Manrep

Eurizon EasyFund
A Mutual Fund ("Fonds Commun de Placement") governed by the

Law of Luxembourg
Subscriptions cannot be accepted on the basis of annual reports.

Subscriptions to Units of Eurizon EasyFund are only valid if made on the basis of the
Prospectus in force accompanied by a copy of the latest available annual report and by the
subsequent semi-annual report if it has been published.
Annual report as at 31 December 2011

Eurizon EasyFund
Table of contents
Organisation of the Fund 5 Eurizon EasyFund - Equity Emerging Markets Asia 113
Statement of Net Assets 113
Board of Directors of the Management Company’s 14 Statement of Changes in Net Assets 114
report on the Management of the Fund Portfolio 115
Commitments on future contracts 126
Independent auditor’s report 17 Forward foreign exchange contracts 127
Comparative Net Asset Values over the last three years 19 Eurizon EasyFund - Equity Latin America 128
Combined Statement of Net Assets 23 Statement of Changes in Net Assets 129
Portfolio 130
Combined Statement of Changes in Net Assets 24 Commitments on future contracts 134
Forward foreign exchange contracts 135
Line Limited Tracking Error
Eurizon EasyFund - Equity China 136
Eurizon EasyFund - Equity Italy 25 Statement of Net Assets 136
Statement of Net Assets 25 Statement of Changes in Net Assets 137
Statement of Changes in Net Assets 26 Portfolio 138
Portfolio 27 Commitments on future contracts 142
Commitments on future contracts 31 Forward foreign exchange contracts 143
Eurizon EasyFund - Equity Euro 32 Eurizon EasyFund - Equity Energy & Materials 144
Statement of Net Assets 32 Statement of Net Assets 144
Statement of Changes in Net Assets 33 Statement of Changes in Net Assets 145
Portfolio 34 Portfolio 146
Commitments on future contracts 40 Commitments on future contracts 152
Eurizon EasyFund - Equity Europe 41
Statement of Net Assets 41 Eurizon EasyFund - Equity Industrials 154
Statement of Changes in Net Assets 42 Statement of Net Assets 154
Portfolio 43 Statement of Changes in Net Assets 155
Commitments on future contracts 51 Portfolio 156
Forward foreign exchange contracts 52 Commitments on future contracts 161
Eurizon EasyFund - Equity North America 53
Statement of Net Assets 53 Eurizon EasyFund - Equity Consumer Discretionary 163
Forward foreign exchange contracts 65 Forward foreign exchange contracts 170
Eurizon EasyFund - Equity Japan 66 Eurizon EasyFund - Equity Consumer Staples 172
Eurizon EasyFund - Equity Pharma 179
Eurizon EasyFund - Equity Oceania 75 Statement of Net Assets 179
Eurizon EasyFund - Equity Financial 187
Eurizon EasyFund - Equity Emerging Markets 83 Statement of Net Assets 187
Eurizon EasyFund - Equity High Tech 198
Eurizon EasyFund - Equity Emerging Markets 105 Statement of Net Assets 198
Europe, Middle East & Africa Statement of Changes in Net Assets 199
Statement of Net Assets 105 Portfolio 200
Statement of Changes in Net Assets 106 Forward foreign exchange contracts 204
Portfolio 107
Commitments on future contracts 111 Eurizon EasyFund - Equity Telecommunication 205
Forward foreign exchange contracts 112 Statement of Net Assets 205
2
Eurizon EasyFund
Statement of Changes in Net Assets 206

Portfolio 207 Eurizon EasyFund - Bond JPY 284
Commitments on future contracts 210 Statement of Net Assets 284
Forward foreign exchange contracts 211 Statement of Changes in Net Assets 285
Portfolio 286
Eurizon EasyFund - Equity Utilities 213 Commitments on future contracts 288
Statement of Net Assets 213 Forward foreign exchange contracts 289
Portfolio 215 Eurizon EasyFund - Bond Corporate EUR Short Term 290
Portfolio 292
Eurizon EasyFund - Equity Small Cap Europe 220 Commitments on future contracts 298
Statement of Changes in Net Assets 221 Swap contracts 300
Portfolio 222
Swap contracts 229 Eurizon EasyFund - Bond Emerging Markets 301
Eurizon EasyFund - Cash EUR 230 Statement of Changes in Net Assets 302
Statement of Net Assets 230 Portfolio 303
Statement of Changes in Net Assets 231 Commitments on future contracts 311
Portfolio 232 Forward foreign exchange contracts 312
Swap contracts 313
Eurizon EasyFund - Bond EUR Floating Rate 234
Statement of Net Assets 234 Eurizon EasyFund - Bond High Yield 314
Eurizon EasyFund - Bond EUR Short Term 238
Statement of Net Assets 238 Eurizon EasyFund - Bond Inflation Linked 323
Eurizon EasyFund - Bond EUR Medium Term 244 Line Flex/Multiasset

Statement of Changes in Net Assets 245 Eurizon EasyFund - Focus Azioni Strategia Flessibile 327
Portfolio 246 Statement of Net Assets 327
Commitments on future contracts 249 Statement of Changes in Net Assets 328
Portfolio 329
Eurizon EasyFund - Bond EUR Long Term 250 Forward foreign exchange contracts 333
Statement of Changes in Net Assets 251 Eurizon EasyFund - Orizzonte Protetto 6 335
Portfolio 337
Eurizon EasyFund - Bond International 257 Commitments on future contracts 338
Statement of Changes in Net Assets 258 Eurizon EasyFund - Orizzonte Protetto 12 339
Forward foreign exchange contracts 266 Portfolio 341
Eurizon EasyFund - Bond GBP 267
Statement of Net Assets 267 Eurizon EasyFund - Orizzonte Protetto 24 345
Forward foreign exchange contracts 272 Commitments on future contracts 350
Eurizon EasyFund - Cash USD 273 Eurizon EasyFund - ABS Prudente 351
Eurizon EasyFund - Bond USD 277 Option contracts 357
Portfolio 279 Eurizon EasyFund - ABS Attivo 359
3
Eurizon EasyFund
Portfolio 361
Option contracts 365
Notes to the financial statements 367
4
ORGANISATION OF THE FUND Eurizon EasyFund
MANAGEMENT COMPANY AND PROMOTER

Eurizon Capital S.A.
8, avenue de la Liberté
L-1930 Luxembourg (Grand Duchy of Luxembourg)
R.C.S Luxembourg B 28536
BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Chairman of the Board of Directors
Mr. Mauro MICILLO
Managing Director of
Eurizon Capital SGR S.p.A., Milan
Resident of Milan (Italy)
Vice-Chairman of the Board of Directors

Mr. Daniel GROS
Independent Director
Resident of Brussels (Belgium)
Managing Director
Mr. Massimo MAZZINI
General Manager of
Eurizon Capital S.A., Luxembourg
Resident of Luxembourg (Grand Duchy of Luxembourg)
Director
Mr. Massimo TORCHIANA
Co-General Manager of
Eurizon Capital S.A., Luxembourg
(since 25 February 2011)
Director
Mr. Alex SCHMITT
Independent Director, Lawyer, Luxembourg
Director
Mr. Carlo NICOLETTI
Independent Director, Rüschlikon
Resident of Rüschlikon (Switzerland)
CUSTODIAN BANK AND PAYING AGENT

State Street Bank Luxembourg S.A.
49, avenue J.F. Kennedy
ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT

State Street Bank Luxembourg S.A.
49, avenue J.F. Kennedy
(these functions have been delegated by Eurizon Capital S.A.)
5
INVESTMENT MANAGERS
Eurizon Capital S.A.
8, avenue de la Liberté
Eurizon Capital SGR S.p.A.

3, piazzale Cadorna
I-20123 Milan (Italy)
Epsilon Associati SGR S.p.A.

3, piazzetta Giordano dell’Amore
I-20121 Milan (Italy)
(since 1 June 2011)
INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY

Ernst & Young S.A.
7, rue Gabriel Lippmann
Parc d’Activité Syrdall 2
L-5365 Munsbach (Grand Duchy of Luxembourg)
6
CONSTITUTION
Eurizon Capital S.A., the Management Company, was incorporated as a Limited Company under the Laws
of the Grand Duchy of Luxembourg. The Management Regulations were published in the “Memorial” on 28
September 1988.
Eurizon EasyFund (the “Fund”) was created in the Grand Duchy of Luxembourg on 27 July 1988 and is
administered by Eurizon Capital S.A. (the “Management Company”) by virtue of Management Regulations
published on 28 September 1988 in the “Mémorial, Recueil Spécial des Sociétés et Associations” in the
Grand Duchy of Luxembourg, after submission to the “Registre de Commerce et des Sociétés” in
Luxembourg. Amendments were made to the Management regulations and were published in the “Mémorial,
Recueil Spécial des Sociétés et Associations” in the Grand Duchy of Luxembourg on 20 January 1991, 13
November 1992, 10 September 1998, 10 June 2000, 20 September 2002, 17 October 2003, 9 September
2005 and 3 July 2006. The notification of the filing with the “Registre de Commerce et des Sociétés” in
Luxembourg of the latest modifications to the Management Regulations were published in the “Mémorial,
Recueil Spécial des Sociétés et Associations” on 14 May 2007, 14 December 2007, 20 March 2008, 27
February 2009, 20 October 2009, 22 March 2010, 11 June 2010 and 20 June 2011. The Management
Regulations in force have been filed with the “Registre de Commerce et des Sociétés” in Luxembourg,
where they may be consulted and where copies may be obtained.
The name of the Fund was modified pursuant to the decision made by the Board of Directors of the
Management Company on 24 August 1998 from “Sanpaolo ECU Fund” to “Sanpaolo International Fund”.
The Management Company has decided to modify the Fund’s name from “Sanpaolo International Fund” to
“Eurizon EasyFund” with effective date 26 February 2008.
Eurizon EasyFund
The Fund is an umbrella fund. The Sub-Funds which are active on 31 December 2011 are listed below:
Line Limited Tracking Error:
Eurizon EasyFund - Equity Italy
Eurizon EasyFund - Equity Euro
Eurizon EasyFund - Equity Europe
Eurizon EasyFund - Equity North America
Eurizon EasyFund - Equity Japan
Eurizon EasyFund - Equity Oceania
Eurizon EasyFund - Equity Emerging Markets
Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa
Eurizon EasyFund - Equity Emerging Markets Asia
Eurizon EasyFund - Equity Latin America
Eurizon EasyFund - Equity China
Eurizon EasyFund - Equity Energy & Materials
Eurizon EasyFund - Equity Industrials
Eurizon EasyFund - Equity Consumer Discretionary
Eurizon EasyFund - Equity Consumer Staples
Eurizon EasyFund - Equity Pharma
Eurizon EasyFund - Equity Financial
Eurizon EasyFund - Equity High Tech
Eurizon EasyFund - Equity Telecommunication
Eurizon EasyFund - Equity Utilities
Eurizon EasyFund - Equity Small Cap Europe
Eurizon EasyFund - Cash EUR
Eurizon EasyFund - Bond EUR Floating Rate
Eurizon EasyFund - Bond EUR Short Term
Eurizon EasyFund - Bond EUR Medium Term
Eurizon EasyFund - Bond EUR Long Term
Eurizon EasyFund - Bond International
Eurizon EasyFund - Bond GBP
Eurizon EasyFund - Cash USD
Eurizon EasyFund - Bond USD
Eurizon EasyFund - Bond JPY
7
Eurizon EasyFund - Bond Corporate EUR Short Term

Eurizon EasyFund - Bond Emerging Markets
Eurizon EasyFund - Bond High Yield
Eurizon EasyFund - Bond Inflation Linked
Line Flex/Multiasset:
Eurizon EasyFund - Focus Azioni Strategia Flessibile

Eurizon EasyFund - Orizzonte Protetto 6
Eurizon EasyFund - ABS Prudente
Eurizon EasyFund - ABS Attivo.
The Sanpaolo Ecu Fund - Obligations and Sanpaolo Ecu Fund - Mixte Sub-Funds were launched on 29
November 1988.
The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Actions France Sub-Funds were
launched on 16 February 1990.
The Sanpaolo Ecu Fund - Actions Sub-Fund was launched on 20 February 1990.
The Sanpaolo Ecu Fund - Obligations Italie Sub-Fund was launched on 8 February 1993. The Sanpaolo Ecu
Fund - Actions Italie Sub-Fund was launched on 6 April 1993 while the Sanpaolo Ecu Fund - Actions
Allemagne and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Funds were launched on 7 December 1993.
The Fund was renamed Sanpaolo International Fund pursuant to the decision made by the Board of
Directors of the Management Company on 24 August 1998.
The Sub-Funds named Sanpaolo Ecu Fund - Obligations, Sanpaolo Ecu Fund - Mixte, Sanpaolo Ecu Fund -
Actions, Sanpaolo Ecu Fund - Actions Allemagne, Sanpaolo Ecu Fund - Obligations Italie, Sanpaolo Ecu
Fund - Actions Italie and Sanpaolo Ecu Fund - Actions France were respectively renamed Sanpaolo
International Fund - Bonds Euro, Sanpaolo International Fund - Mixed, Sanpaolo International Fund - Equity
Europe Small Cap, Sanpaolo International Fund - Equity Germany, Sanpaolo International Fund - Bonds
Italy, Sanpaolo International Fund - Equity Italy and Sanpaolo International Fund - Equity France pursuant to
the decision made by the Board of Directors of the Management Company on 24 August 1998.
The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Funds
merged with effect from 26 September 1998 into the Sanpaolo International Fund - Bonds Euro Sub-Fund
pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998.
The Sanpaolo International Fund - Equity USA, Sanpaolo International Fund - Equity Japan and Sanpaolo
International Fund - Equity Europe Sub-Funds were launched on 15 October 1998.
The Sanpaolo International Fund - Bonds US$, Sanpaolo International Fund - Bonds Yen and Sanpaolo
International Fund - Equity Emerging Markets Far East Sub-Funds were launched on 20 October 1998.
The Sanpaolo International Fund - Bonds Italy Sub-Fund was renamed Euro Short Term on 1 February
1999.
The Sanpaolo International Fund - Bonds UK£, Sanpaolo International Fund - Bonds Emerging Markets,
Sanpaolo International Fund - Equity Great Britain, and Sanpaolo International Fund - Equity Latin America
Sub-Funds were launched on 15 February 1999.
The Sanpaolo International Fund - Equity Switzerland, Sanpaolo International Fund - Equity Scandinavia,
Sanpaolo International Fund - Equity Canada, Sanpaolo International Fund - Equity Australia and Sanpaolo
International Fund - Equity Africa Sub-Funds were launched on 15 July 1999.
The Sanpaolo International Fund - Bonds FrSw, Sanpaolo International Fund - Bonds Equity Emerging
Markets Europe, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Euro Medium
Term, Sanpaolo International Fund - Euro Long Term and Sanpaolo International Fund - Dollar Short Term
Sub-Funds were launched on 16 July 1999.
8
The Sanpaolo International Fund - World Convertible Bonds Sub-Fund was launched on 16 September
1999.
The Sanpaolo International Fund - Autumn 36-100 Sub-Fund was launched on 18 October 1999.
The Sanpaolo International Fund - Winter 36-100 Sub-Fund was launched on 15 January 2000.
The Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Equity Energy and
Materials, Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund - Equity Utilities,
Sanpaolo International Fund - Equity Information Technology, Sanpaolo International Fund - Equity Finance,
Sanpaolo International Fund - Equity Telecommunications, Sanpaolo International Fund - Equity High
Growth, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Equity World Small Cap,
Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Equity Pacific Small Cap,
Sanpaolo International Fund - Equity Eastern Europe and Sanpaolo International Fund - Equity India Sub-
Funds were launched on 14 July 2000.
The Sanpaolo International Fund - Obiettivo USA, Sanpaolo International Fund - Obiettivo Euro, Sanpaolo
International Fund - Obiettivo Europa, Sanpaolo International Fund - Obiettivo Giappone, Sanpaolo
International Fund - Obiettivo Italia and Sanpaolo International Fund - Obiettivo Paesi Emergenti Sub-Funds
were launched on 11 June 2001.
The Sub-Funds known as Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund -
Equity Energy and Materials, Sanpaolo International Fund - Equity Finance, Sanpaolo International Fund -
Equity Media, Sanpaolo International Fund - Euro Short Term, Sanpaolo International Fund - Euro Medium
Term, Sanpaolo International Fund - Euro Long Term, Sanpaolo International Fund - Bonds US$ and
Sanpaolo International Fund - Bonds Yen were respectively renamed Sanpaolo International Fund -
Obiettivo Biofarma, Sanpaolo International Fund - Obiettivo Materie Prime, Sanpaolo International Fund -
Obiettivo Finanza, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - Obiettivo
Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International
Fund - Obiettivo Euro Lungo Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Dollari,
Sanpaolo International Fund - Obiettivo Obbligazionario Yen pursuant to the decision made by the Board of
Directors of the Management Company on 15 November 2001.
The Sub-Funds known as Sanpaolo International Fund - Equity Information Technology, Sanpaolo
International Fund - Equity Telecommunications, Sanpaolo International Fund - Equity Utilities were
respectively renamed Sanpaolo International Fund - Obiettivo Alta Tecnologia, Sanpaolo International Fund
- Obiettivo Telecomunicazioni, Sanpaolo International Fund - Obiettivo Utilities pursuant to the decision
made by the Board of Directors of the Management Company on 26 November 2001.
On 27 September 2002, the Sub-Funds Sanpaolo International Fund - Obiettivo USA, Sanpaolo
International Fund - Equity Emerging Markets Europe, Sanpaolo International Fund - Equity Emerging
Markets Far East, Sanpaolo International Fund - Equity World Small Cap, Sanpaolo International Fund -
Equity Great Britain, Sanpaolo International Fund - Equity Australia, Sanpaolo International Fund - Equity
Latin America, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Obiettivo Materie
Prime, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - Obiettivo Biofarma,
Sanpaolo International Fund - Obiettivo Finanza, Sanpaolo International Fund - Equity Europe Small Cap,
Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Mixed, Sanpaolo
International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio
Termine, Sanpaolo International Fund - Bonds Euro, Sanpaolo International Fund - Bonds FrSw, Sanpaolo
International Fund - Bonds UK£, Sanpaolo International Fund - Dollar Short Term, Sanpaolo International
Fund - World Convertible Bonds, Sanpaolo International Fund - Bonds Emerging Markets, Sanpaolo
International Fund - Bond High Yield, were respectively renamed Sanpaolo International Fund - Obiettivo
Nord America, Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa,
Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Small Cap
Internazionale, Sanpaolo International Fund - Obiettivo Gran Bretagna, Sanpaolo International Fund -
Obiettivo Oceania, Sanpaolo International Fund - Obiettivo America Latina, Sanpaolo International Fund -
Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & Materie Prime, Sanpaolo International
Fund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund -
Obiettivo Banche, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - Small
Cap USA, Sanpaolo International Fund - Obiettivo Bilanciato, Sanpaolo International Fund - Obiettivo
Liquidità Euro, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund -
Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Franchi Svizzeri,
9
Sanpaolo International Fund - Obiettivo Obbligazionario Sterline, Sanpaolo International Fund - Obiettivo
Liquidità Dollari, Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund -
Obbligazionario Paesi Emergenti, Sanpaolo International Fund - Obbligazionario High Yield.
On 27 September 2002, the Sub-Fund Sanpaolo International Fund - Equity Italy merged into the Sanpaolo
International Fund - Obiettivo Italia Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Euro,
Sanpaolo International Fund - Equity France and Sanpaolo International Fund - Equity Germany merged
into the Sanpaolo International Fund - Obiettivo Euro Sub-Fund, the Sub-Funds Sanpaolo International
Fund - Equity Scandinavia and Sanpaolo International Fund - Equity Switzerland merged into the Sanpaolo
International Fund - Obiettivo Europa Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity USA
and Sanpaolo International Fund - Equity Canada merged into the Sanpaolo International Fund - Obiettivo
Nord America Sub-Fund, the Sub-Fund Sanpaolo International Fund - Equity Japan merged into the
Sanpaolo International Fund - Obiettivo Giappone Sub-Fund, the Sub-Funds Sanpaolo International Fund -
Equity Africa and Sanpaolo International Fund - Equity Eastern Europe merged into the Sanpaolo
International Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa Sub-Fund, the Sub-Funds
Sanpaolo International Fund - Equity India and Sanpaolo International Fund - Obiettivo Paesi Emergenti
merged into the Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia Sub-Fund, the Sub-Funds
Sanpaolo International Fund - Equity High Growth and Sanpaolo International Fund - Equity Pacific Small
merged into the Sanpaolo International Fund - Small Cap Internazionale Sub-Fund.
The Sub-Funds Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - Obiettivo
Beni Durevoli, Sanpaolo International Fund - Obiettivo Beni di Consumo and Sanpaolo International Fund -
Obiettivo Assicurazioni were launched on 30 September 2002.
The Sub-Funds Sanpaolo International Fund - Orizzonte Protetto 6, Sanpaolo International Fund - Orizzonte
Protetto 12, Sanpaolo International Fund - Orizzonte Protetto 24 and Sanpaolo International Fund - Euro
Inflation Linked were launched on 31 March 2003.
On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Obiettivo Liquidità Euro, Sanpaolo
International Fund - Euro Inflation Linked and Sanpaolo International Fund - Autumn 36-100 were
respectively renamed Sanpaolo International Fund - Valore Liquidità, Sanpaolo International Fund - Valore
Reale and Sanpaolo International Fund - Valore Equilibrio.
On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Small Cap USA and Sanpaolo
International Fund - Small Cap Internazionale merged into the Sanpaolo International Fund - Small Cap
Europa Sub-Fund and the Sub-Fund Sanpaolo International Fund - Winter 36-100 merged into the Sanpaolo
International Fund - Valore Equilibrio Sub-Fund.
The Sub-Funds Sanpaolo International Fund - ABS Prudente and Sanpaolo International Fund - ABS Attivo
were put into operation on 30 September 2005.
On 26 February 2008, the Sub-Funds Sanpaolo International Fund - Obiettivo Italia, Sanpaolo International
Fund - Obiettivo Euro, Sanpaolo International Fund - Obiettivo Europa, Sanpaolo International Fund -
Obiettivo Gran Bretagna, Sanpaolo International Fund - Obiettivo Nord America, Sanpaolo International
Fund - Obiettivo Giappone, Sanpaolo International Fund - Obiettivo Oceania, Sanpaolo International Fund -
Obiettivo Paesi Emergenti Europa, Sanpaolo International Fund - Medio Oriente ed Africa, Sanpaolo
International Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Obiettivo America Latina,
Sanpaolo International Fund - Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & Materie
Prime, Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - Obiettivo Beni
Durevoli, Sanpaolo International Fund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Beni
di Consumo, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund - Obiettivo
Banche, Sanpaolo International Fund - Obiettivo Assicurazioni, Sanpaolo International Fund - Obiettivo Alta
Tecnologia, Sanpaolo International Fund - Obiettivo Telecomunicazioni, Sanpaolo International Fund -
Obiettivo Utilities, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - Valore
Liquidità, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund -
Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Euro Lungo Termine, Sanpaolo
International Fund - Obiettivo Obbligazionario Franchi Svizzeri, Sanpaolo International Fund - Obiettivo
Obbligazionario Sterline, Sanpaolo International Fund - Obiettivo Liquidità Dollari, Sanpaolo International
Fund - Obiettivo Obbligazionario Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Yen,
Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund - Obbligazionario Paesi
10
Emergenti, Sanpaolo International Fund - Obbligazionario High Yield, Sanpaolo International Fund - Valore
Reale were respectively renamed Sanpaolo International Fund - Equity Italy, Sanpaolo International Fund -
Equity Euro, Sanpaolo International Fund - Equity Europe, Sanpaolo International Fund - Equity Great
Britain, Sanpaolo International Fund - Equity North America, Sanpaolo International Fund - Equity Japan,
Sanpaolo International Fund - Equity Oceania, Sanpaolo International Fund - Equity Emerging Markets
Europe, Sanpaolo International Fund - Middle East & Africa, Sanpaolo International Fund - Equity Emerging
Markets Asia, Sanpaolo International Fund - Equity Latin America, Sanpaolo International Fund - Equity
China, Sanpaolo International Fund - Equity Energy & Materials, Sanpaolo International Fund - Equity
Industrials, Sanpaolo International Fund - Equity Durable Goods, Sanpaolo International Fund - Equity
Media, Sanpaolo International Fund - Equity Consumer Staples, Sanpaolo International Fund - Equity
Pharma, Sanpaolo International Fund - Equity Banks, Sanpaolo International Fund - Equity Insurance,
Sanpaolo International Fund - Equity High Tech, Sanpaolo International Fund - Equity Telecommunication,
Sanpaolo International Fund - Equity Utilities, Sanpaolo International Fund - Equity Small Cap Europe,
Sanpaolo International Fund - Cash EUR, Sanpaolo International Fund - Bond EUR Short Term, Sanpaolo
International Fund - Bond EUR Medium Term, Sanpaolo International Fund - Bond EUR Long Term,
Sanpaolo International Fund - Bond CHF, Sanpaolo International Fund - Bond GBP, Sanpaolo International
Fund - Cash USD, Sanpaolo International Fund - Bond USD, Sanpaolo International Fund - Bond JPY,
Sanpaolo International Fund - Bond Convertible, Sanpaolo International Fund - Bond Emerging Markets,
Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Bond Inflation Linked.
On 7 July 2008, Eurizon Capital S.A. transfered the branch of activity corresponding to its Fund
Administration activities to Sanpaolo Bank S.A. and has decided to delegate to the latter, according to the
Management Company of the Fund, the functions of administrative agent, registrar and transfer agent on
behalf of the Fund from this date on.
On 27 February 2009, the Sub-Funds Eurizon EasyFund - Obiettivo Bilanciato, Eurizon EasyFund - Valore
Equilibrio and Eurizon EasyFund - Equity Great Britain contributed their assets and liabilities into the Sub-
Funds Eurizon EasyFund - ABS Attivo, Eurizon EasyFund - ABS Prudente and Eurizon EasyFund - Equity
Europe respectively. Furthermore, a new investment policy was adopted by the incorporating Sub-Fund
Eurizon EasyFund - ABS Prudente.
On the same date, the Sub-Funds Eurizon EasyFund - Bond Convertible and Eurizon EasyFund - Bond
CHF were respectively renamed Eurizon EasyFund - Bond Corporate EUR Short Term and Eurizon
EasyFund - Bond International. Furthermore, a new investment policy was adopted by the two renamed
Sub-Funds.
On 24 April 2009, the Sub-Funds Eurizon Capital Corporate Fund - Premium 5 and Eurizon Capital
Corporate Fund - Premium 25 contributed their assets and liabilities into the Sub-Fund Eurizon EasyFund -
Bond Corporate EUR Short Term.
On 27 November 2009, the Sub-Funds Eurizon EasyFund - Equity Durable Goods and Eurizon EasyFund -
Equity Banks were respectively renamed Eurizon EasyFund - Equity Consumer Discretionary and Eurizon
EasyFund - Equity Financial.
On the same date, the Sub-Funds Eurizon EasyFund - Equity Media and Eurizon EasyFund - Equity
Insurance contributed their assets and liabilities into the Eurizon EasyFund - Equity Consumer Discretionary
and Eurizon EasyFund - Equity Financial Sub-Funds respectively.
The Sub-Funds Eurizon EasyFund - Equity Emerging Markets and Eurizon EasyFund - Bond EUR Floating
Rate were launched on 11 December 2009.
On 11 December 2009, the Sub-Fund Giotto Lux Fund - Monetario Plus contributed its assets and liabilities
into the Eurizon EasyFund - Cash EUR Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro Medium Term
contributed its assets and liabilities into the Eurizon EasyFund - Bond EUR Medium Term Sub-Fund, the
Sub-Fund Giotto Lux Fund - Euro Long Term contributed its assets and liabilities into the Eurizon EasyFund
- Bond EUR Long Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro TV contributed its assets and
liabilities into the Eurizon EasyFund - Bond EUR Floating Rate Sub-Fund, the Sub-Fund Giotto Lux Fund -
Global Credit Bond contributed its assets and liabilities into the Eurizon EasyFund - Bond Corporate EUR
Short Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Global Government Bond contributed its assets and
liabilities into the Eurizon EasyFund - Bond International Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity
11
Italy contributed its assets and liabilities into the Eurizon EasyFund - Equity Italy Sub-Fund, the Sub-Fund
Giotto Lux Fund - Equity Euro contributed its assets and liabilities into the Eurizon EasyFund - Equity Euro
Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe ex Euro contributed its assets and liabilities into
the Eurizon EasyFund - Equity Europe Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe Small Cap
contributed its assets and liabilities into the Eurizon EasyFund - Equity Small Cap Europe Sub-Fund, the
Sub-Fund Giotto Lux Fund - Equity North America contributed its assets and liabilities into the Eurizon
EasyFund - Equity North America Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Japan contributed its
assets and liabilities into the Eurizon EasyFund - Equity Japan Sub-Fund, the Sub-Fund Giotto Lux Fund -
Equity Pacific contributed its assets and liabilities into the Eurizon EasyFund - Equity Oceania Sub-Fund, the
Sub-Fund Giotto Lux Fund - Equity Emerging Markets contributed its assets and liabilities into the Eurizon
EasyFund - Equity Emerging Markets Sub-Fund, the Sub-Fund Giotto Lux Fund - Absolute Bond contributed
its assets and liabilities into the Eurizon EasyFund - ABS Prudente Sub-Fund.
The Sub-Fund Eurizon EasyFund - Focus Azioni Strategia Flessibile was launched on 20 May 2010.
The different Units which are available to investors for all Sub-Funds are detailed in note 11 “Units of the
Fund” of the notes to the financial statements.
GENERAL MEETINGS
The Annual General Meeting of the Management Company is held in Luxembourg, at the registered office,
on the last Tuesday in March at 15.00 hours and if such day is not a business day in the Grand Duchy of
Luxembourg, the next business day.
LISTING
The Units of the Fund are denominated in euros and some of them are listed on the Luxembourg Stock
Exchange.
INFORMATION FOR FUND UNITHOLDERS

Copies of audited annual reports as at 31 December and copies of the unaudited semi-annual reports as at
30 June are available free of charge to Unitholders at the Custodian Bank, other establishments specified by
the latter, and at the registered office of the Management Company.
The periodic reports contain all information relative to the Fund and to the composition and development of
its assets.
The financial year begins on 1 January and ends on 31 December.
The Net Asset Value is published every day in the daily newspaper “Il Sole 24 Ore” in Italy and in the “Diário
Económico“ in Portugal.
The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also be
obtained from the Custodian Bank.
Other information intended for participants is published in the “Mémorial, Recueil Spécial des Sociétés et
Associations” and in the “Registre de Commerce et des Sociétés” in Luxembourg, if this publication is
specified by the Management Regulations or by law.
GLOBAL EXPOSURE AND EXPECTED LEVEL OF LEVERAGE

The global exposure of Eurizon EasyFund - ABS attivo and Eurizon EasyFund - ABS Prudente has been
checked with the volatility until 24 October 2011 and starting from this date the methodology moved to
commitment approach. The calculation of the volatility was made with the previous risk system (SpiderWeb)
based on weekly observations using an historical series of 2 years.
12
Eurizon EasyFund - Eurizon EasyFund -

ABS Attivo ABS Prudente
Minimum volatility 0,69% 0,67%

Average volatility 2,22% 1,50%
Maximum volatility 3,38% 2,35%
Leverage 119,34% 123,17%
The method used to calculate the global exposure is also the commitment approach for the other Sub-
Funds.
13
BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY’S REPORT ON THE
MANAGEMENT OF THE FUND
Dear Unitholders,
Market Performance
The year 2011 was characterised by various sources of tension on the financial markets.
Strong growth of emerging markets continued in the first quarter and economic indicators in
the United States and euro zone also improved. At the same time, the central banks of
emerging countries began to implement restrictive monetary policies to tackle the rise in
inflation linked to the strong economic growth of the area, the effect of which was to generate
market volatility.
Towards the end of the first quarter a number of unexpected events, such as the earthquake in
Japan and geopolitical tensions in North Africa, raised concerns over the stability of global
economic growth. The macroeconomic data for April to June revealed widespread weakness,
with results almost consistently below expectations, especially in the United States. The weak
results continued into the third quarter, triggering fears of a slowdown in the USA and the euro
zone. The economic indicators for the euro zone continued to worsen towards the end of the
year, while there were some signs of improvement for the United States.
The markets remained focused on the issue of sovereign debt in the euro zone throughout the
year. In the first quarter, the markets welcomed news of an agreement on the mechanics of
the European Financial Stability Facility, although fears over Greece’s solvency returned to the
forefront in the second quarter, with contagion spreading to Portugal, Ireland, Spain and Italy.
The spread between government bond yields of these countries relative to Germany continued
to widen in the second half. The tensions prompted the ECB to intervene on the bond market,
buying up massive quantities on several occasions and, during the final months of the year,
the world’s leading central banks made a combined effort to provide liquidity to European
banks. The last quarter of the year was shaped by political events, with the formation of a
technical government in Italy and the ongoing debate on how to manage the crisis in the euro
zone.
In terms of monetary policy decisions, in April the ECB raised official interest rates (by 25 basis
points, taking them to 1.25%, the first such rise since July 2008), at the same time
announcing plans to continue raising rates until they reached more “normal” levels. A further
rate hike was made in July (taking them to 1.50%), but as tensions increased in the euro zone,
the ECB changed tack, cutting key interest rates at the start of December (taking them back
down to 1%) and adopting long-term financing measures for the banks. Meanwhile, in the
United States, the Federal Reserve confirmed its own ultra-accommodating monetary policy.
The bond markets initially saw a rise on US and German government securities. However, the
months that followed saw them slide back down again as signs of economic weakness began to
emerge. The deepening public debt crisis in the euro zone saw a dramatic widening of spreads
between peripheral countries and Germany, which was particularly damaging for Italian
government bonds over the summer.
In short, the global bond market closed 2011 with a gain of 6.3%, expressed in local currency
(JPM Global Index). Overall, the euro zone recorded growth of 1.8%, albeit with striking
differences between individual countries: Germany, for example, gained 9.8%, while Portugal
14
lost 22.1% and Italy 5.9%. The trend was positive for the USA (9.9% in local currency) and for
emerging markets (9.2% in local currency).
There was significant volatility on global equity markets, which were severely penalised by the
earthquake in Japan, tensions in North Africa and whenever there were heightened fears of
economic slowdown in connection with the euro zone crisis. The MSCI World Index recorded an
overall loss of 5.5% (local currency). The US equity market gained 1.4% (in local currency),
the euro zone shed 14.9% while emerging markets recorded a loss of 12.7% (local currency).
On the currency markets, the euro slipped 3.2% against the US dollar, 8.2% against the yen
and 2.5% against sterling. Due to exchange rate movements, performance expressed in euro
on markets outside the euro zone generally shows an improvement. The losses on the global
equity markets are reduced to 2.4% when expressed in euro (instead of 5.5% in local
currency), while the global bond markets gained 10.8% (compared to 6.3% in local currency).
Activity of the Fund
At the end of December 2011, the mutual investment fund Eurizon EasyFund was composed of
41 Sub-Funds for an overall value of €17 275 mio.
The assets of the Fund showed a decrease compared with the end of 2010 (€ - 379 mio, in
other word -2.15%), owing to a negative annual balance of the net sales (equivalent to € -183
mio, as a result of subscriptions amounting to € +11 550 mio and redemptions amounting to €
-11 733 mio), combined with a negative net market effect of € -196 mio.
As concerns the in- and outflows, positive balances were achieved by the Equity Sub-Funds (€
+378,61 mio), the Flex/Multiasset Sub-Funds (€ +32,29 mio) and the Bond Sub-Funds (€
+16,51 mio), while the Cash Sub-Funds registered net outflows (€ -611,02 mio).
The best results in term of sales were achieved by Eurizon EasyFund – Equity Europe (€
+377,36 mio) followed by Eurizon EasyFund - Bond EUR Long Term (€ +369,87 mio), Eurizon
EasyFund – Focus Azioni Strategia Flessibile (€ +227,17 mio) and Eurizon EasyFund – Bond
EUR Medium Term (€ +198,58 mio).
The most negative balances were achieved by Eurizon EasyFund – Cash EUR (€ -628,13 mio)
and Eurizon EasyFund – Bond EUR Short Term (€ -237,61 mio).
The annual in- and outflows as well as the assets as of 31 December 2011 of all the Sub-Funds
are shown in the following table (in EUR), which encompasses each Class of Units :
DENOMINATION OF THE SUB-FUNDS SUBSCRIPTIONS REDEMPTIONS NET ASSETS

Eurizon EasyFund - Equity Italy 41 406 823,37 (47 210 450,54) 56 678 907,83
Eurizon EasyFund - Equity Euro 70 138 090,61 (74 172 678,98) 122 722 991,94
Eurizon EasyFund - Equity Europe 1 076 991 400,83 (699 624 244,26) 936 944 734,97
Eurizon EasyFund - Equity North America 1 450 613 691,03 (1 315 179 474,88) 1 169 809 042,41
Eurizon EasyFund - Equity Japan 373 916 514,41 (370 700 788,27) 253 318 973,74
Eurizon EasyFund - Equity Oceania 38 841 518,14 (61 623 395,97) 115 807 255,97
Eurizon EasyFund - Equity Emerging Markets 179 741 009,59 (131 660 497,89) 249 158 087,69
Europe, Middle East & Africa 65 018 394,57 (77 440 154,77) 88 432 845,62
15
DENOMINATION OF THE SUB-FUNDS SUBSCRIPTIONS REDEMPTIONS NET ASSETS
Eurizon EasyFund - Equity Emerging Market Asia 53 437 144,19 (81 431 356,84) 112 392 139,24
Eurizon EasyFund - Equity Latin America 62 311 743,46 (92 125 088,33) 107 792 517,09
Eurizon EasyFund - Equity China 47 947 359,36 (99 215 200,29) 164 548 912,86
Eurizon EasyFund - Equity Energy & Materials 64 261 277,36 (68 247 463,73) 61 633 373,31
Eurizon EasyFund - Equity Industrials 38 571 539,15 (50 508 688,25) 25 007 566,72
Eurizon EasyFund - Equity Consumer
Discretionary 19 803 713,56 (27 850 906,30) 18 888 994,56
Eurizon EasyFund - Equity Consumer Staples 17 321 349,24 (18 211 114,47) 24 188 966,74
Eurizon EasyFund - Equity Pharma 40 711 537,72 (37 846 618,49) 31 625 505,85
Eurizon EasyFund - Equity Financial 52 377 263,13 (28 946 922,43) 51 876 434,61
Eurizon EasyFund - Equity High Tech 16 513 265,38 (21 771 585,91) 20 101 434,16
Eurizon EasyFund - Equity Telecommunication 47 687 615,86 (45 169 784,97) 15 005 950,00
Eurizon EasyFund - Equity Utilities 24 927 241,46 (42 929 529,80) 14 926 823,93
Eurizon EasyFund - Equity Small Cap Europe 21 621 076,87 (33 678 088,29) 73 800 169,91
Eurizon EasyFund - Cash EUR 2 393 600 711,51 (3 021 734 132,07) 3 434 242 113,56
Eurizon EasyFund - Bond EUR Floating Rate 114 468 493,24 (175 656 552,76) 281 233 270,54
Eurizon EasyFund - Bond EUR Short Term 767 788 770,02 (1 005 405 087,71) 1 462 863 676,37
Eurizon EasyFund - Bond EUR Medium Term 1 095 077 269,73 (896 496 504,71) 1 507 315 805,16
Eurizon EasyFund - Bond EUR Long Term 1 530 420 655,72 (1 160 545 780,79) 2 980 815 041,42
Eurizon EasyFund - Bond International 144 107 256,43 (84 635 549,53) 296 433 308,50
Eurizon EasyFund - Bond GBP 20 527 082,24 (23 459 834,19) 102 387 770,05
Eurizon EasyFund - Cash USD 123 730 460,21 (106 659 373,25) 149 184 540,12
Eurizon EasyFund - Bond USD 155 708 898,12 (141 194 484,95) 450 753 071,73
Eurizon EasyFund - Bond JPY 62 229 063,63 (62 205 911,02) 314 575 226,35
Eurizon EasyFund - Bond Corporate EUR Short
Term 108 305 636,32 (190 848 782,77) 408 429 906,66
Eurizon EasyFund - Bond Emerging Markets * 325 061 418,27 (396 273 024,42) 443 917 066,24
Eurizon EasyFund - Bond High Yield * 502 336 049,97 (474 888 369,66) 409 186 849,41
Eurizon EasyFund - Bond Inflation Linked 46 092 306,25 (62 376 406,91) 97 201 691,34
Line Flex/Multiasset
Eurizon EasyFund - Focus Azioni Strategia
Flessibile 303 087 434,35 (75 907 953,15) 351 742 479,03
Eurizon EasyFund - Orizzonte Protetto 6 2 790 084,12 (9 502 760,08) 23 223 268,57
Eurizon EasyFund - ABS Prudente 17 988 223,17 (199 605 233,65) 401 869 362,56
Eurizon EasyFund - ABS Attivo 29 606 631,56 (201 091 337,77) 394 750 999,96
Eurizon EasyFund 11 550 110 858,37 (11 733 739 276,93) 17 275 300 994,57
(*) These Sub-Funds have distributed dividends on monthly basis for the following amounts (in EUR) :
Eurizon EasyFund - Bond Emerging Markets : 26 930,14
Eurizon EasyFund - Bond High Yield : 64 855,93
Total : 91 786,07
Luxembourg, 23 April 2012 The Board of Directors
16
toUrly9me
7, rue Gabriel Lippmann
Parc d’Activité SyrcIall 2
L-5365 Munsbach
B.P. 780
L-2017 Luxembourg
Tel: +352 42 124 1
Fax: +352 42 124 5555
www.ey.com/luxembourg
R.C.S. Luxembourg B 47 771

TVA LU 16063074
Independent auditor’s report
To the Unitholders of
Eurizon EasyFund
8, avenue de Ia Liberté
L-1 930 Luxembourg
Following our appointment by the Board of Directors of the management company of 21 April 2011, we have
audited the accompanying financial statements of Eurizon EasyFund and of each of its sub-funds, which
comprise the statement of net assets, the portfolio, the commitments on future contracts, the option
contracts, the forward foreign exchange contracts and the swap contracts as at 31 December 2011 and the
statement of changes in net assets for the year then ended, and a summary of significant accounting
policies and other notes to the financial statements.
Responsibility of the Board of Directors of the management company for the financial statements
The Board of Directors of the management company is responsible for the preparation and fair presentation
of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to
the preparation and presentation of the financial statements and for such internal control as the Board of
Directors of the management company determines is necessary to enable the preparation and presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the “réviseur d’enfreprises agrOé”
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the
“Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
17
A member firm of Ernst & Young Global Limited

I U ERNsT& YOUNG
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the judgement of the réviseur d’entreprises
agréé’, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the “réviseur dentreprises agréé” considers internal
control relevant to the entity’s preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of
the management company, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Eurizon EasyFund
and of each of its sub-funds as of 31 December 2011, and of the results of their operations and changes in
their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements
relating to the preparation and presentation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate
but has not been subject to specific audit procedures carried out in accordance with the standards described
above. Consequently, we express no opinion on such information. However, we have no observation to
make concerning such information in the context of the financial statements taken as a whole.
ERNST & YOUNG

Société An hyme
Cabinet de révi Jon agree
Sylv ESTA
Luxembourg, 23 April 2012
18
A member flrm at Ernst & Young Globat Limited

Eurizon EasyFund
COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS
31 December 2011 31 December 2010 31 December 2009
Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit

Class I Units EUR 845 979,68 53,98 1 463 426,95 71,12 2 165 246,16 76,21
Class R Units EUR 19 173 997,97 53,66 27 928 942,57 70,74 57 593 208,35 75,88
Class R2 Units USD 379 360,04 69,72 150 690,29 94,95 9 804,62 108,86
Class Z Units EUR 36 366 698,90 57,09 50 491 105,74 74,12 59 483 490,04 78,30
Total net assets EUR 56 678 907,83 79 995 800,77 119 248 778,23
Class I Units EUR 2 135 584,83 68,07 3 761 351,98 82,13 5 111 949,74 81,21
Class R Units EUR 60 789 832,91 67,70 84 499 620,80 81,75 125 963 505,22 80,91
Class Z Units EUR 59 797 574,20 71,98 66 158 596,85 85,59 22 268 514,76 83,44
Class I Units EUR 144 298 203,35 78,28 135 908 731,67 87,27 27 545 134,59 79,95
Class IH Units EUR 98 233 561,32 79,56 112 729 372,31 90,51 125 506 794,79 86,44
Class R Units EUR 52 179 401,80 78,10 60 918 756,29 87,15 70 349 604,94 79,90
Class RH Units EUR 4 212 193,72 77,71 5 077 278,32 88,48 5 897 441,58 84,57
Class Z Units EUR 616 927 587,14 82,86 319 547 697,48 91,05 398 288 717,79 82,19
Class ZH Units EUR 21 093 787,64 84,06 38 964 341,58 94,27 36 459 784,01 88,81
Class I Units EUR 112 407 842,01 65,12 146 590 929,38 64,67 92 456 896,56 53,77
Class R Units EUR 80 444 400,84 64,72 76 437 347,99 64,34 77 471 249,07 53,54
Class Z Units EUR 773 300 227,98 68,83 502 564 172,06 67,41 325 833 283,56 55,26
Total net assets EUR 1 169 809 042,41 1 005 439 773,55 674 923 800,90
Class I Units EUR 36 278 330,49 52,00 41 054 529,78 60,07 32 211 806,69 50,66
Class R Units EUR 43 388 027,28 51,79 57 246 429,91 59,87 52 511 457,20 50,54
Class R2 Units USD 13 983,28 67,17 47 175,33 80,03 31 803,67 72,97
Class Z Units EUR 112 795 874,73 54,89 110 507 858,07 62,53 136 817 387,38 52,01
Class I Units EUR 4 813 746,72 171,89 12 475 079,76 197,12 10 735 196,72 161,17
Class R Units EUR 43 009 475,63 169,51 55 984 813,19 194,57 44 449 770,65 159,18
Class Z Units EUR 51 326 384,73 182,38 66 287 969,21 206,26 55 064 362,38 166,25
Class ZH Units EUR 504 894,02 139,28 625 450,66 167,01 4 248 553,93 162,30
Class R Units EUR 49 755 097,39 181,87 62 167 377,90 224,24 46 478 763,75 181,63
Class Z Units EUR 199 402 990,30 187,10 191 689 233,57 227,32 –
Class I Units EUR 254 966,83 148,19 300 291,13 184,85 328 129,81 143,16
Class R Units EUR 62 403 631,74 147,48 81 172 214,22 184,28 55 602 668,72 142,86
Class R2 Units USD 5 770 096,47 191,65 7 322 761,54 247,34 5 753 197,48 204,96
Class Z Units EUR 21 329 385,95 156,50 38 658 894,10 192,67 24 222 036,48 147,15
Eurizon EasyFund - Equity Emerging Market Asia
Class I Units EUR 734 982,10 135,53 7 347 367,69 166,67 5 829 331,91 132,62
Class R Units EUR 89 150 477,86 134,99 124 201 372,91 166,19 79 869 385,62 132,36
Class R2 Units USD 55 573,83 175,12 65 102,51 222,16 – –
Class Z Units EUR 22 463 799,90 143,19 41 235 348,89 173,68 81 074 218,13 136,27
Class I Units EUR 330 990,78 359,77 381 591,85 435,81 482 724,04 356,47
Class R Units EUR 87 310 706,23 356,25 131 587 447,04 431,93 86 198 170,86 353,55
Class R2 Units USD 1 676 843,00 462,86 1 780 494,21 579,75 2 988 779,35 507,25
Class Z Units EUR 18 859 102,64 380,04 34 413 813,91 453,98 31 674 109,20 366,17
Class R Units EUR 156 306 082,54 76,76 228 720 780,35 95,35 218 264 370,19 85,16
Class R2 Units USD 211 845,76 99,60 369 123,18 127,47 – –
19
Eurizon EasyFund

Class Z Units EUR 8 079 375,43 79,20 38 303 606,53 96,93 2 803 819,81 85,30
Class I Units EUR 6 650 351,60 136,22 6 785 150,25 147,12 5 283 831,23 121,72
Class R Units EUR 24 055 679,35 135,32 28 028 926,27 146,29 23 011 963,78 121,12
Class R2 Units USD 426 757,09 177,03 629 175,08 196,34 1 085 722,31 173,77
Class Z Units EUR 657 691,32 143,90 3 938 261,24 153,28 10 100 991,23 125,03
Class I Units EUR 4 148 401,81 136,65 4 319 451,17 147,08 3 003 322,11 113,96
Class R Units EUR 3 516 068,77 135,93 3 750 378,40 146,43 905 528,86 113,56
Class RH Units EUR 1 374 934,84 135,24 1 190 469,38 152,12 680 398,43 130,45
Class Z Units EUR 10 583 569,48 144,29 18 424 567,62 153,14 12 615 565,77 117,01
Class ZH Units EUR 76 949,60 143,34 5 493 957,17 158,80 137 692,01 134,24
Class I Units EUR 3 784 871,04 135,63 3 975 285,63 141,15 2 688 617,74 108,16
Class R Units EUR 2 210 769,02 134,92 2 152 558,00 140,54 777 797,38 107,81
Class RH Units EUR 1 052 869,05 129,97 1 057 578,77 141,04 434 126,90 119,40
Class Z Units EUR 6 632 941,50 143,23 13 634 896,34 146,99 15 485 132,37 111,06
Class ZH Units EUR 73 500,77 139,31 98 512,40 148,87 131 637,66 124,15
Class I Units EUR 4 041 962,50 146,00 3 648 784,39 133,11 2 909 844,73 112,91
Class R Units EUR 3 483 703,53 145,23 1 659 049,04 132,53 927 208,15 112,53
Class RH Units EUR 1 068 151,02 150,26 936 341,94 141,89 868 818,99 131,05
Class Z Units EUR 5 911 977,96 154,24 11 608 337,60 138,65 13 980 578,50 115,97
Class ZH Units EUR 3 976 106,77 160,58 86 493,87 149,33 6 224 748,72 135,91
Class I Units EUR 3 661 115,47 72,48 3 239 839,49 65,56 2 913 047,45 61,06
Class R Units EUR 7 403 960,36 72,09 6 826 570,26 65,26 7 812 165,48 60,84
Class Z Units EUR 11 603 360,64 76,54 7 394 402,63 68,27 13 700 648,83 62,68
Class ZH Units EUR 68 894,27 81,44 78 174,85 75,26 6 260 613,80 75,19
Class I Units EUR 6 388 107,34 39,63 7 100 703,71 48,02 5 832 944,23 43,95
Class R Units EUR 4 171 688,59 39,37 5 624 644,61 47,76 9 320 379,68 43,75
Class R2 Units USD 59 859,48 51,19 17 481,55 64,11 – –
Class Z Units EUR 29 830 625,01 41,91 13 061 826,15 50,08 24 878 181,19 45,19
Class I Units EUR 4 196 449,25 54,32 4 111 392,06 55,49 3 449 077,46 47,97
Class R Units EUR 3 929 216,12 54,03 4 556 891,74 55,24 3 392 897,10 47,81
Class Z Units EUR 2 161 150,13 57,35 8 299 330,91 57,77 15 531 643,43 49,24
Class I Units EUR 1 543 692,46 52,91 1 463 611,14 53,38 1 265 439,95 45,32
Class R Units EUR 2 397 827,75 52,59 3 199 032,74 53,10 3 011 890,02 45,13
Class RH Units EUR 962 875,07 52,63 1 291 455,39 54,61 1 923 355,75 49,87
Class Z Units EUR 5 309 398,30 55,85 4 225 873,54 55,56 9 439 326,15 46,50
Class ZH Units EUR 3 053 565,80 56,08 59 632,25 57,33 6 132 386,33 51,58
Class I Units EUR 1 469 908,03 96,50 1 522 725,21 96,74 1 326 579,39 92,34
Class R Units EUR 5 177 798,26 96,01 6 629 288,24 96,33 6 510 699,66 92,02
Class R2 Units USD 117 924,56 124,75 80 582,00 129,29 34 276,29 132,02
Class Z Units EUR 840 085,33 101,98 11 065 234,66 100,76 10 477 579,28 94,82
20
Eurizon EasyFund

Class ZH Units EUR 16 437,85 104,82 5 795 620,26 107,37 6 172 535,81 107,91
Class I Units EUR 16 830,04 357,92 20 107,92 441,10 17 949 190,96 358,65
Class R Units EUR 50 131 070,09 357,59 70 056 344,36 441,11 67 001 781,25 358,90
Class R2 Units USD 70 469,75 464,70 626 682,33 592,07 1 693 889,90 514,93
Class Z Units EUR 23 597 985,03 379,30 34 390 853,75 460,53 4 566 604,58 368,81
Class A Units EUR 20 791 255,68 112,73 30 179 950,01 111,18 46 951 873,41 110,89
Class I Units EUR 258 838 734,63 111,87 364 517 036,29 110,73 400 660 149,76 110,83
Class R Units EUR 368 978 676,08 111,79 495 166 087,05 110,71 689 313 831,67 110,86
Class Z Units EUR 2 785 633 447,17 114,95 3 110 694 769,89 112,99 2 743 709 492,99 112,30
Total net assets EUR 3 434 242 113,56 4 000 557 843,24 3 880 635 347,83
Class R Units EUR 239 842 567,83 108,40 361 368 982,89 116,89 466 334 579,13 119,87
Class Z Units EUR 41 390 702,71 110,02 4 400 396,76 117,68 –
Class I Units EUR 85 092 592,86 136,10 94 761 257,29 136,78 108 985 060,64 137,43
Class R Units EUR 49 854 284,30 135,31 67 851 372,85 136,10 93 429 621,36 136,87
Class Z Units EUR 1 327 916 799,21 140,71 1 535 632 968,30 140,22 1 512 401 904,60 139,68
Class I Units EUR 55 927 877,69 298,95 57 471 189,65 296,32 70 763 361,43 295,27
Class R Units EUR 65 138 489,31 296,83 107 302 771,38 294,45 134 449 875,17 293,67
Class Z Units EUR 1 386 249 438,16 310,19 1 123 113 218,20 304,53 949 523 495,93 300,62
Class I Units EUR 157 494 134,80 162,83 167 611 044,94 159,25 187 892 656,39 158,69
Class R Units EUR 50 502 076,87 161,90 66 047 985,51 158,48 62 581 727,06 158,07
Class Z Units EUR 2 772 818 829,75 168,82 2 283 011 858,23 163,60 1 636 509 218,13 161,53
Class IH Units EUR 14 616,66 146,17 13 935,69 139,35 13 611,29 136,11
Class R Units EUR 44 160 115,81 142,63 49 354 856,23 130,60 25 096 093,16 116,66
Class Z Units EUR 249 947 007,55 146,51 162 429 895,71 132,87 122 629 327,93 117,52
Class I Units EUR 2 952 819,55 143,20 3 204 709,18 121,32 3 857 211,89 110,46
Class IH Units EUR 785 755,05 162,86 886 298,52 141,57 1 082 676,40 134,09
Class R Units EUR 19 239 133,98 142,41 17 899 486,39 120,76 6 881 057,58 110,07
Class Z Units EUR 8 421 599,29 149,30 9 946 469,22 125,13 8 753 308,48 112,70
Class I Units EUR 4 211 555,15 99,04 4 162 300,03 96,49 5 644 220,59 90,63
Class R Units EUR 90 344 002,35 98,91 94 358 804,23 96,42 125 899 950,91 90,61
Class Z Units EUR 54 628 982,62 101,80 28 801 441,30 98,49 22 868 635,45 91,87
Class I Units EUR 8 032 462,42 151,27 9 096 142,74 135,28 10 068 392,06 120,61
Class R Units EUR 21 783 468,77 150,35 22 099 056,37 134,58 18 776 510,98 120,09
Class Z Units EUR 105 115 647,56 157,75 77 424 594,95 139,56 59 485 413,77 123,09
Class I Units EUR 4 756 703,86 133,47 5 588 796,30 121,51 7 201 984,78 98,46
Class R Units EUR 9 679 169,01 132,86 8 255 107,30 121,07 4 545 833,84 98,23
Class RH Units EUR 184 627,92 151,01 165 135,43 149,43 277 803,67 147,99
Class Z Units EUR 40 404 936,25 139,04 44 888 370,10 125,22 37 231 613,51 100,39
Class R Units EUR 70 833 953,16 60,77 95 507 633,84 60,55 97 519 986,65 59,50
Class Z Units EUR 337 595 953,50 63,91 390 823 303,04 63,15 399 367 145,36 61,54
21
Eurizon EasyFund

Class D Units EUR 215 891,53 223,85 385 336,20 213,63 – –
Class D2 Units USD 919 069,78 290,56 118 223,34 286,59 – –
Class I Units EUR 7 230 697,92 243,24 6 734 024,87 223,29 7 687 236,41 190,17
Class R Units EUR 25 061 858,15 241,63 26 675 505,69 222,00 11 065 836,35 189,28
Class R2 Units USD 247 712,57 314,26 92 860,60 297,97 18 435,05 271,56
Class Z Units EUR 145 400 309,69 253,39 198 534 548,73 230,18 74 040 211,77 193,98
Class D Units EUR 388 925,34 127,83 749 539,07 144,93 – –
Class D2 Units USD 468 628,30 165,96 520 458,90 194,43 – –
Class I Units EUR 15 315 168,77 141,47 36 262 290,39 152,45 19 236 299,80 134,66
Class R Units EUR 131 464 089,69 140,75 117 736 453,01 151,80 98 714 579,71 134,17
Class R2 Units USD 345 945,41 182,91 4 844 320,90 203,75 8 686 937,77 192,50
Class Z Units EUR 261 391 177,49 147,41 258 674 964,03 157,20 89 932 222,18 137,39
Class I Units EUR 4 156 911,56 117,76 4 792 047,28 119,00 6 298 568,63 120,18
Class R Units EUR 77 110 786,58 117,38 78 037 246,38 118,77 82 633 859,97 120,06
Class Z Units EUR 15 933 993,20 121,53 31 614 418,90 121,83 74 782 821,07 122,03
Class R Units EUR 222 129 869,95 106,46 59 729 993,74 107,32 – –
Class RL Units EUR 104 768 447,66 107,06 32 611 881,55 107,50 – –
Class Z Units EUR 24 844 161,42 109,70 38 507 774,38 108,99 –
Total net assets EUR 351 742 479,03 130 849 649,67 –
Class R Units EUR 23 223 268,57 108,54 30 532 049,78 110,82 34 289 798,46 110,67
Class R Units EUR 21 895 396,16 110,85 30 139 167,43 116,28 35 326 396,98 114,53
Class R Units EUR 28 618 521,69 110,00 41 157 954,44 119,47 53 188 684,19 118,06
Class R Units EUR 401 802 206,48 107,45 583 364 845,36 107,32 740 728 774,23 107,95
Class Z Units EUR 67 156,08 110,80 82 147,08 109,89 88 941,40 109,77
Eurizon EasyFund - ABS Attivo
Class R Units EUR 382 650 667,61 105,42 526 240 644,73 105,96 689 608 891,69 106,59
Class Z Units EUR 12 100 332,35 109,86 42 807 857,57 109,24 58 231 904,73 108,70
22
Eurizon EasyFund
COMBINED STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2011 IN EUR
Assets Notes
Investments in securities 16 196 955 847,84
Banks 945 782 352,69
Amounts due from brokers 15 146 237,45
Option contracts at market value (Note 8) 127 215,50
Unrealised profit on forward foreign exchange contracts (Note 8) 5 765 367,09
Unrealised profit on future contracts (Note 8) 6 529 716,04
Unrealised profit on swap contracts (Note 8) 358 297,82
Interest receivable on swap contracts (Note 8) 17 416,67
Other interest receivable 151 746 459,56
Receivable on investments sold 52 326 428,99
Receivable on subscriptions 30 623 579,45
Reverse repurchase agreements (Note 9) 110 138 043,80
Other assets (Note 10) 5 390 145,34
Total assets 17 520 907 108,24
Liabilities
Bank overdrafts (16 494 770,28)
Amounts due to brokers (2 361 247,63)
Option contracts at market value (Note 8) (152 284,50)
Swap premium paid (1 048 023,00)
Unrealised loss on forward foreign exchange contracts (Note 8) (28 821 299,23)
Unrealised loss on future contracts (Note 8) (2 369 537,68)
Unrealised loss on swap contracts (Note 8) (27 448,96)
Interest payable on swap contracts (Note 8) (2 333,38)
Payable on investments purchased (157 749 780,92)
Payable on redemptions (25 089 485,97)
Other liabilities (11 489 902,12)
Total liabilities (245 606 113,67)
Total net assets 17 275 300 994,57
The accompanying notes form an integral part of these financial statements.
23
Eurizon EasyFund
COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31

DECEMBER 2011 IN EUR
Net assets at the beginning of the year Notes 17 654 657 057,61
Net income from investments (Note 9) 538 007 914,69

Interest on bank accounts 287 763,18
Interest received on swap contracts 2 943 126,88
Other income 195 557,73
Total income 541 434 362,48
Management fee (Note 5) (93 733 597,61)
Performance fee (Note 6) (589,32)
Custodian fee (Note 7) (18 152 169,74)
Subscription tax (Note 3) (3 072 501,54)
Interest on bank accounts (223 130,27)
Interest paid on swap contracts (3 027 716,80)
Other charges and taxes (Notes 4, 7) (13 007 325,56)
Total expenses (131 217 030,84)
Net investment income / (loss) 410 217 331,64
Net realised profit / (loss) on sales of investments, currencies and other
financial instruments (244 926 747,65)
Change in unrealised appreciation / (depreciation) on
- investments (344 124 359,72)
- option contracts (Note 8) (134 021,10)
- forward foreign exchange contracts (Note 8) (22 770 628,77)
- foreign currencies 4 230 125,40
- future contracts (Note 8) 2 260 424,83
- swap contracts (Note 8) (387 983,04)
Net result of operations for the year (195 635 858,41)
Subscriptions for the year 11 550 110 858,37

Redemptions for the year (11 733 739 276,93)
Dividend distributions (Note 14) (91 786,07)
Net assets at the end of the year 17 275 300 994,57
24
STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2011 IN EUR
Assets Notes
Investments in securities 53 101 134,55
Banks 3 305 118,61
Amounts due from brokers 441 650,30
Unrealised profit on future contracts (Note 8) 22 102,70
Receivable on subscriptions 44 180,30
Total assets 61 767 938,86
Liabilities
Payable on redemptions (362 256,87)
Other liabilities (60 604,44)
Total net assets 56 678 907,83

Currency Net Asset Value per Unit Units outstanding
Class I Units EUR 53,98 15 671,131

Class R Units EUR 53,66 357 335,934
Class R2 Units USD 69,72 5 440,614
Class Z Units EUR 57,09 636 973,222
25
STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER

2011 IN EUR
Net assets at the beginning of the year Notes 79 995 800,77
Net income from investments 1 792 074,87

Management fee (Note 5) (613 161,66)
Custodian fee (Note 7) (72 444,06)
Subscription tax (Note 3) (15 984,08)
Interest on bank accounts (8,91)
Other charges and taxes (Notes 4, 7) (64 874,52)
Total expenses (766 473,23)
- investments (11 256 981,33)
- foreign currencies 4 853,96
- future contracts (Note 8) 54 352,70
Subscriptions for the year 41 406 823,37

Redemptions for the year (47 210 450,54)
Net assets at the end of the year 56 678 907,83
26
PORTFOLIO AS AT 31 DECEMBER 2011 IN EUR
Nominal / % of
Quantity Description Currency Acquisition cost Carrying amount value Net Assets
TRANSFERABLE SECURITIES 67 356 802,15 53 101 134,55 93,69
LISTED ON AN OFFICIAL STOCK EXCHANGE 66 558 614,24 53 101 134,55 93,69
Shares 66 558 610,19 53 096 425,12 93,68
ITALY 62 907 018,55 49 620 728,31 87,55
Finance 24 140 077,21 15 654 853,64 27,62

2 879 155,00 INTESA SANPAOLO SPA EUR 5 509 222,58 3 725 626,57 6,57
284 025,00 ASSICURAZIONI GENERALI SPA EUR 4 270 574,54 3 303 210,75 5,83
323 831,60 UNICREDIT SPA EUR 4 495 018,60 2 078 998,87 3,67
158 257,00 MEDIOBANCA SPA EUR 1 161 710,90 703 610,62 1,24
168 165,00 MEDIOLANUM SPA EUR 539 552,38 505 840,32 0,89
336 583,00 BANCA CARIGE SPA EUR 575 521,83 498 142,84 0,88
1 953 143,00 BANCA MONTE DEI PASCHI DI SIENA SPA EUR 1 589 963,07 491 996,72 0,87
150 592,00 UNIONE DI BANCHE ITALIANE SCPA EUR 767 013,98 476 774,27 0,84
28 398,00 EXOR SPA EUR 486 587,03 441 588,90 0,78
57 272,00 BANCA POPOLARE DI SONDRIO SCARL EUR 369 920,10 355 659,12 0,63
333 314,00 BANCO POPOLARE SCARL EUR 575 056,19 333 314,00 0,59
13 367,00 CREDITO BERGAMASCO SPA EUR 311 884,23 261 859,53 0,46
35 345,00 BANCA GENERALI SPA EUR 252 917,41 254 484,00 0,45
87 772,00 CREDITO EMILIANO SPA EUR 340 609,70 241 373,00 0,43
33 019,00 AZIMUT HLDG SPA EUR 197 981,50 204 552,71 0,36
12 012,00 EXOR SPA -PFD- EUR 148 604,90 168 888,72 0,30
27 012,00 BANCA POPOLARE DELL'EMILIA ROMAGNA SCRL EUR 221 747,59 149 376,36 0,26
405 262,00 BENI STABILI SPA EUR 218 300,75 140 139,60 0,25
126 767,00 INTESA SANPAOLO SPA EUR 149 172,38 122 140,00 0,21
481 397,00 UNIPOL GRUPPO FINANZIARIO SPA EUR 286 990,71 120 108,55 0,21
391 545,00 BANCA POPOLARE DI MILANO SCARL EUR 113 241,58 120 047,70 0,21
7 140,00 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL EUR 132 099,12 103 101,60 0,18
429 622,00 MILANO ASSICURAZIONI SPA EUR 197 562,74 96 536,06 0,17
22 961,00 BANCO DI DESIO E DELLA BRIANZA SPA EUR 76 716,03 68 194,17 0,12
24 349,00 BANCA INTERMOBILIARE SPA EUR 84 590,23 67 933,71 0,12
357 950,00 UNIPOL GRUPPO FINANZIARIO SPA -PFD- EUR 120 069,85 61 316,84 0,11
247 339,00 BANCA PROFILO SPA EUR 70 072,48 60 598,06 0,11
65 854,00 CREDITO ARTIGIANO SPA EUR 60 145,40 54 263,70 0,09
84 740,00 FONDIARIA SAI SPA EUR 223 207,95 52 538,80 0,09
69 859,00 IMMOBILIARE GRANDE DISTRIBUZIONE EUR 91 792,67 51 660,73 0,09
16 135,00 VITTORIA ASSICURAZIONI SPA EUR 54 167,17 48 405,00 0,08
10 758,00 BANCA IFIS SPA EUR 46 199,51 43 032,00 0,08
23 531,00 PICCOLO CREDITO VALTELLINESE SCARL EUR 68 514,26 41 179,25 0,07
8 266,00 GRUPPO MUTUIONLINE SPA EUR 33 076,27 28 170,53 0,05
15 553,00 MITTEL SPA EUR 29 539,83 26 129,04 0,05
1 833,00 EXOR SPA EUR 22 299,23 23 664,03 0,04
16 203,00 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO EUR 45 244,67 18 195,97 0,03
59 945,00 BANCA FINNAT EURAMERICA SPA EUR 17 906,13 17 258,17 0,03
189 639,00 BRIOSCHI SVILUPPO IMMOBILIARE SPA EUR 19 758,94 15 740,04 0,03
177 893,00 PRELIOS SPA EUR 53 184,68 14 658,38 0,03
167 765,00 RISANAMENTO SPA EUR 22 587,90 14 595,56 0,03
5 644,00 BANCA POPOLARE DI SPOLETO SPA EUR 29 898,42 10 057,61 0,02
150 000,00 AEDES SPA EUR 13 600,87 9 165,00 0,02
52 673,00 PREMAFIN FINANZIARIA SPA EUR 15 644,09 7 374,22 0,01
36 526,00 MILANO ASSICURAZIONI SPA EUR 10 566,00 6 629,47 0,01
493,40 UNICREDIT SPA EUR 5 473,23 4 381,39 0,01
5 943,00 INTEK SPA EUR 2 173,13 2 094,91 0,00
11 829,00 SOCIETA PARTECIPAZIONI FINANZIARIE SPA EUR 465,25 227,12 0,00
540,00 INVESTIMENTI E SVILUPPO SPA EUR 286,48 210,49 0,00
Multi-Utilities 10 799 854,79 8 804 483,32 15,53

1 153 544,00 ENEL SPA EUR 4 746 940,66 3 626 742,34 6,40
694 933,00 ENEL GREEN POWER SPA EUR 1 133 540,26 1 121 621,86 1,98
393 293,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR 1 086 727,61 1 024 134,97 1,81
1 010 779,00 EDISON SPA EUR 1 011 261,11 828 838,78 1,46
210 753,00 SNAM RETE GAS SPA EUR 708 189,50 717 824,72 1,26
703 686,00 A2A SPA EUR 867 200,68 511 227,88 0,90
209 409,00 CIR-COMPAGNIE INDUSTRIALI RIUNITE SPA EUR 322 836,63 258 829,52 0,46
185 774,00 HERA SPA EUR 255 960,30 204 908,72 0,36
32 841,00 ACEA SPA EUR 228 181,03 160 526,81 0,28
27
Nominal / % of
178 784,00 IREN SPA EUR 181 421,53 130 065,36 0,23
45 960,00 ASCOPIAVE SPA EUR 67 615,25 62 091,96 0,11
72 066,00 FALCK RENEWABLES SPA EUR 81 638,04 61 220,07 0,11
10 854,00 ALERION CLEANPOWER SPA EUR 51 605,64 44 827,02 0,08
9 770,00 ACEGASAPS SPA EUR 34 258,04 32 026,06 0,06
23 108,00 EDISON SPA EUR 21 516,06 18 648,16 0,03
3 497,00 ERGYCAPITAL SPA EUR 962,45 949,09 0,00
Consumer Retail 8 722 096,38 7 198 836,80 12,70

94 518,00 LUXOTTICA GROUP SPA EUR 1 709 484,28 2 051 040,60 3,62
198 530,00 FIAT SPA EUR 1 457 651,37 704 781,50 1,24
104 806,00 PIRELLI & C SPA EUR 562 569,12 681 763,03 1,20
59 006,00 AUTOGRILL SPA EUR 505 414,20 444 905,24 0,78
206 332,00 MEDIASET SPA EUR 885 543,34 441 137,82 0,78
36 170,00 LOTTOMATICA SPA EUR 458 573,08 419 933,70 0,74
40 411,00 SALVATORE FERRAGAMO ITALIA SPA EUR 430 981,73 411 383,98 0,73
6 179,00 TOD'S SPA EUR 395 822,45 389 585,95 0,69
39 188,00 DE'LONGHI SPA EUR 213 308,39 267 654,04 0,47
105 474,00 PIAGGIO & CALL SPA EUR 243 557,62 191 751,73 0,34
147 766,00 RCS MEDIAGROUP SPA EUR 113 050,23 99 889,82 0,18
86 756,00 GRUPPO EDITORIALE L'ESPRESSO SPA EUR 147 989,77 94 477,28 0,17
13 948,00 BREMBO SPA EUR 98 013,08 92 335,76 0,16
24 038,00 INDESIT CO SPA EUR 132 362,11 89 277,13 0,16
51 235,00 ARNOLDO MONDADORI EDITORE SPA EUR 130 363,41 69 320,96 0,12
30 879,00 GEOX SPA EUR 130 043,17 66 945,67 0,12
12 151,00 SAFILO GROUP SPA EUR 114 372,41 59 345,48 0,10
19 067,00 BENETTON GROUP SPA EUR 105 414,38 56 323,92 0,10
28 294,00 SOGEFI SPA EUR 70 846,16 55 116,71 0,10
27 170,00 SNAI SPA EUR 57 260,74 53 796,60 0,09
16 013,00 FIAT SPA -PFD- EUR 50 528,73 49 191,94 0,09
276 246,00 TELECOM ITALIA MEDIA SPA EUR 57 707,21 44 530,86 0,08
13 852,00 MARCOLIN SPA EUR 57 420,63 43 938,54 0,08
72 582,00 IMMSI SPA EUR 48 497,23 40 645,92 0,07
4 607,00 YOOX SPA EUR 53 391,74 38 422,38 0,07
24 233,00 LANDI RENZO SPA EUR 47 057,13 29 588,49 0,05
8 756,00 FIAT SPA EUR 27 685,56 28 492,02 0,05
2 484,00 SABAF SPA EUR 39 817,98 27 795,96 0,05
13 000,00 BASICNET SPA EUR 29 320,88 27 612,00 0,05
30 000,00 POLTRONA FRAU SPA EUR 32 089,24 26 295,00 0,05
19 373,00 CALTAGIRONE EDITORE SPA EUR 32 471,68 18 598,08 0,03
5 009,00 PININFARINA SPA EUR 15 876,19 16 028,80 0,03
22 000,00 AEFFE SPA EUR 14 760,60 12 925,00 0,02
23 688,00 EMAK SPA EUR 18 288,33 11 630,81 0,02
2 559,00 PIRELLI & C SPA EUR 12 479,58 11 310,78 0,02
32 766,00 JUVENTUS FOOTBALL CLUB SPA EUR 23 682,54 9 918,27 0,02
5 124,00 DAMIANI SPA EUR 4 805,74 4 711,52 0,01
10 000,00 SOCIETA SPORTIVA LAZIO SPA EUR 7 925,34 4 660,00 0,01
3 807,00 ELICA SPA EUR 3 311,25 2 956,14 0,01
8 774,00 CICCOLELLA SPA EUR 4 166,66 2 719,06 0,00
10 060,00 BIALETTI INDUSTRIE SPA EUR 2 783,72 2 565,30 0,00
8 642,00 MONRIF SPA EUR 4 576,57 2 492,35 0,00
2 100,00 CLASS EDITORI SPA EUR 563,04 535,50 0,00
437,00 SEAT PAGINE GIALLE SPA EUR 82,14 443,56 0,00
200,00 COBRA AUTOMOTIVE TECHNOLOGIES SPA EUR 166,97 61,60 0,00
5 296,00 UNI LAND SPA EUR 13 768,41 0,00 0,00
10 001,00 I VIAGGI DEL VENTAGLIO SPA EUR 14 962,93 0,00 0,00
104 628,00 GIACOMELLI SPORT EUR 141 287,32 0,00 0,00
Energy 6 480 887,42 6 873 007,97 12,13

243 293,00 ENI SPA EUR 4 083 795,76 3 895 120,93 6,87
74 851,00 SAIPEM SPA EUR 1 709 428,47 2 458 855,35 4,34
25 819,00 ERG SPA EUR 237 334,91 226 690,82 0,40
216 117,00 SARAS SPA EUR 359 679,33 208 877,08 0,37
9 732,00 GAS PLUS EUR 38 895,23 48 173,40 0,09
106 205,00 CAM FINANZIARIA SPA EUR 31 414,39 23 949,23 0,04
20 234,00 PREMUDA SPA EUR 20 339,33 11 341,16 0,02
Industries 6 309 490,92 5 815 685,70 10,26

129 886,00 ATLANTIA SPA EUR 1 764 216,46 1 606 689,82 2,84
215 098,00 FIAT INDUSTRIAL SPA EUR 735 125,67 1 425 024,25 2,51
132 356,00 FINMECCANICA SPA EUR 1 119 615,83 378 273,45 0,67
28
Nominal / % of
59 417,00 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA EUR 393 010,46 345 806,94 0,61
34 050,00 PRYSMIAN SPA EUR 413 822,09 326 709,75 0,58
105 988,00 IMPREGILO SPA EUR 208 247,28 253 311,32 0,45
12 562,00 DANIELI & C OFFICINE MECCANICHE SPA EUR 233 442,32 204 886,22 0,36
306 849,00 GEMINA SPA EUR 184 143,19 183 035,43 0,32
20 350,00 ANSALDO STS SPA EUR 139 190,48 149 674,25 0,26
22 630,00 ASTALDI SPA EUR 109 936,65 112 018,50 0,20
8 289,00 INDUSTRIA MACCHINE AUTOMATICHE SPA EUR 113 550,83 109 580,58 0,19
20 651,00 FIAT INDUSTRIAL SPA -PFD- EUR 66 558,73 94 375,07 0,17
155 445,00 COFIDE SPA EUR 95 258,54 86 582,87 0,15
11 561,00 AUTOSTRADA TORINO-MILANO SPA EUR 86 447,62 86 534,09 0,15
12 646,00 AEROPORTO DI VENEZIA MARCO POLO SPA EUR 94 435,77 79 353,65 0,14
14 188,00 TREVI FINANZIARIA SPA EUR 132 233,31 69 748,21 0,12
67 399,00 MAIRE TECNIMONT SPA EUR 117 493,67 66 826,11 0,12
10 479,00 INTERPUMP GROUP SPA EUR 51 823,42 54 438,41 0,10
9 143,00 FIERA MILANO SPA EUR 38 140,03 32 622,22 0,06
9 262,00 VIANINI LAVORI SPA EUR 37 115,66 30 546,08 0,05
2 135,00 AEROPORTO DI FIRENZE SPA EUR 31 053,67 21 328,65 0,04
3 399,00 CEMBRE SPA EUR 26 258,64 18 524,55 0,03
5 774,00 BIESSE SPA EUR 25 110,87 16 490,54 0,03
1 954,00 DANIELI & C OFFICINE MECCANICHE SPA EUR 16 915,62 16 110,73 0,03
9 753,00 CARRARO SPA EUR 29 716,17 14 414,93 0,03
28 992,00 GRUPPO BEGHELLI SPA EUR 13 339,35 13 017,41 0,02
1 516,00 FIAT INDUSTRIAL SPA EUR 5 409,07 7 173,71 0,01
4 128,00 VIANINI INDUSTRIA SPA EUR 6 161,20 5 201,28 0,01
534,00 SOCIETA AEROPORTO TOSCANO GALILEO GALILEI EUR 5 124,90 4 880,76 0,01
SPA
1 312,00 BOLZONI SPA EUR 2 379,10 2 505,92 0,00
9 760,00 TREVISAN COMETAL SPA EUR 14 214,32 0,00 0,00
Telecommunication 2 732 776,02 2 239 145,71 3,95

1 923 868,00 TELECOM ITALIA SPA EUR 1 997 992,40 1 598 734,31 2,82
925 450,00 TELECOM ITALIA SPA EUR 734 783,62 640 411,40 1,13
Basic Goods 1 307 025,32 1 184 759,01 2,09

115 902,00 DAVIDE CAMPARI-MILANO SPA EUR 491 741,27 596 315,79 1,05
400 334,00 PARMALAT SPA EUR 748 498,10 532 444,22 0,94
5 280,00 MARR SPA EUR 41 294,48 34 240,80 0,06
901,00 SOCIETA PER LA BONIFICA DEI TERRENI EUR 21 260,59 17 659,60 0,03
FERRARESI E IMPRESE AGRICOLE SPA
2 484,00 LA DORIA SPA EUR 4 230,88 4 098,60 0,01
Health 1 082 781,87 866 574,03 1,53

13 316,00 DIASORIN SPA EUR 343 549,43 259 528,84 0,46
44 809,00 RECORDATI SPA EUR 274 798,48 250 258,27 0,44
143 563,00 SORIN SPA EUR 248 038,85 170 122,16 0,30
48 201,00 AMPLIFON SPA EUR 182 922,15 157 713,67 0,28
42 015,00 MOLECULAR MEDICINE SPA EUR 21 688,68 20 024,35 0,03
2 439,00 SERVIZI ITALIA SPA EUR 11 784,28 8 926,74 0,02
Raw materials 1 187 141,72 841 321,59 1,49

37 659,00 ITALCEMENTI SPA EUR 249 942,90 171 649,72 0,30
24 585,00 BUZZI UNICEM SPA EUR 226 304,34 166 194,60 0,29
17 766,00 ZIGNAGO VETRO SPA EUR 89 209,97 80 089,13 0,14
17 485,00 SOL SPA EUR 82 124,24 71 688,50 0,13
4 778,00 ITALMOBILIARE SPA EUR 128 868,04 69 567,68 0,12
29 789,00 ITALCEMENTI RSP EUR 105 363,35 58 088,55 0,10
33 255,00 CEMENTIR HOLDING SPA EUR 80 006,49 52 875,45 0,10
116 773,00 KME GROUP SPA EUR 33 295,21 35 428,93 0,06
3 521,00 ITALMOBILIARE RSP EUR 51 384,25 34 681,85 0,06
9 364,00 BUZZI UNICEM SPA EUR 34 379,84 31 837,60 0,06
19 505,00 CALTAGIRONE SPA EUR 52 284,78 27 111,95 0,05
854,00 BOERO BARTOLOMEO SPA EUR 20 217,50 17 934,00 0,03
3 947,00 ISAGRO SPA EUR 11 221,21 9 851,71 0,02
2 000,00 GRUPPO MINERALI MAFFEI EUR 14 830,60 8 092,00 0,02
35 444,00 RENO DE MEDICI SPA EUR 6 420,49 4 997,60 0,01
1 832,00 KME GROUP SPA EUR 940,38 877,16 0,00
794,00 RDB SPA EUR 348,13 355,16 0,00
Computing and IT 144 886,90 142 060,54 0,25

22 735,00 NICE SPA EUR 60 407,22 54 336,65 0,09
29
Nominal / % of
2 753,00 DIGITAL MULTIMEDIA TECHNOLOGIES SPA EUR 48 411,48 51 756,40 0,09

4 034,00 SAES GETTERS SPA EUR 26 475,02 26 846,27 0,05
1 996,00 GEFRAN SPA EUR 5 988,80 5 640,70 0,01
871,00 SAES GETTERS SPA EUR 3 604,38 3 480,52 0,01
LUXEMBOURG 2 373 691,78 2 604 664,97 4,59
Energy 2 373 691,78 2 604 664,97 4,59

181 920,00 TENARIS SA EUR 2 364 754,37 2 597 817,60 4,58
15 422,00 D'AMICO INTERNATIONAL SHIPPING SA EUR 8 937,41 6 847,37 0,01
SWITZERLAND 1 277 899,86 871 031,84 1,54
Computing and IT 1 277 899,86 871 031,84 1,54

188 944,00 STMICROELECTRONICS NV EUR 1 277 899,86 871 031,84 1,54
Rights 0,00 3 325,75 0,01
ITALY 0,00 3 325,75 0,01

32 766,00 JUVENTUS FOOTBALL CLUB SPA - RIGHTS EUR 0,00 3 325,75 0,01
18/01/2012
Warrants 0,00 1 383,68 0,00
ITALY 0,00 1 383,68 0,00

106 707,00 UNIPOL GRUPPO FINANZIARIO SPA WTS EUR 0,00 800,30 0,00
31/12/2013 31/12/2013
67 236,00 UNIPOL GRUPPO FINANZIARIO SPA WTS EUR 0,00 537,89 0,00
31/12/2013 31/12/2013
9 097,00 RICHARD-GINORI 1735 SPA WTS 16/12/2011 EUR 0,00 45,49 0,00
16/12/2011
Ordinary Bonds 4,05 0,00 0,00
ITALY 4,05 0,00 0,00
Consumer Retail 4,05 0,00 0,00

27,00 ALITALIA SPA 7.50% 22/07/2010 EUR 4,05 0,00 0,00
UNQUOTED 798 187,91 0,00 0,00
Shares 798 187,91 0,00 0,00
ITALY 798 187,91 0,00 0,00
Consumer Retail 113 798,54 0,00 0,00

51 295,00 IT HOLDING SPA EUR 39 078,97 0,00 0,00
8 115,00 MARIELLA BURANI SPA EUR 74 719,57 0,00 0,00
Raw materials 14 056,51 0,00 0,00

15 099,00 NGP SPA EUR 14 056,51 0,00 0,00
Finance 320 912,77 0,00 0,00

221 691,00 FIN PART EUR 320 912,77 0,00 0,00
Basic Goods 88 818,72 0,00 0,00

372 672,00 CIRIO FINANZIARIA EUR 88 818,72 0,00 0,00
Industries 260 601,37 0,00 0,00

373 284,00 ALITALIA LINEE EUR 260 601,37 0,00 0,00
Total Portfolio 67 356 802,15 53 101 134,55 93,69
30
COMMITMENTS ON FUTURE CONTRACTS AS AT 31 DECEMBER 2011
Purchase Unrealised
/ profit / (loss) Commitment
Size Quantity Sale Description Maturity Currency (EUR) (EUR)
Total Unrealised profit / (loss) on future contracts and commitment 22 102,70 3 702 685,00
Unrealised profit on future contracts and commitment 22 102,70 3 702 685,00
5 49 Purchase FTSE MIB INDEX 16/03/2012 EUR 22 102,70 3 702 685,00
31
Assets Notes
Banks 3 698 133,37
Other assets 8 995,94
Liabilities
Total liabilities (416 840,97)


32

2011 IN EUR

- investments (16 305 815,45)

33
Nominal / % of
Shares 132 540 119,30 119 035 580,45 97,00
FRANCE 42 058 604,78 37 934 913,50 30,91
Energy 5 936 193,61 5 724 485,12 4,66

131 409,00 TOTAL SA EUR 5 499 716,02 5 190 655,50 4,23
7 351,00 TECHNIP SA EUR 436 477,59 533 829,62 0,43
Finance 7 927 649,51 5 324 818,03 4,34

54 236,00 BNP PARIBAS EUR 2 705 616,24 1 646 062,60 1,34
118 516,00 AXA SA EUR 1 552 411,39 1 190 493,22 0,97
5 137,00 UNIBAIL-RODAMCO SE EUR 746 265,76 713 529,30 0,58
39 110,00 SOCIETE GENERALE EUR 1 698 539,81 672 887,55 0,55
27 648,00 SCOR SE EUR 523 496,37 499 322,88 0,41
4 736,00 ICADE EUR 246 916,44 287 901,44 0,24
40 314,00 CREDIT AGRICOLE EUR 308 378,77 175 769,04 0,14
6 300,00 KLEPIERRE EUR 146 024,73 138 852,00 0,11
Consumer Retail 5 099 568,92 5 028 818,47 4,10

14 586,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 1 344 898,64 1 595 708,40 1,30
11 432,00 SODEXO EUR 536 906,35 634 133,04 0,52
6 651,00 CHRISTIAN DIOR SA EUR 624 008,48 609 298,11 0,50
10 912,00 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR 584 268,37 498 405,60 0,41
12 581,00 PUBLICIS GROUPE SA EUR 464 372,93 447 191,65 0,36
14 923,00 RENAULT SA EUR 606 844,77 399 936,40 0,33
2 825,00 PPR EUR 296 341,36 312 586,25 0,25
12 120,00 LAGARDERE SCA EUR 222 878,96 247 248,00 0,20
16 332,00 PEUGEOT SA EUR 333 454,64 197 780,52 0,16
2 870,00 EUTELSAT COMMUNICATIONS SA EUR 85 594,42 86 530,50 0,07
Industries 5 416 117,16 4 910 688,25 4,00

27 522,00 SCHNEIDER ELECTRIC SA EUR 1 213 835,77 1 119 594,96 0,91
31 861,00 VINCI SA EUR 1 178 762,09 1 075 627,36 0,88
23 804,00 SAFRAN SA EUR 484 740,68 552 371,82 0,45
19 087,00 BOUYGUES SA EUR 491 008,83 464 673,02 0,38
14 183,00 CIE DE ST-GOBAIN EUR 552 219,45 420 738,70 0,34
14 961,00 LEGRAND SA EUR 389 998,47 371 780,85 0,30
15 066,00 ALSTOM SA EUR 539 857,83 352 996,38 0,29
3 681,00 VALLOUREC SA EUR 225 174,40 184 638,96 0,15
3 204,00 BUREAU VERITAS SA EUR 151 802,54 180 385,20 0,15
2 299,00 AEROPORTS DE PARIS EUR 128 175,89 121 847,00 0,10
964,00 SOCIETE BIC SA EUR 60 541,21 66 034,00 0,05
Health 4 161 328,15 4 628 821,70 3,77

67 460,00 SANOFI AVENTIS SA EUR 3 519 023,16 3 828 355,00 3,12
14 674,00 CIE GENERALE D'OPTIQUE ESSILOR EUR 642 304,99 800 466,70 0,65
INTERNATIONAL SA
Basic Goods 4 162 960,08 4 156 700,27 3,39

37 632,00 DANONE EUR 1 728 376,95 1 827 786,24 1,49
12 817,00 L'OREAL SA EUR 1 024 617,62 1 034 331,90 0,84
12 093,00 PERNOD-RICARD SA EUR 771 567,11 866 584,38 0,71
19 354,00 CARREFOUR SA EUR 554 010,18 340 920,71 0,28
1 338,00 CASINO GUICHARD PERRACHON SA EUR 84 388,22 87 077,04 0,07

90 717,00 VIVENDI SA EUR 1 745 112,26 1 534 931,64 1,25
107 295,00 FRANCE TELECOM SA EUR 1 563 984,28 1 302 024,83 1,06
Raw materials 2 240 997,88 2 399 327,44 1,96

19 818,00 AIR LIQUIDE SA EUR 1 631 731,40 1 894 402,62 1,54
7 242,00 LAFARGE SA EUR 282 057,50 196 692,72 0,16
4 620,00 IMERYS SA EUR 164 226,17 164 425,80 0,14
2 629,00 ARKEMA SA EUR 162 982,81 143 806,30 0,12
Multi-Utilities 2 695 210,76 1 999 361,85 1,63

73 900,00 GDF SUEZ EUR 2 028 419,58 1 560 768,00 1,27
25 750,00 VEOLIA ENVIRONNEMENT SA EUR 448 464,17 218 076,75 0,18
34
Nominal / % of
9 315,00 EDF SA EUR 172 594,45 175 122,00 0,14

5 100,00 SUEZ ENVIRONNEMENT CO EUR 45 732,56 45 395,10 0,04
Computing and IT 1 109 482,17 924 935,90 0,75

5 244,00 DASSAULT SYSTEMES SA EUR 276 210,16 324 760,92 0,26
10 605,00 CAP GEMINI SA EUR 316 199,93 256 057,73 0,21
7 065,00 ATOS ORIGIN SA EUR 237 262,69 239 574,15 0,19
86 614,00 ALCATEL-LUCENT EUR 279 809,39 104 543,10 0,09
GERMANY 36 479 843,21 34 174 560,09 27,85
Raw materials 7 771 885,94 7 995 030,61 6,51

59 878,00 BASF SE EUR 2 898 887,21 3 226 825,42 2,63
48 203,00 BAYER AG EUR 2 373 371,29 2 381 228,20 1,94
8 410,00 LINDE AG EUR 756 696,20 966 729,50 0,79
10 742,00 K S AG REG EUR 493 083,43 375 110,64 0,31
17 125,00 THYSSENKRUPP AG EUR 425 243,63 303 540,63 0,25
6 786,00 SALZGITTER AG EUR 247 817,61 262 143,18 0,21
7 216,00 HEIDELBERGCEMENT AG EUR 286 352,01 236 612,64 0,19
3 256,00 WACKER CHEMIE AG EUR 240 287,35 202 360,40 0,16
1 012,00 LANXESS AG EUR 50 147,21 40 480,00 0,03
Finance 7 595 915,17 5 967 052,13 4,86

29 302,00 ALLIANZ SE EUR 2 583 903,84 2 165 710,82 1,76
52 486,00 DEUTSCHE BANK AG EUR 2 150 235,88 1 544 925,41 1,26
13 537,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 1 412 255,09 1 283 036,86 1,04
11 739,00 HANNOVER RUECKVERSICHERUNG AG EUR 423 969,42 449 897,18 0,37
279 102,00 COMMERZBANK AG EUR 840 981,53 363 669,91 0,30
3 945,00 DEUTSCHE BOERSE AG EUR 184 569,41 159 811,95 0,13
Industries 5 801 715,52 5 812 642,35 4,74

50 160,00 SIEMENS AG EUR 3 637 203,77 3 708 830,40 3,02
68 081,00 DEUTSCHE POST AG EUR 833 486,99 808 802,28 0,66
8 729,00 MAN SE EUR 552 292,82 599 682,30 0,49
34 167,00 DEUTSCHE LUFTHANSA AG EUR 390 704,67 313 823,90 0,26
6 318,00 GEA GROUP AG EUR 140 695,13 138 048,30 0,11
2 662,00 HOCHTIEF AG EUR 124 384,34 118 978,09 0,10
960,00 BRENNTAG AG EUR 67 801,40 69 072,00 0,06
841,00 BILFINGER BERGER SE EUR 55 146,40 55 405,08 0,04
Consumer Retail 5 101 187,77 5 012 730,79 4,08

53 544,00 DAIMLER AG EUR 2 245 485,36 1 816 212,48 1,48
9 181,00 VOLKSWAGEN AG -PFD- EUR 827 329,95 1 062 700,75 0,87
15 733,00 BAYERISCHE MOTOREN WERKE AG EUR 731 052,12 814 340,08 0,66
15 055,00 ADIDAS AG EUR 677 860,35 756 664,30 0,62
4 215,00 CONTINENTAL AG EUR 216 914,22 202 720,43 0,17
4 302,00 PORSCHE AUTOMOBIL HLDG SE -PFD- EUR 202 722,55 177 887,70 0,14
2 810,00 BAYERISCHE MOTOREN WERKE AG -PFD- EUR 110 605,71 102 705,50 0,08
767,00 VOLKSWAGEN AG EUR 89 217,51 79 499,55 0,06
Computing and IT 2 479 847,02 2 722 110,10 2,22

52 632,00 SAP AG EUR 1 904 043,22 2 150 017,20 1,75
81 756,00 INFINEON TECHNOLOGIES AG EUR 476 429,36 475 492,90 0,39
7 000,00 UNITED INTERNET AG EUR 99 374,44 96 600,00 0,08
Multi-Utilities 3 444 495,57 2 413 867,41 1,97

98 223,00 E.ON AG EUR 2 364 371,54 1 637 377,41 1,34
28 600,00 RWE AG EUR 1 080 124,03 776 490,00 0,63
Health 1 485 492,92 1 690 188,34 1,38

8 448,00 FRESENIUS SE & CO KGAA EUR 506 046,99 603 863,04 0,49
10 938,00 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 494 969,41 574 245,00 0,47
4 922,00 MERCK KGAA EUR 353 353,73 379 141,66 0,31
10 861,00 CELESIO AG EUR 131 122,79 132 938,64 0,11
Basic Goods 1 390 220,53 1 348 135,44 1,10

16 134,00 HENKEL AG & CO KGAA EUR 562 203,80 603 411,60 0,49
11 460,00 HENKEL AG & CO KGAA -PFD- EUR 510 239,24 511 001,40 0,42
6 125,00 METRO AG EUR 260 496,17 172 725,00 0,14
1 392,00 BEIERSDORF AG EUR 57 281,32 60 997,44 0,05
35
Nominal / % of

136 808,00 DEUTSCHE TELEKOM AG EUR 1 409 082,77 1 212 802,92 0,99
SPAIN 16 699 367,71 13 805 595,25 11,25
Finance 7 891 639,10 5 872 971,93 4,78

531 794,00 BANCO SANTANDER SA EUR 4 458 305,84 3 121 630,78 2,54
261 368,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 2 316 040,24 1 745 938,24 1,42
171 181,00 MAPFRE SA EUR 412 015,32 420 249,36 0,34
90 077,00 BANCO POPULAR ESPANOL SA EUR 391 511,90 317 071,04 0,26
91 371,00 BANCO DE SABADELL SA EUR 313 765,80 268 082,51 0,22

227 103,00 TELEFONICA SA EUR 3 878 723,46 3 039 773,66 2,48
Multi-Utilities 2 290 106,66 2 004 316,65 1,63

229 973,00 IBERDROLA SA EUR 1 368 015,70 1 112 839,35 0,91
12 115,00 RED ELECTRICA CORP SA EUR 410 818,33 400 582,48 0,33
24 616,00 GAS NATURAL SDG SA EUR 332 267,02 326 531,24 0,26
11 502,00 ENAGAS SA EUR 179 005,61 164 363,58 0,13
Energy 1 110 983,27 1 286 389,53 1,05

54 198,00 REPSOL YPF SA EUR 1 110 983,27 1 286 389,53 1,05
Consumer Retail 499 748,84 682 158,40 0,56

10 780,00 INDITEX SA EUR 499 748,84 682 158,40 0,56
Industries 742 680,78 654 023,70 0,53

12 828,00 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS EUR 408 541,08 293 761,20 0,24
SA
14 501,00 ABERTIS INFRAESTRUCTURAS SA EUR 163 919,70 178 942,34 0,14
5 504,00 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA EUR 101 758,27 110 300,16 0,09
6 700,00 ZARDOYA OTIS SA EUR 68 461,73 71 020,00 0,06
Computing and IT 218 890,37 196 591,38 0,16

9 060,00 AMADEUS IT HOLDING SA EUR 129 160,52 113 567,10 0,09
8 440,00 INDRA SISTEMAS SA EUR 89 729,85 83 024,28 0,07
Raw materials 66 595,23 69 370,00 0,06

7 000,00 ACERINOX SA EUR 66 595,23 69 370,00 0,06
NETHERLANDS 11 645 375,11 11 283 830,20 9,19
Basic Goods 3 689 986,27 4 254 505,36 3,47

88 748,00 UNILEVER NV -ADR- EUR 1 936 498,06 2 358 034,36 1,92
101 287,00 KONINKLIJKE AHOLD NV EUR 962 131,82 1 053 891,24 0,86
12 336,00 HEINEKEN NV EUR 424 565,47 441 258,72 0,36
12 692,00 HEINEKEN HLDG NV EUR 366 790,92 401 321,04 0,33
Industries 2 498 292,34 2 232 783,76 1,82

53 345,00 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 1 114 075,13 868 456,60 0,71
16 291,00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 462 988,04 462 501,49 0,38
17 479,00 EUROPEAN AERONAUTIC DEFENCE AND SPACE CO EUR 357 769,58 422 117,85 0,34
NV
14 935,00 RANDSTAD HOLDING NV EUR 428 869,24 341 414,10 0,28
13 233,00 TNT EXPRESS NV EUR 74 279,06 76 407,34 0,06
3 092,00 IMTECH NV EUR 60 311,29 61 886,38 0,05
Finance 2 039 787,72 1 455 328,91 1,19

211 160,00 ING GROEP NV EUR 1 608 538,94 1 174 049,60 0,96
90 706,00 AEGON NV EUR 431 248,78 281 279,31 0,23

123 502,00 KONINKLIJKE KPN NV EUR 1 282 279,28 1 141 775,99 0,93
Raw materials 844 495,88 774 727,30 0,63

11 658,00 KONINKLIJKE DSM NV EUR 441 468,29 417 939,30 0,34
9 550,00 AKZO NOBEL NV EUR 403 027,59 356 788,00 0,29
Computing and IT 586 815,64 754 004,55 0,61

23 218,00 ASML HOLDING NV EUR 586 815,64 754 004,55 0,61
36
Nominal / % of
Consumer Retail 324 596,20 333 084,54 0,27

28 661,00 REED ELSEVIER NV EUR 255 160,68 258 149,63 0,21
5 611,00 WOLTERS KLUWER NV EUR 69 435,52 74 934,91 0,06
Energy 312 124,22 269 459,79 0,22

6 002,00 FUGRO NV EUR 312 124,22 269 459,79 0,22
Health 66 997,56 68 160,00 0,05

6 400,00 QIAGEN NV EUR 66 997,56 68 160,00 0,05
ITALY 11 526 697,21 8 955 841,88 7,30
Energy 3 110 389,20 3 010 436,97 2,45

151 077,00 ENI SPA EUR 2 576 703,12 2 418 742,77 1,97
18 012,00 SAIPEM SPA EUR 533 686,08 591 694,20 0,48
Finance 4 044 919,90 2 300 514,39 1,88

83 533,00 ASSICURAZIONI GENERALI SPA EUR 1 294 796,73 971 488,79 0,79
570 460,00 INTESA SANPAOLO SPA EUR 1 271 180,04 738 175,24 0,60
62 580,00 UNICREDIT SPA EUR 1 114 741,18 401 763,60 0,33
517 664,00 BANCA MONTE DEI PASCHI DI SIENA SPA EUR 304 516,64 130 399,56 0,11
13 200,00 MEDIOBANCA SPA EUR 59 685,31 58 687,20 0,05
Multi-Utilities 1 928 693,70 1 575 936,58 1,28

443 832,00 ENEL SPA EUR 1 751 417,06 1 395 407,81 1,13
200 282,00 A2A SPA EUR 139 422,21 145 504,87 0,12
Consumer Retail 882 878,69 792 203,30 0,65

97 198,00 FIAT SPA EUR 446 006,91 345 052,90 0,28
15 672,00 LUXOTTICA GROUP SPA EUR 327 586,42 340 082,40 0,28
14 200,00 AUTOGRILL SPA EUR 109 285,36 107 068,00 0,09
Telecommunication 831 282,30 678 018,81 0,55

Industries 728 533,42 598 731,83 0,49

21 316,00 ATLANTIA SPA EUR 224 115,79 263 678,92 0,22
34 145,00 FINMECCANICA SPA EUR 328 257,28 97 586,41 0,08
BELGIUM 4 386 187,58 4 445 604,47 3,62
Basic Goods 2 475 820,13 2 874 210,07 2,34

45 684,00 ANHEUSER-BUSCH INBEV NV EUR 1 671 493,54 2 161 081,62 1,76
13 208,00 DELHAIZE GROUP SA EUR 637 168,01 573 293,24 0,47
4 780,00 COLRUYT SA EUR 167 037,32 139 815,00 0,11
20 211,00 ANHEUSER-BUSCH INBEV NV EUR 121,26 20,21 0,00

14 366,00 BELGACOM SA EUR 362 849,29 348 231,84 0,28
6 415,00 MOBISTAR SA EUR 281 775,36 259 743,35 0,21
Raw materials 501 287,71 494 265,63 0,40

12 171,00 UMICORE SA EUR 376 313,98 387 889,77 0,31
1 671,00 SOLVAY SA EUR 124 973,73 106 375,86 0,09
Finance 579 642,51 277 518,13 0,23

153 720,00 AGEAS EUR 353 929,43 184 464,00 0,15
9 217,00 KBC GROEP NV EUR 222 373,41 89 690,63 0,08
37,00 COFINIMMO EUR 3 330,74 3 360,34 0,00
1 581,00 GROUPE BRUXELLES LAMBERT SA EUR 8,93 3,16 0,00
Health 139 023,58 147 270,30 0,12

4 530,00 UCB SA EUR 139 023,58 147 270,30 0,12
Industries 45 789,00 44 365,15 0,04

1 790,00 BEKAERT SA EUR 45 789,00 44 365,15 0,04
37
Nominal / % of
FINLAND 4 717 135,18 3 792 075,82 3,09
Computing and IT 1 416 641,26 724 872,78 0,59

192 172,00 NOKIA OYJ EUR 1 416 641,26 724 872,78 0,59
Industries 713 883,81 718 436,94 0,59

8 268,00 KONE OYJ EUR 303 552,90 331 546,80 0,27
8 014,00 METSO OYJ EUR 246 359,82 229 601,10 0,19
7 047,00 WARTSILA OYJ EUR 163 971,09 157 289,04 0,13
Raw materials 919 571,25 705 144,80 0,57

43 371,00 UPM-KYMMENE OYJ EUR 455 357,84 369 087,21 0,30
72 614,00 STORA ENSO OYJ EUR 464 213,41 336 057,59 0,27
Finance 506 225,06 512 388,04 0,42

16 112,00 SAMPO OYJ EUR 298 472,99 308 867,04 0,25
27 100,00 POHJOLA BANK PLC EUR 207 752,07 203 521,00 0,17
Multi-Utilities 438 969,15 398 695,22 0,32

24 178,00 FORTUM OYJ EUR 438 969,15 398 695,22 0,32
Basic Goods 233 397,91 256 640,56 0,21

9 886,00 KESKO OYJ EUR 233 397,91 256 640,56 0,21
Health 249 730,02 230 189,75 0,19

15 295,00 ORION OYJ EUR 249 730,02 230 189,75 0,19
Consumer Retail 170 566,53 173 687,28 0,14

6 981,00 NOKIAN RENKAAT OYJ EUR 170 566,53 173 687,28 0,14

4 465,00 ELISA OYJ EUR 68 150,19 72 020,45 0,06
LUXEMBOURG 1 560 333,22 1 218 161,03 0,99
Energy 430 936,60 455 946,12 0,37

31 929,00 TENARIS SA EUR 430 936,60 455 946,12 0,37
Raw materials 780 183,30 404 852,76 0,33

28 652,00 ARCELORMITTAL EUR 780 183,30 404 852,76 0,33
Consumer Retail 349 213,32 357 362,15 0,29

19 270,00 SES SA -ADR- EUR 349 213,32 357 362,15 0,29
IRELAND 940 668,78 1 000 023,12 0,82
Raw materials 527 089,24 535 580,55 0,44

27 297,00 CRH PLC GBP 423 852,95 418 291,59 0,34
7 636,00 CRH PLC EUR 103 236,29 117 288,96 0,10
Basic Goods 243 621,22 266 008,05 0,22

9 383,00 KERRY GROUP PLC EUR 243 621,22 266 008,05 0,22
Health 110 641,30 140 228,32 0,11

13 081,00 ELAN CORP PLC -ADR- EUR 110 641,30 140 228,32 0,11
Consumer Retail 59 317,02 58 206,20 0,05

3 172,00 DCC PLC EUR 59 317,02 58 206,20 0,05
PORTUGAL 890 544,86 911 276,20 0,74
Multi-Utilities 442 520,83 451 315,60 0,37

188 756,00 EDP - ENERGIAS DE PORTUGAL SA EUR 442 520,83 451 315,60 0,37
Raw materials 157 324,07 165 980,79 0,13

31 217,00 CIMPOR CIMENTOS DE PORTUGAL SGPS SA EUR 157 324,07 165 980,79 0,13

28 553,00 PORTUGAL TELECOM SGPS SA EUR 128 931,31 127 060,85 0,10
Basic Goods 84 174,62 107 742,96 0,09

8 424,00 JERONIMO MARTINS SGPS SA EUR 84 174,62 107 742,96 0,09
38
Nominal / % of
Energy 77 594,03 59 176,00 0,05

5 200,00 GALP ENERGIA SGPS SA EUR 77 594,03 59 176,00 0,05
AUSTRIA 880 999,97 843 544,49 0,69
Industries 304 051,24 307 680,00 0,25

4 800,00 ANDRITZ AG EUR 304 051,24 307 680,00 0,25
Raw materials 238 887,24 236 203,00 0,19

10 900,00 VOESTALPINE AG EUR 238 887,24 236 203,00 0,19
Energy 209 737,23 168 158,56 0,14

7 174,00 OMV AG EUR 209 737,23 168 158,56 0,14

14 235,00 TELEKOM AUSTRIA AG EUR 128 324,26 131 502,93 0,11
GREECE 460 722,35 444 886,00 0,36
Consumer Retail 214 776,45 219 243,00 0,18

32 100,00 OPAP SA EUR 214 776,45 219 243,00 0,18
Basic Goods 191 320,28 170 077,00 0,14

12 836,00 COCA COLA HELLENIC BOTTLING CO SA EUR 191 320,28 170 077,00 0,14
Finance 54 625,62 55 566,00 0,04

34 300,00 NATIONAL BANK OF GREECE SA EUR 54 625,62 55 566,00 0,04
SWITZERLAND 227 719,25 157 930,40 0,13
Computing and IT 227 719,25 157 930,40 0,13

34 400,00 STMICROELECTRONICS NV EUR 227 719,25 157 930,40 0,13
GREAT-BRITAIN 65 920,09 67 338,00 0,06
Industries 65 920,09 67 338,00 0,06

38 700,00 INTERNATIONAL CONSOLIDATED AIRLINES GROUP EUR 65 920,09 67 338,00 0,06
SA
UNQUOTED 202 908,93 0,00 0,00
Shares 202 908,93 0,00 0,00
IRELAND 201 755,19 0,00 0,00
Finance 201 755,19 0,00 0,00

52 871,00 IRISH BANK RESOLUTION CORPORATION LIMITED EUR 201 755,19 0,00 0,00
AUSTRIA 0,00 0,00 0,00
Finance 0,00 0,00 0,00

21 000,00 IMMOEAST AG EUR 0,00 0,00 0,00
SPAIN 1 153,74 0,00 0,00
Industries 1 153,74 0,00 0,00

2 148,00 SABA INFRAESTRUCTURAS SA EUR 1 153,74 0,00 0,00
Total Portfolio 132 743 028,23 119 035 580,45 97,00
39
Purchase Unrealised
10 165 Purchase EURO STOXX 50 INDEX 16/03/2012 EUR 65 802,00 3 808 200,00
40
Assets Notes
Banks 34 475 370,24
Unrealised profit on forward foreign exchange contracts (Note 8) 22 761,14
Other interest receivable 168,00
Liabilities
Bank overdrafts (104 370,94)
Unrealised loss on forward foreign exchange contracts (Note 8) (522 985,38)

Class I Units EUR 78,28 1 843 445,096

Class IH Units EUR 79,56 1 234 775,282
Class RH Units EUR 77,71 54 205,981
Class Z Units EUR 82,86 7 445 146,820
Class ZH Units EUR 84,06 250 935,365
41

2011 IN EUR

Other income 512,40
- investments (71 731 581,40)
- forward foreign exchange contracts (Note 8) (518 251,31)

42
Nominal / % of
Shares 919 786 732,40 899 976 401,56 96,05
GREAT-BRITAIN 283 408 016,50 288 513 547,42 30,79
Basic Goods 49 164 176,37 59 400 756,67 6,34

383 015,00 BRITISH AMERICAN TOBACCO PLC GBP 10 107 134,60 14 010 457,31 1,50
514 647,00 DIAGEO PLC GBP 6 855 966,91 8 665 695,47 0,92
308 198,00 UNILEVER PLC GBP 6 746 419,63 7 980 692,47 0,85
224 544,00 IMPERIAL TOBACCO GROUP PLC GBP 5 319 599,75 6 545 678,35 0,70
1 348 122,00 TESCO PLC GBP 6 154 784,71 6 511 381,73 0,69
123 923,00 RECKITT BENCKISER GROUP PLC GBP 4 671 294,80 4 717 732,14 0,50
145 249,00 SABMILLER PLC GBP 3 105 173,60 3 941 151,37 0,42
1 004 188,00 WM MORRISON SUPERMARKETS PLC GBP 3 412 465,21 3 921 509,08 0,42
261 615,00 TATE & LYLE PLC GBP 1 898 991,85 2 206 469,25 0,24
46 591,00 ASSOCIATED BRITISH FOODS PLC GBP 612 385,30 617 452,98 0,07
77 915,00 J SAINSBURY PLC GBP 279 960,01 282 536,52 0,03
Finance 66 349 798,59 54 105 177,56 5,77

3 381 311,00 HSBC HOLDINGS PLC GBP 25 268 539,61 19 877 651,55 2,12
469 491,00 STANDARD CHARTERED PLC GBP 8 390 108,64 7 919 404,12 0,85
575 037,00 PRUDENTIAL PLC GBP 4 201 582,18 4 395 526,80 0,47
1 981 032,00 BARCLAYS PLC GBP 5 732 327,82 4 175 243,04 0,45
684 335,00 HAMMERSON PLC REIT GBP 3 239 579,78 2 949 344,43 0,31
722 847,00 RESOLUTION LTD GBP 2 308 384,69 2 175 534,11 0,23
1 668 366,00 LEGAL & GENERAL GROUP PLC GBP 2 087 860,97 2 053 235,13 0,22
199 997,00 LAND SECURITIES GROUP PLC GBP 1 724 456,52 1 521 574,70 0,16
4 864 637,00 LLOYDS BANKING GROUP PLC GBP 3 053 111,60 1 508 649,23 0,16
377 427,00 CAPITAL SHOPPING CENTRES GROUP PLC GBP 1 609 181,99 1 411 104,54 0,15
497 834,00 STANDARD LIFE PLC GBP 1 326 665,97 1 229 526,86 0,13
220 005,00 BRITISH LAND CO PLC GBP 1 359 030,12 1 218 143,72 0,13
293 700,00 AVIVA PLC GBP 1 558 386,31 1 057 635,50 0,11
3 880 032,00 ROYAL BANK OF SCOTLAND GROUP PLC GBP 2 897 132,49 937 369,27 0,10
57 809,00 ADMIRAL GROUP PLC GBP 557 301,63 589 643,20 0,06
338 295,00 OLD MUTUAL PLC GBP 484 466,87 548 768,43 0,06
68 155,00 ICAP PLC GBP 286 935,26 283 045,51 0,03
19 756,00 SCHRODERS PLC GBP 264 746,14 253 777,42 0,03
Energy 35 647 205,57 36 464 468,18 3,89

3 464 317,00 BP PLC GBP 19 504 040,91 19 098 598,56 2,04
699 219,00 BG GROUP PLC GBP 10 156 805,03 11 522 419,36 1,23
158 694,00 SUBSEA 7 SA NOK 2 655 508,05 2 273 701,40 0,24
118 620,00 TULLOW OIL PLC GBP 1 817 165,93 1 990 949,18 0,21
77 842,00 PETROFAC LTD GBP 1 261 976,09 1 342 864,54 0,14
74 285,00 CAIRN ENERGY PLC GBP 251 709,56 235 935,14 0,03
Raw materials 33 452 534,98 31 374 649,80 3,35

287 603,00 RIO TINTO PLC GBP 11 992 612,31 10 759 638,35 1,15
285 981,00 ANGLO AMERICAN PLC GBP 8 627 290,76 8 144 901,99 0,87
357 693,00 BHP BILLITON PLC GBP 8 367 356,67 8 039 788,57 0,86
98 410,00 ANTOFAGASTA PLC GBP 1 276 726,68 1 431 428,80 0,15
182 600,00 EURASIAN NATURAL RESOURCES CORP PLC GBP 1 527 291,69 1 389 218,53 0,15
123 356,00 KAZAKHMYS PLC GBP 1 419 032,52 1 368 971,01 0,15
10 951,00 JOHNSON MATTHEY PLC GBP 242 224,35 240 702,55 0,02
Health 26 629 028,71 29 393 900,66 3,14

921 908,00 GLAXOSMITHKLINE PLC GBP 13 872 886,25 16 240 600,77 1,73
314 328,00 ASTRAZENECA PLC GBP 10 763 108,46 11 195 004,69 1,20
261 515,00 SMITH & NEPHEW PLC GBP 1 993 034,00 1 958 295,20 0,21

9 326 425,00 VODAFONE GROUP PLC GBP 17 745 977,62 19 974 677,83 2,13
1 547 614,00 BT GROUP PLC GBP 3 086 425,36 3 536 900,31 0,38
47 742,00 INMARSAT PLC GBP 257 203,76 231 306,61 0,02
Consumer Retail 18 330 331,57 19 840 958,47 2,12

217 680,00 PEARSON PLC GBP 2 629 788,86 3 153 248,08 0,34
90 108,00 NEXT PLC GBP 2 510 086,17 2 952 516,87 0,31
43
Nominal / % of
268 258,00 BRITISH SKY BROADCASTING GROUP PLC GBP 2 174 316,26 2 352 418,31 0,25
316 810,00 COMPASS GROUP PLC GBP 1 847 494,80 2 317 364,41 0,25
127 027,00 INTERCONTINENTAL HOTELS GROUP PLC GBP 1 742 049,40 1 759 477,19 0,19
578 696,00 KINGFISHER PLC GBP 1 657 447,50 1 736 836,97 0,18
693 410,00 GKN PLC GBP 1 539 015,13 1 519 131,72 0,16
78 104,00 WHITBREAD PLC GBP 1 478 247,71 1 462 393,56 0,16
267 870,00 INCHCAPE PLC GBP 1 059 856,62 940 889,08 0,10
87 487,00 REED ELSEVIER PLC GBP 549 758,88 543 582,07 0,06
408 366,00 ITV PLC GBP 303 903,05 333 172,91 0,04
20 940,00 BURBERRY GROUP PLC GBP 353 542,32 297 063,48 0,03
66 151,00 MARKS & SPENCER GROUP PLC GBP 259 015,12 246 292,42 0,03
8 902,00 CARNIVAL PLC GBP 225 809,75 226 571,40 0,02
Industries 17 267 056,73 17 836 153,74 1,90

