF 1,200,000 19/10/2011 SEK 9,438,078 (32,233)

05/08/2011 CHF 1,200,000 19/10/2011 SEK 10,266,726 (121,721)

17/08/2011 CHF 247,000 19/10/2011 SEK 2,001,766 (13,016)

22/08/2011 CHF 220,000 19/10/2011 SEK 1,784,092 (11,717)

17/08/2011 CHF 125,293 19/10/2011 USD 160,000 (15,461)

22/08/2011 CHF 250,907 19/10/2011 USD 320,000 (30,660)

09/08/2011 EUR 2,736,000 19/10/2011 MXN 48,695,281 122,159

17/08/2011 EUR 495,568 19/10/2011 USD 717,000 (35,335)

22/08/2011 EUR 1,006,249 19/10/2011 USD 1,450,000 (67,407)

22/09/2011 EUR 900,000 19/10/2011 USD 1,211,892 2,618

10/08/2011 JPY 1,884,900,000 19/10/2011 SGD 30,000,000 1,054,221

17/08/2011 JPY 30,438,610 19/10/2011 SGD 478,000 20,706

22/08/2011 JPY 61,655,431 19/10/2011 SGD 970,000 40,927

22/09/2011 JPY 35,282,340 19/10/2011 SGD 600,000 (2,178)

17/08/2011 JPY 28,216,581 19/10/2011 USD 369,000 (1,346)

22/08/2011 JPY 49,097,088 19/10/2011 USD 640,000 (814)

22/09/2011 JPY 80,198,790 19/10/2011 USD 1,050,000 (4,718)

18/07/2011 MXN 45,650,997 19/10/2011 EUR 2,736,000 (285,389)

31/08/2011 MXN 28,902,173 19/10/2011 EUR 1,600,000 (48,490)

21/07/2011 SEK 9,325,494 19/10/2011 CHF 1,200,000 20,053

22/07/2011 SEK 9,230,400 19/10/2011 CHF 1,200,000 9,794

15/08/2011 SEK 9,899,586 19/10/2011 CHF 1,200,000 81,986

27/09/2011 SEK 5,268,115 19/10/2011 CHF 700,000 (6,831)

18/07/2011 SGD 4,560,000 19/10/2011 JPY 295,923,480 (250,941)

11/08/2011 SGD 30,000,000 19/10/2011 JPY 1,892,226,000 (1,124,761)


156



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Macro II (continued)

18/07/2011 SGD 1,851,836 19/10/2011 USD 1,520,000 (69,465)

18/07/2011 USD 1,520,000 19/10/2011 CHF 1,242,726 103,794

21/06/2011 USD 5,400,000 19/10/2011 EUR 3,768,389 230,199

18/07/2011 USD 1,440,000 19/10/2011 EUR 1,027,686 38,604

18/07/2011 USD 3,090,000 19/10/2011 JPY 244,262,337 (65,552)

17/08/2011 USD 159,000 19/10/2011 SGD 190,851 8,897

22/08/2011 USD 320,000 19/10/2011 SGD 385,990 16,829

17/08/2011 NZD 380,000 20/10/2011 PHP 13,414,000 (12,136)

22/08/2011 NZD 520,000 20/10/2011 PHP 18,157,880 (13,254)

02/08/2011 PHP 93,824,000 20/10/2011 NZD 2,560,000 140,286

21/06/2011 PHP 78,552,000 20/10/2011 USD 1,800,000 (4,404)

17/08/2011 USD 239,000 20/10/2011 PHP 10,119,451 5,841

22/08/2011 USD 480,000 20/10/2011 PHP 20,371,200 10,925

22/09/2011 USD 400,000 20/10/2011 PHP 17,669,200 (2,628)

17/08/2011 EUR 80,000 21/10/2011 KRW 124,121,600 2,102

22/08/2011 EUR 160,000 21/10/2011 KRW 249,587,776 3,362

21/06/2011 INR 82,080,000 21/10/2011 USD 1,800,000 (100,520)

01/07/2011 INR 21,710,400 21/10/2011 USD 480,000 (29,470)

01/07/2011 KRW 158,063,750 21/10/2011 EUR 137,000 (37,804)

18/07/2011 KRW 932,406,720 21/10/2011 EUR 623,000 (37,849)

01/07/2011 KRW 1,765,524,480 21/10/2011 USD 1,644,000 (109,973)

18/07/2011 KRW 7,998,738,000 21/10/2011 USD 7,480,000 (521,790)

02/08/2011 MYR 6,585,600 21/10/2011 NZD 2,560,000 78,620

21/06/2011 MYR 5,486,400 21/10/2011 USD 1,800,000 (62,377)

01/07/2011 MYR 1,451,232 21/10/2011 USD 480,000 (19,367)

17/08/2011 NZD 380,000 21/10/2011 MYR 942,970 (3,653)

22/08/2011 NZD 520,000 21/10/2011 MYR 1,275,352 (1,516)

01/07/2011 PHP 20,799,360 21/10/2011 USD 480,000 (3,689)

17/08/2011 USD 239,000 21/10/2011 INR 10,895,771 13,458

22/08/2011 USD 480,000 21/10/2011 INR 22,074,000 24,142

17/08/2011 USD 959,670 21/10/2011 KRW 1,028,925,833 65,251

22/08/2011 USD 1,930,000 21/10/2011 KRW 2,089,625,089 118,474

22/09/2011 USD 1,500,000 21/10/2011 KRW 1,816,125,000 (28,313)


157



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


17/08/2011 USD 239,000 21/10/2011 MYR 711,091 12,325

22/08/2011 USD 480,000 21/10/2011 MYR 1,426,464 25,140

22/09/2011 USD 400,000 21/10/2011 MYR 1,273,600 1,274

16/09/2011 EUR 974,935 15/12/2011 GBP 850,000 (7,425)

21/09/2011 EUR 235,097 15/12/2011 GBP 205,000 (1,826)

23/09/2011 EUR 50,380 15/12/2011 GBP 44,000 (472)

26/09/2011 EUR 16,075 15/12/2011 GBP 14,000 (105)

29/09/2011 EUR 176,788 15/12/2011 GBP 154,000 (1,191)

21/09/2011 EUR 16,086 15/12/2011 USD 22,000 (219)

23/09/2011 EUR 18,531 15/12/2011 USD 25,000 3

16/09/2011 GBP 8,070,000 15/12/2011 EUR 9,244,103 82,582

16/09/2011 USD 1,170,000 15/12/2011 EUR 848,937 18,179

19/09/2011 AUD 1,212,098 15/12/2011 EUR 900,000 (33,896)

15/09/2011 CAD 2,323,145 15/12/2011 EUR 1,700,000 (52,531)

19/09/2011 CZK 21,597,000 15/12/2011 USD 1,200,000 (12,775)

15/09/2011 EUR 4,400,000 15/12/2011 AUD 5,975,671 131,005

27/09/2011 EUR 50,674 15/12/2011 AUD 70,000 661

19/09/2011 EUR 580,000 15/12/2011 CAD 780,801 26,273

15/09/2011 EUR 1,400,000 15/12/2011 GBP 1,224,055 (14,657)

19/09/2011 EUR 960,000 15/12/2011 GBP 835,083 (5,120)

15/09/2011 EUR 1,200,000 15/12/2011 JPY 127,330,440 (28,027)

19/09/2011 EUR 590,000 15/12/2011 SEK 5,435,416 4,236

27/09/2011 EUR 162,910 15/12/2011 SEK 1,500,000 1,258

19/09/2011 EUR 310,000 15/12/2011 USD 423,864 (4,130)

27/09/2011 GBP 110,000 15/12/2011 EUR 126,365 764

14/09/2011 HUF 337,958,720 15/12/2011 USD 1,600,000 (41,264)

15/09/2011 HUF 348,583,620 15/12/2011 USD 1,650,000 (42,338)

26/09/2011 HUF 144,200,000 15/12/2011 USD 663,897 (3,701)

19/09/2011 JPY 13,639,262 15/12/2011 EUR 130,000 1,547

27/09/2011 JPY 7,500,000 15/12/2011 EUR 72,355 (19)

19/09/2011 MXN 2,259,262 15/12/2011 USD 170,000 (5,231)

19/09/2011 PLN 968,702 15/12/2011 USD 300,000 (4,442)

14/09/2011 RUB 104,334,780 15/12/2011 USD 3,400,000 (146,506)


158



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


15/09/2011 RUB 104,695,974 15/12/2011 USD 3,390,000 (130,901)

26/09/2011 RUB 45,200,000 15/12/2011 USD 1,374,321 9,522

15/09/2011 SEK 36,780,620 15/12/2011 EUR 4,000,000 (36,164)

14/09/2011 SGD 4,986,912 15/12/2011 USD 4,000,000 (115,141)

15/09/2011 SGD 4,803,075 15/12/2011 USD 3,860,000 (116,414)

26/09/2011 SGD 2,250,000 15/12/2011 USD 1,731,598 2,168

14/09/2011 USD 4,000,000 15/12/2011 CZK 71,524,840 61,454

15/09/2011 USD 3,980,000 15/12/2011 CZK 70,967,977 69,224

26/09/2011 USD 1,707,320 15/12/2011 CZK 31,130,000 1,863

15/09/2011 USD 967,653 15/12/2011 EUR 700,000 17,151

27/09/2011 USD 2,725,000 15/12/2011 EUR 2,005,814 13,751

19/09/2011 USD 400,000 15/12/2011 HUF 85,969,720 5,364

14/09/2011 USD 1,300,000 15/12/2011 MXN 16,889,093 61,141

15/09/2011 USD 1,280,000 15/12/2011 MXN 16,667,036 58,169

26/09/2011 USD 596,748 15/12/2011 MXN 8,200,000 4,018

14/09/2011 USD 1,300,000 15/12/2011 PLN 4,153,867 29,328

15/09/2011 USD 1,350,000 15/12/2011 PLN 4,336,972 25,172

26/09/2011 USD 577,532 15/12/2011 PLN 1,900,000 662

19/09/2011 USD 1,000,000 15/12/2011 RUB 31,383,880 27,622

19/09/2011 USD 1,000,000 15/12/2011 SGD 1,260,725 20,778

14/09/2011 USD 2,200,000 15/12/2011 ZAR 16,395,751 144,923

15/09/2011 USD 2,180,000 15/12/2011 ZAR 16,400,321 129,545

26/09/2011 USD 1,057,027 15/12/2011 ZAR 8,600,000 3,513

19/09/2011 ZAR 4,640,457 15/12/2011 USD 600,000 (23,811)

14/09/2011 BRL 6,828,900 19/12/2011 USD 3,900,000 (201,283)

15/09/2011 BRL 6,745,050 19/12/2011 USD 3,900,000 (234,250)

26/09/2011 BRL 3,250,000 19/12/2011 USD 1,737,503 (8,039)

20/09/2011 CLP 454,940,000 19/12/2011 USD 920,000 (33,414)

14/09/2011 INR 188,838,000 19/12/2011 USD 3,900,000 (92,602)

15/09/2011 INR 188,058,000 19/12/2011 USD 3,900,000 (104,141)

26/09/2011 INR 82,200,000 19/12/2011 USD 1,640,064 2,305

14/09/2011 KRW 667,980,000 19/12/2011 USD 600,000 (26,314)

15/09/2011 KRW 683,932,000 19/12/2011 USD 610,000 (23,739)


159



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


26/09/2011 KRW 337,000,000 19/12/2011 USD 283,840 685

14/09/2011 TWD 117,960,000 19/12/2011 USD 4,000,000 (95,049)

15/09/2011 TWD 114,874,500 19/12/2011 USD 3,900,000 (95,988)

26/09/2011 TWD 57,900,000 19/12/2011 USD 1,904,195 (2,856)

19/09/2011 USD 920,000 19/12/2011 BRL 1,652,320 31,926

14/09/2011 USD 3,900,000 19/12/2011 CLP 1,879,215,000 213,728

15/09/2011 USD 3,900,000 19/12/2011 CLP 1,889,940,000 198,330

26/09/2011 USD 1,855,710 19/12/2011 CLP 962,000,000 4,318

19/09/2011 USD 1,000,000 19/12/2011 INR 48,550,500 22,242

19/09/2011 USD 140,000 19/12/2011 KRW 160,490,190 3,253

19/09/2011 USD 980,000 19/12/2011 TWD 29,132,274 17,649

27/09/2011 USD 261,737 19/12/2011 TWD 7,900,000 1,814

EUR (1,222,646)

Multi Government Bond Strategies (Formerly Global Bond Market Neutral)

16/09/2011 AUD 180,000 14/12/2011 EUR 133,736 (4,249)

16/09/2011 CAD 200,000 14/12/2011 EUR 147,044 (3,895)

21/09/2011 CAD 140,000 14/12/2011 EUR 102,254 (2,049)

30/09/2011 CHF 110,000 14/12/2011 EUR 90,630 (187)

30/09/2011 EUR 93,292 14/12/2011 AUD 130,000 (228)

16/09/2011 EUR 764,559 14/12/2011 CHF 920,000 8,114

30/09/2011 EUR 289,817 14/12/2011 GBP 250,000 (641)

16/09/2011 EUR 185,863 14/12/2011 JPY 19,640,000 (4,328)

30/09/2011 EUR 232,420 14/12/2011 NZD 410,000 (576)

30/09/2011 EUR 386,900 14/12/2011 SEK 3,580,000 (808)

16/09/2011 EUR 217,507 14/12/2011 USD 300,000 (6,637)

16/09/2011 GBP 250,000 14/12/2011 EUR 286,042 4,417

21/09/2011 JPY 14,860,000 14/12/2011 EUR 142,171 1,735

16/09/2011 NOK 290,000 14/12/2011 EUR 37,452 (743)

16/09/2011 NZD 640,000 14/12/2011 EUR 382,535 (18,836)

16/09/2011 SEK 16,760,000 14/12/2011 EUR 1,830,181 (15,109)

21/09/2011 SEK 1,560,000 14/12/2011 EUR 169,498 (553)

26/09/2011 AUD 820,000 15/12/2011 EUR 585,825 4,011

27/09/2011 AUD 1,460,000 15/12/2011 EUR 1,057,900 (7,704)

26/09/2011 CAD 470,000 15/12/2011 EUR 335,762 643


160



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Multi Government Bond Strategies (Formerly Global Bond Market Neutral) (continued)

27/09/2011 CAD 1,210,000 15/12/2011 EUR 870,863 (4,800)

23/09/2011 CHF 1,050,000 15/12/2011 EUR 861,842 1,495

26/09/2011 CHF 1,530,000 15/12/2011 EUR 1,257,701 304

29/09/2011 CHF 640,000 15/12/2011 EUR 525,726 499

19/09/2011 EUR 2,548,136 15/12/2011 AUD 3,430,000 81,465

23/09/2011 EUR 1,079,487 15/12/2011 AUD 1,500,000 522

19/09/2011 EUR 1,385,157 15/12/2011 CAD 1,860,000 53,814

23/09/2011 EUR 453,158 15/12/2011 CAD 630,000 2,230

29/09/2011 EUR 114,002 15/12/2011 CAD 160,000 (519)

19/09/2011 EUR 6,910,660 15/12/2011 CHF 8,310,000 77,807

26/09/2011 EUR 621,257 15/12/2011 GBP 540,000 (6,161)

26/09/2011 EUR 166,037 15/12/2011 ILS 840,000 (208)

21/09/2011 EUR 672,758 15/12/2011 INR 44,890,000 1,289

19/09/2011 EUR 182,473 15/12/2011 JPY 19,080,000 (2,300)

23/09/2011 EUR 45,269 15/12/2011 JPY 4,660,000 140

21/09/2011 EUR 684,191 15/12/2011 KRW 1,087,870,000 (3,718)

21/09/2011 EUR 673,942 15/12/2011 MYR 2,900,000 (673)

22/09/2011 EUR 580,433 15/12/2011 MYR 2,490,000 1,201

23/09/2011 EUR 705,847 15/12/2011 NOK 5,580,000 (459)

26/09/2011 EUR 356,668 15/12/2011 NOK 2,800,000 2,256

23/09/2011 EUR 455,231 15/12/2011 NZD 790,000 6,320

26/09/2011 EUR 284,042 15/12/2011 NZD 500,000 (89)

27/09/2011 EUR 1,174,213 15/12/2011 NZD 2,030,000 20,694

29/09/2011 EUR 211,320 15/12/2011 NZD 370,000 1,066

26/09/2011 EUR 233,743 15/12/2011 PLN 1,040,000 (271)

26/09/2011 EUR 705,185 15/12/2011 SEK 6,550,000 (4,156)

21/09/2011 EUR 675,689 15/12/2011 SGD 1,170,000 4,800

22/09/2011 EUR 577,980 15/12/2011 SGD 1,010,000 (1,150)

19/09/2011 EUR 995,031 15/12/2011 TRY 2,470,000 18,221

21/09/2011 EUR 700,680 15/12/2011 TWD 28,630,000 (448)

19/09/2011 EUR 2,015,058 15/12/2011 USD 2,750,000 (39,726)

27/09/2011 EUR 771,344 15/12/2011 USD 1,050,000 (13,215)

29/09/2011 EUR 1,452,760 15/12/2011 USD 1,980,000 (26,689)

19/09/2011 EUR 631,003 15/12/2011 ZAR 6,620,000 23,148


161



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Multi Government Bond Strategies (Formerly Global Bond Market Neutral) (continued)

19/09/2011 GBP 2,580,000 15/12/2011 EUR 2,966,905 30,781

23/09/2011 GBP 140,000 15/12/2011 EUR 160,138 2,527

29/09/2011 GBP 130,000 15/12/2011 EUR 149,758 1,288

19/09/2011 ILS 3,280,000 15/12/2011 EUR 647,228 1,918

23/09/2011 INR 44,890,000 15/12/2011 EUR 661,802 9,690

26/09/2011 JPY 5,270,000 15/12/2011 EUR 51,123 (86)

23/09/2011 KRW 1,087,870,000 15/12/2011 EUR 685,764 2,143

22/09/2011 MXN 11,400,000 15/12/2011 EUR 606,588 4,166

19/09/2011 MYR 5,390,000 15/12/2011 EUR 1,257,704 (3,854)

19/09/2011 NOK 21,450,000 15/12/2011 EUR 2,758,663 (43,567)

29/09/2011 NOK 2,060,000 15/12/2011 EUR 261,370 (620)

19/09/2011 NZD 3,570,000 15/12/2011 EUR 2,137,233 (108,535)

19/09/2011 PLN 5,350,000 15/12/2011 EUR 1,217,446 (13,635)

19/09/2011 SEK 27,330,000 15/12/2011 EUR 2,970,988 (11,283)

23/09/2011 SEK 10,540,000 15/12/2011 EUR 1,130,411 11,019

29/09/2011 SEK 2,290,000 15/12/2011 EUR 247,402 594

19/09/2011 SGD 2,180,000 15/12/2011 EUR 1,268,403 (18,392)

26/09/2011 TRY 650,000 15/12/2011 EUR 255,722 1,396

23/09/2011 TWD 28,630,000 15/12/2011 EUR 698,809 2,320

26/09/2011 USD 7,230,000 15/12/2011 EUR 5,353,557 48,924

26/09/2011 ZAR 1,150,000 15/12/2011 EUR 104,040 1,591

26/09/2011 CLP 242,920,000 19/12/2011 EUR 347,288 (4,155)

19/09/2011 EUR 1,627,668 19/12/2011 CLP 1,096,560,000 79,355

22/09/2011 EUR 569,492 19/12/2011 INR 38,320,000 (3,286)

23/09/2011 EUR 660,827 19/12/2011 INR 44,890,000 (10,270)

22/09/2011 EUR 552,796 19/12/2011 KRW 896,060,000 (13,828)

23/09/2011 EUR 684,777 19/12/2011 KRW 1,087,870,000 (3,129)

26/09/2011 EUR 94,867 19/12/2011 KRW 153,100,000 (1,945)

22/09/2011 EUR 606,372 19/12/2011 MXN 11,400,000 (4,245)

22/09/2011 EUR 581,631 19/12/2011 TWD 23,830,000 (2,007)

23/09/2011 EUR 697,945 19/12/2011 TWD 28,630,000 (3,252)

19/09/2011 INR 83,210,000 19/12/2011 EUR 1,259,132 (15,500)

19/09/2011 KRW 2,910,820,000 19/12/2011 EUR 1,864,484 (23,856)

19/09/2011 MXN 11,400,000 19/12/2011 EUR 629,883 (19,290)

19/09/2011 TWD 52,460,000 19/12/2011 EUR 1,295,881 (11,038)

EUR 27,005


162

10. Futures

As at 30 September 2011, 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

BRIC Markets Equity

HSCEI - HKD CHINA ENT 161 HKD 71,250,550 28/10/2011 (180,806)

NSE S&P CNX NIFTY INDEX 1,008 USD 9,940,896 25/10/2011 (74,663)

USD (255,469)

Euroland Equity

DOW JONES EURO STOXX 50/PR.IND 1,065 EUR 22,961,400 16/12/2011 1,092,900

EUR 1,092,900

Euroland Growth

DOW JONES EURO STOXX 50/PR.IND 154 EUR 3,320,240 16/12/2011 121,000

EUR 121,000

Global Equity

S&P / ASX 200 INDEX 8 AUD 800,000 15/12/2011 (16,524)

S&P INDICES S&P/TSX 60 INDEX (3) CAD (398,640) 15/12/2011 17,742 SMI INDEX/OHNE DIVIDENDENKORR. 1 CHF 55,170 16/12/2011 766

AEX 1 EUR 55,730 21/10/2011 2,402

BEL-20 10 EUR 213,000 21/10/2011 8,097

CAC 40 (47) EUR (1,392,375) 21/10/2011 (35,797)

DAX-INDEX 12 EUR 1,641,900 16/12/2011 63,766 DOW JONES EURO STOXX 50/PR.IND (48) EUR (1,034,880) 16/12/2011 (2,591)


163

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 2 EUR 147,350 16/12/2011 11,404

IBEX-35 INDICES BOLSA ESPANOL. (7) EUR (591,710) 21/10/2011 (56,281)

UKX FTSE 100 INDEX 10 GBP 505,950 16/12/2011 1,493

HONG KONG HANG SENG INDICES (9) HKD (7,839,000) 28/10/2011 21,312

TOPIX INDEX (TOKYO) (4) JPY (30,300,000) 08/12/2011 (6,810)

SWED OPTI OMX STOCKHOLM 30 IDX 1 SEK 90,925 21/10/2011 401

SIMSCI MSCI SINGAPORE FREE 5 SGD 307,000 28/10/2011 307

S&P 500 INDICES 12 USD 3,414,600 15/12/2011 27,526

USD 37,213

Indian Equity

OIL & NATURAL GAS CORP LTD 4,160 INR 1,110,720,000 25/10/2011 0

USD 0

Japanese Equity MINI TOPIX TOKYO SE IDX JP 3 JPY 2,272,500 08/12/2011 43,658

TOPIX INDEX (TOKYO) 23 JPY 174,225,000 08/12/2011 3,588,000

JPY 3,631,658

US Equity S&P 500 EMINI INDEX 6 USD 341,700 16/12/2011 (3,990)

S&P 500 INDICES 81 USD 23,048,550 15/12/2011 (462,300)

USD (466,290)

Euro Bond

EURO BOBL (89) EUR (10,874,910) 08/12/2011 25,810

EURO BUND 16 EUR 2,185,440 08/12/2011 13,480

EURO SCHATZ 130 EUR 14,255,150 08/12/2011 (39,000)

EUR 290


164


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

Euro Credit Bond

EURO BOBL (70) EUR (8,553,300) 08/12/2011 (23,000)

EURO BUND (95) EUR (12,976,050) 08/12/2011 (70,300)

EURO SCHATZ 312 EUR 34,212,360 08/12/2011 (11,250)

EUR (104,550)

Global Credit Bond

EURO BUND (4) EUR (546,360) 08/12/2011 540

EURO SCHATZ 7 EUR 767,585 08/12/2011 (2,834)

USD (2,294)


EURO BOBL 10 EUR 1,221,900 08/12/2011 (2,429)

EURO BUND (20) EUR (2,731,800) 08/12/2011 (11,606)

USD (14,035)

Latin American Local Debt

IDI INTERBK DEP RATE INDEX 5 BRL 55,800 30/12/2014 0

BRL/MXN SPOT - CROSS RATES 20 MXN 2,027,831 30/09/2011 0

USD 0


DJ EURO STOXX 71 EUR 369,555 16/12/2011 9,585

DJ STOXX 600 BASIC 16 EUR 311,680 16/12/2011 (48,720)

DOW JONES EURO STOXX 50 (84) EUR (1,811,040) 16/12/2011 (83,880)

DOW JONES STOXX 600 30 EUR 369,600 16/12/2011 (3,450)

EUR (126,465)


165

10.Futures (continued)

Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

Global Currency

90 DAY BANK ACCEPTED BILL AUST 110 AUD 108,976,221 07/06/2012 (8,762)

90 DAY BANK ACCEPTED BILL AUST 40 AUD 39,623,845 13/09/2012 (5,176) BANKERS ACC.CANADIAN 3 MONTHS 85 CAD 21,069,375 17/09/2012 13,958

BANKERS ACC.CANADIAN 3 MONTHS

93 CAD 23,047,725 18/06/2012 7,661

EURIBOR 360 /3 MONATE 61 EUR 15,076,913 17/09/2012 (13,192)

EURIBOR 360 /3 MONATE 67 EUR 16,559,888 18/06/2012 (14,612)

3M SHORT STERLING 161 GBP 19,929,788 19/09/2012 (31,365)

3M SHORT STERLING 177 GBP 21,912,600 20/06/2012 (7,663)

90-DAY BK ACC.BILL NEW ZEALAND 50 NZD 49,642,574 14/03/2012 26,920

90 DAYS - EURO $ FUTURE 170 USD 42,264,125 17/09/2012 (17,201)

90 DAYS - EURO $ FUTURE 188 USD 46,732,100 18/06/2012 (27,489)

USD (76,921)

Global Flex Allocation

S&P / ASX 200 INDEX (5) AUD (500,000) 15/12/2011 8,553

S&P INDICES S&P/TSX 60 INDEX (1) CAD (132,880) 15/12/2011 3,734 SMI INDEX/OHNE DIVIDENDENKORR. (3) CHF (165,510) 16/12/2011 (3,775)

AEX (2) EUR (111,460) 21/10/2011 (3,220)

CAC 40 (1) EUR (29,625) 21/10/2011 (755)

DAX-INDEX (11) EUR (1,505,075) 16/12/2011 (63,738) DOW JONES EURO STOXX 50/PR.IND (78) EUR (1,681,680) 16/12/2011 (128,450)

EURO BOBL (8) EUR (977,520) 08/12/2011 480

EURO BUND 16 EUR 2,185,440 08/12/2011 (34,880)

EURO-BUXL-FUTURES (4) EUR (494,800) 08/12/2011 (16,960)

EURO SCHATZ (11) EUR (1,206,205) 08/12/2011 3,300

FTSE MIB INDEX (1) EUR (73,675) 16/12/2011 (5,525)


166


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency

Global Flex Allocation (continued)

UKX FTSE 100 INDEX 6 GBP 303,570 16/12/2011 (6,615) SWED OPTI OMX STOCKHOLM 30 IDX (19) SEK (1,727,575) 21/10/2011 (5,575)

SIMSCI MSCI SINGAPORE FREE (1) SGD (61,400) 28/10/2011 660

10Y TREASURY NOTES USA 7 USD 911,313 20/12/2011 4,886

2Y TREASURY NOTES USA (3) USD (660,609) 30/12/2011 590

30Y TREASURY NOTES USA (3) USD (473,532) 20/12/2011 (33,461)

5Y TREASURY NOTES USA 5 USD 612,656 30/12/2011 724

DJ CBOT MINI SIZED DJ IND AV (7) USD (384,195) 16/12/2011 259

NASDAQ 100 E-MINI INDEX 9 USD 388,665 16/12/2011 (4,048)

S&P 500 EMINI INDEX (2) USD (113,900) 16/12/2011 1,342

EUR (282,474)

Global Macro

S&P / ASX 200 INDEX (216) AUD (21,600,000) 15/12/2011 348,533

S&P INDICES S&P/TSX 60 INDEX 28 CAD 3,720,080 15/12/2011 (105,007) SMI INDEX/OHNE DIVIDENDENKORR. 16 CHF 878,720 16/12/2011 16,433

CAC 40 (96) EUR (2,840,640) 21/10/2011 (61,351)

DAX-INDEX (52) EUR (7,115,550) 16/12/2011 (225,615) DOW JONES EURO STOXX 50/PR.IND 260 EUR 5,587,400 16/12/2011 257,400

EURO BUND (593) EUR (80,855,550) 08/12/2011 201,620

EURO-BUXL-FUTURES 136 EUR 16,834,080 08/12/2011 545,680

IBEX-35 INDICES BOLSA ESPANOL. 59 EUR 4,968,980 21/10/2011 291,460

LONG GILT STERLING FUTURES 1,155 GBP 149,572,500 28/12/2011 2,267,489

UKX FTSE 100 INDEX 808 GBP 41,034,280 16/12/2011 (833,850)

HONG KONG HANG SENG INDICES 61 HKD 53,131,000 28/10/2011 (129,535)

NIKKEI 225 INDICES D 602 JPY 2,611,175,000 08/12/2011 246,098


167


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency


KOREA KOSPI 200 INDEX 132 KRW 15,100,800,000 08/12/2011 (145,351)

10Y TREASURY NOTES USA (2,582) USD (335,821,375) 20/12/2011 (2,258,892)

2Y TREASURY NOTES USA (610) USD (134,333,438) 30/12/2011 112,858

NSE S&P CNX NIFTY INDEX (2,475) USD (24,393,600) 25/10/2011 151,659

S&P 500 EMINI INDEX 267 USD 15,232,350 16/12/2011 (232,581)

TREASURY BONDS USA 565 USD 80,247,515 20/12/2011 2,724,282

EUR 3,171,330

Global Macro II

S&P / ASX 200 INDEX (25) AUD (2,500,000) 15/12/2011 40,066

S&P INDICES S&P/TSX 60 INDEX 3 CAD 398,580 15/12/2011 (11,251) SMI INDEX/OHNE DIVIDENDENKORR. 2 CHF 109,840 16/12/2011 2,054

CAC 40 (11) EUR (325,490) 21/10/2011 (6,549)

DAX-INDEX (6) EUR (821,025) 16/12/2011 (26,033) DOW JONES EURO STOXX 50/PR.IND 29 EUR 623,210 16/12/2011 28,710

EURO BUND (62) EUR (8,453,700) 08/12/2011 32,560

EURO-BUXL-FUTURES 14 EUR 1,732,920 08/12/2011 56,260

IBEX-35 INDICES BOLSA ESPANOL. 7 EUR 589,540 21/10/2011 34,260

LONG GILT STERLING FUTURES 124 GBP 16,058,000 28/12/2011 210,408

UKX FTSE 100 INDEX 88 GBP 4,469,080 16/12/2011 (92,292)

HONG KONG HANG SENG INDICES 7 HKD 6,097,000 28/10/2011 (14,865)

NIKKEI 225 INDICES 63 JPY 273,262,500 08/12/2011 25,887

KOREA KOSPI 200 INDEX 13 KRW 1,487,200,000 08/12/2011 (14,315)

10Y TREASURY NOTES USA (278) USD (36,157,375) 20/12/2011 (228,018)

2Y TREASURY NOTES USA (66) USD (14,534,438) 30/12/2011 12,211

NSE S&P CNX NIFTY INDEX (251) USD (2,473,856) 25/10/2011 15,380

S&P 500 EMINI INDEX 28 USD 1,597,400 16/12/2011 (26,131)

TREASURY BONDS USD 59 USD 8,379,829 20/12/2011 284,484

EUR 322,826


168


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

Multi Government Bond Strategies (Formerly Global Bond Market Neutral) 10 YEAR TREAS.BOND AUSTRAL.6% 52 AUD 5,996,955 15/12/2011 4,516

10 YEARS CANADIAN BONDS (149) CAD (19,670,680) 19/12/2011 (249,442)

EURO BUND 15 EUR 2,047,350 28/12/2011 (4,307)

LONG GILT STERLING FUTURES (2) GBP (259,980) 08/12/2011 (5,140)

JAPANESE GOV. BDS FUTURE 10Y 12 JPY 1,707,240,000 09/12/2011 (22,542)

JP 10Y MINI GV BDS 4 JPY 56,916,000 08/12/2011 (812)

10Y TREASURY NOTES USA 49 USD 6,625,219 20/12/2011 129,209

EUR (148,518)


169

11. Swaps

Euro Bond As at 30 September 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/09/2015 2,000,000 (39,918)

HSBC BANK PLC LONDON EUR 20/12/2016 4,000,000 (504)

HSBC FRANCE EUR 20/12/2016 2,000,000 (292,397)

J.P. MORGAN CHASE LONDON EUR 20/03/2015 1,000,000 (60,885)

J.P. MORGAN CHASE LONDON EUR 20/12/2015 1,000,000 4,701


SOCIETE GENERALE PARIS EUR 20/12/2015 1,000,000 13,134

EUR (451,579) Euro Credit Bond As at 30 September 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/09/2021 5,000,000 1,359,242

BNP PARIBAS EUR 20/09/2016 10,000,000 (427,505)

BNP PARIBAS PARIS EUR 20/12/2016 8,000,000 (69,722)

BNP PARIBAS PARIS EUR 20/12/2016 8,000,000 (45,375)

CREDIT SUISSE FIRST BOSTON EUR 20/03/2015 5,000,000 (213,647)

MORGAN STANLEY CIE INTL EUR 20/12/2016 15,000,000 (3,785)

MORGAN STANLEY CIE INTL USD 20/09/2014 3,000,000 (36,309)

MORGAN STANLEY CIE INTL USD 20/09/2014 3,000,000 (37,293)

UNION DES BANQUES SUISSES EUR 20/06/2016 4,000,000 (602,514)

UNION DES BANQUES SUISSES EUR 20/06/2016 8,000,000 410,696

EUR 333,788


170

11. Swaps (continued)

Euro High Yield Bond

As at 30 September 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/03/2013 1,000,000 (84,215)

BNP PARIBAS EUR 20/09/2012 1,000,000 8,789

BNP PARIBAS EUR 20/06/2016 2,500,000 78,206



HSBC BANK PLC LONDON EUR 20/12/2016 3,000,000 (321,138)

HSBC BANK PLC LONDON EUR 20/06/2013 1,000,000 (46,305)

HSBC FRANCE EUR 20/06/2013 1,000,000 6,669

HSBC FRANCE EUR 20/12/2013 1,000,000 20,759









EUR (1,327,028)

Global Emerging Markets Bond

As at 30 September 2011, 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 (625,427)

BANK OF AMERICA NEW YORK USD 20/09/2016 10,000,000 (362,184)

BARCLAYS BANK PLC GLOBAL USD 20/09/2016 24,650,000 (994,046)


DEUTSCHE BANK AG LONDON USD 20/09/2016 11,000,000 (458,646)

J.P. MORGAN CHASE LONDON USD 20/09/2016 5,500,000 (215,814)




USD (4,823,990)


171


Global Emerging Markets Bond (Continued)

As at 30 September 2011, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS BANK PLC GLOBAL MXN 15/03/2012 39,000,000 32,451


USD 73,334


As at 30 September 2011, the Company entered into the following CDS swaps:

Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD



USD (205,665)

As at 30 September 2011, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BANK OF AMERICA NEW YORK BRL 02/01/2012 10,246,639 18,118

BARCLAYS BANK PLC GLOBAL BRL 02/01/2012 37,983,637 84,698

UNION DES BANQUES SUISSES MXN 17/09/2012 129,130,000 (7,716)

UNION DES BANQUES SUISSES BRL 02/01/2012 10,679,728 18,632

USD 113,732


172



As at 30 September 2011, the Company entered into the following interest rate swaps:


Date

Net notional

amount

Unrealised

gain / (loss)

in USD


UNION DES BANQUES SUISSES MXN 17/09/2012 1,020,870,000 (61,001)

USD 79,469




Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS BANK PLC GLOBAL USD 15/03/2049 10,000,000 3,360,412

USD 3,360,412

Global Inflation Linked Bond



Date

Net notional

amount

Unrealised

gain / (loss)

in USD

CREDIT SUISSE INTERNATIONAL USD 03/12/2020 220,000 5,648

ROYAL BANK OF CANADA TORONTO GBP 21/04/2021 350,000 (16,916)

UNION DES BANQUES SUISSES USD 15/04/2021 350,000 23,383

USD 12,115


173

11. Swaps (continued) GEM Debt Total Return As at 30 September 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BANK OF AMERICA NEW YORK USD 20/06/2015 5,000,000 635,162




BARCLAYS CAPITAL USD 20/12/2016 117,000,000 7,730,433

DEUTSCHE BANK AG LONDON USD 20/09/2016 8,000,000 (333,561)




STANDARD CHARTERED LONDON USD 20/03/2016 3,000,000 156,450



USD 13,939,292 As at 30 September 2011, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS BANK PLC GLOBAL USD 21/06/2021 66,000,000 (5,719,092)

CITIGROUP GLOBAL MARKET USD 13/05/2013 320,000,000 (867,030)

CREDIT SUISSE INTERNATIONAL MXN 17/09/2012 3,000,000,000 (179,369)

DEUTSCHE BANK AG LONDON USD 06/06/2021 65,500,000 (5,677,241)

DEUTSCHE BANK NEW YORK USD 12/05/2021 32,000,000 (3,196,492)

USD (15,639,224)


174



As at 30 September 2011, the Company entered into the following CFDS:

Description Quantity Currency Commitment Unrealised

gain / (loss)

in EUR

ACCIONA SA (5,100) EUR (324,258) (4,029)

ACCOR SA (4,940) EUR (99,146) 26,676

ACERINOX SA (40,060) EUR (337,305) 61,813

AIR FRANCE - KLM (26,600) EUR (146,061) 46,231

AIR FRANCE - KLM (6,300) EUR (34,593) 1,789

ALCATEL-LUCENT (29,200) EUR (64,065) 7,824



ANHEUSER-BUSH INBEV SA (3,000) EUR (118,605) (3,698)

ANHEUSER-BUSH INBEV SA (7,400) EUR (292,559) (11,967)

ARYZTA AG /NAM. (3,600) CHF (141,480) (11,314)

ARYZTA AG /NAM. (4,000) CHF (157,200) (16,415)

ARYZTA AG /NAM. (2,500) CHF (98,250) (7,088)

ASTRAZENECA PLC 1,410 GBP 40,107 1,208



ATLAS COPCO AB 1,070 SEK 132,038 (1,208)

ATLAS COPCO AB 16,100 SEK 1,986,740 (12,005)

AUTOLIV INC/SWEDISH DEPT.RECPT 4,700 SEK 1,572,620 (8,355)

AUTOLIV INC/SWEDISH DEPT.RECPT 2,500 SEK 836,500 (4,442)

BABCOCK INTERNATIONAL GROUP (25,940) GBP (170,426) (18,512)

BALFOUR BEATTY PLC (59,800) GBP (152,071) 8,284

BOURBON (8,020) EUR (137,182) 52,611

BRISA AUTO ESTRADAS DE PTG SA (111,300) EUR (294,722) 9,127

BRITISH AMERICAN TOBACCO 4,990 GBP 136,477 3,456

BRITISH AMERICAN TOBACCO 620 GBP 16,957 756

CARGOTEC (3,700) EUR (67,932) 13,616

CARNIVAL PLC (11,700) GBP (232,128) (7,158)

CENTRICA PLC 9,340 GBP 27,310 (350)

CENTRICA PLC 141,100 GBP 412,576 (20,523)

CIE GEN.GEOPHYSIQUE/VERITAS (9,400) EUR (126,336) 39,056

CSM NV (9,868) EUR (146,540) 9,671


175


European Equity Absolute Return (continued)


gain / (loss)

in EUR

DAILY MAIL & GENERAL TR (77,700) GBP (278,788) 21,348

DEUTSCHE POST AG, BONN (23,300) EUR (222,911) 42,243

DUFRY AG BASEL (2,620) CHF (210,386) (8,508)

EDP RENOVAVEIS SA (70,900) EUR (291,257) 922

ERICSSON TEL. 47,670 SEK 3,172,439 (43,529)

ERICSSON TEL. 4,580 SEK 304,799 (2,851)

FISCHER GEORG AG/NAM. (620) CHF (197,315) 4,972

GEA GROUP AG (3,600) EUR (63,018) 11,844

GEA GROUP AG (5,000) EUR (87,525) 1,682

GEA GROUP AG (3,400) EUR (59,517) 2,997

GKN PLC (76,000) GBP (131,024) 26,250

GKN PLC (21,670) GBP (37,359) 1,558

GROUPE EUROTUNNEL REGROUPEMT (14,000) EUR (89,236) (3,676)



GROUPE EUROTUNNEL REGROUPEMT (8,300) EUR (52,904) 1,902

HEXAGON AB DONOTUSE (10,000) SEK (901,000) 21,612

HOLCIM LTD /NAM. (3,300) CHF (161,007) (1,737)



HOLCIM LTD /NAM. (900) CHF (43,911) (23)

INDRA SISTEMAS SA (20,500) EUR (218,428) 29,725

INDRA SISTEMAS SA (6,000) EUR (63,930) 6,932

INMARSAT PLC 79,520 GBP 385,513 75,365

J.SAINSBURY PLC (60,300) GBP (163,775) 11,625

J.SAINSBURY PLC (10,500) GBP (28,518) 2,948

LAFARGE SA (4,700) EUR (121,119) 23,947

LINDE A.G. (1,700) EUR (171,700) 13,855

LINDE A.G. (500) EUR (50,500) 44

LINDE A.G. (350) EUR (35,350) 782

LUXOTTICA GROUP (9,000) EUR (171,270) 1,846

LUXOTTICA GROUP (1,870) EUR (35,586) 324


176




gain / (loss)

in EUR

MEGGITT PLC (83,600) GBP (277,552) 17,757

MODERN TIMES GROUP AB 10,500 SEK 2,915,850 (118,458)

MODERN TIMES GROUP AB 700 SEK 194,390 (4,204)

MODERN TIMES GROUP AB 1,500 SEK 416,550 (5,932)

MONDI PLC (36,100) GBP (169,129) 22,504

MONDI PLC (7,430) GBP (34,810) 4,393

NEXANS PARIS (1,300) EUR (56,498) 12,831

NEXANS PARIS (1,300) EUR (56,498) 8,952

NEXANS PARIS (770) EUR (33,464) 2,404

NEXT PLC 1,210 GBP 30,504 4,307

NEXT PLC 15,020 GBP 378,654 33,637

NORSK HYDRO AS (32,020) NOK (862,299) 24,639

PERNOD-RICARD (6,100) EUR (355,325) 32,330

PORTUGAL TELEC.SGPS NOM. (36,300) EUR (199,106) 8,168

PORTUGAL TELEC.SGPS NOM. (14,000) EUR (76,790) 4,847

PPR SA (3,900) EUR (374,634) 73,476

RECKITT BENCKISER GROUP PLC 9,000 GBP 290,790 3,740

RECKITT BENCKISER GROUP PLC 600 GBP 19,386 371

RECKITT BENCKISER GROUP PLC 1,600 GBP 51,696 (491)

RECKITT BENCKISER GROUP PLC 1,210 GBP 39,095 (342)

RENTOKIL INITIAL PLC (487,500) GBP (350,756) 50,930

RHOEN KLINIKUM AG (20,000) EUR (301,600) 20,600

RHOEN KLINIKUM AG (5,800) EUR (87,464) 2,953

ROCHE HOLDING AG /GENUSSSCHEIN 400 CHF 58,840 8,408

ROCHE HOLDING AG /GENUSSSCHEIN 400 CHF 58,840 3,321

ROCHE HOLDING AG /GENUSSSCHEIN 5,170 CHF 760,507 79,523

SCHIBSTED (12,900) NOK (1,627,980) 30,090

SKF AB 11,800 SEK 1,546,980 (5,833)

STADA ARZNEIMITTEL AG (4,250) EUR (66,661) 30,890

STADA ARZNEIMITTEL AG (3,940) EUR (61,799) 26,648

STATOIL ASA 26,400 NOK 3,336,960 25,770

STATOIL ASA 1,750 NOK 221,200 2,004


177




gain / (loss)

in EUR

STMICROELECTRONICS NV (21,100) EUR (103,749) (14,951)



SUEZ ENVIRONNEMENT CIE (27,860) EUR (289,187) 52,655

TATE + LYLE PLC (32,000) GBP (198,240) (26,597)

TATE + LYLE PLC (6,590) GBP (40,825) (2,085)

TELE2 AB 34,800 SEK 4,388,280 11,658

TELE2 AB 2,310 SEK 291,291 1,917

TELECOM ITALIA SPA (447,700) EUR (367,562) 14,774

TELENOR AS (36,100) NOK (3,270,660) (25,170)

TELIASONERA AB (70,000) SEK (3,175,900) 2,731

TGS NOPEC GEOPHYSICAL CO 960 NOK 104,928 (1,475)

TGS NOPEC GEOPHYSICAL CO 14,400 NOK 1,573,920 (22,636)

UCB (9,600) EUR (306,384) (26,064)

UNITED BUSINESS MEDIA PLC (19,000) GBP (85,044) 8,642

VEOLIA ENVIRONNEMENT (19,880) EUR (218,382) 3,279

VESTAS WIND SYSTEMS AS / REG (12,300) DKK (1,116,840) 26,115

WOLSELEY PLC (8,800) GBP (141,064) (5,079)

WOLSELEY PLC (3,000) GBP (48,090) (914)

EUR 806,956


178


GEM Equity Absolute Return

As at 30 September 2011, the Company entered into the following CFDS: Description Quantity Currency Commitment Unrealised

gain / (loss)

in USD

ALL AMERICA /CONV (48,971) USD (223,327) 309,878




BANCO DO BRASIL SA 6,200 USD 82,229 (22,317)



BHART=V1 IS (39,000) USD (301,860) 2,580

CAIRN INDIA LIMITED 14,774 USD 82,061 (24,045)




CANARA BANK /DEMAT. 19,784 USD 179,068 (57,671)



CANARA BANK /DEMAT. 8,500 USD 76,935 1,949

CENCOSUD SA (19,867) USD (105,598) 31,488

CENCOSUD SA (13,000) USD (69,098) 9,781

CHINA MENGNIU DAIRY CO LTD (24,000) USD (73,924) 6,631

CHINA MENGNIU DAIRY CO LTD (94,000) USD (289,537) 4,974

CHINA MOLYBDENUM CO LTD (205,000) USD (86,823) 33,381

CHINA MOLYBDENUM CO LTD (175,000) USD (74,117) 25,643

CHINA RESOURCES ENTERPRISE LTD (86,000) USD (289,178) 78,761



CHINA UNICO (HK) (90,000) USD (187,583) (12,110)

CHINA UNICO (HK) (28,000) USD (58,359) (4,791)

CHINA UNICO (HK) (12,000) USD (25,011) 198

CIA BRASILEIRA /PFD (9,824) USD (303,571) 83,653

CIA BRASILEIRA /PFD (87) USD (2,688) 730

CIPLA=V1 IS (66,000) USD (380,820) 4,169

COCA COLA FEMSA/SADR 10 SHS (3,832) USD (342,849) (8,494)

EMPRESAS COPEC SA (5,440) USD (65,955) 37,404


179


GEM Equity Absolute Return (continued)


gain / (loss)

in USD





FALABELLA SA (12,000) USD (94,743) 11,065

FALABELLA SA (19,600) USD (154,747) 61,049

FAR EAST DEPT STORES (28,000) USD (36,941) 13,402

FAR EAST DEPT STORES (1,680) USD (2,216) (2,216)




FAR EASTERN TEXTILE 5,562 USD 5,750 (1,142)

FAR EASTERN TEXTILE (5,562) USD (5,750) (5,750)

GRUPO BIMBO SAB DE CV (126,700) USD (235,576) 30,909

GRUPO BIMBO SAB DE CV (65,000) USD (120,856) 9,687

GRUPO FIN.I.SAB DE CV (131,200) USD (213,022) 114,322

GRUPO FIN.I.SAB DE CV (37,000) USD (60,075) 12,955

GRUPO MODELO SA DE CV (33,086) USD (185,968) 16,425

GRUPO MODELO SA DE CV (14,000) USD (78,690) 673

HDFCB=V1 IS (37,500) USD (355,875) (6,999)

ICICI=V1 IS (16,000) USD (285,440) (571)

INTIME DEPT.STORE(GROUP)CO LTD (199,000) USD (222,452) 121,741

INTIME DEPT.STORE(GROUP)CO LTD (68,000) USD (76,014) 25,682

KMB=V1 IS (40,500) USD (378,270) 2,313

MRV ENGENHARIA -EQUIV CFD 62,000 USD 332,958 (42,485)

NASPERS LTD (2,600) USD (112,449) 21,218

NASPERS LTD (2,600) USD (112,449) 20,583

NASPERS LTD (2,000) USD (86,499) 19,443

PDG REALTY SA 17,420 USD 58,232 (33,861)

PDG REALTY SA 11,000 USD 36,771 (13,162)

PDG REALTY SA 10,800 USD 36,103 (16,168)

POLISH TELECOM WARSZAWA-USD (9,740) USD (50,563) 6,696



180




gain / (loss)

in USD


ROSSI RESIDENCIAL ON - USD 6,800 USD 33,265 (22,177)





RPWR=V1 IS (166,000) USD (260,620) 12,742

RURAL ELECTRIFICATION CORP LTD 11,083 USD 39,285 (18,912)





SAMSUNG CORP (2,493) USD (147,752) 35,436

SAMSUNG CORP (1,981) USD (117,408) 23,556

SAMSUNG CORP (1,058) USD (62,704) 12,376

SESA GOA LTD 29,472 USD 120,477 (69,152)

SESA GOA LTD 13,438 USD 54,933 (21,514)

SESA GOA LTD 25,000 USD 102,196 (30,369)

SINOPHARM GROUP CO -H- (4,000) USD (10,652) 5,771

SINOPHARM GROUP CO -H- (34,000) USD (90,544) 29,010

SINOPHARM GROUP CO -H- (22,000) USD (58,588) (4,245)



TAIWAN FERTILIZER CO (1,000) USD (2,465) 740

TAIWAN FERTILIZER CO (29,000) USD (71,477) 7,903






TATA MOTORS 124,465 USD 395,898 (127,302)

TELEKOM MALAYSIA (219,000) USD (280,567) (35,542)

TSINGTAO BREWERY CO LTD (26,000) USD (143,986) (5,257)

TSINGTAO BREWERY CO LTD (32,000) USD (177,213) (14,051)

TSINGTAO BREWERY CO LTD (10,000) USD (55,379) 2,678


181




gain / (loss)

in USD

ULTRAPAR PARTICIPACOES SA (16,688) USD (268,496) (5,611)

UNI-PRESIDENT ENT. (193,000) USD (252,731) 17,489

UNI-PRESIDENT ENT. (70,000) USD (91,664) 11,891

UNSP=V1 IS (22,000) USD (359,480) (16,481)

WAL-MART DE MEXICO "V" (68,790) USD (158,032) 46,199



X5 RETAIL GROUP NV / SGDR (7,550) USD (209,135) 46,934

X5 RETAIL GROUP NV / SGDR (2,320) USD (64,264) 16,213

YULON MOTOR CO USD EQUIV (106,000) USD (200,729) 57,371



Z=V1 IS (140,000) USD (337,400) (13,650)

EUR 769,733

Multi Government Bond Strategies (Formerly Global Bond Market Neutral)

As at 30 September 2011, the Company entered into the following interest rate swaps:


Date

Net notional

amount

Unrealised gain

/ (loss) in EUR

CREDIT SUISSE INTERNATIONAL CHF 12/10/2020 470,000 15,137

CREDIT SUISSE INTERNATIONAL CHF 03/06/2021 11,430,000 619,775

CREDIT SUISSE INTERNATIONAL SEK 03/06/2021 87,200,000 (898,116)

CREDIT SUISSE INTERNATIONAL EUR 17/06/2021 5,700,000 390,931

CREDIT SUISSE INTERNATIONAL SEK 22/07/2021 55,600,000 (496,690)



HSBC FRANCE SEK 16/08/2021 20,300,000 (66,394)

HSBC FRANCE NOK 23/08/2021 43,700,000 (68,243)

ROYAL BANK OF CANADA LONDON SEK 08/07/2021 17,350,000 (168,166)

UNION DES BANQUES SUISSES GBP 31/05/2021 1,400,000 (36,147)

UNION DES BANQUES SUISSES USD 02/06/2021 2,500,000 102,989

UNION DES BANQUES SUISSES NZD 05/08/2021 4,870,149 (131,445)

UNION DES BANQUES SUISSES NZD 12/09/2021 5,500,000 (50,824)

UNION DES BANQUES SUISSES NZD 26/09/2021 12,000,000 47,921

EUR (613,356)


182

12. Options

As at 30 September 2011, the Company had entered into the following written options contracts:

Sub-funds Quantity Strike Currency Maturity

Date

Commitment Unrealised

Gain /

(Loss)

Euro Bond

CALL FUT-3 MO EURO EURI (550,000) 98.875 EUR 19/12/2011 (54,381,250) 38,500

CALL FUT-3 MO EURO EURI (550,000) 99 EUR 19/12/2011 (54,450,000) 38,500

CALL FUT-EURO-BUND (40,000) 139 EUR 30/09/2011 (5,560,000) 22,000

PUT FUT-EURO-BUND (80,000) 136 EUR 30/09/2011 (10,880,000) 8,000

PUT FUT-EURO-BOBL (220,000) 120.25 EUR 30/09/2011 (26,455,000) 50,600

PUT FUT-EURO-BOBL (110,000) 121 EUR 30/09/2011 (13,310,000) 12,100

EUR 169,700 Euro Credit Bond

PUT FUT-EURO-BUND (100,000) 138 EUR 30/09/2011 (13,800,000) (112,000)

PUT FUT-EURO-BOBL (600,000) 120.25 EUR 30/09/2011 (72,150,000) 150,000 EUR 38,000

Global Flex Allocation PUT FUT-EURO-BUND (5,000) 136 EUR 30/09/2011 (680,000) 1,950 EUR 1,950 Global Macro

PUT EUR/CHF SPOT CROSS (200,000) 1.2 EUR 07/12/2011 (240,000) 143,638

PUT DOW JONES EURO (2,800) 1,850 EUR 21/10/2011 (5,180,000) 133,014



PUT NIKKEI 225 INDICE (230,000) 7,500 JPY 11/11/2011 (1,725,000,000) (29,715) EUR 950,745

Global Macro II

PUT EUR/CHF SPOT CROSS (20,000) 1.2 EUR 07/12/2011 (24,000) 14,364

PUT DOW JONES EURO (200) 1,850 EUR 21/10/2011 (370,000) 9,501


PUT DOW JONES EURO (200) 1,800 EUR 21/10/2011 (360,000) 7,587

PUT NIKKEI 225 INDICE (26,000) 7,500 JPY 11/11/2011 (195,000,000) (3,359)

EUR 93,828


183

13. Dividends

Most distributing fund share classes in issue as at 30 September 2011 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 www.hmrc.gov.uk/collective/rep funds.xls.

The Company made 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 2011. 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 period ended 30 September 2011.

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 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 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 ZD USD 0.063681 06/07/2011 27/07/2011 1,201,586 76,518 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


184

13. Dividends (continued)

Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

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 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


185


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

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 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


186


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

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 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 11/07/2011 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


187


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Global Emerging Markets Bond (continued)

AM USD 0.097138 30/09/2011 11/10/2011 430,440 41,812 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 Global Emerging Markets Local Debt

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 Global High Income Bond

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 11/07/2011 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 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


188


14. Equalisation received/(paid) Equalisation has been calculated for the following sub-funds. Equalisation received reflects the amounts received by a sub-fund in respect of undistributed income on the shares issued during the accounting period. Equalisation paid reflects the amounts paid by a sub-fund in respect of undistributed income on shares purchased during the period. Sub-fund Currency Total amount received /

(paid)

Asian Currencies Bond USD 15,671

Brazil Bond USD (2,886)

Emerging Inflation Linked Bond USD (184,908) Euro Bond EUR 101,840 Euro Credit Bond EUR (788,315) Euro High Yield Bond EUR (1,953,064) Global Bond USD 1,249,437 Global Credit Bond USD (14,505) Global Emerging Markets Bond USD 1,524,745 Global Emerging Markets Investment Grade Bond USD 145,130 Global Emerging Markets Local Debt USD (698,019) Global High Income Bond USD (4,970,922) Global Inflation Linked Bond USD (6,687) Latin American Local Debt USD (1,870) US Dollar Bond USD 215,823 Euro Reserve EUR 16,548

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


189

15. Securities lending The Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at 30 September 2011, the value of securities lent is as follows: Sub-fund Value of securities lent Currency

Asia ex Japan Equity 56,354,263 USD Asia ex Japan Equity Smaller Companies 773,896 USD Asia Pacific ex-Japan Equity High Dividend 28,197,444 USD BRIC Equity 91,578,582 USD BRIC Markets 565,118 USD BRIC Markets Equity 51,295,661 USD Climate Change 70,779 USD Euroland Equity 396,427,772 EUR Euroland Equity Smaller Companies 14,456,466 EUR Euroland Growth 40,150,414 EUR European Equity 18,558,464 EUR Global Emerging Markets Equity 83,199,030 USD Global Equity 5,756,638 USD Chinese Equity 1,036,025,956 USD Hong Kong Equity 762,081 USD Indian Equity 21,095,170 USD

Japanese Equity 278,342,994 JPY

Korean Equity 240,106 USD Russia Equity 51,192,926 USD Singapore Equity 9,309,486 USD Turkey Equity 32,342,283 EUR UK Equity 6,897,479 GBP

US Equity 45,006,981 USD Euro Credit Bond 93,612,783 EUR

Euro High Yield Bond 128,978,523 EUR In return for making securities available for loan throughout the period, the sub-funds participating in the programs received fees which are reflected in the financial statements as "other income" for USD 7,050,081. The Management Company is entitled to collect a fee of up to 10% of the stock lending gross fee payable to the Company as a result of any stock lending programme, to cover the administration work the Management Company has to undertake in the monitoring and oversight of the stock lending activity. With regards to the holding of collateral as at 30 September 2011, collaterals were held for USD 2,217,146,754 as cash collateral and for USD 437,574,949 as non-cash collateral. As at 30 September 2011, 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 2,217,146,754


190

16. Total 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 period with

HSBC

(USD)

Total Brokerage

Commission paid

per sub-fund (USD)

Average rate of

commission

(%)

Asia ex Japan Equity 575,525,629 967,366 0.17 Asia ex Japan Equity Smaller Companies 47,959,293 89,008 0.19 Asia Pacific ex Japan Equity High Dividend 153,603,122 114,241 0.07 BRIC Equity 1,685,788,840 2,443,420 0.14 BRIC Markets 19,433,287 14,751 0.08 BRIC Markets Equity 255,442,702 329,313 0.13 China Consumer Opportunities 7,292,145 9,644 0.13 CIVETS 23,664,681 63,525 0.27 Climate Change 60,739,519 51 0.00 Emerging Wealth 57,519,412 52,814 0.09 Euroland Equity 291,386,393 492,490 0.17 Euroland Equity Smaller Companies 62,877,600 102,437 0.16 Euroland Growth 19,763,077 29,961 0.15 European Equity 93,571,144 119,368 0.13 Global Emerging Markets Elite 15,381,106 15,002 0.10 Global Emerging Markets Equity 624,959,192 1,201,280 0.19 Global Equity 117,316,011 29,346 0.03 Latin American Equity 146,365,565 251,024 0.17 Middle East and North Africa Equity 4,627,232 9,181 0.20 Brazil Equity 1,038,798,582 1,900,281 0.18 Chinese Equity 3,718,134,375 4,433,884 0.12 Hong Kong Equity 402,637,251 629,665 0.16 Indian Equity 1,684,283,565 2,140,268 0.13 Japanese Equity 61,532,923 18,458 0.03 Korean Equity 233,843,961 244,766 0.10 Russia Equity 652,830,694 967,951 0.15 Singapore Equity 38,782,198 79,741 0.21 Taiwan Equity 60,571,342 68,168 0.11 Thai Equity 63,632,436 155,283 0.24 Turkey Equity 168,277,296 159,625 0.09 UK Equity 55,708,597 52,478 0.09 US Equity 329,036,527 67,215 0.02 Asian Currencies Bond 67,151,013 34 0.00 Brazil Bond 11,411,702 0 0.00 Emerging Inflation Linked Bond 80,135,510 0 0.00 Euro Bond 98,025,955 0 0.00 Euro Credit Bond 744,569,558 0 0.00


191

16. Total Brokerage Commission paid per sub-fund (continued)

Name Total Aggregate

value of

transactions for

the period with

HSBC

(USD)

Total Brokerage

Commission paid

per sub-fund (USD)

Average rate of

commission

(%)

Euro High Yield Bond 618,933,545 0 0.00 Global Bond 493,778,181 0 0.00 Global Credit Bond 2,748,720 0 0.00 Global Emerging Markets Bond 999,470,936 457 0.00 Global Emerging Markets Corporate Debt 4,975,751 0 0.00 Global Emerging Markets Investment Grade Bond 86,522,568 0 0.00 Global Emerging Markets Local Debt 1,102,728,796 8,835 0.00 Global High Income Bond 706,403,644 53 0.00 Global Inflation Linked Bond 24,482,321 257 0.00 Latin American Local Debt 34,306,802 0 0.00 US Dollar Bond 720,040,882 0 0.00 Euro Reserve 374,627,045 0 0.00 European Equity Absolute Return 34,251,880 18,502 0.05 GEM Debt Total Return 2,185,653,812 37,641 0.00 GEM Equity Absolute Return 69,244,229 42,177 0.06 Global Currency 67,451,231 17 0.00 Global Flex Allocation 4,135,928 2,952 0.07 Global Macro 1,025,834,812 1 0.00 Global Macro II 90,095,390 0 0.00 Multi Government Bond Strategies (Formerly Global Bond Market Neutral) 177,529,097 0 0.00


192


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. Pursuant to Note 15 - Securities Lending, the Company also entered into stock lending arrangements for a number of equity and fixed income sub-funds. In return for making securities available for loan throughout the period, the sub-funds participating in the programs received fees of USD 7,050,081 which is reflected in the financial statements as "other income". The stock lending agent is not an affiliate of the Company. 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. As at 30 September 2011, only the following sub-funds were involved in a program where the level of the securities lent represented 30% or more of their total net assets. Only cash was held as collateral against securities lent. Sub-fund

Nature of

collateral

Counterparty providing

the collateral

Total value secured by

collateral, including

asset class, if non-cash

Collateral

credit rating

Euroland Equity Cash HSBC Bank PLC 105% - Euroland Equity Smaller Companies

Cash HSBC Bank PLC 105% -

Euroland Growth Cash HSBC Bank PLC 105% - Chinese Equity Cash HSBC Bank PLC 108.75% - US Equity Cash HSBC Bank PLC 105% - The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after the end of each twelve month period.


