AMUNDI FUNDS - AASTOCKS.com

AMUNDI FUNDS

SICAV with sub-funds under Luxembourg law

Audited annual report as at 30/06/11

A company of Crédit Agricole / Société Générale

AMUNDI FUNDSAudited annual report

R.C.S. Luxembourg B 68.806

For the year ended as at 30/06/11

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAVand the unaudited semi-annual report if published after such annual report.

Additional information concerning the representation and distribution of the Fund in Hong Kong as at 30 June 2011 :

Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:

Equities:Equity Euroland Value / Equity Global Alpha / Equity Japan CoreAlpha / Equity Japan Target / Equity US Concentrated Core / Equity US Growth / Equity US Multi Strategies / Equity US Relative Value / EquityJapan Value / Gems World / Equity Euroland Small Cap / Equity Euro Select / Equity Europe Select / Equity Europe Restructuring / Equity Global Clean Planet.

Bonds:Convertible Europe / Bond Global Corporate / Bond Euro Aggregate / Bond Euro Govies / Euro Govies / Bond US Opportunistic Core Plus / Bond Europe / Bond Global Aggregate / Bond Global Inflation / BondConverging Europe / Bond Emerging Inflation.

Indexed:Index Equity Euro / Index Equity Europe / Index Equity North America / Index Equity Pacific / Index Global Bond (EUR) Hedged.

Absolute Return:Absolute Forex / Absolute VaR Short Term / Absolute VaR 2(EUR) / Absolute VaR 2(USD) / Absolute VaR 4(EUR) / Absolute VaR 4(USD) / Absolute Statistical Arbitrage / Absolute Forex Asia Pacific / AbsoluteHigh Yield / Absolute Volatility Arbitrage / Absolute Volatility Euro Equities / Absolute Volatility World Equities / Multimanagers Long/Short Equity / Dynamic Asset Allocation.

For all sub-funds authorized in Hong Kong, please note that the shares IC, IG, IJ, I(2), I(4), IE-D, I(6), XE, XU, I(8), I(9), IHC, IHE, IHG0, IHG, IHS, IHU, IHJ, IU-C, MC, ME, MG, MJ, MU, MHE, MHJ, OC,OE, OG, OJ, OU, OHE, O1, AC, AG, AJ, AHC, AHE, AHG, AHK, AHU, AU-C, SC, SE, SG, SJ, SU, SHE, SHE-MD, Class H, FC, FE, FG, FJ, FU, FHE, FHE-MD are not authorized in Hong Kong.

The share class I in respect of the following sub-funds are not authorized in Hong Kong: Equity Global Select, US Innovative Companies, Equity Global Gold Mines, Equity Global Luxury and Lifestyle, EquityGlobal Agriculture, Global Finance, Equity Global Resources, Equity ASEAN, Asia Pacific Renaissance, Equity Asia ex Japan, Equity Brazil, Equity Emerging Europe, Equity Emerging Internal Demand, EquityEmergingWorld, Equity MENA, Equity Greater China, Equity India, Equity India Infrastructure, Equity LatinAmerica, Convertible Global, Bond Euro Corporate, Bond Euro Inflation, Bond Euro HighYield, AsianIncome, Bond Global and Bond Global Emerging.

Table of Contents

Page

Organisation 6

Chairman’s Report 9

Portfolios’ details:

Equities

Equity Euroland Value 10

Equity Global Alpha 11

Equity Japan CoreAlpha 13

Equity Japan Target 14

Equity US Concentrated Core 16

Equity US Growth 17

Equity US Multi Strategies 18

Equity US Relative Value 21

Gems World 22

Equity Global Select 24

Equity Japan Value 26

Equity Euro Select 28

Equity Europe Select 30

Equity Euroland Small Cap 31

Equity Global Gold Mines 32

Equity Global Luxury and Lifestyle 33

Equity Global Agriculture 34

Equity Global Resources 35

Equity Europe Restructuring 37

Equity US Opportunities 38

Equity ASEAN 39

Equity Asia ex Japan 40

Equity Brazil 42

Equity Emerging Europe 44

Equity Emerging Internal Demand 46

Equity Emerging World 51

Equity Asia Pacific ex-Japan 58

Equity MENA 60

Equity Greater China 61

Equity India 62

Equity India Infrastructure 64

Equity Korea 65

Equity Latin America 66

Equity Thailand 68

Equity Global Aqua 69

Equity Global Clean Planet 70

Bonds

Convertible Europe 71

Convertible Global 73

Bond Global Corporate 75

Bond Euro Aggregate 78

Bond Euro Govies 82

Bond Euro Corporate 84

Euro Govies 87

Bond Euro Inflation 88

Bond Euro High Yield 89

Bond US Opportunistic Core Plus 92

Bond Europe 97

Bond Global Aggregate 99

Bond Global 102

Bond Global Inflation 105

Bond Converging Europe 106

Bond Emerging Inflation 107

Bond Global Emerging 108

Indexed

Index Equity Euro 109

Index Equity Europe 112

Index Equity North America 117

Index Equity Pacific 124

Index Global Bond (EUR) Hedged 129

Absolute

Absolute Forex 131

Absolute VaR Short Term 132

Absolute VaR 2(EUR) 133

Absolute VaR 2(USD) 135

Absolute VaR 4(EUR) 136

Absolute VaR 4(USD) 138

Absolute Statistical Arbitrage 140

Absolute High Yield 142

Absolute Volatility Arbitrage 143

Absolute Volatility Euro Equities 146

Absolute Volatility World Equities 147

Multimanagers Long/Short Equity 149

Dynamic Asset Allocation 150

Money Market

Money Market Euro 151

Money Market USD 152

Accounts:

Statement of Net Assets 154

Financial Details Relating to the Last 3 Years 180

Statement of Operations and Changes in Net Assets 226

Notes to the Financial Statements as at 30/06/2011 258

Audit report 323

Report of the Custodian 324

Notices and Reports 325

Additional Information (unaudited) 326

DENOMINATION AND REGISTERED OFFICE Amundi Funds5, Allée SchefferL-2520 Luxembourg

MANAGEMENT COMPANY Amundi Luxembourg S.A.5, Allée SchefferL-2520 Luxembourg

BOARD OF DIRECTORS

Chairman Jean-Paul MAZOYERGeneral Management Committee Member in charge of DevelopmentAmundi, Paris

Directors Bruno CALMETTESCentral Manager, Marketing and Wealth ManagementBanque de Gestion Privée Indosuez, Paris

Olivier CHATAINPrivate Banking DirectorCrédit Agricole Luxembourg S.A., Luxembourg

Etienne CLEMENTDeputy Chief Executive Officer, Strategic Marketing ManagerAmundi, Paris

Michel ESCALERAChief Executive OfficerAmundi Iberia SGIIC S.A., Madrid

Jean-François PINÇONHead of International Business DevelopmentAmundi, Paris

Christine MOSERHead of Sales FranceAmundi, Paris

Gabriele TAVAZZANIHead of Sales & Marketing DepartmentAmundi SGR S.p.A, Milan

Giorgio GRETTER (until 23 August 2010)Head of marketingAmundi, Paris

Dominique COUASSE (as from 1 September 2010)Head of MarketingAmundi, Paris

Christophe LHOTEHead of Marketing ProductsCrédit Agricole (Suisse) S.A., Genève

Laurent BERTIAUDeputy Head of Institutional and Third party Distribution,Amundi, Paris

GENERAL MANAGERS Guillaume ABELHead of Marketing and Business Development of Institutional and Third party DistributionAmundi, Paris

Dominique COUASSE (until 24 August 2010)General ManagerAmundi, Paris

Giorgio GRETTER (as from 24 August 2010)General ManagerAmundi Luxembourg S.A., Luxembourg

6

Organisation

CUSTODIAN AGENT CACEIS Bank Luxembourg S.A.5, allée Scheffer,L-2520 Luxembourg

REGISTRAR, TRANSFER AND CACEIS Bank Luxembourg S.A.PAYING AGENT 5, Allée Scheffer,

L-2520 Luxembourg

ADMINISTRATIVE AGENT CACEIS Bank Luxembourg S.A. (until 23 June 2011)5, Allée Scheffer,L-2520 Luxembourg

Société Générale Securities Services Luxembourg (as from 24 June 2011)16, Boulevard Royal,L-2449 Luxembourg

INVESTMENT MANAGERS Amundi acting through:� Main office:90, Boulevard Pasteur,F-75015 Paris, France� London Branch:41, Lothbury,London EC2R 7HF, United Kingdom

Amundi Hong-Kong Ltd901-908, One Pacific Place,No. 88 Queensway, Hong Kong

Amundi Japan1-2-2, Uchisaiwaicho Chiyoda-Ku,Tokyo 100 - 0011, Japan

CPR Asset Management (until 23 June 2011)10, Place des 5 Martyrs du Lycée Buffon,F-75015 Paris, France

Emerging Markets Management (until 23 June 2011)1001 19th Street North, 16th Floor Arlington,Virginia 22209-1722, United States of America

Resona Bank LtdFukagawa Gatharia W2 Bldg, 5-65, Kiba 1 -Chome, Koto-Ku,Tokyo 135-8581, Japan

Amundi Investment Solutions (until 3 January 2011)91-93, Boulevard Pasteur,F-75015 Paris Cedex 15, France

Amundi Alternative Investments, SAS90, Boulevard Pasteur,F-75730 Paris Cedex 15, France

Amundi Singapore Ltd (as from 24 June 2011)168, Robinson Road #24-01, Capital Tower,Singapore 068912

TCW Investment Management Company, Inc. (“TCW”) (as from 24 June 2011)865, South Figueroa Street, Suite 800,Los Angeles, California 90017, United States of America

INVESTMENT SUB-MANAGERS Amundi Singapore Ltd (as from 24 June 2011)168, Robinson Road #24-01, Capital Tower,Singapore 068912

Victory Capital Management Inc.127, Public Square, 20th Floor,Cleveland, OH 44114-1306, United States of America

AUDITOR PricewaterhouseCoopers S.à r.l.400, Route d’Esch,L-1471 Luxembourg

LEGAL ADVISER Linklaters Loesch35, Avenue John F.Kennedy, PO Box 1107,L-1011 Luxembourg

7

Organisation

FINANCIAL AGENT IN BELGIUM FASTNET BelgiumAvenue du Port / Havenlaan 86 C/320,B - 1000 Brussels, Belgium

CENTRALIZING AGENT IN FRANCE CACEIS Bank1-3, Place Valhubert,F-75206 Paris Cedex 13, France

PAYING AND INFORMATION AGENT IN GERMANY Marcard, Stein & Co AGBallindam 36,20095 Hamburg, Germany

LEGAL REPRESENTATIVE IN GERMANY PricewaterhouseCoopers Legal AG RechtsanwaltsgesellschaftMoskauer Straße 19,40227 Düsseldorf, Germany

PAYING AND INFORMATION AGENT IN AUSTRIA Meinl Bank A.G.Bauernmarkt 2, 1010,Vienna, Austria

PAYING AGENT IN GREECE Emporiki Bank of Greece11, Sofokleous Str.,102 35 Athens, Greece

REPRESENTATIVE IN GREECE Amundi Hellas M.F.M.C45, Mitropoleos Street,105 56 Athens, Greece

PAYING AGENT IN SWITZERLAND Crédit Agricole (Suisse) S.A.4, Quai Général Guisan,CH-1204 Geneva, Switzerland

REPRESENTATIVE IN SWITZERLAND CACEIS FASTNET (Suisse) S.A.7-9, Chemin de Précossy,CH-1260 Nyon, Switzerland

REPRESENTATIVE IN HONG KONG Amundi Hong-Kong Ltd901-907, One Pacific Place,88, Queensway, Hong-Kong

REPRESENTATIVE IN THE NETHERLANDS FASTNET NetherlandsDe Ruyterkade 6,1013 AAAmsterdam, The Netherlands

REPRESENTATIVE IN SPAIN Amundi Iberia SGICCPaeso de la Castellana 1,28046 Madrid, Spain

FACILITIES AGENT IN UNITED KINGDOM Amundi London Branch.41, Lothbury,London EC2R 7HF, United Kingdom.

PAYING AND REPRESENTATIVE AGENT Société Générale Express BankIN BULGARIA 42,Vladislav Varnenchik Blud,

9000 Varma, Bulgaria

CONTACT BANK IN CZECH REPUBLIC Komercni Banka A.SNa Prikogne 33,Prague 1, Czech Republic

PAYING AND REPRESENTATIVE SKB Bouka D.D. LjubljanaAGENT IN SLOVENIA Ajdovscina 4,

Ljubljana, Slovenia

PAYING AGENT IN SWEDEN SKB ABSergeb Tong 2,106-40 Stockholm, Sweden

FACILITIES AGENT IN IRELAND Société Générale, Dublin Brand3rd Floor, IFSC House, IFSC,Dublin 1, Ireland

8

Organisation

9

� BALANCE SHEET FOR THE 2ND SEMESTER OF 2010

The world economy confirmed its recovery in the second semester of 2010. The emerging economies have continued to play a driving role in this revival, despite firstsigns of breathlessness caused by the squeeze on monetary policies and the slowdown in international trade.

The rate of growth in developed economies has been a nice surprise. Fears of a relapse in the American economy appeared once again, particularly in August, but inthe end these fears were shown to be irrational: interior demand showed signs of robustness, sustained by an accommodating policy mix. In fact, far from keeping thespectre of a recession at bay and countering the deflationary forces that continued to develop in the economy, notably from the existence of persistent imbalances inthe property market, the Fed put a new quantitative easing programme (“QE2”) in place in November, through the purchase of Treasury bonds that was planned forspring 2011. The Obama administration also bolstered demand by reducing taxes on household revenues in December.

In Europe the German economic engine was working at full pelt, fed by exports but also by an upturn in internal demand. France profited from the vigour of its maintrading partner for sustaining its growth. On the other hand the peripheral European countries posted weak, or even negative, rates of growth, arising from the adoptionof fiscal austerity measures, necessary for restructuring their public finances. Market fears regarding the insolvency of certain Economic and Monetary Union countrieshave led to major stresses in the bond markets and have forced European leaders to reinforce budgetary solidarity provisions so as to avert the development of asystemic risk that could put the single currency at risk. The ECB has also had to resolve to continue with its unlimited injections of liquidity on the monetary and interbankmarkets.

At world level, the unconventional measures decided on by central banks and concerns as to the trajectories of debt have implied very high currency volatility. Numerousemerging countries have been obliged to implement exchange controls so as to prevent an over strong appreciation of their currencies caused by capital flight. Themassive liquidity provided by the main central banks has led to price rises in raw materials. Gold reached new nominal records by surpassing $1400/oz, the price ofcopper increased by nearly 30% in the year, whilst oil prices have fluctuated in line with conjunctural matters to end the year on close to $90 a barrel.

� BALANCE SHEET FOR THE 1ST SEMESTER OF 2011

During the first half of 2011 the world economy was hit by a succession of major setbacks (theArab Spring, the Japanese earthquake, sovereign debt crisis in Europe,…),implying a turning point in the rate of growth; business climate indices have thus deteriorated in most countries, whilst world trade has slowed down.

Thanks to the dynamism of their domestic demand, emerging countries have remained the main engine for growth in the world. However, they have not escaped anoverall slowdown because of tougher monetary constraints imposed by central banks in order to contain inflationary pressures, born of the explosion in raw materialprices.

Within the developed economies the US figures have been largely disappointing. Despite the very expansionist economic policies that have been maintained,consumption has suffered from the hike in petrol prices and businesses have shown themselves to be particularly cautious in their spending and hiring. Furthermore,the car sector suffered major production problems as a consequence of the Japanese crisis.

Industrial production figures in Europe were robust in Germany and, to a lesser extent, in France, whilst growth in peripheral countries suffered from budgetary restrictionmeasures. Public deficit figures showed that Greece did not manage to respect the objectives set for it. In parallel, the European partners opened new discussions, inwhich they associated the private sector in order to unblock the funds necessary for refinancing the country for the next two, or even three, years.

The situation has remained troubled in the bond markets situation in the 1st semester of 2011. The Federal Reserve (Fed) and the European Central Bank (ECB) haveapplied asymmetric monetary policies whilst the problems of budgetary consolidation have faced Europe and the United States at the same time, but in different forms.

In Europe, the ECB commenced its monetary normalisation cycle at the beginning of April. Refinancing rates went from 1% to 1.25%. Jean-Claude Trichet indicatedthat there would probably be a second rise of 0.25% in July. At the same time the sovereign debt crisis has given rise to tensions in Portugal and Greece. The bondmarkets - fearing a panic similar to that after Lehman Brothers – have withdrawn to State debt for countries at the heart of the Eurozone. This led to a slight slowdownin German rates and a rise in the risk premiums paid by the peripheral countries.

In the United States, the Fed has confirmed that it will go to the end of its second plan for the purchase of Treasury bonds (“QE2”) in June. This is also an indicationthat it does not plan the implementation of a QE3, as the risk of deflation has reduced considerably, thanks to the increase in underlying inflation. However, as theeconomic figures have turned out to be disappointing, particularly on the employment front, the Fed has announced that it will keep its funds rate of interest close to0% for an extended period. The public debt problem has led, on the other side of the Atlantic, to the US’s rating by the S&P agency being put under surveillance, forthe first time since 1941.

Luxembourg, 28 July 2011.Jean-Paul MAZOYER, Chairman of the Board of Directors

Chairman’s Report

97.61380,376,627Long positions

96.67376,717,219Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market

96.67376,717,219Shares1.013,953,997Austria

1.013,953,997OMV AG131,253

1.997,751,409Belgium

0.823,198,143BEKAERT DIVISION60,9170.451,765,492NYRSTAR176,9030.722,787,774SOLVAY26,164

1.957,611,984Finland

1.957,611,984METSO OYJ194,332

30.48118,772,227France

1.184,614,350ARKEMA65,0004.5717,752,205BNP PARIBAS333,5002.158,364,150BOURBON278,9910.0027BOURBON DS91.234,787,723CAP GEMINI SA118,5082.9511,493,840COMPAGNIE DE SAINT-GOBAIN SA257,3921.696,599,250FRANCE TELECOM450,0002.469,589,300GDF SUEZ380,0003.3413,025,517SANOFI234,9482.449,514,555SOCIETE GENERALE A232,5162.7710,807,480TOTAL271,0000.511,996,022VALLOUREC23,7653.9615,434,058VINCI SA349,4241.234,793,750VIVENDI250,000

33.06128,796,106Germany

1.445,615,340AIXTRON238,6464.5517,745,430ALLIANZ SE-NOM184,2152.8711,176,094BAYER AG201,5891.214,708,806BAYERISCHE MOTORENWERKE68,4320.481,865,405COMMERZBANK628,2942.278,835,404DAIMLER170,2392.098,150,000DEUTSCHE BANK AG-NOM200,0001.254,852,031DEUTSCHE TELEKOM AG-NOM448,6391.415,483,800E.ON AG280,0003.0011,689,696FRESENIUS SE & CO KGAA162,4021.857,194,257HEIDELBERGCEMENT AG163,4132.7410,693,726LINDE AG88,4511.586,154,448PUMAAG28,2123.9415,352,196SIEMENS AG-NOM162,1142.389,279,473THYSSENKRUPP AG258,950

4.4017,153,239Italy

1.546,013,106ENI SPA368,6761.525,926,711INTESA SANPAOLO RNC3,980,3300.712,776,403INTESA SANPAOLO SPA1,512,2020.632,437,019UNICREDIT SPA1,669,191

0.993,857,748Luxembourg

0.993,857,748ARCELORMITTAL SA160,773

8.3732,628,122Netherlands

0.722,786,349AKZO NOBEL NV-CVA64,0541.003,903,467FUGRO NV CERTIFICAT-CVA78,5091.495,820,813GEMALTO176,5222.329,040,786ING GROEP NV-CVA1,065,0001.686,548,847KONINKLIJKE AHOLD NV706,7611.164,527,860KONINKLIJKE VOPAK N.V.134,000

8.1131,618,209Spain

1.927,485,029BANCO SANTANDER SA939,9761.877,301,133EBRO PULEVA458,3261.907,395,808REPSOL YPF SA308,9312.429,436,239TELEFONICA SA559,682

6.3124,574,178United Kingdom

1.535,974,750G4S SHS1,928,3411.917,461,028RIO TINTO PLC150,0432.8711,138,400ROYAL DUTCH SHELL PLC-A455,000

0.943,659,408Share/Units of UCITS/UCIS

0.943,659,408Share/Units in investment funds0.943,659,408France

0.943,659,408CA MONE J FCP 3DEC250-0.31-1,208,150Short positions

-0.31-1,208,150Derivative instruments

-0.31-1,208,150Options-0.03-102,900France

-0.03-102,900TOTAL SA - 38.0 - 16.09.11 PUT-1,372

-0.28-1,105,250Germany

-0.13-504,000BANCO SANTANDER SA - 9.25 - 16.03.12 PUT-2,800-0.15-601,250BANCO SANTANDER SA - 9.5 - 16.12.11 PUT-3,250

97.30379,168,477Total securities portfolio

30/06/11Securities Portfolio as at

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The accompanying notes form an integral part of these financial statements

10

Equity Euroland Value

Securities Portfolio as at 30/06/11


11

Equity Global Alpha



86.9627,337,235Shares4.141,302,434Australia

1.16363,211BENDIGO & ADELAIDE BANK38,2900.0929,597LYNAS CORPORATION13,9621.61507,352OZ MINERALS LTD35,9001.28402,274WOOLWORTHS LTD13,540

3.09970,601Bermuda

1.65516,775MARVELL TECHNOLOGY35,0001.09343,415NOBLE GROUP LTD214,0000.35110,411RC GROUP (HOLDINGS)859,626

0.57179,822Brazil

0.2992,449ALL AMERICA LATINA LOGISTICA11,0000.2887,373NATURA COSMETICOS3,500

8.412,643,295Canada

2.22698,752BARRICK GOLD CORP15,4001.59499,446ENSIGN ENERGY SERVICES25,2101.18370,335INMET MINING5,1500.78246,022KINROSS GOLD15,5900.46144,250RESEARCH IN MOTION5,0001.15360,492ROGERS COMMUNICATIONS SHS B9,1101.03323,998YAMANA GOLD27,770

1.05330,300Cayman Islands

1.05330,300LDK SOLAR CO ADS45,000

3.391,065,188China

0.56176,707HUANENG RENEWABLES CORPORATION LTD550,0002.83888,481SHANGHAI PHARMACEUTICALS HOLDINGS CO LTD330,000

9.132,869,183France

1.50470,353CHRISTIAN DIOR2,9902.68840,913FIMALAC20,0002.14673,774LEGRAND16,0002.10660,652MEDICA30,8510.71223,491SAFT GROUPE6,500

1.20377,665Germany

1.20377,665BILFINGER BERGER SE3,820

0.73228,784Gibraltar

0.73228,784BWIN PARTY DIGITAL ENTERTAINMENT95,000

1.30407,330Hong Kong (China)

1.30407,330SWIRE PACIFIC A27,730

0.49154,752Italy

0.49154,752BANCAMONTE DEI PASCHI DI SIENA SPA DS08/07/2011

2,013,900

12.834,035,502Japan

1.01317,013CHIBA BANK51,0000.69216,815GREE10,0001.38434,572IDEMITSU KOSAN4,1000.84265,176KYUSHU ELECTRIC POWER CO INC14,8000.76238,261NICHIIKO PHARMACEUTICAL9,0001.05330,312NIPPON ELECTRIC GLASS26,0000.51161,565NPC INCORPORATED8,0001.24389,549NTT DOCOMO INC2200.98308,848SUMITOMO MITSUI TRUST HLD89,4000.79247,424SUMITOMO RUBBER INDUSTRIES20,6000.71222,387TOKIO MARINE HLDGS INC8,0001.02319,131TOKYO GAS CO LTD71,0001.85584,449TOYOBO CO LTD400,000

1.10345,730Norway

1.10345,730RENEWABLE ENERGY CORPORATION200,000

2.69845,000Singapore

2.69845,000HUTCHISON PORT HOLDINGS TRST1,000,000

0.81253,500Switzerland

0.81253,500WEATHERFORD INTERNATIONAL13,520


1.03322,738COBHAM95,0002.96932,831DE LA RUE76,0001.49467,073NORTHUMBRIAN WATER GROUP70,0001.35423,198SAGE GROUP91,2401.02320,298SMITH & NEPHEW30,000

28.188,862,011United States of America

1.12352,560AMER SUPERCONDUCTOR39,0001.39438,035APACHE CORP3,5500.43134,160APOLLO GLOBAL MANAGEMENT CL.A7,8001.93607,563APPLE INC1,8100.41129,821BABCOCK AND WILCOX COMPANY4,6850.98307,021CARE FUSION11,3002.02636,001CHINA SECURITY & SURVEILLANCE TECHNOLOGY

INC120,000

0.80252,155COBALT INTERNATIONAL ENERGY18,5000.2270,539CREE2,1000.56176,904ELSTER GROUP ADR10,8001.34421,200GT SOLAR INTL INC26,0001.75549,283HUMANA6,8201.47461,197INTERDIGITAL INC11,2900.0412,367JIAYUAN.COM ADR1,0820.57178,192KB HOME18,2201.48466,014LIMITED BRANDS12,1201.07336,605LINCARE HOLDINGS INC11,5001.73543,434MOLYCORP8,9001.17367,696MURPHY OIL5,6001.66522,020OSI SYSTEMS12,1400.56176,384POLYPORE INTERNATIONAL INC2,6001.06333,766ROWAN COMPANIES INC8,600

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12

Equity Global Alpha

0.50158,175SEQUANS COMMUNICATIONS ADR11,1000.95297,200SOURCEFIRE10,0000.48149,731SPARTAN GOLD LTD1,151,7800.005SPRINT NEXTEL CORP10.81255,018URS5,7001.68528,965WESTERN DIGITAL CORP14,540



4.531,423,337AMUNDI ACTIONS THEMAMOND I 3D304.421,388,956AMUNDI ACTIONS THEMAMONDE R958

0.42132,800Derivative instruments

0.42132,800Options0.2373,362Germany

0.1651,034DJ EURO STOXX 50 EUR - 3,050.0 - 16.09.11 CALL1600.0722,328K & S AG - 58.0 - 19.08.11 CALL350

0.1959,438United States of America

0.1032,000CITIGROUP INC - 5.5 - 19.01.13 CALL1,6000.0721,250LINCARE HOLDINGS - 31.0 - 20.08.11 CALL5000.026,188S&P TEST - 1,550.0 - 17.12.11 CALL55-0.27-85,760Short positions

-0.27-85,760Derivative instruments

-0.27-85,760Options-0.07-21,110Germany

-0.07-21,110DJ EURO STOXX 50 EUR - 2,600.0 - 16.09.11 PUT-40

-0.20-64,650United States of America

-0.19-60,800CITIGROUP INC - 3.5 - 19.01.13 PUT-1,600-0.01-3,850S&P TEST - 1,000.0 - 17.12.11 PUT-5


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100.3223,653,076,100Long positions

93.4322,027,626,100Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market

93.4322,027,626,100Shares9.382,210,490,000Automobiles and Parts

2.58609,180,000BRIDGESTONE CORP330,0002.59611,310,000DENSO CORP205,0004.21990,000,000TOYOTAMOTOR CORP300,000

6.671,572,000,000Banks

3.31780,000,000MITSUBISHI UFJ FINANCIAL GROUP2,000,0003.36792,000,000MIZUHO FINANCIAL GROUP INC6,000,000

4.911,157,760,000Chemicals

2.50589,760,000JSR CORP380,0002.41568,000,000MITSUBISHI CHEMICAL HOLDINGS1,000,000

7.601,791,200,000Electronic and Electrical Equipment

2.27535,000,000MURATAMANUFACTURING CO LTD100,0002.59610,080,000NIDEC CORP82,0002.74646,120,000OMRON CORP290,000

5.401,273,680,000Financial Services

3.02712,800,000NOMURA HLDGS INC1,800,0002.38560,880,000ORIX CORP72,000

1.00234,976,000Food and Drug Retailers

1.00234,976,000SUGI HOLDINGS CO LTD112,000

1.83431,400,000General Retailers

1.83431,400,000SEVEN & I HOLDINGS CO LTD200,000

4.681,103,750,000Health Care Equipment and Services

2.29540,200,000OLYMPUS CORP200,0002.39563,550,000TERUMO CORP130,000

12.773,012,030,000Industrial Engineering

2.66628,860,000FANUC LTD47,0002.33548,750,000JGC250,0002.70638,000,000KAWASAKI HEAVY INDUSTRIES2,000,0002.65624,250,000KOMATSU LTD250,0002.43572,170,000ULVAC INC290,000

4.611,086,510,000Industrial Metals and Mining

2.16509,850,000HITACHI METALS LTD450,0002.45576,660,000TOYOTA TSUSHO CORP420,000

6.561,547,690,000Leisure Goods

2.40566,700,000NIKON CORP300,0002.36557,590,000NINTENDO CO LTD37,0001.80423,400,000SONY CORP200,000

1.21285,750,000Life Insurance

1.21285,750,000T&D HOLDINGS INC150,000

0.51121,125,000Media

0.51121,125,000TOKYO BROADCASTING HOLDINGS125,000

3.64858,000,000Mobile Telecommunications

3.64858,000,000NTT DOCOMO INC6,000

1.26296,000,000Oil and Gas Producers

1.26296,000,000INPEX HOLDINGS INC500

3.90920,300,000Personal Goods

1.52358,700,000KAO CORP170,0002.38561,600,000UNI-CHARM CORP160,000

3.15743,000,000Pharmaceuticals and Biotechnology

3.15743,000,000TAKEDA PHARMACEUTICAL CO LTD200,000

8.582,022,265,100Software and Computer Services

1.99468,650,000MIXI1,3001.77416,610,000NET ONE SYSTEMS2,7002.25529,805,100NTT DATA1,9912.57607,200,000YAHOO JAPAN22,000

5.771,359,700,000Technology Hardware and Equipment

1.78420,600,000ANRITSU600,0002.43571,500,000CANON INC150,0001.56367,600,000ROHM80,000

6.891,625,450,000Derivative instruments

6.891,625,450,000Options6.891,625,450,000Official stock exchange

0.48112,800,000NIKKEI 225 SIMEX FUT - 10,000.0 - 08.06.12 CALL4000.78183,250,000NIKKEI 225 SIMEX FUT - 10,000.0 - 14.12.12 CALL5001.20284,750,000NIKKEI 225 SIMEX FUT - 10,000.0 - 14.12.12 PUT5000.56133,000,000NIKKEI 225 SIMEX FUT - 10,500.0 - 14.12.12 CALL5000.4299,000,000NIKKEI 225 SIMEX FUT - 9,000.0 - 08.06.12 PUT4000.73172,750,000NIKKEI 225 SIMEX FUT - 9,000.0 - 14.12.12 PUT5000.011,400,000NIKKEI 225 SIMEX FUT - 9,250.0 - 08.07.11 PUT2000.72169,750,000NIKKEI 225 SIMEX FUT - 9,500.0 - 08.06.12 PUT5001.04245,750,000NIKKEI 225 SIMEX FUT - 9,500.0 - 14.12.12 CALL5000.95223,000,000NIKKEI 225 SIMEX FUT - 9,500.0 - 14.12.12 PUT500-0.32-75,000,000Short positions


-0.32-75,000,000Options-0.32-75,000,000Official stock exchange

-0.04-10,200,000NIKKEI 225 SIMEX FUT - 10,000.0 - 08.07.11 CALL-600-0.22-49,000,000NIKKEI 225 SIMEX FUT - 7,500.0 - 08.06.12 PUT-5000.00-300,000NIKKEI 225 SIMEX FUT - 8,250.0 - 08.07.11 PUT-2000.00-800,000NIKKEI 225 SIMEX FUT - 8,500.0 - 08.07.11 PUT-4000.00-600,000NIKKEI 225 SIMEX FUT - 8,750.0 - 08.07.11 PUT-200-0.06-14,100,000NIKKEI 225 SIMEX FUT - 9,750.0 - 08.07.11 CALL-200

100.0023,578,076,100Total securities portfolio

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13

Equity Japan CoreAlpha


94.684,593,437,600Long positions


94.684,593,437,600Shares2.85138,412,900Automobiles and Parts

1.8188,063,000NIPPON SEIKI83,0000.052,392,500NITTAN VALVE7,5000.9947,957,400PIOLAX24,900

3.32161,083,000Banks

1.9594,663,000KAGOSHIMA BANK181,0001.3766,420,000SHIZUOKA BANK90,000

6.95336,999,400Chemicals

0.4923,968,000ASAHI ORGANIC CHEMICALS INDUST107,0001.0852,236,600FUJIMI54,3000.9144,304,000IHARA CHEMICAL156,0001.0349,969,800KONISHI42,6002.0297,713,000NAGASE99,0000.8239,688,000OSAKA ORGANIC CHEMICAL96,8000.6029,120,000SAKAI CHEMICAL80,000

10.92529,619,100Construction and Materials

0.5426,390,000HIBIYA ENGINEERING32,5001.2761,387,000KANDENKO157,0001.6077,631,000KINDEN113,0000.5024,252,000MEISEI INDUSTRIAL86,0001.5273,530,000NIPPON DENSETSU KOGYO86,0000.8742,233,100OYO CORP50,7002.25108,900,000SANKI ENGINEERING242,0001.6982,000,000SEKISUI JUSHI100,0000.2914,144,000SHIN NIPPON AIR TEC34,0000.3919,152,000TOKYO ENERGY & SYS42,000

14.58707,298,900Electronic and Electrical Equipment

0.4923,738,000AIPHONE16,6000.7435,719,200AMANO CORP48,4001.1756,862,000ESPEC97,2000.5225,091,400GEOMATEC18,6000.8943,061,000HI LEX29,8001.7886,432,000HOSIDEN CORP118,4001.5374,056,700KOA78,7002.22107,325,000MABUCHI MOTOR26,5000.5225,307,100MIRAY INDUSTRY CO LTD27,3001.6780,841,400NIPPON SIGNAL130,6000.5225,460,000NITTO KOGYO26,8000.0060,600OPTEX600.8541,440,000TOA CORP80,0000.7637,102,500TOYO CORP42,5000.9244,802,000ZUKEN78,600

4.99242,182,400Food Producers

1.1053,257,600FUJICCO54,4001.7585,146,600HOUSE FOODS CORP62,700

1.5374,070,400SAKATA SEED63,2000.6129,707,800YAIZU SUISANKAGAKU40,200


0.4823,219,000FELISSIMO CORP21,7000.0069,500K’S HOLDING SHS20

4.99242,058,100Household Goods and Home Construction

2.0599,339,500CHOFU SEISAKUSHO49,3000.5225,137,000DAINICHI34,2000.4923,993,100SOFT 9950,3001.3263,997,500TENMA CORP79,5000.6129,591,000ZOJIRUSHI CORP127,000

8.91432,112,500Industrial Engineering

1.1053,144,400AICHI CORP132,2000.7436,099,000AIDA ENGINEERING LTD95,5002.27110,264,000AMADA CO LTD179,0000.5425,956,900FUJI MACHINE MFG15,1000.7435,772,000HISAKAWORKS33,0000.125,636,800KITAGAWA IND5,2000.7134,670,600NISSEI45,8001.4871,852,800SINTOKOGIO87,2001.2158,716,000TSUKISHIMA KUKAI84,000

4.73229,621,000Industrial Metals and Mining

1.5374,376,600NETUREN CO109,7000.4823,316,000NICHIA STEEL WORKS116,0001.2661,286,400OSAKA STEEL38,4001.4670,642,000YODOGAWA STEEL WORKS209,000

1.5273,882,000Industrial Transportation

1.5273,882,000MITSUBISHI LOGISTICS CORP82,000

0.7435,922,900Leisure Goods

0.7435,922,900ROLAND CORP45,300

1.8891,033,400Media

1.3263,439,200FUJI MEDIA HOLDINGS INC5340.4522,073,300HORIPRO30,7000.115,520,900TOEI ANIMATION3,300

1.2359,469,200Nonlife Insurance

1.2359,469,200MITSUI SUMITOMO INSURANCE GRP HLDGS INC31,700


1.3364,540,000KANTO NATURAL GAS140,0000.6129,750,000SINANEN85,000


1.1053,635,000JAPAN WOOL TEXTILE85,0000.7435,802,000KOMATSU SEIREN102,0000.5024,311,000KURABO INDUSTRIES151,000


0.9747,223,000ASKA PHARMACEUTICAL81,000


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14

Equity Japan Target

2.25109,080,500KISSEI PHARMA69,700

2.79135,444,100Software and Computer Services

1.3163,897,900ALPHA SYSTEMS56,1000.9545,981,600DTS58,8000.5325,564,600MITSUI KNOWLEDGE INDUSTRY CO LTD2,060

2.34113,601,000Support Services

0.9948,039,600GLORY26,6001.3565,561,400TOPPAN FORMS102,600

13.63661,200,500Technology Hardware and Equipment

1.6580,262,000CANON MARKETING JAPAN INC88,2000.2110,266,000DENKI KOGYO29,0001.2460,327,200ICOM29,2002.20106,495,000JAPAN DIGITAL LABORATORY CO112,1000.7134,402,000KANEMATSU ELECTRONICS LTD41,2000.3517,035,200MASPRO DENKOH27,3001.5474,567,200NEC NETWORKS & SYSTEM INTEGRAT66,4000.9947,964,000RYOSAN28,0001.2258,955,000SHINKAWA90,7001.3967,479,600SHINKO SHOJI106,1002.13103,447,300TOKYO OHKA KOGYO CO LTD59,900

0.3315,867,200Travel and Leisure

0.3315,867,200FUJISHOJI211


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15


Equity Japan Target



97.4056,883,101Shares2.861,671,198Aerospace and Defense

2.861,671,198PRECISION CASTPARTS CORP10,150

3.401,983,537Chemicals

3.401,983,537PRAXAIR INC18,300

4.152,422,983Financial Services

2.001,168,773CHARLES SCHWAB CORP71,0502.151,254,210VISA INC-A14,885


2.801,638,088MEAD JOHNSON NUTRITION24,250


3.622,114,427AMAZON.COM10,3402.141,251,502COSTCO WHOLESALE15,405

6.083,552,971Health Care Equipment and Services

2.721,588,910INTUITIVE SURGICAL4,2703.361,964,061VARIAN MEDICAL SYSTEMS INC28,050


2.761,611,567ROCKWELLAUTOMATION INC18,575


4.782,790,936C.H. ROBINSON WORLDWIDE35,4002.341,366,773EXPEDIT INTL WASH26,700

1.26738,775Mining

1.26738,775SILVER WHEATON22,400


4.152,422,879AMERICAN TOWER CORPORATION46,300


2.291,337,792ACE LTD20,325


3.522,053,750OCCIDENTAL PETROLEUM CORP19,740

9.085,303,688Oil Equipment, Services and Distribution

2.951,720,384FMC TECHNOLOGIES38,4102.331,362,825OCEANEERING INTL33,6503.802,220,479SCHLUMBERGER LTD25,700


3.301,927,237ALLERGAN INC23,1503.221,879,727LIFE TECH36,1002.101,224,788TEVA PHARMACEUTICAL IND. ADR25,400


2.431,418,116BAIDU ADS10,1203.802,217,070CERNER CORP36,2803.121,824,333COGNIZANT TECH SO-A24,8754.142,417,964GOOGLE INC-A4,7753.512,047,730SALESFORCE.COM13,745


6.053,532,926APPLE INC10,5252.001,167,052ARM HOLDINGS ADR41,0505.623,281,042QUALCOMM INC57,775


2.881,684,250PRICELINE.COM INC3,290



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16

Equity US Concentrated Core




1.571,847,038AEROVIRONMENT INC52,250


1.782,089,633CF INDUSTRIES HOLDINGS INC14,750

0.50589,013Electronic and Electrical Equipment

0.0111,782INTEVAC1,1540.49577,231UNIVERSAL DISPLAY16,450


1.431,682,010GREEN DOT CORP49,5001.902,225,004MSCI59,0501.812,124,944SEI INVESTMENTS94,4001.982,323,090T ROWE PRICE GROUP INC38,500


5.035,895,623GREEN MOUNTAIN COFFEE ROASTERS66,050


1.051,228,298CAPELLA EDUCATION29,3501.932,265,295CARMAX68,5002.212,591,874RUE2179,7501.772,079,116STRAYER EDUCATION16,4501.091,280,825URBAN OUTFITTERS45,500


2.573,014,091INTUITIVE SURGICAL8,1000.15173,643SYNOVIS LIFE TECHNOLOGIES9,9681.732,031,041VOLCANO62,900


1.671,956,438ROCKWELLAUTOMATION INC22,550


0.981,149,759ALLEGHENY TECHNOLOGIES INC18,115


2.022,365,200C.H. ROBINSON WORLDWIDE30,0002.142,515,989EXPEDIT INTL WASH49,150


1.802,116,180HARMAN INTERNATIONAL INDUSTRIE46,438

4.254,984,474Media

1.962,302,392IHS27,6002.292,682,082YOUKU.COM78,081


2.272,665,710ACE LTD40,500


0.881,031,089BRIGHAM EXPLORATION34,4501.441,692,310ULTRA PETROLEUM36,950


1.972,313,890CARBO CERAMICS14,2003.223,764,474CORE LABORATORIES33,7502.172,548,551FMC TECHNOLOGIES56,9002.152,525,175OCEANEERING INTL62,350


2.502,937,114FOSSIL24,9501.661,942,336GILDAN ACTIVEWEAR A55,150


1.992,328,932DENDREON59,0501.982,327,668HUMAN GENOME SCIENCES INC94,8520.63739,626IRONWOOD PHARMACEUTICALS47,0501.932,258,539MYLAN91,5500.48561,000PHARMASSET INC5,0002.082,443,529VERTEX PHARMACEUTICALS INC47,000

0.0673,935Real Estate Investment and Services

0.0673,935FIRSTSERVICE2,137


0.29334,580ANSYS6,1201.872,191,247ATHENAHEALTH53,3152.522,956,743BAIDU ADS21,1002.613,057,737QLIK TECHNOLOGIES89,7753.343,918,173SALESFORCE.COM26,3001.441,686,678SUCCESSFACTORS57,3703.013,533,107VMWARE CLASS A35,250


1.361,589,449RESOURCES CONNECTN132,0141.932,270,520ROBERT HALF INTL84,000


2.773,248,127ARM HOLDINGS ADR114,2502.282,675,753ARUBA NETWORKS90,5501.902,229,629CAVIUM51,1502.092,447,550F5 NETWORKS INC22,200


2.032,367,246CTRIP.COM INTERNATIONALADR54,9500.50591,396EXPEDIA20,4000.0227,090HOMEAWAY INC7000.0229,250LUBY’S INC5,299


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17

Equity US Growth




98.3924,643,822Shares2.67669,230Aerospace and Defense

0.2050,020AEROVIRONMENT INC1,4151.16291,431PRECISION CASTPARTS CORP1,7700.0819,432ROCKWELL COLLINS INC.3151.23308,347TEXTRON INC13,060

0.69172,512Automobiles and Parts

0.1743,223BORG WARNER INC5350.52129,289DANA HOLDING WI7,065

1.77443,766Banks

0.0821,088COMERICA INC6100.00-FIRST HORIZON FRACTIONAL SHS245,6870.0716,466FIRST HORIZON NATIONAL1,7260.0717,297FULTON FINANCIAL1,6151.36338,983J.P.MORGAN CHASE & CO8,2800.0718,326KEYCORP2,2000.0615,943SYNOVUS FINANCIAL CORP7,6650.0615,663TCF FINANCIAL1,135

0.2869,822Beverages

0.2152,150COCA-COLA CO7750.0717,672MOLSON COORS BREWING CO-B395

2.51629,419Chemicals

0.2973,597AIR PRODUCTS & CHEMICALS INC7700.0511,695ALBEMARLE1690.0819,458CELANESE SER A3650.43108,378CF INDUSTRIES HOLDINGS INC7650.1024,592CYTEC INDUSTRIES4300.0513,104FERRO CORP9750.0820,236INTERNATIONAL FLAVORS & FRAGRANCES3150.2357,587LYONDELLBASELL1,4950.1743,347MOSAIC CO THE -WI6401.03257,425PRAXAIR INC2,375

0.1537,571Construction and Materials

0.0922,001FORTUNE BRANDS INC3450.0615,570JACOBS ENGINEERING GROUP INC.360

1.31327,035Electricity

0.1743,443AES CORP3,4100.92229,095AMERICAN ELECTRIC POWER INC6,0800.0615,972CONSOLIDATED EDISON INC3000.0921,293HAWAIIAN ELECTR IND8850.0717,232PG&E CORP410


0.0615,621AVNET INC4900.1741,862DANAHER CORP790

1.30323,488TE CONNECTIVITY LTD8,8000.0513,685UNIVERSAL DISPLAY390


0.92229,548AMERICAN EXPRESS CO4,4400.97242,833AMERIPRISE FINANCIAL4,2100.81202,335CHARLES SCHWAB CORP12,3000.1639,757GREEN DOT CORP1,1700.0921,879INVESCO LTD9350.0616,199KNIGHT CAPITAL GROUP1,4700.2870,815MASTERCARD2350.86216,524MORGAN STANLEY9,4100.2152,413MSCI1,3910.2050,310SEI INVESTMENTS2,2350.82204,258STATE STREET CORP4,5300.2254,909T ROWE PRICE GROUP INC9100.65163,464VISA INC-A1,940

1.14285,763Fixed Line Telecommunications

1.08269,498AT&T INC8,5800.0616,265WINDSTREAM CORP1,255

0.0718,462Food and Drug Retailers

0.0718,462SAFEWAY INC790

2.83709,266Food Producers

0.68171,379GREEN MOUNTAIN COFFEE ROASTERS1,9200.0513,377JM SMUCKER1751.25310,376KRAFT FOODS A8,8100.85214,134MEAD JOHNSON NUTRITION3,170

0.1024,296Gas, Water and Multiutilities

0.1024,296WISCONSIN ENERGY775

3.83960,412General Industrials

0.98246,312GENERAL ELECTRIC CO13,0601.34337,279HONEYWELL INTERNATIONAL INC5,6600.68169,215MEADWESTVACO5,0800.83207,606TYCO INTERNATIONAL LTD4,200


0.0716,754AM EAGLE OUTFITTERS1,3141.31327,184AMAZON.COM1,6000.0615,105BJ’S WHOLESALE CLUB3000.1229,086CAPELLA EDUCATION6950.2153,573CARMAX1,6200.65163,292COSTCO WHOLESALE2,0100.2152,630DOLLAR TREE INC7900.0716,870FOOT LOCKER7100.56141,361GAP INC7,8101.03257,524HOME DEPOT INC7,1100.2461,328RUE211,8870.2049,292STRAYER EDUCATION3900.1230,261URBAN OUTFITTERS1,075


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18

Equity US Multi Strategies


0.0616,200CIGNA CORP3150.1126,420COVANCE INC.4450.0615,864COVENTRY HEALTH4350.64161,400EXPRESS SCRIPTS2,9900.80201,095HOLOGIC INC9,9701.12279,083INTUITIVE SURGICAL7500.42103,997MEDCO HEALTH SOLUTIONS INC1,8400.51128,950TENET HEALTHCARE CORP20,6650.1229,916UNITEDHEALTH GROUP5801.03255,573VARIAN MEDICAL SYSTEMS INC3,6500.1948,112VOLCANO1,490

1.73433,353Household Goods and Home Construction

0.75187,412ENERGIZER HOLDINGS2,5900.1026,055JARDEN7550.82203,916LENNAR A11,2350.0615,970TOLL BROTHERS INC770

2.97743,648Industrial Engineering

0.3076,065CUMMINS INC7350.0820,340DOVER CORP3000.1538,681FLOWSERVE CORP3520.0820,000JOY GLOBAL2100.0922,582KENNAMETAL INC5350.1640,617PACCAR INC7951.03255,508ROCKWELLAUTOMATION INC2,9450.1026,038SPX CORP3150.98243,817TEREX8,570

1.93483,447Industrial Metals and Mining

0.80200,628ALCOA INC12,6500.1127,292ALLEGHENY TECHNOLOGIES INC4300.0717,651COMMERCIAL METALS1,2300.1742,666TECK RESOURCES LTD-B8400.78195,210US STEEL4,240

2.86715,943Industrial Transportation

1.67419,034C.H. ROBINSON WORLDWIDE5,3150.95236,754EXPEDIT INTL WASH4,6250.1331,445KANSAS CITY SOUTHERN5300.1128,710UNION PACIFIC CORP275

0.2050,036Leisure Goods

0.2050,036HARMAN INTERNATIONAL INDUSTRIE1,098

0.0820,940Life Insurance

0.0820,940LINCOLN NATIONAL CORP735

2.85713,438Media

0.65162,393CBS CORP-B5,7001.16289,636COMCAST CLASS A11,4300.2254,640IHS6550.57143,771TIME WARNER3,9530.2562,998YOUKU.COM1,834

0.44110,102Mining

0.0614,786CONSOL ENERGY INC3050.3895,316SILVER WHEATON2,890

2.25564,591Mobile Telecommunications

1.58395,614AMERICAN TOWER CORPORATION7,5600.67168,977SPRINT NEXTEL CORP31,350

3.24810,783Nonlife Insurance

0.95238,268ACE LTD3,6200.53133,416ALLSTATE CORP4,3700.0818,992ARCH CAP GRP5950.3793,244MBIA INC10,7300.0512,393PARTNERRE1801.16288,982TRAVELERS COMPANIES INC4,9500.1025,488WILLIS GROUP HOLDING620


0.4099,020ANADARKO PETROLEUM CORP1,2900.1024,393BRIGHAM EXPLORATION8151.60402,105CHEVRON CORP3,9100.2664,400DENBURY RESOURCES3,2201.08270,318DEVON ENERGY CORPORATION3,4300.1435,691INTEROIL6100.0819,041MURPHY OIL2901.07267,383OCCIDENTAL PETROLEUM CORP2,5700.0923,560PETROHAWK ENERGY9550.1947,920PIONEER NATURAL RES5350.025,383SANDRIDGE ENERGY INC5050.038,019TESORO3500.1640,075ULTRA PETROLEUM8750.57143,703VALERO ENERGY CORPORATION (NEW)5,620


0.90224,210BAKER HUGHES INC3,0900.2356,828CAMERON INTERNATIONAL CORP1,1300.2254,588CARBO CERAMICS3350.3689,232CORE LABORATORIES8001.20301,412ENSCO INTERNL5,6551.24311,514FMC TECHNOLOGIES6,9550.2768,340HALLIBURTON CO1,3400.66165,334NABORS INDUSTRIES6,7100.94236,115OCEANEERING INTL5,8301.15288,576SCHLUMBERGER LTD3,3400.0615,844WEATHERFORD INTERNATIONAL845

1.44361,688Personal Goods

0.2869,455FOSSIL5900.1845,961GILDAN ACTIVEWEAR A1,3050.98246,272KIMBERLY-CLARK CORP3,700


1.01251,415ALLERGAN INC3,0200.2254,822DENDREON1,3900.2255,068HUMAN GENOME SCIENCES INC2,244

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20


0.0717,449IRONWOOD PHARMACEUTICALS1,1100.53133,040JOHNSON & JOHNSON2,0000.98246,291LIFE TECH4,7300.2153,287MYLAN2,1601.42353,908PFIZER INC17,1800.0513,464PHARMASSET INC1200.63158,644TEVA PHARMACEUTICAL IND. ADR3,2900.2357,969VERTEX PHARMACEUTICALS INC1,115


0.024,455CHINA REAL ESTATE INFORMATION CORP ADR624

0.45113,861Real Estate Investment Trusts

0.0512,739BOSTON PROPERTIES INC1200.0615,445DIGITAL REALTY TRUST2500.0513,108HEALTH CARE REIT2500.0614,916HOME PROPERTIES INC2450.0615,795KILROY REALTY CORP4000.0613,794KIMCO REALTY CORP7400.0615,313LIBERTY PROPERTY TRUST4700.0512,751REGENCY CENTERS CORP290


0.037,380ANSYS1350.2151,950ATHENAHEALTH1,2641.15288,668BAIDU ADS2,0600.40101,181CA4,4301.15288,439CERNER CORP4,7201.20301,794COGNIZANT TECH SO-A4,1150.0615,598DIGITAL RIVER4850.1435,357EQUINIX3501.57389,912GOOGLE INC-A7701.28320,799INTL BUSINESS MACHINES CORP1,8700.011,941QIHOO 360 TECHNOLOGY1000.2972,207QLIK TECHNOLOGIES2,1201.44358,297SALESFORCE.COM2,4050.1640,131SUCCESSFACTORS1,3650.64160,521SYMANTEC CORP8,1400.1230,702TERADATA CORP COM STK USD0.015100.60149,643VMWARE CLASS A1,4930.73183,338YAHOO INC12,190

0.50124,391Support Services

0.1537,625RESOURCES CONNECTN3,1250.3586,766ROBERT HALF INTL3,210


2.60649,522APPLE INC1,9351.09273,923ARM HOLDINGS ADR9,6350.2563,385ARUBA NETWORKS2,1450.0922,800AVAGO TECHNOLOGIE LTD6000.0717,829BROADCOM CORPORATION A5300.0718,508BROCADE COMMUNICATIONS SYSTEMS2,8650.2152,918CAVIUM1,2141.03257,218DELL INC15,430

0.2665,845EMC CORP2,3900.2357,881F5 NETWORKS INC5250.99248,635INTEL CORP11,2200.0716,743JDS UNIPHASE CORP1,0050.0614,186MAXIM INTEGRATED PRODUCTS INC5550.56141,078MOTOROLAMOBILITY HOLDINGS W6,4010.75187,475MOTOROLA SOLUTIONS INC4,0720.0614,965Q LOGIC9402.14534,110QUALCOMM INC9,4050.0921,654SEAGATE TECHNOLOGY1,3400.0717,826WESTERN DIGITAL CORP490

0.2767,772Tobacco

0.2767,772PHILIP MORRIS INTERNATIONAL INC1,015

1.61404,330Travel and Leisure

0.2256,004CTRIP.COM INTERNATIONALADR1,3000.1128,700EXPEDIA9900.0818,893INTL SPEEDWAY-A6650.0717,284MARRIOTT INTERNATIONAL-A4870.85212,450PRICELINE.COM INC4150.1333,172STARBUCKS8400.1537,827STARWOOD HTLS & RESORTS WORLD675




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2.5019,884,342TEXTRON INC842,200

1.028,088,600Automobiles and Parts

1.028,088,600DANA HOLDING WI442,000

3.2125,525,435Banks

3.2125,525,435J.P.MORGAN CHASE & CO623,484

2.6020,719,915Electricity

0.403,191,179AES CORP250,4852.2017,528,736AMERICAN ELECTRIC POWER INC465,200


0.483,848,456FLEXTRONICS INTL599,4482.9623,515,372TE CONNECTIVITY LTD639,700


2.1617,169,570AMERICAN EXPRESS CO332,1002.2117,592,400AMERIPRISE FINANCIAL305,0002.0015,944,549MORGAN STANLEY692,9401.8814,951,844STATE STREET CORP331,600

2.4019,087,857Fixed Line Telecommunications

2.4019,087,857AT&T INC607,700


2.8422,617,308KRAFT FOODS A641,990

9.1172,435,443General Industrials

2.2417,853,630GENERAL ELECTRIC CO946,6403.0724,390,187HONEYWELL INTERNATIONAL INC409,3001.4911,828,381MEADWESTVACO355,1002.3118,363,245TYCO INTERNATIONAL LTD371,500


1.2810,221,070GAP INC564,7002.4719,652,972HOME DEPOT INC542,600


1.8314,556,508HOLOGIC INC721,6911.3310,596,050TENET HEALTHCARE CORP1,698,085


1.5212,113,064ENERGIZER HOLDINGS167,4001.8114,373,094LENNAR A791,906


2.2317,752,800TEREX624,000


2.1617,157,031ALCOA INC1,081,7801.6413,066,152US STEEL283,800

5.2842,043,428Media

1.3911,088,308CBS CORP-B389,2002.6320,919,437COMCAST CLASS A825,5501.2610,035,683TIME WARNER275,933


1.6012,717,705SPRINT NEXTEL CORP2,359,500


1.229,703,655ALLSTATE CORP317,8401.018,002,621MBIA INC920,9002.9923,821,959TRAVELERS COMPANIES INC408,050


1.088,625,905ANADARKO PETROLEUM CORP112,3753.6629,072,867CHEVRON CORP282,7002.4619,596,107DEVON ENERGY CORPORATION248,6501.2610,045,942VALERO ENERGY CORPORATION (NEW)392,880


2.0716,449,352BAKER HUGHES INC226,7002.6621,176,090ENSCO INTERNL397,3001.4011,142,208NABORS INDUSTRIES452,200


2.2217,651,712KIMBERLY-CLARK CORP265,200


1.199,432,536JOHNSON & JOHNSON141,8003.2626,001,959PFIZER INC1,262,231


0.876,911,384CA302,6002.8422,614,579INTL BUSINESS MACHINES CORP131,8251.5212,131,744SYMANTEC CORP615,2001.6613,208,128YAHOO INC878,200


2.3818,919,533DELL INC1,134,9452.2617,991,704INTEL CORP811,9001.249,864,663MOTOROLAMOBILITY HOLDINGS W447,5801.7113,624,157MOTOROLA SOLUTIONS INC295,920


Equity US Relative Value

%ofNaV

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e

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%ofNaV

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Valu

e

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USD

21





22

Gems World



87.2330,698,681Shares0.1034,878Australia

0.1034,878LYNAS CORPORATION16,453

8.432,965,791Bermuda

2.861,005,621CHINA GAS HLDGS LTD2,500,0001.89664,425MARVELL TECHNOLOGY45,0001.18415,629NOBLE GROUP LTD259,0001.38485,783ORIENTAL WATCH600,0000.53188,068RC GROUP (HOLDINGS)1,464,2410.59206,265RC GROUP HOLDINGS HKD1,500,000

0.59209,113Brazil

0.31109,258ALL AMERICA LATINA LOGISTICA13,0000.2899,855NATURA COSMETICOS4,000

0.85300,466British Virgin Islands

0.85300,466WINSWAY COKING COAL HOLDINGS LTD700,000

11.944,203,397Cayman Islands

0.61213,380GCL-POLY ENERGY HLD412,0001.15403,700LDK SOLAR CO ADS55,0000.39135,625LE GAGA HOLDING LTD17,5000.53185,446MONGOLIAN MINING CORP150,0005.021,771,364SUNAC CHINA4,994,0000.54189,995TENCENT HOLDINGS LTD7,0003.701,303,887YASHILI INTERNATIONAL HOLDINGS5,544,194

5.181,823,376China

1.60564,517CHANGSA ZOOMLION296,4000.59208,835HUANENG RENEWABLES CORPORATION LTD650,0002.991,050,024SHANGHAI PHARMACEUTICALS HOLDINGS CO LTD390,000

0.2897,212Finland

0.2897,212NOKIA OYJ15,000

11.984,217,471France

1.43504,548FIMALAC12,0000.51178,133GROUPE PARTOUCHE45,3372.40842,217LEGRAND20,0002.22781,707MEDICA36,5040.69242,850ORPEA5,0000.73257,874SAFT GROUPE7,5001.30458,682SUEZ ENVIRONNEMENT COMPANY23,0001.42501,141UBISOFT ENTERTAINMENT50,0001.28450,319VEOLIA ENVIRONNEMENT15,969

0.79276,949Gibraltar

0.79276,949BWIN PARTY DIGITAL ENTERTAINMENT115,000

0.52181,434Italy

0.52181,434BANCAMONTE DEI PASCHI DI SIENA SPA DS08/07/11

2,361,125

3.411,201,015Japan

0.92325,223GREE15,0000.52181,761NPC INCORPORATED9,0001.97694,031TOYOBO CO LTD475,000


2.11742,500MHP SA GDR REG S45,0001.41495,000O’KEY GROUP SA GDR W/I45,000

1.23432,163Norway

1.23432,163RENEWABLE ENERGY CORPORATION250,000

4.121,451,267Singapore

2.64929,500HUTCHISON PORT HOLDINGS TRST1,100,0001.48521,767MIDAS HOLDINGS1,000,000

0.71249,145South Korea

0.71249,145WOONG JIN COWAY CO LTD7,000


1.11390,683COBHAM115,0003.281,153,764DE LA RUE94,0002.74965,823G4S SHS215,0000.85298,986MICRO FOCUS INTERNATIONAL55,5400.99346,874NATIONAL EXPRESS GROUP PLC85,3292.56900,784NORTHUMBRIAN WATER GROUP135,0001.06373,681SMITH & NEPHEW35,0000.49172,773SUNKAR RESOURCES P.L.C559,029


1.17412,555ALLEGHENY TECHNOLOGIES INC6,5001.16406,800AMER SUPERCONDUCTOR45,0000.45159,960APOLLO GLOBAL MANAGEMENT CL.A9,3001.05369,237APPLE INC1,1002.11742,000CHINA SECURITY & SURVEILLANCE TECHNOLOGY

INC140,000

2.78973,182COBALT INTERNATIONAL ENERGY71,4001.83645,750COMMERCIAL METALS45,0000.1967,180CREE2,0000.70245,700ELSTER GROUP ADR15,0001.45510,300GT SOLAR INTL INC31,5000.0414,928JIAYUAN.COM ADR1,3061.12395,145LINCARE HOLDINGS INC13,5001.77622,812MOLYCORP10,2000.73257,374MOSAIC CO THE -WI3,8000.79278,144POLYPORE INTERNATIONAL INC4,1000.50175,361SEQUANS COMMUNICATIONS ADR12,3060.2899,360SINOTECH ENERGYADR24,0001.01356,640SOURCEFIRE12,0000.48168,528SPARTAN GOLD LTD1,296,3700.89313,180URS7,000

%ofNaV

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%ofNaV

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e

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23

Gems World




4.711,660,559AMUNDI ACTIONS THEMAMOND I 3D354.611,620,932AMUNDI ACTIONS THEMAMONDE R1,118

2.04717,109Money market instrument

2.04717,109Bonds0.62217,112France

0.62217,112BTF 0% 25/08/2011150,000


1.42499,997UNITED STATES OF AMERICA T.BILLS 0% 07/07/2011500,000



0.1551,035DJ EURO STOXX 50 EUR - 3,050.0 - 19.09.11 CALL1600.0725,517K & S AG - 58.0 - 22.08.11 CALL400

0.85297,726Luxembourg

0.85297,726EUR(P)/USD(C)OTC - 1.2 - 03.07.12 PUT17,000,000


0.0936,000CITIGROUP INC - 5.5 - 19.01.13 CALL1,8000.0930,150LINCARE HOLDINGS - 31.0 - 20.08.11 CALL4020.025,500S&P TEST - 1,550.0 - 17.12.11 CALL55-0.71-250,234Short positions


-0.71-250,234Options-0.06-21,110Germany

-0.06-21,110DJ EURO STOXX 50 EUR - 2,600.0 - 19.09.11 PUT-40

-0.44-156,874Luxembourg

-0.44-156,874EUR(P)/USD(C)OTC - 1.1 - 03.07.12 PUT-17,000,000


-0.20-68,400CITIGROUP INC - 3.5 - 19.01.13 PUT-1,800-0.01-3,850S&P TEST - 1,000.0 - 17.12.11 PUT-5


%ofNaV

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2.073,487,671BHP BILLITON LTD74,3740.691,154,622LYNAS CORPORATION544,671

0.12200,804Bermuda

0.12200,804MARVELL TECHNOLOGY13,6000.00-PEACE MARK (HLDGS)550,000

0.52875,382Brazil

0.52875,382OGX PETROLEO ADR91,663

3.816,415,093Canada

1.171,974,644BARRICK GOLD CORP43,6000.19317,030BARRICK GOLD NYS (USD)7,0001.192,005,984GOLDCORP41,5000.841,409,674POTASH CORP OF SASKATCHEWAN24,7000.42707,761RESEARCH IN MOTION24,500


0.801,351,340PARKSON RETAIL GROUP LTD924,000

2.073,492,656China

0.651,087,074CHINA LIFE INSURANCE CO-H318,0000.771,318,079CHINA MERCHANTS BANK H545,5480.651,087,503SINOPHARM323,600

10.9318,414,118France

1.232,076,606AIR LIQUIDE14,4911.692,843,378BNP PARIBAS36,8430.0349,615CREDIT AGRICOLE SA3,3001.121,881,057DANONE25,2171.362,297,445ESSILOR INTERNATIONAL28,3320.671,122,342GDF SUEZ30,6761.873,163,105LVMH MOET HENNESSY LOUIS VUITTON17,5800.871,464,398PERNOD RICARD14,8600.45760,069SAFRAN17,8010.791,326,494SCHNEIDER ELECTRIC SA7,9420.09145,353SOCIETE GENERALE A2,4500.761,284,256VINCI SA20,054

1.752,951,143Germany

1.752,951,143SIEMENS AG-NOM21,494

2.604,385,963Hong Kong (China)

0.641,084,668CHINA OVERSEAS LAND & INVESTMENT LTD506,0001.161,947,243HKG EXCHANGES & CLEARING LTD92,9000.801,354,052SUN HUNG KAI PROPERTIES92,994

0.30505,965Israel

0.30505,965CHECK POINT SOFTWARE TECHNOLOG8,900

4.968,346,637Japan

0.0111,675CREDIT SAISON CO LTD7001.061,789,134HAMAMATSU PHOTONICS KK41,7001.422,393,388KEYENCE CORP8,5001.222,049,914KOMATSU LTD66,3001.252,102,526MITSUBISHI CORPORATION84,900

0.49829,440Netherlands Antilles

0.49829,440SCHLUMBERGER LTD9,600

2.083,495,544Switzerland

0.851,429,604CREDIT SUISSE GROUP AG-NOM36,8121.232,065,940NESTLE SA33,293


0.921,543,084ARM HOLDINGS163,4560.981,658,504BG GROUP PLC73,0561.732,901,267BRITISH AMERICAN TOBACCO PLC66,1691.101,859,099HSBC HOLDINGS PLC187,2500.741,249,674RECKITT BENCKISER GROUP PLC22,6270.871,460,766SABMILLER40,0551.532,584,161STANDARD CHARTERED98,264


0.24401,436AIR PRODUCTS & CHEMICALS INC4,2000.55925,218AKAMAI TECHNOLOGIES INC29,4000.37615,614ALLSCRIPTS-MISYS HEALTHCARE SOLUTION31,7000.37623,695AMAZON.COM3,0501.412,369,010AMGEN INC40,6001.272,133,928ANADARKO PETROLEUM CORP27,8001.061,789,155APACHE CORP14,5002.343,949,157APPLE INC11,7650.611,030,248AT&T INC32,8000.22370,078BAXTER INTERNATIONAL INC6,2000.24411,471BEST BUY CO INC13,1000.30501,583BLACKROCK INC A2,6150.35587,350CAMPBELL SOUP CO17,0000.16272,934CARDIONET51,4000.981,656,420CAVIUM38,0001.923,226,608CERNER CORP52,8000.18298,568CHARLES SCHWAB CORP18,1500.34575,668CHURCH & DWIGHT INC14,2000.37623,364COMCAST CLASS A24,6000.27447,525COOPER INDUSTRIES PLC7,5000.36606,210CORNING INC33,4000.911,533,264CVS CAREMARK CORP40,8000.32530,750DOLBY LABORATORIES12,5000.971,629,382ECOLAB INC28,9000.28470,235E.I. DUPONT DE NEMOURS & CO8,7000.791,336,175EMC CORP48,5000.54905,625EMERSON ELECTRIC CO16,1000.16277,024ENERNOC17,6000.721,214,080FEDEX CORP12,8000.891,494,651FIRST SOLAR INC11,300


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24

Equity Global Select

1.041,747,011GOOGLE INC-A3,4501.011,695,330GREENHILL & CO31,5000.901,509,954GUESS INC.35,9001.051,772,805HANSEN NATURAL21,9000.32542,360HEWLETT PACKARD CO14,9001.242,082,255HOSPIRA36,7500.32542,230IHS6,5000.09148,211INTEGRA LIFE HLDGS3,1001.923,242,294INTL BUSINESS MACHINES CORP18,9001.101,860,550INTUITIVE SURGICAL5,0000.39659,792ITRON INC13,7000.871,466,432JOHNSON CONTROLS INC35,2001.272,134,571J.P.MORGAN CHASE & CO52,1390.40679,939KRAFT FOODS A19,3000.46771,649KRATON PERFORM19,7000.811,367,784MEDCO HEALTH SOLUTIONS INC24,2000.661,117,398MOLYCORP18,3000.18306,585MYRIAD GENETICS13,5000.671,134,045NATIONAL OILWELL VARCO14,5000.32538,356NETAPP INC10,2000.951,597,388NEXTERA ENERGY INC27,8000.821,376,694NIKE INC -B-15,3000.11187,416NUVASIVE5,7001.913,220,350OCCIDENTAL PETROLEUM CORP30,9530.16271,810ONXY PHARM7,7000.761,284,238PEABODY ENERGY CORP21,8001.662,789,028PEPSICO INC39,6000.49827,648POLYPORE INTERNATIONAL INC12,2000.851,430,748PRAXAIR INC13,2000.50835,027QUESTAR CORP47,1500.671,132,880ROPER INDUSTRIES13,6000.801,346,016ROSS STORES INC16,8001.402,353,884SALESFORCE.COM15,8001.552,607,104SOUTHWESTERN ENERGY60,8000.30512,492SPX CORP6,2000.691,154,424STARWOOD HTLS & RESORTS WORLD20,6000.731,229,856STERICYCLE13,8000.36603,071SVB FINANCIAL GROUP10,1000.31518,636SYMANTEC CORP26,3000.831,402,551TJX COMPANIES INC26,7001.232,071,134UNITED TECHNOLOGIES CORP23,4000.16275,870URBAN OUTFITTERS9,8000.761,280,602US BANCORP50,2000.13224,064VARIAN MEDICAL SYSTEMS INC3,2000.43721,924VF CORP6,6500.44741,488VISA INC-A8,8000.31515,328WALT DISNEY COMPANY13,2000.09151,500WRIGHT MEDICAL GRP10,1001.151,941,570XCEL ENERGY INC79,9001.151,943,400ZIMMER HOLDING INC30,750

0.941,587,872Other transferable securities

0.941,587,872Shares0.941,587,872United States of America

0.941,587,872DIAMOND FOODS20,800



0.671,124,943AMUNDI TRESO DOLLAR50


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25

Equity Global Select




98.284,232,125,180Shares11.49495,102,250Automobiles and Parts

0.4820,770,000AISIN SEIKI LTD6,7000.6126,255,000AKEBONO BRAKE INDUSTRY CO LTD59,0000.9741,719,600BRIDGESTONE CORP22,6000.3615,456,000CALSONIC KANSEI32,0000.5724,552,000DAIHATSU MOTOR CO LTD18,0002.35101,650,750HONDAMOTOR CO LTD32,9500.5222,416,000KOITO MFG16,0000.3615,561,000NHK SPRING19,0000.3012,798,400NISSAN MOTOR CO LTD15,2000.6327,116,500STANLEY ELECTRIC CO LTD19,3000.4217,971,800SUMITOMO ELECTRIC INDUSTRIES15,4000.4519,180,200TAKATA CORP7,8003.47149,655,000TOYOTAMOTOR CORP45,350

10.45449,889,030Banks

3.11133,614,000MITSUBISHI UFJ FINANCIAL GROUP342,6002.62112,754,400MIZUHO FINANCIAL GROUP INC854,2000.6527,961,800SEVEN BANK LTD1740.8436,279,600SUMITOMO MITSUI FINANCIAL GRP14,7002.2195,242,230SUMITOMO MITSUI TRUST HLD341,3701.0244,037,000SURUGA BANK LTD63,000

3.52151,394,000Chemicals

0.4519,340,000AIR WATER20,0001.2754,540,000ASAHI KASEI101,0000.7833,600,000SUMITOMO CHEMICAL84,0000.6226,664,000TOKUYAMA CORP66,0000.4017,250,000ZEON CORP23,000


1.0545,045,000CENTRAL GLASS CO LTD117,0000.6025,696,000COMSYS HOLDINGS32,0000.3314,407,800KYOWA EXEO CORP17,7000.6929,880,000NIPPON SHEET GLASS CO LTD120,0000.5824,920,000SANWA HOLDINGS89,0000.6427,412,000TOTO LTD44,000


0.5925,550,000OKINAWA ELECTRIC POWER7,000


0.2310,068,800ALPS ELECTRIC CO LTD12,4000.5825,092,000AMANO CORP34,0000.7331,236,000HIROSE ELECTRIC3,8000.5523,650,000HITACHI LTD50,0000.7030,060,000IBIDEN CO LTD12,0000.6126,325,000JAPAN AVIATION ELECTRONICS IND45,0000.2510,595,000KYOCERA CORP1,3000.6226,901,000MINEBEA63,000

0.7230,870,000TDK CORPORATION7,0000.3515,027,600YAMATAKE CORP8,4000.6829,369,000YOKOGAWA ELECTRIC CORP43,000


1.1750,133,600NOMURA HLDGS INC126,6000.8637,080,400ORIX CORP4,760


2.3099,137,250NIPPON TELEGRAPH & TELEPHONE25,650


0.6427,730,000FAMILYMART9,400


1.1549,556,000AJINOMOTO CO INC52,0000.5724,654,300KEWPIE CORP24,1000.6929,498,000MORINAGAMILK INDUSTRY86,0001.0444,933,000NICHIREI CORP131,0000.6628,500,000TOYO SUISAN KAISHA LTD15,000

0.7833,495,000Forestry and Paper

0.7833,495,000OJI PAPER87,000

0.7733,245,000Gas, Water and Multiutilities

0.7733,245,000OSAKA GAS CO LTD109,000


0.6628,224,000MITSUBISHI MATERIALS CORP112,0000.4419,116,000RENGO36,000


0.6025,942,400AEON CO LTD26,8000.5925,271,400DCM JAPAN HOLDINGS46,2000.5724,341,000IZUMI20,2000.4318,448,200RAKUTEN2221.1349,024,000SHIMAMURA6,400


0.8034,572,800OLYMPUS CORP12,800


0.3314,154,000DAIWA HOUSE INDUSTRY14,0001.2252,406,500SEKISUI HOUSE LTD70,250


1.2353,070,600DAIKIN INDUSTRIES LTD18,7000.4519,352,000EBARA CORP41,0000.7632,614,000KUBOTA CORPORATION46,0000.3916,740,000MITSUBISHI ELECTRIC CORP18,0001.0244,109,000MITSUBISHI HEAVY INDUSTRIES117,0000.7532,175,000TSUBAKIMOTO CHAIN CO65,000


0.8034,382,400JFE HOLDINGS15,6000.5925,380,000TOKYO STEEL MANUFACTURING CO L30,000


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26

Equity Japan Value


0.9440,346,100HITACHI TRANSPORT SYSTEM29,3000.6126,129,000MITSUBISHI LOGISTICS CORP29,0001.1951,720,000MITSUI O.S.K.LINES LTD120,0000.7833,375,000SANKYU INC89,000


0.9641,245,000CASIO73,0000.8435,989,000FUNAI ELECTRIC17,0000.5021,614,400KONAMI CORP11,4001.1750,175,000KONICA MINOLTA HOLDINGS75,0000.5824,784,000SEGA SAMMY HOLDINGS16,0001.7977,482,200SONY CORP36,600


1.1348,563,200HIKARI TSUSHIN INC25,6000.7632,889,000KDDI CORP57


1.6169,482,750TOKIO MARINE HLDGS INC30,950


0.8235,391,000JAPAN PETROLEUM EXPLORATION9,4000.4418,811,100JX HOLDINGS34,900


0.5623,937,000ATSUGI CO LTD237,0000.8335,976,000SHISEIDO CO LTD24,000


1.3356,797,800DAIICHI SANKYO CO LTD36,2000.5925,600,000NIPPON SHINYAKU25,0000.6728,960,000TAISHO TANABE PHARM16,0000.3916,962,000TSUMURA & CO6,600

3.92168,705,000Real Estate Investment and Services

0.9942,718,000MITSUI FUDOSAN CO LTD31,0001.0946,725,000NOMURA REAL ESTATE HOLDINGS35,0000.9339,904,000NTT URBAN DEVELOPMENT5800.9139,358,000SUMITOMO REALTY & DEVELOPMENT22,000


0.4720,361,000CAPCOM CO LTD11,0000.6628,255,500NOMURA RESEARCH16,1000.7130,335,400NTT DATA1140.6929,890,800SQUARE ENIX20,700


1.2854,972,800ASKUL41,9000.6226,656,000ITOCHU CORP32,0000.8335,644,000MARUBENI CORP67,0001.7977,504,000MITSUI & CO LTD56,0000.5523,536,000NISSHA PRINTING16,0000.5925,264,800SUMITOMO CORP23,200


2.3099,060,000CANON INC26,0000.5925,380,000ELPIDA MEMORY INC27,0001.0143,482,600FUJIFILM HOLDINGS CORP17,4000.4619,694,000FUJITSU LTD43,0000.7030,327,000ROHM6,6000.5724,606,400SUMCO CORP18,200


1.5366,010,000EAST JAPAN RAILWAY CO14,3501.1750,434,000TOKYU CORP151,000


%ofNaV

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%ofNaV

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27

Equity Japan Value




99.32118,841,256Shares0.00-Austria

0.00-IMMOEAST AG 31/12/201157,1380.00-OMV AG DS 17/06/20118,258

0.79951,070Finland

0.49586,607NOKIA OYJ131,2320.30364,463RAUTARUUKKI OYJ23,393

42.9951,423,941France

0.991,187,733ACCOR SA38,5191.772,119,723AIR LIQUIDE21,4461.401,669,733AXA106,5564.385,234,638BNP PARIBAS98,3400.015,996BOURBON2001.651,969,996CARREFOUR SA69,5620.72864,966CFAO28,9482.352,816,971COMPAGNIE DE SAINT-GOBAIN SA63,0832.242,675,915DANONE52,0101.011,205,786DASSAULT SYSTEMES20,5381.381,655,546EDF61,0790.0782,367EDF ENERGIES NOUVELLES2,0750.09106,507FONCIERE DES REGIONS1,4583.003,573,806GDF SUEZ141,6211.932,313,156L’OREAL25,8282.262,705,752LVMH MOET HENNESSY LOUIS VUITTON21,8030.12140,261MEETIC9,3821.571,880,969MICHELIN (CGDE)-SA27,8911.531,836,641PUBLICIS GROUPE47,7671.692,017,796SAFRAN68,5162.753,290,031SANOFI59,3442.543,043,671SOCIETE GENERALE A74,3810.851,014,544SODEXO18,7671.581,894,456TECHNIP SA25,6251.491,777,469THALES SA59,7772.102,516,986TOTAL63,1141.521,822,526VIVENDI95,047

26.3531,531,505Germany

3.434,106,259ALLIANZ SE-NOM42,6272.933,508,302BASF SE51,9212.062,463,199BAYER AG44,4301.351,613,679CONTINENTALAG22,2734.425,279,631DAIMLER101,7271.742,086,074DEUTSCHE BANK AG-NOM51,1920.50601,185DEUTSCHE BOERSE AG11,4731.732,075,626DEUTSCHE TELEKOM AG-NOM191,9210.921,097,974E.ON AG56,0621.772,117,948GEA GROUP AG85,7990.79944,909HEIDELBERGCEMENT AG21,4632.472,950,932SAP AG70,681

2.242,685,787SIEMENS AG-NOM28,361

0.37443,312Greece

0.11126,382HELLENIC TELECOMMUNICATIONSORGANIZATIONS OTE

19,655

0.09108,199NATIONAL BANK OF GREECE21,9470.09111,660OPAP SA10,3870.0897,071PUBLIC POWER CORP9,825

0.11136,131Ireland

0.11136,131KERRY GROUP A4,774

9.1010,891,181Italy

1.201,430,581ATLANTIA SPA97,4511.922,303,503ENEL SPA511,4351.742,081,678ENI SPA127,6321.962,354,365INTESA SANPAOLO SPA1,282,3341.421,694,204SAIPEM47,5900.861,026,850UNICREDIT SPA703,322


0.14162,116APERAM7,2600.35416,889ARCELORMITTAL SA17,3740.18220,899SES GLOBAL FDR11,413


1.611,926,146ING GROEP NV-CVA226,8991.361,625,123ROYAL PHILIPS ELECTRONICS NV91,7630.50602,387STMICROELECTRONICS NV87,6711.671,989,307UNILEVER CVA88,0031.051,258,079WOLTERS KLUWER CVA82,335

1.201,440,817Norway

1.201,440,817PETROLEUM GEO SERVICES145,373

5.206,224,042Spain

0.941,121,193BANCO BILBAO VIZCAYAARGENTA138,5902.352,823,242BANCO SANTANDER SA354,5451.912,279,607TELEFONICA SA135,208


1.001,199,620CIE FIN RICHEMONT26,6030.20236,166CLARIANT (NAMEN)17,941


1.251,498,684MEGGITT PLC354,7540.48580,160ROYAL DUTCH SHELL GBP23,6212.472,948,274ROYAL DUTCH SHELL PLC-A120,4360.951,135,407VODAFONE GROUP PLC620,2840.941,123,918Share/Units of UCITS/UCIS


0.901,079,731AMUNDI TRESO EONIA C50.0444,187AMUNDI TRESO INSTITUTION2


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28

Equity Euro Select


0.50599,692Bonds0.50599,692France

0.50599,692BTF 0% 21/07/2011600,000


%ofNaV

Market

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tity

EUR


29


Equity Euro Select



99.25111,978,585Shares1.461,641,577Finland

1.001,126,440NOKIA OYJ252,0000.46515,137RAUTARUUKKI OYJ33,064

27.9231,505,818France

3.533,992,251BNP PARIBAS75,0000.36400,768CAP GEMINI SA9,9201.882,124,000CARREFOUR SA75,0000.71795,585CFAO26,6262.773,125,851COMPAGNIE DE SAINT-GOBAIN SA70,0001.501,697,850DANONE33,0001.251,409,040DASSAULT SYSTEMES24,0000.961,084,200EDF40,0000.0446,999EDF ENERGIES NOUVELLES1,1841.341,514,100GDF SUEZ60,0000.65733,800IPSEN30,0002.202,482,000LVMH MOET HENNESSY LOUIS VUITTON20,0001.611,815,822MICHELIN (CGDE)-SA26,9251.571,767,000SAFRAN60,0001.131,275,120SANOFI23,0001.621,828,183SOCIETE GENERALE A44,6770.85955,619TECHNIP SA12,9261.471,662,751THALES SA55,9190.78877,360TOTAL22,0000.0019VEOLIA ENVIRONNEMENT11.701,917,500VIVENDI100,000

19.3021,778,189Germany

1.792,022,930ALLIANZ SE-NOM21,0001.501,689,250BASF SE25,0001.541,742,313BAYER AG31,4271.391,566,250BEIERSDORF35,0001.091,231,650CONTINENTALAG17,0002.983,373,500DAIMLER65,0001.621,826,690GEA GROUP AG74,0000.56630,306HEIDELBERGCEMENT AG14,3172.763,113,250KLOECKNER & CO AG150,0001.291,450,800LINDE AG12,0002.783,131,250SAP AG75,000

0.67752,828Greece


62,067

0.31353,737NATIONAL BANK OF GREECE71,752

2.442,757,872Italy

0.87977,872INTESA SANPAOLO SPA532,6101.571,780,000SAIPEM50,000

1.531,727,479Jersey

1.531,727,479WPP PLC200,000


0.79886,992SUBSEA 7 SA50,000


1.051,186,898ING GROEP NV-CVA139,8161.651,859,550ROYAL PHILIPS ELECTRONICS NV105,0000.80905,963UNILEVER CVA40,0781.021,146,000WOLTERS KLUWER CVA75,000

1.141,288,452Norway

1.141,288,452PETROLEUM GEO SERVICES130,000

0.00-Sweden

0.00-SVENSKAMILJOEB B330,000


2.993,382,003CIE FIN RICHEMONT75,0000.69773,263CLARIANT (NAMEN)58,7431.191,339,286CREDIT SUISSE GROUP AG-NOM50,0001.141,283,994NESTLE SA30,0000.39436,152NOBEL BIOCARE HLDG AG-NOM31,0651.872,109,273NOVARTIS AG-NOM50,0001.311,473,155ROCHE HOLDING AG - DIVIDEND RIGHT

CERTIFICAT12,782

1.041,176,606SGS SA-NOM9001.561,758,028UBS AG NOM140,0001.922,176,850ZURICH FINANCIAL SERVICES AG12,500


1.701,914,623ANGLO AMERICAN PLC56,0001.081,219,763BARCLAYS PLC429,5211.241,401,599BG GROUP PLC89,5132.783,134,910BP PLC617,2420.951,068,822CARNIVAL PLC40,0000.65738,608GLAXOSMITHKLINE PLC50,0002.923,293,642HSBC HOLDINGS PLC480,9711.151,293,168IMPERIAL TOBACCO GROUP PLC56,3881.541,732,075MEGGITT PLC410,0001.671,883,718RIO TINTO PLC37,8820.981,100,352ROYAL DUTCH SHELL44,9491.321,493,322ROYAL DUTCH SHELL GBP60,8002.903,270,964ROYAL DUTCH SHELL PLC-A133,1760.64722,053UNILEVER32,5052.963,349,747VODAFONE GROUP PLC1,830,0000.901,014,991XSTRATA PLC66,831



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30

Equity Europe Select



96.44163,223,296Shares6.9611,779,787Austria

0.971,647,141AMAG AUSTRIA METALL99,4051.682,843,976ANDRITZ AG40,0561.943,272,968CONWERT IMMOBILIEN INVEST280,4600.00-IMMOEAST AG 31/12/2011217,6350.11181,744MAYR-MELNHOF KARTON AG2,2331.121,903,177SCHOELLER-BLECKMANN OILFIELD E31,8631.141,930,781ZUMTOBELAG106,673

2.624,435,944Belgium

2.624,434,892NYRSTAR444,3780.001,052NYRSTAR STRIP VVPR175,301

0.691,168,742Cyprus

0.691,168,742BANK OF CYPRUS575,735

4.868,233,128Finland

0.54910,449KEMIRA OYJ76,2522.874,870,874OUTOTEC SHS124,2571.452,451,805POHJOLA BANK274,866

25.2542,724,237France

1.222,069,504ALTEN75,4331.292,175,276ARKEMA30,6421.662,802,938ATOS ORIGIN71,9441.963,320,005BIC49,8201.011,713,243CAP GEMINI SA42,4071.572,663,589EULER HERMES45,7191.963,311,755IPSOS102,5471.121,888,005MEDICA127,8271.402,365,609MERCIALYS80,9170.27457,283RALLYE15,9612.534,284,976REMY COINTREAU73,8280.801,352,371REXEL79,0860.16273,577SCOR SE ACT PROV13,9580.48808,839SEB11,1952.514,243,509VALEO90,1340.19325,975VILMORIN & CIE3,8351.522,575,526VIRBAC SA21,8452.524,257,560WENDELACT50,2131.081,834,697ZODIAC AEROSPACE30,563

24.7541,888,828Germany

1.803,039,394AIXTRON129,1710.591,002,981AURUBIS AG22,3631.762,984,758BRENNTAG AG37,2351.532,591,985ELRINGKLINGER105,9251.362,304,600FIELMANN30,0001.021,722,006GILDEMEISTER118,8000.54918,826GSW IMMOBILIEN38,851

2.995,046,847KLOECKNER & CO AG243,1630.921,559,094MTU AERO ENGINES HLDG AG28,3062.944,970,263RHEINMETALLAG81,4131.522,579,533RHOEN KLINIKUM155,0200.601,022,214RIB SOFTWARE148,1472.003,392,623SOFTWARE82,1162.524,259,306SYMRISE193,7812.664,494,398WIRECARD364,657

2.394,049,064Ireland

0.43734,408ALPHA BANK211,6450.00205ANGLO IRISH BANK CORP20,4670.831,406,096ELAN CORP175,8061.131,908,355SMURFIT KAPPA232,160

13.7823,319,414Italy

2.133,607,586AMPLIFON840,1461.342,263,120BANCA GENERALI236,7280.911,541,247BUZZI UNICEM SPA160,4630.44748,698CREDITO EMILIANO SPA171,6411.793,028,352DIASORIN SPA91,4911.322,231,274INTERPUMP GROUP378,1820.00-PARMALAT FINANZIARIA316,9651.642,781,592PIAGGIO & C963,1551.562,634,510SAFILO GROUP240,3751.512,549,790TOD’S SPA27,6401.141,933,245YOOX SPA152,224


1.262,131,814EUROCOMMERCIAL PROPERTIES BDR62,1521.522,570,971FUGRO NV CERTIFICAT-CVA51,7092.063,485,260GEMALTO105,6942.564,336,834IMTECH177,8120.14234,749SBM OFFSHORE NV12,870

7.4112,537,906Spain

0.24403,305BANKINTER86,1210.901,521,028EBRO PULEVA95,4821.833,097,309GRIFOLS SA223,7942.644,477,655OBRASCON HUARTE LAIN SA169,9301.803,038,609SOL MELIA364,779

0.19326,618United Kingdom

0.19326,618JAZZTEL73,862



0.891,511,624AMUNDI TRESO EONIA C70.26441,868AMUNDI TRESO INSTITUTION205.829,835,957CA MONE J FCP 3DEC672


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31


Equity Euroland Small Cap

32


Equity Global Gold Mines





2.432,603,509CENTAMIN EGYPT1,286,9961.191,274,009CGAMINING419,0007.988,573,643NEWCREST MINING212,3580.55589,093ST BARBARA LTD281,447


0.39418,651RIO NOVO GOLD288,600

75.6981,259,073Canada

4.514,840,303AGNICO EAGLE MINES76,6720.971,045,946ALACER GOLD CORP124,9311.661,778,725ALAMOS GOLD107,4921.721,849,811AURICO GOLD168,4201.041,117,855AURIZON MINES LTD199,9743.904,181,081BARRICK GOLD CORP92,1480.72776,080BEAR CREEK MINING194,5442.092,241,410CENTERRA GOLD135,1993.683,952,213DETOUR GOLD136,4684.094,389,567ELDORADO GOLD CORP297,7071.071,149,606EUROPEAN GOLDFIELDS109,8501.952,098,303FRANCO NEVADA56,2529.7010,416,230GOLDCORP215,4921.261,353,659GREAT BASIN GOLD659,8060.951,024,619GUYANA GOLDFIELDS144,3593.603,867,349IAMGOLD205,7541.051,124,734INTERNATIONAL TWR HILL MNES NW149,1699.9010,619,941KINROSS GOLD672,9680.93994,608LAKE SHORE GOLD341,6001.061,136,413MINEFINDERS CORP87,6003.433,677,160NEW GOLD356,6660.40424,893OREZONE GOLD125,4022.792,999,243OSISKO MINING CORP193,1000.51549,648PLATINIUM GROUP METALS315,7531.421,525,243PRETIUM RESOURCES160,7001.101,185,041RAINY RIVER RESOURCES122,3190.981,050,749ROMARCO MINERALS INC618,3402.242,402,842SEMAFO INC313,8001.501,610,125SILVER STANDARD RES60,3001.461,563,301SILVER WHEATON47,4001.031,109,357ST ANDREW GOLDFIELDS1,305,6591.201,289,086TOREX GOLD RESOURCES714,9981.781,913,932YAMANA GOLD164,044

1.631,744,840Jersey

1.631,744,840RANDGOLD RESOURCES20,681


0.57607,843PETER HAMBRO MINING51,863


1.691,814,976ALLIED NEVADA GOLD CORP51,3141.241,325,615ARGONAUT GOLD244,1515.766,184,963NEWMONT MINING CORP114,6001.271,361,610RANDGOLD RESOURCES ADR16,200

0.0553,621Warrants, Rights0.0553,621Canada

0.0553,621PRETIUM RESOURCES BS 07/04/201257,500

100.44107,811,446Total securities portfolio%

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97.2241,430,735Shares4.451,894,858Automobiles and Parts

2.32985,571BAYERISCHE MOTORENWERKE9,8792.13909,287DAIMLER12,084

1.63696,276Banks

1.63696,276JULIUS BAER GRUPPE16,881

6.932,954,252Beverages

2.731,162,864DIAGEO56,8971.78758,708PERNOD RICARD7,6992.421,032,680REMY COINTREAU12,272


0.61261,554MEAD JOHNSON NUTRITION3,872


0.45190,265GOLDEN EAGLE RETAIL GROUP75,0002.771,182,040TIFFANY & CO15,0540.86365,500YOOX SPA19,850


1.95833,768ESSILOR INTERNATIONAL10,2820.94400,909NOBEL BIOCARE HLDG AG-NOM19,6950.76322,011SONOVA HOLDING AG3,454

1.76749,060Leisure Goods

1.76749,060BENETEAU34,791


7.663,262,602ADIDAS NOM41,1390.84357,534BULGARI20,2631.60683,821BURBERRY GROUP29,3744.581,953,145CHRISTIAN DIOR12,4167.533,208,522CIE FIN RICHEMONT49,0767.883,356,580COACH INC52,5042.17923,531HERMES INTERNATIONAL3,1241.98842,587L’OREAL6,4893.161,346,905LUXOTTICA GROUP41,9987.623,247,311LVMH MOET HENNESSY LOUIS VUITTON18,0489.073,864,910NIKE INC -B-42,9530.93395,629PANDORAAB12,5953.211,368,270POLO RALPH LAUREN CORP SHS A10,3181.32560,534PRADA92,9004.752,024,835THE SWATCH GROUP4,0231.51644,936TOD’S SPA4,8222.641,125,876VF CORP10,371


1.17496,685ACCOR SA11,1101.01428,899CARNIVAL PLC11,071

1.52648,536INTERCONTINENTAL HOTELS GROUP31,6821.96838,594MARRIOTT INTERNATIONAL-A23,629


Equity Global Luxury and Lifestyle

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%ofNaV

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Valu

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33





34

Equity Global Agriculture




1.543,909,949GRAINCORP440,0000.541,384,434INCITEC PIVOT335,0001.333,389,032NUFARM LIMITED705,000

6.7817,269,324Bermuda

1.995,067,825BUNGE LTD73,5000.491,246,812CHINA GREEN HLDG LTD1,956,0002.436,191,805CHINA YURUN FOOD2,200,0001.874,762,882NOBLE GROUP LTD2,968,000

6.2715,963,872Brazil

2.847,209,083BRASIL FOODS425,0002.045,204,175COSAN330,5001.393,550,614SLC AGRICOLA300,000

6.0115,311,540Canada

2.085,309,031AGRIUM INC60,5002.957,504,944POTASH CORP OF SASKATCHEWAN131,5000.982,497,565VITERRA INC230,000


0.892,263,975CHAODAMODERN AGRICULTURE HLDGS LTD5,212,0001.584,040,480CHINA MENGNIU DAIRY1,200,0000.39988,221CHINA MODERN DAIRY3,204,000

3.528,976,531China

1.744,420,946CHINA BLUECHEMICAL H5,350,0001.784,555,585FIRST TRACTOR H3,662,000

4.5711,633,406Germany

2.446,204,995K & S AG80,7502.135,428,411SUEDZUCKER152,790


0.952,423,949CHINAAGRI-INDUSTRIES HLDGS2,289,000

2.486,318,032Indonesia

1.313,347,356ASTRAAGRO LESTARI1,221,5001.172,970,676PP LONDON SUMATRA10,957,000

3.158,030,583Japan

1.032,633,729KUBOTA CORPORATION300,0002.125,396,854NIPPON MEAT PACKERS379,000

2.556,494,941Malaysia

2.556,494,941KUALA LUMPUR KEPONG885,000


0.491,249,872NUTRECO HOLDING NV17,000

4.5711,647,453Norway

0.932,358,132CERMAQ146,6951.313,346,018MARINE HARVEST4,150,0002.335,943,303YARA INTERNATIONALASA105,000

5.6714,456,288Singapore

1.032,630,797GOLDEN AGRI-RESSOURCES LTD4,749,4001.523,878,340OLAM INTERNATIONAL1,750,4003.127,947,151WILMAR INTERNATIONAL1,800,000

1.032,622,285Spain

0.541,368,636PESCANOVA31,7840.491,253,649VISCOFAN31,500


3.047,752,090SYNGENTAAG-NOM23,000

2.837,200,975Thailand

2.837,200,975CHAROEN POKPHAND FOODS7,500,000


3.418,693,802ASSOCIATED BRITISH FOODS500,0001.413,590,034TATE & LYLE PLC363,000


1.774,516,440AGCO CORP91,5001.062,704,000ANDERSONS INC64,0002.977,537,501ARCHER-DANIELS MIDLAND CO250,0002.897,366,840CF INDUSTRIES HOLDINGS INC52,0002.606,633,600CORN PRODUCTS INTERNATIONAL120,0002.225,664,000DARLING INTERNATL320,0002.566,513,550DEERE & CO79,0001.012,573,655FRESH DEL MONTE PRODUCE INC96,5002.055,216,750HORMEL FOODS175,0001.714,368,800LINDSAY SHS63,5002.656,746,220MONSANTO93,0001.543,928,340MOSAIC CO THE -WI58,0000.812,059,318SANDERSON FARMS INC43,1000.862,187,000SMITHFIELD FOODS100,0002.676,795,600SOC QUIM&MIN SP ADR105,0002.065,243,400TYSON FOODS -A-270,0002.125,400,000URALKALI-SPON GDR120,000


0.511,308,613Shares0.511,308,613Brazil

0.511,308,613JBS380,000


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%ofNaV

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35


Equity Global Resources




0.18294,508ALUMINA LTD130,3690.47764,572ATLAS IRON LTD191,4560.43690,228BHP BILLITON LTD14,7190.42677,256CENTAMIN EGYPT334,7890.31497,915CENTAMIN EGYPT CAD247,7000.38618,875CGAMINING199,7580.0236,812CGAMINING (CAD)12,1070.691,113,679FORTESCUE METAL163,8120.24390,355MACARTHUR COAL33,2970.21342,862MOUNT GIBSON IRON174,0452.514,074,296NEWCREST MINING100,9150.36582,512RIO TINTO LTD6,556

33.2253,866,424Canada

1.622,626,208AGNICO EAGLE MINES41,6000.20324,685AGRIUM INC3,7000.34557,588ALACER GOLD CORP66,6000.52843,923ALAMOS GOLD51,0000.59948,959AURICO GOLD86,4000.36583,596AURIZON MINES LTD104,4001.672,705,715BARRICK GOLD CORP59,6320.36579,041BAYTEX ENERGY CORP10,6000.16256,108BEAR CREEK MINING64,2000.56909,225CANADIAN NATURAL RESOURCES21,7040.731,188,685CENTERRA GOLD71,7000.631,025,924COPPER MOUNTAIN MINING132,5461.812,933,722DETOUR GOLD101,3001.462,370,443ELDORADO GOLD CORP160,7670.881,432,988ENBRIDGE44,1000.34546,285EUROPEAN GOLDFIELDS52,2000.641,034,506FIRST QUANTUM MINERALS LTD7,1001.362,200,809FRANCO NEVADA59,0004.477,229,616GOLDCORP149,5670.39635,586GREAT BASIN GOLD309,8000.30489,742GUYANA GOLDFIELDS69,0001.282,078,836IAMGOLD110,6000.37603,200INTERNATIONAL TWR HILL MNES NW80,0000.681,102,723IVANHOE MINES43,6700.33537,113KATANGAMINING310,4003.165,108,876KINROSS GOLD323,7410.09143,780KINROSS GOLD USD9,1000.32524,964LAKE SHORE GOLD180,3000.22359,610LUNDIN MINING46,9000.37605,827MINEFINDERS CORP46,7001.262,045,467NEW GOLD198,4000.61988,876NEXEN43,8991.011,637,080OSISKO MINING CORP105,4000.811,312,937POTASH CORP OF SASKATCHEWAN23,005

0.43692,927QUADRAMINING46,7000.34551,254RAINY RIVER RESOURCES56,9000.29477,505ROMARCO MINERALS INC281,0000.641,032,962SEMAFO INC134,9000.47769,015SILVER STANDARD RES28,8000.49791,545SILVER WHEATON24,0000.34552,841SUNCOR ENERGY INC. (NOUV. STE)14,1150.32525,732TOREX GOLD RESOURCES291,600

0.00351Cayman Islands

0.00351APEX SILVER MINES43,918

0.37596,621China

0.37596,621CHINA BLUECHEMICAL H722,000

6.6610,797,600France

0.52849,501AIR LIQUIDE5,9280.0690,006ALSTOM1,4600.641,030,176CGG VERITAS27,9740.40652,558IMERYS SA9,2622.103,406,132LAFARGE SA53,4600.52845,494TECHNIP SA7,8882.313,750,207TOTAL64,8600.11173,526VALLOUREC1,425

1.422,310,538Germany

0.681,103,199BASF SE11,2610.741,207,339THYSSENKRUPP AG23,238

1.372,214,903Italy

1.101,775,043ENI SPA75,0640.27439,860SAIPEM8,522

0.871,413,944Jersey

0.871,413,944RANDGOLD RESOURCES16,759


0.11183,083GLENCORE INTERNATIONAL23,2250.42682,432SUBSEA 7 SA26,533

0.08124,998Netherlands

0.08124,998FUGRO NV CERTIFICAT-CVA1,734

1.282,079,994Netherlands Antilles

1.282,079,994SCHLUMBERGER LTD24,074

0.661,077,988Norway

0.20321,290NORSK HYDRO ASA41,7300.46756,698STATOILHYDRO ASA29,722

0.50811,688Portugal

0.50811,688GALP ENERGIA SGPS SA-B34,033

1.262,039,587South Africa

0.51831,981EXXARO RESOURCES LTD31,6020.751,207,606KUMBA IRON ORE LTD16,914

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36

Equity Global Resources

0.39626,346Spain

0.33523,036REPSOL YPF SA15,0690.06103,310TECNICAS REUNIDAS2,014


0.38606,011SYNGENTAAG-NOM1,7980.13213,371TRANSOCEAN LTD3,305


0.38609,958ANGLO AMERICAN PLC12,3050.56900,354ANTOFAGASTA PLC40,2291.231,997,965BG GROUP PLC88,0091.131,834,570BP PLC249,1390.931,509,382FERREXPO200,1980.23372,092PETER HAMBRO MINING31,7480.991,601,017RIO TINTO PLC22,2071.933,133,808ROYAL DUTCH SHELL B SHARES87,7660.831,353,930ROYAL DUTCH SHELL GBP38,0210.49795,809ROYAL DUTCH SHELL PLC-A22,4220.50812,431XSTRATA PLC36,896


2.163,498,228AIR PRODUCTS & CHEMICALS INC36,6000.19312,442ALCOA INC19,7000.46749,844ALLIED NEVADA GOLD CORP21,2001.432,312,395ANADARKO PETROLEUM CORP30,1251.332,151,798APACHE CORP17,4391.492,408,992BAKER HUGHES INC33,2001.031,673,934CELANESE SER A31,4000.39637,515CF INDUSTRIES HOLDINGS INC4,5003.455,615,063CHEVRON CORP54,6000.29462,250CLIFFS NATURAL RESOURCES5,0001.141,851,103CONOCOPHILLIPS24,6190.45727,259DEVON ENERGY CORPORATION9,2282.163,495,600DOW CHEMICAL CO97,1001.672,702,500E.I. DUPONT DE NEMOURS & CO50,0003.135,090,645EXXON MOBIL CORP62,5540.58936,330FREEPORT MCMORAN COPPER&GLD INC-B17,7000.901,457,358GAZPROM OAO-SPON ADR REG99,9562.093,390,276HALLIBURTON CO66,4760.43702,819HESS CORP9,4010.39631,763MARTIN MARIETTA7,9002.383,853,350NEWMONT MINING CORP71,3981.492,422,051OCCIDENTAL PETROLEUM CORP23,2800.52840,632PETROLEO BRASILEIRO-SP ADR27,4001.161,875,147PRAXAIR INC17,3000.15243,745RANDGOLD RESOURCES ADR2,9000.59962,488ROWAN COMPANIES INC24,8000.961,558,048VALE SA - PREF ADR53,800


0.00800FRANCO NEVADA CORP CW12 FRANCO NEVADACO 13/03/2012

147

0.0122,611KINROSS GOLD WARRANT 17/09/20148,907


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95.8659,296,777Shares0.47292,224Austria

0.43266,534ANDRITZ AG3,7540.0425,690INTERCELL9,052

2.731,690,860Belgium

1.12695,251KBC GROUPE25,6551.61995,586MOBISTAR19,0070.0023NYRSTAR STRIP VVPR3,766

0.0849,664Denmark

0.0849,664ZEALAND PHARMA5,145

1.45898,735Finland

1.45898,735POHJOLA BANK100,755

27.8517,226,345France

0.94581,542ALCATEL LUCENT145,8231.49919,240ALSTOM21,6193.532,181,685BNP PARIBAS40,9862.911,802,971CAP GEMINI SA44,6281.58976,249CGG VERITAS38,4352.581,594,384DANONE30,9890.99614,818EULER HERMES10,5531.02629,745GROUPE EUROTUNNEL81,6791.621,001,175ILIAD10,8201.01624,860L’OREAL6,9771.991,233,859PERNOD RICARD18,1531.48917,090REMY COINTREAU15,8012.361,462,546SAFRAN49,6621.02630,685SANOFI11,3761.53944,843SOCIETE GENERALE A23,0901.801,110,653VEOLIA ENVIRONNEMENT57,103

16.6210,282,461Germany

2.001,239,139BAYER AG22,3511.771,093,780BEIERSDORF24,4422.671,654,117GEA GROUP AG67,0092.421,494,653K & S AG28,2011.30801,240METRO19,1732.361,458,115PUMAAG6,6841.00620,232SYMRISE28,2183.101,921,185THYSSENKRUPP AG53,612

0.93574,128Greece


89,289

2.181,346,758Italy

0.71437,533FIAT INDUSTRIAL SPA49,1611.47909,225FIAT SPA120,109


1.801,110,801ARCELORMITTAL SA46,293


2.281,413,004EADS61,2222.501,548,096ING GROEP NV-CVA182,3650.95588,237QIAGEN NV44,4963.662,257,711SBM OFFSHORE NV123,778

4.452,753,172Spain

4.452,753,172REPSOL YPF SA115,003


0.48299,687ACTELION N8,8351.07661,869BARRY CALLEBAUT N9702.641,629,049CLARIANT (NAMEN)123,7550.47291,874LINDT AND SPRUENGLI PS1360.88545,874NOBEL BIOCARE HLDG AG-NOM38,8800.42257,621TEMENOS GROUP AG-NOM12,1431.981,227,229UBS AG NOM97,730


3.682,280,452ANGLO AMERICAN PLC66,7002.151,327,170BARCLAYS PLC467,3433.682,273,658BG GROUP PLC145,2071.711,059,341BURBERRY GROUP65,9752.651,639,617CENTRICA PLC457,9821.36843,919INVENSYS PLC236,7510.49300,741KESA ELECTRICALS197,2291.38852,701LONDON STOCK EXCHANGE72,5761.01622,816MEGGITT PLC147,4271.861,150,963TATE & LYLE PLC168,730



1.39863,785AMUNDI TRESO EONIA C40.54331,401AMUNDI TRESO INSTITUTION15


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37


Equity Europe Restructuring




3.431,397,277BOEING CO18,900


2.05835,674FORD MOTOR CO60,6002.09854,030JOHNSON CONTROLS INC20,500

3.491,424,712Banks

3.491,424,712J.P.MORGAN CHASE & CO34,800


2.531,032,578ANHEUSER-BUSCH17,8001.83746,354DR PEPPER SNAPPLE GROUP INC17,800

0.98400,298Chemicals

0.98400,298ECOLAB INC7,100


2.31944,082CHARLES SCHWAB CORP57,3911.50609,765MORGAN STANLEY26,5000.1977,496WESTERN UNION CO3,869


2.04832,216WALGREEN CO19,600


2.471,007,402KRAFT FOODS A28,5952.961,203,946MONSANTO16,5971.95796,281NESTLE SA-SPONS ADR FOR REG12,765

1.79730,590Forestry and Paper

1.79730,590INTERNATIONAL PAPER24,500


1.99812,936LOWE’S COMPANIES INC34,8753.531,436,666TARGET CORP30,626


1.04424,274BOSTON SCIENTIFIC CORP61,4001.01411,510HCA HOLDINGS INC12,4700.89361,728MEDCO HEALTH SOLUTIONS INC6,4002.621,067,281MEDTRONIC INC27,700


0.72292,953TOLL BROTHERS INC14,125


2.02822,615ABB SP.ADR31,7001.66676,609INGERSOLL RAND PLC14,9001.34546,663PACCAR INC10,700


1.85755,521NUCOR CORP18,329


2.05833,663UNITED PARCEL SERVICE-B11,431


3.121,272,055METLIFE INC28,996


1.39565,164AMERICAN TOWER CORPORATION10,800


0.58237,918CHUBB CORP3,800


2.04833,614ANADARKO PETROLEUM CORP10,8601.73703,323APACHE CORP5,7002.851,163,734EXXON MOBIL CORP14,300


2.39974,355HALLIBURTON CO19,1054.111,674,605SCHLUMBERGER LTD19,382


2.551,037,526MERCK AND CO INC29,4003.331,359,600PFIZER INC66,0001.45592,686VERTEX PHARMACEUTICALS INC11,400


1.14463,200AUTODESK INC12,0003.971,620,416GOOGLE INC-A3,2004.341,765,399MICROSOFT CORP67,9001.51616,569ORACLE CORP18,735


0.82334,082IRON MOUNTAIN INC9,8000.91371,835PAYCHEX INC12,1040.74301,887WASTE MANAGEMENT INC8,100


0.81329,928ADVANCED MICRO DEVICES INC47,2002.991,216,018CISCO SYSTEMS INC77,9000.64261,138FREESCALE SEMICONDUCTOR HOLDINGS LTD14,2002.791,134,592INTEL CORP51,2001.00408,888QUALCOMM INC7,200


0.98399,700SOUTHWEST AIRLINES35,000



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38

Equity US Opportunities



98.35229,766,754Shares1.994,653,759Bermuda

1.994,653,759NOBLE GROUP LTD2,900,000

1.383,229,007France

1.383,229,007CSE GLOBAL3,146,000

2.676,246,968India

1.814,232,881BANK NEGARA INDONESIA PERSERO9,367,5000.862,014,087BORNEO LUMBUNG12,337,000

21.6450,555,826Indonesia

4.7711,167,846ASTRA INTERNATIONAL TBK PT1,507,0001.052,444,989BANK DANAMON -A-3,494,5003.297,678,076BANK MANDIRI9,144,9070.892,073,741BW PLANTATION14,944,0001.142,671,332GUDANG GARAM460,0001.353,153,321INDOCEMENT TUNGGAL PRAKARSA TBK PT1,586,0001.062,473,530INDOFOOD SUKSES3,689,0001.513,521,253INDOMOBIL SUKSES3,682,5000.441,038,088MODERN INTERNASIONAL TBK3,956,5002.606,068,335PT BANK RAKYAT INDONESIA8,006,0000.982,297,992PT HARUM ENERGY TBK2,063,5000.851,980,433TAMBANG BATUBARA-B-816,5001.713,986,890UNITED TRACTORS1,373,075

0.882,059,531Isle of Man

0.882,059,531GENTING INTERNATIONAL1,310,000

18.4843,163,920Malaysia

3.337,773,295CIMB GROUP HOLDINGS BERHAD2,628,4001.353,150,374DIALOG3,446,6002.145,000,828IJM CORP BHD2,341,1001.313,069,995KENCANA PETROLEUM3,298,9001.092,551,007KUALA LUMPUR KEPONG347,6000.831,938,275MALAYSIA MARINE HEAVY ENGINEER702,6001.202,805,373MALAYSIAN RESOURCES CORP BHD3,798,6000.21489,669PETRA PERDANA1,699,5002.515,858,399PETRONAS CHEMICALS2,495,0001.623,777,403SAPURACREST PETROLEUM2,715,7000.721,680,472TAANN HOLDINGS BERHAD917,5801.333,109,642WAH SEONG CORP3,832,5000.841,959,188WCT BHD1,914,500

5.5012,839,090Philippines

0.862,002,143BANCO DE ORO UNIBANK INC1,587,6101.182,744,075DMCI PHP1 ORDS2,794,7000.942,203,479ENERGY DEVELOPMENT14,489,8000.671,570,050MEGAWORLD34,190,0001.022,370,179METRO BANK & TRUST1,467,3100.831,949,164SM INVESTMENTS CORP158,030

30.3770,940,107Singapore

1.333,107,580ARAASSET MANAGEMENT2,509,8000.781,829,995CAPITALAND772,0001.313,059,099CDL HOSPITALITY REIT1,823,0001.293,005,043CWT LIMITED2,753,0004.149,655,030DBS GROUP HOLDINGS LTD808,5001.102,577,073FIRST RESOURCES LTD2,276,0001.092,540,840GOLDEN AGRI-RESSOURCES LTD4,587,0001.653,854,955GOODPACK LIMITED2,586,0004.039,403,845KEPPEL CORPORATION LTD1,041,9001.453,394,157OVERS UNION ENTERPRISE1,462,0003.788,821,631OVERSEA-CHINESE BANKING1,157,0001.693,958,994SEMBCORP MARINE917,0001.062,469,726STRAITS ASIA RESOURCES1,014,0001.363,183,577SUPER GROUP2,733,0000.10243,498TAT HONG HLDGS376,0001.132,649,001UOL GROUP LTD653,0002.205,139,158WILMAR INTERNATIONAL1,164,0000.882,046,905YANLORD LAND GROUP2,094,000

14.8134,596,117Thailand

0.491,134,148AMATA -F-2,600,5001.112,584,491BANGKOK BANK PUBLIC -F-501,0000.912,114,703BANK OF AYUDHYA NVDR2,362,7000.801,858,812CHAROEN POKPHAND FOODS1,936,0002.455,747,071KASIKORNBANK PCL-NVDR1,435,6001.453,381,429KRUNG THAI BANK PUBLIC FOREIGN5,526,3000.992,309,897PTT CHEMICAL F482,8000.872,022,502PTT EXPLORATION PRODUC PUBLIC363,4001.844,322,017PTT PUBLIC COMPANY FOREIGN396,4000.972,262,994SINO THAI FOREIGN5,842,9000.992,314,543SUPALAI PUBLIC FOREIGN6,646,2001.032,409,702THAI OIL F993,8000.912,133,808TISCO FINL GRP PUBLIC CO.LTD1,748,300

0.631,482,429Viet Nam

0.19448,221HAGL JOINT STOCK COMPANY236,5800.17406,153HO CHI MINH CITY INV344,0600.27628,055VINAMILK118,610


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39

Equity ASEAN


40


Equity Asia ex Japan




98.87468,427,409Shares2.5612,109,208Bermuda

0.462,155,874CHINA YURUN FOOD766,0000.803,803,789GREAT EAGLE HOLDINGS1,145,0000.673,163,115LUK FOOK HOLDINGS652,0000.632,986,430NOBLE GROUP LTD1,861,000


1.848,736,125BELLE INTERNATIONAL HOLDINGS4,145,0001.336,284,026CHINA RESOURCES CEMENT HOLDINGS LTD6,680,0000.683,214,210GOLDEN EAGLE RETAIL GROUP1,267,0000.864,060,837LIFESTYLE INTERNATIONAL HOLDINGS LTD1,392,0001.014,799,890PARKSON RETAIL GROUP LTD3,282,0000.401,896,959SA SA INTERNATIONAL2,964,0000.783,690,699SITC INTERNATIONAL HOLDINGS CO6,854,000

11.6255,051,301China

0.683,213,784CHANGSA ZOOMLION1,687,4000.512,414,187CHINA MINSHENG BANKING CORP2,620,0001.034,857,829CHINA TELECOM7,500,0003.7917,951,715INDUSTRIAL & COMMERCIAL BANK OF CHINA-H23,635,6752.049,665,230PING AN INSURANCE GROUP CO-H936,0000.743,516,575SINOPHARM1,046,4001.125,287,580YANZHOU COAL MINING H1,390,0000.602,864,095ZHUZHOU CSR TIMES ELECTRIC H849,0001.115,280,306ZTE CORP1,457,000

0.482,276,522France

0.482,276,522CSE GLOBAL2,218,000


1.386,554,930AIA GROUP1,892,6000.321,531,614ASM PACIFIC TECH111,8001.738,213,546CHINA UNICOM4,076,0001.487,031,236CLP HOLDINGS LTD793,5003.4216,180,333CNOOC LIMITED6,933,0000.733,469,261GEELY AUTOMOBILE8,880,0001.426,725,395HUTCHISON WHAMPOA LTD623,0001.225,776,454HYSAN DEVELOPMENT CO1,169,0000.884,161,713ICICI BANK169,9532.7412,958,967SUN HUNG KAI PROPERTIES890,000

9.4644,823,254India

0.371,773,036CROMPTON GREAVES305,9610.522,444,731DISH TV INDIA LIMITED1,244,7110.381,808,064EXIDE INDUSTRIES500,0000.733,444,646HDFC BANK LIMITED61,2130.663,131,276HOUSING DEVELOPMENT FINANCE CORP LTD198,1821.878,901,958INFOSYS TECHNOLOGIES136,7280.241,150,702IRB INFRAST DEV298,8050.411,929,180JINDAL STEEL & POWER LTD132,218

0.381,811,874KOTAK MAHINDRA BANK LTD168,6700.612,894,255LARSEN & TOUBRO LTD70,9420.351,634,654LUPIN162,6740.733,435,505MAHINDRA & MAHINDR218,8000.522,468,846POWER GRID CORP OF INDIA1,007,8871.255,937,162RELIANCE INDUSTRIES LTD295,3880.241,131,201SHREE RENUKA SUGARS757,5660.20926,164SHRIRAM TRANSPORT FINANCE CO LTD67,140

4.6421,959,741Indonesia

0.632,993,902ASTRA INTERNATIONAL TBK PT404,0001.366,389,660BANK MANDIRI7,610,3500.874,137,491INDOCEMENT TUNGGAL PRAKARSA TBK PT2,081,0000.432,013,784INDOMOBIL SUKSES2,106,0000.783,702,846PT HARUM ENERGY TBK3,325,0000.572,722,058UNITED TRACTORS937,470

3.6417,235,958Malaysia

1.376,467,000CIMB GROUP HOLDINGS BERHAD2,186,7000.502,364,917DIALOG2,587,2870.381,820,172IJM CORP BHD852,1001.396,583,869PETRONAS CHEMICALS2,803,966


0.522,489,767DMCI PHP1 ORDS2,535,7000.411,937,062METRO BANK & TRUST1,199,180

5.2224,734,657Singapore

0.422,002,506ARAASSET MANAGEMENT1,617,3000.421,996,050GOODPACK LIMITED1,339,0001.446,841,457KEPPEL CORPORATION LTD758,0000.522,472,488OVERS UNION ENTERPRISE1,065,0001.265,970,041OVERSEA-CHINESE BANKING783,0000.643,009,181SEMBCORP MARINE697,0000.522,442,934STRAITS ASIA RESOURCES1,003,000

18.4187,276,888South Korea

0.934,407,715CHEIL INDL36,9090.643,047,700DAELIM INDUSTRIAL25,3220.673,182,124DOOSAN INFRACORE143,3500.803,809,973HONAM PETROCHEMICAL CORP10,2851.778,377,607HYNIX SEMICONDUCTOR357,0602.3411,089,597HYUNDAI MOTOR49,9571.215,711,042KOLON INDUSTRIES INC59,1981.999,424,272KOREA ZINC24,5710.954,487,141LG CHEM9,8171.265,991,105MANDO CORP28,9434.0119,015,832SAMSUNG ELECTRONICS CO LTD24,5790.753,559,199SAMSUNG SECURITIES48,1011.095,173,581SK ENERGY27,549


0.231,074,296GLENMARK PHARMACEUTICALS151,375

17.1381,153,002Taiwan

1.115,236,415ADVANCED SEMI ENGR4,774,866

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41


Equity Asia ex Japan


0.783,710,896ASUSTEK COMPUTER374,0002.6312,459,444CHINATRUST FIN HLDG14,315,1650.482,256,999CHIPBOND TECHNOLOGY1,587,0002.069,779,406FORMOSA PLASTICS2,714,0001.687,957,088HIGH TECH COMPUTER CORP236,6001.255,932,097RADIANT OPTO-ELECTRONICS1,836,1070.753,564,759SIMPLO TECHNOLOGY442,3001.065,018,549TAIWAN CEMENT3,368,0002.9213,810,746TAIWAN SEMICONDUCTOR MANUFACTURING CO

LTD5,494,367

0.833,942,842TRIPOD TECHNOLOGY951,7000.944,447,574UNIMICRON TECHNOLOGY2,500,0000.643,036,187UNITED MICROELECTRONICS CORP6,120,000

2.3311,019,558Thailand

0.462,163,303BANK OF AYUDHYA NVDR2,417,0000.823,867,751KRUNG THAI BANK PUBLIC FOREIGN6,321,1000.381,795,128SINO THAI FOREIGN4,634,9000.673,193,376THAI OIL F1,317,000


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0.40824,175EMBRAER EMPRESA108,2000.25510,948EMBRAER SAADR16,600


0.17353,122IOCHPE MAXION25,900

18.7438,364,511Banks

5.7311,733,139BANCO BRADESCO PFD578,2422.364,821,297BANCO BRADESCO-SPONSORED ADR235,3002.565,247,765BANCO DO BRASIL SA292,8001.132,312,168BANCO ESTADO RIO GRANDE DO SUL201,8000.551,133,892BANCO SANTANDER BRASIL96,8000.11231,858BCO SANTANDER BRASIL SPONSORED ADR 1 UNT19,8004.348,880,705ITAU UNIBANCO ADR377,1001.964,003,687ITAU UNIBANCO HOLDING SA171,600


0.45922,811AMBEV ADR32,3001.152,340,862AMBEV ADR69,4000.0124,224AMBEV NV 118890.001,217AMBEV NV 11 PF372.885,884,386AMBEV-CIA DE BEBIDAS DAS AMERI213,7900.14295,705AMBEV-CIA DE BEBIDAS PFD9,000


0.42858,918BRASKEM PREF A60,2000.15302,432BRASKEM SP.ADR10,400


0.43897,983DURATEX106,1990.34687,898OBRASCON HUARTE LAIN BRASIL16,088


0.551,123,179AES TIETE78,3001.062,195,371CEMIG134,5000.711,446,864CEMIG SP ADR70,1000.22454,950CENTRAIS ELC SP ADR33,7000.671,369,403CESP CIA ENERG SP PRF NPV ‘B’69,8000.27554,439CIA ENERGETICA CEARA26,9000.561,152,877CIA PARANAESE DE ENERGI PFB43,4000.35708,876CPELBN SP.ADR26,1000.14294,175ELETROBRAS22,0000.20405,297ELETROPAULO PREF SHS18,7000.28563,182ENERGIAS DO BRASIL S.A23,4000.07136,347EQUATORIAL ENERGIA SA - ORD17,9000.14280,019LIGHT S.A.14,9000.571,157,724MPX ENERGIA.46,4000.09193,947TRANPAULIST PN COMPANIA TRANSMISSAO6,037


2.444,999,480BOLSA DE MERCADORI756,1003.136,407,927BRADESPAR PREF252,8000.0362,532ITAUSA INVESTIMENTOS8,1413.246,633,842ITAUSA INVESTIMENTOS PREF864,372


0.20401,240BRASIL TELECOM ADR14,0000.0370,458BRASIL TELECOM ADR 1 SH6,5360.38777,784BRASIL TELECOM PREF81,0070.49996,114TELE NORTE LESTE PREF. ADR64,1000.771,577,248TELECOMUNICACOES SAO PAULO ADR53,1061.923,936,809TELECOMUNICACOES SAO PAULO PF135,4700.32660,387TELEMAR38,0000.21428,551TELEMAR NORTE LESTE PREF A12,900


0.581,183,140COMPANHIA BRASILEIRA DIST -ADR25,2001.623,314,781PCAPN PCA471,775


1.002,035,506BRASIL FOODS120,0000.16320,605BRF BR FOODS SP ADR18,5000.44910,689COSAN CLA74,1000.41840,261HYPERMARCAS89,300

1.513,086,532Forestry and Paper

0.26527,475FIBRIA CELULOSE SA40,1000.30610,354FIBRIA CELULOSE SA46,2740.951,948,675SUZANO BAHIA SUL PAPEL PFD A269,6500.0028SUZANO PAPEL DS 13/06/2011864


0.24499,828SABESP16,8000.621,253,070SABESP SP.ADR21,000


1.122,291,762KLABIN PREF.SHS617,300


0.09187,123ANHANGUERA EDUCACIONAL PARTICIPACOES8,8000.741,510,845LOCALIZA RENT A CAR84,6000.20415,134LOJAS RENNER SA10,900


0.651,324,922AMIL PARTICIPACOES SA112,8000.551,135,851DIAGNOSTICOS DAAMERICA84,500


0.22450,036ROSSI RESIDENCIAL55,1000.21425,181TECNISA SA50,900


0.33693,711AUTOMETAL71,3000.29584,728MARCOPOLO PREF130,500


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42

Equity Brazil

0.0598,421RANDON SA IMPLEMENTOS PRF SHS12,400


0.11231,625GERDAU PREF.22,2001.302,658,993GERDAU SA290,9000.791,614,820GERDAU SP.ADR153,5000.521,070,241METALURGICA GERDAU PREF83,6000.44896,858MMX MINERACAO E METALICOS SA167,8000.27548,051MMX MINERACAO TRUST UNITS301,4791.182,418,611SID NACIONAL196,9000.41833,574SID NACIONAL SP ADR66,9000.30605,083USIMINAS PREF.SHS A69,0001.322,711,314USINAS SIDERURGICAS DE MINAS GERAIS SA180,400


1.052,149,657CCR SA72,3000.41833,505ECORODIA96,1000.681,387,767LLX LOGISTICA SA451,6790.16329,742SANTOS BRASIL18,3000.16324,865TEGMAGESTAO LOGISTICA S.A.20,1000.006TRAN PAULIST RIGHT 26/05/201160

0.721,480,809Media

0.721,480,809SARAIVA SA LIVREIROS EDITORES75,800

7.5815,513,373Mining

2.565,230,098VALE DO RIO DOCE165,1000.33671,487VALE DO RIO DOCE -PREF-A23,5004.088,354,924VALE SA - ADR261,5000.611,256,864VALE SA - PREF ADR43,400


0.09190,845TIM PARTICIPACOES33,5000.881,786,323TIM PARTICIPACOES ADR36,3000.13274,499TIM PARTICIPACOES PF56,800


0.44900,596PORTO SEGURO57,9000.08163,097SULAMERICA SA UNITS13,000


1.432,924,984HRT PETROLEO3,2640.008HRT PETROLEO DS 20/05/20115943.998,170,695OGX PETROLEO E GAS PARTICIPA874,9000.10208,351PETROLEO BRASILEIRO12,4000.49997,529PETROLEO BRASILEIRO PREF.SHS65,7008.8118,036,772PETROLEO BRASILEIRO-SP ADR587,900


2.525,149,696CIA HERING224,1000.07144,790GUARARAPES CONFECCOES2,600


0.46939,194BR MALLS PARTICIPACOES SA82,2000.15312,527BR PROPERTIES27,9000.711,450,623BROOKFIELD INCORPORACOES297,800

0.0472,803BROOKFIELD INCORPORACOES SA15,7750.31644,377CAMARGO CORREA DESENV. IMOBILI198,1670.08165,490CR2 EMPREENDIMENTOS IMOBILIARI37,2000.37757,651CYRELA BRAZIL REALTY SA79,6000.40811,069EVEN CONSTRUTORA E INCORPORADO160,8000.781,598,950EZ TEC EMPREENDIMENTOS PARTICI147,2000.31633,506HELBOR EMPREENDIMENTOS SA44,7830.36733,358JHSF PARTICIPACOES241,2000.531,094,196MRV ENGENHARIA E PARTICIPACOES131,9001.913,903,528PDG REALTY693,7820.18366,763TRISUL SA144,6920.10203,821VIVER SHS123,900


0.491,010,226TOTVS54,800


0.26541,890GOL LINHAS AEREAS INTELIGE ADR44,6000.05107,325GOL LINHAS AEREAS PFD9,0000.28550,116TAM ADR25,200


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43

Equity Brazil




44

Equity Emerging Europe



96.7875,824,589Shares0.18141,669Austria

0.0966,669C.A.T OIL9,7970.0975,000VERBUND A2,500


0.20153,355MAIL.RU GROUP ADR6,693

0.92718,311Cyprus

0.38301,092AVANGARDCO INVESTMENTS PUBLIC LIMITED26,1400.44341,149GLOBALTRANS INVSESTMENTS PLC26,7360.1076,070ROS AGRO PLC GDR REG S W/I7,992

3.512,752,183Czech Republic

3.122,447,220CESKE ENERGETICKE ZAVODY A.S.69,0000.39304,963CESKY TELECOM17,000

1.11869,762Guernsey

0.98764,784ETALON GROUP160,9320.0863,504RAVEN RUSSIA99,7350.0541,474R.G.I. INTERNATIONAL LIMITED22,271

3.392,656,715Hungary

0.38297,618MAGYAR TELEKOM TELECOMUNICATIO134,1631.02802,938MOL HUNGARIAN OIL AND GAS PLC10,1521.991,556,159OTP BANK69,268

0.0751,224Ireland

0.0751,224PETRONEFT RESOURCES134,080

1.501,175,132Isle of Man

1.501,175,132EXILLON ENERGY244,067

0.0040Jersey

0.0040UNITED COMPANY RUSAL LIMITED42


0.0536,761KERNEL HOLDINGS SA1,9240.0651,087MHP SA GDR REG S4,489

0.0751,868Malaysia

0.0751,868STEPPE CEMENT117,836


0.14105,376ASTARTA HOLDING NV4,8210.0649,494KAZMUNAIGAS EXPLORATION GDR S3,6060.1082,122YANDEX CLA3,353

10.248,023,377Poland

0.1081,354BANK HANDLOWY3,7220.60472,850BANK MILLENNIUM348,5341.03805,927BANK PEKAO SA19,777

0.74580,517BRE BANK7,0900.37290,764CYFROWY POLSAT SA70,1410.14110,017GLOBE TRADE CENTRE23,5431.341,050,208KGHM POLSKAMIEDZ SA21,2190.0757,885NETIA40,0000.32247,159NG2 S.A.17,1091.631,278,877PKO BANK POLSKI SA121,1980.19147,398POLSKI KONCERN NAFTOWY ORLEN SA11,3371.871,454,570POWSZECHNY ZAKLAD UBEZPIECZEN15,4390.92718,442TAURON POLSKA ENERGIA S.A434,5920.82645,757TELEKOMUNIKACJA POLSKA SA154,2800.1081,652TVN SA20,000

0.0858,852Portugal

0.0858,852JERONIMO MARTINS SGPS SA4,445

35.4427,776,271Russia

0.0972,452ACRON2,1990.00857BASHNEFT230.56442,607BASHNEFT PREF SHS14,5020.0967,932CHELYABINSK TUBE-ROLLING PLANT37,6580.17133,025FAR EAST SHIPPING414,8561.02797,407FEDERAL GRID CO UNIFIED ENERGY SYSTEM JSC85,196,8260.014,006FEDERAL HYDROGE RUB121,3220.00645FEDERAL HYDROGENERATING19,8142.551,999,172GAZPROM OAO396,7720.0862,596IDGC2,677,1280.0751,818IDGC OF CENTER AND VOLGA REGIO11,738,7971.541,203,293KUZBASS TOPLIVNAYA209,5030.0644,628LENENERGO CLS105,9160.49381,449LUKOIL OAO8,6840.36282,667M VIDEO OJSC45,7930.0434,857MECHEL OJSC PREF SHS5,8560.96755,069MECHEL PREF.72,0530.30234,923MMC NORILSK NICKEL1,3030.36284,779MOSTOTREST OAO49,9060.0649,128MRSK VOLGA OAO (IDGC VOLGA)18,744,2093.442,695,991NOVATEK OAO-SPONS GDR REG S28,3040.23180,220NOVOLIPETSK IRON & STEELADR6,7171.22956,478OJSC LSR GROUP GDR175,5380.26205,085OJSC MAGNIT2,2070.87681,286POLYUS GOLD15,8480.25197,392PROTEK230,0000.1399,864RAZGULIAY GROUP OJSC72,2960.0432,812RBC OJSC35,9950.0971,861ROSTELEKOM EM.318,0560.0971,883ROSTELEKOM EM.917,9590.22173,099ROSTELEKOM PREF80,7280.67523,642RUSHYDRO OJSC15,849,7285.204,076,019SBERBANK PREF2,196,0676.044,736,989SBERBANK RF1,916,6480.44343,484SIBERIAN CEMENT HOLDING COMP20,0000.35274,888SISTEMA JSFC356,8330.14112,790SISTEMA JSFC-REG S SPONS GDR6,3630.0966,642SURGUTNEFTEGAZ97,805

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45

Equity Emerging Europe


0.96751,941SURGUTNEFTEGAZ PRF2,179,0960.38299,405SY SYNERGY ORD SHS RUB10012,7651.02798,101TATNEFT PREF SHS357,7340.82642,138TATNEFT-SP REGS ADR21,6010.1080,360TNK BP HOLDING37,1680.47367,973TRANSNEFT OJSC PREF SHS3702.001,564,272URALKALIY252,8580.83648,033VTB BANK303,080,7730.0644,995VYKSAMETALL360.22175,318WGC 4 (OGK-4)2,843,229

8.276,480,169Turkey

0.70550,064AKBANK172,6870.0862,603ANADOLU CAM37,3170.14105,837ANADOLU EFES11,3530.21167,600ARCELIK AS47,5450.56439,389ASYA KATILIM BANKA TRY1408,9180.18144,390BIM BIRLESIK MAGAZALAR AS6,4450.0967,447BIZIM TOP SAT SHS6,1080.1074,979CIMSA CIMENTO SANAYI20,3860.22172,007DOGAN HOLDINGS450,0000.002ENKA INSAAT VE SANAYI AS0.9070.48378,934HACI OMER SABANCI HOLDING130,8240.20160,031KOC HOLDING53,9830.19149,176KOZAALTIN ISLETMELERI AS16,1120.1077,255MIGROS TICARET AS9,5990.43332,972TEKFEN HOLDING140,0000.0970,068TRAKYA CAM SANAYII47,6820.18140,975TUPRAS8,3400.1187,784TURK TELEKOMUNIKASYON A.S.24,0900.38296,548TURKCELL ILETISIM HIZMETL80,0730.97758,247TURKIYE GARANTI BANKASI242,5720.28219,402TURKIYE HALK BANKASI42,5181.14893,476TURKIYE IS BANKASI-C422,4360.56441,696TURKIYE SINAI KALKINMA BANKASI399,9980.34264,794TURKIYE VAKIFLAR BANKASI T.A.O169,8830.54424,493YAPI VE KREDI BANKASI244,973


0.0973,430HMS HYD MACHIN & SYSTEMS GROUP15,2090.20149,393IBS GROUP HOLDING LTD6,5380.0755,992KAZAKHMYS PLC3,6640.19148,474PETER HAMBRO MINING18,3670.0973,620VOLGA GAS57,811


0.76592,011CHERKIZOVO ADR43,1320.1189,436DIXY GROUP9,3520.28220,805EURASIA DRILLIN GDR10,8520.19147,258EVRAZ GROUP SA-GDR REG6,8547.025,504,238GAZPROM OAO-SPON ADR REG547,3470.0648,143GLOBAL PORTS GDR4,0007.535,906,288LUKOIL SP ADR134,6421.771,383,316MAGNIT GDR SPONSORED63,8933.092,417,751MMC NORILSK NICKEL JSC-ADR133,793

0.77606,079MOBILE TELESYSTEMS-SP ADR46,2000.58454,604OAO SEVERSTAL GDR35,7240.86673,734POLYMETAL OJSC50,8593.782,965,790ROSNEFT OJSC-GDR510,6830.50389,594ROSTELECOM SP.ADR13,9470.64499,872SURGUTNEFTEGAZ-SP ADR73,2060.85662,415SURGUTNEFTEGAZ-SP ADR PREF193,2400.19146,939TMK OAO GDR REG S11,4230.23177,826TRANSCONTAINER GDR21,5930.95745,308URALKALI-SPON GDR24,0130.0753,231URALKALIY NV11 E.59,1200.0539,719URALKALIY OJSC6,8050.47365,555X 5 RETAIL GROUP NV REGS ADR13,555

0.37287,351Other transferable securities

0.37287,351Shares0.26199,460Russia

0.26199,460INTER RAO UES222,451,310

0.1187,891Turkey

0.1187,891TURK TRAKTOR VE ZIRAAT MAKINAL5,563


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46

Equity Emerging Internal Demand



97.78349,427,123Shares0.18641,088Argentina

0.18641,088NORTEL INV SP.ADR-B22,400

1.736,199,457Bermuda

0.09326,477C C LAND HOLDINGS870,0000.23814,691CAFE DE CORAL HLDG LTD334,0000.853,035,705CLSA FINANCIAL PRODUCTS LTD CERTIFICAT678,7490.14507,990CREDICORP LTD.5,9000.25890,710KUNLUN ENERGY518,0000.17623,884TRINITY620,000

14.4751,744,494Brazil

0.23825,730AES TIETE57,5640.15536,782AMIL PARTICIPACOES SA45,7000.13472,852AUTOMETAL48,6000.521,850,544BANCO BRADESCO PFD91,2000.361,270,181BANCO DO BRASIL SA70,8700.26914,326BANCO ESTADO RIO GRANDE DO SUL79,8000.22772,966BOLSA DE MERCADORI116,9000.0274,267BR MALLS PARTICIPACOES SA6,5000.05181,467BR PROPERTIES16,2000.15531,797BRADESPAR PREF20,9800.12419,405BROOKFIELD INCORPORACOES86,1000.0131,373BROOKFIELD INCORPORACOES SA6,7980.08277,206CAMARGO CORREA DESENV. IMOBILI85,2500.12428,148CCR SA14,4000.10362,767CEMIG22,2250.08284,475CESP CIA ENERG SP PRF NPV ‘B’14,5000.18649,250CIA ENERGETICA CEARA31,5000.863,099,929CIA HERING134,9000.07248,258COSAN CLA20,2000.06220,449DIAGNOSTICOS DAAMERICA16,4000.13447,305DURATEX52,9000.11380,758ECORODIA43,9000.03120,338ENERGIAS DO BRASIL S.A5,0000.09329,370EVEN CONSTRUTORA E INCORPORADO65,3000.25879,857EZ TEC EMPREENDIMENTOS PARTICI81,0000.04156,532FIBRIA CELULOSE SA11,9000.03100,162GERDAU PREF.9,6000.10373,458HELBOR EMPREENDIMENTOS SA26,4000.361,288,642HRT PETROLEO1,4380.0275,275HYPERMARCAS8,0000.0128,904ITAUSA INVESTIMENTOS3,7630.843,055,082ITAUSA INVESTIMENTOS PREF398,0690.15525,087JHSF PARTICIPACOES172,7000.642,295,103KLABIN PREF.SHS618,2000.04146,587LIGHT S.A.7,8000.23824,778LLX LOGISTICA SA268,4420.17617,911LOCALIZA RENT A CAR34,600

0.13448,964MARCOPOLO PREF100,2000.09304,752MMX MINERACAO TRUST UNITS167,6420.20701,122MPX ENERGIA.28,1000.06203,243MRV ENGENHARIA E PARTICIPACOES24,5000.06217,042OBRASCON HUARTE LAIN BRASIL5,0760.632,237,625OGX PETROLEO E GAS PARTICIPA239,6000.612,175,355PCAPN PCA447,1030.291,035,817PDG REALTY184,0980.0016,803PETROLEO BRASILEIRO1,0002.338,361,323PETROLEO BRASILEIRO PREF.SHS550,7000.09326,641PORTO SEGURO21,0000.0124,809PORTX OPERACOES11,3000.06220,162SABESP7,4000.0275,679SANTOS BRASIL4,2000.391,404,620SARAIVA SA LIVREIROS EDITORES71,9000.10366,047SID NACIONAL29,8000.351,238,654SUZANO BAHIA SUL PAPEL PFD A171,4000.06218,855TECNISA SA26,2000.10343,088TELECOM.SAO PAULO12,9000.19693,758TELECOMUNICACOES SAO PAULO PF23,8730.0131,282TELEMAR1,8000.09308,328TIM PARTICIPACOES PF63,8000.05186,191TOTVS10,1000.04135,872TRISUL SA53,6030.0391,201USIMINAS PREF.SHS A10,4000.23807,082USINAS SIDERURGICAS DE MINAS GERAIS SA53,7000.863,101,311VALE DO RIO DOCE97,9000.381,371,547VALE DO RIO DOCE -PREF-A48,000


0.16580,287MAIL.RU GROUP ADR17,468


0.341,203,457BELLE INTERNATIONAL HOLDINGS571,0000.14496,142CHINA DONGXIANG1,563,0000.11405,616CHINA HIGH SPEED TRANSMISSION367,0000.07267,669CHINA OVERS.GRAND OCEANS GROUP205,0000.26930,071CHINA RESOURCES LAND LTD514,0000.11399,334CHINA ZHENGTONG AUTO SERVICES348,7450.20717,293COUNTRY GARDEN HOLDINGS CO1,632,0000.16576,771ENN ENERGY HOLDINGS LTD170,0000.15518,788GREEN DRAGON GAS LTD49,0580.08282,924KWG PROPERTY HOLDING425,0000.572,043,546LIFESTYLE INTERNATIONAL HOLDINGS LTD700,5000.27977,920SA SA INTERNATIONAL1,528,0001.053,737,475TENCENT HOLDINGS LTD137,7000.23818,307VINDA INTERNATIONAL HOLDINGS728,5420.24858,698WANT WANT CHINA HOLDINGS885,0000.18626,213XINYI GLASS HOLDINGS632,000

0.23824,844Chile

0.03109,135CENCOSUD SA15,2170.12427,737CFR PHARMACEUT1,578,0810.08287,972PARAUCO129,119

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7.6927,483,827China

0.07263,479AGILE PROPERTY HOLDINGS170,0000.15521,587ANHUI CONCH CEMENT111,5000.15529,606ANHUI EXPRESSWAY -H-634,0000.11399,524BBMG268,0000.11410,246CHANGSA ZOOMLION215,4000.19674,298CHINA BLUECHEMICAL H816,0000.301,069,380CHINA COAL ENERGY CO- SHARE H794,0000.18649,118CHINA COMMUNICATIONS CONSTR H755,0000.893,167,451CHINA CONSTRUCTION BANK H3,821,2000.501,777,606CHINA LIFE INSURANCE CO-H520,0000.10349,394CHINA OILFIELD SVC192,0000.893,230,110CHINA PETROLEUM & CHEMICAL H3,210,0000.662,374,399CHINA SHENHUA ENERGY CIE LTD498,0001.184,236,604INDUSTRIAL & COMMERCIAL BANK OF CHINA-H5,578,0200.792,807,980PETROCHINA CO LTD-H1,920,0000.582,060,057PING AN INSURANCE GROUP CO-H199,5000.14484,488SHANDONG WEIGAO GROUP MEDICAL336,0000.12426,471SHANGHAI PHARMACEUTICALS HOLDINGS CO LTD158,4000.13460,698VANCEINFO TECHNOLOGIES ADR19,9350.19677,115YANZHOU COAL MINING H178,0000.26914,216ZHUZHOU CSR TIMES ELECTRIC H271,000

0.511,809,522Cyprus

0.451,585,783GLOBALTRANS INVSESTMENTS PLC85,7180.06223,739ROS AGRO PLC GDR REG S W/I16,213


0.361,285,545CESKE ENERGETICKE ZAVODY A.S.25,000

0.06204,426Egypt

0.06204,426ORASCOM CONSTRUCTION INDUSTRIE4,525


0.16562,814BEIJING ENTERPRISE108,0000.321,159,091CHINA FOODS LTD1,394,0000.16563,829CHINA MERCHANTS HOLDINGS146,0001.023,696,576CHINA MOBILE LTD399,5000.25893,486CHINA RESOURCES POWER458,0000.501,793,439CHINA UNICOM890,0000.642,273,736CN TAIPING INSU SHS1,006,4001.003,584,739CNOOC LIMITED1,536,0000.11383,260COSCO PACIFIC LIMITED218,0000.291,041,856GUANGZHOU AUTOMOBILE GROUP CO., LTD853,3630.341,197,532HENGAN INTERNATIONAL GROUP CO LTD133,5000.331,185,779ICICI BANK48,4240.15518,246SHANGHAI INDUSTRIAL HOLDINGS141,0000.21734,458SWIRE PACIFIC A50,0000.662,347,809WHARF HOLDINGS338,000

0.14486,549Hungary

0.14486,549MOL HUNGARIAN OIL AND GAS PLC4,243

6.7023,953,372India

0.14493,933AGUNG PODOMORO SHS13,033,000

0.311,112,651APOLLO HOSPITALS ENTERPRISE104,0550.08291,869AXIS BK SHS DEMATERIALISED10,1220.15530,191BANK NEGARA INDONESIA PERSERO1,173,3290.17592,357CIPLA LTD80,1570.301,060,161DABUR INDIA415,7180.17610,689FEDERAL BANK LTD60,3100.572,039,450HDFC BANK LIMITED36,2420.321,142,514HINDALCO INDUSTRIES282,8760.321,131,415INDIAN HOTELS CO LTD653,4510.481,725,660J & K BANK DS91,8240.592,135,918JINDAL STEEL & POWER LTD146,3870.481,715,493LARSEN & TOUBRO LTD42,0490.572,049,131LUPIN203,9210.451,606,004MAHINDRA & MAHINDR102,2830.21756,293MAX INDIA184,4420.07252,171PHOENIX MILLS SH59,3300.23820,085SHREE CEMENT20,7540.08287,665STERLITE INDUSTRIES INDIA76,5210.281,013,083TORRENT PHARMACEUTICAL71,2850.27960,486YES BANK137,6600.461,626,153ZEE ENTERTAINMENT SHS DEMATERIALISED537,870

6.1722,067,373Indonesia

0.411,448,388ACE HARDWARE INDONESIA TBK4,106,0000.331,175,217ADARO ENERGY TBK4,113,5000.742,678,950ASTRA INTERNATIONAL TBK PT361,5000.491,749,362BANK CENTRALASIA1,961,0000.14488,718BANK DANAMON -A-698,5000.602,161,189BANK MANDIRI2,574,0660.391,392,332BUMI SERPONG DAMAI13,266,6000.16583,628GUDANG GARAM100,5000.27977,211INDOCEMENT TUNGGAL PRAKARSA TBK PT491,5000.17604,863MAYORA INDAH399,0000.612,178,128MITRAADIPERKASA4,699,0000.22788,292PT BANK RAKYAT INDONESIA1,040,0000.28990,212PT JASA MARGA TBK2,342,5000.391,387,581PT SEMEN GRESIK TBK1,239,5000.321,151,499SUMMARECON AGUNG8,662,0000.331,161,822TAMBANG BATUBARA-B-479,0000.22785,097TELKOM -B-916,0000.10364,884WIJAYA KARYA4,741,000

0.05174,840Kazakhstan

0.05174,840KAZKOMMERTSBANK GDR31,789


0.07263,693KERNEL HOLDINGS SA9,5190.20697,108MHP SA GDR REG S42,249

3.5212,568,435Malaysia

0.14493,286AMMB HOLDINGS BHD228,8000.23821,117BERJAYA SPORTS TOTO552,2000.06206,604BURSAMALAYSIA80,6000.541,944,506CIMB GROUP HOLDINGS BERHAD657,5000.301,074,306FABER GROUP1,552,100

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0.301,064,212GENTING286,4000.291,039,993GENTING MALAYSIA BHD872,3000.06212,542IJM CORP BHD99,5000.331,182,178MEDIA PRIMA BHD1,230,9000.06216,117PARKSON HOLDINGS108,4000.511,807,951PUBLIC BANK -F-411,7000.006,255PUBLIC BANK BHD1,4200.17590,204RHB CAPITAL BHD194,5560.361,287,515SIME DARBY421,2000.17621,649UEM LAND HOLDINGS668,000

1.836,523,000Mexico

0.10354,482AMERICA MOVIL L263,1000.08300,596GEO B SHS130,8000.10346,097GRUPO BIMBO SA DE CV BIMBO149,6000.20710,854GRUPO FIN BANORTE156,4000.07258,807GRUPO INDUSTRIAL MASECA S.A.B.125,0000.541,905,179GRUPO MEXICO SAB DE CV -B-575,9690.04145,507GRUPO MODELO SHS C24,2000.14506,565INDUSTRIAS PENOLES SA DE CV13,4600.0260,439KIMBERLY-CLARK DEMEXICO S.A.B.9,2000.06215,691MEXICHEM S.A.B. DE C.V53,6000.03102,743URBI DESARROLLO URBANOS46,9000.451,616,040WAL MART DE MEXICO V546,300


0.27963,436JP MORGAN STRUCTURED CERT HOUSING DVPTFINANCE 25/08/2014

61,260

0.11407,016YANDEX CLA11,462


0.13476,055ABOITIZ POWER659,1000.301,076,716AYALA CORP146,2680.14512,236BANCO DE ORO UNIBANK INC406,1800.18627,327DMCI PHP1 ORDS638,9000.18640,211INTERNATIONAL CONTAINER TERMIN552,6600.11379,405JOLLIBEE FOODS CORP.185,7800.381,363,507METRO BANK & TRUST844,1090.351,237,779METRO PACIFIC14,983,0000.321,142,077PHILIPPINE NATIONAL BANK854,0450.381,353,686ROBINSONS LAND CORPORATION4,888,5000.07264,444SM INVESTMENTS CORP21,4400.331,193,833SM PRIME HLDGS4,384,3000.18633,443UNIVERSAL ROBINA672,8000.341,229,800VISTA LAND & LIFE16,865,000

1.224,347,205Poland

0.08283,818BANK HANDLOWY8,9560.15538,911BANK MILLENNIUM273,9780.10352,928BRE BANK2,9730.09318,470CYFROWY POLSAT SA52,9880.10342,001KGHM POLSKAMIEDZ SA4,7660.301,080,121POLSKI KONCERN NAFTOWY ORLEN SA57,3000.10352,555POWSZECHNY ZAKLAD UBEZPIECZEN2,5810.08295,891TAURON POLSKA ENERGIA S.A123,452

0.22782,510TELEKOMUNIKACJA POLSKA SA128,946

0.10359,136Qatar

0.10359,136COMMERCIAL BANK OF QATAR89,784

2.9810,654,983Russia

0.11385,313FEDERAL GRID CO UNIFIED ENERGY SYSTEM JSC28,394,4710.005,557FEDERAL HYDROGE RUB116,0800.0034FEDERAL HYDROGENERATING7220.06200,885IDGC5,925,8130.05170,663IDGC OF CENTER AND VOLGA REGIO26,666,1530.15552,358KUZBASS TOPLIVNAYA66,3310.04133,446LENENERGO CLS218,4420.15537,534M VIDEO OJSC60,0630.24857,668MOSTOTREST OAO103,6670.19666,570OJSC LSR GROUP GDR84,3760.23837,868OJSC MAGNIT6,2190.04160,132PHARMSTANDARD2,0570.13479,238RAZGULIAY GROUP OJSC239,2960.04149,832RBC OJSC113,3690.08283,782ROSTELEKOM EM.349,1800.09304,379ROSTELEKOM EM.952,4500.461,623,723SBERBANK PREF603,3900.441,579,942SBERBANK RF440,9180.13477,660SISTEMA JSFC427,6660.18648,925SISTEMA JSFC-REG S SPONS GDR25,2500.06223,569URALKALIY24,9260.11375,905WGC 4 (OGK-4)4,204,755


0.13457,352OVERS UNION ENTERPRISE197,0000.491,738,664PARKWAY LIFE REIT1,160,0000.19681,503SINGAPORE AIRLINES59,000


0.22776,721AFRICAN BANK INVESTMENTS LTD152,9750.23809,008ASPEN PHARMACARE65,2890.10367,203BIDVEST GROUP16,5400.03117,208BLUE LABEL TELECOMS157,9630.10345,277EXXARO RESOURCES LTD13,1150.22770,002FIRSTRAND262,9650.15548,738FOSCHIN LTDI42,1710.23818,539IMPERIAL HOLDINGS45,7640.07252,011LEWIS GROUP20,2080.05173,765MASSMART HOLDING8,4260.18656,757MR PRICE GROUP65,2810.983,487,705MTN GROUP LTD164,3030.401,443,565NASPERS -N-25,6210.13451,587RMB HOLDINGS114,8710.14507,422RMI HOLDINGS278,5280.07245,836SANLAM LTD60,4690.16583,108SHOPRIETE HOLDINGS LTD38,8300.451,598,972STANDARD BANK GRP108,4270.10359,194TIGER BRANDS12,3290.10361,686WOOLWORTHS HOLDINGS LTD82,416

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14.4751,705,915South Korea

0.19669,096CELTRION16,1620.16584,502CJ HOME SHOPPING2,7050.371,312,742DAELIM INDUSTRIAL10,9070.23815,880DGF FINANCIAL GROUP53,7700.14483,278DONG-A PHARMACEUTICAL CO LTD5,4370.281,002,706DONGBU INSURANCE CO LTD19,2890.16574,111GS ENGINEERING & CONSTRUCTION4,7150.281,008,618HANA FINANCIAL GROUP28,8700.341,223,501HANA TOUR SERVICE26,8780.411,466,783HYUNDAI DEPARTMENT STORE NEW9,0260.26939,582HYUNDAI DEVT -E&C33,5500.351,243,881HYUNDAI GREENFOOD96,5840.401,415,260HYUNDAI HOME SHOPPING NETWORK CO11,8510.802,826,394HYUNDAI MOBIS7,5440.25898,307HYUNDAI STEEL7,4060.341,218,577KANGWON LAND45,4900.551,974,166KB FINANCIAL GROUP41,7370.511,836,467KIA MOTORS CORP27,1190.05186,447KOREA GAS CORP5,3800.19685,804KOREAN AIR LINES10,5050.311,093,500KOREAN REINSURANCE83,6900.07252,972KT6,6360.361,302,480KT CORPORATION ADR67,0000.10356,064LG CHEM7790.291,038,697LG CHEMICAL PREF ISSUE 016,7210.311,123,365LG CORP14,9360.572,048,121LG HOUSEHOLD & HEALTH CARE LTD4,7640.21756,031LOCK LOCK18,6200.06213,583LOTTE SHOPPING CENTER4480.08298,489MANDO CORP1,4420.451,624,021NHN CORP9,1740.19696,073NONG SHIM CO3,0520.15529,583OCI1,4030.702,488,748ORION CORP5,8270.722,583,693POSCO5,9450.371,329,186SAMSUNG CARD24,5520.963,394,394SAMSUNG FIRE & MARINE14,6130.391,408,851SAMSUNG HEAVY INDUSTRIES CO LTD31,6000.933,274,877SHINHAN FINANCIAL GROUP68,6920.27982,312SK HOLDINGS SHS5,6690.09309,492SK TELECOM2,0460.371,304,454WOONG JIN COWAY CO LTD36,6500.26930,827WOORI FINANCE HOLDINGS71,240

3.5112,534,072Taiwan

0.06226,358CATHAY FINANCIAL HLDG CO146,2720.15546,381CHINA LIFE INSURANCE413,0000.10349,330CHINA STEEL CORP290,0000.551,948,398CHINATRUST FIN HLDG2,238,5930.0272,099CHUNGHWA TELECOM CO LTD20,9610.22775,139FAR EASTERN TEXTILE497,5360.09328,469FAR EASTONE TELECOMMUNICATION206,0000.541,933,363FORMOSA CHEMICALS AND FIBER CO519,000

0.551,971,304FORMOSA PLASTICS547,0800.17603,829MEGA FINANCIAL HOLDING691,0000.401,413,406NAN YA PLASTICS CORP530,0000.481,710,519TAIWAN CEMENT1,147,9470.18655,477TAIWAN MOBILE CO LTD242,000

1.987,092,545Thailand

0.501,774,562BANPU PUBLIC -F-76,1500.12415,733BIG C SUPERCENTER139,6000.08289,762BIG C SUPERCENTER F97,3000.0267,579HOME PROD.FOREIGN253,2150.07262,002KASIKORNBANK -F-64,4000.05179,831KRUNG THAI BANK PUBLIC FOREIGN293,9000.23828,844PTT AROMATICS679,1000.351,235,330PTT PUBLIC COMPANY FOREIGN113,3000.281,014,522SIAM CEMENT -F-76,4000.15551,798SIAM MAKRO F86,5000.11401,051THAI OIL F165,4000.0271,531THAI STANLEY ELECTRIC13,200

0.301,087,911Turkey

0.06226,579ARCELIK AS44,3330.11378,973ASYA KATILIM BANKA TRY1243,2610.07254,795KOZAALTIN ISLETMELERI AS18,9810.06227,564MIGROS TICARET AS19,502


0.11388,273IBS GROUP HOLDING LTD11,720


0.12439,978AMBEV ADR15,4000.281,005,154AMBEV ADR29,8000.863,060,384AMERICA MOVIL-ADR-L56,8000.14490,455BAIDU ADS3,5000.291,041,753BANCO BRADESCO-SPONSORED ADR50,8420.08286,939BANCOLOMBIAADR4,3000.0393,862BRASIL TELECOM ADR3,2750.0010,198BRASIL TELECOM ADR 1 SH9460.04154,124BRASKEM SP.ADR5,3000.15551,088CEMIG SP ADR26,7000.471,694,504CERVECERIAS SP.ADR28,8230.26937,411CHUNGHWA TELECOM ADR27,1320.19679,842CIA DE MINAS BUENAVENTURA-SP ADR17,9000.12431,844CPELBN SP.ADR15,9000.20710,820CTRIP.COM INTERNATIONALADR16,5000.12434,569DIXY GROUP31,3420.0396,124DR REDDY’S LAB ADR2,8000.22770,295EMBOT AND SP ADR-B26,7000.05172,368EMBRAER SAADR5,6000.05165,960EMPRESAS ICA SAB DE CV ADR18,0000.03104,201FIBRIA CELULOSE SA7,9000.682,440,183FOMENTO ECONOMICO MEXICANO SA DE CV

FEMSAADR36,700

0.08303,630GLOBAL PORTS GDR17,4000.682,447,700GRUPO TELEVISA GDR99,500

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0.371,329,964HOLLYSYS AUTOMATION TECHNOLOGY142,7000.692,455,140ICICI BANK SP.ADR49,8001.093,881,228ITAU UNIBANCO ADR164,8080.16559,188MOBILE TELESYSTEMS-SP ADR29,4000.11390,208PERFECT WORLD ADR20,8000.14514,672PETROLEO BR SA-ADR15,2000.14495,261SABESP SP.ADR8,3000.10343,434TELE NORTE LESTE PREF. ADR22,1000.812,887,107TELECOMUNICACOES SAO PAULO ADR97,2090.21752,913TIM PARTICIPACOES ADR15,3000.14500,322TRANSCONTAINER GDR41,9030.331,181,745URALKALI-SPON GDR26,2610.17597,465VALE SA - ADR18,7000.15532,620X 5 RETAIL GROUP NV REGS ADR13,6220.27954,9027 DAYS GROUP HOLDING49,400

1.776,337,643Warrants, Rights1.043,743,395Bermuda

0.662,395,351CLSAWARRANT 170515 RELIANCE INDS119,5470.381,348,044CLSAWT TATA IRON 20/05/201599,630


0.371,316,164CLSA FINANCIAL WRT 16/01/2012133,1570.25894,877DEUBK CERT 24/1/2017(BHARTI AIRT)101,2900.11383,207DOHA CW MERRIL IRL 22/10/201227,285


0.391,377,612Shares0.19668,135Indonesia

0.19668,135PERUSAHAAN GAS NEGARA TBK1,423,500

0.17605,825South Africa

0.07254,996SAPPI LTD50,1050.10350,829SPAR GROUP LIMITED26,355

0.03103,652Turkey



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Equity Emerging World




95.79768,446,935Shares0.11887,234Argentina

0.01103,840BANCO MACRO BANSUD B26,5520.08629,640NORTEL INV SP.ADR-B22,0000.02153,754TELECOM ARG SP ADR5,900

0.957,656,731Bermuda

0.0015,047AQUARIUS PLATINUM2,9550.06496,734C C LAND HOLDINGS1,323,7040.01117,081CAFE DE CORAL HLDG LTD48,0000.171,355,465CLSA FIN CERT ONE ZEE TELEFILMS 03/05/2015446,9940.352,789,225CLSA FINANCIAL PRODUCTS LTD CERTIFICAT623,6390.09714,630CREDICORP LTD.8,3000.03226,790GOME ELECTRICALAPPLIANCES567,4300.211,696,230KUNLUN ENERGY986,4570.03245,529TRINITY244,000

9.5276,347,987Brazil

0.161,283,838AES TIETE89,5000.151,199,971AMIL PARTICIPACOES SA102,1620.10792,951AUTOMETAL81,5000.463,654,043BANCO DO BRASIL SA203,8780.181,443,215BANCO ESTADO RIO GRANDE DO SUL125,9600.262,070,708BOLSA DE MERCADORI313,1650.02143,964BR MALLS PARTICIPACOES SA12,6000.02160,184BR PROPERTIES14,3000.12989,553BRADESPAR PREF39,0390.09739,925BROOKFIELD INCORPORACOES151,9000.0038,190BROOKFIELD INCORPORACOES SA8,2750.04309,236CAMARGO CORREA DESENV. IMOBILI95,1000.403,172,455CCR SA106,7000.02146,200CEMIG8,9570.05390,417CESP CIA ENERG SP PRF NPV ‘B’19,9000.04342,144CIA ENERGETICA CEARA16,6000.574,607,381CIA HERING200,5000.09712,574COSAN CLA57,9800.03232,547DIAGNOSTICOS DAAMERICA17,3000.141,142,564DURATEX135,1240.241,921,137ECORODIA221,5000.02144,413ELETROBRAS10,8000.0193,197ELETROPAULO PREF SHS4,3000.03209,388ENERGIAS DO BRASIL S.A8,7000.0199,107EQUATORIAL ENERGIA SA - ORD13,0110.06494,308EVEN CONSTRUTORA E INCORPORADO98,0000.131,077,553EZ TEC EMPREENDIMENTOS PARTICI99,2000.02130,224FIBRIA CELULOSE SA9,9000.272,172,916GERDAU PREF.208,2620.03276,045GERDAU SA30,2000.02133,560GOL LINHAS AEREAS PFD11,2000.03251,990GUARARAPES CONFECCOES4,525

0.03207,948HELBOR EMPREENDIMENTOS SA14,7000.292,318,301HRT PETROLEO2,5870.01104,445HYPERMARCAS11,1000.0028,597ITAUSA INVESTIMENTOS3,7230.957,593,410ITAUSA INVESTIMENTOS PREF989,4010.07544,850JHSF PARTICIPACOES179,2000.342,744,349KLABIN PREF.SHS739,2070.01101,483LIGHT S.A.5,4000.141,146,286LLX LOGISTICA SA373,0840.11887,577LOCALIZA RENT A CAR49,7000.02149,206MARCOPOLO PREF33,3000.06457,029METALURGICA GERDAU PREF35,7000.05395,515MMX MINERACAO E METALICOS SA74,0000.05395,722MMX MINERACAO TRUST UNITS217,6840.211,657,417MPX ENERGIA.66,4270.0032,239MPX ENERGIA RTGHT 25/07/20115,6590.04308,598MRV ENGENHARIA E PARTICIPACOES37,2000.04309,699OBRASCON HUARTE LAIN BRASIL7,2430.937,443,513OGX PETROLEO E GAS PARTICIPA797,0350.191,546,232PDG REALTY274,8150.0160,353PETROLEO BRASILEIRO PREF.SHS3,9750.06458,853PORTO SEGURO29,5000.07597,473SABESP20,0820.01100,905SANTOS BRASIL5,6000.191,562,859SARAIVA SA LIVREIROS EDITORES80,0000.09685,416SID NACIONAL55,8000.352,778,560SUZANO BAHIA SUL PAPEL PFD A384,4860.02155,371TECNISA SA18,6000.10766,045TELECOM.SAO PAULO28,8030.211,716,596TELECOMUNICACOES SAO PAULO PF59,0700.0146,922TELEMAR2,7000.03212,614TELEMAR NORTE LESTE PREF A6,4000.02122,482TIM PARTICIPACOES21,5000.03261,774TOTVS14,2000.0199,695TRISUL SA39,3310.0025,431USIMINAS PREF.SHS A2,9000.181,451,846USINAS SIDERURGICAS DE MINAS GERAIS SA96,6000.604,824,615VALE DO RIO DOCE152,3000.171,357,203VALE DO RIO DOCE -PREF-A47,4980.01114,660VIVER SHS69,700

0.201,578,448British Virgin Islands

0.201,578,448MAIL.RU GROUP ADR47,515


0.003,714AAC ACOUSTIC TECHNOLOGIES1,5950.04286,875ALIBABA.COM180,0200.322,595,801BELLE INTERNATIONAL HOLDINGS1,231,6210.05362,187CHINA DONGXIANG1,141,0000.06508,401CHINA HIGH SPEED TRANSMISSION460,0000.09733,427CHINA KINGSTONE3,589,2950.171,400,830CHINA MODERN DAIRY4,541,7550.03249,389CHINA OVERS.GRAND OCEANS GROUP191,0000.252,039,058CHINA RESOURCES LAND LTD1,126,8770.06516,144CHINA ZHENGTONG AUTO SERVICES450,757

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0.09690,922COUNTRY GARDEN HOLDINGS CO1,572,0000.231,865,922ENN ENERGY HOLDINGS LTD549,9700.05364,805KWG PROPERTY HOLDING548,0000.383,050,703LIFESTYLE INTERNATIONAL HOLDINGS LTD1,045,7400.11899,340SAMSON HOLDINGS5,071,0070.001,021SINO BIOPHARMACEUTICAL2,8470.927,343,771TENCENT HOLDINGS LTD270,5670.07566,182TPK HOLDING CO LTD18,5860.07572,704VINDA INTERNATIONAL HOLDINGS509,8800.09700,543WANT WANT CHINA HOLDINGS722,0000.03229,876XINYI GLASS HOLDINGS232,000

0.231,883,202Chile

0.02160,759ADMT FONDOS PENSIONES PROVIDA34,0830.09788,250CENCOSUD SA109,9080.04352,456CFR PHARMACEUT1,300,3410.03236,301EMBOTELLADORAANDINA S.A. -B-49,6630.02128,666EMPRESAS CMPC2,4190.02171,473HABITAT136,8720.0145,297PARAUCO20,310

7.7662,258,801China

0.04337,874AGILE PROPERTY HOLDINGS218,0000.09741,449ANHUI CONCH CEMENT158,5000.201,611,365BANK OF CHINA -H-3,308,2960.04285,532BANK OF COMMUNICATIONS298,2280.161,302,487BBMG873,7050.12974,001CHANGSA ZOOMLION511,4000.08656,118CHINA BLUECHEMICAL H794,0000.322,536,075CHINA COAL ENERGY CO- SHARE H1,883,0000.02131,239CHINA COMMUNICATION SERVI-H222,0000.131,073,195CHINA COMMUNICATIONS CONSTR H1,248,2510.927,398,351CHINA CONSTRUCTION BANK H8,925,3410.332,613,723CHINA LIFE INSURANCE CO-H764,5880.009,036CHINA MERCHANTS BANK H3,7400.06505,893CHINA OILFIELD SVC278,0000.766,123,942CHINA PETROLEUM & CHEMICAL H6,085,8170.645,118,103CHINA SHENHUA ENERGY CIE LTD1,073,4570.04280,894CHINA SOUTH LOCOMOTIVE H299,0020.252,016,654CHINA TELECOM3,113,5111.189,376,747INDUSTRIAL & COMMERCIAL BANK OF CHINA-H12,345,6600.02181,470MAANSHAN IRON & STEEL SHS H392,2400.001,627MINDRAY MEDICAL INTERNATIONAL580.816,517,983PETROCHINA CO LTD-H4,456,7730.877,011,422PING AN INSURANCE GROUP CO-H679,0000.06513,326SHANDONG WEIGAO GROUP MEDICAL356,0000.07549,243SHANGHAI PHARMACEUTICALS HOLDINGS CO LTD204,0000.04331,975VANCEINFO TECHNOLOGIES ADR14,3650.191,493,829YANZHOU COAL MINING H392,6980.251,975,956ZHUZHOU CSR TIMES ELECTRIC H585,7300.07589,292ZTE CORP162,604

0.171,339,048Colombia

0.171,339,048CEMENTOS ARGOS SA210,449

0.322,561,159Cyprus

0.282,255,668GLOBALTRANS INVSESTMENTS PLC121,9280.04305,491ROS AGRO PLC GDR REG S W/I22,137


0.403,187,482CESKE ENERGETICKE ZAVODY A.S.61,987

0.12965,195Egypt

0.12965,195COMMERCIAL INTL BANK GDR190,750


0.003,664AIA GROUP1,0580.003,713ASM PACIFIC TECH2710.161,320,367BEIJING ENTERPRISE253,3690.141,089,488CHINA MERCHANTS HOLDINGS282,1161.4211,456,104CHINA MOBILE LTD1,238,0950.04289,137CHINA OVERSEAS LAND & INVESTMENT LTD134,8830.292,289,702CHINA RESOURCES POWER1,173,6990.282,223,400CHINA UNICOM1,103,3700.241,891,918CN TAIPING INSU SHS837,4000.987,915,902CNOOC LIMITED3,391,8300.07578,240COSCO PACIFIC LIMITED328,9060.03202,259FUSHAN INTERNATIONAL ENERGY331,3330.342,688,311GUANGZHOU AUTOMOBILE GROUP CO., LTD2,201,9400.282,268,251HENGAN INTERNATIONAL GROUP CO LTD252,8630.05370,348ICICI BANK15,1240.10782,902JU TENG INTERNATIONAL HOLDINGS2,707,5370.211,684,105LENOVO GROUP LTD2,944,8190.08650,564SHANGHAI INDUSTRIAL HOLDINGS177,0000.002,635SHANGRI-LAASIA1,0770.002,274SINO LAND1,4200.181,479,535SWIRE PACIFIC A100,7230.191,530,298TECHTRONIC IND1,281,7690.332,644,029WHARF HOLDINGS380,645

0.171,336,834Hungary

0.171,336,834MOL HUNGARIAN OIL AND GAS PLC11,658

2.7121,761,681India

0.04350,108AGUNG PODOMORO SHS9,238,0000.251,967,705AXIS BK SHS DEMATERIALISED68,2400.191,531,612BANK NEGARA INDONESIA PERSERO3,389,5070.03265,019BHARTI AIRTEL LTD30,0000.001,715BORNEO LUMBUNG10,5040.181,447,746CIPLA LTD195,9070.171,360,599COAL INDIA154,8230.12949,266DABUR INDIA372,2330.07565,001FEDERAL BANK LTD55,7980.0156,392GAIL LTD5,7130.04283,110HDFC BANK LIMITED5,0310.002,527HINDUSTAN PETRLOLEUM COPR2840.05392,902JAIPRAKASH ASSOCIATES LTD216,9700.231,871,217LARSEN & TOUBRO LTD45,8660.151,242,415LUPIN123,640

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0.002,242PUNJAB NATIONAL BANK920.252,031,098RELIANCE INDUSTRIES LTD101,0520.02180,600STERLITE INDUSTRIES12,0000.11901,077STERLITE INDUSTRIES INDIA239,6930.05402,607TATA CHEMICALS DS48,3870.463,655,899TATA CONSULTANCY SERVICES138,0070.292,300,824TATA STEEL168,971

3.5828,748,077Indonesia

0.362,886,261ADARO ENERGY TBK10,102,5000.03211,096ALAM SUTERA5,570,0000.05383,289ANEKA TAMBANG1,584,0440.554,320,408ASTRA INTERNATIONAL TBK PT583,0000.423,370,265BANK CENTRALASIA3,778,0000.07547,840BANK DANAMON -A-783,0000.534,290,827BANK MANDIRI5,110,5530.01119,032BK TABUNGAN NEGARA604,0000.00-DELTA DOUNIA DS 04/07/2011136,4000.09725,905GUDANG GARAM125,0000.221,803,318INDOCEMENT TUNGGAL PRAKARSA TBK PT907,0000.241,899,481PT BANK RAKYAT INDONESIA2,506,0000.0180,324PT DELTA DUNIA MAKMUR TBK682,0000.002,283PT HARUM ENERGY TBK2,0500.06497,325PT JASA MARGA TBK1,176,5000.252,001,050PT SEMEN GRESIK TBK1,787,5000.171,392,509PT XLAXIATA TBK1,941,7000.02191,097SUMMARECON AGUNG1,437,5000.342,759,023TAMBANG BATUBARA-B-1,137,5000.141,132,597TELKOM -B-1,321,4400.02134,147WIJAYA KARYA1,743,000

0.03207,911Ireland

0.03207,911PETRONEFT RESOURCES375,360

0.262,069,582Isle of Man

0.262,067,916EXILLON ENERGY296,2320.001,666GENTING INTERNATIONAL1,060

0.02177,007Kazakhstan

0.02177,007KAZKOMMERTSBANK GDR32,183


0.04314,774KERNEL HOLDINGS SA11,3630.10772,233MHP SA GDR REG S46,8020.004,776SAMSONITE INTERNATIONAL SA2,528

2.0116,136,081Malaysia

0.08645,714AMMB HOLDINGS BHD299,5000.07540,968BERJAYA SPORTS TOTO363,8000.03220,702BURSAMALAYSIA86,1000.524,184,164CIMB GROUP HOLDINGS BERHAD1,414,8000.211,719,356GENTING462,7120.211,698,066GENTING MALAYSIA BHD1,424,2620.006,029IOI CORPORATION BHD3,4350.04281,310PARKSON HOLDINGS141,100

0.005,903PETRONAS CHEMICALS2,5140.171,357,390PUBLIC BANK -F-309,1000.002,925PUBLIC BANK BHD6640.05434,863RHB CAPITAL BHD143,3490.151,215,508S P SETIA878,0500.443,523,991SIME DARBY1,152,8450.04299,192UEM LAND HOLDINGS321,500

1.8114,539,811Mexico

0.05433,301AMERICA MOVIL L321,6000.07522,136GEO B SHS227,2000.06467,555GRUPO BIMBO SA DE CV BIMBO202,1000.03271,809GRUPO CARSO S.A182,3000.171,379,894GRUPO FIN BANORTE303,6000.03238,516GRUPO INDUSTRIAL MASECA S.A.B.115,2001.068,540,804GRUPO MEXICO SAB DE CV -B-2,582,0360.02123,260GRUPO MODELO SHS C20,5000.08617,776INDUSTRIAS PENOLES SA DE CV16,4150.04331,103KIMBERLY-CLARK DEMEXICO S.A.B.50,4000.03264,869MEXICHEM S.A.B. DE C.V65,8210.00611OHL MEXICO SAB3050.02129,470URBI DESARROLLO URBANOS59,1000.151,218,707WAL MART DE MEXICO V411,982


0.12945,896JP MOR CERT BAOSHAN 09/10/20141,013,9630.171,350,673JP MORGAN CERTIFICAT IND COMMERC BK OF

CHINA 02/09/20141,957,526

0.171,402,471JP MORGAN STRUCTURED CERT HOUSING DVPTFINANCE 25/08/2014

89,176

0.07589,999YANDEX CLA16,615

0.0015Oman

0.0015BANKMUSCAT GDR2


0.08639,145ABOITIZ POWER884,9000.09692,871AYALA CORP94,1240.201,611,366BANK PHILIPPINE ISL1,193,6500.11851,000DMCI PHP1 ORDS866,7000.04331,898INTERNATIONAL CONTAINER TERMIN286,5100.372,927,195METRO BANK & TRUST1,812,1430.00557METRO PACIFIC6,7460.06465,494PHIL LONG DIST TEL8,7250.01110,945ROBINSONS LAND CORPORATION400,6500.002,063SAN MIGUEL7760.191,528,200SM INVESTMENTS CORP123,9000.231,874,086SM PRIME HLDGS6,882,500