414 661,00 ROLLS-ROYCE HOLDINGS PLC GBP 3 053 299,51 3 705 759,61 0,39
110 976,00 AGGREKO PLC GBP 2 149 601,99 2 679 718,69 0,29
262 117,00 IMI PLC GBP 2 539 930,55 2 384 860,72 0,25
103 660,00 ULTRA ELECTRONICS HOLDINGS PLC GBP 1 928 159,77 1 834 171,24 0,20
154 767,00 BUNZL PLC GBP 1 368 193,43 1 637 890,52 0,17
360 832,00 BAE SYSTEMS PLC GBP 1 538 672,46 1 231 562,63 0,13
533 627,00 COBHAM PLC GBP 1 280 669,55 1 171 632,39 0,12
398 053,00 INVENSYS PLC GBP 1 302 042,61 1 005 489,63 0,11
40 591,00 INTERTEK GROUP PLC GBP 879 050,36 988 890,96 0,11
122 893,00 CAPITA GROUP PLC GBP 993 763,86 924 669,80 0,10
10 393,00 WEIR GROUP PLC GBP 233 672,64 252 824,33 0,03
15 606 213,00 ROLLS ROYCE HLDG CALL ENT S GBP 0,00 18 683,22 0,00
Multi-Utilities 13 571 366,64 14 212 922,29 1,52

331 840,00 SCOTTISH & SOUTHERN ENERGY PLC GBP 4 906 225,42 5 128 722,69 0,55
642 631,00 NATIONAL GRID PLC GBP 4 292 289,66 4 808 348,42 0,51
1 100 259,00 CENTRICA PLC GBP 3 904 748,42 3 810 637,21 0,41
57 823,00 INTERNATIONAL POWER PLC GBP 228 652,22 233 422,35 0,03
31 950,00 UNITED UTILITIES GROUP PLC GBP 239 450,92 231 791,62 0,02
Computing and IT 1 906 910,60 2 141 675,30 0,23

344 898,00 SAGE GROUP PLC GBP 1 109 468,22 1 214 751,90 0,13
130 788,00 ARM HOLDINGS PLC GBP 797 442,38 926 923,40 0,10
FRANCE 128 907 933,28 118 505 597,42 12,65
Consumer Retail 19 793 194,13 18 411 814,18 1,97

69 320,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 7 300 012,93 7 583 608,00 0,81
31 085,00 CHRISTIAN DIOR SA EUR 2 973 526,79 2 847 696,85 0,30
70 910,00 RENAULT SA EUR 2 614 025,40 1 900 388,00 0,20
16 800,00 PPR EUR 1 704 625,12 1 858 920,00 0,20
54 152,00 VALEO SA EUR 1 938 723,50 1 663 007,92 0,18
43 971,00 PUBLICIS GROUPE SA EUR 1 500 944,40 1 562 949,20 0,17
57 426,00 PEUGEOT SA EUR 1 492 601,53 695 428,86 0,08
5 405,00 SODEXO EUR 268 734,46 299 815,35 0,03
Energy 17 671 457,97 17 535 982,00 1,87

416 004,00 TOTAL SA EUR 16 667 513,24 16 432 158,00 1,75
15 200,00 TECHNIP SA EUR 1 003 944,73 1 103 824,00 0,12
Finance 24 543 721,08 16 678 150,51 1,78

196 755,00 BNP PARIBAS EUR 9 504 839,89 5 971 514,25 0,64
378 248,00 AXA SA EUR 5 368 803,18 3 799 501,16 0,41
182 453,00 SOCIETE GENERALE EUR 5 121 442,37 3 139 103,87 0,33
21 397,00 UNIBAIL-RODAMCO SE EUR 3 052 436,46 2 972 043,30 0,32
407 095,00 NATIXIS EUR 1 496 199,18 791 392,68 0,08
165,00 ANF IMMOBILIER EUR 0,00 4 595,25 0,00
Industries 17 247 438,71 15 611 860,17 1,67

113 250,00 VINCI SA EUR 4 160 301,91 3 823 320,00 0,41
39 498,00 SOCIETE BIC SA EUR 2 561 168,31 2 705 613,00 0,29
36 677,00 VALLOUREC SA EUR 1 982 738,35 1 839 718,32 0,20
52 869,00 CIE DE ST-GOBAIN EUR 1 894 970,99 1 568 358,89 0,17
54 949,00 LEGRAND SA EUR 1 493 182,61 1 365 482,65 0,14
40 734,00 BOUYGUES SA EUR 1 357 184,31 991 669,23 0,11
44
Nominal / % of
Health 12 690 238,92 14 260 846,05 1,52

39 791,00 CIE GENERALE D'OPTIQUE ESSILOR EUR 1 907 744,92 2 170 599,05 0,23
INTERNATIONAL SA
Basic Goods 11 764 153,32 12 187 607,65 1,30

56 729,00 L'OREAL SA EUR 4 460 316,77 4 578 030,30 0,49
90 299,00 DANONE EUR 4 097 224,63 4 385 822,43 0,47
25 702,00 PERNOD-RICARD SA EUR 1 602 392,43 1 841 805,32 0,19
78 453,00 CARREFOUR SA EUR 1 604 219,49 1 381 949,60 0,15

259 046,00 VIVENDI SA EUR 5 207 430,76 4 383 058,32 0,47
271 013,00 FRANCE TELECOM SA EUR 3 821 962,72 3 288 742,76 0,35
27 120,00 ILIAD SA EUR 2 283 375,41 2 585 892,00 0,27
Raw materials 5 987 835,77 6 615 869,64 0,71

43 656,00 AIR LIQUIDE SA EUR 3 725 169,76 4 173 077,04 0,45
44 658,00 ARKEMA SA EUR 2 262 666,01 2 442 792,60 0,26
Multi-Utilities 6 907 053,14 5 921 858,06 0,63

187 406,00 GDF SUEZ EUR 4 580 992,92 3 958 014,72 0,42
121 487,00 VEOLIA ENVIRONNEMENT SA EUR 1 402 852,18 1 028 873,40 0,11
Computing and IT 990 071,35 1 023 916,08 0,11

19 668,00 NEOPOST SA EUR 990 071,35 1 023 916,08 0,11
SWITZERLAND 111 192 801,34 115 935 452,57 12,37
Health 35 017 383,33 39 466 314,68 4,21

432 465,00 NOVARTIS AG CHF 17 318 304,32 19 131 204,50 2,04
137 616,00 ROCHE HOLDING AG CHF 15 115 222,02 18 047 998,94 1,93
53 858,00 ACTELION LTD CHF 1 495 749,55 1 430 859,54 0,15
18 728,00 LONZA GROUP AG CHF 1 088 107,44 856 251,70 0,09
Basic Goods 23 340 834,51 27 569 625,21 2,94

619 755,00 NESTLE SA CHF 23 340 834,51 27 569 625,21 2,94
Finance 20 729 556,65 17 969 686,88 1,92

749 425,00 UBS AG CHF 9 206 657,10 6 902 192,12 0,74
21 765,00 ZURICH FINANCIAL SERVICES AG CHF 3 658 045,67 3 810 085,04 0,41
190 449,00 CREDIT SUISSE GROUP AG CHF 4 772 114,22 3 462 566,26 0,37
63 768,00 JULIUS BAER GROUP LTD CHF 1 463 726,62 1 930 007,56 0,20
47 289,00 SWISS RE LTD CHF 1 629 013,04 1 864 835,90 0,20
Raw materials 11 271 637,13 11 202 492,93 1,20

395 827,00 XSTRATA PLC GBP 5 284 506,59 4 634 453,30 0,49
19 698,00 SYNGENTA AG CHF 3 894 453,05 4 462 434,87 0,48
22 659,00 HOLCIM LTD CHF 1 080 272,61 937 980,63 0,10
117 563,00 CLARIANT AG CHF 764 526,97 897 774,90 0,10
366,00 GIVAUDAN SA CHF 247 877,91 269 849,23 0,03
Industries 11 481 092,14 10 728 330,71 1,14

420 623,00 ABB LTD CHF 6 292 401,38 6 126 216,50 0,65
20 150,00 SULZER AG CHF 1 974 568,30 1 666 578,70 0,18
38 780,00 ADECCO SA CHF 1 621 038,38 1 257 099,36 0,13
10 223,00 KUEHNE + NAGEL INTERNATIONAL AG CHF 869 745,34 888 480,47 0,10
18 704,00 WOLSELEY PLC GBP 430 715,81 477 392,88 0,05
244,00 SGS SA CHF 292 622,93 312 562,80 0,03
Consumer Retail 4 886 520,27 5 420 948,13 0,58

84 632,00 CIE FINANCIERE RICHEMONT SA CHF 2 893 778,77 3 312 353,64 0,35
7 282,00 SWATCH GROUP AG CHF 1 992 741,50 2 108 594,49 0,23

6 508,00 SWISSCOM AG CHF 1 914 396,23 1 908 062,50 0,20
Energy 2 551 381,08 1 669 991,53 0,18

55 892,00 TRANSOCEAN LTD CHF 2 551 381,08 1 669 991,53 0,18
45
Nominal / % of
GERMANY 121 037 306,77 111 787 080,01 11,93
Raw materials 29 213 822,15 29 636 212,17 3,16

204 621,00 BASF SE EUR 10 011 142,74 11 027 025,69 1,18
135 291,00 BAYER AG EUR 6 355 185,62 6 683 375,40 0,71
37 485,00 LINDE AG EUR 3 611 955,54 4 308 900,75 0,46
75 482,00 LANXESS AG EUR 3 389 848,68 3 019 280,00 0,32
106 385,00 THYSSENKRUPP AG EUR 2 397 518,74 1 885 674,13 0,20
44 216,00 HEIDELBERGCEMENT AG EUR 1 676 608,01 1 449 842,64 0,16
36 143,00 K S AG REG EUR 1 771 562,82 1 262 113,56 0,13
Finance 24 062 746,99 19 577 201,87 2,09

107 027,00 ALLIANZ SE EUR 9 526 777,45 7 910 365,57 0,84
159 069,00 DEUTSCHE BANK AG EUR 6 460 667,59 4 682 196,02 0,50
24 808,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 2 341 987,10 2 351 302,24 0,25
57 356,00 HANNOVER RUECKVERSICHERUNG AG EUR 1 894 749,01 2 198 168,70 0,24
1 417 968,00 COMMERZBANK AG EUR 3 232 713,08 1 847 612,30 0,20
Consumer Retail 17 338 266,09 16 810 195,15 1,79

158 320,00 DAIMLER AG EUR 6 522 003,54 5 370 214,40 0,57
61 707,00 BAYERISCHE MOTOREN WERKE AG EUR 3 113 410,64 3 193 954,32 0,34
26 192,00 VOLKSWAGEN AG -PFD- EUR 2 639 883,81 3 031 724,00 0,33
48 698,00 ADIDAS AG EUR 2 163 006,54 2 447 561,48 0,26
41 167,00 PORSCHE AUTOMOBIL HLDG SE -PFD- EUR 1 956 385,53 1 702 255,45 0,18
10 270,00 VOLKSWAGEN AG EUR 943 576,03 1 064 485,50 0,11
Industries 16 392 431,95 15 652 441,81 1,67

161 791,00 SIEMENS AG EUR 12 519 040,41 11 962 826,54 1,28
248 486,00 DEUTSCHE POST AG EUR 3 033 644,97 2 952 013,68 0,31
16 503,00 HOCHTIEF AG EUR 839 746,57 737 601,59 0,08
Multi-Utilities 13 028 389,94 9 038 736,41 0,97

362 143,00 E.ON AG EUR 8 306 107,56 6 036 923,81 0,65
110 564,00 RWE AG EUR 4 722 282,38 3 001 812,60 0,32
Computing and IT 8 206 244,47 8 397 162,72 0,90

157 233,00 SAP AG EUR 6 087 905,79 6 422 968,05 0,69
339 442,00 INFINEON TECHNOLOGIES AG EUR 2 118 338,68 1 974 194,67 0,21

424 820,00 DEUTSCHE TELEKOM AG EUR 4 200 037,39 3 766 029,30 0,40
100 478,00 FREENET AG EUR 906 299,76 1 004 780,00 0,11
Basic Goods 4 791 124,00 4 508 837,92 0,48

41 996,00 HENKEL AG & CO KGAA -PFD- EUR 1 787 144,68 1 872 601,64 0,20
41 494,00 BEIERSDORF AG EUR 1 765 060,92 1 818 267,08 0,19
29 006,00 METRO AG EUR 1 238 918,40 817 969,20 0,09
Health 2 897 944,03 3 395 482,66 0,36

38 103,00 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 1 656 264,73 2 000 407,50 0,21
19 517,00 FRESENIUS SE & CO KGAA EUR 1 241 679,30 1 395 075,16 0,15
NETHERLANDS 69 414 328,80 75 635 364,73 8,07
Energy 31 433 470,48 38 291 656,21 4,09

716 892,00 ROYAL DUTCH SHELL PLC -A- GBP 17 138 669,74 20 348 833,98 2,17
575 405,00 ROYAL DUTCH SHELL PLC -B- GBP 13 361 981,76 16 904 503,91 1,81
65 221,00 SBM OFFSHORE NV EUR 932 818,98 1 038 318,32 0,11
Basic Goods 10 923 526,40 12 699 822,53 1,35

342 233,00 UNILEVER NV -ADR- EUR 7 621 770,70 9 093 130,81 0,97
220 804,00 KONINKLIJKE AHOLD NV EUR 1 947 512,11 2 297 465,62 0,24
41 405,00 HEINEKEN HLDG NV EUR 1 354 243,59 1 309 226,10 0,14
Industries 8 867 663,51 8 348 894,22 0,89

205 446,00 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 4 000 471,44 3 344 660,88 0,36
100 606,00 EUROPEAN AERONAUTIC DEFENCE AND SPACE CO EUR 1 930 845,88 2 429 634,90 0,26
NV
122 214,00 AALBERTS INDUSTRIES NV EUR 1 631 949,71 1 586 337,72 0,17
401 732,00 POSTNL NV EUR 1 304 396,48 988 260,72 0,10
46
Nominal / % of
Finance 8 396 938,18 6 345 010,88 0,68

863 548,00 ING GROEP NV EUR 5 994 788,30 4 801 326,88 0,51
497 802,00 AEGON NV EUR 2 402 149,88 1 543 684,00 0,17
Computing and IT 4 152 171,35 5 099 711,63 0,54

157 035,00 ASML HOLDING NV EUR 4 152 171,35 5 099 711,63 0,54

Raw materials 1 712 198,18 1 600 845,90 0,17

44 654,00 KONINKLIJKE DSM NV EUR 1 712 198,18 1 600 845,90 0,17
SPAIN 53 151 352,72 44 826 730,71 4,78
Finance 24 780 647,02 19 967 866,01 2,13

1 469 164,00 BANCO SANTANDER SA EUR 11 781 305,57 8 623 992,68 0,92
905 151,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 7 382 773,84 6 046 408,68 0,65
1 071 237,00 MAPFRE SA EUR 2 735 368,06 2 629 886,84 0,28
456 632,00 BANCO POPULAR ESPANOL SA EUR 1 885 414,25 1 607 344,64 0,17
361 361,00 BANCO DE SABADELL SA EUR 995 785,30 1 060 233,17 0,11

Multi-Utilities 5 539 848,28 4 834 728,17 0,51

791 181,00 IBERDROLA SA EUR 4 616 540,50 3 828 524,86 0,41
75 854,00 GAS NATURAL SDG SA EUR 923 307,78 1 006 203,31 0,10
Consumer Retail 2 481 049,68 2 878 037,68 0,31

45 481,00 INDITEX SA EUR 2 481 049,68 2 878 037,68 0,31
Industries 3 387 919,82 2 832 272,00 0,30

123 680,00 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS EUR 3 387 919,82 2 832 272,00 0,30
SA
Energy 1 939 048,33 2 161 166,69 0,23

91 054,00 REPSOL YPF SA EUR 1 939 048,33 2 161 166,69 0,23
Computing and IT 2 081 333,10 1 578 858,17 0,17

160 502,00 INDRA SISTEMAS SA EUR 2 081 333,10 1 578 858,17 0,17
SWEDEN 39 306 525,28 38 387 890,25 4,10
Industries 13 373 584,61 13 381 749,59 1,43

177 195,00 ATLAS COPCO AB SEK 2 798 104,61 2 946 875,81 0,32
130 785,00 SKF AB SEK 2 282 271,36 2 139 774,30 0,23
236 286,00 VOLVO AB SEK 2 051 988,66 1 999 316,83 0,21
152 034,00 SKANSKA AB SEK 1 863 992,92 1 947 575,17 0,21
89 705,00 ALFA LAVAL AB SEK 1 279 743,37 1 314 446,45 0,14
96 343,00 SCANIA AB SEK 1 195 754,09 1 104 254,03 0,12
55 299,00 ASSA ABLOY AB SEK 1 000 342,80 1 072 523,27 0,11
72 389,00 SANDVIK AB SEK 750 700,87 686 943,29 0,07
11 569,00 ATLAS COPCO AB SEK 150 685,93 170 040,44 0,02
Finance 9 575 566,27 8 642 288,40 0,92

165 174,00 KINNEVIK INVESTMENT AB SEK 2 498 793,34 2 488 966,89 0,27
283 240,00 NORDEA BANK AB SEK 2 137 259,73 1 694 817,16 0,18
352 148,00 SKANDINAVISKA ENSKILDA BANKEN AB SEK 1 975 259,90 1 586 389,91 0,17
58 829,00 SVENSKA HANDELSBANKEN AB SEK 1 205 787,22 1 196 516,51 0,13
80 880,00 INVESTOR AB SEK 1 265 102,01 1 166 956,91 0,12
50 774,00 SWEDBANK AB SEK 493 364,07 508 641,02 0,05
Consumer Retail 4 455 597,01 4 625 975,24 0,49

146 167,00 HENNES & MAURITZ AB SEK 3 331 974,43 3 634 790,65 0,39
80 408,00 ELECTROLUX AB -B- SEK 1 123 622,58 991 184,59 0,10
Computing and IT 4 317 395,91 4 105 152,13 0,44

518 929,00 TELEFONAKTIEBOLAGET LM ERICSSON SEK 4 317 395,91 4 105 152,13 0,44

405 703,00 TELIASONERA AB SEK 2 218 443,73 2 132 181,86 0,23
118 163,00 TELE2 AB SEK 1 717 123,47 1 777 913,96 0,19
47
Nominal / % of
Raw materials 1 915 305,73 1 772 708,98 0,19

135 811,00 BOLIDEN AB SEK 1 688 189,75 1 533 732,65 0,16
20 850,00 SVENSKA CELLULOSA AB SEK 227 115,98 238 976,33 0,03
Health 1 548 454,80 1 735 218,92 0,19

88 544,00 GETINGE AB SEK 1 548 454,80 1 735 218,92 0,19
Basic Goods 185 053,75 214 701,17 0,02

7 821,00 SWEDISH MATCH AB SEK 185 053,75 214 701,17 0,02
ITALY 34 109 439,40 28 732 260,04 3,07
Energy 10 995 212,21 10 817 143,81 1,15

508 106,00 ENI SPA EUR 8 458 767,65 8 134 777,06 0,87
81 655,00 SAIPEM SPA EUR 2 536 444,56 2 682 366,75 0,28
Finance 10 100 063,24 7 822 218,26 0,84

2 109 892,00 INTESA SANPAOLO SPA EUR 2 701 888,76 2 730 200,25 0,29
192 676,00 ASSICURAZIONI GENERALI SPA EUR 2 943 721,94 2 240 821,88 0,24
261 584,60 UNICREDIT SPA EUR 2 752 408,51 1 679 373,13 0,18
1 171 823,00 BANCO POPOLARE SCARL EUR 1 702 044,03 1 171 823,00 0,13
Multi-Utilities 8 993 504,86 7 419 807,57 0,79

1 166 050,00 ENEL SPA EUR 4 850 580,55 3 666 061,20 0,39
1 472 979,00 ENEL GREEN POWER SPA EUR 2 487 914,15 2 377 388,11 0,25
422 560,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR 1 348 520,38 1 100 346,24 0,12

2 363 131,00 TELECOM ITALIA SPA EUR 2 557 784,17 1 963 761,86 0,21
Consumer Retail 1 462 874,92 709 328,54 0,08

331 772,00 MEDIASET SPA EUR 1 462 874,92 709 328,54 0,08
BELGIUM 20 936 927,08 19 501 877,65 2,08
Basic Goods 6 764 801,81 7 682 757,42 0,82

131 582,00 ANHEUSER-BUSCH INBEV NV EUR 4 964 497,30 6 224 486,51 0,66
33 596,00 DELHAIZE GROUP SA EUR 1 800 085,32 1 458 234,38 0,16
36 531,00 ANHEUSER-BUSCH INBEV NV EUR 219,19 36,53 0,00

98 819,00 BELGACOM SA EUR 2 264 112,35 2 395 372,56 0,25
43 692,00 MOBISTAR SA EUR 2 090 467,44 1 769 089,08 0,19
Finance 5 617 010,28 3 812 299,67 0,41

36 592,00 GROUPE BRUXELLES LAMBERT SA EUR 2 173 097,98 1 884 853,92 0,20
111 205,00 KBC GROEP NV EUR 1 914 447,13 1 082 135,86 0,12
704 422,00 AGEAS EUR 1 529 465,17 845 306,40 0,09
1 744,00 GROUPE BRUXELLES LAMBERT SA EUR 0,00 3,49 0,00
Raw materials 3 049 758,78 2 917 630,57 0,31

66 775,00 UMICORE SA EUR 1 989 868,41 2 128 119,25 0,23
12 402,00 SOLVAY SA EUR 1 059 890,37 789 511,32 0,08
Industries 1 150 776,42 924 728,35 0,10

37 310,00 BEKAERT SA EUR 1 150 776,42 924 728,35 0,10
FINLAND 15 093 489,83 12 762 118,91 1,36
Computing and IT 5 807 235,38 3 578 586,93 0,38

948 724,00 NOKIA OYJ EUR 5 807 235,38 3 578 586,93 0,38
Industries 2 747 466,41 3 384 519,10 0,36

44 123,00 KONE OYJ EUR 1 456 983,55 1 769 332,30 0,19
72 365,00 WARTSILA OYJ EUR 1 290 482,86 1 615 186,80 0,17
Finance 2 296 116,34 2 228 953,41 0,24

116 273,00 SAMPO OYJ EUR 2 296 116,34 2 228 953,41 0,24
Basic Goods 1 419 290,49 1 289 978,36 0,14

49 691,00 KESKO OYJ EUR 1 419 290,49 1 289 978,36 0,14
48
Nominal / % of
Health 1 310 569,92 1 212 623,65 0,13

80 573,00 ORION OYJ EUR 1 310 569,92 1 212 623,65 0,13
Raw materials 1 512 811,29 1 067 457,46 0,11

230 652,00 STORA ENSO OYJ EUR 1 512 811,29 1 067 457,46 0,11
DENMARK 9 584 757,00 11 383 981,97 1,22
Health 5 756 225,10 7 513 438,05 0,80

84 610,00 NOVO NORDISK A/S DKK 5 756 225,10 7 513 438,05 0,80
Raw materials 1 691 827,18 1 998 105,81 0,22

83 760,00 NOVOZYMES A/S DKK 1 691 827,18 1 998 105,81 0,22
Industries 2 136 704,72 1 872 438,11 0,20

367,00 AP MOLLER - MAERSK A/S DKK 2 136 704,72 1 872 438,11 0,20
NORWAY 10 238 795,39 10 896 471,54 1,16
Energy 4 625 669,30 5 382 262,02 0,57

271 648,00 STATOIL ASA NOK 4 625 669,30 5 382 262,02 0,57

214 789,00 TELENOR ASA NOK 2 361 863,31 2 719 762,54 0,29
Finance 1 919 689,47 1 634 795,67 0,18

216 315,00 DNB ASA NOK 1 919 689,47 1 634 795,67 0,18
Raw materials 1 331 573,31 1 159 651,31 0,12

37 434,00 YARA INTERNATIONAL ASA NOK 1 331 573,31 1 159 651,31 0,12
IRELAND 5 840 478,35 6 832 917,21 0,73
Health 1 713 846,43 2 576 946,68 0,28

95 967,00 SHIRE PLC GBP 1 713 846,43 2 576 946,68 0,28
Consumer Retail 1 715 370,14 1 712 504,52 0,18

211 764,00 WPP PLC GBP 1 715 370,14 1 712 504,52 0,18
Raw materials 1 585 255,11 1 473 452,30 0,16

96 155,00 CRH PLC GBP 1 585 255,11 1 473 452,30 0,16
Industries 826 006,67 1 070 013,71 0,11

102 089,00 EXPERIAN PLC GBP 826 006,67 1 070 013,71 0,11
LUXEMBOURG 6 161 477,06 5 923 972,40 0,63
Energy 1 970 394,45 2 189 995,08 0,24

153 361,00 TENARIS SA EUR 1 970 394,45 2 189 995,08 0,24
Consumer Retail 1 984 143,71 1 997 240,87 0,21

107 697,00 SES SA -ADR- EUR 1 984 143,71 1 997 240,87 0,21
Raw materials 1 801 676,73 1 344 073,86 0,14

95 122,00 ARCELORMITTAL EUR 1 801 676,73 1 344 073,86 0,14

5 068,00 MILLICOM INTERNATIONAL CELLULAR SA -SDR- SEK 405 262,17 392 662,59 0,04
AUSTRIA 2 843 485,17 2 360 058,56 0,25
Raw materials 1 598 271,68 1 392 947,60 0,15

64 280,00 VOESTALPINE AG EUR 1 598 271,68 1 392 947,60 0,15
Energy 1 245 213,49 967 110,96 0,10

41 259,00 OMV AG EUR 1 245 213,49 967 110,96 0,10
GREECE 2 923 200,74 2 198 641,03 0,24
Consumer Retail 1 904 084,99 1 155 574,53 0,13

169 191,00 OPAP SA EUR 1 904 084,99 1 155 574,53 0,13
Basic Goods 1 019 115,75 1 043 066,50 0,11

78 722,00 COCA COLA HELLENIC BOTTLING CO SA EUR 1 019 115,75 1 043 066,50 0,11
49
Nominal / % of
UNITED STATES 1 876 838,74 2 192 855,54 0,23
Health 1 876 838,74 2 192 855,54 0,23

16 901,00 SYNTHES INC CHF 1 876 838,74 2 192 855,54 0,23
PORTUGAL 1 877 037,74 1 824 897,28 0,20
Multi-Utilities 1 877 037,74 1 824 897,28 0,20

763 236,00 EDP - ENERGIAS DE PORTUGAL SA EUR 1 877 037,74 1 824 897,28 0,20
CYPRUS 955 667,21 946 379,60 0,10
Energy 955 667,21 946 379,60 0,10

178 870,00 PROSAFE SE NOK 955 667,21 946 379,60 0,10
JERSEY 509 715,96 473 788,47 0,05
Raw materials 509 715,96 473 788,47 0,05

6 010,00 RANDGOLD RESOURCES LTD GBP 509 715,96 473 788,47 0,05
MEXICO 416 853,29 354 390,02 0,04
Raw materials 416 853,29 354 390,02 0,04

19 386,00 FRESNILLO PLC GBP 416 853,29 354 390,02 0,04
BERMUDA 302,55 126,27 0,00
Energy 302,55 126,27 0,00

1 505,00 INDEPENDENT TANKERS CORP LTD NOK 302,55 126,27 0,00
GIBRALTAR 2,20 1,96 0,00

1,00 BWIN.PARTY DIGITAL ENTERTAINMENT PLC GBP 2,20 1,96 0,00
UNQUOTED 754 294,21 0,00 0,00
Shares 754 294,21 0,00 0,00
IRELAND 751 258,36 0,00 0,00
Finance 751 258,36 0,00 0,00

AUSTRIA 0,00 0,00 0,00
Finance 0,00 0,00 0,00

46 500,00 IMMOEAST AG EUR 0,00 0,00 0,00
SPAIN 3 035,85 0,00 0,00
Industries 3 035,85 0,00 0,00

Total Portfolio 920 541 026,61 899 976 401,56 96,05
50
Purchase Unrealised
Total Unrealised profit / (loss) on future contracts and commitment 1 046 201,00 40 840 229,74
Unrealised profit on future contracts and commitment 1 046 201,00 40 840 229,74
10 75 Purchase FTSE 100 INDEX FUTURE 16/03/2012 GBP 99 906,47 4 970 631,70
5 45 Purchase FTSE MIB INDEX 16/03/2012 EUR 9 553,50 3 400 425,00
10 180 Purchase SWISS MARKET INDEX FUTURE 16/03/2012 CHF 318 547,65 8 733 832,59
10 40 Purchase IBEX 35 INDEX FUTURE 20/01/2012 EUR 61 476,00 3 390 400,00
100 460 Purchase OMX 30 INDEX FUTURE 20/01/2012 SEK 168 509,38 5 112 140,45
51
FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 DECEMBER 2011
Purchase commitment in Sale commitment in Unrealised profit/(loss)

Maturity currency currency (EUR)
Total Unrealised profit / (loss) on forward foreign exchange contracts (500 224,24)
Unrealised profit on forward foreign exchange contracts 22 761,14
19/01/2012 1 514 761,60 GBP 1 806 026,54 EUR 6 990,19

19/01/2012 2 287 403,00 SEK 252 225,67 EUR 4 558,90
19/01/2012 583 503,31 CHF 477 628,69 EUR 3 119,86
19/01/2012 659 144,57 NOK 84 552,39 EUR 473,40
19/01/2012 924 367,65 SEK 102 992,68 EUR 777,12
19/01/2012 280 643,73 CHF 230 505,91 EUR 716,54
19/01/2012 272 629,02 GBP 325 528,39 EUR 781,03
19/01/2012 86 247,31 NOK 11 075,14 EUR 50,26
19/01/2012 184 107,67 CHF 151 051,72 EUR 634,64
19/01/2012 86 694,62 GBP 103 633,12 EUR 131,59
19/01/2012 120 963,73 SEK 13 492,68 EUR 86,75
19/01/2012 1 414 866,23 EUR 10 511 735,38 DKK 597,39
19/01/2012 632 524,33 EUR 526 929,45 GBP 1 842,97
19/01/2012 119 672,14 EUR 99 672,83 GBP 373,82
19/01/2012 413 769,98 EUR 345 071,42 GBP 754,32
19/01/2012 502 040,67 EUR 418 845,65 GBP 724,71
19/01/2012 1 037 995,45 EUR 867 113,89 GBP 147,65
Unrealised loss on forward foreign exchange contracts (522 985,38)
19/01/2012 377 185,25 EUR 460 103,47 CHF (1 894,13)

19/01/2012 249 016,14 EUR 2 241 582,24 SEK (2 624,57)
19/01/2012 45 071,07 EUR 404 711,34 SEK (361,95)
19/01/2012 81 573,96 EUR 634 415,99 NOK (261,98)
19/01/2012 89 196,44 EUR 663 033,93 DKK (9,40)
19/01/2012 143 534,61 EUR 175 483,04 CHF (1 045,92)
19/01/2012 84 049,07 EUR 102 808,96 CHF (655,26)
19/01/2012 33 074,21 EUR 258 220,90 NOK (234,77)
19/01/2012 64 307,75 EUR 578 539,96 SEK (639,32)
19/01/2012 13 890,11 EUR 16 959,47 CHF (82,80)
19/01/2012 43 306,70 EUR 388 132,91 SEK (265,22)
19/01/2012 31 597,74 EUR 234 970,74 DKK (15,67)
19/01/2012 30 428,36 EUR 237 358,66 NOK (189,52)
19/01/2012 294 967,86 EUR 247 571,98 GBP (1 350,81)
19/01/2012 23 270,28 EUR 173 021,07 DKK (8,30)
19/01/2012 137 061,89 EUR 167 057,19 CHF (576,58)
19/01/2012 199 562,36 EUR 242 591,14 CHF (308,55)
19/01/2012 375 941,08 DKK 50 634,78 EUR (54,95)
19/01/2012 270 241,38 DKK 36 395,67 EUR (36,88)
19/01/2012 148 142,05 DKK 19 941,93 EUR (10,62)
19/01/2012 165 588,78 EUR 223 639,14 CAD (3 531,32)
19/01/2012 15 837 009,20 EUR 19 428 087,46 CHF (169 797,79)
19/01/2012 44 220 463,15 EUR 37 112 505,70 GBP (199 459,93)
19/01/2012 1 798 383,38 EUR 14 017 900,33 NOK (9 843,58)
19/01/2012 5 614 723,61 EUR 51 170 596,04 SEK (129 703,31)
19/01/2012 38 580,14 EUR 50 116,26 USD (22,25)
52
Assets Notes
Banks 61 903 885,76
Total assets 1 178 084 054,10
Liabilities

Class I Units EUR 65,12 1 726 190,626

Class IH Units EUR 91,18 1 145 969,492
Class R Units EUR 64,72 1 242 892,069
Class Z Units EUR 68,83 11 235 319,596
53

2011 IN EUR

financial instruments 13 808 570,98
- investments 12 397 962,28
- foreign currencies 1 072 953,57
Net result of operations for the year 28 935 052,71

54
Nominal / % of
TRANSFERABLE SECURITIES 980 294 305,45 1 107 203 975,49 94,65
LISTED ON AN OFFICIAL STOCK EXCHANGE 980 275 698,29 1 107 203 975,49 94,65
Shares 980 275 698,29 1 107 203 975,49 94,65
UNITED STATES 872 927 404,43 992 626 036,84 84,85
Computing and IT 151 569 211,08 183 643 607,19 15,70

96 082,00 APPLE INC USD 16 774 949,06 29 975 896,33 2,56
134 441,00 INTERNATIONAL BUSINESS MACHINES CORP USD 13 286 585,95 19 043 262,31 1,63
920 232,00 MICROSOFT CORP USD 17 586 846,88 18 402 513,28 1,57
28 261,00 GOOGLE INC USD 10 150 779,02 14 061 379,51 1,20
717 181,00 INTEL CORP USD 10 617 693,96 13 397 249,29 1,15
536 654,00 ORACLE CORP USD 9 625 159,65 10 603 686,04 0,91
640 567,00 CISCO SYSTEMS INC USD 9 144 642,58 8 921 504,68 0,76
177 512,00 QUALCOMM INC USD 5 825 834,22 7 479 803,07 0,64
254 761,00 HEWLETT-PACKARD CO USD 6 218 406,53 5 055 381,37 0,43
290 583,00 EMC CORP USD 4 294 600,61 4 821 598,27 0,41
49 502,00 VISA INC USD 2 614 876,33 3 871 615,79 0,33
11 023,00 MASTERCARD INC USD 1 769 494,19 3 165 731,88 0,27
120 009,00 TEXAS INSTRUMENTS INC USD 2 543 035,46 2 691 108,10 0,23
113 341,00 EBAY INC USD 2 402 116,68 2 648 101,15 0,23
52 760,00 AUTOMATIC DATA PROCESSING INC USD 1 734 271,74 2 195 098,86 0,19
200 413,00 CORNING INC USD 2 545 366,89 2 003 898,42 0,17
114 832,00 CA INC USD 1 762 974,30 1 788 182,31 0,15
28 494,00 COGNIZANT TECHNOLOGY SOLUTIONS CORP USD 921 944,13 1 411 585,05 0,12
99 786,00 WESTERN UNION CO USD 1 412 096,33 1 403 606,94 0,12
273 806,00 MICRON TECHNOLOGY INC USD 2 002 650,00 1 326 687,77 0,11
45 178,00 ALTERA CORP USD 957 547,10 1 291 148,01 0,11
56 845,00 BROADCOM CORP USD 1 448 153,84 1 285 652,04 0,11
45 953,00 NETAPP INC USD 1 128 091,96 1 283 915,81 0,11
19 190,00 VMWARE INC USD 1 143 023,90 1 229 762,43 0,11
105 160,00 DELL INC USD 1 342 475,68 1 185 141,00 0,10
136 918,00 APPLIED MATERIALS INC USD 1 541 756,74 1 129 601,18 0,10
54 000,00 MAXIM INTEGRATED PRODUCTS INC USD 1 047 371,13 1 083 203,01 0,09
43 340,00 AKAMAI TECHNOLOGIES INC USD 898 579,49 1 077 699,18 0,09
86 400,00 YAHOO! INC USD 981 610,48 1 073 552,36 0,09
13 102,00 ALLIANCE DATA SYSTEMS CORP USD 926 376,69 1 048 038,88 0,09
12 799,00 SALESFORCE.COM INC USD 902 221,38 1 000 336,27 0,09
12 162,00 F5 NETWORKS INC USD 845 868,05 994 208,25 0,09
100 800,00 ACTIVISION BLIZZARD INC USD 919 539,73 956 635,21 0,08
78 802,00 SYMANTEC CORP USD 941 848,87 950 006,77 0,08
38 141,00 WESTERN DIGITAL CORP USD 847 744,25 909 343,25 0,08
31 800,00 MICROCHIP TECHNOLOGY INC USD 847 435,50 897 303,08 0,08
24 220,00 MOTOROLA SOLUTIONS INC USD 0,00 863 647,34 0,07
36 747,00 LINEAR TECHNOLOGY CORP USD 909 323,95 850 065,40 0,07
54 100,00 JABIL CIRCUIT, INC USD 831 942,95 819 324,42 0,07
21 460,00 SANDISK CORP USD 840 744,09 813 501,21 0,07
32 368,00 PAYCHEX INC USD 782 749,49 750 761,06 0,06
14 387,00 CITRIX SYSTEMS INC USD 466 269,00 672 941,21 0,06
158 136,00 ADVANCED MICRO DEVICES INC USD 794 286,70 657 808,72 0,06
23 083,00 VERISIGN INC USD 415 581,79 635 153,69 0,06
22 781,00 ANALOG DEVICES INC USD 530 263,55 627 896,76 0,05
25 243,00 XILINX INC USD 649 347,15 623 418,38 0,05
97 825,00 XEROX CORP USD 637 854,61 599 843,62 0,05
60 770,00 SAIC INC USD 724 694,04 575 328,97 0,05
29 306,00 FLIR SYSTEMS INC USD 610 137,55 565 960,34 0,05
30 982,00 COMPUTER SCIENCES CORP USD 889 485,18 565 630,63 0,05
20 015,00 HARRIS CORP USD 572 088,34 555 668,14 0,05
29 194,00 CREE INC USD 672 318,83 495 655,94 0,04
19 066,00 BMC SOFTWARE INC USD 492 808,49 481 441,65 0,04
11 400,00 INTUIT INC USD 410 461,96 461 831,07 0,04
15 500,00 DOLBY LABORATORIES INC USD 384 884,11 364 291,49 0,03
Finance 139 745 827,13 131 123 045,74 11,21

567 692,00 WELLS FARGO & CO USD 12 482 178,03 12 052 221,58 1,03
274 222,00 JPMORGAN CHASE & CO USD 7 852 036,37 7 023 750,30 0,60
148 142,00 AMERICANRESS CO USD 4 609 466,45 5 382 935,80 0,46
220 189,00 US BANCORP USD 4 127 592,09 4 588 154,24 0,39
55
Nominal / % of
201 430,00 CITIGROUP INC USD 6 536 910,13 4 082 442,92 0,35
83 447,00 PNC FINANCIAL SERVICES GROUP INC USD 3 923 667,04 3 707 112,79 0,32
104 395,00 AFLAC INC USD 3 388 459,52 3 478 895,10 0,30
277 398,00 ANNALY CAPITAL MANAGEMENT INC USD 3 422 340,93 3 410 447,22 0,29
78 482,00 HEALTH CARE REIT INC USD 2 685 061,74 3 296 709,50 0,28
134 708,00 MARSH & MCLENNAN COS INC USD 2 797 238,75 3 281 182,41 0,28
79 495,00 PRUDENTIAL FINANCIAL INC USD 3 157 552,80 3 069 205,70 0,26
30 732,00 SIMON PROPERTY GROUP INC USD 1 851 840,31 3 052 485,51 0,26
41 952,00 GOLDMAN SACHS GROUP INC USD 4 414 697,58 2 922 404,45 0,25
48 257,00 BERKSHIRE HATHAWAY INC USD 2 681 196,88 2 836 351,02 0,24
572 744,00 BANK OF AMERICA CORP USD 5 086 674,00 2 453 072,93 0,21
22 488,00 PUBLIC STORAGE USD 1 526 969,26 2 329 265,85 0,20
386 909,00 KEYCORP USD 2 514 706,29 2 291 977,20 0,20
137 378,00 BANK OF NEW YORK MELLON CORP USD 3 224 425,83 2 106 995,31 0,18
87 693,00 METLIFE INC USD 2 941 723,70 2 106 280,27 0,18
208 161,00 FIFTH THIRD BANCORP USD 1 849 998,32 2 039 677,93 0,17
44 179,00 TRAVELERS COS INC USD 1 617 200,49 2 013 689,80 0,17
166 224,00 MORGAN STANLEY USD 3 000 814,30 1 937 348,62 0,16
31 692,00 M&T BANK CORP USD 1 807 460,79 1 863 703,94 0,16
51 947,00 RAYONIER INC USD 1 571 769,96 1 785 921,97 0,15
33 190,00 DIGITAL REALTY TRUST INC USD 1 619 301,89 1 704 562,10 0,14
37 827,00 T ROWE PRICE GROUP INC USD 1 423 865,65 1 659 475,13 0,14
52 053,00 STATE STREET CORP USD 1 844 812,11 1 616 343,58 0,14
30 126,00 CHUBB CORP USD 1 130 977,59 1 606 379,63 0,14
49 304,00 CAPITAL ONE FINANCIAL CORP USD 1 964 291,08 1 606 182,76 0,14
79 790,00 NYSE EURONEXT USD 2 297 980,26 1 604 220,61 0,14
47 557,00 TORCHMARK CORP USD 1 422 274,24 1 589 568,40 0,14
33 942,00 EQUITY RESIDENTIAL USD 1 135 157,93 1 491 131,42 0,13
15 942,00 INTERCONTINENTALEXCHANGE INC USD 1 217 284,88 1 480 420,67 0,13
299 259,00 HUDSON CITY BANCORP INC USD 1 436 298,36 1 440 795,55 0,12
63 688,00 PROLOGIS INC USD 1 488 121,24 1 402 642,15 0,12
173 600,00 TCF FINANCIAL CORP USD 1 326 032,97 1 380 080,88 0,12
99 000,00 BROOKFIELD PROPERTIES CORP CAD 1 154 852,20 1 196 081,61 0,10
16 134,00 FRANKLIN RESOURCES INC USD 1 067 258,72 1 193 877,47 0,10
27 951,00 VENTAS INC USD 1 077 301,70 1 187 026,63 0,10
8 462,00 BLACKROCK INC USD 1 086 475,79 1 161 858,70 0,10
65 300,00 LEUCADIA NATIONAL CORP USD 1 145 022,29 1 143 875,51 0,10
5 510,00 CME GROUP INC USD 1 387 185,88 1 034 257,75 0,09
26 481,00 AMERIPRISE FINANCIAL INC USD 877 843,00 1 012 607,81 0,09
67 233,00 PROGRESSIVE CORP USD 998 578,63 1 010 450,12 0,09
301 961,00 REGIONS FINANCIAL CORP USD 2 311 988,75 1 000 217,46 0,08
9 657,00 AVALONBAY COMMUNITIES INC REIT USD 691 968,12 971 539,65 0,08
52 919,00 AMERICAN INTERNATIONAL GROUP INC USD 1 071 106,30 945 746,48 0,08
48 682,00 PRINCIPAL FINANCIAL GROUP INC USD 993 508,90 922 526,05 0,08
51 409,00 UNUM GROUP USD 813 632,55 834 408,68 0,07
90 200,00 ASSOCIATED BANC CORP USD 710 074,91 776 130,64 0,07
64 518,00 GENERAL GROWTH PROPERTIES INC USD 714 094,61 746 493,36 0,06
64 729,00 HOST HOTELS & RESORTS INC USD 658 226,26 736 469,07 0,06
32 770,00 WINTRUST FINANCIAL CORP USD 684 436,86 708 083,42 0,06
55 300,00 HARTFORD FINANCIAL SERVICES GROUP INC USD 1 345 968,92 692 235,10 0,06
23 288,00 COMMERCE BANCSHARES INC USD 629 862,51 683 848,98 0,06
20 060,00 CITY NATIONAL CORP/CA USD 629 097,47 682 702,92 0,06
58 500,00 FIRSTMERIT CORP USD 618 688,04 681 820,28 0,06
133 100,00 GENWORTH FINANCIAL INC USD 613 543,80 671 574,93 0,06
70 100,00 UMPQUA HLDG CORP USD 626 333,38 669 059,04 0,06
48 685,00 SUNTRUST BANKS INC USD 1 239 383,14 663 809,65 0,06
16 920,00 MACERICH CO USD 545 864,47 659 517,00 0,06
15 730,00 CULLEN/FROST BANKERS INC USD 594 576,26 641 123,36 0,05
23 379,00 CIT GROUP INC USD 672 717,17 627 990,39 0,05
33 000,00 NASDAQ OMX GROUP INC USD 606 479,10 623 063,59 0,05
31 909,00 BB&T CORP USD 747 950,81 618 687,77 0,05
58 923,00 SLM CORP USD 1 084 866,18 608 225,70 0,05
23 281,00 MOODY'S CORP USD 470 678,72 604 016,54 0,05
27 224,00 ALLSTATE CORP USD 697 962,34 574 825,59 0,05
47 100,00 TD AMERITRADE HOLDING CORP USD 706 606,37 567 819,59 0,05
15 512,00 AON CORP USD 461 527,70 559 227,82 0,05
44 586,00 KIMCO REALTY CORP USD 713 981,26 557 775,79 0,05
45 800,00 FEDERATED INVESTORS INC USD 817 190,77 534 506,80 0,05
51 000,00 NEW YORK COMMUNITY BANCORP INC USD 575 167,79 485 976,19 0,04
29 890,00 CBRE GROUP INC USD 442 700,62 350 441,63 0,03
56
Nominal / % of
4 820,00 DISCOVER FINANCIAL SERVICES USD 82 745,08 89 111,43 0,01
Energy 112 177 189,75 127 886 595,05 10,93

540 299,00 EXXON MOBIL CORP USD 27 731 713,95 35 277 697,51 3,02
245 863,00 CHEVRON CORP USD 14 981 353,49 20 151 618,13 1,72
141 993,00 CONOCOPHILLIPS USD 6 467 552,46 7 970 596,51 0,68
150 014,00 SCHLUMBERGER LTD USD 7 737 843,34 7 893 892,30 0,67
104 584,00 OCCIDENTAL PETROLEUM CORP USD 5 960 901,19 7 548 835,46 0,65
48 385,00 APACHE CORP USD 3 440 362,42 3 376 122,39 0,29
135 195,00 SOUTHWESTERN ENERGY CO USD 3 818 617,91 3 326 370,82 0,28
65 595,00 DIAMOND OFFSHORE DRILLING INC USD 2 981 593,50 2 792 265,67 0,24
123 775,00 EL PASO CORP USD 1 597 262,09 2 533 375,75 0,22
136 097,00 CHESAPEAKE ENERGY CORP USD 2 852 992,26 2 336 865,63 0,20
43 770,00 NATIONAL OILWELL VARCO INC USD 1 742 020,95 2 292 433,30 0,20
37 091,00 ANADARKO PETROLEUM CORP USD 1 688 442,73 2 180 915,93 0,19
78 745,00 HALLIBURTON CO USD 1 903 688,71 2 093 355,88 0,18
28 249,00 CONCHO RESOURCES INC/MIDLAND TX USD 2 003 070,58 2 040 090,70 0,17
40 413,00 DEVON ENERGY CORP USD 2 165 470,76 1 930 135,95 0,16
80 195,00 SPECTRA ENERGY CORP USD 1 682 739,09 1 899 623,49 0,16
81 482,00 MARATHON OIL CORP USD 1 580 852,59 1 837 213,06 0,16
69 305,00 ULTRA PETROLEUM CORP USD 2 122 716,35 1 581 872,00 0,14
53 239,00 CONSOL ENERGY INC USD 1 713 334,47 1 505 119,82 0,13
81 473,00 VALERO ENERGY CORP USD 1 429 560,87 1 321 115,93 0,11
29 682,00 HESS CORP USD 1 465 042,28 1 298 723,25 0,11
48 979,00 PEABODY ENERGY CORP USD 1 475 621,10 1 249 235,21 0,11
16 602,00 NOBLE ENERGY INC USD 794 913,81 1 207 150,77 0,10
27 513,00 FMC TECHNOLOGIES INC USD 849 807,57 1 106 962,97 0,09
15 645,00 PIONEER NATURAL RESOURCES CO USD 937 640,05 1 078 392,01 0,09
22 603,00 CIMAREX ENERGY CO USD 1 114 170,87 1 077 784,30 0,09
41 825,00 QEP RESOURCES INC USD 963 926,15 944 014,55 0,08
21 144,00 MURPHY OIL CORP USD 1 041 909,82 907 881,64 0,08
28 600,00 PLAINSLORATION & PRODUCTION CO USD 654 597,27 808 991,25 0,07
41 681,00 HOLLYFRONTIER CORP USD 1 023 037,85 751 327,19 0,06
15 990,00 HELMERICH & PAYNE INC USD 595 877,19 718 850,98 0,06
22 574,00 SUNOCO INC USD 614 917,98 713 311,62 0,06
42 992,00 ALPHA NATURAL RESOURCES INC USD 1 030 284,07 676 598,66 0,06
15 875,00 EQT CORP USD 535 654,07 670 023,68 0,06
15 785,00 BAKER HUGHES INC USD 677 714,84 591 443,51 0,05
23 651,00 ROWAN COS INC USD 607 604,08 552 582,39 0,05
13 100,00 ENERGEN CORP USD 530 343,57 504 564,19 0,04
43 441,00 ARCH COAL INC USD 821 610,58 485 559,38 0,04
14 658,00 NEWFIELDLORATION CO USD 622 228,45 426 026,53 0,04
3 000,00 EOG RESOURCES INC USD 218 198,44 227 654,74 0,02
Health 104 198 817,04 122 681 259,12 10,49

322 153,00 JOHNSON & JOHNSON USD 14 685 925,67 16 274 539,65 1,39
762 043,00 PFIZER INC USD 10 533 374,35 12 703 162,53 1,09
312 080,00 MERCK & CO INC USD 7 544 805,42 9 063 217,61 0,77
196 512,00 ABBOTT LABORATORIES USD 7 251 671,62 8 512 013,03 0,73
261 731,00 BRISTOL-MYERS SQUIBB CO USD 5 113 841,45 7 105 034,39 0,61
169 071,00 GILEAD SCIENCES INC USD 4 913 409,61 5 330 721,41 0,46
122 070,00 BAXTER INTERNATIONAL INC USD 4 931 462,46 4 652 793,26 0,40
114 200,00 UNITEDHEALTH GROUP INC USD 3 063 141,28 4 458 387,68 0,38
88 749,00 AMGEN INC USD 3 663 081,05 4 389 764,87 0,37
106 214,00 ELI LILLY & CO USD 3 061 780,66 3 400 418,92 0,29
96 564,00 EXPRESS SCRIPTS INC USD 2 750 634,12 3 324 303,92 0,28
73 671,00 MEDCO HEALTH SOLUTIONS INC USD 2 402 928,86 3 172 367,51 0,27
107 063,00 MEDTRONIC INC USD 3 311 134,11 3 154 612,13 0,27
49 891,00 CELGENE CORP USD 2 066 558,19 2 598 029,18 0,22
34 890,00 ALLERGAN INC/UNITED STATES USD 1 708 815,15 2 358 162,45 0,20
80 748,00 AMERISOURCEBERGEN CORP USD 2 082 732,84 2 313 305,94 0,20
82 575,00 ST JUDE MEDICAL INC USD 2 585 881,09 2 181 814,50 0,19
25 637,00 BIOGEN IDEC INC USD 1 140 857,72 2 173 363,51 0,19
27 840,00 HUMANA INC USD 1 203 587,66 1 878 875,62 0,16
4 863,00 INTUITIVE SURGICAL INC USD 949 132,45 1 734 481,85 0,15
28 530,00 MCKESSON CORP USD 1 106 819,69 1 712 261,52 0,15
34 748,00 CERNER CORP USD 1 453 580,61 1 639 498,51 0,14
104 400,00 ALLSCRIPTS HEALTHCARE SOLUTIONS INC USD 1 453 326,10 1 523 195,31 0,13
27 439,00 WELLPOINT INC USD 1 218 247,83 1 400 326,42 0,12
22 666,00 BECTON DICKINSON AND CO USD 1 263 110,11 1 304 628,52 0,11
39 812,00 AETNA INC USD 1 135 385,62 1 293 893,83 0,11
57
Nominal / % of
80 100,00 VCA ANTECH INC USD 1 182 576,81 1 218 638,06 0,10
21 326,00 ALEXION PHARMACEUTICALS INC USD 658 717,09 1 174 601,54 0,10
29 297,00 STRYKER CORP USD 1 047 934,56 1 121 868,71 0,10
45 436,00 FOREST LABORATORIES INC USD 1 005 736,24 1 059 117,48 0,09
29 355,00 CIGNA CORP USD 867 979,17 949 743,86 0,08
29 205,00 CARDINAL HEALTH INC USD 973 528,07 913 619,42 0,08
20 784,00 ZIMMER HOLDINGS INC USD 885 577,06 855 279,65 0,07
17 111,00 QUEST DIAGNOSTICS INC USD 659 778,83 765 292,65 0,07
9 601,00 PERRIGO CO USD 482 158,22 719 622,00 0,06
10 690,00 LABORATORY CORP OF AMERICA HOLDINGS USD 496 002,77 707 945,38 0,06
10 035,00 CR BARD INC USD 598 858,13 660 934,79 0,06
12 727,00 WATSON PHARMACEUTICALS INC USD 424 611,52 591 570,45 0,05
8 899,00 WATERS CORP USD 394 021,43 507 623,12 0,04
21 022,00 ILLUMINA INC USD 783 206,69 493 587,46 0,04
18 145,00 DENTSPLY INTERNATIONAL INC USD 473 639,94 489 075,64 0,04
8 703,00 EDWARDS LIFESCIENCES CORP USD 357 551,08 473 983,82 0,04
12 100,00 AGILENT TECHNOLOGIES INC USD 311 713,71 325 581,02 0,03
Consumer Retail 90 824 542,35 112 382 315,57 9,60

112 504,00 MCDONALD'S CORP USD 5 434 498,98 8 695 086,29 0,74
165 121,00 DIRECTV USD 4 503 956,84 5 438 950,76 0,47
286 843,00 COMCAST CORP USD 4 475 789,59 5 239 030,54 0,45
37 105,00 AMAZON.COM INC USD 3 166 790,89 4 947 714,42 0,42
133 596,00 STARBUCKS CORP USD 2 964 355,09 4 735 009,00 0,40
146 433,00 WALT DISNEY CO USD 3 429 728,60 4 230 048,51 0,36
127 074,00 HOME DEPOT INC USD 2 765 829,13 4 115 233,94 0,35
62 400,00 TJX COS INC USD 1 861 324,28 3 102 815,53 0,27
68 137,00 YUM! BRANDS INC USD 2 086 550,92 3 097 303,36 0,26
369 018,00 FORD MOTOR CO USD 2 729 715,97 3 058 686,33 0,26
38 816,00 NIKE INC USD 1 922 965,24 2 881 560,61 0,25
134 910,00 LOWE'S COS INC USD 2 179 913,19 2 637 611,82 0,23
66 219,00 TARGET CORP USD 2 255 778,47 2 612 746,73 0,22
88 216,00 TIME WARNER INC USD 2 409 494,09 2 455 899,72 0,21
68 460,00 MCGRAW-HILL COS INC USD 1 892 495,98 2 371 564,29 0,20
51 902,00 APOLLO GROUP INC USD 1 756 245,61 2 153 804,05 0,18
43 705,00 GENUINE PARTS CO USD 1 608 382,65 2 060 429,06 0,18
141 648,00 GAP INC USD 1 897 098,18 2 024 088,42 0,17
23 482,00 WYNN RESORTS LTD USD 2 083 947,61 1 998 633,57 0,17
135 540,00 NEWS CORP USD 1 584 027,04 1 862 676,57 0,16
17 344,00 VF CORP USD 1 242 981,06 1 696 656,43 0,15
35 882,00 COACH INC USD 1 213 878,55 1 687 198,91 0,14
32 855,00 TIME WARNER CABLE INC USD 582 521,14 1 608 899,08 0,14
47 920,00 LTD BRANDS INC USD 1 190 576,99 1 489 482,72 0,13
4 111,00 PRICELINE.COM INC USD 633 944,34 1 481 150,72 0,13
24 875,00 ADVANCE AUTO PARTS INC USD 1 043 970,02 1 334 241,99 0,11
104 300,00 H&R BLOCK INC USD 1 180 453,16 1 312 035,58 0,11
34 426,00 ROSS STORES INC USD 725 154,80 1 260 461,25 0,11
49 238,00 CARNIVAL CORP USD 1 360 630,85 1 238 014,34 0,11
156 899,00 INTERPUBLIC GROUP OF COS INC USD 1 292 958,00 1 176 002,21 0,10
46 592,00 MACY'S INC USD 1 038 235,07 1 154 974,81 0,10
10 425,00 RALPH LAUREN CORP USD 864 484,54 1 108 873,39 0,09
23 549,00 BED BATH & BEYOND INC USD 757 413,25 1 051 600,76 0,09
23 651,00 FAMILY DOLLAR STORES INC USD 779 163,28 1 050 507,76 0,09
66 411,00 GENERAL MOTORS CO USD 1 627 907,91 1 036 976,44 0,09
28 954,00 OMNICOM GROUP INC USD 906 257,17 994 314,46 0,09
53 223,00 BEST BUY CO INC USD 1 286 576,62 958 149,29 0,08
51 093,00 COMCAST CORP USD 841 138,12 927 281,96 0,08
42 299,00 MATTEL INC USD 702 694,22 904 533,56 0,08
81 866,00 STAPLES INC USD 1 178 886,83 875 953,27 0,07
13 567,00 DOLLAR TREE INC USD 483 007,51 868 584,81 0,07
14 091,00 O'REILLY AUTOMOTIVE INC USD 463 238,30 867 831,49 0,07
22 651,00 KOHL'S CORP USD 885 894,63 861 092,20 0,07
20 900,00 PETSMART INC USD 639 239,22 825 760,50 0,07
27 329,00 HARLEY-DAVIDSON INC USD 599 925,93 818 301,60 0,07
22 148,00 DARDEN RESTAURANTS INC USD 678 425,22 777 649,61 0,07
546 237,00 SIRIUS XM RADIO INC USD 766 559,18 765 821,62 0,07
22 600,00 LAS VEGAS SANDS CORP USD 736 515,95 743 903,24 0,06
32 744,00 MARRIOTT INTERNATIONAL INC USD 683 005,94 735 772,04 0,06
53 560,00 INTERNATIONAL GAME TECHNOLOGY USD 1 012 094,31 709 649,88 0,06
13 705,00 TIFFANY & CO USD 363 262,14 699 528,79 0,06
58
Nominal / % of
31 400,00 DISH NETWORK CORP USD 653 629,20 688 881,87 0,06
17 884,00 NORDSTROM INC USD 511 446,66 684 831,21 0,06
22 948,00 DEVRY INC USD 863 702,92 679 875,27 0,06
50 665,00 LIBERTY MEDIA CORP - INTERACTIVE USD 746 422,72 632 849,04 0,05
24 400,00 TRW AUTOMOTIVE HOLDINGS CORP USD 788 946,96 612 748,91 0,05
18 391,00 SCRIPPS NETWORKS INTERACTIVE INC USD 593 203,59 600 967,70 0,05
42 700,00 NEWS CORP USD 516 384,56 597 994,07 0,05
71 800,00 MGM RESORTS INTERNATIONAL USD 655 633,86 576 877,86 0,05
22 597,00 HASBRO INC USD 591 066,86 555 111,76 0,05
13 893,00 WHIRLPOOL CORP USD 749 276,10 507 817,16 0,04
26 045,00 GAMESTOP CORP USD 468 655,75 484 124,21 0,04
41 586,00 CABLEVISION SYSTEMS CORP USD 635 385,04 455 535,12 0,04
18 498,00 JOHNSON CONTROLS INC USD 396 957,44 445 439,65 0,04
18 293,00 EXPEDIA INC USD 305 291,58 408 937,99 0,04
9 970,00 ABERCROMBIE & FITCH CO USD 306 098,26 375 099,02 0,03
18 293,00 TRIPADVISOR INC USD 339 212,86 355 249,03 0,03
12 000,00 WYNDHAM WORLDWIDE CORP USD 317 177,91 349 697,65 0,03
6 000,00 NETFLIX INC USD 322 168,47 320 255,75 0,03
6 046,00 AMC NETWORKS INC USD 170 846,68 175 024,98 0,02
249,00 WASHINGTON POST CO USD 67 861,70 72 276,46 0,01
3 274,00 MARRIOTT VACATIONS WORLDWIDE CORP USD 40 205,94 43 278,39 0,00
553,00 VIACOM INC USD 15 084,69 19 344,24 0,00
Basic Goods 88 066 298,19 108 061 960,25 9,24

279 758,00 PROCTER & GAMBLE CO USD 12 582 777,99 14 376 347,95 1,23
220 496,00 PHILIP MORRIS INTERNATIONAL INC USD 7 778 539,40 13 330 143,67 1,14
221 913,00 COCA-COLA CO USD 9 247 645,76 11 961 061,93 1,02
209 960,00 WAL-MART STORES INC USD 8 175 582,05 9 665 454,33 0,83
156 817,00 PEPSICO INC/NC USD 7 067 844,81 8 015 104,50 0,68
142 874,00 CVS CAREMARK CORP USD 3 447 111,18 4 488 234,56 0,38
56 147,00 COLGATE-PALMOLIVE CO USD 3 179 738,79 3 996 010,71 0,34
122 026,00 KRAFT FOODS INC USD 2 919 609,44 3 511 837,11 0,30
137 582,00 WALGREEN CO USD 3 537 743,32 3 503 802,26 0,30
120 955,00 ALTRIA GROUP INC USD 2 453 099,92 2 762 635,85 0,24
29 053,00 LORILLARD INC USD 2 033 924,82 2 551 355,38 0,22
40 450,00 KIMBERLY-CLARK CORP USD 1 878 904,97 2 292 109,53 0,20
62 800,00 CHURCH & DWIGHT CO INC USD 1 916 971,14 2 213 710,27 0,19
66 356,00 GENERAL MILLS INC USD 1 570 075,51 2 065 590,22 0,18
78 888,00 CAMPBELL SOUP CO USD 1 846 868,91 2 019 980,05 0,17
106 926,00 TYSON FOODS INC USD 1 366 397,88 1 700 075,21 0,14
26 372,00 COSTCO WHOLESALE CORP USD 1 220 235,43 1 692 651,10 0,14
124 531,00 AVON PRODUCTS INC USD 2 273 094,73 1 675 889,97 0,14
39 419,00 HJ HEINZ CO USD 1 387 996,15 1 640 952,70 0,14
78 334,00 CONAGRA FOODS INC USD 1 378 042,33 1 593 049,79 0,14
72 061,00 ARCHER-DANIELS-MIDLAND CO USD 1 726 962,34 1 587 601,27 0,14
66 107,00 SYSCO CORP USD 1 324 919,66 1 493 601,13 0,13
42 044,00 DR PEPPER SNAPPLE GROUP INC USD 1 024 300,83 1 278 663,57 0,11
13 316,00 ESTEE LAUDER COS INC USD 606 695,49 1 152 141,98 0,10
20 305,00 MEAD JOHNSON NUTRITION CO USD 684 692,43 1 075 039,59 0,09
26 388,00 KELLOGG CO USD 1 035 340,88 1 027 956,06 0,09
23 500,00 MCCORMICK & CO INC/MD USD 801 476,20 912 737,35 0,08
15 573,00 HERSHEY CO USD 476 378,61 741 131,56 0,06
22 189,00 REYNOLDS AMERICAN INC USD 489 547,86 707 983,19 0,06
43 062,00 SAFEWAY INC USD 728 588,57 697 935,12 0,06
34 015,00 COCA-COLA ENTERPRISES INC USD 272 517,87 675 504,91 0,06
9 490,00 HANSEN NATURAL CORP USD 485 967,29 673 580,55 0,06
9 958,00 WHOLE FOODS MARKET INC USD 354 555,70 533 742,35 0,04
12 977,00 GREEN MOUNTAIN COFFEE ROASTERS INC USD 792 149,93 448 344,53 0,04
Industries 89 419 936,54 101 316 528,60 8,66

1 063 521,00 GENERAL ELECTRIC CAPITAL CORP USD 15 346 515,99 14 672 927,64 1,25
111 542,00 UNITED TECHNOLOGIES CORP USD 5 576 329,48 6 280 171,58 0,54
91 606,00 3M CO USD 5 198 124,75 5 767 406,19 0,49
78 384,00 CATERPILLAR INC USD 4 336 827,96 5 470 546,83 0,47
80 814,00 UNITED PARCEL SERVICE INC USD 3 834 519,27 4 556 312,16 0,39
105 085,00 HONEYWELL INTERNATIONAL INC USD 3 682 972,40 4 399 622,33 0,38
51 670,00 UNION PACIFIC CORP USD 2 801 785,10 4 216 708,22 0,36
67 301,00 BOEING CO USD 3 000 295,58 3 802 741,08 0,33
92 713,00 EMERSON ELECTRIC CO USD 3 035 368,53 3 327 426,45 0,29
193 253,00 CSX CORP USD 2 867 136,49 3 135 160,16 0,27
49 345,00 LOCKHEED MARTIN CORP USD 2 818 901,92 3 075 153,47 0,26
59
Nominal / % of
20 430,00 WW GRAINGER INC USD 2 140 024,25 2 945 955,15 0,25

48 793,00 PALL CORP USD 1 975 489,45 2 148 072,21 0,18
34 628,00 DEERE & CO USD 1 605 011,10 2 063 302,23 0,18
35 672,00 NORFOLK SOUTHERN CORP USD 1 458 591,91 2 002 127,57 0,17
30 799,00 FEDEX CORP USD 1 849 904,44 1 981 299,91 0,17
15 453,00 PRECISION CASTPARTS CORP USD 1 405 986,90 1 961 637,61 0,17
53 588,00 FASTENAL CO USD 1 149 118,22 1 800 233,15 0,15
32 272,00 GENERAL DYNAMICS CORP USD 1 426 621,23 1 650 952,13 0,14
22 880,00 CUMMINS INC USD 1 163 692,21 1 551 359,70 0,13
40 488,00 DANAHER CORP USD 1 123 546,23 1 467 130,54 0,13
35 085,00 RAYTHEON CO USD 1 176 369,24 1 307 562,53 0,11
22 570,00 ROCKWELL AUTOMATION INC USD 1 077 551,84 1 275 631,39 0,11
59 149,00 KBR INC USD 1 434 063,45 1 269 870,68 0,11
27 812,00 NORTHROP GRUMMAN CORP USD 1 134 434,67 1 252 895,08 0,11
39 400,00 VERISK ANALYTICS INC USD 1 136 712,99 1 217 980,97 0,10
46 106,00 WASTE MANAGEMENT INC USD 1 150 070,69 1 161 751,15 0,10
30 950,00 AMETEK INC USD 730 896,56 1 003 732,23 0,09
26 842,00 ILLINOIS TOOL WORKS INC USD 934 474,47 965 828,15 0,08
21 491,00 DOVER CORP USD 748 745,40 961 023,41 0,08
17 590,00 CH ROBINSON WORLDWIDE INC USD 786 801,58 945 522,62 0,08
18 658,00 COOPER INDUSTRIES PLC USD 703 669,25 778 285,02 0,07
23 681,00 EXPEDITORS INTERNATIONAL OF WASHINGTON USD 712 576,78 747 196,98 0,06
INC
35 724,00 SHAW GROUP INC/THE USD 737 186,24 740 265,45 0,06
24 591,00 EQUIFAX INC USD 612 231,35 733 856,13 0,06
17 200,00 ROCKWELL COLLINS INC USD 731 968,19 733 631,70 0,06
18 947,00 FLUOR CORP USD 831 968,45 733 418,13 0,06
32 611,00 REPUBLIC SERVICES INC USD 656 720,57 692 087,24 0,06
23 347,00 PACCAR INC USD 592 452,07 673 891,37 0,06
8 785,00 FLOWSERVE CORP USD 600 866,63 672 130,49 0,06
29 317,00 AVERY DENNISON CORP USD 720 311,46 647 699,85 0,06
10 773,00 PARKER HANNIFIN CORP USD 539 796,55 632 778,37 0,05
26 086,00 IRON MOUNTAIN INC USD 612 776,86 618 918,30 0,05
11 805,00 L-3 COMMUNICATIONS HOLDINGS INC USD 666 578,24 606 368,60 0,05
17 200,00 JB HUNT TRANSPORT SERVICES INC USD 537 282,91 597 160,57 0,05
53 000,00 RR DONNELLEY & SONS CO USD 677 775,79 589 138,39 0,05
92 900,00 DELTA AIR LINES INC USD 598 414,40 578 947,73 0,05
11 700,00 AGCO CORP USD 366 466,64 387 281,13 0,03
4 668,00 ROPER INDUSTRIES INC USD 223 839,55 312 374,65 0,03
3 516,00 JOY GLOBAL INC USD 190 170,31 203 053,98 0,02
Raw materials 35 409 364,52 38 418 618,07 3,28

46 756,00 PRAXAIR INC USD 2 931 802,18 3 850 261,05 0,33
70 169,00 NEWMONT MINING CORP USD 2 946 090,08 3 243 725,05 0,28
91 562,00 EI DU PONT DE NEMOURS & CO USD 2 712 127,55 3 228 986,13 0,28
56 000,00 MONSANTO CO USD 3 086 501,17 3 022 701,52 0,26
117 177,00 DOW CHEMICAL CO USD 2 101 569,47 2 596 010,09 0,22
87 226,00 FREEPORT-MCMORAN COPPER & GOLD INC USD 2 608 718,49 2 472 013,65 0,21
41 596,00 ECOLAB INC USD 1 512 870,37 1 852 378,19 0,16
24 526,00 AIR PRODUCTS & CHEMICALS INC USD 1 334 869,03 1 609 498,08 0,14
34 522,00 ROCK-TENN CO USD 1 577 163,61 1 534 429,30 0,13
38 347,00 MOSAIC CO/THE USD 1 302 861,82 1 489 688,56 0,13
19 389,00 PPG INDUSTRIES INC USD 1 059 492,48 1 246 995,80 0,11
10 782,00 CF INDUSTRIES HOLDINGS INC USD 773 326,40 1 204 155,42 0,10
23 335,00 CLIFFS NATURAL RESOURCES INC USD 1 113 278,08 1 120 777,45 0,09
48 647,00 INTERNATIONAL PAPER CO USD 743 256,84 1 109 233,29 0,09
17 381,00 SIGMA-ALDRICH CORP USD 838 106,89 836 280,29 0,07
11 900,00 FMC CORP USD 680 678,50 788 719,33 0,07
11 366,00 SHERWIN-WILLIAMS CO USD 523 435,54 781 606,76 0,07
29 746,00 CROWN HOLDINGS INC USD 840 951,46 769 457,05 0,06
18 130,00 INTERNATIONAL FLAVORS & FRAGRANCES INC USD 797 753,44 732 099,21 0,06
106 833,00 ALCOA INC USD 1 492 057,54 711 863,38 0,06
45 944,00 OWENS-ILLINOIS INC USD 752 793,44 685 895,09 0,06
23 378,00 BALL CORP USD 585 097,46 643 090,84 0,05
19 676,00 EASTMAN CHEMICAL CO USD 555 187,21 592 030,63 0,05
28 864,00 UNITED STATES STEEL CORP USD 754 154,39 588 330,65 0,05
24 879,00 MEADWESTVACO CORP USD 501 325,61 573 990,71 0,05
9 491,00 AIRGAS INC USD 388 332,51 570 856,43 0,05
12 080,00 WALTER ENERGY INC USD 895 562,96 563 544,12 0,05
60
Nominal / % of
Multi-Utilities 30 362 413,90 34 243 366,45 2,93

106 826,00 EXELON CORP USD 3 546 555,01 3 568 958,59 0,31
139 690,00 PUBLIC SERVICE ENTERPRISE GROUP INC USD 3 369 651,83 3 552 106,37 0,30
76 905,00 SOUTHERN CO USD 2 017 452,81 2 742 312,09 0,23
63 966,00 FIRSTENERGY CORP USD 2 146 821,92 2 182 870,84 0,19
49 512,00 DOMINION RESOURCES INC/VA USD 1 536 981,57 2 024 494,05 0,17
42 505,00 NEXTERA ENERGY INC USD 1 651 079,41 1 993 378,57 0,17
43 900,00 NSTAR USD 1 373 778,24 1 588 063,01 0,14
107 679,00 NRG ENERGY INC USD 1 638 980,69 1 503 018,50 0,13
30 028,00 CONSOLIDATED EDISON INC USD 1 050 454,35 1 434 839,45 0,12
41 851,00 AMERICAN ELECTRIC POWER CO INC USD 1 144 434,95 1 331 791,24 0,11
86 030,00 CENTERPOINT ENERGY INC USD 1 165 201,92 1 331 389,05 0,11
30 239,00 PROGRESS ENERGY INC USD 1 049 383,85 1 304 925,30 0,11
83 100,00 TECO ENERGY INC USD 1 164 152,09 1 225 231,29 0,10
52 035,00 PPL CORP USD 1 214 360,06 1 179 270,26 0,10
20 188,00 ENTERGY CORP USD 1 088 175,93 1 136 026,96 0,10
48 279,00 XCEL ENERGY INC USD 773 626,54 1 027 948,66 0,09
31 709,00 EDISON INTERNATIONAL USD 887 972,19 1 011 248,77 0,09
31 600,00 PG&E CORP USD 960 475,15 1 003 390,97 0,09
29 700,00 NORTHEAST UTILITIES USD 721 267,31 825 235,14 0,07
33 800,00 UGI CORP USD 700 365,68 765 489,35 0,07
11 400,00 ONEOK INC USD 564 186,56 761 287,98 0,07
17 883,00 DTE ENERGY CO USD 597 055,84 750 090,01 0,06

692 758,00 AT&T INC USD 14 437 643,36 16 137 581,81 1,38
297 283,00 VERIZON COMMUNICATIONS INC USD 7 290 252,19 9 187 685,48 0,79
55 258,00 AMERICAN TOWER CORP USD 1 898 414,21 2 554 429,43 0,22
66 755,00 CENTURYLINK INC USD 1 777 336,74 1 912 942,26 0,16
61 973,00 NII HOLDINGS INC USD 1 845 660,30 1 016 850,82 0,09
89 000,00 WINDSTREAM CORP USD 744 993,09 804 883,87 0,07
94 316,00 METROPCS COMMUNICATIONS INC USD 657 049,30 630 638,12 0,05
346 023,00 SPRINT NEXTEL CORP USD 2 502 454,74 623 729,01 0,05
CANADA 84 491 888,80 88 970 347,90 7,61
Finance 24 972 892,47 27 732 813,44 2,37

169 291,00 ROYAL BANK OF CANADA CAD 5 972 159,76 6 657 188,39 0,57
85 299,00 TORONTO-DOMINION BANK CAD 4 106 209,34 4 923 027,44 0,42
98 227,00 BANK OF NOVA SCOTIA CAD 3 264 820,53 3 777 214,88 0,32
56 465,00 BANK OF MONTREAL CAD 2 193 561,64 2 387 022,05 0,20
38 978,00 CANADIAN IMPERIAL BANK OF COMMERCE CAD 1 763 048,34 2 175 894,14 0,19
96 936,00 POWER FINANCIAL CORP CAD 1 868 540,18 1 872 952,18 0,16
53 447,00 TMX GROUP INC CAD 1 708 688,78 1 685 683,09 0,14
99 178,00 GREAT-WEST LIFECO INC CAD 1 599 315,20 1 530 615,88 0,13
16 373,00 NATIONAL BANK OF CANADA CAD 687 331,87 893 562,84 0,08
15 914,00 INTACT FINANCIAL CORP CAD 598 845,50 704 658,31 0,06
16 590,00 IGM FINANCIAL INC CAD 515 815,85 555 116,36 0,05
23 566,00 SUN LIFE FINANCIAL INC CAD 481 988,51 336 952,26 0,03
10 400,00 BROOKFIELD ASSET MANAGEMENT INC CAD 211 727,44 220 613,48 0,02
642,00 GREAT-WEST LIFECO INC -PFD- 31/12/2049 CAD 839,53 12 312,14 0,00
Energy 22 631 645,64 23 797 631,25 2,04

141 800,00 PEMBINA PIPELINE CORP CAD 3 149 226,78 3 181 764,84 0,27
104 568,00 CANADIAN NATURAL RESOURCES LTD CAD 2 527 396,66 3 017 963,93 0,26
116 091,00 SUNCOR ENERGY INC CAD 2 843 773,26 2 580 305,01 0,22
66 113,00 IMPERIAL OIL LTD CAD 1 895 178,77 2 270 218,97 0,19
76 239,00 ENBRIDGE INC CAD 1 632 182,62 2 196 892,80 0,19
97 448,00 HUSKY ENERGY INC CAD 1 734 222,14 1 809 860,61 0,16
89 158,00 ARC RESOURCES LTD CAD 1 522 656,06 1 692 991,36 0,14
98 093,00 PACIFIC RUBIALES ENERGY CORP CAD 1 702 816,70 1 389 941,42 0,12
32 200,00 BAYTEX ENERGY CORP CAD 1 140 690,62 1 387 786,93 0,12
96 263,00 NEXEN INC CAD 1 431 485,21 1 180 492,16 0,10
24 100,00 TRANSCANADA CORP CAD 708 057,48 811 877,38 0,07
71 617,00 PROGRESS ENERGY RESOURCES CORP CAD 663 886,44 717 339,61 0,06
17 070,00 VERMILION ENERGY INC CAD 579 979,38 585 899,33 0,05
29 577,00 CAMECO CORP CAD 575 513,62 411 934,92 0,04
19 104,00 CANADIAN OIL SANDS LTD CAD 315 072,06 336 022,20 0,03
10 000,00 ENCANA CORP CAD 139 067,47 142 906,72 0,01
2 893,00 CENOVUS ENERGY INC CAD 59 442,70 74 040,81 0,01
61
Nominal / % of
994,00 ATHABASCA OIL SANDS CORP CAD 10 997,67 9 392,25 0,00
Raw materials 16 635 361,06 17 090 263,71 1,46

107 817,00 POTASH CORP OF SASKATCHEWAN INC CAD 3 527 292,81 3 434 734,61 0,29
94 701,00 BARRICK GOLD CORP CAD 2 782 097,32 3 306 335,89 0,28
71 056,00 GOLDCORP INC CAD 1 967 811,55 2 430 278,05 0,21
62 734,00 TECK RESOURCES LTD CAD 1 923 226,95 1 704 272,70 0,15
78 898,00 CENTERRA GOLD, INC CAD 1 092 766,54 1 074 383,18 0,09
46 100,00 SILVER WHEATON CORP CAD 1 142 455,40 1 028 830,06 0,09
73 630,00 YAMANA GOLD INC CAD 608 320,01 836 653,12 0,07
91 109,00 KINROSS GOLD CORP CAD 1 015 620,39 801 607,36 0,07
61 337,00 ELDORADO GOLD CORP CAD 608 078,69 650 565,83 0,06
38 990,00 FIRST QUANTUM MINERALS LTD CAD 472 881,50 591 409,52 0,05
28 400,00 PAN AMERICAN SILVER CORP CAD 560 817,41 478 689,86 0,04
13 484,00 AGNICO-EAGLE MINES LTD CAD 485 009,39 377 944,18 0,03
30 600,00 IAMGOLD CORP CAD 448 983,10 374 559,35 0,03

109 346,00 ROGERS COMMUNICATIONS INC CAD 2 680 014,67 3 246 857,76 0,28
37 756,00 TELUS CORP CAD 1 382 875,86 1 560 692,59 0,13
36 900,00 BCE INC CAD 1 013 615,17 1 185 575,81 0,10
Industries 4 299 744,31 4 935 715,01 0,42

43 007,00 CANADIAN NATIONAL RAILWAY CO CAD 1 685 972,74 2 607 734,53 0,22
550 735,00 BOMBARDIER INC CAD 2 092 577,62 1 691 567,81 0,15
16 469,00 SNC-LAVALIN GROUP INC CAD 521 193,95 636 412,67 0,05
Consumer Retail 4 515 004,40 4 356 605,25 0,37

196 900,00 SHAW COMMUNICATIONS INC CAD 3 030 249,10 3 016 417,45 0,26
14 600,00 LULULEMON ATHLETICA INC USD 534 487,30 524 774,48 0,04
9 100,00 CANADIAN TIRE CORP LTD CAD 422 991,23 453 677,78 0,04
24 956,00 GILDAN ACTIVEWEAR INC CAD 527 276,77 361 735,54 0,03
Basic Goods 3 647 155,74 3 980 136,42 0,34

47 358,00 SAPUTO INC CAD 1 341 322,17 1 398 339,44 0,12
42 748,00 SHOPPERS DRUG MART CORP CAD 1 227 511,34 1 330 456,84 0,11
31 630,00 ALIMENTATION COUCHE TARD INC CAD 681 867,31 758 541,17 0,07
12 063,00 METRO INC CAD 396 454,92 492 798,97 0,04
Computing and IT 2 713 579,48 1 084 056,66 0,10

96 821,00 RESEARCH IN MOTION LTD CAD 2 713 579,48 1 084 056,66 0,10
SWITZERLAND 7 872 881,60 9 268 822,93 0,79
Finance 2 549 920,14 3 243 782,57 0,28

60 053,00 ACE LTD USD 2 549 920,14 3 243 782,57 0,28
Industries 2 101 263,89 1 923 956,16 0,16

53 470,00 TYCO INTERNATIONAL LTD USD 2 101 263,89 1 923 956,16 0,16
Consumer Retail 1 299 482,91 1 714 269,53 0,15

55 900,00 GARMIN LTD USD 1 299 482,91 1 714 269,53 0,15
Energy 1 462 940,70 1 321 215,65 0,11

56 755,00 NOBLE CORP USD 1 462 940,70 1 321 215,65 0,11
Computing and IT 459 273,96 1 065 599,02 0,09

44 898,00 TE CONNECTIVITY LTD USD 459 273,96 1 065 599,02 0,09
IRELAND 4 547 452,76 6 596 585,67 0,57
Computing and IT 3 778 599,90 4 867 229,46 0,42

89 105,00 ACCENTURE PLC USD 2 854 761,26 3 653 706,53 0,31
96 057,00 SEAGATE TECHNOLOGY PLC USD 923 838,64 1 213 522,93 0,11
Health 768 852,86 1 729 356,21 0,15

49 877,00 COVIDIEN PLC USD 768 852,86 1 729 356,21 0,15
BERMUDA 4 005 929,03 4 285 515,10 0,37
Finance 3 046 427,71 3 573 935,95 0,31

61 787,00 AXIS CAPITAL HOLDINGS LTD USD 1 366 641,42 1 521 174,37 0,13
34 700,00 VALIDUS HLDG LTD USD 649 954,66 842 005,93 0,07
22 115,00 ARCH CAPITAL GROUP LTD USD 522 011,12 634 242,15 0,06
62
Nominal / % of
8 900,00 EVEREST RE GROUP LTD USD 507 820,51 576 513,50 0,05
Energy 959 501,32 711 579,15 0,06

53 272,00 NABORS INDUSTRIES LTD USD 959 501,32 711 579,15 0,06
SINGAPORE 2 698 227,63 2 265 965,97 0,19
Computing and IT 2 698 227,63 2 265 965,97 0,19

79 138,00 AVAGO TECHNOLOGIES LTD USD 1 930 828,16 1 759 367,31 0,15
116 191,00 FLEXTRONICS INTERNATIONAL LTD USD 767 399,47 506 598,66 0,04
CAYMAN ISLANDS 1 202 834,01 1 166 221,93 0,10
Basic Goods 1 202 834,01 1 166 221,93 0,10

29 300,00 HERBALIFE LTD USD 1 202 834,01 1 166 221,93 0,10
GREAT-BRITAIN 963 328,29 1 087 111,35 0,09
Finance 963 328,29 1 087 111,35 0,09

36 372,00 WILLIS GROUP HOLDINGS PLC USD 963 328,29 1 087 111,35 0,09
SWEDEN 1 031 151,24 937 367,80 0,08
Consumer Retail 1 031 151,24 937 367,80 0,08

22 749,00 AUTOLIV INC USD 1 031 151,24 937 367,80 0,08
HONG KONG 534 600,50 0,00 0,00
Raw materials 534 600,50 0,00 0,00

100 528,00 SINO-FOREST CORP CAD 534 600,50 0,00 0,00
UNQUOTED 18 607,16 0,00 0,00
Shares 18 607,16 0,00 0,00
UNITED STATES 18 607,16 0,00 0,00
Telecommunication 18 607,16 0,00 0,00

16 553,00 METROMEDIA FIBER NETWORK INC USD 18 607,16 0,00 0,00
Total Portfolio 980 294 305,45 1 107 203 975,49 94,65
63
Purchase Unrealised
250 200 Purchase S+P 500 INDEX FUTURE 15/03/2012 USD 710 233,82 48 245 580,05
200 145 Purchase S+P TSE 60 INDEX FUTURE 15/03/2012 CAD 161 842,82 14 894 451,27
64

19/01/2012 7 582 893,04 USD 5 839 674,34 EUR 1 101,17

19/01/2012 1 131 477,14 CAD 841 002,90 EUR 14 641,25
19/01/2012 1 154 568,26 USD 881 430,56 EUR 7 883,58
19/01/2012 562 121,82 EUR 731 314,19 USD (1 177,96)

19/01/2012 5 514 000,95 EUR 7 191 511,67 USD (25 310,37)
19/01/2012 312 767,35 EUR 419 921,98 CAD (4 785,50)
19/01/2012 712 740,13 EUR 952 176,84 CAD (7 313,79)
19/01/2012 1 346 642,45 EUR 1 758 865,73 USD (8 135,97)
19/01/2012 839 342,34 EUR 1 094 130,08 USD (3 418,88)
19/01/2012 2 080 869,63 EUR 2 718 901,72 USD (13 383,12)
19/01/2012 1 459 609,89 EUR 1 896 013,39 USD (807,46)
19/01/2012 407 952,38 CAD 308 530,59 EUR (29,38)
19/01/2012 1 785 725,38 USD 1 380 616,37 EUR (5 149,12)
19/01/2012 1 732 408,47 USD 1 342 553,07 EUR (8 153,53)
19/01/2012 2 161,39 EUR 2 848,11 AUD (83,84)
19/01/2012 16 312 333,55 EUR 22 030 938,53 CAD (347 873,76)
19/01/2012 166 608 152,63 EUR 216 426 805,95 USD (96 083,02)
19/01/2012 1 647 506,55 EUR 2 227 869,73 CAD (37 250,16)
19/01/2012 18 099 230,15 EUR 23 599 426,92 USD (78 390,73)
65
Assets Notes
Banks 11 096 067,53
Other assets (Note 10) 260 337,65
Liabilities


Class IH Units EUR 55,17 334 301,900
Class R2 Units USD 67,17 208,160
Class Z Units EUR 54,89 2 054 770,780
66

2011 IN EUR

- investments (27 487 538,57)
- forward foreign exchange contracts (Note 8) 822 110,39
- future contracts (Note 8) (13 025,36)

67
Nominal / % of
Shares 251 391 887,22 243 886 128,55 96,28
JAPAN 251 391 887,22 243 886 128,55 96,28
Industries 49 176 888,90 51 807 918,94 20,45

262 426,00 MITSUBISHI CORP JPY 4 376 600,77 4 085 640,90 1,61
326 041,00 MITSUI & CO LTD JPY 3 589 007,89 3 907 412,89 1,54
29 377,00 FANUC CORP JPY 2 763 180,01 3 464 780,06 1,37
142 468,00 KOMATSU LTD JPY 2 481 490,93 2 566 087,31 1,01
381,00 CENTRAL JAPAN RAILWAY CO JPY 2 292 468,06 2 479 483,77 0,98
295 803,00 ITOCHU CORP JPY 1 941 514,09 2 315 966,46 0,92
211 711,00 SUMITOMO CORP JPY 1 976 356,92 2 208 686,52 0,87
293 604,00 MITSUBISHI ELECTRIC CORP JPY 1 973 151,07 2 169 408,15 0,86
37 109,00 EAST JAPAN RAILWAY CO JPY 1 685 674,72 1 820 531,80 0,72
270 899,00 ASAHI GLASS CO LTD JPY 1 963 605,87 1 752 116,01 0,69
360 285,00 MARUBENI CORP JPY 1 560 598,97 1 691 772,50 0,67
442 538,00 MITSUBISHI HEAVY INDUSTRIES LTD JPY 1 296 472,85 1 453 273,49 0,57
38 102,00 SECOM CO LTD JPY 1 310 816,91 1 354 250,69 0,54
19 911,00 NIDEC CORP JPY 1 266 370,46 1 333 650,80 0,53
9 529,00 SMC CORP JPY 1 079 790,72 1 184 927,72 0,47
88 328,00 YAMATO HOLDINGS CO LTD JPY 1 027 096,01 1 146 994,44 0,45
170 325,00 KUBOTA CORP JPY 1 024 345,90 1 099 919,88 0,43
263 047,00 TOKYU CORP JPY 832 631,18 998 149,29 0,39
29 432,00 WEST JAPAN RAILWAY CO JPY 811 708,32 985 686,56 0,39
118 512,00 ODAKYU ELECTRIC RAILWAY CO LTD JPY 724 691,88 882 791,62 0,35
158 628,00 AMADA CO LTD JPY 787 675,71 775 037,31 0,31
247 664,00 MITSUI OSK LINES LTD JPY 877 357,60 738 927,93 0,29
85 450,00 SUMITOMO ELECTRIC INDUSTRIES LTD JPY 779 380,39 716 933,75 0,28
104 962,00 KAMIGUMI CO LTD JPY 673 534,72 697 787,39 0,28
166 000,00 GS YUASA CORP JPY 656 839,62 688 068,01 0,27
36 826,00 JGC CORP JPY 494 285,34 681 364,42 0,27
32 085,00 DAIKIN INDUSTRIES LTD JPY 729 103,42 677 166,69 0,27
527 080,00 SOJITZ CORP JPY 677 145,38 627 980,90 0,25
123 120,00 SUMITOMO HEAVY INDUSTRIES LTD JPY 521 319,70 553 474,84 0,22
39 730,00 TOYOTA TSUSHO CORP JPY 435 946,07 541 376,78 0,21
79 874,00 TOPPAN PRINTING CO LTD JPY 485 003,78 452 631,53 0,18
215 812,00 NIPPON YUSEN KK JPY 604 839,93 425 661,88 0,17
26 884,00 JS GROUP CORP JPY 432 513,23 397 016,76 0,16
76 799,00 NSK LTD JPY 433 918,74 384 457,65 0,15
186 491,00 KAWASAKI HEAVY INDUSTRIES LTD JPY 341 963,75 358 494,13 0,14
14 268,00 MAKITA CORP JPY 342 314,82 355 844,10 0,14
45 671,00 DAI NIPPON PRINTING CO LTD JPY 395 508,06 338 372,59 0,13
178 747,00 IHI CORP JPY 293 877,68 334 659,61 0,13
15 100,00 KURITA WATER INDUSTRIES LTD JPY 306 753,10 302 363,86 0,12
19 900,00 HITACHI CONSTRUCTION MACHINERY CO LTD JPY 262 579,38 258 214,73 0,10
16 698,00 THK CO LTD JPY 262 344,13 253 613,86 0,10
28 445,00 MITSUBISHI LOGISTICS CORP JPY 216 331,84 243 497,77 0,10
16 567,00 NABTESCO CORP JPY 239 147,95 232 715,06 0,09
33 000,00 KEIKYU CORP JPY 219 347,52 228 304,74 0,09
23 000,00 NGK INSULATORS LTD JPY 179 988,66 210 473,28 0,08
64 000,00 KINTETSU CORP JPY 188 604,04 192 872,10 0,08
54 363,00 OBAYASHI CORP JPY 166 016,97 186 145,46 0,07
52 955,00 NIPPON EXPRESS CO LTD JPY 151 916,06 159 056,41 0,06
196 519,00 ARRK CORP JPY 177 484,23 139 696,60 0,06
42 406,00 SHIMIZU CORP JPY 169 024,50 137 136,41 0,05
14 000,00 CHIYODA CORP JPY 117 999,15 109 752,07 0,04
19 000,00 KEISEI ELECTRIC RAILWAY CO LTD JPY 98 977,53 107 669,57 0,04
66 340,00 NIPPON SHEET GLASS CO LTD JPY 123 825,08 95 644,70 0,04
10 700,00 JTEKT CORP JPY 79 424,34 81 096,59 0,03
53 410,00 HELIOS TECHNO HOLDINGS CO LTD JPY 104 349,09 77 003,06 0,03
33 000,00 FUJI ELECTRIC CO LTD JPY 68 398,44 69 713,89 0,03
68,00 EN-JAPAN INC JPY 75 444,25 53 103,90 0,02
4 900,00 TAKEUCHI MANUFACTURING CO LTD JPY 28 831,17 23 057,75 0,01
Consumer Retail 49 820 232,98 47 532 320,78 18,76

424 162,00 TOYOTA MOTOR CORP JPY 12 143 313,66 10 892 863,61 4,30
68
Nominal / % of
262 122,00 HONDA MOTOR CO LTD JPY 6 336 258,03 6 162 039,87 2,43
157 116,00 BRIDGESTONE CORP JPY 2 505 853,67 2 744 977,46 1,08
395 041,00 NISSAN MOTOR CO LTD JPY 2 485 243,74 2 736 977,36 1,08
343 562,00 PANASONIC CORP JPY 3 142 481,48 2 249 602,62 0,89
160 447,00 SONY CORP JPY 3 434 579,53 2 220 049,11 0,88
26 501,00 YAMADA DENKI CO LTD JPY 1 389 113,38 1 390 325,50 0,55
61 101,00 DENSO CORP JPY 1 383 033,61 1 300 572,35 0,51
1 478,00 RAKUTEN INC JPY 1 058 111,88 1 225 258,46 0,48
146 786,00 ISETAN MITSUKOSHI HOLDINGS LTD JPY 1 103 584,75 1 185 990,22 0,47
227 915,00 FUJI HEAVY INDUSTRIES LTD JPY 1 018 100,73 1 061 081,64 0,42
155 307,00 SHARP CORP JPY 1 300 659,68 1 046 475,42 0,41
26 900,00 BENESSE HOLDINGS INC JPY 894 975,97 1 003 232,27 0,40
53 973,00 NIKON CORP JPY 796 368,92 926 211,81 0,37
127 192,00 SEKISUI HOUSE LTD JPY 883 170,89 869 768,03 0,34
43 305,00 SUZUKI MOTOR CORP JPY 715 028,92 690 246,23 0,27
28 445,00 DENTSU INC JPY 636 842,15 668 978,09 0,26
30 247,00 AISIN SEIKI CO LTD JPY 662 134,46 664 418,73 0,26
4 517,00 FAST RETAILING CO LTD JPY 495 446,06 633 141,91 0,25
32 915,00 SEGA SAMMY HOLDINGS INC JPY 530 067,30 548 035,95 0,22
36 000,00 DAIHATSU MOTOR CO LTD JPY 455 044,52 495 235,96 0,20
579,00 JUPITER TELECOMMUNICATIONS CO LTD JPY 432 219,02 452 164,13 0,18
121 967,00 ISUZU MOTORS LTD JPY 285 647,08 434 725,66 0,17
67 508,00 SEKISUI CHEMICAL CO LTD JPY 349 776,40 429 192,28 0,17
43 605,00 YAMAHA MOTOR CO LTD JPY 493 850,64 425 224,41 0,17
30 952,00 TOHO CO LTD JPY 359 927,29 425 173,09 0,17
11 325,00 SHIMANO INC JPY 343 789,91 424 065,31 0,17
456 283,00 MITSUBISHI MOTORS CORP JPY 393 440,40 415 717,80 0,16
35 000,00 NGK SPARK PLUG CO LTD JPY 321 118,02 334 652,72 0,13
86 415,00 J FRONT RETAILING CO LTD JPY 316 139,44 321 851,11 0,13
4 550,00 USS CO LTD JPY 295 753,73 317 061,55 0,13
222 038,00 MAZDA MOTOR CORP JPY 410 855,79 302 335,51 0,12
14 153,00 TOYOTA INDUSTRIES CORP JPY 315 348,76 296 862,59 0,12
59 800,00 CASIO COMPUTER CO LTD JPY 254 381,86 279 602,47 0,11
23 200,00 STANLEY ELECTRIC CO LTD JPY 235 435,55 262 708,14 0,10
37 999,00 NHK SPRING CO LTD JPY 257 420,76 259 465,42 0,10
29 400,00 TOYOTA BOSHOKU CORP JPY 226 419,15 236 366,44 0,09
27 000,00 ASICS CORP JPY 275 873,11 234 642,37 0,09
18 200,00 NAMCO BANDAI HLDG INC JPY 194 234,73 199 712,33 0,08
10 953,00 DAIICHIKOSHO CO LTD/THE JPY 142 276,29 159 558,16 0,06
47 312,00 SHIDAX CORP JPY 143 174,52 158 212,47 0,06
19 448,00 MARUI GROUP CO LTD JPY 93 508,85 116 828,59 0,05
5 245,00 UNIVERSAL ENTERTAINMENT CORP JPY 108 165,40 111 800,59 0,04
1 876,00 RINNAI CORP JPY 86 904,70 103 492,14 0,04
13 900,00 YAMAHA CORP JPY 100 514,78 98 252,24 0,04
35,00 STARBUCKS COFFEE JAPAN LTD JPY 14 643,47 17 170,66 0,01
Finance 47 639 194,24 42 486 074,89 16,77

2 172 834,00 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 8 704 639,60 7 113 727,73 2,81
250 844,00 SUMITOMO MITSUI FINANCIAL GROUP INC JPY 6 091 537,32 5 384 575,08 2,13
2 800 064,00 MIZUHO FINANCIAL GROUP INC JPY 3 784 660,29 2 915 575,12 1,15
226 716,00 MITSUBISHI ESTATE CO LTD JPY 2 819 319,02 2 610 375,29 1,03
152 180,00 TOKIO MARINE HLDG INC JPY 3 060 743,00 2 597 795,15 1,03
151 962,00 MITSUI FUDOSAN CO LTD JPY 1 844 173,12 1 707 067,90 0,67
655 740,00 DAIWA SECURITIES GROUP INC JPY 1 729 874,67 1 575 672,14 0,62
1 952,00 DAI-ICHI LIFE INSURANCE CO LTD JPY 1 827 722,57 1 479 444,34 0,58
158 940,00 DAIWA HOUSE INDUSTRY CO LTD JPY 1 367 975,93 1 460 827,14 0,58
21 974,00 DAITO TRUST CONSTRUCTION CO LTD JPY 1 223 156,66 1 452 031,35 0,57
86 591,00 MS&AD INSURANCE GROUP HLDG JPY 1 568 499,07 1 236 275,38 0,49
414 832,00 NOMURA HLDG INC JPY 1 455 382,37 967 723,10 0,38
14 506,00 ORIX CORP JPY 996 261,45 923 693,16 0,36
250 787,00 RESONA HOLDINGS INC JPY 1 084 515,66 851 192,24 0,34
521 000,00 SEVEN BANK LTD JPY 742 302,06 787 657,86 0,31
54 336,00 SUMITOMO REALTY & DEVELOPMENT CO LTD JPY 755 848,01 733 331,76 0,29
87 425,00 SHIZUOKA BANK LTD JPY 646 859,69 709 871,00 0,28
189 264,00 BANK OF YOKOHAMA LTD JPY 791 906,16 689 751,00 0,27
292 000,00 NISHI-NIPPON CITY BANK LTD JPY 610 330,64 646 097,50 0,26
78 866,00 YAMAGUCHI FINANCIAL GROUP INC JPY 558 991,87 580 363,50 0,23
142 124,00 JOYO BANK LTD JPY 450 496,78 483 803,80 0,19
38 254,00 AEON CREDIT SERVICE CO LTD JPY 397 456,70 465 729,09 0,18
9 627,00 SANKYO CO LTD JPY 347 934,69 375 423,43 0,15
69
Nominal / % of
49 041,00 IYO BANK LTD JPY 357 514,19 373 160,66 0,15
170 000,00 AOZORA BANK LTD JPY 347 592,55 360 834,22 0,14
109 360,00 TOKYU LAND CORP JPY 341 317,38 318 621,02 0,13
71 000,00 HACHIJUNI BANK LTD JPY 297 953,59 312 065,54 0,12
27 400,00 SONY FINANCIAL HOLDINGS INC JPY 310 176,44 311 090,36 0,12
49,00 NIPPON BUILDING FUND INC JPY 325 606,59 309 071,93 0,12
85 406,00 FUKUOKA FINANCIAL GROUP INC JPY 264 589,47 276 193,75 0,11
16 997,00 CREDIT SAISON CO LTD JPY 226 914,87 262 579,69 0,10
4 255,00 SPARX GROUP CO LTD JPY 312 257,66 228 342,78 0,09
7 400,00 MITSUBISHI UFJ LEASE & FINANCE CO LTD JPY 213 638,72 225 971,93 0,09
32 000,00 SURUGA BANK LTD JPY 214 126,21 220 745,64 0,09
12 600,00 AEON MALL CO LTD JPY 202 817,78 206 132,06 0,08
44 974,00 ABLE CHINTAI HOLDINGS INC JPY 169 464,39 172 457,95 0,07
146,00 JAPAN RETAIL FUND INVESTMENT CORP JPY 162 061,94 166 640,53 0,07
70 211,00 SUMITOMO MITSUI TRUST HOLDINGS INC JPY 204 526,21 158 868,04 0,06
2 596,00 SBI HOLDINGS INC JPY 154 746,31 146 590,81 0,06
29,00 OSAKA SECURITIES EXCHANGE CO LTD JPY 109 290,46 128 334,44 0,05
83 651,00 HOKUHOKU FINANCIAL GROUP INC JPY 126 890,66 125 627,68 0,05
9 900,00 NOMURA REAL ESTATE HOLDINGS INC JPY 106 347,22 113 590,69 0,04
10 000,00 CHUGOKU BANK LTD JPY 102 149,35 107 429,28 0,04
15,00 JAPAN REAL ESTATE INVESTMENT CORP JPY 104 257,59 90 108,44 0,04
44,00 JAPAN PRIME REALTY INVESTMENT CORP JPY 82 985,77 79 868,11 0,03
8 809,00 CHIBA BANK LTD JPY 41 381,56 43 745,28 0,02
Computing and IT 32 859 512,18 29 815 022,70 11,77

192 912,00 CANON INC JPY 6 211 766,16 6 586 224,96 2,60
709 949,00 HITACHI LTD JPY 2 631 587,89 2 871 649,66 1,13
593 360,00 TOSHIBA CORP JPY 2 211 925,13 1 871 335,94 0,74
437 606,00 FUJITSU LTD JPY 1 940 242,48 1 752 532,97 0,69
15 081,00 NINTENDO CO LTD JPY 2 738 766,04 1 600 512,03 0,63
25 647,00 KYOCERA CORP JPY 1 707 906,52 1 589 462,03 0,63
55 822,00 FUJIFILM HLDG CORP JPY 1 276 794,93 1 018 861,14 0,40
23 677,00 MURATA MANUFACTURING CO LTD JPY 1 007 774,20 937 553,59 0,37
56 000,00 HOYA CORP JPY 965 141,57 929 598,67 0,37
23 267,00 TOKYO ELECTRON LTD JPY 928 878,23 912 000,54 0,36
118 758,00 RICOH CO LTD JPY 1 088 307,28 797 826,27 0,31
3 907,00 KEYENCE CORP JPY 663 046,80 726 012,87 0,29
288,00 NTT DATA CORP JPY 770 314,84 708 756,91 0,28
422 746,00 NEC CORP JPY 1 024 252,84 660 278,33 0,26
19 231,00 TDK CORP JPY 764 949,87 656 567,20 0,26
27 472,00 TREND MICRO INC JPY 622 449,33 632 892,33 0,25
140 326,00 CITIZEN HOLDINGS CO LTD JPY 522 922,56 628 012,96 0,25
2 399,00 YAHOO JAPAN CORP JPY 719 693,30 595 428,63 0,23
70 478,00 NIPPON ELECTRIC GLASS CO LTD JPY 672 940,53 537 689,41 0,21
31 100,00 HITACHI HIGH-TECHNOLOGIES CORP JPY 485 729,36 519 995,76 0,21
44 900,00 BROTHER INDUSTRIES LTD JPY 392 594,20 424 816,22 0,17
98 003,00 ELPIDA MEMORY INC JPY 562 290,53 351 273,46 0,14
59 569,00 KONICA MINOLTA HOLDINGS INC JPY 522 765,55 342 338,02 0,13
14 700,00 KONAMI CORP JPY 351 178,17 339 243,24 0,13
32 100,00 SEIKO EPSON CORP JPY 322 999,23 328 778,65 0,13
13 903,00 DENA CO LTD JPY 328 680,33 321 407,05 0,13
17 568,00 OMRON CORP JPY 281 434,08 272 104,41 0,11
26 117,00 ADVANTEST CORP JPY 384 417,03 191 668,26 0,08
8 804,00 DAI-ICHI SEIKO CO LTD JPY 248 452,79 190 836,25 0,08
6 200,00 ORACLE CORP JAPAN JPY 155 606,94 158 104,26 0,06
4 000,00 HAMAMATSU PHOTONICS KK JPY 114 613,04 107 849,78 0,04
5 300,00 NOMURA RESEARCH INSTITUTE LTD JPY 85 804,17 92 331,11 0,04
139,00 JUSTPLANNING INC JPY 76 171,38 79 742,96 0,03
12 089,00 YASKAWA ELECTRIC CORP JPY 73 247,64 79 278,35 0,03
200,00 MIRAIAL CO LTD JPY 3 867,24 2 058,48 0,00
Raw materials 19 489 560,73 18 380 452,32 7,26

65 991,00 SHIN-ETSU CHEMICAL CO LTD JPY 2 532 047,28 2 504 072,26 0,99
375 379,00 ASAHI KASEI CORP JPY 1 623 174,22 1 743 857,09 0,69
390 673,00 MITSUBISHI CHEMICAL HLDG CORP JPY 1 701 811,10 1 658 449,27 0,66
781 387,00 NIPPON STEEL CORP JPY 1 913 095,02 1 502 070,61 0,59
129 597,00 SUMITOMO METAL MINING CO LTD JPY 1 285 066,45 1 283 258,58 0,51
207 809,00 TORAY INDUSTRIES INC JPY 918 629,85 1 146 407,16 0,45
66 699,00 JFE HOLDINGS INC JPY 1 467 293,10 930 904,30 0,37
28 595,00 NITTO DENKO CORP JPY 921 300,31 788 455,12 0,31
544 894,00 SUMITOMO METAL INDUSTRIES LTD JPY 816 241,77 763 770,71 0,30
70
Nominal / % of
236 149,00 SUMITOMO CHEMICAL CO LTD JPY 705 052,18 664 378,19 0,26
313 435,00 MITSUBISHI MATERIALS CORP JPY 666 128,92 655 868,41 0,26
140 852,00 MITSUBISHI GAS CHEMICAL CO INC JPY 690 763,56 602 162,67 0,24
56 700,00 TOYO SEIKAN KAISHA LTD JPY 626 120,89 596 067,30 0,24
203 308,00 DENKI KAGAKU KOGYO KK JPY 590 683,68 580 125,91 0,23
232 228,00 TOSOH CORP JPY 573 592,53 478 966,06 0,19
82 201,00 DAIDO STEEL CO LTD JPY 333 576,01 397 509,19 0,16
161 524,00 TEIJIN LTD JPY 428 845,94 383 273,11 0,15
33 000,00 KURARAY CO LTD JPY 341 134,37 361 785,37 0,14
201 040,00 SHOWA DENKO KK JPY 276 073,92 314 000,26 0,12
20 400,00 JSR CORP JPY 281 882,81 290 029,02 0,11
186 150,00 KOBE STEEL LTD JPY 306 836,44 221 785,39 0,09
15 500,00 HITACHI CHEMICAL CO LTD JPY 194 652,08 210 433,23 0,08
7 800,00 NIPPON PAPER GROUP, INC JPY 122 229,43 131 197,88 0,05
15 510,00 HITACHI METALS LTD JPY 141 870,94 129 975,11 0,05
26 000,00 ONEX CORP JPY 31 457,93 41 650,12 0,02
Health 14 207 969,55 15 216 894,32 6,01

110 358,00 TAKEDA PHARMACEUTICAL CO LTD JPY 3 737 696,82 3 734 594,56 1,47
62 447,00 EISAI CO LTD JPY 1 756 560,81 1 991 333,29 0,79
44 081,00 ASTELLAS PHARMA INC JPY 1 214 181,34 1 381 397,65 0,55
81 856,00 DAIICHI SANKYO CO LTD JPY 1 217 500,13 1 250 627,55 0,49
25 115,00 TERUMO CORP JPY 888 631,52 911 515,65 0,36
73 213,00 SHIONOGI & CO LTD JPY 855 789,34 724 948,96 0,29
13 678,00 ONO PHARMACEUTICAL CO LTD JPY 474 860,29 591 601,52 0,23
23 904,00 TSUMURA & CO JPY 524 570,33 543 274,57 0,21
24 639,00 SUZUKEN CO LTD JPY 468 712,83 526 429,76 0,21
55 090,00 DAINIPPON SUMITOMO PHARMA CO LTD JPY 365 967,24 483 721,40 0,19
22 002,00 OTSUKA HOLDINGS CO LTD JPY 403 332,67 476 696,93 0,19
48 984,00 KYOWA HAKKO KIRIN CO LTD JPY 389 765,96 461 985,23 0,18
15 285,00 SYSMEX CORP JPY 367 961,41 383 809,67 0,15
17 281,00 FUKUDA DENSHI CO LTD JPY 365 445,69 377 698,75 0,15
42 069,00 MEDIPAL HOLDINGS CORP JPY 258 839,33 338 642,28 0,13
32 000,00 OLYMPUS CORP JPY 267 668,05 324 230,17 0,13
4 200,00 TAISHO PHARMACEUTICAL HLDG CO LTD JPY 236 815,94 249 780,58 0,10
5 216,00 ALFRESA HOLDINGS CORP JPY 139 568,12 169 463,13 0,07
3 900,00 MIRACA HOLDINGS INC JPY 114 862,40 119 679,02 0,05
46,00 MESSAGE CO LTD JPY 97 205,14 110 993,57 0,04
215,00 CARNA BIOSCIENCES INC JPY 62 034,19 64 470,08 0,03
Basic Goods 12 446 456,75 14 150 923,28 5,59

132 252,00 SEVEN & I HLDG CO LTD JPY 2 558 780,09 2 840 223,28 1,12
701,00 JAPAN TOBACCO INC JPY 1 883 209,76 2 540 677,41 1,00
189 151,00 AJINOMOTO CO INC JPY 1 568 814,44 1 749 861,00 0,69
103 274,00 ASAHI BREWERIES LTD JPY 1 523 547,26 1 747 433,44 0,69
49 639,00 KAO CORP JPY 933 649,62 1 045 165,91 0,41
99 963,00 KIRIN HLDG CO LTD JPY 930 173,80 936 780,99 0,37
27 552,00 MEIJI HOLDINGS CO LTD JPY 838 157,87 881 347,00 0,35
53 819,00 COCA-COLA WEST CO LTD JPY 740 457,43 719 349,30 0,28
42 948,00 SHISEIDO CO LTD JPY 572 916,79 608 446,40 0,24
22 555,00 YAKULT HONSHA CO LTD JPY 413 467,85 547 617,75 0,22
20 782,00 AEON CO LTD JPY 178 489,17 219 930,40 0,09
23 238,00 KANEKO SEEDS CO LTD JPY 169 919,09 164 955,93 0,07
3 100,00 LAWSON INC JPY 134 873,58 149 134,47 0,06

645,00 KDDI CORP JPY 2 999 159,54 3 196 596,74 1,26
2 009,00 NTT DOCOMO INC JPY 2 458 857,51 2 846 160,03 1,13
125 210,00 SOFTBANK CORP JPY 2 717 920,29 2 841 930,64 1,12
60 923,00 NIPPON TELEGRAPH & TELEPHONE CORP JPY 2 021 957,57 2 400 208,43 0,95
Multi-Utilities 11 400 106,59 8 800 989,50 3,47

100 849,00 CHUBU ELECTRIC POWER CO INC JPY 1 602 555,88 1 450 946,18 0,57
399 988,00 TOKYO GAS CO LTD JPY 1 242 254,87 1 417 663,52 0,56
105 866,00 KANSAI ELECTRIC POWER CO INC/THE JPY 1 551 155,16 1 251 783,84 0,49
45 195,00 ELECTRIC POWER DEVELOPMENT CO LTD JPY 824 657,81 926 256,29 0,37
50 300,00 CHUGOKU ELECTRIC POWER CO INC JPY 623 477,87 679 364,54 0,27
58 502,00 HOKKAIDO ELECTRIC POWER CO INC JPY 627 368,21 641 954,44 0,25
206 921,00 OSAKA GAS CO LTD JPY 546 766,72 629 797,73 0,25
55 136,00 KYUSHU ELECTRIC POWER CO INC JPY 765 362,79 608 330,78 0,24
251 114,00 TOKYO ELECTRIC POWER CO INC/THE JPY 2 693 414,88 460 092,29 0,18
71
Nominal / % of
52 880,00 TOHOKU ELECTRIC POWER CO INC JPY 645 675,41 391 254,03 0,16
9 324,00 SHIKOKU ELECTRIC POWER CO INC JPY 175 875,90 205 935,26 0,08
28 050,00 TOHO GAS CO LTD JPY 101 541,09 137 610,60 0,05
Energy 4 154 070,39 4 410 635,98 1,74

400 930,00 JX HLDG INC JPY 1 730 768,93 1 866 570,70 0,74
346,00 INPEX CORP JPY 1 640 669,67 1 680 121,83 0,66
6 427,00 IDEMITSU KOSAN CO LTD JPY 473 227,25 510 918,63 0,20
164 000,00 COSMO OIL CO LTD JPY 309 404,54 353 024,82 0,14
Total Portfolio 251 391 887,22 243 886 128,55 96,28
72
Purchase Unrealised
10 000 134 Purchase TOPIX INDEX FUTURE 09/03/2012 JPY 85 981,47 9 785 957,02
1 000 6 Purchase NIKKEI 225 INDEX FUTURE OSE MAR12 09/03/2012 JPY 552,67 506 792,81
XOSE
73

19/01/2012 99 320 488,00 JPY 981 172,76 EUR 13 348,08

19/01/2012 209 816 473,00 JPY 2 071 841,28 EUR 29 103,43
19/01/2012 200 353 482,00 JPY 1 969 497,23 EUR 36 692,19
19/01/2012 100 000 000,00 JPY 984 587,32 EUR 16 737,64
19/01/2012 65 519 144,17 EUR 6 628 529 838,00 JPY (853 979,50)
19/01/2012 244,85 EUR 318,06 USD (0,14)
19/01/2012 346 648,83 EUR 35 113 474,00 JPY (4 951,15)
19/01/2012 468 422,48 EUR 46 826 651,00 JPY (464,46)
74
Assets Notes
Investments in securities 115 685256,41
Banks 472605,08
Amounts due from brokers 86890,80
Unrealised profit on forward foreign exchange contracts (Note 8) 23381,53
Unrealised profit on future contracts (Note 8) 836,14
Liabilities
Unrealised loss on future contracts (Note 8) (21 481,69)


Class R Units EUR 169,51 253 735,228
Class Z Units EUR 182,38 281 426,958
75

2011 IN EUR

Other income 18,55
- investments (26 196 666,85)

76
Nominal / % of
Shares 110 778 173,18 115 685 256,41 99,89
AUSTRALIA 70 276 603,08 75 208 787,57 64,94
Finance 30 896 286,35 33 415 322,86 28,85