193


Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation method is explained on Page 86. Detailed Performance Fee information may also be found in the Prospectus dated June 2011.

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 30 September 2011: China Consumer Opportunities USD 98,216

Euroland Equity EUR (2,570,078)

US Dollar Bond USD 149,697

The amounts shall be booked on the following day after capital has been definitively booked.

Charges and Expenses

194

Operating, Administration and Servicing Expenses (refer also to note 4.4)

Sub-fund Class A, E, M, P,

R, S1

Class I, J, L, Y, Z,

ZP, S2, S3

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% 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% Global Emerging Markets Elite (liquidated as at 20 May 2011)

- J,Z=0.25% / Y=0.35%

- 0.00%

*0.20% for share class Z ** 0.15% for share class Z ***0.25% for for share class Z

Charges and Expenses

195

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

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)

0.30% 0.20% - 0.00%

* 0.25% for class Z ** 0.25% for class J *** 0.30% for share class S1

Charges and Expenses (continued)

196

Management Fee Percentages (refer also to note 4.2)

Class Class Class Class Class Class Class Class Class Class Class Class Class

Sub-Fund A E I M P Z, 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 - 0.60US 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 - 0.60Euroland Equity Smaller Companies 1.50 2.00 0.75 - - 0.00 - - - - 0.00 - 0.70

Charges and Expenses (continued)

197

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 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 - - - - - - 1.00 0.60 - - - 0.00 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 - 0.70 Middle East and North Africa Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 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)

- - - - 1.05 - 0.00 - 0.50 1.55 - 0.00 - -

Publication of TER (Total Expense Ratio) – Information concerning the Swiss Investors

198

Sub-Fund

Share class

TER excluding the

performance fee (in %)

EQUITY SUB-FUNDS

a) International and Regional sub-funds

Asia ex Japan Equity AC 1.86% ACH 1.86% AD 1.86% ADH 1.86% EC 2.36% ED 2.35% 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 1.38% EC 2.36% IC 0.99% Asia Pacific ex Japan Equity High Dividend AC 1.85% AD 1.85% AM 1.81% AM HKD 1.81% EC 2.29% IC 0.99% ZC 0.25% ZD 0.25% BRIC Equity AC 1.89% ACH HKD 1.95% AD 1.90% EC 2.37% IC 1.06% ID 1.05% J1C 0.91% L1C 0.80% M1C 1.41% M2C 1.41%


199

TER excluding the Sub-Fund

Share class performance fee (in %)

BRIC Equity (Continued) M2D 1.41%

XC 0.97%

BRIC Markets YC 1.86%

YD 1.86%

ZC 1.27%

BRIC Markets Equity AC 1.86% AD 1.86% EC 2.37% ED 1.64% IC 1.01% J1C 0.86%

China Consumer Opportunities AC 1.25%

ACH HKD 1.17%

CIVETS AC 2.09%

ACH EUR 2.11%

AD 1.65%

IC 1.17%

ICH EUR 1.16%

ZC 0.30%

Climate Change AC 1.86%

AD 1.86%

EC 2.35%

IC 0.99%

Emerging Wealth AC 1.91%

AD 1.90%


200



Euroland Equity AC 1.87%

AD 1.87%

EC 2.36%

ED 2.37%

IC 1.01%

ZC 0.25%

ZD 0.25%

Euroland Equity Smaller Companies AC 1.87%

AD 1.87%

EC 2.39%

IC 1.01%

ZC 0.25%

Euroland Growth AC 1.86%

IC 1.01%

M1C 1.60%

M1D 1.61%

European Equity AC 1.88%

AD 1.88%

EC 2.39%

ED 2.37%

IC 0.98%

PC 1.36%

PD 1.36%

WD 0.00%

ZD 0.25%


201



Global Emerging Markets Equity AC 1.92%

ACH EUR 1.95%

AD 1.92%

EC 2.45%

ED 2.45%

IC 1.07%

PC 1.42%

PD 1.42%

S1D 0.92%

WD 0.02%

ZD 0.32%

Global Equity AC 1.85%

AD 1.86%

EC 2.32%

IC 0.97%

ZC 0.25%

ZD 0.25%

Latin American Equity AC 1.90%

AD 1.89%

ADH HKD 1.95%

EC 2.42%

IC 1.06%

L1D 0.80%

M1C 1.41%

M1D 1.41%

Middle East and North Africa Equity AC 1.90%

AD 1.86%

EC 2.48%

IC 1.07%

ZC 0.30%


202



Brazil Equity AC 2.17%

ACH EUR 2.17%

AD 2.16%

ADH HKD 2.15%

EC 2.67%

ED 2.66%

IC 1.19%

ID 1.19%

S3D 0.85%

XC 0.91%

ZC 0.30%

ZD 0.31%

Chinese Equity AC 1.90%

ACH EUR 1.87%

AD 1.90%

ADH HKD 1.85%

EC 2.41%

ED 2.40%

IC 1.05%

ID 1.06%

J1C 0.90%

ZD 0.30%

Hong Kong Equity AC 1.85%

AD 1.85%

EC 2.36%

IC 1.00%

J1C 0.85%

PD 1.35%

ZC 0.25%

ZD 0.25%


203



Indian Equity AC 1.91%

AD 1.91%

ADH EUR 1.93%

ADH HKD 1.90%

EC 2.42%

ED 2.41%

IC 1.06%

ID 1.06%

ZD 0.30%

Japanese Equity AC 1.86%

AD 1.86%

EC 2.33%

ED 2.38%

IC 1.00%

PC 1.36%

PD 1.36%

WD 0.00%

ZD 0.25%

Korean Equity AC 1.91%

AD 1.91%

EC 2.42%

ED 2.42%

IC 1.06%

J1C 0.90%

Russia Equity AC 2.14%

AD 2.13%

ADH HKD 2.13%

EC 2.63%

IC 1.20%

XC 0.88%

ZD 0.30%


204



Singapore Equity AC 1.90%

AD 1.91%

EC 2.41%

IC 1.01%

J1C 0.90%

PD 1.40%

ZD 0.30%

Taiwan Equity AC 1.92%

AD 1.92%

EC 2.47%

Thai Equity AC 1.86%

AD 1.86%

EC 2.37%

IC 1.02%

J1C 0.85%

Turkey Equity AC 2.19%

AD 2.18%

EC 2.69%

IC 1.20%

ID 1.22%

J1C 0.91%

UK Equity AC 1.82%

AD 1.82%

EC 2.28%

ID 0.98%


205



US Equity AC 1.86%

ACH 1.85%

AD 1.86%

ADH 1.85%

EC 2.35%

ED 2.36%

IC 0.99%

ID 1.00%

PD 1.35%

WD 0.00%

YD 0.55%

ZD 0.25%

Bond Sub-Funds

Asian Currencies Bond AC 1.52%

AD 1.36%

IC 0.92%

ID 0.82%

IDH EUR 0.92%

ZC 0.25%

Brazil Bond AC 1.35%

AD 1.35%

EC 1.65%

IC 0.75%

ID 0.75%

Emerging Inflation Linked Bond AC 1.29%

ACH EUR 1.29%

ACH GBP 1.31%

IC 0.75%

ICH EUR 0.75%


206



Euro Bond AC 1.01%

AD 1.02%

EC 1.31%

IC 0.53%

Euro Credit Bond AC 1.18%

AD 1.17%

EC 1.48%

IC 0.66%

ZD 0.22%

Euro High Yield Bond AC 1.41%

AD 1.40%

EC 1.70%

ED 1.71%

IC 0.78%

ID 0.76%

ZC 0.22%

Global Bond AC 0.99%

AD 1.00%

EC 1.28%

IC 0.51%

PD 0.75%

WD 0.00%

ZC 0.15%

ZD 0.15%

Global Credit Bond AC 1.24%

ACH 1.28%

IC 0.71%

ICH 0.71%

XC 0.50%

ZC 0.21%


207



Global Emerging Markets Bond AC 1.60%

AD 1.58%

ADH 1.53%

AM 1.59%

EC 1.84%

ED 1.85%

IC 0.75%

ID 0.75%

IDH 0.75%

PC 1.37%

PD 1.37%

XC 0.72%

ZD 0.22%

ZM 0.25%

Global Emerging Markets Corporate Debt AC 1.84%

IC 0.99%

ZC 0.25%

Global Emerging Markets Investment Grade Bond AC 1.42%

IC 0.73%

ICH EUR 0.73%

IDH EUR 0.75%

ZC 0.25%

Global Emerging Markets Local Debt AC 1.60%

ACH GBP 1.57%

AD 1.60%

EC 1.90%

IC 0.88%

ID 0.88%

XC 0.39%

ZD 0.25%

ZM 0.25%


208


Share class performance fee

(in %)

Global High Income Bond AC 1.48%

AMD 1.50%

Global Inflation Linked Bond AC 0.94%

ACH 0.95%

EC 1.24%

IC 0.55%

ICH EUR 0.55%

ICH GBP 0.55%

ZC 0.15%

Latin American Local Debt AC 1.58%

IC 0.87%

ZC 0.25%

US Dollar Bond AC 1.01%

AD 1.01%

EC 1.31%

IC 0.53%

PD 0.75%

WD 0.00%

ZC 0.15%

ZD 0.15%

Reserve Sub-Fund

Euro Reserve AC 0.48%

AD 0.41%

IC 0.27%


209



(in %)

Other Sub-Funds

European Equity Absolute Return L1C 1.30%

L1CH USD 1.30%

M1C 1.89%

M1CH GBP 1.95%

M1CH USD 1.95%

ZC 0.30%

GEM Debt Total Return L1C 0.75%

L1D 0.75%

L1CH EUR 0.75%

L1DH EUR 0.75%

M1C 1.35%

M1D 1.35%

ZDH EUR 0.25%

GEM Equity Absolute Return L1C 1.39%

L1CH EUR 1.44%

M1C 2.01%

M1CH EUR 1.98%

M1CH GBP 1.78%

ZC 0.40%


210



(in %)

Global Currency L1C 1.20%

L1CH CHF 1.20%

L1CH EUR 1.20%

L1CH GBP 1.20%

L1CH JPY 1.20%

L1CH SEK 1.20%

M1C 1.82%

M1D 1.82%

M1CH EUR 1.84%

M1CH GBP 1.84%

M1CH JPY 1.80%

Global Flex Allocation L1C 0.81%

M1C 1.49%

R1C 2.02%

ZC 0.20%


211



(in %)

Global Macro L1C 1.21%

L1D 1.26%

L1CH GBP 1.22%

L1CH SEK 1.21%

L1CH USD 1.21%

L1DH GBP 1.22%

L1DH USD 1.22%

M1C 1.82%

M1D 1.82%

M1CH CHF 1.82%

M1CH GBP 1.82%

M1CH NOK 2.39%

M1CH SEK 1.82%

M1CH USD 1.82%

M1DH GBP 1.82%

M1DH SEK 1.82%

R1C 2.33%

ZCH GBP 0.28%

Z1DH GBP 0.20%

Global Macro II L1C 1.22%

L1D 1.24%

L1DH GBP 1.19%

L1DH USD 1.28%

M1C 1.79%

M1D 1.85%

ZC 0.21%

Z1DH GBP 0.16%

Multi Government Bond Strategies (Formerly Global Bond Market Neutral) L1C 0.86%

M1C 1.50%


212

TER including the Sub-Fund


BRIC Markets Equity AC 1.86% AD 1.86% EC 2.37% ED 2.36% IC 1.01% J1C 0.86%

Brazil Bond AC 1.35%

AD 1.35%

EC 1.65%

IC 0.75%

ID 0.75%

GEM Debt Total Return L1C 0.66%

L1D 0.94%

L1CH EUR 0.75%

L1DH EUR 0.43%

M1C 1.17%

M1D 1.04%

ZDH EUR 0.25%

GEM Equity Absolute Return L1C 3.57%

L1CH EUR 1.43%

M1C 3.33%

M1CH EUR 2.01%

M1CH GBP 4.54%

ZC 0.40%


213

TER including the Sub-Fund


(in %)

Global Currency L1C 1.20%

L1CH CHF 1.20%

L1CH EUR 1.21%

L1CH GBP 1.20%

L1CH JPY 1.20%

L1CH SEK 1.20%

M1C 1.82%

M1D 1.82%

M1CH EUR 1.84%

M1CH GBP 1.84%

Global Macro L1C 1.21%

L1D 1.26%

L1CH GBP 1.22%

L1CH SEK 1.21%

L1CH USD 1.26%

L1DH GBP 1.22%

L1DH USD 1.22%

M1C 1.82%

M1D 1.82%

M1CH CHF 1.82%

M1CH GBP 1.82%

M1CH NOK 2.39%

M1CH SEK 1.82%

M1CH USD 1.82%

M1DH GBP 1.82%

M1DH SEK 1.82%

R1C 2.33%

ZCH GBP 0.28%

Z1DH GBP 0.20%

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

214

% Asia ex Japan Equity 193.15 Asia ex Japan Equity Smaller Companies 74.35 Asia Pacific ex Japan Equity High Dividend 62.27 BRIC Equity 171.93 BRIC Markets 24.06 BRIC Markets Equity 65.36 China Consumer Opportunities -60.27 CIVETS 25.56 Climate Change 162.70 Emerging Wealth 221.89 Euroland Equity -33.10 Euroland Equity Smaller Companies 124.95 Euroland Growth 9.04 European Equity 121.23 Global Emerging Markets Equity 263.62 Global Equity 232.74 Latin American Equity 58.60 Middle East and North Africa Equity 49.20 Brazil Equity 39.93 Chinese Equity 252.69 Hong Kong Equity 146.69 Indian Equity 39.63 Japanese Equity 120.26 Korean Equity 156.74 Russia Equity 72.43 Singapore Equity 81.00 Taiwan Equity 139.94 Thai Equity -30.70 Turkey Equity 12.45 UK Equity 31.75 US Equity 239.22 Asian Currencies Bond 72.53 Brazil Bond 147.91 Emerging Inflation Linked Bond -15.26 Euro Bond 61.16 Euro Credit Bond 204.77 Euro High Yield Bond -3.19 Global Bond 330.99 Global Credit Bond 48.63

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

215

% Global Emerging Markets Bond 33.89 Global Emerging Markets Corporate Debt 70.55 Global Emerging Markets Investment Grade Bond 33.84 Global Emerging Markets Local Debt 49.50 Global High Income Bond 61.80 Global Inflation Linked Bond 94.70 Latin American Local Debt 80.30 US Dollar Bond 931.59 Euro Reserve 1,614.13 European Equity Absolute Return 419.83 GEM Debt Total Return 289.99 GEM Equity Absolute Return 674.95 Global Currency 392.15 Global Flex Allocation 12.37 Global Macro 430.09 Global Macro II 173.65 Multi Government Bond Strategies (Formerly Global Bond Market Neutral) 824.81

With reference to section 2.6 (2) of the Prospectus dated June 2011, adjustments related to swing pricing methodology are included in the PTR figures.

216

Asia ex Japan EquityUSD

AC 42.7557.8347.32

ACH 18.8526.9421.10

AD 39.5553.5743.97

ADH 18.4826.2820.66

EC 39.2353.1943.74

ED 38.8652.7043.33

IC 43.0658.0047.06

ID 42.6057.9047.06

J1C 9.1012.249.92

WD 8.2811.299.10

ZD 40.1954.7844.90

Total Net Assets 732,481,378 776,006,555 565,766,931

Net Asset Value per Share

Asia ex Japan Equity Smaller CompaniesUSD

AC 30.9238.8832.59

AD 29.4237.0231.13

ADH HKD 0.96N/AN/A

EC 30.2638.1432.13

ED N/AN/A30.89

IC 31.5639.5132.83

Total Net Assets 55,570,392 73,130,192 54,962,754


Asia Pacific ex Japan Equity High DividendUSD

AC 16.4820.0317.20

AD 14.0517.1014.84

AM 7.97N/AN/A

AM HKD 1.03N/AN/A

EC 16.1719.7017.01

IC 14.8317.9515.28

ZC 15.0518.1515.34

ZD 14.3617.3815.04

Total Net Assets 130,080,396 163,544,153 170,896,190


Comparative Table of Net Assets

at 31 March 2011at 31 March 2010 at 30 September 2011

217

BRIC EquityUSD

AC 18.5827.7123.59

ACH HKD 0.89N/AN/A

AD 18.6427.82N/A

EC 18.1327.11N/A

IC 18.8728.0223.66

ID 19.21N/AN/A

J1C 14.1521.0017.70

L1C 18.7827.8623.47

M1C 19.7329.3524.87

M2C 18.9728.2223.92

M2D 19.0028.3123.99

XC 18.8928.04N/A

Total Net Assets 2,020,189,397 2,077,032,912 1,285,878,893


BRIC MarketsUSD

YC 22.5531.5327.85

YD 22.5531.53N/A

ZC 23.1632.2928.35

Total Net Assets 42,863,997 41,955,053 17,343,026


BRIC Markets EquityUSD

AC 12.1016.9815.19

AD 12.0516.9315.17

EC 11.7816.5814.91

ED 11.7816.5814.91

IC 12.6317.6415.65

J1C 12.7517.8015.77

Total Net Assets 693,145,864 706,821,539 455,206,086




218

China Consumer Opportunities (launched as at 23September 2011)USD

AC 9.86N/AN/A

ACH HKD 1.26N/AN/A

Total Net Assets N/A N/A 13,193,699


CIVETS (launched as at 17 May 2011)USD

AC 8.68N/AN/A

ACH EUR 12.30N/AN/A

AD 8.68N/AN/A

IC 8.71N/AN/A

ICH EUR 12.34N/AN/A

ZC 8.74N/AN/A



Climate ChangeUSD

AC 4.896.676.31

AD 4.846.626.27

EC 4.806.566.24

IC 5.066.876.44

Total Net Assets 44,102,409 40,866,614 27,555,279


Emerging WealthUSD

AC 6.748.777.70

AD 6.638.657.64

EC N/A8.767.69

Total Net Assets 34,703,204 31,479,904 19,996,403




219

Euroland EquityEUR

AC 20.8628.1926.77

AD 19.6526.8425.91

EC 20.3627.5926.33

ED 19.5126.5925.67

IC 21.7329.2427.53

ZC 23.9232.0729.97

ZD 21.5229.6128.58

Total Net Assets 1,111,987,486 1,012,399,563 639,949,447


Euroland Equity Smaller CompaniesEUR

AC 32.2243.8237.28

AD 31.0942.3336.44

EC 31.4942.9336.70

IC 33.6745.5938.46

ZC 36.8649.7241.63

Total Net Assets 69,348,554 72,028,576 47,844,226


Euroland GrowthEUR

AC 8.8611.2611.01

IC 9.0011.3911.04

M1C 8.8911.2911.01

M1D 8.2910.6910.64

Total Net Assets 125,960,642 90,492,275 64,733,511




220

European EquityEUR

AC 25.6533.2430.06

AD 23.4230.7428.23

EC 24.1231.3428.48

ED 23.1430.3127.84

IC 26.4634.1430.61

PC 26.7834.6131.15

PD 23.1230.4027.92

WD 14.0218.5517.02

ZD 23.6431.2428.67

Total Net Assets 112,787,066 120,600,765 87,898,072


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


Global Emerging Markets EquityUSD

AC 13.6619.6017.05

ACH EUR 12.93N/AN/A

AD 13.3419.1816.69

EC 12.8818.5316.20

ED 12.8018.4116.10

IC 14.1220.1817.41

PC 9.3113.3311.54

PD 9.1313.1611.40

S1D 6.589.458.19

WD 13.6419.7717.18

ZD 13.5619.6317.07

Total Net Assets 722,049,225 720,215,938 503,900,108




221

Global EquityUSD

AC 20.1424.1721.86

AD 19.7623.7721.61

EC 19.8723.9221.73

IC 20.9325.0222.43

ZC 22.1526.3823.47

ZD 21.3425.8223.47

Total Net Assets 109,115,760 88,167,851 65,209,564


Latin American EquityUSD

AC 15.5121.30N/A

AD 15.4921.30N/A

ADH HKD 0.96N/AN/A

EC 15.3921.1918.42

IC 15.7921.6018.52

L1D 15.6021.5418.49

M1C 15.6921.4918.50

M1D 15.5121.3718.45

S2C N/AN/A18.42

Total Net Assets 264,783,920 337,454,578 183,213,793


Middle East and North Africa EquityUSD

AC 8.759.529.49

AD 8.539.459.49

EC 8.699.47N/A

IC 8.909.649.53

ZC 9.049.769.57

Total Net Assets 6,610,924 10,333,463 9,895,252




222

Brazil EquityUSD

AC 29.3540.8435.14

ACH EUR 10.86N/AN/A

AD 29.0340.5035.00

ADH HKD 0.94N/AN/A

EC 28.5439.8134.43

ED 28.5439.8134.43

IC 30.9942.9236.57

ID 29.8641.8336.10

S3D 30.85N/AN/A

XC 31.1243.0436.58

ZC 33.4246.0838.92

ZD 30.33N/AN/A

Total Net Assets 2,472,031,818 2,543,613,754 1,545,805,031


Chinese EquityUSD

AC 59.9082.2876.58

ACH EUR 10.77N/AN/A

AD 58.3080.2674.83

ADH HKD 0.92N/AN/A

EC 57.9779.8374.67

ED 57.9079.7374.58

IC 63.1386.3579.69

ID 59.9282.8177.20

J1C 62.5285.4578.74

ZD 60.3283.6477.98

Total Net Assets 3,367,916,217 2,954,044,156 1,960,205,784




223

Hong Kong EquityUSD

AC 90.85123.55111.19

AD 84.57115.76104.72

EC 88.87121.17109.57

IC 94.15127.50113.78

J1C 6.168.347.43

PD 83.30114.28103.37

ZC 91.77123.80109.65

ZD 87.91121.24109.65

Total Net Assets 428,756,893 437,909,828 298,453,822


Indian EquityUSD

AC 133.46182.85181.65

AD 133.03182.26181.07

ADH EUR 11.26N/AN/A

ADH HKD 0.96N/AN/A

EC 127.92175.71175.44

ED 127.93175.71175.44

IC 143.56195.84192.92

ID 140.33191.44188.58

ZD 139.67190.79187.13

Total Net Assets 6,876,598,268 5,917,782,756 3,841,748,357




224

Japanese EquityJPY

AC 4,041.894,659.375,135.45

AD 598.35691.15761.78

EC 575.82665.44736.95

ED 575.71665.31736.78

IC 4,230.834,856.655,304.91

PC 4,129.474,748.485,207.14

PD 617.29714.87783.92

WD 5,509.306,424.357,039.03

ZD 601.64700.70767.58

Total Net Assets 7,109,597,023 5,247,366,135 4,291,228,020


Korean EquityUSD

AC 13.8118.0713.84

AD 13.8118.0713.84

EC 13.5217.7213.64

ED 13.5217.7313.65

IC 14.5018.8814.34

J1C 14.1418.4013.96

Total Net Assets 123,443,939 153,459,927 110,070,787


Russia EquityUSD

AC 6.019.397.49

AD 6.019.397.49

ADH HKD 0.88N/AN/A

EC 5.919.257.42

IC 6.249.697.66

XC 6.24N/AN/A

ZD 6.129.47N/A

Total Net Assets 112,840,000 503,883,135 537,560,424




225

Singapore EquityUSD

AC 34.0741.9236.13

AD 29.0736.1531.73

EC 33.2541.0135.52

IC 32.1836.2336.73

J1C 29.59N/AN/A

PD 29.0536.2031.75

ZD 29.62N/AN/A

Total Net Assets 73,472,733 72,779,560 60,947,645


Taiwan EquityUSD

AC 10.8512.8710.29

AD 10.7512.8310.28

EC 10.7512.7810.27

Total Net Assets 7,187,878 35,195,281 25,922,176


Thai EquityUSD

AC 13.2815.4311.06

AD 11.8213.9610.18

EC 12.9615.1010.87

IC 13.9416.1211.45

J1C 13.94N/AN/A

ZD N/AN/A10.52

Total Net Assets 107,711,690 136,229,473 93,395,194




226

Turkey EquityEUR

AC 18.7322.3021.15

AD 14.1016.8416.03

EC 18.3521.8920.87

IC 19.3522.9121.52

ID 14.2916.93N/A

J1C 7.538.90N/A

Total Net Assets 33,564,070 142,715,776 113,306,895


UK EquityGBP

AC 23.9428.1525.08

AD 20.6824.5822.35

EC 23.6427.8624.94

IC N/A28.6025.26

ID 22.9827.4324.92

ZC N/AN/A26.92

Total Net Assets 51,436,817 48,624,419 45,183,220


US EquityUSD

AC 18.6021.5318.90

ACH 21.3926.2221.97

AD 20.8124.1021.15

ADH 22.1627.1522.70

EC 18.1721.0918.60

ED 20.1723.4220.65

IC 19.1222.0419.18

ID 7.839.047.88

PD 21.3824.6921.57

WD 121.92141.35123.41

YD 7.668.877.70

ZD 21.1324.4721.36

Total Net Assets 155,416,819 170,599,436 140,078,129




227

Asian Currencies Bond (launched as at 27 April 2011)USD

AC 9.75N/AN/A

AD 9.75N/AN/A

IC 9.81N/AN/A

ID 9.80N/AN/A

IDH EUR 13.55N/AN/A

ZC 9.81N/AN/A



Brazil BondUSD

AC 19.3822.0717.55

AD 12.3715.4014.72

EC 19.1021.7817.37

ED N/AN/A17.37

IC 19.8022.4717.76

ID 15.0018.6514.75

Total Net Assets 43,646,193 60,309,377 51,820,591


Emerging Inflation Linked Bond (launched as at 30June 2011)USD

AC 89.44N/AN/A

ACH EUR 8.94N/AN/A

ACH GBP 8.95N/AN/A

IC 89.56N/AN/A

ICH EUR 8.96N/AN/A





228

Euro BondEUR

AC 20.6220.1420.16

AD 16.8716.9817.58

EC 20.3419.8919.97

IC 21.4720.9220.84

Total Net Assets 67,323,983 78,001,894 87,023,706


Euro Credit BondEUR

AC 19.0519.6119.28

AD 14.1115.0415.34

EC 18.7919.3719.11

IC 20.0320.5720.11

ZD 15.7516.9017.23

Total Net Assets 375,061,060 409,950,506 380,999,302


Euro High Yield BondEUR

AC 24.7827.5625.52

AD 16.9019.7319.20

EC 24.4327.2025.26

ED 19.9723.2822.65

IC 26.2829.1426.79

ID 26.37N/AN/A

ZC 27.0329.8827.32

Total Net Assets 237,598,720 528,034,276 476,710,235




229

Global BondUSD

AC 16.9616.1815.25

AD 14.3114.0713.60

EC 13.0812.4911.81

IC 17.3416.5015.47

PD 11.6811.4911.11

WD 196.34193.89187.36

ZC 15.8015.01N/A

ZD 14.7114.5114.02

Total Net Assets 87,144,986 112,015,501 226,241,463


Global Credit BondUSD

AC 104.23106.42103.78

ACH 138.94149.14138.19

IC 105.35107.27104.00

ICH 140.26150.06138.29

XC 105.81107.63104.10

ZC 106.34108.00104.19

Total Net Assets 15,581,391 20,622,837 19,936,129




230

Global Emerging Markets BondUSD

AC 27.6927.6225.61

AD 27.4427.6218.43

ADH 17.8519.06N/A

AM 24.1524.74N/A

EC 27.2927.2725.35

ED 22.3523.4022.91

IC 28.6828.4926.24

ID 19.3420.3219.68

IDH 18.8020.6418.89

PC 27.7427.64N/A

PD 17.9418.84N/A

XC 28.6828.4826.23

ZC N/AN/A24.57

ZD N/A25.1424.57

ZM 24.1324.63N/A

Total Net Assets 918,079,559 1,331,154,117 1,532,144,834


Global Emerging Markets Corporate DebtUSD

AC 9.5310.13N/A

IC 9.5910.15N/A

ZC 9.6510.17N/A

Total Net Assets N/A 10,178,686 9,666,188


Global Emerging Markets Investment Grade BondUSD

AC 10.0610.25N/A

IC 10.1210.27N/A

ICH EUR 134.94N/AN/A

IDH EUR 132.61N/AN/A

ZC 10.1510.28N/A





231

Global Emerging Markets Local DebtUSD

AC 13.5814.3813.10

ACH GBP 15.29N/AN/A

AD 11.9113.1012.40

EC 13.4714.2913.05

IC 13.9814.7513.34

ID 12.2913.5612.83

XC 13.99N/AN/A

ZD 11.8213.1212.41

ZM 12.0012.89N/A

Total Net Assets 188,366,728 668,552,245 675,230,867


Global High Income BondUSD

AC 10.2010.57N/A

AMD 9.5710.21N/A

Total Net Assets N/A 1,210,337,809 717,406,644


Global Inflation Linked BondUSD

AC 110.09103.39N/A

ACH 148.85146.96N/A

EC 110.02N/AN/A

IC 110.64103.70N/A

ICH EUR 149.87147.63N/A

ICH GBP 173.67167.84N/A

ZC 111.19104.01N/A





232

Latin American Local Debt (launched as at 19 May2011)USD

AC 8.86N/AN/A

IC 8.89N/AN/A

ZC 8.91N/AN/A



US Dollar BondUSD

AC 14.5913.8013.43

AD 10.4410.2810.22

EC 14.3813.6313.30

IC 14.7413.9113.47

PD 10.4610.3210.25

WD 10.4810.3710.31

ZC 15.3814.4913.98

ZD 11.0010.8810.81

Total Net Assets 87,491,283 95,003,755 119,907,432


Euro ReserveEUR

AC 17.3317.2817.23

AD 15.4515.4115.36

IC 17.3417.2817.25

Total Net Assets 29,795,236 22,008,155 60,191,351




233

European Equity Absolute ReturnEUR

L1C 10.429.73N/A

L1CH USD 7.286.48N/A

M1C 10.339.71N/A

M1CH GBP 9.698.91N/A

M1CH USD 7.226.44N/A

ZC 10.629.87N/A



GEM Debt Total ReturnUSD

L1C 12.2612.9912.41

L1CH EUR 11.4512.81N/A

L1D 11.3412.3911.94

L1DH EUR 11.0712.8311.78

M1C 12.3313.1112.56

M1D 11.1612.2511.85

ZD N/A12.5312.53

ZDH EUR 12.53N/AN/A

Total Net Assets 567,173,302 1,098,763,853 1,020,718,337


GEM Equity Absolute ReturnUSD

L1C 9.6910.68N/A

L1CH EUR 13.3615.52N/A

M1C 9.6010.62N/A

M1CH EUR 13.2815.38N/A

M1CH GBP 16.2318.12N/A

ZC 9.9410.91N/A





234

Global CurrencyUSD

L1C 10.2110.1910.68

L1CH CHF 10.5810.429.46

L1CH EUR 14.2914.9514.74

L1CH GBP 15.0115.4315.19

L1CH JPY 124.15115.12107.44

L1CH SEK 1.431.54N/A

M1C 9.479.4810.00

M1CH EUR 12.8413.5113.49

M1CH GBP 15.3815.8615.53

M1CH JPY N/A114.25106.12

M1D 10.1810.2010.75

M1DH GBP N/A15.3215.14

Total Net Assets 68,435,114 84,761,711 68,979,373


Global Flex AllocationEUR

L1C 101.3099.29N/A

M1C 100.7199.07N/A

R1C 100.3298.95N/A

ZC 101.7899.48N/A





235

Global MacroEUR

L1C 106.27118.97118.22

L1CH GBP 110.94121.87119.70

L1CH SEK 111.61129.06N/A

L1CH USD 117.33125.18130.81

L1D 106.86119.63118.46

L1DH GBP 109.68121.98119.90

L1DH USD 91.9898.17N/A

M1C 104.19117.01116.66

M1CH CHF 73.3577.41N/A

M1CH GBP 103.12113.76N/A

M1CH NOK 102.75N/AN/A

M1CH SEK 109.81127.41N/A

M1CH USD 101.81109.02N/A

M1D 104.33117.16116.82

M1DH GBP 103.15113.75N/A

M1DH SEK 110.49128.14N/A

R1C 89.09100.29N/A

ZCH GBP 91.83100.49N/A

Z1DH GBP N/A115.63N/A

Total Net Assets 353,479,140 630,916,883 314,085,295


Global Macro IIEUR

L1C 82.44103.42N/A

L1D 82.44N/AN/A

L1DH GBP 93.31114.70N/A

L1DH USD 97.81N/AN/A

M1C 81.90103.08N/A

M1D 80.07100.77N/A

ZC 83.27103.92N/A

Z1DH GBP 96.86N/AN/A





236

Multi Government Bond Strategies (Formerly GlobalBond Market Neutral)EUR

L1C 930.351,031.381,016.24

M1C 906.601,008.561,000.12

Total Net Assets 128,604,573 73,801,656 24,568,955




237

Portfolio of Investments and Other Net Assets as at 30 September 2011

KERRY PROPERTIES LTD 1,309,000 4,208,490 0.74HKD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

SHARES

BERMUDA ISLANDS

SKYWORTH DIGITAL HLD LTD 9,906,704 3,496,559 0.62HKD

7,705,049 1.36

AAC TECHNOLOGIESHOLDINGS 1,200,000 2,621,318 0.46HKD

CAYMAN ISLANDS

CHINA METAL RECYCLINGHOLDINGS 6,219,600 5,420,149 0.95HKD

CHINA SHANSHUI CEMENTGRP LTD 5,408,000 3,741,144 0.66HKD

CHINA ZHENGTONG AUTOSERVICES 4,191,000 3,765,257 0.67HKD

DONGYUE GROUP 1,190,000 600,231 0.11HKD

KINGBOARD LAMINATESHLDGS LTD 6,451,000 2,690,849 0.48HKD

KWG PORPERTY HOLDINGLTD 9,791,000 3,681,914 0.65HKD

LONGFOR PPT 1,482,000 1,487,421 0.26HKD

MIE HOLDINGS 9,398,000 2,183,197 0.39HKD

PEAK SPORT PDT 12,969,000 3,595,334 0.64HKD

TPK HOLDINGS CO. 112,000 2,120,895 0.37TWD

31,907,709 5.64

AIR CHINA LTD -H- 9,136,000 6,437,354 1.14HKD

CHINA

BANK OF CHINA LTD -H- 15,662,200 4,924,904 0.87HKD

CHAODA MODERNAGRICULTURE HOLDING -H- 5,534,000 781,287 0.14HKD

CHINA CONSTRUCTION BANKCO. -H- 20,585,810 12,655,591 2.24HKD

DONGFENG MOTOR -H- 6,836,000 9,405,368 1.66HKD

GREAT WALL MOTOR CO.LTD -H- 2,935,500 3,398,346 0.60HKD

IND & COM BOC -H- 31,311,235 15,351,208 2.70HKD

JIANGXI COPPER CO. LTD -H- 2,841,000 5,031,868 0.89HKD

PING AN INSURANCE GRPCO. -H- 1,462,500 8,296,542 1.47HKD

WEICHAI POWER CO LTD /-H- 982,000 4,518,347 0.80HKD

INVESTMENTS

Asia ex Japan EquityStatement of investments as at 30 September 2011(expressed in USD)

Description Currency Evaluation % netassets

Quantity/Facevalue

YANZHOU COAL MINING CO.-H- 744,000 1,634,766 0.29HKD

72,435,581 12.80

AIA GROUP 2,755,000 7,885,068 1.39HKD

HONG KONG

CATHAY PACIFIC AIRWAYS 1,668,000 2,740,217 0.48HKD

CHEUNG KONG HOLDINGS 537,000 5,899,660 1.04HKD

CHINA MOBILE LTD 2,608,500 25,812,149 4.57HKD

CHINA OVERSEASLAND&INVESTMENT 1,162,000 1,688,230 0.30HKD

CNOOC LTD 8,387,000 13,993,584 2.48HKD

SUN HUNG KAI PROPERTIESLTD 739,197 8,581,194 1.52HKD

THE WHARF HOLDING 1,569,425 7,835,543 1.38HKD

74,435,645 13.16

INDO TAMBANGRAYAMEGAH (ITM) 2,098,500 9,370,794 1.66IDR

INDONESIA

PT BANK RAKYAT INDONESIA 15,512,000 10,324,081 1.82IDR

19,694,875 3.48

AIRASIA BHD 5,236,200 4,969,672 0.88MYR

MALAYSIA

RHB CAPITAL BHD 2,328,540 5,105,646 0.90MYR

TM INTERNATIONAL BERHAD 3,187,300 4,592,505 0.81MYR

14,667,823 2.59

ABOITIZ POWER 12,654,400 8,248,075 1.46PHP

PHILIPPINES

8,248,075 1.46

DBS GROUP HOLDINGS LTD 828,000 7,524,388 1.33SGD

SINGAPORE

SINGAPORE TELECOM/BOARD LOT 1000 3,000,000 7,322,131 1.29SGD

STX OSV HOLDINGS 10,450,000 7,539,340 1.34SGD

YANGZIJIANG SHIPBUILDINGLTD 3,225,000 2,202,971 0.39SGD

24,588,830 4.35

BS FINL SHS 767,790 8,551,683 1.51KRW

SOUTH KOREA

DC CHEMICAL CO. LTD 11,269 1,980,555 0.35KRW

HYUNDAI HEAVY INDUSTRIES 33,763 8,035,830 1.42KRW

HYUNDAI MOBIS 48,031 13,892,990 2.46KRW


Quantity/Facevalue


238

HYUNDAI MOTOR CO. LTD 41,301 7,381,191 1.30KRW

KIA MOTORS CORP. 173,980 10,595,260 1.87KRW

KOLON INDUSTRIES INC. 60,345 3,220,070 0.57KRW

KOREA ZINC CO. LTD 21,753 5,370,827 0.95KRW

LG CORP. 66,512 3,402,674 0.60KRW

LG INTERNATIONAL CORP. 118,700 4,423,712 0.78KRW

POSCO 18,676 5,868,690 1.04KRW

SAMSUNG ELECTRONICS CO.LTD 39,636 28,200,220 4.98KRW

SAMSUNG FIRE&MARINEINSURANCE 43,139 7,910,636 1.40KRW

SK TELECOM CO. LTD 53,866 6,820,863 1.21KRW

S-OIL CORP. 42,650 3,793,078 0.67KRW

119,448,279 21.11

ADVANCEDSEMICONDUCTOR ENG. INC. 6,188,797 5,382,418 0.95TWD

TAIWAN

FORMOSA PLASTICS 1,109,000 2,973,575 0.53TWD

HON HAI PRECISIONINDUSTRY CO. LTD 3,801,873 8,634,338 1.53TWD

HTC CORP. 398,050 8,948,569 1.58TWD

RADIANT OPTOELECTRONICS CORP. 833,000 2,383,893 0.42TWD

TAISHIN FINANCIALHOLDINGS CO. 9,379,620 3,663,174 0.65TWD

TAIWAN SEMICONDUCTORMANUFACTURING 9,802,849 22,520,380 3.98TWD

TRIPOD TECHNOLOGY CO.LTD 2,098,810 5,565,572 0.98TWD

TSRC CORPORATION 1,558,000 3,471,863 0.61TWD

WISTRON CORP. 2,350,956 2,696,603 0.48TWD

66,240,385 11.71

BANGKOK BANK PUBLIC/FOREIGN 1,943,100 9,236,456 1.63THB

THAILAND

BANPU PUBLIC CO. LTD/FOR.REG 311,350 5,279,968 0.93THB

PTT AROMATICS & REFININGPUBLIC CO. LTD 6,988,100 5,521,317 0.98THB

SIAM CEMENT PUBLIC CO./FOREIGN 425,000 4,258,847 0.75THB

24,296,588 4.29

81.95463,668,839TOTAL SHARES



Quantity/Facevalue

DB LN 08-19.03.18 CERT/RECLIN 887,098 3,144,442 0.56USD

WARRANTS / EQUITY LINKED SECURITIES

GREAT BRITAIN

3,144,442 0.56

BNPP AR 01.04.15 CW /SBIN 182,376 7,104,151 1.26USD

NETHERLANDS

JP MORGAN STRUCTUREPROD BV 25.08.14 CERT/ITC 1,558,136 6,288,441 1.11USD

JP MORGAN STRUCTURE08.09.14 CERT/TTMT 1,144,020 3,638,898 0.64USD

JP MORGAN STRUCTURE 09-08.09.14 CERT 807,390 5,608,612 0.99USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 773,454 6,450,442 1.14USD

JP MORGAN STRUCTURE25.08.14 CERT/ONGC 1,275,519 6,930,532 1.22USD

36,021,076 6.36

CITIGROUP GM 24.10.12CW/TTMT 1,075,745 3,405,809 0.60USD

UNITED STATES

3,405,809 0.60

7.5242,571,327TOTAL WARRANTS / EQUITY LINKEDSECURITIES

SPREADTRUMCOMMUNICATIONS /ADR 188,550 3,525,885 0.62USD

ADR (American Depositary Receipt)

CAYMAN ISLANDS

3,525,885 0.62

0.623,525,885TOTAL ADR (American Depositary Receipt)

90.09TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

509,766,051

KGI SECURITIES CO. LTD 8,930,388 3,223,950 0.57TWD

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SHARES

CHINA

3,223,950 0.57

GS HOME SHOPPING INC. 27,936 2,531,812 0.45KRW

SOUTH KOREA


Quantity/Facevalue

239


INDUSTRIAL BANK OF KOREA 369,550 4,382,124 0.78KRW

6,913,936 1.23

E INK HOLDINGS INC. 1,597,000 3,359,606 0.59TWD

TAIWAN

3,359,606 0.59

2.3913,497,492TOTAL SHARES

2.39TOTAL TRANSFERABLE SECURITIES TRADEDON ANOTHER REGULATED MARKET

13,497,492

DB LN 24.01.17 CW/CANADABK 857,359 7,760,095 1.38USD

OTHER TRANSFERABLE SECURITIES


GREAT BRITAIN

7,760,095 1.38

ABN -30.06.09 WRT/TATASTEEL 843,906 7,144,647 1.26USD

NETHERLANDS

7,144,647 1.26


AYALA LAND INC. /PREF 12,129,600 5,570 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

5,570 0.00

0.005,570TOTAL PREFERENTIAL SHARES

2.64TOTAL OTHER TRANSFERABLE SECURITIES 14,910,312

95.12TOTAL INVESTMENTS 538,173,855

4.88OTHER NET ASSETS LESS LIABILITIES 27,593,076

100.00TOTAL NET ASSETS 565,766,931



Quantity/Facevalue


240

KUNLUN ENERGY COMPANYLTD 478,000 667,476 1.21HKD


SHARES

BERMUDA ISLANDS

MANDARIN ORIENT 589,000 812,820 1.48USD

TRINITY 1,430,000 1,141,578 2.08HKD

2,621,874 4.77

AAC TECHNOLOGIESHOLDINGS 478,000 1,044,157 1.89HKD

CAYMAN ISLANDS

AMVIG HOLDINGS LTD 1,294,000 734,067 1.34HKD

CHINA SHANSHUI CEMENTGRP LTD 1,162,000 803,848 1.46HKD

CHINA STATECONSTRUCTIONINTERNATIONAL HOLDINGLTD 1,759,296 939,315 1.71HKD

EVA PRECISION INDUSTRIALHLDG 3,430,000 862,838 1.57HKD

HAITAN INTL HLDGS LTD 853,000 667,818 1.22HKD

VINDA INTL HLDG 915,000 921,870 1.68HKD

5,973,913 10.87

CHINA OVERSEAS GRANDOCEANS 591,000 370,157 0.67HKD

HONG KONG

DAH CHONG HONGHOLDINGS LTD 1,273,000 1,326,672 2.42HKD

EMPEROR WATCH &JEWELLERY LTD 6,720,000 819,354 1.49HKD

HYSAN DEVELOPMENT CO 260,709 798,038 1.45HKD

3,314,221 6.03

BW PLANTATION 4,929,000 594,419 1.08IDR

INDONESIA

LIPPO KARAWACI 16,140,625 1,248,696 2.28IDR

TAMBANG BATUBARA /S.-B- 335,000 640,298 1.16IDR

2,483,413 4.52

AIRASIA BHD 1,025,100 972,921 1.77MYR

MALAYSIA

GAMUDA BHD 845,300 762,557 1.39MYR

INVESTMENTS

Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

PARKSON HOLDINGS BHD 449,185 799,176 1.45MYR

2,534,654 4.61

ALLIANCE GLOBAL GROUPINC. 5,872,000 1,255,636 2.28PHP

PHILIPPINES

1,255,636 2.28

AMTEK ENGINEERING 1,426,000 705,941 1.28SGD

SINGAPORE

MOBILEONE LTD 608,000 1,147,963 2.10SGD

RAFFLES MEDICAL GROUPLTD 609,000 1,047,019 1.90SGD

SINGAPORE AIRPORTTERMINAL SERVICES 502,000 847,648 1.54SGD

STX OSV HOLDINGS 1,147,000 827,524 1.51SGD

WING TAI HOLDINGS 572,000 535,605 0.97SGD

5,111,700 9.30

BS FINL SHS 75,910 845,489 1.54KRW

SOUTH KOREA

CHEIL WORLDWIDE INC. 78,274 1,236,459 2.25KRW

HYUNDAI DEPARTMENTSTORE CO. 8,436 1,200,409 2.18KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 32,670 464,881 0.85KRW

HYUNDAI HOME SHOPPINGNETWORK 4,005 471,521 0.86KRW

HYUNDAI HYSCO 29,770 1,177,549 2.14KRW

KOLON INDUSTRIES INC. 5,080 271,074 0.49KRW

LG HOUSEHOLD &HEALTHCARE LTD 3,000 1,354,352 2.47KRW

LOCK & LOCK CO. LTD 17,110 465,199 0.85KRW

ORION CORPORATION 2,871 1,252,345 2.28KRW

SAMSUNG ENGINEERING CO.LTD 3,241 639,615 1.16KRW

9,378,893 17.07

CAREER TECHNOLOGY CO.LTD 222,000 362,105 0.66TWD

TAIWAN

CHROMA ATE INC. 404,487 838,971 1.53TWD

E SUN FINANCIAL HOLDINGLTD 1,461,053 724,050 1.32TWD

EVA AIRWAYS CORP. 1,633,600 1,091,028 1.98TWD

FAR EASTERN DEPARTMENTSTORES 552,560 729,006 1.33TWD


Quantity/Facevalue

241


HIWIN TECHNOLOGIES 49,000 340,924 0.62TWD

KINSUS INTERCONNECTTECHN.CORP 136,000 448,570 0.82TWD

LARGAN PRECISION CO. LTD 32,000 752,999 1.37TWD

ORIENTAL UNION CHEMICALCORP. 535,000 660,187 1.20TWD

PRESIDENT CHAIN STORECORP. 191,000 1,087,572 1.97TWD

PRINCE HOUSINGDEVELOPMENT CO. 1,113,730 802,306 1.46TWD

RADIANT OPTOELECTRONICS CORP. 211,000 603,843 1.10TWD

SYNNEX TECHNOLOGYINTERNATIONAL 303,357 664,057 1.21TWD

TAIWAN FERTILIZER CO. LTD 137,000 337,665 0.61TWD

TAIWAN PROSPERITYCHEMICAL 186,000 541,454 0.99TWD

TRIPOD TECHNOLOGY CO.LTD 202,963 538,212 0.98TWD

UNIMICRON TECHNOLOGYCORP. 567,000 808,534 1.47TWD

WT MICROELECTRO 371,630 459,199 0.84TWD

11,790,682 21.46

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 5,286,380 925,344 1.68THB

THAILAND

BEC WORLD PUBLIC CO./FOREIGN 736,800 869,672 1.58THB

ESSO THAILAND PUBLIC CO.LTD 2,982,000 866,772 1.58THB

2,661,788 4.84


JP MORGAN INTERNATIONALJE 08-18.03.13 CERT / HCL 66,600 555,430 1.01USD


JERSEY

555,430 1.01

BNP PARIBAS AR 01.04.15CW /GNC 842,538 414,743 0.75USD

NETHERLANDS

BNP PARIBAS AR 05.05.14CW /RDCK 364,418 924,415 1.68USD

BNP PARIBAS AR 05.05.14CW/STR 98,165 707,724 1.29USD



Quantity/Facevalue

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 26,799 223,498 0.41USD

2,270,380 4.13


RIGHTS LOCK&LOCK 11-26.10.11 1,449 6,259 0.01KRW

RIGHTS

SOUTH KOREA

6,259 0.01

0.016,259TOTAL RIGHTS


49,958,843

KGI SECURITIES CO. LTD 954,738 344,669 0.63TWD


SHARES

CHINA

344,669 0.63

GS HOME SHOPPING INC. 7,726 700,200 1.27KRW

SOUTH KOREA

700,200 1.27

E INK HOLDINGS INC. 403,000 847,790 1.54TWD

TAIWAN

847,790 1.54



1,892,659

REAL GOLD MINING 527,500 265,392 0.48HKD


SHARES

CAYMAN ISLANDS

265,392 0.48

0.48265,392TOTAL SHARES


Quantity/Facevalue


242

BNP PARIBAS AR 05.05.15CW/INDIABULLS 295,901 949,947 1.74USD


NETHERLANDS

949,947 1.74

1.74949,947TOTAL WARRANTS / EQUITY LINKEDSECURITIES

AYALA LAND INC. /PREF 5,644,800 2,592 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

2,592 0.00








Quantity/Facevalue

243


ANZ BANKING GROUP 206,945 3,926,459 2.30AUD


SHARES

AUSTRALIA

BHP BILLITON LTD 185,297 6,307,405 3.69AUD

CWTHBK OF AUSTRALIA 106,096 4,697,357 2.75AUD

GRAINCORP LTD -A- 153,356 1,073,247 0.63AUD

JB HI-FI LTD 84,184 1,243,768 0.73AUD

METCASH LTD / DEFERREDDELIVERY 538,786 2,152,407 1.26AUD

NATIONAL AUSTRALIA BANKLTD 155,399 3,378,940 1.98AUD

NEWCREST MINING 59,964 1,986,353 1.16AUD

QBE INSURANCE GROUP 140,505 1,759,033 1.03AUD

RIO TINTO LIMITED 35,789 2,149,831 1.26AUD

TATTS GROUP LTD 670,653 1,453,681 0.85AUD

TELSTRA CORPORATION LTD 813,702 2,451,847 1.43AUD

WESTPAC BANKING CORP. 194,622 3,847,770 2.25AUD

WOOLWORTHS 129,413 3,127,125 1.83AUD

39,555,223 23.15

KERRY PROPERTIES LTD 190,500 612,466 0.36HKD

BERMUDA ISLANDS

SKYWORTH DIGITAL HLD LTD 1,428,905 504,330 0.30HKD

VTECH HLDGS SHS 114,800 1,074,846 0.62HKD

2,191,642 1.28


CAYMAN ISLANDS

ANTA SPORTS PRODUCTSLTD 681,000 796,241 0.47HKD

CHINA SHANSHUI CEMENTGRP LTD 891,000 616,376 0.36HKD

PEAK SPORT PDT 2,820,000 781,775 0.46HKD

3,574,952 2.09


CHINA

CHINA COMMUNICATIONSCONSTRUCTION -H- 2,227,000 1,466,279 0.86HKD


INVESTMENTS

Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

CHINA LIFE INSURANCE CO.LTD -H- 721,000 1,739,691 1.02HKD

CHINA PETROLEUM & CHEMCORP. -H- 2,166,000 2,135,004 1.25HKD

DONGFENG MOTOR -H- 870,000 1,196,997 0.70HKD

GUANGSHEN RAILWAY COLTD -H- 3,510,000 1,063,159 0.62HKD

IND & COM BOC -H- 5,285,955 2,591,586 1.52HKD

ZHEJIANG EXPRESSWAY CO.LTD -H- 2,208,000 1,346,082 0.79HKD

16,006,215 9.37

AIA GROUP 613,600 1,756,181 1.03HKD

HONG KONG

BOC HONG KONG HOLDINGSLTD 575,000 1,232,433 0.72HKD

CATHAY PACIFIC AIRWAYS 441,000 724,482 0.42HKD

CHINA MOBILE LTD 447,500 4,428,190 2.59HKD

CLP HOLDINGS LTD 366,500 3,318,562 1.94HKD

CNOOC LTD 1,388,000 2,315,857 1.36HKD

GUANGDONG INVESTMENTLTD 2,880,000 1,800,116 1.05HKD

HONGKONG ELECTRICHOLDINGS LTD 420,500 3,230,049 1.89HKD

HSBC HOLDINGS PLC 180,794 1,413,124 0.83HKD

KINGBOARD CHEMICALSHOLDINGS 354,500 966,839 0.57HKD

SHANGHAI INDUSTRIALHOLDINGS 419,000 1,185,773 0.69HKD

22,371,606 13.09

INDO TAMBANGRAYAMEGAH (ITM) 307,000 1,370,900 0.80IDR

INDONESIA

PT BANK RAKYAT INDONESIA 2,283,500 1,519,794 0.89IDR

TELKOM INDONESIA S -B- 2,156,500 1,864,622 1.09IDR

4,755,316 2.78

BUMIPUTRA-COMMERCEHOLDINGS 557,000 1,216,065 0.71MYR

MALAYSIA

PUBLIC BANK / FOR.REG 384,700 1,486,984 0.87MYR

2,703,049 1.58

ABOITIZ POWER 1,835,000 1,196,044 0.70PHP

PHILIPPINES

1,196,044 0.70


Quantity/Facevalue


244

MOBILEONE LTD 342,060 645,842 0.38SGD

SINGAPORE

OVERSEA-CHINESE BANKCORP. 261,501 1,631,748 0.95SGD

SINGAPORE AIRLINES LTD 167,001 1,465,057 0.86SGD

SINGAPORE PRESSHOLDINGS LTD 580,000 1,673,805 0.98SGD

SINGAPORE TELECOM/BOARD LOT 1000 981,000 2,394,337 1.40SGD

YANGZIJIANG SHIPBUILDINGLTD 868,000 592,924 0.35SGD

8,403,713 4.92

HYUNDAI FIRE & MARINE INSCO. 67,900 1,687,957 0.99KRW

SOUTH KOREA

KANGWON LAND INC. 55,340 1,279,632 0.75KRW


KT CORPORATION 53,420 1,622,096 0.95KRW

KT&G CORPORATION 41,920 2,609,709 1.52KRW

LG CHEMICAL LTD 3,556 966,830 0.57KRW


SK TELECOM CO. LTD 11,418 1,445,821 0.85KRW

S-OIL CORP. 16,000 1,422,960 0.83KRW

WOORI INVESTMENT &SECURITIES CO. 75,290 711,043 0.42KRW

18,156,882 10.62

ASIA CEMENT CORP. 1,099,498 1,152,897 0.67TWD

TAIWAN

ASUSTEK COMPUTER INC. 212,280 1,609,335 0.94TWD

CHINA STEEL 2,033,899 1,995,841 1.17TWD

CHINATRUST FINANCIALHOLDING CO. 1,561,442 932,658 0.55TWD

CHUNGHWA TELECOM CO.LTD 863,571 2,876,666 1.68TWD

FAR EASTERN TEXTILE LTD 801,216 828,296 0.48TWD

FORMOSA CHEMICALS &FIBER CO. 634,000 1,656,257 0.97TWD

FUBON FINANCIAL HOLDINGCO. LTD 1,088,123 1,146,327 0.67TWD

HTC CORP. 69,375 1,559,620 0.91TWD

TAIWAN SEMICONDUCTORMANUFACTURING 1,820,161 4,181,511 2.46TWD

TXC CORPORATION 814,988 965,570 0.57TWD



Quantity/Facevalue


WISTRON CORP. 781,186 896,039 0.52TWD

20,797,781 12.17

ADVANCED INFO SERVICEPUB./ FOR. RG 423,800 1,742,286 1.02THB

THAILAND

BANGKOK BANK PUBLIC/FOREIGN 341,400 1,622,833 0.95THB

BANGKOK EXPRESSWAY/FOR. REG 1,777,700 942,087 0.55THB

PTT PLC CO. LTD /FOREIGNREG 153,500 1,281,829 0.75THB

5,589,035 3.27

85.02145,301,458TOTAL SHARES

THE LINK REIT 743,500 2,356,985 1.38HKD

INVESTMENT FUNDS

HONG KONG

2,356,985 1.38

CPN RETAIL GROWTHLEASEHOLD 2,918,334 1,143,519 0.67THB

THAILAND

1,143,519 0.67

2.053,500,504TOTAL INVESTMENT FUNDS

DB LN 11-7.9.21 CW /IBWS 26,247 2,193 0.00USD


GREAT BRITAIN

2,193 0.00

BNP PARIBAS AR 01.04.15CW/NJSP 107,243 1,106,094 0.65USD

NETHERLANDS

BNPP 11-05.05.15 CW/RECL 217,650 771,491 0.45USD

JP MORGAN STRUCTURE 11-18.01.16 CERT/CBK 107,435 972,412 0.57USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 136,229 1,136,121 0.66USD

JP MORGAN STRUCTURE15.10.14 CERT /MM 97,814 1,604,481 0.94USD

JP MORGAN STRUCTURE25.08.14 CERT/ONGC 324,540 1,763,387 1.04USD


Quantity/Facevalue

245


JP MORGAN STRUCTURE25.08.14 CERT/SBIN 24,275 945,592 0.55USD

8,299,578 4.86



157,103,733

INDUSTRIAL BANK OF KOREA 73,250 868,599 0.51KRW


SHARES

SOUTH KOREA

868,599 0.51



868,599






Quantity/Facevalue


246

BRILLIANCE CHINAAUTOMOTIVE 3,006,000 2,368,843 0.18HKD


SHARES

BERMUDA ISLANDS


6,636,699 0.52

BANCO BRADESCO SA /PREF. 1,224,800 18,347,862 1.42BRL

BRAZIL

BANCO DO BRASIL SA 1,298,877 17,205,395 1.34BRL

BR MALLS PARTICIPAES SA 87,602 896,138 0.07BRL

CIA DE CONCESSOESRODOVIARIAS 400,842 10,327,440 0.80BRL

CIA HERING 400,577 6,882,585 0.54BRL

DIAGNOST DA AMERICA SABRL 313,783 2,686,279 0.21BRL

GERDAU /PREF. 444,806 3,283,307 0.26BRL

INVESTIMENTOS ITAU /PREF. 267,294 1,368,615 0.11BRL

IOCHPE MAXION SA 372,360 3,768,633 0.29BRL

MARCOPOLO POMO /PREF. 2,362,442 8,731,949 0.68BRL

METALURGICA GERDAU/PREF. 302,038 2,776,172 0.22BRL

MRV ENGHENHARIA 2,144,600 11,505,475 0.89BRL

PDG REALTY SA 3,611,000 12,090,640 0.94BRL

PETROBRAS PETROLEOBRASILEIRO 1,681,094 19,243,827 1.49BRL

ROSSI RESIDENCIAL ON 2,309,200 11,309,084 0.88BRL

SAO CARLOSEMPREENDIMENTOS 400,307 4,776,049 0.37BRL

SID NACIONAL 2,155,100 17,699,989 1.37BRL

VALE RIO DOCE /NAM. 664,570 15,507,533 1.21BRL

168,406,972 13.09


CAYMAN ISLANDS


CN RESO CEMENT 1,486,000 997,469 0.08HKD

DONGYUE GROUP 8,074,000 4,072,492 0.32HKD

EVERGRANDE REAL 3,724,000 1,166,215 0.09HKD

INVESTMENTS

BRIC EquityStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

VINDA INTL HLDG 4,082,000 4,112,649 0.32HKD

18,716,078 1.46

AGRICULT BK CHINA /H-SHARES 22,221,000 7,358,042 0.57HKD

CHINA



BANK OF COMMUNICATIONSCO. -H- 10,615,800 6,390,054 0.50HKD

CHINA COAL ENERGY CO.LTD -H- 3,123,000 2,833,808 0.22HKD



CHINA LIFE INSURANCE CO.LTD -H- 5,719,000 13,799,295 1.07HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 2,240,000 1,934,827 0.15HKD