1.209,618,907Poland

0.08624,046BANK HANDLOWY19,6920.05416,493BANK MILLENNIUM211,7420.06510,458BRE BANK4,3000.191,484,527CYFROWY POLSAT SA247,0000.08652,650GRUPA LOTOS SA39,6840.151,237,404KGHM POLSKAMIEDZ SA17,244

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0.0032,972MOSTOSTAL WARSZAWA2,8700.241,882,162POLSKI KONCERN NAFTOWY ORLEN SA99,8480.06509,914POWSZECHNY ZAKLAD UBEZPIECZEN3,7330.05386,605TAURON POLSKA ENERGIA S.A161,3000.241,881,676TELEKOMUNIKACJA POLSKA SA310,072

0.473,735,196Qatar

0.473,735,196COMMERCIAL BANK OF QATAR933,799

3.7930,401,678Russia

0.352,787,573BASHNEFT PREF SHS62,9960.08632,355FAR EAST SHIPPING1,360,1950.12956,132FEDERAL GRID CO UNIFIED ENERGY SYSTEM JSC70,459,2220.11849,461IDGC25,057,8350.03231,068IDGC OF CENTER AND VOLGA REGIO36,104,4280.05411,735KUZBASS TOPLIVNAYA49,4440.02137,082LENENERGO CLS224,3940.08647,228M VIDEO OJSC72,3200.0021,095MECHEL OAO ADR8830.0026,425MECHEL OJSC PREF SHS3,0620.11885,948MECHEL PREF.58,3110.231,842,381MOSTOTREST OAO222,6900.0177,022NOVOLIPETSK IRON & STEELADR1,9800.07581,756OJSC LSR GROUP GDR73,6400.282,285,512OJSC MAGNIT16,9640.0035,031PHARMSTANDARD4500.161,320,172RAZGULIAY GROUP OJSC659,1960.03211,996RBC OJSC160,4050.02166,634ROSTELEKOM EM.328,8780.0027,339ROSTELEKOM EM.3 USD4,7300.02166,698ROSTELEKOM EM.928,7250.0027,323ROSTELEKOM EM.9 USD4,7100.544,261,337SBERBANK PREF1,583,5520.927,328,016SBERBANK RF2,045,0470.08653,525SISTEMA JSFC-REG S SPONS GDR25,4290.171,343,145TATNEFT PREF SHS415,2430.05414,436TNK BP HOLDING132,2090.05411,485URALKALIY45,8770.08657,883VTB BANK212,220,1930.131,003,885WGC 4 (OGK-4)11,229,140


0.001,644HUTCHISON PORT HOLDINGS TRST1,9460.04343,595OVERS UNION ENTERPRISE148,0000.10750,809SINGAPORE AIRLINES65,0000.001,292YANLORD LAND GROUP1,322


0.11862,230AFRICAN BANK INVESTMENTS LTD169,8160.171,342,523ANGLO PLATINUM LTD14,4920.211,689,539ANGLOGOLD ASHANTI40,1170.10766,519ASPEN PHARMACARE61,8600.08672,687BIDVEST GROUP30,3000.02172,736BLUE LABEL TELECOMS232,7990.05416,201EXXARO RESOURCES LTD15,809

0.131,041,492FIRSTRAND355,6820.12988,682FOSCHIN LTDI75,9810.08659,593GOLD FIELDS LIMITED45,0790.211,700,276HARMONY GOLD128,1400.06500,477IMPALA PLATINUM HOLDINGS LTD18,6220.241,959,063IMPERIAL HOLDINGS109,5300.151,227,888INVESTEC LIMITED149,2000.03265,668KUMBA IRON ORE LTD3,7210.12971,479LEWIS GROUP77,9000.171,399,119MR PRICE GROUP139,0711.038,155,012MTN GROUP LTD384,1760.453,617,391NASPERS -N-64,2030.02196,368NORTHAM PLATINUM31,3440.08628,501RMB HOLDINGS159,8730.09703,592RMI HOLDINGS386,2070.07551,634SANLAM LTD135,6870.997,836,167SASOL LTD149,2260.191,517,251SHOPRIETE HOLDINGS LTD101,0360.503,993,498STANDARD BANK GRP270,8010.06520,713TIGER BRANDS17,8730.03242,725TRUWORTHS INTERNATIONAL22,451

15.13121,380,301South Korea

0.262,050,751AMOREPACIFIC1,8430.09713,807CELTRION17,2420.09683,251CJ HOME SHOPPING3,1620.191,559,837DAELIM INDUSTRIAL12,9600.09692,974DGF FINANCIAL GROUP45,6700.07598,475DONG-A PHARMACEUTICAL CO LTD6,7330.141,092,274DONGBU INSURANCE CO LTD21,0120.06507,710E-MART2,2170.08661,902GS ENGINEERING & CONSTRUCTION5,4360.181,424,363HANA FINANCIAL GROUP40,7700.07531,725HANA TOUR SERVICE11,6810.302,437,310HYNIX SEMICONDUCTOR103,8800.252,035,718HYUNDAI DEPARTMENT STORE NEW12,5270.11858,647HYUNDAI DEVT -E&C30,6600.181,461,760HYUNDAI ENGINEERING AND CONSTR18,1260.11888,135HYUNDAI HOME SHOPPING NETWORK CO7,4370.826,614,902HYUNDAI MOBIS17,6560.11882,902HYUNDAI STEEL7,2790.151,187,503KANGWON LAND44,3300.131,066,609KB FINANCIAL GP22,3140.493,968,435KB FINANCIAL GROUP83,8990.473,773,970KIA MOTORS CORP55,7300.03266,848KOREA GAS CORP7,7000.11877,346KOREAN AIR LINES13,4390.272,172,040KOREAN REINSURANCE166,2350.131,043,928KT CORPORATION ADR53,7000.221,755,077KT&G CORP28,2200.332,661,112LG CHEM5,8220.10776,434LG CHEMICAL PREF ISSUE 015,0240.332,684,840LG CORP35,6970.02199,510LG DISPLAY CO LTD ADR14,2000.393,116,602LG ELECTRONICS40,138

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0.02194,123LG ELECTRONICS PFD6,7400.443,514,565LG HOUSEHOLD & HEALTH CARE LTD8,1750.11900,070LIG INSURANCE CO LTD35,2000.08664,268LOCK LOCK16,3600.04286,526LOTTE SHOPPING CENTER6010.09708,757MANDO CORP3,4240.201,572,447MELFAS INC54,7740.372,960,200NHN CORP16,7220.03257,948NONG SHIM CO1,1310.201,598,232ORION CORP3,7420.897,088,315POSCO16,3100.292,340,422SAMSUNG CARD43,2310.10789,086SAMSUNG CORP10,2740.04343,359SAMSUNG ELECTRO-MECHANICS3,9763.1124,877,867SAMSUNG ELECTRONICS CO LTD32,1560.635,061,276SAMSUNG FIRE & MARINE21,7890.322,555,103SAMSUNG HEAVY INDUSTRIES CO LTD57,3100.004,716SAMSUNG LIFE INSURANCE CO530.08673,051SAMSUNG SDI4,3951.048,281,446SHINHAN FINANCIAL GROUP173,7070.11873,831SHINSEGAE2,7480.272,202,707SK HOLDINGS SHS12,7120.02184,848SK TELECOM1,2220.11868,093WOONG JIN COWAY CO LTD24,3900.171,332,348WOORI FINANCE HOLDINGS101,970


0.003,229GLENMARK PHARMACEUTICALS455

9.0572,600,205Taiwan

0.06444,080ACER INC255,1110.08636,912ADVANCED SEMI ENGR580,7730.10773,930ASUSTEK COMPUTER78,0000.141,147,360AU OPTRONICS CORP1,681,4400.282,262,222CATCHER359,0000.282,245,239CATHAY FINANCIAL HLDG CO1,450,8700.09739,533CHINA LIFE INSURANCE559,0000.06461,758CHINA STEEL CORP383,3330.483,882,120CHINATRUST FIN HLDG4,460,3260.12989,621CHROMAATE311,0000.191,555,548CHUNGHWA TELECOM CO LTD452,2350.03234,178COMPAL ELECTRONICS191,0910.10770,162DELTA ELECTRONIC INDUSTRIAL INC209,6850.11859,342FAR EASTERN TEXTILE551,5830.12974,247FAR EASTONE TELECOMMUNICATION611,0000.005,133FARGLORY LAND DEVELOPMENT2,0590.463,658,117FORMOSA CHEMICALS AND FIBER CO982,0000.372,937,569FORMOSA PLASTICS815,2400.685,463,385HIGH TECH COMPUTER CORP162,4510.977,780,499HON HAI PRECISION INDUSTRY2,268,8660.02127,752INNOLUX DISPLAY CORPORATION179,0000.04337,305MEGA FINANCIAL HOLDING386,0000.423,386,841NAN YA PLASTICS CORP1,270,0000.191,536,110NOVATEK MICROELECTRONICS477,0000.171,351,784QUANTA COMPUTER571,000

0.03252,490SILITECH TECHNOLOGY CORP106,8100.282,272,000SIMPLO TECHNOLOGY281,9000.06511,800SYNNEX TECHNOLOGY INTL210,9140.453,582,335TAIWAN CEMENT2,404,1420.221,744,326TAIWAN MOBILE CO LTD644,0001.5712,614,813TAIWAN SEMICONDUCTOR MANUFACTURING CO

LTD5,018,585

0.06512,424TRIPOD TECHNOLOGY123,6860.171,346,471TWN FERTILIZER438,0000.393,104,407UNIMICRON TECHNOLOGY1,745,0000.04296,673UNITED MICROELECTRONICS CORP598,0000.09703,457WAN HAI LINES929,0000.04350,639WINTEK CORPORATION264,0000.04304,927WISTRON CORP171,7370.05437,354WPG HOLDINGS CO LTD257,9540.005,342YUANTA FINANCIAL HOLDINGS CO LTD7,710

1.6212,977,550Thailand

0.11904,436ADVANCED INFO SCE PUB.FRGN RGD267,2000.332,638,725BANPU PUBLIC -F-113,2330.0196,448HOME PROD.FOREIGN361,3850.141,162,722KASIKORNBANK -F-285,7970.04301,718KRUNG THAI BANK PUBLIC FOREIGN493,1000.211,685,509PTT AROMATICS1,380,9940.04297,721PTT EXPLORATION PRODUC PUBLIC53,4940.362,806,900PTT PUBLIC COMPANY FOREIGN257,4390.231,871,023SIAM CEMENT -F-140,9000.04326,592SIAM COMMCL BANK -F-84,3240.11885,756THAI OIL F365,300

0.302,381,180Turkey

0.07554,197AKSA ENERJI URETIM AS211,7680.07551,908ASYA KATILIM BANKA TRY1354,2670.04287,884KOZAALTIN ISLETMELERI AS21,4460.03223,585MIGROS TICARET AS19,1610.09763,606TURK TELEKOMUNIKASYON A.S.144,533

0.08673,160United Arab Emirates

0.08673,160DEPA LTD1,246,592


0.04293,161EURASIAN NATURAL RESOURCES23,3650.07545,592FERREXPO72,3650.05393,337HMS HYD MACHIN & SYSTEMS GROUP56,1910.04319,828IBS GROUP HOLDING LTD9,6540.09754,166KAZAKHMYS PLC34,0390.09756,862NEW WORLD RESOURCES CL.A51,5210.10802,105PETER HAMBRO MINING68,4380.0155,010VOLGA GAS29,794


0.04309,842AMBEV ADR10,8450.131,038,884AMBEV ADR30,8000.826,568,080AMERICA MOVIL-ADR-L121,9020.131,035,421BAIDU ADS7,389

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0.806,449,084BANCO BRADESCO-SPONSORED ADR314,7430.001,295BANCO DE CHILE ADR150.04360,342BANCOLOMBIAADR5,4000.03209,609BCO SANTANDER BRASIL SPONSORED ADR 1 UNT17,9000.161,314,032BRASIL TELECOM ADR45,8490.04346,052BRASKEM SP.ADR11,9000.05402,377CEMEX SAB DE CV-SPONS ADR PART CER46,7880.272,170,812CEMIG SP ADR105,1750.08635,990CERVECERIAS SP.ADR10,8180.10827,433CHINA LODGING GROUP LTD ADR46,4850.292,359,141CHINA SECURITY & SURVEILLANCE TECHNOLOGY

INC445,121

0.201,568,950CHUNGHWA TELECOM ADR45,4110.12945,702CIA DE MINAS BUENAVENTURA-SP ADR24,9000.635,072,243COMPANHIA BRASILEIRA DIST -ADR108,0350.09738,752CPELBN SP.ADR27,2000.12989,289CTRIP.COM INTERNATIONALADR22,9640.08669,810DIXY GROUP48,3080.02130,454DR REDDY’S LAB ADR3,8000.03255,258ECOPETROL SAADR5,8000.0189,435EMBOT AND SP ADR-B3,1000.04304,722EMBRAER SAADR9,9000.009,220EMPRESAS ICA SAB DE CV ADR1,0000.141,087,075EURASIA DRILLIN GDR36,8500.001,402EVRAZ GROUP SA-GDR REG450.03217,635FIBRIA CELULOSE SA16,5000.443,563,399FOMENTO ECONOMICO MEXICANO SA DE CV

FEMSAADR53,593

0.443,537,629GAZPROM OAO-SPON ADR REG243,1361.2810,300,172GAZPROM OAO-SPON ADR REG706,4590.06500,752GERDAU SP.ADR47,6000.05399,605GLOBAL PORTS GDR22,9000.02140,940GOL LINHAS AEREAS INTELIGE ADR11,6000.383,018,691GRUPO TELEVISA GDR122,7110.423,342,146ICICI BANK SP.ADR67,7920.987,865,370ITAU UNIBANCO ADR333,9860.151,200,679LARSEN & TOUBRO-GDR REG S29,4140.11918,956LUKOIL SP ADR14,4150.493,968,640LUKOIL SP ADR62,4000.04314,400MMC NORILSK NICKEL JSC-ADR12,0000.02146,568MOBILE TELESYSTEMS-SP ADR7,7060.10834,401OAO SEVERSTAL GDR45,2250.09719,429OJSC POLYUS GOLD ADR22,8390.11902,938PERFECT WORLD ADR48,1310.06518,092PETROLEO BR SA-ADR15,3012.8822,990,732PETROLEO BRASILEIRO-SP ADR749,3720.231,884,017ROSNEFT OJSC-GDR223,7550.151,185,166SABESP SP.ADR19,8620.201,602,590SK TELECOM SP ADR85,7000.05376,102STATE BANK OF INDIA-GDR3,4160.08635,166SURGUTNEFTEGAZ-SP ADR PREF127,8000.0011,613TALAAT MOUSTAFA GROUP14,1160.02122,248TAM ADR5,6000.02155,400TELE NORTE LESTE PREF. ADR10,0000.685,451,257TELECOMUNICACOES SAO PAULO ADR183,544

0.02194,898TERNIUM SAADR6,6000.10807,044TIM PARTICIPACOES ADR16,4000.08672,353TRANSCONTAINER GDR56,3110.03274,944UNITED MICROELECTRONICS ADR107,4000.352,836,350URALKALI-SPON GDR63,0301.5312,174,355VALE SA - ADR381,0440.614,922,679VALE SA - PREF ADR169,9820.262,054,353X 5 RETAIL GROUP NV REGS ADR52,541

3.1225,042,871Warrants, Rights0.231,828,251Australia

0.07550,895MACQUARIE BANK WRT ON DLF SHS 18/04/2013117,0250.161,277,356MARCQUARIE BANK WARRANT 25/11/2014138,000

2.4919,987,908Bermuda

0.11854,042CLSA CW10 MAHINDRA § MAH54,6790.02125,708CLSA FIN WT MELV 22/10/2014311,2970.05424,547CLSA FINANCIAL PRODUCTS WRTS AXIS BANK

17/06/201514,698

0.151,232,806CLSA FINANCIAL PRODUCTS WRTS HCL TECH20/05/2015

112,163

0.342,698,009CLSA FINANCIAL PRODUCTS WRTS HDFC BANK28/06/2015

48,163

0.171,344,369CLSA FINANCIAL PRODUCTS WRTS HINDALCO06/12/2015

331,591

0.645,240,721CLSA FINANCIAL PRODUCTS WRTS INFOSYS10/05/2015

81,029

0.211,690,865CLSA FINANCIAL PRODUCTS WRTS LUPIN07/06/2015

169,002

0.10819,827CLSA FINANCIAL WTS 29/06/2012116,9210.383,011,386CLSAWARRANT RELIANCE INDS 17/05/2015150,2920.191,541,624CLSAWRT JINDAL STEEL107,4460.131,004,004CLSAWT TATA IRON 20/05/201574,203


0.11886,334MORGAN STANLEY WTS INDIABULLS 28/10/20142,199,885

0.0014,422Jersey

0.0014,422JP MORGAN CERTIFICAT HOUSING DVLT04/05/2012

917


0.191,488,605CLSA FINANCIAL WRT 16/01/2012150,6030.03248,974DEUBK CERT 24/1/2017(BHARTI AIRT)28,1810.06479,103DOHA CW MERRIL IRL 22/10/201234,113


0.01109,274MLYN CWT 12/11/201454,000


0.322,532,574Shares0.191,494,202Indonesia

0.191,494,202PERUSAHAAN GAS NEGARA TBK3,183,484

0.12945,166South Africa

0.04344,903SAPPI LTD67,771

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0.08600,263SPAR GROUP LIMITED45,093

0.0193,206Turkey


0.00-Share/Units of UCITS/UCIS

0.00-Share/Units in investment funds0.00-Ireland

0.00-EMM EMERG MKTS GBL0.0001


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58

Equity Asia Pacific ex-Japan




0.88719,668ANSELL47,4710.78632,718AUSTRALIAN PIPELINE TRUST145,2033.202,618,637BHP BILLITON LTD55,8420.48390,000BOART LONGYEAR GROUP91,2960.42339,515CAMPBELL BROS6,9303.833,127,269COMMONWEALTH BANK OF AUSTRALIA55,8500.76617,066MINERAL RESOURCES LTD50,1181.341,094,163NEWCREST MINING27,1011.311,063,946QBE INSURANCE GROUP LTD57,6090.81658,256RAMSAY HEALTH CARE33,8193.172,584,520RIO TINTO LTD29,0880.79640,789SAI GLOBAL126,0031.09891,332WESTFIELD GROUP96,1353.763,071,122WESTPAC BANKING CORP128,8641.541,254,809WOODSIDE PETROLEUM28,5862.281,858,512WOOLWORTHS LTD62,555

1.821,480,060Bermuda

0.22177,311CHINA YURUN FOOD63,0000.55445,160GREAT EAGLE HOLDINGS134,0000.62504,545LUK FOOK HOLDINGS104,0000.43353,044NOBLE GROUP LTD220,000


1.281,043,277BELLE INTERNATIONAL HOLDINGS495,0000.99805,258CHINA RESOURCES CEMENT HOLDINGS LTD856,0000.49400,825GOLDEN EAGLE RETAIL GROUP158,0000.60493,018LIFESTYLE INTERNATIONAL HOLDINGS LTD169,0000.74600,352PARKSON RETAIL GROUP LTD410,5000.46378,880SA SA INTERNATIONAL592,0000.70569,167SITC INTERNATIONAL HOLDINGS CO1,057,000

8.246,717,089China

0.43352,080CHANGSA ZOOMLION184,8600.52424,786CHINA MINSHENG BANKING CORP461,0000.65528,532CHINA TELECOM816,0002.762,240,199INDUSTRIAL & COMMERCIAL BANK OF CHINA-H2,949,5001.551,264,947PING AN INSURANCE GROUP CO-H122,5000.52427,474SINOPHARM127,2000.78639,074YANZHOU COAL MINING H168,0000.30242,891ZHUZHOU CSR TIMES ELECTRIC H72,0000.73597,106ZTE CORP164,760

0.37298,002France

0.37298,002CSE GLOBAL290,341


1.07868,634AIA GROUP250,8000.42339,750ASM PACIFIC TECH24,800

1.321,072,033CHINA UNICOM532,0001.16943,701CLP HOLDINGS LTD106,5002.381,948,735CNOOC LIMITED835,0000.44357,475GEELY AUTOMOBILE915,0001.01820,433HUTCHISON WHAMPOA LTD76,0000.84681,908HYSAN DEVELOPMENT CO138,0000.0215,134POLY (HONG KONG) INVESTMENTS23,0002.081,703,594SUN HUNG KAI PROPERTIES117,000

1.06863,523India

0.54436,645KOTAK MAHINDRA BANK GDR40,6370.52426,878MAHINDRA GDR27,364

3.703,016,729Indonesia

0.58474,281ASTRA INTERNATIONAL TBK PT64,0001.02832,284BANK MANDIRI991,2850.63510,973INDOCEMENT TUNGGAL PRAKARSA TBK PT257,0000.48393,960INDOMOBIL SUKSES412,0000.56455,478PT HARUM ENERGY TBK409,0000.43349,753UNITED TRACTORS120,454

2.772,255,330Malaysia

1.06863,864CIMB GROUP HOLDINGS BERHAD292,1000.36291,400DIALOG318,8000.38305,719IJM CORP BHD143,1200.97794,347PETRONAS CHEMICALS338,300

0.69562,221Philippines

0.37300,555DMCI PHP1 ORDS306,1000.32261,666METRO BANK & TRUST161,990


0.36295,182ARAASSET MANAGEMENT238,4000.38308,575GOODPACK LIMITED207,0001.03830,361KEPPEL CORPORATION LTD92,0000.26213,586OVERS UNION ENTERPRISE92,0000.71579,467OVERSEA-CHINESE BANKING76,0000.47383,604SEMBCORP MARINE88,8520.39321,503STRAITS ASIA RESOURCES132,000

13.7811,238,763South Korea

0.64525,334CHEIL INDL4,3990.48391,765DAELIM INDUSTRIAL3,2550.47384,252DOOSAN INFRACORE17,3100.61494,537HONAM PETROCHEMICAL CORP1,3351.251,015,233HYNIX SEMICONDUCTOR43,2701.821,486,619HYUNDAI MOTOR6,6970.81660,265KOLON INDUSTRIES INC6,8441.631,325,174KOREA ZINC3,4550.66540,724LG CHEM1,1830.93757,608MANDO CORP3,6603.162,582,483SAMSUNG ELECTRONICS CO LTD3,3380.53434,198SAMSUNG SECURITIES5,8680.79640,571SK ENERGY3,411

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59

Equity Asia Pacific ex-Japan


13.4510,972,138Taiwan

1.07874,040ADVANCED SEMI ENGR797,0000.61496,109ASUSTEK COMPUTER50,0002.161,759,904CHINATRUST FIN HLDG2,022,0260.37304,346CHIPBOND TECHNOLOGY214,0001.521,243,145FORMOSA PLASTICS345,0001.241,008,929HIGH TECH COMPUTER CORP30,0000.71582,352RADIANT OPTO-ELECTRONICS180,2500.39314,324SIMPLO TECHNOLOGY39,0000.89728,643TAIWAN CEMENT489,0002.441,985,065TAIWAN SEMICONDUCTOR MANUFACTURING CO

LTD789,724

0.59480,582TRIPOD TECHNOLOGY116,0000.94768,541UNIMICRON TECHNOLOGY432,0000.52426,158UNITED MICROELECTRONICS CORP859,000

1.831,487,858Thailand

0.34279,788BANK OF AYUDHYA NVDR312,6000.55452,240KRUNG THAI BANK PUBLIC FOREIGN739,1000.34276,460SINO THAI FOREIGN713,8000.60479,370THAI OIL F197,700


1.08881,950HDFC BANK LTD ADR5,0000.95774,010ICICI BANK SP.ADR15,7001.451,180,663INFOSYS TECHNOLOGIES SP ADR18,1001.06866,935LARSEN & TOUBRO-GDR REG S21,2380.89723,274RELIANCE INDS-SPONS GDR 144A17,974


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60

Equity MENA



86.8713,771,373Shares2.37376,219Bahamas

2.37376,219CREDIT SUISSE NASSAU CERTIFICATE MOUWASAT07/09/2012

16,747

8.041,274,376Bermuda

0.92145,258CLSA CERTIFICATES ALINMA BANK 11/11/201554,7502.01318,447CLSA CERTIFICATES JARIR MARKETING 01/12/20146,7763.35530,619CLSA CERTIFICATES SAFCO 01/12/201410,5290.88139,909CLSA CERTIFICATES SAUDI KAYAN 01/12/201428,4390.88140,143CLSA CERTIFICATES SAUDI TELECOM 01/12/201414,439

0.2133,397Egypt

0.2133,397MOBINIL-EGYPTIAN MOBILE SERV1,539

1.99315,931Jordan

1.99315,931ARAB POTASH5,410

18.612,950,152Kuwait

0.3048,128AGILITY PUBLIC WAREHOUSING COMPANY40,0000.97153,099BOUBYAN BANK69,9843.05484,860BURGAN BANK260,7500.96151,406COMMERCIAL BANK OF QATAR7,6470.65102,381KUWAIT FINANCE HOUSE28,0802.91461,059KUWAIT INVESTMENT PROJECTS346,4511.62256,096MABANEE COMPANY80,7351.20189,594MOBILE TELECOMMUNICATIONS CO50,0003.70587,889NATIONAL BANK OF KUWAIT139,0000.1015,402NATIONAL INVESTMENTS COMPANY18,3673.15500,238NATIONAL MOBILE TELECOMMUNICAT70,000


1.21191,632JP MORGAN CERTIFICATES AL OTHA 28/01/20167,3902.75436,592MORGAN STAN /SAMBA32,7473.05481,909MORGAN STANLEY CERTIFICATES SAUDI ARABIAN

MINING 16/10/201366,445

1.01160,670MORGAN STANLEY CERTIFICATES SAUDI PHARMA17/10/2013

15,490

2.63416,665Oman

1.51239,701BANK MUSCAT OMR0.1124,3970.2640,755OMAN TELECOM14,3060.86136,209OMANI QATARI TELECOMMUNICATION76,907

23.783,770,421Qatar

0.73115,715DOHA BANK8,1984.55722,419INDUSTRIES QATAR19,3153.58567,056MASRAF AL-RAYAN88,8533.32525,636QATAR ELECTRICITY & WATER13,2741.19188,140QATAR FUEL COMPANY2,6921.13178,580QATAR INTERN.ISLAMIC BK14,0002.78440,895QATAR ISLAMIC BANK20,531

3.58568,876QATAR NATIONAL BANK14,6922.92463,104QATAR NATL NAVIG.&TRANSPORT21,080

6.621,050,172United Arab Emirates

0.5384,661ABU DHABI COMMERCIAL BANK103,6530.5587,304ARAMEX182,1970.2235,519DANA GAS213,8710.2336,549DEPA LTD67,6841.37217,208DRAKE & SCULL INTL834,5232.33367,999FIRST GULF BANK75,9360.1929,806SOROUTH REAL ESTATE89,0070.1828,654TAMWEEL PJSC123,6741.02162,472UNION NATIONAL BANK164,851


1.32209,277CREDIT SUISSE CERT SAMBA FINANCIAL GROUP13/06/2012

15,697

1.71270,629CREDIT SUISSE CERTIFICAT SAUDI INTLPETROCHEMICAL 13/06/2012

47,097

2.03321,433CREDIT SUISSE INTL CERT AL BABTAIN POW&TEL03/10/2012

41,568

0.72113,945CS CERT ALMARAI 24/10/20124,5220.034,713HIKMA PHARMACEUTICALS3840.6399,751HSBC BANK CERT ON ARABIAN PIPES 11/11/201111,1671.42224,880HSBC BANK CERT RAJHI BANL 30/04/201211,5532.35371,866HSBC BANK PLC CERTIFICATE 23/01/201226,5641.53242,871HSBC BANK PLC 04/04/201219,2162.52400,500HSBC CERTIFICATES BANQUE SAUDI FRANSI

20/04/201233,905


0.3453,372ALUMINIUM BAHRAIN GDR4,852

15.812,506,771Warrants, Rights1.71271,720Bermuda

1.71271,720CLSA YANBU NATIONAL PETROCHEMICAL FI CW 1421,544


0.94148,657JPM STRUCTURED ASTRA INDUSTRIAL WTS28/01/2016

16,113

1.84292,297JPM STRUCTURED WRT NIC AB 28/01/201625,2000.99156,983JPM WART ETIHAD ETISALAT11,214


1.58250,218CREDIT SUISSE CERTIF ON SAUDI BASICINDUSTRIES CORP 31/10/2012

9,023

2.68424,526DB LONDON WT N I 1236,6002.31366,431DEUTSCHE CWAL RAJHI BANK 10/01/2012

WARRANT18,825

1.06167,715HSBC /ALARKAN 13/08/201280,125


2.70428,224MORGAN STAN WT SAUDI BASIC 02/10/201315,442


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98.05742,580,505Shares22.62171,421,658Banks

0.503,818,120AGRICULTURAL BANK OF CHINA7,264,0003.6927,941,098BANK OF CHINA -H-57,365,9001.199,003,691BOC HONG KONG HOLDINGS LTD3,100,0006.3648,251,775CHINA CONSTRUCTION BANK H58,210,7400.221,642,923CHINA MERCHANTS BANK H680,0001.007,603,762HANG SENG BANK LTD476,0004.0330,506,094HSBC HOLDINGS HKD3,080,8005.6342,654,195INDUSTRIAL & COMMERCIAL BANK OF CHINA-H56,159,575


1.108,352,408ANHUI CONCH CEMENT1,785,5001.7112,940,578CHINA RESOURCES CEMENT HOLDINGS LTD13,756,000


0.11803,747CHINA RESOURCES POWER412,0002.9922,639,958CLP HOLDINGS LTD2,555,0001.3210,006,846HONGKONG ELECTRIC HOLDINGS1,322,000


2.6620,118,016HKG EXCHANGES & CLEARING LTD959,800


0.755,671,354CHINA TELECOM8,756,000


1.4510,964,172WANT WANT CHINA HOLDINGS11,300,000


1.4110,685,816HONG KONG & CHINA GAS4,703,000


0.624,699,757CHINA RESOURCES ENTERPRISE1,150,0002.8921,892,618HUTCHISON WHAMPOA LTD2,028,0000.513,877,936SWIRE PACIFIC A264,0002.2116,725,711WHARF HOLDINGS2,407,900


0.403,041,703GOLDEN EAGLE RETAIL GROUP1,199,0000.08600,957LIFESTYLE INTERNATIONAL HOLDINGS LTD206,0000.544,044,799SA SA INTERNATIONAL6,320,0000.211,610,023TRINITY1,600,000


1.3710,394,042CHANGSA ZOOMLION5,457,4000.403,056,569DONGFANG ELECTRIC COMPANY LTD824,4000.302,253,493ZHUZHOU CSR TIMES ELECTRIC H668,000


0.131,019,527CHINA MERCHANTS HOLDINGS264,0000.261,912,120SITC INTERNATIONAL HOLDINGS CO3,551,000


3.7528,383,685AIA GROUP8,195,2002.5919,591,266CHINA LIFE INSURANCE CO-H5,731,0002.8121,287,255PING AN INSURANCE GROUP CO-H2,061,500

3.0823,357,600Mining

0.513,881,046CHINA SHENHUA ENERGY CIE LTD814,0002.5719,476,554YANZHOU COAL MINING H5,120,000


1.8914,305,151CHINA MOBILE LTD1,546,0003.0723,270,369CHINA UNICOM11,548,000


1.259,440,063PICC PROPERTY -H-5,548,000


2.0515,492,450CHINA PETROLEUM & CHEMICAL H15,396,0005.8144,050,746CNOOC LIMITED18,875,0002.0915,819,560KUNLUN ENERGY9,200,0003.0122,776,809PETROCHINA CO LTD-H15,574,000


2.8221,369,257BELLE INTERNATIONAL HOLDINGS10,139,0000.916,893,658HENGAN INTERNATIONAL GROUP CO LTD768,5000.957,206,937LI & FUNG3,618,0000.181,366,037PRADA226,400


0.453,440,731AGILE PROPERTY HOLDINGS2,220,0002.5319,173,235CHEUNG KONG HOLDINGS LTD1,311,0001.8213,779,148CHINA OVERSEAS LAND & INVESTMENT LTD6,428,0001.017,681,312EVERGRANDE REAL ESTATE GROUP11,789,0000.775,797,063KERRY PROPERTIES1,202,8913.2724,723,960SUN HUNG KAI PROPERTIES1,698,000


3.6227,386,437TENCENT HOLDINGS LTD1,009,000


0.614,603,325ZTE CORP1,270,200


1.178,833,769MTR CORP2,490,5000.503,816,874WYNN MACAU LIMITED1,171,600


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61

Equity Greater China


62


Equity India





1.4812,590,788BAJAJ AUTO400,0000.625,308,034CUMMINS INDIA DS350,0000.766,509,029EXIDE INDUSTRIES1,800,0000.574,882,099MARUTI SUZUKI SHS188,1560.897,565,010MOTHERSON SUMI SYSTEMS LIMITED1,500,000

21.68185,000,891Banks

6.7657,679,940HDFC BANK LIMITED1,025,0007.0460,040,014HOUSING DEVELOPMENT FINANCE CORP LTD3,800,0006.7457,545,468ICICI BANK2,350,0001.149,735,469INDUSIND BANK LTD1,600,000


0.716,048,921UNITED BREWERIES LTD510,000

1.2010,283,313Chemicals

0.645,501,032COROMANDEL INTERNATIONAL700,0000.564,782,281UNITED PHOSPHORUS1,400,000


1.038,857,331IRB INFRAST DEV2,300,0000.786,668,807JAIN IRRIGATION DS1,750,0000.645,432,580JAIPRAKASH ASSOCIATES LTD3,000,0000.463,914,768KALPATARU POWER DS1,400,0000.524,452,657RAMKY INFRASTRUCTURE700,0000.554,654,869SIMPLEX INFRASTRUCTURES LTD776,000


0.695,866,782KSK ENERGY VENTURES LIMITED2,383,0981.008,573,342POWER GRID CORP OF INDIA3,500,000


1.089,208,215CROMPTON GREAVES1,589,0000.816,881,044HAVELLS INDIA800,000


2.1418,261,609KOTAK MAHINDRA BANK LTD1,700,0001.159,787,835MAHINDRA & MAHINDRA FINANCIAL697,8881.139,656,167SHRIRAM TRANSPORT FINANCE CO LTD700,000


1.069,049,825MCLEOD RUSSEL INDIA LTD1,500,0000.443,733,011SHREE RENUKA SUGARS2,500,000


0.756,393,935INDRAPRASTHA GAS750,0000.363,040,097PETRONET1,000,000


0.484,132,821EVERONN SYSTEMS INDIA LTD350,000

0.988,362,776PANTALOON RETAIL1,218,306


1.1910,158,264APOLLO HOSPITALS ENTERPRISE950,000


0.463,893,740BEML300,0002.1518,348,406BHARAT HEAVY ELECTRICALS400,0002.8624,478,485LARSEN & TOUBRO LTD600,0001.7514,916,497MAHINDRA & MAHINDR950,0001.4312,232,196TATA MOTORS550,0000.342,907,554TEXMACO RAIL1,500,0000.635,355,403VOLTAS LIMITED1,500,000


1.099,289,521HINDALCO INDUSTRIES2,300,0000.544,580,279HINDUSTAN ZINC SHS1,500,0001.5413,131,809JINDAL STEEL & POWER LTD900,0000.463,952,126JSW STEEL DEMAT200,000

1.119,499,760Media

0.806,874,333DISH TV INDIA LIMITED3,500,0000.312,625,427IBN18 BROADCAST1,519,265

1.5413,182,142Mining

1.5413,182,142COAL INDIA1,500,000


1.2410,600,744BHARTI AIRTEL LTD1,200,000


7.5464,318,520RELIANCE INDUSTRIES LTD3,200,000


0.675,752,696TITAN INDUSTRIES1,200,000


0.998,472,229AUROBINDO PHARMA2,200,0000.524,435,572GLENMARK PHARMACEUTICALS625,0001.6013,565,678LUPIN1,350,0000.463,958,418STRIDES ARCOLAB LTD525,000


0.736,254,616GODREJ PROPERTIES379,2690.958,057,711MAHINDRA LIFESPACEDEVELOPERS L1,000,0000.312,686,090OBEROI REALTY500,0000.383,228,006PRESTIGE ESTATES PROJECTS1,200,000


0.917,747,326HCL TECHN.DEMAT.700,0008.3971,617,773INFOSYS TECHNOLOGIES1,100,0003.7231,788,811TATA CONSULTANCY SERVICES1,200,0000.716,072,141WIPRO650,000


1.3111,194,671ADANI ENTERPRISES LTD700,000

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63


Equity India


4.5238,590,105Tobacco

4.5238,590,105ITC LTD8,500,000


0.716,100,327COX AND KINGS1,500,0002.1318,120,902JUBILANT FOODWORKS LTD850,000


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64

Equity India Infrastructure



98.1366,814,563Shares1.10750,853Alternative Energy

1.10750,853SUZLON ENERGY LTD700,000


1.45985,778CUMMINS INDIA DS65,0001.851,260,835MOTHERSON SUMI SYSTEMS LIMITED250,000


0.30207,035CONSOLIDATED CONSTRUCTION CONS300,0001.701,155,304IRB INFRAST DEV300,0001.06724,344JAIPRAKASH ASSOCIATES LTD400,0001.761,188,411KALPATARU POWER DS425,0001.40954,141RAMKY INFRASTRUCTURE150,0001.45987,864SHREE CEMENT25,0000.88599,854SIMPLEX INFRASTRUCTURES LTD100,0000.76520,049ULTRA TECH CEMENT25,0001.27861,850VA TECH WABAG29,968


0.98667,748CESC100,0001.08738,549KSK ENERGY VENTURES LIMITED300,0001.08734,858POWER GRID CORP OF INDIA300,0000.80547,788RURAL ELECTRIFICATION CORP LTD125,0001.731,170,627TATA POWER40,000


2.982,028,242CROMPTON GREAVES350,0000.95645,098HAVELLS INDIA75,0002.191,493,204SIEMENS DS75,000


2.271,542,743MAHINDRA & MAHINDRA FINANCIAL110,0000.60411,274POWER FINANCE100,0002.331,586,371SHRIRAM TRANSPORT FINANCE CO LTD115,000


1.02696,046GUJARAT350,0003.132,131,311INDRAPRASTHA GAS250,0002.231,520,049PETRONET500,000


0.90614,395EVEREST KANTO CYLINDER300,000


0.72492,573SOBHA DEVELOPERS85,000


0.48324,478BEML25,0000.74501,034BGR ENERGY SYSTEMS LIMITED50,0002.361,605,486BHARAT HEAVY ELECTRICALS35,000

0.66451,876HINDUSTAN DORR OLI400,0006.304,283,734LARSEN & TOUBRO LTD105,0001.961,334,634MAHINDRA & MAHINDR85,0000.36248,431SANGHVI MOVERS95,0001.31889,614TATA MOTORS40,0001.00678,429TEXMACO RAIL350,0001.37932,733THERMAX DS70,0001.571,071,081VOLTAS LIMITED300,000


1.481,009,731HINDALCO INDUSTRIES250,0001.571,068,732HINDUSTAN ZINC SHS350,0001.721,167,271JINDAL STEEL & POWER LTD80,0001.16790,425JSW STEEL DEMAT40,000


1.491,017,840GUJARAT PIPAVAV PORT LTD700,000

2.881,964,095Media

2.881,964,095DISH TV INDIA LIMITED1,000,000

2.261,537,917Mining

2.261,537,917COAL INDIA175,000


3.902,650,186BHARTI AIRTEL LTD300,0002.621,786,253IDEA CELLULAR LTD1,000,000


0.90613,500OIL & NATURAL GAS CORPORATION LTD100,0007.385,024,884RELIANCE INDUSTRIES LTD250,000


2.781,890,456GODREJ PROPERTIES114,6341.971,340,618MAHINDRA LIFESPACEDEVELOPERS L166,3770.64434,483NITESH ESTATES LTD850,0001.38940,132OBEROI REALTY175,0000.59403,501PRESTIGE ESTATES PROJECTS150,000

2.271,547,723Real Estate Investment Trusts

2.271,547,723ASCENDAS INDIA TRUST2,000,000

1.42968,625Software and Computer Services

1.42968,625REDINGTON INDIA500,000


1.641,119,467ADANI ENTERPRISES LTD70,000


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5.769,824,942HYUNDAI MOBIS26,2246.3610,865,839HYUNDAI MOTOR48,9492.083,548,958MANDO CORP17,145

4.066,927,939Banks

1.452,482,217KB FINANCIAL GROUP52,4782.614,445,722SHINHAN FINANCIAL GROUP93,251

16.6428,394,062Chemicals

1.592,720,772CHEIL INDL22,7834.036,871,657HONAM PETROCHEMICAL CORP18,5503.375,759,761KOLON INDUSTRIES INC59,7035.449,262,697LG CHEM20,2652.213,779,175OCI10,012


2.123,615,623GS ENGINEERING & CONSTRUCTION29,6943.656,228,206SAMSUNG CORP81,0923.786,453,519SAMSUNG ENGINEERING27,020


1.602,736,336SAMSUNG ELECTRO-MECHANICS31,686


1.091,852,210SAMSUNG CARD34,2130.49839,243SAMSUNG SECURITIES11,342


2.333,971,661ORION CORP9,299


1.963,345,357HYUNDAI DEPARTMENT STORE NEW20,586


0.47798,250DOOSAN INFRACORE35,9603.255,548,060HYUNDAI HEAVY IND13,356


0.951,620,251HYUNDAI STEEL13,3583.676,257,693KIA MOTORS CORP92,4071.883,203,048KOREA ZINC8,3513.766,431,636POSCO14,799


0.49831,284GLOVIS5,160


1.813,094,388NCSOFT11,353


0.54927,176SAMSUNG LIFE INSURANCE CO10,420


0.971,647,531SK ENERGY8,7732.784,744,661S-OIL CORP36,841


0.25418,384AMOREPACIFIC3761.312,245,022LG HOUSEHOLD & HEALTH CARE LTD5,222


2.945,016,804HYNIX SEMICONDUCTOR213,8201.803,071,107LG DISPLAY CO LTD110,9607.3512,545,699SAMSUNG ELECTRONICS CO LTD16,216


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Valu

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65

Equity Korea




66

Equity Latin America



98.602,562,129,676Shares0.4712,267,450Argentina

0.02642,690GRUPO CLARIN CL.B71,4100.4110,676,176NORTEL INV SP.ADR-B373,0320.04948,584TELECOM ARG SP ADR36,400

0.6015,566,880Bermuda

0.6015,566,880CREDICORP LTD.180,800

50.571,313,839,759Brazil

0.4010,517,716AES TIETE733,2200.01150,605AMBEV NV 115,5271.1529,953,419AMBEV-CIA DE BEBIDAS DAS AMERI1,088,2600.003,943AMBEV-CIA DE BEBIDAS PFD1200.5313,758,990AMIL PARTICIPACOES SA1,171,4000.359,100,940AUTOMETAL935,4000.153,870,741BANCO BRADESCO PFD190,7611.3735,653,617BANCO DO BRASIL SA1,989,3000.9324,128,601BANCO ESTADO RIO GRANDE DO SUL2,105,8811.1229,078,043BOLSA DE MERCADORI4,397,6390.153,909,287BR MALLS PARTICIPACOES SA342,1480.051,320,679BR PROPERTIES117,9003.3286,352,921BRADESPAR PREF3,406,7210.071,707,891BRASIL FOODS100,6860.0011,723BRASIL TELECOM PREF1,2210.6015,612,467BROOKFIELD INCORPORACOES3,205,1000.03867,725BROOKFIELD INCORPORACOES SA188,0190.4010,333,867CAMARGO CORREA DESENV. IMOBILI3,178,0000.369,400,545CCR SA316,1710.348,777,416CEMIG537,7510.358,965,860CESP CIA ENERG SP PRF NPV ‘B’457,0000.0014,190CIA ENERG MINAS GERAIS PREF7000.266,667,691CIA ENERGETICA CEARA323,5002.3260,179,493CIA HERING2,618,8390.297,589,333CIA PARANAESE DE ENERGI PFB285,7000.235,972,571COSAN CLA485,9700.051,373,749CR2 EMPREENDIMENTOS IMOBILIARI308,8000.071,766,584CYRELA BRAZIL REALTY SA185,6000.277,090,760DIAGNOSTICOS DAAMERICA527,5070.4511,731,804DURATEX1,387,4480.277,074,814ECORODIA815,7000.04982,813ELETROBRAS73,5000.112,787,233ELETROPAULO PREF SHS128,6000.051,249,974EMBRAER EMPRESA164,1000.112,833,601ENERGIAS DO BRASIL S.A117,7350.041,132,670EQUATORIAL ENERGIA SA - ORD148,7000.4210,993,423EVEN CONSTRUTORA E INCORPORADO2,179,5230.8020,748,334EZ TEC EMPREENDIMENTOS PARTICI1,910,1000.123,003,053FIBRIA CELULOSE SA228,3000.082,087,757GERDAU PREF.200,100

0.153,910,338GERDAU SA427,8000.061,683,738GUARARAPES CONFECCOES30,2350.246,318,778HELBOR EMPREENDIMENTOS SA446,6791.0025,881,268HRT PETROLEO28,8810.112,986,548HYPERMARCAS317,4000.02447,609INTERGROUP FINANCIAL19,3770.194,874,173IOCHPE MAXION357,5000.4812,348,107ITAU UNIBANCO HOLDING SA529,2460.04966,988ITAUSA INVESTIMENTOS125,8913.95102,582,504ITAUSA INVESTIMENTOS PREF13,366,2270.379,560,718JHSF PARTICIPACOES3,144,5001.1529,980,764KLABIN PREF.SHS8,075,5000.174,365,666LIGHT S.A.232,3000.6617,201,197LLX LOGISTICA SA5,598,5060.6015,500,107LOCALIZA RENT A CAR867,9310.307,827,186MARCOPOLO PREF1,746,8770.328,225,237METALURGICA GERDAU PREF642,5000.338,615,823MMX MINERACAO E METALICOS SA1,612,0000.328,302,420MMX MINERACAO TRUST UNITS4,567,1060.5514,169,645MPX ENERGIA.567,9000.266,772,566MRV ENGENHARIA E PARTICIPACOES816,4000.318,127,522OBRASCON HUARTE LAIN BRASIL190,0802.7872,195,079OGX PETROLEO E GAS PARTICIPA7,730,4900.7318,932,375PCAPN PCA4409,9431.3234,357,786PDG REALTY6,106,4812.2257,798,658PETROLEO BRASILEIRO3,439,8794.38114,097,527PETROLEO BRASILEIRO PREF.SHS7,514,7800.318,149,322PORTO SEGURO523,9260.051,246,933RANDON SA IMPLEMENTOS PRF SHS157,1000.071,719,286ROSSI RESIDENCIAL210,5000.277,018,420SABESP235,9000.112,913,625SANTOS BRASIL161,7000.122,997,118SAO MARTINHO SA194,2860.7719,887,146SARAIVA SA LIVREIROS EDITORES1,017,9880.6516,763,220SID NACIONAL1,364,7001.0025,975,783SUZANO BAHIA SUL PAPEL PFD A3,594,4250.164,064,694TECNISA SA486,6000.184,577,200TEGMAGESTAO LOGISTICA S.A.283,2000.0018,396TELE NORTE LESTE PARTICIP PRF1,2000.225,827,183TELECOM.SAO PAULO219,1000.0055,622TELECOMUNICACOES SAO PAULO PF1,9140.082,207,084TELEMAR127,0000.071,813,866TELEMAR NORTE LESTE PREF A54,6000.081,999,027TIM PARTICIPACOES350,9000.225,650,424TIM PARTICIPACOES PF1,169,2000.276,906,495TOTVS374,6450.041,077,553TRANPAULIST PN COMPANIA TRANSMISSAO33,5410.205,270,038TRISUL SA2,079,0900.03742,761USIMINAS PREF.SHS A84,7001.1529,844,750USINAS SIDERURGICAS DE MINAS GERAIS SA1,985,7503.0479,104,041VALE DO RIO DOCE2,497,1000.7018,258,720VALE DO RIO DOCE -PREF-A639,0000.112,963,882VIVER SHS1,801,700

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67

Equity Latin America


0.338,699,701Canada

0.338,699,701PACIFIC RUBIALES324,800

2.0352,716,155Chile

0.133,445,744CAP SA72,4090.205,305,294CENCOSUD SA739,7320.297,619,517CFR PHARMACEUT28,111,2200.061,652,970COPEC87,5160.266,709,373EMBOTELLADORAANDINA S.A. -B-1,410,1000.04920,265EMBOTELLADORAANDINA SA PFD A215,5950.379,480,619EMPRESA NACIONAL DE TELECOM.468,9120.174,395,378EMPRESAS CMPC82,6360.009,373EMPRESAS LA POLAR COM NPV6,2500.082,200,036FALABELLA210,5060.02563,682HABITAT449,9370.327,971,340LAN CHILE AIRLINES ADR279,5000.092,410,157PARAUCO1,080,6500.0032,407SDAD QUIMICA Y MINERA CHILE B500


0.02551,320TENARIS SA23,326

9.44245,359,852Mexico

0.205,110,111ALFAA SHS344,5000.389,835,914AMERICA MOVIL L7,300,3040.061,622,049ARCA CONTINENTAL229,0380.051,253,205COMPARTAMOS694,2000.133,279,876CONTROLADORA UTS UNITS1,966,4000.092,410,920EMPRESAS ICA SAB DE CV1,049,0770.389,964,330GEO B SHS4,335,8340.317,973,422GRUPO BIMBO SA DE CV BIMBO3,446,5001.3735,627,257GRUPO FIN BANORTE7,838,6000.318,072,903GRUPO INDUSTRIAL MASECA S.A.B.3,899,1003.2785,322,645GRUPO MEXICO SAB DE CV -B-25,794,5440.307,696,218GRUPO MODELO SHS C1,280,0000.5614,468,522INDUSTRIAS PENOLES SA DE CV384,4450.174,448,872KIMBERLY-CLARK DEMEXICO S.A.B.677,2000.5012,990,206MEXICHEM S.A.B. DE C.V3,228,1180.174,385,322URBI DESARROLLO URBANOS2,001,8001.1930,898,080WAL MART DE MEXICO V10,445,050

0.02630,591Peru

0.02630,591ALICORP321,123


0.102,642,725AMBEV ADR92,5001.0226,520,213AMBEV ADR786,2504.97129,101,868AMERICA MOVIL-ADR-L2,396,1003.6995,775,710BANCO BRADESCO-SPONSORED ADR4,674,2660.009,381BANCO SANTANDER-CHILE ADR1000.205,211,613BANCOLOMBIAADR78,1000.205,232,028BCO SANTANDER BRASIL SPONSORED ADR 1 UNT446,8000.4411,407,884BRASIL TELECOM ADR398,0420.01178,926BRASIL TELECOM ADR 1 SH16,598

0.379,512,940BRASKEM SP.ADR327,1300.276,999,587BRF BR FOODS SP ADR403,9000.5815,167,634CEMIG SP ADR734,8660.5514,303,607CERVECERIAS SP.ADR243,3000.7920,448,432CIA DE MINAS BUENAVENTURA-SP ADR538,4000.9624,991,485COMPANHIA BRASILEIRA DIST -ADR532,3000.318,134,420CPELBN SP.ADR299,5000.328,238,672ECOPETROL SAADR187,2000.071,731,000EMBOT AND SP ADR-B60,0000.205,131,026EMBRAER SAADR166,7000.102,504,152EMPRESAS ICA SAB DE CV ADR271,6000.276,939,240ENERSIS SAADR300,4000.236,052,891FIBRIA CELULOSE SA458,9001.9350,193,301FOMENTO ECONOMICO MEXICANO SA DE CV

FEMSAADR754,900

0.7118,461,548GERDAU SP.ADR1,754,9000.174,461,480GOL LINHAS AEREAS INTELIGE ADR367,2001.3835,980,083GRUPO TELEVISA GDR1,462,6050.0067,309HIPERMAC SPON ADR99,8363.7397,047,007ITAU UNIBANCO ADR4,120,8920.266,714,438PETROLEO BR SA-ADR198,3002.8774,581,546PETROLEO BRASILEIRO-SP ADR2,430,9500.205,167,422SABESP SP.ADR86,6000.0059,444SIVENSAADR118,8870.174,310,352SOC QUIM&MIN SP ADR66,6000.225,586,952TAM ADR255,9300.123,020,976TELE NORTE LESTE PREF. ADR194,4002.1455,654,414TELECOMUNICACOES SAO PAULO ADR1,873,8860.256,585,190TERNIUM SAADR223,0000.6316,495,192TIM PARTICIPACOES ADR335,2003.97103,224,060VALE SA - ADR3,230,8000.7118,427,248VALE SA - PREF ADR636,300

0.01224,572Venezuela

0.01224,572SIDERURGICA VENEZOLANA SIVENSA130,332


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4.103,079,510SOMBOON FOREIGN4,113,825

32.4824,405,770Banks

4.883,664,715BANGKOK BANK PUBLIC -F-710,4006.114,591,000BANK OF AYUDHYA NVDR5,129,4005.334,004,474KASIKORNBANK -F-984,3000.56417,539KASIKORNBANK PCL-NVDR104,3006.705,035,830KRUNG THAI BANK PUBLIC FOREIGN8,230,1003.932,955,150SIAM COMMCL BANK -F-763,0004.973,737,062TISCO FINL GRP PUBLIC CO.LTD3,061,900


3.472,610,356PTT CHEMICAL F545,600


2.631,979,486SINO THAI FOREIGN5,110,900


3.432,575,357C.P. ALL PCL1,788,200


3.062,302,296CHAROEN POKPHAND FOODS2,397,900


2.311,738,404BERLI JUCKER PUBLIC CO LTD -FOREIGN2,781,900


2.912,188,096BANGKOK CHAIN HOSPITAL12,113,3804.723,543,391BANGKOK DUSIT MEDICAL FOREIGN2,063,900


3.382,538,312THANACHART CAPITAL PUBLIC NVDR15,787,380


3.392,545,718AIRPORTS THAILAND FOREIGN RGD2,172,700


3.232,424,338BANGKOK LIFE ASSURANCE NVDR1,619,300

1.701,280,527Mining

0.35260,999BANPU NVDR11,2001.351,019,528BANPU PUBLIC -F-43,750


4.523,394,955PTT EXPLORATION PRODUC PUBLIC610,0008.476,367,452PTT PUBLIC COMPANY FOREIGN584,0002.822,119,703THAI OIL F874,200


3.062,302,924AMATA -F-5,280,400

0.00-DUSIT THAI PROPERTIE222,9133.472,609,830HEMARAJ LAND FRGN38,184,3003.012,263,559L.P.N. DEVELOPMENT NVDR7,282,5003.562,670,002SUPALAI PUBLIC FOREIGN7,666,900

0.00-Bonds0.00-General Retailers

0.00-SWEDISH MOTOR 5% 28/11/20113,472



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68

Equity Thailand


69

Equity Global Aqua




96.8133,565,507Shares2.66922,432Austria

2.66922,432ANDRITZ AG12,992

0.49170,259Bermuda

0.49170,259CHINAWATER AFFAIRS GROUP686,000

2.22769,700Brazil

2.22769,700CIA SANEAMENTO MINAS GERAIS55,700

2.66923,249Finland

2.66923,249KEMIRA OYJ77,324

7.092,458,787France

3.961,374,702SUEZ ENVIRONNEMENT COMPANY99,9423.131,084,085VEOLIA ENVIRONNEMENT55,737

1.59551,086Italy

0.58200,060ACEA SPA28,2771.01351,026INTERPUMP GROUP59,496

6.982,421,606Japan

2.57890,871EBARA CORP221,0003.641,262,497KURITAWATER INDUSTRIES LTD61,8000.77268,238ORGANO CORP52,000

1.99688,648Malaysia

1.02351,595GAMUDA BHD399,8000.97337,053YTL CORP BERHAD951,980


0.44153,962EPURE INTL409,0000.51176,656HYFLUX LTD158,000

1.30451,710Spain

0.77266,543FLUIDRA SA95,1940.53185,167FOMENTO DE CONSTRUCCIONES8,807


7.432,575,828GEBERIT AG-NOM15,786


1.45502,239HALMA PLC109,4732.53876,196NORTHUMBRIAN WATER GROUP190,3872.65919,732PENNON GROUP PLC118,9924.501,559,728SEVERN TRENT PLC95,6876.342,198,182UNITED UTILITIES GROUP PLC331,397


6.092,107,437AMERICAN WATER WORKS103,7513.351,161,270AQUAAMERICA76,6001.43494,087ARCH CHEMICALS20,800

0.98338,583BADGER METER INC13,2711.04361,242CRANE CO10,6002.50866,202DANAHER CORP23,7001.05363,811FLOWSERVE CORP4,8001.63566,697FRANKLIN ELECTRIC17,5002.55885,471IDEX CORP28,0000.81281,895INSITUFORM TECHS-A-19,4900.86298,955ITRON INC9,0004.481,552,661ITT CORP.38,2001.07369,492MUELLER WATER PRODUCTS SER A134,6005.541,918,149NALCO HOLDING100,0013.731,294,437PENTAIR INC46,5003.391,177,061SABESP SP.ADR28,6001.29448,495TETRA TECH28,9002.19759,562WATTS WATER TECHNOLOGIES CL-A31,100

2.57892,101Share/Units of UCITS/UCIS

2.57892,101Share/Units in investment funds2.57892,101France

2.57892,101AMUNDI TRESO ISR I C4


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70

Equity Global Clean Planet



95.5516,791,052Shares1.07187,336Brazil

1.07187,336COSAN CLA22,100

2.33409,597Canada

2.33409,597WESTPORT INNOVATIONS24,800


0.5698,851TRONY SOLAR HOLDINGS CO LTD328,000

1.76309,819China

0.3460,191BYD CO LTD-H27,0001.42249,628CHINA LONGYUAN POWER GROUP CORP374,000

1.17204,782Denmark

1.17204,782VESTAS WIND SYSTEMS A/S12,782

12.312,163,704France

1.35237,389ALSTOM5,5833.64638,745COMPAGNIE DE SAINT-GOBAIN SA14,3041.60281,477EDF ENERGIES NOUVELLES7,0913.12548,279FAIVELEY7,7771.11195,725SCHNEIDER ELECTRIC SA1,6991.49262,089VEOLIA ENVIRONNEMENT13,475

13.232,325,313Germany

2.70474,365AIXTRON20,1602.44429,642ROTH & RAU AG20,8972.92513,652SIEMENS AG-NOM5,4240.60106,242SMA SOLAR TECHNOLOGYAG1,3834.57801,412WACKER CHEMIE5,375

2.47433,308Japan

1.28224,272HORIBA LTD10,1001.19209,036TOSHIBA58,000

1.57276,446Spain

1.57276,446IBERDROLA RENOVABLES90,757


3.82671,286ABB LTD-NOM37,5924.89859,915GEBERIT AG-NOM5,270

1.98347,598Taiwan

0.1119,522BRIGHT LED ELECTRONICS30,0001.87328,076EVERLIGHT ELECT177,207


1.69296,451JOHNSON MATTHEY PLC13,6173.19560,349NATIONAL GRID PLC82,616


0.67118,467AMER SUPERCONDUCTOR19,0000.85149,639AMERESCO15,3000.5596,871A123 SYSTEMS INC26,4002.07363,193CLEAN HARBORS INC5,1001.20210,828CREE9,1003.52616,874EMERSON ELECTRIC CO15,9000.4478,165ENERNOC7,2000.99173,337FIRST SOLAR INC1,9001.29227,155FUEL SYSTEMS SOLUTIONS13,2001.98348,392GT SOLAR INTL INC31,1805.851,027,106IDACORP37,7006.461,133,587ITC HOLDINGS22,9001.40245,808ITRON INC7,4001.14200,623MEMC ELECTRONIC MAT34,1001.35236,822ORMAT TECHNOLOGIES15,6002.47434,838PG&E CORP15,0000.69122,006POWERSECURE INTERNATIONAL INC24,5001.74305,121QUANTA SERVICES21,9000.83146,523RUBICON TECHNOLOGY INC12,6001.22215,140STERICYCLE3,5001.54270,614TRINA SOLAR ADS17,5003.15554,268VEECO INSTRUMENTS16,6001.66291,257YINGLI GREEN ENERGYADR45,8500.4579,663YONGYE INTERNATIONAL INC22,000


2.46433,096Shares2.46433,096Germany

2.46433,096MANZ AUTOMATION13,160


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0.015,500Shares0.015,500Luxembourg

0.015,500WCHELIKOS 9 021510,000

76.9767,856,928Convertible bonds0.28247,976Austria

0.16142,137IMMOFINANZ AG 4.25% 08/03/201835,4340.12105,839STEINHOFF FINANCE HOLDING GMBH 5%

22/05/2016100,000

0.58510,767Belgium

0.33288,905FORTIS BANQUE VAR PERP CV500,0000.25221,862UCB SA 4.5% 22/10/2015 CV200,000

3.272,880,484Bermuda

3.272,880,484SEADRILL LTD 3.375% 27/10/2017 CV3,500,000

36.7232,378,490France

0.55484,533AIR FRANCE KLM 4.97% 01/04/2015 CV35,0004.073,594,216AIR FRANCE KLM 2.75% 01/04/2020 CV175,0003.312,923,108ALCATEL-LUCENT 5% 01/01/2015 CV640,0000.18154,471ALTRAN TECHNOLOGIES 6.72% 01/01/2015 CV25,0003.473,066,365ARTEMIS CONSEIL SA 2% 31/07/201120,5000.12105,578ATOS 2.5% 01/01/2016 CV2,0002.372,091,819AXA SA 3.75% 01/01/2017 CV9,0002.512,215,727CAP GEMINI 1% 01/01/2012 CV50,0001.631,433,637CAP GEMINI 3.5% 01/01/2014 CV32,0000.76668,709COMPAGNIE GENERALE GEOPHYSIQUE VERITA

1.75% 01/01/2016 CV21,500

0.36319,479ETABLISSEMENT MAUREL ET PROM 7.125%31/07/2014 CV

17,000

1.211,063,142EURAZEO 6.25% 10/06/2014 CV18,0001.06934,357FAURECIA 4.5% 01/01/2015 CV30,0002.432,138,047FONCIERE DES REGIONS 3.34% 01/01/2017 CV25,0000.87762,974ILIAD 2.2% 01/01/2012 CV8,0003.913,455,205MICHELIN ET COMPAGNIE 0% 01/01/2017 CV29,0002.702,381,103MISARTE 3.25% 01/01/2016 CV15,0003.062,694,793PEUGEOT SA 4.45% 01/01/2016 CV78,0002.151,891,227PUBLICIS GROUPE SA 3.125% 30/07/2014 CV47,500

4.734,170,622Germany

0.23201,372CELESIO FINANCE BV 3.75% 29/10/2014 CV200,0003.683,247,497KREDITANSTALT FUR WIEDERAUFBAU 3.25%

27/06/2013 CV3,100,000

0.73643,433SGL CARBON SE 3.50% 30/06/2016 CV450,0000.0978,320TUI AG 2.75% 24/03/2016 CV1,489

2.652,332,660Guernsey

2.652,332,660NERO FINANCE LTD 4.5% 15/04/2013 CV2,300,000

6.585,802,300Jersey

0.66577,786DERWENT LDN PLC 2.75% 15/07/2016500,000

4.844,272,440INTERNATIONAL POWER 4.75% 05/06/20154,000,0001.08952,074WPP PLC 5.75% 19/05/2014 CV600,000


1.881,661,037ARCELORMITTAL SA 7.25% 01/04/2014 CV57,0001.411,241,870QIAGEN EURO FINANCE S.A 3.25% 16/05/2026 CV1,500,0002.502,197,460SUBSEA SEVEN SA 2.25% 11/10/2013 CV2,600,000


0.1194,039CELESIO FINANCE BV 2.5% 07/04/2018100,0004.554,009,967LUKOIL INTL FINANCE BV 2.625% 16/06/20155,000,0001.06934,390PORTUGAL TELECOM INTERNATIONAL FINANCE

BV 4.125% 28/08/2014 CV1,000,000

0.20179,388Norway

0.20179,388RENEWABLE ENERGY CORP 6.5% 04/06/2014 CV200,000

0.11100,907Portugal

0.11100,907PARPUBLICA - PARTICIP.PUBLICAS 5.25%28/09/2017 CV

100,000

0.82721,818Sweden

0.82721,818AB INDUSTRIVAERDEN 2.50% 27/02/2015 CV600,000


0.37327,562ACTELION FINANCE 0% 22/11/2011 CV400,0000.16141,470CLARIANT AG 3% 07/07/2014 CV90,000

2.292,015,460United Arab Emirates

2.292,015,460AABAR ENERGY 4% 27/05/20162,000,000


0.73641,487ANGLO AMERICAN PLC 4% 07/05/2014 CV500,0001.141,005,322AUTONOMY CORP PLC 3.25% 04/03/2015 CV800,0000.56490,611BRITISH AIRWAYS PLC 5.8% 13/08/2014300,0000.17148,062ITV PLC 4.00% 09/11/2016100,0000.22191,695SAINSBURY PLC 4.25% 16/07/2014150,0003.643,220,057SHIRE PLC 2.75% 09/05/2014 CV4,000,0000.24211,027VEDANTA RESOURCES JERS II LTD 4% 30/03/2017

CV300,000


0.0981,328Options0.0323,850France

0.016,500ALCATEL LUCENT - 3.6 - 16.12.11 PUT2500.015,750ALCATEL LUCENT - 4.6 - 16.12.11 CALL2500.0111,600PUBLICIS GROUPE - 42.0 - 16.12.11 CALL100

0.0657,478Germany

0.0220,160DEUTSCHE POST AG-NOM - 13.0 - 16.12.11 CALL2100.0110,500DEUTSCHE POST AG-NOM - 13.5 - 16.12.11 CALL1500.0111,858DEUTSCHE POST AG-NOM - 14.0 - 16.12.11 CALL2420.001,260DJ EURO STOXX 50 EUR - 2,600.0 - 15.07.11 PUT300.0213,700DJ EURO STOXX 50 EUR - 2,800.0 - 15.07.11 PUT50

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71

Convertible Europe


72


0.00-2,500Short positions

0.00-2,500Derivative instruments

0.00-2,500Options0.00-2,500France

0.00-2,500ALCATEL LUCENT - 3.0 - 16.12.11 PUT-250


Convertible Europe


%ofNaV

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73




3.90795,623Shares2.15437,457Brazil

2.15437,457BANCO BRADESCO SA BRAD N137,000


0.00-JK LAKSHMI CEMENT GDR45,0001.75358,166STANLEY BLACK 4.75% PREFERED 17/11/20154,268

2.00408,881Bonds0.93190,778Bermuda

0.93190,778NOBLE GROUP LTD 0% 13/06/2014 CV159,000


0.4080,705BILLION EXPRESS INVESTMENTS 0.75% 18/10/2015100,000

0.67137,398Taiwan

0.67137,398EPISTAR CORP 0% 27/01/2016200,000

91.0918,596,227Convertible bonds3.75764,558Australia

1.86378,983CFS RETAIL PROPERTY TRUST 5.075% 21/08/2014CV

520,000

1.89385,575CFS RETAIL PROPERTY TRUST 5.75% 04/07/2016CV

530,000

0.87178,148Austria

0.4183,303IMMOFINANZ AG 4.25% 08/03/201820,7670.4694,845STEINHOFF FINANCE HOLDING GMBH 4.5%

31/03/2018100,000

1.21246,899Bermuda

1.21246,899SEADRILL LTD CV 3.375% 27/10/2017300,000

1.59324,171Canada

1.59324,171KINROSS GOLD CORP 1.75% 15/03/2028 CV470,000


1.82371,738TPK HOLDING CO LTD 0% 20/04/2014500,000

14.012,861,999France

0.3265,723AIR FRANCE KLM 2.75% 01/04/2020 CV3,2001.48302,152AXA SA 3.75% 01/01/2017 CV1,3001.79365,152CAP GEMINI 1% 01/01/2012 CV8,2401.30264,373COMPAGNIE GENERALE GEOPHYSIQUE VERITA

1.75% 01/01/2016 CV8,500

0.3775,172ETABLISSEMENT MAUREL ET PROM 7.125%31/07/2014 CV

4,000

1.48302,747FONCIERE DES REGIONS 3.34% 01/01/2017 CV3,5401.46298,450GECINA 2.125% 01/01/2016 CV2,4450.1531,019INGENICO 2.75% 01/01/2017 CV7002.74559,982MICHELIN ET COMPAGNIE 0% 01/01/2017 CV4,7002.92597,229PUBLICIS GROUPE SA 3.125% 30/07/2014 CV15,000

12.882,629,491Germany

1.11226,876KREDITANSTALT FUR WIEDERAUFBAU 1.50%30/07/2014 CV

200,000

11.292,304,676KREDITANSTALT FUR WIEDERAUFBAU 3.25%27/06/2013 CV

2,200,000

0.4897,939TUI AG 2.75% 24/03/2016 CV1,862


1.25255,255HONGKONG LAND CB LTD 2.75% 21/12/2012 CV200,000

10.222,085,759Japan

1.38281,968AEON CO LTD 0.3% 22/11/201329,000,0000.83170,348CASIO COMPUTER COMPANY LTD 0% 31/03/201520,000,0001.24252,965MITSUBISHI CHEMICAL 0% 22/10/2013 CV30,000,0001.62330,889NEC CORP 1% 30/09/2011 CV39,000,0003.48707,841SHARP CORP 0% 30/09/201384,000,0001.67341,748TOSHIBA CP 0% 21/07/2011 CV40,000,000

2.12432,915Jersey

0.57115,557DERWENT LDN PLC 2.75% 15/07/2016100,0001.55317,358WPP PLC 5.75% 19/05/2014 CV200,000


6.181,261,805ARCELORMITTAL SA 7.25% 01/04/2014 CV43,300


4.71962,392LUKOIL INTL FINANCE BV 2.625% 16/06/20151,200,0001.07218,535SUEDZUCKER INTERNATIONAL FINANCE BV 2.50%

30/06/2016 CV150,000


1.38281,312LOTTE SHOPPING CENTER CO LTD 0% 05/07/2016CV

400,000

2.36481,212Sweden

2.36481,212AB INDUSTRIVAERDEN 2.50% 27/02/2015 CV400,000

4.08832,523Taiwan

0.68138,824ASIA CEMENT CORPORATION 0% 07/06/2016 CV200,0003.40693,699HON HAI PRECISION INDUSTRY COMPANY 0%

12/10/2013 CV1,000,000


6.911,411,271ANGLO AMERICAN PLC 4% 07/05/2014 CV1,100,0000.99201,254SHIRE PLC 2.75% 09/05/2014 CV250,000


1.17238,959AFFILIATED MANAGERS GROUP INC 3.95%15/08/2038 CV

311,000

1.07218,713AMGEN INC 0.375% 01/02/2013 CV315,0001.62331,279DANAHER CORP 0% 22/01/2021 CV312,0002.16439,821INTEL CORP 2.95% 15/12/2035615,0002.09426,955INTL GAME TECHNOLOGIE 3.25% 01/05/2014518,0001.12229,372INVITROGEN CORP 1.50% 15/02/2024 CV290,0000.78158,897JEFFERIES GROUP INC 3.875% 01/11/2029 CV229,0000.53108,627LAM RESEARCH CORP 0.5% 18/05/2016 CV157,000

Convertible Global

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


0.4795,919NATIONAL RETAIL PROPERTIES 5.125% 15/06/2028CV

125,000

1.22249,177TECH DATA CORP 2.75% 15/12/2026 CV348,0001.46297,271VORNADO REALTY LP 3.875% 15/04/2025 CV381,0002.12431,893Share/Units of UCITS/UCIS


2.12431,893AMUNDI TRESO EONIA C20.2449,097Derivative instruments


0.0611,520DEUTSCHE POST AG-NOM - 13.0 - 19.12.11 CALL1200.0510,500DEUTSCHE POST AG-NOM - 13.5 - 19.12.11 CALL1500.0611,907DEUTSCHE POST AG-NOM - 14.0 - 16.12.11 CALL2430.011,470DJ EURO STOXX 50 EUR - 2,600.0 - 15.07.11 PUT350.0613,700DJ EURO STOXX 50 EUR - 2,800.0 - 18.07.11 PUT50



%ofNaV

Market

Valu

e

Quan

tity

EUR


74

Convertible Global



100.6075,864,444Bonds2.221,672,465Australia

0.47353,987OPTUS FINANCE PTY LTD 4.625% 15/10/2019350,0000.96724,352ORIGIN ENERGY FINANCE LTD VAR 16/06/2071500,0000.40300,495RIO TINTO FINANCE USA LTD 8.95% 01/05/2014250,0000.39293,631WOOLWORTHS LTD 4% 22/09/2020300,000

0.98737,705Austria

0.98737,705OMV AG VAR 29/04/2049500,000

0.76575,237Belgium

0.76575,237BARRY CALLEBAUT SERVICES NV 5.375%15/06/2021

400,000

0.40305,229Brazil

0.40305,229BANCO SANTANDER BRASIL SA 4.5% 06/04/2015300,000


0.36268,380ABX FINANCING CO. 6.35% 15/10/2036250,0000.35267,255PETROBRAS INTERNATIONAL FINANCE CO LTD

5.75% 20/01/2020250,000

0.28213,038VALE OVERSEAS LTD 5.625% 15/09/2019200,000

4.293,234,698Denmark

0.19146,517AP MOLLER MAERSK 4.375% 24/11/2017100,0004.103,088,181DONG ENERGYAS VAR PERP2,000,000

25.6119,319,353France

0.73550,914AGENCE FRANCAISE DE DEVELOPPEMENT VARPERP

400,000

0.56422,863ALSTOM 2.875% 05/10/2015300,0000.51386,005AXA SA VAR PERP300,0000.85641,145AXA SA 6.211% PERP500,0000.28208,574BANQUE POPULAIRE-NATIXIS VAR 14/05/2019150,0000.99748,130BNP PARIBAS 5.25% 17/12/2012500,0000.69516,767BPCE FRN PERP400,0001.891,423,158CASINO GUICHARD-PERRACHON 4.726%

26/05/20211,000,000

0.69518,573CNP ASSURANCES VAR PERP450,0000.96723,366CNP ASSURANCES VAR 30/09/2041500,0000.35267,031CREDIT AGRICOLE SA VAR PERP200,0001.951,468,060CREDIT LOGEMENT 5.454% 16/02/20211,000,0000.28214,555DANONE 3.6% 23/11/2020150,0000.58438,778DEXIA CREDIT LOCAL DE FRANCE 5.375%

21/07/2014300,000

0.34253,329ELECTRICITE DE FRANCE 4.5% 12/11/2040200,0000.96726,752FONCIERE LYONNAISE 4.625% 25/05/2016500,0000.95718,299GECINA 4.25% 03/02/2016500,0000.20148,046GROUPAMA SA VAR PERP150,0000.19144,537LAFARGE 5.375% 29/11/2018100,0003.402,573,744MONDIALE-SOCIETE ASSURANCE VIE CAPITALISE

VAR PERP2,000,000

1.361,026,313PEUGEOT SA 4% 28/10/2013700,0000.58438,635RCI BANQUE SA 4.375% 27/01/2015300,0000.77579,279SOCIETE AUTOROUTE PARIS-RHIN-RHONE 3.75%

19/05/2016400,000

0.54404,519SOCIETE AUTOROUTE PARIS-RHIN-RHONE 7.5%12/01/2015

250,000

0.57429,915SOCIETE GENERALE VAR PERP350,0001.851,395,597SOCIETE GENERALE VAR PERP1,000,0001.08817,699SOCIETE GENERALE 3.875% 17/12/2015500,0000.19141,642SUEZ ENVIRONNEMENT COMPANY VAR PERP100,0000.96725,345VALEO 4.875% 11/05/2018500,0000.36267,783VIVENDI 5.75% 04/04/2013250,000

3.362,531,850Germany

0.38287,743ALLIANZ SE VAR PERP200,0002.982,244,107DEUTSCHE BANK 5.125% 31/01/20131,500,000

0.48358,740Guernsey

0.48358,740CREDIT SUISSE GROUP FINANCE FRN 23/01/2018250,000


0.49371,371HUTCHISON WHAMPOA INTERNATIONAL LTD4.625% 11/09/2015

350,000

2.521,897,930Ireland

1.931,454,185FGA CAPITAL IRELAND PLC 4% 28/03/20131,000,0000.59443,745GE CAPITAL EUROPEAN FUNDING 4.25%

01/03/2017300,000

7.215,438,782Italy

0.61457,059ATLANTIA SPA 5% 09/06/2014300,0000.39292,278A2A SPA 4.50% 02/11/2016200,0000.46346,554EDISON SPA 3.875% 10/11/2017250,0000.56424,412ENI SPA 3.5% 29/01/2018300,0000.39296,048INTESA SANPAOLO SPA FRN 28/05/2018200,0000.87665,019INTESA SANPAOLO SPA VAR PERP450,0000.0968,887INTESA SANPAOLO SPA VAR 02/03/202050,0000.55411,515INTESA SANPAOLO SPA 4% 08/11/2018300,0000.66497,760INTESA SANPAOLO SPA 5.15% 16/07/2020350,0000.44328,438SEAT PAGINE GIALLE SPA 10.5% 31/01/2017250,0000.18136,677TELECOM ITALIA SPA 5.25% 10/02/2022100,0000.48360,338UNICREDITO ITALIANO SPA VAR 20/09/2016250,0000.67506,864UNICREDITO ITALIANO SPA 5% 01/02/2016350,0000.86646,933UNIPOL GRUPPO FINANZIA 5% 11/01/2017450,000

0.95719,558Japan

0.28211,018NBC UNIVERSAL INC 5.15% 30/04/2020200,0000.67508,540NOMURA HOLDINGS INC 4.125% 19/01/2016500,000

0.36268,009Jersey

0.36268,009HSBC CAPITAL FUNDING VAR PERP188,000


0.19143,206ARCELORMITTAL SA 4.625% 17/11/2017100,0000.28211,443BANK INTERNATIONAL LUXEMBOURG VAR PERP200,000

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


75

Bond Global Corporate


0.96723,809FIAT INDSUTRIAL FINANCE EUROPE 6.25%09/03/2018

500,000

2.041,537,566GAZ CAPITAL 5.875% 01/06/20151,000,000

0.62467,116Mexico

0.42314,382AMERICA MOVIL SAB DE 6.125% 30/03/2040 CV300,0000.20152,734PETROLEOS MEXICANOS 5.5% 09/01/2017100,000


1.00750,462CORIO NV 4.625% 22/01/2018500,0000.76573,827DELTA LLOYD NV 4.25% 17/11/2017400,0000.35260,898EDP FINANCE BV 3.25% 16/03/2015200,0000.49369,786EUREKO BV VAR PERP300,0000.18136,277ING BANK NV FRN PERP100,0000.45342,955ING BANK NV VAR 16/09/2020250,0000.96722,489LANXESS FINANCE BV 4.125% 23/05/2018500,0000.79598,753NOMURA EUROPE FINANCE NV 5.125% 09/12/2014400,000

3.952,975,875Spain

0.52395,152BANCO BILBAO VIZCAYAARGENTARIA SENIORFINANCE S.A VAR 20/10/2019

300,000

0.56419,871BBVA SENIOR FINANCE SA 3.875% 06/08/2015300,0000.37280,340GAS NATURAL CAPITAL MARKETS SA 4.375%

02/11/2016200,000

0.30223,760GAS NATURAL CAPITAL MARKETS 5.25% 09/07/2014150,0000.97731,827IBERDROLA FINANZAS SAU 4.625% 07/04/2017500,0000.66494,701SANTANDER INTERNATIONAL DEBT SA 3.50%

12/08/2014350,000

0.39292,680SANTANDER US DEBT UNIPERSONAL 3.724%20/01/2015 144A

300,000

0.18137,544TELEFONICA EMISIONES SAU 3.661% 18/09/2017100,000

1.931,456,838Sweden

1.931,456,838INVESTOR AB 4.50% 12/05/20231,000,000


0.18139,207ABBEY NATIONAL TREASURY SERVICES 3.375%20/10/2015

100,000

0.39295,619ANGLO AMERICAN CAPITAL PLC 4.375% 02/12/2016200,0000.37280,520BARCLAYS BANK PLC 6% 14/01/2021200,0001.931,452,097BARCLAYS BANK PLC 6.625% 30/03/20221,000,0000.45338,586BARCLAYS BANK PLC 6.75% 22/05/2019300,0000.57430,995CREDIT AGRICOLE SA LONDON BR VAR PERP500,0000.67506,422CREDIT SUISSE LONDON 3.875% 25/01/2017350,0000.55411,468HSBC BANK PLC 3.5% 28/06/2015400,0000.52388,752HSBC BANK PLC 4.125% 12/08/2020400,0000.68511,600INTERCONTINENTAL HOTELS GROUP 6%

09/12/2016300,000

0.33249,475LLOYDS TSB BANK PLC 5.8% 13/03/2020250,0000.69519,027LLOYDS TSB BANK PLC 5.875% 08/07/2014350,0000.51383,982LLOYDS TSB BANK PLC 6.375% 17/06/2016250,0000.82620,548LLOYDS TSB BANK PLC 6.5% 24/03/2020450,0000.55415,404MOTABILITY OPERATIONS GROUP 5.375%

28/06/2022250,000

0.48362,455OLD MUTUAL PLC 4.5% 18/01/2017250,0000.24177,427OLD MUTUAL PLC 8.125% 19/10/2016100,000

0.41306,121PRUDENTIAL PLC 6.125% 19/12/2031200,0000.68510,945ROYAL BANK OF SCOTLAND PLC VAR 28/01/2016400,0000.48361,490ROYAL BANK OF SCOTLAND PLC 3.95% 21/09/2015360,0000.35261,545ROYAL BANK OF SCOTLAND PLC 4.875% 25/08/2014250,0001.981,492,926ROYAL BANK OF SCOTLAND PLC 6% 10/05/20131,000,0000.68514,715ROYAL BANK OF SCOTLAND PLC 6.4% 21/10/2019500,0000.87658,787SL FINANCE PLC VAR 12/07/2022450,0000.56421,489STAGECOACH GROUP PLC 5.75% 16/12/2016250,0000.38289,248STANDARD CHARTERED BANK VAR 03/02/2017200,0000.36274,028STANDARD CHARTERED BANK 5.5% 18/11/2014250,0000.68513,580VIRGIN MEDIA FINANCE PLC 7% 15/01/2018300,000


0.40298,973ALLSTATE CORP 7.45% 16/05/2019250,0000.43325,933ALTRIA GROUP INC 9.25% 06/08/2019250,0000.40301,149AMERICAN EXPRESS CREDIT CORPORATION

2.75% 15/09/2015300,000

0.80601,631AMERICAN EXPRESS 5.375% 01/10/2014350,0000.50377,736ANHEUSER-BUSCH COMPANIES INC 7.75%

15/01/2019300,000

0.55411,016AON CORP 5% 30/09/2020400,0000.36274,950AT AND T INC 6.55% 15/02/2039250,0000.71537,302BANK OF AMERICA CORP VAR 06/05/2019400,0000.44335,278BANK OF AMERICA CORP VAR 23/05/2017250,0000.40301,027BANK OF AMERICA CORP 5.125% 26/09/2014200,0000.35266,203BANK OF AMERICA CORP 5.75% 01/12/2017250,0000.67505,859CHESAPEAKE ENERGY CORP 6.125% 15/02/2021500,0000.35264,360CISCO SYSTEMS INC 5.9% 15/02/2039250,0000.36273,970CITIGROUP INC 6% 15/08/2017250,0000.95713,659CL CAPITAL TRUST I VAR PERP500,0000.35266,438COMCAST CORPORATION 6.45% 15/03/2037250,0000.56424,856CONSOLIDATED EDISON CO OF NEW YORK 5.7%

15/06/2040400,000

0.35265,090COX COMMUNICATIONS INC 8.375% 01/03/2039200,0000.35267,065CREDIT SUISSE NEW YORK BRANCH 5.3%

13/08/2019250,000

0.14106,958DEERE AND CO 5.375% 16/10/2029100,0000.35261,475EXELON GENERATION CO LLC 5.2% 01/10/2019250,0000.36268,038GENERAL ELECTRIC CAPITAL CORP 5.50%

08/01/2020250,000

0.37281,823HSBC FINANCE CAPITAL TRUST IX FRN 30/11/2035300,0000.56422,776JP MORGAN CHASE BANK VAR 31/05/2017300,0000.52390,383JP MORGAN CHASE CAPITAL XXII 6.125%

01/04/2014250,000

0.1398,561JPMORGAN CHASE AND CO 2.60% 15/01/2016100,0000.35263,078MERRILL LYNCH AND CO INC 6.05% 15/08/2012250,0000.49371,629MORGAN STANLEY 5.5% 02/10/2017250,0000.34256,545MORGAN STANLEY 5.625% 23/09/2019250,0000.33248,574PEPSI BOTTLING GROUP INC 7% 01/03/2029200,0000.36270,878PPL ENERGY SUPPLY LLC 6.3% 15/07/2013250,0000.59446,784SIMON PROPERTY GROUP LP 6.75% 01/02/2040400,0000.37281,945SOUTHERN CALIFORNIA EDISON CO 6.05%

15/03/2039250,000

0.34253,343TIME WARNER INC 4.7% 15/01/2021250,0000.35261,728UBS AG STAMFORD 3.875% 15/01/2015250,0000.20147,141UBS PREFERRED FRN 29/05/2049150,000


%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


76


0.46346,107UNICREDITO ITALIANO CAPITAL TR PF FRN PERP300,0000.64481,351VALERO ENERGY CORP 4.5% 01/02/2015450,0000.74554,909WEA FINANCE LLL 5.75% 02/09/2015500,0000.40298,565WELLPOINT INC 7% 15/02/2019250,000

1.591,199,962Money market instrument

1.591,199,962Bonds1.591,199,962United States of America

1.32999,977UNITED STATES OF AMERICA T.BILLS 0% 04/08/20111,000,0000.27199,985UNITED STATES OF AMERICA T.BILLS 0% 08/09/2011200,000



0.0968,143EURO BUND FUTURE - 125.5 - 29.07.11 PUT1000.017,974EURO BUND FUTURE - 126.5 - 29.07.11 CALL1000.0861,619Short positions



0.0319,573EURO BUND FUTURE - 127.0 - 29.07.11 CALL-100-0.01-5,799EURO BUND FUTURE - 128.0 - 29.07.11 CALL-1000.0647,845EURO BUND FUTURE - 129.0 - 29.07.11 CALL-100


%ofNaV

Market

Valu

e

Quan

tity

USD


77





95.75288,234,709Bonds0.27806,517Australia

0.03102,470AMCOR LTD 4.625% 16/04/2019100,0000.10302,811COMMONWEALTH BANK OF AUSTRALIA 4.25%

06/04/2018300,000

0.14401,236WESTPAC BANKING CORP 4.125% 25/05/2018400,000

1.364,107,765Austria

1.033,117,960AUSTRIA 3.90% 15/07/20203,000,0000.10296,166RAIFFEISEN BANK INTERNATIONAL 6.625%

18/05/2021300,000

0.09276,135TELEKOM FINANZMANAGEMENT GMBH 6.375%29/01/2016

250,000

0.14417,504UNICREDIT BANK AUSTRIAAG 5.75% 22/02/2013400,000

1.123,365,513Belgium

0.12356,003BELGIUM KINGDOM 3.50% 28/03/2015350,0000.33982,570BELGIUM 3.75% 28/09/20201,000,0000.672,026,940BELGIUM 4.25 28/09/20212,000,000


0.07206,376HUTCHISON WHAMPOA INTERNATIONAL LTD 4.75%14/11/2016

200,000

0.23690,198Denmark

0.19582,126CARLSBERG 3.375% 13/10/2017600,0000.04108,072CARLSBERG 6% 28/05/2014100,000

1.394,178,277Finland

1.203,622,850FINLAND 4% 04/07/20253,500,0000.05143,387POHJOLA BANK PLC 3% 08/09/2017150,0000.14412,040SAMPO OYJ 6.339% 10/04/2012400,000

22.6668,234,949France

0.19569,970AGENCE FRANCAISE DE DEVELOPPEMENT VARPERP

600,000

0.10291,660ALSTOM 2.875% 05/10/2015300,0000.03100,575BANQUE PSA FINANCE 3.625% 17/09/2013100,0000.13396,712BANQUE PSA FINANCE 3.875% 14/01/2015400,0000.341,012,770BANQUE PSA FINANCE 3.875% 18/01/20131,000,0000.03101,870BNP PARIBAS TSR 5.70% 15/05/2012100,0001.213,656,205BNP PARIBAS COVERED BONDS 4.75% 28/05/20133,500,0000.11316,463BNP PARIBAS VAR PERP350,0000.03105,124BNP PARIBAS VAR PERP100,0000.23699,902BNP PARIBAS 3.50% 07/03/2016700,0000.21619,206BNP PARIBAS 5.25% 17/12/2012600,0000.17505,440BOUYGUES 4% 12/02/2018500,0000.12356,428BPCE FRN PERP400,0000.10315,498BPCE FRN PERP270,0000.29877,356BPCE 2.875% 22/09/2015900,0000.10303,282BPCE 5.50% 30/10/2011300,0000.05142,594BPCE 9.25% PERP140,000

0.10297,513CAISSE CENTRALE DU CREDIT IMMOBILIER 3.75%22/01/2015

300,000

1.624,879,350CAISSE D’AMORTISSEMENT DETTE SOCIETE3.375% 25/04/2021

5,000,000

1.925,824,884CAISSE DE REFINANCEMENT HABITATION 5%25/10/2013

5,500,000

0.05158,213CAISSE NATIONALE AUTOROUTES 4.375%19/05/2014

150,000

0.11339,174CAISSE NATIONALE AUTOROUTES 6% 26/10/2015300,0000.11319,278CASINO GUICHARD-PERRACHON 5.5% 30/01/2015300,0000.04105,796CASINO 7.875% 09/08/2012100,0000.15442,668CFF 6.125% 23/02/2015400,0001.654,955,300CM CIC HOME LOAN SFH 1.875% 14/06/20135,000,0000.09278,191CNP ASSURANCES VAR PERP350,0000.20598,710CNP ASSURANCES VAR 30/09/2041600,0001.163,489,844COMPAGNIE DE FINANCEMENT FONCIER 2.25%

07/03/20145,000,000

1.414,248,000COMPAGNIE DE FINANCEMENT FONCIER 4.75%25/06/2015

4,000,000

0.19575,615COMPAGNIE DE SAINT GOBAIN 8.25% 28/07/2014500,0000.06170,282CREDIT AGRICOLE SA VAR PERP200,0000.16484,455CREDIT AGRICOLE SA 2.625% 21/01/2014700,0000.27819,760CREDIT LOGEMENT FRN PERP1,000,0000.14407,695CREDIT LOGEMENT VAR PERP500,0000.0387,364ELECTRICITE DE FRANCE 4.5% 12/11/2040100,0000.13391,024FEDERAL BANK CREDIT MUTUEL 3.75% 26/01/2018400,0001.434,312,665FRANCE EMPRUNT D’ETAT OAT 3.5% 25/04/20264,500,0000.05143,115FRANCE EMPRUNT D’ETAT OAT 4% 25/04/2055150,0001.755,260,500FRANCE EMPRUNT D’ETAT OAT 4.5% 25/04/20415,000,0002.858,617,349FRANCE EMPRUNT D’ETAT OAT 5.75% 25/10/20327,000,0000.12346,612GALERIE LAFAYETTE 4.5% 28/04/2017350,0001.384,149,170GCE COV.BONDS 2.25% 04/02/20134,150,0000.10297,258GECINA 4.25% 03/02/2016300,0000.03101,326GECINA 4.50% 19/09/2014100,0000.23696,346KLEPIERRE 4% 13/04/2017700,0000.06175,442RCI BANQUE SA 3.4% 11/04/2014250,0000.0397,715RCI BANQUE SA 4% 16/03/2016100,0000.03100,846RCI BANQUE SA 4.375% 27/01/2015100,0000.08237,518RESEAU FERRE DE FRANCE 6% 12/10/2020200,0000.10288,000SCOR SE FRN 06/07/2020300,0000.17513,065SOCIETE AUTOROUTE PARIS-RHIN-RHONE 5%

12/01/2017500,000

0.08254,163SOCIETE GENERALE VAR PERP300,0000.27801,576SOCIETE GENERALE 4% 20/04/2016800,0000.09269,233SOCIETE GENERALE 5.2% 15/04/2021400,0000.25758,464SOCIETE GENERALE 6.625% 27/04/2015700,0000.10294,741UNIBAIL RODAMCO SE 3.875% 05/11/2020300,0000.17500,290VALEO 4.875% 11/05/2018500,0000.07202,668VAUBAN MOBILISATIONS GARANTIES 6%

28/10/2011200,000

0.11318,888VEOLIA ENVIRONNEMENT 5.25% 24/04/2014300,0000.03102,220VEOLIA ENVIRONNEMENT 5.875% 01/02/2012100,0000.05151,608VIVENDI 3.875% 15/02/2012150,000

13.3740,238,839Germany

0.11336,075BERTELSMANN AG 7.875% 16/01/2014300,000


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


78

Bond Euro Aggregate

0.05151,707COMZBK AG 5.50% 25/10/2011150,0003.189,563,460GERMANY BUND 3% 04/07/20209,500,0000.641,931,292GERMANY BUND 4.75% 04/07/20401,650,0004.7014,154,242GERMANY BUNDEI 1.75% 15/04/202012,500,0000.05160,220GERMANY 3.75% 04/01/2019150,0002.708,127,375GERMANY 4% 04/01/20187,500,0001.103,301,140GERMANY 4.25% 04/07/20183,000,0000.18531,100KREDITANSTALT FUR WIEDERAUFBAU 5.125%

17/06/2013500,000

0.22677,138MUNICH RE FINANCE FRN 26/05/2041700,0000.04108,918NORDRHEIN-WESTFALEN 6% 22/01/2014100,0000.401,196,172VOLKSWAGEN LEASING GMBH 3.375% 03/06/20161,200,000

0.16494,865Guernsey

0.16494,865CREDIT SUISSE GROUP FINANCE FRN 23/01/2018500,000

0.782,352,602Ireland

0.13401,752CATERPILLAR INTERNATIONAL FINANCE PLC2.75% 06/06/2014

400,000

0.18551,645FGA CAPITAL IRELAND PLC 4% 28/03/2013550,0000.11345,426GE CAPITAL EUROPEAN FUNDING 2.875%

17/09/2015350,000

0.361,053,779GE CAPITAL EUROPEAN FUNDING 3.75%04/04/2016

1,050,000

14.8544,698,938Italy

0.06192,408ATLANTIA SPA 3.375% 18/09/2017200,0000.06193,216BANCA CARIGE 3.75% 25/11/2016200,0000.03100,279BANCAMONTE DEI PASCHI DI SIENA 4.125%

11/11/2013100,000

0.0397,576ENI SPA 3.5% 29/01/2018100,0000.0398,434ENI SPA 4% 29/06/2020100,0000.18531,265ENI SPA 5% 28/01/2016500,0000.11345,767INTESA SANPAOLO SPA FRN 24/02/2014500,0000.24714,672INTESA SANPAOLO SPA FRN 28/05/2018700,0000.05152,894INTESA SANPAOLO SPA VAR PERP150,0000.26796,376INTESA SANPAOLO SPA 3.25% 01/02/2013800,0000.0399,566INTESA SANPAOLO SPA 3.5% 27/11/2013100,0000.23692,937INTESA SANPAOLO SPA 4.125% 14/01/2016700,0000.03100,600INTESA SANPAOLO SPA 4.375% 16/08/2016100,0000.0399,622ITALY BTP 4% 01/02/2017100,0001.705,107,750ITALY BTP 4.25% 15/10/20125,000,0002.166,464,055ITALY BTP 4.75% 01/09/20216,500,0005.7617,320,829ITALY BTP 5% 01/03/202517,400,0000.31920,070ITALY BTP 5% 01/08/20391,000,0002.296,870,975ITALY BTP 5% 01/09/20407,500,0000.23701,995ITALY BTP 5.25% 01/08/2011700,0000.03101,281PIRELLI E C SPA 5.125% 22/02/2016100,0000.19557,904TELECOM ITALIA SPA 5.125% 25/01/2016550,0000.19569,105TELECOM ITALIA SPA 8.25% 21/03/2016500,0000.03102,190TELECOM ITALIA 6.25% 01/02/2012100,0000.22656,500TERNA SPA 4.75% 15/03/2021650,0000.0397,433UNICREDITO SUB VAR 22/09/2019100,0000.20599,754UNIONE DI BANCHE ITALIANE 4.125% 21/10/2013600,0000.14413,485UNIPOL GRUPPO FINANZIA 5% 11/01/2017417,000

0.0399,622Jersey

0.0399,622UBS AG JERSEY BRANCH VAR 25/09/2018100,000


0.13383,348ARCELORMITTAL SA 8.25% 03/06/2013350,0000.11316,626EUROPEAN INVESTMENT BANK 4.5% 15/10/2025300,0000.11340,854EUROPEAN INVESTMENT BANK 5.50% 15/02/2018300,0000.702,108,909EUROPEAN UNION 3.25% 04/04/20182,103,000

0.481,457,148Mexico

0.10298,353AMERICA MOVIL SAB DE CV 3.75% 28/06/2017300,0000.381,158,795PETROLEOS MEXICANOS 5.5% 09/01/20171,100,000


0.05148,859ABN AMRO BANK NV 2.75% 29/10/2013150,0000.10301,125ABN AMRO BANK NV 4.25% 11/04/2016300,0000.13402,300ABN AMRO BANK NV 6.375% 27/04/2021400,0000.15441,025ABN AMRO FRN 08/06/2015500,0000.16480,330ALLIANZ FINANCE II BV VAR 08/07/2041500,0000.24732,543ALTADIS FINANCE BV 5.125% 02/10/2013700,0000.09265,338BK NEDL GEM.5 3,375% 5/06/2013 EMTN250,0000.03102,933BMW FINANCE 6.125% 02/04/2012100,0000.03103,992DAIMLER INTL FIN BV 7.75% 26/03/2012100,0000.12346,311DELTA LLOYD NV 4.25% 17/11/2017350,0000.10302,502FORTIS BANK NV 4% 03/02/2015300,0000.10311,772GENERALI FINANCE B.V 4.75% 12/05/2014300,0000.14419,572HELABA INTERNATIONAL FINANCE PLC 5.50%

04/02/2013400,000

1.584,739,997ING BANK NV 3% 30/09/20144,700,0000.08249,160LANXESS FINANCE BV 4.125% 23/05/2018250,0000.12351,904LEASEPLAN CORPORATION NV 4.25% 07/10/2011350,0000.18531,215NEDERLAND 4% 15/07/2019500,0003.6410,925,199NEDERLAND 4.5% 15/07/201710,000,0000.17516,220NOMURA EUROPE FINANCE NV 5.125% 09/12/2014500,0000.16474,958RABOBANK NEDERLAND NV 5.25% 12/03/20131,000,0000.10312,168REPSOL INTERNATIONAL FINANCE BV 5%

22/07/2013300,000

0.0399,287SCLUMBERGER 2.75% 01/12/2015100,0000.03102,071VOLKSWAGEN INTL FIN 5.625% 09/02/2012100,000

1.384,147,890Norway

0.05157,170DNB NOR BANK ASA 4.5% 29/05/2014150,0001.333,990,720DNB NOR BOLIKREDITT 2.75% 20/04/20154,000,000

0.481,439,800Poland

0.351,044,940POLAND 5.25% 25/10/20174,200,0000.13394,860REPUBLIC OF POLAND 5.25% 20/01/2025400,000

0.862,588,416Portugal

0.521,567,253BANCO BPI SA 3.25% 15/01/20151,900,0000.341,021,163BANCO SANTANDER TOTTA SA 3.25% 21/10/20141,100,000

15.1745,659,845Spain

0.31947,980BANCO BILBAO VIZCAYAARGENTARIA SENIORFINANCE S.A. 3.25% 23/04/2015

1,000,000

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


79

Bond Euro Aggregate


1.384,153,095BANCO SANTANDER CENTRAL HISPANO 4.25%06/05/2013

4,100,000

0.0399,698BANCO SANTANDER CENTRAL HISPANO 4.375%16/03/2015

100,000


5,000,000

0.03100,458BONOS Y OBLIG DEL ESTADO 5.5% 30/04/2021100,0000.05141,149CAIXA DE AFORROS DE GALICIA VIGO OURENSE E

PONTEVEDRA 3% 03/11/2014150,000

0.08245,088CAIXA ESTALVIS PENS BARCELONA 3.75%26/05/2014

250,000

1.253,755,320CAJAAHORROS DE VALENCIA 3% 27/10/20144,000,0000.09263,994CAJAAHORROS MONTE PIED MADRID 3.625%

05/10/2016300,000

0.651,967,540CAJAAHORROS MONTE PIED MADRID 3.875%30/11/2013

2,000,000


4,000,000

0.0390,995CAJA DEL MEDITERRANEO 3.375% 22/10/2014100,0000.24725,093GAS NATURAL CAPITAL MARKETS SA 4.375%

02/11/2016750,000

0.411,234,668GAS NATURAL CAPITAL MARKETS 5.25% 09/07/20141,200,0000.13404,332IBERDROLA FINANZAS SAU 3.875% 10/02/2014400,0000.17517,990IBERDROLA FINANZAS SAU 4.875% 04/03/2014500,0001.002,998,530INSTITUTO DE CREDITO OFICIAL 4.375% 31/03/20143,000,0000.13404,840RED ELECTRICA FINANCIAL SA UNI 4.75%

16/02/2018400,000

0.18536,184SANTANDER INTERNATIONAL DEBT SA 3.50%12/08/2014

550,000

0.0399,771SANTANDER INTERNATIONAL DEBT SA 4.25%07/04/2014

100,000

0.341,017,470SANTANDER INTERNATIONAL DEBT 5.625%14/02/2012

1,000,000

0.24725,730SANTANDER ISSUANCES SA VAR 24/10/2017750,0000.17501,125SANTANDER ISSUANCES SA VAR 28/07/2019500,0000.23683,081SPAIN 3.3% 31/10/2014700,0003.339,993,689SPAIN 3.8% 31/01/201710,500,0000.32963,450SPAIN 4.6% 30/07/20191,000,0001.053,153,605SPAIN 4.65% 30/07/20253,500,0000.13379,472TELEFONICA EMISIONES SAU 3.661% 18/09/2017400,0000.07201,834TELEFONICA EMISIONES SAU 4.75% 07/02/2017200,0000.10314,634TELEFONICA EMISIONES SAU 5.496% 01/04/2016300,000

1.855,554,197Sweden

0.07210,902INVESTOR AB 4.875% 18/11/2021200,0000.07199,266LANSFORSAKRINGAR HYPOTEK AB 2.875%

23/03/2015200,000

0.10302,043SKF AB 3.875% 25/05/2018300,0001.344,042,280STADSHYPOTEK AB 3% 01/10/20144,000,0000.17497,210SWEDISH COVERED BOND CORP 3.25% 30/03/2017500,0000.10302,496VATTENFALL 4.50% 25/10/2011300,000


0.06195,382CREDIT SUISSE GROUPE FINANCE 2.875%24/09/2015

200,000


0.32951,672ABBEY NATIONAL TREASURY SERVICES FRN04/10/2012

950,000

1.654,991,849ABBEY NATIONAL TREASURY SERVICES 2.50%18/03/2013

5,000,000


5,000,000


450,000

0.17509,740ANGLO AMERICAN CAPITAL PLC 4.375% 02/12/2016500,0000.10301,125AVIVA PLC REGS VAR 14/11/2021300,0000.09263,583AVIVA PLC VAR PERP300,0000.06178,658BARCLAYS BANK PLC VAR PERP250,0000.15451,499BARCLAYS BANK PLC 4.125% 15/03/2016450,0000.17525,775BARCLAYS BANK PLC 5.25% 27/05/2014500,0000.15451,940BP CAPITAL MARKETS PLC 3.10% 07/10/2014450,0000.30900,684BP CAPITAL MARKETS PLC 3.472% 01/06/2016900,0000.08250,580BP CAPITAL MARKETS PLC 3.83% 06/10/2017250,0000.341,027,070CARNIVAL PLC 4.25% 27/11/20131,000,0000.17501,200CREDIT AGRICOLE SA LONDON BR 5.125%

18/04/2023500,000

0.18553,358CREDIT AGRICOLE SA LONDON BR 5.50%17/12/2021

500,000

0.05136,638HBOS PLC VAR 30/10/2019150,0000.16469,675HSBC BANK PLC FRN 30/09/2020500,0000.371,114,585HSBC HOLDING PLC 3.875% 16/03/20161,100,0000.10309,159IMPERIAL TOBACCO FINANCE PLC 4.375%

22/11/2013300,000

0.341,009,390LLOYDS TSB BANK PLC 4.5% 15/09/20141,000,0000.17511,410LLOYDS TSB BANK PLC 5.875% 08/07/2014500,0000.05142,670LLOYDS TSB BANK PLC 6.5% 24/03/2020150,0000.07199,996OLD MUTUAL PLC 4.5% 18/01/2017200,0000.04125,343OTE PLC 4.625% 20/05/2016150,0000.07199,944ROYAL BANK OF SCOTLAND PLC 4.75% 18/05/2016200,0000.14412,056ROYAL BANK OF SCOTLAND PLC 5.25% 15/05/2013400,0000.19566,341ROYAL BANK OF SCOTLAND PLC 6% 10/05/2013550,0000.341,009,740SL FINANCE PLC VAR 12/07/20221,000,0000.0399,751STANDARD CHARTERED BANK VAR 03/02/2017100,000


0.08231,620BANK OF AMERICA CORP VAR 06/05/2019250,0000.09276,645BANK OF AMERICA CORP VAR 28/03/2018300,0000.09259,533BANK OF AMERICA CORP 5.125% 26/09/2014250,0000.27822,773BANK OF AMERICA CORP 7% 15/06/2016750,0000.13378,824CITIGROUP INC VAR 10/02/2019400,0000.10315,036CITIGROUP INC 6.4% 27/03/2013300,0000.14417,700GECC 5.875% 18/10/2012400,0000.28848,581GOLDMAN SACHS GROUP INC 4.5% 09/05/2016850,0000.24729,000JP MORGAN CHASE BANK VAR 31/05/2017750,0000.11341,117JPMORGAN CHASE AND CO VAR 31/03/2018350,0000.23679,801JPMORGAN CHASE AND CO 2.60% 15/01/20161,000,0000.30900,378JPMORGAN CHASE AND CO 3.75% 15/06/2016900,0000.03104,418JPMORGAN CHASE AND CO 5.25% 08/05/2013100,0000.13396,640MORGAN STANLEY 4.5% 23/02/2016400,0000.401,200,071NATIONAL GRID USA 3.25% 03/06/20151,200,000


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


80

Bond Euro Aggregate

0.08238,719UNICREDITO ITALIANO CAPITAL TR PF FRN PERP300,0000.07206,948WAL-MART STORES INC 4.875% 21/09/2029200,000

0.411,246,490Convertible bonds0.07222,236France

0.07222,236MISARTE 3.25% 01/01/20161,400


0.341,024,254UNICREDIT LUXEMBOURG FINANCE FRN13/01/2017

1,500,000



0.631,898,333AMUNDI CREDIT EURO SHORT DURABLE FCP1950.822,443,230PORTFOLIO ARBT EURO GOVIES FCP100.722,177,890SG OBLIG CONVERTIBLES C1,550


0.451,369,156STRUCTURA NEW E A I EUR CAP C2


0.07199,867Bonds0.07199,867France

0.0499,945BTF 0% 21/07/2011100,0000.0399,922BTF 0% 28/07/2011100,000



0.001,680DJ EURO STOXX 50 EUR - 2,600.0 - 15.07.11 PUT400.005,480DJ EURO STOXX 50 EUR - 2,800.0 - 15.07.11 PUT20


%ofNaV

Market

Valu

e

Quan

tity

EUR


81

Bond Euro Aggregate




96.0670,329,984Bonds4.453,257,913Austria

4.123,014,028AUSTRIA 3.90% 15/07/20202,900,0000.33243,885AUSTRIA 4.85% 15/03/2026220,000

6.554,793,061Belgium

0.14105,007BELGACOM SA 4.375% 23/11/2016100,0002.852,083,788BELGIUM 3.5% 28/06/20172,100,0003.362,456,880BELGIUM 3.75% 28/09/20152,400,0000.20147,386BELGIUM 3.75% 28/09/2020150,000

0.18134,170Canada

0.18134,170CANADA GOVERNMENT 3.50% 13/01/2020130,000

0.50368,883Czech Republic

0.50368,883CZECH REPUBLIC 4.50% 05/11/2014350,000

0.83606,528Finland

0.83606,528FINNISH 3.375% 15/04/2020600,000

16.4212,021,247France

1.371,005,749BANQUE PSA FINANCE 3.625% 17/09/20131,000,0000.18133,661BPCE FRN PERP150,0000.22158,861CAISSE DE REFINANCEMENT HABITATION 5%

25/10/2013150,000

0.19138,416CREDIT AGRICOLE SA 2.625% 21/01/2014200,0005.964,372,409FRANCE EMPRUNT D’ETAT OAT 2.5% 25/10/20204,700,0000.91663,098FRANCE EMPRUNT D’ETAT OAT 3% 25/10/2015650,0000.46335,430FRANCE EMPRUNT D’ETAT OAT 3.5% 25/04/2026350,0001.901,388,245FRANCE EMPRUNT D’ETAT OAT 3.75% 25/04/20211,350,0001.04763,280FRANCE EMPRUNT D’ETAT OAT 4% 25/04/2055800,0003.622,646,757FRANCE EMPRUNT D’ETAT OAT 5.75% 25/10/20322,150,0000.21153,615SFEF 3.125% 30/06/2014150,0000.15112,954SFEF 3.25% 16/01/2014110,0000.14100,792SFEF 3.5% 24/11/2011100,0000.0747,980THALES SA 2.75% 19/10/201650,000

18.4713,520,568Germany

1.381,006,680GERMANY BUND 3% 04/07/20201,000,0000.93680,573GERMANY BUND 3.25% 04/07/2042750,0003.732,732,328GERMANY BUND 4.75% 04/07/20282,400,0003.572,611,200GERMANY 3.25% 04/07/20152,500,0008.866,489,787GERMANY 3.5% 04/01/20166,150,000

0.1075,160Hungary

0.1075,160REPUBLIC OF HUNGARY 4.50% 29/01/201475,000

22.7016,624,024Italy

0.0753,127ENI SPA 5% 28/01/201650,0000.68497,830INTESA SANPAOLO SPA 3.5% 27/11/2013500,0000.59435,416INTESA SANPAOLO SPA 3.75% 23/11/2016450,000

0.38278,085ITALY BTP 3.75% 01/03/2021300,0000.54398,488ITALY BTP 4% 01/02/2017400,0004.072,978,080ITALY BTP 4.25% 01/03/20203,050,0000.27200,014ITALY BTP 4.50% 01/03/2019200,0001.601,168,150ITALY BTP 4.50% 01/03/20261,250,0001.22895,023ITALY BTP 4.75% 01/09/2021900,0000.48348,408ITALY BTP 5% 01/03/2025350,0000.56412,259ITALY BTP 5% 01/09/2040450,0001.19873,843ITALY BTP 5.75% 01/02/2033850,0004.743,465,699ITALY 3.75% 01/08/20163,500,0002.952,159,243ITALY 4% 01/02/20372,700,0002.742,002,812ITALY 4% 01/09/20202,100,0000.62457,547ITALY 4.25% 01/02/2015450,000


0.88646,308EUROPEAN FINANCIAL STABILITY FACILITY 2.75%18/07/2016

650,000

0.82597,540EUROPEAN UNION 2.75% 03/06/2016600,0001.21890,495EUROPEAN UNION 3.25% 04/04/2018888,0000.1499,493EUROPEAN UNION 3.5% 04/06/2021100,000


1.13829,040NEDERLAND 3.25% 15/07/2015800,0000.17121,528NEDERLAND 5.50% 15/01/2028100,000

0.14104,780Norway

0.14104,780DNB NOR BANK ASA 4.5% 29/05/2014100,000

0.73533,061Poland

0.73533,061REPUBLIC OF POLAND 5.25% 20/01/2025540,000

1.641,198,415Slovakia

1.641,198,415SLOVAKIA 4.375% 21/01/20151,150,000

13.399,802,394Spain

0.27198,986BANCO ESPANOL DE CREDITO SA 3.625%04/06/2013

200,000

0.27198,254BANCO SANTANDER CENTRAL HISPANO 3.875%27/05/2014

200,000

0.1393,854CAIXA CATALUNYA TARRAGONAMANRESA 3%29/10/2014

100,000

0.40294,105CAIXA ESTALVIS PENS BARCELONA 3.75%26/05/2014

300,000

0.0646,942CAJAAHORROS DE VALENCIA 3% 27/10/201450,0000.81594,720CAJAAHORROS MONTE PIED MADRID 4.875%

31/03/2014600,000

0.19136,493CAJA DEL MEDITERRANEO 3.375% 22/10/2014150,0000.58426,929FONDO DE REESTRUCTURACION ORDE 3%

19/11/2014450,000

0.1499,866INSTITUTO DE CREDITO OFICIAL 3.875% 16/05/2013100,0001.37999,509INSTITUTO DE CREDITO OFICIAL 4.375% 31/03/20141,000,0000.93683,081SPAIN 3.3% 31/10/2014700,0000.91666,246SPAIN 3.8% 31/01/2017700,0000.37272,668SPAIN 4.20% 31/01/2037350,0005.073,709,282SPAIN 4.6% 30/07/20193,850,0000.95693,792SPAIN 4.65% 30/07/2025770,000


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


82

Bond Euro Govies

0.22163,277SPAIN 4.9% 30/07/2040190,0000.72524,390TELEFONICA EMISIONES SAU 5.496% 01/04/2016500,000


1.33976,910CREDIT SUISSE GROUPE FINANCE 2.875%24/09/2015

1,000,000


0.56405,304HSBC HOLDING PLC 3.875% 16/03/2016400,0000.41302,175NORTHERN ROCK ASSET MANAGEMENT 3.625%

28/03/2013300,000


3.312,420,987UNITED STATES OF AMERICA 1.375% 15/07/20183,100,000



0.59431,893AMUNDI TRESO EONIA C23.052,233,995SG MONETAIRE PLUS96


0.14101,510Bonds0.14101,510France

0.14101,510REPUBLIQUE FRANCAISE 2.5% 12/01/2014100,000


%ofNaV

Market

Valu

e

Quan

tity

EUR


83

Bond Euro Govies


84




90.33490,366,054Bonds1.407,584,697Australia

0.11614,820AMCOR LTD 4.625% 16/04/2019600,0000.372,018,740COMMONWEALTH BANK OF AUSTRALIA 4.25%

06/04/20182,000,000

0.512,744,339RIO TINTO FINANCE USA LTD 4.125% 20/05/20214,000,0000.412,206,798WESTPAC BANKING CORP 4.125% 25/05/20182,200,000

0.693,758,302Austria

0.512,764,216RAIFFEISEN BANK INTERNATIONAL 6.625%18/05/2021

2,800,000

0.18994,086TELEKOM FINANZMANAGEMENT GMBH 6.375%29/01/2016

900,000


0.482,579,700HUTCHISON WHAMPOA INTERNATIONAL LTD 4.75%14/11/2016

2,500,000

1.829,882,430Denmark

0.452,425,525CARLSBERG 3.375% 13/10/20172,500,0000.201,080,720CARLSBERG 6% 28/05/20141,000,0000.241,329,185DONG ENERGYAS 4% 16/12/20161,300,0000.935,047,000TDC A/S 3.5% 23/02/20155,000,000

0.361,968,521Finland

0.361,968,521SAMPO OYJ 6.339% 10/04/20121,911,000

22.42121,780,025France

0.361,947,398AGENCE FRANCAISE DE DEVELOPPEMENT VARPERP

2,050,000

0.331,799,720ALLIANZ FRANCE SA VAR PERP2,000,0000.251,361,080ALSTOM 2.875% 05/10/20151,400,0000.311,687,913AREVA SA 3.875% 23/09/20161,700,0000.271,486,496AXA SA VAR PERP1,675,0000.774,164,200AXA SA 4.5% 23/01/20154,000,0000.18959,060BANQUE POPULAIRE-NATIXIS VAR 14/05/20191,000,0000.191,005,750BANQUE PSA FINANCE 3.625% 17/09/20131,000,0000.482,628,217BANQUE PSA FINANCE 3.875% 14/01/20152,650,0000.623,374,901BNP PARIBAS FRN 27/04/20175,000,0000.392,102,480BNP PARIBAS VAR PERP2,000,0000.794,299,397BNP PARIBAS 3.50% 07/03/20164,300,0000.573,096,030BNP PARIBAS 5.25% 17/12/20123,000,0000.372,021,760BOUYGUES 4% 12/02/20182,000,0000.532,895,978BPCE FRN PERP3,250,0000.16876,383BPCE FRN PERP750,0000.371,993,600BPCE FRN 27/05/20132,000,0000.392,094,600BPCE VAR PERP2,400,0000.904,874,199BPCE 2.875% 22/09/20155,000,0000.291,571,025CASINO GUICHARD-PERRACHON 4,875%

10/04/20141,500,000

0.12675,606CNP ASSURANCES VAR PERP850,0000.402,195,270CNP ASSURANCES VAR 30/09/20412,200,000

0.392,124,020COMPAGNIE DE SAINT GOBAIN 6% 20/05/20132,000,0000.11575,615COMPAGNIE DE SAINT GOBAIN 8.25% 28/07/2014500,0000.392,128,525CREDIT AGRICOLE SA VAR PERP2,500,0000.361,937,820CREDIT AGRICOLE SA 2.625% 21/01/20142,800,0000.492,664,220CREDIT LOGEMENT FRN PERP3,250,0000.231,223,085CREDIT LOGEMENT VAR PERP1,500,0000.321,714,943DEXIA CREDIT LOCAL DE FRANCE 5.375%

21/07/20141,700,000

0.321,747,280ELECTRICITE DE FRANCE 4.5% 12/11/20402,000,0000.16862,767ELECTRICITE DE FRANCE 4.625% 11/09/2024850,0000.542,926,650FEDERAL BANK CREDIT MUTUEL 3% 29/10/20153,000,0000.452,441,791FEDERAL BANK CREDIT MUTUEL 5% 30/09/20152,350,0001.538,385,737FRANCE EMPRUNT D’ETAT OAT 3.5% 25/04/20268,750,0000.17925,708FRANCE TELECOM 8.125% 28/01/2033700,0000.552,988,870ILIAD 4.875% 01/06/20163,000,0000.733,979,120KLEPIERRE 4% 13/04/20174,000,0000.331,810,684MONDIALE-SOCIETE ASSURANCE VIE CAPITALISE

VAR PERP2,040,000

0.18974,270PPR SA 8.625% 03/04/2014850,0000.251,333,361RCI BANQUE SA 3.4% 11/04/20141,900,0000.361,954,300RCI BANQUE SA 4% 16/03/20162,000,0000.191,008,460RCI BANQUE SA 4.375% 27/01/20151,000,0000.955,130,649SOCIETE AUTOROUTE PARIS-RHIN-RHONE 5%

12/01/20175,000,000

0.311,674,045SOCIETE AUTOROUTE PARIS-RHIN-RHONE 7.5%12/01/2015

1,500,000

0.472,541,630SOCIETE GENERALE VAR PERP3,000,0000.703,789,361SOCIETE GENERALE 2.50% 15/01/20145,500,0000.422,304,531SOCIETE GENERALE 4% 20/04/20162,300,0000.784,233,707SOCIETE GENERALE 5.75% 20/04/20166,000,0000.965,284,208TPSA EUROFINANCE FRANCE SA 6% 22/05/20144,900,0000.211,129,841UNIBAIL RODAMCO SE 3.875% 05/11/20201,150,0000.15800,464VALEO 4.875% 11/05/2018800,0000.382,073,300VEOLIA ENVIRONNEMENT 4.375% 16/01/20172,000,000

2.7514,906,806Germany

0.261,400,313BERTELSMANN AG 7.875% 16/01/20141,250,0000.221,214,016COMMERZBANK AG 7.75% 16/03/20211,200,0000.231,259,338MERCK FINANCIAL SERVICE GMBH 3.375%

24/03/20151,250,000

0.231,270,813MERCK FINANCIAL SERVICE GMBH 4.5% 24/03/20201,250,0000.643,482,424MUNICH RE FINANCE FRN 26/05/20413,600,0001.176,279,902VOLKSWAGEN LEASING GMBH 3.375% 03/06/20166,300,000

0.462,474,325Guernsey

0.462,474,325CREDIT SUISSE GROUP FINANCE FRN 23/01/20182,500,000

2.4713,394,773Ireland

0.442,410,512CATERPILLAR INTERNATIONAL FINANCE PLC2.75% 06/06/2014

2,400,000

0.542,908,671FGA CAPITAL IRELAND PLC 4% 28/03/20132,900,0001.307,025,200GE CAPITAL EUROPEAN FUNDING 3.75%

04/04/20167,000,000

0.191,050,390GE CAPITAL EUROPEAN FUNDING 4.75%30/07/2014

1,000,000

Bond Euro Corporate


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR

9.2350,097,036Italy

0.18962,040ATLANTIA SPA 3.375% 18/09/20171,000,0000.593,208,928BANCAMONTE DEI PASCHI DI SIENA 4.125%

11/11/20133,200,000

0.18996,870ENI SPA 4.125% 16/09/20191,000,0000.331,806,301ENI SPA 5% 28/01/20161,700,0000.221,175,607INTESA SANPAOLO SPA FRN 24/02/20141,700,0000.945,104,800INTESA SANPAOLO SPA FRN 28/05/20185,000,0000.191,019,290INTESA SANPAOLO SPA VAR PERP1,000,0000.04190,054INTESA SANPAOLO SPA VAR 02/03/2020200,0000.402,190,034INTESA SANPAOLO SPA 3.25% 01/02/20132,200,0000.965,177,431INTESA SANPAOLO SPA 3.5% 27/11/20135,200,0000.18989,910INTESA SANPAOLO SPA 4.125% 14/01/20161,000,0000.372,009,460INTESA SANPAOLO SPA 4.75% 15/06/20172,000,0000.15808,928LOTTOMATICA SPA VAR 05/12/2016800,0000.462,501,075MEDIOBANCA DI CREDITO 4.625% 11/10/20162,500,0000.502,734,587PIRELLI E C SPA 5.125% 22/02/20162,700,0000.382,079,459TELECOM ITALIA SPA 5.125% 25/01/20162,050,0000.412,207,320TELECOM ITALIA SPA 7.875% 22/01/20142,000,0000.683,699,183TELECOM ITALIA SPA 8.25% 21/03/20163,250,0000.693,737,000TERNA SPA 4.75% 15/03/20213,700,0000.361,957,560UNICREDITO ITALIANO SPA 6.7% 05/06/20182,000,0000.643,498,565UNIONE DI BANCHE ITALIANE 4.125% 21/10/20133,500,0000.382,042,634UNIPOL GRUPPO FINANZIA 5% 11/01/20172,060,000

0.764,139,852Jersey

0.472,590,172UBS AG JERSEY BRANCH VAR 25/09/20182,600,0000.291,549,680WPP GROUP PLC 4.375% 05/12/20131,500,000


0.15802,109BANK INTERNATIONAL LUXEMBOURG VAR PERP1,100,0000.17899,631FIAT INDUSTRIAL FINANCE EUROPE 6.375%

01/04/2016900,000

0.372,032,680HANNOVER FINANCE SA VAR 26/02/20242,000,0000.412,219,448TELECOM ITALIA FINANCE 6.875% 24/01/20132,100,000

0.603,250,587Mexico

0.211,143,687AMERICA MOVIL SAB DE CV 3.75% 28/06/20171,150,0000.392,106,900PETROLEOS MEXICANOS 5.5% 09/01/20172,000,000


0.271,438,966ABN AMRO BANK NV 2.75% 29/10/20131,450,0001.025,520,624ABN AMRO BANK NV 4.25% 11/04/20165,500,0000.623,369,263ABN AMRO BANK NV 6.375% 27/04/20213,350,0000.552,998,970ABN AMRO FRN 08/06/20153,400,0000.764,119,920AEGON NV 4.125% 08/12/20144,000,0000.643,458,376ALLIANZ FINANCE II BV VAR 08/07/20413,600,0000.372,026,560ALLIANZ FINANCE II BV VAR 31/05/20122,000,0000.774,189,240ALLIANZ FINANCE II BV 4.75% 22/07/20194,000,0000.673,662,715ALTADIS FINANCE BV 5.125% 02/10/20133,500,0000.251,345,795CORIO NV 4.625% 22/01/20181,300,0000.231,236,825DELTA LLOYD NV 4.25% 17/11/20171,250,0000.291,579,005ENBW INTERNATIONAL FINANCE BV 6.125%

07/07/20391,500,000

0.08442,684EUREKO BV 7.375% 16/06/2014400,000

0.271,462,093FORTIS BANK NV 4% 03/02/20151,450,0000.522,840,850ING BANK NV FRN 18/03/20163,000,0000.251,345,694ING BANK NV 3.375% 03/03/20151,350,0000.492,674,566ING BANK NV 3.875% 24/05/20162,700,0000.191,013,510ING BANK NV 5.50% 04/01/20121,000,0000.743,995,928ING GROEP NV 5.625% 09/03/20133,800,0000.432,352,550KONINKLIJKE KPN NV 3.75% 21/09/20202,500,0000.402,161,740KONINKLIJKE KPN NV 6.25% 04/02/20142,000,0000.241,295,632LANXESS FINANCE BV 4.125% 23/05/20181,300,0000.382,064,880NOMURA EUROPE FINANCE NV 5.125% 09/12/20142,000,0000.382,081,120REPSOL INTERNATIONAL FINANCE BV 5%

22/07/20132,000,000

0.402,169,840REPSOL INTERNATIONAL FINANCE BV 6.50%27/03/2014

2,000,000

0.462,507,450URENCO FINANCE NV 4% 05/05/20172,500,000

0.18951,216Norway

0.18951,216TELENOR AS 4.125% 26/03/2020950,000

0.271,473,445Portugal

0.09493,975BANCO SANTANDER TOTTA SA 3.75% 12/06/2012500,0000.18979,470REDES ENERGETICAS NACIONAIS 6.375%

10/12/20131,000,000

4.9827,047,197Spain


1,200,000

0.784,247,408BBVA SENIOR FINANCE SA 3.875% 06/08/20154,400,0000.15821,772GAS NATURAL CAPITAL MARKETS SA 4.375%

02/11/2016850,000

0.382,057,780GAS NATURAL CAPITAL MARKETS 5.25% 09/07/20142,000,0000.392,122,743IBERDROLA FINANZAS SAU 3.875% 10/02/20142,100,0000.07390,360RED ELECTRICA FINANCIAL SA UNI 3.50%

07/10/2016400,000

0.341,821,780RED ELECTRICA FINANCIAL SA UNI 4.75%16/02/2018

1,800,000

0.864,693,054SANTANDER ISSUANCES SA VAR 24/10/20174,850,0000.261,403,150SANTANDER ISSUANCES SA VAR 28/07/20191,400,0000.261,423,020TELEFONICA EMISIONES SAU 3.661% 18/09/20171,500,0000.321,748,484TELEFONICA EMISIONES SAU 4.674% 07/02/20141,700,0000.563,027,510TELEFONICA EMISIONES SAU 4.75% 07/02/20173,000,0000.392,093,760TELEFONICA EMISIONES SAU 5.431% 03/02/20142,000,000

1.266,836,897Sweden

0.553,014,460INVESTOR AB 4.50% 12/05/20233,000,0000.321,711,577SKF AB 3.875% 25/05/20181,700,0000.392,110,860TELIASONERAAB 4.75% 07/03/20172,000,000


0.894,808,448ABBEY NATIONAL TREASURY SERVICES FRN04/10/2012

4,800,000


3,000,000

0.211,121,428ANGLO AMERICAN CAPITAL PLC 4.375% 02/12/20161,100,0000.14757,337ANGLO AMERICAN CAPITAL PLC 5.875% 17/04/2015700,0000.281,493,637AVIVA PLC VAR PERP1,700,0000.191,006,930AVIVA PLC VAR 22/05/20381,000,000

Bond Euro Corporate

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR

85



0.472,537,300BANK OF SCOTLAND 5.5% 29/10/20122,500,0000.341,828,560BARCLAYS BANK PLC FRN 30/05/20171,900,0000.13714,630BARCLAYS BANK PLC VAR PERP1,000,0000.784,213,986BARCLAYS BANK PLC 4.125% 15/03/20164,200,0000.291,577,325BARCLAYS BANK PLC 5.25% 27/05/20141,500,0000.371,994,560BARCLAYS BANK PLC 6% 23/01/20182,000,0000.321,757,543BP CAPITAL MARKETS PLC 3.10% 07/10/20141,750,0001.106,004,559BP CAPITAL MARKETS PLC 3.472% 01/06/20166,000,0000.181,002,320BP CAPITAL MARKETS PLC 3.83% 06/10/20171,000,0000.764,108,280CARNIVAL PLC 4.25% 27/11/20134,000,0000.13701,680CREDIT AGRICOLE SA LONDON BR 5.125%

18/04/2023700,000

0.331,770,746CREDIT AGRICOLE SA LONDON BR 5.50%17/12/2021

1,600,000

0.291,594,110HBOS PLC VAR 30/10/20191,750,0000.965,218,288HSBC HOLDING PLC 3.875% 16/03/20165,150,0000.512,794,975IMPERIAL TOBACCO FINANCE PLC 7.25%

15/09/20142,500,000

0.18977,930LLOYDS TSB BANK PLC VAR 05/03/20181,000,0000.623,381,457LLOYDS TSB BANK PLC 4.5% 15/09/20143,350,0000.321,738,794LLOYDS TSB BANK PLC 5.875% 08/07/20141,700,0000.744,025,606LLOYDS TSB BANK PLC 6.375% 17/06/20163,800,0000.291,569,365LLOYDS TSB BANK PLC 6.5% 24/03/20201,650,0000.18997,540MOTABILITY OPERATIONS GROUP 3.75% 29/11/20171,000,0000.241,299,974OLD MUTUAL PLC 4.5% 18/01/20171,300,0000.13710,277OTE PLC 4.625% 20/05/2016850,0000.321,762,060ROYAL BANK OF SCOTLAND PLC VAR 28/01/20162,000,0000.231,232,796ROYAL BANK OF SCOTLAND PLC 3.95% 21/09/20151,780,0000.522,849,202ROYAL BANK OF SCOTLAND PLC 4.75% 18/05/20162,850,0000.18987,750ROYAL BANK OF SCOTLAND PLC 4.875% 20/01/20171,000,0000.06309,042ROYAL BANK OF SCOTLAND PLC 5.25% 15/05/2013300,0000.472,574,275ROYAL BANK OF SCOTLAND PLC 6% 10/05/20132,500,0000.392,120,454SL FINANCE PLC VAR 12/07/20222,100,0000.191,043,950STANDARD BANK PLC 5.875% 26/09/20171,000,0000.442,394,024STANDARD CHARTERED BANK VAR 03/02/20172,400,0000.16850,051UBS AG LONDON FRN 17/06/2013850,0000.532,891,835UBS AG LONDON 6.25% 03/09/20132,700,000


0.17926,480BANK OF AMERICA CORP VAR 06/05/20191,000,0000.371,983,620BANK OF AMERICA CORP 4.75% 03/04/20172,000,0000.231,245,756BANK OF AMERICA CORP 5.125% 26/09/20141,200,0000.884,772,081BANK OF AMERICA CORP 7% 15/06/20164,350,0000.18987,810BNP PARIBAS CAPITAL TRUST VI VAR PERP1,000,0000.774,200,480CITIGROUP INC 6.4% 27/03/20134,000,0000.854,623,948CITIGROUP INC 7.375% 16/06/20144,200,0000.975,291,149GOLDMAN SACHS GROUP INC 4.5% 09/05/20165,300,0000.573,109,500GOLDMAN SACHS GROUP INC 5.125% 16/10/20143,000,0000.382,063,400GOLDMAN SACHS GROUP INC 5.375% 15/02/20132,000,0000.18970,350JP MORGAN CHASE BANK VAR 14/11/20211,000,0000.271,458,000JP MORGAN CHASE BANK VAR 31/05/20171,500,0000.16861,624JP MORGAN CHASE CAPITAL XXII 6.125%

01/04/2014800,000

0.271,461,930JPMORGAN CHASE AND CO VAR 31/03/20181,500,0000.502,719,205JPMORGAN CHASE AND CO 2.60% 15/01/20164,000,000

0.382,078,884JPMORGAN CHASE AND CO 3.15% 05/07/20163,000,0000.683,701,554JPMORGAN CHASE AND CO 3.75% 15/06/20163,700,0001.156,185,095MORGAN STANLEY & CO INTL PLC 4.5%

29/10/20146,100,000

0.573,073,960MORGAN STANLEY 4.5% 23/02/20163,100,0000.673,650,219NATIONAL GRID USA 3.25% 03/06/20153,650,0000.764,121,200SWISS RE TREASURY US CORP 6% 18/05/20124,000,0000.563,045,690TOYOTAMOTOR CREDIT CORP 4.25% 02/05/20123,000,0000.15795,730UNICREDITO ITALIANO CAPITAL TR FRN PF PERP1,000,0000.341,862,532WAL-MART STORES INC 4.875% 21/09/20291,800,000

0.633,414,181Convertible bonds0.633,414,181Luxembourg

0.633,414,181UNICREDIT LUXEMBOURG FINANCE FRN13/01/2017

5,000,000



0.09486,752AMUNDI CREDIT EURO SHORT DURABLE FCP500.784,215,270SG OBLIG CONVERTIBLES C3,000





%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


86

Bond Euro Corporate



97.0512,983,799Bonds7.741,035,399Austria

3.58477,986AUSTRIA 3.5% 15/07/2015460,0002.25301,403AUSTRIA 3.90% 15/07/2020290,0001.91256,010AUSTRIA 6.25% 15/07/2027200,000

4.85649,347Belgium

1.60214,977BELGIUM 3.75% 28/09/2015210,0000.81108,083BELGIUM 3.75% 28/09/2020110,0001.44192,559BELGIUM 4.25% 28/09/2021190,0001.00133,728BELGIUM 5.50% 28/03/2028120,000

0.83111,197Finland

0.83111,197FINNISH 3.375% 15/04/2020110,000

19.522,612,060France

7.921,060,955FRANCE EMPRUNT D’ETAT OAT 3% 25/10/20151,040,0003.19426,329FRANCE EMPRUNT D’ETAT OAT 3.50% 25/04/2020420,0000.6992,550FRANCE EMPRUNT D’ETAT OAT 3.75% 25/04/202190,0002.14286,079FRANCE EMPRUNT D’ETAT OAT 4% 25/04/2018270,0000.98130,579FRANCE EMPRUNT D’ETAT OAT 5.50% 25/04/2029110,0001.75233,900FRANCE EMPRUNT D’ETAT OAT 5.75% 25/10/2032190,0002.85381,668OAT 4.75% 25/04/2035350,000

3.49467,362Germany

2.75368,882DEUTSCHLAND REP. 2.25% 04/09/2020390,0000.6587,019GERMANY BUND 5.50% 04/01/203170,0000.0911,461GERMANY 4.75% 04/07/203410,000

0.2432,096Ireland

0.2432,096IRELAND 5% 18/10/202050,000

26.603,557,274Italy

4.32577,350ITALY BTP 3% 01/11/2015600,0002.12283,162ITALY BTP 4.25% 01/03/2020290,0002.22296,625ITALY BTP 4.75% 01/08/2023300,0001.47196,482ITALY BTP 5% 01/08/2034210,0001.37183,226ITALY BTP 5% 01/09/2040200,0004.34580,426ITALY BTP 5.25% 01/08/2017550,0003.96530,210ITALY BTP 6% 01/05/2031500,0006.26837,818ITALY 3.75% 15/12/2013830,0000.5471,975ITALY 4% 01/02/203790,000


13.491,804,086NEDERLAND 1.75% 15/01/20131,800,0001.59213,254NEDERLAND 4% 15/07/2016200,000

12.861,720,761Spain

1.73231,053BONOS Y OBLIG DEL ESTADO 5.5% 30/04/2021230,0004.02538,079SPAIN 3.15% 31/01/2016570,0003.65487,915SPAIN 3.3% 31/10/2014500,000

1.78237,945SPAIN 3.8% 31/01/2017250,0001.22163,601SPAIN 4.20% 31/01/2037210,0000.4662,168SPAIN 4.7% 30/07/204175,000


5.84780,963UNITED STATES OF AMERICA 1.375% 15/07/20181,000,000


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


87

Euro Govies




107.88347,223,972Bonds46.91150,974,981France

0.22712,835FRANCE EMPRUNT D’ETAT OATEI 1.10% 25/07/2022700,0002.417,756,675FRANCE EMPRUNT D’ETAT OATEI 1.60% 25/07/20156,480,0000.953,068,800FRANCE EMPRUNT D’ETAT OATEI 1.8% 25/07/20402,662,0001.063,416,374FRANCE EMPRUNT D’ETAT OATEI 1.85% 25/07/20273,200,0006.5721,142,611FRANCE EMPRUNT D’ETAT OATEI 2.25% 25/07/202016,478,0005.0216,170,270FRANCE EMPRUNT D’ETAT OATEI 3% 25/07/201212,900,0006.6421,336,303FRANCE EMPRUNT D’ETAT OATEI 3.15% 25/07/203214,150,0001.304,194,579FRANCE EMPRUNT D’ETAT OATI 0.45% 25/07/20164,150,00010.5733,993,782FRANCE EMPRUNT D’ETAT OATI 1% 25/07/201730,320,0003.5511,427,285FRANCE EMPRUNT D’ETAT OATI 3.40% 25/07/20297,222,0002.227,153,762FRENCH TREASURY FRN 25/07/20196,700,0006.4020,601,705OATI 2.50% 25/07/201316,960,000

13.5043,437,860Germany

0.983,168,974GERMANY BUND 0.75% 15/04/20183,100,0000.481,543,127GERMANY BUNDEI 1.50% 15/04/20161,321,0008.1926,349,539GERMANY BUNDEI 1.75% 15/04/202023,270,0003.8512,376,220GERMANY BUNDEI 2.25% 15/04/201310,900,000

40.56130,557,565Italy

4.2613,701,148ITALY BTP 3.1% 15/09/202613,600,0004.0713,108,972ITALY BTPEI 1.85% 15/09/201211,800,0004.6915,081,666ITALY BTPEI 2.1% 15/09/201713,793,0003.2510,474,028ITALY BTPEI 2.1% 15/09/202110,750,0006.4120,650,764ITALY BTPEI 2.10% 15/09/201620,300,0005.6918,310,155ITALY BTPEI 2.15% 15/09/201415,500,0001.554,974,961ITALY BTPEI 2.35% 15/09/20354,860,0002.207,065,800ITALY BTPEI 2.6% 15/09/20236,660,0004.2113,562,629ITALY BTPI 2.55% 15/09/204114,650,0004.2313,627,442ITALYI 2.35% 15/09/201913,078,000


3.3610,812,451UNITED KINGDOM 1.25% 22/11/20177,300,000


3.5511,441,115UNITED STATES OF AMERICA 1.375% 15/07/201814,650,000



0.943,038,343AMUNDI INFLATION PROTECT DURATION310.07215,946AMUNDI TRESO EONIA C1



%ofNaV

Market

Valu

e

Quan

tity

EUR


88

Bond Euro Inflation



88.23475,044,718Bonds0.613,282,960Austria

0.432,307,860SAPPI PAPIER HOLDING GMBH 11.75% 01/08/20142,056,0000.18975,100SAPPI PAPIER HOLDING GMBH 6.625% 15/04/2018980,000

1.055,628,600Bermuda

1.055,628,600CENT EURO MEDIA 11.625% 15/09/20165,310,000

1.779,517,250Canada

1.518,113,250BOMBARDIER INC 6.125% 15/05/20218,300,0000.261,404,000BOMBARDIER INC 7.25% 15/11/20161,350,000


0.06306,000UPCB FINANCE 7.625% 15/01/2020300,000

0.854,596,800Croatia

0.854,596,800AGROKOR DD 10% 07/12/20164,420,000


0.321,727,800CET 21 SPOL S R O 9% 01/11/20171,630,000

0.191,035,000Denmark

0.191,035,000FS FUNDING AS 8.875% 15/05/2016 REGS1,000,000

0.06317,250Finland

0.06317,250M-REAL OYJ IDX VAR 01/04/2013300,000

11.6862,911,412France

0.995,319,688BPCE FRN PERP5,970,0000.472,528,010BPCE VAR PERP3,000,000

0.03162,100CNCEP TF/TV PERP200,000

0.241,309,125BPCE VAR PERP1,500,0000.10560,192BPCE 9.25% PERP550,0000.361,954,875CEGEDIM 7% 27/07/20151,950,0001.236,543,069CMA CGM SA 5.5% 16/05/126,340,0001.055,670,000CMA CGM 8.875% 15/04/20196,750,000

0.472,524,313COMPAGNIE GENERALE GEOPHYSIQUE VERITA9.5% 15/05/2016

3,350,000

0.15819,760CREDIT LOGEMENT FRN PERP1,000,0000.653,515,750CROWN EURO HOLDINGS 7.125% 15/08/20183,430,0001.025,488,000DEXIA CREDIT LOCAL DE FRANCE VAR PERP11,200,0000.402,150,700EUROPCAR GROUPE SA 9.375% 15/04/20182,140,0000.07351,360KORREDEN FRN 01/08/2014976,0000.713,831,120LABCO SAS 8.5% 15/01/20183,756,0000.18990,000NEXANS 5.75% 02/05/20171,000,0000.864,604,100PICARD BONDCO 9% 01/10/20184,470,0001.156,202,749REXEL 8.25% 15/12/20165,770,0000.231,248,800RHODIA SA 7% 15/05/20181,120,0001.035,553,638TEREOS EUROPE 6.375% 15/04/20145,405,0000.16883,750WENDEL INV 4.375% 09/08/20171,000,0000.13700,313WENDEL INV 4.875% 26/05/2016750,000

7.7041,467,963Germany

0.723,858,200ATU AUTO TEILE 11% 15/05/20143,820,0000.633,401,000HECKLER UND KOCH GMBH 9.5% 15/05/20183,580,0001.317,023,488HEIDELBERGCEMENT AG 8.5% 31/10/20196,285,0000.643,440,200KABEL BW ERSTE BETEILIGUNGS 7.5% 15/03/20193,340,0001.236,649,500KABEL DEUTSCHLAND VERTRIEB 6.5% 29/09/20186,600,0000.824,419,450MUSKETEER GMBH 9.5% 15/03/20214,140,0000.432,342,200STYROLUTION GP GMBH 7.625% 15/05/20162,390,0001.166,232,625UNITYMEDIA HESSEN GMBH CO NRW 8.125%

01/12/20175,950,000

0.764,101,300UNITYMEDIA HESSEN GMBH CO NRW 9.625%01/12/2019

3,780,000

0.331,779,151Guernsey

0.331,779,151CSG GUERNSEY I LTD FRN 24/02/20412,510,000

4.8626,158,275Ireland

0.03151,125ARDAGH GLASS FINANCE BV 8.75% 01/02/2020150,0000.633,417,000ARDAGH PACKAGING FINANCE PLC 7.375%

15/10/20173,400,000

0.301,640,100ARDAGH PACKAGING FINANCE PLC 9.25%01/07/2016

1,540,000

0.633,386,400ARDAGH PACKAGING FINANCE 9.25% 15/10/20203,320,0000.603,255,000INAER AVIATION 9.5% 01/08/20173,255,0001.085,797,400NARA CABLE FDING 8.875% 01/12/20185,740,0000.402,142,250ONO FINANCE II PLC 11.125% 15/07/20192,050,0000.623,323,125SMURFIT KAPPAACQUISITIONS 7.25% 15/11/20173,250,0000.573,045,875SMURFIT KAPPAACQUISITIONS 7.75% 15/11/20192,950,000

1.598,541,107Italy

0.482,599,190INTESA SANPAOLO SPA VAR PERP2,550,0000.683,605,992LOTTOMATICA SPA VAR 31/03/20663,597,0000.432,335,925PIAGGIO & C SPA 7% 01/12/20162,230,000

1.638,766,238Jersey

1.045,573,169ASTON MARTIN CAPITAL LTD 9.25% 15/07/20185,270,0000.361,955,041HBOS CAPITAL FUNDING LP VAR PERP2,200,0000.231,238,028UBS PREFRRED FUNDING VAR PERP1,370,000

0.382,034,625Liberia

0.382,034,625ROYAL CARIBBEAN CRUISES LTD 5.625%27/01/2014

2,050,000


0.331,757,348BANK INTERNATIONAL LUXEMBOURG VAR PERP2,410,0000.794,252,800BEVERAGE PACKAGING HOLDING 9.5% 15/06/20174,430,0001.176,303,150CIRSA FUNDING LUXEMBOURG SA 8.75%

15/05/20186,210,000

0.804,316,795CODERE FINANCE SA 8.25% 15/06/20154,253,0000.512,749,200DEXIA FUNDING LUXEMBOURG SA FRN PERP4,740,0000.804,307,450FIAT INDSUTRIAL FINANCE EUROPE 6.25%

09/03/20184,340,000

0.0156,250HELLAS TELECOM (LUX) V FRN 15/01/2015DEFAULTED

5,000,000

0.15780,773LECTA SA FRN 15/02/2014807,0000.281,522,900ONTEX IV SA 7.5% 15/04/20181,570,000

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


89

Bond Euro High Yield


0.402,143,200ONTEX IV SA 9% 15/04/20192,280,0000.522,811,060PAGESJAUNES FINANCE AND CO SCA 8.875%

01/06/20182,910,000

0.583,127,320SUNRISE COMMUNICATIONS INTERNATIONAL S.A7% 31/12/2017

3,066,000

1.156,175,950SUNRISE COMMUNICATIONS INTERNATIONAL S.A8.5% 31/12/2018

5,910,000

1.095,856,000TLENET FINANCE LUXEMBOURG SCA 6.375%15/11/2020

6,100,000

1.276,834,375WIND ACQUISITION FINANCE SA 11.75% 15/07/20176,075,0000.512,754,851WIND ACQUISITION FINANCE SA 12.25% 15/07/20172,400,7421.618,712,499WIND ACQUISITION FINANCE SA 7.375% 15/02/20188,500,0000.301,601,925XEFIN LUX SCA 8% 01/06/20181,590,0000.392,089,213ZINC CAPITAL 8.875% 15/05/20182,105,000


1.679,003,625ABN AMRO VAR PERP11,150,0001.045,604,566BOATS INVESTMENT BV FRN 31/03/20173,950,0000.814,380,000CEMEX FINANCE 9.625% 14/12/20174,380,0000.522,787,750CONTI-GUMMI FINANCE BV 7.125% 15/10/20182,700,0000.10521,875CONTI-GUMMI FINANCE BV 7.50% 15/09/2017500,0000.683,640,000GMAC INTERNATIONAL FINANCE BV 7.5%

21/04/20153,500,000

0.472,517,900HEIDELBERGCEMENT AG 8% 31/01/20172,310,0000.0170,560HOLLANDWIDE PARENT B.V. 0% 01/08/20142,352,0001.105,899,301ING BANK NV FRN PERP6,380,0001.377,353,000ING GROEP NV VAR PERP8,600,0000.18968,938INTERGEN 8.5% 30/06/2017925,0000.211,153,804KAZAKHSTAN TEMIR ZHOLY FINANCE 9.5%

30/06/2017967,000

0.532,832,375MAGYAR TELECOM BV 9.50% 15/12/20162,905,0000.583,114,350OI EUROPEAN 6.75% 15/09/20203,130,0000.221,200,000OI EUROPEAN 6.875% 31/03/20171,200,0000.341,842,525PHOENIX PIB FINANCE 9.625% 15/07/20141,710,0000.191,035,250REFRESCO GROUP BV 7.375% 15/05/20181,025,0000.673,603,250UPC HOLDING BV 8.375% 15/08/20203,550,0000.864,632,750UPC HOLDING BV 9.75% 15/04/20184,350,0000.723,900,525ZIGGO 6.125% 15/11/20173,970,0001.327,089,750ZIGGO 8% 15/05/20186,900,000

0.301,637,625Poland

0.301,637,625CYFROWY POLSAT SA 7.125% 20/05/20181,650,000


1.136,060,000CONSOL GLASS LTD 7.625% 15/04/20146,000,0001.226,575,250EDCON HOLDINGS (PROPRIETARY) LTD FRN

15/06/20157,970,000

0.231,253,875EDCON (PROPRIETARY) LTD FRN 15/06/20141,433,0000.552,976,750EDCON (PROPRIETARY) LTD 9.5% 01/03/20183,150,0000.955,109,000FOODCORP LTD 8.75% 01/03/20185,240,000

1.699,107,629Spain

0.351,887,609ABENGOA SA 8.875% 01/11/20172,670,0000.281,529,750ABENGOA SA 9.625% 25/02/20151,450,0000.382,022,020CAMPOFRIO FOOD GROUP SA 8.25% 31/10/20162,002,0000.683,668,250OBRASCON HUARTE LAIN SA 8.75% 15/03/20183,650,000

2.2211,930,750Sweden

0.794,230,000STENAAB 6.125% 01/01/20174,700,0000.351,881,750STENAAB 7.875% 15/03/20201,950,0001.085,819,000TVN FINANCE CORP PLC 10.75% 15/11/20175,290,000


0.191,020,060UBS AG JERSEY BRANCH VAR PERP1,000,000


0.522,818,920BARCLAYS BANK PLC VAR PERP3,380,0000.432,336,840BARCLAYS BANK PLC VAR PERP3,270,0000.914,892,309BOPARAN HOLDINGS LTD 9.875% 30/04/20184,700,0000.472,509,274CARE UK HEALTH SOCIAL CARE NEW 9.75%

01/08/20172,200,000

0.713,825,370DFS FURNITURE HOLDINGS PLC 9.75% 15/07/20173,525,0000.603,233,000EC FINANCE PLC 9.75% 01/08/20173,050,0000.673,630,000FINANCE BANK PLC 9.375% 17/01/20143,300,0000.532,842,478HOUSE OF FRASER LTD 8.875% 15/08/20182,660,0000.583,132,480INEOS FINANCE PLC 9.25% 15/05/20153,012,0000.311,688,260INEOS GROUP HOLDINGS PLC 7.875% 15/02/20161,736,0000.321,733,708INFINIS 9.125% 15/12/20141,500,0001.397,507,500ISS FINANCING 11% 15/06/20147,000,0000.462,495,700KERLING PLC 10.625% 28/01/20172,360,0000.794,253,200LBG CAPITAL N°2 PLC 6.385% 12/05/20204,900,0000.633,395,496LBG CAPITAL 6.439% 23/05/20203,900,0000.392,082,631LBG CAPITAL 9.334% 07/02/20201,890,0000.472,511,000LLOYDS TSB BANK PLC VAR PERP2,700,0000.382,040,012NORTHERN ROCK ASSET MANAGEMENT 5.625%

13/01/20152,250,000

0.331,766,954OLD MUTUAL PLC VAR PERP2,025,0000.321,697,926OLD MUTUAL PLC 6.376% PERP1,800,0001.126,036,862RBS CAPITAL TRUST A VAR PERP7,563,0000.995,309,640R&R ICE CREAM PLC 8.375% 15/11/20175,418,0000.573,090,750ROYAL BANK OF SCOTLAND PLC VAR 29/09/20493,900,0000.583,129,028VIRGIN MEDIA FINANCE PLC 7% 15/01/20182,650,0001.025,487,985VIRGIN MEDIA FINANCE PLC 8.875% 15/10/20194,485,000


0.432,307,902AMERICAN INTERNATIONAL GROUP 4.875%15/03/2067

2,850,000

0.422,260,579BAYERNLB CAPITAL TRUST I FRN PERP5,700,0000.442,358,500CEDC FINANCE INTERNATIONAL 8.875% 01/12/20162,650,0000.754,046,849CHESAPEAKE ENERGY CORP 6.25% 15/01/20073,910,0000.09496,500DEUTSCHE POSTBANK FUNDING TR 4 FRN PERP600,0000.16858,500HERTZ CORPORATE 7.875% 01/01/2014850,0000.814,345,999HERTZ CORPORATE 8.5% 31/07/20154,100,0000.331,759,915LBI ESCROW CORP 8% 01/11/20171,993,3340.351,893,750NALCO CO 6.875% 15/01/20191,875,0000.532,870,000REYNOLDS GROUP ESCROW INC FRN 15/10/20162,800,0000.623,352,378SPRINGLEAF FINANCE CORPORATION 4.125%

29/11/20133,600,000


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


90




6.9037,185,886AMUNDI TRESO CORPORATE1620.10537,333SG MONETAIRE PLUS23




3.4518,552,579Bonds3.4518,552,579France

0.0299,753BTF 0% 15/09/2011100,0000.03149,804BTF 0% 18/08/2011150,0003.2417,504,172BTF 0% 22/09/201117,550,0000.06299,533BTF 0% 25/08/2011300,0000.05249,548BTF 1.05% 01/09/2011250,0000.05249,769REPUBLIQUE FRANCAISE 0.95% 04/08/2011250,000


%ofNaV

Market

Valu

e

Quan

tity

EUR


91





92

Bond US Opportunistic Core Plus



0.0755,147Shares0.018,163Electronic and Electrical Equipment

0.018,163ROPER INDUSTRIES98


0.018,774ARCHER-DANIELS MIDLAND CO291

0.003,348Health Care Equipment and Services

0.003,348THORATEC102


0.0112,167STANLEY BLACK 4.75% PREFERED 17/11/2015100


0.016,411HARTFORD FINANCIALS SERVICES PREFERRED246

0.0313,927Oil and Gas Producers

0.0313,927CHESAPEAKE 5%PF CV145

0.002,357Pharmaceuticals and Biotechnology

0.002,357OMNICARE CAP 4% 15/06/2033 CV49

50.8542,338,507Bonds0.19157,387Aerospace and Defense

0.19157,387UNITED TECHNOLOGIES CORP 6.1% 15/05/2012150,000


0.0975,950GOODYEAR TIRE AND RUBBER CO 8.25%15/08/2020

70,000

0.1078,938TENNECO INC 7.75% 15/08/201875,000

12.5310,441,298Banks


275,000

0.13105,500ALFA BANK 7.875% 25/09/2017100,0000.17141,750BANCO INTERNATIONAL DEL PERU 5.75%

07/10/2020150,000

0.0760,846BANK OF AMERICA CORP VAR 05/01/202775,0000.18148,462BANK OF AMERICA CORP 5% 13/05/2021150,0000.0977,575BANK OF AMERICA CORP 5.625% 01/07/202075,0000.1079,187BANK OF AMERICA CORP 5.65% 01/05/201875,0000.39321,672BANK OF AMERICA CORP 6.1% 15/06/2017300,0000.0761,154BANKBOSTON CAPT TRUST FRN 08/06/202875,0000.0537,694BARCLAYS BANK PLC 5% 22/09/201635,0000.18153,750BBVA BANCOMER SA 6.5% 10/03/2021150,0000.63523,750CIT GROUP INC 6.625% 01/04/2018500,0000.0974,906CIT GROUP INC 7% 01/05/201775,0000.25204,970CITIGROUP INC 3.953% 15/06/2016200,0000.1082,150CITIGROUP INC 6% 15/08/201775,0000.23192,987CITIGROUP INC 6.125% 15/05/2018175,0000.15125,531CITIGROUP INC 8.125% 15/07/2039100,0000.15124,151CITIGROUP INC 8.5% 22/05/2019100,000

0.1083,440DISCOVER BANK NEW 7% 15/04/202075,0000.0760,411DISCOVER BANK NEW 8.7% 18/11/201950,0000.84700,200FEDERAL FARM CREDIT BANK VAR 08/08/2012700,0000.84700,190FEDERAL FARM CREDIT BANK VAR 20/08/2012700,0001.03866,099FEDERAL HOME LOAN BANK SYSTEM 0.50%

16/11/2012865,000

1.02859,304FEDERAL HOME LOAN BANK SYSTEM 0.50%28/12/2012

860,000

1.01840,039FEDERAL HOME LOAN MORTGAGE CORP 0.5%20/12/2012

840,000

1.00830,205FEDERAL HOME LOAN MORTGAGE CORP 0.54%29/10/2012

830,000

0.49408,695GOLDMAN SACHS GROUP INC 6.15% 01/04/2018375,0000.48397,802HSBC BANK PLC 3.1% 24/05/2016400,0000.13111,273JP MORGAN CHASE BANK NANY 6% 01/10/2017100,0000.23193,921JP MORGAN CHASE BANK 5.875% 13/06/2016175,0000.1080,380JP MORGAN CHASE CAPITAL XXII FRN 02/02/2037100,0000.54447,233JPMORGAN CHASE AND CO 4.625% 10/05/2021450,0000.47391,093LLOYDS TSB BANK PLC 6.375% 21/01/2021375,0000.0975,425ROYAL BANK OF SCOTLAND PLC 3.95% 21/09/201575,0000.23195,000TURKIYE GARANTI BANKASI AS 6.25% 20/04/2021200,0000.36299,288UNION BANK CALIFORNIA NA 3% 06/06/2016300,0000.13105,000VTB CAPITAL 6.25% 30/06/2035100,000

0.40331,749Beverages

0.19157,403ANHEUSER-BUSCH COMPANIES INC 4.375%15/01/2013

150,000

0.21174,346COCA-COLA ENTREPRISES INC 7.375% 03/03/2014150,000

0.26215,392Construction and Materials

0.26215,392BAY AREA TOLLAUTHORITY CALIFORNIA 6.263%01/04/2049

200,000


0.50412,300CALPINE 8% 01/06/2016380,0000.1086,462CENTERPOINT ENERGY HOUSTON ELECTRIC

6.15% 01/05/201675,000

0.25205,774DUBAI HOLDING COMMERCIAL OPERA 7.375%21/10/2020

200,000

0.0540,250DYNEGY HOLDINGS INC 8.375% 01/05/201650,0000.0651,390ENTERGY TEXAS INC 3.6% 01/06/201550,0000.14119,079EXELON GENERATION CO LLC 5.75% 01/10/2041125,0000.60501,874NRG ENERGY INC 7.625% 15/01/2018500,0000.0976,875NRG ENERGY INC 8.25% 01/09/202075,0000.1188,354PANHANDLE-PLAINS HIGHER EDUCATION 7%

15/06/201875,000

0.15121,039PANHANDLE-PLAINS HIGHER EDUCATION 8.125%01/06/2019

100,000


0.53437,217ALTERNATIVE LOAN 6.75% 01/08/20371,250,0000.19158,541BANK OF NEW YORK MELLON 4.95% 01/11/2012150,0001.331,106,506BEAR STEARNS ARM TRUST VAR 25/06/20472,000,0000.16129,657BOEING CAPITAL CORP 6.5% 15/02/2012125,0000.1299,500CEMEX ESPANA LUXEMBOURG 9.25% 12/05/2020100,0000.38316,859COMMERCIAL MORTGAGE TRUST 5.444%

10/03/2039295,000

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


93



0.13107,500CREDITO REAL SA SOFOM ENR CV 10.25%14/04/2015

100,000

0.19159,852DEERE CAPITAL CORP 5.10% 15/01/2013150,0000.81670,764FANNIE MAE FRN 18/10/2012670,0000.82686,027FANNIE MAE FRN 23/11/2012685,0000.82686,031FANNIE MAE VAR 03/12/2012685,0000.35290,579FANNIE MAE 1.5% 26/08/2014290,0000.50417,402FANNIE MAE 2% 19/04/2013415,0001.451,210,851FREDDIE MAC VAR 12/10/20121,210,0000.41343,967GNMAGTD REMIC PASS THRU SECURITIES FRN

20/10/2035600,000

0.13106,500GOL FINANCE 9.25% 20/07/2020100,0000.24202,384GOLDMAN SACHS GROUP INC 3.625% 07/02/2016200,0000.0653,893GOLDMAN SACHS GROUP INC 6% 15/06/202050,0000.014,650HIPOTECARIA 8.5% 04/10/201610,0000.15125,625INTL LEASE FINANCE CORP 5.65% 01/06/2014125,0000.13106,500INTL LEASE FINANCE CORP 6.5% 01/09/2014100,0000.0325,046JP MORGAN CHASE CAPITAL 7% 01/11/203925,0000.40333,679JP MORGAN MORTGAGE TRUST 5% 25/07/20361,000,0000.23192,938KAZKOMMERTS FINANCE 2 BV FRN 13/06/2017225,0000.0540,706MBNA CAPITALANGLAIS FRN 01/02/202750,0000.24199,000MBPS FINANCE COMPANY 11.25% 15/11/2015200,0000.24197,893MORGAN STANLEY 3.8% 29/04/2016200,0000.16132,348MORGAN STANLEY 5.45% 09/01/2017125,0000.0328,394MORGAN STANLEY 7.3% 13/05/201925,0000.28234,928NATIONAL RURAL UTILITIES COOP FINANCIAL

CORP 7.25% 01/03/2012225,000

0.14116,233NISOURCE FINANCE CORP 6.80% 15/01/2019100,0000.22182,753POST APARTMENT HOMES 4.75% 15/10/2017180,0000.81676,849RESIDENTIAL ASSET SECURITIES TRUST 6%

25/04/20371,500,000

0.0651,935ROYAL BANK OF SCOTLAND PLC 4.875% 16/03/201550,0000.1188,462TELECOM ITALIA CAPITAL SA 7.175% 18/06/201980,0000.35293,418VENTAS REALTY LP VENTAS CAPITAL 4.75%

01/06/2021300,000

0.1081,770WESTFIELD CAPITAL CORP LTD 5.125% 15/11/201475,000

0.43358,310Fixed Line Telecommunications

0.0971,744FRONTIER COMMUNICATIONS CORP 8.25%01/05/2014

65,000

0.14118,062INTELSAT BERMUDA LTD 11.5% 04/02/2017109,5700.20168,504VERIZON COMMUNICATIONS INC 5.5% 01/04/2017150,000


0.0327,377KRAFT FOODS INC 5.375% 10/02/202025,0000.1295,465SARA LEE CORP 4.1% 15/09/2020100,000

0.95793,974Gas, Water and Multiutilities

0.1082,286NEW YORK CITY MUNICIPAL WATER 6.011%15/06/2042

75,000

0.13109,057NORTH TEXAS TOLLWAY AUTHORITY 6.718%01/01/2049

100,000

0.21175,182PUBLIC SERVICE CO OF NEW MEXICO 7.95%15/05/2018

155,000

0.51427,449SABINE PASS LNG 7.25% 30/11/2013415,000


0.35288,147GENERAL ELECTRIC CAPITAL CORP FRN15/08/2036

350,000

0.18148,559GENERAL ELECTRIC CAPITAL CORP 4.375%16/09/2020

150,000


50,000


50,000

0.21173,126General Retailers

0.21173,126WAL-MART STORES INC 5.8% 15/02/2018150,000

8.777,305,448Governments

0.21178,500ARGENTINA IDX 0% 15/12/20351,000,0000.20163,551CALIFORNIA STATEWIDE COMMUNITYS

DEVELOPMENT 5.75% 01/03/2017150,000

0.0328,103CALIFORNIA STATEWIDE COMMUNITYSDEVELOPMENT 6.65% 01/03/2022

25,000


25,000


100,000

0.25207,600CROATIA 6.375% 24/03/2021200,0000.003,368DOMINIC REPUBLICAN 9.5% 27/09/201130,0000.26213,400GOVERNMENT OF DUBAI 7.75% 05/10/2020200,0000.12103,613NEW YORK CITY MUNICIPAL WTR FINANCIAL

AUTHENTIFICATION 5.724% 15/06/2042100,000

0.0869,926PAKISTAN 7.875% 31/03/2036100,0000.13106,150REPUBLIC OF LITHUANIA 6.125% 09/03/2021100,0000.13104,500REPUPLIQUE DOMINICAINE 7.5% 06/05/2021100,0000.0542,548SAN DIEGO COUNTY CALIFORNIA 6.138%

01/05/204940,000

0.0651,796STATE OF ILLINOIS 4.071% 01/01/201450,0000.38313,944STATE OF ILLINOIS 4.35% 01/06/2018325,0000.0325,650STATE OF ILLINOIS 4.421% 01/01/201525,0000.83692,907UNITED STATES OF AMERICA IDX 2% 15/01/2016550,0001.741,442,431UNITED STATES OF AMERICA 1.5% 30/06/20161,460,0001.401,166,999UNITED STATES OF AMERICA 1.75% 31/05/20161,165,0001.16963,281UNITED STATES OF AMERICA 2.625% 15/11/20201,000,0000.74614,137UNITED STATES OF AMERICA 4.25% 15/05/2041615,0000.30249,884UNITED STATES OF AMERICA 4.375% 15/05/2040250,0000.50419,189UNITED STATES OF AMERICAI 2.125% 15/02/2041375,000


0.19156,000ALERE INC 7.875% 01/02/2016150,0000.0754,219BOSTON SCIENTIFIC CORPORATION 6% 15/01/202050,0000.48408,749HCA INC 7.875% 15/02/2020375,0000.21171,542UNITEDHEALTH GROUP INC 3.875% 15/10/2020175,0000.001,313US ONCO 9.125 17 ESCROW 15/08/201775,000


0.20165,798PROCTER AND GAMBLE CO 4.7% 15/02/2019150,000

0.1081,438Industrial Engineering

0.0755,250CASE NEW HOLLAND INC 7.875% 01/12/201750,000

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

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tity

USD



94


0.0326,188MERITOR INC 8.125% 15/09/201525,000


0.0976,066ARCELORMITTAL SA VAR 15/10/203975,0000.13109,370METINVEST BV 10.25% 20/05/2015100,0000.0757,726SOUTHERN COPPER CORP 7.5% 27/07/203555,000


0.12101,250NAVIOS SOUTH AMERICAN LOGISTIC 9.25%15/04/2019

100,000


0.1187,941METLIFE INC 6.817% 15/08/201875,000

0.90751,914Media

0.1080,539COMCAST CORPORATION 6.40% 01/03/204075,0000.64542,500CSC HOLDING INC 8.5% 15/06/2015500,0000.014,938HARRY AND DAVID 9% 01/03/2013 DEFAULTED25,0000.15123,937NBC UNIVERSAL 4.375% 01/04/2021125,000

1.12930,623Mining

0.22185,463ARCH COAL INC 7% 15/06/2019185,0000.18148,125CONSOLIDATED MINERALS LTD 8.875% 01/05/2016150,0000.23189,654GOLD FIELDS OROGEN HOLDING 4.875%

07/10/2020200,000

0.1298,142HIDILI INDUSTRY INTL DEVLPT 8.625% 04/11/2015100,0000.24200,239VEDANTA RESOURCES JERS II LTD 6.75%

07/06/2016200,000

0.13109,000VEDANTA RESOURCES JERS II LTD 9.5% 18/07/2018100,000


0.12103,000BAKRIE TELECOM TBK 11.5% 07/05/2015100,0000.61501,875NEXTEL COMMUNICATIONS INC 5.95% 15/03/2014500,000


0.19162,092BERKSHIRE HATHAWAY FINANCE 5% 15/08/2013150,000


0.13110,000ALLIANCE OIL COMPANY LTD 9.875% 11/03/2015100,0000.63519,989GSAA HOME EQUITY TRUST 6.0991% 25/03/20371,000,0000.1299,000QUICKSILVER RESOURCES INC 7.125% 01/04/2016100,0000.56467,500SOUTHERN UNION CO VAR 01/11/2066500,0000.1082,559VALERO ENERGY CORP 6.125% 01/02/202075,000


0.14114,120BUMI INVESTMENT PTE LTD 10.75% 06/10/2017100,0000.0540,750EDISON MISSION ENERGY 7% 15/05/201750,0000.1085,581PETROBRAS INTERNATIONAL FINANCE CO LTD

6.875% 20/01/204080,000

0.27233,250PETROLEOS DE VENEZUELA SA 4.90% 28/10/2014300,0000.15120,841SPECTRA ENERGY PARTNERS 7.5% 15/09/2038100,0000.15121,380TENNESSEE GAS PIPELINE CO 8% 01/02/2016100,0000.13106,307TRANSCANADA PIPELINES LTD 6.10% 01/06/2040100,0000.0647,186WILLIAMS COMPANIES INC 7.875% 01/09/202138,0000.19159,750ZHAIKMUNAI FINANCE BV 10.5% 19/10/2015150,000

0.0326,444Personal Goods

0.0326,444NBC UNIVERSAL INC 5.15% 30/04/202025,000


0.20163,401GLAXOSMITHKLINE CAPITAL INC 4.375% 15/04/2014150,0000.13108,500MYRIAD INTL HOLDING BV 6.375% 28/07/2017100,000


0.12103,000EVERGRANDE REAL ESTATE GRP LTD 13%27/01/2015

100,000

0.13105,955GENERAL SHOPPING FINANCE 10% PERP100,0000.55454,336MERRILL LYNCH ALTERNATIVE NOTE FRN

25/04/20372,500,000

1.931,607,956Real Estate Investment Trusts

0.0652,347DUKE REALTY CORPORATION 5.875 % 15/08/201250,0000.26220,492HEALTH CARE PROPERTY INC 6% 30/01/2017200,0000.1195,125HEALTH CARE PROPERTY INC 6.30% 15/09/201685,0000.0755,972HEALTH CARE PROPERTY INC 6.70% 30/01/201850,0000.22179,875HEALTHCARE REALTY TRUST 4.7% 15/09/2017175,0000.25204,661HEALTHCARE REALTY TRUST 5.75% 15/01/2021200,0000.1080,470HEALTHCARE REALTY TRUST 6.125% 15/04/202075,0000.0755,721HEALTHCARE REALTY TRUST 6.5% 17/01/201750,0000.19157,922KIMCO REALTY CORP 5.19% 01/10/2013150,0000.0754,282LIBERTY PROPERTY LTD PARTNERS 5.125%

02/03/201550,000

0.47397,897UDR INC 4.25% 01/06/2018400,0000.0326,393UDR INC 5.13% 15/01/201425,0000.0326,799UDR INC 5.25% 15/01/201525,000


0.0544,600LBI ESCROW CORP 8% 01/11/201740,000

0.49409,071Support Services

0.49409,071RELIANCE ENERGY MID ATLANTIC 9.237%02/07/2017

965,000

0.31255,313Technology Hardware and Equipment

0.1297,000CHINA ORIENTAL GROUP CO LTD 7% 17/11/2017100,0000.13106,000HYNIX SEMICONDUCTOR INC 7.875% 27/06/2017100,0000.0652,313WINDSTREAM CORP 8.625% 01/08/201650,000


0.0216,732CONTINENTALAIRLINES PASS THRU TRUST7.707% 02/04/2021

25,000

0.12102,972DELTAAIR LINES 6.2% 02/07/2018100,0000.13109,001TAM CAPITAL TWO INCORPORATED 9.5%

29/01/2020100,000

0.76628,791Convertible bonds0.0325,730Alternative Energy

0.0112,950JA SOLAR HOLDINGS CO 4.5% 15/05/201314,0000.0212,780SUNPOWER CORP 4.75% 15/04/2014 CV12,000


0.017,719DANAHER CORP 0% 22/01/2021 CV5,000

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

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tity

USD


95



0.35287,285Financial Services

0.0214,138JANUS CAPITAL GROUP INC 3.25% 15/07/2014 CV13,0000.018,040JEFFERIES GROUP INC 3.875% 01/11/2029 CV8,0000.0322,192NASDAQ OMX GROUP INC 2.50% 15/08/2013 CV22,0000.29242,915PRUDENTIAL HOLDINGS LLC 8.695% 18/12/2023200,000


0.016,729OMNICARE INC 3.25% 15/12/2035 CV7,000

0.0327,914General Retailers

0.0114,800COSTCO COS INC 0% 19/08/2017 CV8,0000.0213,114EURONET WORLDWIDE 3.50% 15/10/202513,000


0.016,921CYBERONICS INC 3% 27/09/2012 CV7,000


0.0211,620ALLEGHENY TECHNOLOGIES 4.25% 01/06/20147,0000.003,945STERLITE INDUSTRIES LTD 4% 30/10/2014 CV4,0000.019,563UNITED STATES STEEL CORP 4% 15/05/2014 CV6,000


0.0327,588CSX CORP 0% 30/10/2021 CV10,000

0.0431,591Media

0.0320,378LIBERTY MEDIA CORP 0.75% 30/03/202317,0000.0111,213LIBERTY MEDIA CORP 3.25% 15/03/203113,000

0.019,153Mining

0.019,153NEWMONT MINING CORPORATION 1.25%15/07/2014 CV

7,000

0.0217,785Oil Equipment, Services and Distribution

0.003,995CAL DIVE INTERNATIONAL INC. 3.25% 15/12/2025CV

4,000

0.0213,790TRANSOCEAN INC 1.5% 15/12/2037 CV14,000


0.0111,355ALZA 0% 28/07/2020 CV12,0000.019,079AMGEN INC 0.375% 01/02/2013 CV9,0000.015,205CEPHALON INC 2% 01/06/2015 CV3,000


0.015,670EQUINIX INC 4.75% 15/06/2016 CV4,0000.0329,049NETAPP INC 1.75% 01/06/201317,0000.0212,746VERISIGN INC 3.25% 15/08/2037 CV11,000

0.1082,144Technology Hardware and Equipment

0.0213,702CIENA 0.25% 01/05/2013 CV14,0000.0112,031EMC CORP 1.75% 01/12/2011 CV7,0000.0112,303EMC CORP 1.75% 01/12/20137,0000.017,271INTEL CORP 2.95% 15/12/20357,0000.019,713SANDISK CORP 1% 15/05/2013 CV10,0000.016,765SYNAPTICS INC 0.75% 01/12/20247,0000.0320,359XILINX INC 3.125% 15/03/2037 CV16,000

52.9844,108,213Mortgage and asset backed securities2.231,856,609Banks

0.38317,409BANC OF AMERICA COM MRTG 4.857% 10/07/2043295,0000.50410,706FEDERAL HOME LOAN MORTGAGE CORP 3.974%

25/01/2021405,000

0.27227,598FNMA FRN 01/01/2021220,0000.38316,777GREENWICH CAPITAL COMMERCIAL F FRN

10/07/2038285,000

0.38319,410STRUCTURED ASSET SECURITIES CORP FRN25/11/2033

1,005,000

0.32264,709WELLS FARGO ALTERNATIVE VAR 25/10/2035580,000

0.29237,500Electricity

0.29237,500PANHANDLE-PLAINS HIGHER EDUCATION FRN01/10/2037

250,000


0.65539,101ACCREDITED MORTGAGE LOAN TRUST 2007-1 AFRN 25/02/2037

1,200,000

0.27221,036ACS 2007-1 PASS THROUGH TRUST FRN 14/06/2037300,0000.59494,123ADJUSTABLE RATE MORT TRUST 2005-3 8A32 FRN

25/07/2035700,000

0.34282,853ASSET BACKED FUNDING CORP FRN 25/11/2036548,0000.33273,685BABCOCK & BROWN AIR FUNDING LTD FRN

14/11/2033350,000

0.49407,197BANC AMER COML MTG INC 2005-6 FRN 10/02/2051365,0000.24201,308BANC AMERICA COMMERCIAL MTG TRUST 2007-4

A4 FRN 10/07/2017185,000

0.51423,770BANC OF AMERICA COMMERCIAL MORTGAGE INC5.115% 10/10/2045

390,000

0.49407,321BANK OF AMERICA COMMERCIAL MORTGAGE INC5.889% 10/07/2044

370,000

0.51421,829BAYVIEW COMMERCIAL ASSET TR FRN 25/12/2036825,0000.25206,641BEAR STEARNS CMS TRUST 2005 - TOP20 FRN

11/06/2050190,000

0.1193,190BEAR STEARNS CMS TRUST 2005 - TOP20 FRN12/10/2042

85,000

0.51422,144BEAR STEARNS CMS TRUST 2005 - TOP20 5.429%12/01/2045

395,000

0.43359,805BEAR STEARNS COMMERCIAL MORTGAGESECURITIES 4.72% 11/11/2035

350,000

0.33275,021CDT BASED ASSET SERVICING SECURITIZATIONLLC FRN 25/01/2033

1,275,000

0.20169,557CDT BASED ASSET SERVICING SECURITIZATIONLLC FRN 25/12/2033

300,000

0.16135,934CIT EDUCATION LOAN TRUST 2007-1 FRN25/03/2042

200,000

0.40334,742CITICORP RESIDENTIAL MORTGAGE TRUST VAR25/09/2036

340,000

1.03860,367CITIGROUP FUNDING 5.5% 25/11/20351,100,0000.39327,131COMMERCIAL MORTGAGE TRUST 6.975%

17/01/2032310,000

0.1299,300CREDIT SUISSE COML MTG TR 5.311% 15/12/203992,6000.58479,886CSMC MORTGAGE 5% 25/04/20371,500,0000.28236,234EDUCATIONAL FUNDING OF THE SOUTH FRN