195 292,00 COMMONWEALTH BANK OF AUSTRALIA AUD 6 084 245,32 7 591 191,93 6,56
338 801,00 WESTPAC BANKING CORP AUD 4 784 191,25 5 351 291,25 4,62
311 517,00 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD AUD 4 263 278,99 5 050 735,32 4,36
266 891,00 NATIONAL AUSTRALIA BANK LTD AUD 4 590 898,67 4 923 689,72 4,25
271 766,00 WESTFIELD GROUP AUD 1 998 479,83 1 676 216,32 1,45
115 623,00 QBE INSURANCE GROUP LTD AUD 1 450 426,29 1 182 491,18 1,02
503 485,00 WESTFIELD RETAIL TRUST AUD 868 190,27 990 078,87 0,85
149 380,00 SUNCORP GROUP LTD AUD 885 046,15 988 599,49 0,85
259 377,00 AMP LTD AUD 935 134,01 833 699,96 0,72
350 857,00 INSURANCE AUSTRALIA GROUP LTD AUD 865 321,85 825 715,28 0,71
1 797 236,00 GOODMAN GROUP AUD 838 342,54 809 028,60 0,70
38 379,00 MACQUARIE GROUP LTD AUD 923 209,37 721 061,00 0,62
934 275,00 DEXUS PROPERTY GROUP AUD 610 577,50 612 402,18 0,53
223 458,00 STOCKLAND AUD 556 940,36 562 950,88 0,49
69 955,00 LEND LEASE GROUP AUD 388 061,98 395 563,03 0,34
16 200,00 ASX LTD AUD 363 971,22 391 233,83 0,34
201 666,00 MIRVAC GROUP AUD 190 034,91 187 931,08 0,16
26 485,00 BENDIGO AND ADELAIDE BANK LTD AUD 164 916,43 167 957,51 0,15
63 306,00 GPT GROUP AUD 135 019,41 153 485,43 0,13
Raw materials 19 750 352,15 20 555 303,25 17,75

401 289,00 BHP BILLITON LTD AUD 10 056 932,27 10 908 173,34 9,42
50 412,00 RIO TINTO LTD AUD 2 401 634,90 2 400 684,84 2,07
90 985,00 NEWCREST MINING LTD AUD 2 172 896,48 2 126 891,91 1,84
66 661,00 ORICA LTD AUD 1 086 620,48 1 276 110,70 1,10
376 994,00 INCITEC PIVOT LTD AUD 958 742,21 925 931,24 0,80
75 298,00 ILUKA RESOURCES LTD AUD 848 703,13 921 720,08 0,80
254 654,00 FORTESCUE METALS GROUP LTD AUD 932 792,27 858 741,17 0,74
121 513,00 AMCOR LTD/AUSTRALIA AUD 581 595,91 691 897,75 0,60
59 888,00 BORAL LTD AUD 205 797,14 170 265,33 0,15
199 445,00 LYNAS CORP LTD AUD 246 034,86 164 597,55 0,14
199 504,00 ONESTEEL LTD AUD 258 602,50 110 289,34 0,09
Basic Goods 5 385 669,11 6 338 627,39 5,47

110 113,00 WESFARMERS LTD AUD 2 057 979,86 2 565 337,56 2,21
124 907,00 WOOLWORTHS LTD AUD 2 126 362,28 2 475 964,47 2,14
238 347,00 METCASH LTD AUD 720 354,41 760 457,53 0,66
59 062,00 COCA-COLA AMATIL LTD AUD 480 972,56 536 867,83 0,46
Energy 5 211 419,77 4 939 472,26 4,27

81 007,00 WOODSIDE PETROLEUM LTD AUD 2 269 798,63 1 958 897,20 1,69
110 439,00 ORIGIN ENERGY LTD AUD 1 153 889,45 1 163 488,79 1,01
97 356,00 SANTOS LTD AUD 899 773,13 941 083,26 0,81
35 659,00 WORLEYPARSONS LTD AUD 719 429,06 722 901,19 0,63
16 471,00 CALTEX AUSTRALIA LTD AUD 168 529,50 153 101,82 0,13
Industries 3 513 384,64 3 639 824,13 3,14

258 019,00 BRAMBLES LTD AUD 1 265 090,75 1 458 977,58 1,26
148 497,33 ASCIANO LTD AUD 486 823,94 527 734,00 0,46
355 594,00 QANTAS AIRWAYS LTD AUD 516 269,75 410 006,92 0,35
10 224,00 CAMPBELL BROTHERS LTD AUD 375 414,36 395 559,84 0,34
60 469,00 TRANSURBAN GROUP AUD 229 138,22 268 381,77 0,23
57 679,00 TOLL HOLDINGS LTD AUD 241 843,31 192 226,86 0,17
12 533,00 LEIGHTON HOLDINGS LTD AUD 211 507,89 188 454,23 0,16
58 943,00 QR NATIONAL LTD AUD 147 208,62 159 199,70 0,14
18 700,00 SYDNEY AIRPORT AUD 40 087,80 39 283,23 0,03
Health 2 435 744,23 2 791 374,44 2,41

81 125,00 CSL LTD AUD 1 781 282,47 2 050 163,97 1,77
32 520,00 RAMSAY HEALTH CARE LTD AUD 409 911,64 495 155,35 0,43
27 621,00 SONIC HEALTHCARE LTD AUD 244 550,12 246 055,12 0,21
77
Nominal / % of

558 687,00 TELSTRA CORP LTD AUD 1 174 856,41 1 469 253,41 1,27
Consumer Retail 1 200 187,97 1 257 465,46 1,09

87 969,00 CROWN LTD AUD 537 309,49 562 033,35 0,49
171 859,00 ECHO ENTERTAINMENT GROUP LTD AUD 479 190,19 487 248,64 0,42
108 037,00 TATTS GROUP LTD AUD 183 688,29 208 183,47 0,18
Multi-Utilities 420 185,52 492 274,37 0,42

30 955,00 AGL ENERGY LTD AUD 300 972,18 350 316,75 0,30
191 226,00 SP AUSNET AUD 119 213,34 141 957,62 0,12
Computing and IT 288 516,93 309 870,00 0,27

48 985,00 COMPUTERSHARE LTD AUD 288 516,93 309 870,00 0,27
HONG KONG 24 073 081,05 23 983 445,93 20,71
Finance 15 394 339,76 14 791 090,16 12,77

935 209,00 AIA GROUP LTD HKD 2 136 839,85 2 249 389,18 1,94
179 066,00 CHEUNG KONG HOLDINGS LTD HKD 1 671 258,52 1 641 078,23 1,42
166 841,00 SUN HUNG KAI PROPERTIES LTD HKD 1 669 153,29 1 610 953,19 1,39
110 901,00 HONG KONG EXCHANGES AND CLEARING LTD HKD 1 366 519,35 1 365 059,01 1,18
97 900,00 HANG SENG BANK LTD HKD 1 061 898,90 894 792,25 0,77
474 074,00 BOC HONG KONG HOLDINGS LTD HKD 890 536,10 865 183,33 0,75
90 465,00 SWIRE PACIFIC LTD HKD 763 730,82 841 193,77 0,73
289 030,00 LINK REIT HKD 628 782,87 819 885,37 0,71
189 284,00 WHARF HOLDINGS LTD HKD 755 875,68 658 969,33 0,57
218 817,00 BANK OF EAST ASIA LTD HKD 601 262,60 638 076,24 0,55
275 882,00 HANG LUNG PROPERTIES LTD HKD 701 769,78 604 727,64 0,52
339 951,00 SINO LAND CO LTD HKD 369 764,99 372 919,96 0,32
96 557,00 HENDERSON LAND DEVELOPMENT CO LTD HKD 426 311,38 369 670,89 0,32
84 433,00 HANG LUNG GROUP LTD HKD 345 243,54 356 332,94 0,31
135 033,00 KERRY PROPERTIES LTD HKD 449 788,99 344 205,04 0,30
154 877,00 WHEELOCK & CO LTD HKD 407 303,03 295 553,55 0,25
348 000,00 FIRST PACIFIC CO LTD HKD 284 225,39 278 891,18 0,24
420 342,00 NEW WORLD DEVELOPMENT LTD HKD 441 793,16 260 988,46 0,22
28 500,00 WING HANG BANK LTD HKD 227 595,36 179 923,32 0,16
56 657,00 HYSAN DEVELOPMENT CO LTD HKD 194 686,16 143 297,28 0,12
Multi-Utilities 3 318 094,10 3 964 470,79 3,42

233 808,00 CLP HOLDINGS LTD HKD 1 304 664,63 1 531 709,38 1,32
613 454,00 HONG KONG & CHINA GAS CO LTD HKD 901 388,70 1 095 213,25 0,94
186 422,00 POWER ASSETS HOLDINGS LTD HKD 861 357,08 1 062 261,34 0,92
61 000,00 CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD HKD 250 683,69 275 286,82 0,24
Industries 3 184 740,13 3 163 567,99 2,73

287 944,00 HUTCHISON WHAMPOA LTD HKD 1 817 944,34 1 857 802,38 1,60
525 000,00 NWS HLDG LTD HKD 553 719,51 595 702,62 0,51
476 653,00 NOBLE GROUP LTD SGD 417 426,32 319 987,59 0,28
100 383,00 MTR CORP HKD 251 353,47 250 404,62 0,22
105 720,00 CATHAY PACIFIC AIRWAYS LTD HKD 144 296,49 139 670,78 0,12
Consumer Retail 2 135 358,23 2 013 317,76 1,74

616 216,00 LI & FUNG LTD HKD 938 038,47 878 893,07 0,76
275 000,00 SJM HOLDINGS LTD HKD 374 164,69 345 856,65 0,30
244 000,00 GALAXY ENTERTAINMENT GROUP LTD HKD 388 191,66 344 622,79 0,30
162 500,00 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 299 314,23 275 931,52 0,24
69 000,00 YUE YUEN INDUSTRIAL HOLDINGS LTD HKD 135 649,18 168 013,73 0,14
Computing and IT 40 548,83 50 999,23 0,05

5 900,00 ASM PACIFIC TECHNOLOGY LTD HKD 40 548,83 50 999,23 0,05
SINGAPORE 12 974 018,29 12 956 176,92 11,19
Finance 6 317 360,26 5 991 393,75 5,17

231 490,00 DBS GROUP HOLDINGS LTD SGD 1 636 456,45 1 584 298,71 1,37
160 781,00 UNITED OVERSEAS BANK LTD SGD 1 561 606,39 1 458 566,11 1,26
227 374,00 OVERSEA-CHINESE BANKING CORP LTD SGD 1 056 137,15 1 057 681,53 0,91
207 000,00 UOL GROUP LTD SGD 530 175,88 491 906,65 0,42
77 195,00 CITY DEVELOPMENTS LTD SGD 432 054,07 408 161,03 0,35
348 171,00 CAPITAMALL TRUST SGD 359 456,22 351 636,44 0,30
65 506,00 SINGAPORE EXCHANGE LTD SGD 250 150,49 238 557,96 0,21
78
Nominal / % of
185 000,00 ASCENDAS REAL ESTATE INVESTMENT TRUST SGD 226 213,97 201 129,22 0,17
101 817,00 KEPPEL LAND LTD SGD 177 669,33 134 284,42 0,12
49 638,00 CAPITALAND LTD SGD 87 440,31 65 171,68 0,06
Industries 2 759 689,27 2 819 286,34 2,44

203 351,00 KEPPEL CORP LTD SGD 932 402,91 1 123 522,09 0,97
193 991,00 SEMBCORP INDUSTRIES LTD SGD 549 902,34 466 754,98 0,40
525 000,00 COMFORTDELGRO CORP LTD SGD 435 770,16 441 334,72 0,38
112 013,00 FRASERIE AND NEAVE LTD SGD 336 025,69 412 584,09 0,36
165 280,00 SEMBCORP MARINE LTD SGD 505 588,17 375 090,46 0,33

995 567,00 SINGAPORE TELECOMMUNICATIONS LTD SGD 1 603 472,52 1 827 600,75 1,58
91 000,00 STARHUB LTD SGD 152 343,60 157 321,01 0,13
Consumer Retail 1 232 538,28 1 272 753,01 1,10

16 619,00 JARDINE CYCLE & CARRIAGE LTD SGD 400 049,35 475 097,63 0,41
181 947,00 SINGAPORE PRESS HOLDINGS LTD SGD 402 969,90 398 862,88 0,35
444 547,00 GENTING SINGAPORE PLC SGD 429 519,03 398 792,50 0,34
Basic Goods 908 614,36 887 822,06 0,77

148 319,00 WILMAR INTERNATIONAL LTD SGD 457 667,46 440 574,29 0,38
547 310,00 GOLDEN AGRI-RESOURCES LTD SGD 209 449,26 232 483,31 0,20
169 719,00 OLAM INTERNATIONAL LTD SGD 241 497,64 214 764,46 0,19
NEW ZEALAND 1 316 231,19 1 301 857,98 1,12

508 843,00 TELECOM CORP OF NEW ZEALAND LTD NZD 576 120,44 632 964,75 0,54
0,20 CHORUS LTD NZD 0,34 0,37 0,00
Raw materials 437 199,78 348 475,88 0,30

94 445,00 FLETCHER BUILDING LTD NZD 437 199,78 348 475,88 0,30
Consumer Retail 302 910,63 320 416,98 0,28

155 000,00 SKY CITY ENTERTAINMENT GROUP LTD NZD 302 910,63 320 416,98 0,28
MACAO 886 770,91 1 200 004,53 1,03
Consumer Retail 886 770,91 1 200 004,53 1,03

324 123,00 SANDS CHINA LTD HKD 489 966,74 705 648,72 0,61
255 600,00 WYNN MACAU LTD HKD 396 804,17 494 355,81 0,42
CHINA 832 474,69 622 682,30 0,54
Industries 681 707,78 465 657,23 0,40

861 336,00 YANGZIJIANG SHIPBUILDING HOLDINGS LTD SGD 681 707,78 465 657,23 0,40
Computing and IT 150 766,91 157 025,07 0,14

316 000,00 FOXCONN INTERNATIONAL HOLDINGS LTD HKD 150 766,91 157 025,07 0,14
UNITED STATES 347 924,41 323 103,24 0,28
Raw materials 347 924,41 323 103,24 0,28

32 342,00 SIMS METAL MANAGEMENT LTD AUD 347 924,41 323 103,24 0,28
IRELAND 71 069,56 89 197,94 0,08
Raw materials 71 069,56 89 197,94 0,08

16 561,00 JAMES HARDIE INDUSTRIES SE -ADR- AUD 71 069,56 89 197,94 0,08
UNQUOTED 42,20 0,00 0,00
Shares 42,20 0,00 0,00
TAIWAN 42,20 0,00 0,00
Industries 42,20 0,00 0,00

3 816,00 PACIFIC ELEC WIRE TWD 42,20 0,00 0,00
79
Nominal / % of
AUSTRALIA 0,00 0,00 0,00
Finance 0,00 0,00 0,00

1 443 696,00 BGP HOLDINGS PLC EUR 0,00 0,00 0,00
Total Portfolio 110 778 215,38 115 685 256,41 99,89
80
Purchase Unrealised
Total Unrealised profit / (loss) on future contracts and commitment (20 645,55) 1 243 859,68
Unrealised profit on future contracts and commitment 836,14 274 995,59
50 3 Purchase HANG SENG INDEX FUTURE 30/01/2012 HKD 836,14 274 995,59
Unrealised loss on future contracts and commitment (21 481,69) 968 864,09
25 5 Purchase ASX SPI 200 INDEX FUTURE 15/03/2012 AUD (14 920,56) 395 430,53
200 16 Purchase SGX MSCI SINGAPORE INDEX FTRS 30/01/2012 SGD (6 561,13) 573 433,56
JAN12 XSES
81

19/01/2012 115 019,15 SGD 67 710,66 EUR 611,75

19/01/2012 7,47 USD 5,75 EUR —
19/01/2012 2 817 725,09 HKD 277 823,12 EUR 1 637,62
19/01/2012 434 012,61 AUD 331 543,19 EUR 10 599,31
19/01/2012 49 016,39 SGD 28 850,78 EUR 265,40
19/01/2012 300 603,31 AUD 231 673,78 EUR 5 298,98
19/01/2012 390 554,93 HKD 38 522,04 EUR 213,03
19/01/2012 64 727,66 AUD 50 096,87 EUR 929,49
19/01/2012 178 690,52 AUD 138 955,83 EUR 1 910,17
19/01/2012 89 452,74 AUD 69 757,00 EUR 760,73
19/01/2012 200 409,74 AUD 156 832,73 EUR 1 155,05
19/01/2012 97 941,02 SGD 58 348,55 EUR (170,70)

19/01/2012 340 519,84 HKD 33 786,26 EUR (13,65)
19/01/2012 94 091,46 AUD 74 184,55 EUR (10,01)
19/01/2012 287 635,53 EUR 377 956,74 AUD (10 316,79)
19/01/2012 163 360,53 EUR 1 651 509,38 HKD (435,45)
19/01/2012 11 138 306,68 EUR 14 677 209,58 AUD (432 087,93)
19/01/2012 3 661 725,31 EUR 37 022 405,39 HKD (10 140,64)
19/01/2012 183 348,82 EUR 318 816,78 NZD (8 038,51)
19/01/2012 2 129 641,85 EUR 3 621 274,74 SGD (21 427,94)
19/01/2012 28 143,41 EUR 47 873,21 SGD (293,71)
19/01/2012 55 403,26 EUR 561 197,29 HKD (256,04)
19/01/2012 58 009,53 EUR 76 260,97 AUD (2 108,81)
19/01/2012 61 915,22 EUR 629 368,23 HKD (505,25)
19/01/2012 25 822,74 EUR 262 445,99 HKD (206,54)
19/01/2012 99 719,51 EUR 128 626,21 AUD (1 679,60)
82
Assets Notes
Banks 28 372 536,33
Liabilities

Class R Units EUR 181,87 273 573,741

Class Z Units EUR 187,10 1 065 756,130
83

2011 IN EUR

- investments (46 485 812,12)
- future contracts (Note 8) (1 256 639,11)

84
Nominal / % of
Shares 223 401 462,77 215 107 592,32 86,33
BRAZIL 44 927 241,62 39 217 603,32 15,74
Raw materials 12 356 512,62 9 555 516,10 3,83

137 854,00 VALE SA -PFD ADR- USD 2 670 247,42 2 187 568,76 0,88
88 631,00 VALE SA -ADR- USD 2 002 259,24 1 464 495,58 0,59
74 188,00 VALE SA -PFD- BRL 1 219 792,59 1 158 759,37 0,46
51 184,00 VALE SA BRL 975 812,83 833 910,23 0,33
51 839,00 ULTRAPAR PARTICIPACOES SA -ADR- USD 579 439,38 686 847,28 0,28
101 705,00 CIA SIDERURGICA NACIONAL SA -ADR- USD 1 107 443,71 640 871,16 0,26
98 440,00 GERDAU SA -ADR- USD 874 309,09 592 240,03 0,24
35 188,00 BRASKEM SA -ADR- USD 547 678,14 382 198,36 0,15
51 811,00 FIBRIA CELULOSE SA -ADR- USD 494 260,52 310 111,67 0,12
30 656,00 CIA SIDERURGICA NACIONAL SA BRL 336 984,38 189 655,47 0,08
29 940,00 GERDAU SA -PFD- BRL 323 427,67 179 290,74 0,07
11 600,00 ULTRAPAR PARTICIPACOES SA BRL 92 972,12 153 349,28 0,06
11 100,00 BRADESPAR SA -PFD- BRL 165 963,39 145 272,46 0,06
13 700,00 METALURGICA GERDAU SA -PFD- BRL 181 223,72 101 333,78 0,04
24 100,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -PFD- BRL 229 021,72 101 023,21 0,04
23 800,00 KLABIN SA -PFD- BRL 44 287,81 78 633,03 0,03
7 200,00 VALE FERTILIZANTES SA -PFD- BRL 49 777,93 74 516,36 0,03
9 748,00 USINAS SIDERURGICAS DE MINAS GERAIS SA BRL 93 209,58 69 042,69 0,03
10 391,00 FIBRIA CELULOSE SA BRL 141 363,33 59 521,23 0,02
11 000,00 BRASKEM SA -PFD- BRL 59 259,35 58 148,80 0,02
18 500,00 SUZANO PAPEL E CELULOSE SA -PFD- BRL 115 935,75 51 495,55 0,02
8 121,00 MMX MINERACAO E METALICOS SA BRL 30 830,39 22 370,38 0,01
4 034,00 DURATEX SA BRL 21 012,56 14 860,68 0,01
Finance 10 287 741,55 9 366 913,36 3,76

199 270,00 ITAU UNIBANCO HOLDING SA -ADR- USD 3 194 851,10 2 849 016,82 1,14
148 736,00 BANCO BRADESCO SA -ADR- USD 2 002 513,89 1 911 116,95 0,77
68 346,00 BANCO BRADESCO SA -PFD- BRL 792 448,49 867 953,17 0,35
102 445,00 BANCO SANTANDER BRASIL SA -ADR- USD 827 642,06 642 377,46 0,26
43 300,00 ITAU UNIBANCO HOLDING SA -PFD- BRL 628 765,12 607 823,00 0,24
78 137,00 ITAUSA - INVESTIMENTOS ITAU SA -PFD- BRL 349 826,79 364 002,11 0,15
148 183,00 PDG REALTY SA EMPREENDIMENTOS E BRL 613 015,46 361 067,56 0,14
PARTICIPACOES
84 511,00 BM&FBOVESPA SA BRL 398 568,12 342 040,39 0,14
42 260,00 CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E BRL 322 698,50 259 001,01 0,10
PARTICIPACOES
19 600,00 BANCO DO BRASIL SA BRL 219 936,23 191 841,47 0,08
16 454,00 CETIP SA - BALCAO ORGANIZADO DE ATIVOS E BRL 180 816,95 183 133,73 0,07
DERIVATIVOS
14 900,00 REDECARD SA BRL 150 208,85 179 621,55 0,07
17 654,00 BANCO DO BRASIL SA -ADR- USD 225 427,95 171 351,85 0,07
15 900,00 BANCO DO ESTADO DO RIO GRANDE DO SUL -PFD- BRL 84 068,13 131 330,38 0,05
15 100,00 BANCO SANTANDER BRASIL SA BRL 136 848,40 93 292,47 0,04
10 146,00 BR MALLS PARTICIPACOES SA BRL 42 115,67 75 926,11 0,03
6 000,00 PORTO SEGURO SA BRL 44 750,25 52 779,94 0,02
6 900,00 SUL AMERICA SA BRL 41 903,36 43 029,28 0,02
2 544,00 MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA BRL 31 336,23 40 208,11 0,02
Energy 10 400 704,81 7 348 661,85 2,95

170 409,00 PETROLEO BRASILEIRO SA -PFD-ADR- USD 4 048 939,42 3 083 547,66 1,24
131 726,00 PETROLEO BRASILEIRO SA -ADR- USD 3 493 445,83 2 521 581,55 1,01
95 154,00 PETROLEO BRASILEIRO SA -PFD- BRL 1 348 861,25 844 503,66 0,34
58 628,00 PETROLEO BRASILEIRO SA BRL 934 267,57 556 892,01 0,22
30 000,00 OGX PETROLEO E GAS PARTICIPACOES SA BRL 181 021,90 168 747,15 0,07
17 509,00 OGX PETROLEO E GAS PARTICIPACOES SA -ADR- USD 141 171,65 98 325,01 0,04
320,00 HRT PARTICIPACOES EM PETROLEO SA BRL 252 997,19 75 064,81 0,03
Basic Goods 3 630 398,13 4 949 034,57 1,99

79 695,00 CIA DE BEBIDAS DAS AMERICAS -ADR- USD 1 472 051,60 2 215 608,78 0,89
74 016,00 BRF - BRASIL FOODS SA -ADR- USD 877 383,39 1 114 673,03 0,45
22 207,00 CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE USD 618 873,28 623 195,32 0,25
ACUCAR -ADR-
85
Nominal / % of
22 216,00 BRF - BRASIL FOODS SA BRL 168 250,43 334 151,86 0,13
10 500,00 CIA DE BEBIDAS DAS AMERICAS -PFD- BRL 142 357,68 291 838,40 0,12
16 500,00 SOUZA CRUZ SA BRL 78 756,14 156 115,89 0,06
5 600,00 NATURA COSMETICOS SA BRL 76 753,43 83 859,81 0,03
4 568,00 COSAN SA INDUSTRIA E COMERCIO BRL 39 119,34 50 936,36 0,02
16 300,00 JBS SA BRL 60 521,36 40 928,82 0,02
10 747,00 HYPERMARCAS SA BRL 96 331,48 37 726,30 0,02
Multi-Utilities 2 787 515,41 3 107 702,64 1,25

46 624,00 CIA ENERGETICA DE MINAS GERAIS -ADR- USD 588 627,25 638 940,77 0,26
10 025,00 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO USD 380 218,15 429 758,69 0,17
PAULO -ADR-
25 811,00 CENTRAIS ELETRICAS BRASILEIRAS SA -ADR- USD 269 244,66 288 302,20 0,12
13 910,00 CIA PARANAENSE DE ENERGIA -ADR- USD 198 770,14 224 805,92 0,09
14 059,00 CIA ENERGETICA DE MINAS GERAIS -PFD- BRL 161 705,20 193 172,50 0,08
11 000,00 LIGHT SA BRL 117 819,56 130 834,79 0,05
9 300,00 CIA ENERGETICA DE SAO PAULO -PFD- BRL 84 071,14 126 938,24 0,05
5 453,00 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO BRL 67 717,76 117 172,96 0,05
PAULO
10 400,00 CPFL ENERGIA SA BRL 73 144,13 111 758,02 0,04
9 000,00 CENTRAIS ELETRICAS BRASILEIRAS SA -PFD- BRL 117 883,71 99 798,70 0,04
7 108,00 TRACTEBEL ENERGIA SA BRL 58 500,65 87 948,27 0,04
5 379,00 CIA PARANAENSE DE ENERGIA -PFD- BRL 80 036,08 86 415,02 0,03
4 612,00 EDP - ENERGIAS DO BRASIL SA BRL 63 074,22 79 045,19 0,03
5 000,00 ELETROPAULO METROPOLITANA ELETRICIDADE DE BRL 69 313,87 75 370,42 0,03
SAO PAULO SA -PFD-
8 563,00 CENTRAIS ELETRICAS BRASILEIRAS SA BRL 128 983,45 63 089,76 0,03
4 500,00 AES TIETE SA -PFD- BRL 32 873,40 49 955,10 0,02
1 508,00 CIA DE TRANSMISSAO DE ENERGIA ELECTRICA BRL 28 744,26 36 115,41 0,01
PAULISTA -PFD-

36 570,00 TELEFONICA BRASIL SA USD 571 068,73 769 909,56 0,31
18 941,00 TIM PARTICIPACOES SA USD 342 946,69 376 441,70 0,15
47 214,00 TELE NORTE LESTE PARTICIPACOES SA -ADR- USD 523 685,29 345 880,78 0,14
12 970,00 BRASIL TELECOM SA -ADR- USD 185 905,37 177 742,40 0,07
23 387,00 TIM PARTICIPACOES SA BRL 52 312,33 89 245,14 0,04
8 800,00 TELE NORTE LESTE PARTICIPACOES SA -PFD- BRL 122 837,81 63 818,30 0,03
13 901,00 BRASIL TELECOM SA -PFD- BRL 84 699,09 62 461,59 0,02
2 175,00 TELEMAR NORTE LESTE SA -PFD- BRL 49 405,32 40 223,64 0,02
3 768,00 TELE NORTE LESTE PARTICIPACOES SA BRL 61 179,64 33 394,79 0,01
945,00 BRASIL TELECOM SA BRL 10 675,97 4 562,31 0,00
Industries 2 351 777,96 1 897 356,67 0,76

40 027,00 TAM SA -ADR- USD 581 795,72 596 635,56 0,24
28 093,00 EMBRAER SA -ADR- USD 573 589,17 545 780,89 0,22
97 594,00 GOL LINHAS AEREAS INTELIGENTES SA -ADR- USD 931 301,77 498 438,71 0,20
13 464,00 ECORODOVIAS INFRAESTRUTURA E LOGISTICA SA BRL 81 830,84 77 568,68 0,03
11 600,00 CCR SA BRL 44 802,38 58 541,96 0,02
4 782,00 LOCALIZA RENT A CAR SA BRL 36 996,48 50 557,73 0,02
8 495,00 ALL AMERICA LATINA LOGISTICA SA BRL 48 900,41 32 627,55 0,01
4 510,00 EMBRAER SA BRL 15 625,89 21 903,92 0,01
10 987,00 LLX LOGISTICA SA BRL 36 914,20 15 291,39 0,01
2,00 GOL LINHAS AEREAS INTELIGENTES SA -PFD- BRL 21,10 10,28 0,00
Consumer Retail 458 034,33 410 085,50 0,16

10 974,00 CIA HERING BRL 143 714,47 147 113,17 0,06
4 783,00 LOJAS RENNER SA BRL 68 209,06 95 625,46 0,04
7 620,00 ANHANGUERA EDUCACIONAL PARTICIPACOES SA BRL 127 082,00 63 254,16 0,02
10 498,00 LOJAS AMERICANAS SA -PFD- BRL 56 764,79 61 998,43 0,02
6 722,00 ROSSI RESIDENCIAL SA BRL 38 059,63 22 208,88 0,01
4 500,00 MRV ENGENHARIA E PARTICIPACOES SA BRL 24 204,38 19 885,40 0,01
Computing and IT 296 333,63 353 768,89 0,14

11 496,00 CIELO SA BRL 165 241,34 228 839,96 0,09
9 095,00 TOTVS SA BRL 131 092,29 124 928,93 0,05
Health 353 506,94 264 883,53 0,11

19 014,00 DIAGNOSTICOS DA AMERICA SA BRL 192 194,49 121 714,76 0,05
7 379,00 ODONTOPREV SA BRL 89 993,46 81 061,98 0,03
86
Nominal / % of
9 153,00 AMIL PARTICIPACOES SA BRL 71 318,99 62 106,79 0,03
SOUTH KOREA 34 757 767,19 37 875 826,46 15,20
Computing and IT 8 581 142,01 10 604 362,80 4,26

9 940,00 SAMSUNG ELECTRONICS CO LTD KRW 5 136 607,76 7 178 484,73 2,88
1 827,00 SAMSUNG ELECTRONICS CO LTD -PFD- KRW 655 802,12 822 197,69 0,33
42 268,00 HYNIX SEMICONDUCTOR INC KRW 670 325,01 662 791,89 0,27
3 710,00 NHN CORP KRW 454 037,21 518 492,93 0,21
20 120,00 LG DISPLAY CO LTD KRW 505 019,71 335 676,68 0,14
5 360,00 SAMSUNG ELECTRO-MECHANICS CO LTD KRW 432 543,99 284 223,92 0,11
3 087,00 SAMSUNG SDI CO LTD KRW 308 659,84 283 832,40 0,11
1 356,00 NCSOFT CORP KRW 161 373,61 274 741,94 0,11
2 008,00 SK C&C CO LTD KRW 105 483,24 163 140,82 0,07
1 283,00 LG INNOTEK CO LTD KRW 136 541,63 59 968,95 0,02
94,00 SAMSUNG ELECTRONICS CO LTD -GDR- USD 14 747,89 20 810,85 0,01
Consumer Retail 5 669 715,68 7 811 848,46 3,13

17 143,00 HYUNDAI MOTOR CO KRW 1 678 295,66 2 435 950,17 0,98
8 475,00 HYUNDAI MOBIS KRW 1 143 449,19 1 657 632,37 0,67
33 094,00 KIA MOTORS CORP KRW 770 632,74 1 471 612,77 0,59
9 334,00 LG ELECTRONICS INC KRW 618 861,66 474 979,75 0,19
8 450,00 HANKOOK TIRE CO LTD KRW 151 061,39 254 833,13 0,10
1 074,00 LOTTE SHOPPING CO LTD KRW 243 854,23 240 586,76 0,10
12 383,00 KANGWON LAND INC KRW 152 603,49 232 677,74 0,09
4 725,00 HYUNDAI MOTOR CO -PFD- KRW 155 557,22 207 898,02 0,08
1 722,00 HYUNDAI DEPARTMENT STORE CO LTD KRW 131 883,97 179 630,63 0,07
1 172,00 MANDO CORP KRW 112 174,70 157 915,70 0,06
6 070,00 WOONGJIN COWAY CO LTD KRW 147 193,02 144 091,94 0,06
659,00 SHINSEGAE CO LTD KRW 145 247,76 106 640,81 0,04
1 094,00 HYUNDAI WIA CORP KRW 98 837,77 99 489,87 0,04
Industries 5 762 366,55 5 575 233,99 2,24

4 831,00 HYUNDAI HEAVY INDUSTRIES CO LTD KRW 961 556,38 835 064,89 0,34
10 475,00 SAMSUNG C&T CORP KRW 365 036,56 479 807,73 0,19
2 842,00 SAMSUNG ENGINEERING CO LTD KRW 223 513,28 395 284,74 0,16
8 694,00 LG CORP KRW 384 281,78 357 534,04 0,14
6 087,00 HYUNDAI ENGINEERING & CONSTRUCTION CO LTD KRW 267 863,43 292 654,25 0,12
14 141,00 SAMSUNG HEAVY INDUSTRIES CO LTD KRW 264 502,99 265 710,72 0,11
1 667,00 HYUNDAI GLOVIS CO LTD KRW 141 900,42 211 793,12 0,08
3 329,00 GS ENGINEERING & CONSTRUCTION CORP KRW 204 098,71 207 691,19 0,08
2 397,00 SK HOLDINGS CO LTD KRW 158 575,10 193 142,44 0,08
3 103,00 DAELIM INDUSTRIAL CO LTD KRW 162 617,29 187 366,60 0,08
4 171,00 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION KRW 193 844,08 179 617,52 0,07
CO LTD
10 360,00 DAEWOO SHIPBUILDING & MARINE ENGINEERING KRW 177 782,02 162 452,07 0,07
CO LTD
1 627,00 DOOSAN CORP KRW 126 305,28 156 121,28 0,06
4 091,00 SAMSUNG TECHWIN CO LTD KRW 260 610,13 149 363,60 0,06
3 433,00 S1 CORP KRW 121 498,42 134 292,67 0,05
4 578,00 KOREAN AIR LINES CO LTD KRW 183 931,08 133 164,26 0,05
717,00 KCC CORP KRW 149 740,53 132 807,18 0,05
9 440,00 DOOSAN INFRACORE CO LTD KRW 132 696,42 113 307,61 0,05
2 251,00 LS CORP KRW 146 120,37 111 987,89 0,04
2 369,00 LS INDUSTRIAL SYSTEMS CO LTD KRW 126 730,39 102 492,48 0,04
14 532,00 DAEWOO ENGINEERING & CONSTRUCTION CO LTD KRW 105 603,18 99 602,88 0,04
8 350,00 HYUNDAI DEVELOPMENT CO KRW 168 306,31 96 036,77 0,04
3 594,00 KOREA AEROSPACE INDUSTRIES LTD KRW 95 311,50 94 568,27 0,04
5 581,00 HYUNDAI MERCHANT MARINE CO LTD KRW 125 057,03 92 365,52 0,04
1 230,00 HYUNDAI MIPO DOCKYARD KRW 127 412,98 90 062,06 0,04
4 268,00 DAEWOO INTERNATIONAL CORP KRW 94 475,94 81 195,01 0,03
19 280,00 STX PAN OCEAN CO LTD KRW 143 487,12 79 029,67 0,03
11 011,00 SK NETWORKS CO LTD KRW 77 933,67 72 082,87 0,03
1 333,00 CJ CORP KRW 71 574,16 68 634,66 0,03
Finance 6 105 728,22 5 082 910,49 2,04

40 092,00 SHINHAN FINANCIAL GROUP CO LTD KRW 1 175 626,48 1 061 635,78 0,43
35 017,00 KB FINANCIAL GROUP INC KRW 1 202 546,68 845 295,93 0,34
3 327,00 SAMSUNG FIRE & MARINE INSURANCE CO LTD KRW 418 406,02 457 180,05 0,18
18 364,00 HANA FINANCIAL GROUP INC KRW 401 534,63 431 019,62 0,17
87
Nominal / % of
4 814,00 SAMSUNG LIFE INSURANCE CO LTD KRW 342 009,41 258 812,22 0,10
5 920,00 DONGBU INSURANCE CO LTD KRW 151 336,83 201 889,87 0,08
26 487,00 WOORI FINANCE HOLDINGS CO LTD KRW 267 553,06 165 248,32 0,07
4 649,00 SAMSUNG SECURITIES CO LTD KRW 178 843,24 152 172,05 0,06
21 002,00 DAEWOO SECURITIES CO LTD KRW 227 559,15 145 352,88 0,06
20 149,00 BS FINANCIAL GROUP INC KRW 168 218,62 143 491,36 0,06
5 949,00 KOREA INVESTMENT HOLDINGS CO LTD KRW 136 445,83 142 015,20 0,06
16 497,00 DGB FINANCIAL GROUP INC KRW 167 732,39 137 339,98 0,05
16 360,00 INDUSTRIAL BANK OF KOREA KRW 160 761,25 135 652,44 0,05
4 966,00 SAMSUNG CARD CO KRW 161 407,80 129 507,21 0,05
25 842,00 KOREA EXCHANGE BANK KRW 233 656,65 126 491,06 0,05
5 236,00 HYUNDAI MARINE & FIRE INSURANCE CO LTD KRW 116 228,21 116 066,21 0,05
24 080,00 KOREA LIFE INSURANCE CO LTD KRW 132 943,86 115 451,15 0,05
18 358,00 HYUNDAI SECURITIES CO KRW 158 047,85 104 343,87 0,04
12 945,00 WOORI INVESTMENT & SECURITIES CO LTD KRW 127 272,78 89 158,33 0,04
4 000,00 MIRAE ASSET SECURITIES CO LTD KRW 136 132,26 82 783,41 0,03
Raw materials 5 048 338,97 4 738 823,16 1,90

6 705,00 POSCO KRW 2 211 960,85 1 685 812,49 0,68
4 818,00 LG CHEM LTD KRW 948 725,43 1 030 954,30 0,41
5 015,00 HYUNDAI STEEL CO KRW 281 961,60 316 231,60 0,13
4 378,00 CHEIL INDUSTRIES INC KRW 205 003,25 311 779,82 0,12
1 353,00 HONAM PETROCHEMICAL CORP KRW 112 888,03 270 062,80 0,11
1 393,00 OCI CO LTD KRW 209 303,13 200 734,04 0,08
885,00 KOREA ZINC CO LTD KRW 136 454,94 176 944,51 0,07
9 222,00 HANWHA CHEM CORP KRW 116 941,30 150 465,73 0,06
5 990,00 HANWHA CORP KRW 163 597,50 132 379,56 0,05
985,00 KOREA KUMHO PETROCHEMICAL KRW 140 824,51 108 678,29 0,04
2 768,00 HYOSUNG CORP KRW 152 922,37 97 913,91 0,04
1 094,00 LG CHEM LTD -PFD- KRW 119 814,62 77 177,81 0,03
3 090,00 HYUNDAI HYSCO KRW 97 136,95 71 491,96 0,03
4 801,00 DONGKUK STEEL MILL CO LTD KRW 69 725,53 65 009,88 0,03
4 680,00 KP CHEMICAL CORP KRW 81 078,96 43 186,46 0,02
Basic Goods 1 533 146,73 1 918 949,88 0,77

9 891,00 KT&G CORP KRW 387 133,85 524 488,57 0,21
1 868,00 E-MART CO LTD KRW 279 789,02 337 883,34 0,14
956,00 LG HOUSEHOLD & HEALTH CARE LTD KRW 195 260,17 306 527,29 0,12
330,00 AMOREPACIFIC CORP KRW 199 765,96 231 479,25 0,09
929,00 CJ CHEILJEDANG CORP KRW 132 496,59 183 256,91 0,07
372,00 ORION CORP/REPUBLIC OF SOUTH KOREA KRW 151 755,07 164 175,94 0,07
106,00 LOTTE CONFECTIONERY CO LTD KRW 87 846,36 118 370,91 0,05
2 936,00 HITE JINRO CO LTD KRW 96 484,75 51 633,84 0,02
157,00 HITE HOLDINGS CO LTD KRW 2 614,96 1 133,83 0,00
Energy 737 569,56 895 348,13 0,36

4 980,00 SK INNOVATION CO LTD KRW 400 977,23 467 873,35 0,19
3 838,00 S-OIL CORP KRW 191 793,87 257 925,14 0,10
4 933,00 GS HOLDINGS KRW 144 798,46 169 549,64 0,07
Multi-Utilities 589 921,10 503 945,58 0,20

22 647,00 KOREA ELECTRIC POWER CORP KRW 469 493,69 380 108,03 0,15
4 528,00 KOREA GAS CORP KRW 120 427,41 123 837,55 0,05

34 997,00 LG UPLUS CORP KRW 167 894,60 167 324,49 0,07
6 729,00 KT CORP KRW 184 640,77 159 285,57 0,06
1 460,00 SK TELECOM CO LTD KRW 159 939,98 136 191,41 0,06
Health 217 363,02 281 602,50 0,11

6 637,00 CELLTRION INC KRW 76 927,13 158 661,12 0,06
1 442,00 YUHAN CORP KRW 140 435,89 122 941,38 0,05
CHINA 29 751 319,10 26 504 407,83 10,64
Finance 11 526 940,55 9 362 962,31 3,76

4 553 387,00 CHINA CONSTRUCTION BANK CORP -H- HKD 2 729 827,58 2 447 811,84 0,98
4 059 353,00 INDUSTRIAL & COMMERCIAL BANK OF CHINA -H- HKD 2 340 008,05 1 856 102,37 0,74
4 197 161,00 BANK OF CHINA LTD -H- HKD 1 538 541,23 1 190 599,91 0,48
702 455,00 CHINA MINSHENG BANKING CORP LTD -H- HKD 463 298,26 468 897,32 0,19
238 118,00 CHINA LIFE INSURANCE CO LTD -H- HKD 813 963,83 453 458,59 0,18
88
Nominal / % of
1 037 082,00 CHINA CITIC BANK CORP LTD -H- HKD 507 480,16 449 509,34 0,18
806 806,00 BANK OF COMMUNICATIONS CO LTD -H- HKD 584 590,20 434 523,36 0,17
63 571,00 PING AN INSURANCE GROUP CO -H- HKD 415 799,48 322 829,48 0,13
206 622,00 CHINA MERCHANTS BANK CO LTD -H- HKD 390 193,89 321 751,36 0,13
566 576,00 AGRICULTURAL BANK OF CHINA LTD -H- HKD 180 983,38 187 693,32 0,08
79 166,00 CHINA PACIFIC INSURANCE GROUP CO LTD -H- HKD 231 437,78 173 530,24 0,07
434 357,00 EVERGRANDE REAL ESTATE GROUP LTD HKD 155 476,94 138 722,49 0,06
399 203,00 COUNTRY GARDEN HOLDINGS CO HKD 110 329,86 115 220,82 0,05
291 718,00 SINO-OCEAN LAND HOLDINGS LTD HKD 133 720,06 104 162,14 0,04
198 588,00 SOHO CHINA LTD HKD 107 669,79 101 832,81 0,04
146 313,00 SHIMAO PROPERTY HOLDINGS LTD HKD 176 954,19 96 214,52 0,04
119 398,00 CHINA VANKE CO LTD -B- HKD 111 809,36 90 949,95 0,04
225 564,00 CHONGQING RURAL COMMERCIAL BANK -H- HKD 112 190,78 89 937,34 0,04
126 880,00 AGILE PROPERTY HOLDINGS LTD HKD 132 916,15 87 588,40 0,03
108 587,00 FAR EAST HORIZON LTD HKD 66 477,40 74 637,18 0,03
288 768,00 SHUI ON LAND LTD HKD 95 224,18 67 593,55 0,03
57 483,00 GUANGZHOU R&F PROPERTIES CO LTD HKD 56 128,30 35 006,76 0,01
37 803,00 LONGFOR PROPERTIES CO LTD HKD 32 850,83 32 920,39 0,01
243 206,00 RENHE COMMERCIAL HOLDINGS CO LTD HKD 39 068,87 21 468,83 0,01
Energy 6 272 104,83 6 671 396,84 2,68

1 789 229,00 CNOOC LTD HKD 2 350 694,54 2 409 960,26 0,97
1 343 916,00 CHINA PETROLEUM & CHEMICAL CORP -H- HKD 853 399,37 1 089 026,29 0,44
293 408,00 CHINA SHENHUA ENERGY CO LTD -H- HKD 922 912,52 980 722,26 0,39
841 462,00 PETROCHINA CO LTD -H- HKD 755 097,45 807 058,78 0,32
605 940,00 CHINA COAL ENERGY CO LTD -H- HKD 518 242,97 503 637,23 0,20
253 297,00 YANZHOU COAL MINING CO LTD -H- HKD 423 212,87 416 541,96 0,17
76 003,00 INNER MONGOLIA YITAI COAL CO -B- USD 317 920,33 291 155,04 0,12
142 512,00 CHINA OILFIELD SERVICES LTD -H- HKD 130 624,78 173 295,02 0,07
Basic Goods 2 176 957,58 2 306 043,27 0,93

103 773,00 HENGAN INTERNATIONAL GROUP CO LTD HKD 620 255,32 747 763,34 0,30
706 126,00 WANT WANT CHINA HOLDINGS LTD HKD 428 648,25 542 785,31 0,22
206 481,00 TINGYI CAYMAN ISLANDS HOLDING CORP HKD 376 319,57 483 321,68 0,19
196 158,00 SUN ART RETAIL GROUP LTD HKD 206 567,35 188 916,30 0,08
171 166,00 CHINA YURUN FOOD GROUP LTD HKD 392 466,67 173 165,69 0,07
23 344,00 TSINGTAO BREWERY CO LTD -H- HKD 87 300,05 99 560,69 0,04
43 841,00 WUMART STORES INC -H- HKD 65 400,37 70 530,26 0,03
Computing and IT 2 382 706,17 2 232 977,19 0,90

103 024,00 TENCENT HOLDINGS LTD HKD 1 573 715,62 1 595 091,10 0,64
502 532,00 LENOVO GROUP LTD HKD 245 354,29 258 188,96 0,10
80 455,00 ZTE CORP -H- HKD 186 649,84 194 310,46 0,08
136 943,00 ALIBABA.COM LTD HKD 228 649,87 109 068,56 0,05
2 051 881,00 SEMICONDUCTOR MANUFACTURING HKD 148 336,55 76 318,11 0,03
INTERNATIONAL CORP
Consumer Retail 1 997 145,75 1 619 752,09 0,65

280 085,00 DONGFENG MOTOR GROUP CO LTD HKD 317 099,26 370 031,13 0,15
230 320,00 PARKSON RETAIL GROUP LTD HKD 260 425,54 217 476,72 0,09
128 984,00 GOLDEN EAGLE RETAIL GROUP LTD HKD 227 923,78 210 064,75 0,08
193 121,00 ANTA SPORTS PRODUCTS LTD HKD 225 844,50 176 797,20 0,07
185 344,00 GUANGZHOU AUTOMOBILE GROUP CO LTD HKD 160 549,25 119 123,58 0,05
71 237,00 BYD CO LTD HKD 363 324,29 118 984,91 0,05
135 734,00 DAPHNE INTERNATIONAL HLDG LTD HKD 120 128,59 116 452,53 0,04
71 520,00 GREAT WALL MOTOR CO LTD HKD 75 173,78 80 442,35 0,03
94 656,00 INTIME DEPARTMENT STORE GROUP CO LTD HKD 109 057,08 74 637,91 0,03
53 445,00 ZHONGSHENG GROUP HLDG LTD HKD 68 010,76 68 593,91 0,03
88 844,00 CHINA ZHENGTONG AUTO SERVICES HLDG LTD HKD 69 608,92 67 147,10 0,03
Raw materials 2 095 037,58 1 578 184,17 0,63

87 366,00 ANHUI CONCH CEMENT CO LTD HKD 140 461,52 199 736,56 0,08
303 671,00 ANGANG STEEL CO LTD -H- HKD 341 221,81 168 367,91 0,07
163 918,00 CHINA NATIONAL BUILDING MATERIAL CO LTD -H- HKD 185 903,16 143 396,78 0,06
82 906,00 JIANGXI COPPER CO LTD -H- HKD 135 439,32 137 981,89 0,05
448 794,00 ZIJIN MINING GROUP CO LTD -H- HKD 193 638,59 129 979,26 0,05
225 552,00 DONGYUE GROUP HKD 129 658,05 114 540,96 0,05
444 000,00 SINOPEC SHANGHAI PETROCHEMICAL CO LTD -H- HKD 128 137,52 114 058,31 0,04
299 046,00 ALUMINUM CORP OF CHINA LTD -H- HKD 206 900,67 100 253,35 0,04
74 638,00 ZHAOJIN MINING INDUSTRY CO LTD -H- HKD 105 319,58 91 352,27 0,04
147 337,00 CHINA BLUECHEMICAL LTD -H- HKD 70 825,90 85 927,73 0,03
89
Nominal / % of
138 384,00 CHINA SHANSHUI CEMENT GROUP LTD HKD 83 601,09 70 961,14 0,03
161 500,00 FOSUN INTERNATIONAL LTD HKD 81 035,30 65 034,34 0,03
122 852,00 CHINA MOLYBDENUM CO LTD -H- HKD 76 251,18 40 454,28 0,02
77 000,00 BBMG CORP HKD 65 882,47 39 408,02 0,02
75 826,00 CSG HOLDING CO LTD -B- HKD 67 442,69 39 108,01 0,01
142 604,00 CHINA ZHONGWANG HOLDINGS LTD HKD 83 318,73 37 623,36 0,01
Industries 2 061 969,45 1 522 658,23 0,61

47 600,00 WEICHAI POWER CO LTD HKD 136 267,32 180 349,32 0,07
66 033,00 DONGFANG ELECTRIC CORP LTD HKD 148 652,06 150 637,48 0,06
175 500,00 ZOOMLION HEAVY INDUSTRY SCIENCE AND HKD 226 632,28 145 521,64 0,06
TECHNOLOGY CO LTD
333 902,00 SHANGHAI ELECTRIC GROUP CO LTD HKD 120 060,00 118 893,37 0,05
124 116,00 CHINA INTERNATIONAL MARINE CONTAINERS HKD 115 676,69 109 562,51 0,04
GROUP CO LTD
481 750,00 CHINA SHIPPING CONTAINER LINES CO LTD HKD 127 962,70 84 574,45 0,03
145 923,00 AIR CHINA LTD HKD 107 266,19 83 076,81 0,03
162 306,00 CSR CORP LTD HKD 90 221,88 71 476,24 0,03
100 344,00 JIANGSU EXPRESSWAY CO LTD HKD 63 723,21 71 160,93 0,03
395 748,00 METALLURGICAL CORP OF CHINA LTD HKD 152 691,61 69 083,70 0,03
171 713,00 CHINA COSCO HOLDINGS CO LTD HKD 152 991,21 65 059,50 0,03
37 021,00 ZHUZHOU CSR TIMES ELECTRIC CO LTD HKD 104 617,06 62 495,95 0,03
151 253,00 CHINA SOUTHERN AIRLINES CO LTD HKD 82 749,05 58 957,73 0,02
116 521,00 ZHEJIANG EXPRESSWAY CO LTD HKD 76 217,60 58 247,72 0,02
92 643,00 SANY HEAVY EQUIPMENT INTERNATIONAL HKD 76 060,30 58 164,84 0,02
HOLDING. CO LTD
92 009,00 CHINA COMMUNICATIONS CONSTRUCTION CO LTD HKD 63 219,41 55 394,06 0,02
145 016,00 CHINA RONGSHENG HEAVY INDUSTRY GROUP CO HKD 105 698,52 30 780,37 0,01
LTD
83 007,00 CHINA RAILWAY GROUP LTD HKD 44 854,10 20 006,23 0,01
30 391,00 CHINA SHIPPING DEVELOPMENT CO LTD HKD 34 522,58 14 619,45 0,01
34 383,00 CHINA RAILWAY CONSTRUCTION CORP LTD HKD 31 885,68 14 595,93 0,01

920 219,00 CHINA TELECOM CORP LTD HKD 354 664,07 403 420,21 0,16
504 995,00 CHINA COMMUNICATIONS SERVICES CORP LTD HKD 164 515,82 175 307,02 0,07
Multi-Utilities 342 605,92 348 136,80 0,14

61 180,00 ENN ENERGY HOLDINGS LTD HKD 108 163,50 151 096,01 0,06
375 021,00 DATANG INTERNATIONAL POWER GENERATION CO HKD 118 886,31 95 594,50 0,04
LTD
186 298,00 HUANENG POWER INTERNATIONAL INC HKD 80 294,63 76 313,69 0,03
41 745,00 CHINA LONGYUAN POWER GROUP CORP HKD 35 261,48 25 132,60 0,01
Health 376 671,38 283 569,70 0,11

170 172,00 SHANDONG WEIGAO GROUP MEDICAL POLYMER CO HKD 134 260,16 117 980,29 0,04
LTD
55 617,00 SHANGHAI PHARMACEUTICALS HLDG CO LTD HKD 80 518,27 69 395,67 0,03
181 257,00 SIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD HKD 81 061,72 49 439,23 0,02
25 262,00 SINOPHARM GROUP CO LTD HKD 80 831,23 46 754,51 0,02
TAIWAN 16 098 341,22 16 182 840,77 6,49
Computing and IT 9 733 599,61 9 084 740,75 3,64

1 765 632,00 TAIWAN SEMICONDUCTOR MANUFACTURING CO TWD 2 501 198,45 3 368 953,73 1,35
LTD
520 158,00 HON HAI PRECISION INDUSTRY CO LTD TWD 1 283 119,73 1 077 192,40 0,43
57 569,00 HTC CORP TWD 824 775,01 699 351,73 0,28
51 402,00 MEDIATEK INC TWD 555 572,17 357 006,61 0,14
765 219,00 UNITED MICROELECTRONICS CORP TWD 266 402,12 245 295,67 0,10
38 608,00 ASUSTEK COMPUTER INC TWD 190 854,66 211 178,33 0,08
271 930,00 COMPAL ELECTRONICS INC TWD 253 330,12 207 544,85 0,08
113 231,00 DELTA ELECTRONICS INC TWD 271 142,92 205 970,48 0,08
128 178,00 QUANTA COMPUTER INC TWD 171 341,08 205 767,34 0,08
295 292,00 ADVANCED SEMICONDUCTOR ENGINEERING INC TWD 145 626,66 191 569,10 0,08
41 833,00 MSTAR SEMICONDUCTOR INC TWD 231 593,68 167 090,69 0,07
453 349,00 AU OPTRONICS CORP TWD 348 441,72 148 207,23 0,06
12 765,00 TPK HOLDING CO LTD TWD 232 592,91 120 321,33 0,05
132 711,00 ACER INC TWD 255 713,31 115 806,95 0,05
165 935,00 SILICONWARE PRECISION INDUSTRIES CO TWD 143 324,79 113 137,45 0,05
60 301,00 SYNNEX TECHNOLOGY INTERNATIONAL CORP TWD 88 412,81 112 143,86 0,04
90
Nominal / % of
115 351,00 E INK HOLDINGS INC TWD 176 777,93 110 049,03 0,04
42 239,00 FOXCONN TECHNOLOGY CO LTD TWD 92 933,25 102 839,31 0,04
28 879,00 CATCHER TECHNOLOGY CO LTD TWD 51 129,53 99 920,51 0,04
41 356,00 RADIANT OPTO-ELECTRONICS CORP TWD 93 508,47 86 590,84 0,03
88 058,00 WISTRON CORP TWD 104 647,23 85 242,68 0,03
5 831,00 LARGAN PRECISION CO LTD TWD 59 325,42 82 035,49 0,03
259 512,00 CHIMEI INNOLUX CORP TWD 261 874,62 80 217,17 0,03
84 684,00 PEGATRON CORP TWD 82 074,56 69 803,94 0,03
36 475,00 TRIPOD TECHNOLOGY CORP TWD 71 620,19 65 513,92 0,03
74 698,00 LITE-ON TECHNOLOGY CORP TWD 68 238,21 64 423,20 0,03
31 772,00 NOVATEK MICROELECTRONICS CORP TWD 67 854,44 59 653,30 0,02
62 461,00 UNIMICRON TECHNOLOGY CORP TWD 62 767,25 54 663,94 0,02
33 906,00 POWERTECH TECHNOLOGY INC TWD 69 041,77 53 049,99 0,02
175 048,00 MACRONIX INTERNATIONAL TWD 69 172,69 52 772,67 0,02
29 713,00 EPISTAR CORP TWD 68 298,58 46 413,94 0,02
10 277,00 SIMPLO TECHNOLOGY CO LTD TWD 35 819,15 45 232,03 0,02
33 422,00 SINO-AMERICAN SILICON PRODUCTS INC TWD 73 791,24 39 453,36 0,02
68 817,00 WINTEK CORP TWD 48 926,39 37 904,19 0,02
40 233,00 WPG HOLDINGS LTD TWD 42 138,39 35 620,11 0,01
15 609,00 TRANSCEND INFORMATION INC TWD 34 101,51 30 180,21 0,01
24 049,00 CLEVO CO TWD 32 381,29 29 123,10 0,01
13 192,00 KINSUS INTERCONNECT TECHNOLOGY CORP TWD 23 871,21 26 010,33 0,01
88 840,00 INVENTEC CO LTD TWD 34 115,12 24 861,93 0,01
19 721,00 CHICONY ELECTRONICS CO LTD TWD 30 400,29 24 684,69 0,01
16 022,00 MOTECH INDUSTRIES INC TWD 37 730,55 21 195,99 0,01
14 015,00 CHENG UEI PRECISION INDUSTRY CO LTD TWD 20 014,00 20 715,85 0,01
15 530,00 REALTEK SEMICONDUCTOR CORP TWD 27 394,08 17 088,00 0,01
3 479,00 PHISON ELECTRONICS CORP TWD 12 710,66 15 267,82 0,01
110 933,00 INOTERA MEMORIES INC TWD 50 349,42 14 139,44 0,01
4 599,00 RICHTEK TECHNOLOGY CORP TWD 26 085,07 13 981,86 0,01
10 519,00 EVERLIGHT ELECTRONICS CO LTD TWD 23 132,98 13 808,86 0,01
4 783,00 ADVANTECH CO LTD TWD 8 131,31 9 990,27 0,00
3 731,00 NAN YA PRINTED CIRCUIT BOARD CORP TWD 9 709,53 5 742,67 0,00
281,00 POWERCHIP TECHNOLOGY CORP TWD 42,11 6,22 0,00
101,00 NANYA TECHNOLOGY CORP TWD 49,03 6,14 0,00
Raw materials 2 074 772,29 2 368 419,99 0,95

231 722,00 FORMOSA PLASTICS CORP TWD 366 277,44 466 902,33 0,19
634 799,00 CHINA STEEL CORP TWD 425 089,64 461 079,63 0,18
285 955,00 NAN YA PLASTICS CORP TWD 389 485,65 436 498,28 0,18
187 282,00 FORMOSA CHEMICALS & FIBRE CORP TWD 302 396,92 374 500,31 0,15
203 825,00 TAIWAN CEMENT CORP TWD 148 607,96 179 937,02 0,07
149 801,00 CHINA PETROCHEMICAL DEVELOPMENT CORP TWD 98 755,00 101 374,78 0,04
119 270,00 ASIA CEMENT CORP TWD 82 055,25 101 347,09 0,04
42 044,00 TAIWAN FERTILIZER CO LTD TWD 100 697,79 74 767,83 0,03
30 768,00 TSRC CORP TWD 27 129,07 57 063,76 0,02
35 616,00 LCY CHEMICAL CORP TWD 56 405,38 39 324,98 0,02
37 671,00 TUNG HO STEEL ENTERPRISE CORP TWD 26 404,25 25 588,92 0,01
42 888,00 ETERNAL CHEMICAL CO LTD TWD 27 981,82 25 259,25 0,01
20 331,00 FENG HSIN IRON & STEEL CO TWD 23 486,12 24 775,81 0,01
Finance 2 382 439,66 2 311 938,74 0,93

402 665,00 CATHAY FINANCIAL HOLDING CO LTD TWD 454 776,40 324 740,71 0,13
574 735,00 CHINATRUST FINANCIAL HOLDING CO LTD TWD 221 410,71 269 772,46 0,11
332 272,00 FUBON FINANCIAL HOLDING CO LTD TWD 260 971,38 262 898,27 0,11
486 473,00 MEGA FINANCIAL HOLDING CO LTD TWD 201 682,87 240 719,87 0,10
513 168,00 YUANTA FINANCIAL HOLDING CO LTD TWD 210 043,54 194 526,79 0,08
287 383,00 FIRST FINANCIAL HOLDING CO LTD TWD 118 295,34 125 388,81 0,05
498 646,00 CHINA DEVELOPMENT FINANCIAL HOLDING CORP TWD 99 856,44 105 420,96 0,04
249 074,00 CHANG HWA COMMERCIAL BANK TWD 85 759,98 101 070,10 0,04
247 651,00 HUA NAN FINANCIAL HOLDINGS CO LTD TWD 99 811,42 100 807,69 0,04
221 266,00 TAIWAN COOPERATIVE FINANCIAL HLDG TWD 89 838,96 99 637,21 0,04
231 305,00 E.SUN FINANCIAL HOLDING CO LTD TWD 66 416,41 75 617,40 0,03
329 096,00 SINOPAC FINANCIAL HOLDINGS CO LTD TWD 81 918,83 73 845,63 0,03
283 420,00 SHIN KONG FINANCIAL HOLDING CO LTD TWD 78 018,64 60 351,70 0,02
94 628,00 CHINA LIFE INSURANCE CO LTD TWD 51 190,45 56 694,92 0,02
186 181,00 TAISHIN FINANCIAL HOLDING CO LTD TWD 49 510,87 48 076,74 0,02
166 498,00 TAIWAN BUSINESS BANK TWD 31 042,12 38 885,29 0,02
138 693,00 KGI SECURITIES CO LTD TWD 47 167,09 36 696,23 0,02
31 990,00 HIGHWEALTH CONSTRUCTION CORP TWD 50 685,89 34 588,90 0,01
41 845,00 RUENTEX DEVELOPMENT CO LTD TWD 46 522,36 33 960,01 0,01
91
Nominal / % of
75 243,00 CAPITAL SECURITIES CORP TWD 25 328,51 19 621,11 0,01

7 348,00 FARGLORY LAND DEVELOPMENT CO LTD TWD 12 191,45 8 617,94 0,00
Industries 626 164,78 732 741,95 0,29

48 410,00 HIWIN TECHNOLOGIES CORP TWD 200 584,63 293 120,12 0,12
166 741,00 FAR EASTERN NEW CENTURY CORP TWD 139 600,01 147 199,21 0,06
117 710,00 TECO ELECTRIC AND MACHINERY CO LTD TWD 37 978,38 53 155,15 0,02
58 216,00 TAIWAN GLASS INDUSTRIAL CORP TWD 33 337,86 45 320,78 0,02
181 982,00 WALSIN LIHWA CORP TWD 53 808,69 39 492,18 0,01
116 104,00 YANG MING MARINE TRANSPORT CORP TWD 33 159,48 34 854,81 0,01
63 354,00 EVA AIRWAYS CORP TWD 26 500,59 30 301,59 0,01
70 145,00 CHINA AIRLINES LTD TWD 28 101,19 22 931,55 0,01
57 906,00 EVERGREEN MARINE CORP TAIWAN LTD TWD 22 726,29 22 318,75 0,01
17 246,00 U-MING MARINE TRANSPORT CORP TWD 24 268,90 19 524,59 0,01
53 093,00 WAN HAI LINES LTD TWD 21 029,98 19 450,62 0,01
8 669,00 CSBC CORP TAIWAN TWD 5 068,78 5 072,60 0,00

111 140,00 CHUNGHWA TELECOM CO LTD TWD 214 348,65 281 902,64 0,11
103 696,20 TAIWAN MOBILE CO LTD TWD 147 488,18 248 775,80 0,10
93 991,00 FAR EASTONE TELECOMMUNICATIONS CO LTD TWD 83 286,73 135 821,40 0,06
Consumer Retail 451 701,86 470 222,12 0,19

134 872,00 POU CHEN CORP TWD 75 904,53 83 723,08 0,03
44 681,00 CHENG SHIN RUBBER INDUSTRY CO LTD TWD 52 297,14 73 546,29 0,03
17 813,00 HOTAI MOTOR CO LTD TWD 67 395,41 63 671,78 0,03
39 318,00 YULON MOTOR CO LTD TWD 38 957,39 51 314,77 0,02
38 851,00 NAN KANG RUBBER TIRE CO LTD TWD 44 691,52 43 786,43 0,02
39 223,00 FAR EASTERN DEPARTMENT STORES CO LTD TWD 30 526,93 33 777,93 0,01
46 156,00 CHINA MOTOR CORP TWD 32 502,63 31 880,97 0,01
8 799,00 GIANT MANUFACTURING CO LTD TWD 21 127,22 25 855,26 0,01
18 621,00 RUENTEX INDUSTRIES LTD TWD 28 237,80 23 213,07 0,01
112 850,00 TATUNG CO LTD TWD 45 424,25 21 130,66 0,01
25 999,00 FORMOSA TAFFETA CO LTD TWD 14 637,04 18 321,88 0,01
Basic Goods 263 355,08 393 305,98 0,16

206 766,00 UNI-PRESIDENT ENTERPRISES CORP TWD 157 269,93 227 772,15 0,09
29 886,00 PRESIDENT CHAIN STORE CORP TWD 60 675,35 126 974,89 0,05
16 859,00 STANDARD FOODS CORP TWD 45 409,80 38 558,94 0,02
Energy 121 184,38 154 971,40 0,06

67 160,00 FORMOSA PETROCHEMICAL CORP TWD 121 184,38 154 971,40 0,06
RUSSIA 17 470 283,38 16 153 440,44 6,48
Energy 9 981 039,90 9 812 985,41 3,94

1 129 577,00 GAZPROM OAO USD 4 714 875,27 4 641 777,02 1,86
57 287,00 LUKOIL OAO USD 2 388 665,76 2 336 788,55 0,94
129 307,00 ROSNEFT OIL CO USD 718 557,46 662 962,16 0,27
128 546,00 TATNEFT USD 477 139,49 488 284,28 0,20
1 050 932,00 SURGUTNEFTEGAS OJSC -PFD- USD 357 169,98 414 596,58 0,17
627 109,00 SURGUTNEFTEGAS OJSC USD 420 466,38 380 171,10 0,15
277,00 AK TRANSNEFT OAO -PFD- USD 276 852,90 329 473,49 0,13
4 917,00 LUKOIL OAO -ADR- USD 177 552,73 201 505,53 0,08
29 847,00 ROSNEFT OIL CO -GDR- USD 162 482,64 151 746,87 0,06
15 955,00 TMK OAO -GDR- USD 201 226,78 110 615,11 0,04
11 554,00 GAZPROM OAO -ADR- USD 86 050,51 95 064,72 0,04
Finance 2 782 540,49 2 430 510,19 0,97

963 874,00 SBERBANK OF RUSSIA USD 1 963 493,34 1 835 269,11 0,74
211 224 161,00 VTB BANK OJSC USD 461 162,14 297 274,23 0,12
186 154,00 SBERBANK OF RUSSIA -PFD- USD 314 151,53 264 451,68 0,10
12 052,00 VTB BANK OJSC -GDR- USD 43 733,48 33 515,17 0,01
Raw materials 2 177 256,03 1 934 994,31 0,78

127 805,00 URALKALI USD 594 988,49 715 638,59 0,29
4 754,00 MMC NORILSK NICKEL OJSC USD 612 264,03 561 923,27 0,23
30 158,00 SEVERSTAL OAO USD 240 879,02 263 102,04 0,11
14 898,00 NOVOLIPET STEEL USD 352 852,70 225 395,15 0,09
20 305,00 MECHEL -ADR- USD 348 102,94 132 952,66 0,05
3 051,00 MMC NORILSK NICKEL OJSC -ADR- USD 28 168,85 35 982,60 0,01
92
Nominal / % of
Multi-Utilities 1 292 428,90 947 385,95 0,38

13 285 204,00 FEDERAL HYDROGENERATING CO JSC USD 488 631,48 307 683,75 0,12
42 887 303,00 FEDERAL GRID CO UNIFIED ENERGY SYSTEM JSC USD 364 918,42 289 075,91 0,12
223 338 070,00 INTER RAO UES OAO USD 235 969,36 186 667,03 0,08
2 300 000,00 IDGC HLDG JSC USD 167 170,20 126 855,68 0,05
556,00 MAGNIT OJSC USD 35 739,44 37 103,58 0,01

93 358,00 ROSTELECOM OJSC USD 392 164,79 340 741,63 0,14
408 814,00 SISTEMA JSFC USD 291 973,15 230 384,16 0,09
Basic Goods 433 381,55 407 114,05 0,16

22 880,00 MAGNIT OJSC -GDR- USD 383 018,49 372 946,73 0,15
512,00 MAGNIT OJSC USD 50 363,06 34 167,32 0,01
Industries 119 498,57 49 324,74 0,02

18 989,00 LSR GROUP USD 119 498,57 49 324,74 0,02
HONG KONG 14 131 358,56 12 754 137,27 5,12

630 160,00 CHINA MOBILE LTD HKD 4 532 053,84 4 743 913,81 1,91
709 469,00 CHINA UNICOM HONG KONG LTD HKD 761 690,74 1 149 819,47 0,46
Consumer Retail 2 672 248,67 2 070 241,88 0,83

529 100,00 BELLE INTERNATIONAL HOLDINGS LTD HKD 587 867,27 710 559,76 0,29
2 131 428,00 GOME ELECTRICAL APPLIANCES HOLDING LTD HKD 583 700,34 380 528,64 0,15
756 056,00 BOSIDENG INTERNATIONAL HOLDINGS LTD HKD 205 334,09 164 976,02 0,07
196 391,00 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD HKD 130 160,87 163 233,68 0,07
800 254,00 GEELY AUTOMOBILE HOLDINGS LTD HKD 279 042,30 134 933,86 0,05
469 792,00 SKYWORTH DIGITAL HOLDINGS LTD HKD 238 249,30 126 741,46 0,05
485 426,00 HENGDELI HOLDINGS LTD HKD 215 102,43 122 292,81 0,05
804 174,00 CHINA DONGXIANG GROUP CO HKD 239 019,42 105 285,40 0,04
75 175,00 DAH CHONG HONG HLDG LTD HKD 74 243,74 68 224,24 0,03
175 215,00 AVICHINA INDUSTRY & TECHNOLOGY CO LTD -H- HKD 82 132,28 56 480,54 0,02
53 654,00 HAIER ELECTRONICS GROUP CO LTD HKD 37 396,63 36 985,47 0,01
Finance 1 612 134,74 1 164 730,04 0,47

335 255,00 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 491 673,36 431 612,62 0,17
164 741,00 CHINA RESOURCES LAND LTD HKD 227 784,72 203 920,30 0,08
164 931,00 CHINA EVERBRIGHT LTD HKD 305 297,40 198 920,73 0,08
119 929,00 CHINA TAIPING INSURANCE HOLDINGS CO LTD HKD 307 195,93 171 289,56 0,07
187 928,00 POLY HONG KONG INVESTMENTS LTD HKD 130 516,74 62 815,32 0,03
390 684,00 FRANSHION PROPERTIES CHINA LTD HKD 82 182,62 58 124,75 0,02
342 496,00 YUEXIU PROPERTY CO LTD HKD 67 483,97 38 046,76 0,02
Industries 1 241 012,32 997 785,66 0,40

132 028,00 CHINA MERCHANTS HOLDINGS INTERNATIONAL CO HKD 358 093,18 295 295,46 0,12
LTD
40 255,00 BEIJING ENTERPRISES HOLDINGS LTD HKD 195 581,40 186 058,68 0,07
88 959,00 CITIC PACIFIC LTD HKD 147 827,30 123 527,06 0,05
133 244,00 COSCO PACIFIC LTD HKD 134 177,32 119 866,86 0,05
43 620,00 SHANGHAI INDUSTRIAL HOLDINGS LTD HKD 156 625,86 93 234,60 0,04
139 970,00 CHINA STATE CONSTRUCTION INTERNATIONAL HKD 104 864,96 76 494,59 0,03
HOLDINGS LTD
164 662,00 BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD HKD 70 931,94 63 694,54 0,02
-H-
152 441,00 LONKING HOLDINGS LTD HKD 72 910,36 39 613,87 0,02
Basic Goods 1 096 842,11 847 520,51 0,34

143 687,00 CHINA RESOURCES ENTERPRISE LTD HKD 385 044,27 379 803,42 0,15
195 927,00 CHINA MENGNIU DAIRY CO LTD HKD 412 897,20 352 902,16 0,14
158 378,00 CHINA AGRI-INDUSTRIES HOLDINGS LTD HKD 149 692,85 92 838,16 0,04
200 966,00 CHAODA MODERN AGRICULTURE HOLDINGS LTD HKD 149 119,68 21 926,00 0,01
632,00 GLOBAL SWEETENERS HOLDINGS LTD HKD 88,11 50,77 0,00
Multi-Utilities 600 483,31 605 856,75 0,24

242 224,00 CHINA RESOURCES POWER HOLDINGS CO LTD HKD 352 899,92 359 892,81 0,14
215 904,00 GUANGDONG INVESTMENT LTD HKD 82 869,24 100 861,58 0,04
218 168,00 CHINA GAS HOLDINGS LTD HKD 95 542,24 77 250,88 0,03
61 630,00 CHINA RESOURCES GAS GROUP LTD HKD 69 171,91 67 851,48 0,03
93
Nominal / % of
Raw materials 830 258,04 512 354,85 0,21

161 547,00 CHINA RESOURCES CEMENT HOLDINGS LTD HKD 92 513,09 92 773,01 0,04
82 421,00 YINGDE GASES HKD 65 056,52 64 826,90 0,03
246 968,00 SHOUGANG FUSHAN INTERNATIONAL ENERGY HKD 131 088,50 64 422,95 0,03
GROUP LTD
130 992,00 NINE DRAGONS PAPER HOLDINGS LTD HKD 147 734,69 63 532,77 0,02
62 212,00 CHINA METAL RECYCLING HOLDINGS LTD HKD 46 647,94 51 831,96 0,02
129 072,00 HUABAO INTERNATIONAL HOLDINGS LTD HKD 122 155,69 50 823,75 0,02
153 062,00 MINMETALS RESOURCES LTD HKD 76 052,33 49 946,78 0,02
185 689,00 SINOFERT HOLDINGS LTD HKD 72 469,24 40 150,12 0,02
136 759,00 LEE & MAN PAPER MANUFACTURING LTD HKD 76 540,04 34 046,61 0,01
Energy 319 125,42 335 008,28 0,13

305 391,00 KUNLUN ENERGY CO LTD HKD 319 125,42 335 008,28 0,13
Computing and IT 465 509,37 326 906,02 0,13

859 711,00 GCL-POLY ENERGY HOLDINGS LTD HKD 257 019,13 185 036,07 0,07
62 134,00 KINGBOARD CHEMICAL HOLDINGS LTD HKD 208 414,96 141 742,91 0,06
367,00 TCL COMMUNICATION TECHNOLOGY HOLDINGS HKD 75,28 127,04 0,00
LTD
SOUTH AFRICA 10 666 900,17 11 722 513,53 4,70
Raw materials 4 083 404,49 3 855 921,27 1,55

54 009,00 IMPALA PLATINUM HOLDINGS LTD ZAR 957 776,85 862 403,48 0,35
24 571,00 ANGLOGOLD ASHANTI LTD ZAR 791 590,57 805 085,07 0,32
51 831,00 GOLD FIELDS LTD ZAR 563 638,51 616 206,51 0,25
11 032,00 ANGLO AMERICAN PLATINUM LTD ZAR 727 767,71 559 995,50 0,22
113 423,00 NORTHAM PLATINUM LTD ZAR 406 926,97 324 669,16 0,13
34 343,00 HARMONY GOLD MINING CO LTD ZAR 307 179,50 311 300,98 0,13
2 840,00 KUMBA IRON ORE LTD ZAR 83 970,01 135 489,92 0,05
3 887,00 AFRICAN RAINBOW MINERALS LTD ZAR 57 846,44 63 420,45 0,03
3 794,00 EXXARO RESOURCES LTD ZAR 33 801,42 60 817,04 0,02
6 940,00 ARCELORMITTAL SOUTH AFRICA LTD ZAR 65 208,76 45 412,52 0,02
15 469,00 PRETORIA PORTLAND CEMENT CO LTD ZAR 48 214,77 40 427,13 0,02
13 354,00 SAPPI LTD ZAR 39 482,98 30 325,43 0,01
1 169,00 TRANS HEX GROUP LTD ZAR 0,00 368,08 0,00
Finance 2 361 508,86 2 496 001,86 1,00

63 871,00 STANDARD BANK GROUP LTD ZAR 652 856,28 601 810,10 0,24
145 219,00 FIRSTRAND LTD ZAR 261 848,10 287 376,23 0,12
101 977,00 SANLAM LTD ZAR 228 178,27 280 715,70 0,11
83 509,00 AFRICAN BANK INVESTMENTS LTD ZAR 344 247,09 273 304,04 0,11
19 997,00 REMGRO LTD ZAR 178 633,95 226 329,63 0,09
16 330,00 ABSA GROUP LTD ZAR 204 403,05 219 696,91 0,09
118 749,00 MMI HOLDINGS LTD ZAR 174 138,41 193 751,34 0,08
42 083,00 GROWTHPOINT PROPERTIES LTD ZAR 53 535,20 74 485,07 0,03
4 896,00 NEDBANK GROUP LTD ZAR 53 957,64 67 737,33 0,03
15 946,00 DISCOVERY HOLDINGS LTD ZAR 44 997,32 66 185,01 0,03
84 451,00 REDEFINE PROPERTIES LTD ZAR 52 958,30 59 628,68 0,02
20 367,00 RMB HOLDINGS LTD ZAR 35 821,83 53 052,81 0,02
6 831,00 LIBERTY HOLDINGS LTD ZAR 40 509,92 51 803,70 0,02
20 367,00 RMI HOLDINGS ZAR 19 441,71 26 040,57 0,01
2 761,00 INVESTEC LTD ZAR 13 725,67 11 609,89 0,00
2 663,00 ARROWHEAD PROPERTIES LTD ZAR 1 285,97 1 443,24 0,00
2 663,00 ARROWHEAD PROPERTIES LTD ZAR 970,15 1 031,61 0,00

89 838,00 MTN GROUP LTD ZAR 970 625,74 1 232 043,81 0,49
12 337,00 VODACOM GROUP LTD ZAR 60 431,38 104 765,48 0,04
13 871,00 TELKOM SA LTD ZAR 43 453,01 38 447,89 0,02
Energy 860 005,87 1 131 875,75 0,45

30 772,00 SASOL LTD ZAR 860 005,87 1 131 875,75 0,45
Consumer Retail 766 074,36 996 393,02 0,40

20 885,00 NASPERS LTD ZAR 582 119,85 703 819,88 0,28
44 460,00 STEINHOFF INTERNATIONAL HOLDINGS LTD ZAR 78 245,99 97 485,08 0,04
10 981,00 TRUWORTHS INTERNATIONAL LTD ZAR 42 723,91 77 376,85 0,03
4 285,00 IMPERIAL HOLDINGS LTD ZAR 31 244,31 50 493,61 0,02
11 056,00 WOOLWORTHS HOLDINGS LTD ZAR 18 372,39 41 141,61 0,02
94
Nominal / % of
2 603,00 FOSCHINI GROUP LTD ZAR 13 367,91 26 075,99 0,01
Basic Goods 576 538,35 819 399,09 0,33

27 521,00 SHOPRITE HOLDINGS LTD ZAR 185 255,23 357 651,43 0,14
9 076,00 TIGER BRANDS LTD ZAR 145 127,36 217 259,70 0,09
14 402,00 SPAR GROUP LTD ZAR 155 730,63 149 221,46 0,06
4 993,00 MASSMART HOLDINGS LTD ZAR 78 115,92 80 517,93 0,03
3 317,00 PICK N PAY STORES LTD ZAR 12 309,21 14 748,57 0,01
Industries 479 765,56 525 399,84 0,21

17 691,00 BIDVEST GROUP LTD ZAR 219 831,65 261 301,55 0,11
20 549,00 BARLOWORLD LTD ZAR 147 084,36 147 306,78 0,06
9 499,00 REUNERT LTD ZAR 49 286,42 57 100,13 0,02
17 461,00 AVENG LTD ZAR 59 820,92 54 979,62 0,02
6 593,00 EQSTRA HOLDINGS LTD ZAR 3 742,21 4 711,76 0,00
Health 465 092,55 522 265,52 0,21

32 451,00 ASPEN PHARMACARE HOLDINGS LTD ZAR 274 274,93 299 352,84 0,12
72 550,00 LIFE HEALTHCARE GROUP HOLDINGS LTD ZAR 121 454,34 142 878,13 0,06
43 417,00 NETCARE LTD ZAR 51 095,52 55 718,67 0,02
4 127,00 ADCOCK INGRAM HOLDINGS LTD ZAR 18 267,76 24 315,88 0,01
INDIA 13 833 098,23 11 142 817,84 4,47
Finance 3 082 239,01 2 470 828,27 0,99

76 755,00 HOUSING DEVELOPMENT FINANCE CORP INR 675 670,67 724 147,30 0,29
97 775,00 HDFC BANK LTD INR 575 514,13 605 400,56 0,24
27 745,00 ICICI BANK LTD INR 399 547,40 280 334,62 0,11
9 787,00 STATE BANK OF INDIA INR 299 157,24 231 073,59 0,09
13 171,00 AXIS BANK LTD INR 240 367,15 151 850,53 0,06
15 616,00 KOTAK MAHINDRA BANK LTD INR 95 527,27 95 535,46 0,04
61 503,00 INFRASTRUCTURE DEVELOPMENT FINANCE CO LTD INR 188 394,31 82 032,84 0,03
12 101,00 SHRIRAM TRANSPORT FINANCE CO LTD INR 132 211,99 73 724,23 0,03
24 149,00 DLF LTD INR 127 467,02 62 773,58 0,02
10 804,00 BANK OF INDIA INR 72 854,08 41 859,90 0,02
19 573,00 POWER FINANCE CORP LTD INR 46 556,94 38 627,42 0,02
11 589,00 RURAL ELECTRIFICATION CORP LTD INR 52 917,40 25 577,47 0,01
3 316,00 BAJAJ FINSERV LTD INR 15 997,64 20 204,83 0,01
71 250,00 UNITECH LTD INR 92 133,18 19 895,52 0,01
5 233,00 RELIANCE CAPITAL LTD INR 67 471,30 17 667,70 0,01
36,00 RELIANCE CAPITAL -GDR- USD 451,29 122,72 0,00
Computing and IT 2 252 132,45 2 284 670,70 0,92

36 777,00 INFOSYS LTD INR 1 599 548,78 1 498 511,28 0,60
31 227,00 TATA CONSULTANCY SERVICES LTD INR 372 725,89 533 871,09 0,21
37 015,00 WIPRO LTD INR 232 106,82 214 234,97 0,09
3 594,00 HCL TECHNOLOGIES LTD INR 18 331,87 20 519,79 0,01
18 857,00 SATYAM COMPUTER SERVICES LTD INR 29 419,09 17 533,57 0,01
Energy 2 773 434,38 1 890 330,40 0,76

105 863,00 RELIANCE INDUSTRIES LTD INR 1 781 851,72 1 084 992,67 0,44
161 734,00 OIL & NATURAL GAS CORP LTD INR 757 233,65 606 107,28 0,24
44 000,00 COAL INDIA LTD INR 234 349,01 199 230,45 0,08
Raw materials 1 462 170,86 944 085,91 0,38

27 190,00 JINDAL STEEL & POWER LTD INR 292 513,94 181 645,94 0,07
98 113,00 STERLITE INDUSTRIES INDIA LTD INR 290 394,58 128 443,90 0,05
71 861,00 HINDALCO INDUSTRIES LTD INR 170 383,27 117 009,01 0,05
2 894,00 ASIAN PAINTS LTD INR 134 856,23 108 739,74 0,04
5 720,00 ULTRATECH CEMENT LTD INR 110 272,88 95 750,61 0,04
19 064,00 TATA STEEL LTD INR 164 860,22 94 326,88 0,04
3 374,00 ACC LTD INR 40 404,78 55 737,99 0,02
22 218,00 AMBUJA CEMENTS LTD INR 32 731,41 50 357,56 0,02
20 738,00 SESA GOA LTD INR 119 057,82 47 258,81 0,02
5 094,00 JSW STEEL LTD INR 73 884,29 39 676,42 0,02
13 646,00 UNITED PHOSPHORUS LTD INR 32 811,44 25 139,05 0,01
Basic Goods 741 108,29 863 364,36 0,34

149 068,00 ITC LTD INR 325 076,16 429 548,99 0,17
58 126,00 HINDUSTAN UNILEVER LTD INR 242 385,57 339 287,70 0,14
41 141,00 DABUR INDIA LTD INR 69 317,37 59 946,59 0,02
4 819,00 UNITED SPIRITS LTD INR 104 329,19 34 581,08 0,01
95
Nominal / % of
Consumer Retail 678 257,96 672 944,67 0,27

72 920,00 TATA MOTORS LTD INR 174 768,33 194 574,61 0,08
17 595,00 MAHINDRA & MAHINDRA LTD INR 168 609,97 172 023,93 0,07
4 326,00 BAJAJ AUTO LTD INR 55 153,03 92 590,29 0,04
4 459,00 MARUTI SUZUKI INDIA LTD INR 105 314,79 60 729,05 0,02
2 262,00 HERO HONDA MOTORS LTD INR 62 080,76 60 336,29 0,02
21 940,00 TITAN INDUSTRIES LTD INR 71 376,84 55 742,50 0,02
21 530,00 ZEE ENTERTAINMENT ENTERPRISES LTD INR 40 954,24 36 477,63 0,02
2 691,00 ZEE LEARN LTD INR 0,00 470,37 0,00
Multi-Utilities 867 422,57 592 875,46 0,24

140 000,00 POWER GRID CORP OF INDIA LTD INR 223 618,51 203 080,27 0,08
24 951,00 GAIL INDIA LTD INR 182 493,67 139 977,42 0,06
60 341,00 NTPC LTD INR 195 315,29 138 427,19 0,06
56 400,00 TATA POWER CO LTD INR 123 970,46 72 117,58 0,03
6 321,00 RELIANCE INFRASTRUCTURE LTD INR 107 221,89 30 652,22 0,01
8 233,00 RELIANCE POWER LTD INR 33 953,34 8 353,83 0,00
18,00 RELIANCE INFRASTRUCTURE LTD-GDR- USD 849,41 266,95 0,00
Health 511 507,30 526 433,19 0,21

6 964,00 DR REDDY'S LABORATORIES LTD INR 123 554,97 158 557,74 0,06
19 135,00 SUN PHARMACEUTICAL INDUSTRIES LTD INR 95 780,81 137 451,29 0,06
20 131,00 CIPLA LTD INR 104 514,15 93 663,79 0,04
12 191,00 LUPIN LTD INR 103 015,25 77 667,87 0,03
5 682,00 RANBAXY LABORATORIES LTD INR 41 500,24 33 998,90 0,01
4 261,00 PIRAMAL HEALTHCARE LTD INR 40 811,15 23 147,45 0,01
320,00 RANBAXY LABORATORIES LTD -GDR- USD 2 330,73 1 946,15 0,00
Industries 1 002 656,38 506 907,84 0,20

14 210,00 LARSEN & TOUBRO LTD INR 374 927,20 207 991,92 0,08
40 640,00 BHARAT HEAVY ELECTRICALS LTD INR 309 314,68 139 449,31 0,05
40 790,00 MUNDRA PORT AND SPECIAL ECONOMIC ZONE LTD INR 96 466,36 67 866,72 0,03
61 437,00 JAIPRAKASH ASSOCIATES LTD INR 130 354,32 46 921,09 0,02
5 214,00 ADANI ENTERPRISES LTD INR 52 787,49 21 831,44 0,01
1 840,00 ADITYA BIRLA NUVO LTD INR 23 021,69 19 385,35 0,01
12 924,00 SUZLON ENERGY LTD INR 15 784,64 3 383,87 0,00
1 298,00 INDIABULLS WHOLESALE SERVICES INR 0,00 78,14 0,00

51 735,00 BHARTI AIRTEL LTD INR 279 336,17 258 756,59 0,11
90 310,00 IDEA CELLULAR LTD INR 124 336,75 108 796,57 0,04
21 823,00 RELIANCE COMMUNICATIONS LTD INR 58 496,11 22 823,88 0,01
CHILE 6 621 853,50 6 775 871,04 2,72
Multi-Utilities 2 509 035,24 2 423 021,33 0,97

34 221,00 EMPRESA NACIONAL DE ELECTRICIDAD SA-ADR- USD 1 201 439,79 1 169 126,33 0,47
75 053,00 ENERSIS SA -ADR- USD 1 038 478,27 1 019 284,66 0,41
465 037,00 ENERSIS SA CLP 162 285,09 125 941,02 0,05
53 077,00 E.CL SA CLP 106 825,58 108 661,11 0,04
20,00 AES GENER SA CLP 6,51 8,21 0,00
Finance 1 370 440,71 1 403 941,06 0,57

18 613,00 BANCO SANTANDER CHILE -ADR- USD 1 070 165,37 1 085 393,90 0,44
3 600,00 BANCO DE CHILE USD 208 046,29 226 707,24 0,09
5 534 736,00 CORPBANCA CLP 71 456,07 54 910,37 0,02
865,00 BANCO DE CREDITO E INVERSIONES CLP 20 772,98 36 929,55 0,02
Raw materials 1 029 906,32 1 078 112,95 0,43

15 467,00 QUIMICA Y MINERA CHIL SP —ADR —ADR USD1 USD 608 786,90 641 603,78 0,26
5 170,00 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLP 169 997,40 214 398,24 0,08
67 250,00 EMPRESAS CMPC SA CLP 227 544,96 190 184,16 0,08
1 134,00 CAP SA CLP 23 577,06 31 926,77 0,01
Industries 930 649,97 941 794,71 0,38

36 383,00 LAN AIRLINES SA USD 594 114,63 651 343,00 0,26
25 861,00 EMPRESAS COPEC SA CLP 321 211,99 266 117,58 0,11
1 346,00 LAN AIRLINES SA CLP 15 323,35 24 334,13 0,01
Basic Goods 781 821,26 929 000,99 0,37

14 701,00 CIA CERVECERIAS UNIDAS SA USD 567 231,30 714 580,82 0,28
96
Nominal / % of
44 464,00 CENCOSUD SA CLP 203 080,12 198 297,23 0,08

1 000,00 EMBOTELLADORA ANDINA SA -ADR- USD 11 509,84 16 122,94 0,01
MEXICO 5 103 349,72 5 494 031,82 2,20

2 330 840,00 AMERICA MOVIL SAB DE CV MXN 2 172 053,22 2 035 416,68 0,81
7 234,00 AMERICA MOVIL SAB DE CV -ADR- USD 117 775,50 125 939,53 0,05
Basic Goods 1 070 636,62 1 526 804,31 0,61

245 831,00 WAL-MART DE MEXICO SAB DE CV MXN 403 294,06 518 770,57 0,21
96 000,00 FOMENTO ECONOMICO MEXICANO SAB DE CV MXN 308 243,59 514 122,83 0,20
44 895,00 ARCA CONTINENTAL SAB DE CV MXN 107 526,91 147 253,29 0,06
25 632,00 GRUPO MODELO SAB DE CV MXN 102 852,96 125 201,95 0,05
12 700,00 COCA-COLA FEMSA SAB DE CV MXN 52 764,71 93 041,02 0,04
19 039,00 KIMBERLY-CLARK DE MEXICO SAB DE CV MXN 58 510,10 79 093,85 0,03
31 384,00 GRUPO BIMBO SAB DE CV MXN 37 444,29 49 320,80 0,02
Raw materials 909 397,84 841 434,63 0,34

167 658,00 GRUPO MEXICO SAB DE CV MXN 276 570,86 337 516,05 0,14
415 839,00 CEMEX SAB DE CV MXN 287 990,63 171 007,78 0,07
173 354,00 URBI DESARROLLOS URBANOS SAB DE CV MXN 275 476,66 151 956,31 0,06
2 952,00 INDUSTRIAS PENOLES SAB DE CV MXN 42 150,24 99 641,46 0,04
18 188,00 MEXICHEM SAB DE CV MXN 27 209,45 44 084,18 0,02
13 300,00 MINERA FRISCO SAB DE CV MXN 0,00 37 228,85 0,01
Consumer Retail 482 469,20 619 638,36 0,25

104 203,00 GRUPO TELEVISA SA MXN 296 432,75 337 811,64 0,14
2 023,00 GRUPO ELEKTRA SA DE CV MXN 66 938,23 154 741,13 0,06
23 000,00 EL PUERTO DE LIVERPOOL C1 COMMON STOCK MXN 119 098,22 127 085,59 0,05
NPV
Finance 237 107,17 196 801,49 0,08

35 611,00 GRUPO FINANCIERO BANORTE SAB DE CV MXN 86 627,14 83 188,68 0,04
86 236,00 COMPARTAMOS MXN 131 033,18 81 494,21 0,03
17 244,00 GRUPO FINANCIERO INBURSA SA MXN 19 446,85 24 424,69 0,01
13 300,00 INMUEBLES CARSO SAB DE CV MXN 0,00 7 693,91 0,00
Industries 113 910,17 147 996,82 0,06

8 553,00 ALFA SAB DE CV MXN 39 180,16 71 762,32 0,03
19 729,00 GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV MXN 43 043,84 51 434,84 0,02
13 300,00 GRUPO CARSO SAB DE CV MXN 31 686,17 24 799,66 0,01
MALAYSIA 4 134 017,49 5 135 848,70 2,06
Finance 1 444 777,11 1 770 016,63 0,71

296 685,00 CIMB GROUP HOLDINGS BHD MYR 460 059,39 536 394,58 0,22
239 993,00 MALAYAN BANKING BHD MYR 402 779,92 500 382,05 0,20
64 000,00 PUBLIC BANK BHD MYR 166 675,48 205 290,93 0,08
123 750,00 AMMB HOLDINGS BHD MYR 138 874,61 178 927,89 0,07
31 800,00 HONG LEONG BANK BERHAD MYR 63 751,12 84 230,52 0,03
62 104,00 ALLIANCE FINANCIAL GROUP BHD MYR 38 763,55 59 611,84 0,03
100 044,00 UEM LAND HOLDINGS BHD MYR 65 228,07 58 833,17 0,02
49 522,00 SP SETIA BHD MYR 30 988,25 46 331,33 0,02
20 092,00 RHB CAPITAL BHD MYR 27 031,36 36 520,83 0,02
11 634,00 HONG LEONG FINANCIAL GROUP BERHAD MYR 20 554,58 32 964,27 0,01
16 621,00 BURSA MALAYSIA BHD MYR 28 317,43 27 061,25 0,01
740,00 PUBLIC BANK BHD MYR 642,80 2 406,04 0,00
1 900,00 IJM LAND BHD MYR 1 110,55 1 061,93 0,00
Industries 841 833,42 930 286,78 0,37

203 644,00 SIME DARBY BHD MYR 380 413,35 455 276,57 0,18
84 500,00 MISC BHD MYR 167 086,91 112 320,72 0,04
115 179,00 GAMUDA BHD MYR 62 831,86 94 883,10 0,04
50 400,00 IJM CORP BHD MYR 46 885,25 69 198,21 0,03
47 076,00 MALAYSIA MARINE AND HEAVY ENGINEERING MYR 79 784,98 64 748,82 0,03
HOLDINGS BHD
44 206,00 MALAYSIA AIRPORTS HOLDINGS BHD MYR 66 987,24 62 305,31 0,02
63 500,00 AIRASIA BHD MYR 18 439,78 58 174,27 0,02
54 209,00 BERJAYA CORP BHD MYR 18 851,32 12 580,29 0,01
3 500,00 MALAYSIAN AIRLINE SYSTEM BHD -PFD- MYR 552,73 799,49 0,00
30/10/2012
97
Nominal / % of
Basic Goods 547 113,47 694 147,69 0,28

251 523,00 IOI CORP BHD MYR 296 496,41 328 833,34 0,13
33 900,00 KUALA LUMPUR KEPONG BHD MYR 116 069,92 186 999,92 0,07
22 300,00 PPB GROUP BHD MYR 74 514,04 92 990,38 0,04
6 000,00 BRITISH AMERICAN TOBACCO MALAYSIA BHD MYR 52 491,22 72 784,97 0,03
6 000,00 GENTING PLANTATIONS BHD MYR 7 541,88 12 539,08 0,01

185 000,00 DIGI.COM BHD MYR 89 349,22 174 429,25 0,07
132 175,00 AXIATA GROUP BHD MYR 95 389,07 165 092,86 0,07
107 937,00 MAXIS BHD MYR 125 476,02 143 736,40 0,06
29 500,00 TELEKOM MALAYSIA BHD MYR 16 083,08 35 556,54 0,01
Consumer Retail 293 578,90 480 725,28 0,19

128 313,00 GENTING BHD MYR 203 651,56 342 988,22 0,14
115 400,00 GENTING MALAYSIA BHD MYR 66 311,09 107 404,00 0,04
18 964,00 BERJAYA SPORTS TOTO BHD MYR 16 023,50 20 230,67 0,01
7 345,00 PARKSON HOLDINGS BHD MYR 7 592,75 10 102,39 0,00
Multi-Utilities 385 671,35 404 562,98 0,16

184 678,00 TENAGA NASIONAL BHD MYR 283 983,32 264 778,69 0,11
19 200,00 PETRONAS GAS BHD MYR 38 452,30 70 918,69 0,03
111 745,00 YTL CORP BHD MYR 33 417,17 40 188,86 0,01
66 297,00 YTL POWER INTERNATIONAL BHD MYR 29 818,56 28 676,74 0,01
Raw materials 219 497,73 249 809,52 0,10

150 000,00 PETRONAS CHEMICALS GROUP BHD MYR 201 026,38 225 994,99 0,09
14 000,00 LAFARGE MALAYAN CEMENT BHD MYR 18 471,35 23 814,53 0,01
Energy 75 248,12 87 484,77 0,04

73 533,00 BUMI ARMADA BERHAD MYR 69 359,33 73 262,54 0,03
3 288,00 PETRONAS DAGANGAN BHD MYR 5 888,79 14 222,23 0,01
COLOMBIA 4 252 233,39 4 638 839,19 1,86
Energy 2 320 344,88 2 626 788,02 1,05

76 594,00 ECOPETROL SA -ADR- USD 2 320 344,88 2 626 788,02 1,05
Finance 1 931 888,51 2 012 051,17 0,81

43 854,00 BANCOLOMBIA SA -ADR- USD 1 931 888,51 2 012 051,17 0,81
PERU 3 836 853,21 4 516 179,07 1,81
Finance 1 808 301,57 2 395 834,19 0,96

28 411,00 CREDICORP LTD USD 1 808 301,57 2 395 834,19 0,96
Raw materials 2 028 551,64 2 120 344,88 0,85

71 792,00 CIA DE MINAS BUENAVENTURA SA -ADR- USD 2 028 550,04 2 120 329,14 0,85
2,00 VOLCAN CIA MINERA SAA EUR 1,60 15,74 0,00
INDONESIA 3 535 115,02 4 515 949,21 1,81
Finance 764 968,64 1 120 577,50 0,45

743 536,00 BANK CENTRAL ASIA TBK PT IDR 334 347,38 505 335,19 0,20
604 622,00 BANK RAKYAT INDONESIA PERSERO TBK PT IDR 223 044,34 349 285,39 0,14
433 869,00 BANK MANDIRI TBK PT IDR 193 881,70 246 956,79 0,10
532 500,00 BANK INTERNASIONAL INDONESIA TBK PT IDR 13 695,22 19 000,13 0,01
Consumer Retail 441 971,36 844 305,37 0,34

134 848,00 ASTRA INTERNATIONAL TBK PT IDR 441 971,36 844 305,37 0,34
Energy 572 444,35 617 032,21 0,25

1 889 900,00 BUMI RESOURCES TBK PT IDR 333 335,76 353 223,07 0,14
70 037,00 TAMBANG BATUBARA BUKIT ASAM TBK PT IDR 94 160,41 103 232,05 0,04
554 242,00 ADARO ENERGY TBK PT IDR 88 581,92 82 870,44 0,04
23 758,00 INDO TAMBANGRAYA MEGAH PT IDR 56 366,26 77 706,65 0,03
Basic Goods 375 602,43 539 233,61 0,22

31 258,00 GUDANG GARAM TBK PT IDR 85 848,18 165 438,58 0,07
86 190,00 UNILEVER INDONESIA TBK PT IDR 90 751,13 135 827,70 0,06
610 080,00 CHAROEN POKPHAND INDONESIA TBK PT IDR 98 650,02 108 841,28 0,04
214 722,00 INDOFOOD SUKSES MAKMUR TBK PT IDR 57 875,62 84 367,63 0,03
24 223,00 ASTRA AGRO LESTARI TBK PT IDR 42 477,48 44 758,42 0,02
98
Nominal / % of

632 237,00 TELEKOMUNIKASI INDONESIA TBK PT IDR 444 048,72 378 666,23 0,15
169 928,00 XL AXIATA TBK PT IDR 88 977,42 64 601,94 0,02
33 308,00 INDOSAT TBK PT IDR 12 854,85 15 846,16 0,01
Raw materials 316 047,60 373 869,62 0,15

216 072,00 SEMEN GRESIK PERSERO TBK PT IDR 158 348,89 205 590,99 0,08
81 963,00 INDOCEMENT TUNGGAL PRAKARSA TBK PT IDR 99 912,94 119 417,93 0,05
136 222,00 INTERNATIONAL NICKEL INDONESIA TBK PT IDR 43 307,27 37 032,65 0,02
85 943,00 ANEKA TAMBANG TBK PT IDR 14 478,50 11 828,05 0,00
Industries 148 733,50 235 365,55 0,09

106 557,00 UNITED TRACTORS TBK PT IDR 148 733,50 235 365,55 0,09
Multi-Utilities 261 939,24 217 482,19 0,09

832 513,00 PERUSAHAAN GAS NEGARA PT IDR 261 939,24 217 482,19 0,09
Health 107 526,91 108 968,83 0,04

374 502,00 KALBE FARMA TBK PT IDR 107 526,91 108 968,83 0,04
THAILAND 3 495 678,13 4 116 400,00 1,65
Finance 1 174 798,63 1 389 439,39 0,56

124 900,00 KASIKORNBANK PCL THB 327 065,75 379 671,11 0,15
130 144,00 SIAM COMMERCIAL BANK PCL THB 317 025,86 370 190,98 0,15
95 000,00 BANGKOK BANK PCL THB 320 854,20 356 047,34 0,14
20 900,00 BANGKOK BANK PCL -FOR- THB 50 549,97 83 688,52 0,04
126 753,00 BANK OF AYUDHYA PCL THB 57 565,70 68 704,78 0,03
154 800,00 KRUNG THAI BANK PCL THB 49 240,96 56 316,15 0,02
Energy 1 115 978,61 1 241 127,92 0,50

56 500,00 PTT PCL THB 362 404,89 438 683,52 0,18
92 400,00 PTT EXPLORATION & PRODUCTION PCL THB 332 424,79 380 143,56 0,15
21 400,00 BANPU PCL THB 306 543,34 285 287,13 0,12
53 800,00 THAI OIL PCL THB 54 704,99 76 844,70 0,03
604 000,00 IRPC PCL THB 59 900,60 60 169,01 0,02
Raw materials 514 732,04 530 738,18 0,21

39 000,00 SIAM CEMENT PCL THB 294 466,47 348 514,98 0,14
72 898,58 PTT GLOBAL CHEMICAL PCL - CLASS A THB 92 780,32 108 573,70 0,04
103 126,00 INDORAMA VENTURES PCL THB 127 485,25 73 649,50 0,03
Basic Goods 321 365,02 424 828,18 0,17

251 600,00 CP ALL PCL THB 269 754,47 317 904,55 0,13
132 704,00 CHAROEN POKPHAND FOODS PCL THB 51 610,55 106 923,63 0,04

111 487,00 ADVANCED INFO SERVICE PCL THB 300 817,38 382 451,45 0,15
Consumer Retail 49 186,40 109 125,18 0,04

99 320,00 BEC WORLD PCL THB 49 186,40 109 125,18 0,04
Multi-Utilities 18 800,05 38 689,70 0,02

27 800,00 GLOW ENERGY PCL THB 18 800,05 38 689,70 0,02
POLAND 5 826 182,85 4 080 825,08 1,64
Finance 1 811 412,83 1 255 991,78 0,51

55 496,00 POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI PLN 594 783,11 399 869,58 0,16
SA
4 847,00 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 465 467,24 335 979,40 0,14
10 215,00 BANK PEKAO SA PLN 446 905,97 323 559,55 0,13
71 746,00 BANK MILLENNIUM SA PLN 87 971,90 61 159,29 0,03
1 108,00 BRE BANK SA PLN 82 003,77 61 144,31 0,02
21 624,00 GETIN HOLDING SA PLN 55 876,97 34 198,44 0,01
1 658,00 BANK HANDLOWY W WARSZAWIE SA PLN 40 926,36 25 254,31 0,01
7 107,00 GLOBE TRADE CENTRE SA PLN 37 477,51 14 826,90 0,01
Raw materials 1 553 201,99 948 621,76 0,38

23 013,00 KGHM POLSKA MIEDZ SA PLN 948 668,85 570 965,04 0,23
16 942,00 JASTRZEBSKA SPOLKA WEGLOWA SA PLN 525 554,42 319 625,80 0,13
99
Nominal / % of
58 793,00 SYNTHOS SA PLN 78 978,72 58 030,92 0,02
Multi-Utilities 859 360,22 664 263,39 0,27

96 655,00 PGE SA PLN 569 095,90 448 823,74 0,18
148 460,00 TAURON POLSKA ENERGIA SA PLN 235 608,86 178 174,03 0,07
9 229,00 ENEA SA PLN 54 655,46 37 265,62 0,02
Energy 858 631,48 604 358,56 0,24

44 480,00 POLSKI KONCERN NAFTOWY ORLEN SA PLN 556 391,51 338 256,09 0,13
262 108,00 POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO PLN 246 966,86 239 895,22 0,10
SA
5 014,00 GRUPA LOTOS SA PLN 55 273,11 26 207,25 0,01

130 922,00 TELEKOMUNIKACJA POLSKA SA PLN 598 215,99 506 033,26 0,20
Computing and IT 65 121,95 52 136,24 0,02

4 792,00 ASSECO POLAND SA PLN 65 121,95 52 136,24 0,02
Consumer Retail 80 238,39 49 420,09 0,02

11 885,00 TVN SA PLN 52 198,02 27 461,08 0,01
7 251,00 CYFROWY POLSAT SA PLN 28 040,37 21 959,01 0,01
TURKEY 1 420 036,56 1 084 234,34 0,44
Finance 756 175,26 485 662,20 0,19

72 420,00 TURKIYE GARANTI BANKASI AS TRY 240 044,96 174 279,24 0,07
34 362,00 AKBANK TAS TRY 129 814,77 84 374,28 0,03
42 669,00 TURKIYE IS BANKASI TRY 101 205,62 57 607,04 0,02
12 394,00 TURKIYE HALK BANKASI AS TRY 70 706,33 50 047,43 0,02
34 650,00 YAPI VE KREDI BANKASI AS TRY 72 532,52 38 018,12 0,02
29 018,00 TURKIYE VAKIFLAR BANKASI TAO TRY 54 428,19 28 998,04 0,01
31 133,00 EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI TRY 38 069,76 24 762,29 0,01
AS
8 218,00 HACI OMER SABANCI HOLDING AS TRY 26 374,63 18 100,69 0,01
14 610,00 ASYA KATILIM BANKASI AS TRY 22 998,48 9 475,07 0,00
Consumer Retail 138 487,50 129 868,93 0,05

15 000,00 FORD OTOMOTIV SANAYI AS TRY 84 479,52 93 609,05 0,03
19 386,00 TURKIYE SISE VE CAM FABRIKALARI AS TRY 31 601,02 22 535,55 0,01
5 498,00 ARCELIK AS TRY 22 406,96 13 724,33 0,01

18 755,00 TURKCELL ILETISIM HIZMETLERI AS TRY 85 902,34 67 930,56 0,03
20 700,00 TURK TELEKOMUNIKASYON AS TRY 57 592,79 59 271,05 0,02
Basic Goods 112 757,45 115 796,84 0,05

3 335,00 BIM BIRLESIK MAGAZALAR AS TRY 70 742,30 71 415,14 0,03
2 780,00 ANADOLU EFES BIRACILIK VE MALT SANAYII AS TRY 25 216,32 25 853,23 0,01
2 010,00 COCA-COLA ICECEK AS TRY 16 798,83 18 528,47 0,01
Raw materials 107 082,54 97 873,55 0,04

7 000,00 KOZA ALTIN ISLETMELERI AS TRY 75 018,22 71 664,97 0,03
19 590,00 EREGLI DEMIR VE CELIK FABRIKALARI TAS TRY 32 064,32 26 208,58 0,01
Industries 123 397,13 88 625,54 0,04

8 034,00 TAV HAVALIMANLARI HOLDING AS TRY 27 546,43 26 412,04 0,01
8 688,00 KOC HOLDING AS TRY 26 807,66 20 128,12 0,01
11 327,78 ENKA INSAAT VE SANAYI AS TRY 28 314,22 18 943,65 0,01
17 367,00 TURK HAVA YOLLARI TRY 32 885,12 15 017,44 0,01
3 730,00 TEKFEN HOLDING AS TRY 7 843,70 8 124,29 0,00
Energy 38 641,55 39 205,67 0,02

2 403,00 TUPRAS TURKIYE PETROL RAFINERILERI AS TRY 38 641,55 39 205,67 0,02
UNITED STATES 1 011 718,24 970 716,24 0,39
Raw materials 1 010 962,76 970 530,58 0,39

41 746,00 SOUTHERN COPPER CORP USD 1 010 962,76 970 530,58 0,39
Computing and IT 755,48 185,66 0,00

180,00 RELIANCE POW-SPONG -ADR- USD 755,48 185,66 0,00
100
Nominal / % of
CZECH REPUBLIC 774 242,42 771 862,88 0,31
Multi-Utilities 494 970,55 505 486,23 0,20

16 401,00 CEZ AS CZK 494 970,55 505 486,23 0,20

8 988,00 TELEFONICA CZECH REPUBLIC AS CZK 140 236,58 135 018,00 0,06
Finance 139 035,29 131 358,65 0,05

1 006,00 KOMERCNI BANKA AS CZK 139 035,29 131 358,65 0,05
EGYPT 1 077 670,14 762 402,30 0,31
Industries 475 790,46 428 262,37 0,17

13 000,00 ORASCOM CONSTRUCTION INDUSTRIES -GDR- USD 355 036,74 339 483,11 0,14
3 040,00 ORASCOM CONSTRUCTION INDUSTRIES EGP 99 214,64 78 108,34 0,03
4 028,00 ELSWEDY ELECTRIC CO EGP 21 539,08 10 670,92 0,00
Raw materials 265 552,09 149 473,14 0,06

63 331,00 COMMERCIAL INTERNATIONAL BANK EGYPT SAE - USD 254 508,94 146 844,59 0,06
GDR-
5 517,00 EZZ STEEL EGP 11 043,15 2 628,55 0,00
Finance 173 208,70 94 129,49 0,04

14 048,00 COMMERCIAL INTERNATIONAL BANK EGYPT SAE EGP 51 130,75 33 555,21 0,01
32 242,00 EGYPTIAN KUWAITI HOLDING CO USD 40 699,63 24 340,15 0,01
8 267,00 NATIONAL SOCIETE GENERALE BANK SAE EGP 47 191,65 21 446,76 0,01
8 460,00 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING EGP 25 932,76 10 817,04 0,01
10 501,00 TALAAT MOUSTAFA GROUP EGP 8 253,91 3 970,33 0,00

120 082,00 ORASCOM TELECOM HOLDING SAE EGP 82 342,50 45 708,61 0,02
4 692,00 TELECOM EGYPT EGP 11 240,54 7 917,07 0,01
555,00 EGYPTIAN CO FOR MOBILE SERVICES EGP 16 431,50 5 545,88 0,00
120 082,00 ORASCOM TELECOM MEDIA AND TECHNOLOGY EGP 0,00 0,00 0,00
HLDG SAE
Computing and IT 53 104,35 31 365,74 0,01

12 716,25 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING - USD 53 104,35 31 365,74 0,01
GDR-
PHILIPPINES 301 965,22 331 739,65 0,13
Basic Goods 160 935,93 157 500,47 0,06

44 489,00 SAN MIGUEL CORP PHP 94 101,50 91 274,93 0,03
77 737,00 UNIVERSAL ROBINA CORP PHP 66 834,43 66 225,54 0,03
Industries 75 616,75 76 172,36 0,03

81 437,00 INTERNATIONAL CONTAINER TERMINAL SERVICES, PHP 75 616,75 76 172,36 0,03
INC
Finance 36 574,24 54 424,91 0,02

9 950,00 AYALA CORP PHP 36 574,24 54 424,91 0,02
Multi-Utilities 28 838,30 43 641,91 0,02

395 000,00 ENERGY DEVELOPMENT CORP PHP 28 838,30 43 641,91 0,02
UKRAINE 173 289,78 143 533,90 0,06
Basic Goods 173 289,78 143 533,90 0,06

9 213,00 KERNEL HOLDING SA PLN 173 289,78 143 533,90 0,06
MOROCCO 109 166,68 113 972,19 0,05

9 067,00 MAROC TELECOM SA EUR 109 166,68 113 972,19 0,05
SINGAPORE 82 760,76 87 465,75 0,04
Energy 74 996,85 74 332,56 0,03

68 000,00 SAKARI RESOURCES LTD SGD 74 996,85 74 332,56 0,03
Consumer Retail 7 763,91 13 133,19 0,01

101
Nominal / % of
PAKISTAN 9 008,09 14 120,00 0,01
Finance 9 008,09 14 120,00 0,01

6 122,00 MCB BANK LTD -GDR- USD 9 008,09 14 120,00 0,01
ARGENTINA 12,10 13,50 0,00
Raw materials 10,70 12,08 0,00

3,00 SIDERAR SAIC ARS 10,70 12,08 0,00
Finance 1,40 1,42 0,00

1,00 BBVA BANCO FRANCES SA ARS 1,40 1,42 0,00
Warrants 0,00 80,05 0,00
CAYMAN ISLANDS 0,00 80,05 0,00

2 783,00 KINGBOARD CHEMICAL HOLDINGS LTD WTS HKD 0,00 80,05 0,00
31/10/2012
INDIA 0,00 32,12 0,00
Health 0,00 32,12 0,00

41 784,00 DR REDDY'S LABORATORIES LTD 9.25% 24/03/2014 INR 0,00 32,12 0,00
LISTED ON ANOTHER REGULATED MARKET 1 793 492,07 1 643 787,85 0,66
Shares 1 793 492,07 1 643 787,85 0,66
RUSSIA 1 793 492,07 1 643 787,85 0,66
Energy 967 656,64 1 060 566,05 0,43

112 249,00 NOVATEK OAO USD 967 656,64 1 060 566,05 0,43

132 769,00 MOBILE TELESYSTEMS OJSC USD 825 835,43 583 221,80 0,23
UNQUOTED 23 138,03 677,20 0,00
Shares 23 138,03 677,20 0,00
RUSSIA 831,64 677,20 0,00
Energy 831,64 677,20 0,00

278,00 ENEL OGK 5 OJSC -GDR- USD 708,08 606,67 0,00
114,00 TERRITORIAL GENERATION CO NO 5 -GDR- USD 123,56 70,53 0,00
TAIWAN 22 306,39 0,00 0,00
Computing and IT 22 306,39 0,00 0,00

176 000,00 YA HSING IND CO TWD 22 306,39 0,00 0,00
Total Portfolio 225 218 092,87 216 752 169,54 86,99
102
Purchase Unrealised
10 47 Purchase MEXICO BOLSA INDEX FUTURE 16/03/2012 MXN 38 448,58 973 311,37
100 (366) Sale TURKDEX ISE 30 INDEX FUTURE FEB12 29/02/2012 TRY 11 374,61 931 486,25
XTUR
50 195 Purchase KLSE COMPOSITE INDEX FUTURE 31/01/2012 MYR 45 259,76 3 610 733,69
JAN12 XKLS
Unrealised loss on future contracts and commitment (688 903,10) 31 360 652,08
10 72 Purchase FTSE JSE TOP 40 INDEX FUTURE 15/03/2012 ZAR (22 498,96) 1 963 253,04
1 000 62 Purchase VOLATILITY INDEX FUTURE 17/01/2012 USD (24 024,38) 1 277 265,22
500 000 73 Purchase KOSPI 200 INDEX FUTURE 08/03/2012 KRW (189 511,84) 5 848 849,94
2 70 Purchase SGX CNX NIFTY INDEX FUTURE 25/01/2012 USD (9 674,58) 502 349,34
100 570 Purchase MSCI TAIWAN INDEX FUTURE 30/01/2012 USD (255 404,18) 10 972 953,83
50 218 Purchase HANG SENG CHINA ENT INDEX 30/01/2012 HKD (187 789,16) 10 795 980,71
103