CHINA PACI INSU (GROUP)LTD -H- 1,936,600 5,654,579 0.44HKD




IND & COM BOC -H- 79,032,595 38,747,934 3.00HKD


PETROCHINA CO. LTD /-H- 16,096,000 19,976,684 1.55HKD

PICC PROPERTY & CASUALTY-H- 2,466,000 2,683,910 0.21HKD


WEICHAI POWER CO LTD /-H- 1,077,000 4,955,458 0.39HKD

YANZHOU COAL MINING CO.-H- 3,032,000 6,662,112 0.52HKD

ZIJIN MINING GROUP -H- 4,332,000 1,273,218 0.10HKD

218,895,924 17.01

AK SBEREGATELNY BANKSBERBANK 23,476,426 51,413,373 4.00USD

FEDERATION OF RUSSIA

GAZPROM OAO 12,753,851 61,506,072 4.77USD

MMC NORILSK NICKEL 23,945 5,230,126 0.41USD

118,149,571 9.18


Quantity/Facevalue

247


CAIRN ENERGY 8,863,135 38,344,477 2.98GBP

GREAT BRITAIN

VEDANTA RESOURCES PLC 600,987 10,139,887 0.79GBP

48,484,364 3.77

AIA GROUP 1,244,600 3,562,162 0.28HKD

HONG KONG


CHINA OVERSEAS GRANDOCEANS 771,500 483,209 0.04HKD


CNOOC LTD 12,843,000 21,428,353 1.67HKD

97,556,417 7.59

CANARA BANK /DEMAT. 157,927 1,429,409 0.11INR

INDIA

HCL TECHNOLOGIES /DEMAT. 3,900,000 32,524,847 2.53INR

INDIABULLS POWER 12,856,273 3,314,925 0.26INR

JINDAL STEEL & POWER/DEMAT. 193,716 1,997,948 0.16INR

MARUTI SUZUKI INDIA LTD 1,555,188 34,330,447 2.67INR

UNITED SPIRITS LIMITED/DEMAT. 25,000 405,494 0.03INR

74,003,070 5.76

UNITED COMPANY RUSALPLC 7,024,000 6,139,183 0.48HKD

JERSEY

6,139,183 0.48

ENERGYO SOL RUS 540,246 1,812,096 0.14SEK

SWEDEN

1,812,096 0.14

59.00758,800,374TOTAL SHARES

DB LN 08-19.03.18 CERT/RECLIN 4,094,141 14,512,253 1.12USD


GREAT BRITAIN

DB LN 09-24.07.19 CW/ESOIL 6,185,803 10,143,659 0.79USD

HSBC 08-26.03.18 CERT/TATA 600,000 5,079,698 0.40USD

HSBC 22.10.18 CW / UNSP 95,993 1,557,000 0.12USD

31,292,610 2.43



Quantity/Facevalue

ABN AMRO BANK 03.07.09WRT/HCL TC. 2,150,000 17,930,544 1.40USD

NETHERLANDS

ABN AMRO BANK 06-30.06.09WRT/JSP IN 956,868 9,869,042 0.77USD

BNP PARIBAS 01.04.15 CW /UNITECH 10,227,783 5,462,045 0.42USD

JP MORGAN STRUCTURE10.07.14 CERT/UT 8,000,000 4,272,320 0.33USD

JP MORGAN STRUCTURE 11-18.01.16 CERT/CBK 807,594 7,309,664 0.57USD

JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 24,646,939 6,355,164 0.49USD

RBS 10-29.06.12 CW/SESA 2,540,739 10,386,165 0.82USD

61,584,944 4.80

CITIGROUP HOLDING 06-24.10.12 CW / UNITED 860,678 13,960,141 1.08USD

UNITED STATES

CITIGROUP HOLDING24.10.12 CW/IBPOW 950,000 244,956 0.02USD

14,205,097 1.10


GERDAU SA SADR PREF. SHS 445,126 3,302,835 0.26USD

SADR (Sponsored American Dep. Receipt)

BRAZIL

PETROBRAS /SADR 199,139 4,179,928 0.33USD

PETROLEO BRASILEIRO/SADR 633,364 14,466,033 1.12USD

TELESP TLPP /PREF. SADR 250,869 6,617,924 0.51USD

VALE / -A- /SADR 132,100 2,817,693 0.22USD

VALE /SADR 609,922 14,131,893 1.10USD

45,516,306 3.54

GAZPROM OAO /SADR REGS 5,411,735 52,439,712 4.08USD


LUKOIL /SADR (REP.1 SHS.) 1,151,246 58,540,859 4.55USD

MMC NORILSK NICKEL /SADR 1,021,369 22,194,348 1.73USD

MOBILE TELESYSTEMSOJS/SADR 824,232 10,088,600 0.78USD

RUSHYDRO OJSC /SADR 1,544,661 5,313,634 0.41USD

148,577,153 11.55

15.09194,093,459TOTAL SADR (Sponsored American Dep.Receipt)


Quantity/Facevalue


248

AFK SISTEMA / SGDR 629,632 8,814,848 0.69USD

GDR (Global Depositary Receipt)


GROUPE LSR /SGDR REPR.SREG S 1,275,615 4,589,905 0.36USD

NOMOS BANK OJSC SHS/SGDR 715,641 6,943,364 0.54USD

ROSNEFT OIL COMPANYOJSC /SGDR 3,743,150 21,991,006 1.70USD

SEVERSTAL CHEREPOVETSMET/SGDR 1,128,702 11,896,519 0.93USD

54,235,642 4.22

FINANCIAL TECHNOLOGIES/GDR 3 7 0.00USD

INDIA

7 0.00

4.2254,235,649TOTAL GDR (Global Depositary Receipt)

BANCO DAYCOVAL SA /PREF. 830,748 3,815,638 0.30BRL

PREFERENTIAL SHARES

BRAZIL

BANRISUL PNB -B- /PREF 468,122 3,915,965 0.30BRL

BRADESPAR SA BRASIL/PREF. 1,161,600 21,138,936 1.65BRL

CIA VALE DO RIO DOCE A/PREF. 457,506 9,850,148 0.77BRL

CONTAXPARTICIPACOES/PREF. SHS 359,871 3,462,272 0.27BRL

ITAU HOLDING /PREF 792,770 12,509,367 0.97BRL

TELECOMUNICACOES DESAO PAULO/PREF. 165,730 4,414,962 0.34BRL

59,107,288 4.60

4.6059,107,288TOTAL PREFERENTIAL SHARES

ITAU HOLDING ITAU / PFD. /SADR 1,047,486 16,466,479 1.28USD


BRAZIL

16,466,479 1.28

CHANGYOU.COM -A-/ADR 97,000 2,535,580 0.20USD

CAYMAN ISLANDS

2,535,580 0.20



Quantity/Facevalue

MECHEL OJSC /ADR 687,857 7,078,049 0.55USD


7,078,049 0.55



1,199,399,529

AEROFLOT MOSCOW 3,874,902 6,305,806 0.49USD


SHARES


TNK-BP HOLDING 2,445,606 6,456,400 0.51USD

12,762,206 1.00


CHERKIZOVO GROUP /SGDR 432,042 6,363,979 0.49USD



6,363,979 0.49



19,126,185

RUSHYDRO OJSC 9 - 0.00USD


SHARES


- 0.00

0.00-TOTAL SHARES

INDIABULLS PROPERTIESINVESTMENT TRUST 21,780,000 2,005,988 0.16SGD

INVESTMENT FUNDS

SINGAPORE

2,005,988 0.16



Quantity/Facevalue

249


DEUTSCHE BANK 07-17.01.17WRT/HCL 800,000 6,683,600 0.52USD


GERMANY

6,683,600 0.52

DB LN 24.01.17 CW/CANADABK 1,430,000 12,943,162 1.00USD

GREAT BRITAIN

12,943,162 1.00

ABN -30.06.09 WRT/TATASTEEL 142,620 1,207,444 0.10USD

NETHERLANDS

RBS NL 09-30.06.11CERT/IBPOW IN 1,686,975 434,983 0.03USD

1,642,427 0.13


OAO TATFNEFT /SGDR REP GREG.S 686,799 17,060,087 1.33USD



17,060,087 1.33



97.90TOTAL INVESTMENTS 1,258,860,978


100.00TOTAL NET ASSETS 1,285,878,893



Quantity/Facevalue


250

BRILLIANCE CHINAAUTOMOTIVE 22,000 17,335 0.10HKD


SHARES

BERMUDA ISLANDS

CHINA YURUN FOOD GROUPLTD 11,000 11,872 0.07HKD

HUABA0 INTERNATIONAL 30,000 24,679 0.14HKD

KUNLUN ENERGY COMPANYLTD 20,000 27,926 0.16HKD

81,812 0.47

ALL AMERICA /CONV 7,100 32,679 0.19BRL

BRAZIL

BANCO DO BRASIL SA 4,700 63,495 0.37BRL

BM&F BOVESPA BOLSA DEVALORES 20,300 97,511 0.56BRL

BR MALLS PARTICIPAES SA 3,300 34,569 0.20BRL

BRF FOODS 5,700 99,125 0.57BRL

B2W COMPANHIA GLOBALDO VAREJO 1,371 11,750 0.07BRL

CIA DE CONCESSOESRODOVIARIAS 2,500 64,305 0.37BRL

CIELO 2,246 51,298 0.30BRL

COSAN SA INDUSTRIA ECOMERCIO 1,600 21,450 0.12BRL

CPFL ENERGIA SA 2,100 23,731 0.14BRL

CYRELA BRAZIL REALTY SA 3,200 21,033 0.12BRL

DIAGNOST DA AMERICA SABRL 4,000 33,652 0.19BRL

DURATEX 3,220 15,520 0.09BRL

EDP-ENERGIAS DO BRASIL SA 600 12,118 0.07BRL

ELETROBRAS. CENTR. ELETR.BRASIL 2,141 18,535 0.11BRL

ELETROBRAS. EL.BRASIL./PREF. B 2,000 22,970 0.13BRL

FIBRIA 1,700 13,711 0.08BRL

GAFISA SA 4,000 12,505 0.07BRL

HYPERMARCAS SA 2,700 14,274 0.08BRL

INVESTIMENTOS ITAU /PREF. 19,298 100,135 0.58BRL

JBS AS 5,100 10,768 0.06BRL

LOJAS RENNER SA 1,300 36,903 0.21BRL

MARFRIG ALIMENTOS SA 1,800 5,608 0.03BRL

INVESTMENTS

BRIC MarketsStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

METALURGICA GERDAU/PREF. 2,400 22,288 0.13BRL

MRV ENGHENHARIA 2,600 14,465 0.08BRL

NATURA COSMETICOS SA 1,500 26,273 0.15BRL

OGX PETROLEO E GASPARTICIP SA 11,800 77,433 0.45BRL

PDG REALTY SA 9,900 34,229 0.20BRL

REDECARD SA 3,500 48,537 0.28BRL

ROSSI RESIDENCIAL ON 2,000 10,117 0.06BRL

SOUZA CRUZ 3,300 33,853 0.20BRL

TELEMAR 800 9,162 0.05BRL

USIMINAS 1,500 16,820 0.10BRL

1,110,822 6.41

ALIBABA CO. 13,500 12,613 0.07HKD

CAYMAN ISLANDS

ANTA SPORTS PRODUCTSLTD 10,000 11,691 0.07HKD

BELLE INTERNATIONALHOLDING LTD 38,000 66,324 0.38HKD

CH HS TRANSMISS EQ GRCO. LTD 13,000 6,006 0.03HKD

CHINA ZHONGWANG 28,800 9,979 0.06HKD

COUNTRY GARDENHOLDINGS 55,000 15,387 0.09HKD

ENN ENERGY HOLDINGS 8,000 26,180 0.15HKD

EVERGRANDE REAL 50,000 15,657 0.09HKD

GCL-POLY ENERGYHOLDINGS LTD 76,000 20,190 0.12HKD

HENGAN INTL GROUP 4,500 36,354 0.21HKD

HIDILI INDUSTRYINTERNATIONALDEVELOPEMENT LTD 15,000 4,408 0.03HKD

LI NING COMPANY LTD 8,500 8,749 0.05HKD

PARKSON RETAIL GROUP LTD 18,500 22,531 0.13HKD

REHNE COMMERCIALHOLDING COMP LTD 82,000 8,840 0.05HKD

SOHO CHINA LTD 27,500 17,575 0.10HKD

TENCENT HOLDINGS 8,200 172,796 0.99HKD

TINGYI HOLDING CORP. 16,000 39,383 0.23HKD

WANT WANT CHINAHOLDINGS LTD 52,000 47,248 0.27HKD

541,911 3.12

AGILE PROPERTY HOLDINGSLTD 16,000 10,575 0.06HKD

CHINA


Quantity/Facevalue

251


AGRICULT BK CHINA /H-SHARES 180,000 59,599 0.34HKD

AIR CHINA LTD -H- 20,000 14,091 0.08HKD

ALUMINIUM CORP. OF CHINA-H- 36,000 16,078 0.09HKD

ANGANG STEEL COMPANYLTD -H- 14,000 7,402 0.04HKD

ANHUI CONCH CEMENT CO. -H- 14,000 38,809 0.22HKD

BANK OF CHINA LTD -H- 594,400 186,892 1.09HKD

BANK OF COMMUNICATIONSCO. -H- 72,198 43,455 0.25HKD

BEIJING CAPITALINTERNATIONAL AIRPORT -H- 26,000 10,544 0.06HKD

BYD COMPANY LIMITED -H- 6,000 10,149 0.06HKD

CHANGSHA ZOOMLIONHEAVY -H- 15,800 18,006 0.10HKD

CHAODA MODERNAGRICULTURE HOLDING -H- 26,000 3,670 0.02HKD

CHINA CITIC BANK -H- 63,200 26,198 0.15HKD

CHINA COAL ENERGY CO.LTD -H- 40,000 36,293 0.21HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 37,000 24,359 0.14HKD

CHINA COMMUNICATIONSSERVICES -H- 30,000 13,860 0.08HKD

CHINA CONSTRUCTION BANKCO. -H- 376,850 231,659 1.35HKD

CHINA COSCO HOLDINGS -H- 35,000 14,553 0.08HKD

CHINA LIFE INSURANCE CO.LTD -H- 57,000 137,524 0.80HKD

CHINA MENGNIU DAIRY CO.LTD 10,000 30,800 0.18HKD

CHINA MERCHANTS BANK -H- 28,723 44,160 0.25HKD

CHINA MINSHENG BK -H- 28,000 17,212 0.10HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 28,000 24,183 0.14HKD

CHINA OILFIELD SERVICES -H- 10,000 12,936 0.07HKD

CHINA PACI INSU (GROUP)LTD -H- 12,400 36,203 0.21HKD

CHINA PETROLEUM & CHEMCORP. -H- 132,000 130,101 0.75HKD

CHINA RAILWAYCONSTRUCTION CORP. -H- 18,000 7,646 0.04HKD

CHINA RAILWAY GROUP LTD-H- 43,000 8,719 0.05HKD

CHINA RESOURCES LAND 22,000 23,970 0.14HKD



Quantity/Facevalue

CHINA SHENHUA ENERGYCO. -H- 25,500 101,612 0.59HKD

CHINA SHIPPING CONTAINER-H- 39,100 6,072 0.04HKD

CHINA SHIPPINGDEVELOPMENT -H- 12,000 7,762 0.04HKD

CHINA SOUTH LOCOMOTIVE -H- 24,800 8,912 0.05HKD

CHINA SOUTHERN AIRLINES-H- 20,000 9,445 0.05HKD

CHINA TELECOM CORP. LTD -H- 120,700 76,831 0.44HKD

DATANG INT. POWERGENERATION -H- 50,000 12,834 0.07HKD

DONGFENG MOTOR -H- 24,000 33,018 0.19HKD

GUANGZHOU AUTO 25,374 24,976 0.14HKD

GUANGZHOU R&F PROPERTY-H- /NEW 12,000 8,963 0.05HKD

HUANENG POWERINTERNATIONAL -H- 34,000 14,617 0.08HKD

IND & COM BOC -H- 482,300 236,444 1.37HKD

INNER MONG. YITAI COALCO. B 6,000 30,360 0.18USD

JIANGXI COPPER CO. LTD -H- 17,800 31,524 0.18HKD

METALLURGICAL CORP. OFCHINA -H- 39,000 7,558 0.04HKD

NINE DRAGONS PAPERHOLDINGS LTD 21,000 10,672 0.06HKD

PETROCHINA CO. LTD /-H- 163,200 202,531 1.18HKD

PICC PROPERTY & CASUALTY-H- 18,000 19,589 0.11HKD

PING AN INSURANCE GRPCO. -H- 14,800 83,952 0.48HKD

SHANGHAI ELECTRIC GROUPCO. -H- 30,000 11,666 0.07HKD

SHIMAO PROPERTY HOLDINGLTD 21,500 16,390 0.09HKD

SINOFERT HOLDINGS LTD 36,000 9,333 0.05HKD

TSINGTAO BREWERY CO. LTD-H- 4,000 22,151 0.13HKD

WEICHAI POWER CO LTD /-H- 6,000 27,605 0.16HKD

YANZHOU COAL MINING CO.-H- 16,000 35,154 0.20HKD

ZHEJIANG EXPRESSWAY CO.LTD -H- 16,000 9,753 0.06HKD

ZIJIN MINING GROUP -H- 68,000 19,984 0.12HKD


Quantity/Facevalue


252

ZTE CORP. -H- 5,920 17,018 0.10HKD

2,336,372 13.47

AK SBEREGATELNY BANKSBERBANK 171,708 393,211 2.27USD


393,211 2.27

BEIJING ENTERPRISESHOLDING LTD 5,500 27,951 0.16HKD

HONG KONG

CHINA EVERBRIGHT LTD 10,000 10,908 0.06HKD

CHINA INSURANCEINTERNATIONAL HOLDING 6,400 12,320 0.07HKD

CHINA MERCHANTSHOLDINGS 8,220 22,364 0.13HKD

CHINA MOBILE LTD 48,400 478,900 2.77HKD

CHINA OVERSEASLAND&INVESTMENT 37,341 54,247 0.31HKD

CHINA RESOURCESENTERPRISE LTD 10,000 33,624 0.19HKD

CHINA RESOURCES POWERHOLDINGS 18,200 27,701 0.16HKD

CHINA UNICO (HK) 48,486 101,053 0.58HKD

CITIC PACIFIC LTD 12,000 17,156 0.10HKD

CNOOC LTD 141,200 235,572 1.36HKD

COSCO PACIFIC LTD 18,000 20,190 0.12HKD

FUSHAN INTERNAT ENERGYGROUP 38,000 12,875 0.07HKD

KINGBOARD CHEMICALSHOLDINGS 4,000 10,908 0.06HKD

LENOVO GROUP LTD 50,000 33,945 0.20HKD

SHANGHAI INDUSTRIALHOLDINGS 6,000 16,979 0.10HKD

1,116,693 6.44

ACC LTD /DEMAT. 909 20,202 0.12INR

INDIA

ADANI ENTERPRISESLTD/DEMAT. 3,900 41,710 0.24INR

ADITYA BIRLA NUVO LTD /DEMATER. 800 14,816 0.09INR

AMBUJA CEMENTSLTD/DEMAT. 10,500 31,563 0.18INR

ASIAN PAINTS/DEMATERIALISED 300 19,141 0.11INR

AXIS BANK LTD/DEMAT. 3,885 81,479 0.47INR

BAJAJ AUTO LTD 1,500 46,554 0.27INR



Quantity/Facevalue

BHARAT HEAVY ELECTRICALS/DEMAT. 2,119 70,811 0.41INR

BHARATPETROLEUM/DEMAT. 1,463 19,117 0.11INR

CANARA BANK /DEMAT. 1,500 13,524 0.08INR

CIPLA LTD /DEMAT. 5,631 31,911 0.18INR

COAL INDIA /IPO 9,000 59,777 0.34INR

DLF LIMITED 8,709 38,781 0.22INR

GMR INFRASTRUCTURE 21,394 11,778 0.07INR

HCL TECHNOLOGIES /DEMAT. 2,750 23,120 0.13INR

HERO HONDA MOTORS/DEMAT. 1,582 62,211 0.36INR

HINDALCO INDUSTRIES /DEMAT. 18,990 50,707 0.29INR

HOUSING DEVT FIN CORP. 18,415 240,180 1.39INR

INDIABULLS REAL ESTATE/DEMAT. 7,400 11,069 0.06INR

INDIABULLS WHOLESALESERVICES 750 63 0.00INR

INDUSIND BANK LTD 3,200 17,122 0.10INR

INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 18,788 42,424 0.24INR

ITC LTD /DEMAT. 41,210 166,232 0.96INR

JAIPRAKASH ASSOCIATIONLTD 20,085 29,881 0.17INR

JINDAL STEEL & POWER/DEMAT. 6,564 67,169 0.39INR

JSW STEEL LTD / DEMAT. 1,834 22,138 0.13INR

KOTAK MAHIND 4,996 46,670 0.27INR

LIC HSG FINANCE 4,500 19,443 0.11INR

LUPIN LTD 2,500 24,112 0.14INR

MAHINDRA & MAHINDRA 4,494 73,814 0.43INR

MARUTI SUZUKI INDIA LTD 1,169 25,796 0.15INR

NTPC LTD / DEMAT. 10,483 35,427 0.20INR

OIL & NATURAL GAS CORPLTD 13,086 70,829 0.41INR

PIRAMAL HEALTHCARE LTD 1,784 12,860 0.07INR

POWER GRID CORP. OF INDIALTD 21,000 41,692 0.24INR

RELIANCE CAPITAL LTD/DEMAT. 1,671 10,765 0.06INR

RELIANCECOMMUNICATIONS /DEMAT. 8,912 12,959 0.07INR

RELIANCE INFRASTRUCTURELTD 2,159 16,258 0.09INR


Quantity/Facevalue

253


RELIANCE POWER LTD 9,000 13,912 0.08INR

RURAL ELECTRIFICATIONCORP LTD 5,600 19,859 0.11INR

SESA GOA LTD /DEMAT. 5,837 23,700 0.14INR

SHRIRAM TRANSPORTFINANCE 2,200 27,118 0.16INR

SIEMENS LTD /DEMAT. 769 13,070 0.08INR

STEEL AUTHORITY OFINDIA/DEMAT 7,781 16,556 0.10INR

SUN PHARMACEUTICAL SHS 5,235 48,743 0.28INR

SUZLON ENERGY LTD 15,400 11,424 0.07INR

TATA CONSULTANCYSERVICES /DEMAT. 8,080 171,762 1.00INR

TATA POWER CO LTD 16,430 33,405 0.19INR

TATA STEEL LTD /DEMAT. 5,264 44,835 0.26INR

ULTRA TECH CEMENT LTD 1,500 34,465 0.20INR

UNITECH LTD /DEMAT. 26,100 13,970 0.08INR

UNITED PHOSPHORUS LTD/DEMAT. 3,800 10,653 0.06INR

UNITED SPIRITS LIMITED/DEMAT. 1,469 23,320 0.13INR

ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 7,464 17,895 0.10INR

2,148,792 12.39

SINO-OCEAN LANDHOLDINGS LTD 33,061 10,650 0.06HKD

VIRGIN ISLANDS

10,650 0.06


LYXOR INTERNATIONAL ETFRUSSIA -A- 3,500 129,621 0.75EUR

INVESTMENT FUNDS

FRANCE

129,621 0.75

0.75129,621TOTAL INVESTMENT FUNDS

ISHARES MSCI CHINATRACKER 193,900 408,100 2.36HKD

EXCHANGE TRADED FUNDS

HONG KONG

408,100 2.36



Quantity/Facevalue

ISHARES MSCI BRAZIL /INDEXFD 4,156 224,549 1.29USD

UNITED STATES

224,549 1.29

3.65632,649TOTAL EXCHANGE TRADED FUNDS

BARCLAYS BANK 6-36-A-WRT/MSCI INC. 3,280 182,860 1.06USD


GREAT BRITAIN

DEUTSCHE BANK LN 30.01.17WRT /HIND.LEV 19,100 132,089 0.76USD

314,949 1.82


SANTANDERBR/UNITS(55SH+50PFD) 5,400 42,352 0.24BRL

UNIT SHARES

BRAZIL

42,352 0.24

0.2442,352TOTAL - UNIT SHARES

BANCO BRADESCO /SADR 15,846 245,138 1.41USD


BRAZIL

BRASIL TELECOM /SADR 1,174 21,367 0.12USD

CEMIG /SADR 3,403 52,406 0.30USD

CIA SIDER. NAC/SADR(REP.1SH) 6,600 54,120 0.31USD

COPEL /SADR (1000 PREF. B) 1,214 22,495 0.13USD

EMBRAER SA /SADR 1,200 30,996 0.18USD

GERDAU SA SADR PREF. SHS 5,700 43,035 0.25USD

PETROBRAS /SADR 17,600 376,112 2.18USD

PETROLEO BRASILEIRO/SADR 12,500 291,250 1.68USD

SABESP /SADR 400 18,932 0.11USD

TELE NORT. LE. TNLP /PREF.SADR 2,600 26,390 0.15USD

TIM PARTICIPACOES SASADR 808 18,964 0.11USD

TRACTEBEL ENERGIA SA/SADR 1,100 16,093 0.09USD

ULTRAPAR PARTICIPATION/SADR PREF. 3,000 48,720 0.28USD

USIMINAS -A- SADR (10000PREF. REGS) 4,000 23,720 0.14USD


Quantity/Facevalue


254

VALE / -A- /SADR 16,900 369,772 2.13USD

VALE /SADR 10,400 248,248 1.43USD

1,907,758 11.00

GAZPROM OAO /SADR REGS 81,760 796,015 4.59USD


JSC SURGUTNEFTEGAZ/SADR 18,450 151,567 0.87USD

JSC SURGUTNEFTEGAZ/SADR PREF. 17,900 80,908 0.47USD

LUKOIL /SADR (REP.1 SHS.) 10,900 565,479 3.26USD

MMC NORILSK NICKEL /SADR 13,800 310,224 1.79USD

MOBILE TELESYSTEMSOJS/SADR 12,433 161,256 0.93USD

2,065,449 11.91

ICICI BANK /SADR 6,860 252,791 1.46USD

INDIA

INFOSYS TECHNOLOGIES /SADR 7,400 382,950 2.20USD

WIPRO LTD /SADR 8,400 80,808 0.47USD

716,549 4.13


AFK SISTEMA / SGDR 2,507 35,349 0.20USD



GROUPE LSR /SGDR REPR.SREG S 4,600 15,718 0.09USD

NOVATEK OAO /SGDR 2,182 261,621 1.50USD

NOVOLIPETSK STEEL REGS/GDR 1,590 34,069 0.20USD

POLYM.JT STK CO/SGDRREGS OPE 3,800 62,966 0.36USD

ROSNEFT OIL COMPANYOJSC /SGDR 38,100 230,124 1.33USD

SEVERSTAL CHEREPOVETSMET/SGDR 5,100 56,406 0.33USD

TRUBNAYA METALL. KOMP./SGDR REG 1,582 14,995 0.09USD

URALKALITY /GDR 6,680 246,492 1.42USD

VNESHTORGBANK SGDR 33,753 142,230 0.82USD

1,099,970 6.34

GAIL INDIA LTD /GDR REGS 1,250 62,781 0.36USD

INDIA



Quantity/Facevalue

LARSEN TOUBRO /GDRREPR.1 SHS 3,600 99,469 0.57USD

RANBAXY LABORATORY /GDR(EQ.SHS) 2,600 27,415 0.16USD

STATE BANK OF INDIA /GDRREGS 660 55,110 0.32USD

244,775 1.41


AES TIETE SA /PFD 1,400 17,857 0.10BRL

PREFERENTIAL SHARES

BRAZIL

BRADESPAR SA BRASIL/PREF. 2,400 44,121 0.25BRL

CIE ENERGY SAO PAULO/PREF. -B- 1,400 21,353 0.12BRL

ELETROPAULOELETRICIDADE PREF 1,000 15,686 0.09BRL

FOSFERTIL.FER.FOSFATADOS / PREF. 1,400 18,435 0.11BRL

LOJAS AMERICANAS SA/PRIV. 3,303 26,174 0.15BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 2,650 12,384 0.07BRL

TELECOMUNICACOES DESAO PAULO/PREF. 2,610 68,989 0.41BRL

224,999 1.30


AMBEV CIA DE BEBIDAS/ADR 5,700 177,441 1.02USD


BRAZIL

BRASIL DISTRIBUTION PAO/ADR 900 28,656 0.17USD

ITAU HOLDING ITAU / PFD. /SADR 18,940 304,934 1.75USD

511,031 2.94

MECHEL OJSC /ADR 3,809 41,290 0.24USD


41,290 0.24

DR REDDY SLABORATORIES/ADR 1,700 51,918 0.30USD

INDIA

HOUSING DEVT FIN CORP. 8,600 263,934 1.53USD

SATYAM COMPUTER /ADR 7,100 19,454 0.11USD

STERLITE INDUSTRIES (INDIA)/ADR 6,400 62,400 0.36USD


Quantity/Facevalue

255


TATA MOTORS LTD /ADR 5,100 82,263 0.47USD

479,969 2.77



16,151,624

FED HYDROGENE CO-RUSHYDRO OJSC 30,008 991 0.01RUB


SHARES


INTER RAO UES JSC 23,967,500 25,214 0.14USD

26,205 0.15


SBERBANK /PREF. 26,000 45,956 0.26USD

PREFERENTIAL SHARES


TRANSNEFT OJSC MOSCOW 50 50,765 0.30USD

96,721 0.56



122,926

GOME ELECTRICALAPPLIANCE HOLDING 101,000 23,720 0.14HKD


SHARES

BERMUDA ISLANDS

23,720 0.14

FSK EES 7,988,000 59,814 0.34USD


RASPADSKAYA 4,900 14,677 0.08USD

RUSHYDRO OJSC 2,781,826 91,886 0.54USD

166,377 0.96




Quantity/Facevalue

ROSTELECOM /SADR REP. 6SHS 5,300 155,820 0.90USD



155,820 0.90

0.90155,820TOTAL SADR (Sponsored American Dep.Receipt)

MAGNIT JSC 5,700 110,010 0.63USD



OAO TATFNEFT /SGDR REP GREG.S 5,900 147,205 0.85USD

257,215 1.48

RELIANCE INDUSTRIES /GDR2 SHS 144A 11,606 381,544 2.20USD

INDIA

381,544 2.20

3.68638,759TOTAL GDR (Global Depositary Receipt)

5.68TOTAL OTHER TRANSFERABLE SECURITIES 984,676


0.48OTHER NET ASSETS LESS LIABILITIES 83,800



Quantity/Facevalue


256

CHINA GAS HOLDINGSLIMITED 4,286,000 1,100,173 0.24HKD


SHARES

BERMUDA ISLANDS

CHINA YURUN FOOD GROUPLTD 1,337,000 1,443,133 0.32HKD

2,543,306 0.56

BANCO BRADESCO SA /PREF. 967,309 14,490,572 3.18BRL

BRAZIL

BANCO DO BRASIL SA 291,300 3,858,665 0.85BRL

BRASIL TELECOM SA N1 14,451 94,258 0.02BRL

COSAN SA INDUSTRIA ECOMERCIO 132,800 1,736,740 0.38BRL


ECORODOVIAS 171,100 1,268,544 0.28BRL

ELETROBRAS. EL.BRASIL./PREF. B 261,582 3,015,710 0.66BRL

EMBRAER EMPRESABRASILEIRA AERONAUTICA 198,600 1,275,962 0.28BRL


LOJAS RENNER SA 61,000 1,699,279 0.37BRL

PDG REALTY SA 1,038,100 3,475,850 0.76BRL

PETROBRAS PETROLEOBRASILEIRO 887,241 10,156,430 2.23BRL

PETROLEO BRASILEIRO/PREF. 1,543,631 16,109,640 3.54BRL

REDECARD SA 62,300 856,741 0.19BRL

SABESP. CIA SANEAM. BAS.ESTADO 178,218 4,240,033 0.93BRL

TAM SA 27,300 435,375 0.10BRL

TIM PARTICIPACOES SA 1,046,126 4,907,224 1.08BRL


79,266,212 17.41

COUNTRY GARDENHOLDINGS 5,978,000 1,672,597 0.37HKD

CAYMAN ISLANDS


GCL-POLY ENERGYHOLDINGS LTD 7,070,000 1,878,316 0.41HKD

INVESTMENTS

BRIC Markets EquityStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

KWG PORPERTY HOLDINGLTD 1,945,500 731,607 0.16HKD

SOHO CHINA LTD 3,978,500 2,542,891 0.56HKD

TENCENT HOLDINGS 366,200 7,717,390 1.69HKD

16,029,067 3.52

AGILE PROPERTY HOLDINGSLTD 1,938,000 1,280,973 0.28HKD

CHINA



ANHUI CONCH CEMENT CO. -H- 1,204,500 3,339,178 0.73HKD


BANK OF COMMUNICATIONSCO. -H- 1,552,100 934,268 0.21HKD

BBMG -H- 1,288,000 968,707 0.21HKD

CHINA CITIC BANK -H- 6,585,000 2,729,840 0.60HKD



CHINA LG PWR -H 1,468,000 1,222,784 0.27HKD

CHINA LIFE INSURANCE CO.LTD -H- 893,000 2,154,707 0.47HKD

CHINA MENGNIU DAIRY CO.LTD 1,643,000 5,060,900 1.11HKD


CHINA NATIONAL MATERIALCO. -H- 1,525,000 557,819 0.12HKD


CHINA RAILWAY GROUP LTD-H- 5,058,000 1,025,687 0.23HKD

CHINA SHENHUA ENERGYCO. -H- 1,141,000 4,547,013 1.00HKD

CHINA TELECOM CORP. LTD -H- 8,918,000 5,677,120 1.25HKD


GUANGZHOU AUTO 3,162,000 3,112,692 0.68HKD

GUANGZHOU R&F PROPERTY-H- /NEW 1,412,800 1,055,316 0.23HKD

IND & COM BOC -H- 17,025,000 8,346,981 1.83HKD


PICC PROPERTY & CASUALTY-H- 816,000 888,106 0.20HKD


Quantity/Facevalue

257


PING AN INSURANCE GRPCO. -H- 595,000 3,375,345 0.74HKD

SINOPEC SHANGHAIPETROCHEMICAL -H- 3,854,000 1,389,943 0.31HKD

WEICHAI POWER CO LTD /-H- 692,000 3,184,008 0.70HKD

ZHEJIANG EXPRESSWAY CO.LTD -H- 714,000 435,282 0.10HKD


98,512,267 21.64


HONG KONG


CHINA RESOURCESENTERPRISE LTD 494,000 1,661,144 0.36HKD

CHINA UNICO (HK) 730,000 1,521,556 0.33HKD

CNOOC LTD 6,629,000 11,060,387 2.44HKD

GUANGDONG INVESTMENTLTD 1,084,000 677,544 0.15HKD

KINGBOARD CHEMICALSHOLDINGS 440,500 1,201,389 0.26HKD

LENOVO GROUP LTD 1,758,000 1,193,585 0.26HKD

MINMETALS RESOURCES 2,148,000 821,541 0.18HKD

42,114,721 9.25

AXIS BANK LTD/DEMAT. 57,500 1,194,174 0.26INR

INDIA

DR REDDY SLABORATORIES/DEMAT. 71,200 2,152,451 0.47INR

GAIL (INDIA) LTD /DEMAT. 117,200 980,758 0.22INR

HCL TECHNOLOGIES /DEMAT. 196,800 1,641,254 0.36INR

HINDALCO INDUSTRIES /DEMAT. 1,003,300 2,688,187 0.59INR

HOUSING DEVT FIN CORP. 344,700 4,502,976 0.99INR

ICICI BANK LTD /DEMAT. 271,100 4,837,313 1.06INR

INDIABULLS WHOLESALESERVICES 12,637 1,056 0.00INR

INFOSYS TECHNOLOGIES LTD/DEMAT. 125,300 6,469,384 1.42INR

ITC LTD /DEMAT. 2,214,400 8,936,951 1.96INR

KOTAK MAHIND 218,700 2,049,233 0.45INR

LIC HSG FINANCE 487,090 2,100,344 0.46INR

MAHINDRA & MAHINDRA 119,700 1,963,465 0.43INR

MUNDRA PORT 385,043 1,289,873 0.28INR

OIL & NATURAL GAS CORPLTD 953,900 5,173,874 1.14INR



Quantity/Facevalue

POWER GRID CORP. OF INDIALTD 1,891,300 3,795,284 0.83INR

RELIANCE INDUSTRIES/DEMAT. 582,500 9,597,617 2.12INR

SESA GOA LTD /DEMAT. 330,800 1,352,248 0.30INR

STERLITE IND(INDIA) --- SHS 634,900 1,471,411 0.32INR

TATA CONSULTANCYSERVICES /DEMAT. 238,100 5,034,216 1.11INR

TATA MOTORS 458,500 1,458,382 0.32INR

68,690,451 15.09

67.47307,156,024TOTAL SHARES

DR REDDY 9.25% 11-24.03.14 2,136,000 218,039 0.05INR

BONDS

INDIA

218,039 0.05

0.05218,039TOTAL BONDS

HALBIS FD-CHINA A SHARE-X 300 2,625,150 0.58USD

INVESTMENT FUNDS

LUXEMBOURG

2,625,150 0.58


HSBC MSCI BRAZIL ETF 56,500 1,527,195 0.34USD


IRELAND

1,527,195 0.34

ISHARES MSCI BRAZIL /INDEXFD 105,909 5,637,536 1.23USD

UNITED STATES

5,637,536 1.23

1.577,164,731TOTAL EXCHANGE TRADED FUNDS




JSC SURGUTNEFTEGAZ/SADR 304,910 2,469,771 0.54USD

LUKOIL /SADR (REP.1 SHS.) 217,268 11,048,078 2.43USD

MMC NORILSK NICKEL /SADR 340,483 7,398,696 1.63USD


Quantity/Facevalue


258

MOBILE TELESYSTEMSOJS/SADR 326,900 4,001,256 0.88USD

46,228,068 10.16





NOVATEK OAO /SGDR 33,740 3,893,932 0.87USD

NOVOLIPETSK STEEL REGS/GDR 45,210 925,901 0.20USD

ROSNEFT OIL COMPANYOJSC /SGDR 599,570 3,522,474 0.77USD

SEVERSTAL CHEREPOVETSMET/SGDR 103,140 1,087,096 0.24USD

URALKALITY /GDR 62,580 2,158,622 0.47USD

VNESHTORGBANK SGDR 855,100 3,567,145 0.78USD

15,935,670 3.50


AMBEV CIA DEBEDIDAS/PREF. 420,425 12,747,005 2.80BRL

PREFERENTIAL SHARES

BRAZIL


BRASIL TELECOM SA /PREF. 81,822 487,885 0.11BRL

CIA ENERGET. MIN. GERAIS/PRIV. 324,148 4,850,546 1.07BRL


ITAU HOLDING /PREF 892,386 14,081,239 3.09BRL

KLABIN RIOCELL SA /PREF. 201,300 560,215 0.12BRL

LOJAS AMERICANAS SA/PRIV. 256,914 1,994,147 0.44BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 143,125 672,156 0.15BRL

55,703,656 12.24





720,506 0.16

0.16720,506TOTAL ADR (American Depositary Receipt)



Quantity/Facevalue

RIGHTS LOJAS AMER 11-28.10.11 52 - 0.00BRL

RIGHTS

BRAZIL

- 0.00

0.00-TOTAL RIGHTS


435,751,844

SBERBANK OF RUSSIAOJSC/SADR 326,500 2,906,823 0.64EUR




2,906,823 0.64



2,906,823

AO TATNEFT 235,000 988,087 0.22USD


SHARES


988,087 0.22





2,248,840 0.49







Quantity/Facevalue

259




SHARES

BERMUDA ISLANDS

130,605 0.99


CHINA

178,862 1.36

LVMH MOET HENNESSY 3,307 438,263 3.32EUR

FRANCE

438,263 3.32

ADIDAS AG 6,828 415,999 3.15EUR

GERMANY

BMW-BAYERISCHEMOTOREN WERKE 6,177 411,807 3.12EUR

827,806 6.27

DIAGEO PLC 22,699 430,895 3.27GBP

GREAT BRITAIN

GENTING SINGAPORE PLC 298,000 352,230 2.67SGD

783,125 5.94

PRADA SHS 82,900 349,517 2.65HKD

ITALY

349,517 2.65

HYUNDAI MOBIS 1,065 308,052 2.33KRW

SOUTH KOREA

HYUNDAI MOTOR CO. LTD 2,555 456,622 3.47KRW

764,674 5.80

CIE FINANCIERE RICHEMONTSA 9,489 426,076 3.23CHF

SWITZERLAND

NESTLE 8,115 448,606 3.40CHF

874,682 6.63

APPLE INC. 1,127 434,537 3.29USD

UNITED STATES

COACH INC. 7,780 414,518 3.14USD

NIKE INC. -B- 5,057 441,628 3.34USD

INVESTMENTS

China Consumer Opportunities (launched as at 23 September2011)Statement of investments as at 30 September 2011(expressed in USD)

Description Quantity Currency Evaluation % netassets

SOTHEBYS 11,616 339,420 2.57USD

TIFFANY & CO. 5,866 366,273 2.78USD

1,996,376 15.12



6,343,910






260

COMMERCIALINTERNATIONAL BANK LTD 104,597 402,891 2.20EGP


SHARES

EGYPT

ELSEWEDY CABLES 55,435 208,042 1.14EGP

ORASCOM CONSTRUCTIONINDUSTRIE 6,059 220,469 1.21EGP

TELECOM EGYPT 145,460 361,004 1.97EGP

1,192,406 6.52

ANGLO AMERICAN PLC 6,211 211,371 1.16ZAR

GREAT BRITAIN

211,371 1.16

INDO TAMBANGRAYAMEGAH (ITM) 72,500 323,747 1.77IDR

INDONESIA

PERUSAHAAN GAS NEGA -B- 1,101,000 335,073 1.83IDR

PT ASTRA INTERNATIONALTBK 101,000 731,388 4.00IDR

PT BANK MANDIRI PERSEROTBK 684,500 490,616 2.68IDR

PT BANK RAKYAT INDONESIA 1,107,000 736,768 4.04IDR

PT SEMEN GRESIK (PERSERO)TBK 402,000 379,605 2.07IDR

PT UNILEVER INDONESIA 171,000 321,002 1.75IDR

TELKOM INDONESIA S -B- 701,000 606,121 3.31IDR

3,924,320 21.45

ABSA GROUP LTD 15,588 254,315 1.39ZAR

SOUTH AFRICA

AFRICAN BANKINVESTMENTS 82,325 334,149 1.83ZAR

AFRICAN RAINBOWMINERALS LTD 10,177 218,501 1.19ZAR

ANGLOGOLD ASHANTI LTD 12,082 504,256 2.75ZAR

AVENG LTD 58,570 248,819 1.36ZAR

EXXARO RESOURCESLIMITED 10,156 214,343 1.17ZAR

IMPERIAL HOLDINGS LTD 20,527 267,173 1.46ZAR

KUMBA IRON ORE LTD 6,080 318,250 1.74ZAR

LEWIS GROUP LTD 24,686 213,471 1.17ZAR

INVESTMENTS

CIVETS (launched as at 17 May 2011)Statement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

MURRAY AND ROBERTSHOLDINGS 72,072 234,116 1.28ZAR

SASOL LTD /REG 15,497 637,638 3.48ZAR

STEINHOFF INTERNATIONALHOLDING LTD 103,656 288,610 1.58ZAR

THE FOSCHINI GROUP 18,130 188,457 1.03ZAR

VODACOM 25,745 285,199 1.56ZAR

4,207,297 22.99

ARCELIK AS 74,992 294,908 1.61TRY

TURKEY

KOC HOLDING AS 141,320 525,376 2.87TRY

SABANCI HOLDING 137,478 480,072 2.62TRY

TUPRAS TURKIYE PETROLRAFINEL 19,668 406,800 2.22TRY

TURK HAVA YOLLARI AO 126,462 184,795 1.01TRY

TURK TELEKOMUNIKASYON 86,011 368,737 2.02TRY

TURKIYE GARANTI BANKASI 317,908 1,236,517 6.76TRY

TURKIYE HALK BANKASI AS 90,841 653,954 3.57TRY

TURKIYE IS BANKASI AS C 295,188 762,788 4.17TRY

TURKIYE VAKIFLAR BANKASITAO 255,348 511,684 2.80TRY

YAPI KREDI BANKASA 241,010 534,743 2.92TRY

5,960,374 32.57


DB X-TRACK FTSE VIETNAMETF 7,737 193,272 1.06USD


LUXEMBOURG

193,272 1.06


CITIGROUP GM 20.01.15CW/PVD 48,490 87,298 0.48USD


UNITED STATES

CITIGROUP HLDG 20.01.15CW/VNM 22,080 132,504 0.72USD

219,802 1.20


BANCOLOMBIA SA / ADR 12,265 693,708 3.79USD


COLOMBIA


Quantity/Facevalue

261


ECOPETROL SA/ADR 31,552 1,286,060 7.03USD

1,979,768 10.82



17,888,610




CIVETS (launched as at 17 May 2011)Statement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue


262

NATURA COSMETICOS SA 40,400 702,924 2.55BRL


SHARES

BRAZIL

702,924 2.55

AGRIUM INC. 9,400 639,388 2.32USD

CANADA

639,388 2.32

ALSTOM 20,886 696,634 2.52EUR

FRANCE

LEGRAND HOLDING ACT.PROV. OPO 21,875 690,358 2.51EUR

1,386,992 5.03

ALLIANZ SE /NAMEN.VINKULIERT 8,672 812,911 2.95EUR

GERMANY

BASF 11,406 708,077 2.57EUR

1,520,988 5.52

BG GROUP PLC 37,804 719,106 2.61GBP

GREAT BRITAIN

GLAXOSMITHKLINE PLC 33,855 697,522 2.53GBP

HSBC HOLDINGS PLC 91,322 697,410 2.53GBP

KINGFISHER PLC 182,418 694,274 2.52GBP

XSTRATA PLC 52,267 659,394 2.39GBP

3,467,706 12.58

CHINA MOBILE LTD 68,500 677,835 2.46HKD

HONG KONG

677,835 2.46

KDDI CORP. 83 578,142 2.10JPY

JAPAN

NTT DOCOMO INC. 360 662,924 2.41JPY

SUMITOMO MITSUIFINANCIAL GROUP 24,900 713,832 2.58JPY

TOKYO ELECTRON CO. LTD 13,800 638,440 2.32JPY

2,593,338 9.41

INVESTMENTS

Climate ChangeStatement of investments as at 30 September 2011(expressed in USD)


UNILEVER CERT.OF SHS 22,736 723,360 2.63EUR

NETHERLANDS

723,360 2.63

MTN GROUP LTD 42,682 692,915 2.51ZAR

SOUTH AFRICA

692,915 2.51

SAMSUNG ELECTRONICS CO.LTD 1,017 723,575 2.63KRW

SOUTH KOREA

723,575 2.63

ROCHE HOLDING AG/GENUSSSCHEIN 4,557 743,608 2.70CHF

SWITZERLAND

UBS AG 63,870 745,156 2.70CHF

1,488,764 5.40

AMERICAN EXPRESS CO. 14,600 661,088 2.40USD

UNITED STATES

BANK OF NEW YORKMELLON CORP. SHS 36,500 680,725 2.47USD

CHEVRON CORPORATION 7,600 710,524 2.58USD

CONOCOPHILLIPS 10,800 691,956 2.51USD

EATON CORP. 19,600 703,640 2.55USD

ELI LILLY & CO. 18,600 687,084 2.49USD

EXPEDIA INC. DEL 25,600 671,488 2.44USD

JOHNSON & JOHNSON 11,000 704,220 2.56USD

JP MORGAN 23,300 710,184 2.58USD

MACY S 27,300 731,914 2.66USD

MICROSOFT CORP. 27,200 686,256 2.49USD

ORACLE CORP. 24,000 704,880 2.56USD

PEPSICO INC. 11,200 698,208 2.53USD

PPG INDUSTRIES INC. 9,700 691,319 2.51USD

STATE STREET CORP. 21,800 701,306 2.55USD

SYSCO CORP. 26,200 685,392 2.49USD

WAL-MART STORES INC. 13,500 704,025 2.55USD

3M CO. 9,300 679,830 2.47USD

12,504,039 45.39



27,121,824



263




Climate ChangeStatement of investments as at 30 September 2011(expressed in USD)



264



SHARES

BERMUDA ISLANDS

252,683 1.26

HERBALIFE LTD 8,192 443,679 2.22USD

CAYMAN ISLANDS

XINYI GLASS HOLDING CO.LTD 583,657 246,452 1.23HKD

690,131 3.45


CHINA

CHINA SHENHUA ENERGYCO. -H- 129,600 516,470 2.58HKD


1,203,311 6.02

ALSTOM 5,220 174,109 0.87EUR

FRANCE

LVMH MOET HENNESSY 3,700 490,345 2.45EUR

664,454 3.32

ADIDAS AG 8,400 511,773 2.56EUR

GERMANY

BMW-BAYERISCHEMOTOREN WERKE 7,200 480,008 2.40EUR

FRESENIUS MEDICAL CAREAG 6,464 437,832 2.19EUR

GEA GROUP AG 12,107 286,178 1.43EUR

1,715,791 8.58

DIAGEO PLC 22,220 421,803 2.11GBP

GREAT BRITAIN

GENTING SINGAPORE PLC 358,200 423,385 2.12SGD

PRUDENTIAL PLC 50,300 430,209 2.15GBP

ROYAL DUTCH SHELL -B- 19,513 605,402 3.02GBP

VODAFONE GROUP PLC 218,436 561,497 2.81GBP

2,442,296 12.21

INVESTMENTS

Emerging WealthStatement of investments as at 30 September 2011(expressed in USD)


BOC HONG KONG HOLDINGSLTD 199,800 428,244 2.14HKD

HONG KONG

428,244 2.14

PT BANK MANDIRI PERSEROTBK 307,500 220,401 1.10IDR

INDONESIA

220,401 1.10

HONDA MOTOR CO. LTD 16,200 484,000 2.42JPY

JAPAN

KOMATSU LTD 10,100 223,001 1.12JPY

707,001 3.54

TM INTERNATIONAL BERHAD 212,600 306,330 1.53MYR

MALAYSIA

306,330 1.53

MTN GROUP LTD 30,000 487,031 2.44ZAR

SOUTH AFRICA

SASOL LTD /REG 11,900 489,636 2.44ZAR

976,667 4.88

HYUNDAI MOBIS 1,000 289,251 1.45KRW

SOUTH KOREA

HYUNDAI MOTOR CO. LTD 1,965 351,178 1.75KRW

640,429 3.20

BANCO SANTANDERCENTRAL HISPANO/REG 26,141 217,845 1.09EUR

SPAIN

217,845 1.09

ABB LTD ZUERICH /NAMEN. 23,200 404,329 2.02CHF

SWITZERLAND

NESTLE 9,280 513,009 2.57CHF


1,467,579 7.34

APPLE INC. 1,119 431,453 2.16USD

UNITED STATES

CITRIX SYSTEMS INC. 5,904 334,344 1.67USD

DANAHER CORP. 5,699 242,663 1.21USD

EMC CORP. 10,731 228,034 1.14USD

GOOGLE INC. -A- 600 312,576 1.56USD

MYLAN INC. 25,700 441,269 2.21USD


265


NATIONAL OILWELL VARCOINC. 4,500 227,970 1.14USD

OMNICOM GROUP INC. 6,400 238,656 1.19USD

ORACLE CORP. 16,848 494,826 2.47USD

PFIZER INC. 33,926 604,901 3.04USD

PHILIP MORRISINTERNATIONAL 8,700 548,535 2.75USD

QUALCOMM INC. 10,600 525,548 2.63USD

THERMO FISHER SCIENTIFICINC. 4,697 238,138 1.19USD

UNITED TECHNOLOGIESCORP. 7,000 495,740 2.48USD

5,364,653 26.84


PETROLEO BRASILEIRO/SADR 12,514 285,819 1.43USD


BRAZIL

285,819 1.43

MINDRAY MEDICALINTERNATIONAL 10,300 249,054 1.25USD

CHINA

249,054 1.25

SBERBANK OF RUSSIAOJSC/SADR 19,791 174,359 0.87USD


174,359 0.87

ICICI BANK /SADR 6,600 232,782 1.16USD

INDIA

232,782 1.16


ITAU HOLDING ITAU / PFD. /SADR 33,711 529,937 2.65USD


BRAZIL

529,937 2.65

Emerging WealthStatement of investments as at 30 September 2011(expressed in USD)


SHINHAN FINANCIAL GROUP/ADR 6,900 475,203 2.38USD

SOUTH KOREA

475,203 2.38



19,244,969

SBERBANK OF RUSSIAOJSC/SADR 22,250 198,091 0.99EUR




198,091 0.99



198,091

MAGNIT JSC 9,591 183,188 0.92USD




183,188 0.92








266

OMV AG 300,000 6,741,000 1.05EUR


SHARES

AUSTRIA

6,741,000 1.05

ANHEUSER-BUSH INBEV SA 100,000 3,951,500 0.62EUR

BELGIUM

DELHAIZE GROUP 182,904 8,004,794 1.25EUR

11,956,294 1.87

BANK OF CYPRUS PUBLICCOMPANY 1,849,815 2,164,284 0.34EUR

CYPRUS

2,164,284 0.34

NOKIA OY 1,127,113 4,803,756 0.75EUR

FINLAND

OUTOKUMPU OYJ A 350,000 1,736,000 0.27EUR

6,539,756 1.02

AXA 1,365,583 13,382,713 2.09EUR

FRANCE

BNP PARIBAS 559,693 16,687,247 2.61EUR

BOUYGUES 393,682 9,773,156 1.53EUR

CAP GEMINI SA 284,590 7,109,058 1.11EUR

CARREFOUR SA 396,271 6,750,476 1.05EUR

CIE GEN.GEOPHYSIQUE /VERITAS 614,146 8,247,981 1.29EUR

GAZ DE FRANCE 949,704 21,202,142 3.31EUR

MICHELIN B /NOM. 189,727 8,515,896 1.33EUR

NATIXIS 3,076,462 7,374,279 1.15EUR

PEUGEOT SA 308,305 4,937,505 0.77EUR

SAFRAN SA 322,535 7,487,650 1.17EUR

SAINT-GOBAIN 393,682 11,275,052 1.76EUR

SANOFI-AVENTIS 644,284 31,721,323 4.97EUR

SOCIETE GENERALE PARIS -A- 645,070 12,543,386 1.96EUR

TOTAL SA 576,946 18,975,754 2.97EUR

VALLOUREC 185,219 7,990,348 1.25EUR

VEOLIA ENVIRONNEMENT 884,901 9,702,939 1.52EUR

VIVENDI 735,827 11,225,041 1.75EUR

INVESTMENTS

Euroland EquityStatement of investments as at 30 September 2011(expressed in EUR)


ZODIAC AEROSPACE 150,000 8,640,000 1.35EUR

223,541,946 34.94

ALLIANZ SE /NAMEN.VINKULIERT 253,567 17,612,763 2.76EUR

GERMANY

BAYER 284,590 11,830,406 1.85EUR

DAIMLER CHRYSLER 355,737 11,858,493 1.86EUR

DEUTSCHE BOERSE NAMEN-AKT.Z.UM 194,779 7,354,855 1.15EUR

DEUTSCHE LUFTHANSA 749,419 7,256,624 1.13EUR

DEUTSCHE POST AG BONN 1,073,576 10,263,387 1.60EUR

FRESENIUS MEDICAL CAREAG 300,000 15,057,000 2.36EUR

HENKEL / VORZUG 250,000 9,941,250 1.55EUR

MUENCHENER RUECKVERS 118,206 10,949,422 1.71EUR

SIEMENS AG 134,549 9,041,693 1.41EUR

111,165,893 17.38

HELLENIC TELECOM 1,124,852 3,599,526 0.56EUR

GREECE

3,599,526 0.56

KERRY GROUP A 370,437 9,690,632 1.51EUR

IRELAND

9,690,632 1.51

AUTOGRILL SPA 1,104,186 8,419,418 1.32EUR

ITALY

BUZZI UNICEM 655,074 4,009,053 0.63EUR

UNICREDITO ITALIANO SPA 13,162,629 10,694,636 1.66EUR

23,123,107 3.61

ARCELORMITTAL SA REG 696,402 8,391,644 1.31EUR

LUXEMBOURG

8,391,644 1.31

HEINEKEN NV 370,000 12,291,400 1.92EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 2,984,145 15,899,525 2.48EUR

KONINKLIJKE DSM NV 220,328 7,226,758 1.13EUR

KONINKLIJKE KPN NV 1,791,692 17,538,873 2.74EUR

RANDSTAD HOLDING (EUR0.1) 350,437 8,384,205 1.31EUR

REED ELSEVIER NV 1,475,704 12,034,366 1.88EUR

ROYAL PHILIPSELECTRONICS 844,282 11,359,814 1.78EUR


267


UNILEVER CERT.OF SHS 950,000 22,396,251 3.50EUR

107,131,192 16.74

BANCO SANTANDERCENTRAL HISPANO/REG 4,268,837 26,360,068 4.12EUR

SPAIN

DIA 446,210 1,334,168 0.21EUR

FERROVIAL SA 1,267,580 10,846,682 1.69EUR

GESTEVISION TELECINCO SA 1,008,778 4,321,605 0.68EUR

GRIFOLS SA -A- 750,000 10,455,000 1.63EUR

REPSOL YPF SA. MADRID 1,040,876 20,593,732 3.22EUR

TELEFONICA SA 2,298,977 32,714,443 5.11EUR

106,625,698 16.66

96.99620,670,972TOTAL SHARES


620,670,972




Euroland EquityStatement of investments as at 30 September 2011(expressed in EUR)



268

OESTERREICHISCHE POST AG 44,352 940,262 1.96EUR


SHARES

AUSTRIA

VIENNA INSURANCE GROUP 32,000 889,600 1.86EUR

1,829,862 3.82

BEKAERT 7,025 214,684 0.45EUR

BELGIUM

COMPAGNIE ENTREPRISESCFE SA 25,000 1,015,750 2.12EUR

KINEPOLIS GROUP 15,000 838,500 1.75EUR

NYRSTAR NV 130,000 858,650 1.79EUR

SA D IETEREN NV 28,976 1,085,731 2.28EUR

THROMBOGENICS NV 45,358 773,807 1.62EUR

4,787,122 10.01

AMER SPORTSCORPORATION A 115,000 1,083,300 2.26EUR

FINLAND

KONECRANES PLC 47,198 717,410 1.50EUR

NOKIAN TYRES PLC 51,973 1,170,952 2.45EUR

POHJOLA BANK PLC A 165,000 1,311,749 2.75EUR

SPONDA OYJ HELSINKI 180,000 513,000 1.07EUR

YIT OYJ 70,000 796,600 1.66EUR

5,593,011 11.69

ATOS ORIGIN 33,000 1,062,435 2.22EUR

FRANCE

BIC 22,500 1,415,251 2.95EUR

BIOMERIEUX 20,000 1,300,400 2.72EUR

ETABLISSEMENT MAUREL &PROM 73,000 893,885 1.87EUR

FAURECIA SA 55,000 883,025 1.85EUR

ORPEA 36,381 1,098,524 2.30EUR

RALLYE SA 50,000 1,083,500 2.26EUR

REXEL SA 80,000 896,000 1.87EUR

SCOR SE 76,000 1,235,000 2.58EUR

SEB SA 20,000 1,213,800 2.54EUR

ZODIAC AEROSPACE 20,500 1,180,800 2.47EUR

12,262,620 25.63

INVESTMENTS

Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2011(expressed in EUR)


BILFINGER BERGER AG 18,500 1,036,370 2.17EUR

GERMANY

DIC ASSET AG 48,143 277,304 0.58EUR

ELRINGKLINGER AG / N 32,000 560,960 1.17EUR

GEA GROUP AG 70,000 1,226,050 2.56EUR

GERRESHEIMER AG 37,258 1,166,175 2.44EUR

HANNOVERRÜCKVERSICHERUNGNAMEN AKTIEN 37,000 1,254,485 2.61EUR

LANXESS AG 23,000 826,160 1.73EUR

NORDDEUTSCHE AFFINERIEAG 14,250 544,065 1.14EUR

SOFTWARE AG 37,125 878,749 1.84EUR

7,770,318 16.24

DANIELI +C./RISP.N-CV 137,569 1,159,707 2.42EUR

ITALY

PRYSMIAN SPA 100,000 1,005,000 2.10EUR

SORIN SPA 420,000 682,500 1.43EUR

TOD S SPA 17,813 1,140,032 2.38EUR

3,987,239 8.33

AALBERTS INDUSTRIES NV 50,000 555,250 1.16EUR

NETHERLANDS

DELTA LLOYD 87,000 1,030,515 2.15EUR

FUGRO NV 28,000 1,050,840 2.20EUR

GEMALTO 30,000 1,066,500 2.23EUR

IMTECH NV 60,139 1,272,842 2.66EUR

KONINKLIJKE VOPAK 42,074 1,500,148 3.14EUR

SBM OFFSHORE NV 71,969 938,476 1.96EUR

UNIT4 N.V. 44,960 823,218 1.72EUR

8,237,789 17.22

ANTENA 3 DE TELEVISION SA 141,126 620,954 1.30EUR

SPAIN

OBRASCON HUARTE LAIN SA 55,000 1,020,525 2.13EUR

1,641,479 3.43



269


NYRSTAR NV/STRIP VVPR 83,342 83 0.00EUR

STRIP VVPR

BELGIUM

83 0.00

0.0083TOTAL STRIP VVPR


46,109,523




Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2011(expressed in EUR)



270

VOESTALPINE AG 12,000 262,200 0.41EUR


SHARES

AUSTRIA

262,200 0.41

ANHEUSER-BUSH INBEV SA 48,489 1,916,043 2.96EUR

BELGIUM

UMICORE SA 14,681 401,158 0.62EUR

2,317,201 3.58

KONE OYJ -B- 13,686 486,811 0.75EUR

FINLAND

NOKIA OY 108,714 463,339 0.72EUR

SAMPO PLC -A- 45,256 854,433 1.32EUR

1,804,583 2.79

AIR LIQUIDE 21,348 1,863,680 2.88EUR

FRANCE

ALSTOM 17,853 441,237 0.68EUR

AXA 106,466 1,043,367 1.61EUR

BNP PARIBAS 57,824 1,724,023 2.66EUR

BOUYGUES 34,511 856,736 1.32EUR

GAZ DE FRANCE 83,189 1,857,194 2.87EUR

GROUPE DANONE 22,139 1,015,184 1.57EUR

IPSOS SA PARIS 13,630 330,391 0.51EUR

L'OREAL 6,249 454,740 0.70EUR

LVMH MOET HENNESSY 10,896 1,069,987 1.65EUR

SANOFI-AVENTIS 61,686 3,037,110 4.69EUR

SCHNEIDER ELECTRIC SA 28,984 1,171,099 1.81EUR

SEB SA 13,738 833,759 1.29EUR

SOCIETE GENERALE PARIS -A- 31,945 621,171 0.96EUR

TOTAL SA 118,851 3,909,010 6.04EUR

VEOLIA ENVIRONNEMENT 42,045 461,023 0.71EUR

VIVENDI 46,065 702,722 1.09EUR

21,392,433 33.04

ALLIANZ SE /NAMEN.VINKULIERT 21,012 1,459,494 2.25EUR

GERMANY

BASF 37,239 1,712,994 2.65EUR

BAYER 18,156 754,745 1.17EUR

INVESTMENTS

Euroland GrowthStatement of investments as at 30 September 2011(expressed in EUR)