25/04/2035250,000

0.29237,737EFS VOLUNTEER LLC FRN 25/10/2035250,000

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD



96


1.20999,830FANNIE MAE 3.5% 01/01/20261,020,0000.40330,992FANNIE MAE 3.5% 15/07/2026325,0001.19990,485FANNIE MAE 3.50% 01/01/20261,005,0003.953,295,150FANNIE MAE 3.50% 15/07/20263,235,0000.37306,619FANNIE MAE 3.584% 01/09/2020310,0000.40332,786FANNIE MAE 3.665% 01/10/2020345,0000.37309,653FANNIE MAE 3.763% 12/01/2020310,0000.0755,404FANNIE MAE 3.841% 01/09/202055,0002.341,955,610FANNIE MAE 4% 25/07/20411,955,0001.441,198,978FANNIE MAE 5.5% 01/04/20371,885,0000.86714,777FANNIE MAE 5.5% 01/12/2033905,0003.182,653,944FEDERAL HOME LOAN MORTGAGE CORP 5%

15/01/20332,500,000

1.01842,883FREDDIE MAC FRN 15/07/20332,500,0001.481,236,244FREDDIE MAC GIANT LM 4 2010 4% 01/04/20411,240,0001.991,654,876FREDDIE MAC 4% 01/03/20411,670,0001.10917,307FREDDIE MAC 4% 01/03/2041920,0000.85707,012FREDDIE MAC 4.5% 01/01/2040740,0001.911,591,329FREDDIE MAC 4.5% 01/02/20411,565,0000.35291,940GE BUSINESS LOAN TRUST FRN 15/06/2033325,0000.70578,869GNMA SA VAR 20/07/203612,000,0001.581,314,389GNMA SA 4% 15/05/20411,290,0000.36295,654GSAMP TRUST 2006 HE6 FRN 25/08/2036895,0000.33274,749HSBC HOME EQUITIES LOAN TRUST FRN

20/01/2036900,000

0.45378,750HSBC HOME EQUITIES LOAN TRUST FRN20/03/2036

400,000

0.71590,679HSBC HOME EQUITY LOAN TRUST 2007-2 FRN20/07/2036

950,000

0.27223,673J P MORGAN CHASE COMMERCIAL MORTGAGE5.161% 01/10/2037

215,000

0.33274,735JP MORGAN MORTGAGE TRUST FRN 25/07/2035710,0000.42351,750LEASE INVESTMENT FLIGHT TRUST FRN

15/07/2031525,000

0.49410,321MORGAN STANLEY CAPITAL I TRUST 2007-IQ154.89% 12/06/2047

380,000

0.25206,934MORGAN STANLEY CAPITAL I TRUST 2007-IQ155.514% 12/11/2049

190,000

0.50414,523MORGAN STANLEY CAPITAL TRUST FRN 12/08/2041370,0000.43355,113NCUA GUARANTEED NOTES FRN 05/11/2020370,0000.59487,730NCUA GUARANTEED NOTES FRN 06/02/2020510,0000.79653,860NCUA GUARANTEED NOTES FRN 06/11/2017740,0000.79661,676NCUA GUARANTEED NOTES FRN 07/10/2020740,0000.39326,310NCUA GUARANTEED NOTES FRN 08/12/2020340,0000.32268,469NCUA GUARANTEED NOTES FRN 08/12/2020280,0000.27221,730OPTION ONE MORTGAGE LOAN TRUST VAR

25/07/2011640,000

0.60500,583PRIME MORTGAGE TRUST 5% 25/08/20342,000,0000.95791,777RFMSI 6% 25/06/20361,000,0000.27225,866SLM STUDENT LOAN TRUST VAR 25/03/2025225,0000.42348,906STARM MGE LOAN FRN 25/01/20371,000,0000.58482,224STRUCTURED ASSET SECURITIES CORPORATION

FRN 25/03/20352,850,000

0.29243,978TALADVANTAGE 4.31% 20/05/2026250,0000.44366,565TIAA SEASONED MTG FRN 15/08/2039335,000

0.25207,792TRITON CONTAINER FIN FRN 26/11/2021400,0000.30247,500US EDUCATION LOAN TRUST I LLC FRN 01/03/2031275,0000.1188,204WACHOVIA BANK COMM.MGE TRST CTF S.2006-

C25 4.98% 15/11/203485,000

0.46382,088WACHOVIA BANK COMM.MGE TRST CTF S.2006-C25 6.287% 15/04/2034

400,000

0.52429,822WELLS FARGO HOME EQUITY ASSET FRN25/05/2036

1,500,000

0.38317,464WFHET 2004-2 WELLS FRGO HOME 5% 25/05/2034310,000


0.27225,000TEXTAINER GROUP HOLDINGS LTD 4.7%15/06/2026

225,000

0.37305,938Mining

0.37305,938GMAC COMMERCIAL MTG SEC INC 4.93%10/07/2039

295,000


1.891,574,696Bonds1.891,574,696Banks

0.94779,939CREDIT SUISSE NEW YORK BRANCH 0% 14/07/2011780,0000.95794,757DEUTSCHE BANK FINANCIAL INC 0% 24/08/2011795,000


%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD

0.32264,752TRIP NAIL MASTER FUND 4.37% 15/07/2021265,000



103.58104,199,074Bonds0.96964,100Australia

0.96964,100NATIONALAUSTRALIA BANK LTD 4.625% 10/02/20201,000,000

0.76764,540Austria

0.76764,540AUSTRIA 4.65% 15/01/2018700,000

3.553,567,846Belgium

2.962,976,840BELGIUM 3.5% 28/06/20173,000,0000.59591,006FORTIS BANQUE VAR PERP600,000

20.9021,013,937France

0.40402,300BANQUE PSA FINANCE 3.625% 17/09/2013400,0000.62626,778BNP PARIBAS COVERED BONDS 4.75% 28/05/2013600,0001.161,168,510BPCE FRN PERP1,000,0001.461,467,340COMPAGNIE DE FINANCEMENT FONCIER 4.375%

19/11/20141,400,000

0.41407,695CREDIT LOGEMENT VAR PERP500,0001.441,445,290DEXIA MUNICIPALAGENCY 4.5% 27/04/20151,400,0001.011,015,020ELECTRICITE DE FRANCE 4.625% 11/09/20241,000,0006.056,090,419FRANCE EMPRUNT D’ETAT OAT 3.50% 25/04/20206,000,0001.151,152,360FRANCE EMPRUNT D’ETAT OAT 3.75% 25/04/20171,100,0001.031,036,550FRANCE EMPRUNT D’ETAT OAT 3.75% 25/10/20191,000,0001.991,997,078MONDIALE-SOCIETE ASSURANCE VIE CAPITALISE

VAR PERP2,250,000

0.76765,408OAT 4.75% 25/04/2035701,9001.041,045,530RCI BANQUE SA 8.125% 15/05/20121,000,0000.43431,277SFEF 3.25% 16/01/2014420,0000.16165,935SUEZ ENVIRONNEMENT 5.5% 22/07/2024150,0000.16156,623VEOLIA ENVIRONNEMENT 5.125% 24/05/2022150,0001.631,639,824VINCI VAR PERP1,600,000

6.506,542,110Germany

0.72720,895GERMANY BUND 3.25% 04/01/2020700,0001.131,138,470GERMANY BUND 4.75% 04/07/20281,000,0003.153,170,550GERMANY BUNDEI 1.75% 15/04/20202,800,0001.501,512,195GERMANY 2.25% 10/04/20151,500,000

1.771,784,870Greece

1.301,312,950GREECE 4.50% 20/09/20373,000,0000.47471,920GREECE 5.3% 20/03/20261,000,000

1.641,648,993Iceland

1.221,225,851REPUBLIC OF ICELAND 7,25% 17/05/2013248,740,0000.33336,288REPUBLIC OF ICELAND 8% 12/06/202571,000,0000.0986,854REPUBLIC OF ICELAND 8% 22/07/201119,000,000

2.102,110,755Ireland

1.481,482,555GE CAPITAL EUROPEAN FUNDING FRN 03/04/20141,500,0000.62628,200IRELAND 4.50% 18/04/20201,000,000

20.2720,382,157Italy

0.99998,230BANCO POPOLARE SOCIETA COOPER 3.875%31/03/2014

1,000,000

1.061,064,564INTESA SANPAOLO SPA VAR PERP1,050,0000.88887,535ITALY BTP 3% 01/04/2014900,0006.836,861,842ITALY BTP 4.75% 01/09/20216,900,0000.96966,074ITALY BTP 5% 01/08/20391,050,0002.822,840,003ITALY BTP 5% 01/09/20403,100,0004.664,677,628ITALY BTP 5.75% 01/02/20334,550,0001.471,478,595ITALY BTPS 3.75% 15/04/20161,500,0000.60607,686PIRELLI E C SPA 5.125% 22/02/2016600,000


2.772,793,819SBERBANK LUX 5.4% 24/03/20173,900,0001.581,585,875TELECOM ITALIA FINANCE 7.75% 24/01/20331,500,000


0.71717,780TENNET BV 4.5% 09/02/2022700,000

1.551,563,191Poland

1.291,296,660POLAND 5.625% 20/06/20181,200,0000.26266,531REPUBLIC OF POLAND 5.25% 20/01/2025270,000

1.021,024,480Portugal

1.021,024,480PORTUGAL 4.1% 15/04/20371,900,000

1.291,296,646Romania

1.291,296,646ROMANIA 5.25% 17/06/20161,300,000

0.83833,680Slovakia

0.83833,680SLOVAKIA 4.375% 21/01/2015800,000

18.3218,434,063Spain

1.081,087,889BANCO BILBAO VIZCAYAARGENTARIA SENIORFINANCE S.A 4.25% 30/03/2015

1,100,000

4.404,420,152BONOS Y OBLIG DEL ESTADO 5.5% 30/04/20214,400,0001.871,883,280CAJAAHORROS MONTE PIED MADRID 4.875%

31/03/20141,900,000

1.081,090,166CAJA DE AHORROS BARCELONA 5.125% 27/04/20161,100,0000.80809,392GAS NATURAL CAPITAL MARKETS SA 5.625%

09/02/2017800,000

1.491,499,265INSTITUTO DE CREDITO OFICIAL 4.375% 31/03/20141,500,0001.481,488,015SANTANDER INTERNATIONAL DEBT FRN 19/04/20131,500,0000.48481,725SPAIN 4.6% 30/07/2019500,0003.283,302,080SPAIN 5.50% 30/07/20173,200,0001.601,609,280SPAIN 5.9% 30/07/20261,600,0000.60605,502TELEFONICA EMISIONES SAU 4.75% 07/02/2017600,0000.16157,317TELEFONICA EMISIONES SAU 5.496% 01/04/2016150,000

1.561,572,941Sweden

0.78790,882INVESTOR AB 4.875% 18/11/2021750,0000.36360,735SWEDBANK AB 3.375% 27/05/2014350,0000.42421,324SWEDEN 5.50% 08/10/20123,700,000


1.781,795,216SWITZERLAND 4.25% 06/01/20142,000,000

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


97

Bond Europe



0.0550,834BARCLAYS BANK PLC 4.875% 13/08/201950,0000.16157,733BARCLAYS BANK PLC 5.25% 27/05/2014150,0000.70701,085BARCLAYS BANK PLC 6.625% 30/03/2022700,0001.651,660,074CREDIT AGRICOLE SA LONDON BR 5.50%

17/12/20211,500,000

0.10100,420LLOYDS TSB BANK PLC 3.25% 26/11/2012100,0000.90908,451LLOYDS TSB BANK PLC 4.5% 15/09/2014900,0001.091,100,971PERMANENT FINANCING N8 PLC FRN 10/06/2042 5-

A11,000,000

0.0549,126ROYAL BANK OF SCOTLAND PLC 5.375% 30/09/201950,0001.561,565,456UNITED KINGDOM 4% 07/09/20161,300,0001.481,488,954UNITED KINGDOM 4.25% 07/03/20361,350,0001.331,334,411UNITED KINGDOM 4.25% 07/06/20321,200,0002.542,559,659UNITED KINGDOM 4.25% 07/12/20552,300,0000.56565,371UNITED KINGDOM 4.50% 07/12/2042490,391


0.46462,500BANK OF AMERICA CORP VAR 23/05/2017500,0001.091,097,030BANK OF AMERICA CORP 7% 15/06/20161,000,000

2.422,435,374Mortgage and asset backed securities0.12120,873Jersey

0.12120,873VOLKSWAGEN NO FRN 21/10/20131,200,000


0.17174,183HOLLAND EURO-DENOMINATED MTG BACKEDSERIES 10 FRN 18/08/2039

4,000,000


0.70700,089ARRAN RESIDENTIAL MRTG FUNDG 1 FRN19/11/2047

700,000

1.431,440,229SILVERSTONE MASTER FRN 21/01/20551,300,000


3.573,591,867Bonds3.353,367,026France

1.511,512,494BTAN 2.5% 15/01/20131,500,0001.051,055,300BTAN 4.5% 12/07/20131,000,0000.79799,232REPUBLIQUE FRANCAISE 0.95% 04/08/2011800,000

0.22224,841Iceland

0.22224,841ISLANDE 0% 15/09/201150,000,000


0.10101,959Options0.00-4,388Germany

0.0440,800EURO BUND FUTURE - 125.5 - 29.07.11 PUT80-0.04-40,500EURO SCHATZ - 107.5 - 29.07.11 PUT3000.00-4,6883MO EURO EURIBOR - 98.25 - 20.09.11 CALL250


0.0445,773EUR(C)/TRY(P)OTC - 2.2 - 11.05.12 CALL6,500,0000.0335,056EUR(P)/SEK(C)OTC - 9.0 - 14.07.11 PUT35,000,000

0.0325,518EUR(P)/TRY(C)OTC - 2.22 - 01.06.12 PUT3,000,000-0.11-110,185Short positions


-0.11-110,185Options0.0547,200Germany

0.0327,200EURO BUND FUTURE - 129.0 - 29.07.11 CALL-800.0112,000EURO SCHATZ - 106.9 - 29.07.11 PUT-3000.0112,000EURO SCHATZ - 107.1 - 29.07.11 PUT-3000.0221,000EURO SCHATZ - 108.0 - 29.07.11 CALL-3000.019,3753MO EURO EURIBOR - 98.375 - 19.09.11 CALL-250-0.03-34,3753MO EURO EURIBOR - 98.5 - 20.09.11 CALL-250

-0.16-157,385Luxembourg

-0.05-48,690EUR(C)/TRY(P)OTC - 2.85 - 01.06.12 CALL-3,000,000-0.11-108,695EUR(P)/TRY(C)OTC - 2.8 - 11.05.12 PUT-6,500,000



%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


98

Bond Europe



100.52198,969,391Bonds1.282,540,859Australia

0.551,086,528ORIGIN ENERGY FINANCE LTD VAR 16/06/2071750,0000.731,454,331WESTPAC BANKING CORP 4.125% 25/05/20181,000,000

1.863,688,527Austria

1.863,688,527OMV AG VAR 29/04/20492,500,000

1.663,292,648Belgium

0.581,150,473BARRY CALLEBAUT SERVICES NV 5.375%15/06/2021

800,000

1.082,142,175FORTIS BANQUE VAR PERP1,500,000


0.11222,407BES FINANCE LTD VAR PERP260,0001.252,469,250CHINA RESOURCES LAND LTD 4.625% 19/05/20162,500,000

1.563,088,181Denmark

1.563,088,181DONG ENERGYAS VAR PERP2,000,000

29.3258,017,827France

1.402,767,619AGENCE FRANCAISE DE DEVELOPPEMENT VARPERP

2,000,000

0.44868,980AXA SA VAR PERP1,000,0000.41803,217AXA SA VAR PERP800,0000.47929,557AXA SA VAR PERP1,000,0001.943,860,051AXA SA VAR PERP3,000,0001.042,051,665AXA SA 6.211% PERP1,600,0000.681,346,250BANQUE POPULAIRE-NATIXIS FRN 15/01/20191,500,0000.731,438,353BANQUE PSA FINANCE 4.25% 25/02/20161,000,0000.35685,500BPCE FRN PERP1,000,0000.641,265,357BPCE VAR PERP1,000,0000.721,423,158CASINO GUICHARD-PERRACHON 4.726%

26/05/20211,000,000

0.871,728,576CNP ASSURANCES VAR PERP1,500,0000.37723,366CNP ASSURANCES VAR 30/09/2041500,0000.931,832,842CREDIT AGRICOLE SA VAR PERP2,000,0000.37741,903CREDIT AGRICOLE SA VAR PERP500,0000.901,773,290CREDIT LOGEMENT VAR PERP1,500,0001.843,670,150CREDIT LOGEMENT 5.454% 16/02/20212,500,0000.731,453,504FONCIERE LYONNAISE 4.625% 25/05/20161,000,0000.591,175,807FRANCE EMPRUNT D’ETAT OAT 4% 25/04/2055850,0000.45881,445GECINA 4.50% 19/09/2014600,0001.001,973,942GROUPAMA SA VAR PERP2,000,0001.743,438,067GROUPAMA SA VAR 27/10/20392,650,0001.823,611,178ILIAD 4.875% 01/06/20162,500,0001.252,470,849LAFARGE 7.625% 24/11/20161,500,0001.603,158,600LEGRAND 8.50% 15/02/20252,533,0001.763,474,555MONDIALE-SOCIETE ASSURANCE VIE CAPITALISE

VAR PERP2,700,000

1.492,945,022REXEL 7% 17/12/20182,000,000

0.731,448,197SOCIETE AUTOROUTE PARIS-RHIN-RHONE 3.75%19/05/2016

1,000,000

0.36721,670SOCIETE GENERALE VAR PERP500,0000.721,416,416SUEZ ENVIRONNEMENT COMPANY VAR PERP1,000,0000.541,068,326UNIBAIL RODAMCO SE 3.875% 05/11/2020750,0000.44870,415VALEO 4.875% 11/05/2018600,000

0.741,466,784Germany

0.741,466,784COMMERZBANK AG 7.75% 16/03/20211,000,000

0.42824,885Greece

0.42824,885GREECE 4.50% 20/09/20371,300,000

2.524,994,725Guernsey

0.24476,695CREDIT SUISSE FINANCIAL GUERNSEY LTD VARPERP

500,000

0.721,434,960CREDIT SUISSE GROUP FINANCE FRN 23/01/20181,000,0001.563,083,070CSG GUERNSEY I LTD FRN 24/02/20413,000,000

0.591,175,388Iceland

0.591,175,388REPUBLIC OF ICELAND 7.25% 17/05/2013164,500,000

2.244,436,024Ireland

0.731,456,200CATERPILLAR INTERNATIONAL FINANCE PLC2.75% 06/06/2014

1,000,000

0.37727,897GE CAPITAL EUROPEAN FUNDING 6.025%01/03/2038

500,000

0.521,031,760NOVATEK FINANCE LTD 5.326% 03/02/20161,000,0000.621,220,167RZD CAPITAL LIMITED 7.487% 25/03/2031750,000

3.817,546,202Italy

0.741,455,287INTESA SANPAOLO SPA VAR PERP1,000,0002.304,556,873INTESA SANPAOLO SPA VAR PERP3,100,0000.41811,632ITALY 4% 01/02/2037700,0000.36722,410UNICREDITO ITALIANO SPA 5.75% 26/09/2017500,000

2.454,844,797Japan

0.781,520,896DAI ICHI SEIKO CO LT FRN PERP1,500,0000.511,017,080NOMURA HOLDINGS INC 4.125% 19/01/20161,000,0000.551,092,862TOKYO ELECTRIC POWER CO INC 2.75%

14/02/20121,000,000

0.611,213,959TOKYO ELECTRIC POWER CO INC 4.50%24/03/2014

1,000,000

1.523,010,980Jersey

0.781,548,139ASTON MARTIN CAPITAL LTD 9.25% 15/07/20181,000,0000.741,462,841BAA FUNDING LIMITED FRN 15/02/20141,000,000


1.022,021,180ARCELORMITTAL SA 3.75% 01/03/20162,000,0000.28555,955ENEL FINANCE INTERNATIONAL SA 6.25% 17 144A

15/09/2017500,000

0.47934,602ESPIRITO SANTO FINANCIAL GROUP SA 6.875%21/10/2019

1,000,000

1.102,171,426FIAT INDSUTRIAL FINANCE EUROPE 6.25%09/03/2018

1,500,000

0.21407,092HANNOVER FINANCE FRN 14/09/2040300,0000.741,464,522SES SA 4.75% 11/03/20211,000,000

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


99

Bond Global Aggregate


0.791,570,095TELECOM ITALIA CAPITAL SA 4.95% 30/09/20141,500,0000.771,517,538UNICREDIT INTERNATIONAL BANK VAR PERP1,000,000

0.901,779,379Mexico

0.901,779,379MEXICO 7.25% 15/12/2016200,000


0.701,392,813ALLIANZ FINANCE II BV VAR 08/07/20411,000,0000.711,401,424CANDIDE FINANCING 2006 BV FRN 20/11/20511,000,0000.761,511,411CONTI-GUMMI FINANCE BV 7.50% 15/09/20171,000,0001.502,950,270HIT FINANCE BV 5.75% 09/03/20182,000,0000.731,444,979LANXESS FINANCE BV 4.125% 23/05/20181,000,0000.951,890,177OI EUROPEAN 6.75% 15/09/20201,300,0000.37739,663SIEMENS FINANCIERINGSMAAT NV VAR 14/09/2066500,0000.621,227,008SNS BANK NV 6.25% 26/10/20201,000,0000.681,351,884SRLEV NV FRN 15/04/20411,000,0000.601,189,341TENNET BV 4.5% 09/02/2022800,0001.362,669,579TENNET BV 6.655% PERP1,750,000


1.022,019,730PHILIPPINES 6.25% 14/01/203690,000,000

1.392,745,471Romania

0.731,446,109ROMANIA 5.25% 17/06/20161,000,0000.661,299,362ROMANIA 6% 30/04/20164,000,000

1.172,316,735Russia

1.172,316,735LUKOIL INTERNATIONAL FINANCE BANK 6.125%09/11/2020

2,250,000


0.521,037,350CAPITAMALL TRUST MTN PTE LTD 4.321%08/04/2015

1,000,000

0.521,033,770South Korea

0.521,033,770KOREA RESOURCES LTD 4.125% 19/05/20151,000,000

6.8913,644,405Spain


1,000,000

0.37728,550CAJAAHORROS MONTE PIED MADRID 6.25%10/04/2012

500,000

0.711,401,700GAS NATURAL CAPITAL MARKETS SA 4.375%02/11/2016

1,000,000


700,000

0.741,463,653IBERDROLA FINANZAS SAU 4.625% 07/04/20171,000,0000.731,450,676OBRASCON HUARTE LAIN SA 7.375% 28/04/20151,000,0001.412,805,866SANTANDER ISSUANCES SA VAR 24/10/20172,000,0000.691,372,269SANTANDER ISSUANCES SA VAR 30/05/20181,000,0000.741,463,145TELEFONICA EMISIONES SAU 4.75% 07/02/20171,000,0000.25494,645TELEFONICA EMISIONES SAU 5.134% 27/04/2020500,000

0.741,456,838Sweden

0.741,456,838INVESTOR AB 4.50% 12/05/20231,000,000



1,500,000

0.641,273,853AVIVA PLC VAR PERP1,000,0000.37729,949AVIVA PLC VAR 22/05/2038500,0001.102,178,146BARCLAYS BANK PLC 6.625% 30/03/20221,500,0001.102,171,752BP CAPITAL MARKETS PLC 4.154% 01/06/20201,500,0001.112,195,196LLOYDS TSB BANK PLC 4.5% 15/09/20141,500,0000.24482,350LLOYDS TSB BANK PLC 6.5% 14/09/2020500,0000.38746,463ROYAL BANK OF SCOTLAND PLC 6% 10/05/2013500,0001.452,876,995ROYAL BANK OF SCOTLAND PLC 6.934% 09/04/20182,000,0001.332,638,485UNITED KINGDOM 4.25% 07/03/20361,650,0001.623,189,300VIRGIN MEDIA SECURED 5.5% 15/01/20212,000,0000.37738,7203I GROUP PLC 5.625% 17/03/2017500,000


0.891,760,788AMERICAN INTERNATIONAL GROUP 5% 26/06/20171,250,0000.681,341,111BANK OF AMERICA CORP VAR 23/05/20171,000,0000.701,378,735BANK OF AMERICA CORP 4.625% 07/02/20171,000,0000.36721,329BNP PARIBAS CAPITAL TRUST III VAR PERP500,0001.603,166,908MORGAN STANLEY 10.09% 03/05/20175,000,0001.452,875,343MORGAN STANLEY 4.5% 23/02/20162,000,0000.24483,300QWEST CORP 6.875% 15/09/2033500,0000.10195,283RABOBANK CAPITAL FUNDING TRUST FRN PERP200,0001.873,695,990SG CAPITAL TRUST III VAR PERP2,750,0002.975,877,189UNITED STATES OF AMERICA 4.25% 15/11/20406,000,000

2.955,837,310Mortgage and asset backed securities0.0487,624Jersey

0.0487,624VOLKSWAGEN NO FRN 21/10/2013600,000


0.0478,918HOLLAND EURO-DENOMINATED MTG BACKEDSERIES 10 FRN 18/08/2039

1,250,000

0.701,384,423SAECURE TEN BV FRN 25/02/20941,000,000

0.06115,417Spain

0.06115,417FTA SANTANDER EMPRESAS 1 FRN 04/11/2038 A2700,000


1.012,002,500HOLMES MASTER ISSUER PLC 07-1 FRN 15/10/20542,000,0001.102,168,428SILVERSTONE MASTER FRN 21/01/20551,350,000



1.422,812,434AMUNDI OBLIG EMERGENTS I65


2.965,865,452AMUNDI EMERGING MARKET CORP DEBT D I2C5,680


%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


100



0.561,099,954Bonds0.561,099,954United States of America

0.561,099,954UNITED STATES OF AMERICA T.BILLS 0% 15/09/20111,100,000

1.472,901,447Derivative instruments

1.472,901,447Options0.0230,809Germany

-0.03-53,282EURO SCHATZ - 107.2 - 31.08.11 PUT350-0.03-60,894EURO SCHATZ - 107.5 - 31.08.11 PUT7000.08144,985EURO SCHATZ - 107.9 - 15.09.11 PUT500


0.28550,211EUR(P)/JPY(C)OTC - 75.0 - 18.06.12 PUT25,000,0000.09181,005EUR(P)/MXN(C)OTC - 16.0 - 02.04.12 PUT15,000,0000.13253,881EUR(P)/PLN(C)OTC - 3.84 - 28.02.12 PUT20,000,0000.29572,341EUR(P)/PLN(C)OTC - 3.85 - 15.03.12 PUT40,000,0000.11210,389EUR(P)/SEK(C)OTC - 8.5 - 18.06.12 PUT25,000,0000.004,766EUR(P)/SEK(C)OTC - 8.55 - 19.08.11 PUT20,000,0000.0245,229EUR(P)/SEK(C)OTC - 8.85 - 14.08.11 PUT20,000,0000.10204,193EUR(P)/TRY(C)OTC - 2.2 - 11.05.12 PUT20,000,0000.09184,987EUR(P)/TRY(C)OTC - 2.22 - 01.06.12 PUT15,000,0000.22435,026INR(C)/JPY(P)OTC - 1.89 - 02.04.12 CALL2,075,000,0000.0486,842INR(C)/TWD(P)OTC - 1.55 - 09.02.12 CALL300,000,0000.00124NZD(P)/CAD(C)OTC - 0.76 - 05.07.11 PUT78,750,0000.001,317USD(C)/CLP(P)OTC - 515.0 - 21.07.11 CALL15,000,0000.0115,676USD(P)/CNY(C)OTC - 6.2 - 20.01.12 PUT20,000,0000.0117,146USD(P)/CNY(C)OTC - 6.3 - 23.02.12 PUT5,000,0000.0242,050USD(P)/ILS(C)OTC - 3.41 - 13.07.11 PUT24,000,0000.0234,205USD(P)/SGD(C)OTC - 1.2 - 11.08.11 PUT30,000,000


0.0231,250US Y2Y - 109.25 - 26.08.11 PUT500-1.34-2,648,399Short positions


-1.34-2,648,399Options0.0356,907Germany

0.0245,670EURO SCHATZ - 107.0 - 31.08.11 PUT-700-0.03-68,868EURO SCHATZ - 107.3 - 15.09.11 PUT-5000.007,612EURO SCHATZ - 108.4 - 31.08.11 CALL-1,0500.0472,493EURO SCHATZ - 108.5 - 15.09.11 CALL-500

-1.36-2,689,676Luxembourg

-0.28-544,930EUR(C)/JPY(P)OTC - 85.71 - 18.06.12 CALL-25,000,000-0.08-163,198EUR(C)/MXN(P)OTC - 21.0 - 02.04.12 CALL-15,000,000-0.11-209,704EUR(C)/PLN(P)OTC - 4.6 - 15.03.12 CALL-20,000,000-0.10-189,497EUR(C)/PLN(P)OTC - 4.6 - 28.02.12 CALL-20,000,000-0.10-196,850EUR(C)/SEK(P)OTC - 10.5 - 18.06.12 CALL-25,000,000-0.24-484,900EUR(C)/TRY(P)OTC - 2.8 - 11.05.12 CALL-20,000,000-0.18-352,964EUR(C)/TRY(P)OTC - 2.85 - 01.06.12 CALL-15,000,000

-0.01-29,626EUR(P)/SEK(C)OTC - 8.7 - 19.08.11 PUT-40,000,000-0.23-449,495INR(P)/JPY(C)OTC - 1.55 - 02.04.12 PUT-2,075,000,0000.00-9INR(P)/TWD(C)OTC - 2.14 - 09.02.12 PUT-300,000,000-0.02-45,054NZD(P)/CAD(C)OTC - 0.8 - 05.07.11 PUT-9,000,000-0.01-14,853USD(C)/SGD(P)OTC - 1.29 - 11.08.11 CALL-30,000,0000.00-8,596USD(P)/CNY(C)OTC - 6.15 - 23.02.12 PUT-10,000,000


-0.01-15,630US Y2Y - 108.75 - 26.08.11 PUT-500


ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


101





167.43779,424,103Bonds2.029,422,915Austria

0.17780,522AUSTRIA 2% 15/11/2012765,0001.627,565,173AUSTRIA 3.80% 20/10/20135,000,0000.231,077,220AUSTRIA 4.15% 15/03/2037750,000

0.713,295,528Belgium

0.06287,433BELGIUM 3.25% 28/09/2016200,0000.03151,862BELGIUM 5% 28/03/2035100,0000.622,856,233FORTIS BANQUE VAR PERP2,000,000

0.994,619,393Canada

0.341,566,444CANADIAN 2% 01/09/20121,500,0000.653,052,949CANADIAN 8% 01/06/20232,000,000

1.667,720,451Denmark

1.667,720,451DONG ENERGYAS VAR PERP5,000,000

26.34122,642,111France

0.843,904,098AREVA SA 4.875% 23/09/20242,800,0001.105,102,435BANQUE PSA FINANCE 3.25% 26/11/20123,500,0000.562,583,836BPCE FRN PERP2,000,0001.024,737,928BPCE VAR PERP3,878,0001.496,914,306CNP ASSURANCES VAR PERP6,000,0001.245,786,931CNP ASSURANCES VAR 30/09/20414,000,0002.2710,570,033CREDIT LOGEMENT 5.454% 16/02/20217,200,0001.125,208,035FEDERAL BANK CREDIT MUTUEL 4% 22/10/20204,000,0000.331,557,791FRANCE EMPRUNT D’ETAT OAT 4.25% 25/10/20171,000,0000.271,264,884FRANCE EMPRUNT D’ETAT OATI 0% 25/04/2016990,9180.673,134,512FRANCE EMPRUNT D’ETAT 0% 25/04/20233,350,0001.265,876,300GECINA 4.50% 19/09/20144,000,0000.803,740,940LEGRAND 8.50% 15/02/20253,000,0001.285,946,067LVMH MOET HENNESSY LOUIS VUITTON 4%

06/04/20184,000,000

2.8913,512,159MONDIALE-SOCIETE ASSURANCE VIE CAPITALISEVAR PERP

10,500,000

0.351,622,730PEUGEOT SA 8.375% 15/07/20141,000,0001.717,938,371SOCIETE GENERALE VAR PERP5,500,0001.336,206,576SOCIETE GENERALE VAR PERP4,000,0001.376,373,874SUEZ ENVIRONNEMENT COMPANY VAR PERP4,500,0001.537,122,171UNIBAIL RODAMCO SE 3.875% 05/11/20205,000,0001.316,108,450UNIBAIL RODAMCO SE 4.625% 23/09/20164,000,0001.607,429,684VINCI VAR PERP5,000,000

6.3329,471,710Germany

0.622,877,430ALLIANZ SE VAR PERP2,000,0001.265,867,137COMMERZBANK AG 7.75% 16/03/20214,000,0000.03140,310GERMANY BUND 4.75% 04/07/202885,0050.331,524,757GERMANY 0% 04/07/20221,500,0000.331,537,276GERMANY 3.75% 04/01/20151,000,0000.06299,878GERMANY 4% 04/01/2037200,000

0.17797,693GERMANY 4.25% 04/07/2018500,0003.2615,162,767GERMANY 4.75% 04/07/20349,125,0000.271,264,462LANDWIRTSCHAFTLICHE RENTENBANK 1.375%

25/04/2013100,000,000

8.0737,554,297Greece

1.356,297,786GREECE 4.3% 20/03/20125,000,0000.552,538,107GREECE 4.50% 20/09/20374,000,0001.918,883,782GREECE 4.6% 20/09/204014,000,0003.8818,063,203GREECE 5.5% 20/08/201421,000,0000.381,771,419GREECE 6.50% 11/01/20141,900,000


0.894,153,560STAND CHARTERED BANK HONG KONG 5.875%24/06/2020

4,000,000

2.4911,588,816Iceland

0.361,681,132REPUBLIC OF ICELAND 4.25% 24/08/2012250,000,0001.064,896,975REPUBLIC OF ICELAND 7,25% 17/05/2013685,350,0000.612,856,729REPUBLIC OF ICELAND 8% 12/06/2025416,000,0000.462,153,980REPUBLIC OF ICELAND 8% 22/07/2011325,000,000

4.9022,814,260Ireland

4.9022,814,260IRELAND 4.5% 18/10/201824,000,000

9.2042,837,464Italy

0.984,570,594ATLANTIA SPA 5% 09/06/20143,000,0000.11504,050BUONI POLIENNALI 2.125% 16/09/2013500,0001.888,731,722INTESA SANPAOLO SPA VAR PERP6,000,0001.587,349,797INTESA SANPAOLO SPA VAR PERP5,000,0000.311,427,725INTESA SANPAOLO SPA 5% 23/09/20191,000,0000.10470,378ITALY BTP 3.75% 01/03/2021350,0001.175,426,093ITALY BTP 5% 01/08/20344,000,0002.7712,931,213ITALY BTP 5.25% 01/11/20299,000,0000.07347,842ITALY 4% 01/02/2037300,0000.231,078,050ITALY 5.25% 20/09/20161,000,000

2.4111,211,953Ivory Coast

2.4111,211,953BANQUE AFRICAINE DEVELOPPEMENT 7.375%06/04/2023

8,900,000

6.6530,949,012Japan

0.562,625,978JAPAN EXPRESSWAY HOLDING 2.87% 20/12/2046200,000,0005.5425,780,334JAPAN 1.4% 20/09/20192,000,000,0000.552,542,700NOMURA HOLDINGS INC 4.125% 19/01/20162,500,000


0.653,038,400ARCELORMITTAL SA VAR 7% 15/10/20393,000,0000.07321,418EUROPEAN INVESTMENT BANK 1.9% 26/01/202625,000,0004.2619,776,372EUROPEAN INVESTMENT BANK 2.15% 18/01/20271,500,000,0001.225,696,615GAZPROM INTERNATIONAL S.A. 7.201% 01/08/201110,000,0000.894,165,057MICHELIN LUXEMBOURG 8.625% 24/04/20142,500,0000.632,929,045SES SA 4.75% 11/03/20212,000,000

10.8350,398,095Mexico

0.673,139,470AMERICA MOVIL SAB DE CV 5% 30/03/20203,000,000


%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


102

Bond Global

5.3024,652,699MEXICO 9% 20/06/20132,700,0004.8622,605,926MEXICOI 8% 19/12/20132,500,000


0.03154,161NEDERLAND 7.50% 15/01/202376,891

0.974,490,649NOMURA EUROPE FINANCE NV 5.125% 09/12/20143,000,0000.874,055,651SRLEV NV FRN 15/04/20413,000,000

0.14629,610Portugal

0.14629,610METROPOLITANO DE LISBOA SARL 7.42%15/10/2016

1,000,000


0.894,149,400CAPITAMALL TRUST MTN PTE LTD 4.321%08/04/2015

4,000,000

0.914,212,160TEMASEK FINANCIAL (I) LIMITED 5.375% 23/11/20394,000,000

15.2771,099,287Spain

1.547,170,741CAIXA ESTALVIS PENS BARCELONA 3.75%05/11/2013

5,000,000

1.547,166,754CAIXACORP SA 4.125% 20/11/20145,000,0003.0814,321,981CEDULAS 6 3.875% 23/05/202515,000,0000.723,348,139GAS NATURAL CAPITAL MARKETS SA 4.125%

26/01/20182,500,000

0.221,009,080INSTITUTO DE CREDITO OFICIAL 3.50%15/11/20111,000,0000.14662,107SPAIN 0% 31/01/2013480,8102.9313,634,389SPAIN 4.3% 31/10/201910,000,0003.9718,518,774SPAIN 5.75% 30/07/203213,000,0001.135,267,322TELEFONICA EMISIONES SAU 4.75% 07/02/20173,600,000

3.1914,858,686Sweden

3.1914,858,686SWEDEN 5.50% 08/10/201290,000,000



4,000,000

1.085,031,718AVIVA PLC VAR PERP3,950,0000.733,379,496LLOYDS TSB BANK PLC 3.75% 07/09/20152,400,0000.622,901,270LLOYDS TSB BANK PLC 6.5% 14/09/20203,000,0000.432,008,280ROYAL BANK OF SCOTLAND PLC 3.95% 21/09/20152,000,0000.632,927,943SL FINANCE PLC VAR 12/07/20222,000,0003.9818,509,369UNITED KINGDOM 4.25% 07/03/203611,575,0001.376,398,413UNITED KINGDOM 4.25% 07/09/20394,000,0000.15693,513UNITED KINGDOM 4.75% 07/12/2038400,0000.02107,483UNITED KINGDOM 5% 07/03/201265,0004.6221,495,125UNITED KINGDOM 5% 07/03/202512,000,0000.713,317,940VODAFONE GROUP PLC 5% 15/09/20153,000,000


2.009,296,910BNP PARIBAS US LLC 4.8% 24/06/20159,000,0000.683,147,330CITIGROUP INC 5.3% 17/10/20123,000,0000.703,256,950CITIGROUP INC 5.5% 15/10/20143,000,0000.361,661,190CITIGROUP INC 6.375% 12/08/20141,500,0002.119,814,542GE CAPITAL TRUST IV FRN 15/09/20667,500,0000.914,244,943GOLDMAN SACHS GROUP INC 4.375% 16/03/20173,000,0000.934,311,883GOLDMAN SACHS GROUP INC 5.125% 23/10/20193,000,000

1.637,596,800HSBC FINANCE CORP FRN 01/06/20168,000,0002.4711,522,436J.P MORGAN CHASE AND CORPORATION 7.25%

01/02/20189,700,000

1.949,046,281MERRILL LYNCH AND CO INC 6% 11/02/20136,000,0000.442,033,520MICROSOFT CORPORATION 5.2% 01/06/20392,000,0001.014,716,996MORGAN STANLEY FRN 01/03/20133,300,0002.139,906,999MORGAN STANLEY FRN 29/11/20137,000,0000.331,514,238UNITED STATES OF AMERICA 2.75% 15/02/20191,500,0000.231,052,031UNITED STATES OF AMERICA 3% 28/02/20171,000,0005.8727,377,930UNITED STATES OF AMERICA 3.875% 15/05/201825,000,0000.12554,688UNITED STATES OF AMERICA 4.125% 15/05/2015500,0001.225,672,071UNITED STATES OF AMERICA 4.50% 15/05/20175,000,0003.6717,109,375UNITED STATES OF AMERICA 4.625% 15/02/201715,000,0000.291,349,723UNITED STATES OF AMERICA 5.375% 15/02/20311,150,0007.2133,598,905UNITED STATES OF AMERICA 6.25% 15/05/203026,000,0002.1610,043,442UNITED STATES OF AMERICAI 1.375% 15/01/20209,000,000

2.7912,990,128Mortgage and asset backed securities0.602,771,695France

0.602,771,695LOGGIAS FRN 24/11/20255,000,000


0.231,071,561CHAPEL BV FRN 17/11/20642,500,000

0.321,483,933Spain

0.321,483,933FTA SANTANDER EMPRESAS 1 FRN 04/11/2038 A29,000,000


1.215,655,136ARRAN RESIDENTIAL MRTG FUNDG 1 FRN19/11/2047

3,900,000

0.432,007,803SILVERSTONE MASTER FRN 21/01/20551,250,000



0.331,545,404PORTFOLIO FIXED INCOME TRADE30.20930,256PORTFOLIO FOREX TRADING FCP2


1.296,005,750STRUCTURAASIAN LOCAL DEBT I CAPITALISATION5,000


0.241,126,253Bonds0.14651,971Iceland

0.14651,971ISLANDE 0% 15/09/2011100,000,000

0.10474,282Sweden

0.10474,282KINGDOM OF SWEDEN T.BILLS 0% 17/08/20113,000,000


0.0021,000Options-0.01-28,544Germany

-0.01-28,5443MO EURO EURIBOR - 98.25 - 20.09.11 CALL1,050

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


103

Bond Global


104



0.0024,771JPY(P)/KRW(C)OTC - 11.8 - 07.10.11 PUT1,500,000,0000.0024,771JPY(P)/KRW(C)OTC - 11.8 - 10.10.11 PUT1,500,000,0000.001USD(C)/JPY(P)OTC - 89.0 - 08.07.11 CALL60,000,0000.00-USD(C)/JPY(P)OTC - 95.0 - 27.07.11 CALL30,000,000-0.27-1,266,927Short positions


-0.27-1,266,927Options-0.03-152,234Germany

0.0157,0883MO EURO EURIBOR - 98.375 - 19.09.11 CALL-1,050-0.04-209,3223MO EURO EURIBOR - 98.5 - 20.09.11 CALL-1,050

-0.24-1,114,693Luxembourg

-0.01-42,287EUR(C)/CHF(P)OTC - 1.33 - 28.11.11 CALL-10,000,000-0.01-45,317EUR(C)/CHF(P)OTC - 1.37 - 06.02.12 CALL-12,000,000-0.01-25,584EUR(C)/CHF(P)OTC - 1.38 - 08.02.12 CALL-8,000,000-0.03-149,112EUR(P)/CHF(C)OTC - 1.13 - 28.11.11 PUT-10,000,000-0.09-420,818EUR(P)/CHF(C)OTC - 1.17 - 06.02.12 PUT-12,000,000-0.07-313,109EUR(P)/CHF(C)OTC - 1.18 - 08.02.12 PUT-8,000,000-0.01-59,233JPY(C)/KRW(P)OTC - 15.5 - 07.10.11 CALL-1,500,000,000-0.01-59,233JPY(C)/KRW(P)OTC - 15.5 - 10.10.11 CALL-1,500,000,000


Bond Global


%ofNaV

Market

Valu

e

Quan

tity

USD

105




102.70180,040,303Bonds3.856,748,166Australia

3.856,748,166COMMONWEALTH BANK OF AUSTRALIA IDX 4%20/08/2015

5,300,000

2.734,779,098Canada

0.43750,309CANADIAN FRN 01/12/2021540,0001.412,465,238CANADIAN 3% 01/12/20362,060,0000.891,563,551CANADIAN 4% 01/12/20311,070,000

10.0217,559,962France

0.891,568,093FRANCE EMPRUNT D’ETAT OATEI 1.60% 25/07/20151,310,0000.31547,588FRANCE EMPRUNT D’ETAT OATEI 1.8% 25/07/2040475,0002.945,132,325FRANCE EMPRUNT D’ETAT OATEI 2.25% 25/07/20204,000,0002.494,349,678FRANCE EMPRUNT D’ETAT OATEI 3% 25/07/20123,470,0001.763,091,125FRANCE EMPRUNT D’ETAT OATEI 3.15% 25/07/20322,050,0001.462,567,472FRANCE EMPRUNT D’ETAT OATI 1% 25/07/20172,290,0000.17303,681OATI 2.50% 25/07/2013250,000

7.7613,603,079Germany

1.332,336,302GERMANY BUNDEI 1.50% 15/04/20162,000,0006.4311,266,777GERMANY BUNDEI 1.75% 15/04/20209,950,000

13.2123,152,155Italy

2.133,727,518ITALY BTP 3.1% 15/09/20263,700,0005.709,998,368ITALY BTPEI 1.85% 15/09/20129,000,0000.961,683,881ITALY BTPEI 2.1% 15/09/20171,540,0001.452,543,198ITALY BTPEI 2.10% 15/09/20162,500,0000.851,489,417ITALY BTPEI 2.35% 15/09/20351,455,0000.0115,914ITALY BTPEI 2.6% 15/09/202315,0000.761,328,490ITALY BTPI 2.55% 15/09/20411,435,0001.352,365,369ITALYI 2.35% 15/09/20192,270,000

3.145,509,032Japan

1.182,077,398JAPANI 0.50% 10/06/2015241,200,0000.611,076,501JAPANI 1.1% 10/09/2016122,300,0001.352,355,133JAPANI 1.2% 10/12/2017269,700,000

1.853,245,102Sweden

0.601,058,188SWEDENI 3.5% 01/12/20285,765,0000.691,196,575SWEDENI 3.50% 01/12/20158,000,0000.56990,339SWEDENI 4% 01/12/20205,570,000


3.075,386,721UNITED KINGDOM 1.125% 22/11/20373,745,0003.586,250,484UNITED KINGDOM 1.25% 22/11/20174,220,0003.125,477,214UNITED KINGDOM 1.25% 22/11/20273,780,0001.652,896,792UNITED KINGDOM 1.25% 22/11/20551,645,0001.001,753,705UNITED KINGDOM 1.875% 22/11/20221,210,0001.101,928,108UNITED KINGDOM 2% 26/01/20351,000,0002.454,289,257UNITED KINGDOM 2.5% 16/08/20131,350,000

1.392,444,455UNITED KINGDOM 2.5% 17/07/2024755,0000.06102,077UNITED KINGDOMI IDX 2.50% 23/08/201130,0000.681,198,485UNITED KINGDOMI 0.625% 22/03/20401,000,0001.532,690,165UNITED KINGDOMI 0.75% 22/11/20472,005,0002.143,745,947UNITED KINGDOMI 2.50% 16/04/20201,010,000


0.851,490,953AUSTRALIAN IDX 4% 20/08/20201,200,0003.345,860,728UNITED STATES OF AMERICA IDX 0.625%

15/04/20137,750,000

1.702,972,833UNITED STATES OF AMERICA IDX 1.25% 15/04/20143,820,0002.053,588,143UNITED STATES OF AMERICA IDX 1.75% 15/01/20284,620,0001.412,464,827UNITED STATES OF AMERICA IDX 2% 15/01/20162,835,0001.051,847,141UNITED STATES OF AMERICA IDX 2.375%

15/01/20251,950,000

2.013,517,027UNITED STATES OF AMERICA IDX 2.5% 15/07/20164,000,0003.105,434,406UNITED STATES OF AMERICA IDX 2.625%

15/07/20176,240,000

4.117,206,249UNITED STATES OF AMERICA IDX 3% 15/07/20128,000,0001.162,025,058UNITED STATES OF AMERICA IDX 3.375%

15/04/20321,750,000

4.237,434,771UNITED STATES OF AMERICA 1.375% 15/07/20189,520,0000.931,628,785UNITED STATES OF AMERICA 1.625% 15/01/20182,000,0002.564,490,792UNITED STATES OF AMERICA 1.875% 15/07/20135,000,0000.46812,840UNITED STATES OF AMERICA 1.875% 15/07/20191,000,0001.482,590,116UNITED STATES OF AMERICA 3.875% 15/04/20292,000,0003.075,387,844UNITED STATES OF AMERICAI 1.375% 15/01/20207,000,0001.111,951,395UNITED STATES OF AMERICAI 2% 15/01/20262,280,0001.031,799,672UNITED STATES OF AMERICAI 2.125% 15/02/20402,300,0000.44770,476UNITED STATES OF AMERICAI 2.125% 15/02/20411,000,0001.733,039,373UNITED STATES OF AMERICAI 2.375% 15/01/20273,460,0000.55966,870UNITED STATES OF AMERICAI 2.50% 15/01/20291,150,000

0.50882,100Share/Units of UCITS/UCIS


0.50882,100AMUNDI INFLATION PROTECT DURATION9


2.394,197,178Bonds2.394,197,178France

0.40699,513BTAN 0.87% 28/07/2011700,0000.28499,341BTF 0% 18/08/2011500,0001.712,998,324BTF 0% 21/07/20113,000,000


Bond Global Inflation


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR



88.2173,495,782Bonds1.261,046,020Croatia

1.261,046,020CROATIA 6.5% 05/01/20151,000,000


1.13945,680CZECH REPUBLIC 3.625% 14/04/20211,000,0000.67558,825CZECH REPUBLIC 3.80% 11/ 04/201513,000,0006.145,119,178CZECH REPUBLIC 4% 11/04/2017120,000,0008.907,404,911CZECH REPUBLIC 5% 11/04/2019165,000,000

11.409,497,164Hungary

1.19991,910REPUBLIC OF HUNGARY 6% 11/01/20191,000,0007.135,940,659REPUBLIC OF HUNGARY 6.5% 24/06/20191,650,000,0003.082,564,595REPUBLIC OF HUNGARY 6.75% 22/08/2014680,000,000

31.7926,490,021Poland

4.543,779,866POLAND 5% 24/10/201315,000,0008.046,699,091POLAND 5.5% 25/10/201927,000,0006.885,732,694POLAND 5.75% 23/09/202223,000,00010.658,882,470POLAND 6.25% 24/10/201534,000,0001.681,395,900REPUBLIC OF POLAND 4% 23/03/20211,500,000

7.376,141,575Slovakia

3.623,015,275SLOVAKIA 4.375% 15/05/20172,900,0003.753,126,300SLOVAKIA 4.375% 21/01/20153,000,000

19.5516,292,408Turkey

11.459,547,489TURKEY 10% 17/06/201522,000,0008.106,744,919TURKEY 14% 26/09/201215,000,000


Bond Converging Europe

%ofNaV

Market

Valu

e

Quan

tity

EUR



106



88.5553,183,780Bonds18.7411,253,061Brazil

4.522,709,902BRAZIL IDX 6% 15/05/20132,0804.972,981,141BRAZIL IDX 6% 15/05/20452,2503.942,368,533BRAZIL IDX 6% 15/08/20141,8204.212,531,392BRAZIL IDX 6% 15/08/20201,9701.10662,093BRAZIL IDX 6% 15/08/2040500

1.931,161,810Chile

1.46879,487CHILE 3% 01/02/2021404,249,3440.47282,323CHILE 3% 01/07/2013131,107,831

14.288,575,400Israel

3.402,039,799ISRAEL 0.5% 30/06/20136,700,0003.502,103,467ISRAEL 3.5% 30/04/20185,800,0003.281,971,369ISRAEL 4% 30/05/20365,050,0004.102,460,765ISRAEL 4% 30/07/20215,700,000

16.509,912,919Mexico

2.521,515,116MEXICOI 2.50% 10/12/202040,2003.842,304,842MEXICOI 3.5% 14/12/201755,6001.861,116,949MEXICOI 4% 15/11/204028,4002.941,768,626MEXICOI 4.5% 18/12/201441,6005.343,207,386MEXICOI 4.5% 22/11/203575,000

1.35812,457Poland

1.35812,457POLANDI 2.75% 25/08/20232,070,000


1.01605,587REPUBLIC OF SOUTH AFRICA 2.50% 31/01/20174,000,0003.201,919,266REPUBLIC OF SOUTH AFRICA 3.45% 07/12/20337,520,0005.943,572,831REPUBLIC OF SOUTH AFRICA 5.50% 07/12/202310,400,0001.10660,221REPUBLIC OF SOUTH AFRICA 6.25% 31/03/20132,130,000


0.85507,618KOREA 2.75% 10/06/2020468,000,000

23.6514,202,610Turkey

3.772,264,464TURKEYI 3% 06/01/20213,540,00019.8811,938,146TURKEYI 4.5% 11/02/201516,500,000


Bond Emerging Inflation


%ofNaV

Market

Valu

e

Quan

tity

USD


107



96.72121,575,025

2.943,697,699SWAP TRS USD/COP 07/203,327,6632.843,572,935SWAP TRS USD/COP 25/07/20243,606,111

Bonds

0.0087Argentina

0.0087ARGENTINA 8.28% 31/12/203383

2.873,604,142Brazil

2.873,604,142BRAZIL 12.5% 05/01/20224,500,000

1.021,277,048Egypt

1.021,277,048EGYPT 8.75% 18/07/20128,000,000

9.7212,217,832Indonesia

5.957,471,099INDONESIA 10.5% 15/08/203055,000,000,0002.272,857,700INDONESIA 11% 15/09/202520,000,000,0001.501,889,033INDONESIA 9.5% 15/07/203115,000,000,000

4.025,049,102Israel

4.025,049,102ISRAEL 5% 31/01/202017,000,000


2.913,660,188RSHB CAPITAL SA 7,5% 25/03/2013100,000,0003.063,840,024RSHB CAPITAL SA 8.70% 03/2016103,000,000

2.152,700,138Malaysia

2.152,700,138MALAYSIA 4.16% 15/07/20218,000,000

9.6212,090,397Mexico

4.645,818,174MEXICO 10% 05/12/2024550,0001.331,677,830MEXICOI 3.5% 19/12/201341,0003.654,594,393MEXICOI 8.5% 31/05/2029500,000

1.792,246,663Peru

0.831,040,436PERU REPUBLIC 6.9% 12/08/20373,000,0000.961,206,227PERU REPUBLIC 7.84% 12/08/20203,000,000


0.891,122,072PHILIPPINES 6.25% 14/01/203650,000,000

7.479,387,446Poland

1.431,798,644POLAND 5.5% 25/10/20195,000,0006.047,588,802POLAND 5.75% 23/09/202221,000,000

4.735,940,458Romania

1.812,273,883ROMANIA 6% 30/04/20167,000,0002.923,666,575ROMANIA 6.25% 25/10/201411,000,000


5.446,851,029REPUBLIC OF SOUTH AFRICA 10.5% 21/12/202640,000,0005.206,532,058REPUBLIC OF SOUTH AFRICA 8% 21/12/201845,000,000

6.337,953,798Thailand

1.792,247,222MINISTRY OF FINANCE THAILAND 3.65% 17/12/202170,000,0002.453,077,916THAILAND 2.80% 10/10/2017100,000,0002.092,628,660THAILAND 4.25% 13/03/201380,000,000

15.1919,109,148Turkey

4.345,465,163TURKEY 0% 07/11/201210,000,0003.824,796,559TURKEY 0% 20/02/20139,000,0004.155,228,192TURKEY 10.5% 15/01/20208,000,0002.883,619,234TURKEYI 12% 14/08/20134,000,000


6.157,730,161EUROPEAN BANK RECONSTRUCTION &DEVELOPPEMENT 9.25% 10/09/2012

12,000,000

2.382,992,600Venezuela

2.382,992,600VENEZUELA 9.25% 15/09/20274,000,000


0.43542,063Options0.43542,063Luxembourg

0.0787,172CHF(P)/HUF(C)OTC - 217.0 - 07.07.11 PUT200,0000.00557EUR(C)/HUF(P)OTC - 275.0 - 06.07.11 CALL10,000,0000.0567,608EUR(P)/BRL(C)OTC - 2.26 - 23.09.11 PUT7,000,0000.0340,285EUR(P)/TRY(C)OTC - 2.05 - 09.11.11 PUT40,000,0000.11123,325EUR(P)/TRY(C)OTC - 2.22 - 01.06.12 PUT10,000,0000.001,755USD(C)/CLP(P)OTC - 515.0 - 21.07.11 CALL20,000,0000.0115,423USD(C)/MYR(P)OTC - 3.1 - 02.07.11 CALL20,000,0000.005,332USD(C)/SGD(P)OTC - 1.31 - 17.08.11 CALL20,000,0000.003,167USD(C)/ZAR(P)OTC - 7.15 - 06.07.11 CALL15,000,0000.13153,637USD(P)/CNY(C)OTC - 6.3 - 25.05.12 PUT20,000,0000.0343,802USD(P)/ILS(C)OTC - 3.41 - 13.07.11 PUT25,000,000-0.27-342,734Short positions


-0.27-342,734Options-0.27-342,734Luxembourg

-0.18-235,310EUR(C)/TRY(P)OTC - 2.85 - 01.06.12 CALL-10,000,000-0.09-107,424USD(P)/CNY(C)OTC - 6.15 - 25.05.12 PUT-40,000,000


Bond Global Emerging

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD



108

Index Equity Euro



109



99.06229,841,997Shares1.112,574,612Austria

0.29638,264ERSTE GROUP BANK17,6560.00-IMMOEAST AG 31/12/1110,0000.10238,499IMMOFINANZ AKT81,1220.00-IMMOFINANZ ANSPRUCH 31/12/209926,0460.21490,254OMV AG16,2740.08187,696RAIFFEISEN INTL BANK HOLDING5,2820.12283,527TELEKOM AUSTRIAAG32,2190.09216,210VERBUND A7,2070.05121,545VIENNA INSURANCE3,2070.17398,617VOESTALPINE AG10,472

3.026,996,767Belgium

0.17393,164AGEAS NV210,1360.004AGEAS STRIP VVPR3,8141.272,959,639AHNEUSER-BUSH INBEV73,9910.0040ANHEUSER BUSCH INBEV STRIP VVP10,0160.08178,553BEKAERT DIVISION3,4010.16360,489BELGACOM14,6570.11255,266COLRUYT DIV7,3990.05105,759DEXIA SA49,2590.20461,692GROUPE BRUXELLES LAMBERT7,5280.21487,479GROUPE DELHAIZE9,4290.17382,977KBC GROUPE14,1320.05115,498MOBISTAR2,2050.25587,091SOLVAY5,5100.13304,583UCB SA9,8300.17404,533UMICORE10,756

0.06141,229Cyprus

0.06141,229BANK OF CYPRUS69,571

3.057,084,330Finland

0.09199,257ELISA OYJ13,4180.35810,103FORTUM OYJ40,5660.09214,551KESKO OYJ B6,6880.26597,087KONE B13,7800.20468,121METSO OYJ11,9510.05115,948NESTE OIL10,7260.681,572,998NOKIA OYJ351,9010.15356,034NOKIAN RENKAAT OYJ10,2900.06137,700ORION NEW B7,7490.0498,402OUTOKUMPU OYJ A10,7720.04100,635POHJOLA BANK11,2820.05107,081RAUTARUUKKI OYJ6,8730.36836,885SAMPO A37,5790.05121,103SANOMA CORPORATION9,4760.17395,313STORA ENSO OYJ-R54,6390.26605,066UPM KYMMENE OYJ47,9830.15348,046WARTSILA OYJ14,944

31.4272,898,069France

0.18427,435ACCOR SA13,8620.10240,733ADP3,7110.07156,658AIR FRANCE-KLM14,8001.122,588,620AIR LIQUIDE26,1900.36844,973ALCATEL LUCENT211,8790.38887,265ALSTOM20,8670.15354,240ARKEMA4,9900.06147,347ATOS ORIGIN3,7821.082,512,826AXA160,3590.06146,008BIC2,1912.034,708,193BNP PARIBAS88,4500.28644,467BOUYGUES21,2590.12281,066BUREAU VERITAS4,8260.24554,773CAP GEMINI SA13,7320.701,624,690CARREFOUR SA57,3690.14314,405CASINO GUICHARD4,8370.15354,813CGG VERITAS13,9690.22521,777CHRISTIAN DIOR4,8090.08189,261CNP ASSURANCES12,5880.711,636,740COMPAGNIE DE SAINT-GOBAIN SA36,6530.43998,444CREDIT AGRICOLE SA96,2821.192,765,695DANONE53,7550.15337,817DASSAULT SYSTEMES5,7540.14323,132EDENRED15,3580.25576,686EDF21,2760.07154,549EIFFAGE3,3870.04100,268ERAMET4390.431,002,769ESSILOR INTERNATIONAL17,9290.05119,904EURAZEO2,3800.002,805EURAZEO DS ANF IMMOBILIER2,3770.13301,165EUTELSAT COMMUNICATIONS9,7150.09210,238FONCIERE DES REGIONS2,8781.082,505,926FRANCE TELECOM170,8781.242,879,035GDF SUEZ114,0890.06148,410GECINA1,5400.15353,889GROUPE EUROTUNNEL45,9000.07162,407ICADE ACT1,9100.05124,730ILIAD1,3480.06137,864IMERYS SA2,8370.07155,199JC DECAUX7,0210.10237,370KLEPIERRE8,3390.35817,816LAFARGE SA18,6100.13298,517LAGARDERE10,2460.24563,938LEGRAND19,4160.851,977,485L’OREAL22,0801.212,806,273LVMH MOET HENNESSY LOUIS VUITTON22,6130.481,105,611MICHELIN (CGDE)-SA16,3940.0483,907M6 METROPOLE TELEVISION5,2590.13294,571NATIXIS85,1360.09202,364NEOPOST3,4160.521,214,760PERNOD RICARD17,8720.19441,071PEUGEOT SA14,2880.36830,865PPR6,766

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%ofNaV

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Index Equity Euro



110

0.19449,481PUBLICIS GROUPE11,6900.31722,765RENAULT SA17,6780.20463,131SAFRAN15,7262.475,699,453SANOFI102,8041.122,598,797SCHNEIDER ELECTRIC SA22,5590.14315,854SCOR SE ACT PROV16,1151.032,392,265SOCIETE GENERALE A58,4620.21477,296SODEXO8,8290.15350,202SUEZ ENVIRONNEMENT COMPANY25,4600.29671,654TECHNIP SA9,0850.07158,067TF112,6050.09216,828THALES SA7,2923.367,781,863TOTAL195,1320.631,459,605UNIBAIL RODAMCO9,1540.37850,903VALLOUREC10,1310.29673,145VEOLIA ENVIRONNEMENT34,6090.781,807,966VINCI SA40,9320.942,186,046VIVENDI114,0050.11250,978WENDELACT2,960

28.3865,854,213Germany

0.441,026,938ADIDAS NOM18,7741.744,032,373ALLIANZ SE-NOM41,8600.05126,601AXEL SPRINGER3,7172.475,725,475BASF SE84,7341.824,228,408BAYER AG76,2700.902,099,049BAYERISCHE MOTORENWERKE30,5050.18424,320BEIERSDORF9,4820.08188,052BMW VZ4,2900.11261,241BRENNTAG AG3,2590.05120,478CELESIO8,7620.41947,227COMMERZBANK319,0390.23522,582CONTINENTALAG7,2131.874,335,829DAIMLER83,5421.513,492,560DEUTSCHE BANK AG-NOM85,7070.431,009,329DEUTSCHE BOERSE AG19,2620.14333,570DEUTSCHE LUFTHANSA NOM22,2010.431,007,027DEUTSCHE POST AG-NOM76,0021.212,800,220DEUTSCHE TELEKOM AG-NOM258,9201.403,251,972E.ON AG166,0440.07167,237FRAPORT3,0160.39912,126FRESENIUS MEDICAL CARE AG & CO17,6940.31721,528FRESENIUS SE & CO KGAA10,0240.17387,308GEA GROUP AG15,6900.08190,902HANNOVER RUECKVERSICHERUNG NOM5,3080.24547,671HEIDELBERGCEMENT AG12,4400.21479,320HENKEL KGAA12,1270.34781,813HENKEL KGAA VZ16,3320.09200,563HOCHTIEF3,4820.33772,564INFINEON TECHNOLOGIES AG-NOM99,6600.35823,196K & S AG15,5320.12275,261KABEL DEUTSCHLAND HOLDING AG6,4920.18413,746LANXESS7,3100.831,921,706LINDE AG15,8950.38887,598MAN AG9,652

0.20453,987MERCK KGAA6,0580.22501,981METRO12,0120.841,944,709MUENCHENER RUECKVERSICHERUNGS AG-NOM18,4420.34782,921PORSCHE AUTOMOBIL HOLDING SE14,3130.05124,964PROSIEBEN SAT 1 MEDIA VZ6,3920.681,585,644RWE AG41,4710.07151,937RWE VZ4,3170.08194,583SALZGITTER AG3,7001.533,542,361SAP AG84,8473.117,189,623SIEMENS AG-NOM75,9200.06132,303SUEDZUCKER5,3990.461,067,991THYSSENKRUPP AG29,8030.0484,988TUI11,3620.06145,689UNITED INTERNET AG & CO KGAA10,0510.15356,914VOLKSWAGEN AG2,8170.831,935,391VOLKSWAGEN AG-PFD13,5960.10242,437WACKER CHEMIE1,626

0.571,318,887Greece

0.14329,675COCA COLA HBC17,8010.0485,404EFG EUROBANK ERGASIAS26,4410.06131,365HELLENIC TELECOMMUNICATIONS

ORGANIZATIONS OTE20,430


0.902,079,440Ireland

0.07154,592ALPHA BANK44,5510.00258ANGLO IRISH BANK CORP25,7530.461,077,298CRH PLC70,5500.17387,455ELAN CORP48,4440.15350,107KERRY GROUP A12,2780.05109,730RYANAIR HOLDINGS PLC30,875

8.3719,424,010Italy

0.691,592,323ASSICURAZIONI GENERALI109,4380.19433,148ATLANTIA SPA29,5060.0484,346AUTOGRILL SPA9,3200.0496,105A2A SPA89,4830.0371,714BANCA CARIGE45,8820.05123,478BANCAMONTE DEI PASCHI DI SIENA SPA236,3210.0112,525BANCAMONTE DEI PASCHI DI SIENA SPA DS

08/07/2011236,321

0.11251,186BANCO POPOLARE SPA158,0780.12289,058ENEL GREEN POWER151,9761.172,732,694ENEL SPA606,7261.563,650,047ENI SPA223,7920.05112,879EXOR SPA5,2380.27626,329FIAT INDUSTRIAL SPA70,3740.22510,271FIAT SPA67,4070.14326,089FINMECCANICA SPA39,0760.05117,004INTESA SANPAOLO RNC78,5790.751,730,489INTESA SANPAOLO SPA942,5320.10226,044LUXOTTICA GROUP10,219

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Index Equity Euro



111

0.10224,859MEDIASET SPA69,3580.14315,554MEDIOBANCA SPA45,1760.12272,917PARMALAT SPA105,2110.06147,853PIRELLI & C SPA19,8460.10233,363PRYSMIAN SPA16,8250.37861,378SAIPEM24,1960.28639,558SNAM RETE GAS156,6010.40919,853TELECOM ITALIA SPA958,6800.19451,899TELECOM ITALIA-RNC563,1140.15337,060TERNA SPA105,1340.08193,230UBI BANCA SCPA49,7760.791,837,572UNICREDIT SPA1,258,6110.003,185UNIONE DI BANCHE ITALIANE DS49,770


0.831,897,284ARCELORMITTAL SA79,0700.23541,011SES GLOBAL FDR27,9520.29683,629TENARIS SA43,405


0.32740,099AEGON NV157,3340.39905,801AKZO NOBEL NV-CVA20,8230.42984,783ASML HOLDING NV38,7710.09203,162BOSKALIS WESTMINSTER6,2310.11266,203CORIO5,8250.0499,373DELTA LLOYD6,0630.37864,023EADS37,4360.13295,784FUGRO NV CERTIFICAT-CVA5,9490.15355,658HEINEKEN HOLDING NV10,0810.42964,841HEINEKEN NV23,2661.323,042,517ING GROEP NV-CVA358,4070.43993,074KONINKLIJKE AHOLD NV107,1740.27636,998KONINKLIJKE DSM NV14,2330.611,426,426KONINKLIJKE KPN NV142,2160.10238,760KONINKLIJKE VOPAK N.V.7,0660.07169,878POSTNL N.V.29,0290.13294,198QIAGEN NV22,2540.17384,317RANDSTAD HOLDING NV12,0570.25590,154REED ELSEVIER NV63,7660.711,637,644ROYAL PHILIPS ELECTRONICS NV92,4700.13298,406SBM OFFSHORE NV16,3600.18409,402STMICROELECTRONICS NV59,5840.09218,973TNT EXPRESS NV30,6171.483,422,012UNILEVER CVA151,3830.18428,329WOLTERS KLUWER CVA28,032

0.791,836,020Portugal

0.06149,240BANCO COMERCIAL PORTUGUES364,0000.05113,594BANCO ESPERITO SANTO REG44,2000.0486,406CIMPOR-CIMENTOS DE PORTUGAL16,3990.18410,825EDP - ENERGIAS DE PORTUGAL167,7520.0380,290EDP RENOVAVEIS17,6500.16365,272GALP ENERGIA SGPS SA-B22,2050.11256,088JERONIMO MARTINS SGPS SA19,3420.16374,305PT TELECOM SGPS N54,747

11.4826,641,681Spain

0.22513,264ABERTIS INFRAESTRUCTURAS A33,3180.07155,675ACCIONA SA2,1270.04103,458ACERINOX SA8,2240.19432,256ACS13,2920.15359,567AMADEUS IT HOLDING25,1271.373,182,056BANCO BILBAO VIZCAYAARGENTA393,3320.13303,596BANCO DE SABADELL106,5250.15336,844BANCO POPULAR ESPANOL86,7932.686,223,586BANCO SANTANDER SA781,5630.05110,149BANKINTER23,5210.007,532CRITERIA CAIXA DROIT OPTION 15/07/2011144,8370.30697,100CRITERIA CAIXACORP144,8370.11261,478ENAGAS15,6480.12276,925FERROVIAL SA31,7720.0374,975FOMENTO DE CONSTRUCCIONES3,5660.0115,074GAS NATURAL RIGHT32,0040.18408,129GAS NATURAL SDG28,2540.0492,837GESTEVISION TELECINCO15,4960.07156,793GRIFOLS SA11,3290.10228,130IBERDROLA RENOVABLES74,8950.932,168,687IBERDROLA SA353,3790.531,236,628INDITEX19,6790.05104,847INDRA SISTEMAS SA7,3680.11260,276INTERNATIONAL CONSOLIDATED AIRLINES GROUP

SA92,989

0.07162,463MAFPRE SA63,4620.00635MAPFRE DS63,4620.19434,898RED ELECTRICA CORPORACION, SA10,4480.771,782,477REPSOL YPF SA74,4562.776,425,885TELEFONICA SA381,1320.05119,319ZARDOYA OTIS11,7440.006,142ZARDOYA OTTIS DROIT ATTRIBUTION 30/06/201111,744


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99.24447,436,111Shares0.462,092,204Austria

0.12584,654ERSTE GROUP BANK16,1730.05215,249IMMOFINANZ AKT73,2140.07333,273OMV AG11,0630.03124,515RAIFFEISEN INTL BANK HOLDING3,5040.06248,662TELEKOM AUSTRIAAG28,2570.03131,220VERBUND A4,3740.04170,019VIENNA INSURANCE4,4860.06284,612VOESTALPINE AG7,477

1.426,419,202Belgium

0.08342,096AGEAS NV182,8410.602,726,920AHNEUSER-BUSH INBEV68,1730.0032ANHEUSER BUSCH INBEV STRIP VVP8,0400.03114,503BEKAERT DIVISION2,1810.06280,285BELGACOM11,3960.07314,295COLRUYT DIV9,1100.0270,851DEXIA SA33,0000.09410,727GROUPE BRUXELLES LAMBERT6,6970.09428,128GROUPE DELHAIZE8,2810.08383,031KBC GROUPE14,1340.02105,074MOBISTAR2,0060.13573,559SOLVAY5,3830.08364,910UCB SA11,7770.07304,791UMICORE8,104

0.14652,643Bermuda

0.14652,643SEADRILL LTD26,735

0.02101,798Cyprus

0.02101,798BANK OF CYPRUS50,147

1.556,966,714Denmark

0.05216,826A.P. MOELLER-MAERSK A380.13582,831A.P. MOELLER-MAERSK B980.14651,846CARLSBERG B8,6900.04165,542COLOPLAST A/S B1,5810.14640,759DANSKE BANK A/S50,1770.07295,831DSV17,8960.693,086,742NOVO NORDISK B35,6680.11514,505NOVOZYMES A/S-B4,5850.03152,178PANDORAAB7,0240.03155,453TDC24,7020.0270,049TRYGVESTA1,7610.06252,365VESTAS WIND SYSTEMS A/S15,7520.04181,787WILLIAM DEMANT HOLDING2,921

1.426,412,286Finland

0.03152,613ELISA OYJ10,2770.17767,747FORTUM OYJ38,445

0.03137,206KESKO OYJ B4,2770.14640,374KONE B14,7790.11490,839METSO OYJ12,5310.0289,701NESTE OIL8,2980.311,370,918NOKIA OYJ306,6930.05237,633NOKIAN RENKAAT OYJ6,8680.02102,480ORION NEW B5,7670.0269,727OUTOKUMPU OYJ A7,6330.02101,304POHJOLA BANK11,3570.0284,849RAUTARUUKKI OYJ5,4460.18813,055SAMPO A36,5090.0142,187SANOMA CORPORATION3,3010.08346,810STORA ENSO OYJ-R47,9350.13597,979UPM KYMMENE OYJ47,4210.08366,864WARTSILA OYJ15,752

14.9167,195,338France

0.08362,589ACCOR SA11,7590.03124,615ADP1,9210.0292,566AIR FRANCE-KLM8,7450.562,504,309AIR LIQUIDE25,3370.19866,245ALCATEL LUCENT217,2130.17749,330ALSTOM17,6230.07294,396ARKEMA4,1470.04162,268ATOS ORIGIN4,1650.502,276,616AXA145,2850.03115,887BIC1,7390.954,282,194BNP PARIBAS80,4470.13584,958BOUYGUES19,2960.07327,775BUREAU VERITAS5,6280.13580,871CAP GEMINI SA14,3780.321,424,100CARREFOUR SA50,2860.05240,630CASINO GUICHARD3,7020.05243,713CGG VERITAS9,5950.09427,816CHRISTIAN DIOR3,9430.04166,107CNP ASSURANCES11,0480.341,548,055COMPAGNIE DE SAINT-GOBAIN SA34,6670.18823,502CREDIT AGRICOLE SA79,4120.562,538,594DANONE49,3410.05233,372DASSAULT SYSTEMES3,9750.05247,409EDENRED11,7590.13564,733EDF20,8350.07297,462EIFFAGE6,5190.0276,971ERAMET3370.231,050,309ESSILOR INTERNATIONAL18,7790.0293,757EURAZEO1,8610.002,092EURAZEO DS ANF IMMOBILIER1,7730.05205,158EUTELSAT COMMUNICATIONS6,6180.04201,910FONCIERE DES REGIONS2,7640.512,309,371FRANCE TELECOM157,4750.592,663,630GDF SUEZ105,5530.0297,334GECINA1,0100.08352,432GROUPE EUROTUNNEL45,7110.02108,328ICADE ACT1,2740.03148,511ILIAD1,605

Index Equity Europe

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112

0.04166,389IMERYS SA3,4240.0130,571JC DECAUX1,3830.04160,856KLEPIERRE5,6510.18814,521LAFARGE SA18,5350.09383,562LAGARDERE13,1650.09384,498LEGRAND13,2380.431,938,795L’OREAL21,6480.602,716,673LVMH MOET HENNESSY LOUIS VUITTON21,8910.22989,210MICHELIN (CGDE)-SA14,6680.003,765M6 METROPOLE TELEVISION2360.06252,431NATIXIS72,9570.05220,195NEOPOST3,7170.251,126,263PERNOD RICARD16,5700.09426,376PEUGEOT SA13,8120.19875,441PPR7,1290.09409,839PUBLICIS GROUPE10,6590.14609,432RENAULT SA14,9060.09420,369SAFRAN14,2741.185,286,481SANOFI95,3550.532,391,437SCHNEIDER ELECTRIC SA20,7590.08370,146SCOR SE ACT PROV18,8850.502,270,978SOCIETE GENERALE A55,4980.10458,807SODEXO8,4870.08355,553SUEZ ENVIRONNEMENT COMPANY25,8490.11516,475TECHNIP SA6,9860.0295,266TF17,5970.09397,646THALES SA13,3731.617,234,353TOTAL181,4030.281,251,364UNIBAIL RODAMCO7,8480.18797,233VALLOUREC9,4920.09399,075VEOLIA ENVIRONNEMENT20,5180.361,625,809VINCI SA36,8080.452,043,211VIVENDI106,5560.08382,403WENDELACT4,510

13.5561,110,664Germany

0.231,038,972ADIDAS NOM18,9940.833,743,962ALLIANZ SE-NOM38,8660.0277,146AXEL SPRINGER2,2651.185,337,760BASF SE78,9960.873,925,762BAYER AG70,8110.452,017,716BAYERISCHE MOTORENWERKE29,3230.08356,031BEIERSDORF7,9560.06256,347BMW VZ5,8480.07300,440BRENNTAG AG3,7480.0275,694CELESIO5,5050.20909,316COMMERZBANK306,2700.10452,668CONTINENTALAG6,2480.894,015,555DAIMLER77,3710.723,245,004DEUTSCHE BANK AG-NOM79,6320.20897,245DEUTSCHE BOERSE AG17,1230.07304,151DEUTSCHE LUFTHANSA NOM20,2430.22996,771DEUTSCHE POST AG-NOM75,2280.582,599,602DEUTSCHE TELEKOM AG-NOM240,3700.683,049,815E.ON AG155,722

0.03131,527FRAPORT2,3720.19847,534FRESENIUS MEDICAL CARE AG & CO16,4410.17750,463FRESENIUS SE & CO KGAA10,4260.08349,416GEA GROUP AG14,1550.03140,371HANNOVER RUECKVERSICHERUNG NOM3,9030.13597,023HEIDELBERGCEMENT AG13,5610.09402,127HENKEL KGAA10,1740.17745,671HENKEL KGAA VZ15,5770.03156,614HOCHTIEF2,7190.18801,394INFINEON TECHNOLOGIES AG-NOM103,3790.16742,848K & S AG14,0160.03119,780KABEL DEUTSCHLAND HOLDING AG2,8250.09427,556LANXESS7,5540.411,846,989LINDE AG15,2770.17775,591MAN AG8,4340.08372,302MERCK KGAA4,9680.11492,788METRO11,7920.381,700,592MUENCHENER RUECKVERSICHERUNGS AG-NOM16,1270.17783,413PORSCHE AUTOMOBIL HOLDING SE14,3220.05205,099PROSIEBEN SAT 1 MEDIA VZ10,4910.311,394,660RWE AG36,4760.03153,098RWE VZ4,3500.05229,135SALZGITTER AG4,3570.733,271,280SAP AG78,3541.456,580,797SIEMENS AG-NOM69,4910.03152,421SUEDZUCKER6,2200.231,028,034THYSSENKRUPP AG28,6880.0160,821UNITED INTERNET AG & CO KGAA4,1960.09418,744VOLKSWAGEN AG3,3050.371,681,581VOLKSWAGEN AG-PFD11,8130.03151,038WACKER CHEMIE1,013

0.251,113,032Greece

0.07339,693COCA COLA HBC18,3420.0288,525EFG EUROBANK ERGASIAS27,4070.04182,599HELLENIC TELECOMMUNICATIONS

ORGANIZATIONS OTE28,398


0.08355,255Guernsey

0.08355,255RESOLUTION LIMITED109,120

0.411,847,419Ireland

0.04164,481ALPHA BANK47,4010.00492ANGLO IRISH BANK CORP49,1790.221,011,669CRH PLC66,2520.06264,254ELAN CORP33,0400.06280,559KERRY GROUP A9,8390.03125,964RYANAIR HOLDINGS PLC35,443

3.9117,630,562Italy

0.311,419,614ASSICURAZIONI GENERALI97,5680.07326,087ATLANTIA SPA22,213

Index Equity Europe


%ofNaV

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113

0.02100,727AUTOGRILL SPA11,1300.04167,291BANCA CARIGE107,0320.03115,986BANCAMONTE DEI PASCHI DI SIENA SPA221,9820.0011,765BANCAMONTE DEI PASCHI DI SIENA SPA DS

08/07/2011221,982

0.04183,377BANCO POPOLARE SPA115,4040.05243,844ENEL GREEN POWER128,2040.552,499,981ENEL SPA555,0580.763,384,080ENI SPA207,4850.04197,915EXOR SPA9,1840.13582,407FIAT INDUSTRIAL SPA65,4390.11495,373FIAT SPA65,4390.05240,620FINMECCANICA SPA28,8340.0143,020INTESA SANPAOLO RNC28,8920.361,600,500INTESA SANPAOLO SPA871,7320.06277,341LUXOTTICA GROUP12,5380.04172,264MEDIASET SPA53,1350.05228,193MEDIOBANCA SPA32,6690.04195,512PARMALAT SPA75,3710.03114,700PIRELLI & C SPA15,3960.05215,789PRYSMIAN SPA15,5580.17756,785SAIPEM21,2580.13572,622SNAM RETE GAS140,2110.18827,593TELECOM ITALIA SPA862,5250.08346,530TELECOM ITALIA-RNC431,8130.09412,529TERNA SPA128,6740.04180,241UBI BANCA SCPA46,4300.381,714,904UNICREDIT SPA1,174,5920.002,972UNIONE DI BANCHE ITALIANE DS46,430

0.703,176,655Jersey

0.19845,167EXPERIAN PLC96,1850.09393,970PETROFAC LIMITED23,4990.09395,878RANDGOLD RESOURCES6,8030.13584,410WOLSELEY LTD25,9720.20957,230WPP PLC110,824


0.411,858,580ARCELORMITTAL SA77,4570.08348,379GLENCORE INTERNATIONAL64,0740.11489,626MILLICOM INTL CELLULAR SDR6,7870.11496,320SES GLOBAL FDR25,6430.07329,855SUBSEA 7 SA18,5940.14640,112TENARIS SA40,642


0.16703,234AEGON NV149,4970.18816,147AKZO NOBEL NV-CVA18,7620.22971,321ASML HOLDING NV38,2410.03117,704BOSKALIS WESTMINSTER3,6100.07328,812CORIO7,1950.02105,732DELTA LLOYD6,4510.18821,579EADS35,5970.07331,980FUGRO NV CERTIFICAT-CVA6,6770.07305,031HEINEKEN HOLDING NV8,646

0.19864,774HEINEKEN NV20,8530.642,884,307ING GROEP NV-CVA339,7700.231,017,842KONINKLIJKE AHOLD NV109,8470.15670,788KONINKLIJKE DSM NV14,9880.321,435,965KONINKLIJKE KPN NV143,1670.03153,745KONINKLIJKE VOPAK N.V.4,5500.05240,245MORGAN STANLEY CERTIFICAT 29/09/201147,0000.04172,909POSTNL N.V.29,5470.05232,540QIAGEN NV17,5900.06255,383RANDSTAD HOLDING NV8,0120.11495,429REED ELSEVIER NV53,5310.341,526,815ROYAL PHILIPS ELECTRONICS NV86,2120.07304,754SBM OFFSHORE NV16,7080.08356,729STMICROELECTRONICS NV51,9180.05211,320TNT EXPRESS NV29,5470.693,132,871UNILEVER CVA138,5920.10464,848WOLTERS KLUWER CVA30,422

1.145,159,637Norway

0.05244,736AKER KVAERNER ASA17,6280.19842,560DNB NOR ASA87,1590.0268,525GJENSIDIGE FORSIKRING ASA8,0160.08349,439NORSK HYDRO ASA65,8030.09408,370ORKLAASA61,9250.0287,166RENEWABLE ENERGY CORPORATION73,1080.371,683,448STATOILHYDRO ASA95,8690.17779,262TELENOR68,6130.15696,131YARA INTERNATIONALASA17,831

0.381,700,117Portugal

0.0154,434BANCO COMERCIAL PORTUGUES132,7670.04162,974BANCO ESPERITO SANTO REG63,4140.0296,439CIMPOR-CIMENTOS DE PORTUGAL18,3030.07337,830EDP - ENERGIAS DE PORTUGAL137,9460.0298,986EDP RENOVAVEIS21,7600.06280,160GALP ENERGIA SGPS SA-B17,0310.07311,418JERONIMO MARTINS SGPS SA23,5210.09357,876PT TELECOM SGPS N52,344

5.5124,859,567Spain

0.09410,666ABERTIS INFRAESTRUCTURAS A26,6580.02102,246ACCIONA SA1,3970.03114,868ACERINOX SA9,1310.08343,606ACS10,5660.06261,673AMADEUS IT HOLDING18,2860.662,953,352BANCO BILBAO VIZCAYAARGENTA365,0620.04195,712BANCO DE SABADELL68,6710.07323,085BANCO POPULAR ESPANOL83,2481.265,663,612BANCO SANTANDER SA711,2410.04186,777BANKINTER39,8840.006,470CRITERIA CAIXA DROIT OPTION 15/07/2011124,4300.13598,882CRITERIA CAIXACORP124,4300.07319,395ENAGAS19,1140.06270,736FERROVIAL SA31,0620.0161,288FOMENTO DE CONSTRUCCIONES2,915

Index Equity Europe

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114

0.0012,384GAS NATURAL RIGHT26,2920.08380,135GAS NATURAL SDG26,3160.0162,504GESTEVISION TELECINCO10,4330.05234,228GRIFOLS SA16,9240.07298,478IBERDROLA RENOVABLES97,9900.452,017,465IBERDROLA SA328,7380.281,241,718INDITEX19,7600.0290,716INDRA SISTEMAS SA6,3750.04189,809INTERNATIONAL CONSOLIDATED AIRLINES GROUP

SA67,563

0.05243,994MAFPRE SA95,3100.00953MAPFRE DS95,3100.10458,791RED ELECTRICA CORPORACION, SA11,0220.351,596,966REPSOL YPF SA66,7071.356,027,822TELEFONICA SA357,5220.04181,874ZARDOYA OTIS17,9010.009,362ZARDOYA OTTIS DROIT ATTRIBUTION 30/06/201117,901

4.6721,036,846Sweden

0.04193,558AB INDUSTRIVAERDEN C16,9130.11498,053ALFA LAVAL33,4300.12542,612ASSAABLOY B29,2010.231,052,654ATLAS COPCO AB-A SHS57,8400.15697,459ATLAS COPCO B42,8530.06259,296BOLIDEN AB20,3100.08338,643ELECTROLUX B20,5310.572,618,904ERICSSON LM-B SHS262,7130.09414,355GETINGE AB-B SHS22,3250.472,184,802HENNES & MAURITZ AB-B SHS91,6460.09392,248HEXAGON B23,0330.0273,675HOLMEN B3,4180.04181,646HUSQVARNA39,6710.13566,994INVESTOR B35,7740.06266,452KINNEVIK INVESTMENT AB-B17,3500.04162,356MODERN TIMES GRP B-SHS3,5560.371,671,204NORDEA BANK AB224,8420.05207,683RATOS B15,6380.241,068,664SANDVIK88,1590.08344,916SCANIAAB B21,5100.15696,363SEB A123,2260.03134,132SECURITAS B18,3290.10440,469SKANSKAAB-B SHS35,5980.14630,073SKF AB-B SHS31,4990.03120,794SSAB SWEDISH STEELA11,6880.12520,674SVENSKA CELLULOSA SCA B53,4920.18805,295SVENSKA HANDELSBANKEN A37,7620.16722,354SWEDBANK A SHS A62,1690.08360,368SWEDISH MATCH AB15,5440.10430,432TELE2 AB-B SHS31,5030.231,053,735TELIASONERAAB207,7640.311,385,983VOLVO AB-B SHS114,750


0.743,348,321ABB LTD-NOM187,5060.06256,065ACTELION N7,549

0.09412,506ADECCO9,3430.04174,436ARYZTA4,7270.09388,272BALOISE-HOLDING NOM.5,4640.472,119,163CIE FIN RICHEMONT46,9950.572,576,116CREDIT SUISSE GROUP AG-NOM96,1750.06260,480GAM HOLDING23,0430.13604,551GEBERIT AG-NOM3,7050.13582,168GIVAUDAN N7990.251,148,472HOLCIM LTD-NOM22,0970.10433,727JULIUS BAER GRUPPE15,2460.12540,690KUEHNE UND NAGEL INTERNATIONALAG-NOM5,1730.05225,922LINDT & SPRUENGLI AG-NOM90.03115,891LINDT AND SPRUENGLI PS540.06288,683LONZA GROUP AG N5,3562.8412,759,605NESTLE SA298,1231.888,456,157NOVARTIS AG-NOM200,4520.02111,605PARGESA HOLDING1,7491.546,946,832ROCHE HOLDING AG - DIVIDEND RIGHT

CERTIFICAT60,275

0.05205,404SCHINDLER HOLDING N2,4560.06287,396SCHINDLER HOLDING PS3,4330.12556,927SGS SA-NOM4260.06282,266SIKA1700.05235,153SONOVA HOLDING AG3,6570.0283,933STRAUMANN HOLDING (NAMEN)5060.03152,286SULZER AG-NOM1,3590.05233,825SWISS LIFE HOLDING NOM2,0700.261,154,224SWISS RE AG29,8470.13584,187SWISSCOM N1,8500.411,849,535SYNGENTAAG-NOM7,9560.22995,625THE SWATCH GROUP2,8680.04201,366THE SWATCH GROUP N3,2560.291,307,907TRANSOCEAN LTD29,1900.873,917,727UBS AG NOM311,9870.492,214,816ZURICH FINANCIAL SERVICES AG12,718


0.06278,915ADMIRAL GROUP15,1640.12547,759AGGREKO25,6430.06258,949AMEC PLC21,4930.863,866,957ANGLO AMERICAN PLC113,1030.10469,843ANTOFAGASTA PLC30,4370.18828,044ARM HOLDINGS127,1710.10464,585ASSOCIATED BRITISH FOODS38,7390.894,015,327ASTRAZENECA PLC116,6680.08378,770AUTONOMY CORPORATION20,0380.241,095,091AVIVA PLC225,2670.06258,379BABCOCK INTERNATIONAL GROUP PLC32,7710.251,110,657BAE SYSTEMS PLC314,9070.03117,333BALFOUR BEATTY34,3460.612,771,120BARCLAYS PLC975,8080.994,482,304BG GROUP PLC286,2621.125,070,010BHP BILLITON PLC186,7241.787,999,520BP PLC1,575,0501.155,168,986BRITISH AMERICAN TOBACCO PLC170,921

Index Equity Europe


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115

0.10451,599BRITISH LAND CO PLC66,9650.21933,742BRITISH SKY BROADCASTING GRP99,6120.341,545,096BT GROUP PLC692,4560.03147,060BUNZL17,0260.09402,879BURBERRY GROUP25,0910.10455,694CAIRN ENERGY NEW99,2080.11495,617CAPITA GROUP PLC62,5530.06248,866CAPITAL SHOPPING CENTERS GROUP56,2550.09407,676CARNIVAL PLC15,2570.351,555,889CENTRICA PLC434,5950.06254,796COBHAM108,7400.231,055,079COMPASS GROUP PLC158,5340.673,003,465DIAGEO213,0620.04191,967ESSAR ENERGY42,3750.03143,752EURASIAN NATURAL RESOURCES16,6110.06289,731FRESNILLO PLC-W/I18,6621.446,469,808GLAXOSMITHKLINE PLC437,9730.08366,254G4S SHS118,2080.09393,628HAMMERSON73,8400.04193,980HOME RETAIL GROUP107,0092.3110,363,209HSBC HOLDINGS PLC1,513,3400.07302,714ICAP PLC57,7940.462,062,836IMPERIAL TOBACCO GROUP PLC89,9490.06276,919INMARSAT PLC44,9770.09409,643INTERCONTINENTAL HOTELS GROUP29,0140.11505,440INTERNATIONAL POWER PLC141,8830.06266,548INTERTEK GROUP12,2000.05209,366INVENSYS PLC58,7350.07324,141INVESTEC58,0210.05214,404ITV270,7940.07306,553JOHNSON MATTHEY PLC14,0810.05211,695KAZAKHMYS PLC13,8530.13577,475KINGFISHER195,1680.16702,787LAND SECURITIES GROUP PLC74,4460.13603,437LEGAL & GENERAL GROUP461,0270.441,988,714LLOYDS BANKING GROUP PLC3,665,1190.03114,283LONDON STOCK EXCHANGE9,7270.06257,712LONMIN16,0170.08345,557MAN GROUP PLC131,6690.14613,502MARKS AND SPENCER GROUP153,2990.13596,890MORRISON SUPERMARKETS PLC181,0620.441,999,454NATIONAL GRID PLC294,7930.08345,023NEXT PLC13,4010.15683,632OLD MUTUAL PLC462,7840.21927,165PEARSON71,1970.411,829,313PRUDENTIAL PLC229,4390.472,109,902RECKITT BENCKISER GROUP PLC55,3880.14642,321REED ELSEVIER PLC102,4820.09414,478REXAM97,7781.356,068,155RIO TINTO PLC122,0320.0015,194ROLLS-ROYCE C ENTITLEMENT 07/1113,720,7040.291,301,614ROLLS-ROYCE HODLINGS PLC182,2360.13592,857ROYAL BANK OF SCOTLAND GROUP1,392,0431.285,778,657ROYAL DUTCH SHELL B SHARES234,6411.687,572,933ROYAL DUTCH SHELL PLC-A308,329

0.09426,504RSA INSUR GRP SHS285,5110.452,015,335SABMILLER80,1210.06290,250SAGE GROUP90,7270.09426,880SAINSBURY(J)117,0290.03136,396SCHRODERS LTD7,9620.271,231,634SCOTTISH AND SOUTHERN ENERGY79,8440.05241,969SEGRO PLC69,9680.06287,437SERCO GROUP46,9810.04168,154SEVERN TRENT PLC10,3160.231,018,710SHIRE47,2980.11508,244SMITH & NEPHEW69,0180.09416,563SMITHS GROUP31,3220.813,652,121STANDARD CHARTERED201,3460.09419,562STANDARD LIFE PLC179,9930.683,050,486TESCO PLC685,2590.0289,914TUI TRAVEL36,1840.221,004,660TULLOW OIL PLC73,1660.522,361,951UNILEVER106,3290.10442,459UNITED UTILITIES GROUP PLC66,7050.06268,101VEDANTA RESOURCES PLC11,5621.828,139,574VODAFONE GROUP PLC4,446,7280.07330,950WEIR GROUP14,0510.06279,131WHITBREAD15,6080.592,678,438XSTRATA PLC176,3590.04199,9063I GROUP64,221


0.16699,278SYNTHES INC5,772


Index Equity Europe

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116



99.70485,830,463Shares0.412,016,787Bermuda

0.03135,795ARCH CAP GRP6,1680.02105,211AXIS CAPITAL HOLDINGS4,9270.06278,444BUNGE LTD5,8550.03124,498EVEREST REINSURANCE GROUP2,2080.07376,344INVESCO LTD23,3180.05237,283MARVELL TECHNOLOGY23,3000.06313,521NABORS INDUSTRIES18,4480.03133,915PARTNERRE2,8200.02100,449RENAISSANCERE HOLDINGS LTD2,0820.04211,327WILLIS GROUP HOLDING7,453

9.4145,831,975Canada

0.06314,072AGNICO EAGLE MINES7,2130.09422,164AGRIUM INC6,9750.04180,466ALIMENTATION COUCHE TARD B8,9800.05250,985ARC RESOURCES LTD14,0420.06271,183ATHABASCA OIL SANDS24,9640.251,238,180BANK OF MONTREAL28,2400.452,225,093BANK OF NOVA SCOTIA53,5880.321,545,426BARRICK GOLD CORP49,3820.04184,317BAYTEX ENERGY CORP4,8920.05257,206BELL CANADA ENTERPRISES INC9,5160.10468,885BOMBARDIER INC B94,4010.03132,718BONAVISTA ENERGY CORP6,5000.12581,805BROOKFIELD ASSET MANAGEMENT A25,3690.03140,412BROOKFIELD PROPERTIES CORP10,5460.0299,822CAE INC10,7360.07353,369CAMECO CORP19,4360.221,055,733CANADIAN IMPERIAL BANK OF COM19,3990.261,267,979CANADIAN NATIONAL RAILWAY CO23,0000.321,574,350CANADIAN NATURAL RESOURCES54,4870.11517,100CANADIAN OIL SANDS LTD (NEW)25,9990.03126,042CANADIAN TIRE CORP A N VOT2,7950.03157,380CANADIAN UTILITIES LTD SHS A3,9310.08370,760CDN PACIFIC RAILWAY LTD8,6220.20967,875CENOVUS ENERGY CORP37,2060.0282,536CENTERRA GOLD7,2180.03167,338CGI GROUP INC A9,8340.03125,641CI FINCIAL FD7,6770.07356,401CRESCENT PT ENERGY11,1890.05227,822ELDORADO GOLD CORP22,4020.0298,197EMPIRE CO LTD -A- NON VOTING2,4580.15718,170ENBRIDGE32,0440.15747,368ENCANA35,1160.06291,563ENERPLUS13,3980.05226,483FAIRFAX FINANCIAL HOLDINGS LTD8210.03126,337FINNING INTERNATIONAL INC6,1810.10499,067FIRST QUANTUM MINERALS LTD4,966

0.04197,764FORTIS INC8,5540.03134,532FRANCO NEVADA5,2290.0292,370GEORGE WESTON LTD1,8480.04205,628GILDAN ACTIVEWEAR A8,4650.261,271,794GOLDCORP38,1470.05230,900GREAT WEST LIFECO12,6800.04213,990HUSKY ENERGY11,3850.04190,041IAMGOLD14,6590.04173,768IGM FINANCIAL4,8100.10470,404IMPERIAL OIL14,6530.04175,789INDLALLIANCE INSURANCE FCIAL6,1340.03121,912INMET MINING2,4580.04203,110INTACT FINANCIAL CORP5,1300.05234,966IVANHOE MINES13,4910.14674,572KINROSS GOLD61,9760.02109,258LOBLAW COMPANIES3,9250.06298,160MAGNA INTERNATIONALA SUB.VTG8,0000.19941,735MANULIFE FINANCIAL CORP77,1500.04179,811MEG ENERGY CORP5,0000.06278,045METRO INC8,1070.09448,776NATIONAL BANK OF CANADA8,0280.08409,770NEXEN26,3740.0280,725NIKO RESOURCES1,8760.04196,431ONEX CORP SUB VTG7,3550.03121,915OPEN TEXT2,7590.03160,940OSISKO MINING CORP15,0230.04196,510PACIFIC RUBIALES10,6370.03159,356PAN AMERICAN SILVER7,4650.03122,677PENGROWTH ENERGY14,1280.06298,594PENN WEST ENERGY PETROLEUM LTD18,7610.0275,698PETROBAKKEN ENERGY8,0000.361,759,528POTASH CORP OF SASKATCHEWAN44,6990.06293,912POWER CORP OF CANADA15,2940.03163,092PROGRESS ENERGY RESOURCES CORP16,6210.09444,546RESEARCH IN MOTION22,3110.04197,324RIOCAN REAL ESTE INVESTMNT TRT10,6440.0148,669RITCHIE BRO AUCTION2,5640.13616,908ROGERS COMMUNICATIONS SHS B22,6030.562,794,303ROYAL BANK OF CANADA70,9220.04179,592SAPUTO INC5,4030.08382,705SHAW COMMUNICATIONS B24,3520.05259,522SHOPPERS DRUG MART9,1470.07364,239SILVER WHEATON16,0120.0141,165SINO FOREST CORPORATION18,0000.05259,632SNC-LAVALIN GROUP A6,1700.10491,291SUN LIFE FINANCIAL23,6640.422,105,075SUNCOR ENERGY INC. (NOUV. STE)77,9240.13626,728TALISMAN ENERGY44,2680.20986,391TECK RESOURCES LTD-B28,1560.03141,360TELUS3,7250.04188,425TELUS NON VTG5,1880.10474,295THOMSON CORP18,3280.07352,557TIM HORTONS INC10,4760.05234,769TMX GROUP INC7,5000.512,518,186TORONTO DOMINION BANK43,086

Index Equity North America


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%ofNaV

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117

0.05256,457TOURMALINE OIL11,2000.03126,137TRANSALTA CORP8,5720.221,076,721TRANSCANADA35,5750.04172,794ULTRA PETROLEUM5,4700.10484,099VALEANT PHARMA13,5070.04182,240VERMILION ENERGY TR5,0000.04199,077VITERRA INC26,5800.05261,992YAMANA GOLD32,5570.02108,058YELLOW MEDIA INC63,000


0.17820,338ACE LTD18,0700.03141,520GARMIN LTD6,2120.06295,923PRINCIPAL FINANCIAL14,1040.05244,966SEAGATE TECHNOLOGY21,9780.04213,865XL GROUP PLC14,107

0.582,811,568Ireland

0.271,304,831ACCENTURE SHS CLASS A31,3110.20972,631COVIDIEN26,4920.09450,890INGERSOLL RAND PLC14,3960.0283,216WNR CHILCOTT PLC A5,000

0.05265,091Liberia

0.05265,091ROYAL CARIBBEAN CRUISES10,211


0.09416,033LYONDELLBASELL15,6590.03166,927NIELSEN HOLDINGS7,767

0.854,120,753Netherlands Antilles

0.854,120,753SCHLUMBERGER LTD69,149

0.12581,976Panama

0.12581,976CARNIVAL CORP22,423


0.04209,677AVAGO TECHNOLOGIE LTD8,0000.03132,810FLEXTRONICS INTL29,993


0.02108,164FOSTER WHEELER AG5,1620.07320,803NOBLE CORPORATION11,8020.10510,637TE CONNECTIVITY LTD20,1400.18859,796TYCO INTERNATIONAL LTD25,2190.11537,431WEATHERFORD INTERNATIONAL41,557


0.602,925,902ABBOTT LABORATORIES80,6180.03148,070ABERCROMBIE & FITCH CO-A3,2080.05252,266ACTIVISION BLIZZARD INC31,3140.11554,966ADOBE SYSTEMS INC25,5840.03157,818ADVANCE AUTO PARTS3,9120.02113,095ADVANCED MICRO DEVICES INC23,4580.05264,791AES CORP30,1340.14658,377AETNA INC21,650

0.15716,789AFLAC INC22,2630.02111,769AGCO CORP3,2830.11550,635AGILENT TECHNOLOGIES INC15,6200.16772,300AIR PRODUCTS & CHEMICALS INC11,7150.03153,089AIRGAS3,1690.001,283AK STEEL HOLDING CORP1180.05219,814AKAMAI TECHNOLOGIES INC10,1270.12564,379ALCOA INC51,5930.05256,389ALEXION PHARMACEUTICALS INC7,9040.04172,831ALLEGHENY TECHNOLOGIES INC3,9480.20963,962ALLERGAN INC16,7880.03156,237ALLIANCE DATA SYST2,4080.02110,859ALLIANT ENERGY CORP3,9530.11543,574ALLSTATE CORP25,8140.09430,220ALPHA NATURAL RESOURCES13,7270.11533,048ALTERA CORP16,6740.422,046,331ALTRIA GROUP INC112,3390.522,549,760AMAZON.COM18,0780.06304,482AMEREN CORPORATION15,3070.11552,550AMERICAN ELECTRIC POWER INC21,2610.401,951,396AMERICAN EXPRESS CO54,7240.11543,952AMERICAN INTL GRP26,8980.13610,772AMERICAN TOWER CORPORATION16,9220.04200,849AMERICAN WATER WORKS9,8880.09462,005AMERIPRISE FINANCIAL11,6130.07332,262AMERISOURCEBERGEN11,6360.08378,562AMETEK12,2240.381,851,657AMGEN INC46,0090.08410,255AMPHENOL CORPORATION-A11,0170.281,357,893ANADARKO PETROLEUM CORP25,6480.07356,940ANALOG DEVICES INC13,2220.10488,312ANNALY CAPITAL MANAGEMENT39,2450.13610,462AON CORP17,2530.331,590,023APACHE CORP18,6830.002,254APARTMENT INVESTMENT AND MANAG1280.04194,773APOLLO GROUP A6,4652.2510,909,247APPLE INC47,1200.12584,936APPLIED MATERIALS INC65,1860.03125,499ARCH COAL INC6,8250.13635,503ARCHER-DANIELS MIDLAND CO30,5600.03122,566ARROW ELECTRONICS INC4,2820.05246,361ASSURANT9,8481.346,507,461AT&T INC300,3770.08379,730AUTODESK INC14,2630.04209,943AUTOLIV INC3,8800.211,036,850AUTOMATIC DATA PROCESSING INC28,5360.001,717AUTONATION680.07328,029AUTOZONE INC1,6130.08373,816AVALONBAY COMMUNITIE4,2210.05227,621AVERY DENNISON CORP8,5430.06294,272AVNET INC13,3830.08368,595AVON PRODUCTS INC19,0860.211,030,409BAKER HUGHES INC20,5890.04179,163BALL CORP6,7540.813,930,905BANK OF AMERICA CORP520,002


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118

0.231,115,009BANK OF NEW YORK MELLON CORP63,0990.07340,298BARD (CR) INC4,4910.261,248,103BAXTER INTERNATIONAL INC30,3160.13614,723BECTON DICKINSON & CO10,3430.10473,450BED BATH & BEYOND INC11,7600.002,633BEMIS CO1130.522,528,459BERKSHIRE HATAW B47,3690.07319,657BEST BUY CO INC14,7550.001,852BIG LOTS INC810.19916,510BIOGEN IDEC INC12,4280.12562,789BLACKROCK INC A4,2540.06283,715BMC SOFTWARE INC7,5200.371,795,767BOEING CO35,2170.06313,108BORG WARNER INC5,6190.12602,832BOSTON PROPERTIES INC8,2330.06308,599BOSTON SCIENTIFIC CORP64,7500.13609,313BRANCH BANKING AND TRUST CORP32,9140.361,744,791BRISTOL MYERS SQUIBB CO87,3510.11531,683BROADCOM CORPORATION A22,9150.04195,605BROWN-FORMAN CORP B3,7970.04207,742BUCYRUS INTL-A3,2860.07341,785CA21,6960.06284,116CABLEVISION NY GRP11,3760.04195,978CABOT OIL & GAS4,2850.03123,435CALPINE CORP W/I11,0950.07336,354CAMERON INTERNATIONAL CORP9,6970.04194,787CAMPBELL SOUP CO8,1740.17820,177CAPITAL ONE FINANCIAL CORP23,0140.10485,073CARDINAL HEALTH INC15,4840.07321,201CARE FUSION17,1400.05238,220CARMAX10,4440.482,348,824CATERPILLAR INC31,9880.05225,355CB RICHARD ELLIS GROUP A13,0120.13627,827CBS CORP-B31,9500.08413,508CELANESE SER A11,2460.20979,532CELGENE CORP23,5440.06283,874CENTERPOINT ENERGY INC21,2700.15728,931CENTURYTEL INC26,1400.07331,482CEPHALON6,0150.05250,535CERNER CORP5,9440.08365,742CF INDUSTRIES HOLDINGS INC3,7430.09415,339C.H. ROBINSON WORLDWIDE7,6380.14683,290CHARLES SCHWAB CORP60,2230.15752,115CHESAPEAKE ENERGY CORP36,7281.487,235,295CHEVRON CORP102,0040.06296,956CHIPOTLE MEXICAN GRILL CLA1,3970.15718,405CHUBB CORP16,6360.03133,376CHURCH & DWIGHT INC4,7700.09438,726CIGNA CORP12,3680.05259,493CIMAREX ENERGY4,1840.06275,649CINCINNATI FINANCIAL CORP13,6960.06286,730CINTAS CORP12,5860.643,096,235CISCO SYSTEMS INC287,5770.05247,912CIT GROUP INC8,1210.874,244,359CITIGROUP INC147,783

0.10508,191CITRIX SYSTEMS INC9,2100.08395,982CLIFFS NATURAL RESOURCES6,2100.06298,441CLOROX CO6,4160.13644,380CME GROUP INC3,2040.003,680CMS ENERGY CORP2710.14680,462COACH INC15,4320.994,821,572COCA-COLA CO103,8870.06307,730COCA-COLA ENTERPRI15,2900.15726,546COGNIZANT TECH SO-A14,3630.301,468,941COLGATE PALMOLIVE CO24,3650.401,927,001COMCAST CLASS A110,2550.10486,722COMCAST CLASS A SPECIAL29,1240.05224,728COMERICA INC9,4250.04180,865COMPUTER SCIENCES CORP6,9080.001,575COMPUWARE CORP2340.07359,117CONAGRA FOODS20,1730.07348,433CONCHO RESOURCES5,5000.743,581,955CONOCOPHILLIPS69,0690.08391,725CONSOL ENERGY INC11,7150.11538,477CONSOLIDATED EDISON INC14,6640.02102,474CONSTELLATION BRANDS INC-A7,1360.06296,616CONSTELLATION ENERGY GROUP INC11,3290.04174,022CONTINENTAL RESOURCES INC3,8870.06274,305COOPER INDUSTRIES PLC6,6650.19928,099CORNING INC74,1380.241,158,266COSTCO WHOLESALE20,6710.0292,381COVANCE INC.2,2560.04178,696COVENTRY HEALTH7,1040.02110,279CREE4,7600.08413,456CROWN CASTLE INTERNATIONAL14,6960.04180,117CROWN HOLDINGS6,7270.211,002,467CSX CORP55,4320.13619,791CUMMINS INC8,6830.381,870,874CVS CAREMARK CORP72,1790.20959,693DANAHER CORP26,2580.03145,177DARDEN RESTAURANTS INC4,2300.05257,647DAVITA INC4,3130.001,659DEAN FOODS1960.251,216,178DEERE & CO21,3860.19935,617DELL INC81,3740.03133,877DELTAAIR LINES WI21,1670.05264,579DENBURY RESOURCES19,1800.03136,708DENTSPLY INTERNATIONAL5,2050.221,086,440DEVON ENERGY CORPORATION19,9870.05230,590DEVRY INC.5,6540.03124,420DIAMOND OFFSHORE DRILLING INC2,5620.311,502,465DIRECTV42,8640.09452,362DISCOVER FINANCIAL SERVICES24,5180.03166,156DISCOVERY COMMUNICATION SERIES C6,5910.04184,989DISCOVERY COMMUNICATIONS INC - SERIES A6,5480.03160,177DISH NETWORK CORP7,5720.0154,179DOLBY LABORATORIES1,8500.04175,311DOLLAR GENERAL7,5000.05222,212DOLLAR TREE INC4,8360.19929,477DOMINION RESOURCES27,918



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119

0.08412,407DOVER CORP8,8190.301,454,848DOW CHEMICAL CO58,5920.0293,655DR HORTON INC11,7870.07334,694DR PEPPER SNAPPLE GROUP INC11,5730.05266,617DTE ENERGY CO7,7280.17804,059DUKE ENERGY CORP61,9100.04193,261DUKE REALTY20,0000.02104,516DUN AND BRADSTREET2,0060.002,570E TRADE FINANCIAL2700.04204,513EASTMAN CHEMICAL CO2,9050.11544,930EATON CORP15,3560.0293,952EATON VANCE NON VTG4,5060.271,317,220EBAY INC59,1810.08413,833ECOLAB INC10,6420.08389,839EDISON INTERNATIONAL14,5860.07317,368EDWARDS LIFESCIENCES5,2780.351,718,073E.I. DUPONT DE NEMOURS & CO46,0860.10502,684EL PASO CORP36,0800.08401,030ELECTRONIC ARTS INC24,6370.281,376,950ELI LILLY & CO53,1940.411,987,473EMC CORP104,5930.301,473,592EMERSON ELECTRIC CO37,9820.04214,333ENERGEN CORP5,5000.03147,829ENERGIZER HOLDINGS2,9620.08386,599ENTERGY CORP8,2090.19925,327EOG RESOURCES12,8320.07327,759EQT CORP9,0480.02113,079EQUIFAX INC4,7220.14688,623EQUITY RESIDENTIAL16,6400.10498,870ESTEE LAUDER COMPANIES INC-A6,8760.19920,712EXELON CORP31,1600.04184,595EXPEDIA9,2320.07342,514EXPEDIT INTL WASH9,7010.19922,223EXPRESS SCRIPTS24,7702.9114,140,088EXXON MOBIL CORP251,9170.04176,946FAMILY DOLLAR STORE4,8810.09435,698FASTENAL CO17,5520.06288,349FEDERAL REALTY INVESTMT TR SBI4,9080.001,644FEDERATED INVESTOR INC-B1000.20978,037FEDEX CORP14,9500.03137,766FIDELITY NATIONAL FINANCIAL INC12,6900.06273,167FIDELITY NATIONAL INFORM SVCES12,8630.10475,316FIFTH THIRD BANCORP54,0500.00-FIRST HORIZON FRACTIONAL SHS156,5810.001,856FIRST HORIZON NATIONAL2820.08401,686FIRST SOLAR INC4,4030.15717,588FIRSTENERGY CORP23,5650.06305,450FISERV INC7,0710.06302,631FLIR SYSTEMS13,0160.04197,747FLOWSERVE CORP2,6090.07361,910FLUOR NEW8,1150.04171,405FMC CORP2,8890.09452,673FMC TECHNOLOGIES14,6530.351,721,417FORD MOTOR CO180,9860.08370,024FOREST LABORATORIES13,637

0.09419,210FORTUNE BRANDS INC9,5310.15717,280FRANKLIN RESOURCES INC7,9210.341,668,602FREEPORT MCMORAN COPPER&GLD INC-B45,7320.04214,634FRONTIER COMMUNICATIONS CORP38,5610.05264,932F5 NETWORKS INC3,4840.02102,497GAMESTOP A5,5720.002,548GANNETT CO INC2580.06272,826GAP INC21,8540.04218,109GEN GROWTH PROP18,9470.17805,567GENERAL DYNAMICS CORP15,6731.467,137,741GENERAL ELECTRIC CO548,7090.15746,659GENERAL MILLS INC29,0850.18855,612GENERAL MOTORS40,8600.08392,471GENUINE PARTS CO10,4600.03159,718GENWORTH FINANCIAL22,5260.241,190,704GILEAD SCIENCES INC41,6890.462,245,965GOLDMAN SACHS GROUP24,4670.11514,502GOODRICH CORP7,8110.04180,788GOODYEAR TYRE & RUBBER CO15,6300.944,570,465GOOGLE INC-A13,0860.09454,719GREEN MOUNTAIN COFFEE ROASTERS7,3860.331,614,792HALLIBURTON CO45,9060.04175,038HANSEN NATURAL3,1350.07358,171HARLEY DAVIDSON12,6750.002,357HARMAN INTERNATIONAL INDUSTRIE750.04177,089HARRIS CORP5,6980.08391,644HARTFORD FINANCIAL SERVICES GRP21,5330.03142,106HASBRO INC4,6900.05242,382HCA HOLDINGS INC10,6490.11518,749HCP INC20,4990.08367,590HEALTH CARE REIT10,1650.04198,882HELMERICH & PAYNE INC4,3610.03157,959HENRY SCHEIN INC3,1990.04211,609HERTZ GLOBAL HOLDINGS19,3200.17824,405HESS CORP15,9880.552,696,188HEWLETT PACKARD CO107,3920.12594,887HJ HEINZ CO16,1880.03127,585HOLOGIC INC9,1710.422,031,178HOME DEPOT INC81,3060.321,539,307HONEYWELL INTERNATIONAL INC37,4520.02112,899HORMEL FOODS5,4910.06287,863HOSPIRA7,3660.07328,782HOST HOTELS & RESORTS INC28,1230.04172,752H&R BLOCK INC15,6150.0297,748HUDSON CITY BANCORP17,3040.03135,492HUMAN GENOME SCIENCES INC8,0050.09431,906HUMANA7,7750.004,190HUNTINGTON BANCSHARES INC9260.02116,800IHS2,0300.20982,015ILLINOIS TOOL WORKS INC25,2040.09436,589ILLUMINA8,4230.0290,425INTEGRYS ENERGY GROUP INC2,5290.874,228,718INTEL CORP276,6700.05246,607INTERCONTINENTALEXCHANGE INC2,8670.06311,042INTERNATIONAL FLAVORS & FRAGRANCES7,020


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0.08382,147INTERNATIONAL PAPER18,5800.04184,088INTERPUBLIC GROUP OF COS INC21,3521.507,250,809INTL BUSINESS MACHINES CORP61,2800.03132,749INTL GAME TECHNOLOG10,9480.10507,673INTUIT14,1930.09440,932INTUITIVE SURGICAL1,7180.03166,094IRON MOUNTAIN INC7,0640.07318,539ITT CORP.7,8370.002,940JABIL CIRCUIT INC2110.02104,020JACOBS ENGINEERING GROUP INC.3,4870.001,302JANUS CAPITAL GROUP INC.2000.03151,710J.B HUNT TRANSPORT SERVICES4,6710.07340,147JC PENNEY CO INC14,2780.002,792JDS UNIPHASE CORP2430.0170,085JEFFERIES GROUP4,9810.09446,825JM SMUCKER8,4751.326,446,088JOHNSON & JOHNSON140,4970.221,067,468JOHNSON CONTROLS INC37,1500.06289,560JOY GLOBAL4,4081.175,715,138J.P.MORGAN CHASE & CO202,3960.12573,881JUNIPER NETWORKS26,4140.05229,621KBR INC8,8330.09440,812KELLOGG CO11,5530.08382,593KEYCORP66,5910.20987,118KIMBERLY-CLARK CORP21,5020.04217,133KIMCO REALTY CORP16,8890.04217,974KINDER MORGAN11,0000.00128KINDER MORGAN MANAGEMENT LLC281,5250.06305,726KINDER MORGAN MANAGEMENT LLC6,7580.04213,394KLA-TENCOR7,6430.09424,301KOHL S CORP12,3010.411,991,600KRAFT FOODS A81,9620.09455,700KROGER CO26,6410.10473,118LABORATORY CORP7,0870.06305,075LAM RESEARCH CORP9,9890.11550,359LAS VEGAS SANDS18,9040.05263,598LEGG MASON INC11,6660.0299,313LEGGETT & PLATT INC5,9060.002,153LENNAR A1720.07342,893LEUCADIA NATIONAL14,5790.001,715LEXMARK INTERNATIONAL INC-A850.04173,910LIBERTY GLOBAL C5,9050.03166,075LIBERTY GLOBAL CLASS A5,3460.07339,078LIBERTY MEDIA HLDG INTER SR A29,3150.0293,144LIBERTY PROPERTY TRUST4,1450.06284,942LIFE TECH7,9340.06297,872LIMITED BRANDS11,2320.05266,144LINCOLN NATIONAL CORP13,5440.04211,350LINEAR TECHNOLOGY CORP9,2800.18854,406LOCKHEED MARTIN CORP15,2990.11559,303LOEWS CORP19,2660.11520,002LORILLARD INC6,9250.221,078,689LOWE’S COMPANIES INC67,0930.03152,644LSI CORP31,0830.05251,528LUBRIZOL CORP.2,716

0.06271,789LULULEMON ATHLETICA3,5240.07317,265L3 COMMUNICATION5,2600.04202,915MACERICH CO5,4990.09445,502MACY S STORE22,0900.05234,678MANPOWER INC6,3420.271,298,860MARATHON OIL CORP35,7470.07337,875MARRIOTT INTERNATIONAL-A13,8030.14667,298MARSH & MCLENNAN COMPANIES31,0190.05223,705MARSHALL & ILSLEY CORP40,6950.05237,177MARTIN MARIETTA4,3000.02112,704MASCO CORP13,5830.221,080,572MASTERCARD5,1990.07343,130MATTEL18,0970.04216,366MAXIM INTEGRATED PRODUCTS INC12,2730.633,078,987MC DONALD’S CORP52,9420.08395,845MC GRAW HILL COMPANIES INC13,6940.03153,307MCCORMICK NON VTG4,4840.16756,563MCKESSON CORP13,1130.0296,667MDU RES GROUP6,2290.08403,944MEAD JOHNSON NUTRITION8,6700.07316,937MEADWESTVACO13,7950.18893,849MEDCO HEALTH SOLUTIONS INC22,9290.301,447,974MEDTRONIC INC54,4860.001,453MEMC ELECTRONIC MAT2470.783,805,094MERCK AND CO INC156,3280.331,631,800METLIFE INC53,9290.04211,278METROPCS COMMUNICATIONS17,7990.03154,063MGM MIRAGE16,9090.07353,122MICROCHIP TECHNOLOGY INC13,5050.04198,989MICRON TECHNOLOGY INC38,5701.406,813,118MICROSOFT CORP379,9230.03158,018MOHAWK INDUSTRIES3,8190.002,648MOLEX INC1490.07356,476MOLSON COORS BREWING CO-B11,5520.281,354,337MONSANTO27,0690.001,405MONSTER WORLDWIDE1390.08386,899MOODY’S CORP14,6270.221,077,471MORGAN STANLEY67,8910.14672,465MOSAIC CO THE -WI14,3950.04193,592MOTOROLAMOBILITY HOLDINGS W12,7350.09462,258MOTOROLA SOLUTIONS INC14,5570.07321,809M&T BANK5,3050.08369,908MURPHY OIL8,1680.07319,518MYLAN18,7780.04177,467NASDAQ OMX GRP INC10,1700.231,103,037NATIONAL OILWELL VARCO20,4480.05262,387NATIONAL SEMICONDUCTOR CORP15,4580.14669,756NETAPP INC18,3980.10479,595NETFLIX2,6470.04174,615NEW YORK COMMUNITY BANCORP16,8890.02111,331NEWELL RUBBERMAID INC10,2290.06268,308NEWFIELD EXPLORATN5,7190.17852,405NEWMONT MINING CORP22,8990.231,131,232NEWS CORPORATION A92,6620.04218,953NEWS CORPORATION B17,558



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0.17837,299NEXTERA ENERGY INC21,1270.001,850NICOR INC490.07363,336NII HOLDINGS B12,4300.231,142,802NIKE INC -B-18,4140.04182,367NISOURCE13,0570.10482,259NOBLE ENERGY7,8010.08406,899NORDSTROM INC12,5680.20993,261NORFOLK SOUTHERN CORP19,2190.05229,502NORTHEAST UTILITIES9,4610.06302,163NORTHERN TRUST CORP9,5320.14690,319NORTHROP GRUMMAN CORP14,4320.002,393NOVELLUS SYSTEMS960.04204,917NRG ENERGY INC12,0870.06280,444NSTAR8,8430.03141,939NUANCE COMMUNICATIONS9,5850.08388,674NUCOR CORP13,6710.06273,330NVIDIA CORP24,8690.06284,612NYSE EURONEXT INC12,0410.612,976,569OCCIDENTAL PETROLEUM CORP41,4800.03153,981OLD REPUB.INTL CORP19,0000.05262,691OMNICARE INC11,9430.09462,550OMNICOM GROUP INC13,9250.05229,761ONEOK INC4,5010.944,585,178ORACLE CORP202,0000.05256,284OREILLY AUTOMOTIVE INC5,6720.05259,782OWENS ILLINOIS INC14,5930.12585,094PACCAR INC16,6040.05229,403PALL CORP5,9150.13625,274PARKER-HANNIFIN CORP10,1020.04204,552PATTERSON COMPANIES9,0170.10467,628PAYCHEX INC22,0700.10491,888PEABODY ENERGY CORP12,1060.04171,255PENTAIR INC6,1520.03135,044PEOPLES UNITED FINANCIAL14,5680.06274,063PEPCO HOLDINGS20,2420.823,986,410PEPSICO INC82,0630.002,246PERKINELMER INC1210.06281,819PERRIGO4,6500.05261,155PETROHAWK ENERGY15,3480.03142,602PETSMART INC4,5571.205,840,662PFIZER INC411,0720.12584,161PG&E CORP20,1510.0171,013PHARMACEUTICAL DEV3,8360.854,151,313PHILIP MORRIS INTERNATIONAL INC90,1420.02114,444PINNACLE WEST CAPITAL CORP3,7220.07337,807PIONEER NATURAL RES5,4680.02121,368PITNEY BOWES INC7,6540.03167,377PLAINS EXPLORATION & PRODUCT.6,3660.04203,923PLUM CREEK TIMBER7,2930.221,090,976PNC FINANCIAL SERVICES GROUP26,5350.05244,485POLO RALPH LAUREN CORP SHS A2,6730.10465,269PPG INDUSTRIES INC7,4300.10508,689PPL CORP26,5010.221,088,124PRAXAIR INC14,5550.17828,332PRECISION CASTPARTS CORP7,294

0.18874,961PRICELINE.COM INC2,4781.296,307,980PROCTER AND GAMBLE CO143,8670.12567,106PROGRESS ENERGY INC17,1260.09429,045PROGRESSIVE CORP29,0950.11550,362PROLOGIS22,2640.231,112,721PRUDENTIAL FINANCIAL25,3700.12574,816PUBLIC SERVICE ENTERPRISE GROU25,5330.12582,612PUBLIC STORAGE7,4090.0280,264PULTE HOMES15,1920.05229,310QEP RESOURCES INC7,9480.673,242,653QUALCOMM INC82,7850.03146,068QUANTA SERVICES10,4840.06290,965QUEST DIAGNOSTICS INC7,1380.001,047RADIOSHACK CORP1140.06277,383RALCORP HOLDINGS INC.4,6450.06272,973RANGE RESOURCES CORPORATION7,1310.03145,002RAYONIER REIT3,2170.13631,269RAYTHEON CO18,3600.05247,442RED HAT7,8160.04212,291REGENCY CENTERS CORP7,0000.04219,007REGIONS FINANCIAL CORP51,2140.08412,220REPUBLIC SERVICES INC19,3730.08405,165REYNOLDS AMERICAN INC15,8550.02101,755ROBERT HALF INTL5,4580.04212,676ROCK-TENN COMPANY-A4,6480.08390,819ROCKWELLAUTOMATION INC6,5310.06292,313ROCKWELL COLLINS INC.6,8700.05246,249ROPER INDUSTRIES4,2860.06269,563ROSS STORES INC4,8780.06293,595ROWAN COMPANIES INC10,9680.03122,812R.R.DONNELEY & SONS CO9,0800.002,157RYDER SYSTEM INC550.06285,692SAFEWAY INC17,7240.13613,450SALESFORCE.COM5,9700.07352,329SANDISK12,3090.10494,459SARA LEE CORP37,7510.05261,062SBA COMMUNICATIONS CORP9,9110.06278,524SCANA10,2570.04217,279SCIENCE APPLICATIONS ITL18,7290.02110,447SCRIPPS NETWORKS INTER3,2760.004SEAHAWK10.05244,783SEALED AIR14,9180.02120,081SEARS HOLDINGS2,4370.03148,737SEI INVESTMENTS9,5800.07354,077SEMPRA ENERGY9,7080.04217,680SHERWIN WILLIAMS CO3,7630.06280,847SIGMA-ALDRICH CORP5,5490.241,185,107SIMON PROPERTY GROUP INC14,7830.07336,852SIRIUS XM RADIO INC.223,0070.05224,663SLM19,3770.002,672SNAP ON INC620.241,168,133SOUTHERN CO41,9420.03140,591SOUTHWEST AIRLINES17,8490.12594,319SOUTHWESTERN ENERGY20,0950.11546,555SPECTRA ENERGY28,910


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122

0.10466,257SPRINT NEXTEL CORP125,4180.02112,486SPX CORP1,9730.11551,041ST JUDE MEDICAL INC16,7560.11530,740STANLEY BLACK AND DECKER INC.10,6800.09432,769STAPLES INC39,7120.231,110,873STARBUCKS40,7850.08371,410STARWOOD HTLS & RESORTS WORLD9,6090.17823,397STATE STREET CORP26,4760.04196,945STERICYCLE3,2040.11539,882STRYKER CORP13,3370.06298,444SUNOCO INC10,3740.11533,581SUNTRUST BANKS INC29,9850.001,480SUPERVALU INC2280.10496,832SYMANTEC CORP36,5280.05250,246SYNOPSYS INC14,1120.11556,567SYSCO CORP25,8800.11532,920T ROWE PRICE GROUP INC12,8050.221,087,680TARGET CORP33,6170.03160,214TD AMERITRADE HOLDING11,9060.003,010TECO ENERGY INC2310.001,240TELLABS INC3900.002,260TENET HEALTHCARE CORP5250.06272,755TERADATA CORP COM STK USD0.016,5690.002,031TERADYNE1990.002,433TESORO1540.271,327,013TEXAS INSTRUMENTS58,6040.04202,872TEXTRON INC12,4580.08405,598THE HERSHEY CO10,3440.20955,646THERMO FISHER SCIE21,5180.09440,678TIFFANY & CO8,1370.281,341,640TIME WARNER53,4830.19929,472TIME WNR CBLE CLA17,2680.001,226TITANIUM METALS970.16802,343TJX COMPANIES INC22,1450.04176,351TOLL BROTHERS INC12,3280.03141,742TORCHMARK CORP3,2040.05228,148TOTAL SYSTEM SERVICES INC17,8030.17809,714TRAVELERS COMPANIES INC20,1090.04184,803TRW AUTOMOTIVE HOLDINGS4,5390.03143,200TYSON FOODS -A-10,6910.371,802,058UNION PACIFIC CORP25,0260.391,877,463UNITED PARCEL SERVICE-B37,3240.552,691,898UNITED TECHNOLOGIES CORP44,0950.391,914,278UNITEDHEALTH GROUP53,8080.05223,105UNUM GROUP12,6950.02116,592URBAN OUTFITTERS6,0050.02104,517URS3,3870.341,642,240US BANCORP93,3360.04209,170US STEEL6,5870.10476,551VALERO ENERGY CORPORATION (NEW)27,0210.08395,292VARIAN MEDICAL SYSTEMS INC8,1850.05262,523VENTAS INC7,2210.04185,411VERISIGN8,0340.02102,701VERISK ANALYTICS CLASS.A4,3010.753,654,105VERIZON COMMUNICATIONS INC142,302

0.10469,572VERTEX PHARMACEUTICALS INC13,0950.06304,224VF CORP4,0630.19920,909VIACOM INC-B26,1800.06271,504VIRGIN MEDIA13,1520.311,487,721VISA INC-A25,5990.07361,280VMWARE CLASS A5,2260.09462,799VORNADO REALTY TRUST7,2010.03149,379VULCAN MATERIALS CO5,6210.291,397,606WALGREEN CO47,7230.763,716,776WAL-MART STORES INC101,4070.522,541,578WALT DISNEY COMPANY94,3880.06303,188WALTER ENERGY INC3,7960.0162,993WASHINGTON POST -B-2180.12589,133WASTE MANAGEMENT INC22,9180.05240,431WATERS CORP3,6410.05246,411WATSON PHARMACEUTICALS INC5,1980.221,056,877WELLPOINT INC19,4531.014,927,420WELLS FARGO & CO254,5980.05254,962WESTERN DIGITAL CORP10,1610.09439,117WESTERN UNION CO31,7850.07354,350WEYERHAEUSER CO23,5020.03154,019WHIRLPOOL CORP2,7460.06283,206WHITING PETROLEUM HOLDINGS7,2150.09451,023WHOLE FOODS MARKET10,3060.11546,288WILLIAMS COMPANIES INC26,1830.07344,673WINDSTREAM CORP38,5590.08386,315WISCONSIN ENERGY17,8660.02117,378W.R.BERKLEY CORP.5,2460.09437,789WW GRAINGER INC4,1310.004,224WYNDHAM WORLWIDE1820.08380,173WYNN RESORTS3,8400.11539,063XCEL ENERGY INC32,1630.11545,102XEROX CORPORATION75,9190.06271,365XILINX INC10,7880.12583,955YAHOO INC56,2930.18900,848YUM BRANDS INC23,6440.08373,834ZIMMER HOLDING INC8,5760.003,262ZIONS BANCORP1970.462,245,8883 M34,330


0.002,005KINROSS GOLD WARRANT 17/09/20141,145


0.07336,497Shares0.07336,497Canada

0.07336,497POWER FINANCIAL CORP15,832




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0.18190,554AGL ENERGY LTD17,7870.13138,631ALUMINA LTD86,9880.25261,323AMCOR LTD49,8150.39404,146AMP112,9401.571,648,141ANZ BANKING GROUP101,7680.14150,868ASCIANO GROUP123,1800.13139,285ASX SHS6,2510.1099,760BENDIGO & ADELAIDE BANK15,4883.864,056,479BHP BILLITON LTD125,6100.0771,726BLUESCOPE STEEL LTD78,3980.0997,046BORAL30,4470.30311,674BRAMBLES LIMITED58,5890.0445,624CALTEX AUSTRALIA5,1920.10104,579CFS RETAIL PROPERTY TRUST78,3100.17174,939COCA COLAAMATIL20,7440.11110,941COCHLEAR LIMITED2,1032.222,323,537COMMONWEALTH BANK OF AUSTRALIA60,6550.11117,242COMPUTERSHARE18,2020.12127,560CROWN LIMITED19,2740.50519,330CSL LTD21,5780.12128,082DEXUS PROPERTY GROUP197,2680.0879,862ECHO ENTERTAINMENT GROUP26,3360.0667,480FAIRFAX MEDIA SHS93,8040.20214,842FORTESCUE METAL45,5690.27278,602FOSTER’S GROUP72,7560.13131,604GOODMAN GRP256,6460.15159,698GPT GROUP68,9320.0225,384HARVEY NORMAN HOLDINGS LTD14,1000.18190,010ILUKA RESOURCES LIMITED15,5890.18191,144INCITEC PIVOT67,2900.19204,223INSURANCE AUSTRALIA GROUP82,6250.0663,535JAMES HARDIE INDUSTRIES LTD15,0020.0882,613LEIGHTON HOLDINGS LTD5,4170.13131,062LEND LEASE CORP20,0040.0881,260LYNAS CORPORATION62,9350.0442,193MACARTHUR COAL5,2130.31321,142MACQUARIE GROUP LIMITED13,9820.0334,595MAP GROUP STAPLED SECURITIES14,1230.0778,294METCASH LIMITED25,5700.11116,547MIRVAC GROUP128,9491.531,599,148NATIONALAUSTRALIA BANK85,0630.80842,289NEWCREST MINING30,2570.0772,012ONESTEEL53,0440.28293,338ORICA14,7250.44464,140ORIGIN ENERGY40,5330.11119,676OZ MINERALS LTD12,1500.0549,103PALADIN ENERGY LTD25,5970.0555,939QANTAS AIRWAYS LTD40,982

0.50522,695QBE INSURANCE GROUP LTD41,2360.15158,844QR NATIONAL63,5070.0769,700RAMSAY HEALTH CARE5,2571.001,046,444RIO TINTO LTD17,1230.33350,810SANTOS35,2200.0771,354SIMS GROUP MGT5,4700.12128,330SONIC HEALTHCARE13,9480.22230,884STOCKLAND92,8570.29300,915SUNCORP METWAY LIMITED49,9810.0662,568TABCORP HOLDINGS LIMITED26,3360.0884,936TATTS GROUP LTD48,3690.34356,721TELSTRA CORPORATION LTD165,5760.0879,962TOLL HOLDINGS22,6730.19195,011TRANSURBAN GROUP50,7310.13140,047WESFARMERS LTD5,9150.88924,593WESFARMERS LTD39,5190.53551,128WESTFIELD GROUP87,2630.23237,778WESTFIELD RETAIL TRUST119,3601.831,916,066WESTPAC BANKING CORP117,8820.71745,697WOODSIDE PETROLEUM24,7110.93976,760WOOLWORTHS LTD47,6720.16164,432WORLEY GROUP8,008

0.85892,436Bermuda

0.0667,879CHEUNG KONG INFRASTRUCTURE19,0000.0998,271ESPRIT HOLDINGS45,9210.10102,800KERRY PROPERTIES31,0000.28290,580LI & FUNG212,0000.17175,377NOBLE GROUP LTD156,1820.0557,590NWS HOLDINGS LTD62,5000.0439,873ORIENT OVERSEAS INTL LTD9,0000.0660,066YUE YUEN INDUSTRIAL HOLDINGS27,500


0.28291,677HONGKONG ELECTRIC HOLDINGS56,000


0.0223,590FOXCONN INTERNATIONAL HOLDINGS78,0000.0440,147LIFESTYLE INTERNATIONAL HOLDINGS LTD20,0000.17176,046SANDS CHINA LTD94,8000.11119,258WYNN MACAU LIMITED53,200


0.66700,655AIA GROUP294,0000.0775,413ASM PACIFIC TECH8,0000.17173,475BANK OF EAST ASIA61,4000.27287,786BOC HONG KONG HOLDINGS LTD144,0000.0778,082CATHAY PACIFIC AIRWAYS49,0000.51533,356CHEUNG KONG HOLDINGS LTD53,0000.44466,439CLP HOLDINGS LTD76,5000.0667,688GALAXY ENTERTAINMENT GROUP46,0000.15156,945HANG LUNG GRP36,0000.27279,270HANG LUNG PROP99,0000.30316,565HANG SENG BANK LTD28,8000.17177,390HENDERSON LAND DEVELOPMENT CO LTD40,000

Index Equity Pacific

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124

0.56582,685HKG EXCHANGES & CLEARING LTD40,4000.26269,490HONG KONG & CHINA GAS172,3700.0443,596HOPEWELL HOLDINGS20,0000.60623,961HUTCHISON WHAMPOA LTD84,0000.0771,403HYSAN DEVELOPMENT CO21,0000.13139,118MTR CORP57,0000.0885,275NEW WORLD DEVELOPMENT82,0000.0659,248PCCW200,0000.0883,906SHANGRI-LAASIA49,8340.12123,406SINO LAND112,0000.10102,619SJM HOLDINGS63,0000.54561,070SUN HUNG KAI PROPERTIES56,0000.27283,011SWIRE PACIFIC A28,0000.18193,695THE LINK REAL ESTATE INV TRUST82,5000.27282,022WHARF HOLDINGS59,0050.10102,083WHEELOCK AND COMPANY LTD37,0000.0664,003WING HANG BANK LTD8,500

0.26270,574Isle of Man

0.26270,574GENTING INTERNATIONAL251,000

59.0261,868,833Japan

0.0441,830ABC MART1,5000.0661,887ADVANTEST4,9000.17182,062AEON CO LTD22,1000.0217,024AEON CREDIT SERVICE1,8000.0547,707AEON MALL2,9000.0441,361AIR WATER5,0000.20205,876AISIN SEIKI LTD7,8000.21221,968AJINOMOTO CO INC27,0000.0442,367ALFRESA HOLDINGS CORP1,6000.0881,724ALL NIPPON AIRWAYS37,0000.0880,590AMADA CO LTD15,0000.0331,895AOZORA BANK20,0000.20212,101ASAHI BREWERIES LTD15,4000.30312,639ASAHI GLASS CO LTD39,0000.22234,863ASAHI KASEI51,0000.0661,453ASICS CORPORATION6,0000.44465,632ASTELLAS PHARMA INC17,5000.0888,231BANK OF KYOTO14,0000.15158,093BANK OF YOKOHAMA LTD46,0000.0776,053BENESSE2,6000.39411,493BRIDGESTONE CORP25,9000.0991,028BROTHER INDUSTRIES LTD9,0001.371,432,374CANON INC44,2000.0333,287CASIO6,8000.31323,384CENTRAL JAPAN RAILWAY600.12120,587CHIBA BANK28,0000.0547,433CHIYODA6,0000.35362,654CHUBU ELECTRIC POWER CO INC27,4000.0883,980CHUGAI PHARM7,5000.0667,952CHUGOKU BANK8,0000.13138,492CHUGOKU EL POWER11,7000.0335,084CITIZEN HOLDINGS SHS8,5000.0222,457COCA-COLAWEST HOLDINGS CO LTD1,700

0.0548,397COSMO OIL25,0000.0880,910CREDIT SAISON CO LTD6,9000.16169,794DAI NIPPON PRINTING CO LTD22,0000.0551,032DAICEL CHEMICAL INDUSTRIES11,0000.0445,369DAIDO STEEL10,0000.0881,068DAIHATSU MOTOR CO LTD7,0000.34351,834DAI-ICHI MUTUAL LIFE INSURANCE COMPANY3600.34359,018DAIICHI SANKYO CO LTD26,9000.21216,314DAIKIN INDUSTRIES LTD8,9000.0333,526DAINIPPON SUMITOMO PHARMA5,2000.15158,647DAITO TRUST CONSTRUCTION CO LTD2,7000.16172,949DAIWA HOUSE INDUSTRY20,0000.20208,187DAIWA SECURITIES GROUP INC68,0000.10102,230DENA CO LTD3,5000.0662,869DENKI KAGAKU KOGYO K.K19,0000.46482,468DENSO CORP19,1000.15152,635DENTSU INC7,6000.49509,227EAST JAPAN RAILWAY CO12,8000.26271,832EISAI10,2000.0884,803ELECTRIC POWER DEVELOPMENT4,4000.0657,885ELPIDA MEMORY INC7,1000.0658,118FAMILYMART2,3000.86902,483FANUC LTD7,5000.21216,272FAST RETAILING2,0000.0330,803FUJI ELECTRIC HOLDINGS14,0000.12123,179FUJI HEAVY INDUSTRIES LTD23,0000.35370,019FUJIFILM HOLDINGS CORP17,3000.29303,172FUJITSU LTD75,0000.0882,850FUKUOKA FINANCIAL GROUP29,0000.0882,850FURUKAWA ELECTRIC29,0000.0445,815GREE3,1000.0663,995GS YUASA14,0000.0550,623GUNMA BANK LTD14,0000.0658,204HACHIJUNI BANK15,0000.0326,249HAKUHODO DY HOLDINGS7200.0773,554HAMAMATSU PHOTONICS KK2,5000.0335,843HINO MOTORS LTD9,0000.0996,947HIROSE ELECTRIC1,4000.0769,043HIROSHIMA BANK23,0000.0775,831HISAMITSU PHARMACEUTICAL CO2,6000.0550,802HITACHI CHEMICAL CO LTD3,7000.0659,202HITACHI CONSTRUCTION MACHINERY3,9000.0445,463HITACHI HIGH-TECH3,0000.67698,525HITACHI LTD171,0000.0665,845HITACHI METALS LTD7,0000.0768,463HOKKAIDO ELECTRIC POWER CO INC6,0000.0663,159HOKUHOKU FINANCIAL46,0000.1099,748HOKURIKU ELECTRIC POWER CO INC7,6001.611,684,164HONDAMOTOR CO LTD63,5000.24254,895HOYA CORP16,2000.10106,829IBIDEN CO LTD5,2000.0773,171IDEMITSU KOSAN1,0000.42438,487INPEX HOLDINGS INC870.0996,329ISETAN MITSUKHOSHI HOLDINGS LTD14,5000.0886,082ISHIKAWAJIMA-HARIMA HEAVY INDU49,000



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125

0.13140,082ISUZU MOTORS LTD43,0000.40417,042ITOCHU CORP57,6000.0442,391ITOCHU TECHNO-SOLUTIONS1,7000.0550,418IYO BANK8,0000.0439,024J FRONT RETAILING13,0000.0334,944JAPAN PETROLEUM EXPLORATION1,1000.0332,574JAPAN PRIME REALTY INVESTMENT180.11114,677JAPAN REAL ESTATE INVESTMENT170.0662,643JAPAN RETAIL FUND INVESTMENT590.43450,388JAPAN TOBACCO INC1690.33346,461JFE HOLDINGS18,5000.16169,393JGC9,0000.0666,689JOYO BANK23,0000.17173,246JS GROUP9,9000.0883,754JSR CORP6,1000.0993,331JTEKT CORPORATION9,5000.0441,354JUPITER TELECOMMUNICATIONS540.37389,713JX HOLDINGS84,9400.0661,069KAJIMA CORP31,0000.0557,104KAMIGUMI CO LTD9,0000.0554,238KANEKA CORP12,0000.36382,530KANSAI ELECTRIC POWER CO INC28,3000.0549,258KANSAI PAINT8,0000.35371,154KAO CORP20,5000.15159,270KAWASAKI HEAVY INDUSTRIES58,0000.0768,753KAWASAKI KISEN KAISHA LTD29,0000.53551,237KDDI CORP1140.0887,958KEIHIN ELEC EXP RAILWAY18,0000.0883,302KEIO CORP22,0000.0336,457KEISEI EL RAILWAY9,0000.31325,854KEYENCE CORP1,6700.0336,074KIKKOMAN CORP5,0000.0329,337KINDEN5,0000.13140,269KINTETSU64,0000.30316,041KIRIN HOLDINGS CO LTD33,0000.14147,365KOBE STEEL LTD96,0000.0445,881KOITO MFG4,0000.75787,497KOMATSU LTD37,1000.0665,461KONAMI CORP4,0000.10103,309KONICA MINOLTA HOLDINGS18,0000.27286,986KUBOTA CORPORATION47,0000.14144,172KURARAY14,4000.0887,936KURITAWATER INDUSTRIES LTD4,3000.40423,972KYOCERA CORP6,1000.0552,396KYOWA HAKKO KIRIN8,0000.18189,255KYUSHU ELECTRIC POWER CO INC15,2000.0994,235LAWSON INC2,6000.0327,801MABUCHI MOTOR8000.0441,651MAC DONALD’S HOLDINGS JPN2,4000.13139,775MAKITA4,4000.29304,503MARUBENI CORP66,0000.0444,653MARUI GROUP CO LTD8,5000.0440,587MARUICHI STEEL TUBE2,4000.10107,334MAZDAMOTOR CORP58,0000.0439,406MEDICEO PALTAC HOLDINGS6,400

0.0773,590MEIJI HOLDINGS CO NPV2,5530.0547,672MINEBEA13,0000.0660,507MIRACA HOLDINGS INC2,2000.23242,623MITSUBISHI CHEMICAL HOLDINGS50,0000.88921,983MITSUBISHI CORPORATION53,1000.58606,652MITSUBISHI ELECTRIC CORP76,0000.56589,203MITSUBISHI ESTATE CO LTD49,0000.0880,641MITSUBISHI GAS CHEMICAL CO INC16,0000.38393,152MITSUBISHI HEAVY INDUSTRIES121,0000.0330,974MITSUBISHI LOGISTICS CORP4,0000.0879,516MITSUBISHI MATERIALS CORP37,0000.12127,486MITSUBISHI MOTORS151,0000.0996,917MITSUBISHI TANABE PHARMA CORP8,5001.601,684,187MITSUBISHI UFJ FINANCIAL GROUP496,2000.0662,194MITSUBISHI UFJ LEASE & FINANCE CO LTD2,3300.77811,871MITSUI & CO LTD68,0000.0881,895MITSUI CHEMICALS INC33,0000.0336,227MITSUI ENGINEERING & SHIPBUILD24,0000.36378,509MITSUI FUDOSAN CO LTD32,0000.15155,091MITSUI O.S.K.LINES LTD42,0000.35366,583MITSUI SUMITOMO INSURANCE GRP HLDGS INC22,8040.87909,655MIZUHO FINANCIAL GROUP INC802,0000.0331,758MIZUHO SECURITIES CO LTD19,0000.0219,922MIZUHO TRUST & BANKING32,0000.35369,563MURATAMANUFACTURING CO LTD8,1000.0549,889NABTESCO CORP3,0000.0772,495NAMCO BANDAI HOLDINGS INC8,8000.14143,578NEC CORP92,0000.11114,131NGK INSULATORS LTD9,0000.0657,871NGK SPARK PLUG6,0000.0441,958NHK SPRING6,0000.25259,790NIDEC CORP4,1000.20206,966NIKON CORP12,8000.47492,239NINTENDO CO LTD3,9000.13135,255NIPPON BUILDING FUND200.12124,049NIPPON ELECTRIC GLASS14,0000.10103,181NIPPON EXPRESS37,0000.0769,546NIPPON MEAT PACKERS7,0000.0556,639NIPPON PAPER GROUP INC3,7000.0664,728NIPPON SHEET GLASS CO LTD30,0000.43448,380NIPPON STEEL CORP203,0000.57597,365NIPPON TELEGRAPH & TELEPHONE18,1000.14148,934NIPPON YUSEN59,0000.0548,303NISHI-NIP CITY BK24,0000.67706,038NISSAN MOTOR CO LTD97,4000.0659,995NISSHIN SEIFUN GROUP INC7,0000.0331,315NISSHIN STEEL CO LTD24,0000.0667,465NISSIN FOOD PRODUCTS CO LTD2,7000.0991,216NITORI1,4000.20213,807NITTO DENKO6,1000.24252,232NKSJ HOLDINGS55,7000.0443,229NOK CORP3,7000.45470,604NOMURA HLDGS INC139,0000.0441,354NOMURA REAL ESTATE HOLDINGS3,6000.0549,906NOMURA REAL ESTATE OFFICE FD11


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126

0.0554,473NOMURA RESEARCH3,5000.10102,848NSK LTD15,0000.0658,844NTN CORP15,0000.0998,754NTT DATA430.70729,149NTT DOCOMO INC6000.0224,893NTT URBAN DEVELOPMENT420.0771,431OBAYASHI24,0000.12124,945ODAKYU ELECTRIC RAILWAY23,0000.11118,813OJI PAPER36,0000.19202,477OLYMPUS CORP8,8000.15153,437OMRON CORP8,0000.12127,750ONO PHARMACEUTICAL3,5000.0333,430ORACLE CORP JAPAN1,4000.12122,855ORIENTAL LAND2,1000.26275,244ORIX CORP4,0700.19202,882OSAKA GAS CO LTD78,0000.0217,329OTSUKA4000.17178,818OTSUKA HOLDINGS CO LTD9,9000.69727,982PANASONIC CORP86,4000.19203,964RAKUTEN2960.21224,685RESONA HOLDINGS69,7000.19204,238RICOH COMPANY LTD27,0000.0550,230RINNAI1,0000.14147,041ROHM3,7000.0881,596SANKYO CO LTD2,3000.0774,258SANTEN PHARMACEUTICAL2,7000.0557,283SBI HOLDINGS8980.24252,772SECOM CO LTD7,8000.10101,951SEGA SAMMY HOLDINGS7,6000.0662,395SEIKO EPSON CORP5,2000.0999,454SEKISUI CHEMICAL CO LTD17,0000.13138,649SEKISUI HOUSE LTD22,0000.53556,104SEVEN & I HOLDINGS CO LTD29,6000.0328,780SEVEN BANK LTD210.24246,452SHARP CORPORATION39,0000.11114,487SHIKOKU ELECTRIC POWER CO INC7,3000.0556,720SHIMADZU CORP9,0000.0664,472SHIMAMURA1,0000.0997,783SHIMANO2,6000.0770,996SHIMIZU CORP25,0000.54569,401SHIN-ETSU CHEMICAL CO LTD15,6000.0328,654SHINSEI BANK40,0000.13132,732SHIONOGI & CO LTD11,8000.19194,498SHISEIDO CO LTD14,8000.15157,556SHIZUOKA BANK25,0000.0774,578SHOWA DENKO KK53,0000.0552,733SHOWA SHELL SEKIYU KK8,3000.25259,142SMC CORP2,1000.85890,433SOFTBANK CORP33,9000.0659,355SOJITZ CORP46,4000.68714,012SONY CORP39,4000.0772,958SONY FINANCIAL HOLDINGS INC5,8000.0335,316SQUARE ENIX2,8000.0664,748STANLEY ELECTRIC CO LTD5,4000.0446,154SUMCO CORP4,000

0.19194,440SUMITOMO CHEMICAL57,0000.41426,376SUMITOMO CORP44,8000.29309,047SUMITOMO ELECTRIC INDUSTRIES30,3000.11114,003SUMITOMO HEAVY INDUSTRIES LTD24,0000.20208,383SUMITOMO METAL INDUSTRIES135,0000.20213,074SUMITOMO METAL MINING CO LTD19,0001.071,117,177SUMITOMO MITSUI FINANCIAL GRP52,4000.29303,642SUMITOMO MITSUI TRUST HLD124,9300.21216,817SUMITOMO REALTY & DEVELOPMENT14,0000.0556,281SUMITOMO RUBBER INDUSTRIES6,7000.0441,668SURUGA BANK LTD7,0000.0549,569SUZUKEN CO LTD3,1000.18192,567SUZUKI MOTOR CORP12,4000.0777,136SYSMEX3,0000.0770,996TAISEI CORP45,0000.0660,959TAISHO TANABE PHARM4,0000.0548,815TAIYO NIPPON SANSO CORP9,0000.0547,928TAKASHIMAYA CO LTD10,0000.93975,798TAKEDA PHARMACEUTICAL CO LTD30,8000.19199,111T&D HOLDINGS INC11,9000.18185,536TDK CORPORATION4,9000.11116,075TEIJIN LTD39,0000.22233,711TERUMO CORP6,3000.0664,233THE JAPAN STEEL WORKS14,0000.0994,194THK CO LTD5,3000.12121,064TOBU RAILWAY42,0000.0437,683TOHO CO LTD3,3000.0551,697TOHO GAS14,0000.18186,063TOHOKU ELECTRIC POWER CO INC18,6000.53556,568TOKIO MARINE HLDGS INC28,4000.15152,727TOKYO ELECTRIC POWER54,6000.23246,248TOKYO ELECTRON LTD6,6000.30315,760TOKYO GAS CO LTD102,0000.11120,348TOKYU CORP42,0000.0658,673TOKYU LAND CORP20,0000.0991,932TONENGENERAL SEKIYU KK11,0000.11116,323TOPPAN PRINTING22,0000.27287,771TORAY INDUSTRIES INC57,0000.53552,209TOSHIBA152,0000.0554,580TOSOH CORP20,0000.0769,512TOTO LTD13,0000.0777,998TOYO SEIKAN KAISHA6,8000.0665,461TOYO SUISAN KAISHA LTD4,0000.0440,355TOYODA GOSEI CO LTD2,6000.0225,422TOYOTA BOSHOKU CP2,2000.14141,731TOYOTA INDUSTRIES CORP6,3002.903,051,728TOYOTAMOTOR CORP107,3000.0994,981TOYOTA TSUSHO CORP8,1000.0991,127TREND MICRO INC4,3000.0446,026TSUMURA & CO2,1000.0774,296UBE INDUSTRIES LTD36,0000.12128,531UNI-CHARM CORP4,3000.0553,283USHIO INC4,0000.0437,541USS7100.17179,413WEST JAPAN RAILWAY CO6,700



%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


127

0.13134,488YAHOO JAPAN5720.0661,122YAKULT HONSHA3,1000.17177,394YAMADA DENKI3,2300.0445,011YAMAGUCHI FINANCIAL GROUP7,0000.0443,602YAMAHA CORP5,6000.14147,173YAMAHAMOTOR CO LTD11,7000.16169,639YAMATO HOLDINGS15,7000.0327,472YAMATO KOGYO1,3000.0445,412YAMAZAKI BAKING5,0000.0662,425YASKAWA ELECTRIC CORP8,0000.0550,972YOKOGAWA ELECTRIC CORP8,600

0.00-Malta

0.00-BGP HOLDINGS ORDS206,362

0.33341,971New Zealand

0.0436,763AUCKLD INTLAIRPT28,5000.0444,657CONTACT ENERGY14,5210.11115,132FLETCHER BUILDING23,5070.0547,980SKY CITY ENTERTAIN23,2730.0997,439TELECOM CORPORATION OF NEW ZEA68,029


0.0777,868ASCENDAS REAL ESTATE INV TRUST67,0000.16167,467CAPITALAND102,5000.0769,032CAPITAMALL TRUST REIT65,4000.0441,267CAPITAMALLS50,0000.12128,954CITY DEVELOPMENTS LTD22,0000.0556,948COMFORTDELGRO CORP69,0000.0334,855COSCO CORP (S)32,0000.53552,580DBS GROUP HOLDINGS LTD66,5000.11114,957FRASER & NEAVE35,0000.0995,301GLOBAL LOGISTIC PROPERTIE82,0000.0992,206GOLDEN AGRI-RESSOURCES LTD241,5120.13132,227HUTCHISON PORT HOLDINGS TRST226,0000.0998,770JARDINE CYCLE & CARRIAGE4,0000.34361,556KEPPEL CORPORATION LTD57,6000.0555,634KEPPEL LAND27,0000.0327,236NEPTUNE ORIENT LINES LTD31,5000.0774,381OLAM INTERNATIONAL48,0000.00187OLAM INTERNATIONAL RIGHT 20112,1810.49509,887OVERSEA-CHINESE BANKING96,0000.11119,555SEMBCORP INDUSTRIES42,0000.0995,581SEMBCORP MARINE32,0000.16167,425SINGAPORE AIRLINES21,0000.12127,674SINGAPORE EXCHANGE30,0000.13140,497SINGAPORE PRESS HOLDING64,0000.0989,271SINGAPORE TECHNOLOGIES ENGINEE53,0000.56574,902SINGAPORE TELECOMM322,0000.0547,864STARHUB31,0000.54557,521UNITED OVERSEAS BANK LTD50,0000.0555,696UOL GROUP LTD20,0000.23245,691WILMAR INTERNATIONAL80,0000.0550,823YANGZIJIANG SHIPBUILDING62,000


0.0334,682SP AUSNET STAPLED51,094


1.952,046,696Bonds1.952,046,696Japan

0.73767,517JAPAN T.BILLS 0% 04/07/201190,000,0001.221,279,179JAPAN T.BILLS 0% 08/07/2011150,000,000



%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR



128



94.76311,403,807Bonds0.17562,912Australia

0.17562,912COMMONWEALTH BANK OF AUSTRALIA 4.5%15/04/2020

800,000

1.916,285,568Belgium

0.511,689,105BELGIUM 3.75% 28/09/20151,650,0000.351,163,285BELGIUM 4% 28/03/20221,175,0000.24775,098BELGIUM 5% 28/03/2035740,0000.471,556,550BELGIUM 5% 28/09/20121,500,0000.341,101,530BELGIUM 5.50% 28/09/20171,000,000

1.765,788,402Canada

0.19614,764CANADIAN 3.25% 01/06/2021850,0000.17549,119CANADIAN 4.25% 01/06/2018700,0000.501,636,191CANADIAN 4.5% 01/06/20152,100,0000.21690,670CANADIAN 5% 01/06/2037780,0000.391,295,682CANADIAN 5.25% 01/06/20121,750,0000.301,001,976CANADIAN 5.75% 01/06/20291,075,000

0.612,017,895Denmark

0.18605,357STAENDE LAND 4% 15/11/20174,200,0000.15477,088STAENDE LAND 4.5% 15/11/20393,150,0000.28935,450STAENDE LAND 5% 15/11/20136,500,000

4.9216,174,342France

1.234,060,196FRANCE EMPRUNT D’ETAT OAT 3% 25/10/20153,980,0000.20659,796FRANCE EMPRUNT D’ETAT OAT 3.50% 25/04/2020650,0000.551,807,110FRANCE EMPRUNT D’ETAT OAT 3.75% 25/04/20171,725,0000.351,135,379FRANCE EMPRUNT D’ETAT OAT 4% 25/04/20551,190,0000.953,122,430FRANCE EMPRUNT D’ETAT OAT 4.25% 25/04/20192,910,0000.983,222,783FRANCE EMPRUNT D’ETAT OAT 4.25% 25/10/20233,050,0000.662,166,648FRANCE EMPRUNT D’ETAT OAT 5.75% 25/10/20321,760,000

5.9019,394,840Germany

0.26851,265DEUTSCHLAND REP. 2.25% 04/09/2020900,0001.123,674,230GERMANY BUND 3.5% 04/07/20193,500,0000.561,842,082GERMANY BUND 5.625% 04/01/20281,480,0000.22728,476GERMANY BUND 6.25% 04/01/2024560,0002.769,065,564GERMANY 3.75% 04/01/20158,550,0000.04130,038GERMANY 4% 04/01/2018120,0000.26862,680GERMANY 4% 04/07/2016800,0000.521,719,029GERMANY 4.25% 04/07/20391,590,0000.16521,476GERMANY 4.75% 04/07/2034455,000

6.5821,618,167Italy

0.501,643,763ITALY BTP 4% 01/02/20171,650,0001.203,940,276ITALY BTP 4.50% 01/03/20193,940,0001.284,192,299ITALY BTP 4.75% 01/08/20234,240,0001.173,859,474ITALY BTP 5% 01/08/20344,125,0001.264,138,254ITALY 4.25% 01/02/20154,070,000

0.622,036,400ITALY 4.25% 01/08/20142,000,0000.551,807,701ITALY 4.25% 15/04/20131,770,000

30.61100,554,299Japan

4.1913,730,719JAPAN 0.80% 20/03/20131,590,000,0002.548,331,803JAPAN 1.5% 20/12/2015930,000,0003.9913,124,830JAPAN 1.90% 20/06/20141,465,000,0002.387,814,713JAPAN 1.90% 20/09/2022859,000,0002.207,222,966JAPAN 2% 20/12/2033840,500,0001.113,641,475JAPAN 2.1% 20/12/2027405,000,0000.682,248,106JAPAN 2.10% 20/12/2024245,000,0002.066,768,711JAPAN 2.2% 20/09/2026737,000,0002.899,487,922JAPAN 2.30% 20/09/20181,001,000,0000.933,072,672JAPAN 2.4% 20/03/2048341,000,0002.126,969,888JAPAN 2.40% 20/03/2020730,000,0001.494,883,332JAPAN 3.1% 20/09/2017496,000,0004.0313,257,162JAPAN 3.7% 21/09/20151,363,000,000


0.561,819,441NEDERLAND 3.75% 15/07/20141,730,0000.22713,335NEDERLAND 4% 15/01/2037700,0000.19639,762NEDERLAND 4% 15/07/2016600,0000.551,816,755NEDERLAND 4% 15/07/20191,710,0000.08255,209NEDERLAND 5.50% 15/01/2028210,000

2.909,529,486Spain

0.22708,456SPAIN 3.9% 31/10/2012700,0000.22708,765SPAIN 4.1% 30/07/2018750,0000.551,811,520SPAIN 4.40% 31/01/20151,800,0000.772,550,050SPAIN 4.75% 30/07/20142,500,0000.501,640,806SPAIN 4.85% 31/10/20201,700,0000.07223,431SPAIN 4.9% 30/07/2040260,0000.571,886,458SPAIN 5.75% 30/07/20321,920,000

0.682,230,341Sweden

0.26863,884SWEDEN 5% 01/12/20206,750,0000.421,366,457SWEDEN 5.50% 08/10/201212,000,000


0.822,697,401UNITED KINGDOM 4% 07/09/20162,240,0000.18595,582UNITED KINGDOM 4.25% 07/03/2036540,0001.103,602,784UNITED KINGDOM 4.25% 07/12/20463,250,0001.354,442,928UNITED KINGDOM 4.5% 07/03/20133,780,0001.665,445,965UNITED KINGDOM 4.75% 07/03/20204,415,0000.24803,818UNITED KINGDOM 4.75% 07/09/2015650,0000.461,500,711UNITED KINGDOM 5.25% 07/06/20121,300,0000.963,158,160UNITED KINGDOM 6% 07/12/20282,305,000


0.23755,232UNITED STATES OF AMERICA 1.25% 31/08/20151,100,0001.615,283,213UNITED STATES OF AMERICA 3.125% 30/04/20137,300,0003.2410,634,593UNITED STATES OF AMERICA 4.25% 15/08/201413,950,0005.8019,094,689UNITED STATES OF AMERICA 4.25% 15/11/201325,500,0001.916,275,930UNITED STATES OF AMERICA 4.25% 15/11/20178,120,0001.324,328,539UNITED STATES OF AMERICA 4.50% 15/08/20396,125,000

Index Global Bond (EUR) Hedged


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


129

0.351,138,637UNITED STATES OF AMERICA 4.625% 15/02/20401,580,0001.063,476,695UNITED STATES OF AMERICA 5% 15/05/20374,530,0000.531,741,506UNITED STATES OF AMERICA 6.75% 15/08/20261,890,0001.354,447,059UNITED STATES OF AMERICA 7.125% 15/02/20234,760,0001.926,322,675UNITED STATES OF AMERICA 8.125% 15/08/20196,550,0002.367,755,150UNITED STATES OF AMERICA 8.75% 15/05/20207,700,0001.695,540,379UNITED STATES OF AMERICA 9.125% 15/05/20185,600,0006.9822,961,407UNITED STATES OF AMERICA 9.25% 15/02/201624,760,000

0.27893,386Convertible bonds0.27893,386Australia

0.27893,386COMMONWEALTH BANK OF AUSTRALIA 6%15/02/2017

1,150,000


1.996,549,450Bonds1.996,549,450France

0.16513,715BTAN 3% 12/07/2014500,0001.836,035,735BTAN 3.75% 12/01/20135,750,000



%ofNaV

Market

Valu

e

Quan

tity

EUR



130




0.14552,496PORTFOLIO FOREX TRADING FCP29.4736,874,455SG MONETAIRE PLUS1,578


86.75337,815,899Bonds0.08299,878Belgium

0.08299,878ROYAUME DE BELGIQUE 0% 14/07/2011300,000

39.31153,101,929France

3.8515,003,369AXA SA FRN 29/07/201115,000,0004.1116,000,000BANQUE FEDERATIVE DU CREDIT MUTUEL FRN

01/07/201116,000,000

2.319,000,000BANQUE POSTALE (LA) FRN 28/07/20119,000,0002.5710,000,144BNP PARIBAS FRN 01/07/201110,000,0001.807,000,000BNP PARIBAS FRN 26/07/20117,000,0003.8515,000,000BRED-BANQUE POPULAIRE FRN 18/08/201115,000,0000.361,399,755BTF 0% 07/07/20111,400,0000.21799,555BTF 0% 21/07/2011800,0002.5710,000,000COFIDIS FRN 05/09/201110,000,0003.8515,000,000DEXIA CREDIT LOCAL DE FRANCE FRN 20/09/201115,000,0004.1116,000,000HSBC FRANCE (EX CCF) FRN 09/08/201116,000,0002.5710,000,000NATIXIS BANQUES POPULAIRES FRN 09/09/201110,000,0002.319,000,000RENAULT CI BANQUE FRN 19/07/20119,000,0000.23899,105REPUBLIQUE FRANCAISE 0.95% 04/08/2011900,0004.6118,000,001SOCIETE GENERALE FRN 09/08/201118,000,000

0.331,298,902Germany

0.25998,986FEDERAL REPUBLIC OF GERMANY T.BILLS 0%10/08/2011

1,000,000

0.08299,916FEDERAL REPUBLIC OF GERMANY 0% 13/07/2011300,000

7.6929,928,360Ireland

3.8514,968,885BANESTO FINANCIAL PRODUCTS PLC 1.53%18/08/2011

15,000,000

3.8414,959,475GE CAPITAL EUROPEAN FUNDING 1.32% 12/09/201115,000,000

8.9834,960,300Italy

2.057,995,582BANCA INTESA SPA 1.33% 15/07/20118,000,0003.0811,993,024BANCAMONTE DEI PASCHI DI SIENA 1.4%

15/07/201112,000,000

3.8514,971,694UNICREDIT SPA 1.405% 17/08/201115,000,000


2.318,993,670BMW FINANCE NV 1.27% 20/07/20119,000,0003.8414,949,963ING BANK NV 1.47% 20/09/201115,000,0001.284,997,804THE ROYAL BANK OF SCOTLAND NV 1.22%

13/07/20115,000,000

3.0811,983,538THE ROYAL BANK OF SCOTLAND NV 1.27%08/08/2011

12,000,000

4.0915,933,605Spain

4.0915,933,605BANCO BILBAO VIZCAYAARGENTARIA 1.705%26/09/2011

16,000,000

7.6929,927,524Sweden

3.8414,956,454NORDEA BANK AB 1.38% 14/09/201115,000,0003.8514,971,070SVENSKA HANDELSBANKE 1.29% 23/08/201115,000,000


3.8414,969,394LLOYDS TSB BANK PLC 1.365% 23/08/201115,000,0001.676,485,337TESCO PLC 1.43% 26/08/20116,500,000


2.569,985,695CATERPILLAR INC 1.23% 11/08/201110,000,000



0.003AUD(P)/USD(C)OTC - 0.89 - 26.07.11 PUT15,750,0000.12436,009EUR(P)/USD(C)OTC - 1.36 - 27.01.12 PUT21,360,0000.0156,189USD(P)/JPY(C)OTC - 77.85 - 01.09.11 PUT17,000,0000.03127,187USD(P)/SEK(C)OTC - 6.25 - 30.08.11 PUT11,400,000-0.10-393,059Short positions



0.00-AUD(P)/USD(C)OTC - 0.83 - 26.07.11 PUT-15,750,000-0.08-310,357EUR(P)/USD(C)OTC - 1.32 - 27.01.12 PUT-21,360,000-0.01-50,052USD(C)/JPY(P)OTC - 83.6 - 01.09.11 CALL-17,000,000-0.01-32,650USD(C)/SEK(P)OTC - 6.89 - 30.08.11 CALL-11,400,000


Absolute Forex


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


131



13.841,400,211Bonds13.841,400,211France

3.96400,777BANQUE PSA FINANCE FRN 21/09/2011400,7779.88999,434BTF 0% 21/07/20111,000,000


Absolute VaR Short Term

%ofNaV

Market

Valu

e

Quan

tity

EUR



132



33.1458,580,262Bonds0.10168,507Argentina

0.10168,507ARGENTINA FRN 03/08/20121,000,000

0.43758,844Czech Republic

0.43758,844CZECH REPUBLIC 4.50% 05/11/2014720,000

8.4514,958,452France

0.931,651,216BNP PARIBAS 5.25% 17/12/20121,600,0000.37652,894FRANCE EMPRUNT D’ETAT OAT 5.50% 25/04/2029550,0001.973,480,398FRANCE EMPRUNT D’ETAT OATI 1.60% 25/07/20113,050,0004.598,112,671HSBC FRANCE 5.75% 19/06/20137,650,0000.17307,230SFEF 3.125% 30/06/2014300,0000.11201,584SFEF 3.5% 24/11/2011200,0000.31552,459UNEDIC 2.125% 03/12/2012550,000

1.753,084,956Germany

0.23412,752DEUTSCHE BANK 5.125% 31/01/2013400,0000.39681,260GERMANY BUNDEI 2.25% 15/04/2013600,0001.131,990,944GERMANY 4.25% 04/07/20141,860,000

3.345,898,774Greece

0.661,165,320GREECE 4.1% 20/08/20121,500,0001.131,998,125GREECE 4.3% 20/03/20122,300,0001.352,385,193GREECE 4.50% 20/09/20375,450,0000.20350,136GREECE 4.6% 20/09/2040800,000

1.182,088,971Iceland

0.921,623,331REPUBLIC OF ICELAND 4.25% 24/08/2012350,000,0000.14241,484REPUBLIC OF ICELAND 7,25% 17/05/201349,000,0000.004,736REPUBLIC OF ICELAND 8% 12/06/20251,000,0000.12219,420REPUBLIC OF ICELAND 8% 22/07/201148,000,000

3.305,826,114Ireland

0.37654,999BANK OF IRELAND 2.75% 02/03/20121,000,0002.935,171,115GE CAPITAL EUROPEAN FUNDING 6.025%

01/03/20385,150,000

2.003,540,683Italy

1.923,394,534ITALY BTP 4.25% 01/09/20113,380,0000.08146,149ITALY BTPEI 2.1% 15/09/2021150,000


1.953,448,288NOMURA EUROPE FINANCE FRN 05/07/20115,000,000

0.41722,365Poland

0.41722,365POLAND 4.5% 05/02/2013700,000

0.37655,043Slovakia

0.37655,043SLOVAKIA 4.375% 15/05/2017630,000

0.32571,587Spain

0.0593,854CAIXA CATALUNYA TARRAGONAMANRESA 3%29/10/2014

100,000

0.0593,883CAJAAHORROS DE VALENCIA 3% 27/10/2014100,0000.11189,746FONDO DE REESTRUCTURACION ORDE 3%

19/11/2014200,000

0.11194,104INSTITUTO DE CREDITO OFICIAL 2.875% 15/11/2013200,000


0.43754,515LLOYDS TSB BANK PLC FRN 18/01/2013750,0000.911,615,671PERMANENT MASTER ISSUER 2010 1 FRN

15/07/20422,350,000

0.21373,552PROMINENT CMBS N1 FRN 20/12/20328,000,0000.07115,947UNITED KINGDOM 1.875% 22/11/202280,0000.751,323,515UNITED KINGDOM 4.25% 07/03/20361,200,0000.0111,033UNITED KINGDOM 4.25% 07/09/203910,0000.0123,917UNITED KINGDOM 4.75% 07/12/203820,000


2.955,189,834GE CAPITAL TRUST IV FRN 15/09/20665,750,0001.352,393,928INTL LEASE FINANCE CORP FRN 15/08/20112,400,0002.063,639,031JPMORGAN CHASE AND CO 5.375% 01/10/20125,000,0000.08147,884MORGAN STANLEY FRN 01/03/2013150,0000.13236,813UNITED STATES OF AMERICA IDX 2.375%

15/01/2025250,000


0.581,032,038VENEZUELA 9.25% 15/09/20272,000,000

1.422,510,436Mortgage and asset backed securities0.08139,431Italy

0.08139,431A-BEST2 FRN 01/10/2015 A3,250,000


0.751,330,351CHAPEL BV FRN 17/11/20644,500,0000.23403,805E-MAC NL 2007- IBV FRN 25/07/20175,000,000

0.36636,849Spain

0.36636,849FTA SANTANDER EMPRESAS 1 FRN 04/11/2038 A25,600,000



3.215,674,946AMUNDI GLOBAL EMERGENTS R0.6890.0229,043CPR GLOBAL INFLATION710.711,260,788PORTFOLIO FOREX TRADING FCP40.0593,449SG MONETAIRE PLUS4


0.42745,369AMUNDI EMERGING MARKET CORP DEBT D I2C1,0471.272,239,474AMUNDI MONEY MARKET SH OV USD3,246

Absolute VaR 2(EUR)


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


133


48.4185,554,966Bonds11.6820,648,910Belgium

9.0315,956,166ROYAUME DE BELGIQUE 0% 15/09/201116,000,0002.654,692,744ROYAUME DE BELGIQUE 0% 18/08/20114,700,000

27.9649,403,401France

11.6120,496,445BTF 0% 07/07/201120,500,0002.814,970,250BTF 0% 15/12/20115,000,0007.0712,493,170BTF 0% 21/07/201112,500,0002.324,094,018BTF 0% 25/08/20114,100,0000.08149,710BTF 1.05% 01/09/2011150,0003.967,000,000CREDIT FONCIER DE FRANCE FRN 01/08/20117,000,0000.11199,808REPUBLIQUE FRANCAISE 0.95% 04/08/2011200,000

0.28499,860Germany

0.28499,860FEDERAL REPUBLIC OF GERMANY 0% 13/07/2011500,000

0.31542,121Iceland

0.31542,121ISLANDE 0% 15/09/2011120,000,000

0.23399,806Italy

0.23399,806ITALIAN REPUBLIC 0% 15/07/2011400,000

3.395,997,479Spain

3.395,997,479SANTANDER CENTRAL HISPANO ISSU 0%11/07/2011

6,000,000

4.527,994,417Sweden

4.527,994,417NORDEA BANK 0% 21/07/20118,000,000


0.0468,972UNITED STATES OF AMERICA T.BILLS 0% 04/08/2011100,0000.15265,746Derivative instruments