Total Unrealised profit / (loss) on forward foreign exchange contracts 32 418,83
12/01/2012 7 000 000,00 USD 5 368 343,52 EUR 32 418,83
104
Assets Notes
Banks 773 772,64
Liabilities


Class R Units EUR 147,48 423 136,936
Class R2 Units USD 191,65 30 108,406
Class Z Units EUR 156,50 136 290,023
105

2011 IN EUR

Interest on bank accounts 293,70
- investments (28 617 947,93)

106
Nominal / % of
Shares 87 501 285,27 84 657 555,86 95,73
SOUTH AFRICA 32 698 645,10 38 260 110,72 43,26
Raw materials 9 660 282,73 9 654 060,51 10,92

79 072,00 ANGLOGOLD ASHANTI LTD ZAR 2 455 252,62 2 590 846,39 2,93
147 824,00 GOLD FIELDS LTD ZAR 1 629 981,03 1 757 444,59 1,99
99 457,00 IMPALA PLATINUM HOLDINGS LTD ZAR 1 739 062,89 1 588 106,86 1,80
77 628,00 HARMONY GOLD MINING CO LTD ZAR 684 043,39 703 656,42 0,80
14 463,00 KUMBA IRON ORE LTD ZAR 395 942,88 689 996,74 0,78
12 502,00 ANGLO AMERICAN PLATINUM LTD ZAR 841 858,57 634 614,19 0,72
31 660,00 EXXARO RESOURCES LTD ZAR 351 795,98 507 503,27 0,57
23 128,00 AFRICAN RAINBOW MINERALS LTD ZAR 390 620,63 377 357,37 0,43
99 635,00 PRETORIA PORTLAND CEMENT CO LTD ZAR 365 915,30 260 388,98 0,29
109 049,00 SAPPI LTD ZAR 375 181,53 247 638,00 0,28
35 155,00 ARCELORMITTAL SOUTH AFRICA LTD ZAR 323 748,99 230 039,93 0,26
22 663,00 NORTHAM PLATINUM LTD ZAR 106 878,92 64 872,00 0,07
5 068,00 TRANS HEX GROUP LTD ZAR 0,00 1 595,77 0,00
Finance 8 151 343,62 9 069 637,32 10,26

227 711,00 STANDARD BANK GROUP LTD ZAR 2 184 747,87 2 145 555,56 2,43
506 023,00 FIRSTRAND LTD ZAR 900 720,10 1 001 377,11 1,13
80 836,00 REMGRO LTD ZAR 760 934,00 914 916,34 1,04
325 954,00 SANLAM LTD ZAR 674 770,63 897 265,11 1,01
49 950,00 ABSA GROUP LTD ZAR 579 698,24 672 006,16 0,76
168 210,00 AFRICAN BANK INVESTMENTS LTD ZAR 565 868,34 550 509,20 0,62
282 581,00 GROWTHPOINT PROPERTIES LTD ZAR 395 101,53 500 156,04 0,57
35 715,00 NEDBANK GROUP LTD ZAR 430 931,70 494 125,55 0,56
254 835,00 MMI HOLDINGS LTD ZAR 342 333,58 415 789,80 0,47
575 979,00 REDEFINE PROPERTIES LTD ZAR 394 944,97 406 683,94 0,46
125 875,00 RMB HOLDINGS LTD ZAR 244 807,39 327 884,42 0,37
53 699,00 DISCOVERY HOLDINGS LTD ZAR 154 402,85 222 881,54 0,25
47 848,00 INVESTEC LTD ZAR 254 461,72 201 198,85 0,23
138 344,00 RMI HOLDINGS ZAR 146 026,67 176 882,06 0,20
16 552,00 LIBERTY HOLDINGS LTD ZAR 104 767,16 125 524,06 0,14

333 719,00 MTN GROUP LTD ZAR 3 582 306,81 4 576 642,71 5,18
68 733,00 VODACOM GROUP LTD ZAR 253 300,12 583 678,85 0,66
52 432,00 TELKOM SA LTD ZAR 349 450,82 145 331,99 0,16
Consumer Retail 3 595 131,81 5 186 725,57 5,86

77 495,00 NASPERS LTD ZAR 1 969 678,58 2 611 564,35 2,95
88 154,00 TRUWORTHS INTERNATIONAL LTD ZAR 355 368,12 621 171,00 0,70
161 898,00 WOOLWORTHS HOLDINGS LTD ZAR 297 883,00 602 455,18 0,68
47 177,00 FOSCHINI GROUP LTD ZAR 274 140,06 472 603,47 0,54
39 192,00 IMPERIAL HOLDINGS LTD ZAR 365 636,61 461 830,95 0,52
190 227,00 STEINHOFF INTERNATIONAL HOLDINGS LTD ZAR 332 425,44 417 100,62 0,47
Energy 3 205 991,51 4 011 184,93 4,53

109 051,00 SASOL LTD ZAR 3 205 991,51 4 011 184,93 4,53
Basic Goods 1 608 312,20 2 376 313,20 2,69

73 448,00 SHOPRITE HOLDINGS LTD ZAR 428 975,55 954 499,56 1,08
30 911,00 TIGER BRANDS LTD ZAR 517 039,57 739 942,11 0,84
38 697,00 SPAR GROUP LTD ZAR 418 195,39 400 945,90 0,45
40 974,00 PICK N PAY STORES LTD ZAR 134 545,85 182 185,13 0,21
6 123,00 MASSMART HOLDINGS LTD ZAR 109 555,84 98 740,50 0,11
Industries 1 420 144,10 1 565 641,33 1,77

54 822,00 BIDVEST GROUP LTD ZAR 664 790,29 809 737,93 0,92
47 367,00 BARLOWORLD LTD ZAR 339 136,63 339 553,27 0,38
38 744,00 REUNERT LTD ZAR 203 958,08 232 896,87 0,26
58 263,00 AVENG LTD ZAR 212 259,10 183 453,26 0,21
107
Nominal / % of
Health 872 381,38 1 090 894,31 1,23

63 739,00 ASPEN PHARMACARE HOLDINGS LTD ZAR 445 435,92 587 977,27 0,66
167 231,00 LIFE HEALTHCARE GROUP HOLDINGS LTD ZAR 279 092,95 329 340,49 0,37
135 254,00 NETCARE LTD ZAR 147 852,51 173 576,55 0,20
RUSSIA 33 796 432,47 30 046 425,13 33,98
Energy 19 585 673,90 17 879 870,83 20,22

1 976 335,00 GAZPROM OAO USD 9 152 790,92 8 121 364,35 9,18
106 593,00 LUKOIL OAO USD 4 712 531,68 4 348 024,89 4,92
334 905,00 ROSNEFT OIL CO USD 1 876 699,65 1 717 071,33 1,94
323 101,00 TATNEFT USD 1 232 038,09 1 227 304,92 1,39
1 509 754,00 SURGUTNEFTEGAS OJSC USD 1 105 072,46 915 255,28 1,03
1 516 091,00 SURGUTNEFTEGAS OJSC -PFD- USD 617 337,93 598 103,53 0,68
365,00 AK TRANSNEFT OAO -PFD- USD 362 977,74 434 143,76 0,49
4 211,00 NOVATEK OAO -GDR- USD 247 460,94 406 129,64 0,46
16 223,00 TMK OAO -GDR- USD 278 764,49 112 473,13 0,13
Finance 5 238 493,28 4 571 623,17 5,17

1 807 434,00 SBERBANK OF RUSSIA USD 3 512 266,21 3 441 453,73 3,89
566 772 035,00 VTB BANK OJSC USD 1 378 674,26 797 667,84 0,90
234 056,00 SBERBANK OF RUSSIA -PFD- USD 347 552,81 332 501,60 0,38
Raw materials 4 289 976,97 3 879 618,64 4,39

293 425,00 URALKALI USD 1 530 585,58 1 643 020,64 1,86
11 491,00 MMC NORILSK NICKEL OJSC USD 1 375 129,34 1 358 237,34 1,54
46 023,00 SEVERSTAL OAO USD 420 078,90 401 510,23 0,45
16 167,00 NOVOLIPET STEEL USD 389 995,92 244 594,14 0,28
35 471,00 MECHEL -ADR- USD 574 187,23 232 256,29 0,26
Multi-Utilities 2 037 255,67 1 601 207,89 1,81

25 302 797,00 FEDERAL HYDROGENERATING CO JSC USD 884 988,58 586 009,77 0,66
70 514 643,00 FEDERAL GRID CO UNIFIED ENERGY SYSTEM JSC USD 486 776,21 475 294,17 0,54
296 046 704,00 INTER RAO UES OAO USD 303 597,93 247 437,25 0,28
4 100 000,00 IDGC HLDG JSC USD 297 999,06 226 134,04 0,26
994,00 MAGNIT OJSC USD 63 893,89 66 332,66 0,07

277 000,00 ROSTELECOM OJSC USD 1 163 581,56 1 011 005,30 1,14
469 606,00 SISTEMA JSFC USD 336 777,38 264 643,04 0,30
11 435,00 MOBILE TELESYSTEMS OJSC -ADR- USD 170 390,61 129 311,56 0,15
4 775,00 SISTEMA JSFC USD 84 888,78 61 832,42 0,07
Basic Goods 608 280,69 533 617,84 0,60

4 776,00 MAGNIT OJSC USD 390 323,00 318 717,07 0,36
13 184,00 MAGNIT OJSC -GDR- USD 217 957,69 214 900,77 0,24
Industries 281 113,63 113 694,44 0,13

43 770,00 LSR GROUP USD 281 113,63 113 694,44 0,13
POLAND 10 532 325,14 8 133 365,74 9,20
Finance 5 203 336,01 3 987 216,44 4,51

151 560,00 POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI PLN 1 480 587,32 1 092 046,89 1,23
SA
13 081,00 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 1 108 015,14 906 735,41 1,03
27 994,00 BANK PEKAO SA PLN 1 099 444,56 886 708,37 1,00
4 982,00 BRE BANK SA PLN 354 756,53 274 928,64 0,31
138 704,00 GETIN HOLDING SA PLN 335 688,26 219 360,92 0,25
13 192,00 BANK HANDLOWY W WARSZAWIE SA PLN 255 330,73 200 937,77 0,23
83 943,00 GLOBE TRADE CENTRE SA PLN 288 626,35 175 125,18 0,20
202 132,00 BANK MILLENNIUM SA PLN 212 318,07 172 305,77 0,19
3 350,00 ING BANK SLASKI SA PLN 68 569,05 59 067,49 0,07
Raw materials 1 383 756,71 1 081 650,64 1,22

30 601,00 KGHM POLSKA MIEDZ SA PLN 855 592,08 759 227,44 0,86
10 000,00 JASTRZEBSKA SPOLKA WEGLOWA SA PLN 347 763,50 188 658,84 0,21
135 521,00 SYNTHOS SA PLN 180 401,13 133 764,36 0,15
Multi-Utilities 1 290 842,53 1 042 892,21 1,18

138 796,00 PGE SA PLN 802 636,26 644 508,20 0,73
235 829,00 TAURON POLSKA ENERGIA SA PLN 323 372,01 283 029,79 0,32
108
Nominal / % of
28 568,00 ENEA SA PLN 164 834,26 115 354,22 0,13
Energy 1 285 884,77 986 495,94 1,12

67 788,00 POLSKI KONCERN NAFTOWY ORLEN SA PLN 746 894,13 515 505,94 0,58
419 973,00 POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO PLN 388 270,52 384 381,69 0,44
SA
16 570,00 GRUPA LOTOS SA PLN 150 720,12 86 608,31 0,10

165 187,00 TELEKOMUNIKACJA POLSKA SA PLN 778 591,32 638 472,65 0,72
Consumer Retail 371 569,05 237 248,06 0,27

49 265,00 CYFROWY POLSAT SA PLN 188 714,70 149 194,70 0,17
38 109,00 TVN SA PLN 182 854,35 88 053,36 0,10
Computing and IT 218 344,75 159 389,80 0,18

14 650,00 ASSECO POLAND SA PLN 218 344,75 159 389,80 0,18
TURKEY 4 527 655,99 3 909 750,86 4,42
Finance 2 178 945,57 1 582 348,27 1,79

261 043,00 TURKIYE GARANTI BANKASI AS TRY 714 785,09 628 201,83 0,71
131 944,00 AKBANK TAS TRY 452 698,68 323 982,29 0,37
189 292,00 TURKIYE IS BANKASI TRY 432 859,55 255 561,48 0,29
29 441,00 TURKIYE HALK BANKASI AS TRY 149 782,77 118 883,86 0,13
95 389,00 YAPI VE KREDI BANKASI AS TRY 170 846,17 104 661,20 0,12
72 692,00 TURKIYE VAKIFLAR BANKASI TAO TRY 135 773,38 72 642,01 0,08
78 473,00 EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI TRY 98 073,66 62 415,15 0,07
AS
6 107,00 HACI OMER SABANCI HOLDING AS TRY 18 127,27 13 451,07 0,02
3 931,00 ASYA KATILIM BANKASI AS TRY 5 999,00 2 549,38 0,00
Basic Goods 689 277,96 822 413,27 0,93

41 602,00 ANADOLU EFES BIRACILIK VE MALT SANAYII AS TRY 338 090,33 386 887,05 0,44
17 342,00 BIM BIRLESIK MAGAZALAR AS TRY 295 971,78 371 358,71 0,42
6 961,00 COCA-COLA ICECEK AS TRY 55 215,85 64 167,51 0,07

107 676,00 TURKCELL ILETISIM HIZMETLERI AS TRY 491 594,59 390 002,16 0,44
57 734,00 TURK TELEKOMUNIKASYON AS TRY 147 485,66 165 311,82 0,19
Industries 362 171,73 323 532,78 0,36

71 688,00 KOC HOLDING AS TRY 173 358,57 166 084,82 0,19
37 022,00 TAV HAVALIMANLARI HOLDING AS TRY 127 852,53 121 711,06 0,13
14 908,33 ENKA INSAAT VE SANAYI AS TRY 38 843,14 24 931,48 0,03
12 496,00 TURK HAVA YOLLARI TRY 22 117,49 10 805,42 0,01
Energy 208 771,45 227 027,43 0,26

13 915,00 TUPRAS TURKIYE PETROL RAFINERILERI AS TRY 208 771,45 227 027,43 0,26
Raw materials 238 625,54 216 819,37 0,24

93 193,00 EREGLI DEMIR VE CELIK FABRIKALARI TAS TRY 142 173,54 124 678,70 0,14
9 000,00 KOZA ALTIN ISLETMELERI AS TRY 96 452,00 92 140,67 0,10
Consumer Retail 210 783,49 182 295,76 0,21

16 000,00 FORD OTOMOTIV SANAYI AS TRY 90 111,49 99 849,65 0,12
47 427,00 TURKIYE SISE VE CAM FABRIKALARI AS TRY 79 951,85 55 132,24 0,06
10 942,00 ARCELIK AS TRY 40 720,15 27 313,87 0,03
CZECH REPUBLIC 2 422 760,95 2 251 832,42 2,55
Multi-Utilities 1 227 869,87 1 174 474,96 1,33

38 107,00 CEZ AS CZK 1 227 869,87 1 174 474,96 1,33
Finance 668 891,29 577 664,67 0,65

4 424,00 KOMERCNI BANKA AS CZK 668 891,29 577 664,67 0,65

33 264,00 TELEFONICA CZECH REPUBLIC AS CZK 525 999,79 499 692,79 0,57
EGYPT 3 333 671,52 1 879 617,62 2,12
Industries 941 603,74 753 014,35 0,85

21 434,00 ORASCOM CONSTRUCTION INDUSTRIES EGP 680 692,22 550 715,19 0,62
109
Nominal / % of
6 853,00 ORASCOM CONSTRUCTION INDUSTRIES -GDR- USD 187 158,98 178 959,83 0,20
8 810,00 ELSWEDY ELECTRIC CO EGP 73 752,54 23 339,33 0,03
Finance 1 103 609,55 580 213,17 0,65

114 215,00 COMMERCIAL INTERNATIONAL BANK EGYPT SAE EGP 390 213,96 272 815,19 0,31
118 827,00 EGYPTIAN KUWAITI HOLDING CO USD 149 971,76 89 704,93 0,10
65 221,00 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING EGP 218 924,27 83 392,18 0,09
196 715,00 TALAAT MOUSTAFA GROUP EGP 212 644,24 74 376,03 0,08
23 099,00 NATIONAL SOCIETE GENERALE BANK SAE EGP 131 855,32 59 924,84 0,07

582 756,00 ORASCOM TELECOM HOLDING SAE EGP 652 005,59 221 823,12 0,25
64 830,00 TELECOM EGYPT EGP 140 345,17 109 391,26 0,12
5 699,00 EGYPTIAN CO FOR MOBILE SERVICES EGP 140 394,95 56 947,65 0,07
582 756,00 ORASCOM TELECOM MEDIA AND TECHNOLOGY EGP 0,00 0,00 0,00
HLDG SAE
Raw materials 297 294,19 123 723,60 0,14

45 606,00 COMMERCIAL INTERNATIONAL BANK EGYPT SAE - USD 178 601,46 105 745,91 0,12
GDR-
37 733,00 EZZ STEEL EGP 118 692,73 17 977,69 0,02
Computing and IT 58 418,33 34 504,47 0,04

13 988,75 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING - USD 58 418,33 34 504,47 0,04
GDR-
UKRAINE 189 794,10 176 453,37 0,20
Basic Goods 189 794,10 176 453,37 0,20

11 326,00 KERNEL HOLDING SA PLN 189 794,10 176 453,37 0,20
Shares 2 781 026,70 2 470 804,78 2,79
RUSSIA 2 781 026,70 2 470 804,78 2,79
Energy 1 347 334,04 1 460 400,66 1,65

154 567,00 NOVATEK OAO USD 1 347 334,04 1 460 400,66 1,65

230 016,00 MOBILE TELESYSTEMS OJSC USD 1 433 692,66 1 010 404,12 1,14
Total Portfolio 90 282 311,97 87 128 360,64 98,52
110
Purchase Unrealised
10 29 Purchase FTSE JSE TOP 40 INDEX FUTURE 15/03/2012 ZAR (9 062,07) 791 098,94
1 000 44 Purchase VOLATILITY INDEX FUTURE 17/01/2012 USD (17 048,89) 904 980,16
100 49 Purchase TURKDEX ISE 30 INDEX FUTURE 29/02/2012 TRY (1 848,73) 124 614,24
111

12/01/2012 2 800 000,00 USD 2 147 337,41 EUR 9 473,47

12/01/2012 14 000 000,00 ZAR 1 311 485,40 EUR 22 525,14
112
Assets Notes
Investments in securities 112 951598,54
Banks 643746,07
Liabilities


Class R Units EUR 134,99 660 442,989
Class Z Units EUR 143,19 156 885,068
113

2011 IN EUR

Net investment income / (loss) 272 964,75
- investments (29 020 007,20)

114
Nominal / % of
Shares 101 020 630,00 112 951 332,89 100,50
SOUTH KOREA 27 497 346,45 34 056 404,68 30,30
Computing and IT 6 904 430,18 10 401 920,90 9,26

9 439,00 SAMSUNG ELECTRONICS CO LTD KRW 3 954 656,32 6 816 671,77 6,06
1 677,00 SAMSUNG ELECTRONICS CO LTD -PFD- KRW 525 777,30 754 693,78 0,67
44 355,00 HYNIX SEMICONDUCTOR INC KRW 594 644,55 695 517,52 0,62
3 584,00 NHN CORP KRW 383 087,52 500 883,73 0,45
22 371,00 LG DISPLAY CO LTD KRW 507 798,51 373 231,76 0,33
3 526,00 SAMSUNG SDI CO LTD KRW 233 231,43 324 196,00 0,29
1 528,00 NCSOFT CORP KRW 145 411,40 309 591,21 0,28
5 514,00 SAMSUNG ELECTRO-MECHANICS CO LTD KRW 276 377,31 292 390,05 0,26
1 795,00 SK C&C CO LTD KRW 84 036,10 145 835,54 0,13
624,00 SAMSUNG ELECTRONICS CO LTD -GDR- USD 83 756,66 138 148,60 0,12
1 086,00 LG INNOTEK CO LTD KRW 115 653,08 50 760,94 0,05
Consumer Retail 3 446 816,26 6 070 627,10 5,40

13 669,00 HYUNDAI MOTOR CO KRW 892 779,53 1 942 308,98 1,73
6 149,00 HYUNDAI MOBIS KRW 601 686,42 1 202 688,07 1,07
22 402,00 KIA MOTORS CORP KRW 326 878,75 996 164,54 0,89
9 570,00 LG ELECTRONICS INC KRW 592 727,48 486 989,09 0,43
889,00 LOTTE SHOPPING CO LTD KRW 216 910,05 199 144,91 0,18
6 596,00 HANKOOK TIRE CO LTD KRW 68 046,13 198 920,63 0,18
9 350,00 KANGWON LAND INC KRW 93 230,91 175 687,38 0,16
929,00 MANDO CORP KRW 77 478,40 125 173,79 0,11
1 138,00 HYUNDAI DEPARTMENT STORE CO LTD KRW 81 342,40 118 710,60 0,10
4 527,00 WOONGJIN COWAY CO LTD KRW 83 282,43 107 463,63 0,09
641,00 SHINSEGAE CO LTD KRW 136 626,06 103 728,01 0,09
1 078,00 HYUNDAI WIA CORP KRW 97 417,50 98 034,81 0,09
1 667,00 LOTTE SHOPPING CO LTD -GDR- USD 28 391,13 18 337,45 0,02
Industries 4 880 518,98 4 853 805,50 4,32

3 939,00 HYUNDAI HEAVY INDUSTRIES CO LTD KRW 691 964,86 680 877,79 0,60
11 520,00 SAMSUNG C&T CORP KRW 359 925,99 527 674,00 0,47
8 700,00 LG CORP KRW 354 359,12 357 780,78 0,32
2 561,00 SAMSUNG ENGINEERING CO LTD KRW 128 535,56 356 201,34 0,32
6 229,00 HYUNDAI ENGINEERING & CONSTRUCTION CO LTD KRW 194 477,42 299 481,41 0,27
15 673,00 SAMSUNG HEAVY INDUSTRIES CO LTD KRW 303 564,53 294 497,15 0,26
3 622,00 GS ENGINEERING & CONSTRUCTION CORP KRW 191 686,29 225 971,01 0,20
2 183,00 SK HOLDINGS CO LTD KRW 199 797,03 175 899,02 0,16
2 761,00 DAELIM INDUSTRIAL CO LTD KRW 113 247,82 166 715,81 0,15
1 277,00 HYUNDAI GLOVIS CO LTD KRW 77 809,75 162 243,44 0,14
3 575,00 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION KRW 229 514,05 153 951,72 0,14
CO LTD
8 609,00 DAEWOO SHIPBUILDING & MARINE ENGINEERING KRW 153 833,43 134 995,16 0,12
CO LTD
3 724,00 KOREAN AIR LINES CO LTD KRW 112 135,04 108 323,22 0,10
2 927,00 SAMSUNG TECHWIN CO LTD KRW 113 744,34 106 865,62 0,09
1 104,00 DOOSAN CORP KRW 143 810,31 105 936,01 0,09
511,00 KCC CORP KRW 158 938,80 94 650,59 0,08
3 436,00 KOREA AEROSPACE INDUSTRIES LTD KRW 91 121,41 90 410,85 0,08
12 639,00 DAEWOO ENGINEERING & CONSTRUCTION CO LTD KRW 147 666,97 86 628,19 0,08
1 111,00 HYUNDAI MIPO DOCKYARD KRW 95 083,56 81 348,74 0,07
1 960,00 S1 CORP KRW 63 880,03 76 671,61 0,07
1 499,00 LS CORP KRW 74 043,38 74 575,68 0,07
3 906,00 DAEWOO INTERNATIONAL CORP KRW 123 720,33 74 308,27 0,07
5 838,00 DOOSAN INFRACORE CO LTD KRW 112 899,86 70 073,08 0,06
5 759,00 HYUNDAI DEVELOPMENT CO KRW 194 039,21 66 236,62 0,06
3 839,00 HYUNDAI MERCHANT MARINE CO LTD KRW 91 498,03 63 535,43 0,06
9 390,00 SK NETWORKS CO LTD KRW 124 193,78 61 471,09 0,05
1 061,00 CJ CORP KRW 56 969,38 54 629,69 0,05
1 249,00 LS INDUSTRIAL SYSTEMS CO LTD KRW 54 399,84 54 036,77 0,05
11 665,00 STX PAN OCEAN CO LTD KRW 123 658,86 47 815,41 0,04
115
Nominal / % of
Finance 5 629 050,00 4 713 798,13 4,19

39 003,00 SHINHAN FINANCIAL GROUP CO LTD KRW 1 055 341,77 1 032 799,07 0,92
32 479,00 KB FINANCIAL GROUP INC KRW 1 060 081,85 784 029,66 0,70
3 080,00 SAMSUNG FIRE & MARINE INSURANCE CO LTD KRW 338 566,71 423 238,52 0,38
17 720,00 HANA FINANCIAL GROUP INC KRW 397 615,65 415 904,36 0,37
4 893,00 SAMSUNG LIFE INSURANCE CO LTD KRW 351 185,94 263 059,45 0,23
37 958,00 WOORI FINANCE HOLDINGS CO LTD KRW 366 285,20 236 814,13 0,21
18 296,00 INDUSTRIAL BANK OF KOREA KRW 170 043,44 151 705,20 0,13
17 536,00 DGB FINANCIAL GROUP INC KRW 142 055,49 145 989,81 0,13
4 333,00 SAMSUNG SECURITIES CO LTD KRW 212 458,52 141 828,67 0,12
18 488,00 BS FINANCIAL GROUP INC KRW 115 785,73 131 662,53 0,12
26 683,00 KOREA EXCHANGE BANK KRW 232 022,61 130 607,58 0,12
5 099,00 KOREA INVESTMENT HOLDINGS CO LTD KRW 90 669,77 121 723,90 0,11
3 557,00 DONGBU INSURANCE CO LTD KRW 80 008,27 121 304,44 0,11
16 456,00 DAEWOO SECURITIES CO LTD KRW 240 884,75 113 890,44 0,10
4 504,00 HYUNDAI MARINE & FIRE INSURANCE CO LTD KRW 99 979,35 99 840,00 0,09
13 739,00 WOORI INVESTMENT & SECURITIES CO LTD KRW 145 400,95 94 626,98 0,08
19 660,00 KOREA LIFE INSURANCE CO LTD KRW 114 339,75 94 259,54 0,08
2 552,00 SAMSUNG CARD CO KRW 96 647,61 66 553,04 0,06
1 722,00 MIRAE ASSET SECURITIES CO LTD KRW 99 051,25 35 638,26 0,03
Raw materials 3 740 802,23 4 408 139,05 3,92

5 829,00 POSCO KRW 1 662 434,97 1 465 563,17 1,30
4 277,00 LG CHEM LTD KRW 533 670,97 915 191,27 0,81
4 809,00 CHEIL INDUSTRIES INC KRW 158 530,11 342 473,54 0,31
5 095,00 HYUNDAI STEEL CO KRW 228 754,72 321 276,18 0,29
1 542,00 HONAM PETROCHEMICAL CORP KRW 67 517,97 307 787,76 0,27
1 530,00 OCI CO LTD KRW 247 022,46 220 476,01 0,20
824,00 KOREA ZINC CO LTD KRW 78 262,19 164 748,34 0,15
8 564,00 HANWHA CHEM CORP KRW 74 462,56 139 729,83 0,12
971,00 KOREA KUMHO PETROCHEMICAL KRW 139 122,71 107 133,63 0,10
4 618,00 HANWHA CORP KRW 93 963,01 102 058,23 0,09
2 363,00 HYOSUNG CORP KRW 102 832,32 83 587,63 0,07
3 040,00 HYUNDAI HYSCO KRW 95 554,46 70 335,13 0,06
5 107,00 DONGKUK STEEL MILL CO LTD KRW 91 836,45 69 153,40 0,06
795,00 LG CHEM LTD -PFD- KRW 87 028,14 56 084,42 0,05
4 610,00 KP CHEMICAL CORP KRW 79 809,19 42 540,51 0,04
Basic Goods 1 265 551,85 1 702 757,27 1,52

10 180,00 KT&G CORP KRW 451 298,39 539 813,33 0,48
1 815,00 E-MART CO LTD KRW 262 717,44 328 296,72 0,29
749,00 LG HOUSEHOLD & HEALTH CARE LTD KRW 89 060,63 240 155,79 0,21
903,00 CJ CHEILJEDANG CORP KRW 129 613,70 178 128,09 0,16
217,00 AMOREPACIFIC CORP KRW 85 653,02 152 215,14 0,14
101,00 LOTTE CONFECTIONERY CO LTD KRW 77 734,20 112 787,37 0,10
249,00 ORION CORP/REPUBLIC OF SOUTH KOREA KRW 101 577,99 109 891,96 0,10
2 358,00 HITE JINRO CO LTD KRW 67 896,48 41 468,87 0,04
Energy 542 963,83 902 868,38 0,80

5 056,00 SK INNOVATION CO LTD KRW 263 671,33 475 013,59 0,42
4 239,00 S-OIL CORP KRW 153 072,49 284 873,54 0,25
4 160,00 GS HOLDINGS KRW 126 220,01 142 981,25 0,13
Multi-Utilities 523 540,86 430 227,70 0,38

23 624,00 KOREA ELECTRIC POWER CORP KRW 467 850,98 396 506,03 0,35
1 233,00 KOREA GAS CORP KRW 55 689,88 33 721,67 0,03

25 778,00 LG UPLUS CORP KRW 152 188,75 123 247,44 0,11
1 189,00 SK TELECOM CO LTD KRW 146 488,00 110 912,04 0,10
3 930,00 KT CORP KRW 106 146,03 93 029,02 0,08
Health 158 849,48 245 072,15 0,22

6 967,00 CELLTRION INC KRW 67 612,45 166 549,95 0,15
921,00 YUHAN CORP KRW 91 237,03 78 522,20 0,07
116
Nominal / % of
TAIWAN 21 764 878,28 22 842 457,04 20,32
Computing and IT 12 295 587,62 12 104 746,17 10,77

2 172 202,00 TAIWAN SEMICONDUCTOR MANUFACTURING CO TWD 2 910 545,74 4 144 718,74 3,69
LTD
653 867,00 HON HAI PRECISION INDUSTRY CO LTD TWD 1 319 536,88 1 354 089,64 1,20
65 152,00 HTC CORP TWD 679 460,90 791 470,48 0,70
80 055,00 MEDIATEK INC TWD 690 558,73 556 012,69 0,49
177 581,00 QUANTA COMPUTER INC TWD 218 448,58 285 075,21 0,25
49 464,00 ASUSTEK COMPUTER INC TWD 242 537,73 270 558,56 0,24
818 770,00 UNITED MICROELECTRONICS CORP TWD 320 301,39 262 461,77 0,23
345 486,00 ADVANCED SEMICONDUCTOR ENGINEERING INC TWD 163 929,30 224 132,19 0,20
115 453,00 DELTA ELECTRONICS INC TWD 214 227,47 210 012,36 0,19
267 484,00 COMPAL ELECTRONICS INC TWD 188 845,83 204 151,54 0,18
204 301,00 E INK HOLDINGS INC TWD 241 474,20 194 910,55 0,17
44 035,00 MSTAR SEMICONDUCTOR INC TWD 243 782,82 175 885,99 0,16
179 727,00 WISTRON CORP TWD 178 155,81 173 980,90 0,15
522 350,00 AU OPTRONICS CORP TWD 436 523,35 170 764,79 0,15
178 791,00 LITE-ON TECHNOLOGY CORP TWD 152 702,09 154 198,07 0,14
10 866,00 LARGAN PRECISION CO LTD TWD 87 141,75 152 872,17 0,14
218 389,00 SILICONWARE PRECISION INDUSTRIES CO TWD 220 219,51 148 901,53 0,13
60 900,00 FOXCONN TECHNOLOGY CO LTD TWD 187 775,99 148 273,26 0,13
78 548,00 SYNNEX TECHNOLOGY INTERNATIONAL CORP TWD 66 248,57 146 078,43 0,13
39 410,00 CATCHER TECHNOLOGY CO LTD TWD 151 141,97 136 357,47 0,12
146 563,00 ACER INC TWD 194 183,98 127 894,56 0,11
405 776,00 CHIMEI INNOLUX CORP TWD 635 354,90 125 428,50 0,11
25 542,00 SIMPLO TECHNOLOGY CO LTD TWD 67 377,14 112 417,67 0,10
135 982,00 PEGATRON CORP TWD 134 389,42 112 088,23 0,10
127 769,00 UNIMICRON TECHNOLOGY CORP TWD 119 122,57 111 819,50 0,10
11 385,00 TPK HOLDING CO LTD TWD 207 452,90 107 313,62 0,10
63 805,00 POWERTECH TECHNOLOGY INC TWD 112 484,89 99 830,54 0,09
174 629,00 WINTEK CORP TWD 83 083,04 96 185,11 0,09
50 366,00 NOVATEK MICROELECTRONICS CORP TWD 161 350,88 94 564,34 0,08
285 533,00 MACRONIX INTERNATIONAL TWD 105 153,72 86 081,19 0,08
45 596,00 TRIPOD TECHNOLOGY CORP TWD 82 053,80 81 896,44 0,07
37 567,00 ADVANTECH CO LTD TWD 48 487,92 78 466,32 0,07
49 695,00 EPISTAR CORP TWD 122 681,55 77 627,33 0,07
277 260,00 INVENTEC CO LTD TWD 113 719,94 77 591,38 0,07
87 140,00 WPG HOLDINGS LTD TWD 59 223,42 77 149,02 0,07
53 458,00 CLEVO CO TWD 51 222,55 64 737,10 0,06
14 485,00 PHISON ELECTRONICS CORP TWD 60 011,44 63 568,39 0,06
32 698,00 TRANSCEND INFORMATION INC TWD 71 426,45 63 222,02 0,06
31 924,00 KINSUS INTERCONNECT TECHNOLOGY CORP TWD 70 375,85 62 943,75 0,06
29 644,00 RADIANT OPTO-ELECTRONICS CORP TWD 66 866,29 62 068,35 0,06
39 251,00 CHENG UEI PRECISION INDUSTRY CO LTD TWD 68 406,76 58 017,69 0,05
45 080,00 CHICONY ELECTRONICS CO LTD TWD 57 442,85 56 426,43 0,05
40 988,00 MOTECH INDUSTRIES INC TWD 120 693,45 54 224,26 0,05
40 151,00 EVERLIGHT ELECTRONICS CO LTD TWD 91 480,00 52 708,38 0,05
16 242,00 RICHTEK TECHNOLOGY CORP TWD 89 013,79 49 378,85 0,04
43 448,00 REALTEK SEMICONDUCTOR CORP TWD 79 700,74 47 806,78 0,04
30 699,00 SINO-AMERICAN SILICON PRODUCTS INC TWD 72 649,48 36 238,97 0,03
247 318,00 INOTERA MEMORIES INC TWD 121 489,29 31 522,96 0,03
19 749,00 NAN YA PRINTED CIRCUIT BOARD CORP TWD 113 542,45 30 397,23 0,03
502,00 VIA TECHNOLOGIES INC TWD 1 003,71 199,87 0,00
222,00 NANYA TECHNOLOGY CORP TWD 321,14 13,50 0,00
522,00 POWERCHIP TECHNOLOGY CORP TWD 262,70 11,55 0,00
Finance 3 646 497,16 3 332 488,12 2,96

433 648,00 CATHAY FINANCIAL HOLDING CO LTD TWD 491 681,24 349 727,84 0,31
642 922,00 MEGA FINANCIAL HOLDING CO LTD TWD 304 129,06 318 135,02 0,28
648 949,00 CHINATRUST FINANCIAL HOLDING CO LTD TWD 278 285,38 304 607,46 0,27
679 667,00 YUANTA FINANCIAL HOLDING CO LTD TWD 284 055,19 257 641,63 0,23
274 390,00 FUBON FINANCIAL HOLDING CO LTD TWD 181 820,90 217 101,22 0,19
526 265,00 CHANG HWA COMMERCIAL BANK TWD 195 507,88 213 549,60 0,19
466 453,00 TAIWAN COOPERATIVE FINANCIAL HLDG TWD 185 502,28 210 046,16 0,19
447 376,00 HUA NAN FINANCIAL HOLDINGS CO LTD TWD 196 149,28 182 106,84 0,16
412 344,00 FIRST FINANCIAL HOLDING CO LTD TWD 194 015,67 179 910,87 0,16
740 741,00 CHINA DEVELOPMENT FINANCIAL HOLDING CORP TWD 186 078,47 156 603,33 0,14
432 643,00 E.SUN FINANCIAL HOLDING CO LTD TWD 116 039,35 141 438,10 0,12
472 998,00 TAISHIN FINANCIAL HOLDING CO LTD TWD 129 803,00 122 140,29 0,11
117
Nominal / % of
517 430,00 SINOPAC FINANCIAL HOLDINGS CO LTD TWD 160 849,46 116 105,76 0,10
185 058,00 CHINA LIFE INSURANCE CO LTD TWD 98 492,54 110 874,68 0,10
507 272,00 SHIN KONG FINANCIAL HOLDING CO LTD TWD 215 945,92 108 018,95 0,10
352 982,00 KGI SECURITIES CO LTD TWD 130 923,79 93 394,11 0,08
331 901,00 TAIWAN BUSINESS BANK TWD 58 296,60 77 514,84 0,07
72 808,00 RUENTEX DEVELOPMENT CO LTD TWD 81 682,94 59 088,56 0,05
38 010,00 HIGHWEALTH CONSTRUCTION CORP TWD 60 224,15 41 097,97 0,04
156 519,00 CAPITAL SECURITIES CORP TWD 50 331,98 40 815,44 0,04
27 770,00 FARGLORY LAND DEVELOPMENT CO LTD TWD 46 682,08 32 569,45 0,03
Raw materials 2 497 934,70 2 954 957,41 2,63

274 154,00 FORMOSA PLASTICS CORP TWD 397 136,74 552 399,61 0,49
703 632,00 CHINA STEEL CORP TWD 455 346,48 511 075,76 0,46
324 679,00 NAN YA PLASTICS CORP TWD 387 018,00 495 608,84 0,44
189 107,00 FORMOSA CHEMICALS & FIBRE CORP TWD 266 123,18 378 149,69 0,34
298 290,00 TAIWAN CEMENT CORP TWD 213 276,78 263 330,86 0,23
201 908,00 ASIA CEMENT CORP TWD 132 136,98 171 566,93 0,15
75 111,00 TSRC CORP TWD 58 631,21 139 304,35 0,12
69 120,00 TAIWAN FERTILIZER CO LTD TWD 194 496,18 122 917,72 0,11
177 999,00 CHINA PETROCHEMICAL DEVELOPMENT CORP TWD 117 343,84 120 457,21 0,11
46 733,00 FENG HSIN IRON & STEEL CO TWD 88 860,75 56 949,87 0,05
87 684,00 ETERNAL CHEMICAL CO LTD TWD 44 982,02 51 642,22 0,05
42 323,00 LCY CHEMICAL CORP TWD 67 026,26 46 730,43 0,04
65 988,00 TUNG HO STEEL ENTERPRISE CORP TWD 75 556,28 44 823,92 0,04

429 335,00 CHUNGHWA TELECOM CO LTD TWD 758 318,50 1 088 992,89 0,97
125 670,60 TAIWAN MOBILE CO LTD TWD 141 773,32 301 494,21 0,27
164 396,00 FAR EASTONE TELECOMMUNICATIONS CO LTD TWD 160 586,82 237 559,92 0,21
Industries 967 996,08 1 079 231,57 0,96

231 369,00 FAR EASTERN NEW CENTURY CORP TWD 154 909,75 204 252,90 0,18
20 600,00 HIWIN TECHNOLOGIES CORP TWD 85 355,16 124 731,97 0,11
232 022,00 TECO ELECTRIC AND MACHINERY CO LTD TWD 74 067,18 104 775,83 0,09
133 980,00 TAIWAN GLASS INDUSTRIAL CORP TWD 62 475,01 104 302,57 0,09
211 909,00 EVA AIRWAYS CORP TWD 86 304,30 101 353,99 0,09
312 687,00 YANG MING MARINE TRANSPORT CORP TWD 73 805,42 93 869,70 0,09
371 880,00 WALSIN LIHWA CORP TWD 110 095,22 80 702,21 0,07
241 033,00 CHINA AIRLINES LTD TWD 77 391,22 78 797,64 0,07
200 788,00 EVERGREEN MARINE CORP TAIWAN LTD TWD 85 503,19 77 389,85 0,07
170 524,00 WAN HAI LINES LTD TWD 75 445,97 62 471,45 0,06
41 147,00 U-MING MARINE TRANSPORT CORP TWD 82 643,66 46 583,46 0,04
Consumer Retail 841 946,70 995 921,72 0,88

250 069,00 POU CHEN CORP TWD 125 958,54 155 232,72 0,14
92 210,00 CHENG SHIN RUBBER INDUSTRY CO LTD TWD 54 362,56 151 780,47 0,13
96 956,00 YULON MOTOR CO LTD TWD 82 624,83 126 539,36 0,11
33 675,00 GIANT MANUFACTURING CO LTD TWD 52 850,65 98 951,68 0,09
130 016,00 FORMOSA TAFFETA CO LTD TWD 77 609,65 91 624,19 0,08
82 828,00 FAR EASTERN DEPARTMENT STORES CO LTD TWD 56 875,60 71 329,54 0,06
47 857,00 RUENTEX INDUSTRIES LTD TWD 39 716,23 59 658,89 0,05
46 165,00 NAN KANG RUBBER TIRE CO LTD TWD 53 104,44 52 029,56 0,05
5 178,00 FORMOSA INTERNATIONAL HOTELS CORP TWD 41 171,82 50 717,33 0,05
14 187,00 HOTAI MOTOR CO LTD TWD 53 676,42 50 710,80 0,05
264 173,00 TATUNG CO LTD TWD 165 375,33 49 465,21 0,04
54 844,00 CHINA MOTOR CORP TWD 38 620,63 37 881,97 0,03
Basic Goods 297 161,66 524 216,34 0,47

263 197,00 UNI-PRESIDENT ENTERPRISES CORP TWD 164 544,43 289 936,19 0,26
44 300,00 PRESIDENT CHAIN STORE CORP TWD 78 497,35 188 214,81 0,17
20 141,00 STANDARD FOODS CORP TWD 54 119,88 46 065,34 0,04
Energy 157 075,72 222 848,69 0,20

96 576,00 FORMOSA PETROCHEMICAL CORP TWD 157 075,72 222 848,69 0,20
CHINA 13 138 988,79 13 640 350,11 12,14
Finance 3 388 154,51 3 059 740,49 2,72

1 302 958,00 INDUSTRIAL & COMMERCIAL BANK OF CHINA -H- HKD 654 409,39 595 765,74 0,53
1 019 308,00 BANK OF CHINA LTD -H- HKD 315 113,19 289 144,97 0,26
373 681,00 EVERGRANDE REAL ESTATE GROUP LTD HKD 133 758,13 119 344,13 0,11
118
Nominal / % of
278 817,00 COUNTRY GARDEN HOLDINGS CO HKD 99 653,69 80 474,15 0,07
222 320,00 SINO-OCEAN LAND HOLDINGS LTD HKD 102 151,93 79 382,58 0,07
796 081,00 RENHE COMMERCIAL HOLDINGS CO LTD HKD 98 662,27 70 273,48 0,06
123 431,00 BANK OF COMMUNICATIONS CO LTD -H- HKD 88 478,04 66 476,52 0,06
40 966,00 PICC PROPERTY & CASUALTY CO LTD HKD 32 094,31 42 663,56 0,04
144 621,00 SHUI ON LAND LTD HKD 48 715,73 33 852,25 0,03
71 056,00 CHINA CITIC BANK CORP LTD -H- HKD 33 712,95 30 798,27 0,03
2 030,00 PING AN INSURANCE GROUP CO -H- HKD 12 861,50 10 308,85 0,01
1 660,00 CHINA LIFE INSURANCE CO LTD -H- HKD 4 605,92 3 161,21 0,00
Energy 1 862 716,05 2 644 254,12 2,35

1 567 101,00 CNOOC LTD HKD 1 456 384,55 2 110 770,13 1,88
68 580,00 INNER MONGOLIA YITAI COAL CO -B- USD 185 814,04 262 718,74 0,23
256 624,00 CHINA PETROLEUM & CHEMICAL CORP -H- HKD 157 995,20 207 952,19 0,19
21 874,00 YANZHOU COAL MINING CO LTD -H- HKD 29 323,76 35 971,36 0,03
32 294,00 CHINA COAL ENERGY CO LTD -H- HKD 33 198,50 26 841,70 0,02
Basic Goods 1 640 841,42 2 058 586,57 1,83

80 381,00 HENGAN INTERNATIONAL GROUP CO LTD HKD 375 490,97 579 206,20 0,52
214 629,00 TINGYI CAYMAN ISLANDS HOLDING CORP HKD 294 453,32 502 394,17 0,45
632 991,00 WANT WANT CHINA HOLDINGS LTD HKD 344 318,00 486 567,86 0,43
149 959,00 CHINA YURUN FOOD GROUP LTD HKD 289 818,39 151 710,94 0,13
Computing and IT 1 530 135,23 1 864 983,91 1,66

91 067,00 TENCENT HOLDINGS LTD HKD 955 857,63 1 409 964,29 1,26
543 579,00 LENOVO GROUP LTD HKD 254 313,20 279 277,93 0,25
114 507,00 ALIBABA.COM LTD HKD 158 128,62 91 199,35 0,08
INTERNATIONAL CORP
1 279,00 ZTE CORP -H- HKD 2 526,52 3 088,97 0,00
Industries 1 480 888,82 1 292 203,80 1,15

TECHNOLOGY CO LTD
309 308,00 SHANGHAI ELECTRIC GROUP CO LTD HKD 91 154,01 110 136,12 0,10
246 836,00 CSR CORP LTD HKD 117 599,32 108 701,53 0,10
GROUP CO LTD
371 566,00 CHINA SHIPPING CONTAINER LINES CO LTD HKD 78 078,74 65 230,91 0,06
342 808,00 METALLURGICAL CORP OF CHINA LTD HKD 152 526,45 59 842,23 0,05
HOLDING. CO LTD
LTD
85 744,00 CHINA RAILWAY GROUP LTD HKD 50 013,34 20 665,89 0,02
29 360,00 AIR CHINA LTD HKD 13 105,63 16 715,22 0,01
24 670,00 CHINA COMMUNICATIONS CONSTRUCTION CO LTD HKD 23 394,76 14 852,58 0,01
Consumer Retail 1 410 129,45 1 210 176,74 1,08

295 113,00 GUANGZHOU AUTOMOBILE GROUP CO LTD HKD 224 493,10 189 673,88 0,17
119
Nominal / % of
66 260,00 DONGFENG MOTOR GROUP CO LTD HKD 65 595,52 87 538,65 0,08
40 012,00 BYD CO LTD HKD 173 146,95 66 830,78 0,06
Raw materials 1 148 476,10 868 460,96 0,77

326 501,00 SINOPEC SHANGHAI PETROCHEMICAL CO LTD -H- HKD 89 884,44 83 874,21 0,07
97 278,00 BBMG CORP HKD 64 544,44 49 786,15 0,04
62 794,00 ALUMINUM CORP OF CHINA LTD -H- HKD 42 419,94 21 051,31 0,02
Multi-Utilities 289 765,82 292 058,24 0,26

442 675,00 DATANG INTERNATIONAL POWER GENERATION CO HKD 174 044,83 112 839,80 0,10
LTD
Health 292 993,41 277 629,61 0,25

LTD
820,00 SINOPHARM GROUP CO LTD HKD 2 663,43 1 517,64 0,00

208 142,00 CHINA COMMUNICATIONS SERVICES CORP LTD HKD 94 887,98 72 255,67 0,07
INDIA 14 619 898,07 13 454 405,51 11,97
Finance 3 549 635,17 3 127 973,84 2,78

95 289,00 HOUSING DEVELOPMENT FINANCE CORP INR 754 347,25 899 006,87 0,80
135 445,00 HDFC BANK LTD INR 702 068,31 838 644,63 0,75
42 899,00 ICICI BANK LTD INR 524 228,09 433 450,16 0,39
18 780,00 AXIS BANK LTD INR 256 529,54 216 517,57 0,19
7 390,00 STATE BANK OF INDIA INR 213 773,66 174 479,81 0,15
24 822,00 KOTAK MAHINDRA BANK LTD INR 150 498,21 151 855,86 0,13
58 991,00 INFRASTRUCTURE DEVELOPMENT FINANCE CO LTD INR 161 202,41 78 682,33 0,07
29 026,00 DLF LTD INR 227 939,64 75 450,98 0,07
11 934,00 SHRIRAM TRANSPORT FINANCE CO LTD INR 130 387,40 72 706,80 0,06
28 129,00 RURAL ELECTRIFICATION CORP LTD INR 128 441,94 62 082,04 0,05
23 384,00 POWER FINANCE CORP LTD INR 55 621,90 46 148,44 0,04
10 654,00 BANK OF INDIA INR 71 842,59 41 278,73 0,04
67 774,00 UNITECH LTD INR 96 397,76 18 924,90 0,02
5 552,00 RELIANCE CAPITAL LTD INR 76 356,47 18 744,72 0,02
Computing and IT 1 928 227,88 2 614 034,31 2,32

39 785,00 INFOSYS LTD INR 1 276 395,78 1 621 074,89 1,44
38 726,00 TATA CONSULTANCY SERVICES LTD INR 382 993,90 662 077,43 0,59
43 055,00 WIPRO LTD INR 191 717,26 249 193,21 0,22
8 017,00 HCL TECHNOLOGIES LTD INR 12 099,68 45 772,72 0,04
38 627,00 SATYAM COMPUTER SERVICES LTD INR 65 021,26 35 916,06 0,03
Energy 2 721 040,61 2 068 665,08 1,84

123 625,00 RELIANCE INDUSTRIES LTD INR 1 778 763,86 1 267 035,88 1,13
135 341,00 OIL & NATURAL GAS CORP LTD INR 597 695,24 507 198,03 0,45
56 000,00 COAL INDIA LTD INR 298 262,37 253 566,03 0,22
5 863,00 BHARAT PETROLEUM CORP LTD INR 46 319,14 40 865,14 0,04
Raw materials 1 476 867,13 1 209 550,71 1,08

40 784,00 JINDAL STEEL & POWER LTD INR 190 164,45 272 462,23 0,24
32 136,00 TATA STEEL LTD INR 245 191,60 159 005,90 0,14
120
Nominal / % of
121 455,00 STERLITE INDUSTRIES INDIA LTD INR 367 899,73 159 001,90 0,14
87 691,00 HINDALCO INDUSTRIES LTD INR 211 662,64 142 784,50 0,13
6 797,00 ULTRATECH CEMENT LTD INR 131 035,80 113 779,18 0,10
2 854,00 ASIAN PAINTS LTD INR 132 992,29 107 236,77 0,10
42 813,00 AMBUJA CEMENTS LTD INR 67 628,96 97 036,56 0,09
3 410,00 ACC LTD INR 39 058,07 56 332,71 0,05
22 039,00 SESA GOA LTD INR 37 360,65 50 223,59 0,05
4 865,00 JSW STEEL LTD INR 35 539,72 37 892,77 0,03
7 488,00 UNITED PHOSPHORUS LTD INR 18 333,22 13 794,60 0,01
Basic Goods 838 079,01 1 131 220,17 1,01

194 012,00 ITC LTD INR 343 851,66 559 058,00 0,50
81 451,00 HINDUSTAN UNILEVER LTD INR 322 602,10 475 438,23 0,42
40 570,00 DABUR INDIA LTD INR 68 355,31 59 114,59 0,05
5 241,00 UNITED SPIRITS LTD INR 103 269,94 37 609,35 0,04
Consumer Retail 691 539,18 967 296,71 0,86

137 755,00 TATA MOTORS LTD INR 328 254,14 367 575,77 0,33
22 059,00 MAHINDRA & MAHINDRA LTD INR 109 919,54 215 667,86 0,19
6 214,00 BAJAJ AUTO LTD INR 44 614,60 132 999,55 0,12
3 677,00 HERO HONDA MOTORS LTD INR 61 134,18 98 079,82 0,09
4 548,00 MARUTI SUZUKI INDIA LTD INR 47 486,03 61 941,18 0,05
21 640,00 TITAN INDUSTRIES LTD INR 70 451,27 54 980,30 0,05
21 008,00 ZEE ENTERTAINMENT ENTERPRISES LTD INR 29 679,42 35 593,22 0,03
2 626,00 ZEE LEARN LTD INR 0,00 459,01 0,00
Industries 1 326 936,29 729 940,02 0,65

17 148,00 LARSEN & TOUBRO LTD INR 396 855,38 250 995,46 0,22
52 745,00 BHARAT HEAVY ELECTRICALS LTD INR 326 025,09 180 985,57 0,16
17 304,00 ADANI ENTERPRISES LTD INR 183 789,54 72 453,23 0,07
91 182,00 JAIPRAKASH ASSOCIATES LTD INR 201 196,46 69 638,15 0,06
7 242,00 SIEMENS INDIA LTD INR 61 211,11 67 037,99 0,06
40 224,00 MUNDRA PORT AND SPECIAL ECONOMIC ZONE LTD INR 95 127,79 66 925,00 0,06
43 837,00 SUZLON ENERGY LTD INR 46 471,74 11 477,78 0,01
974,00 ADITYA BIRLA NUVO LTD INR 16 259,18 10 261,59 0,01
2 745,00 INDIABULLS WHOLESALE SERVICES INR 0,00 165,25 0,00
Multi-Utilities 1 064 898,45 685 069,23 0,61

37 354,00 GAIL INDIA LTD INR 173 182,92 209 559,40 0,18
143 000,00 POWER GRID CORP OF INDIA LTD INR 228 410,33 207 432,00 0,18
43 394,00 NTPC LTD INR 135 968,69 99 549,39 0,09
76 240,00 TATA POWER CO LTD INR 192 551,98 97 486,60 0,09
30 818,00 RELIANCE POWER LTD INR 145 186,25 31 270,29 0,03
6 436,00 RELIANCE INFRASTRUCTURE LTD INR 128 597,69 31 209,88 0,03
29 147,00 GMR INFRASTRUCTURE LTD INR 61 000,59 8 561,67 0,01
Health 488 479,12 614 584,79 0,55

7 760,00 DR REDDY'S LABORATORIES LTD INR 90 422,14 176 681,23 0,16
22 325,00 SUN PHARMACEUTICAL INDUSTRIES LTD INR 77 960,50 160 365,82 0,14
20 179,00 CIPLA LTD INR 65 696,27 93 887,12 0,09
14 486,00 LUPIN LTD INR 122 408,25 92 289,12 0,08
8 569,00 PIRAMAL HEALTHCARE LTD INR 82 072,46 46 550,21 0,04
7 489,00 RANBAXY LABORATORIES LTD INR 49 919,50 44 811,29 0,04

41 839,00 BHARTI AIRTEL LTD INR 225 904,05 209 260,98 0,18
43 157,00 IDEA CELLULAR LTD INR 59 417,58 51 991,29 0,05
42 853,00 RELIANCE COMMUNICATIONS LTD INR 248 873,60 44 818,38 0,04
HONG KONG 10 980 142,96 10 558 299,54 9,39

508 572,00 CHINA MOBILE LTD HKD 3 762 191,21 3 828 585,97 3,41
447 206,00 CHINA UNICOM HONG KONG LTD HKD 482 912,02 724 776,09 0,64
Consumer Retail 1 513 067,12 1 423 627,64 1,27

405 178,00 BELLE INTERNATIONAL HOLDINGS LTD HKD 339 499,97 544 137,56 0,48
1 108 361,00 GOME ELECTRICAL APPLIANCES HOLDING LTD HKD 277 951,37 197 878,19 0,18
467 325,00 GEELY AUTOMOBILE HOLDINGS LTD HKD 98 973,12 78 797,44 0,07
121
Nominal / % of
206 071,00 HENGDELI HOLDINGS LTD HKD 99 380,05 51 915,23 0,05
225 831,00 BOSIDENG INTERNATIONAL HOLDINGS LTD HKD 85 217,57 49 277,70 0,04
238 433,00 CHINA DONGXIANG GROUP CO HKD 96 352,29 31 216,52 0,03
Industries 1 347 529,62 1 182 182,96 1,05

57 182,00 BEIJING ENTERPRISES HOLDINGS LTD HKD 192 404,02 264 295,30 0,23
117 328,00 CHINA MERCHANTS HOLDINGS INTERNATIONAL CO HKD 289 769,69 262 417,26 0,23
LTD
119 832,00 CITIC PACIFIC LTD HKD 260 790,56 166 396,82 0,15
305 797,00 BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD HKD 146 020,66 118 288,36 0,11
-H-
HOLDINGS LTD
Finance 980 091,43 830 947,70 0,74

316 679,00 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 400 901,97 407 697,59 0,36
136 501,00 CHINA RESOURCES LAND LTD HKD 171 601,68 168 964,16 0,15
406 968,00 YUEXIU PROPERTY CO LTD HKD 80 187,26 45 208,75 0,04
201 349,00 FRANSHION PROPERTIES CHINA LTD HKD 41 152,97 29 956,08 0,03
Basic Goods 881 765,84 735 510,79 0,65

127 316,00 CHINA RESOURCES ENTERPRISE LTD HKD 288 915,60 336 530,46 0,30
139 951,00 CHINA MENGNIU DAIRY CO LTD HKD 281 482,00 252 078,63 0,22
338 163,00 CHAODA MODERN AGRICULTURE HOLDINGS LTD HKD 188 326,39 36 894,61 0,03
1 368,00 GLOBAL SWEETENERS HOLDINGS LTD HKD 254,80 109,90 0,00
Raw materials 931 550,64 631 431,66 0,56

262 297,00 SHOUGANG FUSHAN INTERNATIONAL ENERGY HKD 133 110,10 68 421,60 0,06
GROUP LTD
78 776,00 YINGDE GASES HKD 62 179,44 61 959,98 0,05
145 042,00 HUABAO INTERNATIONAL HOLDINGS LTD HKD 89 306,52 57 112,14 0,05
235 160,00 SINOFERT HOLDINGS LTD HKD 80 871,15 50 846,86 0,05
Multi-Utilities 581 421,60 607 788,68 0,54

202 745,00 CHINA RESOURCES POWER HOLDINGS CO LTD HKD 309 850,50 301 235,50 0,27
274 631,00 GUANGDONG INVESTMENT LTD HKD 69 897,20 128 296,45 0,11
259 236,00 CHINA GAS HOLDINGS LTD HKD 113 527,13 91 792,61 0,08
Computing and IT 320 272,13 311 799,14 0,28

684 081,00 GCL-POLY ENERGY HOLDINGS LTD HKD 162 003,68 147 235,13 0,13
3 531,00 TCL COMMUNICATION TECHNOLOGY HOLDINGS HKD 359,13 1 222,27 0,00
LTD
Energy 179 341,35 281 648,91 0,25

256 749,00 KUNLUN ENERGY CO LTD HKD 179 341,35 281 648,91 0,25
MALAYSIA 6 234 540,98 8 074 643,20 7,19
Finance 1 814 657,56 2 506 626,45 2,23

439 070,00 CIMB GROUP HOLDINGS BHD MYR 592 771,09 793 820,95 0,71
298 519,00 MALAYAN BANKING BHD MYR 482 777,96 622 407,94 0,55
99 057,00 PUBLIC BANK BHD MYR 222 509,06 317 742,25 0,28
146 217,00 AMMB HOLDINGS BHD MYR 165 430,43 211 412,52 0,19
50 348,00 HONG LEONG BANK BERHAD MYR 77 881,66 133 359,69 0,12
52 387,00 RHB CAPITAL BHD MYR 70 508,75 95 222,81 0,09
87 707,00 SP SETIA BHD MYR 58 959,65 82 056,09 0,07
122
Nominal / % of
81 609,00 ALLIANCE FINANCIAL GROUP BHD MYR 47 128,62 78 334,13 0,07

18 554,00 HONG LEONG FINANCIAL GROUP BERHAD MYR 20 318,03 52 571,69 0,05
31 723,00 BURSA MALAYSIA BHD MYR 49 218,15 51 649,36 0,05
84 214,00 UEM LAND HOLDINGS BHD MYR 25 089,18 49 523,98 0,04
4 612,00 PUBLIC BANK BHD MYR 0,00 14 995,51 0,01
6 315,00 IJM LAND BHD MYR 2 064,98 3 529,53 0,00
Industries 1 195 015,72 1 381 359,71 1,23

238 881,00 SIME DARBY BHD MYR 414 320,24 534 054,15 0,47
126 380,00 MISC BHD MYR 233 146,66 167 989,27 0,15
116 674,00 IJM CORP BHD MYR 114 258,01 160 191,10 0,14
174 574,00 GAMUDA BHD MYR 108 665,90 143 812,00 0,13
130 742,00 AIRASIA BHD MYR 35 960,16 119 776,70 0,11
101 129,00 MMC CORP BHD MYR 65 790,11 68 072,44 0,06
46 424,00 MALAYSIA MARINE AND HEAVY ENGINEERING MYR 78 679,96 63 852,05 0,06
HOLDINGS BHD
43 594,00 MALAYSIA AIRPORTS HOLDINGS BHD MYR 66 059,85 61 442,74 0,05
234 424,00 BERJAYA CORP BHD MYR 71 133,69 54 402,81 0,05
34 000,00 MALAYSIAN AIRLINE SYSTEM BHD -PFD- MYR 7 001,14 7 766,45 0,01
30/10/2012
Basic Goods 724 597,18 999 821,05 0,89

315 070,00 IOI CORP BHD MYR 322 822,08 411 912,70 0,37
42 419,00 KUALA LUMPUR KEPONG BHD MYR 142 192,43 233 992,61 0,21
43 729,00 PPB GROUP BHD MYR 125 920,22 182 348,71 0,16
10 133,00 BRITISH AMERICAN TOBACCO MALAYSIA BHD MYR 101 835,53 122 921,68 0,11
23 277,00 GENTING PLANTATIONS BHD MYR 31 826,92 48 645,35 0,04
Consumer Retail 647 033,61 988 443,24 0,88

189 029,00 GENTING BHD MYR 282 678,76 505 285,67 0,45
269 026,00 GENTING MALAYSIA BHD MYR 169 482,16 250 385,33 0,22
82 827,00 BERJAYA SPORTS TOTO BHD MYR 80 604,68 88 359,31 0,08
45 657,00 UMW HOLDINGS BHD MYR 59 452,55 77 664,27 0,07
48 530,00 PARKSON HOLDINGS BHD MYR 54 815,46 66 748,66 0,06

234 110,00 AXIATA GROUP BHD MYR 179 086,06 292 414,53 0,26
206 664,00 MAXIS BHD MYR 240 118,45 275 208,12 0,25
274 670,00 DIGI.COM BHD MYR 143 747,18 258 975,58 0,23
95 005,00 TELEKOM MALAYSIA BHD MYR 175 371,23 114 510,15 0,10
Multi-Utilities 699 144,70 754 341,52 0,67

223 500,00 TENAGA NASIONAL BHD MYR 331 486,47 320 439,02 0,29
61 244,00 PETRONAS GAS BHD MYR 148 336,45 226 215,83 0,20
292 339,00 YTL CORP BHD MYR 91 893,68 105 139,12 0,09
237 077,00 YTL POWER INTERNATIONAL BHD MYR 127 428,10 102 547,55 0,09
Raw materials 309 140,71 349 164,00 0,31

183 616,00 PETRONAS CHEMICALS GROUP BHD MYR 246 077,73 276 641,97 0,25
42 634,00 LAFARGE MALAYAN CEMENT BHD MYR 63 062,98 72 522,03 0,06
Energy 106 628,58 153 778,85 0,14

21 991,00 PETRONAS DAGANGAN BHD MYR 49 339,48 95 121,97 0,09
58 567,00 BUMI ARMADA BERHAD MYR 55 242,78 58 351,59 0,05
1 269,00 KNM GROUP BHD MYR 2 046,32 305,29 0,00
INDONESIA 3 867 152,52 5 919 032,62 5,27
Finance 919 563,44 1 827 579,75 1,63

998 388,00 BANK RAKYAT INDONESIA PERSERO TBK PT IDR 261 895,54 576 760,91 0,51
806 189,00 BANK CENTRAL ASIA TBK PT IDR 210 267,47 547 916,54 0,49
796 145,00 BANK MANDIRI TBK PT IDR 251 362,92 453 163,09 0,40
251 478,00 BANK DANAMON INDONESIA TBK PT IDR 80 181,53 86 525,19 0,08
2 400 000,00 BANK INTERNASIONAL INDONESIA TBK PT IDR 76 933,61 85 634,37 0,08
238 742,00 BANK NEGARA INDONESIA PERSERO TBK PT IDR 38 922,37 77 579,65 0,07
Consumer Retail 300 550,02 921 255,07 0,82

147 138,00 ASTRA INTERNATIONAL TBK PT IDR 300 550,02 921 255,07 0,82
Basic Goods 410 037,17 748 152,09 0,67

46 742,00 GUDANG GARAM TBK PT IDR 121 221,63 247 390,43 0,22
127 810,00 UNILEVER INDONESIA TBK PT IDR 82 829,02 201 417,08 0,18
123
Nominal / % of
724 920,00 CHAROEN POKPHAND INDONESIA TBK PT IDR 117 219,66 129 329,30 0,12
329 073,00 INDOFOOD SUKSES MAKMUR TBK PT IDR 55 976,47 129 297,92 0,11
22 036,00 ASTRA AGRO LESTARI TBK PT IDR 32 790,39 40 717,36 0,04
Energy 715 893,43 658 826,46 0,59

1 720 446,00 BUMI RESOURCES TBK PT IDR 425 664,02 321 552,05 0,29
1 220 031,00 ADARO ENERGY TBK PT IDR 188 458,53 182 419,43 0,16
54 826,00 TAMBANG BATUBARA BUKIT ASAM TBK PT IDR 53 866,46 80 811,58 0,07
22 638,00 INDO TAMBANGRAYA MEGAH PT IDR 47 904,42 74 043,40 0,07

716 673,00 TELEKOMUNIKASI INDONESIA TBK PT IDR 440 706,24 429 237,56 0,38
167 572,00 XL AXIATA TBK PT IDR 87 743,78 63 706,25 0,06
65 172,00 INDOSAT TBK PT IDR 35 191,02 31 005,35 0,03
Raw materials 287 046,77 496 307,00 0,44

270 977,00 SEMEN GRESIK PERSERO TBK PT IDR 159 505,76 257 832,71 0,23
122 344,00 INDOCEMENT TUNGGAL PRAKARSA TBK PT IDR 55 154,21 178 251,98 0,16
151 050,00 INTERNATIONAL NICKEL INDONESIA TBK PT IDR 49 568,72 41 063,72 0,03
139 207,00 ANEKA TAMBANG TBK PT IDR 22 818,08 19 158,59 0,02
Industries 294 423,54 319 031,17 0,28

141 983,00 UNITED TRACTORS TBK PT IDR 157 409,33 313 615,31 0,28
1 275 000,00 TRUBA ALAM MANUNGGAL ENGINEERING PT IDR 137 014,21 5 415,86 0,00
Multi-Utilities 248 229,40 294 450,88 0,26

1 127 146,00 PERUSAHAAN GAS NEGARA PT IDR 248 229,40 294 450,88 0,26
Health 127 767,71 129 481,04 0,11

444 998,00 KALBE FARMA TBK PT IDR 127 767,71 129 481,04 0,11
THAILAND 1 941 533,10 3 262 767,63 2,90
Finance 680 031,85 1 123 970,29 1,00

97 003,00 SIAM COMMERCIAL BANK PCL THB 167 636,78 275 922,33 0,24
55 308,00 BANGKOK BANK PCL -FOR- THB 137 873,60 221 466,25 0,20
57 886,00 KASIKORNBANK PCL -FOR- THB 81 559,11 175 961,90 0,16
28 723,00 BANGKOK BANK PCL THB 65 305,10 107 649,98 0,10
143 233,00 BANK OF AYUDHYA PCL THB 58 208,71 77 637,55 0,07
166 974,00 KRUNG THAI BANK PCL THB 28 640,41 60 745,05 0,05
Energy 722 784,17 1 026 737,36 0,91

51 427,00 PTT PCL THB 254 156,11 399 295,18 0,36
58 735,00 PTT EXPLORATION & PRODUCTION PCL THB 149 757,25 241 642,12 0,21
14 758,00 BANPU PCL THB 160 860,31 196 741,47 0,17
75 533,00 THAI OIL PCL THB 86 298,57 107 886,81 0,10
814 834,00 IRPC PCL THB 71 711,93 81 171,78 0,07
Basic Goods 66 991,93 309 746,28 0,27

204 587,00 CHAROEN POKPHAND FOODS PCL THB 41 976,77 164 841,95 0,14
114 682,00 CP ALL PCL THB 25 015,16 144 904,33 0,13
Raw materials 250 144,73 302 654,79 0,27

126 989,61 PTT GLOBAL CHEMICAL PCL - CLASS A THB 90 027,98 189 135,81 0,17
122 540,00 INDORAMA VENTURES PCL THB 151 484,69 87 514,40 0,08
2 910,00 SIAM CEMENT PCL THB 8 632,06 26 004,58 0,02
Consumer Retail 71 446,70 182 615,48 0,16

166 207,00 BEC WORLD PCL THB 71 446,70 182 615,48 0,16

47 821,00 ADVANCED INFO SERVICE PCL THB 85 562,34 164 047,92 0,15
Multi-Utilities 64 571,38 152 995,51 0,14

109 933,00 GLOW ENERGY PCL THB 64 571,38 152 995,51 0,14
PHILIPPINES 753 217,47 979 270,97 0,87
Finance 196 008,71 279 826,60 0,25

210 505,00 AYALA LAND INC PHP 36 226,06 56 499,13 0,05
9 729,00 AYALA CORP PHP 39 455,87 53 216,07 0,05
200 519,00 SM PRIME HOLDINGS INC PHP 31 063,92 48 535,64 0,04
124
Nominal / % of
35 182,00 METROPOLITAN BANK & TRUST PHP 31 327,91 42 300,94 0,04

39 693,00 BDO UNIBANK, INC PHP 27 954,59 41 066,27 0,04
39 158,00 BANK OF THE PHILIPPINE ISLANDS PHP 29 980,36 38 208,55 0,03
Multi-Utilities 156 996,19 235 777,02 0,21

1 070 958,00 ENERGY DEVELOPMENT CORP PHP 77 472,57 118 325,70 0,11
17 441,00 MANILA ELECTRIC CO PHP 36 439,01 78 120,96 0,07
75 645,00 ABOITIZ POWER CORP PHP 43 084,61 39 330,36 0,03
Industries 183 556,28 216 194,86 0,19

7 497,00 SM INVESTMENTS CORP PHP 44 046,72 76 246,88 0,07
64 863,00 INTERNATIONAL CONTAINER TERMINAL SERVICES, PHP 60 227,29 60 669,81 0,05
INC
70 257,00 ABOITIZ EQUITY VENTURES INC PHP 46 825,31 49 610,28 0,04
164 300,00 ALLIANCE GLOBAL GROUP INC PHP 32 456,96 29 667,89 0,03
Basic Goods 110 040,70 107 626,55 0,10

31 891,00 SAN MIGUEL CORP PHP 67 454,67 65 428,50 0,06
49 533,00 UNIVERSAL ROBINA CORP PHP 42 586,03 42 198,05 0,04

1 621,00 PHILIPPINE LONG DISTANCE TELEPHONE CO PHP 56 195,85 73 119,64 0,06
1 686,00 GLOBE TELECOM INC PHP 24 900,16 33 465,09 0,03
Consumer Retail 25 519,58 33 261,21 0,03

20 361,00 JOLLIBEE FOODS CORP PHP 25 519,58 33 261,21 0,03
SINGAPORE 133 805,96 121 336,97 0,11
Energy 133 805,96 121 336,97 0,11

111 000,00 SAKARI RESOURCES LTD SGD 133 805,96 121 336,97 0,11
PAKISTAN 89 125,42 42 364,62 0,04
Finance 89 125,42 42 364,62 0,04

18 368,00 MCB BANK LTD -GDR- USD 89 125,42 42 364,62 0,04
Warrants 0,00 229,85 0,00

31/10/2012
INDIA 0,00 35,80 0,00
Health 0,00 35,80 0,00

46 560,00 DR REDDY'S LABORATORIES LTD 9.25% 24/03/2014 INR 0,00 35,80 0,00
UNQUOTED 360 789,43 0,00 0,00
Shares 360 789,43 0,00 0,00
SOUTH KOREA 40 442,09 0,00 0,00
Health 40 442,09 0,00 0,00

1 093,00 MEDISON CO KRW 40 442,09 0,00 0,00
TAIWAN 320 347,34 0,00 0,00
Computing and IT 287 441,38 0,00 0,00

445 000,00 YA HSING IND CO TWD 287 441,38 0,00 0,00
Industries 32 905,96 0,00 0,00

33 204,00 PACIFIC ELEC WIRE TWD 32 905,96 0,00 0,00
Total Portfolio 101 381 419,43 112 951 598,54 100,50
125
Purchase Unrealised
500 000 (20) Sale KOSPI 200 INDEX FUTURE 08/03/2012 KRW 65 524,62 1 602 424,64
2 (510) Sale SGX CNX NIFTY INDEX FUTURE 25/01/2012 USD 129 535,97 3 659 973,73
50 (93) Sale KLSE COMPOSITE INDEX FUTURE 31/01/2012 MYR (23 277,46) 1 722 042,22
100 (79) Sale MSCI TAIWAN INDEX FUTURE 30/01/2012 USD (5 005,39) 1 520 812,90
126

12/01/2012 65 000 000,00 HKD 6 408 779,17 EUR 47 722,32
127
Assets Notes
Banks 532 668,82
Liabilities

Class I Units EUR 359,77 920,019

Class R Units EUR 356,25 245 085,013
128

2011 IN EUR

financial instruments (262 215,18)
- investments (31 889 387,56)

129
Nominal / % of
Shares 101 028 246,65 108 420 859,70 100,58
BRAZIL 72 231 559,20 74 970 595,28 69,55
Finance 20 414 612,49 22 171 277,72 20,57

351 877,00 BANCO BRADESCO SA -PFD- BRL 3 184 879,24 4 468 626,66 4,15
271 700,00 ITAU UNIBANCO HOLDING SA -PFD- BRL 2 861 862,10 3 813 984,07 3,54
206 475,00 ITAU UNIBANCO HOLDING SA -ADR- USD 3 196 515,63 2 952 028,64 2,74
416 209,00 ITAUSA - INVESTIMENTOS ITAU SA -PFD- BRL 1 461 510,22 1 938 914,41 1,80
412 129,00 BM&FBOVESPA SA BRL 2 012 474,68 1 668 004,90 1,55
114 500,00 BANCO DO BRASIL SA BRL 1 200 564,68 1 120 706,53 1,04
75 300,00 REDECARD SA BRL 801 476,01 907 751,85 0,84
84 762,00 BANCO DO ESTADO DO RIO GRANDE DO SUL -PFD- BRL 349 834,53 700 114,81 0,65
52 283,00 BANCO BRADESCO SA -ADR- USD 722 960,88 671 787,11 0,62
106 863,00 BANCO SANTANDER BRASIL SA -ADR- USD 968 529,87 670 080,36 0,62
49 365,00 CETIP SA - BALCAO ORGANIZADO DE ATIVOS E BRL 542 479,61 549 434,57 0,51
DERIVATIVOS
224 053,00 PDG REALTY SA EMPREENDIMENTOS E BRL 858 002,21 545 934,89 0,51
PARTICIPACOES
46 362,00 BANCO DO BRASIL SA -ADR- USD 582 358,12 449 995,14 0,42
71 213,00 CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E BRL 580 324,82 436 446,74 0,40
PARTICIPACOES
47 688,00 BR MALLS PARTICIPACOES SA BRL 220 022,37 356 866,16 0,33
34 764,00 PORTO SEGURO SA BRL 200 041,64 305 807,00 0,28
32 100,00 BANCO SANTANDER BRASIL SA BRL 296 994,72 198 323,74 0,18
12 236,00 MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA BRL 148 674,02 193 390,89 0,18
27 600,00 SUL AMERICA SA BRL 167 613,42 172 117,13 0,16
5 616,00 MRV ENGENHARIA E PARTICIPACOES SA -ADR- USD 57 493,72 50 962,12 0,05
Raw materials 17 306 326,08 16 279 326,26 15,10

283 758,00 VALE SA -PFD- BRL 3 573 981,91 4 432 081,22 4,11
197 580,00 VALE SA BRL 2 841 574,65 3 219 052,50 2,98
69 044,00 VALE SA -PFD ADR- USD 1 282 416,15 1 095 641,02 1,02
158 908,00 CIA SIDERURGICA NACIONAL SA BRL 1 286 496,01 983 095,36 0,91
144 200,00 GERDAU SA -PFD- BRL 1 156 861,84 863 517,88 0,80
48 200,00 BRADESPAR SA -PFD- BRL 711 861,87 630 822,75 0,58
35 946,00 VALE SA -ADR- USD 699 357,15 593 954,24 0,55
42 952,00 ULTRAPAR PARTICIPACOES SA BRL 243 175,28 567 815,36 0,53
112 518,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -PFD- BRL 925 786,81 471 656,82 0,44
60 700,00 METALURGICA GERDAU SA -PFD- BRL 781 967,42 448 975,20 0,42
42 586,00 VALE FERTILIZANTES SA -PFD- BRL 292 970,31 440 743,57 0,41
129 551,00 KLABIN SA -PFD- BRL 237 946,03 428 024,70 0,40
44 360,00 USINAS SIDERURGICAS DE MINAS GERAIS SA BRL 433 970,26 314 190,99 0,29
9 264,00 KLABIN SA -ADR- USD 193 603,93 306 049,19 0,28
52 253,00 BRASKEM SA -PFD- BRL 274 551,58 276 222,64 0,26
20 199,00 ULTRAPAR PARTICIPACOES SA -ADR- USD 216 289,42 267 629,16 0,25
43 341,00 FIBRIA CELULOSE SA BRL 906 965,08 248 263,84 0,23
75 528,00 SUZANO PAPEL E CELULOSE SA -PFD- BRL 524 322,91 210 235,45 0,19
39 892,00 DURATEX SA BRL 163 374,97 146 956,48 0,14
21 317,00 GERDAU SA -ADR- USD 180 711,10 128 248,48 0,12
43 000,00 MMX MINERACAO E METALICOS SA BRL 163 244,28 118 449,26 0,11
20 212,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -ADR- USD 214 819,30 87 658,25 0,08
7,00 FIBRIA CELULOSE SA -ADR- USD 77,82 41,90 0,00
Energy 15 046 028,51 11 811 173,38 10,96

335 406,00 PETROLEO BRASILEIRO SA -PFD- BRL 3 745 304,72 2 976 770,23 2,76
188 060,00 PETROLEO BRASILEIRO SA BRL 2 556 525,02 1 786 332,66 1,66
267 300,00 OGX PETROLEO E GAS PARTICIPACOES SA BRL 1 189 325,11 1 503 537,06 1,39
68 808,00 OGX PETROLEO E GAS PARTICIPACOES SA -ADR- USD 389 367,53 386 403,97 0,36
980,00 HRT PARTICIPACOES EM PETROLEO SA BRL 774 803,91 229 885,98 0,21
Basic Goods 5 231 469,11 8 987 501,21 8,34

100 810,00 CIA DE BEBIDAS DAS AMERICAS -PFD- BRL 867 493,71 2 801 926,58 2,60
115 415,00 BRF - BRASIL FOODS SA BRL 915 825,28 1 735 962,22 1,61
55 839,00 CIA DE BEBIDAS DAS AMERICAS -ADR- USD 985 444,55 1 552 385,70 1,44
130
Nominal / % of
77 445,00 SOUZA CRUZ SA BRL 248 466,34 732 751,21 0,68

22 212,00 CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE USD 598 935,61 623 335,64 0,58
ACUCAR -ADR-
28 981,00 BRF - BRASIL FOODS SA -ADR- USD 331 599,45 436 450,75 0,40
21 240,00 NATURA COSMETICOS SA BRL 177 688,18 318 068,30 0,30
26 086,00 COSAN SA INDUSTRIA E COMERCIO BRL 271 644,53 290 876,96 0,27
92 400,00 JBS SA BRL 277 114,14 232 013,70 0,22
59 290,00 HYPERMARCAS SA BRL 516 200,74 208 131,80 0,19
2 500,00 CIA DE BEBIDAS DAS AMERICAS -ADR- USD 41 056,58 55 598,35 0,05
Multi-Utilities 4 724 080,50 6 413 393,41 5,95

59 898,00 CIA ENERGETICA DE MINAS GERAIS -PFD- BRL 546 547,91 823 006,36 0,76
50 716,00 CIA ENERGETICA DE SAO PAULO -PFD- BRL 447 162,39 692 236,55 0,64
43 918,00 ELETROPAULO METROPOLITANA ELETRICIDADE DE BRL 470 932,18 662 023,63 0,61
SAO PAULO SA -PFD-
46 800,00 CPFL ENERGIA SA BRL 304 691,02 502 911,09 0,47
27 847,00 EDP - ENERGIAS DO BRASIL SA BRL 320 226,43 477 270,49 0,44
20 222,00 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO BRL 245 337,95 434 526,24 0,40
PAULO
26 310,00 CIA PARANAENSE DE ENERGIA -PFD- BRL 247 916,16 422 676,91 0,39
33 295,00 TRACTEBEL ENERGIA SA BRL 251 728,92 411 963,65 0,38
31 000,00 CENTRAIS ELETRICAS BRASILEIRAS SA -PFD- BRL 300 255,85 343 751,07 0,32
40 293,00 CENTRAIS ELETRICAS BRASILEIRAS SA BRL 377 283,66 296 867,41 0,28
20 646,00 CIA ENERGETICA DE MINAS GERAIS -ADR- USD 271 618,53 282 935,21 0,26
20 000,00 LIGHT SA BRL 214 217,39 237 881,44 0,22
20 116,00 AES TIETE SA -PFD- BRL 116 796,51 223 310,41 0,21
6 953,00 CIA DE TRANSMISSAO DE ENERGIA ELECTRICA BRL 115 532,98 166 518,85 0,16
PAULISTA -PFD-
1 861,00 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO USD 76 243,87 79 778,65 0,07
PAULO -ADR-
3 116,00 CIA PARANAENSE DE ENERGIA -ADR- USD 58 598,71 50 359,11 0,05

67 958,00 TELEFONICA BRASIL SA USD 927 207,16 1 430 722,28 1,33
110 960,00 TIM PARTICIPACOES SA BRL 261 068,98 423 424,99 0,39
15 883,00 TIM PARTICIPACOES SA USD 266 886,83 315 665,68 0,29
58 004,00 BRASIL TELECOM SA -PFD- BRL 346 363,24 260 630,30 0,24
34 781,00 TELE NORTE LESTE PARTICIPACOES SA -PFD- BRL 458 063,00 252 234,59 0,23
13 111,00 TELEMAR NORTE LESTE SA -PFD- BRL 385 824,07 242 469,98 0,23
25 394,00 TELE NORTE LESTE PARTICIPACOES SA -ADR- USD 290 364,97 186 031,61 0,17
16 498,00 TELE NORTE LESTE PARTICIPACOES SA BRL 317 021,07 146 217,41 0,14
2 549,00 BRASIL TELECOM SA -ADR- USD 44 363,97 34 931,80 0,03
Industries 2 298 309,21 2 137 295,19 1,98

28 363,00 EMBRAER SA -ADR- USD 564 929,58 551 026,35 0,51
67 200,00 CCR SA BRL 162 298,55 339 139,64 0,32
18 085,00 TAM SA -ADR- USD 294 092,99 269 571,89 0,25
23 646,00 LOCALIZA RENT A CAR SA BRL 178 553,60 249 997,53 0,23
56 682,00 ALL AMERICA LATINA LOGISTICA SA BRL 354 085,41 217 703,89 0,20
35 748,00 ECORODOVIAS INFRAESTRUTURA E LOGISTICA SA BRL 217 267,44 205 951,06 0,19
36 159,00 GOL LINHAS AEREAS INTELIGENTES SA -ADR- USD 304 655,63 184 673,70 0,17
55 295,00 LLX LOGISTICA SA BRL 172 045,25 76 958,01 0,07
8 704,00 EMBRAER SA BRL 50 380,76 42 273,12 0,04
Consumer Retail 1 813 421,84 1 826 600,03 1,70

24 806,00 LOJAS RENNER SA BRL 354 255,56 495 940,86 0,46
29 137,00 CIA HERING BRL 381 575,40 390 599,26 0,36
65 249,00 LOJAS AMERICANAS SA -PFD- BRL 268 258,34 385 343,44 0,36
62 910,00 MRV ENGENHARIA E PARTICIPACOES SA BRL 295 335,96 277 997,91 0,26
20 232,00 ANHANGUERA EDUCACIONAL PARTICIPACOES SA BRL 337 417,72 167 947,27 0,16
32 922,00 ROSSI RESIDENCIAL SA BRL 176 578,86 108 771,29 0,10
Computing and IT 1 161 535,52 1 348 395,13 1,25

51 070,00 CIELO SA BRL 813 373,43 1 016 602,02 0,94
24 155,00 TOTVS SA BRL 348 162,09 331 793,11 0,31
Health 938 612,65 703 304,31 0,65

50 485,00 DIAGNOSTICOS DA AMERICA SA BRL 510 304,98 323 170,81 0,30
19 592,00 ODONTOPREV SA BRL 238 941,85 215 227,86 0,20
131
Nominal / % of
24 303,00 AMIL PARTICIPACOES SA BRL 189 365,82 164 905,64 0,15
MEXICO 14 078 935,26 16 113 115,78 14,95

7 279 997,00 AMERICA MOVIL SAB DE CV MXN 6 208 267,45 6 357 290,64 5,90
Basic Goods 3 124 649,67 4 507 417,40 4,18

798 897,00 WAL-MART DE MEXICO SAB DE CV MXN 1 341 517,04 1 685 890,93 1,56
268 307,00 FOMENTO ECONOMICO MEXICANO SAB DE CV MXN 847 747,19 1 436 903,69 1,33
58 387,00 COCA-COLA FEMSA SAB DE CV MXN 209 952,86 427 746,95 0,40
66 372,00 KIMBERLY-CLARK DE MEXICO SAB DE CV MXN 220 587,14 275 729,67 0,26
80 798,00 ARCA CONTINENTAL SAB DE CV MXN 193 517,30 265 013,28 0,25
44 445,00 GRUPO MODELO SAB DE CV MXN 144 001,06 217 095,84 0,20
126 652,00 GRUPO BIMBO SAB DE CV MXN 167 327,08 199 037,04 0,18
Raw materials 2 284 379,83 2 499 846,02 2,32

551 997,00 GRUPO MEXICO SAB DE CV MXN 957 609,55 1 111 237,45 1,03
13 374,00 INDUSTRIAS PENOLES SAB DE CV MXN 242 245,29 451 424,44 0,42
804 817,00 CEMEX SAB DE CV MXN 734 916,18 330 969,37 0,31
92 495,00 MINERA FRISCO SAB DE CV MXN 0,00 258 908,47 0,24
87 544,00 MEXICHEM SAB DE CV MXN 140 227,48 212 189,66 0,20
114 092,00 URBI DESARROLLOS URBANOS SAB DE CV MXN 188 848,67 100 009,23 0,09
18 912,00 GRUPO SIMEC SAB DE CV MXN 20 532,66 35 107,40 0,03
Consumer Retail 1 189 204,35 1 493 950,76 1,39

269 235,00 GRUPO TELEVISA SA MXN 783 257,51 872 822,44 0,81
5 592,00 GRUPO ELEKTRA SA DE CV MXN 224 710,41 427 737,21 0,40
35 000,00 EL PUERTO DE LIVERPOOL C1 COMMON STOCK MXN 181 236,43 193 391,11 0,18
NPV
Finance 948 729,34 831 791,79 0,77

159 916,00 GRUPO FINANCIERO BANORTE SAB DE CV MXN 396 922,03 373 569,98 0,35
156 214,00 GRUPO FINANCIERO INBURSA SA MXN 203 896,87 221 264,12 0,20
228 968,00 COMPARTAMOS MXN 347 910,44 216 377,92 0,20
35 575,00 INMUEBLES CARSO SAB DE CV MXN 0,00 20 579,77 0,02
Industries 323 704,62 422 819,17 0,39

89 906,00 GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV MXN 193 336,04 234 391,04 0,22
16 617,00 ALFA SAB DE CV MXN 74 359,43 139 421,77 0,13
26 282,00 GRUPO CARSO SAB DE CV MXN 56 009,15 49 006,36 0,04
CHILE 8 082 937,33 9 225 533,85 8,56
Multi-Utilities 2 718 956,65 2 621 803,95 2,43

57 175,00 ENERSIS SA -ADR- USD 800 578,47 776 485,96 0,72
20 045,00 EMPRESA NACIONAL DE ELECTRICIDAD SA-ADR- USD 719 489,06 684 817,43 0,63
1 636 344,00 COLBUN SA CLP 293 523,21 322 379,59 0,30
121 050,00 E.CL SA CLP 246 057,61 247 817,84 0,23
199 087,00 EMPRESA NACIONAL DE ELECTRICIDAD SA CLP 267 909,71 226 174,03 0,21
502 830,00 AES GENER SA CLP 191 288,47 206 344,60 0,19
582 619,00 ENERSIS SA CLP 200 110,12 157 784,50 0,15
Raw materials 1 392 722,87 1 818 982,21 1,69

18 035,00 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLP 473 717,33 747 905,64 0,70
227 560,00 EMPRESAS CMPC SA CLP 626 313,15 643 543,62 0,60
12 386,00 CAP SA CLP 220 767,05 348 716,94 0,32
1 900,00 QUIMICA Y MINERA CHIL SP —ADR —ADR USD1 USD 71 925,34 78 816,01 0,07
Finance 1 433 908,48 1 521 966,15 1,41

14 575,00 BANCO SANTANDER CHILE -ADR- USD 819 789,68 849 922,96 0,79
6 000,00 BANCO DE CHILE USD 346 743,82 377 845,39 0,35
3 476,00 BANCO DE CREDITO E INVERSIONES CLP 77 646,81 148 401,30 0,14
14 695 677,00 CORPBANCA CLP 189 728,17 145 796,50 0,13
Industries 1 328 441,94 1 479 716,19 1,37

88 165,00 EMPRESAS COPEC SA CLP 911 108,35 907 244,76 0,84
30 576,00 LAN AIRLINES SA CLP 399 770,83 552 778,79 0,51
1 100,00 LAN AIRLINES SA USD 17 562,76 19 692,64 0,02
Basic Goods 927 162,58 1 325 635,76 1,23

153 681,00 CENCOSUD SA CLP 418 648,63 685 375,07 0,64
22 166,00 CIA CERVECERIAS UNIDAS SA CLP 144 805,29 223 506,05 0,21
132
Nominal / % of
10 392,00 EMBOTELLADORA ANDINA SA -ADR- USD 128 755,83 167 469,58 0,15
2 700,00 CIA CERVECERIAS UNIDAS SA USD 103 417,05 131 240,61 0,12
80 427,00 VINA CONCHA Y TORO SA CLP 131 535,78 118 044,45 0,11
Consumer Retail 161 014,96 268 902,35 0,25

44 893,00 SACI FALABELLA CLP 161 014,96 268 902,35 0,25

13 080,00 ENTEL CHILE SA CLP 120 729,85 188 527,24 0,18
COLOMBIA 3 595 307,22 4 497 213,65 4,17
Energy 2 056 857,87 2 651 617,57 2,46

77 318,00 ECOPETROL SA -ADR- USD 2 056 857,87 2 651 617,57 2,46
Finance 1 538 449,35 1 845 596,08 1,71

40 226,00 BANCOLOMBIA SA -ADR- USD 1 538 449,35 1 845 596,08 1,71
PERU 2 214 988,61 2 774 677,61 2,57
Raw materials 1 230 244,15 1 415 146,48 1,31

47 914,00 CIA DE MINAS BUENAVENTURA SA -ADR- USD 1 230 235,78 1 415 108,23 1,31
5,00 VOLCAN CIA MINERA SAA EUR 8,37 38,25 0,00
Finance 984 744,46 1 359 531,13 1,26

16 122,00 CREDICORP LTD USD 984 744,46 1 359 531,13 1,26
UNITED STATES 824 515,88 839 711,45 0,78
Raw materials 824 515,88 839 711,45 0,78

36 119,00 SOUTHERN COPPER CORP USD 824 515,88 839 711,45 0,78
ARGENTINA 3,15 12,08 0,00
Raw materials 3,15 12,08 0,00

3,00 SIDERAR SAIC ARS 3,15 12,08 0,00
Total Portfolio 101 028 246,65 108 420 859,70 100,58
133
Purchase Unrealised
10 150 Purchase MEXICO BOLSA INDEX FUTURE 16/03/2012 MXN 71 372,83 3 097 266,15
1 000 29 Purchase VOLATILITY INDEX FUTURE 17/01/2012 USD (11 398,97) 596 464,20
134

12/01/2012 6 500 000,00 USD 4 984 890,41 EUR 21 991,99
12/01/2012 25 000 000,00 MXN 1 386 222,05 EUR (7 414,52)
135
Assets Notes
Banks 411 296,06
Liabilities

Class R Units EUR 76,76 2 036 177,598

136

2011 IN EUR

- investments (50 226 550,68)

137
Nominal / % of
Shares 173 067 601,99 167 669 765,36 101,90
CHINA 123 305 260,26 121 129 782,86 73,61
Finance 55 676 927,13 49 611 048,92 30,15

21 493 911,00 INDUSTRIAL & COMMERCIAL BANK OF CHINA -H- HKD 10 449 362,08 9 827 896,03 5,97
22 780 843,00 BANK OF CHINA LTD -H- HKD 7 267 860,74 6 462 194,21 3,93
2 514 135,00 CHINA LIFE INSURANCE CO LTD -H- HKD 6 335 176,80 4 787 778,00 2,91
577 784,00 PING AN INSURANCE GROUP CO -H- HKD 3 262 483,51 2 934 132,04 1,78
1 283 405,00 CHINA MERCHANTS BANK CO LTD -H- HKD 2 413 399,55 1 998 515,68 1,21
5 687 757,00 AGRICULTURAL BANK OF CHINA LTD -H- HKD 1 967 284,65 1 884 220,32 1,15
550 903,00 CHINA PACIFIC INSURANCE GROUP CO LTD -H- HKD 1 607 459,70 1 207 567,99 0,73
2 158 718,00 BANK OF COMMUNICATIONS CO LTD -H- HKD 1 428 228,73 1 162 625,71 0,71
888 002,00 PICC PROPERTY & CASUALTY CO LTD HKD 670 954,17 924 799,16 0,56
2 086 628,00 CHINA CITIC BANK CORP LTD -H- HKD 931 978,09 904 421,02 0,55
2 543 709,00 EVERGRANDE REAL ESTATE GROUP LTD HKD 994 830,69 812 395,45 0,49
1 621 443,00 SINO-OCEAN LAND HOLDINGS LTD HKD 813 470,19 578 959,75 0,35
1 797 984,00 COUNTRY GARDEN HOLDINGS CO HKD 1 246 854,54 518 946,99 0,32
4 883 646,00 RENHE COMMERCIAL HOLDINGS CO LTD HKD 683 663,29 431 100,34 0,26
1 246 731,00 SHUI ON LAND LTD HKD 551 484,29 291 829,33 0,18
Energy 23 646 701,34 28 542 574,83 17,35

7 144 880,00 CNOOC LTD HKD 7 281 265,59 9 623 629,41 5,85
7 179 427,00 PETROCHINA CO LTD -H- HKD 6 155 276,12 6 885 895,69 4,19
5 588 990,00 CHINA PETROLEUM & CHEMICAL CORP -H- HKD 3 429 242,72 4 528 971,32 2,75
1 129 272,00 CHINA SHENHUA ENERGY CO LTD -H- HKD 3 088 933,00 3 774 614,84 2,29
1 297 248,00 CHINA COAL ENERGY CO LTD -H- HKD 1 676 044,98 1 078 229,50 0,66
275 242,00 INNER MONGOLIA YITAI COAL CO -B- USD 773 098,39 1 054 407,01 0,64
617 373,00 YANZHOU COAL MINING CO LTD -H- HKD 662 504,73 1 015 257,81 0,62
478 263,00 CHINA OILFIELD SERVICES LTD -H- HKD 580 335,81 581 569,25 0,35
Computing and IT 6 770 267,27 9 174 459,05 5,57

411 238,00 TENCENT HOLDINGS LTD HKD 3 171 570,69 6 367 080,24 3,87
2 666 658,00 LENOVO GROUP LTD HKD 1 133 743,55 1 370 065,29 0,83
668 347,00 ALIBABA.COM LTD HKD 1 292 606,91 532 306,45 0,32
209 818,00 ZTE CORP -H- HKD 390 681,12 506 740,82 0,31
INTERNATIONAL CORP
Basic Goods 6 170 684,29 8 205 376,30 4,99

309 109,00 HENGAN INTERNATIONAL GROUP CO LTD HKD 1 244 221,98 2 227 365,30 1,35
2 487 460,00 WANT WANT CHINA HOLDINGS LTD HKD 1 341 409,85 1 912 062,09 1,16
814 934,00 TINGYI CAYMAN ISLANDS HOLDING CORP HKD 1 099 451,63 1 907 561,82 1,16
660 820,00 CHINA YURUN FOOD GROUP LTD HKD 1 138 413,77 668 540,21 0,41
Industries 10 554 511,93 7 507 172,72 4,56

1 247 684,00 CHINA COMMUNICATIONS CONSTRUCTION CO LTD HKD 1 127 645,58 751 168,69 0,46
1 371 397,00 SHANGHAI ELECTRIC GROUP CO LTD HKD 492 676,50 488 316,98 0,30
TECHNOLOGY CO LTD
952 704,00 CSR CORP LTD HKD 440 118,01 419 551,37 0,25
138
Nominal / % of
2 039 679,00 CHINA SHIPPING CONTAINER LINES CO LTD HKD 420 110,41 358 079,35 0,22
896 434,00 CHINA COSCO HOLDINGS CO LTD HKD 849 927,09 339 645,50 0,21
1 405 965,00 CHINA RAILWAY GROUP LTD HKD 897 568,30 338 863,63 0,21
GROUP CO LTD
591 549,00 AIR CHINA LTD HKD 268 366,91 336 780,39 0,20
1 626 092,00 METALLURGICAL CORP OF CHINA LTD HKD 722 092,73 283 858,54 0,17
HOLDING. CO LTD
429 938,00 CHINA SHIPPING DEVELOPMENT CO LTD HKD 543 677,03 206 819,63 0,13
LTD
408 960,00 CHINA RAILWAY CONSTRUCTION CORP LTD HKD 405 420,21 173 607,62 0,10
Raw materials 8 588 681,93 6 896 227,30 4,19

389 237,00 ANHUI CONCH CEMENT CO LTD HKD 515 748,56 889 875,46 0,54
844 364,00 CHINA NATIONAL BUILDING MATERIAL CO LTD -H- HKD 820 663,57 738 656,42 0,45
1 900 342,00 ZIJIN MINING GROUP CO LTD -H- HKD 716 788,63 550 375,13 0,33
1 222 713,00 ALUMINUM CORP OF CHINA LTD -H- HKD 992 814,50 409 907,07 0,25
666 406,00 BBMG CORP HKD 502 411,36 341 061,57 0,21
1 213 565,00 SINOPEC SHANGHAI PETROCHEMICAL CO LTD -H- HKD 434 056,88 311 750,38 0,19
Consumer Retail 5 840 625,39 5 649 012,84 3,43

827 932,00 DONGFENG MOTOR GROUP CO LTD HKD 529 584,34 1 093 812,99 0,67
1 459 176,00 GUANGZHOU AUTOMOBILE GROUP CO LTD HKD 991 941,25 937 835,93 0,57
210 782,00 BYD CO LTD HKD 732 192,61 352 062,52 0,21

4 551 048,00 CHINA TELECOM CORP LTD HKD 1 802 337,13 1 995 160,63 1,21
1 095 243,00 CHINA COMMUNICATIONS SERVICES CORP LTD HKD 533 810,84 380 209,28 0,23
Multi-Utilities 2 109 996,90 1 839 241,01 1,12

965 922,00 HUANENG POWER INTERNATIONAL INC HKD 558 485,88 395 672,89 0,24
1 519 757,00 DATANG INTERNATIONAL POWER GENERATION CO HKD 627 970,79 387 392,72 0,24
LTD
500 051,00 CHINA LONGYUAN POWER GROUP CORP HKD 421 211,49 301 055,92 0,18
Health 1 610 716,11 1 329 299,98 0,81

LTD
189 878,00 SINOPHARM GROUP CO LTD HKD 610 492,22 351 423,23 0,21
HONG KONG 49 762 341,73 46 539 982,50 28,29

2 038 880,00 CHINA MOBILE LTD HKD 14 572 649,74 15 348 912,96 9,33
2 422 127,00 CHINA UNICOM HONG KONG LTD HKD 2 932 894,12 3 925 483,40 2,39
139
Nominal / % of
Consumer Retail 6 988 714,45 6 339 359,46 3,85

1 941 149,00 BELLE INTERNATIONAL HOLDINGS LTD HKD 1 549 390,04 2 606 884,07 1,58
4 569 907,00 GOME ELECTRICAL APPLIANCES HOLDING LTD HKD 1 224 838,26 815 875,79 0,49
2 180 991,00 GEELY AUTOMOBILE HOLDINGS LTD HKD 428 956,69 367 745,17 0,22
1 057 738,00 HENGDELI HOLDINGS LTD HKD 520 540,75 266 474,71 0,16
1 116 113,00 BOSIDENG INTERNATIONAL HOLDINGS LTD HKD 434 513,62 243 542,65 0,15
1 597 990,00 CHINA DONGXIANG GROUP CO HKD 593 116,76 209 214,69 0,13
Industries 6 679 684,73 5 230 576,98 3,18

498 322,00 CHINA MERCHANTS HOLDINGS INTERNATIONAL CO HKD 1 274 197,51 1 114 553,16 0,68
LTD
224 644,00 BEIJING ENTERPRISES HOLDINGS LTD HKD 774 786,75 1 038 304,94 0,63
574 677,00 CITIC PACIFIC LTD HKD 1 414 326,81 797 987,40 0,48
1 031 615,00 BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD HKD 645 073,93 399 049,19 0,24
-H-
HOLDINGS LTD
Finance 5 780 290,16 5 089 778,85 3,09

1 726 358,00 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 1 883 555,47 2 222 540,77 1,35
896 956,00 CHINA RESOURCES LAND LTD HKD 1 096 406,16 1 110 273,33 0,67
2 064 350,00 YUEXIU PROPERTY CO LTD HKD 354 016,14 229 321,90 0,14
1 503 024,00 FRANSHION PROPERTIES CHINA LTD HKD 349 188,63 223 615,22 0,14
Basic Goods 3 869 541,55 2 995 451,53 1,82

513 070,00 CHINA RESOURCES ENTERPRISE LTD HKD 1 178 529,55 1 356 182,13 0,82
545 225,00 CHINA MENGNIU DAIRY CO LTD HKD 1 097 710,22 982 054,95 0,60
1 684 534,00 CHAODA MODERN AGRICULTURE HOLDINGS LTD HKD 1 103 267,00 183 787,79 0,11
Raw materials 4 565 955,70 2 749 493,22 1,67

1 030 268,00 HUABAO INTERNATIONAL HOLDINGS LTD HKD 728 025,68 405 681,22 0,24
1 488 090,00 SHOUGANG FUSHAN INTERNATIONAL ENERGY HKD 728 504,31 388 176,40 0,23
GROUP LTD
310 386,00 YINGDE GASES HKD 244 993,77 244 129,07 0,15
1 047 373,00 SINOFERT HOLDINGS LTD HKD 471 200,72 226 465,50 0,14
Multi-Utilities 2 237 236,93 2 393 707,89 1,46

756 248,00 CHINA RESOURCES POWER HOLDINGS CO LTD HKD 1 058 220,85 1 123 622,00 0,68
1 174 387,00 GUANGDONG INVESTMENT LTD HKD 387 071,37 548 625,92 0,34
1 451 191,00 CHINA GAS HOLDINGS LTD HKD 580 295,27 513 850,73 0,31
Computing and IT 1 442 510,50 1 349 371,01 0,82

3 173 208,00 GCL-POLY ENERGY HOLDINGS LTD HKD 773 131,17 682 971,30 0,42
Energy 692 863,85 1 117 847,20 0,68

1 019 021,00 KUNLUN ENERGY CO LTD HKD 692 863,85 1 117 847,20 0,68
140
Nominal / % of
Warrants 0,00 973,65 0,00

31/10/2012
Total Portfolio 173 067 601,99 167 670 739,01 101,90
141
Purchase Unrealised
142

12/01/2012 97 000 000,00 HKD 9 563 870,45 EUR 56 774,45
143
Assets Notes
Banks 710 287,06
Receivable on investments sold 250 550,64
Liabilities
Payable on investments purchased (194 249,19)


Class R Units EUR 135,32 177 767,234
144

2011 IN EUR

- investments (10 742 336,07)
- foreign currencies 979,13

145
Nominal / % of
Shares 58 676 175,77 61 124 043,79 99,17
UNITED STATES 23 757 233,00 26 529 623,01 43,04
Energy 18 066 411,13 20 463 303,32 33,20

36 883,00 CHEVRON CORP USD 2 407 056,25 3 023 033,69 4,90
25 349,00 SCHLUMBERGER LTD USD 1 325 997,50 1 333 890,68 2,16
14 980,00 OCCIDENTAL PETROLEUM CORP USD 933 407,14 1 081 251,01 1,75
8 888,00 ANADARKO PETROLEUM CORP USD 410 819,47 522 606,04 0,85
7 346,00 APACHE CORP USD 536 103,50 512 576,11 0,83
18 567,00 HALLIBURTON CO USD 506 655,80 493 584,85 0,80
8 678,00 NATIONAL OILWELL VARCO INC USD 361 901,93 454 506,20 0,74
5 304,00 EOG RESOURCES INC USD 335 410,18 402 493,58 0,65
8 354,00 DEVON ENERGY CORP USD 422 659,02 398 989,33 0,65
16 074,00 MARATHON OIL CORP USD 292 358,82 362 428,05 0,59
8 909,00 BAKER HUGHES INC USD 384 799,71 333 808,70 0,54
13 695,00 SPECTRA ENERGY CORP USD 250 660,12 324 401,07 0,53
4 036,00 NOBLE ENERGY INC USD 207 316,01 293 462,26 0,48
14 305,00 EL PASO CORP USD 165 701,32 292 788,85 0,47
6 448,00 HESS CORP USD 307 343,13 282 129,49 0,46
11 089,00 WILLIAMS COS INC USD 201 128,06 282 061,99 0,46
12 457,00 CHESAPEAKE ENERGY CORP USD 245 669,88 213 894,03 0,35
4 958,00 FMC TECHNOLOGIES INC USD 135 930,41 199 481,06 0,32
5 244,00 CAMERON INTERNATIONAL CORP USD 165 875,71 198 707,67 0,32
7 189,00 MARATHON PETROLEUM CORP USD 164 342,40 184 356,05 0,30
11 086,00 VALERO ENERGY CORP USD 258 430,82 179 763,74 0,29
6 564,00 SOUTHWESTERN ENERGY CO USD 164 817,01 161 502,26 0,26
3 144,00 RANGE RESOURCES CORP USD 105 245,07 150 012,99 0,24
3 291,00 EQT CORP USD 111 428,32 138 900,66 0,23
5 017,00 PEABODY ENERGY CORP USD 155 409,87 127 961,23 0,21
1 751,00 CONCHO RESOURCES INC/MIDLAND TX USD 114 086,14 126 453,99 0,21
2 756,00 MURPHY OIL CORP USD 130 451,21 118 337,20 0,19
1 565,00 PIONEER NATURAL RESOURCES CO USD 68 837,30 107 873,67 0,18
1 780,00 KINDER MORGAN MANAGEMENT LLC USD 78 975,52 107 665,22 0,17
5 842,00 HOLLYFRONTIER CORP USD 138 095,09 105 305,86 0,17
2 221,00 HELMERICH & PAYNE INC USD 81 146,74 99 847,91 0,16
3 485,00 CONSOL ENERGY INC USD 115 191,88 98 524,44 0,16
2 988,00 SUNOCO INC USD 96 950,56 94 417,25 0,15
7 710,00 DENBURY RESOURCES INC USD 106 623,02 89 682,24 0,15
1 752,00 CIMAREX ENERGY CO USD 50 066,85 83 541,04 0,14
1 422,00 CABOT OIL & GAS CORP USD 49 603,27 83 141,24 0,13
3 582,00 QEP RESOURCES INC USD 92 995,05 80 847,82 0,13
3 430,00 ULTRA PETROLEUM CORP USD 120 412,67 78 289,03 0,13
2 109,00 WHITING PETROLEUM CORP USD 98 516,39 75 853,49 0,12
2 591,00 PLAINSLORATION & PRODUCTION CO USD 73 274,70 73 290,08 0,12
2 458,00 NEWFIELDLORATION CO USD 96 045,89 71 440,39 0,12
1 619,00 DIAMOND OFFSHORE DRILLING INC USD 67 457,30 68 918,03 0,11
2 941,00 ROWAN COS INC USD 73 391,29 68 713,58 0,11
4 192,00 ALPHA NATURAL RESOURCES INC USD 111 938,36 65 972,78 0,11
2 228,00 KINDER MORGAN INC/DELAWARE USD 48 864,21 55 213,00 0,09
3 272,00 ARCH COAL INC USD 81 455,15 36 572,60 0,06
Raw materials 5 690 821,87 6 066 319,69 9,84

16 402,00 EI DU PONT DE NEMOURS & CO USD 535 108,72 578 425,88 0,94
9 715,00 MONSANTO CO USD 501 680,23 524 384,74 0,85
23 326,00 DOW CHEMICAL CO USD 530 631,88 516 778,31 0,84
16 673,00 FREEPORT-MCMORAN COPPER & GOLD INC USD 518 447,30 472 518,33 0,77
9 884,00 NEWMONT MINING CORP USD 382 920,82 456 910,86 0,74
4 907,00 PRAXAIR INC USD 304 838,76 404 081,42 0,66
5 419,00 ECOLAB INC USD 179 924,66 241 322,18 0,39
3 602,00 AIR PRODUCTS & CHEMICALS INC USD 204 446,10 236 378,21 0,38
3 517,00 PPG INDUSTRIES INC USD 182 433,81 226 194,45 0,37
9 546,00 INTERNATIONAL PAPER CO USD 155 579,65 217 664,83 0,35
5 590,00 MOSAIC CO/THE USD 243 245,49 217 158,03 0,35
146
Nominal / % of
6 785,00 NUCOR CORP USD 196 531,62 206 819,28 0,34

1 504,00 CF INDUSTRIES HOLDINGS INC USD 125 759,38 167 969,74 0,27
19 607,00 ALCOA INC USD 253 297,10 130 647,88 0,21
3 400,00 CELANESE CORP USD 80 602,87 115 948,08 0,19
3 796,00 VULCAN MATERIALS CO USD 155 172,40 115 065,75 0,19
1 528,00 SHERWIN-WILLIAMS CO USD 91 510,40 105 076,12 0,17
1 735,00 AIRGAS INC USD 58 497,53 104 355,27 0,17
2 040,00 SIGMA-ALDRICH CORP USD 76 457,90 98 153,83 0,16
1 475,00 FMC CORP USD 90 126,81 97 761,43 0,16
2 028,00 CLIFFS NATURAL RESOURCES INC USD 73 193,08 97 404,61 0,16
3 282,00 BALL CORP USD 56 402,74 90 282,49 0,15
2 358,00 ALLEGHENY TECHNOLOGIES INC USD 68 797,07 86 825,40 0,14
3 356,00 CROWN HOLDINGS INC USD 64 427,72 86 811,60 0,14
3 741,00 MEADWESTVACO CORP USD 72 583,25 86 309,71 0,14
1 881,00 INTERNATIONAL FLAVORS & FRAGRANCES INC USD 82 448,10 75 955,80 0,12
1 593,00 ROCK-TENN CO USD 57 951,43 70 805,45 0,11
3 230,00 UNITED STATES STEEL CORP USD 99 747,37 65 836,61 0,11
1 382,00 WALTER ENERGY INC USD 119 828,78 64 471,69 0,10
3 929,00 OWENS-ILLINOIS INC USD 85 960,76 58 655,79 0,09
1 640,00 EASTMAN CHEMICAL CO USD 42 268,14 49 345,92 0,08
CANADA 7 847 987,61 8 028 393,05 13,03
Energy 4 549 969,53 4 578 678,16 7,43

27 599,00 SUNCOR ENERGY INC CAD 674 906,95 613 431,17 1,00
19 008,00 CANADIAN NATURAL RESOURCES LTD CAD 485 205,69 548 594,78 0,89
14 645,00 TRANSCANADA CORP CAD 395 459,97 493 358,68 0,80
14 635,00 ENBRIDGE INC CAD 290 053,75 421 720,20 0,68
15 757,00 CENOVUS ENERGY INC CAD 358 320,64 403 270,30 0,65
16 519,00 ENCANA CORP CAD 332 829,41 236 067,62 0,38
23 187,00 TALISMAN ENERGY INC CAD 279 092,56 227 687,90 0,37
6 243,00 IMPERIAL OIL LTD CAD 175 697,83 214 375,04 0,35
6 093,00 CRESCENT POINT ENERGY CORP CAD 176 118,55 206 965,63 0,34
9 867,00 CANADIAN OIL SANDS LTD CAD 202 875,67 173 551,67 0,28
8 829,00 PENN WEST PETROLEUM LTD CAD 170 338,62 134 855,46 0,22
10 648,00 NEXEN INC CAD 158 413,47 130 578,53 0,21
8 828,00 CAMECO CORP CAD 153 193,66 122 952,34 0,20
6 079,00 ARC RESOURCES LTD CAD 111 891,73 115 432,09 0,19
2 284,00 BAYTEX ENERGY CORP CAD 75 355,65 98 438,05 0,16
4 368,00 HUSKY ENERGY INC CAD 78 025,95 81 125,02 0,13
2 500,00 MEG ENERGY CORP CAD 92 512,42 78 621,39 0,13
3 852,00 ENERPLUS CORP CAD 93 927,52 75 329,92 0,12
5 050,00 PACIFIC RUBIALES ENERGY CORP CAD 94 468,09 71 556,63 0,12
3 370,00 TOURMALINE OIL CORP CAD 72 881,56 67 892,49 0,11
6 654,00 ATHABASCA OIL SANDS CORP CAD 78 399,84 62 873,25 0,10
Raw materials 3 298 018,08 3 449 714,89 5,60

17 616,00 BARRICK GOLD CORP CAD 540 388,93 615 034,83 1,00
16 398,00 POTASH CORP OF SASKATCHEWAN INC CAD 499 074,19 522 392,37 0,85
14 049,00 GOLDCORP INC CAD 430 367,40 480 508,00 0,78
12 021,00 TECK RESOURCES LTD CAD 330 883,07 326 570,31 0,53
24 746,00 KINROSS GOLD CORP CAD 275 618,55 217 723,56 0,35
16 892,00 YAMANA GOLD INC CAD 154 928,80 191 942,75 0,31
3 363,00 AGRIUM INC CAD 153 328,81 173 970,92 0,28
6 386,00 SILVER WHEATON CORP CAD 103 448,82 142 518,63 0,23
8 729,00 FIRST QUANTUM MINERALS LTD CAD 104 274,35 132 403,53 0,22
10 651,00 ELDORADO GOLD CORP CAD 101 053,31 112 968,95 0,18
3 210,00 AGNICO-EAGLE MINES LTD CAD 132 385,50 89 973,36 0,15
2 722,00 FRANCO-NEVADA CORP CAD 66 113,47 79 857,67 0,13
6 500,00 IAMGOLD CORP CAD 68 043,14 79 563,26 0,13
9 237,00 NEW GOLD, INC CAD 74 868,03 71 836,43 0,12
4 711,00 IVANHOE MINES LTD/CA CAD 58 867,08 64 472,18 0,10
7 094,00 OSISKO MINING CORP CAD 83 844,19 52 808,88 0,09
3 723,00 CENTERRA GOLD, INC CAD 49 136,69 50 697,46 0,08
2 647,00 PAN AMERICAN SILVER CORP USD 71 393,75 44 471,80 0,07
GREAT-BRITAIN 6 563 485,70 6 460 506,86 10,48
Energy 3 550 462,40 3 675 817,83 5,96