DAIMLER CHRYSLER 59,136 1,971,299 3.05EUR

DEUTSCHE BANK AG 47,638 1,240,970 1.92EUR

DEUTSCHE BOERSE NAMEN-AKT.Z.UM 34,811 1,314,463 2.03EUR

E.ON 63,304 1,029,956 1.59EUR


MUENCHENER RUECKVERS 3,620 335,321 0.52EUR

RWE AG (NEU). ESSEN A 14,788 408,666 0.63EUR

SAP AG 43,225 1,643,198 2.54EUR

SIEMENS AG 40,448 2,718,106 4.19EUR

SOFTWARE AG 10,207 241,600 0.37EUR

WIRECARD AG/APRESRED.CAP 32,326 370,779 0.57EUR

16,219,143 25.05

BANQUE NATIONALEGRECE/NOM. S.C.P. 120,356 330,979 0.52EUR

GREECE

HELLENIC TELECOM 73,792 236,134 0.36EUR

567,113 0.88

KERRY GROUP A 38,790 1,014,746 1.57EUR

IRELAND

1,014,746 1.57

DIASORIN AZ 19,766 539,414 0.83EUR

ITALY

SAIPEM SPA 25,866 683,380 1.06EUR

TERNA- RETE ELETTRICANAZIONAL 363,661 1,004,431 1.55EUR

UNICREDITO ITALIANO SPA 987,288 802,172 1.24EUR

3,029,397 4.68

ARCELORMITTAL SA REG 34,981 421,521 0.65EUR

LUXEMBOURG

421,521 0.65

ASML HOLDING NV 19,970 518,321 0.80EUR

NETHERLANDS

GEMALTO 20,000 711,000 1.10EUR

ING GROEP NV/CERT.OF SHS 196,519 1,047,053 1.62EUR

KONINKLIJKE KPN NV 198,304 1,941,198 2.99EUR

UNILEVER CERT.OF SHS 46,913 1,105,974 1.71EUR

5,323,546 8.22


271


BANCO BILBAO VIZCAYAARGENTARIA/NAM. 48,489 296,171 0.46EUR

SPAIN

BANCO SANTANDERCENTRAL HISPANO/REG 384,414 2,373,756 3.67EUR

GRIFOLS SA -A- 57,570 802,526 1.24EUR

INDITEX /REG 28,256 1,805,558 2.79EUR

TELEFONICA SA 239,287 3,405,055 5.25EUR

8,683,066 13.41

ELEKTA AB 19,522 547,015 0.85SEK

SWEDEN

547,015 0.85


RIGHTS BBVA 11-10.10.11 48,489 5,285 0.01EUR

RIGHTS

SPAIN

5,285 0.01

0.015,285TOTAL RIGHTS


61,587,249




Euroland GrowthStatement of investments as at 30 September 2011(expressed in EUR)



272

NOVO-NORDISK A/S -B- 26,704 1,995,169 2.27DKK


SHARES

DENMARK

1,995,169 2.27

ALSTOM 122,662 3,031,591 3.45EUR

FRANCE

CIE GEN.GEOPHYSIQUE /VERITAS 223,247 2,998,207 3.41EUR

CREDIT AGRICOLE SA PARIS 608,218 3,153,002 3.59EUR

INGENICO.IND.FIN.ING. 77,186 2,161,594 2.46EUR

SEB SA 50,524 3,066,302 3.49EUR

VALLOUREC 60,213 2,597,589 2.96EUR

VIVENDI 228,373 3,483,830 3.95EUR

20,492,115 23.31

BEIERSDORF A.G. 82,491 3,269,118 3.72EUR

GERMANY


SOFTWARE AG 70,184 1,661,255 1.89EUR

WACKER CHEMIE AGMUENCHEN 36,430 2,460,628 2.80EUR

9,289,488 10.57

BG GROUP PLC 272,931 3,846,974 4.38GBP

GREAT BRITAIN

BRITISH AMERICANTOBACCO 115,409 3,638,413 4.14GBP

CENTRICA PLC 1,076,956 3,635,181 4.14GBP

HSBC HOLDINGS PLC 662,858 3,750,978 4.27GBP

PETROFAC LTD 230,270 3,157,944 3.59GBP

PRUDENTIAL PLC 577,489 3,659,879 4.16GBP

UNILEVER PLC 153,798 3,556,168 4.05GBP

WM MORRISONSUPERMARKETS PLC 1,050,733 3,507,853 3.99GBP

XSTRATA PLC 337,609 3,156,040 3.59GBP

31,909,430 36.31

RYANAIR HOLDINGS PLC 1,201,097 3,950,408 4.49EUR

IRELAND

3,950,408 4.49

INVESTMENTS

European EquityStatement of investments as at 30 September 2011(expressed in EUR)


ING GROEP NV/CERT.OF SHS 668,743 3,563,063 4.06EUR

NETHERLANDS

POSTNL 138,988 458,938 0.52EUR

4,022,001 4.58

TELEFONICA SA 248,564 3,537,066 4.02EUR

SPAIN

3,537,066 4.02

ROCHE HOLDING AG/GENUSSSCHEIN 30,434 3,679,892 4.19CHF

SWITZERLAND

3,679,892 4.19

VIRGIN MEDIA INC 207,243 3,751,255 4.27GBP

UNITED STATES

3,751,255 4.27



82,626,824

JULIUS BAER GRP 137,997 3,474,494 3.95CHF


SHARES

SWITZERLAND

3,474,494 3.95



3,474,494





273




SHARES

BRAZIL

MRV ENGHENHARIA 853,500 4,578,907 0.91BRL

PDG REALTY SA 1,711,533 5,730,692 1.14BRL

ROSSI RESIDENCIAL ON 1,061,400 5,198,104 1.03BRL

SID NACIONAL 325,800 2,675,818 0.53BRL

26,291,130 5.22

CHINA RONGSHENG 16,556,500 4,568,630 0.91HKD

CAYMAN ISLANDS

LONKING HOLDINGS LTD 15,463,000 5,120,264 1.01HKD

9,688,894 1.92


CHINA





CHINA MINSHENG BK -H- 7,456,000 4,583,744 0.91HKD



CHINA RAILWAYCONSTRUCTION CORP. -H- 12,389,500 5,263,332 1.04HKD



IND & COM BOC -H- 19,905,955 9,759,450 1.94HKD



89,447,222 17.75



INVESTMENTS

Global Emerging Markets EquityStatement of investments as at 30 September 2011(expressed in USD)


GAZPROM OAO 542,295 2,615,244 0.52USD

11,708,102 2.32

ANGLO AMERICAN PLC 149,911 5,101,721 1.01ZAR

GREAT BRITAIN

5,101,721 1.01

CNOOC LTD 3,223,000 5,377,528 1.07HKD

HONG KONG

KINGBOARD CHEMICALSHOLDINGS 1,403,500 3,827,809 0.76HKD

9,205,337 1.83

BANK OF INDIA /DEMATERIALISED 905,477 5,818,360 1.15INR

INDIA

CAIRN INDIA LIMITED 1,045,841 5,808,985 1.15INR

CANARA BANK /DEMAT. 661,561 5,987,836 1.19INR

RURAL ELECTRIFICATIONCORP LTD 1,541,570 5,464,255 1.08INR

SESA GOA LTD /DEMAT. 1,138,264 4,653,008 0.92INR

TATA MOTORS 1,942,015 6,177,097 1.24INR

33,909,541 6.73

WEST CHINA CEMENT 25,584,000 4,170,145 0.83HKD

JERSEY

4,170,145 0.83

KGHM POLSKA MIEDZ SA 160,234 6,376,258 1.27PLN

POLAND

6,376,258 1.27

EXXARO RESOURCESLIMITED 295,213 6,230,485 1.24ZAR

SOUTH AFRICA

IMPERIAL HOLDINGS LTD 521,008 6,781,289 1.35ZAR

LEWIS GROUP LTD 95,492 825,761 0.16ZAR

MURRAY AND ROBERTSHOLDINGS 626,741 2,035,880 0.40ZAR

SASOL LTD /REG 246,477 10,141,512 2.02ZAR

STEINHOFF INTERNATIONALHOLDING LTD 2,213,505 6,163,079 1.22ZAR

32,178,006 6.39

ASIANA AIRLINE INC 857,710 5,630,223 1.12KRW

SOUTH KOREA

BS FINL SHS 574,060 6,393,909 1.27KRW

DC CHEMICAL CO. LTD 4,991 877,181 0.17KRW



274

DGB FINANCIAL GROUP 477,570 5,642,800 1.12KRW

GS HOLDINGS CORP. 110,197 5,366,869 1.07KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 223,530 3,180,742 0.63KRW



HYUNDAI STEEL CO. 74,041 5,531,263 1.10KRW


KP CHEMICAL CORPORATION 355,320 4,619,675 0.92KRW

LG CORP. 129,421 6,621,023 1.31KRW

SAMSUNG CARD CO LTD 2 72 0.00KRW


SK ENERGY 57,297 6,891,339 1.37KRW

WOORI FINANCE HOLDINGSCO. LTD 565,800 4,912,134 0.97KRW

98,117,272 19.46

CHINA PETROCHEMICALDEVELOP. 4,402,100 4,774,817 0.95TWD

TAIWAN

COMPAL ELECTRONICS INC. 4,877,000 4,529,649 0.90TWD

FARGLORY LANDDEVELOPMENT CO 3,843,000 6,306,171 1.25TWD

POWERTECH TECHNOLOGYINC. 3,376,100 7,312,815 1.45TWD

WISTRON CORP. 6,970,955 7,995,852 1.59TWD

30,919,304 6.14

ARCELIK AS 1,457,060 5,729,923 1.14TRY

TURKEY

KOC HOLDING AS 1,237,347 4,600,000 0.91TRY

TURKIYE HALK BANKASI AS 1,214,095 8,740,127 1.73TRY

TURKIYE VAKIFLAR BANKASITAO 3,539,452 7,092,594 1.41TRY

YAPI KREDI BANKASA 2,174,156 4,823,930 0.96TRY

30,986,574 6.15

77.02388,099,506TOTAL SHARES



TISCO UNITS NON-VOTING DR 2,010,800 2,324,983 0.46THB

UNIT SHARES

THAILAND

2,324,983 0.46

0.462,324,983TOTAL - UNIT SHARES



BRAZIL


VALE / -A- /SADR 494,702 10,551,993 2.09USD

VALE /SADR 437,716 10,141,880 2.01USD

30,674,111 6.08



LUKOIL /SADR (REP.1 SHS.) 202,394 10,291,735 2.04USD

22,962,544 4.56





SEVERSTAL CHEREPOVETSMET/SGDR 494,966 5,216,942 1.04USD

9,851,572 1.96



PREFERENTIAL SHARES

BRAZIL

5,778,106 1.15


ITAU HOLDING ITAU / PFD. /SADR 625,372 9,830,848 1.95USD


BRAZIL

9,830,848 1.95


275


MECHEL OJSC /ADR 397,355 4,088,783 0.81USD


4,088,783 0.81



473,610,453



SHARES

SOUTH KOREA

5,854,769 1.16



5,854,769





6,367,386 1.26









276

ANZ BANKING GROUP 17,975 341,048 0.52AUD


SHARES

AUSTRALIA

BHP BILLITON LTD 18,911 643,720 1.00AUD

NATIONAL AUSTRALIA BANKLTD 20,790 452,050 0.69AUD

WOOLWORTHS 10,060 243,089 0.37AUD

1,679,907 2.58

DELHAIZE GROUP 4,056 239,560 0.37EUR

BELGIUM

239,560 0.37

BCE INC /NEW 7,759 287,802 0.44CAD

CANADA

CANADA IMPER. BANK OFCOMMERCE 4,983 348,112 0.53CAD

IVANHOE MINES LIMITED 11,807 168,922 0.26CAD

LOBLAW COMPANIES LTD 12,780 478,815 0.73CAD

PAN AMERICAN SILVERCORP. 11,203 301,370 0.46CAD

PETROBAKKEN ENERGY LTD -A- 22,762 140,282 0.22CAD

POWER CORP.CANADA 13,964 304,016 0.47CAD

TELUS CORP. 11,117 549,173 0.84CAD

2,578,492 3.95

A.P. MOELLER - MAERSK A/SB 25 149,251 0.23DKK

DENMARK

149,251 0.23

BNP PARIBAS 8,482 341,289 0.52EUR

FRANCE

TOTAL SA 18,540 822,929 1.26EUR

VINCI 4,895 212,517 0.33EUR

VIVENDI 32,299 664,952 1.02EUR

2,041,687 3.13

ADIDAS AG 4,999 304,566 0.47EUR

GERMANY


INVESTMENTS

Global EquityStatement of investments as at 30 September 2011(expressed in USD)


BASF 8,449 524,509 0.80EUR

BAYER 12,780 716,969 1.10EUR

DEUTSCHE BANK AG 3,731 131,166 0.20EUR

DEUTSCHE LUFTHANSA 26,107 341,158 0.52EUR

LANXESS AG 5,111 247,760 0.38EUR

WACKER CHEMIE AGMUENCHEN 1,081 98,537 0.15EUR

2,642,978 4.05

ADMIRAL GROUP PLC 15,608 305,648 0.47GBP

GREAT BRITAIN

ANGLO AMERICAN PLC 11,027 377,422 0.58GBP

ASTRAZENECA PLC 14,299 632,761 0.97GBP

BP PLC 76,535 459,289 0.70GBP

BRITISH AMERICANTOBACCO 5,646 240,216 0.37GBP

DIAGEO PLC 45,126 856,627 1.31GBP


RIO TINTO PLC /REG 3,332 148,227 0.23GBP

ROYAL DUTCH SHELL -B- 32,407 1,005,446 1.55GBP

UNILEVER PLC 22,345 697,270 1.07GBP


5,213,687 8.00

CATHAY PACIFIC AIRWAYS 129,000 211,923 0.32HKD

HONG KONG

CHEUNG KONG HOLDINGS 25,000 274,658 0.42HKD

HUTCHISON WHAMP 34,000 255,060 0.39HKD

NEW WORLD DEVELOPMENTCO. LTD 161,000 156,216 0.24HKD

THE WHARF HOLDING 58,000 289,573 0.45HKD

1,187,430 1.82

ACCENTURE PLC 9,563 508,369 0.78USD

IRELAND

508,369 0.78

ENEL 129,907 579,945 0.89EUR

ITALY

579,945 0.89

ASAHI GLASS CO. LTD 23,200 229,739 0.35JPY

JAPAN

BRIDGESTONE CORP. 17,900 412,200 0.63JPY

CENTRAL JAPAN RAILWAYCO. 48 422,300 0.65JPY


277


DAIHATSU MOTOR CO. 17,000 311,280 0.48JPY

HITACHI LTD 60,000 303,314 0.47JPY

ITOCHU CORP. 36,700 356,746 0.55JPY

JGC CORP. 12,000 300,039 0.46JPY

MARUBENI CORP. 53,300 304,077 0.47JPY

MITSUBISHI ELECTRIC CORP. 36,000 325,146 0.50JPY

MITSUBISHI UFJ FINANCIALGROUP 43,900 201,957 0.31JPY

NABTESCO CORP. 10,200 196,975 0.30JPY

NIPPON TEL&TEL 10,400 504,120 0.77JPY

NOMURA HOLDINGS INC. 81,100 301,424 0.46JPY

SANTEN PHARMACEUTICAL 12,900 543,158 0.84JPY

SUMITOMO HEAVYINDUSTRIES 36,000 188,538 0.29JPY

SUMITOMO METAL MININGCO. LTD 22,000 296,478 0.45JPY

SUMITOMO MITSUIFINANCIAL GROUP 12,600 361,216 0.55JPY

TAKEDA PHARMACEUTICALCO. LTD 7,500 358,674 0.55JPY

TEIJIN LTD 115,000 419,948 0.64JPY

TOSHIBA CORP. 60,900 253,255 0.39JPY

WEST JAPAN RAILWAY CO. 4,150 179,051 0.27JPY

YAMAHA MOTOR CO LTD 12,600 169,637 0.26JPY

6,939,272 10.64

DELTA LLOYD 10,994 175,744 0.27EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 37,852 272,170 0.42EUR

POSTNL 38,332 170,816 0.26EUR

618,730 0.95

STATOILHYDRO ASA 11,119 240,257 0.37NOK

NORWAY

240,257 0.37

EDP-ENERGIAS DEPORTUGAL SA 78,233 243,044 0.37EUR

PORTUGAL

243,044 0.37

DBS GROUP HOLDINGS LTD 30,000 272,623 0.42SGD

SINGAPORE

272,623 0.42




SPAIN

ENAGAS 10,755 199,138 0.31EUR

RED ELECTRICACORPORACION SA 6,572 301,554 0.46EUR

755,480 1.16

HENNES & MAURITZ AB 13,160 395,544 0.60SEK

SWEDEN

SKANDINAV.ENSK.BANKEN A 43,817 238,541 0.37SEK

VOLVO B 25,316 251,792 0.39SEK

885,877 1.36

ACTELION LTD ALLSCHWIL 5,044 168,535 0.26CHF

SWITZERLAND

ADECCO /AKTIEN NOM. 5,756 230,534 0.35CHF

ARYZTA AG /NAM. 4,169 181,875 0.28CHF

CREDIT SUISSE GROUP/NOM. 17,401 462,237 0.71CHF

NESTLE 5,567 307,750 0.47CHF

NOVARTIS AG BASEL 3,362 189,587 0.29CHF


UBS AG 32,867 383,451 0.59CHF

2,518,757 3.86

ABBOTT LABORATORIES INC. 8,328 430,391 0.66USD

UNITED STATES

AETNA INC. 8,824 321,635 0.49USD

AFLAC INC. 7,941 278,411 0.43USD

AMERISOURCEBERGENCORP. 7,219 271,507 0.42USD

APACHE CORP. 4,009 321,762 0.49USD

APPLE INC. 4,206 1,621,706 2.49USD

AT & T 5,746 164,968 0.25USD

AVNET INC. 7,385 195,850 0.30USD

BECTON DICKINSON & CO. 5,770 426,807 0.65USD

BED BATH & BEYOND INC. 7,451 433,797 0.67USD

BEST BUY CO. INC. 11,486 270,495 0.41USD

CAMPBELL SOUP CO. 20,041 643,917 0.99USD

CB RICHARD ELLIS GROUPINC. -A- 24,760 334,012 0.51USD

CHEVRON CORPORATION 8,676 811,119 1.24USD

CITIGROUP INC. 13,357 350,621 0.54USD



278

CLIFFS NATURALRESOURCES INC. 5,802 302,748 0.46USD

COCA-COLA CO. 3,936 269,734 0.41USD

COCA-COLA ENTERPRISESINC 10,656 266,720 0.41USD

COMPUTER ASSOCIATESINTERNATIONAL INC. 25,129 497,052 0.76USD

CONOCOPHILLIPS 2,910 186,444 0.29USD

CONSOLIDATED EDISON INC. 3,385 193,554 0.30USD

CSX CORP. 10,664 200,483 0.31USD

DEERE & CO. 4,866 319,356 0.49USD

DELL INC. 20,268 294,697 0.45USD

EASTMAN CHEMICAL CO. 5,595 386,670 0.59USD

EXELON CORP. 8,423 360,252 0.55USD

EXXON MOBIL CORP. 22,827 1,682,805 2.59USD

FREEPORT MCMO.COPP&GOLD -B- 11,471 353,651 0.54USD

GENERAL ELECTRIC CO. 14,018 216,718 0.33USD

GENERAL MOTORS 12,376 249,500 0.38USD

GILEAD SCIENCES INC. 5,071 196,755 0.30USD

GOLDMAN SACHS GROUPINC. 2,783 267,474 0.41USD

GOOGLE INC. -A- 1,234 642,865 0.99USD

HALLIBURTON CO. 9,099 278,975 0.43USD

HESS CORP. 7,090 379,457 0.58USD

HEWLETT-PACKARD CO. 6,593 151,112 0.23USD

HOME DEPOT INC. 9,157 305,111 0.47USD

HONEYWELLINTERNATIONAL INC. 4,215 186,977 0.29USD

HUMANA INC. 5,916 430,981 0.66USD

IBM CORP. 5,786 1,023,947 1.57USD

INTEGRYS ENERGY GROUPINC. 8,013 392,958 0.60USD

JOHNSON & JOHNSON 9,008 576,692 0.88USD

JP MORGAN 21,783 663,946 1.02USD

KEYCORP 20,436 123,025 0.19USD

KOHL S CORP. 7,622 381,481 0.59USD

MARATHON OIL CORP. 15,224 330,970 0.51USD

MATTEL INC. 20,478 539,186 0.83USD

MCDONALD S CORP. 2,249 200,948 0.31USD

MCKESSON CORP. 5,463 401,203 0.62USD

MEDCOHEALTH SOLUTIONS 8,164 387,627 0.59USD

MICROSOFT CORP. 39,224 989,622 1.52USD

MORGAN STANLEY 20,462 287,491 0.44USD



NATIONAL OILWELL VARCOINC. 2,140 108,412 0.17USD

NEWMONT MINING CORP. 8,253 531,906 0.82USD

NORFOLK SOUTHERN CORP. 6,586 405,302 0.62USD

OCCIDENTAL PETROLEUMCORP. 2,805 203,615 0.31USD

ORACLE CORP. 17,829 523,638 0.80USD

PARKER-HANNIFIN 6,469 410,005 0.63USD

PFIZER INC. 10,336 184,291 0.28USD

PHILIP MORRISINTERNATIONAL 12,577 792,980 1.22USD

PNC FINANCIAL SERVICES GP 7,179 347,823 0.53USD

PPG INDUSTRIES INC. 5,741 409,161 0.63USD

PROCTER & GAMBLE CO. 3,019 193,699 0.30USD

PRUDENTIAL FINANCIAL INC. 2,413 113,676 0.17USD

RAYONIER INC REIT 8,840 328,141 0.50USD

RAYTHEON COMPANY 7,694 314,685 0.48USD

SANDISK CORP. 8,528 353,400 0.54USD

SIRIUS SATELLITE RADIO INC. 138,397 211,747 0.32USD

SOUTHWEST AIRLINES CO. 32,796 271,223 0.42USD

SYMANTEC CORP. 21,658 360,606 0.55USD

THE HERSHEY CO. 7,380 436,748 0.67USD

TJX COS INC. 10,890 611,256 0.94USD

TORCHMARK CORP. 6,631 233,279 0.36USD

TYSON FOODS INC. -A- 12,867 227,489 0.35USD

VERIZON COMMUNICATIONSI. 18,171 672,872 1.03USD

WAL-MART STORES INC. 12,310 641,967 0.98USD

WASTE MANAGEMENT INC. 10,534 344,778 0.53USD

WELLS FARGO & CO. 28,226 700,852 1.07USD

WESTERN UNION COMPANY 31,054 482,579 0.74USD

WHIRLPOOL CORP. 3,590 181,044 0.28USD

YAHOO INC. 1,287 17,053 0.03USD

32,410,412 49.70



61,705,758


279


RAYONIER INC. REIT 50,000 19 0.00USD


SHARES

UNITED STATES

19 0.00

0.0019TOTAL SHARES

0.00TOTAL OTHER TRANSFERABLE SECURITIES 19







280

CREDICORP. 10,485 970,492 0.53USD


SHARES

BERMUDA ISLANDS

970,492 0.53

ANHANGUERAEDUCACIONAL PART 101,800 1,218,446 0.67BRL

BRAZIL

BANCO BRADESCO SA /PREF. 37,093 555,664 0.30BRL


BR MALLS PARTICIPAES SA 680,962 6,966,001 3.79BRL

BRF FOODS 304,529 5,277,012 2.88BRL

CIA DE CONCESSOESRODOVIARIAS 247,162 6,367,971 3.48BRL

CIA HERING 207,740 3,569,322 1.95BRL


DURATEX 724,183 3,428,527 1.87BRL

ECORODOVIAS 471,500 3,495,724 1.91BRL

GERDAU /PREF. 210,214 1,551,681 0.85BRL

GOL LINHAS AEREASINTELIGENTES 48,584 274,114 0.15BRL


IOCHPE MAXION SA 195,900 1,982,692 1.08BRL

LOJAS RENNER SA 33,200 924,854 0.50BRL


METALFRIO SOLUTIONS SA 85,900 331,040 0.18BRL

METALURGICA GERDAU/PREF. 161,000 1,479,826 0.81BRL

MRV ENGHENHARIA 282,690 1,516,592 0.83BRL

PDG REALTY SA 893,400 2,991,354 1.63BRL

PETROBRAS PETROLEOBRASILEIRO 113,179 1,295,583 0.71BRL

SAO MARTINHO SA 150,128 1,645,920 0.90BRL

TOTVS SA 161,000 2,756,624 1.50BRL


62,909,613 34.34

BCO DE CRED.DEINVERSIONES SA 81,911 3,746,904 2.04CLP

CHILE

CRUZ BLANCA SALUD 1,565,270 1,401,937 0.77CLP

INVESTMENTS

Latin American EquityStatement of investments as at 30 September 2011(expressed in USD)


ENTEL EMPRESA NACIONALDE TELECOMUNCACIONES 185,868 3,518,797 1.92CLP

8,667,638 4.73

BANCOLOMBIA SA 83,000 1,163,237 0.63COP

COLOMBIA

1,163,237 0.63

ANTOFAGASTA PLC 184,939 2,642,028 1.44GBP

GREAT BRITAIN

2,642,028 1.44

AEROMEXICO 505,105 868,734 0.47MXN

MEXICO

AMERICA MOVIL SAB DE CV -L- 7,843,400 8,700,430 4.74MXN

COMPARTAMOS SAB DE CV 1,876,200 2,548,972 1.39MXN

CORP. MOCTEZUMA SA DECV B2 194,751 379,989 0.21MXN

GENOMMA LABINTERNACION. SA 756,100 1,223,380 0.67MXN

GRUPO FINANCIEROBANORTE SA DE CV -O- 708,769 2,038,524 1.11MXN

MEXICHEM SAB DE CV 1,546,327 4,609,494 2.52MXN

OHL MEXICO SAB DE CV 2,089,824 3,364,751 1.84MXN

23,734,274 12.95

BANCO LATINOAMER.COM 85,293 1,319,483 0.72USD

PANAMA

COPA HOLDINGS -A- 84,889 5,360,740 2.93USD

6,680,223 3.65

58.27106,767,505TOTAL SHARES

BANCO BRADESCO /SADR 200,501 2,993,480 1.63USD


BRAZIL

BRF BR FOODS /SADR 101,516 1,778,560 0.97USD

GERDAU SA SADR PREF. SHS 136,186 1,010,500 0.55USD



TELESP TLPP /PREF. SADR 165,270 4,359,823 2.38USD

VALE / -A- /SADR 242,318 5,168,643 2.82USD

VALE /SADR 336,620 7,799,485 4.26USD

34,427,611 18.79



281


GP INVESTMENTS LTD /BDR 346,379 756,865 0.41BRL

BDR (Bearer Depositary Receipt)

BERMUDA ISLANDS

756,865 0.41

0.41756,865TOTAL BDR (Bearer Depositary Receipt)

BANCO DAYCOVAL SA /PREF. 477,691 2,194,042 1.20BRL

PREFERENTIAL SHARES

BRAZIL


BRADESPAR SA BRASIL/PREF. 279,900 5,093,653 2.78BRL


CONTAXPARTICIPACOES/PREF. SHS 104,745 1,007,738 0.55BRL

ITAU HOLDING /PREF 2,973 46,912 0.03BRL

SARAIVA SA LIVREIROS EDIT/PREF. 98,842 1,396,870 0.76BRL


13,330,635 7.28


GOL LINHAS AEREASINTELIGENTES 11,442 64,762 0.04USD


BRAZIL

ITAU HOLDING ITAU / PFD. /SADR 592,729 9,317,700 5.08USD

9,382,462 5.12

BANCOLOMBIA SA / ADR 40,583 2,295,374 1.25USD

COLOMBIA

2,295,374 1.25

TERNIUM SA LUXEMBOURG/ADR 144,337 3,018,087 1.65USD

LUXEMBOURG

3,018,087 1.65

Latin American EquityStatement of investments as at 30 September 2011(expressed in USD)


AMERICA MOVIL SAB /ADR -L- 315,073 6,991,470 3.82USD

MEXICO

6,991,470 3.82



176,970,009






282

CENTAMIN EGYPT 34,200 50,474 0.51GBP


SHARES

AUSTRALIA

50,474 0.51

COMMERCIALINTERNATIONAL BANK LTD 53,392 205,657 2.08EGP

EGYPT

ELSEWEDY CABLES 13,200 49,538 0.50EGP

GHABBOUR AUTO 8,514 35,693 0.36EGP

ORASCOM CONSTRUCTIONINDUSTRIE 6,800 247,432 2.50EGP

ORASCOM TELECOMHOLDING 145,430 81,453 0.82EGP

SIXTH OF OCT. DVPT &INV/SODIC SA 22,600 49,343 0.50EGP

TELECOM EGYPT 33,363 82,801 0.84EGP

751,917 7.60

AGILITY PUBLIC 40,000 44,806 0.45KWD

KUWAIT

KUWAIT FINANCE HOUSE 84,088 273,457 2.76KWD

KUWAIT INVES PROJECT 167,463 190,608 1.93KWD

MABANEE CO. 40,050 117,220 1.18KWD

MOBILETELECOMMUNICATIONS CO. 182,500 619,874 6.27KWD

NATIONAL MOBILE TEL 27,500 186,811 1.89KWD

1,432,776 14.48

MAROC TELECOM 12,425 213,998 2.16MAD

MOROCCO

213,998 2.16

BANKMUSCAT 105,799 184,393 1.86OMR

OMAN

NATIONAL BANK OF OMAN 68,223 55,287 0.56OMR

239,680 2.42

COMMERCIAL BANK OFQATAR 7,719 167,894 1.70QAR

QATAR

DOHA BANK SHS 7,956 133,501 1.35QAR

INDUSTRIES OF QATAR 11,282 383,890 3.88QAR

INVESTMENTS

Middle East and North Africa EquityStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

QATAR ELECT & WATER 2,602 98,256 0.99QAR

QATAR ISLAMIC BANK 6,707 147,540 1.49QAR

QATAR NATIONAL BANK 11,501 449,460 4.54QAR

1,380,541 13.95

NATL BANK OF KUWAIT 176,952 677,756 6.85KWD

SAUDI ARABIA

677,756 6.85

DANA GAS 521,093 78,029 0.79AED

UNITED ARAB EMIRATES

DP WORLD 8,650 88,317 0.89USD

EMAAR PROPERTIES 286,288 214,346 2.17AED

FIRST GULF BANK 35,129 136,767 1.38AED

NATIONAL BANK OF ABUDHABI 76,653 221,214 2.24AED

UNION NATIONAL BANK 127,220 106,334 1.07AED

845,007 8.54


CS INT 11-17.10.11 CT/JARIR 1,199 54,828 0.55USD


GREAT BRITAIN

CS INTL 11-31.10.12 CERT 3,150 77,692 0.79USD

DB LN 03.12.12 CW /RJHI 12,700 234,502 2.37USD

DB LN 03.12.12 CW /SABIC 2,800 69,059 0.70USD

DB LN 08-10.12.12CW/YANSAB 10,099 121,714 1.23USD

DB LN 10.12.12 CERT /EEC 13,108 185,240 1.87USD

DB LN 31.12.12 CW /YACCO 9,979 167,629 1.69USD

HSBC 08-23.01.12 ELN/EEC 7,627 108,286 1.09USD

HSBC 11-13.08.14 CERT/NICAB 16,663 175,266 1.77USD

HSBC 13.08.14 CERT/SAMBA 20,207 235,993 2.39USD

HSBC 13.08.14 ELN/ SAUDI 12,377 84,485 0.85USD

HSBC 13.10.11 CERT/SAFCO 2,215 107,490 1.09USD

1,622,184 16.39

CITIGROUP 01.02.11CERT/ALMARAI 6,008 137,769 1.39USD

UNITED STATES

CITIGROUP 01.02.11CERT/SABIC 11,928 294,193 2.98USD


Quantity/Facevalue

283


CITIGROUP 10-01.02.11CERT/RJHI 6,973 128,754 1.30USD

560,716 5.67



7,775,049

BLOM BANK SAL 9,232 75,610 0.76USD


SHARES

LEBANON

SOLIDERE -A- 13,013 195,325 1.98USD

270,935 2.74

ATTIJARIWAFA BANK 5,282 237,293 2.39MAD

MOROCCO

DOUJA PROM.GRP ADDOHAMAROC 11,999 117,349 1.19MAD

354,642 3.58

RENAISSANCE SERVICESSAOG 58,012 96,737 0.98OMR

OMAN

96,737 0.98

QATAR TELECOM (Q-TELL) 4,813 194,040 1.96QAR

QATAR

194,040 1.96

DRAKE & SCULL 306,354 66,892 0.68AED


EMIRATES NBD PJSC 83,029 87,483 0.88AED

154,375 1.56


CS INTL 11-23.05.12CERT/RIBL 34,246 215,955 2.18USD


GREAT BRITAIN

Middle East and North Africa EquityStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

CS INTL 11-26.09.12 CERT/BSFR 18,330 189,634 1.92USD

405,589 4.10



1,476,318

ARAB BANK 14,385 162,313 1.64JOD


SHARES

JORDAN

162,313 1.64

BANK AUDI SAL AUDISARADAR 19,820 118,920 1.20USD

LEBANON

118,920 1.20

GULF INTERNATIONALSERVICES 9,100 61,229 0.62QAR

QATAR

QATAR INSURANCE CO. 3,250 70,958 0.72QAR

132,187 1.34

ABU DHABI COMMERCIALBANK 66,100 52,729 0.53AED


52,729 0.53







Quantity/Facevalue


284

ANHANGUERAEDUCACIONAL PART 1,446,008 17,307,292 1.12BRL


SHARES

BRAZIL

BANCO BRADESCO SA /PREF. 1,195,955 17,915,756 1.16BRL

BANCO DO BRASIL SA 5,546,200 73,466,974 4.75BRL

BR MALLS PARTICIPAES SA 8,038,069 82,226,622 5.31BRL

BRF FOODS 4,380,316 75,904,033 4.91BRL

CIA DE CONCESSOESRODOVIARIAS 3,615,456 93,149,927 6.02BRL

CIA HERING 2,850,137 48,970,138 3.17BRL

CONTAX PARTICIPACOES SA 303,200 3,048,892 0.20BRL

DIAGNOST DA AMERICA SABRL 4,780,827 40,928,392 2.65BRL

DURATEX 9,205,674 43,582,772 2.82BRL

ECORODOVIAS 7,018,514 52,035,609 3.37BRL

GERDAU /PREF. 3,244,334 23,947,844 1.55BRL

GOL LINHAS AEREASINTELIGENTES 973,856 5,494,563 0.36BRL

INVESTIMENTOS ITAU /PREF. 9,025,153 46,211,128 2.99BRL

IOCHPE MAXION SA 2,270,140 22,975,947 1.49BRL

LOJAS RENNER SA 548,800 15,287,944 0.99BRL


METALFRIO SOLUTIONS SA 2,471,500 9,524,626 0.62BRL

METALURGICA GERDAU/PREF. 2,842,100 26,123,061 1.69BRL

MILLS ESTRUTUR ESERVICOS 1,818,400 17,296,912 1.12BRL

MRV ENGHENHARIA 4,186,979 22,462,549 1.45BRL

OGX PETROLEO E GASPARTICIP SA 2,130,436 13,618,112 0.88BRL

PDG REALTY SA 9,499,500 31,806,989 2.06BRL

PETROBRAS PETROLEOBRASILEIRO 1,497,600 17,143,334 1.11BRL

PETROLEO BRASILEIRO/PREF. 1,414,007 14,756,858 0.95BRL

PROFAMA SA 1,623,500 8,595,128 0.56BRL

SAO CARLOSEMPREENDIMENTOS 2,905,984 34,671,197 2.24BRL

SAO MARTINHO SA 1,873,681 20,541,996 1.33BRL

TOTVS SA 998,300 17,092,781 1.11BRL

INVESTMENTS

Brazil EquityStatement of investments as at 30 September 2011(expressed in USD)


VALE RIO DOCE /NAM. 1,758,800 41,041,048 2.65BRL

985,722,709 63.77

63.77985,722,709TOTAL SHARES

BANCO BRADESCO /SADR 3,445,422 51,440,150 3.33USD


BRAZIL

BRF BR FOODS /SADR 738,512 12,938,730 0.84USD

GERDAU SA SADR PREF. SHS 1,375,857 10,208,859 0.66USD


PETROLEO BRASILEIRO/SADR 2,748,060 62,765,690 4.06USD

TELESP TLPP /PREF. SADR 2,213,755 58,398,857 3.78USD

VALE / -A- /SADR 1,105,117 23,572,146 1.52USD

VALE /SADR 1,850,068 42,866,076 2.77USD

268,567,312 17.37


GP INVESTMENTS LTD /BDR 5,630,842 12,303,835 0.80BRL

BDR (Bearer Depositary Receipt)

BERMUDA ISLANDS

12,303,835 0.80

0.8012,303,835TOTAL BDR (Bearer Depositary Receipt)

BANCO DAYCOVAL SA /PREF. 5,339,000 24,522,104 1.59BRL

PREFERENTIAL SHARES

BRAZIL

BANRISUL PNB -B- /PREF 2,740,003 22,920,852 1.48BRL

BRADESPAR SA BRASIL/PREF. 3,590,381 65,338,187 4.22BRL


CONTAXPARTICIPACOES/PREF. SHS 1,157,800 11,139,044 0.72BRL

ITAU HOLDING /PREF 30,890 487,423 0.03BRL

SARAIVA SA LIVREIROS EDIT/PREF. 1,416,656 20,020,681 1.30BRL


151,378,345 9.79



285


GOL LINHAS AEREASINTELIGENTES 88,564 501,272 0.03USD


BRAZIL

ITAU HOLDING ITAU / PFD. /SADR 4,835,452 76,013,306 4.92USD

76,514,578 4.95



1,494,486,779



100.00TOTAL NET ASSETS 1,545,805,031

Brazil EquityStatement of investments as at 30 September 2011(expressed in USD)



286



SHARES

BERMUDA ISLANDS

HAIER ELECTRONICS GROUPCO LTD 9,673,000 6,505,361 0.33HKD

KUNLUN ENERGY COMPANYLTD 10,722,000 14,972,132 0.76HKD


63,405,061 3.23

BELLE INTERNATIONALHOLDING LTD 12,198,000 21,291,511 1.09HKD

CAYMAN ISLANDS



CN RESO CEMENT 7,294,000 4,896,056 0.25HKD

COMBA TELECOM SYST 9,523,349 7,040,300 0.36HKD

DONGYUE GROUP 13,467,000 6,792,699 0.35HKD


HENGAN INTL GROUP 2,913,000 23,535,053 1.19HKD

INTIME DEPT.STORE (GROUP)CO LTD 3,809,000 4,258,024 0.22HKD

SOHO CHINA LTD 8,232,000 5,261,549 0.27HKD

TENCENT HOLDINGS 4,665,300 98,317,694 5.01HKD

WANT WANT CHINAHOLDINGS LTD 23,278,000 21,152,314 1.08HKD

228,050,678 11.63


CHINA



CHINA COAL ENERGY CO.LTD -H- 16,558,000 15,024,715 0.77HKD




INVESTMENTS

Chinese EquityStatement of investments as at 30 September 2011(expressed in USD)


CHINA MENGNIU DAIRY CO.LTD 4,920,000 15,154,978 0.77HKD

CHINA PACI INSU (GROUP)LTD -H- 15,039,800 43,913,941 2.24HKD


CHINA SHENHUA ENERGYCO. -H- 13,338,500 53,155,420 2.71HKD

CHINA SOUTHERN AIRLINES-H- 16,134,000 7,620,243 0.39HKD

CHINA TELECOM CORP. LTD -H- 55,806,000 35,525,609 1.81HKD



IND & COM BOC -H- 358,729,175 175,876,987 8.97HKD


PICC PROPERTY & CASUALTY-H- 13,000,000 14,148,753 0.72HKD




1,066,421,189 54.41

AIA GROUP 6,850,800 19,607,630 1.00HKD

HONG KONG



CHINA UNICO (HK) 23,572,000 49,131,657 2.51HKD

CLP HOLDINGS LTD 2,722,500 24,651,529 1.26HKD

CNOOC LTD 58,796,000 98,100,244 5.00HKD

HONGKONG ELECTRICHOLDINGS LTD 7,531,500 57,852,827 2.95HKD

495,192,845 25.27

94.541,853,069,773TOTAL SHARES

CHANGYOU.COM -A-/ADR 670,700 17,532,098 0.89USD


CAYMAN ISLANDS

17,532,098 0.89



1,870,601,871


287


GOME ELECTRICALAPPLIANCE HOLDING 39,780,000 9,343,182 0.48HKD


SHARES

BERMUDA ISLANDS

9,343,182 0.48





100.00TOTAL NET ASSETS 1,960,205,784

Chinese EquityStatement of investments as at 30 September 2011(expressed in USD)



288



SHARES

BERMUDA ISLANDS

CHINA SINGYES SOLARTECHN HO 2,901,000 1,284,535 0.43HKD

HAIER ELECTRONICS GROUPCO LTD 1,384,000 930,778 0.31HKD

LI & FUNG LTD 1,908,000 3,237,343 1.09HKD


TPV TECHNOLOGY LTD 1,364,000 402,644 0.13HKD

9,776,931 3.28


CAYMAN ISLANDS

CHINA METAL RECYCLINGHOLDINGS 1,472,400 1,283,141 0.43HKD


CN RESO CEMENT 1,858,000 1,247,172 0.42HKD

DONGYUE GROUP 942,000 475,141 0.16HKD

EVA PRECISION INDUSTRIALHLDG 11,116,000 2,796,299 0.94HKD

KWG PORPERTY HOLDINGLTD 1,767,500 664,670 0.22HKD

MIE HOLDINGS 5,914,000 1,373,849 0.46HKD

SINO PROSPER STATE GOLDRES 81,490,000 1,673,413 0.56HKD

SITC INTERNATIONALHOLDINGS 2,190,000 475,018 0.16HKD

TCL COMM TECH HLDGS 1,095,000 458,153 0.15HKD

TENCENT HOLDINGS 554,800 11,691,993 3.91HKD

XTEP INTERNATIONAL HLDGSLTD 6,748,000 2,615,538 0.88HKD

ZHONGSHENG GRP 1,085,500 1,724,763 0.58HKD

29,506,960 9.89

ANHUI CONCH CEMENT CO. -H- 296,500 821,973 0.28HKD

CHINA



INVESTMENTS

Hong Kong EquityStatement of investments as at 30 September 2011(expressed in USD)





CHINA PACI INSU (GROUP)LTD -H- 969,000 2,829,333 0.95HKD



CHINA SHENHUA ENERGYCO. -H- 956,500 3,811,760 1.28HKD

CHINA SOUTHERN AIRLINES-H- 2,238,000 1,057,029 0.35HKD

CHINA TELECOM CORP. LTD -H- 966,000 614,947 0.21HKD


IND & COM BOC -H- 34,824,015 17,073,444 5.71HKD

JIANGXI COPPER CO. LTD -H- 449,000 795,251 0.27HKD


PING AN INSURANCE GRPCO. -H- 855,000 4,850,286 1.63HKD

YANZHOU COAL MINING CO.-H- 408,000 896,485 0.30HKD

ZIJIN MINING GROUP -H- 3,030,000 890,547 0.30HKD

90,467,474 30.31

AIA GROUP 4,001,600 11,452,953 3.84HKD

HONG KONG

BOC HONG KONG HOLDINGSLTD 1,858,500 3,983,437 1.33HKD

CHEUNG KONG HOLDINGS 582,000 6,394,045 2.14HKD

CHINA INSURANCEINTERNATIONAL HOLDING 224,000 431,239 0.14HKD



CHINA UNICO (HK) 2,450,000 5,106,591 1.71HKD

CLP HOLDINGS LTD 407,000 3,685,279 1.23HKD

CNOOC LTD 8,567,000 14,293,911 4.79HKD

EMPEROR WATCH &JEWELLERY LTD 14,580,000 1,777,707 0.60HKD

HANG LUNG PROPERTIESLTD 1,623,000 4,874,312 1.63HKD

HANG SENG BANK LTD 139,300 1,642,136 0.55HKD


289


HENDERSON LANDDEVELOPMENT 474,000 2,156,620 0.72HKD

H.K.EXCHANGES ANDCLEARING LTD 417,300 6,143,145 2.06HKD

HONGKONG ELECTRICHOLDINGS LTD 1,236,000 9,494,270 3.18HKD

HSBC HOLDINGS PLC 2,856,602 22,327,803 7.48HKD

HUTCHISON WHAMP 755,261 5,665,791 1.90HKD

MASS TRANSIT RAILWAYCORP. 643,500 1,940,865 0.65HKD

SINO LAND CO LTD 564,000 754,268 0.25HKD

SUN HUNG KAI PROPERTIESLTD 1,000,242 11,611,615 3.89HKD

SWIRE PACIFIC LTD A 452,500 4,675,127 1.57HKD

THE WHARF HOLDING 1,200,236 5,992,323 2.01HKD

156,361,670 52.38

95.86286,113,035TOTAL SHARES

CHANGYOU.COM -A-/ADR 20,900 546,326 0.18USD


CAYMAN ISLANDS

CHARM COMM INC -A- ADR 167,400 1,422,900 0.48USD

MELCO CROWN ENT /ADR 111,162 952,658 0.32USD

2,921,884 0.98



289,034,919




Hong Kong EquityStatement of investments as at 30 September 2011(expressed in USD)



290

GUJARAT NRE MINERALSLTD - SHS 73,400,000 15,695,856 0.41AUD


SHARES

AUSTRALIA

15,695,856 0.41

CAIRN ENERGY 69,885,987 302,346,928 7.87GBP

GREAT BRITAIN

VEDANTA RESOURCES PLC 988,176 16,672,562 0.43GBP

319,019,490 8.30

ADANI POWER 3,362,639 5,853,373 0.15INR

INDIA

ADITYA BIRLA NUVO LTD /DEMATER. 8,571,344 159,553,638 4.15INR

ASHAPURA MINECHEM LTD/DEMAT. 3,343,476 1,066,549 0.03INR

AUROBINDO PHARMA 4,059,412 10,264,269 0.27INR

BHARAT HEAVY ELECTRICALS/DEMAT. 1,853,099 61,932,396 1.61INR

BHARTI AIRTEL LTD/DEMAT. 2,122,045 16,349,877 0.43INR

CANARA BANK /DEMAT. 5,533,555 50,084,600 1.30INR

CROMPTON GREAVESLTD/DEMAT. 8,671,254 26,953,791 0.70INR

CUMMINS INDIA LTD 3,727,005 31,473,353 0.82INR

DR REDDY SLABORATORIES/DEMAT. 1,380,000 41,718,844 1.09INR

ESSAR OIL LTD- DEMAT. 10,007,008 16,409,615 0.43INR

EVEREADY INDUSTRIES (I)/DEMAT. 4,856,691 3,553,882 0.09INR

GAMMON INDIA LTD /DEMAT. 4,874,659 7,173,805 0.19INR

GAMMON INFRASTR 12,886,285 3,572,192 0.09INR

GLENMARKPHARMACEUTICALS 13,777,497 90,692,990 2.36INR

GUJARAT NRE COKE LTD 33,900,000 16,687,256 0.43INR

GUJARAT NRE COKE LTD 2,890,747 954,538 0.02INR

GVK POWERINFRASTRUCTURE 115,250,000 37,116,424 0.97INR

HCL INFOSYSTEMS LTD/DEMAT. 16,300,000 20,599,060 0.54INR

HCL TECHNOLOGIES /DEMAT. 39,330,149 328,001,818 8.54INR

HINDALCO INDUSTRIES /DEMAT. 158,729 425,290 0.01INR

INVESTMENTS

Indian EquityStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

HINDUSTAN CONSTR. LTD/DEMAT. 50,174,601 29,402,881 0.77INR

ICICI BANK LTD /DEMAT. 5,706,019 101,814,084 2.65INR

INDIA CEMENTS LTD /DEMAT. 9,794,599 14,484,122 0.38INR

INDIABULLS FINANCESRV/DEMAT. 21,561,445 69,219,192 1.80INR

INDIABULLS REAL ESTATE/DEMAT. 27,613,717 41,172,506 1.07INR

INDUSIND BANK LTD 2,250,000 12,027,244 0.31INR

INFOSYS TECHNOLOGIES LTD/DEMAT. 1,163,409 60,068,154 1.56INR

IRB INFRASTRUCTUREDEVELOPERS 1,984,382 6,590,946 0.17INR

IVR PRIME URBANDEVELOPERS 3,188,260 1,868,356 0.05INR

IVRCL INFRASTRUCTURESAND PROJECTS 20,930,340 14,995,803 0.39INR

JAIPRAKASH ASSOCIATIONLTD 24,500,000 36,330,150 0.95INR

JINDAL STEEL & POWER/DEMAT. 22,446,233 231,505,912 6.03INR

KALPATARU POWER 5,846,045 13,089,719 0.34INR

LUPIN LTD 2,990,436 28,913,557 0.75INR

MAHINDRA & MAHINDRA 9,388,039 153,994,062 4.01INR

MAHINDRA LIFESCAPES LTD 1,813,078 11,011,031 0.29INR

MARUTI SUZUKI INDIA LTD 14,800,903 326,726,810 8.50INR

NOIDA TOLLBRIDGE/DEMATERIAL. 7,684,222 3,712,072 0.10INR

OIL & NATURAL GAS CORPLTD 2,000,000 10,847,833 0.28INR

OPTO CIRCUITS INDIALTD/DEMAT. 7,168,556 32,291,786 0.84INR

PENINSULA LAND LTD 1,469,760 1,337,630 0.03INR

POWER GRID CORP. OF INDIALTD 3,697,120 7,419,034 0.19INR

PURAVANKARA PROJECTSLTD 8,405,470 11,281,995 0.29INR

RADICO KHAITAN LTD/DEMAT. 11,000,000 27,903,308 0.73INR

RURAL ELECTRIFICATIONCORP LTD 25,480,215 90,317,264 2.35INR

SESA GOA LTD /DEMAT. 5,634,116 23,031,199 0.60INR

ST.BK OFINDIA/DEMATERIALISED 4,285,755 166,942,724 4.35INR

STERLITE IND(INDIA) --- SHS 19,800,000 45,887,433 1.19INR

STRIDES ARCOLAB LTD 4,160,084 29,991,989 0.78INR

TATA STEEL LTD /DEMAT. 480,000 4,063,718 0.11INR


Quantity/Facevalue

291


UNITECH LTD /DEMAT. 194,000,000 103,602,712 2.70INR

UNITED SPIRITS LIMITED/DEMAT. 9,897,367 160,533,039 4.18INR

USHA MARTIN LTD 18,695,359 12,460,907 0.32INR

WELSPUN INDIA LTD 1,690,657 944,222 0.02INR

WELSPUN INVEST&COMMERCIALS LTD 98,085 97,964 0.00INR

WIPRO LTD /DEMAT. 6,286,500 43,669,338 1.14INR

2,859,988,256 74.44

UNITECH CORPORATE PARKSPLC 9,821,403 3,955,247 0.10GBP

ISLE OF MAN

3,955,247 0.10

YATRA CAPITAL LTD 300,000 1,595,168 0.04EUR

JERSEY

1,595,168 0.04

COGNIZANT TECHNOLOGYSOL.CORP. 610,367 39,478,538 1.03USD

UNITED STATES

39,478,538 1.03

84.323,239,732,555TOTAL SHARES

MOR ST AS 21.04.14 CW/UT 22,142,000 11,824,714 0.31USD


CAYMAN ISLANDS

11,824,714 0.31

DEUTSCHE BANK LN 07-27.03.17 CW /INDIABULLS 1,700,000 2,534,753 0.07USD

GREAT BRITAIN

DEUTSCHE BANK LN 30.01.17WRT /HCL INFOS 2,150,000 2,717,082 0.07USD

HSBC 14.01.19 CW/MARUTI 1,081,979 23,884,697 0.62USD

29,136,532 0.76

JP MORGAN INTERNATIONAL08-13 WRT/GAMMON 2,242,255 621,580 0.02USD

JERSEY

621,580 0.02

ABN AMRO BANK 18.12.06WRT/HCL INF 50,000 63,188 0.00USD

NETHERLANDS

BNP PARIBAS 01.04.15 CW /UNITECH 1,000,000 534,040 0.01USD



Quantity/Facevalue

BNP PARIBAS 01.04.15CW/HCLI 900,000 1,137,383 0.03USD

JP MORGAN STRUCTURE07.10.14 CERT/GISP 8,969,020 2,486,320 0.06USD

JP MORGAN STRUCTURE 09-25.08.14 CERT/IVRCL 200,000 143,500 0.00USD

JP MORGAN STRUCTURE10.07.14 CERT/UT 8,138,492 4,346,280 0.11USD

JP MORGAN STRUCTURE13.05.15 CERT/GVKP 11,000,000 3,542,605 0.09USD

JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 11,380,948 2,934,555 0.08USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 1,068,837 8,913,874 0.23USD

JP MORGAN STRUCTURE19.05.14 CERT/IBREL 9,800,000 14,612,103 0.39USD

RBS 28.06.13 CW/HCLT 1,323,949 11,041,735 0.29USD

49,755,583 1.29

CITIGROUP HLDG 24.10.12CW/GNC 5,692,324 2,802,069 0.07USD

UNITED STATES

CITIGROUP HOLDING 06-24.10.12 CW / UNITED 294,557 4,777,695 0.12USD

CITIGROUP 24.01.10 CW / UT 1,000,000 534,040 0.01USD

CITIGROUP 24.10.12CW/HCLT 2,341,291 19,525,871 0.52USD

27,639,675 0.72


ICICI BANK /SADR 2,300,000 81,121,000 2.11USD


INDIA

INFOSYS TECHNOLOGIES /SADR 2,477,124 126,655,350 3.30USD

207,776,350 5.41


FINANCIAL TECHNOLOGIES/GDR 6 14 0.00USD


INDIA

UNITED SPIRITS LTD / GDR 1 8 0.00USD

22 0.00

0.0022TOTAL GDR (Global Depositary Receipt)


Quantity/Facevalue


292

DR REDDY SLABORATORIES/ADR 3,357,147 101,520,125 2.64USD


INDIA

STERLITE INDUSTRIES (INDIA)/ADR 7,368,374 68,599,562 1.79USD

170,119,687 4.43



3,736,606,698

EMAMI INFRASTRUCTURELTD 4,790,461 41,488,921 1.08INR


SHARES

INDIA

INDIABULLS SECURITIES LTD 17,072,440 2,940,495 0.08INR

KESORAM TEXT.MILLSLTD/DM 1,014,882 5,172 0.00INR

TRIVENI TURBINE 208,768 201,002 0.01INR

WELSPUN GLOBAL BRANDSLTD 196,170 160,741 0.00INR

44,796,331 1.17


DEUTSCHE BANK 07-17.01.17WRT/HCL 274,654 2,294,597 0.06USD


GERMANY

2,294,597 0.06

BNP PARIBAS 01.04.15 CW/HCLT 1,820,565 15,183,126 0.39USD

NETHERLANDS

15,183,126 0.39





100.00TOTAL NET ASSETS 3,841,748,357



Quantity/Facevalue

293


AEON CO. LTD 14,900 15,630,100 0.36JPY


SHARES

JAPAN

AEON CREDIT SERVICE LTD 13,900 16,652,200 0.39JPY

AISIN SEIKI CO. LTD 16,500 42,999,000 1.00JPY

AJINOMOTO CO. INC. 47,000 43,240,000 1.01JPY

ASAHI GLASS CO. LTD 64,000 48,768,000 1.14JPY

ASAHI KASEI CORP. 26,000 12,194,000 0.28JPY

BENESSE CORP. 4,100 14,042,500 0.33JPY

BRIDGESTONE CORP. 32,300 57,235,600 1.33JPY

BROTHER INDUSTRIES LTD 25,700 23,566,900 0.55JPY

CANON INC. 36,000 127,800,000 2.98JPY

CENTRAL JAPAN RAILWAYCO. 75 50,775,000 1.18JPY

CHIBA BANK 68,000 36,652,000 0.85JPY

CHUBU ELECTRIC POWER -C- 16,900 24,707,800 0.58JPY

CHUGOKU ELECTR.POWER 7,400 10,145,400 0.24JPY

CHUO MITSUI TRUSTHOLDINGS INC. 70,000 18,130,000 0.42JPY

DAIDO STEEL CO. LTD 17,000 7,922,000 0.18JPY

DAIHATSU MOTOR CO. 31,000 43,679,000 1.02JPY

DAI-ICHI LIFE INSURANCE CO.LTD 195 15,834,000 0.37JPY

DAIICHI SANKYO CO. LTD 16,700 27,054,000 0.63JPY

DAITO TRUSTCONSTRUCTION 6,500 46,410,000 1.08JPY

DAIWA HOUSE INDUSTRYCO. LTD 44,000 44,176,000 1.03JPY

DAIWA SECURITIES GROUPINC. 87,000 25,404,000 0.59JPY

DENA CO LTD TOKYO 6,800 22,236,000 0.52JPY

EAST JAPAN RAILWAY CO. 14,600 68,766,000 1.60JPY

EISAI CO. LTD 16,000 50,000,000 1.17JPY

ELECTRIC POWERDEVELOPMENT CO. 10,100 23,149,200 0.54JPY

FANUC LTD JPY 50 2,400 25,992,000 0.61JPY

FUJI HEAVY INDUSTRIES LTD 63,000 28,854,000 0.67JPY

FUJITSU LTD 84,000 30,996,000 0.72JPY

GUNMA BANK LTD 51,000 22,134,000 0.52JPY

HAMAMATSU PHOTONICS 6,600 20,757,000 0.48JPY

HINO MOTORS LTD 41,000 19,106,000 0.45JPY

INVESTMENTS

Japanese EquityStatement of investments as at 30 September 2011(expressed in JPY)


HISAMITSUPHARMACEUTICAL CO. 2,600 9,672,000 0.23JPY

HITACHI LTD 189,000 73,521,000 1.71JPY

HOKKAIDO ELECTRCITYPOWER 17,900 20,513,400 0.48JPY

HONDA MOTOR CO. LTD 35,300 81,154,700 1.89JPY

IDEMITSU KOSAN 3,500 24,570,000 0.57JPY

IHI CORP. 108,000 18,684,000 0.44JPY

ITOCHU CORP. 63,200 47,273,600 1.10JPY

JFE HOLDINGS INC. 11,500 18,135,500 0.42JPY

JGC CORP. 20,000 38,480,000 0.90JPY

JTEKT CORP. 19,800 18,552,600 0.43JPY

JUPITER TELECOM CO. LTD 189 15,781,500 0.37JPY

JX HOLDINGS 73,100 32,164,000 0.75JPY

KANSAI ELECTRIC POWERCO. 18,500 24,938,000 0.58JPY

KAO CORP. 22,600 48,906,400 1.14JPY

KDDI CORP. 96 51,456,000 1.20JPY

KOMATSU LTD 23,600 40,096,400 0.93JPY

LAWSON INC. 8,000 35,040,000 0.82JPY

MARUBENI CORP. 81,000 35,559,000 0.83JPY

MEDICEO PALTAC HOLDINGSCO. LTD 11,500 9,050,500 0.21JPY

MIRACA HOLDINGS INC. 10,400 35,568,000 0.83JPY

MITSUBISHI CHEMICALHOLDINGS CORP. 33,500 17,721,500 0.41JPY

MITSUBISHI CORP. 33,200 52,854,400 1.23JPY

MITSUBISHI ELECTRIC CORP. 47,000 32,665,000 0.76JPY

MITSUBISHI ESTATE CO. 10,000 12,680,000 0.30JPY

MITSUBISHI GAS CHEMICAL 26,000 12,506,000 0.29JPY

MITSUBISHI UFJ FINANCIALGROUP 317,900 112,536,600 2.62JPY

MITSUI & CO. LTD 66,200 75,070,800 1.75JPY

MITSUI CHEMICALS INC. 80,000 20,880,000 0.49JPY

MITSUI ENGINEERING &SHIPBUILDING 168,000 22,008,000 0.51JPY

MIZUHO FINANCIAL GROUPINC. 655,400 74,715,600 1.74JPY

NAMCO BANDAI HOLDING 11,100 11,666,100 0.27JPY

NGK SPARK PLUG CO LTD 16,000 16,912,000 0.39JPY

NHK SPRING CO. 20,000 13,860,000 0.32JPY

NIKON CORP. 24,600 45,337,800 1.06JPY

NINTENDO CO. LTD 1,200 13,632,000 0.32JPY

NIPPON ELECTRIC GLASS 39,000 27,768,000 0.65JPY



294

NIPPON MEAT PACKERS 15,000 15,195,000 0.35JPY

NIPPON SHEET GLASS CO. 44,000 7,700,000 0.18JPY

NIPPON TEL&TEL 11,700 43,641,000 1.02JPY

NIPPON YUSEN K K 37,000 7,807,000 0.18JPY

NISSAN MOTOR CO. LTD 61,800 42,827,400 1.00JPY

NISSHIN STEEL CO. LTD 57,000 7,980,000 0.19JPY

NITTO DENKO CORP. 4,100 12,669,000 0.30JPY

NOMURA HOLDINGS INC. 27,900 7,979,400 0.19JPY

NOMURA RESEARCHINSTITUTE LTD 10,800 19,170,000 0.45JPY

NSK LTD 51,000 29,376,000 0.68JPY

NTN CORP 87,000 32,016,000 0.75JPY

NTT DATA CORP. 145 35,003,000 0.82JPY

NTT DOCOMO INC. 298 42,226,600 0.98JPY

OJI PAPER CO. LTD 57,000 24,339,000 0.57JPY

ONO PHARMACEUTICAL CO. 5,400 24,975,000 0.58JPY

OSAKA GAS CO. LTD 95,000 30,590,000 0.71JPY

OTSUKA CORP. 2,400 12,864,000 0.30JPY

PANASONIC CORP. 29,200 22,016,800 0.51JPY

RESONA HOLDINGS INC. 14,200 5,282,400 0.12JPY

RINNAI CORP. 1,800 11,718,000 0.27JPY

SANTEN PHARMACEUTICAL 3,900 12,636,000 0.29JPY

SEGA SAMMY HOLDING INC. 20,500 37,412,500 0.87JPY

SEKISUI CHEMICAL CO. LTD 62,000 40,610,000 0.95JPY

SEVEN & I HOLDINGS CO.LTD 5,400 11,820,600 0.28JPY

SHIN-ETSU CHEMICAL CO. 2,600 9,958,000 0.23JPY

SHINSEI BANK LTD 362,000 31,856,000 0.74JPY

SHIZUOKA BANK LTD 39,000 31,785,000 0.74JPY

SHOWA SHELL SEKIYU KK 45,300 25,232,100 0.59JPY

SOFTBANK 10,500 24,066,000 0.56JPY

SONY CORP. 13,800 20,796,600 0.48JPY

SONY FINANCIAL HOLDINGINC. 23,600 28,178,400 0.66JPY

SUMITOMO CORP. 10,700 10,346,900 0.24JPY

SUMITOMO ELECTRICINDUSTRIES 43,100 39,522,700 0.92JPY

SUMITOMO HEAVYINDUSTRIES 67,000 27,001,000 0.63JPY

SUMITOMO METAL MININGCO. LTD 33,000 34,221,000 0.80JPY

SUMITOMO MITSUIFINANCIAL GROUP 42,400 93,534,400 2.18JPY

Japanese EquityStatement of investments as at 30 September 2011(expressed in JPY)