0.15265,746EUR(P)/USD(C)OTC - 1.2 - 03.07.12 PUT22,000,000-0.08-140,024Short positions



-0.08-140,024EUR(P)/USD(C)OTC - 1.1 - 03.07.12 PUT-22,000,000


Absolute VaR 2(EUR)

%ofNaV

Market

Valu

e

Quan

tity

EUR



134



30.948,281,889Bonds5.001,339,050France

1.27339,651BNP PARIBAS 5.25% 17/12/2012227,0003.73999,399HSBC FRANCE 5.75% 19/06/2013650,000

2.72729,095Greece

0.84225,272GREECE 4.1% 20/08/2012200,0001.88503,823GREECE 4.3% 20/03/2012400,000

2.29613,892Iceland

1.15309,021REPUBLIC OF ICELAND 8% 12/06/202545,000,0001.14304,871REPUBLIC OF ICELAND 8% 22/07/201146,000,000

5.041,348,963Ireland

3.14839,435CENTAURUS (ECLIPSE 2005-3) FRN 10/10/2015 A750,0001.90509,528GE CAPITAL EUROPEAN FUNDING 6.025%

01/03/2038350,000

3.39907,095Italy

3.39907,095ITALY BTP 5% 01/08/2039680,000

3.961,058,890Japan

3.961,058,890NOMURA HOLDINGS INC 5% 04/03/20151,000,000


1.86498,400PERMANENT MASTER ISSUER 2010 1 FRN15/07/2042

500,000

0.97260,068UNITED KINGDOM 4.75% 07/12/2038150,000


2.62699,999BA CREDIT CARD TRUST FRN 15/01/2014700,0001.47392,582GE CAPITAL TRUST IV FRN 15/09/2066300,0001.62433,855INTL LEASE FINANCE CORP FRN 15/08/2011300,000

10.542,821,375Mortgage and asset backed securities2.40642,936Netherlands

2.40642,936CHAPEL BV FRN 17/11/20641,500,000


0.90240,936SILVERSTONE MASTER FRN 21/01/2055150,000


4.111,099,657AMERICAN EXPRESS CREDIT ACCOUNT MASTERTRUST FRN 16/03/2015

1,100,000

2.67713,626SLM PRIVATE CREDIT STUDENT VAR 16/12/2030999,9990.46124,220SLM STUDENT LOAN TRUST FRN 17/12/20181,000,000



3.70991,160AMUNDI GLOBAL EMERGENTS R0.083

0.84223,727PORTFOLIO FOREX TRADING FCP0.481


0.68182,190AMUND EMERGING MARKET CORP DEBT D I2C1761.02272,179AMUNDI MONEY MARKET SH OV USD272


45.1912,099,293Bonds10.272,750,462Belgium

10.272,750,462ROYAUME DE BELGIQUE 0% 18/08/20111,900,000

10.832,899,700France

10.832,899,700BTF 0% 11/08/20112,000,000

5.411,449,241Spain

5.411,449,241SANTANDER CENTRAL HISPANO ISSU 0%11/07/2011

1,000,000


2.99799,969UNITED STATES OF AMERICA T.BILLS 0% 01/09/2011800,00013.823,699,975UNITED STATES OF AMERICA T.BILLS 0% 07/07/20113,700,0001.87499,946UNITED STATES OF AMERICA T.BILLS 0% 15/09/2011500,000


Absolute VaR 2(USD)


%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


135

Absolute VaR 4(EUR)



136



7.668,913,417Shares0.0440,942Bermuda

0.0440,942LAZARD LTD-CLASS A1,600

0.0228,165Denmark

0.0228,165PANDORAAB1,300

1.431,670,279France

0.0783,574AREVA3,2500.13155,133AXA9,9000.0330,480CGG VERITAS1,2000.0229,036CREDIT AGRICOLE SA2,8000.0443,368EDF1,6000.12142,251FRANCE TELECOM9,7000.0330,282GDF SUEZ1,2000.0218,522PEUGEOT SA6000.0334,605PUBLICIS GROUPE9000.0228,620RENAULT SA7000.14166,320SANOFI3,0000.0223,040SCHNEIDER ELECTRIC SA2000.0561,380SOCIETE GENERALE A1,5000.09110,040SUEZ ENVIRONNEMENT COMPANY8,0000.0336,965TECHNIP SA5000.23259,219TOTAL6,5000.12143,930VEOLIA ENVIRONNEMENT7,4000.16180,245VIVENDI9,4000.0893,269WENDELACT1,100

0.53614,832Germany

0.09105,962ALLIANZ SE-NOM1,1000.0444,352BAYER AG8000.19226,162DEUTSCHE BANK AG-NOM5,5500.0552,994DEUTSCHE TELEKOM AG-NOM4,9000.0892,050E.ON AG4,7000.0330,588RWE AG8000.0447,350SIEMENS AG-NOM5000.0115,374VOLKSWAGEN AG-PFD108

0.44511,015Italy

0.22252,805ENI SPA15,5000.0668,130FIAT SPA9,0000.0335,600SAIPEM1,0000.13154,480TELECOM ITALIA SPA161,000

0.0337,141Jersey

0.0337,141WPP PLC4,300


0.0553,751GLENCORE INTERNATIONAL9,8860.0225,200TENARIS SA1,600


0.10111,014AEGON NV23,6000.0226,100AKZO NOBEL NV-CVA6000.0329,832FUGRO NV CERTIFICAT-CVA6000.12146,860ING GROEP NV-CVA17,3000.0218,240SBM OFFSHORE NV1,000



0.11125,239Spain

0.0218,411IBERDROLA SA3,0000.09106,828INDITEX1,700

0.0449,138Sweden

0.0449,138ATLAS COPCO AB-A SHS2,700


0.14160,304NOVARTIS AG-NOM3,8000.0334,576ROCHE HOLDING AG - DIVIDEND RIGHT

CERTIFICAT300


0.0563,855AMEC PLC5,3000.0892,312ANGLO AMERICAN PLC2,7000.26306,310ASTRAZENECA PLC8,9000.0226,464AUTONOMY CORPORATION1,4000.17200,772AVIVA PLC41,3000.11133,472BARCLAYS PLC47,0000.22258,358BG GROUP PLC16,5000.0889,603BHP BILLITON PLC3,3000.24279,339BP PLC55,0000.25296,053BRITISH LAND CO PLC43,9000.10122,031BURBERRY GROUP7,6000.0226,641CAIRN ENERGY NEW5,8000.0222,618G4S SHS7,3000.0665,055HSBC HOLDINGS PLC9,5000.0222,933IMPERIAL TOBACCO GROUP PLC1,0000.0888,388INCHCAPE19,1000.0442,392INTERNATIONAL POWER PLC11,9000.0445,270INVENSYS PLC12,7000.24285,095LAND SECURITIES GROUP PLC30,2000.0555,888LLOYDS BANKING GROUP PLC103,0000.0223,833NATIONAL EXPRESS GROUP PLC8,5000.0331,878NATIONAL GRID PLC4,7000.0337,473PRUDENTIAL PLC4,7000.17193,931RIO TINTO PLC3,9000.0674,403ROYAL BANK OF SCOTLAND GROUP174,7000.20227,664ROYAL DUTCH SHELL PLC-A9,3000.0223,345SAINSBURY(J)6,4000.0895,731SMITH & NEPHEW13,0000.0895,362TATE & LYLE PLC13,9800.0220,597TULLOW OIL PLC1,5000.0337,326UK COAL PLC93,6320.14157,237VODAFONE GROUP PLC85,900

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR

Absolute VaR 4(EUR)



137

0.0780,082WEIR GROUP3,4000.0442,525XSTRATA PLC2,8000.0337,6653I GROUP12,100


0.0332,559AKAMAI TECHNOLOGIES INC1,5000.0335,529BANK OF AMERICA CORP4,7000.0445,091CITIGROUP INC1,5700.0670,352HALLIBURTON CO2,0000.11128,334HEXCEL8,5000.0443,980KKR FINANCIAL6,5000.0558,227LAS VEGAS SANDS2,0000.20225,363MORGAN STANLEY14,2000.0781,373PATRIOT COAL5,3000.0224,379PEABODY ENERGY CORP6000.19215,967PFIZER INC15,2000.17193,597SASOL SP.ADR5,3070.0226,119TESLA MOTOR INC1,3000.14166,163VERISIGN7,2000.0229,058VISA INC-A5000.0227,653VMWARE CLASS A400

31.5236,698,189Bonds0.22252,761Argentina

0.22252,761ARGENTINA FRN 03/08/20121,500,000

8.299,665,080France

4.955,777,805COMPAGNIE DE SAINT GOBAIN 4.75% 11/04/20175,500,0001.591,846,575FRANCE EMPRUNT D’ETAT OAT 5.75% 25/10/20321,500,0001.752,040,700PPR SA 4% 29/01/20132,000,000

3.103,613,330Germany

3.103,613,330VOLKSWAGEN LEASING GMBH 4.875% 18/10/20123,500,000

5.386,262,860Greece

4.485,212,500GREECE 4.3% 20/03/20126,000,0000.901,050,360GREECE 4.50% 20/09/20372,400,000

0.81940,406Iceland

0.60695,713REPUBLIC OF ICELAND 4.25% 24/08/2012150,000,0000.13153,268REPUBLIC OF ICELAND 7,25% 17/05/201331,100,0000.0891,425REPUBLIC OF ICELAND 8% 22/07/201120,000,000

5.766,705,437Ireland

1.581,842,000ADAGIO CLO II PLC FRN A1 15/01/20212,000,0004.184,863,437CENTAURUS (ECLIPSE 2005-3) FRN 10/10/2015 A6,300,000


0.33378,436UBS LUXEMBOURG SA 8.25% 23/05/2016500,000


1.241,445,416NOMURA EUROPE FINANCE NV 5.125% 09/12/20141,400,000


0.10121,405PROMINENT CMBS N1 FRN 20/12/20322,600,0000.951,102,929UNITED KINGDOM 4.25% 07/03/20361,000,000

2.202,557,621UNITED KINGDOM 4.25% 07/06/20322,300,000


1.551,805,160GE CAPITAL TRUST IV FRN 15/09/20662,000,000


1.591,847,348VENEZUELA 9.25% 15/09/20273,580,000

3.634,224,637Mortgage and asset backed securities2.833,302,410France

2.833,302,410FCC PROUDREED PROPERTIES FRN 18/08/20174,500,000

0.16182,332Italy

0.16182,332A-BEST2 FRN 01/10/2015 A4,250,000

0.64739,895Spain

0.43489,704BBVA-5 FTPYME FTA FRN 15/03/20395,000,0000.21250,191FTA SANTANDER EMPRESAS 1 FRN 04/11/2038 A22,200,000



1.822,120,991AMUNDI ACTIONS THEMAMOND I 3D651.782,070,530AMUNDI ACTIONS THEMAMONDE R2,0714.034,703,039AMUNDI GLOBAL EMERGENTS R0.5710.12136,345PORTFOLIO FOREX TRADING FCP0.4250.82959,875PORTFOLIO GLOBAL TRADING FCP30.941,092,422PORTFOLIO GLOBAL VOLATIL4


0.871,008,868AMUNDI EMERGING MARKET CORP DEBT D I2C1,4161.121,303,554AMUNDI ALT TECH B B1138


32.9838,400,604Bonds32.5937,950,923France

7.738,998,517BTF 0% 07/07/20119,000,00013.7115,965,798BTF 0% 08/09/201116,000,0008.589,994,442BTF 0% 21/07/201110,000,0002.572,992,166BTF 0% 22/09/20113,000,000

0.39449,681Iceland

0.39449,681ISLANDE 0% 15/09/2011100,000,000


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR



3.213,520,968Shares0.0221,988Denmark

0.0221,988PANDORAAB700

0.48524,266France

0.0225,778CGG VERITAS7000.0222,552CREDIT AGRICOLE SA1,5000.0335,368EDF9000.11116,942FRANCE TELECOM5,5000.0332,928GDF SUEZ9000.0113,427PEUGEOT SA3000.0223,711RENAULT SA4000.0440,190SANOFI5000.0553,395SOCIETE GENERALE A9000.0777,777SUEZ ENVIRONNEMENT COMPANY3,9000.0332,156TECHNIP SA3000.0550,042VIVENDI1,800

0.24265,254Germany

0.0440,190BAYER AG5000.0335,449DEUTSCHE BANK AG-NOM6000.0443,904DEUTSCHE TELEKOM AG-NOM2,8000.0782,347E.ON AG2,9000.0222,174RWE AG4000.0441,190SIEMENS AG-NOM300

0.14155,032Italy

0.0661,462FIAT SPA5,6000.0330,969SAIPEM6000.0562,601TELECOM ITALIA SPA45,000

0.0331,307Jersey

0.0331,307WPP PLC2,500


0.0443,136GLENCORE INTERNATIONAL5,4720.0220,552TENARIS SA900


0.0218,921AKZO NOBEL NV-CVA3000.0221,626FUGRO NV CERTIFICAT-CVA3000.0115,867SBM OFFSHORE NV600



0.10108,014Spain

0.0216,906IBERDROLA SA1,9000.0891,108INDITEX1,000

0.0442,218Sweden

0.0442,218ATLAS COPCO AB-A SHS1,600


0.0661,162NOVARTIS AG-NOM1,0000.0333,420ROCHE HOLDING AG - DIVIDEND RIGHT

CERTIFICAT200


0.0552,404AMEC PLC3,0000.0774,355ANGLO AMERICAN PLC1,5000.19209,576ASTRAZENECA PLC4,2000.0549,408BARCLAYS PLC12,0000.14152,102BG GROUP PLC6,7000.0670,861BHP BILLITON PLC1,8000.22247,370BRITISH LAND CO PLC25,3000.10104,759BURBERRY GROUP4,5000.0552,621HSBC HOLDINGS PLC5,3000.0779,842INCHCAPE11,9000.21238,151LAND SECURITIES GROUP PLC17,4000.0220,297LLOYDS BANKING GROUP PLC25,8000.0330,055PRUDENTIAL PLC2,6000.0221,629RIO TINTO PLC3000.0226,613ROYAL BANK OF SCOTLAND GROUP43,1000.0442,591ROYAL DUTCH SHELL PLC-A1,2000.0444,842SMITH & NEPHEW4,2000.0778,130TATE & LYLE PLC7,9000.0224,579UK COAL PLC42,5250.0664,883WEIR GROUP1,9000.0222,019XSTRATA PLC1,0000.0330,2383I GROUP6,700


0.0227,400BANK OF AMERICA CORP2,5000.0439,974CITIGROUP INC9600.0661,200HALLIBURTON CO1,2000.09103,545MORGAN STANLEY4,5000.0217,673PEABODY ENERGY CORP3000.0667,408VISA INC-A800

24.4626,819,218Bonds3.343,661,386France

2.652,899,845COMPAGNIE DE SAINT GOBAIN FRN 11/04/20122,000,0000.69761,541COMPAGNIE DE SAINT GOBAIN 4.75% 11/04/2017500,000

5.195,687,762Greece

3.223,526,760GREECE 4.3% 20/03/20122,800,0000.64697,980GREECE 4.50% 20/09/20371,100,0000.941,032,946GREECE 4.60% 20/05/20131,000,0000.39430,076GREECE 5.5% 20/08/2014500,000

0.33359,879Iceland

0.0442,871REPUBLIC OF ICELAND 7,25% 17/05/20136,000,0000.14157,944REPUBLIC OF ICELAND 8% 12/06/202523,000,0000.15159,064REPUBLIC OF ICELAND 8% 22/07/201124,000,000

Absolute VaR 4(USD)

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD



138

2.302,518,305Ireland

2.302,518,305CENTAURUS (ECLIPSE 2005-3) FRN 10/10/2015 A2,250,000

2.863,134,814Italy

2.863,134,814ITALY BTP 5% 01/08/20392,350,000


3.563,906,621ENEL FINANCE INTERNATIONAL SA 0% 18/08/20112,700,000

0.87951,743Mexico

0.87951,743MEXICO 9.50% 18/12/2014100,000


0.82898,130NOMURA EUROPE FINANCE NV 5.125% 09/12/2014600,000


0.12135,399PROMINENT CMBS N1 FRN 20/12/20322,000,0001.171,279,265UNITED KINGDOM 4.25% 07/03/2036800,0001.541,692,859UNITED KINGDOM 4.25% 07/06/20321,050,000


0.79867,709INTL LEASE FINANCE CORP FRN 15/08/2011600,000


1.031,133,160VENEZUELA 7.65% 21/04/20251,750,0000.31337,815VENEZUELA 8.25% 13/10/2024500,0000.23254,371VENEZUELA 9.25% 15/09/2027340,000

1.932,112,750Mortgage and asset backed securities0.11124,402Italy

0.11124,402A-BEST2 FRN 01/10/2015 A2,000,000


1.181,285,873CHAPEL BV FRN 17/11/20643,000,0000.0559,978HOLLAND EURO-DENOMINATED MTG BACKED

SERIES 10 FRN 18/08/2039950,000


0.59642,497SILVERSTONE MASTER FRN 21/01/2055400,000



1.521,667,723AMUNDI ACTIONS THEMAMOND I 3D351.501,643,086AMUNDI ACTIONS THEMAMONDE R1,1333.834,191,532AMUNDI GLOBAL EMERGENTS R0.3510.10112,484PORTFOLIO FOREX TRADING FCP0.2390.66728,054PORTFOLIO GLOBAL TRADING FCP10.90989,073PORTFOLIO GLOBAL VOLATIL3


0.72791,370AMUNDI EMERGING MARKET CORP DEBT D I2C7661.091,195,760AMUNDI ALT TECH B B187


44.2248,477,521Bonds10.5611,572,225Belgium

6.607,229,390ROYAUME DE BELGIQUE 0% 15/09/20115,000,0003.964,342,835ROYAUME DE BELGIQUE 0% 18/08/20113,000,000

15.8617,392,277France

5.956,523,250BTF 0% 07/07/20114,500,0003.974,349,550BTF 0% 25/08/20113,000,0001.982,174,250BTF 0.9% 13/07/20111,500,0003.964,345,227REPUBLIQUE FRANCAISE 0.95% 04/08/20113,000,000

3.573,913,502Germany

3.573,913,502FEDERAL REPUBLIC OF GERMANY 0% 13/07/20112,700,000


4.835,299,965UNITED STATES OF AMERICA T.BILLS 0% 07/07/20115,300,0001.281,399,895UNITED STATES OF AMERICA T.BILLS 0% 11/08/20111,400,0003.653,999,865UNITED STATES OF AMERICA T.BILLS 0% 21/07/20114,000,0004.474,899,792UNITED STATES OF AMERICA T.BILLS 0% 28/07/20114,900,000


Absolute VaR 4(USD)


%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD


139



45.0253,393,479Shares0.80947,775Cayman Islands

0.80947,775PRINCIPAL FINANCIAL45,172

2.102,484,686France

1.031,226,928ALCATEL LUCENT307,6551.071,257,758LAGARDERE43,170

1.932,285,175Germany

0.951,128,414METRO27,0020.981,156,761RWE AG30,254

1.681,996,017Italy

0.921,094,834BANCO POPOLARE SPA689,0080.75886,567UBI BANCA SCPA228,3790.0114,616UNIONE DI BANCHE ITALIANE DS 24/06/11228,375


0.81965,603POSTNL N.V.165,0040.961,133,175ROYAL PHILIPS ELECTRONICS NV63,985

0.991,172,653Sweden

0.991,172,653SKANSKAAB-B SHS94,772


0.971,155,044ADECCO26,1610.961,141,185JULIUS BAER GRUPPE40,1140.971,149,552ZURICH FINANCIAL SERVICES AG6,601


0.911,082,417LONMIN67,273


0.79938,365AFLAC INC29,1450.80950,561ALTERA CORP29,7340.931,106,847BIOGEN IDEC INC15,0090.861,024,392CAMERON INTERNATIONAL CORP29,5331.141,353,936CARMAX59,3590.79935,728CINCINNATI FINANCIAL CORP46,4930.961,143,858CISCO SYSTEMS INC106,2411.031,225,865CITIGROUP INC42,6830.991,176,020COMPUWARE CORP174,6981.061,253,613EMERSON ELECTRIC CO32,3121.021,215,227ENTERGY CORP25,8040.80951,477FIFTH THIRD BANCORP108,1961.031,226,699GANNETT CO INC124,1990.981,157,727GOLDMAN SACHS GROUP12,6120.79938,122GOOGLE INC-A2,6860.80950,289HEWLETT PACKARD CO37,8510.74872,257HUDSON CITY BANCORP154,4130.79938,065LIMITED BRANDS35,372

0.00-MARRIOTT INTL ORD REG5290.991,168,533MICROCHIP TECHNOLOGY INC44,6901.071,266,547MICROSOFT CORP70,6270.971,153,031MORGAN STANLEY72,6520.911,078,721NEW YORK TIMES CO CLASS A179,3560.84996,351OMNICOM GROUP INC29,9950.991,176,208PG&E CORP40,5741.041,231,232PRICELINE.COM INC3,4870.80946,707ROBERT HALF INTL50,7800.78920,625STAPLES INC84,4790.84990,699TELLABS INC311,5761.021,205,632UNITED PARCEL SERVICE-B23,9680.871,030,426UNITEDHEALTH GROUP28,9641.031,215,899US STEEL38,2900.851,008,247VARIAN MEDICAL SYSTEMS INC20,8771.041,228,559VIACOM INC-B34,9260.81962,171WELLS FARGO & CO49,7150.79941,561WILLIAMS COMPANIES INC45,128

8.409,955,108Bonds8.409,955,108United Kingdom

4.214,982,458LLOYDS TSB BANK PLC 0% 22/08/20115,000,0004.194,972,650VODAFONE GROUP PLC 0% 06/10/20115,000,000



1.021,208,948AMUNDI DYNARBITRAGE ACTIONS I2205.656,694,336AMUNDI TRESO EONIA C31


33.2439,419,386Bonds21.4825,470,656France

5.076,000,001BANQUE PSA FINANCE FRN 08/08/20116,000,0004.225,000,000CFF RECYCLING FRN 01/07/20115,000,0003.374,000,000CRCAM ANJOU ET MAINE FRN 01/07/20114,000,0001.681,993,733DANONE FINANCE 0% 15/09/20112,000,0002.102,493,813RENAULT CI BANQUE 0% 30/08/20112,500,0001.681,994,864RENAULT CI BANQUE 0% 30/08/20112,000,0003.363,988,245SOCIETE GENERALE 0% 09/09/20114,000,000

8.399,953,000Italy

8.399,953,000ITALIAN REPUBLIC 0% 14/10/201110,000,000


3.373,995,730ENEL FINANCE INTERNATIONAL SA 0% 25/07/20114,000,000


0.09107,387Options0.09107,387Germany

0.09107,387DJ EURO STOXX 50 EUR - 2,950.0 - 19.09.11 CALL203

Absolute Statistical Arbitrage

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR



140

-0.17-206,857Short positions


-0.17-206,857Options-0.17-206,857Germany

-0.17-206,857DJ EURO STOXX 50 EUR - 2,850.0 - 19.09.11 CALL-203


Absolute Statistical Arbitrage


%ofNaV

Market

Valu

e

Quan

tity

EUR


141



57.44118,073,699Bonds1.673,423,625Austria

1.673,423,625SAPPI PAPIER HOLDING GMBH 11.75% 01/08/20143,050,000

0.961,969,000Bermuda

0.961,969,000CENTRAL EUROPEAN MEDIA ENT.LTD FRN15/05/2014

2,200,000

2.785,710,500Finland

2.785,710,500M-REAL OYJ IDX VAR 01/04/20135,400,000

15.5632,002,770France

1.432,941,286CMA CGM SA 5.5% 16/05/20122,850,0000.38779,000CROWN EURO HOLDINGS 7.125% 15/08/2018760,0001.593,266,249EUROPCAR GROUPE SA FRN 15/05/2013 REGS3,350,0001.653,385,403PERNOD-RICARD 4.625% 06/12/20133,300,0002.895,965,519PERNOD-RICARD 7% 15/01/20155,500,0000.711,466,313PEUGEOT SA 4% 28/10/20131,450,0001.382,835,161PEUGEOT SA 8.375% 15/07/20142,530,0000.541,104,026RCI BANQUE SA FRN 11/04/20141,600,0000.521,074,865RCI BANQUE SA 4% 16/03/20161,100,0001.072,203,750REXEL 8.25% 15/12/20162,050,0000.641,311,935RHODIA SA FRN 15/10/20133,065,0001.503,082,500TEREOS EUROPE 6.375% 15/04/20143,000,0001.262,586,763WENDEL INV 4.875% 04/11/20142,590,000

5.3310,963,313Germany

2.555,249,750DEGUSSA 5.125% 10/12/20135,000,0001.272,608,880HEIDELBERGCEMENT FINANCE VAR 25/01/20122,545,0001.012,073,493PERI GMBH 5.625% 15/12/20112,050,0000.501,031,190SIXT AG 5.375% 06/11/20121,000,000

0.992,027,600Ireland

0.992,027,600SIBACADEMFINANCE (URSABK) 8.3% 16/11/20112,000,000

0.971,985,000Liberia

0.971,985,000ROYAL CARIBBEAN CRUISES LTD 5.625%27/01/2014

2,000,000


1.022,097,270FIAT INDUSTRIAL FINANCE EUROPE 5.25%11/03/2015

2,100,000

0.20403,460FIAT INDUSTRIAL FINANCE EUROPE 5.625%15/11/2011

400,000

1.022,092,520FIAT INDUSTRIAL FINANCE EUROPE 9% 30/07/20122,000,0000.811,671,866JSC ATF BANK 9.25% 12 REGS 12/04/20122,350,0001.002,051,100LECTA SA FRN 15/02/20142,120,0000.951,958,241MOBILE TELESYSTEMS FINANCE SA 8% 28/01/20122,750,0000.531,089,966UBS LUXEMBOURG SA 8.375% 22/10/20111,550,0001.372,829,012VIP FINANCE 8.375% 30/04/20133,800,0001.052,152,500WIND ACQUISITION FINANCE SA 7.375% 15/02/20182,100,000


0.48993,214BOATS INVESTMENT BV FRN 31/03/2017700,0000.47957,600CEMEX FINANCE 4.75% 05/03/20141,050,0000.961,963,506NXP BV FRN 15/10/20132,550,0000.881,804,813PHOENIX PIB FINANCE 9.625% 15/07/20141,675,0002.445,016,770PORTUGAL TELECOM INTERNATIONAL FINANCE

BV 5.625% 08/02/20165,500,000

0.07151,500REFRESCO GROUP BV 7.375% 15/05/2018150,0000.771,591,650ZIGGO 6.125% 15/11/20171,620,000


1.603,282,500CONSOL GLASS LTD 7.625% 15/04/20143,250,0000.35717,750EDCON HOLDINGS (PROPRIETARY) LTD FRN

15/06/2015870,000

0.531,093,750EDCON (PROPRIETARY) LTD FRN 15/06/20141,250,000

1.232,529,350Spain


2,500,000


1.653,388,814AVIS FINANCE COMPANY PLC FRN 31/07/20133,400,0000.521,063,125ECO-BAT FINANCE PLC 10.125% 31/01/20132,100,0001.062,181,252FINANCE BANK PLC 5.125% 16/11/20152,000,0001.042,138,556FINANCE BANK PLC 7.125% 16/01/20122,100,0001.783,661,315FINANCE BANK PLC 7.25% 15/07/20133,500,0000.15302,821INFINIS 9.125% 15/12/2014262,0002.084,290,000ISS FINANCING 11% 15/06/20144,000,0000.761,555,534OTE PLC 6% 12/02/20151,700,0001.372,820,936OTE PLC 7.25% 08/04/20142,970,000


1.042,141,200HERTZ CORPORATE 8.5% 31/07/20152,020,000



8.6017,674,773AMUNDI TRESO CORPORATE77




34.7671,446,043Bonds34.7671,446,043France

29.2760,168,233BTF 0% 07/07/201160,179,0002.094,295,191BTF 0% 11/08/20114,300,0003.406,982,619BTF 0% 15/09/20117,000,000


Absolute High Yield

%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR



142



6.4028,813,208Shares0.16734,640Belgium

0.16734,640AHNEUSER-BUSH INBEV18,366

2.9413,231,793France

0.12560,713ALCATEL LUCENT140,6000.281,278,747BOUYGUES42,1820.341,522,257CARREFOUR SA53,7520.03117,306DANONE2,2800.21947,946FRANCE TELECOM64,6400.12527,285GDF SUEZ20,8950.08353,386MICHELIN (CGDE)-SA5,2400.09421,550PERNOD RICARD6,2020.16706,614PEUGEOT SA22,8900.15684,961SANOFI12,3550.441,952,064SCHNEIDER ELECTRIC SA16,9450.311,400,067TOTAL35,1070.391,759,247VINCI SA39,8290.22999,650VIVENDI52,133

1.637,320,279Germany

0.522,359,342BASF SE34,9170.472,101,113BAYERISCHE MOTORENWERKE30,5350.291,292,468DEUTSCHE BANK AG-NOM31,7170.13590,221DEUTSCHE POST AG-NOM44,5450.12518,661LINDE AG4,2900.08366,707METRO8,7750.0291,767SAP AG2,198


0.271,211,238EADS52,4800.06256,381KONINKLIJKE AHOLD NV27,6690.532,405,549ROYAL PHILIPS ELECTRONICS NV135,8300.08361,183UNILEVER CVA15,978


0.371,660,572ABB LTD-NOM92,9920.04158,781HOLCIM LTD-NOM3,0550.0297,541NESTLE SA2,2790.04179,541NOVARTIS AG-NOM4,2560.14646,565ROCHE HOLDING AG - DIVIDEND RIGHT

CERTIFICAT5,610

0.12549,145UBS AG NOM43,731

3.5515,983,938Bonds2.229,983,938Belgium

2.229,983,938VOLKSWAGEN GROUP SERVICES SCS 0%11/08/2011

10,000,000

1.336,000,000France

1.336,000,000CREDIT AGRICOLE SA FRN 13/06/20126,000,000

9.1341,093,641Convertible bonds1.064,778,263Belgium

1.064,778,263SAGERPAR 2.95% 27/04/2012 CV4,750,000

4.1418,630,256France

0.462,055,310ALCATEL-LUCENT 5% 01/01/2015 CV450,0001.627,321,882ARTEMIS CONSEIL SA 2% 31/07/201148,9501.004,490,595EURAZEO 6.25% 10/06/2014 CV76,0300.482,172,013MICHELIN ET COMPAGNIE 0% 01/01/2017 CV18,2300.582,590,456PEUGEOT SA 4.45% 01/01/2016 CV74,980

2.9813,409,024Germany

2.9813,409,024KREDITANSTALT FUR WIEDERAUFBAU 3.25%27/06/2013 CV

12,800,000


0.04188,078CELESIO FINANCE BV 2.5% 07/04/2018200,0000.914,088,020STMICROELECTRONICS NV 0% 23/02/2016 CV5,475,000



3.7416,843,813AMUNDI TRESO EONIA C781.034,638,327PORTFOLIO ASYMETRIE JAPON FCP110


40.04180,216,215Bonds32.43145,983,378France

4.0018,000,001BANQUE FEDERATIVE DU CREDIT MUTUEL FRN09/11/2011

18,000,000

2.6712,000,000BANQUE POSTALE (LA) FRN 28/07/201112,000,0000.894,000,000BANQUE PSA FINANCE FRN 02/08/20114,000,0002.4411,000,000BNP PARIBAS FRN 01/11/201111,000,0001.336,000,000BPCE FRN 07/02/20126,000,0001.446,500,000BPCE FRN 09/08/20116,500,0003.7817,000,000BRED-BANQUE POPULAIRE FRN 03/10/201117,000,0002.3310,500,000CALYON CREDIT AGRICOLE CORPOR & INVEST

BANK FRN 01/12/201110,500,000

3.3315,000,000CDT AGRICOLE CORPORATE & INVESTMENTBANKING FRN 01/03/2012

15,000,000


9,000,000

1.335,983,377CRCAM DE PARIS IDF 0% 08/09/20116,000,0002.2210,000,000NATIXIS BANQUES POPULAIRES FRN 24/08/201110,000,0000.673,000,000SOCIETE FRANCAISE DU RADIOTELEPHONE (SFR

SA) FRN 10/08/20113,000,000

1.567,000,000SOCIETE GENERALE FRN 01/08/20117,000,0002.4411,000,000SOCIETE GENERALE FRN 02/09/201111,000,000

2.229,986,887Germany

1.335,991,893DEUTSCHE POST AG 0% 10/08/20116,000,0000.893,994,994DEUTSCHE TELEKOM AG 1.37% 02/08/20114,000,000

Absolute Volatility Arbitrage


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


143


2.6712,000,000ING BANK N.V. FRN 16/08/201112,000,000

1.225,495,950Spain

1.225,495,950ENDESA CAPITAL SA 1.4% 19/07/20115,500,000


1.506,750,000BARCLAYS BANK PLC LONDON FRN 11/07/20116,750,000


1.958,759,135Options0.0148,000Belgium

0.0148,000AHNEUSER-BUSH INBEV - 40.0 - 16.09.11 PUT320

0.231,050,495France

0.04188,100ALCATEL LUCENT - 4.0 - 16.12.11 PUT4,2750.02107,420BOUYGUES - 29.0 - 16.09.11 PUT1,3100.0138,128DANONE - 46.0 - 16.12.11 PUT3300.0135,840EADS - 20.0 - 16.12.11 PUT6400.0285,760FRANCE TELECOM SA - 14.0 - 16.12.11 PUT1,2800.0164,015MICHELIN - 60.0 - 16.12.11 PUT2750.05193,280PERNOD-RICARD - 64.0 - 16.12.11 PUT6400.0295,360PEUGEOT SA - 28.0 - 16.12.11 PUT6400.0016,170SANOFI - 50.0 - 16.12.11 PUT1100.0142,662SCHNEIDER ELECTR SA - 100.0 - 16.12.11 PUT1100.0157,200SCHNEIDER ELECTR SA - 110.0 - 19.08.11 PUT2000.0148,000TOTAL SA - 38.0 - 16.09.11 PUT6400.0134,880VINCI SA - 42.0 - 16.09.11 PUT3200.0143,680VIVENDI - 18.0 - 16.09.11 PUT1,120

0.743,282,539Germany

0.0162,910ABB LTD-NOM - 24.0 - 16.12.11 CALL1,2800.0149,400BASF SE - 62.0 - 16.09.11 PUT3800.08314,340BMW - 66.0 - 16.12.11 PUT7800.02111,555DEUTSCHE BANK AG-NOM - 38.0 - 16.12.11 PUT5550.03152,070DEUTSCHE BANK AG-NOM - 40.0 - 19.12.11 PUT5550.0140,040DEUTSCHE BANK AG-NOM - 44.0 - 19.12.11 CALL2200.492,178,520DJ EURO STOXX 50 EUR - 2,700.0 - 18.06.12 PUT1,0700.008,360LINDE AG - 100.0 - 19.09.11 PUT2200.03119,240LINDE AG - 120.0 - 16.09.11 CALL2200.03143,640METRO - 46.0 - 19.12.11 PUT2700.0129,358NESTLE SA - 50.0 - 19.12.11 PUT2800.0122,706NESTLE SA - 55.0 - 19.12.11 CALL2800.0150,400SAP AG - 40.0 - 16.09.11 PUT560

0.009Luxembourg

0.009ROY.PHILIPS ELECTR - 14.0 - 19.08.11 PUT450


0.0126,100ROY.PHILIPS ELECTR - 16.0 - 16.12.11 PUT4500.0131,030ROY.PHILIPS ELECTR - 21.0 - 16.12.11 CALL1,0700.14674,100ROY.PHILIPS ELECTR - 24.0 - 16.12.11 PUT1,070


0.0014,003HOLCIM LTD-NOM - 60.0 - 16.12.11 PUT650.0018,209HOLCIM LTD-NOM - 62.0 - 16.12.11 PUT650.0011,980HOLCIM LTD-NOM - 68.0 - 16.12.11 CALL650.0141,284NOVARTIS AG-NOM - 50.0 - 19.12.11 PUT2800.0132,569NOVARTIS AG-NOM - 54.0 - 19.12.11 CALL2800.0125,066ROCHE HOLDING - CERT - 120.0 - 16.12.11 PUT2550.0165,379ROCHE HOLDING - CERT - 150.0 - 16.12.11 CALL2550.05193,276SMI (ZURICH) - 6,100.0 - 19.12.11 PUT1100.02102,336SMI (ZURICH) - 6,400.0 - 15.07.11 CALL2,1540.0145,818UBS AG NOM - 15.0 - 16.12.11 PUT5650.0138,413UBS AG NOM - 16.0 - 16.12.11 CALL5650.0268,496UBS AG NOM - 16.0 - 19.12.11 PUT565


0.462,105,045S&P TEST - 1,350.0 - 17.09.11 PUT5450.20884,988SPXQ 500 INDEX - 1,300.0 - 17.09.11 CALL273-1.80-8,081,141Short positions


-1.80-8,081,141Options-0.02-75,200Belgium

-0.01-50,560AHNEUSER-BUSH INBEV - 38.0 - 16.09.11 PUT-640-0.01-24,640AHNEUSER-BUSH INBEV - 42.0 - 16.09.11 CALL-320

-0.49-2,225,383France

-0.04-192,375ALCATEL LUCENT - 4.0 - 16.12.11 CALL-4,275-0.01-49,450ALCATEL LUCENT - 4.6 - 16.12.11 CALL-2,1500.00-10,480BOUYGUES - 24.0 - 16.09.11 PUT-1,310-0.05-239,963DANONE - 46.0 - 16.12.11 CALL-330-0.02-72,589DANONE - 56.62 - 16.12.11 CALL-640-0.03-151,680EADS - 22.0 - 16.12.11 CALL-640-0.01-46,720GDF SUEZ - 26.0 - 16.09.11 CALL-640-0.02-82,143MICHELIN - 56.0 - 16.12.11 PUT-550-0.02-92,623MICHELIN - 72.0 - 16.12.11 CALL-275-0.03-133,120PERNOD-RICARD - 56.0 - 16.12.11 PUT-1,280-0.02-75,520PEUGEOT SA - 24.0 - 16.12.11 PUT-1,280-0.07-294,399PEUGEOT SA - 32.0 - 16.12.11 CALL-1,280-0.01-55,290PEUGEOT SA - 36.0 - 16.12.11 CALL-570-0.01-63,250SANOFI - 52.0 - 16.12.11 CALL-1100.00-22,000SANOFI - 52.0 - 16.12.11 PUT-110-0.01-37,575SANOFI - 60.0 - 16.12.11 CALL-225-0.04-167,860SCHNEIDER ELECTR SA - 120.0 - 16.12.11 CALL-220-0.01-37,996SCHNEIDER ELECTR SA - 88.0 - 16.12.11 PUT-2200.00-20,160TOTAL SA - 34.0 - 16.09.11 PUT-960-0.02-91,520TOTAL SA - 40.0 - 16.09.11 CALL-640-0.01-23,040VINCI SA - 38.0 - 16.09.11 PUT-640-0.04-173,470VINCI SA - 44.0 - 16.09.11 CALL-830-0.01-38,400VIVENDI - 16.0 - 16.12.11 PUT-1,280-0.01-53,760VIVENDI - 20.0 - 16.09.11 CALL-1,120

-0.67-2,975,644Germany

-0.01-49,279ABB LTD-NOM - 23.0 - 16.09.11 CALL-1,280


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR



144

-0.01-31,160BASF SE - 56.0 - 16.09.11 PUT-760-0.09-407,680BASF SE - 68.0 - 16.03.12 CALL-6400.00-7,680DEUTSCHE POST AG-NOM - 12.0 - 16.09.11 PUT-640-0.01-41,600DEUTSCHE POST AG-NOM - 13.0 - 16.09.11 CALL-640-0.05-216,720DJ EURO STOXX 50 EUR - 2,200.0 - 19.12.11 PUT-8400.00-11,000DJ EURO STOXX 50 EUR - 2,500.0 - 15.07.11 PUT-550-0.06-259,140DJ EURO STOXX 50 EUR - 2,500.0 - 19.12.11 PUT-420-0.03-144,560DJ EURO STOXX 50 EUR - 2,700.0 - 16.09.11 PUT-260-0.25-1,068,325DJ EURO STOXX 50 EUR - 2,800.0 - 19.12.11 PUT-755-0.01-28,160LINDE AG - 110.0 - 19.09.11 PUT-220-0.05-229,020LINDE AG - 120.0 - 16.03.12 CALL-220-0.01-66,440LINDE AG - 125.0 - 19.09.11 CALL-220-0.02-108,000METRO - 44.0 - 19.12.11 PUT-270-0.02-89,600SAP AG - 38.0 - 16.03.12 PUT-560-0.03-126,000SAP AG - 40.0 - 16.03.12 PUT-560-0.02-91,280SAP AG - 46.0 - 16.03.12 CALL-560

-0.02-92,030Netherlands

-0.02-33,280KONINKLIJKE AHOLD - 9.2 - 16.09.11 PUT-1,2800.00-20,480KONINKLIJKE AHOLD - 9.6 - 16.09.11 CALL-1,2800.00-9,450ROY.PHILIPS ELECTR - 14.0 - 16.12.11 PUT-4500.00-6,420ROY.PHILIPS ELECTR - 24.0 - 16.12.11 CALL-1,0700.00-10,240UNILEVER CVA - 20.0 - 16.09.11 PUT-6400.00-12,160UNILEVER CVA - 24.0 - 16.09.11 CALL-640

-0.11-502,448Switzerland

-0.01-53,891ROCHE HOLDING - CERT - 150.0 - 16.09.11 CALL-510-0.01-45,875SMI (ZURICH) - 5,700.0 - 15.07.11 PUT-2,154-0.03-112,901SMI (ZURICH) - 5,800.0 - 19.12.11 PUT-110-0.06-272,657SMI (ZURICH) - 6,300.0 - 19.12.11 PUT-1100.00-17,124UBS AG NOM - 13.0 - 16.12.11 PUT-565

-0.49-2,210,436United States of America

-0.30-1,353,244S&P TEST - 1,250.0 - 17.09.11 PUT-1,090-0.16-729,248S&P TEST - 1,350.0 - 17.09.11 CALL-545-0.03-118,80510YR US TREASRY NOTE - 121.0 - 22.07.11 PUT-4240.00-9,13910YR US TREASRY NOTE - 125.5 - 22.07.11 CALL-212




%ofNaV

Market

Valu

e

Quan

tity

EUR


145

Absolute Volatility Euro Equities



146



1.2232,000,000Bonds1.2232,000,000France




4.76125,032,919AMUNDI TRESO EONIA C579


35.55934,793,905Bonds27.95734,905,222France


76,000,000

2.5166,000,000BANQUE POSTALE (LA) FRN 28/07/201166,000,0000.9124,000,000BANQUE PSA FINANCE FRN 02/08/201124,000,0003.84101,000,001BNP PARIBAS FRN 01/11/2011101,000,0001.5039,500,000BPCE FRN 07/02/201239,500,0001.1229,500,000BPCE FRN 09/08/201129,500,0002.9377,000,000BRED-BANQUE POPULAIRE FRN 03/10/201177,000,0002.5567,000,000CALYON CREDIT AGRICOLE CORPOR &

INVESTMENT BANKING FRN 01/12/201167,000,000


67,000,000


22,000,000

1.4437,905,221CRCAM DE PARIS IDF 0% 01/09/201138,000,0000.6517,000,000SOCIETE FRANCAISE DU RADIOTELEPHONE (SFR

SA) FRN 10/08/201117,000,000


2.5165,913,717Germany



2.4765,000,000ING BANK N.V. FRN 16/08/201165,000,000

1.2933,974,966Spain




38.141,002,993,595Derivative instruments

38.141,002,993,595Options38.141,002,993,595Germany

1.9049,855,000DJ EURO STOXX 50 EUR - 2,600.0 - 18.06.12 PUT29,500

6.28165,213,880DJ EURO STOXX 50 EUR - 2,600.0 - 19.12.11 CALL51,2451.2131,696,000DJ EURO STOXX 50 EUR - 2,600.0 - 21.12.12 PUT14,0003.5192,241,000DJ EURO STOXX 50 EUR - 2,700.0 - 19.12.11 CALL37,0000.4912,894,050DJ EURO STOXX 50 EUR - 2,700.0 - 19.12.11 PUT11,9500.174,571,500DJ EURO STOXX 50 EUR - 2,750.0 - 18.06.12 PUT2,0502.1356,036,850DJ EURO STOXX 50 EUR - 2,800.0 - 18.06.12 CALL25,0503.0179,056,000DJ EURO STOXX 50 EUR - 2,800.0 - 18.06.12 PUT32,4003.5894,203,625DJ EURO STOXX 50 EUR - 2,800.0 - 19.12.11 PUT66,5750.4211,164,950DJ EURO STOXX 50 EUR - 2,800.0 - 24.12.12 CALL3,8700.6216,308,690DJ EURO STOXX 50 EUR - 2,800.0 - 24.12.12 PUT5,3700.7018,493,050DJ EURO STOXX 50 EUR - 2,900.0 - 19.12.11 CALL14,5501.8849,365,600DJ EURO STOXX 50 EUR - 2,900.0 - 19.12.11 PUT26,8000.8622,543,500DJ EURO STOXX 50 EUR - 2,900.0 - 24.12.12 CALL9,5003.2084,253,600DJ EURO STOXX 50 EUR - 2,900.0 - 24.12.12 PUT24,1000.6817,760,600DJ EURO STOXX 50 EUR - 3,000.0 - 18.06.12 CALL13,8003.7297,804,800DJ EURO STOXX 50 EUR - 3,000.0 - 18.06.12 PUT28,3003.2685,845,800DJ EURO STOXX 50 EUR - 3,000.0 - 19.12.11 PUT36,1000.5213,685,100DJ EURO STOXX 50 EUR - 3,200.0 - 18.06.12 CALL21,450-9.50-249,748,245Short positions


-9.50-249,748,245Options-9.50-249,748,245Germany

-1.05-27,696,900DJ EURO STOXX 50 EUR - 2,200.0 - 18.06.12 PUT-36,300-1.53-40,286,700DJ EURO STOXX 50 EUR - 2,200.0 - 19.12.11 PUT-156,150-0.39-10,207,000DJ EURO STOXX 50 EUR - 2,300.0 - 19.12.11 PUT-29,500-1.52-39,957,800DJ EURO STOXX 50 EUR - 2,400.0 - 24.12.12 PUT-24,100-0.04-1,033,200DJ EURO STOXX 50 EUR - 2,600.0 - 15.07.11 PUT-24,600-1.07-28,237,360DJ EURO STOXX 50 EUR - 2,600.0 - 16.12.11 PUT-34,520-2.06-53,833,285DJ EURO STOXX 50 EUR - 2,800.0 - 16.12.11 CALL-29,305-0.20-5,278,000DJ EURO STOXX 50 EUR - 2,850.0 - 15.07.11 CALL-13,000-0.08-2,078,440DJ EURO STOXX 50 EUR - 2,900.0 - 15.07.11 CALL-11,420-1.56-41,139,560DJ EURO STOXX 50 EUR - 3,000.0 - 19.12.11 CALL-50,540


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR

Absolute Volatility World Equities



147



1.6835,521,325Bonds1.6835,521,325France



37.65798,000,929Bonds29.72629 909 198France


51,000,000

3.0865,243,250BANQUE POSTALE (LA) FRN 28/07/201145,000,0001.0622,472,675BANQUE PSA FINANCE FRN 02/08/201115,500,0001.9240,595,800BNP PARIBAS FRN 01/11/201128,000,0000.9921,022,825BPCE FRN 07/02/201214,500,0001.3328,272,075BPCE FRN 09/08/201119,500,0004.0986,991,001BRED-BANQUE POPULAIRE FRN 03/10/201160,000,0003.5675,392,200CALYON CREDIT AGRICOLE CORPOR &

INVESTMENT BANKING FRN 01/12/201152,000,000


26,000,000


15,000,000

0.9620,247,273CRCAM DE PARIS IDF 0% 01/09/201114,000,0002.8460,168,775NATIXIS BANQUES POPULAIRES FRN 24/08/201141,500,0000.7215,223,425SOCIETE FRANCAISE DU RADIOTELEPHONE (SFR

SA) FRN 10/08/201110,500,000


2.2547,779,267Germany



3.0865,243,250ING BANK N.V. FRN 16/08/201145,000,000

1.6134,046,389Spain





32.75694,186,411Options12.82271,808,208Germany

0.6914,701,479DJ EURO STOXX 50 EUR - 2,600.0 - 18.06.12 PUT6,0002.0242,816,739DJ EURO STOXX 50 EUR - 2,600.0 - 19.12.11 CALL9,1600.224,677,506DJ EURO STOXX 50 EUR - 2,600.0 - 21.12.12 PUT1,4251.2526,433,013DJ EURO STOXX 50 EUR - 2,800.0 - 18.06.12 CALL8,1500.7916,803,762DJ EURO STOXX 50 EUR - 2,800.0 - 18.06.12 PUT4,7501.1223,797,251DJ EURO STOXX 50 EUR - 2,800.0 - 19.12.11 CALL8,935

0.9620,299,966DJ EURO STOXX 50 EUR - 2,800.0 - 19.12.11 PUT9,8950.459,620,480DJ EURO STOXX 50 EUR - 2,800.0 - 24.12.12 CALL2,3000.4810,127,347DJ EURO STOXX 50 EUR - 2,800.0 - 24.12.12 PUT2,3000.132,764,139DJ EURO STOXX 50 EUR - 2,900.0 - 19.12.11 CALL1,5001.7036,053,420DJ EURO STOXX 50 EUR - 2,900.0 - 19.12.11 PUT13,5000.8618,247,232DJ EURO STOXX 50 EUR - 2,900.0 - 24.12.12 PUT3,6000.102,170,425DJ EURO STOXX 50 EUR - 2,950.0 - 18.06.12 CALL1,0000.183,731,914DJ EURO STOXX 50 EUR - 3,000.0 - 18.06.12 CALL2,0001.2827,208,001DJ EURO STOXX 50 EUR - 3,000.0 - 18.06.12 PUT5,4300.408,378,016DJ EURO STOXX 50 EUR - 3,000.0 - 19.12.11 PUT2,4300.193,977,518DJ EURO STOXX 50 EUR - 3,200.0 - 18.06.12 CALL4,300

5.02106,427,179Singapore

0.469,671,247NIKKEI 225 SIMEX FUT - 10,000.0 - 09.12.11 CALL4,1000.5010,555,967NIKKEI 225 SIMEX FUT - 10,000.0 - 09.12.11 PUT2,7500.265,497,771NIKKEI 225 SIMEX FUT - 10,500.0 - 08.06.12 CALL2,4000.8618,202,078NIKKEI 225 SIMEX FUT - 10,500.0 - 08.06.12 PUT2,4001.7737,633,724NIKKEI 225 SIMEX FUT - 9,000.0 - 06.06.12 PUT12,2800.428,799,405NIKKEI 225 SIMEX FUT - 9,000.0 - 09.12.11 CALL1,4100.255,389,301NIKKEI 225 SIMEX FUT - 9,000.0 - 09.12.11 PUT3,5100.5010,677,686NIKKEI 225 SIMEX FUT - 9,500.0 - 08.06.12 PUT2,540


1.7737,555,725S&P TEST - 1,200.0 - 17.12.11 CALL2,7850.265,460,000S&P TEST - 1,200.0 - 17.12.11 PUT1,8201.8739,565,400S&P TEST - 1,250.0 - 16.06.12 PUT4,7901.3328,272,600S&P TEST - 1,250.0 - 17.12.11 CALL2,7801.2225,821,500S&P TEST - 1,250.0 - 17.12.11 PUT6,0054.4093,180,999S&P TEST - 1,300.0 - 16.06.12 CALL9,8501.0422,039,800S&P TEST - 1,300.0 - 16.06.12 PUT2,1802.2146,765,000S&P TEST - 1,300.0 - 22.12.12 CALL3,9800.4910,450,000S&P TEST - 1,325.0 - 16.06.12 PUT9500.326,840,000S&P TEST - 1,350.0 - 16.06.12 CALL950

-10.44-221,211,672Short positions


-10.44-221,211,672Options-2.71-57,469,256Germany

-0.27-5,752,425DJ EURO STOXX 50 EUR - 2,200.0 - 18.06.12 PUT-5,200-0.40-8,378,973DJ EURO STOXX 50 EUR - 2,200.0 - 19.12.11 PUT-22,400-0.38-8,055,367DJ EURO STOXX 50 EUR - 2,400.0 - 19.12.11 PUT-12,000-0.41-8,653,865DJ EURO STOXX 50 EUR - 2,400.0 - 24.12.12 PUT-3,600-0.01-243,575DJ EURO STOXX 50 EUR - 2,600.0 - 15.07.11 PUT-4,000-0.19-3,973,024DJ EURO STOXX 50 EUR - 2,600.0 - 19.12.11 PUT-3,350-0.06-1,221,426DJ EURO STOXX 50 EUR - 2,850.0 - 15.07.11 CALL-2,075-0.03-620,101DJ EURO STOXX 50 EUR - 2,900.0 - 15.07.11 CALL-2,350-0.96-20,570,500DJ EURO STOXX 50 EUR - 3,000.0 - 19.12.11 CALL-17,430

-0.12-2,519,626Singapore

-0.01-271,545NIKKEI 225 SIMEX FUT - 10,000.0 - 08.07.11 CALL-1,290-0.11-2,176,201NIKKEI 225 SIMEX FUT - 7,500.0 - 09.12.11 PUT-4,7500.00-71,880NIKKEI 225 SIMEX FUT - 9,000.0 - 08.07.11 PUT-1,290

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD

Absolute Volatility World Equities



148

-7.61-161,222,790United States of America

-0.26-5,601,200S&P TEST - 1,000.0 - 17.12.11 CALL-190-0.27-5,709,550S&P TEST - 1,000.0 - 17.12.11 PUT-7,415-3.80-80,535,000S&P TEST - 1,100.0 - 16.06.12 CALL-3,835-2.15-45,501,350S&P TEST - 1,100.0 - 22.12.12 CALL-1,990-0.56-11,834,990S&P TEST - 1,150.0 - 17.12.11 CALL-790-0.40-8,452,500S&P TEST - 1,150.0 - 17.12.11 PUT-4,025-0.01-186,400S&P TEST - 1,200.0 - 16.07.11 PUT-2,330-0.01-244,650S&P TEST - 1,250.0 - 16.07.11 PUT-1,165-0.15-3,157,150S&P TEST - 1,300.0 - 16.07.11 CALL-1,165


%ofNaV

Market

Valu

e

Quan

tity

USD



98.9811,333,761Share/Units in investment funds4.51516,767Cayman Islands

4.51516,767BLACKROCK UK ABSOL.ALPHA D ACC376,647

26.813,069,475Ireland

4.83553,436FUNDLOGIC MS PSAM GLOB.B EUR5488.73999,608GLG ALPHA SELECT III C10,36710.261,173,876GLG EUROPEAN EQUITY C10,4232.99342,555OCCAM EMERGING MARKETS OPPORTUNITIES A30,750


5.37614,983CCI HEALTHCARE LONG-SHORT UCITS FUNDCLASS EUR B (ACC)

5,476

6.69765,505EXANE FUND 1 - TEMPLIERS FUND - CLASS A(CAPI)

44

8.30950,504EXANE FUNDS 1 - ARCHIMEDES FUNDS A CAP6410.181,165,678GOLDMAN SACHS FUNDS US EQUITY ABSOLUTE

RETURN I11,092

2.55292,422ML INV.SOLS-YORK ASIAN EV.-DR. REG. SHARES DACC.EUR

2,903

10.351,184,638NATIXIS ABSOLUTE GLOBAL SICAV SIXTINAMADISON STREET FD B2

1,147

8.15933,683RWC FUNDS SICAV9,7326.86785,337SABRE ALL WEATHER CL.B CAP.7,893


9.211,054,769GARTMORE INVESTMENT ABSOLUTE RETURN ACCCL I INST GBP

816,203


Multimanagers Long/Short Equity


%ofNaV

Market

Valu

e

Quan

tity

EUR


149




9.892,966,498AMUNDI OBLIG HAUT RENDEMENT I5010.033,007,494AMUNDI CREDIT EURO15915.694,708,690AMUNDI ETF MSCI EMU38,5803.581,074,826AMUNDI ETF MSCI JAPAN10,8704.051,213,452AMUNDI ETF MSCI.WORLD ENERG.ETF5,2467.012,101,262AMUNDI INVESTMENT SOLUTIONS MSCI USA B

ETF21,202

10.013,002,714AMUNDI OBLIG 1-3 EURO1272.07620,722AMUNDI TRESO DOLLAR402.88863,785AMUNDI TRESO EONIA C40.2266,280AMUNDI TRESO INSTITUTION35.021,505,706AMUNDI TRESO 12 MOIS I C1510.383,111,353AMUNDI TRESO 3 MOIS30.025,683LCL MONETAIRE (C)110.033,007,870PORTFOLIO MONINDEX139

6.471,938,852Germany

6.471,938,852ISHARES DJ EURO STOXX BANKS117,222


0.44130,880Options0.44130,880Germany

0.2058,320DJ EURO STOXX 50 EUR - 2,800.0 - 18.07.11 CALL800.0515,120DJ EURO STOXX 50 EUR - 2,875.0 - 18.07.11 CALL540.1544,336DJ EURO STOXX 50 EUR - 2,875.0 - 19.08.11 CALL680.0413,104DJ EURO STOXX 50 EUR - 2,900.0 - 18.07.11 CALL72-0.09-27,624Short positions


-0.09-27,624Options-0.09-27,624Germany

-0.03-8,652DJ EURO STOXX 50 EUR - 2,600.0 - 18.07.11 PUT-206-0.06-18,972DJ EURO STOXX 50 EUR - 2,650.0 - 19.08.11 PUT-68


Dynamic Asset Allocation

%ofNaV

Market

Valu

e

Quan

tity

EUR



150



18.80251,848,246Bonds11.80157,963,956France

0.222,990,400BPCE FRN 27/05/20133,000,0003.8952,000,000CAISSE DES DEPOTS ET CONSIGNATION FRN

26/11/201152,000,000

0.375,000,000CREDIT AGRICOLE CIB FRN 25/02/20125,000,0002.2430,000,000CREDIT AGRICOLE CIB FRN 25/08/201230,000,0000.759,999,476CREDIT AGRICOLE SA FRN 13/06/201210,000,0002.2430,000,000CREDIT AGRICOLE SA FRN 19/04/201230,000,0000.7510,000,000CREDIT FONCIER DE FRANCE FRN 10/05/201210,000,0001.3417,974,080SOCIETE GENERALE FRN 13/04/201218,000,000

0.223,000,930Germany

0.223,000,930VOLKSWAGEN BANK GMBH FRN 12/10/20123,000,000

1.8724,995,000Ireland

0.759,995,000MONTE PASCHI IRELAND FRN 17/05/201310,000,0001.1215,000,000MONTE PASCHI IRELAND FRN 20/10/201215,000,000


0.222,993,400BMW FINANCE FRN 30/11/20123,000,0000.152,000,900DAIMLER INTERNATIONAL FINANCE BV FRN

14/12/20122,000,000

1.3418,000,000Spain

1.3418,000,000CAJA DE AHORROS BARCELONA FRN 03/08/201218,000,000


1.1114,886,950ABBEY NATIONAL TREASURY SERVIC 0%05/12/2011

15,000,000

0.223,007,110HSBC BANK PLC FRN 08/04/20133,000,0001.8725,000,000HSBC BANK PLC 1.7725% 22/03/201225,000,000


2.6335,185,711Share/Units in investment funds2.6335,185,711Luxembourg

0.375,022,889AMUNDI MM SH EUR OC D5,022,8892.2630,162,822AMUNDI MONEY MARKET FD SHORT T29,993


62.83842,068,297Bonds2.6835,958,661Finland

1.8624,975,578POHJOLA BANK 1.26% 28/07/201125,000,0000.8210,983,083POHJOLA BANK 1.355% 10/08/201111,000,000

26.76358,763,057France


8,000,000

1.4920,000,000BANQUE PSA FINANCE FRN 14/09/201120,000,0001.1214,999,767BNP PARIBAS FRN 18/08/201115,000,000

2.2330,000,000CA CONSUMER FINANCE FRN 01/07/201130,000,0001.1214,972,937COFIDIS 0% 16/08/201115,000,0002.2329,946,463COFIDIS 1.375% 16/08/201130,000,0001.4920,000,000CRCAM BRIE PICARDIE FRN 12/09/201120,000,0002.2330,000,000CREDIT AGRICOLE SA FRN 01/09/201130,000,0002.2330,000,000CREDIT DU NORD SA FRN 08/08/201130,000,0000.516,862,217ING BANK FRANCE 0% 31/05/20127,000,0006.2684,000,001NATIXIS AM FRN 01/07/201184,000,0001.1215,000,000NATIXIS BANQUES POPULAIRES FRN 01/12/201115,000,0001.1215,000,000NATIXIS BANQUES POPULAIRES FRN 14/09/201115,000,0000.759,985,375NATIXIS BANQUES POPULAIRES 1.32% 09/08/201110,000,0000.759,999,995SOFINCO FRN 01/07/201110,000,0001.4919,996,503UNEDIC 1.05% 06/07/201120,000,000

4.4759,862,375Germany

2.6034,892,145DEUTSCHE POSTBANK AG 1.335% 23/09/201135,000,0001.1214,981,228DEUTSCHE TELEKOM AG 1.37% 02/08/201115,000,0000.759,989,002METRO AG 1.37% 29/07/201110,000,000

3.3644,999,063Italy

1.1214,999,063UNICREDIT SPA FRN 15/09/201115,000,0002.2430,000,000UNICREDIT SPA FRN 15/09/201130,000,000


0.759,999,769RABOBANK INTERNATIONAL EQUITY FRN20/03/2012

10,000,000

3.7350,000,000RABOBANK NEDERLAND FRN 20/03/201250,000,000

3.5847,942,886Spain

2.9839,956,257BANCO BILBAO VIZCAYAARGENTARIA 1.52%26/07/2011

40,000,000


7.82104,733,551Sweden

1.1214,996,714NORDEA BANK AB 1.13% 07/07/201115,000,0002.2329,912,907NORDEA BANK AB 1.38% 14/09/201130,000,0001.1214,956,454NORDEA BANK 0% 14/09/201115,000,0003.3544,867,476SKANDINAVISKA ENSKILDA BANKEN 1.405%

14/09/201145,000,000


1.1214,999,723BARCLAYS BANK PLC LONDON FRN 08/08/201115,000,0003.3645,000,000BARCLAYS BANK PLC LONDON FRN 08/08/201145,000,0004.0854,855,727LLOYDS TSB BANK PLC 1.375% 07/09/201155,000,0001.1214,953,485LLOYDS TSB BANK PLC 1.48% 14/09/201115,000,000


Money Market Euro


%ofNaV

Market

Valu

e

Quan

tity

EUR

%ofNaV

Market

Valu

e

Quan

tity

EUR


151



9.4844,478,268Bonds2.129,973,249France

2.129,973,249AGENCE CENTRALE ORGANISMES SECURITESOCIALE 0% 25/11/2011

10,000,000

1.074,998,369Germany

1.074,998,369KFW BANKENGRUPPE 0% 19/09/20115,000,000

1.074,999,242Italy

1.074,999,242UNICREDIT SPA 0% 08/08/20115,000,000


1.064,999,854EUROPEAN INVESTMENT BANK 0% 07/07/20115,000,000


1.074,998,176BANK NEDERLANDSE GEMEENTEN NV 0%15/08/2011

5,000,000

0.431,999,501Sweden

0.431,999,501SE BANKEN 0% 29/07/20112,000,000


1.075,001,550CATERPILLAR FRN 21/11/20125,000,0001.065,009,550HEWLETT PACKARD COMPANY FRN 24/05/20135,000,0000.532,498,777UNICREDITO ITALIANO CAPITAL 0% 12/08/20112,500,000


78.29367,320,934Bonds4.2619,999,778Australia

4.2619,999,778CREDIT AGRICOLE CIB AUSTRALIA LTD 0.4%01/07/2011

20,000,000

3.2014,996,351Belgium

1.717,998,881ENI COORDINATION CENTER 0.28% 18/07/20118,000,0001.496,997,470ENI COORDINATION CENTER 0.31% 11/08/20117,000,000

7.4634,990,506Canada

4.2619,997,502CAISSE CENTRALE DESJARDINS QUE 0%18/07/2011

20,000,000

3.2014,993,004QUEBEC 0.24% 08/09/201115,000,000

4.0518,993,694Finland

1.928,999,440POHJOLA BANK 0.32% 07/07/20119,000,0000.964,497,295POHJOLA BANK 0.38% 26/08/20114,500,0001.175,496,959POHJOLA BANK 0.57% 04/08/20115,500,000

21.62101,412,393France

3.7317,490,727AGENCE CENTRALE ORGANISMES SECURITESOCIALE 0.39% 18/08/2011

17,500,000

4.2719,999,695BNP PARIBAS 0.11% 05/07/201120,000,0002.3410,999,145CREDIT FONCIER DE FRANCE 0.35% 08/07/201111,000,0001.486,954,863CREDIT FONCIER DE FRANCE 0.98% 24/02/20127,000,000

0.642,998,992CREDIT MUTUEL OCEAN GESTION 0% 18/07/20113,000,0003.1914,976,760CREDIT MUTUEL OCEAN GESTION 0.43%

07/11/201115,000,000

1.064,996,345CREDIT MUTUEL OCEAN GESTION 0.66%09/08/2011

5,000,000

0.431,999,934GDF SUEZ 0% 07/07/20112,000,0002.7712,997,537NATIXIS BANQUES POPULAIRES 0.325% 21/07/201113,000,0001.074,998,429SNCF 0% 31/08/20115,000,0000.642,999,966SOCIETE GENERALE 0.37% 01/07/20113,000,000

4.6921,995,685Germany

1.707,996,696BAYERISCHE MOTOREN W 0.31% 17/08/20118,000,0002.9913,998,989FMS WERTMANAG 0% 13/07/201114,000,000

5.7526,996,341Italy

2.139,997,330BANCA INTESA SPA 0.37% 26/07/201110,000,0001.707,999,148UNICREDIT SPA 0.48% 08/07/20118,000,0001.928,999,863UNICREDIT SPA 0.55% 01/07/20119,000,000


2.5611,998,229BANK NEDERLANDSE GEMEENTEN NV 0.38%14/07/2011

12,000,000

2.139,999,634DEUTSCHE BAHN FINANCE BV 0.22% 06/07/201110,000,0002.139,998,708DEUTSCHE BAHN FINANCE BV 0.245% 19/07/201110,000,0001.707,997,293SCHLUMBERGER FINANCE BV 0.23% 22/08/20118,000,0003.4115,989,129THE ROYAL BANK OF SCOTLAND NV 0.36%

06/09/201116,000,000

2.139,996,479Sweden

2.139,996,479SWEDISH NATIONAL HOUSING FIN 0.325%08/08/2011

10,000,000


3.8317,987,776UBS AG 0.5% 18/08/201118,000,000


1.285,996,795ABBEY NATIONAL TREASURY SERVIC 0.35%24/08/2011

6,000,000

3.1914,987,031ABBEY NATIONAL TREASURY SERVIC 0.375%21/09/2011

15,000,000

2.139,998,501AVIVA PLC 0.27% 20/07/201110,000,0000.642,988,554BARCLAYS BANK PLC LONDON 0% 01/12/20113,000,0002.139,998,057STANDARD CHARTERED BANK 0.35% 20/07/201110,000,000


Money Market USD

%ofNaV

Market

Valu

e

Quan

tity

USD

%ofNaV

Market

Valu

e

Quan

tity

USD



152

Equity Global AlphaEquity Euroland ValueNote

30/06/201030/06/201130/06/201030/06/2011USDUSDEUREUREnglish

-33,188,902-392,827,872Assets

-30,149,528-380,376,6272Securities portfolio at market value

-29,290,837-374,253,579Acquisition cost

-858,691-6,123,048Unrealised gain/loss on the securities portfolio

-132,800--2Options purchased at market value

-138,988--Options purchased at cost

-1,432,537-6,165,384Cash at banks and liquidities

----2,8Reverse repurchase agreements

----Time deposits

----Interest receivable

-60,855-432,958Dividends receivable

-1,376,200-4,966,662Brokers receivable

-52-878,691Subscribers receivable

-35,142-7992,10Unrealised net appreciation on forward foreign exchange contracts

----2,7Unrealised net appreciation on futures contracts

----2,18Unrealised net appreciation on swaps and CFD

----Receivable on spot exchange

-1,788-6,751Other assets

-1,754,194-3,153,873Liabilities

-85,760-1,208,1502,17Options sold at market value

-111,258-1,265,150Options sold at cost

-134,540-587Bank Overdrafts

----2,9Repurchase agreements

-1,428,465-183,001Brokers payable

-3,940-1,563,593Subscribers payable

----2,10Unrealised net depreciation on forward foreign exchange contracts

-85,986--2,7Unrealised net depreciation on futures contracts

----2,18,19Unrealised net depreciation on swaps and CFD

-9,253-39,7714Accrued management fees

----Payable on spot exchange

-6,250-158,771Other liabilities

-31,434,708-389,673,999Net asset value

Statement of Net Assets


154

Equity US GrowthEquity US Concentrated CoreEquity Japan TargetEquity Japan CoreAlpha

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011USDUSDUSDUSDJPYJPYJPYJPY

-143,660,057-78,096,578-5,284,102,194-26,275,318,438

-115,836,731-56,883,101-4,593,437,600-22,027,626,100

-111,710,176-55,005,651-4,463,933,961-21,618,969,281

-4,126,555-1,877,450-129,503,639-408,656,819

-------1,625,450,000

-------1,594,900,000

-1,945,163-1,680,209-126,010,256-45,900,724

--------

--------

--------

-64,398-39,766-44,223,799-685,915,817

-25,669,686-19,456,885-519,855,301-1,856,157,359

-1,345-1,033---5,171

-142,734-35,576-575,238-11,943,267

-------22,320,000

--------

--------

---8----

-26,358,234-19,692,487-432,746,067-2,697,311,933

-------75,000,000

-------72,550,000

-186,511---5,473,105-795,839,456

--------

-26,115,850-19,625,334-421,108,999-1,787,591,872

-716-33,326-110,629-27,728,229

--------

--------

--------

-34,105-21,118-464,941-6,733,703

--------

-21,052-12,709-5,588,393-4,418,673

-117,301,823-58,404,091-4,851,356,127-23,578,006,505


155

Equity US Relative ValueEquity US Multi StrategiesNote

30/06/201030/06/201130/06/201030/06/2011USDUSDUSDUSDEnglish

-807,690,563-25,256,541Assets

-791,619,770-24,643,822Securities portfolio at market value

-771,586,404-23,847,123Acquisition cost

-20,033,366-796,699Unrealised gain/loss on the securities portfolio

----Options purchased at market value

----Options purchased at cost

-7,939,718-407,736Cash at banks and liquidities

----Reverse repurchase agreements

----Time deposits

----Interest receivable

-930,439-23,007Dividends receivable

-5,697,113-152,913Brokers receivable

-71,339-127Subscribers receivable

-1,432,184-28,812Unrealised net appreciation on forward foreign exchange contracts

----Unrealised net appreciation on futures contracts

----Unrealised net appreciation on swaps and CFD


---124Other assets

-11,942,494-208,381Liabilities

----Options sold at market value

----Options sold at cost

-705,311-97,180Bank Overdrafts

----Repurchase agreements

-3,851,104-82,935Brokers payable

-7,120,829-14,085Subscribers payable

----Unrealised net depreciation on forward foreign exchange contracts

----Unrealised net depreciation on futures contracts

----Unrealised net depreciation on swaps and CFD



-102,199-5,310Other liabilities

-795,748,069-25,048,160Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



156

4,115,676,527

3,906,739,310

4,271,922,606

-365,183,296

-

-

78,525,365

-

-

-

15,799,439

109,592,996

5,019,417

-

-

-

-

-

153,189,806

-

-

-

-

-

139,033,524

-

-

-

12,304,777

-

1,851,505

3,962,486,721

20,647,076

20,450,694

19,476,173

974,522

-

-

8,634

-

-

-

82,260

105,198

290

-

-

-

-

-

152,124

-

-

-

-

93,088

4,341

-

-

-

44,539

-

10,156

20,494,952

95,385,139

94,381,344

88,271,985

6,109,358

-

-

720,848

-

-

-

158,095

-

13,502

-

111,350

-

-

-

936,159

-

-

37,018

-

-

360,125

-

-

-

335,883

-

203,134

94,448,980

38,746,240

28,359,297

32,658,810

-4,299,514

1,671,182

820,391

8,639,378

-

-

-446,204

43,372

-

-

28,137

-

-

451,078

-

5,005,859

1,090,936

587,501

724,616

-

-

-

-

2,664,626

-

62,591

454,366

8,725

33,740,381

Equity Euro SelectEquity Japan ValueEquity Global SelectGems World

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREURJPYJPYUSDUSDUSDUSD

121,027,3744,421,781,813178,664,41241,375,689

120,564,8664,232,125,180166,549,86634,697,281

115,314,9724,348,371,072141,888,32139,901,658

5,249,894-116,245,89224,661,545-5,204,377

---445,928

---1,018,009

106,769147,262,41510,844,3871,493,128

----

----

----

201,33834,321,792288,17257,440

5,051-758,2611,715,130

8,8688,040,00434,5992,999

-32,422--

42,820-22,394-

----

96,340-166,7332,963,590

1,322--193

1,370,166115,601,21310,224,8436,182,496

---250,234

---538,023

804,84255,920,9769,006,899949,180

----

165,540--1,667,253

73,50343,805,491321,18011,867

---151,444

---89,528

----

193,93610,506,714624,75168,986

96,941-166,4022,984,590

35,4045,368,032105,6119,414

119,657,2084,306,180,600168,439,56935,193,193


157

27,066,133

26,441,844

24,443,686

1,998,158

-

-

168,508

-

-

-

115,262

-

219,216

-

-

-

121,303

-

272,976

-

-

37,024

-

-

45,281

-

10,400

-

51,948

120,916

7,408

26,793,157

Equity Euroland Small CapEquity Europe SelectNote

30/06/201030/06/201130/06/201030/06/2011EUREUREUREUREnglish

-178,083,544143,428,541Assets

-175,012,745111,978,585Securities portfolio at market value

-170,956,727106,663,412Acquisition cost

-4,056,0185,315,173Unrealised gain/loss on the securities portfolio

---Options purchased at market value

---Options purchased at cost

-2,228,7472,938,213Cash at banks and liquidities

---Reverse repurchase agreements

---Time deposits

---Interest receivable

-213,379391,268Dividends receivable

-589,32523,647,018Brokers receivable

-39,0829,530Subscribers receivable

---Unrealised net appreciation on forward foreign exchange contracts

--176,576Unrealised net appreciation on futures contracts

---Unrealised net appreciation on swaps and CFD

--4,286,362Receivable on spot exchange

-266989Other assets

-8,845,45130,608,865Liabilities

---Options sold at market value

---Options sold at cost

--3,951,264Bank Overdrafts

---Repurchase agreements

-6,780,34421,991,005Brokers payable

-1,832,907175,741Subscribers payable

---Unrealised net depreciation on forward foreign exchange contracts

---Unrealised net depreciation on futures contracts

---Unrealised net depreciation on swaps and CFD

-117,834201,394Accrued management fees

--4,248,885Payable on spot exchange

-114,36640,576Other liabilities

-169,238,093112,819,676Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



158

66,933,798

64,594,420

65,390,021

-795,602

-

-

312,544

-

-

-

45,490

1,161,748

48,126

-

-

-

771,471

-

2,522,139

-

-

146,896

-

1,389,114

3,566

-

-

-

179,661

775,654

27,248

64,411,659

123,573,216

118,626,824

122,948,543

-4,321,719

-

-

3,044,200

-

-

-

268,797

58,840

842,090

-

-

-

732,465

-

1,430,461

-

-

-

-

-

177,861

79,732

-

-

383,830

725,548

63,491

122,142,755

Equity Global ResourcesEquity Global AgricultureEquity Global Luxury and LifestyleEquity Global Gold Mines

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011USDUSDUSDUSDUSDUSDUSDUSD

163,529,244255,883,712-42,904,318-109,495,890

157,238,051252,374,695-41,430,735-107,811,446

152,575,539232,028,374-39,599,278-108,330,909

4,662,51220,346,321-1,831,457--519,463

------

------

5,758,3011,947,527-1,412,614-989,316

------

------

------

226,434703,165-30,069-54,207

-----615,199

41,063210,004-30,782-25,702

-648,321----

------

------

264,850-----

545--118-20

1,359,3801,105,924-289,877-2,159,329

------

------

53,479--43,293-1,314,759

------

241,773----206,369

247,12199,589-201,765-54,921

------

------

------

372,890917,683-13,356-38,683

267,658-----

176,45988,652-31,463-544,597

162,169,864254,777,788-42,614,441-107,336,561


159

139,336,265

128,688,733

143,945,685

-15,256,952

-

-

8,682,109

-

-

-

119,213

1,775,178

71,033

-

-

-

-

-

2,735,741

-

-

-

-

2,280,403

66,577

-

-

-

344,295

-

44,466

136,600,524

21,948,011

21,671,539

22,242,269

-570,730

-

-

229,669

-

-

-

4,820

-

489

41,494

-

-

-

-

57,560

-

-

-

-

-

5,167

-

-

-

46,966

-

5,427

21,890,451

Equity US OpportunitiesEquity Europe RestructuringNote


41,542,69962,391,883Assets

40,973,35260,491,963Securities portfolio at market value

39,324,61657,282,065Acquisition cost

1,648,7363,209,898Unrealised gain/loss on the securities portfolio

--Options purchased at market value

--Options purchased at cost

510,4121,098,375Cash at banks and liquidities

--Reverse repurchase agreements

--Time deposits

--Interest receivable

53,350486,802Dividends receivable

--Brokers receivable

5,5855,166Subscribers receivable

--Unrealised net appreciation on forward foreign exchange contracts

--Unrealised net appreciation on futures contracts

--Unrealised net appreciation on swaps and CFD

-305,220Receivable on spot exchange

-4,357Other assets

776,923529,892Liabilities

--Options sold at market value

--Options sold at cost

--Bank Overdrafts

--Repurchase agreements

-24,296Brokers payable

462,7142,656Subscribers payable

-98,510Unrealised net depreciation on forward foreign exchange contracts

--Unrealised net depreciation on futures contracts

--Unrealised net depreciation on swaps and CFD

295,91472,642Accrued management fees

-306,738Payable on spot exchange

18,29525,050Other liabilities

40,765,77661,861,991Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



160

32,995,316

29,845,077

27,840,189

2,004,888

-

-

1,458,821

-

-

-

324,037

1,078,701

172,053

-

-

-

116,627

-

1,815,741

-

-

1,056,512

-

189,625

145,579

-

134,472

-

126,549

118,010

44,992

31,179,575

191,366,102

188,720,727

200,400,556

-11,679,828

-

-

183,030

-

-

-

1,411,888

440,221

610,236

-

-

-

-

-

2,172,121

-

-

343,047

-

404,925

500,736

-

-

-

783,489

-

139,924

189,193,981

205,003,761

196,942,430

158,784,773

38,157,656

-

-

1,940,461

-

-

-

597,132

4,546,734

381,982

-

-

-

595,023

-

5,551,623

-

-

-

-

3,029,055

1,308,967

-

-

-

452,985

591,795

168,821

199,452,138

309,603,953

282,743,465

257,792,426

24,951,039

-

-

7,047,867

-

-

-

491,489

-

19,321,132

-

-

-

-

-

2,569,688

-

-

-

-

-

1,606,217

-

-

-

838,119

-

125,352

307,034,265

Equity Emerging EuropeEquity BrazilEquity Asia ex JapanEquity ASEAN

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREURUSDUSDUSDUSDUSDUSD

85,622,839207,074,935482,825,501244,845,177

76,111,940204,274,832468,427,409229,766,754

73,547,636187,755,882420,975,808198,905,286

2,564,30416,518,95047,451,60130,861,468

----

----

5,054,055448,5458,659,6652,582,986

----

----

----

760,8381,134,7362,352,366795,627

2,832,276623,3063,267,91811,640,604

47,927593,516118,14359,206

----

----

----

814,920---

883---

7,277,8022,387,0709,055,01811,228,818

----

----

-1,228,3492,418,8921,680,828

----

5,888,227333,8604,205,5133,471,200

301,37022,131613,3295,359,906

----

81,376---

----

170,103699,8761,606,747613,283

807,665---

29,061102,854210,537103,601

78,345,037204,687,865473,770,483233,616,359


161

104,548,206

102,344,390

107,880,838

-5,536,448

-

-

807,456

-

-

18

296,791

1,078,453

21,098

-

-

-

-

-

816,511

-

-

-

-

521,489

1,062

-

2,865

-

248,835

-

42,260

103,731,695

140,105,206

134,657,034

133,057,358

1,599,675

-

-

2,745,675

-

-

-

378,542

1,572,821

294,689

-

-

-

456,445

-

2,839,593

-

-

107

-

1,318,721

300,069

-

12,891

-

333,847

455,370

418,587

137,265,613

Equity Emerging WorldEquity Emerging Internal DemandNote


1,002,074,233383,112,208Assets






26,194,3292,957,374Cash at banks and liquidities


--Time deposits


3,567,1561,528,466Dividends receivable

160,255,59321,051,775Brokers receivable

3,910,34096,430Subscribers receivable

287,310255,973Unrealised net appreciation on forward foreign exchange contracts



11,802,7115,074Receivable on spot exchange

34,41474,738Other assets

199,838,35625,744,154Liabilities



41,546,630567,608Bank Overdrafts


142,478,9715,080,179Brokers payable

627,67218,314,028Subscribers payable

--Unrealised net depreciation on forward foreign exchange contracts

1,8078,130Unrealised net depreciation on futures contracts


2,932,9941,240,815Accrued management fees

11,836,1535,063Payable on spot exchange


802,235,877357,368,054Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



162

1,008,865,845

980,771,823

787,588,371

193,183,452

-

-

19,979,616

-

-

-

3,611,152

2,148,840

2,138,512

-

-

-

215,903

-

6,651,170

-

-

-

-

-

4,273,439

-

-

-

1,543,803

217,649

616,280

1,002,214,675

645,214,637

610,517,878

563,280,932

47,236,946

-

-

9,537,772

-

-

-

2,422,180

8,024,662

5,362,279

-

-

-

9,349,866

-

23,355,156

-

-

-

-

-

11,529,698

-

-

-

1,603,890

9,348,989

872,578

621,859,482

Equity IndiaEquity Greater ChinaEquity MENAEquity Asia Pacific ex-Japan


864,929,337784,895,794-17,815,943-87,628,676

843,605,074742,580,505-16,278,144-80,855,319

647,221,596700,579,293-16,056,372-78,953,886

196,383,47842,001,212-221,772-1,901,433

------

------

10,414,9109,349,967-36,882-6,342,955

------

------

------

3,649,6828,774,622-68,829-423,112

7,124,13614,815,330-1,297,930--

124,4729,375,370-6,653-7,248

---88,275--

------

------

---39,230--

11,063----42

11,424,23927,544,408-1,962,807-6,107,560

------

------

4,566,424532,764-1,163,854-6,050,890

------

-18,910,238-750,819--

5,168,4475,726,810---10,592

------

------

------

1,370,8681,823,746-5,682-27,807

---38,883--

318,500550,850-3,569-18,271

853,505,098757,351,386-15,853,136-81,521,116


163

113,617,354

90,092,719

77,347,041

12,745,679

-

-

6,921,642

-

-

-

28,723

5,858,507

10,715,763

-

-

-

-

-

13,798,977

-

-

-

-

-

13,510,721

-

-

-

241,161

-

47,095

99,818,377

105,049,353

99,792,112

89,988,965

9,803,147

-

-

4,134,005

-

-

-

72,139

1,502

1,049,595

-

-

-

-

-

795,094

-

-

-

-

-

523,804

-

-

-

215,396

-

55,895

104,254,258

Equity KoreaEquity India InfrastructureNote


173,140,84468,784,592Assets








--Time deposits


-58,828Dividends receivable

-223,121Brokers receivable


--Unrealised net appreciation on forward foreign exchange contracts



--Receivable on spot exchange

6,564-Other assets

2,474,465694,888Liabilities



1,278,893447,323Bank Overdrafts


--Brokers payable

776,69736,345Subscribers payable





--Payable on spot exchange


170,666,37968,089,704Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



164

26,858,147

26,594,165

25,038,355

1,555,810

-

-

9,004

-

-

-

67,714

-

3,413

183,852

-

-

-

-

138,449

-

-

-

-

47,007

5,681

-

-

-

76,316

-

9,446

26,719,698

39,943,902

36,671,989

35,580,337

1,091,652

-

-

445,083

-

-

58

210,476

443,047

1,510,745

-

-

-

662,504

-

3,522,794

-

-

-

-

87,593

2,610,881

-

-

-

137,798

661,118

25,405

36,421,108

65,621,552

50,001,102

43,079,234

6,921,868

-

-

617,770

-

-

-

9,479

1,746,080

13,186,046

-

-

-

61,075

-

15,110,229

-

-

-

-

207,385

14,672,476

-

-

-

143,192

61,245

25,931

50,511,323

1,741,094,743

1,689,319,363

1,524,315,872

165,003,491

-

-

12,217,132

-

-

-

6,885,677

5,283,215

27,389,357

-

-

-

-

-

33,606,988

-

-

6,553,712

-

6,708,883

7,611,836

-

-

-

5,067,916

-

7,664,641

1,707,487,755

Equity Global Clean PlanetEquity Global AquaEquity ThailandEquity Latin America

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREUREURUSDUSDUSDUSD

17,661,28434,995,85977,764,1332,618,155,694

17,224,14834,457,60874,939,9862,562,129,676

16,851,49232,461,51767,468,4782,028,354,258

372,6561,996,0917,471,508533,775,418

----

----

308,16564,9611,868,3988,886,614

----

----

----

56,863213,272-8,730,417

69,269222,978774,95112,224,821

2,82937,010179,15626,164,962

----

----

----

----

10301,64219,204

87,432323,9682,616,36719,684,696

----

----

7,317114,8621,202,37618

----

--679,7293,743,035

3,10046,854335,9637,789,588

----

----

----

70,146147,747359,1127,178,229

----

6,86914,50539,187973,826

17,573,85234,671,89175,147,7662,598,470,998

EUR


165

31,932,885

31,238,673

28,137,126

3,101,548

195,413

308,090

340,092

-

-

139,018

-

-

19,689

-

-

-

-

-

700,420

48,040

82,940

-

-

134,759

185,351

220,739

-

-

92,647

-

18,884

31,232,465

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Convertible GlobalConvertible EuropeNote


21,996,491154,508,121Assets



755,438234,192Unrealised gain/loss on the securities portfolio

49,09781,328Options purchased at market value

73,826-Options purchased at cost

743,592670,157Cash at banks and liquidities


--Time deposits

73,825529,412Interest receivable

6,914-Dividends receivable

--Brokers receivable



-40,000Unrealised net appreciation on futures contracts


802,81516,336,219Receivable on spot exchange

6075Other assets

1,582,12066,358,274Liabilities

-2,500Options sold at market value


-1,211,528Bank Overdrafts


662,71648,686,257Brokers payable

19,237-Subscribers payable


15,250-Unrealised net depreciation on futures contracts



804,69416,447,325Payable on spot exchange


20,414,371-88,149,847Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



166

488,992,187

431,324,799

423,141,248

8,183,550

-

-

48,958,312

-

-

7,744,283

-

698,336

120,295

146,162

-

-

-

-

9,529,319

-

-

-

3,058,500

2,486,100

1,497,318

-

120,715

1,578,024

649,536

-

139,126

479,462,869

83,688,080

74,756,228

79,025,425

-4,269,197

-

-

6,987,324

-

-

1,387,298

-

261,885

26,212

-

24,153

-

244,980

-

1,403,836

-

-

7,478

-

487,236

118,676

137,246

-

288,388

100,934

245,269

18,610

82,284,243

Bond Euro CorporateBond Euro GoviesBond Euro AggregateBond Global Corporate

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREUREUREUREUREURUSDUSD

558,780,470-76,358,876-315,502,09880,143,620

501,220,568-73,097,382-297,569,67577,064,406

500,498,165-73,302,988-298,510,79073,288,042

722,403--205,606--941,1153,776,364

----7,16076,117

----17,480-

27,277,142-555,498-6,993,4211,420,472

------

------

8,891,314-1,515,187-5,339,2501,512,306

--4,688-40,617-

2,072,884-1,009,432-5,177,797-

18,655,699-----

630,670-13,087-147,958-

742-163,454-226,218-

-----70,214

------

31,451-148-2105

15,948,518-3,147,959-14,468,8944,731,563

------61,619

------

--7,117-292,374468,943

-----2,684,927

7,050,732-2,864,980-12,848,245-

7,209,984-258,490-974,205-

-----1,365,334

-----121,843

1,102,254---39,335-

442,874-7,972-268,68886,661

------

142,674-9,400-46,04765,474

542,831,952-73,210,917-301,033,20475,412,057


167

391,331,779

366,365,535

358,478,410

7,887,125

-

-

7,058,953

-

-

4,350,048

-

12,293,497

1,263,747

-

-

-

-

-

34,532,017

-

-

-

12,655,267

-

20,553,069

-

320,255

209,589

609,713

-

184,124

356,799,763

Bond Euro InflationEuro GoviesNote


430,240,394-13,431,312Assets

350,478,261-12,983,799Securities portfolio at market value

347,895,919-13,407,035Acquisition cost

2,582,342--423,236Unrealised gain/loss on the securities portfolio

---Options purchased at market value

---Options purchased at cost

2,787,734-242,291Cash at banks and liquidities

---Reverse repurchase agreements

---Time deposits

3,838,046-200,497Interest receivable

---Dividends receivable

71,650,206--Brokers receivable

1,032,903--Subscribers receivable

441,108-4,725Unrealised net appreciation on forward foreign exchange contracts

12,136--Unrealised net appreciation on futures contracts

---Unrealised net appreciation on swaps and CFD

---Receivable on spot exchange

---Other assets

108,370,649-52,557Liabilities

---Options sold at market value

---Options sold at cost

---Bank Overdrafts

57,703,500--Repurchase agreements

22,327,979--Brokers payable

27,742,936-4,780Subscribers payable

---Unrealised net depreciation on forward foreign exchange contracts

--9,857Unrealised net depreciation on futures contracts

---Unrealised net depreciation on swaps and CFD

488,203-28,323Accrued management fees

---Payable on spot exchange

108,031-9,597Other liabilities

321,869,745-13,378,755Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



168

81,657,310

71,861,458

69,898,425

1,963,033

-

-

8,020,847

-

-

1,734,094

-

-

40,911

-

-

-

-

-

31,274,915

-

-

3,493

30,322,401

-

128,439

258,070

91,676

-

88,647

-

382,189

50,382,395

Bond Global AggregateBond EuropeBond US Opportunistic Core PlusBond Euro High Yield

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011USDUSDEUREURUSDUSDEUREUR

256,797,243120,966,012-92,224,855617,328,075

214,584,541110,226,315-88,705,354543,642,916

207,049,100111,349,433-89,101,141527,248,024

7,535,441-1,123,118--395,78716,394,892

2,901,447101,959---

4,148,722232,080---

9,459,6652,081,371-101,759,663

-----

-1,500,000---

4,036,0251,909,504-480,5837,856,547

---55,72559,899

-4,491,332-2,453,6252,774,111

1,314,623544,323-204,2542,903,829

---325,2282,887,522

-108,821---

-----

24,500,571---54,785,771

3712,387-76657,817

58,856,61620,365,143-8,968,75478,886,357

2,648,399110,185---

3,366,067141,935---

5,204,461--6,205,045535,560

20,993,12811,724,503--17,365,500

-7,759,580-2,672,6761,739,903

870,741218,850-61,1672,060,397

3,057,54610,498---

509,329---8,930

377,588---437,426

291,864133,691-13,957706,124

24,523,428---55,249,112

380,132407,836-15,909783,405

197,940,627100,600,869-83,256,101538,441,718

58,684,081

49,303,089

51,540,710

-2,237,621

32,780

141,939

1,794,989

-

-

801,122

-

-

680,893

-

9,273

-

6,061,935

-

18,015,562

2,090

31,093

17,290

10,969,712

-

99,208

174,676

-

-

65,716

6,124,500

562,370

40,668,518

406,580,225

346,634,135

339,555,708

7,078,427

-

-

8,790,572

-

-

7,060,305

-

3,606,270

137,825

-

-

-

39,748,671

602,449

76,447,959

-

-

12,320

25,849,500

7,130,064

86,039

1 037 872

208 447

1,034,243

431,457

39,950,705

707,312

330,132,266


169

225,170,056

130,661,427

120,089,543

10,571,883

-

-

4,007,227

-

-

827,369

-

-

2,836,233

-

-

-

86,837,800

-

98,891,503

-

-

-

10,486,233

-

534,152

389,440

264,801

65,205

210,374

86,881,388

59,911

126,278,553

851,023,411

801,865,757

843,502,882

-41,637,125

-68,074

878,050

8,096,571

-

8,574,300

17,134,515

-

11,249,310

897,637

2,784,227

-

489,168

-

-

252,801,535

121,157

443,290

236,863

239,264,842

-

10,556,137

-

703,569

-

961,481

-

957,485

598,221,876

Bond Global InflationBond GlobalNote

30/06/201030/06/201130/06/201030/06/2011EUREURUSDUSDEnglish

202,045,494857,157,368Assets




-21,000Options purchased at market value

-1,313,510Options purchased at cost


4,999,401-Reverse repurchase agreements

-3,624,625Time deposits

1,229,79917,044,718Interest receivable

--Dividends receivable

5,575,884129,430Brokers receivable


1,630,314-Unrealised net appreciation on forward foreign exchange contracts



-20,511,663Receivable on spot exchange

7752,185Other assets

26,728,015391,616,094Liabilities

-1,266,927Options sold at market value

-1,350,035Options sold at cost

-22,288Bank Overdrafts

20,958,203343,211,849Repurchase agreements

5,234,887-Brokers payable


-7,063,309Unrealised net depreciation on forward foreign exchange contracts

6,4201,707,712Unrealised net depreciation on futures contracts



-20,437,866Payable on spot exchange

66,4931,791,416Other liabilities

175,317,479465,541,274Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



170

131,690,143

128,799,441

141,874,514

-13,075,072

-

-

850,431

-

-

-

295,186

-

1,745,084

-

-

-

-

-

199,451

-

-

-

-

-

15,564

-

142,730

-

27,172

-

13,985

131,490,692

38,741,882

30,741,778

30,835,214

-93,436

-

-

565,176

-

1,224,900

567,483

-

2,659,411

2,983,133

-

-

-

-

-

5,337,371

-

-

-

-

4,944,840

142,565

12,361

61,636

-

114,313

-

61,656

33,404,511

Index Equity EuroBond Global EmergingBond Emerging InflationBond Converging Europe

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREURUSDUSDUSDUSDEUREUR

247,585,590140,941,628-60,116,608-90,854,554

229,841,997121,575,025-53,183,780-73,495,782

222,338,628118,138,371-53,576,437-73,660,012

7,503,3693,436,654--392,657--164,230

-542,063----

-1,012,870----

5,121,8034,409,327-6,397,720-12,550,390

------

------

-2,657,665-350,319-1,588,811

241,02141,465---467,181

12,286,171-----

17,920428,512---35,519

-673,762-184,789-163,540

65,030----41,040

------

-10,613,809---2,497,128

11,648----15,163

15,551,28015,239,177-54,631-7,534,479

-342,734----

-404,936----

-3,851,752---4,765,402

------

5,708,556-----

9,772,59514,953---230,588

------

-9,593----

------

53,697299,294-43,169-15,372

-10,670,777---2,512,373

16,43250,074-11,462-10,744

232,034,310125,702,451-60,061,977-83,320,075


171

376,741,974

370,027,574

313,430,349

56,597,225

-

-

6,226,826

-

-

-

485,475

-

1,892

207

-

-

-

-

2,861,180

-

-

-

-

-

2,449,857

-

283,883

-

98,584

-

28,856

373,880,794

417,607,973

415,474,015

358,155,342

57,318,673

-

-

373,647

-

-

-

1,538,677

-

221,633

-

-

-

-

-

1,861,474

-

-

562,647

-

-

1,130,290

17,354

12,966

-

109,692

-

28,525

415,746,499

Index Equity North AmericaIndex Equity EuropeNote


490,789,907458,614,138Assets








--Time deposits


602,0241,265,324Dividends receivable

-8,763,710Brokers receivable

138,658-Subscribers receivable

7,181-Unrealised net appreciation on forward foreign exchange contracts

47,178114,796Unrealised net appreciation on futures contracts


-740,000Receivable on spot exchange

-1,429Other assets

3,503,6587,769,534Liabilities





-4,519,540Brokers payable

3,339,9571,526,115Subscribers payable





-735,340Payable on spot exchange


487,286,249450,844,604Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



172

27,143,301

22,677,699

22,727,156

-49,456

-

-

1,317,586

-

3,000,000

145,215

-

-

-

-

577

2,224

-

-

154,837

-

-

-

-

-

-

130,679

-

-

12,119

-

12,038

26,988,464

204,644,978

188,325,587

168,226,460

20,099,127

-

-

2,862,092

-

-

2,398,912

-

278,144

7,249,197

-

9,889

-

3,521,158

-

12,674,880

-

-

795

-

7,013,823

15,678

2,048,356

-

-

45,437

3,530,148

20,644

191,970,097

84,246,426

83,213,569

69,669,388

13,544,181

-

-

830,028

-

-

-

196,107

-

4,068

-

-

-

-

2,655

91,303

-

-

14,807

-

-

1,587

-

38,803

-

22,734

-

13,372

84,155,123

Absolute VaR Short TermAbsolute ForexIndex Global Bond (EUR) HedgedIndex Equity Pacific

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREUREUREUREUREUREUREUR

10,132,493-396,610,086329,614,009108,906,763

1,400,211-375,242,850318,846,643104,580,255

1,398,514-375,185,722327,522,31797,522,550

1,697-57,128-8,675,6747,057,705

--619,388--

--643,702--

226,656-7,704,9626,768,533497,044

-----

8,500,000-12,500,000--

5,439-439,9553,974,818-

----675,520

----2,813,931

--30,70320,305144,197

-----

--51,1471,55368,177

5-20,980--

----127,382

182-1012,157257

11,934-7,205,624962,1944,077,903

--393,059--

--446,447--

--5,873,48053,862,308

-----

-----

---122,60451,958

--608,587704,267948

2,147----

-----

5,273-46,07592,40024,950

----126,761

4,514-284,42342,91810,978

10,120,559-389,404,462328,651,815104,828,860


173

102,860,463

99,607,374

107,511,943

-7,904,569

90,838

192,319

2,351,663

-

1,224,900

-502,698

-

-

7,435

-

-

-

-

80,950

1,094,208

3,713

13,200

987

-

-

600,887

135,564

100,928

-

128,287

-

123,842

101,766,255

325,787,820

308,494,931

319,156,323

-10,661,392

1,932,895

1,489,720

2,612,334

-

3,500,000

6,462,230

-

-

903,713

-

-

68,451

-

1,813,265

9,954,944

1,059,964

534,150

2,015

909,000

-

1,600,870

1,333,748

526,977

-

384,788

-

4,137,580

315,832,876

Absolute VaR 2(USD)Absolute VaR 2(EUR)Note


27,648,561194,755,764Assets



566,732-1,917,705Unrealised gain/loss on the securities portfolio

-265,746Options purchased at market value

-723,800Options purchased at cost



-18,500,000Time deposits

127,6451,175,087Interest receivable

---Dividends receivable

---Brokers receivable

1,720385,136Subscribers receivable

--146,946Unrealised net appreciation on forward foreign exchange contracts

---Unrealised net appreciation on futures contracts

--108Unrealised net appreciation on swaps and CFD

-211,6859,965,578Receivable on spot exchange

96,2772,446,455Other assets

877,89417,993,922Liabilities

-140,024Options sold at market value

-395,890Options sold at cost


---Repurchase agreements

---Brokers payable


447,239-Unrealised net depreciation on forward foreign exchange contracts


-16-Unrealised net depreciation on swaps and CFD


-213,1859,966,796Payable on spot exchange

100,4702,328,084Other liabilities

26,770,667176,761,842Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



174

90,068,049

63,619,546

64,528,147

-908,601

23,098

154,878

4,504,747

-

-

34,631

28,147

20,960,291

245

121,428

775,916

-

-

-

24,515,304

-

-

-

-

22,614,957

226,647

-

-

1,564,753

94,513

-

14,435

65,552,744

146,629,479

139,185,338

152,155,791

-12,970,453

380,680

943,913

3,603,737

-

3,062,250

298,312

-

-

-

-

-

-

-

99,162

4,357,709

14,456

64,750

-

-

-

300,645

592,613

386,063

-

186,974

-

2,876,958

142,271,770

Absolute Forex Asia Pacific (*)Absolute Statistical ArbitrageAbsolute VaR 4(USD)Absolute VaR 4(EUR)

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011USDJPYEUREURUSDUSDEUREUR

665,117,990121,481,788114,385,589123,278,255

-110,671,25792,249,539101,632,471

-113,225,53289,883,058102,513,024

--2,554,2752,366,481-880,553

-107,387--

-61,509--

53,089,4605,793,1643,172,1625,018,469

----

611,953,359-18,123,12514,000,000

75,05751,975356,797700,261

-59,54352,77435,694

----

-4,497,789-13,371

-300,354-83,426

----

--172-

--313,2941,565,171

114319117,726229,392

2,320,5672,909,0414,749,0266,843,001

-206,857--

-125,251--

---2,229,740

----

--1,677,4232,094,213

-126,4765,378100,010

1,363,427-2,321,832-

-1,792,532173,507332,662

-518,999--

849,632191,951136,448257,575

--315,5141,576,262

107,50872,226118,924252,539

662,797,423118,572,747109,636,563116,435,254

228,571,197

205,650,599

215,404,536

-9,753,937

534,511

1,310,823

3,768,778

-

14,000,000

3,591,168

57,193

548,524

191,279

-

-

-

-

229,145

46,927,552

18,920

78,507

-

38,650,741

-

1,121,291

1,073,922

27,583

-

383,100

-

5,651,995

181,643,645

16,053,490

-

-

-

-

-

1,164,629

-

14,867,277

3,894

-

-

17,690

-

-

-

-

-

191,065

-

-

-

-

-

110,486

58,812

-

-

18,270

-

3,497

15,862 ,425


(*) As at 25 November 2010, the currency of the sub-fund Amundi Funds Absolute Forex Asia Pacific has been changed into JPY.

175

176



97,616,249

64,194,839

62,786,379

1,408,459

-

-

4,913,971

17,999,685

-

1,433,298

-

-

51,951

-

-

-

9,017,534

4,971

11,516,763

-

-

-

-

-

123,319

168,210

3,138

1,172,619

147,025

9,038,978

863,473

86,099,486

Absolute Volatility ArbitrageAbsolute High YieldNote


468,008,506227,930,071Assets



582,246831,797Unrealised gain/loss on the securities portfolio

8,759,135-Options purchased at market value

9,411,286-Options purchased at cost


145,165,958-Reverse repurchase agreements

--Time deposits

759,4302,850,197Interest receivable

68,683-Dividends receivable

3,673,454131,550Brokers receivable




4,362293,508Unrealised net appreciation on swaps and CFD

-10,768,275Receivable on spot exchange

-4,971Other assets

17,900,27722,380,643Liabilities

8,081,141-Options sold at market value

9,812,669-Options sold at cost

4,632,390-Bank Overdrafts


2,950,57716,210Brokers payable






-10,895,173Payable on spot exchange


450,108,229205,549,428Net asset value

581,716,694

450,742,215

451,485,031

-742,816

29,924,372

23,405,050

92,469,739

-

-

444,025

50,671

5,948,876

2,129,607

-

-

7,189

-

-

45,274,239

29,912,005

28,702,240

-

-

7,433,677

4,418,083

907,568

1,071,405

-

1,250,397

-

281,103

536,442,455

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4

1,250,109,785

490,825,133

490,821,416

3,717

225,067,960

188,245,270

8,420,452

475,091,405

-

659,937

-

160,000

49,005,865

567,881

302,425

8,727

-

-

137,631,253

124,560,260

140,372,791

313,525

-

-

7,268,666

-

-

-

1,709 120

-

3,779,682

1,112,478,533

177


9,928,382

9,923,623

9,759,875

163,748

-

-

4,758

-

-

-

-

-

-

-

-

-

-

-

84,271

-

-

-

-

-

-

57,992

-

-

24,836

-

1,443

9,844,111

730,018,528

280,317,874

288,652,661

-8,334,787

155,723,729

130,331,063

108,200,286

170,461,446

-

-2,966,416

-

1,273,896

13,199,649

2,707,730

1,095,086

5,247

-

-

93,921,901

88,084,247

97,054,273

2,187,071

-

-

461,380

-

-

-

892,056

-

2 297,147

636,096,626

Dynamic Asset AllocationMultimanagers Long/Short EquityAbsolute Volatility World EquitiesAbsolute Volatility Euro Equities

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREUREUREURUSDUSDEUREUR

-31,269,99811,659,6132,382,091,0002,923,126,516

-29,195,18711,333,761833,522,2541,091,826,824

-29,177,15011,173,383820,582,2191,091,416,835

-18,037160,37812,940,035409,989

-130,880--694,186,4111,002,993,595

-109,144--826,599,8031,188,564,680

-693,787280,901264,164,59120,463,428

----478,074,297743,326,621

------

----2,371,9193,105,988

------

-1,204,489----

----106,644,22833,721,322

-35,124-44,749--

-10,481--3,112,45827,303,670

----13,30622,849

-----362,219

-50-2021,536-

-1,282,941209,002262,378,425293,789,510

-27,624--221,211,672249,748,245

-88,908--305,793,578347,418,750

----23,677,05521,684,743

------

-1,220,233----

---175,2486,916,14513,937,832

---6,594,6541,262,326

------------

-30,64831,8353,377,4605,769,352

-----357,590

-4,4361,919601,4391,029,422

-29,987,05711,450,6112,119,712,5752,629,337,006

Money Market USDMoney Market EuroNote


-471,119,405-1,367,074,911Assets

-411,799,202-1,129,102,254Securities portfolio at market value

-411,773,038-1,128,979,734Acquisition cost

-26,164-122,520Unrealised gain/loss on the securities portfolio

----Options purchased at market value

----Options purchased at cost

-9,984-8,508,091Cash at banks and liquidities

----Reverse repurchase agreements

-57,000,000-210,000,000Time deposits

-32,499-3,118,769Interest receivable

----Dividends receivable

----Brokers receivable

-2,277,720-16,341,745Subscribers receivable

----Unrealised net appreciation on forward foreign exchange contracts

----Unrealised net appreciation on futures contracts

----Unrealised net appreciation on swaps and CFD


---4,052Other assets

-1,945,123-27,106,094Liabilities

----Options sold at market value

----Options sold at cost

-114,573--Bank Overdrafts

----Repurchase agreements

----Brokers payable

-1,695,003-25,403,148Subscribers payable

----Unrealised net depreciation on forward foreign exchange contracts

----Unrealised net depreciation on futures contracts

----Unrealised net depreciation on swaps and CFD



-103,530-1,525,687Other liabilities

-469,174,282-1,339,968,817Net asset value

2

2

2,8

2,10

2,7

2,18

2,17

2,9

2,10

2,7

2,18,19

4



178

13,291,365,331

11,136,168,575

10,665,505,500

470,663,074

386,644,655

324,385,625

416,573,546

765,102,178

75,562,126

55,042,248

19,213,831

93,893,259

167,721,829

7,681,027

2,105,822

3,645,084

158,576,657

3,434,493

995,134,581

228,516,883

249,936,410

12,531,888

326,221,430

66,574,037

123,691,695

8,798,016

7,814,714

6,133,166

22,556,983

158,891,324

33,404,445

12,296,230,750

Consolidated

30/06/201030/06/2011EUREUR

20,715,889,715

16,243,528,530

15,274,627,694

968,900,836

1,508,637,359

1,788,850,220

478,394,616

1,223,232,731

324,540,531

69,136,471

36,101,032

375,182,656

259,185,502

10,350,850

30,826,644

399,537

152,695,225

3,678,031

1,647,602,111

416,260,091

575,208,609

138,227,212

360,805,579

343,198,246

167,778,822

17,181,983

4,983,843

2,358,458

29,810,001

153,419,215

13,578,661

19,068,287,604


179

Equity Euroland ValueYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets EUR 389,673,999 0 0

AHK ( C )Number of shares 5,149.08 0.00 0.00Net asset value per share CZK 2,534.37 0.00 0.00

AE ( C )Number of shares 51,157.73 0.00 0.00Net asset value per share EUR 101.54 0.00 0.00

FE ( C )Number of shares 3,465.03 0.00 0.00Net asset value per share EUR 101.51 0.00 0.00

IE ( C )Number of shares 114,565.92 0.00 0.00Net asset value per share EUR 1,015.63 0.00 0.00

ME ( C )Number of shares 1,177,005.41 0.00 0.00Net asset value per share EUR 101.56 0.00 0.00

OE ( C )Number of shares 145,396.38 0.00 0.00Net asset value per share EUR 1,015.81 0.00 0.00

Equity Global AlphaYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets USD 31,434,708 0 0


AU ( C )Number of shares 290,879.04 0.00 0.00Net asset value per share USD 102.38 0.00 0.00

FU ( C )Number of shares 1,391.44 0.00 0.00Net asset value per share USD 102.35 0.00 0.00

IU ( C )Number of shares 1.50 0.00 0.00Net asset value per share USD 1,024.01 0.00 0.00

OU ( C )Number of shares 407.75 0.00 0.00Net asset value per share USD 1,024.18 0.00 0.00

Financial Details Relating to the Last 3 Years


180

Equity Japan CoreAlphaYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets JPY 23,578,006,505 0 0

AHE ( C )Number of shares 162,393.91 0.00 0.00Net asset value per share EUR 102.07 0.00 0.00


AJ ( C )Number of shares 1,517,104.36 0.00 0.00Net asset value per share JPY 10,216.50 0.00 0.00

AJ ( D )Number of shares 7,431.92 0.00 0.00Net asset value per share JPY 10,216.51 0.00 0.00

FHE ( C )Number of shares 6,698.16 0.00 0.00Net asset value per share EUR 102.06 0.00 0.00

FJ ( C )Number of shares 1,288.33 0.00 0.00Net asset value per share JPY 10,213.15 0.00 0.00

IHE ( C )Number of shares 8,134.18 0.00 0.00Net asset value per share EUR 1,020.99 0.00 0.00

IJ ( C )Number of shares 14,013.10 0.00 0.00Net asset value per share JPY 102,186.33 0.00 0.00

IJ ( D )Number of shares 5,860.01 0.00 0.00Net asset value per share JPY 102,186.32 0.00 0.00

MHE ( C )Number of shares 83,474.49 0.00 0.00Net asset value per share EUR 102.10 0.00 0.00

MJ ( C )Number of shares 155,279.72 0.00 0.00Net asset value per share JPY 10,218.63 0.00 0.00

Equity Japan TargetYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets JPY 4,851,356,127 0 0



181


Year ending as of: 30/06/11 30/06/10 30/06/09Equity Japan Target

AJ ( C )Number of shares 81,588.59 0.00 0.00Net asset value per share JPY 10,279.41 0.00 0.00


FJ ( C )Number of shares 982.06 0.00 0.00Net asset value per share JPY 10,276.67 0.00 0.00

IJ ( C )Number of shares 1,990.44 0.00 0.00Net asset value per share JPY 102,824.00 0.00 0.00

MJ ( C )Number of shares 149.48 0.00 0.00Net asset value per share JPY 10,273.82 0.00 0.00

OJ ( C )Number of shares 34,477.01 0.00 0.00Net asset value per share JPY 102,842.28 0.00 0.00

Equity US Concentrated CoreYear ending as of: 30/06/11 30/06/10 30/06/09





AU ( D )Number of shares 7,235.07 0.00 0.00Net asset value per share USD 103.78 0.00 0.00




182


Year ending as of: 30/06/11 30/06/10 30/06/09Equity US Concentrated Core


IHE ( C )Number of shares 75.91 0.00 0.00Net asset value per share EUR 1,037.07 0.00 0.00


IU ( D )Number of shares 46.90 0.00 0.00Net asset value per share USD 1,038.10 0.00 0.00

MU ( C )Number of shares 19,802.56 0.00 0.00Net asset value per share USD 103.80 0.00 0.00

Equity US GrowthYear ending as of: 30/06/11 30/06/10 30/06/09





AU ( D )Number of shares 1.50 0.00 0.00Net asset value per share USD 103.81 0.00 0.00






183


Year ending as of: 30/06/11 30/06/10 30/06/09Equity US Growth

IU ( C )Number of shares 4,749.90 0.00 0.00Net asset value per share USD 1,037.58 0.00 0.00



Equity US Multi StrategiesYear ending as of: 30/06/11 30/06/10 30/06/09










OHE ( C )Number of shares 195.23 0.00 0.00Net asset value per share EUR 1,031.97 0.00 0.00



184

Equity US Relative ValueYear ending as of: 30/06/11 30/06/10 30/06/09



AHK ( C )Number of shares 17,669.63 0.00 0.00Net asset value per share CZK 2,556.90 0.00 0.00


AU ( C )Number of shares 1,885,938.10 0.00 0.00Net asset value per share USD 102.55 0.00 0.00




IHE ( C )Number of shares 33,890.80 0.00 0.00Net asset value per share EUR 1,024.90 0.00 0.00






185


Year ending as of: 30/06/11 30/06/10 30/06/09Equity US Relative Value

OHE ( C )Number of shares 65,833.96 0.00 0.00Net asset value per share EUR 1,025.06 0.00 0.00

OU ( C )Number of shares 15,346.45 0.00 0.00Net asset value per share USD 1,025.95 0.00 0.00

Gems WorldYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets USD 35,193,193 33,740,381 20,556,284

AU ( C )Number of shares 10,334.26 5,851.26 3,928.93Net asset value per share USD 86.65 64.37 58.41

IU ( C )Number of shares 38,217.37 51,802.55 35,227.80Net asset value per share USD 864.27 637.00 571.97

SU ( C )Number of shares 15,406.35 5,886.19 3,175.75Net asset value per share USD 82.29 61.38 55.93

Equity Global SelectYear ending as of: 30/06/11 30/06/10 30/06/09


AU ( C )Number of shares 15,430,027.57 12,942,056.85 12,486,444.73Net asset value per share USD 8.72 6.65 5.94

AU ( D )Number of shares 381,441.80 352,231.11 380,083.79Net asset value per share USD 8.44 6.44 5.76


SE ( C )Number of shares 979.16 0.00 0.00Net asset value per share EUR 97.27 0.00 0.00

SU ( C )Number of shares 1,842,635.91 914,931.36 1,043,043.80Net asset value per share USD 8.36 6.40 5.74

MU ( C )Number of shares 0.00 37.00 0.00Net asset value per share USD 0.00 113.45 0.00



186

Equity Japan ValueYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets JPY 4,306,180,600 3,962,486,721 3,704,309,507


AJ ( C )Number of shares 280,181.94 255,903.14 261,654.00Net asset value per share JPY 6,229.00 5,990.00 6,508.00

AJ ( D )Number of shares 70,941.51 28,003.19 28,776.48Net asset value per share JPY 10,433.00 10,032.00 10,900.00

I9 ( C )Number of shares 14,640.00 16,930.00 14,420.00Net asset value per share JPY 7,141.00 6,782.00 7,285.00

I2 ( D )Number of shares 82,033.00 120,733.00 158,933.00Net asset value per share JPY 5,518.00 5,364.00 5,890.00

FJ (C)Number of shares 8,027.97 0.00 0.00Net asset value per share JPY 10,241.00 0.00 0.00

IJ ( C )Number of shares 12,036.00 16,716.58 3,300.67Net asset value per share JPY 64,291.00 61,323.00 66,136.00

MHE (C)Number of shares 577.30 0.00 0.00Net asset value per share EUR 102.39 0.00 0.00

MJ ( C )Number of shares 1,110.81 0.00 0.00Net asset value per share JPY 10,259.00 0.00 0.00

SJ ( C )Number of shares 54,292.34 60,976.00 66,295.21Net asset value per share JPY 6,135.00 5,923.00 6,461.00

Equity Euro SelectYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets EUR 119,657,208 20,494,952 18,058,431

AE ( C )Number of shares 481,169.37 15,110.20 10,068.02Net asset value per share EUR 133.64 116.32 105.28

AE ( D )Number of shares 4,845.14 80.52 80.52Net asset value per share EUR 126.73 111.26 101.22



187

Year ending as of: 30/06/11 30/06/10 30/06/09Equity Euro Select

FE (C)Number of shares 17,357.40 0.00 0.00Net asset value per share EUR 101.49 0.00 0.00

IE ( C )Number of shares 17,233.05 12,580.50 12,570.83Net asset value per share EUR 1,365.25 1,178.93 1,058.44

ME (C)Number of shares 161,859.67 0.00 0.00Net asset value per share EUR 101.53 0.00 0.00

SE ( C )Number of shares 92,236.93 31,594.73 32,877.07Net asset value per share EUR 141.14 123.34 112.08

Equity Europe SelectYear ending as of: 30/06/11 30/06/10 30/06/09






ME ( C )Number of shares 2,417.91 0.00 0.00Net asset value per share EUR 102.12 0.00 0.00

OE ( C )Number of shares 19,582.97 0.00 0.00Net asset value per share EUR 979.53 0.00 0.00




188




IE ( C )Number of shares 47.88 0.00 0.00Net asset value per share EUR 1,022.62 0.00 0.00



SE ( C )Number of shares 25,225.66 0.00 0.00Net asset value per share EUR 102.23 0.00 0.00

Equity Global Gold MinesYear ending as of: 30/06/11 30/06/10 30/06/09





IU ( C )Number of shares 58.40 0.00 0.00Net asset value per share USD 993.70 0.00 0.00


Equity Euroland Small CapYear ending as of: 30/06/11 30/06/10 30/06/09




189

Equity Global Luxury and LifestyleYear ending as of: 30/06/11 30/06/10 30/06/09






Equity Global AgricultureYear ending as of: 30/06/11 30/06/10 30/06/09


AHE ( C )Number of shares 22,571.49 20,596.50 0.00Net asset value per share EUR 123.39 90.31 0.00

AE ( C )Number of shares 26,690.61 7,678.00 0.00Net asset value per share EUR 134.47 116.44 0.00



IHE ( C )Number of shares 53,291.73 13,390.00 10,000.00Net asset value per share EUR 1,198.83 878.47 779.20


MU ( C )Number of shares 77,632.86 16,276.64 0.00Net asset value per share USD 134.69 97.56 0.00




190

Equity Global ResourcesYear ending as of: 30/06/11 30/06/10 30/06/09




FU (C)Number of shares 22,081.94 0.00 0.00Net asset value per share USD 102.28 0.00 0.00


MU (C)Number of shares 258,803.56 0.00 0.00Net asset value per share USD 102.33 0.00 0.00


Equity Europe RestructuringYear ending as of: 30/06/11 30/06/10 30/06/09




IE ( C )Number of shares 41,589.10 33,892.70 35,350.53Net asset value per share EUR 750.76 632.48 527.54

ME (C)Number of shares 102,396.73 0.00 0.00Net asset value per share EUR 101.94 0.00 0.00


SE ( C )Number of shares 3,124.99 1,656.96 849.84Net asset value per share EUR 71.56 61.17 51.77



191

AE ( C )Number of shares 22,236.24 0.00 0.00Net asset value per share USD 147.67 0.00 0.00

Equity US OpportunitiesYear ending as of: 30/06/11 30/06/10 30/06/09




IU ( C )Number of shares 11,722.27 108,153.74 18,624.23Net asset value per share USD 1,198.18 948.42 890.57


Equity ASEANYear ending as of: 30/06/11 30/06/10 30/06/09




I4 ( C )Number of shares 1,476,000.00 1,839,000.00 2,067,000.00Net asset value per share USD 94.14 72.04 52.79

I9 ( C )Number of shares 5,670.00 5,550.00 4,480.00Net asset value per share USD 105.63 80.72 59.06





192



IU ( C )Number of shares 46,593.05 38,481.91 43,440.89Net asset value per share USD 2,846.89 2,325.68 1,942.88

MU ( C )Number of shares 2,016.00 2,610.51 12,979.08Net asset value per share USD 107.16 87.71 73.22


XU ( C )Number of shares 56,210.57 78,977.94 276,568.62Net asset value per share USD 1,392.72 1,133.39 941.59

Equity BrazilYear ending as of: 30/06/11 30/06/10 30/06/09


AU ( C )Number of shares 876,027.43 1,577,343.01 25,626.24Net asset value per share USD 125.53 98.79 73.51

AU ( D )Number of shares 22,568.30 13,730.20 0.00Net asset value per share USD 119.88 95.20 0.00

IU ( C )Number of shares 53,163.03 10,347.34 13,353.37Net asset value per share USD 1,275.02 1,001.00 735.37



Equity Asia ex JapanYear ending as of: 30/06/11 30/06/10 30/06/09




193

AE ( C )Number of shares 1,724,742.44 480,264.52 504,246.89Net asset value per share EUR 32.85 28.51 19.10

AE ( D )Number of shares 28,999.82 28,642.54 15,281.71Net asset value per share EUR 32.69 28.37 19.09



ME ( C )Number of shares 6,927.99 552.55 1,792.84Net asset value per share EUR 74.68 64.24 43.53


Equity Emerging Internal DemandYear ending as of: 30/06/11 30/06/10 30/06/09


AHE ( C )Number of shares 11.00 0.00 0.00Net asset value per share EUR 100.85 0.00 0.00

AE ( C )Number of shares 485.00 0.00 0.00Net asset value per share EUR 94.76 0.00 0.00

AU ( C )Number of shares 2,027,109.31 500,038.44 103,735.81Net asset value per share USD 100.65 79.24 60.78

AE ( D )Number of shares 10.00 0.00 0.00Net asset value per share EUR 94.67 0.00 0.00





194

Equity Emerging EuropeYear ending as of: 30/06/11 30/06/10 30/06/09


Year ending as of: 30/06/11 30/06/10 30/06/09Equity Emerging Internal Demand




XU ( C )Number of shares 36,096.19 0.00 0.00Net asset value per share USD 1,019.72 0.00 0.00

Equity Emerging WorldYear ending as of: 30/06/11 30/06/10 30/06/09


AE (C)Number of shares 315,610.21 0.00 0.00Net asset value per share EUR 102.15 0.00 0.00

AU ( C )Number of shares 3,362,729.34 78,327.87 1,182.45Net asset value per share USD 106.78 85.94 69.50

AU ( D )Number of shares 1,119,719.69 0.00 0.00Net asset value per share USD 105.76 0.00 0.00

I8 ( C )Number of shares 54,172.65 0.00 0.00Net asset value per share USD 1,022.67 0.00 0.00




OU (C)Number of shares 160.74 0.00 0.00Net asset value per share USD 1,026.48 0.00 0.00



195



FHE ( C )Number of shares 0.64 0.00 0.00Net asset value per share EUR 101.29 0.00 0.00

Equity Asia Pacific ex-JapanYear ending as of: 30/06/11 30/06/10 30/06/09









Equity MENAYear ending as of: 30/06/11 30/06/10 30/06/09







196

Year ending as of: 30/06/11 30/06/10 30/06/09Equity MENA

FU ( C )Number of shares 0.65 0.00 0.00Net asset value per share USD 101.41 0.00 0.00



IU ( D )Number of shares 1,138.73 0.00 0.00Net asset value per share USD 1,013.55 0.00 0.00

Equity Greater ChinaYear ending as of: 30/06/11 30/06/10 30/06/09






I4 ( C )Number of shares 657,972.00 970,972.00 1,107,972.00Net asset value per share USD 342.47 291.50 260.95




197

I2 ( D )Number of shares 8,412.00 15,412.00 25,452.00Net asset value per share USD 135.00 117.71 108.30




Year ending as of: 30/06/11 30/06/10 30/06/09Equity Greater China


SU ( C )Number of shares 3,882,310.13 4,565,600.77 4,545,155.73Net asset value per share USD 27.58 23.88 21.74

XU ( C )Number of shares 11,363.58 14,963.58 23,263.58Net asset value per share USD 1,250.24 1,077.17 979.49

Equity IndiaYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets USD 853,505,098 1,002,214,675 836,365,446





I4 ( C )Number of shares 4,410,455.00 5,516,455.00 5,832,955.00Net asset value per share USD 166.93 154.86 119.04




198


Year ending as of: 30/06/11 30/06/10 30/06/09Equity India



XU ( C )Number of shares 950.00 1,561.00 0.00Net asset value per share USD 868.69 996.62 0.00

Equity India InfrastructureYear ending as of: 30/06/11 30/06/10 30/06/09





IU ( C )Number of shares 225.60 49,199.79 3,123.00Net asset value per share USD 636.56 662.04 522.19





199







MU ( C )Number of shares 23,062.85 262.58 24,630.18Net asset value per share USD 104.45 73.31 54.05


XU ( C )Number of shares 4,012.00 10,113.00 0.00Net asset value per share USD 1,371.24 957.62 0.00

Equity Latin AmericaYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets USD 2,598,470,998 1,707,487,755 781,076,043


AU ( C )Number of shares 1,001,345.97 1,008,726.08 653,910.45Net asset value per share USD 732.90 579.36 431.95




200

Equity KoreaYear ending as of: 30/06/11 30/06/10 30/06/09


Year ending as of: 30/06/11 30/06/10 30/06/09Equity Latin America







XU ( C )Number of shares 495,663.49 321,422.40 262,233.89Net asset value per share USD 1,891.90 1,484.31 1,111.05

Equity ThailandYear ending as of: 30/06/11 30/06/10 30/06/09






SU ( C )Number of shares 1,271,735.32 468,606.91 458,587.59Net asset value per share USD 15.90 11.37 7.67



201

XU ( C )Number of shares 137.00 12,877.00 0.00Net asset value per share USD 1,443.21 1,014.24 0.00

Equity Global AquaYear ending as of: 30/06/11 30/06/10 30/06/09





ME ( C )Number of shares 2,098.89 8,459.19 16,920.18Net asset value per share EUR 101.06 94.43 79.98


Equity Global Clean PlanetYear ending as of: 30/06/11 30/06/10 30/06/09






I6 ( C )Number of shares 0.00 6,839.38 12,507.22Net asset value per share EUR 0.00 1,154.19 1,045.79



202

Convertible EuropeYear ending as of: 30/06/11 30/06/10 30/06/09






Convertible GlobalYear ending as of: 30/06/11 30/06/10 30/06/09


AE ( C )Number of shares 868,644.62 1,100,671.92 1,550,446.28Net asset value per share EUR 10.79 10.04 9.29


IE ( C )Number of shares 152.00 6,385.98 7,449.40Net asset value per share EUR 1,288.16 1,188.82 1,091.47

ME ( C )Number of shares 838.47 942.19 13,529.18Net asset value per share EUR 108.73 100.39 92.16

SE ( C )Number of shares 880,833.43 1,106,536.68 1,347,002.84Net asset value per share EUR 11.60 10.81 10.03

Bond Global CorporateYear ending as of: 30/06/11 30/06/10 30/06/09





203

Year ending as of: 30/06/11 30/06/10 30/06/09Bond Global Corporate

AU ( C )Number of shares 14,330.66 7,486.02 17.82Net asset value per share USD 125.38 117.17 101.19




Bond Euro AggregateYear ending as of: 30/06/11 30/06/10 30/06/09




I2 ( D )Number of shares 213,654.50 0.00 0.00Net asset value per share EUR 998.19 0.00 0.00


IE ( C )Number of shares 29,981.68 0.00 0.00Net asset value per share EUR 998.16 0.00 0.00






204

Bond Euro GoviesYear ending as of: 30/06/11 30/06/10 30/06/09







Bond Euro CorporateYear ending as of: 30/06/11 30/06/10 30/06/09


AE ( C )Number of shares 3,402,258.03 4,966,529.54 4,132,554.43Net asset value per share EUR 15.35 14.87 12.99

AE ( D )Number of shares 4,837,684.57 9,450,430.35 16,224,422.54Net asset value per share EUR 10.66 10.73 9.75

I2 ( D )Number of shares 1,989,623.34 2,464,428.37 1,974,517.43Net asset value per share EUR 86.59 89.40 83.22



IE ( D )Number of shares 9,905.99 9,395.99 5,000.00Net asset value per share EUR 1,176.17 1,173.81 1,032.14

ME ( C )Number of shares 634,378.61 122,868.09 660.51Net asset value per share EUR 119.73 115.30 101.01



205

Year ending as of: 30/06/11 30/06/10 30/06/09Bond Euro Corporate

OE (C)Number of shares 115,066.35 0.00 0.00Net asset value per share EUR 995.91 0.00 0.00

SE ( C )Number of shares 1,073,880.97 1,829,003.15 798,053.62Net asset value per share EUR 15.03 14.58 12.76

Euro GoviesYear ending as of: 30/06/11 30/06/10 30/06/09




Bond Euro InflationYear ending as of: 30/06/11 30/06/10 30/06/09



AE ( D )Number of shares 339,045.74 1,045,337.06 203,160.19Net asset value per share EUR 127.76 126.41 121.60








206

Bond Euro High YieldYear ending as of: 30/06/11 30/06/10 30/06/09




I2 ( D )Number of shares 2,482,222.00 3,821,181.00 3,971,898.00Net asset value per share EUR 81.82 79.48 66.08


IE ( C )Number of shares 52,502.36 663.00 16,127.00Net asset value per share EUR 1,782.35 1,555.36 1,137.20

IE ( D )Number of shares 57,233.95 0.00 0.00Net asset value per share EUR 1,056.81 0.00 0.00



Bond US Opportunistic Core PlusYear ending as of: 30/06/11 30/06/10 30/06/09








207

Year ending as of: 30/06/11 30/06/10 30/06/09Bond US Opportunistic Core Plus


IHE ( C )Number of shares 10,942.66 0.00 0.00Net asset value per share EUR 995.68 0.00 0.00

IU ( C )Number of shares 5,175.03 0.00 0.00Net asset value per share USD 995.63 0.00 0.00

Bond EuropeYear ending as of: 30/06/11 30/06/10 30/06/09








Bond Global AggregateYear ending as of: 30/06/11 30/06/10 30/06/09






208

Year ending as of: 30/06/11 30/06/10 30/06/09Bond Global Aggregate



SHE-MD ( D )Number of shares 2,624.36 0.00 0.00Net asset value per share EUR 99.07 0.00 0.00




SHE ( C )Number of shares 25,397.70 0.00 0.00Net asset value per share EUR 99.41 0.00 0.00


Bond GlobalYear ending as of: 30/06/11 30/06/10 30/06/09


AE (C)Number of shares 19,267.63 0.00 0.00Net asset value per share EUR 99.66 0.00 0.00


AU ( D )Number of shares 3,203,550.73 2,671,193.62 4,762,143.34Net asset value per share USD 17.18 16.67 15.49




209

Year ending as of: 30/06/11 30/06/10 30/06/09Bond Global



IE-D ( D )Number of shares 1.00 0.00 0.00Net asset value per share EUR 981.22 0.00 0.00

IU ( D )Number of shares 15,675.80 20,245.00 24,703.41Net asset value per share USD 2,122.68 2,026.31 1,878.24


SHE ( C )Number of shares 11,314.29 0.00 0.00Net asset value per share EUR 101.99 0.00 0.00

SU ( C )Number of shares 1,645,379.19 1,658,021.72 903,246.58Net asset value per share USD 24.14 22.26 19.96

Bond Global InflationYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets EUR 175,317,479 126,278,553 0

AE ( C )Number of shares 1,176,207.75 584,676.00 0.00Net asset value per share EUR 110.75 105.17 0.00

AE ( D )Number of shares 115,583.09 562,990.93 0.00Net asset value per share EUR 106.42 101.57 0.00

IE ( C )Number of shares 22,812.03 7,033.94 0.00Net asset value per share EUR 1,121.11 1,058.03 0.00


SE ( C )Number of shares 52,637.67 1,558.37 0.00Net asset value per share EUR 110.27 104.97 0.00



210

Institutional 5 DNumber of shares 0.00 59.06 1,731.00Net asset value per share EUR 0.00 1,134.15 962.43

Bond Converging EuropeYear ending as of: 30/06/11 30/06/10 30/06/09






OE ( C )Number of shares 163.54 0.00 0.00Net asset value per share EUR 1,000.21 0.00 0.00

Bond Emerging InflationYear ending as of: 30/06/11 30/06/10 30/06/09


AU ( C )Number of shares 245.39 0.00 0.00Net asset value per share USD 96.77 0.00 0.00

IU ( C )Number of shares 61,917.39 0.00 0.00Net asset value per share USD 969.54 0.00 0.00

SU ( C )Number of shares 68.57 0.00 0.00Net asset value per share USD 96.74 0.00 0.00

Bond Global EmergingYear ending as of: 30/06/11 30/06/10 30/06/09






211

Year ending as of: 30/06/11 30/06/10 30/06/09Bond Global Emerging



IU ( C )Number of shares 32,882.40 1,260.00 203.00Net asset value per share USD 2,013.00 1,698.44 1,366.95


SHE ( C )Number of shares 50.37 0.00 0.00Net asset value per share EUR 101.45 0.00 0.00

SU ( C )Number of shares 1,214,567.35 1,037,704.49 206,755.94Net asset value per share USD 27.68 23.54 19.07

Index Equity EuroYear ending as of: 30/06/11 30/06/10 30/06/09




IE ( C )Number of shares 146,532.38 92,020.38 33,830.57Net asset value per share EUR 1,028.73 883.30 777.28

IE ( D )Number of shares 50,968.50 54,957.93 54,435.88Net asset value per share EUR 972.54 859.82 777.28





212

Index Equity EuropeYear ending as of: 30/06/11 30/06/10 30/06/09




IE ( C )Number of shares 32,863.64 33,714.26 235,306.49Net asset value per share EUR 1,086.05 942.71 778.65

IE ( D )Number of shares 387,318.90 412,184.98 333,659.48Net asset value per share EUR 1,029.06 919.04 778.66



Index Equity North AmericaYear ending as of: 30/06/11 30/06/10 30/06/09





IE ( C )Number of shares 103,797.14 46,729.45 110,805.70Net asset value per share EUR 1,177.91 1,069.57 821.33


IE ( D )Number of shares 224,237.18 254,105.87 230,712.74Net asset value per share EUR 1,141.00 1,054.92 821.34



213

Year ending as of: 30/06/11 30/06/10 30/06/09Index Equity North America



Index Equity PacificYear ending as of: 30/06/11 30/06/10 30/06/09





IE ( D )Number of shares 26,475.50 28,315.72 10,468.63Net asset value per share EUR 1,321.30 1,298.16 1,086.54



Index Global Bond (EUR) HedgedYear ending as of: 30/06/11 30/06/10 30/06/09


AE ( C )Number of shares 452,305.51 10.00 10,172.78Net asset value per share EUR 113.01 112.01 105.64





214

Year ending as of: 30/06/11 30/06/10 30/06/09Index Global Bond (EUR) Hedged


Absolute ForexYear ending as of: 30/06/11 30/06/10 30/06/09


AE ( C )Number of shares 1,965,801.38 0.00 0.00Net asset value per share EUR 100.24 0.00 0.00



Classic H ( C )Number of shares 3.01 0.00 0.00Net asset value per share EUR 100.27 0.00 0.00




Absolute VaR Short TermYear ending as of: 30/06/11 30/06/10 30/06/09


IE ( C )Number of shares 10,063.90 26,898.93 0.00Net asset value per share EUR 1,005.63 1,003.33 0.00

Absolute VaR 2(EUR)Year ending as of: 30/06/11 30/06/10 30/06/09


AHG (G)Number of shares 9,077.51 0.00 0.00Net asset value per share GBP 100.08 0.00 0.00



215

Year ending as of: 30/06/11 30/06/10 30/06/09Absolute VaR 2(EUR)



AHG (D)Number of shares 457.83 0.00 0.00Net asset value per share GBP 100.12 0.00 0.00


Classic H ( C )Number of shares 3,995.33 58,324.82 391.04Net asset value per share EUR 113.76 113.75 107.33

IHG (C)Number of shares 47.01 0.00 0.00Net asset value per share GBP 1,001.37 0.00 0.00



SE ( C )Number of shares 652,097.96 1,014,552.67 900,059.19Net asset value per share EUR 116.18 115.96 109.16

Absolute VaR 2(USD)Year ending as of: 30/06/11 30/06/10 30/06/09



AU ( D )Number of shares 307.00 1,052.00 738.00Net asset value per share USD 102.49 103.77 101.44

Classic H ( C )Number of shares 542.33 762.16 713.72Net asset value per share USD 134.10 135.79 131.83



216

Year ending as of: 30/06/11 30/06/10 30/06/09Absolute VaR 2(USD)



Absolute VaR 4(EUR)Year ending as of: 30/06/11 30/06/10 30/06/09




Classic H ( C )Number of shares 8,134.49 11,578.69 6,310.28Net asset value per share EUR 110.29 108.23 100.82



SE ( C )Number of shares 630,278.50 998,950.11 1,333,451.82Net asset value per share EUR 112.15 109.79 102.53

Absolute VaR 4(USD)Year ending as of: 30/06/11 30/06/10 30/06/09




Classic H ( C )Number of shares 10.00 10.00 10.00Net asset value per share USD 107.17 107.54 101.34



217

Year ending as of: 30/06/11 30/06/10 30/06/09Absolute VaR 4(USD)



Absolute Statistical ArbitrageYear ending as of: 30/06/11 30/06/10 30/06/09


AHU ( C )Number of shares 115.06 0.00 0.00Net asset value per share USD 98.53 0.00 0.00


IHU ( C )Number of shares 12.01 0.00 0.00Net asset value per share USD 986.23 0.00 0.00

IE ( C )Number of shares 59,264.21 40,502.85 46,944.80Net asset value per share EUR 990.39 952.05 1,003.51

IE ( D )Number of shares 45,622.93 25,750.01 13,408.00Net asset value per share EUR 980.83 946.76 1,002.75

ME ( C )Number of shares 56,666.39 848.51 183,565.68Net asset value per share EUR 96.62 93.48 98.52


Absolute Forex Asia PacificYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets JPY 662,797,423 15,862,425 8,381,074

AJ ( C )Number of shares 906.18 5,767.61 3,683.99Net asset value per share JPY 10,280.00 124.22 123.44

IJ ( C )Number of shares 6,000.00 6,000.00 6,000.00Net asset value per share JPY 105,343.00 1,266.57 1,251.80



218

Year ending as of: 30/06/11 30/06/10 30/06/09Absolute Forex Asia Pacific

SJ ( C )Number of shares 2,083.92 7,269.17 3,358.77Net asset value per share JPY 10,280.00 124.38 123.72

Absolute High YieldYear ending as of: 30/06/11 30/06/10 30/06/09




Classic H ( C )Number of shares 775.21 10.00 10.00Net asset value per share EUR 104.96 101.83 95.31

IE ( C )Number of shares 65,388.29 24,261.26 31,613.91Net asset value per share EUR 1,087.08 1,044.88 974.16



Absolute Volatility ArbitrageYear ending as of: 30/06/11 30/06/10 30/06/09


AE ( C )Number of shares 602,346.36 676,446.90 1,927,817.29Net asset value per share EUR 118.16 116.29 115.59




MJ ( C )Number of shares 0.00 66,206.17 0.00Net asset value per share JPY 0.00 100.33 0.00



219

IE ( D )Number of shares 13,439.00 750.00 0.00Net asset value per share EUR 992.37 1,001.52 0.00

Year ending as of: 30/06/11 30/06/10 30/06/09Absolute Volatility Arbitrage

ME ( C )Number of shares 1,087,452.99 547,266.70 2,161,408.00Net asset value per share EUR 111.74 109.50 108.37

SE ( C )Number of shares 1,090,858.44 1,140,490.93 1,666,302.37Net asset value per share EUR 117.30 115.56 114.99

Absolute Volatility Euro EquitiesYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets EUR 2,629,337,006 1,112,478,533 459,305,710

AHC ( C )Number of shares 80,065.00 0.00 0.00Net asset value per share CHF 98.98 0.00 0.00

AE ( C )Number of shares 6,003,186.51 1,561,348.08 599,467.16Net asset value per share EUR 147.20 149.49 141.22

IHG ( D )Number of shares 22,327.69 3,070.71 0.00Net asset value per share GBP 1,036.76 1,047.19 0.00


AHG ( D )Number of shares 3,847.30 104.10 0.00Net asset value per share GBP 102.87 104.84 0.00



IHC ( C )Number of shares 30,217.83 0.00 0.00Net asset value per share CHF 991.12 0.00 0.00




220

Year ending as of: 30/06/11 30/06/10 30/06/09Absolute Volatility Euro Equities

ME ( C )Number of shares 2,028,091.86 1,403,253.64 608,242.03Net asset value per share EUR 133.62 134.98 126.71



Absolute Volatility World EquitiesYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets USD 2,119,712,575 636,096,626 139,835,124

AHE ( C )Number of shares 1,343,259.51 94,461.37 0.00Net asset value per share EUR 101.32 102.57 0.00

AE (C)Number of shares 200.00 0.00 0.00Net asset value per share EUR 100.62 0.00 0.00

AU ( C )Number of shares 2,209,967.82 1,224,446.37 179,675.14Net asset value per share USD 137.74 139.30 135.07



AHG ( D )Number of shares 39,598.79 9,299.82 0.00Net asset value per share GBP 105.52 106.59 0.00

IHG0 ( D )Number of shares 73,516.51 124,080.33 22,416.77Net asset value per share GBP 1,061.70 1,071.82 1,005.37



221

Classic H ( C )Number of shares 90,704.09 47,276.15 10,304.65Net asset value per share USD 135.01 137.38 133.80

IHE ( C )Number of shares 408,414.50 91,549.70 0.00Net asset value per share EUR 1,042.41 1,048.46 0.00

Year ending as of: 30/06/11 30/06/10 30/06/09Absolute Volatility World Equities


IU ( D )Number of shares 5,389.81 3,054.43 0.00Net asset value per share USD 1,053.81 1,057.72 0.00



Multimanagers Long/Short EquityYear ending as of: 30/06/11 30/06/10 30/06/09



IE ( C )Number of shares 10,000.00 10,000.00 0.00Net asset value per share EUR 995.22 975.47 0.00


Dynamic Asset AllocationYear ending as of: 30/06/11 30/06/10 30/06/09






222

IHG ( D )Number of shares 15,662.04 2,682.19 0.00Net asset value per share GBP 1,026.28 1,029.63 0.00

IHG0 ( D )Number of shares 90,623.89 0.00 0.00Net asset value per share GBP 1,000.22 0.00 0.00

Year ending as of: 30/06/11 30/06/10 30/06/09Dynamic Asset Allocation

SE ( C )Number of shares 52.80 0.00 0.00Net asset value per share EUR 99.69 0.00 0.00

Money Market EuroYear ending as of: 30/06/11 30/06/10 30/06/09

Total Net Assets EUR 1,339,968,817 0 0

AE ( C )Number of shares 7,593,144.57 0.00 0.00Net asset value per share EUR 100.01 0.00 0.00




IE ( D )Number of shares 21,999.28 0.00 0.00Net asset value per share EUR 1,000.22 0.00 0.00




Money Market USDYear ending as of: 30/06/11 30/06/10 30/06/09


AU ( C )Number of shares 2,822,853.62 0.00 0.00Net asset value per share USD 99.99 0.00 0.00




223

Year ending as of: 30/06/11 30/06/10 30/06/09Money Market USD



MU ( C )Number of shares 1,206,002.76 0.00 0.00Net asset value per share USD 100.00 0.00 0.00

SU ( C )Number of shares 62,400.00 0.00 0.00Net asset value per share USD 99.99 0.00 0.00



224

Equity Global AlphaEquity Euroland ValueNote


-4,199-Income

-3,716-Net dividends

---Bond interest

---Bank interest

---Income on Reverse Repos

---Interest on interest rate swaps

-483-Other income

-12,04164,152Expenses

-9,24939,771Management fees

---Performance fees

-2,36223,444Administration fees

-430937Taxe d’abonnement

---Distributor fees

---Broker and transaction fees

---Bank interest and similar charges

---Interest paid on swaps

---Expenses on Repos

---Other expenses

--7,842-64,152Net realised profit/(loss) from investments

--111,769-39,240Net realised profit/(loss) on securities sold

--92-55,301Net realised profit/(loss) on options

--9,881-2,425Net realised profit/(loss) on forward foreign exchange contracts

-44,623-Net realised profit/(loss) on financial futures

---Net realised profit/(loss) on swaps

--10,581-7Net realised profit/(loss) on foreign exchange

--95,542-161,125Net realised profit/(loss)

-858,6916,123,048Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements

-19,31057,000Net change in unrealised appreciation/(depreciation) on options

-35,142799Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

--85,986-Net change in unrealised appreciation/(depreciation) on financial futures

---Net change in unrealised appreciation/(depreciation) on swaps

-731,6156,019,722Result of operations

---Dividend paid

-30,707,033385,217,870Subscriptions

--3,940-1,563,593Redemptions

-31,434,708389,673,999Increase/(decrease) in net assets

---Reevaluation of consolidated Net Assets

---Net assets at the beginning of the year

-31,434,708389,673,999Net assets at the end of the year

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

2

2

11

4

5

4

6

12

16

Statement of Operations and Changes in Net Assets


226

Equity US GrowthEquity US Concentrated CoreEquity Japan TargetEquity Japan CoreAlpha

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011USDUSDUSDUSDJPYJPYJPYJPY

-19,894-4,408-3,749,565-13,759,350

-19,894-4,408-3,749,565-13,759,350

--------

--------

--------

--------

--------

-46,114-27,495-968,154-9,034,255

-33,932-20,985-463,585-6,718,673

--------

-11,157-5,593-398,570-1,868,740

-1,025-917-105,999-446,842

--------

--------

--------

--------

--------

--------

--26,220--23,087-2,781,411-4,725,095

-117,307-255,423-1,340,274-39,339,268

--------

--52,806--131-1,719,129-35,461,450

-------347,328

--------

--1,051--699--131,726--2,863,773

-37,230-231,506-5,709,088-77,009,368

-4,126,555-1,877,449-129,503,639-408,656,819

-------28,100,000

-142,734-35,576-575,238-11,943,267

-------22,320,000

--------

-4,306,519-2,144,531-135,787,965-548,029,454

--------

-112,996,015-56,292,651-4,715,678,791-23,057,621,925

--711--33,091--110,629--27,644,874

-117,301,823-58,404,091-4,851,356,127-23,578,006,505

--------

-117,301,823-58,404,091-4,851,356,127-23,578,006,505

--- - --- -


227

Equity US Relative ValueEquity US Multi StrategiesNote


-213,950-5,512Income

-213,950-5,512Net dividends

----Bond interest

----Bank interest

----Income on Reverse Repos

----Interest on interest rate swaps

----Other income

-221,865-11,458Expenses

-162,529-8,817Management fees

----Performance fees

-53,918-2,266Administration fees

-5,418-375Taxe d’abonnement

----Distributor fees

----Broker and transaction fees

----Bank interest and similar charges

----Interest paid on swaps

----Expenses on Repos

----Other expenses

--7,915--5,946Net realised profit/(loss) from investments

--142,282--2,045Net realised profit/(loss) on securities sold

----Net realised profit/(loss) on options

--583,793--11,742Net realised profit/(loss) on forward foreign exchange contracts

----Net realised profit/(loss) on financial futures

----Net realised profit/(loss) on swaps

--3,773--576Net realised profit/(loss) on foreign exchange

--737,763--20,309Net realised profit/(loss)

-20,033,366

-796,699Net change in unrealised appreciation/(depreciation) on investments and on debts

derived from reverse repurchase agreements----Net change in unrealised appreciation/(depreciation) on options

-1,432,184-28,812Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

----Net change in unrealised appreciation/(depreciation) on financial futures

----Net change in unrealised appreciation/(depreciation) on swaps

-20,727,787-805,202Result of operations

----Dividend paid

-782,140,234-24,256,943Subscriptions

--7,119,952--13,985Redemptions

-795,748,069-25,048,160Increase/(decrease) in net assets

----Reevaluation of consolidated Net Assets

----Net assets at the beginning of the year

-795,748,069-25,048,160Net assets at the end of the year

2

2

2

11

4

5

4

6

12

16



228

643,945

586,226

328

72

-

-

57,319

297,618

178,211

-

59,666

4,661

18,219

35,280

475

-

-

1,107

346,327

991,135

-

-

59,289

-

22,666

1,419,417

707,330

-

-

4,830

-

2,131,577

-43

6,618,688

-6,313,701

2,436,521

-

18,058,431

20,494,952

73,686,348

73,686,348

-

-

-

-

-

79,130,152

43,967,768

-

13,706,984

1,461,073

1,632,975

18,361,352

-

-

-

-

-5,443,804

314,961,055

-

-

-

-

-192,578

309,324,673

-532,236,042

-

-

-

-

-222,911,369

-17,245,960

8,651,271,572

-8,152,937,029

258,177,214

-

3,704,309,507

3,962,486,721

1,832,922

1,779,200

-

190

-

-

53,533

2,041,427

1,290,598

156,372

350,353

50,069

27,106

165,550

1,380

-

-

-

-208,505

2,588,050

-

-

-538,132

-

-79,395

1,762,019

6,675,548

-

-

182,550

-

8,620,117

-

38,902,301

-35,931,420

11,590,997

-

82,857,983

94,448,980

585,058

476,731

44,071

5,544

-

-

58,712

450,073

244,403

-

94,204

3,640

1,304

97,245

9,247

-

-

30

134,985

120,375

703,034

5,942,459

1,917,113

-

-2,786,977

6,030,988

-3,240,874

200,261

12,019

-2,547,111

-

455,283

-

45,440,056

-32,711,241

13,184,098

-

20,556,284

33,740,381

-- --

Equity Euro SelectEquity Japan ValueEquity Global SelectGems World

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREURJPYJPYUSDUSDUSDUSD

700,09673,313,4261,600,756490,666

640,76973,313,4261,536,922480,294

---10,372

----

----

----

59,327-63,834-

326,44176,482,8302,164,7611,262,246

221,85643,136,0711,562,304275,216

--9,560-

68,55512,649,617402,184101,647

5,5231,322,97659,0284,663

----

29,48819,373,998121,937772,729

91682,35868,542

----

----

1,010-7,39039,449

373,655-3,169,404-564,005-771,580

-155,373-141,452,44712,283,1957,704,132

---805,945

-1,942,843--502,140

7,435-991,8553,076,145

----

5,162-773,948205,054666,764

230,879-143,452,95612,916,09910,979,266

4,275,373248,937,40418,552,187-904,864

----631,648

-32,422--179,581

42,820--88,9562,575,098

----

4,549,072105,516,87031,379,33011,838,271

-118-12,310,960-3,358-

101,171,3207,726,242,053105,869,7868,861,246

-6,558,018-7,475,754,084-63,255,169-19,246,705

99,162,256343,693,87973,990,5891,452,812

20,494,9523,962,486,72194,448,98033,740,381

119,657,2084,306,180,600168,439,56935,193,193


229

849,114

783,049

-

53

-

-

66,012

344,205

202,639

-

73,401

4,112

1,959

59,954

638

-

-

1,500

504,909

1,961,725

-

-

89,174

-

73,928

2,629,737

1,570,029

-

-

-6,200

-

4,193,566

-70

3,520,396

-4,232,144

3,481,749

-

23,311,408

26,793,157

Equity Euroland Small CapEquity Europe SelectNote


232,415782,997Income

226,201729,707Net dividends

--Bond interest

--Bank interest

--Income on Reverse Repos

--Interest on interest rate swaps

6,21453,290Other income

51,183370,765Expenses

36,883231,020Management fees

-7,029Performance fees

13,31282,086Administration fees

9885,163Taxe d’abonnement

--Distributor fees

-42,842Broker and transaction fees

-780Bank interest and similar charges

--Interest paid on swaps

--Expenses on Repos

-1,845Other expenses

181,232412,232Net realised profit/(loss) from investments

-486,0272,003,070Net realised profit/(loss) on securities sold

--Net realised profit/(loss) on options

--19,101Net realised profit/(loss) on forward foreign exchange contracts

-51,345Net realised profit/(loss) on financial futures

--Net realised profit/(loss) on swaps

-12,2123,378Net realised profit/(loss) on foreign exchange

-317,0072,450,924Net realised profit/(loss)

4,056,0183,317,015Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements

--Net change in unrealised appreciation/(depreciation) on options

--Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

-186,976Net change in unrealised appreciation/(depreciation) on financial futures

--Net change in unrealised appreciation/(depreciation) on swaps

3,739,0115,954,915Result of operations

--214Dividend paid

167,331,98985,173,861Subscriptions

-1,832,907-5,102,043Redemptions

169,238,09386,026,519Increase/(decrease) in net assets

--Reevaluation of consolidated Net Assets

-26,793,157Net assets at the beginning of the year

169,238,093112,819,676Net assets at the end of the year

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

2

2

11

4

5

4

6

12

16



230

722,942

722,661

-

281

-

-

-

1,189,257

571,050

-

159,269

9,897

20,293

414,254

6,995

-

-

7,500

-466,315

-5,969,552

-

-

-

-

-1,375,518

-7,811,385

9,991,528

-

-

-

-

2,180,143

-

79,490,762

-47,121,243

34,549,662

-

29,861,997

64,411,659

1,487,866

1,486,698

-

1,168

-

-

-

2,053,733

1,242,807

-

347,453

30,742

46,399

377,701

2,178

-

-

6,452

-565,867

2,435,851

-

-4,004,065

-

-

1,115,424

-1,018,657

1,136,669

-

-83,752

-

-

34,261

-

137,231,278

-75,409,840

61,855,699

-

60,287,057

122,142,755

Equity Global ResourcesEquity Global AgricultureEquity Global Luxury and LifestyleEquity Global Gold Mines


1,288,7163,343,826-1,445-25,048

1,286,9133,343,826-1,445-25,048

------

------

------

------

1,803-----

1,960,2294,208,634-17,309-49,667

1,147,4992,836,386-13,294-38,655

------

299,453730,302-3,475-9,912

19,24165,215-540-1,100

------

479,953561,790----

3,8173,828----

------

------

10,26611,113----

-671,513-864,808--15,864--24,619

14,083,86824,090,363----23,703

------

-8,113,486----

------

------

80,132-359,774--358--137,328

13,492,48730,979,267--16,222--185,650

-1,831,457--519,463

------

-728,053----

------

------

18,950,60156,375,360-1,815,235--705,113

------

166,950,985267,937,736-41,000,971-108,096,578

-88,143,381-191,678,063--201,765--54,904

97,758,205132,635,033-42,614,441-107,336,561

64,411,659122,142,755----

162,169,864254,777,788-42,614,441-107,336,561

---- --


231

24,668,040 5,458,114

913,248

913,246

-

2

-

-

-

1,401,917

825,566

-

230,931

19,983

6,449

317,522

1,467

-

-

-

-488,668

4,825,598

-

-

-

-

-55,176

4,281,753

-15,545,023

-

-

-

-

-11,263,270

-

158,019,224

-53,142,563

93,613,391

-

42,987,133

136,600,524

487,827

487,817

-

9

-

-

-

288,037

179,478

-

56,139

2,363

274

49,414

369

-

-

-

199,789

-1,119,674

-

492,911

-

-

-453,847

-880,820

4,576,317

-

67,138

-

-

3,762,634

-

4,934,333

-5,503,965

3,193,002

-

18,697,449

21,890,451

Equity US OpportunitiesEquity Europe RestructuringNote


1,981,711659,616Income

1,981,711659,614Net dividends

--Bond interest

--Bank interest



-2Other income

2,365,038364,099Expenses

1,523,212224,878Management fees

-452Performance fees


25,9943,427Taxe d’abonnement

--Distributor fees

395,30161,163Broker and transaction fees

9,25694Bank interest and similar charges


--Expenses on Repos

6903,776Other expenses

-383,327295,517Net realised profit/(loss) from investments

13,300,115772,052Net realised profit/(loss) on securities sold

--36,841Net realised profit/(loss) on options

--158,111Net realised profit/(loss) on forward foreign exchange contracts

--50,162Net realised profit/(loss) on financial futures


55,948113,476Net realised profit/(loss) on foreign exchange

12,972,736935,931Net realised profit/(loss)



--140,004

Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

--Net change in unrealised appreciation/(depreciation) on financial futures



--Dividend paid

147,400,59940,621,603Subscriptions

-273,113,771-5,226,618Redemptions



136,600,52421,890,451Net assets at the beginning of the year


2

2

2

11

4

5

4

6

12

16



232

714,375

689,175

-

25,200

-

-

-

998,079

428,013

35,608

144,569

12,305

35,334

274,652

14,263

-

-

53,335

-283,704

3,183,553

-

-

427,715

-

1,504,915

4,832,478

5,459,411

-

-

-50,021

-

10,241,868

-2,305

27,496,731

-28,648,357

9,087,938

-

22,091,637

31,179,575

4,854,476

4,854,043

-

221

-

-

212

3,910,828

2,064,627

75,454

654,685

70,626

78,061

740,950

29,592

-

-

196,832

943,648

1,099,060

-

-137,241

-

-

-1,870,119

35,348

-11,759,860

-

-

-

-

-11,724,513

-

248,082,177

-62,533,505

173,824,159

-

15,369,821

189,193,981

5,808,166

5,807,300

-

866

-

-

-

9,899,779

3,838,445

-

1,404,472

91,044

35,519

4,485,421

13,611

-

-

31,267

-4,091,614

103,853,424

-

1

-

-

4,370,079

104,131,890

-16,216,326

-

-

-

-

87,915,565

-33,943

117,530,026

-350,378,047

-144,966,399

-

452,000,663

307,034,265

4,803,767

4,803,731

-

36

-

-

-

4,261,294

1,670,497

82,859

863,782

46,967

10,287

1,583,619

3,284

-

-

-

542,473

28,146,356

-

-

-

-

3,116,304

31,805,134

23,232,246

-

-

-

-

55,037,380

-44,748

75,100,036

-90,309,193

39,783,475

-

159,668,663

199,452,138

Equity Emerging EuropeEquity BrazilEquity Asia ex JapanEquity ASEAN

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREURUSDUSDUSDUSDUSDUSD

731,7695,714,3138,639,6577,481,763

702,0635,714,3138,639,4897,398,904

----

29,706---

----

----

--16882,859

957,6374,819,1749,824,5907,197,948

572,7052,893,6845,326,4003,309,485

19,460146,995--

171,873904,6441,825,4881,405,322

14,95478,640148,06591,661

----

176,413474,3402,503,4872,376,502

-33,03613,2134,361

----

----

2,232287,8357,93710,617

-225,868895,139-1,184,933283,815

3,527,80521,657,81853,406,57579,642,928

1,425---

---1532,401

549,307---

----

62,631-356,620-835,014-2,080,564

3,915,30022,196,33751,386,47577,848,580

559,41728,198,77822,500,562-7,296,188

----

----

53,097---

----

4,527,81450,395,11573,887,03770,552,392

--13,941--6,411

66,408,586181,196,154295,784,980370,785,757

-23,770,938-216,083,444-202,935,799-407,167,517

47,165,46215,493,884166,736,21834,164,221

31,179,575189,193,981307,034,265199,452,138

78,345,037204,687,865473,770,483233,616,359

- - - -


233

1,106,478

1,105,880

-

598

-

-

-

1,291,268

428,918

4,448

183,444

7,624

6,146

642,754

14,614

-

-

3,319

-184,790

573,839

-

-115

11,859

-

-548,281

-147,489

-5,232,047

-

-

-848

-

-5,380,384

-

120,578,946

-20,248,873

94,949,690

-

8,782,005

103,731,695

1,760,438

1,758,104

-

2,334

-

-

-

2,854,085

897,778

774,331

362,650

20,438

8,364

749,931

11,864

-

-

28,729

-1,093,647

6,903,568

-

-

61,082

-

-368,710

5,502,294

4,102,403

-

-

-1,297

-

9,603,399

-

125,144,532

-36,931,145

97,816,787

-

39,448,826

137,265,613

Equity Emerging WorldEquity Emerging Internal DemandNote


6,098,7346,438,496Income

5,971,9575,670,291Net dividends

-32,826Bond interest

--Bank interest




6,004,6617,625,402Expenses

3,347,4363,923,283Management fees

3,304658,641Performance fees

1,107,2701,355,849Administration fees


--Distributor fees

1,399,2151,490,770Broker and transaction fees

32,55243,507Bank interest and similar charges


--Expenses on Repos

14,42945,338Other expenses

94,073-1,186,906Net realised profit/(loss) from investments

8,884,20817,810,405Net realised profit/(loss) on securities sold


198,904-101,985Net realised profit/(loss) on forward foreign exchange contracts

11,46751,458Net realised profit/(loss) on financial futures


-1,004,961-784,870Net realised profit/(loss) on foreign exchange

8,183,69115,788,102Net realised profit/(loss)



287,310255,973Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

1,0584,761Net change in unrealised appreciation/(depreciation) on financial futures



--Dividend paid

790,342,961419,105,632Subscriptions

-126,029,207-244,870,365Redemptions





2

2

2

11

4

5

4

6

12

16



234

12,045,745

12,045,739

-

5

-

-

-

13,123,788

5,871,928

95,768

4,120,563

144,095

217,498

2,670,508

3,428

-

-

-

-1,078,043

60,831,867

-

-

-

-

-12,391,860

47,361,964

203,786,609

-

-

-

-

251,148,573

-22,231

180,330,350

-265,607,462

165,849,229

-

836,365,446

1,002,214,675

11,760,442

11,759,468

-

974

-

-

-

15,388,827

6,585,023

418,477

2,946,289

185,482

462,947

4,785,861

4,749

-

-

-

-3,628,385

118,186,998

-

-

-

-

68,964

114,627,576

-48,776,411

-

-

-

-

65,851,166

-57,171

431,125,870

-467,657,928

29,261,937

-

592,597,544

621,859,482

Equity IndiaEquity Greater ChinaEquity MENAEquity Asia Pacific ex-Japan


10,139,90913,959,156-24,707-155,336

10,111,94913,959,156---87,073

------

------

------

------

27,960--24,707-68,263

12,634,56113,874,365-7,538-37,939

6,177,8987,277,250-5,622-27,537

-427,394----

4,068,1222,865,281-1,680-9,365

147,970194,753-236-1,037

------

2,223,7953,093,541----

15,73815,650----

------

------

1,038496----

-2,494,65284,791-17,169-117,397

78,870,797108,637,546--30,281--225,231

------

----44,617--

------

------

-642,552-91,957--1,629--14,227

75,733,593108,630,380--59,358--122,061

-221,772-1,901,432

-----

---88,275--

------

------

78,933,619103,394,646-250,689-1,779,371

-14,131-38,541----

214,162,652450,566,210-15,602,447-79,752,262

-441,791,717-418,430,411----10,517

-148,709,577135,491,904-15,853,136-81,521,116

1,002,214,675621,859,482----

853,505,098757,351,386-15,853,136-81,521,116

---- --


235

-5,235,734 3,200,026

865,325

865,325

-

-

-

-

-

1,994,411

840,454

-

379,628

15,844

28,679

729,778

28

-

-

-

-1,129,086

8,002,939

-

-

-

-

587,102

7,460,955

14,063,188

-

-

-

-

21,524,144

-53,522

90,429,686

-76,088,145

35,812,162

-

64,006,215

99,818,377

678,767

635,417

-

-

-

-

43,350

1,333,219

612,176

-

320,322

16,015

33,128

351,578

-

-

-

-

-654,452

912,463

-

-

-

-

-628,775

-370,764

14,544,083

-

-

-

-

14,173,319

-

72,119,274

-23,808,773

62,483,820

-

41,770,439

104,254,258

Equity KoreaEquity India InfrastructureNote


993,746855,288Income


--Bond interest

--Bank interest



-585Other income

2,184,2131,586,180Expenses


--Performance fees



--Distributor fees


3001,216Bank interest and similar charges


--Expenses on Repos


-1,190,467-730,892Net realised profit/(loss) from investments



--Net realised profit/(loss) on forward foreign exchange contracts

--Net realised profit/(loss) on financial futures


-769,652-338,328Net realised profit/(loss) on foreign exchange


22,772,289-6,363,474Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements



--Net change in unrealised appreciation/(depreciation) on financial futures


39,071,012655,191Result of operations

-37,515-Dividend paid

190,198,43031,115,490Subscriptions

-158,383,925-67,935,235Redemptions

70,848,002-36,164,554Increase/(decrease) in net assets




2

2

2

11

4

5

4

6

12

16



236

794,341

794,054

-

286

-

-

-

819,959

496,025

-

118,793

14,173

42,957

145,176

2,156

-

-

680

-25,618

-1,556,387

-

-

-

-

257,352

-1,324,653

6,638,387

-

-

-

-

5,313,734

-4,834

27,497,232

-30,183,942

2,622,190

-

33,798,918

36,421,108

346,563

346,374

-

189

-

-

-

488,349

292,486

-

84,930

7,916

2,520

91,395

2,284

-

-

6,818

-141,786

1,961,067

-

-668

14,789

-

896,251

2,729,652

-131,094

-

183,852

-

-

2,782,410

-35

9,283,929

-12,694,163

-627,860

-

27,347,558

26,719,698

1,213,481

1,204,036

5,669

19

-

-

3,758

1,142,092

536,924

-

185,159

13,900

17,839

382,528

5,743

-

-

-

71,389

14,195,815

-

-

-

-

84,789

14,351,993

715,136

-

-

-

-

15,067,128

-5,518

122,195,143

-118,835,403

18,421,351

-

32,089,972

50,511,323

43,537,845

43,536,488

-

1,358

-

-

-

38,859,504

16,730,705

12,223,954

6,067,409

433,084

268,006

2,989,452

137,719

-

-

9,175

4,678,342

29,942,138

-

-27,264

-

-

-2,701,849

31,891,367

204,338,400

-

-

-

-

236,229,767

-187,560

1,550,701,380

-860,331,875

926,411,712

-

781,076,043

1,707,487,755

Equity Global Clean PlanetEquity Global AquaEquity ThailandEquity Latin America

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREUREUREURUSDUSDUSDUSD

345,100849,0242,328,10266,983,832

344,974849,0122,317,90863,127,743

1261210,194-

----

----

----

---3,856,089

397,534819,6692,053,96738,779,146

285,876587,0041,265,95626,552,437

---2,172

72,062130,804400,0899,379,721

7,15715,41033,617634,445

----

28,44882,650350,0122,101,078

15563,73798,933

----

----

3,8363,79555610,360

-52,43429,355274,13528,204,686

845,4391,258,27323,753,02499,520,411

----

16,230-435-

----

----

12,192-49,604-1,005,175-2,868,192

821,4271,238,02423,022,419124,856,905

-1,183,154904,439549,641368,771,927

----

-183,852---

----

----

-545,5792,142,46323,572,060493,628,832

--1,046-6,317-118,264

3,411,63621,422,296181,787,2391,386,804,862

-12,011,903-25,312,930-180,716,539-989,332,187

-9,145,846-1,749,21724,636,443890,983,243

26,719,69836,421,10850,511,3231,707,487,755

17,573,85234,671,89175,147,7662,598,470,998

-- --


237

825,432

803,129

-

236

-

-

22,067

813,852

418,578

-

124,741

10,227

23,654

228,211

6,509

-

-

1,933

11,580

-6,511,865

-

168,146

-286,061

-

-336,846

-6,955,046

7,285,112

-

-

-122,276

-

207,790

-1,018

26,170,436

-26,723,766

-346,558

-

32,206,772

31,860,214

325,195

324,153

-

1,041

-

-

-

571,687

281,517

-

97,189

7,438

13,373

171,665

45

-

-

460

-246,492

1,292,168

-

-

-

-

702,733

1,748,409

-627,519

-

-

-

-

1,120,889

-1,865

8,675,000

-6,291,441

3,502,584

-

16,571,984

20,074,568

Global FinanceAsia Pacific RenaissanceNote


856,492490,540Income


--Bond interest

-1,078Bank interest



16,315-Other income

734,677620,630Expenses


--Performance fees



--Distributor fees


1,375-Bank interest and similar charges


--Expenses on Repos


121,815-130,090Net realised profit/(loss) from investments




24,030-Net realised profit/(loss) on financial futures




3,882,562-480,691Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements



122,276-Net change in unrealised appreciation/(depreciation) on financial futures



-130-Dividend paid

18,899,7485,273,018Subscriptions

-56,189,657-29,188,528Redemptions




--Net assets at the end of the year

2

2

2

11

4

5

4

6

12

16



238

403,523

391,003

-

51

-

-

12,470

443,866

271,497

-

76,793

8,310

5,741

81,170

354

-

-

-

-40,343

989,906

-

125,248

-

-

43,928

1,118,739

2,632,235

-

23,920

-

-

3,774,894

-5,592

3,763,365

-7,619,979

-87,313

-

16,228,406

16,141,093

2,222,558

2,221,671

851

36

-

-

-

1,256,194

765,212

15,721

263,648

24,532

47,669

131,312

8,100

-

-

-

966,364

-12,037,427

-

-

666,539

-

-316

-10,404,839

19,623,715

-

-

-14,250

-

9,204,625

-13,359

23,990,402

-65,106,475

-31,924,807

-

83,674,533

51,749,726

13,389,788

13,000,737

155,781

120

-

-

233,149

12,463,551

6,785,067

-

2,524,015

139,279

130,537

2,822,176

4,148

-

-

58,328

926,236

90,490,131

-

-

-

-

933,597

92,349,964

23,370,590

-

-

-

-

115,720,554

-42,685

366,131,358

-639,304,396

-157,495,168

-

535,762,738

378,267,570

1,345,665

1,236,630

-

355

-

-

108,680

978,285

594,882

14,512

167,113

22,178

33,658

137,407

8,536

-

-

-

367,380

-1,503,413

45,759

239,977

612,119

-

-502,465

-740,643

10,030,041

-

18,033

-80,073

-

9,227,356

-

4,092,197

-25,460,288

-12,140,735

-

50,389,868

38,249,133

Europe Smaller CompaniesEuro QuantEmerging MarketsGems Europe

30/06/201022/06/201130/06/201022/06/201130/06/201022/06/201130/06/201022/06/2011EUREUREUREURUSDUSDEUREUR

440,2611,432,2989,436,2591,107,943

423,2441,423,4809,350,8881,044,916

-2,92748,365-

---479

-3,680--

----

17,0172,21137,00662,548

495,751836,0819,375,436772,006

314,612562,4715,667,551504,021

----

86,240159,8561,986,011128,683

9,69817,614128,29017,468

----

79,68490,8181,547,357117,356

3743,5921,248-

----

----

5,1431,73044,9794,478

-55,490596,21760,823335,937

3,597,897-4,150,76094,887,0271,085,263

---12,166

59,352---99,081

--54,526-204,549

----

53,765--444,40143,626

3,655,524-3,609,06994,503,4491,582,460

-992,22110,516,102-13,344,7622,946,319

----

-10,488---28,130

-24,650-102,220

----

2,652,8156,931,68381,158,6874,602,869

-1,533-8,266-3,885-2,504

15,283,08517,488,835259,844,8151,512,003

-34,075,460-76,161,978-719,267,187-44,361,501

-16,141,093-51,749,726-378,267,570-38,249,133

16,141,09351,749,726378,267,57038,249,133

----

-- --


239

223,423

217,145

-

45

-

-

6,232

237,494

136,378

-

40,225

4,544

6,172

49,993

183

-

-

-

-14,071

463,374

-

-

139,570

-

-13,592

575,281

1,278,660

-

-

-71,270

-

1,782,671

-139

3,040,627

-6,837,414

-2,014,256

-

12,542,861

10,528,605

877,867

873,219

-

-

-

-

4,649

910,159

478,460

70,893

161,287

15,013

31,385

147,525

5,595

-

-

-

-32,291

2,097,504

-

-

112,743

-

4,656

2,182,612

-173,743

-

-

16,913

-

2,025,781

-

65,531,236

-43,526,905

24,030,112

-

30,093,312

54,123,424

SwitzerlandUS Innovative CompaniesNote

30/06/201022/06/201130/06/201022/06/2011CHFCHFUSDUSDEnglish

191,238598,835Income


--Bond interest

--Bank interest



55576,796Other income

179,269734,065Expenses


--Performance fees



--Distributor fees


7997Bank interest and similar charges


--Expenses on Repos

365610Other expenses

11,969-135,230Net realised profit/(loss) from investments




-35,692-106,371Net realised profit/(loss) on financial futures


-2,2183,121Net realised profit/(loss) on foreign exchange


-572,8222,894,731Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements



45,258-Net change in unrealised appreciation/(depreciation) on financial futures



--799Dividend paid


-13,030,480-90,260,652Redemptions





2

2

2

11

4

5

4

6

12

16



240

363,850

362,205

-

1,644

-

-

-

193,813

77,202

3,576

30,222

1,320

-

81,226

267

-

-

-

170,036

956,684

56,203

6,214

115,630

-

97,938

1,402,705

767,312

-

2,977

1,735

-

2,174,729

-

10,852,141

-9,267,988

3,758,881

-

10,496,627

14,255,508

53,202

53,202

-

-

-

-

-

473,940

320,297

-

51,241

14,437

-

85,596

48

-

-

2,320

-420,738

784,845

-

-1,971,152

-

-

-140,879

-1,747,924

-542,375

-

-125,110

-

-

-2,415,408

-

33,799,873

-538,090

30,846,374

-

4,922,356

35,768,730

648,661

648,555

-

106

-

-

-

288,307

110,618

-

38,272

1,584

109

133,525

4,199

-

-

-

360,354

-2,569,941

-

-

-82,734

-

496,593

-1,795,729

1,650,916

-

-

-34,145

-

-178,957

-

33,834,343

-23,813,541

9,841,845

-

7,666,093

17,507,938

Convertible EuropeMinimum Variance EuropeMulti Asset ProtectedEurope SRI


-117,291314,6232,265136,660

--314,5322,265136,615

-117,29155--

--36-45

-----

-----

-----

-9,212226,41459,221105,228

-5,17082,61125,18360,405

-----

-2,13833,3634,02920,125

-1,8731,268597969

-----

-31102,75428,89921,117

--498-94

-----

-----

--5,9205132,518

-108,07988,209-56,95631,432

--2,553,955-777,6901,609,460

--82,56433,243--

-5,796-39,850-47,897-

--1,32649,211-4,880

-----

--24,6797,9904,949-9,038

-5,3062,692,758-877,5941,636,734

-234,192-761,264542,9561,166,636

-78,828---

-20,810-2,405123,868-

-40,000-4,800-34,225

-----

-379,1361,924,289-210,7702,837,595

-----

-87,770,7115,295,36430,3453,674,995

---21,475,161-35,588,305-24,020,528

-88,149,847-14,255,508-35,768,730-17,507,938

--14,255,50835,768,73017,507,938

-88,149,847---

-----


241

4,107,327

-

3,917,854

262

-

189,211

-

999,201

355,612

389,715

120,197

8,960

3,202

44,619

25,584

50,409

-

904

3,108,125

4,209,419

14,593

8,533,356

-555,758

408,046

-2,642,179

13,075,601

-2,848,698

-

-197,490

-25,692

-290,341

9,713,381

-

35,397,416

-20,362,038

24,748,759

-

57,535,485

82,284,243

859,529

2,015

856,635

878

-

-

2

770,797

418,943

-

138,124

15,972

32,160

157,448

8,149

-

-

-

88,733

3,253,572

-168,159

-2,794,148

-1,353,678

-

715,213

-258,468

4,200,412

-14,694

-220,739

9,847

-

3,716,359

-2,723

58,372,809

-68,355,380

-6,268,935

-

37,501,400

31,232,465

Bond Global CorporateConvertible GlobalNote


4,044,957527,807Income


3,969,641522,060Bond interest

-1,741Bank interest



71,850-Other income

724,454441,557Expenses


59,248-Performance fees



--Distributor fees


8,437-Bank interest and similar charges

95,709-Interest paid on swaps

20,506-Expenses on Repos


3,320,50386,250Net realised profit/(loss) from investments


232,993-64,752Net realised profit/(loss) on options

-6,574,6802,049,284Net realised profit/(loss) on forward foreign exchange contracts