344 943,00 BP PLC GBP 1 930 111,07 1 901 652,74 3,09
61 955,00 BG GROUP PLC GBP 899 888,52 1 020 955,52 1,66
147
Nominal / % of
19 589,00 TULLOW OIL PLC GBP 270 448,20 328 786,91 0,53
28 126,00 CAIRN ENERGY PLC GBP 125 280,01 89 330,44 0,14
8 125,00 AMEC PLC GBP 97 679,01 88 272,27 0,14
4 902,00 PETROFAC LTD GBP 60 914,88 84 565,17 0,14
5 800,00 SUBSEA 7 SA NOK 110 540,00 83 099,98 0,13
2 190,00 ENSCO PLC -ADR- USD 55 600,71 79 154,80 0,13
Raw materials 3 013 023,30 2 784 689,03 4,52

24 345,00 RIO TINTO PLC GBP 989 773,47 910 781,17 1,48
36 920,00 BHP BILLITON PLC GBP 842 533,18 829 842,89 1,35
22 405,00 ANGLO AMERICAN PLC GBP 680 887,06 638 107,18 1,03
7 995,00 ANTOFAGASTA PLC GBP 102 460,22 116 291,77 0,19
20 166,00 REXAM PLC GBP 75 531,10 85 173,13 0,14
3 673,00 JOHNSON MATTHEY PLC GBP 57 638,77 80 732,40 0,13
6 476,00 KAZAKHMYS PLC GBP 114 491,82 71 868,87 0,12
4 423,00 LONMIN PLC GBP 149 707,68 51 891,62 0,08
AUSTRALIA 4 119 412,36 4 001 180,94 6,49
Raw materials 3 251 314,65 3 146 117,79 5,10

59 658,00 BHP BILLITON LTD AUD 1 646 550,56 1 621 673,67 2,63
9 441,00 RIO TINTO LTD AUD 452 472,28 449 592,67 0,73
15 721,00 NEWCREST MINING LTD AUD 411 419,08 367 498,68 0,59
7 754,00 ORICA LTD AUD 109 088,54 148 437,05 0,24
23 570,00 AMCOR LTD/AUSTRALIA AUD 103 445,15 134 208,11 0,22
9 694,00 ILUKA RESOURCES LTD AUD 111 865,02 118 663,90 0,19
30 647,00 INCITEC PIVOT LTD AUD 114 700,47 75 271,79 0,12
21 995,00 FORTESCUE METALS GROUP LTD AUD 75 446,55 74 171,28 0,12
9 141,00 OZ MINERALS LTD AUD 81 625,43 72 262,29 0,12
67 527,00 ALUMINA LTD AUD 99 320,96 59 461,55 0,10
45 000,00 ONESTEEL LTD AUD 45 380,61 24 876,80 0,04
Energy 868 097,71 855 063,15 1,39

12 805,00 WOODSIDE PETROLEUM LTD AUD 354 301,76 309 648,28 0,50
22 108,00 ORIGIN ENERGY LTD AUD 211 913,27 232 910,57 0,38
18 885,00 SANTOS LTD AUD 168 227,87 182 550,20 0,30
3 430,00 WORLEYPARSONS LTD AUD 70 860,03 69 535,07 0,11
6 500,00 CALTEX AUSTRALIA LTD AUD 62 794,78 60 419,03 0,10
NETHERLANDS 3 245 092,96 3 792 068,29 6,15
Energy 2 817 379,61 3 379 637,04 5,48

66 642,00 ROYAL DUTCH SHELL PLC GBP 1 591 489,33 1 891 619,65 3,07
47 884,00 ROYAL DUTCH SHELL PLC GBP 1 139 984,53 1 406 757,44 2,28
1 810,00 FUGRO NV EUR 85 905,75 81 259,95 0,13
Raw materials 427 713,35 412 431,25 0,67

5 226,00 AKZO NOBEL NV EUR 205 386,64 195 243,36 0,32
4 415,00 LYONDELLBASELL INDUSTRIES NV USD 118 661,79 110 498,29 0,18
2 976,00 KONINKLIJKE DSM NV EUR 103 664,92 106 689,60 0,17
JAPAN 2 958 744,56 2 730 163,04 4,43
Raw materials 2 455 954,09 2 183 927,17 3,54

8 420,00 SHIN-ETSU CHEMICAL CO LTD JPY 315 874,80 319 502,48 0,52
117 203,00 NIPPON STEEL CORP JPY 292 214,98 225 300,88 0,37
30 727,00 TORAY INDUSTRIES INC JPY 148 551,35 169 509,76 0,27
27 600,00 ASAHI KASEI CORP JPY 121 637,16 128 218,30 0,21
9 180,00 JFE HOLDINGS INC JPY 208 824,92 128 123,38 0,21
29 470,00 OJI PAPER CO LTD JPY 105 012,67 116 546,75 0,19
11 229,00 SUMITOMO METAL MINING CO LTD JPY 114 855,83 111 188,61 0,18
3 900,00 NITTO DENKO CORP JPY 132 792,60 107 535,41 0,17
71 869,00 SUMITOMO METAL INDUSTRIES LTD JPY 141 211,90 100 737,83 0,16
23 718,00 MITSUBISHI CHEMICAL HLDG CORP JPY 105 861,31 100 685,48 0,16
6 900,00 JSR CORP JPY 96 918,65 98 098,05 0,16
31 600,00 SUMITOMO CHEMICAL CO LTD JPY 128 009,51 88 902,98 0,14
72 000,00 KOBE STEEL LTD JPY 92 654,77 85 783,23 0,14
53 926,00 SHOWA DENKO KK JPY 76 239,18 84 225,92 0,14
7 629,00 KURARAY CO LTD JPY 67 203,58 83 638,20 0,14
29 800,00 TEIJIN LTD JPY 124 667,38 70 711,09 0,11
16 000,00 MITSUBISHI GAS CHEMICAL CO INC JPY 76 357,54 68 402,31 0,11
28 000,00 UBE INDUSTRIES LTD/JAPAN JPY 66 243,24 59 151,18 0,10
148
Nominal / % of
18 000,00 MITSUBISHI MATERIALS CORP JPY 40 822,72 37 665,33 0,06
Energy 502 790,47 546 235,87 0,89

56 447,00 JX HLDG INC JPY 247 818,53 262 794,79 0,43
42,00 INPEX CORP JPY 190 422,76 203 945,42 0,33
1 000,00 IDEMITSU KOSAN CO LTD JPY 64 549,18 79 495,66 0,13
FRANCE 2 203 111,34 2 168 116,45 3,52
Energy 1 437 945,02 1 470 145,88 2,39

32 070,00 TOTAL SA EUR 1 262 837,46 1 266 765,00 2,06
2 161,00 TECHNIP SA EUR 131 283,89 156 931,82 0,25
2 562,00 CIE GENERALE DE GEOPHYSIQUE - VERITAS EUR 43 823,67 46 449,06 0,08
Raw materials 765 166,32 697 970,57 1,13

5 699,00 AIR LIQUIDE SA EUR 485 934,28 544 767,41 0,88
4 811,00 LAFARGE SA EUR 257 073,75 130 666,76 0,21
412,00 ARKEMA SA EUR 22 158,29 22 536,40 0,04
SWITZERLAND 2 093 853,16 1 906 702,62 3,09
Raw materials 1 398 111,32 1 403 133,21 2,27

43 115,00 XSTRATA PLC GBP 565 381,87 504 802,49 0,82
1 862,00 SYNGENTA AG CHF 355 128,05 421 822,20 0,68
5 367,00 HOLCIM LTD CHF 255 980,23 222 169,65 0,36
157,00 GIVAUDAN SA CHF 93 365,95 115 755,00 0,19
49,00 SIKA AG CHF 59 725,48 71 447,40 0,11
14 306,00 GLENCORE INTERNATIONAL PLC GBP 68 529,74 67 136,47 0,11
Energy 695 741,84 503 569,41 0,82

7 171,00 TRANSOCEAN LTD USD 354 044,00 212 066,93 0,35
17 073,00 WEATHERFORD INTERNATIONAL LTD USD 227 094,37 192 542,25 0,31
4 251,00 NOBLE CORP USD 114 603,47 98 960,23 0,16
GERMANY 1 532 910,61 1 496 580,92 2,43
Raw materials 1 532 910,61 1 496 580,92 2,43

12 336,00 BASF SE EUR 622 383,44 664 787,04 1,08
3 407,00 LINDE AG EUR 325 482,31 391 634,65 0,64
9 379,00 THYSSENKRUPP AG EUR 213 768,02 166 242,78 0,27
3 299,00 K S AG REG EUR 148 301,57 115 201,08 0,19
2 080,00 LANXESS AG EUR 114 727,97 83 200,00 0,13
2 303,00 HEIDELBERGCEMENT AG EUR 108 247,30 75 515,37 0,12
ITALY 907 934,60 909 889,40 1,48
Energy 907 934,60 909 889,40 1,48

44 620,00 ENI SPA EUR 738 824,71 714 366,20 1,16
5 952,00 SAIPEM SPA EUR 169 109,89 195 523,20 0,32
NORWAY 653 584,06 648 396,01 1,05
Energy 381 492,27 461 552,43 0,75

23 295,00 STATOIL ASA NOK 381 492,27 461 552,43 0,75
Raw materials 272 091,79 186 843,58 0,30

3 526,00 YARA INTERNATIONAL ASA NOK 79 265,75 109 230,39 0,18
21 676,00 NORSK HYDRO ASA NOK 192 826,04 77 613,19 0,12
SPAIN 351 362,59 380 590,73 0,62
Energy 351 362,59 380 590,73 0,62

16 035,00 REPSOL YPF SA EUR 351 362,59 380 590,73 0,62
LUXEMBOURG 548 356,69 376 699,20 0,61
Raw materials 450 518,28 269 713,44 0,44

Energy 97 838,41 106 985,76 0,17

7 492,00 TENARIS SA EUR 97 838,41 106 985,76 0,17
149
Nominal / % of
SWEDEN 277 376,89 280 514,18 0,45
Raw materials 200 929,11 204 462,47 0,33

9 917,00 SVENSKA CELLULOSA AB SEK 103 347,36 113 665,62 0,18
8 040,00 BOLIDEN AB SEK 97 581,75 90 796,85 0,15
Energy 76 447,78 76 051,71 0,12

4 000,00 LUNDIN PETROLEUM AB SEK 76 447,78 76 051,71 0,12
BERMUDA 249 699,06 241 815,02 0,39
Energy 249 699,06 241 815,02 0,39

6 514,00 SEADRILL LTD NOK 139 319,84 168 161,93 0,27
5 514,00 NABORS INDUSTRIES LTD USD 110 379,22 73 653,09 0,12
IRELAND 247 654,50 235 724,79 0,38
Raw materials 247 654,50 235 724,79 0,38

15 383,00 CRH PLC GBP 247 654,50 235 724,79 0,38
BELGIUM 176 846,41 155 209,31 0,25
Raw materials 176 846,41 155 209,31 0,25

2 543,00 UMICORE SA EUR 73 973,26 81 045,41 0,13
1 165,00 SOLVAY SA EUR 102 873,15 74 163,90 0,12
FINLAND 260 716,91 149 344,48 0,24
Raw materials 260 716,91 149 344,48 0,24

9 183,00 UPM-KYMMENE OYJ EUR 125 925,33 78 147,33 0,13
15 384,00 STORA ENSO OYJ EUR 134 791,58 71 197,15 0,11
JERSEY 111 426,72 145 920,54 0,24
Raw materials 111 426,72 145 920,54 0,24

1 851,00 RANDGOLD RESOURCES LTD GBP 111 426,72 145 920,54 0,24
AUSTRIA 162 323,06 134 637,06 0,22
Energy 105 242,37 81 805,60 0,13

3 490,00 OMV AG EUR 105 242,37 81 805,60 0,13
Raw materials 57 080,69 52 831,46 0,09

2 438,00 VOESTALPINE AG EUR 57 080,69 52 831,46 0,09
DENMARK 50 248,68 90 649,50 0,15
Raw materials 50 248,68 90 649,50 0,15

3 800,00 NOVOZYMES A/S DKK 50 248,68 90 649,50 0,15
ISRAEL 93 630,87 73 560,16 0,12
Raw materials 93 630,87 73 560,16 0,12

9 244,00 ISRAEL CHEMICALS LTD ILS 93 630,87 73 560,16 0,12
MEXICO 59 325,95 71 112,00 0,12
Raw materials 59 325,95 71 112,00 0,12

3 890,00 FRESNILLO PLC GBP 59 325,95 71 112,00 0,12
PORTUGAL 81 156,28 59 278,42 0,10
Energy 81 156,28 59 278,42 0,10

5 209,00 GALP ENERGIA SGPS SA EUR 81 156,28 59 278,42 0,10
NEW ZEALAND 45 912,46 57 367,81 0,09
Raw materials 45 912,46 57 367,81 0,09

15 548,00 FLETCHER BUILDING LTD NZD 45 912,46 57 367,81 0,09
150
Nominal / % of
HONG KONG 76 788,74 0,00 0,00
Raw materials 76 788,74 0,00 0,00

5 600,00 SINO-FOREST CORP CAD 76 788,74 0,00 0,00
Total Portfolio 58 676 175,77 61 124 043,79 99,17
151
Purchase Unrealised
Total Unrealised profit / (loss) on future contracts and commitment 21 234,60 493 013,60
Unrealised profit on future contracts and commitment 21 234,60 493 013,60
100 40 Purchase BASF SE 16/03/2012 EUR 7 902,40 215 886,40

100 70 Purchase TOTAL SA 16/03/2012 EUR 13 332,20 277 127,20
152

19/01/2012 152 882,52 GBP 182 279,44 EUR 705,50

19/01/2012 522 315,13 USD 402 240,97 EUR 75,85
19/01/2012 204 155,91 CAD 151 744,75 EUR 2 641,76
19/01/2012 6 369 706,00 JPY 62 925,41 EUR 856,05
19/01/2012 138 933,39 AUD 106 131,52 EUR 3 392,99
19/01/2012 322 359,98 USD 246 098,86 EUR 2 201,13
19/01/2012 66 502,02 AUD 51 039,15 EUR 1 385,98
19/01/2012 83 069,98 CAD 61 663,22 EUR 1 155,85
19/01/2012 62 317,93 AUD 48 767,55 EUR 359,16
19/01/2012 76 721,21 GBP 91 443,20 EUR 384,34
19/01/2012 48 208,51 EUR 358 164,64 DKK 20,36
19/01/2012 94 056,43 EUR 78 354,46 GBP 274,05
19/01/2012 61 579,30 EUR 51 355,24 GBP 112,26
19/01/2012 46 203,84 EUR 38 547,23 GBP 66,70
19/01/2012 52 839,49 EUR 44 140,71 GBP 7,52
19/01/2012 109 153,78 EUR 141 789,28 USD (60,39)

19/01/2012 64 835,38 GBP 77 673,24 EUR (71,83)
19/01/2012 61 442,06 USD 47 503,34 EUR (177,17)
19/01/2012 409 499,51 USD 317 347,11 EUR (1 927,30)
19/01/2012 125 421,47 CAD 95 097,23 EUR (251,17)
19/01/2012 43 449,17 EUR 57 092,76 AUD (1 558,42)
19/01/2012 2 006 453,30 EUR 2 643 950,87 AUD (77 836,27)
19/01/2012 3 855 245,57 EUR 5 206 776,70 CAD (82 216,25)
19/01/2012 5 020 288,49 EUR 4 213 331,84 GBP (22 644,42)
19/01/2012 34 165,37 EUR 345 433,90 HKD (94,61)
19/01/2012 1 374 465,78 EUR 139 053 822,00 JPY (17 914,85)
19/01/2012 404 820,15 EUR 3 155 460,91 NOK (2 215,81)
19/01/2012 392 553,70 EUR 481 566,16 CHF (4 208,80)
19/01/2012 6 466,10 EUR 11 243,60 NZD (283,49)
19/01/2012 123 755,57 EUR 1 127 864,29 SEK (2 858,82)
19/01/2012 13 324 280,82 EUR 17 308 465,97 USD (7 684,12)
19/01/2012 76 473,73 EUR 99 491,46 USD (160,25)
19/01/2012 44 587,85 EUR 60 177,74 CAD (919,68)
19/01/2012 496 635,79 EUR 647 726,05 USD (2 279,65)
19/01/2012 80 511,69 EUR 108 095,13 CAD (1 231,87)
19/01/2012 55 043,41 EUR 71 126,44 AUD (1 027,26)
19/01/2012 148 017,45 EUR 193 327,35 USD (894,27)
19/01/2012 122 062,01 EUR 159 114,72 USD (497,20)
19/01/2012 54 985,00 EUR 73 189,83 CAD (362,52)
19/01/2012 89 792,67 EUR 75 123,87 GBP (123,02)
153
Assets Notes
Banks 48 350,70
Liabilities
Bank overdrafts (369,39)


Class ZH Units EUR 143,34 536,830
154

2011 IN EUR
Net income from investments 669 780,77

Total income 670 036,19
- investments (5 262 469,88)

155
Nominal / % of
Shares 24 046 140,79 24 851 996,69 99,38
UNITED STATES 10 831 181,66 11 966 358,31 47,85
Industries 10 831 181,66 11 966 358,31 47,85

138 098,00 GENERAL ELECTRIC CAPITAL CORP USD 1 762 739,67 1 905 276,87 7,62
10 616,00 UNITED TECHNOLOGIES CORP USD 576 447,49 597 714,78 2,39
7 779,00 CATERPILLAR INC USD 483 878,26 542 909,06 2,17
9 490,00 UNITED PARCEL SERVICE INC USD 465 005,08 535 048,41 2,14
8 182,00 3M CO USD 492 576,82 515 129,11 2,06
6 246,00 UNION PACIFIC CORP USD 397 237,77 509 726,33 2,04
8 792,00 BOEING CO USD 425 986,33 496 778,64 1,99
9 372,00 HONEYWELL INTERNATIONAL INC USD 337 110,08 392 380,08 1,57
9 877,00 EMERSON ELECTRIC CO USD 353 091,35 354 480,94 1,42
5 416,00 DEERE & CO USD 293 559,11 322 711,24 1,29
4 390,00 NORFOLK SOUTHERN CORP USD 202 448,29 246 393,25 0,99
6 777,00 DANAHER CORP USD 220 666,16 245 572,61 0,98
3 783,00 FEDEX CORP USD 230 673,75 243 360,42 0,97
13 906,00 CSX CORP USD 212 996,14 225 598,24 0,90
1 738,00 PRECISION CASTPARTS CORP USD 173 619,11 220 625,52 0,88
3 352,00 LOCKHEED MARTIN CORP USD 185 644,86 208 894,81 0,84
3 912,00 GENERAL DYNAMICS CORP USD 191 360,32 200 127,81 0,80
5 495,00 ILLINOIS TOOL WORKS INC USD 196 411,89 197 720,95 0,79
4 342,00 RAYTHEON CO USD 148 448,60 161 819,48 0,65
2 355,00 CUMMINS INC USD 147 751,10 159 678,85 0,64
3 434,00 NORTHROP GRUMMAN CORP USD 140 155,78 154 697,31 0,62
5 846,00 WASTE MANAGEMENT INC USD 141 078,75 147 303,98 0,59
1 537,00 GOODRICH CORP USD 86 695,43 146 459,88 0,59
4 130,00 EATON CORP USD 128 697,21 138 488,54 0,55
4 501,00 PACCAR INC USD 142 415,00 129 917,55 0,52
2 211,00 PARKER HANNIFIN CORP USD 115 582,68 129 868,47 0,52
2 217,00 STANLEY BLACK & DECKER INC USD 107 671,97 115 448,29 0,46
3 428,00 FASTENAL CO USD 71 716,58 115 160,10 0,46
2 013,00 ROCKWELL AUTOMATION INC USD 92 873,09 113 772,53 0,45
2 529,00 DOVER CORP USD 98 788,07 113 090,51 0,45
2 060,00 CH ROBINSON WORLDWIDE INC USD 99 992,39 110 732,04 0,44
699,00 WW GRAINGER INC USD 63 022,17 100 794,06 0,40
1 647,00 JOY GLOBAL INC USD 77 521,64 95 116,58 0,38
2 223,00 COOPER INDUSTRIES PLC USD 78 546,02 92 728,46 0,37
2 871,00 EXPEDITORS INTERNATIONAL OF WASHINGTON USD 92 986,83 90 587,50 0,36
INC
2 120,00 ROCKWELL COLLINS INC USD 84 584,12 90 424,37 0,36
2 308,00 FLUOR CORP USD 94 494,00 89 340,21 0,36
3 908,00 REPUBLIC SERVICES INC USD 80 255,55 82 937,56 0,33
1 212,00 ROPER INDUSTRIES INC USD 60 442,96 81 104,99 0,32
1 500,00 KANSAS CITY SOUTHERN USD 76 642,50 78 584,91 0,31
1 502,00 L-3 COMMUNICATIONS HOLDINGS INC USD 83 532,79 77 150,84 0,31
1 593,00 PALL CORP USD 51 930,98 70 130,53 0,28
2 050,00 AMETEK INC USD 46 097,33 66 483,07 0,27
812,00 FLOWSERVE CORP USD 57 903,92 62 125,21 0,25
4 295,00 TEXTRON INC USD 79 240,23 61 175,17 0,24
971,00 STERICYCLE INC USD 50 229,96 58 283,19 0,23
1 845,00 JACOBS ENGINEERING GROUP INC USD 55 663,42 57 674,46 0,23
1 552,00 JB HUNT TRANSPORT SERVICES INC USD 40 484,42 53 883,33 0,22
2 244,00 IRON MOUNTAIN INC USD 45 992,87 53 241,30 0,21
1 941,00 CINTAS CORP USD 43 349,26 52 048,08 0,21
1 740,00 EQUIFAX INC USD 42 116,76 51 925,89 0,21
1 670,00 VERISK ANALYTICS INC USD 39 308,02 51 625,08 0,21
1 052,00 SPX CORP USD 43 975,82 48 841,84 0,20
2 212,00 KBR INC USD 41 945,23 47 489,46 0,19
2 391,00 XYLEM INC/NY USD 49 942,24 47 317,17 0,19
1 415,00 AGCO CORP USD 41 787,44 46 837,85 0,19
5 727,00 MASCO CORP USD 46 123,18 46 234,23 0,18
2 487,00 QUANTA SERVICES INC USD 34 842,72 41 266,40 0,16
1 601,00 PENTAIR INC USD 37 674,26 41 056,34 0,16
1 796,00 AVERY DENNISON CORP USD 49 332,73 39 678,99 0,16
156
Nominal / % of
676,00 DUN & BRADSTREET CORP USD 36 834,49 38 967,05 0,16

1 772,00 ROBERT HALF INTERNATIONAL INC USD 35 427,78 38 848,45 0,16
4 252,00 HERTZ GLOBAL HOLDINGS INC USD 47 805,20 38 388,04 0,15
3 365,00 RR DONNELLEY & SONS CO USD 47 388,31 37 404,73 0,15
1 379,00 URS CORP USD 45 898,00 37 307,31 0,15
5 739,00 DELTA AIR LINES INC USD 31 540,23 35 765,13 0,14
1 291,00 MANPOWER INC/WI USD 47 996,01 35 553,09 0,14
2 443,00 PITNEY BOWES INC USD 40 172,69 34 890,59 0,14
517,00 IHS INC USD 27 245,55 34 314,00 0,14
1 208,00 NIELSEN HOLDINGS NV USD 22 876,40 27 628,18 0,11
3 000,00 SOUTHWEST AIRLINES CO USD 19 241,80 19 782,00 0,08
1 000,00 UNITED CONTINENTAL HOLDINGS INC USD 15 466,70 14 536,07 0,06
JAPAN 4 268 563,51 4 323 136,83 17,29
Industries 4 268 563,51 4 323 136,83 17,29

2 325,00 FANUC CORP JPY 226 501,92 274 214,99 1,10
17 575,00 MITSUBISHI CORP JPY 313 106,31 273 620,52 1,09
21 481,00 MITSUI & CO LTD JPY 255 061,93 257 437,37 1,03
12 884,00 KOMATSU LTD JPY 241 972,65 232 062,42 0,93
4 410,00 EAST JAPAN RAILWAY CO JPY 198 893,48 216 350,35 0,87
25 836,00 MITSUBISHI ELECTRIC CORP JPY 182 589,78 190 899,41 0,76
19 157,00 ITOCHU CORP JPY 131 874,65 149 988,23 0,60
14 147,00 SUMITOMO CORP JPY 132 270,68 147 589,35 0,59
39 154,00 MITSUBISHI HEAVY INDUSTRIES LTD JPY 118 438,95 128 579,85 0,51
19,00 CENTRAL JAPAN RAILWAY CO JPY 112 588,00 123 648,80 0,49
23 920,00 MARUBENI CORP JPY 109 991,78 112 319,96 0,45
1 674,00 NIDEC CORP JPY 112 355,43 112 125,53 0,45
15 823,00 KUBOTA CORP JPY 95 913,39 102 181,31 0,41
799,00 SMC CORP JPY 86 664,91 99 355,36 0,40
11 399,00 SUMITOMO ELECTRIC INDUSTRIES LTD JPY 109 194,53 95 638,71 0,38
13 868,00 ASAHI GLASS CO LTD JPY 108 398,40 89 695,22 0,36
2 448,00 SECOM CO LTD JPY 82 633,12 87 008,70 0,35
3 462,00 DAIKIN INDUSTRIES LTD JPY 84 931,83 73 066,89 0,29
18 467,00 TOBU RAILWAY CO LTD JPY 63 647,78 72 662,75 0,29
23 614,00 KINTETSU CORP JPY 55 766,25 71 163,78 0,28
2 107,00 WEST JAPAN RAILWAY CO JPY 58 773,23 70 564,07 0,28
8 226,00 ODAKYU ELECTRIC RAILWAY CO LTD JPY 47 358,03 61 275,18 0,25
8 169,00 DAI NIPPON PRINTING CO LTD JPY 73 348,14 60 523,43 0,24
14 789,00 TOKYU CORP JPY 48 124,92 56 117,84 0,22
9 629,00 TOPPAN PRINTING CO LTD JPY 60 853,93 54 565,80 0,22
4 130,00 YAMATO HOLDINGS CO LTD JPY 44 813,03 53 630,64 0,21
3 601,00 JS GROUP CORP JPY 57 593,52 53 178,74 0,21
11 583,00 SUMITOMO HEAVY INDUSTRIES LTD JPY 51 623,13 52 070,33 0,21
7 476,00 KEIKYU CORP JPY 41 226,91 51 721,40 0,21
2 787,00 JGC CORP JPY 39 284,74 51 565,81 0,21
26 563,00 IHI CORP JPY 42 389,88 49 732,66 0,20
16 565,00 MITSUI OSK LINES LTD JPY 69 656,24 49 423,18 0,20
25 521,00 KAWASAKI HEAVY INDUSTRIES LTD JPY 59 383,56 49 059,36 0,20
24 066,00 NIPPON YUSEN KK JPY 67 325,79 47 467,14 0,19
8 475,00 KEIO CORP JPY 38 582,91 46 074,70 0,18
3 370,00 TOYOTA TSUSHO CORP JPY 40 780,43 45 920,96 0,18
1 737,00 MAKITA CORP JPY 46 868,11 43 320,80 0,17
8 472,00 NSK LTD JPY 49 193,74 42 411,04 0,17
13 206,00 NIPPON EXPRESS CO LTD JPY 41 283,26 39 665,73 0,16
1 968,00 KURITA WATER INDUSTRIES LTD JPY 38 585,36 39 407,42 0,16
19 803,00 TAISEI CORP JPY 30 881,50 38 662,38 0,15
16 000,00 KAJIMA CORP JPY 42 218,62 37 805,49 0,15
12 000,00 NTN CORP JPY 47 744,41 37 244,82 0,15
10 806,00 OBAYASHI CORP JPY 33 559,47 37 001,05 0,15
31 000,00 SOJITZ CORP JPY 41 202,24 36 934,45 0,15
7 501,00 AMADA CO LTD JPY 37 441,29 36 648,98 0,15
16 846,00 ALL NIPPON AIRWAYS CO LTD JPY 39 240,87 36 262,54 0,15
4 700,00 JTEKT CORP JPY 42 201,22 35 621,87 0,14
3 709,00 NGK INSULATORS LTD JPY 48 008,66 33 941,10 0,14
5 611,00 TOTO LTD JPY 30 745,23 33 369,50 0,13
10 000,00 SHIMIZU CORP JPY 35 475,37 32 338,92 0,13
157
Nominal / % of
FRANCE 1 444 221,59 1 195 816,35 4,78
Industries 1 444 221,59 1 195 816,35 4,78

6 655,00 SCHNEIDER ELECTRIC SA EUR 310 868,68 270 725,40 1,08
5 914,00 VINCI SA EUR 234 998,60 199 656,64 0,80
1 658,00 VALLOUREC SA EUR 117 713,77 83 165,28 0,33
2 959,00 LEGRAND SA EUR 76 972,48 73 531,15 0,29
2 974,00 ALSTOM SA EUR 120 546,18 69 680,82 0,28
2 774,00 BOUYGUES SA EUR 88 695,21 67 533,03 0,27
2 259,00 SAFRAN SA EUR 49 681,30 52 420,10 0,21
8 049,00 GROUPE EUROTUNNEL SA EUR 58 061,08 42 337,74 0,17
728,00 BUREAU VERITAS SA EUR 37 301,43 40 986,40 0,16
1 970,00 EDENRED EUR 32 508,17 37 469,40 0,15
1 533,00 THALES SA EUR 46 178,67 37 405,20 0,15
605,00 AEROPORTS DE PARIS EUR 38 637,99 32 065,00 0,13
423,00 SOCIETE BIC SA EUR 26 615,29 28 975,50 0,12
SWITZERLAND 1 095 116,57 1 111 070,64 4,44
Industries 1 095 116,57 1 111 070,64 4,44

28 113,00 ABB LTD CHF 435 838,10 409 455,32 1,64
5 454,00 TYCO INTERNATIONAL LTD USD 161 647,70 196 245,69 0,78
3 830,00 WOLSELEY PLC GBP 91 433,07 97 755,28 0,39
72,00 SGS SA CHF 82 742,37 92 231,64 0,37
487,00 GEBERIT AG CHF 65 581,58 72 614,71 0,29
2 008,00 ADECCO SA CHF 79 123,20 65 091,68 0,26
708,00 KUEHNE + NAGEL INTERNATIONAL AG CHF 58 138,04 61 532,25 0,25
487,00 SCHINDLER HOLDING AG CHF 37 494,29 43 889,77 0,18
457,00 SCHINDLER HOLDING AG CHF 35 476,33 41 073,15 0,16
377,00 SULZER AG CHF 47 641,89 31 181,15 0,12
GERMANY 1 111 050,50 1 021 883,13 4,09
Industries 1 111 050,50 1 021 883,13 4,09

8 940,00 SIEMENS AG EUR 723 156,05 661 023,60 2,64
11 674,00 DEUTSCHE POST AG EUR 144 547,41 138 687,12 0,55
800,00 MAN SE EUR 52 000,05 54 960,00 0,22
2 375,00 GEA GROUP AG EUR 49 765,20 51 893,75 0,21
5 117,00 DEUTSCHE LUFTHANSA AG EUR 63 973,50 46 999,65 0,19
547,00 BRENNTAG AG EUR 41 152,12 39 356,65 0,16
648,00 HOCHTIEF AG EUR 36 456,17 28 962,36 0,12
GREAT-BRITAIN 940 560,39 997 588,95 3,99
Industries 940 560,39 997 588,95 3,99

22 609,00 ROLLS-ROYCE HOLDINGS PLC GBP 151 883,00 202 053,05 0,81
43 251,00 BAE SYSTEMS PLC GBP 163 837,82 147 620,82 0,59
3 617,00 AGGREKO PLC GBP 68 824,98 87 339,09 0,35
2 857,00 WEIR GROUP PLC GBP 60 690,06 69 500,54 0,28
21 011,00 G4S PLC GBP 61 924,85 68 367,62 0,27
5 795,00 SMITHS GROUP PLC GBP 77 803,72 63 478,81 0,25
8 202,00 CAPITA GROUP PLC GBP 68 283,43 61 713,37 0,25
2 334,00 INTERTEK GROUP PLC GBP 49 129,65 56 861,66 0,23
4 563,00 BUNZL PLC GBP 38 374,93 48 289,97 0,19
20 345,00 COBHAM PLC GBP 48 705,15 44 669,52 0,18
4 423,00 BABCOCK INTERNATIONAL GROUP PLC GBP 30 209,44 38 945,20 0,15
6 624,00 SERCO GROUP PLC GBP 38 704,87 37 588,32 0,15
11 828,00 BALFOUR BEATTY PLC GBP 37 760,89 37 495,87 0,15
12 496,00 INVENSYS PLC GBP 44 427,60 31 565,14 0,13
1 754 118,00 ROLLS ROYCE HLDG CALL ENT S GBP 0,00 2 099,97 0,01
SWEDEN 909 334,12 921 262,05 3,68
Industries 909 334,12 921 262,05 3,68

17 736,00 VOLVO AB SEK 183 008,76 150 071,88 0,60
13 928,00 SANDVIK AB SEK 146 826,87 132 171,27 0,53
5 317,00 SKF AB SEK 83 004,14 86 991,47 0,35
4 263,00 ASSA ABLOY AB SEK 70 250,04 82 680,82 0,33
158
Nominal / % of
5 738,00 SKANSKA AB SEK 67 313,10 73 504,52 0,29

4 594,00 ALFA LAVAL AB SEK 56 546,80 67 315,84 0,27
4 859,00 SCANIA AB SEK 57 367,46 55 692,37 0,22
5 367,00 SECURITAS AB SEK 41 721,73 35 823,39 0,14
CANADA 619 665,58 711 640,70 2,85
Industries 619 665,58 711 640,70 2,85

5 934,00 CANADIAN NATIONAL RAILWAY CO CAD 292 074,40 359 808,79 1,44
2 536,00 CANADIAN PACIFIC RAILWAY LTD CAD 105 833,64 132 398,17 0,53
2 265,00 SNC-LAVALIN GROUP INC CAD 79 580,29 87 526,55 0,35
18 848,00 BOMBARDIER INC CAD 69 755,16 57 891,13 0,23
2 428,00 FINNING INTERNATIONAL INC CAD 38 727,46 40 796,03 0,17
4 440,00 CAE INC CAD 33 694,63 33 220,03 0,13
NETHERLANDS 528 343,75 484 545,74 1,94
Industries 528 343,75 484 545,74 1,94

13 659,00 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 265 708,59 222 368,52 0,89
5 585,00 EUROPEAN AERONAUTIC DEFENCE AND SPACE CO EUR 104 008,82 134 877,75 0,54
NV
2 119,00 RANDSTAD HOLDING NV EUR 66 442,95 48 440,34 0,19
1 158,00 KONINKLIJKE VOPAK NV EUR 36 893,13 47 275,35 0,19
5 470,00 TNT EXPRESS NV EUR 55 290,26 31 583,78 0,13
AUSTRALIA 392 696,62 410 775,46 1,64
Industries 392 696,62 410 775,46 1,64

21 635,00 BRAMBLES LTD AUD 106 526,29 122 335,87 0,49
17 594,00 TRANSURBAN GROUP AUD 66 119,72 78 088,09 0,31
27 435,00 QR NATIONAL LTD AUD 62 690,38 74 099,45 0,30
16 080,67 ASCIANO LTD AUD 56 419,60 57 147,93 0,23
12 411,00 TOLL HOLDINGS LTD AUD 50 387,59 41 362,15 0,16
2 510,00 LEIGHTON HOLDINGS LTD AUD 50 553,04 37 741,97 0,15
SINGAPORE 370 768,36 352 439,93 1,41
Industries 370 768,36 352 439,93 1,41

21 496,00 KEPPEL CORP LTD SGD 116 996,32 118 766,23 0,47
9 403,00 SINGAPORE AIRLINES LTD SGD 69 657,66 56 700,23 0,23
13 690,00 FRASERIE AND NEAVE LTD SGD 39 812,98 50 425,18 0,20
19 753,00 SEMBCORP INDUSTRIES LTD SGD 50 458,16 47 527,00 0,19
27 435,00 SINGAPORE TECHNOLOGIES ENGINEERING LTD SGD 47 254,85 43 843,94 0,18
73 654,00 HUTCHISON PORT HOLDINGS TRUST USD 46 588,39 35 177,35 0,14
HONG KONG 341 403,09 294 164,75 1,18
Industries 341 403,09 294 164,75 1,18

26 897,00 HUTCHISON WHAMPOA LTD HKD 187 308,48 173 538,29 0,69
19 876,00 MTR CORP HKD 49 895,16 49 580,53 0,20
61 100,00 NOBLE GROUP LTD SGD 65 642,10 41 017,77 0,17
22 729,00 CATHAY PACIFIC AIRWAYS LTD HKD 38 557,35 30 028,16 0,12
IRELAND 232 378,57 248 839,77 0,99
Industries 232 378,57 248 839,77 0,99

13 429,00 EXPERIAN PLC GBP 109 591,58 140 751,84 0,56
4 605,00 INGERSOLL - RAND PLC USD 122 786,99 108 087,93 0,43
FINLAND 181 722,15 198 843,32 0,80
Industries 181 722,15 198 843,32 0,80

2 068,00 KONE OYJ EUR 68 321,75 82 926,80 0,33
3 001,00 WARTSILA OYJ EUR 58 815,66 66 982,32 0,27
1 708,00 METSO OYJ EUR 54 584,74 48 934,20 0,20
DENMARK 265 264,48 195 438,11 0,78
Industries 265 264,48 195 438,11 0,78

18,00 AP MOLLER - MAERSK A/S DKK 105 560,68 91 836,20 0,37
3 345,00 DSV A/S DKK 42 362,32 46 356,05 0,19
7,00 AP MOLLER - MAERSK A/S DKK 42 697,98 33 755,08 0,13
2 816,00 VESTAS WIND SYSTEMS A/S DKK 74 643,50 23 490,78 0,09
159
Nominal / % of
ITALY 254 692,52 181 249,14 0,72
Industries 254 692,52 181 249,14 0,72

5 185,00 ATLANTIA SPA EUR 74 097,27 64 138,45 0,25
3 175,00 PRYSMIAN SPA EUR 39 855,49 30 464,13 0,12
5 820,00 FINMECCANICA SPA EUR 48 901,32 16 633,56 0,07
SPAIN 185 862,59 171 524,26 0,69
Industries 185 862,59 171 524,26 0,69

5 797,00 ABERTIS INFRAESTRUCTURAS SA EUR 75 495,23 71 534,98 0,29
5 627,00 FERROVIAL SA EUR 45 575,02 52 471,78 0,21
2 075,00 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS EUR 64 792,34 47 517,50 0,19
SA
NORWAY 73 314,74 65 419,25 0,26
Industries 73 314,74 65 419,25 0,26

11 351,00 ORKLA ASA NOK 73 314,74 65 419,25 0,26
UNQUOTED 3 116,41 0,00 0,00
Shares 3 116,41 0,00 0,00
SPAIN 3 116,41 0,00 0,00
Industries 3 116,41 0,00 0,00

Total Portfolio 24 049 257,20 24 851 996,69 99,38
160
Purchase Unrealised
100 16 Purchase SIEMENS AG 16/03/2012 EUR 1 468,80 113 819,20
161

19/01/2012 72 125,63 USD 55 544,79 EUR 10,47

19/01/2012 13 817,48 CAD 10 270,24 EUR 178,80
19/01/2012 12 542,34 CHF 10 266,58 EUR 67,06
19/01/2012 1 713 904,00 JPY 16 931,41 EUR 230,34
19/01/2012 12 569,53 GBP 14 986,45 EUR 58,01
19/01/2012 2 936 750,00 JPY 29 017,72 EUR 388,69
19/01/2012 1 471 641,00 JPY 14 466,40 EUR 269,51
19/01/2012 41 153,49 USD 31 417,76 EUR 281,00
19/01/2012 1 435 828,00 JPY 14 319,40 EUR 57,90
19/01/2012 1 075 101,00 JPY 10 757,74 EUR 7,51
19/01/2012 60 468,38 EUR 449 249,25 DKK 25,53
19/01/2012 10 886,29 EUR 9 068,91 GBP 31,72
19/01/2012 19 187,48 EUR 24 924,27 USD (10,61)

19/01/2012 78 807,33 DKK 10 614,41 EUR (11,52)
19/01/2012 104 401,28 USD 80 907,17 EUR (491,37)
19/01/2012 108 542,09 EUR 143 028,47 AUD (4 210,67)
19/01/2012 193 688,08 EUR 261 589,20 CAD (4 130,56)
19/01/2012 1 201 159,02 EUR 121 520 488,00 JPY (15 655,96)
19/01/2012 17 796,04 EUR 138 715,19 NOK (97,41)
19/01/2012 328 952,81 EUR 276 077,23 GBP (1 483,77)
19/01/2012 70 172,10 EUR 709 485,21 HKD (194,33)
19/01/2012 220 458,66 EUR 270 448,17 CHF (2 363,67)
19/01/2012 4 469,07 EUR 7 771,06 NZD (195,94)
19/01/2012 241 414,26 EUR 2 200 163,81 SEK (5 576,81)
19/01/2012 96 410,48 EUR 163 937,82 SGD (970,06)
19/01/2012 3 280 404,06 EUR 4 261 300,31 USD (1 891,81)
19/01/2012 31 534,98 EUR 41 026,65 USD (66,08)
19/01/2012 107 236,34 EUR 139 860,58 USD (492,23)
19/01/2012 13 977,75 EUR 18 256,51 USD (84,45)
19/01/2012 18 438,94 EUR 1 867 755,00 JPY (263,36)
19/01/2012 22 577,17 EUR 29 430,61 USD (91,96)
19/01/2012 31 163,12 EUR 40 718,30 USD (200,43)
162
Assets Notes
Banks 65 958,68
Liabilities


163

2011 IN EUR

- investments (3 975 602,00)
Net result of operations for the year (374 233,57)

164
Nominal / % of
Shares 16 407 295,86 18 969 292,46 100,43
UNITED STATES 8 632 358,78 10 823 900,81 57,30
Consumer Retail 8 632 358,78 10 823 900,81 57,30

10 928,00 MCDONALD'S CORP USD 589 687,00 844 591,33 4,47
18 724,00 WALT DISNEY CO USD 435 918,95 540 885,10 2,86
16 615,00 HOME DEPOT INC USD 375 788,63 538 069,25 2,85
3 856,00 AMAZON.COM INC USD 434 880,04 514 172,94 2,72
22 074,00 COMCAST CORP USD 305 739,86 403 169,54 2,13
37 368,00 FORD MOTOR CO USD 278 611,04 309 732,83 1,64
11 019,00 TIME WARNER INC USD 246 361,24 306 764,75 1,62
3 775,00 NIKE INC USD 208 708,56 280 242,46 1,48
7 863,00 STARBUCKS CORP USD 166 698,31 278 686,31 1,48
6 759,00 TARGET CORP USD 241 341,32 266 684,11 1,41
19 261,00 NEWS CORP USD 199 959,92 264 696,87 1,40
13 278,00 LOWE'S COS INC USD 211 654,88 259 596,84 1,37
7 777,00 DIRECTV USD 214 298,99 256 168,02 1,36
4 886,00 YUM! BRANDS INC USD 158 052,95 222 102,88 1,18
4 073,00 TJX COS INC USD 131 266,46 202 528,33 1,07
5 589,00 VIACOM INC USD 147 116,06 195 506,29 1,03
532,00 PRICELINE.COM INC USD 131 451,83 191 674,09 1,01
7 251,00 JOHNSON CONTROLS INC USD 156 993,99 174 607,14 0,92
3 471,00 TIME WARNER CABLE INC USD 141 253,19 169 973,78 0,90
3 077,00 COACH INC USD 95 336,33 144 682,88 0,77
6 494,00 CBS CORP USD 84 718,67 135 767,95 0,72
8 087,00 GENERAL MOTORS CO USD 172 482,23 126 274,69 0,67
3 815,00 LAS VEGAS SANDS CORP USD 88 009,71 125 574,82 0,66
6 723,00 COMCAST CORP USD 87 890,98 122 015,08 0,65
4 716,00 CARNIVAL CORP USD 116 684,38 118 576,62 0,63
2 579,00 BED BATH & BEYOND INC USD 85 946,02 115 167,45 0,61
4 396,00 MACY'S INC USD 74 342,09 108 972,98 0,58
3 099,00 MCGRAW-HILL COS INC USD 79 870,95 107 354,33 0,57
2 747,00 KOHL'S CORP USD 96 390,38 104 428,96 0,55
2 862,00 OMNICOM GROUP INC USD 79 713,74 98 284,45 0,52
2 429,00 ROSS STORES INC USD 50 398,43 88 934,54 0,47
897,00 VF CORP USD 62 338,87 87 747,97 0,46
1 411,00 O'REILLY AUTOMOTIVE INC USD 52 644,91 86 900,17 0,46
326,00 CHIPOTLE MEXICAN GRILL INC USD 67 234,70 84 815,50 0,45
4 100,00 THOMSON REUTERS CORP CAD 92 681,87 84 460,22 0,45
2 626,00 LTD BRANDS INC USD 53 016,68 81 623,16 0,43
1 264,00 DOLLAR TREE INC USD 48 789,57 80 923,65 0,43
7 341,00 STAPLES INC USD 97 880,35 78 547,54 0,42
1 621,00 GENUINE PARTS CO USD 53 892,72 76 420,44 0,40
3 546,00 MATTEL INC USD 56 652,59 75 828,65 0,40
2 021,00 STARWOOD HOTELS & RESORTS WORLDWIDE INC USD 60 784,43 74 681,18 0,40
5 917,00 LIBERTY MEDIA CORP - INTERACTIVE USD 55 851,83 73 908,38 0,39
2 442,00 HARLEY-DAVIDSON INC USD 61 322,28 73 119,85 0,39
839,00 WYNN RESORTS LTD USD 61 717,28 71 410,17 0,38
1 862,00 NORDSTROM INC USD 50 286,41 71 301,48 0,38
1 181,00 LIBERTY MEDIA CORP - LIBERTY CAPITAL - CLASS A USD 66 735,96 71 006,47 0,38
3 070,00 MARRIOTT INTERNATIONAL INC USD 62 122,96 68 984,25 0,37
271,00 AUTOZONE INC USD 44 516,10 67 840,29 0,36
635,00 RALPH LAUREN CORP USD 46 758,42 67 542,89 0,36
1 314,00 TIFFANY & CO USD 48 957,44 67 069,01 0,35
4 772,00 NEWS CORP USD 50 495,61 66 829,69 0,35
3 456,00 BEST BUY CO INC USD 79 304,66 62 216,79 0,33
4 178,00 GAP INC USD 54 829,71 59 701,81 0,32
1 190,00 BORGWARNER INC RTS USD 43 147,73 58 429,77 0,31
1 303,00 FAMILY DOLLAR STORES INC USD 37 929,23 57 875,42 0,31
2 451,00 CARMAX INC USD 37 072,29 57 548,42 0,30
40 646,00 SIRIUS XM RADIO INC USD 58 337,02 56 985,49 0,30
1 336,00 APOLLO GROUP INC USD 49 623,07 55 440,68 0,29
1 728,00 DOLLAR GENERAL CORP USD 45 675,01 54 762,48 0,29
3 234,00 VIRGIN MEDIA INC USD 46 898,69 53 262,66 0,28
1 457,00 DARDEN RESTAURANTS INC USD 40 446,56 51 157,46 0,27
165
Nominal / % of
1 557,00 LIBERTY GLOBAL INC USD 31 125,23 49 211,35 0,26

1 217,00 PETSMART INC USD 27 389,68 48 083,76 0,25
1 521,00 DISCOVERY COMMUNICATIONS INC USD 37 690,10 48 003,21 0,25
1 725,00 JC PENNEY CO INC USD 39 778,69 46 707,81 0,25
2 039,00 DISH NETWORK CORP USD 31 803,40 44 733,44 0,24
795,00 ADVANCE AUTO PARTS INC USD 29 778,97 42 642,11 0,23
3 216,00 INTERNATIONAL GAME TECHNOLOGY USD 45 544,55 42 610,79 0,23
1 457,00 DISCOVERY COMMUNICATIONS INC USD 30 874,54 42 313,21 0,22
3 286,00 H&R BLOCK INC USD 40 730,77 41 336,04 0,22
3 128,00 NEWELL RUBBERMAID INC USD 34 860,00 38 914,76 0,21
1 272,00 LIBERTY GLOBAL INC USD 24 117,50 38 723,91 0,20
5 142,00 INTERPUBLIC GROUP OF COS INC USD 27 164,98 38 540,74 0,20
578,00 FOSSIL INC USD 37 923,14 35 334,96 0,19
933,00 ABERCROMBIE & FITCH CO USD 37 611,59 35 102,05 0,19
1 298,00 HASBRO INC USD 33 435,12 31 886,31 0,17
952,00 SCRIPPS NETWORKS INTERACTIVE INC USD 26 508,18 31 108,76 0,16
1 200,00 TRW AUTOMOTIVE HOLDINGS CORP USD 40 932,19 30 135,19 0,16
561,00 NETFLIX INC USD 63 798,52 29 943,91 0,16
817,00 WHIRLPOOL CORP USD 39 004,27 29 863,00 0,16
3 030,00 DR HORTON INC USD 26 832,64 29 432,89 0,16
3 647,00 MGM RESORTS INTERNATIONAL USD 28 246,88 29 301,86 0,16
1 510,00 ROYAL CARIBBEAN CRUISES LTD USD 28 411,16 28 812,31 0,15
622,00 MOHAWK INDUSTRIES INC USD 27 060,84 28 676,73 0,15
1 343,00 URBAN OUTFITTERS INC USD 26 852,72 28 512,17 0,15
2 605,00 GOODYEAR TIRE & RUBBER CO USD 25 747,32 28 434,97 0,15
1 505,00 GAMESTOP CORP USD 30 367,99 27 974,93 0,15
1 505,00 LEGGETT & PLATT INC USD 21 668,19 26 711,24 0,14
1 692,00 TOLL BROTHERS INC USD 25 153,34 26 615,29 0,14
2 239,00 CABLEVISION SYSTEMS CORP USD 27 495,43 24 526,12 0,13
1 074,00 EXPEDIA INC USD 15 932,86 24 009,15 0,13
1 074,00 TRIPADVISOR INC USD 17 703,18 20 857,02 0,11
628,00 DEVRY INC USD 22 744,42 18 605,62 0,10
534,00 AMC NETWORKS INC USD 10 919,87 15 458,71 0,08
53,00 WASHINGTON POST CO USD 15 026,27 15 384,15 0,08
451,00 SEARS HOLDINGS CORP USD 26 612,17 11 040,93 0,06
20,37 ORCHARD SUPPLY HARDWARE STORES USD 0,00 121,86 0,00
CORPORCHARD SUPPLY HARDWARE STORES CORP
JAPAN 3 262 062,46 3 246 642,42 17,19
Consumer Retail 3 241 309,90 3 224 531,16 17,07

29 190,00 TOYOTA MOTOR CORP JPY 813 897,29 749 625,59 3,97
17 264,00 HONDA MOTOR CO LTD JPY 390 234,14 405 847,11 2,15
26 589,00 NISSAN MOTOR CO LTD JPY 157 638,34 184 217,56 0,98
23 628,00 PANASONIC CORP JPY 223 873,91 154 713,30 0,82
10 740,00 SONY CORP JPY 209 502,14 148 605,63 0,79
6 929,00 BRIDGESTONE CORP JPY 99 965,42 121 056,73 0,64
5 234,00 DENSO CORP JPY 111 150,88 111 408,91 0,59
575,00 FAST RETAILING CO LTD JPY 52 833,14 80 596,99 0,43
10 844,00 SHARP CORP JPY 87 826,44 73 068,05 0,39
75,00 RAKUTEN INC JPY 41 806,85 62 174,82 0,33
3 532,00 NIKON CORP JPY 59 979,54 60 611,42 0,32
3 714,00 SUZUKI MOTOR CORP JPY 56 698,78 59 198,12 0,31
13 767,00 ISUZU MOTORS LTD JPY 36 891,85 49 069,57 0,26
926,00 YAMADA DENKI CO LTD JPY 50 791,02 48 580,86 0,26
1 968,00 DENTSU INC JPY 38 199,38 46 284,02 0,25
2 100,00 AISIN SEIKI CO LTD JPY 43 078,71 46 129,51 0,24
6 714,00 SEKISUI HOUSE LTD JPY 46 595,85 45 911,87 0,24
538,00 ORIENTAL LAND CO LTD JPY 32 004,98 43 792,10 0,23
2 400,00 SEGA SAMMY HOLDINGS INC JPY 31 989,82 39 960,09 0,21
43 000,00 MITSUBISHI MOTORS CORP JPY 45 476,22 39 177,15 0,21
1 800,00 TOYOTA INDUSTRIES CORP JPY 37 558,24 37 755,43 0,20
4 100,00 ISETAN MITSUKOSHI HOLDINGS LTD JPY 31 675,51 33 126,86 0,18
828,00 SHIMANO INC JPY 26 571,58 31 004,51 0,16
3 080,00 YAMAHA MOTOR CO LTD JPY 32 339,04 30 035,34 0,16
4 592,00 SEKISUI CHEMICAL CO LTD JPY 22 944,87 29 194,33 0,16
6 243,00 FUJI HEAVY INDUSTRIES LTD JPY 23 408,93 29 064,93 0,15
400,00 NITORI HOLDINGS CO LTD JPY 21 062,90 28 914,80 0,15
2 047,00 DAIHATSU MOTOR CO LTD JPY 19 928,64 28 159,67 0,15
718,00 BENESSE HOLDINGS INC JPY 21 820,30 26 777,72 0,14
2 100,00 NAMCO BANDAI HLDG INC JPY 19 486,25 23 043,73 0,12
166
Nominal / % of
16 000,00 MAZDA MOTOR CORP JPY 32 267,97 21 786,22 0,12

500,00 SANRIO CO LTD JPY 19 056,09 19 798,83 0,11
350,00 RINNAI CORP JPY 12 938,40 19 308,24 0,10
1 700,00 STANLEY ELECTRIC CO LTD JPY 19 046,36 19 250,17 0,10
5 163,00 J FRONT RETAILING CO LTD JPY 19 951,73 19 229,50 0,10
2 076,00 SUMITOMO RUBBER INDUSTRIES LTD JPY 16 539,73 19 205,35 0,10
232,00 SHIMAMURA CO LTD JPY 15 781,85 18 280,40 0,10
262,00 USS CO LTD JPY 14 130,36 18 257,17 0,10
3 202,00 TAKASHIMAYA CO LTD JPY 21 074,86 17 856,63 0,09
1 237,00 TOHO CO LTD JPY 13 947,59 16 992,09 0,09
800,00 MCDONALD'S HOLDINGS CO JAPAN LTD JPY 13 052,67 16 636,02 0,09
20,00 JUPITER TELECOMMUNICATIONS CO LTD JPY 13 562,58 15 618,80 0,08
1 629,00 NGK SPARK PLUG CO LTD JPY 14 507,89 15 575,69 0,08
1 100,00 NOK CORP JPY 11 502,85 14 570,53 0,08
2 292,00 MARUI GROUP CO LTD JPY 13 712,16 13 768,57 0,07
1 553,00 ASICS CORP JPY 13 818,71 13 496,28 0,07
1 771,00 NHK SPRING CO LTD JPY 10 267,71 12 092,77 0,06
1 700,00 YAMAHA CORP JPY 18 202,44 12 016,46 0,06
252,00 HAKUHODO DY HOLDINGS INC JPY 9 550,67 11 151,82 0,06
2 146,00 CASIO COMPUTER CO LTD JPY 12 811,94 10 033,89 0,05
854,00 KOITO MANUFACTURING CO LTD JPY 9 058,19 9 234,31 0,05
750,00 TOYODA GOSEI CO LTD JPY 10 577,45 9 213,59 0,05
260,00 ABC-MART INC JPY 7 210,57 7 619,37 0,04
800,00 TOYOTA BOSHOKU CORP JPY 11 508,17 6 431,74 0,03
Finance 20 752,56 22 111,26 0,12

567,00 SANKYO CO LTD JPY 20 752,56 22 111,26 0,12
GERMANY 989 729,62 1 020 513,83 5,40
Consumer Retail 989 729,62 1 020 513,83 5,40

9 557,00 DAIMLER AG EUR 358 724,71 324 173,44 1,72
3 537,00 BAYERISCHE MOTOREN WERKE AG EUR 150 075,96 183 075,12 0,97
1 546,00 VOLKSWAGEN AG -PFD- EUR 136 952,68 178 949,50 0,95
2 154,00 ADIDAS AG EUR 90 445,14 108 260,04 0,57
1 666,00 PORSCHE AUTOMOBIL HLDG SE -PFD- EUR 81 265,74 68 889,10 0,36
864,00 CONTINENTAL AG EUR 42 899,76 41 554,08 0,22
970,00 KABEL DEUTSCHLAND HLDG AG EUR 37 420,14 38 038,55 0,20
317,00 VOLKSWAGEN AG EUR 49 149,47 32 857,05 0,17
509,00 BAYERISCHE MOTOREN WERKE AG -PFD- EUR 13 347,16 18 603,95 0,10
454,00 AXEL SPRINGER AG EUR 14 869,59 15 075,07 0,08
782,00 PROSIEBENSAT.1 MEDIA AG -PFD- EUR 14 579,27 11 037,93 0,06
GREAT-BRITAIN 786 764,41 934 139,85 4,95
Consumer Retail 786 764,41 934 139,85 4,95

20 203,00 COMPASS GROUP PLC GBP 111 444,02 147 778,52 0,78
8 422,00 PEARSON PLC GBP 96 257,48 121 998,60 0,65
11 700,00 BRITISH SKY BROADCASTING GROUP PLC GBP 83 523,14 102 600,09 0,54
13 246,00 REED ELSEVIER PLC GBP 75 082,21 82 301,23 0,44
25 736,00 KINGFISHER PLC GBP 64 451,30 77 241,31 0,41
4 768,00 BURBERRY GROUP PLC GBP 51 350,25 67 640,82 0,36
17 220,00 MARKS & SPENCER GROUP PLC GBP 67 415,52 64 113,25 0,34
1 871,00 NEXT PLC GBP 44 541,27 61 305,98 0,32
1 983,00 CARNIVAL PLC GBP 50 344,84 50 470,80 0,27
3 127,00 INTERCONTINENTAL HOTELS GROUP PLC GBP 33 207,06 43 312,72 0,23
16 700,00 GKN PLC GBP 37 028,65 36 586,58 0,19
1 905,00 WHITBREAD PLC GBP 31 277,54 35 668,59 0,19
39 492,00 ITV PLC GBP 26 574,85 32 220,28 0,17
5 492,00 TUI TRAVEL PLC GBP 14 266,28 10 901,08 0,06
FRANCE 798 477,70 813 847,10 4,31
Consumer Retail 798 477,70 813 847,10 4,31

2 680,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 248 923,13 293 192,00 1,55
790,00 PPR EUR 73 312,18 87 413,50 0,46
1 866,00 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR 90 293,76 85 229,55 0,45
1 021,00 SODEXO EUR 45 432,25 56 634,87 0,30
2 085,00 RENAULT SA EUR 77 954,30 55 878,00 0,30
1 558,00 PUBLICIS GROUPE SA EUR 49 274,83 55 379,11 0,29
591,00 CHRISTIAN DIOR SA EUR 45 450,19 54 141,51 0,29
1 060,00 EUTELSAT COMMUNICATIONS SA EUR 27 092,62 31 959,00 0,17
167
Nominal / % of
1 580,00 ACCOR SA EUR 47 986,13 30 944,30 0,16

1 168,00 LAGARDERE SCA EUR 31 067,79 23 827,20 0,13
1 612,00 PEUGEOT SA EUR 37 766,13 19 521,32 0,10
686,00 JCDECAUX SA EUR 11 698,36 12 207,37 0,07
997,00 SOCIETE TELEVISION FRANCAISE 1 EUR 12 226,03 7 519,37 0,04
SWEDEN 338 510,22 374 770,02 1,98
Consumer Retail 338 510,22 374 770,02 1,98

10 772,00 HENNES & MAURITZ AB SEK 222 210,74 267 871,44 1,42
961,00 AUTOLIV INC USD 47 123,15 39 597,80 0,21
2 579,00 ELECTROLUX AB -B- SEK 31 200,00 31 791,18 0,17
511,00 MODERN TIMES GROUP AB SEK 19 600,03 18 879,97 0,10
4 667,00 HUSQVARNA AB SEK 18 376,30 16 629,63 0,08
SWITZERLAND 313 674,81 373 128,53 1,98
Consumer Retail 313 674,81 373 128,53 1,98

5 583,00 CIE FINANCIERE RICHEMONT SA CHF 190 202,21 218 509,20 1,16
320,00 SWATCH GROUP AG CHF 73 216,40 92 660,02 0,49
1 299,00 GARMIN LTD USD 33 802,47 39 836,07 0,21
429,00 SWATCH GROUP AG CHF 16 453,73 22 123,24 0,12
CANADA 253 964,08 284 866,34 1,51
Consumer Retail 253 964,08 284 866,34 1,51

1 748,00 TIM HORTONS INC USD 47 416,72 65 199,06 0,34
4 040,00 SHAW COMMUNICATIONS INC CAD 56 458,90 61 890,94 0,33
2 365,00 MAGNA INTERNATIONAL INC CAD 57 418,12 60 831,81 0,32
841,00 CANADIAN TIRE CORP LTD CAD 32 987,00 41 927,80 0,22
1 081,00 LULULEMON ATHLETICA INC USD 38 856,24 38 854,88 0,21
1 115,00 GILDAN ACTIVEWEAR INC CAD 20 827,10 16 161,85 0,09
HONG KONG 172 127,47 178 376,82 0,94
Consumer Retail 172 127,47 178 376,82 0,94

59 894,00 LI & FUNG LTD HKD 80 853,16 85 425,28 0,45
18 000,00 SJM HOLDINGS LTD HKD 22 759,06 22 637,89 0,12
16 213,00 SHANGRI - LA ASIA LTD HKD 23 574,44 21 548,27 0,11
7 898,00 YUE YUEN INDUSTRIAL HOLDINGS LTD HKD 16 227,48 19 231,48 0,10
13 096,00 GALAXY ENTERTAINMENT GROUP LTD HKD 19 209,74 18 496,64 0,10
6 500,00 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 9 503,59 11 037,26 0,06
SPAIN 112 544,75 147 062,72 0,78
Consumer Retail 112 544,75 147 062,72 0,78

2 324,00 INDITEX SA EUR 112 544,75 147 062,72 0,78
SINGAPORE 87 502,68 124 250,94 0,66
Consumer Retail 87 502,68 124 250,94 0,66

1 141,00 JARDINE CYCLE & CARRIAGE LTD SGD 17 436,52 32 618,47 0,17
14 457,00 SINGAPORE PRESS HOLDINGS LTD SGD 27 550,06 31 692,53 0,17
AUSTRALIA 117 752,82 118 126,50 0,63
Consumer Retail 117 752,82 118 126,50 0,63

5 089,00 CROWN LTD AUD 26 715,55 32 513,59 0,17
13 208,00 TATTS GROUP LTD AUD 21 998,03 25 451,35 0,14
7 300,00 ECHO ENTERTAINMENT GROUP LTD AUD 20 063,59 20 696,71 0,11
7 122,00 TABCORP HOLDINGS LTD AUD 15 389,88 15 354,95 0,08
25 871,00 FAIRFAX MEDIA LTD AUD 19 916,05 14 710,57 0,08
6 486,00 HARVEY NORMAN HOLDINGS LTD AUD 13 669,72 9 399,33 0,05
NETHERLANDS 107 002,34 110 712,75 0,59
Consumer Retail 107 002,34 110 712,75 0,59

7 470,00 REED ELSEVIER NV EUR 62 232,44 67 282,29 0,36
3 252,00 WOLTERS KLUWER NV EUR 44 769,90 43 430,46 0,23
168
Nominal / % of
IRELAND 96 325,53 108 347,67 0,57
Consumer Retail 96 325,53 108 347,67 0,57

13 398,00 WPP PLC GBP 96 325,53 108 347,67 0,57
ITALY 139 205,64 95 406,61 0,51
Consumer Retail 139 205,64 95 406,61 0,51

8 188,00 FIAT SPA EUR 63 633,65 29 067,40 0,16
1 244,00 LUXOTTICA GROUP SPA EUR 22 960,01 26 994,80 0,14
2 489,00 PIRELLI & C SPA EUR 14 025,42 16 190,95 0,09
7 391,00 MEDIASET SPA EUR 29 973,12 15 801,96 0,08
975,00 AUTOGRILL SPA EUR 8 613,44 7 351,50 0,04
MACAO 60 941,22 90 794,24 0,48
Consumer Retail 60 941,22 90 794,24 0,48

26 424,00 SANDS CHINA LTD HKD 34 310,34 57 527,73 0,30
17 200,00 WYNN MACAU LTD HKD 26 630,88 33 266,51 0,18
LUXEMBOURG 53 028,72 60 252,71 0,32
Consumer Retail 53 028,72 60 252,71 0,32

3 249,00 SES SA -ADR- EUR 53 028,72 60 252,71 0,32
FINLAND 34 727,58 34 943,06 0,18
Consumer Retail 34 727,58 34 943,06 0,18

1 175,00 NOKIAN RENKAAT OYJ EUR 26 503,70 29 234,00 0,15
644,00 SANOMA OYJ EUR 8 223,88 5 709,06 0,03
GREECE 38 581,58 15 907,07 0,08
Consumer Retail 38 581,58 15 907,07 0,08

2 329,00 OPAP SA EUR 38 581,58 15 907,07 0,08
NEW ZEALAND 12 013,45 13 302,47 0,07
Consumer Retail 12 013,45 13 302,47 0,07

6 435,00 SKY CITY ENTERTAINMENT GROUP LTD NZD 12 013,45 13 302,47 0,07
UNQUOTED 0,00 0,00 0,00
Zero-Coupon bonds 0,00 0,00 0,00
UNITED STATES 0,00 0,00 0,00

20,37 ORCHARD SUPPLY HARDWARE STORES CORP - USD 0,00 0,00 0,00
PREF - 0.00% 31/12/2049
Total Portfolio 16 407 295,86 18 969 292,46 100,43
169

19/01/2012 3 479,39 EUR 4 502,18 USD 11,55

19/01/2012 601,36 CAD 450,59 EUR 4,17
19/01/2012 1 091 876,00 JPY 10 749,57 EUR 183,66
19/01/2012 370,90 NZD 218,63 EUR 4,02
19/01/2012 265,64 GBP 317,54 EUR 0,40
19/01/2012 845,26 CHF 693,83 EUR 2,58
19/01/2012 332,19 AUD 259,96 EUR 1,91
19/01/2012 3 314,10 SEK 370,72 EUR 1,32
19/01/2012 1 776,96 EUR 13 201,93 DKK 0,75
19/01/2012 5 730,79 EUR 4 774,08 GBP 16,70
19/01/2012 4 709,93 EUR 3 929,43 GBP 6,80
19/01/2012 88 377,09 USD 67 469,61 EUR 603,45
19/01/2012 3 090 802,00 JPY 30 382,93 EUR 566,04
19/01/2012 2 705 450,00 JPY 26 726,59 EUR 363,76
19/01/2012 147 207,29 USD 112 750,34 EUR 637,09
19/01/2012 1 694,10 CHF 1 386,33 EUR 9,44
19/01/2012 15 508,62 HKD 1 526,40 EUR 11,74
19/01/2012 2 493,15 CAD 1 867,54 EUR 17,83
19/01/2012 23 886,71 SEK 2 661,34 EUR 20,19
19/01/2012 5 071,91 SGD 3 006,07 EUR 6,69
19/01/2012 835,88 AUD 650,01 EUR 8,93
19/01/2012 1 700,90 SGD 1 001,30 EUR 9,05
19/01/2012 372,23 AUD 283,46 EUR 9,98
19/01/2012 7 266,94 USD 5 574,94 EUR 22,47
19/01/2012 36 781,08 HKD 3 626,55 EUR 21,38
19/01/2012 2 193 078,00 JPY 21 669,58 EUR 290,26
19/01/2012 946 316,00 JPY 9 344,44 EUR 131,26
19/01/2012 11 966,86 SEK 1 333,34 EUR 10,06
19/01/2012 1 954,02 CAD 1 448,58 EUR 29,09
19/01/2012 4 679,97 CHF 3 843,88 EUR 11,95
19/01/2012 9 397,70 AUD 7 149,50 EUR 258,93
19/01/2012 87 296,06 USD 67 227,71 EUR 12,68
19/01/2012 1 464 216,00 JPY 14 464,78 EUR 196,78
19/01/2012 7 805,40 GBP 9 306,26 EUR 36,02
19/01/2012 4 915,22 CHF 4 023,37 EUR 26,28
19/01/2012 2 033,38 CAD 1 511,37 EUR 26,31
19/01/2012 17 167,47 HKD 1 698,54 EUR 4,12
19/01/2012 10 668,00 SEK 1 176,33 EUR 21,26
19/01/2012 14 594,19 GBP 17 527,95 EUR (60,18)

19/01/2012 55 476,93 USD 42 992,59 EUR (261,10)
19/01/2012 1 410,09 CAD 1 069,16 EUR (2,82)
19/01/2012 3 760 230,76 EUR 4 884 603,30 USD (2 168,52)
19/01/2012 1 129 466,79 EUR 114 267 432,00 JPY (14 721,53)
19/01/2012 5 054,39 EUR 8 788,84 NZD (221,60)
19/01/2012 110 348,67 EUR 1 005 678,56 SEK (2 549,12)
19/01/2012 45 888,75 EUR 78 029,92 SGD (461,72)
19/01/2012 3 115,60 EUR 3 800,52 CHF (15,65)
19/01/2012 24 464,84 EUR 31 891,30 USD (99,65)
19/01/2012 1 327,81 EUR 1 767,43 CAD (8,75)
19/01/2012 1 694,43 EUR 15 243,78 SEK (16,84)
19/01/2012 533,76 EUR 688,48 AUD (8,99)
19/01/2012 1 317,69 EUR 13 392,14 HKD (10,54)
19/01/2012 6 865,83 EUR 8 971,02 USD (44,16)
19/01/2012 2 648,07 EUR 4 487,25 SGD (17,40)
19/01/2012 685,23 EUR 6 145,99 SEK (4,72)
19/01/2012 2 116,15 EUR 2 580,53 CHF (9,95)
19/01/2012 351 718,15 EUR 295 183,29 GBP (1 586,45)
170

19/01/2012 95 524,02 EUR 965 809,48 HKD (264,54)

19/01/2012 47 181,90 EUR 62 172,70 AUD (1 830,32)
19/01/2012 90 251,89 EUR 121 891,44 CAD (1 924,69)
19/01/2012 115 292,39 EUR 141 435,21 CHF (1 236,12)
19/01/2012 791,86 EUR 1 346,99 SGD (8,26)
19/01/2012 1 758,00 EUR 17 807,30 HKD (8,12)
19/01/2012 3 716,36 EUR 3 112,90 GBP (9,47)
19/01/2012 14 370,65 EUR 18 696,06 USD (30,12)
19/01/2012 3 341,67 EUR 4 069,09 CHF (10,85)
19/01/2012 100 381,66 EUR 130 920,52 USD (460,77)
19/01/2012 24 260,73 EUR 2 465 536,00 JPY (427,30)
19/01/2012 4 005,41 EUR 36 055,70 SEK (42,21)
19/01/2012 1 286,19 EUR 1 701,81 CAD (0,75)
19/01/2012 2 424,15 EUR 244 461,00 JPY (23,70)
19/01/2012 2 767,55 EUR 2 322,86 GBP (12,68)
19/01/2012 10 793,06 EUR 1 082 880,00 JPY (50,09)
19/01/2012 21 997,14 EUR 28 573,99 USD (12,17)
171
Assets Notes
Banks 23 824,40
Liabilities


172

2011 IN EUR

- investments 31 115,99

173
Nominal / % of
Shares 20 959 183,79 24 175 401,15 99,94
UNITED STATES 11 143 088,48 13 121 391,41 54,25
Basic Goods 11 143 088,48 13 121 391,41 54,25

34 690,00 PROCTER & GAMBLE CO USD 1 596 517,14 1 782 667,56 7,37
26 078,00 COCA-COLA CO USD 1 152 443,03 1 405 598,47 5,81
22 164,00 PHILIP MORRIS INTERNATIONAL INC USD 958 963,26 1 339 930,45 5,54
23 912,00 WAL-MART STORES INC USD 963 739,34 1 100 782,74 4,55
19 959,00 PEPSICO INC/NC USD 927 798,35 1 020 128,37 4,22
21 280,00 KRAFT FOODS INC USD 504 654,66 612 425,99 2,53
26 268,00 ALTRIA GROUP INC USD 502 935,32 599 966,26 2,48
17 048,00 CVS CAREMARK CORP USD 441 437,35 535 544,77 2,21
6 164,00 COLGATE-PALMOLIVE CO USD 374 736,91 438 695,03 1,81
5 498,00 COSTCO WHOLESALE CORP USD 291 259,84 352 881,68 1,46
11 354,00 WALGREEN CO USD 290 882,34 289 152,44 1,20
4 912,00 KIMBERLY-CLARK CORP USD 236 086,08 278 339,73 1,15
8 098,00 GENERAL MILLS INC USD 217 550,35 252 081,95 1,04
8 437,00 ARCHER-DANIELS-MIDLAND CO USD 184 150,07 185 878,52 0,77
7 388,00 SYSCO CORP USD 154 774,59 166 922,19 0,69
4 002,00 HJ HEINZ CO USD 141 629,35 166 597,14 0,69
1 724,00 LORILLARD INC USD 112 215,23 151 396,99 0,63
2 624,00 MEAD JOHNSON NUTRITION CO USD 112 011,46 138 926,56 0,57
4 349,00 REYNOLDS AMERICAN INC USD 104 417,22 138 763,30 0,57
7 141,00 KROGER CO USD 122 104,42 133 231,92 0,55
1 531,00 ESTEE LAUDER COS INC USD 88 973,00 132 466,91 0,55
3 264,00 KELLOGG CO USD 122 317,64 127 150,54 0,53
5 351,00 CONAGRA FOODS INC USD 92 637,30 108 821,32 0,45
7 218,00 SARA LEE CORP USD 85 044,95 105 199,37 0,44
1 943,00 WHOLE FOODS MARKET INC USD 69 733,01 104 143,54 0,43
2 154,00 HERSHEY CO USD 79 116,67 102 510,59 0,42
1 479,00 JM SMUCKER CO USD 69 943,80 89 060,15 0,37
1 700,00 CLOROX CO USD 79 089,02 87 164,04 0,36
2 809,00 DR PEPPER SNAPPLE GROUP INC USD 61 904,08 85 428,74 0,35
1 905,00 BUNGE LTD USD 88 763,85 83 939,45 0,35
4 126,00 COCA-COLA ENTERPRISES INC USD 58 687,65 81 938,36 0,34
5 583,00 AVON PRODUCTS INC USD 106 786,34 75 133,85 0,31
4 537,00 SAFEWAY INC USD 73 994,90 73 534,24 0,30
2 123,00 MOLSON COORS BREWING CO USD 66 639,42 71 205,50 0,29
1 802,00 BEAM, INC USD 64 150,47 71 113,86 0,29
976,00 HANSEN NATURAL CORP USD 44 277,24 69 274,46 0,29
1 090,00 BROWN-FORMAN CORP USD 51 633,46 67 600,74 0,28
1 865,00 CHURCH & DWIGHT CO INC USD 51 030,18 65 741,55 0,27
2 502,00 CAMPBELL SOUP CO USD 61 395,90 64 065,39 0,27
3 966,00 TYSON FOODS INC USD 50 117,77 63 057,61 0,26
1 557,00 MCCORMICK & CO INC/MD USD 48 489,03 60 473,70 0,25
1 686,00 GREEN MOUNTAIN COFFEE ROASTERS INC USD 87 049,36 58 249,89 0,24
896,00 ENERGIZER HOLDINGS INC USD 46 183,31 53 477,70 0,22
720,00 RALCORP HOLDINGS INC USD 37 108,08 47 421,33 0,20
1 923,00 HORMEL FOODS CORP USD 33 321,78 43 388,41 0,18
2 507,00 CONSTELLATION BRANDS INC USD 34 393,96 39 918,11 0,17
GREAT-BRITAIN 3 139 798,92 3 629 740,82 15,01
Basic Goods 3 139 798,92 3 629 740,82 15,01

24 925,00 BRITISH AMERICAN TOBACCO PLC GBP 715 027,46 911 741,45 3,77
31 747,00 DIAGEO PLC GBP 440 972,87 534 560,27 2,21
101 592,00 TESCO PLC GBP 484 065,96 490 685,77 2,03
16 257,00 UNILEVER PLC GBP 367 424,49 420 970,02 1,74
12 727,00 IMPERIAL TOBACCO GROUP PLC GBP 309 799,89 371 004,56 1,54
11 961,00 SABMILLER PLC GBP 270 910,77 324 546,90 1,34
7 765,00 RECKITT BENCKISER GROUP PLC GBP 290 036,85 295 612,52 1,22
28 246,00 WM MORRISON SUPERMARKETS PLC GBP 99 288,06 110 304,99 0,46
4 627,00 ASSOCIATED BRITISH FOODS PLC GBP 52 166,28 61 319,89 0,25
15 872,00 J SAINSBURY PLC GBP 62 153,46 57 555,28 0,24
6 099,00 TATE & LYLE PLC GBP 47 952,83 51 439,17 0,21
174
Nominal / % of
SWITZERLAND 1 670 861,28 1 961 046,35 8,11
Basic Goods 1 670 861,28 1 961 046,35 8,11

41 660,00 NESTLE SA CHF 1 580 473,35 1 853 233,27 7,66
1 107,00 ARYZTA AG CHF 35 916,22 41 401,93 0,17
1,00 LINDT & SPRUENGLI AG CHF 19 327,99 25 858,80 0,11
10,00 LINDT & SPRUENGLI AG CHF 19 435,69 23 016,72 0,10
23,00 BARRY CALLEBAUT AG CHF 15 708,03 17 535,63 0,07
JAPAN 1 052 935,68 1 205 619,55 4,98
Basic Goods 1 052 935,68 1 205 619,55 4,98

56,00 JAPAN TOBACCO INC JPY 162 870,68 202 964,24 0,84
9 416,00 SEVEN & I HLDG CO LTD JPY 179 320,60 202 216,54 0,84
6 639,00 KAO CORP JPY 126 925,66 139 786,39 0,58
10 100,00 KIRIN HLDG CO LTD JPY 99 451,37 94 649,90 0,39
4 832,00 ASAHI BREWERIES LTD JPY 67 992,98 81 759,19 0,34
7 600,00 AEON CO LTD JPY 66 051,50 80 428,79 0,33
7 625,00 AJINOMOTO CO INC JPY 58 994,79 70 539,89 0,29
4 330,00 SHISEIDO CO LTD JPY 62 528,99 61 343,32 0,25
1 436,00 UNICHARM CORP JPY 35 590,15 54 561,86 0,22
700,00 LAWSON INC JPY 24 889,25 33 675,52 0,14
1 177,00 YAKULT HONSHA CO LTD JPY 24 269,52 28 576,64 0,12
774,00 FAMILYMART CO LTD JPY 19 737,83 24 100,40 0,10
738,00 MEIJI HOLDINGS CO LTD JPY 22 069,09 23 607,51 0,10
718,00 NISSIN FOODS HOLDINGS CO LTD JPY 18 767,16 21 673,78 0,09
2 027,00 NISSHIN SEIFUN GROUP INC JPY 18 633,48 18 934,70 0,08
1 800,00 KIKKOMAN CORP JPY 16 695,22 15 931,17 0,06
1 500,00 YAMAZAKI BAKING CO LTD JPY 12 518,75 15 183,27 0,06
810,00 TOYO SUISAN KAISHA LTD JPY 15 208,07 15 124,70 0,06
1 450,00 NIPPON MEAT PACKERS INC JPY 13 702,70 13 878,70 0,06
500,00 COCA-COLA WEST CO LTD JPY 6 717,89 6 683,04 0,03
FRANCE 965 187,78 954 081,21 3,94
Basic Goods 965 187,78 954 081,21 3,94

7 333,00 DANONE EUR 332 866,65 356 163,81 1,47
3 009,00 L'OREAL SA EUR 234 704,98 242 826,30 1,01
2 477,00 PERNOD-RICARD SA EUR 156 302,19 177 501,82 0,73
7 429,00 CARREFOUR SA EUR 195 255,85 130 861,84 0,54
718,00 CASINO GUICHARD PERRACHON SA EUR 46 058,11 46 727,44 0,19
NETHERLANDS 767 848,64 866 287,13 3,58
Basic Goods 767 848,64 866 287,13 3,58

20 654,00 UNILEVER NV -ADR- EUR 470 915,30 548 776,78 2,27
14 456,00 KONINKLIJKE AHOLD NV EUR 135 383,93 150 414,68 0,62
3 341,00 HEINEKEN NV EUR 115 721,35 119 507,57 0,49
1 505,00 HEINEKEN HLDG NV EUR 45 828,06 47 588,10 0,20
AUSTRALIA 645 651,62 707 061,35 2,92
Basic Goods 645 651,62 707 061,35 2,92

15 600,00 WOOLWORTHS LTD AUD 287 538,11 309 230,43 1,28
12 895,00 WESFARMERS LTD AUD 274 416,71 300 418,91 1,24
7 236,00 COCA-COLA AMATIL LTD AUD 55 441,00 65 774,54 0,27
9 916,00 METCASH LTD AUD 28 255,80 31 637,47 0,13
BELGIUM 487 925,79 567 967,09 2,35
Basic Goods 487 925,79 567 967,09 2,35

10 173,00 ANHEUSER-BUSCH INBEV NV EUR 388 473,15 481 233,77 1,99
1 323,00 DELHAIZE GROUP SA EUR 67 191,54 57 424,82 0,24
1 002,00 COLRUYT SA EUR 32 261,10 29 308,50 0,12
CANADA 316 301,21 366 112,85 1,51
Basic Goods 316 301,21 366 112,85 1,51

2 787,00 SHOPPERS DRUG MART CORP CAD 85 714,30 86 740,51 0,36
1 857,00 SAPUTO INC CAD 44 634,07 54 831,63 0,23
1 319,00 METRO INC CAD 39 439,11 53 883,93 0,22
1 478,00 LOBLAW COS LTD CAD 38 456,11 43 025,92 0,18
175
Nominal / % of
4 874,00 VITERRA INC CAD 35 002,44 39 601,40 0,16

1 623,00 ALIMENTATION COUCHE TARD INC CAD 28 819,59 38 922,30 0,16
679,00 GEORGE WESTON LTD CAD 32 441,74 34 976,30 0,14
316,00 EMPIRE CO LTD CAD 11 793,85 14 130,86 0,06
GERMANY 284 379,22 288 455,32 1,19
Basic Goods 284 379,22 288 455,32 1,19

2 300,00 HENKEL AG & CO KGAA -PFD- EUR 90 380,89 102 557,00 0,42
1 687,00 HENKEL AG & CO KGAA EUR 55 091,05 63 093,80 0,26
1 311,00 BEIERSDORF AG EUR 56 975,26 57 448,02 0,24
1 683,00 METRO AG EUR 69 091,26 47 460,60 0,20
726,00 SUEDZUCKER AG EUR 12 840,76 17 895,90 0,07
SINGAPORE 127 282,55 130 139,24 0,54
Basic Goods 127 282,55 130 139,24 0,54

23 700,00 WILMAR INTERNATIONAL LTD SGD 74 382,10 70 399,68 0,29
85 160,00 GOLDEN AGRI-RESOURCES LTD SGD 28 367,20 36 173,79 0,15
18 623,00 OLAM INTERNATIONAL LTD SGD 24 533,25 23 565,77 0,10
SWEDEN 53 390,98 75 822,10 0,31
Basic Goods 53 390,98 75 822,10 0,31

2 762,00 SWEDISH MATCH AB SEK 53 390,98 75 822,10 0,31
DENMARK 78 279,07 75 416,12 0,31
Basic Goods 78 279,07 75 416,12 0,31

1 384,00 CARLSBERG A/S DKK 78 279,07 75 416,12 0,31
CAYMAN ISLANDS 63 546,08 61 097,29 0,25
Basic Goods 63 546,08 61 097,29 0,25

1 535,00 HERBALIFE LTD USD 63 546,08 61 097,29 0,25
IRELAND 45 340,00 51 908,85 0,22
Basic Goods 45 340,00 51 908,85 0,22

1 831,00 KERRY GROUP PLC EUR 45 340,00 51 908,85 0,22
PORTUGAL 27 538,60 36 924,73 0,15
Basic Goods 27 538,60 36 924,73 0,15

2 887,00 JERONIMO MARTINS SGPS SA EUR 27 538,60 36 924,73 0,15
SPAIN 34 497,15 26 792,67 0,11
Basic Goods 34 497,15 26 792,67 0,11

7 666,00 DISTRIBUIDORA INTERNACIONAL DE EUR 34 497,15 26 792,67 0,11
ALIMENTACION SA
GREECE 30 471,64 26 380,75 0,11
Basic Goods 30 471,64 26 380,75 0,11

1 991,00 COCA COLA HELLENIC BOTTLING CO SA EUR 30 471,64 26 380,75 0,11
FINLAND 24 859,10 23 156,32 0,10
Basic Goods 24 859,10 23 156,32 0,10

892,00 KESKO OYJ EUR 24 859,10 23 156,32 0,10
Total Portfolio 20 959 183,79 24 175 401,15 99,94
176

19/01/2012 78 656,87 USD 60 574,57 EUR 11,43

19/01/2012 19 862,28 GBP 23 681,49 EUR 91,65
19/01/2012 7 250,57 CHF 5 934,98 EUR 38,77
19/01/2012 444 363,00 JPY 4 389,80 EUR 59,72
19/01/2012 1 452,74 SGD 855,21 EUR 7,73
19/01/2012 3 035,91 CAD 2 256,53 EUR 39,28
19/01/2012 2 625,70 AUD 1 999,50 EUR 70,40
19/01/2012 495 685,00 JPY 4 897,81 EUR 65,61
19/01/2012 25 124,68 GBP 29 999,73 EUR 71,98
19/01/2012 4 900,17 CAD 3 632,66 EUR 72,94
19/01/2012 7 443,01 CHF 6 113,29 EUR 19,01
19/01/2012 7 479,52 AUD 5 740,40 EUR 155,88
19/01/2012 19 000,03 USD 14 505,17 EUR 129,73
19/01/2012 23 019,94 USD 17 663,03 EUR 68,24
19/01/2012 4 240,98 AUD 3 297,93 EUR 45,34
19/01/2012 515,65 SGD 304,49 EUR 1,81
19/01/2012 1 104,72 CHF 906,37 EUR 3,81
19/01/2012 596,11 AUD 464,86 EUR 5,07
19/01/2012 544,37 GBP 650,73 EUR 0,83
19/01/2012 3 319,93 AUD 2 598,05 EUR 19,13
19/01/2012 107 027,00 JPY 1 067,37 EUR 4,32
19/01/2012 43 501,78 USD 33 497,82 EUR 9,73
19/01/2012 33 235,76 EUR 246 924,80 DKK 14,03
19/01/2012 13 180,13 EUR 11 003,34 GBP 10,24
19/01/2012 10 542,90 EUR 8 792,45 GBP 19,22
19/01/2012 415,88 EUR 3 090,19 DKK 0,12
19/01/2012 19 200,09 EUR 16 018,37 GBP 27,72
19/01/2012 1 988,15 EUR 2 569,06 AUD (37,10)

19/01/2012 4 447,30 EUR 450 485,00 JPY (63,52)
19/01/2012 2 812,02 EUR 3 756,69 CAD (28,86)
19/01/2012 5 799,22 EUR 7 090,03 CHF (42,26)
19/01/2012 53 890,20 EUR 70 386,63 USD (325,59)
19/01/2012 2 356,60 EUR 2 882,60 CHF (18,37)
19/01/2012 600,28 EUR 774,29 AUD (10,11)
19/01/2012 661,20 EUR 5 925,99 SEK (4,05)
19/01/2012 4 798,12 EUR 5 858,38 CHF (28,60)
19/01/2012 50 387,11 EUR 65 836,71 USD (324,07)
19/01/2012 1 709,07 EUR 172 349,00 JPY (16,70)
19/01/2012 6 739,66 EUR 8 214,60 CHF (28,35)
19/01/2012 20 999,02 EUR 17 624,87 GBP (96,17)
19/01/2012 3 942,13 DKK 530,96 EUR (0,58)
19/01/2012 9 642,66 GBP 11 581,05 EUR (39,76)
19/01/2012 13 776,46 USD 10 651,14 EUR (39,73)
19/01/2012 613,59 SGD 365,59 EUR (1,11)
19/01/2012 1 952,40 CAD 1 480,35 EUR (3,91)
19/01/2012 35 873,03 USD 27 800,28 EUR (168,83)
19/01/2012 1 248,84 EUR 11 330,78 SEK (23,16)
19/01/2012 317 834,73 EUR 418 818,33 AUD (12 329,76)
19/01/2012 530 685,79 EUR 53 689 141,00 JPY (6 916,98)
19/01/2012 161 578,47 EUR 218 222,94 CAD (3 445,79)
19/01/2012 843 922,58 EUR 1 035 283,97 CHF (9 048,19)
19/01/2012 1 617 988,35 EUR 1 357 914,36 GBP (7 298,07)
19/01/2012 230,75 EUR 2 333,04 HKD (0,64)
19/01/2012 289,53 EUR 2 256,78 NOK (1,58)
19/01/2012 21 536,43 EUR 196 275,37 SEK (497,50)
19/01/2012 59 178,38 EUR 100 627,80 SGD (595,44)
19/01/2012 5 791 343,56 EUR 7 523 053,16 USD (3 339,87)
177

19/01/2012 35 556,51 EUR 46 361,82 USD (154,00)

19/01/2012 4 117,11 EUR 417 235,00 JPY (60,77)
19/01/2012 11 139,17 EUR 14 491,94 USD (23,35)
19/01/2012 9 338,98 EUR 83 828,14 SEK (71,59)
19/01/2012 17 556,60 EUR 21 378,33 CHF (57,01)
19/01/2012 103 014,99 EUR 134 354,98 USD (472,86)
178
Assets Notes
Banks 333 238,16
Liabilities


179

2011 IN EUR

financial instruments 312 423,64

180
Nominal / % of
Shares 28 137 310,20 31 294 136,23 98,95
UNITED STATES 16 492 402,27 18 665 611,31 59,02
Health 16 492 402,27 18 665 611,31 59,02

129 895,00 PFIZER INC USD 1 821 880,66 2 165 333,58 6,85
51 390,00 MERCK & CO INC USD 1 302 027,77 1 492 433,84 4,72
29 544,00 BRISTOL-MYERS SQUIBB CO USD 576 138,69 802 010,98 2,54
18 936,00 UNITEDHEALTH GROUP INC USD 587 308,94 739 264,70 2,34
13 640,00 AMGEN INC USD 560 122,65 674 671,18 2,13
18 352,00 ELI LILLY & CO USD 505 842,48 587 535,43 1,86
17 657,00 MEDTRONIC INC USD 512 368,45 520 263,64 1,65
13 836,00 GILEAD SCIENCES INC USD 406 913,72 436 241,94 1,38
7 636,00 CELGENE CORP USD 313 094,76 397 637,87 1,26
9 361,00 BAXTER INTERNATIONAL INC USD 373 840,11 356 801,82 1,13
5 249,00 ALLERGAN INC/UNITED STATES USD 266 833,64 354 771,99 1,12
4 171,00 BIOGEN IDEC INC USD 239 121,08 353 594,38 1,12
6 738,00 WELLPOINT INC USD 324 464,70 343 868,20 1,09
768,00 INTUITIVE SURGICAL INC USD 191 304,27 273 921,87 0,87
6 301,00 MEDCO HEALTH SOLUTIONS INC USD 255 106,84 271 329,12 0,86
7 574,00 EXPRESS SCRIPTS INC USD 265 318,30 260 741,87 0,82
4 160,00 MCKESSON CORP USD 215 467,48 249 667,29 0,79
7 014,00 AETNA INC USD 193 329,85 227 955,67 0,72
3 357,00 HUMANA INC USD 153 332,72 226 558,39 0,72
6 324,00 THERMO FISHER SCIENTIFIC INC USD 242 714,71 219 073,51 0,69
6 778,00 CARDINAL HEALTH INC USD 202 942,17 212 036,03 0,67
3 844,00 ALEXION PHARMACEUTICALS INC USD 143 992,48 211 721,29 0,67
3 609,00 BECTON DICKINSON AND CO USD 205 529,76 207 729,83 0,66
4 812,00 STRYKER CORP USD 193 469,59 184 265,70 0,58
5 766,00 AGILENT TECHNOLOGIES INC USD 173 884,01 155 148,77 0,49
4 728,00 CIGNA CORP USD 139 598,51 152 968,45 0,48
5 426,00 ST JUDE MEDICAL INC USD 172 670,18 143 366,94 0,45
5 995,00 FOREST LABORATORIES INC USD 137 439,56 139 744,02 0,44
1 861,00 PERRIGO CO USD 92 269,79 139 487,19 0,44
1 066,00 SYNTHES INC CHF 114 934,66 138 310,40 0,44
2 742,00 WATSON PHARMACEUTICALS INC USD 109 699,09 127 452,36 0,40
4 239,00 AMERISOURCEBERGEN CORP USD 107 442,03 121 440,83 0,38
7 247,00 MYLAN INC/PA USD 107 914,12 119 801,73 0,38
2 903,00 ZIMMER HOLDINGS INC USD 127 616,46 119 460,97 0,38
2 031,00 DAVITA INC USD 111 284,72 118 607,33 0,37
2 596,00 QUEST DIAGNOSTICS INC USD 103 907,16 116 106,58 0,37
1 719,00 LABORATORY CORP OF AMERICA HOLDINGS USD 107 183,32 113 840,80 0,36
1 125,00 PHARMASSET INC USD 109 372,06 111 100,41 0,35
2 347,00 CERNER CORP USD 80 344,78 110 737,40 0,35
2 085,00 VARIAN MEDICAL SYSTEMS INC USD 88 736,96 107 819,63 0,34
23 857,00 BOSTON SCIENTIFIC CORP USD 123 636,53 98 136,87 0,31
3 165,00 LIFE TECHNOLOGIES CORP USD 105 359,44 94 865,89 0,30
1 724,00 EDWARDS LIFESCIENCES CORP USD 85 269,44 93 892,69 0,30
1 413,00 CR BARD INC USD 94 494,97 93 064,36 0,29
3 446,00 VERTEX PHARMACEUTICALS INC USD 101 221,75 88 157,50 0,28
1 366,00 WATERS CORP USD 78 546,34 77 920,35 0,25
3 838,00 CAREFUSION CORP USD 70 960,36 75 125,05 0,24
1 411,00 HENRY SCHEIN INC USD 65 586,67 70 030,99 0,22
2 413,00 DENTSPLY INTERNATIONAL INC USD 62 358,04 65 039,38 0,21
4 468,00 HOLOGIC INC USD 61 129,83 60 266,29 0,19
2 573,00 COVENTRY HEALTH CARE INC USD 55 146,00 60 194,90 0,19
2 474,00 HOSPIRA INC USD 90 694,35 57 878,81 0,18
3 215,00 HCA HOLDINGS INC USD 62 794,95 54 559,53 0,17
1 892,00 OMNICARE INC USD 37 940,02 50 209,45 0,16
2 280,00 LINCARE HOLDINGS INC USD 40 249,72 45 155,64 0,14
1 800,00 ILLUMINA INC USD 76 844,50 42 263,22 0,13
8 455,00 PDL BIOPHARMA INC USD 33 978,38 40 381,31 0,13
1 725,00 PATTERSON COS INC USD 39 281,26 39 226,59 0,12
1 370,00 LIFEPOINT HOSPITALS INC USD 39 866,01 39 206,18 0,12
181
Nominal / % of
2 300,00 ALLSCRIPTS HEALTHCARE SOLUTIONS INC USD 31 747,62 33 556,98 0,11

2 000,00 VCA ANTECH INC USD 29 454,18 30 427,92 0,10
851,00 COVANCE INC USD 32 292,21 29 971,67 0,09
350,00 ATHENAHEALTH INC USD 15 456,39 13 243,46 0,04
SWITZERLAND 3 153 420,12 3 478 907,99 11,00
Health 3 153 420,12 3 478 907,99 11,00

39 581,00 NOVARTIS AG CHF 1 610 125,17 1 750 967,60 5,54
806,00 SONOVA HOLDING AG CHF 60 284,24 65 235,60 0,21
1 579,00 ACTELION LTD CHF 53 847,39 41 949,71 0,13
684,00 LONZA GROUP AG CHF 34 126,14 31 272,76 0,10
99,00 STRAUMANN HOLDING AG CHF 17 755,60 13 220,12 0,04
GREAT-BRITAIN 2 240 710,83 2 482 999,32 7,85
Health 2 240 710,83 2 482 999,32 7,85

86 664,00 GLAXOSMITHKLINE PLC GBP 1 313 918,75 1 526 698,35 4,83
23 210,00 ASTRAZENECA PLC GBP 797 493,75 826 639,88 2,61
13 846,00 SMITH & NEPHEW PLC GBP 103 637,11 103 682,60 0,33
3 500,00 HIKMA PHARMACEUTICALS PLC GBP 25 661,22 25 978,49 0,08
JAPAN 1 606 689,47 1 683 700,23 5,32
Health 1 606 689,47 1 683 700,23 5,32

12 992,00 TAKEDA PHARMACEUTICAL CO LTD JPY 444 474,95 439 658,68 1,39
7 291,00 ASTELLAS PHARMA INC JPY 201 734,23 228 483,25 0,72
11 082,00 DAIICHI SANKYO CO LTD JPY 166 954,34 169 315,07 0,54
4 168,00 EISAI CO LTD JPY 111 764,26 132 910,74 0,42
2 707,00 TERUMO CORP JPY 103 793,08 98 246,98 0,31
3 830,00 OTSUKA HOLDINGS CO LTD JPY 70 892,20 82 981,06 0,26
1 492,00 ONO PHARMACEUTICAL CO LTD JPY 54 311,34 64 532,06 0,20
3 943,00 CHUGAI PHARMACEUTICAL CO LTD JPY 48 441,81 50 096,96 0,16
4 577,00 KYOWA HAKKO KIRIN CO LTD JPY 32 380,81 43 167,29 0,14
4 130,00 SHIONOGI & CO LTD JPY 51 442,47 40 894,91 0,13
2 960,00 MITSUBISHI TANABE PHARMA CORP JPY 35 057,67 36 096,24 0,11
1 120,00 SANTEN PHARMACEUTICAL CO LTD JPY 29 220,03 35 546,78 0,11
1 089,00 HISAMITSU PHARMACEUTICAL CO INC JPY 32 678,19 35 544,17 0,11
3 106,00 OLYMPUS CORP JPY 53 168,77 31 470,59 0,10
500,00 TAISHO PHARMACEUTICAL HLDG CO LTD JPY 25 823,15 29 735,78 0,09
1 100,00 SYSMEX CORP JPY 26 421,60 27 621,24 0,09
875,00 MIRACA HOLDINGS INC JPY 23 894,22 26 851,06 0,09
1 242,00 SUZUKEN CO LTD JPY 23 736,43 26 536,21 0,08
2 803,00 DAINIPPON SUMITOMO PHARMA CO LTD JPY 19 062,76 24 611,93 0,08
685,00 ALFRESA HOLDINGS CORP JPY 19 450,29 22 255,03 0,07
2 590,00 MEDIPAL HOLDINGS CORP JPY 16 922,97 20 848,69 0,07
717,00 TSUMURA & CO JPY 15 063,90 16 295,51 0,05
GERMANY 1 125 580,45 1 129 992,40 3,57
Raw materials 661 929,44 612 461,20 1,94

12 398,00 BAYER AG EUR 661 929,44 612 461,20 1,94
Health 463 651,01 517 531,20 1,63

3 459,00 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 156 087,32 181 597,50 0,57
2 381,00 FRESENIUS SE & CO KGAA EUR 147 919,06 170 193,88 0,54
1 070,00 MERCK KGAA EUR 72 305,08 82 422,10 0,26
2 030,00 RHOEN KLINIKUM AG EUR 31 648,20 29 881,60 0,09
430,00 DRAEGERWERK AG & CO KGAA -PFD- EUR 29 388,91 26 961,00 0,09
2 163,00 CELESIO AG EUR 26 302,44 26 475,12 0,08
FRANCE 986 347,77 1 073 080,70 3,39
Health 986 347,77 1 073 080,70 3,39

15 113,00 SANOFI AVENTIS SA EUR 792 192,57 857 662,75 2,71
3 949,00 CIE GENERALE D'OPTIQUE ESSILOR EUR 194 155,20 215 417,95 0,68
INTERNATIONAL SA
DENMARK 576 766,57 712 905,37 2,25
Health 576 766,57 712 905,37 2,25

7 054,00 NOVO NORDISK A/S DKK 500 159,38 626 401,04 1,98
182
Nominal / % of
613,00 COLOPLAST A/S DKK 59 289,92 68 126,11 0,21

286,00 WILLIAM DEMANT HOLDING A/S DKK 17 317,27 18 378,22 0,06
IRELAND 541 163,67 646 919,58 2,04
Health 541 163,67 646 919,58 2,04

8 129,00 COVIDIEN PLC USD 281 480,27 281 852,09 0,89
9 291,00 SHIRE PLC GBP 171 714,96 249 485,88 0,79
8 677,00 ELAN CORP PLC -ADR- EUR 57 186,54 93 017,44 0,29
1 936,00 WARNER CHILCOTT PLC USD 30 781,90 22 564,17 0,07
ISRAEL 562 189,10 482 939,47 1,53
Health 562 189,10 482 939,47 1,53

10 927,00 TEVA PHARMACEUTICAL INDUSTRIES LTD ILS 410 527,72 337 685,13 1,07
4 672,00 TEVA PHARMACEUTICAL INDUSTRIES LTD -ADR- USD 151 661,38 145 254,34 0,46
AUSTRALIA 391 212,78 419 590,95 1,33
Health 391 212,78 419 590,95 1,33

8 697,00 CSL LTD AUD 204 627,21 219 787,69 0,70
4 150,00 RAMSAY HEALTH CARE LTD AUD 54 844,18 63 188,64 0,20
6 099,00 SONIC HEALTHCARE LTD AUD 52 408,22 54 331,49 0,17
923,00 COCHLEAR LTD AUD 46 070,49 45 193,64 0,14
3 230,00 ANSELL LTD AUD 33 262,68 37 089,49 0,12
CANADA 125 123,13 172 562,90 0,55
Health 125 123,13 172 562,90 0,55

4 786,00 VALEANT PHARMACEUTICALS INTERNATIONAL INC CAD 125 123,13 172 562,90 0,55
BELGIUM 126 037,63 132 534,11 0,42
Health 126 037,63 132 534,11 0,42

2 861,00 UCB SA EUR 87 709,31 93 011,11 0,29
1 100,00 OMEGA PHARMA EUR 38 328,32 39 523,00 0,13
SWEDEN 107 941,51 119 803,20 0,38
Health 107 941,51 119 803,20 0,38

4 744,00 GETINGE AB SEK 82 661,72 92 969,35 0,29
800,00 ELEKTA AB SEK 25 279,79 26 833,85 0,09
NETHERLANDS 53 579,77 43 249,65 0,14
Health 53 579,77 43 249,65 0,14

4 061,00 QIAGEN NV EUR 53 579,77 43 249,65 0,14
SPAIN 29 413,32 31 745,60 0,10
Health 29 413,32 31 745,60 0,10

2 294,00 GRIFOLS SA EUR 29 413,32 29 822,00 0,09
229,00 GRIFOLS SA - CLASS B EUR 0,00 1 923,60 0,01
FINLAND 18 731,81 17 593,45 0,06
Health 18 731,81 17 593,45 0,06

1 169,00 ORION OYJ EUR 18 731,81 17 593,45 0,06
Total Portfolio 28 137 310,20 31 294 136,23 98,95
183
Purchase Unrealised
100 15 Purchase BAYER AG 16/03/2012 EUR 4 556,25 74 196,75

100 45 Purchase SANOFI 16/03/2012 EUR 16 369,65 255 954,15
184

19/01/2012 77 883,78 USD 59 979,21 EUR 11,31

19/01/2012 10 345,42 CHF 8 468,28 EUR 55,31
19/01/2012 14 248,45 GBP 16 988,20 EUR 65,76
19/01/2012 4 091,99 CAD 3 041,49 EUR 52,95
19/01/2012 901,21 AUD 686,28 EUR 24,17
19/01/2012 67 626,00 JPY 668,07 EUR 9,09
19/01/2012 3 255,78 SEK 359,01 EUR 6,48
19/01/2012 733 548,00 JPY 7 248,11 EUR 97,09
19/01/2012 1 624,55 GBP 1 939,77 EUR 4,65
19/01/2012 10 292,67 CHF 8 453,85 EUR 26,28
19/01/2012 10 406,45 USD 7 944,58 EUR 71,06
19/01/2012 9 694,85 CHF 7 933,56 EUR 54,03
19/01/2012 913 931,00 JPY 8 986,68 EUR 164,74
19/01/2012 1 900,96 AUD 1 478,25 EUR 20,32
19/01/2012 4 547,53 CHF 3 719,38 EUR 27,33
19/01/2012 106 928,00 JPY 1 060,57 EUR 10,13
19/01/2012 563,98 GBP 674,17 EUR 0,86
19/01/2012 6 512,10 CHF 5 345,43 EUR 19,89
19/01/2012 198 001,54 EUR 1 471 050,61 DKK 83,60
19/01/2012 106 222,15 EUR 525 993,42 ILS 313,00
19/01/2012 2 203,06 EUR 10 903,36 ILS 7,66
19/01/2012 7 713,86 EUR 6 439,86 GBP 6,00
19/01/2012 6 602,94 EUR 5 506,65 GBP 12,04
19/01/2012 1 129,37 EUR 5 579,63 ILS 5,91
19/01/2012 3 412,04 EUR 25 353,37 DKK 0,95
19/01/2012 8 294,10 EUR 6 919,65 GBP 11,98
19/01/2012 4 960,51 EUR 6 418,68 USD 16,48
19/01/2012 1 693,92 EUR 2 286,19 CAD (34,94)

19/01/2012 11 542,81 EUR 15 017,07 USD (24,19)
19/01/2012 2 708,99 EUR 274 534,00 JPY (39,99)
19/01/2012 7 008,93 EUR 8 534,64 CHF (22,76)
19/01/2012 102 681,55 EUR 133 920,10 USD (471,33)
19/01/2012 2 866,23 EUR 21 305,85 DKK (0,30)
19/01/2012 2 198,53 EUR 2 840,92 AUD (41,04)
19/01/2012 14 623,96 EUR 19 100,53 USD (88,35)
19/01/2012 15 350,25 EUR 1 554 889,00 JPY (219,24)
19/01/2012 26 875,87 EUR 35 034,21 USD (109,47)
19/01/2012 524,88 EUR 677,03 AUD (8,84)
19/01/2012 10 439,10 EUR 12 745,87 CHF (62,23)
19/01/2012 44 917,39 EUR 58 689,87 USD (288,89)
19/01/2012 565,70 EUR 4 206,73 DKK (0,28)
19/01/2012 731,47 EUR 613,94 GBP (3,35)
19/01/2012 1 586,37 EUR 11 795,09 DKK (0,56)
19/01/2012 24 521,31 EUR 31 852,85 USD (13,57)
19/01/2012 36 824,41 DKK 4 959,81 EUR (5,38)
19/01/2012 5 809,72 ILS 1 177,07 EUR (7,28)
19/01/2012 4 072,05 GBP 4 890,70 EUR (16,87)
19/01/2012 7 821,52 GBP 9 393,82 EUR (32,25)
19/01/2012 6 305,21 ILS 1 276,30 EUR (6,74)
19/01/2012 30 398,07 DKK 4 092,24 EUR (2,43)
19/01/2012 2 955,90 ILS 599,76 EUR (4,59)
19/01/2012 758,54 CAD 575,14 EUR (1,52)
19/01/2012 111 804,23 USD 86 644,18 EUR (526,20)
19/01/2012 1 010 237,93 EUR 1 239 311,70 CHF (10 831,35)
19/01/2012 36 645,90 EUR 333 977,70 SEK (846,54)
19/01/2012 121 569,70 EUR 160 195,26 AUD (4 716,05)
19/01/2012 50 103,29 EUR 67 667,97 CAD (1 068,49)
185

19/01/2012 777 618,24 EUR 652 624,58 GBP (3 507,50)

19/01/2012 471 573,75 EUR 47 708 814,00 JPY (6 146,51)
19/01/2012 37,36 EUR 291,18 NOK (0,20)
19/01/2012 16,84 EUR 29,29 NZD (0,74)
19/01/2012 82,29 EUR 139,93 SGD (0,83)
19/01/2012 5 273 893,15 EUR 6 850 876,33 USD (3 041,46)
19/01/2012 16 956,91 EUR 20 689,15 CHF (88,89)
19/01/2012 34 470,31 EUR 44 945,54 USD (149,30)
186
Assets Notes
Banks 366 410,47
Liabilities


187

2011 IN EUR

- investments (8 037 571,43)

188
Nominal / % of
Shares 58 486 948,93 51 463 303,73 99,20
UNITED STATES 21 598 876,30 19 813 694,63 38,19
Finance 21 376 912,75 19 591 803,48 37,76

84 755,00 WELLS FARGO & CO USD 1 815 957,98 1 799 366,63 3,47
61 421,00 JPMORGAN CHASE & CO USD 1 764 021,72 1 573 198,97 3,03
44 028,00 CITIGROUP INC USD 1 550 606,36 892 328,83 1,72
15 045,00 BERKSHIRE HATHAWAY INC USD 810 176,16 884 284,17 1,70
33 561,00 US BANCORP USD 609 163,41 699 322,15 1,35
17 711,00 AMERICANRESS CO USD 578 957,69 643 552,65 1,24
147 315,00 BANK OF AMERICA CORP USD 1 674 964,74 630 952,81 1,22
7 863,00 GOLDMAN SACHS GROUP INC USD 773 970,83 547 741,85 1,06
4 874,00 SIMON PROPERTY GROUP INC USD 330 991,82 484 114,75 0,93
17 168,00 METLIFE INC USD 487 601,14 412 354,69 0,79
8 734,00 PNC FINANCIAL SERVICES GROUP INC USD 376 461,53 388 005,84 0,75
8 749,00 PRUDENTIAL FINANCIAL INC USD 349 345,59 337 788,30 0,65
6 815,00 TRAVELERS COS INC USD 264 282,35 310 629,39 0,60
20 082,00 BANK OF NEW YORK MELLON CORP USD 397 899,00 308 001,86 0,59
5 488,00 CHUBB CORP USD 223 087,99 292 631,33 0,56
9 157,00 STATE STREET CORP USD 291 281,08 284 342,08 0,55
8 688,00 CAPITAL ONE FINANCIAL CORP USD 290 651,85 283 030,10 0,55
23 991,00 MORGAN STANLEY USD 454 703,03 279 616,24 0,54
2 457,00 PUBLIC STORAGE USD 181 370,41 254 491,56 0,49
7 533,00 AFLAC INC USD 248 747,34 251 032,30 0,48
9 256,00 MARSH & MCLENNAN COS INC USD 177 441,83 225 455,24 0,43
11 476,00 BB&T CORP USD 216 336,14 222 509,66 0,43
4 993,00 EQUITY RESIDENTIAL USD 177 073,37 219 351,22 0,42
6 853,00 HCP INC USD 165 439,46 218 711,08 0,42
1 562,00 BLACKROCK INC USD 200 365,27 214 467,42 0,41
1 078,00 CME GROUP INC USD 249 082,15 202 346,62 0,39
16 097,00 ANNALY CAPITAL MANAGEMENT INC USD 202 639,66 197 903,26 0,38
4 611,00 VENTAS INC USD 161 414,90 195 820,54 0,38
2 632,00 FRANKLIN RESOURCES INC USD 207 506,73 194 761,71 0,38
2 456,00 BOSTON PROPERTIES INC USD 153 758,27 188 435,54 0,36
4 151,00 T ROWE PRICE GROUP INC USD 163 838,65 182 104,88 0,35
18 429,00 FIFTH THIRD BANCORP USD 156 056,37 180 577,65 0,35
5 007,00 AON CORP USD 165 497,51 180 508,88 0,35
8 397,00 ALLSTATE CORP USD 178 788,96 177 299,83 0,34
7 746,00 PROLOGIS INC USD 176 592,55 170 595,18 0,33
8 958,00 DISCOVER FINANCIAL SERVICES USD 136 177,06 165 614,14 0,32
2 790,00 VORNADO REALTY TRUST USD 158 333,88 165 188,46 0,32
5 479,00 LOEWS CORP USD 148 129,08 158 906,40 0,31
1 576,00 AVALONBAY COMMUNITIES INC REIT USD 127 093,39 158 553,02 0,31
10 394,00 PROGRESSIVE CORP USD 140 159,92 156 212,26 0,30
17 108,00 CHARLES SCHWAB CORP USD 207 507,44 148 392,77 0,29
3 775,00 AMERIPRISE FINANCIAL INC USD 139 461,96 144 352,35 0,28
7 937,00 AMERICAN INTERNATIONAL GROUP INC USD 157 363,50 141 846,78 0,27
2 383,00 M&T BANK CORP USD 137 420,50 140 136,52 0,27
3 273,00 HEALTH CARE REIT INC USD 111 032,80 137 485,41 0,27
11 791,00 HOST HOTELS & RESORTS INC USD 115 908,62 134 154,81 0,26
8 810,00 WEYERHAEUSER CO USD 120 133,88 126 705,46 0,24
9 225,00 SUNTRUST BANKS INC USD 186 620,01 125 780,92 0,24
20 455,00 KEYCORP USD 113 314,32 121 171,63 0,23
7 561,00 INVESCO LTD USD 117 776,51 117 013,05 0,23
1 254,00 INTERCONTINENTALEXCHANGE INC USD 106 712,39 116 450,10 0,22
9 824,00 CBRE GROUP INC USD 124 902,90 115 180,28 0,22
4 281,00 MOODY'S CORP USD 108 708,15 111 068,89 0,21
7 320,00 LINCOLN NATIONAL CORP USD 117 764,17 109 505,37 0,21
3 479,00 NORTHERN TRUST CORP USD 123 453,41 106 287,52 0,20
5 440,00 PRINCIPAL FINANCIAL GROUP INC USD 102 821,31 103 088,24 0,20
2 867,00 TORCHMARK CORP USD 83 315,84 95 828,01 0,18
9 063,00 SLM CORP USD 91 820,47 93 551,75 0,18
5 289,00 UNUM GROUP USD 85 386,58 85 844,65 0,17
1 670,00 DIGITAL REALTY TRUST INC USD 77 921,18 85 767,36 0,17
2 180,00 MACERICH CO USD 76 070,31 84 973,23 0,16
189
Nominal / % of
4 166,00 NYSE EURONEXT USD 100 643,34 83 759,66 0,16