SUMITOMO RUBBERINDUSTRIES 32,400 32,335,200 0.75JPY

TAIYO YUDEN CO. LTD 67,000 22,244,000 0.52JPY

TAKEDA PHARMACEUTICALCO. LTD 26,567 97,766,560 2.28JPY

TDK CORP. 3,300 9,018,900 0.21JPY

TEIJIN LTD 54,000 15,174,000 0.35JPY

TOHOKU ELECTRIC POWER 11,300 12,204,000 0.28JPY

TOKIO MARINE HOLDINGSINC. 31,100 61,702,400 1.44JPY

TOKYO ELECTRIC POWER 16,500 3,960,000 0.09JPY

TOKYO ELECTRON CO. LTD 4,200 14,952,000 0.35JPY

TOKYU CORP. 113,000 44,070,000 1.03JPY

TOKYU LAND CORP. 54,000 15,174,000 0.35JPY

TONENGENERAL SEKIYU KKTOKYO 17,000 15,181,000 0.35JPY

TOPPAN PRINTING CO. LTD 33,000 18,777,000 0.44JPY

TORAY INDUSTRIES INC. 36,000 19,692,000 0.46JPY

TOSHIBA CORP. 175,000 56,000,000 1.30JPY

TOSOH CORP 127,000 31,115,000 0.73JPY

TOYO SUISAN KAISHA 12,000 25,476,000 0.59JPY

TOYODA GOSEI CO. LTD 14,400 21,340,800 0.50JPY

TOYOTA MOTOR CORP. 59,197 159,121,536 3.71JPY

TOYOTA TSUSHO CORP. 5,300 7,107,300 0.17JPY

TREND MICRO INC. TOKYO 8,700 21,228,000 0.49JPY

UBE INDUSTRIES LTD 96,000 24,960,000 0.58JPY

USS CO. LTD TOKAI 3,700 24,420,000 0.57JPY

WEST JAPAN RAILWAY CO. 8,800 29,216,000 0.68JPY

YAMADA DENKI CO. LTD 6,360 34,662,000 0.81JPY

YAMATO HOLDINGS CO. LTD 7,000 9,933,000 0.23JPY

YAMATO KOGYO CO. LTD 3,800 7,755,800 0.18JPY

YAMAZAKI BAKING CO 25,000 29,450,000 0.69JPY

4,085,327,396 95.20

95.204,085,327,396TOTAL SHARES


4,085,327,396



100.00TOTAL NET ASSETS 4,291,228,020


295


BS FINL SHS 97,980 1,091,306 0.99KRW


SHARES

SOUTH KOREA

CELLTRION INC. 28,300 1,058,280 0.96KRW

CRUCIALTEC 47,311 474,858 0.43KRW

DAELIM INDUSTRIAL CO. LTD 21,300 1,740,966 1.58KRW

DONGBU INSURANCE CO.LTD 42,000 1,832,061 1.66KRW

E-MART CO LTD 5,450 1,375,613 1.25KRW

FILA KOREA LTD 10,850 661,676 0.60KRW

GS HOLDINGS CORP. 37,100 1,806,863 1.64KRW

HANA FINANCIAL GROUP INC. 108,300 3,210,554 2.92KRW

HONAM PETROCHEMICALCO. LTD 4,400 1,084,499 0.99KRW

HYNIX SEMICONDUCTOR INC 143,220 2,589,912 2.35KRW

HYUNDAI DEPARTMENTSTORE CO. 21,175 3,013,118 2.74KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 72,900 1,037,338 0.94KRW

HYUNDAI FIRE & MARINE INSCO. 71,000 1,765,021 1.60KRW


HYUNDAI HOME SHOPPINGNETWORK 21,700 2,554,806 2.32KRW

HYUNDAI HYSCO 18,650 737,699 0.67KRW

HYUNDAI MOBIS 29,350 8,489,502 7.72KRW


HYUNDAI STEEL CO. 30,200 2,256,103 2.05KRW

KB FINANCIAL GROUP INC. 71,390 2,439,857 2.22KRW


KOREA KUHMOPETROCHEMICAL 11,500 1,806,863 1.64KRW

KOREA ZINC CO. LTD 2,904 716,999 0.65KRW

KP CHEMICAL CORPORATION 75,500 981,609 0.89KRW

LG CHEMICAL LTD 9,750 2,650,898 2.41KRW

LG CORP. 46,800 2,394,232 2.18KRW

LG FASHION CORP. 46,400 1,589,717 1.44KRW

LS CORP. 16,500 1,034,187 0.94KRW

NHN CORPORATION 12,248 2,354,911 2.14KRW

PACIFIC CORP. 8,400 1,643,519 1.49KRW

INVESTMENTS

Korean EquityStatement of investments as at 30 September 2011(expressed in USD)


POSCO 16,000 5,027,792 4.57KRW

SAMSUNG CARD CO LTD 36,500 1,310,817 1.19KRW


SAMSUNG ENGINEERING CO.LTD 4,200 828,874 0.75KRW

SAMSUNG FIRE&MARINEINSURANCE 10,050 1,842,924 1.67KRW

SAMSUNG SDI CO. LTD 26,150 2,569,290 2.33KRW

SHINHAN FINANCIAL GROUP 121,427 4,319,644 3.92KRW

SK C&C CO. LTD 6,700 822,861 0.75KRW

SK HOLDINGS CO. LTD 9,765 1,112,443 1.01KRW

S-OIL CORP. 13,427 1,194,130 1.08KRW

WOORI FINANCE HOLDINGSCO. LTD 245,000 2,127,029 1.93KRW

YOUNGPOONG CORP LTD 750 655,578 0.60KRW

105,944,415 96.25

96.25105,944,415TOTAL SHARES


105,944,415

DAUM COMMUNICATIONCORP. 20,100 2,441,342 2.22KRW


SHARES

SOUTH KOREA


4,137,866 3.76



4,137,866


(0.01)OTHER NET ASSETS LESS LIABILITIES (11,494)




296



SHARES


52,669,625 9.80

UNITED COMPANY RUSALPLC 12,561,000 10,978,684 2.04HKD

JERSEY

10,978,684 2.04

ENERGYO SOL RUS 481,307 1,614,402 0.30SEK

SWEDEN

1,614,402 0.30





JSC SURGUTNEFTEGAZ/SADR 3,329,906 26,972,239 5.02USD

LUKOIL /SADR (REP.1 SHS.) 1,091,998 55,528,097 10.33USD

MMC NORILSK NICKEL /SADR 2,263,121 49,177,619 9.15USD

MOBILE TELESYSTEMSOJS/SADR 1,568,470 19,198,073 3.57USD

RUSHYDRO OJSC /SADR 1,654,491 5,691,449 1.06USD

210,826,855 39.22





GROUPE LSR /SGDR REPR.SREG S 2,154,225 7,751,311 1.44USD

NOMOS BANK OJSC SHS/SGDR 1,068,827 10,370,080 1.93USD

NOVATEK OAO /SGDR 212,214 24,491,618 4.56USD

NOVOLIPETSK STEEL REGS/GDR 463,920 9,501,082 1.77USD

POLYM.JT STK CO/SGDRREGS OPE 580,308 8,994,774 1.67USD

ROSNEFT OIL COMPANYOJSC /SGDR 4,400,327 25,851,920 4.81USD

INVESTMENTS

Russia EquityStatement of investments as at 30 September 2011(expressed in USD)


SEVERSTAL CHEREPOVETSMET/SGDR 1,779,462 18,755,529 3.49USD

URALKALITY /GDR 659,422 22,745,971 4.23USD

VNESHTORGBANK SGDR 3,884,725 16,205,562 3.01USD

158,653,203 29.51


GAZPROM NEFT OJSC /ADR 382,152 6,687,660 1.24USD



MECHEL OJSC /ADR 1,411,458 14,523,903 2.71USD

21,211,563 3.95



455,954,332

AEROFLOT MOSCOW 3,014,363 4,905,412 0.91USD


SHARES


TNK-BP HOLDING 4,354,298 11,495,347 2.14USD

16,400,759 3.05


CHERKIZOVO GROUP /SGDR 466,799 6,875,949 1.28USD



6,875,949 1.28



23,276,708

FSK EES 250,349,418 1,869,109 0.35USD


SHARES


IDGC HOLDING 39,875,393 3,389,408 0.63USD

RASPADSKAYA 1,165,325 3,484,271 0.65USD

RUSHYDRO OJSC 60 2 0.00USD

8,742,790 1.63



297


MAGNIT JSC 751,900 14,361,290 2.67USD



OAO TATFNEFT /SGDR REP GREG.S 1,024,050 25,437,402 4.73USD

39,798,692 7.40






Russia EquityStatement of investments as at 30 September 2011(expressed in USD)



298

MEWAH INTERNATIONAL INC 1,782,000 588,119 0.96SGD


SHARES

CAYMAN ISLANDS

588,119 0.96

AMTEK ENGINEERING 1,000 495 0.00SGD

SINGAPORE

CAPITALAND LTD 750,000 1,421,829 2.33SGD

CSE GLOBAL LTD 1,800,000 1,132,858 1.86SGD

DBS GROUP HOLDINGS LTD 300,000 2,726,227 4.47SGD

EZION HOLDINGS LTD 3,000,000 1,105,227 1.81SGD

FALCON ENERGY GROUPLIMITED 5,000,000 694,605 1.14SGD

FIRST RESSOURCES LTD 1,400,000 1,327,040 2.18SGD

HI-P INTERNATLIONAL LTD 2,000,000 813,570 1.33SGD

JARDINE CYCLE & CARRIAGELTD 85,000 2,738,738 4.49SGD

KEPPEL CORP. LTD 860,000 5,115,515 8.39SGD

MOBILEONE LTD 1,500,000 2,832,145 4.65SGD

NEPTUNE ORIENT LINES 1,300,000 1,092,563 1.79SGD

OVERSEA-CHINESE BANKCORP. 929,999 5,803,129 9.52SGD

ROTARY ENGINEERING 2,100,000 942,897 1.55SGD

SEMBCORP INDUSTRIES LTD 920,000 2,414,922 3.96SGD

SINGAPORE AIRLINES LTD 200,000 1,754,548 2.88SGD

SINGAPORE POST LTD 2,500,000 1,966,767 3.23SGD

SINGAPORE TELECOM/BOARD LOT 1000 2,500,000 6,101,777 10.02SGD

STRAITS ASIA RESOURCESLTD 1,400,000 2,149,053 3.53SGD

STX OSV HOLDINGS 2,600,000 1,875,816 3.08SGD

UTD OVERSEAS BANK /LOCAL 440,000 5,741,043 9.42SGD

VENTURE CORPORATION LTD 350,000 1,794,459 2.94SGD

WHEELOCK PROPERTY(SINGAPORE) LTD 1,000,000 1,247,218 2.05SGD

WING TAI HOLDINGS 740,000 692,916 1.14SGD

YANGZIJIANG SHIPBUILDINGLTD 2,700,000 1,844,348 3.03SGD

INVESTMENTS

Singapore EquityStatement of investments as at 30 September 2011(expressed in USD)


YONGNAM HOLDINGS LTD 7,000,000 1,262,569 2.07SGD

56,592,274 92.86



57,180,393





299


TPK HOLDINGS CO. 21,750 411,870 1.59TWD


SHARES

CAYMAN ISLANDS

411,870 1.59

ADVANCEDSEMICONDUCTOR ENG. INC. 516,339 449,062 1.73TWD

TAIWAN

ADVANTECH CO LTD 103,900 277,565 1.07TWD

ASUSTEK COMPUTER INC. 120,760 915,504 3.53TWD

CAREER TECHNOLOGY CO.LTD 136,000 221,830 0.86TWD

CATCHER TECHNOLOGY CO.LTD 119,000 699,078 2.70TWD

CATHAY FINANCIAL HOLDING 340,578 393,446 1.52TWD

CHINA STEEL 646,970 634,864 2.45TWD

CHINATRUST FINANCIALHOLDING CO. 1,350,745 806,808 3.11TWD

CHUNGHWA TELECOM CO.LTD 55,194 183,858 0.71TWD

E SUN FINANCIAL HOLDINGLTD 968,891 480,150 1.85TWD

EVA AIRWAYS CORP. 400,000 267,147 1.03TWD

FAR EASTERN DEPARTMENTSTORES 242,240 319,593 1.23TWD

FAR EASTERN TEXTILE LTD 158,292 163,642 0.63TWD

FAR EASTONE TELECOM. CO.LTD 264,000 394,222 1.52TWD

FIRST FINANCIAL HOLDINGCO. 444,000 288,518 1.11TWD

FORMOSA CHEMICALS &FIBER CO. 161,000 420,595 1.62TWD

FORMOSA PLASTICS 421,000 1,128,833 4.36TWD

FUBON FINANCIAL HOLDINGCO. LTD 544,491 573,616 2.21TWD

HON HAI PRECISIONINDUSTRY CO. LTD 472,388 1,072,828 4.14TWD

HON HAI PRECISIONINDUSTRY /GDR 170,276 771,350 2.98USD

HTC CORP. 65,191 1,465,561 5.66TWD

KINSUS INTERCONNECTTECHN.CORP 97,000 319,936 1.23TWD

LARGAN PRECISION CO. LTD 29,000 682,405 2.63TWD

INVESTMENTS

Taiwan EquityStatement of investments as at 30 September 2011(expressed in USD)


MEDIA TEK INCORPORATION 83,082 920,251 3.55TWD

MEGA FINANCIAL HOLDINGCOMPANY 1,324,400 927,988 3.58TWD

NAN YA PLASTICS CORP. 379,000 824,666 3.18TWD

PRESIDENT CHAIN STORECORP. 141,000 802,868 3.10TWD

PRINCE HOUSINGDEVELOPMENT CO. 434,230 312,809 1.21TWD

QUANTA COMPUTER INC. 169,000 330,011 1.27TWD

RADIANT OPTOELECTRONICS CORP. 147,000 420,687 1.62TWD

SYNNEX TECHNOLOGYINTERNATIONAL 185,000 404,970 1.56TWD

TAIWAN CEMENT CORP. 233,000 251,581 0.97TWD

TAIWAN FERTILIZER CO. LTD 82,000 202,106 0.78TWD

TAIWAN SEMICONDUCTORMANUFACTURING 537,834 1,235,583 4.78TWD


UNI-PRESIDENTENTERPRISES CORP. 667,760 874,417 3.37TWD

YUANTA FINANCIAL HOLDINGCO. 372,792 189,637 0.73TWD

21,235,455 81.92


CHUNGHWA TELECOM CO/SADR 32,814 1,084,831 4.18USD


TAIWAN

QUANTA COMPUTER INC./SADR 46,257 451,640 1.74USD

TAIWAN SEMICONDUCTORMANUFACTURING/SADR 110,780 1,290,586 4.99USD

2,827,057 10.91


FAR EASTONE TELECOM/GDR 16,119 361,051 1.39USD


TAIWAN



300

FUBON FINANCIAL /SP.GDR 11,117 117,117 0.45USD

478,168 1.84



24,952,550

E INK HOLDINGS INC. 246,000 517,509 2.00TWD


SHARES

TAIWAN

SIMPLO TECHNOLOGY CO. 34,000 212,569 0.82TWD

730,078 2.82



730,078




Taiwan EquityStatement of investments as at 30 September 2011(expressed in USD)


301


ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 21,000,000 3,675,905 3.94THB


SHARES

THAILAND

ASIAN PROPERTYDEVELOPMENT PUBLIC CO. 120 21 0.00THB

BANPU PUBLIC CO. LTD/FOR.REG 220,000 3,730,827 3.99THB

CHAROEN POKPHANDFOODS/FOREIGN 4,300,000 3,694,373 3.96THB

ELECTRICITY GENERATING /FOREIGN REG 1,000,000 2,713,971 2.91THB

GLOW ENERGY PUBLIC CO.LTD 1,000,000 1,517,576 1.62THB

HANAMICROELECTRONICS/FOR.REG 4,317,800 2,343,677 2.51THB

INDORAMA VENTURES/FOREIGN REG 2,000,000 1,766,490 1.89THB

KASIKORNBANK PUBLICCOMPANY FOR. REG 700,000 2,675,429 2.86THB

KASIKORNBANK PUBLICCOMPANY LTD /NVDR 1,800,000 6,764,051 7.24THB

LPN DEVELOPMENT PUB. /FOR. REG 12,500,000 4,456,373 4.77THB

PRECIOUS SHIPPINGPUBL/FOREIGN 6,127,200 2,853,504 3.06THB

PTT AROMATICS & REFININGPUBLIC CO. LTD 4,000,000 3,160,411 3.38THB

PTT EXPL. PROD.PUBLIC/FOR. REG 700,000 3,136,323 3.36THB

PTT PLC CO. LTD /FOREIGNREG 950,000 7,933,145 8.49THB

RATCHABURIEL.GEN./FOREIGN REG. 2,000,000 2,730,030 2.92THB

SIAM CEMENT PUBLIC /NVDR 450,000 3,786,712 4.05THB

SIAM COMMERC.BANKPUBL./FOR.REG 2,600,000 8,851,720 9.49THB

SRI TRANG AGRO-IND 2,900,000 1,490,275 1.60THB

SUPALAI PUBLIC CO. LTD/FOREIGN 7,000,000 2,945,221 3.15THB

THAI AIRWAYSINTERNATIONAL /FOREIGNREG 300 193 0.00THB

INVESTMENTS

Thai EquityStatement of investments as at 30 September 2011(expressed in USD)


THAI OIL PUBLIC CO. /FOR.REG. 1,000,000 1,629,989 1.75THB

TISCO FINANCIAL GROUP /FOREIGN REG 2,000,000 2,312,496 2.48THB

TOTAL ACCESSCOMMUNICATION PCL 2,950,000 7,082,420 7.58THB

TOTAL ACCESSCOMMUNICATION PLC 750,000 1,782,560 1.91USD

83,033,692 88.91


BANGCHAK PETR/UNITS 4,500,000 2,384,762 2.55THB

UNIT SHARES

THAILAND

BANK OF AYUDHYA /NON-VOT DEP. RECEIPT 4,000,000 2,569,439 2.75THB

GLOW ENERGY PUBL UNITS/NON-VOT. 1,636,800 2,483,968 2.66THB

7,438,169 7.96

7.967,438,169TOTAL - UNIT SHARES


90,471,861






302

AKBANK 2,664,000 7,783,977 6.87TRY


SHARES

TURKEY

ALBARAKA TURK 1,080,000 808,263 0.71TRY

ANADOLU EFES BIRACILIK VEMALT 184,594 1,579,892 1.39TRY

ANADOLU HAYAT EMEKLILIKAS 1,069,591 1,268,835 1.12TRY

ARCELIK AS 484,533 1,411,906 1.25TRY

ASYA KATILIM BANKASI A.S 3,447,000 2,662,038 2.35TRY

BANVIT BANDIRMA 135,293 196,580 0.17TRY

BIM BIRLESIK MAGAZALARAS 51,000 1,045,559 0.92TRY

BIMEKS BILGI ISLEM 620,000 577,536 0.51TRY

BIZIM TOPTAN SATISMAGAZALARI 175,000 1,522,162 1.34TRY

COCA COLA ICECEK SANAYI 116,851 1,176,858 1.04TRY

EMLAK KONUT GAYR.REIT/IPO 1,483,000 1,416,849 1.25TRY

ENKA INSAAT VE SANAYI AS 2,477,942 4,438,896 3.92TRY

EREGLI DEMIR CELIK 701,000 906,928 0.80TRY

HURRIYET GAZETE 1,308,105 494,695 0.44TRY

KOC HOLDING AS 476,364 1,312,249 1.16TRY

KOZA ALTIN ISLETMELE A.S 424,000 3,747,055 3.31TRY

PETKIM PETROKIMYAHOLDING AS 2,899,958 2,770,603 2.45TRY

SABANCI HOLDING 1,725,000 4,463,481 3.94TRY

TAV HAVALIMALARI HOLDINGAS 1,401,000 4,104,755 3.62TRY

TEKFEN HOLDING AS 1,477,617 3,352,803 2.96TRY

TUPRAS TURKIYE PETROLRAFINEL 301,117 4,614,953 4.07TRY

TURK HAVA YOLLARI AO 1,267,000 1,371,882 1.21TRY

TURK TELEKOMUNIKASYON 1,160,000 3,684,955 3.25TRY

TURKCELL ILETISIM HIZMET 1,467,000 4,998,908 4.41TRY

TURKIYE GARANTI BANKASI 3,555,000 10,245,884 9.04TRY

TURKIYE HALK BANKASI AS 1,324,000 7,062,591 6.23TRY

TURKIYE IS BANKASI AS C 5,387,000 10,314,861 9.11TRY

TURKIYE VAKIFLAR BANKASITAO 3,632,000 5,392,944 4.76TRY

INVESTMENTS

Turkey EquityStatement of investments as at 30 September 2011(expressed in EUR)


YAPI KREDI BANKASA 5,383,000 8,850,050 7.81TRY

103,578,948 91.41

91.41103,578,948TOTAL SHARES


103,578,948





303


ITHACA ENERGY INC 832,800 841,128 1.86GBP


SHARES

CANADA

841,128 1.86

BARCLAYS PLC 1,105,467 1,764,878 3.91GBP

GREAT BRITAIN

BG GROUP PLC 147,924 1,806,152 4.00GBP

BHP BILLITON PLC 98,359 1,688,824 3.74GBP

BP PLC 505,191 1,945,996 4.31GBP

BRITISH AMERICANTOBACCO 69,705 1,903,644 4.21GBP

BT GROUP PLC 568,763 977,704 2.16GBP

CAPITA GRP 277,362 1,942,921 4.30GBP

CENTRICA PLC 696,215 2,035,732 4.51GBP

COMPASS GROUP PLC 351,203 1,789,379 3.96GBP

GLAXOSMITHKLINE PLC 147,981 1,957,049 4.33GBP

GREGGS PLC 217,524 995,390 2.20GBP

HOMESERVE PLC 213,007 974,933 2.16GBP

HSBC HOLDINGS PLC 736,058 3,608,155 7.98GBP

KINGFISHER PLC 736,529 1,799,340 3.98GBP

PETROFAC LTD 140,608 1,670,423 3.70GBP

PREMIER FOODS PLC 4,347,631 441,285 0.98GBP


RECKITT BENCKISER GROUPPLC 57,458 1,855,319 4.11GBP

RIO TINTO PLC /REG 52,593 1,501,793 3.32GBP

UNILEVER PLC 96,640 1,935,699 4.28GBP

VODAFONE GROUP PLC 1,188,178 1,960,494 4.34GBP

WM MORRISONSUPERMARKETS PLC 645,698 1,867,359 4.13GBP

WS ATKINS PLC 144,541 783,412 1.73GBP

XSTRATA PLC 190,722 1,544,467 3.42GBP

39,648,342 87.75

RESOLUTION 777,264 1,927,615 4.27GBP

GUERNSEY

1,927,615 4.27

INVESTMENTS

UK EquityStatement of investments as at 30 September 2011(expressed in GBP)


RYANAIR HOLDINGS PLC 346,039 985,912 2.18EUR

IRELAND

985,912 2.18

VIRGIN MEDIA INC 65,149 1,021,536 2.26GBP

UNITED STATES

1,021,536 2.26



44,424,533






304

ACCENTURE PLC 19,839 1,054,641 0.75USD


SHARES

IRELAND

1,054,641 0.75

ABBOTT LABORATORIES INC. 29,577 1,528,539 1.09USD

UNITED STATES

ADVANCED MICRO DEVICESINC. 99,194 509,857 0.36USD

AES CORP. 38,806 386,508 0.28USD

AETNA INC. 24,100 878,445 0.63USD

AFLAC INC. 27,240 955,034 0.68USD

ALTRIA GROUP 36,044 971,386 0.69USD

AMERICAN EXPRESS CO. 22,160 1,003,405 0.72USD

AMGEN INC. 20,627 1,142,736 0.82USD

APACHE CORP. 9,593 769,934 0.55USD

APPLE INC. 11,734 4,524,279 3.22USD

ARCHER-DANIELS MIDLANDCO. 18,421 469,183 0.33USD

AT & T 83,954 2,410,319 1.72USD

AVON PRODUCTS INC. 30,027 594,234 0.42USD

BAKER HUGHES INC. 16,047 741,050 0.53USD

BALL CORP. 26,159 818,777 0.58USD

BANK OF AMERICA CORP. 55,000 341,000 0.24USD

BAXTER INTERNATIONAL INC. 14,353 806,926 0.58USD

BECTON DICKINSON & CO. 12,525 926,474 0.66USD

BERKSHIRE HATHAWAY - B 19,519 1,399,512 1.00USD

BMC SOFTWARE INC. 16,985 674,135 0.48USD

BOEING CO. 15,799 962,949 0.69USD

CAMPBELL SOUP CO. 17,270 554,885 0.40USD

CAPITAL ONE FINANCIALCORP. 14,159 570,749 0.41USD

CATERPILLAR INC. 15,099 1,118,836 0.80USD

CF INDUSTRIES HOLDINGSINC. 2,991 389,009 0.28USD

CHEVRON CORPORATION 27,840 2,602,763 1.86USD

CIGNA CORP. 18,686 780,327 0.56USD

CITIGROUP INC. 20,425 536,156 0.38USD

CLIFFS NATURALRESOURCES INC. 10,103 527,175 0.38USD

CMS ENERGY CORP. 25,329 500,501 0.36USD

INVESTMENTS

US EquityStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

COACH INC. 20,000 1,065,600 0.76USD

COCA-COLA CO. 11,997 822,154 0.59USD

COCA-COLA ENTERPRISESINC 23,027 576,366 0.41USD

COLGATE-PALMOLIVE CO. 10,651 950,495 0.68USD

COMPUTER ASSOCIATESINTERNATIONAL INC. 30,255 598,444 0.43USD

CONOCOPHILLIPS 24,000 1,537,680 1.10USD

CONSTELLATION BRAND -A- 24,945 441,028 0.31USD

CORNING INC. 67,011 834,957 0.60USD

CSX CORP. 54,207 1,019,092 0.73USD

CUMMINS INC. 9,321 762,551 0.54USD

DANAHER CORP. 18,035 767,930 0.55USD

DARDEN RESTAURANTS 17,504 766,675 0.55USD

DEERE & CO. 9,465 621,188 0.44USD

DELL INC. 71,645 1,041,718 0.74USD

DEVON ENERGY CORP. (NEW) 15,000 842,550 0.60USD

DEVRY INC. 11,676 434,814 0.31USD

DIRECTV 20,215 864,596 0.62USD

DISCOVER FIN SVC 29,372 681,430 0.49USD

DOVER CORP. 17,500 810,950 0.58USD

DU PONT DE NEM.& CO./E.I. 25,378 1,028,317 0.73USD

DUN AND BRADSTREETCORP. 10,000 621,500 0.44USD

ELI LILLY & CO. 34,619 1,278,826 0.91USD

ENTERGY CORP. 14,911 992,476 0.71USD

EXELON CORP. 20,620 881,917 0.63USD

EXXON MOBIL CORP. 63,232 4,661,464 3.32USD

FORD MOTOR CO. 87,532 863,941 0.62USD

FREEPORT MCMO.COPP&GOLD -B- 27,158 837,281 0.60USD

GAMESTOP CORP. -A- 19,189 452,477 0.32USD

GENERAL ELECTRIC CO. 76,305 1,179,675 0.84USD

GILEAD SCIENCES INC. 29,032 1,126,442 0.80USD

GOOGLE INC. -A- 4,494 2,341,194 1.67USD

GRAINGER INC..WW 5,063 765,171 0.55USD

HALLIBURTON CO. 30,420 932,677 0.67USD

HARRIS CORP. 19,774 684,971 0.49USD

HASBRO INC. 15,000 498,750 0.36USD

HEWLETT-PACKARD CO. 5,949 136,351 0.10USD

HONEYWELLINTERNATIONAL INC. 17,194 762,726 0.54USD

HUMANA INC. 11,070 806,450 0.58USD


Quantity/Facevalue

305


IBM CORP. 17,459 3,089,720 2.21USD

INTEL CORP. 96,472 2,095,372 1.50USD

ITT CORP. 13,281 566,169 0.40USD

JOHNSON & JOHNSON 38,879 2,489,034 1.78USD

JP MORGAN 56,930 1,735,226 1.24USD

KOHL S CORP. 15,745 788,037 0.56USD

KROGER CO. 40,000 884,800 0.63USD

LORILLARD INC. 5,411 602,948 0.43USD

MACY S 12,083 323,945 0.23USD

MATTEL INC. 26,229 690,610 0.49USD

MCDONALD S CORP. 20,367 1,819,791 1.30USD

MICROSOFT CORP. 100,840 2,544,193 1.82USD

NASDAQ OMX GROUP INC. 16,886 394,626 0.28USD

NORDSTROM INC. 10,128 465,078 0.33USD

NORFOLK SOUTHERN CORP. 10,382 638,908 0.46USD

NORTHEAST UTILITIES 14,583 497,572 0.36USD

OCCIDENTAL PETROLEUMCORP. 15,047 1,092,262 0.78USD

OMNICOM GROUP INC. 28,339 1,056,761 0.75USD

ORACLE CORP. 70,039 2,057,045 1.47USD

PEPSICO INC. 10,000 623,400 0.45USD

PFIZER INC. 58,890 1,050,009 0.75USD

PHILIP MORRISINTERNATIONAL 29,775 1,877,314 1.34USD

PNC FINANCIAL SERVICES GP 16,454 797,196 0.57USD

PROCTER & GAMBLE CO. 16,216 1,040,419 0.74USD

PROLOGIS INC. 18,035 451,236 0.32USD

PRUDENTIAL FINANCIAL INC. 22,948 1,081,080 0.77USD

PUBLIC SERVICESENTERPRISE 26,419 895,076 0.64USD

PUBLIC STORAGE INC. 6,000 669,780 0.48USD

QUALCOMM INC. 26,136 1,295,823 0.93USD

RAYTHEON COMPANY 17,500 715,750 0.51USD

ROSS STORES INC. 7,426 580,416 0.41USD

SCHLUMBERGER LTD 19,073 1,147,813 0.82USD

SLM CORP. 45,088 573,068 0.41USD

TIME WARNER CABLE 13,000 819,000 0.58USD

TJX COS INC. 18,178 1,020,331 0.73USD

TORCHMARK CORP. 18,500 650,830 0.46USD

TYSON FOODS INC. -A- 40,580 717,454 0.51USD

UNITEDHEALTH GROUP INC. 21,954 1,003,737 0.72USD

US BANCORP. 44,623 1,068,721 0.76USD

US EquityStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

VORNADOREAL.TRUST/BEN.IN 11,140 848,645 0.61USD

WAL-MART STORES INC. 37,266 1,943,422 1.39USD

WELLS FARGO & CO. 42,835 1,063,593 0.76USD

WESTERN UNION COMPANY 46,334 720,030 0.51USD

3M CO. 16,620 1,214,922 0.87USD

114,389,069 81.67

82.42115,443,710TOTAL SHARES


115,443,710

USA 0% 11-02.12.11 TB 9,000,000 8,999,794 6.42USD

FINANCIAL INSTRUMENTS

TREASURY BILLS

UNITED STATES

8,999,794 6.42

6.428,999,794TOTAL TREASURY BILLS

6.42TOTAL FINANCIAL INSTRUMENTS 8,999,794





Quantity/Facevalue


306

C SHASHU 6.5% 11-22.07.14 4,000,000 579,656 1.34CNY


BONDS

CAYMAN ISLANDS

EVERGRANDE 7.5% 11-19.01.14 3,000,000 338,440 0.78CNY

INTIME DEP 4.65% 11-21.07.14 2,000,000 297,438 0.69CNY

1,215,534 2.81

SINCON 4.75% 11-14.04.14 2,000,000 277,362 0.64CNY

HONG KONG

277,362 0.64

BK DANAMON 10.6% 07-19.04.12 3,000,000,000 348,065 0.81IDR

INDONESIA

INDONESIA 8.375% 10-15.09.26 9,500,000,000 1,189,966 2.75IDR

PERTAMINA 6.5% 11-27.05.41 500,000 489,705 1.13USD

2,027,736 4.69

MALAYAN BANKING 6% (FRN)08-PERP 750,000 625,835 1.45SGD

MALAYSIA

625,835 1.45

PETRON 7% 10-10.11.17 /USD 70,000,000 1,598,002 3.70PHP

PHILIPPINES

1,598,002 3.70

OLAM INTL 6% 11-10.08.18 1,500,000 1,184,447 2.74SGD

SINGAPORE

1,184,447 2.74

BK OF KOREA 3.83% 11-02.04.13 1,200,000,000 1,012,590 2.35KRW

SOUTH KOREA

KDB 7% 11-03.05.12 10,000,000 205,175 0.47INR

1,217,765 2.82

THAILAND GOV 3.125% 10-11.12.15 20,000,000 633,316 1.46THB

THAILAND

THAILAND GOV 3.65% 10-17.12.21 15,000,000 479,978 1.11THB

INVESTMENTS

Asian Currencies Bond (launched as at 27 April 2011)Statement of investments as at 30 September 2011(expressed in USD)


Face Value

THAILAND GOV 5.25% 07-12.05.14 35,000,000 1,172,366 2.72THB

2,285,660 5.29

RELIANCE 6.25% 10-19.10.40 500,000 442,915 1.02USD

UNITED STATES

442,915 1.02

RAINBOW 3% 11-30.06.16 2,000,000 312,875 0.72CNY

VIRGIN ISLANDS

312,875 0.72

25.8811,188,131TOTAL BONDS

MALAYAN BANK 3.8% (FRN)11-28.04.21 750,000 583,007 1.35SGD

FLOATING RATE BONDS

MALAYSIA

583,007 1.35

UOBSP FRN 11-01.04.21 1,000,000 794,498 1.84SGD

SINGAPORE

794,498 1.84

3.191,377,505TOTAL FLOATING RATE BONDS

LG UPLUS 10-29.09.12 CV/ LGST-DW 500,000 477,500 1.10USD

CONVERTIBLE BONDS - ZERO COUPON

SOUTH KOREA

477,500 1.10

1.10477,500TOTAL - CONVERTIBLE BONDS - ZEROCOUPON


13,043,136

BK DANAMON 8.75% 10-09.12.13 5,000,000,000 572,447 1.32IDR


BONDS

INDONESIA

INDONESIA 8.25% 10-15.07.21 4,000,000,000 499,644 1.16IDR

INDONESIA 9.5% 10-15.07.31 4,000,000,000 546,251 1.26IDR

PT INDOFOOD 10.0125% 07-15.05.12 3,000,000,000 351,556 0.81IDR


Face Value

307


PT INDOSAT TBK 10.2% 07-29.05.14 3,000,000,000 365,598 0.85IDR

2,335,496 5.40

CAGAMAS BHD 4.21% 99-31.10.12 4,000,000 1,265,653 2.93MYR

MALAYSIA

MALAYSIA 3.434% 11-15.08.14 5,000,000 1,574,893 3.64MYR

MALAYSIA 4.16% 11-15.07.21 2,000,000 650,177 1.50MYR

MALAYSIA 4.232% 11-30.06.31 2,500,000 795,309 1.84MYR

MALAYSIA 4.26% 06-15.09.16 2,000,000 651,013 1.51MYR

MALAYSIA 4.392% 11-15.04.26 3,000,000 982,407 2.27MYR

5,919,452 13.69

PHILIPPINES 5.875% 08-31.01.18 45,000,000 1,075,822 2.48PHP

PHILIPPINES

PHILIPPINES 8% 11-19.07.31 40,000,000 983,831 2.28PHP

2,059,653 4.76

SINGAPORE 1.125% 11-01.04.16 1,500,000 1,182,939 2.74SGD

SINGAPORE

SINGAPORE 2.25% 11-01.06.21 1,800,000 1,460,212 3.37SGD

SINGAPORE 2.375% 10-01.04.17 1,000,000 832,432 1.93SGD

SINGAPORE 2.875% 10-01.09.30 500,000 431,695 1.00SGD

SINGAPORE 3.25% 05-01.09.20 1,000,000 874,408 2.02SGD

4,781,686 11.06

BANK OF KOREA 3.62% 10-02.04.12 1,000,000,000 842,722 1.95KRW

SOUTH KOREA

BANK OF KOREA 3.81% 10-02.08.12 1,000,000,000 848,035 1.96KRW

EIBK 1.57% 10-24.05.12 750,000 578,900 1.34SGD

KOREA 4.25% 11-10.06.21 500,000,000 433,645 1.00KRW

KOREA 5% 10-10.06.20 250,000,000 227,663 0.53KRW

KOREA 5.75% 08-10.09.18 1,000,000,000 940,400 2.17KRW

3,871,365 8.95

Asian Currencies Bond (launched as at 27 April 2011)Statement of investments as at 30 September 2011(expressed in USD)


Face Value

THAILAND GOV 1.2%14.07.21/CPI 20,000,000 649,323 1.50THB

THAILAND

THAILAND GOV 2.8% 10-10.10.17 60,000,000 1,846,808 4.28THB

THAILAND GOV 3.65% 10-20.06.31 15,000,000 455,051 1.05THB

2,951,182 6.83

50.6921,918,834TOTAL BONDS

CAPITALAND COM 2.875%09-03.09.16 CV 500,000 356,896 0.83SGD

CONVERTIBLE BONDS

SINGAPORE

356,896 0.83

0.83356,896TOTAL CONVERTIBLE BONDS


22,275,730

MALAYSIA 4.012% 10-15.09.17 3,000,000 961,019 2.22MYR


BONDS

MALAYSIA

961,019 2.22

SINGAPORE 3.5% 07-01.03.27 750,000 682,605 1.58SGD

SINGAPORE

682,605 1.58

KOREA 4%11-10.03.16 500,000,000 429,064 0.99KRW

SOUTH KOREA

KOREA 4.75% 10-10.12.30 2,000,000,000 1,847,509 4.28KRW

2,276,573 5.27

9.073,920,197TOTAL BONDS






Face Value


308

BRAZIL 0% 06-21.12.11 482 1,263,974 2.44BRL


BONDS

BRAZIL

BRAZIL 0% 11-01.07.13LETRAS TES 13,205 5,937,099 11.46BRL

BRAZIL 10% 07-01.01.13 5,200 2,773,812 5.35BRL

BRAZIL 10% 07-01.01.17 3,500 1,768,313 3.41BRL

BRAZIL 6% 03-15.05.15 S.B /INDEX 1,450 1,661,661 3.21BRL

13,404,859 25.87

25.8713,404,859TOTAL BONDS

BRAZIL FRN 09-07.03.13 810 2,124,123 4.10BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL 0% 06-07.03.12 /LFT 1,504 3,944,030 7.61BRL

6,068,153 11.71



19,473,012

BRAZIL 0% 08-07.03.14 1,790 4,694,053 9.06BRL


BONDS

BRAZIL

BRAZIL 0% 10-01.01.13 15,000 7,101,903 13.70BRL

BRAZIL 0% 10-1.07.12 LTN 6,800 3,382,953 6.53BRL

BRAZIL 10% 05-01.01.12SERIES F 6,121 3,272,762 6.32BRL

BRAZIL 6% 08-15.05.13 / IPCA 350 400,842 0.77BRL

18,852,513 36.38

36.3818,852,513TOTAL BONDS

BRAZIL FRN 07-07.03.13 1,353 3,548,071 6.85BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL FRN 08-07.09.12 1,551 4,067,294 7.85BRL

INVESTMENTS

Brazil BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

BRAZIL 0% 07-07.06.13 815 2,137,228 4.12BRL

9,752,593 18.82



28,605,106

BRAZIL 10% 06-01.01.14 S.F 6,100 3,207,028 6.19BRL


BONDS

BRAZIL

3,207,028 6.19







Face Value

309


BRAZIL 6% 03-15.05.15 S.B /INDEX 5,800 6,734,747 6.29BRL


BONDS

BRAZIL

BRAZIL 6% 04-15.05.45 N.TES. 6,900 7,977,768 7.45BRL

14,712,515 13.74

ISRAEL 3.5% 08-30.04.18 CPI 12,100,000 4,093,011 3.82ILS

ISRAEL

ISRAEL 4% 01-30.07.21 /INFL 15,800,000 6,218,734 5.81ILS

10,311,745 9.63

MEXICO 3.5% 08-14.12.17 CPI 65,000 2,390,312 2.23MXN

MEXICO

MEXICO 4% 09-13.06.19/INFL 76,000 2,852,123 2.66MXN

MEXICO 4.5% 04-18.12.14/INFL 127,000 4,658,365 4.35MXN

MEXICO 4.5% 06-22.11.35UDIBONOS 201,000 7,601,035 7.11MXN

17,501,835 16.35

39.7242,526,095TOTAL BONDS

ISRAEL 0.5% 10-30.06.13 CPI 24,300,000 6,761,669 6.31ILS

FLOATING RATE BONDS

ISRAEL

6,761,669 6.31


POLAND FRN 04-24.08.16 IZ0816 10,700,000 4,037,467 3.77PLN

INFLATION INDEX BOND

POLAND

POLAND 2.75% 08-25.08.23/INFL 9,500,000 3,072,089 2.87PLN

7,109,556 6.64

SOUTH AFRICA FRN 00-31.03.13/CPI 20,000,000 5,314,356 4.96ZAR

SOUTH AFRICA

SOUTH AFRICA 5.5% 01-07.12.23/INFL 40,600,000 11,869,567 11.09ZAR

17,183,923 16.05

INVESTMENTS

Emerging Inflation Linked Bond (launched as at 30 June2011)Statement of investments as at 30 September 2011(expressed in USD)


Face Value

TURKEY FRN 09-21.05.14 CPI 2,700,000 1,956,967 1.83TRY

TURKEY

TURKEY 3% 11-06.01.21/CPI 1,800,000 993,295 0.93TRY

TURKEY 4% 10-29.04.15/TUCPI 9,500,000 5,696,764 5.32TRY

8,647,026 8.08

30.7732,940,505TOTAL INFLATION INDEX BOND


82,228,269

BRAZIL 6% 08-15.05.13 / IPCA 6,500 7,542,428 7.04BRL


BONDS

BRAZIL

7,542,428 7.04


KOREA 2.75% 10-10.6.20/CPI 3,000,000,000 3,100,365 2.90KRW


SOUTH KOREA

3,100,365 2.90



10,642,793

BRAZIL 6% 03-15.08.24/INFL 1,000 1,145,351 1.07BRL


BONDS

BRAZIL

BRAZIL 6% 06-15.05.35S.NTNB 3,900 4,499,436 4.20BRL

5,644,787 5.27



USA 0% 11-10.11.11 TB 4,000,000 3,999,968 3.73USD


TREASURY BILLS

UNITED STATES


Face Value


310

USA 0% 11-29.12.11 TB 2,000,000 1,999,900 1.87USD

5,999,868 5.60






Emerging Inflation Linked Bond (launched as at 30 June2011)Statement of investments as at 30 September 2011(expressed in USD)


Face Value

311


ASFINAG 4.375% 09-08.07.19 1,340,000 1,509,872 1.74EUR


BONDS

AUSTRIA

AUSTRIA 3.2% 10-20.02.17 2,400,000 2,542,680 2.92EUR

4,052,552 4.66

BELGIUM 3.75% 05-28.09.15OLO46 2,000,000 2,083,650 2.39EUR

BELGIUM

2,083,650 2.39

HUTCH WHAM 4.75% 09-14.11.16 1,000,000 1,036,415 1.19EUR

CAYMAN ISLANDS

1,036,415 1.19

CEZ 4.875% 10-16.04.25 800,000 807,176 0.93EUR

CZECH REPUBLIC

807,176 0.93

BNPP 3.25% 09-27.03.12 1,300,000 1,303,965 1.50EUR

FRANCE

CCBP 9.25% 09-PERP 400,000 314,464 0.36EUR

CRH 3.3% 10-23.09.22 1,350,000 1,308,488 1.50EUR

FRANCE 3.5% 04-25.04.15OAT 2,000,000 2,146,650 2.47EUR

FRANCE 3.75% 05-25.04.21OAT 2,000,000 2,207,299 2.54EUR

FRANCE 4.75% 04-25.04.35OAT 2,500,000 3,059,187 3.52EUR

GECSCF 3 3.75% 09-22.07.14 1,550,000 1,605,568 1.84EUR

11,945,621 13.73

GERMANY 2.5% 10-04.01.21 200,000 211,860 0.24EUR

GERMANY

GERMANY 3.25% 09-04.01.20 400,000 448,720 0.52EUR

GERMANY 3.75% 08-04.01.19 2,000,000 2,305,100 2.65EUR

GERMANY 4.75% 98-04.07.28 2,800,000 3,640,699 4.19EUR

GERMANY 5.50% 00-04.01.31 1,150,000 1,642,459 1.89EUR

KFW 3.125% 09-04.07.16 2,800,000 2,971,709 3.41EUR

KFW 3.125% 11-15.06.18 2,300,000 2,434,700 2.80EUR

13,655,247 15.70

INVESTMENTS

Euro BondStatement of investments as at 30 September 2011(expressed in EUR)


Face Value

ABBEY NATIONAL 3.125% 10-30.06.14 1,000,000 1,007,800 1.16EUR

GREAT BRITAIN

BARCLAYS BANK 4.75% 05-PERP. 1,000,000 508,995 0.58EUR

CGNU PLC 5.75% 01-14.11.21REGS 1,000,000 984,990 1.13EUR

LLOYDS 3.375% 10-17.03.15 1,000,000 1,020,010 1.18EUR

3,521,795 4.05

ITALY 3.75% 10-01.03.21 BTP 2,100,000 1,851,780 2.13EUR

ITALY

ITALY 4.00% 05-01.02.37 BTP 2,300,000 1,682,910 1.93EUR

ITALY 4.25% 03-01.08.13 BTP 2,000,000 2,002,950 2.30EUR

ITALY 4.25% 04-01.02.15 BTP 3,000,000 2,972,474 3.42EUR

ITALY 4.25% 04-01.08.14 BTPAGO 1,000,000 995,075 1.14EUR

ITALY 4.25% 08-15.04.13 BTP 1,000,000 1,001,625 1.15EUR

UBI BK SPCA 4.125% 11-21.10.13 769,000 738,167 0.85EUR

11,244,981 12.92

AIG. SUN. III 4.75% 03-11.09.13 1,100,000 1,107,964 1.27EUR

JERSEY

1,107,964 1.27

BEI 4.75% 07-15.10.17 EMTN 1,300,000 1,480,993 1.70EUR

LUXEMBOURG

1,480,993 1.70

ABN AMRO 4.25% 11-11.04.16 500,000 508,358 0.58EUR

NETHERLANDS

ABN AMRO 6.375% 11-27.04.21/SUB 550,000 531,603 0.61EUR

NETHERLANDS 3.5% 10-15.07.20 3,350,000 3,706,188 4.26EUR

4,746,149 5.45

SANTANDER 4.375% 11-16.03.15 700,000 708,211 0.81EUR

SPAIN

SANTANDER 4.625% 11-20.01.16 600,000 610,239 0.70EUR

SANTANDER 5.435% (FRN)07-24.10.17 500,000 427,498 0.49EUR

SPAIN 4.25% 08-31.01.14 1,800,000 1,830,600 2.10EUR


Face Value


312

SPAIN 4.4% 04-31.01.15 2,000,000 2,046,250 2.36EUR

SPAIN 5% 02-30.07.12 1,300,000 1,318,850 1.52EUR

SPAIN 5.5% 02-30.07.17 1,000,000 1,054,225 1.21EUR

7,995,873 9.19

BOA 4.75% 10-03.04.17 450,000 400,547 0.46EUR

UNITED STATES

MERRILL LYNCH 6.75% 08-21.05.13 EMTN 500,000 499,468 0.57EUR

900,015 1.03

74.2164,578,431TOTAL BONDS

FORTIS BK FRN 07-17.01.17S329 1,100,000 1,040,991 1.20EUR

FLOATING RATE BONDS

BELGIUM

1,040,991 1.20

BANQUE POSTALE FRN 06-12.12.16 750,000 733,440 0.84EUR

FRANCE

BFCM FRN 06-19.12.16 500,000 488,043 0.56EUR

CREDIT AGRICO FRN 08-PERP 700,000 504,592 0.58EUR

NATEXIS BQ POP. FRN 04-04.11.16 1,000,000 976,869 1.12EUR

NATEXIS BQ POP.FRN 06-26.01.17 700,000 650,416 0.75EUR

SOCGEN FRN 10-31.03.12 1,000,000 993,469 1.14EUR

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 800,000 742,904 0.85EUR

5,089,733 5.84

GE CAP IV FRN 09-15.09.66SUB 500,000 396,178 0.46EUR

UNITED STATES

396,178 0.46



71,105,333



Face Value

TDCDC 4.375% 11-23.02.18 750,000 773,250 0.89EUR


BONDS

DENMARK

773,250 0.89

BFCM 4% 10-22.10.20 / SUB 400,000 339,350 0.39EUR

FRANCE

CADES 3.25% 11-07.03.18 2,000,000 2,082,249 2.38EUR

CR AGR 3.9% 10-19.04.21 550,000 422,329 0.48EUR

PSA FIN 4.25% 11-25.02.16 400,000 379,288 0.44EUR

3,223,216 3.69

BPCM 3.83% 10-06.10.17 650,000 669,786 0.77EUR

GREAT BRITAIN

SCOT & STH EN 5.025% 10-PERP 750,000 702,581 0.81EUR

1,372,367 1.58

LA CAIXA 5.125% 11-27.04.16 800,000 807,708 0.93EUR

SPAIN

TELEFONICA 4.75% 11-07.02.17 500,000 493,558 0.57EUR

1,301,266 1.50


ALLIANDER 4.875% (FRN) 10-29.11.49 2,300,000 2,288,765 2.63EUR

FLOATING RATE BONDS

NETHERLANDS

2,288,765 2.63



8,958,864

BNPP HM LN COV 3.375% 10-01.17 2,100,000 2,134,282 2.46EUR


BONDS

FRANCE

2,134,282 2.46


Face Value

313


UNICREDIT 4.25% 09-29.07.16 1,150,000 1,133,958 1.30EUR

ITALY

1,133,958 1.30



CALL EURIBOR 360 /3MONATE 19/12/2011 98.75 220 74,250 0.09EUR


OPTIONS

GERMANY

CALL EURIBOR 360 /3MONATE 19/12/2011 99.125 220 11,000 0.01EUR

CALL EURIBOR 360 /3MONATE 19/12/2011 99.875 (220) (44,000) (0.05)EUR

CALL EURIBOR 360/3MONATE 19/12/2011 99.00 (220) (24,750) (0.03)EUR

CALL EURO BUND 30/09/2011139.00 (40) (400) 0.00EUR

PUT EURO BOBL 30/09/2011120.25 (220) (1,100) 0.00EUR

PUT EURO BOBL 30/09/2011121.00 (110) (1,100) 0.00EUR

PUT EURO BOBL 30/09/2011121.50 50 250 0.00EUR

PUT EURO BOBL 30/09/2011122.00 60 1,200 0.00EUR

PUT EURO BUND 30/09/2011136.00 (80) (800) 0.00EUR

14,550 0.02

0.0214,550TOTAL OPTIONS

0.02TOTAL FINANCIAL INSTRUMENTS 14,550






Face Value


314

CBA 5.5% 09-06.08.19 5,500,000 5,563,470 1.46EUR


BONDS

AUSTRALIA

5,563,470 1.46

HUTCH WHAM 4.75% 09-14.11.16 13,000,000 13,473,395 3.54EUR

CAYMAN ISLANDS

13,473,395 3.54

DANSKE BANK 6.00% 07-20.03.16 3,150,000 3,106,672 0.82EUR

DENMARK

3,106,672 0.82

AXA SA 5.777% 06-PERP 5,000,000 3,209,325 0.84EUR

FRANCE

BFCM 4.471% 05-PERP. 5,000,000 2,963,050 0.78EUR

BPCE 6.117% 07-PERP EMTN 6,000,000 3,242,250 0.85EUR

CASINO GP 4.726 11-26.05.21 4,600,000 4,404,730 1.16EUR

CNCEP 5.60% 99-05.11.11 1,000,000 1,000,780 0.26EUR

CRH 3.3% 10-23.09.22 6,500,000 6,300,125 1.65EUR

DEXIA CLF 4.375% 07-12.02.19 SUB 1,000,000 723,050 0.19EUR

FRANCE TELECOM 8.125%03-28.01.33 2,000,000 2,709,720 0.71EUR

ST GOBAIN 4.5% 11-30.09.19 5,100,000 4,989,560 1.31EUR

VALEO SA 4.875% 11-11.05.18 5,000,000 4,753,575 1.25EUR

34,296,165 9.00

DEUTSCHE BANK 5% 10-24.06.20 1,000,000 946,510 0.25EUR

GERMANY

FRANZ H&C 5.875% 10-01.02.17 5,000,000 4,988,225 1.31EUR

GERMANY 2.75% 11-08.04.16 23,000,000 24,710,050 6.49EUR

MUNICH RE FIN. 6.75% 03-21.06.23 8,000,000 8,281,520 2.17EUR

38,926,305 10.22

CS LDN 3.875% 10-25.01.17 5,000,000 5,005,700 1.31EUR

GREAT BRITAIN

FCE BK 9.375% 09-17.01.14 1,500,000 1,585,140 0.42EUR

MONDI FIN 5.75% 10-03.04.17 3,000,000 2,942,745 0.77EUR

INVESTMENTS

Euro Credit BondStatement of investments as at 30 September 2011(expressed in EUR)


Face Value

VIRGIN MEDIA FIN 9.5% 09-15.08.16 3,250,000 3,512,226 0.92EUR

13,045,811 3.42

GE CAP EUR 5.375% 09-23.01.20 7,450,000 7,940,769 2.08EUR

IRELAND

7,940,769 2.08

INT SANPAOLO 5.75% (FRN)08-28.05.18 1,650,000 1,405,932 0.37EUR

ITALY

1,405,932 0.37

ABN AMRO 6.375% 11-27.04.21/SUB 7,000,000 6,765,850 1.78EUR

NETHERLANDS

ADECCO IF 4.75% 11-13.04.18 2,000,000 1,984,080 0.52EUR

ALLIANZ FIN.II 6.125% 02-31.05.22 EMTN 6,000,000 5,849,700 1.54EUR

DEUTSCHE TELEKOM IF4.875% 10-22.04.25 15,000,000 15,391,124 4.04EUR

EUREKO 7.375% 09-16.06.14 9,000,000 9,718,110 2.55EUR

KPN 7.5% 09-04.02.19 5,000,000 5,984,700 1.57EUR

RABOBANK 4.125% 10-14.01.20 5,000,000 5,289,350 1.39EUR

RABOBANK 5.875% 09-20.05.19 8,000,000 8,586,880 2.25EUR

SOLVAY FIN. 6.375% 06-02.06.21 4,000,000 3,921,880 1.03EUR

63,491,674 16.67

CAIXA GERAL 3.875% 06-06.12.16 4,000,000 2,787,900 0.73EUR

PORTUGAL

2,787,900 0.73

GAS NCP 4.125% 10-26.01.18 5,000,000 4,605,850 1.21EUR

SPAIN

4,605,850 1.21

SWEDBANK 7.375% 08-26.06.18 10,000,000 10,177,300 2.67EUR

SWEDEN

10,177,300 2.67

CARGILL INC. 6.25 08-24.07.15 1,000,000 1,137,155 0.30EUR

UNITED STATES

CL CAPITAL TRUST 7.047%02-PERP. 4,000,000 2,920,000 0.77EUR


Face Value

315


CS GROUP (US) 3.625% 05-14.09.20 5,700,000 4,816,073 1.26EUR

FRESENIUS FINANCE II 8.75%09-15.07.15 5,000,000 5,768,425 1.51EUR

GOLDM.SACHS 4.75%04-28.01.14 8,000,000 8,002,320 2.11EUR

GS 4.375% 10-16.03.17 6,000,000 5,608,770 1.47EUR

MERRILL LYNCH 6.75% 08-21.05.13 EMTN 6,000,000 5,993,610 1.57EUR

WELLS FARGO 4.125% 06-03.11.16 5,250,000 5,255,145 1.38EUR

ZURICH FIN. USA 4.5% 05-15.06.25 2,000,000 1,880,980 0.49EUR

ZURICH FIN.USA 5.75% 03-02.10.23 6,000,000 5,917,170 1.55EUR

47,299,648 12.41

64.60246,120,891TOTAL BONDS

FORTIS BK FRN 07-17.01.17S329 5,000,000 4,731,775 1.24EUR

FLOATING RATE BONDS

BELGIUM

4,731,775 1.24

BFCM FRN 06-19.12.16 3,000,000 2,928,255 0.77EUR

FRANCE

BPCE FRN 09-PERP 6,700,000 6,257,834 1.64EUR

CREDIT LOGEMENT FRN 07-15.06.17 1,050,000 980,264 0.26EUR

NATEXIS BQ POP.FRN 06-26.01.17 11,000,000 10,220,815 2.68EUR

SOCGEN FRN 10-31.03.12 6,000,000 5,960,820 1.56EUR

26,347,988 6.91

HSH NORDBK FRN 07-14.02.17 S.239 3,000,000 1,471,935 0.39EUR

GERMANY

1,471,935 0.39

BARCLAYS BANK FRN 07-30.05.17 700,000 630,763 0.17EUR

GREAT BRITAIN

630,763 0.17

ALLIANZ FIN 5.75% 11-08.07.41 SUB 8,200,000 6,513,957 1.71EUR

NETHERLANDS

6,513,957 1.71



Face Value

GE CAP IV FRN 09-15.09.66SUB 8,000,000 6,338,840 1.66EUR

UNITED STATES

6,338,840 1.66



292,156,149

TDCDC 4.375% 11-23.02.18 7,000,000 7,217,000 1.89EUR


BONDS

DENMARK

7,217,000 1.89

PSA FIN 3.875% 11-14.01.15 5,000,000 4,806,000 1.26EUR

FRANCE

PSA FIN 4.25% 11-25.02.16 3,900,000 3,698,058 0.97EUR

RCI BQ 3.25% 11-17.01.14 7,400,000 7,185,733 1.89EUR

15,689,791 4.12

BARCLAYS 4.125% 11-15.03.16 2,750,000 2,739,124 0.72EUR

GREAT BRITAIN

BARCLAYS 6.625% 11-30.03.22 5,000,000 4,237,400 1.11EUR

BPCM 3.83% 10-06.10.17 6,000,000 6,182,639 1.63EUR

LLOYDS 4.5% 11-15.09.14 6,000,000 5,942,880 1.56EUR

SCOT & STH EN 5.025% 10-PERP 6,000,000 5,620,650 1.48EUR

24,722,693 6.50

SUEDZ FIN 4.125% 11-29.03.18 3,050,000 3,178,863 0.83EUR

NETHERLANDS

3,178,863 0.83

TELEFONICA 4.75% 11-07.02.17 8,000,000 7,896,920 2.07EUR

SPAIN

7,896,920 2.07

15.4158,705,267TOTAL BONDS


Face Value


316

ALLIANDER 4.875% (FRN) 10-29.11.49 6,000,000 5,970,690 1.57EUR

FLOATING RATE BONDS

NETHERLANDS

5,970,690 1.57



64,675,957

HSBC 3.125% 10-15.11.17 5,000,000 4,893,575 1.28EUR


BONDS

GREAT BRITAIN

4,893,575 1.28

LEHMAN 4.625% 07-14.03.19DEFLT 900,000 90 0.00EUR

NETHERLANDS

90 0.00



PUT EURO BOBL 30/09/2011120.25 (600) (3,000) 0.00EUR


OPTIONS

GERMANY

PUT EURO BOBL 30/09/2011121.00 300 3,000 0.00EUR

PUT EURO BUND 30/09/2011138.00 (100) (165,000) (0.04)EUR

(165,000) (0.04)

(0.04)(165,000)TOTAL OPTIONS

(0.04)TOTAL FINANCIAL INSTRUMENTS (165,000)






Face Value

317


WIENERBERGER 6.5% 07-PERP 1,800,000 1,302,417 0.27EUR


BONDS

AUSTRIA

1,302,417 0.27

BARRY CALL.SVCS 6.00% 07-13.07.17 2,279,000 2,351,768 0.49EUR

BELGIUM

FORTIS BANK 4.625% 04 -PERP. 11,500,000 7,219,125 1.52EUR

KBC BANK 8% 08-PERP. 5,200,000 3,478,670 0.73EUR

13,049,563 2.74

UPCB FIN 7.625%10-15.01.20REGS 2,800,000 2,619,820 0.55EUR

CAYMAN ISLANDS

2,619,820 0.55

DONG ENERGY 7.75% 11-PERP /SUB 4,000,000 4,087,540 0.86EUR

DENMARK

FS FUNDING 8.875% 06-15.05.16 REG 3,600,000 3,189,672 0.67EUR

7,277,212 1.53

AXA SA 5.777% 06-PERP 10,050,000 6,450,743 1.35EUR

FRANCE

BFCM 4.471% 05-PERP. 4,005,000 2,373,403 0.50EUR

BPCE 6.117% 07-PERP EMTN 10,850,000 5,863,069 1.23EUR

CEGEDIM 7% 10-27.07.15 1,000,000 881,670 0.18EUR

CROWN EU HOLDING 7.125%15.08.18 REGS 16,100,000 15,651,775 3.27EUR

LAFARGE 5.5% 09-16.12.19ST-UP 15,750,000 13,660,683 2.86EUR

NEXANS 5.75% 07-02.05.17 8,200,000 7,587,050 1.59EUR

PERNOD RICARD 5% 11-15.03.17 3,600,000 3,608,820 0.76EUR

PERNOD 4.875% 10-18.03.16 6,300,000 6,344,163 1.33EUR

PERNOD-RICARD 7% 09-15.01.15 500,000 537,875 0.11EUR

PEUGEOT SA 8.375% 09-15.07.14 3,250,000 3,459,008 0.73EUR

PEUGEOT 6.875% 11-30.03.16 3,500,000 3,515,908 0.74EUR

INVESTMENTS

Euro High Yield BondStatement of investments as at 30 September 2011(expressed in EUR)