-320,26450,592Net realised profit/(loss) on financial futures

-213,182-Net realised profit/(loss) on swaps

562,715-381,132Net realised profit/(loss) on foreign exchange

-2,132,2184,197,118Net realised profit/(loss)


137,73653,048Net change in unrealised appreciation/(depreciation) on options

-1,228,088301,627Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

-145,995-15,250Net change in unrealised appreciation/(depreciation) on financial futures

358,602-Net change in unrealised appreciation/(depreciation) on swaps


-18,059-2,044Dividend paid

74,734,49619,209,206Subscriptions

-86,624,221-32,215,689Redemptions





2

2

2

11

4

5

4

6

12

16



242

26,184,990

-

25,408,068

2,306

21,840

752,776

-

5,229,851

2,735,445

452,456

967,917

140,888

91,441

37,638

113,337

431,514

259,214

-

20,955,139

23,749,617

61,340

-2,641,524

-3,932,379

2,257,529

-134,423

40,315,299

26,936,561

-

165,651

-790,759

-1,683,812

64,942,940

-16,707,564

346,039,035

-351,967,207

42,307,204

-

437,155,665

479,462,869

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Euro GoviesBond Euro CorporateBond Euro GoviesBond Euro Aggregate


-582,98819,070,699- 57,703249,715

---- --

-582,98819,050,795- 57,703249,715

--19,904- --

---- --

---- --

---- --

-173,1264,184,627- 12,44838,445

-108,7192,333,959- 7,97227,282

-4,405106,702- --

-37,447820,569- 4,0369,137

-6,213111,434- 440970

---- --

-14,85938,698- --

-651-- --

--682,276- -1,056

-59284,497- --

-2406,492- --

-409,86214,886,072- 45,255211,270

--918,4234,099,335- -3,80636,709

-6,065-26,655- -9,076

-11,8885,246,224- -1,403-113,127

-69,416-1,290,428- -69,090-73,719

---229,542- -31,719

-8,331-771,104- 173-44,891

--412,86121,913,902- -28,87157,037

--423,235-7,461,148- -205,607-941,114

---- --10,320

-4,725484,508- 13,087

--9,857121,457- 163,454226,218

--475,770- --39,335

--841,22815,534,489- -57,937-559,556

---18,738,704- --

-28,105,072449,575,788- 73,527,344302,566,965

--13,885,089-383,002,490- -258,490-974,205

-13,378,75563,369,083- 73,210,917301,033,204

--479,462,869- --

-13,378,755542,831,952- 73,210,917301,033,204

- --- ---


243

147,958

33,052,397

-

30,920,602

1,103

7,594

1,260,976

862,122

3,107,547

1,588,520

818

721,520

41,163

22,748

19,063

6,980

365,837

340,618

280

29,944,850

28,748,604

-

-2,603,109

-2,386,547

4,664,481

83,053

58,451,332

39,782,723

-

-1,049,039

223,834

-2,378,663

95,030,187

-32,455,671

120,140,886

-145,347,984

37,367,418

-

292,764,848

330,132,266

5,670,692

-

5,582,840

83

14,065

73,704

-

3,158,161

2,036,606

50,611

779,349

134,995

60,954

11,273

3,352

61,571

19,449

-

2,512,531

3,151,571

16,090

-21,590

-1,160,342

-4,881

10,343

4,503,722

5,676,183

-

-

-320,255

-196,209

9,663,441

-1,087,566

355,264,576

-162,357,410

201,483,041

-

155,316,721

356,799,763

Bond Euro High YieldBond Euro InflationNote


31,502,7136,195,443Income

--Net dividends

31,502,5166,194,604Bond interest

--Bank interest



197839Other income

6,494,3363,425,237Expenses


120,571468Performance fees



--Distributor fees



2,795,163179,429Interest paid on swaps

13,979144,780Expenses on Repos


25,008,3772,770,206Net realised profit/(loss) from investments


-200,016Net realised profit/(loss) on options

2,913,978938,692Net realised profit/(loss) on forward foreign exchange contracts

-169,311-1,545,597Net realised profit/(loss) on financial futures

-2,689,367297,710Net realised profit/(loss) on swaps

-1,933,304219,849Net realised profit/(loss) on foreign exchange




3,925,393441,108Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts


596,816209,589Net change in unrealised appreciation/(depreciation) on swaps


-29,333,913-1,050,601Dividend paid

509,647,234276,997,385Subscriptions

-324,768,111-315,595,109Redemptions

208,309,452-34,930,018Increase/(decrease) in net assets




2

2

2

11

4

5

4

6

12

16



244

2,937,350

7,836

2,913,329

5,817

10,368

-

-

1,990,384

236,520

1,435,138

91,187

10,787

9,593

85,831

4,839

-

116,463

24

946,966

7,990,945

-498,371

4,257,945

-308,848

-

-236,974

12,151,662

-3,102,702

165,771

-168,969

-150,857

-

8,894,906

-

55,335,468

-66,202,286

-1,971,912

-

42,640,430

40,668,518

40,581,865

-

37,528,225

129,048

351,581

2,573,010

-

11,772,679

3,506,513

4,772,805

1,499,936

159,765

59,124

122,461

19,225

155,929

1,476,818

103

28,809,186

33,918,046

1,894,317

45,233,369

-5,875,287

-

-1,496,444

102,483,188

-46,029,961

-1,650,888

-2,085,589

-2,651,446

-2,041,784

48,023,521

-4,787,565

594,936,291

-487,017,961

151,154,286

-

447,067,590

598,221,876

4,139,747

-

4,088,521

23,156

28,070

-

-

1,106,888

372,533

300,003

153,488

18,378

23,175

40,975

3,586

-

194,752

-

3,032,859

2,748,181

-207,916

-1,341,674

-606,057

-

-821,126

2,804,267

2,623,958

112,986

-236,120

-201,339

-

5,103,752

-25,900

49,920,614

-68,580,947

-13,582,481

-

63,964,876

50,382,395

Bond GlobalBond Global AggregateBond EuropeBond US Opportunistic Core Plus

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011USDUSDUSDUSDEUREURUSDUSD

42,059,2365,082,5743,567,015-63,304

212,248-32,825--

41,031,7754,852,4293,514,686-63,304

157,572-14,135--

-----

536,808----

120,833230,1455,369--

7,156,9371,442,461906,029-22,215

3,134,036617,308454,003-13,844

196,397336,47451,024--

1,393,780251,736174,563-7,530

129,67237,69024,303-841

-126---

88,23811,30487,188--

-10,154---

-50,342---

2,172,60893,734103,768--

42,20633,59311,180--

34,902,2993,640,1132,660,986-41,089

-22,306,8781,665,559-1,095,214--16,475

3,706,312-1,446,620-124,634--

-26,917,706-10,916,634641,248--120,655

860,0711,363,499508,435--

-1,016,964---

6,637,6015,124,794-200,178-494

-3,118,301447,6752,390,643--95,547

64,249,7349,773,062-3,086,151-

-395,787

-585,411-449,451-98,371--

-9,847,536-2,882,870247,573-325,228

-1,004,143-518,602200,497--

-489,168-377,588---

49,205,1755,992,226-345,809--166,106

-4,483,127--39,852--

434,367,400211,562,10393,465,232-83,483,350

-611,770,050-60,282,220-42,861,097--61,143

-132,680,602157,272,10950,218,474-83,256,101

598,221,87640,668,51850,382,395--

465,541,274197,940,627100,600,869-83,256,101

--- - -


245

1,201,800

-

1,201,450

196

155

-

-

643,512

385,372

-

146,140

31,745

42

28,894

15,902

13,953

21,365

101

558,288

-1,613,798

-3,110

-10,823,050

-564,223

-

4,897,900

-7,547,993

10,571,883

-

-389,440

-264,801

-65,205

2,304,445

-

146,378,878

-22,404,770

126,278,553

-

-

126,278,553

Bond Converging EuropeBond Global InflationNote


-106,7723,061,787Income

---Net dividends

-106,7723,046,301Bond interest

---Bank interest


--15,486Interest on interest rate swaps

---Other income

-20,6911,747,828Expenses

-15,3721,117,205Management fees

--2,523Performance fees

-4,885454,091Administration fees

-43470,390Taxe d’abonnement

---Distributor fees

--15,696Broker and transaction fees

--15,982Bank interest and similar charges

---Interest paid on swaps

--66,681Expenses on Repos

--5,260Other expenses

-86,0811,313,959Net realised profit/(loss) from investments

--11,3982,904,442Net realised profit/(loss) on securities sold

---4,940Net realised profit/(loss) on options

--92,12010,577,747Net realised profit/(loss) on forward foreign exchange contracts

--23,520-686,173Net realised profit/(loss) on financial futures

--21,281Net realised profit/(loss) on swaps

-1,003-2,472,439Net realised profit/(loss) on foreign exchange

--39,95411,653,877Net realised profit/(loss)

--164,230-6,574,694

Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements

---Net change in unrealised appreciation/(depreciation) on options

-163,5402,019,754Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

-41,040258,381Net change in unrealised appreciation/(depreciation) on financial futures

--65,205Net change in unrealised appreciation/(depreciation) on swaps

-3967,422,523Result of operations

---382,845Dividend paid

-83,521,075153,328,698Subscriptions

--201,396-111,329,450Redemptions



--126,278,553Net assets at the beginning of the year


2

2

2

11

4

5

4

6

12

16



246

999,197

-

998,534

-

-

-

663

176,996

108,193

-

52,500

7,416

5,870

2,724

294

-

-

-

822,201

-577,859

-

-

-

-

-

244,341

-95,496

-

-

-

-

148,845

-174

9,585,830

-21,186,070

-11,451,569

-

22,179,237

10,727,668

11,560,006

-

11,404,909

625

22,320

132,153

-

1,853,297

1,054,238

167,324

354,197

43,274

25,694

31,919

3,330

57,402

115,919

-

9,706,709

2,081,741

3,703

-

-3,542,365

338,814

8,568

8,597,170

1,504,974

-60,500

-

-50,180

-283,945

9,707,519

-12,458,778

248,748,048

-115,413,120

130,583,669

-

166,984,084

297,567,753

1,563,675

-

1,561,914

501

-

-

1,259

493,580

298,616

60,406

82,765

10,150

20,066

16,229

980

-

3,714

654

1,070,095

2,695,096

-

364,670

50,530

-

-166,069

4,014,321

-40,553

-

-17,549

-175,517

-

3,780,702

-155,382

67,926,827

-49,982,187

21,569,961

-

11,834,550

33,404,511

Euro Select BondEuro BondBond Global EmergingBond Emerging Inflation

30/06/201022/06/201130/06/201022/06/201130/06/201030/06/201130/06/201030/06/2011EUREUREUREURUSDUSDUSDUSD

525,14910,564,9134,450,572-431,129

--13,676--

524,11910,534,7844,436,896-431,128

9259,960---

-----

-----

10520,169--1

107,0601,845,1391,462,800-68,992

70,2371,073,767887,293-43,169

--92,908--

30,561346,857244,503-16,263

4,70438,99133,832-1,505

-----

1,51324,528173,658-2,527

--10,942-4,740

-320,268---

-35,1993,582--

455,52916,082-788

418,0898,719,7742,987,772-362,137

-544,893-7,178,1525,627,478--

--39,600-50,000--

-491,078-325,224--

-25,681291,971-189,387--

--357,288---

-45,06087,165--836,029

-152,4851,972,8438,137,804--473,892

173,057-268,1973,530,089-

-392,657

---408,605--

--686,123-184,789

-16,88052,042--

-273,295---

20,5721,994,82111,997,453--681,760

-44-15,895,008-166,974--

3,022,92660,846,332223,583,821-74,396,397

-13,771,122-344,513,898-143,116,360--13,652,660

-10,727,668-297,567,75392,297,940-60,061,977

10,727,668297,567,75333,404,511--

--125,702,451-60,061,977

-- - - -


247

3,944,638

-

3,618,748

16,739

-

309,151

-

1,144,066

585,024

120,868

117,012

10,726

-

21,018

902

286,045

2,421

50

2,800,573

251,875

-550,715

3,934,427

211,603

6,154,953

-458,653

12,344,064

3,992,039

329,393

-241,422

-698,562

-456,568

15,268,945

-

51,164,535

-146,153,825

-79,720,345

-

129,693,674

49,973,328

713,196

-

712,244

953

-

-

-

146,766

91,393

-

35,287

5,830

5,818

8,242

196

-

-

-

566,430

-644,389

-

98,222

93,102

-

84,938

198,303

1,612,207

-

36,327

-41,896

-

1,804,941

-1,840

18,563,727

-9,753,198

10,613,630

-

9,204,142

19,817,772

LDI Gilt Plus (GBP)Asian IncomeNote

30/06/201012/05/201130/06/201022/06/2011GBPGBPUSDUSDEnglish

170,225890,975Income

--Net dividends

83,373890,785Bond interest

3,660190Bank interest


81,949-Interest on interest rate swaps

1,243-Other income

215,366201,137Expenses


--Performance fees


7877,095Taxe d’abonnement

--Distributor fees

45,178583Broker and transaction fees

120-Bank interest and similar charges

121,704-Interest paid on swaps

--Expenses on Repos


-45,141689,838Net realised profit/(loss) from investments


-160,842-Net realised profit/(loss) on options

-788,812-139,611Net realised profit/(loss) on forward foreign exchange contracts

-132,368-3,026Net realised profit/(loss) on financial futures

1,928,626-Net realised profit/(loss) on swaps



-1,666,821-798,893Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements

141,838-Net change in unrealised appreciation/(depreciation) on options

-479,8421,734Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts


-1,410,249-Net change in unrealised appreciation/(depreciation) on swaps


--5,087Dividend paid


-60,157,960-31,288,994Redemptions





2

2

2

11

4

5

4

6

12

16



248

7,165,390

7,073,159

-

72

-

-

92,159

632,024

340,155

-

178,028

35,339

-

63,864

14,568

-

-

70

6,533,366

8,014,965

-

122,799

-17,600

-

1,297,125

15,950,655

67,002,537

-

39,838

-261,318

-

82,731,713

-2,688,369

221,005,563

-213,723,167

87,325,740

-

286,555,054

373,880,794

14,567,494

13,669,088

-

368

-

-

898,037

846,358

471,495

-

240,860

47,402

-

61,452

25,099

-

-

50

13,721,136

15,357,527

-

-117,442

-439,027

-

701,820

29,224,014

63,000,758

-

-17,354

42,505

-

92,249,924

-7,233,668

207,258,045

-326,264,494

-33,990,194

-

449,736,692

415,746,499

3,029,453

2,876,379

-

84

-

-

152,990

231,131

98,365

-

50,753

10,898

-

60,468

10,573

-

-

74

2,798,322

-2,539,765

-

-

87,872

-169

1

346,262

6,287,401

-

-

-141,730

-

6,491,933

-1,346,303

103,221,666

-45,495,506

62,871,791

-

68,618,901

131,490,692

7,337,772

-

6,890,425

24,253

-

423,094

-

1,504,437

1,073,861

-

214,787

21,775

-

22,521

2,173

169,320

-

-

5,833,336

2,150,081

-587,830

6,659,831

-657,149

15,126,643

-1,645,339

26,879,572

6,778,170

187,025

88,261

-1,257,071

-7,323,148

25,352,808

-

67,102,863

-172,361,666

-79,905,995

-

237,881,275

157,975,280

Index Equity North AmericaIndex Equity EuropeIndex Equity EuroLDI Index Linked Plus (GBP)

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201012/05/2011EUREUREUREUREUREURGBPGBP

6,651,96212,234,6815,755,323260,837

6,584,61811,487,3635,346,415-

---165,635

-4,201-5,749

----

---89,453

67,344743,117408,908-

834,109929,992822,103251,817

440,822452,121273,58335,868

----

260,657234,714141,66812,208

57,88745,73826,2161,111

----

64,887190,079326,5313,017

5,330-46,911-

---188,774

----

4,5267,3407,19410,839

5,817,85311,304,6894,933,2209,020

8,861,58331,144,24126,337,5884,029,220

----322,378

-816,741-39,236--1,764,305

614,253-114,740-85,938-438,950

-1,572-2,386,117

500,451201,779-994,853

14,977,39942,498,30531,184,8704,893,577

22,641,43520,238,52120,578,442-2,521,223

---284,207

6,97417,354--1,200,132

331,061127,761207,760578,226

----1,162,990

37,956,86962,881,94151,971,072871,665

-4,876,797-11,301,221-1,500,850-

255,098,83090,668,032425,175,80311,138,003

-174,773,447-107,150,647-375,102,407-169,984,948

113,405,45535,098,105100,543,618-157,975,280

373,880,794415,746,499131,490,692157,975,280

487,286,249450,844,604232,034,310-

-- - -


249

6,004,391

-

6,004,285

105

-

-

-

379,087

163,941

-

169,430

16,795

-

28,310

611

-

-

-

5,625,303

-279,065

-

-19,979,760

35,403

-

-52,689

-14,650,807

24,807,777

-

-747,809

9,889

-

9,419,049

-

127,870,382

-100,828,372

36,461,060

-

155,509,038

191,970,097

1,941,812

1,937,756

-

4,056

-

-

-

210,565

77,510

-

78,054

8,096

-

46,430

420

-

-

54

1,731,247

714,313

-

-

-16,817

-

709,788

3,138,531

10,570,278

-

-

-41,742

-

13,667,067

-128,974

44,259,253

-32,050,112

25,747,234

-

58,407,888

84,155,123

Index Global Bond (EUR) HedgedIndex Equity PacificNote


10,287,7072,750,637Income

-2,745,629Net dividends

10,277,274-Bond interest

10,4334,949Bank interest



-59Other income

962,648317,544Expenses


--Performance fees



--Distributor fees


--Bank interest and similar charges


--Expenses on Repos





22,558,159-9,120Net realised profit/(loss) on forward foreign exchange contracts

59,07457,740Net realised profit/(loss) on financial futures


-2,644,218-12,876Net realised profit/(loss) on foreign exchange


-28,774,801-6,486,476Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements


1,344,089-948Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

-8,336106,979Net change in unrealised appreciation/(depreciation) on financial futures



-91-781,005Dividend paid

245,159,33972,445,864Subscriptions

-110,338,720-54,078,987Redemptions





2

2

2

11

4

5

4

6

12

16



250

1,500,917

-

1,476,780

24,137

-

-

-

1,149,116

318,944

564,894

168,669

31,769

28,875

35,456

508

-

-

-

351,801

-145,373

-560

10,215,492

-591,387

-

-5,446,717

4,383,256

-2,752,346

-91,994

42,427

-133,304

-

1,448,038

-1,179

112,351,534

-55,656,853

58,141,540

-

43,624,714

101,766,255

16,314,623

-

8,816,734

109,309

-

7,388,580

-

13,679,898

1,191,005

4,472,545

674,207

105,494

110,775

37,360

2,219

7,086,264

-

28

2,634,725

-2,628,167

497,295

-2,872,657

-3,623,708

763

693,947

-5,297,803

20,689,181

-419,576

-1,535,178

-539,376

-320,483

12,576,766

-139,627

332,365,309

-242,585,772

102,216,676

-

213,616,201

315,832,876

84,046

-

57,148

8,169

-

18,729

-

51,007

16,790

-

6,529

1,341

-

1,208

18

20,974

-

4,146

33,040

12,833

-

-28,804

18,154

-

213,016

248,238

-49,456

-

-130,679

577

2,224

70,904

-

27,074,285

-156,724

26,988,464

-

-

26,988,464

Absolute VaR 2(USD)Absolute VaR 2(EUR)Absolute VaR Short TermAbsolute Forex

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011USDUSDEUREUREUREUREUREUR

970,5835,109,060256,686242,240

-160,562--

956,8284,736,878223,64521,992

11,31584,86922,703179

-6,472--

2,440117,33810,338220,027

-2,941-42

531,3552,093,779106,363339,645

310,159977,84838,62833,417

1,27656,809--

163,736527,54515,02221,730

24,29868,3282,0132,317

----

5,538390,47024,341-

----

3,38752,85911,999282,181

----

22,96119,92014,360-

439,2283,015,281150,323-97,405

-1,024,925-12,932,688-102,5081,203

-179,119-627,660--1,969

-9,320,1474,144,806-123,5021,571,689

-51,183-760,663-48,42943,129

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,508,693

-8,669,617

8,743,687

-119,547

1,480,694

416,107

-68,343

1,782,981

-14,064

160,983,776

-301,823,727

-139,071,034

315,832,876

176,761,842

-

-2

1,812

-122,306

51,154

-

130,679

-2,724

-2,219

54,584

-

1,241,890

-18,164,379

-16,867,905

26,988,464

10,120,559

-

-

1,437,325

-8,698,821

8,471,301

91,994

-311,675

48,801

-16

-398,416

-172

5,122,043

-79,719,043

-74,995,588

101,766,255

26,770,667

-

-

-106,384

1,410,263

57,128

29,074

-608,587

51,147

20,980

960,005

-

388,444,457

-

389,404,462

-

389,404,462

-


251

10,562,519

503,037

10,003,806

14,302

2,373

-

39,000

8,070,259

1,685,704

5,340,674

621,349

99,486

130,596

102,269

1,675

-

88,506

-

2,492,260

-3,667,466

58,599

-4,858,324

-5,323,454

-

-1,406,758

-12,705,143

30,566,622

-719,325

-1,218,497

239,991

-

16,163,648

-539,510

71,113,077

-124,478,226

-37,741,012

-

219,384,657

181,643,645

5,154,404

-

5,118,045

35,041

-

1,319

-

3,720,571

732,806

2,767,435

152,874

16,271

2,389

46,114

333

2,349

-

-

1,433,833

1,748,992

45,323

21,209,306

984,605

-46

-8,162,282

17,259,731

-6,993,724

-514,623

99,406

-600,905

-

9,249,885

-7,743

34,396,368

-33,368,454

10,270,057

-

132,001,713

142,271,770

Absolute VaR 4(USD)Absolute VaR 4(EUR)Note


2,708,3954,748,274Income


2,606,2674,311,772Bond interest

39,49258,110Bank interest


13,84518,389Interest on interest rate swaps

42937,440Other income

889,1361,801,346Expenses


-4,514Performance fees



--Distributor fees


--Bank interest and similar charges

13,16716,904Interest paid on swaps

-24,419Expenses on Repos



-553,300-8,059,319Net realised profit/(loss) on securities sold

-879,163-1,232,316Net realised profit/(loss) on options

-16,867,0951,891,897Net realised profit/(loss) on forward foreign exchange contracts

-224,861-2,038,418Net realised profit/(loss) on financial futures


3,154,334-490,981Net realised profit/(loss) on foreign exchange

-13,550,826-6,982,209Net realised profit/(loss)


512,940716,725Net change in unrealised appreciation/(depreciation) on options

-1,729,2201,157,348Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontract

212,555-305,079Net change in unrealised appreciation/(depreciation) on financial futures

172-Net change in unrealised appreciation/(depreciation) on swaps


-1,365-140,571Dividend paid

32,356,76440,511,893Subscriptions

-65,773,161-109,039,882Redemptions





2

2

2

11

4

5

4

6

12

16



252

5,498,391

1,799,602

2,784,420

21,743

491,340

186,291

214,996

10,928,889

5,442,818

-

2,147,703

249,350

177,685

2,559,839

52,268

299,227

-

-

-5,430,498

494,791

16,138,602

-14,893,129

-2,686,906

-

9,691,078

3,313,938

-156,252

3,618,077

-907,568

-2,027,909

24,215

3,864,500

-66,139

858,678,587

-1,190,752,104

-328,275,156

-

864,717,611

536,442,455

2,890,351

-

2,715,125

73

32,360

142,793

-

1,758,043

320,383

813,672

99,411

13,850

4,189

11,863

1,129

492,765

-

780

1,132,308

1,729,785

-

-1,132,197

-339,293

917,706

317,151

2,625,460

1,272,133

-

-169,222

40,068

-1,521,140

2,247,298

-

109,802,249

-61,733,941

50,315,607

-

35,783,879

86,099,486

18,437

-

309

18,127

-

-

-

81,426

53,888

-

15,932

1,622

520

9,405

21

-

-

37

-62,990

-

15,259

141,810

-

-

16,134

110,214

-

-14,888

20,565

-

-

115,891

-

12,257,983

-4,892,524

7,481,350

-

8,381,074

15,862,425

825,210

477,427

343,249

792

3,742

-

-

819,637

406,540

870

146,603

7,542

2,643

245,777

3,290

-

-

6,372

5,573

-2,243,032

-19,339

-5,665,382

-1,212,820

-

6,010,779

-3,124,220

-914,616

-131,780

276,842

640,188

-919,838

-4,173,425

-135,176

37,020,942

-49,186,920

-16,474,578

-

82,027,322

65,552,744

Absolute Volatility ArbitrageAbsolute High YieldAbsolute Forex Asia Pacific (*)Absolute Statistical Arbitrage

30/06/201030/06/201130/06/201030/06/201130/06/201030/06/201130/06/201030/06/2011EUREUREUREURUSDJPYEUREUR

5,691,2329,032,4102,383,9771,161,809

1,510,436--736,191

3,417,8668,923,380-423,658

-3,8952,383,977780

627,946105,061-1,180

34,655---

100,32974--

7,385,8223,734,3087,620,1671,587,282

3,518,9431,305,7944,823,923661,001

-117,598-284,393

1,226,416447,2061,634,516228,157

156,45664,605112,90314,036

----

2,279,398201,014128,453393,043

117,0866--

76,2891,591,084--

----

11,2347,001920,3726,652

-1,694,5905,298,102-5,236,190-425,473

8,311,892639,331-8,914,342

869,648---230,043

6,757,0941,121,12818,017,6375,612,193

-253,923-323,376--6,461,733

--1,882,839--

-4,167,131-368,152-21,641,020-1,452,002

9,822,9904,484,194-8,859,5735,957,284

1,325,062-576,662--1,645,675

-4,230,180--96,052

1,216,248609,8313,539,759178,925

393,464-39,376--2,568,449

-2,8271,466,127-1,045,754

8,524,7575,944,114-5,319,8143,063,891

--1,196--95,790

451,926,067296,304,609216,639,066141,703,500

-546,785,050-182,797,585-870,972,183-91,651,598

-86,334,226119,449,942-659,652,93153,020,003

536,442,45586,099,4861,322,450,35465,552,744

450,108,229205,549,428662,797,423118,572,747

-- --

253


(*) As at 25 November 2010, the currency of the sub-fund Amundi Funds Absolute Forex Asia Pacific has been changed into JPY.

888,807

-

691,522

749

125,834

70,702

-

5,802,764

2,299,934

2,110,881

595,284

88,868

43,273

544,104

18,937

101,482

-

-

-4,913,957

-3,679,306

-5,120,844

27,835,854

6,139,128

4,218,022

-30,505,217

-6,026,319

-9,240,986

25,591,113

3,487,497

1,370,955

-3,620,363

11,561,896

-

1,010,519,849

-525,820,243

496,261,502

-

139,835,124

636,096,626

2,477,458

-

1,704,156

5,669

602,312

165,320

-

12,969,593

5,593,884

3,328,946

1,603,088

236,960

507,869

1,445,163

10,166

243,515

-

-

-10,492,135

147,306

133,442,018

11,524,743

32,744,574

-

-3,348,542

164,017,964

1,854

-100,561,314

551,562

689,495

15,495

64,715,057

-13,788

1,417,871,423

-829,399,870

653,172,823

-

459,305,710

1,112,478,533

Absolute Volatility World EquitiesAbsolute Volatility Euro EquitiesNote


8,415,81216,355,987Income

--Net dividends

4,666,8428,545,283Bond interest

--Bank interest

3,273,3156,600,468Income on Reverse Repos

172,115218,408Interest on interest rate swaps


14,226,56928,875,318Expenses


--Performance fees

2,284,9475,239,367Administration fees


-4,185Distributor fees

1,771,8643,646,733Broker and transaction fees


215,045292,845Interest paid on swaps

--Expenses on Repos


-5,810,757-12,519,331Net realised profit/(loss) from investments


-2,338,230-38,161,038Net realised profit/(loss) on options

-87,091,458-20,310,240Net realised profit/(loss) on forward foreign exchange contracts

79,262,486116,617,126Net realised profit/(loss) on financial futures

--33Net realised profit/(loss) on swaps

20,405,0045,460,377Net realised profit/(loss) on foreign exchange


21,274,822406,272Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements

-82,194,177-140,535,801Net change in unrealised appreciation/(depreciation) on options

-9,302,384-1,830,208Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

2,017,37227,001,245Net change in unrealised appreciation/(depreciation) on financial futures

8,05914,122Net change in unrealised appreciation/(depreciation) on swaps

44,080,962-62,972,326Result of operations

--Dividend paid

2,429,740,2623,462,503,766Subscriptions

-990,205,275-1,882,672,967Redemptions

1,483,615,9491,516,858,473Increase/(decrease) in net assets


636,096,6261,112,478,533Net assets at the beginning of the year

2,119,712,5752,629,337,006Net assets at the end of the year

2

2

2

11

4

5

4

6

12

16



254

393,202

-

355,848

281

37,073

-

-

422,616

248,891

-

108,386

15,057

16,101

32,238

1,863

-

78

-

-29,414

478,111

-21,182

-2,694,778

-805,566

4,742

2,191,393

-876,694

567,601

-4,528

-61,392

-6,394

11,177

-370,230

-

56,346,867

-60,775,180

-4,798,543

-

28,088,276

23,289,733

-

-

-

-

-

-

-

44,642

36,746

-

5,595

394

-

1,048

132

-

-

727

-44,642

-46,784

-

-311,136

-

-

48,916

-353,645

163,748

-

-57,992

-

-

-247,889

-

10,092,000

-

9,844,111

-

-

9,844,111

36,495

-

32,233

4,262

-

-

-

153,469

75,079

21,464

29,110

4,157

6,572

16,955

132

-

-

-

-116,974

-56,289

-

126,606

-

-

427,862

381,206

81,140

-

-128,676

-

-

333,669

-

12,770,463

-10,864,816

2,239,316

-

10,706,156

12,945,473

149,663

-

96,531

2,068

-

-

51,064

54,886

23,049

-

12,612

2,191

2,146

14,447

441

-

-

-

94,777

473

-74

119,039

-14,330

-

19,464

219,348

-83,603

-4,308

-24,243

-11,618

-

95,577

-62

5,687,153

-6,335,823

-553,156

-

4,670,777

4,117,621

Multimanagers Long/Short EquityArbitrage InflationDynarbitrage ForexArbitrage VaR 2(GBP)

30/06/201030/06/201130/06/201022/06/201130/06/201022/06/201130/06/201022/06/2011EUREUREUREUREUREURGBPGBP

193237,50233,97639,915

----

-201,33327,66834,107

1935,4363,5371,423

-2,248--

-27,568--

-9172,7714,385

137,238178,572111,27122,560

114,542112,56268,569-

65--50

18,11743,49423,9048,466

8834,9503,4791,347

----

2,88114,6691,5594,687

----

----

----

7502,89713,7608,010

-137,04558,930-77,29517,355

65,538-60,937-93,927132,626

--18,920--7,994

49,343644,552124,663-259,413

--177,451--3,655

-29,748--

94,623-250,588-119,01425,441

72,459225,334-165,573-95,640

-3,370-358,52860,57494,307

---4,308

102,7417,31849,137-16,813

-21,189-4,368

--11,969--

171,830-116,656-55,862-9,470

----385

2,259,0817,586,8844,968,535565,363

-824,411-30,759,961-17,858,146-4,673,129

1,606,500-23,289,733-12,945,473-4,117,621

9,844,11123,289,73312,945,4734,117,621

11,450,611---

-- --


255

Money Market EuroDynamic Asset AllocationNote


1,586,228-645Income

---Net dividends

222,091--Bond interest

32,160-645Bank interest


1,325,352--Interest on interest rate swaps

6,625--Other income

1,547,352-49,452Expenses

67,431-30,648Management fees

---Performance fees

33,603-9,194Administration fees

89,074-750Taxe d’abonnement

---Distributor fees

--8,820Broker and transaction fees

---Bank interest and similar charges

1,357,244--Interest paid on swaps

---Expenses on Repos

--40Other expenses

38,876--48,807Net realised profit/(loss) from investments

1,453-27,785Net realised profit/(loss) on securities sold

---27,289Net realised profit/(loss) on options

---Net realised profit/(loss) on forward foreign exchange contracts

---64,732Net realised profit/(loss) on financial futures

---Net realised profit/(loss) on swaps

---46,286Net realised profit/(loss) on foreign exchange

40,329--159,329Net realised profit/(loss)

122,520-18,037Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreements

--83,020Net change in unrealised appreciation/(depreciation) on options

--35,124Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontracts

--10,481Net change in unrealised appreciation/(depreciation) on financial futures

---Net change in unrealised appreciation/(depreciation) on swaps

162,849--12,667Result of operations

---Dividend paid

1,348,013,633-29,999,724Subscriptions

-8,207,665--Redemptions

1,339,968,817-29,987,057Increase/(decrease) in net assets


---Net assets at the beginning of the year

1,339,968,817-29,987,057Net assets at the end of the year

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

2

2

11

4

5

4

6

12

16



256

319,498,714

126,671,273

173,639,629

526,899

2,023,687

13,610,461

3,026,765

196,516,416

81,155,363

36,395,777

31,615,748

2,884,485

2,831,840

27,759,067

609,182

10,553,991

2,348,681

362,284

122,982,297

493,599,338

146,104,660

47,224,229

11,555,317

37,948,426

-26,503,957

832,910,311

658,372,894

-78,334,294

-4,855,071

-9,196,425

-21,677,700

1,377,219,716

-79,847,075

10,940,372,217

-9,468,474,805

2,769,270,052

530,422,905

8,996,537,793

12,296,230,750

326,969

-

274,242

39,106

-

13,622

-

219,967

95,344

-

76,714

9,039

11,376

6,963

386

20,144

-

-

107,003

-1,040

-

-29

-

-

6

105,940

-

-

-

-

-

105,940

-1,773

136,625,352

-80,289,758

56,439,761

-

59,248,081

115,687,842

3,585,776

-

2,927,882

25,858

362,220

269,817

-

1,768,805

557,178

-

431,644

52,068

51,299

10,815

7,148

655,133

2,047

1,472

1,816,971

74,495

-

-

-

-

-

1,891,466

-

-

-

-

-

1,891,466

-218,157

533,258,136

-665,765,992

-130,834,547

-

620,987,547

490,153,000

ConsolidatedUSD ReserveEuro ReserveMoney Market USD

30/06/201030/06/201130/06/201022/06/201130/06/201022/06/201130/06/201030/06/2011EUREURUSDUSDEUREURUSDUSD

322,639,354325,0023,654,063-48,069

137,554,853-25,163--

164,730,849279,3422,734,763-2,619

588,07537,50974,921-1,898

10,269,616-664,867--

2,867,4908,035154,349-43,552

6,628,471116---

188,310,256201,4251,140,914-99,931

107,270,94491,540522,683-10,099

2,110,255----

37,764,57171,145402,507-12,272

3,803,81611,58040,935-31,673

4,272----

25,484,8003,77110,107--

486,3744--781

8,469,51916,439163,187-45,106

2,053,686----

862,0196,9461,495--

134,329,098123,5772,513,149--51,862

657,032,474112,931225,013-538

-40,248,894----

-61,322,771-80,350--

162,678,882----

555,592-278--

8,948,722---45

861,973,103236,5082,818,790--51,279

548,353,126---26,164

-200,761,191----

-4,971,246----

31,102,849----

848,647----

1,236,545,288236,5082,818,790--25,115

-87,823,676-107-157,633--

18,687,913,23960,559,551371,556,265-470,894,400

-12,121,045,283-176,483,794-864,370,422--1,695,003

7,715,589,568-115,687,842-490,153,000-469,174,282

12,296,230,750115,687,842490,153,000--

19,068,287,604---469,174,282

-- -943,532,714--


257

258

Notes to the Financial Statements as at 30/06/11

1 INTRODUCTION

Amundi Funds (the “Fund”) is organised as a “Société d’Investissement à Capital Variable” (“SICAV”) under the laws of the Grand Duchy of Luxembourg. The Fund,initially Groupe Indosuez Funds FCP, an unincorporated mutual investment fund (“Fonds Commun de Placement”) created on 18 July 1985, was transformed, inaccordance with Article 110 (2) of the law of 30 March 1988 on Undertakings for Collective Investment, and renamed GIF SICAV II on 15 March 1999. The deed oftransformation and the Articles of Incorporation (the “Articles”) were published in the Mémorial, Recueil des Sociétés et Associations on 28 April 1999. The name of theFund was then changed to GIF SICAV on 1st December 1999, to Crédit Agricole Funds on 8 December 2000 and to CAAM Funds on 1st July 2007. As at 2 March2010, in accordance with the decision taken by the shareholders in the framework of the Extraordinary General Meeting held on 23 November 2009 and with thedecision of the Board of Directors taken on 23 December 2009, CAAM Funds was renamed Amundi Funds.

The amendments to the Articles have been published in the Mémorial, Recueil des Sociétés et Associations respectively on 14 January 2000, on 17 January 2001, andon 13 June 2007 for the first three name changes and on 3April 2010 for the last one. The Fund is a UCITS III fund (Undertaking for Collective Investment in TransferableSecurities) submitted to Part I of the law of 20 December 2002 on undertakings for collective investment. With effect as from 1 July 2011, the Fund will be subject topart I of the law dated 17 December 2010 on UCI.

A latest amendment to the Articles of Incorporation has been made on 3 April 2010 and published in the Mémorial, Recueil des Sociétés et Associations on 15 January2010.

As at 25 November 2010, the currency of the sub-fund Amundi Funds Absolute Forex Asia Pacific has been changed into JPY.

The following sub-funds have been launched:- Amundi Funds Euro Govies on 1 July 2010.- Amundi Funds Dynamic Asset Allocation on15 April 2011.- Amundi Funds Bond Emerging Inflation on 6 May 2011.

The following sub-funds have been liquidated:- Amundi Funds Multi Asset Protected on 3 January 2011.- Amundi Funds Europe SRI on 12 January 2011.

As of 24 June 2011, resulting from the merger of Crédit Agricole Asset Management Group and Société Générale Asset Management activities, the Sub-Funds havebeen renamed as follows:- Amundi Funds Aqua Global into Amundi Funds Equity Global Aqua.- Amundi Funds Arbitrage VaR 2(EUR) into Amundi Funds Absolute VaR 2(EUR).- Amundi Funds Arbitrage VaR 2(USD) into Amundi Funds Absolute VaR 2(USD).- Amundi Funds Arbitrage VaR Short Term into Amundi Funds Absolute VaR Short Term.- Amundi Funds ASEAN New Markets into Amundi Funds Equity ASEAN.- Amundi Funds Asian Growth into Amundi Funds Equity Asia ex Japan.- Amundi Funds Brazil into Amundi Funds Equity Brazil.- Amundi Funds Clean Planet into Amundi Funds Equity Global Clean Planet.- Amundi Funds Dynarbitrage Forex Asia Pacific into Amundi Funds Absolute Forex Asia Pacific.- Amundi Funds Dynarbitrage High Yield into Amundi Funds Absolute High Yield.- Amundi Funds Dynarbitrage VaR 4(EUR) into Amundi Funds Absolute VaR 4(EUR).- Amundi Funds Dynarbitrage VaR 4(USD) into Amundi Funds Absolute VaR 4(USD).- Amundi Funds Dynarbitrage Volatility into Amundi Funds Absolute Volatility Arbitrage.- Amundi Funds Emerging Europe into Amundi Funds Equity Emerging Europe.- Amundi Funds Emerging Internal Demand into Amundi Funds Equity Emerging Internal Demand.- Amundi Funds Emerging Markets Debt into Amundi Funds Bond Global Emerging.- Amundi Funds Emerging World into Amundi Funds Equity Emerging World.- Amundi Funds Equity Statistical Arbitrage(EUR) into Amundi Funds Absolute Statistical Arbitrage.- Amundi Funds Euro Corporate Bond into Amundi Funds Bond Euro Corporate.- Amundi Funds Euro Inflation Bond into Amundi Funds Bond Euro Inflation.- Amundi Funds Euro High Yield Bond into Amundi Funds Bond Euro High Yield.- Amundi Funds European Bond into Amundi Funds Bond Europe.- Amundi Funds Global Aggregate into Amundi Funds Bond Global Aggregate.- Amundi Funds Global Agriculture into Amundi Funds Equity Global Agriculture.- Amundi Funds Global Bond into Amundi Funds Bond Global.- Amundi Funds Global Convertible Bond into Amundi Funds Convertible Global.- Amundi Funds Global Corporate Bond into Amundi Funds Bond Global Corporate.- Amundi Funds Global Equities into Equity Global Select.- Amundi Funds Global Inflation Bond into Amundi Funds Bond Global Inflation.- Amundi Funds Global Resources into Amundi Funds Equity Global Resources.- Amundi Funds Greater China into Amundi Funds Equity Greater China.- Amundi Funds Index Euro into Amundi Funds Index Equity Euro.- Amundi Funds Index Europe into Amundi Funds Index Equity Europe.- Amundi Funds Index North America into Amundi Funds Index Equity North America.- Amundi Funds Index Pacific into Amundi Funds Index Equity Pacific.- Amundi Funds India into Amundi Funds Equity India.- Amundi Funds India Infrastructure into Amundi Funds Equity India Infrastructure.- Amundi Funds Japan Value into Amundi Funds Equity Japan Value.- Amundi Funds Korea into Amundi Funds Equity Korea.- Amundi Funds Latin America Equities into Amundi Funds Equity Latin America.- Amundi Funds Restructuring Equities into Amundi Funds Equity Europe Restructuring.- Amundi Funds Select Euro into Amundi Funds Equity Euro Select.- Amundi Funds Select Europe into Amundi Funds Equity Europe Select.- Amundi Funds Thailand into Amundi Funds Equity Thailand.

259


- Amundi Funds US Opportunities into Amundi Funds Equity US Opportunities.- Amundi Funds Volatility Euro Equities into Amundi Funds Absolute Volatility Euro Equities.- Amundi Funds Volatility World Equities into Amundi Funds Absolute Volatility World Equities.

The following sub-funds have been merged:

On 13 May 2011:- Amundi Funds LDI Gilt Plus (GBP) into the sub-fund Structura LDI Gilt Plus (GBP) of the SICAV Structura.- Amundi Funds LDI Index Linked Plus (GBP) into the sub-fund Structura LDI Index Linked Plus (GBP) of the SICAV Structura.- Amundi Funds Minimum Variance Europe into the sub-fund Structura Minimum Variance Europe of the SICAV Structura.

On 24 June 2011:- Amundi Funds Asia Pacific Renaissance into Amundi Funds Equity Asia ex Japan.- Amundi Funds Asian Income into Amundi Funds Bond Global Emerging.- Amundi Funds Arbitrage Inflation into Amundi Funds Arbitrage VaR 2(EUR).- Amundi Funds Arbitrage VaR 2(GBP) into Amundi Funds Arbitrage VaR 2(EUR).- Amundi Funds Dynarbitrage Forex into Amundi Funds Absolute Forex.- Amundi Funds Emerging Markets into Amundi Funds Equity Emerging World.- Amundi Funds Euro Bond into Amundi Funds Bond Euro Aggregate.- Amundi Funds Euro Quant into Amundi Funds Select Euro.- Amundi Funds Euro Reserve into Amundi Funds Money Market Euro.- Amundi Funds Euro Select Bond into Amundi Funds Bond Euro Aggregate.- Amundi Funds Europe Smaller Compagnies into Amundi Funds Equity Euroland Small Cap.- Amundi Funds Gems Europe into Amundi Funds Equity Europe Select.- Amundi Funds Global Finance into Amundi Funds Equity Global Select.- Amundi Funds Switzerland into Amundi Funds Equity Europe Select.- Amundi Funds US Innovative Compagnies into Amundi Funds Equity Global Select.- Amundi Funds USD Reserve into Amundi Funds Money Market USD.

Based on the exchange ratios, calculated from the respective net asset value dated 22 June 2011, of the shares of the said sub-funds, the following sub-funds of theSICAV SGAM Fund have been contributed as of 24 June 2011 into the Fund as follows:- SGAM Fund / Absolute Return Forex merged into Amundi Funds Absolute Forex.- SGAM Fund / Absolute Return Interest Rate merged into Amundi Funds Absolute VaR 2(EUR).- SGAM Fund / Bonds Converging Europe merged into Amundi Funds Bond Converging Europe.- SGAM Fund / Bonds Euro merged into Amundi Funds Bond Euro Govies.SGAM Fund / Bonds Euro Govies Spread merged into Amundi Funds Bond Euro Govies.- SGAM Fund / Bonds Euro Aggregate merged into Amundi Funds Bond Euro Aggregate.SGAM Fund / Bonds Opportunities merged into Amundi Funds Bond Euro Aggregate.- SGAM Fund / Bonds Euro Corporate merged into Amundi Funds Bond Euro Corporate.- SGAM Fund / Bonds Euro Inflation Linked merged into Amundi Funds Bond Euro Inflation.- SGAM Fund / Bonds Europe merged into Amundi Funds Bond Europe.- SGAM Fund / Bonds Europe Convertible merged into Amundi Funds Convertible Europe.- SGAM Fund / Bonds Europe High Yield merged into Amundi Funds Bond Euro High Yield.- SGAM Fund / Bonds US Opportunistic Core Plus merged into Amundi Funds Bond US Opportunistic Core Plus.- SGAM Fund / Bonds World merged into Amundi Funds Bond Global.- SGAM Fund / Equities Asia Pac Dual Strategies merged into Amundi Funds Equity Asia Pacific ex-Japan.- SGAM Fund / Equities China merged into Amundi Funds Equity Greater China.- SGAM Fund / Equities Concentrated Europe merged into Amundi Funds Equity Europe Select.SGAM Fund / Equities Europe Environment merged into Amundi Funds Equity Europe Select.- SGAM Fund / Equities Emerging Europe merged into Amundi Funds Equity Emerging Europe.- SGAM Fund / Equities Euroland merged into Amundi Funds Equity Euro Select.SGAM Fund / Equities Euroland Cyclicals merged into Amundi Funds Equity Euro Select.SGAM Fund / Equities Euroland Financial merged into Amundi Funds Equity Euro Select.- SGAM Fund / Equities Euroland Small Cap merged into Amundi Funds Equity Euroland Small Cap.- SGAM Fund / Equities Euroland Value merged into Amundi Funds Equity Euroland Value.- SGAM Fund / Equities Europe Expansion merged into Amundi Funds Equity Europe Restructuring.SGAM Fund / Equities Europe Opportunities merged into Amundi Funds Equity Europe Restructuring.- SGAM Fund / Equities Global merged into Amundi Funds Equity Global Alpha.- SGAM Fund / Equities Global Emerging Countries merged into Amundi Funds Equity Emerging World.- SGAM Fund / Equities Global Energy merged into Amundi Funds Equity Global Resources.SGAM Fund / Equities Global Resources merged into Amundi Funds Equity Global Resources.- SGAM Fund / Equities Gold Mines merged into Amundi Funds Equity Global Gold Mines.- SGAM Fund / Equities Japan Concentrated merged into Amundi Funds Equity Japan Value.- SGAM Fund / Equities Japan CoreAlpha merged into Amundi Funds Equity Japan CoreAlpha.- SGAM Fund / Equities Japan Small Cap merged into Amundi Funds Equity Japan Target.SGAM Fund / Equities Japan Target merged into Amundi Funds Equity Japan Target.- SGAM Fund / Equities Latin America merged into Amundi Funds Equity Latin America.- SGAM Fund / Equities Luxury and Lifestyle merged into Amundi Funds Equity Global Luxury and Lifestyle.- SGAM Fund / Equities MENAmerged into Amundi Funds Equity MENA.- SGAM Fund / Equities US Concentrated Core merged into Amundi Funds Equity US Concentrated Core.- SGAM Fund / Equities US Large Cap Growth merged into Amundi Funds Equity US Concentrated Core.- SGAM Fund / Equities US Focused merged into Amundi Funds Equity US Relative Value.SGAM Fund / Equities US Relative Value merged into Amundi Funds Equity US Relative Value.- SGAM Fund / Equities US Mid Cap Growth merged into Amundi Funds Equity US Growth.SGAM Fund / Equities US Small Cap Value merged into Amundi Funds Equity US Growth.- SGAM Fund / Equities US Multi Strategies merged into Amundi Funds Equity US Multi Strategies.- SGAM Fund / Index Euroland merged into Amundi Funds Index Equity Euro.

260


- SGAM Fund / Index Japan merged into Amundi Funds Index Equity Pacific.- SGAM Fund / Index US merged into Amundi Funds Index Equity North America.- SGAM Fund / Money Market (EURO) merged into Amundi Funds Money Market Euro.- SGAM Fund / Money Market (USD) merged into Amundi Funds Money Market USD.

In reference to the prospectus of June 2011, as at 30 June 2011, the Fund consisted of 74 sub-funds in activity, each investing in a specific market or group of markets.Amundi Funds Equity Euroland Value, Amundi Funds Equity Global Alpha, Amundi Funds Equity Japan CoreAlpha, Amundi Funds Equity Japan Target, Amundi FundsEquity US Concentrated Core, Amundi Funds Equity US Growth, Amundi Funds Equity US Multi Strategies, Amundi Funds Equity US Relative Value, Amundi FundsGems World, Amundi Funds Equity Global Select, Amundi Funds Equity Japan Value, Amundi Funds Equity Euro Select, Amundi Funds Equity Europe Select, AmundiFunds Equity Euroland Small Cap, Amundi Funds Equity Global Gold Mines, Amundi Funds Equity Global Luxury and Lifestyle, Amundi Funds Equity Global Agriculture,Amundi Funds Equity Global Resources, Amundi Funds Equity Europe Restructuring, Amundi Funds Equity US Opportunities, Amundi Funds Equity ASEAN, AmundiFunds Equity Asia ex Japan, Amundi Funds Equity Brazil, Amundi Funds Equity Emerging Europe, Amundi Funds Equity Emerging Internal Demand, Amundi FundsEquity Emerging World, Amundi Funds Equity Asia Pacific ex-Japan, Amundi Funds Equity MENA, Amundi Funds Equity Greater China, Amundi Funds Equity India,Amundi Funds Equity India Infrastructure, Amundi Funds Equity Korea, Amundi Funds Equity Latin America, Amundi Funds Equity Thailand, Amundi Funds Equity GlobalAqua, Amundi Funds Equity Global Clean Planet, Amundi Funds Convertible Europe, Amundi Funds Convertible Global, Amundi Funds Bond Global Corporate, AmundiFunds Bond Euro Aggregate, Amundi Funds Bond Euro Govies, Amundi Funds Bond Euro Corporate, Amundi Funds Euro Govies, Amundi Funds Bond Euro Inflation,Amundi Funds Bond Euro High Yield, Amundi Funds Bond US Opportunistic Core Plus, Amundi Funds Bond Europe, Amundi Funds Bond Global Aggregate, AmundiFunds Bond Global, Amundi Funds Bond Global Inflation, Amundi Funds Bond Converging Europe, Amundi Funds Bond Emerging Inflation, Amundi Funds Bond GlobalEmerging, Amundi Funds Index Equity Euro, Amundi Funds Index Equity Europe, Amundi Funds Index Equity North America, Amundi Funds Index Equity Pacific,Amundi Funds Index Global Bond (EUR) Hedged, Amundi Funds Absolute Forex, Amundi Funds Absolute VaR Short Term, Amundi Funds Absolute VaR 2(EUR),Amundi Funds Absolute VaR 2(USD), Amundi Funds Absolute VaR 4(EUR), Amundi Funds Absolute VaR 4(USD), Amundi Funds Absolute Statistical Arbitrage, AmundiFunds Absolute Forex Asia Pacific, Amundi Funds Absolute High Yield, Amundi Funds Absolute Volatility Arbitrage, Amundi Funds Absolute Volatility Euro Equities,Amundi Funds Absolute Volatility World Equities, Amundi Funds Multimanagers Long/Short Equity, Amundi Funds Dynamic Asset Allocation, Amundi Funds MoneyMarket Euro, Amundi Funds Money Market USD.

Categories of shares: In order for Amundi Funds to be marketed by different distribution networks and to different investor profiles, 61 separate sub-categories of shareswere created, each with its own characteristics and its own fee and expenses structure.

261

Denomination

Investors

Specific

characteris

tics

Taxation

Minimum

investment1

Distributing/

Accum

ulation

Subscription

Fee2

Conversion

Fee3

Redem

ption

Fee

Classes

ofSh

ares

IClass

esCateg

ory

ICClass

IC

InstitutionalInvestors

investingfortheirownaccount

orforindividualswithinthe

frameworkofacollective

savingsoranycomparable

schemeaswellasUCITS

Denom

inated

inCHF

0.01%p.a.

EquivalentinCHFofUSD

500,000

Accumulation/

Distribution

Max2.50%

Max1.00%

-

IEClass

IEDenom

inated

inEU

REquivalentinEU

RofUSD

500,000

-

IGClass

IGDenom

inated

inGBP

EquivalentinGBP

ofUSD

500,000

-

IJClass

IJDenom

inated

inJPY

EquivalentinJPYofUSD

500,000

-

IUClass

IUDenom

inated

inUSD

USD

500,000

-Institutional

ClassII

I(2)

JapaneseUCIs

-0.01%p.a.

USD

50,000

Distribution

Max5.00%

Max1.00%

-Institutional

ClassIV

I(4)

JapaneseUCIs

DifferencewithClassI(2):Only

AccumulationShares

0.01%p.a.

USD

50,000

Accumulation

Max5.00%

Max1.00%

-IE-DClass

IE-D


Denom

inated

inEU

R0.01%p.a.

USD

1,000,000

Distribution

Max2.50%

Max1.00%

Institutional

ClassVI

I(6)


specificallyauthorised

bythe

Board

-0.01%p.a.

-Accumulation

Max0.50%

Max1.00%

Max

1.00%

XEClass

XE


Denom

inated

inEU

RSpecificfeeschedule

0.01%p.a.

USD

30,000,000

4Accumulation/

Distribution

Max5.00%

Max1.00%

-XU

Class

XUDenom

inated

inUSD

Specificfeeschedule

Institutional

ClassVIII

ClassI(8)

Dedicated

institutional

Investor

Specificfeeschedule

0.01%p.a.

USD

100,000,000except

EquityEm

erging

World

USD

30,000,000

Accumulation

Max5.00%

Max1.00%

-

Institutional

ClassIX

I(9)

JapaneseUCIsspecifically

authorised

bytheBoard

-0.01%p.a.

USD

50,000

Accumulation

Max2.50%

Max1.00%

-

1Eachminimum

investmentamountmustbeappreciatedatlevelofthe

concernedCategoryofClasses,independentlyoftheSub-Fund(s),exceptifotherwiseprovided

inthetable.Forthe

IClassesCategoryexceptforXUandXE

classes,eachminimum

investment

mustbeappreciatedatthelevelofthe

Fund,independentlyoftheSub-Fund(s),exceptifotherwiseprovided

inthetable.Itcanbe

appreciatedremotelyincaseofasoleinvestororinaggregateincaseofcompaniesofasamegroup,heldin100%

bythesameparent

companyandinvestingfortheirownaccount.

2Each

ofthesubscriptionandconversion

fees

includes

afixed

feeam

ountingto

0.90%

forthesubscriptionand/or

conversion

inShares

ofIU,XU

,MU,AU

,AE

,SU

,OU

andFU

Classes

ofShares

fortheBrazilSub-Fund.These

fixed

feesaccrue

tothecorresponding

classofSharesoftheBrazilSub-Fund.Nofixed

feeistakenforthe

combinationsofredemptionsandsubscriptionscarried

outonthesameNetAssetValue.

3Noconversion

feeisappliedfora

change

ofClassofSharesorCategorywithinasameSub-Fund.

4ForXUandXE

classes,thisminimum

investmentm

ustbeappreciatedremotelyincaseofasoleinstitutionalinvestororinaggregateincaseofcompaniesofasamegroup,heldin100%

bythesameparentcompanyandinvestingfortheirownaccount.

Classes

ofSh

ares

ThistablefurtherdetailsthecharacteristicsofeachClassofShares.


262


Denomination

Investors

Specific

characteris

tics

Taxation

Minimum

investment1

Distributing/

Accum

ulation

Subscription

Fee2

Conversion

Fee3

Redemption

Fee

IHCClass

IHC


-basecurrency(CHF)

-hedgedClassofShares(this

operationaimstohedgetheNAV

inCHFregardingtothecurrencyof

denominationoftherelevantSub-Fund)

0.01%p.a.

EquivalentinCHFof

USD

500,000

Accumulation

Max2.50%

Max1.00%

-

IHEClass

IHE


-basecurrency(EUR)



inEuroregardingtothecurrencyof

denominationoftherelevantSub-

Fund)

0.01%p.a.

EquivalentinEU

Rof

USD

500,000

Accumulation

Max2.50%

Max1.00%

-

IHG0Class

IHG0


specificallyauthorised

bythe

Board

-basecurrency(GBP)



inGBP

regardingtothecurrencyof


Fund)

0.01%p.a.

EquivalentinGBP

ofUSD

500,000

Distribution

Max2.50%

Max1.00%

-

IHGClass

IHG


DifferencewithClassI:

-basecurrency(GBP)



inGBP



Fund)

0.01%p.a.

EquivalentinGBP

ofUSD

500,000

Accumulation/

Distribution

Max2.50%

Max1.00%

-

IHSClass

IHS



-basecurrency(SGD)



inSG

Dregardingtothecurrencyof


Fund)

0.01%p.a.

EquivalentinSG

Dof

USD

500,000

Accumulation.

Max2.50%

Max1.00%

-

IHUClass

IHU



-basecurrency(USD

)-hedgedClassofShares

(thisoperationaimstohedgetheNAV

inUSD



Fund)

0.01%p.a

USD

500,000

Accumulation

Max2.50%

Max1.00%

-

IHJClass

IHJ



-basecurrency(JPY)

-hedgedClassofShares


inJPYregardingtothecurrencyof


Fund)

0.01%p.a

USD

500,000

Accumulation/

Distribution

Max2.50%

Max1.00%

-

IU-CClass

IU-C



-basecurrency(USD

)0.01%p.a.

USD

500,000

Accumulation

Max2.50%

Max1.00%

-

1Eachminimum



inthetable.Forthe


classes,eachminimum

investment



inthetable.Itcanbe


bythesameparent


2Each


fees

includes

afixed

feeam

ountingto

0.90%


conversion

inShares

ofIU,XU

,MU,AU

,AE

,SU

,OU

andFU

Classes

ofShares


fixed

feesaccrue

tothecorresponding


feeistakenforthe



3Noconversion

feeisappliedfora

change


4ForXUandXE

classes,thisminimum

investmentm



263


Denomination

Investors

Specific

characteris

tics

Taxation

Minimum

investment1

Distributing/

Accum

ulation

Subscription

Fee2

Conversion

Fee3

Redemption

Fee

MClass

esCateg

ory

MCClass

MC

ItalianGPF

andUCITS,UCIs

ormandatesauthorised

bythe

Board

Denom

inated

inCHF

0.01%p.a.

-Accumulation

Max2.50%

Max1.00%

-

MEClass

ME

Denom

inated

inEU

R

MGClass

MG

Denom

inated

inGBP

MJClass

MJ

Denom

inated

inJPY

MUClass

MU

Denom

inated

inUSD

MHEClass

MHE

-basecurrency(EUR)



inEU

Rregardingtothecurrencyof


MHJClass

MHJ

-basecurrency(JPY)



inJPYregardingtothecurrencyof


OClass

esCateg

ory

OCClass

OC


specificallyauthorized

bythe

Board

Denom

inated

inCHF

0.01%p.a

EquivalentinCHFofUSD

500,000

Accumulation

Max5.00%

Max1.00%

-

OEClass

OE

Denom

inated

inEU

REquivalentinEU

RofUSD

500,000

OGClass

OG

Denom

inated

inGBP

EquivalentinGBP

ofUSD

500,000

OJClass

OJ

Denom

inated

inJPY

EquivalentinJPYofUSD

500,000

OUClass

OU

Denom

inated

inUSD

USD

500,000

OHEClass

OHE

-basecurrency(EUR)



inEU

Rregardingtothecurrencyof


Fund)

EquivalentinEU

RofUSD

500,000

O1Class

O1

InstitutionalInvestorsspecifically

authorizedbytheBoard

DifferencewithOU:specificfees

schedule

Denom

inated

inUSD

USD

500,000except

EquityLatinAm

ericaUSD

100,000,000

1Eachminimum



inthetable.Forthe


classes,eachminimum

investment



inthetable.Itcanbe


bythesameparent


2Each


fees

includes

afixed

feeam

ountingto

0.90%


conversion

inShares

ofIU,XU

,MU,AU

,AE

,SU

,OU

andFU

Classes

ofShares


fixed

feesaccrue

tothecorresponding


feeistakenforthe



3Noconversion

feeisappliedfora

change


4ForXUandXE

classes,thisminimum

investmentm



264


Denomination

Investors

Specific

characteris

tics

Taxation

Minimum

investment1

Distributing/

Accum

ulation

Subscription

Fee2

Conversion

Fee3

Redemption

Fee

AClass

esCateg

ory

ACClass

AC

Allinvestors

Denom

inated

inCHF

0.05%p.a.

-Accumulation/

Distribution

Max4.50%

Max1.00%

-

AEClass

AEDenom

inated

inEU

R

AGClass

AGDenom

inated

inGBP

AJClass

AJDenom

inated

inJPY

AUClass

AUDenom

inated

inUSD

AHCClass

AHC

AllInvestors

-basecurrency(CHF)



inCHFregardingtothecurrencyof


Fund)

0.05%p.a.

-Accumulation

Max4.50%

Max1.00%

-

AHEClass

AHE

AllInvestors

-basecurrency(EUR)





Fund)

0.05%p.a.

-Accumulation

Exceptfor

Absolute

VolatilityWorld

Equities:

Accumulation/

Distribution

Max4.50%

Max1.00%

-

AHGClass

AHG

AllInvestors

-basecurrency(GBP)



inGBP



Fund)

0.05%p.a.

-Accumulation/

Distribution

Max4.50%

Max1.00%

-

AHKClass

AHK

Allinvestors

-basecurrency(CZK)



inCZK



Fund)

0.05%p.a.

-Accumulation

Max4.50%

Max1.00%

-

AHUClass

AHU

AllInvestors

-basecurrency(USD

)-hedgedClassofShares(this


inUSD



Fund)

0.05%p.a.

-Accumulation

Max4.50%

Max1.00%

-

AU-CClass

AU-C

AllInvestors

DifferencewithClassAU

:-onlyaccumulationshare

0.05%p.a.

-Accumulation

Max4.50%

Max1.00%

-

1Eachminimum



inthetable.Forthe


classes,eachminimum

investment



inthetable.Itcanbe


bythesameparent


2Each


fees

includes

afixed

feeam

ountingto

0.90%


conversion

inShares

ofIU,XU

,MU,AU

,AE

,SU

,OU

andFU

Classes

ofShares


fixed

feesaccrue

tothecorresponding


feeistakenforthe



3Noconversion

feeisappliedfora

change


4ForXUandXE

classes,thisminimum

investmentm



265


Denomination

Investors

Specific

characteris

tics

Taxation

Minimum

investment1

Distributing/

Accum

ulation

Subscription

Fee2

Conversion

Fee3

Redemption

Fee

SClass

esCateg

ory

SCClass

SC

AllInvestorsSharesonly

availablethroughanetwork

ofdistributors.

Denom

inated

inCHF

0.05%p.a.

-Accumulation

Max3.00%

Max1.00%

-

SEClass

SEDenom

inated

inEU

R

SGClass

SGDenom

inated

inGBP

SJClass

SJDenom

inated

inJPY

SUClass

SUDenom

inated

inUSD

SHEClass

SHE

-basecurrency(EUR)





0.05%p.a.

-Accumulation

Max3.00%

Max1.00%

-

SHE-MDClass

SHE-MD

-basecurrency(EUR)





-monthlydividend

distribution

0.05%p.a.

-Distribution

Max3.00%

Max1.00%

-

Class

icHClass

Categ

ory

ClassicH

Class

ClassH

AllInvestors

Sharesonlyavailablethrougha

networkofdistributorsspecifically

authorised

bytheBoard

DifferencewithClassS:Reduced

SubscriptionFee

0.05%p.a.

-Accumulation

Max1.00%

Max1.00%

-

FClass

esCateg

ory

FCClass

FC

AllInvestorsSharesonly

availablethroughanetwork

ofdistributorsspecifically

authorised

bytheBoard

DifferencewithSClasses

Category:Distributionfees

Denom

inated

inCHF

0.05%p.a.

-Accumulation

--

-

FEClass

FEDenom

inated

inEU

R

FGClass

FGDenom

inated

inGBP

FJClass

FJDenom

inated

inJPY

FUClass

FUDenom

inated

inUSD

FHEClass

FHE

-basecurrency(EUR)





FHE-MDClass

FHE-MD

-basecurrency(EUR)





-monthlydividend

distribution

0.05%p.a

-Distribution

--

-

1Eachminimum



inthetable.Forthe


classes,eachminimum

investment



inthetable.Itcanbe


bythesameparent


2Each


fees

includes

afixed

feeam

ountingto

0.90%


conversion

inShares

ofIU,XU

,MU,AU

,AE

,SU

,OU

andFU

Classes

ofShares


fixed

feesaccrue

tothecorresponding


feeistakenforthe



3Noconversion

feeisappliedfora

change


4ForXUandXE

classes,thisminimum

investmentm



266


2 PRINCIPAL ACCOUNTING CONVENTIONS

�� PRESENTATION OF THE FINANCIAL STATEMENTS

The Fund’s financial statements were prepared in accordance with the legal and regulatory provisions in force in Luxembourg concerning undertakings for collectiveinvestment.The financial statements are presented on the basis of the latest Net Asset Value (“NAV”) calculated during the financial year. In accordance with the prospectus datedJune 2011, the NAV were calculated using the latest market values and exchange rates known at the time of the calculation meaning:- Amundi Funds Index Equity Pacific: 1 July 2011- For all the other sub-funds: 30 June 2011By way of information, if the Index Pacific Sub-Fund had calculated its NAV solely for reporting purposes based on the market prices and exchanges rates as at 30June 2011 the NAV would not have been significantly different from the one shown in this annual report.

In the annual report as at 30 June 2010, the sub-funds merged or liquidated during the financial year ended on 30 June 2010 were shown separately in the Statementof Operations and Changes in Net Assets and were included in the consolidated figures. In the annual report as at 30 June 2011, these sub-funds are not shownseparately in the Statement of Operations and Changes in Net Assets even though they are still included in the consolidated figures as at 30 June 2010.

� Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by theBoard of Directors.

� Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressedin foreign currencies are therefore converted and consolidated in EUR at the exchange rate in force at the close of the financial year.Transactions and acquisition costs for portfolio securities expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned atthe exchange rate in force on the date of transaction or acquisition, as appropriate. Valuation values for securities in the portfolio and of other assets and liabilitiesexpressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at the exchange rate in force at the end of the financial year.Currency differences resulting from these conversions are recorded in the Statement of Operations and Changes in net assets.

� Return on investments - Dividends are entered as yields on the date when they are declared and in so far as the appropriate information can be obtained by the Fund. Interest is accrued on a daily basis.

� Distribution of costs and expenses - Each sub-fund is charged with costs or expenses specifically attributable to it. Costs and expenses not attributable to a specific sub-fund are distributed between the sub-funds on an equitable basis, in proportion to their respective Net Assets.

� Repurchase agreements - Repurchase agreements (Repos) are equivalent to borrowings guaranteed by underlying assets presented in the securities portfolioof the sub-fund which remains exposed to market risk. Reverse Repurchase agreements (Reverse Repos) are similar to guaranteed loans. In this case, thesub-fund is not subject to the risk of depreciation in the value of the underlying assets. Repos and Reverse Repos are regarded as borrowings and loans,respectively, of the sum of liquid assets received and/or paid.

� Futures contracts - Unexpired futures contracts are valued at their last known price on the date of valuation or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets.

� Forward foreign exchange contracts - Unexpired forward foreign exchange contracts are valued at the exchange rates applicable on the valuation date or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets.

� Valuation of options - Options officially listed on a stock market or any other regulated market, operating in a regular manner, recognised and open to the public, are valued on the basis of their closing prices on the valuation day or, in the absence of such prices, on the basis of the last-known prices available. If these last- known prices are not representative, the valuation will be based on the probable realisation value estimated by the Board of Directors with prudence and in good faith. Currency options are valued at the market value.

� Swaps - The Fund is authorised to enter into volatility swaps, correlation swaps, credit default swaps, total return swaps, inflation swaps, asset swaps or interest rate swaps. Except for the interest rate swaps included in the Net Asset Value of the Money Market Euro and Money Market USD sub-funds, interest rate swaps,volatility swaps, correlation swaps, variance swaps, credit default swaps, total return swaps and inflation swaps are recorded at market value based on thevaluation elements laid down in the contracts. The unrealised net gain is included in the item “Unrealised net appreciation on swaps” in the Statement of Net Assetsand the unrealised net loss is included in the item “Unrealised net depreciation on swaps” in the Statement of Net Assets.

� Changes in accounting conventions - The following accounting conventions were changed as from 24 June 2011:- For money market instruments, the accretion (difference between cost and amortised value), previously considered as interest, is reported under “Net change inunrealised appreciation/(depreciation) on investments” for securities held. If the instruments have been sold or reimbursed, this result is considered as “Net realisedprofit/(loss) on securities sold”.- The “Net realised profit/(loss) on securities sold” figure of the Statement of Operations and Changes in Net Assets is reflecting the difference between the costand proceeds from securities sold, including the market as well as the currency impacts. Until that date, the currency impacts were recorded in the “Net realisedprofit/(loss) on foreign exchange”.

3 EXCHANGE RATES USED AS OF 30 JUNE 2011

The exchange rates used for the consolidated figures are the following :

1 EUR= 0.008540JPY1 EUR= 0.689727USD

1 EUR= 0.819135CHF1 EUR= 1.107358GBP

267


4 MANAGEMENT FEES, ADMINISTRATION FEES AND DISTRIBUTION FEES

Fee structure - The Administration fee is a fee expressed as a percentage of the NAV of the sub-funds and classes of shares, including all the administrativeexpenses of the Fund.Such fee includes the remuneration of the Administration Agent, Domiciliary Agent, Transfer Agent and Registrar for its services rendered to the Fund, the remunerationof the Custodian for its services rendered to the Fund as well as all other administrative expenses incurred in the operation of the Fund including but not limited to:

- the fees of auditors and legal advisers of the Fund (including costs associated with compliance with legal and regulatory requirements);- the cost of translation, printing and distributing to investors the annual and semi-annual reports and of the prospectus dated May 2011 such as modified by theprospectus dated June 2011 of the Fund and any supplement thereto;- any costs related to the information of the shareholders including costs related to the publication of prices of shares in the financial press, the production ofinformation material for the subscribers and distributors;- any fees and expenses involved in registering and maintaining the registration of the Fund with any governmental agency or stock exchange and to comply withany regulatory requirements and the reimbursement of such fees and expenses incurred by any local representative;- the fees of any local representative/correspondent, of which the services are required pursuant to the applicable law;- the costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the shareholders’ interests;- the costs related to the translation, distribution and publication of any notice to the shareholders.

The Administration fee is payable monthly in arrears to Amundi Luxembourg and is calculated each day for each sub-fund and each class of shares.From such fee, Amundi Luxembourg will pay the fees of the Custodian, the Administration Agent, the Domiciliary Agent, the Transfer Agent and the Registrar and theadministrative expenses of the Fund.

The Management fees applicable for the year ended 30 June 2011, expressed in percentages of the NAV, are payable quarterly to Amundi Luxembourg and calculatedeach day for each sub-fund on the basis of the daily NAV of each class of shares at the below rates per annum. The Management Company is responsible for paying commissions to Investment Managers.

The prospectus dated May 2011 such as modified by the prospectus dated June 2011 gives details of the extent to which the assets of each sub-fund are subject toManagement fees on the part of its assets invested in other funds.In addition, some sub-funds are invested in other UCI’s and as a consequence they are subject to the Management fees charged to those funds.

The management fees, administration fees and distribution fees, expressed as a percentage of the NAV, are set out in the following schedule (the maximal and theeffective amounts are identical). All Sub-Funds and Classes of Shares listed in this table are in existence during the financial year ended on 30 June 2011.

268


AMUNDI FUNDS Sub-Funds BaseCurrency

Other Share ClassesNAV Currencies

Classesof Shares Management Fees Administration

FeesDistribution

Fees

EQUITY SUB-FUNDGlobal/Regional/Country Sub-FundsEquity Euroland Value* EUR EUR/USD - IE Class 0,80% 0,25% /

EUR/USD - ME Class 0,70% 0,35% /EUR/USD - OE Class / 0,25% /EUR/USD - AE Class 1,70% 0,40% /CZK - AHK Class 1,70% 0,40% /

EUR/USD - SE Class 2,10% 0,40% /EUR/USD - FE Class 2,10% 0,40% 1,00%

Equity Global Alpha* USD USD/EUR - IU Class 0,70% 0,25% /USD/EUR - MU Class 0,70% 0,35% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,40% 0,35% /EUR - AE Class 1,40% 0,35% /

USD/EUR - SU Class 1,80% 0,35% /USD/EUR - FU Class 1,80% 0,35% 1,00%

Equity Japan CoreAlpha JPY JPY/EUR/USD - IJ Class 0,75% 0,25% /EUR - IHE Class 0,75% 0,25% /

JPY/EUR/USD - MJ Class 0,75% 0,25% /EUR - MHE Class 0,75% 0,25% /

JPY/EUR/USD - AJ Class 1,50% 0,40% /EUR - AE Class 1,50% 0,40% /EUR - AHE Class 1,50% 0,40% /

JPY/EUR/USD - SJ Class 2,00% 0,40% /EUR - SHE Class 2,00% 0,40% /

JPY/EUR/USD - FJ Class 2,00% 0,40% 1,00%EUR - FHE Class 2,00% 0,40% 1,00%

Equity Japan Target* JPY JPY/EUR/USD - IJ Class 0,80% 0,25% /JPY/EUR/USD - MJ Class 0,80% 0,35% /JPY/EUR/USD - OJ Class / 0,25% /JPY/EUR/USD - AJ Class 1,80% 0,40% /

EUR - AE Class 1,80% 0,40% /EUR - AHE Class 1,80% 0,40% /

JPY/EUR/USD - SJ Class 2,20% 0,40% /JPY/EUR/USD - FJ Class 2,20% 0,40% 1,00%

EUR - FHE Class 2,20% 0,40% 1,00%Equity US Concentrated USD USD/EUR - IU Class 0,80% 0,25% /Core* EUR - IHE Class 0,80% 0,25% /

USD/EUR - MU Class 0,80% 0,35% /EUR - MHE Class 0,80% 0,35% /

USD/EUR - AU Class 1,70% 0,40% /EUR - AE Class 1,70% 0,40% /EUR - AHE Class 1,70% 0,40% /

USD/EUR - SU Class 2,10% 0,40% /USD/EUR - FU Class 2,10% 0,40% 1,00%EUR - FHE Class 2,10% 0,40% 1,00%

Equity US Growth* USD USD/EUR - IU Class 0,80% 0,25% /EUR - IHE Class 0,80% 0,25% /



USD/EUR - SU Class 2,10% 0,40% /USD/EUR - FU Class 2,10% 0,40% 1,00%EUR - FHE Class 2,10% 0,40% 1,00%

Equity US Multi Strategies* USD USD/EUR - IU Class 0,70% 0,25% /EUR - IHE Class 0,70% 0,25% /


USD/EUR - OU Class / 0,25% /EUR - OHE Class / 0,25% /


USD/EUR - SU Class 2,10% 0,40% /EUR - SHE Class 2,10% 0,40% /

USD/EUR - FU Class 2,10% 0,40% 1,00%EUR - FHE Class 2,10% 0,40% 1,00%

*A performance fee is added to some classes of shares of these sub-funds, as detailed in note 5.

269





FeesDistribution

Fees

Equity US Relative Value* USD USD/EUR - IU Class 0,70% 0,25% /EUR - IHE Class 0,70% 0,25% /



USD/EUR - AU Class 1,70% 0,40% /EUR - AE Class 1,70% 0,40% /EUR - AHE Class 1,70% 0,40% /CZK - AHK Class 1,70% 0,40% /



Gems World* USD USD/EUR - IU Class 0,65% 0,25% /USD/EUR - MU Class 0,55% 0,35% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,30% 0,35% /USD/EUR - SU Class 1,70% 0,35% /

Equity Global Select* USD USD/EUR - IU Class 0,70% (0,65%)1 0,25% /USD/EUR - MU Class 0,60% (0,55%)1 0,35% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,40% (1,30%)1 0,35% /EUR - AE Class 1,40% 0,35% /

USD/EUR - SU Class 1,80% (1,70%)1 0,35% /EUR - SE Class 1,80% 0,35% /

USD/EUR - FU Class 1,80% 0,35% 1,00%Equity Japan Value JPY JPY/EUR/USD - IJ Class 0,80% (0,70%)1 0,25% /

JPY/EUR/USD - Institutional Class II 0,45% 0,25% /JPY/EUR/USD - Institutional Class VIII 0,45% 0,10% /JPY/EUR/USD - Institutional Class IX 0,30% 0,25% /JPY/EUR/USD - MJ Class 0,70% (0,60%)1 0,35% /

EUR - MHE Class 0,70% 0,35% /JPY/EUR/USD - AJ Class 1,50% (1,30%)1 0,40% (0,35%)1 /

EUR - AE Class 1,50% 0,40% /JPY/EUR/USD - SJ Class 1,90% (1,70%)1 0,40% (0,35%)1 /JPY/EUR/USD - FJ Class 1,90% 0,40% 1,00%

Equity Euro Select* EUR EUR - IE Class 0,65% 0,25% /EUR - ME Class 0,55% 0,35% /EUR - OE Class / 0,25% /EUR - AE Class 1,30% 0,35% /EUR - SE Class 1,70% 0,35% /EUR - FE Class 1,70% 0,35% 1,00%

Equity Europe Select* EUR EUR - IE Class 0,65% 0,25% /EUR - ME Class 0,55% 0,35% /EUR - OE Class / 0,25% /EUR - AE Class 1,30% 0,35% /EUR - SE Class 1,70% 0,35% /EUR - FE Class 1,70% 0,35% 1,00%

Smaller Companies/Thematic Sub-FundsEquity Euroland Small EUR EUR/USD - IE Class 0,80% 0,25% /Cap* EUR/USD - ME Class 0,70% 0,35% /

EUR/USD - OE Class / 0,25% /EUR/USD - AE Class 1,70% 0,40% /EUR/USD - SE Class 2,10% 0,40% /EUR/USD - FE Class 2,10% 0,40% 1,00%

Equity Global Gold Mines* USD USD/EUR - IU Class 0,90% 0,25% /USD/EUR - MU Class 0,80% 0,35% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,70% 0,40% /EUR - AE Class 1,70% 0,40% /



Equity Global Luxury USD USD/EUR - IU Class 0,90% 0,25% /and Lifestyle* USD/EUR - MU Class 0,80% 0,35% /

USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,70% 0,40% /EUR - AE Class 1,70% 0,40% /



*A performance fee is added to some classes of shares of these sub-funds, as detailed in note 5.1 Until 31/01/2011

270





FeesDistribution

Fees

Equity Global Agriculture* USD USD/EUR/GBP - IU Class 0,90% 0,25% /EUR - IHE Class 0,90% 0,25% /

USD/EUR/GBP - MU Class 0,80% 0,35% /USD/EUR/GBP - OU Class / 0,25% /USD/EUR/GBP - AU Class 1,70% (1,60%)1 0,40% (0,45%)1 /

EUR - AHE Class 1,70% (1,60%)1 0,40% (0,45%)1 /EUR - AE Class 1,70% (1,60%)1 0,40% (0,45%)1 /

USD/EUR/GBP - SU Class 2,10% (2,00%)1 0,40% (0,45%)1 /EUR - SHE Class 2,10% 0,40% /

USD/EUR/GBP - FU Class 2,10% 0,40% 1,00%EUR - FHE Class 2,10% 0,40% 1,00%

Equity Global Resources* USD USD/EUR/GBP - IU Class 0,90% 0,25% /USD/EUR/GBP - MU Class 0,80% 0,35% /USD/EUR/GBP - OU Class / 0,25% /USD/EUR/GBP - AU Class 1,70% (1,60%)1 0,40% (0,45%)1 /

EUR - AE Class 1,70% 0,40% /USD/EUR/GBP - SU Class 2,10% (2,00%)1 0,40% (0,45%)1 /

EUR - SHE Class 2,10% 0,40% /USD/EUR/GBP - FU Class 2,10% 0,40% 1,00%

EUR - FHE Class 2,10% 0,40% 1,00%Equity Europe EUR EUR - IE Class 0,80% 0,25% /Restructuring* EUR - ME Class 0,70% 0,35% /

EUR - OE Class / 0,25% /EUR - AE Class 1,70% (1,60%)1 0,40% (0,45%)1 /EUR - SE Class 2,10% (2,00%)1 0,40% (0,45%)1 /EUR - FE Class 2,10% 0,40% 1,00%

Equity US Opportunities USD USD/EUR - IU Class 0,90% 0,25% /GBP - IHG Class 0,90% 0,25% /

USD/EUR - MU Class 0,80% 0,35% /USD/EUR - AU Class 1,70% (1,60%)1 0,40% (0,45%)1 /EUR - AE Class 1,70% 0,40% /GBP - AHG Class 1,70% 0,40% /

USD/EUR - SU Class 2,10% (2,00%)1 0,40% (0,45%)1 /USD/EUR - FU Class 2,10% 0,40% 1,00%

Asia/Emerging Markets Sub-FundsEquity ASEAN* USD USD/EUR/SGD - IU Class 0,90% 0,40% /

USD/EUR/SGD - Institutional Class II 0,45% 0,40% /USD/EUR/SGD - Institutional Class IV 0,45% 0,40% /USD/EUR/SGD - XU Class 0,60% 0,25% /USD/EUR/SGD - Institutional Class IX 0,37% 0,33% /USD/EUR/SGD - MU Class 0,80% 0,50% /USD/EUR/SGD - OU Class / 0,25% /USD/EUR/SGD - AU Class 1,70% (1,60%)1 0,50% /

EUR - AE Class 1,70% 0,50% /USD/EUR/SGD - SU Class 2,10% (2,00%)1 0,50% /USD/EUR/SGD - FU Class 2,10% 0,50% 1,00%

Equity Asia ex Japan* USD USD/EUR - IU Class 0,90% 0,40% /USD/EUR - XU Class 0,60% 0,25% /USD/EUR - MU Class 0,80% 0,50% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,70% (1,60%)1 0,50% /EUR - AE Class 1,70% 0,50% /

USD/EUR - SU Class 2,10% (2,00%)1 0,50% /USD/EUR - FU Class 2,10% 0,50% 1,00%

Equity Brazil* USD USD/EUR - IU Class 0,90% 0,40% /USD/EUR - XU Class 0,60% 0,25% /USD/EUR - MU Class 0,80% 0,50% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,70% (1,60%)1 0,50% /EUR - AE Class 1,70% 0,50% /


Equity Emerging Europe* EUR EUR/USD - IE Class 0,90% 0,40% /EUR/USD - XE Class 0,60% 0,25% /EUR/USD - ME Class 0,80% 0,50% /EUR/USD - OE Class / 0,25% /EUR/USD - AE Class 1,70% (1,60%)1 0,50% /EUR/USD - SE Class 2,10% (2,00%)1 0,50% /EUR/USD - FE Class 2,10% 0,50% 1,00%


271





FeesDistribution

Fees

Equity Emerging Internal USD USD/EUR/GBP - IU Class 0,90% 0,40% /Demand* USD/EUR/GBP - XU Class 0,60% 0,25% /

USD/EUR/GBP - MU Class 0,80% 0,50% /USD/EUR/GBP - OU Class / 0,25% /USD/EUR/GBP - AU Class 1,70% (1,60%)1 0,50% /

EUR - AE Class 1,70% 0,50% /EUR - AHE Class 1,70% 0,50% /

USD/EUR/GBP - SU Class 2,10% (2,00%)1 0,50% /EUR - SE Class 2,10% 0,50% /

USD/EUR/GBP - FU Class 2,10% 0,50% 1,00%

Equity Emerging World* USD USD/EUR/GBP - IU Class 0,90% 0,40% /USD/EUR/GBP - XU Class 0,60% 0,25% /USD/EUR/GBP - Institutional Class VIII 1,00% 0,25% /USD/EUR/GBP - MU Class 0,80% 0,50% /USD/EUR/GBP - OU Class / 0,25% /USD/EUR/GBP - O1 Class / 0,20% /USD/EUR/GBP - AU Class 1,70% (1,60%)1 0,50% /

EUR - AE Class 1,70% 0,50% /USD/EUR/GBP - SU Class 2,10% (2,00%)1 0,50% /USD/EUR/GBP - FU Class 2,10% 0,50% 1,00%

Equity Asia Pacific ex- USD USD/EUR - IU Class 0,90% 0,40% /Japan* USD/EUR - MU Class 0,90% 0,50% /

USD/EUR - OU Class / 0,40% /USD/EUR - AU Class 1,70% 0,50% /EUR - AE Class 1,70% 0,50% /


Equity MENA* USD USD/EUR - IU Class 1,00% 0,40% /EUR - IHE Class 1,00% 0,40% /






Equity Greater China* USD USD/EUR/GBP - IU Class 0,90% 0,40% /USD/EUR/GBP - Institutional Class II 0,45% 0,40% /USD/EUR/GBP - Institutional Class IV 0,45% 0,40% /USD/EUR/GBP - XU Class 0,60% 0,25% /USD/EUR/GBP - Institutional Class IX 0,37% 0,33% /USD/EUR/GBP - MU Class 0,80% 0,50% /USD/EUR/GBP - OU Class / 0,25% /USD/EUR/GBP - AU Class 1,70% (1,60%)1 0,50% /

EUR - AE Class 1,70% 0,50% /USD/EUR/GBP - SU Class 2,10% (2,00%)1 0,50% /USD/EUR/GBP - FU Class 2,10% 0,50% 1,00%

Equity India* USD USD/EUR - IU Class 0,90% 0,40% /USD/EUR - Institutional Class II 0,45% 0,40% /USD/EUR - Institutional Class IV 0,45% 0,40% /USD/EUR - XU Class 0,60% 0,25% /USD/EUR - Institutional Class IX 0,37% 0,33% /USD/EUR - MU Class 0,80% 0,50% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,70% (1,60%)1 0,50% /EUR - AE Class 1,70% 0,50% /



272





FeesDistribution

Fees

Equity India Infrastructure* USD USD/EUR - IU Class 0,90% 0,40% /USD/EUR - Institutional Class II 0,45% 0,40% /USD/EUR - Institutional Class IV 0,45% 0,40% /USD/EUR - XU Class 0,60% 0,25% /USD/EUR - MU Class 0,80% 0,50% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,70% (1,60%)1 0,50% /EUR - AE Class 1,70% 0,50% /


Equity Korea USD USD/JPY/EUR - IU Class 1,00% 0,40% /USD/JPY/EUR - Institutional Class II 0,45% 0,40% /USD/JPY/EUR - Institutional Class IV 0,45% 0,40% /USD/JPY/EUR - XU Class 0,65% 0,25% /USD/JPY/EUR - MU Class 0,90% 0,50% /USD/JPY/EUR - OU Class / 0,25% /USD/JPY/EUR - AU Class 1,70% (1,60%)1 0,50% /

EUR - AE Class 1,70% 0,50% /USD/JPY/EUR - SU Class 2,10% (2,00%)1 0,50% /USD/JPY/EUR - FU Class 2,10% 0,50% 1,00%

Equity Latin America* USD USD/EUR/JPY/GBP - IU Class 0,90% 0,40% /USD/EUR/JPY/GBP - XU Class 0,60% 0,25% /USD/EUR/JPY/GBP - MU Class 0,80% 0,50% /USD/EUR/JPY/GBP - OU Class / 0,25% /

USD - O1 Class / 0,20% /USD/EUR/JPY/GBP - AU Class 1,70% (1,60%)1 0,50% /

EUR - AE Class 1,70% 0,50% /USD/EUR/JPY/GBP - SU Class 2,10% (2,00%)1 0,50% /

EUR - SE Class 2,10% 0,50% /USD/EUR/JPY/GBP - FU Class 2,10% 0,50% 1,00%

Equity Thailand USD USD/EUR - IU Class 1,00% 0,40% /USD/EUR - XU Class 0,65% 0,25% /USD/EUR - MU Class 0,90% 0,50% /USD/EUR - OU Class / 0,25% /USD/EUR - AU Class 1,60% 0,50% /USD/EUR - SU Class 2,00% 0.50% /

Socially Responsible Investments Sub-FundsEquity Global Aqua EUR EUR/USD - IE Class 0,90% (1,00%)1 0,25% /

EUR/USD - ME Class 0,80% (0,90%)1 0,35% /EUR/USD - OE Class / 0,25% /EUR/USD - AE Class 1,70% (1,50%)1 0,40% (0,35%)1 /EUR/USD - SE Class 2,10% (1,90%)1 0.40% (0,35%)1 /EUR/USD - FE Class 2,10% 0.40% 1,00%

Equity Global Clean EUR EUR/USD - IE Class 0,90% (1,00%)1 0,25% /Planet EUR/USD - Institutional Class VI 0,50% 0,25% /

EUR/USD - ME Class 0,80% (0,90%)1 0,35% /EUR/USD - OE Class / 0,25% /EUR/USD - AE Class 1,70% (1,50%)1 0,40% (0,35%)1 /EUR/USD - SE Class 2,10% (1,90%)1 0,40% (0,35%)1 /EUR/USD - FE Class 2,10% 0,40% 1,00%

BOND SUB-FUNDSConvertible Bond Sub-FundsConvertible Europe* EUR EUR/USD - IE Class 0,55% 0,20% /

EUR/USD - ME Class 0,45% 0,35% /EUR/USD - OE Class / 0,20% /EUR/USD - AE Class 1,20% 0,35% /EUR/USD - SE Class 1,40% 0,35% /EUR/USD - FE Class 1,40% 0,35% 0,40%

Convertible Global* EUR EUR/USD - IE Class 0,55% 0,20% (0,25%)1 /USD - IHU Class 0,55% 0,20% /

EUR/USD - ME Class 0,45% 0,35% /EUR/USD - OE Class / 0,20% /EUR/USD - AE Class 1,20% 0,35% /USD - AHU Class 1,20% 0,35% /



273





FeesDistribution

Fees

Global Bonds Sub-FundsBond Global Corporate* USD USD/EUR - IU Class 0,45% 0,20% (0,15%)1 /

USD/EUR - MU Class 0,40% 0,30% /USD/EUR - OU Class / 0,20% /USD/EUR - AU Class 0,80% 0,35% /EUR - AE Class 0,80% 0,35% /


Euro Bonds Sub-FundsBond Euro Aggregate* EUR EUR/USD - IE Class 0,45% 0,10% /

EUR/USD - Institutional Class II 0,30% 0,10% /EUR/USD - ME Class 0,40% 0,25% /EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,80% 0,30% /EUR/USD - SE Class 1,00% 0,30% /EUR/USD - FE Class 1,00% 0,30% 0,20%

Bond Euro Govies EUR EUR/USD - IE Class 0,40% 0,10% /EUR/USD - ME Class 0,30% 0,25% /EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,80% 0,30% /EUR/USD - SE Class 1,00% 0,30% /EUR/USD - FE Class 1,00% 0,30% 0,20%

Bond Euro Corporate* EUR EUR/USD - IE Class 0,45% 0,10% /EUR/USD - Institutional Class II 0,30% 0,10% /EUR/USD - ME Class 0,40% (0,30%)1 0,25% /EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,80% 0,30% /EUR/USD - SE Class 1,00% 0,30% /EUR/USD - FE Class 1,00% 0,30% 0,20%

Euro Govies* EUR EUR/USD - IE Class 0,40% 0,10% /EUR/USD - ME Class 0,30% 0,25% /EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,80% 0,30% /EUR/USD - SE Class 1,00% 0,30% /EUR/USD - FE Class 1,00% 0,30% 0,20%

Bond Euro Inflation* EUR EUR/USD - IE Class 0,45% 0,10% /EUR/USD - ME Class 0,30% 0,25% /EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,75% (0,80%)1 0,35% (0,30%)1 /EUR/USD - SE Class 0,95% (1,00%)1 0,35% (0,30%)1 /EUR/USD - FE Class 0,95% 0,35% 0,20%

High Yield Bonds Sub-FundsBond Euro High Yield* EUR EUR/USD - IE Class 0,55% 0,20% /

EUR/USD - Institutional Class II 0,40% 0,20% /EUR/USD - ME Class 0,45% 0,35% /EUR/USD - OE Class / 0,20% /EUR/USD - AE Class 1,40% (1,60%)1 0,40% /EUR/USD - SE Class 1,60% (1,80%)1 0,40% /EUR/USD - FE Class 1,60% 0,40% 0,40%

Global Bonds and Debts Sub-FundsBond US Opportunistic USD USD/EUR/GBP - IU Class 0,45% 0,20% /Core Plus* EUR - IHE Class 0,45% 0,20% /

USD/EUR/GBP - MU Class 0,40% 0,30% /EUR - MHE Class 0,40% 0,30% /

USD/EUR/GBP - AU Class 0,80% 0,35% /EUR - AE Class 0,80% 0,35% /EUR - AHE Class 0,80% 0,35% /

USD/EUR/GBP - SU Class 1,00% 0,35% /EUR - SHE Class 1,00% 0,35% /

USD/EUR/GBP - FU Class 1,00% 0,35% 0,40%EUR - FHE Class 1,00% 0,35% 0,40%

Bond Europe* EUR EUR/USD - IE Class 0,45% 0,20% /EUR/USD - ME Class 0,40% 0,30% /EUR/USD - OE Class / 0,20% /EUR/USD - AE Class 0,80% 0,30% /EUR/USD - SE Class 1,00% 0,30% /EUR/USD - FE Class 1,00% 0,30% 0,40%


274





FeesDistribution

Fees

Bond Global Aggregate* USD USD/EUR/GBP - IU Class 0,45% 0,20% (0,15%)1 /USD/EUR/GBP - MU Class 0,40% 0,30% /

EUR - MHE Class 0,40% 0,30% /USD/EUR/GBP - OU Class / 0,20% /USD/EUR/GBP - AU Class 0,80% 0,35% /

EUR - AE Class 0,80% 0,35% /USD/EUR/GBP - SU Class 1,00% 0,35% /

EUR - SHE Class 1,00% 0,35% /EUR - SHE-MD Class 1,00% 0,35% /

USD/EUR/GBP - FU Class 1,00% 0,35% 0,60%EUR - FHE Class 1,00% 0,35% 0,60%EUR - FHE-MD Class 1,00% 0,35% 0,60%

Bond Global* USD USD/EUR/GBP - IU Class 0,45% 0,20% /EUR - IE-D Class 0,50% 0,20% /EUR - IHE Class 0,45% 0,20% /

USD/EUR/GBP - MU Class 0,40% 0,30% /EUR - MHE Class 0,40% 0,30% /

USD/EUR/GBP - OU Class / 0,20% /USD/EUR/GBP - AU Class 0,80% 0,35% (0,30%)1 /

EUR - AE Class 0,80% 0,35% /USD/EUR/GBP - SU Class 1,00% 0,35% (0,30%)1 /



Bond Global Inflation* EUR EUR/USD - IE Class 0,45% (0,35%)1 0,10% (0,15%)1 /SGD - IHS Class 0,45% 0,10% /

EUR/USD - ME Class 0,35% 0,30% /EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,75% (0,80%)1 0,35% (0,30%)1 /EUR/USD - SE Class 0,95% (1,00%)1 0,35% (0,30%)1 /EUR/USD - FE Class 0,95% 0,35% 0,40%

Emerging Markets Debts Sub-FundsBond Converging Europe* EUR EUR/USD - IE Class 0,55% 0,20% /

EUR/USD - ME Class 0,50% 0,30% /EUR/USD - OE Class / 0,20% /EUR/USD - AE Class 1,20% 0,30% /EUR/USD - SE Class 1,40% 0,30% /EUR/USD - FE Class 1,40% 0,30% 0,40%

Bond Emerging Inflation* USD USD/EUR - IU Class 0,55% 0,20% /EUR - IE Class 0,55% 0,20% /

USD/EUR - MU Class 0,45% 0,35% /USD/EUR - OU Class / 0,20% /USD/EUR - AU Class 1,40% 0,40% /EUR - AE Class 1,40% 0,40% /


Bond Global Emerging* USD USD/EUR/GBP - IU Class 0.55% 0,20% /USD/EUR/GBP - MU Class 0,45% 0,35% /

EUR - MHE Class 0,45% 0,35% /USD/EUR/GBP - OU Class / 0,20% /USD/EUR/GBP - AU Class 1,40% (1,60%)1 0,40% /

EUR - AE Class 1,40% 0,40% /USD/EUR/GBP - SU Class 1,60% (1,80%)1 0,40% /



INDEXED SUB-FUNDSIndexed Equities Sub-FundsIndex Equity Euro EUR EUR - IE Class 0,10% 0,05% /

EUR - ME Class 0,10% 0,10% /EUR - OE Class / 0,05% /EUR - AE Class 0,15% 0,15% /


275





FeesDistribution

Fees

Index Equity Europe EUR EUR - IE Class 0,10% 0,05% /EUR - ME Class 0,10% 0,10% /EUR - OE Class / 0,05% /EUR - AE Class 0,15% 0,15% /

Index Equity North EUR EUR - IE Class 0,10% 0,05% /America USD - IU-C Class 0,10% 0,05% /

EUR - ME Class 0,10% 0,10% /EUR - OE Class / 0,05% /EUR - AE Class 0,15% 0,15% /USD - AU-C Class 0,15% 0,15% /

Index Equity Pacific EUR EUR - IE Class 0,10% 0,10% /EUR - ME Class 0,10% 0,15% /EUR - OE Class / 0,10% /EUR - AE Class 0,15% 0,15% /

Indexed Bonds Sub-FundsIndex Global Bond (EUR) EUR EUR - IE Class 0,10% 0,10% /Hedged EUR - ME Class 0,10% 0,15% /

EUR - OE Class / 0,10% /EUR - AE Class 0,20% 0,15% /

ABSOLUTE RETURN SUB-FUNDSAbsolute Forex Sub-FundsAbsolute Forex* EUR EUR/USD - IE Class 0,30% 0,10% /

EUR/USD - ME Class 0,25% 0,25% /EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,50% 0,30% /EUR/USD - SE Class 0,60% 0,30% /EUR/USD - Classic H Class 0,80% 0,30% /EUR/USD - FE Class 0,60% 0,30% 0,40 %

Absolute VaR Short Term Sub-FundAbsolute VaR Short Term* EUR EUR - IE Class 0,18% 0,07% /

EUR - ME Class 0,18% 0,10% /EUR - OE Class / 0,07% /

Absolute VaR 2 Sub-FundsAbsolute VaR 2(EUR)* EUR EUR - IE Class 0,30% 0,10% /

GBP - IHG Class 0,30% 0,10% /EUR - ME Class 0,25% 0,25% /EUR - OE Class / 0,10% /EUR - AE Class 0,50% 0,30% /GBP - AHG Class 0,50% 0,30% /EUR - SE Class 0,60% 0,30% /EUR - Classic H Class 0,80% 0,30% /EUR - FU Class 0,60% 0,30% 0,20%

Absolute VaR 2(USD)* USD USD - IU Class 0,30% 0,10% /USD - MU Class 0,25% 0,25% /USD - OU Class / 0,10% /USD - AU Class 0,50% 0,30% /EUR - AE Class 0,50% 0,30% /USD - SU Class 0,60% 0,30% /USD - Classic H Class 0,80% 0,30% /USD - FE Class 0,60% 0,30% 0,20%

Absolute VaR 4 Sub-FundsAbsolute VaR 4(EUR)* EUR EUR - IE Class 0,50% 0,10% /

GBP - IHG Class 0,50% 0,10% /EUR - ME Class 0,40% 0,30% /EUR - OE Class / 0,10% /EUR - AE Class 0,80% 0,30% /GBP - AHG Class 0,80% 0,30% /EUR - SE Class 0,90% 0,30% /EUR - Classic H Class 1,10% 0,30% /EUR - FE Class 0,90% 0,30% 0,40%

Absolute VaR 4(USD)* USD USD - IU Class 0,50% 0,10% /USD - MU Class 0,40% 0,30% /USD - OU Class / 0,10% /USD - AU Class 0,80% 0,30% /EUR - AE Class 0,80% 0,30% /USD - SU Class 0,90% 0,30% /USD - Classic H Class 1,10% 0,30% /USD - FE Class 0,90% 0,30% 0,40%

*A performance fee is added to some classes of shares of these sub-funds, as detailed in note 5.

276





FeesDistribution

Fees

Absolute Statistical Arbitrage Sub-FundsAbsolute Statistical EUR EUR/USD - IE Class 0,60% (0,55%)1 0,20% /Arbitrage* USD - IHU Class 0,60% 0,20% /

EUR/USD - ME Class 0,60% (0,55%)1 0,30% /EUR/USD - OE Class / 0,20% /EUR/USD - AE Class 1,10% (0,80%)1 0,30% /USD - AHU Class 1,10% 0,30% /


Absolute Forex Asia Pacific Sub-FundAbsoluteForex Asia JPY JPY/EUR/USD/GBP - IJ Class 0,50% 0,10% /Pacific* JPY/EUR/USD/GBP - MJ Class 0,40% 0,30% /

JPY/EUR/USD/GBP - OJ Class / 0,10% /JPY/EUR/USD/GBP - AJ Class 0,80% 0,30% /

EUR - AE Class 0,80% 0,30% /JPY/EUR/USD/GBP - SJ Class 0,90% 0,30% /JPY/EUR/USD/GBP - Classic H Class 1,10% 0,30% /JPY/EUR/USD/GBP - FJ Class 0,90% 0,30% 0,40%

Absolute High Yield Sub-FundAbsolute High Yield* EUR EUR - IE Class 0,50% 0,10% /

EUR - ME Class 0,40% 0,30% /EUR - OE Class / 0,10% /EUR - AE Class 0,80% 0,30% /EUR - SE Class 0,90% 0,30% /EUR - Classic H Class 1,10% 0,30% /EUR - FE Class 0,90% 0,30% 0,40%

Absolute Volatility Arbitrage Sub-FundAbsolute Volatility EUR EUR/USD - IE Class 0,50% 0,10% /Arbitrage* EUR/USD - ME Class 0,40% 0,30% /

EUR/USD - OE Class / 0,10% /EUR/USD - AE Class 0,80% 0,30% /EUR/USD - SE Class 0,90% 0,30% /EUR/USD - Classic H Class 1,10% 0,30% /EUR - FE Class 0,90% 0,30% 0,40%

Absolute Volatility Equities Sub-FundsAbsolute Volatility Euro EUR EUR - IE Class 0,50% 0,10% /Equities* CHF - IHC Class 0,50% 0,10% /

GBP - IHG0 Class 0,50% 0,10% /GBP - IHG Class 0,50% 0,10% /EUR - ME Class 0,50% 0,30% /EUR - OE Class / 0,10% /EUR - AE Class 1,00% 0,30% /CHF - AHC Class 1,00% 0,30% /GBP - AHG Class 1,00% 0,30% /EUR - SE Class 1,30% 0,30% /EUR - Classic H Class 1,60% 0,30% /EUR - FE Class 1,30% 0,30% 0,40%

Absolute Volatility World USD EUR/USD - IU Class 0,50% 0,10% /Equities* EUR - IHE Class 0,50% 0,10% /

GBP - IHG0 Class 0,50% 0,10% /GBP - IHG Class 0,50% 0,10% /JPY - IHJ Class 0,50% 0,10% /

USD/EUR - MU Class 0,50% 0,30% /USD/EUR - OU Class / 0,10% /USD/EUR - AU Class 1,00% 0,30% /EUR - AE Class 1,00% 0,30% /EUR - AHE Class 1,00% 0,30% /GBP - AHG Class 1,00% 0,30% /


USD/EUR - Classic H Class 1,60% 0,30% /USD - FU Class 1,30% 0,30% 0,40%EUR - FHE Class 1,30% 0,30% 0,40%


277


Dynamic Asset Allocation Sub-FundDynamic AssetAllocation*

EUR EUR/USDEUR/USDEUR/USDEUR/USDEUR/USDEUR/USD

- IE Class 0,50% 0,15% /- ME Class 0,50% 0,25% /- OE Class / 0,15% /- AE Class 1,20% 0,25% /- SE Class 1,50% 0,25% /- FE Class 1,50% 0,25% 0,40%Maximum Cumulative

1,50%1,50%1,00%2,20%2,50%2,50%

management fees2: - IE Class- ME Class- OE Class- AE Class- SE Class- FE Class

MONEY MARKET SUB-FUNDSMoney Market Euro EUR EUR - IE Class 0,10% 0,10% /

EUR - ME Class 0,10% 0,10% /EUR - OE Class / 0,10% /EUR - AE Class 0,30% 0,10% /EUR - SE Class 0,35% 0,10% /EUR - FE Class 0,30% 0,10% 0,20%

Money Market USD USD USD - IU Class 0,10% 0,10% /USD - MU Class 0,10% 0,10% /USD - OU Class / 0,10% /USD - AU Class 0,30% 0,10% /EUR - AE Class 0,30% 0,10% /USD - SU Class 0,35% 0,10% /USD - FU Class 0,30% 0,10% 0,20%

MERGED AND LIQUIDATED SUB-FUNDS Asia Pacific USD USD/EUR - IU Class 0.90% 0.40% /Renaissance**, ****** USD/EUR - XU Class 0.60% 0.25% /

USD/EUR - MU Class 0.80% 0.50% /USD/EUR - OU Class / 0.40% /USD/EUR - AU Class 1.60% 0.50% /USD/EUR - SU Class 2.00% 0.50% /

Global Finance**, ****** USD USD/EUR - IU Class 0.80% 0.25% /USD/EUR - MU Class 0.70% 0.35% /USD/EUR - OU Class / 0.25% /USD/EUR - AU Class 1.60% 0.45% /EUR - AE Class 1.60% 0.45% /

USD/EUR - SU Class 2.00% 0.45% /EUR - SE Class 2.00% 0.45% /

Gems Europe**, ****** EUR EUR/USD - IE Class 0.65% 0.25% /EUR/USD - ME Class 0.55% 0.35% /EUR/USD - OE Class / 0.25% /EUR/USD - AE Class 1.30% 0.35% /EUR/USD - SE Class 1.70% 0.35% /




FeesDistribution

FeesMultimanagers Long/Short Equity Sub-FundMultimanagersLong/Short Equity*

EUR

EUR/USDEUR/USDEUR/USDEUR/USDEUR/USDEUR/USD

Direct fees:- IE Class- ME Class- OE Class- AE Class- SE Class- FE Class

0,99%0,99%/1,30%1,50%1,50%

0,15%0,15%0,15%0,30%0,30%0,30%

/////0,40%

Maximum Cumulativemanagement fees1:- IE Class- ME Class- OE Class- AE Class- SE Class- FE Class

3,64%3,64%2,65%3,95%4,15%4,15%

* A performance fee is added to some classes of shares of these sub-funds, as detailed in note 5.** The datas date until 22 June 2011 because these sub-funds have been merged as at 24 June 2011.****** Some classes of shares of these sub-funds were subject to a performance fee. The sub-funds for which a performance fee has been accrued are listed in note 5.1 The maximum cumulative management fee is composed of the Sub-Fund’s management fee and the maximum management fee charged by the UCITS and/or UCIs in which the Sub-fund invests. Taking into consideration the level of retrocession expected in application of the agreements that the Investment Manager has or seeks to conclude with the UCITS and/or UCIs in which itintends to invest, the maximum average management fee charged by such UCITS and/or UCIs amounts 2,65%.

2 The maximum cumulative management fee is composed of the Sub-Fund’s management fee and the maximum management fee charged by the UCITS and/or UCIs in which the Sub-fund invests. Taking into consideration the level of retrocession expected in application of the agreements that the Investment Manager has or seeks to conclude with the UCITS and/or UCIs in which itintends to invest, the maximum average management fee charged by such UCITS and/or UCIs amounts 1,00%.

278


** The datas date until 22 June 2011 because these sub-funds have been merged as at 24 June 2011.*** The datas date until 12 January 2011 because this sub-fund has been liquidated as at 12 January 2011.**** The datas date until 3 January 2011 because this sub-fund has been liquidated as at 3 January 2011.***** The datas date until 12 May 2011 because this sub-fund has been merged as at 13 May 2011.****** Some classes of shares of these sub-funds were subject to a performance fee. The sub-funds for which a performance fee has been accrued are listed in note 5.1 Until 31/01/20113 The maximum cumulative management fee is composed of the Sub-Fund’s management fee and the maximum management fee charged by the UCITS and/or UCIs in which the Sub-fund invests. Taking into consideration the level of retrocession expected in application of the agreements that the Investment Manager has or seeks to conclude with the UCITS and/or UCIs in which it intends to invest, the maximum average management fee charged by such UCITS and/or UCIs amounts 2,00%.

4 These Guarantee Fees are payable quarterly by the Sub-Fund to the Management Company, who will be in charge of the remuneration of the Guarantor as defined in the investment policy of the relevant Sub-Fund.




FeesDistribution

Fees

Emerging Markets**, ****** USD USD/EUR/GBP - IU Class 1.00% 0.40% /USD/EUR/GBP - XU Class 0.80% 0.25% /USD/EUR/GBP - Institutional Class VIII 0.80% 0.25% /USD/EUR/GBP - MU Class 0.90% 0.50% /USD/EUR/GBP - AU Class 1.60% 0.50% /USD/EUR/GBP - SU Class 2.00% 0.50% /

Euro Quant**, ****** EUR EUR/USD - IE Class 0.65% 0.25% /EUR/USD - ME Class 0.55% 0.35% /EUR/USD - OE Class / 0.25% /EUR/USD - AE Class 1.30% 0.35% /EUR/USD - SE Class 1.70% 0.35% /

Europe Smaller EUR EUR/USD - IE Class 0.80% 0.25% /Companies**, ****** EUR/USD - ME Class 0.70% 0.35% /

EUR/USD - OE Class / 0.25% /EUR/USD - AE Class 1.60% 0.45% /EUR/USD - SE Class 2.00% 0.45% /

US Innovative USD USD/EUR - IU Class 0.65% 0.25% /Companies**, ****** USD/EUR - MU Class 0.55% 0.35% /

USD/EUR - OU Class / 0.25% /USD/EUR - AU Class 1.30% 0.35% /USD/EUR - SU Class 1.70% 0.35% /

Switzerland**, ****** CHF CHF/EUR/USD - IC Class 0.65% 0.25% /CHF/EUR/USD - MC Class 0.55% 0.35% /CHF/EUR/USD - OC Class / 0.25% /CHF/EUR/USD - AC Class 1.30% 0.35% /CHF/EUR/USD - SC Class 1.70% 0.35% /

Europe SRI***, ****** EUR - IE Class 0.60% 0.20% /- ME Class 0.55% 0.25% /- AE Class 0.80% 0.30% /- SE Class 1.00% 0.30% /

Multi Asset Protected**** EUR - AE Class:Direct fees 1.10% 0.20% /Maximum cumulativemanagement Fees3 3.10% /

Guarantee Fee4 0.15% /

Minimum Variance EUR EUR/USD - IE Class 0.65% 0.25% /Europe*****, ****** EUR/USD - ME Class 0.55% 0.35% /

EUR/USD - OE Class / 0.25% /EUR/USD - AE Class 1.30% 0.35% /EUR/USD - SE Class 1.70% 0.35% /

Euro Bond**, ****** EUR EUR/USD - IE Class 0.45% 0.10% /EUR/USD - Institutional Class II 0.30% 0.10% /EUR/USD - ME Class 0.40% (0.30%)1 0.25% /EUR/USD - OE Class / 0.10% /EUR/USD - AE Class 0.80% 0.30% /EUR/USD - SE Class 1.00% 0.30% /EUR/USD - FE Class 1.00% 0.30% 0.20%

Euro Select Bond** EUR EUR/USD - IE Class 0.30% 0.20% /EUR/USD - ME Class 0.30% 0.25% /EUR/USD - OE Class / 0.20% /EUR/USD - AE Class 0.65% 0.30% /EUR/USD - SE Class 0.85% 0.30% /

Asian Income**, ****** USD USD/EUR/GBP - IU Class 0.45% 0.20% /USD/EUR/GBP - MU Class 0.40% 0.30% /USD/EUR/GBP - OU Class / 0.20% /USD/EUR/GBP - AU Class 0.80% 0.30% /USD/EUR/GBP - SU Class 1.00% 0.30% /

279





FeesDistribution

Fees

LDI Gilt Plus (GBP)*****, ****** GBP GBP - IG Class 0.50% 0.10% /LDI Index Linked GBP GBP - IG Class 0.50% 0.10% /Plus (GBP)*****, ******Arbitrage VaR GBP GBP - IG Class 0.30% 0.10% /2(GBP)**, ****** GBP - MG Class 0.25% 0.25% /

GBP - OG Class / 0.10% /GBP - AG Class 0.50% 0.30% /GBP - SG Class 0.60% 0.30% /GBP - Classic H Class 0.80% 0.30% /

Dynarbitrage Forex**, ****** EUR EUR - IE Class 0.40% 0.10% /EUR - ME Class 0.30% 0.25% /EUR - OE Class / 0.10% /EUR - AE Class 0.80% 0.30% /EUR - SE Class 0.90% 0.30% /EUR - Classic H Class 1.10% 0.30% /

Arbitrage Inflation**, ****** EUR EUR - IE Class 0.60% 0.10% /EUR - ME Class 0.40% 0.30% /EUR - OE Class / 0.10% /EUR - AE Class 0.80% 0.30% /EUR - SE Class 0.90% 0.35% /EUR - Classic H Class 1.10% 0.30% /

Euro Reserve** EUR EUR - IE Class 0.10% 0.05% /EUR - Institutional Class XI 0.05% 0.05% /EUR - ME Class 0.10% 0.10% /EUR - OE Class / 0.05% /EUR - AE Class 0.25% 0.15% /EUR - SE Class 0.70% 0.15% /

USD Reserve** USD USD - IU Class 0.10% 0.05% /USD - MU Class 0.10% 0.10% /USD - OU Class / 0.05% /

** The datas date until 22 June 2011 because these sub-funds have been merged as at 24 June 2011.***** The datas date until 12 May 2011 because these sub-funds have been merged as at 13 May 2011.****** Some classes of shares of these sub-funds were subject to a performance fee. The sub-funds for which a performance fee has been accrued are listed in note 5.

280


* In accordance with the article 46 (3) of the law of 20 December 2002, the Management fee rates are presented for underlying funds,- whose promoter is part of Crédit Agricole Group and ;- in which the Amundi Funds Dynamic Asset Allocation and Amundi Funds Multimanagers Long/Short Equity sub-funds invest, as these sub-funds hold a substantialportion of their assets in UCITs and/or other UCIs.

Annual rate

AMUNDI EMERGING MARKET CORP DEBT D I2C EUR 0.10%AMUNDI OBLIG HAUT RENDEMENT I EUR 0.70%AMUNDI ACTIONS THEMA MOND I 3D EUR 0.80%AMUNDI ACTIONS THEMA MONDE R EUR 1.00%AMUNDI ALT TECH B B1 EUR 4.00%AMUNDI INFLATION PROTECT DURATION EUR 0.50%AMUNDI CREDIT EURO EUR 0.70% AMUNDI CREDIT EURO SHORT DURABLE FCP EUR 0.05%AMUNDI DYNARBITRAGE ACTIONS I EUR 0.80%AMUNDI ETF MSCI EMU EUR 0.25%AMUNDI ETF MSCI JAPAN EUR 0.45%AMUNDI ETF MSCI.WORLD ENERG.ETF EUR 0.35%AMUNDI GLOBAL EMERGENTS R EUR 1.00%AMUNDI INVESTMENT SOLUTIONS MSCI USA B ETF EUR 0.28%AMUNDI MM SH EUR OC D EUR -AMUNDI MONEY MARKET FD SHORT T EUR 0.12%AMUNDI MONEY MARKET SH OV USD USD -AMUNDI OBLIG 1-3 EURO EUR 0.55%AMUNDI OBLIG EMERGENTS I USD 0.80%AMUNDI TRESO 12 MOIS I C EUR 0.50%AMUNDI TRESO 3 MOIS EUR 0.15%AMUNDI TRESO CORPORATE EUR 0.50%AMUNDI TRESO DOLLAR EUR 0.50%AMUNDI TRESO EONIA C EUR 0.10%AMUNDI TRESO INSTITUTION EUR 0.48%AMUNDI TRESO ISR I C EUR 0.15%BLACKROCK UK ABSOL.ALPHA D ACC EUR 0.75%CA MONE J FCP 3DEC EUR 0.45%CCI HEALTHCARE LONG-SHORT UCITS FUND CLASS EUR B (ACC) EUR 2,00%CPR GLOBAL INFLATION EUR 0.70%EXANE FUND 1 - TEMPLIERS FUND - CLASS A (CAPI) EUR 1.50%EXANE FUNDS 1 - ARCHIMEDES FUNDS A CAP EUR 1.50%FUNDLOGIC MS PSAM GLOB.B EUR EUR 1.00%GARTMORE INVESTMENT ABSOLUTE RETURN ACC CL I INST GBP GBP 1.00%GLG ALPHA SELECT III C EUR 1.25%GLG EUROPEAN EQUITY C EUR 1.00%GOLDMAN SACHS FUNDS US EQUITY ABSOLUTE RETURN I EUR -ISHARES DJ EURO STOXX BANKS EUR 0.50%LCL MONETAIRE (C) EUR 0.50%ML INV.SOLS-YORK ASIAN EV.-DR. REG. SHARES D ACC.EUR EUR 1.50%NATIXIS ABSOLUTE GLOBAL SICAV SIXTINA MADISON STREET FD B2 EUR 2.00%OCCAM EMERGING MARKETS OPPORTUNITIES A EUR 1.75%PORTFOLIO FIXED INCOME TRADE EUR 0.50%PORTFOLIO GLOBAL TRADING FCP EUR 0.10%PORTFOLIO GLOBAL VOLATIL EUR 0.10%PORTFOLIO ARBT EURO GOVIES FCP EUR 0.10%PORTFOLIO ASYMETRIE JAPON FCP JPY 0.10%PORTFOLIO FOREX TRADING FCP EUR 0.11%PORTFOLIO MONINDEX EUR 0.50%RWC FUNDS SICAV EUR 2.00%SABRE ALL WEATHER CL.B CAP. EUR 1.65%SG MONETAIRE PLUS EUR 0.25%SG OBLIG CONVERTIBLES C EUR 2.00%STRUCTURA ASIAN LOCAL DEBT I CAPITALISATION USD 0.60%STRUCTURA NEW E A I EUR CAP C EUR 0.60%

The Management fees* for underlying funds are the following:

281


5 PERFORMANCE FEES

� EQUITIES AND BONDS SUB-FUNDS

The performance fee is calculated separately for each Class of Shares. It shall be accrued daily, deducted and paid annually for each Class of Shares. The performancefee is calculted by comparing the NAV of the Sub-Fund relevant Class of Shares and the reference asset.The mechanism applied is further detailed in the prospectus dated June 2011.The performance fees is calculated and applied to classes of shares of the following sub-funds:

(1) excepting class OE.(2) excepting classes OU and OHE.(3) excepting class OJ.(4) excepting classes AU and SU.(5) applicable classes XU,IU,MU.(6) excepting classes AU, AE and OU.(7) excepting class AU.(8) applicable classes IE and ME.(9) excepting classes AU, Institutional Class IV, Institutional Class IX and SU.(10) applicable classes IE, XE and ME.(11) excepting classes AE, AHE, AU, SE, and SU.(12) excepting classes AU, AE and AHE.(13) excepting classes AE, AU, Institutional Class II, Institutional Class IV, Institutional Class IX and SU.(14) excepting classes AU, Institutional Class IV, and SU.(15) excepting classes AE and SE.(16) excepting classes, AE, AU and SU.(17) excepting Institutional Class II.(18) excepting classes AU, FHE, IU, MHE, MU, SHE, SHE-MD and SU.(19) applicable classes IU, IHE, MHE, and MU.(20) excepting classes AE, AU, SHE-MD, SHE and SU.

� ABSOLUTE RETURN SUB-FUNDS

The performance fee is calculated separately for each Class of Shares. It shall be accrued daily, deducted and paid annually for each Class of Shares. The performancefee is calculted by comparing the NAV of the Sub-Fund relevant Class of Shares and the reference asset.The mechanism applied is further detailed in the prospectus dated June 2011.The performance fees is calculated and applied to classes of shares of the following sub-funds:

(1) applicable classes IE, IHG, ME, AE, AHG, SE, FE and H.(2) applicable classes IU, MU, AU, AE, SU, FU and H.(3) applicable classes IE, ME, AE, SE, FE and H.(4) applicable classes IJ, MJ, AJ, AE, SJ, FJ and H.(5) applicable classes IE, ME, AE, SE, Classic H and FE.(6) applicable classes IE, ME, AE, SE, FE and H.(7) applicable classes IE, IHU, ME, AE, AHU, SE and FE.

Amundi Funds Equity Euroland Value (1) Amundi Funds Equity Emerging World (5)

Amundi Funds Equity Global Alpha (2) Amundi Funds Equity Asia Pacific ex-Japan (6)

Amundi Funds Equity Japan Target (3) Amundi Funds Equity MENA (12)

Amundi Funds Equity US Concentrated Core Amundi Funds Equity Greater China (5)

Amundi Funds Equity US Growth Amundi Funds Equity India (13)

Amundi Funds Equity US Multi Strategies (2) Amundi Funds Equity India Infrastructure (14)

Amundi Funds Equity US Relative Value (2) Amundi Funds Equity Latin America (5)

Amundi Funds Gems World (4) Amundi Funds Convertible Europe (1)

Amundi Funds Equity Global Select (5) Amundi Funds Convertible Global (15)

Amundi Funds Equity Euro Select (1) Amundi Funds Bond Global Corporate (16)

Amundi Funds Equity Europe Select (1) Amundi Funds Bond Euro Aggregate (1) (17)

Amundi Funds Equity Euroland Small Cap (1) Amundi Funds Bond Euro Corporate (8)

Amundi Funds Equity Global Gold Mines (6) Amundi Funds Bond Euro Inflation (8)

Amundi Funds Equity Global Luxury and Lifestyle (6) Amundi Funds Bond Euro High Yield (8)

Amundi Funds Equity Global Resources (2) (7) Amundi Funds Bond US Opportunistic Core Plus

Amundi Funds Equity Europe Restructuring (8) Amundi Funds Bond Europe (8)

Amundi Funds Equity ASEAN (9) Amundi Funds Bond Global Aggregate (18)

Amundi Funds Equity Asia ex Japan (5) Amundi Funds Bond Global (19)

Amundi Funds Equity Brazil (4) Amundi Funds Bond Global Inflation

Amundi Funds Equity Emerging Europe (10) Amundi Funds Bond Converging Europe (1)

Amundi Funds Equity Emerging Internal Demand (11) Amundi Funds Bond Global Emerging (20)

Amundi Funds Absolute VaR 2(EUR) (1) Amundi Funds Forex Asia Pacific (4)

Amundi Funds Absolute VaR 2(USD) (2) Amundi Funds Absolute Forex (5)

Amundi Funds Absolute VaR 4(EUR) (1) Amundi Funds Absolute Volatility Arbitrage (6)

Amundi Funds Absolute VaR 4(USD) (2) Amundi Funds Absolute statistical Arbitrage (7)

Amundi Funds Absolute High Yield (3)

282


� ABSOLUTE VOLATILITY SUB-FUNDS

A daily performance of the relevant class of shares is calculated on the basis of the change in NAV per share of the relevant class of shares (Performance fee excluded)multiplied by the number of shares of the day.The performance of each relevant class of shares is compared with the Performance of the reference indicator of the relevant sub-fund.The mechanism applied is further detailed in the prospectus dated June 2011.

Amundi Funds Absolute Volatility Euro Equities (1)Amundi Funds Absolute Volatility World Equities (1)

(1) excepting classes IHG0 and Classic H.

As at 30 June 2011, the accrued performance fees are as follows :

6 TAXATION

The Fund is further liable in Luxembourg to a tax of 0.05% per annum in respect of the Equity Sub-Funds, Bond Sub-Funds, Indexed Sub-Funds and Absolute Return Sub-Funds (except on investments by these Sub-Funds in other undertakings for collective investment established in Luxembourg for which no tax is applied) and of0.01% per annum in respect of the Money Market Sub-Funds, the M classes Category, the I classes Category and the O classes Category of all the Sub-Funds (“Taxed'Abonnement”), such tax being payable quarterly on the basis of the NAV of the Fund at the end of the relevant calendar quarter.The benefit of the 0.01% per annum Taxe d'Abonnement is available to those Shareholders admitted in the M classes Category, the I classes Category and the O classesCategory on the basis of the Luxembourg legal, regulatory and tax provisions as these are known to the Fund at the time of admission of an Investors in such class ofshares. However, no guarantee can be given for the past and for the future and such assessment is subject to interpretations on the status of an eligible Investors inthe M classes Category, the I classes Category and the O classes Category by any competent authorities as will exist from time to time. Any such reclassification madeby an authority as to the status of an Investors may submit the entire class of shares to a Taxe d'Abonnement rate of 0.05% per annum.

End of calculation period

Amundi Funds Equity Global Select USD 9,560 30 November 2011

Amundi Funds Equity Europe Select EUR 7,029 30 November 2011

Amundi Funds Equity Europe Restructuring EUR 452 30 November 2011

Amundi Funds Equity Brazil USD 146,995 30 November 2011

Amundi Funds Equity Emerging Europe EUR 19,460 30 November 2011

Amundi Funds Equity Emerging Internal Demand USD 658,641 30 November 2011

Amundi Funds Emerging World USD 3,304 30 November 2011

Amundi Funds Equity Greater China USD 427,394 30 November 2011

Amundi Funds Equity Latin America USD 2,172 30 November 2011

Amundi Funds Bond Global Corporate USD 59,248 30 November 2011

Amundi Funds Bond Euro Corporate EUR 106,702 30 November 2011

Amundi Funds Euro Govies EUR 4,405 30 June 2011

Amundi Funds Bond Euro Inflation EUR 468 30 November 2011

Amundi Funds Bond Euro High Yield EUR 120,571 30 November 2011

Amundi Funds Bond Europe EUR 51,024 30 November 2011

Amundi Funds Bond Global Aggregate USD 336,474 30 November 2011

Amundi Funds Bond Global USD 196,397 30 November 2011

Amundi Funds Bond Global Inflation EUR 2,523 30 November 2011

Amundi Funds Bond Global Emerging USD 92,908 30 November 2011

Amundi Funds Absolute VaR 2(EUR) EUR 56,809 31 December 2011

Amundi Funds Absolute VaR 2(USD) USD 1,276 31 December 2011

Amundi Funds Absolute VaR 4(EUR) EUR 4,514 30 June 2011

Amundi Funds Absolute Statical Arbitrage EUR 284,393 31 December 2011

Amundi Funds Absolute High Yield EUR 117,598 30 June 2011

Amundi Funds Absolute VaR 2(GBP) GBP 50 31 December 2011

Amundi Funds Absolute Multimanagers Long/Short Equity EUR 65 30 June 2011

283


� Amundi Funds Equity Global Select

in USDUnrealised appreciation/depreciationUSDCommitment inCurrencyMaturity

dateDescription Number of contracts

Purchase/Sale

81,079.69-3,623,200.28CAD0911EUR/CAD X-RATE-20-34,793.7510,503,800.00USD0911EURO FX58-8,048.54-1,803,491.61JPY0911EURO/JPY CME-10-15,843.752,331,187.50USD0911JAPANESE YEN1522,393.65Total :

As at 30 June 2011, the net unrealised appreciation on futures contracts amounted to USD 22,393.65.

� Amundi Funds Equity Euro Select

in EURUnrealised appreciation/depreciationEURCommitment inCurrencyMaturity


Purchase/Sale

42,820.001,367,040.00EUR0911EURO STOXX 504842,820.00Total :

As at 30 June 2011, the net unrealised appreciation on futures contracts amounted to EUR 42,820.00.

� Amundi Funds Equity Europe Select



Purchase/Sale

142,159.004,499,840.00EUR0911EURO STOXX 5015834,416.701,045,789.27GBP0911FOOTSIE 10016176,575.70Total :


7 OPEN POSITIONS ON FUTURES CONTRACTSAs at 30 June 2011, certain sub-funds had the following positions on futures contracts:

� Amundi Funds Equity Global Alpha



Purchase/Sale

54,123.541,476,014.52CHF0911ACTELION LTD600-22,546.89-3,614,548.32CAD0911AUD/CAD-17-114,750.00-5,433,000.00USD0911EURO FX-30-2,812.50-2,331,187.50USD0911JAPANESE YEN-15-85,985.85Total :

As at 30 June 2011, the net unrealised depreciation on futures contracts amounted to USD 85,985.85.

� Amundi Funds Equity Japan CoreAlpha

in JPYUnrealised appreciation/depreciationJPYCommitment inCurrencyMaturity


Purchase/Sale

1,170,000.0058,770,000.00JPY0911NIKKEI 225 (SGX)1221,150,000.00764,550,000.00JPY0911TOPIX INDEX9022,320,000.00Total :

As at 30 June 2011, the net unrealised appreciation on futures contracts amounted to JPY 22,320,000.00.

� Amundi Funds Gems World



Purchase/Sale

-75,688.991,722,016.94CHF0911ACTELION LTD700-10,776.09-4,251,580.86CAD0911AUD/CAD CME-20-9,000.00-6,519,600.00USD0911EURO FX-365,937.50-2,952,837.50USD0911JAPANESE YEN-19

-89,527.58Total :


284


� Amundi Funds Equity Emerging Europe



Purchase/Sale

-81,375.785,618,395.60PLN0911WIG20 INDEX805-81,375.78Total :

As at 30 June 2011, the net unrealised depreciation on futures contracts amounted to EUR 81,375.78.

� Amundi Funds Equity Emerging Internal Demand



Purchase/Sale

-8,130.20364,285.60PLN0911WIG20 INDEX36-8,130.20Total :


� Amundi Funds Equity Emerging World



Purchase/Sale

-1,806.7180,952.36PLN0911WIG20 INDEX8-1,806.71Total :


� Amundi Funds Convertible Europe



Purchase/Sale



� Amundi Funds Convertible Global



Purchase/Sale

-15,250.00-427,200.00EUR0911EURO STOXX 50-15-15,250.00Total :


� Amundi Funds Bond Global Corporate



Purchase/Sale

-21,399.79-6,084,846.47EUR0911EURO BOBL-36174,025.50-27,107,149.52EUR0911EURO BUND-149

-579.94-311,877.23EUR0911EURO SCHATZ-23,371.561,929,012.54GBP0911LONG GILT10

-210,062.5012,795,250.00USD0911US LONG BOND104-72,968.753,156,250.00USD0911US ULTRA BOND CBT25

.194,526,140.81USD0911US 10 YR NOTE FUTURE378,960.854,410,226.47USD0911US 5 YR NOTE FUTURE37-3,189.676,218,116.68EUR09112YR EUR SWAPNOTE40

-121,842.55Total :


285


� Amundi Funds Euro Govies



Purchase/Sale

140.00-699,480.00EUR0911EURO BOBL-65,850.001,882,200.00EUR0911EURO BUND15-5,160.00205,960.00EUR0911EURO BUXL2-9,695.00-5,700,415.00EUR0911EURO SCHATZ-53474.15-928,102.51USD0911US 10 YR NOTE FUTURE-11

-1,465.72-1,210,297.67USD0911US 2 YR NOTE FUTURE-8-9,856.57Total :


88,529.11-82,451,528.92USD0911US 2 YR NOTE FUTURE-54518,854.35-1,479,819.00USD0911US 5 YR NOTE FUTURE-18-34,675.0039,135,300.00EUR09112YR EUR SWAPNOTE365

742.24Total :

As at 30 June 2011, the net unrealised appreciation on futures contracts amounted to EUR 742.24.

-22,230.00-541,120.00EUR0911EURO STOXX 50-1912,070.21-665,245.56GBP0911LONG GILT-512,512.04-759,356.60USD0911US 10 YR NOTE FUTURE-96,444.47-3,479,605.81USD0911US 2 YR NOTE FUTURE-23856.77-82,212.17USD0911US 5 YR NOTE FUTURE-1

226,218.49Total :


� Amundi Funds Bond Euro Govies



Purchase/Sale

57,100.00-6,645,060.00EUR0911EURO BOBL-57-30,780.002,258,640.00EUR0911EURO BUND18-18,360.00617,880.00EUR0911EURO BUXL699,820.00-21,295,890.00EUR0911EURO SCHATZ-19847,267.70-2,868,680.50USD0911US 10 YR NOTE FUTURE-348,405.84-4,538,616.27USD0911US 2 YR NOTE FUTURE-30

163,453.54Total :


� Amundi Funds Bond Euro Corporate



Purchase/Sale

130,630.00-28,911,840.00EUR0911EURO BOBL-248-373,300.0055,462,160.00EUR0911EURO BUND442

-680.005,149,000.00EUR0911EURO BUXL50278,420.00-100,779,035.00EUR0911EURO SCHATZ-937-76,050.00-1,851,200.00EUR0911EURO STOXX 50-653,931.12-665,245.56GBP0911LONG GILT-5

-34,917.341,687,459.12USD0911US 10 YR NOTE FUTURE20

� Amundi Funds Bond Euro Aggregate



Purchase/Sale

88,680.00-26,463,660.00EUR0911EURO BOBL-227-200,070.0014,681,160.00EUR0911EURO BUND117220,320.00-7,414,560.00EUR0911EURO BUXL-72107,635.00-22,478,995.00EUR0911EURO SCHATZ-209

286




Purchase/Sale

-8,930.00-27,396,300.00EUR0911EURO BOBL-235-8,930.00Total :


� Amundi Funds Bond Europe



Purchase/Sale

43,890.00-7,577,700.00EUR0911EURO BOBL-6564,920.00-6,524,960.00EUR0911EURO BUND-52-31,600.001,028,800.00EUR0911EURO BUXL10-14,750.00-20,114,655.00EUR0911EURO SCHATZ-1871,720.00431,080.00EUR0911EURO-BTP FUTURE4

-11,372.57931,576.32GBP0911LONG GILT7323.31-843,190.67USD0911US 10 YR NOTE FUTURE-10

7,565.53-3,933,186.96USD0911US 2 YR NOTE FUTURE-26-4,375.45-2,382,746.49USD0911US 5 YR NOTE FUTURE-2952,500.00-6,055,500.00EUR091110YR EUR SWAPNOTE-50108,820.82Total :


� Amundi Funds Bond Global Aggregate



Purchase/Sale

-48,149.52-13,690,904.55EUR0911EURO BOBL-81-68,606.9016,555,373.20EUR0911EURO BUND91-20,587.87745,802.84EUR0911EURO BUXL5-35,318.35-18,090,561.37EUR0911EURO SCHATZ-11617,830.615,239,226.70JPY0911JAPANESE 10Y BOND3

� Amundi Funds Bond Euro Inflation



Purchase/Sale

3,590.00-466,320.00EUR0911EURO BOBL-4-24,570.00-19,700,360.00EUR0911EURO BUND-157-1,457.05214,384.25USD0911JAPANESE YEN24,684.13-8,781,241.35GBP0911LONG GILT-6629,889.40-13,330,927.02USD0911US 10 YR NOTE FUTURE-15812,136.48Total :


� Amundi Funds Bond Euro High Yield

-11,302.75-4,244,887.22GBP0911LONG GILT-22-248,617.2514,837,625.00USD0911US LONG BOND121-3,671.88611,250.00USD0911US 10 YR NOTE FUTURE5-79,748.61-50,884,123.84USD0911US 2 YR NOTE FUTURE-232-11,156.25-6,075,375.00USD0911US 5 YR NOTE FUTURE-51

-509,328.77Total :


287


� Amundi Funds Index Equity Europe



Purchase/Sale

74,460.002,221,440.00EUR0911EURO STOXX 507840,335.531,372,598.42GBP0911FOOTSIE 10021114,795.53Total :


� Amundi Funds Bond Global Inflation



Purchase/Sale

-35,260.00-10,289,360.00EUR0911EURO BUND-82

-9,213.22-4,257,571.56GBP0911LONG GILT-3238,258.27-2,176,949.34USD0911US ULTRA BOND CBT-254,482.86-8,774,787.41USD0911US 10 YR NOTE FUTURE-104-4,687.93-2,384,152.84USD0911US 5 YR NOTE FUTURE-29-6,420.02Total :


� Amundi Funds Bond Converging Europe



Purchase/Sale

41,040.00-3,011,520.00EUR0911EURO BUND-2441,040.00Total :


� Amundi Funds Bond Global Emerging



Purchase/Sale



� Amundi Funds Index Equity Euro



Purchase/Sale



� Amundi Funds Bond Global



Purchase/Sale

2,310.00106,160.00USD0911AUSTRALIAN DOLLAR1-1,237.50-300,862.50USD0911BRITISH POUND-3-6,520.00-413,920.00USD0911CANADIAN DOLLAR-4

-188,205.03-64,059,911.43EUR0911EURO BOBL-379-523,685.82-109,520,161.16EUR0911EURO BUND-602

4,581.53-149,160.57EUR0911EURO BUXL-1-41,387.50-1,991,412.50USD0911EURO FX-11-386,370.53-197,904,503.25EUR0911EURO SCHATZ-1,269178,306.0752,392,267.02JPY0911JAPANESE 10Y BOND30-30,183.47-14,471,206.44GBP0911LONG GILT-75-722,700.0043,164,000.00USD0911US LONG BOND352179,921.88-113,570,250.00USD0911US 10 YR NOTE FUTURE-929-139,728.92-102,206,903.92USD0911US 2 YR NOTE FUTURE-466-32,812.50-28,709,125.00USD0911US 5 YR NOTE FUTURE-241

-1,707,711.79Total :

As at 30 June 2011, the net unrealised depreciation on futures contracts amounted to USD 1,707,711.79.

288




Purchase/Sale

200.001,254,800.00EUR0911EURO BUND10646.65843,729.56USD0911US 10 YR NOTE FUTURE10-183.102,571,882.55USD0911US 2 YR NOTE FUTURE17889.081,233,182.50USD0911US 5 YR NOTE FUTURE15

1,552.63Total :


� Amundi Funds Absolute Forex



Purchase/Sale

93,085.494,104,259.06USD0911AUSTRALIAN DOLLAR56-71,007.35-16,052,660.62USD0911BRITISH POUND-232147,960.138,858,792.29USD0911CANADIAN DOLLAR124-16,001.666,570,058.97USD0911CHF CURRENCY64-102,889.95-4,871,469.46USD0911EURO FX-3951,146.66Total :


� Amundi Funds Absolute VaR Short Term



Purchase/Sale

1,075.00537,825.00EUR0911EURO SCHATZ5-2,414.04169,155.43USD0911US LONG BOND2

64.66-168,638.13USD0911US 10 YR NOTE FUTURE-2-711.27-453,829.27USD0911US 2 YR NOTE FUTURE-3-161.66-410,818.36USD0911US 5 YR NOTE FUTURE-5

-2,147.31Total :


� Amundi Funds Index Equity North America



Purchase/Sale

26,813.12680,501.43USD0911S&P 500318,146.70544,401.14USD0911S&P 500 EMINI122,218.33108,944.08CAD0911S&P/TSE 60 IX FUT147,178.15Total :


� Amundi Funds Index Equity Pacific



Purchase/Sale

6,402.32198,330.44HKD0711HANG SENG INDEX29,923.64423,967.98AUD0911SPI 200 FUTURES551,850.591,526,735.46JPY0911TOPIX INDEX2168,176.55Total :


� Amundi Funds Index Global Bond (EUR) Hedged

289


� Amundi Funds Absolute VaR 4(EUR)



Purchase/Sale

-36,900.00-10,492,200.00EUR0911EURO BOBL-90-15,600.00-3,262,480.00EUR0911EURO BUND-26-20,790.00-10,648,935.00EUR0911EURO SCHATZ-99-2,120.00-85,110.00EUR0911EURO STOXX 50-3-85,798.13-3,395,360.17GBP0911FOOTSIE 100-52-25,867.89-9,715,010.24GBP0911LONG GILT-7316,499.64574,445.63USD0911NASDAQ 100 E-MINI1841,506.571,131,630.48JPY0911NIKKEI 225 (SGX)27-50,565.58-2,309,747.56USD0911S&P 500 EMINI-5138,227.04870,613.09JPY0911TOPIX INDEX12

-225,330.4813,447,856.67USD0911US LONG BOND15984,793.25-4,721,867.78USD0911US 10 YR NOTE FUTURE-563,319.262,117,869.90USD0911US 2 YR NOTE FUTURE14




� Amundi Funds Absolute VaR 2(USD)



Purchase/Sale

-4,755.51-1,352,188.10EUR0911EURO BOBL-8-10,438.92-2,183,126.14EUR0911EURO BUND-12-4,567.03-2,339,296.73EUR0911EURO SCHATZ-15-2,568.81-964,747.10GBP0911LONG GILT-5-31,500.002,207,250.00USD0911US LONG BOND1810,328.13-1,833,750.00USD0911US 10 YR NOTE FUTURE-15-2,062.47-1,315,968.72USD0911US 2 YR NOTE FUTURE-6-6,562.50-3,573,750.00USD0911US 5 YR NOTE FUTURE-30-52,127.11Total :




Purchase/Sale

59,690.00-12,007,740.00EUR0911EURO BOBL-103-40,660.00-11,293,200.00EUR0911EURO BUND-905,276.41249,818.95USD0911EURO FX2

-10,855.00-21,941,220.00EUR0911EURO SCHATZ-204-440.00-107,780.00EUR0911EURO-BTP FUTURE-1

-3,621.06-5,854,160.90GBP0911LONG GILT-44153.73-120,522.78JPY0911MINI JGB 10Y BOND-1

-186,840.4914,171,272.03USD0911US LONG BOND16799,471.86-12,149,705.64USD0911US 10 YR NOTE FUTURE-1448,246.29-5,597,626.73USD0911US 2 YR NOTE FUTURE-37



290


-18,455.00-8,711,955.00EUR0911EURO SCHATZ-81-263,440.00-9,284,480.00EUR0911EURO STOXX 50-326-145,358.40-3,103,085.75JPY0911NIKKEI 225 OSE-37-114,184.23-3,175,673.35USD0911S&P 500-14-166,511.71-14,598,165.14CHF0911SWISS MKT INDEX FUT-28828,828.33-2,109,323.90USD0911US 10 YR NOTE FUTURE-25

-677,941.01Total :


� Amundi Funds Absolute Volatility Euro Equities



Purchase/Sale

-1,536,440.00-800,209,200.00EUR0911EURO SCHATZ-7,44028,840,110.49758,166,080.00EUR0911EURO STOXX 5026,62127,303,670.49Total :

As at 30 June 2011, the net unrealised appreciation on futures contracts amounted to EUR 27,303,670.49.

-211,703.1312,753,000.00USD0911US LONG BOND10489,812.50-8,313,000.00USD0911US 10 YR NOTE FUTURE-681,031.24657,984.36USD0911US 2 YR NOTE FUTURE3



� Amundi Funds Absolute Statistical Arbitrage



Purchase/Sale

-201,730.00-6,806,720.00EUR0911EURO STOXX 50-239-308,487.08-6,091,512.92USD0911RUSSELL 2000 MINI-107

-1,282,315.41-38,425,647.48USD0911S&P 500 EMINI-847-1,792,532.49Total :

As at 30 June 2011, the net unrealised depreciation on futures contracts amounted to EUR 1,792,532.49.

� Amundi Funds Absolute High Yield



Purchase/Sale

-19,320.00-5,479,260.00EUR0911EURO BOBL-47-23,000.00-21,511,000.00EUR0911EURO SCHATZ-200

-193.99-151,287.21USD0911US 2 YR NOTE FUTURE-1-42,513.99Total :


� Amundi Funds Absolute Volatility Arbitrage



Purchase/Sale

1,180.00-1,282,380.00EUR0911EURO BOBL-11




Purchase/Sale

-12,483.21-3,549,493.77EUR0911EURO BOBL-21-26,097.30-5,457,815.34EUR0911EURO BUND-30-7,002.78-3,586,921.65EUR0911EURO SCHATZ-2325,227.391,809,818.76EUR0911EURO STOXX 5044-31,098.60-1,230,690.73GBP0911FOOTSIE 100-13-22,091.73-8,296,825.03GBP0911LONG GILT-4311,961.00416,430.00USD0911NASDAQ 100 E-MINI9

69,093.601,883,760.30JPY0911NIKKEI 225 (SGX)31-7,187.50-328,312.50USD0911S&P 500 EMINI-5

291


8 REVERSE REPURCHASE AGREEMENTS

During the financial year ending 30 June 2011, certain sub-funds entered into reverse repurchase contracts by which they lend a certain amount to financial institutions,guaranted by collateral. On 30 June 2011, loans granted in accordance with these agreements were guaranted by the following underlying assets:


Currency Nominal Decription Amount in EUR

EUR 4,887,000.00 INSTITUT CREDITO OFICIAL 3.375% 09/12/2011 4,999,401.014,999,401.01Total :

This contract will mature during July 2011.



EUR 9,950,000.00 BANCA VALENCIA ALICANTE 3% 11/05/2012 9,952,984.96EUR 15,000,000.00 BPCE 2.625% 30/06/2015 15,000,000.03EUR 9,978,000.00 CFF 3.75% 24/01/2017 10,177,559.99EUR 3,000,000.00 EIB TEC10 25/01/2020 3,000,000.00EUR 9,909,377.87 HSBC COVERED BOND 3.375% 20/01/2017 10,036,620.00EUR 10,405,000.00 INST CRDT 3.25% 10/02/2015 9,999,205.00EUR 14,661,000.00 INSTITUT CREDITO OFICIAL 3.375% 09/12/2011 14,999,669.06EUR 58,651,000.00 INSTITUT CREDITO OFICIAL 3.375% 09/12/2011 59,999,973.11EUR 12,158,000.00 INSTITUTO DE CREDITO OFICIAL 2.875% 15/11/2013 11,999,946.03

145,165,958.18Total :

These contracts will mature during July, August and September 2011.



EUR 47,000,000.00 AYT CEDULAS CAJAS GLOBAL EURIBOR3M 5 BP 14/12/2012 45,120,000.00EUR 309,000,000.00 BANK NEDERLANDSE GEMEENTEN TEC10-1% 25/07/2020 309,000,000.00EUR 40,000,000.00 BANQUE POPULAIRE COVERED BONDS 4.25% 29/01/2013 41,800,000.16EUR 73,000,000.00 CJ MADRID 3.875% 30/11/2013 72,999,999.72EUR 100,000,000.00 DEXIA 4.125% 05/06/2013 102,620,000.30EUR 96,500,000.00 GCE 2% 30/09/2013 97,030,750.39EUR 4,822,000.00 INSTITUTO DE CREDITO OFICIAL 2.875% 15/11/2013 4,749,670.00EUR 66,000,000.00 ITALY INFLATION LINKED 2.35% 15/09/2019 70,006,200.00

743,326,620.57Total :

These contracts will mature during July and August 2011.

� Amundi Funds Absolute Volatility World Equities



Purchase/Sale

-291,746.07-147,829,808.68EUR0911EURO SCHATZ-9484,842,805.44127,921,773.34EUR0911EURO STOXX 503,0989,272,869.10208,975,859.88JPY0911NIKKEI 225 (SGX)3,439

-10,757,425.00-349,923,000.00USD0911S&P 500-1,06445,954.6837,946,470.48USD0911US 2 YR NOTE FUTURE173

3,112,458.15Total :

As at 30 June 2011, the net unrealised appreciation on futures contracts amounted to USD 3,112,458.15.

� Amundi Funds Dynamic Asset Allocation



Purchase/Sale

-7,220.00-2,215,020.00EUR0911EURO BOBL-19-9,660.00-2,886,040.00EUR0911EURO BUND-23-8,775.00-4,732,420.00EUR0911EURO SCHATZ-4438,820.001,537,920.00EUR0911EURO STOXX 5054-301.73674,983.65USD0911US 10 YR NOTE FUTURE8

-2,381.79-1,966,733.72USD0911US 2 YR NOTE FUTURE-1310,481.48Total :


292



Currency Nominal Decription Amount in USD

EUR 30,000,000.00 CIF EUROMORTGAGE 4.125% 19/01/2022 43,756,472.78EUR 56,716,136.00 CRH 5% 08/04/2019 86,991,000.57EUR 54,000,000.00 EIB TEC10 25/01/2020 78,291,900.00EUR 55,000,000.00 EIB TEC10 25/01/2020 79,741,750.00EUR 50,353,000.00 INST CRDT 3.25% 10/02/2015 70,157,129.49EUR 39,081,000.00 INSTITUT CREDITO OFICIAL 3.375% 09/12/2011 57,993,135.21EUR 7,092,000.00 INSTITUTO DE CREDITO OFICIAL 2.875% 15/11/2013 10,148,665.86EUR 32,945,000.00 SPAIN 5% 30/07/2012 50,994,243.20

478,074,297.11Total :

These contracts will mature during July and September 2011.

9 REPURCHASE AGREEMENTS

As at 30 June 2011, the Fund was committed to the following amounts under repurchase agreement operations.To cover these operations, the Fund holds the securitieslisted bellow, in the securities portfolios of its sub-funds.



-568,553.25DELTA LLYOD 4.25% 17/11/2017400,000.00EUR-449,091.63DEXIA CLF 5.375% 21/07/2014300,000.00EUR-423,724.63ENI SPA 3.5% 29/01/2018300,000.00EUR-605,448.66NOMURA EUROPE FINANCE 5.125% 09/12/2014400,000.00EUR-638,108.94UNIPOL GRUPPO FINANZIA 5% 11/01/2017450,000.00EUR

-2,684,927.11Total :

These contracts will mature during September 2011.



-15,444,000.00OATEI 3% 25/07/201212,000,000.00EUR-6,008,000.00OATEI 3.15% 25/07/20321,840,000.00EUR-22,584,000.00OATI 1% 25/07/201710,320,000.00EUR-13,667,500.00OATI 2.50% 25/07/201311,000,000.00EUR-57,703,500.00Total :

These contracts will mature during July and August 2011.



-5,167,500.01CIRSA FUNDING LUX 8.75% 15/05/20185,000,000.00EUR-4,398,000.00HERTZ HOLDGS NETHERLANDS 8.5% 31/07/20154,000,000.00EUR-1,125,000.00KERLING 10.625% 28/01/20171,000,000.00EUR-1,522,500.00ONTEX IV 9% 15/04/20191,500,000.00EUR-5,152,499.99ZIGGO BOND 8% 15/05/20185,000,000.00EUR-17,365,500.00Total :

These contracts will mature during July 2011.



-2,985,900.00BELGIAN KINGDOM 3.5% 28/06/20173,000,000.00EUR-2,600,618.74ITALY BTP 5% 01/09/20403,100,000.00EUR-6,137,984.16OAT 3.50% 25/04/20206,000,000.00EUR-11,724,502.90Total :

These contracts will mature during August and October 2011.

293


-4,127,496.22AREVA 4.875% 23/09/20242,800,000.00EUR-5,152,606.62BANQUE PSA FINANCE 3.25% 26/11/20123,500,000.00EUR-11,475,100.00BEAR STEARNS CO INC 7.25% 01/02/20189,700,000.00USD-5,518,129.10BTP 5% 01/08/20344,000,000.00EUR-13,053,869.46BTP 5.25% 01/11/20299,000,000.00EUR-7,695,078.86BUND (AUT) 3.80% 20/10/20135,000,000.00EUR-7,215,971.07CAIXACORP 4.125% 20/11/20145,000,000.00EUR-7,194,252.03CAJA AHORROS 3.75%135,000,000.00EUR-14,260,562.54CEDULAS 6 3.875% 23/05/202515,000,000.00EUR-1,545,619.99GERMANY 3.75% 04/01/20151,000,000.00EUR-15,443,077.27GERMANY 4.75% 04/07/20349,000,000.00EUR-18,217,253.17GILT 4.25% S 07/03/203611,000,000.00GBP-21,366,041.53GILT 5% S 07/03/202512,000,000.00GBP-4,428,063.55GOLDMAN SACHS 4.375% 16/03/20173,000,000.00EUR-4,414,373.19GOLDMAN SACHS 5.125% 23/10/20193,000,000.00EUR-27,593,545.19IRELAND 4.5% 18/10/201824,000,000.00EUR-9,161,224.80MERRILL LYNCH 6% 11/02/20136,000,000.00EUR-4,456,462.04MICHELIN LUXEMBOURG 8.625% 24/04/20142,500,000.00EUR-4,700,678.08MORG EURIB3 01/03/2013 3,300,000.00EUR-9,805,809.20MORGAN STANLEY EURIB3 29/11/20137,000,000.00EUR-4,556,301.51NOMURA EUROPE FINANCE 5.125% 09/12/20143,000,000.00EUR-1,604,732.71OAT 4.25% 25/10/20171,000,000.00EUR-1,715,570.10PEUGEOT 8.375 15/07/20141,000,000.00EUR-19,111,922.66SPAIN 5.75% 30/07/203213,000,000.00EUR-13,896,812.29SPANISH 4.3% 31/10/201910,000,000.00EUR-33,072,000.00TREASURY BOND 6.25% 15/05/203026,000,000.00USD-5,605,000.00TREASURY NOTE 4.50% 15/05/20175,000,000.00USD-16,770,000.00TREASURY NOTE 4.625% 15/02/201715,000,000.00USD-7,033,985.53UNIBAIL RODAMCO SE 3.875% 05/11/20205,000,000.00EUR-6,206,772.89UNIBAIL RODAMCO 4.625% 23/09/20164,000,000.00EUR-26,875,000.00US TREASURY 3.875% 15/05/201825,000,000.00USD-9,938,537.37USA T-NOTEI 1.375 15/01/20209,000,000.00USD

-343,211,848.97Total :

These contracts will mature during July, August, September and October 2011.



-5,266,062.01TREASURY BOND CPI 2.625% 07/2017 6,000,000.00USD-7,304,203.88TREASURY NOTE CPI 3% 07/2012 8,000,000.00USD-5,304,859.12US T-NOTES INFLATION INDEXED 0.625% 15/04/2013 7,000,000.00USD-3,083,077.56USA T-NOTEI 1.375 15/01/20204,000,000.00USD-20,958,202.57Total :

These contracts will mature during July 2011.



-1,431,451.80BANQUE PSA 4.25% 25/02/20161,000,000.00EUR-2,653,005.56GILT 4.25% S 07/03/20361,650,000.00GBP-2,906,121.19HIT FIN BV 5.75% 09/03/20182,000,000.00EUR-807,500.09ITALY 4% 01/02/2037700,000.00EUR

-2,178,065.17LLOYDS TSB BANK 4.5% 15/09/20141,500,000.00EUR-2,866,959.61MORGAN STANLEY 4.5% 23/02/20162,000,000.00EUR-1,253,715.45OAT 4% 25/04/2055850,000.00EUR-1,177,408.48TENNET BV 4.5% 09/02/2022800,000.00EUR-5,718,900.18USA T-BOND 4.25% 15/11/20406,000,000.00USD-20,993,127.53Total :

These contracts will mature during August and September 2011.



294


10 OPEN POSITION ON FORWARD FOREIGN EXCHANGE CONTRACTS

As at 30 June 2011, certain sub-funds had the following open positions on forward foreign exchange contracts:

� Amundi Funds Equity Euroland Value

EURAmount inCurrency529,599.39CZKCurrency receivable

598.07EUR530,197.46Total :

597.95CZKCurrency payable528,800.53EUR529,398.48Total :

798.98Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 798.98 and the maximal final expiry date for the open contractswill be 29 July 2011.


USDAmount inCurrency621,520.73CADCurrency receivable602,469.18DKK512,948.59EUR495,293.68JPY315,617.80SEK

2,730,240.33USD5,278,090.31Total :356,268.60CHFCurrency payable861,062.23HKD842,074.53JPY260,756.55NOK407,311.85SGD

2,515,474.69USD5,242,948.45Total :

35,141.86Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 35,141.86 and the maximal final expiry date for the open contractswill be 29 July 2011.


JPYAmount inCurrency3,973,708,022.00EURCurrency receivable3,973,708,022.00Total :3,961,764,755.00JPYCurrency payable3,961,764,755.00Total :

11,943,267.00Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to JPY 11,943,267.00 and the final expiry date for all open contracts willbe 29 July 2011.

� Amundi Funds Equity Japan Target

JPYAmount inCurrency185,782,092.00EURCurrency receivable185,782,092.00Total :185,206,854.00JPYCurrency payable185,206,854.00Total :

575,238.00Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to JPY 575,238.00 and the final expiry date for all open contracts will be29 July 2011.

295


As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 28,812.12 and the maximal final expiry date for the open contractswill be 29 July 2011.

� Amundi Funds Equity US Relative Value

USDAmount inCurrency2,734,829.44CZKCurrency receivable

207,745,234.22EUR67,811.63USD

210,547,875.29Total :67,563.82CZKCurrency payable

162.38EUR209,047,965.09USD209,115,691.29Total :1,432,184.00Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 1,432,184.00 and the maximal final expiry date for the opencontracts will be 29 July 2011.

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 35,575.80 and the final expiry date for all open contracts will be29 July 2011.

� Amundi Funds Equity US Growth

USDAmount inCurrency20,772,998.13EURCurrency receivable20,772,998.13Total :20,630,264.07USDCurrency payable20,630,264.07Total :

142,734.06Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 142,734.06 and the final expiry date for all open contracts willbe 29 July 2011.

� Amundi Funds Equity US Multi Strategies

USDAmount inCurrency4,349,269.16EURCurrency receivable

75.56USD4,349,344.72Total :

75.34EURCurrency payable4,320,457.26USD4,320,532.60Total :

28,812.12

� Amundi Funds Equity US Concentrated Core


35,575.80Total :

296



USDAmount inCurrency4,383,457.46AUDCurrency receivable4,039,914.17CAD106,887.78CHF136,064.97DKK

3,852,225.33EUR401,333.09GBP140,335.37HUF557,205.31JPY

5,949,553.41MXN3,336,159.07NOK1,402,917.89NZD692,087.28PLN450,907.45SEK738,918.26TRY

24,865,014.27USD469,997.16ZAR

51,522,978.27Total :7,666,481.98CADCurrency payable890,731.50CHF393,260.45CZK

9,524,929.23EUR7,672,293.94HKD244,377.34SGD

25,282,348.09USD51,674,422.53Total :-151,444.26Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to USD 151,444.26 and the maximal final expiry date for the opencontracts will be 01 August 2011.

� Amundi Funds Equity Japan Value

JPYAmount inCurrency6,881,771.00EURCurrency receivable6,881,771.00Total :6,849,349.00JPYCurrency payable6,849,349.00Total :

32,422.00Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to JPY 32,422.00 and the final expiry date for all open contracts will be29 July 2011.

� Amundi Funds Equity Global Agriculture


648,321.42Total :


� Amundi Funds Equity Europe Restructuring

EURAmount inCurrency883,252.02CHFCurrency receivable

3,975,073.00GBP378,914.58NOK

1,273,050.21SEK6,510,289.81Total :6,608,800.00EURCurrency payable6,608,800.00Total :-98,510.19Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to EUR 98,510.19 and the final expiry date for all open contracts will be22 July 2011.

297


As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 20,810.08 and the final expiry date for all open contracts will be30 September 2011.

� Amundi Funds Convertible Global

EURAmount inCurrency467,525.07BRLCurrency receivable

13,041,810.19EUR400,318.54USD

13,909,653.80Total :743,006.42AUDCurrency payable927,706.38BRL466,549.30EUR477,020.24GBP

2,356,782.37JPY8,857,700.88USD13,828,765.59Total :

80,888.21Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 80,888.21 and the maximal final expiry date for the open contractswill be 04 October 2011.

10,400,472.54Total :88,274.95Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 88,274.95 and the final expiry date for all open contracts will be29 July 2011.


EURAmount inCurrency1,738,906.35EURCurrency receivable1,738,906.35Total :472,482.08CHFCurrency payable

1,245,614.19USD1,718,096.27Total :

20,810.08Total :

� Amundi Funds Equity Emerging Internal Demand

USDAmount inCurrency1,556.40EURCurrency receivable

14,263,545.53KRW14,265,101.93Total :14,009,129.31USDCurrency payable14,009,129.31Total :

255,972.62Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 255,972.62 and the maximal final expiry date for the opencontracts will be 29 July 2011.

� Amundi Funds Equity Emerging World

USDAmount inCurrency16,295,976.48KRWCurrency receivable16,295,976.48Total :16,008,666.77USDCurrency payable16,008,666.77Total :

287,309.71Total :


� Amundi Funds Equity MENA

USDAmount inCurrency10,488,747.49EURCurrency receivable10,488,747.49Total :10,400,472.54USDCurrency payable

298



USDAmount inCurrency302,243.04EURCurrency receivable

57,283,660.50USD57,585,903.54Total :53,995,773.82EURCurrency payable4,655,463.79GBP300,000.00USD

58,951,237.61Total :-1,365,334.07Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to USD 1,365,334.07 and the maximal final expiry date for the opencontracts will be 14 July 2011.


EURAmount inCurrency7,737,320.66EURCurrency receivable689,726.52USD

8,427,047.18Total :684,188.18EURCurrency payable697,635.79GBP

6,897,265.23USD8,279,089.20Total :147,957.98Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 147,957.98 and the final expiry date for all open contracts willbe 01 July 2011.

� Amundi Funds Bond Euro Govies

EURAmount inCurrency2,496,532.60EURCurrency receivable2,496,532.60Total :2,483,445.18USDCurrency payable2,483,445.18Total :

13,087.42Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 13,087.42 and the final expiry date for all open contracts will be07 July 2011.


EURAmount inCurrency33,183,143.13EURCurrency receivable1,379,453.05USD34,562,596.18Total :1,368,095.57EURCurrency payable2,491,567.38GBP30,072,263.53USD33,931,926.48Total :

630,669.70Total :


� Amundi Funds Euro Govies

EURAmount inCurrency901,369.68EURCurrency receivable901,369.68Total :896,644.48USDCurrency payable896,644.48Total :4,725.20Total :


299


31,317,837.74EUR8,649.30HUF

3,352,595.03USD40,639,681.02Total :

-10,497.50Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to EUR 10,497.50 and the maximal final expiry date for the open contractswill be 29 July 2011.

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 325,228.04 and the maximal final expiry date for the opencontracts will be 29 July 2011.


EURAmount inCurrency1,850,138.76DKKCurrency receivable7,208,310.81EUR11,518,868.67GBP6,092,525.66NOK3,592,298.11PLN6,039,431.08SEK4,327,610.43TRY40,629,183.52Total :3,607,169.67CHFCurrency payable1,401,546.29CZK951,882.99DKK


EURAmount inCurrency23,018,918.56EURCurrency receivable23,018,918.56Total :10,852,232.85GBPCurrency payable11,725,577.68USD22,577,810.53Total :

441,108.03Total :



EURAmount inCurrency115,364,776.96EURCurrency receivable2,138,152.22USD

117,502,929.18Total :2,147,738.77EURCurrency payable93,872,093.13GBP18,595,575.75USD114,615,407.65Total :2,887,521.53Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 2,887,521.53 and the maximal final expiry date for the opencontracts will be 01 August 2011.

� Amundi Funds Bond US Opportunistic Core Plus

USDAmount inCurrency46,241,812.88EURCurrency receivable

132,160.34USD46,373,973.22Total :

132,074.17EURCurrency payable45,916,671.01USD46,048,745.18Total :

325,228.04Total :

300



USDAmount inCurrency21,382,719.32AUDCurrency receivable41,801,429.47EUR14,355,499.39ILS14,707,188.79INR15,168,398.35JPY7,865,134.78NOK330,098.33NZD

12,745,785.81PLN44,711,033.64SEK2,118,021.62SGD

298,985,786.09USD474,171,095.59Total :30,791,115.82AUDCurrency payable2,486,789.35CAD1,425,170.40CHF

234,686,209.19EUR7,545,062.01GBP14,707,188.79INR21,809,047.40JPY2,562,085.74MXN165,049.16NZD

18,722,782.20PLN34,267.31RON

11,628,665.86SEK61,576.52TRY

130,603,631.43USD477,228,641.18Total :-3,057,545.59Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to USD 3,057,545.59 and the maximal final expiry date for the opencontracts will be 05 April 2012.


USDAmount inCurrency254,062.25BRLCurrency receivable207,232.44CAD

4,159,700.49DKK24,091,402.95EUR61,644,761.96GBP19,135,231.68HUF63,600,580.37JPY1,909,905.41MXN40,704,868.17NOK13,038,883.93NZD24,975,248.38PLN3,417,403.85SEK

335,098,511.86USD592,237,793.74Total :8,339,260.53AUDCurrency payable33,465,124.94CAD33,372,740.27CHF254,068,198.82EUR1,858,051.41JPY37,386,253.19MXN15,831,647.62NOK214,979,825.56USD599,301,102.34Total :-7,063,308.60Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to USD 7,063,308.60 and the maximal final expiry date for the opencontracts will be 06 December 2011.

301


EURAmount inCurrency409,567.50CHFCurrency receivable

106,695,204.87EUR405,276.17USD

107,510,048.54Total :8,270,565.65AUDCurrency payable4,859,746.29CAD409,567.50CHF

37,760,921.32GBP5,465,885.61JPY3,246,380.61SEK45,866,667.09USD105,879,734.07Total :1,630,314.47Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 1,630,314.47 and the final expiry date for all open contracts willbe 07 July 2011.

� Amundi Funds Bond Converging Europe

EURAmount inCurrency16,713,305.31EURCurrency receivable5,022,169.59PLN21,735,474.90Total :5,032,551.77EURCurrency payable16,539,383.15TRY21,571,934.92Total :

163,539.98Total :


� Amundi Funds Bond Emerging Inflation

USDAmount inCurrency1,173,834.15CLPCurrency receivable969,877.97ILS440,219.16KRW

2,788,460.06MXN546,384.69PLN

6,511,208.62USD12,429,984.65Total :6,357,285.44TRYCurrency payable5,887,910.30USD12,245,195.74Total :

184,788.91Total :



302


2,511,547.31ZAR140,192,373.12Total :6,630,523.95BRLCurrency payable124,339.47CAD

4,496,290.14COP2,883,910.00CZK20,239,455.46EUR

968,776.03ILS7,914,795.99JPY1,679,897.96MXN316,841.92NOK

1,522,961.61PEN5,246,921.22PHP2,056,038.76RON1,877,092.80RUB2,970,219.11THB9,470,242.05TRY297,508.77TWD

69,735,927.92USD1,086,868.42ZAR

139,518,611.58Total :673,761.54Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to USD 673,761.54 and the maximal final expiry date for the opencontracts will be 29 December 2011.

� Amundi Funds Index Equity North America

EURAmount inCurrency603,978.43EURCurrency receivable600,150.44USD

1,204,128.87Total :603,978.46EURCurrency payable592,969.41USD

1,196,947.87Total :7,181.00Total :


� Amundi Funds Index Equity Pacific

EURAmount inCurrency1,289,950.76EURCurrency receivable1,270,513.73JPY2,560,464.49Total :1,289,950.77EURCurrency payable1,271,462.17JPY2,561,412.94Total :

-948.45Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to EUR 948.45 and the final expiry date for all open contracts will be 01July 2011.

7,672,328.48EUR369,144.02GBP

4,138,984.62HUF400,209.98IDR

1,438,485.62ILS5,870,489.94INR5,292,094.47KRW16,983,208.02MXN5,261,648.02MYR4,191,571.06NGN298,204.16NOK

8,569,859.16PHP9,215,688.52PLN342,246.91RON

1,990,453.39SGD4,115,855.61TRY49,642,753.49USD


USDAmount inCurrency3,617,887.46BRLCurrency receivable6,063,962.55CLP2,205,750.33CNY

303



EURAmount inCurrency15,606,033.99AUDCurrency receivable2,139,619.93BRL14,819,956.02CAD33,402,277.43CHF10,931,250.02CLP40,122,569.73CNY15,716,148.31CZK147,106,728.24EUR15,985,525.22GBP17,076,588.39HUF15,841,236.61INR46,628,076.04JPY7,876,368.44KRW18,924,131.35MXN11,252,384.80MYR41,812,008.58NOK30,297,085.89NZD5,101,231.95PLN30,302,663.75SEK5,370,212.64SGD14,907,829.87TRY7,676,987.10TWD73,429,007.94USD4,156,276.47ZAR

626,482,198.71Total :41,623,895.45AUDCurrency payable6,070,593.44CAD55,893,158.04CHF8,667,221.52CNY127,401.62CZK

209,611,941.28EUR34,283,672.91GBP3,962,027.75IDR38,904,833.99JPY12,486,923.65MXN4,676,315.73NOK6,905,701.93NZD4,576,295.27PHP2,079,118.42PLN11,389,878.31SEK5,260,434.09SGD3,966,717.63TRY

171,836,727.49USD4,767,927.55ZAR

627,090,786.07Total :-608,587.36Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to EUR 608,587.36 and the maximal final expiry date for the opencontracts will be 05 July 2012.

� Amundi Funds Index Global Bond (EUR) Hedged

EURAmount inCurrency247,031,733.95EURCurrency receivable6,218,563.19JPY6,144,210.64USD

259,394,507.78Total :1,122,433.91AUDCurrency payable5,725,209.93CAD2,022,952.45DKK12,422,275.26EUR22,424,106.57GBP106,875,390.43JPY2,184,147.39SEK

107,322,258.67USD260,098,774.61Total :

-704,266.83Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to EUR 704,266.83 and the final expiry date for all open contracts willbe 07 July 2011.

304


401,832.44PLN9,984,100.21USD39,393,050.92Total :

146,945.75Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 146,945.75 and the maximal final expiry date for the opencontracts will be 01 August 2011.


USDAmount inCurrency1,220,084.42EURCurrency receivable425,577.20MXN559,132.80NOK82,524.58NZD158,213.14SEK

19,940,362.45USD22,385,894.59Total :

320,740.79AUDCurrency payable621,697.34CAD831,349.40CHF

17,574,703.79EUR160,533.23GBP737,987.48JPY167,629.21NOK

2,418,492.38USD22,833,133.62Total :-447,239.03Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to USD 447,239.03 and the maximal final expiry date for the opencontracts will be 01 August 2011.

3,779,357.51NOK1,082,312.73NZD376,717.91PLN

1,212,254.70SEK339,767.68TRY887,617.80USD

39,539,996.67Total :1,624,472.21AUDCurrency payable3,644,809.72CAD2,541,414.99CHF12,676,693.78EUR2,062,941.93GBP130,474.72ISK

5,125,360.65JPY264,670.85MXN822,408.29NOK113,871.13NZD


EURAmount inCurrency285,786.22CADCurrency receivable

22,883,728.78EUR5,762,556.75GBP2,929,896.59MXN

305


6,761,995.98JPY1,247,906.34NOK9,038,745.80USD

119,892,400.59Total :-2,321,832.39Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to USD 2,321,832.39 and the maximal final expiry date for the opencontracts will be 01 August 2011.


EURAmount inCurrency39,329,863.99EURCurrency receivable1,395,367.46USD40,725,231.45Total :2,948,885.98CHFCurrency payable151,630.93DKK

1,383,472.94EUR1,395,271.58GBP1,300,738.36SEK33,244,878.11USD40,424,877.90Total :

300,353.55Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 300,353.55 and the maximal final expiry date for the opencontracts will be 29 July 2011.


USDAmount inCurrency595,744.66MXNCurrency receivable

3,783,465.31NOK990,294.98NZD

3,275,012.02SEK492,612.18TRY

108,433,439.05USD117,570,568.20Total :1,389,876.76AUDCurrency payable3,212,102.91CAD4,631,803.81CHF

38,875.71DKK90,681,495.07EUR2,889,598.21GBP


EURAmount inCurrency7,449,971.83AUDCurrency receivable30,393,242.59EUR3,146,661.78MXN4,344,975.64NOK1,139,276.56NZD3,494,788.33SEK552,122.49TRY

5,588,805.30USD56,109,844.52Total :9,082,853.35AUDCurrency payable3,430,409.15CAD5,000,848.86CHF21,996,612.28EUR4,208,817.40GBP

752.11HUF7,210,914.70JPY1,387,813.99NOK3,707,396.76USD56,026,418.60Total :

83,425.92Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 83,425.92 and the maximal final expiry date for the open contractswill be 01 August 2011.

306



EURAmount inCurrency28,667,245.14EURCurrency receivable28,667,245.14Total :5,916,297.36CHFCurrency payable5,142,070.62JPY17,300,197.04USD28,358,565.02Total :

308,680.12Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 308,680.12 and the final expiry date for all open contracts willbe 30 September 2011.


EURAmount inCurrency31,343,171.41CHFCurrency receivable

113,776.21EUR113,818,090.83GBP145,275,038.45Total :146,423,557.67EURCurrency payable

113,807.24GBP146,537,364.91Total :-1,262,326.46Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to EUR 1,262,326.46 and the maximal final expiry date for the opencontracts will be 29 July 2011.

25,435,748.09Total :1,679,226.74CHFCurrency payable1,769,707.16EUR4,984,363.46GBP16,560,829.57USD24,994,126.93Total :

441,621.16Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 441,621.16 and the maximal final expiry date for the opencontracts will be 01 August 2011.

� Amundi Funds Absolute Forex Asia Pacific

JPYAmount inCurrency65,762,881.00CADCurrency receivable37,992,358.00CNY117,001,719.00EUR19,392,573.00IDR20,421,465.00INR620,100,000.00JPY19,595,713.00KRW40,570,706.00MYR32,175,787.00PHP270,636,580.00USD

1,243,649,782.00Total :20,608,408.00CADCurrency payable175,551,077.00EUR24,737,454.00KRW7,894,366.00SGD10,303,635.00THB32,035,748.00TWD973,882,521.00USD

1,245,013,209.00Total :-1,363,427.00Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to JPY 1,363,427.00 and the final expiry date for all open contracts willbe 27 July 2011.


EURAmount inCurrency1,720,242.50CHFCurrency receivable23,715,505.59EUR

307


11 OTHER INCOME

Balances for other income in the Statement of Operations and Changes in Net Assets include mainly revenues from securities lending and recovery of provisions onperformance fees.

12 OTHER EXPENSES

Balances for other expenses in the Statement of Operations and Changes in Net Assets mainly include other taxes.

13 STATEMENT OF PORTFOLIO MOVEMENTS

Details of movements of securities in the portfolio for the financial year ending 30 June 2011 may be obtained free of charge on request from the Fund’s registered officeand the Hong Kong representative office.The list of the portfolio changes can also be obtained free of charge at the Paying and Information Agent’s office in Germany and at the Representative’s office inSwitzerland.

14 OPERATION WITH RELATED PARTIES

The related parties, in their capacity as brokers, may also carry out operations or invest in currencies or other financial products on behalf of each sub-fund for whichthe related parties act as broker or on their own behalf or as counterpart for their clients, including cases where the related parties or their clients are able to carry outtransactions on their own behalf at the same time as on behalf of each sub-fund. The transactions as listed on the table have been entered into ordinary course ofbusiness and on normal commercial terms.

The Fund considers that the commissions, premiums and reductions billed by related parties will be competitive, even though it is in the interest of the related partiesto obtain favourable commission rates, together with premiums and reductions for each Sub-Fund.During the year, transactions for a total amount of EUR 25,999,952,920.20 i.e. 37.69% of the total transactions carried out over the period, were carried out by suchrelated parties.