1 138,00 FEDERAL REALTY INVESTMENT TRUST USD 56 398,28 79 554,37 0,15
2 910,00 CIT GROUP INC USD 87 833,39 78 166,39 0,15
6 191,00 HARTFORD FINANCIAL SERVICES GROUP INC USD 104 414,51 77 497,78 0,15
2 247,00 RAYONIER INC USD 58 734,02 77 251,17 0,15
23 212,00 REGIONS FINANCIAL CORP USD 137 444,43 76 887,57 0,15
2 689,00 PLUM CREEK TIMBER CO INC USD 69 598,57 75 730,72 0,15
6 017,00 KIMCO REALTY CORP USD 73 160,68 75 273,33 0,15
7 800,00 NEW YORK COMMUNITY BANCORP INC USD 83 949,32 74 325,77 0,14
6 325,00 GENERAL GROWTH PROPERTIES INC USD 75 267,56 73 182,22 0,14
6 958,00 PEOPLE'S UNITED FINANCIAL INC USD 77 108,58 68 875,17 0,13
3 367,00 COMERICA INC USD 77 289,39 66 917,23 0,13
3 493,00 LEUCADIA NATIONAL CORP USD 72 608,90 61 187,71 0,12
2 207,00 WR BERKLEY CORP USD 40 053,65 58 466,84 0,11
2 464,00 CINCINNATI FINANCIAL CORP USD 46 749,58 57 815,69 0,11
4 640,00 BROOKFIELD PROPERTIES CORP CAD 51 628,25 56 058,77 0,11
2 122,00 LIBERTY PROPERTY TRUST USD 46 266,37 50 477,49 0,10
3 921,00 FIDELITY NATIONAL FINANCIAL INC USD 40 603,22 48 115,80 0,09
9 053,00 GENWORTH FINANCIAL INC USD 71 121,10 45 678,20 0,09
1 545,00 REGENCY CENTERS CORP USD 45 216,22 44 773,64 0,09
1 370,00 ASSURANT INC USD 36 217,85 43 332,59 0,08
4 659,00 DUKE REALTY CORP USD 42 126,60 43 246,89 0,08
8 762,00 HUDSON CITY BANCORP INC USD 76 057,39 42 185,03 0,08
2 155,00 NASDAQ OMX GROUP INC USD 34 634,41 40 687,94 0,08
2 172,00 EATON VANCE CORP USD 46 266,59 39 553,27 0,08
3 234,00 TD AMERITRADE HOLDING CORP USD 41 793,53 38 987,87 0,08
1 986,00 LEGG MASON INC USD 44 695,12 36 793,36 0,07
2 621,00 SEI INVESTMENTS CO USD 42 700,05 35 030,12 0,07
1 620,00 AMTRUST FINANCIAL SERVICES INC USD 28 341,88 29 638,33 0,06
3 000,00 UMPQUA HLDG CORP USD 26 833,07 28 633,05 0,06
2 400,00 FIRSTMERIT CORP USD 25 433,26 27 972,11 0,05
945,00 COMMERCE BANCSHARES INC USD 25 600,39 27 749,80 0,05
3 200,00 ASSOCIATED BANC CORP USD 25 327,08 27 534,57 0,05
1 100,00 WINTRUST FINANCIAL CORP USD 23 412,75 23 768,44 0,05

4 800,00 AMERICAN TOWER CORP USD 221 963,55 221 891,15 0,43
CANADA 4 656 543,69 4 809 649,86 9,27
Finance 4 656 543,69 4 809 649,86 9,27

23 876,00 ROYAL BANK OF CANADA CAD 864 853,96 938 898,29 1,81
15 372,00 TORONTO-DOMINION BANK CAD 799 230,35 887 194,20 1,71
17 808,00 BANK OF NOVA SCOTIA CAD 648 938,83 684 787,71 1,32
10 355,00 BANK OF MONTREAL CAD 419 726,45 437 751,06 0,84
6 437,00 CANADIAN IMPERIAL BANK OF COMMERCE CAD 334 058,41 359 336,82 0,69
30 163,00 MANULIFE FINANCIAL CORP CAD 358 002,67 247 585,37 0,48
9 512,00 BROOKFIELD ASSET MANAGEMENT INC CAD 184 695,11 201 776,49 0,39
2 763,00 NATIONAL BANK OF CANADA CAD 135 923,40 150 791,80 0,29
9 779,00 SUN LIFE FINANCIAL INC CAD 195 930,11 139 822,46 0,27
5 988,00 POWER CORP OF CANADA CAD 106 955,26 107 905,67 0,21
326,00 FAIRFAX FINANCIAL HOLDINGS LTD CAD 88 026,78 107 777,89 0,21
1 861,00 INTACT FINANCIAL CORP CAD 67 132,50 82 403,49 0,16
2 398,00 TMX GROUP INC CAD 67 307,19 75 631,34 0,15
4 290,00 GREAT-WEST LIFECO INC CAD 73 020,27 66 207,65 0,13
3 326,00 POWER FINANCIAL CORP CAD 68 150,92 64 263,42 0,12
1 798,00 IGM FINANCIAL INC CAD 54 761,43 60 162,70 0,12
2 450,00 RIOCAN REAL ESTATE INVESTMENT TRUST CAD 39 917,65 48 987,35 0,09
2 927,00 CI FINANCIAL CORP CAD 46 020,68 46 722,48 0,09
1 745,00 ONEX CORP CAD 35 565,81 43 801,86 0,08
1 543,00 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL CAD 42 438,68 30 688,61 0,06
SERVICES INC
1 290,00 H&R REIT CAD 21 762,60 22 699,70 0,04
157,00 GREAT-WEST LIFECO INC -PFD- 31/12/2049 CAD 2 491,83 3 010,91 0,01
236,00 BROOKFIELD RESIDENTIAL PROPERTIES INC CAD 1 632,80 1 442,59 0,00
GREAT-BRITAIN 6 102 295,32 4 807 969,28 9,27
Finance 6 102 295,32 4 807 969,28 9,27

293 505,00 HSBC HOLDINGS PLC GBP 2 231 989,82 1 725 422,51 3,33
41 242,00 STANDARD CHARTERED PLC GBP 715 151,39 695 672,69 1,34
190
Nominal / % of
204 264,00 BARCLAYS PLC GBP 658 422,41 430 508,87 0,83
42 556,00 PRUDENTIAL PLC GBP 317 959,08 325 293,92 0,63
655 766,00 LLOYDS BANKING GROUP PLC GBP 411 027,53 203 369,92 0,39
44 034,00 AVIVA PLC GBP 200 951,07 158 569,70 0,31
122 177,00 LEGAL & GENERAL GROUP PLC GBP 148 453,54 150 361,56 0,29
88 397,00 OLD MUTUAL PLC GBP 122 564,22 143 394,03 0,28
20 793,00 BRITISH LAND CO PLC GBP 129 985,88 115 128,58 0,22
13 347,00 LAND SECURITIES GROUP PLC GBP 116 073,30 101 543,82 0,20
3 002,00 WILLIS GROUP HOLDINGS PLC USD 69 780,66 89 725,84 0,17
36 056,00 STANDARD LIFE PLC GBP 85 076,01 89 049,41 0,17
262 955,00 ROYAL BANK OF SCOTLAND GROUP PLC GBP 209 222,28 63 526,78 0,12
20 378,00 RESOLUTION LTD GBP 65 134,56 61 331,14 0,12
47 449,00 RSA INSURANCE GROUP PLC GBP 67 730,98 59 758,14 0,12
13 048,00 HAMMERSON PLC REIT GBP 65 763,06 56 234,22 0,11
34 656,00 MAN GROUP PLC GBP 109 307,12 52 151,64 0,10
10 362,00 ICAP PLC GBP 56 773,15 43 033,05 0,08
17 915,00 3I GROUP PLC GBP 59 061,60 38 819,47 0,07
10 302,00 CAPITAL SHOPPING CENTRES GROUP PLC GBP 44 741,09 38 516,59 0,07
3 712,00 ADMIRAL GROUP PLC GBP 63 846,63 37 861,85 0,07
8 921,00 INVESTEC PLC GBP 48 083,27 36 204,91 0,07
13 914,00 SEGRO PLC GBP 48 654,32 34 730,60 0,07
2 626,00 LONDON STOCK EXCHANGE GROUP PLC GBP 26 081,26 24 992,87 0,05
AUSTRALIA 4 504 852,92 4 772 533,12 9,20
Finance 4 504 852,92 4 772 533,12 9,20

25 833,00 COMMONWEALTH BANK OF AUSTRALIA AUD 849 207,08 1 004 154,09 1,94
49 870,00 WESTPAC BANKING CORP AUD 728 304,87 787 686,27 1,52
44 136,00 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD AUD 637 223,12 715 592,58 1,38
38 418,00 NATIONAL AUSTRALIA BANK LTD AUD 676 689,39 708 747,43 1,37
37 326,00 WESTFIELD GROUP AUD 257 568,52 230 221,77 0,44
17 700,00 QBE INSURANCE GROUP LTD AUD 232 218,61 181 020,16 0,35
47 337,00 AMP LTD AUD 166 683,38 152 152,48 0,29
21 996,00 SUNCORP GROUP LTD AUD 124 434,36 145 569,92 0,28
5 767,00 MACQUARIE GROUP LTD AUD 145 105,59 108 349,85 0,21
36 976,00 STOCKLAND AUD 91 896,70 93 152,50 0,18
47 200,00 WESTFIELD RETAIL TRUST AUD 60 865,65 92 816,51 0,18
33 464,00 INSURANCE AUSTRALIA GROUP LTD AUD 81 250,04 78 754,98 0,15
12 095,00 BENDIGO AND ADELAIDE BANK LTD AUD 80 360,95 76 701,76 0,15
28 059,00 GPT GROUP AUD 55 559,55 68 029,06 0,13
2 814,00 ASX LTD AUD 62 464,04 67 958,77 0,13
63 179,00 MIRVAC GROUP AUD 57 645,36 58 876,05 0,11
89 402,00 DEXUS PROPERTY GROUP AUD 50 983,99 58 601,57 0,11
127 354,00 GOODMAN GROUP AUD 58 199,28 57 328,60 0,11
9 927,00 LEND LEASE GROUP AUD 58 716,05 56 132,57 0,11
23 060,00 CFS RETAIL PROPERTY TRUST AUD 29 476,39 30 686,20 0,06
JAPAN 5 194 756,54 4 470 353,77 8,62
Finance 5 194 756,54 4 470 353,77 8,62

209 281,00 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 852 090,57 685 173,40 1,32
21 834,00 SUMITOMO MITSUI FINANCIAL GROUP INC JPY 573 595,45 468 684,97 0,90
388 512,00 MIZUHO FINANCIAL GROUP INC JPY 565 724,61 404 539,30 0,78
21 280,00 MITSUBISHI ESTATE CO LTD JPY 238 076,12 245 014,85 0,47
12 299,00 TOKIO MARINE HLDG INC JPY 238 586,34 209 950,60 0,40
14 100,00 MITSUI FUDOSAN CO LTD JPY 167 149,37 158 392,61 0,31
2 287,00 ORIX CORP JPY 147 676,99 145 628,45 0,28
9 572,00 MS&AD INSURANCE GROUP HLDG JPY 160 349,41 136 661,18 0,26
55 346,00 NOMURA HLDG INC JPY 264 364,87 129 111,55 0,25
51 810,00 SUMITOMO MITSUI TRUST HOLDINGS INC JPY 141 444,66 117 231,67 0,23
1 767,00 DAITO TRUST CONSTRUCTION CO LTD JPY 92 562,51 116 762,51 0,23
149,00 DAI-ICHI LIFE INSURANCE CO LTD JPY 167 102,77 112 928,90 0,22
31 145,00 RESONA HOLDINGS INC JPY 149 947,06 105 708,76 0,20
6 000,00 NKSJ HOLDINGS INC JPY 104 683,44 90 709,16 0,17
6 146,00 SUMITOMO REALTY & DEVELOPMENT CO LTD JPY 85 038,06 82 947,90 0,16
21 238,00 BANK OF YOKOHAMA LTD JPY 77 135,56 77 399,46 0,15
8 351,00 DAIWA HOUSE INDUSTRY CO LTD JPY 70 975,53 76 754,55 0,15
13 985,00 CHIBA BANK LTD JPY 62 451,86 69 449,17 0,13
27 043,00 DAIWA SECURITIES GROUP INC JPY 97 808,63 64 981,40 0,13
7 914,00 SHIZUOKA BANK LTD JPY 53 846,99 64 259,87 0,12
191
Nominal / % of
7 900,00 T&D HOLDINGS INC JPY 62 260,50 56 711,25 0,11

22 210,00 AOZORA BANK LTD JPY 38 332,50 47 141,93 0,09
14 166,00 FUKUOKA FINANCIAL GROUP INC JPY 42 361,82 45 811,31 0,09
7,00 NIPPON BUILDING FUND INC JPY 46 168,39 44 153,13 0,09
2 681,00 CREDIT SAISON CO LTD JPY 28 520,42 41 417,67 0,08
12 095,00 JOYO BANK LTD JPY 39 257,97 41 172,55 0,08
6 033,00 BANK OF KYOTO LTD JPY 38 528,67 40 046,98 0,08
25 472,00 HOKUHOKU FINANCIAL GROUP INC JPY 36 906,92 38 254,03 0,07
6,00 JAPAN REAL ESTATE INVESTMENT CORP JPY 39 596,13 36 043,37 0,07
3 140,00 SONY FINANCIAL HOLDINGS INC JPY 40 061,99 35 650,50 0,07
3 303,00 CHUGOKU BANK LTD JPY 29 367,30 35 483,89 0,07
4 619,00 IYO BANK LTD JPY 30 430,22 35 146,70 0,07
30,00 JAPAN RETAIL FUND INVESTMENT CORP JPY 26 699,36 34 241,21 0,07
9 060,00 HIROSHIMA BANK LTD JPY 29 892,85 32 473,88 0,06
7 299,00 GUNMA BANK LTD JPY 28 410,40 30 911,97 0,06
4 087,00 YAMAGUCHI FINANCIAL GROUP INC JPY 27 956,38 30 075,64 0,06
931,00 MITSUBISHI UFJ LEASE & FINANCE CO LTD JPY 26 449,99 28 429,71 0,05
5 928,00 HACHIJUNI BANK LTD JPY 24 694,22 26 055,27 0,05
11 380,00 NISHI-NIPPON CITY BANK LTD JPY 25 103,68 25 180,10 0,05
427,00 SBI HOLDINGS INC JPY 35 136,40 24 111,82 0,05
29 663,00 SHINSEI BANK LTD JPY 32 857,83 23 758,99 0,05
1 374,00 AEON MALL CO LTD JPY 23 083,44 22 478,21 0,04
7 450,00 TOKYU LAND CORP JPY 19 802,70 21 705,62 0,04
3 000,00 SURUGA BANK LTD JPY 18 435,64 20 694,90 0,04
1 672,00 NOMURA REAL ESTATE HOLDINGS INC JPY 22 324,02 19 184,21 0,04
10,00 JAPAN PRIME REALTY INVESTMENT CORP JPY 17 302,00 18 151,84 0,03
4,00 NOMURA REAL ESTATE OFFICE FUND INC JPY 15 226,65 15 839,06 0,03
1 186,00 AEON CREDIT SERVICE CO LTD JPY 9 071,93 14 439,14 0,03
8 000,00 SEVEN BANK LTD JPY 16 578,67 12 094,55 0,02
21,00 NTT URBAN DEVELOPMENT CORP JPY 13 170,99 11 038,28 0,02
60,00 SAPPORO HOKUYO HLDG INC JPY 155,76 165,80 0,00
SWITZERLAND 2 529 319,79 2 188 416,53 4,22
Finance 2 529 319,79 2 188 416,53 4,22

63 426,00 UBS AG CHF 859 176,04 584 152,43 1,12
2 576,00 ZURICH FINANCIAL SERVICES AG CHF 413 242,28 450 943,21 0,87
6 240,00 ACE LTD USD 260 605,88 337 055,65 0,65
18 454,00 CREDIT SUISSE GROUP AG CHF 516 687,03 335 513,43 0,65
5 607,00 SWISS RE LTD CHF 186 896,37 221 111,36 0,43
3 397,00 JULIUS BAER GROUP LTD CHF 84 423,46 102 813,88 0,20
874,00 BALOISE HOLDING AG CHF 53 699,52 46 367,57 0,09
3 811,00 GAM HOLDING AG CHF 62 371,98 32 022,57 0,06
225,00 PARTNERS GROUP HLDG AG CHF 31 005,84 30 379,35 0,06
499,00 PARGESA HLDG SA CHF 31 094,06 25 280,91 0,05
320,00 SWISS LIFE HOLDING AG CHF 30 117,33 22 776,17 0,04
HONG KONG 2 195 787,85 2 085 725,32 4,02
Finance 2 195 787,85 2 085 725,32 4,02

138 885,00 AIA GROUP LTD HKD 328 566,93 334 049,84 0,64
24 018,00 SUN HUNG KAI PROPERTIES LTD HKD 251 556,04 231 908,67 0,45
17 396,00 HONG KONG EXCHANGES AND CLEARING LTD HKD 220 215,93 214 124,01 0,41
21 994,00 CHEUNG KONG HOLDINGS LTD HKD 216 633,76 201 567,44 0,39
12 623,00 SWIRE PACIFIC LTD HKD 118 634,76 117 375,66 0,23
12 770,00 HANG SENG BANK LTD HKD 142 123,39 116 716,01 0,22
61 517,00 BOC HONG KONG HOLDINGS LTD HKD 103 367,38 112 268,30 0,22
36 641,00 LINK REIT HKD 73 392,83 103 938,76 0,20
40 690,00 HANG LUNG PROPERTIES LTD HKD 113 746,37 89 191,64 0,17
25 165,00 WHARF HOLDINGS LTD HKD 109 791,54 87 608,90 0,17
24 149,00 BANK OF EAST ASIA LTD HKD 59 015,33 70 419,13 0,14
14 873,00 HANG LUNG GROUP LTD HKD 61 305,81 62 768,58 0,12
75 100,00 FIRST PACIFIC CO LTD HKD 56 006,63 60 186,00 0,12
15 010,00 HENDERSON LAND DEVELOPMENT CO LTD HKD 68 619,83 57 466,16 0,11
52 203,00 SINO LAND CO LTD HKD 63 183,77 57 265,73 0,11
62 211,00 NEW WORLD DEVELOPMENT LTD HKD 55 114,47 38 626,53 0,07
12 774,00 KERRY PROPERTIES LTD HKD 39 271,12 32 561,49 0,06
16 364,00 WHEELOCK & CO LTD HKD 43 794,55 31 227,61 0,06
12 033,00 HYSAN DEVELOPMENT CO LTD HKD 31 840,34 30 433,95 0,06
3 350,00 WING HANG BANK LTD HKD 23 027,71 21 148,88 0,04
7 550,00 HOPEWELL HOLDINGS LTD HKD 16 579,36 14 872,03 0,03
192
Nominal / % of
SPAIN 2 026 133,87 1 528 454,92 2,95
Finance 2 026 133,87 1 528 454,92 2,95

129 478,00 BANCO SANTANDER SA EUR 1 063 568,44 760 035,86 1,47
80 183,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 688 262,10 535 622,44 1,03
12 694,00 CAIXABANK SA EUR 51 043,11 48 173,73 0,09
13 105,00 BANCO POPULAR ESPANOL SA EUR 69 634,86 46 129,60 0,09
12 500,00 BANKIA SA EUR 46 537,20 44 937,50 0,09
14 510,00 BANCO DE SABADELL SA EUR 53 332,71 42 572,34 0,08
11 629,00 MAPFRE SA EUR 29 780,20 28 549,20 0,06
4 723,00 BANKINTER SA EUR 23 975,25 22 434,25 0,04
FRANCE 2 372 806,07 1 399 700,85 2,70
Finance 2 372 806,07 1 399 700,85 2,70

14 092,00 BNP PARIBAS EUR 752 477,28 427 692,20 0,83
27 991,00 AXA SA EUR 423 291,31 281 169,60 0,54
1 463,00 UNIBAIL-RODAMCO SE EUR 219 836,96 203 210,70 0,39
10 866,00 SOCIETE GENERALE EUR 471 680,35 186 949,53 0,36
15 137,00 CREDIT AGRICOLE EUR 189 572,92 65 997,32 0,13
3 112,00 SCOR SE EUR 56 946,66 56 202,72 0,11
1 922,00 KLEPIERRE EUR 55 269,03 42 360,88 0,08
16 096,00 NATIXIS EUR 55 086,65 31 290,62 0,06
528,00 FONCIERE DES REGIONS EUR 38 467,80 26 188,80 0,05
430,00 ICADE EUR 34 124,76 26 139,70 0,05
400,00 GECINA SA EUR 36 845,82 26 000,00 0,05
2 568,00 CNP ASSURANCES EUR 36 816,90 24 596,30 0,05
54,00 EURAZEO EUR 2 389,63 1 484,73 0,00
15,00 ANF IMMOBILIER EUR 0,00 417,75 0,00
GERMANY 1 660 475,64 1 272 220,12 2,45
Finance 1 660 475,64 1 272 220,12 2,45

5 499,00 ALLIANZ SE EUR 491 968,08 406 431,09 0,78
11 042,00 DEUTSCHE BANK AG EUR 443 832,19 325 021,27 0,63
2 859,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 298 013,71 270 976,02 0,52
53 465,00 COMMERZBANK AG EUR 172 979,97 69 664,90 0,14
1 109,00 HANNOVER RUECKVERSICHERUNG AG EUR 40 030,93 42 502,43 0,08
SWEDEN 983 906,82 923 564,65 1,78
Finance 983 906,82 923 564,65 1,78

42 481,00 NORDEA BANK AB SEK 302 244,64 254 192,66 0,49
9 926,00 SVENSKA HANDELSBANKEN AB SEK 192 947,40 201 883,81 0,39
13 861,00 SWEDBANK AB SEK 137 248,92 138 855,97 0,27
7 851,00 INVESTOR AB SEK 111 893,45 113 276,20 0,22
23 725,00 SKANDINAVISKA ENSKILDA BANKEN AB SEK 116 395,87 106 878,64 0,20
3 812,00 KINNEVIK INVESTMENT AB SEK 54 910,34 57 442,10 0,11
3 530,00 RATOS AB SEK 45 474,73 32 030,66 0,06
2 060,00 INDUSTRIVARDEN AB SEK 22 791,47 19 004,61 0,04
SINGAPORE 973 080,31 883 458,20 1,70
Finance 973 080,31 883 458,20 1,70

29 408,00 DBS GROUP HOLDINGS LTD SGD 222 483,49 201 265,96 0,39
42 477,00 OVERSEA-CHINESE BANKING CORP LTD SGD 196 028,37 197 591,36 0,38
21 364,00 UNITED OVERSEAS BANK LTD SGD 215 414,31 193 809,01 0,37
37 882,00 CAPITALAND LTD SGD 67 874,69 49 736,76 0,09
12 307,00 SINGAPORE EXCHANGE LTD SGD 50 047,06 44 819,30 0,09
34 422,00 ASCENDAS REAL ESTATE INVESTMENT TRUST SGD 39 315,76 37 423,08 0,07
34 908,00 GLOBAL LOGISTIC PROPERTIES LTD SGD 41 091,79 36 396,07 0,07
6 638,00 CITY DEVELOPMENTS LTD SGD 37 570,16 35 097,78 0,07
34 430,00 CAPITAMALL TRUST SGD 32 342,62 34 772,69 0,07
9 138,00 UOL GROUP LTD SGD 23 023,22 21 715,18 0,04
13 000,00 KEPPEL LAND LTD SGD 26 943,94 17 145,44 0,03
20 386,00 CAPITAMALLS ASIA LTD SGD 20 944,90 13 685,57 0,03
ITALY 1 434 383,35 784 046,51 1,51
Finance 1 434 383,35 784 046,51 1,51

193
Nominal / % of
18 749,00 ASSICURAZIONI GENERALI SPA EUR 282 776,78 218 050,87 0,42
21 531,50 UNICREDIT SPA EUR 402 890,38 138 232,23 0,27
14 652,00 UNIONE DI BANCHE ITALIANE SCPA EUR 104 743,36 46 388,23 0,09
9 532,00 MEDIOBANCA SPA EUR 77 266,38 42 379,27 0,08
32 513,00 BANCO POPOLARE SCARL EUR 71 943,55 32 513,00 0,06
76 088,00 BANCA MONTE DEI PASCHI DI SIENA SPA EUR 59 962,36 19 166,57 0,04
1 127,00 EXOR SPA EUR 24 003,40 17 524,85 0,03
NETHERLANDS 742 296,00 501 849,08 0,97
Finance 742 296,00 501 849,08 0,97

63 376,00 ING GROEP NV EUR 538 480,76 352 370,56 0,68
28 157,00 AEGON NV EUR 126 727,64 87 314,86 0,17
1 092,00 CORIO NV EUR 50 367,32 36 696,66 0,07
1 959,00 DELTA LLOYD NV EUR 26 720,28 25 467,00 0,05
BERMUDA 248 924,20 292 030,57 0,56
Finance 248 924,20 292 030,57 0,56

1 004,00 EVEREST RE GROUP LTD USD 57 278,86 65 035,90 0,12
2 156,00 ARCH CAPITAL GROUP LTD USD 45 774,22 61 832,52 0,12
1 185,00 PARTNERRE LTD USD 62 263,92 58 613,30 0,11
975,00 RENAISSANCERE HOLDINGS LTD USD 39 445,61 55 856,99 0,11
2 059,00 AXIS CAPITAL HOLDINGS LTD USD 44 161,59 50 691,86 0,10
FINLAND 190 427,26 181 761,12 0,35
Finance 190 427,26 181 761,12 0,35

8 452,00 SAMPO OYJ EUR 168 489,22 162 024,84 0,31
2 628,00 POHJOLA BANK PLC EUR 21 938,04 19 736,28 0,04
NORWAY 171 590,62 146 773,93 0,28
Finance 171 590,62 146 773,93 0,28

14 947,00 DNB ASA NOK 140 626,91 112 961,61 0,22
3 780,00 GJENSIDIGE FORSIKRING ASA NOK 30 963,71 33 812,32 0,06
BELGIUM 245 741,28 133 043,92 0,26
Finance 245 741,28 133 043,92 0,26

1 072,00 GROUPE BRUXELLES LAMBERT SA EUR 67 815,10 55 218,72 0,11
40 762,00 AGEAS EUR 92 594,25 48 914,40 0,09
2 971,00 KBC GROEP NV EUR 85 331,93 28 910,80 0,06
DENMARK 169 603,36 130 054,23 0,25
Finance 169 603,36 130 054,23 0,25

11 335,00 DANSKE BANK A/S DKK 151 356,11 111 255,09 0,21
438,00 TRYG A/S DKK 18 247,25 18 799,14 0,04
AUSTRIA 219 886,01 127 001,98 0,24
Finance 219 886,01 127 001,98 0,24

3 224,00 ERSTE GROUP BANK AG EUR 105 964,91 43 798,04 0,08
17 275,00 IMMOFINANZ AE EUR 48 876,55 40 078,00 0,08
780,00 VIENNA INSURANCE GROUP AG EUR 29 821,70 23 883,60 0,04
959,00 RAIFFEISEN BANK INTERNATIONAL AG EUR 35 222,85 19 242,34 0,04
ISRAEL 168 697,84 124 596,72 0,24
Finance 168 697,84 124 596,72 0,24

19 500,00 BANK HAPOALIM BM ILS 63 665,56 48 791,24 0,09
21 740,00 BANK LEUMI LE-ISRAEL BM ILS 71 968,81 47 782,62 0,09
14 100,00 ISRAEL DISCOUNT BANK LTD ILS 18 107,58 14 486,88 0,03
2 230,00 MIZRAHI TEFAHOT BANK LTD ILS 14 955,89 13 535,98 0,03
IRELAND 65 460,94 72 202,42 0,14
Finance 65 460,94 72 202,42 0,14

4 741,00 XL GROUP PLC USD 65 460,94 72 202,42 0,14
194
Nominal / % of
PORTUGAL 31 102,95 14 202,00 0,03
Finance 31 102,95 14 202,00 0,03

10 520,00 BANCO ESPIRITO SANTO SA EUR 31 102,95 14 202,00 0,03
Warrants 8 958,66 2 631,59 0,01
UNITED STATES 8 958,66 2 631,59 0,01

620,00 AMERICAN INTERNATIONAL GROUP INC USD 8 958,66 2 631,59 0,01
19/01/2021
UNQUOTED 102 050,43 0,00 0,00
Shares 102 050,43 0,00 0,00
IRELAND 101 960,66 0,00 0,00
Finance 101 960,66 0,00 0,00

UNITED STATES 89,77 0,00 0,00
Finance 89,77 0,00 0,00

6,00 COLONIAL BANCGROUP INC USD 89,77 0,00 0,00
AUSTRALIA 0,00 0,00 0,00
Finance 0,00 0,00 0,00

147 606,00 BGP HOLDINGS PLC EUR 0,00 0,00 0,00
AUSTRIA 0,00 0,00 0,00
Finance 0,00 0,00 0,00

6 789,00 IMMOEAST AG EUR 0,00 0,00 0,00
Total Portfolio 58 597 958,02 51 465 935,32 99,21
195
Purchase Unrealised
100 52 Purchase DEUTSCHE BANK AG 16/03/2012 EUR 7 198,88 153 329,28

100 85 Purchase BANCO SANTANDER SA 16/03/2012 EUR 901,85 48 986,35
100 18 Purchase BNP PARIBAS 16/03/2012 EUR 235,26 54 760,86
100 19 Purchase ALLIANZ SE 16/03/2012 EUR 1 489,98 140 718,18
196

19/01/2012 39 967,47 CAD 29 706,97 EUR 517,18

19/01/2012 26 735,77 AUD 20 423,51 EUR 652,94
19/01/2012 250 533,31 HKD 24 702,18 EUR 145,60
19/01/2012 3 579 930,00 JPY 35 372,92 EUR 473,81
19/01/2012 24 144,30 CHF 19 830,85 EUR 61,65
19/01/2012 128 856,94 USD 98 373,09 EUR 879,85
19/01/2012 42 533,77 AUD 32 643,93 EUR 886,46
19/01/2012 2 302 732,00 JPY 22 964,96 EUR 92,87
19/01/2012 26 338,05 EUR 130 421,41 ILS 77,61
19/01/2012 19 264,68 EUR 143 126,76 DKK 8,13
19/01/2012 27 048,42 EUR 22 557,55 GBP 49,31
19/01/2012 51 031,50 USD 39 299,95 EUR 7,41
19/01/2012 32 606,82 GBP 38 876,60 EUR 150,47
19/01/2012 43 931,46 USD 33 965,18 EUR (126,67)

19/01/2012 98 983,68 USD 76 708,72 EUR (465,86)
19/01/2012 1 065 961,53 EUR 1 404 642,67 AUD (41 351,81)
19/01/2012 1 042 606,35 EUR 1 408 112,23 CAD (22 234,43)
19/01/2012 1 024 502,91 EUR 103 648 303,00 JPY (13 353,42)
19/01/2012 416 149,70 EUR 510 512,60 CHF (4 461,78)
19/01/2012 1 052 692,89 EUR 883 483,98 GBP (4 748,25)
19/01/2012 479 174,38 EUR 4 844 762,18 HKD (1 327,01)
19/01/2012 46 193,76 EUR 360 067,53 NOK (252,84)
19/01/2012 195 460,24 EUR 1 781 355,15 SEK (4 515,24)
19/01/2012 204 388,49 EUR 347 545,24 SGD (2 056,51)
19/01/2012 4 442 773,22 EUR 5 771 237,50 USD (2 562,15)
19/01/2012 156 915,11 EUR 204 653,00 USD (720,27)
19/01/2012 24 690,76 EUR 32 040,93 AUD (567,87)
19/01/2012 31 963,24 EUR 41 747,57 USD (193,11)
19/01/2012 78 090,48 EUR 101 795,34 USD (318,08)
19/01/2012 30 435,48 EUR 40 512,28 CAD (200,66)
19/01/2012 18 417,04 EUR 187 179,13 HKD (147,30)
19/01/2012 39 708,33 EUR 51 883,62 USD (255,39)
19/01/2012 58 879,74 EUR 76 483,98 USD (32,57)
197
Assets Notes
Banks 64 217,85
Liabilities


198

2011 IN EUR

Other income 1,32
Net investment income / (loss) (159 229,50)
- investments (2 209 400,24)

199
Nominal / % of
Shares 18 326 884,32 20 086 812,52 99,93
UNITED STATES 13 438 267,90 15 886 925,73 79,03
Computing and IT 13 438 267,90 15 886 925,73 79,03

6 118,00 APPLE INC USD 1 052 985,84 1 908 708,54 9,50
12 084,00 INTERNATIONAL BUSINESS MACHINES CORP USD 1 178 637,07 1 711 671,15 8,52
2 572,00 GOOGLE INC USD 932 094,05 1 279 709,43 6,37
53 079,00 INTEL CORP USD 804 308,53 991 538,53 4,93
55 564,00 CISCO SYSTEMS INC USD 796 175,30 773 868,29 3,85
38 223,00 ORACLE CORP USD 708 482,16 755 243,96 3,76
16 938,00 QUALCOMM INC USD 584 758,93 713 714,59 3,55
21 092,00 HEWLETT-PACKARD CO USD 597 958,31 418 541,71 2,08
5 299,00 VISA INC USD 285 271,80 414 441,68 2,06
20 983,00 EMC CORP USD 304 266,12 348 167,64 1,73
1 104,00 MASTERCARD INC USD 193 214,99 317 061,42 1,58
11 658,00 EBAY INC USD 237 120,57 272 377,72 1,35
11 610,00 TEXAS INSTRUMENTS INC USD 235 951,62 260 345,18 1,30
4 956,00 AUTOMATIC DATA PROCESSING INC USD 163 863,04 206 196,17 1,03
16 721,00 DELL INC USD 212 594,05 188 443,73 0,94
15 875,00 CORNING INC USD 200 360,37 158 731,66 0,79
3 089,00 COGNIZANT TECHNOLOGY SOLUTIONS CORP USD 121 164,15 153 028,22 0,76
12 198,00 YAHOO! INC USD 154 710,67 151 564,72 0,75
2 963,00 INTUIT INC USD 81 836,82 120 035,57 0,60
3 145,00 MOTOROLA SOLUTIONS INC USD 38 536,73 112 145,78 0,56
4 939,00 BROADCOM CORP USD 111 163,96 111 704,38 0,56
13 476,00 APPLIED MATERIALS INC USD 137 225,49 111 179,72 0,55
5 008,00 ADOBE SYSTEMS INC USD 114 482,62 109 059,94 0,54
3 790,00 NETAPP INC USD 106 272,01 105 891,69 0,53
1 262,00 SALESFORCE.COM INC USD 87 298,26 98 634,61 0,49
3 307,00 ALTERA CORP USD 76 943,53 94 511,19 0,47
2 445,00 SANDISK CORP USD 57 786,07 92 684,55 0,46
7 580,00 SYMANTEC CORP USD 95 778,76 91 381,58 0,45
1 933,00 CITRIX SYSTEMS INC USD 73 326,81 90 414,64 0,45
6 324,00 WESTERN UNION CO USD 88 351,96 88 954,47 0,44
14 351,00 XEROX CORP USD 107 972,63 87 997,50 0,44
2 868,00 MOTOROLA MOBILITY HOLDINGS INC USD 137 304,23 85 720,76 0,43
3 066,00 ANALOG DEVICES INC USD 77 134,58 84 506,01 0,42
5 265,00 JUNIPER NETWORKS INC USD 100 474,12 82 778,30 0,41
3 320,00 PAYCHEX INC USD 75 091,77 77 005,89 0,38
824,00 F5 NETWORKS INC USD 55 520,08 67 359,61 0,33
2 677,00 XILINX INC USD 55 713,80 66 113,02 0,33
1 459,00 FISERV INC USD 55 429,16 66 018,30 0,33
1 723,00 TERADATA CORP USD 45 487,44 64 386,03 0,32
4 116,00 CA INC USD 67 749,85 64 095,01 0,32
5 919,00 NVIDIA CORP USD 65 206,24 63 195,58 0,31
1 698,00 KLA-TENCOR CORP USD 49 352,82 63 111,74 0,31
1 968,00 RED HAT INC USD 45 622,24 62 595,79 0,31
2 991,00 MAXIM INTEGRATED PRODUCTS INC USD 40 960,07 59 997,41 0,30
1 662,00 AMPHENOL CORP USD 53 494,03 58 112,07 0,29
2 313,00 WESTERN DIGITAL CORP USD 48 897,27 55 145,67 0,27
848,00 VMWARE INC USD 44 692,53 54 342,81 0,27
2 310,00 AUTODESK INC USD 62 948,21 53 970,88 0,27
3 358,00 ELECTRONIC ARTS INC USD 76 531,79 53 287,22 0,26
1 888,00 MICROCHIP TECHNOLOGY INC USD 47 066,97 53 273,84 0,26
2 280,00 LINEAR TECHNOLOGY CORP USD 55 469,77 52 743,06 0,26
2 410,00 FIDELITY NATIONAL INFORMATION SERVICES INC USD 50 551,67 49 364,02 0,25
5 193,00 ACTIVISION BLIZZARD INC USD 40 871,90 49 283,80 0,25
2 368,00 NUANCE COMMUNICATIONS INC USD 28 052,64 45 895,22 0,23
1 819,00 AKAMAI TECHNOLOGIES INC USD 43 412,61 45 231,54 0,22
1 775,00 BMC SOFTWARE INC USD 48 449,25 44 821,09 0,22
1 591,00 VERISIGN INC USD 34 308,80 43 778,08 0,22
8 802,00 MICRON TECHNOLOGY INC USD 47 726,64 42 648,83 0,21
496,00 ALLIANCE DATA SYSTEMS CORP USD 25 527,70 39 675,41 0,20
1 460,00 AVNET INC USD 30 127,60 34 966,22 0,17
200
Nominal / % of
1 231,00 HARRIS CORP USD 42 474,46 34 175,74 0,17

1 180,00 LAM RESEARCH CORP USD 34 936,98 33 650,66 0,17
1 702,00 FLIR SYSTEMS INC USD 36 522,81 32 869,19 0,16
1 090,00 ARROW ELECTRONICS INC USD 25 632,72 31 411,55 0,16
1 426,00 SYNOPSYS INC USD 23 934,29 29 878,83 0,15
1 454,00 COMPUTER SCIENCES CORP USD 46 948,49 26 545,31 0,13
6 250,00 ADVANCED MICRO DEVICES INC USD 49 647,91 25 998,54 0,13
2 743,00 SAIC INC USD 35 913,84 25 968,86 0,13
5 637,00 LSI CORP USD 25 289,46 25 836,88 0,13
1 606,00 TOTAL SYSTEM SERVICES INC USD 20 698,22 24 198,56 0,12
1 167,00 CREE INC USD 50 636,67 19 813,33 0,10
606,00 FIRST SOLAR INC USD 56 804,52 15 759,78 0,08
600,00 DOLBY LABORATORIES INC USD 14 019,84 14 101,61 0,07
JAPAN 2 450 937,02 2 082 305,27 10,36
Computing and IT 2 450 937,02 2 082 305,27 10,36

11 596,00 CANON INC JPY 368 020,52 395 900,02 1,97
46 084,00 HITACHI LTD JPY 179 084,23 186 403,68 0,93
41 052,00 TOSHIBA CORP JPY 155 324,41 129 469,60 0,64
999,00 NINTENDO CO LTD JPY 197 661,67 106 021,58 0,53
1 588,00 KYOCERA CORP JPY 103 109,50 98 415,63 0,49
465,00 KEYENCE CORP JPY 74 182,99 86 407,98 0,43
4 730,00 FUJIFILM HLDG CORP JPY 110 128,31 86 331,79 0,43
2 050,00 MURATA MANUFACTURING CO LTD JPY 88 108,31 81 175,19 0,40
19 353,00 FUJITSU LTD JPY 90 585,83 77 505,27 0,39
4 500,00 HOYA CORP JPY 81 730,15 74 699,89 0,37
1 750,00 TOKYO ELECTRON LTD JPY 71 613,77 68 595,05 0,34
6 639,00 RICOH CO LTD JPY 76 603,46 44 601,36 0,22
1 287,00 TDK CORP JPY 58 018,67 43 939,58 0,22
25 701,00 NEC CORP JPY 68 478,11 40 141,87 0,20
1 000,00 ROHM CO LTD JPY 57 036,67 35 943,25 0,18
141,00 YAHOO JAPAN CORP JPY 35 468,43 34 996,01 0,17
4 552,00 NIPPON ELECTRIC GLASS CO LTD JPY 45 334,59 34 728,03 0,17
14,00 NTT DATA CORP JPY 43 141,61 34 453,46 0,17
1 416,00 TREND MICRO INC JPY 32 805,51 32 621,42 0,16
5 500,00 KONICA MINOLTA HOLDINGS INC JPY 45 088,66 31 608,04 0,16
2 000,00 OMRON CORP JPY 33 647,51 30 977,28 0,15
2 930,00 BROTHER INDUSTRIES LTD JPY 25 553,61 27 721,86 0,14
1 000,00 GREE INC JPY 10 639,28 26 551,95 0,13
1 065,00 DENA CO LTD JPY 28 818,43 24 620,48 0,12
1 000,00 KONAMI CORP JPY 18 364,62 23 077,77 0,12
800,00 HAMAMATSU PHOTONICS KK JPY 20 606,72 21 569,96 0,11
300,00 HIROSE ELECTRIC CO LTD JPY 24 277,21 20 274,40 0,10
1 239,00 IBIDEN CO LTD JPY 31 296,46 18 880,30 0,09
1 000,00 NOMURA RESEARCH INSTITUTE LTD JPY 15 770,40 17 420,96 0,09
1 400,00 SEIKO EPSON CORP JPY 27 152,20 14 339,26 0,07
2 000,00 YOKOGAWA ELECTRIC CORP JPY 13 110,59 13 916,75 0,07
3 100,00 CITIZEN HOLDINGS CO LTD JPY 15 951,49 13 873,70 0,07
2 000,00 YASKAWA ELECTRIC CORP JPY 16 901,85 13 115,78 0,07
2 000,00 SHIMADZU CORP JPY 13 623,23 13 055,71 0,07
800,00 SQUARE ENIX HOLDINGS CO LTD JPY 17 524,54 12 102,56 0,06
1 600,00 ADVANTEST CORP JPY 28 744,47 11 742,13 0,06
200,00 OTSUKA CORP JPY 19 169,90 10 612,77 0,05
2 900,00 ELPIDA MEMORY INC JPY 53 508,88 10 394,51 0,05
300,00 ITOCHU TECHNO-SOLUTIONS CORP JPY 7 718,89 10 377,49 0,05
600,00 HITACHI HIGH-TECHNOLOGIES CORP JPY 8 002,49 10 032,07 0,05
300,00 ORACLE CORP JAPAN JPY 10 694,99 7 650,21 0,04
1 060,00 SUMCO CORP JPY 28 333,86 6 038,67 0,03
GERMANY 427 648,94 460 725,61 2,29
Computing and IT 427 648,94 460 725,61 2,29

9 355,00 SAP AG EUR 354 891,79 382 151,75 1,90
11 066,00 INFINEON TECHNOLOGIES AG EUR 61 620,33 64 359,86 0,32
IRELAND 260 417,79 320 959,46 1,60
Computing and IT 260 417,79 320 959,46 1,60

6 571,00 ACCENTURE PLC USD 205 051,32 269 440,61 1,34
201
Nominal / % of
4 078,00 SEAGATE TECHNOLOGY PLC USD 55 366,47 51 518,85 0,26
SWEDEN 312 569,86 272 938,31 1,36
Computing and IT 273 908,87 241 406,48 1,20

30 516,00 TELEFONAKTIEBOLAGET LM ERICSSON SEK 273 908,87 241 406,48 1,20
Industries 38 660,99 31 531,83 0,16

2 727,00 HEXAGON AB SEK 38 660,99 31 531,83 0,16
GREAT-BRITAIN 100 152,72 143 788,54 0,72
Computing and IT 100 152,72 143 788,54 0,72

13 820,00 ARM HOLDINGS PLC GBP 62 335,27 97 945,39 0,49
13 016,00 SAGE GROUP PLC GBP 37 817,45 45 843,15 0,23
NETHERLANDS 100 199,29 143 474,55 0,71
Computing and IT 100 199,29 143 474,55 0,71

4 418,00 ASML HOLDING NV EUR 100 199,29 143 474,55 0,71
FINLAND 344 834,94 142 517,48 0,71
Computing and IT 344 834,94 142 517,48 0,71

37 783,00 NOKIA OYJ EUR 344 834,94 142 517,48 0,71
SWITZERLAND 163 503,72 135 368,67 0,67
Computing and IT 163 503,72 135 368,67 0,67

4 384,00 TE CONNECTIVITY LTD USD 98 975,23 104 048,87 0,52
6 822,00 STMICROELECTRONICS NV EUR 64 528,49 31 319,80 0,15
FRANCE 230 413,49 132 300,91 0,66
Computing and IT 230 413,49 132 300,91 0,66

641,00 DASSAULT SYSTEMES SA EUR 30 047,27 39 697,13 0,20
1 450,00 CAP GEMINI SA EUR 55 266,30 35 010,25 0,17
21 733,00 ALCATEL-LUCENT EUR 103 947,46 26 231,73 0,13
308,00 NEOPOST SA EUR 23 783,40 16 034,48 0,08
452,00 ATOS ORIGIN SA EUR 17 369,06 15 327,32 0,08
CANADA 203 135,77 106 164,90 0,53
Computing and IT 203 135,77 106 164,90 0,53

4 586,00 RESEARCH IN MOTION LTD CAD 165 332,92 51 347,16 0,26
2 237,00 CGI GROUP INC -A- CAD 21 204,81 32 492,86 0,16
565,00 OPEN TEXT CORP CAD 16 598,04 22 324,88 0,11
SINGAPORE 99 872,54 82 969,90 0,41
Computing and IT 99 872,54 82 969,90 0,41

2 290,00 AVAGO TECHNOLOGIES LTD USD 51 162,06 50 910,45 0,25
7 353,00 FLEXTRONICS INTERNATIONAL LTD USD 48 710,48 32 059,45 0,16
BERMUDA 59 814,79 57 858,14 0,29
Computing and IT 59 814,79 57 858,14 0,29

5 423,00 MARVELL TECHNOLOGY GROUP LTD USD 59 814,79 57 858,14 0,29
SPAIN 59 635,01 49 234,34 0,24
Computing and IT 59 635,01 49 234,34 0,24

3 132,00 AMADEUS IT HOLDING SA EUR 44 813,36 39 259,62 0,19
1 014,00 INDRA SISTEMAS SA EUR 14 821,65 9 974,72 0,05
AUSTRALIA 27 901,70 30 091,90 0,15
Computing and IT 27 901,70 30 091,90 0,15

4 757,00 COMPUTERSHARE LTD AUD 27 901,70 30 091,90 0,15
HONG KONG 13 293,60 15 973,99 0,08
Computing and IT 13 293,60 15 973,99 0,08

1 848,00 ASM PACIFIC TECHNOLOGY LTD HKD 13 293,60 15 973,99 0,08
202
Nominal / % of
ISRAEL 13 649,74 14 151,09 0,07
Computing and IT 13 649,74 14 151,09 0,07

542,00 NICE SYSTEMS LTD ILS 13 649,74 14 151,09 0,07
CHINA 20 635,50 9 063,73 0,05
Computing and IT 20 635,50 9 063,73 0,05

18 240,00 FOXCONN INTERNATIONAL HOLDINGS LTD HKD 20 635,50 9 063,73 0,05
Total Portfolio 18 326 884,32 20 086 812,52 99,93
203

19/01/2012 216 816,13 USD 166 972,63 EUR 31,49

19/01/2012 2 153,15 GBP 2 567,17 EUR 9,93
19/01/2012 815 276,00 JPY 8 053,99 EUR 109,57
19/01/2012 15 031,93 SEK 1 657,53 EUR 29,96
19/01/2012 1 896,77 CAD 1 409,83 EUR 24,54
19/01/2012 1 835,30 HKD 181,58 EUR 0,44
19/01/2012 64 777,27 USD 49 694,84 EUR 200,30
19/01/2012 2 724 517,00 JPY 26 920,67 EUR 360,60
19/01/2012 7 702,51 SEK 858,21 EUR 6,48
19/01/2012 3 482,59 CAD 2 581,76 EUR 51,84
19/01/2012 107 448,03 USD 82 028,91 EUR 733,67
19/01/2012 1 119 338,00 JPY 11 003,22 EUR 204,99
19/01/2012 164 609,93 USD 126 079,52 EUR 712,41
19/01/2012 1 252 589,00 JPY 12 316,71 EUR 225,78
19/01/2012 3 528,94 SEK 393,63 EUR 2,53
19/01/2012 3 369,85 SEK 376,95 EUR 1,35
19/01/2012 626 081,00 JPY 6 243,86 EUR 25,25
19/01/2012 15 615,70 USD 12 024,61 EUR 3,49
19/01/2012 8 940,99 EUR 44 274,23 ILS 26,34
19/01/2012 273,85 EUR 2 034,57 DKK 0,12
19/01/2012 1 625,98 EUR 1 354,25 GBP 5,08
19/01/2012 1 338,88 EUR 1 117,01 GBP 1,93
19/01/2012 370,22 EUR 1 825,51 ILS 2,65
19/01/2012 838,09 EUR 1 105,94 CAD 1,76
19/01/2012 958,13 USD 740,77 EUR (2,76)

19/01/2012 104 257,86 USD 80 796,02 EUR (490,69)
19/01/2012 59 972,18 EUR 80 996,59 CAD (1 278,95)
19/01/2012 1 044 913,47 EUR 105 713 226,00 JPY (13 619,45)
19/01/2012 17 857,77 EUR 23 531,61 AUD (692,76)
19/01/2012 8 126 627,62 EUR 10 556 626,62 USD (4 686,63)
19/01/2012 1 589,55 EUR 1 949,98 CHF (17,04)
19/01/2012 70 486,81 EUR 59 156,82 GBP (317,93)
19/01/2012 13 808,46 EUR 139 612,42 HKD (38,24)
19/01/2012 2 253,93 EUR 17 568,77 NOK (12,34)
19/01/2012 123 182,46 EUR 1 122 641,19 SEK (2 845,59)
19/01/2012 1 290,63 EUR 2 194,60 SGD (12,98)
19/01/2012 830,53 EUR 695,67 GBP (2,12)
19/01/2012 4 637,05 EUR 469 927,00 JPY (68,45)
19/01/2012 95 813,12 EUR 124 651,80 USD (200,79)
19/01/2012 231 438,53 EUR 301 848,49 USD (1 062,35)
19/01/2012 4 955,79 EUR 44 610,79 SEK (52,23)
19/01/2012 16 936,36 EUR 1 715 553,00 JPY (241,90)
19/01/2012 50 933,32 EUR 66 394,45 USD (207,46)
19/01/2012 89 852,37 EUR 117 402,72 USD (577,88)
19/01/2012 450,33 EUR 601,21 CAD (4,32)
19/01/2012 245,74 EUR 316,98 AUD (4,14)
19/01/2012 437,94 EUR 4 450,92 HKD (3,50)
19/01/2012 696,25 EUR 70 767,00 JPY (12,36)
19/01/2012 1 683,89 EUR 15 091,69 SEK (10,31)
19/01/2012 6 088,11 EUR 613 949,00 JPY (59,51)
19/01/2012 563,65 EUR 473,08 GBP (2,58)
204
Assets Notes
Banks 47 344,56
Liabilities


205

2011 IN EUR

Other income 733,09
- investments (967 486,51)

206
Nominal / % of
Shares 14 537 513,98 14 808 658,82 98,69
UNITED STATES 3 920 896,32 4 176 139,41 27,83

58 116,00 AT&T INC USD 1 217 271,97 1 353 794,12 9,02
16 670,00 CENTURYLINK INC USD 450 146,25 477 698,26 3,18
7 741,00 CROWN CASTLE INTERNATIONAL CORP USD 234 922,01 267 146,94 1,78
16 193,00 WINDSTREAM CORP USD 144 874,88 146 443,65 0,97
80 873,00 SPRINT NEXTEL CORP USD 224 190,05 145 778,85 0,97
26 372,00 FRONTIER COMMUNICATIONS CORP USD 135 541,42 104 622,58 0,70
3 065,00 SBA COMMUNICATIONS CORP USD 86 275,01 101 430,80 0,68
4 627,00 NII HOLDINGS INC USD 115 753,97 75 919,65 0,51
5 353,00 LEVEL 3 COMMUNICATIONS, INC USD 87 497,43 70 059,29 0,47
7 511,00 METROPCS COMMUNICATIONS INC USD 58 748,84 50 221,84 0,33
579,00 AMERICAN TOWER CORP USD 22 022,67 26 765,62 0,18
GREAT-BRITAIN 1 825 456,19 1 998 882,43 13,32

656 813,00 VODAFONE GROUP PLC GBP 1 260 811,82 1 406 715,66 9,37
209 048,00 BT GROUP PLC GBP 436 976,57 477 756,04 3,18
11 688,00 INMARSAT PLC GBP 74 743,87 56 627,54 0,38
9 000,00 TALKTALK TELECOM GROUP PLC GBP 13 624,01 14 577,89 0,10
Computing and IT 39 299,92 43 205,30 0,29

5 578,00 TELECITY GROUP PLC GBP 39 299,92 43 205,30 0,29
JAPAN 1 489 297,76 1 537 402,50 10,24

22 173,00 SOFTBANK CORP JPY 541 495,51 503 267,53 3,35
74,00 KDDI CORP JPY 358 618,96 366 741,33 2,44
245,00 NTT DOCOMO INC JPY 313 808,19 347 092,69 2,31
8 130,00 NIPPON TELEGRAPH & TELEPHONE CORP JPY 275 375,10 320 300,95 2,14
SPAIN 1 498 109,89 1 325 717,33 8,83

FRANCE 1 245 116,11 1 195 301,57 7,97

33 607,00 VIVENDI SA EUR 568 400,62 568 630,44 3,79
46 385,00 FRANCE TELECOM SA EUR 619 388,58 562 881,98 3,75
669,00 ILIAD SA EUR 57 326,91 63 789,15 0,43
CANADA 768 178,19 869 119,96 5,79

11 130,00 ROGERS COMMUNICATIONS INC CAD 295 665,57 330 487,87 2,20
7 425,00 BCE INC CAD 204 960,16 238 560,99 1,59
4 059,00 TELUS CORP CAD 144 986,06 167 783,96 1,12
1 765,00 TELUS CORP CAD 65 894,38 72 958,53 0,49
2 239,00 BELL ALIANT INC CAD 45 759,66 48 427,15 0,32
250,00 TELUS CORP CAD 10 912,36 10 901,46 0,07
GERMANY 593 516,03 565 766,47 3,77

62 241,00 DEUTSCHE TELEKOM AG EUR 580 791,44 551 766,47 3,68
1 400,00 FREENET AG EUR 12 724,59 14 000,00 0,09
SWEDEN 443 093,55 451 082,62 3,01

58 323,00 TELIASONERA AB SEK 303 434,07 306 517,93 2,04
207
Nominal / % of
9 608,00 TELE2 AB SEK 139 659,48 144 564,69 0,97
SINGAPORE 400 030,70 415 052,35 2,77

201 402,00 SINGAPORE TELECOMMUNICATIONS LTD SGD 357 636,98 369 721,42 2,47
26 221,00 STARHUB LTD SGD 42 393,72 45 330,93 0,30
NETHERLANDS 403 589,44 368 117,41 2,45

39 818,00 KONINKLIJKE KPN NV EUR 403 589,44 368 117,41 2,45
ITALY 374 765,23 338 928,85 2,26

AUSTRALIA 269 316,17 312 616,12 2,08

118 873,00 TELSTRA CORP LTD AUD 269 316,17 312 616,12 2,08
NORWAY 226 385,53 246 791,84 1,64

19 490,00 TELENOR ASA NOK 226 385,53 246 791,84 1,64
SWITZERLAND 189 160,56 184 121,58 1,23

628,00 SWISSCOM AG CHF 189 160,56 184 121,58 1,23
LUXEMBOURG 169 345,62 174 869,67 1,17

2 257,00 MILLICOM INTERNATIONAL CELLULAR SA -SDR- SEK 169 345,62 174 869,67 1,17
BELGIUM 152 916,21 150 529,54 1,00

4 100,00 BELGACOM SA EUR 99 585,98 99 384,00 0,66
773,00 MOBISTAR SA EUR 34 826,32 31 298,77 0,21
673,00 TELENET GROUP HLDG NV EUR 18 503,91 19 846,77 0,13
ISRAEL 112 848,30 89 396,04 0,60

42 734,00 BEZEQ THE ISRAELI TELECOMMUNICATION CORP ILS 69 819,61 60 108,93 0,40
LTD
1 332,00 CELLCOM ISRAEL LTD ILS 23 279,26 17 101,48 0,12
1 797,00 PARTNER COMMUNICATIONS CO LTD ILS 19 749,43 12 185,63 0,08
PORTUGAL 119 795,68 82 004,60 0,55

18 428,00 PORTUGAL TELECOM SGPS SA EUR 119 795,68 82 004,60 0,55
AUSTRIA 77 112,87 79 095,76 0,53

8 562,00 TELEKOM AUSTRIA AG EUR 77 112,87 79 095,76 0,53
NEW ZEALAND 65 594,94 76 008,94 0,51

61 103,00 TELECOM CORP OF NEW ZEALAND LTD NZD 65 593,98 76 007,82 0,51
0,60 CHORUS LTD NZD 0,96 1,12 0,00
DENMARK 59 695,48 59 295,01 0,39

9 568,00 TDC A/S DKK 59 695,48 59 295,01 0,39
208
Nominal / % of
FINLAND 56 292,86 58 777,72 0,39

3 644,00 ELISA OYJ EUR 56 292,86 58 777,72 0,39
HONG KONG 41 411,66 37 642,70 0,25

89 289,00 PCCW LTD HKD 25 676,97 23 645,77 0,16
10 500,00 SMARTONE TELECOMMUNICATIONS HLDG LTD HKD 15 734,69 13 996,93 0,09
GREECE 35 588,69 15 998,40 0,11

5 555,00 HELLENIC TELECOMMUNICATIONS ORGANIZATION EUR 35 588,69 15 998,40 0,11
SA
Total Portfolio 14 537 513,98 14 808 658,82 98,69
209
Purchase Unrealised
Total Unrealised profit / (loss) on future contracts and commitment (4 110,40) 146 369,60
100 40 Purchase FRANCE TELECOM SA 16/03/2012 EUR (586,00) 48 650,00

100 110 Purchase DEUTSCHE TELEKOM AG 16/03/2012 EUR (3 524,40) 97 719,60
210

19/01/2012 947 131,00 JPY 9 358,50 EUR 125,36

19/01/2012 15 669,84 NZD 9 130,87 EUR 275,81
19/01/2012 4 751,19 CAD 3 522,22 EUR 70,72
19/01/2012 3 487,50 SGD 2 051,57 EUR 20,04
19/01/2012 716 029,00 JPY 7 038,65 EUR 131,13
19/01/2012 18 717,46 USD 14 289,45 EUR 127,80
19/01/2012 4 465,50 SGD 2 642,86 EUR 9,69
19/01/2012 1 221,03 NZD 724,01 EUR 8,98
19/01/2012 7 867,72 HKD 776,61 EUR 3,71
19/01/2012 4 193,06 GBP 5 012,31 EUR 6,36
19/01/2012 38 779,62 SEK 4 325,60 EUR 27,81
19/01/2012 1 433,83 NOK 183,91 EUR 1,05
19/01/2012 537,24 CHF 440,78 EUR 1,85
19/01/2012 2 480,74 NOK 319,15 EUR 0,85
19/01/2012 10 052,50 SEK 1 124,48 EUR 4,02
19/01/2012 319 322,00 JPY 3 184,57 EUR 12,88
19/01/2012 216 499,01 USD 166 711,46 EUR 48,39
19/01/2012 172,73 EUR 852,98 ILS 0,98
19/01/2012 22 887,19 EUR 170 040,18 DKK 9,66
19/01/2012 34 772,74 EUR 172 188,51 ILS 102,46
19/01/2012 2 630,33 EUR 2 191,22 GBP 7,66
19/01/2012 2 149,21 EUR 16 647,95 NOK 1,72
19/01/2012 6 028,17 EUR 5 027,31 GBP 10,99
19/01/2012 264,19 EUR 1 963,11 DKK 0,07
19/01/2012 10 326,20 EUR 8 615,01 GBP 14,90
19/01/2012 196,90 EUR 254,78 USD 0,65
19/01/2012 1 238,80 EUR 6 108,40 ILS 8,87
19/01/2012 210,28 EUR 2 111,30 HKD 0,88
19/01/2012 3 993,95 EUR 5 270,43 CAD 8,35
19/01/2012 12 179,97 EUR 10 174,82 GBP 1,74
19/01/2012 39 232,57 USD 30 213,46 EUR 5,70
19/01/2012 872 153,00 JPY 8 615,87 EUR 117,22
19/01/2012 13 251,57 GBP 15 799,64 EUR 61,15
19/01/2012 2 976,39 SGD 1 752,17 EUR 15,83
19/01/2012 37 798,51 SEK 4 167,94 EUR 75,33
19/01/2012 20 939,19 NOK 2 685,99 EUR 15,04
19/01/2012 418,56 AUD 318,74 EUR 11,22
19/01/2012 1 521,43 HKD 150,53 EUR 0,36
19/01/2012 1 453,23 DKK 195,73 EUR (0,21)

19/01/2012 4 135,58 DKK 556,97 EUR (0,56)
19/01/2012 3 972,31 ILS 804,08 EUR (4,25)
19/01/2012 3 638,69 GBP 4 370,15 EUR (15,01)
19/01/2012 1 963,35 ILS 397,89 EUR (2,57)
19/01/2012 5 842,11 CAD 4 418,33 EUR (0,42)
19/01/2012 1 800,44 SGD 1 072,62 EUR (3,14)
19/01/2012 1 482,35 ILS 301,37 EUR (2,90)
19/01/2012 642,72 SGD 382,95 EUR (1,17)
19/01/2012 19 016,01 USD 14 736,71 EUR (89,50)
19/01/2012 283,43 EUR 381,56 CAD (5,11)
19/01/2012 257,82 EUR 315,13 CHF (1,82)
19/01/2012 1 060,89 EUR 1 834,88 NZD (40,60)
19/01/2012 109 400,01 EUR 144 158,97 AUD (4 243,95)
19/01/2012 298 873,63 EUR 403 649,58 CAD (6 373,72)
19/01/2012 64 806,84 EUR 79 501,94 CHF (694,83)
19/01/2012 15 608,23 EUR 157 809,32 HKD (43,23)
19/01/2012 604 347,55 EUR 61 141 454,00 JPY (7 877,09)
19/01/2012 88 148,54 EUR 687 093,45 NOK (482,49)
211

19/01/2012 35 341,90 EUR 61 454,40 NZD (1 549,49)

19/01/2012 744 337,90 EUR 624 693,70 GBP (3 357,40)
19/01/2012 223 985,86 EUR 2 041 327,55 SEK (5 174,20)
19/01/2012 164 812,59 EUR 280 249,78 SGD (1 658,30)
19/01/2012 1 728 909,89 EUR 2 245 883,16 USD (997,06)
19/01/2012 2 667,92 EUR 3 478,68 USD (11,56)
19/01/2012 1 950,12 EUR 17 510,63 SEK (15,63)
19/01/2012 1 887,34 EUR 191 266,00 JPY (27,85)
19/01/2012 7 935,96 EUR 10 324,60 USD (16,63)
19/01/2012 4 969,54 EUR 6 695,67 CAD (93,85)
19/01/2012 41 360,12 EUR 53 943,00 USD (189,85)
19/01/2012 3 049,23 EUR 5 194,56 NZD (69,09)
19/01/2012 2 423,93 EUR 4 090,29 SGD (5,74)
19/01/2012 752,48 EUR 972,34 AUD (14,04)
19/01/2012 3 279,07 EUR 332 150,00 JPY (46,83)
19/01/2012 5 311,97 EUR 7 096,46 CAD (54,51)
19/01/2012 8 342,82 EUR 10 896,65 USD (50,40)
19/01/2012 17 340,08 EUR 22 603,77 USD (70,63)
19/01/2012 621,89 EUR 800,30 AUD (9,01)
19/01/2012 628,91 EUR 4 910,08 NOK (4,46)
19/01/2012 663,94 EUR 1 120,24 SGD (1,49)
19/01/2012 798,36 EUR 7 182,36 SEK (7,93)
19/01/2012 2 446,29 EUR 3 256,22 CAD (16,12)
19/01/2012 2 794,72 EUR 284 405,00 JPY (53,10)
19/01/2012 155,98 EUR 15 854,00 JPY (2,77)
19/01/2012 196,64 EUR 1 462,06 DKK (0,07)
19/01/2012 350,44 EUR 448,12 AUD (2,82)
19/01/2012 961,68 EUR 807,16 GBP (4,41)
19/01/2012 17 742,90 EUR 23 469,48 CAD (5,16)
19/01/2012 7 175,11 EUR 55 682,74 NOK (7,64)
19/01/2012 18 892,28 EUR 168 528,93 SEK (26,83)
19/01/2012 436,10 EUR 582,21 CAD (4,18)
19/01/2012 492,98 EUR 836,68 NZD (9,28)
19/01/2012 1 062,30 EUR 8 277,02 NOK (5,39)
19/01/2012 1 196,08 EUR 2 026,79 SGD (7,85)
19/01/2012 2 846,21 EUR 25 508,95 SEK (17,43)
19/01/2012 739,34 EUR 953,66 AUD (12,45)
19/01/2012 824,46 EUR 1 006,64 CHF (4,91)
19/01/2012 15 426,57 EUR 20 156,64 USD (99,22)
19/01/2012 672,83 EUR 67 851,00 JPY (6,58)
19/01/2012 326,16 EUR 397,54 CHF (1,37)
19/01/2012 697,46 EUR 1 172,21 NZD (6,22)
212
Assets Notes
Banks 85 641,44
Liabilities
Unrealised loss on future contracts (Note 8) (977,20)


213

2011 IN EUR

- future contracts (Note 8) 2,18

214
Nominal / % of
Shares 14 703 067,03 14 803 363,31 99,17
UNITED STATES 6 205 761,89 7 442 230,51 49,86
Multi-Utilities 6 205 761,89 7 442 230,51 49,86

18 140,00 SOUTHERN CO USD 498 848,04 646 844,04 4,33
12 219,00 DOMINION RESOURCES INC/VA USD 397 217,68 499 622,17 3,35
28 202,00 DUKE ENERGY CORP USD 366 451,40 477 944,77 3,20
14 044,00 EXELON CORP USD 453 121,25 469 197,15 3,14
8 567,00 NEXTERA ENERGY INC USD 331 639,39 401 770,95 2,69
10 460,00 AMERICAN ELECTRIC POWER CO INC USD 274 375,70 332 860,30 2,23
9 055,00 FIRSTENERGY CORP USD 287 178,14 309 006,28 2,07
6 331,00 CONSOLIDATED EDISON INC USD 228 270,38 302 516,60 2,03
12 476,00 PPL CORP USD 255 973,58 282 743,84 1,89
10 933,00 PUBLIC SERVICE ENTERPRISE GROUP INC USD 256 652,87 278 009,73 1,86
6 405,00 PROGRESS ENERGY INC USD 208 286,26 276 399,57 1,85
8 634,00 PG&E CORP USD 263 722,98 274 154,36 1,84
10 702,00 XCEL ENERGY INC USD 176 668,62 227 865,25 1,53
3 938,00 ENTERGY CORP USD 204 591,54 221 600,66 1,49
6 817,00 EDISON INTERNATIONAL USD 182 794,74 217 404,61 1,46
4 910,00 SEMPRA ENERGY USD 179 863,00 208 026,81 1,39
3 622,00 DTE ENERGY CO USD 120 446,00 151 922,27 1,02
2 172,00 ONEOK INC USD 87 177,04 145 045,39 0,97
4 975,00 WISCONSIN ENERGY CORP USD 99 031,32 133 979,89 0,90
8 609,00 CENTERPOINT ENERGY INC USD 104 295,07 133 231,76 0,89
5 139,00 AMEREN CORP USD 112 396,17 131 152,08 0,88
14 150,00 AES CORP USD 127 003,32 129 057,50 0,86
4 056,00 CONSTELLATION ENERGY GROUP INC USD 114 525,99 123 946,79 0,83
4 079,00 NORTHEAST UTILITIES USD 86 704,64 113 337,85 0,76
5 896,00 NISOURCE INC USD 77 351,23 108 141,40 0,72
4 049,00 AMERICAN WATER WORKS CO INC USD 72 909,65 99 373,06 0,67
2 827,00 SCANA CORP USD 77 643,70 98 127,81 0,66
2 511,00 PINNACLE WEST CAPITAL CORP USD 72 119,18 93 194,15 0,62
7 120,00 CALPINE CORP USD 69 677,56 89 565,61 0,60
2 546,00 ALLIANT ENERGY CORP USD 67 032,10 86 510,85 0,58
2 376,00 NSTAR USD 67 860,83 85 950,74 0,58
5 137,00 PEPCO HOLDINGS INC USD 71 686,20 80 330,55 0,54
1 796,00 INTEGRYS ENERGY GROUP INC USD 61 108,82 74 958,43 0,50
5 029,00 NRG ENERGY INC USD 87 427,84 70 196,42 0,47
4 128,00 MDU RESOURCES GROUP INC USD 63 709,66 68 240,87 0,46
GREAT-BRITAIN 1 534 591,38 1 592 300,53 10,67
Multi-Utilities 1 534 591,38 1 592 300,53 10,67

74 786,00 NATIONAL GRID PLC GBP 514 761,57 559 570,18 3,75
110 659,00 CENTRICA PLC GBP 392 409,87 383 256,40 2,57
20 400,00 SCOTTISH & SOUTHERN ENERGY PLC GBP 301 838,82 315 290,33 2,11
32 937,00 INTERNATIONAL POWER PLC GBP 133 913,25 132 961,48 0,89
14 534,00 UNITED UTILITIES GROUP PLC GBP 106 398,06 105 441,61 0,71
5 348,00 SEVERN TRENT PLC GBP 85 269,81 95 780,53 0,64
JAPAN 1 738 535,38 1 351 850,67 9,06
Multi-Utilities 1 738 535,38 1 351 850,67 9,06

14 517,00 CHUBU ELECTRIC POWER CO INC JPY 222 738,64 208 860,63 1,40
56 383,00 TOKYO GAS CO LTD JPY 183 310,72 199 836,30 1,34
16 458,00 KANSAI ELECTRIC POWER CO INC/THE JPY 243 108,32 194 603,16 1,30
43 208,00 OSAKA GAS CO LTD JPY 117 822,03 131 510,58 0,88
9 307,00 KYUSHU ELECTRIC POWER CO INC JPY 133 115,62 102 686,71 0,69
6 784,00 CHUGOKU ELECTRIC POWER CO INC JPY 91 225,56 91 626,42 0,61
3 456,00 SHIKOKU ELECTRIC POWER CO INC JPY 62 869,60 76 331,22 0,51
10 271,00 TOHOKU ELECTRIC POWER CO INC JPY 134 771,48 75 994,14 0,51
2 837,00 ELECTRIC POWER DEVELOPMENT CO LTD JPY 57 771,74 58 143,36 0,39
3 988,00 HOKURIKU ELECTRIC POWER CO JPY 58 611,50 57 376,61 0,39
29 629,00 TOKYO ELECTRIC POWER CO INC/THE JPY 334 005,88 54 286,40 0,36
10 500,00 TOHO GAS CO LTD JPY 38 552,02 51 511,99 0,35
4 473,00 HOKKAIDO ELECTRIC POWER CO INC JPY 60 632,27 49 083,15 0,33
215
Nominal / % of
GERMANY 1 143 618,63 842 038,44 5,64
Multi-Utilities 1 143 618,63 842 038,44 5,64

35 556,00 E.ON AG EUR 765 259,41 592 718,52 3,97
8 294,00 RWE AG EUR 334 739,71 225 182,10 1,51
949,00 RWE AG -PFD- EUR 43 619,51 24 137,82 0,16
FRANCE 1 099 107,32 771 643,58 5,17
Multi-Utilities 1 099 107,32 771 643,58 5,17

26 335,00 GDF SUEZ EUR 677 960,90 556 195,20 3,73
5 133,00 EDF SA EUR 165 864,53 96 500,40 0,65
9 201,00 VEOLIA ENVIRONNEMENT SA EUR 191 693,42 77 923,27 0,52
ITALY 876 673,68 713 639,11 4,78
Multi-Utilities 876 673,68 713 639,11 4,78

139 078,00 ENEL SPA EUR 561 641,34 437 261,23 2,93
27 288,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR 80 974,43 71 057,95 0,48
42 543,00 ENEL GREEN POWER SPA EUR 70 837,63 68 664,40 0,46
26 887,00 A2A SPA EUR 35 365,19 19 533,41 0,13
HONG KONG 603 943,53 693 495,15 4,64
Multi-Utilities 603 943,53 693 495,15 4,64

43 076,00 CLP HOLDINGS LTD HKD 257 825,00 282 196,99 1,89
104 446,00 HONG KONG & CHINA GAS CO LTD HKD 162 496,91 186 469,80 1,25
30 727,00 POWER ASSETS HOLDINGS LTD HKD 146 648,21 175 087,19 1,17
11 022,00 CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD HKD 36 973,41 49 741,17 0,33
SPAIN 789 420,32 688 113,19 4,61
Multi-Utilities 789 420,32 688 113,19 4,61

81 254,00 IBERDROLA SA EUR 473 001,16 393 188,11 2,63
7 442,00 GAS NATURAL SDG SA EUR 98 341,47 98 718,13 0,66
2 483,00 RED ELECTRICA CORP SA EUR 91 651,73 82 100,40 0,55
3 840,00 ENAGAS SA EUR 60 697,46 54 873,60 0,37
625,00 ACCIONA SA EUR 48 154,94 41 706,25 0,28
3 707,00 EDP RENOVAVEIS SA EUR 17 573,56 17 526,70 0,12
CANADA 220 818,60 258 096,44 1,73
Multi-Utilities 220 818,60 258 096,44 1,73

4 141,00 FORTIS INC/CANADA CAD 87 510,63 104 539,91 0,70
1 820,00 CANADIAN UTILITIES LTD CAD 65 135,37 84 732,41 0,57
4 328,00 TRANSALTA CORP CAD 68 172,60 68 824,12 0,46
FINLAND 183 925,03 158 551,35 1,06
Multi-Utilities 183 925,03 158 551,35 1,06

9 615,00 FORTUM OYJ EUR 183 925,03 158 551,35 1,06
AUSTRALIA 119 499,95 132 501,87 0,89
Multi-Utilities 119 499,95 132 501,87 0,89

9 680,00 AGL ENERGY LTD AUD 100 335,32 109 548,25 0,74
30 920,00 SP AUSNET AUD 19 164,63 22 953,62 0,15
PORTUGAL 111 173,03 98 573,76 0,66
Multi-Utilities 111 173,03 98 573,76 0,66

41 227,00 EDP - ENERGIAS DE PORTUGAL SA EUR 111 173,03 98 573,76 0,66
AUSTRIA 48 741,38 33 777,32 0,22
Multi-Utilities 48 741,38 33 777,32 0,22

1 629,00 VERBUND AG EUR 48 741,38 33 777,32 0,22
216
Nominal / % of
NEW ZEALAND 27 256,91 26 551,39 0,18
Multi-Utilities 27 256,91 26 551,39 0,18

8 384,00 CONTACT ENERGY LTD NZD 27 256,91 26 551,39 0,18
Total Portfolio 14 703 067,03 14 803 363,31 99,17
217
Purchase Unrealised
Total Unrealised profit / (loss) on future contracts and commitment 2,18 107 425,58
Unrealised profit on future contracts and commitment 979,38 48 972,78
100 18 Purchase RWE AG 16/03/2012 EUR 979,38 48 972,78
Unrealised loss on future contracts and commitment (977,20) 58 452,80
100 35 Purchase EON AG 16/03/2012 EUR (977,20) 58 452,80
218

Unrealised profit on forward foreign exchange contracts 366,73
19/01/2012 76 560,48 USD 58 960,12 EUR 11,12

19/01/2012 134 659,99 HKD 13 277,26 EUR 78,26
19/01/2012 27 349,84 USD 20 879,65 EUR 186,75
19/01/2012 22 011,71 EUR 18 364,07 GBP 31,77
19/01/2012 17 708,20 EUR 22 913,61 USD 58,83
19/01/2012 770 399,84 EUR 646 566,46 GBP (3 474,95)

19/01/2012 346 045,78 EUR 3 498 746,12 HKD (958,33)
19/01/2012 642 501,97 EUR 65 001 513,00 JPY (8 374,40)
19/01/2012 17 791,19 EUR 30 936,27 NZD (780,01)
19/01/2012 3 581 730,62 EUR 4 652 728,61 USD (2 065,59)
19/01/2012 31 959,43 EUR 41 671,62 USD (138,42)
19/01/2012 72 187,67 EUR 94 149,14 USD (331,35)
19/01/2012 62 663,75 EUR 81 845,87 USD (378,59)
19/01/2012 11 514,26 EUR 15 044,74 USD (74,05)
19/01/2012 19 106,90 EUR 24 819,60 USD (10,57)
19/01/2012 13 097,82 GBP 15 730,77 EUR (54,00)
19/01/2012 50 622,38 USD 39 230,49 EUR (238,25)
19/01/2012 12 466,68 EUR 1 262 122,00 JPY (171,26)
19/01/2012 469,74 EUR 576,25 CHF (5,03)
19/01/2012 64 993,35 EUR 85 643,27 AUD (2 521,28)
19/01/2012 123 150,50 EUR 166 323,30 CAD (2 626,29)
219
Assets Notes
Banks 9 282 207,63
Other interest receivable 2 090,16
Liabilities
Interest payable on swap contracts (Note 8) (1 864,49)

Class I Units EUR 357,92 47,022

Class R Units EUR 357,59 140 189,584
220

2011 IN EUR

Interest received on swap contracts 564 066,01
Interest paid on swap contracts (147 682,90)
- investments (13 942 910,68)
- swap contracts (Note 8) 31 600,08

221
Nominal / % of
Shares 61 250 020,45 61 537 186,63 83,38
GREAT-BRITAIN 18 725 627,78 19 404 236,41 26,29
Finance 5 462 213,83 5 592 922,60 7,58

211 848,00 ABERDEEN ASSET MANAGEMENT PLC GBP 375 469,41 537 668,35 0,73
85 000,00 IG GROUP HLDG PLC GBP 425 366,39 485 289,05 0,66
23 731,00 DERWENT LONDON PLC GBP 412 834,52 443 195,03 0,60
32 188,00 PROVIDENT FINANCIAL PLC GBP 408 430,01 362 608,40 0,49
83 944,00 HAMMERSON PLC REIT GBP 383 718,24 361 781,54 0,49
87 770,00 ASHMORE GROUP PLC GBP 284 693,45 350 951,26 0,48
58 462,00 SHAFTESBURY PLC GBP 349 283,32 326 987,19 0,44
34 024,00 LONDON STOCK EXCHANGE GROUP PLC GBP 310 117,09 323 822,29 0,44
264 111,00 HENDERSON GROUP PLC GBP 422 876,49 323 773,04 0,44
139 228,00 CAPITAL & COUNTIES PROPERTIES PLC GBP 287 996,82 307 689,39 0,42
35 727,00 JARDINE LLOYD THOMPSON GROUP PLC GBP 197 436,08 294 906,99 0,40
55 019,00 HARGREAVES LANSDOWN PLC GBP 392 234,08 283 556,82 0,38
92 377,00 INTERMEDIATE CAPITAL GROUP PLC GBP 295 277,33 253 031,23 0,34
32 000,00 CLOSE BROTHERS GROUP PLC GBP 229 046,19 237 326,11 0,32
55 000,00 ICAP PLC GBP 226 277,25 228 413,22 0,31
Industries 4 414 539,97 4 758 151,79 6,45

20 629,00 ROTORK PLC GBP 402 493,78 476 639,17 0,65
112 000,00 FIRSTGROUP PLC GBP 429 609,43 453 199,02 0,61
18 146,00 SPIRAX-SARCO ENGINEERING PLC GBP 301 069,08 406 886,17 0,55
63 561,00 COOKSON GROUP PLC GBP 344 237,56 387 313,60 0,53
92 189,00 MELROSE PLC GBP 365 545,20 375 242,71 0,51
103 122,00 CARILLION PLC GBP 457 188,11 371 349,98 0,50
20 054,00 ULTRA ELECTRONICS HOLDINGS PLC GBP 308 513,33 354 837,64 0,48
14 000,00 AGGREKO PLC GBP 282 453,74 338 055,63 0,46
100 487,00 STAGECOACH GROUP PLC GBP 210 774,83 326 974,27 0,44
76 200,00 MICHAEL PAGE INTERNATIONAL PLC GBP 256 851,44 318 189,39 0,43
98 700,00 NATIONALRESS GROUP PLC GBP 279 434,24 263 497,35 0,36
68 000,00 HOMESERVE PLC GBP 288 717,65 233 313,22 0,32
301 402,00 HAYS PLC GBP 246 718,06 231 290,82 0,31
46 238,00 CHEMRING GROUP PLC GBP 240 933,52 221 362,82 0,30
Consumer Retail 4 165 535,16 4 292 342,89 5,82

31 428,00 RIGHTMOVE PLC GBP 453 754,20 468 049,05 0,63
30 111,00 BERKELEY GROUP HLDG PLC GBP 343 290,47 459 970,62 0,62
168 350,00 WILLIAM HILL PLC GBP 351 895,85 408 728,87 0,55
71 811,00 PERSIMMON PLC GBP 344 397,86 404 057,41 0,55
198 853,00 AEGIS GROUP PLC GBP 314 221,11 343 758,60 0,47
220 000,00 LADBROKES PLC GBP 341 728,29 342 389,37 0,46
96 988,00 INCHCAPE PLC GBP 350 894,27 340 668,79 0,46
751 515,00 TAYLOR WIMPEY PLC GBP 355 303,20 337 382,98 0,46
50 000,00 GREENE KING PLC GBP 288 011,19 291 629,55 0,40
229 571,00 BARRATT DEVELOPMENTS PLC GBP 297 565,95 255 321,26 0,35
118 038,00 TUI TRAVEL PLC GBP 250 113,12 234 293,69 0,32
76 597,00 MITCHELLS & BUTLERS PLC GBP 247 651,23 214 392,96 0,29
192 000,00 HOME RETAIL GROUP PLC GBP 226 708,42 191 699,74 0,26
Computing and IT 2 182 537,65 2 402 534,68 3,25

106 426,00 TELECITY GROUP PLC GBP 665 710,88 824 339,79 1,12
33 000,00 AVEVA GROUP PLC GBP 572 445,05 564 942,46 0,76
27 473,00 SPECTRIS PLC GBP 438 725,00 423 948,64 0,57
89 111,00 HALMA PLC WTS GBP 209 809,45 352 472,79 0,48
105 115,00 ELECTROCOMPONENTS PLC GBP 295 847,27 236 831,00 0,32
Energy 762 890,07 901 610,93 1,22

19 774,00 TULLOW OIL PLC GBP 235 910,08 331 892,00 0,45
35 015,00 HUNTING PLC GBP 292 044,59 314 390,66 0,42
248 865,00 AFREN PLC GBP 234 935,40 255 328,27 0,35
Raw materials 592 355,06 526 213,72 0,71

20 329,00 VICTREX PLC -PFD- GBP 313 827,90 266 735,49 0,36
222
Nominal / % of
20 735,00 VEDANTA RESOURCES PLC GBP 272 463,49 251 955,78 0,34
1 381,00 MONDI PLC GBP 6 063,67 7 522,45 0,01

594 227,00 CABLE & WIRELESS COMMUNICATIONS PLC GBP 345 866,26 271 750,27 0,37
630 553,00 CABLE & WIRELESS WORLDWIDE PLC GBP 224 321,30 122 667,41 0,16
Basic Goods 301 630,89 302 131,76 0,41

341 044,00 BOOKER GROUP PLC GBP 301 630,89 302 131,76 0,41
Health 273 737,59 233 910,36 0,32

31 514,00 HIKMA PHARMACEUTICALS PLC GBP 273 737,59 233 910,36 0,32
FRANCE 6 764 028,80 6 789 451,85 9,20
Consumer Retail 1 657 699,21 1 778 513,36 2,41

1 708,00 HERMES INTERNATIONAL EUR 259 024,89 393 437,80 0,53
6 315,00 SEB PRIME DE FIDELITE COMMON STOCK EUR 419 680,81 367 027,80 0,50
6 125,00 SEB SA EUR 349 345,53 355 985,00 0,48
12 834,00 JCDECAUX SA EUR 189 467,65 228 381,03 0,31
19 533,00 METROPOLE TELEVISION SA EUR 221 321,48 225 117,83 0,31
11 142,00 FAURECIA EUR 204 409,35 163 230,30 0,22
780,00 SEB PREF EUR 14 449,50 45 333,60 0,06
Finance 1 397 438,25 1 377 976,34 1,87

5 396,00 ICADE EUR 362 584,29 328 022,84 0,45
5 000,00 GECINA SA EUR 292 187,33 325 000,00 0,44
6 200,00 FONCIERE DES REGIONS EUR 284 969,84 307 520,00 0,42
12 000,00 SCOR SE EUR 216 281,97 216 720,00 0,29
7 300,00 EURAZEO EUR 241 414,82 200 713,50 0,27
Industries 1 437 088,41 1 358 345,00 1,84

6 432,00 SOCIETE BIC SA EUR 296 714,43 440 592,00 0,60
18 275,00 REXEL SA EUR 297 976,13 241 230,00 0,33
12 150,00 AREVA SA EUR 286 304,93 231 943,50 0,31
12 000,00 EDENRED EUR 247 118,28 228 240,00 0,31
5 395,00 NEXANS SA EUR 308 974,64 216 339,50 0,29
Computing and IT 726 284,19 692 763,96 0,94

12 396,00 ATOS ORIGIN SA EUR 458 607,06 420 348,36 0,57
9 764,00 INGENICO EUR 267 677,13 272 415,60 0,37
Energy 386 905,73 427 165,68 0,58

18 378,00 ETABLISSEMENTS MAUREL ET PROM EUR 208 389,43 216 125,28 0,29
9 908,00 BOURBON SA EUR 178 516,30 211 040,40 0,29

4 100,00 ILIAD SA EUR 313 138,22 390 935,00 0,53
Basic Goods 294 681,26 303 620,10 0,41

4 890,00 REMY COINTREAU SA EUR 294 681,26 303 620,10 0,41
Raw materials 310 602,39 276 569,89 0,37

7 771,00 IMERYS SA EUR 310 602,39 276 569,89 0,37
Health 240 191,14 183 562,52 0,25

3 323,00 BIOMERIEUX EUR 240 191,14 183 562,52 0,25
GERMANY 6 763 970,79 6 765 841,98 9,17
Computing and IT 1 450 657,33 1 464 843,21 1,98

14 525,00 SOFTWARE AG EUR 390 640,24 414 761,38 0,56
21 386,00 WIRECARD AG EUR 259 869,26 265 614,12 0,36
7 062,00 WINCOR NIXDORF AG EUR 334 188,81 243 850,86 0,33
21 821,00 AIXTRON SE NA EUR 197 037,36 214 936,85 0,29
Raw materials 1 283 202,58 1 349 934,40 1,83

15 250,00 FUCHS PETROLUB AG -PFD- EUR 495 392,92 515 755,00 0,70
8 237,00 AURUBIS AG EUR 311 296,49 339 364,40 0,46
4 100,00 WACKER CHEMIE AG EUR 244 049,22 254 815,00 0,35
6 000,00 LANXESS AG EUR 232 463,95 240 000,00 0,32
223
Nominal / % of
Consumer Retail 1 356 615,42 1 281 373,35 1,74

47 290,00 PROSIEBENSAT.1 MEDIA AG -PFD- EUR 758 063,30 667 498,35 0,90
15 000,00 DOUGLAS HOLDING AG EUR 420 021,57 417 000,00 0,57
875,00 PUMA AG RUDOLF DASSLER SPORT EUR 178 530,55 196 875,00 0,27
Health 945 530,48 907 662,88 1,23

28 700,00 RHOEN KLINIKUM AG EUR 477 289,36 422 464,00 0,57
13 800,00 STADA ARZNEIMITTEL AG EUR 233 523,02 265 650,00 0,36
17 937,00 CELESIO AG EUR 234 718,10 219 548,88 0,30
Industries 981 453,45 860 096,89 1,17

9 391,00 RHEINMETALL AG EUR 436 287,90 321 500,89 0,44
8 326,00 FRAPORT AG FRANKFURT AIRPORT SERVICES EUR 297 831,14 316 388,00 0,43
WORLDWIDE
22 400,00 KLOECKNER & CO SE EUR 247 334,41 222 208,00 0,30
Finance 503 097,58 516 775,00 0,70

25 483,00 DEUTSCHE WOHNEN AG EUR 255 497,28 261 583,00 0,35
10 290,00 DEUTSCHE EUROSHOP AG EUR 247 600,30 255 192,00 0,35
Basic Goods 243 413,95 385 156,25 0,52

15 625,00 SUEDZUCKER AG EUR 243 413,95 385 156,25 0,52
SWITZERLAND 3 996 517,28 4 112 917,46 5,57
Finance 1 754 207,35 1 744 369,95 2,36

3 300,00 PARTNERS GROUP HLDG AG CHF 434 719,67 445 563,86 0,60
3 742,00 VALIANT HOLDING CHF 375 382,29 366 524,24 0,50
1 457,00 HELVETIA HOLDING AG CHF 316 653,67 354 077,75 0,48
6 368,00 PARGESA HLDG SA CHF 366 067,65 322 622,93 0,44
680,00 BANQUE CANTONALE VAUDOISE CHF 261 384,07 255 581,17 0,34
Health 561 065,71 780 094,28 1,05

1 147,00 GALENICA AG CHF 339 579,58 519 216,13 0,70
29 000,00 NOBEL BIOCARE HOLDING AG CHF 221 486,13 260 878,15 0,35
Consumer Retail 761 826,40 758 366,95 1,03

1 000,00 FORBO HLDG AG CHF 323 749,18 406 128,98 0,55
4 946,00 DUFRY GROUP CHF 438 077,22 352 237,97 0,48
Computing and IT 529 305,17 455 935,22 0,62

40 000,00 LOGITECH INTERNATIONAL SA CHF 233 230,10 241 700,29 0,33
16 887,00 TEMENOS GROUP AG CHF 296 075,07 214 234,93 0,29
Industries 390 112,65 374 151,06 0,51

902,00 GEORG FISCHER AG CHF 261 040,34 238 522,10 0,32
11 200,00 MEYER BURGER TECHNOLOGY AG CHF 129 072,31 135 628,96 0,19
SPAIN 4 119 769,63 3 948 571,01 5,35
Basic Goods 1 034 321,99 1 075 624,41 1,46

145 908,00 DISTRIBUIDORA INTERNACIONAL DE EUR 526 047,81 509 948,46 0,69
ALIMENTACION SA
10 430,00 VISCOFAN SA EUR 299 844,66 298 923,80 0,41
18 589,00 EBRO FOODS SA EUR 208 429,52 266 752,15 0,36
Finance 931 408,86 1 005 883,28 1,36

162 816,00 MAPFRE SA EUR 340 961,26 399 713,28 0,54
16 400,00 BOLSAS Y MERCADOS ESPANOLES S.A. EUR 348 410,08 341 120,00 0,46
55 800,00 BANKINTER SA EUR 242 037,52 265 050,00 0,36
Multi-Utilities 758 547,61 753 149,68 1,02

6 551,00 ACCIONA SA EUR 365 103,67 437 148,23 0,59
19 937,00 ENDESA SA EUR 393 443,94 316 001,45 0,43
Health 385 695,55 489 527,30 0,66

35 370,00 GRIFOLS SA EUR 385 677,15 459 810,00 0,62
3 537,00 GRIFOLS SA - CLASS B EUR 0,00 29 710,80 0,04
1,00 CLINICA BAVIERA SA EUR 18,40 6,50 0,00
Raw materials 329 029,03 245 004,93 0,33

24 723,00 ACERINOX SA EUR 329 029,03 245 004,93 0,33
224
Nominal / % of
Energy 298 671,25 203 184,27 0,28

7 318,00 TECNICAS REUNIDAS SA EUR 298 671,25 203 184,27 0,28
Consumer Retail 382 095,34 176 197,14 0,24

39 954,00 MEDIASET ESPANA COMUNICACION SA EUR 382 095,34 176 197,14 0,24
SWEDEN 2 449 136,50 2 608 145,04 3,53
Industries 601 124,93 636 997,35 0,86

57 781,00 TRELLEBORG AB SEK 327 702,61 387 946,30 0,52
18 317,00 NCC AB SEK 273 422,32 249 051,05 0,34
Consumer Retail 653 927,97 580 120,40 0,79

94 000,00 HUSQVARNA AB SEK 327 404,96 334 944,42 0,46
19 481,00 JM AB SEK 326 523,01 245 175,98 0,33
Raw materials 496 900,95 558 669,79 0,76

41 029,00 SSAB AB SEK 255 219,11 279 621,39 0,38
12 561,00 HOLMEN AB SEK 241 681,84 279 048,40 0,38
Health 389 524,93 444 514,67 0,60

55 249,00 MEDA AB SEK 389 524,93 444 514,67 0,60
Finance 307 657,72 387 842,83 0,52

40 463,00 CASTELLUM AB SEK 307 657,72 387 842,83 0,52
NORWAY 2 202 397,01 2 225 878,49 3,02
Energy 524 465,57 728 677,30 0,99

24 386,00 TGS NOPEC GEOPHYSICAL CO ASA NOK 306 960,74 417 067,54 0,57
38 350,00 AKER SOLUTIONS ASA NOK 217 504,83 311 609,76 0,42
Finance 781 756,73 705 239,98 0,95

80 841,00 STOREBRAND ASA NOK 429 573,34 324 520,41 0,44
Basic Goods 535 925,14 433 131,03 0,59

1 297 600,00 MARINE HARVEST ASA NOK 535 925,14 433 131,03 0,59
Consumer Retail 360 249,57 358 830,18 0,49

18 670,00 SCHIBSTED ASA NOK 360 249,57 358 830,18 0,49
ITALY 2 190 943,07 2 107 758,62 2,86
Finance 1 432 921,43 1 414 273,62 1,92

71 500,00 BANCA POPOLARE DI SONDRIO SCARL EUR 458 719,07 444 015,00 0,60
65 944,00 BANCA POPOLARE DELL'EMILIA ROMAGNA SCRL EUR 385 787,15 364 670,32 0,50
607 545,00 BANCA POPOLARE DI MILANO SCARL EUR 182 476,20 186 273,30 0,25
10 500,00 EXOR SPA EUR 166 791,99 163 275,00 0,22
Consumer Retail 397 908,38 353 915,00 0,48

3 100,00 TOD'S SPA EUR 215 403,32 195 455,00 0,27
19 000,00 YOOX SPA EUR 182 505,06 158 460,00 0,21
Basic Goods 360 113,26 339 570,00 0,46

66 000,00 DAVIDE CAMPARI-MILANO SPA EUR 360 113,26 339 570,00 0,46
LUXEMBOURG 2 096 017,54 2 098 244,40 2,84
Finance 1 640 000,00 1 607 200,00 2,18

164 000,00 ITALY1 INVESTMENT SA EUR 1 640 000,00 1 607 200,00 2,18
Consumer Retail 233 376,65 249 293,62 0,34

3 238,00 RTL GROUP SA EUR 233 376,65 249 293,62 0,34
Basic Goods 222 640,89 241 750,78 0,32

9 896,00 ORIFLAME COSMETICS SA -SDR- SEK 222 640,89 241 750,78 0,32
DENMARK 1 965 474,39 2 013 946,92 2,73
Finance 892 698,21 793 153,52 1,08

2 601,00 TOPDANMARK A/S DKK 250 106,24 313 210,61 0,43
14 263,00 JYSKE BANK A/S DKK 309 233,33 270 584,60 0,37
225
Nominal / % of
17 270,00 SYDBANK A/S DKK 333 358,64 209 358,31 0,28
Health 574 409,43 674 634,67 0,91

5 536,00 WILLIAM DEMANT HOLDING A/S DKK 273 203,74 355 740,64 0,48
48 990,00 GN STORE NORD A/S DKK 301 205,69 318 894,03 0,43
Raw materials 498 366,75 546 158,73 0,74

32 500,00 CHRISTIAN HANSEN HOLDING A/S DKK 498 366,75 546 158,73 0,74
FINLAND 2 026 837,84 1 979 751,45 2,68
Industries 900 272,33 916 550,50 1,24

10 856,00 OUTOTEC OYJ EUR 329 361,68 395 158,40 0,54
26 521,00 YIT OYJ EUR 335 188,02 328 329,98 0,44
13 278,00 KONECRANES OYJ EUR 235 722,63 193 062,12 0,26
Health 286 657,00 336 728,70 0,46

22 374,00 ORION OYJ EUR 286 657,00 336 728,70 0,46
Consumer Retail 237 197,20 259 830,00 0,35

28 870,00 AMER SPORTS OYJ EUR 237 197,20 259 830,00 0,35
Energy 374 684,91 244 991,15 0,33

31 389,00 NESTE OIL OYJ EUR 374 684,91 244 991,15 0,33
Raw materials 228 026,40 221 651,10 0,30

24 145,00 KEMIRA OYJ EUR 228 026,40 221 651,10 0,30
NETHERLANDS 2 234 789,96 1 977 991,39 2,68
Industries 788 414,49 706 701,46 0,96

20 885,00 IMTECH NV EUR 449 549,77 418 013,28 0,57
22 241,00 AALBERTS INDUSTRIES NV EUR 338 864,72 288 688,18 0,39
Basic Goods 620 625,39 564 961,19 0,77

7 291,00 NUTRECO NV EUR 288 252,66 370 674,44 0,50
16 090,00 CSM EUR 332 372,73 194 286,75 0,27
Finance 610 310,25 475 815,46 0,64

20 785,00 DELTA LLOYD NV EUR 324 787,79 270 205,00 0,36
8 382,00 EUROCOMMERCIAL PROPERTIES NV EUR 285 522,46 205 610,46 0,28
Computing and IT 215 439,83 230 513,28 0,31

10 128,00 ASM INTERNATIONAL NV EUR 215 439,83 230 513,28 0,31
IRELAND 1 645 218,15 1 748 954,65 2,37
Consumer Retail 662 905,42 809 270,51 1,10

10 809,00 PADDY POWER PLC EUR 313 157,26 481 162,64 0,65
57 409,00 UNITED BUSINESS MEDIA LTD GBP 349 748,16 328 107,87 0,45
Industries 338 044,06 356 697,64 0,48

19 513,00 DCC PLC EUR 338 044,06 356 697,64 0,48
Finance 368 583,35 343 835,88 0,47

4 142 601,00 GOVERNOR & CO OF THE BANK OF IRELAND EUR 368 583,35 343 835,88 0,47
Basic Goods 275 685,32 239 150,62 0,32

80 441,00 C&C GROUP PLC EUR 267 490,41 230 865,67 0,31
2 907,00 C&C GROUP PLC EUR 8 194,91 8 284,95 0,01
BELGIUM 1 660 212,88 1 650 879,59 2,24

13 120,00 TELENET GROUP HLDG NV EUR 244 894,26 386 908,80 0,52
6 700,00 MOBISTAR SA EUR 296 173,38 271 283,00 0,37
Finance 592 545,46 570 374,16 0,78

5 322,00 ACKERMANS & VAN HAAREN NV EUR 314 127,16 306 760,08 0,42
4 429,00 SOFINA SA EUR 278 418,30 263 614,08 0,36
Raw materials 236 722,65 213 500,00 0,29

35 000,00 NYRSTAR EUR 236 722,65 213 500,00 0,29
226
Nominal / % of
Industries 289 877,13 208 813,63 0,28

8 425,00 BEKAERT SA EUR 289 877,13 208 813,63 0,28
AUSTRIA 1 417 521,11 1 427 350,36 1,93
Industries 611 266,59 642 438,20 0,87

7 000,00 ANDRITZ AG EUR 361 108,35 448 700,00 0,61
27 800,00 WIENERBERGER AG EUR 250 158,24 193 738,20 0,26
Finance 508 938,50 479 506,34 0,65

9 107,00 VIENNA INSURANCE GROUP AG EUR 341 675,98 278 856,34 0,38
10 000,00 RAIFFEISEN BANK INTERNATIONAL AG EUR 167 262,52 200 650,00 0,27
Multi-Utilities 297 316,02 305 405,82 0,41

14 729,00 VERBUND AG EUR 297 316,02 305 405,82 0,41
PORTUGAL 311 533,35 321 155,00 0,43
Finance 311 533,35 321 155,00 0,43

1 205 000,00 BANCO COMERCIAL PORTUGUES SA EUR 152 994,12 163 880,00 0,22
116 500,00 BANCO ESPIRITO SANTO SA EUR 158 539,23 157 275,00 0,21
GREECE 211 716,06 167 040,00 0,23

58 000,00 HELLENIC TELECOMMUNICATIONS ORGANIZATION EUR 211 716,06 167 040,00 0,23
SA
MAURITIUS 421 787,12 153 234,91 0,21
Energy 421 787,12 153 234,91 0,21

74 678,00 ESSAR ENERGY PLC GBP 421 787,12 153 234,91 0,21
NIGERIA 46 521,19 35 837,10 0,05
Energy 46 521,19 35 837,10 0,05

18 378,00 MAUREL & PROM NIGERIA EUR 46 521,19 35 837,10 0,05
Zero-Coupon Bonds 2 494 422,60 2 497 500,00 3,38
ITALY 2 494 422,60 2 497 500,00 3,38
Government 2 494 422,60 2 497 500,00 3,38

2 500 000,00 BOT 15/02/2012 EUR 2 494 422,60 2 497 500,00 3,38
Ordinary Bonds 989 550,00 1 003 500,00 1,36
FRANCE 989 550,00 1 003 500,00 1,36
Government 989 550,00 1 003 500,00 1,36

1 000 000,00 FRENCH TREASURY NOTE 0.75% 20/09/2012 EUR 989 550,00 1 003 500,00 1,36
Warrants 0,00 78 720,00 0,11
LUXEMBOURG 0,00 78 720,00 0,11

164 000,00 ITALY1 INVESTMENT SA WARRANTS 27/01/2016 EUR 0,00 78 720,00 0,11
UNQUOTED 1 796 495,52 0,00 0,00
Shares 1 796 495,52 0,00 0,00
BELGIUM 35 441,41 0,00 0,00
Consumer Retail 35 441,41 0,00 0,00

500,00 CREDIT COMMERCIAL INTL SA EUR 35 441,41 0,00 0,00
AUSTRIA 1 501 734,03 0,00 0,00
Finance 1 501 734,03 0,00 0,00

6 700,00 YLINE INTERNET BUSINESS SE EUR 1 501 734,03 0,00 0,00
107 200,00 IMMOEAST AG EUR 0,00 0,00 0,00
227
Nominal / % of
ITALY 69,30 0,00 0,00
Basic Goods 69,30 0,00 0,00

630,00 PARMALAT FINANZIARIA SPA EUR 69,30 0,00 0,00
GREAT-BRITAIN 259 250,78 0,00 0,00
Finance 259 250,78 0,00 0,00

385 796,00 BRADFORD + BINGLEY GBP 259 250,78 0,00 0,00
Total Portfolio 66 530 488,57 65 116 906,63 88,23
228
SWAP CONTRACTS AS AT 31 DECEMBER 2011
Interest Unrealised
receivable/ profit / (loss)
Underlying name Currency Position Notional Counterparty Maturity (payable) (EUR)
Equity Swap Contracts (1 864,49) 150 850,00
STOXX EUROPE SMALL 200 NET EUR S 9 924 400,00 BANQUE NATIONALE DE 05/11/2012 (1 061,36) 18 400,00
RETURN EUR PARIS, LON
STOXX EUROPE SMALL 200 NET EUR S 3 596 100,00 CREDIT SUISSE 17/12/2012 (803,13) 132 450,00
RETURN EUR FINANCIAL PRODUCTS
229
Assets Notes
Banks 561 809 200,59
Total assets 3 474 589 216,72
Liabilities

Class A Units EUR 112,73 184 438,883

Class I Units EUR 111,87 2 313 680,513
Class R Units EUR 111,79 3 300 575,198
Class Z Units EUR 114,95 24 233 074,665
230

2011 IN EUR


231
Nominal / % of
TRANSFERABLE SECURITIES 2 888 233 347,35 2 893 982 595,85 84,27
LISTED ON AN OFFICIAL STOCK EXCHANGE 2 888 233 347,35 2 893 982 595,85 84,27
Zero-Coupon bonds 2 211 710 798,52 2 218 966 428,10 64,61
ITALY 1 354 909 395,44 1 358 384 191,30 39,55
Government 1 354 909 395,44 1 358 384 191,30 39,55

211 000 000,00 BOT 0.00% 30/03/2012 EUR 209 367 098,40 209 947 110,00 6,11
168 600 000,00 BOT 0.00% 29/02/2012 EUR 167 330 068,25 168 097 572,00 4,90
164 000 000,00 BOT 0.00% 16/04/2012 EUR 163 034 539,54 162 876 600,00 4,74
153 900 000,00 BOT 0.00% 15/05/2012 EUR 152 691 859,62 152 391 780,00 4,44
149 450 000,00 BOT 0.00% 15/03/2012 EUR 148 814 504,01 148 859 672,50 4,33
137 500 000,00 BOT 0.00% 15/08/2012 EUR 133 739 969,85 134 622 125,00 3,92
115 220 000,00 BOT 0.00% 15/10/2012 EUR 111 915 239,57 112 090 624,80 3,26
92 550 000,00 BOT 0.00% 15/02/2012 EUR 92 306 851,01 92 435 238,00 2,69
36 900 000,00 BOT 0.00% 15/06/2012 EUR 36 505 729,49 36 407 016,00 1,06
36 000 000,00 BOT 0.00% 14/12/2012 EUR 33 919 521,84 34 920 000,00 1,02
35 000 000,00 BOT 0.00% 29/06/2012 EUR 34 444 984,95 34 447 000,00 1,00
31 400 000,00 BOT 0.00% 16/07/2012 EUR 30 839 249,33 30 844 848,00 0,90
26 500 000,00 BOT 0.00% 31/05/2012 EUR 25 790 743,16 26 166 895,00 0,76
10 000 000,00 BOT 0.00% 30/04/2012 EUR 9 883 713,85 9 912 800,00 0,29
4 500 000,00 BOT 0.00% 15/11/2012 EUR 4 325 322,57 4 364 910,00 0,13
GERMANY 364 267 053,37 365 992 181,80 10,66
Government 364 267 053,37 365 992 181,80 10,66

126 800 000,00 GERMAN TREASURY BILL 0.00% 14/03/2012 EUR 126 717 665,94 126 841 844,00 3,69
SPAIN 357 207 401,95 358 649 665,00 10,44
Government 357 207 401,95 358 649 665,00 10,44

107 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 17/02/2012 EUR 106 666 490,20 106 841 640,00 3,11
FRANCE 135 326 947,76 135 940 390,00 3,96
Government 135 326 947,76 135 940 390,00 3,96

50 000 000,00 FRANCE TREASURY BILL BTF 0.00% 23/08/2012 EUR 49 802 811,14 49 961 500,00 1,46
Floating rate notes 507 417 644,03 505 765 597,70 14,73
ITALY 416 462 710,89 415 828 966,00 12,11
Government 399 996 095,89 400 007 171,00 11,65

345 400 000,00 CCT FRN 01/03/2012 EUR 345 085 638,10 344 985 520,00 10,05
52 300 000,00 CCT FRN 01/11/2012 EUR 51 968 957,79 52 110 151,00 1,52
3 000 000,00 CCT FRN 01/07/2013 EUR 2 941 500,00 2 911 500,00 0,08
Finance 16 466 615,00 15 821 795,00 0,46

11 000 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 10 972 060,00 10 502 910,00 0,31
5 500 000,00 CREDITO EMILIANO SPA FRN 01/10/2012 EUR 5 494 555,00 5 318 885,00 0,15
GREAT-BRITAIN 22 910 157,99 22 648 233,00 0,66
Finance 22 910 157,99 22 648 233,00 0,66

7 250 000,00 ROYAL BANK OF SCOTLAND PLC FRN 18/05/2013 EUR 7 245 722,50 7 032 645,00 0,21
232
Nominal / % of
6 000 000,00 LLOYDS TSB BANK PLC FRN 25/03/2013 EUR 5 952 829,02 5 937 120,00 0,17
3 100 000,00 CREDIT SUISSE/LONDON FRN 07/01/2013 EUR 3 106 048,58 3 096 156,00 0,09
UNITED STATES 19 827 416,00 20 131 656,00 0,59
Finance 19 827 416,00 20 131 656,00 0,59

12 950 000,00 MERRILL LYNCH & CO INC FRN 16/02/2012 EUR 12 648 351,00 12 902 862,00 0,38
3 800 000,00 BEAR STEARNS LLC FRN 27/07/2012 EUR 3 782 140,00 3 792 704,00 0,11
3 500 000,00 MORGAN STANLEY FRN 20/07/2012 EUR 3 396 925,00 3 436 090,00 0,10
SPAIN 17 315 795,15 16 739 974,00 0,49
Government 17 315 795,15 16 739 974,00 0,49

17 350 000,00 SPAIN GOVERNMENT BOND FRN 29/10/2012 EUR 17 315 795,15 16 739 974,00 0,49
FRANCE 15 741 375,00 15 258 722,50 0,44
Finance 15 741 375,00 15 258 722,50 0,44

10 000 000,00 DEXIA CREDIT LOCAL SA FRN 19/02/2013 EUR 10 000 000,00 9 604 000,00 0,28
5 750 000,00 BANQUE FEDERATIVE DU CREDIT MUTUEL FRN EUR 5 741 375,00 5 654 722,50 0,16
25/03/2013
GERMANY 9 668 384,00 9 700 231,20 0,28
Government 9 668 384,00 9 700 231,20 0,28

9 680 000,00 STATE OF BERLIN FRN 25/06/2012 EUR 9 668 384,00 9 700 231,20 0,28
DENMARK 5 491 805,00 5 457 815,00 0,16
Finance 5 491 805,00 5 457 815,00 0,16

5 500 000,00 NYKREDIT BANK A/S FRN 11/03/2013 EUR 5 491 805,00 5 457 815,00 0,16
Ordinary Bonds 169 104 904,80 169 250 570,05 4,93
GERMANY 167 100 984,80 167 249 150,05 4,87
Government 167 100 984,80 167 249 150,05 4,87

149 500 000,00 BUNDESSCHATZANWEISUNGEN 0.75% 14/09/2012 EUR 150 209 619,86 150 358 115,05 4,38
ITALY 2 003 920,00 2 001 420,00 0,06
Government 2 003 920,00 2 001 420,00 0,06

2 000 000,00 BTP 3.00% 01/03/2012 EUR 2 003 920,00 2 001 420,00 0,06
Total Portfolio 2 888 233 347,35 2 893 982 595,85 84,27
233
Assets Notes
Banks 9 589 346,27
Liabilities

Class R Units EUR 108,40 2 212 663,088

Class Z Units EUR 110,02 376 212,459
234

2011 IN EUR

- investments (20 954 480,15)

235
Nominal / % of
ITALY 300 894 599,58 271 043 664,00 96,38
Government 299 499 275,58 269 706 930,00 95,90

36 900 000,00 CCT FRN 01/07/2013 EUR 36 654 288,00 35 055 000,00 12,46
31 150 000,00 CCT FRN 01/11/2012 EUR 31 044 237,16 30 698 325,00 10,92
32 025 000,00 CCT FRN 01/12/2014 EUR 31 415 954,27 29 975 400,00 10,66
34 450 000,00 CCT FRN 15/12/2015 EUR 33 398 162,53 28 938 000,00 10,29
34 850 000,00 CCT FRN 01/07/2016 EUR 33 849 628,93 28 925 500,00 10,29
30 600 000,00 CCT FRN 01/03/2014 EUR 30 180 102,51 27 234 000,00 9,68
28 550 000,00 CCT FRN 01/09/2015 EUR 27 981 312,78 23 982 000,00 8,53
25 775 000,00 CCT FRN 15/10/2017 EUR 24 737 755,09 19 331 250,00 6,87
17 400 000,00 CCT FRN 01/03/2012 EUR 17 395 751,48 17 330 400,00 6,16
20 150 000,00 CCT FRN 01/03/2017 EUR 18 421 237,88 16 496 805,00 5,87
15 550 000,00 CCT FRN 15/04/2018 EUR 14 420 844,95 11 740 250,00 4,17
Finance 1 395 324,00 1 336 734,00 0,48

Zero-Coupon bonds 640 029,22 632 544,00 0,22
ITALY 640 029,22 632 544,00 0,22
Government 640 029,22 632 544,00 0,22

450 000,00 BOT 0.00% 15/06/2012 EUR 445 601,88 439 002,00 0,15
200 000,00 BOT 0.00% 15/10/2012 EUR 194 427,34 193 542,00 0,07
Total Portfolio 301 534 628,80 271 676 208,00 96,60
236
Purchase Unrealised
100 000 30 Purchase EURO BTP ITALIAN GOVERNMENT BOND 08/03/2012 EUR (19 562,67) 2 748 300,00
237
Assets Notes
Banks 60 612 163,03
Total assets 1 484 235 578,66
Liabilities
Amounts due to brokers (96 594,00)

Class I Units EUR 136,10 625 236,268

Class R Units EUR 135,31 368 445,639
Class Z Units EUR 140,71 9 437 043,092
238

2011 IN EUR

- investments (1 601 751,95)

239
Nominal / % of
Ordinary Bonds 1 359 826 317,10 1 325 974 704,74 90,64
GERMANY 355 395 832,28 355 779 420,05 24,32
Government 355 395 832,28 355 779 420,05 24,32

90 000 000,00 BUNDESREPUBLIK DEUTSCHLAND 3.75% EUR 97 381 753,12 94 999 527,90 6,49
04/07/2013
04/01/2014
04/07/2014
04/01/2013
10 000 000,00 BUNDESOBLIGATION 2.50% 10/10/2014 EUR 10 564 500,03 10 609 728,90 0,73
ITALY 340 760 540,61 330 846 008,94 22,62
Government 337 166 012,61 327 436 808,94 22,39

58 330 000,00 BTP 4.25% 15/04/2013 EUR 61 642 221,84 58 317 300,39 3,99
56 930 000,00 BTP 2.00% 01/06/2013 EUR 56 561 437,03 55 201 687,18 3,77
53 950 000,00 BTP 3.00% 01/04/2014 EUR 52 784 762,29 51 659 764,23 3,53
44 700 000,00 BTP 4.25% 01/08/2014 EUR 44 678 765,10 43 784 597,64 2,99
35 900 000,00 BTP 2.25% 01/11/2013 EUR 35 377 291,14 34 304 739,70 2,35
30 500 000,00 BTP 3.50% 01/06/2014 EUR 29 821 380,82 29 355 920,60 2,01
24 650 000,00 BTP 4.25% 01/07/2014 EUR 24 715 851,28 24 153 780,46 1,65
23 170 000,00 BTP 4.25% 01/08/2013 EUR 24 336 884,67 23 035 145,50 1,58
7 000 000,00 BTP 6.00% 15/11/2014 EUR 6 681 150,00 7 071 678,74 0,48
550 000,00 BTP 4.25% 15/10/2012 EUR 566 268,44 552 194,50 0,04
Finance 3 594 528,00 3 409 200,00 0,23

3 600 000,00 BANCA DELLE MARCHE SPA 4.375% 15/04/2013 EUR 3 594 528,00 3 409 200,00 0,23
FRANCE 269 667 238,20 269 530 067,28 18,43
Government 269 667 238,20 269 530 067,28 18,43

70 000 000,00 FRENCH TREASURY NOTE BTAN 2.00% 25/09/2013 EUR 70 700 099,96 71 496 770,80 4,89
25 000 000,00 FRANCE GOVERNMENT BOND OAT 4.00% EUR 26 180 820,00 26 456 500,25 1,81
25/10/2013
25/04/2014
25/10/2014
SPAIN 104 613 532,79 105 086 580,04 7,18
Government 104 613 532,79 105 086 580,04 7,18

32 150 000,00 SPAIN GOVERNMENT BOND 2.50% 31/10/2013 EUR 31 692 448,00 31 764 451,41 2,17
BELGIUM 90 024 254,04 90 167 920,29 6,16
Government 90 024 254,04 90 167 920,29 6,16

38 550 000,00 BELGIUM GOVERNMENT BOND 4.00% 28/03/2014 EUR 39 742 643,07 39 827 061,66 2,72
240
Nominal / % of
NETHERLANDS 79 148 929,96 80 080 940,46 5,47
Government 79 148 929,96 80 080 940,46 5,47