Face Value

RENAULT 5.625% 10-30.06.15 13,000,000 12,863,434 2.69EUR

REXEL 7% 11-17.12.18 693,000 648,364 0.14EUR

REXEL 8.25% 09-15.12.16 3,531,000 3,558,824 0.75EUR

RHODIA 7% 10-15.05.18 5,250,000 5,805,818 1.22EUR

SCOR ASSIST 6.154% 06-PERP. 3,350,000 2,360,477 0.50EUR

TEREOS EUROPE 6.375% 07-15.04.14 REGS 5,355,000 5,364,157 1.13EUR

VINCI 6.25% 06-PERP 2,350,000 2,315,937 0.49EUR

102,851,178 21.57

COMZBK 7.75% 11-16.03.21 /SUB 6,800,000 5,277,922 1.11EUR

GERMANY

ELSTER FIN 6.25% 11-15.04.18 4,500,000 4,169,610 0.87EUR

HSH NORDBANK 4.375% 07-14.02.08 2,050,000 1,049,631 0.22EUR

KABEL DEUTS 6.5% 11-29.06.18 1,000,000 992,100 0.21EUR

MUNICH RE 5.767% 07-26.06.49 3,000,000 2,404,785 0.50EUR

UNITYMEDIA 8.125% 09-01.12.17 14,300,000 14,329,958 3.01EUR

28,224,006 5.92

BARCLAYS BANK 4.75% 05-PERP. 12,200,000 6,209,739 1.30EUR

GREAT BRITAIN

FCE BK 4.75% 11-19.01.15 3,750,000 3,555,206 0.75EUR

FCE BK 9.375% 09-17.01.14 14,000,000 14,794,640 3.11EUR

MONDI FIN 5.75% 10-03.04.17 5,125,000 5,027,189 1.05EUR

REXAM PLC 6.75% 07-29.06.67 2,620,000 2,339,202 0.49EUR

VIRGIN MEDIA FIN 9.5% 09-15.08.16 2,750,000 2,971,884 0.62EUR

34,897,860 7.32

MOL HU O&G 5.875% 10-20.04.17 6,500,000 5,835,278 1.22EUR

HUNGARY

5,835,278 1.22

SMURFIT KAP ACQ 7.25% 09-15.11.17 5,750,000 5,508,529 1.16EUR

IRELAND

5,508,529 1.16


Face Value


318

CIRINT 5.75% 04-16.12.24 3,050,000 2,271,228 0.48EUR

ITALY

2,271,228 0.48

KAZKOMMERTS 6.875% 07-13.02.17 1,300,000 1,055,431 0.22EUR

KAZAKHSTAN

1,055,431 0.22

FMC FIN 6.5% 11-15.09.18 400,000 416,100 0.09EUR

LUXEMBOURG

PROLOGIS INTERNATIONAL5.875% 07-23.10.14 4,000,000 4,070,840 0.85EUR

4,486,940 0.94

ABN AMRO 6.375% 11-27.04.21/SUB 2,153,000 2,080,982 0.44EUR

NETHERLANDS

BRENNTAG FIN 5.5% 11-19.07.18 1,050,000 1,036,985 0.22EUR

CONGR 7.125% 10-15.10.18 15,950,000 14,883,822 3.12EUR

EUREKO 5.125% 05-29.06.49 5,650,000 3,849,430 0.81EUR

GMAC INTL 7.5% 10-21.04.15 8,350,000 7,655,656 1.61EUR

HEIDEL FIN 9.5% 11-15.12.18 900,000 919,881 0.19EUR

HEIDLRG 7.5% 10-03.04.20 1,600,000 1,459,336 0.31EUR

HEIDLRG 8.5% 09-31.10.19 15,850,000 15,300,321 3.20EUR

ING GP NV 8% 08-PERP 3,000,000 2,728,965 0.57EUR

INTERXION 9.5% 10-12.02.17 2,350,000 2,476,606 0.52EUR

LINDE FINANCE 7.375% 06-14.07.66 2,620,000 2,798,867 0.59EUR

NWORLD RES 7.875% 10-01.05.18 3,900,000 3,436,817 0.72EUR

RABOBANK 6.875% 10-19.03.20 9,850,000 9,012,898 1.89EUR

SOLVAY FIN. 6.375% 06-02.06.21 6,700,000 6,569,149 1.38EUR

SUEDZUCK.INTERNATIONAL5.25% 05-PERP 2,500,000 2,346,813 0.49EUR

ZIGGO 8% 10-15.05.18 3,750,000 3,617,081 0.76EUR

80,173,609 16.82

CYFROWY PL 7.125% 11-20.05.18 1,500,000 1,357,793 0.28EUR

POLAND

1,357,793 0.28



Face Value

CAIXA GERAL 3.875% 06-06.12.16 5,300,000 3,693,968 0.77EUR

PORTUGAL

3,693,968 0.77

JP MORGAN LUX 5% 05-PERP 3,800,000 2,429,454 0.51EUR

SWITZERLAND

2,429,454 0.51

CL CAPITAL TRUST 7.047%02-PERP. 4,450,000 3,248,500 0.68EUR

UNITED STATES


HVB FD TR VIII PREF. 02-PERP 2,850,000 2,432,675 0.51EUR

16,525,814 3.47

C10 CAP SPV 6.277% FRN 07-09.05.49 4,355,000 2,311,765 0.48EUR

VIRGIN ISLANDS

2,311,765 0.48

66.25315,871,865TOTAL BONDS

ORIGIN EN FRN 11-16.06.71/SUB 5,000,000 4,526,525 0.95EUR

FLOATING RATE BONDS

AUSTRALIA

4,526,525 0.95

OMV 6.75%(FRN) 11-29.04.49/SUB 1,400,000 1,392,020 0.29EUR

AUSTRIA

1,392,020 0.29

BANQUE POSTALE FRN 06-12.12.16 1,100,000 1,075,712 0.23EUR

FRANCE

CNP ASSURANCE FRN 06-PERP. 7,350,000 3,766,580 0.78EUR

CREDIT AGRICO FRN 08-PERP 2,900,000 2,090,451 0.44EUR

CREDIT LOGEMENT FRN 04-PERP. 2,300,000 1,459,005 0.31EUR

CREDIT LOG.FRN 06-PERP 1,850,000 984,903 0.21EUR

NATEXIS BQ POP.FRN 06-26.01.17 1,000,000 929,165 0.19EUR

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 1,650,000 1,532,240 0.32EUR

11,838,056 2.48


Face Value

319


HSH NORDBK FRN 07-14.02.17 S.239 4,000,000 1,962,580 0.41EUR

GERMANY

RWE 4.625% (FRN) 10-PERP 2,600,000 2,408,380 0.51EUR

4,370,960 0.92

INTESA FRN 09-PERP 1,750,000 1,195,600 0.25EUR

ITALY

1,195,600 0.25

UBS PREF. FD FRN 05-PERP 8,600,000 5,675,957 1.19EUR

JERSEY

5,675,957 1.19

CALCIPAR FRN 07-01.07.14REGS 400,000 346,016 0.07EUR

LUXEMBOURG

346,016 0.07

ABN AMRO FRN 06-PERP. 8,500,000 4,704,130 0.99EUR

NETHERLANDS


ING VERZEK.FRN 01-21.06.21 8,800,000 6,473,324 1.35EUR

13,401,732 2.81


UNITED STATES

16,223,469 3.41


ECO-BAT 10.125% 03-31.01.13REGS 1,604,000 807,181 0.17EUR

ASSET BACKED SECURITIES

GREAT BRITAIN

807,181 0.17

OXEA FIN 9.625% 10-15.07.17 2,200,000 1,983,640 0.42EUR

LUXEMBOURG

1,983,640 0.42

0.592,790,821TOTAL ASSET BACKED SECURITIES


377,633,021



Face Value

BOMBARDIER 6.125% 10-15.05.21 REGS 16,900,000 15,359,564 3.23EUR


BONDS

CANADA

15,359,564 3.23

ALCATEL 8.5% 10-15.01.16 5,524,000 5,216,258 1.09EUR

FRANCE

5,216,258 1.09

HAPAG LL 9% 10-15.10.15 3,450,000 2,767,970 0.58EUR

GERMANY

NORDENIA 9.75% 10-15.07.17 250,000 227,806 0.05EUR

2,995,776 0.63

BARCLAYS 6.625% 11-30.03.22 750,000 635,610 0.13EUR

GREAT BRITAIN

635,610 0.13

FIAT FT 6.25% 11-09.03.18 4,500,000 3,655,868 0.77EUR

LUXEMBOURG

GREIF LUX 7.375% 11-15.07.21 925,000 879,707 0.18EUR

SUNRISE COM 7% 10-31.12.17 1,000,000 968,065 0.20EUR

TELE FIN III 6.625% 11-15.02.21 3,350,000 3,037,730 0.64EUR

TNETBB 6.375% 10-15.11.20 7,050,000 6,371,754 1.34EUR

14,913,124 3.13

PHOENIX FIN 9.625% 10-15.07.14 1,650,000 1,714,664 0.36EUR

NETHERLANDS

UPC HLD BV 8.375% 15.08.20REGS 12,550,000 10,909,401 2.29EUR

UPC 9.75% 09-15.04.18 1,150,000 1,105,938 0.23EUR

13,730,003 2.88

TVN FIN III 7.875% 10-15.11.18 REG 6,050,000 5,682,039 1.19EUR

SWEDEN

5,682,039 1.19


Face Value


320

HERTZ HDGS 8.5% 10-31.07.15 4,750,000 4,662,909 0.98EUR

UNITED STATES

4,662,909 0.98

13.2663,195,283TOTAL BONDS

INTESA SAN 9.5% (FRN) 10-PERP 700,000 471,580 0.10EUR

FLOATING RATE BONDS

ITALY

471,580 0.10

0.10471,580TOTAL FLOATING RATE BONDS


63,666,863






Face Value

321


AUSTRALIA 5.75% 07-15.05.21 600,000 653,070 0.29AUD


BONDS

AUSTRALIA

653,070 0.29

TWU CAYMAN 6.125% 09-04.02.13 350,000 497,700 0.22EUR

CAYMAN ISLANDS

497,700 0.22

FRANCE 4% 07-25.04.18 OAT 1,000,000 1,508,088 0.67EUR

FRANCE

FRANCE 4% 07-25.04.18 OAT 49,000 73,896 0.03EUR

FRANCE 5.75% 01-25.10.32 1,450,000 2,655,051 1.17EUR

LAFARGE 5.5% 09-16.12.19ST-UP 250,000 292,631 0.13EUR

VEOLIA ENVIRONNEMENT5.25% 08-03.06.13 580,000 608,722 0.27USD

VIVENDI 5.75% 08-04.04.13144A 475,000 504,624 0.22USD

5,643,012 2.49

GERMANY 2.25% 10-10.04.15 11,350,000 16,075,603 7.10EUR

GERMANY

GERMANY 3.25% 11-04.07.21 4,950,000 7,502,447 3.32EUR

GERMANY 3.5% 08-12.04.13 1,629,000 2,298,390 1.02EUR

GERMANY 3.75% 08-04.01.19 3,700,000 5,755,068 2.54EUR

GERMANY 4.25% 03-04.01.14 9,000,000 13,144,043 5.80EUR

GERMANY 4.75% 08-04.07.40 1,000,000 1,912,110 0.85EUR

KFW 1.5% 11-04.04.14 1,700,000 1,736,712 0.77USD

KFW 2.05% 06-16.02.26GLOBAL 70,000,000 978,822 0.43JPY

KFW 3.375% 11-18.01.21 1,000,000 1,451,205 0.64EUR

50,854,400 22.47

BAT INTERNATIONALFINANCE 8.125% 08-15.11.13144A 500,000 567,423 0.25USD

GREAT BRITAIN

BRITISH TELECOM. 9.625%00-15.12.30 MULTIC 1,000,000 1,455,115 0.64USD

RBS 4.875% 09-25.08.14 400,000 398,624 0.18USD

INVESTMENTS

Global BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

REXAM PLC 6.75% 07-29.06.67 500,000 602,456 0.27EUR

UK TSY 4.00% 06-07.09.16TSY 1,500,000 2,630,650 1.16GBP

UK TSY 4.75% 04-07.12.38 500,000 953,143 0.42GBP

UK 4% 09-07.03.22 GILT 1,250,000 2,218,109 0.98GBP

UK 5% 01-07.03.25 2,000,000 3,889,920 1.72GBP

12,715,440 5.62

GE CAP EUR 5.375% 09-23.01.20 1,000,000 1,438,452 0.64EUR

IRELAND

1,438,452 0.64

ITALY 4.25% 08-15.04.13 BTP 2,164,000 2,925,172 1.29EUR

ITALY

ITALY 4.25% 09-01.03.20 BTP 1,000,000 1,243,914 0.55EUR

4,169,086 1.84

JAPAN 0.3% 10-20.06.15 900,000,000 11,709,180 5.18JPY

JAPAN

JAPAN 1.2% 11-20.06.21 40,000,000 529,131 0.23JPY

JAPAN 1.70% 06-20.12.16N284 1,200,000,000 16,635,865 7.34JPY

28,874,176 12.75

BAA FDG 3.975% 08-15.02.14 400,000 542,435 0.24EUR

JERSEY

HSBC CAPITAL 8.03% 00-PERP 500,000 675,514 0.30EUR

1,217,949 0.54

BEI 0% 96-06.11.26 SENIOR 1,300,000 685,204 0.30USD

LUXEMBOURG

BEI 1.25% 07-20.09.12 27,800,000 365,103 0.16JPY

GAZPROM CAPITAL 5.03% 06-25.02.14 REGS 380,000 520,293 0.23EUR

TELECOM IT CAP 6.175% 09-18.06.14 700,000 695,709 0.31USD

2,266,309 1.00

ING NV 5.375% 11-15.04.21 500,000 782,782 0.35GBP

NETHERLANDS

782,782 0.35


Face Value


322

ASIA DVLP BANK 2.35% 07-21.06.27 70,000,000 1,009,496 0.45JPY

PHILIPPINES

1,009,496 0.45

SANTANDER US 3.724% 10-20.01.15 400,000 370,924 0.16USD

SPAIN

SPAIN 2.75% 09-30.04.12 1,300,000 1,752,179 0.77EUR

SPAIN 4.1% 08-30.07.18 181,000 237,624 0.11EUR

TELEFONICA EMIS 5.877%09-15.07.19 500,000 494,080 0.22USD

2,854,807 1.26

SWEDEN 5% 03-01.12.20 1,300,000 242,079 0.11SEK

SWEDEN

242,079 0.11

SWITZERLAND 2% 10-28.04.21 400,000 487,478 0.22CHF

SWITZERLAND

487,478 0.22

ABU DHABI 5.5% 07-02.08.12 500,000 517,320 0.23USD


517,320 0.23

BOA 3.75% 11-12.07.16 SR 1 1,000,000 914,045 0.40USD

UNITED STATES

BOA 6.4% 07-28.08.17 450,000 437,571 0.19USD

BURL.NORTHERN 5.65% 07-01.05.17 500,000 578,128 0.26USD

CAPITAL ONE 8.8% 09-15.07.19 400,000 467,232 0.21USD

CS NY 5.4% 10-14.01.20 550,000 525,528 0.23USD

FREDDIE MAC 5.125% 07-17.11.17 600,000 722,571 0.32USD

IBRD 1% 11-15.09.16 2,000,000 1,989,010 0.88USD

JPM 4.625% 11-10.05.21 1,200,000 1,234,494 0.55USD

MORGAN STANLEY 6% 08-28.10.08 600,000 604,095 0.27USD

PFIZER 5.75% 09-03.06.21 1,000,000 1,624,305 0.72EUR

TWC 5.5% 11-01.09.41 250,000 245,378 0.11USD

USA 3.125% 09-15.05.19 3,250,000 3,623,495 1.59USD

12,965,852 5.73

56.21127,189,408TOTAL BONDS



Face Value

FIN DANISH FRN 09-17.08.12144A 250,000 250,150 0.11USD

FLOATING RATE BONDS

DENMARK

250,150 0.11

RWE 4.625% (FRN) 10-PERP 500,000 625,044 0.28EUR

GERMANY

625,044 0.28

SWEDISH EXP FRN 09-14.08.14 1,000,000 1,013,190 0.44USD

SWEDEN

1,013,190 0.44


USA 2.125% 10-31.05.15 3,250,000 3,429,512 1.52USD

TREAS. BONDS/NOTES - FIXED RATE

UNITED STATES

3,429,512 1.52

1.523,429,512TOTAL TREASURY BONDS/NOTES - FIXEDRATE

PERMM FRN 10-15.07.42 1A 1,000,000 996,728 0.44USD

MORTGAGE BACKED SECURITIES

GREAT BRITAIN

996,728 0.44

0.44996,728TOTAL MORTGAGE BACKED SECURITIES


133,504,032

CANADA 2.75% 11-01.06.22 2,000,000 1,996,556 0.88CAD


BONDS

CANADA

CANADA 4.00% 06-01.06.17 3,139,000 3,404,898 1.51CAD

5,401,454 2.39

HUTCH WHAM 5.75% 09-11.09.19 1,000,000 1,080,290 0.48USD

CAYMAN ISLANDS

KEL 6.6011% 09-17.04.31 700,000 1,329,416 0.59GBP

2,409,706 1.07


Face Value

323


SOCIETE GENERALE 3.1% 10-14.09.15 500,000 434,638 0.19USD

FRANCE

434,638 0.19

JAPAN 0.2% 11-15.06.13 270,000,000 3,513,070 1.55JPY

JAPAN

JAPAN 1.9% 11-20.06.31 320,000,000 4,277,811 1.89JPY

JAPAN 2.00% 07-20.03.27 NO93 (20Y) 373,100,000 5,169,215 2.29JPY

12,960,096 5.73

QATAR 4% 09-20.01.15 144A 700,000 737,608 0.33USD

QATAR

737,608 0.33

COX COMM.7.125% 02-01.10.12 600,000 636,394 0.28USD

UNITED STATES

FNMA 1.25% 11-28.09.16 2,000,000 1,997,240 0.89USD

MET LIFE 5.125% 09-10.06.14 1,300,000 1,408,612 0.62USD

RABOBANK CAP.III 5.254%04-PERP 144A 550,000 502,813 0.22USD

TIME WARNER CABLE 6.2%08-01.07.13 535,000 576,778 0.25USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 350,000 379,941 0.17USD

5,501,778 2.43

12.1427,445,280TOTAL BONDS

CBA FRN 09-12.07.13 144A 500,000 501,995 0.22USD

FLOATING RATE BONDS

AUSTRALIA

501,995 0.22

CREDIT AGR LN FRN 07-PERP 500,000 297,890 0.13USD

GREAT BRITAIN

297,890 0.13


USA 0.375% 11-30.06.13 TBO 300,000 300,645 0.13USD


UNITED STATES

USA 1.5% 11-31.07.16 TBO 10,000,000 10,268,750 4.54USD

USA 2.125% 11-15.08.21 E-2021 7,600,000 7,730,625 3.42USD



Face Value

USA 4.375% 09-15.11.39 TBO 5,820,000 7,433,231 3.29USD

25,733,251 11.38


FHLMC (30Y) 5% 11-01.10.41TBA 1,780,000 1,906,547 0.84USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.5% 11-01.10.41 TBA 1,400,000 1,512,656 0.67USD

FHLMC (30YR) 4.5% 11-01.11.41 TBA 2,290,000 2,421,317 1.07USD

5,840,520 2.58

2.585,840,520TOTAL FHLMC

FNMA (15Y) 4% 11-19.10.26TBA 1,470,000 1,550,161 0.69USD

FNMA

UNITED STATES

FNMA (15Y) 4.5% 11-1.10.26TBA 1,160,000 1,235,219 0.55USD

FNMA (15Y) 5% 11-15.10.26TBA 860,000 923,828 0.41USD

FNMA (30Y) 5% 11-1.10.41TBA 1,870,000 2,009,373 0.89USD

FNMA (30Y) 6% 11-12.10.41TBA 2,000,000 2,189,063 0.97USD

FNMA (30Y) 6.5% 11-01.10.41TBA 750,000 826,992 0.37USD

FNMA (30YR) 4% 11-01.10.41TBA 1,930,000 2,023,786 0.89USD

FNMA (30YR) 4.5% 11-01.01.41 TBA 2,590,000 2,746,614 1.20USD

FNMA (30YR) 5.5% 11-01.10.41 TBA 1,550,000 1,680,539 0.74USD

15,185,575 6.71

6.7115,185,575TOTAL FNMA

ARRMF FRN 10-16.05.47 10-1XA2C 1,000,000 996,753 0.44USD


GREAT BRITAIN

996,753 0.44

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 2,000,000 711,674 0.31USD

UNITED STATES


Face Value


324

GNMA (30Y) 4% 11-01.10.41TBA 1,170,000 1,250,986 0.55USD

GNMA (30Y) 5% 11-01.10.41TBA 1,860,000 2,039,316 0.90USD

GNMA (30YR) 4.5% 11-01.10.41 TBA 2,500,000 2,713,671 1.20USD

GNMA (30YR) 5.5% 11-01.10.41 TBA 1,020,000 1,126,622 0.50USD

JP MORGAN CC 5.875% 06-4506-LD P7 A4 220,000 242,788 0.11USD

8,085,057 3.57

4.019,081,810TOTAL MORTGAGE BACKED SECURITIES


84,086,321

MIDAMERICAN ENERGY5.95% 07-15.07.17 610,000 720,323 0.32USD


BONDS

UNITED STATES

720,323 0.32


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 7,500,000 699,486 0.31USD

UNITED STATES

699,486 0.31

0.31699,486TOTAL ASSET BACKED SECURITIES

JLOC FRN 07-15.01.15 37X A1 60,000,000 132,927 0.06JPY


JAPAN

JLOC FRN 07-16.02.16 36X-A1 40,000,000 167,654 0.07JPY

300,581 0.13

BACM 5.634% 06-10.07.46 06-4 A4 500,000 543,221 0.24USD

UNITED STATES



Face Value

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 450,000 373,503 0.17USD

916,724 0.41



DSK BK 0% 11-25.10.11 CP 2,000,000 1,999,639 0.88USD


COMMERCIAL PAPER

DENMARK

1,999,639 0.88

CADES 0% 11-08.12.11 CP 3,000,000 2,997,243 1.32USD

FRANCE

2,997,243 1.32

BCEE 0% 11-28.11.11 CP 2,000,000 1,998,690 0.88USD

LUXEMBOURG

1,998,690 0.88

SHB 0% 11-16.11.11 CP 3,000,000 4,042,432 1.80EUR

SWEDEN

4,042,432 1.80

4.8811,038,004TOTAL COMMERCIAL PAPER

LLOYDS 1.36% 11-09.11.11CD 2,000,000 2,699,100 1.19EUR

CERTIFICATE OF DEPOSIT

GREAT BRITAIN

2,699,100 1.19

RABOBANK 0.97% 11-11.11.11 CD 1,000,000 1,349,502 0.60EUR

NETHERLANDS

1,349,502 0.60

1.794,048,602TOTAL CERTIFICATE OF DEPOSIT



(4.01)OTHER NET ASSETS LESS LIABILITIES (9,072,610)



Face Value

325


ANZ BK 3.75% 10-10.03.17 150,000 202,882 1.02EUR


BONDS

AUSTRALIA

CBA 5.5% 09-06.08.19 150,000 204,768 1.03EUR

NAB 4% 10-13.07.20 150,000 201,270 1.01EUR

NAB 4.625% 10-10.02.20 100,000 128,117 0.64EUR

737,037 3.70

FORTIS BANK 4.625% 04 -PERP. 100,000 84,718 0.42EUR

BELGIUM

84,718 0.42

HUTCH WHAM 4.75% 09-14.11.16 150,000 209,804 1.05EUR

CAYMAN ISLANDS

HUTCH. WHAMP. 6.5% 03-13.02.13 144A 500,000 528,180 2.65USD

737,984 3.70

DANSKE BANK 6.00% 07-20.03.16 100,000 133,099 0.67EUR

DENMARK

133,099 0.67

AXA SA 5.777% 06-PERP 200,000 173,246 0.87EUR

FRANCE

BPCE 6.117% 07-PERP EMTN 150,000 109,389 0.55EUR

DEXIA CLF 5.375% 09-21.07.14 100,000 125,094 0.63EUR

SOCIETE GENERALE PERP8.75% 200,000 154,485 0.77USD

VEOLIA ENVIRONMENT6.125% 03-25.11.33 EMTN 200,000 300,307 1.51EUR

VIVENDI 5.75% 08-04.04.13144A 200,000 212,473 1.07USD

WENDEL 6.75% 11-20.04.18 100,000 116,617 0.58EUR

1,191,611 5.98

COMZBK 7.75% 11-16.03.21 /SUB 200,000 209,495 1.05EUR

GERMANY

HENKEL 5.375% 05-25.11.14STEP-UP 200,000 268,350 1.35EUR

INVESTMENTS

Global Credit BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

MUNICH RE FIN. 6.75% 03-21.06.23 120,000 167,645 0.84EUR

645,490 3.24

ANGLIAN WATER 4.625% 03-07.10.13 250,000 354,802 1.78EUR

GREAT BRITAIN

RBS 4.875% 09-25.08.14 400,000 398,624 2.00USD

753,426 3.78

GE CAP EUR 5.375% 09-23.01.20 200,000 287,690 1.44EUR

IRELAND

287,690 1.44

ARCELORMITTAL 9% 09-15.02.15 200,000 219,898 1.10USD

LUXEMBOURG


422,399 2.12

CRH FIN 7.375% 09-28.05.14 100,000 147,050 0.74EUR

NETHERLANDS

HEIDELBG 6.375% 08-25.01.12 EMTN ST-UP 100,000 136,601 0.69EUR

KPN 7.5% 09-04.02.19 200,000 323,066 1.62EUR

RABOBANK 4.125% 10-14.01.20 200,000 285,530 1.43EUR

SOLVAY FIN. 6.375% 06-02.06.21 100,000 132,319 0.66EUR

1,024,566 5.14


SPAIN

197,632 0.99

SVSK HDBK 3.75% 10-24.02.17 100,000 138,628 0.70EUR

SWEDEN

SVSK HDBK 4.875% 09-25.03.14 150,000 214,346 1.07EUR

352,974 1.77

AMERICAN EXPRESS 8.125%20.05.19 200,000 254,244 1.28USD

UNITED STATES

BOA 7% 09-15.06.16 150,000 202,467 1.02EUR


Face Value


326

CAPITAL ONE 8.8% 09-15.07.19 200,000 233,616 1.17USD

CITICORP 5% 04-15.09.14 200,000 197,447 0.99USD

CNTRYW FIN 5.8% 07-07.06.12 200,000 201,015 1.01USD

COMCAST 5.15% 10-01.03.20 200,000 226,162 1.13USD

CS GROUP (US) 3.625% 05-14.09.20 150,000 171,040 0.86EUR

CS NY 5.4% 10-14.01.20 300,000 286,652 1.44USD

ETP 9.7% 08-15.03.19 200,000 247,979 1.24USD

FRESENIUS FINANCE II 8.75%09-15.07.15 200,000 311,391 1.56EUR

GECC 6.375% 07-15.11.67 200,000 189,849 0.95USD

JP MORGAN CHASE 6.3% 09-23.04.19 400,000 455,058 2.28USD

JPM 4.625% 11-10.05.21 100,000 102,875 0.52USD

KRAFT FOODS 4.125% 10-09.02.16 400,000 428,080 2.15USD

KROGER CO. 5.00% 08-15.04.13 200,000 210,933 1.06USD

MECCANICA 6.25% 09-15.07.19 REGS 200,000 200,124 1.00USD

MORGAN STANLEY 4.5% 9-29.10.14 150,000 194,769 0.98EUR

MORGAN STANLEY 6% 08-28.10.08 200,000 201,365 1.01USD

PFIZER 6.2% 09-15.03.19 400,000 498,337 2.51USD

ROCHE HOLDING 5.625% 09-04.03.16 100,000 153,946 0.77EUR

WELLS FARGO 4.125% 06-03.11.16 250,000 337,718 1.69EUR

WELLS FARGO 4.6% 11-01.04.21 200,000 214,050 1.07USD

WM COV BD 4.375% 07-19.05.14 150,000 211,400 1.06EUR

XEROX CORP 4.25% 09-15.02.15 400,000 423,244 2.12USD

ZURICH FIN. USA 4.5% 05-15.06.25 100,000 126,924 0.64EUR

6,280,685 31.51

64.4612,849,311TOTAL BONDS

CREDIT AGRICO FRN 08-PERP 200,000 194,563 0.98EUR

FLOATING RATE BONDS

FRANCE



Face Value

NATEXIS BQ POP.FRN 06-26.01.17 200,000 250,792 1.25EUR

445,355 2.23

ALLIANZ FIN 5.75% 11-08.07.41 SUB 200,000 214,412 1.08EUR

NETHERLANDS

ING NV FRN 06-26.09.16 200,000 173,916 0.87USD

388,328 1.95



13,682,994

BOMBARDIER 6.125% 10-15.05.21 REGS 100,000 122,654 0.62EUR


BONDS

CANADA

122,654 0.62

RCI BQ 3.25% 11-17.01.14 125,000 163,809 0.82EUR

FRANCE

163,809 0.82

BARCLAYS 6.625% 11-30.03.22 150,000 171,558 0.86EUR

GREAT BRITAIN

BPCM 3.83% 10-06.10.17 175,000 243,360 1.22EUR

414,918 2.08

FIAT FT 6.375% 11-01.04.16 150,000 169,685 0.85EUR

LUXEMBOURG

169,685 0.85

TELEFONICA 4.75% 11-07.02.17 100,000 133,216 0.67EUR

SPAIN

133,216 0.67

AMEREN CORP 8.875% 09-15.05.14 200,000 222,899 1.12USD

UNITED STATES

AT&T INC. 5.50% 08-02.01.18 400,000 461,998 2.32USD

BB&T CORP 3.95% 10-29.04.16 400,000 422,844 2.12USD


Face Value

327


CITIGROUP INC. 6.40% 08-27.03.13 125,000 173,044 0.87EUR

GLENCORE FDG 6% 04-15.04.14 144A 200,000 209,003 1.05USD

KIMCO REALTY 4.3% 10-01.02.18 200,000 203,543 1.02USD

MIDCONT EXP 5.45% 9-15.09.14 200,000 217,206 1.09USD

ROCHE HOLDING 5% 09-01.03.14 144A 254,000 279,188 1.40USD

UNION PACIFIC 6.125% 09-15.02.20 400,000 486,329 2.43USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 200,000 217,109 1.09USD

2,893,163 14.51



FLOATING RATE BONDS

GREAT BRITAIN

119,156 0.60

ALLIANDER 4.875% (FRN) 10-29.11.49 250,000 335,739 1.68EUR

NETHERLANDS

335,739 1.68



4,352,340

RIO TINTO FIN 8.95% 09-01.05.14 200,000 237,306 1.19USD


BONDS

GREAT BRITAIN

237,306 1.19

BOA 6.875% 08-25.04.18 200,000 197,575 0.99USD

UNITED STATES

197,575 0.99








Face Value


328

CITY BUENOS 12.5% 10-06.04.15 1,375,000 1,381,188 0.09USD


BONDS

ARGENTINA

1,381,188 0.09

BELIZE STEP-UP 6.00% 07-20.02.29 2,100,000 1,349,250 0.09USD

BELIZE

1,349,250 0.09

ALLI OIL 9.875% 10-11.03.15REGS 1,000,000 944,595 0.06USD

BERMUDA ISLANDS

QTEL INT FIN 5%10-19.10.25REG-S 1,000,000 986,085 0.07USD

1,930,680 0.13

BANCO DESENV 6.5% 09-10.06.19 1,050,000 1,167,374 0.08USD

BRAZIL

BANCO VOTO 5.25% 11-11.02.16 8,100,000 8,047,512 0.53USD

BCO ABC 7.875% 10-08.04.20REGS 3,375,000 3,098,739 0.20USD

BNDES 5.5% 10-12.07.20 REG-S 5,075,000 5,257,776 0.34USD

BNDES. 6.369% 98-18.06.16REG.-S- 825,000 912,957 0.06USD

BRAZIL 10.125% 97-15.05.27 7,100,000 11,229,715 0.73USD

BRAZIL 4.875% 10-22.01.21 6,275,000 6,711,144 0.44USD

BRAZIL 5.625% 09-07.01.14 6,400,000 6,916,160 0.45USD

BRAZIL 5.875% 09-15.01.19 9,625,000 11,076,931 0.72USD

BRAZIL 6.00% 06-17.01.17 6,550,000 7,469,620 0.49USD

BRAZIL 7.125% 06-20.01.37 4,860,000 6,220,922 0.41USD

BRAZIL 8.25% 04-20.01.34 2,400,000 3,384,000 0.22USD

BRAZIL 8.75% 05-04.02.25GLOBAL 7,550,000 10,695,708 0.70USD

BRAZIL 8.875% 01-15.04.24 7,875,000 11,252,194 0.73USD

BRAZIL 8.875% 04-14.10.19 4,245,000 5,781,266 0.38USD

HYPERMARCAS 6.5% 11-20.04.21 1,575,000 1,449,126 0.09USD

100,671,144 6.57

INVESTMENTS

Global Emerging Markets BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

BANBRA 5.875% 11-26.01.22 17,000,000 16,290,420 1.06USD

CAYMAN ISLANDS

ENN ENERGY HLD 6% 11-13.05.21 1,500,000 1,467,000 0.10USD

IPIC GMTN 5% 10-15.11.20 1,750,000 1,798,510 0.12USD

PETROBRAS INTL 8.375% 03-10.12.18 1,530,000 1,822,873 0.12USD

21,378,803 1.40

MCC HLDG 4.875% 11-29.07.16 1,700,000 1,661,563 0.11USD

CHINA

SINOCHEM 6.3% 10-12.11.40REGS 800,000 738,700 0.05USD

2,400,263 0.16

COLOMBIA 4.375% 11-12.07.21 4,700,000 4,805,985 0.32USD

COLOMBIA

COLOMBIA 6.125% 09-18.01.41 3,175,000 3,597,354 0.23USD

COLOMBIA 7.375% 06-18.09.37 2,500,000 3,258,500 0.21USD

COLOMBIA 8.125% 04-21.05.24 3,500,000 4,643,188 0.30USD

COLUMBIA 8.25% 04-22.12.14GL 3,310,000 3,893,388 0.25USD

REPUBLIC OF COLUMBIA7.375% 06-27.01.17 5,500,000 6,581,849 0.44USD

26,780,264 1.75

CROATIA 6.375% 11-24.03.21 1,400,000 1,284,689 0.08USD

CROATIA

1,284,689 0.08

ALFA MTN ISS 8% 10-18.03.15 3,625,000 3,509,906 0.23USD

CYPRUS

3,509,906 0.23

REPUBLIC ECUADOR 9.375%05-15.12.15 2,845,000 2,835,853 0.19USD

ECUADOR

2,835,853 0.19

EGYPT 5.75% 10-29.04.20 5,050,000 5,062,625 0.33USD

EGYPT

EGYPT 6.875% 10-30.04.40REGS 1,325,000 1,251,781 0.08USD

6,314,406 0.41


Face Value

329


EL SALVADOR 7.375%01.12.19 REGS 4,025,000 4,329,189 0.28USD

EL SALVADOR

EL SALVADOR 7.65% 05-15.06.35 REG 1,875,000 1,848,009 0.12USD

EL SALVADOR 7.75% 02-24.01.23 REG 1,775,000 1,910,566 0.12USD

EL SALVADOR 8.25% 02-10.04.32 5,000,000 5,320,000 0.36USD

13,407,764 0.88

RURAIL 5.739% 10-03.04.17 3,000,000 2,996,880 0.20USD


RUSSIA 5% 10-29.04.20 17,000,000 16,824,135 1.09USD

19,821,015 1.29

GABON 8.20% 07-12.12.17REGS 2,800,000 3,094,560 0.20USD

GABON

3,094,560 0.20

REP OF GEORGIA 6.875% 11-12.04.21 1,050,000 1,023,267 0.07USD

GEORGIEN

REP OF GEORGIA 7.5% 08-15.04.13 1,025,000 1,055,699 0.07USD

2,078,966 0.14

GHANA 8.50% 07-04.10.17REG 2,140,000 2,275,002 0.15USD

GHANA

2,275,002 0.15

BIZ FIN 8.375% 10-27.04.15 4,075,000 3,510,999 0.22USD

GREAT BRITAIN

VEDANTA RES 6.75% 11-07.06.16 2,200,000 1,782,803 0.12USD

VEDANTA RES 8.25% 11-07.06.21 2,300,000 1,806,961 0.12USD

7,100,763 0.46

PACNET 9.25% 10-09.11.15REGS 1,900,000 1,615,000 0.11USD

HONG KONG

1,615,000 0.11

BUMI INV 10.75% 10-10.06.17 1,750,000 1,615,005 0.11USD

INDONESIA

INDONESIA 11.625% 09-04.03.19 1,975,000 2,820,922 0.18USD



Face Value

INDONESIA 4.875% 11-05.05.21 10,750,000 10,886,686 0.71USD

INDONESIA 5.875% 10-13.03.20 REGS 12,325,000 13,351,364 0.87USD

INDONESIA 6.875% 08-17.01.18 21,750,000 24,579,023 1.60USD

INDONESIA 7.25% 05-20.04.15 23,588,000 26,389,075 1.73USD

INDONESIA 7.5% 05-15.01.16REGS 3,600,000 4,101,930 0.27USD


INDONESIA 8.5% 05-12.10.35REGS 5,250,000 7,101,938 0.46USD

MAJAPAHIT 8% 09-07.08.19REGS 5,450,000 6,140,978 0.40USD

PERTAMINA 5.25% 11-23.05.21 675,000 660,376 0.04USD

102,371,716 6.68

ALFA BD ISS 7.75% 11-28.04.21 1,075,000 921,098 0.06USD

IRELAND

ALFA BD ISS 7.875% 10-25.09.17 1,200,000 1,089,870 0.07USD

VEB FINANCE 6.8% 10-22.11.25 1,300,000 1,234,350 0.08USD

VEB FINANCE 6.902% 10-09.07.20 REG-S 2,400,000 2,380,884 0.16USD

VEB-LEASING INV5.125%27.05.16 8,675,000 8,221,557 0.53USD

13,847,759 0.90

KAZMUNAIGAZ FIN.9.125%08-02.07.18 REG 2,425,000 2,740,784 0.18USD

KAZAKHSTAN

KAZMUNAIGAZ 11.75% 09-23.01.15 REGS 12,425,000 14,480,530 0.95USD

KMG FINANCE 7% 10-05.05.20 REGS 5,225,000 5,283,755 0.34USD

22,505,069 1.47

LITHUANIA 5.125% 10-14.09.17 REGS 3,650,000 3,579,373 0.23USD

LITHUANIA

LITHUANIA 6.125% 11-09.03.21 1,000,000 986,770 0.06USD

LITHUANIA 7.375% 10-11.02.20 10,425,000 11,251,702 0.74USD

15,817,845 1.03


Face Value


330

GAZ CAP 8.125% 09-31.07.14 8,325,000 8,895,387 0.58USD

LUXEMBOURG

GAZ CAP 9.25% 09-23.04.19 10,100,000 11,865,732 0.77USD

GAZ CAPITAL 6.212% 06-22.11.16 1,325,000 1,345,504 0.09USD

RSHB CAPITAL 6.299% 07-15.05.17 2,125,000 2,104,696 0.14USD

RSHB CAPITAL 7.125% 08-14.01.14 1,000,000 1,027,255 0.07USD

SBERBANK 5.4% 10-24.03.17REGS 7,500,000 7,208,813 0.47USD

32,447,387 2.12

PETRONA CAPITAL 7.875%02-22.05.22 REG 500,000 651,995 0.04USD

MALAYSIA

PETRONAS CAP 5.25% 09-12.08.19 9,660,000 10,535,003 0.69USD

11,186,998 0.73

ALESTRA 11.75% 10-11.08.14 900,000 986,369 0.06USD

MEXICO

COM ELEC MX 4.875% 11-26.05.21 2,050,000 2,069,619 0.14USD

DESARROLLA H 9.5% 09-11.12.19 REGS 2,375,000 2,240,777 0.15USD

GFB 6.5% 11-10.03.21/SUB 1,800,000 1,679,265 0.11USD

GRUPO PETROTE 9.5% 09-19.08.14 925,000 962,800 0.06USD

MEXICO 5.125% 10-15.01.20 18,880,000 20,535,775 1.34USD

MEXICO 5.625% 06-15.01.17S-19 29,370,000 32,744,612 2.13USD

MEXICO 6.05% 08-11.01.40 28,250,000 31,994,537 2.09USD

MEXICO 6.625% 03-03.03.15 3,500,000 3,962,088 0.26USD

MEXICO 6.75% 04-27.09.34GLOB. 10,975,000 13,526,687 0.88USD

MEXICO 7.5% 03-08.04.33 7,375,000 9,820,550 0.64USD

MEXICO 8.30% 01-15.08.31T.7 MTN 7,600,000 10,835,510 0.71USD

URBI DESA 9.5% 10-21.01.20 1,550,000 1,459,899 0.10USD

132,818,488 8.67

GTB FIN BV 7.5% 11-19.05.16 1,750,000 1,697,115 0.11USD

NETHERLANDS

KAZAK TEMIR 6.375% 10-06.10.20 5,825,000 5,783,933 0.37USD

MARFRIG HLDGS 8.375% 11-09.05.18 1,350,000 874,503 0.06USD



Face Value

PLNIJ 7.75% 09-20.01.20 2,950,000 3,287,908 0.21USD

VIMPELCOM 7.50% 11-01.03.22 1,650,000 1,330,585 0.09USD

WHITE NIGHTS 10.5% 09-25.03.14 3,800,000 4,242,643 0.28USD

17,216,687 1.12

PAKISTAN 6.875% 07-01.06.17 4,050,000 3,122,631 0.20USD

PAKISTAN

PAKISTAN 7.125% 06-31.03.16 1,100,000 879,940 0.06USD

4,002,571 0.26

PANAMA 5.2% 09-30.01.20 2,975,000 3,264,720 0.21USD

PANAMA

PANAMA 8.875% 97-30.09.27 3,900,000 5,595,077 0.37USD

PANANA 7.25% 04-15.03.15 3,800,000 4,353,299 0.28USD

REPUBLIC PANAMA 7.125%05-29.01.26 9,125,000 11,475,509 0.75USD

24,688,605 1.61

PEROU 7.125% 09-30.03.19 3,500,000 4,238,850 0.28USD

PERU

PERU 5.625% 10-18.11.50 1,900,000 1,897,597 0.12USD

PERU 7.35% 05-21.07.25 10,425,000 12,995,805 0.84USD

PERU 8.75% 03-21.11.33 6,100,000 8,693,415 0.57USD

REP OF PERU 6.55% 07-14.03.37 1,425,000 1,657,916 0.11USD

29,483,583 1.92

PHILIPPINES 6.375% 07-15.01.32 6,025,000 6,833,796 0.45USD

PHILIPPINES

PHILIPPINES 6.375% 09-23.10.34 7,475,000 8,569,789 0.56USD

PHILIPPINES 6.5% 09-20.01.20 12,950,000 15,052,367 0.98USD

PHILIPPINES 7.5% 06-25.09.24GLOBAL 1,450,000 1,755,733 0.11USD

PHILIPPINES 8.375% 09-17.06.19 11,825,000 15,050,564 0.98USD

POWER SECTOR 7.25% 09-27.05.19 2,625,000 3,018,711 0.20USD

PSALM 7.39% 09-02.12.24REGS 5,200,000 6,005,272 0.39USD

56,286,232 3.67

POLAND 3.875% 10-16.07.15 3,150,000 3,194,777 0.21USD

POLAND

POLAND 5.125% 11-21.04.21 4,250,000 4,244,284 0.28USD


Face Value

331


POLAND 6.375% 09-15.07.19 700,000 770,347 0.05USD

8,209,408 0.54

QATAR 5.25% 09-20.01.20REGS 18,900,000 20,806,632 1.36USD

QATAR

20,806,632 1.36

SERBIA 7.25% 11-28.09.21 5,550,000 5,153,286 0.34USD

SERBIA

5,153,286 0.34

BAKRIE TEL 11.5% 10-07.05.15 2,300,000 1,476,451 0.10USD

SINGAPORE

1,476,451 0.10

SOUTH AFRICA 5.5% 10-03.09.20 11,525,000 12,596,191 0.82USD

SOUTH AFRICA

SOUTH AFRICA 5.875% 07-30.05.22 1,825,000 2,041,060 0.13USD

SOUTH AFRICA 6.25% 11-08.03.41 2,025,000 2,266,374 0.15USD

SOUTH AFRICA 6.875% 09-27.05.19 9,050,000 10,746,839 0.70USD

27,650,464 1.80

SRI LANKA 6.25% 11-27.07.21 875,000 849,380 0.06USD

SRI LANKA

SRI LANKA 8.25% 07-24.10.12REG 500,000 518,183 0.03USD

1,367,563 0.09

FINANSBANK 5.5% 11-11.05.16 2,725,000 2,353,678 0.15USD

TURKEY

TURKEY 5.625% 10-30.03.21 43,675,000 44,776,264 2.92USD

TURKEY 6.75% 07-03.04.18 7,575,000 8,352,763 0.55USD

TURKEY 6.75% 10-30.05.40 2,600,000 2,720,003 0.18USD

TURKEY 6.875% 06-17.03.36 5,000,000 5,339,750 0.35USD

TURKEY 7% 08-11.03.19 2,900,000 3,255,468 0.21USD

TURKEY 7.00% 05-05.06.20 9,975,000 11,219,880 0.73USD

TURKEY 7.00% 06-26.09.16 9,850,000 10,945,074 0.71USD

TURKEY 7.25% 04-15.03.15 31,075,000 34,343,312 2.24USD

TURKEY 7.375% 05-05.02.25 15,350,000 17,548,888 1.15USD

TURKEY 7.5% 09-14.07.17 10,375,000 11,848,509 0.77USD



Face Value

TURKEY 9.50% 03-15.01.14 13,200,000 14,891,580 0.97USD

167,595,169 10.93

DTEK FIN 9.5% 10-28.04.15 1,250,000 1,101,344 0.07USD

UKRAINE

NAFTOGAZ 9.5% 09-30.09.14 3,275,000 3,089,046 0.20USD

UKRAINE FIN. 6.58% 06-21.11.16 6,975,000 6,275,930 0.41USD

UKRAINE 6.25% 11-17.06.16 4,150,000 3,719,521 0.24USD

UKRAINE 6.385% 07-26.06.12REGS 375,000 365,078 0.02USD

UKRAINE 6.75% 07-14.11.17REGS 4,600,000 4,174,293 0.27USD

UKRAINE 6.875% 10-23.09.15REG-S 6,425,000 5,914,276 0.39USD

UKRAINE 7.65% 03-11.06.13REG. 1,075,000 1,037,375 0.07USD

UKRAINE 7.75% 10-23.09.20 6,925,000 6,267,747 0.41USD

UKRAINE 7.95% 11-23.02.21 2,500,000 2,291,938 0.15USD

34,236,548 2.23

PEMEX PROJECT FUNDING6.625% 05-15.06.35 5,800,000 6,251,849 0.41USD

UNITED STATES

PEMEX PROJECT 5.75% 07-01.03.18 12,125,000 13,220,918 0.86USD

19,472,767 1.27

PETROL VENEZ 5.5% 07-12.04.37 6,475,000 2,907,081 0.19USD

VENEZUELA

PETROLEOS VENEZUELA5.25% 07-12.04.17 8,985,000 5,057,612 0.33USD


VENEZUELA 6% 05-09.12.20REGS 6,625,000 3,700,394 0.24USD

VENEZUELA 7.00% 03-01.12.18 13,400,000 8,472,150 0.55USD

VENEZUELA 7.00% 07-31.03.38 REGS 9,025,000 4,772,420 0.31USD

VENEZUELA 7.65% 05-21.04.25 31,000,000 17,615,750 1.15USD


VENEZUELA 8.25% 09-13.10.24 29,950,000 17,648,038 1.15USD

VENEZUELA 8.5% 04-08.10.14GLOBAL 6,100,000 5,399,415 0.35USD


Face Value


332


VENEZUELA 9.25% 08-07.05.28 REG 17,725,000 10,947,846 0.71USD

VENEZUELA 9.375% 04-13.01.34 9,250,000 5,730,606 0.37USD

114,346,176 7.46

VIETNAM 6.75% 10-29.01.20REGS 1,025,000 1,003,106 0.07USD

VIETNAM

VIETNAM 6.875% 05-15.01.16REG.S 1,275,000 1,272,335 0.08USD

2,275,441 0.15

SINOCHEM OV 4.5% 10-12.11.20 REGS 4,150,000 3,871,369 0.26USD

VIRGIN ISLANDS

STAR ENERGY 11.5%10-12.02.15 REGS 2,200,000 2,183,126 0.14USD

6,054,495 0.40

71.181,090,546,856TOTAL BONDS

ARGENTINA 8.28% 03-31.12.33 PIK 46,725,000 42,132,450 2.75USD

PIK BONDS

ARGENTINA

42,132,450 2.75

REPUBLIC DOMINICAN 9.04%05-23.01.18 REG/PIK 1,350,000 1,612,009 0.11USD

DOMINICAN REPUBLIC

1,612,009 0.11

URUGUAY 7.875% 03-15.10.33 PIK 3,175,000 3,993,674 0.26USD

URUGUAY

3,993,674 0.26

3.1247,738,133TOTAL PIK BONDS

ARGENTINA 1.33% 03-31.12.38 52,025,000 17,525,922 1.14USD


ARGENTINA

17,525,922 1.14



Face Value

BCO BMG 9.15% 05-15.01.16REG.S 1,975,000 1,911,484 0.12USD

BRAZIL

1,911,484 0.12

REP DOMINICAN 7.5%-10-06.05.21/POOL 3,950,000 3,900,033 0.25USD

DOMINICAN REPUBLIC

3,900,033 0.25

RUSSIA 7.50% 00-31.03.30REG/ST-UP 114,380,000 107,481,527 7.03USD


107,481,527 7.03

IVORY COAST 2.5% 09-31.12.32/DFLT 6,225,000 3,129,806 0.20USD

IVORY COAST

3,129,806 0.20

GOVT OF JAMAICA 8% 08-24.06.19 1,400,000 1,366,638 0.09USD

JAMAÏCA

1,366,638 0.09

GAZPROM INTL 7.201% 04-01.02.20 REG. 2,550,000 1,238,506 0.08USD

LUXEMBOURG

1,238,506 0.08

PANAMA 6.7% 06-26.01.36 6,525,000 7,911,334 0.52USD

PANAMA

7,911,334 0.52

REPUBLIC SERBIA 3.75% 04-01.11.24 STEP-UP 2,750,000 2,321,303 0.15USD

SERBIA

2,321,303 0.15

REPUBLIC URUGUAY 7.625%06-21.03.36 4,075,000 5,055,038 0.33USD

URUGUAY


URUGUAY 6.875% 09-28.09.25 4,675,000 5,516,500 0.36USD

18,857,508 1.23


Face Value

333


PETROLEOS 8.5% 10-02.11.17/ POOL 53,950,000 35,486,151 2.32USD

VENEZUELA

35,486,151 2.32



1,339,415,201

PROV BUENOS 11.75% 10-05.10.15 1,200,000 1,043,490 0.07USD


BONDS

ARGENTINA

1,043,490 0.07

QTEL INT FIN 4.75% 10-16.02.21 1,200,000 1,207,254 0.08USD

BERMUDA ISLANDS

1,207,254 0.08

BMG 6.5% 11-14.03.14 2,500,000 2,275,488 0.15USD

BRAZIL

2,275,488 0.15

BANBRA 5.375% 10-15.01.21 1,000,000 970,565 0.06USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 3,050,000 2,381,471 0.16USD

INDEP INTL 12% 09-30.12.16144A 1,378,131 17,364 0.00USD

PETBRA 6.75% 11-27.01.41 1,000,000 1,057,925 0.07USD

4,427,325 0.29

BANCOLOMBIA 5.95% 11-03.06.21 OPE 5,150,000 5,003,019 0.33USD

COLOMBIA

ECOPETROL 7.625% 09-23.07.19 2,525,000 2,962,204 0.19USD

7,965,223 0.52

INDONESIA 6.625% 07-17.02.37 4,725,000 5,345,227 0.35USD

INDONESIA


16,486,399 1.08



Face Value

VIP FINANCE 7.748% 11-02.02.21 2,700,000 2,261,763 0.15USD

IRELAND

2,261,763 0.15

DEV BK KAZA 5.5% 10-20.12.15 9,100,000 8,763,846 0.57USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 8,950,000 8,772,431 0.57USD

17,536,277 1.14

SB CAPITAL SA 5.499% 10-07.07.15 3,350,000 3,322,865 0.22USD

LUXEMBOURG

3,322,865 0.22

1MALAY SUK 3.928% 10-04.06.15 9,520,000 9,852,153 0.64USD

MALAYSIA

9,852,153 0.64

PEMEX 4.875% 10-15.03.15 5,000,000 5,279,825 0.34USD

MEXICO

PEMEX 5.5% 10-21.01.21 18,000,000 18,945,449 1.23USD

PEMEX 6% 10-05.03.20 13,400,000 14,650,287 0.95USD

PEMEX 8% 09-03.05.19 1,950,000 2,391,383 0.16USD

41,266,944 2.68

MAJAPAHIT HOLDING 7.25%07-28.06.17 3,000,000 3,252,240 0.21USD

NETHERLANDS

MAJAPAHIT HOLDING 7.875%07-29.06.37 REG 1,775,000 1,969,753 0.13USD

5,221,993 0.34

BUMI CAP 12% 09-10.11.16 850,000 823,387 0.05USD

SINGAPORE

SIGMA CAP FRN 10-30.04.15 1,000,000 922,070 0.06USD

1,745,457 0.11

ESKOM HLDGS 5.75% 11-26.01.21 4,300,000 4,415,954 0.29USD

SOUTH AFRICA

4,415,954 0.29


Face Value


334

HYNIX SEMICO.7.875% 07-27.06.17 REGS 2,475,000 2,220,459 0.14USD

SOUTH KOREA

2,220,459 0.14

TRUE MOVE 10.75%06-16.12.13 REG 1,075,000 1,150,470 0.08USD

THAILAND

1,150,470 0.08

7.98122,399,514TOTAL BONDS

BUENOS AIRES 10.875% 11-26.01.21 REGS 1,400,000 1,011,640 0.07USD


ARGENTINA

1,011,640 0.07



123,411,154

BLUE CITY 13.75% 06-07.11.13 REG -B1- 1,000,000 75,000 0.00USD


BONDS

CAYMAN ISLANDS

75,000 0.00





100.00TOTAL NET ASSETS 1,532,144,834



Face Value

335


CORDOBA 12.375% 10-17.08.17 200,000 177,027 1.83USD


BONDS

ARGENTINA

177,027 1.83

ALLI OIL 9.875% 10-11.03.15REGS 100,000 94,460 0.98USD

BERMUDA ISLANDS

94,460 0.98

BANCO VOTO 5.25% 11-11.02.16 200,000 198,704 2.06USD

BRAZIL

BCO ABC 7.875% 10-08.04.20REGS 250,000 229,536 2.37USD

HYPERMARCAS 6.5% 11-20.04.21 150,000 138,012 1.43USD

566,252 5.86

ENN ENERGY HLD 6% 11-13.05.21 200,000 195,600 2.02USD

CAYMAN ISLANDS

PETBRA 5.375% 11-27.01.21 100,000 101,154 1.05USD

296,754 3.07

MCC HLDG 4.875% 11-29.07.16 200,000 195,478 2.02USD

CHINA

195,478 2.02

BANCOLOMBIA 6.125% 10-26.07.20 200,000 196,205 2.03USD

COLOMBIA

196,205 2.03

VOTORANTIM 6.625% 09-25.09.19 200,000 200,521 2.07USD

CURACAO

200,521 2.07

ALFA MTN ISS 8% 10-18.03.15 250,000 242,063 2.50USD

CYPRUS

242,063 2.50

INVESTMENTS

Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2011(expressed in USD)


Face Value

BIZ FIN 8.375% 10-27.04.15 200,000 172,319 1.78USD

GREAT BRITAIN

VEDANTA RES 8.25% 11-07.06.21 200,000 157,127 1.63USD

329,446 3.41

BBLTB 4.8% 10-18.10.20 REG-S 200,000 191,220 1.98USD

HONG KONG

ICICI BK 5.75% 10-16.11.20REGS 300,000 282,709 2.92USD

PACNET 9.25% 10-09.11.15REGS 200,000 170,000 1.76USD

643,929 6.66

INDO ENERGY 7% 11-07.05.18 200,000 178,619 1.85USD

INDONESIA

178,619 1.85

GAZPROMBK 6.5% 05-23.09.15 100,000 97,525 1.01USD

IRELAND

97,525 1.01

ISRAEL ELEC 7.25% 08-15.01.19 REGS 200,000 212,505 2.20USD

ISRAEL

212,505 2.20

RSHB CAPITAL 6.299% 07-15.05.17 200,000 198,089 2.05USD

LUXEMBOURG

198,089 2.05

BANCOMER 7.25% 10-22.04.20 /SUB 200,000 196,696 2.03USD

MEXICO

GFB 6.5% 11-10.03.21/SUB 150,000 139,939 1.45USD

URBI DESAR. 8.5% 06-19.04.16 REGS 100,000 100,557 1.04USD

437,192 4.52

GTB FIN BV 7.5% 11-19.05.16 200,000 193,956 2.01USD

NETHERLANDS

MARFRIG HLDGS 8.375% 11-09.05.18 200,000 129,556 1.34USD

323,512 3.35


Face Value


336

BANCO PERU 5.75% 10-07.10.20 200,000 187,708 1.94USD

PERU

187,708 1.94

COMM BK QATAR 7.5% 09-18.11.19 100,000 117,697 1.22USD

QATAR

117,697 1.22

BAKRIE TEL 11.5% 10-07.05.15 200,000 128,387 1.33USD

SINGAPORE

128,387 1.33

FINANSBANK 5.5% 11-11.05.16 200,000 172,747 1.79USD

TURKEY

172,747 1.79

ABU DHABI 5.875% 06-27.10.16 200,000 221,905 2.30USD


ABUDHABI BANK 4.75% 09-08.10.14 250,000 263,195 2.72USD

485,100 5.02

CEMEX FIN 9.5% 09-14.12.16 200,000 148,902 1.54USD

UNITED STATES

148,902 1.54

CITIC RES.6.75% 07-15.05.14 200,000 181,961 1.88USD

VIRGIN ISLANDS

STAR ENERGY 11.5%10-12.02.15 REGS 150,000 148,850 1.54USD

330,811 3.42


BCO BMG 9.15% 05-15.01.16REG.S 100,000 96,784 1.00USD


BRAZIL

96,784 1.00

PETROLEOS 8.5% 10-02.11.17/ POOL 175,000 115,108 1.19USD

VENEZUELA

115,108 1.19




Face Value

VEDANTA RES 4% 10-30.03.17CV 100,000 87,500 0.91USD

CONVERTIBLE BONDS

GREAT BRITAIN

87,500 0.91

0.9187,500TOTAL CONVERTIBLE BONDS


6,260,321

QTEL INT FIN 4.75% 10-16.02.21 300,000 301,814 3.12USD


BONDS

BERMUDA ISLANDS

301,814 3.12

BMG 6.5% 11-14.03.14 150,000 136,529 1.41USD

BRAZIL

136,529 1.41

ALLIANCE GL 6.5% 10-18.08.17 200,000 189,017 1.96USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 200,000 156,162 1.62USD