� Amundi Funds Absolute Multimanagers Long/Short Equity

EURAmount inCurrency2,004,352.31EURCurrency receivable387,673.93GBP

2,392,026.24Total :392,789.29EURCurrency payable

1,954,487.57GBP2,347,276.86Total :

44,749.38Total :



EURAmount inCurrency3,197,720.14EURCurrency receivable587,837.62USD

3,785,557.76Total :581,585.85CHFCurrency payable

1,050,690.82JPY2,118,156.97USD3,750,433.64Total :

35,124.12Total :

As at 30 June 2011, the net unrealised appreciation on forward exchange contracts amounted to EUR 35,124.12 and the maximal final expiry date for the open contractswill be 09 May 2012.


USDAmount inCurrency839,012,139.48EURCurrency receivable178,941,975.51GBP

1,719,273,932.25USD2,737,228,047.24Total :1,607,190,664.52EURCurrency payable

141,185.60GBP123,844,221.00JPY

1,012,646,630.59USD2,743,822,701.71Total :

-6,594,654.47Total :

As at 30 June 2011, the net unrealised depreciation on forward exchange contracts amounted to USD 6,594,654.47 and the maximal final expiry date for the opencontracts will be 30 September 2011.

308


During the year ended on 30 June 2011, Amundi Funds carried out transactions with related parties amounting to :

Currency Sub-funds

Totaltransactionswith relatedparties

Percentage oftransactionswith relatedparties

Totalcommissionswith relatedparties

Averagecommission

rate

Equities EUR Amundi Funds Equity Euroland Value 5,584,404.84 44.39% 824.02 0.01%USD Amundi Funds Equity Global Alpha 1,373,905.98 33.35% - -JPY Amundi Funds Equity Japan CoreAlpha - - - -JPY Amundi Funds Equity Japan Target 396.04 - - -USD Amundi Funds Equity US Concentrated Core - - - -USD Amundi Funds Equity US Growth - - - -USD Amundi Funds Equity US Multi Strategies - - - -USD Amundi Funds Equity US Relative Value - - - -USD Amundi Funds Gems World 50,342,928.59 21.58% 45,338.75 0.09%USD Amundi Funds Equity Global Select 112,728,792.09 73.36% 47,844.25 0.04%JPY Amundi Funds Equity Japan Value - - - -EUR Amundi Funds Equity Euro Select 107,076,240.86 91.89% 29,114.42 0.03%EUR Amundi Funds Equity Europe Select 24,897,219.01 26.80% 8,144.39 0.03%EUR Amundi Funds Equity Euroland Small Cap 963,124.22 3.64% - -USD Amundi Funds Equity Global Gold Mines 258,663.79 38.61% 69.32 0.03%USD Amundi Funds Equity Global Luxury and Lifestyle - - - -USD Amundi Funds Equity Global Agriculture 328,165,267.51 51.90% 171,942.23 0.05%USD Amundi Funds Equity Global Resources 245,941,020.75 47.03% 151,536.03 0.06%EUR Amundi Funds Equity Europe Restructuring 34,804,428.60 41.26% 18,173.04 0.05%USD Amundi Funds Equity US Opportunities 2,469,209.83 0.54% 1,915.60 0.08%USD Amundi Funds Equity ASEAN 234,054,324.32 17.45% 355,428.18 0.15%USD Amundi Funds Equity Asia ex Japan 116,677,927.31 9.07% 335,135.62 0.29%USD Amundi Funds Equity Brazil 94,522,080.04 23.54% 63,246.53 0.07%EUR Amundi Funds Equity Emerging Europe 12,073,013.59 13.59% 13,886.05 0.12%USD Amundi Funds Equity Emerging Internal Demand 189,029,743.11 24.21% 266,376.01 0.14%USD Amundi Funds Equity Emerging World 402,765,678.91 36.36% 467,430.15 0.12%USD Amundi Funds Equity Asia Pacific ex-Japan 22,194,488.81 98.27% 3,328.14 0.01%USD Amundi Funds Equity MENA 14,154.48 0.26% - -USD Amundi Funds Equity Greater China 115,734,134.84 6.02% 280,748.60 0.24%USD Amundi Funds Equity India 116,472,885.99 17.05% 344,244.77 0.30%USD Amundi Funds Equity India Infrasctucture 7,231,654.53 7.92% 20,004.60 0.28%USD Amundi Funds Equity Korea 6,002,027.38 3.08% 28,573.47 0.53%USD Amundi Funds Equity Latin America 610,684,676.74 33.22% 408,990.53 0.07%USD Amundi Funds Equity Thailand 17,210,519.36 6.05% 6,110.73 0.04%EUR Amundi Funds Equity Global Aqua 58,132,871.75 58.10% 16,924.72 0.03%EUR Amundi Funds Equity Global Clean Planet 26,453,188.33 76.61% 1,984.05 0.01%USD Amundi Funds Asia Pacific Renaissance(*) 2,327,877.83 3.35% 4,617.12 0.20%USD Amundi Funds Global Finance(*) 49,417,770.74 44.37% 21,759.82 0.04%EUR Amundi Funds Gems Europe(*) 22,491,413.33 30.70% 15,670.97 0.07%USD Amundi Funds Emerging Markets(*) 14,121,314.37 2.36% 70,196.58 0.50%EUR Amundi Funds Euro Quant(*) 61,854,755.74 58.64% 5,499.11 0.01%EUR Amundi Funds Europe Smaller Companies(*) 39,903,268.44 52.83% 9,173.98 0.02%USD Amundi Funds US Innovative Companies(*) 101,189,260.15 58.46% 31,131.61 0.03%CHF Amundi Funds Switzerland(*) 4,471,656.77 32.16% 1,590.89 0.04%EUR Amundi Funds Europe SRI(**) 309.97 - 0.16 0.05%EUR Amundi Funds Minimum Variance Europe(***) 31,187,435.62 36.65% 13,158.88 0.04%

Guaranteed/protected EUR Amundi Funds Multi Asset Protected(****) 20,741,429.00 25.54% 983.80 -Bonds EUR Amundi Funds Convertible Europe - - - -

EUR Amundi Funds Convertible Global 46,909,240.79 49.52% - -USD Amundi Funds Bond Global Corporate 29,215,010.34 11.30% - -EUR Amundi Funds Bond Euro Aggregate - - - -EUR Amundi Funds Bond Euro Govies 436,534.40 9.36% - -EUR Amundi Funds Bond Euro Corporate 220,034,190.64 13.18% - -EUR Amundi Funds Euro Govies 30,380,254.27 33.08% - -EUR Amundi Funds Bond Euro Inflation 795,026,699.38 28.34% - -

309


Currency Sub-funds

Totaltransactionswith relatedparties

Percentage oftransactionswith relatedparties

Totalcommissionswith relatedparties

Averagecommission

rate

Bonds EUR Amundi Funds Bond Euro High Yield 253,096,914.98 18.32% - -USD Amundi Funds Bond US Opportunistic Core Plus 1,485.72 0.01% - -EUR Amundi Funds Bond Europe 92,917,949.18 27.45% - -USD Amundi Funds Bond Global Aggregate 106,478,462.50 20.72% - -USD Amundi Funds Bond Global 676,058,065.75 30.17% - -EUR Amundi Funds Bond Global Inflation 264,785,135.14 26.70% - -EUR Amundi Funds Bond Converging Europe - - - -USD Amundi Funds Bond Emerging Inflation - - - -USD Amundi Funds Bond Global Emerging 9,448,253.31 1.31% - -EUR Amundi Funds Euro Bond(*) 88,985,950.67 8.03% - -EUR Amundi Funds Euro Select Bond(*) 2,295,223.53 12.42% - -USD Amundi Funds Asian Income(*) 1,538,301.86 5.90% - -GBP Amundi Funds LDI Gilt Plus (GBP)(***) 15,332,291.33 22.74% - -GBP Amundi Funds LDI Index Linked Plus (GBP)(***) 54,340,560.61 27.19% - -

Indexed EUR Amundi Funds Index Equity Euro 400,692,672.23 46.32% 72,357.41 0.02%EUR Amundi Funds Index Equity Europe 128,838,428.84 29.50% 6,947.51 0.01%EUR Amundi Funds Index Equity North America 14,851,057.16 8.17% 3,701.68 0.02%EUR Amundi Funds Index Equity Pacific - - - -EUR Amundi Funds Index Global Bond (EUR) Hedged 21,008,125.45 4.21% - -

Absolute Return EUR Amundi Funds Absolute Forex - - - -EUR Amundi Funds Absolute VaR Short Term 12,148,222.43 20.76% - -EUR Amundi Funds Absolute VaR 2(EUR) 72,834,361.04 13.10% - -USD Amundi Funds Absolute VaR 2(USD) 28,330,143.49 15.24% - -EUR Amundi Funds Absolute VaR 4(EUR) 48,964,260.68 20.87% 996.44 -USD Amundi Funds Absolute VaR 4(USD) 43,491,645.51 12.78% 3,665.28 0.01%EUR Amundi Funds Absolute Statistical Arbitrage 326,215,962.23 26.15% - -JPY Amundi Funds Absolute Forex Asia Pacific - - - -EUR Amundi Funds Absolute High Yield 459,549,135.14 32.45% - -EUR Amundi Funds Absolute Volatility Arbitrage 2,640,966,799.73 45.82% 87,209.89 -EUR Amundi Funds Absolute Volatility Euro Equities 11,627,334,555.35 49.11% - -USD Amundi Funds Absolute Volatility World Equities 5,667,807,302.08 50.96% - -GBP Amundi Funds Arbitrage Var 2(GBP)(*) 2,248,288.62 31.57% - -EUR Amundi Funds Dynarbitrage Forex(*) 5,986,707.07 24.29% - -EUR Amundi Funds Arbitrage Inflation(*) 83,216,121.64 69.28% - -EUR Amundi Funds Multimanagers Long/Short Equity 17,109,480.36 100.00% - -EUR Amundi Funds Dynamic Asset Allocation 80,006,081.06 93.96% 5,631.31 0.01%

Money Market EUR Amundi Funds Money Market Euro - - - -USD Amundi Funds Money Market USD - - - -

Reserve EUR Amundi Funds Euro Reserve(*) 882,341,303.54 34.77% - -USD Amundi Funds USD Reserve(*) 2,882,301.25 0.79% - -

* These Sub-Funds have been merged as at 24 June 2011.** This Sub-Fund has been liquidated as at 12 January 2011.*** These Sub-Funds have been merged as at 13 May 2011.**** This Sub-Fund has been liquidated as at 3 January 2011.

310


15 SOFT DOLLARS COMMISSIONS

The Investment Managers of the concerned sub-funds have entered into soft commission arrangements with brokers under which certain goods and services used tosupport the investment decision making and are of demonstrable benefits to the sub-funds were received by the Investment Managers. The goods and services arepaid for by the brokers out of commission they received and the Investment Managers do not make direct payment for these services. The goods and services utilisedfor the Fund include market analysis: data and quotation services, performance measurement and computer hardware and software incidental to the above goods andservices; clearing and custodian services and investment related publications.The sub-funds subject to soft dollar commissions are: Amundi Funds Equity Asia ex Japan, Amundi Funds Equity Greater China, Amundi Funds Equity Korea.

16 DIVIDENDS

The Fund distributed the following dividends per share during the financial year under review:

�� Ex-date: 23 September 2010 Payment date: 29 September 2010

Amundi Funds Equity Global Select Class AU 0.01 USD

Amundi Funds Equity Euro Select Class AE 1.47 EUR

Amundi Funds Equity Europe Select Class AE 1.50 EUR

Amundi Funds Equity ASEAN Class AU 0.14 USD

Amundi Funds Equity Brazil Class AU 1.01 USD

Amundi Funds Equity Latin America Class AU 3.30 USD

Amundi Funds Equity Thailand Class AU 0.47 USD

Amundi Funds Equity Global Aqua Class AE 0.13 EUR

Amundi Funds Global Finance Class AU 0.01 USD

Amundi Funds Gems Europe Class AE 0.80 EUR

Amundi Funds Emerging Markets Class AU 0.04 USD

Amundi Funds Emerging Markets Class IU 10.40 USD

Amundi Funds Euro Quant Class AE 0.08 EUR

Amundi Funds Europe Smaller Companies Class AE 0.01 EUR

Amundi Funds US Innovative Companies Class AU 0.01 USD

Amundi Funds Convertible Global Class AE 0.04 EUR

Amundi Funds Bond Global Corporate Class AU 3.42 USD

Amundi Funds Bond Euro Corporate Class AE 0.43 EUR

Amundi Funds Bond Euro Corporate Class IE 43.58 EUR

Amundi Funds Bond Euro Inflation Class AE 1.02 EUR

Amundi Funds Bond Euro High Yield Class AE 0.71 EUR

Amundi Funds Bond Europe Class AE 6.09 EUR

Amundi Funds Bond Global Class AU 0.93 USD

Amundi Funds Bond Global Class IE 70.09 EUR

Amundi Funds Bond Global Class IU 93.20 USD

Amundi Funds Bond Global Inflation Class AE 0.54 EUR

Amundi Funds Bond Global Emerging Class AU 0.67 USD

Amundi Funds Euro Bond Class AE 0.34 EUR

Amundi Funds Euro Select Bond Class AE 4.40 EUR

Amundi Funds Asian Income Class AU 0.60 USD

Amundi Funds Index Equity Euro Class AE 3.66 EUR

Amundi Funds Index Equity Euro Class IE 26.47 EUR

Amundi Funds Index Equity Europe Class AE 3.14 EUR

Amundi Funds Index Equity Europe Class IE 27.80 EUR

Amundi Funds Index Equity North America Class AE 2.01 EUR

Amundi Funds Index Equity North America Class IE 19.01 EUR

Amundi Funds Index Equity Pacific Class AE 2.34 EUR

Amundi Funds Index Equity Pacific Class IE 27.58 EUR

Amundi Funds Index Global Bond (EUR) Hedged Class AE 3.58 EUR

Amundi Funds Absolute VaR 2(EUR) Class AE 0.29 EUR

Amundi Funds Absolute VaR 2(USD) Class AU 0.31 USD

Amundi Funds Absolute VaR 4(EUR) Class AE 1.37 EUR

Amundi Funds Absolute VaR 4(USD) Class AU 0.71 USD

311


Amundi Funds Bond Euro High Yield Class AE 0.67 EUR

�� Ex-date: 15 September 2010 Payment date: 15 September 2010

Amundi Funds Equity Japan Value Class I2 10 JPY

Amundi Funds Equity Greater China Class I2 0.27 USD

Amundi Funds Equity India Class I2 0.1 USD

Amundi Funds Equity Korea Class I2 15 JPY

Amundi Funds Bond Euro Corporate Class I2 0.53 EUR

Amundi Funds Bond Euro High Yield Class I2 0.8 EUR (before 4 October 2010 : 0.67)

Amundi Funds Euro Bond Class I2 0.5 EUR

Amundi Funds Absolute Statistical Arbitrage Class IE 3.72 EUR

Amundi Funds Absolute High Yield Class AE 0.31 EUR

Amundi Funds Absolute VaR 2(GBP) Class AG 0.77 GBP

Amundi Funds Absolute VaR 2(GBP) Class IG 11.57 GBP

Amundi Funds Euro Reserve Class AE 0.02 EUR

Amundi Funds Euro Reserve Class IE 3.99 EUR

Amundi Funds USD Reserve Class AU 0.01 USD

�� Ex-date: 2 July 2010, 2 August 2010, 2 September 2010, 4 October 2010, 2 November 2010, 2 December 2010, 3 January 2011, 2 February 2011, 2 March 2011, 4 April 2011, 2 May 2011, 3 June 2011Payment date: 7 July 2010, 9 August 2010, 7 September 2010, 7 October 2010, 8 November 2010, 7 December 2010, 7 January 2011, 7 February 2011, 7 March 2011, 7 April 2011, 6/9 May 2011, 7/9 June 2011

Amundi Funds Bond Global Emerging Class SHE-MD 0.42 EUR

�� Ex-date: 3 June 2011 Payment date: 7 June 2011

312


17 OPTIONS

As at 30 June 2011, certain sub-funds had the following open short positions options:

� Amundi Funds Equity Euroland Value

EURTotal commitment in Number of options sold CurrencyMaturity date

BANCO SANTANDER SA /PUT 16/12/11 EUR -3,250 30,875.00BANCO SANTANDER SA /PUT 16/03/12 EUR -2,800 25,900.00TOTAL SA /PUT 16/09/11 EUR -1,372 5,213,600.00

5,270,375.00Total :

As at 30 June 2011, the net unrealised appreciation on short options amounted to EUR 57,000.00.


USDTotal commitment in Number of options sold CurrencyMaturity date

CITIGROUP INC /PUT 19/01/13 USD -1,600 560,000.00DJ EURO STOXX 50 EUR /PUT 16/09/11 EUR -40 1,507,844.00S&P TEST /PUT 17/12/11 USD -5 500,000.00

2,567,844.00Total :

As at 30 June 2011, the net unrealised appreciation on short options amounted to USD 25,498.00.


JPYTotal commitment in Number of options sold CurrencyMaturity date

NIKKEI 225 SIMEX FUT /CALL 08/07/11 JPY -600 -6,000,000.00NIKKEI 225 SIMEX FUT /PUT 08/07/11 JPY -200 1,650,000.00NIKKEI 225 SIMEX FUT /PUT 08/06/12 JPY -500 3,750,000.00NIKKEI 225 SIMEX FUT /PUT 08/07/11 JPY -400 3,400,000.00NIKKEI 225 SIMEX FUT /PUT 08/07/11 JPY -200 1,750,000.00NIKKEI 225 SIMEX FUT /CALL 08/07/11 JPY -200 -1,950,000.00

2,600,000.00Total :

As at 30 June 2011, the net unrealised depreciation on short options amounted to JPY 2,450,000.00.



CITIGROUP INC /PUT 19/01/13 USD -1,800 630,000.00DJ EURO STOXX 50 EUR /PUT 19/09/11 EUR -40 1,507,844.00EUR(P)/USD(C)OTC /PUT 03/07/12 EUR -17,000,000 27,112,195.00S&P TEST /PUT 17/12/11 USD -5 500,000.00

29,750,039.00Total :




ALCATEL LUCENT /PUT 16/12/11 EUR -250 75,000.0075,000.00Total :

As at 30 June 2011, the unrealised depreciation on short option amounted to EUR 2,500.00.



EURO BUND FUTURE /CALL 29/07/11 EUR -100 -18,703,065,000.00EURO BUND FUTURE /CALL 29/07/11 EUR -100 -18,558,080,000.00EURO BUND FUTURE /CALL 29/07/11 EUR -100 -18,413,095,000.00

-55,674,240,000.00Total :


313


EURO BUND FUTURE /CALL 29/07/11 EUR -80 -10,320,000,000.00EURO SCHATZ /CALL 29/07/11 EUR -300 -32,400,000,000.00EURO SCHATZ /PUT 29/07/11 EUR -300 32,130,000,000.00EURO SCHATZ /PUT 29/07/11 EUR -300 32,070,000,000.00EUR(P)/TRY(C)OTC /CALL 11/05/12 EUR -6,500,000 18,200,000.003MO EURO EURIBOR /CALL 19/09/11 EUR -250 -153,710,937,500.003MO EURO EURIBOR /CALL 20/09/11 EUR -250 -153,906,250,000.00

-286,127,537,500.00 Total :




USD(C)/JPY(P)OTC /CALL 18/06/12 USD -25,000,000 -2,142,750,000.00

EUR(C)/MXN(P)OTC /CALL 02/04/12 EUR -15,000,000 -456,702,750.00EUR(C)/PLN(P)OTC /CALL 15/03/12 EUR -20,000,000 -133,386,200.00EUR(C)/PLN(P)OTC /CALL 28/02/12 EUR -20,000,000 -133,386,200.00EUR(C)/SEK(P)OTC /CALL 18/06/12 EUR -25,000,000 -380,585,625.00EUR(C)/TRY(P)OTC /CALL 01/06/12 EUR -15,000,000 -61,981,087.50EUR(C)/TRY(P)OTC /CALL 11/05/12 EUR -20,000,000 -81,191,600.00EURO SCHATZ /PUT 31/08/11 EUR -700 108,593,765,000.00EURO SCHATZ /CALL 31/08/11 EUR -500 -78,654,362,500.00EURO SCHATZ /PUT 31/08/11 EUR -500 77,784,452,500.00EURO SCHATZ /CALL 31/08/11 EUR -1,050 -165,021,927,000.00EUR(P)/SEK(C)OTC /PUT 19/08/11 EUR -40,000,000 504,547,800.00INR(P)/JPY(C)OTC /PUT 02/04/12 JPY -2,075,000,000 39,824,784.65INR(P)/TWD(C)OTC /PUT 09/02/12 TWD -300,000,000 22,351,018.59NZD(P)/CAD(C)OTC /PUT 05/07/11 NZD -9,000,000 5,946,408.43US Y2Y /PUT 26/08/11 USD -500 217,500,000,000.00

USD(C)/SGD(P)OTC /CALL 11/08/11 USD -30,000,000 -38,700,000.00USD(P)/CNY(C)OTC /PUT 23/02/12 USD -10,000,000 61,500,000.00

157,407,414,549.17 Total :




EUR(C)/CHF(P)OTC /CALL 08/02/12 EUR -8,000,000 -16,006,344.00EUR(C)/CHF(P)OTC /CALL 28/11/11 EUR -10,000,000 -19,283,005.00EUR(C)/CHF(P)OTC /CALL 06/02/12 EUR -12,000,000 -23,835,534.00EUR(P)/CHF(C)OTC /PUT 28/11/11 EUR -10,000,000 16,383,305.00EUR(P)/CHF(C)OTC /PUT 06/02/12 EUR -12,000,000 20,355,894.00EUR(P)/CHF(C)OTC /PUT 08/02/12 EUR -8,000,000 13,686,584.00JPY(C)/KRW(P)OTC /CALL 07/10/11 JPY -1,500,000,000 -287,890,009.50JPY(C)/KRW(P)OTC /CALL 10/10/11 JPY -1,500,000,000 -287,890,009.503MO EURO EURIBOR /CALL 20/09/11 EUR -1,050 -936,002,771,484.383MO EURO EURIBOR /CALL 19/09/11 EUR -1,050 -937,192,101,562.50

-1,873,779,352,165.88Total :




EUR(C)/TRY(P)OTC /CALL 01/06/12 EUR -10,000,000 -41,320,725.00USD(P)/CNY(C)OTC /PUT 25/05/12 USD -40,000,000 246,000,000.00

204,679,275.00Total :




EUR(C)/TRY(P)OTC /CALL 01/06/12 EUR -3,000,000 -8,550,000.00

314





EUR(P)/USD(C)OTC /PUT 03/07/12 EUR -22,000,000 24,200,000.0024,200,000.00Total :

As at 30 June 2011, the unrealised appreciation on short option amounted to EUR 255,866.38.



DJ EURO STOXX 50 EUR /CALL 19/09/11 EUR -203 -5,785,500.00-5,785,500.00Total :

As at 30 June 2011, the unrealised depreciation on short option amounted to EUR 81,606.00.



ABB LTD-NOM /CALL 16/09/11 CHF -1,280 -2,411,533.42AHNEUSER-BUSH INBEV /CALL 16/09/11 EUR -320 -13,440.00AHNEUSER-BUSH INBEV /PUT 16/09/11 EUR -640 24,320.00ALCATEL LUCENT /CALL 16/12/11 EUR -2,150 -989,000.00ALCATEL LUCENT /CALL 16/12/11 EUR -4,275 -1,710,000.00BASF SE /PUT 16/09/11 EUR -760 4,256,000.00BASF SE /CALL 16/03/12 EUR -640 -4,352,000.00BOUYGUES /PUT 16/09/11 EUR -1,310 3,144,000.00DANONE /CALL 16/12/11 EUR -640 -36,236.80DANONE /CALL 16/12/11 EUR -330 -15,180.00DEUTSCHE POST AG-NOM /PUT 16/09/11 EUR -640 768,000.00DEUTSCHE POST AG-NOM /CALL 16/09/11 EUR -640 -832,000.00DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -755 21,140,000.00DJ EURO STOXX 50 EUR /PUT 16/09/11 EUR -260 7,020,000.00DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -840 18,480,000.00DJ EURO STOXX 50 EUR /PUT 15/07/11 EUR -550 13,750,000.00DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -420 10,500,000.00EADS /CALL 16/12/11 EUR -640 -1,408,000.00GDF SUEZ /CALL 16/09/11 EUR -640 -16,640.00KONINKLIJKE AHOLD /PUT 16/09/11 EUR -1,280 11,776.00KONINKLIJKE AHOLD /CALL 16/09/11 EUR -1,280 -12,288.00LINDE AG /CALL 19/09/11 EUR -220 -2,750,000.00LINDE AG /PUT 19/09/11 EUR -220 2,420,000.00LINDE AG /CALL 16/03/12 EUR -220 -2,640,000.00METRO /PUT 19/12/11 EUR -270 1,188,000.00MICHELIN /PUT 16/12/11 EUR -550 3,172,400.00MICHELIN /CALL 16/12/11 EUR -275 -2,039,400.00PERNOD-RICARD /PUT 16/12/11 EUR -1,280 7,168,000.00PEUGEOT SA /PUT 16/12/11 EUR -1,280 3,072,000.00PEUGEOT SA /CALL 16/12/11 EUR -1,280 -4,096,000.00PEUGEOT SA /CALL 16/12/11 EUR -570 -2,052,000.00ROCHE HOLDING - CERT /CALL 16/09/11 CHF -510 -6,266,382.70ROY.PHILIPS ELECTR /PUT 16/12/11 EUR -450 6,300.00ROY.PHILIPS ELECTR /CALL 16/12/11 EUR -1,070 -25,680.00SANOFI /PUT 16/12/11 EUR -110 572,000.00SANOFI /CALL 16/12/11 EUR -225 -1,350,000.00SANOFI /CALL 16/12/11 EUR -110 -572,000.00SAP AG /PUT 16/03/12 EUR -560 21,280.00SAP AG /CALL 16/03/12 EUR -560 -25,760.00SAP AG /PUT 16/03/12 EUR -560 22,400.00SCHNEIDER ELECTR SA /CALL 16/12/11 EUR -220 -2,640,000.00SCHNEIDER ELECTR SA /PUT 16/12/11 EUR -220 1,955,360.00SMI (ZURICH) /PUT 15/07/11 CHF -2,154 10,057,175.62

� Amundi Funds Absolute ForexEURTotal commitment in Number of options sold CurrencyMaturity date

AUD(P)/USD(C)OTC /PUT 26/07/11 AUD -15,750,000 9,653,300.84EUR(P)/USD(C)OTC /PUT 27/01/12 EUR -21,360,000 28,195,200.00USD(C)/JPY(P)OTC /CALL 01/09/11 USD -17,000,000 -980,239,335.06USD(C)/SEK(P)OTC /CALL 30/08/11 USD -11,400,000 -54,175,259.51

-996,566,093.73Total :

315


UBS AG NOM /PUT 16/12/11 CHF -565 601,654.65UNILEVER CVA /CALL 16/09/11 EUR -640 -15,360.00UNILEVER CVA /PUT 16/09/11 EUR -640 12,800.00VINCI SA /PUT

16/09/11

EUR -640 2,432,000.00VINCI SA /CALL 16/09/11 EUR -830 -3,652,000.00VIVENDI /PUT

16/12/11

EUR -1,280 2,048,000.00VIVENDI /CALL 16/09/11 EUR -1,120 -2,240,000.0010YR US TREASRY NOTE /PUT 22/07/11 USD -424 13,870.9810YR US TREASRY NOTE /CALL 22/07/11 USD -212 -74,808.76

116,644,506.10 Total :

As at 30 June 2011, the net unrealised appreciation on short options amounted to EUR 1,731,528.00.



DJ EURO STOXX 50 EUR /CALL 15/07/11 EUR -13,000 -370,500,000.00DJ EURO STOXX 50 EUR /PUT 16/12/11 EUR -34,520 897,520,000.00DJ EURO STOXX 50 EUR /CALL 16/12/11 EUR -29,305 -820,540,000.00DJ EURO STOXX 50 EUR /CALL 19/12/11 EUR -50,540 -1,516,200,000.00DJ EURO STOXX 50 EUR /PUT 18/06/12 EUR -36,300 798,600,000.00DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -156,150 3,435,300,000.00DJ EURO STOXX 50 EUR /CALL 15/07/11 EUR -11,420 -331,180,000.00DJ EURO STOXX 50 EUR /PUT 15/07/11 EUR -24,600 639,600,000.00DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -29,500 678,500,000.00DJ EURO STOXX 50 EUR /PUT 24/12/12 EUR -24,100 578,400,000.00

3,989,500,000.00 Total :

As at 30 June 2011, the net unrealised appreciation on short options amounted to EUR 97,670,505.00.



DJ EURO STOXX 50 EUR /PUT 15/07/11 EUR -4,000 150,784,400.00DJ EURO STOXX 50 EUR /CALL 15/07/11 EUR -2,075 -85,740,504.38DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -3,350 126,281,935.00DJ EURO STOXX 50 EUR /CALL 19/12/11 EUR -17,430 -758,126,565.00DJ EURO STOXX 50 EUR /PUT 24/12/12 EUR -3,600 125,267,040.00DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -12,000 417,556,800.00DJ EURO STOXX 50 EUR /PUT 18/06/12 EUR -5,200 165,862,840.00DJ EURO STOXX 50 EUR /PUT 19/12/11 EUR -22,400 714,486,080.00DJ EURO STOXX 50 EUR /CALL 15/07/11 EUR -2,350 -98,807,277.50NIKKEI 225 SIMEX FUT /PUT 09/12/11 JPY -4,750 441,121.79NIKKEI 225 SIMEX FUT /CALL 08/07/11 JPY -1,290 -159,732.52NIKKEI 225 SIMEX FUT /PUT 08/07/11 JPY -1,290 143,759.27S&P TEST /CALL 17/12/11 USD -190 -19,000,000.00S&P TEST /CALL 16/06/12 USD -3,835 -421,850,000.00S&P TEST /CALL 17/12/11 USD -790 -90,850,000.00S&P TEST /PUT 17/12/11 USD -4,025 462,875,000.00S&P TEST /PUT 17/12/11 USD -7,415 741,500,000.00S&P TEST /CALL 22/12/12 USD -1,990 -218,900,000.00S&P TEST /CALL 16/07/11 USD -1,165 -151,450,000.00S&P TEST /PUT 16/07/11 USD -1,165 145,625,000.00S&P TEST /PUT 16/07/11 USD -2,330 279,600,000.00

1,485,539,896.66 Total :

As at 30 June 2011, the net unrealised appreciation on short options amounted to USD 84,581,906.81.



DJ EURO STOXX 50 EUR /PUT 18/07/11 EUR -206 5,356,000.00DJ EURO STOXX 50 EUR /PUT 19/08/11 EUR -68 1,802,000.00

7,158,000.00Total :


TOTAL SA /PUT 16/09/11 EUR -960 3,264,000.00TOTAL SA /CALL 16/09/11 EUR -640 -2,560,000.00

S&P TEST /CALL 17/09/11 USD -545 -50,746,628.96S&P TEST /PUT 17/09/11 USD -1,090 93,975,238.81

SMI (ZURICH) /PUT 19/12/11 CHF -110 567,660.55SMI (ZURICH) /PUT 19/12/11 CHF -110 522,608.13

316


As at 30 June 2011, the net unrealised appreciation on interest rate swaps amounted to EUR 4,361.52.

18 SWAPSINTEREST RATE SWAPS

The Fund has concluded Interest rate swap contracts in which the counterparties exchange respective engagements for the payment or receipt of interest on a specificnominal reference amount. These amounts are calculated and booked for every time the NAV is calculated. The interests receivable are included in the item “Interestreceivable” of the Statement of Net Assets and the interests payable are included in the item “Other liabilities” of the Statement of Net Assets.


Flow/Rate receivedFlow/Rate paidMaturity DateCurrencyNominal

EONIA-OIS1.1040%13/07/11EUR4,984,627.00EONIA-OIS1.0875%15/07/11EUR7,972,901.00EONIA-OIS1.1150%20/07/11EUR8,971,199.00EONIA-OIS1.2000%11/08/11EUR9,968,665.00EONIA-OIS1.1730%26/08/11EUR6,476,332.00EONIA-OIS1.0725%15/07/11EUR11,959,073.00EONIA-OIS1.2170%12/09/11EUR14,935,379.00EONIA-OIS1.1190%08/08/11EUR11,965,386.00EONIA-OIS1.1470%18/08/11EUR14,941,578.00EONIA-OIS1.1850%23/08/11EUR14,950,712.00EONIA-OIS1.1850%23/08/11EUR14,947,856.00EONIA-OIS1.1500%17/08/11EUR14,949,876.00EONIA-OIS1.2660%14/09/11EUR14,947,285.00EONIA-OIS1.3050%20/09/11EUR14,943,860.00EONIA-OIS1.3050%26/09/11EUR15,929,084.00


� Amundi Funds Absolute VaR Short Term


EONIA-OIS1.0550%11/07/11EUR797,219.00EONIA-OIS1.0775%11/07/11EUR797,339.00

As at 30 June 2011, the net unrealised appreciation on interest rate swaps amounted to EUR 5.27.



EONIA-OIS1.1150%21/07/11EUR7,975,806.00EONIA-OIS1.0550%11/07/11EUR5,979,142.00

As at 30 June 2011, the net unrealised appreciation on interest rate swaps amounted to EUR 108.01.



EONIA-OIS1.0550%11/07/11EUR996,523.00

As at 30 June 2011, the unrealised depreciation on interest rate swap amounted to USD 15.58.



EONIA-OIS1.2500%18/08/11EUR2,693,826.00

As at 30 June 2011, the unrealised appreciation on interest rate swap amounted to USD 172.38.



EONIA-OIS0.9300%10/08/11EUR5,964,315.00EONIA-OIS1.1650%02/08/11EUR3,986,044.00EONIA-OIS1.2100%11/08/11EUR9,976,289.00EONIA-OIS1.1075%19/07/11EUR5,480,604.00EONIA-OIS1.2350%08/09/11EUR5,978,389.00

317




EONIA-OIS0.9300%10/08/11EUR38,271,022.00EONIA-OIS1.1075%19/07/11EUR33,880,102.00EONIA-OIS1.2250%01/09/11EUR37,873,628.00EONIA-OIS1.1650%02/08/11EUR27,404,055.00




EONIA-OIS0.9300%10/08/11EUR13,916,735.00EONIA-OIS1.1075%19/07/11EUR23,417,129.00EONIA-OIS1.2250%01/09/11EUR13,953,442.00EONIA-OIS1.1650%02/08/11EUR18,933,710.00

As at 30 June 2011, the net unrealised appreciation on interest rate swaps amounted to USD 13,305.97.

� Amundi Funds Money Market Euro


EONIA-OIS1.0950%12/07/11EUR3,000,000.00EONIA-OIS1.0475%08/07/11EUR3,000,000.00EONIA-OIS1.1500%29/07/11EUR9,965,488.00EONIA-OIS1.1775%09/08/11EUR7,969,247.00EONIA-OIS1.1550%29/08/11EUR3,000,000.00EONIA-OIS1.1550%30/08/11EUR3,000,000.00EONIA-OIS1.3150%19/09/11EUR2,000,000.00EONIA-OIS1.0310%07/07/11EUR14,957,276.00EONIA-OIS1.0950%13/07/11EUR18,000,000.00EONIA-OIS1.0970%19/07/11EUR30,000,000.00EONIA-OIS1.1450%26/07/11EUR39,846,899.00EONIA-OIS1.0975%14/09/11EUR14,887,385.00EONIA-OIS1.3325%22/03/12EUR25,000,000.00EONIA-OIS1.0050%07/09/11EUR39,720,850.00EONIA-OIS1.1500%28/07/11EUR14,952,376.00EONIA-OIS1.1125%20/07/11EUR15,000,000.00EONIA-OIS1.1300%23/09/11EUR24,831,487.00EONIA-OIS1.2200%03/08/11EUR18,000,000.00EONIA-OIS1.0450%16/08/11EUR29,823,441.00EONIA-OIS1.0975%14/09/11EUR44,679,154.00EONIA-OIS1.1650%02/08/11EUR14,947,666.00EONIA-OIS1.1930%09/08/11EUR10,000,000.00EONIA-OIS1.1900%10/08/11EUR10,962,040.00EONIA-OIS1.1680%17/08/11EUR10,000,000.00EONIA-OIS1.1590%25/08/11EUR30,000,000.00EONIA-OIS1.1750%26/08/11EUR52,000,000.00EONIA-OIS1.0250%06/07/11EUR19,983,097.00EONIA-OIS1.2660%14/09/11EUR29,894,571.00EONIA-OIS1.1300%23/09/11EUR9,932,594.00EONIA-OIS1.1490%28/07/11EUR9,968,251.00EONIA-OIS1.1590%25/08/11EUR5,000,000.00EONIA-OIS1.4460%31/05/12EUR6,850,325.00EONIA-OIS1.0050%07/09/11EUR14,895,319.00EONIA-OIS1.0450%16/08/11EUR14,911,720.00EONIA-OIS1.2900%05/12/11EUR14,867,631.00EONIA-OIS1.2660%14/09/11EUR14,947,285.00

318


USD Federal - OIS0.2150%24/02/12USD4,900,000.00USD Federal - OIS0.1700%09/08/11USD4,983,463.00USD Federal - OIS0.1350%07/11/11USD14,966,748.00USD Federal - OIS0.1563%18/08/11USD15,000,000.00USD Federal - OIS0.1450%18/08/11USD17,470,663.00USD Federal - OIS0.1675%04/08/11USD2,500,000.00USD Federal - OIS0.1650%18/07/11USD3,000,000.00USD Federal - OIS0.1563%18/08/11USD3,000,000.00USD Federal - OIS0.2150%24/02/12USD1,900,000.00USD Federal - OIS0.1975%01/12/11USD3,000,000.00USD Federal - OIS0.2125%25/11/11USD10,000,000.00

CREDIT DEFAULT SWAPS

The Fund has concluded “Credit Default Swaps” contracts designed to transfer the credit exposure of fixed income instruments between parties. The amounts of fixedincome exchanged with an income tied to the evolution of credit events of either an index or a bond, are calculated and accounted for every time the NAV is calculated.


USDdepreciation in

Unrealisedappreciation/

Premium(%)

CounterpartyPurchase/Sale

UnderlyingMaturitydate

CurrencyNominal

38,512.611.00BNP PARIBAS GROUPE LONDRESSaleITRAXX EUROPE SERIE 15 5Y20/06/16EUR10,000,000.00-1,032.381.00JP MORGAN CHASE BANK LONDONSaleVOLVO TREASURY 5% 31/05/1720/12/15EUR700,000.00-14,052.531.00JP MORGAN CHASE BANK LONDONSaleSHELL INT.FIN. 5.2% 22/03/1720/03/16EUR500,000.00-28,945.701.00BNP PARIBAS GROUPE LONDRESPurchaseAXA 6% 18/06/1320/12/15EUR900,000.0011,151.911.00BARCLAYS BANK PLC LONDONPurchaseRWE AG 5.75% 14/02/3320/12/15EUR900,000.002,226.171.00JP MORGAN CHASE BANK LONDONPurchaseENI SPA 4.625% 30/04/1320/03/16EUR600,000.0054,171.894.87BNP PARIBAS GROUPE LONDRESPurchaseMETLIFE 5% 15/06/1520/03/14USD500,000.00-6,384.930.61BANK OF AMERICA N.YPurchaseTELEFONICA EM 4.375% 02/02/1620/12/12EUR1,000,000.009,083.171.00BNP PARIBAS GROUPE LONDRESSaleSWISS RE AMERICA 4% 29/06/1520/12/15EUR600,000.0010,671.861.00JP MORGAN CHASE BANK LONDONSaleCSF GUERN. 6.375% 07/06/1320/12/15EUR400,000.0017,569.963.20BNP PARIBAS GROUPE LONDRESPurchaseBERKSHIRE HATH. 4.625% 15/10/1320/03/14USD250,000.0026,586.915.00JP MORGAN CHASE BANK LONDONPurchaseFIAT FIN.& TR. 6.625% 15/02/1320/12/15EUR350,000.00-40,358.471.00JP MORGAN CHASE BANK LONDONPurchaseBNP PARIB 5.431% 07/09/1720/12/15EUR850,000.00-9,349.341.00BARCLAYS BANK PLC LONDONSaleNATIONAL GRID TR 5% 02/07/1820/12/15EUR450,000.00362.781.00BNP PARIBAS GROUPE LONDRESPurchaseGECC 5.625% 15/09/1720/12/14EUR250,000.00

70,213.91Total :

As at 30 June 2011, the net unrealised appreciation on credit default swaps amounted to USD 70,213.91.


EURdepreciation in


Premium(%)



CurrencyNominal

2,663.481.00BNP PARIBAS GROUPE LONDRESSaleITRAXX EUROPE SERIE 15 5Y20/06/16EUR1,000,000.00-8,425.261.00SOCIETE GENERALEPurchaseUNICREDITO VAR 22/09/19 SUB20/06/13EUR200,000.002,526.131.00JP MORGAN CHASE BANK LONDONPurchaseCR AGRICOLE SA EUR SN MM M20/06/13EUR400,000.00-1,721.951.00JP MORGAN CHASE BANK LONDONPurchaseBNP PARIB 5.431% 07/09/1720/06/13EUR400,000.0015,937.921.00BNP PARIBAS GROUPE LONDRESSaleITRAXX EUROPE SERIE 15 5Y20/06/16EUR6,000,000.006,786.981.00BNP PARIBAS GROUPE LONDRESSaleSWISS RE AMERICA 4% 29/06/1520/12/15EUR650,000.009,200.781.00JP MORGAN CHASE BANK LONDONSaleCSF GUERN. 6.375% 07/06/1320/12/15EUR500,000.00

-15,507.771.00JP MORGAN CHASE BANK LONDONSaleSHELL INT.FIN. 5.2% 22/03/1720/03/16EUR800,000.008,119.111.00BARCLAYS BANK PLC LONDONPurchaseRWE AG 5.75% 14/02/3320/12/15EUR950,000.002,431.131.00JP MORGAN CHASE BANK LONDONPurchaseENI SPA 4.625% 30/04/1320/03/16EUR950,000.00

-22,182.881.00BNP PARIBAS GROUPE LONDRESPurchaseAXA 6% 18/06/1320/12/15EUR1,000,000.00-32,748.531.00JP MORGAN CHASE BANK LONDONPurchaseBNP PARIB 5.431% 07/09/1720/12/15EUR1,000,000.00-7,165.011.00BARCLAYS BANK PLC LONDONSaleNATIONAL GRID TR 5% 02/07/1820/12/15EUR500,000.00750.681.00BNP PARIBAS GROUPE LONDRESPurchaseGECC 5.625% 15/09/1720/12/14EUR750,000.00

-39,335.19Total :

As at 30 June 2011, the net unrealised depreciation on credit default swaps amounted to EUR 39,335.19.

� Amundi Funds Money Market USD


USD Federal - OIS0.1625%04/08/11USD2,991,427.00

319


EURdepreciation in


Premium(%)



CurrencyNominal

41,403.601.00JP MORGAN CHASE BANK LONDONSaleCSF GUERN. 6.375% 07/06/1320/12/15EUR2,250,000.00-27,756.561.00BARCLAYS BANK PLC LONDONSaleCOMCAST 5.3% 15/01/1420/06/16USD4,650,000.0099,547.645.00JP MORGAN CHASE BANK LONDONPurchaseFIAT FIN.&TR. 6.625% 15/02/1320/12/15EUR1,900,000.00-68,113.511.00BNP PARIBAS GROUPE LONDRESPurchaseDANSKE BANK 4.75% 04/06/1420/03/16EUR4,300,000.0058,309.801.00BARCLAYS BANK PLC LONDONPurchaseAT&T INC. 5.1% 15/09/1420/06/16USD5,800,000.0066,408.041.00BNP PARIBAS GROUPE LONDRESSaleITRAXX EUROPE SERIE 15 5Y20/06/16EUR25,000,000.00-60,799.241.00BNP PARIBAS GROUPE LONDRESSaleHSBC BANK PLC 0% 10/04/1220/03/16EUR4,750,000.00-22,942.001.00BNP PARIBAS GROUPE LONDRESSaleTELEK.FIN.M. 6.375% 29/01/1620/06/16EUR4,000,000.00-147,368.541.00JP MORGAN CHASE BANK LONDONPurchaseBNP PARIB 5.431% 07/09/1720/12/15EUR4,500,000.00-46,831.111.00BNP PARIBAS GROUPE LONDRESPurchaseHANNOVER FIN.LUX VAR 26/02/2420/03/16EUR3,150,000.00-9,913.821.00SOCIETE GENERALESaleMETRO AG 7.625% 05/03/1520/03/16EUR2,000,000.0033,412.851.00BNP PARIBAS GROUPE LONDRESSaleSWISS RE AMERICA 4% 29/06/1520/12/15EUR3,200,000.0026,623.671.00BNP PARIBAS GROUPE LONDRESSaleBARCLAYS BANK VAR 27/10/1520/03/16EUR3,750,000.00-82,051.051.00BNP PARIBAS GROUPE LONDRESSaleRABOBK NEDERL. 3.5% 23/03/1220/12/14EUR4,750,000.0010,875.991.00JP MORGAN CHASE BANK LONDONPurchaseENI SPA 4.625% 30/04/1320/03/16EUR4,250,000.00

-133,850.571.00BNP PARIBAS GROUPE LONDRESPurchaseLLOYDS TSB 6,375% 17/06/1620/03/16EUR3,150,000.00-204,405.011.00BNP PARIBAS GROUPE LONDRESPurchaseNOKIA OYJ 6.75% 04/02/1920/06/16EUR3,450,000.00

5,004.511.00BNP PARIBAS GROUPE LONDRESPurchaseGECC 5.625% 15/09/1720/12/14EUR5,000,000.00-3,865.611.00JP MORGAN CHASE BANK LONDONSaleVOLVO TREASURY 5% 31/05/1720/12/15EUR3,800,000.00-59,510.125.00MORGAN STANLEY CO INTERNATIONAL LTD LDNSaleBRIT.AIRWAYS 8.75% 23/08/1620/03/16EUR1,900,000.00-106,477.981.00BNP PARIBAS GROUPE LONDRESPurchaseAXA 6% 18/06/1320/12/15EUR4,800,000.00-187,524.851.00BNP PARIBAS GROUPE LONDRESPurchaseROYAL BK SCOT.VAR 06/12/2020/03/16EUR4,400,000.00-8,097.371.00SOCIETE GENERALEPurchaseCARREFOUR 4.375% 02/11/1620/03/16EUR4,000,000.00-69,785.101.00JP MORGAN CHASE BANK LONDONSaleSHELL INT.FIN. 5.2% 22/03/1720/03/16EUR3,600,000.00-54,178.011.00BNP PARIBAS GROUPE LONDRESSaleMUNCHENER RUCKV. VAR 21/06/2320/03/16EUR4,750,000.0041,884.541.00BARCLAYS BANK PLC LONDONSaleVALEO 3.75% 24/06/1320/06/16EUR3,200,000.0038,886.191.00BARCLAYS BANK PLC LONDONPurchaseRWE AG 5.75% 14/02/3320/12/15EUR4,550,000.0096,420.585.00MORGAN STANLEY CO INTERNATIONAL LTD LDNPurchaseAIR FRANCE 2.75% 01/04/20 DTY20/03/16EUR2,550,000.00-32,242.441.00BARCLAYS BANK PLC LONDONSaleNATIONAL GRID TR 5% 02/07/1820/12/15EUR2,250,000.00-116,291.951.00BARCLAYS BANK PLC LONDONPurchasePEUGEOT 8.375% 15/07/1420/06/16EUR2,300,000.0026,635.171.00BNP PARIBAS GROUPE LONDRESSaleITRAXX EUROPE SERIE 15 5Y20/06/16EUR10,000,000.006,041.621.00BNP PARIBAS GROUPE LONDRESSaleBARCLAYS BANK VAR 27/10/1520/03/16EUR850,000.00

-84,252.721.00SOCIETE GENERALEPurchaseUNICREDITO VAR 22/09/19 SUB20/06/13EUR2,000,000.00-59,035.971.00JP MORGAN CHASE BANK LONDONPurchaseCREDIT AGRICOLE FRN 13/03/1620/06/13EUR4,000,000.00-17,219.371.00JP MORGAN CHASE BANK LONDONPurchaseBNP PARIB 5.431% 07/09/1720/06/13EUR4,000,000.00-42,632.521.00BNP PARIBAS GROUPE LONDRESPurchaseROYAL BK SCOT.VAR 06/12/2020/03/16EUR1,000,000.00-4,702.931.00SOCIETE GENERALESaleMETRO AG 7.625% 05/03/1520/03/16EUR950,000.00-3,860.051.00SOCIETE GENERALEPurchaseCARREFOUR 4.375% 02/11/1620/03/16EUR1,900,000.00

-1,102,254.20Total :

As at 30 June 2011, the net unrealised depreciation on credit default swaps amounted to EUR 1,102,254.20.


EURdepreciation in


Premium(%)



CurrencyNominal

-425,469.744.35MORGAN STANLEY CO INTERNATIONAL LTD LDNSaleSTH AFRICA 6.50% 02/06/1420/03/14USD6,400,000.00-11,956.515.00BANK OF AMERICAPurchaseCODERE FIN. 8.25% 15/06/1520/09/16EUR4,000,000.00

-437,426.25Total :

As at 30 June 2011, the net unrealised depreciation on credit default swaps amounted to EUR 437,426.25.


USDdepreciation in


Premium(%)



CurrencyNominal

-598,803.845.00BNP PARIBAS GROUPE LONDRESSaleITRAXX XOVER S15 V1 5Y MKT20/06/16EUR10,000,000.001,630,986.231.00BNP PARIBAS GROUPE LONDRESSaleITRAXX SUB FIN S15 V1 5Y MKT20/06/16EUR15,000,000.00-898,205.675.00BNP PARIBAS GROUPE LONDRESSaleITRAXX XOVER S15 V1 5Y MKT20/06/16EUR15,000,000.00-511,564.311.00BNP PARIBAS GROUPE LONDRESPurchaseITRAXX SNR FIN S15 V1 5Y MKT20/06/16EUR15,000,000.00-377,587.59Total :


As at 30 June 2011, the net unrealised depreciation on credit default swaps amounted to USD 377,587.59.

320


EURdepreciation in


Premium(%)



CurrencyNominal

-29,564.625.00BANK OF AMERICA N.YSaleBRIT.AIRWAYS 8.75% 23/08/1620/09/13EUR500,000.00-58,293.641.00BANK OF AMERICA N.YSaleDEGUSSA 5.125% 10/12/1320/12/13EUR3,000,000.00-286,120.505.00BANK OF AMERICA N.YSaleVIRG.MEDIA.FIN. 9.5% 15/08/1620/09/13EUR4,000,000.00-249,568.605.00BANK OF AMERICA N.YSaleUPC HLDG 7.75% 15/01/1420/09/13EUR5,000,000.00-12,370.211.00JP MORGAN CHASE BANK LONDONSalePERNOD RIC. 4.625% 06/12/1320/12/14EUR5,500,000.00-107,295.195.00BANK OF AMERICA N.YSaleVIRG.MEDIA.FIN. 9.5% 15/08/1620/09/13EUR1,500,000.00116,471.101.00BNP PARIBAS GROUPE LONDRESSaleGAS NATURAL 4.50% 27/01/2020/03/17EUR2,500,000.00-79,868.825.00MORGAN STANLEY CO INTERNATIONAL LTD LDNSaleBRIT.AIRWAYS 8.75% 23/08/1620/03/16EUR2,550,000.0046,596.551.00BARCLAYS BANK PLC LONDONSaleVALEO 3.75% 24/06/1320/06/16EUR3,560,000.00348,445.911.00BANK OF AMERICASaleOTE PLC 4.625% 20/05/1620/03/14EUR2,970,000.00-150,774.525.00BANK OF AMERICA N.YSaleM REAL CORP VAR 01/04/1320/03/13EUR2,700,000.00-12,207.121.00JP MORGAN CHASE BANK LONDONSaleVOLVO TREASURY 5% 31/05/1720/12/15EUR12,000,000.0072,845.295.00BANK OF AMERICA N.YPurchaseHEIDELBERGCMT 5.625% 04/01/1820/03/15EUR700,000.0073,346.255.00BANK OF AMERICA N.YPurchaseUPC HLDG 7.75% 15/01/1420/09/15EUR5,000,000.0014,669.275.00BANK OF AMERICA N.YPurchaseCABLECOM LUX 8% 01/11/1620/09/15EUR1,000,000.00314,360.895.00JP MORGAN CHASE BANK LONDONPurchaseFIAT FIN.& TR. 6.625% 15/02/1320/12/15EUR6,000,000.005,118.121.00JP MORGAN CHASE BANK LONDONPurchaseENI SPA 4.625% 30/04/1320/03/16EUR2,000,000.00

-118,978.251.00BNP PARIBAS GROUPE LONDRESPurchaseLLOYDS TSB 6,375% 17/06/1620/03/16EUR2,800,000.00128,560.745.00MORGAN STANLEY CO INTERNATIONAL LTD LDNPurchaseAIR FRANCE 2.75% 01/04/20 DTY20/03/16EUR3,400,000.00168,677.765.00MORGAN STANLEY CO INTERNATIONAL LTD LDNPurchaseRALLYE 3.25% 01/07/13 DTY20/06/14EUR3,500,000.00175,990.195.00BANK OF AMERICA N.YPurchaseWIND ACQUIS.FIN. 11% 01/12/1520/12/15EUR5,400,000.0017,690.495.00MORGAN STANLEY CO INTERNATIONAL LTD LDNPurchaseGROHE HOLD 8.625% 01/10/1420/12/11EUR1,000,000.00260,161.835.00BANK OF AMERICA N.YPurchaseHEIDELBERGCMT 5.625% 04/01/1820/03/15EUR2,500,000.00-18,628.941.00BARCLAYS BANK PLC LONDONSaleNATIONAL GRID TR 5% 02/07/1820/12/15EUR1,300,000.00-128,426.771.00BARCLAYS BANK PLC LONDONPurchasePEUGEOT 8.375% 15/07/1420/06/16EUR2,540,000.00-37,284.115.00BNP PARIBAS GROUPE LONDRESSaleFCE BANK PLC 7.125% 16/01/1220/03/12EUR1,250,000.00-233,588.065.00BNP PARIBAS GROUPE LONDRESSaleFCE BANK PLC 9.375% 17/01/1420/09/13EUR3,000,000.00-38,863.691.00BANK OF AMERICA N.YSaleDEGUSSA 5.125% 10/12/1320/12/13EUR2,000,000.00-295,646.215.00ROYAL BANK OF SCOTLANDSaleBRIT.AIRWAYS 8.75% 23/08/1620/09/13EUR5,000,000.00-49,913.735.00BANK OF AMERICA N.YSaleCABLECOM LUX 8% 01/11/1620/09/13EUR1,000,000.00-32,954.041.00JP MORGAN CHASE BANK LONDONSaleSHELL INT.FIN. 5.2% 22/03/1720/03/16EUR1,700,000.00-53,759.351.00BNP PARIBAS GROUPE LONDRESSaleHSBC BANK PLC 0% 10/04/1220/03/16EUR4,200,000.00-178,519.645.00MORGAN STANLEY CO INTERNATIONAL LTD LDNSaleSTENA AB 6.125% 01/01/1720/06/13EUR4,000,000.00-313,825.915.00BANK OF AMERICA N.YSaleWIND ACQUIS.FIN. 11% 01/12/1520/12/13EUR5,400,000.00-272,765.805.00BANK OF AMERICA N.YSaleHEIDELBERGCMT 5.625% 04/01/1820/03/13EUR4,000,000.00752,636.121.00ROYAL BANK OF SCOTLANDSalePORTUGAL TEL.FIN.4.375% 03/1720/03/16EUR5,500,000.00-89,347.855.00ROYAL BANK OF SCOTLANDSaleM REAL CORP VAR 01/04/1320/03/13EUR1,600,000.0020,244.335.00BANK OF AMERICA N.YPurchaseBRIT.AIRWAYS 8.75% 23/08/1620/09/15EUR500,000.00263,660.895.00BANK OF AMERICA N.YPurchaseVIRG.MEDIA.FIN. 9.5% 15/08/1620/09/17EUR4,000,000.00202,443.375.00ROYAL BANK OF SCOTLANDPurchaseBRIT.AIRWAYS 8.75% 23/08/1620/09/15EUR5,000,000.0098,872.825.00BANK OF AMERICA N.YPurchaseVIRG.MEDIA.FIN. 9.5% 15/08/1620/09/17EUR1,500,000.0022,220.641.00BARCLAYS BANK PLC LONDONPurchaseRWE AG 5.75% 14/02/3320/12/15EUR2,600,000.0071,858.755.00JP MORGAN CHASE BANK LONDONPurchaseCABLECOM LUX 8% 01/11/1620/06/14EUR1,700,000.00-97,108.075.00MORGAN STANLEY CO INTERNATIONAL LTD LDNPurchaseSTENA AB 6.125% 01/01/1720/06/16EUR4,000,000.0020,321.335.00JP MORGAN CHASE BANK LONDONPurchaseINEOS GP HLDG 7.875% 15/02/1620/12/11EUR1,000,000.008,443.325.00BANK OF AMERICA N.YPurchaseGROHE HOLD 8.625% 01/10/1420/09/11EUR1,000,000.0040,273.755.00SOCIETE GENERALEPurchaseONO FINANCE 11.125% 15/07/1920/06/13EUR2,550,000.00

-153,430.745.00SOCIETE GENERALESaleHEIDELBERGCMT F. VAR 25/01/1220/03/13EUR2,250,000.00156,097.125.00SOCIETE GENERALEPurchaseHEIDELBERGCMT F. VAR 25/01/1220/03/15EUR1,500,000.0084,958.675.00UNION BANK OF SWITZERLANDPurchaseCODERE FIN. 8.25% 15/06/1520/06/14EUR2,000,000.00

-111,424.081.00JP MORGAN CHASE BANK LONDONPurchaseFRESENIUS.FIN. 8.75% 15/07/1520/09/16EUR1,700,000.0019,071.205.00ROYAL BANK OF SCOTLANDPurchaseCODERE FIN. 8.25% 15/06/1520/09/14EUR500,000.00293,508.24Total :

As at 30 June 2011, the net unrealised appreciation on credit default swaps amounted to EUR 293,508.24.


321


19 CONTRACTS FOR DIFFERENCE

The Fund has concluded “contracts for difference” in which counterparties trade a security or a basket of securities, without actually buying or selling the security. Thecontract stipulates that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time.The following abbreviations have been used to signify the location of the stocks issuers :EUR : Euro-zone US : United States of America UK : United Kingdom SEK : Sweden CHF : Switzerland NOK : Norway

As at 30 June 2011, the net unrealised depreciation on contracts for difference amounted to EUR 518,998.73.

20 SECURITIES LENDING

As at 30 June 2011, the Fund is engaged into fully collateralised securities lending agreements with a first-class financial institution as follows :

As at 30 June 2011, the collateral from securities lending agreements represents 105% of the market value of securities lent by the Fund.

21 SECURITIES BORROWING

As at 30 June 2011, no securities borrowing is allowed in the Fund.

22 LEHMAN BROTHERS BANKRUPTCY

In all the below listed sub-funds, the assets also include receivables from Lehman Brothers. Those items are part of the caption “Other assets”.They have been depreciated by 90% as at 30 June 2011 following the firm’s bankrupt in September 2008:

Currency Lehman Brothers receivablesas at 30 June 2011

Depreciation as at 30 June 2011

Net amount as at 30 June 2011

Amundi Funds Bond Euro High Yield EUR 321,198.70 289,078.83 32,119.87Amundi Funds Absolute VaR 2(EUR) EUR 2,444,770.55 2,200,293.49 244,477.06Amundi Funds Absolute VaR 2(USD) USD 80,950.26 72,855.23 8,095.03Amundi Funds Absolute VaR 4(EUR) EUR 229,145.35 206,230.82 22,914.53Amundi Funds Absolute VaR 4(USD) USD 99,161.69 89,245.52 9,916.17Amundi Funds Absolute High Yield EUR 4,970.70 4,473.63 497.07

Currency Maturity date Counterparty Underlying Unrealised Appreciation/Depreciation in EUR

GBP 05/10/15 MORGAN STANLEY BANK Basket of UK stocks 87,968.32NOK 05/10/15 MORGAN STANLEY BANK Basket of NOK stocks 77,855.23SEK 05/10/15 MORGAN STANLEY BANK Basket of SEK stocks -79,424.61CHF 05/10/15 MORGAN STANLEY BANK Basket of CHF stocks -4,620.58DKK 05/10/15 MORGAN STANLEY BANK Carlsberg/Novo Nordik B -3,615.22USD 05/10/15 MORGAN STANLEY BANK Basket of USD stocks 78,775.98USD 05/10/15 MORGAN STANLEY BANK Basket of USD stocks -182,799.97EUR 15/10/15 MORGAN STANLEY BANK RYANAIR HOLDINGS -1,134.79EUR 05/10/15 MORGAN STANLEY BANK Basket of EUR stocks -406,410.11EUR 05/10/15 MORGAN STANLEY BANK Basket of EUR stocks -85,592.98

Total: -518,998.73


Sub-funds Currency Market value of securities lent % of PortfolioAmundi Funds Equity Global Select USD 3,991,190.20 2.40%Amundi Funds Equity Euro Select EUR 3,033,164.28 2.52%Amundi Funds Equity Europe Select EUR 1,156,432.58 1.03%Amundi Funds Index Equity Euro EUR 33,610,535.74 14.62%Amundi Funds Index Equity Europe EUR 62,949,600.59 14.07%Amundi Funds Index Equity North America EUR 14,270,152.18 2.94%Amundi Funds Absolute VaR 4(EUR) EUR 142,330.00 0.14%Amundi Funds Absolute Volatility Arbitrage EUR 686,072.50 0.24%

322


23 SUBSEQUENT EVENTS

Since 1 July 2011, Amundi Funds is subject to part I of the law of 17 December 2010 on undertakings for collective investment.

As at 1 July 2011, the maximum rate on performance fees applied is 15% for the Sub-Fund Amundi Funds Absolute Forex.

As at 15 July 2011, the benchmark is 10/40 MSCI India for the Sub-Fund Amundi Funds Equity India Infrastructure.

As at 15 July 2011, the Amundi Funds Absolute VaR Short Term has been liquidated.

323

Audit report

Audit report

To the Shareholders of Amundi Funds

We have audited the accompanying financial statements of Amundi Funds and of each of its sub-funds, which comprise the statement of net assets and the securitiesportfolio as at 30 June, 2011 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies andother explanatory notes to the financial statements.

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

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

Responsibility of the “Réviseur d’entreprises agréé”

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

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

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

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Amundi Funds and of each of its sub-funds as of 30 June, 2011, and of theresults of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to thepreparation of the financial statements.

Other matters

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 carriedout in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerningsuch information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S.à r.l. Luxembourg, 17 October 2011Represented by

Christophe Pittie

PricewaterhouseCoopers S.à r.l. 400, Route d’Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.luCabinet de révision agrée. Expert-comptable (autorisation gouvernementale n°00123693)R.C.S Luxembourg B 65 477 - Capital social EUR 516 950 - TVA LU17564447

324

To the shareholders of Amundi Funds

We hereby confirm that, in our opinion, the Management Company of the Fund, has in all material respects, managed Amundi Funds in accordance with the provisionsof the legal documentation of the Fund, as amended, for the year ended 30 June 2011.

For and on behalf ofCACEIS Bank Luxembourg S.A.

Report of the Custodian

325

Notices and Reports

If required by the Law, notices to shareholders will be published in the Luxembourg “Mémorial”, the Luxemburger Wort and in such other newspapers as the Directorsmay determine.All dividend payment will be announced in the Luxemburger Wort and such other newspapers, or using such other means, as the Board of Directors may determine.

326

Additional Information (unaudited)

HISTORICAL DATAHere are the highest issue prices and the lowest redemption prices of the shares over the last 10 financial years, or if the sub-fund has not been in existence duringthe whole period, over the whole period in which it has been in existence. Important variation can appear over time in the value of one class of share, due to a corporate action.

Accounting year ending as at : 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08 30/06/07 30/06/07 30/06/06 30/06/06

Name, class and part of the sub-fund

Lowest Price

HighestPrice

Lowest Price

HighestPrice

Lowest Price

Highest Price

Lowest Price

HighestPrice

Lowest Price

HighestPrice

Lowest Price

HighestPrice

Amundi Funds Equity Euroland Value - AHK (C) 1,810.78 2,534.37

Amundi Funds Equity Euroland Value - AE (C) 94.17 117.55

Amundi Funds Equity Euroland Value - FE (C) 89.38 110.88

Amundi Funds Equity Euroland Value - IE (C) 970.54 1,262.99

Amundi Funds Equity Euroland Value - ME (C) 97.05 126.28

Amundi Funds Equity Euroland Value - OE (C) 92.95 1,015.81

Amundi Funds Equity Global Alpha - AE (C) 74.89 101.93

Amundi Funds Equity Global Alpha - AU (C) 24.83 102.38

Amundi Funds Equity Global Alpha - FU (C) 98.50 146.07

Amundi Funds Equity Global Alpha - IU (C) 985.17 1,692.98

Amundi Funds Equity Global Alpha - OU (C) 67.99 1,024.18

Amundi Funds Equity Japan CoreAlpha - AHE (C) 60.96 102.07

Amundi Funds Equity Japan CoreAlpha - AE (C) 88.51 112.09

Amundi Funds Equity Japan CoreAlpha - AJ (C) 6,532.78 10,216.50

Amundi Funds Equity Japan CoreAlpha - AJ (D) 6,732.00 10,216.51

Amundi Funds Equity Japan CoreAlpha - FHE (C) 59.64 102.06

Amundi Funds Equity Japan CoreAlpha - FJ (C) 7,432.98 10,213.15

Amundi Funds Equity Japan CoreAlpha - IHE (C) 625.41 1,020.99

Amundi Funds Equity Japan CoreAlpha - IJ (C) 67,475.29 102,186.33

Amundi Funds Equity Japan CoreAlpha - IJ (D) 68,714.66 102,186.32

Amundi Funds Equity Japan CoreAlpha - MHE (C) 63.45 102.10

Amundi Funds Equity Japan CoreAlpha - MJ (C) 6,802.85 10,218.63

Amundi Funds Equity Japan Target - AHE (C) 54.44 102.72

Amundi Funds Equity Japan Target - AE (C) 100.04 102.04

Amundi Funds Equity Japan Target - AJ (C) 1,358.07 10,279.41

Amundi Funds Equity Japan Target - FHE (C) 99.99 102.67

Amundi Funds Equity Japan Target - FJ (C) 8,445.95 10,828.90

Amundi Funds Equity Japan Target - IJ (C) 98,837.30 126,531.45

Amundi Funds Equity Japan Target - MJ (C) 9,871.91 12,638.01

Amundi Funds Equity Japan Target - OJ (C) 8,210.09 102,842..28

Amundi Funds Equity US Concentrated Core - AHE (C) 15.70 103.64

Amundi Funds Equity US Concentrated Core - AE (C) 76.47 103.32

Amundi Funds Equity US Concentrated Core - AU (C) 20.34 103.78

Amundi Funds Equity US Concentrated Core - AU (D) 86.48 118.49

Amundi Funds Equity US Concentrated Core - FHE (C) 99.21 161.19

Amundi Funds Equity US Concentrated Core - FU (C) 94.91 128.96

Amundi Funds Equity US Concentrated Core - IHE (C) 991.13 1,037.07

Amundi Funds Equity US Concentrated Core - IU (C) 991.04 1,550.71

Amundi Funds Equity US Concentrated Core - IU (D) 922.31 1,274.72

Amundi Funds Equity US Concentrated Core - MU (C) 99.10 155.43

Amundi Funds Equity US Growth - AHE (C) 19.64 103.67

Amundi Funds Equity US Growth - AE (C) 87.66 110.25

Amundi Funds Equity US Growth - AU (C) 28.91 103.73

Amundi Funds Equity US Growth - AU (D) 99.25 160.20

Amundi Funds Equity US Growth - FHE (C) 90.98 126.28

Amundi Funds Equity US Growth - FU (C) 99.23 187.10

Amundi Funds Equity US Growth - IHE (C) 992.38 1,484.79

Amundi Funds Equity US Growth - IU (C) 992.47 2,232.01

Amundi Funds Equity US Growth - IU (D) 992.47 1,696.91

Amundi Funds Equity US Growth - MU (C) 99.25 221.73

Amundi Funds Equity US Multi Strategies - AHE (C) 15.12 103.15

Amundi Funds Equity US Multi Strategies - AE (C) 68.75 102.80

Amundi Funds Equity US Multi Strategies - AU (C) 19.34 103.26

Amundi Funds Equity US Multi Strategies - AU (D) 77.74 106.11

Amundi Funds Equity US Multi Strategies - FHE (C) 70.16 103.13

Amundi Funds Equity US Multi Strategies - FU (C) 90.17 122.07

Amundi Funds Equity US Multi Strategies - IU (C) 987.66 1,472.41

Amundi Funds Equity US Multi Strategies - IU (D) 847.30 1,166.44

Amundi Funds Equity US Multi Strategies - OHE (C) 139.07 1,031.97

Amundi Funds Equity US Multi Strategies - OU (C) 141.85 1,033.00

327


Accounting year ending as at : 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02 30/06/01 30/06/01


Lowest Price

HighestPrice

Lowest Price

HighestPrice

Lowest Price

Highest Price

Lowest Price

HighestPrice

Lowest Price

HighestPrice

Amundi Funds Equity Euroland Value - AHK (C)Amundi Funds Equity Euroland Value - AE (C)Amundi Funds Equity Euroland Value - FE (C)Amundi Funds Equity Euroland Value - IE (C)Amundi Funds Equity Euroland Value - ME (C)Amundi Funds Equity Euroland Value - OE (C)Amundi Funds Equity Global Alpha - AE (C)Amundi Funds Equity Global Alpha - AU (C)Amundi Funds Equity Global Alpha - FU (C)Amundi Funds Equity Global Alpha - IU (C)Amundi Funds Equity Global Alpha - OU (C)Amundi Funds Equity Japan CoreAlpha - AHE (C)Amundi Funds Equity Japan CoreAlpha - AE (C)Amundi Funds Equity Japan CoreAlpha - AJ (C)Amundi Funds Equity Japan CoreAlpha - AJ (D)Amundi Funds Equity Japan CoreAlpha - FHE (C)Amundi Funds Equity Japan CoreAlpha - FJ (C)Amundi Funds Equity Japan CoreAlpha - IHE (C)Amundi Funds Equity Japan CoreAlpha - IJ (C)Amundi Funds Equity Japan CoreAlpha - IJ (D)Amundi Funds Equity Japan CoreAlpha - MHE (C)Amundi Funds Equity Japan CoreAlpha - MJ (C)Amundi Funds Equity Japan Target - AHE (C)Amundi Funds Equity Japan Target - AE (C)Amundi Funds Equity Japan Target - AJ (C)Amundi Funds Equity Japan Target - FHE (C)Amundi Funds Equity Japan Target - FJ (C)Amundi Funds Equity Japan Target - IJ (C)Amundi Funds Equity Japan Target - MJ (C)Amundi Funds Equity Japan Target - OJ (C)Amundi Funds Equity US Concentrated Core - AHE (C)Amundi Funds Equity US Concentrated Core - AE (C)Amundi Funds Equity US Concentrated Core - AU (C)Amundi Funds Equity US Concentrated Core - AU (D)Amundi Funds Equity US Concentrated Core - FHE (C)Amundi Funds Equity US Concentrated Core - FU (C)Amundi Funds Equity US Concentrated Core - IHE (C)Amundi Funds Equity US Concentrated Core - IU (C)Amundi Funds Equity US Concentrated Core - IU (D)Amundi Funds Equity US Concentrated Core - MU (C)Amundi Funds Equity US Growth - AHE (C)Amundi Funds Equity US Growth - AE (C)Amundi Funds Equity US Growth - AU (C)Amundi Funds Equity US Growth - AU (D)Amundi Funds Equity US Growth - FHE (C)Amundi Funds Equity US Growth - FU (C)Amundi Funds Equity US Growth - IHE (C)Amundi Funds Equity US Growth - IU (C)Amundi Funds Equity US Growth - IU (D)Amundi Funds Equity US Growth - MU (C)Amundi Funds Equity US Multi Strategies - AHE (C)Amundi Funds Equity US Multi Strategies - AE (C)Amundi Funds Equity US Multi Strategies - AU (C)Amundi Funds Equity US Multi Strategies - AU (D)Amundi Funds Equity US Multi Strategies - FHE (C)Amundi Funds Equity US Multi Strategies - FU (C)Amundi Funds Equity US Multi Strategies - IU (C)Amundi Funds Equity US Multi Strategies - IU (D)Amundi Funds Equity US Multi Strategies - OHE (C)Amundi Funds Equity US Multi Strategies - OU (C)

328




Lowest Price

HighestPrice

Lowest Price

HighestPrice

Lowest Price

Highest Price

Lowest Price

HighestPrice

Lowest Price

HighestPrice

Lowest Price

HighestPrice

Amundi Funds Equity US Relative Value - AHE (C) 20.04 102.49

Amundi Funds Equity US Relative Value - AHK (C) 1,771.24 2,556.90

Amundi Funds Equity US Relative Value - AE (C) 64.62 102.09

Amundi Funds Equity US Relative Value - AU (C) 18.46 102.55

Amundi Funds Equity US Relative Value - AU (D) 74.58 104.67

Amundi Funds Equity US Relative Value - FHE (C) 95.19 131.84

Amundi Funds Equity US Relative Value - FU (C) 98.38 1,184.03

Amundi Funds Equity US Relative Value - IHE (C) 983.64 1,534.68

Amundi Funds Equity US Relative Value - IU (C) 983.98 1,419.93

Amundi Funds Equity US Relative Value - IU (D) 767.99 1,080.49

Amundi Funds Equity US Relative Value - MHE (C) 98.37 152.98

Amundi Funds Equity US Relative Value - MU (C) 98.40 152.39

Amundi Funds Equity US Relative Value - OHE (C) 113.46 1,025.06

Amundi Funds Equity US Relative Value - OU (C) 125.65 1,025.95

Amundi Funds Gems World - AU (C) 63.05 98.98 54.87 80.13 32.00 92.07 77.42 116.40 100.00 106.91

Amundi Funds Gems World - IU (C) 624.00 985.59 539.04 791.64 313.69 897.61 752.10 1,127.08 1,000.00 1,070.52

Amundi Funds Gems World - IU (D) 747.74 1,120.56 1,000.00 1,070.52

Amundi Funds Gems World - MU (C) 111.14 121.99 96.03 140.99

Amundi Funds Gems World - SU (C) 60.13 94.10 52.53 76.47 30.68 88.41 74.42 112.10 100.00 106.85

Amundi Funds Equity Global Select - AU (C) 6.59 8.96 5.70 7.62 4.44 8.68 8.59 10.91 7.92 10.35 7.20 8.98

Amundi Funds Equity Global Select - AU (D) 6.38 8.67 5.53 7.38 4.31 8.68 8.59 10.91 7.92 10.35 7.20 8.98

Amundi Funds Equity Global Select - IU (C) 829.30 1,232.17 730.75 982.59 564.74 1,110.61 1,098.03 1,387.78 998.51 1,313.51 900.78 1,130

Amundi Funds Equity Global Select - SE (C) 93.87 103.20

Amundi Funds Equity Global Select - SU (C) 6.34 8.59 5.51 7.34 4.30 8.41 8.32 10.60 7.74 10.08 7.06 8.78

Amundi Funds Equity Japan Value - AE (C) 99.72 102.00

Amundi Funds Equity Japan Value - AJ (C) 5,447.00 7,006.00 5,657 7,254 4,493 8,366 7,192 11,611 9,482 11,873 9,856 10,260

Amundi Funds Equity Japan Value - AJ (D) 9,123.00 11,735.00 9,475 12,149

Amundi Funds Equity Japan Value - I9 (C) 6,219.00 7,992.00 6,362 8,197 5,012 9,270 9,117 10,000

Amundi Funds Equity Japan Value - I2 (D) 4,834.00 6,223.00 5,097 6,506 4,077 7,663 6,599 10,677 9,956 10,930

Amundi Funds Equity Japan Value - FJ (C) 9,965.00 10,241.00

Amundi Funds Equity Japan Value - IJ (C) 56,073.00 72,082.00 57,667 74,166 45,561 84,472 72,434 116,334 94,772 118,629 98,559 102,577

Amundi Funds Equity Japan Value - MHE (C) 99.71 102.39

Amundi Funds Equity Japan Value - MJ (C) 8,948.00 11,503.00

Amundi Funds Equity Japan Value - SJ (C) 5,371.00 6,911.00 5,608 7,178 4,466 8,340 7,179 11,621 9,478 11,890 9,856 10,257

Amundi Funds Equity Euro Select - AE (C) 113.14 141.12 100.24 131.83 83.63 110.97

Amundi Funds Equity Euro Select - AE (D) 108.22 133.31 96.38 126.09

Amundi Funds Equity Euro Select - FE (C) 96.94 101.49

Amundi Funds Equity Euro Select - IE (C) 1,146.83 1,437.44 1,007.96 1,333.93 837.80 1,114.19

Amundi Funds Equity Euro Select - ME (C) 96.95 101.53

Amundi Funds Equity Euro Select - SE (C) 119.96 149.26 106.70 139.90

Amundi Funds Equity Europe Select - AE (C) 118.50 147.71 100.73 134.90 82.48 109.52

Amundi Funds Equity Europe Select - AE (D) 114.29 140.76 97.65 130.11

Amundi Funds Equity Europe Select - FE (C) 98.37 102.07

Amundi Funds Equity Europe Select - IE (C) 1,199.43 1,502.41 1,011.28 1,363.03 825.11 1,099.17

Amundi Funds Equity Europe Select - ME (C) 98.41 102.12

Amundi Funds Equity Europe Select - OE (C) 943.84 979.53

Amundi Funds Equity Europe Select - SE (C) 131.89 164.00 112.56 150.28

Amundi Funds Equity Euroland Small Cap - AE (C) 98.11 180.36

Amundi Funds Equity Euroland Small Cap - AE (D) 98.11 102.23

Amundi Funds Equity Euroland Small Cap - FE (C) 98.09 169.11

Amundi Funds Equity Euroland Small Cap - IE (C) 981.26 1,960.48

Amundi Funds Equity Euroland Small Cap - ME (C) 98.13 195.53

Amundi Funds Equity Euroland Small Cap - OE (C) 94.60 1,022.77

Amundi Funds Equity Euroland Small Cap - SE (C) 98.11 102.23

Amundi Funds Equity Global Gold Mines - AE (C) 96.07 179.10

Amundi Funds Equity Global Gold Mines - AU (C) 30.75 99.35

Amundi Funds Equity Global Gold Mines - FU (C) 95.04 372.21

Amundi Funds Equity Global Gold Mines - IU (C) 950.73 4,496.50

Amundi Funds Equity Global Gold Mines - MU (C) 95.07 452.60

Amundi Funds Equity Global Luxury and Lifestyle - AE (C) 94.84 130.93

Amundi Funds Equity Global Luxury and Lifestyle - AU (C) 89.50 137.19

Amundi Funds Equity Global Luxury and Lifestyle - FU (C) 80.68 122.63

Amundi Funds Equity Global Luxury and Lifestyle - MU (C) 89.95 139.37

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Amundi Funds Equity US Relative Value - AHE (C)Amundi Funds Equity US Relative Value - AHK (C)Amundi Funds Equity US Relative Value - AE (C)Amundi Funds Equity US Relative Value - AU (C)Amundi Funds Equity US Relative Value - AU (D)Amundi Funds Equity US Relative Value - FHE (C)Amundi Funds Equity US Relative Value - FU (C)Amundi Funds Equity US Relative Value - IHE (C)Amundi Funds Equity US Relative Value - IU (C)Amundi Funds Equity US Relative Value - IU (D)Amundi Funds Equity US Relative Value - MHE (C)Amundi Funds Equity US Relative Value - MU (C)Amundi Funds Equity US Relative Value - OHE (C)Amundi Funds Equity US Relative Value - OU (C)Amundi Funds Gems World - AU (C)Amundi Funds Gems World - IU (C)Amundi Funds Gems World - IU (D)Amundi Funds Gems World - MU (C)Amundi Funds Gems World - SU (C)Amundi Funds Equity Global Select - AU (C) 6.29 7.52 5.84 7.10 4.91 6.41 6.24 8.33 8.08 65.21

Amundi Funds Equity Global Select - AU (D) 6.29 7.52 5.84 7.10 4.91 6.41 6.24 8.33 8.08 65.21

Amundi Funds Equity Global Select - IU (C) 781.93 938.08 721.24 880.47 604.61 786.76 763.55 1,015.19 983.15 8,251.11

Amundi Funds Equity Global Select - SE (C)Amundi Funds Equity Global Select - SU (C) 6.19 7.38 5.76 6.99 4.85 6.37 6.20 8.30 8.06 65.21

Amundi Funds Equity Japan Value - AE (C)Amundi Funds Equity Japan Value - AJ (C)Amundi Funds Equity Japan Value - AJ (D)Amundi Funds Equity Japan Value - I9 (C)Amundi Funds Equity Japan Value - I2 (D)Amundi Funds Equity Japan Value - FJ (C)Amundi Funds Equity Japan Value - IJ (C)Amundi Funds Equity Japan Value - MHE (C)Amundi Funds Equity Japan Value - MJ (C)Amundi Funds Equity Japan Value - SJ (C)Amundi Funds Equity Euro Select - AE (C)Amundi Funds Equity Euro Select - AE (D)Amundi Funds Equity Euro Select - FE (C)Amundi Funds Equity Euro Select - IE (C)Amundi Funds Equity Euro Select - ME (C)Amundi Funds Equity Euro Select - SE (C)Amundi Funds Equity Europe Select - AE (C)Amundi Funds Equity Europe Select - AE (D)Amundi Funds Equity Europe Select - FE (C)Amundi Funds Equity Europe Select - IE (C)Amundi Funds Equity Europe Select - ME (C)Amundi Funds Equity Europe Select - OE (C)Amundi Funds Equity Europe Select - SE (C)Amundi Funds Equity Euroland Small Cap - AE (C)Amundi Funds Equity Euroland Small Cap - AE (D)Amundi Funds Equity Euroland Small Cap - FE (C)Amundi Funds Equity Euroland Small Cap - IE (C)Amundi Funds Equity Euroland Small Cap - ME (C)Amundi Funds Equity Euroland Small Cap - OE (C)Amundi Funds Equity Euroland Small Cap - SE (C)Amundi Funds Equity Global Gold Mines - AE (C)Amundi Funds Equity Global Gold Mines - AU (C)Amundi Funds Equity Global Gold Mines - FU (C)Amundi Funds Equity Global Gold Mines - IU (C)Amundi Funds Equity Global Gold Mines - MU (C)Amundi Funds Equity Global Luxury and Lifestyle - AE (C)Amundi Funds Equity Global Luxury and Lifestyle - AU (C)Amundi Funds Equity Global Luxury and Lifestyle - FU (C)Amundi Funds Equity Global Luxury and Lifestyle - MU (C)

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Amundi Funds Equity Global Agriculture - AHE (C) 89.83 130.29 87.70 111.22

Amundi Funds Equity Global Agriculture - AE (C) 113.05 151.06 97.25 127.63

Amundi Funds Equity Global Agriculture - AU (C) 68.06 99.34 57.55 82.94 37.52 99.29 89.31 105.79

Amundi Funds Equity Global Agriculture - AU (D) 75.22 109.80 63.61 91.67

Amundi Funds Equity Global Agriculture - IHE (C) 873.67 1,264.87 740.52 1,081.96

Amundi Funds Equity Global Agriculture - IU (C) 695.89 1,023.91 583.04 844.64 377.58 996.20 893.61 1,060.55

Amundi Funds Equity Global Agriculture - MU (C) 96.93 142.62 94.87 117.65

Amundi Funds Equity Global Agriculture - SU (C) 67.43 98.09 57.24 82.33 37.42 99.16 89.31 105.71

Amundi Funds Equity Global Resources - AE (C) 98.09 101.85

Amundi Funds Equity Global Resources - AU (C) 69.98 101.56 58.73 84.36 39.56 105.29 87.82 106.46

Amundi Funds Equity Global Resources - AU (D) 73.17 106.19 61.41 88.20 51.04 74.57

Amundi Funds Equity Global Resources - FU (C) 97.02 102.28

Amundi Funds Equity Global Resources - IU (C) 715.36 1,045.77 594.79 858.52 398.00 1,056.06 878.50 1,066.65

Amundi Funds Equity Global Resources - MU (C) 97.03 102.33 89.14 107.60

Amundi Funds Equity Global Resources - SU (C) 69.32 100.30 58.41 83.74 39.46 105.15 87.81 106.38

Amundi Funds Equity Europe Restructuring - AE (C) 59.77 75.00 49.92 68.16 42.40 74.34 73.88 100.67

Amundi Funds Equity Europe Restructuring - FE (C) 97.83 101.89

Amundi Funds Equity Europe Restructuring - IE (C) 613.55 774.90 506.92 698.02 425.27 748.61 743.84 1,007.15

Amundi Funds Equity Europe Restructuring - ME (C) 97.87 101.94

Amundi Funds Equity Europe Restructuring - OE (C) 950.74 1,007.65

Amundi Funds Equity Europe Restructuring - SE (C) 59.33 74.26 49.74 67.72 42.33 74.43 73.96 100.67

Amundi Funds Equity US Opportunities - AU (C) 8.79 11.67 8.02 10.75 6.22 12.13 11.32 13.79 10.44 13.22 10.08 11.57

Amundi Funds Equity US Opportunities - AU (D) 8.79 11.68 8.03 10.75 6.22 12.13 11.33 13.79 10.44 13.23 10.08 11.57

Amundi Funds Equity US Opportunities - IU (C) 943.62 1,263.10 853.33 1,151.96 659.06 1,279.92 1,189.35 1,442.86 1,080.98 1,379.77 1,038.09 1,196.44

Amundi Funds Equity US Opportunities - SU (C) 8.10 10.72 7.42 9.91 5.76 11.26 10.53 12.84 9.77 12.33 9.46 10.83

Amundi Funds Equity ASEAN - AU (C) 72.06 97.03 51.26 77.07 34.51 86.48 85.52 126.65 99.97 111.04

Amundi Funds Equity ASEAN - AU (D) 59.92 80.51 43.20 64.08 29.08 72.87 72.06 106.73

Amundi Funds Equity ASEAN - I4 (C) 71.36 97.14 50.13 76.14 33.60 83.45 82.47 121.17 98.28 105.76

Amundi Funds Equity ASEAN - I9 (C) 79.95 108.98 56.09 85.29 37.57 93.22 92.12 100.00

Amundi Funds Equity ASEAN - IU (C) 730.92 1,001.13 521.81 789.75 350.23 872.99 862.96 1,272.26 999.86 1,112.54

Amundi Funds Equity ASEAN - MU (C) 93.97 107.36

Amundi Funds Equity ASEAN - SU (C) 71.17 95.50 50.83 76.18 34.26 86.10 85.16 126.44 99.97 110.99

Amundi Funds Equity Asia ex Japan - AU (C) 22.24 28.77 17.96 24.62 11.62 24.37 23.52 37.71 16.26 26.13 13.44 19.64

Amundi Funds Equity Asia ex Japan - AU (D) 21.81 28.22 17.75 24.14 11.49 24.08 23.24 37.26 16.07 25.82 13.28 19.40

Amundi Funds Equity Asia ex Japan - IU (C) 2,290.32 2,985.24 1,835.03 2,531.75 1,180.62 2,469.61 2,367.70 3,802.23 1,623.82 2,627.47 1,333.26 1,958.48

Amundi Funds Equity Asia ex Japan - MU (C) 86.38 112.37 69.16 94.81 44.49 93.04 90.74 109.23

Amundi Funds Equity Asia ex Japan - SU (C) 21.39 27.59 17.35 23.70 11.26 23.63 22.88 36.66 15.89 25.44 13.17 19.20

Amundi Funds Equity Asia ex Japan - XU (C) 1,116.19 1,459.36 889.46 1,226.09 570.41 1,191.24 1,137.14 1,827.93 957.99 1,260.92

Amundi Funds Equity Brazil - AU (C) 99.97 134.36 70.18 118.27 38.20 106.80 89.57 117.26

Amundi Funds Equity Brazil - AU (D) 96.34 128.32 86.59 113.98

Amundi Funds Equity Brazil - IU (C) 1,012.14 1,360.95 700.40 1,192.58 384.00 1,070.61 895.97 1,174.57

Amundi Funds Equity Brazil - MU (C) 96.38 129.31 86.60 112.04

Amundi Funds Equity Brazil - SU (C) 99.03 132.68 69.79 117.38 38.08 106.64 89.56 117.12

Amundi Funds Equity Emerging Europe - AE (C) 27.43 36.51 17.30 32.96 11.93 37.84 35.38 47.28 30.35 41.65 21.38 39.08

Amundi Funds Equity Emerging Europe - AE (D) 27.29 36.34 17.29 32.80 11.93 37.83 35.37 47.27 30.35 41.64 21.38 39.07

Amundi Funds Equity Emerging Europe - FE (C) 98.99 101.11

Amundi Funds Equity Emerging Europe - IE (C) 2,592.73 3,460.20 1,628.17 3,093.80 1,123.95 3,584.37 3,344.08 4,460.21 2,834.13 3,916.44 1,981.08 3,644.14

Amundi Funds Equity Emerging Europe - ME (C) 61.80 82.82 39.36 74.14 26.41 85.46 83.57 106.00

Amundi Funds Equity Emerging Europe - SE (C) 26.45 35.11 16.75 31.82 11.57 36.79 34.43 46.06 29.74 40.65 21.04 38.32

Amundi Funds Equity Emerging Internal Demand - AHE (C) 96.48 100.85

Amundi Funds Equity Emerging Internal Demand - AE (C) 89.78 100.00

Amundi Funds Equity Emerging Internal Demand - AU (C) 78.76 102.96 58.17 88.32 35.77 87.49 83.03 105.23

Amundi Funds Equity Emerging Internal Demand - AE (D) 89.74 100.00

Amundi Funds Equity Emerging Internal Demand - AU (D) 113.75 148.71 97.17 127.57 58.77 99.80

Amundi Funds Equity Emerging Internal Demand - IU (C) 792.05 1,041.24 587.46 890.22 360.49 879.64 833.09 1,052.62

Amundi Funds Equity Emerging Internal Demand - MU (C) 84.19 110.89 62.18 94.69 38.00 92.71 92.52 105.46

Amundi Funds Equity Emerging Internal Demand - SE (C) 93.46 109.11

Amundi Funds Equity Emerging Internal Demand - SU (C) 77.91 101.52 57.77 87.45 35.63 87.25 82.91 105.21

Amundi Funds Equity Emerging Internal Demand - XU (C) 928.97 1,045.54

Amundi Funds Equity Emerging World - AE (C) 100.88 102.15

Amundi Funds Equity Emerging World - AU (C) 85.33 112.66 66.47 98.48 41.36 97.31 92.50 111.60

Amundi Funds Equity Emerging World - AU (D) 100.00 111.59

Amundi Funds Equity Emerging World - I8 (C) 973.85 1,076.61

Amundi Funds Equity Emerging World - FU (C) 99.79 102.58

Amundi Funds Equity Emerging World - IU (C) 864.25 1,148.78 666.67 995.51 415.45 975.26 925.28 1,117.69

Amundi Funds Equity Emerging World - MU (C) 96.08 127.09 89.93 110.67

Amundi Funds Equity Emerging World - OU (C) 998.37 1,026.48

Amundi Funds Equity Emerging World - SU (C) 84.55 111.29 66.10 97.65 41.24 97.17 92.49 111.52

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Amundi Funds Equity Global Agriculture - AHE (C)Amundi Funds Equity Global Agriculture - AE (C)Amundi Funds Equity Global Agriculture - AU (C)Amundi Funds Equity Global Agriculture - AU (D)Amundi Funds Equity Global Agriculture - IHE (C)Amundi Funds Equity Global Agriculture - IU (C)Amundi Funds Equity Global Agriculture - MU (C)Amundi Funds Equity Global Agriculture - SU (C)Amundi Funds Equity Global Resources - AE (C)Amundi Funds Equity Global Resources - AU (C)Amundi Funds Equity Global Resources - AU (D)Amundi Funds Equity Global Resources - FU (C)Amundi Funds Equity Global Resources - IU (C)Amundi Funds Equity Global Resources - MU (C)Amundi Funds Equity Global Resources - SU (C)Amundi Funds Equity Europe Restructuring - AE (C)Amundi Funds Equity Europe Restructuring - FE (C)Amundi Funds Equity Europe Restructuring - IE (C)Amundi Funds Equity Europe Restructuring - ME (C)Amundi Funds Equity Europe Restructuring - OE (C)Amundi Funds Equity Europe Restructuring - SE (C)Amundi Funds Equity US Opportunities - AU (C) 8.94 10.44 8.16 9.72 6.76 8.74 8.46 10.50 9.99 34.11

Amundi Funds Equity US Opportunities - AU (D) 9.20 10.44

Amundi Funds Equity US Opportunities - IU (C) 912.35 1,069.7 828.16 991.20 682.74 881.25 848.24 1,051.69 34.11 1,122.67

Amundi Funds Equity US Opportunities - SU (C) 8.44 9.86 7.73 9.17 6.42 8.30 8.17 10.50 9.99 11.22

Amundi Funds Equity ASEAN - AU (C)Amundi Funds Equity ASEAN - AU (D)Amundi Funds Equity ASEAN - I4 (C)Amundi Funds Equity ASEAN - I9 (C)Amundi Funds Equity ASEAN - IU (C)Amundi Funds Equity ASEAN - MU (C)Amundi Funds Equity ASEAN - SU (C)Amundi Funds Equity Asia ex Japan - AU (C) 10.65 13.79 9.02 13.25 7.48 10.44 6.96 11.04 3.05 10.64

Amundi Funds Equity Asia ex Japan - AU (D) 10.65 13.79 9.02 13.25 7.48 10.44 6.96 11.04 3.05 10.64

Amundi Funds Equity Asia ex Japan - IU (C) 1,048.75 1,363.05 882.09 1,301.96 731.35 1,015.11 673.15 1,071.37 3.05 1,012.28

Amundi Funds Equity Asia ex Japan - MU (C)Amundi Funds Equity Asia ex Japan - SU (C) 10.49 13.55 8.90 13.07 7.39 10.33 6.91 10.93 3.05 10.65

Amundi Funds Equity Asia ex Japan - XU (C)Amundi Funds Equity Brazil - AU (C)Amundi Funds Equity Brazil - AU (D)Amundi Funds Equity Brazil - IU (C)Amundi Funds Equity Brazil - MU (C)Amundi Funds Equity Brazil - SU (C)Amundi Funds Equity Emerging Europe - AE (C) 17.23 163.65 107.22 172.35 89.63 111.55 72.63 619.06 544.73 940.93

Amundi Funds Equity Emerging Europe - AE (D) 17.23 161.08 105.54 169.64 88.23 109.79 71.50 609.40 536.22 926.25

Amundi Funds Equity Emerging Europe - FE (C)Amundi Funds Equity Emerging Europe - IE (C) 1,086.24 1,992.16 865.68 1,401.04 721.41 900.02 784.85 1,065.06

Amundi Funds Equity Emerging Europe - ME (C)Amundi Funds Equity Emerging Europe - SE (C) 16.99 163.65 107.22 172.35 89.63 111.55 72.63 619.06 544.73 940.93

Amundi Funds Equity Emerging Internal Demand - AHE (C)Amundi Funds Equity Emerging Internal Demand - AE (C)Amundi Funds Equity Emerging Internal Demand - AU (C)Amundi Funds Equity Emerging Internal Demand - AE (D)Amundi Funds Equity Emerging Internal Demand - AU (D)Amundi Funds Equity Emerging Internal Demand - IU (C)Amundi Funds Equity Emerging Internal Demand - MU (C)Amundi Funds Equity Emerging Internal Demand - SE (C)Amundi Funds Equity Emerging Internal Demand - SU (C)Amundi Funds Equity Emerging Internal Demand - XU (C)Amundi Funds Equity Emerging World - AE (C)Amundi Funds Equity Emerging World - AU (C)Amundi Funds Equity Emerging World - AU (D)Amundi Funds Equity Emerging World - I8 (C)Amundi Funds Equity Emerging World - FU (C)Amundi Funds Equity Emerging World - IU (C)Amundi Funds Equity Emerging World - MU (C)Amundi Funds Equity Emerging World - OU (C)Amundi Funds Equity Emerging World - SU (C)

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Amundi Funds Equity Asia Pacific ex-Japan - AE (C) 99.53 134.56

Amundi Funds Equity Asia Pacific ex-Japan - AU (C) 9.13 102.23

Amundi Funds Equity Asia Pacific ex-Japan - AU (D) 98.78 148.74

Amundi Funds Equity Asia Pacific ex-Japan - FU (C) 98.76 2,277.96

Amundi Funds Equity Asia Pacific ex-Japan - IU (C) 987.81 2,959.69

Amundi Funds Equity Asia Pacific ex-Japan - MU (C) 76.77 106.63

Amundi Funds Equity Asia Pacific ex-Japan - OU (C) 252.02 1,022.72

Amundi Funds Equity MENA - AHE (C) 45.60 101.29

Amundi Funds Equity MENA - AE (C) 52.17 101.45

Amundi Funds Equity MENA - AU (C) 46.67 101.34

Amundi Funds Equity MENA - AU (D) 42.82 101.33

Amundi Funds Equity MENA - FHE (C) 54.86 101.29

Amundi Funds Equity MENA - FU (C) 55.51 101.41

Amundi Funds Equity MENA - IHE (C) 469.25 1,013.03

Amundi Funds Equity MENA - IU (C) 485.26 1,014.46

Amundi Funds Equity MENA - IU (D) 440.81 1,013.55

Amundi Funds Equity Greater China - AE (C) 85.39 103.33

Amundi Funds Equity Greater China - AU (C) 444.42 579.60 387.91 506.23 201.16 452.63 416.35 739.34 254.03 466.09 194.41 285.27

Amundi Funds Equity Greater China - AE (D) 85.42 103.37

Amundi Funds Equity Greater China - AU (D) 444.37 579.53 387.86 506.13 201.13 452.57 416.33 739.28 254.03 466.06 194.42 285.27

Amundi Funds Equity Greater China - I4 (C) 283.79 371.75 244.60 321.19 125.68 281.85 256.16 456.08 154.12 286.19 116.39 172.64

Amundi Funds Equity Greater China - I9 (C) 88.90 116.51 76.51 100.54 39.27 88.03 85.79 100.00

Amundi Funds Equity Greater China - I2 (D) 114.33 148.54 101.27 131.19 53.67 121.29 112.44 199.52 95.05 126.13

Amundi Funds Equity Greater China - FU (C) 101.04 102.51

Amundi Funds Equity Greater China - IU (C) 463.55 602.81 401.22 524.86 215.47 483.90 442.06 786.18 267.55 494.29 203.20 300.03

Amundi Funds Equity Greater China - MU (C) 84.14 109.13 73.17 95.36 39.33 88.32 85.11 108.23

Amundi Funds Equity Greater China - SU (C) 23.24 30.27 20.37 26.53 10.59 23.86 22.03 39.08 13.50 24.68 10.37 15.17

Amundi Funds Equity Greater China - XU (C) 1,051.31 1,363.79 921.73 1,189.39 495.33 1,110.99 1,010.19 1,798.41 973.88 1,128.68

Amundi Funds Equity India - AU (C) 148.20 194.06 110.36 165.53 62.38 154.38 132.39 249.27 91.40 159.81 84.29 122.60

Amundi Funds Equity India - AU (D) 122.77 160.74 91.38 137.07 51.66 127.84 109.63 206.42 75.69 132.33 69.80 101.52

Amundi Funds Equity India - AE (D) 76.27 100.00

Amundi Funds Equity India - IU (C) 1,533.00 2,003.22 1,121.66 1,701.62 638.83 1,573.66 1,348.31 2,529.91 917.44 1,615.46 845.43 1,228.82

Amundi Funds Equity India - I2 (D) 117.01 153.04 86.71 130.27 49.04 121.73 104.43 196.11 90.93 125.44

Amundi Funds Equity India - I9 (C) 93.61 122.11 68.14 103.30 38.32 94.07 80.53 100.00

Amundi Funds Equity India - I4 (C) 147.87 192.98 107.89 163.38 60.71 149.15 127.71 239.00 85.97 152.17 79.18 115.03

Amundi Funds Equity India - XU (C) 769.51 1,004.28 987.64 1 004.46

Amundi Funds Equity India - MU (C) 75.05 98.07 55.20 83.32 31.11 76.64 65.66 100.00

Amundi Funds Equity India - SU (C) 145.05 190.14 108.69 162.55 61.52 152.61 130.93 247.01 91.04 158.67 84.02 122.30

Amundi Funds Equity India - AE (C) 76.26 100.00

Amundi Funds Equity India Infrastructure - AU (C) 58.48 79.50 47.33 70.82 25.56 66.60 58.10 101.49

Amundi Funds Equity India Infrastructure - AU (D) 96.51 131.20 92.13 116.88

Amundi Funds Equity India Infrastructure - IU (C) 585.31 793.88 469.17 704.38 258.06 669.67 583.70 1,015.73

Amundi Funds Equity India Infrastructure - I4 (C) 79.12 107.20 62.75 94.79 33.73 87.25 76.00 106.79

Amundi Funds Equity India Infrastructure - MU (C) 106.35 144.25 84.39 127.61

Amundi Funds Equity India Infrastructure - SU (C) 57.74 78.57 47.03 70.16 25.43 66.42 57.97 101.45

Amundi Funds Equity Korea - AE (C) 91.62 100.00

Amundi Funds Equity Korea - AU (C) 17.36 27.43 12.96 20.25 8.70 22.15 21.17 31.95 16.19 25.44 12.70 19.90

Amundi Funds Equity Korea - AU (D) 17.36 27.47 12.96 20.25 8.70 22.16 21.16 31.94 16.19 25.43 12.70 19.90

Amundi Funds Equity Korea - I4 (C) 121.40 193.97 89.54 141.30 59.82 151.01 143.77 216.02 107.66 171.14 91.74 132.01

Amundi Funds Equity Korea - I2 (D) 73.69 115.49 55.81 86.32 37.69 97.45 93.14 140.63 78.66 112.00

Amundi Funds Equity Korea - IU (C) 2,160.38 3,435.91 1,601.93 2,516.95 1,072.37 2,717.13 2,590.87 3,900.6 1,958 3,096.72 1,523.54 2,403.27

Amundi Funds Equity Korea - MU (C) 70.74 112.51 52.44 82.42 35.10 88.93 88.93 101.82

Amundi Funds Equity Korea - SU (C) 16.48 25.95 12.35 19.24 8.30 21.20 20.28 30.66 15.62 24.45 12.30 19.22

Amundi Funds Equity Korea - XU (C) 924.06 1,475.91 957.62 989.15

Amundi Funds Equity Latin America - AE (C) 89.53 108.08

Amundi Funds Equity Latin America - AU (C) 582.44 781.84 412.08 683.42 239.95 677.47 453.84 739.30 302.81 552.41 204.05 390.20

Amundi Funds Equity Latin America - AE (D) 89.58 108.13

Amundi Funds Equity Latin America - AU (D) 532.04 710.40 383.02 624.29 223.03 635.28 427.41 693.25 288.35 520.23 196.15 371.56

Amundi Funds Equity Latin America - FU (C) 99.14 103.64

Amundi Funds Equity Latin America - IU (C) 5,664.55 7,732.05 4,018.38 6,722.75 2,342.15 6,597.23 4,390.69 7,193.25 2,906.16 5,337.97 1,943.9 3,739.79

Amundi Funds Equity Latin America - MU (C) 90.77 124.76 64.94 108.35 37.82 106.51 79.70 116.13

Amundi Funds Equity Latin America - SE (C) 92.15 111.38

Amundi Funds Equity Latin America - SU (C) 569.51 762.13 404.52 668.83 236.21 667.78 448.88 729.05 300.80 546.73 203.56 387.90

Amundi Funds Equity Latin America - XU (C) 1,491.13 2,010.27 1,056.51 1,745.93 613.66 1,725.72 1,143.53 1,880.56 984.80 1,389.13

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Amundi Funds Equity Asia Pacific ex-Japan - AE (C)Amundi Funds Equity Asia Pacific ex-Japan - AU (C)Amundi Funds Equity Asia Pacific ex-Japan - AU (D)Amundi Funds Equity Asia Pacific ex-Japan - FU (C)Amundi Funds Equity Asia Pacific ex-Japan - IU (C)Amundi Funds Equity Asia Pacific ex-Japan - MU (C)Amundi Funds Equity Asia Pacific ex-Japan - OU (C)Amundi Funds Equity MENA - AHE (C)Amundi Funds Equity MENA - AE (C)Amundi Funds Equity MENA - AU (C)Amundi Funds Equity MENA - AU (D)Amundi Funds Equity MENA - FHE (C)Amundi Funds Equity MENA - FU (C)Amundi Funds Equity MENA - IHE (C)Amundi Funds Equity MENA - IU (C)Amundi Funds Equity MENA - IU (D)Amundi Funds Equity Greater China - AE (C)Amundi Funds Equity Greater China - AU (C) 156.92 201.85 109.30 197.30 88.67 112.15 88.50 120.04 104.63 129.31

Amundi Funds Equity Greater China - AE (D)Amundi Funds Equity Greater China - AU (D) 156.92 201.86

Amundi Funds Equity Greater China - I4 (C) 99.63 120.30

Amundi Funds Equity Greater China - I9 (C)Amundi Funds Equity Greater China - I2 (D)Amundi Funds Equity Greater China - FU (C)Amundi Funds Equity Greater China - IU (C) 162.93 210.42 112.77 204.27 91.37 115.68 90.28 122.27 105.99 130.64

Amundi Funds Equity Greater China - MU (C)Amundi Funds Equity Greater China - SU (C) 8.40 10.79 7.77 197.30 88.67 112.15 88.50 120.04 104.63 129.31

Amundi Funds Equity Greater China - XU (C)Amundi Funds Equity India - AE (C)Amundi Funds Equity India - AU (C)Amundi Funds Equity India - AE (D)Amundi Funds Equity India - AU (D)Amundi Funds Equity India - I4 (C)Amundi Funds Equity India - I9 (C)Amundi Funds Equity India - I2 (D)Amundi Funds Equity India - IU (C)Amundi Funds Equity India - MU (C)Amundi Funds Equity India - SU (C)Amundi Funds Equity India - XU (C)Amundi Funds Equity India Infrastructure - AU (C)Amundi Funds Equity India Infrastructure - AU (D)Amundi Funds Equity India Infrastructure - I4 (C)Amundi Funds Equity India Infrastructure - IU (C)Amundi Funds Equity India Infrastructure - MU (C)Amundi Funds Equity India Infrastructure - SU (C)Amundi Funds Equity Korea - AE (C)Amundi Funds Equity Korea - AU (C) 8.18 13.23 7.23 10.40 6.36 9.18 4.81 10.08 4.55 10.00

Amundi Funds Equity Korea - AU (D) 8.18 13.23

Amundi Funds Equity Korea - I4 (C)Amundi Funds Equity Korea - I2 (D)Amundi Funds Equity Korea - IU (C) 8.31 1,583.57 7.23 10.40 6.36 9.18 4.81 10.08 4.55 10.00

Amundi Funds Equity Korea - MU (C)Amundi Funds Equity Korea - SU (C) 7.96 12.83 7.23 10.40 6.36 9.18 4.81 10.08 4.55 10.00

Amundi Funds Equity Korea - XU (C)Amundi Funds Equity Latin America - AE (C)Amundi Funds Equity Latin America - AU (C) 126.17 209.90 92.09 145.23 62.75 94.74 75.76 648.86 569.45 770.88

Amundi Funds Equity Latin America - AE (D)Amundi Funds Equity Latin America - AU (D) 121.21 199.75 89.54 139.49 61.01 92.12 73.66 525.73 461.39 624.14

Amundi Funds Equity Latin America - FU (C)Amundi Funds Equity Latin America - IU (C) 1,191.60 1,994.66 862.16 1,368.50 582.76 885.80 746.01 1,014.38

Amundi Funds Equity Latin America - MU (C)Amundi Funds Equity Latin America - SE (C)Amundi Funds Equity Latin America - SU (C) 172.95 209.68

Amundi Funds Equity Latin America - XU (C)

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Amundi Funds Equity Thailand - AU (C) 66.68 103.79 41.24 68.52 29.83 64.78 59.10 77.71 44.83 62.64 39.11 59.79Amundi Funds Equity Thailand - AU (D) 64.74 100.22 40.57 66.53 29.35 64.21 58.55 76.98 44.40 62.06 39.10 59.21Amundi Funds Equity Thailand - IU (C) 3,168.04 4961.20 1,945.33 3,249.84 1,400.77 3,032.78 2,748.98 3,635.09 2,076.21 2,910.85 1,791.24 2,755.24Amundi Funds Equity Thailand - XU (C) 1,014.15 1,595.81 1,000.00 1,024.74 652.95 1,373.44 1,239.50 1,645.30 1,027.54 1,311.63Amundi Funds Equity Thailand - MU (C) 87.71 137.36 53.84 89.98 38.76 83.92 81.55 100.59Amundi Funds Equity Thailand - SU (C) 11.37 17.63 7.06 11.69 5.11 11.13 10.19 13.36 7.75 10.81 6.80 10.36Amundi Funds Equity Global Aqua - AE (C) 78.43 94.42 65.82 86.85 53.28 90.53 82.18 109.25 94.86 108.51Amundi Funds Equity Global Aqua - AE (D) 73.69 88.57 62.38 81.61 50.50 85.95 78.02 104.12 100.00 103.41Amundi Funds Equity Global Aqua - IE (C) 802.85 969.56 669.42 887.81 540.68 915.31 828.77 1,097.01 950.24 1,088.78Amundi Funds Equity Global Aqua - ME (C) 91.24 110.19 76.08 100.89 61.45 104.03 97.39 100.45Amundi Funds Equity Global Aqua - SE (C) 77.32 92.91 65.16 85.71 52.81 89.94 81.78 109.03 94.79 108.33Amundi Funds Equity Global Clean Planet - AE (C) 63.72 74.32 59.08 78.47 47.10 81.26 78.20 112.03 94.09 113.61 87.52 103.05Amundi Funds Equity Global Clean Planet - AE (D) 103.20 120.38 95.98 127.10Amundi Funds Equity Global Clean Planet - IE (C) 734.49 853.17 671.66 894.98 534.34 918.94 882.11 1 016.11Amundi Funds Equity Global Clean Planet - I6 (C) 1,120.55 1,270.56 992.71 1,326.06 788.43 1,352.45 1,294.52 1,841.47 1,525.09 1,865.10 1,398.35 1,662.39Amundi Funds Equity Global Clean Planet - SE (C) 70.76 82.74 66.17 87.72 52.83 91.33 88.08 101.58Amundi Funds Asia Pacific Renaissance* - AU (C) 14.11 18.36 12.36 16.69 9.18 18.85 17.21 25.44 13.68 19.42 10.94 16.62Amundi Funds Asia Pacific Renaissance* - AU (D) 14.06 18.30 12.38 16.63 9.19 18.88 17.21 25.44 13.68 19.42 10.94 16.62Amundi Funds Asia Pacific Renaissance* - IU (C) 1,506.21 1,973.64 1,308.90 1,778.64 969.40 1,980.77 1,797.37 2,659.99 1,417.19 2,025.78 1,124.86 1,719.41Amundi Funds Asia Pacific Renaissance* - MU (C) 75.35 98.74 65.47 88.98 48.49 99.05 99.05 110.83Amundi Funds Asia Pacific Renaissance* - SU (C) 13.98 18.13 12.30 16.56 9.15 18.83 17.26 25.48 13.78 19.49 11.06 16.75Amundi Funds Global Finance* - AU (C) 8.41 11.09 8.09 10.87 4.68 12.93 12.30 15.92 12.27 15.64 9.98 13.99Amundi Funds Global Finance* - AU (D) 8.25 10.87 7.99 10.66 4.62 12.93 12.30 15.92 12.27 15.64 9.98 13.99Amundi Funds Global Finance* - AE (C) 99.47 120.87 86.21 118.57 55.04 106.07Amundi Funds Global Finance* - IU (C) 986.60 1,309.49 939.54 1,269.48 533.18 1,477.74 1,404.96 1,806.72 1,366.38 1,768.14 1,102.6 1,555.66Amundi Funds Global Finance* - MU (C) 68.07 79.52 64.65 87.59 37.32 100.00Amundi Funds Global Finance* - SU (C) 8.11 10.67 7.83 10.51 4.54 12.57 11.96 15.52 12.02 15.27 9.81 13.72Amundi Funds Global Finance* - SE (C) 99.04 120.09 86.12 118.15 55.02 106.06Amundi Funds Gems Europe* - AE (C) 65.50 81.27 54.63 74.38 44.30 80.02 78.86 102.65Amundi Funds Gems Europe* - AE (D) 65.42 80.27 54.57 74.29 44.27 80.00 79.00 91.40Amundi Funds Gems Europe* - IE (C) 667.81 832.56 553.49 756.98 446.93 804.60 790.68 1,027.13Amundi Funds Gems Europe* - ME (C) 100.90 125.79 97.63 114.37Amundi Funds Gems Europe* - SE (C) 64.81 80.21 54.27 73.66 44.07 79.78 78.75 102.62Amundi Funds Emerging Markets* - AU (C) 27.52 36.39 22.02 31.71 13.97 32.52 29.16 38.63 23.32 33.34 18.20 28.90Amundi Funds Emerging Markets* - AU (D) 26.83 35.43 21.77 30.91 13.82 32.44 29.09 38.53 23.25 33.25 18.20 28.83Amundi Funds Emerging Markets* - IU (C) 2,938.12 3,909.45 2,334.18 3,379.51 1,473.94 3,422.46 3,049.39 4,045.35 2,418.20 3,481.78 1,872.81 2,992.70Amundi Funds Emerging Markets* - IU (D) 1,100.90 1,452.31 891.35 1,266.11 563.23 1,330.41 1,192.33 1,572.90 945.46 1,361.47Amundi Funds Emerging Markets* - XU (C) 786.98 990.97 495.72 1,146.77 1,018.69 1,352.36 944.29 1,162.50Amundi Funds Emerging Markets* - MU (D) 83.94 111.60 66.69 96.55 42.10 97.74 92.50 109.27Amundi Funds Emerging Markets* - SU (C) 26.39 34.76 21.20 30.43 13.51 31.60 28.44 37.64 22.84 32.52 17.90 28.33Amundi Funds Euro Quant* - AE (C) 5.87 7.27 5.23 6.90 4.14 7.93 7.77 10.93 7.98 10.88 6.92 8.93Amundi Funds Euro Quant* - AE (D) 5.59 6.83 5.07 6.57 4.01 7.81 7.65 10.87 7.98 10.82 6.92 8.93Amundi Funds Euro Quant* - IE (C) 626.25 779.39 555.03 734.19 437.47 833.76 815.98 1,139.63 825.73 1,133.63 711.11 923.73Amundi Funds Euro Quant* - ME (C) 59.30 73.80 52.46 69.52 41.35 78.96 77.29 102.36Amundi Funds Euro Quant* - SE (C) 5.64 6.97 5.05 6.64 4.00 7.68 7.53 10.62 7.78 10.58 6.78 8.73Amundi Funds Europe Smaller Companies* - AE (C) 6.57 8.47 5.24 7.33 4.31 8.31 8.00 12.47 8.41 12.40 7.15 10.41Amundi Funds Europe Smaller Companies* - AE (D) 6.50 8.37 5.21 7.25 4.29 8.31 8.00 12.47 8.41 12.40 7.15 10.41Amundi Funds Europe Smaller Companies* - IE (C) 895.35 1,161.85 707.02 996.85 573.78 1,109.41 1,063.27 1,649.68 1,104.01 1,637.77 931.35 1,364.72Amundi Funds Europe Smaller Companies* - SE (C) 6.33 8.14 5.07 7.06 4.17 8.07 7.78 12.16 8.23 12.09 7.03 10.20Amundi Funds US Innovative Companies* - AU (C) 7.48 9.56 6.46 8.79 5.22 9.52 9.10 11.09 8.67 10.75 8.33 9.47Amundi Funds US Innovative Companies* - AU (D) 7.48 9.54 6.46 8.79 5.22 9.52 9.10 11.09 8.67 10.75 8.33 9.47Amundi Funds US Innovative Companies* - IU (C) 798.42 1,028.44 685.46 938.66 547.98 1,002.60 956.39 1,162.21 900.20 1,124.00 860.15 981.83Amundi Funds US Innovative Companies* - MU (C) 75.76 97.71 65.14 89.20 51.96 95.25 94.65 100.25Amundi Funds US Innovative Companies* - SU (C) 7.23 9.21 6.27 8.51 5.07 9.27 8.88 10.84 8.51 10.52 8.20 9.31Amundi Funds Switzerland* - AC (C) 7.37 8.78 6.38 8.66 5.11 9.31 8.77 12.44 9.07 12.56 7.51 10.27Amundi Funds Switzerland* - AC (D) 7.37 8.77 6.40 8.65 5.13 9.34 8.80 12.47 9.10 12.60 7.53 10.30Amundi Funds Switzerland* - IC (C) 1,197.76 1,432.71 1,028.04 1,403.85 821.59 1,490.16 1,400.02 1,974.86 1,430.07 1,992.93 1,175.05 1,616.49Amundi Funds Switzerland* - SC (C) 7.10 8.43 6.16 8.34 4.94 9.03 8.52 12.11 8.87 12.24 7.37 10.05Amundi Funds Europe SRI** - AE (C) 64.79 77.45 54.28 73.61 42.30 82.21 80.14 112.29 96.15 112.88Amundi Funds Europe SRI** - IE (C) 664.43 795.58 553.37 754.40 430.19 832.48 810.82 1,128.16 963.45 1,133.08Amundi Funds Europe SRI** - SE (C) 64.15 76.62 53.89 72.93 42.04 81.84 79.81 112.14 96.12 112.78Amundi Funds Multi Asset Protected*** - AE (C) 97.01 105.96Amundi Funds Minimum Variance Europe**** - AE (C) 118.67 138.44 98.77 126.48Amundi Funds Minimum Variance Europe**** - IE (C) 1,196.88 1,410.19 986.62 1,275.36Amundi Funds Minimum Variance Europe**** - ME (C) 93.69 110.40 96.37 100.00Amundi Funds Convertible Europe - AE (C) 99.85 120.44 Amundi Funds Convertible Europe - FE (C) 99.84 137.93 Amundi Funds Convertible Europe - IE (C) 998.29 1,215.23 Amundi Funds Convertible Europe - ME (C) 99.86 122.22

* The datas date until 22 June 2011 because these sub-funds have been merged as at 24 June 2011.** The datas date until 12 January 2011 because this sub-fund has been liquidated as at 12 January 2011.*** The datas date until 3 January 2011 because this sub-fund has been liquidated as at 3 January 2011.**** The datas date until 12 May 2011 because this sub-fund has been merged as at 13 May 2011.

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Amundi Funds Equity Thailand - AU (C) 40.91 52.50 24.05 67.84 15.13 24.38 8.54 21.82 8.28 11.49Amundi Funds Equity Thailand - AU (D) 40.91 52.49 43.37 57.37Amundi Funds Equity Thailand - IU (C) 1 862.20 2 397.32 1 087.88 3 075.29 998.67 1 101.28Amundi Funds Equity Thailand - XU (C)Amundi Funds Equity Thailand - MU (C)Amundi Funds Equity Thailand - SU (C) 7.14 9.14 7.58 67.84 15.13 24.38 8.54 21.82 8.28 11.49Amundi Funds Equity Global Aqua - AE (C)Amundi Funds Equity Global Aqua - AE (D)Amundi Funds Equity Global Aqua - IE (C)Amundi Funds Equity Global Aqua - ME (C)Amundi Funds Equity Global Aqua - SE (C)Amundi Funds Equity Global Clean Planet - AE (C) 74.47 88.71 69.18 82.82 59.37 86.20 82.62 107.07Amundi Funds Equity Global Clean Planet - AE (D)Amundi Funds Equity Global Clean Planet - IE (C)Amundi Funds Equity Global Clean Planet - I6 (C) 1 178.38 1 417.95 1 080.45 1 306.57 924.24 1 112.77Amundi Funds Equity Global Clean Planet - SE (C)Amundi Funds Asia Pacific Renaissance* - AU (C) 10.05 11.58 8.80 13.33 7.54 10.11 8.49 10.37 10.01 1,592.35Amundi Funds Asia Pacific Renaissance* - AU (D) 10.05 11.58 8.80 13.33 7.54 10.11 8.49 10.37 9.80 1,592.35Amundi Funds Asia Pacific Renaissance* - IU (C) 1,027.27 1,187.75 893.17 1,358.21 763.35 1,019.00 851.98 1,044.67 1,000.87 1,596.06Amundi Funds Asia Pacific Renaissance* - MU (C)Amundi Funds Asia Pacific Renaissance* - SU (C) 10.19 11.74 8.96 13.54 7.68 10.33 8.49 10.61 10.01 1,592.35Amundi Funds Global Finance* - AU (C) 8.68 10.61 7.66 9.74 5.93 8.18 7.04 9.35 8.32Amundi Funds Global Finance* - AU (D) 8.68 10.61 7.66 9.74 5.93 8.18 7.04 9.35 8.32 11.46Amundi Funds Global Finance* - AE (C)Amundi Funds Global Finance* - IU (C) 913.84 1,171.35 766.13 978.49 592.17 813.12 696.14 922.63 9.94 1,011.58Amundi Funds Global Finance* - MU (C)Amundi Funds Global Finance* - SU (C) 8.56 10.45 7.59 9.62 5.88 8.14 7.02 9.33 8.32Amundi Funds Global Finance* - SE (C)Amundi Funds Gems Europe* - AE (C)Amundi Funds Gems Europe* - AE (D)Amundi Funds Gems Europe* - IE (C)Amundi Funds Gems Europe* - ME (C)Amundi Funds Gems Europe* - SE (C)Amundi Funds Emerging Markets* - AU (C) 12.91 18.48 10.33 15.20 7.90 10.45 7.01 11.30 2.28 10.99Amundi Funds Emerging Markets* - AU (D) 12.91 18.48 10.33 15.20 7.90 10.45 7.01 11.30 2.28 10.98Amundi Funds Emerging Markets* - IU (C) 1,321.69 1,899.29 1,051.14 1,552.16 799.90 1,062.93 705.05 1,140.78 2.28 1,020.67Amundi Funds Emerging Markets* - IU (D)Amundi Funds Emerging Markets* - XU (C)Amundi Funds Emerging Markets* - MU (D)Amundi Funds Emerging Markets* - SU (C) 12.77 18.23 10.26 15.04 7.86 10.38 7.01 11.27 2.28 10.99Amundi Funds Euro Quant* - AE (C) 5.46 6.95 4.57 6.07 3.49 6.17 5.75 8.80 4.87 10.12Amundi Funds Euro Quant* - AE (D) 5.46 6.95 4.57 6.07 3.49 6.17 5.75 8.80 4.87 10.12Amundi Funds Euro Quant* - IE (C) 557.71 714.32 463.67 619.15 354.04 623.99 580.65 883.68 4.87 1,011.86Amundi Funds Euro Quant* - ME (C)Amundi Funds Euro Quant* - SE (C) 5.37 6.82 4.51 5.99 3.46 6.13 5.71 8.78 4.87 10.12Amundi Funds Europe Smaller Companies* - AE (C) 5.43 7.18 4.47 6.05 3.76 5.72 4.80 7.70 7.64 10.33Amundi Funds Europe Smaller Companies* - AE (D) 5.43 7.18 4.47 6.05 3.76 5.72 4.80 7.70 7.64 10.33Amundi Funds Europe Smaller Companies* - IE (C) 702.98 935.39 573.66 780.67 482.26 729.79 610.04 975.74 968.51 1,105.42Amundi Funds Europe Smaller Companies* - SE (C) 5.36 7.06 4.42 5.97 3.72 5.68 4.78 7.67 7.62 10.33Amundi Funds US Innovative Companies* - AU (C) 7.33 8.63 7.00 8.17 5.98 7.34 7.23 9.15 7.13 10.22Amundi Funds US Innovative Companies* - AU (D) 7.33 8.63 7.00 8.17 5.98 7.34 7.23 9.15 7.13 10.22Amundi Funds US Innovative Companies* - IU (C) 750.59 886.97 712.12 835.02 606.80 742.80 727.33 918.91 7.13 1,021.92Amundi Funds US Innovative Companies* - MU (C)Amundi Funds US Innovative Companies* - SU (C) 7.25 8.52 6.95 8.10 5.95 7.33 7.22 9.17 7.13 10.22Amundi Funds Switzerland* - AC (C) 6.16 7.58 5.45 7.08 4.28 7.34 6.40 9.03 8.01 10.15Amundi Funds Switzerland* - AC (D) 6.16 7.60 5.45 7.08 4.28 7.34 6.40 9.03 8.01 10.15Amundi Funds Switzerland* - IC (C) 6.52 1,184.71 5.45 7.08 5.08 913.62 7.96 1,019.69 8.01 10.15Amundi Funds Switzerland* - SC (C) 6.07 7.44 5.39 6.98 4.24 7.28 6.38 9.00 8.01 10.15Amundi Funds Europe SRI** - AE (C)Amundi Funds Europe SRI** - IE (C)Amundi Funds Europe SRI** - SE (C)Amundi Funds Multi Asset Protected*** - AE (C)Amundi Funds Minimum Variance Europe**** - AE (C)Amundi Funds Minimum Variance Europe**** - IE (C)Amundi Funds Minimum Variance Europe**** - ME (C)Amundi Funds Convertible Europe - AE (C)Amundi Funds Convertible Europe - FE (C)Amundi Funds Convertible Europe - IE (C)Amundi Funds Convertible Europe - ME (C)

* These sub-funds have been merged as at 24 June 2011.** This sub-fund has been liquidated as at 12 January 2011.*** This sub-fund has been liquidated as at 3 January 2011.**** This sub-fund has been merged as at 13 May 2011.

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Amundi Funds Convertible Global - AE (C) 9.99 11.01 9.26 10.70 8.11 10.22 10.07 12.21 10.24 12.12 9.32 10.71Amundi Funds Convertible Global - AE (D) 9.77 10.73 9.13 10.47 7.99 10.13 9.98 12.15 10.21 12.06 9.30 10.68Amundi Funds Convertible Global - IE (C) 1,182.20 1,310.75 1,088.10 1,263.93 947.85 1,192.78 1 173.49 1,412.51 1,176.60 1,401.97 1,062.48 1,229.39Amundi Funds Convertible Global - ME (C) 99.83 110.67 91.87 106.71 79.90 100.54Amundi Funds Convertible Global - SE (C) 10.75 11.84 9.99 11.53 8.76 11.04 10.88 13.22 11.11 13.13 10.13 11.63Amundi Funds Bond Global Corporate - AE (C) 100.00 106.38Amundi Funds Bond Global Corporate - AU (C) 117.07 127.46 101.29 120.00 82.76 101.19 96.94 101.20Amundi Funds Bond Global Corporate - AU (D) 106.22 114.05 100.00 109.67Amundi Funds Bond Global Corporate - IU (C) 1,173.94 1,281.79 1,016.56 1,199.74 833.85 1,015.76 972.65 1,013.26Amundi Funds Bond Global Corporate - SU (C) 116.32 126.42 100.84 119.28 82.46 100.75 96.76 101.14Amundi Funds Bond Euro Aggregate - AE (C) 99.70 122.27 Amundi Funds Bond Euro Aggregate - AE (D) 99.70 100.07 Amundi Funds Bond Euro Aggregate - I2 (D) 997.09 1,000.73 Amundi Funds Bond Euro Aggregate - FE (C) 99.69 119.79 Amundi Funds Bond Euro Aggregate - IE (C) 997.07 1,252.33 Amundi Funds Bond Euro Aggregate - ME (C) 99.70 100.07 Amundi Funds Bond Euro Aggregate - OE (C) 119.88 1,000.75 Amundi Funds Bond Euro Aggregate - SE (C) 99.69 100.07 Amundi Funds Bond Euro Govies - AE (C) 41.04 99.97 Amundi Funds Bond Euro Govies - FE (C) 99.74 1,401.61 Amundi Funds Bond Euro Govies - IE (C) 997.55 1,488.08 Amundi Funds Bond Euro Govies - ME (C) 99.75 149.64 Amundi Funds Bond Euro Govies - OE (C) 121.37 999.76 Amundi Funds Bond Euro Corporate - AE (C) 14.86 15.68 13.01 15.42 11.09 12.99 12.66 13.43 13.11 13.53 13.10 13.64Amundi Funds Bond Euro Corporate - AE (D) 10.40 11.21 9.76 11.13 8.32 10.13 9.92 10.80 10.73 11.27 11.00 11.79Amundi Funds Bond Euro Corporate - I2 (D) 86.49 92.29 83.29 93.70 72.37 87.99 87.15 97.07 96.58 102.41 101.23 109.71Amundi Funds Bond Euro Corporate - FE (C) 99.53 100.18 Amundi Funds Bond Euro Corporate - IE (C) 1,486.65 1,565.77 1,301.69 1,532.73 1,111.18 1,300.00 1,263.65 1,337.10 1,294.99 1,341.10 1,293.93 1,342.89Amundi Funds Bond Euro Corporate - IE (D) 1,144.34 1,227.98 1,033.49 1,212.47Amundi Funds Bond Euro Corporate - ME (C) 115.28 121.74 101.14 119.20 83.91 101.01 95.43 100.10Amundi Funds Bond Euro Corporate - OE (C) 995.59 1,001.88 Amundi Funds Bond Euro Corporate - SE (C) 14.57 15.36 12.78 15.13 10.91 12.76 12.47 13.23 13.36 12.95 13.50Amundi Funds Euro Govies - AE (C) 96.72 103.25 Amundi Funds Euro Govies - AE (D) 95.37 100.00 Amundi Funds Bond Euro Inflation - AE (C) 128.31 135.00 124.37 132.60 111.97 125.16 110.92 120.82 110.47 116.62 111.85 119.84Amundi Funds Bond Euro Inflation - AE (D) 123.21 130.66 121.44 128.35 109.34 122.22 109.74 118.52 109.30 116.01 111.81 119.81Amundi Funds Bond Euro Inflation - FE (C) 99.30 100.87 Amundi Funds Bond Euro Inflation - IE (C) 1,332.89 1,400.14 1,282.70 1,372.82 1,151.07 1,289.42 1,132.21 1,237.69 1,127.31 1,186.85 1,135.28 1,213.38Amundi Funds Bond Euro Inflation - ME (C) 109.45 114.97 105.26 112.73 94.52 105.82 97.88 100.20Amundi Funds Bond Euro Inflation - OE (C) 993.08 1,009.06 Amundi Funds Bond Euro Inflation - SE (C) 126.78 133.46 123.24 131.18 111.11 124.07 110.33 120.03 109.90 116.14 111.53 119.63Amundi Funds Bond Euro High Yield - AE (C) 13.83 16.08 10.58 14.86 7.80 11.45 11.35 13.41 12.45 13.61 11.69 12.61Amundi Funds Bond Euro High Yield - AE (D) 10.33 11.44 8.44 11.10 6.22 9.75 9.67 12.00 11.43 12.18 11.34 12.12Amundi Funds Bond Euro High Yield - I2 (D) 78.85 86.93 65.80 86.46 51.53 80.72 80.72 101.86 100.24 104.25 100.04 103.18Amundi Funds Bond Euro High Yield - FE (C) 99.02 100.18 Amundi Funds Bond Euro High Yield - IE (C) 1,553.00 1,822.92 1,143.87 1,665.14 839.11 1,220.32 1,205.83 1,412.45 1,296.66 1,431.65 1,205.12 1,311.65Amundi Funds Bond Euro High Yield - IE (D) 999.37 1,080.77 Amundi Funds Bond Euro High Yield - ME (C) 107.45 125.70 100.00 114.83Amundi Funds Bond Euro High Yield - SE (C) 13.45 15.60 10.31 14.46 7.61 11.18 11.09 13.12 12.20 13.31 11.48 12.36Amundi Funds Bond US Opportunistic Core Plus - AHE (C) 12.94 100.10 Amundi Funds Bond US Opportunistic Core Plus - AE (C) 99.11 130.88 Amundi Funds Bond US Opportunistic Core Plus - AU (C) 38.61 100.09 Amundi Funds Bond US Opportunistic Core Plus - FHE (C) 99.40 134.96 Amundi Funds Bond US Opportunistic Core Plus - FU (C) 99.40 156.00 Amundi Funds Bond US Opportunistic Core Plus - IHE (C) 994.24 1,442.24 Amundi Funds Bond US Opportunistic Core Plus - IU (C) 994.23 1,776.11 Amundi Funds Bond Europe - AE (C) 141.46 149.25 129.97 144.79 108.04 130.18 120.23 130.19 121.62 126.46 119.73 124.03Amundi Funds Bond Europe - AE (D) 103.53 115.18 104.70 111.74 87.03 107.39 101.76 112.06 107.43 110.59 107.55 111.74Amundi Funds Bond Europe - FE (C) 99.10 99.77 Amundi Funds Bond Europe - IE (C) 1,364.26 1,440.18 1,261.29 1,389.32 1,062.97 1,263.33 1,181.17 1,276.81 1,184.65 1,236.97 1,161.27 1,205.53Amundi Funds Bond Europe - ME (C) 107.45 113.44 99.32 109.56 83.93 99.47 93.27 100.84Amundi Funds Bond Europe - SE (C) 139.87 147.52 128.76 143.23 107.18 128.97 119.34 129.38 121.22 125.77 119.55 123.72Amundi Funds Bond Global Aggregate - AE (D) 99.65 106.16Amundi Funds Bond Global Aggregate - AU (C) 157.49 179.59 125.19 161.42 98.62 125.14 98.78 101.22Amundi Funds Bond Global Aggregate - AU (D) 100.11 108.07 99.86 101.58Amundi Funds Bond Global Aggregate - FHE (C) 98.29 100.29Amundi Funds Bond Global Aggregate - IU (C) 1,499.11 1,679.15 1,232.23 1,525.13 991.62 1,231.88 991.08 1,013.86Amundi Funds Bond Global Aggregate - MHE (C) 99.29 100.00Amundi Funds Bond Global Aggregate - MU (C) 98.35 110.29 98.04 100.15Amundi Funds Bond Global Aggregate - SHE (C) 98.78 100.70Amundi Funds Bond Global Aggregate - SHE-MD (D) 98.50 100.26Amundi Funds Bond Global Aggregate - SU (C) 156.32 177.93 124.52 160.27 98.36 124.48 98.60 101.13

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Amundi Funds Convertible Global - AE (C) 8.79 9.33 8.65 9.28 8.06 8.73 8.43 9.71 1.89 10.10Amundi Funds Convertible Global - AE (D) 8.77 9.31 8.63 9.25 8.04 8.70 8.43 9.71 9.61 9.94Amundi Funds Convertible Global - IE (C) 996.04 1 063.31 8.65 1 048.76 8.06 8.73 8.43 978.50 1.89 1 001.13Amundi Funds Convertible Global - ME (C)Amundi Funds Convertible Global - SE (C) 9.58 10.14 9.44 10.11 8.81 9.53 8.61 10.34 1.89 10.10Amundi Funds Bond Global Corporate - AE (C)Amundi Funds Bond Global Corporate - AU (C)Amundi Funds Bond Global Corporate - AU (D)Amundi Funds Bond Global Corporate - IU (C)Amundi Funds Bond Global Corporate - SU (C)Amundi Funds Bond Euro Aggregate - AE (C)Amundi Funds Bond Euro Aggregate - AE (D)Amundi Funds Bond Euro Aggregate - I2 (D)Amundi Funds Bond Euro Aggregate - FE (C)Amundi Funds Bond Euro Aggregate - IE (C)Amundi Funds Bond Euro Aggregate - ME (C)Amundi Funds Bond Euro Aggregate - OE (C)Amundi Funds Bond Euro Aggregate - SE (C)Amundi Funds Bond Euro Govies - AE (C)Amundi Funds Bond Euro Govies - FE (C)Amundi Funds Bond Euro Govies - IE (C)Amundi Funds Bond Euro Govies - ME (C)Amundi Funds Bond Euro Govies - OE (C)Amundi Funds Bond Euro Corporate - AE (C) 12.46 13.50 11.95 12.61 10.70 12.25 10.39 10.90 1.97 10.45Amundi Funds Bond Euro Corporate - AE (D) 11.05 11.68 10.86 11.38 10.10 11.36 10.13 10.65 1.97 10.45Amundi Funds Bond Euro Corporate - I2 (D) 106.06 109.83 105.40 109.03 100.00 108.89Amundi Funds Bond Euro Corporate - FE (C)Amundi Funds Bond Euro Corporate - IE (C) 1,220,76 1,328.11 1,167.78 1,234.88 1,040.98 1,195.88 1,007.69 1,058.74 1.97 1,013.56Amundi Funds Bond Euro Corporate - IE (D)Amundi Funds Bond Euro Corporate - ME (C)Amundi Funds Bond Euro Corporate - OE (C)Amundi Funds Bond Euro Corporate - SE (C) 12.36 13.37 11.88 12.52 10.66 12.18 10.37 10.88 1.97 10.44Amundi Funds Euro Govies - AE (C)Amundi Funds Euro Govies - AE (D)Amundi Funds Bond Euro Inflation - AE (C) 105.71 117.93 99.15 106.69 97.49 103.09Amundi Funds Bond Euro Inflation - AE (D) 107.35 117.90Amundi Funds Bond Euro Inflation - FE (C)Amundi Funds Bond Euro Inflation - IE (C) 1,064.27 1,192.46 994.26 1,072.82 975.74 1,032.56Amundi Funds Bond Euro Inflation - ME (C)Amundi Funds Bond Euro Inflation - OE (C)Amundi Funds Bond Euro Inflation - SE (C) 110.85 117.80Amundi Funds Bond Euro High Yield - AE (C) 10.79 12.06 9.69 10.91 8.17 9.82 8.50 10.00 9.92 10.16Amundi Funds Bond Euro High Yield - AE (D) 10.98 12.06Amundi Funds Bond Euro High Yield - I2 (D) 95.92 105.58 97.51 101.09Amundi Funds Bond Euro High Yield - FE (C)Amundi Funds Bond Euro High Yield - IE (C) 1,102.31 1,239.52 981.93 1,111.88 825.88 993.78 963.05 1,003.14 991.39 1,018.23Amundi Funds Bond Euro High Yield - IE (D)Amundi Funds Bond Euro High Yield - ME (C)Amundi Funds Bond Euro High Yield - SE (C) 10.63 11.85 9.56 10.74 8.10 9.68 8.50 10.00 9.92 10.15Amundi Funds Bond US Opportunistic Core Plus - AHE (C)Amundi Funds Bond US Opportunistic Core Plus - AE (C)Amundi Funds Bond US Opportunistic Core Plus - AU (C)Amundi Funds Bond US Opportunistic Core Plus - FHE (C)Amundi Funds Bond US Opportunistic Core Plus - FU (C)Amundi Funds Bond US Opportunistic Core Plus - IHE (C)Amundi Funds Bond US Opportunistic Core Plus - IU (C)Amundi Funds Bond Europe - AE (C) 109.10 120.80 106.83 111.16 100.31 112.42 98.91 137.62 122.18 130.66Amundi Funds Bond Europe - AE (D) 101.13 109.85 102.90 109.15 100.29 111.30 98.90 101.05Amundi Funds Bond Europe - FE (C)Amundi Funds Bond Europe - IE (C) 1,054.29 1,171.29 1,029.76 1,072.95 996.64 1,081.62Amundi Funds Bond Europe - ME (C)Amundi Funds Bond Europe - SE (C) 115.56 120.63Amundi Funds Bond Global Aggregate - AE (D)Amundi Funds Bond Global Aggregate - AU (C)Amundi Funds Bond Global Aggregate - AU (D)Amundi Funds Bond Global Aggregate - FHE (C)Amundi Funds Bond Global Aggregate - IU (C)Amundi Funds Bond Global Aggregate - MHE (C)Amundi Funds Bond Global Aggregate - MU (C)Amundi Funds Bond Global Aggregate - SHE (C)Amundi Funds Bond Global Aggregate - SHE-MD (D)Amundi Funds Bond Global Aggregate - SU (C)

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Amundi Funds Bond Global - AE (C) 98.97 100.60

Amundi Funds Bond Global - AU (C) 22.90 25.48 20.33 23.88 17.12 20.35 17.29 19.58 16.55 17.62 15.97 16.85

Amundi Funds Bond Global - AU (D) 16.26 17.98 15.51 17.54 13.06 15.53 14.09 15.55 13.73 14.36 13.25 14.07

Amundi Funds Bond Global - FU (C) 98.26 100.09

Amundi Funds Bond Global - SHE-MD (D) 95.58 100.00

Amundi Funds Bond Global - IU (C) 2,257.86 2,502.68 2,026.96 2,345.85 1,736.30 2,033.19 1,743.07 1,981.07 1,661.31 1,774.64 1,598.74 1,691.41

Amundi Funds Bond Global - IE-D (D) 974.34 1,166.56

Amundi Funds Bond Global - IU (D) 1,998.37 2,177.25 1,880.51 2,126.23 1,607.97 1,882.79 1,740.07 1,919.37 1,661.30 1,773.09 1,649.60 1,672.26

Amundi Funds Bond Global - MU (C) 122.88 136.43 110.32 127.86 94.25 110.44 99.42 107.55

Amundi Funds Bond Global - SHE (C) 99.71 104.65

Amundi Funds Bond Global - SU (C) 22.46 24.98 19.98 23.44 16.84 20.00 17.05 19.28 16.36 17.39 15.80 16.66

Amundi Funds Bond Global - Institutional 5 (D) 947.72 1,138.82 810.46 962.43 816.79 942.98 917.20 980.34 944.79 1,017.66

Amundi Funds Bond Global Inflation - AE (C) 103.65 110.98 99.96 105.43

Amundi Funds Bond Global Inflation - AE (D) 100.10 106.64 98.43 101.82

Amundi Funds Bond Global Inflation - IE (C) 1,043.28 1,123.15 999.77 1,059.79

Amundi Funds Bond Global Inflation - ME (C) 99.20 105.21

Amundi Funds Bond Global Inflation - SE (C) 103.44 110.51 99.95 105.26

Amundi Funds Bond Converging Europe - AE (C) 30.74 99.99

Amundi Funds Bond Converging Europe - FE (C) 99.44 162.30

Amundi Funds Bond Converging Europe - IE (C) 994.54 1,713.19

Amundi Funds Bond Converging Europe - ME (C) 99.45 171.68

Amundi Funds Bond Converging Europe - OE (C) 104.93 1,000.21

Amundi Funds Bond Emerging Inflation - AU (C) 94.97 100.00

Amundi Funds Bond Emerging Inflation - IU (C) 950.06 1,000.00

Amundi Funds Bond Emerging Inflation - SU (C) 94.97 100.00

Amundi Funds Bond Global Emerging - AE (C) 97.86 101.72

Amundi Funds Bond Global Emerging - AU (C) 24.09 28.73 19.49 24.82 11.57 19.88 18.88 20.56 18.17 20.61 16.87 18.82

Amundi Funds Bond Global Emerging - AU (D) 15.00 17.16 13.19 15.46 7.82 14.53 13.97 15.10 13.73 15.25 13.41 14.46

Amundi Funds Bond Global Emerging - SHE (C) 99.78 102.55

Amundi Funds Bond Global Emerging - SHE-MD (D) 99.48 102.19

Amundi Funds Bond Global Emerging - IU (C) 1,697.89 2,034.10 1,368.83 1,744.82 825.73 1,413.42 1,325.27 1,455.52 1,260.3 1,442.94 1,157.47 1,302.64

Amundi Funds Bond Global Emerging - MU (C) 128.29 153.73 103.73 131.13

Amundi Funds Bond Global Emerging - SU (C) 23.54 28.30 19.09 24.27 11.34 19.51 18.56 20.19 17.90 20.27 16.66 18.55

Amundi Funds Euro Bond* - AE (C) 14.22 15.05 13.80 14.82 12.45 13.79 12.43 13.11 12.41 12.84 12.42 13.05

Amundi Funds Euro Bond* - AE (D) 10.58 11.52 10.87 11.41 9.91 10.87 10.14 10.70 10.13 10.72 10.43 11.40

Amundi Funds Euro Bond* - IE (C) 1,449.53 1,528.96 1,397.29 1,501.70 1,259.43 1,396.89 1,250.29 1,323.04 1,243.00 1,288.26 1,242.79 1,302.46

Amundi Funds Euro Bond* - I2 (D) 80.35 88.76 85.48 90.86 82.00 87.27 83.87 90.22 88.92 95.51 94.23 103.29

Amundi Funds Euro Bond* - ME (C) 113.25 119.47 108.78 117.33 97.62 108.73 97.53 103.55

Amundi Funds Euro Bond* - SE (C) 13.91 14.74 13.54 14.52 12.24 13.54 12.23 12.90 12.24 12.67 12.26 12.90

Amundi Funds Euro Select Bond* - AE (C) 111.97 112.54 111.35 112.38 107.96 111.36 105.16 107.96 102.94 105.13 101.94 102.96

Amundi Funds Euro Select Bond* - AE (D) 96.39 101.19 100.68 105.28 102.17 106.45 102.97 105.62 100.88 102.94 99.97 1912.22

Amundi Funds Euro Select Bond* - IE (C) 1,178.71 1,188.64 1,146.30 1,180.31 1,105.93 1,146.37 1,072.08 1,105.93 1,044.26 1,071.63 1,024.18 1,044.37

Amundi Funds Euro Select Bond* - ME (C) 99.88 100.72 99.91 100.01

Amundi Funds Euro Select Bond* - SE (C) 10.89 10.94 10.86 10.95 10.55 10.86 10.30 10.55 10.10 10.29 10.02 10.10

Amundi Funds Asian Income* - AU (C) 17.97 19.34 15.40 18.02 12.55 16.19 15.73 17.07 15.29 17.11 14.95 15.60

Amundi Funds Asian Income* - AU (D) 13.86 14.82 12.68 14.00 10.32 14.16 13.76 15.53 14.69 15.72 14.41 15.23

Amundi Funds Asian Income* - IU (C) 1,866.40 2,011.04 1,592.06 1,871.62 1,292.62 1,666.42 1,618.32 1,751.28 1,558.92 1,751.11 1,518.45 1,588.32

Amundi Funds Asian Income* - MU (C) 94.35 102.80 99.81 100.21

Amundi Funds Asian Income* - SU (C) 16.35 17.58 14.04 16.39 11.45 14.78 14.37 15.61 14.01 15.66 13.73 14.31

Amundi Funds LDI Gilt PLus (GBP)**** - IG (C) 1,228.84 1,369.68 1,059.11 1,276.58 863.53 1,110.11 973.52 1,081.08 978.03 1,031.37

Amundi Funds LDI Index Linked Plus (GBP)**** - IG (C) 1,175.34 1,366.71 1,081.36 1,278.91 905.28 1,135.42 10.00 10.35 10.21 10.59 10.44 11.02

Amundi Funds Index Equity Euro - AE (C) 85.97 106.42 74.09 99.76 57.52 101.55

Amundi Funds Index Equity Euro - AE (D) 112.48 135.10 97.40 130.47

Amundi Funds Index Equity Euro - IE (C) 862.76 1,069.19 742.06 1,000.62 575.71 1,015.55

Amundi Funds Index Equity Euro - IE (D) 839.83 1,010.79 742.06 974.01 575.71 1,015.55

Amundi Funds Index Equity Euro - ME (C) 97.71 121.05 96.05 113.33

Amundi Funds Index Equity Euro - OE (C) 930.22 971.90

Amundi Funds Index Equity Europe - AE (C) 91.34 113.23 74.62 103.65 58.75 100.00

Amundi Funds Index Equity Europe - AE (D) 105.90 127.77 98.16 120.14

Amundi Funds Index Equity Europe - IE (C) 916.55 1,137.64 747.34 1,039.61 587.97 1,000.00

Amundi Funds Index Equity Europe - IE (D) 893.54 1,077.93 747.35 1,013.55 587.98 1,000.00

Amundi Funds Index Equity Europe - ME (C) 135.36 167.96 110.43 153.56 86.89 120.15

Amundi Funds Index Equity Europe - OE (C) 916.02 1,001.26

* The datas date until 22 June 2011 because these sub-funds have been merged as at 24 June 2011.**** The datas date until 12 May 2011 because these sub-funds have been merged as at 13 May 2011.

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Amundi Funds Bond Global - AE (C)Amundi Funds Bond Global - AU (C) 14.81 16.96 13.21 15.68 11.50 14.50 9.92 11.67 3.13 10.54

Amundi Funds Bond Global - AU (D) 12.75 14.29 11.75 13.59 10.50 12.90 9.41 10.77 3.13 10.54

Amundi Funds Bond Global - FU (C)Amundi Funds Bond Global - SHE-MD (D)Amundi Funds Bond Global - IU (C) 1,474.75 1,692.94 1,311.31 1,559.06 1,137.01 1,438.43 977.22 1,153.32 3.13 1,006.29

Amundi Funds Bond Global - IE-D (D)Amundi Funds Bond Global - IU (D)Amundi Funds Bond Global - MU (C)Amundi Funds Bond Global - SHE (C)Amundi Funds Bond Global - SU (C) 14.69 16.82 13.13 15.57 11.46 14.42 9.91 11.63 3.13 10.54

Amundi Funds Bond Global - Institutional 5 (D)Amundi Funds Bond Global Inflation - AE (C)Amundi Funds Bond Global Inflation - AE (D)Amundi Funds Bond Global Inflation - IE (C)Amundi Funds Bond Global Inflation - ME (C)Amundi Funds Bond Global Inflation - SE (C)Amundi Funds Bond Converging Europe - AE (C)Amundi Funds Bond Converging Europe - FE (C)Amundi Funds Bond Converging Europe - IE (C)Amundi Funds Bond Converging Europe - ME (C)Amundi Funds Bond Converging Europe - OE (C)Amundi Funds Bond Emerging Inflation - AU (C)Amundi Funds Bond Emerging Inflation - IU (C)Amundi Funds Bond Emerging Inflation - SU (C)Amundi Funds Bond Global Emerging - AE (C)Amundi Funds Bond Global Emerging - AU (C) 14.10 16.87 13.44 14.62 9.71 14.27 9.84 11.04 9.99 165.17

Amundi Funds Bond Global Emerging - AU (D) 11.84 13.55 11.61 9.08 12.66 9.45 10.60 9.99 91.11

Amundi Funds Bond Global Emerging - SHE (C)Amundi Funds Bond Global Emerging - SHE-MD (D)Amundi Funds Bond Global Emerging - IU (C) 14.10 1,157.47 13.44 14.62 12.27 1,151.07 925.90 1,006.98

Amundi Funds Bond Global Emerging - MU (C)Amundi Funds Bond Global Emerging - SU (C) 13.95 16.66 13.35 14.47 9.67 14.17 9.84 11.00 9.99 165.17

Amundi Funds Euro Bond* - AE (C) 12.44 121.82 110.87 116.37 101.16 114.73 99.04 223.39 197.85 213.89

Amundi Funds Euro Bond* - AE (D) 10.88 113.38 106.32 113.09 104.21 114.73

Amundi Funds Euro Bond* - IE (C) 1,111.47 1,286.89 1,069.78 1,125.6 1,000.00 1,105.97

Amundi Funds Euro Bond* - I2 (D) 101.27 1,181.68 1,069.78 1,125.6 1,000.00 1,105.97

Amundi Funds Euro Bond* - MU (C)Amundi Funds Euro Bond* - SU (C) 12.32 121.82 110.87 116.37 101.16 114.73 99.04 223.39 197.85 213.89

Amundi Funds Euro Select Bond* - AE (C) 99.80 102.01

Amundi Funds Euro Select Bond* - AE (D)Amundi Funds Euro Select Bond* - IE (C) 998.49 1,024.66

Amundi Funds Euro Select Bond* - ME (C)Amundi Funds Euro Select Bond* - SE (C) 9.99 10.04

Amundi Funds Asian Income* - AU (C) 13.37 15.07 12.70 13.89 11.31 13.46 10.15 11.39 9.99 1,716.43

Amundi Funds Asian Income* - AU (D) 13.59 15.09

Amundi Funds Asian Income* - IU (C) 1,351.65 1,529.52 1,280.67 1,403.52 1,136.07 1,356.10 1,016.30 1,144.20 999.21 1,592.69

Amundi Funds Asian Income* - MU (C)Amundi Funds Asian Income* - SU (C) 12.30 13.84 11.69 12.79 10.34 12.39 9.95 10.96 9.99 1,716.43

Amundi Funds LDI Gilt PLus (GBP)**** - IG (C)Amundi Funds LDI Index Linked Plus (GBP)**** - IG (C) 10.62 11.00 10.57 10.95 10.29 10.99 10.06 10.36 3.69 10.27

Amundi Funds Index Equity Euro - AE (C)Amundi Funds Index Equity Euro - AE (D)Amundi Funds Index Equity Euro - IE (C)Amundi Funds Index Equity Euro - IE (D)Amundi Funds Index Equity Euro - ME (C)Amundi Funds Index Equity Euro - OE (C)Amundi Funds Index Equity Europe - AE (C)Amundi Funds Index Equity Europe - AE (D)Amundi Funds Index Equity Europe - IE (C)Amundi Funds Index Equity Europe - IE (D)Amundi Funds Index Equity Europe - ME (C)Amundi Funds Index Equity Europe - OE (C)

* These sub-funds have been merged as at 24 June 2011.**** These sub-funds have been merged as at 13 May 2011.

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Amundi Funds Index Equity North America - AE (C) 102.75 126.86 78.63 116.91 66.15 102.09

Amundi Funds Index Equity North America - AU (C) 92.53 125.57 93.29 109.89

Amundi Funds Index Equity North America - AE (D) 117.61 142.82 99.69 133.81

Amundi Funds Index Equity North America - IE (C) 1,031.10 1,274.49 787.46 1,172.74 662.07 1,020.97

Amundi Funds Index Equity North America - IU (C) 961.70 1,004.15

Amundi Funds Index Equity North America - IE (D) 1,016.97 1,234.56 787.46 1,156.69 662.07 1,020.97

Amundi Funds Index Equity North America - ME (C) 120.53 148.94 92.10 137.10

Amundi Funds Index Equity North America - OE (C) 928.15 948.85

Amundi Funds Index Equity Pacific - AE (C) 128.34 154.89 104.55 140.75 85.26 111.44

Amundi Funds Index Equity Pacific - AE (D) 108.64 131.13 95.95 121.64

Amundi Funds Index Equity Pacific - IE (C) 1,287.03 1,553.15 1,046.46 1,410.15 852.93 1,115.34

Amundi Funds Index Equity Pacific - IE (D) 1,247.32 1,505.22 1,046.45 1,395.45 852.92 1,115.33

Amundi Funds Index Equity Pacific - ME (C) 112.66 135.97 100.00 123.50

Amundi Funds Index Equity Pacific - OE (C) 867.29 903.46

Amundi Funds Index Global Bond (EUR) Hedged - AE (C) 110.14 114.82 105.41 112.01 100.14 106.94

Amundi Funds Index Global Bond (EUR) Hedged - AE (D) 100.57 108.40 100.03 105.78

Amundi Funds Index Global Bond (EUR) Hedged - IE (C) 1,103.02 1,149.19 1,055.96 1,120.46 1,001.62 1,070.06

Amundi Funds Index Global Bond (EUR) Hedged - ME (C) 104.51 108.90 100.12 106.19

Amundi Funds Absolute Forex - AE (C) 99.70 108.94

Amundi Funds Absolute Forex - AE (D) 99.71 100.25

Amundi Funds Absolute Forex - FE (C) 99.70 104.41

Amundi Funds Absolute Forex - H (C) 99.73 100.27

Amundi Funds Absolute Forex - IE (C) 997.10 1,100.30

Amundi Funds Absolute Forex - ME (C) 99.71 107.06

Amundi Funds Absolute Forex - SE (C) 99.70 100.24

Amundi Funds Absolute VaR Short Term - IE (C) 1,002.54 1,007.28 999.66 1,005.31

Amundi Funds Absolute VaR 2(EUR) - AHG (G) 99.85 100.08

Amundi Funds Absolute VaR 2(EUR) - AE (C) 116.69 118.53 109.73 118.02 96.81 110.14 105.21 108.05 102.91 107.09 100.24 103.14

Amundi Funds Absolute VaR 2(EUR) - AE (D) 101.99 103.56 98.86 103.27 87.46 103.62 98.97 103.40 100.07 103.55 99.78 100.33

Amundi Funds Absolute VaR 2(EUR) - AHG (D) 99.85 100.12

Amundi Funds Absolute VaR 2(EUR) - FE (C) 99.92 100.26

Amundi Funds Absolute VaR 2(EUR) - H (C) 113.37 115.21 107.31 115.11 95.63 108.85 104.21 106.85 102.38 106.20 100.10 102.70

Amundi Funds Absolute VaR 2(EUR) - IHG (C) 998.62 1,001.37

Amundi Funds Absolute VaR 2(EUR) - IE (C) 1,186.77 1,209.04 1,114.99 1,199.36 981.71 1,116.14 1,062.78 1,094.05 1,033.33 1,078.38 1,003.40 1,035.61

Amundi Funds Absolute VaR 2(EUR) - ME (C) 110.54 112.49 103.64 111.57 91.43 103.79 99.38 101.97

Amundi Funds Absolute VaR 2(EUR) - SE (C) 115.78 117.61 109.13 117.12 96.48 109.77 104.93 107.72 102.79 106.84 100.23 103.07

Amundi Funds Absolute VaR 2(USD) - AU (C) 119.53 121.79 117.08 122.43 107.09 117.11 110.55 113.15 105.46 111.74 100.36 105.62

Amundi Funds Absolute VaR 2(USD) - AU (D) 102.00 104.02 101.41 104.87 92.80 103.75 99.89 103.80 99.92 103.75

Amundi Funds Absolute VaR 2(USD) - H (C) 133.47 136.29 131.80 137.42 120.90 131.84 109.29 127.70 104.84 110.72 100.00 105.00

Amundi Funds Absolute VaR 2(USD) - IU (C) 1,227.70 1,247.10 1,192.37 1,248.57 1,087.85 1,192.69 1,119.94 1,146.73 1,061.27 1,128.35 1,005.13 1,062.84

Amundi Funds Absolute VaR 2(USD) - SU (C) 118.65 120.98 116.69 121.88 106.84 116.72 110.35 112.95 105.50 111.66 100.40 105.66

Amundi Funds Absolute VaR 4(EUR) - AE (C) 110.32 113.98 103.12 113.29 88.92 107.02 102.07 110.32 104.46 110.55 100.54 105.96

Amundi Funds Absolute VaR 4(EUR) - AE (D) 93.35 95.31 91.29 96.06 78.72 98.53 93.97 103.86 99.05 104.25 98.73 100.57

Amundi Funds Absolute VaR 4(EUR) - H (C) 108.03 111.44 100.92 110.84 87.20 105.02 100.26 108.60 103.32 108.99 100.29 104.98

Amundi Funds Absolute VaR 4(EUR) - IE (C) 1,133.04 1,173.92 1,051.73 1,161.32 903.57 1,086.88 1,034.20 1,113.41 1,050.11 1,115.58 1,007.35 1,064.68

Amundi Funds Absolute VaR 4(EUR) - ME (C) 103.67 107.46 96.35 106.34 82.83 99.45 94.87 100.50

Amundi Funds Absolute VaR 4(EUR) - SE (C) 109.59 113.16 102.63 112.55 88.56 106.68 101.75 110.06 104.38 110.50 100.60 105.97

Amundi Funds Absolute VaR 4(USD) - AU (C) 107.87 110.90 102.25 110.93 90.18 102.34 96.31 103.40 100.07 103.73

Amundi Funds Absolute VaR 4(USD) - AU (D) 97.77 100.53 95.76 101.33 84.45 96.64 93.16 101.75 99.56 102.04

Amundi Funds Absolute VaR 4(USD) - H (C) 106.22 109.28 101.24 109.50 89.60 101.34 95.87 103.03 100.47 103.44

Amundi Funds Absolute VaR 4(USD) - IU (C) 1,100.34 1,128.27 1,035.11 1,123.87 909.18 1,035.81 968.35 1,035.78 1,000.88 1,038.88

Amundi Funds Absolute VaR 4(USD) - SU (C) 107.38 109.76 101.74 110.28 89.79 101.83 95.94 103.13 100.07 103.47

Amundi Funds Absolute Statistical Arbitrage - AHU (C) 97.80 100.03

Amundi Funds Absolute Statistical Arbitrage - AE (C) 94.40 100.72 93.13 100.53

Amundi Funds Absolute Statistical Arbitrage - IHU (C) 978.80 1,000.26

Amundi Funds Absolute Statistical Arbitrage - IE (C) 948.86 1,010.88 934.92 1,008.20

Amundi Funds Absolute Statistical Arbitrage - IE (D) 943.59 1,001.07 929.34 1,007.44

Amundi Funds Absolute Statistical Arbitrage - ME (C) 93.28 98.66 91.76 98.98

Amundi Funds Absolute Statistical Arbitrage - SE (C) 93.60 99.25 92.69 100.46

Amundi Funds Absolute Forex Asia Pacific - AJ (C) 10,227.00 10,408.91 121.20 124.84 116.98 123.92 108.21 117.83 99.94 109.48

Amundi Funds Absolute Forex Asia Pacific - AJ (D) 99.59 100.03

Amundi Funds Absolute Forex Asia Pacific - IJ (C) 104,636.00 106,364.69 1,231.81 1,272.36 1,180.66 1,256.39 1,085.55 1,188.61 999.50 1,098.00

Amundi Funds Absolute Forex Asia Pacific - MJ (C) 8,323.13 8,422.01 100.00 100.79

Amundi Funds Absolute Forex Asia Pacific - SJ (C) 10,229.00 10,417.62 121.42 125.02 116.94 124.55 108.09 118.16 99.94 109.37

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Amundi Funds Index Equity North America - AE (C)Amundi Funds Index Equity North America - AU (C)Amundi Funds Index Equity North America - AE (D)Amundi Funds Index Equity North America - IE (C)Amundi Funds Index Equity North America - IU (C)Amundi Funds Index Equity North America - IE (D)Amundi Funds Index Equity North America - ME (C)Amundi Funds Index Equity North America - OE (C)Amundi Funds Index Equity Pacific - AE (C)Amundi Funds Index Equity Pacific - AE (D)Amundi Funds Index Equity Pacific - IE (C)Amundi Funds Index Equity Pacific - IE (D)Amundi Funds Index Equity Pacific - ME (C)Amundi Funds Index Equity Pacific - OE (C)Amundi Funds Index Global Bond (EUR) Hedged - AE (C)Amundi Funds Index Global Bond (EUR) Hedged - AE (D)Amundi Funds Index Global Bond (EUR) Hedged - IE (C)Amundi Funds Index Global Bond (EUR) Hedged - ME (C)Amundi Funds Absolute Forex - AE (C)Amundi Funds Absolute Forex - AE (D)Amundi Funds Absolute Forex - FE (C)Amundi Funds Absolute Forex - H (C)Amundi Funds Absolute Forex - IE (C)Amundi Funds Absolute Forex - ME (C)Amundi Funds Absolute Forex - SE (C)Amundi Funds Absolute VaR Short Term - IE (C)Amundi Funds Absolute VaR 2(EUR) - AHG (G)Amundi Funds Absolute VaR 2(EUR) - AE (C) 99.94 100.32

Amundi Funds Absolute VaR 2(EUR) - AE (D)Amundi Funds Absolute VaR 2(EUR) - AHG (D)Amundi Funds Absolute VaR 2(EUR) - FE (C)Amundi Funds Absolute VaR 2(EUR) - H (C)Amundi Funds Absolute VaR 2(EUR) - IHG (C)Amundi Funds Absolute VaR 2(EUR) - IE (C) 999.49 1,004.55

Amundi Funds Absolute VaR 2(EUR) - ME (C)Amundi Funds Absolute VaR 2(EUR) - SE (C) 99.92 100.36

Amundi Funds Absolute VaR 2(USD) - AU (C) 99.91 100.45

Amundi Funds Absolute VaR 2(USD) - AU (D)Amundi Funds Absolute VaR 2(USD) - H (C)Amundi Funds Absolute VaR 2(USD) - IU (C) 999.23 1,005.98

Amundi Funds Absolute VaR 2(USD) - SU (C) 99.91 100.49

Amundi Funds Absolute VaR 4(EUR) - AE (C) 99.63 100.72

Amundi Funds Absolute VaR 4(EUR) - AE (D)Amundi Funds Absolute VaR 4(EUR) - H (C)Amundi Funds Absolute VaR 4(EUR) - IE (C) 996.42 1,009.09

Amundi Funds Absolute VaR 4(EUR) - ME (C)Amundi Funds Absolute VaR 4(EUR) - SE (C) 99.62 100.78

Amundi Funds Absolute VaR 4(USD) - AU (C)Amundi Funds Absolute VaR 4(USD) - AU (D)Amundi Funds Absolute VaR 4(USD) - H (C)Amundi Funds Absolute VaR 4(USD) - IU (C)Amundi Funds Absolute VaR 4(USD) - SU (C)Amundi Funds Absolute Statistical Arbitrage - AHU (C)Amundi Funds Absolute Statistical Arbitrage - AE (C)Amundi Funds Absolute Statistical Arbitrage - IHU (C)Amundi Funds Absolute Statistical Arbitrage - IE (C)Amundi Funds Absolute Statistical Arbitrage - IE (D)Amundi Funds Absolute Statistical Arbitrage - ME (C)Amundi Funds Absolute Statistical Arbitrage - SE (C)Amundi Funds Absolute Forex Asia Pacific - AJ (C)Amundi Funds Absolute Forex Asia Pacific - AJ (D)Amundi Funds Absolute Forex Asia Pacific - IJ (C)Amundi Funds Absolute Forex Asia Pacific - MJ (C)Amundi Funds Absolute Forex Asia Pacific - SJ (C)

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Amundi Funds Absolute High Yield - AE (C) 100.55 104.53 94.22 101.46 82.69 97.07 96.63 102.73 99.90 102.67

Amundi Funds Absolute High Yield - AE (D) 100.52 104.20 99.21 100.83

Amundi Funds Absolute High Yield - H (C) 101.73 105.55 95.44 102.38 82.17 96.64 96.35 102.55 99.90 102.62

Amundi Funds Absolute High Yield - IE (C) 1,043.88 1,089.31 975.56 1,052.13 835.72 979.14 972.08 1,030.92 999.13 1,029.55

Amundi Funds Absolute High Yield - ME (C) 106.27 110.88 96.83 107.02 82.97 97.24 96.65 100.31

Amundi Funds Absolute High Yield - SE (C) 102.29 106.29 95.80 103.09 82.47 96.86 96.46 102.62 99.90 102.66

Amundi Funds Absolute Volatility Arbitrage - AE (C) 116.13 118.24 114.73 116.46 109.81 115.64 105.21 109.81 102.02 105.41 99.96 102.03

Amundi Funds Absolute Volatility Arbitrage - AE (D) 104.24 106.14 103.00 104.84 100.01 104.69 99.85 102.04

Amundi Funds Absolute Volatility Arbitrage - H (C) 114.80 116.57 113.47 115.14 109.11 114.70 104.81 109.11 101.98 105.05 99.95 102.00

Amundi Funds Absolute Volatility Arbitrage - IE (C) 1,185.20 1,212.96 1,170.29 1,188.41 1,111.28 1,173.84 1,059.62 1,111.28 1,022.06 1,060.96 999.44 1,022.13

Amundi Funds Absolute Volatility Arbitrage - ME (C) 109.34 111.80 107.98 109.64 102.65 108.40 99.55 102.65

Amundi Funds Absolute Volatility Arbitrage - SE (C) 115.40 117.38 114.03 115.73 109.34 115.02 104.85 109.34 101.79 105.06 99.95 101.80

Amundi Funds Absolute Volatility Euro Equities - AHC (C) 98.97 100.44

Amundi Funds Absolute Volatility Euro Equities - AE (C) 145.97 151.34 136.85 149.49 113.18 141.22 102.72 119.17 99.98 104.19

Amundi Funds Absolute Volatility Euro Equities - IHG (D) 1,028.07 1,065.07 967.16 1 047.19

Amundi Funds Absolute Volatility Euro Equities - IHG0 (D) 1,052.02 1,089.82 980.36 1 071.82

Amundi Funds Absolute Volatility Euro Equities - AE (D) 131.57 136.45 123.17 134.87 102.32 127.65 96.63 108.74

Amundi Funds Absolute Volatility Euro Equities - AHG (D) 102.47 106.20 96.70 104.84

Amundi Funds Absolute Volatility Euro Equities - FE (C) 99.04 101.66

Amundi Funds Absolute Volatility Euro Equities - H (C) 142.32 147.92 133.67 146.46 111.48 138.62 102.01 117.86 99.82 103.65

Amundi Funds Absolute Volatility Euro Equities - IHC (C) 990.05 1,004.16

Amundi Funds Absolute Volatility Euro Equities - IE (C) 1,497.72 1,551.68 1,397.32 1,526.60 1,144.65 1,434.63 1,028.35 1,199.27 999.92 1,040.6

Amundi Funds Absolute Volatility Euro Equities - IE (D) 981.41 1,016.76 1,000.00 1,001.52

Amundi Funds Absolute Volatility Euro Equities - ME (C) 132.24 136.98 123.28 134.98 101.22 126.71 96.47 106.19

Amundi Funds Absolute Volatility Euro Equities - OE (C) 996.45 1,007.57

Amundi Funds Absolute Volatility Euro Equities - SE (C) 144.11 149.62 135.01 148.03 112.13 139.66 102.20 118.30 99.97 103.75

Amundi Funds Absolute Volatility World Equities - AHE (C) 98.91 105.13 95.29 102.59

Amundi Funds Absolute Volatility World Equities - AE (C)Amundi Funds Absolute Volatility World Equities - AU (C) 134.35 143.13 129.46 139.30 104.99 135.07 98.86 109.94

Amundi Funds Absolute Volatility World Equities - IHG (D) 998.85 1,062.60 966.43 1 036.73

Amundi Funds Absolute Volatility World Equities - IHG0 (D) 972.35 1,036.28

Amundi Funds Absolute Volatility World Equities - AE (D)Amundi Funds Absolute Volatility World Equities - AU (D) 120.99 128.94 116.45 125.49 99.99 121.51

Amundi Funds Absolute Volatility World Equities - AHG (D) 102.99 109.49 99.80 106.59

Amundi Funds Absolute Volatility World Equities - H (C) 131.94 140.54 127.63 137.38 104.39 133.80 98.80 109.74

Amundi Funds Absolute Volatility World Equities - IHE (C) 1,015.53 1,078.12 978.77 1 049.53

Amundi Funds Absolute Volatility World Equities - IU (C) 1,378.45 1,469.88 1,316.36 1,423.17 1,055.88 1,367.54 989.58 1,102.53

Amundi Funds Absolute Volatility World Equities - IU (D) 1,025.06 1,093.05 987.09 1 057.72

Amundi Funds Absolute Volatility World Equities - MU (C) 99.86 106.37 95.89 103.24

Amundi Funds Absolute Volatility World Equities - SU (C) 132.99 141.69 128.47 138.15 104.63 134.36 98.82 109.82

Amundi Funds Arbitrage VaR 2GBP* - AG (C) 115.81 117.76 115.49 118.25 107.43 117.35 111.40 114.87 105.76 112.16 100.84 105.95

Amundi Funds Arbitrage VaR 2GBP* - AG (D) 96.38 98.28 96.89 100.69 92.90 106.27 100.97 103.97 100.13 103.65

Amundi Funds Arbitrage VaR 2GBP* - H (C) 116.31 117.91 115.33 118.05 106.99 116.71 110.41 114.13 104.43 111.07 100.14 104.60

Amundi Funds Arbitrage VaR 2GBP* - IG (C) 1,192.00 1,210.26 1,144.12 1,210.07 1,090.28 1,190.21 1,125 1,164.03 1,063.27 1,131.25 1,009.02 1,065.06

Amundi Funds Arbitrage VaR 2GBP* - IG (D) 976.65 993.29 978.09 1,016.69 935.41 1,075.62 1,018.19 1,064.58 1,001.05 1,062.96 1,000 1,000

Amundi Funds Arbitrage VaR 2GBP* - SG (C) 114.92 116.91 114.74 117.48 107.04 117.00 111.16 114.49 105.68 111.95 100.82 105.87

Amundi Funds Dynarbitrage Forex* - AE (C) 108.07 111.13 104.79 110.22 100.71 106.65 98.76 104.22 99.10 104.65 98.38 101.89

Amundi Funds Dynarbitrage Forex* - AE (D) 102.17 105.06 98.74 104.51

Amundi Funds Dynarbitrage Forex* - H (C) 107.51 110.55 104.56 110.02 99.27 106.68 98.72 104.08 98.72 103.85 98.03 101.56

Amundi Funds Dynarbitrage Forex* - IE (C) 1,090.52 1,121.83 1,046.68 1,105.95 1,022.74 1,081.14 1,002.32 1,060.05 995.24 1,053 987.67 1,020.5

Amundi Funds Dynarbitrage Forex* - ME (C) 105.88 108.91 102.21 107.44 96.37 103.89 96.10 100.64

Amundi Funds Dynarbitrage Forex* - SE (C) 108.48 111.55 105.29 110.73 99.81 107.34 99.00 104.45 99.00 104.38 98.30 101.75

Amundi Funds Arbitrage Inflation* - AE (C) 105.66 107.03 106.89 108.77 104.80 108.31 100.93 105.27 99.76 100.94 99.10 100.32

Amundi Funds Arbitrage Inflation* - H (C) 106.28 107.79 107.66 109.76 106.05 109.39 102.18 106.73 100.00 102.17 99.30 100.54

Amundi Funds Arbitrage Inflation* - IE (C) 1,078.62 1,091.66 1,088.25 1,105.38 1,057.24 1,096.64 1,014.41 1,062.55 1,000.81 1,014.38 990.58 1,004.60

Amundi Funds Arbitrage Inflation* - ME (C) 103.03 104.28 104.03 105.74 101.20 104.95 99.40 101.76

Amundi Funds Arbitrage Inflation* - SE (C) 104.69 106.12 105.99 107.94 104.15 107.54 100.58 104.75 99.50 100.59 99.06 100.14

* The datas date until 22 June 2011 because these sub-funds have been merged as at 24 June 2011.