41 700 000,00 NETHERLANDS GOVERNMENT BOND 1.00% EUR 41 546 579,98 42 189 185,20 2,88
15/01/2014
15/01/2015
15/01/2013
AUSTRIA 35 277 754,94 35 305 395,16 2,41
Government 35 277 754,94 35 305 395,16 2,41

21 080 000,00 AUSTRIA GOVERNMENT BOND 3.40% 20/10/2014 EUR 22 286 517,85 22 409 881,97 1,53
IRELAND 27 378 719,68 26 190 275,62 1,79
Government 27 378 719,68 26 190 275,62 1,79

14 050 000,00 IRELAND GOVERNMENT BOND 5.00% 18/04/2013 EUR 15 001 619,68 13 672 520,20 0,93
FINLAND 16 883 678,76 16 258 045,86 1,11
Government 16 883 678,76 16 258 045,86 1,11

12 100 000,00 FINLAND GOVERNMENT BOND 5.375% 04/07/2013 EUR 13 671 142,60 13 015 833,39 0,89
GREECE 36 138 415,63 12 129 528,84 0,83
Government 36 138 415,63 12 129 528,84 0,83

23 000 000,00 HELLENIC REPUBLIC GOVERNMENT BOND 4.00% EUR 19 435 352,19 6 235 702,04 0,43
20/08/2013
20/05/2014
20/05/2013
PORTUGAL 4 537 420,21 4 600 522,20 0,32
Government 4 537 420,21 4 600 522,20 0,32

3 000 000,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.375% EUR 2 400 000,00 2 364 800,43 0,16
16/06/2014
15/10/2014
Zero-Coupon bonds 44 882 638,22 45 233 659,50 3,09
ITALY 40 330 756,87 40 676 659,50 2,78
Government 40 330 756,87 40 676 659,50 2,78

20 000 000,00 BOT 0.00% 29/06/2012 EUR 19 685 412,00 19 684 000,00 1,35
11 070 000,00 BOT 0.00% 15/10/2012 EUR 10 733 726,09 10 802 659,50 0,74
10 000 000,00 BOT 0.00% 14/12/2012 EUR 9 422 089,40 9 700 000,00 0,66
500 000,00 BOT 0.00% 15/08/2012 EUR 489 529,38 490 000,00 0,03
SPAIN 4 551 881,35 4 557 000,00 0,31
Government 4 551 881,35 4 557 000,00 0,31

ITALY 22 869 410,00 22 520 650,00 1,54
Government 11 889 600,00 11 956 440,00 0,82

12 000 000,00 CCT FRN 01/11/2012 EUR 11 889 600,00 11 956 440,00 0,82
Finance 10 979 810,00 10 564 210,00 0,72

241
Nominal / % of
UNITED STATES 5 925 684,45 5 971 429,90 0,41
Finance 5 925 684,45 5 971 429,90 0,41

Total Portfolio 1 433 504 049,77 1 399 700 444,14 95,68
242
Purchase Unrealised
100 000 100 Purchase GERMAN EURO SCHATZ FUTURE 08/03/2012 EUR 14 880,00 11 034 000,00
100 000 (30) Sale EURO BTP ITALIAN GOVERNMENT 08/03/2012 EUR 95 414,00 2 748 300,00
243
Assets Notes
Banks 3 190 647,21
Total assets 1 513 694 009,77
Liabilities

Class I Units EUR 298,95 187 078,246

Class R Units EUR 296,83 219 446,814
Class Z Units EUR 310,19 4 468 971,652
244

2011 IN EUR


245
Nominal / % of
Ordinary Bonds 1 474 975 228,96 1 455 748 490,38 96,58
GERMANY 410 927 356,00 421 774 772,82 27,98
Government 410 927 356,00 421 774 772,82 27,98

20/06/2016
04/07/2015
04/01/2015
04/01/2016
04/07/2016
FRANCE 334 418 503,69 338 596 866,81 22,46
Government 334 418 503,69 338 596 866,81 22,46

25/10/2015
25/04/2015
25/10/2016
25/04/2016
ITALY 347 615 865,69 326 199 005,51 21,64
Government 347 615 865,69 326 199 005,51 21,64

81 000 000,00 BTP 3.75% 15/04/2016 EUR 79 243 953,37 75 029 604,21 4,98
81 330 000,00 BTP 3.00% 15/06/2015 EUR 82 023 973,05 74 746 934,28 4,96
38 000 000,00 BTP 4.25% 01/08/2014 EUR 39 571 109,52 37 221 805,60 2,47
39 665 000,00 BTP 3.00% 15/04/2015 EUR 40 067 265,47 36 672 562,13 2,43
29 000 000,00 BTP 4.25% 01/02/2015 EUR 29 615 250,00 28 058 295,47 1,86
25 700 000,00 BTP 4.75% 15/09/2016 EUR 24 078 160,00 24 401 768,10 1,62
24 960 000,00 BTP 3.75% 01/08/2016 EUR 23 896 704,00 22 851 810,26 1,52
24 590 000,00 BTP 3.00% 01/11/2015 EUR 24 155 800,28 22 316 878,51 1,48
5 000 000,00 BTP 4.25% 01/07/2014 EUR 4 963 650,00 4 899 346,95 0,32
SPAIN 98 996 178,79 100 171 631,32 6,65
Government 98 996 178,79 100 171 631,32 6,65

BELGIUM 97 215 970,71 97 952 153,54 6,50
Government 97 215 970,71 97 952 153,54 6,50

246
Nominal / % of
NETHERLANDS 76 274 229,12 77 435 921,65 5,14
Government 76 274 229,12 77 435 921,65 5,14

15/01/2015
15/07/2015
15/07/2017
15/07/2016
AUSTRIA 40 446 652,93 40 477 333,70 2,68
Government 40 446 652,93 40 477 333,70 2,68

IRELAND 22 895 958,21 21 761 932,92 1,44
Government 22 895 958,21 21 761 932,92 1,44

FINLAND 14 787 750,00 14 929 154,68 0,99
Government 14 787 750,00 14 929 154,68 0,99

PORTUGAL 8 300 000,00 7 347 331,40 0,49
Government 8 300 000,00 7 347 331,40 0,49

15/02/2016
GREECE 19 935 445,82 5 996 336,03 0,40
Government 19 935 445,82 5 996 336,03 0,40

20/07/2015
20/08/2014
20/05/2014
LUXEMBOURG 3 161 318,00 3 106 050,00 0,21
Supranational 3 161 318,00 3 106 050,00 0,21

3 000 000,00 EIB 3.125% 15/04/2014 EUR 3 161 318,00 3 106 050,00 0,21
ITALY 17 179 672,00 16 865 252,00 1,12
Government 8 994 300,00 8 986 770,00 0,60

8 000 000,00 CCT FRN 01/03/2012 EUR 8 006 000,00 7 990 400,00 0,53
1 000 000,00 CCT FRN 01/11/2012 EUR 988 300,00 996 370,00 0,07
Finance 8 185 372,00 7 878 482,00 0,52

UNITED STATES 7 837 438,90 8 114 726,00 0,54
Finance 7 837 438,90 8 114 726,00 0,54

4 200 000,00 BEAR STEARNS LLC FRN 27/07/2012 EUR 3 959 508,00 4 191 936,00 0,28
1 000 000,00 MERRILL LYNCH & CO INC FRN 29/06/2012 EUR 992 100,00 977 570,00 0,06
247
Nominal / % of
Zero-Coupon bonds 831 136,92 833 000,00 0,05
ITALY 831 136,92 833 000,00 0,05
Government 831 136,92 833 000,00 0,05

850 000,00 BOT 0.00% 15/08/2012 EUR 831 136,92 833 000,00 0,05
Total Portfolio 1 500 823 476,78 1 481 561 468,38 98,29
248
Purchase Unrealised
100 000 139 Purchase GERMAN EURO BOBL FUTURE 08/03/2012 EUR 198 023,20 17 390 290,00
100 000 300 Purchase GERMAN EURO SCHATZ 08/03/2012 EUR 107 640,00 33 102 000,00
249
Assets Notes
Banks 29 096 139,54
Total assets 2 986 268 340,68
Liabilities

Class I Units EUR 162,83 967 218,389

Class R Units EUR 161,90 311 924,813
Class Z Units EUR 168,82 16 424 230,521
250

2011 IN EUR

- investments (16 103 836,25)

251
Nominal / % of
Ordinary Bonds 2 937 504 747,79 2 841 955 463,53 95,34
ITALY 854 951 192,25 724 686 345,67 24,31
Government 854 951 192,25 724 686 345,67 24,31

84 125 000,00 BTP 5.00% 01/03/2025 EUR 84 323 808,67 70 219 551,40 2,36
80 075 000,00 BTP 4.25% 01/03/2020 EUR 81 737 675,93 69 351 770,79 2,33
75 060 000,00 BTP 6.00% 01/05/2031 EUR 85 760 996,62 66 708 293,73 2,24
72 200 000,00 BTP 4.50% 01/08/2018 EUR 75 254 929,16 65 299 219,30 2,19
56 400 000,00 BTP 5.25% 01/08/2017 EUR 63 256 856,82 54 065 503,61 1,81
50 000 000,00 BTP 4.50% 01/02/2018 EUR 50 696 684,00 45 638 900,00 1,53
50 000 000,00 BTP 4.50% 01/03/2019 EUR 50 410 240,00 44 614 695,00 1,50
53 230 000,00 BTP 5.00% 01/09/2040 EUR 54 600 190,09 41 961 913,77 1,41
41 000 000,00 BTP 6.50% 01/11/2027 EUR 49 600 575,83 38 886 642,70 1,30
38 500 000,00 BTP 4.25% 01/09/2019 EUR 38 588 893,26 33 506 884,18 1,12
36 970 000,00 BTP 4.75% 01/09/2021 EUR 36 472 991,50 32 233 298,61 1,08
35 890 000,00 BTP 3.75% 01/03/2021 EUR 34 258 223,05 29 657 260,77 0,99
25 500 000,00 BTP 7.25% 01/11/2026 EUR 31 428 080,00 26 266 142,15 0,88
25 170 000,00 BTP 5.00% 01/03/2022 EUR 24 803 776,50 21 801 797,92 0,73
23 000 000,00 BTP 5.25% 01/11/2029 EUR 20 976 718,42 19 099 402,40 0,64
16 230 000,00 BTP 5.00% 01/08/2039 EUR 15 971 037,35 12 775 867,29 0,43
12 500 000,00 BTP 4.25% 15/04/2013 EUR 12 371 512,77 12 497 278,50 0,42
10 500 000,00 BTP 4.00% 01/02/2017 EUR 11 041 102,87 9 589 269,90 0,32
10 000 000,00 BTP 4.75% 15/09/2016 EUR 9 736 000,00 9 494 851,40 0,32
8 000 000,00 BTP 3.75% 01/08/2016 EUR 7 660 480,00 7 324 298,16 0,25
7 000 000,00 BTP 4.75% 01/08/2023 EUR 6 988 800,00 5 815 793,55 0,19
6 370 000,00 BTP 4.00% 01/09/2020 EUR 6 344 199,84 5 339 724,61 0,18
2 500 000,00 BTP 3.75% 15/04/2016 EUR 2 387 767,73 2 315 728,53 0,08
267 780,00 BTP 2.35% 15/09/2019 EUR 279 651,84 222 257,40 0,01
GERMANY 629 479 480,56 698 702 913,20 23,44
Government 617 592 160,56 686 485 473,20 23,03

04/01/2031
04/09/2021
04/07/2039
04/01/2020
04/07/2019
04/01/2028
04/07/2028
04/07/2034
04/07/2018
04/09/2020
04/07/2020
04/01/2018
04/01/2030
04/01/2037
04/01/2019
252
Nominal / % of
Finance 11 887 320,00 12 217 440,00 0,41

12 000 000,00 LANDESBANK BADEN-WUERTTEMBERG 2.25% EUR 11 887 320,00 12 217 440,00 0,41
21/06/2016
FRANCE 565 406 948,47 586 594 184,90 19,68
Government 565 406 948,47 586 594 184,90 19,68

25/04/2026
25/04/2020
25/10/2021
25/04/2018
25/04/2029
25/10/2032
25/04/2017
25/04/2041
25/10/2019
25/04/2021
25/10/2020
25/10/2038
25/10/2017
25/04/2019
25/04/2060
25/10/2018
25/10/2023
SPAIN 246 670 702,15 236 124 329,54 7,92
Government 246 670 702,15 236 124 329,54 7,92

BELGIUM 186 747 039,76 188 489 935,26 6,32
Government 179 150 459,76 180 508 415,26 6,05

Supranational 7 596 580,00 7 981 520,00 0,27

7 600 000,00 EUROPEAN UNION 3.25% 04/04/2018 EUR 7 596 580,00 7 981 520,00 0,27
253
Nominal / % of
NETHERLANDS 161 214 909,53 177 610 062,32 5,96
Government 161 214 909,53 177 610 062,32 5,96

15/07/2021
15/01/2042
15/07/2017
15/07/2018
15/01/2017
15/01/2028
AUSTRIA 100 609 441,56 105 591 643,17 3,54
Government 100 609 441,56 105 591 643,17 3,54

IRELAND 70 903 122,19 58 410 891,59 1,96
Government 70 903 122,19 58 410 891,59 1,96

FINLAND 32 466 560,83 36 311 705,30 1,22
Government 32 466 560,83 36 311 705,30 1,22

GREECE 71 209 470,49 17 699 878,03 0,60
Government 71 209 470,49 17 699 878,03 0,60

20/03/2026
19/06/2020
20/09/2040
19/07/2019
25/07/2025
20/07/2017
3 000 000,00 HELLENIC REPUBLIC GOVERNMENT BOND 5.90% EUR 2 248 500,00 677 921,76 0,02
22/10/2022
2 000 000,00 HELLENIC REPUBLIC GOVERNMENT BOND 4.60% EUR 1 313 000,00 430 152,62 0,02
20/07/2018
PORTUGAL 17 845 880,00 11 733 574,55 0,39
Government 17 845 880,00 11 733 574,55 0,39

15/06/2020
14/06/2019
15/04/2021
254
Nominal / % of
15/06/2018
ITALY 54 472 159,92 52 866 262,00 1,78
Government 44 986 989,92 43 722 007,00 1,47

37 093 000,00 REPUBLIC OF ITALY FRN 28/06/2029 EUR 28 487 424,00 27 189 169,00 0,91
13 560 000,00 CCT FRN 01/03/2012 EUR 13 527 165,92 13 543 728,00 0,46
3 000 000,00 CCT FRN 01/11/2012 EUR 2 972 400,00 2 989 110,00 0,10
Finance 9 485 170,00 9 144 255,00 0,31

Total Portfolio 2 991 976 907,71 2 894 821 725,53 97,12
255
Purchase Unrealised
100 000 195 Purchase GERMAN EURO BUND FUTURE 08/03/2012 EUR 686 316,00 27 112 800,00
256
Assets Notes
Banks 11 475 085,16
Liabilities

Class IH Units EUR 146,17 100,000

Class R Units EUR 142,63 309 621,513
Class Z Units EUR 146,51 1 706 009,463
257

2011 IN EUR


258
Nominal / % of
Ordinary Bonds 177 953 203,30 191 416 135,88 64,57
JAPAN 82 486 854,59 91 901 153,98 31,00
Government 82 486 854,59 91 901 153,98 31,00

510 000 000,00 JAPAN GOVERNMENT TWENTY YEAR BOND 2.10% JPY 4 804 871,10 5 478 740,03 1,85
20/09/2028
450 000 000,00 JAPAN GOVERNMENT TEN YEAR BOND 1.80% JPY 3 925 520,63 4 848 419,52 1,64
20/06/2017
20/06/2023
450 000 000,00 JAPAN GOVERNMENT FIVE YEAR BOND 0.50% JPY 4 075 095,84 4 545 024,41 1,53
20/12/2015
20/06/2016
375 000 000,00 JAPAN GOVERNMENT THIRTY YEAR BOND 2.40% JPY 3 811 056,85 4 181 294,21 1,41
20/03/2037
20/03/2013
20/03/2034
20/09/2020
20/06/2013
20/09/2013
20/09/2019
20/12/2028
20/09/2018
20/09/2015
20/06/2020
20/06/2015
20/06/2014
20/09/2021
20/09/2016
20/09/2030
20/06/2018
20/03/2020
20/06/2025
20/03/2019
100 000 000,00 JAPAN GOVERNMENT TEN YEAR BOND 1.70% JPY 964 139,66 1 073 491,82 0,36
20/09/2017
20/03/2014
100 000 000,00 JAPAN GOVERNMENT FIVE YEAR BOND 0.90% JPY 985 915,07 1 017 884,91 0,34
20/03/2014
20/06/2021
70 000 000,00 JAPAN GOVERNMENT FORTY YEAR BOND 2.20% JPY 677 796,51 719 780,17 0,24
20/03/2051
259
Nominal / % of
50 000 000,00 JAPAN GOVERNMENT TWENTY YEAR BOND 2.20% JPY 540 324,55 550 106,99 0,19
20/09/2026
50 000 000,00 JAPAN GOVERNMENT THIRTY YEAR BOND 2.00% JPY 489 648,82 512 276,47 0,17
20/09/2040
50 000 000,00 JAPAN GOVERNMENT TWENTY YEAR BOND 1.80% JPY 486 287,10 506 119,06 0,17
20/09/2031
ITALY 23 822 795,54 22 227 585,71 7,50
Government 23 822 795,54 22 227 585,71 7,50

4 000 000,00 BTP 4.75% 15/09/2016 EUR 3 733 765,00 3 797 940,56 1,28
2 900 000,00 BTP 3.00% 01/04/2014 EUR 2 757 921,50 2 776 891,87 0,94
2 500 000,00 BTP 3.75% 15/04/2016 EUR 2 481 578,89 2 315 728,53 0,78
2 000 000,00 BTP 4.25% 01/07/2014 EUR 2 018 980,00 1 959 738,78 0,66
2 000 000,00 BTP 4.75% 01/09/2021 EUR 1 989 613,60 1 743 754,32 0,59
2 000 000,00 REPUBLIC OF ITALY 2.125% 16/09/2013 USD 1 565 162,81 1 470 384,77 0,50
1 500 000,00 BTP 5.00% 01/03/2022 EUR 1 478 175,00 1 299 272,82 0,44
1 100 000,00 BTP 3.00% 15/06/2015 EUR 1 098 905,26 1 010 963,09 0,34
1 000 000,00 BTP 4.50% 01/02/2018 EUR 1 012 371,00 912 778,00 0,31
1 000 000,00 BTP 4.50% 01/08/2018 EUR 871 250,00 904 421,32 0,30
800 000,00 BTP 6.00% 01/05/2031 EUR 885 516,00 710 986,34 0,24
700 000,00 BTP 6.50% 01/11/2027 EUR 834 176,00 663 918,29 0,22
700 000,00 BTP 3.75% 01/03/2021 EUR 627 121,86 578 436,40 0,20
500 000,00 BTP 9.00% 01/11/2023 EUR 702 634,29 553 266,48 0,19
600 000,00 BTP 5.00% 01/09/2040 EUR 611 280,18 472 987,94 0,16
452 000,00 BTP 5.75% 01/02/2033 EUR 486 393,00 387 664,87 0,13
300 000,00 BTP 4.25% 15/04/2013 EUR 293 360,79 299 934,68 0,10
300 000,00 BTP 3.00% 01/11/2015 EUR 280 800,00 272 267,73 0,09
100 000,00 BTP 3.50% 01/06/2014 EUR 93 790,36 96 248,92 0,03
GREAT-BRITAIN 15 980 980,79 18 049 887,13 6,09
Government 15 980 980,79 18 049 887,13 6,09

1 400 000,00 UNITED KINGDOM GILT 3.75% 07/09/2019 GBP 1 602 508,47 1 934 885,66 0,65
850 000,00 UNITED KINGDOM GILT 3.75% 07/09/2021 GBP 1 103 981,84 1 177 323,68 0,40
650 000,00 UNITED KINGDOM GILT 5.00% 07/03/2018 GBP 817 689,49 952 133,94 0,32
GERMANY 16 355 487,91 17 232 430,35 5,81
Government 14 811 883,43 15 563 270,13 5,25

04/01/2031
04/07/2019
04/09/2021
04/07/2016
04/01/2028
04/07/2034
500 000,00 BUNDESREPUBLIK DEUTSCHLAND 4.00% EUR 640 850,00 644 248,77 0,22
04/01/2037
04/01/2017
260
Nominal / % of
04/07/2020
Finance 1 543 604,48 1 669 160,22 0,56

1 300 000,00 NRW.BANK 2.50% 19/02/2014 USD 948 009,32 1 014 907,29 0,34
540 000,00 NRW.BANK 2.625% 07/12/2012 GBP 595 595,16 654 252,93 0,22
UNITED STATES 9 094 377,53 10 102 638,53 3,41
Government 9 094 377,53 10 102 638,53 3,41

5 000 000,00 UNITED STATES TREASURY NOTE/BOND 4.00% USD 4 118 851,37 4 278 323,94 1,44
15/02/2015
15/11/2027
15/08/2025
500 000,00 UNITED STATES TREASURY NOTE/BOND 6.50% USD 536 013,41 584 718,38 0,20
15/11/2026
FRANCE 8 546 984,61 8 906 476,39 3,00
Government 8 546 984,61 8 906 476,39 3,00

25/10/2020
25/04/2041
25/10/2018
1 000 000,00 FRENCH TREASURY NOTE BTAN 2.25% 25/02/2016 EUR 969 550,00 1 020 732,72 0,35
25/10/2021
1 000 000,00 FRANCE GOVERNMENT BOND OAT 3.50% EUR 979 769,00 1 008 780,21 0,34
25/04/2026
700 000,00 FRANCE GOVERNMENT BOND OAT 3.25% EUR 735 605,53 742 046,84 0,25
25/04/2016
500 000,00 FRENCH TREASURY NOTE BTAN 2.00% 12/07/2015 EUR 509 407,53 509 163,88 0,17
25/04/2018
NETHERLANDS 5 237 468,12 5 500 431,16 1,86
Government 4 217 728,58 4 364 813,51 1,47

15/07/2021
800 000,00 NETHERLANDS GOVERNMENT BOND 4.00% EUR 897 204,00 1 018 916,66 0,35
15/01/2037
600 000,00 NETHERLANDS GOVERNMENT BOND 4.50% EUR 684 564,58 692 308,18 0,23
15/07/2017
15/07/2019
15/07/2020
Finance 1 019 739,54 1 135 617,65 0,39

900 000,00 COOPERATIEVE CENTRALE RAIFFEISEN- CAD 606 579,34 679 268,41 0,23
BOERENLEENBANK BA/NETHERLANDS 3.125%
05/02/2015
365 000,00 COOPERATIEVE CENTRALE RAIFFEISEN- GBP 413 160,20 456 349,24 0,16
10/09/2015
SPAIN 4 483 342,30 4 530 656,99 1,53
Government 4 483 342,30 4 530 656,99 1,53

1 000 000,00 SPAIN GOVERNMENT BOND 5.90% 30/07/2026 EUR 972 959,99 1 010 749,30 0,34
1 000 000,00 SPAIN GOVERNMENT BOND 3.25% 30/04/2016 EUR 947 970,00 969 518,43 0,33
500 000,00 SPAIN GOVERNMENT BOND 5.75% 30/07/2032 EUR 571 766,71 494 076,32 0,17
261
Nominal / % of
AUSTRALIA 3 942 831,89 4 219 955,93 1,42
Government 3 942 831,89 4 219 955,93 1,42

1 500 000,00 AUSTRALIA GOVERNMENT BOND 5.75% 15/05/2021 AUD 1 270 579,09 1 378 248,85 0,47
1 500 000,00 AUSTRALIA GOVERNMENT BOND 4.75% 15/11/2012 AUD 1 150 419,09 1 197 794,09 0,40
1 250 000,00 AUSTRALIA GOVERNMENT BOND 4.75% 15/06/2016 AUD 992 072,35 1 047 659,58 0,35
700 000,00 AUSTRALIA GOVERNMENT BOND 4.75% 21/04/2027 AUD 529 761,36 596 253,41 0,20
BELGIUM 2 631 746,65 2 686 679,94 0,91
Government 2 631 746,65 2 686 679,94 0,91

600 000,00 BELGIUM GOVERNMENT BOND 3.50% 28/06/2017 EUR 590 946,66 603 433,06 0,21
CANADA 1 655 956,15 1 930 382,95 0,65
Government 1 655 956,15 1 930 382,95 0,65

1 050 000,00 CANADIAN GOVERNMENT BOND 5.75% 01/06/2033 CAD 1 008 331,94 1 221 347,50 0,41
890 000,00 CANADA HOUSING TRUST NO 2.95% 15/03/2015 CAD 647 624,21 709 035,45 0,24
LUXEMBOURG 1 519 153,58 1 601 547,64 0,54
Supranational 1 519 153,58 1 601 547,64 0,54

1 060 000,00 EIB 3.00% 07/12/2015 GBP 1 260 494,06 1 312 877,44 0,44
380 000,00 EIB 6.00% 06/08/2020 AUD 258 659,52 288 670,20 0,10
DENMARK 1 275 297,15 1 417 615,50 0,48
Government 1 275 297,15 1 417 615,50 0,48

4 515 000,00 DENMARK GOVERNMENT BOND 4.00% 15/11/2017 DKK 660 247,93 715 648,09 0,24
SWEDEN 919 926,49 1 108 693,68 0,37
Government 919 926,49 1 108 693,68 0,37

2 720 000,00 SWEDEN GOVERNMENT BOND 3.75% 12/08/2017 SEK 271 300,40 347 570,41 0,12
ITALY 698 222,00 668 367,00 0,23
Finance 698 222,00 668 367,00 0,23

700 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 698 222,00 668 367,00 0,23
GERMANY 624 954,05 653 141,01 0,22
Finance 624 954,05 653 141,01 0,22

850 000,00 LANDESBANK BADEN-WUERTTEMBERG FRN USD 624 954,05 653 141,01 0,22
19/02/2013
FRANCE 1 201 878,36 1 087 168,47 0,37
Finance 1 201 878,36 1 087 168,47 0,37

1 501 000,00 BNP PARIBAS FRN 08/04/2013 USD 1 201 878,36 1 087 168,47 0,37
Ordinary Bonds 78 318 079,56 85 442 729,85 28,82
UNITED STATES 74 094 864,61 80 986 766,99 27,32

15/02/2038
31/08/2016
31/05/2015
31/07/2016
262
Nominal / % of
15/08/2019
15/08/2013
30/04/2017
31/07/2014
31/07/2017
30/11/2016
15/08/2041
31/01/2014
31/10/2018
15/01/2014
15/11/2013
15/08/2020
15/05/2020
15/05/2019
31/10/2016
15/11/2020
29/02/2016
31/10/2017
31/08/2018
30/09/2015
15/08/2021
31/01/2018
30/04/2016
31/10/2015
15/07/2013
15/11/2021
31/05/2016
1 300 000,00 UNITED STATES TREASURY NOTE/BOND 1.875% USD 916 914,74 1 047 193,35 0,35
30/09/2017
15/02/2040
15/02/2036
1 000 000,00 UNITED STATES TREASURY NOTE/BOND 4.25% USD 709 992,31 983 019,03 0,33
15/11/2040
15/05/2021
30/06/2015
15/02/2019
15/02/2039
263
Nominal / % of
CANADA 4 223 214,95 4 455 962,86 1,50

1 500 000,00 CANADIAN GOVERNMENT BOND 3.00% 01/12/2015 CAD 1 162 532,40 1 213 591,27 0,41
1 200 000,00 CANADIAN GOVERNMENT BOND 1.75% 01/03/2013 CAD 877 823,75 916 090,34 0,31
1 000 000,00 CANADIAN GOVERNMENT BOND 3.25% 01/06/2021 CAD 794 476,11 841 477,75 0,28
800 000,00 CANADIAN GOVERNMENT BOND 3.75% 01/06/2019 CAD 628 638,43 692 603,60 0,23
UNQUOTED 3 054 370,95 3 754 670,50 1,27
Floating rate notes 720 509,74 855 532,47 0,29
AUSTRALIA 351 288,06 474 976,71 0,16
Finance 351 288,06 474 976,71 0,16

600 000,00 ING BANK AUSTRALIA LTD FRN 28/08/2013 AUD 351 288,06 474 976,71 0,16
GREAT-BRITAIN 369 221,68 380 555,76 0,13
Finance 369 221,68 380 555,76 0,13

500 000,00 BARCLAYS BANK PLC/AUST FRN 24/02/2014 AUD 369 221,68 380 555,76 0,13
Ordinary Bonds 2 333 861,21 2 899 138,03 0,98
NETHERLANDS 1 625 126,40 1 993 018,37 0,67
Finance 1 625 126,40 1 993 018,37 0,67

200 000 000,00 COOPERATIEVE CENTRALE RAIFFEISEN- JPY 1 625 126,40 1 993 018,37 0,67
18/02/2015
AUSTRALIA 708 734,81 906 119,66 0,31
Government 708 734,81 906 119,66 0,31

1 104 000,00 QUEENSLAND TREASURY CORP 5.75% 21/11/2014 AUD 708 734,81 906 119,66 0,31
Total Portfolio 261 850 708,22 283 022 212,71 95,48
264
Purchase Unrealised
100 000 (13) Sale 10YR US TREASURY NOTE FUTURE 21/03/2012 USD (18 413,07) 1 313 118,66
100 000 (23) Sale GERMAN EURO BUXL FUTURE 08/03/2012 EUR (183 167,60) 2 942 620,00
100 000 (5) Sale 5YR US TREASURY NOTE FUTURE 30/03/2012 USD (3 079,83) 474 744,11
100 000 000 (2) Sale 10YR JAPANGOVERNMENTBOND FTRS 09/03/2012 JPY (16 079,37) 2 851 632,00
TSE MAR12 XTKS
100 000 (5) Sale 30YR US TREASURY BOND FUTURE 21/03/2012 USD (10 452,20) 557 764,90
100 000 10 Purchase EURO BTP ITALIAN GOV BOND 08/03/2012 EUR (4 952,00) 916 100,00
265

19/01/2012 1 374 422,00 JPY 13 577,72 EUR 184,71

19/01/2012 2 000 000,00 USD 1 527 816,42 EUR 12 697,33
19/01/2012 15 226,24 USD 11 624,15 EUR 103,97
19/01/2012 1 350 348,00 JPY 13 274,07 EUR 247,30
19/01/2012 1 383 353,00 JPY 13 602,51 EUR 249,35
19/01/2012 1 552 117,00 JPY 15 394,77 EUR 146,96
19/01/2012 5 145,89 GBP 6 133,33 EUR 25,78
19/01/2012 10 334,48 AUD 8 087,36 EUR 59,56
19/01/2012 11 131,02 EUR 82 697,80 DKK 4,70
19/01/2012 3 882,39 EUR 5 011,85 USD 21,98
19/01/2012 21 481,75 USD 16 608,41 EUR (61,94)

19/01/2012 491 094,00 JPY 4 922,28 EUR (4,83)
19/01/2012 4 599,73 USD 3 546,09 EUR (3,12)
19/01/2012 803 213,08 EUR 81 260 553,00 JPY (10 469,12)
19/01/2012 8 391,81 EUR 76 480,00 SEK (193,86)
19/01/2012 822 886,59 EUR 1 068 943,59 USD (474,56)
19/01/2012 41 081,62 EUR 54 134,22 AUD (1 593,68)
19/01/2012 56 507,79 EUR 76 317,69 CAD (1 205,07)
19/01/2012 285,56 EUR 350,31 CHF (3,06)
19/01/2012 172 006,61 EUR 144 358,42 GBP (775,85)
19/01/2012 1 429 829,51 EUR 1 200 000,00 GBP (6 449,36)
19/01/2012 1 480 856,89 EUR 2 000 000,00 CAD (31 580,47)
19/01/2012 2 276 653,47 EUR 3 000 000,00 AUD (88 318,13)
19/01/2012 20 683,69 EUR 2 102 013,00 JPY (364,29)
19/01/2012 15 394,82 EUR 19 977,69 AUD (354,07)
266
Assets Notes
Banks 6 459 099,24
Liabilities
Bank overdrafts (329,85)


Class R Units EUR 142,41 135 097,097
267

2011 IN EUR


268
Nominal / % of
Ordinary Bonds 79 729 213,90 94 029 831,72 91,84
GREAT-BRITAIN 78 086 167,95 92 218 266,79 90,07
Government 77 115 676,50 91 136 346,31 89,01

800 000,00 UNITED KINGDOM GILT 4.00% 22/01/2060 GBP 850 545,27 1 193 102,57 1,17
368 613,00 UNITED KINGDOM GILT I/L 1.25% 22/11/2017 GBP 493 428,14 508 852,44 0,50
Finance 970 491,45 1 081 920,48 1,06

900 000,00 LLOYDS TSB BANK PLC 2.75% 16/03/2012 GBP 970 491,45 1 081 920,48 1,06
GERMANY 567 681,32 648 414,84 0,63
Finance 567 681,32 648 414,84 0,63

500 000,00 KFW 3.75% 07/09/2016 GBP 567 681,32 648 414,84 0,63
LUXEMBOURG 583 575,59 619 281,81 0,61
Supranational 583 575,59 619 281,81 0,61

500 000,00 EIB 3.00% 07/12/2015 GBP 583 575,59 619 281,81 0,61
NETHERLANDS 491 789,04 543 868,28 0,53
Finance 491 789,04 543 868,28 0,53

435 000,00 COOPERATIEVE CENTRALE RAIFFEISEN 4.00% GBP 491 789,04 543 868,28 0,53
10/09/2015
UNITED STATES 313 996,36 357 727,46 0,35
Finance 313 996,36 357 727,46 0,35

300 000,00 MERRILL LYNCH & CO INC FRN 21/02/2012 GBP 313 996,36 357 727,46 0,35
269
Nominal / % of
FRANCE 343 719,75 357 353,94 0,35
Finance 343 719,75 357 353,94 0,35

300 000,00 BNP PARIBAS SA FRN 25/05/2012 GBP 343 719,75 357 353,94 0,35
Total Portfolio 80 386 930,01 94 744 913,12 92,54
270
Purchase Unrealised
100 000 (12) Sale UK LONG GILT BOND FUTURE 28/03/2012 GBP (53 617,41) 1 680 102,25
271

19/01/2012 1 000 000,00 GBP 1 198 006,95 EUR (1 107,89)

19/01/2012 71 821 435,11 EUR 60 276 922,27 GBP (323 956,32)
272
Assets Notes
Banks 21 294 509,45
Liabilities
Amounts due to brokers (695,99)


Class Z Units EUR 101,80 536 640,281
273

2011 IN EUR


274
Nominal / % of
BELGIUM 8 574 361,38 9 578 823,67 6,42
Government 8 574 361,38 9 578 823,67 6,42

12 500 000,00 BELGIUM GOVERNMENT INTERNATIONAL BOND USD 8 574 361,38 9 578 823,67 6,42
FRN 06/08/2012
GERMANY 5 091 213,56 5 579 376,01 3,74
Finance 5 091 213,56 5 579 376,01 3,74

4 000 000,00 L BANK BW FOERDERBANK FRN 28/08/2012 USD 2 809 876,72 3 082 139,95 2,07
2 000 000,00 NRW.BANK FRN 09/10/2012 USD 1 369 394,04 1 536 734,58 1,03
1 250 000,00 LANDESBANK BADEN-WUERTTEMBERG FRN USD 911 942,80 960 501,48 0,64
19/02/2013
GREAT-BRITAIN 1 990 683,60 1 927 660,51 1,29
Finance 1 990 683,60 1 927 660,51 1,29

2 500 000,00 BARCLAYS BANK PLC FRN 05/03/2012 USD 1 990 683,60 1 927 660,51 1,29
NETHERLANDS 1 117 568,18 1 154 450,56 0,78
Finance 1 117 568,18 1 154 450,56 0,78

1 500 000,00 NEDERLANDSE WATERSCHAPSBANK NV FRN USD 1 117 568,18 1 154 450,56 0,78
01/03/2013
FRANCE 1 039 986,45 1 154 369,67 0,77
Government 1 039 986,45 1 154 369,67 0,77

1 500 000,00 SOCIETE FINANCEMENT DE L'ECONOMIE USD 1 039 986,45 1 154 369,67 0,77
FRANCAISE FRN 16/07/2012
Ordinary Bonds 7 599 609,31 8 168 327,19 5,48
FRANCE 4 564 694,40 4 934 973,59 3,31
Government 4 564 694,40 4 934 973,59 3,31

6 400 000,00 SOCIETE FINANCEMENT DE L'ECONOMIE USD 4 564 694,40 4 934 973,59 3,31
FRANCAISE 2.125% 30/01/2012
ITALY 3 034 914,91 3 233 353,60 2,17
Government 3 034 914,91 3 233 353,60 2,17

GREAT-BRITAIN 673 559,42 770 343,95 0,52
Finance 673 559,42 770 343,95 0,52

1 000 000,00 ROYAL BANK OF SCOTLAND PLC FRN 30/03/2012 USD 673 559,42 770 343,95 0,52
UNITED STATES 427 321,25 453 713,94 0,30
Finance 427 321,25 453 713,94 0,30

625 000,00 MORGAN STANLEY FRN 29/04/2013 USD 427 321,25 453 713,94 0,30
NETHERLANDS 431 688,70 448 330,31 0,30
Finance 431 688,70 448 330,31 0,30

600 000,00 ING BANK NV FRN 15/03/2013 USD 431 688,70 448 330,31 0,30
275
Nominal / % of
Ordinary Bonds 91 273 001,27 97 499 987,04 65,35
UNITED STATES 91 273 001,27 97 499 987,04 65,35
Government 91 273 001,27 97 499 987,04 65,35

15/09/2012
30/04/2012
15/03/2012
31/07/2012
15/06/2012
30/06/2012
31/10/2012
31/10/2012
15/11/2012
31/01/2012
15/12/2012
29/02/2012
Total Portfolio 118 218 993,12 126 735 382,85 84,95
276
Assets Notes
Banks 9 142 687,90
Liabilities


Class R Units EUR 150,35 144 881,095
Class Z Units EUR 157,75 666 346,559
Class ZH Units EUR 220,79 1 381 378,081
277

2011 IN EUR


278
Nominal / % of
Ordinary Bonds 60 500 458,95 66 831 489,44 14,83
UNITED STATES 33 306 869,15 38 909 666,97 8,63
Government 33 306 869,15 38 909 666,97 8,63

15/08/2025
15/02/2015
15/08/2023
15/02/2029
15/02/2031
15/11/2026
15/11/2027
GREAT-BRITAIN 12 165 231,47 12 576 857,78 2,79
Finance 12 165 231,47 12 576 857,78 2,79

6 000 000,00 BANK OF ENGLAND EURO NOTE 1.375% 07/03/2014 USD 4 331 072,38 4 686 623,25 1,04
5 400 000,00 BARCLAYS BANK PLC 2.70% 05/03/2012 USD 4 291 103,59 4 173 992,20 0,93
4 800 000,00 LLOYDS TSB BANK PLC 2.80% 02/04/2012 USD 3 543 055,50 3 716 242,33 0,82
ITALY 7 106 046,79 7 186 041,64 1,59
Government 7 106 046,79 7 186 041,64 1,59

LUXEMBOURG 4 584 267,35 4 672 749,66 1,04
Supranational 4 584 267,35 4 672 749,66 1,04

5 800 000,00 EIB 4.25% 15/07/2013 USD 4 584 267,35 4 672 749,66 1,04
FRANCE 1 873 322,58 1 924 777,56 0,43
Finance 1 873 322,58 1 924 777,56 0,43

2 500 000,00 BNP PARIBAS 2.875% 11/06/2012 USD 1 873 322,58 1 924 777,56 0,43
GERMANY 1 464 721,61 1 561 395,83 0,35
Finance 1 464 721,61 1 561 395,83 0,35

2 000 000,00 NRW.BANK 2.50% 19/02/2014 USD 1 464 721,61 1 561 395,83 0,35
UNITED STATES 2 777 926,19 2 882 358,25 0,64
Finance 2 777 926,19 2 882 358,25 0,64

1 700 000,00 CITIGROUP INC FRN 01/04/2014 USD 1 208 373,60 1 234 027,26 0,27
1 500 000,00 MORGAN STANLEY FRN 29/04/2013 USD 1 025 474,95 1 088 913,45 0,24
740 000,00 CITIGROUP INC FRN 15/02/2013 USD 544 077,64 559 417,54 0,13
Ordinary Bonds 333 979 572,68 368 463 698,88 81,74
UNITED STATES 333 979 572,68 368 463 698,88 81,74
Government 275 325 955,69 306 130 932,05 67,91

31/10/2014
31/07/2014
31/01/2015
279
Nominal / % of
31/03/2014
15/02/2039
31/01/2014
30/04/2017
15/07/2013
31/08/2016
28/02/2017
15/02/2038
31/07/2017
30/04/2018
15/11/2020
30/04/2016
29/02/2016
31/05/2015
31/05/2016
30/06/2015
30/09/2017
15/11/2019
15/11/2040
15/08/2013
31/12/2015
31/01/2018
15/05/2037
31/10/2015
15/11/2018
31/10/2017
31/10/2016
15/08/2020
15/02/2020
15/08/2019
15/04/2014
15/05/2019
15/05/2020
15/02/2019
15/05/2021
280
Nominal / % of
15/02/2040
15/11/2013
31/07/2015
30/09/2015
15/02/2036
15/08/2018
30/11/2016
15/05/2013
15/01/2014
15/10/2013
15/11/2021
15/08/2041
15/08/2021
31/08/2018
30/09/2016
15/09/2014
31/07/2016
31/10/2018
Total Portfolio 397 257 957,82 438 177 546,57 97,21
281
Purchase Unrealised
200 000 (50) Sale 2YR US TREASURY NOTE FUTURE 30/03/2012 USD 3 504,99 8 494 660,70
100 000 (40) Sale 30YR US TREASURY BOND FUTURE 21/03/2012 USD (83 617,05) 4 462 119,16
282

19/01/2012 16 940 931,36 EUR 22 000 000,00 USD (4 719,93)

19/01/2012 298 657 596,46 EUR 387 961 265,12 USD (172 236,01)
19/01/2012 2 289 917,27 EUR 3 000 000,00 USD (20 853,36)
283
Assets Notes
Banks 2 384 628,91
Liabilities


Class Z Units EUR 139,04 290 609,129
Class ZH Units EUR 193,02 1 327 858,690
284

2011 IN EUR

Other income 105,15

285
Nominal / % of
Ordinary Bonds 264 086 428,82 305 481 480,48 97,11
JAPAN 262 331 138,50 302 783 107,70 96,25
Government 262 331 138,50 302 783 107,70 96,25

1 000 000 000,00 JAPAN GOVERNMENT TWENTY YEAR BOND 2.00% JPY 9 086 324,18 10 697 473,18 3,40
20/03/2027
1 000 000 000,00 JAPAN GOVERNMENT TEN YEAR BOND 1.30% JPY 9 322 920,87 10 496 531,37 3,34
20/09/2019
1 050 000 000,00 JAPAN GOVERNMENT TEN YEAR BOND 0.80% JPY 9 060 397,82 10 491 310,09 3,34
20/09/2020
20/09/2028
20/06/2025
20/12/2028
20/03/2016
20/03/2019
20/06/2014
20/12/2015
20/06/2016
20/09/2016
20/03/2020
20/06/2023
20/06/2013
20/03/2013
20/06/2018
20/03/2034
20/09/2021
20/09/2015
20/09/2018
20/09/2015
20/03/2015
20/03/2028
20/06/2017
20/09/2017
20/03/2021
20/06/2020
20/03/2014
20/09/2040
286
Nominal / % of
20/03/2037
20/06/2021
20/09/2013
20/12/2022
20/03/2018
20/03/2014
20/09/2030
20/06/2015
20/12/2014
20/09/2014
20/09/2038
20/09/2026
20/06/2017
250 000 000,00 JAPAN GOVERNMENT FORTY YEAR BOND 2.20% JPY 2 502 455,11 2 586 587,66 0,82
20/03/2049
20/12/2020
20/03/2017
20/09/2031
LUXEMBOURG 1 573 042,02 2 554 974,62 0,81
Supranational 1 573 042,02 2 554 974,62 0,81

250 000 000,00 EIB 1.40% 20/06/2017 JPY 1 573 042,02 2 554 974,62 0,81
ITALY 182 248,30 143 398,16 0,05
Government 182 248,30 143 398,16 0,05

16 000 000,00 REPUBLIC OF ITALY 3.70% 14/11/2016 JPY 182 248,30 143 398,16 0,05
UNQUOTED 6 459 589,22 7 310 302,10 2,32
Ordinary Bonds 6 459 589,22 7 310 302,10 2,32
NETHERLANDS 5 118 063,11 5 971 726,28 1,90
Finance 5 118 063,11 5 971 726,28 1,90

18/02/2015
23/07/2015
ITALY 1 341 526,11 1 338 575,82 0,42
Government 1 341 526,11 1 338 575,82 0,42

150 000 000,00 REPUBLIC OF ITALY 3.45% 24/03/2017 JPY 1 341 526,11 1 338 575,82 0,42
Total Portfolio 270 546 018,04 312 791 782,58 99,43
287
Purchase Unrealised
100 000 000 (11) Sale 10YR JAPANGOVERNMENTBOND FTRS 09/03/2012 JPY (83 029,86) 15 714 490,00
TSE MAR12 XTKS
288

Total Unrealised profit / (loss) on forward foreign exchange contracts (3 421 948,74)
19/01/2012 300 000 000,00 JPY 2 953 761,96 EUR 50 212,92

19/01/2012 120 000 000,00 JPY 1 196 750,28 EUR 4 839,67
Unrealised loss on forward foreign exchange contracts (3 477 001,33)
19/01/2012 257 393 484,97 EUR 26 040 333 962,00 JPY (3 354 878,37)
19/01/2012 8 889 801,67 EUR 900 000 000,00 JPY (122 122,96)
289
Assets Notes
Banks 1 251 369,36
Liabilities
Unrealised loss on swap contracts (Note 8) (27 448,96)
Interest payable on swap contracts (Note 8) (468,89)

Class R Units EUR 60,77 1 165 662,180

Class Z Units EUR 63,91 5 282 714,458
290

2011 IN EUR

Interest received on swap contracts 2 356 144,21
Interest paid on swap contracts (2 532 825,56)
- investments (12 625 374,88)
- swap contracts (Note 8) (698 799,22)

291
Nominal / % of
Ordinary Bonds 295 210 669,87 288 241 081,45 70,57
GERMANY 53 353 762,30 53 314 759,20 13,05
Government 48 701 907,80 48 717 645,70 11,93

500 000,00 BUNDESSCHATZANWEISUNGEN 1.00% 16/03/2012 EUR 499 715,00 501 150,00 0,12
04/07/2019
04/07/2034
Finance 4 651 854,50 4 597 113,50 1,12

2 100 000,00 VOLKSWAGEN LEASING GMBH 2.25% 10/11/2014 EUR 2 096 451,00 2 112 159,00 0,51
1 500 000,00 VOLKSWAGEN FINANCIAL SERVICES AG 5.375% EUR 1 586 460,00 1 503 405,00 0,37
25/01/2012
500 000,00 MERCK FINANCIAL SERVICES GMBH 4.875% EUR 521 139,50 526 370,00 0,13
27/09/2013
450 000,00 VOLKSWAGEN FINANCIAL SERVICES AG 3.875% EUR 447 804,00 455 179,50 0,11
09/07/2012
ITALY 46 170 834,69 43 372 536,00 10,62
Finance 34 241 532,61 31 983 141,50 7,83

6 000 000,00 UBI BANCA SPCA 4.939% 25/06/2014 EUR 6 282 000,00 5 465 580,00 1,34
4 000 000,00 INTESA SANPAOLO SPA 3.25% 01/02/2013 EUR 3 995 600,00 3 914 160,00 0,96
4 000 000,00 BANCO POPOLARE SCARL 4.00% 06/04/2013 EUR 3 991 280,00 3 800 000,00 0,93
3 500 000,00 BANCA POPOLAIRE DI MILANO 4.00% 15/04/2013 EUR 3 495 135,00 3 272 500,00 0,80
3 000 000,00 BANCA CARIGE SPA 4.00% 13/04/2013 EUR 2 991 990,00 2 841 090,00 0,70
2 550 000,00 UNICREDIT SPA 4.875% 12/02/2013 EUR 2 672 897,50 2 512 846,50 0,61
2 000 000,00 UBI BANCA SPCA 4.125% 21/10/2013 EUR 1 997 620,00 1 885 000,00 0,46
1 500 000,00 MONTE DEI PASCHI DI SIENA 4.125% 11/11/2013 EUR 1 496 850,00 1 425 240,00 0,35
1 350 000,00 BANCO POPOLARE SCARL 3.75% 07/08/2012 EUR 1 355 067,90 1 330 303,50 0,33
1 000 000,00 UNIPOL GRUPPO FINANZIARIO SPA 5.00% EUR 994 926,21 809 770,00 0,20
11/01/2017
750 000,00 MEDIOBANCA SPA 4.375% 20/01/2012 EUR 767 449,00 747 577,50 0,18
500 000,00 INTESA SANPAOLO SPA 3.375% 19/01/2015 EUR 499 840,00 463 935,00 0,11

3 400 000,00 TELECOM ITALIA SPA 6.75% 21/03/2013 EUR 3 727 956,00 3 469 394,00 0,85
1 000 000,00 TELECOM ITALIA SPA 6.25% 01/02/2012 EUR 1 070 200,00 998 960,00 0,25
100 000,00 SANPAOLO IMI SPA 5.375% 13/12/2012 EUR 99 500,00 99 180,00 0,02
Multi-Utilities 2 999 681,08 2 770 395,50 0,68

1 350 000,00 EDISON SPA 4.25% 22/07/2014 EUR 1 347 853,50 1 276 276,50 0,31
1 100 000,00 EDISON SPA 3.875% 10/11/2017 EUR 1 095 105,00 968 000,00 0,24
550 000,00 A2A SPA 4.50% 02/11/2016 EUR 556 722,58 526 119,00 0,13
Government 2 436 825,00 2 460 425,00 0,60

2 500 000,00 BTP 2.00% 15/12/2012 EUR 2 436 825,00 2 460 425,00 0,60
GREAT-BRITAIN 41 513 148,69 40 829 313,09 10,00
Finance 21 442 342,60 20 980 618,09 5,14

5 900 000,00 ROYAL BANK OF SCOTLAND GP PLC 5.25% EUR 6 076 797,24 5 902 950,59 1,45
15/05/2013
3 500 000,00 ABBEY NATL TREASURY SERV 4.125% 03/03/2014 EUR 3 493 525,00 3 446 100,00 0,84
3 500 000,00 ROYAL BANK OF SCOTLAND PLC 3.625% EUR 3 492 955,00 3 424 470,00 0,84
17/05/2013
2 800 000,00 ROYAL BANK OF SCOTLAND PLC 6.00% 10/05/2013 EUR 2 767 300,00 2 645 552,00 0,65
2 000 000,00 BARCLAYS BANK PLC 5.25% 27/05/2014 EUR 2 063 298,00 2 074 600,00 0,51
2 000 000,00 LLOYDS TSB BANK PLC 4.50% 15/09/2014 EUR 1 996 600,00 1 969 680,00 0,48
1 050 000,00 MORGAN STANLEY 4.50% 29/10/2014 EUR 1 055 467,36 1 009 900,50 0,25
500 000,00 STANDARD CHARTERED PLC 3.875% 20/10/2016 EUR 496 400,00 507 365,00 0,12
292
Nominal / % of

7 500 000,00 BRITISH TEL PLC 5.25% 22/01/2013 EUR 7 867 330,00 7 750 650,00 1,90
500 000,00 VODAFONE GROUP PLC 3.625% 29/11/2012 EUR 497 178,00 509 855,00 0,13
450 000,00 OTE PLC 7.25% 08/04/2014 EUR 448 533,00 298 183,50 0,07
Basic Goods 6 069 170,09 6 013 527,50 1,47

4 350 000,00 IMPERIAL TOBACCO FIN 5.00% 25/06/2012 EUR 4 479 875,59 4 403 461,50 1,08
850 000,00 BAT INTERNATIONAL FINANCE PLC 3.625% EUR 843 217,00 842 613,50 0,20
09/11/2021
750 000,00 IMPERIAL TOBACCO FIN 4.50% 05/07/2018 EUR 746 077,50 767 452,50 0,19
Energy 3 698 150,00 3 706 549,00 0,91

3 700 000,00 BG ENERGY CAPITAAL PLC 3.00% 16/11/2018 EUR 3 698 150,00 3 706 549,00 0,91
Industries 1 490 445,00 1 569 930,00 0,38

1 500 000,00 IMPERIAL TOBACCO FINANCE PLC 5.00% EUR 1 490 445,00 1 569 930,00 0,38
02/12/2019
NETHERLANDS 41 476 473,52 40 325 223,95 9,87
Finance 19 511 076,71 19 075 923,00 4,67

8 450 000,00 ING BANK NV 5.50% 04/01/2012 EUR 8 722 937,50 8 450 000,00 2,07
3 000 000,00 COOPERATIEVE CENTRALE RAIFFEISEN- EUR 2 995 710,00 3 116 310,00 0,76
20/04/2016
1 750 000,00 BASF FINANCE EUROPE NV 6.00% 04/12/2013 EUR 1 897 624,50 1 897 612,50 0,47
1 500 000,00 METRO FINANCE BV 9.375% 28/11/2013 EUR 1 816 080,00 1 690 380,00 0,41
1 600 000,00 DAIMLER INTERNATIONAL FINANCE BV 7.75% EUR 1 754 349,71 1 621 648,00 0,40
26/03/2012
1 250 000,00 COOPERATIEVE CENTRALE RAIFFEISEN- EUR 1 243 475,00 1 285 062,50 0,31
12/01/2021
1 000 000,00 AEGON NV 7.00% 29/04/2012 EUR 1 080 900,00 1 014 910,00 0,25

4 750 000,00 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV EUR 5 360 772,50 4 874 925,00 1,19
8.125% 29/05/2012
3 500 000,00 KONINKLIJKE KPN NV 5.00% 13/11/2012 EUR 3 669 901,74 3 597 440,00 0,88
450 000,00 PORTUGAL TELECOM I 3.75% 26/03/2012 EUR 446 040,00 445 626,00 0,11
100 000,00 PORTUGAL TELECOM INTERNATIONAL FINANCE BV EUR 99 886,00 98 500,00 0,02
6.00% 30/04/2013
Multi-Utilities 4 387 280,50 4 322 321,50 1,06

3 000 000,00 ENEL FINANCE INTERNATIONAL NV 4.625% EUR 2 994 150,00 3 007 950,00 0,74
24/06/2015
750 000,00 ENEL FINANCE INTERNATIONAL NV 5.75% EUR 745 035,00 738 877,50 0,18
24/10/2018
550 000,00 EDP FINANCE BV 5.875% 01/02/2016 EUR 546 595,50 475 750,00 0,12
100 000,00 EDP FINANCE BV 4.25% 12/06/2012 EUR 101 500,00 99 744,00 0,02
Energy 2 391 408,00 2 425 824,00 0,59

2 400 000,00 REPSOL INTERNATIONAL FINANCE BV 4.25% EUR 2 391 408,00 2 425 824,00 0,59
12/02/2016
Consumer Retail 2 055 959,40 1 910 485,00 0,47

1 500 000,00 DAIMLER INTERNATIONAL FINANCE BV 9.00% EUR 1 650 183,45 1 508 145,00 0,37
30/01/2012
300 000,00 VOLKSWAGEN INTERNATIONAL FINANCE NV EUR 301 473,63 301 233,00 0,07
5.625% 09/02/2012
100 000,00 BMW FINANCE NV 6.125% 02/04/2012 EUR 104 302,32 101 107,00 0,03
Basic Goods 1 337 387,30 1 388 322,45 0,34

1 345 000,00 BRITISH AMERICAN TOBACCO HLDG THE EUR 1 337 387,30 1 388 322,45 0,34
NETHERLANDS BV 4.00% 07/07/2020
UNITED STATES 35 883 847,31 34 501 583,86 8,45
Finance 19 991 360,90 18 835 430,86 4,61

4 250 000,00 CITIGROUP INC 6.40% 27/03/2013 EUR 4 512 137,97 4 358 715,00 1,07
293
Nominal / % of
3 360 000,00 GOLDMANSACHS GROUP INC 5.125% 16/10/2014 EUR 3 576 678,00 3 361 578,86 0,82
2 500 000,00 MERRILL LYNCH & CO INC 4.625% 02/10/2013 EUR 2 544 175,00 2 397 475,00 0,59
2 200 000,00 BANK OF AMERICA CORP 5.125% 26/09/2014 EUR 2 343 156,60 2 115 564,00 0,52
2 000 000,00 ZURICH FINANCE USA INC 4.875% 14/04/2012 EUR 2 076 965,33 2 016 100,00 0,49
500 000,00 CITIGROUP INC 7.375% 16/06/2014 EUR 553 450,00 534 390,00 0,13
Consumer Retail 5 572 865,74 5 336 198,00 1,31

4 200 000,00 BMW US CAPITAL LLC 6.375% 23/07/2012 EUR 4 532 615,74 4 305 798,00 1,06
1 000 000,00 DAIMLER FINANCE NORTH AMERICA LLC 4.375% EUR 1 040 250,00 1 030 400,00 0,25
21/03/2013
Multi-Utilities 3 993 960,00 4 104 120,00 1,01

4 000 000,00 NATIONAL GRID USA 3.25% 03/06/2015 EUR 3 993 960,00 4 104 120,00 1,01
Basic Goods 3 717 515,00 3 528 105,00 0,86

3 500 000,00 KRAFT FOODS INC 5.75% 20/03/2012 EUR 3 717 515,00 3 528 105,00 0,86
Health 2 608 145,67 2 697 730,00 0,66

2 000 000,00 PFIZER INC 3.625% 03/06/2013 EUR 2 010 695,67 2 062 060,00 0,50
600 000,00 AMGEN INC 4.375% 05/12/2018 EUR 597 450,00 635 670,00 0,16
FRANCE 21 483 052,50 21 150 648,50 5,18
Finance 8 676 278,50 8 505 176,50 2,08

2 150 000,00 BANQUE PSA FINANCE 8.50% 04/05/2012 EUR 2 284 383,00 2 187 990,50 0,54
1 700 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 1 696 039,00 1 694 968,00 0,41
1 500 000,00 CAISSE CENTRALE DU CREDIT IMMOBILIER DE EUR 1 495 665,00 1 434 885,00 0,35
FRANCE 3.75% 10/03/2014
1 000 000,00 BANQUE PSA FINANCE 4.00% 19/07/2013 EUR 995 490,00 989 080,00 0,24
250 000,00 SOCIETE GENERALE 5.625% 13/02/2012 EUR 255 442,50 250 125,00 0,06
Industries 4 877 131,00 4 976 887,00 1,22

2 000 000,00 CAP GEMINI SA 5.25% 29/11/2016 EUR 1 993 300,00 2 039 760,00 0,50
1 100 000,00 VINCI SA 4.125% 20/02/2017 EUR 1 092 498,00 1 124 563,00 0,28
900 000,00 ALSTOM SA 4.00% 23/09/2014 EUR 895 167,00 916 065,00 0,22
900 000,00 PEUGEOT SA 4.00% 28/10/2013 EUR 896 166,00 896 499,00 0,22
Basic Goods 4 918 400,50 4 722 467,00 1,16

3 000 000,00 CASINO GUICHARD PERRACHON SA 6.375% EUR 3 273 053,50 3 113 700,00 0,76
04/04/2013
850 000,00 CASINO GUICHARD PERRACHON SA 4.875% EUR 892 840,00 874 803,00 0,22
10/04/2014
700 000,00 ACCOR SA 6.50% 06/05/2013 EUR 752 507,00 733 964,00 0,18
Consumer Retail 1 961 397,50 1 879 570,00 0,46

1 750 000,00 CARREFOUR SA 6.625% 02/12/2013 EUR 1 961 397,50 1 879 570,00 0,46

1 000 000,00 VIVENDI SA 3.50% 13/07/2015 EUR 996 370,00 1 011 580,00 0,25
50 000,00 VIVENDI SA 7.75% 23/01/2014 EUR 53 475,00 54 968,00 0,01
SPAIN 15 627 704,00 15 463 101,00 3,79
Finance 7 535 247,50 7 458 745,00 1,83

3 500 000,00 BBVA SENIOR FINANCE SAU 3.625% 14/05/2012 EUR 3 541 797,50 3 490 760,00 0,86
1 500 000,00 SANTANDER INTERNATIONAL DEBT SA EUR 1 497 975,00 1 483 860,00 0,36
UNIPERSONAL 4.25% 07/04/2014
Multi-Utilities 5 095 581,00 5 151 025,00 1,26

2 400 000,00 IBERDROLA FINANZAS SAU 4.75% 25/01/2016 EUR 2 403 138,00 2 443 224,00 0,60
2 000 000,00 IBERDROLA FINANZAS SAU 3.875% 10/02/2014 EUR 1 993 900,00 2 000 660,00 0,49
400 000,00 GAS NATURAL CAPITAL MARKETS SA 3.125% EUR 398 864,00 400 832,00 0,10
02/11/2012
300 000,00 GAS NATURAL FINANCE BV 5.25% 09/07/2014 EUR 299 679,00 306 309,00 0,07

2 100 000,00 TELEFONICA EMISIONES SAU 3.406% 24/03/2015 EUR 2 101 500,00 2 027 781,00 0,50
250 000,00 TELEFONICA EMISIONES SAU 4.674% 07/02/2014 EUR 263 875,50 251 050,00 0,06
Industries 631 500,00 574 500,00 0,14

600 000,00 ABENGOA SA 8.50% 31/03/2016 EUR 631 500,00 574 500,00 0,14
294
Nominal / % of
SWITZERLAND 7 951 173,24 7 812 040,00 1,91
Finance 7 951 173,24 7 812 040,00 1,91

5 000 000,00 UBS AG/LONDON 4.625% 06/07/2012 EUR 5 129 982,08 5 064 850,00 1,24
1 100 000,00 CREDIT SUISSE AG/LONDON 6.125% 05/08/2013 EUR 1 214 730,66 1 157 695,00 0,28
1 000 000,00 UBS AG/LONDON 5.625% 19/05/2014 EUR 1 054 097,50 1 060 550,00 0,26
500 000,00 UBS AG/LONDON 6.25% 03/09/2013 EUR 552 363,00 528 945,00 0,13
IRELAND 5 982 636,87 5 806 610,00 1,42
Finance 5 982 636,87 5 806 610,00 1,42

3 200 000,00 FGA CAPITAL IRELAND PLC 4.00% 28/03/2013 EUR 3 202 850,00 3 040 000,00 0,74
1 500 000,00 BANESTO FINANCIAL PRODUCTS PLC 4.00% EUR 1 506 151,87 1 497 210,00 0,37
08/05/2012
1 250 000,00 CATERPILLAR INTERNATIONAL FINANCE LTD EUR 1 273 635,00 1 269 400,00 0,31
5.125% 04/06/2012
NETHERLANDS ANTILLES 5 492 025,00 5 506 985,00 1,35
Basic Goods 5 492 025,00 5 506 985,00 1,35

5 500 000,00 SARA LEE/DE ANTILLES NV 2.25% 30/03/2012 EUR 5 492 025,00 5 506 985,00 1,35
LUXEMBOURG 5 217 082,50 4 943 167,35 1,21
Supranational 2 158 000,00 2 131 840,00 0,52

2 000 000,00 EUROPEAN UNION 3.625% 06/04/2016 EUR 2 158 000,00 2 131 840,00 0,52
Industries 1 767 610,00 1 514 564,85 0,37

1 500 000,00 FINMECCANICA FINANCE SA 8.125% 03/12/2013 EUR 1 767 610,00 1 514 564,85 0,37
Consumer Retail 1 042 500,00 1 032 500,00 0,25

1 000 000,00 GLENCORE FINANCE EUROPE SA 5.25% 11/10/2013 EUR 1 042 500,00 1 032 500,00 0,25
Raw materials 248 972,50 264 262,50 0,07

250 000,00 ARCELORMITTAL 8.25% 03/06/2013 EUR 248 972,50 264 262,50 0,07
DENMARK 4 343 421,00 4 352 579,00 1,06
Basic Goods 3 246 204,00 3 216 224,00 0,78

2 000 000,00 CARLSBERG BREWERIES A/S 6.00% 28/05/2014 EUR 2 204 100,00 2 163 620,00 0,53
1 050 000,00 CARLSBERG BREWERIES A/S 3.375% 13/10/2017 EUR 1 042 104,00 1 052 604,00 0,25

1 100 000,00 TDC A/S 3.50% 23/02/2015 EUR 1 097 217,00 1 136 355,00 0,28
CAYMAN ISLANDS 3 928 837,50 4 097 340,00 1,00
Industries 3 928 837,50 4 097 340,00 1,00

3 900 000,00 HUTCHISON WHAMPOA FINANCE LTD 4.75% EUR 3 928 837,50 4 097 340,00 1,00
14/11/2016
SWEDEN 2 913 595,75 2 825 627,50 0,69
Consumer Retail 1 648 504,50 1 562 940,00 0,38

1 500 000,00 VOLVO TREASURY AB 7.875% 01/10/2012 EUR 1 648 504,50 1 562 940,00 0,38
Finance 1 265 091,25 1 262 687,50 0,31

1 250 000,00 SKANDINAVISKA ENSKILDA BANKEN AB 4.375% EUR 1 265 091,25 1 262 687,50 0,31
29/05/2012
FINLAND 2 687 823,00 2 724 435,00 0,67
Finance 2 687 823,00 2 724 435,00 0,67

2 700 000,00 POHJOLA BANK PLC 3.125% 25/03/2015 EUR 2 687 823,00 2 724 435,00 0,67
AUSTRALIA 1 185 252,00 1 215 132,00 0,30

1 200 000,00 TELSTRA CORP LTD 3.75% 16/05/2022 EUR 1 185 252,00 1 215 132,00 0,30
295
Nominal / % of
UNITED STATES 32 710 206,39 31 437 410,73 7,70
Finance 32 710 206,39 31 437 410,73 7,70

6 700 000,00 GOLDMANSACHS GROUP INC FRN 04/02/2013 EUR 6 228 584,00 6 431 866,00 1,57
4 000 000,00 JPMORGAN CHASE & CO FRN 12/10/2015 EUR 3 766 600,00 3 468 000,00 0,85
1 775 000,00 HSBC FINANCE CORP FRN 28/10/2013 EUR 1 703 750,00 1 683 605,25 0,41
1 850 000,00 JPMORGAN CHASE BANK NA FRN 31/05/2017 EUR 1 847 400,75 1 624 448,00 0,40
2 000 000,00 BNP PARIBAS CAPITAL TRUST VI FRN 31/12/2049 EUR 1 932 400,00 1 590 000,00 0,39
1 500 000,00 BNP PARIBAS CAPITAL TRUST IV FRN 31/12/2049 EUR 1 504 350,00 1 499 250,00 0,37
2 000 000,00 BANK OF AMERICA CORP FRN 28/03/2018 EUR 1 830 000,00 1 380 000,00 0,34
1 500 000,00 CL CAPITAL TRUST I FRN 31/12/2049 EUR 1 315 000,00 1 245 240,00 0,31
1 300 000,00 DEUTSCHE BANK CAPITAL TRUST IV FRN EUR 1 147 250,00 988 000,00 0,24
31/12/2049
1 000 000,00 HSBC FINANCE CORP FRN 05/04/2013 EUR 969 780,00 966 060,00 0,24
1 000 000,00 GOLDMANSACHS GROUP INC FRN 02/02/2015 EUR 949 810,00 883 150,00 0,22
789 000,00 MORGAN STANLEY FRN 01/03/2013 EUR 718 581,75 748 066,68 0,18
750 000,00 BANK OF AMERICA CORP FRN 15/02/2012 EUR 688 800,00 747 262,50 0,18
750 000,00 BANK OF AMERICA CORP FRN 12/09/2013 EUR 652 912,50 690 442,50 0,17
700 000,00 MORGAN STANLEY FRN 20/07/2012 EUR 634 583,89 687 218,00 0,17
ITALY 20 278 076,50 20 219 657,30 4,95
Finance 18 304 076,50 18 298 437,30 4,48

4 700 000,00 UNICREDIT SPA VARIABLE FRN 10/12/2012 EUR 4 415 470,00 4 517 499,00 1,11
3 000 000,00 MONTE DEI PASCHI DI SIENA FRN 19/10/2012 EUR 2 994 060,00 2 894 550,00 0,71
2 800 000,00 BANCO POPOLARE SC VARIABLE FRN 28/09/2012 EUR 2 555 000,00 2 671 004,00 0,65
2 500 000,00 BANCA DELLE MARCHE SPA FRN 02/03/2012 EUR 2 496 025,00 2 479 200,00 0,61
2 190 000,00 UNICREDIT SPA FRN 05/02/2014 EUR 2 001 911,50 1 924 944,30 0,47
2 000 000,00 UNICREDIT SPA FRN 09/01/2013 EUR 1 846 690,00 1 901 620,00 0,46

2 000 000,00 TELECOM ITALIA SPA FRN 06/12/2012 EUR 1 974 000,00 1 921 220,00 0,47
SPAIN 12 739 735,00 11 816 159,50 2,89
Finance 12 739 735,00 11 816 159,50 2,89

UNIPERSONAL FRN 19/04/2013
3 500 000,00 SANTANDER ISSUANCES SA UNIPERSONAL FRN EUR 3 320 735,00 2 689 155,00 0,66
23/03/2017
1 350 000,00 BBVA SENIOR FINANCE SAU FRN 22/01/2013 EUR 1 350 000,00 1 304 491,50 0,32
1 000 000,00 SANTANDER INTERNATIONAL DEBT SA EUR 1 000 000,00 964 640,00 0,23
700 000,00 BBVA SUBORDINATED CAPITAL SAU FRN EUR 602 000,00 599 893,00 0,15
23/05/2017
GERMANY 9 859 255,00 9 305 215,50 2,28
Finance 9 859 255,00 9 305 215,50 2,28

10 150 000,00 DEUTSCHE BANK AG FRN 16/01/2014 EUR 9 859 255,00 9 305 215,50 2,28
NETHERLANDS 7 475 125,00 6 949 625,00 1,70
Finance 7 475 125,00 6 949 625,00 1,70

6 250 000,00 ALLIANZ FINANCE II BV FRN 31/05/2022 EUR 6 511 125,00 6 124 625,00 1,50
1 000 000,00 ING BANK NV FRN 18/03/2016 EUR 964 000,00 825 000,00 0,20
296
Nominal / % of
IRELAND 4 373 275,00 4 417 510,00 1,08
Finance 4 373 275,00 4 417 510,00 1,08

2 500 000,00 BANESTO FINANCIAL PRODUCTS PLC FRN EUR 2 496 275,00 2 419 050,00 0,59
11/01/2013
2 000 000,00 GE CAPITAL EUROPEAN FUNDING FRN 25/05/2012 EUR 1 877 000,00 1 998 460,00 0,49
FRANCE 3 679 836,20 2 700 180,00 0,66
Finance 3 679 836,20 2 700 180,00 0,66

2 300 000,00 SOCIETE GENERALE FRN 31/12/2049 EUR 2 232 036,20 1 357 000,00 0,33
1 000 000,00 SOCIETE GENERALE FRN 07/06/2017 EUR 949 000,00 856 940,00 0,21
500 000,00 DEXIA CREDIT LOCAL SA FRN 06/02/2012 EUR 498 800,00 486 240,00 0,12
GUERNSEY 2 460 187,50 2 260 150,00 0,55
Finance 2 460 187,50 2 260 150,00 0,55

2 500 000,00 CREDIT SUISSE GROUP FINANCE GUERNSEY LTD EUR 2 460 187,50 2 260 150,00 0,55
FRN 23/01/2018
GREAT-BRITAIN 1 296 165,00 1 286 376,00 0,32
Finance 1 296 165,00 1 286 376,00 0,32

SWEDEN 748 890,00 746 250,00 0,18
Government 748 890,00 746 250,00 0,18

750 000,00 SBAB BANK AB FRN FRN 16/09/2013 EUR 748 890,00 746 250,00 0,18
ITALY 2 993 850,00 2 714 490,00 0,67
Finance 2 993 850,00 2 714 490,00 0,67

Total Portfolio 393 825 271,46 382 094 105,48 93,55
297
Purchase Unrealised
100 000 30 Purchase GERMAN EURO BUND FUTURE 08/03/2012 EUR 132 729,00 4 171 200,00
100 000 (111) Sale GERMAN EURO BOBL 08/03/2012 EUR (236 563,20) 13 887 210,00
298

30/01/2012 20 600 000,00 GBP 23 897 634,60 EUR 754 460,49
30/01/2012 11 608 334,77 EUR 10 000 000,00 GBP (358 701,68)

30/01/2012 4 213 853,04 EUR 3 600 000,00 GBP (94 280,08)
30/01/2012 4 000 000,00 EUR 3 400 000,00 GBP (68 792,39)
30/01/2012 2 105 016,96 EUR 1 800 000,00 GBP (49 049,60)
30/01/2012 2 112 676,06 EUR 1 800 000,00 GBP (41 390,50)
299
Interest Unrealised
Credit Default Swap Contracts 1 670,00 47 176,76
GENERAL ELECTRIC CAPITAL CORP EUR L 2 000 000,00 BANCA IMI SPA 20/12/2012 611,11 (10 235,08)
GENERAL ELECTRIC CAPITAL CORP EUR L 1 000 000,00 BANCA IMI SPA 20/09/2014 1 527,78 74 625,72
UNITED KINGDOM OF GREAT USD L 2 000 000,00 BNP PARIBAS, LONDON 20/03/2015 (468,89) (17 213,88)
BRITAIN
300
Assets Notes
Banks 26 152 803,42
Liabilities
Swap premium paid (1 048 023,00)

Class D Units EUR 223,85 964,437

Class D2 Units USD 290,56 3 163,039
Class R Units EUR 241,63 103 720,254
Class Z Units EUR 253,39 573 815,599
301

2011 IN EUR

Interest received on swap contracts 22 916,66

302
Nominal / % of
Ordinary Bonds 264 894 850,44 280 083 687,88 63,09
SOUTH AFRICA 26 581 295,69 29 093 505,68 6,55
Government 26 581 295,69 29 093 505,68 6,55

10 000 000,00 SOUTH AFRICA GOVERNMENT INTERNATIONAL USD 7 669 837,45 8 444 709,74 1,90
BOND 6.50% 02/06/2014
BOND 7.375% 25/04/2012
BOND 6.875% 27/05/2019
BOND 5.50% 09/03/2020
BOND 6.25% 08/03/2041
2 500 000,00 ESKOM HLDG. SOC LTD 5.75% 26/01/2021 USD 1 896 237,28 1 959 519,31 0,44
1 000 000,00 SOUTH AFRICA GOVERNMENT INTERNATIONAL ZAR 104 336,06 98 012,23 0,02
BOND 7.50% 15/01/2014
TURKEY 22 347 286,54 24 075 655,64 5,42
Government 22 347 286,54 24 075 655,64 5,42

12 500 000,00 TURKEY GOVERNMENT INTERNATIONAL BOND USD 10 042 929,41 10 495 705,38 2,36
7.25% 15/03/2015
5.625% 30/03/2021
6.875% 17/03/2036
6.75% 03/04/2018
7.50% 07/11/2019
7.375% 05/02/2025
1 200 000,00 TURKEY GOVERNMENT INTERNATIONAL BOND USD 839 441,12 872 395,33 0,20
6.00% 14/01/2041
MEXICO 20 566 030,07 20 083 574,85 4,52
Government 20 566 030,07 20 083 574,85 4,52

250 000 000,00 MEXICAN BONOS 9.50% 18/12/2014 MXN 16 351 864,44 15 464 501,58 3,48
3 500 000,00 MEXICO GOVERNMENT INTERNATIONAL BOND USD 3 062 391,04 3 296 036,65 0,74
6.05% 11/01/2040
1 500 000,00 MEXICO GOVERNMENT INTERNATIONAL BOND USD 1 151 774,59 1 323 036,62 0,30
5.125% 15/01/2020
INDONESIA 16 830 627,75 18 807 052,26 4,24
Government 14 367 757,56 15 976 100,53 3,60

8 000 000,00 REPUBLIC OF INDONESIA 7.50% 15/01/2016 USD 6 526 038,33 7 164 041,10 1,61
3 500 000,00 INDONESIA GOVERNMENT INTERNATIONAL BOND USD 2 610 237,92 3 282 555,93 0,74
6.625% 17/02/2037
3 500 000,00 INDONESIA GOVERNMENT INTERNATIONAL BOND USD 2 839 283,32 3 056 753,83 0,69
5.875% 13/03/2020
3 000 000,00 REPUBLIC OF INDONESIA 4.875% 05/05/2021 USD 2 392 197,99 2 472 749,67 0,56
Energy 2 462 870,19 2 830 951,73 0,64

3 500 000,00 PERTAMINA PERSERO PT 6.50% 27/05/2041 USD 2 462 870,19 2 830 951,73 0,64
BRAZIL 12 962 345,32 13 946 288,88 3,14
Government 12 602 065,89 13 560 643,93 3,05

7 000 000,00 BANCO NACIONAL DE DESENVOLVIMENTO USD 5 660 972,49 6 052 844,40 1,36
ECONOMICO E SOCIAL 6.369% 16/06/2018
5 500 000,00 BRAZILIAN GOVERNMENT INTERNATIONAL BOND USD 4 459 530,04 4 925 278,26 1,11
5.625% 07/01/2041
4.875% 22/01/2021
303
Nominal / % of
Finance 360 279,43 385 644,95 0,09

500 000,00 BANCO VOTORANTIM SA 5.25% 11/02/2016 USD 360 279,43 385 644,95 0,09
LUXEMBOURG 10 804 408,70 11 234 680,07 2,53
Finance 7 108 918,70 7 378 769,75 1,66

7 500 000,00 VTB BANK OJSC VIA VTB CAPITAL SA 6.609% USD 5 713 813,20 5 907 445,18 1,33
31/10/2012
2 000 000,00 SBERBANK OF RUSSIA VIA SB CAPITAL SA 5.717% USD 1 395 105,50 1 471 324,57 0,33
16/06/2021
Energy 3 695 490,00 3 855 910,32 0,87

5 000 000,00 GAZPROM OAO VIA GAZ CAPITAL SA 4.95% USD 3 695 490,00 3 855 910,32 0,87
23/05/2016
CAYMAN ISLANDS 9 798 091,25 10 721 676,95 2,41
Finance 9 798 091,25 10 721 676,95 2,41

6 500 000,00 PETROBRAS INTERNATIONAL FINANCE CO 5.875% USD 4 976 213,46 5 477 194,44 1,23
01/03/2018
4 000 000,00 IPIC GMTN LTD 5.50% 01/03/2022 USD 2 861 853,97 3 089 011,27 0,70
2 750 000,00 IPIC GMTN LTD 6.875% 01/11/2041 USD 1 960 023,82 2 155 471,24 0,48
UKRAINE 11 230 717,43 10 518 815,19 2,37
Government 8 186 802,15 7 838 077,23 1,77

4 500 000,00 UKRAINE GOVERNMENT INTERNATIONAL BOND USD 3 129 547,18 3 033 162,56 0,68
6.58% 21/11/2016
7.75% 23/09/2020
6.75% 14/11/2017
6.25% 17/06/2016
Finance 3 043 915,28 2 680 737,96 0,60

4 000 000,00 UKREXIMBANK VIA BIZ FINANCE 8.375% USD 3 043 915,28 2 680 737,96 0,60
27/04/2015
URUGUAY 8 011 792,45 9 672 610,99 2,18
Government 8 011 792,45 9 672 610,99 2,18

4 500 000,00 URUGUAY GOVERNMENT INTERNATIONAL BOND USD 3 761 650,04 4 471 748,24 1,01
6.875% 28/09/2025
7.625% 21/03/2036
8.00% 18/11/2022
LEBANON 8 784 534,90 9 553 210,30 2,15
Government 8 784 534,90 9 553 210,30 2,15

8 500 000,00 LEBANON GOVERNMENT INTERNATIONAL BOND USD 6 474 932,69 6 901 359,60 1,55
6.375% 09/03/2020
3 000 000,00 LEBANON GOVERNMENT INTERNATIONAL BOND USD 2 309 602,21 2 651 850,70 0,60
8.50% 19/01/2016
LITHUANIA 9 066 544,05 9 345 222,00 2,11
Government 9 066 544,05 9 345 222,00 2,11

9 000 000,00 LITHUANIA GOVERNMENT INTERNATIONAL BOND USD 6 623 715,45 6 794 284,14 1,53
5.125% 14/09/2017
6.125% 09/03/2021
7.375% 11/02/2020
PHILIPPINES 7 639 217,34 9 202 037,48 2,07
Government 5 986 057,51 7 341 697,77 1,65

8 500 000,00 PHILIPPINE GOVERNMENT INTERNATIONAL BOND USD 5 986 057,51 7 341 697,77 1,65
5.50% 30/03/2026
304
Nominal / % of
Energy 1 653 159,83 1 860 339,71 0,42

2 000 000,00 POWER SECTOR ASSETS & LIABILITIES USD 1 653 159,83 1 860 339,71 0,42
MANAGEMENT CORP 7.25% 27/05/2019
KAZAKHSTAN 7 634 654,81 8 415 052,15 1,90
Energy 5 007 789,57 5 651 504,04 1,28

3 600 000,00 KAZMUNAYGAS NATIONAL CO 9.125% 02/07/2018 USD 2 992 632,71 3 230 751,44 0,73
3 000 000,00 KAZMUNAYGAS NATIONAL CO 8.375% 02/07/2013 USD 2 015 156,86 2 420 752,60 0,55
Finance 2 626 865,24 2 763 548,11 0,62

3 500 000,00 HALYK SAVINGS BANK OF KAZAKHSTAN JSC 7.75% USD 2 626 865,24 2 763 548,11 0,62
13/05/2013
QATAR 7 472 794,99 8 073 026,96 1,82
Government 7 472 794,99 8 073 026,96 1,82

10 000 000,00 QATAR GOVERNMENT INTERNATIONAL BOND USD 7 472 794,99 8 073 026,96 1,82
4.00% 20/01/2015
POLAND 7 085 965,46 7 465 431,54 1,68
Government 7 085 965,46 7 465 431,54 1,68

4 000 000,00 POLAND GOVERNMENT INTERNATIONAL BOND USD 3 057 963,87 3 185 302,15 0,72
5.25% 15/01/2014
4 000 000,00 POLAND GOVERNMENT INTERNATIONAL BOND USD 2 956 488,86 3 127 527,62 0,70
5.125% 21/04/2021
1 500 000,00 REPUBLIC OF POLAND 5.00% 23/03/2022 USD 1 071 512,73 1 152 601,77 0,26
SRI LANKA 6 673 856,59 6 896 930,21 1,55
Government 6 673 856,59 6 896 930,21 1,55

5 500 000,00 SRI LANKA GOVERNMENT INTERNATIONAL BOND USD 4 370 167,71 4 438 046,43 1,00
7.40% 22/01/2015
3 200 000,00 SRI LANKA GOVERNMENT INTERNATIONAL BOND USD 2 303 688,88 2 458 883,78 0,55
6.25% 04/10/2020
VENEZUELA 7 540 185,09 6 889 997,28 1,55
Energy 3 418 496,23 3 550 629,73 0,80

4 500 000,00 PETROLEOS DE VENEZUELA SA 5.375% 12/04/2027 USD 1 552 114,98 1 689 904,86 0,38
2 300 000,00 PETROLEOS DE VENEZUELA SA 5.25% 12/04/2017 USD 1 209 107,55 1 125 062,58 0,25
2 000 000,00 PETROLEOS DE VENEZUELA SA 5.50% 12/04/2037 USD 657 273,70 735 662,29 0,17
Government 4 121 688,86 3 339 367,55 0,75

3 000 000,00 VENEZUELA GOVERNMENT INTERNATIONAL BOND USD 1 821 357,77 1 432 808,22 0,32
7.65% 21/04/2025
7.00% 31/03/2038
1 500 000,00 VENEZUELA GOVERNMENT INTERNATIONAL BOND USD 1 194 089,01 794 399,72 0,18
9.375% 13/01/2034
HUNGARY 6 447 825,91 6 291 645,77 1,42
Government 6 447 825,91 6 291 645,77 1,42

4 500 000,00 HUNGARY GOVERNMENT INTERNATIONAL BOND USD 3 245 699,09 3 171 821,42 0,72
6.375% 29/03/2021
4 500 000,00 HUNGARY GOVERNMENT INTERNATIONAL BOND USD 3 202 126,82 3 119 824,35 0,70
7.625% 29/03/2041
NETHERLANDS 4 476 828,28 4 748 603,76 1,07
Multi-Utilities 3 582 547,33 3 851 943,13 0,87

4 500 000,00 MAJAPAHIT HOLDING BV 7.25% 28/06/2017 USD 3 582 547,33 3 851 943,13 0,87
Energy 894 280,95 896 660,63 0,20

1 200 000,00 LUKOIL INTERNATIONAL FINANCE BV 6.125% USD 894 280,95 896 660,63 0,20
09/11/2020
305
Nominal / % of
SOUTH KOREA 4 160 259,43 4 478 584,89 1,01
Government 2 303 105,13 2 588 029,11 0,58

3 500 000,00 EXPORT-IMPORT BANK OF KOREA 4.00% USD 2 303 105,13 2 588 029,11 0,58
29/01/2021
Finance 1 857 154,30 1 890 555,78 0,43

2 500 000,00 HANA BANK 4.25% 14/06/2017 USD 1 857 154,30 1 890 555,78 0,43
ARGENTINA 4 606 400,21 4 429 317,79 1,00
Government 4 606 400,21 4 429 317,79 1,00

7 903 668,60 ARGENTINE REPUBLIC GOVERNMENT USD 4 606 400,21 4 429 317,79 1,00
INTERNATIONAL BOND 8.28% 31/12/2033
DOMINICAN REPUBLIC 4 104 816,25 4 001 078,44 0,90
Government 4 104 816,25 4 001 078,44 0,90

5 300 000,00 DOMINICAN REPUBLIC INTERNATIONAL BOND USD 4 104 816,25 4 001 078,44 0,90
7.50% 06/05/2021
MALAYSIA 3 265 925,48 3 890 487,52 0,88
Energy 3 265 925,48 3 890 487,52 0,88

4 500 000,00 PETRONAS CAPITAL LTD 5.25% 12/08/2019 USD 3 265 925,48 3 890 487,52 0,88
COLOMBIA 3 259 533,78 3 709 124,51 0,84
Government 3 259 533,78 3 709 124,51 0,84

4 500 000,00 COLOMBIA GOVERNMENT INTERNATIONAL BOND USD 3 259 533,78 3 709 124,51 0,84
4.375% 12/07/2021
UNITED ARAB EMIRATES 3 076 825,86 3 353 329,72 0,76
Multi-Utilities 1 974 611,56 2 166 063,23 0,49

2 750 000,00 DUBAI ELECTRICITY & WATER AUTHORITY 7.375% USD 1 974 611,56 2 166 063,23 0,49
21/10/2020
Government 1 102 214,30 1 187 266,49 0,27

1 500 000,00 EMIRATE OF DUBAI GOVERNMENT INTERNATIONAL USD 1 102 214,30 1 187 266,49 0,27
BONDS 7.75% 05/10/2020
RUSSIA 2 968 320,70 3 030 273,84 0,68
Finance 2 218 603,63 2 235 874,12 0,50

3 000 000,00 VNESHECONOMBANK VIA VEB FINANCE LTD 6.80% USD 2 218 603,63 2 235 874,12 0,50
22/11/2025
Government 749 717,07 794 399,72 0,18

1 000 000,00 RUSSIAN FOREIGN BOND - EUROBOND 5.00% USD 749 717,07 794 399,72 0,18
29/04/2020
LATVIA 2 248 869,38 2 351 423,17 0,53
Government 2 248 869,38 2 351 423,17 0,53

3 300 000,00 REPUBLIC OF LATVIA 5.25% 16/06/2021 USD 2 248 869,38 2 351 423,17 0,53
PAKISTAN 2 523 823,62 2 308 670,01 0,52
Government 2 523 823,62 2 308 670,01 0,52

1 500 000,00 HALYK SAVINGS BANK OF KAZAKHSTAN JSC 7.25% USD 1 062 468,14 1 091 938,52 0,25
28/01/2021
1 500 000,00 PAKISTAN GOVERNMENT INTERNATIONAL BOND USD 1 097 672,22 883 950,23 0,20
7.125% 31/03/2016
600 000,00 PAKISTAN GOVERNMENT INTERNATIONAL BOND USD 363 683,26 332 781,26 0,07
6.875% 01/06/2017
REPUBLIC OF BELARUS 2 318 131,87 2 205 253,62 0,50
Government 2 318 131,87 2 205 253,62 0,50

3 300 000,00 REPUBLIC OF BELARUS 8.75% 03/08/2015 USD 2 318 131,87 2 205 253,62 0,50
306
Nominal / % of
EL SALVADOR 1 872 443,80 2 100 681,73 0,47
Government 1 872 443,80 2 100 681,73 0,47

2 700 000,00 EL SALVADOR GOVERNMENT INTERNATIONAL USD 1 872 443,80 2 100 681,73 0,47
BOND 7.625% 01/02/2041
GEORGIA 1 756 675,02 1 969 148,39 0,44
Government 1 756 675,02 1 969 148,39 0,44

2 500 000,00 GEORGIA GOVERNMENT INTERNATIONAL BOND USD 1 756 675,02 1 969 148,39 0,44
6.875% 12/04/2021
BAHAMAS 1 696 082,02 1 925 817,50 0,43

2 500 000,00 QTEL INTERNATIONAL FINANCE LTD 5.00% USD 1 696 082,02 1 925 817,50 0,43
19/10/2025
NAMIBIA 1 595 713,91 1 802 757,76 0,41
Government 1 595 713,91 1 802 757,76 0,41

2 300 000,00 NAMIBIA INTERNATIONAL BONDS 5.50% USD 1 595 713,91 1 802 757,76 0,41
03/11/2021
CROATIA 1 756 446,06 1 795 824,82 0,40
Government 1 756 446,06 1 795 824,82 0,40

2 500 000,00 CROATIA GOVERNMENT INTERNATIONAL BOND USD 1 756 446,06 1 795 824,82 0,40
6.625% 14/07/2020
VIETNAM 1 571 927,47 1 703 193,00 0,38
Government 1 571 927,47 1 703 193,00 0,38

2 200 000,00 VIETNAM GOVERNMENT INTERNATIONAL BOND USD 1 571 927,47 1 703 193,00 0,38
6.75% 29/01/2020
GHANA 1 482 198,56 1 679 312,86 0,38
Government 1 482 198,56 1 679 312,86 0,38

2 000 000,00 REPUBLIC OF GHANA 8.50% 04/10/2017 USD 1 482 198,56 1 679 312,86 0,38
EGYPT 1 864 729,58 1 534 491,38 0,35
Government 1 864 729,58 1 534 491,38 0,35

2 400 000,00 EGYPT GOVERNMENT INTERNATIONAL BOND USD 1 864 729,58 1 534 491,38 0,35
6.875% 30/04/2040
GREAT-BRITAIN 1 763 483,50 1 530 289,25 0,34
Government 1 040 365,50 914 027,65 0,20

1 500 000,00 FINANCING OF INFRASTRUCURAL PROJECTS STATE USD 1 040 365,50 914 027,65 0,20
ENTERPRISE 7.40% 20/04/2018
Finance 723 118,00 616 261,60 0,14

1 000 000,00 OSCHADBANK 8.25% 10/03/2016 USD 723 118,00 616 261,60 0,14
PERU 1 152 809,47 1 271 039,55 0,29
Government 1 152 809,47 1 271 039,55 0,29

1 500 000,00 PERUVIAN GOVERNMENT INTERNATIONAL BOND USD 1 152 809,47 1 271 039,55 0,29
5.625% 18/11/2050
SERBIA 1 032 488,14 1 046 104,07 0,24
Government 1 032 488,14 1 046 104,07 0,24

1 400 000,00 REPUBLIC OF SERBIA 7.25% 28/09/2021 USD 1 032 488,14 1 046 104,07 0,24
IRELAND 1 009 314,37 993 721,83 0,22
Industries 1 009 314,37 993 721,83 0,22

1 500 000,00 SCF CAPITAL LTD 5.375% 27/10/2017 USD 1 009 314,37 993 721,83 0,22
307
Nominal / % of
GABON 703 229,55 878 172,78 0,20
Government 703 229,55 878 172,78 0,20

1 000 000,00 GABONESE REPUBLIC 8.20% 12/12/2017 USD 703 229,55 878 172,78 0,20
PORTUGAL 643 050,00 556 392,47 0,13
Government 643 050,00 556 392,47 0,13

1 000 000,00 PORTUGAL OBRIGACOES DO TESOURO OT 4.75% EUR 643 050,00 556 392,47 0,13
14/06/2019
JORDAN 506 349,79 504 179,02 0,11
Government 506 349,79 504 179,02 0,11

700 000,00 JORDAN GOVERNMENT INTERNATIONAL BOND USD 506 349,79 504 179,02 0,11
3.875% 12/11/2015
ITALY 7 974 776,00 7 970 960,00 1,79
Government 7 974 776,00 7 970 960,00 1,79

8 000 000,00 CCT FRN 01/11/2012 EUR 7 974 776,00 7 970 960,00 1,79
RUSSIA 6 782 956,74 7 469 427,62 1,68
Government 6 782 956,74 7 469 427,62 1,68

5 260 500,00 RUSSIAN FOREIGN BOND - EUROBOND FRN USD 4 070 129,93 4 705 739,40 1,06
31/03/2030
3 089 500,00 RUSSIAN FOREIGN BOND - EUROBOND FRN USD 2 712 826,81 2 763 688,22 0,62
31/03/2030
ARGENTINA 4 968 407,40 4 616 184,55 1,04
Government 4 968 407,40 4 616 184,55 1,04

17 000 000,00 ARGENTINE REPUBLIC GOVERNMENT USD 4 968 407,40 4 616 184,55 1,04
INTERNATIONAL BOND STP CPN FRN 31/12/2038
SERBIA 1 892 968,40 1 757 167,51 0,40
Government 1 892 968,40 1 757 167,51 0,40

2 426 667,04 REPUBLIC OF SERBIA FRN 01/11/2024 USD 1 892 968,40 1 757 167,51 0,40
LUXEMBOURG 337 058,33 337 018,06 0,08
Finance 337 058,33 337 018,06 0,08

500 000,00 RUSSIAN AGRICULTURAL BANK OJSC VIA RSHB USD 337 058,33 337 018,06 0,08
CAPITAL SA FRN 03/06/2021
Zero-Coupon Bonds 19 140 478,86 19 053 100,25 4,29
ITALY 18 746 800,08 18 691 390,00 4,21
Government 18 746 800,08 18 691 390,00 4,21

7 000 000,00 CTZ 31/12/2012 EUR 6 815 405,81 6 751 500,00 1,52
5 000 000,00 BOT 15/05/2012 EUR 4 960 780,07 4 953 050,00 1,11
4 000 000,00 BOT 29/02/2012 EUR 3 985 755,55 3 986 840,00 0,90
3 000 000,00 BOT 30/12/2011 EUR 2 984 858,65 3 000 000,00 0,68
TURKEY 393 678,78 361 710,25 0,08
Government 393 678,78 361 710,25 0,08

1 000 000,00 TURKEY GOVERNMENT BOND 20/02/2013 TRY 393 678,78 361 710,25 0,08
Ordinary Bonds 87 168 364,41 94 531 891,10 21,30
UNITED STATES 30 190 187,13 30 832 338,19 6,95
Government 30 190 187,13 30 832 338,19 6,95

31/01/2012
308
Nominal / % of
VENEZUELA 9 870 171,41 10 843 122,85 2,44
Government 9 870 171,41 10 843 122,85 2,44

6.00% 09/12/2020
9.25% 15/09/2027
PERU 6 402 261,72 7 826 522,33 1,76
Government 6 402 261,72 7 826 522,33 1,76

7 500 000,00 PERUVIAN GOVERNMENT INTERNATIONAL BOND USD 6 016 313,15 7 337 364,68 1,65
6.55% 14/03/2037
500 000,00 PERUVIAN GOVERNMENT INTERNATIONAL BOND USD 385 948,57 489 157,65 0,11
6.55% 14/03/2037
SOUTH KOREA 7 514 424,34 7 818 819,05 1,76
Finance 7 514 424,34 7 818 819,05 1,76

10 000 000,00 HANA BANK 6.50% 09/04/2012 USD 7 514 424,34 7 818 819,05 1,76
MEXICO 6 448 351,67 7 278 685,02 1,64
Energy 6 448 351,67 7 278 685,02 1,64

5 200 000,00 PETROLEOS MEXICANOS 6.50% 02/06/2041 USD 3 914 597,10 4 486 384,45 1,01
PHILIPPINES 5 809 393,40 6 853 503,03 1,55
Government 5 809 393,40 6 853 503,03 1,55

7 500 000,00 PHILIPPINE GOVERNMENT INTERNATIONAL BOND USD 5 809 393,40 6 853 503,03 1,55
6.375% 15/01/2032
CHILE 6 468 182,18 6 634 826,45 1,50
Energy 6 468 182,18 6 634 826,45 1,50

8 700 000,00 EMPRESA NACIONAL DEL PETROLEO 4.75% USD 6 468 182,18 6 634 826,45 1,50
06/12/2021
BRAZIL 4 686 430,16 5 153 487,63 1,16
Energy 2 934 823,66 3 019 681,84 0,68

4 000 000,00 OGX PETROLEO E GAS PARTICIPACOES S.A. 8.50% USD 2 934 823,66 3 019 681,84 0,68
01/06/2018
Government 1 751 606,50 2 133 805,79 0,48

7.125% 20/01/2037
TURKEY 2 826 737,30 2 901 725,52 0,65
Government 2 826 737,30 2 901 725,52 0,65

11.00% 14/01/2013
PANAMA 2 060 234,59 2 803 990,28 0,63
Government 2 060 234,59 2 803 990,28 0,63

2 800 000,00 PANAMA GOVERNMENT INTERNATIONAL BOND USD 2 060 234,59 2 803 990,28 0,63
7.125% 29/01/2026
COLOMBIA 2 045 333,85 2 696 144,50 0,61
Government 2 045 333,85 2 696 144,50 0,61

2 500 000,00 COLOMBIA GOVERNMENT INTERNATIONAL BOND USD 2 045 333,85 2 696 144,50 0,61
7.375% 18/09/2037
EL SALVADOR 2 040 064,39 2 079 882,90 0,47
Government 2 040 064,39 2 079 882,90 0,47

2 500 000,00 EL SALVADOR GOVERNMENT INTERNATIONAL USD 2 040 064,39 2 079 882,90 0,47
BOND 7.375% 01/12/2019
309
Nominal / % of
LUXEMBOURG 806 592,27 808 843,35 0,18
Energy 806 592,27 808 843,35 0,18

1 000 000,00 TNK-BP FINANCE SA 7.50% 18/07/2016 USD 806 592,27 808 843,35 0,18
UNQUOTED 3 698 560,09 4 105 842,91 0,93
Ordinary Bonds 3 698 560,09 4 105 842,91 0,93
IRAQ 3 698 560,09 4 105 842,91 0,93
Government 3 698 560,09 4 105 842,91 0,93

6 500 000,00 REPUBLIC OF IRAQ 5.80% 15/01/2028 USD 3 698 560,09 4 105 842,91 0,93
Total Portfolio 396 858 420,67 419 925 279,88 94,60
310
Purchase Unrealised
311

Unrealised profit on forward foreign exchange contracts 1 095 927,51
13/01/2012 43 000 000,00 USD 32 162 758,52 EUR 959 493,25

13/01/2012 3 000 000,00 USD 2 269 546,47 EUR 41 308,30
20/01/2012 9 673 585,58 EUR 175 000 000,00 MXN 29 248,16
13/01/2012 1 500 000,00 USD 1 131 477,71 EUR 23 949,68
20/01/2012 5 824 759,38 EUR 105 300 000,00 MXN 21 623,78
13/01/2012 4 000 000,00 USD 3 069 838,83 EUR 11 300,87
13/01/2012 2 000 000,00 USD 1 535 744,45 EUR 4 825,40
13/01/2012 1 929 198,42 EUR 2 500 000,00 USD 3 486,11
13/01/2012 1 156 069,36 EUR 1 500 000,00 USD 641,97
20/01/2012 10 797,19 USD 150 000,00 MXN 49,99
13/01/2012 81 522 755,31 EUR 109 000 000,00 USD (2 438 301,50)
13/01/2012 81 522 755,31 EUR 109 000 000,00 USD (2 438 301,50)
13/01/2012 80 774 840,12 EUR 108 000 000,00 USD (2 415 931,77)
20/01/2012 80 000 000,00 MXN 5 778 467,98 USD (42 037,73)
13/01/2012 1 131 477,71 EUR 1 500 000,00 USD (23 949,68)
13/01/2012 5 372 217,96 EUR 7 000 000,00 USD (19 776,51)
13/01/2012 6 149 825,11 EUR 8 000 000,00 USD (12 454,29)
13/01/2012 373 957,59 EUR 500 000,00 USD (11 184,87)
13/01/2012 4 612 546,13 EUR 6 000 000,00 USD (9 163,42)
312
Interest Unrealised
CREDIT DEFAULT SWAP CONTRACTS 15 277,78 132 822,10
MARKIT ITRAXX EUROPE EUR S 5 000 000,00 BANCA IMI SPA 20/12/2016 7 638,89 51 485,33
CROSSOVER S16
MARKIT ITRAXX EUROPE EUR S 5 000 000,00 BANCA IMI SPA 20/12/2016 7 638,89 81 336,77
CROSSOVER S16
313
Assets Notes
Banks 28 180 852,66
Other assets (Note 10) 73,62
Liabilities

Class D Units EUR 127,83 3 042,624

Class D2 Units USD 165,96 2 823,909
Class I Units EUR 141,47 108 254,172
Class R Units EUR 140,75 934 026,923
Class Z Units EUR 147,41 1 773 188,358
314

2011 IN EUR

- investments (44 794 254,78)

315
Nominal / % of
Ordinary Bonds 357 527 020,57 337 531 313,80 82,49
GREAT-BRITAIN 61 677 234,23 60 312 649,28 14,74
Consumer Retail 30 238 080,22 30 266 697,13 7,40

6 450 000,00 DAILY MAIL & GENERAL TRUST PLC 6.375% GBP 6 721 529,88 6 696 737,43 1,64
21/06/2027
4 700 000,00 LADBROKES GROUP FINANCE PLC 7.625% GBP 5 574 415,72 5 654 811,86 1,38
05/03/2017
4 500 000,00 WILLIAM HILL PLC 7.125% 11/11/2016 GBP 5 217 440,18 5 494 990,25 1,34
4 340 000,00 ITV PLC 10.00% 30/06/2014 EUR 4 586 683,50 4 795 700,00 1,17
3 800 000,00 DIXONS RETAIL PLC 8.75% 03/08/2015 GBP 4 283 565,14 3 639 383,52 0,89
1 365 000,00 DIXONS RETAIL PLC 6.125% 15/11/2012 GBP 1 586 826,85 1 552 424,53 0,38
1 029 000,00 ITV PLC 7.375% 05/01/2017 GBP 1 144 809,36 1 253 441,39 0,31
1 000 000,00 ITV PLC GBP 5.375% 19/10/2015 GBP 1 122 809,59 1 179 208,15 0,29
Industries 10 213 548,25 9 941 124,26 2,43

4 000 000,00 BAA SH PLC 7.125% 01/03/2017 GBP 4 680 311,92 4 549 229,40 1,11
3 800 000,00 INTERNATIONAL CONSOLIDATED AIRLINES GROUP GBP 4 447 777,14 4 310 394,86 1,05
SA 8.75% 23/08/2016
1 030 000,00 ISS FINANCING PLC 11.00% 15/06/2014 EUR 1 085 459,19 1 081 500,00 0,27
Finance 10 949 311,83 9 513 950,00 2,32

10 706 000,00 PROSECURE FUNDING LP 4.668% 30/06/2016 EUR 9 022 546,99 7 494 200,00 1,83
1 400 000,00 FCE BANK PLC 9.375% 17/01/2014 EUR 1 437 419,84 1 508 500,00 0,37
500 000,00 FCE BANK PLC 7.125% 15/01/2013 EUR 489 345,00 511 250,00 0,12

3 800 000,00 VIRGIN MEDIA FINANCE PLC 8.875% 15/10/2019 GBP 4 730 462,96 4 890 421,60 1,20
2 200 000,00 VIRGIN MEDIA FINANCE PLC 9.50% 15/08/2016 EUR 2 335 454,00 2 414 500,00 0,59
1 350 000,00 VIRGIN MEDIA SECURED FINANCE PLC 7.00% GBP 1 532 987,62 1 713 144,02 0,42
15/01/2018
350 000,00 CABLE & WIRELESS 8.75% 06/08/2012 GBP 484 827,67 423 533,26 0,10
Energy 1 192 561,68 1 149 279,01 0,28

1 000 000,00 ANGLIAN WATER/OSPREY FINANCING PLC 7.00% GBP 1 192 561,68 1 149 279,01 0,28
31/01/2018
LUXEMBOURG 67 349 472,09 58 547 433,34 14,31

11 100 000,00 WIND ACQUISITION FINANCE SA 7.375% EUR 11 326 166,00 9 379 500,00 2,29
15/02/2018
9 700 000,00 WIND ACQUISITION FINANCE SA 11.75% EUR 10 595 636,66 7 978 250,00 1,95
15/07/2017
2 600 000,00 TELENET FINANCE LUX 6.375% 15/11/2020 EUR 2 390 750,00 2 496 000,00 0,61
1 800 000,00 VIMPEL COMMUNICATIONS OJSC VIA UBS USD 1 313 109,93 1 374 885,79 0,34
LUXEMBOURG SA 8.25% 23/05/2016
Finance 20 633 071,59 17 791 262,85 4,35

8 400 000,00 FIAT INDUSTRIAL FINANCE EUROPE SA 6.25% EUR 8 063 088,09 7 223 916,00 1,76
09/03/2018
5 700 000,00 AGEAS HYBRID FINANCING SA PERP 8.25% USD 4 121 525,16 2 779 416,85 0,68
31/12/2049
2 900 000,00 FIAT FINANCE & TRADE SA 6.375% 01/04/2016 EUR 2 900 000,00 2 497 625,00 0,61
1 200 000,00 FIAT FINANCE & TRADE SA 7.375% 09/07/2018 EUR 954 000,00 988 800,00 0,24
750 000,00 FIAT FINANCE & TRADE SA 9.00% 30/07/2012 EUR 793 437,34 764 490,00 0,19
700 000,00 FIAT FINANCE & TRADE SA 7.625% 15/09/2014 EUR 727 286,00 686 000,00 0,17
600 000,00 AGEAS HYBRID FINANCING 8.00% 31/12/2049 EUR 569 250,00 396 000,00 0,10
Consumer Retail 16 053 064,20 14 268 000,00 3,49

8 200 000,00 CODERE FINANCE LUXEMBOURG SA 8.25% EUR 7 812 187,59 7 544 000,00 1,85
15/06/2015
8 200 000,00 CIRSA FUNDING LUXEMBOURG SA 8.75% EUR 8 240 876,61 6 724 000,00 1,64
15/05/2018
316
Nominal / % of
Raw materials 5 037 673,71 5 259 534,70 1,28

2 600 000,00 ALROSA FINANCE SA 7.75% 03/11/2020 USD 1 914 568,29 1 990 833,10 0,48
2 200 000,00 ALROSA FINANCE SA 8.875% 17/11/2014 USD 1 655 959,32 1 834 347,33 0,45
2 100 000,00 EVRAZ GROUP SA 6.75% 27/04/2018 USD 1 467 146,10 1 434 354,27 0,35
NETHERLANDS 58 275 113,60 56 237 819,42 13,74
Industries 18 932 546,87 18 570 000,00 4,54

7 000 000,00 HEIDELBERGCEMENT FINANCE BV 9.50% EUR 7 197 160,00 7 367 500,00 1,80
15/12/2018
31/01/2017
31/10/2019
03/04/2020
150 000,00 HEIDELBERGCEMENT FINANCE BV 6.75% EUR 149 166,00 156 000,00 0,04
15/12/2015

6 280 000,00 CABLE & WIRELESS INTERNATIONAL FIN NV GBP 7 419 638,19 6 841 562,15 1,67
8.625% 25/03/2019
4 950 000,00 UPC HLDG BV 8.00% 01/11/2016 EUR 4 816 087,17 4 925 250,00 1,21
3 100 000,00 VIMPELCOM HLDG BV 7.504% 01/03/2022 USD 2 147 707,90 2 010 635,90 0,49
1 620 000,00 UPC HLDG BV 9.75% 15/04/2018 EUR 1 670 528,26 1 648 350,00 0,40
350 000,00 UPC HLDG BV 8.375% 15/08/2020 EUR 350 000,00 329 875,00 0,08
Multi-Utilities 8 130 417,07 7 539 226,37 1,84

3 950 000,00 INTERGEN NV 8.50% 30/06/2017 EUR 4 060 437,50 3 950 000,00 0,96
1 795 000,00 INTERGEN NV 9.50% 30/06/2017 GBP 2 629 578,57 2 159 656,87 0,53
1 450 000,00 ENEL FINANCE INTERNATIONAL NV 5.75% EUR 1 440 401,00 1 429 569,50 0,35
24/10/2018
Consumer Retail 7 182 936,30 7 368 795,00 1,80

4 650 000,00 ZIGGO BOND CO BV 8.00% 15/05/2018 EUR 4 560 987,64 4 696 500,00 1,15
2 659 000,00 OI EUROPEAN GROUP BV 6.875% 31/03/2017 EUR 2 621 948,66 2 672 295,00 0,65
Finance 6 149 277,93 5 641 125,00 1,38

4 000 000,00 ING GROEP NV PERP 8.00% 31/12/2049 EUR 3 989 818,18 3 540 000,00 0,87
1 950 000,00 CONTI-GUMMI FINANCE BV 8.50% 15/07/2015 EUR 2 159 459,75 2 101 125,00 0,51
Basic Goods 1 475 973,91 1 363 000,00 0,33

1 450 000,00 REFRESCO GROUP BV 7.375% 15/05/2018 EUR 1 475 973,91 1 363 000,00 0,33
FRANCE 55 726 711,71 54 651 668,32 13,36
Consumer Retail 17 723 121,41 16 595 894,50 4,06

5 200 000,00 PERNOD-RICARD SA 5.00% 15/03/2017 EUR 5 166 324,13 5 434 780,00 1,33
5 300 000,00 GIE PSA TRESORERIE 6.00% 19/09/2033 EUR 4 986 871,65 3 522 380,00 0,86
2 000 000,00 LAFARGE SA 8.875% 27/05/2014 EUR 2 070 000,00 2 117 680,00 0,52
1 350 000,00 FAURECIA 9.375% 15/12/2016 EUR 1 343 038,50 1 377 000,00 0,34
1 400 000,00 PEUGEOT SA 5.00% 28/10/2016 EUR 1 390 452,00 1 347 444,00 0,33
1 000 000,00 RENAULT SA 5.625% 30/06/2015 EUR 995 000,00 1 025 890,00 0,25
700 000,00 RENAULT SA 5.625% 22/03/2017 EUR 720 459,00 694 841,00 0,17
550 000,00 RENAULT SA 6.00% 13/10/2014 EUR 547 112,50 569 629,50 0,14
500 000,00 CROWN EUROPEAN HLDG SA 7.125% 15/08/2018 EUR 503 863,63 506 250,00 0,12
Industries 15 443 730,00 15 150 984,00 3,70

5 300 000,00 LAFARGE SA 8.875% 24/11/2016 EUR 5 457 950,00 5 482 850,00 1,34
6 200 000,00 LAFARGE SA 6.75% 16/12/2019 EUR 5 441 750,00 5 230 940,00 1,28
3 700 000,00 LAFARGE SA 6.625% 29/11/2018 EUR 3 344 750,00 3 220 850,00 0,78
1 200 000,00 PEUGEOT SA 6.875% 30/03/2016 EUR 1 199 280,00 1 216 344,00 0,30
Computing and IT 5 633 464,00 5 551 000,00 1,36

2 700 000,00 REXEL SA 8.25% 15/12/2016 EUR 2 833 660,00 2 835 000,00 0,69
2 800 000,00 REXEL SA 7.00% 17/12/2018 EUR 2 799 804,00 2 716 000,00 0,67

5 000 000,00 ALCATEL-LUCENT 8.50% 15/01/2016 EUR 4 937 687,50 4 137 500,00 1,01
Raw materials 3 098 150,00 3 348 000,00 0,82

3 100 000,00 RHODIA SA 7.00% 15/05/2018 EUR 3 098 150,00 3 348 000,00 0,82
317
Nominal / % of
Basic Goods 2 707 908,88 3 090 375,00 0,76

3 015 000,00 TEREOS EUROPE 6.375% 15/04/2014 EUR 2 707 908,88 3 090 375,00 0,76
Finance 2 844 271,01 2 826 501,18 0,69

3 154 000,00 SOCIETE GENERALE SA 8.75% 31/12/2049 USD 1 852 092,42 1 823 083,18 0,45
1 000 000,00 RENAULT SA 4.625% 25/05/2016 EUR 940 000,00 950 170,00 0,23
50 000,00 PEUGEOT SA 8.375% 15/07/2014 EUR 52 178,59 53 248,00 0,01
Multi-Utilities 2 001 292,30 2 417 500,00 0,59

1 800 000,00 WENDEL 4.375% 09/08/2017 EUR 1 313 792,30 1 507 500,00 0,37
1 000 000,00 WENDEL 4.875% 26/05/2016 EUR 687 500,00 910 000,00 0,22
Energy 1 337 086,61 1 533 913,64 0,37

1 000 000,00 CIE GENERALE DE GEOPHYSIQUE - VERITAS 9.50% USD 683 313,95 831 953,16 0,20
15/05/2016
900 000,00 CIE GENERALE DE GEOPHYSIQUE - VERITAS 7.75% USD 653 772,66 701 960,48 0,17
15/05/2017
IRELAND 31 084 885,35 30 197 285,34 7,38
Finance 14 253 729,95 13 800 547,26 3,37

11 000 000,00 ALFA BANK OJSC 7.875% 25/09/2017 USD 8 311 935,19 7 983 060,47 1,95
4 350 000,00 ALFA BANK OJSC VIA ALFA BOND ISSUANCE PLC USD 3 039 088,35 2 940 099,36 0,72
7.75% 28/04/2021
2 000 000,00 ALLIED IRISH BANKS PLC 5.625% 12/11/2014 EUR 1 480 000,00 1 470 000,00 0,36
1 800 000,00 GAZPROMBANK OJSC VIA GPB EUROBOND FINANCE USD 1 422 706,41 1 407 387,43 0,34
PLC IRELAND 6.50% 23/09/2015
Raw materials 5 859 199,73 5 999 750,00 1,47

3 750 000,00 SMURFIT KAPPA FUNDING PLC 7.75% 01/04/2015 EUR 3 606 032,26 3 787 500,00 0,93
2 000 000,00 SMURFIT KAPPA ACQUISITIONS 7.75% 15/11/2019 EUR 2 101 371,43 2 060 000,00 0,50
150 000,00 SMURFIT KAPPA ACQUISITIONS 7.25% 15/11/2017 EUR 151 796,04 152 250,00 0,04

5 700 000,00 VIMPEL COMMUNICATIONS 7.748% 02/02/2021 USD 4 159 843,61 3 759 677,22 0,92
2 100 000,00 VIMPEL COMMUNICATIONS 9.125% 30/04/2018 USD 1 576 138,19 1 583 310,86 0,39
Consumer Retail 5 235 973,87 5 054 000,00 1,23

3 550 000,00 ARDAGH PACKAGING FINANCE PLC 7.375% EUR 3 603 712,50 3 479 000,00 0,85
15/10/2017
1 500 000,00 ARDAGH GLASS FINANCE PLC 9.25% 01/07/2016 EUR 1 632 261,37 1 575 000,00 0,38
ITALY 20 547 896,20 17 614 415,21 4,31
Finance 10 505 541,87 7 858 195,21 1,92

6 000 000,00 UNICREDIT SPA 5.00% 01/02/2016 GBP 6 224 764,97 4 514 511,60 1,10
4 200 000,00 BANCA MONTE DEI PASCHI DI SIENA SPA 5.75% GBP 4 280 776,90 3 343 683,61 0,82
30/09/2016
Consumer Retail 6 732 496,33 6 459 375,00 1,58