KUWAIT PRO 9.375% 10-15.07.20 200,000 205,919 2.12USD

551,098 5.70

ECOPETROL 7.625% 09-23.07.19 100,000 117,315 1.21USD

COLOMBIA

117,315 1.21

BK OF E ASIA 6.125% 10-16.07.20 100,000 97,290 1.01USD

HONG KONG

CITIC INTL 6.875% 24.06.20 /SUB 200,000 199,038 2.06USD

296,328 3.07

VIP FINANCE 7.748% 11-02.02.21 200,000 167,538 1.73USD

IRELAND

167,538 1.73


Face Value

337


DEV BK KAZA 5.5% 10-20.12.15 200,000 192,612 1.99USD

KAZAKHSTAN

192,612 1.99

SB CAPITAL SA 5.499% 10-07.07.15 250,000 247,975 2.57USD

LUXEMBOURG

247,975 2.57

BUMI CAP 12% 09-10.11.16 250,000 242,172 2.50USD

SINGAPORE

SIGMA CAP FRN 10-30.04.15 200,000 184,414 1.91USD

426,586 4.41

HYNIX SEMICO.7.875% 07-27.06.17 REGS 200,000 179,431 1.86USD

SOUTH KOREA

179,431 1.86

AKBANK 5.125% 10-22.07.15REGS 150,000 145,288 1.50USD

TURKEY

145,288 1.50

PCCW 4.25% 10-24.02.16 150,000 148,547 1.54USD

VIRGIN ISLANDS

148,547 1.54


BUENOS AIRES 10.875% 11-26.01.21 REGS 100,000 72,260 0.75USD


ARGENTINA

72,260 0.75



2,983,321






Face Value


338

BANCO VOTO 5.25% 11-11.02.16 1,400,000 1,390,927 1.47USD


BONDS

BRAZIL

BNDES 5.5% 10-12.07.20 REG-S 775,000 802,912 0.85USD

BRAZIL 10% 10-01.01.21 2,003 996,331 1.05BRL

BRAZIL 5.625% 09-07.01.14 200,000 216,130 0.23USD

BRAZIL 8.25% 04-20.01.34 500,000 705,000 0.75USD

VOTORANTIM 7.375% 10-21.01.20 350,000 359,053 0.38USD

4,470,353 4.73

BANBRA 5.875% 11-26.01.22 1,200,000 1,149,912 1.23USD

CAYMAN ISLANDS

ENN ENERGY HLD 6% 11-13.05.21 1,000,000 978,000 1.03USD

IPIC GMTN 3.125% 10-15.11.15 475,000 480,396 0.51USD

IPIC GMTN 5% 10-15.11.20 400,000 411,088 0.43USD

PETBRA 5.75% 09-20.01.20 150,000 155,878 0.16USD

3,175,274 3.36

EMPRESA NAC 5.25% 10-10.08.20 150,000 155,558 0.16USD

CHILE

155,558 0.16

MCC HLDG 4.875% 11-29.07.16 1,000,000 977,390 1.03USD

CHINA

977,390 1.03

BANCOLOMBIA 6.125% 10-26.07.20 200,000 196,205 0.21USD

COLOMBIA

COLOMBIA 4.375% 11-12.07.21 700,000 715,785 0.76USD

COLOMBIA 7.75% 10-14.04.21/DUAL 1,068,000,000 599,548 0.63COP

COLUMBIA 12.00% 05-22.10.15 1,240,000,000 789,490 0.84COP

REPUBLIC OF COLUMBIA7.375% 06-27.01.17 1,150,000 1,376,205 1.45USD

3,677,233 3.89

INVESTMENTS

Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

CROATIA 6.75% 09-05.11.19REGS 325,000 313,601 0.33USD

CROATIA

313,601 0.33

VOTORANTIM 6.625% 09-25.09.19 950,000 952,475 1.01USD

CURACAO

952,475 1.01

RURAIL 5.739% 10-03.04.17 900,000 899,064 0.95USD


RUSSIA BOND 3.625% 10-29.04.15 500,000 493,240 0.52USD

RUSSIA 5% 10-29.04.20 2,400,000 2,375,172 2.52USD

TRANSNEFT 5.67% 07-05.03.14 400,000 408,162 0.43USD

4,175,638 4.42

TRANSCAP. 7.7% 08-07.08.13 100,000 106,033 0.11USD

GREAT BRITAIN

106,033 0.11

VEB-LEASING INV5.125%27.05.16 1,400,000 1,326,822 1.40USD

IRELAND

1,326,822 1.40

KAZMUNAIGAZ 11.75% 09-23.01.15 REGS 1,250,000 1,456,794 1.54USD

KAZAKHSTAN

1,456,794 1.54

LITHUANIA 5.125% 10-14.09.17 REGS 600,000 588,390 0.63USD

LITHUANIA

LITHUANIA 7.375% 10-11.02.20 100,000 107,930 0.11USD

696,320 0.74

GAZ CAP 7.343% 08-11.04.13REGS 175,000 181,697 0.19USD

LUXEMBOURG

RSHB CAPITAL 6.299% 07-15.05.17 800,000 792,356 0.83USD

SBERBANK 6.468% 08-02.07.13 150,000 156,000 0.17USD


Face Value

339


TNK BP FIN. 7.50% 07-13.03.13 REGS 500,000 517,480 0.55USD

1,647,533 1.74

GFB 6.5% 11-10.03.21/SUB 1,150,000 1,072,864 1.13USD

MEXICO

MEXICO 10% 05-05.12.24 -M- 59,400 549,516 0.58MXN

MEXICO 10% 06-20.11.36 57,450 519,175 0.55MXN

MEXICO 5.125% 10-15.01.20 1,650,000 1,794,705 1.90USD

MEXICO 5.625% 06-15.01.17S-19 2,200,000 2,452,779 2.59USD

MEXICO 6.05% 08-11.01.40 550,000 622,903 0.66USD

MEXICO 6.75% 04-27.09.34GLOB. 1,400,000 1,725,500 1.83USD

MEXICO 7% 09-19.06.14 35,500 270,692 0.29MXN

MEXICO 7.75% 07-14.12.17S.M 10 415,000 3,338,363 3.53MXN

MEXICO 8% 03-19.12.13SR131219 47,400 366,060 0.39MXN

MEXICO 8% 05-17.12.15 30,000 240,226 0.25MXN

MEXICO 8% 10-11.06.20 71,000 570,577 0.60MXN

13,523,360 14.30

KAZAK.TEMIR ZHOLY 7% 06-11.05.16 550,000 567,045 0.60USD

NETHERLANDS

567,045 0.60

PANAMA 5.2% 09-30.01.20 300,000 329,216 0.35USD

PANAMA

REPUBLIC PANAMA 7.125%05-29.01.26 900,000 1,131,831 1.20USD

1,461,047 1.55

BANCO PERU 5.75% 10-07.10.20 250,000 234,635 0.25USD

PERU

PEROU 7.125% 09-30.03.19 400,000 484,440 0.51USD

PERU 7.35% 05-21.07.25 200,000 249,320 0.26USD

PERU 8.375% 04-03.05.16 525,000 641,012 0.68USD

PERU 8.75% 03-21.11.33 800,000 1,140,120 1.21USD

2,749,527 2.91

POLAND 3.875% 10-16.07.15 600,000 608,529 0.64USD

POLAND

POLAND 5.125% 11-21.04.21 100,000 99,866 0.11USD

POLAND 5.25% 10-25.10.20 11,412,000 3,337,991 3.53PLN



Face Value

POLAND 5.5% 09-25.04.15 2,350,000 729,873 0.77PLN

4,776,259 5.05

COMM BK QATAR 7.5% 09-18.11.19 1,050,000 1,235,819 1.31USD

QATAR

1,235,819 1.31

SOUTH AFRICA 13.5% 94-15.09.15 LOAN157 6,120,000 924,936 0.98ZAR

SOUTH AFRICA

SOUTH AFRICA 5.5% 10-03.09.20 900,000 983,651 1.04USD

SOUTH AFRICA 7% 10-28.02.31 31,400,000 3,198,686 3.39ZAR

SOUTH AFRICA 8% 04-21.12.18 3,250,000 401,304 0.42ZAR

SOUTH AFRICA 8.25% 04-15.09.17 20,200,000 2,552,423 2.70ZAR

SOUTH AFRICA7.25% 05-15.01.20 4,400,000 511,796 0.54ZAR

8,572,796 9.07

THAILAND GOV 3.65% 10-17.12.21 8,650,000 276,787 0.29THB

THAILAND

THAILAND GOV 5.25% 07-12.05.14 141,000,000 4,722,962 5.00THB

4,999,749 5.29

ABU DHABI 5.875% 06-27.10.16 750,000 832,144 0.88USD


832,144 0.88

PEMEX PROJECT FUNDING6.625% 05-15.06.35 1,000,000 1,077,905 1.14USD

UNITED STATES

1,077,905 1.14

SINOCHEM OV 4.5% 10-12.11.20 REGS 200,000 186,572 0.20USD

VIRGIN ISLANDS

186,572 0.20

66.7663,113,247TOTAL BONDS


Face Value


340




4,533,996 4.80

PANAMA 6.7% 06-26.01.36 175,000 212,181 0.22USD

PANAMA

212,181 0.22



67,859,424

QTEL INT FIN 4.75% 10-16.02.21 400,000 402,418 0.43USD


BONDS

BERMUDA ISLANDS

402,418 0.43

BANCO VOTO 4.25% 10-08.02.13 450,000 455,393 0.48USD

BRAZIL

455,393 0.48

BANCOLOMBIA 5.95% 11-03.06.21 OPE 400,000 388,584 0.41USD

COLOMBIA

ECOPETROL 7.625% 09-23.07.19 675,000 791,876 0.84USD

1,180,460 1.25

CROATIA 6.625% 10-14.07.20 200,000 189,241 0.20USD

CROATIA

189,241 0.20

RUSSIA 7.85% 11-10.03.18REGS 10,000,000 306,609 0.32RUB


306,609 0.32

DEV BK KAZA 5.5% 10-20.12.15 1,200,000 1,155,672 1.23USD

KAZAKHSTAN



Face Value

KMG FIN 6.375% 10-09.04.21REGS 400,000 392,064 0.41USD

1,547,736 1.64

MALAYSIA 2.509% 09-27.08.12 1,100,000 343,243 0.36MYR

MALAYSIA

MALAYSIA 3.21% 09-31.05.13 1,100,000 345,529 0.37MYR

MALAYSIA 3.835% 10-12.08.15 1,200,000 381,673 0.40MYR

MALAYSIA 4.16% 11-15.07.21 1,790,000 581,908 0.62MYR

MALAYSIA 4.24% 03-07.02.18 6,040,000 1,956,013 2.07MYR

3,608,366 3.82

PEMEX 5.5% 10-21.01.21 1,300,000 1,368,283 1.45USD

MEXICO

1,368,283 1.45

PERU 6.95% 08-12.08.31/USD 2,321,000 850,531 0.90PEN

PERU

PERU 7.84% 05-12.08.20 REG-S 1,050,000 428,746 0.45PEN

1,279,277 1.35

ESKOM HLDGS 5.75% 11-26.01.21 600,000 616,180 0.65USD

SOUTH AFRICA

616,180 0.65

THAILAND GOV 2.8% 10-10.10.17 19,500,000 600,212 0.63THB

THAILAND

600,212 0.63

12.2211,554,175TOTAL BONDS


11,554,175

MALAYSIA 4.012% 10-15.09.17 3,850,000 1,233,308 1.30MYR


BONDS

MALAYSIA

1,233,308 1.30




Face Value

341


CALL SWAP EQ. WIBO 3M20.10.11 5.17 8,000,000 13,734 0.01PLN


OPTIONS ON SWAPS

FRANCE

PUT SWAP EQ. WIBO 3M20.10.11 4.97 (16,000,000) (18,412) (0.01)PLN

(4,678) 0.00

0.00(4,678)TOTAL OPTIONS ON SWAPS

0.00TOTAL FINANCIAL INSTRUMENTS (4,678)






Face Value


342

BRAZIL 10% 10-01.01.21 92,320 45,921,744 6.80BRL


BONDS

BRAZIL

45,921,744 6.80

CHILE 5.5% 10-05.08.20 425,000,000 857,243 0.13CLP

CHILE

857,243 0.13

COLOMBIA 7.75% 10-14.04.21/DUAL 11,488,000,000 6,449,075 0.96COP

COLOMBIA

COLUMBIA 12.00% 05-22.10.15 19,130,000,000 12,179,792 1.80COP

18,628,867 2.76

ALFA MTN ISS 8% 10-18.03.15 1,925,000 1,863,881 0.28USD

CYPRUS

1,863,881 0.28

TRANSCAP. 7.7% 08-07.08.13 6,250,000 6,627,063 0.98USD

GREAT BRITAIN

6,627,063 0.98

INDONESIA 10% 07-15.09.24 10,000,000,000 1,398,455 0.21IDR

INDONESIA

INDONESIA 8.375% 10-15.09.26 43,598,000,000 5,461,070 0.81IDR

6,859,525 1.02

KAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 7,500,000 7,824,600 1.16USD

KAZAKHSTAN

7,824,600 1.16

GAZ CAP 7.343% 08-11.04.13REGS 6,925,000 7,190,020 1.06USD

LUXEMBOURG

SBERBANK 6.468% 08-02.07.13 9,500,000 9,880,000 1.46USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 7,150,000 7,399,964 1.10USD

24,469,984 3.62

MEXICO 4% 09-13.06.19/INFL 45 1,689 0.00MXN

MEXICO

INVESTMENTS

Global Emerging Markets Local DebtStatement of investments as at 30 September 2011(expressed in USD)


Face Value

MEXICO 4.5% 06-04.12.25UDIBONOS 99,885 3,662,560 0.54MXN

MEXICO 7% 09-19.06.14 567,364 4,326,215 0.64MXN

MEXICO 7.25% 07-15.12.16 530,000 4,155,733 0.62MXN

MEXICO 7.5% 07-21.06.12 1,343,228 9,916,408 1.47MXN

MEXICO 7.75% 07-14.12.17S.M 10 133,570 1,074,471 0.16MXN

MEXICO 8% 03-07.12.23S.M20 50,000 401,219 0.06MXN

MEXICO 8% 03-19.12.13SR131219 316,578 2,444,862 0.36MXN

MEXICO 8% 05-17.12.15 400,000 3,203,016 0.47MXN

MEXICO 8.5% 09-13.12.18 500,000 4,157,767 0.62MXN

MEXICO 9% 03-20.12.12 2,135,000 16,241,664 2.41MXN

MEXICO 9% 04-22.12.11 M-BONOS 4,550,000 33,208,393 4.92MXN

MEXICO 9.50% 04-18.12.14BONOS 677,000 5,554,739 0.82MXN

88,348,736 13.09

REP PERU 7.84% 05-12.08.20 18,267,000 7,479,488 1.10PEN

PERU

REP PERU 9.91% 05-05.05.15 2,000,000 852,854 0.13PEN

8,332,342 1.23

POLAND 4.75% 07-25.04.12PS0412 6,000,000 1,836,274 0.27PLN

POLAND

POLAND 5% 10-25.04.16 11,500,000 3,476,117 0.51PLN

POLAND 5.25% 07-25.04.13S0413 16,900,000 5,227,697 0.77PLN

POLAND 5.25% 10-25.10.20 10,050,000 2,939,609 0.44PLN

POLAND 5.5% 09-25.04.15 35,500,000 11,025,740 1.64PLN

POLAND 5.75% 01-23.09.22 1,300,000 392,446 0.06PLN

POLAND 5.75% 08-25.04.14 3,500,000 1,095,282 0.16PLN

POLAND 6.25% 04-24.10.15DS 1015 10,000,000 3,178,201 0.47PLN

29,171,366 4.32

SOUTH AFRICA 6.25% 06-31.03.36 17,000,000 1,546,238 0.23ZAR

SOUTH AFRICA

SOUTH AFRICA 6.75% 06-31.03.21 97,590,000 10,865,381 1.61ZAR

SOUTH AFRICA 7.5% 05-15.01.14 R206 70,000,000 8,877,175 1.31ZAR

SOUTH AFRICA 8.25% 04-15.09.17 126,070,000 15,929,898 2.36ZAR


Face Value

343


SOUTH AFRICA 8.75% 03-21.12.14 11,250,000 1,476,765 0.22ZAR

38,695,457 5.73

THAILAND GOV 4.25% 07-13.03.13 140,000,000 4,542,879 0.67THB

THAILAND

THAILAND GOV 5.125% 07-13.03.18 62,000,000 2,149,606 0.32THB

THAILAND GOV 5.25% 07-12.05.14 65,000,000 2,177,252 0.32THB

THAILAND 3.625% 09-22.05.15 230,000,000 7,415,581 1.10THB

THAILAND 3.875% 09-13.06.19 50,000,000 1,620,955 0.24THB

THAILAND 4.125% 09-18.11.16 90,000,000 2,960,833 0.44THB

THAILAND 5.4% 06-27.07.16 90,000,000 3,121,624 0.46THB

23,988,730 3.55

TURKEY GOVERNMENT BOND14.00% 07-26.09.12 3,500,000 1,984,465 0.29TRY

TURKEY

TURKEY 0% 09-16.11.11 44,340,000 23,622,470 3.50TRY

TURKEY 10% 10-09.01.13 30,000,000 16,513,134 2.45TRY

TURKEY 10% 10-17.06.15 9,625,000 5,397,063 0.80TRY

TURKEY 16% 08-28.08.13 4,000,000 2,441,721 0.36TRY

TURKEY 8% 10-9.10.13 7,660,000 4,102,610 0.61TRY

54,061,463 8.01

TAQA 6.6% 08-01.08.13 REGS 3,550,000 3,786,767 0.56USD


3,786,767 0.56

53.24359,437,768TOTAL BONDS

POLAND 0% 09-25.01.12 10,000,000 3,015,375 0.45PLN

PLACEMENTS

POLAND

POLAND 0% 09-25.07.12 30,000,000 8,851,055 1.30PLN

POLAND 0% 10-25.10.12 10,000,000 2,919,636 0.43PLN

14,786,066 2.18

TURKEY 0% 10-08.08.12 6,750,000 3,390,393 0.50TRY

TURKEY



Face Value

TURKEY 0% 10-25.01.12 16,500,000 8,662,810 1.29TRY

12,053,203 1.79

3.9726,839,269PLACEMENTS

ARGENTINA FRN 02-03.08.12/FLAT 30,000,000 3,542,640 0.52USD

FLOATING RATE BONDS

ARGENTINA

3,542,640 0.52

MEX UDIBONOS FRN 06-16.06.16 15,281 588,549 0.09MXN

MEXICO

588,549 0.09


BCO BMG 9.15% 05-15.01.16REG.S 2,350,000 2,274,424 0.34USD


BRAZIL

2,274,424 0.34


POLAND FRN 04-24.08.16 IZ0816 14,565,000 5,495,860 0.81PLN


POLAND

5,495,860 0.81

KOREA 2.75% 07-10.03.17/INFL 3,000,000,000 3,310,305 0.49KRW

SOUTH KOREA

3,310,305 0.49

TURKEY FRN 09-21.05.14 CPI 1,500,000 1,087,204 0.17TRY

TURKEY

TURKEY 12% 08-14.8.13 /CPI 400,000 369,848 0.05TRY

1,457,052 0.22



402,945,867


Face Value


344

BANCO VOTO 4.25% 10-08.02.13 3,950,000 3,997,341 0.59USD


BONDS

BRAZIL

3,997,341 0.59

RUSSIA 7.85% 11-10.03.18REGS 245,000,000 7,511,908 1.11RUB


7,511,908 1.11

INDONESIA 10% 05-15.07.17S.FR28 7,000,000,000 932,011 0.14IDR

INDONESIA

INDONESIA 10.25% 07-15.07.22 30,000,000,000 4,209,718 0.62IDR

INDONESIA 11% 03-15.12.12S.FR0023 2,000,000,000 241,678 0.04IDR

INDONESIA 11% 05-15.11.20 55,500,000,000 8,058,826 1.19IDR

INDONESIA 11.5% 06-15.09.19 18,500,000,000 2,711,575 0.40IDR

INDONESIA 12.5% 06-15.03.13 S.FR33 25,000,000,000 3,111,922 0.46IDR

INDONESIA 12.9% 06-15.06.22 FR35 5,000,000,000 814,932 0.12IDR

INDONESIA 7.375% 10-15.09.16 9,806,000,000 1,170,930 0.17IDR

INDONESIA 8.25% 10-15.07.21 29,000,000,000 3,622,417 0.54IDR

INDONESIA 9% 08-15.09.13FR0049 29,500,000,000 3,554,702 0.53IDR

INDONESIA 9.5% 04-15.06.15 71,500,000,000 9,021,221 1.34IDR

INDONESIE 10.75% 05-15.05.16 FR30 20,000,000,000 2,683,732 0.40IDR

INDONESIE 11% 04-15.10.14FR26 5,000,000,000 646,265 0.10IDR

40,779,929 6.05

MALAYSIA 3.835% 10-12.08.15 36,500,000 11,609,224 1.72MYR

MALAYSIA

MALAYSIA 4.16% 11-15.07.21 12,000,000 3,901,060 0.58MYR

MALAYSIA 4.378% 09-29.11.19 5,000,000 1,639,882 0.24MYR



Face Value

MALAYSIA 5.094% 04-30.04.14 39,500,000 12,926,671 1.92MYR

30,076,837 4.46

PERU 6.95% 08-12.08.31/USD 20,699,000 7,585,157 1.12PEN

PERU

7,585,157 1.12

THAILAND GOV 2.8% 10-10.10.17 247,000,000 7,602,691 1.12THB

THAILAND

THAILAND GOV 4.5% 07-09.04.24 150,000,000 5,122,757 0.76THB

12,725,448 1.88

15.21102,676,620TOTAL BONDS


102,676,620

BRAZIL 6% 07-15.05.17 IPCA-IDX 2,425 2,796,854 0.41BRL


BONDS

BRAZIL

2,796,854 0.41

INDONESIAGOVERNMENT11% 06-15.09.25 13,000,000,000 1,956,094 0.29IDR

INDONESIA

1,956,094 0.29

MALAYSIA 4.012% 10-15.09.17 23,695,000 7,590,450 1.13MYR

MALAYSIA

7,590,450 1.13

JP MORGAN 6% 07-09.07.12INT.USD/REGS 8,000,000 188,979 0.03PHP

UNITED STATES

JP MORGAN 8% 07-09.07.12INT.USD 21,500,000 442,179 0.06INR

631,158 0.09




Face Value

345


GERMANY 0% 11-28.03.12 TB 28,500,000 38,259,779 5.67EUR


TREASURY BILLS

GERMANY

38,259,779 5.67

MEXICO 0% 06.10.11 TB 62,350,000 45,025,865 6.66MXN

MEXICO

45,025,865 6.66


CALL SWAP EQ. WIBO 3M20.10.11 5.17 360,000,000 618,016 0.09PLN

OPTIONS ON SWAPS

FRANCE

PUT SWAP EQ. WIBO 3M20.10.11 4.97 (720,000,000) (828,510) (0.12)PLN

(210,494) (0.03)

(0.03)(210,494)TOTAL OPTIONS ON SWAPS







Face Value


346

ARGENTINA 7% 05-03.10.15 5,025,000 4,516,621 0.63USD


BONDS

ARGENTINA

CORDOBA 12.375% 10-17.08.17 2,400,000 2,124,324 0.30USD

6,640,945 0.93

OPTUS FIN SIN 3.5% 10-15.09.20 2,200,000 2,937,835 0.41EUR

AUSTRALIA

2,937,835 0.41

FORTIS BANK 4.625% 04 -PERP. 1,500,000 1,270,770 0.18EUR

BELGIUM

KBC BANK 8% 08-PERP. 2,700,000 2,437,601 0.34EUR

3,708,371 0.52

ALLI OIL 9.875% 10-11.03.15REGS 4,100,000 3,872,840 0.54USD

BERMUDA ISLANDS

QTEL INT FIN 5%10-19.10.25REG-S 1,800,000 1,774,953 0.25USD

5,647,793 0.79

BANCO VOTO 5.25% 11-11.02.16 625,000 620,950 0.09USD

BRAZIL

BCO ABC 7.875% 10-08.04.20REGS 3,850,000 3,534,858 0.49USD

BNDES 5.5% 10-12.07.20 REG-S 2,400,000 2,486,436 0.35USD

BRAZIL 4.875% 10-22.01.21 6,200,000 6,630,931 0.92USD

BRAZIL 5.625% 09-07.01.14 1,400,000 1,512,910 0.21USD

HYPERMARCAS 6.5% 11-20.04.21 800,000 736,064 0.10USD

15,522,149 2.16

CANADIAN PAC 4.45%10-15.03.23 1,500,000 1,562,130 0.22USD

CANADA

SUNCOR ENERG 6.85% 08-01.06.39 1,000,000 1,213,050 0.17USD

2,775,180 0.39

INVESTMENTS

Global High Income BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

HUTCH WHAM 4.75% 09-14.11.16 1,000,000 1,398,694 0.19EUR

CAYMAN ISLANDS

IPIC GMTN 5% 10-15.11.20 2,600,000 2,672,072 0.37USD

PETBRA 5.75% 09-20.01.20 3,700,000 3,844,984 0.54USD

7,915,750 1.10

SINOCHEM 6.3% 10-12.11.40REGS 1,200,000 1,108,050 0.15USD

CHINA

1,108,050 0.15

BANCOLOMBIA 6.125% 10-26.07.20 4,000,000 3,924,100 0.55USD

COLOMBIA

COLOMBIA 8.125% 04-21.05.24 1,350,000 1,790,944 0.25USD

5,715,044 0.80

CROATIA 6.375% 11-24.03.21 1,500,000 1,376,453 0.19USD

CROATIA

1,376,453 0.19

EL SALVADOR 8.25% 02-10.04.32 1,300,000 1,383,200 0.19USD

EL SALVADOR

1,383,200 0.19

ALFA BK 8.635% 07-22.02.17 1,400,000 1,295,000 0.18USD


RUSSIA 5% 10-29.04.20 6,200,000 6,135,861 0.86USD

7,430,861 1.04

AXA SA 5.777% 06-PERP 2,850,000 2,468,752 0.34EUR

FRANCE

BFCM 4.471% 05-PERP. 2,500,000 1,999,392 0.28EUR

BPCE 6.117% 07-PERP EMTN 600,000 437,558 0.06EUR

CNP ASSURANCES 4.75% 06-PERP. 2,000,000 1,383,181 0.19EUR

CROWN EU HOLDING 7.125%15.08.18 REGS 4,500,000 5,903,903 0.81EUR

EDENRED 3.625% 10-06.10.17 2,200,000 2,902,593 0.40EUR

NEXANS 5.75% 07-02.05.17 2,450,000 3,059,244 0.43EUR

PERNOD RICARD 5% 11-15.03.17 900,000 1,217,571 0.17EUR

PERNOD 4.875% 10-18.03.16 3,300,000 4,484,734 0.63EUR

PEUGEOT SA 8.375% 09-15.07.14 1,525,000 2,190,418 0.31EUR


Face Value

347


RENAULT 5.625% 10-30.06.15 4,500,000 6,009,178 0.83EUR

REXEL 7% 11-17.12.18 700,000 883,838 0.12EUR

RHODIA 7% 10-15.05.18 750,000 1,119,320 0.16EUR

SOCIETE GENERALE 4.196%05-PERP 500,000 338,167 0.05EUR

ST GOBAIN 4.5% 11-30.09.19 1,300,000 1,716,423 0.24EUR

VINCI 6.25% 06-PERP 2,750,000 3,657,468 0.51EUR

39,771,740 5.53

REP OF GEORGIA 6.875% 11-12.04.21 550,000 535,997 0.07USD

GEORGIEN

535,997 0.07

ALZ 5.5% 04-PERP. EMTN 1,300,000 1,573,359 0.22EUR

GERMANY

COMZBK 7.75% 11-16.03.21 /SUB 500,000 523,737 0.07EUR

ELSTER FIN 6.25% 11-15.04.18 450,000 562,710 0.08EUR

HENKEL 5.375% 05-25.11.14STEP-UP 1,500,000 2,012,624 0.28EUR

MUNICH RE 5.767% 07-26.06.49 2,250,000 2,434,033 0.34EUR

UNITYMEDIA 8.125% 09-01.12.17 1,250,000 1,690,472 0.24EUR

8,796,935 1.23

BIZ FIN 8.375% 10-27.04.15 2,950,000 2,541,705 0.35USD

GREAT BRITAIN


FCE BK 4.75% 11-19.01.15 500,000 639,724 0.09EUR

FCE BK 9.375% 09-17.01.14 3,500,000 4,991,526 0.69EUR

HSBC HOLDING 0% 09-10.06.19 1,000,000 1,352,195 0.19EUR

MARKS & SPENCER 6.25% 07-01.12.17 144A 1,500,000 1,669,980 0.23USD

MONDI FIN 5.75% 10-03.04.17 2,000,000 2,647,588 0.37EUR

REXAM PLC 6.75% 07-29.06.67 550,000 662,702 0.09EUR

VEDANTA RES 6.75% 11-07.06.16 600,000 486,219 0.07USD

VEDANTA RES 8.25% 11-07.06.21 600,000 471,381 0.07USD

VEDANTA RESOURCES 9.5%08-18.07.18 2,000,000 1,761,410 0.25USD

18,679,545 2.60



Face Value

ICICI BK 5.75% 10-16.11.20REGS 2,600,000 2,450,149 0.34USD

HONG KONG

PACNET 9.25% 10-09.11.15REGS 4,100,000 3,485,000 0.49USD

5,935,149 0.83

BUMI INV 10.75% 10-10.06.17 2,100,000 1,938,006 0.27USD

INDONESIA

INDONESIA 4.875% 11-05.05.21 1,050,000 1,063,351 0.15USD

INDONESIA 6.875% 08-17.01.18 1,000,000 1,130,070 0.16USD

INDONESIA 7.75% 08-17.01.38 REGS 650,000 818,899 0.11USD

4,950,326 0.69

ALFA BD ISS 7.75% 11-28.04.21 1,000,000 856,835 0.12USD

IRELAND

ALFA BD ISS 7.875% 10-25.09.17 800,000 726,580 0.10USD

GPB EUROBD 6.25% 10-15.12.14 2,900,000 2,833,532 0.40USD

VIP FIN 9.125% 08-30.04.18REGS 2,000,000 1,933,390 0.27USD

6,350,337 0.89

EXOR SPA 5.375% 07-12.06.17 2,200,000 2,740,025 0.38EUR

ITALY

2,740,025 0.38

LITHUANIA 5.125% 10-14.09.17 REGS 1,500,000 1,470,975 0.21USD

LITHUANIA

1,470,975 0.21

ARCELORMITTAL 9.85% 09-01.06.19 2,000,000 2,250,770 0.31USD

LUXEMBOURG

FMC FIN 6.5% 11-15.09.18 100,000 140,387 0.02EUR

GAZ CAPITAL 6.51% 07-07.03.22 1,400,000 1,394,337 0.19USD

GAZ CAPITAL 6.605% 07-13.02.18 EMTN 1,800,000 2,514,029 0.35EUR

RSHB CAPITAL 6.299% 07-15.05.17 3,500,000 3,466,558 0.48USD



Face Value


348

TELECOM IT CAP 7.175% 09-18.06.19 2,000,000 2,025,010 0.28USD

VTB CAPIT 6.875% 08-29.05.18 REG 4,650,000 4,723,726 0.67USD

20,359,517 2.84


MEXICO

GFB 6.5% 11-10.03.21/SUB 3,750,000 3,498,469 0.49USD

MEXICO 5.125% 10-15.01.20 4,700,000 5,112,190 0.71USD

MEXICO 6.05% 08-11.01.40 5,300,000 6,002,515 0.85USD

MEXICO 6.75% 04-27.09.34GLOB. 1,250,000 1,540,625 0.21USD

URBI DESA 9.5% 10-21.01.20 2,614,000 2,462,048 0.34USD

20,502,817 2.86

BRENNTAG FIN 5.5% 11-19.07.18 450,000 599,770 0.08EUR

NETHERLANDS

CRH FIN 7.375% 09-28.05.14 2,000,000 2,941,007 0.41EUR

DEUT TEL IF 4.875% 09-08.07.14 3,000,000 3,205,695 0.45USD

DEUT TEL IF 5.75% 08-10.01.14 2,000,000 2,896,890 0.40EUR

EUREKO 5.125% 05-29.06.49 1,750,000 1,609,070 0.22EUR

GTB FIN BV 7.5% 11-19.05.16 1,500,000 1,454,670 0.20USD

HEIDLRG 8.5% 09-31.10.19 4,750,000 6,188,050 0.87EUR

ING GROEP 5.775% 05-08.12.15 1,500,000 1,123,748 0.16USD

KAZAK TEMIR 6.375% 10-06.10.20 2,500,000 2,482,375 0.35USD

LINDE FINANCE 7.375% 06-14.07.66 2,000,000 2,883,368 0.40EUR

MARFRIG HLDGS 8.375% 11-09.05.18 2,000,000 1,295,560 0.18USD

OI EUROPEAN 6.75% 10-15.09.20 750,000 938,432 0.13EUR

PLNIJ 7.75% 09-20.01.20 1,200,000 1,337,454 0.19USD

RABOBANK 6.875% 10-19.03.20 2,600,000 3,210,632 0.45EUR

SOLVAY FIN. 6.375% 06-02.06.21 3,800,000 5,028,134 0.70EUR

SUEDZUCK.INTERNATIONAL5.25% 05-PERP 1,650,000 2,090,313 0.29EUR

39,285,168 5.48



Face Value


PANAMA

3,647,011 0.51

BANCO PERU 5.75% 10-07.10.20 1,550,000 1,454,737 0.20USD

PERU

PERU 7.35% 05-21.07.25 1,400,000 1,745,240 0.25USD

PERU 8.75% 03-21.11.33 925,000 1,318,264 0.18USD

4,518,241 0.63

QATAR 6.4% 09-20.01.40 800,000 973,492 0.14USD

QATAR

973,492 0.14

BAKRIE TEL 11.5% 10-07.05.15 4,800,000 3,081,288 0.43USD

SINGAPORE

3,081,288 0.43

SOUTH AFRICA 5.875% 07-30.05.22 2,100,000 2,348,616 0.33USD

SOUTH AFRICA

SOUTH AFRICA 6.25% 11-08.03.41 825,000 923,338 0.13USD

3,271,954 0.46

SANTANDER 4.375% 11-16.03.15 1,700,000 2,321,147 0.32EUR

SPAIN

TELEFONICA 3.661% 10-18.09.17 1,500,000 1,873,138 0.26EUR

4,194,285 0.58

FINANSBANK 5.5% 11-11.05.16 2,850,000 2,461,645 0.34USD

TURKEY

TURKEY 5.625% 10-30.03.21 8,300,000 8,509,284 1.19USD

TURKEY 6.875% 06-17.03.36 3,525,000 3,764,524 0.52USD

TURKEY 7.25% 04-15.03.15 1,100,000 1,215,693 0.17USD

15,951,146 2.22

UKRAINE FIN. 6.58% 06-21.11.16 3,250,000 2,924,269 0.41USD

UKRAINE

UKRAINE 6.25% 11-17.06.16 1,000,000 896,270 0.12USD

3,820,539 0.53


Face Value

349


AMB PROP 4.5% 10-15.08.17 1,500,000 1,416,336 0.20USD

UNITED STATES

AMERICAN EXPRESS 6.8% 06-01.09.66 2,000,000 1,929,552 0.27USD

BURLINGTON 6.15% 07-01.05.37 1,500,000 1,805,258 0.25USD

BXP 5.625% 10-15.11.20 1,500,000 1,646,220 0.23USD

CAP ONE CAP III 7.686%15.08.36 2,000,000 1,969,500 0.27USD

CAPITAL ONE 8.8% 09-15.07.19 1,500,000 1,752,120 0.24USD

CBS 5.75% 10-15.04.20 1,500,000 1,657,463 0.23USD

CHK 6.625% 10-15.08.20 2,000,000 2,074,130 0.29USD

CITIGROUP INC 4.875% 03-07.05.15 3,500,000 3,490,287 0.49USD

COMCAST CORP 6.4% 08-15.05.38 2,000,000 2,278,660 0.32USD

DOMINION RES.5.95% 05-15.06.35 2,000,000 2,329,220 0.32USD

DOW CHEMICAL CO 5.9% 09-15.02.15 2,000,000 2,204,700 0.31USD

ETP 8.5% 09-15.04.15 1,500,000 1,720,694 0.24USD

FIDELITY NAT 7.875% 10-15.07.20 1,000,000 1,051,250 0.15USD

FORD MC 5.75% 11-01.02.21 7,000,000 7,013,544 0.97USD


GCI 7.125% 10-01.09.18 SR 2,000,000 1,906,260 0.27USD

GS 4.5% 11-09.05.16 2,500,000 3,238,785 0.45EUR

HOME DEPOT 5.875% 06-16.12.36 1,250,000 1,458,875 0.20USD

HPQ 4.375% 11-15.9.21 1,500,000 1,520,468 0.21USD

HSBC FIN TR 5.911% 05-30.11.35 1,500,000 1,261,253 0.18USD

IP CO 7.95% 08-15.06.18 3,000,000 3,482,504 0.49USD

KRAFT FOODS 4.125% 10-09.02.16 2,000,000 2,140,400 0.30USD

LIMITED BRANDS 6.95% 03-01.03.33 2,000,000 1,840,000 0.26USD

MOR ST 5.375% 10-10.08.20 2,250,000 2,744,074 0.38EUR

NORTH TIER 10.5% 10-01.12.17 1,000,000 1,055,000 0.15USD

PRUDEN FIN 3.875% 10-14.01.15 2,500,000 2,565,263 0.36USD

SPRINT CAP. 6.9% 99-01.05.19 1,000,000 864,405 0.12USD



Face Value

SPRINT CAP.CORP.8.75% 02-15.03.32 1,000,000 867,460 0.12USD

SUNTRUST CAP 6.1% 06-15.12.66 2,890,000 2,875,145 0.40USD

TARGA RES 6.875% 11-01.02.21 3,000,000 2,895,000 0.40USD

TW CBL 5% 09-01.02.20 1,600,000 1,703,328 0.24USD

TWX 4.7% 10-15.01.21 2,000,000 2,097,920 0.29USD

UNION PACIFIC 5.125% 09-15.02.14 1,500,000 1,628,385 0.23USD

VALASSIS 6.625% 11-01.02.21 1,000,000 940,000 0.13USD

VERSO PAPER 8.75% 11-01.02.19 2,000,000 1,440,000 0.20USD

WELLS FARGO 4.125% 06-03.11.16 2,500,000 3,377,181 0.47EUR

WYNDHAM 7.375% 10-01.03.20 3,000,000 3,314,055 0.46USD

XEROX CORP 6.35% 08-15.05.18 2,500,000 2,835,038 0.40USD

89,006,793 12.40


VENEZUELA

PETROLEOS 5% 09-28.10.15 6,000,000 3,624,390 0.51USD

VENEZUELA 7.00% 03-01.12.18 10,800,000 6,828,299 0.95USD

VENEZUELA 7.00% 07-31.03.38 REGS 1,600,000 846,080 0.12USD

VENEZUELA 7.65% 05-21.04.25 6,050,000 3,437,913 0.48USD


18,723,858 2.61


VIRGIN ISLANDS

3,721,238 0.52

53.31382,450,007TOTAL BONDS

SANTOS FIN 8.25% (FRN) 10-22.09.70 1,000,000 1,209,642 0.17EUR

FLOATING RATE BONDS

AUSTRALIA

1,209,642 0.17


Face Value


350

OMV 6.75%(FRN) 11-29.04.49/SUB 650,000 872,207 0.12EUR

AUSTRIA

872,207 0.12

NATEXIS BQ POP.FRN 06-26.01.17 1,650,000 2,069,025 0.29EUR

FRANCE

SOCGEN 5.922%(FRN)07-PERP 144A 1,000,000 590,745 0.08USD

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 1,500,000 1,879,849 0.26EUR

4,539,619 0.63

HSH NORDBK FRN 07-14.02.17 S.239 500,000 331,075 0.05EUR

GERMANY

RWE 4.625% (FRN) 10-PERP 750,000 937,566 0.13EUR

1,268,641 0.18

HSBC CAPITAL JE FRN 03-PERP/PFD 1,000,000 917,522 0.13USD

JERSEY

UBS PREF. FD FRN 05-PERP 1,750,000 1,558,718 0.22EUR

2,476,240 0.35


NETHERLANDS

ING VERZEK.FRN 01-21.06.21 3,000,000 2,978,207 0.42EUR

5,979,982 0.83

FTH THRD CAP 6.5% (FRN) 07-15.4.67 3,000,000 2,865,000 0.40USD

UNITED STATES


PPL CAP FDG 6.7% (FRN) 07-30.03.67 3,000,000 2,880,000 0.40USD

11,198,546 1.56



PIK BONDS

ARGENTINA

1,284,938 0.18




Face Value

ARGENTINA 1.33% 03-31.12.38 2,000,000 673,750 0.09USD


ARGENTINA

ARGENTINA 8.28% 09-31.12.33/POOL 1,950,000 1,704,513 0.24USD

2,378,263 0.33

BCO BMG 9.15% 05-15.01.16REG.S 3,450,000 3,339,048 0.47USD

BRAZIL

3,339,048 0.47

CLYDS FRN 05-06.12.17 2005-1A C 4,500,000 3,154,500 0.44USD

CAYMAN ISLANDS

3,154,500 0.44

REP DOMINICAN 7.5%-10-06.05.21/POOL 550,000 543,043 0.08USD

DOMINICAN REPUBLIC

543,043 0.08



16,280,096 2.26

GRANM FRN 06-20.12.54 06-1C2 4,800,000 2,198,016 0.31USD

GREAT BRITAIN

2,198,016 0.31


URUGUAY

2,108,850 0.29


VENEZUELA

6,511,824 0.91



Face Value

351


USA 4.375% 11-15.05.41 TBO 1,225,000 1,569,436 0.22USD


UNITED STATES

1,569,436 0.22


GRANM FRN 06-20.12.54 06-4C1 1,885,000 857,675 0.12USD


GREAT BRITAIN

GRANM FRN 07-20.12.54 07-12C1 4,465,000 2,031,575 0.28USD

HOLMES MAST FRN 07-15.07.21 07-2A3A1 5,000,000 1,665,789 0.23USD

PERMANENT MAS.FRN 06-PERP /06-1 4C 8,500,000 11,456,388 1.60EUR

16,011,427 2.23

JPMCC FRN 10-15.10.20 1C2D 5,000,000 4,240,459 0.59USD

UNITED STATES

JPMCC FRN 11-15.02.46 C3E 5,000,000 3,757,538 0.52USD

MORGAN ST 5.879778% 07-11.07.17 3,700,000 3,067,019 0.43USD

11,065,016 1.54



476,439,341

PROV BUENOS 11.75% 10-05.10.15 2,600,000 2,260,895 0.32USD


BONDS

ARGENTINA

2,260,895 0.32

FMG RES 6.375% 10-01.02.16144A 1,500,000 1,391,193 0.19USD

AUSTRALIA

1,391,193 0.19



Face Value

QTEL INT FIN 4.75% 10-16.02.21 1,300,000 1,307,859 0.18USD

BERMUDA ISLANDS

1,307,859 0.18

BMG 6.5% 11-14.03.14 1,000,000 910,195 0.13USD

BRAZIL

VOTORANTIM 6.75% 10-05.04.21 REGS 2,700,000 2,703,281 0.37USD

3,613,476 0.50

BOMBARDIER 6.125% 10-15.05.21 REGS 4,450,000 5,458,095 0.77EUR

CANADA

BOMBARDIER 7.5% 10-15.03.18 1,500,000 1,610,625 0.22USD

NCX 8.625% 10-01.11.19 1,000,000 1,085,000 0.15USD

TECK RES 3.85% 10-15.08.17 2,500,000 2,586,138 0.36USD

10,739,858 1.50

BANBRA 5.375% 10-15.01.21 4,900,000 4,755,768 0.67USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 1,050,000 819,851 0.11USD

JBS FIN II 8.25% 10-29.01.18 4,500,000 3,704,715 0.52USD

SEAGATE HDD 6.875% 10-01.05.20 1,500,000 1,378,373 0.19USD

10,658,707 1.49

ECOPETROL 7.625% 09-23.07.19 1,400,000 1,642,410 0.23USD

COLOMBIA

1,642,410 0.23

CR AGR 3.9% 10-19.04.21 1,450,000 1,502,604 0.21EUR

FRANCE

LAFARGE 5.375% 29.11.18 ST-UP 2,600,000 3,061,507 0.42EUR

LAFARGE 5.5% 10-09.07.15 2,000,000 2,050,606 0.29USD

RCI BQ 3.25% 11-17.01.14 500,000 655,237 0.09EUR

7,269,954 1.01

BARCLAYS 6.625% 11-30.03.22 1,250,000 1,429,646 0.20EUR

GREAT BRITAIN

SCOT & STH EN 5.025% 10-PERP 3,250,000 4,108,730 0.57EUR

5,538,376 0.77


Face Value


352

INDONESIA 6.625% 07-17.02.37 2,025,000 2,290,812 0.32USD

INDONESIA

2,290,812 0.32

VIP FINANCE 7.748% 11-02.02.21 1,400,000 1,172,766 0.16USD

IRELAND

1,172,766 0.16

DEV BK KAZA 5.5% 10-20.12.15 1,200,000 1,155,672 0.16USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 2,000,000 1,960,320 0.27USD

3,115,992 0.43

FIAT FT 6.25% 11-09.03.18 1,000,000 1,096,395 0.15EUR

LUXEMBOURG

GREIF LUX 7.375% 11-15.07.21 575,000 737,995 0.10EUR

TNETBB 6.375% 10-15.11.20 2,500,000 3,049,291 0.43EUR

4,883,681 0.68

PEMEX 5.5% 10-21.01.21 4,200,000 4,420,605 0.62USD

MEXICO

4,420,605 0.62

ENEL FIN 6% 09-07.10.39 1,000,000 843,460 0.12USD

NETHERLANDS

843,460 0.12

BUMI CAP 12% 09-10.11.16 1,000,000 968,690 0.14USD

SINGAPORE

SIGMA CAP FRN 10-30.04.15 2,900,000 2,674,003 0.37USD

3,642,693 0.51


SOUTH KOREA

2,242,888 0.31

TELEFONICA 4.75% 11-07.02.17 1,500,000 1,998,242 0.28EUR

SPAIN

1,998,242 0.28

BANKAMERICA 8% 96-15.12.26 S2 3,000,000 2,775,000 0.39USD

UNITED STATES



Face Value

BE AEROSPACE 6.875% 10-01.10.20 2,000,000 2,110,000 0.29USD

CALPINE 7.875% 10-31.07.20144A 2,000,000 1,980,000 0.28USD

CHK 6.125% 11-15.02.21 750,000 755,610 0.11USD

CHRYSLER 8.25% 11-15.06.21144A 1,100,000 869,000 0.12USD

COMSTCK RES 7.75% 11-01.04.19 1,100,000 1,054,625 0.15USD

CORNING 4.25% 10-15.08.20 1,500,000 1,594,035 0.22USD

DANA HLDG 6.5% 11-15.02.19 2,000,000 1,940,000 0.27USD

DELPHI 6.125% 11-15.05.21 1,600,000 1,496,000 0.21USD

DEVEL DIV 9.625% 09-15.03.16 2,000,000 2,275,000 0.32USD

EL PASO 5% 11-01.10.21 500,000 501,973 0.07USD

EXELON GEN 5.75% 10-01.10.41 2,000,000 2,173,880 0.30USD

FTR 8.25% 10-15.4.17 3,000,000 3,001,214 0.42USD

GENON EN 9.5% 11-15.10.18 2,000,000 1,920,000 0.27USD

GFI GROUP 8.375% 11-19.07.18 2,000,000 1,970,000 0.27USD

HCA INC 7.25% 10-15.9.20 2,000,000 2,014,500 0.28USD

HOST HOTELS 6% 10-01.11.20 2,100,000 2,090,813 0.29USD

ILFC 6.25% 11-15.05.19 500,000 447,933 0.06USD

ILFC 8.25% 10-15.12.20 1,000,000 984,020 0.14USD

INTEL CORP. 4.8% 11-01.10.41 1,000,000 1,067,290 0.15USD

INTL LEASE 6.375% 08-25.03.13 1,691,000 1,646,873 0.23USD

JABIL CIR 5.625% 10-15.12.20 2,000,000 1,966,660 0.27USD

JARDEN 6.125% 10-15.11.22 3,000,000 2,953,754 0.41USD

KIMCO REALTY 4.3% 10-01.02.18 1,500,000 1,526,575 0.21USD

KROGER CO 5.4% 10-15.07.40 1,500,000 1,618,343 0.23USD

LINN EN 6.5% 11-15.05.15144A 1,000,000 941,250 0.13USD

MARKW ENERGY 6.5% 11-15.08.21 2,250,000 2,303,438 0.32USD

MASCO CORP 7.125% 10-15.03.20 1,000,000 975,545 0.14USD

METROPCS WI 7.875% 10-01.09.18 2,000,000 1,907,030 0.27USD

MIDCONT EXP 6.7% 09-15.09.19 2,500,000 2,836,954 0.40USD

MYLAN 6% 10-15.11.18 -144A 1,000,000 980,000 0.14USD


Face Value

353


NEWELL RUB 4.70% 10-15.08.20 500,000 512,340 0.07USD

NEWS AMERICA 6.9% 10-15.08.39 1,000,000 1,133,220 0.16USD

PETROHAWK EN 7.25% 10-15.08.18 500,000 570,000 0.08USD

PLAINS EXPL 6.625% 11-01.05.21 1,000,000 990,000 0.14USD

RABOBANK CAP.III 5.254%04-PERP 144A 1,000,000 914,205 0.13USD

SANDRIDGE 7.5% 11-15.03.21144A 500,000 466,250 0.06USD

SANDRIDGE 8.75% 10-15.01.20 2,800,000 2,798,250 0.39USD

SANMINA SCI CO 7% 11-15.05.19 1,000,000 901,500 0.13USD

SPI AER INC 6.75% 11-15.12.20 2,000,000 2,002,500 0.28USD

VISTEON 6.75% 11-15.04.19144A 1,250,000 1,171,875 0.16USD

WEA & WT FIN 6.75% 09-02.09.19 1,500,000 1,673,288 0.23USD

WINDSTREAM 7.75% 10-15.10.20 1,500,000 1,470,000 0.20USD

WYN L VEG 7.75% 10-15.08.20 3,000,000 3,168,554 0.43USD

70,449,297 9.82

19.44139,483,164TOTAL BONDS

CREDIT AGR LN FRN 07-PERP 1,000,000 595,780 0.08USD

FLOATING RATE BONDS

GREAT BRITAIN

595,780 0.08

DOMINI.RES.6.3% 06-30.09.66 1,750,000 1,572,813 0.22USD

UNITED STATES

ENT PR 7.034% (FRN) 07-15.01.68 3,000,000 3,054,000 0.43USD

4,626,813 0.65




ARGENTINA

1,083,900 0.15



Face Value

APID FRN 05-21.12.18 2 AB 5,000,000 3,597,500 0.50USD

CAYMAN ISLANDS

ATRM FRN 06-20.07.20 5A-C 3,500,000 2,273,250 0.32USD

CLYDS FRN 06-19.12.18 1AB144A 7,000,000 4,900,000 0.69USD

SLVR FRN 06-16.10.20 06-2A C 2,250,000 1,596,600 0.22USD

12,367,350 1.73

LAMBDA FI FRN 07-20.09.31A1 A3 7,000,000 1,537,603 0.21USD

NETHERLANDS

1,537,603 0.21


RMAC SEC FRN 07-12.06.25NS1X 14,000,000 754,135 0.11GBP


GREAT BRITAIN

754,135 0.11

MARL FRN 04-23.12.12 S1 B 47,000,000 4,556,236 0.64EUR

NETHERLANDS

MARL FRN 04-23.12.12 1 A 29,500,000 2,874,582 0.40EUR

7,430,818 1.04

CD 5.222559% 05-15.07.44 05-CD1 3,950,000 3,140,519 0.44USD

UNITED STATES

DBUBS 11-01.01.21 LC1A E 5,500,000 4,348,845 0.60USD

GSMS 5.231% 10-10.12.43 6,500,000 4,918,715 0.68USD

JPMCC FRN 06-15.04.45 LDP7AJ 2,580,000 1,973,837 0.28USD

JPMCC 5.464%15.03.1407LDPXC-AM 1,600,000 1,372,187 0.19USD

15,754,103 2.19



183,633,666

HARVEST OPER 6.875% 10-01.10.17 144A 2,500,000 2,518,750 0.35USD


BONDS

CANADA

2,518,750 0.35


Face Value


354

AIG 4.25% 11-15.09.14 1,000,000 973,640 0.14USD

UNITED STATES

CORELOGIC 7.25% 11-01.06.21 144A 500,000 451,250 0.06USD

DCP MIDSTREAM 4.75% 11-30.09.21 500,000 507,049 0.07USD

LG&E AND KU 4.375% 11-01.10.21 1,000,000 1,000,216 0.14USD

QWEST 6.75% 11-01.12.21 1,000,000 979,485 0.14USD

SOUTHERN PWR CO. 5.15%11-15.09.41 500,000 520,153 0.07USD

TENNECO 6.875% 11-15.12.20 1,000,000 987,500 0.14USD

5,419,293 0.76


CENT CDO XII FRN 06-18.11.20 1,250,000 807,075 0.11USD


CAYMAN ISLANDS

807,075 0.11

BROADGATE F. FRN 05-05.10.25 CL.D 2,000,000 1,164,686 0.16GBP

GREAT BRITAIN

1,164,686 0.16


SILENUS NO.25 FRN 07-15.05.19 922,000 686,843 0.10EUR


IRELAND

VULCAN FRN 07-15.02.14 28XA 2,478,000 1,376,950 0.19EUR

2,063,793 0.29

BOAMS 4.873% 03-11.03.41A3 2,000,000 2,025,297 0.28USD

UNITED STATES

2,025,297 0.28








Face Value

355


AUSTRALIA 4% 96-20.08.20/INFL 300,000 521,302 1.32AUD


BONDS

AUSTRALIA

521,302 1.32

SWEDEN 3.5% 98-01.12.28/INFL 600,000 160,289 0.41SEK

SWEDEN

SWEDEN 4% 95-01.12.20/INFL 900,000 223,460 0.56SEK

383,749 0.97


FRANCE 1% 05-25.07.17VAR/INFL 400,000 619,643 1.57EUR


FRANCE

FRANCE 1.8% 07-25.07.40S.OAT 200,000 334,384 0.85EUR

FRANCE 2.25% 03-25.07.20/INFL 1,060,000 1,886,720 4.76EUR

FRANCE 3% 01-25.07.12OAT/INFL 310,000 524,190 1.33EUR

FRANCE 3.15% 02-25.07.32OAT 560,000 1,199,323 3.03EUR

FRANCE 3.4% 99-25.07.29OAT/ INFL 400,000 892,772 2.26EUR

5,457,032 13.80

GERMANY 1.5% 06-15.04.16/INFL 150,000 243,617 0.62EUR

GERMANY

GERMANY 2.25% 07-15.04.13/INDEX 200,000 307,920 0.77EUR

551,537 1.39

GREAT BRITAIN 1.125% 07-22.11.37 3MO 1,150,000 2,520,769 6.38GBP

GREAT BRITAIN

GREAT BRIT.1.875% 07-22.11.22 300,000 660,075 1.67GBP

UK TSY FRN IL/06-22.11.17 500,000 1,080,455 2.73GBP

UK TSY FRN 06-22.11.27/RPI 440,000 982,390 2.48GBP

UK 0.75% 07-22.11.47/INFL 570,000 1,153,137 2.92GBP

INVESTMENTS

Global Inflation Linked BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

UK 2.5% 83-16.04.20/INFL 150,000 825,282 2.09GBP

UK 2.5% 85-16.08.13/INFL 240,000 1,059,378 2.68GBP

UK 2.5% 86-17.07.24/INFL 300,000 1,479,027 3.74GBP

UK 2.5% 93-26.07.16 / INFL 200,000 1,055,937 2.67GBP

10,816,450 27.36

ITALY 2.1% 06-15.09.17 /INFL. 500,000 671,002 1.70EUR

ITALY

ITALY 2.15% 03-15.09.14/INFL 600,000 907,053 2.29EUR

ITALY 2.35% 04-15.09.35 BTP 100,000 108,348 0.27EUR

ITALY 2.35% 08-15.09.19 CPIBTP 300,000 375,339 0.95EUR

ITALY 2.55% 09-15.09.41 180,000 170,214 0.43EUR

ITALY 2.6% 07-15.09.23 BTP 600,000 719,299 1.82EUR

2,951,255 7.46

USA 1.875% 09-15.07.19/INFL 1,230,000 1,503,641 3.80USD

UNITED STATES

USA 3.875% 99-15.04.29/INFL 1,110,000 2,307,118 5.83USD

3,810,759 9.63



24,492,084

CANADA 4% 99-01.12.31/INFL 200,000 405,702 1.03CAD



CANADA

405,702 1.03

JAPAN GOVT 1.4% 08-10.03.18 CPI 190,000,000 2,547,234 6.44JPY

JAPAN

2,547,234 6.44

USA TSY 1.875% 03-15.07.13 100,000 129,077 0.33USD

UNITED STATES

USA TSY 3.375% 02-15.01.12INDEX INF 450,000 577,589 1.46USD

USA 1.625% 08-15.01.18INF/TBO 500,000 605,319 1.53USD

USA 1.875% 05-15.07.15 TBINDEXED 1,600,000 2,046,131 5.17USD

USA 2% 04-15.07.14 TBOINFL.IND 700,000 905,746 2.29USD


Face Value


356

USA 2% 06-15.01.26TSY/INFL.IDX 750,000 1,020,414 2.58USD

USA 2.125% 09-15.01.19 1,400,000 1,721,366 4.35USD

USA 2.375% 04-15.01.25/INFL 800,000 1,190,308 3.01USD

USA 2.375% 07-15.01.17TSY/INDEX 580,000 749,186 1.89USD

USA 3%15.07.12 S.C-2012INFLAT. 500,000 646,965 1.64USD

USA 3.375% 01-15.04.32INFLATION 800,000 1,512,476 3.82USD

11,104,577 28.07



14,057,513




Global Inflation Linked BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

357


BRAZIL 0% 11-01.01.14 400 171,964 0.96BRL


BONDS

BRAZIL

BRAZIL 0% 11-01.07.13LETRAS TES 6,300 2,872,525 16.09BRL

BRAZIL 10% 07-01.01.17 2,700 1,385,387 7.76BRL

BRAZIL 10% 10-01.01.21 1,600 795,871 4.46BRL

BRAZIL 10.25% 07-10.01.28 320,000 182,633 1.02BRL

BRAZIL 6% 10-15.08.16/INFL 800 924,523 5.18BRL

6,332,903 35.47

COLOMBIA 7.75% 10-14.04.21/DUAL 500,000,000 280,687 1.57COP

COLOMBIA

280,687 1.57

MEXICO 10% 05-05.12.24 -M- 35,535 328,738 1.84MXN

MEXICO

MEXICO 10% 06-20.11.36 56,675 512,171 2.87MXN

MEXICO 5.5% 03-20.12.12UDIBONOS 16,571 585,443 3.27MXN

MEXICO 6.5% 11-10.06.21 46,107 332,293 1.86MXN

MEXICO 7% 09-19.06.14 14,403 109,825 0.61MXN

MEXICO 7.25% 07-15.12.16 23,639 185,354 1.04MXN

MEXICO 7.5% 06-03.06.27BONOS 35,555 264,939 1.48MXN

MEXICO 7.75% 07-14.12.17S.M 10 29,298 235,680 1.32MXN

MEXICO 8% 03-07.12.23S.M20 9,579 76,866 0.43MXN

MEXICO 8% 03-19.12.13SR131219 43,884 338,906 1.90MXN

MEXICO 8% 05-17.12.15 19,406 155,394 0.87MXN

MEXICO 8% 10-11.06.20 36,391 292,449 1.64MXN

MEXICO 8.5% 08-18.11.38 71,341 559,303 3.13MXN

MEXICO 8.5% 09-13.12.18 18,209 151,418 0.85MXN

MEXICO 8.5% 09-31.05.29BONOS 37,023 295,903 1.66MXN

MEXICO 9.50% 04-18.12.14BONOS 40,600 333,120 1.87MXN

4,757,802 26.64

INVESTMENTS

Latin American Local Debt (launched as at 19 May 2011)Statement of investments as at 30 September 2011(expressed in USD)


Face Value

PERU 6.9% 07-12.08.37 325,000 119,024 0.67PEN

PERU

PERU 6.95% 08-12.08.31 200,000 74,354 0.42PEN

REP PERU 7.84% 05-12.08.20 600,000 245,673 1.37PEN

REP PERU 8.2% 06-12.08.26 300,000 126,317 0.70PEN

REP PERU 9.91% 05-05.05.15 125,000 53,303 0.30PEN

REPUBLIC PERU 8.6% 05-12.08.17 75,000 32,177 0.18PEN

650,848 3.64

67.3212,022,240TOTAL BONDS

BRAZIL 0% 11-01.01.15 LTN 2,000 766,799 4.29BRL

FLOATING RATE BONDS

BRAZIL

766,799 4.29



12,789,039

BRAZIL 0% 10-01.01.13 6,300 3,024,153 16.93BRL


BONDS

BRAZIL

3,024,153 16.93

MEXICO 6% 10-18.06.15 32,986 245,817 1.38MXN

MEXICO

245,817 1.38


BRAZIL FRN 07-07.03.13 44 116,917 0.65BRL

FLOATING RATE BONDS

BRAZIL

116,917 0.65



3,386,887


Face Value


358

BRAZIL 10% 06-01.01.14 S.F 2,200 1,173,512 6.57BRL


BONDS

BRAZIL

1,173,512 6.57






Latin American Local Debt (launched as at 19 May 2011)Statement of investments as at 30 September 2011(expressed in USD)


Face Value

359


VIVENDI 5.75% 08-04.04.13144A 250,000 265,592 0.22USD


BONDS

FRANCE

265,592 0.22

KFW 4.125% 04-15.10.14GLOBAL 3,000,000 3,300,450 2.75USD

GERMANY

3,300,450 2.75


GREAT BRITAIN

NATIONAL GRID 6.3% 06-01.08.16 750,000 866,134 0.72USD

2,321,249 1.94

ITALY 3.125% 10-26.01.15 800,000 756,376 0.63USD

ITALY

756,376 0.63

BEI 4.625% 04-15.05.14 EMTN 3,000,000 3,303,375 2.76USD

LUXEMBOURG


3,800,310 3.17

SANTANDER US 3.724% 10-20.01.15 500,000 463,655 0.39USD

SPAIN


1,056,551 0.88

ABU DHABI 5.5% 07-02.08.12 400,000 413,856 0.35USD


413,856 0.35

BOA 6.4% 07-28.08.17 400,000 388,952 0.32USD

UNITED STATES

CAPITAL ONE 8.8% 09-15.07.19 400,000 467,232 0.39USD

CITIGROUP INC. 6.5% 08-19.08.13 150,000 157,446 0.13USD

COMCAST 5.15% 10-01.03.20 500,000 565,405 0.47USD

INVESTMENTS

US Dollar BondStatement of investments as at 30 September 2011(expressed in USD)