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Amundi Funds Absolute High Yield - AE (C)Amundi Funds Absolute High Yield - AE (D)Amundi Funds Absolute High Yield - H (C)Amundi Funds Absolute High Yield - IE (C)Amundi Funds Absolute High Yield - ME (C)Amundi Funds Absolute High Yield - SE (C)Amundi Funds Absolute Volatility Arbitrage - AE (C)Amundi Funds Absolute Volatility Arbitrage - AE (D)Amundi Funds Absolute Volatility Arbitrage - H (C)Amundi Funds Absolute Volatility Arbitrage - IE (C)Amundi Funds Absolute Volatility Arbitrage - ME (C)Amundi Funds Absolute Volatility Arbitrage - SE (C)Amundi Funds Absolute Volatility Euro Equities - AHC (C)Amundi Funds Absolute Volatility Euro Equities - AE (C)Amundi Funds Absolute Volatility Euro Equities - IHG (D)Amundi Funds Absolute Volatility Euro Equities - IHG0 (D)Amundi Funds Absolute Volatility Euro Equities - AE (D)Amundi Funds Absolute Volatility Euro Equities - AHG (D)Amundi Funds Absolute Volatility Euro Equities - FE (C)Amundi Funds Absolute Volatility Euro Equities - H (C)Amundi Funds Absolute Volatility Euro Equities - IHC (C)Amundi Funds Absolute Volatility Euro Equities - IE (C)Amundi Funds Absolute Volatility Euro Equities - IE (D)Amundi Funds Absolute Volatility Euro Equities - ME (C)Amundi Funds Absolute Volatility Euro Equities - OE (C)Amundi Funds Absolute Volatility Euro Equities - SE (C)Amundi Funds Absolute Volatility World Equities - AHE (C)Amundi Funds Absolute Volatility World Equities - AE (C)Amundi Funds Absolute Volatility World Equities - AU (C)Amundi Funds Absolute Volatility World Equities - IHG (D)Amundi Funds Absolute Volatility World Equities - IHG0 (D)Amundi Funds Absolute Volatility World Equities - AE (D)Amundi Funds Absolute Volatility World Equities - AU (D)Amundi Funds Absolute Volatility World Equities - AHG (D)Amundi Funds Absolute Volatility World Equities - H (C)Amundi Funds Absolute Volatility World Equities - IHE (C)Amundi Funds Absolute Volatility World Equities - IU (C)Amundi Funds Absolute Volatility World Equities - IU (D)Amundi Funds Absolute Volatility World Equities - MU (C)Amundi Funds Absolute Volatility World Equities - SU (C)Amundi Funds Arbitrage VaR 2GBP* - AG (C) 99.94 100.88

Amundi Funds Arbitrage VaR 2GBP* - AG (D)Amundi Funds Arbitrage VaR 2GBP* - H (C)Amundi Funds Arbitrage VaR 2GBP* - IG (C) 999.43 1,009.38

Amundi Funds Arbitrage VaR 2GBP* - IG (D)Amundi Funds Arbitrage VaR 2GBP* - SG (C) 99.94 100.83

Amundi Funds Dynarbitrage Forex* - AE (C)Amundi Funds Dynarbitrage Forex* - AE (D)Amundi Funds Dynarbitrage Forex* - H (C)Amundi Funds Dynarbitrage Forex* - IE (C)Amundi Funds Dynarbitrage Forex* - ME (C)Amundi Funds Dynarbitrage Forex* - SE (C)Amundi Funds Arbitrage Inflation* - AE (C)Amundi Funds Arbitrage Inflation* - H (C)Amundi Funds Arbitrage Inflation* - IE (C)Amundi Funds Arbitrage Inflation* - ME (C)Amundi Funds Arbitrage Inflation* - SE (C)

*These sub-fund have been merged as at 24 June 2011.

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Amundi Funds Multimanagers Long/Short Equity - AE (C) 97.23 101.40 97.36 100.82

Amundi Funds Multimanagers Long/Short Equity - IE (C) 974.21 1,015.45 975.47 1 009.10

Amundi Funds Multimanagers Long/Short Equity - SE (C) 97.16 100.80 97.29 100.79

Amundi Funds Dynamic Asset Allocation - AE (C) 97.39 100.73

Amundi Funds Dynamic Asset Allocation - IE (C) 975.50 1,007.66

Amundi Funds Dynamic Asset Allocation - SE (C) 97.32 100.72

Amundi Funds Money Market Euro - AE (C) 27.44 100.01

Amundi Funds Money Market Euro - AE (D) 100.00 100.01

Amundi Funds Money Market Euro - FE (C) 99.99 119.42

Amundi Funds Money Market Euro - IE (C) 1,000.05 1,232.96

Amundi Funds Money Market Euro - IE (D) 1,000.06 1,000.22

Amundi Funds Money Market Euro - ME (C) 100.00 124.09

Amundi Funds Money Market Euro - OE (C) 119.36 1,000.24

Amundi Funds Money Market Euro - SE (C) 100.00 100.01

Amundi Funds Money Market USD - SE (C) Amundi Funds Money Market USD - AU (C) 15.85 99.99

Amundi Funds Money Market USD - AU (D) 99.99 99.99

Amundi Funds Money Market USD - FU (C) 99.99 117.97

Amundi Funds Money Market USD - IU (C) 1,000.00 1,223.66

Amundi Funds Money Market USD - MU (C) 100.00 122.00

Amundi Funds Money Market USD - SU (C) 99.99 99.99

Amundi Funds Euro Reserve* - AE (C) 12.34 12.40 12.31 12.34 12.00 12.31 11.55 12.00 11.24 11.55 11.06 11.24

Amundi Funds Euro Reserve* - AE (D) 10.13 10.18 10.13 10.38 10.21 10.60 10.18 10.49 10.16 10.39 10.04 10.20

Amundi Funds Euro Reserve* - IE (C) 1,216.59 1,225.42 1,211.63 1,216.57 1,177.54 1,211.61 1,130.67 1,177.54 1,095.62 1,130.33 1,074.51 1,095.62

Amundi Funds Euro Reserve* - IE (D) 1,000.00 1,005.40 1,001.39 1,004.32

Amundi Funds Euro Reserve* - I11 (C) 1,035.76 1,043.82 1,031.04 1,035.74 1,001.53 1,031.02 1,000.00 1,001.53

Amundi Funds Euro Reserve* - ME (C) 105.85 106.57 105.48 105.85 102.57 105.47 100.00 102.57

Amundi Funds Euro Reserve* - SE (C) 12.07 12.12 12.06 12.07 11.80 12.06 11.40 11.80 11.11 11.40 10.96 11.11

Amundi Funds USD Reserve* - AU (C) 12.09 12.11 12.08 12.09 11.94 12.08 11.52 11.94 11.01 11.52 10.64 11.01

Amundi Funds USD Reserve* - AU (D) 10.01 10.03 10.01 10.12 10.05 10.42 10.11 10.58 10.11 10.47 9.89 10.17

Amundi Funds USD Reserve* - IU (C) 1,198.50 1,201.08 1,195.83 1,198.49 1,132.38 1,195.80 1,089.63 1,132.38 1,037.35 1,089.18 1,000.31 1,037.35

Amundi Funds USD Reserve* - MU (C) 100.22 100.41 100.03 100.22 100.00 100.99

Amundi Funds USD Reserve*- SU (C) 11.86 11.88 11.84 11.86 11.76 11.84 11.39 11.76 10.90 11.38 10.56 10.90

* The datas date until 22 June 2011 because these sub-funds have been merged as at 24 June 2011.

345




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Amundi Funds Multimanagers Long/Short Equity - AE (C)Amundi Funds Multimanagers Long/Short Equity - IE (C)Amundi Funds Multimanagers Long/Short Equity - SE (C)Amundi Funds Dynamic Asset Allocation - AE (C)Amundi Funds Dynamic Asset Allocation - IE (C)Amundi Funds Dynamic Asset Allocation - SE (C)Amundi Funds Money Market Euro - AE (C)Amundi Funds Money Market Euro - AE (D)Amundi Funds Money Market Euro - FE (C)Amundi Funds Money Market Euro - IE (C)Amundi Funds Money Market Euro - IE (D)Amundi Funds Money Market Euro - ME (C)Amundi Funds Money Market Euro - OE (C)Amundi Funds Money Market Euro - SE (C)Amundi Funds Money Market USD - SE (C) Amundi Funds Money Market USD - AU (C) Amundi Funds Money Market USD - AU (D) Amundi Funds Money Market USD - FU (C) Amundi Funds Money Market USD - IU (C) Amundi Funds Money Market USD - MU (C) Amundi Funds Money Market USD - SU (C) Amundi Funds Euro Reserve* - AE (C) 10.90 11.06 10.76 10.90 10.52 10.76 10.23 10.52 2.38 10.23

Amundi Funds Euro Reserve* - AE (D) 9.93 10.10 9.97 10.07 9.87 10.19 9.92 10.31 2.38 10.23

Amundi Funds Euro Reserve* - IE (C) 1,042.21 1,074.51 1,025.49 1,042.21 1,000.97 1,025.49 1,000.00 1,000.71

Amundi Funds Euro Reserve* - IE (D)Amundi Funds Euro Reserve* - I11 (C)Amundi Funds Euro Reserve* - ME (C)Amundi Funds Euro Reserve* - SE (C) 10.82 10.96 10.69 10.82 10.49 10.69 10.22 10.48 2.38 10.21

Amundi Funds USD Reserve* - AU (C) 10.49 10.64 10.47 10.49 10.41 10.47 10.25 10.41 2.87 10.25

Amundi Funds USD Reserve* - AU (D) 9.87 10.01 9.85 9.87 9.82 9.88 9.77 10.31 2.41 10.25

Amundi Funds USD Reserve* - IU (C) 1,000.14 1,004.52 10.47 1,000.49 10.41 10.47 10.25 10.41 2.87 10.25

Amundi Funds USD Reserve* - MU (C)Amundi Funds USD Reserve* - SU (C) 10.43 10.56 10.43 10.43 10.37 10.43 10.23 10.37 2.87 10.23

*These sub-funds have been merged as at 24 June 2011.

LEGAL NOTICESAMUNDI FUNDSSociété d'investissement à capital variableR.C.S. Luxembourg B 68.8065, allée Scheffer - L-2420 LuxembourgTel. + 352 4767 6222 / + 352 4767 6667Fax + 352 4767 3781

AMUNDI FUNDS

SICAV with sub-funds under Luxembourg law

Unaudited semi-annual report as at 31/12/10

AMUNDI FUNDS

Unaudited semi-annual report

For the period from 01/07/10 to 31/12/10

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAV and theunaudited semi-annual report if published after such annual report.

Additional information concerning the representation and distribution of the Fund in Hong Kong as at 31 December 2010 :

Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:

Equities:Emerging Markets / Emerging World / Europe SRI / Gems Europe / Gems World / Clean Planet / Japan Value / Restructuring Equities / Select Euro / Minimum Variance Europe / Select Europe.

Bonds:Emerging Markets Debt / Euro Govies / Euro Select Bond / European Bond / Global Aggregate / Global Corporate Bond / Global Inflation Bond / LDI Gilt Plus (GBP) / LDI Index Linked Plus (GBP).

Indexed:Index Euro / Index Europe / Index Global Bond (EUR) Hedged / Index North America / Index Pacific.

Guaranteed/Protected:Multi Asset Protected.

Absolute Return:Arbitrage Inflation / Arbitrage VaR 2 (EUR) / Arbitrage VaR 2 (GBP) / Arbitrage VaR 2 (USD) / Arbitrage VaR Short Term / Equity Statistical Arbitrage (EUR) / Multimanagers Long/Short Equity / Dynarbitrage Forex /Dynarbitrage Forex Asia Pacific / Dynarbitrage High Yield / Dynarbitrage VaR 4 (EUR) / Dynarbitrage VaR 4 (USD) / Dynarbitrage Volatility / Volatility Euro Equities / Volatility World Equities.

For all sub-funds authorized in Hong Kong, please note that the shares all I Classes Category (except for IE and IU classes), all A Classes Category (except for AE, AU and AC classes), all M Classes Category, all O ClassesCategory, all S Classes Category, all F Classes Category and H Class are not authorized in Hong Kong.

The share class IC in respect of Switzerland is not authorized in Hong Kong.

R.C.S. Luxembourg B 68.806

Table of Contents

3

Page

Organisation 4

Portfolios’ details :

Equities

Aqua Global 7 Global Convertible Bond 83

ASEAN New Markets 8 Global Corporate Bond 84

Asia Pacific Renaissance 10 Global Inflation Bond 86

Asian Growth 12 LDI Gilt Plus (GBP) 87

Brazil 14 LDI Index Linked Plus (GBP) 88

Clean Planet 16

Emerging Europe 17 Indexed

Emerging Internal Demand 19 Index Euro 89

Emerging Markets 24 Index Europe 92

Emerging World 26 Index Global Bond (EUR) Hedged 97

Euro Quant 31 Index North America 99

Europe Smaller Companies 33 Index Pacific 106

Europe SRI 35

Gems Europe 37 Absolute Return

Gems World 40 Arbitrage Inflation 111

Global Agriculture 42 Arbitrage VaR 2 (EUR) 112

Global Equities 43 Arbitrage VaR 2 (GBP) 114

Global Finance 45 Arbitrage VaR 2 (USD) 115

Global Resources 47 Arbitrage VaR Short Term 116

Greater China 49 Dynarbitrage Forex 117

India 50 Dynarbitrage High Yield 118

India Infrastructure 52 Dynarbitrage VaR 4 (EUR) 119

Japan Value 53 Dynarbitrage VaR 4 (USD) 121

Korea 55 Dynarbitrage Volatility 122

Latin America Equities 56 Equity Statistical Arbitrage (EUR) 125

Minimum Variance Europe 58 Multimanagers Long/Short Equity 127

Restructuring Equities 59 Volatility Euro Equities 128

Select Euro 60 Volatility World Equities 129

Select Europe 61

Switzerland 62 Reserve

Thailand 63 Euro Reserve 131

US Innovative Companies 64 USD Reserve 132

US Opportunities 65

Accounts :

Bonds

Asian Income 66 Statement of Net Assets 134

Emerging Markets Debt 67 Financial Details Relating to the Last 3 Years 159

Euro Bond 68 Statement of Operations and Changes in Net Assets 188

Euro Corporate Bond 70 Notes to the Financial Statements as at 31/12/10 213

Euro Govies 73 Notices and Reports 228

Euro High Yield Bond 74 Additional Information 229

Euro Inflation Bond 76

Euro Select Bond 77

European Bond 78

Global Aggregate 79

Global Bond 81

Organisation

4

DENOMINATION AND REGISTERED OFFICE Amundi Funds

5, Allée Scheffer L - 2520 Luxembourg

MANAGEMENT COMPANY

Amundi Luxembourg S.A. (« Amundi Luxembourg ») 5, Allée Scheffer L - 2520 Luxembourg

BOARD OF DIRECTORS Chairman Jean-Paul MAZOYER

General Management Committee Member in charge of Development Amundi, Paris

Directors Bruno CALMETTES Central Manager, Marketing and Wealth Management Banque de Gestion Privée Indosuez, Paris Olivier CHATAIN Private Banking Director Crédit Agricole Luxembourg S.A., Luxembourg Etienne CLEMENT Deputy Chief Executive Officer, Strategic Marketing Manager Amundi, Luxembourg Michel ESCALERA Chief Executive Officer Amundi Iberia SGIIC S.A, Madrid Jean-François PINÇON Head of International Business Development Amundi, Paris Christine MOSER Head of Sales France Amundi, Paris Gabriele TAVAZZANI Head of Sales & Marketing Department Amundi SGR S.p.A, Milan Dominique COUASSE Head of Marketing Amundi, Paris Christophe LHOTE Head of Marketing Products Crédit Agricole (Suisse) SA, Genève Laurent BERTIAU Deputy Head of Institutional and Third party Distribution Amundi, Paris

GENERAL MANAGERS

Guillaume ABEL Head of Marketing and Business Development of Institutional and Third party Distribution Amundi, Paris Giorgio GRETTER General Manager Amundi Luxembourg S.A., Luxembourg

Organisation

5

CUSTODIAN ADMINISTRATIVE AGENT

CACEIS Bank Luxembourg S.A. 5, Allée Scheffer L - 2520 Luxembourg CACEIS Bank Luxembourg S.A. 5, Allée Scheffer L - 2520 Luxembourg

INVESTMENT MANAGERS Amundi acting through : Main establishment :

90, Boulevard Pasteur F - 75015 Paris, France

London Branch : 41, Lothbury London EC2R 7HF, United Kingdom

Amundi Hong-Kong Ltd 901-908, One Pacific Place, No. 88 Queensway, Hong-Kong Amundi Japan* 1-2-2, Uchisaiwaicho Chiyoda-Ku Tokyo 100 - 0011, Japan CPR Asset Management 10, Place des 5 Martyrs du Lycée Buffon, F - 75015 Paris, France Emerging Markets Management 1001 19th Street North, 16th Floor Arlington, Virginia 22209-1722, USA Resona Bank Ltd Fukagawa Gatharia W2 Bldg, 5-65, Kiba 1-Chome, Koto-Ku, Tokyo 135-8581, Japan Amundi Investment Solutions* 91-93, Boulevard Pasteur, F - 75015 Paris, France Amundi Alternative Investments, SAS 90, Boulevard Pasteur, F - 75730 Paris Cedex 15 Amundi Singapore Ltd 168, Robinson Road #24-01, Capital Tower, Singapore 068912 GLG Partners UK Ltd (“GLG Partners UK”) One Curzon Street, London W1J 5HB, United Kingdom TCW Investment Management Company, Inc. (“TCW”) 865, South Figueroa Street, Suite 800, Los Angeles, California 90017, United States of America

INVESTMENT SUB-MANAGERS

Amundi Singapore Ltd 168, Robinson Road #24-01, Capital Tower, Singapore 068912 Victory Capital Management Inc. 127, Public Square, 20th Floor, Cleveland, OH 44114-1306, United States of America

* Please refer to the note n° 10 of “Notes to the Financial Statements”.

Organisation

6

AUDITOR OF THE FUND PricewaterhouseCoopers S.à r.l.

400, Route d’Esch L - 1471 Luxembourg

LEGAL ADVISER

Linklaters LLP 35, Avenue John F.Kennedy, PO Box 1107, L - 1011 Luxembourg

FINANCIAL AGENT IN BELGIUM

FASTNET Belgium Avenue du Port / Havenlaan 86 C/320, B - 1000 Brussels, Belgium

CENTRALIZING AGENT IN FRANCE PAYING AND INFORMATION AGENT IN GERMANY LEGAL REPRESENTATIVE IN GERMANY PAYING AND INFORMATION AGENT IN AUSTRIA PAYING AGENT IN GREECE REPRESENTATIVE IN GREECE PAYING AGENT IN SWITZERLAND REPRESENTATIVE IN SWITZERLAND REPRESENTATIVE IN HONG KONG REPRESENTATIVE IN THE NETHERLANDS REPRESENTATIVE IN SPAIN FACILITIES AGENT IN UNITED KINGDOM

CACEIS Bank 1-3, Place Valhubert F-75206 Paris Cedex 13, France Marcard, Stein & Co AG Ballindam 36, 20095 Hamburg, Germany PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft Moskauer Straße 19 40227 Düsseldorf, Germany Meinl Bank A.G. Bauernmarkt 2, 1010 Vienna, Austria Emporiki Bank of Greece 11, Sofokleous Str., 102 35 Athens, Greece Amundi Hellas M.F.M.C 45, Mitropoleos Street, 105 56 Athens, Greece Crédit Agricole (Suisse) S.A. 4, Quai Général Guisan, CH-1204 Geneva, Switzerland CACEIS FASTNET (Suisse) S.A. 7-9, Chemin de Précossy, CH-1260 Nyon, Switzerland Amundi Hong-Kong Ltd 901-907, One Pacific Place, 88, Queensway, Hong-Kong FASTNET Netherlands De Ruyterkade 6, 1013 AA Amsterdam, The Netherlands Amundi Iberia SGICC Paeso de la Castellana 1, 28046 Madrid, Spain Amundi London Branch. 41, Lothbury, London EC2R 7HF, United Kingdom.


Aqua Global


7

BEIJING ENTERPRISES WATER1,658,000 462,643 0.95

Long positions 48,379,466 99.83

Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market

46,383,221 95.71

Shares 46,375,232 95.69

Bermuda 902,939 1.86

CHINA WATER AFFAIRS GROUP LTD1,486,000 440,296 0.91

CIA SANEAMENTO MINAS GERAIS SA73,800 951,082 1.96

Brazil 1,439,854 2.97

SABESP -SHS SPONSORED ADR REPR 2 SHS12,400 488,772 1.01

GUANGDONG INVEST -RC-1,776,000 681,194 1.41

China 681,194 1.41

SUEZ ENVIRONNEMENT COMPANY SA150,926 2,331,807 4.81

France 5,294,886 10.93

VEOLIA ENVIRONNEMENT SA135,486 2,963,079 6.12

EYDAP ATHENS WATER SEWERAGE PUBLIC CO67,802 313,923 0.65

Greece 313,923 0.65

CHINA EVERBRIGHT INTERNATIONAL1,148,000 449,128 0.93

Hong Kong 449,128 0.93

EBARA CORPORATION248,000 909,432 1.88

Japan 5,264,615 10.86

KURITA WATER INDUSTRIES LTD80,300 1,887,825 3.90ORGANO CORP95,000 543,948 1.12TORISHIMA PUMP MFG LTD122,100 1,923,410 3.96

YTL CORP BHD315,516 641,459 1.32

Malaysia 641,459 1.32

HYFLUX LTD685,000 924,706 1.91

Singapore 924,706 1.91

GEBERIT AG15,664 2,708,270 5.59

Switzerland 2,708,270 5.59

NORTHUMBRIAN WATER GROUP PLC544,687 2,104,119 4.34

United Kingdom 9,705,144 20.03

PENNON GROUP PLC342,114 2,555,325 5.28SEVERN TRENT PLC144,878 2,499,033 5.16UNITED UTILITIES GROUP PLC368,600 2,546,667 5.25

AMERCIAN WATER WORKS CO INC63,951 1,205,561 2.49

United States of America 18,049,114 37.23

AQUA AMERICA INC138,900 2,327,511 4.79ARCH CHEMICALS INC19,700 556,983 1.15BADGER METER INC40,671 1,340,592 2.77CALGON CARBON CORP160,700 1,811,177 3.74FRANKLIN ELECTRIC CO37,800 1,096,624 2.26INSITUFORM TECHNOLOGIES INC -A-30,890 610,409 1.26ITRON INC18,000 743,990 1.54ITT50,600 1,965,462 4.06LINDSAY23,900 1,058,758 2.18NALCO HOLDING CO96,401 2,295,142 4.73PENTAIR INC54,700 1,488,649 3.07TETREA TECH INC58,500 1,092,773 2.25

% of N

AV

Market V

alue

EUR

Quan

tity

WATTS WATER TECHNOLOGIES INC CLASS -A-16,700 455,483 0.94

FRANCE BTF 10-11 20/01U8,000 7,989 0.02

Bonds 7,989 0.02

France 7,989 0.02

AMUNDI TRESO ISR FCP -I- CAP9 1,996,245 4.12

Shares/Units of UCITS/UCIS 1,996,245 4.12

Shares/Units in investment funds 1,996,245 4.12

France 1,996,245 4.12

Total securities portfolio 48,379,466 99.83

% of N

AV

Market V

alue

EUR

Quan

tity


ASEAN New Markets


8

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD1,599,000 2,384,042 0.59



403,165,421 99.20

Shares 398,232,379 97.99

China 2,384,042 0.59

ASTRA AGRO LESTARI906,500 2,635,994 0.65

Indonesia 80,389,694 19.78

ASTRA INTERNATIONAL TBK1,816,000 10,994,761 2.70BANK DANAMON INDONESIA SERIES -A-4,047,000 2,560,255 0.63BANK MANDIRI8,591,000 6,197,725 1.52BANK RAKYAT INDONESIA5,925,000 6,904,829 1.70BORNEO LUMBUNG ENERGI AND METAL21,922,500 3,260,394 0.80BPD JABAR -B-15,649,000 2,518,430 0.62DELTA DUNIA MAKMUR5,737,000 1,025,147 0.25GUDANG GARAM495,500 2,199,778 0.54HARUM ENERGY5,327,500 5,321,588 1.31INDIKA ENERGY TBK7,462,000 3,913,202 0.96INDO TAMBANGRAYA MEGAH431,500 2,430,480 0.60INDOCEMENT TUNGGAL PRAKARSA2,300,000 4,071,587 1.00INDOFOOD CBP SUKSES MAKMUT5,085,500 2,638,703 0.65PERUSAHAAN GAS NEGA -B-8,245,000 4,049,293 1.00PT MODERN INTERNASIONAL TBK5,085,500 1,312,296 0.32PT PP LONDON SUMATRA2,669,000 3,806,510 0.94SEMEN GRESIK (PERSERO) TBK2,345,500 2,460,042 0.61TAMBANG BATUBARA -B-1,955,500 4,980,991 1.23TIMAH TBK7,726,500 2,358,255 0.58UNITED TRACTORS1,798,000 4,749,434 1.17

GENTING SINGAPORE PLC8,881,000 15,182,317 3.74

Isle of Man 15,182,317 3.74

CIMB GROUP HOLDINGS BHD4,155,400 11,454,863 2.82

Malaysia 60,574,984 14.90

GAMUDA BHD1,626,300 2,009,480 0.49GENTING BHD1,986,700 7,203,312 1.77GENTING MALAYSIA BHD1,937,200 2,129,768 0.52GENTING PLANTATIONS BHD817,100 2,331,932 0.57IJM CORP3,353,500 6,775,548 1.67IJM LAND1,049,500 973,434 0.24KNM GROUP BHD4,501,650 4,146,180 1.02KUALA LUMPUR KEPONG MY590,000 4,228,656 1.04MALAYAN BANKING BHD2,130,500 5,872,980 1.45MALAYSIA RESOURCES CORP BHD3,028,700 1,954,643 0.48PETRONAS CHEMICALS2,227,600 3,987,809 0.98RHB CAPITAL BHD599,500 1,695,367 0.42SAPURACREST PETROL3,920,800 3,941,799 0.97WCT BHD1,806,800 1,869,213 0.46

ABOITIZ POWER CORP3,577,900 2,539,893 0.62

Philippines 23,611,947 5.81

ALLIANCE GLOBAL GROUP5,201,400 1,484,079 0.37BANCO DE ORO UNIBANK1,419,820 1,895,902 0.47CEBU AIR1,889,420 4,890,670 1.21DMCI HOLDINGS INC2,930,300 2,407,916 0.59ENERGY DEVELOPMENT11,159,300 1,495,209 0.37

% of N

AV

Market V

alue

USD

Quan

tity

FILINVEST LAND INC65,250,000 1,951,096 0.48MEGAWORLD - SHS33,137,000 1,875,822 0.46METRO PACIFIC INVESTMENTS CORP27,614,000 2,451,917 0.60METROBANK AND TRUST843,550 1,386,341 0.34UNIVERSAL ROBINA CORP1,545,700 1,233,102 0.30

CACHE LOGISTICS TRUST4,031,000 3,036,492 0.75

Singapore 142,627,048 35.10

CDL HOSPITALITY TRUST STAPLED ECURITY3,569,000 5,794,847 1.43CITY DEVELOPMENT148,000 1,451,053 0.36CSE GLOBAL LTD4,327,000 4,390,989 1.08CWT DISTRIBUTION LTD2,919,000 2,278,590 0.56DBS GROUP HOLDINGS1,026,500 11,474,507 2.82EZION HOLDINGS LTD4,982,000 2,761,176 0.68GLOBAL LOGISTIC PROPERTIES LTD3,821,000 6,442,625 1.59GOODPACK3,538,000 5,661,659 1.39INDOFOOD AGRI RESOURCES LTD2,901,000 6,340,709 1.56JARDINE CYCLE & CARRIAGE LTD89,000 2,542,747 0.63KEPPEL CORPORATION LTD1,590,000 14,049,977 3.47KEPPEL LAND LTD1,249,000 4,679,891 1.15NEPTUNE ORIENT LINES LTD1,427,000 2,428,357 0.60NOBLE GROUP LTD2,697,000 4,568,491 1.12OVERSEA-CHINESE BANKING CORPORATION LTD1,725,000 13,303,873 3.27OVERSEAS UNION ENTERPRISE LTD2,949,000 7,573,606 1.86SEMBCORP MARINE LTD1,484,000 6,220,714 1.53SINGAPORE AIRLINES LTD563,000 6,724,065 1.65SINGAPORE EXCHANGE LTD674,000 4,430,003 1.09STRAITS ASIA RESOURCES -SHS-1,308,000 2,542,372 0.63SUPER COFFEEMIX MANUFACTURING LTD2,627,000 2,891,420 0.71SWIBER HOLDINGS LTD1,623,000 1,279,593 0.31TAT HONG HOLDINGS LIMITED3,270,000 2,450,479 0.60UNITED OVERSEAS BANK649,000 9,220,366 2.27VENTURE CORPORATION LIMITED801,000 5,789,960 1.42WILMAR INTERNATIONAL LTD523,000 2,298,487 0.57

ASIAN PROPERTY- NON VOTING DEPOS.RECEIPT6,095,100 1,172,717 0.29

Thailand 69,870,551 17.19

BANGKOK LIFE ASSURANCE LTD UNITS NON-VOT2,522,000 2,572,614 0.63BANK OF AYUDHYA N-VTG DEPOSIT CO LTD3,547,700 3,030,460 0.75BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT)168,300 4,421,745 1.09KASIKORNBANK UNITS NVDR2,025,000 8,430,497 2.07KRUNG THAI BANK PUBLIC NVTG DEPO CO LTD10,620,400 6,094,968 1.50LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT3,324,100 981,406 0.24PTT AROMATICS FOREIGN3,275,900 4,156,679 1.02PTT CHEMICAL (F)745,400 3,634,889 0.89PTT EXPLORATION AND PRODUCTION PUBLIC CO1,113,100 6,203,373 1.53PTT PUBLIC COMPANY LTD -F-800,100 8,493,345 2.08SIAM CEMENT UNITS N.VTING DEPOS REC620,800 7,022,480 1.73SIAM COMMERCIAL BANK PUBLIC -F-1,154,800 3,964,894 0.98THAI OIL-FOREIGN REG2,031,200 5,272,559 1.30THANACHART CAPITAL PUBLIC CO LTD NVDR1,635,300 1,952,920 0.48TISCO FIN GRP (UNITS NON VOTING DEP REC)1,823,500 2,465,005 0.61

FPT CORP -SHS-254,396 841,573 0.21

Vietnam 3,591,796 0.88

HAGL246,140 1,022,560 0.25HO CHI MINCH CITY INFRASTRUCTURE INV557,320 1,029,032 0.25VINAMILK158,390 698,631 0.17

% of N

AV

Market V

alue

USD

Quan

tity


ASEAN New Markets


9

CAPITACOMMERCIAL REAL ESTATE INV TRUST4,213,000 4,933,042 1.21


Singapore 4,933,042 1.21

METROBANK AND TRUST 14.01.11 RIGHTS99,380 49,906 0.01

Other transferable securities 49,906 0.01

Options, Warrants, Rights 49,906 0.01

Philippines 49,906 0.01

Total securities portfolio 403,215,327 99.21%

of NAV

Market V

alue

USD

Quan

tity


Asia Pacific Renaissance


10

AMCOR LTD16,657 115,253 0.52



22,124,284 98.96

Shares 21,954,502 98.20

Australia 3,657,529 16.36

ANSELL LTD5,072 65,925 0.29ANZ BANKING GROUP LTD4,918 117,713 0.53BHP BILLITON LTD19,087 885,332 3.95CARSALES.COM LTD13,855 66,751 0.30COMMONWEALTH BANK OF AUSTRALIA2,733 142,232 0.64CSL LTD2,788 103,712 0.46FORTESCUE METALS GROUP LTD16,550 110,950 0.50NAT. AUSTRALIA BANK5,193 126,159 0.56NEWCREST MINING LTD9,481 393,021 1.76RIO TINTO8,971 785,967 3.52SAI GL0BAL20,211 101,102 0.45SUPER RETAILS13,157 82,134 0.37WESFARMERS4,120 135,144 0.60WESTFIELD - STAPLED8,882 23,399 0.10WESTFIELD GROUP LTD STAPLED SECURITY7,183 70,538 0.32WESTPAC BANKING CORP5,213 118,682 0.53WOODSIDE PETROLEUM2,706 118,054 0.53WOOLWORTHS LTD3,453 95,461 0.43

GEELY AUTOMOBILE190,000 83,101 0.37

Cayman Islands 310,581 1.39

HENGAN INTL GROUP10,000 86,253 0.39TENCENT HOLDINGS LTD6,500 141,227 0.63

AGRICULTURAL BANK OF CHINA -H-417,000 209,207 0.94

China 2,142,831 9.58

BANK OF CHINA LTD -H-283,100 149,313 0.67BELLE INTERNAIONAL HOLDING137,000 231,574 1.04CHINA LIFE INSURANCE CO LTD69,500 283,859 1.26CHINA MOBILE LTD10,500 104,275 0.47CHINA YURUN FOOD GROUP LTD86,000 282,660 1.26CNOOC LTD -RC-196,000 464,934 2.07INDUS.AND COMMERCIAL BANK OF CHINA -H-297,225 221,380 0.99PING AN INS (GRP) CO -H-17,500 195,629 0.88

AIA GROUP LTD24,400 68,583 0.31

Hong Kong 1,232,036 5.51

BOC HONG KONG (HOLDINGS) LTD45,500 154,815 0.69CHEUNG-KONG HOLDINGS LTD7,000 107,967 0.48HONG KONG EXCHANGES AND CLEARING LTD6,500 147,415 0.66HUTCHISON WHAMPOA7,000 72,038 0.32LI AND FUNG LTD14,000 81,223 0.36MTR CORP LTD40,000 145,620 0.65SUN HUNG KAI PROPERTIES LTD13,000 215,896 0.97WHARF HOLDINGS31,001 238,479 1.07

HOUSING DEVELOPMENT FINANCE CORP4,660 75,905 0.34

India 182,883 0.82

LUPIN LTD9,915 106,978 0.48

% of N

AV

Market V

alue

USD

Quan

tity

ASTRA INTERNATIONAL TBK11,000 66,598 0.30

Indonesia 383,083 1.71

BANK MANDIRI121,000 87,292 0.39BANK RAKYAT INDONESIA56,500 65,844 0.29INDOFOOD CBP SUKSES MAKMUT17,000 8,821 0.04UNITED TRACTORS58,500 154,528 0.69

GENTING SINGAPORE PLC56,000 95,734 0.43

Isle of Man 95,734 0.43

AEON MALL CO LTD3,500 94,076 0.42

Japan 9,351,654 41.83

ASAHI KASEI CORPORATION14,000 91,486 0.41CANON INC6,600 342,593 1.53DAI-ICHI LIFE INSURANCE CO LT40 65,051 0.29DISCO CO LTD1,400 85,100 0.38EAST JAPAN RAILWAY CO1,400 91,141 0.41FANUC LTD2,400 369,003 1.64FAST RETAILING CO LTD600 95,654 0.43FUJITSU LTD12,000 83,595 0.37HITACHI LTD48,000 256,260 1.15HONDA MOTOR CO LTD8,800 348,832 1.56HOYA CORP6,100 148,316 0.66JAPAN TOBACCO21 77,807 0.35JFE HOLDINGS INC3,100 108,092 0.48JX HOLDINGS INC16,800 114,134 0.51KDDI CORP15 86,739 0.39KOMATSU LTD14,100 427,146 1.90KUBOTA CORP19,000 180,149 0.81MARUBENI CORP17,000 119,684 0.54MITSUBISHI CHEMICAL HOLDINGS CORP14,000 95,111 0.43MITSUBISHI CORP11,900 322,498 1.44MITSUBISHI ELECTRIC CORP17,000 178,583 0.80MITSUBISHI ESTATE5,000 92,843 0.42MITSUBISHI UFJ FINANCIAL GROUP INC53,400 289,040 1.29MITSUI AND CO LTD17,600 291,001 1.30MITSUI FUDOSAN CO LTD5,000 99,809 0.45MIZUHO FINANCIAL GROUP INC82,800 156,198 0.70NABTESCO CORP14,000 298,971 1.34NIDEC CORP1,000 101,227 0.45NINTENDO CO LTD800 235,053 1.05NIPPON TEL.2,000 90,623 0.41NISSAN MOTOR CO LTD11,700 111,511 0.50NITTO DENKO CORP3,300 155,632 0.70NTT DOCOMO INC104 181,829 0.81ORIX CORP3,030 298,498 1.34PANASONIC CORP12,300 174,859 0.78RAKUTEN144 120,732 0.54SEVEN & I HOLDINGS CO LTD3,500 93,644 0.42SHIN-ETSU CHEM. CO LTD2,100 113,926 0.51SMC CORP1,800 308,711 1.38SOFTBANK CORP8,100 280,736 1.26SO-NET M335 176,068 0.79SONY CORP7,000 252,623 1.13START TODAY CO LTD100 400,099 1.78SUMITOMO MITSUI FINANCIAL GROUP INC5,600 199,682 0.89TAKEDA PHARMA CO LTD1,800 88,663 0.40TOKIO MARINE HOLDINGS INC3,200 95,757 0.43

% of N

AV

Market V

alue

USD

Quan

tity




11

TOSHIBA CORP18,000 98,095 0.44TOYOTA MOTOR CORP10,800 428,777 1.91UNI-CHARM5,700 227,002 1.02ZEON CORP13,000 108,995 0.49

AXIATA GROUP30,600 47,138 0.21

Malaysia 208,174 0.93

CIMB GROUP HOLDINGS BHD19,300 53,203 0.24MALAYAN BANKING BHD14,700 40,522 0.18PETRONAS CHEMICALS37,600 67,311 0.30

HONG KONG LAND HOLDINGS LTD25,000 180,500 0.81


KEPPEL LAND LTD50,000 187,346 0.84SINGAPORE TELECOM - SH BOARD LOT 100037,000 88,091 0.39

HONAM PETROCHEMICAL350 82,959 0.37

South Korea 2,008,725 8.99

HYNIX SEMICONDUCTOR3,910 82,686 0.37HYUNDAI MOBIS439 110,050 0.49HYUNDAI MOTOR CO LTD1,333 203,785 0.91HYUNDAI STEEL CO849 93,136 0.42KIA MOTORS5,520 246,112 1.10LG CHEM794 273,551 1.22LG DISPLAY2,410 84,517 0.38SAMSUNG CORP1,652 114,850 0.51SAMSUNG ELECTRONICS CO LTD581 485,830 2.18SHINHAN FINANCIAL GROUP2,240 104,411 0.47SK ENERGY CHEMICAL CORP (TENTATIVE)742 126,838 0.57

ACER INC27,027 83,519 0.37

Taiwan 1,699,089 7.60

ADVANCED SEMICONDUCTOR ENGINEERING INC63,000 72,925 0.33CHIPBOND TECHNOLOGY CORP80,000 139,660 0.62CHUNGHWA TELECOM29,000 73,702 0.33FORMOSA CHEMICALS FIBER CO LTD42,000 141,457 0.63FORMOSA PLASTICS CORP42,000 140,449 0.63FUBON FINANCIAL HOLDING COMPANY113,000 155,026 0.69HIGH TECH COMPUTER CORP5,017 154,864 0.69HON HAI PRECISION INDUSTRY CO LTD35,924 144,773 0.65MEDIA TEK INCORPORATION4,030 57,707 0.26RADIANT OPTO-ELECTRONICS CORP23,690 47,126 0.21SIMPLO TECHNOLOGY8,800 63,986 0.29TAIWAN SEMICONDUCTOR MANUFACTURING COLT

97,966 238,561 1.07

UNITED MICROELECTRONICS CORP163,000 91,125 0.41YUANTA FINANCIAL126,000 94,209 0.42

KASIKORNBANK -F-27,200 117,750 0.52

Thailand 226,246 1.01

SIAM COMMERCIAL BANK PUBLIC -F-31,600 108,496 0.49

CAPITACOMMERCIAL REAL ESTATE INV TRUST145,000 169,782 0.76

Shares/Units in investment funds 169,782 0.76



% of N

AV

Market V

alue

USD

Quan

tity


Asian Growth


12

KUNLUN ENERGY2,780,000 4,312,873 0.90



478,908,355 99.68

Shares 477,696,464 99.43

Bermuda 4,312,873 0.90

EVERGRANDE REAL ESTATE GROUP LTD4,936,000 2,400,168 0.50

Cayman Islands 14,930,023 3.11

GEELY AUTOMOBILE7,190,000 3,144,723 0.65PARKSON RETAIL GP1,090,000 1,679,801 0.35SITC INTERNATIONAL HOLDINGS CO LTD5,086,000 3,022,685 0.63TENCENT HOLDINGS LTD143,200 3,111,339 0.65WYNN MACAU LTD702,000 1,571,307 0.33

AGRICULTURAL BANK OF CHINA -H-4,260,000 2,137,218 0.44

China 86,857,840 18.08

BANK OF CHINA LTD -H-18,132,800 9,563,643 1.99BELLE INTERNAIONAL HOLDING2,569,000 4,342,443 0.90CHINA AGRI-INDUSTRIES LTD -RC-2,900,000 3,290,343 0.68CHINA LIFE INSURANCE CO LTD1,397,000 5,705,776 1.19CHINA MERCHANT BANK -H-1,450,000 3,659,667 0.76CHINA MOBILE LTD496,500 4,930,729 1.03CHINA SHENHUA ENERGY CO LTD-SHS.-H-350,000 1,467,778 0.31CHINA TELECOM CORP LTD -H-2,300,000 1,204,195 0.25CHINA YURUN FOOD GROUP LTD3,400,000 11,174,919 2.33CNOOC LTD -RC-3,423,000 8,119,746 1.69GOLDEN EAGLE RETAIL GROUP LTD700,000 1,725,314 0.36INDUS.AND COMMERCIAL BANK OF CHINA -H-14,013,450 10,437,542 2.17PING AN INS (GRP) CO -H-418,000 4,672,730 0.97SHANGHAI ELECTRIC GROUP CO LTD -H-13,464,000 8,885,177 1.85SHIMAO PROPERTY HOLDINGS LIMITED1,550,000 2,340,854 0.49SINOPHARM GROUP CO LTD632,800 2,206,025 0.46ZTE CORPORATION -H-250,000 993,741 0.21

AIA GROUP LTD783,000 2,200,837 0.46

Hong Kong 67,204,173 13.99

BOC HONG KONG (HOLDINGS) LTD2,920,000 9,935,349 2.07CHEUNG-KONG HOLDINGS LTD300,000 4,627,166 0.96CHINA L&P HLDGS244,500 1,984,645 0.41GREAT EAGLE HOLDINGS LTD500,000 1,553,323 0.32HONG KONG EXCHANGES AND CLEARING LTD225,600 5,116,418 1.06HUTCHISON WHAMPOA474,000 4,878,013 1.02KERRY PROPERTIES1,421,812 7,407,502 1.54LIFESTYLE INTERNATIONAL800,000 1,969,729 0.41MTR CORP LTD845,500 3,078,043 0.64POLY (HONG KONG)INVESTEMENTS LTD2,468,000 2,412,867 0.50SUN HUNG KAI PROPERTIES LTD712,000 11,824,446 2.47WHARF HOLDINGS1,328,000 10,215,835 2.13

ASHOK LEYLAND -DEMATERIALISED-440,000 629,766 0.13

India 54,058,674 11.25

BHARAT HEAVY ELECTRICALS (DEMATERIALISED)24,000 1,247,206 0.26COAL INDIA386,821 2,722,843 0.57CROMPTON GREAVES-SHS.DEMATERIALISED169,951 1,178,046 0.25DISH TV INDIA845,029 1,344,601 0.28EXIDE INDUSTRIES LTD (DEMAT)500,000 1,866,264 0.39

% of N

AV

Market V

alue

USD

Quan

tity

HDFC BANK DEMATERIALISED46,000 2,413,779 0.50HINDALCO INDUSTRIES LTD200,000 1,104,775 0.23HOUSING DEVELOPMENT FINANCE CORP275,000 4,479,398 0.93ICICI BANK DEMATERIALISED176,000 4,507,159 0.94INFOSYS TECHNOLOGIES DEMATERALISED84,000 6,467,428 1.34IRB INFRASTRUCTURE DEVELOPERS329,724 1,659,865 0.35ITC DEMATERIALISED500,000 1,952,924 0.41IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT480,000 1,379,940 0.29JAIPRAKASH ASSOCIATES575,000 1,361,149 0.28JINDAL STL & POWER100,000 1,592,419 0.33KOTAK MAHINDRA BANK100,553 1,020,147 0.21LARSEN & TOUBRO LTD DEMATERIALISED50,744 2,246,116 0.47LUPIN LTD218,284 2,355,163 0.49MAHINDRA&MAHINDRA154,852 2,694,976 0.56MARUTI UDYOG LTD33,000 1,049,151 0.22RELIANCE INDUSTRIES DEMATERAILISED231,000 5,469,300 1.13SHIRAM TRANSPORT FIN DEMATERIALISED67,140 1,172,754 0.24SHREE RENUKA SUGARS LTD350,000 760,036 0.16STATE BANK OF INDIA (DEMATERIALISED)22,000 1,383,469 0.29

ASTRA INTERNATIONAL TBK324,000 1,961,621 0.41

Indonesia 16,167,532 3.37

BANK DANAMON INDONESIA SERIES -A-2,045,000 1,293,729 0.27BANK MANDIRI2,000,000 1,442,841 0.30BANK RAKYAT INDONESIA1,370,000 1,596,560 0.33BPD JABAR -B-7,000,000 1,126,526 0.23HARUM ENERGY2,288,500 2,285,960 0.49INDOCEMENT TUNGGAL PRAKARSA500,000 885,128 0.18PERUSAHAAN GAS NEGA -B-2,770,000 1,360,405 0.28PT PP LONDON SUMATRA1,500,000 2,139,290 0.45TAMBANG BATUBARA -B-400,000 1,018,868 0.21UNITED TRACTORS400,000 1,056,604 0.22

GENTING SINGAPORE PLC1,278,000 2,184,777 0.45

Isle of Man 2,184,777 0.45

ALLIANCE FINANCIAL1,200,000 1,183,077 0.25

Malaysia 11,372,503 2.37

AMMB HOLDING BHD590,800 1,346,958 0.28CIMB GROUP HOLDINGS BHD740,000 2,039,899 0.42GENTING BHD600,000 2,175,459 0.46GENTING MALAYSIA BHD1,500,000 1,649,108 0.34MALAYAN BANKING BHD560,000 1,543,708 0.32PETRONAS CHEMICALS801,200 1,434,294 0.30

CDL HOSPITALITY TRUST STAPLED ECURITY1,000,000 1,623,661 0.34

Singapore 30,951,608 6.44

DBS GROUP HOLDINGS180,000 2,012,091 0.42GLOBAL LOGISTIC PROPERTIES LTD754,000 1,271,327 0.26HONG KONG LAND HOLDINGS LTD350,000 2,527,000 0.53INDOFOOD AGRI RESOURCES LTD1,050,000 2,294,983 0.48KEPPEL CORPORATION LTD297,000 2,624,430 0.55KEPPEL LAND LTD427,000 1,599,931 0.33OVERSEA-CHINESE BANKING CORPORATION LTD400,000 3,084,955 0.65OVERSEAS UNION ENTERPRISE LTD600,000 1,540,917 0.32SATS540,000 1,213,999 0.25SEMBCORP MARINE LTD540,000 2,263,602 0.47SINGAPORE AIRLINES LTD211,000 2,520,031 0.52

% of N

AV

Market V

alue

USD

Quan

tity


Asian Growth


13

SINGAPORE EXCHANGE LTD210,000 1,380,268 0.29SINGAPORE TELECOM - SH BOARD LOT 1000550,000 1,309,467 0.27STRAITS ASIA RESOURCES -SHS-500,000 971,855 0.20UNITED OVERSEAS BANK106,000 1,505,946 0.31VENTURE CORPORATION LIMITED167,000 1,207,145 0.25

CELLTRION100,000 2,951,802 0.61

South Korea 92,659,487 19.28

DAEWOO ENGINEERING AND CONSTRUCTION CO230,000 2,604,194 0.54DAEWOO INTERNATIONAL CORP43,000 1,369,680 0.29DONG-A PHARMACEUTICAL17,500 1,896,643 0.39DOOSAN INFRACORE100,320 2,475,073 0.52GS ENGINEERING & CONSTRUCTION CORP15,000 1,533,175 0.32HONAM PETROCHEMICAL12,943 3,067,819 0.64HYNIX SEMICONDUCTOR282,650 5,977,267 1.24HYUNDAI MOBIS18,300 4,587,497 0.95HYUNDAI MOTOR CO LTD45,500 6,955,900 1.45HYUNDAI STEEL CO37,000 4,058,948 0.84KIA MOTORS97,000 4,324,787 0.90KOREA ZINC CO LTD7,227 1,760,742 0.37KOREAN REINSURANCE CO210,000 2,183,453 0.45LG CHEM13,700 4,719,976 0.98LG DISPLAY101,000 3,541,986 0.74OCI COMPANY LTD8,286 2,409,358 0.50SAMSUNG CARD SHS38,000 2,109,437 0.44SAMSUNG CORP57,161 3,973,921 0.83SAMSUNG ELECTRONICS CO LTD27,525 23,016,327 4.80SHINHAN FINANCIAL GROUP47,384 2,208,665 0.46SK ENERGY CHEMICAL CORP (TENTATIVE)25,147 4,298,633 0.89WOONG JIN COWAY CO LTD17,860 634,204 0.13

ACER INC1,654,349 5,112,303 1.06

Taiwan 83,371,149 17.35

ADVANCED SEMICONDUCTOR ENGINEERING INC10,231,866 11,843,860 2.48ASUSTEK COMPUTER293,000 2,783,633 0.58AU OPTRONICS1,800,000 1,870,595 0.39CATHAY FINANCIAL635,000 1,125,975 0.23CHICONY ELECTRONICS572,540 1,276,391 0.27CHINATRUST FINANCIAL HLDGS5,130,165 3,765,388 0.78CHIPBOND TECHNOLOGY CORP1,700,000 2,967,778 0.62CHUNGHWA TELECOM760,000 1,931,508 0.40FORMOSA PLASTICS CORP1,774,000 5,932,297 1.23FUBON FINANCIAL HOLDING COMPANY2,684,197 3,682,468 0.77HIGH TECH COMPUTER CORP193,000 5,957,506 1.24HON HAI PRECISION INDUSTRY CO LTD636,909 2,566,728 0.53MEDIA TEK INCORPORATION164,488 2,355,349 0.49RADIANT OPTO-ELECTRONICS CORP2,287,940 4,551,319 0.95SIMPLO TECHNOLOGY216,500 1,574,195 0.33TAIWAN SEMICONDUCTOR MANUFACTURING COLT

4,166,367 10,145,665 2.11

TRIPOD TECHNOLOGY CO LTD1,052,700 4,296,514 0.89UNIMICRON TECHNOLOGY CORP2,770,000 5,396,258 1.12UNITED MICROELECTRONICS CORP4,500,000 2,515,734 0.52YUANTA FINANCIAL2,300,000 1,719,685 0.36

BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT)40,000 1,050,920 0.22

Thailand 13,625,825 2.84

CP SEVEN ELEVEN ALL FOREIGN REGISTERED800,000 1,041,631 0.22

% of N

AV

Market V

alue

USD

Quan

tity

KASIKORNBANK -F-500,000 2,164,537 0.45LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT3,000,000 885,718 0.18PEGATRON1,700,000 2,448,854 0.52PTT CHEMICAL (F)250,000 1,219,107 0.25SIAM CEMENT FOREIGN REGISTERED150,000 1,796,317 0.37SIAM COMMERCIAL BANK PUBLIC -F-350,000 1,201,691 0.25THAI OIL-FOREIGN REG700,000 1,817,050 0.38

CAPITACOMMERCIAL REAL ESTATE INV TRUST1,035,000 1,211,891 0.25


Singapore 1,211,891 0.25


% of N

AV

Market V

alue

USD

Quan

tity


Brazil


14

EMBRAER ADR REPR.4SHS6,000 176,400 0.12

Long positions 144,673,071 100.02


144,673,071 100.02

Shares 144,629,614 99.99

Aerospace industry 176,400 0.12

BRF ADR REPR 1 SHS20,000 337,600 0.23

Agriculture and fishery 2,839,317 1.96

BRF FOODS117,000 1,926,953 1.33COSAN -A-42,200 574,764 0.40

BANCO SANTANDER UNITS (50SHS+50PFD SHS)104,200 1,415,471 0.98

Banks and credit institutions 2,408,952 1.67

CIELO122,617 993,481 0.69

DURATEX39,499 424,728 0.29

Building materials and trade 1,523,032 1.05

ECORODOVIAS45,700 351,831 0.24LLX LOGISTICA261,979 746,473 0.52

GERDAU SA COSG287,000 2,899,356 2.00

Coal mining and steel industry 3,041,093 2.10

VALE ADR REP 1SH4,100 141,737 0.10

BRASIL TELECOM ADR REPR.1SHS6,536 58,759 0.04

Communications 895,083 0.62

VIVO PART ADR25,662 836,324 0.58

CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

231,200 1,108,632 0.77

Consumer Discretionary 8,280,479 5.72

CIA HERING154,000 2,504,788 1.72CYRELA BRAZIL REALTY SA72,300 951,648 0.66GAFISA SA168,000 1,218,491 0.84LOJAS RENNER4,300 146,095 0.10SARAIVA SA LIVREIROS EDITORES PREF63,100 1,675,171 1.16TRISUL SA159,092 675,654 0.47

AMBEV189,890 4,964,534 3.44

Consumer Staples 8,240,327 5.70

AMBEV - ADR 1.SHS38,000 1,013,080 0.70AMBEV PREF SHS4,000 121,733 0.08CIA BRASILEIRA DIST -A- ADR REPR 1 PFD A51,000 2,140,980 1.48

PETROLEO BRASILEIRO -PETROBRAS- PREF.529,700 8,708,035 6.02

Energy 8,708,035 6.02

AMIL PARTICIPACOES SA41,400 443,922 0.31

Financials 32,244,810 22.29

BANCO BRADESCO PREF.591,844 11,640,646 8.05BANCO DO BRASIL SA224,300 4,245,434 2.94BANRISUL - PFD SHS -B-144,600 1,537,445 1.06BRADESPAR PFD SHS211,800 5,527,147 3.82EZ TEC129,000 1,090,270 0.75ITAUSA INVESTIMENTOS ITAU SA-PREF830,172 6,601,288 4.56JHSF PARTICIPACOES -SHS-180,700 380,989 0.26MRV ENGENHARIA PARTICIPACOES SA82,700 777,669 0.54

% of N

AV

Market V

alue

USD

Quan

tity

DIAGNOSTICOS AMERICA70,700 958,272 0.66

Health Care 958,272 0.66

BMF BOVESPA540,700 4,276,690 2.96

Holding and finance companies 10,326,618 7.14

ITAU UNIBANCO PFD ADR REPR 1 PFD SHS100 2,401 0.00ITAUUNIBANCO PFD SHS252,300 6,047,527 4.18

CONCESSOES RODOVIARIAS60,400 1,706,461 1.17

Industrials 4,785,515 3.31

EMBRAER60,200 427,923 0.30INDUSTRIAS ROMI SA ROMI9,400 82,107 0.06LOCALIZA RENT A CAR SA62,500 1,012,789 0.70MARCOPOLO PREF.142,800 601,301 0.42TAM SA (ADR)24,000 583,920 0.40TEGMA GESTAO -SHS-24,200 371,014 0.26

TOTVS6,600 671,920 0.46

Information Technology 671,920 0.46

PORTO SEGURO SA51,800 883,086 0.61

Insurance 883,086 0.61

IOCHPE MAXION28,900 419,567 0.29

Machine and apparatus construction 419,567 0.29

BRASKEM PFD-A-SP.ADR REPR 2 PFD SHS -A-11,700 293,670 0.20

Materials 21,119,578 14.60

BRASKEM SA PREF SHS -A-27,800 341,132 0.24CIA SIDERURGICA NACIONAL ADR 1 SHS20,500 341,735 0.24COMPANHIA SIDERURGICA NACIONAL230,000 3,695,196 2.55GERDAU METALUGICA PREF.15,800 255,081 0.18KLABIN PREF.473,200 1,667,582 1.15MMX MINERACAO22,300 150,859 0.10SUZANO PAPEL PFD.SHS127,550 1,135,642 0.79USIMINA228,100 2,933,660 2.03VALE DO RIO DOCE233,000 7,766,106 5.36VALE DO RIO DOCE PREF -A-86,900 2,538,915 1.76

HYPERMARCAS SA70,100 951,406 0.66

Miscellaneous consumer goods 951,406 0.66

CR2 EMPREEDIM37,200 166,950 0.12

Miscellaneous sectors 614,407 0.42

MPX ENERGIA28,200 447,457 0.30

MMX MINERACAO - SUB REC SHS59,767 406,843 0.28

Miscellaneous services 1,023,185 0.71

PORTX OPERACOES PORTUARIAS SA275,779 616,342 0.43

FIBRIA46,500 742,030 0.52

Paper and forest products 804,014 0.56

FIBRIA ADR REPR 1 SH3,874 61,984 0.04

HRT PETROLEO EM PETROLEO SA364 348,646 0.24

Petroleum 13,701,397 9.47

OGX PETROLEO E GAS PARTICIPACOES SA589,400 7,101,119 4.91PETROLEO BRASILEIRO339,700 6,251,632 4.32

BR MALLS PARTICIPACOES SA26,300 270,918 0.19

Real estate companies 6,666,195 4.61

% of N

AV

Market V

alue

USD

Quan

tity


Brazil


15

BRASCAN RESIDENTIAL PROPERTIES SA233,900 1,218,802 0.84EVEN CONSTR SHS142,800 739,798 0.51HELBOR EMPREENDIMENTOS SA42,783 540,966 0.37INPAR181,200 376,586 0.26PDG REALTY574,982 3,519,125 2.44

CIA BRASILEIRA DIST PFD SHS -A-22,100 922,597 0.64

Retail trade, department stores 1,065,270 0.74

LOJAS AMERICANAS19,100 142,673 0.10

BRASIL TELECOM PDF.30,007 216,915 0.15

Telecommunication Services 4,225,564 2.92

BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS10,085 221,164 0.15TELE NORTE LESTE PARTICIPACOES39,300 764,684 0.53TIM PARICIPACOES -PFD SHS37,400 124,139 0.09TIM PARTICIPACOES-ADR REP 10 PFD SHS20,200 689,628 0.48VIVO PARTICIPACOES SA PREF.68,800 2,209,034 1.52

GUARARAPES CONFECCOES SA2,600 126,396 0.09

Textiles and garments 126,396 0.09

GOL LINHAS AEREAS PFD10,000 151,203 0.10

Transportation 471,107 0.33

GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.20,800 319,904 0.23

AES TIETE69,400 898,845 0.62

Utilities 7,458,589 5.16

CEMIG (CIA ENERGETICA MINAS GERAIS)144,800 1,809,979 1.26CENTRAIS ELETRICAS BRASILEIRAS22,000 294,743 0.20CESP PREFERD SHS -B-52,700 857,158 0.59COELCE -A- PREF17,200 292,707 0.20COPEL PREF.-B-15,000 374,995 0.26COPEL SP.ADR REPR.1 PFD SHS -B-19,500 490,815 0.34ELETROPAULO ELETRICIDADE PFD29,000 560,951 0.39ENERGIAS DO BRAZIL19,000 443,061 0.31EQUATORIAL ENERGIA SA11,400 78,288 0.05LIGHT SA12,700 194,552 0.13SABESP37,500 962,113 0.67TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD6,037 200,382 0.14

BANCO BRADESCO 31.01.11 RIGHT8,398 43,457 0.03


Banks and credit institutions 43,457 0.03


% of N

AV

Market V

alue

USD

Quan

tity


Clean Planet


16

COSAN -A-30,600 310,665 1.40



21,872,645 98.38

Shares 21,854,672 98.30

Bermuda 310,665 1.40

WESTPORT INNOVATNS24,800 341,395 1.54

Canada 341,395 1.54

TRINA SOLAR -ADR REPE 50 SHS17,500 305,505 1.37


TRONY SOLAR328,000 177,701 0.80YINGLI GREEN -ADR- REP 1 SHS45,850 337,668 1.52

BYD COMPANY LTD -H-27,000 105,761 0.48

China 629,902 2.83

CH HS TRANSMISS SHS167,000 192,802 0.87CHINA LONGYUAN POWER GROUP CORP -H-486,000 331,339 1.48

VESTAS WIND SYSTEMS AS12,782 302,050 1.36

Denmark 302,050 1.36

ALSTOM SA5,583 199,927 0.90

France 2,043,684 9.19

CIE DE SAINT-GOBAIN SA14,957 575,844 2.59EDF ENERGIES NOUVELLES SA7,091 224,501 1.01FAIVELEY TRANSPORT7,777 481,163 2.16SCHNEIDER ELECTRIC SA2,176 243,712 1.10VEOLIA ENVIRONNEMENT SA14,565 318,537 1.43

AIXTRON AG32,515 897,576 4.04

Germany 3,585,672 16.13

MANZ AUTOMATION AG13,160 662,606 2.98ROTH AND RAU AG31,016 381,187 1.71SIEMENS AG REG SHS6,300 584,010 2.63SMA SOLAR TECHNOLOGY AG2,927 203,427 0.92WACKER CHEMIE AG6,561 856,866 3.85

CHINA EVERBRIGHT INTERNATIONAL939,000 367,361 1.65

Hong Kong 367,361 1.65

HORIBA10,100 213,777 0.96

Japan 449,388 2.02

TOSHIBA CORP58,000 235,611 1.06

KONINKLIJKE PHILIPS ELECTRONICS NV13,947 319,665 1.44

Netherlands 319,665 1.44

IBERDROLA RENOVABLES SA90,757 241,051 1.08

Spain 241,051 1.08

ABB LTD REG SHS39,034 650,228 2.92


GEBERIT AG5,456 943,331 4.25

BRIGHT LED ELECTRONICS CORP291,662 282,603 1.27

Taiwan 869,177 3.91

EPISTAR CORP75,000 204,206 0.92EVERLIGHT ELECTRONICS CO LTD177,207 382,368 1.72

% of N

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Market V

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EUR

Quan

tity

JOHNSON MATHEY PLC13,617 323,878 1.46

United Kingdom 886,048 3.99

NATIONAL GRID PLC87,106 562,170 2.53

AMERESCO INC18,700 200,165 0.90


AMERICAN SUPERCONDUCTOR21,400 456,059 2.05A123 SYSTEMS26,400 187,735 0.84CLEAN HARBORS INC5,300 332,171 1.49CREE10,300 505,883 2.28EMERSON ELECTRIC CO16,500 703,146 3.16ENERNOC INC16,500 294,074 1.32FIRST SOLAR INC1,900 184,314 0.83FUEL SYSTEMS SOLUTIONS13,200 289,081 1.30GT SOLAR INTERNATIONAL36,580 248,675 1.12IDACORP INC39,300 1,083,309 4.87ITC HOLDINGS CORP24,100 1,113,426 5.01ITRON INC7,900 326,529 1.47MEMC ELECTRONIC MATERIALS34,100 286,211 1.29ORMAT TECHNOLOGIES15,600 343,966 1.55PG AND E CORP15,000 534,904 2.41POWERSECURE INTERNATIONAK INC32,000 185,576 0.83QUANTA SERVICES INC23,400 347,455 1.56REPUBLIC SERVICES -A-9,600 213,675 0.96RUBICON TECHNOLOGY INC12,600 197,986 0.89STERICYCLE INC3,800 229,210 1.03SUNPOWER CORP -A-9,500 90,854 0.41VEECO INSTRUMENTS18,800 602,026 2.71YONGYE INTERNATIONAL INC22,000 137,751 0.62

FRANCE BTF -11 17/02U18,000 17,973 0.08

Bonds 17,973 0.08

France 17,973 0.08

AMUNDI TRESO ISR FCP -I- CAP1 221,805 1.00

Shares/Units of UCITS/UCIS 221,805 1.00


France 221,805 1.00


% of N

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Market V

alue

EUR

Quan

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Emerging Europe


17

CENTRAL EUROPEAN MEDIA ENTERPRISES -A-3,500 53,637 0.15



34,022,497 94.42

Shares 34,022,497 94.42

Bermuda 53,637 0.15

GLOBALTRANS INV -GDR- REP 1 SH REG -S22,324 282,888 0.79

Cyprus 282,888 0.79

KOMERCNI BANKA AS2,000 353,527 0.98

Czech Republic 353,527 0.98

RAVEN RUSSIA LTD67,146 48,977 0.14

Guernsey 103,370 0.29

R.G.I. INTERNATIONAL LTD28,338 54,393 0.15

OTP BANK LTD21,056 379,742 1.05

Hungary 379,742 1.05

EXILLON ENERGY PLC34,564 132,310 0.37

Isle of Man 132,310 0.37

UNITED COMPANY RUSAL LTD130,000 148,589 0.41

Jersey Island 148,589 0.41

HALYK SAVINGS BANK OF KAZAKHSTAN-GDR-11,610 86,974 0.24

Kazakstan 86,974 0.24

KERNEL HOLDING SA8,575 161,178 0.45

Luxembourg 320,098 0.89

MHP - GDR- REG S6,752 86,064 0.24O KEY GROUP SA GDR REP.1 SH REG-S7,098 72,856 0.20

STEPPE CEMENT LTD42,811 26,730 0.07

Malaysia 26,730 0.07

NEW WORLD RESOURCES BV7,625 85,518 0.24


BANK HANDLOWY3,994 94,218 0.26

Poland 1,369,184 3.80

BANK MILLENIUM SA104,508 129,200 0.36BRE BANK SA1,340 102,777 0.29CYFROWY POLSAT SA7,736 32,204 0.09EUROCASH SA9,896 64,941 0.18GLOBE TRADE CENTER SA13,669 84,493 0.23GRUPA PEKAO SA2,811 126,949 0.35PKO BANK POLSKI SA48,307 528,341 1.46TVN SA18,062 77,925 0.22ZAKLADY AZOTOWE PULAWY SA5,975 128,136 0.36

AEROFLOT27,978 54,223 0.15

Russia 24,183,847 67.11

AK SBEREGATELNY BANK SBERBANK1,166,192 2,260,147 6.27AKRON OJSC5,891 164,670 0.46BASHNEFT24 791 0.00BASHNEFT PREF6,258 163,266 0.45COMSTAR UNITED TELESYSTEMS (GDR)14,739 73,445 0.20DIXY GROUP (SHS)6,927 66,939 0.19EURASIA DRILLIN GDR SHS REG-S4,498 108,967 0.30

% of N

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EUR

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EVRAZ GROUP SA GDR REPR.SHS REG-S3,804 101,710 0.28FSK EES39,645,713 360,536 1.00GAZPROM147,868 698,134 1.94GAZPROM NEFT ADR REPR 5 SHS2,100 32,794 0.09GAZPROM OAO ADR145,864 2,766,040 7.67GROUP LSR -GDR- REPR SHS REG -S11,724 80,488 0.22IDGC CENTER1,536,998 48,921 0.14IDGC CENTER&VOL10,058,724 74,978 0.21IDGC HOLDING917,486 120,366 0.33IDGC VLOGA14,575,825 64,103 0.18JSFC SISTEMA177,203 117,810 0.33JSFC SISTEMA GDR REPR.SHS REG-S84 1,561 0.00KUZBASSKAYA TOPLIVNAYA BRD16,334 85,209 0.24LUKOIL HOLDING6,405 272,238 0.76LUKOIL HOLDINGS ADR REPR.1 SHS54,814 2,337,936 6.48M VIDEO COMPANY10,006 65,188 0.18MAGNIT GDR17,441 380,919 1.06MAGNIT SHS3,019 300,541 0.83MAGNITOGORSK IRON105,457 84,653 0.23MECHEL OJSC ADR REPR.PFD SHS17,956 127,956 0.36MECHEL OJSC ADR REPR.1 SHS19,100 416,155 1.15MMC NORILSK NICKEL2,367 413,806 1.15MMC NORILSK NICKEL ADR REPR.1/10SHS71,599 1,263,276 3.51MOBILE TELESYSTEMS ADR REPR.2 SHS57,200 889,839 2.47MOBILE TELESYSTEMS OJSC48,173 305,222 0.85MOSCOW POWER699,310 54,942 0.15MOSTOTREST OAO16,459 97,439 0.27NOVATEK21,015 171,286 0.48NOVATEK GDR REPR 1/100 SHS REG-S11,124 990,882 2.75NOVOLIPETSK STEEL - GDR - REPR SHS REG S7,547 268,340 0.74NOVOROSS PORT1,140,771 114,370 0.32PHARMSTANDARD JSC868 64,199 0.18PIPE METALL -GDR- REP 4SHS REG-S9,718 149,658 0.42POLYMETAL19,545 273,830 0.76POLYUS GOLD CO ZAO3,006 141,556 0.39POLYUS ZOLOTO ADR REP.1/2 SHS4,995 135,714 0.38RASPADSKAYA -SHS-48,980 256,300 0.71RBC32,253 42,265 0.12ROSNEFT OIL COMPANY OJSC26,262 140,236 0.39ROSNEFT OIL-GDR-201,564 1,075,769 2.99ROSTELECOM16,909 33,006 0.09RUSHYDRO1,852,845 74,166 0.21RUSHYDRO ADR REPR 100 SHS54,920 223,111 0.62RUSHYDRO OJSC927,567 37,349 0.10SBERBANK547,815 1,391,231 3.86SEVERSTAL GDR REPR SHS REG-S SER -OCT06-18,353 230,515 0.64SIBERIAN TELECOM JSC835,772 54,885 0.15SILVINIT53 35,556 0.10SILVINIT -PREF SHS184 47,318 0.13SOLLERS JSC1,220 19,259 0.05SURGUTNEFTEGAZ200,541 157,796 0.44SURGUTNEFTEGAZ JSC PFD ADR 10 PFD SHS44,640 168,371 0.47SURGUTNEFTEGAZ PREF SHS1,869,640 718,004 1.99TATNEFT -ADR-REPR 6 SHS REG-S11,082 273,426 0.76TATNEFT PREF.SHS302,077 638,650 1.77TGK-5- GDR - REPR 4000 SHS REG-S1 2 0.00TNK BP HOLDING34,909 69,818 0.19

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Emerging Europe


18

TRANSCONTAINER REP 1/10 SH REG-S6,905 48,897 0.14URALKALIY GDR REPR.5SHS REG-S5,113 139,950 0.39URALKALIY OJSC71,562 383,999 1.07VNESHTORGBANK95,592,411 235,142 0.65VNESHTORGBANK-GDR-REPR 2000 SHS REG-S46,667 229,239 0.64VOLGATELECOM JSC16,088 54,951 0.15VYKSA METALLURGICAL PLANT OJSC74 85,354 0.24WGC-21,470,633 64,458 0.18WGC-42,174,266 155,588 0.43WGC-63,368,500 118,263 0.33WIMM BILL DANN FOODS1,576 145,670 0.40X5 RETAIL GROUP GDR REPR SHS REG-S2,038 70,260 0.19

AKBANK70,068 291,179 0.81

Turkey 6,134,589 17.03

AKCANSA CIMENTO SANAYI VE TICARET AS11,807 43,119 0.12AKENRJI ELEKTRIK URETIM A.S51,868 90,690 0.25ALBARAKA TURK KATILIM BANKASI21,907 28,648 0.08ANADOLU EFES BIRACILIK VE MALT SANAYI31,036 351,751 0.98ARCELIK29,064 109,800 0.30ASYA KATILIM BANK-SHS B-82,534 113,528 0.32AYGAZ31,502 126,640 0.35BAGFAS BANDIRMA942 75,510 0.21BIM BIRLESIK MAGAZALAR10,461 266,003 0.74CIMSA CIMENTO SANAYI VE TICARET7,904 38,283 0.11COCA COLA ICECEK SANAYI A.S5,610 55,430 0.15ENKA INSAAT VE SANAY A.S42,507 118,587 0.33HACI OMER SABANCI HOLDING AS100,297 349,763 0.97KOC HOLDING AS -B-100,840 367,286 1.02KOZA ALTIN7,360 73,434 0.20SINPAS GAYRIM83,207 83,826 0.23TAV HAVALIMALARI HOLDING AS14,033 50,840 0.14TRAKYA CAM SANAYII15,686 24,160 0.07TUPRAS TURKIYE PETROL RAFINELERI13,149 245,829 0.68TURCAS PETROL AS19,818 37,051 0.10TURK EKONOMI BANKASI25,385 27,418 0.08TURK HAVA YOLLARI AO52,924 138,420 0.38TURK SISE CAM33,373 43,966 0.12TURK TELEKOM29,216 91,979 0.26TURK TRAKTOR VE ZIR6,747 76,795 0.21TURKCELL ILETISIM HIZMET86,406 441,520 1.23TURKIYE GARANTI BANKASI AS (NAMEN-AKT)259,357 982,331 2.73TURKIYE HALK BANKA -SHS-50,132 318,083 0.88TURKIYE IS BANKASI AS206,536 550,189 1.53TURKIYE VAKIFLAR BANKASI TAO92,625 175,412 0.49YAPI VE KREDI BANKASI AS147,465 347,119 0.96

EURASIAN NATURAL RESOURCES CORPORATION4,165 50,941 0.14


IBS GROUP REG-S -GDR-4,815 92,448 0.26KAZAKHMYS PLC7,650 144,099 0.39PETROPAVLOVSK PLC5,543 74,006 0.21

GRUPPA KOMPANY PIK 31.12.10 RIGHT30,459 0 0.00

Options, Warrants, Rights 0 0.00

Russia 0 0.00

% of N

AV

Market V

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EUR

Quan

tity

RUSGIDRO NEW993,149 0 0.00

Other transferable securities 0 0.00


Russia 0 0.00

RUSGIDRO OAO DS2,082,226 0 0.00


% of N

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Market V

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EUR

Quan

tity


Emerging Internal Demand


19

NORTEL INVERSORA ADR REPR.1/20 PFD -B-21,400 639,860 0.15



399,037,837 96.60

Shares 395,942,071 95.85

Argentina 639,860 0.15

CHINA RESOURCES GAS GROUP LTD474,000 674,385 0.16

Bermuda 2,147,079 0.52

COSAN -A-73,500 1,001,070 0.25KUNLUN ENERGY304,000 471,624 0.11

AES TIETE88,264 1,143,164 0.28

Brazil 78,205,120 18.93

AES TIETE PREF1,900 27,470 0.01AMBEV - ADR 1.SHS14,500 386,570 0.09AMBEV PRF ADR REP 1 SHS28,000 868,840 0.21AMIL PARTICIPACOES SA21,300 228,395 0.06BANCO BRADESCO PFD ADR REPR 1181,042 3,673,342 0.89BANCO DO BRASIL SA101,700 1,924,925 0.47BANCO SANTANDER SA41,400 563,040 0.14BANRISUL - PFD SHS -B-121,100 1,287,584 0.31BMF BOVESPA111,700 883,496 0.21BRADESPAR PFD SHS22,080 576,201 0.14BRASCAN RESIDENTIAL PROPERTIES SA229,600 1,196,395 0.29BRASIL TELECOM ADR REPR.1SHS946 8,505 0.00BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS3,275 71,821 0.02BRASKEM PFD-A-SP.ADR REPR 2 PFD SHS -A-5,000 125,500 0.03CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

124,100 595,075 0.14

CEMIG (CIA ENERGETICA MINAS GERAIS)22,325 279,059 0.07CENTRAIS ELETRICAS BRASILEIRAS17,300 231,776 0.06CESP PREFERD SHS -B-11,500 187,046 0.05CIA BRASILEIRA DIST -A- ADR REPR 1 PFD A53,100 2,229,138 0.54CIA BRASILEIRA DIST PFD SHS -A-43,000 1,795,099 0.43CIA HERING194,200 3,158,636 0.76CIA SIDERURGICA NACIONAL ADR 1 SHS33,300 555,111 0.13COELCE -A- PREF31,900 542,870 0.13COMPANHIA SIDERURGICA NACIONAL44,000 706,907 0.17CONCESSOES RODOVIARIAS14,400 406,838 0.10COPEL PREF.-B-7,800 194,998 0.05CYRELA BRAZIL REALTY SA17,400 229,027 0.06DURATEX4,100 44,087 0.01ECORODOVIAS44,400 341,822 0.08ELETROPAULO ELETRICIDADE PFD6,400 123,796 0.03EMBRAER ADR REPR.4SHS5,400 158,760 0.04EVEN CONSTR SHS123,400 639,293 0.15EZ TEC117,400 992,230 0.24FIBRIA ADR REPR 1 SH11,900 190,400 0.05GAFISA SA25,000 181,323 0.04GAFISA SA -ADR- REPR 2 SHS8,400 122,052 0.03GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.9,500 146,110 0.04GUARARAPES CONFECCOES SA3,500 170,149 0.04HELBOR EMPREENDIMENTOS SA53,900 681,535 0.16HRT PETROLEO EM PETROLEO SA238 227,961 0.06HYPERMARCAS SA12,500 169,652 0.04INPAR211,100 438,727 0.11

% of N

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Market V

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USD

Quan

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IOCHPE MAXION24,000 348,430 0.08ITAU UNIBANCO PFD ADR REPR 1 PFD SHS227,008 5,450,461 1.32ITAUSA INVESTIMENTOS ITAU SA-PREF224,369 1,784,117 0.43JHSF PARTICIPACOES -SHS-200,700 423,158 0.10KLABIN PREF.648,800 2,286,406 0.55LIGHT SA7,300 111,829 0.03LLX LOGISTICA180,442 514,145 0.12LOCALIZA RENT A CAR SA74,600 1,208,865 0.29MARCOPOLO PREF.138,400 582,774 0.14MPX ENERGIA28,600 453,804 0.11OGX PETROLEO E GAS PARTICIPACOES SA447,000 5,385,476 1.30PDG REALTY500,998 3,066,312 0.74PETROBRAS SA-ADR-REPR.100 PFD SHS 144A191,200 6,533,303 1.59PETROLEO BRASILEIRO1,000 18,403 0.00PETROLEO BRASILEIRO -PETROBRAS- PREF.203,400 3,343,806 0.81PETROLEO BRASILEIRO SP.ADR REPR.2 SH16,100 609,224 0.15PORTO SEGURO SA34,400 586,451 0.14PORTX OPERACOES PORTUARIAS SA180,442 403,272 0.10SABESP7,000 179,594 0.04SARAIVA SA LIVREIROS EDITORES PREF83,600 2,219,402 0.54SUZANO PAPEL PFD.SHS198,800 1,770,017 0.43TAM SA (ADR)5,900 143,547 0.03TEGMA GESTAO -SHS-16,900 259,096 0.06TELE NORTE LESTE PARTICIPACOES1,700 33,078 0.01TELECOMUNICACOES DE SAO PAULO13,100 310,135 0.08TIM PARICIPACOES -PFD SHS60,100 199,486 0.05TIM PARTICIPACOES-ADR REP 10 PFD SHS14,500 495,030 0.12TOTVS3,100 315,599 0.08TRISUL SA129,331 549,261 0.13USIMINA116,700 1,500,913 0.36VALE ADR REP 1SH63,600 2,198,652 0.53VALE DO RIO DOCE51,600 1,719,876 0.42VALE DO RIO DOCE PREF -A-50,400 1,472,512 0.36VALE PFD -A- ADR REPR 1PFD SHS-A-26,500 800,830 0.19VIVO PART ADR64,425 2,099,611 0.51VIVO PARTICIPACOES SA PREF.3,847 123,520 0.03

HOLLYSYS AUTOMATION TECHNOLOGIES115,500 1,750,980 0.43

British Virgin Islands 1,839,396 0.45

MAIL.RU GROUP GDR REPR 1 SH REGS2,456 88,416 0.02

PACIFIC RUB11,900 404,201 0.10

Canada 404,201 0.10

CHANGYOU -A- -ADR- REP 2 SHS A27,300 778,323 0.19


ENN ENERGY HOLDINGS LTD168,000 503,547 0.12GEELY AUTOMOBILE1,575,000 688,865 0.17HENGAN INTL GROUP108,500 935,843 0.23KWG PROPERTY HOLDING LTD1,468,000 1,117,950 0.27LONGFOR PROPERTIES CO LTD184,000 256,106 0.06PARKSON RETAIL GP186,000 286,645 0.07SA SA INTERNATIONAL HOLDINGS792,000 494,130 0.12TENCENT HOLDINGS LTD107,600 2,337,850 0.57XINYI GLASS HOLDINGS LTD604,000 497,269 0.127DAYS GROUP HLDG ADR REPR SHS47,400 1,009,620 0.24

% of N

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Market V

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USD

Quan

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20

ANDINA SPONS.ADR REPR.6 PFD -B-31,200 944,424 0.23

Chile 4,416,879 1.07

CENCOSUD SA14,756 116,020 0.03CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS27,523 1,661,013 0.40EMPRESAS CMPC2,358 125,411 0.03EMPRESAS LA POLAR199,129 1,447,329 0.35SOQUIMICH SPONSORED ADR REPR 1 -B- PREF2,100 122,682 0.03

ANHUI EXPRESSWAY CO LTD606,000 531,657 0.13

China 52,014,151 12.59

BBMG CORP265,500 359,981 0.09CH HS TRANSMISS SHS221,000 342,289 0.08CHINA BLUECHEMICAL SHS.H-710,000 508,731 0.12CHINA COMMUNICATION SERCICES CORP -H-565,000 336,515 0.08CHINA CONSTRUCTION BANK CORPORATION -H-6,140,200 5,505,413 1.33CHINA LIFE INSURANCE CO LTD745,000 3,042,808 0.74CHINA MOBILE LTD775,500 7,701,471 1.85CHINA OILFIELD SERVICES -H-282,000 610,894 0.15CHINA OVERSEAS LAND INVESTMENT LTD -RC-419,760 776,488 0.19CHINA PACIFIC INSURANCE (GROUP) CO LTD39,000 162,047 0.04CHINA PETROLEUM AND CHEMICAL -H-3,080,000 2,947,802 0.71CHINA RESOURCES POWER HOLDINGS -RC-408,000 738,988 0.18CHINA SHENHUA ENERGY CO LTD-SHS.-H-527,000 2,210,054 0.54CHINA SOUTH LOCOMOTIVE & ROLLING STOCK481,000 632,369 0.15CHINA TELECOM CORP LTD -H-600,000 314,138 0.08CHINA YURUN FOOD GROUP LTD32,000 105,176 0.03CNOOC LTD -RC-1,096,000 2,599,837 0.63GOLDEN EAGLE RETAIL GROUP LTD381,000 939,064 0.23GREAT WALL MOTOR CO-H-258,000 796,536 0.19GUANGDONG INVEST -RC-1,706,000 877,836 0.21GUANGZHOU AUTOMOBILE GROUP CO903,363 1,245,752 0.30GUANGZHOU R&F PROPERTIES COMPANY LTD -H-228,400 326,720 0.08INDUS.AND COMMERCIAL BANK OF CHINA -H-8,523,020 6,348,143 1.54JIANGSU EXPRESSWAY CO LTD -H-308,000 352,627 0.09LIANHUA SUPERMARKET -H-141,000 673,833 0.16NEW WORLD DEPARTMENT STORE CHINA LTD1,239,000 1,020,060 0.25PERFECT WORLD -B- ADR REC. REPR 5 SHS -B20,000 473,000 0.11PETROCHINA CO LTD -H-2,192,000 2,864,896 0.69PING AN INS (GRP) CO -H-291,000 3,253,025 0.79YANZHOU COAL MINING CO -H-496,000 1,515,374 0.37ZHEJIANG EXPRESSWAY -H-852,000 839,543 0.20ZHUZHOU CSR TIMES - SHS -H-270,000 1,061,084 0.26

GLOBALTRANS INV -GDR- REP 1 SH REG -S95,992 1,631,864 0.40

Cyprus 1,631,864 0.40

KOMERCNI BANKA AS2,000 474,275 0.11

Czech Republic 474,275 0.11

COMMERCIAL INTERNATIONAL BANK GDR REG-S93,251 778,645 0.18

Egypt 1,955,401 0.47

EFG HERMES REG SHS67,618 395,108 0.10ORASCOM CONS INDUSTRIE GRD REP 1SH REG-S8,942 438,069 0.11ORASCOM CONSTRUCTION INDUSTRIE REG.4,437 219,450 0.05ORASCOM TELECOM166,798 124,129 0.03

BEIJING ENTERPRISES HOLDINGS LTD -RC-167,000 1,035,471 0.25

Hong Kong 12,790,124 3.10

CAFE DE CORAL HOLDINGS LTD230,000 568,664 0.14

% of N

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Market V

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USD

Quan

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CATHAY PACIFIC AIRWAYS138,000 380,786 0.09CHEUNG KONG INFRASTRUCTURE HOLDINGS274,000 1,254,802 0.30CHINA UNICO HK562,160 804,154 0.19CN TAIPING INSURANCE HOLDINGS CO889,000 2,733,218 0.67COUNTRY GARDEN HOLDINGS1,566,000 600,320 0.15GUANGZHOU INVESTMENT CO LTD -RC-3,854,000 1,031,216 0.25LIFESTYLE INTERNATIONAL673,000 1,657,035 0.40POLY (HONG KONG)INVESTEMENTS LTD373,000 364,667 0.09SHANGHAI INDUSTRIAL HOLDINGS LTD -RC-85,000 367,395 0.09WHARF HOLDINGS259,000 1,992,396 0.48

RICHTER GEDEON PLC1,495 306,589 0.07

Hungary 306,589 0.07

AGRE DEVELOPERS349 0 0.00

India 31,884,754 7.72

APOLLO HOSPITALS99,909 1,017,188 0.25ASIAN PAINTS (DEMATERIALISED)21,416 1,378,738 0.33AXIS BK - DEMARTERIALISED44,523 1,344,303 0.33DABUR INDIA LTD DEMATERIALISED929,721 2,084,413 0.50DEEPAK FERTILIZERS&PETROCHEMICAL DEMAT.146,112 527,232 0.13DR REDDYS LABORATORIES ADR10,600 391,776 0.09GUJARAT STATE PETRONET DEMATERIALISED657,737 1,734,990 0.42GVK POWER & INFRASTRUCTURE LTD1,551,516 1,407,000 0.34HDFC BANK DEMATERIALISED46,924 2,462,263 0.59ICICI BANK ADR REPR.2 SHS44,400 2,248,416 0.53ICICI BANK DEMATERIALISED43,364 1,110,503 0.27INDIAN HOTEL DEMATERIALISED585,163 1,264,156 0.31IRB INFRASTRUCTURE DEVELOPERS72,307 364,001 0.09IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT173,264 498,112 0.12J & K BANK DEMATERIALISED111,085 1,943,957 0.47JINDAL STL & POWER140,553 2,238,193 0.53JSW STEEL -SHS- DEMATERIALISED13,706 360,788 0.09LARSEN & TOUBRO LTD DEMATERIALISED26,402 1,168,650 0.28LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH1,600 70,896 0.02LUPIN LTD163,927 1,768,681 0.43MAHINDRA&MAHINDRA91,593 1,594,044 0.39NAGURJANA CONSTRUCTION -SHS DEMAT112,370 353,583 0.09NTPC DS - SHS - DEMATERIALISED98,011 439,806 0.11PUNJAB NATIONAL BANK SHS/DEMAT.14,364 392,549 0.10SHREE CEMENTS LTD20,727 936,644 0.23SINTEX INDUSTRIES81,555 332,221 0.08STERLITE INDUSTRIES INDIA LTD77,344 322,850 0.08SUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL6,960 75,484 0.02UNITECH - SHS DEMATERIALISED132,641 196,670 0.05UNITED PHOSPHORUS LTD DEMATERIALISED65,466 253,211 0.06ZEE ENTERTAINMENT - DEMATERIALISED486,911 1,603,436 0.39

ACE HARDWARE3,632,500 1,189,331 0.29

Indonesia 18,462,813 4.47

ADARO ENERGY4,243,500 1,200,991 0.29ASTRA INTERNATIONAL TBK216,500 1,310,774 0.32BANK CENTRAL ASIA DEP1,883,000 1,337,536 0.32BANK MANDIRI1,358,500 980,050 0.24BANK NEGARA INDONESIA1,651,329 710,200 0.17BANK RAKYAT INDONESIA593,000 691,066 0.17INDOCEMENT TUNGGAL PRAKARSA247,000 437,253 0.11JASA MARGA -B-1,255,000 477,067 0.12

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MAYORA INDAH TBK287,500 343,022 0.08MITRA ADIPERKASA3,962,500 1,176,436 0.28PERUSAHAAN GAS NEGA -B-2,202,000 1,081,448 0.26PT AGUNG PODOMORO LAND TBK3,464,500 148,039 0.04PT BUMI SERPONG DAMAI TBK12,737,600 1,272,346 0.31RAMAYANA LESTARI8,922,000 841,698 0.20SEMEN GRESIK (PERSERO) TBK1,811,000 1,899,441 0.46SUMMARECON AGUNG TBK6,980,000 844,417 0.20TAMBANG BATUBARA -B-460,000 1,171,698 0.28TELKOM INDONESIA SERIES -B-1,530,000 1,350,000 0.33

KERNEL HOLDING SA19,423 489,773 0.12

Luxembourg 1,704,170 0.41

MHP - GDR- REG S44,875 767,362 0.19O KEY GROUP SA GDR REP.1 SH REG-S16,141 222,262 0.05TERNIUM SA -ADR 1/10 SHS-5,300 224,773 0.05

AMMB HOLDING BHD219,600 500,663 0.12

Malaysia 13,023,240 3.15

CIMB GROUP HOLDINGS BHD526,900 1,452,464 0.35FABER GROUP ISS.961,282,400 1,056,368 0.26GENTING BHD412,600 1,495,992 0.36GENTING MALAYSIA BHD837,400 920,642 0.22IOI CORPORATION BHD632,300 1,191,399 0.29KUALA LUMPUR KEPONG MY114,800 822,796 0.20MEDIA PRIMA BHD1,181,900 996,580 0.24MUDAJAYA GROUP SHS847,900 1,174,169 0.28PLUS EXPRESSWAYS BHD561,200 822,648 0.20PUBLIC BANK BHD1,420 5,996 0.00PUBLIC BANK BHD FOREIGN395,200 1,666,167 0.41RHB CAPITAL BHD181,900 514,407 0.12SIME DARBY BHD129,200 368,726 0.09STEPPE CEMENT LTD40,857 34,223 0.01

AMERICA MOVIL ADR REPR.20SHS -L-65,500 3,755,769 0.91

Mexico 22,422,253 5.43

AMERICA MOVIL -L-125,800 361,775 0.09EMPRESAS ICA - ADR - REPR 416,900 172,380 0.04FEMSA SPON ADR REP.10UTS CONS-B-+20SH-D-35,200 1,968,384 0.48GEO -B-758,000 2,782,739 0.67GMEXICO -B-1,411,269 5,788,569 1.41GRUMA SHS-B-215,100 404,774 0.10GRUPO BIMBO -SHS- -A-19,400 165,830 0.04GRUPO FINANCIERO BANORTE -O-442,600 2,112,168 0.51GRUPO MODELO-C- SHS-C-22,700 140,684 0.03GRUPO TELEVISA ADR (5 ORD.PART.CERT.)95,500 2,476,315 0.60INDUSTRIAL PENOLES SAB DE CV11,970 436,856 0.11KIMBERLY-CLARK -A-9,300 57,102 0.01MEXICHEM SHS50,400 180,654 0.04URBI DESARROLL SHS47,300 111,175 0.03WAL MART -V-524,500 1,507,079 0.36

BUENAVENTURE SP ADR-SHS-28,100 1,375,776 0.34

Peru 2,136,800 0.52

CREDICORP6,400 761,024 0.18

ALLIANCE GLOBAL GROUP453,300 129,337 0.03


AYALA CORP109,150 981,628 0.24

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BANCO DE ORO UNIBANK390,010 520,785 0.13BANK OF THE PHILIPPINE ISLANDS147,504 198,647 0.05ENERGY DEVELOPMENT7,718,300 1,034,157 0.25FIRST PHILIPPINE HOLDINGS593,690 848,322 0.21METRO PACIFIC INVESTMENTS CORP13,417,000 1,191,329 0.29METROBANK AND TRUST715,750 1,176,307 0.28PHILIPPINE NATIONAL BANK PNB578,705 838,799 0.20ROBINSON'S LAND SHS1,583,600 589,196 0.14SECURITY BANK CORP399,370 781,693 0.19SM INVESTMENTS CORP20,210 250,491 0.06SM PRIME HOLDINGS INC4,209,600 1,093,478 0.26

BANK HANDLOWY9,050 286,406 0.07

Poland 4,322,021 1.05

BANK MILLENIUM SA263,062 436,291 0.11BRE BANK SA1,226 126,150 0.03CYFROWY POLSAT SA10,344 57,769 0.01GRUPA PEKAO SA12,195 738,852 0.18PGE POLSKA GRUPA ENERGETYCZNA S.A.56,071 440,110 0.11PKO BANK POLSKI SA107,682 1,579,992 0.38TVN SA98,367 569,335 0.14ZAKLADY AZOTOWE PULAWY SA3,028 87,116 0.02

COMM BK QATAR -GDR- RECP 1/5 SHS REG-S63,327 348,299 0.08

Qatar 348,299 0.08

AEROFLOT123,522 321,157 0.08

Russia 22,845,400 5.53

AK SBEREGATELNY BANK SBERBANK604,953 1,572,877 0.39AKRON OJSC40,773 1,528,988 0.37COMSTAR UNITED TELESYSTEMS (GDR)111,807 747,430 0.18DIXY GROUP (SHS)29,695 384,966 0.09FSK EES35,098,918 428,207 0.10GROUP LSR -GDR- REPR SHS REG -S76,926 708,488 0.17IDGC CENTER13,108,608 559,738 0.14IDGC CENTER&VOL64,246,585 642,466 0.16IDGC HOLDING3,654,024 643,108 0.16IDGC VLOGA70,085,420 413,504 0.10JSFC SISTEMA434,198 387,261 0.09JSFC SISTEMA GDR REPR.SHS REG-S24,244 604,403 0.15KUZBASSKAYA TOPLIVNAYA BRD69,625 487,264 0.12M VIDEO COMPANY63,046 551,022 0.13MAGNIT GDR21,837 639,824 0.15MOBILE TELESYSTEMS ADR REPR.2 SHS51,800 1,081,066 0.26MOBILE TELESYSTEMS OJSC45,691 388,374 0.09MOSCOW POWER3,330,593 351,045 0.08MOSTOTREST OAO93,925 745,962 0.18NOVATEK GDR REPR 1/100 SHS REG-S6,492 775,794 0.19NOVOROSS PORT SHS GDR REPR SHS REG-S83,535 835,350 0.20PHARMSTANDARD JSC4,086 405,425 0.10PIPE METALL COM288 1,443 0.00PIPE METALL -GDR- REP 4SHS REG-S8,733 180,424 0.04RBC101,327 178,133 0.04RUSHYDRO OJSC112,153 6,058 0.00SBERBANK962,978 3,280,865 0.80SIBERIAN TELECOM JSC2,449,217 215,776 0.05SILVINIT38 34,200 0.01SILVINIT -PREF SHS465 160,425 0.04

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SOLLERS JSC18,952 401,367 0.10TRANSCONTAINER REP 1/10 SH REG-S40,232 382,204 0.09URALKALIY GDR REPR.5SHS REG-S11,866 435,720 0.11VNESHTORGBANK-GDR-REPR 2000 SHS REG-S134,209 884,437 0.21VOLGATELECOM JSC47,145 216,033 0.05WGC-23,286,631 193,254 0.05WGC-44,540,280 435,867 0.11X5 RETAIL GROUP GDR REPR SHS REG-S13,740 635,475 0.15

PARKWAY LIFE UNITS932,000 1,200,417 0.29

Singapore 1,869,240 0.45

SINGAPORE AIRLINES LTD56,000 668,823 0.16

AFRICAN BANK INVESTMENTS LIMITED35,026 205,156 0.05

South Africa 16,594,311 4.02

AVENG LTD36,248 236,969 0.06BIDVEST GROUP22,175 525,403 0.13BLUE LABEL148,910 158,459 0.04CLICKS GROUP114,039 747,074 0.18ESORFRANKI348,490 110,619 0.03FIRSTRAND LTD148,273 437,261 0.11IMPERIAL HOLDINGS LTD39,647 763,966 0.18LEWIS GROUP LTD19,049 234,062 0.06MASSMART HOLDINGS LTD17,586 389,959 0.09MMI HOLDINGS LTD35,872 90,117 0.02MTN GROUP LTD186,130 3,781,826 0.91NASPERS -N-52,483 3,077,625 0.75NORTHAM PLATINUM (PTY)6,521 44,651 0.01SANLAM LTD57,004 240,570 0.06SHOPRITE HOLDINGS LTD (SHP)112,916 1,700,804 0.41STANDARD BANK GROUP LIMITED77,037 1,252,366 0.30THE FOSCHINI GROUP LTD115,746 1,574,599 0.38WILSON BAY OVCON16,116 338,605 0.08WOOLWORTHS HOLDINGS168,026 684,220 0.17

AMOREPACIFIC CORP1,919 1,925,933 0.47

South Korea 48,254,621 11.68

BASIC HOUSE CORP24,960 402,474 0.10CJ CHEILJEDANG2,241 428,493 0.10CJOS6,859 1,396,096 0.34DAEGU BANK51,620 709,553 0.17DAELIM INDUSTRIAL CO9,283 961,100 0.23DONG-A PHARMACEUTICAL5,219 565,633 0.14GS ENGINEERING & CONSTRUCTION CORP5,133 524,652 0.13HANA FINANCIAL GROUP INC27,930 1,065,617 0.26HANA TOUR SERVICE INC25,806 990,265 0.24HANMI PHARM7,263 568,292 0.14HYUNDAI DEPARTMENT STORE SHS18,202 2,237,359 0.54HYUNDAI DEVELOPMENT COMPANYENGINEERING

13,100 392,458 0.10

HYUNDAI HOME SHOPPING15,978 1,443,074 0.35HYUNDAI STEEL CO8,840 969,760 0.23KANGWON LAND39,620 975,750 0.24KB FINANCIAL GROUP INC26,976 1,426,170 0.35KCC CORP2,742 953,140 0.23KIA MOTORS17,991 802,136 0.19KOREA ELECTRIC POWER CORP41,660 1,108,584 0.27KOREA GAS CORP19,000 811,966 0.20

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KOREA INVESTMENT HOLDINGS CO LTD17,160 675,120 0.16KOREAN REINSURANCE CO80,360 835,535 0.20KT ADR35,300 734,240 0.18KT CORPORATION7,276 296,515 0.07LG CHEMICAL LTD PREF./ISSUE 016,452 903,928 0.22LG CORP4,556 350,462 0.08LG HOUSEHOLD AND HEALTHCARE4,575 1,572,165 0.38LG TELECOM CO LTD8,450 53,385 0.01LIG INSURANCE41,720 847,340 0.21LS CABLE7,578 711,126 0.17NHN CORP8,808 1,761,755 0.43ORION CORPORATION5,595 1,902,961 0.46POSCO8,218 3,526,450 0.85SAMSUNG CARD SHS22,169 1,230,635 0.30SAMSUNG ENGINEERING2,643 447,137 0.11SAMSUNG FIRE AND MARINE INSURANCE14,030 2,781,523 0.67SAMSUNG HEAVY INDUSTRIES CO LTD36,100 1,310,530 0.32SAMSUNG SECURITIES CO LTD12,955 1,005,671 0.24SHINHAN FINANCIAL GROUP65,949 3,074,018 0.74SHINSEGAE CO LTD1,060 573,478 0.14SK HOLDINGS - SHS4,298 528,303 0.13SK TELECOM CO LTD - ADR - REP.1/90 SH27,710 516,237 0.12SK TELEKOM2,225 340,151 0.08S1 CORP1,945 95,973 0.02WOORI FINANCE HOLDINGS CO LTD26,790 365,887 0.09WOORI INVESTMENT & SECURITIES CO LTD27,870 579,551 0.14YUHAN CORP3,768 576,040 0.14

CATHAY FINANCIAL461,272 817,923 0.20

Taiwan 15,169,174 3.67

CHINA STEEL CORP1,074,000 1,233,996 0.30CHINATRUST FINANCIAL HLDGS2,391,593 1,755,358 0.42CHUNGHWA TELECOM26,202 66,591 0.02CHUNGHWA TELECOM CO LTD ADR REPR 10 SHS88,666 2,240,590 0.54E.SUN FINANCIAL HOLDING591,000 406,412 0.10FAR EASTERN TEXTILE530,536 898,890 0.22FORMOSA CHEMICALS FIBER CO LTD553,000 1,862,521 0.45FORMOSA PLASTICS CORP584,080 1,953,177 0.47MEDIA TEK INCORPORATION28,347 405,909 0.10RUENTEX DEVELOPMENT CO LTD175,000 307,907 0.07TAIWAN CEMENT CORP1,160,947 1,306,023 0.32TAIWAN MOBILE249,000 595,246 0.14WPG HOLDING50,573 97,654 0.02YUANTA FINANCIAL1,633,000 1,220,977 0.30

ADVANCED INFO SERVICE -F-274,800 774,854 0.19

Thailand 9,855,402 2.39

BANGKOK BANK PUBLIC CO LTD -F-161,500 817,009 0.20BANK OF AYUDHYA PUBLIC CO LTD -F-91,900 77,739 0.02BANPU PUBLIC CO LTD -F-73,200 1,923,184 0.47BUMRUNGRAD HOSPITAL (F)641,400 675,549 0.16KASIKORNBANK -F-127,100 550,225 0.13KRUNG THAI BANK FOREIGN REGISTERED637,000 365,570 0.09LAND AND HOUSE -F- REGISTERED2,851,800 610,187 0.15PTT CHEMICAL (F)68,900 335,986 0.08PTT EXPLORATION AND PRODUCTION PUBLIC CO95,900 534,456 0.13PTT PUBLIC COMPANY LTD -F-150,200 1,594,426 0.39QUALITY HOUSES -F-7,230,800 503,721 0.12

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SIAM CEMENT FOREIGN REGISTERED63,000 754,453 0.18THAI STANLEY ELECTRIC (THAILAND) PUBLIC56,300 338,043 0.08

AKCANSA CIMENTO SANAYI VE TICARET AS37,963 185,991 0.05

Turkey 11,109,610 2.69

AKENRJI ELEKTRIK URETIM A.S112,644 264,226 0.06ALBARAKA TURK KATILIM BANKASI84,842 148,845 0.04ARCELIK121,568 616,133 0.15ASYA KATILIM BANK-SHS B-305,653 564,037 0.14AYGAZ71,867 387,586 0.09BAGFAS BANDIRMA3,169 340,785 0.08BIM BIRLESIK MAGAZALAR5,208 177,660 0.04FORD OTOMOTIV21,367 181,182 0.04HACI OMER SABANCI HOLDING AS267,688 1,252,339 0.31KOC HOLDING AS -B-361,548 1,766,625 0.44SINPAS GAYRIM258,583 349,481 0.08TURCAS PETROL AS47,722 119,692 0.03TURK EKONOMI BANKASI89,515 129,706 0.03TURK HAVA YOLLARI AO156,868 550,413 0.13TURK TRAKTOR VE ZIR20,150 307,683 0.07TURKIYE GARANTI BANKASI AS (NAMEN-AKT)212,913 1,081,856 0.26TURKIYE HALK BANKA -SHS-71,637 609,774 0.15TURKIYE IS BANKASI AS290,323 1,037,539 0.25TURKIYE VAKIFLAR BANKASI TAO62,481 158,740 0.04YAPI VE KREDI BANKASI AS278,451 879,317 0.21

IBS GROUP REG-S -GDR-22,312 574,707 0.14


HYPERMARCAS UTS + CONS 08.12.10 RIGHT10 0 0.00

Options, Warrants, Rights 3,095,766 0.75

Brazil 0 0.00

DEUTSCHE BK (BHARTI AIRTEL) 24.01.17 WAR17,449 140,044 0.03

India 207,083 0.05

JP MORGAN (HOUSING DVPT) 12.06.12 WAR4,140 67,039 0.02

JP MORGAN (HOUSING DEV) 25.08.14 WAR96,606 1,564,342 0.38

Netherlands 1,564,342 0.38

GRUPPA KOMPANY PIK 31.12.10 RIGHT22,915 0 0.00

Russia 0 0.00

MERRILL LYNCH (DOHA BANK) 22.10.12 WAR27,086 481,061 0.12

The Netherlands Antilles 1,324,341 0.32

MERRILL LYNCH (QATAR NAT.BK)22.10.12 WAR16,673 843,280 0.20

CLSA FIN.PROD (EQUITY) 05.05.15 WAR488,496 1,908,651 0.46

Other transferable securities 11,514,072 2.79


Bermuda 3,364,755 0.81

CLSA FIN.PROD.REGS (TATA) 20.05.15 WAR95,661 1,456,104 0.35

CLSA FIN PROD. (GAIL INDIA) 16.01.12 WAR127,851 1,466,285 0.35

India 8,114,725 1.97

CLSA FIN PROD. (JSW STEEL) -03.10.12 WAR35,471 934,029 0.23CLSA FIN PROD.(RELIANCE I) -17.05.15 WAR203,212 4,812,996 1.17CLSA FIN PROD.(TATA POWER) -02.08.15 WAR29,507 901,415 0.22

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Emerging Markets


24

TELECOM ARGENTINA SPONS. ADR REPR. 5 B SHS20,200 502,778 0.10

Long positions 498,204,236 100.11


460,443,184 92.52

Shares 460,443,184 92.52


COSAN -A-88,600 1,206,732 0.24

Bermuda 5,051,409 1.02

GOME ELECTRICAL APP10,674,000 3,844,677 0.78

BANCO BRADESCO PFD ADR REPR 1367,510 7,456,778 1.50

Brazil 66,765,705 13.41

BANCO SANTANDER SA18,105 246,228 0.05BANCO SANTANDER UNITS (50SHS+50PFD SHS)255,400 3,469,398 0.70BMF BOVESPA383,300 3,031,728 0.61ECORODOVIAS291,400 2,243,402 0.45HYPERMARCAS SA30,987 420,559 0.08ITAU UNIBANCO PFD ADR REPR 1 PFD SHS539,595 12,955,676 2.60PDG REALTY453,600 2,776,217 0.56PETROBRAS SA-ADR-REPR.100 PFD SHS 144A496,983 16,981,908 3.41PETROLEO BRASILEIRO -PETROBRAS- PREF.28,400 466,884 0.09REDECARD SHS58,800 745,617 0.15SUZANO PAPEL PFD.SHS43,925 391,087 0.08VALE PFD -A- ADR REPR 1PFD SHS-A-515,560 15,580,223 3.13

METHANEX CORP90,647 2,755,669 0.55

Canada 2,755,669 0.55

CHINA LODGING ADR REP.4SHS143,211 3,120,568 0.63


CHINA MODERN DAIRY HOLDINGS LTD7,760,000 2,595,432 0.52

CENCOSUD SA184,827 1,453,219 0.29

Chile 1,453,219 0.29

BAIDU - SHS -A- ADR REPR 1 SH -A-22,700 2,191,231 0.44

China 48,663,206 9.78

BELLE INTERNAIONAL HOLDING1,927,000 3,257,254 0.65CHINA MENGNIU DAIRY881,500 2,335,953 0.47CHINA MERCHANT BANK -H-2,768,976 6,988,642 1.40CHINA MOBILE LTD97,000 963,305 0.19CHINA OVERSEAS LAND INVESTMENT LTD -RC-836,000 1,546,464 0.31CHINA SHENHUA ENERGY CO LTD-SHS.-H-988,500 4,145,423 0.83CNOOC LTD -RC-1,191,000 2,825,188 0.57INDUS.AND COMMERCIAL BANK OF CHINA -H-9,942,671 7,405,532 1.50MINDRAY MEDICAL -ADR-184,396 4,868,054 0.98PING AN INS (GRP) CO -H-655,500 7,327,690 1.47WUXI PHARMA TECH SPONSORED ADR REPR 8147,274 2,377,002 0.48XINJIANG GOLDWIND SCIENCE & TECHN CO LTD1,174,000 2,431,468 0.49

BANCOLOMBIA ADR REPR.4 PREF SHS29,900 1,851,109 0.37

Colombia 4,093,809 0.82

CEMENTOS ARGOS SA377,718 2,242,700 0.45

COMMERCIAL INTERNATIONAL BANK GDR REG-S190,750 1,592,763 0.32

Egypt 4,769,388 0.96

ORASCOM CONSTRUCTION INDUSTRIE REG.30,249 1,496,087 0.30TELECOM EGYPT SHS270,045 841,070 0.17

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TMG HOLDING564,671 839,468 0.17

AAC ACOUSTIC TECHNOLOGIES HOLDINGS INC956,000 2,551,823 0.51

Hong Kong 26,627,460 5.35

AIA GROUP LTD959,395 2,696,643 0.54ASM PACIFIC TECHNOLOGY250,500 3,166,029 0.64CHINA MOBILE SP ADR.REPR.5 SHS139,400 6,917,028 1.39CNOOC ADR REPR.100 SHS28,390 6,767,324 1.36SAMSON HOLDING LTD8,598,000 1,836,032 0.37SHANGRI - LA ASIA LTD992,000 2,692,581 0.54

MOL HUNGARIAN OIL AND GAS PLC -A-28,187 2,824,353 0.57

Hungary 3,836,391 0.77

OTP BANK LTD41,829 1,012,038 0.20

AXIS BK - DEMARTERIALISED61,840 1,867,163 0.38

India 32,350,980 6.50

BHARAT HEAVY ELECTRICALS (DEMATERIALISED)51,487 2,675,620 0.54GLENMARK PHARMACEUTICALS291,559 2,361,032 0.47GVK POWER & INFRASTRUCTURE LTD2,115,354 1,918,319 0.39HINDUSTAN PETROLEUM (DEMATERIALISED)218,396 1,912,888 0.38ICICI BANK ADR REPR.2 SHS68,600 3,473,904 0.70INFOSYS TECHNOLOGIES ADR REPR.1 SHS48,400 3,682,272 0.75JAIPRAKASH ASSOCIATES1,325,046 3,136,669 0.63MARUTI UDYOG LTD96,000 3,052,077 0.61PUNJAB NATIONAL BANK SHS/DEMAT.102,473 2,800,448 0.56RELIANCE INDUSTRIES DEMATERAILISED82,518 1,953,747 0.39TATA STEEL DEMATERIALISED109,317 1,663,408 0.33UNITED PHOSPHORUS LTD DEMATERIALISED479,192 1,853,433 0.37

ANEKA TAMBANG SHS8,210,500 2,232,600 0.45

Indonesia 11,228,607 2.26

ASTRA INTERNATIONAL TBK481,000 2,912,159 0.59BANK MANDIRI2,649,500 1,911,404 0.38DELTA DUNIA MAKMUR12,748,000 2,277,945 0.46PERUSAHAAN GAS NEGA -B-3,857,500 1,894,499 0.38

AMMB HOLDING BHD1,636,837 3,731,804 0.75

Malaysia 7,729,002 1.55

GENTING BHD180,100 653,001 0.13GENTING MALAYSIA BHD1,274,200 1,400,862 0.28SP SETIA BHD1,007,100 1,943,335 0.39

ALFA SAB DE CV -A-131,200 1,323,278 0.27

Mexico 20,412,633 4.10

AMERICA MOVIL ADR REPR.20SHS -L-108,400 6,215,656 1.24BANCO COMPART SHS83,705 712,518 0.14EMPRESAS ICA - ADR - REPR 464,500 657,900 0.13GEO -B-476,200 1,748,206 0.35GMEXICO -B-1,383,300 5,673,850 1.14GRUPO FINANCIERO BANORTE -O-289,600 1,382,024 0.28GRUPO TELEVISA ADR (5 ORD.PART.CERT.)51,000 1,322,430 0.27MEXICHEM SHS384,100 1,376,771 0.28

BANK MUSCAT SAOG SPONSOR.GL.DEP.REC.SHS212,932 2,171,906 0.44

Oman 2,171,906 0.44

COPA HOLDINGS SA7,378 434,122 0.09

Panama 434,122 0.09

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Emerging Markets


25

BUENAVENTURE SP ADR-SHS-19,200 940,032 0.19

Peru 1,690,628 0.34

SOUTHERN COPPER CORP15,400 750,596 0.15

ALLIANCE GLOBAL GROUP9,679,900 2,761,899 0.56


FIRST PHILIPPINE HOLDINGS867,800 1,239,997 0.25METROBANK AND TRUST831,500 1,366,537 0.27

COMM BK QATAR -GDR- RECP 1/5 SHS REG-S609,300 3,351,150 0.67

Qatar 3,351,150 0.67

AK SBEREGATELNY BANK SBERBANK3,656,845 9,507,798 1.92

Russia 30,633,704 6.16

GAZPROM OAO ADR172,000 4,375,680 0.88MECHEL OJSC ADR REPR.PFD SHS26,031 248,856 0.05MECHEL OJSC ADR REPR.1 SHS18,700 546,601 0.11MMC NORILSK NICKEL ADR REPR.1/10SHS282,000 6,674,940 1.34RASPADSKAYA -SHS-21,422 150,382 0.03SBERBANK1,430,985 4,875,366 0.98SURGUTNEFTEGAZ PREF SHS8,257,145 4,254,081 0.85

GOLDEN AGRI-RESOURCES8,701,000 5,433,644 1.09

Singapore 5,433,644 1.09

ABSA GROUP LTD104,342 2,208,048 0.44

South Africa 16,832,163 3.38

EXXARO RESOURCES LTD163,020 3,357,121 0.67GRINDROD426,262 1,220,976 0.25IMPERIAL HOLDINGS LTD16,425 316,496 0.06INVESTEC LTD149,200 1,266,535 0.25MURRAY&ROBERT HODINGS164,210 997,063 0.20NASPERS -N-127,317 7,465,924 1.51


South Korea 70,664,100 14.19

KB FINANCIAL GROUP INC58,197 3,076,765 0.62KOOKMIN BANK ADR 1 SH53,000 2,803,170 0.56KOREAN REINSURANCE CO254,475 2,645,877 0.53KT & G CORP-SHS.49,790 2,838,500 0.57LG HOUSEHOLD AND HEALTHCARE8,440 2,900,344 0.58MEGASTUDY7,372 1,144,547 0.23NHN CORP23,752 4,750,819 0.95POSCO5,710 2,450,234 0.49POSCO (P.ADRS)22,038 2,373,272 0.48SAMSUNG CARD SHS62,264 3,456,368 0.69SAMSUNG ELECTRONICS CO LTD29,240 24,450,403 4.91SAMSUNG FIRE AND MARINE INSURANCE23,330 4,625,298 0.93SHINHAN FINANCIAL GROUP128,097 5,970,863 1.20SHINSEGAE CO LTD5,970 3,229,871 0.65SK TELECOM CO LTD - ADR - REP.1/90 SH106,371 1,981,692 0.40

AU OPTRONICS1,398,000 1,452,829 0.29

Taiwan 56,614,133 11.38

CATHAY FINANCIAL1,504,545 2,667,844 0.54CHINATRUST FINANCIAL HLDGS6,124,707 4,495,352 0.90CHROMA ATE517,000 1,544,448 0.31CHUNGHWA TELECOM830,129 2,109,738 0.42CHUNGHWA TELECOM CO LTD ADR REPR 10 SHS63,300 1,599,591 0.32

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DELTA ELECTRONIC INCS1,044,411 5,104,473 1.03HIGH TECH COMPUTER CORP278,052 8,582,882 1.73HON HAI PRECISION INDUSTRY CO LTD2,068,103 8,334,406 1.67MEDIA TEK INCORPORATION226,697 3,246,137 0.65SILICONWARE ADR REPR.SHS161,300 959,735 0.19SILICONWARE PRECISION INDUSTRIES CO LTD735,714 883,165 0.18TAIWAN FERTILIZER CO598,000 2,235,591 0.45TAIWAN SEMICON ADR (REPR 5 SHS)625,200 7,840,008 1.58TAIWAN SEMICONDUCTOR MANUFACTURING COLT

1,345,125 3,275,561 0.66

TRIPOD TECHNOLOGY CO LTD559,210 2,282,373 0.46

PTT CHEMICAL - UNITS - NVDR106,800 520,802 0.10

Thailand 11,400,446 2.29

PTT EXPLORATION AND PRODUCTION PUBLIC CO804,100 4,481,298 0.90SIAM COMMERCIAL BANK PUBLIC -F-1,274,300 4,375,186 0.88TOTAL ACCESS COMMUNICATION PUB.(FOR REG)1,452,100 2,023,160 0.41

AKSA ENERJI262,914 864,420 0.17

Turkey 8,005,157 1.61

TOFAS TURK OTOMOBIL FABRIKASI AS419,905 2,171,824 0.44TURK TELEKOM152,320 643,325 0.13TURKIYE GARANTI BANKASI AS (NAMEN-AKT)851,291 4,325,588 0.87

DEPA1,246,592 872,614 0.18

United Arab Emirates 872,614 0.18

ANGLO AMERICAN PLC56,300 2,940,163 0.60


ANTOFAGASTA PLC63,638 1,606,141 0.32EURASIAN NATURAL RESOURCES CORPORATION28,548 468,424 0.09





EMM MIDDLE EAST - UNITS CLASS -B-702,443 8,598,615 1.73



Ireland 37,717,376 7.58

EMM UMBRELLA EME MKTS GLB SMALLCAP1,592,131 29,118,761 5.85


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Emerging World


26

NORTEL INVERSORA ADR REPR.1/20 PFD -B-14,500 433,550 0.14



284,224,142 92.77

Shares 281,539,795 91.89


TELECOM ARGENTINA SPONS. ADR REPR. 5 B SHS4,000 99,560 0.03

COSAN -A-26,600 362,292 0.12

Bermuda 712,907 0.23

KUNLUN ENERGY226,000 350,615 0.11

AES TIETE40,000 518,066 0.17

Brazil 60,205,193 19.66

AES TIETE PREF8,200 118,553 0.04AMBEV - ADR 1.SHS3,500 93,310 0.03AMBEV PRF ADR REP 1 SHS10,000 311,200 0.10AMIL PARTICIPACOES SA39,400 422,477 0.14BANCO BRADESCO PFD ADR REPR 1126,209 2,560,781 0.84BANCO DO BRASIL SA70,134 1,327,460 0.43BANCO SANTANDER SA12,000 163,200 0.05BANRISUL - PFD SHS -B-58,700 624,122 0.20BMF BOVESPA88,200 697,622 0.23BR MALLS PARTICIPACOES SA2,800 28,843 0.01BRADESPAR PFD SHS36,839 961,353 0.31BRASCAN RESIDENTIAL PROPERTIES SA191,700 998,907 0.33BRASIL TELECOM ADR REPR.1SHS516 4,639 0.00BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS8,298 181,975 0.06BRASKEM PFD-A-SP.ADR REPR 2 PFD SHS -A-3,700 92,870 0.03CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

117,600 563,906 0.18

CEMIG (CIA ENERGETICA MINAS GERAIS)5,957 74,462 0.02CENTRAIS ELETRICAS BRASILEIRAS7,200 96,461 0.03CESP PREFERD SHS -B-6,600 107,348 0.04CIA BRASILEIRA DIST -A- ADR REPR 1 PFD A28,052 1,177,623 0.38CIA BRASILEIRA DIST PFD SHS -A-28,400 1,185,600 0.39CIA HERING138,900 2,259,189 0.74CIA SIDERURGICA NACIONAL ADR 1 SHS11,400 190,038 0.06COELCE -A- PREF8,200 139,547 0.05COMPANHIA SIDERURGICA NACIONAL50,600 812,943 0.27CONCESSOES RODOVIARIAS2,900 81,933 0.03COPEL SP.ADR REPR.1 PFD SHS -B-600 15,102 0.00CYRELA BRAZIL REALTY SA11,100 146,104 0.05DIAGNOSTICOS AMERICA6,600 89,457 0.03DURATEX13,200 141,938 0.05ECORODOVIAS10,800 83,146 0.03ELETROPAULO ELETRICIDADE PFD2,900 56,095 0.02EMBRAER ADR REPR.4SHS3,100 91,140 0.03ENERGIAS DO BRAZIL3,200 74,621 0.02EVEN CONSTR SHS60,100 311,358 0.10EZ TEC70,900 599,226 0.20GAFISA SA -ADR- REPR 2 SHS12,600 183,078 0.06GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.3,700 56,721 0.02HELBOR EMPREENDIMENTOS SA8,200 103,684 0.03HRT PETROLEO EM PETROLEO SA287 274,894 0.09HYPERMARCAS SA2,200 29,859 0.01INPAR93,200 193,696 0.06

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ITAU UNIBANCO PFD ADR REPR 1 PFD SHS103,608 2,487,628 0.81ITAUSA INVESTIMENTOS ITAU SA-PREF344,550 2,739,762 0.89ITAUUNIBANCO PFD SHS32,100 769,424 0.25JHSF PARTICIPACOES -SHS-44,200 93,192 0.03KLABIN PREF.317,600 1,119,239 0.37LIGHT SA3,600 55,149 0.02LLX LOGISTICA197,984 564,128 0.18LOCALIZA RENT A CAR SA32,800 531,512 0.17MARCOPOLO PREF.11,400 48,003 0.02MMX MINERACAO9,000 60,885 0.02MMX MINERACAO - SUB REC SHS4,228 28,781 0.01MPX ENERGIA21,100 334,800 0.11OGX PETROLEO E GAS PARTICIPACOES SA273,600 3,296,346 1.08PDG REALTY262,906 1,609,092 0.53PETROBRAS SA-ADR-REPR.100 PFD SHS 144A96,772 3,306,698 1.08PETROLEO BRASILEIRO17,000 312,858 0.10PETROLEO BRASILEIRO -PETROBRAS- PREF.434,500 7,142,988 2.34PETROLEO BRASILEIRO SP.ADR REPR.2 SH5,500 208,120 0.07PORTO SEGURO SA18,000 306,864 0.10PORTX OPERACOES PORTUARIAS SA197,984 442,477 0.14SABESP -SHS SPONSORED ADR REPR 2 SHS14,100 745,608 0.24SARAIVA SA LIVREIROS EDITORES PREF57,400 1,523,848 0.50SUZANO PAPEL PFD.SHS181,300 1,614,206 0.53TAM SA (ADR)3,700 90,021 0.03TELE NORTE LESTE PARTICIPACOES1,800 35,024 0.01TELECOMUNICACOES DE SAO PAULO1,700 40,247 0.01TELEMAR PFD -A-4,300 123,714 0.04TIM PARTICIPACOES-ADR REP 10 PFD SHS9,000 307,350 0.10TOTVS1,400 142,528 0.05TRISUL SA39,331 167,036 0.05USIMINA96,800 1,244,973 0.41VALE ADR REP 1SH124,200 4,293,593 1.40VALE DO RIO DOCE71,000 2,366,495 0.77VALE DO RIO DOCE PREF -A-61,998 1,811,365 0.59VIVO PART ADR61,267 1,996,692 0.65

MAIL.RU GROUP GDR REPR 1 SH REGS892 32,112 0.01

British Virgin Islands 32,112 0.01

EASTERN PLATINIUM101,817 181,372 0.06

Canada 490,467 0.16

PACIFIC RUB9,100 309,095 0.10

CHANGYOU -A- -ADR- REP 2 SHS A9,600 273,696 0.09


ENN ENERGY HOLDINGS LTD204,000 611,450 0.20GEELY AUTOMOBILE850,000 371,768 0.12HENGAN INTL GROUP47,000 405,388 0.13JU TENG INTERNATIONAL HOLDINGS1,904,000 923,385 0.30KWG PROPERTY HOLDING LTD736,500 560,879 0.18LONGFOR PROPERTIES CO LTD89,500 124,573 0.04PARKSON RETAIL GP77,500 119,435 0.04TENCENT HOLDINGS LTD55,700 1,210,207 0.40XINYI GLASS HOLDINGS LTD156,000 128,434 0.04

ANDINA SPONS.ADR REPR.6 PFD -B-2,100 63,567 0.02

Chile 1,057,962 0.35

CENCOSUD SA4,161 32,716 0.01

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Emerging World


27

CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS2,900 175,016 0.06EMBOTELLADORA ANDINA PFD -B-33,202 168,085 0.05EMPRESAS CMPC1,617 86,000 0.03EMPRESAS LA POLAR33,435 243,017 0.09ENTEL700 12,315 0.00HABITAT91,506 119,283 0.04PROVIDA22,786 122,911 0.04SOQUIMICH SPONSORED ADR REPR 1 -B- PREF600 35,052 0.01

BANK OF CHINA LTD -H-2,273,600 1,199,147 0.39

China 34,017,765 11.10

BBMG CORP113,000 153,212 0.05CH HS TRANSMISS SHS108,000 167,273 0.05CHINA BLUECHEMICAL SHS.H-252,000 180,564 0.06CHINA COMMUNICATION SERCICES CORP -H-156,000 92,914 0.03CHINA CONSTRUCTION BANK CORPORATION -H-4,408,143 3,952,421 1.29CHINA LIFE INSURANCE CO LTD617,588 2,522,419 0.82CHINA MOBILE LTD508,572 5,050,617 1.64CHINA OILFIELD SERVICES -H-210,000 454,921 0.15CHINA OVERSEAS LAND INVESTMENT LTD -RC-148,720 275,108 0.09CHINA PACIFIC INSURANCE (GROUP) CO LTD33,800 140,441 0.05CHINA PETROLEUM AND CHEMICAL -H-2,066,230 1,977,544 0.65CHINA RESOURCES POWER HOLDINGS -RC-86,000 155,767 0.05CHINA SHENHUA ENERGY CO LTD-SHS.-H-348,423 1,461,164 0.48CHINA SOUTH LOCOMOTIVE & ROLLING STOCK361,000 474,605 0.15CHINA TELECOM CORP LTD -H-823,760 431,290 0.14CHINA YURUN FOOD GROUP LTD34,000 111,749 0.04CNOOC LTD -RC-867,835 2,058,603 0.67GOLDEN EAGLE RETAIL GROUP LTD300,000 739,420 0.24GREAT WALL MOTOR CO-H-273,500 844,390 0.28GUANGDONG INVEST -RC-584,000 300,502 0.10GUANGZHOU AUTOMOBILE GROUP CO525,714 724,968 0.24GUANGZHOU R&F PROPERTIES COMPANY LTD -H-200,000 286,094 0.09INDUS.AND COMMERCIAL BANK OF CHINA -H-5,245,157 3,906,715 1.28NEW WORLD DEPARTMENT STORE CHINA LTD8,000 6,586 0.00PERFECT WORLD -B- ADR REC. REPR 5 SHS -B3,600 85,140 0.03PETROCHINA CO LTD -H-968,669 1,266,029 0.41PING AN INS (GRP) CO -H-189,000 2,112,789 0.69YANZHOU COAL MINING CO -H-334,000 1,020,433 0.33ZHEJIANG EXPRESSWAY -H-542,000 534,076 0.17ZHUZHOU CSR TIMES - SHS -H-250,000 982,485 0.32ZIJIN MINING CORP CO LTD -H-88,000 81,619 0.03ZTE CORPORATION -H-67,110 266,760 0.09

BANCOLOMBIA ADR REPR.4 PREF SHS700 43,337 0.01

Colombia 43,337 0.01

GLOBALTRANS INV -GDR- REP 1 SH REG -S50,430 857,310 0.28

Cyprus 857,310 0.28

COMMERCIAL INTERNATIONAL BANK GDR REG-S22,094 184,485 0.06

Egypt 763,526 0.25

EFG HERMES REG SHS30,655 179,124 0.06ORASCOM CONS INDUSTRIE GRD REP 1SH REG-S5,640 276,304 0.09ORASCOM CONSTRUCTION INDUSTRIE REG.835 41,298 0.01ORASCOM TELECOM110,611 82,315 0.03

BEIJING ENTERPRISES HOLDINGS LTD -RC-125,000 775,053 0.25

Hong Kong 5,337,813 1.74

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CAFE DE CORAL HOLDINGS LTD32,000 79,118 0.03CATHAY PACIFIC AIRWAYS126,000 347,674 0.11CHINA UNICO HK330,000 472,056 0.15CN TAIPING INSURANCE HOLDINGS CO314,400 966,619 0.32COUNTRY GARDEN HOLDINGS332,000 127,271 0.04GUANGZHOU INVESTMENT CO LTD -RC-694,000 185,694 0.06LENOVO GROUP LTD -RC-434,000 278,031 0.09LIFESTYLE INTERNATIONAL339,000 834,673 0.27POLY (HONG KONG)INVESTEMENTS LTD123,000 120,252 0.04TECHTRONIC INDUSTRIES CO LTD375,500 489,804 0.16WHARF HOLDINGS86,000 661,568 0.22

RICHTER GEDEON PLC710 145,604 0.05

Hungary 145,604 0.05

DR REDDYS LABORATORIES ADR8,000 295,680 0.10

India 3,478,623 1.14

ICICI BANK ADR REPR.2 SHS41,092 2,080,899 0.68LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH21,885 969,724 0.32STERLITE INDUST(INDIA) LTD-ADR-REP 48,000 132,320 0.04

ADARO ENERGY2,955,500 836,462 0.27

Indonesia 6,928,048 2.26

ALAM SUTERA REALTY3,102,000 101,564 0.03ASTRA INTERNATIONAL TBK125,000 756,798 0.25BANK CENTRAL ASIA DEP1,140,000 809,767 0.26BANK MANDIRI1,013,000 730,799 0.24BANK NEGARA INDONESIA753,007 323,852 0.11INDOCEMENT TUNGGAL PRAKARSA292,500 517,800 0.17PERUSAHAAN GAS NEGA -B-1,744,000 856,515 0.29PT AGUNG PODOMORO LAND TBK1,775,500 75,868 0.02SEMEN GRESIK (PERSERO) TBK623,500 653,948 0.21TAMBANG BATUBARA -B-279,500 711,934 0.23TELKOM INDONESIA SERIES -B-626,440 552,741 0.18

EXILLON ENERGY PLC113,730 584,051 0.19

Isle of Man 584,051 0.19

MHP - GDR- REG S34,823 595,473 0.19


O KEY GROUP SA GDR REP.1 SH REG-S11,278 155,298 0.05TERNIUM SA -ADR 1/10 SHS-3,500 148,435 0.05

AMMB HOLDING BHD197,100 449,366 0.15

Malaysia 5,757,500 1.88

CIMB GROUP HOLDINGS BHD424,000 1,168,808 0.37GENTING BHD257,812 934,766 0.31GENTING MALAYSIA BHD370,862 407,728 0.13IOI CORPORATION BHD212,166 399,770 0.13KUALA LUMPUR KEPONG MY116,200 832,830 0.27PLUS EXPRESSWAYS BHD34,600 50,719 0.02PUBLIC BANK BHD464 1,959 0.00PUBLIC BANK BHD FOREIGN229,900 969,260 0.32RHB CAPITAL BHD89,400 252,820 0.08SIME DARBY BHD95,900 273,690 0.09STEPPE CEMENT LTD18,843 15,784 0.01

AMERICA MOVIL ADR REPR.20SHS -L-45,401 2,603,294 0.85

Mexico 18,410,810 6.01

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Emerging World


28

AMERICA MOVIL -L-98,500 283,266 0.09EMPRESAS ICA - ADR - REPR 4800 8,160 0.00FEMSA SPON ADR REP.10UTS CONS-B-+20SH-D-20,577 1,150,666 0.38GEO -B-393,000 1,442,766 0.47GMEXICO -B-2,161,613 8,866,239 2.89GRUMA SHS-B-77,000 144,898 0.05GRUPO FINANCIERO BANORTE -O-253,000 1,207,362 0.39GRUPO MODELO-C- SHS-C-13,700 84,906 0.03GRUPO TELEVISA ADR (5 ORD.PART.CERT.)66,493 1,724,163 0.56INDUSTRIAL PENOLES SAB DE CV5,130 187,224 0.06KIMBERLY-CLARK -A-12,700 77,977 0.03URBI DESARROLL SHS7,600 17,863 0.01WAL MART -V-213,000 612,026 0.20

NEW WORLD RESOURCES BV18,687 281,167 0.09



Peru 1,191,815 0.39

CREDICORP1,500 178,365 0.06SOUTHERN COPPER CORP100 4,874 0.00

ALLIANCE GLOBAL GROUP173,200 49,418 0.02


AYALA CORP16,090 144,704 0.05BANK OF THE PHILIPPINE ISLANDS456,160 614,322 0.19ENERGY DEVELOPMENT3,025,400 405,366 0.13FIRST PHILIPPINE HOLDINGS103,800 148,320 0.05METRO PACIFIC INVESTMENTS CORP2,268,000 201,381 0.07METROBANK AND TRUST128,440 211,086 0.07PHILIPPINE LONG DISTANCE TEL.5,340 311,307 0.10ROBINSON'S LAND SHS881,000 327,786 0.11SECURITY BANK CORP324,730 635,599 0.20SM INVESTMENTS CORP10,810 133,984 0.04SM PRIME HOLDINGS INC2,070,400 537,803 0.18

BANK HANDLOWY4,200 132,918 0.04

Poland 2,424,758 0.79

BANK MILLENIUM SA59,281 98,318 0.03BRE BANK SA598 61,531 0.02CYFROWY POLSAT SA6,747 37,681 0.01GRUPA PEKAO SA9,574 580,055 0.19MOSTOSTAL WARSZAWA715 14,799 0.00PGE POLSKA GRUPA ENERGETYCZNA S.A.39,536 310,324 0.10PKO BANK POLSKI SA43,136 632,924 0.22POLISH OIL AND GAS COMPANY SA4,369 5,279 0.00TVN SA87,676 507,457 0.17ZAKLADY AZOTOWE PULAWY SA1,511 43,472 0.01

COMM BK QATAR -GDR- RECP 1/5 SHS REG-S57,125 314,188 0.10

Qatar 314,188 0.10

AEROFLOT113,172 294,247 0.10

Russia 32,818,598 10.71

AK SBEREGATELNY BANK SBERBANK617,091 1,604,437 0.52AKRON OJSC24,355 913,313 0.30BASHNEFT PREF21,476 745,401 0.24DIXY GROUP (SHS)6,653 86,278 0.03EURASIA DRILLIN GDR SHS REG-S13,188 428,610 0.14

% of N

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USD

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EVRAZ GROUP SA GDR REPR.SHS REG-S28,746 1,031,119 0.34FSK EES11,978,022 146,132 0.05GAZPROM OAO ADR280,353 7,132,179 2.34GROUP LSR -GDR- REPR SHS REG -S28,011 257,981 0.08IDGC CENTER12,976,715 573,207 0.19IDGC CENTER&VOL53,983,133 536,106 0.17IDGC HOLDING2,813,830 494,125 0.16JSFC SISTEMA GDR REPR.SHS REG-S11,433 285,025 0.09KUZBASSKAYA TOPLIVNAYA BRD22,380 156,675 0.05LUKOIL HOLDING ADR REPR.1SHS47,803 2,700,869 0.88M VIDEO COMPANY30,384 265,556 0.09MAGNIT GDR17,962 526,287 0.17MAGNITOGORSK IRON223,085 240,719 0.08MECHEL OJSC ADR REPR.PFD SHS29,272 279,840 0.09MECHEL OJSC ADR REPR.1 SHS24,600 719,058 0.23MMC NORILSK NICKEL ADR REPR.1/10SHS62,440 1,477,955 0.48MOBILE TELESYSTEMS ADR REPR.2 SHS40,650 848,366 0.28MOBILE TELESYSTEMS OJSC28,463 241,936 0.08MOSCOW POWER1,217,789 128,478 0.04MOSTOTREST OAO74,408 591,195 0.19NOVATEK GDR REPR 1/100 SHS REG-S11,688 1,396,716 0.46NOVOLIPETSK STEEL - GDR - REPR SHS REG S1,324 63,155 0.02NOVOROSS PORT SHS GDR REPR SHS REG-S29,752 297,520 0.10PHARMSTANDARD JSC2,537 251,956 0.08PIPE METALL -GDR- REP 4SHS REG-S22,897 473,052 0.15POLYMETAL GDR - REPR 1 SH 1 SH REG-S13,395 245,262 0.08POLYUS ZOLOTO ADR REP.1/2 SHS20,636 752,182 0.25RASPADSKAYA -SHS-21,796 153,008 0.05RBC111,848 196,629 0.06ROSNEFT OIL COMPANY OJSC15,399 110,274 0.04ROSNEFT OIL-GDR-121,192 867,735 0.28SBERBANK746,715 2,544,058 0.83SIBERIAN TELECOM JSC1,336,776 117,833 0.04SOLLERS JSC8,632 182,583 0.06SURGUTNEFTEGAZ JSC PFD ADR 10 PFD SHS78,400 396,704 0.13TNK BP HOLDING127,365 346,433 0.11TRANSCONTAINER REP 1/10 SH REG-S31,603 300,229 0.10URALKALIY GDR REPR.5SHS REG-S8,459 310,614 0.10VNESHTORGBANK-GDR-REPR 2000 SHS REG-S27,902 183,874 0.06VOLGATELECOM JSC25,731 117,938 0.04WGC-21,578,316 92,715 0.03WGC-42,981,175 286,193 0.09X5 RETAIL GROUP GDR REPR SHS REG-S9,229 426,841 0.14

SINGAPORE AIRLINES LTD44,000 525,504 0.17


AFRICAN BANK INVESTMENTS LIMITED30,288 177,404 0.06

South Africa 15,096,613 4.93

ALTRON225 901 0.00ANGLO PLATINUM4,157 436,156 0.14ANGLOGOLD ASHANTI LTD-REG.SHS21,501 1,062,417 0.35AVENG LTD19,275 126,009 0.04BIDVEST GROUP52,132 1,235,190 0.40BLUE LABEL90,775 96,596 0.03CLICKS GROUP127,630 836,109 0.27ESORFRANKI167,363 53,125 0.02FIRSTRAND LTD66,790 196,965 0.06

% of N

AV

Market V

alue

USD

Quan

tity


Emerging World


29

GRINDROD62,983 180,407 0.06HARMONY GOLD MINING21,192 265,871 0.09IMPALA PLATINUM HOLDINGS LTD16,340 575,380 0.19IMPERIAL HOLDINGS LTD31,600 608,906 0.20KUMBA IRON ORE8,517 546,494 0.18LEWIS GROUP LTD12,824 157,573 0.05MASSMART HOLDINGS LTD8,349 185,134 0.06MMI HOLDINGS LTD13,607 34,183 0.01MONDI -SHS-12,007 97,642 0.03MTN GROUP LTD142,443 2,894,187 0.95MVELAPHANDA RESOURCES LIMITED21,360 161,369 0.05NASPERS -N-41,162 2,413,758 0.79NORTHAM PLATINUM (PTY)4,034 27,622 0.01SANLAM LTD42,228 178,212 0.06SHOPRITE HOLDINGS LTD (SHP)48,438 729,600 0.24STANDARD BANK GROUP LIMITED60,515 983,773 0.32THE FOSCHINI GROUP LTD40,105 545,585 0.18WILSON BAY OVCON8,811 185,123 0.06WOOLWORTHS HOLDINGS25,766 104,922 0.03


South Korea 39,898,010 13.03

CJ CHEILJEDANG1,481 283,177 0.09CJOS3,261 663,751 0.22DAEGU BANK22,240 305,705 0.10DONG-A PHARMACEUTICAL4,125 447,066 0.15GS ENGINEERING & CONSTRUCTION CORP4,420 451,776 0.15HANA FINANCIAL GROUP INC20,350 776,417 0.25HANA TOUR SERVICE INC3,192 122,488 0.04HANMI PHARM1,381 108,056 0.04HYUNDAI DEPARTMENT STORE SHS7,673 943,152 0.31HYUNDAI DEVELOPMENT COMPANYENGINEERING

4,370 130,919 0.04

HYUNDAI HOME SHOPPING3,314 299,308 0.10HYUNDAI MOBIS2,218 556,015 0.18HYUNDAI STEEL CO6,905 757,488 0.25KANGWON LAND21,730 535,160 0.17KB FINANCIAL GROUP INC23,290 1,231,298 0.40KCC CORP1,656 575,638 0.19KIA MOTORS13,104 584,247 0.19KOREA ELECTRIC POWER CORP26,750 711,825 0.23KOREA GAS CORP4,600 196,581 0.06KOREA INVESTMENT HOLDINGS CO LTD7,770 305,693 0.10KOREAN REINSURANCE CO24,550 255,256 0.08KT ADR19,500 405,600 0.13LG CHEMICAL LTD PREF./ISSUE 013,307 463,312 0.15LG CORP2,344 180,308 0.06LG DISPLAY CO -ADR 1/2 SHS.39,400 699,350 0.23LG ELECTRONICS INC4,067 422,862 0.14LG HOUSEHOLD AND HEALTHCARE2,755 946,736 0.31LIG INSURANCE23,170 470,586 0.15LS CABLE3,261 306,015 0.10MIRAEASSET SECURITIES CO2,564 135,328 0.04NHN CORP5,867 1,173,504 0.38ORION CORPORATION2,538 863,220 0.28POSCO5,535 2,375,138 0.78SAMSUNG CARD SHS9,507 527,748 0.17SAMSUNG CORP6,763 470,174 0.15

% of N

AV

Market V

alue

USD

Quan

tity

SAMSUNG ELECTRO MECHANICS2,436 266,159 0.09SAMSUNG ELECTRONICS CO LTD13,285 11,108,878 3.64SAMSUNG ENGINEERING374 63,273 0.02SAMSUNG FIRE AND MARINE INSURANCE7,992 1,584,457 0.52SAMSUNG HEAVY INDUSTRIES CO LTD26,450 960,208 0.31SAMSUNG SDI CO LTD1,829 270,748 0.09SAMSUNG SECURITIES CO LTD3,528 273,872 0.09SHINHAN FINANCIAL GROUP50,236 2,341,602 0.76SHINSEGAE CO LTD785 424,698 0.14SK HOLDINGS - SHS2,510 308,525 0.10SK TELECOM CO LTD - ADR - REP.1/90 SH32,600 607,338 0.20SK TELEKOM1,050 160,521 0.05S1 CORP1,201 59,262 0.02WOORI FINANCE HOLDINGS CO LTD20,160 275,337 0.09WOORI INVESTMENT & SECURITIES CO LTD8,890 184,866 0.06YUHAN CORP1,737 265,547 0.09

ACER INC411,111 1,270,424 0.41

Taiwan 27,606,394 9.01

ADVANCED SEMICONDUCTOR ENGINEERING INC574,773 665,326 0.22AU OPTRONICS705,810 733,491 0.24AU OPTRONICS CORP ADR REPR.10 SHS34,500 359,490 0.12CATCHER TECHNOLOGY154,000 570,439 0.19CATHAY FINANCIAL333,325 591,048 0.19CHINA STEEL CORP520,333 597,848 0.20CHINATRUST FINANCIAL HLDGS1,477,619 1,084,528 0.35CHUNGHWA TELECOM102,665 260,919 0.09CHUNGHWA TELECOM CO LTD ADR REPR 10 SHS25,639 647,898 0.21COMPAL ELECTRONICS318,783 422,580 0.14DELTA ELECTRONIC INCS213,110 1,041,558 0.34FAR EASTERN TEXTILE177,583 300,880 0.10FORMOSA CHEMICALS FIBER CO LTD390,000 1,313,532 0.43FORMOSA PLASTICS CORP397,240 1,328,380 0.43HIGH TECH COMPUTER CORP61,755 1,906,247 0.62HON HAI PRECISION INDUSTRY CO LTD832,298 3,354,141 1.09NOVATEK ELECTRONICS112,000 361,086 0.12PRIME VIEW INTERNATIONAL CO LTD225,000 456,073 0.15QUANTA COMPUTER INC186,000 390,417 0.13RUENTEX DEVELOPMENT CO LTD85,000 149,555 0.05SILITECH TECHNOLOGY CORP LTD149,810 463,974 0.15SIMPLO TECHNOLOGY46,900 341,015 0.11SYNNEX TECHNOLOGY INTERNATIONAL CORP134,914 364,163 0.12TAIWAN CEMENT CORP624,382 702,407 0.23TAIWAN MOBILE215,000 513,968 0.17TAIWAN SEMICONDUCTOR MANUFACTURING COLT

2,037,460 4,961,491 1.62

TRIPOD TECHNOLOGY CO LTD73,050 298,148 0.10UNIMICRON TECHNOLOGY CORP336,000 654,564 0.21UNITED MICROELECTRONICS CORP300,000 167,716 0.05WISTRON CORP262,737 535,269 0.17WPG HOLDING219,954 424,722 0.14YUANTA FINANCIAL499,000 373,097 0.12

ADVANCED INFO SERVICE -F-208,500 587,908 0.19

Thailand 5,315,041 1.73

BANK OF AYUDHYA PUBLIC CO LTD -F-46,700 39,504 0.01BANPU PUBLIC CO LTD -F-34,550 907,732 0.30KASIKORNBANK -F-132,187 572,247 0.19

% of N

AV

Market V

alue

USD

Quan

tity


Emerging World


30

KRUNG THAI BANK FOREIGN REGISTERED316,300 181,522 0.06PTT CHEMICAL (F)50,900 248,210 0.08PTT EXPLORATION AND PRODUCTION PUBLIC CO94,900 528,883 0.17PTT PUBLIC COMPANY LTD -F-131,500 1,395,920 0.45QUALITY HOUSES -F-642,700 44,773 0.01SIAM CEMENT FOREIGN REGISTERED32,900 393,992 0.13SIAM COMMERCIAL BANK PUBLIC -F-120,682 414,350 0.14

AKCANSA CIMENTO SANAYI VE TICARET AS39,341 192,742 0.06

Turkey 5,689,938 1.86

AKENRJI ELEKTRIK URETIM A.S50,740 119,019 0.04ALBARAKA TURK KATILIM BANKASI7,932 13,916 0.00ARCELIK33,065 167,581 0.05ASYA KATILIM BANK-SHS B-168,735 311,375 0.10BAGFAS BANDIRMA1,603 172,382 0.06BIM BIRLESIK MAGAZALAR3,893 132,802 0.04HACI OMER SABANCI HOLDING AS152,730 714,525 0.24KOC HOLDING AS -B-166,894 815,491 0.28KOZA ALTIN10,369 138,792 0.05SINPAS GAYRIM32,548 43,989 0.01TURCAS PETROL AS32,708 82,035 0.03TURK EKONOMI BANKASI87,683 127,052 0.04TURK HAVA YOLLARI AO86,739 304,347 0.10TURK TRAKTOR VE ZIR12,593 192,290 0.06TURKIYE GARANTI BANKASI AS (NAMEN-AKT)132,793 674,749 0.22TURKIYE HALK BANKA -SHS-46,912 399,315 0.13TURKIYE IS BANKASI AS105,946 378,624 0.12TURKIYE VAKIFLAR BANKASI TAO36,632 93,067 0.03YAPI VE KREDI BANKASI AS195,018 615,845 0.20

IBS GROUP REG-S -GDR-6,097 157,045 0.05


KAZAKHMYS PLC27,819 702,986 0.23PETROPAVLOVSK PLC8,024 143,721 0.05

CHINA SECURITY SURVEILLANCE TECHNOLOGY125,400 668,382 0.22

United States of America 668,382 0.22

DB (ASIAN PAINTS) 10.11.20 WAR1,256 74,676 0.02


Germany 74,676 0.02

DEUTSCHE BK (BHARTI AIRTEL) 24.01.17 WAR17,989 143,004 0.05

India 157,885 0.05

JP MORGAN (HOUSING DVPT) 12.06.12 WAR917 14,881 0.00

JP MORGAN (HOUSING DEV) 25.08.14 WAR83,160 1,349,520 0.45


MERRILL LYNCH (DOHA BANK) 22.10.12 WAR12,281 218,402 0.07


MERRILL LYNCH (QATAR NAT.BK)22.10.12 WAR17,491 883,864 0.29

CLSA FIN (HINDALCO INDUS) 06.12.15 WAR70,251 379,693 0.12



Bermuda 11,444,768 3.75

CLSA FIN PROD. (UNITECH) 08.07.15 WAR143,970 202,998 0.07CLSA FIN PROD.(JINDAL ) 07.01.13 WAR71,930 1,136,508 0.37

% of N

AV

Market V

alue

USD

Quan

tity

CLSA FIN PROD.(ZEE TELEF.) 03.05.15 WAR205,798 661,929 0.22CLSA FIN.PROD (EQUITY) 05.05.15 WAR298,501 1,162,243 0.38CLSA FIN.PROD (GVK POWER) 21.02.11 WAR331,914 295,337 0.10CLSA FIN.PROD (HCL TECH) 20.05.15 WAR60,626 612,674 0.20CLSA FIN.PROD (HDFC) 28.06.15 WAR35,835 1,841,209 0.60CLSA FIN.PROD (INFOSYS) 10.05.15 WAR37,342 2,849,302 0.94CLSA FIN.PROD (IVCL) 10.11.11 WAR46,310 130,210 0.04CLSA FIN.PROD (MAHINDRA) 28.06.15 WAR32,088 554,984 0.18CLSA FIN.PROD (SUN PHARMA ) 01.12.15 WAR8,344 89,443 0.03CLSA FIN.PROD.REGS (TATA) 20.05.15 WAR51,313 768,453 0.25CLSA FIN.PROD.REGS(AXIS BK) 17.06.15 WAR25,871 759,785 0.25

CLSA FIN PROD. (LUPIN LTD) 07.06.15 WAR89,284 934,152 0.30


CLSA FIN PROD. (GAIL INDIA) 16.01.12 WAR68,949 784,784 0.26

India 5,275,122 1.72

CLSA FIN PROD. (JSW STEEL) -03.10.12 WAR20,470 520,409 0.17CLSA FIN PROD.(RELIANCE I) -17.05.15 WAR142,148 3,326,662 1.08CLSA FIN PROD.(TATA POWER) -02.08.15 WAR21,242 643,267 0.21



CLSA FIN (NAGARJUNA CONST) 25.08.15 WAR101,338 310,946 0.10

Taiwan 310,946 0.10


% of N

AV

Market V

alue

USD

Quan

tity


Euro Quant


31

OMV AG10,709 333,050 0.66



50,089,087 99.17

Shares 49,489,823 97.98

Austria 438,004 0.87

VOESTALPINE AG2,944 104,954 0.21

ANHEUSER-BUSCH INBEV NV9,452 404,545 0.81

Belgium 776,155 1.54

GROUPE DELHAIZE2,228 123,142 0.24MOBISTAR SA5,122 248,468 0.49

ELISA CORPORATION -A-12,106 196,965 0.39

Finland 2,849,204 5.64

FORTUM CORP9,778 220,298 0.44KONE -B-7,450 309,920 0.61METSO CORP3,980 166,364 0.33NOKIA OYJ79,152 612,636 1.22ORION CORPORATION (NEW) -B-6,752 110,530 0.22POHJOLA BANK -A-26,539 238,055 0.47RAUTARUUKKI9,941 174,067 0.34STORA ENSO -R-29,352 225,570 0.45UPM KYMMENE CORP37,248 492,419 0.97WARTSILA CORPORATION -B-1,793 102,380 0.20

ACCOR SA3,668 122,144 0.24

France 18,483,616 36.59

AIR FRANCE - KLM SA13,334 181,742 0.36AIR LIQUIDE SA6,891 652,164 1.29ATOS ORIGIN SA7,244 288,601 0.57AXA SA48,347 601,920 1.19BNP PARIBAS SA25,550 1,216,435 2.41BOURBON SA3,668 127,316 0.25BUREAU VERITAS SA1,810 102,663 0.20CAP GEMINI SA6,889 240,633 0.48CARREFOUR SA4,459 137,560 0.27CASINO GUICHARD PERRACHON SA4,516 329,442 0.65CHRISTIAN DIOR SA2,834 302,955 0.60CIE DE SAINT-GOBAIN SA12,430 478,555 0.95CNP ASSURANCES10,949 147,866 0.29CREDIT AGRICOLE SA5,008 47,596 0.09DANONE SA9,778 459,762 0.91DASSAULT SYSTEMES SA1,356 76,506 0.15EDF SA4,545 139,509 0.28EIFFAGE2,764 91,226 0.18ESSILOR INTERNATIONAL SA3,911 188,412 0.37EUROPEAN AERONAUTIC DEFENSE AND SPACE14,715 256,630 0.51FONCIERE DES REGIONS SA2,023 146,465 0.29FRANCE TELECOM SA38,179 595,402 1.18GDF SUEZ SA31,764 852,863 1.69GEMALTO NV3,214 102,350 0.20LAFARGE SA8,846 415,054 0.82L'OREAL SA4,656 386,820 0.77LVMH MOET HENNESSY LOUIS VUITTON SA7,260 893,706 1.77MICHELIN SA REG SHS7,448 399,958 0.79M6 METROPOLE TELEVISION SA16,296 294,958 0.58

% of N

AV

Market V

alue

EUR

Quan

tity

NATIXIS SA18,863 66,021 0.13NEOPOST1,301 84,825 0.17ORPEA SA3,193 110,606 0.22PAGES JAUNES SA9,274 63,063 0.12PERNOD RICARD SA1,558 109,621 0.22PEUGEOT SA3,008 85,457 0.17PPR2,468 293,692 0.58PUBLICIS GROUPE8,846 344,994 0.68RALLYE SA6,053 194,816 0.39RENAULT SA4,671 203,189 0.40SAFRAN -ACT.-13,845 366,893 0.73SANOFI-AVENTIS SA19,513 933,697 1.85SCHNEIDER ELECTRIC SA4,794 536,928 1.06SCOR SE ACT PROV REGROUPEMENT14,899 283,081 0.56SEB SA3,445 267,780 0.53SOCIETE GENERALE SA12,897 518,717 1.03TOTAL SA39,110 1,550,711 3.08UNIBAIL-RODAMCO SE2,560 378,880 0.75VALLOUREC SA987 77,578 0.15VINCI SA13,502 549,261 1.09VIVENDI SA39,925 806,485 1.60WENDEL SA5,516 380,108 0.75

ALLIANZ SE REG SHS10,104 898,549 1.78

Germany 12,414,566 24.57

BASF - NAMEN AKT21,677 1,294,117 2.56BAYER AG REG SHS12,199 674,605 1.34BMW AG2,667 156,953 0.31CONTINENTAL AG3,180 188,065 0.37DAIMLER AG REG SHS18,624 944,796 1.87DEUTSCHE BANK AG REG SHS19,409 758,892 1.50DEUTSCHE BOERSE AG REG SHS1,894 98,109 0.19DEUTSCHE LUFTHANSA AG REG SHS9,419 154,048 0.30DEUTSCHE TELEKOM AG REG SHS62,856 606,875 1.20E.ON AG REG SHS26,074 598,007 1.18FRESENIUS SE5,448 349,053 0.69HANNOVER RUECKVERSICHERUNG AG REG SHS5,587 224,234 0.44HENKEL AG & CO KGAA3,761 175,018 0.35HOCHTIEF AG960 60,998 0.12LINDE AG4,516 512,792 1.02MAN SE3,632 323,212 0.64MUENCHENER RUECKVERSICHERUNGS AG REGSHS

4,900 555,905 1.10

PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR1,946 116,098 0.23QIAGEN NV5,016 73,384 0.15RWE VORZ.AKT OHNE STIMMRECHT2,596 124,582 0.25SAP AG17,693 674,103 1.33SIEMENS AG REG SHS18,438 1,709,204 3.38SUEDZUCKER MANNH./OCHS9,021 179,743 0.36THYSSENKRUPP AG9,312 288,532 0.57VOLKSWAGEN VORZ.AKT3,945 478,923 0.95WACKER CHEMIE AG1,499 195,769 0.39

ELAN CORP13,962 57,942 0.11

Ireland 223,319 0.44

KERRY GROUP PLC6,623 165,377 0.33

% of N

AV

Market V

alue

EUR

Quan

tity


Euro Quant


32

ENEL SPA181,584 679,124 1.34

Italy 3,291,802 6.52

ENI SPA60,062 981,413 1.95EXOR SPA6,623 163,456 0.32FIAT SPA17,947 276,922 0.55INTESA SANPAOLO SPA158,304 321,357 0.64MEDIASET SPA29,004 131,316 0.26SNAM RETE GAS SPA32,089 119,371 0.24TELECOM ITALIA SPA200,208 193,601 0.38UNICREDIT SPA274,704 425,242 0.84

ARCELORMITTAL SA REG SHS17,926 508,740 1.01


SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)15,830 282,011 0.56

AEGON NV52,613 240,757 0.48


ASML HOLDING NV16,296 470,954 0.93FUGRO NV -CERT OF SHS2,083 128,105 0.25HEINEKEN NV9,778 358,755 0.71ING GROEP NV109,882 799,941 1.59KONINKLIJKE AHOLD NV24,211 239,108 0.47KONINKLIJKE BOSKALIS WESTMINSTER NV4,922 175,715 0.35KONINKLIJKE DSM NV6,332 269,775 0.53KONINKLIJKE KPN NV44,232 483,013 0.96KONINKLIJKE PHILIPS ELECTRONICS NV24,385 558,904 1.11REED ELSEVIER NV40,507 374,973 0.74TNT NV7,910 156,223 0.31UNILEVER NV32,386 754,594 1.49

PORTUGAL TELECOM REG.15,552 130,326 0.26

Portugal 130,326 0.26

ABERTIS INFRAESTRUCTURAS SA -A-6,133 82,520 0.16

Spain 5,081,263 10.06

BANCO BILBAO VIZCAYA ARGENT. SA REG SHS73,565 556,151 1.10BANCO SANTANDER SA REG SHS169,013 1,339,936 2.65IBERDROLA SA80,083 461,919 0.91INDITEX SA REG SHS4,580 256,617 0.51RED ELECTRICA CORPORACION SA7,124 250,765 0.50REPSOL YPF SA25,608 533,927 1.06TECNICAS REUNIDAS2,526 120,275 0.24TELEFONICA SA78,221 1,327,019 2.63ZARDOYA OTIS SPLIT ISSUE14,434 152,134 0.30

FRANCE BTF -11 17/02U600,000 599,189 1.19

Bonds 599,189 1.19

France 599,189 1.19

ANH.-B.INBV STRIP STRIP VVPR 31.12.4918,659 75 0.00


Belgium 75 0.00

IMMOEAST 31.12.10 RIGHT57,138 0 0.00



Austria 0 0.00

% of N

AV

Market V

alue

EUR

Quan

tity

CPR CASH -P- CAP29 641,183 1.27



France 641,183 1.27


% of N

AV

Market V

alue

EUR

Quan

tity


Europe Smaller Companies


33

MAYR-MELNHOF KARTON AG1,882 163,847 0.72



20,614,364 90.02

Shares 20,614,364 90.02

Austria 696,729 3.04

PALFINGER9,564 274,917 1.19RHI AG8,752 257,965 1.13

ACKERMANS AND VAN HAAREN NV2,030 126,834 0.55

Belgium 573,582 2.50

BEKAERT SA2,264 194,478 0.85NYRSTAR22,504 252,270 1.10

PURECIRCLE76,781 148,302 0.65

Bermuda 148,302 0.65

BANK OF CYPRUS PUBLIC COMPANY LTD24,902 64,247 0.28

Cyprus 64,247 0.28

CHRISTIAN HANSEN11,999 183,557 0.80

Denmark 273,192 1.19

PANDORA1,988 89,635 0.39

KONECRANES OYJ8,709 269,021 1.17

Finland 799,625 3.49

OUTOKUMPU OYJ -A-14,110 195,847 0.86POHJOLA BANK -A-14,555 130,558 0.57YIT OYJ10,949 204,199 0.89

APRIL GROUP7,827 165,424 0.72

France 4,253,798 18.58

ARKEMA SA5,417 291,814 1.28BIC3,188 205,052 0.90BUREAU VERITAS SA3,514 199,314 0.87CAP GEMINI SA5,964 208,323 0.91CIMENT VICAT SA2,908 181,750 0.79DEVOTEAM10,009 196,176 0.86FIMALAC1,375 44,028 0.19IPSOS SA11,671 414,554 1.82MEDICA15,905 220,602 0.96MERCIALYS SA2,063 57,970 0.25REMY COINTREAU SA4,680 247,806 1.08REXEL SA11,024 179,195 0.78SCOR SE ACT PROV REGROUPEMENT12,549 238,431 1.04SEB SA1,844 143,334 0.63SECHILIENNE SIDEC4,379 83,267 0.36STALLERGENES2,767 163,253 0.71TECHNIP-COFLEXIP2,664 184,082 0.80TELEPERFORMANCE SA5,913 149,303 0.65VILMORIN ET CIE3,448 293,804 1.29WENDEL SA4,081 281,222 1.23ZODIAC AEROSPACE SA1,870 105,094 0.46

AIXTRON AG6,870 189,646 0.83

Germany 2,824,920 12.34

BRENNTAG - NAMEN AKT3,092 235,920 1.03GEA GROUP AG9,529 206,112 0.90

% of N

AV

Market V

alue

EUR

Quan

tity

GERRESHEIMER AG8,433 278,205 1.21GFK SE7,069 265,794 1.16KABEL DEUTSCHLAND HOLDING AG6,552 228,501 1.00KLOECKNER AND CO SE12,887 270,691 1.18MTU AERO ENGINES HOLDING AG5,872 297,181 1.30RHEINMETALL AG3,641 219,079 0.96SOFTWARE AG1,551 170,300 0.74SYMRISE AG10,881 223,333 0.98WIRECARD AG23,430 240,158 1.05

DCC PLC6,953 164,091 0.72

Ireland 164,091 0.72

ANSALDO STS SPA13,824 148,193 0.65

Italy 1,139,026 4.97

BANCO POPOLARE SOCIETA COOPERATIVA36,973 125,338 0.55INDESIT CO SPA16,530 132,736 0.58PIAGGIO AND C SPA77,377 182,029 0.79SAFILO - AZ. POST RAGGRUPPAMENTO21,217 282,399 1.23TOD'S SPA3,631 268,331 1.17

CHARTER INTERNATIONAL PLC34,610 341,112 1.49


SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)5,597 99,711 0.44


BRIT INSURANCE7,568 92,033 0.40


IMTECH NV7,539 214,032 0.93NUTRECO HOLDING NV1,676 95,180 0.42SBM OFFSHORE NV15,837 265,507 1.17SLIGRO FOOD GROUP6,151 142,734 0.62WERELDHAVE NV794 58,010 0.25

SCHIBSTED AS9,590 211,533 0.92

Norway 687,743 3.00

STOREBRAND45,986 257,419 1.12TGS NOPEC GEOPHYSICAL ASA12,974 218,791 0.96

REN29,159 75,230 0.33

Portugal 239,889 1.05

ZON MULTIMEDIA SA REG SHS48,572 164,659 0.72

EBRO FOODS SA14,559 230,469 1.01

Spain 1,015,744 4.44

ENAGAS6,013 89,684 0.39GRIFOLS-SHS.A17,016 173,563 0.76OBRASCON HUARTE LAIN SA10,994 249,289 1.09TECNICAS REUNIDAS5,728 272,739 1.19

FASTIGHETS HUFVUDSTADEN -A- FREE19,181 167,055 0.73

Sweden 167,055 0.73

BALOISE HOLDING REG.SHS1,282 93,296 0.41


CIE ASSURANCES NATLE SUISSE NAM.AKT6,239 164,401 0.72DUFRY GROUP2,772 278,874 1.21EFG INTL7,946 81,338 0.36GALENICA AG NAMEN AKT694 313,574 1.36HELVETIA HOLDING AG818 235,172 1.03

% of N

AV

Market V

alue

EUR

Quan

tity




34

SULZER AG NOM1,928 219,713 0.96TEMENOS GROUP AG NAM.AKT8,088 251,608 1.10

ABERDEEN ASSET MANAGEMENT PLC68,674 162,618 0.71


AEGIS GROUP PLC144,451 236,860 1.03AMLIN PLC7,601 36,273 0.16ASHMORE GROUP15,421 60,309 0.26BABCOCK INTERNATIONAL GROUP PLC28,140 187,523 0.82BRITVIC PLC24,608 135,928 0.59CLOSE BROTHERS GROUP PLC6,020 59,824 0.26DIALOG SEMICONDUCTOR10,507 178,934 0.78EASYJET PLC37,765 193,927 0.85GREENE KING PLC24,142 135,072 0.59GROUP 4 SECURICOR49,335 146,591 0.64HAYS129,308 194,524 0.85HUNTING PLC33,134 282,675 1.23INMARSAT24,086 189,320 0.83INTERCONTINENTAL HOTELS GROUP PLC9,814 142,368 0.62INVENSYS49,450 204,414 0.89INVESTEC34,203 210,363 0.92ITE GROUP PLC93,049 273,876 1.20JAZZTEL PLC66,404 235,734 1.03LLOYD TOMPSON GROUP PLC6,379 46,827 0.20LOGICA117,346 179,405 0.78PREMIER OIL PLC10,537 239,799 1.05SCHRODERS5,693 123,248 0.54THOMAS COOK GRP73,462 162,639 0.71TRAVIS PERKINS PLC21,930 270,783 1.18ULTRA ELECTRONICS HOLDINGS PLC6,561 129,865 0.57WH SMITH35,264 200,427 0.88

AMUNDI TRESO INSTITUTION CAP/DIS101 2,220,125 9.70



France 2,220,125 9.70


% of N

AV

Market V

alue

EUR

Quan

tity


Europe SRI


35

ERSTE GROUP BANK AG2,500 87,850 0.45



19,717,910 99.89

Shares 19,717,910 99.89

Austria 125,722 0.64

TELEKOM AUSTRIA AG3,600 37,872 0.19

FORTIS23,000 39,330 0.20

Belgium 164,089 0.83

SOLVAY520 41,470 0.21UMICORE2,140 83,289 0.42

SEADRILL LTD5,400 136,562 0.69

Bermuda 136,562 0.69

COLOPLAST -B-330 33,566 0.17

Denmark 501,799 2.54

DANSKE BANK2,400 46,054 0.23NOVO-NORDISK -B-4,230 357,037 1.81NOVOZYMES -B-380 39,621 0.20VESTAS WIND SYSTEMS AS1,080 25,521 0.13

KESKO CORP1,480 51,696 0.26

Finland 283,715 1.44

NOKIA OYJ16,300 126,162 0.64SANOMA CORP1,800 29,196 0.15STORA ENSO -R-4,700 36,120 0.18WARTSILA CORPORATION -B-710 40,541 0.21

AIR LIQUIDE SA1,307 123,694 0.63

France 2,959,986 15.00

AXA SA5,100 63,495 0.32BIC1,360 87,475 0.44BNP PARIBAS SA3,787 180,299 0.91BOUYGUES1,230 39,674 0.20CAP GEMINI SA2,840 99,201 0.50CARREFOUR SA3,470 107,050 0.54CHRISTIAN DIOR SA810 86,589 0.44DANONE SA3,151 148,160 0.75FRANCE TELECOM SA5,600 87,332 0.44GDF SUEZ SA4,410 118,409 0.60LAFARGE SA1,040 48,797 0.25LAGARDERE GROUPE SCA NOM1,000 30,830 0.16L'OREAL SA1,180 98,034 0.50LVMH MOET HENNESSY LOUIS VUITTON SA1,430 176,033 0.89MICHELIN SA REG SHS1,593 85,544 0.43M6 METROPOLE TELEVISION SA1,700 30,770 0.16PEUGEOT SA2,000 56,820 0.29RENAULT SA3,260 141,810 0.72SANOFI-AVENTIS SA4,680 223,938 1.13SOCIETE GENERALE SA1,663 66,886 0.34TECHNIP-COFLEXIP1,760 121,616 0.62T.F.1 SA2,600 33,800 0.17TOTAL SA10,560 418,704 2.12VALLOUREC SA1,830 143,838 0.73VINCI SA2,130 86,648 0.44

% of N

AV

Market V

alue

EUR

Quan

tity

VIVENDI SA2,700 54,540 0.28

ADIDAS NAMEN AKT1,100 53,779 0.27

Germany 2,600,387 13.17

ALLIANZ SE REG SHS2,850 253,451 1.28BASF - NAMEN AKT6,550 391,034 1.99BAYER AG REG SHS2,180 120,554 0.61DAIMLER AG REG SHS1,660 84,212 0.43DEUTSCHE BANK AG REG SHS2,385 93,254 0.47DEUTSCHE LUFTHANSA AG REG SHS8,500 139,018 0.70DEUTSCHE POST AG REG SHS6,700 85,090 0.43DEUTSCHE TELEKOM AG REG SHS24,000 231,720 1.17E.ON AG REG SHS9,510 218,112 1.10FRESENIUS MEDICAL CARE AG & CO KGAA790 34,152 0.17HENKEL AG & CO KGAA1,340 62,357 0.32HOCHTIEF AG800 50,832 0.26MUENCHENER RUECKVERSICHERUNGS AG REGSHS

1,640 186,058 0.94

RWE AG1,220 60,866 0.31SAP AG1,490 56,769 0.29SIEMENS AG REG SHS3,370 312,398 1.59TUI AG REG SHS8,300 87,150 0.44VOLKSWAGEN AG270 28,593 0.14VOLKSWAGEN VORZ.AKT420 50,988 0.26

COCA COLA HBC - REG SHS4,300 83,248 0.42

Greece 83,248 0.42

RESOLUTION17,200 46,992 0.24

Guernsey 46,992 0.24

ATLANTIA SPA2,300 35,121 0.18

Italy 724,886 3.67

AUTOGRILL SPA2,900 30,653 0.16ENEL SPA18,332 68,562 0.35ENI SPA5,580 91,177 0.46FIAT SPA4,200 64,806 0.33INTESA SANPAOLO SPA59,000 119,770 0.61PIRELLI AND C4,800 29,040 0.15TELECOM ITALIA SPA80,000 77,360 0.39TERNA SPA41,300 130,508 0.65UNICREDIT SPA50,316 77,889 0.39

SHIRE5,000 90,039 0.46


WPP PLC7,100 65,419 0.33



TENARIS SA - REG.SHS4,100 75,235 0.38

ASML HOLDING NV3,700 106,930 0.54


ING GROEP NV8,426 61,341 0.31KONINKLIJKE AHOLD NV10,300 101,723 0.52KONINKLIJKE DSM NV2,080 88,618 0.45KONINKLIJKE KPN NV9,400 102,648 0.52KONINKLIJKE PHILIPS ELECTRONICS NV4,300 98,556 0.50ROYAL DUTCH SHELL PLC18,000 449,239 2.27UNILEVER NV11,840 275,872 1.40

% of N

AV

Market V

alue

EUR

Quan

tity


Europe SRI


36

WOLTERS KLUWER NV2,700 44,280 0.22

DNB NOR ASA6,600 69,320 0.35

Norway 107,131 0.54

ORKLA BORREGAARD FRIE A5,200 37,811 0.19

EDP-ENERGIAS REG.SHS15,000 37,365 0.19

Portugal 69,209 0.35


BANCO BILBAO VIZCAYA ARGENT. SA REG SHS22,194 167,787 0.85

Spain 977,118 4.95

BANCO SANTANDER SA REG SHS35,700 283,029 1.43ENAGAS2,600 38,779 0.20IBERDROLA SA25,069 144,598 0.73INDITEX SA REG SHS1,730 96,932 0.49TELEFONICA SA14,500 245,993 1.25

ALFA LAVAL3,300 51,847 0.26

Sweden 874,821 4.43

ATLAS COPCO AB -A-7,100 133,592 0.68BOLIDEN AB2,900 43,955 0.22HENNES AND MAURITZ AB1,560 38,745 0.20INVESTMENT AB KINNEVIK -B-4,400 66,837 0.34INVESTOR -B- FREE5,100 81,372 0.41NORDEA BANK9,700 78,673 0.40SKANDINAVISKA ENSKILDA BANKEN -A-6,700 41,675 0.21SKANSKA -B- FREE3,300 48,774 0.25SKF AB -B-1,700 36,115 0.18SVENSKA CELLULOSA SCA AB-SHS-B-7,600 89,491 0.45TELEFON AB L.M.ERICSSON13,100 113,512 0.58TELIASONERA AB8,500 50,233 0.25

ABB LTD REG SHS12,900 214,888 1.09


BALOISE HOLDING REG.SHS540 39,298 0.20CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH51 115,259 0.58CREDIT SUISSE GROUP AG REG SHS6,500 195,814 0.99GAM HOLDING AG5,500 67,956 0.34GEBERIT AG1,480 255,889 1.30HOLCIM LTD REG SHS1,340 75,710 0.38NESTLE SA REG SHS14,670 642,314 3.26NOVARTIS AG REG SHS9,190 403,847 2.05ROCHE HOLDING AG GENUSSSCHEIN1,900 208,165 1.05UBS SA REG SHS9,300 114,163 0.58ZURICH FINANCIAL SERVICES AG REG SHS710 137,520 0.70

AMEC3,300 44,290 0.22


ANGLO AMERICAN PLC6,200 241,350 1.22ARM HOLDINGS PLC7,900 39,027 0.20ASTRAZENECA PLC6,000 204,610 1.04AVIVA PLC19,600 89,897 0.46BALFOUR BEATTY10,000 36,517 0.18BARCLAYS PLC51,700 157,873 0.80BG GROUP PLC8,100 122,514 0.62BHP BILLITON PLC9,000 267,947 1.36BP PLC65,000 353,163 1.79BRITISH AMERICAN TOBACCO PLC5,700 163,879 0.83

% of N

AV

Market V

alue

EUR

Quan

tity

BRITISH LAND CO PLC REIT20,900 127,934 0.65BRITISH SKY BROADCASTING GROUP6,400 54,973 0.28BURBERRY GROUP PLC4,900 64,277 0.33CABLE WIRELESS WORLDWIDE26,000 19,936 0.10COMPASS GROUP PLC10,200 69,163 0.35DIAGEO PLC21,600 298,722 1.51FIRSTGROUP PLC10,000 46,484 0.24GLAXOSMITHKLINE PLC13,200 191,025 0.97HAMMERSON PLC7,500 36,517 0.18HSBC HOLDINGS PLC68,606 521,322 2.64IMPERIAL TOBACCO GROUP PLC1,800 41,342 0.21INTERNATIONAL POWER33,700 172,109 0.87INVENSYS8,000 33,070 0.17INVESTEC5,000 30,752 0.16J SAINSBURY PLC21,900 96,178 0.49JOHNSON MATHEY PLC3,400 80,868 0.41LLOYDS BANKING GROUP PLC124,000 95,078 0.48LSE GROUP3,600 35,208 0.18MAN GROUP PLC16,000 55,272 0.28MARKS AND SPENCER GROUP PLC8,900 38,328 0.19NEXT PLC1,600 36,879 0.19PEARSON PLC10,900 128,228 0.65PRUDENTIAL PLC5,300 41,319 0.21RECKITT BENCKISER GROUP PLC1,010 41,550 0.21RIO TINTO PLC6,810 356,574 1.81ROLLS-ROYCE GROUP9,800 71,254 0.36ROYAL DUTCH SHELL PLC -B-8,000 197,467 1.00RSA INSURANCE GROUP PLC27,664 40,422 0.20SERCO GROUP9,100 58,996 0.30SEVERN TRENT PLC2,300 39,673 0.20SMITH AND NEPHEW PLC20,700 163,431 0.83STANDARD CHARTERED PLC13,730 276,491 1.40STANDARD LIFE PLC19,403 48,912 0.25TESCO PLC12,400 61,504 0.31UNILEVER PLC3,200 73,310 0.37VODAFONE GROUP PLC182,000 352,169 1.78WHITBREAD1,600 33,425 0.17XSTRATA PLC8,000 140,561 0.71

ROLLS-ROYCE GROUP -C- ENTITLEMENT JAN 11627,200 732 0.00


Shares 732 0.00

United Kingdom 732 0.00


% of N

AV

Market V

alue

EUR

Quan

tity


Gems Europe


37

INTERCELL AG1,910 22,156 0.06



36,335,252 96.57

Shares 36,335,246 96.57

Austria 36,986 0.10

VOESTALPINE AG416 14,830 0.04

ANHEUSER-BUSCH INBEV NV397 16,992 0.05

Belgium 124,448 0.33

GROUPE BRUXELLES LAMBERT GBL949 59,720 0.15KBC GROUPE SA1,872 47,736 0.13

A.P. MOELLER-MAERSK -B- A/S9 61,002 0.16

Denmark 94,850 0.25

DANSKE BANK1,036 19,880 0.05ZEALAND PHARMA1,487 13,968 0.04

FORTUM CORP3,746 84,397 0.22

Finland 609,285 1.62

NOKIA OYJ48,025 371,714 0.99POHJOLA BANK -A-11,139 99,917 0.27STORA ENSO -R-6,930 53,257 0.14

ACCOR SA2,606 86,780 0.23

France 7,627,790 20.28

ALCATEL-LUCENT SA31,007 67,595 0.18ALSTOM SA3,071 109,973 0.29ATOS ORIGIN SA909 36,215 0.10AXA SA18,262 227,362 0.60BNP PARIBAS SA13,411 638,497 1.71BOUYGUES1,265 40,803 0.11CAP GEMINI SA11,986 418,671 1.11CARREFOUR SA6,754 208,361 0.55CFAO2,272 73,999 0.20CGG VERITAS SA1,910 43,500 0.12CIE DE SAINT-GOBAIN SA5,592 215,292 0.57CREDIT AGRICOLE SA5,246 49,858 0.13DANONE SA11,140 523,802 1.40DASSAULT SYSTEMES SA2,000 112,840 0.30EDF SA3,600 110,502 0.29EULER HERMES SA551 39,314 0.10EUROPEAN AERONAUTIC DEFENSE AND SPACE7,787 135,805 0.36FRANCE TELECOM SA3,344 52,150 0.14GDF SUEZ SA15,428 414,242 1.10GROUPE EUROTUNNEL SA5,034 33,124 0.09ILIAD SA1,693 137,810 0.37IPSEN1,418 32,380 0.09LAFARGE SA2,638 123,775 0.33L'OREAL SA1,282 106,509 0.28LVMH MOET HENNESSY LOUIS VUITTON SA2,271 279,560 0.74MICHELIN SA REG SHS2,268 121,792 0.32M6 METROPOLE TELEVISION SA2,563 46,390 0.12NATIXIS SA26,933 94,266 0.25PAGES JAUNES SA6,218 42,282 0.11PERNOD RICARD SA3,257 229,163 0.61PPR301 35,819 0.10