6 500 000,00 PIAGGIO & CALL SPA 7.00% 01/12/2016 EUR 6 732 496,33 6 459 375,00 1,58
Government 2 017 580,00 2 002 240,00 0,49

2 000 000,00 BTP 5.00% 01/02/2012 EUR 2 017 580,00 2 002 240,00 0,49

FINLAND 10 481 808,94 11 516 125,85 2,81
Raw materials 10 481 808,94 11 516 125,85 2,81

5 177 000,00 UPM-KYMMENE OYJ 6.625% 23/01/2017 GBP 5 405 800,73 5 934 632,98 1,45
7 300 000,00 STORA ENSO OYJ 6.404% 15/04/2016 USD 5 076 008,21 5 581 492,87 1,36
GERMANY 11 258 825,04 11 380 775,00 2,78
Consumer Retail 11 258 825,04 11 380 775,00 2,78

8 350 000,00 UNITYMEDIA HESSEN GMBH & CO 8.125% EUR 8 573 311,74 8 621 375,00 2,11
01/12/2017
1 750 000,00 GERRESHEIMER AG 5.00% 19/05/2018 EUR 1 739 500,00 1 778 525,00 0,43
950 000,00 UNITYMEDIA GMBH 9.625% 01/12/2019 EUR 946 013,30 980 875,00 0,24
318
Nominal / % of
SWEDEN 11 157 213,50 10 765 200,00 2,63
Consumer Retail 11 157 213,50 10 765 200,00 2,63

4 105 000,00 TVN FINANCE CORP II AB 10.75% 15/11/2017 EUR 4 262 923,50 4 269 200,00 1,04
4 300 000,00 CYFROWY POLSAT FIN AB 7.125% 20/05/2018 EUR 4 329 790,00 4 171 000,00 1,02
2 500 000,00 TVN FINANCE CORP III AB 7.875% 15/11/2018 EUR 2 564 500,00 2 325 000,00 0,57
RUSSIA 4 244 655,86 4 252 821,30 1,04

5 150 000,00 MTS INTERNATIONAL FUNDING LTD 8.625% USD 4 244 655,86 4 252 821,30 1,04
22/06/2020
CAYMAN ISLANDS 3 581 018,68 3 497 500,00 0,86
Finance 3 581 018,68 3 497 500,00 0,86

2 600 000,00 UPCB FINANCE LTD 7.625% 15/01/2020 EUR 2 607 268,68 2 567 500,00 0,63
1 000 000,00 UPCB FINANCE II LTD 6.375% 01/07/2020 EUR 973 750,00 930 000,00 0,23
CROATIA 3 967 141,57 3 431 450,00 0,84
Consumer Retail 3 967 141,57 3 431 450,00 0,84

3 670 000,00 AGROKOR DD 10.00% 07/12/2016 EUR 3 967 141,57 3 431 450,00 0,84
BELGIUM 5 576 483,72 3 304 687,50 0,81
Finance 5 576 483,72 3 304 687,50 0,81

6 250 000,00 KBC BANK NV PTC PERP 8.00% 31/12/2049 EUR 5 576 483,72 3 304 687,50 0,81
HUNGARY 3 674 795,41 3 163 340,00 0,77
Energy 1 757 935,41 1 624 500,00 0,40

1 900 000,00 MOL HUNGARIAN OIL AND GAS PLC 5.875% EUR 1 757 935,41 1 624 500,00 0,40
20/04/2017
Finance 1 916 860,00 1 538 840,00 0,37

2 108 000,00 OTP BANK PLC 5.27% 19/09/2016 EUR 1 916 860,00 1 538 840,00 0,37
SOUTH AFRICA 2 938 688,06 2 981 743,24 0,73

3 900 000,00 SABLE INTERNATIONAL FINANCE LTD 7.75% USD 2 938 688,06 2 981 743,24 0,73
15/02/2017
PORTUGAL 2 008 750,00 1 968 900,00 0,48
Finance 2 008 750,00 1 968 900,00 0,48

2 500 000,00 BANCO ESPIRITO SANTO S.A. 5.625% 05/06/2014 EUR 2 008 750,00 1 968 900,00 0,48
DENMARK 1 507 701,61 1 488 000,00 0,36
Industries 1 507 701,61 1 488 000,00 0,36

1 550 000,00 ISS HLDG A/S 8.875% 15/05/2016 EUR 1 507 701,61 1 488 000,00 0,36
SPAIN 1 366 625,00 1 241 500,00 0,30
Industries 1 366 625,00 1 241 500,00 0,30

1 300 000,00 ABENGOA SA 8.50% 31/03/2016 EUR 1 366 625,00 1 241 500,00 0,30
UNITED STATES 1 102 000,00 978 000,00 0,24
Finance 1 102 000,00 978 000,00 0,24

1 200 000,00 FIAT FINANCE NORTH AMERICA INC 5.625% EUR 1 102 000,00 978 000,00 0,24
12/06/2017
NETHERLANDS 11 832 116,77 9 642 600,00 2,36
Finance 9 838 366,77 7 723 600,00 1,89

4 800 000,00 ING VERZEKERINGEN NV FRN 21/06/2021 EUR 4 293 270,00 4 077 600,00 1,00
4 000 000,00 SNS BANK NV FRN 31/12/2049 EUR 4 045 096,77 2 798 000,00 0,68
2 000 000,00 SNS REAAL NV FRN 31/12/2049 EUR 1 500 000,00 848 000,00 0,21
319
Nominal / % of
Consumer Retail 1 993 750,00 1 919 000,00 0,47

1 900 000,00 POLISH TELEVISION HLDG BV FRN 15/05/2017 EUR 1 993 750,00 1 919 000,00 0,47
GREAT-BRITAIN 8 946 117,11 7 649 855,68 1,87
Finance 6 088 339,33 4 951 025,68 1,21

4 750 000,00 LLOYDS TSB BANK PLC PERP FRN 31/12/2049 EUR 4 430 958,34 2 850 000,00 0,70
2 700 000,00 BANK OF SCOTLAND PLC PERP FRN 31/12/2049 GBP 1 657 380,99 2 101 025,68 0,51
Consumer Retail 2 857 777,78 2 698 830,00 0,66

3 000 000,00 REXAM PLC FRN 29/06/2067 EUR 2 857 777,78 2 698 830,00 0,66
JERSEY 6 018 637,93 5 820 744,38 1,42
Finance 6 018 637,93 5 820 744,38 1,42

3 702 000,00 HBOS EURO FINANCE VRN PERP FRN 29/12/2049 EUR 2 079 533,22 2 269 881,30 0,55
2 512 000,00 BANK OF SCOTLAND CAPITAL FUNDING LP FRN GBP 1 143 315,25 2 008 863,08 0,49
31/12/2049
2 100 000,00 RZB FINANCE JERSEY IV LTD PERP FRN 31/12/2049 EUR 1 650 249,99 890 400,00 0,22
1 500 000,00 ERSTE CAPITAL FINANCE JERSEY TIER PC PERP FRN EUR 1 145 539,47 651 600,00 0,16
31/12/2049
FRANCE 1 860 500,00 1 837 200,00 0,45
Finance 1 860 500,00 1 837 200,00 0,45

2 400 000,00 SOCIETE GENERALE SA VARIABLE FRN 31/12/2049 EUR 1 860 500,00 1 837 200,00 0,45
ITALY 1 483 750,00 1 170 000,00 0,29
Consumer Retail 1 483 750,00 1 170 000,00 0,29

1 500 000,00 LOTTOMATICA SPA FRN 31/03/2066 EUR 1 483 750,00 1 170 000,00 0,29
LUXEMBOURG 970 487,98 669 200,00 0,16
Finance 970 487,98 669 200,00 0,16

1 400 000,00 AGEAS HYBRID FINANCING SA PERP FRN EUR 970 487,98 669 200,00 0,16
31/12/2049
SPAIN 763 213,03 536 000,00 0,13
Finance 763 213,03 536 000,00 0,13

1 340 000,00 BANCAJA EMISIONES SA UNIPERSONAL PERP FRN EUR 763 213,03 536 000,00 0,13
31/12/2049
HUNGARY 689 166,66 500 000,00 0,12
Finance 689 166,66 500 000,00 0,12

1 000 000,00 OTP BANK PLC FRN 31/12/2049 EUR 689 166,66 500 000,00 0,12
SWEDEN 435 469,03 420 693,58 0,10
Finance 435 469,03 420 693,58 0,10

400 000,00 SWEDBANK AB FRN 31/12/2049 GBP 435 469,03 420 693,58 0,10
UCI Units 48 382,34 44 028,38 0,01
LUXEMBOURG 48 382,34 44 028,38 0,01
Finance 48 382,34 44 028,38 0,01

5 139,90 FIDELITY FUNDS - EUROPEAN HIGH YIELD FUND -A EUR 48 382,34 44 028,38 0,01
ACC-
Ordinary Bonds 13 949 179,98 14 365 608,23 3,51
FINLAND 5 764 141,19 5 337 595,78 1,30
Raw materials 5 764 141,19 5 337 595,78 1,30

8 200 000,00 UPM-KYMMENE OYJ 7.45% 26/11/2027 USD 5 764 141,19 5 337 595,78 1,30
IRELAND 2 837 115,70 3 582 020,55 0,88
Finance 2 837 115,70 3 582 020,55 0,88

4 650 000,00 SMURFIT KAPPA FUNDING PLC 7.75% 01/04/2015 USD 2 837 115,70 3 582 020,55 0,88
320
Nominal / % of
NETHERLANDS 2 554 976,41 2 586 769,17 0,63
Computing and IT 1 850 250,00 1 776 000,00 0,43

1 850 000,00 ELSTER FINANCE BV 6.25% 15/04/2018 EUR 1 850 250,00 1 776 000,00 0,43
Industries 704 726,41 810 769,17 0,20

1 000 000,00 INTERGEN NV 9.00% 30/06/2017 USD 704 726,41 810 769,17 0,20
LUXEMBOURG 2 196 991,67 2 167 469,08 0,53
Raw materials 2 196 991,67 2 167 469,08 0,53

3 000 000,00 SEVERSTAL OAO VIA STEEL CAPITAL SA 6.70% USD 2 196 991,67 2 167 469,08 0,53
25/10/2017
GREAT-BRITAIN 595 955,01 691 753,65 0,17

800 000,00 VIRGIN MEDIA FINANCE PLC 9.50% 15/08/2016 USD 595 955,01 691 753,65 0,17
Total Portfolio 404 524 041,40 380 187 244,05 92,91
321

07/02/2012 27 823 022,39 EUR 24 000 000,00 GBP (894 305,15)

24/02/2012 18 037 331,35 EUR 24 400 000,00 USD (751 441,72)
24/02/2012 16 165 348,42 EUR 14 000 000,00 GBP (580 713,26)
13/01/2012 11 005 620,19 EUR 15 000 000,00 USD (548 653,68)
13/01/2012 9 744 689,14 EUR 8 500 000,00 GBP (429 859,08)
07/02/2012 5 943 105,64 EUR 8 200 000,00 USD (372 246,61)
16/03/2012 13 646 702,05 EUR 18 000 000,00 USD (210 580,20)
16/03/2012 12 970 550,94 EUR 11 000 000,00 GBP (181 125,49)
13/01/2012 1 270 917,18 EUR 1 800 000,00 USD (115 595,68)
13/01/2012 1 436 420,44 EUR 2 000 000,00 USD (104 149,41)
13/01/2012 1 706 077,05 EUR 1 500 000,00 GBP (89 431,46)
13/01/2012 950 368,82 EUR 1 300 000,00 USD (51 001,58)
13/01/2012 1 149 187,52 EUR 1 000 000,00 GBP (47 818,15)
13/01/2012 1 111 728,74 EUR 1 500 000,00 USD (43 698,65)
16/03/2012 1 073 990,26 EUR 1 400 000,00 USD (3 798,36)
322
Assets Notes
Banks 8 866 651,65
Liabilities


Class R Units EUR 117,38 656 948,779
Class Z Units EUR 121,53 131 113,081
323

2011 IN EUR

- investments (7 505 331,67)

324
Nominal / % of
Ordinary Bonds 76 331 736,96 70 425 615,48 72,45
FRANCE 35 412 376,83 34 006 412,39 34,98
Government 35 412 376,83 34 006 412,39 34,98

25/07/2020
25/07/2017
25/07/2013
25/07/2015
25/07/2032
25/04/2012
25/07/2029
25/07/2022
25/07/2023
25/07/2019
25/07/2040
25/07/2027
ITALY 23 630 435,67 18 738 260,39 19,28
Government 23 630 435,67 18 738 260,39 19,28

3 247 420,00 BTP 2.15% 15/09/2014 EUR 3 470 713,93 3 029 518,12 3,12
2 912 610,40 BTP 2.10% 15/09/2017 EUR 3 072 410,34 2 433 777,25 2,50
2 892 024,02 BTP 2.35% 15/09/2019 EUR 2 892 319,41 2 376 376,14 2,44
2 955 045,75 BTP 2.60% 15/09/2023 EUR 3 075 105,89 2 205 646,15 2,27
3 296 623,50 BTP 2.35% 15/09/2035 EUR 3 335 828,15 2 170 661,74 2,23
2 000 000,00 BTP 3.00% 01/03/2012 EUR 2 020 450,00 2 001 420,00 2,06
2 463 528,50 BTP 2.10% 15/09/2021 EUR 2 407 802,43 1 823 035,73 1,88
1 217 135,50 BTP 2.10% 15/09/2016 EUR 1 234 314,51 1 056 717,04 1,09
1 051 280,02 BTP 2.55% 15/09/2041 EUR 954 462,09 695 001,22 0,72
718 298,00 BTP 3.10% 15/09/2026 EUR 720 789,00 542 889,63 0,56
408 735,30 BTP 1.85% 15/09/2012 EUR 446 239,92 403 217,37 0,41
GERMANY 17 288 924,46 17 680 942,70 18,19
Government 17 288 924,46 17 680 942,70 18,19

3 648 072,64 DEUTSCHE BUNDESREPUBLIK INFLATION LINKED EUR 3 809 345,94 3 977 858,41 4,09
BOND 1.50% 15/04/2016
3 079 387,17 BUNDESREPUBLIK DEUTSCHLAND EUR 3 246 113,01 3 551 118,49 3,65
BUNDESOBLIGATION BOND 1.75% 15/04/2020
2 733 079,70 BUNDESREPUBLIK DEUTSCHLAND EUR 2 959 306,26 2 841 309,66 2,92
719 831,00 BUNDESREPUBLIK DEUTSCHLAND EUR 736 534,20 767 786,14 0,79
ITALY 9 600 666,63 9 654 830,00 9,93
Government 9 600 666,63 9 654 830,00 9,93

5 800 000,00 BOT 0.00% 15/05/2012 EUR 5 690 013,67 5 743 160,00 5,91
3 000 000,00 BOT 0.00% 15/10/2012 EUR 2 916 410,10 2 918 520,00 3,00
1 000 000,00 BOT 0.00% 16/04/2012 EUR 994 242,86 993 150,00 1,02
325
Nominal / % of
FRANCE 3 785 032,38 3 797 074,00 3,91
Government 3 785 032,38 3 797 074,00 3,91

GERMANY 1 998 091,26 2 000 660,00 2,06
Government 1 998 091,26 2 000 660,00 2,06

ITALY 1 536 440,00 1 544 373,50 1,59
Government 1 536 440,00 1 544 373,50 1,59

1 550 000,00 CCT FRN 01/11/2012 EUR 1 536 440,00 1 544 373,50 1,59
Total Portfolio 93 251 967,23 87 422 552,98 89,94
326
Assets Notes
Banks 5 006 393,26
Liabilities

Class R Units EUR 106,46 2 086 604,356

Class RL Units EUR 107,06 978 631,457
Class Z Units EUR 109,70 226 483,461
327

2011 IN EUR

Other income 875,55
Performance fee (Note 6) (589,32)
- foreign currencies (16 006,70)

328
Nominal / % of
Shares 231 348 040,03 242 814 041,47 69,03
UNITED STATES 104 031 192,97 116 358 445,40 33,08
Health 17 936 310,13 20 105 062,78 5,72

69 160,00 MEDTRONIC INC USD 1 821 135,32 2 037 799,94 0,58
64 620,00 CARDINAL HEALTH INC USD 1 888 148,51 2 021 506,13 0,58
35 077,00 BECTON DICKINSON AND CO USD 2 023 397,63 2 018 991,20 0,57
62 679,00 ELI LILLY & CO USD 1 614 626,23 2 006 655,03 0,57
75 936,00 ST JUDE MEDICAL INC USD 2 017 388,60 2 006 397,40 0,57
73 835,00 BRISTOL-MYERS SQUIBB CO USD 1 426 857,15 2 004 348,79 0,57
120 235,00 PFIZER INC USD 1 671 606,16 2 004 302,58 0,57
52 434,00 BAXTER INTERNATIONAL INC USD 2 026 753,75 1 998 562,81 0,57
Computing and IT 18 073 997,67 19 990 604,37 5,68

109 179,00 MOLEX INC USD 2 041 370,54 2 006 710,26 0,57
72 715,00 ANALOG DEVICES INC USD 1 857 750,44 2 004 192,65 0,57
48 098,00 AUTOMATIC DATA PROCESSING INC USD 1 675 517,06 2 001 134,67 0,57
78 516,00 LEXMARK INTERNATIONAL INC USD 2 023 109,28 2 000 172,64 0,57
80 971,00 XILINX INC USD 1 785 952,53 1 999 715,17 0,57
89 049,00 TEXAS INSTRUMENTS INC USD 1 799 831,34 1 996 854,28 0,57
106 793,00 INTEL CORP USD 1 599 727,62 1 994 939,13 0,57
86 145,00 LINEAR TECHNOLOGY CORP USD 1 939 285,06 1 992 785,38 0,56
53 518,00 KLA-TENCOR CORP USD 1 503 538,92 1 989 171,89 0,56
Consumer Retail 15 194 733,37 18 154 632,43 5,16

163 116,00 H&R BLOCK INC USD 1 780 754,90 2 051 907,92 0,58
59 688,00 OMNICOM GROUP INC USD 1 886 933,81 2 049 756,21 0,58
41 599,00 TIME WARNER CABLE INC USD 1 978 450,65 2 037 090,03 0,58
103 298,00 LOWE'S COS INC USD 1 433 778,20 2 019 568,79 0,58
62 332,00 HOME DEPOT INC USD 1 448 425,67 2 018 593,59 0,57
6 954,00 WASHINGTON POST CO USD 1 710 965,17 2 018 516,14 0,57
58 133,00 MCGRAW-HILL COS INC USD 1 578 396,54 2 013 820,44 0,57
51 867,00 NORDSTROM INC USD 1 606 027,61 1 986 140,71 0,57
110 390,00 LEGGETT & PLATT INC USD 1 771 000,82 1 959 238,60 0,56
Industries 17 486 029,21 18 014 290,15 5,12

36 064,00 NORFOLK SOUTHERN CORP USD 1 696 091,28 2 024 128,97 0,57
31 900,00 3M CO USD 2 007 909,05 2 008 386,54 0,57
140 611,00 PITNEY BOWES INC USD 2 266 061,78 2 008 186,98 0,57
39 252,00 GENERAL DYNAMICS CORP USD 1 935 815,63 2 008 030,90 0,57
44 532,00 NORTHROP GRUMMAN CORP USD 1 859 978,61 2 006 109,73 0,57
38 811,00 L-3 COMMUNICATIONS HOLDINGS INC USD 2 085 968,96 1 993 542,71 0,57
31 983,00 LOCKHEED MARTIN CORP USD 1 729 546,46 1 993 163,11 0,57
35 398,00 UNITED TECHNOLOGIES CORP USD 1 996 809,88 1 993 020,69 0,57
93 284,00 REPUBLIC SERVICES INC USD 1 907 847,56 1 979 720,52 0,56
Basic Goods 11 826 968,02 13 966 703,35 3,97

78 042,00 CAMPBELL SOUP CO USD 1 879 984,07 1 998 317,66 0,57
48 000,00 HJ HEINZ CO USD 1 710 239,11 1 998 166,61 0,57
65 686,00 DR PEPPER SNAPPLE GROUP INC USD 1 744 788,76 1 997 676,13 0,57
98 204,00 CONAGRA FOODS INC USD 1 725 110,68 1 997 138,69 0,57
43 340,00 WAL-MART STORES INC USD 1 644 261,40 1 995 145,70 0,57
32 973,00 PHILIP MORRIS INTERNATIONAL INC USD 1 486 933,46 1 993 391,39 0,56
27 917,00 COLGATE-PALMOLIVE CO USD 1 635 650,54 1 986 867,17 0,56
Raw materials 7 629 517,93 8 049 264,79 2,29

153 538,00 SEALED AIR CORP USD 2 189 080,10 2 035 503,58 0,58
31 268,00 PPG INDUSTRIES INC USD 1 817 822,00 2 010 988,95 0,57
56 944,00 EI DU PONT DE NEMOURS & CO USD 1 983 749,14 2 008 162,62 0,57
65 436,00 NUCOR CORP USD 1 638 866,69 1 994 609,64 0,57
Energy 5 224 348,45 6 033 604,87 1,71

329
Nominal / % of
24 431,00 CHEVRON CORP USD 1 768 389,37 2 002 432,99 0,57
Finance 5 433 816,04 6 033 282,55 1,72

14 672,00 BLACKROCK INC USD 1 785 426,34 2 014 510,86 0,58
100 179,00 NYSE EURONEXT USD 1 896 639,47 2 014 152,36 0,57
43 980,00 TRAVELERS COS INC USD 1 751 750,23 2 004 619,33 0,57
Multi-Utilities 3 614 417,69 3 998 834,47 1,14

136 316,00 TECO ENERGY INC USD 1 776 143,13 2 009 851,12 0,57
41 625,00 CONSOLIDATED EDISON INC USD 1 838 274,56 1 988 983,35 0,57

GREAT-BRITAIN 34 567 610,30 36 636 580,33 10,42
Consumer Retail 9 733 695,45 10 187 913,48 2,90

233 477,00 BRITISH SKY BROADCASTING GROUP PLC GBP 2 098 305,12 2 047 415,44 0,58
549 693,00 MARKS & SPENCER GROUP PLC GBP 2 244 179,99 2 046 608,79 0,58
278 353,00 COMPASS GROUP PLC GBP 1 829 491,15 2 036 063,68 0,58
61 988,00 NEXT PLC GBP 1 557 527,97 2 031 125,05 0,58
326 188,00 REED ELSEVIER PLC GBP 2 004 191,22 2 026 700,52 0,58
Industries 5 590 231,34 6 146 771,14 1,75

233 964,00 BABCOCK INTERNATIONAL GROUP PLC GBP 1 625 207,84 2 060 088,87 0,59
187 277,00 SMITHS GROUP PLC GBP 2 315 123,84 2 051 444,53 0,58
192 313,00 BUNZL PLC GBP 1 649 899,66 2 035 237,74 0,58
Raw materials 4 139 357,25 4 060 904,55 1,16

483 414,00 REXAM PLC GBP 2 034 705,51 2 041 747,54 0,58
89 833,00 BHP BILLITON PLC GBP 2 104 651,74 2 019 157,01 0,58
Basic Goods 3 280 133,98 4 048 924,30 1,15

120 680,00 DIAGEO PLC GBP 1 685 211,86 2 032 026,08 0,58
69 188,00 IMPERIAL TOBACCO GROUP PLC GBP 1 594 922,12 2 016 898,22 0,57
Multi-Utilities 4 056 945,16 4 048 588,26 1,15

502 654,00 INTERNATIONAL POWER PLC GBP 1 899 403,83 2 029 135,04 0,58
583 084,00 CENTRICA PLC GBP 2 157 541,33 2 019 453,22 0,57
Computing and IT 1 813 610,35 2 049 402,93 0,58

581 876,00 SAGE GROUP PLC GBP 1 813 610,35 2 049 402,93 0,58

953 926,00 VODAFONE GROUP PLC GBP 1 830 783,49 2 043 051,27 0,58
Finance 2 172 204,03 2 032 114,10 0,58

675 194,00 RESOLUTION LTD GBP 2 172 204,03 2 032 114,10 0,58
Health 1 950 649,25 2 018 910,30 0,57

56 686,00 ASTRAZENECA PLC GBP 1 950 649,25 2 018 910,30 0,57
FRANCE 21 034 318,32 19 341 700,80 5,50
Industries 6 957 316,12 6 242 023,52 1,78

61 473,00 VINCI SA EUR 2 367 288,93 2 075 328,48 0,59
83 084,00 LEGRAND SA EUR 2 268 432,78 2 064 637,40 0,59

122 683,00 VIVENDI SA EUR 2 253 638,99 2 075 796,36 0,59
Health 1 822 540,66 2 053 158,25 0,58

Finance 2 021 631,30 2 051 886,90 0,58

113 615,00 SCOR SE EUR 2 021 631,30 2 051 886,90 0,58
Basic Goods 2 073 716,71 2 048 876,88 0,58

42 184,00 DANONE EUR 2 073 716,71 2 048 876,88 0,58
Raw materials 2 510 170,70 2 045 855,56 0,58

57 484,00 IMERYS SA EUR 2 510 170,70 2 045 855,56 0,58
330
Nominal / % of
Computing and IT 2 330 388,29 2 035 544,23 0,58

84 305,00 CAP GEMINI SA EUR 2 330 388,29 2 035 544,23 0,58
Consumer Retail 1 064 915,55 788 559,10 0,23

37 984,00 METROPOLE TELEVISION SA EUR 568 853,68 437 765,60 0,13
46 512,00 SOCIETE TELEVISION FRANCAISE 1 EUR 496 061,87 350 793,50 0,10
GERMANY 14 555 747,68 14 251 941,87 4,05
Raw materials 6 266 620,82 6 154 635,32 1,75

41 907,00 BAYER AG EUR 2 140 703,41 2 070 205,80 0,59
38 096,00 BASF SE EUR 2 116 918,56 2 052 993,44 0,58
58 174,00 K S AG REG EUR 2 008 998,85 2 031 436,08 0,58
Finance 3 861 787,89 4 063 804,84 1,15

53 067,00 HANNOVER RUECKVERSICHERUNG AG EUR 1 879 104,48 2 033 792,78 0,58
27 466,00 ALLIANZ SE EUR 1 982 683,41 2 030 012,06 0,57
Industries 2 396 085,33 2 039 043,38 0,58

27 577,00 SIEMENS AG EUR 2 396 085,33 2 039 043,38 0,58
Consumer Retail 2 031 253,64 1 994 458,33 0,57

60 065,00 AXEL SPRINGER AG EUR 2 031 253,64 1 994 458,33 0,57
SWEDEN 13 104 231,86 12 369 489,37 3,52
Industries 8 958 805,74 8 249 979,29 2,35

182 276,00 SCANIA AB SEK 2 525 749,99 2 089 191,82 0,59
218 243,00 SANDVIK AB SEK 2 263 033,83 2 071 040,69 0,59
161 420,00 SKANSKA AB SEK 2 024 922,11 2 067 811,04 0,59
302 923,00 SECURITAS AB SEK 2 145 099,81 2 021 935,74 0,58
Computing and IT 2 082 615,54 2 066 234,09 0,59

261 191,00 TELEFONAKTIEBOLAGET LM ERICSSON SEK 2 082 615,54 2 066 234,09 0,59

136 464,00 TELE2 AB SEK 2 062 810,58 2 053 275,99 0,58
SWITZERLAND 11 660 406,68 12 180 792,67 3,46
Health 3 707 923,18 4 055 281,42 1,15

46 048,00 NOVARTIS AG CHF 1 861 142,57 2 037 052,03 0,58
Finance 4 036 272,74 4 054 204,04 1,15

11 744,00 ZURICH FINANCIAL SERVICES AG CHF 2 019 071,44 2 055 852,92 0,58
36 996,00 ACE LTD USD 2 017 201,30 1 998 351,12 0,57

7 063,00 SWISSCOM AG CHF 2 154 526,57 2 070 781,41 0,59
Industries 1 761 684,19 2 000 525,80 0,57

55 598,00 TYCO INTERNATIONAL LTD USD 1 761 684,19 2 000 525,80 0,57
NETHERLANDS 10 643 393,43 10 256 180,34 2,92
Industries 2 159 078,38 2 082 009,04 0,59

73 336,00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 2 159 078,38 2 082 009,04 0,59
Basic Goods 1 828 870,20 2 055 871,93 0,59

197 585,00 KONINKLIJKE AHOLD NV EUR 1 828 870,20 2 055 871,93 0,59

Consumer Retail 2 136 663,07 2 040 083,09 0,58

152 758,00 WOLTERS KLUWER NV EUR 2 136 663,07 2 040 083,09 0,58
Raw materials 2 217 580,17 2 028 285,45 0,58

56 577,00 KONINKLIJKE DSM NV EUR 2 217 580,17 2 028 285,45 0,58
331
Nominal / % of
FINLAND 8 631 707,25 8 281 113,16 2,35
Industries 4 474 497,52 4 135 052,16 1,18

73 632,00 METSO OYJ EUR 2 353 174,57 2 109 556,80 0,60
90 748,00 WARTSILA OYJ EUR 2 121 322,95 2 025 495,36 0,58
Energy 2 058 808,24 2 088 056,04 0,59

267 528,00 NESTE OIL OYJ EUR 2 058 808,24 2 088 056,04 0,59
Basic Goods 2 098 401,49 2 058 004,96 0,58

79 276,00 KESKO OYJ EUR 2 098 401,49 2 058 004,96 0,58
BELGIUM 4 813 293,16 4 105 674,55 1,17

51 343,00 MOBISTAR SA EUR 2 376 484,46 2 078 878,07 0,59
Basic Goods 2 436 808,70 2 026 796,48 0,58

46 695,00 DELHAIZE GROUP SA EUR 2 436 808,70 2 026 796,48 0,58
NORWAY 2 668 367,69 2 859 048,37 0,81

162 882,00 TELENOR ASA NOK 1 880 390,78 2 062 490,92 0,58
Finance 787 976,91 796 557,45 0,23

IRELAND 1 719 464,95 2 094 522,68 0,60
Raw materials 1 719 464,95 2 094 522,68 0,60

136 685,00 CRH PLC GBP 1 719 464,95 2 094 522,68 0,60
PORTUGAL 1 961 920,36 2 058 338,31 0,58
Raw materials 1 961 920,36 2 058 338,31 0,58

387 124,00 CIMPOR CIMENTOS DE PORTUGAL SGPS SA EUR 1 961 920,36 2 058 338,31 0,58
DENMARK 1 956 385,38 2 020 213,62 0,57

325 987,00 TDC A/S DKK 1 956 385,38 2 020 213,62 0,57
ITALY 58 591 655,13 58 467 760,00 16,62
Government 58 591 655,13 58 467 760,00 16,62

27 000 000,00 CTZ 0.00% 29/02/2012 EUR 26 920 369,06 26 883 360,00 7,64
20 000 000,00 CTZ 0.00% 30/04/2012 EUR 19 856 001,38 19 824 400,00 5,64
12 000 000,00 CTZ 0.00% 31/08/2012 EUR 11 815 284,69 11 760 000,00 3,34
Total Portfolio 289 939 695,16 301 281 801,47 85,65
332

Unrealised profit on forward foreign exchange contracts 1 624 383,51
03/01/2012 100 000,00 DKK 13 448,09 EUR 6,58

03/01/2012 3 000 000,00 USD 2 226 592,94 EUR 84 388,06
03/01/2012 4 000 000,00 SEK 440 528,63 EUR 8 949,58
03/01/2012 1 400 000,00 GBP 1 627 150,16 EUR 48 881,72
03/01/2012 500 000,00 CHF 405 515,00 EUR 6 380,52
03/01/2012 7 400 000,00 USD 5 488 392,79 EUR 212 027,01
03/01/2012 700 000,00 NOK 90 078,50 EUR 275,62
03/01/2012 2 700 000,00 USD 2 024 291,50 EUR 55 591,40
03/01/2012 4 000 000,00 SEK 440 902,53 EUR 8 575,68
03/01/2012 500 000,00 GBP 589 483,61 EUR 9 099,21
03/01/2012 1 900 000,00 USD 1 436 075,73 EUR 27 545,57
03/01/2012 2 400 000,00 USD 1 839 186,16 EUR 9 598,64
03/01/2012 1 400 000,00 USD 1 069 682,15 EUR 8 775,65
03/01/2012 34 500 000,00 GBP 41 218 637,99 EUR 83 576,29
03/01/2012 16 400 000,00 DKK 2 205 783,46 EUR 782,57
03/01/2012 15 000 000,00 NOK 1 932 541,42 EUR 3 618,40
03/01/2012 11 100 000,00 CHF 9 107 692,31 EUR 36 388,22
03/01/2012 115 600 000,00 SEK 12 945 128,77 EUR 44 791,61
03/01/2012 17 000 000,00 NOK 2 185 089,97 EUR 9 224,49
02/02/2012 2 300 000,00 GBP 2 748 139,03 EUR 4 156,80
02/02/2012 1 100 000,00 CHF 903 839,68 EUR 2 562,84
02/02/2012 1 000 000,00 DKK 134 526,13 EUR 11,56
02/02/2012 8 800 000,00 SEK 984 450,16 EUR 2 600,91
03/01/2012 258 882,92 EUR 2 000 000,00 NOK 728,28
02/02/2012 135 084 863,99 EUR 174 300 000,00 USD 840 495,95
04/01/2012 12 822 505,43 EUR 16 500 000,00 USD 112 109,93
02/02/2012 1 004 489,29 EUR 1 300 000,00 USD 3 240,42
03/01/2012 500 000,00 DKK 67 285,70 EUR (12,35)

03/01/2012 174 300 000,00 USD 135 116 279,06 EUR (848 282,92)
02/02/2012 16 500 000,00 USD 12 820 512,82 EUR (112 354,06)
02/02/2012 1 900 000,00 USD 1 473 210,82 EUR (9 847,08)
03/01/2012 129 947 817,70 EUR 172 700 000,00 USD (3 087 655,24)
03/01/2012 36 465 638,14 EUR 31 200 000,00 GBP (885 929,56)
03/01/2012 2 286 329,10 EUR 17 000 000,00 DKK (964,95)
03/01/2012 2 340 276,15 EUR 2 000 000,00 GBP (54 055,11)
03/01/2012 8 651 648,71 EUR 10 600 000,00 CHF (80 536,30)
03/01/2012 407 996,74 EUR 500 000,00 CHF (3 898,78)
03/01/2012 64 316,95 EUR 500 000,00 NOK (221,71)
03/01/2012 1 944 231,26 EUR 15 200 000,00 NOK (17 744,02)
03/01/2012 3 290 736,58 EUR 30 000 000,00 SEK (80 350,02)
03/01/2012 9 514 499,84 EUR 87 600 000,00 SEK (329 073,05)
03/01/2012 655 988,63 EUR 6 000 000,00 SEK (18 228,69)
03/01/2012 3 263 403,26 EUR 2 800 000,00 GBP (88 660,51)
03/01/2012 5 639 237,22 EUR 7 600 000,00 USD (215 247,98)
03/01/2012 819 855,41 EUR 1 100 000,00 USD (27 504,29)
03/01/2012 223 997,61 EUR 300 000,00 USD (7 100,49)
03/01/2012 1 510 402,90 EUR 2 000 000,00 USD (30 251,10)
03/01/2012 689 945,95 EUR 900 000,00 USD (3 348,35)
03/01/2012 3 582 521,87 EUR 4 700 000,00 USD (38 015,03)
03/01/2012 536 110,90 EUR 700 000,00 USD (3 118,00)
03/01/2012 1 070 213,66 EUR 1 400 000,00 USD (8 244,14)
03/01/2012 408 677,03 EUR 500 000,00 CHF (3 218,49)
03/01/2012 478 583,39 EUR 400 000,00 GBP (282,86)
03/01/2012 1 299 296,85 EUR 1 700 000,00 USD (10 259,05)
02/02/2012 2 182 284,98 EUR 17 000 000,00 NOK (9 379,48)
02/02/2012 1 930 005,15 EUR 15 000 000,00 NOK (3 816,43)
02/02/2012 9 109 560,93 EUR 11 100 000,00 CHF (36 864,54)
333

02/02/2012 41 196 489,34 EUR 34 500 000,00 GBP (87 948,15)

03/01/2012 134 508,04 EUR 1 000 000,00 DKK (38,67)
04/01/2012 903 490,76 EUR 1 100 000,00 CHF (2 679,38)
03/01/2012 985 994,40 EUR 8 800 000,00 SEK (2 857,67)
02/02/2012 2 205 783,46 EUR 16 400 000,00 DKK (634,67)
02/02/2012 12 921 976,30 EUR 115 600 000,00 SEK (44 285,46)
04/01/2012 2 749 223,05 EUR 2 300 000,00 GBP (4 257,90)
334
Assets Notes
Banks 826 845,93
Other assets (Note 10) 362,77
Liabilities

Class R Units EUR 108,54 213 967,444
335

2011 IN EUR


336
Nominal / % of
ITALY 23 121 266,86 23 288 711,00 100,28
Government 23 121 266,86 23 288 711,00 100,28

6 000 000,00 BOT 0.00% 29/06/2012 EUR 5 893 337,16 5 905 200,00 25,43
5 800 000,00 BOT 0.00% 30/12/2011 EUR 5 749 205,66 5 800 000,00 24,98
5 500 000,00 BOT 0.00% 16/01/2012 EUR 5 449 943,57 5 497 800,00 23,67
4 300 000,00 BOT 0.00% 31/01/2012 EUR 4 250 044,27 4 294 711,00 18,49
1 800 000,00 BOT 0.00% 30/03/2012 EUR 1 778 736,20 1 791 000,00 7,71
FRANCE 1 797 265,06 1 800 000,00 7,75
Government 1 797 265,06 1 800 000,00 7,75

Ordinary Bonds 2 232 761,66 2 205 500,00 9,50
ITALY 2 232 761,66 2 205 500,00 9,50
Government 2 232 761,66 2 205 500,00 9,50

2 200 000,00 BTP 5.00% 01/02/2012 EUR 2 232 761,66 2 205 500,00 9,50
ITALY 998 820,00 996 370,00 4,29
Government 998 820,00 996 370,00 4,29

1 000 000,00 CCT FRN 01/11/2012 EUR 998 820,00 996 370,00 4,29
Total Portfolio 28 150 113,58 28 290 581,00 121,82
337
Purchase Unrealised
5 25 Purchase DJIA MINI INDEX FUTURE 16/03/2012 USD (6 479,41) 1 169 934,13
338
Assets Notes
Banks 136 038,57
Liabilities

Class R Units EUR 110,85 197 518,903
339

2011 IN EUR

- investments (209 170,50)

340
Nominal / % of
ITALY 14 382 436,97 14 494 346,00 66,20
Government 14 382 436,97 14 494 346,00 66,20

4 600 000,00 BOT 0.00% 15/06/2012 EUR 4 551 973,48 4 551 884,00 20,79
4 400 000,00 BOT 0.00% 16/07/2012 EUR 4 269 282,31 4 333 120,00 19,79
3 500 000,00 CTZ 0.00% 31/08/2012 EUR 3 404 450,00 3 430 000,00 15,67
2 200 000,00 BOT 0.00% 15/05/2012 EUR 2 156 731,18 2 179 342,00 9,95
Shares 3 576 376,90 3 298 296,09 15,06
UNITED STATES 1 294 984,14 1 423 614,02 6,50
Industries 299 695,13 294 436,49 1,34

1 131,00 3M CO USD 74 020,30 71 206,43 0,33
1 137,00 BOEING CO USD 58 000,55 64 244,46 0,29
1 141,00 GENERAL ELECTRIC CAPITAL CORP USD 14 848,35 15 741,87 0,07
Computing and IT 213 052,79 243 621,67 1,11

1 145,00 INTERNATIONAL BUSINESS MACHINES CORP USD 135 533,64 162 186,65 0,74
1 146,00 MICROSOFT CORP USD 20 559,33 22 917,35 0,10
1 112,00 INTEL CORP USD 17 002,99 20 772,64 0,10
Basic Goods 173 631,45 206 747,08 0,94

1 144,00 COCA-COLA CO USD 53 116,26 61 661,35 0,28
1 153,00 PROCTER & GAMBLE CO USD 50 574,60 59 250,96 0,27
1 155,00 WAL-MART STORES INC USD 42 350,10 53 170,13 0,24
Energy 145 008,63 167 986,81 0,77

1 143,00 CHEVRON CORP USD 81 107,16 93 683,47 0,43
1 138,00 EXXON MOBIL CORP USD 63 901,47 74 303,34 0,34
Consumer Retail 127 167,70 160 057,97 0,73

Finance 129 902,15 129 912,31 0,59

1 150,00 JPMORGAN CHASE & CO USD 32 486,03 29 455,38 0,14
1 190,00 BANK OF AMERICA CORP USD 8 999,29 5 096,79 0,02
Health 97 365,31 110 952,55 0,51

1 146,00 JOHNSON & JOHNSON USD 52 600,24 57 893,68 0,27
1 156,00 MERCK & CO INC USD 28 148,83 33 571,78 0,15
1 169,00 PFIZER INC USD 16 616,24 19 487,09 0,09

1 153,00 VERIZON COMMUNICATIONS INC USD 29 619,19 35 634,06 0,17
1 153,00 AT&T INC USD 24 988,96 26 858,78 0,12
Raw materials 54 552,83 47 406,30 0,22

1 134,00 ALCOA INC USD 12 409,87 7 556,21 0,04
FRANCE 799 246,48 659 213,82 3,01
Energy 125 313,18 124 069,50 0,57

3 141,00 TOTAL SA EUR 125 313,18 124 069,50 0,57
Finance 178 089,97 104 779,08 0,48

1 410,00 BNP PARIBAS EUR 75 084,32 42 793,50 0,20
341
Nominal / % of
2 592,00 AXA SA EUR 40 632,89 26 036,64 0,12

129,00 UNIBAIL-RODAMCO SE EUR 20 577,28 17 918,10 0,08
Health 88 018,47 90 062,25 0,41

Basic Goods 96 220,06 84 102,97 0,38

870,00 DANONE EUR 44 779,40 42 255,90 0,19
340,00 L'OREAL SA EUR 30 462,58 27 438,00 0,12
818,00 CARREFOUR SA EUR 20 978,08 14 409,07 0,07
Industries 104 815,80 74 774,44 0,34

764,00 SCHNEIDER ELECTRIC SA EUR 44 024,01 31 079,52 0,14
753,00 VINCI SA EUR 33 273,31 25 421,28 0,12
616,00 CIE DE ST-GOBAIN EUR 27 518,48 18 273,64 0,08

1 757,00 VIVENDI SA EUR 33 703,95 29 728,44 0,14
Consumer Retail 45 562,91 40 149,80 0,18

367,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 45 562,91 40 149,80 0,18
Multi-Utilities 47 637,49 39 853,44 0,18

1 887,00 GDF SUEZ EUR 47 637,49 39 853,44 0,18
Raw materials 40 243,97 38 905,13 0,18

407,00 AIR LIQUIDE SA EUR 40 243,97 38 905,13 0,18
GERMANY 715 531,29 577 908,06 2,64
Raw materials 151 948,79 127 176,88 0,58

1 292,00 BASF SE EUR 87 335,36 69 625,88 0,32
1 165,00 BAYER AG EUR 64 613,43 57 551,00 0,26
Finance 149 895,52 115 788,11 0,53

633,00 ALLIANZ SE EUR 61 001,28 46 785,03 0,21
226,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 23 841,23 21 420,28 0,10
230,00 DEUTSCHE BOERSE AG EUR 12 056,82 9 317,30 0,04
Consumer Retail 119 667,84 90 319,50 0,41

1 273,00 DAIMLER AG EUR 66 095,13 43 180,16 0,20
459,00 BAYERISCHE MOTOREN WERKE AG EUR 31 596,42 23 757,84 0,11
202,00 VOLKSWAGEN AG -PFD- EUR 21 976,29 23 381,50 0,10
Industries 115 296,00 89 984,98 0,41

1 217,00 SIEMENS AG EUR 115 296,00 89 984,98 0,41
Multi-Utilities 76 872,52 62 297,73 0,29

2 799,00 E.ON AG EUR 54 840,35 46 659,33 0,22
576,00 RWE AG EUR 22 032,17 15 638,40 0,07
Computing and IT 56 009,14 54 779,85 0,25

1 341,00 SAP AG EUR 56 009,14 54 779,85 0,25

SPAIN 320 530,43 260 419,41 1,19
Finance 147 444,20 113 262,05 0,52

11 963,00 BANCO SANTANDER SA EUR 95 299,47 70 222,81 0,32

5 639,00 TELEFONICA SA EUR 95 111,56 75 478,02 0,34
Energy 27 901,25 27 651,28 0,13

1 165,00 REPSOL YPF SA EUR 27 901,25 27 651,28 0,13
Multi-Utilities 31 292,81 24 664,38 0,11

5 097,00 IBERDROLA SA EUR 31 292,81 24 664,38 0,11
342
Nominal / % of
Consumer Retail 18 780,61 19 363,68 0,09

306,00 INDITEX SA EUR 18 780,61 19 363,68 0,09
ITALY 212 557,51 161 475,42 0,74
Finance 98 848,56 63 021,22 0,29

Energy 58 967,92 57 860,14 0,26

3 614,00 ENI SPA EUR 58 967,92 57 860,14 0,26
Multi-Utilities 40 466,60 28 236,26 0,13

8 981,00 ENEL SPA EUR 40 466,60 28 236,26 0,13

NETHERLANDS 120 945,00 111 960,38 0,51
Basic Goods 50 067,49 58 825,98 0,27

Finance 45 400,34 29 723,76 0,13

5 346,00 ING GROEP NV EUR 45 400,34 29 723,76 0,13
Industries 25 477,17 23 410,64 0,11

BELGIUM 42 256,89 49 954,08 0,23
Basic Goods 42 256,89 49 954,08 0,23

FINLAND 23 642,34 19 942,56 0,09
Computing and IT 23 642,34 19 942,56 0,09

5 287,00 NOKIA OYJ EUR 23 642,34 19 942,56 0,09
LUXEMBOURG 31 037,94 18 270,09 0,08
Raw materials 31 037,94 18 270,09 0,08

IRELAND 15 644,88 15 538,25 0,07
Raw materials 15 644,88 15 538,25 0,07

1 014,00 CRH PLC EUR 15 644,88 15 538,25 0,07
Ordinary Bonds 3 007 350,00 2 993 970,00 13,68
ITALY 3 007 350,00 2 993 970,00 13,68
Government 3 007 350,00 2 993 970,00 13,68

3 000 000,00 BTP 2.50% 01/07/2012 EUR 3 007 350,00 2 993 970,00 13,68
ITALY 998 820,00 996 370,00 4,55
Government 998 820,00 996 370,00 4,55

1 000 000,00 CCT FRN 01/11/2012 EUR 998 820,00 996 370,00 4,55
Total Portfolio 21 964 983,87 21 782 982,09 99,49
343
Purchase Unrealised
10 5 Purchase EURO STOXX 50 INDEX 16/03/2012 EUR 4 007,45 115 400,00

5 2 Purchase DJIA MINI INDEX FUTURE 16/03/2012 USD 1 967,04 93 594,73
344
Assets Notes
Banks 80 525,70
Receivable on subscriptions 985,00
Liabilities

Class R Units EUR 110,00 260 175,208
345

2011 IN EUR

- investments (2 073 815,86)

346
Nominal / % of
Ordinary Bonds 11 579 027,17 11 363 938,00 39,71
ITALY 11 579 027,17 11 363 938,00 39,71
Government 11 579 027,17 11 363 938,00 39,71

4 500 000,00 BTP 4.25% 01/08/2013 EUR 4 607 271,00 4 482 450,00 15,66
3 800 000,00 BTP 2.00% 01/06/2013 EUR 3 691 756,17 3 679 920,00 12,86
3 200 000,00 BTP 4.25% 15/04/2013 EUR 3 280 000,00 3 201 568,00 11,19
Shares 7 487 957,98 6 914 672,49 24,16
UNITED STATES 2 718 322,31 2 986 615,83 10,44
Industries 634 990,28 623 808,59 2,18

2 406,00 3M CO USD 157 464,94 151 478,93 0,53
2 405,00 BOEING CO USD 122 683,66 135 890,88 0,47
2 405,00 GENERAL ELECTRIC CAPITAL CORP USD 31 297,36 33 180,72 0,12
Computing and IT 450 958,07 514 915,54 1,80

2 404,00 INTERNATIONAL BUSINESS MACHINES CORP USD 284 561,47 340 521,14 1,19
2 404,00 MICROSOFT CORP USD 43 127,94 48 074,44 0,17
2 409,00 INTEL CORP USD 36 834,73 45 001,16 0,16
Basic Goods 363 595,26 432 897,65 1,51

2 404,00 COCA-COLA CO USD 111 618,43 129 575,07 0,45
2 403,00 PROCTER & GAMBLE CO USD 105 403,95 123 486,60 0,43
2 403,00 WAL-MART STORES INC USD 88 110,21 110 621,48 0,39
Energy 305 634,20 354 068,01 1,24

2 404,00 CHEVRON CORP USD 170 587,59 197 038,55 0,69
2 405,00 EXXON MOBIL CORP USD 135 046,61 157 029,46 0,55
Consumer Retail 264 537,74 332 879,31 1,16

Finance 268 421,26 268 537,64 0,94

2 403,00 JPMORGAN CHASE & CO USD 67 881,67 61 548,93 0,22
2 398,00 BANK OF AMERICA CORP USD 18 134,71 10 270,68 0,04
Health 202 958,33 231 227,02 0,81

2 404,00 JOHNSON & JOHNSON USD 110 341,18 121 445,38 0,43
2 402,00 MERCK & CO INC USD 58 489,19 69 757,27 0,24
2 401,00 PFIZER INC USD 34 127,96 40 024,37 0,14

2 403,00 VERIZON COMMUNICATIONS INC USD 61 730,21 74 265,96 0,26
2 281,00 AT&T INC USD 49 436,09 53 135,18 0,19
Raw materials 116 060,87 100 880,93 0,35

2 406,00 ALCOA INC USD 26 329,93 16 031,97 0,05
FRANCE 1 667 270,54 1 380 014,94 4,82
Energy 262 315,88 259 712,50 0,91

6 575,00 TOTAL SA EUR 262 315,88 259 712,50 0,91
Finance 369 797,25 219 446,65 0,77

2 951,00 BNP PARIBAS EUR 157 144,56 89 562,85 0,32
5 425,00 AXA SA EUR 85 043,75 54 494,13 0,19
347
Nominal / % of

271,00 UNIBAIL-RODAMCO SE EUR 43 228,23 37 641,90 0,13
Health 184 300,82 188 580,25 0,66

Basic Goods 198 695,66 176 109,82 0,61

1 822,00 DANONE EUR 93 779,39 88 494,54 0,31
712,00 L'OREAL SA EUR 63 792,22 57 458,40 0,20
1 712,00 CARREFOUR SA EUR 41 124,05 30 156,88 0,10
Industries 219 535,20 156 613,31 0,55

1 602,00 SCHNEIDER ELECTRIC SA EUR 92 312,11 65 169,36 0,23
1 576,00 VINCI SA EUR 69 639,77 53 205,76 0,19

3 677,00 VIVENDI SA EUR 70 534,67 62 214,84 0,22
Consumer Retail 95 222,77 83 909,80 0,29

767,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 95 222,77 83 909,80 0,29
Multi-Utilities 99 743,37 83 445,12 0,29

3 951,00 GDF SUEZ EUR 99 743,37 83 445,12 0,29
Raw materials 84 146,49 81 347,09 0,28

851,00 AIR LIQUIDE SA EUR 84 146,49 81 347,09 0,28
GERMANY 1 499 859,17 1 211 848,07 4,23
Raw materials 318 245,27 266 362,34 0,93

2 706,00 BASF SE EUR 182 917,56 145 826,34 0,51
2 440,00 BAYER AG EUR 135 327,71 120 536,00 0,42
Finance 313 768,98 242 359,28 0,85

1 326,00 ALLIANZ SE EUR 127 784,67 98 004,66 0,34
472,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 49 792,31 44 736,16 0,16
482,00 DEUTSCHE BOERSE AG EUR 25 266,90 19 525,82 0,07
Consumer Retail 252 321,98 191 016,40 0,67

2 665,00 DAIMLER AG EUR 138 368,82 90 396,80 0,32
440,00 VOLKSWAGEN AG -PFD- EUR 47 869,14 50 930,00 0,18
960,00 BAYERISCHE MOTOREN WERKE AG EUR 66 084,02 49 689,60 0,17
Industries 241 392,12 188 399,12 0,66

2 548,00 SIEMENS AG EUR 241 392,12 188 399,12 0,66
Multi-Utilities 160 924,27 130 412,43 0,45

5 859,00 E.ON AG EUR 114 794,42 97 669,53 0,34
1 206,00 RWE AG EUR 46 129,85 32 742,90 0,11
Computing and IT 117 239,13 114 665,95 0,40

2 807,00 SAP AG EUR 117 239,13 114 665,95 0,40

SPAIN 672 454,95 546 659,63 1,91
Finance 308 658,62 237 101,44 0,83

25 044,00 BANCO SANTANDER SA EUR 199 505,14 147 008,28 0,51

11 806,00 TELEFONICA SA EUR 199 128,78 158 023,31 0,55
Energy 58 413,02 57 889,67 0,20

2 439,00 REPSOL YPF SA EUR 58 413,02 57 889,67 0,20
Multi-Utilities 65 501,84 51 627,29 0,18

10 669,00 IBERDROLA SA EUR 65 501,84 51 627,29 0,18
348
Nominal / % of
Consumer Retail 40 752,69 42 017,92 0,15

664,00 INDITEX SA EUR 40 752,69 42 017,92 0,15
ITALY 444 972,95 338 037,96 1,18
Finance 206 925,45 131 925,27 0,46

Energy 123 450,82 121 131,66 0,42

7 566,00 ENI SPA EUR 123 450,82 121 131,66 0,42
Multi-Utilities 84 713,58 59 110,34 0,21

18 801,00 ENEL SPA EUR 84 713,58 59 110,34 0,21

NETHERLANDS 251 643,89 234 425,12 0,82
Basic Goods 104 838,70 123 178,52 0,43

Finance 93 459,05 62 227,52 0,22

11 192,00 ING GROEP NV EUR 93 459,05 62 227,52 0,22
Industries 53 346,14 49 019,08 0,17

BELGIUM 88 435,36 104 544,05 0,37
Basic Goods 88 435,36 104 544,05 0,37

FINLAND 49 489,28 41 744,72 0,15
Computing and IT 49 489,28 41 744,72 0,15

11 067,00 NOKIA OYJ EUR 49 489,28 41 744,72 0,15
LUXEMBOURG 62 754,04 38 249,91 0,13
Raw materials 62 754,04 38 249,91 0,13

IRELAND 32 755,49 32 532,26 0,11
Raw materials 32 755,49 32 532,26 0,11

2 123,00 CRH PLC GBP 32 755,49 32 532,26 0,11
ITALY 5 485 391,43 5 472 300,00 19,12
Government 5 485 391,43 5 472 300,00 19,12

5 800 000,00 CTZ 0.00% 30/04/2013 EUR 5 485 391,43 5 472 300,00 19,12
ITALY 4 779 797,00 4 728 914,50 16,53
Government 4 779 797,00 4 728 914,50 16,53

4 000 000,00 CCT FRN 01/07/2013 EUR 3 930 800,00 3 882 000,00 13,57
850 000,00 CCT FRN 01/11/2012 EUR 848 997,00 846 914,50 2,96
Total Portfolio 29 332 173,58 28 479 824,99 99,52
349
Purchase Unrealised
10 29 Purchase EURO STOXX 50 INDEX FUTURE 16/03/2012 EUR 23 243,21 669 320,00
5 11 Purchase DJIA MINI INDEX FUTURE 16/03/2012 USD 10 818,68 514 771,02
350
Assets Notes
Banks 1 438 410,35
Liabilities

Class R Units EUR 107,45 3 739 512,493

Class Z Units EUR 110,80 606,080
351

2011 IN EUR

Other charges and taxes (628 722,30)
- investments (2 630 412,11)
Net result of operations for the year 39 380,60

352
Nominal / % of
ITALY 250 609 503,80 249 779 236,00 62,16
Government 250 609 503,80 249 779 236,00 62,16

111 100 000,00 BOT 0.00% 15/05/2012 EUR 110 258 931,03 110 056 771,00 27,39
110 000 000,00 CTZ 0.00% 31/08/2012 EUR 108 366 312,70 107 800 000,00 26,83
31 000 000,00 CTZ 0.00% 30/04/2012 EUR 30 793 522,93 30 727 820,00 7,65
700 000,00 BOT 0.00% 16/04/2012 EUR 695 937,02 696 290,00 0,17
500 000,00 BOT 0.00% 29/02/2012 EUR 494 800,12 498 355,00 0,12
Ordinary Bonds 74 510 148,17 73 186 900,50 18,21
SPAIN 23 295 553,00 23 146 882,00 5,76
Finance 23 295 553,00 23 146 882,00 5,76

8 000 000,00 CAIXABANK 3.125% 16/09/2013 EUR 7 863 500,00 7 816 720,00 1,95
8 000 000,00 BANKINTER SA 2.625% 09/04/2013 EUR 7 808 000,00 7 772 000,00 1,93
UNIPERSONAL 3.75% 28/02/2013
2 800 000,00 BANCO DE SABADELL SA 4.50% 11/02/2013 EUR 2 823 660,00 2 790 340,00 0,69
ITALY 15 374 377,50 15 062 767,50 3,75
Finance 14 484 512,50 14 210 005,00 3,54

2 250 000,00 UNIONE DI BANCHE ITALIANE SCPA 3.875% EUR 2 246 737,50 2 150 707,50 0,54
28/02/2013
Government 889 865,00 852 762,50 0,21

850 000,00 BTP 4.00% 15/04/2012 EUR 889 865,00 852 762,50 0,21
UNITED STATES 12 390 774,00 12 273 549,00 3,05
Finance 12 390 774,00 12 273 549,00 3,05

2 500 000,00 GOLDMAN SACHS GROUP INC 5.375% 15/02/2013 EUR 2 605 700,00 2 509 200,00 0,62
GREAT-BRITAIN 10 161 830,50 9 712 511,00 2,42
Finance 10 161 830,50 9 712 511,00 2,42

4 400 000,00 BANK OF SCOTLAND PLC 5.50% 29/10/2012 EUR 4 480 793,00 4 315 696,00 1,08
3 000 000,00 FCE BANK PLC 7.125% 15/01/2013 EUR 3 107 000,00 3 052 890,00 0,76
FRANCE 5 400 069,00 5 389 816,00 1,34
Finance 5 400 069,00 5 389 816,00 1,34

2 500 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 2 501 171,00 2 492 600,00 0,62
GERMANY 3 989 906,67 4 040 800,00 1,01
Government 3 989 906,67 4 040 800,00 1,01

IRELAND 2 497 637,50 2 351 325,00 0,58
Finance 2 497 637,50 2 351 325,00 0,58

LUXEMBOURG 1 400 000,00 1 209 250,00 0,30
Finance 1 400 000,00 1 209 250,00 0,30

353
Nominal / % of
ITALY 26 191 024,01 24 634 593,44 6,13
Finance 26 191 024,01 24 634 593,44 6,13

7 000 000,00 BANCO POPOLARE SCARL FRN 27/01/2012 EUR 6 976 825,00 6 975 920,00 1,74
4 000 000,00 BANCA POPOLARE DI MILANO SCARL FRN EUR 3 997 719,20 3 818 400,00 0,95
24/09/2012
4 500 000,00 UNICREDIT SPA FRN 16/10/2018 GBP 5 009 533,35 3 738 715,94 0,93
2 500 000,00 BANCA LOMBARDA E PIEMONTESE SPA FRN EUR 2 469 011,46 2 489 400,00 0,62
30/01/2012
GREAT-BRITAIN 10 457 761,00 10 338 002,00 2,57
Finance 10 457 761,00 10 338 002,00 2,57

5 000 000,00 ABBEY NATIONAL TREASURY SERVICES PLC FRN EUR 5 005 650,00 4 946 900,00 1,23
04/10/2012
FRANCE 4 847 500,00 4 443 750,00 1,11
Finance 4 847 500,00 4 443 750,00 1,11

5 000 000,00 NATIXIS FRN 06/07/2017 EUR 4 847 500,00 4 443 750,00 1,11
GUERNSEY 4 794 554,69 4 399 086,45 1,09
Finance 4 794 554,69 4 399 086,45 1,09

FRN 23/01/2018
BELGIUM 4 817 500,00 4 366 650,00 1,09
Finance 4 817 500,00 4 366 650,00 1,09

5 000 000,00 FORTIS BANK SA/NV FRN 14/02/2018 EUR 4 817 500,00 4 366 650,00 1,09
NETHERLANDS 4 513 241,43 3 435 817,50 0,85
Finance 4 513 241,43 3 435 817,50 0,85

4 750 000,00 ROYAL BANK OF SCOTLAND NV FRN 08/06/2015 EUR 4 513 241,43 3 435 817,50 0,85
UNITED STATES 1 519 491,94 1 516 992,00 0,38
Finance 1 519 491,94 1 516 992,00 0,38

LUXEMBOURG 315 000,00 320 318,05 0,08
Finance 315 000,00 320 318,05 0,08

325 000,00 ALFA DIVERSIFIED PAYMENT -RIGHTS FINANCE CO EUR 315 000,00 320 318,05 0,08
SA FRN 15/03/2012
UCI Units 23 738 933,24 23 978 649,60 5,97
LUXEMBOURG 23 738 933,24 23 978 649,60 5,97
Finance 23 738 933,24 23 978 649,60 5,97

148 800,00 EURIZON STARS FUND - TOTAL RETURN FOREX -I EUR 14 935 597,08 14 927 616,00 3,72
ACC-
88 320,00 EURIZON STARS FUND - TOTAL RETURN EUR 8 803 336,16 9 051 033,60 2,25
GOVERNMENT BOND -I ACC-
354
Nominal / % of
LISTED ON ANOTHER REGULATED MARKET 87 876,26 92 495,47 0,02
Ordinary Bonds 87 876,26 92 495,47 0,02
ITALY 87 876,26 92 495,47 0,02

125 000,00 TELECOM ITALIA CAPITAL SA 5.25% 15/11/2013 USD 87 876,26 92 495,47 0,02
Total Portfolio 406 402 534,54 400 492 491,01 99,66
355
Purchase Unrealised
100 000 100 Purchase 30YR US TREASURY BOND FUTURE 21/03/2012 USD 329 565,12 11 155 297,90
356
OPTION CONTRACTS AS AT 31 DECEMBER 2011
Call/ Unrealised Commitment

Quantity Put Description Currency profit/(loss) (EUR) (EUR)
LISTED ON AN OFFICIAL STOCK EXCHANGE (12 534,50) 154 800 000
PURCHASED OPTION CONTRACTS (76 142,25) —
1 075 Call EURO BUND 142,00 27/01/12 EUR (76 142,25) —
WRITTEN OPTION CONTRACTS 63 607,75 154 800 000
(1 075) Call EURO BUND 144,00 27/01/12 EUR 63 607,75 154 800 000
357

29/02/2012 38 100 000,00 SEK 4 099 727,76 EUR 167 866,25

29/02/2012 1 549 000,00 USD 1 159 952,07 EUR 32 766,32
29/02/2012 38 100 000,00 SEK 4 112 670,77 EUR 154 923,24
29/02/2012 2 700 000,00 GBP 3 142 366,67 EUR 86 907,04
29/02/2012 3 530 000,00 GBP 4 109 687,92 EUR 112 288,45
29/02/2012 1 400 000,00 CAD 1 031 021,98 EUR 26 316,18
29/02/2012 5 660 000,00 CAD 4 167 976,83 EUR 106 690,28
29/02/2012 1 214 000,00 USD 908 920,75 EUR 25 850,15
29/02/2012 5 540 000,00 USD 4 197 360,81 EUR 68 397,68
29/02/2012 2 770 000,00 USD 2 099 023,92 EUR 33 855,33
29/02/2012 2 680 000,00 USD 2 048 074,73 EUR 15 505,19
29/02/2012 536 000,00 USD 409 097,85 EUR 3 618,13
29/02/2012 2 670 000,00 USD 2 033 337,60 EUR 22 542,40
29/02/2012 2 637 500,00 GBP 3 140 348,27 EUR 14 173,74
29/02/2012 2 735 885,54 AUD 2 830 000,00 CAD 8 721,64
29/02/2012 4 570 000,00 CAD 2 851 295,87 GBP 41 226,14
29/02/2012 1 220 000,00 CAD 758 579,09 GBP 14 113,38
29/02/2012 2 237 000,00 USD 1 731 357,15 EUR (8 883,91)

29/02/2012 1 481 647,35 EUR 1 985 000,00 USD (46 787,78)
29/02/2012 10 744 061,12 EUR 9 240 000,00 GBP (307 231,14)
29/02/2012 3 146 156,45 EUR 2 700 000,00 GBP (83 117,26)
29/02/2012 4 118 340,13 EUR 38 100 000,00 SEK (149 253,88)
29/02/2012 4 155 595,53 EUR 38 100 000,00 SEK (111 998,48)
29/02/2012 4 111 948,92 EUR 5 540 000,00 USD (153 809,57)
29/02/2012 4 103 881,87 EUR 5 660 000,00 CAD (170 785,24)
29/02/2012 2 046 273,86 EUR 2 770 000,00 USD (86 605,39)
29/02/2012 1 984 775,95 EUR 2 670 000,00 USD (71 104,05)
29/02/2012 746 274,23 EUR 1 000 000,00 USD (23 718,28)
29/02/2012 1 022 382,88 EUR 1 400 000,00 CAD (34 955,28)
29/02/2012 2 830 000,00 CAD 2 753 507,56 AUD (22 544,52)
29/02/2012 1 042 729,57 EUR 1 400 000,00 USD (35 259,94)
29/02/2012 2 703 301,12 USD 210 000 000,00 JPY (22 006,44)
29/02/2012 15 730 110,31 NOK 18 550 000,00 SEK (52 397,20)
29/02/2012 452 519,40 EUR 600 000,00 USD (9 476,10)
29/02/2012 2 051 831,72 EUR 2 680 000,00 USD (11 748,20)
29/02/2012 7 820 288,06 NOK 9 100 000,00 SEK (12 360,96)
29/02/2012 2 695 469,69 USD 210 000 000,00 JPY (28 036,58)
29/02/2012 758 435,26 GBP 1 220 000,00 CAD (14 285,40)
29/02/2012 1 419 810,24 GBP 2 285 000,00 CAD (27 595,11)
29/02/2012 1 432 133,18 GBP 2 285 000,00 CAD (12 856,54)
29/02/2012 742 828,26 EUR 970 000,00 USD (4 064,47)
29/02/2012 2 587 767,36 USD 200 000 000,00 JPY (10 798,57)
29/02/2012 2 587 456,01 USD 200 000 000,00 JPY (11 038,31)
358
Assets Notes
Banks 2 076 273,03
Liabilities

Class R Units EUR 105,42 3 629 825,068

Class Z Units EUR 109,86 110 138,923
359

2011 IN EUR

Other charges and taxes (668 668,82)
- investments (3 522 008,78)


Nominal / % of
ITALY 240 612 870,23 240 018 137,60 60,80
Government 240 612 870,23 240 018 137,60 60,80

109 300 000,00 BOT 0.00% 15/05/2012 EUR 108 471 422,34 108 273 673,00 27,43
100 000 000,00 CTZ 0.00% 31/08/2012 EUR 98 509 708,57 98 000 000,00 24,82
20 000 000,00 CTZ 0.00% 30/04/2012 EUR 19 727 795,49 19 824 400,00 5,02
12 000 000,00 BOT 0.00% 16/04/2012 EUR 11 930 348,95 11 936 400,00 3,02
1 500 000,00 BOT 0.00% 15/06/2012 EUR 1 477 796,83 1 484 310,00 0,38
500 000,00 BOT 0.00% 29/02/2012 EUR 494 809,37 498 355,00 0,13
1 000,00 BOT 0.00% 16/01/2012 EUR 988,68 999,60 0,00
Ordinary Bonds 73 215 043,00 71 790 430,50 18,19
SPAIN 23 395 673,00 23 246 321,00 5,89
Finance 23 395 673,00 23 246 321,00 5,89

8 000 000,00 CAIXABANK 3.125% 16/09/2013 EUR 7 863 500,00 7 816 720,00 1,98
8 000 000,00 BANKINTER SA 2.625% 09/04/2013 EUR 7 808 000,00 7 772 000,00 1,97
UNIPERSONAL 3.75% 28/02/2013
2 800 000,00 BANCO DE SABADELL SA 4.50% 11/02/2013 EUR 2 823 660,00 2 790 340,00 0,71
ITALY 15 252 612,50 14 959 152,50 3,79
Finance 15 252 612,50 14 959 152,50 3,79

2 250 000,00 UNIONE DI BANCHE ITALIANE SCPA 3.875% EUR 2 246 737,50 2 150 707,50 0,55
28/02/2013
500 000,00 MEDIOBANCA SPA 4.875% 20/12/2012 EUR 514 000,00 500 530,00 0,13
UNITED STATES 12 489 104,00 12 344 541,00 3,13
Finance 12 489 104,00 12 344 541,00 3,13

1 000 000,00 GOLDMAN SACHS GROUP INC 3.75% 04/02/2013 EUR 1 008 100,00 986 340,00 0,25
GREAT-BRITAIN 12 779 947,00 12 290 025,00 3,11
Finance 12 779 947,00 12 290 025,00 3,11

5 500 000,00 BANK OF SCOTLAND PLC 5.50% 29/10/2012 EUR 5 598 462,00 5 394 620,00 1,37
3 000 000,00 FCE BANK PLC 7.125% 15/01/2013 EUR 3 107 000,00 3 052 890,00 0,77
1 500 000,00 LLOYDS TSB BANK PLC 3.25% 26/11/2012 EUR 1 502 805,00 1 498 590,00 0,38
FRANCE 5 400 069,00 5 389 816,00 1,36
Finance 5 400 069,00 5 389 816,00 1,36

2 500 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 2 501 171,00 2 492 600,00 0,63
IRELAND 2 497 637,50 2 351 325,00 0,60
Finance 2 497 637,50 2 351 325,00 0,60

LUXEMBOURG 1 400 000,00 1 209 250,00 0,31
Finance 1 400 000,00 1 209 250,00 0,31

361
Nominal / % of
ITALY 27 870 690,88 26 326 569,44 6,67
Finance 27 870 690,88 26 326 569,44 6,67

7 000 000,00 BANCO POPOLARE SCARL FRN 27/01/2012 EUR 6 976 825,00 6 975 920,00 1,77
4 000 000,00 BANCA LOMBARDA E PIEMONTESE SPA FRN EUR 3 950 418,33 3 983 040,00 1,01
30/01/2012
4 000 000,00 BANCA POPOLARE DI MILANO SCARL FRN EUR 3 997 719,20 3 818 400,00 0,97
24/09/2012
4 500 000,00 UNICREDIT SPA FRN 16/10/2018 GBP 5 009 533,35 3 738 715,94 0,95
GREAT-BRITAIN 10 448 411,00 10 338 002,00 2,62
Finance 10 448 411,00 10 338 002,00 2,62

5 000 000,00 ABBEY NATIONAL TREASURY SERVICES PLC FRN EUR 4 996 300,00 4 946 900,00 1,25
04/10/2012
GUERNSEY 4 966 425,00 4 556 750,00 1,15
Finance 4 966 425,00 4 556 750,00 1,15

FRN 23/01/2018
FRANCE 4 847 500,00 4 443 750,00 1,13
Finance 4 847 500,00 4 443 750,00 1,13

5 000 000,00 NATIXIS FRN 06/07/2017 EUR 4 847 500,00 4 443 750,00 1,13
BELGIUM 4 817 500,00 4 366 650,00 1,11
Finance 4 817 500,00 4 366 650,00 1,11

5 000 000,00 FORTIS BANK SA/NV FRN 14/02/2018 EUR 4 817 500,00 4 366 650,00 1,11
NETHERLANDS 5 094 488,44 3 797 482,50 0,96
Finance 5 094 488,44 3 797 482,50 0,96

5 250 000,00 ROYAL BANK OF SCOTLAND NV FRN 08/06/2015 EUR 5 094 488,44 3 797 482,50 0,96
UNITED STATES 1 519 491,94 1 516 992,00 0,38
Finance 1 519 491,94 1 516 992,00 0,38

LUXEMBOURG 175 000,00 172 478,95 0,04
Finance 175 000,00 172 478,95 0,04

175 000,00 ALFA DIVERSIFIED PAYMENT -RIGHTS FINANCE CO EUR 175 000,00 172 478,95 0,04
SA FRN 15/03/2012
UCI Units 23 674 900,75 23 948 710,81 6,07
LUXEMBOURG 23 674 900,75 23 948 710,81 6,07
Finance 23 674 900,75 23 948 710,81 6,07

148 007,15 EURIZON STARS FUND - TOTAL RETURN FOREX -I EUR 14 794 500,75 14 848 076,89 3,76
ACC-
88 804,00 EURIZON STARS FUND - TOTAL RETURN EUR 8 880 400,00 9 100 633,92 2,31
GOVERNMENT BOND -I ACC-
362
Nominal / % of
UNQUOTED 10,00 0,00 0,00
Shares 10,00 0,00 0,00
BELGIUM 10,00 0,00 0,00

1 000,00 CREDIT COMMERCIAL INTL SA EUR 10,00 0,00 0,00
Total Portfolio 397 242 331,24 391 275 953,80 99,12
363
Purchase Unrealised
Total Unrealised profit / (loss) on future contracts and commitment 1 246 829,29 62 010 077,86
Unrealised profit on future contracts and commitment 1 411 576,22 42 313 297,90
10 1 350 Purchase EURO STOXX 50 INDEX 16/03/2012 EUR 1 082 011,10 31 158 000,00
100 000 100 Purchase 30YR US TREASURY BOND FUTURE 21/03/2012 USD 329 565,12 11 155 297,90
364
OPTION CONTRACTS AS AT 31 DECEMBER 2011
Call/ Unrealised Commitment

Quantity Put Description Currency profit/(loss) (EUR) (EUR)
LISTED ON AN OFFICIAL STOCK EXCHANGE (12 534,50) 154 800 000
PURCHASED OPTION CONTRACTS (76 142,25) —
1 075 EURO BUND 142,00 27/01/12 EUR (76 142,25) —
WRITTEN OPTION CONTRACTS 63 607,75 154 800 000
(1 075) EURO BUND 144,00 27/01/12 EUR 63 607,75 154 800 000
365

29/02/2012 36 700 000,00 SEK 3 949 081,60 EUR 161 697,93

29/02/2012 1 453 000,00 USD 1 088 063,50 EUR 30 735,61
29/02/2012 36 700 000,00 SEK 3 961 549,01 EUR 149 230,52
29/02/2012 2 580 000,00 GBP 3 002 705,93 EUR 83 044,51
29/02/2012 3 370 000,00 GBP 3 923 413,11 EUR 107 198,89
29/02/2012 1 350 000,00 CAD 994 199,76 EUR 25 376,32
29/02/2012 5 450 000,00 CAD 4 013 334,58 EUR 102 731,81
29/02/2012 5 340 000,00 USD 4 045 831,54 EUR 65 928,45
29/02/2012 1 107 000,00 USD 828 809,94 EUR 23 571,77
29/02/2012 2 670 000,00 USD 2 023 246,88 EUR 32 633,12
29/02/2012 2 570 000,00 USD 1 957 182,63 EUR 21 698,12
29/02/2012 2 600 000,00 USD 1 986 938,17 EUR 15 042,35
29/02/2012 590 000,00 USD 450 312,93 EUR 3 982,65
29/02/2012 2 795 750,00 GBP 3 328 769,16 EUR 15 024,17
29/02/2012 2 634 377,42 AUD 2 725 000,00 CAD 8 398,05
29/02/2012 4 430 000,00 CAD 2 763 947,64 GBP 39 963,19
29/02/2012 1 180 000,00 CAD 733 707,65 GBP 13 650,64
29/02/2012 2 236 000,00 USD 1 730 583,18 EUR (8 879,93)

29/02/2012 1 317 434,55 EUR 1 765 000,00 USD (41 602,23)
29/02/2012 10 854 524,95 EUR 9 335 000,00 GBP (310 389,90)
29/02/2012 3 006 327,27 EUR 2 580 000,00 GBP (79 423,17)
29/02/2012 3 967 010,04 EUR 36 700 000,00 SEK (143 769,49)
29/02/2012 4 002 896,48 EUR 36 700 000,00 SEK (107 883,05)
29/02/2012 3 963 503,11 EUR 5 340 000,00 USD (148 256,88)
29/02/2012 3 951 617,70 EUR 5 450 000,00 CAD (164 448,69)
29/02/2012 1 972 401,16 EUR 2 670 000,00 USD (83 478,84)
29/02/2012 746 274,23 EUR 1 000 000,00 USD (23 718,28)
29/02/2012 1 910 439,77 EUR 2 570 000,00 USD (68 440,98)
29/02/2012 985 869,21 EUR 1 350 000,00 CAD (33 706,87)
29/02/2012 2 725 000,00 CAD 2 651 345,62 AUD (21 708,07)
29/02/2012 990 593,09 EUR 1 330 000,00 USD (33 496,95)
29/02/2012 2 626 063,94 USD 204 000 000,00 JPY (21 377,69)
29/02/2012 452 519,40 EUR 600 000,00 USD (9 476,10)
29/02/2012 15 263 718,90 NOK 18 000 000,00 SEK (50 843,64)
29/02/2012 1 990 583,01 EUR 2 600 000,00 USD (11 397,51)
29/02/2012 7 562 476,37 NOK 8 800 000,00 SEK (11 953,45)
29/02/2012 733 568,53 GBP 1 180 000,00 CAD (13 817,03)
29/02/2012 2 618 456,27 USD 204 000 000,00 JPY (27 235,54)
29/02/2012 1 376 314,96 GBP 2 215 000,00 CAD (26 749,74)
29/02/2012 1 388 260,39 GBP 2 215 000,00 CAD (12 462,68)
29/02/2012 712 196,17 EUR 930 000,00 USD (3 896,86)
29/02/2012 2 587 456,01 USD 200 000 000,00 JPY (11 038,31)
29/02/2012 2 587 767,36 USD 200 000 000,00 JPY (10 798,57)
366
NOTES TO THE FINANCIAL STATEMENTS Eurizon EasyFund
1. ACTIVITY
The Investment Fund Eurizon EasyFund (hereafter referred to as the “Fund”) was established in the Grand
Duchy of Luxembourg on 27 July 1988 in accordance with the Law of 30 March 1988 regulating undertakings
for collective investment. The Fund was submitted particularly to the dispositions of part I of the amended
Luxembourg Law dated 20 December 2002 until 30 June 2011 and is submitted to the dispositions of part I of
the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment since 1 July
2011. Eurizon EasyFund, by virtue of being a collective investment fund in transferable securities, does not
possess legal personality.
The Fund is a joint ownership of transferable securities and other financial assets, administered for the
exclusive benefit of its participants by Eurizon Capital S.A. (hereafter referred to as the “Management
Company”), a limited company established on 27 July 1988 with its registered office in Luxembourg.
There is no maximum limit set on the amount of wealth or the number of Units of jointly owned property
which comprise the assets of the Fund. The minimum net assets of the Fund are to be at least
EUR 1 250 000,00.
In order to offer investments with different levels of risks, Eurizon EasyFund is subdivided into a wide range
of Sub-Funds.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund keeps the books of each Sub-Fund in its respective currency and the financial statements were
prepared in EUR in accordance with the Luxembourg regulations relating to undertakings for collective
investment and in particular using the following valuation rules:
a) Valuation of investment securities
Investment securities, including zero-coupon bonds and money market instruments, quoted on an official
stock exchange or on another regulated market are valued according to the last known price and, in the
event of being quoted on several markets, according to the last known price of the principal market.
Valuation of investment securities, including zero-coupon bonds and money market instruments, not quoted
on an official stock exchange or on another regulated market is fixed in a reasonable way on the basis of the
sale prices anticipated cautiously and in good faith or, in the absence of a market value, according to the
probable value in the reasonable estimation of the Board of Directors of the Management Company.
The value of each investment in open-ended funds, either listed or not, is based on the last known Net Asset
Value on the Valuation Day.
b) Net realised profit / (loss) on sales of investments
Realised profits or losses made on the sales of investments are calculated according to the average cost.
c) Option contracts
Option contracts quoted on an official stock exchange or on another regulated market are valued according
to the last known market price or, if there are several markets, according to the last known price of the
principal market.
Option contracts not quoted on an official stock exchange or on another regulated market are valued at their
last known market value or, in the absence of a market value, according to their probable market value in the
reasonable estimation of the Board of Directors of the Management Company.
Premiums received on the written option contracts are recorded as liabilities and premiums paid on
purchased option contracts are recorded as assets. Unrealised profits and losses on option contracts are
recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets
under the heading “Change in unrealised appreciation / (depreciation) on option contracts“.
367
d) Forward foreign exchange contracts
Forward foreign exchange contracts are valued at forward foreign exchange rate for the remaining period to
run until maturity at the date of valuation.
Unrealised profits and losses are recorded in the Statement of Net Assets and their variations in the
Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation)
on forward foreign exchange contracts“.
e) Future contracts
Commitments related to future contracts are recorded off balance sheet and future contracts are valued
according to the last available contract price. Unrealised profits and losses on future contracts are recorded
in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the
heading “Change in unrealised appreciation / (depreciation) on future contracts“. Guarantee deposits are
recorded in the Statement of Net Assets under the heading “Amounts due from brokers” and “Amounts due
to brokers”.
f) Swap contracts
Swaps are, in general, contracts by which two parties commit themselves during a given period to exchange
two flows, one in exchange of the other, determined on the basis of a nominal value. The flows may be linked
to interest rate(s), exchange rate(s), share(s), index(es) or credit event(s).
Swap contracts are valued using the difference between the values of forecasted flows the counterparty is to
pay to the Sub-Fund and those owed by the Sub-Fund to its counterparties.
Unrealised profits and losses on swap contracts are recorded in the Statement of Net Assets and their
variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation /
(depreciation) on swap contracts”.
Swap contracts are presented at clean price.
g) Repurchase, reverse repurchase agreements
Repurchase agreements (repos) consist in a sale of securities with a simultaneous agreement to repurchase
them at a specific future date and price. The purchase price corresponds to the sale price decreased by an
interest rate. These operations, including accrued interest, are recorded in the Statement of Net Assets under
the heading “Repurchase agreements”.
For repurchase agreements, interest charges which consist in the difference between the sale price and the
purchase price of the securities are accounted for on a prorata temporis basis over the course of the
operation and recorded in the accounts in the Statement of Changes in Net Assets under the heading “Other
charges and taxes”.
Reverse repurchase agreements (reverse repos) consist in a purchase of securities with a simultaneous
agreement to resell them at a specific future date and price. The sale price corresponds to the purchase price
increased by an interest rate. These operations, including accrued interest, are recorded in the Statement of
Net Assets under the heading “Reverse repurchase agreements”.
For reverse repurchase agreements, interest returns which consist in the difference between the purchase
price and the sale price of the securities are accounted for on a prorata temporis basis over the course of the
operation and recorded in the accounts in the Statement of Changes in Net Assets under the heading “Other
income”.
h) Combined statements of the Fund
The combined statements correspond to the sum of the statements of each Sub-Fund.
368
i) Cost of purchase of securities in portfolios
For securities in currencies other than the base currency of the Sub-Fund, the purchase price is calculated
based on the closing exchange rates of the day of purchase.
j) Income
Dividends are recognised on the date on which the Shares/Units concerned are quoted “ex-dividend“, net of
withholding tax. Interest is calculated on a prorata temporis basis.
k) Translation of items expressed in foreign currencies
Assets and liabilities in foreign currencies are converted into the base currency of the Sub-Fund at the
closing exchange rates of the final day of the financial year.
Income and expenses in currencies other than the base currency of the Sub-Fund are converted into the
currency of the Sub-Fund at the closing exchange rates in force on the day of the transaction.
The resulting realised and unrealised profit or loss made on foreign exchange is included in the Statement of
Changes in Net Assets; any unrealised profit or loss on cash positions, receivable on assets and payable on
liabilities denominated in currencies other than the base currency of the Sub-Fund being recorded under the
heading “Change in unrealised appreciation / (depreciation) on foreign currencies”.
l) Presentation of the Financial Statements
The Financial Statements are presented on the basis of the last Net Asset Value (NAV) of the financial year.
In accordance with the Prospectus, the NAVs have been calculated on the basis of the last market price
available at the time the calculation was performed.
The prices and the exchange rates used to value the portfolios are the following:
- Sub-Funds investing mainly in American and European securities: 30 December 2011;

- Sub-Funds investing mainly in Asian and Pacific areas securities: 2 January 2012 concerning securities of
these regions.
For these Sub-Funds, if the portfolio had been valued using the prices as of 31 December 2011, no
significant difference would have been observed for all the classes.
m) Contingent assets
As of 31 December 2011, some of the Sub-Funds of the Fund are involved in some collective legal actions
("Class Actions"). In the context of these procedures, these Sub-Funds could receive, with no certainty,
compensations related to losses occurred in the course of previous financial years. As of 31 December 2011,
the following procedures are pending:
Eurizon EasyFund - Equity Financial: American International Group, AON Corp..

Eurizon EasyFund - Equity Consumer Discretionary: Toll Brothers.
Eurizon EasyFund - Bond High Yield: Adelphia Communications Corp..
Eurizon EasyFund - Equity North America: American International Group, MBNA Corp., Calpine Corp., AON
Corp..
Eurizon EasyFund - Equity Utilities: Calpine Corp..
Eurizon EasyFund - Equity Small Cap Europe: Healthsouth, Delphi Corp., Marvell Technology, Calpine
Corp..
Eurizon EasyFund - ABS Attivo: American International Group, Shell, MBNA Corp..
Eurizon EasyFund - Orizzonte Protetto 6: American International Group.
Eurizon EasyFund - Bond Corporate EUR Short Term: American International Group, Parmalat, LG.
Eurizon EasyFund - Energy & Materials: Shell, Sealed Air Corp..
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Eurizon EasyFund - Equity Europe: Shell.

Eurizon EasyFund - Equity Euro: Shell.
Eurizon EasyFund - Equity Emerging Markets Asia: LG.
Eurizon EasyFund - Equity Emerging Markets: LG.
n) Net Asset Value per Unit
The Net Asset Value of each Sub-Fund is equal to the difference between the total assets and the liabilities
of the Sub-Fund.
The Net Asset Value per Unit is calculated by dividing the Net Asset Value by the number of Units
outstanding on the day of calculation.
3. TAXATION
The Fund is governed by Luxembourg tax laws applicable to investment funds. It is up to prospective
purchasers of Units of the Fund to inquire about the laws and rules applicable to the acquisition, holding and
possibly sale of Units, taking into account their residence or nationality.
As legislation now stands, the Fund is subject to a Luxembourg tax at an annual rate of 0,05% calculated and
payable quarterly on the Net Asset Value of each Sub-Fund at the end of each quarter in question. The rate
of the annual subscription tax is fixed at 0,01% for the Sub-Funds or Classes of Units, if the Units in these
Sub-Funds or Classes are reserved for one or more Institutional Investors, as well as for Sub-Funds whose
exclusive aim is the collective investment in money market instruments and/or deposits with credit
institutions.
The value of the assets represented by Units/Shares held in other Luxembourg UCIs shall be exempt from
the subscription tax, provided such UCIs have already been subject to the subscription tax.
4. OTHER CHARGES AND TAXES

Registration fees payable to the Authority of Control and other professional fees (administrative agent, paying
agent, registrar and transfer agent, transactions fees, miscellaneous) are divided amongst the various Sub-
Funds in proportion to the Net Asset Value of each Sub-Fund.
5. MANAGEMENT FEE
The Management Company, as remuneration for its services, is entitled to receive a management fee
calculated according to the Net Asset Value of each Sub-Fund of the Fund. As at 31 December 2011, the
rates in force for each Sub-Fund are the following:
Annual management fee rate by Unit Class:

Sub-Funds R R2 RH I IH Z ZH A D D2 RL
Eurizon EasyFund - Line Limited Tracking Error:

Eurizon EasyFund - Equity Italy 1,80% 1,80% - 1,80% - 0,35% - - - - -
Eurizon EasyFund - Equity Euro 1,80% 1,80% - 1,80% - 0,35% - - - - -
Eurizon EasyFund - Equity Europe 1,80% 1,80% 1,80% 1,80% 1,80% 0,35% 0,35% - - - -
Eurizon EasyFund - Equity North America 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Japan 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Oceania 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Emerging Markets 1,80% 1,80% - 1,80% - 0,40% - - - - -
Eurizon EasyFund - Equity Emerging Markets Europe, 1,80% 1,80% - 1,80% - 0,40% - - - - -
Middle East & Africa
Eurizon EasyFund - Equity Emerging Markets Asia 1,80% 1,80% - 1,80% - 0,40% - - - - -
Eurizon EasyFund - Equity Latin America 1,80% 1,80% - 1,80% - 0,40% - - - - -
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Annual management fee rate by Unit Class:

Sub-Funds R R2 RH I IH Z ZH A D D2 RL
Eurizon EasyFund - Line Limited Tracking Error:

Eurizon EasyFund - Equity China 1,80% 1,80% - 1,80% - 0,40% - - - - -
Eurizon EasyFund - Equity Energy & Materials 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Industrials 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Consumer Discretionary 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Consumer Staples 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Pharma 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Financial 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity High Tech 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Telecommunication 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Utilities 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -
Eurizon EasyFund - Equity Small Cap Europe 1,90% 1,90% - 1,90% - 0,40% - - - - -
Eurizon EasyFund - Cash EUR 0,80% - - 0,80% - 0,12% - 0,40% - - -
Eurizon EasyFund - Bond EUR Floating Rate 0,85% - - - - 0,14% - - - - -
Eurizon EasyFund - Bond EUR Short Term 1,00% 1,00% - 1,00% - 0,14% - - - - -
Eurizon EasyFund - Bond EUR Medium Term 1,10% 1,10% - 1,10% - 0,16% - - - - -
Eurizon EasyFund - Bond EUR Long Term 1,10% 1,10% - 1,10% - 0,18% - - - - -
Eurizon EasyFund - Bond International 1,10% - 1,10% 1,10% 1,10% 0,22% 0,22% - - - -
Eurizon EasyFund - Bond GBP 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - -
Eurizon EasyFund - Cash USD 0,80% 0,80% - 0,80% - 0,12% - - - - -
Eurizon EasyFund - Bond USD 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - -
Eurizon EasyFund - Bond JPY 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - -
Eurizon EasyFund - Bond Corporate EUR Short Term 0,90% 0,90% - 0,90% - 0,16% - - - - -
Eurizon EasyFund - Bond Emerging Markets 1,30% 1,30% 1,30% 1,30% 1,30% 0,25% 0,25% - 1,30% 1,30% -
Eurizon EasyFund - Bond High Yield 1,30% 1,30% - 1,30% - 0,25% - - 1,30% 1,30% -
Eurizon EasyFund - Bond Inflation Linked 1,00% 1,00% - 1,00% - 0,18% - - - - -
Eurizon EasyFund - Line Flex/Multiasset:
Eurizon EasyFund - Focus Azioni Strategia Flessibile 1,80% - - - - 0,60% - - - - 1,40%

Eurizon EasyFund - Orizzonte Protetto 6 1,00% - - 1,00% - 0,17% - - - - -
Eurizon EasyFund - ABS Prudente 0,90% - - 0,90% - 0,30% - - - - -
Eurizon EasyFund - ABS Attivo 1,40% - - 1,40% - 0,40% - - - - -
In each Sub-Fund of the Fund, this fee is payable monthly and calculated on the basis of the average Net
Asset Value over the month.
6. PERFORMANCE FEE
In addition, for the Sub-Funds Eurizon EasyFund - ABS Prudente, Eurizon EasyFund - ABS Attivo and
Eurizon EasyFund - Focus Azioni Strategia Flessibile, the Management Company will be paid a performance
fee. The existence and amount for the Sub-Funds Eurizon EasyFund - ABS Prudente and Eurizon EasyFund
- ABS Attivo is defined according to the following conditions:
An over-performance is recorded every Valuation Day when the Net Asset Value per Unit of each Class, as
determined on the previous Valuation Day, has recorded - in comparison with the Net Asset Value per Unit
as determined on the same day of the previous quarter (or the first previous Valuation Day if this day is not a
Valuation Day) - a percentage variation that is above the percentage variation recorded over the same period
by the Performance Objective.
An under-performance is recorded every Valuation Day when the Net Asset Value per Unit of each Class, as
determined on the previous Valuation Day, has recorded - in comparison with the Net Asset Value per Unit
as determined on the same day of the previous quarter (or the first previous Valuation Day if this day is not a
371
Valuation Day) - a percentage variation that is below the percentage variation recorded over the same period
by the Performance Objective.
The performance fee is entered each Valuation Day and corresponds to 20% of the recorded over-
performance/under-performance, applied to the lower of the Net Asset Value of the Unit Class concerned for
the previous Valuation Day and the average Net Asset Value of the Unit Class concerned for the previous
quarter, and divided by the number of days of the reference solar quarter.
This system provides for compensation between over-performances and under-performances recorded each
Valuation Day of the current solar year, within the limits of the over-performance commission recorded during
the same year.
The amount related to under-performance fees not compensated by over-performance fees will be set to
zero at the end of each solar year. The residual amount of over-performance fees not used to compensate
under-performance fees will be paid on a yearly basis on the first Valuation Day of the following solar year.
For the Sub-Fund Eurizon EasyFund - ABS Prudente, the objective, on an 18-month timeframe, is to reach
an average annual yield equivalent to the index performance of MTS “ex-banca d’Italia” BOT
Capitalizzazione lorda + 0,60% (“Performance Objective”).
For the Sub-Fund Eurizon EasyFund - ABS Attivo, the objective, on a 2-year timeframe, is to reach an
average annual yield equivalent to the index performance of MTS “ex-banca d’Italia” BOT Capitalizzazione
lorda + 1,40% (“Performance Objective”).
The existence and amount for the Sub-Fund Eurizon EasyFund - Focus Azioni Strategia Flessibile is defined
according to the following conditions:
The performance commission amounts to 20% of the respective annual performance (on a calendar year
basis) of the Net Asset Value per Unit of each Class recorded in excess of the applicable High Water Mark
applied to the annual average Net Asset Value of the same Class of the Sub-Fund.
For each Class, the applicable High Water Mark is defined as the highest Net Asset Value per Unit recorded
at the end of any previous calendar year to which is added the highest return (the “Hurdle Rate”) recorded
during the current calendar year between MTS “ex Banca d’Italia” BOT (Bloomberg code: ITGCBOTG Index)
+ 1,50% and the following Composite Benchmark: 50% MTS “ex Banca d’Italia” BOT + 25% MSCI Europe
(local currencies) (Bloomberg code: MSDLE15 Index) + 25% S&P 500 (local currencies) (Bloomberg code:
SPX Index).
A performance commission is accrued on each Valuation Day when the respective performance of each
Class of the Sub-Fund – calculated on the basis of the Net Asset Value per Unit of each Class as determined
on the previous Valuation Day and the last Net Asset Value per Unit of the same Class on the previous
calendar year – outperforms the High Water Mark calculated on a prorata temporis basis over the same
period.
The performance commission paid on each Class of this Sub-Fund is capped at 100% of the fixed part of the
management commission of the Class RL of the Sub-Fund.
The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following
calendar year.
With regard to the first calendar year, the Hurdle Rate and the performance commission, if any, are
calculated on a prorata temporis basis.
With regard to the first calendar year, a performance commission will be paid if the performance of each
Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per Unit of each Class and the
initial price of the same Class of the Sub-Fund – outperforms the performance of the Hurdle Rate applied on
a prorata temporis basis.
372
For the financial year closing 31 December 2011, the following performance fee is recorded in the Statement
of Changes in Net Assets (in EUR):
Eurizon EasyFund - Focus Azioni Strategia Flessibile : 589,32
7. CUSTODIAN AND PAYING AGENT FEE

The Custodian Bank receives a fee whose annual rate is 0,10%, payable quarterly and calculated on the
average of the quarterly Net Asset Value.
Furthermore, in accordance with the current Custodian Bank and Paying Agent convention it has received
during the financial year a global amount of EUR 1 807 135,38 concerning movement fees on the
operations of the Sub-Funds registered in the Statement of Changes in Net Assets under the heading “Other
charges and taxes“.
8. FORWARD FOREIGN EXCHANGE CONTRACTS, FUTURE CONTRACTS, OPTION

CONTRACTS AND SWAP CONTRACTS
During the financial year, certain Sub-Funds have taken out forward foreign exchange contracts, future
contracts, swap contracts and option contracts. Details of open positions as at 31 December 2011 are
disclosed following the Portfolios of the concerned Sub-Funds.
9. REVERSE REPURCHASE AGREEMENTS

During the financial year, certain Sub-Funds entered into reverse repurchase agreements.
As at 31 December 2011, the Sub-Funds Eurizon EasyFund - Focus Azioni Strategia Flessibile and Eurizon
EasyFund - Bond Corporate EUR Short Term are involved in reverse repurchase agreements. The total
commitment of the reverse repurchase agreements is as follows (in EUR):
Trade Redemption
Security description Currency Nominal Date date Buy Sell
CCT 0,850% EUR 15 027 063,00 28/12/11 02/01/12 15 027 063,00 15 028 127,66
BTP 0,310% EUR 27 616 722,00 30/12/11 04/01/12 27 616 722,00 27 616 959,81
CCT 0,850% EUR 14 666 700,00 28/12/11 02/01/12 14 666 700,00 14 667 738,89
57 310 485,00 57 312 826,36
Trade Redemption
Security description Currency Nominal Date date Buy Sell
BANCA IMI SPA 1,100% EUR 18 265 148,05 28/12/11 02/01/12 18 265 148,05 18 266 822,30
BANCA IMI SPA 0,610% EUR 17 280 725,00 29/12/11 03/01/12 17 280 725,00 17 281 017,25
BANCA IMI SPA 0,780% EUR 17 281 685,75 30/12/11 04/01/12 17 281 685,75 17 282 060,34
52 827 558,80 52 829 899,89
During the financial year the following income were recorded by the Fund in relation with its reverse
repurchase agreements under the heading “Net income from investments” (in EUR):
Eurizon Easy Fund - Equity Small Cap Europe 3,32

Eurizon Easy Fund - Bond Corporate EUR Short Term 367 984,67
Eurizon Easy Fund - Bond High Yield 4 145,68
Eurizon Easy Fund - Focus Azioni Strategia Flessibile 109 607,97
Total 481 741,64
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10. OTHER ASSETS
The caption ‘’Other Assets’’ is mainly composed of dividend receivable and, for the Sub-Funds Eurizon
EasyFund - ABS Attivo and Eurizon EasyFund - ABS Prudente, of the net balance of futures call margin
accounts receivable from Lehman Brothers International (Europe) Ltd, already depreciated at 70% in
previous years.
11. UNITS OF THE FUND

The Units Classes active as at 31 December 2011 are the following:
Sub-Fund Units available
Line Limited Tracking Error:
Eurizon EasyFund - Equity Italy R, I, R2, Z
Eurizon EasyFund - Equity Euro R, I, Z
Eurizon EasyFund - Equity Europe R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity North America R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Japan R, I, R2, RH, IH, Z, ZH
Eurizon EasyFund - Equity Oceania R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Emerging Markets R, Z
Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa R, I, R2, Z
Eurizon EasyFund - Equity Emerging Markets Asia R, I, R2, Z
Eurizon EasyFund - Equity Latin America R, I, R2, Z
Eurizon EasyFund - Equity China R, R2, Z
Eurizon EasyFund - Equity Energy & Materials R, I, R2, RH, IH, Z, ZH
Eurizon EasyFund - Equity Industrials R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Consumer Discretionary R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Consumer Staples R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Pharma R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Financial R, I, R2, RH, IH, Z, ZH
Eurizon EasyFund - Equity High Tech R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Telecommunication R, I, RH, IH, Z, ZH
Eurizon EasyFund - Equity Utilities R, I, R2, RH, IH, Z, ZH
Eurizon EasyFund - Equity Small Cap Europe R, I, R2, Z
Eurizon EasyFund - Cash EUR R, I, Z, A
Eurizon EasyFund - Bond EUR Floating Rate R, Z
Eurizon EasyFund - Bond EUR Short Term R, I, Z
Eurizon EasyFund - Bond EUR Medium Term R, I, Z
Eurizon EasyFund - Bond EUR Long Term R, I, Z
Eurizon EasyFund - Bond International R, RH, IH, Z, ZH
Eurizon EasyFund - Bond GBP R, I, RH, IH, Z, ZH
Eurizon EasyFund - Cash USD R, I, Z
Eurizon EasyFund - Bond USD R, I, RH, IH, Z, ZH
Eurizon EasyFund - Bond JPY R, I, RH, IH, Z, ZH
Eurizon EasyFund - Bond Corporate EUR Short Term R, Z
Eurizon EasyFund - Bond Emerging Markets R, I, R2, RH, IH, Z, ZH,
D, D2
Eurizon EasyFund - Bond High Yield R, I, R2, Z, D, D2
Eurizon EasyFund - Bond Inflation Linked R, I, Z
Line Flex/Multiasset:
Eurizon EasyFund - Focus Azioni Strategia Flessibile R, RL, Z
Eurizon EasyFund - Orizzonte Protetto 6 R
Eurizon EasyFund - ABS Prudente R, Z
Eurizon EasyFund - ABS Attivo R, Z
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• Unit Classes R, RL and R2 can be acquired by any investor.
• Class RH Units can be acquired by any investor and as part of their features include coverage of exchange
rate risks. As such, transactions intended to cover these risks, such as forward foreign exchange contracts,
currency option contracts or future contracts, can be entered into for Class RH in order to cover, insofar as
possible, exchange rate fluctuations between the currency or currencies of the Sub-Fund’s assets and the
currency it is expressed in. The attention of Unitholders in Class RH Units is drawn to the fact that costs
connected with seeking this coverage against exchange rate risks will be allocated to this class and reflected
in the Net Asset Value.
• Class D and D2 Units may be acquired by any investor and moreover allow for distribution of the income
accrued by investments made in each of the Fund’s Sub-Funds, in accordance with the criteria specified in
the Sub-Fund Information Sheets.
• Unit Classes R, RL, R2, RH, I, I2, IH, A, Z and ZH allow for the accumulation of income, in other words full
capitalisation of the income accrued by investments made in each of the Fund’s Sub-Funds.
• Class I Units and Class Z Units can only be acquired by institutional investors (“Institutional Investors”),
Such Institutional Investors include: insurance companies; asset management companies; credit institutions
or other professionals in the financial sector acting on their own behalf or within the framework of a
discretionary management mission on behalf of their clients, even private clients (in this case, however, the
clients on whose behalf the credit institutions or other professionals in the financial sector are acting must not
have a right of property claim against the Fund but only against the credit institutions or other professionals in
the financial sector); undertakings for collective investment; territorial governmental units; holding companies,
provided that they can justify their actual substance and have a structure and business activities of their own,
separate from those of their shareholders, and that they have significant financial interest; and finally, holding
companies known as “family companies”, provided these are holding companies where a family or branch of
a family has significant financial interest.
• Class IH Units and Class ZH Units can only be acquired by Institutional Investors as defined above, and as
part of their features they include coverage of exchange rate risk. As such, transactions intended to cover
these risks, such as forward foreign exchange contracts, currency option contacts or future contracts can be
entered into for Classes IH and ZH in order to cover, insofar as possible, exchange rate fluctuations between
the currency or currencies of the Sub-Fund’s assets and the currency they are expressed in. The attention of
Unitholders in Classes IH and ZH Units is drawn to the fact that costs connected with seeking this coverage
against exchange rate risks will be allocated to these classes and reflected in the Net Asset Value.
• Class A Units can only be acquired by Institutional Investors, companies, as defined here below,
associations, foundations and companies owned by a sole proprietor. Institutional Investors include:
insurance companies; asset management companies; credit institutions or other professionals in the financial
sector acting on their own behalf or within the framework of a discretionary management mission on behalf of
their clients, even private clients (in this case, however, the clients on whose behalf the credit institutions or
other professionals in the financial sector are acting must not have a right of property claim against the Fund
but only against the credit institutions or other professionals in the financial sector); undertakings for
collective investment; territorial governmental units; holding companies, provided that they can justify their
actual substance and have a structure and business activities of their own, separate from those of their
shareholders, and that they have significant financial interest; and finally, holding companies known as
“family companies”, provided these are holding companies where a family or branch of a family has
significant financial interest.
12. PROTECTION OF EURIZON EASYFUND’S INVESTORS WITHIN THE

FOLLOWING SUB-FUNDS: EURIZON EASYFUND - ORIZZONTE PROTETTO 6,
EURIZON EASYFUND - ORIZZONTE PROTETTO 12 AND EURIZON EASYFUND -
ORIZZONTE PROTETTO 24
The Sub-Funds Eurizon EasyFund - Orizzonte Protetto 6, Eurizon EasyFund - Orizzonte Protetto 12 and
Eurizon EasyFund - Orizzonte Protetto 24 have the objective of preserving the invested capital. This
objective shall be achieved by using a risk-spreading methodology consisting in periodic realignment of the
375
portfolio composition. Such activity shall be managed through the use of an algorithm (Constant Proportion
Portfolio Insurance) which shall determine the optimum distribution between equities, bonds and monetary-
market instruments type.
13. TRANSACTION COSTS
For the year ended 31 December 2011, the Fund incurred transaction costs (composed of broker fees and
stamp duties) relating to purchase or sale of investment securities. These transaction costs are part of the
acquisition cost /sale price of the related assets and, for the period from 1 July 2011 to 31 December 2011,
amount as follows (in EUR):
Sub-Funds Transaction costs

Eurizon EasyFund - Equity Italy 48 302,41
Eurizon EasyFund - Equity Euro 135 380,96
Eurizon EasyFund - Equity Europe 1 261 300,07
Eurizon EasyFund - Equity North America 721 238,35
Eurizon EasyFund - Equity Japan 309 440,46
Eurizon EasyFund - Equity Oceania 115 885,20
Eurizon EasyFund - Equity Emerging Markets 216 301,90
Eurizon EasyFund - Equity Emerging Markets Europe, Middle East 54 926,83
& Africa
Eurizon EasyFund - Equity Emerging Markets Asia 129 022,47
Eurizon EasyFund - Equity Latin America 50 552,50
Eurizon EasyFund - Equity China 175 856,59
Eurizon EasyFund - Equity Energy & Materials 103 494,42
Eurizon EasyFund - Equity Industrials 36 677,47
Eurizon EasyFund - Equity Consumer Discretionary 24 713 63
Eurizon EasyFund - Equity Consumer Staples 25 087,37
Eurizon EasyFund - Equity Pharma 27 401,20
Eurizon EasyFund - Equity Financial 65 008,71
Eurizon EasyFund - Equity High Tech 24 846,21
Eurizon EasyFund - Equity Telecommunication 55 362,71
Eurizon EasyFund - Equity Utilities 37 461,02
Eurizon EasyFund - Equity Small Cap Europe 207 038,96
Eurizon EasyFund - Cash EUR 5 792,00
Eurizon EasyFund - Bond EUR Floating Rate 168,00
Eurizon EasyFund - Bond EUR Short Term 3 822,40
Eurizon EasyFund - Bond EUR Medium Term 6 136,00
Eurizon EasyFund - Bond EUR Long Term 11 790,00
Eurizon EasyFund - Bond International 1 169,81
Eurizon EasyFund - Bond GBP 306,98
Eurizon EasyFund - Cash USD 179,67
Eurizon EasyFund - Bond USD 2 964,61
Eurizon EasyFund - Bond JPY 1 852,15
Eurizon EasyFund - Bond Corporate EUR Short Term 6 124,80
Eurizon EasyFund - Bond Emerging Markets 4 918,48
Eurizon EasyFund - Bond High Yield 0,00
Eurizon EasyFund - Bond Inflation Linked 275,20
Eurizon EasyFund - Focus Azioni Strategia Flessibile 266 597,98
Eurizon EasyFund - Orizzonte Protetto 6 1 480,50
Eurizon EasyFund - ABS Prudente 62 586,18
Eurizon EasyFund - ABS Attivo 74 340,32
14. DIVIDENDS DISTRIBUTION

Categories “D“ and “D2“ Units allow the distribution of dividends. During the financial year, the following
distributions occured:
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Distribution Total Amount in

Name Class date Currency Amount EUR
Eurizon EasyFund - Bond Emerging Markets D 17/01/2011 EUR 1 970,68 1 970,68
Eurizon EasyFund - Bond Emerging Markets D2 17/01/2011 USD 764,90 575,63
Eurizon EasyFund - Bond Emerging Markets D2 15/02/2011 USD 1 061,43 785,46
Eurizon EasyFund - Bond Emerging Markets D 29/07/2011 EUR 1 560,96 1 105.22
Eurizon EasyFund - Bond Emerging Markets D2 29/07/2011 USD 1,049,25 742,91
Eurizon EasyFund - Bond Emerging Markets D2 30/08/2011 USD 913,26 646,62
Eurizon EasyFund - Bond Emerging Markets D 29/09/2011 EUR 852,95 603,92
Eurizon EasyFund - Bond Emerging Markets D2 29/09/2011 USD 3 086,52 2 185,38
Sub-total 26 930,14
Eurizon EasyFund - Bond High Yield D 17/01/2011 EUR 4 979,62 4 979,61

Eurizon EasyFund - Bond High Yield D2 17/01/2011 USD 3 145,92 2 367,50
377
Sub-total 64 855,93
Total 91 786,07
15. CHANGES IN THE COMPOSITION OF PORTFOLIO
The list of movements in the portfolio composition for the financial year from 1 January 2011 to 31 December
2011 is available at the Management Company’s registered office.
16. SUBSEQUENT EVENTS
On 19 January 2012, the Sub-Funds Eurizon EasyFund - GT Asset Allocation and Eurizon EasyFund - Trend
were launched.
On 1 February 2012, the Sub-Fund Eurizon EasyFund - Bond Emerging Markets in Local Currencies was
launched.
On 1 February 2012, the Sub-Fund Eurizon EasyFund - Equity Emerging Markets New Frontiers LTE was
launched.
On 10 February 2012, the Sub-Fund Eurizon Liquidity Fund - EUR T0 merged into the Sub-Fund Eurizon
EasyFund - EUR Liquidity launched on this date.
On 10 February 2012, the Sub-Fund Eurizon Capital Corporate Fund - Corporate Bond merged into the Sub-
Fund Eurizon EasyFund - Bond Corporate EUR launched on this date.
A rebranding of the below listed Sub-Funds occurred on 1 February 2012:
Eurizon EasyFund - Equity Italy Eurizon EasyFund - Equity Italy LTE

Eurizon EasyFund - Equity Euro Eurizon EasyFund - Equity Euro LTE
Eurizon EasyFund - Equity Europe Eurizon EasyFund - Equity Europe LTE
Eurizon EasyFund - Equity North America Eurizon EasyFund - Equity North America LTE
Eurizon EasyFund - Equity Japan Eurizon EasyFund - Equity Japan LTE
Eurizon EasyFund - Equity Oceania Eurizon EasyFund - Equity Oceania LTE
Eurizon EasyFund - Equity Emerging Markets Eurizon EasyFund - Equity Emerging Markets LTE
Eurizon EasyFund - Equity Emerging Markets Eurizon EasyFund - Equity Emerging Markets
Europe Middle East & Africa EMEA LTE
Eurizon EasyFund - Equity Emerging Markets Eurizon EasyFund - Equity Emerging Markets
Asia Asia LTE
Eurizon EasyFund - Equity Latin America Eurizon EasyFund - Equity Latin America LTE
Eurizon EasyFund - Equity China Eurizon EasyFund - Equity China LTE
Eurizon EasyFund - Equity Energy & Materials Eurizon EasyFund - Equity Energy & Materials
LTE
Eurizon EasyFund - Equity Industrials Eurizon EasyFund - Equity Industrials LTE
Eurizon EasyFund - Equity Consumer Eurizon EasyFund - Equity Consumer
Discretionary Discretionary LTE
Eurizon EasyFund - Equity Consumer Staples Eurizon EasyFund - Equity Consumer Staples
LTE
Eurizon EasyFund - Equity Pharma Eurizon EasyFund - Equity Pharma LTE
Eurizon EasyFund - Equity Financial Eurizon EasyFund - Equity Financial LTE
Eurizon EasyFund - Equity High Tech Eurizon EasyFund - Equity High Tech LTE
378
Eurizon EasyFund - Equity Telecommunication Eurizon EasyFund - Equity Telecommunication LTE

Eurizon EasyFund - Equity Utilities Eurizon EasyFund - Equity Utilities LTE
Eurizon EasyFund - Bond EUR Floating Rate Eurizon EasyFund - Bond EUR Floating Rate LTE
Eurizon EasyFund - Bond EUR Short Term Eurizon EasyFund - Bond EUR Short Term LTE
Eurizon EasyFund - Bond EUR Medium Term Eurizon EasyFund - Bond EUR Medium Term LTE
Eurizon EasyFund - Bond EUR Long Term Eurizon EasyFund - Bond EUR Long Term LTE
Eurizon EasyFund - Bond International Eurizon EasyFund - Bond International LTE
Eurizon EasyFund - Bond GBP Eurizon EasyFund - Bond GBP LTE
Eurizon EasyFund - Cash USD Eurizon EasyFund - Treasury USD
Eurizon EasyFund - Bond USD Eurizon EasyFund - Bond USD LTE
Eurizon EasyFund - Bond JPY Eurizon EasyFund - Bond JPY LTE
Eurizon EasyFund - Focus Azioni Strategia Eurizon EasyFund - Azioni Strategia Flessibile
Flessibile
Eurizon EasyFund - ABS Prudente Eurizon EasyFund - Absolute Prudente
Eurizon EasyFund - ABS Attivo Eurizon EasyFund - Absolute Attivo
379
www.eurizoncapital.com

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Eurizon EasyFund

A Mutual Fund ("Fonds Commun de Placement") governed by the

Subscriptions cannot be accepted on the basis of annual reports.

Annual report as at 31 December 2011

Statement of Changes in Net Assets 206

Eurizon EasyFund - Bond EUR Medium Term 244 Line Flex/Multiasset

Notes to the financial statements 367

MANAGEMENT COMPANY AND PROMOTER

R.C.S Luxembourg B 28536

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Vice-Chairman of the Board of Directors

CUSTODIAN BANK AND PAYING AGENT

ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT

(these functions have been delegated by Eurizon Capital S.A.)

Eurizon Capital SGR S.p.A.

Epsilon Associati SGR S.p.A.

INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY

Eurizon EasyFund - Bond Corporate EUR Short Term

Eurizon EasyFund - Focus Azioni Strategia Flessibile

INFORMATION FOR FUND UNITHOLDERS

GLOBAL EXPOSURE AND EXPECTED LEVEL OF LEVERAGE

Eurizon EasyFund - Eurizon EasyFund -

Minimum volatility 0,69% 0,67%

Activity of the Fund

DENOMINATION OF THE SUB-FUNDS SUBSCRIPTIONS REDEMPTIONS NET ASSETS

Eurizon EasyFund - Bond Emerging Markets : 26 930,14

Eurizon EasyFund - Bond High Yield : 64 855,93

Luxembourg, 23 April 2012 The Board of Directors

R.C.S. Luxembourg B 47 771

Independent auditor’s report

Responsibility of the “réviseur d’enfreprises agrOé”

A member firm of Ernst & Young Global Limited

ERNST & YOUNG

Luxembourg, 23 April 2012

A member flrm at Ernst & Young Globat Limited

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

31 December 2011 31 December 2010 31 December 2009

Eurizon EasyFund - Equity Italy

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

COMBINED STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2011 IN EUR

Total net assets 17 275 300 994,57

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

COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31

Net income from investments (Note 9) 538 007 914,69

Subscriptions for the year 11 550 110 858,37

Net assets at the end of the year 17 275 300 994,57

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

STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2011 IN EUR

Total net assets 56 678 907,83

Class I Units EUR 53,98 15 671,131

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

STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER

Net assets at the beginning of the year Notes 79 995 800,77

Net income from investments 1 792 074,87

Subscriptions for the year 41 406 823,37

Net assets at the end of the year 56 678 907,83

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

PORTFOLIO AS AT 31 DECEMBER 2011 IN EUR

TRANSFERABLE SECURITIES 67 356 802,15 53 101 134,55 93,69

LISTED ON AN OFFICIAL STOCK EXCHANGE 66 558 614,24 53 101 134,55 93,69

Shares 66 558 610,19 53 096 425,12 93,68