Face Value

CS NY 5.4% 10-14.01.20 500,000 477,753 0.40USD

ELECTRON.DATA 6.5%03-01.08.13-B- 350,000 375,067 0.31USD

FREDDIE MAC 5.125% 07-17.11.17 3,000,000 3,612,854 3.01USD

GLAXOSMITHKL 4.85% 08-15.05.13 250,000 266,999 0.22USD

IBRD 1% 11-15.09.16 1,000,000 994,504 0.83USD

7,306,212 6.08

16.0219,220,596TOTAL BONDS

BELGIUM FRN 09-06.08.12 1,000,000 993,890 0.83USD

FLOATING RATE BONDS

BELGIUM

993,890 0.83

FIN DANISH FRN 09-17.08.12144A 1,000,000 1,000,598 0.83USD

DENMARK

1,000,598 0.83

CADES FRN 09-02.07.14 1,000,000 1,006,570 0.85USD

FRANCE

SOCIETE GENERALE FRN 09-19.06.13 1,000,000 997,495 0.83USD

2,004,065 1.68

KFW FRN 09-05.08.14 REG-S 1,500,000 1,504,508 1.26USD

GERMANY

1,504,508 1.26

HSBC CAPITAL JE FRN 03-PERP/PFD 500,000 458,761 0.38USD

JERSEY

458,761 0.38

SWEDISH EXP FRN 09-14.08.14 1,000,000 1,013,190 0.84USD

SWEDEN

1,013,190 0.84


USA 2.375% 09-31.10.14 S-2014 9,200,000 9,739,063 8.13USD


UNITED STATES


Face Value


360

USA 3.125% 11-15.05.21 4,900,000 5,436,320 4.53USD

15,175,383 12.66


PERMM FRN 10-15.07.42 1A 1,000,000 996,728 0.83USD


GREAT BRITAIN

996,728 0.83

0.83996,728TOTAL MORTGAGE BACKED SECURITIES


42,367,719

HUTCH WHAM 5.75% 09-11.09.19 350,000 378,102 0.32USD


BONDS

CAYMAN ISLANDS

378,102 0.32

SOCIETE GENERALE 3.1% 10-14.09.15 500,000 434,638 0.36USD

FRANCE

434,638 0.36

COVIDIEN INTERNATIONAL5.45% 08-15.10.12 400,000 417,834 0.35USD

LUXEMBOURG

417,834 0.35

ENEL FIN 3.875% 09-07.04.10 750,000 734,640 0.61USD

NETHERLANDS

ENEL FIN 6% 09-07.10.39 600,000 506,076 0.42USD

1,240,716 1.03

QATAR 4% 09-20.01.15 144A 700,000 737,608 0.62USD

QATAR

737,608 0.62

AMER HONDA 4.625% 08-02.04.13 200,000 209,622 0.17USD

UNITED STATES

BXP 4.125% 10-15.05.21 450,000 438,370 0.37USD

CLOROX CO. 5.45% 07-15.10.12 500,000 521,627 0.44USD

MET LIFE 5.125% 09-10.06.14 700,000 758,484 0.63USD



Face Value

METLIFE 5.875% 10-06.02.41 500,000 549,130 0.46USD

NEWS AMERICA 6.9% 10-15.08.39 500,000 566,610 0.47USD

NY LIFE GBL 3% 10-4.05.15144A 1,000,000 1,057,989 0.88USD

RABOBANK CAP.III 5.254%04-PERP 144A 650,000 594,233 0.50USD

TIME WARNER ENTMT.8.375% 93-15.03.23 525,000 674,465 0.56USD


WAL-MART STORES 6.50%07-15.08.37 750,000 992,618 0.83USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 400,000 434,218 0.36USD

XTRA FIN. 5.15% 07-01.04.17 1,000,000 1,129,052 0.94USD

8,397,671 7.00


CBA FRN 09-12.07.13 144A 1,500,000 1,505,984 1.26USD

FLOATING RATE BONDS

AUSTRALIA

1,505,984 1.26


GREAT BRITAIN

268,101 0.22


BURLINGTON 4.83% 05-01.15.23 700,000 467,339 0.39USD


UNITED STATES


962,216 0.80


USA 0.875% 10-31.01.12 TBO 7,000,000 7,019,414 5.85USD


UNITED STATES

USA 3.75% 08-15.11.18 TBO 4,700,000 5,441,535 4.54USD

USA 4.375% 08-15.02.38 TBO 2,530,000 3,213,891 2.68USD


Face Value

361


USA 4.375% 09-15.11.39 TBO 4,050,000 5,172,609 4.31USD

20,847,449 17.38


FHLMC (30Y) 5% 11-01.10.41TBA 2,360,000 2,527,781 2.11USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.5% 11-01.10.41 TBA 1,860,000 2,009,672 1.68USD

FHLMC (30YR) 4.5% 11-01.11.41 TBA 3,030,000 3,203,752 2.67USD

7,741,205 6.46

6.467,741,205TOTAL FHLMC

FNMA (15Y) 4% 11-19.10.26TBA 1,950,000 2,056,336 1.71USD

FNMA

UNITED STATES

FNMA (15Y) 4.5% 11-1.10.26TBA 1,530,000 1,629,211 1.36USD

FNMA (15Y) 5% 11-15.10.26TBA 1,140,000 1,224,609 1.02USD

FNMA (30Y) 6% 11-12.10.41TBA 2,650,000 2,900,508 2.42USD

FNMA (30Y) 6.5% 11-01.10.41TBA 1,000,000 1,102,656 0.92USD

FNMA (30YR) 4% 11-01.10.41TBA 5,030,000 5,274,427 4.41USD

FNMA (30YR) 4.5% 11-01.01.41 TBA 3,430,000 3,637,408 3.03USD

FNMA (30YR) 5.5% 11-01.10.41 TBA 2,050,000 2,222,648 1.85USD

20,047,803 16.72

16.7220,047,803TOTAL FNMA

ARRMF FRN 10-16.05.47 10-1XA2C 1,000,000 996,753 0.83USD


GREAT BRITAIN

996,753 0.83

AMERICAN AIRLINES 7.858%02-01.04.13 A2S01-2 900,000 900,000 0.75USD

UNITED STATES

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 1,600,000 569,339 0.47USD



Face Value

GNMA (30Y) 4% 11-01.10.41TBA 1,540,000 1,646,597 1.37USD

GNMA (30Y) 5% 11-01.10.41TBA 2,470,000 2,708,123 2.26USD

GNMA (30YR) 4.5% 11-01.10.41 TBA 3,310,000 3,592,902 3.01USD

GNMA (30YR) 5.5% 11-01.10.41 TBA 1,350,000 1,491,117 1.24USD

10,908,078 9.10



74,884,158

MIDAMERICAN ENERGY5.95% 07-15.07.17 750,000 885,643 0.74USD


BONDS

UNITED STATES

885,643 0.74


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 2,425,000 226,167 0.19USD

UNITED STATES

SLM STU FRN 05-26.04.21 05-04 A2 380,000 266,739 0.22USD

492,906 0.41


CWCI 06-15.08.48 06-C1 A2 900,000 559,117 0.47USD


CAYMAN ISLANDS

559,117 0.47

CGCMT 5.378% 06-15.10.492006-C5 A2 950,000 793,403 0.66USD

UNITED STATES

CIT. DT 5.205% 07-11.12.4907-CD4 A2B 900,000 907,073 0.76USD

GCCFC FRN 06-10.07.38 06-GG7 A2 520,000 237,961 0.20USD


Face Value


362

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 1,060,000 879,808 0.73USD

WAMU 5.303% 06-23.11.43 700,000 461,126 0.38USD

3,279,371 2.73



DSK BK 0% 11-25.10.11 CP 1,000,000 999,820 0.83USD


COMMERCIAL PAPER

DENMARK

999,820 0.83

CADES 0% 11-08.12.11 CP 1,000,000 999,081 0.83USD

FRANCE

999,081 0.83

BCEE 0% 11-14.11.11 CP 2,000,000 1,999,251 1.67USD

LUXEMBOURG

1,999,251 1.67

BNG 0% 11-05.10.11 CP 2,000,000 1,999,936 1.67USD

NETHERLANDS

1,999,936 1.67

SHB 0% 11-16.11.11 CP 1,500,000 2,021,215 1.69EUR

SWEDEN

2,021,215 1.69


LLOYDS 1.36% 11-09.11.11CD 2,000,000 2,699,100 2.25EUR


GREAT BRITAIN

UNICR BK LN 1.4% 11-30.11.11 CD 2,000,000 2,699,100 2.25EUR

5,398,200 4.50

RABOBANK 0.97% 11-11.11.11 CD 1,000,000 1,349,502 1.13EUR

NETHERLANDS

1,349,502 1.13






Face Value

(14.45)OTHER NET ASSETS LESS LIABILITIES (17,328,487)



Face Value

363


HSBC MONETAIRE ETAT-R 3DEC 1,270 1,283,665 2.13EUR


OPCVM French - General vocation

FRANCE

1,283,665 2.13

2.131,283,665Total - OPCVM French - General vocation


1,283,665

ANTALIS 0% 11-03.10.11 CP 1,000,000 999,878 1.66EUR


COMMERCIAL PAPER

FRANCE

CDF NORD 0% 11-13.10.11 CP 1,000,000 999,489 1.66EUR

LMA 1.41% 11-13.10.11 CP 1,000,000 999,491 1.66EUR

UNEDIC 0% 11-11.10.11 CP 1,000,000 999,587 1.66EUR

UNEDIC 0% 11-30.11.11 CP 1,000,000 998,360 1.66EUR

4,996,805 8.30

COMMERZBANK 0% 11-05.10.11 CP 2,000,000 1,999,723 3.32EUR

GERMANY

DGZ DEKABK 0% 11-20.10.11CP 500,000 499,590 0.83EUR

FMS WERTMAN 0% 11-01.11.11 CP 500,000 499,490 0.83EUR

2,998,803 4.98

LLOYDS 0% 11-28.10.11 CP 500,000 499,611 0.83EUR

GREAT BRITAIN

499,611 0.83

MATCHPT FIN 0% 11-03.10.11CP 800,000 799,905 1.33EUR

IRELAND

MATCHPT FIN 0% 11-24.10.11CP 300,000 299,710 0.50EUR

1,099,615 1.83

INVESTMENTS

Euro ReserveStatement of investments as at 30 September 2011(expressed in EUR)


Face Value

BANK OF TOKYO 0% 11-19.10.11 CP 500,000 499,723 0.83EUR

JAPAN

499,723 0.83

ARGENTO VAR 0% 11-31.10.11 CP 1,000,000 998,856 1.66EUR

JERSEY

CANCARA 0% 11-24.10.11 CP 1,000,000 999,121 1.66EUR

SOLITAIRE FUND 0% 21.10.11CP 500,000 499,621 0.83EUR

2,497,598 4.15

EIB 0% 11-09.11.11 CP 1,000,000 998,836 1.66EUR

LUXEMBOURG

998,836 1.66

NIEUW AMSTER 0% 04.10.11CP 500,000 499,942 0.83EUR

UNITED STATES

499,942 0.83


BELGIUM 0% 10-15.12.11 CT 1,000,000 997,875 1.66EUR

TREASURY BILLS

BELGIUM

BELGIUM 0% 10-17.11.11 CT 3,000,000 2,996,400 4.98EUR

BELGIUM 0% 10-20.10.11 CT 3,400,000 3,398,268 5.64EUR

7,392,543 12.28

FRANCE 0% 11-10.11.11 BTF 2,000,000 1,998,352 3.32EUR

FRANCE

1,998,352 3.32


DSK BK 0% 11-20.10.11 CD 1,000,000 999,389 1.66EUR


DENMARK

999,389 1.66

AFD EO 11-28.09.11 CD 2,000,000 2,000,000 3.33EUR

FRANCE

AXA EONIA + 0.1% 11-13.10.11 CD 800,000 800,000 1.33EUR

BFCM EONIA + 0.17% 11-06.10.11 CD 800,000 800,000 1.33EUR


Face Value


364

BK TOKYO FR 0% 11-31.10.11CD 500,000 499,490 0.83EUR

BNPP EONIA + 0.1% 11-03.10.11 CD 1,000,000 1,000,000 1.66EUR

BNPP EONIA + 0.3% 11-21.10.11 CD 1,500,000 1,500,000 2.49EUR

BNPP EONIA + 0.33% 11-03.11.11 CD 400,000 400,000 0.66EUR

CADES EONIA + 0.19% 11-31.10.11 CD 500,000 500,000 0.83EUR

CALYON CA EONIA +0.35%11-21.10.11CD 1,000,000 1,000,000 1.66EUR

CALYON EONIA + 0.3% 11-12.10.11 CD 500,000 500,000 0.83EUR

CALYON EONIA + 0.36% 11-04.10.11 CD 200,000 200,000 0.33EUR

DEXIA CLF 0% 10-5.10.11 CD 2,000,000 1,999,639 3.33EUR

GECEF EONIA + 0.26% 11-24.11.11 CD 700,000 700,000 1.16EUR

HSBC FR EONIA + 0.08% 11-07.10.11 CD 1,000,000 1,000,000 1.66EUR

LBP EONIA + 0.06% 11-13.10.11 CD 800,000 800,000 1.33EUR

NATIXIS EONIA + 0.18% 11-04.10.11 CD 2,000,000 2,000,000 3.33EUR

NATIXIS EONIA + 0.41% 11-24.10.11 CD 500,000 500,000 0.83EUR

OSEO EONIA + 0.16% 11-07.10.11 CD 1,500,000 1,500,000 2.49EUR

OSEO EONIA +0.27% 11-14.12.11 CD 500,000 500,000 0.83EUR

SOCGEN EONIA +0.15% 11-06.10.11 CD 1,800,000 1,800,000 3.00EUR

SOCGEN E0NIA +0.28% 11-05.10.11 CD 1,000,000 1,000,000 1.66EUR

20,999,129 34.90

DEUTCHE POSTBANK 0% 11-19.10.11 CD 500,000 499,713 0.83EUR

GERMANY

HSBC T&B EONIA + 0.1% 11-09.11.11 500,000 500,000 0.83EUR

999,713 1.66

BARCLAYS EONIA + 0.35%18.11.11 CD 800,000 800,000 1.33EUR

GREAT BRITAIN

DZ BK LN 0% 11-24.10.11 CD 1,000,000 999,337 1.66EUR

Euro ReserveStatement of investments as at 30 September 2011(expressed in EUR)


Face Value

LLOYDS EONIA + 0.28% 11-17.10.11 CD 500,000 500,000 0.83EUR

STD CHART LN 0% 11-12.10.11 CD 500,000 499,753 0.83EUR

2,799,090 4.65

BK OF TOKYO 0% 11-6.10.11CD 500,000 499,883 0.83EUR

JAPAN

499,883 0.83

ABN AMRO 0% 11-03.10.11CD 500,000 499,952 0.83EUR

NETHERLANDS

ABN AMRO 0% 11-26.10.11CD 500,000 499,610 0.83EUR

ING NV EONIA + 0.2% 11-06.10.11 CD 800,000 800,000 1.33EUR

RABOBANK EONIA + 0.15%11-05.12.11 CD 1,000,000 1,000,001 1.66EUR

RBS EONIA + 0.22% 11-18.10.11 CD 700,000 700,000 1.16EUR

3,499,563 5.81

NORDEA 0% 11-19.10.11 CD 500,000 499,781 0.83EUR

SWEDEN

SHB 0% 11-07.10.11 CD 500,000 499,865 0.83EUR

999,646 1.66







Face Value

365


ANDRITZ AG GRAZ 7,160 437,404 2.39EUR


SHARES

AUSTRIA

437,404 2.39

BELGACOM SA 10,200 228,837 1.25EUR

BELGIUM

ETAB COLRUYT 10,220 316,360 1.73EUR

MOBISTAR NV 10,130 430,424 2.35EUR

975,621 5.33

KONECRANES PLC 21,100 320,720 1.75EUR

FINLAND

OUTOTEC OYJ 14,100 380,841 2.09EUR

701,561 3.84

BIC 2,600 163,540 0.89EUR

FRANCE

DASSAULT SYSTEMES SA 3,300 174,273 0.95EUR

ILIAD 2,060 172,401 0.94EUR

METROPOLE TELEVISION SAM6 33,140 399,172 2.19EUR

909,386 4.97

BEIERSDORF A.G. 9,190 364,200 1.99EUR

GERMANY

FUCHS PETROLUB AG/VZ.A. 17,500 541,887 2.96EUR

HOCHTIEF AG 5,230 246,176 1.35EUR

INFINEON TECHNOLOGIES/NAMEN 30,000 166,410 0.91EUR

PUMA AG 1,710 375,089 2.05EUR

SOFTWARE AG 9,010 213,267 1.17EUR

WINCOR NIXDORF AG 7,820 263,221 1.44EUR

2,170,250 11.87

BHP BILLITON PLC 17,890 354,594 1.94GBP

GREAT BRITAIN

BP PLC 40,640 180,714 0.99GBP

HAYS PLC 300,000 238,958 1.31GBP

PETROFAC LTD 13,230 181,437 0.99GBP

SEVERN TRENT PLC 26,040 458,417 2.50GBP

INVESTMENTS

European Equity Absolute ReturnStatement of investments as at 30 September 2011(expressed in EUR)


Quantity/Facevalue

ULTRA ELECTRONICS HLDGSPLC 16,940 292,743 1.60GBP

1,706,863 9.33

ANSALDO STS SPA 100,800 753,480 4.12EUR

ITALY

PRYSMIAN SPA 45,600 458,280 2.51EUR

1,211,760 6.63

BOSKALIS WESTMINSTER 6,902 159,747 0.87EUR

NETHERLANDS

159,747 0.87

ACTELION LTD ALLSCHWIL 6,240 154,493 0.84CHF

SWITZERLAND

KABA HOLDING AGRUEMLANG 740 190,974 1.04CHF

NESTLE 11,000 450,589 2.47CHF

SCHINDLER HOLDING SAPARTICIPATION 3,340 267,724 1.47CHF

1,063,780 5.82



9,336,372

GERMANY 0% 10-23.11.11 TB 1,800,000 1,799,640 9.84EUR


TREASURY BILLS

GERMANY

GERMANY 0% 11-07.12.11 TB 1,200,000 1,199,520 6.56EUR

GERMANY 0% 11-12.10.11 TB 1,400,000 1,400,035 7.65EUR

GERMANY 0% 11-15.02.12 TB 1,800,000 1,798,065 9.83EUR

6,197,260 33.88







Quantity/Facevalue


366

LONZIM PLC 1,050,000 392,566 0.04GBP


SHARES

ISLE OF MAN

392,566 0.04


ARGENTINA 7% 07-17.4.17S.X 2,100,000 1,523,971 0.15USD

BONDS

ARGENTINA

CITY BUENOS 12.5% 10-06.04.15 3,525,000 3,540,862 0.35USD

CORDOBA 12.375% 10-17.08.17 2,100,000 1,858,784 0.18USD

6,923,617 0.68

ALLI OIL 9.875% 10-11.03.15REGS 3,575,000 3,376,927 0.33USD

BERMUDA ISLANDS

HOPSON DEVL. 8.125% 05-09.11.12 REG.S 5,350,000 4,245,679 0.42USD

QTEL INT FIN 5%10-19.10.25REG-S 2,300,000 2,267,996 0.22USD

9,890,602 0.97

BANCO VOTO 5.25% 11-11.02.16 17,500,000 17,386,600 1.70USD

BRAZIL

BCO ABC 7.875% 10-08.04.20REGS 12,200,000 11,201,369 1.10USD

BRAZIL 10% 10-01.01.21 55,000 27,114,905 2.66BRL

HYPERMARCAS 6.5% 11-20.04.21 3,600,000 3,312,288 0.32USD

SAFRA 3.5% 11-16.05.14 13,250,000 13,287,431 1.30USD

72,302,593 7.08

BANBRA 5.875% 11-26.01.22 23,500,000 22,519,110 2.21USD

CAYMAN ISLANDS

ENN ENERGY HLD 6% 11-13.05.21 3,250,000 3,178,500 0.31USD

IPIC GMTN 3.125% 10-15.11.15 7,225,000 7,307,076 0.72USD

IPIC GMTN 5% 10-15.11.20 4,500,000 4,624,740 0.45USD

INVESTMENTS

GEM Debt Total ReturnStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

PETBRA 5.75% 09-20.01.20 3,050,000 3,169,514 0.31USD

40,798,940 4.00

MCC HLDG 4.875% 11-29.07.16 3,775,000 3,689,647 0.36USD

CHINA

3,689,647 0.36

BANCOLOMBIA 6.125% 10-26.07.20 4,000,000 3,924,100 0.38USD

COLOMBIA

COLOMBIA 8.125% 04-21.05.24 9,450,000 12,536,606 1.23USD

16,460,706 1.61

CROATIA 6.375% 11-24.03.21 11,225,000 10,300,453 1.01USD

CROATIA

10,300,453 1.01

ALFA MTN ISS 8% 10-18.03.15 9,850,000 9,537,263 0.93USD

CYPRUS

9,537,263 0.93

RUSSIA BOND 3.625% 10-29.04.15 11,400,000 11,245,872 1.10USD


RUSSIA 5% 10-29.04.20 11,000,000 10,886,205 1.07USD

22,132,077 2.17

GABON 8.20% 07-12.12.17REGS 3,800,000 4,199,760 0.41USD

GABON

4,199,760 0.41

BIZ FIN 8.375% 10-27.04.15 5,900,000 5,083,411 0.50USD

GREAT BRITAIN

TRANSCAP. 7.7% 08-07.08.13 5,450,000 5,778,798 0.57USD

VEDANTA RES 6.75% 11-07.06.16 9,000,000 7,293,284 0.70USD

VEDANTA RES 8.25% 11-07.06.21 2,700,000 2,121,215 0.21USD

VEDANTA RESOU 8.75% 08-15.01.14 3,198,000 3,073,502 0.30USD

VEDANTA RESOURCES 9.5%08-18.07.18 2,750,000 2,421,939 0.24USD

25,772,149 2.52


Quantity/Facevalue

367


PACNET 9.25% 10-09.11.15REGS 4,900,000 4,165,000 0.41USD

HONG KONG

4,165,000 0.41

BUMI INV 10.75% 10-10.06.17 8,400,000 7,752,024 0.76USD

INDONESIA

INDO ENERGY 7% 11-07.05.18 1,225,000 1,094,041 0.11USD

INDONESIA 4.875% 11-05.05.21 5,050,000 5,114,211 0.50USD

13,960,276 1.37

ALFA BD ISS 7.75% 11-28.04.21 3,500,000 2,998,923 0.29USD

IRELAND

ALFA BD ISS 7.875% 10-25.09.17 1,500,000 1,362,338 0.13USD

TRANSCAP. 6.103% 07-27.06.12 REGS 7,000,000 7,166,039 0.71USD

VEB FINANCE 6.8% 10-22.11.25 2,900,000 2,753,550 0.27USD

VEB-LEASING INV5.125%27.05.16 525,000 497,558 0.05USD

14,778,408 1.45

DEV BK KAZA 5.5% 10-20.12.15 3,200,000 3,081,792 0.30USD

KAZAKHSTAN

KAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 12,175,000 12,701,934 1.25USD

15,783,726 1.55

GAZ CAP 7.343% 08-11.04.13REGS 3,700,000 3,841,599 0.38USD

LUXEMBOURG

GAZ CAP 8.125% 09-31.07.14 15,300,000 16,348,280 1.60USD

GAZ CAPITAL 6.51% 07-07.03.22 1,000,000 995,955 0.10USD

SB CAPITAL 5.93% 06-14.11.11 7,000,000 7,017,885 0.69USD


SBERBANK 6.468% 08-02.07.13 16,200,000 16,847,999 1.64USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 10,800,000 11,177,568 1.10USD

61,131,279 5.99



Quantity/Facevalue

ALESTRA 11.75% 10-11.08.14 3,325,000 3,644,084 0.36USD

MEXICO

CONTROLADORA 7.875%28.10.19 REGS 2,250,000 2,251,980 0.22USD


GFB 6.5% 11-10.03.21/SUB 4,200,000 3,918,285 0.38USD

GRUPO PETROTE 9.5% 09-19.08.14 3,000,000 3,122,595 0.31USD

URBI DESA 9.5% 10-21.01.20 3,925,000 3,696,840 0.36USD

22,766,436 2.23

GTB FIN BV 7.5% 11-19.05.16 7,250,000 7,030,905 0.68USD

NETHERLANDS

KAZAK TEMIR 6.375% 10-06.10.20 600,000 595,770 0.06USD

MARFRIG HLDGS 8.375% 11-09.05.18 3,250,000 2,105,285 0.21USD

VIMPELCOM 7.50% 11-01.03.22 3,400,000 2,741,811 0.27USD

12,473,771 1.22

PAKISTAN 6.875% 07-01.06.17 7,000,000 5,397,140 0.53USD

PAKISTAN

5,397,140 0.53


PANAMA

3,898,529 0.38

POLAND 5.125% 11-21.04.21 4,025,000 4,019,586 0.39USD

POLAND

4,019,586 0.39

QATAR 5.25% 09-20.01.20REGS 5,700,000 6,275,016 0.61USD

QATAR

QATAR 6.4% 09-20.01.40 2,500,000 3,042,163 0.30USD

9,317,179 0.91

BAKRIE TEL 11.5% 10-07.05.15 5,700,000 3,659,030 0.36USD

SINGAPORE

3,659,030 0.36


Quantity/Facevalue


368

SOUTH AFRICA 5.5% 10-03.09.20 10,500,000 11,475,923 1.12USD

SOUTH AFRICA

11,475,923 1.12

SRI LANKA 6.25% 11-27.07.21 1,650,000 1,601,688 0.16USD

SRI LANKA

1,601,688 0.16

FINANSBANK 5.5% 11-11.05.16 6,725,000 5,808,618 0.57USD

TURKEY

TURKEY 0% 09-16.11.11 21,500,000 11,466,291 1.12TRY

TURKEY 7.25% 04-15.03.15 10,150,000 11,217,526 1.10USD

28,492,435 2.79

DTEK FIN 9.5% 10-28.04.15 3,075,000 2,709,306 0.27USD

UKRAINE

2,709,306 0.27


VENEZUELA

PETROLEOS 8% 10-17.11.13 17,375,000 15,458,102 1.51USD


VENEZUELA 7.65% 05-21.04.25 23,250,000 13,211,812 1.29USD


VENEZUELA 8.25% 09-13.10.24 6,200,000 3,653,350 0.36USD

VENEZUELA 8.5% 04-08.10.14GLOBAL 10,000,000 8,851,500 0.87USD

VENEZUELA 9.25% 08-07.05.28 REG 11,875,000 7,334,594 0.72USD

VENEZUELA 9.375% 04-13.01.34 9,100,000 5,637,678 0.55USD

77,099,566 7.55

CITIC RES.6.75% 07-15.05.14 11,600,000 10,553,738 1.03USD

VIRGIN ISLANDS

FRANSH 6.75% 11-15.04.21 4,000,000 2,913,080 0.29USD


24,556,106 2.41

52.83539,293,191TOTAL BONDS



Quantity/Facevalue

ISHARES MSCI EMERGINGMARKET INDEX 1,200,000 43,356,000 4.25USD


UNITED STATES

43,356,000 4.25

4.2543,356,000TOTAL EXCHANGE TRADED FUNDS

ARGENTINA FRN 02-03.08.12/FLAT 212,200,000 25,058,273 2.46USD

FLOATING RATE BONDS

ARGENTINA

25,058,273 2.46

MEX UDIBONOS FRN 06-16.06.16 22 848 0.00MXN

MEXICO

848 0.00


CHINA HYDROEL /ADR 563,558 1,189,107 0.12USD


CAYMAN ISLANDS

1,189,107 0.12



PIK BONDS

ARGENTINA

60,549,900 5.93


ARGENTINA 1.33% 03-31.12.38 61,325,000 20,658,860 2.03USD


ARGENTINA

20,658,860 2.03

BCO BMG 9.15% 05-15.01.16REG.S 9,525,000 9,218,676 0.90USD

BRAZIL

9,218,676 0.90


Quantity/Facevalue

369


REP DOMINICAN 7.5%-10-06.05.21/POOL 5,075,000 5,010,801 0.49USD

DOMINICAN REPUBLIC

5,010,801 0.49



2,443,189 0.24

GAZPROM INTL 7.201% 04-01.02.20 REG. 34,325,000 16,671,260 1.63USD

LUXEMBOURG

16,671,260 1.63

URUGUAY 6.875% 09-28.09.25 2,500,000 2,950,000 0.29USD

URUGUAY

2,950,000 0.29


VENEZUELA

16,822,212 1.65


VEDANTA RES 4% 10-30.03.17CV 6,700,000 5,862,500 0.57USD

CONVERTIBLE BONDS

GREAT BRITAIN

5,862,500 0.57

0.575,862,500TOTAL CONVERTIBLE BONDS


749,477,383

PROV BUENOS 11.75% 10-05.10.15 2,900,000 2,521,768 0.25USD


BONDS

ARGENTINA

2,521,768 0.25

QTEL INT FIN 4.75% 10-16.02.21 5,800,000 5,835,061 0.57USD

BERMUDA ISLANDS

5,835,061 0.57



Quantity/Facevalue

BANCO VOTO 4.25% 10-08.02.13 10,100,000 10,221,048 1.00USD

BRAZIL

BMG 6.5% 11-14.03.14 7,950,000 7,236,050 0.71USD

17,457,098 1.71

BANBRA 5.375% 10-15.01.21 2,200,000 2,135,243 0.21USD

CAYMAN ISLANDS

COGARD 11.25% 10-22.04.17 11,875,000 9,272,118 0.90USD

INDEP INTL 12% 09-30.12.16144A 4,214,406 53,102 0.01USD

11,460,463 1.12

BANCOLOMBIA 5.95% 11-03.06.21 OPE 5,400,000 5,245,884 0.51USD

COLOMBIA

ECOPETROL 7.625% 09-23.07.19 2,750,000 3,226,163 0.32USD

8,472,047 0.83

INDONESIA 9.5% 04-15.06.15 69,500,000,000 8,768,880 0.86IDR

INDONESIA

INDONESIE 10.75% 05-15.05.16 FR30 45,000,000,000 6,038,397 0.59IDR

INDONESIE 11% 04-15.10.14FR26 15,000,000,000 1,938,794 0.19IDR

16,746,071 1.64

VIP FINANCE 7.748% 11-02.02.21 6,500,000 5,444,985 0.53USD

IRELAND

5,444,985 0.53

PEMEX 5.5% 10-21.01.21 1,800,000 1,894,545 0.19USD

MEXICO

1,894,545 0.19

BUMI CAP 12% 09-10.11.16 2,425,000 2,349,073 0.23USD

SINGAPORE

SIGMA CAP FRN 10-30.04.15 2,400,000 2,212,968 0.22USD

4,562,041 0.45


SOUTH KOREA

5,517,503 0.54


Quantity/Facevalue


370

TRUE MOVE 10.75%06-16.12.13 REG 3,325,000 3,558,432 0.35USD

THAILAND

3,558,432 0.35

AKBANK 5.125% 10-22.07.15REGS 6,200,000 6,005,227 0.59USD

TURKEY

6,005,227 0.59




ARGENTINA

2,384,580 0.23



91,859,821

XXI CENTURY INVESTMENTSPUBLIC 5,069 375 0.00USD


SHARES

UKRAINE

375 0.00

0.00375TOTAL SHARES

BLUE CITY 13.75% 06-07.11.13 REG -B1- 7,000,000 525,000 0.05USD

BONDS

CAYMAN ISLANDS

525,000 0.05


XXI CENTURY 24.05.13PW/XXI OPE 400 - 0.00USD


CYPRUS

- 0.00

0.00-TOTAL WARRANTS / EQUITY LINKEDSECURITIES



Quantity/Facevalue

DOMAS AGR FRN 08-24.10.12LOAN 939,294 422,682 0.04USD

FLOATING RATE BONDS

FRANCE

422,682 0.04

CITIGROUP FNDG FRN 06-04.10.11 1,044,776 998,911 0.10USD

UNITED STATES

998,911 0.10


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


CALL SWAP EQ. WIBO 3M20.10.11 5.17 1,032,000,000 1,761,495 0.17PLN


OPTIONS ON SWAPS

FRANCE

PUT SWAP EQ. WIBO 3M20.10.11 4.97 (2,064,000,000) (2,361,455) (0.23)PLN

(599,960) (0.06)

(0.06)(599,960)TOTAL OPTIONS ON SWAPS

(0.06)TOTAL FINANCIAL INSTRUMENTS (599,960)



100.00TOTAL NET ASSETS 1,020,718,337


Quantity/Facevalue

371


PDG REALTY SA 52,200 174,780 0.71BRL


SHARES

BRAZIL

174,780 0.71

CHINA RONGSHENG 1,216,500 335,683 1.36HKD

CAYMAN ISLANDS

LONKING HOLDINGS LTD 1,024,000 339,077 1.38HKD

674,760 2.74

AGRICULT BK CHINA /H-SHARES 873,000 289,077 1.17HKD

CHINA

BANK OF CHINA LTD -H- 1,024,900 322,275 1.31HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 501,000 329,863 1.34HKD


CHINA MINSHENG BK -H- 537,500 330,440 1.34HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 442,000 381,783 1.56HKD


GREAT WALL MOTOR CO.LTD -H- 290,500 336,304 1.37HKD

WEICHAI POWER CO LTD /-H- 65,000 299,076 1.21HKD

2,985,693 12.13

AK SBEREGATELNY BANKSBERBANK 136,439 298,801 1.21USD


298,801 1.21

ANGLO AMERICAN PLC 9,319 317,141 1.29ZAR

GREAT BRITAIN

317,141 1.29

WEST CHINA CEMENT 1,986,000 323,714 1.31HKD

JERSEY

323,714 1.31

KGHM POLSKA MIEDZ SA 5,930 235,975 0.96PLN

POLAND

235,975 0.96

INVESTMENTS

GEM Equity Absolute ReturnStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

ASIANA AIRLINE INC 57,260 375,870 1.52KRW

SOUTH KOREA

DGB FINANCIAL GROUP 27,030 319,377 1.30KRW

HYUNDAI HEAVY INDUSTRIES 1,320 314,169 1.28KRW

KP CHEMICAL CORPORATION 22,970 298,643 1.21KRW

SK ENERGY 2,019 242,833 0.99KRW

1,550,892 6.30

FARGLORY LANDDEVELOPMENT CO 238,000 390,546 1.59TWD

TAIWAN

390,546 1.59


VALE /SADR 15,303 354,571 1.44USD


BRAZIL

354,571 1.44

GAZPROM OAO /SADR REGS 24,462 237,037 0.96USD


LUKOIL /SADR (REP.1 SHS.) 6,664 338,864 1.38USD

575,901 2.34





SEVERSTAL CHEREPOVETSMET/SGDR 26,445 278,730 1.13USD

611,972 2.49





180,363 0.73

0.73180,363TOTAL ADR (American Depositary Receipt)


8,675,109


Quantity/Facevalue


372

INDUSTRIAL BANK OF KOREA 28,520 338,190 1.37KRW


SHARES

SOUTH KOREA

338,190 1.37



338,190

OAO TATFNEFT /SGDR REP GREG.S 12,400 308,016 1.25USD




308,016 1.25



USA TSY BILLS 0% 11-05.04.12 TB 1,900,000 1,899,487 7.71USD


TREASURY BILLS

UNITED STATES

USA 0% 11-06.10.11 TB 1,516,000 1,516,001 6.16USD

USA 0% 11-09.02.12 TB 2,000,000 1,999,803 8.12USD

USA 0% 11-12.01.12 TB 1,400,000 1,399,912 5.68USD

USA 0% 11-26.07.12 CP 1,700,000 1,698,703 6.90USD

8,513,906 34.57






GEM Equity Absolute ReturnStatement of investments as at 30 September 2011(expressed in USD)


Quantity/Facevalue

373


USA TSY BILLS 0% 11-05.04.12 TB 7,500,000 7,490,613 10.86USD


TREASURY BILLS

UNITED STATES

USA 0% 10-15.12.11 TB 6,500,000 6,497,588 9.42USD

USA 0% 10-17.11.11 TB 6,500,000 6,498,618 9.42USD

USA 0% 10-20.10.11 TB 1,000,000 999,964 1.45USD

USA 0% 11-02.12.11 TB 3,000,000 2,999,856 4.35USD

USA 0% 11-08.03.12 TB 7,500,000 7,493,167 10.86USD

USA 0% 11-09.02.12 TB 4,000,000 3,999,780 5.80USD

USA 0% 11-19.1.12 TB 6,000,000 5,998,797 8.70USD

USA 0% 11-22.03.12 TB 3,500,000 3,499,755 5.07USD

USA 0% 11-31.05.12 TB 9,000,000 8,989,630 13.03USD

54,467,768 78.96






INVESTMENTS

Global CurrencyStatement of investments as at 30 September 2011(expressed in USD)


Face Value


374

ANHEUSER-BUSH INBEV SA 486 19,204 0.12EUR


SHARES

BELGIUM

19,204 0.12

A.P. MOELLER - MAERSK A/SB 8 35,389 0.22DKK

DENMARK

PANDORA A/S 1,838 9,213 0.06DKK

44,602 0.28

NOKIA OY 4,011 17,095 0.11EUR

FINLAND

OUTOKUMPU OYJ A 1,554 7,708 0.05EUR

SAMPO PLC -A- 1,636 30,887 0.19EUR

55,690 0.35

AIR FRANCE - KLM 5,350 29,409 0.19EUR

FRANCE

AXA 6,414 62,857 0.40EUR

BNP PARIBAS 1,496 44,603 0.28EUR

BOUYGUES 1,959 48,632 0.31EUR

CAP GEMINI SA 1,818 45,414 0.29EUR

CARREFOUR SA 1,206 20,544 0.13EUR

CASINO GUICHARD-PERRACH 901 52,636 0.33EUR

CIE GEN.GEOPHYSIQUE /VERITAS 3,112 41,794 0.27EUR

CREDIT AGRICOLE SA PARIS 7,901 40,959 0.26EUR

GAZ DE FRANCE 3,384 75,548 0.48EUR

LAFARGE SA 708 18,224 0.12EUR

MICHELIN B /NOM. 875 39,274 0.25EUR

PEUGEOT SA 2,200 35,233 0.22EUR

SAFRAN SA 3,519 81,694 0.52EUR

SAINT-GOBAIN 1,821 52,153 0.33EUR

SANOFI-AVENTIS 2,675 131,705 0.85EUR

SOCIETE GENERALE PARIS -A- 2,457 47,776 0.30EUR

VALLOUREC 342 14,754 0.09EUR

VEOLIA ENVIRONNEMENT 2,599 28,498 0.18EUR

VIVENDI 2,933 44,743 0.28EUR

956,450 6.08

INVESTMENTS

Global Flex AllocationStatement of investments as at 30 September 2011(expressed in EUR)


Quantity/Facevalue


GERMANY

BILFINGER BERGER AG 1,098 61,510 0.39EUR

DEUTSCHE BOERSE NAMEN-AKT.Z.UM 1,177 44,444 0.28EUR

DEUTSCHE POST AG BONN 5,407 51,691 0.33EUR

FRESENIUS MEDICAL CAREAG 1,897 95,211 0.61EUR

HENKEL / VORZUG 1,594 63,385 0.40EUR

SIEMENS AG 792 53,222 0.34EUR

442,604 2.81

BARCLAYS PLC 21,567 39,747 0.25GBP

GREAT BRITAIN

BG GROUP PLC 5,731 80,779 0.51GBP

BP PLC 28,995 128,932 0.82GBP

CAPITA GRP 7,463 60,349 0.38GBP

CENTRICA PLC 19,206 64,828 0.41GBP

G4S PLC 19,142 58,182 0.37GBP


INTERNATIONAL POWER PLC 12,616 44,347 0.28GBP

INTERTEK GROUP PLC 2,723 58,781 0.37GBP

KINGFISHER PLC 26,072 73,527 0.47GBP


RECKITT BENCKISER GROUPPLC 1,825 68,027 0.43GBP

REED ELSEVIER PLC 11,375 64,382 0.41GBP

RIO TINTO PLC /REG 779 25,679 0.16GBP

ROYAL DUTCH SHELL -B- 7,104 163,319 1.05GBP

TESCO PLC 10,273 44,643 0.28GBP

UNILEVER PLC 3,417 79,009 0.50GBP


XSTRATA PLC 6,638 62,053 0.39GBP

1,443,816 9.17

HELLENIC TELECOM 5,779 18,493 0.12EUR

GREECE

18,493 0.12

KERRY GROUP A 435 11,380 0.07EUR

IRELAND

11,380 0.07


Quantity/Facevalue

375


AUTOGRILL SPA 5,075 38,697 0.25EUR

ITALY

UNICREDITO ITALIANO SPA 43,233 35,127 0.22EUR

73,824 0.47

ARCELORMITTAL SA REG 3,636 43,814 0.28EUR

LUXEMBOURG

43,814 0.28

HEINEKEN NV 1,862 61,856 0.39EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 16,873 89,899 0.57EUR

KONINKLIJKE KPN NV 9,254 90,588 0.57EUR

RANDSTAD HOLDING (EUR0.1) 1,491 35,672 0.23EUR

278,015 1.76

ACERGY SA 3,600 51,342 0.33NOK

NORWAY

NORSK HYDRO AS 10,150 34,613 0.22NOK

85,955 0.55

AMADEUS IT HOLDING SR. A 4,306 51,371 0.33EUR

SPAIN


DIA 1,206 3,606 0.02EUR

FERROVIAL SA 5,885 50,358 0.32EUR

GRIFOLS SA -A- 3,446 48,037 0.30EUR

REPSOL YPF SA. MADRID 4,689 92,772 0.59EUR

TELEFONICA SA 8,648 123,061 0.78EUR

467,196 2.96

ERICSSON TEL -B- 5,524 39,696 0.25SEK

SWEDEN

VOLVO B 7,288 53,711 0.34SEK

93,407 0.59

ABB LTD ZUERICH /NAMEN. 4,776 61,677 0.39CHF

SWITZERLAND

CREDIT SUISSE GROUP/NOM. 2,898 57,043 0.36CHF

NESTLE 3,823 156,599 0.99CHF

NOVARTIS AG BASEL 2,580 107,806 0.68CHF




Quantity/Facevalue

ZURICH FINANCIAL SERVICES/ NAMEN 328 51,315 0.33CHF

582,076 3.69

SYNTHES-STRATEC INC. 489 59,006 0.37CHF

UNITED STATES

59,006 0.37


AUSTRIA 4.65% 03-15.01.18S.2 260,000 296,667 1.88EUR

BONDS

AUSTRIA

296,667 1.88

HUTCH WHAM 4.75% 09-14.11.16 400,000 414,566 2.63EUR

CAYMAN ISLANDS

414,566 2.63

FINLAND 3.375% 10-15.04.20 500,000 544,437 3.45EUR

FINLAND

FINLAND 4.25% 04-04.07.15 268,000 297,306 1.89EUR

841,743 5.34

AUCHAN 4.75% 09-15.04.15 350,000 379,228 2.41EUR

FRANCE

EDF 6.25% 09-25.01.21 300,000 361,523 2.29EUR

FRANCE TELECOM 5% 09-22.01.14 300,000 319,139 2.03EUR

RTE EDF TRANSPORT 4.125%06-27.09.16 350,000 372,077 2.36EUR

1,431,967 9.09

GERMANY 6% 86-20.06.16 244,000 298,229 1.89EUR

GERMANY

VW FIN 6.875% 09-15.01.14 315,000 346,853 2.20EUR

645,082 4.09

ANGLIAN WATER 4.625% 03-07.10.13 350,000 368,065 2.34EUR

GREAT BRITAIN

368,065 2.34

ENEL FIN 4% 09-14.09.16 365,000 359,426 2.28EUR

NETHERLANDS

NETHERLANDS 3.25% 11-15.07.21 400,000 433,560 2.76EUR


Quantity/Facevalue


376

NETHERLANDS 4% 06-15.07.16 271,000 302,463 1.92EUR

SIEMENS FIN 5.125% 09-20.02.17 325,000 365,654 2.32EUR

1,461,103 9.28

DNB NOR BOL 2.75% 10-20.04.15 365,000 373,503 2.37EUR

NORWAY

373,503 2.37


LYXOR INTERNATIONAL ETFRUSSIA -A- 5,145 140,304 0.89EUR

INVESTMENT FUNDS

FRANCE

140,304 0.89


ISHARES S&P /TSX CAPCOMP ETF 21,664 280,514 1.78CAD


CANADA

280,514 1.78

ISHARES EUR STO TOT MKTGR/EUR 6,566 118,556 0.75EUR

IRELAND

118,556 0.75


VOLKSWAGEN AG /VORZUG. 386 38,056 0.24EUR

PREFERENTIAL SHARES

GERMANY

38,056 0.24



11,085,658



Quantity/Facevalue

BPCM 3.83% 10-06.10.17 375,000 386,415 2.45EUR


BONDS

GREAT BRITAIN

386,415 2.45



386,415

DNB NOR BOL 3.375% 10-20.01.17 360,000 374,699 2.38EUR


BONDS

NORWAY

374,699 2.38


HSBC MONETAIRE ETAT CAP. 325 708,256 4.49EUR

INVESTMENT FUNDS

FRANCE

708,256 4.49



PUT EURO BUND 30/09/2011136.00 (5) (50) 0.00EUR


OPTIONS

GERMANY

(50) 0.00

0.00(50)TOTAL OPTIONS

0.00TOTAL FINANCIAL INSTRUMENTS (50)





Quantity/Facevalue

377


FRANCE 0% 10-15.12.11 BTF 71,000,000 70,950,301 22.59EUR


TREASURY BILLS

FRANCE

FRANCE 0% 10-17.11.11 BTF 40,000,000 39,982,000 12.73EUR

FRANCE 0% 10-20.10.11 BTF 30,000,000 29,997,750 9.55EUR

FRANCE 0% 11-01.12.11 BTF 20,000,000 19,985,000 6.36EUR

FRANCE 0% 11-03.11.11 BTF 15,000,000 14,995,125 4.77EUR

FRANCE 0% 11-08.03.12 BTF 23,000,000 22,951,125 7.31EUR

FRANCE 0% 11-10.11.11 BTF 25,000,000 24,990,000 7.96EUR

FRANCE 0% 11-12.01.12 BTF 66,600,000 66,530,070 21.18EUR

290,381,371 92.45


PUT EUR/USD SPOT -CROSSRATES 07/12/2011 1.38 20,000,000 692,579 0.22EUR

CURRENCY OPTIONS

GREAT BRITAIN

692,579 0.22

PUT EUR/CHF SPOT CROSS07/12/2011 1.20 (20,000,000) (180,362) (0.06)EUR

SWITZERLAND

(180,362) (0.06)

0.16512,217TOTAL CURRENCY OPTIONS

CALL NIKKEI 225 INDICES11/11/2011 9,000 115 193,801 0.06JPY

OPTION ON STOCK INDICES

JAPAN

PUT NIKKEI 225 INDICES11/11/2011 7,500 (230) (210,413) (0.07)JPY

(16,612) (0.01)

CALL DOW JONES EUROSTOXX 50/PR.IND 21/10/20111,975 500 1,295,000 0.42EUR

SWITZERLAND

CALL DOW JONES EUROSTOXX 50/PR.IND 21/10/20112,025 280 609,840 0.19EUR

PUT DOW JONES EUROSTOXX 50/PR.IND 21/10/20111,800 (1,280) (133,120) (0.04)EUR

INVESTMENTS

Global MacroStatement of investments as at 30 September 2011(expressed in EUR)


Face Value

PUT DOW JONES EUROSTOXX 50/PR.IND 21/10/20111,850 (280) (35,280) (0.01)EUR

1,736,440 0.56

0.551,719,828TOTAL OPTION ON STOCK INDICES






Face Value


378

FRANCE 0% 10-15.12.11 BTF 1,700,000 1,698,810 9.06EUR


TREASURY BILLS

FRANCE

FRANCE 0% 10-17.11.11 BTF 2,300,000 2,298,965 12.27EUR

FRANCE 0% 10-20.10.11 BTF 1,300,000 1,299,903 6.93EUR

FRANCE 0% 11-01.12.11 BTF 6,200,000 6,195,349 33.06EUR

FRANCE 0% 11-03.11.11 BTF 1,000,000 999,675 5.33EUR

FRANCE 0% 11-08.03.12 BTF 1,000,000 997,875 5.32EUR

FRANCE 0% 11-12.01.12 BTF 1,000,000 998,950 5.33EUR

14,489,527 77.30


PUT EUR/USD SPOT -CROSSRATES 07/12/2011 1.38 2,000,000 69,258 0.37EUR

CURRENCY OPTIONS

GREAT BRITAIN

69,258 0.37

PUT EUR/CHF SPOT CROSS07/12/2011 1.20 (2,000,000) (18,036) (0.10)EUR

SWITZERLAND

(18,036) (0.10)

0.2751,222TOTAL CURRENCY OPTIONS

CALL NIKKEI 225 INDICES11/11/2011 9,000 13 21,908 0.12JPY

OPTION ON STOCK INDICES

JAPAN

PUT NIKKEI 225 INDICES11/11/2011 7,500 (26) (23,786) (0.13)JPY

(1,878) (0.01)


SWITZERLAND



INVESTMENTS

Global Macro IIStatement of investments as at 30 September 2011(expressed in EUR)


Face Value


169,970 0.91

0.90168,092TOTAL OPTION ON STOCK INDICES






Face Value

379


FRANCE 0% 10-15.12.11 BTF 2,500,000 2,497,528 10.17EUR


TREASURY BILLS

FRANCE

FRANCE 0% 10-20.10.11 BTF 1,000,000 999,459 4.07EUR

FRANCE 0% 11-03.11.11 BTF 850,000 849,251 3.46EUR

FRANCE 0% 11-06.10.11 BTF 3,400,000 3,399,438 13.84EUR

FRANCE 0% 11-08.12.11 BTF 2,000,000 1,997,883 8.13EUR

FRANCE 0% 11-10.11.11 BTF 2,300,000 2,298,074 9.35EUR

FRANCE 0% 11-13.10.11 BTF 4,000,000 3,998,475 16.26EUR

FRANCE 0% 11-22.12.11 BTF 500,000 499,511 2.03EUR

FRANCE 0% 11-24.11.11 BTF 2,000,000 1,998,718 8.14EUR

FRANCE 0% 11-27.10.11 BTF 400,000 399,721 1.63EUR

18,938,058 77.08


BNPP 0% 11-12.10.11 CD 500,000 499,751 2.04EUR


FRANCE

SOCGEN PA 0% 11-21.10.11CD 500,000 499,636 2.03EUR

999,387 4.07

4.07999,387TOTAL CERTIFICATE OF DEPOSIT





INVESTMENTS

Multi Government Bond Strategies (Formerly Global BondMarket Neutral)Statement of investments as at 30 September 2011(expressed in EUR)


Face Value

Currency Conversion Table

380

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 September 2011

USD USD

AUD 0.9664 0.9720

CAD 0.9699 0.9570

HKD 7.7821 7.7915

JPY 82.8950 76.9500

GBP 0.6215 0.6419

SGD 1.2602 1.3029

CHF 0.9155 0.9008

EUR 0.7029 0.7410

Dealing Days of the Fund

381

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.

382

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 non-dealing days on the following dates:

Asian Currencies Bond (Hong Kong, Malaysia, Singapore, South Korea)

23-Jan Malaysia, Singapore, South Korea 24-Jan Hong Kong, Malaysia, Singapore, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 06-Jun South Korea 02-Jul Hong Kong 09-Aug Singapore 20-Aug Malaysia, Singapore 31-Aug Malaysia 01-Oct Hong Kong, South Korea 03-Oct South Korea 23-Oct Hong Kong 26-Oct Malaysia, Singapore 13-Nov Malaysia, Singapore 15-Nov Malaysia

Asia ex Japan Equity (Hong Kong, South Korea)

23-Jan South Korea 24-Jan Hong Kong, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 06-Jun South Korea 02-Jul Hong Kong 01-Oct Hong Kong, South Korea 03-Oct South Korea 23-Oct Hong Kong

383

Asia ex Japan Equity Smaller Companies

Taiwan Equity (Taiwan)

23-Jan Taiwan 24-Jan Taiwan 25-Jan Taiwan 26-Jan Taiwan 06-Feb Taiwan 04-Apr Taiwan 10-Oct Taiwan 23-Oct Taiwan

Asia Pacific ex Japan Equity High Dividend (Australia, 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 Australia, Hong Kong 23-Oct Hong Kong

Brazil Bond (Brazil)

20-Feb Brazil 21-Feb Brazil 07-Jun Brazil 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil

Brazil Equity (Brazil, US**)

16-Jan US 20-Feb Brazil, US 21-Feb Brazil 07-Jun Brazil 04-Jul US 03-Sep US 07-Sep Brazil 08-Oct US 12-Oct Brazil 02-Nov Brazil 12-Nov US 15-Nov Brazil 22-Nov US

384

BRIC Equity

BRIC Markets

BRIC Markets Equity (Brazil, Hong Kong, India, UK, US**)

16-Jan US 24-Jan Hong Kong 25-Jan 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 10-Aug India 20-Aug India 27-Aug UK 03-Sep US 07-Sep Brazil 19-Sep India 21-Sep India 01-Oct Hong Kong 02-Oct India 08-Oct US 12-Oct Brazil 23-Oct Hong Kong 24-Oct India 26-Oct India 02-Nov Brazil 12-Nov US 13-Nov India 15-Nov Brazil 22-Nov US 28-Nov India

Chinese Equity

Hong Kong Equity (Hong Kong) 24-Jan Hong Kong 25-Jan Hong Kong 04-Apr Hong Kong 02-Jul Hong Kong 01-Oct Hong Kong 23-Oct Hong Kong

385

China Consumer Opportunities (France, Hong Kong, US**)

16-Jan US 24-Jan Hong Kong 25-Jan Hong Kong 20-Feb US 04-Apr Hong Kong 08-May France 02-Jul Hong Kong 04-Jul US 03-Sep US 01-Oct Hong Kong 08-Oct US 23-Oct Hong Kong 12-Nov US 22-Nov US Climate Change

Russia Equity (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

CIVETS (Indonesia, Turkey, South Africa, UK)

23-Jan Indonesia 21-Mar South Africa 23-Mar Indonesia 23-Apr Turkey 27-Apr South Africa 07-May UK 17-May Indonesia 18-May Indonesia 04-Jun UK 05-Jun UK 09-Aug South Africa 17-Aug Indonesia 20-Aug Indonesia, Turkey 21-Aug Indonesia, Turkey 22-Aug Indonesia 27-Aug UK 30-Aug Turkey 24-Sep South Africa 26-Oct Indonesia, Turkey 29-Oct Turkey 15-Nov Indonesia 16-Nov Indonesia 17-Dec South Africa 24-Dec Indonesia 31-Dec Indonesia

386

Emerging Inflation Linked Bond (Brazil, US**)

16-Jan US 20-Feb Brazil, US 21-Feb Brazil 07-Jun Brazil 04-Jul US 03-Sep US 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil 22-Nov US Euro Bond

Euro Credit Bond

Euro High Yield Bond

Global Currency

UK Equity (UK)

07-May UK 04-Jun UK 05-Jun UK 27-Aug UK Emerging Wealth

US Equity (US**)

16-Jan US 20-Feb US 04-Jul US 03-Sep US 08-Oct US 12-Nov US 22-Nov US European Equity (UK, France)

07-May UK 08-May France 04-Jun UK 05-Jun UK 27-Aug UK European Equity Absolute Return (UK, France, Germany)

07-May UK 08-May France 04-Jun UK 05-Jun UK 07-Jun Germany 27-Aug UK 03-Oct Germany 31-Oct Germany 21-Nov Germany

387

Euroland Growth

Euroland Equity

Euroland Equity Smaller Companies (France)

08-May France Frontier Markets (Qatar, UK)

07-May UK 04-Jun UK 05-Jun UK 27-Aug UK Global Currency (Brazil, Chile, UK, US**)

16-Jan US 20-Feb Brazil, US 21-Feb Brazil 07-May UK 21-May Chile 04-Jun UK 05-Jun UK 07-Jun Brazil, Chile 02-Jul Chile 04-Jul US 27-Aug UK 03-Sep US 07-Sep Brazil 11-Sep Chile 18-Sep Chile 19-Sep Chile 08-Oct US 12-Oct Brazil, Chile 02-Nov Brazil 12-Nov US 15-Nov Brazil 22-Nov US Global Emerging Markets Equity (Hong Kong, South Korea, UK)

23-Jan South Korea 24-Jan Hong Kong, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 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 03-Oct South Korea 23-Oct Hong Kong

388

GEM Equity Absolute Return (Brazil, Hong Kong, India, South Korea, Taiwan, UK, US**)

16-Jan US 23-Jan South Korea, Taiwan 24-Jan Hong Kong, South Korea, Taiwan 25-Jan Hong Kong. Taiwan 26-Jan India, Taiwan 06-Feb Taiwan 20-Feb Brazil, India, US 21-Feb Brazil 01-Mar South Korea 08-Mar India 04-Apr Hong Kong, Taiwan 05-Apr India 07-May UK 04-Jun UK 05-Jun UK 06-Jun South Korea 07-Jun Brazil 02-Jul Hong Kong 04-Jul US 10-Aug India 20-Aug India 27-Aug UK 03-Sep US 07-Sep Brazil 19-Sep India 21-Sep India 01-Oct Hong Kong, South Korea 02-Oct India 03-Oct South Korea 08-Oct US 10-Oct Taiwan 12-Oct Brazil 23-Oct Hong Kong, Taiwan 24-Oct India 26-Oct India 02-Nov Brazil 12-Nov US 13-Nov India 15-Nov Brazil 22-Nov US 28-Nov India Global Bond (Japan, US**)

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 22-Nov US 23-Nov Japan 24-Dec Japan

389

Global Credit Bond (France, Germany, Italy, Netherlands, Spain, UK, US**)

06-Jan Italy, Spain 16-Jan US 20-Feb US 19-Mar Spain 25-Apr Italy 30-Apr Netherlands 07-May UK 08-May France 04-Jun UK 05-Jun UK 07-Jun Germany 04-Jul US 25-Jul Spain 27-Aug UK 03-Sep US 03-Oct Germany 12-Oct Spain 31-Oct Germany 21-Nov Germany 22-Nov US 06-Dec Spain Global Flex Allocation (France, Germany, US**)

16-Jan US 20-Feb US 08-May France 07-Jun Germany 04-Jul US 03-Sep US 03-Oct Germany 08-Oct US 31-Oct Germany 12-Nov US 21-Nov Germany 22-Nov US Global Emerging Markets Bond

Global Emerging Markets Corporate Debt




GEM Debt Total Return (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

390

Global Equity (Japan, UK, US**)

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 Japan Global Inflation Linked Bond (France, Germany, Italy, UK, US**)

06-Jan Italy 16-Jan US 20-Feb US 25-Apr Italy 07-May UK 08-May France 04-Jun UK 05-Jun UK 07-Jun Germany 04-Jul US 27-Aug UK 03-Sep US 03-Oct Germany 31-Oct Germany 21-Nov Germany 22-Nov US 08-May France 04-Jul US 03-Sep US 22-Nov US

391

Global Macro

Global Macro II (Germany, Japan, UK, US**)

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 07-Jun Germany 04-Jul US 16-Jul Japan 27-Aug UK 03-Sep US 17-Sep Japan 03-Oct Germany 08-Oct Japan, US 31-Oct Germany 12-Nov US 21-Nov Germany 22-Nov US 23-Nov Japan 24-Dec Japan Indian Equity (India)

26-Jan India 20-Feb India 08-Mar India 05-Apr India 10-Aug India 20-Aug India 19-Sep India 21-Sep India 02-Oct India 24-Oct India 26-Oct India 13-Nov India 28-Nov India Japanese Equity (Japan)

09-Jan Japan 20-Mar Japan 30-Apr Japan 03-May Japan 04-May Japan 16-Jul Japan 17-Sep Japan 08-Oct Japan 23-Nov Japan 24-Dec Japan

392

Korean Equity (South Korea)

23-Jan South Korea 24-Jan South Korea 01-Mar South Korea 06-Jun South Korea 01-Oct South Korea 03-Oct South Korea

Latin America Equity (Brazil, Mexico, US**)

06-Feb Mexico 16-Jan US 20-Feb Brazil, US 21-Feb Brazil 19-Mar Mexico 07-Jun Brazil 04-Jul US 03-Sep US 07-Sep Brazil 17-Sep Mexico 08-Oct US 12-Oct Brazil 02-Nov Brazil 12-Nov US 15-Nov Brazil 19-Nov Mexico 22-Nov US Latin American Local Debt (Brazil, Mexico) 06-Feb Mexico 20-Feb Brazil 21-Feb Brazil 19-Mar Mexico 07-Jun Brazil 07-Sep Brazil 17-Sep Mexico 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil 19-Nov Mexico Middle East and North Africa Equity (Kuwait, Qatar, Saudi Arabia, UK)

07-May UK 04-Jun UK 05-Jun UK 27-Aug UK

393

Multi Government Bond Strategies (Germany, UK, US**)

16-Jan US 20-Feb US 07-May UK 04-Jun UK 05-Jun UK 07-Jun Germany 04-Jul US 27-Aug UK 03-Sep US 03-Oct Germany 08-Oct US 31-Oct Germany 12-Nov US 21-Nov Germany 22-Nov US RMB Fixed Income (China, Hong Kong, US**)

16-Jan US 23-Jan China 24-Jan China, Hong Kong 25-Jan Hong Kong 20-Feb US 04-Apr Hong Kong 02-Jul Hong Kong 04-Jul US 03-Sep US 01-Oct China, Hong Kong 02-Oct China 03-Oct China 23-Oct Hong Kong 22-Nov US Singapore Equity (Singapore)

23-Jan Singapore 24-Jan Singapore 09-Aug Singapore 20-Aug Singapore 26-Oct Singapore 13-Nov Singapore Thai Equity (Thailand)

07-Mar Thailand 13-Apr Thailand 16-Apr Thailand 07-May Thailand 04-Jun Thailand 02-Aug Thailand 13-Aug Thailand 23-Oct Thailand 05-Dec Thailand 10-Dec Thailand 31-Dec Thailand

394

Turkey Equity (Turkey)

23-Apr Turkey 20-Aug Turkey 21-Aug Turkey 30-Aug Turkey 26-Oct Turkey 29-Oct Turkey US Dollar Bond (US**)

16-Jan US 20-Feb US 04-Jul US 03-Sep 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 2011. All Rights Reserved 14846/0608

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