% of N

AV

Market V

alue

EUR

Quan

tity

REMY COINTREAU SA2,246 118,926 0.32SAFRAN -ACT.-16,794 445,040 1.18SANOFI-AVENTIS SA10,331 494,337 1.32SCHNEIDER ELECTRIC SA1,563 175,056 0.47SCOR SE ACT PROV REGROUPEMENT3,748 71,212 0.19SOCIETE GENERALE SA4,768 191,769 0.51SODEXO SA1,462 75,395 0.20STMICROELECTRONICS NV14,122 109,290 0.29TECHNIP-COFLEXIP1,700 117,470 0.31THALES3,700 96,885 0.26TOTAL SA9,048 358,753 0.95VALLOUREC SA691 54,313 0.14VEOLIA ENVIRONNEMENT SA7,624 166,737 0.44VIVENDI SA13,078 264,176 0.70


Germany 5,776,309 15.35

BASF - NAMEN AKT6,882 410,855 1.09BAYER AG REG SHS8,575 474,198 1.26BEIERSDORF AG4,499 186,821 0.50DAIMLER AG REG SHS11,191 567,719 1.51DEUTSCHE BANK AG REG SHS1,943 75,971 0.20DEUTSCHE BOERSE AG REG SHS3,428 177,570 0.47DEUTSCHE TELEKOM AG REG SHS27,916 269,529 0.72E.ON AG REG SHS8,296 190,269 0.51FRESENIUS SE1,779 113,981 0.30GEA GROUP AG12,879 278,573 0.74HEIDELBERGCEMENT AG1,900 89,110 0.24HENKEL AG & CO KGAA2,672 124,342 0.33KLOECKNER AND CO SE10,000 210,050 0.56K+S1,449 81,666 0.22LINDE AG1,872 212,566 0.56METRO AG2,745 147,901 0.39PUMA AG572 141,856 0.38RWE AG2,215 110,506 0.29SAP AG5,300 201,930 0.54SIEMENS AG REG SHS6,986 647,602 1.72SUEDZUCKER MANNH./OCHS4,533 90,320 0.24THYSSENKRUPP AG7,171 222,193 0.59VOLKSWAGEN VORZ.AKT1,428 173,359 0.46

HELLENIC TELECOMMUNICATIONSORGANISATION

8,729 53,509 0.14

Greece 115,437 0.31

NATIONAL BANK OF GREECE REG.10,236 61,928 0.17

CRH PLC3,689 57,180 0.15

Ireland 57,180 0.15

ATLANTIA SPA5,574 85,115 0.23

Italy 1,482,719 3.94

A2A SPA64,139 65,999 0.18BULGARI SPA26,724 216,064 0.57ENEL SPA13 49 0.00ENI SPA22,491 367,503 0.97FIAT SPA10,611 163,728 0.44INTESA SANPAOLO SPA102,148 207,360 0.55SAIPEM SPA4,000 147,360 0.39SNAM RETE GAS SPA24,360 90,619 0.24

% of N

AV

Market V

alue

EUR

Quan

tity


Gems Europe


38

UNICREDIT SPA89,743 138,922 0.37

WPP PLC27,322 251,744 0.67




AKZO NOBEL NV2,581 119,978 0.32


CORIO NV770 36,972 0.10HEINEKEN HOLDING2,174 70,709 0.19HEINEKEN NV4,637 170,132 0.45ING GROEP NV62,599 455,721 1.21KONINKLIJKE AHOLD NV20,712 204,552 0.54KONINKLIJKE BOSKALIS WESTMINSTER NV2,389 85,287 0.23KONINKLIJKE KPN NV29,417 321,234 0.85KONINKLIJKE PHILIPS ELECTRONICS NV3,500 80,220 0.21QIAGEN6,075 88,529 0.24ROYAL DUTCH SHELL PLC23,711 591,771 1.56SBM OFFSHORE NV16,754 280,881 0.75TNT NV6,021 118,915 0.32UNILEVER NV11,598 270,233 0.72WOLTERS KLUWER NV4,300 70,520 0.19

DNB NOR ASA9,423 98,970 0.26

Norway 359,029 0.95

NORSK HYDRO ASA4,996 27,300 0.07PETROLEUM GEO-SERVICES ASA13,500 157,286 0.42TELENOR AS6,208 75,473 0.20

EDP-ENERGIAS REG.SHS45,337 112,934 0.30

Portugal 249,438 0.66

JERONIMO MARTINS SGPS SA4,382 49,955 0.13PORTUGAL TELECOM REG.10,328 86,549 0.23


Spain 1,103,913 2.93

BANCO SANTANDER SA REG SHS43,814 347,357 0.92REPSOL YPF SA19,250 401,363 1.06TELEFONICA SA8,565 145,305 0.39

ATLAS COPCO AB -A-4,414 83,053 0.22

Sweden 1,080,724 2.87

BOLIDEN AB7,754 117,527 0.31ELECTROLUX -B- FREE7,865 166,561 0.44SECURITAS -B- FREE8,412 73,357 0.19SKF AB -B-5,477 116,354 0.31SVENSKA CELLULOSA SCA AB-SHS-B-12,678 149,285 0.40SWEDISH MATCH8,822 190,446 0.51TELEFON AB L.M.ERICSSON21,251 184,141 0.49

ABB LTD REG SHS16,448 273,991 0.73


ACTELION LTD NAMEN725 29,685 0.08BARRY CALLEBAUT NOM.SHS41 25,394 0.07CIE SUISSE DE REASSURANCES SA REG SHS2,325 93,524 0.25CLARIANT NAMEN AKT24,136 365,577 0.97COMPAGNIE FINANCIERE RICHEMONT SA9,335 410,592 1.09CREDIT SUISSE GROUP AG REG SHS11,939 359,664 0.96

% of N

AV

Market V

alue

EUR

Quan

tity

HOLCIM LTD REG SHS1,378 77,857 0.21NESTLE SA REG SHS13,799 604,179 1.61NOVARTIS AG REG SHS17,412 765,156 2.02ROCHE HOLDING AG GENUSSSCHEIN4,889 535,642 1.42SGS SA REG SHS50 62,737 0.17SWISS LIFE HOLDING N-NAMEN REGISTERED368 39,789 0.11SYNTHES INC361 36,462 0.10THE SWATCH GROUP REG CHF 2.25365 121,662 0.32TRANSOCEAN NAM.AKT976 49,992 0.13UBS SA REG SHS14,833 182,084 0.48ZURICH FINANCIAL SERVICES AG REG SHS2,489 482,095 1.28

ANGLO AMERICAN PLC13,880 540,313 1.44


ASTRAZENECA PLC2,479 84,538 0.22AVIVA PLC33,706 154,595 0.41BABCOCK INTERNATIONAL GROUP PLC3,637 24,237 0.06BAE SYSTEMS PLC43,518 167,602 0.45BALFOUR BEATTY28,748 104,980 0.28BARCLAYS PLC78,701 240,323 0.64BG GROUP PLC20,285 306,814 0.82BHP BILLITON PLC9,601 285,839 0.76BP PLC142,954 776,708 2.06BRITISH AMERICAN TOBACCO PLC4,990 143,466 0.38BRITISH LAND CO PLC REIT7,632 46,717 0.12BT GROUP PLC15,404 32,503 0.09CABLE WIRELESS WORLDWIDE119,150 91,360 0.24CENTRICA PLC92,400 357,587 0.95EURASIAN NATURAL RESOURCES CORPORATION2,069 25,306 0.07EXPERIAN GROUP16,969 158,035 0.42FIRSTGROUP PLC16,862 78,382 0.21GLAXOSMITHKLINE PLC33,827 489,531 1.30HOME RETAIL GROUP20,185 44,405 0.12HSBC HOLDINGS PLC140,056 1,064,252 2.82IMPERIAL TOBACCO GROUP PLC15,743 361,583 0.96INTERCONTINENTAL HOTELS GROUP PLC6,535 94,801 0.25INVENSYS8,834 36,518 0.10KAZAKHMYS PLC1,905 35,883 0.10KESA ELECTRICALS PLC7,160 13,311 0.04KINGFISHER PLC40,889 125,695 0.33LLOYDS BANKING GROUP PLC180,005 138,021 0.37LSE GROUP7,848 76,754 0.20MORRISON SUPERMARKETS PLC22,327 69,729 0.19PRUDENTIAL PLC15,509 120,908 0.32RECKITT BENCKISER GROUP PLC744 30,607 0.08REED ELSEVIER PLC13,482 85,202 0.23RIO TINTO PLC10,941 572,875 1.52ROYAL DUTCH SHELL PLC -B-23,742 586,034 1.56SABMILLER PLC4,985 131,279 0.35SAGE GROUP10,242 32,680 0.09SCHRODERS1,387 30,027 0.08STANDARD CHARTERED PLC16,764 337,589 0.90TESCO PLC43,655 216,530 0.58UNILEVER PLC11,725 268,614 0.71VODAFONE GROUP PLC442,841 856,895 2.28XSTRATA PLC10,323 181,377 0.48

% of N

AV

Market V

alue

EUR

Quan

tity


Gems Europe


39



Belgium 6 0.00

SVENSKA MILJOEBOLAGET -B-330,000 0 0.00


Shares 0 0.00

Sweden 0 0.00

AMUNDI VOLATILITE ACTIONS EURO CAP17 1,303,667 3.46



France 1,303,667 3.46


% of N

AV

Market V

alue

EUR

Quan

tity


Gems World


40

CHINA GAS HOLDINGS LTD2,500,000 1,090,220 2.90



32,064,080 85.45

Shares 31,369,714 83.60

Bermuda 2,069,296 5.51

ORIENTAL WATCH HOLDINGS LTD600,000 336,521 0.90RCG HOLDINGS1,500,000 642,555 1.71

WINSWAY COKING700,000 420,523 1.12

British Virgin Islands 420,523 1.12

BITAUTO -ADR - REP 1SH482 4,261 0.01


CHINA METAL RECYCLING HOLDINGS34,800 36,350 0.10LE GAGA HLDGS ADR REPR.50SHS17,500 140,700 0.37MONGOLIAN MINING CORP450,000 525,042 1.40SINOTECH ENERGY -ADR-24,000 172,080 0.46SUNAC CHINA4,994,000 1,785,944 4.76YASHILI INTL5,544,194 2,111,081 5.63

CHANGSHA ZOOMLION -H-400,000 903,564 2.41

China 1,710,906 4.56

CHONGQING RURAL -H-1,200,000 807,342 2.15

NOKIA OYJ15,000 155,754 0.42

Finland 155,754 0.42

AXA SA21,700 362,440 0.97

France 4,248,277 11.32

EIFFAGE18,000 797,002 2.12GROUPE PARTOUCHE57,694 144,737 0.39ORPEA SA5,000 232,356 0.62SELOGER.COM15,000 708,942 1.89SUEZ ENVIRONNEMENT COMPANY SA23,000 476,720 1.27THEOLIA NOM.350,000 549,365 1.46UBISOFT ENTERTAINMENT50,000 536,620 1.43VEOLIA ENVIRONNEMENT SA15,000 440,095 1.17

SINO LAND450,000 841,689 2.24

Hong Kong 841,689 2.24

BAKRIELAND DEVELOPMENT TBK SCRIPLESS SHS80,000,000 1,394,007 3.72

Indonesia 1,394,007 3.72

YOOX AZ PRIVE DI VALORE NOMINALE40,000 516,228 1.38

Italy 516,228 1.38

OTSUKA HOLDINGS40,000 986,376 2.63

Japan 986,376 2.63

AZ ELECTRONICS MATERIALS REG.SHS540 2,621 0.01


MHP - GDR- REG S45,000 769,500 2.05O KEY GROUP SA GDR REP.1 SH REG-S45,000 619,650 1.65

MIDAS HOLDINGS LTD1,000,000 713,949 1.91

Singapore 1,247,884 3.33

STX OSV HOLDINGS600,000 533,935 1.42

% of N

AV

Market V

alue

USD

Quan

tity

OCI COMPANY LTD10,000 2,907,746 7.75

South Korea 3,156,314 8.41

WOONG JIN COWAY CO LTD7,000 248,568 0.66

ENIRO AB14,100,000 1,153,534 3.07

Sweden 1,153,534 3.07

GROUP 4 SECURICOR215,000 857,035 2.29


MICRO FOCUS INTERNATIONAL PLC55,540 338,005 0.90NATIONAL EXPRESS GROUP PLC85,329 335,330 0.89SUNKAR RESOURCES PLC559,029 367,609 0.98

ALLEGHENY TECHNOLOGIES INC17,500 965,650 2.57


AMERICAN SUPERCONDUCTOR17,300 494,607 1.32CITRIX SYSTEMS7,100 485,711 1.29COBALT INTERNATIONAL ENERGY85,000 1,037,850 2.77GREEN MOUNTAIN COFFEE ROASTER INC35,000 1,150,100 3.07SOHU.COM INC20,000 1,269,800 3.37

FRANCE BTF -11 13/01U150,000 194,798 0.52

Bonds 694,366 1.85

France 194,798 0.52

USA TREASURY BILLS -11 13/01U500,000 499,568 1.33


EUR(P)/USD(C)OTC JUL 1.20 03.07.12 PUT17,000,000 773,888 2.07

Derivative instruments 1,019,348 2.72



CITRIX SYSTEMS JAN 75 21.01.11 CALL400 20,000 0.05


GREEN MOUNT.COF. JAN 41.67 22.01.11 CALL850 5,100 0.01HARTFORD FIN SER MAR 29 19.03.11 CALL800 64,000 0.17LINCARE HOLDING JAN 30.00 22.01.11 CALL1,800 18,000 0.05MEMC ELECT MAT JAN 15 22.01.11 CALL3,960 3,960 0.01MEMC ELECT MAT JAN 16 22.01.11 CALL3,600 3,600 0.01NORTHERN TRUST FEB 60 19.02.11 CALL700 45,500 0.12RESEARCH MOTIONJAN 65 22.01.11 CALL900 15,300 0.04SLM APR 15 16.04.11 CALL3,000 69,000 0.19SOHU.COM INC JAN 85 22.01.11 CALL200 1,000 0.00

EUR(P)/USD(C)OTC JUL 1.10 03.07.12 PUT-17,000,000 -422,921 -1.13

Short positions -663,721 -1.77

Derivative instruments -663,721 -1.77

Options, Warrants, Rights -663,721 -1.77

Luxembourg -422,921 -1.13

CITRIX SYSTEMS JAN 62.50 22.01.11 PUT-400 -24,000 -0.06

United States of America -240,800 -0.64

GREEN MONTAIN C. JAN 30 22.01.11 PUT-600 -22,800 -0.06HARTFORD FIN SER FEB 24 19.02.11 PUT-800 -44,000 -0.12RESEARCH MOTION DEC 57.50 31.12.10 PUT-500 0 0.00SOHU.COM INC JAN 70 22.01.11 PUT-200 -150,000 -0.40

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Gems World


41


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Global Agriculture


42

GRAINCORP LTD-A-672,125 4,547,201 2.01



218,443,246 96.29

Shares 218,443,246 96.29

Australia 6,907,885 3.05

NUFARM LTD448,048 2,360,684 1.04

ALL AMERICA LATINA LOGISTICA SA291,100 2,630,390 1.16

Brazil 14,178,911 6.25

BRF FOODS283,500 4,669,154 2.06COSAN SA INDUSTRIA134,000 2,228,732 0.98JBS559,100 2,414,879 1.06SLC AGRICOLA SA168,700 2,235,756 0.99

AGRIUM76,400 7,035,438 3.11

Canada 17,510,292 7.72

POTASH CORP OF SASKATCHEWAN25,900 4,025,913 1.77VITERRA INC690,500 6,448,941 2.84

CHINA FISHERY1,245,098 2,177,126 0.96


FRESH DEL MONTE PRODUCE84,300 2,103,285 0.93

CHAODA MODERN AGRICULTURE (HOLDINGS) LTD5,590,000 4,192,325 1.86

China 20,614,498 9.09

CHINA AGRI-INDUSTRIES LTD -RC-2,045,000 2,320,259 1.02CHINA BLUECHEMICAL SHS.H-5,398,000 3,867,788 1.70CHINA MENGNIU DAIRY1,108,000 2,936,173 1.29CHINA YURUN FOOD GROUP LTD1,230,000 4,042,692 1.79FIRST TRACTOR CO LTD2,912,000 3,255,261 1.43

DANISCO A/S44,579 4,092,877 1.80

Denmark 4,092,877 1.80

SUEDZUCKER MANNH./OCHS134,419 3,593,071 1.58

Germany 3,593,071 1.58

ASTRA AGRO LESTARI989,000 2,875,894 1.27

Indonesia 6,563,316 2.89

PT PP LONDON SUMATRA2,585,500 3,687,422 1.62

ISRAEL CHEMICALS LTD137,550 2,362,605 1.04

Israel 2,362,605 1.04

KUBOTA CORP222,000 2,104,901 0.92

Japan 3,547,377 1.56

NIPPON SUISAN KAISH LTD457,000 1,442,476 0.64

KUALA LUMPUR KEPONG MY464,400 3,328,454 1.47

Malaysia 3,328,454 1.47

CNH GLOBAL NV59,400 2,835,756 1.25


NUTRECO HOLDING NV72,373 5,513,855 2.43

AUSTEVOLL SEAFOOD437,460 3,732,996 1.65

Norway 16,709,551 7.37

CERMAQ ASA177,875 2,754,197 1.21LEROY SEAFOOD82,880 2,830,400 1.25

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MARINE HARVEST4,533,592 4,812,439 2.12YARA INTERNATIONAL ASA44,425 2,579,519 1.14

GOLDEN AGRI-RESOURCES5,602,400 3,498,615 1.54

Singapore 19,038,095 8.39

INDOFOOD AGRI RESOURCES LTD2,863,000 6,257,653 2.76OLAM INTERNATIONAL LTD1,789,400 4,386,005 1.93WILMAR INTERNATIONAL LTD1,114,000 4,895,822 2.16

VISCOFAN SA123,224 4,688,224 2.07

Spain 4,688,224 2.07

SYNGENTA NAMEN22,732 6,670,149 2.94


ASSOCIATED BRITISH FOODS PLC246,442 4,556,870 2.01


AGCO CORP36,600 1,854,156 0.82


ANDERSONS INC96,400 3,504,140 1.54ARCHER-DANIELS MIDLAND CO223,500 6,722,880 2.96BUNGE LTD120,100 7,868,951 3.48CF INDUSTRIES HOLDINGS INC47,800 6,460,170 2.85CHIQUITA BRANDS INTERNATIONAL INC124,800 1,749,696 0.77CORN PRODUCTS INTERNATIONAL INC98,000 4,508,000 1.99DARLING INTERNATIONAL INC340,400 4,520,512 1.99DEERE AND CO82,600 6,859,930 3.02HORMEL FOODS CORP109,400 5,607,844 2.47MONSANTO CO87,400 6,086,536 2.68MOSAIC CO63,700 4,864,132 2.14SMITHFIELD FOODS375,400 7,744,502 3.41TYSON FOODS INC -A-180,000 3,099,600 1.37

AMUNDI TRESO DOLLAR236 5,304,235 2.34



France 5,304,235 2.34


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43

BHP BILLITON LTD53,926 2,501,306 2.07



118,547,304 98.11

Shares 118,547,304 98.11

Australia 3,354,763 2.78

LYNAS CORPORATION LTD404,170 853,457 0.71

BARRICK GOLD CORP57,500 3,057,850 2.54

Canada 6,556,819 5.43

GOLDCORP20,900 965,042 0.80POTASH CORP OF SASKATCHEWAN8,500 1,321,246 1.09RESEARCH IN MOTION20,750 1,212,681 1.00

PARKSON RETAIL GP751,000 1,157,368 0.96


TENCENT HOLDINGS LTD31,300 680,062 0.56

AGRICULTURAL BANK OF CHINA -H-524,000 262,888 0.22

China 3,906,877 3.23

CHINA LIFE INSURANCE CO LTD268,000 1,094,594 0.90CHINA MERCHANT BANK -H-411,048 1,037,448 0.85CHINA OVERSEAS LAND INVESTMENT LTD -RC-356,000 658,542 0.55SINOPHARM GROUP CO LTD244,800 853,405 0.71

AIR LIQUIDE SA14,148 1,796,291 1.49

France 15,020,929 12.43

BNP PARIBAS SA28,545 1,823,203 1.51DANONE SA25,846 1,630,357 1.35ESSILOR INTERNATIONAL SA29,636 1,915,350 1.59GDF SUEZ SA28,481 1,025,903 0.85LVMH MOET HENNESSY LOUIS VUITTON SA16,179 2,671,878 2.20PERNOD RICARD SA15,556 1,468,354 1.22SCHNEIDER ELECTRIC SA12,260 1,842,109 1.52VINCI SA15,529 847,484 0.70

SIEMENS AG REG SHS15,431 1,919,025 1.59

Germany 1,919,025 1.59

HONG KONG EXCHANGES AND CLEARING LTD48,900 1,109,011 0.92

Hong Kong 2,246,217 1.86

PEACE MARK (HOLDING)550,000 0 0.00SUN HUNG KAI PROPERTIES LTD68,476 1,137,206 0.94

COOPER INDUSTRIES16,100 938,469 0.78

Ireland 938,469 0.78

CANON INC26,000 1,349,609 1.12

Japan 6,959,233 5.76

KEYENCE CORP3,500 1,014,981 0.84KOMATSU LTD70,100 2,123,614 1.76KURITA WATER INDUSTRIES LTD26,200 826,331 0.68MITSUBISHI CORP32,700 886,192 0.73TSUMURA AND CO23,400 758,506 0.63

CREDIT SUISSE GROUP AG REG SHS33,173 1,340,667 1.11


NESTLE SA REG SHS30,252 1,776,964 1.47

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ARM HOLDINGS PLC218,572 1,448,588 1.20


BG GROUP PLC53,103 1,077,522 0.89BRITISH AMERICAN TOBACCO PLC34,710 1,338,780 1.11HSBC HOLDINGS PLC103,630 1,056,417 0.87RECKITT BENCKISER GROUP PLC19,426 1,072,123 0.89SABMILLER PLC35,521 1,254,939 1.04STANDARD CHARTERED PLC63,888 1,725,982 1.43

ANADARKO PETROLEUM CORP27,600 2,102,016 1.74


APACHE CORP15,300 1,824,219 1.51APPLE INC8,900 2,870,784 2.37BECTON DICKINSON14,400 1,217,088 1.01CAVIUM NETWORKS INC36,600 1,379,088 1.14CERNER CORP25,700 2,434,818 2.02CISCO SYSTEMS INC60,800 1,229,984 1.02CVS CAREMARK CORP28,400 987,468 0.82DOLBY LABORATORIES -A-11,900 793,730 0.66ECOLAB INC27,100 1,366,382 1.13EMERSON ELECTRIC CO16,200 926,154 0.77FEDEX CORP12,600 1,171,926 0.97FIRST SOLAR INC4,300 559,602 0.46GOOGLE INC2,400 1,425,528 1.18GREENHILL AND CO INC23,900 1,952,152 1.62GUESS INC20,900 988,988 0.82HANSEN NATURAL CORP22,100 1,155,388 0.96IBM CORP18,200 2,671,032 2.21INTUITIVE SURGICAL7,000 1,804,250 1.49JOHNSON AND JOHNSON18,722 1,157,956 0.96JOHNSON CONTROLS INC34,200 1,306,440 1.08JPMORGAN CHASE CO30,300 1,285,326 1.06MEDCO HEALTH SOLUTIONS INC23,500 1,439,845 1.19MICROSOFT CORP29,000 809,680 0.67MOLYCORP INC16,800 838,320 0.69NATIONAL OILWELL VARCO INC22,600 1,519,850 1.26NEXTERA ENERGY16,300 847,437 0.70NIKE INC17,500 1,494,850 1.24OCCIDENTAL PETROLEUM CORP21,583 2,117,292 1.75PEABODY ENERGY CORP20,300 1,298,794 1.07PEPSICO INC21,800 1,424,194 1.18POLYPORE INTL13,000 529,490 0.44PRAXAIR INC15,600 1,489,332 1.23QUESTAR CORP48,150 838,292 0.69ROPER INDUSTRIES INC15,000 1,146,450 0.95ROSS STORES INC19,800 1,252,350 1.04SALESFORCE COM.INC14,300 1,887,600 1.56SOUTHWESTERN ENERGY68,900 2,578,927 2.13STARWOOD HOTELS AND RESORTS10,200 619,956 0.51STERICYCLE INC12,900 1,043,868 0.86TJX COS INC25,400 1,127,506 0.93UNITED TECHNOLOGIES CORP16,100 1,267,392 1.05US BANCORP49,100 1,324,227 1.10WAL-MART STORES INC16,900 911,417 0.75WELLS FARGO AND CO40,600 1,258,194 1.04WMWARE8,800 782,408 0.65XCEL ENERGY INC53,400 1,257,570 1.04

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Global Equities


44


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Global Finance


45

AMP LIMITED25,923 140,570 0.49



27,464,845 96.20

Shares 27,464,845 96.20

Australia 2,571,426 9.01

ANZ BANKING GROUP LTD16,895 404,385 1.42AXA ASIA PACIFIC HOLDINGS12,123 78,413 0.27COMMONWEALTH BANK OF AUSTRALIA10,147 528,073 1.86INSURANCE AUSTRALIA GROUP LIMITED10,959 43,587 0.15MACQUARIE GROUP1,540 58,424 0.20NAT. AUSTRALIA BANK14,414 350,173 1.23QBE INSURANCE GROUP10,207 189,900 0.67STOCKLAND11,839 43,689 0.15SUNCORP GROUP-SHS 11.01.11 DEF.DELIVERY4,896 43,211 0.15WESTFIELD - STAPLED21,456 56,524 0.20WESTFIELD GROUP LTD STAPLED SECURITY20,707 203,345 0.71WESTPAC BANKING CORP18,937 431,132 1.51

WIENER INSURANCE GROUP1,318 68,773 0.24

Austria 68,773 0.24

FORTIS12,112 27,786 0.10

Belgium 27,786 0.10

BANK OF MONTREAL3,300 190,901 0.67

Canada 2,472,967 8.66

BANK OF NOVA SCOTIA6,800 390,770 1.37BROOKFIELD ASSET MANAGEMENT INC -A-3,000 100,239 0.35CANADIAN IMPERIAL BANK OF COMMERCE2,300 181,315 0.64IGM FINANCIAL INC1,900 83,104 0.29INDUSTRIAL ALLIANCE INSURANCE AND FIN.1,900 70,388 0.25MANULIFE FINANCIAL CORP10,814 186,650 0.65NATIONAL BK CANADA COMMON1,700 117,231 0.41POWER CORP DU CANADA SUB.1,600 44,556 0.16POWER FINANCIAL4,100 126,801 0.44ROYAL BANK OF CANADA8,700 458,103 1.60SUN LIFE FINANCIAL INC3,200 96,970 0.34TORONTO DOMINION BANK5,700 425,939 1.49

DANSKE BANK4,638 119,397 0.42

Denmark 119,397 0.42

POHJOLA BANK -A-793 9,543 0.03

Finland 74,448 0.26

SAMPO OYJ -A-2,413 64,905 0.23

AXA SA9,979 166,672 0.58

France 1,115,695 3.91

BNP PARIBAS SA5,507 351,738 1.24CEGEREAL474 14,117 0.05CREDIT AGRICOLE SA5,818 74,180 0.26NATIXIS SA18,950 88,978 0.31SCOR SE ACT PROV REGROUPEMENT3,197 81,490 0.29SOCIETE GENERALE SA4,629 249,768 0.87UNIBAIL-RODAMCO SE447 88,752 0.31

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Germany 847,249 2.97

DEUTSCHE BANK AG REG SHS5,901 309,535 1.08DEUTSCHE BOERSE AG REG SHS831 57,748 0.20MUENCHENER RUECKVERSICHERUNGS AG REGSHS

1,110 168,941 0.59

AIA GROUP LTD37,400 105,123 0.37

Hong Kong 1,008,413 3.53

BOC HONG KONG (HOLDINGS) LTD21,000 71,453 0.25CHEUNG-KONG HOLDINGS LTD6,000 92,543 0.32HANG LUNG PROPERTIES LTD25,000 116,901 0.41HANG SENG BANK LTD5,400 88,777 0.31HONG KONG EXCHANGES AND CLEARING LTD7,400 167,827 0.59SUN HUNG KAI PROPERTIES LTD5,518 91,639 0.32SWIRE PACIFIC LTD SIE A4,000 65,761 0.23WHARF HOLDINGS19,000 146,160 0.51WING HANG BANK LTD4,500 62,229 0.22

BANK LEUMI LE-ISRAEL (IL604611)7,509 38,526 0.13

Israel 38,526 0.13

ASSICURAZIONI GENERALI SPA6,709 127,897 0.45

Italy 409,449 1.43

INTESA SANPAOLO SPA44,262 120,541 0.42UNICREDIT SPA77,532 161,011 0.56

BANK OF YOKOHAMA LTD10,000 51,908 0.18

Japan 2,203,391 7.72

CHIBA BANK3,000 19,530 0.07DAI-ICHI LIFE INSURANCE CO LT51 82,941 0.29DAITO TRUST CONSTRUCTION CO LTD300 20,566 0.07DAIWA HOUSE INDUSTRY CO LTD1,000 12,305 0.04DAIWA SECURITIES GROUP INC9,000 46,384 0.16FUKUOKA FINANCIAL GROUP3,000 13,057 0.05JP REAL ESTATE INVESTMENT1 10,382 0.04MITSUBISHI ESTATE6,000 111,411 0.39MITSUBISHI UFJ FINANCIAL GROUP INC81,500 441,139 1.54MITSUI FUDOSAN CO LTD4,000 79,847 0.28MIZUHO FINANCIAL GROUP INC128,100 241,653 0.85MS&AD INSURANCE GROUP HOLDING3,200 80,291 0.28NIPPON BUILDING FD1 10,271 0.04NKSJ HOLDINGS8,000 58,985 0.21NOMURA HOLDINGS INC22,300 141,600 0.50ORIX CORP640 63,049 0.22SBI HOLDING115 17,469 0.06SHIZUOKA BANK LTD2,000 18,470 0.06SONY FINANCIAL HOLDINGS21 85,056 0.30SUMITOMO MITSUI FINANCIAL GROUP INC8,400 299,523 1.04SUMITOMO REALTY & DEVELOPMENT CO LTD2,000 47,815 0.17SUMITOMO TRUST BANK8,000 50,502 0.18T AND D HOLDINGS INC1,600 40,639 0.14TOKIO MARINE HOLDINGS INC5,300 158,598 0.56

AEGON NV9,361 57,467 0.20


ING GROEP NV25,695 250,949 0.88

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46

DNB NOR ASA9,641 135,845 0.48

Norway 135,845 0.48

CAPITALAND LTD15,500 44,889 0.16


CITY DEVELOPMENT1,000 9,804 0.03DBS GROUP HOLDINGS9,026 100,895 0.35OVERSEA-CHINESE BANKING CORPORATION LTD14,000 107,973 0.39SINGAPORE EXCHANGE LTD4,000 26,291 0.09UNITED OVERSEAS BANK5,630 79,986 0.28


Spain 751,987 2.63

BANCO SANTANDER SA REG SHS47,290 502,968 1.76

NORDEA BANK21,766 236,834 0.83

Sweden 593,716 2.08

RATOS AB -B- FREE1,984 73,483 0.26SKANDINAVISKA ENSKILDA BANKEN -A-9,713 81,052 0.28SVENSKA HANDELSBANK -A- FREE4,541 145,156 0.51SWEDBANK -A-4,099 57,191 0.20

ACE LTD REG SHS1,500 93,375 0.33


BALOISE HOLDING REG.SHS1,322 129,066 0.45CIE SUISSE DE REASSURANCES SA REG SHS2,050 110,627 0.39CREDIT SUISSE GROUP AG REG SHS5,684 229,715 0.80GAM HOLDING AG3,720 61,661 0.22JULIUS BAER GROUP NAMEN AKT1,242 58,363 0.20UBS SA REG SHS21,348 351,566 1.23ZURICH FINANCIAL SERVICES AG REG SHS963 250,232 0.88

ADMIRAL GROUP PLC3,287 77,968 0.27


ASHMORE GROUP15,048 78,951 0.28AVIVA PLC25,130 154,628 0.54BARCLAYS PLC61,937 253,731 0.89HSBC HOLDINGS PLC101,079 1,030,411 3.61INVESTEC7,330 60,481 0.21LEGAL GENERAL GROUP PLC37,161 56,291 0.20LLOYDS BANKING GROUP PLC258,562 265,969 0.93MAN GROUP PLC9,295 43,077 0.15OLD MUTUAL75,058 144,663 0.51PRUDENTIAL PLC20,218 211,454 0.74ROYAL BANK OF SCOTLAND GROUP PLC109,261 66,836 0.23SCHRODERS3,306 96,017 0.34STANDARD CHARTERED PLC15,257 412,178 1.44

AFLAC INC3,900 220,077 0.77


ALLSTATE CORP3,000 95,640 0.34AMERICAN EXPRESS CO COM.6,900 296,148 1.04AMERIPRISE FINANCIAL INC - WHEN ISSUED1,500 86,325 0.30ANNALY CAPITAL MANAGEMENT6,200 111,104 0.39AON CORP2,000 92,020 0.32AVALONBAY COMMUN400 45,020 0.16BANK OF AMERICA CORP60,800 811,072 2.84BANK OF NEW YORK MELLON CORP7,400 223,480 0.78BB AND T CORP5,400 141,966 0.50

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BERKSHIRE HATHAWAY -B-5,100 408,561 1.43BLACKROCK INC400 76,232 0.27BOSTON PROPERTIES INC700 60,270 0.21CAPITAL ONE FINANCIAL CORP2,600 110,656 0.39CHARLES SCHWAB CORP/THE6,000 102,660 0.36CHUBB CORP3,100 184,884 0.65CIT GROUP900 42,390 0.15CITIGROUP INC163,500 773,355 2.71CME GROUP -A-400 128,700 0.45COMERICA INC900 38,016 0.13DISCOVER FINANCIAL SERVICES - SHS WI3,100 57,443 0.20EQTY RESIDENTIAL PPTYS TR SHS BEN.INT.1,600 83,120 0.29FIFTH THIRD BANCORP4,600 67,528 0.24FRANKLIN RESOURCES INC1,600 177,936 0.62GOLDMAN SACHS GROUP INC2,900 487,664 1.71HARTFORD FINANCIAL SERVICES GROUP INC5,100 135,099 0.47HCP1,900 69,901 0.24HOST HOTELS & RESORTS - SHS3,700 66,119 0.23INTERCONTINENTAL EXCHANGE INC200 23,830 0.08INVESCO LTD4,300 103,458 0.36JPMORGAN CHASE CO24,439 1,036,702 3.62KEYCORP5,200 46,020 0.16LINCOLN NATIONAL CORP1,800 50,058 0.18LOEWS CORP2,000 77,820 0.27MARSH MC-LENNAN COS. INC.3,100 84,754 0.30METLIFE INC6,200 275,528 0.97MORGAN STANLEY7,700 209,517 0.73M&T BANK CORPORATION400 34,820 0.12NEW YORK COMMUNITY BANCORP INC2,500 47,125 0.17NORTHERN TRUST CORP1,100 60,951 0.21NYSE EURONEXT1,500 44,970 0.16PNC FINANCIAL SERVICES GROUP INC2,800 170,016 0.60PRINCIPAL FINANCIAL GROUP INC4,100 133,496 0.47PROGRESSIVE CORP4,500 89,415 0.31PRUDENTIAL FINANCIAL INC3,776 221,689 0.78PUBLIC STORAGE INC700 70,994 0.25REGIONS FINANCIAL CORP6,600 46,200 0.16SIMON PROPERTY GROUP INC1,713 170,426 0.60STATE STREET CORP2,700 125,118 0.44SUNTRUST BANKS INC2,900 85,579 0.30T ROWE PRICE GROUP INC1,500 96,810 0.34TRAVELERS COS INC/THE3,200 178,272 0.62US BANCORP12,000 323,640 1.13VENTAS INC800 41,984 0.15VORNADO REALTY TRUST SHS OF BENEF.INT900 74,997 0.26WELLS FARGO AND CO30,200 935,898 3.28WEYERHAEUSER CO3,000 56,790 0.20


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Global Resources


47

ATLAS IRON LTD136,321 412,226 0.42



95,892,642 98.23

Shares 95,260,820 97.58

Australia 7,984,455 8.18

BHP BILLITON LTD15,839 734,677 0.75CENTAMIN EGYPT -SHS-627,100 1,754,520 1.80FORTESCUE METALS GROUP LTD323,876 2,171,234 2.23MACARTHUR COAL34,046 446,711 0.46MOUNT GIBSON IRON275,143 597,922 0.61NEWCREST MINING LTD11,780 488,322 0.50PALADIN ENERGY58,911 297,710 0.30RIO TINTO12,340 1,081,133 1.11

MMX MINERACAO107,000 723,853 0.74

Brazil 2,297,871 2.35

VALE DO RIO DOCE PREF -A-15,500 452,856 0.46VALE PFD -A- ADR REPR 1PFD SHS-A-37,100 1,121,162 1.15

AGNICO EAGLE MINES LTD11,400 878,841 0.90

Canada 40,979,658 41.97

ANATOLIA MINERALS DEVELOPMENT LTD85,800 665,761 0.68ANVIL MINING105,056 637,551 0.65AURIZON MINES LTD116,900 856,491 0.88BANKERS PETROLEUM61,691 471,859 0.48BARRICK GOLD CORP98,500 5,265,882 5.40CALVALLEY PETROLEUM INC113,900 573,153 0.59CAMECO CORP7,600 308,245 0.32CANADIAN NATURAL RESOURCES12,200 544,540 0.56CAPSTONE MINING CORP123,323 557,272 0.57CONSOLIDATED THOMPSON IRON MINES LTD45,000 638,117 0.65COPPER MOUNTAIN CORP117,246 765,807 0.78CRESCENT POINT ENERGY CORP21,500 956,179 0.98DETOUR GOLD49,000 1,439,484 1.47ELDORADO GOLD CORP123,300 2,295,681 2.35ENBRIDGE INC20,600 1,166,597 1.20EQUINOX MINERALS SHS433,300 2,664,444 2.73FIRST QUANTUM MINERALS LTD8,500 923,888 0.95FRANCO-NEVADA CORP25,300 846,875 0.87GOLDCORP78,300 3,615,446 3.70GOLDEN STAR RESOURCES LTD83,300 383,123 0.39GRANDE CACHE COAL44,000 463,635 0.47IVANHOE MINES LIMITED73,800 1,708,287 1.75KINROSS GOLD CORP142,364 2,709,371 2.78NEW GOLD30,000 292,263 0.30NEXEN INC20,100 461,219 0.47OSISKO MINING133,500 1,950,853 2.00PACIFIC RUB59,238 2,012,106 2.06POTASH CORP OF SASKATCHEWAN1,900 295,337 0.30QUADRA MINING LTD89,000 1,500,312 1.54SILVER WHEATON CORP37,200 1,459,357 1.49TASEKO MINES LTD67,800 354,821 0.36TECK RESOURSES LTD -B-8,900 553,458 0.57YAMANA GOLD INC59,400 763,403 0.78

% of N

AV

Market V

alue

USD

Quan

tity

CHINA BLUECHEMICAL SHS.H-560,000 401,253 0.41

China 1,157,957 1.19

CNOOC LTD -RC-319,000 756,704 0.78

TALVIVAARA MINING SHS40,339 376,105 0.39

Finland 376,105 0.39

TECHNIP-COFLEXIP12,182 1,129,284 1.16

France 1,709,561 1.75

TOTAL SA10,909 580,277 0.59

BUMI RESOURCES2,679,000 899,442 0.92

Indonesia 899,442 0.92

SAIPEM SPA29,847 1,475,119 1.51

Italy 1,475,119 1.51

RANDGOLD RESSOURCES LTD7,645 631,396 0.65




GMEXICO -B-177,800 729,278 0.75

Mexico 729,278 0.75

ROYAL DUTCH SHELL PLC65,066 2,178,539 2.23


SBM OFFSHORE NV17,347 390,153 0.40

NORSK HYDRO ASA61,000 447,176 0.46

Norway 447,176 0.46


Peru 2,394,486 2.45

SOUTHERN COPPER CORP20,700 1,008,918 1.03

EXXARO RESOURCES LTD22,030 453,670 0.46

South Africa 1,623,850 1.66

KUMBA IRON ORE18,237 1,170,180 1.20

TECNICAS REUNIDAS7,160 457,366 0.47

Spain 457,366 0.47

TRANSOCEAN LTD7,100 493,521 0.51

Switzerland 493,521 0.51

ANTOFAGASTA PLC38,885 981,407 1.01


BG GROUP PLC41,405 840,156 0.86BHP BILLITON PLC18,238 728,433 0.75CAIRN ENERGY PLC75,012 493,267 0.51FERREXPO206,478 1,344,512 1.38RIO TINTO PLC29,189 2,050,355 2.09ROYAL DUTCH SHELL PLC -B-60,559 2,005,354 2.05XSTRATA PLC16,117 379,898 0.39

ANADARKO PETROLEUM CORP2,700 205,632 0.21


APACHE CORP2,500 298,075 0.31CAMERON INTERNATIONAL CORP12,700 644,271 0.66CF INDUSTRIES HOLDINGS INC2,400 324,360 0.33

% of N

AV

Market V

alue

USD

Quan

tity


Global Resources


48

CHEVRON CORP27,200 2,482,000 2.54CLIFF NATURAL RESOURCES6,700 522,667 0.54CONOCOPHILLIPS CO22,500 1,532,250 1.57DIAMOND OFFSHORE DRILLING3,900 260,793 0.27EXXON MOBIL CORP40,000 2,924,801 2.99FMC TECHNOLOGIES INC6,900 613,479 0.63FREEPORT MCMORAN COPPER & GOLD INC13,500 1,621,215 1.66GRAN TIERRA ENERGY143,200 1,165,919 1.19HELMERICH PAINE11,600 562,368 0.58HESS CORP9,700 742,438 0.76MARATHON OIL CORP19,000 703,570 0.72NEWMONT MINING CORP43,900 2,696,777 2.76OCCIDENTAL PETROLEUM CORP9,900 971,190 0.99ROWAN COMPANIES INC15,800 551,578 0.57SCHLUMBERGER LTD6,700 559,450 0.57

PENN WEST ENERGY TRUST UNITS20,400 489,455 0.50


Canada 489,455 0.50

FRANCO-NEVADA (SHS) 13.03.12 WAR147 799 0.00


Canada 142,367 0.15

IVANHOE MINES (SHS) 26.01.11 RIGHT73,800 99,526 0.11KINROSS GOLD (SHS) 19.07.14 WAR8,907 42,042 0.04

AMUNDI TRESO DOLLAR165 3,708,474 3.80



France 3,708,474 3.80


% of N

AV

Market V

alue

USD

Quan

tity


Greater China


49

CHINA STATE CONSTRUCTION INTL HLDG LTD34,582,400 32,653,204 4.92



662,306,148 99.73

Shares 662,306,148 99.73


SANY HEAVY EQUIPMENT INTERNATIONAL HLG6,382,000 9,408,405 1.42


WINSWAY COKING22,000,000 13,216,431 1.99

BELLE INTERNAIONAL HOLDING3,639,000 6,151,089 0.93


GOLDEN EAGLE RETAIL GROUP LTD1,270,000 3,130,213 0.47

CHINA YURUN FOOD GROUP LTD6,868,000 22,573,339 3.40


RADIANT OPTO-ELECTRONICS CORP5,300,000 10,543,104 1.59

Electronics and semiconductors 10,543,104 1.59

CNOOC LTD -RC-15,118,000 35,861,617 5.40

Energy 35,861,617 5.40

BANK OF CHINA LTD -H-39,690,900 20,933,865 3.15

Financials 197,299,882 29.70

BOC HONG KONG (HOLDINGS) LTD4,100,000 13,950,319 2.10CHINA CONSTRUCTION BANK CORPORATION -H-28,121,740 25,214,454 3.80CHINA LIFE INSURANCE CO LTD4,004,000 16,353,564 2.46HONG KONG EXCHANGES AND CLEARING LTD875,000 19,844,263 2.99INDUS.AND COMMERCIAL BANK OF CHINA -H-34,228,060 25,493,852 3.83KERRY PROPERTIES2,570,391 13,391,488 2.02PING AN INS (GRP) CO -H-1,548,500 17,310,340 2.61SUN HUNG KAI PROPERTIES LTD1,698,000 28,199,313 4.24WHARF HOLDINGS2,159,000 16,608,424 2.50

WANT WANT CHINA16,000,000 14,016,568 2.11

Foods and non alcoholic drinks 14,016,568 2.11

DONGFANG ELECTRIC -H-5,616,400 27,815,916 4.18

Industrials 69,815,776 10.51

HUTCHISON WHAMPOA1,650,000 16,980,424 2.56MTR CORP LTD1,827,000 6,651,194 1.00SHANGHAI ELECTRIC GROUP CO LTD -H-27,834,000 18,368,242 2.77

ACER INC3,350,000 10,352,238 1.56

Information Technology 79,969,267 12.03

ADVANCED SEMICONDUCTOR ENGINEERING INC13,650,000 15,800,509 2.37HIGH TECH COMPUTER CORP250,000 7,716,976 1.16KINGBOARD CHEMICAL HOLDINGS LTD1,660,000 9,940,366 1.50TRIPOD TECHNOLOGY CO LTD2,345,000 9,570,937 1.44UNIMICRON TECHNOLOGY CORP5,900,000 11,493,836 1.73UNITED MICROELECTRONICS CORP27,000,000 15,094,405 2.27

CN TAIPING INSURANCE HOLDINGS CO2,822,000 8,676,199 1.31

Insurance 8,676,199 1.31

TENCENT HOLDINGS LTD320,000 6,952,712 1.05

Internet and Internet services 6,952,712 1.05

% of N

AV

Market V

alue

USD

Quan

tity

CHINA MEDICAL SYSTEM HOLDINGS LTD15,500,800 14,915,242 2.25

Miscellaneous sectors 14,915,242 2.25

LENOVO GROUP LTD -RC-14,000,000 8,968,751 1.35

Office supplies and computing 8,968,751 1.35

KUNLUN ENERGY6,880,000 10,673,586 1.61

Petroleum 10,673,586 1.61

CHINA SHINEWAY PHARMACEUTICAL GROUP LTD9,328,000 26,758,885 4.03

Pharmaceuticals and cosmetics 61,148,821 9.21

GUANGZHOU PHARMA -H-6,562,000 10,855,549 1.63LIJUN INTL PHARMACE26,500,000 7,738,314 1.17MICROPORT SCIENTIFIC9,699,000 9,282,704 1.40THE UNITED LABORATORIES INTL HLDG LTD3,172,475 6,513,369 0.98

EVERGRANDE REAL ESTATE GROUP LTD14,489,000 7,045,386 1.06


CHOW SANG SANG HOLDINGS INTL LTD3,454,000 8,442,101 1.27


TRINITY LTD8,900,000 9,376,667 1.41

Textiles and garments 9,376,667 1.41

CHINA L&P HLDGS864,000 7,013,224 1.06

Utilities 31,467,788 4.74

ENN ENERGY HOLDINGS LTD2,758,000 8,266,559 1.24GCL POLY ENERGY HOLDINGS LTD44,000,000 16,188,005 2.44


% of N

AV

Market V

alue

USD

Quan

tity


India


50

HOUSING DEVELOPMENT FINANCE CORP4,400,000 71,670,366 6.73

Long positions 1,062,715,375 99.75


1,059,491,624 99.45

Shares 1,059,491,624 99.45


INDUSIND BANK LTD1,300,000 7,699,990 0.72STATE BANK OF INDIA (DEMATERIALISED)400,000 25,153,979 2.36

IRB INFRASTRUCTURE DEVELOPERS2,300,000 11,578,443 1.09


LANCE INFRATECH4,000,000 5,675,948 0.53RAMKY INFRASTRUCTURE700,000 4,954,714 0.47SOBHA DEVELOPERS SHS DEMATERALISED500,000 3,635,805 0.34

COROMANDEL INTERNATIONAL LTD399,732 2,828,921 0.27

Chemicals 31,348,577 2.94

LUPIN LTD2,250,000 24,276,253 2.27ULTRA TECH CEMENT LTD175,000 4,243,403 0.40

COAL INDIA1,800,000 12,670,247 1.19


MARUTI UDYOG LTD525,000 16,691,045 1.56


PANTALOON RETAIL INDIA DEMATERIALISED1,218,306 9,997,930 0.94VOLTAS-DEMATERIALISED SHS-1,500,000 7,302,920 0.69

ITC DEMATERIALISED9,500,000 37,105,563 3.48


CROMPTON GREAVES-SHS.DEMATERIALISED1,589,000 11,014,438 1.03

Electrical engineering and electronics 12,786,998 1.20

HAVELIS INDIA200,000 1,772,560 0.17

RELIANCE INDUSTRIES DEMATERAILISED3,800,000 89,971,163 8.44

Energy 89,971,163 8.44

HDFC BANK DEMATERIALISED1,350,000 70,839,158 6.66

Financials 149,761,678 14.07

ICICI BANK DEMATERIALISED2,500,000 64,022,149 6.01MAHINDRA GESCO DEVELOPERS LTD (DEMAT.)1,000,000 8,654,815 0.81POWER FINANCE900,000 6,245,556 0.59

JUBILANT FOODWORKS LTD1,000,000 13,990,833 1.31


SHREE RENUKA SUGARS LTD2,500,000 5,428,828 0.51

EVERONN SYSTEMS325,000 4,573,913 0.43

Graphic art and publishing 4,573,913 0.43

AUROBINDO PHARMA (DEMAT.)750,000 22,037,910 2.06

Health Care 24,872,194 2.33

GLENMARK PHARMACEUTICALS350,000 2,834,284 0.27

ZEE LEARN312,500 192,189 0.02

Healthcare and social services 192,189 0.02

KOTAK MAHINDRA BANK1,900,000 19,276,196 1.81


% of N

AV

Market V

alue

USD

Quan

tity

MAHINDRA FINANCIAL SERVICE LTD697,888 11,554,992 1.08MANAPPURAM GENERAL FINANCE1,174,603 3,940,299 0.37SHIRAM TRANSPORT FIN DEMATERIALISED784,822 13,708,718 1.29

COX AND KINGS750,000 8,784,805 0.82

Hotels and restaurants 8,784,805 0.82

ADANI ENTERPRISE - DEMATERIALISED714,056 10,378,286 0.97

Industrials 144,946,727 13.62

BEML400,000 9,234,039 0.87BHARAT HEAVY ELECTRICALS (DEMATERIALISED)475,000 24,684,282 2.32IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT2,200,000 6,324,724 0.59JAIPRAKASH ASSOCIATES3,000,000 7,101,645 0.67LARSEN & TOUBRO LTD DEMATERIALISED1,165,000 51,567,183 4.85SIMPLEX INFRASTRUCTURE776,000 7,128,302 0.67TATA MOTORS DEMATERIALISED LTD975,000 28,528,266 2.68

INFOSYS TECHNOLOGIES DEMATERALISED1,350,000 103,940,806 9.75


TATA CONSULT.SERVICES SVS DEMATERIALISED1,025,000 26,720,148 2.51

CUMMINS INDIA DEMATERIALISED250,000 4,394,220 0.41

Machine and apparatus construction 4,394,220 0.41

HINDALCO INDUSTRIES LTD2,500,000 13,809,685 1.30

Materials 40,177,016 3.77

JINDAL STL & POWER1,000,000 15,924,190 1.49UNITED PHOSPHORUS LTD DEMATERIALISED2,700,000 10,443,141 0.98

AGRE DEVELOPERS60,915 0 0.00


DISH TV INDIA3,000,000 4,773,567 0.45IBN18 BROADCAST LTD1,500,000 2,995,639 0.28

DECCAN CHRONICLE HI SHS1,350,000 3,307,448 0.31

Miscellaneous trading companies 16,662,028 1.56

MCLEOD RUSSEL INDIA (DEMAT)1,500,000 7,245,891 0.68MOTHERSON SUMI SYSTEMS LTD1,500,000 6,108,689 0.57

EDUCOMP SOLUTIONS800,000 9,513,587 0.89

Office supplies and computing 9,513,587 0.89

APOLLO HOSPITALS1,070,000 10,893,829 1.02


GODREJ PROPERTIES LTD379,269 5,217,229 0.49


OBEROI REALTY LTD500,000 2,858,661 0.27

ASHOK LEYLAND -DEMATERIALISED-2,000,000 2,862,574 0.27

Road vehicles 45,227,111 4.25

BAJAJ AUTO LTD450,000 15,508,221 1.46EXIDE INDUSTRIES LTD (DEMAT)1,600,000 5,972,046 0.56MAHINDRA&MAHINDRA1,200,000 20,884,270 1.96

BHARTI AIRTEL LTD (DEMATERIALISED)800,000 6,419,323 0.60


KALPATARU POWER TRANSMISSION1,400,000 5,302,248 0.50


% of N

AV

Market V

alue

USD

Quan

tity


India


51

UNITED BREWERIES -DEMATERIALISED131,084 1,478,525 0.14

Tobacco and alcoholic drinks 1,478,525 0.14

JAIN IRRIGATION SYSTEMS3,500,000 16,453,094 1.55

Utilities 23,642,627 2.22

KSK ENERGY VENT2,383,098 7,189,533 0.67

TEXMACO RAIL1,500,000 3,223,751 0.30


Shares 3,223,751 0.30


Total securities portfolio 1,062,715,375 99.75

% of N

AV

Market V

alue

USD

Quan

tity


India Infrastructure


52

CONSOLIDATED300,000 428,715 0.50



85,164,787 99.38

Shares 85,164,787 99.38


IRB INFRASTRUCTURE DEVELOPERS300,000 1,510,232 1.75LANCE INFRATECH1,000,000 1,418,987 1.66RAMKY INFRASTRUCTURE150,000 1,061,724 1.24SHREE CEMENTS LTD25,000 1,129,739 1.32SOBHA DEVELOPERS SHS DEMATERALISED120,000 872,593 1.02

ULTRA TECH CEMENT LTD55,000 1,333,641 1.56

Chemicals 1,333,641 1.56

COAL INDIA300,000 2,111,708 2.46


IDEA CELLULAR1,000,000 1,555,407 1.82

Communications 1,555,407 1.82

VOLTAS-DEMATERIALISED SHS-400,000 1,947,445 2.27


BGR ENERGY SYS90,000 1,462,462 1.71

Electrical engineering and electronics 5,644,449 6.59

CROMPTON GREAVES-SHS.DEMATERIALISED350,000 2,426,089 2.83SANGHVI MOVERS95,000 379,766 0.44SIEMENS DEMATERIALISED75,000 1,376,132 1.61

RELIANCE INDUSTRIES DEMATERAILISED275,000 6,511,070 7.60

Energy 6,511,070 7.60

ASCENDAS INDIA UNITS2,000,000 1,451,928 1.70

Financials 3,932,816 4.59

MAHINDRA GESCO DEVELOPERS LTD (DEMAT.)166,377 1,439,962 1.68POWER FINANCE150,000 1,040,926 1.21

BF INVESTMENT LTD25,000 100,721 0.12


MAHINDRA FINANCIAL SERVICE LTD124,876 2,067,583 2.41SHIRAM TRANSPORT FIN DEMATERIALISED191,853 3,351,153 3.91

ADANI ENTERPRISE - DEMATERIALISED100,000 1,453,427 1.70

Industrials 14,437,310 16.84

BEML45,000 1,038,829 1.21BHARAT HEAVY ELECTRICALS (DEMATERIALISED)40,000 2,078,676 2.43JAIPRAKASH ASSOCIATES300,000 710,164 0.83LARSEN & TOUBRO LTD DEMATERIALISED120,000 5,311,642 6.19SIMPLEX INFRASTRUCTURE100,000 918,596 1.07TATA MOTORS DEMATERIALISED LTD100,000 2,925,976 3.41

CUMMINS INDIA DEMATERIALISED50,000 878,844 1.03


HINDUSTAN DORR OLIVER LTD (DEMAT)400,000 1,030,974 1.20THERMAX DEMATERIALISED80,000 1,559,298 1.81UNITECH - SHS DEMATERIALISED200,000 296,545 0.35

EVEREST KANTO CYLIN250,000 553,226 0.65

Materials 4,195,953 4.90

% of N

AV

Market V

alue

USD

Quan

tity

HINDALCO INDUSTRIES LTD400,000 2,209,550 2.58JINDAL STL & POWER90,000 1,433,177 1.67

DISH TV INDIA1,000,000 1,591,189 1.86


REDINGTON INDIA750,000 1,381,248 1.61

MOTHERSON SUMI SYSTEMS LTD250,000 1,018,115 1.19

Miscellaneous trading companies 1,018,115 1.19

HINDUSTAN ZINC LTD DEMATERIALISED40,000 1,224,332 1.43

Non-ferrous metals 1,224,332 1.43

GUJARAT STATE PETRONET DEMATERIALISED350,000 923,236 1.08

Petroleum 2,320,419 2.71

PETRONET LNG500,000 1,397,183 1.63

GODREJ PROPERTIES LTD114,634 1,576,907 1.83


NITESH ESTATES LTD850,000 614,000 0.72OBEROI REALTY LTD175,000 1,000,531 1.17

ASHOK LEYLAND -DEMATERIALISED-750,000 1,073,465 1.25


MAHINDRA&MAHINDRA175,000 3,045,623 3.56

BHARTI AIRTEL LTD (DEMATERIALISED)200,000 1,604,831 1.87


KALPATARU POWER TRANSMISSION425,000 1,609,611 1.88


SINTEX INDUSTRIES200,000 814,716 0.95

GUJARAT PIPAVAV700,000 966,678 1.13

Transportation 966,678 1.13

CESC LTD DEMATERIALISED125,000 1,020,491 1.19

Utilities 7,946,215 9.27

INDRAPRASTHA GAS LTD250,000 1,911,830 2.22KSK ENERGY VENT380,000 1,146,416 1.34RELIANCE INFRASTRUCTURE DEMATERIALISED15,000 282,858 0.33RURAL ELECTRIFICATI175,000 1,170,581 1.37TATA POWER DEMATERIALISED50,000 1,526,948 1.78VA TECH WABAG25,000 887,091 1.04

TEXMACO RAIL350,000 752,209 0.88


Shares 752,209 0.88



% of N

AV

Market V

alue

USD

Quan

tity


Japan Value


53

SEVEN BANK188 32,317,200 0.72

Long positions 4,481,861,550 99.24


4,481,861,550 99.24

Shares 4,481,861,550 99.24


SURUGA BANK LTD74,000 55,944,000 1.23

CENTRAL GLASS CO LTD86,000 32,508,000 0.72


PENTA-OCEAN CONSTRUCTION CO LTD199,000 27,462,000 0.61TOTO LTD54,000 31,806,000 0.70

TOKUYAMA CORP103,000 43,260,000 0.96

Chemicals 43,260,000 0.96

TOKYO STEEL MFG CO LTD SHS37,000 32,782,000 0.73


AKEBONO BRAKE INDUSTRY CO LTD59,000 30,857,000 0.68


ASKUL CORP30,900 52,251,900 1.16BRIDGESTONE CORP31,600 49,580,400 1.10CASIO COMPUTER CO LTD84,000 55,020,000 1.22DCM HOLDINGS SHS67,200 34,406,400 0.76DENSO CORP18,500 51,837,000 1.15FCC CO LTD12,700 24,028,400 0.53FUNAI ELECTRIC CO11,000 31,130,000 0.69HONDA MOTOR CO LTD38,950 125,224,250 2.77IZUMI CO LTD28,200 33,727,200 0.75RAKUTEN449 30,532,000 0.68SEGA SAMMY HOLDINGS INC22,000 33,990,000 0.75SEKISUI HOUSE LTD77,250 63,422,250 1.40SHIMAMURA CORP4,800 36,144,000 0.80SONY CORP30,600 89,566,200 1.98TOYOTA MOTOR CORP55,350 178,227,000 3.94

AJINOMOTO CO INC76,000 64,296,000 1.42


NICHIREI CORP144,000 54,000,000 1.20SHISEIDO26,000 46,124,000 1.02TOYO SUISAN KAISHA20,000 36,140,000 0.80

NIPPON CHEMI-CON CORP74,000 30,636,000 0.68

Electronics and semiconductors 30,636,000 0.68

SHOWA SHELL SEKIYU KK43,000 31,992,000 0.71

Energy 31,992,000 0.71

MITSUBISHI UFJ FINANCIAL GROUP INC387,600 170,156,400 3.76

Financials 592,401,650 13.12

MITSUI FUDOSAN CO LTD36,000 58,284,000 1.29MIZUHO FINANCIAL GROUP INC640,000 97,920,000 2.17NOMURA HOLDINGS INC130,600 67,259,000 1.49ORIX CORP5,740 45,862,600 1.02SUMITOMO TRUST BANK133,000 68,096,000 1.51TOKIO MARINE HOLDINGS INC34,950 84,823,650 1.88

% of N

AV

Market V

alue

JPY

Quan

tity

DAIICHI SANKYO CO LTD31,200 55,442,400 1.23

Health Care 127,524,800 2.82

NICHII GAKKAN CO43,000 30,788,000 0.68OLYMPUS CORP16,800 41,294,400 0.91

NOMURA REAL ESTATE HOLDINGS INC23,000 34,017,000 0.75


SQUARE ENIX HDLGS32,700 47,088,000 1.05

AMANO CORP37,000 29,119,000 0.64

Industrials 719,286,200 15.92

COMSYS HOLDINGS CORP37,000 32,042,000 0.71DAIKIN INDUSTRIES LTD16,700 48,096,000 1.07EAST JAPAN RAILWAY CO12,450 65,736,000 1.45HITACHI TRANSPORT SYSTEM43,300 54,514,700 1.20KUBOTA CORP58,000 44,602,000 0.99MARUBENI CORP75,000 42,825,000 0.95MEITEC CORP13,000 22,581,000 0.50MINEBEA CO LTD61,000 31,232,000 0.69MITSUBISHI HEAVY INDUSTRIES LTD176,000 53,680,000 1.19MITSUI AND CO LTD72,600 97,356,600 2.15MITSUI OSK LINES LTD73,000 40,442,000 0.90MORI SEIKI CO LTD31,300 30,141,900 0.67NIPPON SHEET GLASS CO LTD148,000 32,412,000 0.72SANWA HOLDING CORP126,000 32,382,000 0.72TOKYU CORP167,000 62,124,000 1.37

ADVANTEST CORP3,000 5,511,000 0.12


CANON INC30,000 126,300,000 2.81CAPCOM CO LTD26,000 33,956,000 0.75FUJIFILM HOLDINGS CORP18,800 55,196,800 1.22HITACHI LTD125,000 54,125,000 1.20JAPAN AVIATION ELECTRONICS INDUSTRY53,000 34,291,000 0.76KONAMI CO LTD30,400 52,470,400 1.16KONICA MINOLTA HOLDINGS INC74,000 62,456,000 1.38NOMURA RESEARCH INSTITUTE18,100 32,724,800 0.72NTT DATA CORP134 37,667,400 0.83SUMCO CORP44,200 51,272,000 1.14TOSHIBA CORP151,000 66,742,000 1.48WORKS APPLICATIONS821 34,687,250 0.77YOKOGAWA ELECTRIC CORP54,000 34,884,000 0.77

SONY COMMUNICATION NETWORK CORP125 30,500,000 0.68

Internet and Internet services 30,500,000 0.68

ASAHI KASEI CORPORATION82,000 43,460,000 0.96

Materials 289,837,800 6.42

FUJIKURA KASEI CO LTD14,200 7,952,000 0.18JFE HOLDINGS INC20,600 58,256,800 1.28MITSUBISHI MATERIAL125,000 32,375,000 0.72NISSHIN STEEL CO LTD197,000 35,657,000 0.79OJI PAPER CO LTD88,000 34,584,000 0.77SUMITOMO CHEMICAL CO LTD108,000 43,200,000 0.96TEIJIN LTD99,000 34,353,000 0.76

JAPAN PETROLEUM EXPLORATION CO LTD19,100 59,019,000 1.31

Petroleum 59,019,000 1.31

% of N

AV

Market V

alue

JPY

Quan

tity


Japan Value


54

NIPPON SHINYKU CO LTD26,000 30,212,000 0.67


TAISHO PHARMACEUTICAL21,000 37,317,000 0.83

NTT URBAN DEVELOPMENT713 57,040,000 1.26


FAMILYMART CO LTD11,100 33,966,000 0.75


KDDI CORP121 56,749,000 1.26


NIPPON TEL.23,550 86,546,250 1.91

ATSUGI CO313,000 32,865,000 0.73


OSAKA GAS CY123,000 38,745,000 0.86

Utilities 125,997,000 2.79

TOKYO ELECTRIC POWER CO INC44,000 87,252,000 1.93


% of N

AV

Market V

alue

JPY

Quan

tity


Korea


55

HYUNDAI DEPARTMENT STORE SHS14,226 1,748,636 1.49



113,576,620 96.53

Shares 113,576,620 96.53


HYUNDAI MOBIS20,833 5,222,477 4.44HYUNDAI MOTOR CO LTD44,451 6,795,532 5.77

AMOREPACIFIC CORP679 681,453 0.58


LG HOUSEHOLD AND HEALTHCARE3,815 1,310,997 1.11

NEPES CORP68,806 997,320 0.85

Electronics and semiconductors 997,320 0.85

SK ENERGY CHEMICAL CORP (TENTATIVE)26,311 4,497,607 3.82

Energy 4,497,607 3.82

HANA FINANCIAL GROUP INC65,180 2,486,822 2.11

Financials 11,699,341 9.94

SAMSUNG CARD SHS36,129 2,005,575 1.70SAMSUNG SECURITIES CO LTD16,000 1,242,048 1.06SHINHAN FINANCIAL GROUP127,969 5,964,896 5.07

DONG-A PHARMACEUTICAL10,906 1,181,988 1.00

Health Care 1,181,988 1.00

KB FINANCIAL GROUP INC78,038 4,125,721 3.51


DOOSAN INFRACORE28,570 704,873 0.60

Industrials 16,512,968 14.03

GS ENGINEERING & CONSTRUCTION CORP24,520 2,506,230 2.13HYUNDAI HEAVY INDUSTRIES CO LTD11,308 4,413,997 3.74ORION CORPORATION8,959 3,047,118 2.59SAMSUNG CORP40,238 2,797,408 2.38SAMSUNG ENGINEERING17,989 3,043,342 2.59

HYNIX SEMICONDUCTOR160,440 3,392,863 2.88


LG DISPLAY111,850 3,922,487 3.33SAMSUNG ELECTRO MECHANICS39,261 4,289,686 3.65SAMSUNG ELECTRONICS CO LTD13,587 11,361,411 9.67SAMSUNG SDI CO LTD2,969 439,503 0.37

KOREA LIFE INSURANCE CO LTD342,400 2,398,520 2.04

Insurance 4,736,358 4.03

SAMSUNG LIFE INSURANCE CO LTD25,885 2,337,838 1.99

DOOSAN HVY IND18,872 1,426,749 1.21


HONAM PETROCHEMICAL10,232 2,425,243 2.06

Materials 19,215,745 16.34

HYUNDAI STEEL CO22,315 2,447,985 2.08LG CHEM22,691 7,817,589 6.65OCI COMPANY LTD8,336 2,423,897 2.06POSCO9,557 4,101,031 3.49

% of N

AV

Market V

alue

USD

Quan

tity

GLOVIS11,407 1,497,615 1.27


WOONG JIN COWAY CO LTD12,250 434,994 0.37

KOREA ZINC CO LTD8,755 2,133,014 1.81

Non-ferrous metals 2,133,014 1.81

KIA MOTORS133,500 5,952,155 5.06



% of N

AV

Market V

alue

USD

Quan

tity


Latin America Equities


56

GRUPO CLARIN -B- GDR REPR 2 SHS-B-REGS-S71,047 724,679 0.03

Long positions 2,548,319,189 99.39


2,548,224,249 99.39

Shares 2,548,208,523 99.39

Argentina 15,691,905 0.61

NORTEL INVERSORA ADR REPR.1/20 PFD -B-370,632 11,081,897 0.43TELECOM ARGENTINA SPONS. ADR REPR. 5 B SHS156,100 3,885,329 0.15

COSAN -A-720,700 9,815,934 0.38

Bermuda 9,815,934 0.38

AES TIETE930,820 12,055,655 0.47

Brazil 1,856,134,032 72.40

AMBEV1,088,260 28,451,754 1.11AMBEV - ADR 1.SHS92,500 2,466,050 0.10AMBEV PREF SHS120 3,652 0.00AMBEV PRF ADR REP 1 SHS556,000 17,302,720 0.67AMIL PARTICIPACOES SA983,500 10,545,836 0.41BANCO ABC BRASIL SA CONY210,500 1,853,899 0.07BANCO BRADESCO PFD ADR REPR 14,572,469 92,775,396 3.62BANCO BRADESCO PREF.183,422 3,607,624 0.14BANCO DO BRASIL SA2,189,000 41,432,257 1.62BANCO SANTANDER SA785,100 10,677,360 0.42BANRISUL - PFD SHS -B-2,008,032 21,350,202 0.83BMF BOVESPA3,735,900 29,549,260 1.15BR MALLS PARTICIPACOES SA159,800 1,646,113 0.06BRADESPAR PFD SHS3,483,500 90,905,657 3.55BRASCAN RESIDENTIAL PROPERTIES SA3,662,900 19,086,567 0.74BRASIL TELECOM ADR REPR.1SHS16,598 149,216 0.01BRASIL TELECOM PDF.1,221 8,826 0.00BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS338,542 7,424,226 0.29BRASKEM PFD-A-SP.ADR REPR 2 PFD SHS -A-259,530 6,514,203 0.25BRF ADR REPR 1 SHS564,200 9,523,696 0.37BRF FOODS97,200 1,600,853 0.06CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

3,826,900 18,350,455 0.72

CEMIG ADR REPR 1 PFD SH370,466 6,146,031 0.24CEMIG (CIA ENERGETICA MINAS GERAIS)433,191 5,414,822 0.21CENTRAIS ELETRICAS BRASILEIRAS343,600 4,603,356 0.18CESP PREFERD SHS -B-290,100 4,718,437 0.18CIA BRASILEIRA DIST -A- ADR REPR 1 PFD A486,000 20,402,280 0.80CIA BRASILEIRA DIST PFD SHS -A-540,400 22,559,799 0.88CIA HERING2,624,100 42,680,627 1.66CIA SIDERURGICA NACIONAL ADR 1 SHS520,400 8,675,068 0.34CIELO900,905 7,299,413 0.28COELCE -A- PREF305,100 5,192,151 0.20COMPANHIA SIDERURGICA NACIONAL1,680,900 27,005,458 1.05CONCESSOES RODOVIARIAS314,400 8,882,639 0.35COPEL PREF.-B-46,200 1,154,986 0.05COPEL SP.ADR REPR.1 PFD SHS -B-100,000 2,517,000 0.10CR2 EMPREEDIM308,800 1,385,863 0.05CYRELA BRAZIL REALTY SA643,200 8,466,114 0.33DIAGNOSTICOS AMERICA177,600 2,407,200 0.09DURATEX695,507 7,478,704 0.29ECORODOVIAS706,300 5,437,593 0.21ELETROPAULO ELETRICIDADE PFD244,700 4,733,266 0.18

% of N

AV

Market V

alue

USD

Quan

tity

EMBRAER164,100 1,166,480 0.05EMBRAER ADR REPR.4SHS188,300 5,536,020 0.22ENERGIAS DO BRAZIL90,000 2,098,709 0.08EQUATORIAL ENERGIA SA147,900 1,015,686 0.04EVEN CONSTR SHS2,313,000 11,982,867 0.47EZ TEC1,706,200 14,420,299 0.56FIBRIA ADR REPR 1 SH421,300 6,740,800 0.26GAFISA SA221,700 1,607,973 0.06GAFISA SA -ADR- REPR 2 SHS610,000 8,863,300 0.35GERDAU PFD SHS/SPONS.ADR REPR. 1 PFD SH.756,800 10,587,632 0.41GERDAU SA COSG202,700 2,047,734 0.08GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.291,700 4,471,761 0.17GUARARAPES CONFECCOES SA44,000 2,139,010 0.08HELBOR EMPREENDIMENTOS SA336,918 4,260,134 0.17HRT PETROLEO EM PETROLEO SA5,857 5,609,950 0.22HYPERMARCAS SA350,000 4,750,244 0.19INPAR2,553,000 5,305,869 0.21IOCHPE MAXION520,000 7,549,306 0.29ITAU UNIBANCO PFD ADR REPR 1 PFD SHS4,200,522 100,854,532 3.93ITAUSA INVESTIMENTOS ITAU SA-PREF12,539,541 99,710,804 3.89ITAUUNIBANCO PFD SHS459,776 11,020,642 0.43JHSF PARTICIPACOES -SHS-2,858,900 6,027,728 0.24KLABIN PREF.7,815,400 27,541,889 1.07LIGHT SA189,100 2,896,840 0.11LLX LOGISTICA4,464,143 12,719,964 0.50LOCALIZA RENT A CAR SA864,000 14,000,794 0.55LUPATECH15,700 182,345 0.01MARCOPOLO PREF.1,738,100 7,318,778 0.29MMX MINERACAO559,500 3,785,005 0.15MMX MINERACAO - SUB REC SHS297,425 2,024,616 0.08MPX ENERGIA516,500 8,195,449 0.32MRV ENGENHARIA PARTICIPACOES SA540,000 5,077,890 0.20OGX PETROLEO E GAS PARTICIPACOES SA6,978,900 84,082,113 3.28PDG REALTY6,920,402 42,355,682 1.65PETROBRAS SA-ADR-REPR.100 PFD SHS 144A2,634,900 90,034,533 3.51PETROLEO BRASILEIRO3,582,500 65,930,149 2.57PETROLEO BRASILEIRO -PETROBRAS- PREF.6,591,200 108,356,425 4.24PETROLEO BRASILEIRO SP.ADR REPR.2 SH59,700 2,259,048 0.09PORTO SEGURO SA543,900 9,272,400 0.36PORTX OPERACOES PORTUARIAS SA4,307,843 9,627,653 0.38PROFARMA60,900 568,638 0.02SABESP315,400 8,092,002 0.32SAO MARTINHO231,900 3,701,973 0.14SARAIVA SA LIVREIROS EDITORES PREF971,000 25,777,983 1.01SUZANO PAPEL PFD.SHS3,102,475 27,622,906 1.08TAM SA (ADR)207,000 5,036,310 0.20TECNISA SHS360,000 2,402,862 0.09TEGMA GESTAO -SHS-480,000 7,358,947 0.29TELE NORTE LESTE PARTICIPACOES126,200 2,455,549 0.10TELECOMUNICACOES DE SAO PAULO197,100 4,666,227 0.18TELEMAR PFD -A-54,000 1,553,620 0.06TIM PARICIPACOES -PFD SHS433,200 1,437,893 0.06TIM PARTICIPACOES-ADR REP 10 PFD SHS237,000 8,093,550 0.32TNLP PREF.SHS-REPR.1000 PREF.TELEMAR-ADR128,900 1,896,119 0.07TOTVS72,049 7,335,020 0.29TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD33,541 1,113,305 0.04TRISUL SA2,323,046 9,865,829 0.38

% of N

AV

Market V

alue

USD

Quan

tity




57

USIMINA2,684,750 34,529,348 1.35VALE ADR REP 1SH2,553,500 88,274,495 3.44VALE DO RIO DOCE2,665,000 88,826,905 3.46VALE DO RIO DOCE PREF -A-474,700 13,869,079 0.54VALE PFD -A- ADR REPR 1PFD SHS-A-1,108,900 33,510,958 1.31VIVO PART ADR1,065,646 34,729,403 1.35VIVO PARTICIPACOES SA PREF.139,735 4,486,618 0.17VIVO PATICIPACOES SA16,100 1,057,156 0.04

PACIFIC RUB258,800 8,790,524 0.34

Canada 8,790,524 0.34

ANDINA PFD SHS -A-215,595 884,587 0.03

Chile 85,193,704 3.32

ANDINA SPONS.ADR REPR.6 PFD -B-79,200 2,397,384 0.09BANCO SANTANDER CHILE SPONS -1039- ADR39,100 3,654,677 0.14CENCOSUD SA735,832 5,785,547 0.23CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS217,300 13,114,055 0.51EMBOTELLADORA ANDINA PFD -B-1,494,100 7,563,891 0.30EMPRESAS CMPC88,171 4,689,390 0.18EMPRESAS COPEC SA87,516 1,699,937 0.07EMPRESAS LA POLAR2,544,174 18,491,815 0.73ENERSIS SA ADR REPR.50 SHS205,000 4,760,100 0.19ENTEL290,460 5,110,222 0.20FALABELLA SOCIEDAD ANONIMA.210,506 2,365,207 0.09HABITAT447,652 583,540 0.02LAN AIRLINES SP ADR REPR 1 SHS277,900 8,553,762 0.33MASISA SA2,000,000 322,684 0.01SOQUIMICH SPONSORED ADR REPR 1 -B- PREF89,300 5,216,906 0.20

BANCOLOMBIA ADR REPR.4 PREF SHS73,000 4,519,430 0.18

Colombia 4,519,430 0.18


Luxembourg 12,659,591 0.49

TERNIUM SA -ADR 1/10 SHS-284,900 12,082,609 0.47

AMERICA MOVIL ADR REPR.20SHS -L-2,303,100 132,059,754 5.14

Mexico 500,378,865 19.52

AMERICA MOVIL -L-2,934,652 8,439,458 0.33CONTROLADORA COMER(1 SH -C- + 3 SHS -B-)561,300 688,087 0.03DESARROLLADORE HOMEX -ADR- REPR 6 SHS36,300 1,227,303 0.05EMPRESAS ICA1,038,900 2,664,218 0.10EMPRESAS ICA - ADR - REPR 4196,400 2,003,280 0.08FEMSA SPON ADR REP.10UTS CONS-B-+20SH-D-751,000 41,995,920 1.64GEO -B-7,531,200 27,648,233 1.08GMEXICO -B-29,444,380 120,771,338 4.70GRUMA SHS-B-4,345,400 8,177,145 0.32GRUPO BIMBO -SHS- -A-346,400 2,961,003 0.12GRUPO CONTINENTAL364,600 1,040,534 0.04GRUPO FINANCIERO BANORTE -O-8,898,500 42,465,266 1.66GRUPO MODELO-C- SHS-C-1,273,200 7,890,674 0.31GRUPO TELEVISA ADR (5 ORD.PART.CERT.)1,645,100 42,657,443 1.66INDUSTRIAL PENOLES SAB DE CV298,780 10,904,253 0.43KIMBERLY-CLARK -A-673,600 4,135,869 0.16MEXICHEM SHS2,260,000 8,100,759 0.32SARE HOLDINGS -B-4,900,000 1,469,923 0.06URBI DESARROLL SHS1,363,000 3,203,619 0.12WAL MART -V-10,397,150 29,874,786 1.17

% of N

AV

Market V

alue

USD

Quan

tity

INTERGROUP FINANCIAL19,258 695,214 0.03

Panama 695,214 0.03

ALICORP SA-COMUN220,000 493,855 0.02

Peru 53,817,778 2.10

BUENAVENTURE SP ADR-SHS-568,300 27,823,968 1.08CREDICORP127,100 15,113,461 0.59SOUTHERN COPPER CORP213,100 10,386,494 0.41

SIVENSA130,332 264,023 0.01

Venezuela 511,546 0.02

SIVENSA ADR REPR. 1SH122,187 247,523 0.01

BANCO BRADESCO 31.01.11 RIGHT3,039 15,726 0.00


Brazil 15,726 0.00

SUPERMERCADOS UNIMARC ADR REPR.50SHS99,836 94,940 0.00


Shares 94,940 0.00

Chile 94,940 0.00


% of N

AV

Market V

alue

USD

Quan

tity


Minimum Variance Europe


58

ANHEUSER-BUSCH INBEV NV2,020 86,456 0.51



14,942,758 88.34

Shares 14,942,758 88.34

Belgium 224,694 1.33

BELGACOM SA5,502 138,238 0.82

COLOPLAST -B-711 72,320 0.43

Denmark 72,320 0.43


Finland 275,305 1.63

BIC3,516 226,149 1.34

France 3,447,776 20.38

BIOMERIEUX SA2,019 149,043 0.88DANONE SA8,019 377,053 2.22DASSAULT SYSTEMES SA2,843 160,402 0.95ESSILOR INTERNATIONAL SA7,699 370,899 2.19FRANCE TELECOM SA22,107 344,759 2.04ILIAD SA927 75,458 0.45PUBLICIS GROUPE6,359 248,001 1.47SANOFI-AVENTIS SA7,664 366,722 2.17SODEXO SA7,500 386,775 2.28TOTAL SA9,369 371,481 2.20VIVENDI SA18,368 371,034 2.19


Germany 2,085,360 12.33

BAYER AG REG SHS2,721 150,471 0.89BEIERSDORF AG8,083 335,647 1.98E.ON AG REG SHS10,300 236,231 1.40FRESENIUS MEDICAL CARE AG & CO KGAA8,343 360,668 2.13MERCK KGAA5,225 312,716 1.85PUMA AG634 157,232 0.93SAP AG10,092 384,504 2.28

ENI SPA23,294 380,624 2.25

Italy 655,580 3.88

PARMALAT SPA134,125 274,956 1.63

SHIRE5,000 90,039 0.53


WPP PLC35,076 323,190 1.91

KONINKLIJKE PHILIPS ELECTRONICS NV16,858 386,386 2.28


ROYAL DUTCH SHELL PLC15,382 383,899 2.27UNILEVER NV16,188 377,180 2.23

REPSOL YPF SA3,846 80,189 0.47

Spain 409,242 2.42

TELEFONICA SA19,396 329,053 1.95

SECURITAS -B- FREE28,278 246,598 1.46

Sweden 548,256 3.24

SWEDISH MATCH7,071 152,647 0.90

% of N

AV

Market V

alue

EUR

Quan

tity

TELE2 AB9,627 149,011 0.88

CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.4 96,285 0.57


NESTLE SA REG SHS8,833 386,747 2.29NOVARTIS AG REG SHS8,794 386,445 2.28ROCHE HOLDING AG GENUSSSCHEIN2,813 308,194 1.82SGS SA REG SHS119 149,315 0.88SWISSCOM SHS NOM1,174 385,966 2.28SYNTHES INC1,667 168,373 1.00

AMEC17,704 237,610 1.40


BP PLC28,241 153,441 0.91BRITISH AMERICAN TOBACCO PLC10,668 306,712 1.81CENTRICA PLC78,233 302,761 1.79COMPASS GROUP PLC53,642 363,728 2.15GLAXOSMITHKLINE PLC25,592 370,356 2.20INVENSYS59,024 243,990 1.44RECKITT BENCKISER GROUP PLC8,991 369,881 2.19SABMILLER PLC8,957 235,881 1.39SAGE GROUP112,450 358,801 2.12SCHRODERS12,428 269,055 1.59SCOTTISH AND SOUTHERN ENERGY PLC23,275 332,752 1.97SMITH AND NEPHEW PLC11,667 92,113 0.54VODAFONE GROUP PLC75,000 145,125 0.86

ROLLS-ROYCE GROUP -C- ENTITLEMENT JAN 113,382,080 3,947 0.02


Shares 3,947 0.02



% of N

AV

Market V

alue

EUR

Quan

tity


Restructuring Equities


59

INTERCELL AG7,571 87,824 0.36



23,955,051 97.55

Shares 23,955,051 97.55

Austria 87,824 0.36

KBC GROUPE SA6,772 172,686 0.70

Belgium 172,686 0.70

ZEALAND PHARMA5,145 48,329 0.20

Denmark 48,329 0.20

POHJOLA BANK -A-46,899 420,684 1.71

Finland 420,684 1.71

ALCATEL-LUCENT SA102,350 223,123 0.91

France 6,194,182 25.23

ALSTOM SA10,607 379,837 1.55BNP PARIBAS SA7,727 367,882 1.50CAP GEMINI SA20,037 699,891 2.85CGG VERITAS SA6,900 157,148 0.64DANONE SA10,412 489,572 1.99EULER HERMES SA3,771 269,061 1.10EUROPEAN AERONAUTIC DEFENSE AND SPACE26,084 454,905 1.85GROUPE EUROTUNNEL SA24,299 159,887 0.65ILIAD SA6,102 496,703 2.02L'OREAL SA2,880 239,270 0.97PERNOD RICARD SA6,074 427,367 1.74REMY COINTREAU SA6,946 367,791 1.50SAFRAN -ACT.-21,175 561,138 2.29SANOFI-AVENTIS SA8,216 393,136 1.60VEOLIA ENVIRONNEMENT SA23,204 507,471 2.07


Germany 4,020,081 16.37

BAYER AG REG SHS6,326 349,828 1.42BEIERSDORF AG5,375 223,197 0.91GEA GROUP AG25,798 558,011 2.27K+S4,569 257,509 1.05METRO AG8,500 457,980 1.87PUMA AG2,044 506,912 2.06QIAGEN NV21,613 316,198 1.29THYSSENKRUPP AG24,934 772,579 3.15

BULGARI SPA56,257 454,838 1.85

Italy 1,015,873 4.14

FIAT SPA36,360 561,035 2.29



ING GROEP NV70,066 510,080 2.08


KONINKLIJKE AHOLD NV32,377 319,755 1.30KONINKLIJKE KPN NV60,705 662,899 2.70SBM OFFSHORE NV51,501 863,414 3.51UNILEVER NV22,412 522,200 2.13

% of N

AV

Market V

alue

EUR

Quan

tity


Portugal 299,753 1.22

REPSOL YPF SA42,090 877,577 3.57

Spain 877,577 3.57

ELECTROLUX -B- FREE18,275 387,019 1.58

Sweden 387,019 1.58

ACTELION LTD NAMEN3,544 145,110 0.59


BARRY CALLEBAUT NOM.SHS427 264,474 1.08CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH57 128,819 0.52CLARIANT NAMEN AKT56,690 858,658 3.49UBS SA REG SHS27,753 340,684 1.39ZURICH FINANCIAL SERVICES AG REG SHS1,935 374,791 1.53

ANGLO AMERICAN PLC28,052 1,091,993 4.45


BARCLAYS PLC160,944 491,463 2.00BG GROUP PLC51,797 783,438 3.19CENTRICA PLC155,186 600,568 2.45INVENSYS59,943 247,789 1.01KESA ELECTRICALS PLC70,423 130,926 0.53LLOYDS BANKING GROUP PLC606,059 464,703 1.89LSE GROUP27,182 265,840 1.08PRUDENTIAL PLC54,133 422,021 1.72STANDARD CHARTERED PLC19,396 390,591 1.59

AMUNDI TRESO INSTITUTION CAP/DIS23 505,573 2.06



France 505,573 2.06


% of N

AV

Market V

alue

EUR

Quan

tity


Select Euro


60

NOKIA OYJ66,805 517,071 2.43



21,242,147 99.77

Shares 21,242,147 99.77

Finland 517,071 2.43

AIR LIQUIDE SA3,259 308,432 1.45

France 8,799,513 41.33

AXA SA21,054 262,122 1.23BNP PARIBAS SA16,694 794,800 3.74CARREFOUR SA12,668 390,808 1.84CFAO5,925 192,977 0.91CIE DE SAINT-GOBAIN SA6,358 244,783 1.15DANONE SA13,018 612,106 2.87DASSAULT SYSTEMES SA2,767 156,114 0.73EDF SA10,753 330,063 1.55FRANCE TELECOM SA12,319 192,115 0.90GDF SUEZ SA23,930 642,521 3.03LVMH MOET HENNESSY LOUIS VUITTON SA3,855 474,551 2.23MICHELIN SA REG SHS6,624 355,709 1.67RENAULT SA7,757 337,430 1.58SAFRAN -ACT.-20,988 556,182 2.61SANOFI-AVENTIS SA11,456 548,170 2.57SOCIETE GENERALE SA7,862 316,210 1.49SODEXO SA2,743 141,457 0.66STMICROELECTRONICS NV19,825 153,426 0.72TECHNIP-COFLEXIP4,230 292,293 1.37THALES11,746 307,569 1.44TOTAL SA14,656 581,110 2.73VIVENDI SA30,127 608,565 2.86


Germany 4,890,174 22.97

BASF - NAMEN AKT9,702 579,209 2.72BAYER AG REG SHS9,957 550,622 2.59DAIMLER AG REG SHS18,044 915,371 4.29DEUTSCHE BANK AG REG SHS5,107 199,684 0.94E.ON AG REG SHS13,974 320,494 1.51GEA GROUP AG16,739 362,065 1.70HEIDELBERGCEMENT AG4,234 198,575 0.93SAP AG9,923 378,066 1.78SIEMENS AG REG SHS9,041 838,101 3.94


20,502 125,677 0.59

Greece 277,369 1.30


ATLANTIA SPA14,732 224,958 1.06

Italy 1,460,268 6.86

ENI SPA27,597 450,935 2.11INTESA SANPAOLO SPA97,046 197,003 0.93SAIPEM SPA11,499 423,623 1.99UNICREDIT SPA105,781 163,749 0.77



% of N

AV

Market V

alue

EUR

Quan

tity

ING GROEP NV56,919 414,370 1.95


KONINKLIJKE KPN NV14,007 152,956 0.72KONINKLIJKE PHILIPS ELECTRONICS NV14,597 334,563 1.57ROYAL DUTCH SHELL PLC28,866 713,857 3.35UNILEVER NV17,699 412,387 1.94WOLTERS KLUWER NV20,145 330,378 1.55

PETROLEUM GEO-SERVICES ASA25,395 295,872 1.39

Norway 295,872 1.39


Spain 1,088,591 5.11

BANCO SANTANDER SA REG SHS58,607 464,636 2.18TELEFONICA SA26,084 442,515 2.08

CLARIANT NAMEN AKT30,490 461,818 2.17


COMPAGNIE FINANCIERE RICHEMONT SA6,750 296,893 1.39

MEGGITT PLC45,611 196,955 0.93


VODAFONE GROUP PLC151,043 292,267 1.37




France 307,740 1.45


% of N

AV

Market V

alue

EUR

Quan

tity


Select Europe


61

NOKIA OYJ110,000 851,400 2.93



29,200,266 100.51

Shares 29,200,266 100.51

Finland 851,400 2.93

BNP PARIBAS SA17,500 833,174 2.86

France 7,928,777 27.29

CAP GEMINI SA8,300 289,919 1.00CARREFOUR SA22,500 694,124 2.38CFAO7,636 248,705 0.86CIE DE SAINT-GOBAIN SA15,528 597,828 2.06DANONE SA13,000 611,260 2.10DASSAULT SYSTEMES SA7,000 394,940 1.36EDF SA12,000 368,340 1.27GDF SUEZ SA15,740 422,619 1.45LVMH MOET HENNESSY LOUIS VUITTON SA4,100 504,710 1.74MICHELIN SA REG SHS4,000 214,800 0.74SAFRAN -ACT.-22,000 583,000 2.01SANOFI-AVENTIS SA6,200 296,670 1.02SOCIETE GENERALE SA7,500 301,650 1.04TECHNIP-COFLEXIP6,000 414,600 1.43THALES13,500 353,498 1.22TOTAL SA4,700 186,355 0.64VIVENDI SA30,326 612,585 2.11


Germany 5,166,308 17.78

BASF - NAMEN AKT5,000 298,500 1.03BAYER AG REG SHS7,500 414,750 1.43BEIERSDORF AG10,000 415,250 1.43DAIMLER AG REG SHS16,000 811,680 2.78GEA GROUP AG24,000 519,120 1.79HEIDELBERGCEMENT AG8,200 384,580 1.32KLOECKNER AND CO SE34,500 724,673 2.49LINDE AG3,500 397,425 1.37SAP AG17,500 666,750 2.30


19,500 119,535 0.41

Greece 338,696 1.17


BULGARI SPA37,000 299,145 1.03

Italy 1,119,405 3.85

INTESA SANPAOLO SPA150,000 304,500 1.05SAIPEM SPA14,000 515,760 1.77

WPP PLC45,000 414,629 1.43


ING GROEP NV45,000 327,600 1.13


KONINKLIJKE PHILIPS ELECTRONICS NV10,000 229,200 0.79ROYAL DUTCH SHELL PLC40,000 998,308 3.44UNILEVER NV12,000 279,600 0.96WOLTERS KLUWER NV9,070 148,748 0.51

% of N

AV

Market V

alue

EUR

Quan

tity

PETROLEUM GEO-SERVICES ASA45,000 524,286 1.80

Norway 524,286 1.80

CLARIANT NAMEN AKT33,700 510,439 1.76


COMPAGNIE FINANCIERE RICHEMONT SA20,000 879,683 3.03CREDIT SUISSE GROUP AG REG SHS12,000 361,502 1.24NESTLE SA REG SHS19,000 831,901 2.86NOVARTIS AG REG SHS18,000 790,995 2.72ROCHE HOLDING AG GENUSSSCHEIN6,700 734,056 2.53SGS SA REG SHS180 225,855 0.78UBS SA REG SHS32,500 398,956 1.37ZURICH FINANCIAL SERVICES AG REG SHS2,350 455,172 1.57

ANGLO AMERICAN PLC14,097 548,761 1.89


BARCLAYS PLC100,000 305,363 1.05BG GROUP PLC27,000 408,380 1.41BP PLC160,000 869,324 2.99GLAXOSMITHKLINE PLC20,000 289,432 1.00HSBC HOLDINGS PLC120,000 911,852 3.14IMPERIAL TOBACCO GROUP PLC17,500 401,937 1.38RIO TINTO PLC8,500 445,063 1.53UNILEVER PLC15,000 343,642 1.18VODAFONE GROUP PLC600,000 1,160,996 4.00




France 65,944 0.23


% of N

AV

Market V

alue

EUR

Quan

tity


Switzerland


62

GAM HOLDING AG3,587 55,419 0.71



7,777,348 100.25

Shares 7,777,348 100.25


JULIUS BAER GROUP NAMEN AKT3,587 157,111 2.03

THE SWATCH GROUP REG CHF 2.25535 222,988 2.87

Consumer Discretionary 222,988 2.87

CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH15 42,390 0.55

Consumer Staples 786,746 10.14

CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.2 60,200 0.78NESTLE SA REG SHS12,496 684,156 8.81

BALOISE HOLDING REG.SHS868 78,988 1.02

Financials 1,870,116 24.11

CIE SUISSE DE REASSURANCES SA REG SHS6,113 307,484 3.96CREDIT SUISSE GROUP AG REG SHS9,038 340,461 4.39PARGESA HOLDING SA469 37,239 0.48SWISS LIFE HOLDING N-NAMEN REGISTERED529 71,521 0.92UBS SA REG SHS44,321 680,327 8.78ZURICH FINANCIAL SERVICES AG REG SHS1,462 354,096 4.56

ARYZTA1,467 63,301 0.82

Foods and non alcoholic drinks 63,301 0.82

ACTELION LTD NAMEN1,770 90,624 1.17

Health Care 1,751,949 22.58

LONZA GROUP NOM.827 61,984 0.80NOVARTIS AG REG SHS12,150 667,643 8.61ROCHE HOLDING AG GENUSSSCHEIN4,939 676,642 8.71SONOVA HOLDING NAM-AKT796 96,077 1.24STRAUMANN HOLDING REG135 28,890 0.37SYNTHES INC1,030 130,089 1.68


Holding and finance companies 353,485 4.56

ABB LTD REG SHS17,170 357,652 4.61

Industrials 998,844 12.87

ADECCO REG.SHS2,136 130,830 1.69GEBERIT AG676 146,151 1.88KUEHNE + NAGEL INTERNATIONAL AG937 121,810 1.57SCHINDLER HOLDING SA844 93,346 1.20SGS SA REG SHS95 149,055 1.92

LOGITECH NAMEN AKT3,209 57,120 0.74

Information Technology 57,120 0.74

SCHINDLER HOLDING NAMEN AKT374 41,851 0.54


GIVAUDAN SA REG.SHS145 146,305 1.89

Materials 854,416 11.01

HOLCIM LTD REG SHS4,160 293,904 3.79SIKA35 71,785 0.93SYNGENTA NAMEN1,252 342,422 4.40

% of N

AV

Market V

alue

CHF

Quan

tity

TRANSOCEAN NAM.AKT5,325 341,066 4.40

Petroleum 341,066 4.40

SWISSCOM SHS NOM404 166,084 2.14

Telecommunication Services 166,084 2.14

THE SWATCH GROUP REG CHF 0.45754 56,852 0.73

Watch industry 56,852 0.73


% of N

AV

Market V

alue

CHF

Quan

tity


Thailand


63

KASIKORNBANK UNITS NVDR331,000 1,378,022 1.40



97,516,396 99.15

Shares 97,516,396 99.15


SIAM CEMENT UNITS N.VTING DEPOS REC525,200 5,941,054 6.04


SINO THAI ENGINEERING AND CONST. FOREIGN5,848,100 2,599,585 2.64

INDORAMA VENTURES - FOREIGN REG1,551,300 2,971,887 3.02

Chemicals 2,971,887 3.02

SOUBOON ADVANCE TEC - FOREIGN REGISTERED3,150,425 3,056,888 3.11


BANPU PUBLIC CO LTD -F-43,750 1,149,444 1.17

Energy 25,449,922 25.89

BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT)170,600 4,482,173 4.56PTT EXPLORATION AND PRODUCTION PUBLIC CO1,127,600 6,284,183 6.39PTT PUBLIC COMPANY LTD -F-843,800 8,957,233 9.12THAI OIL-FOREIGN REG1,763,200 4,576,889 4.65

ASIAN PROPERTY- NON VOTING DEPOS.RECEIPT9,043,100 1,739,922 1.77

Financials 23,711,657 24.11

BANGKOK BANK PUBLIC CO LTD -F-577,900 2,923,526 2.97BANK OF AYUDHYA N-VTG DEPOSIT CO LTD5,677,500 4,849,743 4.94KASIKORNBANK -F-657,500 2,846,366 2.89KRUNG THAI BANK PUBLIC NVTG DEPO CO LTD8,178,600 4,693,637 4.77LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT6,609,100 1,951,267 1.98SIAM COMMERCIAL BANK PUBLIC -F-1,371,000 4,707,196 4.79

BANGKOK DUSIT MEDICAL SERV.PUBLIC -F-1,450,000 2,236,688 2.27

Health Care 2,236,688 2.27

THANACHART CAPITAL PUBLIC CO LTD NVDR1,458,700 1,742,019 1.77


TISCO FIN GRP (UNITS NON VOTING DEP REC)2,589,800 3,500,889 3.56

BANGKOK LIFE ASSURANCE LTD UNITS NON-VOT3,246,800 3,311,960 3.37

Insurance 3,311,960 3.37

PTT CHEMICAL (F)902,300 4,400,001 4.47

Materials 4,400,001 4.47

CP SEVEN ELEVEN ALL FOREIGN REGISTERED1,641,900 2,137,818 2.17


ESSO (THAILAND) PUBLIC CO LTD FOR REGD3,344,500 882,029 0.90

Petroleum 5,274,210 5.36

PTT AROMATICS FOREIGN3,461,500 4,392,181 4.46

AMATA CORP -FOREIGN REG-3,929,300 1,876,991 1.91


PROPERTY PERFECT PUBLIC CO LTD -F- REG5,895,800 813,618 0.83PRUKSA REAL ESTATE - FOREIGN2,664,300 1,635,081 1.66SUPALAI PUBLIC CO LTD -FOREIGN REGIST.5,158,200 1,762,462 1.79

% of N

AV

Market V

alue

USD

Quan

tity

HEMARAJ LAND DEV.PUBLIC CO -F- REG24,669,000 1,513,937 1.54

Tires and rubber 1,513,937 1.54

THAI AIRWAYS INT'L -F-1,354,500 2,201,707 2.24

Transportation 2,201,707 2.24

INDORAMA VENTURES 25.02.11 RIGHT176,044 0 0.00


Chemicals 0 0.00

DUSIT THAI PROPERTIES PCL ( FOREIGN)222,913 0 0.00


Shares 0 0.00

Miscellaneous sectors 0 0.00

SWEDISH MOTORS CIE 5.00 03-11 28/11A3,472 0 0.00

Bonds 0 0.00

Road vehicles 0 0.00


% of N

AV

Market V

alue

USD

Quan

tity


US Innovative Companies


64

SILICON VALLEY BANCSHARES FINANCIAL GRP13,400 710,870 1.81



39,146,492 99.41

Shares 39,146,492 99.41


ONYX PHARMACEUTICALS INC16,600 612,042 1.55

Biotechnology 612,042 1.55

AMAZON.COM INC1,850 333,000 0.85


BEST BUY CO INC8,000 274,320 0.70COACH INC5,900 326,329 0.83COMCAST CORP52,500 1,153,425 2.92NIKE INC9,600 820,032 2.08URBAN OUTFITTERS INC6,000 214,860 0.55VF CORP7,050 607,569 1.54WALT DISNEY CO27,000 1,012,770 2.57

CAMPBELL SOUP CO22,200 771,450 1.96


KRAFT FOODS INC22,600 712,126 1.81PEPSICO INC21,700 1,417,661 3.60

BAKER HUGHES INC4,700 268,699 0.68

Energy 1,822,906 4.63

OCCIDENTAL PETROLEUM CORP9,970 978,057 2.49SCHLUMBERGER LTD6,900 576,150 1.46

BLACKROCK INC3,015 574,599 1.46

Financials 2,378,592 6.04

CAPITAL ONE FINANCIAL CORP12,400 527,744 1.34CHARLES SCHWAB CORP/THE37,650 644,191 1.63JPMORGAN CHASE CO14,900 632,058 1.61

DIAMOND FOODS INC9,800 521,164 1.32

Foods and non alcoholic drinks 850,155 2.16

MEAD JOHNSON NUTRITION CO5,285 328,991 0.84

ABBOTT LABORATORIES LTD15,600 747,396 1.90

Health Care 4,818,435 12.24

AMGEN INC6,800 373,320 0.95BAXTER INTERNATIONAL INC8,000 404,960 1.03CEPHALON INC7,150 441,298 1.12GENZYME CORP3,300 234,960 0.60MYRIAD GNETICS INC15,300 349,452 0.89PFIZER INC61,868 1,083,309 2.74VARIAN MEDICAL SYTEMS6,200 429,536 1.09ZIMMER HOLDINGS INC14,050 754,204 1.92

ALLSCRIPTS MISYS HEALTHCARE SOLUTIONS7,500 144,525 0.37

Healthcare and social services 144,525 0.37

GREENHILL AND CO INC2,100 171,528 0.44

Holding and finance companies 171,528 0.44

FIRST SOLAR INC3,100 403,434 1.02

Industrials 3,402,144 8.64

% of N

AV

Market V

alue

USD

Quan

tity

GENERAL ELECTRIC CO52,100 952,909 2.43ROPER INDUSTRIES INC3,300 252,219 0.64SPX CORP7,400 529,026 1.34TETREA TECH INC23,600 591,416 1.503M CO7,800 673,140 1.71

AKAMAI TECHNOLOGIES5,500 258,775 0.66


APPLE INC4,765 1,536,998 3.89CISCO SYSTEMS INC47,600 962,948 2.45CORNING INC37,300 720,636 1.83GOOGLE INC750 445,478 1.13HEWLETT-PACKARD CO22,400 943,040 2.39ITRON INC9,200 510,140 1.30MICROSOFT CORP57,900 1,616,568 4.10QUALCOMM INC14,700 727,503 1.85RESEARCH IN MOTION6,250 363,313 0.92SYMANTEC CORP27,200 455,328 1.16VISA INC -A-11,300 795,294 2.02

AIR PRODUCTS CHEMICALS INC5,600 509,320 1.29

Materials 1,242,556 3.16

EI DU PONT DE NEMOURS & CO14,700 733,236 1.87

CHURCH AND DWIGHT8,400 579,768 1.47

Miscellaneous consumer goods 579,768 1.47

COOPER INDUSTRIES5,400 314,766 0.80

Miscellaneous sectors 866,326 2.20

KRATON PERFORMANCE8,800 272,360 0.69NICE SYSTEMS ADR REPR.SHS8,000 279,200 0.71

CARDIONET42,000 196,560 0.50


HOSPIRA5,450 303,511 0.77PERRIGO2,950 186,824 0.47PSS WORLD MEDICAL24,900 562,739 1.43

AT AND T INC49,100 1,442,558 3.66


GUESS INC4,000 189,280 0.48

Textiles and garments 189,280 0.48

ENERNOC INC13,900 332,349 0.84

Utilities 1,685,610 4.28

NEXTERA ENERGY10,900 566,691 1.44XCEL ENERGY INC33,400 786,570 2.00


% of N

AV

Market V

alue

USD

Quan

tity


US Opportunities


65

FORD MOTOR152,800 2,565,512 1.64



151,393,821 96.81

Shares 151,393,821 96.81


JOHNSON CONTROLS INC103,700 3,961,340 2.53LOWE'S COMPANIES INC202,575 5,080,581 3.26MACYS62,700 1,586,310 1.01STAPLES148,700 3,385,899 2.17TARGET CORP59,426 3,573,285 2.28TOLL BROTHERS INC62,125 1,180,375 0.75

KRAFT FOODS INC106,095 3,343,053 2.14


ANADARKO PETROLEUM CORP26,460 2,015,194 1.29

Energy 17,859,546 11.42

EXXON MOBIL CORP77,700 5,681,424 3.63HALLIBURTON CO101,905 4,160,781 2.66SCHLUMBERGER LTD71,882 6,002,147 3.84

CHARLES SCHWAB CORP/THE233,591 3,996,742 2.56

Financials 20,685,609 13.23

CHUBB CORP30,400 1,813,056 1.16INVESCO LTD50,130 1,206,128 0.77JPMORGAN CHASE CO104,600 4,437,132 2.84METLIFE INC85,096 3,781,666 2.42MORGAN STANLEY119,200 3,243,432 2.07TRAVELERS COS INC/THE39,624 2,207,453 1.41

DR PEPPER SNAPPLE GROUP (WHEN ISSUED)69,600 2,447,136 1.56


NESTLE SA APONS.ADR REPR.1 REG.SHS26,765 1,574,317 1.01

ABBOTT LABORATORIES LTD40,500 1,940,355 1.24

Health Care 10,612,787 6.79

JOHNSON AND JOHNSON24,900 1,540,065 0.98MEDTRONIC INC54,400 2,017,696 1.29PFIZER INC292,100 5,114,671 3.28

ABB ADR REPR 1 SH.154,000 3,457,300 2.21

Industrials 20,901,517 13.36

BOEING CO COM.62,000 4,046,120 2.59GENERAL ELECTRIC CO220,407 4,031,244 2.58PACCAR INC29,700 1,705,374 1.09RAYTHEON CO46,000 2,131,640 1.36UNITED PARCEL SERVICE INC62,931 4,567,532 2.91WASTE MANAGEMENT INC26,100 962,307 0.62

AUTODESK INC50,100 1,913,820 1.22


EMC CORP175,600 4,021,240 2.57GOOGLE INC12,200 7,246,434 4.64IRON MOUNTAIN12,900 322,629 0.21MICROSOFT CORP161,100 4,497,912 2.88ORACLE CORP147,035 4,602,196 2.94PAYCHEX INC77,404 2,392,558 1.53

% of N

AV

Market V

alue

USD

Quan

tity

QUALCOMM INC100,400 4,968,796 3.18THE WESTERN UNION COMPANY WHEN ISSUED101,869 1,891,707 1.21

INGERSOLL-RAND42,000 1,977,780 1.26


INTERNATIONAL PAPER CO87,600 2,386,224 1.53

Materials 7,225,120 4.62

MONSANTO CO20,197 1,406,519 0.90NUCOR CORP78,329 3,432,377 2.19

ENSCO INTER -A- ADR REPR 1 SH.-A-14,800 790,024 0.51

Petroleum 790,024 0.51

MERCK AND CO88,200 3,178,728 2.03


AMERICAN TOWER CORP -A-39,200 2,024,288 1.29


ANHEURSER-BUSCH INBEV -ADR- REPR 1SH34,200 1,952,478 1.25

Tobacco and alcoholic drinks 1,952,478 1.25

SOUTHWEST AIRLINES CO165,200 2,144,296 1.37

Transportation 2,144,296 1.37

EXELON CORP35,700 1,486,548 0.95

Utilities 1,486,548 0.95


% of N

AV

Market V

alue

USD

Quan

tity


Asian Income


66

HUTCHISON WHAMP.REGS 5.75 09-19 11/09S500,000 538,404 3.08



16,800,543 96.18

Bonds 14,859,491 85.07


KUWAIT PROJECTS EMTN 9.375 10-20 15/07S1,000,000 1,078,393 6.18

BANK CHINA HK 5.55 10-20 11/02S1,500,000 1,564,979 8.96

Hong Kong 1,995,549 11.42

KCRC MTN TR.1 REG-S 5.125 09-19 20/05S400,000 430,570 2.46

INDONESIA REGS 11.625 09-19 04/03S350,000 520,115 2.98

Indonesia 1,619,490 9.27

INDONESIA REG-S EMTN 5.875 10-20 13/03S1,000,000 1,099,375 6.29

AXIATA SPV1 5.375 10-20 28/04S900,000 924,609 5.29

Malaysia 1,355,429 7.76

PETRONAS CAP 5.25 09-19 12/08S400,000 430,820 2.47

PHILIPPINES 6.375 09-34 23/10S750,000 799,922 4.58


RAS LAFFAN REGS 6.75 09-19 30/09S600,000 693,750 3.97

Qatar 693,750 3.97

CMT MTN PTE LTD 4.321 10-15 08/04S800,000 809,438 4.63


EXP-IMP.BANK KOREA 4.125 10-15 09/09S800,000 814,365 4.67

South Korea 5,969,116 34.18

HANAROTELECOM -REGS- 7.00 05-12 01/02S700,000 732,375 4.19IND.BK OF KOREA REG S 7.125 09-14 23/04S400,000 447,861 2.56KOREA 5.75 09-14 16/04S500,000 544,317 3.12KOREA 7.125 09-19 16/04S1,000,000 1,199,406 6.88KOREA DEV.BANK 8.00 09-14 23/01S500,000 570,226 3.26KOREA NATIONAL 5.375 09-14 30/07S400,000 426,696 2.44SHINHAN BANK REGS 6.00 09-12 29/06S400,000 422,902 2.42WOORI BANK 4.50 10-15 07/10S800,000 810,968 4.64

LAND BANK OF PHL FL.R 06-16 19/10S650,000 676,000 3.87

Floating rate bonds 1,941,052 11.11


DBS BANK LTD SUB.REGS FL.R 09-21 15/07Q500,000 462,292 2.65


DBS BANK SUB REG S FL.R 07-17 16/05S400,000 414,260 2.37

CHINATRUST COMM.BANK FL.R 05-XX 17/03S400,000 388,500 2.22

Taiwan 388,500 2.22


% of N

AV

Market V

alue

USD

Quan

tity


Emerging Markets Debt


67

ARGENTINA REPU DIS$ 8.28 05-33 31/12S83 94 0.00



42,415,651 82.39

Bonds 42,415,651 82.39

Argentina 94 0.00

BRAZIL 12.50 06-22 05/01S7,000,000 5,003,506 9.72

Brazil 5,003,506 9.72

HUNGARY -A- 6.50 08-19 24/06A600,000,000 2,644,051 5.14

Hungary 2,644,051 5.14

INDONESIA -FR0040- 11.00 06-25 15/09S40,000,000,000 5,245,115 10.19

Indonesia 5,245,115 10.19

COTE D IVOIRE REGS 2.50 10-32 31/12S750,000 314,063 0.61

Ivory Coast 314,063 0.61

RSHB CAPITAL 7.50 10-13 25/03S125,000,000 4,093,139 7.95


MALAISIE S 09/0002 4.378 09-19 29/11S9,000,000 2,994,826 5.82

Malaysia 2,994,826 5.82

UTD MEXICAN STS 10.00 04-24 05/12S50,000,000 5,059,194 9.83

Mexico 5,059,194 9.83

PHILIPPINES 4.95 10-21 15/01S45,000,000 1,075,953 2.09


POLAND -922- 5.75 01-22 23/09A8,000,000 2,634,800 5.12

Poland 2,634,800 5.12

AFRIQUE DU SUD R186 10.50 98-26 21/12S20,000,000 3,604,401 6.99

South Africa 6,617,638 12.84

SOUTH AFRICA (REP OF) 8.00 04-18 21/12S20,000,000 3,013,237 5.85

TURKEY GOVT 0.00 10-12 25/01U10,000,000 6,062,391 11.78

Turkey 6,062,391 11.78

PETROLEOS VENEZ.REGS 8.50 10-17 02/11S1,000,000 670,881 1.30



% of N

AV

Market V

alue

USD

Quan

tity


Euro Bond


68

MACQUERIE BANK SUB 6.00 10-20 21/09A600,000 552,140 0.19



283,372,691 97.65

Bonds 262,854,839 90.58

Australia 552,140 0.19

AUSTRIA 3.90 04-20 15/07A3,000,000 3,126,150 1.08

Austria 3,126,150 1.08

BELGIAN 0318 3.75 10-20 28/09A2,000,000 1,965,320 0.68

Belgium 1,965,320 0.68

HUTCHISON WHAMPOA 4.75 09-16 14/11A1,500,000 1,566,764 0.54


CARLSBERG BREWERIES 3.375 10-17 13/10A600,000 580,719 0.20

Denmark 580,719 0.20

FINLAND 3.875 06-17 15/09A4,000,000 4,318,400 1.48

Finland 8,448,482 2.91

FINLAND 4.00 09-25 04/07A3,500,000 3,709,125 1.28SAMPO EMTN 6.339 09-12 10/04A400,000 420,957 0.15

ALSTOM 2.875 10-15 05/10A300,000 294,081 0.10

France 94,604,412 32.59

ALSTOM 4.50 10-20 18/03A700,000 686,925 0.24BANQUE PSA FINANCE 3.25 10-12 26/11A500,000 504,732 0.17BANQUE PSA FINANCE 3.875 10-13 18/01A1,000,000 1,017,869 0.35BFCM EMTN 3.75 10-18 26/01A600,000 585,860 0.20BNP PARIBAS COVERED 4.75 08-13 28/05A3,500,000 3,732,411 1.29BNP PARIBAS EMTN 5.25 02-12 17/12A844,000 887,378 0.31BOUYGUES 3.641 10-19 29/10A650,000 629,451 0.22BPCE 2.875 10-15 22/09A900,000 881,806 0.30CIE DE FIN.FONCIER 4.25 04-14 29/01A4,000,000 4,233,944 1.46CM-CIC COVERED BONDS 1.875 10-13 14/06A5,000,000 4,986,765 1.72CM-CIC COVERED BONDS 3.125 10-15 21/01A3,000,000 3,054,147 1.05CNCEP PERP 6.117 07-XX 30/10A300,000 236,100 0.08CRH (CAISSE REFIN.HYP)5.00 02-13 25/10A5,500,000 5,946,221 2.05DEXIA CLF EMTN 5.375 09-14 21/07A2,000,000 2,102,372 0.72DEXIA MUN AGENCY EMTN 3.50 09-16 16/09A4,000,000 4,018,444 1.38FRANCE BTF -11 24/02U5,000,000 4,993,557 1.72FRANCE GOVT 4.50 09-41 25/04A5,850,000 6,489,171 2.24FRANCE OAT 3.25 06-16 25/04A10,000,000 10,433,699 3.60FRANCE OAT 3.75 05-21 25/04A7,000,000 7,219,730 2.49FRANCE OAT 4.00 07-18 25/04A11,000,000 11,778,579 4.05FRANCE OAT 5.75 00-32 25/10A7,000,000 8,956,500 3.09FRANCE OAT 3.50 10-26 25/04A1,100,000 1,072,390 0.37GCE COVERED BONDS 8.625 09-19 15/11S4,150,000 4,187,184 1.44GDF SUEZ 2.75 10-17 18/10A400,000 386,982 0.13KLEPIERRE 4.00 10-17 13/04A750,000 748,910 0.26RCI BANQUE EMTN 4.375 10-15 27/01A1,750,000 1,793,022 0.62RENAULT SA 4.00 10-16 25/01A650,000 645,308 0.22SOCIETE GENERALE REGS 2.50 10-14 15/01S850,000 634,882 0.22ST GOBAIN 8.25 09-14 28/07A1,000,000 1,173,972 0.40UNIBAIL-RODAMCO EMTN 3.875 10-20 05/11A300,000 292,020 0.10

BRD 3.00 10-20 04/07A14,000,000 14,072,240 4.85

Germany 14,603,415 5.03

% of N

AV

Market V

alue

EUR

Quan

tity

COMMERZBANK AG 4.75 09-15 26/01A500,000 531,175 0.18

GE CAP EURO FUNDING 4.25 10-17 01/03A400,000 406,851 0.14

Ireland 753,955 0.26

GE CAP FUNDING 2.875 10-15 17/09A350,000 347,104 0.12

ATLANTIA SPA 3.375 10-17 18/09A600,000 568,414 0.20

Italy 45,710,069 15.75

BANCA INTESA EMTN 3.875 05-15 01/04A1,500,000 1,511,795 0.52EDISON SPA 3.875 10-17 10/11A900,000 850,870 0.29ENI SPA 3.50 10-18 29/01A500,000 490,979 0.17ENI SPA -5- 5.00 09-16 28/01A500,000 540,554 0.19INTESA SAN PAOLO 4.00 10-18 08/11A600,000 569,136 0.20INTESA SAN PAOLO 5.15 10-20 16/07A450,000 448,951 0.15INTESA SANPAOLO 2.625 09-12 04/12A400,000 399,530 0.14ITALY BTP 4.25 07-12 15/10S9,000,000 9,227,430 3.18ITALY BTP 4.25 09-20 01/03S6,000,000 5,831,700 2.01ITALY BTP 5.00 09-25 01/03S16,000,000 15,975,519 5.50ITALY BTP 5.00 09-40 01/09S7,500,000 7,075,575 2.44TELECOM ITALIA 8.25 09-16 21/03A1,000,000 1,173,087 0.40TELECOM ITALIA EMTN 5.25 10-22 10/02A500,000 482,886 0.17UNIPOL GRUPPO FI 5.00 09-17 11/01A567,000 563,643 0.19

AMERICA MOVIL 3.75 10-17 28/06A300,000 300,099 0.10

Mexico 1,449,015 0.50

PEMEX 5.50 09-17 09/01A1,100,000 1,148,916 0.40

ABN AMRO BANK ENTN 2.75 10-13 29/10A950,000 952,697 0.33


DELTA LLOYD EMTN 4.25 10-17 17/11A700,000 687,543 0.24EDP FINANCE EMTN 4.75 09-16 26/09A650,000 614,613 0.21EUREKO BV 7.375 09-14 16/06A300,000 335,087 0.12ING BANK NV 3.00 09-14 30/09A4,700,000 4,793,601 1.65KBC IFIMA NV 3.875 10-15 31/03A100,000 98,046 0.03LEASEPLAN CORP 4.25 09-11 07/10A350,000 355,102 0.12NEDERLAND 4.50 07-17 15/07A10,000,000 11,145,700 3.85NEDERLANDS 3.25 05-15 15/07A5,000,000 5,286,950 1.82NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A1,000,000 1,051,159 0.36PORTUGAL TELECOM 5.00 09-19 04/11A1,350,000 1,220,058 0.42VW INTL FINANCE NV 7.00 09-16 09/02A500,000 589,546 0.20

DNB NOR BOLIGKR 2.75 10-15 20/04A4,000,000 4,028,508 1.39

Norway 4,028,508 1.39

BANCO BPU SA 3.25 10-15 15/01A1,900,000 1,660,563 0.58

Portugal 4,426,141 1.53

BCO SANTANDER TOTTA 3.25 09-14 21/10A1,500,000 1,372,140 0.47PORTUGAL 3.85 05-21 15/04A1,750,000 1,393,438 0.48

BANCAJA 3.00 09-14 27/10A4,000,000 3,753,476 1.29

Spain 18,190,148 6.27

BANCO SANTANDER SA 4.50 07-12 14/11A5,000,000 5,112,480 1.77BBVA SENIOR FIN EMTN 3.875 10-15 06/08A100,000 96,085 0.03BBVA SENIOR FINANCE 3.25 10-15 23/04A1,500,000 1,410,647 0.49CAJA MADRID 3.875 10-13 30/11A2,000,000 1,987,780 0.68GAS NATURAL CAPITAL 4.375 09-16 02/11A750,000 711,335 0.25GAS NATURAL CAPITAL 5.25 09-14 09/07A1,000,000 1,018,466 0.35SANTANDER INTL 3.50 10-14 12/08A550,000 532,901 0.18SANTANDER INTL DEBT 5.625 08-12 14/02A1,000,000 1,023,249 0.35

% of N

AV

Market V

alue

EUR

Quan

tity


Euro Bond


69

SPANISH 4.00 10-20 30/04A2,500,000 2,257,425 0.78TELEFONICA EMISIONES 3.661 10-17 18/09A300,000 286,304 0.10

STADSHYPOTEK AB 3.00 09-14 01/10A4,000,000 4,095,080 1.41

Sweden 4,095,080 1.41

ABBEY NAT TREAS.SERV 3.375 05-15 08/06A5,000,000 4,987,304 1.72


ABBEY NATL TREAS 3.375 10-15 20/10A450,000 428,179 0.15ANGLO AMER CAPITAL 4.375 09-16 02/12A1,500,000 1,561,836 0.54BARCLAYS BANK 5.25 09-14 27/05A500,000 534,383 0.18BARCLAYS BANK PLC 6.00 10-21 14/01A500,000 485,929 0.17BP CAPITAL MARKETS 3.10 10-14 07/10A550,000 559,313 0.19CARNIVAL PLC 4.25 06-13 27/11A1,000,000 1,040,564 0.36HSBC HOLDINGS SUB 6.00 09-10 10/06A350,000 373,053 0.13LLOYDS BANK EMTN 3.25 09-12 26/11A650,000 655,509 0.23LLOYDS TSB 6.50 10-20 24/03A500,000 461,771 0.16LLOYDS TSB BANK REG-S 5.875 02-14 08/07A500,000 509,816 0.18LLOYDS TSB EMTN 5.375 09-19 03/09A500,000 493,555 0.17OTE PLC EMTN 5.00 03-13 05/08A2,000,000 1,902,836 0.66ROYAL BK OF SCOTLAND 3.95 10-15 21/09S440,000 322,081 0.11ROYAL BK SCOTLAND 5.25 08-13 15/05A2,000,000 2,074,820 0.71ROYAL BK SCOTLAND SUB 6.00 01-13 10/05A150,000 151,655 0.05SANTANDER UK 2.50 10-13 18/03A5,000,000 5,008,654 1.72STATE BANK OF INDIA 4.50 10-15 30/11A350,000 351,865 0.12WESTPAC SECURITIES NZ 3.875 10-17 20/03A750,000 753,299 0.26

BANK OF AMERICA EMTN 5.125 07-14 26/09A250,000 256,410 0.09


BANK OF AMERICA EMTN 7.00 09-16 15/06A1,900,000 2,071,469 0.71CITIGROUP 7.375 09-19 04/09A400,000 449,123 0.15GENERAL ELECTRIC CAP 4.375 10-20 16/09S100,000 73,445 0.03GOLDMAN SACHS GROUP 5.125 07-14 16/10A1,000,000 1,045,482 0.36JPMORGAN CHASE 2.60 10-16 15/01S2,000,000 1,448,681 0.50JPMORGAN CHASE AND CO 3.875 10-20 23/09A750,000 713,033 0.25MORGAN STANLEY 4.50 09-10 29/10A750,000 763,787 0.26MORGAN STANLEY EMTN 5.375 10-20 10/08A350,000 338,630 0.12WACHOVIA CORP 4.375 06-16 01/08A1,000,000 1,026,511 0.35WAL-MART STORES INC 4.875 09-29 21/09A750,000 781,426 0.27

AFD FL.R 06-XX 20/07A600,000 555,120 0.19


France 5,943,876 2.04

ALLIANZ IARD SA FL.R 05-XX 10/06A500,000 436,354 0.15AXA EMTN PERP. SUB FL.R 06-XX 06/07A550,000 471,396 0.16BFCM EMTN SUB FL.R 06-16 19/12Q500,000 478,334 0.16BNP PARIBAS SUB FL.R 07-XX 13/04A550,000 482,036 0.17BPCE FL.R 09-XX 30/09S270,000 302,175 0.10CNCEP EMTN SUB FL.R 03-XX 30/07A500,000 396,250 0.14CNP ASSURANCES SA FL.R 06-XX 22/12A500,000 400,000 0.14CREDIT AGRICOLE SUB. FL.R 05-XX 09/11A300,000 254,518 0.09CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q1,500,000 1,169,999 0.40CREDIT LOGEMENT SUB FL.R 06-XX 16/03A500,000 400,000 0.14SOCIETE GENERALE FL.R 05-49 29/01A620,000 501,231 0.17SUEZ ENV. CIE FL.R 10-XX 21/09A100,000 96,463 0.03

CREDIT SUISSE GR FIN. FL.R 06-18 23/01A1,000,000 983,474 0.34

Guernsey 983,474 0.34

% of N

AV

Market V

alue

EUR

Quan

tity

ULSTER BANK FINANCE FL.R 06-11 29/03Q500,000 497,527 0.17

Ireland 497,527 0.17

BANCA INTESA SPA BAVB FL.R 06-16 02/08Q500,000 489,908 0.17

Italy 2,298,628 0.79

INTESA SANPAOLO FL.R 08-18 28/05A700,000 704,534 0.23INTESA SANPAOLO SUB FL.R 10-XX 01/06A600,000 577,011 0.20UNICREDITO ITAL PERP. FL.R 05-XX 27/10A375,000 279,039 0.10UNICREDITO ITAL.EMTN FL.R 06-16 20/09A250,000 248,136 0.09

UBS JERSEY BRANCH FL.R 06-18 25/09A100,000 99,052 0.03


ARCELORMITTAL FL.R 10-17 18/11A450,000 451,687 0.16


UNICREDIT FIN SUB T2 FL.R 06-17 13/01S1,500,000 1,104,122 0.38

EUREKO BV FL.R 05-49 29/06A700,000 555,996 0.19


RBS EMTN FL.R 05-15 08/06Q500,000 401,209 0.14

BCO BILBAO VIZCAYA FL.R 04-19 20/10A300,000 251,074 0.09

Spain 1,647,230 0.57

SANTANDER ISSUANCES FL.R 07-17 24/10A750,000 681,774 0.23SANTANDER ISSUANCES FL.R 09-19 27/07A750,000 714,382 0.25

AVIVA PLC FL.R 04-XX 29/11A350,000 282,333 0.10


BARCLAYS BANK EMTN FL.R 05-XX 15/03A650,000 432,250 0.15HSBC BANK PLC SUB FL.R 05-20 30/09Q500,000 456,275 0.16HSBC CAP FDG FL.R 03-XX 31/12A395,000 371,512 0.13OLD MUTUAL PLC SUB. FL.R 07-17 18/01A200,000 189,700 0.07SL FINANCE SUB FL.R 02-22 12/07A1,000,000 997,178 0.34STANDARD CHART SUB FL.R 05-17 03/02A450,000 448,646 0.15

BANK OF AMERICA FL.R 07-17 23/05A250,000 226,979 0.08


BANK OF AMERICA CORP FL.R 04-19 06/05A500,000 450,362 0.16BANK OF AMERICA-SUB- FL.R 06-18 28/03A500,000 451,285 0.16CITIGROUP INC FL.R 04-19 10/02Q500,000 457,804 0.16JP MORGAN CHASE SUB FL.R 07-17 29/05A1,000,000 1,004,559 0.34SG CAPITAL TRUST SUB FL.R 03-49 10/11A850,000 766,168 0.26

AMUNDI CREDIT EURO SHORT DURABLE FCP165 1,591,567 0.55



France 4,021,795 1.38

PORTOFOLIO ARBITRAGE EURO GOVIES FCP CAP10 2,430,228 0.83

STRUCTURA VAR NEW EUR AGGREGATE -I- CAP2 1,325,677 0.46



% of N

AV

Market V

alue

EUR

Quan

tity


Euro Corporate Bond


70

MACQUERIE BANK SUB 6.00 10-20 21/09A2,350,000 2,162,550 0.51



413,662,160 98.39

Bonds 301,574,939 71.73

Australia 3,923,334 0.93

OPTUS FINANCE EMTN 3.50 10-20 15/09A1,850,000 1,760,784 0.42

HUTCHISON WHAMPOA 4.75 09-16 14/11A3,200,000 3,342,429 0.80


UPCB FINANCE LTD REGS 7.625 10-20 15/01S600,000 634,875 0.15

AP MOLLER-MAERSK A/S 4.375 10-17 24/11A2,200,000 2,197,373 0.52

Denmark 6,599,474 1.57

CARLSBERG BREWERIES 3.375 10-17 13/10A2,950,000 2,855,202 0.68DONG ENERGY 4.875 09-21 16/12A1,500,000 1,546,899 0.37

ALSTOM 2.875 10-15 05/10A1,700,000 1,666,461 0.40

France 78,848,361 18.74

ALSTOM 4.50 10-20 18/03A4,000,000 3,925,284 0.93AREVA SA EMTN 3.875 09-16 23/09A4,000,000 4,073,688 0.97AUTOR.PARIS RHIN RHONE 7.50 09-10 12/01A1,800,000 2,040,316 0.49BANQUE PSA FINANCE 3.25 10-12 26/11A2,350,000 2,372,238 0.56BFCM EMTN 3.75 10-18 26/01A1,200,000 1,171,721 0.28BFCM EMTN 4.00 10-20 22/10A1,800,000 1,633,432 0.39BFCM EMTN 5.00 03-15 30/09A1,700,000 1,756,843 0.42BNP PARIBAS 3.75 10-20 25/11A2,850,000 2,773,349 0.66BNP PARIBAS EMTN 5.25 02-12 17/12A4,000,000 4,205,584 1.00BOUYGUES 3.641 10-19 29/10A2,950,000 2,856,739 0.68BOUYGUES 4.00 10-18 12/02A2,400,000 2,441,052 0.58BPCE 2.875 10-15 22/09A4,400,000 4,311,049 1.03CARREFOUR SA EMTN 3.875 10-21 25/04A1,800,000 1,735,646 0.41CIE DE SAINT GOBAIN 6.00 09-13 20/05A2,000,000 2,162,054 0.51CNCEP PERP 6.117 07-XX 30/10A2,000,000 1,574,000 0.37DANONE 3.60 10-20 23/11A800,000 783,942 0.19DEXIA CLF EMTN 5.375 09-14 21/07A2,000,000 2,102,372 0.50EDF 4.50 10-40 12/11A1,200,000 1,102,510 0.26EDF SA 4.625 09-24 11/09A1,000,000 1,023,785 0.24FRANCE OAT 3.50 10-26 25/04A4,000,000 3,899,600 0.93FRANCE TELECOM EMTN 3.375 10-22 16/09A1,250,000 1,145,298 0.27FRANCE TELECOM EMTN 4.75 07-17 21/02A1,000,000 1,075,220 0.26GDF SUEZ 2.75 10-17 18/10A1,050,000 1,015,829 0.24KLEPIERRE 4.00 10-17 13/04A2,750,000 2,746,004 0.65LAGARGE 5.375 10-18 29/11A1,450,000 1,430,039 0.34PPR SA 8.625 09-14 03/04A2,000,000 2,348,406 0.56RCI BANQUE SA 8.125 09-12 15/05A3,750,000 4,036,654 0.96RENAULT SA 4.00 10-16 25/01A3,050,000 3,027,982 0.72SOCIETE GENERALE REGS 2.50 10-14 15/01S3,800,000 2,838,295 0.68SOCIETE GEN.SUB REGS 5.75 06-16 20/04S3,000,000 2,417,341 0.57ST GOBAIN 8.25 09-14 28/07A500,000 586,986 0.14TOTAL CAPITAL 2.30 10-16 15/03S3,000,000 2,181,119 0.52TPSA EURO FINANCE 6.00 09-14 22/05A4,000,000 4,387,523 1.03

BERTELSMANN EMTN 7.875 09-14 16/01A1,500,000 1,722,519 0.41

Germany 4,792,853 1.14

MERCK FIN SERVICES 3.375 10-15 24/03A1,500,000 1,528,764 0.36MERCK FIN SERVICES 4.50 10-20 24/03A1,500,000 1,541,570 0.37

% of N

AV

Market V

alue

EUR

Quan

tity

GE CAP EURO FUNDING 4.25 10-17 01/03A1,900,000 1,932,543 0.46

Ireland 3,023,441 0.72

GE CAP FUNDING 2.875 10-15 17/09A1,100,000 1,090,898 0.26

ATLANTIA SPA 3.375 10-17 18/09A2,800,000 2,652,597 0.63

Italy 27,567,677 6.56

BANCA INTESA EMTN 3.875 05-15 01/04A500,000 503,932 0.12EDISON SPA 3.875 10-17 10/11A4,250,000 4,017,996 0.97ENI SPA 3.50 10-18 29/01A2,200,000 2,160,308 0.51ENI SPA -5- 5.00 09-16 28/01A2,000,000 2,162,214 0.51INTESA SAN PAOLO 4.00 10-18 08/11A3,000,000 2,845,680 0.68INTESA SANPAOLO 2.625 09-12 04/12A1,000,000 998,826 0.24LOTTOMATICA 5.375 09-16 05/12A1,000,000 996,488 0.24OLIVETTI FINANCE NV 6.875 03-13 24/01A2,500,000 2,697,265 0.64SEAT PAGINE REG S 10.50 10-17 31/01S1,900,000 1,600,750 0.38TELECOM ITALIA 8.25 09-16 21/03A1,300,000 1,525,013 0.36TELECOM ITALIA EMTN 5.25 10-22 10/02A2,500,000 2,414,428 0.57UNIPOL GRUPPO FI 5.00 09-17 11/01A3,010,000 2,992,180 0.71

AMERICA MOVIL 3.75 10-17 28/06A1,350,000 1,350,446 0.32

Mexico 5,966,998 1.42

PEMEX 5.50 09-17 09/01A4,420,000 4,616,552 1.10

ABN AMRO BANK ENTN 2.75 10-13 29/10A4,500,000 4,512,775 1.07

Netherlands 44,386,346 10.56

BMW FINANCE 3.875 10-17 18/01A4,550,000 4,687,591 1.12CORIO 4.625 10-18 22/01A2,800,000 2,814,882 0.67DAIMLER INTL 6.125 08-15 08/09A1,750,000 1,988,725 0.47DELTA LLOYD EMTN 4.25 10-17 17/11A3,250,000 3,192,163 0.76EDP FINANCE BV 3.25 10-15 16/03A1,000,000 924,793 0.22EDP FINANCE EMTN 4.75 09-16 26/09A1,500,000 1,418,337 0.34ENBW INTL FIN. EMTN 6.125 09-39 07/07A1,750,000 1,990,174 0.47EUREKO BV 7.375 09-14 16/06A1,050,000 1,172,805 0.28HEIDELBERGCEMENT REG S6.75 10-15 15/12S2,500,000 2,624,283 0.62ING BANK 3.375 10-15 03/03A1,600,000 1,606,584 0.38ING GROEP NV 5.625 08-13 03/09A4,500,000 4,815,769 1.16KBC IFIMA NV 3.875 10-15 31/03A750,000 735,347 0.17KPN NV 3.75 10-20 21/09A2,000,000 1,900,264 0.45NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A4,000,000 4,204,636 1.00OI EUROPEAN GROUP BV 6.75 10-20 15/09S1,750,000 1,771,054 0.42PORTUGAL TELECOM 5.00 09-19 04/11A1,550,000 1,400,808 0.33PORTUGAL TELECOM 6.00 09-13 30/04A1,200,000 1,258,697 0.30REPSOL INTL FIN 6.50 09-14 27/03A1,250,000 1,366,659 0.33

TELENOR ASA -EMTN- 4.125 10-20 26/03A1,100,000 1,110,673 0.26

Norway 1,110,673 0.26

BCP 3.75 09-11 17/06A3,400,000 3,317,975 0.79

Portugal 3,317,975 0.79

BBVA SENIOR FIN EMTN 3.875 10-15 06/08A1,850,000 1,777,573 0.42

Spain 9,925,047 2.36

GAS NATURAL CAPITAL 4.375 09-16 02/11A1,000,000 948,447 0.23GAS NATURAL CAPITAL 5.25 09-14 09/07A3,000,000 3,055,397 0.73RED ELECTRICA DE ESP 3.50 10-16 07/10A400,000 392,598 0.09TELEFONICA EMISIONES 3.661 10-17 18/09A1,750,000 1,670,106 0.40TELEFONICA EMISIONES 4.674 07-14 07/02A2,000,000 2,080,926 0.49

% of N

AV

Market V

alue

EUR

Quan

tity


Euro Corporate Bond


71

ABBEY NATL TREAS 3.375 10-15 20/10A2,250,000 2,140,895 0.51


ANGLO AMER CAPITAL 4.375 09-16 02/12A1,300,000 1,353,591 0.32ANGLO AMERCAN CAPITAL 4.25 09-13 30/09A1,550,000 1,628,264 0.39BARCLAYS BANK 5.25 09-14 27/05A2,450,000 2,618,474 0.62BARCLAYS BANK PLC 4.00 10-17 20/01A2,350,000 2,343,317 0.56BP CAPITAL MARK.EMTN 4.50 07-12 08/11A4,500,000 4,708,876 1.12BP CAPITAL MARKETS 3.10 10-14 07/10A2,750,000 2,796,566 0.67CARNIVAL PLC 4.25 06-13 27/11A4,600,000 4,786,593 1.14HSBC BANK REG S 3.50 10-15 28/06S2,400,000 1,833,575 0.44IMPERIAL TABACCO 4.375 06-13 22/11A1,900,000 2,001,553 0.48LLOYDS BANK EMTN 3.25 09-12 26/11A1,300,000 1,311,018 0.31LLOYDS TSB 6.50 10-20 24/03A2,800,000 2,585,918 0.62LLOYDS TSB BANK EMTN 6.375 09-16 17/06A3,000,000 3,227,907 0.77LLOYDS TSB BANK REG-S 5.875 02-14 08/07A2,000,000 2,039,262 0.49LLOYDS TSB EMTN 5.375 09-19 03/09A1,000,000 987,110 0.23MOTABILITY OPERATIONS 3.75 10-17 29/11A1,200,000 1,197,880 0.28RBS 4.875 10-17 20/01A2,550,000 2,458,452 0.58ROYAL BK OF SCOTLAND 3.95 10-15 21/09S2,080,000 1,522,567 0.36ROYAL BK SCOTLAND 5.25 08-13 15/05A5,450,000 5,653,884 1.35ROYAL BK SCOTLAND SUB 6.00 01-13 10/05A1,250,000 1,263,789 0.30STATE BANK OF INDIA 4.50 10-15 30/11A1,650,000 1,658,791 0.39UBS LONDON EMTN 6.25 08-13 03/09A3,200,000 3,499,194 0.83VIRGIN MEDIA 7.00 10-18 15/01S1,500,000 1,860,011 0.44WESTPAC SECURITIES NZ 3.875 10-17 20/03A4,100,000 4,118,036 0.98

BANK OF AMERICA EMTN 5.125 07-14 26/09A1,200,000 1,230,767 0.29


BANK OF AMERICA EMTN 7.00 09-16 15/06A5,850,000 6,377,944 1.52CITIGROUP 7.375 09-19 04/09A1,950,000 2,189,476 0.52CITIGROUP INC -63- 7.375 09-14 16/06A5,000,000 5,552,259 1.32GENERAL ELECTRIC CAP 4.375 10-20 16/09S1,100,000 807,891 0.19GOLDMAN SACHS 5.375 08-13 15/02A1,750,000 1,840,038 0.44JPMORGAN CHASE 2.60 10-16 15/01S5,000,000 3,621,703 0.86JPMORGAN CHASE AND CO 3.875 10-20 23/09A2,900,000 2,757,062 0.66JPMORGAN CHASE AND CO 6.125 09-14 01/04A1,300,000 1,421,771 0.34MORGAN STANLEY 4.375 07-12 10/02A2,700,000 2,756,738 0.66MORGAN STANLEY 4.50 09-10 29/10A3,750,000 3,818,936 0.91MORGAN STANLEY EMTN 5.375 10-20 10/08A1,650,000 1,596,396 0.38MORGAN STANLEY GRP 5.50 07-17 02/10A1,450,000 1,478,746 0.35SES GLOBAL AMERICAS 4.875 09-14 09/07A1,000,000 1,065,560 0.25TOYOTA MOTOR CREDIT 4.25 07-12 02/05A5,000,000 5,171,675 1.23WACHOVIA BANK 6.00 08-13 23/05A2,800,000 3,022,561 0.72WACHOVIA CORP 4.375 06-16 01/08A1,600,000 1,642,418 0.39WAL-MART STORES INC 4.875 09-29 21/09A2,100,000 2,187,992 0.52

AFD FL.R 06-XX 20/07A4,000,000 3,700,800 0.88


France 38,625,481 9.20

ALLIANZ IARD SA FL.R 05-XX 10/06A5,500,000 4,799,894 1.15AXA EMTN PERP. SUB FL.R 06-XX 06/07A1,325,000 1,135,635 0.27AXA SA SUB 6.211 07-17 05/10A2,250,000 1,923,750 0.46BFCM EMTN SUB FL.R 06-16 19/12Q7,000,000 6,696,669 1.60BNP PARIBAS FL.R 07-17 27/04Q5,000,000 3,627,114 0.86BPCE FL.R 09-XX 30/09S900,000 1,007,250 0.24CNCEP EMTN SUB FL.R 03-XX 30/07A2,950,000 2,337,875 0.56CNP ASSURANCES SA FL.R 06-XX 22/12A2,450,000 1,960,000 0.47

% of N

AV

Market V

alue

EUR

Quan

tity

CREDIT AGRICOLE SUB. FL.R 05-XX 09/11A2,000,000 1,696,786 0.40CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q2,050,000 1,599,000 0.38CREDIT LOGEMENT SUB FL.R 06-XX 16/03A2,500,000 2,000,000 0.48GROUPAMA SA PERP FL.R 07-49 22/10A850,000 646,708 0.15NATIXIS EMTN FL.R 07-17 06/07Q2,750,000 2,501,125 0.59NATIXIS EMTN FL.R 07-19 14/05A1,100,000 1,062,909 0.25SOCIETE GENERALE FL.R 05-49 29/01A1,910,000 1,544,116 0.37SUEZ ENV. CIE FL.R 10-XX 21/09A400,000 385,850 0.09

ALLIANZ EMTN FL.R 04-XX 29/01A750,000 736,407 0.17

Germany 1,437,656 0.34

MUNICH RE SUB FL.R 07-XX 29/06A750,000 701,249 0.17

CREDIT SUISSE GR FIN. FL.R 06-18 23/01A2,500,000 2,458,685 0.58

Guernsey 2,458,685 0.58

BANCA INTESA SPA BAVB FL.R 06-16 02/08Q3,500,000 3,429,353 0.82

Italy 12,716,496 3.02

INTESA SANPAOLO FL.R 08-18 28/05A5,000,000 5,032,389 1.19INTESA SANPAOLO SUB FL.R 10-XX 01/06A3,000,000 2,885,058 0.69SAN PAOLO IMI EMTN FL.R 05-20 02/03A200,000 186,572 0.04UNICREDITO ITAL PERP. FL.R 05-XX 27/10A1,590,000 1,183,124 0.28

ARCELORMITTAL FL.R 10-17 18/11A2,150,000 2,158,060 0.51


DEXIA BIL FL.R 01-XX 06/07A1,100,000 836,000 0.20UNICREDIT FIN SUB T2 FL.R 06-17 13/01S5,000,000 3,680,407 0.88

EUREKO BV FL.R 05-49 29/06A880,000 698,967 0.17


ING BANK EMTN FL.R 06-16 18/03Q3,000,000 2,663,250 0.63ING VERZEKERINGEN FL.R 01-21 21/06A1,000,000 900,000 0.21RBS EMTN FL.R 05-15 08/06Q4,000,000 3,209,668 0.77

BCO BILBAO VIZCAYA FL.R 04-19 20/10A1,500,000 1,255,370 0.30

Spain 12,791,568 3.04

SANTANDER IS 144A SUB FL.R 06-16 20/06S5,000,000 3,613,775 0.86SANTANDER ISSUANCES FL.R 07-17 24/10A4,000,000 3,636,128 0.86SANTANDER ISSUANCES FL.R 09-19 27/07A4,500,000 4,286,295 1.02

AVIVA PLC FL.R 04-XX 29/11A2,600,000 2,097,334 0.50


BARCLAYS BANK EMTN FL.R 05-XX 15/03A3,250,000 2,161,250 0.51BARCLAYS BANK PLC-160-FL.R 07-17 30/05Q2,250,000 2,065,500 0.49CREDIT AGRICOLE -119- FL.R 05-16 14/03Q3,500,000 2,556,744 0.61HSBC CAP FDG FL.R 03-XX 31/12A1,072,000 1,008,255 0.24OLD MUTUAL PLC SUB. FL.R 07-17 18/01A1,500,000 1,422,750 0.34ROYAL BK OF SCOTLAND FL.R 03-16 28/01A3,100,000 2,624,088 0.62SL FINANCE SUB FL.R 02-22 12/07A2,000,000 1,994,354 0.47STANDARD CHART SUB FL.R 05-17 03/02A5,500,000 5,483,456 1.31

BANK OF AMERICA FL.R 07-17 23/05A1,000,000 907,917 0.22


BANK OF AMERICA CORP FL.R 04-19 06/05A2,000,000 1,801,446 0.43BANK OF AMERICA-SUB- FL.R 06-18 28/03A2,000,000 1,805,140 0.43JP MORGAN CHASE FL.R 06-18 31/03A2,500,000 2,475,910 0.58JP MORGAN CHASE SUB FL.R 07-17 29/05A1,500,000 1,506,839 0.36

% of N

AV

Market V

alue

EUR

Quan

tity


Euro Corporate Bond


72

AMUNDI OBLIG HAUT RENDEMENT -P- 3 DEC CA30 1,712,826 0.41



France 1,712,826 0.41




% of N

AV

Market V

alue

EUR

Quan

tity


Euro Govies


73

AUSTRIA 3.90 04-20 15/07A490,000 510,605 2.16



23,235,233 98.19

Bonds 23,235,233 98.19

Austria 1,440,586 6.09

AUSTRIA EMTN 3.50 04-15 15/07A560,000 590,777 2.50AUSTRIA S.6 6.25 97-27 15/07A260,000 339,204 1.43

BELGIQUE -40- 5.50 02-17 28/09A200,000 222,566 0.94

Belgium 1,133,781 4.79

BELGIQUE OLO -46- 3.75 05-15 28/09A710,000 727,807 3.07BELGIUM OLO 5.50 98-28 28/03A160,000 183,408 0.78

FINLAND 3.375 10-20 15/04A110,000 111,890 0.47

Finland 460,697 1.95

FINLAND 3.875 06-17 15/09A150,000 161,940 0.68FINLAND 4.25 04-15 04/07A170,000 186,867 0.80

FRANCE BTAN 2.00 10-15 12/07A200,000 198,868 0.84

France 4,056,658 17.14

FRANCE OAT 3.00 04-15 25/10A1,050,000 1,087,306 4.59FRANCE OAT 3.50 09-20 25/04A420,000 426,796 1.80FRANCE OAT 3.75 05-21 25/04A200,000 206,278 0.87FRANCE OAT 3.75 08-19 25/10A300,000 311,949 1.32FRANCE OAT 4.25 06-17 25/10A580,000 632,299 2.67FRANCE OAT 4.75 04-35 25/04A530,000 602,451 2.55FRANCE OAT 5.50 98-29 25/04A180,000 219,656 0.93FRANCE OAT 5.75 00-32 25/10A290,000 371,055 1.57

ALLEMAGNE GOVT BOND 4.25 07-17 04/07A400,000 444,520 1.88

Germany 3,697,774 15.63

BRD 2.25 10-20 04/09A1,630,000 1,541,850 6.53BRD 5.50 00-31 04/01A280,000 358,305 1.51GERMANY 3.25 05-15 04/07A1,200,000 1,276,284 5.39GERMANY -06- 4.00 06-16 04/07A70,000 76,815 0.32

IRISH GOVT TREASURY 5.00 10-20 18/10A250,000 185,915 0.79

Ireland 185,915 0.79

ITALY BTP 3.00 10-15 15/06S450,000 436,820 1.85

Italy 6,023,134 25.44

ITALY BTP 3.75 05-15 01/08S400,000 400,924 1.69ITALY BTP 3.75 08-13 15/12S1,330,000 1,347,276 5.69ITALY BTP 4.00 05-37 01/02S130,000 107,361 0.45ITALY BTP 4.25 09-20 01/03S1,140,000 1,108,023 4.68ITALY BTP 4.75 08-23 01/08S530,000 523,370 2.21ITALY BTP 5.00 09-40 01/09S80,000 75,473 0.32ITALY BTP 5.25 02-17 01/08S150,000 159,021 0.67ITALY BTP 6.00 00-31 01/05S760,000 821,248 3.47ITALY BUONI DEL TESO 5.00 03-34 01/08S310,000 296,617 1.25ITALY INFL. INDEX 2.10 06-17 15/09S700,000 747,001 3.16

NEDERLAND 4.50 07-17 15/07A310,000 345,517 1.46


NEDERLAND 5.50 98-28 15/01A30,000 37,534 0.16NEDERLANDS 3.25 05-15 15/07A250,000 264,348 1.12NETHERLANDS 1.75 10-13 15/01A3,300,000 3,355,868 14.18

% of N

AV

Market V

alue

EUR

Quan

tity

SPAIN 4.20 05-37 31/01A290,000 224,243 0.95

Spain 2,233,421 9.44

SPAIN 4.60 09-19 30/07A250,000 237,845 1.01SPAIN 4.70 09-41 30/07A95,000 78,338 0.33SPAIN 4.85 10-20 31/10A340,000 324,819 1.37SPAIN 5.00 02-12 30/07A650,000 666,627 2.82SPAIN STRIP 3.15 05-16 31/01A750,000 701,549 2.96


% of N

AV

Market V

alue

EUR

Quan

tity


Euro High Yield Bond


74

SAPPI PAPIER EMTN 11.75 09-14 01/08S2,866,000 3,267,240 0.78



395,936,192 94.41

Bonds 317,125,516 75.62

Austria 3,267,240 0.78

CENT.EURO MEDIA 11.625 09-16 15/09S3,750,000 3,806,250 0.91

Bermuda 3,806,250 0.91

BOMBARDIER INC -REGS- 7.25 06-16 15/11S1,350,000 1,424,250 0.34

Canada 6,745,500 1.61

BOMBARDIER REGS EMTN 6.125 10-21 15/05S5,500,000 5,321,250 1.27

UPCB FINANCE LTD REGS 7.625 10-20 15/01S1,400,000 1,470,000 0.35


FS FUNDING AS SUB. 8.875 06-16 15/05S2,000,000 2,070,000 0.49

Denmark 5,250,000 1.25

NORDIC TEL CO HLDG 8.25 06-16 01/05Q3,000,000 3,180,000 0.76

CEGEDIM 7.00 10-15 27/07S1,850,000 1,905,500 0.45

France 35,313,808 8.42

CGG VERITAS 9.50 09-16 15/05S3,350,000 2,721,852 0.65CMA CGM SA REGS 5.50 07-12 16/05S5,340,000 5,401,743 1.29CROWN EURO HLDGS REGS 7.125 10-18 15/08S2,680,000 2,793,900 0.67EUROPCAR 9.375 10-18 15/04S4,400,000 4,400,000 1.05GIE GEOPHYSIQUE 7.50 05-15 15/05S4,200,000 3,185,494 0.76KORREDEN REG-S 11.00 08-14 01/08A1,793,333 538,000 0.13PICARD BONDCO REG S 9.00 10-18 01/10S1,750,000 1,855,000 0.44REXEL 8.25 09-16 15/12S4,650,000 5,092,680 1.21RHODIA 7.00 10-18 15/05S1,120,000 1,175,989 0.28TEREOS EUROPE REGS 6.375 07-14 15/04S5,205,000 5,361,150 1.28WENDEL INVESTISSEMENT 4.375 05-17 09/08A1,000,000 882,500 0.21

A.T.U.A-T UNGER REGS 11.00 10-14 15/05S3,900,000 3,900,000 0.93

Germany 24,364,333 5.81

COGNIS DEUTSCH. REGS 9.50 04-14 15/05S1,400,000 1,445,500 0.34HELLA KG HUECK 7.25 09-14 20/10A2,930,000 3,168,209 0.76KABEL DEUTSCHLAND 10.75 06-14 01/07S4,158,400 4,314,374 1.03UNITY MEDIA REG S 8.125 09-17 01/12A7,000,000 7,411,250 1.77UNITY MEDIA REG S 9.625 09-19 01/12S3,750,000 4,125,000 0.98

ARDAGH GLASS FIN REGS 9.25 09-16 01/07S1,390,000 1,508,150 0.36

Ireland 19,886,128 4.74

ARDAGH GLASS GR(PIK) 10.75 05-15 01/03S2,562,061 2,587,682 0.62ARDAGH PKG REGS 7.375 10-17 15/10S3,400,000 3,425,500 0.81ARDEGH PKG REGS 9.25 10-20 15/10S2,320,000 2,378,000 0.57INAER AVIATION REG-S 9.50 10-17 01/08A2,305,000 2,201,275 0.52MTS INTL FDG 8.625 10-20 22/06S1,650,000 1,396,021 0.33NARA CABLE FUNDING 8.875 10-18 01/12S1,990,000 1,890,500 0.45SMURFIT KAPPA ACQ 7.25 09-17 15/11S1,600,000 1,664,000 0.40SMURFIT KAPPA ACQ 7.75 09-19 15/11S2,700,000 2,835,000 0.68

LIGHTHOUSE INTL REG S 8.00 04-14 30/04S13,707,000 5,071,590 1.21

Italy 6,883,748 1.64

PIAGGIO & C 7.00 09-16 01/12S1,730,000 1,812,158 0.43

% of N

AV

Market V

alue

EUR

Quan

tity

BEVERAGE PACK REGS 9.50 07-17 15/06S3,700,000 3,774,000 0.90

Luxembourg 47,142,701 11.24

CIRSA CAP.LUX REGS 7.875 05-12 15/07S2,717,000 2,812,095 0.67CIRSA FUNGING 8.75 10-18 15/05S3,750,000 3,843,750 0.92CODERE FINANCE REGS 8.25 05-15 15/06S1,273,000 1,266,635 0.30MHP REGS 10.25 10-15 29/04S3,234,000 2,534,216 0.60SUNRISE COM REGS 8.50 10-18 31/12S2,610,000 2,733,975 0.65SUNRISE COMM REGS 7.00 10-17 31/12S4,066,000 4,248,970 1.01TELENET FINANCE REGS 6.375 10-20 15/11S5,400,000 5,427,000 1.29TROY CAPITAL 9.50 06-11 10/08A1,700,000 1,746,747 0.42WIND ACQUI.FIN REGS 11.75 09-17 15/07S6,025,000 6,687,749 1.60WIND ACQUI.FIN REG-S 12.25 09-17 15/07S4,956,530 5,551,314 1.32WIND ACQUISITION REGS 7.375 10-18 15/02S6,500,000 6,516,250 1.56

BOATS INV.NETH.PIK 11.00 07-17 31/03S5,215,805 4,485,853 1.07


CEMEX FINANCE EUROPE 4.75 07-14 05/03A1,150,000 948,750 0.23CONTI-GUMMI FINANCE 7.125 10-18 15/10A1,900,000 1,940,375 0.46GMAC INTL FIN BV REGD 7.50 10-15 21/04A2,800,000 2,905,000 0.69HEIDELBERGCEMENT FIN 8.00 09-17 31/01S770,000 821,975 0.20HEIDELBERGCEMENT FIN 8.50 09-19 31/10S5,805,000 6,378,070 1.53HOLLANDWIDE PARENT BV 0.00 09-14 01/08A3,850,000 19,250 0.00INTERGEN 9.50 07-17 30/06A967,000 1,218,836 0.29INTERGEN NV 8.50 07-17 30/06S925,000 982,813 0.23MAGYAR TELECOM REG S 9.50 09-16 15/12S2,175,000 2,164,125 0.52OI EUROPEAN GROUP BV 6.75 10-20 15/09S2,650,000 2,669,875 0.64PHOENIX PIB FIN REGS 9.625 10-14 15/07A3,860,000 4,178,450 1.00UPC HOLDING BV REGS 9.75 09-18 15/04S3,000,000 3,225,000 0.77UPC HOLDING REGS 8.375 10-20 15/08S2,000,000 2,070,000 0.49ZIGGO BOND CO 8.00 10-18 15/05S4,650,000 4,801,125 1.14ZIGGO FIN REGS 6.125 10-17 15/11S2,970,000 2,947,725 0.70

UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S1,050,000 856,092 0.20

Russia 856,092 0.20

CONSOL GLASS LTD REGS 7.625 07-14 15/04S3,900,000 3,900,000 0.93

South Africa 10,306,680 2.46

FOODCORP LTD REG-S 8.875 05-12 15/06S6,312,000 6,406,680 1.53

ABENGOA 9.625 09-15 25/02S1,450,000 1,406,486 0.34

Spain 6,677,036 1.59

CAMPOFRIO FOOD SA 8.25 09-16 31/10S5,142,000 5,270,550 1.25

STENA AB 6.125 07-17 01/02S1,600,000 1,520,000 0.36

Sweden 8,593,500 2.05

STENA AB 7.875 10-20 15/03S1,950,000 1,969,500 0.47TVN FINANCE CORP PLC 10.75 09-17 15/11S4,640,000 5,104,000 1.22

HERTZ H NED BV REG S 8.50 10-15 31/07S4,100,000 4,407,500 1.05


CAR UK HLTH SOC REGS 9.75 10 17 01/08S1,600,000 1,923,324 0.46


DFS FURNITURE 9.75 10-17 15/07S2,875,000 3,321,760 0.79EC FINANCE REG S 9.75 10-17 01/08S3,050,000 3,294,000 0.79ECO-BAT FIN PLC REG-S10.125 03-13 31/01S2,287,500 2,327,531 0.56FCE BANK EMTN 7.25 10-13 15/07A1,900,000 1,995,000 0.48FCE BANK EMTN 9.375 09-14 17/01A6,800,000 7,564,999 1.80INEOS FINANCE REG S 9.25 10-15 15/05S2,412,000 2,556,720 0.61

% of N

AV

Market V

alue

EUR

Quan

tity




75

INEOS GRP REG-S 7.875 06-16 15/02S7,586,000 6,789,470 1.62INFINIS PLC REGS 9.125 09-14 15/12S1,500,000 1,846,881 0.44ISS FINANCING PLC 11.00 09-14 15/06S7,000,000 7,682,499 1.82KERLING PLC REG-S 10.625 10-17 28/01A2,970,000 3,207,600 0.76LBG CAP REG S 14 SUB 9.334 09-20 07/02A1,300,000 1,451,825 0.35LBG CAP REG S 15 SUB 6.439 09-20 23/05A3,900,000 3,180,450 0.76LBG CAP REG S 18 SUB 6.385 09-20 12/05A3,250,000 2,638,594 0.63LBG CAP REG S 22 SUB 15.00 09-19 21/12S1,650,000 2,147,063 0.51LBG CAP REG S 36 SUB 7.625 09-20 14/10A1,000,000 878,333 0.21LBG CAPITAL N.2 15.00 09-29 22/01S189,000 291,868 0.07R&R ICE CREAM PLC 8.375 10-17 15/11A1,608,000 1,656,240 0.39VIRGIN MEDIA 7.00 10-18 15/01S1,650,000 2,041,197 0.49VIRGIN MEDIA FIN 8.875 09-19 15/10S4,485,000 5,940,917 1.42VIRGIN MEDIA FINANCE 9.50 09-16 15/08S1,500,000 1,710,000 0.41

AMERICAN GENERAL 4.125 06-13 29/11A5,750,000 4,807,345 1.15


CEDC FINANCE REG S 8.875 09-16 01/12S4,850,000 5,080,375 1.20CEMEX FINANCE EUR REGS9.625 09-17 14/12S1,000,000 985,510 0.24CHESAPEAKE ENEERGY 6.25 06-17 15/01S3,910,000 3,934,438 0.94LBI ESCROW REG -S 8.00 10-17 01/11S3,600,000 3,897,000 0.93NALCO COMPANY REGS 6.875 10-19 15/01S1,450,000 1,502,339 0.36REYNOLDS REGS 7.75 09-16 04/11S2,100,000 2,194,500 0.52ROYAL CARIBBEAN 5.625 07-14 27/01A3,550,000 3,550,000 0.85

BPCE PERPETUAL FL.R 10-49 17/03A2,700,000 2,643,751 0.63


France 10,501,876 2.50

CNCEP EMTN SUB FL.R 03-XX 30/07A5,250,000 4,160,625 0.99DEXIA CLF SUB. FL.R 05-XX 18/11A8,500,000 3,697,500 0.88

LOTTOMATICA EMTN FL.R 06-66 31/03A2,777,000 2,693,690 0.64

Italy 2,693,690 0.64

UBS PFD FDG EMTN FL.R 05-XX 29/04A4,370,000 3,714,500 0.89

Jersey Island 3,714,500 0.89

DEXIA BIL FL.R 01-XX 06/07A2,410,000 1,831,600 0.44


DEXIA FUNDING LUX FL.R 06-XX 02/11A3,000,000 1,590,000 0.38HELLAS II IN DEFAULT FL.R 06-15 15/01Q5,000,000 13,000 0.00

ABN AMRO BANK NV FL.R 06-XX 10/03A10,350,000 7,141,604 1.70


BOATS INV.NETHLD.(PIK)FL.R 07-15 18/12Q4,693,265 3,027,156 0.72IMPRESS METAL PACK FL.R 06-13 15/09Q2,310,000 2,292,675 0.55ING GROEP FL.R 06-XX 17/03S5,500,000 4,942,522 1.18ING GROEP SUB EMTN FL.R 05-XX 08/06A5,600,000 4,312,000 1.03

EDCON HLDGS PROP REGS FL.R 07-15 15/06Q5,150,000 4,377,500 1.05


EDCON PROPRIET REGS FL.R 07-14 15/06Q3,803,000 3,194,520 0.76

BARCLAYS BANK EMTN FL.R 05-XX 15/03A5,100,000 3,391,500 0.81


BARCLAYS BANK SUB FL.R 04-XX 15/12A1,200,000 941,143 0.22HBOS PERP. SUB FL.R 01-XX 29/11S2,200,000 1,964,171 0.47LECTA SA REG-S FL.R 07-14 15/02Q3,497,000 3,278,438 0.78LLOYDS TSB B EMTN FL.R 09-XX 21/01S1,011,000 1,366,305 0.33

% of N

AV

Market V

alue

EUR

Quan

tity

NORTHERN ROCK PLC FL.R 02-15 13/01A2,250,000 1,978,175 0.47OLD MUTUAL PLC SUB. FL.R 05-XX 04/11A725,000 551,000 0.13OLD MUTUAL REG-S FL.R 05-XX 24/03A1,800,000 1,607,049 0.38RBS CAP.TR.REGS.PREF FL.R 02-XX 29/12A8,148,000 5,552,862 1.33ROYAL BK OF SCOTL. FL.R 07-XX 30/09A4,200,000 2,787,750 0.66

AMERICAN INTL GROUP FL.R 07-67 15/03A7,050,000 5,499,000 1.31


INVITEL HOLDINGS-REGS-FL.R 07-13 01/02Q288,000 260,640 0.06




Luxembourg 11,931,089 2.85


% of N

AV

Market V

alue

EUR

Quan

tity


Euro Inflation Bond


76

FRANCE OAT INDEX 2.10 08-23 25/07A6,600,000 7,505,223 3.16

Long positions 268,562,767 113.22


248,903,446 104.93

Bonds 248,903,446 104.93

France 131,071,319 55.26

FRANCE OAT INDEX 2.25 03-20 25/07A18,560,000 23,141,562 9.75FRANCE OAT INDEX 3.40 99-29 25/07A5,880,000 9,124,341 3.85FRANCE OAT INDEXE 1.60 03-11 25/07A18,800,000 21,425,226 9.03FRANCE OAT INDEXE 1.80 06-40 25/07A5,990,000 6,679,441 2.82FRANCE OAT INDEXEE 1.00 05-17 25/07A13,800,000 15,250,901 6.43FRANCE OAT INDEXEE 1.30 10-19 25/07A6,300,000 6,539,572 2.76FRANCE OAT INDEXEE 1.60 04-15 25/07A10,250,000 12,144,073 5.12FRANCE OAT INDEXEE 2.50 02-13 25/07A9,900,000 12,158,712 5.13FRANCE OAT INDEXEE 3.15 02-32 25/07A11,600,000 17,102,268 7.21

DEUTSCHLAND I/L BOND 1.50 06-16 15/04A27,200,000 31,533,842 13.30

Germany 37,718,788 15.90

DEUTSCHLAND INDEXED 1.75 09-20 15/04U140,000 153,142 0.06GERMANY INFL. INDEX 2.25 07-13 15/04A5,280,000 6,031,804 2.54

ITALY BTPSI (INDEXEE) 2.55 09-41 15/09S7,400,000 6,624,568 2.79

Italy 70,786,609 29.84

ITALY INFL. INDEX 1.85 07-12 15/09S2,100,000 2,293,082 0.97ITALY INFL. INDEX 2.10 06-17 15/09S14,150,000 15,100,101 6.37ITALY INFL. INDEX 2.10 10-21 15/09S3,000,000 2,818,945 1.19ITALY INFL. INDEX 2.15 03-14 15/09S8,600,000 9,977,790 4.21ITALY INFL. INDEX 2.35 04-35 15/09S8,050,000 8,075,701 3.40ITALY INFL. INDEX 2.35 08-19 15/09S12,510,000 12,604,247 5.31ITALY INFL. INDEX 2.60 07-23 15/09S13,000,000 13,292,175 5.60

UNITED KINGDOM INDEX 1.25 06-17 22/11S6,300,000 9,326,730 3.93


AMUNDI INFLATION MONDE 3 DEC CAP68 1,663,696 0.70



France 19,659,321 8.29

AMUNDI INFLATION PROTECT DURATION31 2,964,098 1.25AMUNDI TRESO EONIA FCP CAP70 15,031,527 6.34


% of N

AV

Market V

alue

EUR

Quan

tity


Euro Select Bond


77

BANK AUST. EMTN SUB. 5.25 01-13 22/02A400,000 421,916 3.78



10,580,424 94.72

Bonds 10,502,424 94.02

Austria 421,916 3.78

BELGIQUE OLO -38- 5.00 02-12 28/09A800,000 841,040 7.53

Belgium 841,040 7.53

FINLAND 5.75 00-11 23/02A1,600,000 1,612,096 14.43

Finland 1,612,096 14.43

BPCE 5.50 00-11 30/10A350,000 359,380 3.21

France 684,065 6.12

SOCIETE GENERALE 6.625 00-15 27/04A200,000 221,204 1.98VAUBAN MOBIL.GARANT. 6.00 00-11 28/10A100,000 103,481 0.93

HELABA INTL FINANCE 5.50 98-13 04/02A400,000 429,409 3.84

Ireland 429,409 3.84

ITALY 9.25 91-11 07/03A700,000 709,247 6.35

Italy 2,949,990 26.41

ITALY BTP 5.25 01-11 01/08S2,200,000 2,240,743 20.06

GENERALI FIN. 4.75 99-14 12/05A300,000 316,242 2.83


ING GROEP 6.125 00-11 04/01A400,000 400,068 3.58RABOBANK 5.25 98-13 12/03A1,500,000 729,602 6.53

STATOIL EMTN 5.125 99-11 30/06A350,000 356,978 3.20

Norway 356,978 3.20

VATTENFALL TREASURY 4.50 99-11 25/10A400,000 409,930 3.67

Sweden 409,930 3.67

ABBEY NATIONAL SUB 4.625 99-11 11/02A250,000 250,062 2.24


BRITISH TELECOM 7.125 01-11 15/02A100,000 100,740 0.90CGNU REG-S SUB 5.75 01-21 14/11A100,000 98,188 0.88LLOYDS TSB GROUP SUB 4.75 99-11 18/03A100,000 100,022 0.90

GENERAL ELECTRIC CAP 5.875 00-12 18/10A400,000 427,908 3.83


MC DONALD'S EMTN 6.25 00-12 20/07A350,000 374,168 3.35

CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q100,000 78,000 0.70

Floating rate bonds 78,000 0.70

France 78,000 0.70


% of N

AV

Market V

alue

EUR

Quan

tity


European Bond


78

NATIONAL AUSTRALIA BK 4.625 10-20 10/02A1,000,000 956,157 1.63



66,952,615 113.81

Bonds 56,364,666 95.81


DENMARK 6.00 99-11 15/11A13,000,000 1,823,220 3.10

Denmark 4,269,068 7.26

DENMARK 7.00 94-24 10/11A13,000,000 2,445,848 4.16

BANQUE PSA FINANCE 3.625 10-13 17/09A400,000 403,992 0.69

France 11,562,857 19.65

EDF SA 4.625 09-24 11/09A1,000,000 1,023,785 1.74FRANCE BTF -11 03/02U500,000 499,228 0.85FRANCE BTF 10-11 10/03U900,000 898,953 1.53FRANCE OAT 3.50 09-20 25/04A6,000,000 6,097,079 10.35FRANCE OAT 4.75 04-35 25/04A701,900 797,850 1.36RCI BANQUE SA 8.125 09-12 15/05A1,000,000 1,076,440 1.83VIVENDI 4.875 09-19 02/12A750,000 765,530 1.30

KRED.ANST.WIEDERAUFB. 4.125 07-17 04/07A2,600,000 2,794,763 4.75

Germany 2,794,763 4.75

GREECE 5.90 10-17 20/04A400,000 270,528 0.46

Greece 3,434,695 5.84

HELLENIC REPUBLIC 3.70 05-15 20/07A1,300,000 877,357 1.49HELLENIC REPUBLIC 4.30 07-17 20/07A1,000,000 611,990 1.04HELLENIC REPUBLIC 4.50 05-37 20/09A2,000,000 1,079,700 1.84HELLENIC REPUBLIC 5.30 09-26 20/03A1,000,000 595,120 1.01

ICELAND T-NOTES 7.25 02-13 17/05A248,740,000 1,125,777 1.91

Iceland 1,555,683 2.64

RIKISBREF 8.00 09-11 22/07A19,000,000 80,762 0.14RIKISBREF 8.00 09-25 12/06A71,000,000 349,144 0.59

ITALY BTP 4.00 05-37 01/02S1,050,000 867,143 1.47

Italy 6,105,648 10.38

ITALY BTP 5.00 01-12 01/02S730,000 749,849 1.27ITALY BTP 5.75 02-33 01/33S2,750,000 2,885,189 4.91OLIVETTI FINANCE EMTN 7.75 03-33 24/01A1,500,000 1,603,467 2.73

BEI EMTN 4.75 07-17 15/10A6,000,000 6,646,080 11.30

Luxembourg 9,548,863 16.23

SBERBANK NOTE 5.40 10-17 24/03S3,900,000 2,902,783 4.93

TENNET HOLDING B.V 4.50 10-22 09/02A700,000 721,592 1.23


PORTUGAL 4.10 06-37 15/04A3,000,000 2,097,030 3.56

Portugal 2,097,030 3.56

GAS NATURAL CAPITAL 5.25 09-14 09/07A750,000 763,850 1.30

Spain 2,907,836 4.94

SPAIN 4.70 09-41 30/07A2,600,000 2,143,986 3.64

INVESTOR AB 4.875 09-21 18/11A750,000 794,629 1.35

Sweden 1,230,662 2.09

SWEDEN -1046- 5.50 01-12 08/10A3,700,000 436,033 0.74

% of N

AV

Market V

alue

EUR

Quan

tity

SWITZERLAND 4.25 94-14 06/01A2,000,000 1,769,491 3.01


UK TREASURY STOCK 4.50 07-42 07/12S490,391 604,499 1.03


UNITED KINGDOM 4.25 03-36 07/03S2,350,000 2,765,132 4.70UNITED KINGDOM 4.25 05-55 07/12S2,000,000 2,405,319 4.09

BANK OF AMERICA EMTN 7.00 09-16 15/06A1,500,000 1,635,371 2.78


FORTIS BANK SUB FL.R 01-XX 26/09A600,000 579,375 0.98


Belgium 579,375 0.98

BPCE FL.R 09-XX 30/09S1,000,000 1,119,167 1.90

France 5,056,129 8.60

CREDIT LOGEMENT SUB FL.R 06-XX 16/03A500,000 400,000 0.68LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A2,250,000 1,910,677 3.26VINCI FL.R 06-XX 13/11A1,600,000 1,626,285 2.76

GE CAP EUROP FUN.EMTN FL.R 07-14 03/04Q1,500,000 1,459,688 2.48

Ireland 1,459,688 2.48

VCL 8 A FL.R 06-13 21/10M273,602 273,258 0.46

Mortgage and asset backed securities 3,492,757 5.94


HERME 13-A1 FL.R 07-39 18/08Q562,482 559,950 0.95


PERMA 8 5A1 FL.R 05-42 10/06Q1,000,000 1,144,191 1.95


SMI 2009-1 A2 FL.R 09-55 21/01Q1,300,000 1,515,358 2.58


% of N

AV

Market V

alue

EUR

Quan

tity


Global Aggregate


79

CREDIT AGRICOLE 9.75 09-XX 26/12S700,000 738,850 1.34



57,608,094 104.86

Bonds 39,818,608 72.48

France 14,997,631 27.30

FRANCE BTF -11 03/02U500,000 682,419 1.24FRANCE BTF -11 19/05U1,000,000 1,304,416 2.37FRANCE BTF -11 24/03U1,000,000 1,310,762 2.39FRANCE BTF 10-11 10/03U1,800,000 2,406,938 4.39FRANCE OAT 4.00 04-55 25/04A850,000 1,164,412 2.12GECINA EMTN 4.50 10-14 19/09A600,000 823,578 1.50IMERYS SA 5.00 07-17 18/04A250,000 341,468 0.62LEGRAND SA 8.50 95-25 15/02S533,000 620,172 1.13RALLYE 5.875 10-14 24/03A400,000 558,592 1.02RALLYE SA 7.625 09-16 04/11A1,000,000 1,438,811 2.63UNIBAIL-RODAMCO 4.625 09-16 23/09A500,000 711,260 1.29UNIBAIL-RODAMCO EMTN 3.875 10-20 05/11A750,000 979,400 1.78VIVENDI 4.25 09-16 01/12A700,000 958,022 1.74VIVENDI 4.875 09-19 02/12A700,000 958,531 1.74

MERCK FIN SERVICES 4.50 10-20 24/03A500,000 689,364 1.25

Germany 689,364 1.25

GREECE 5.90 10-17 20/04A500,000 453,659 0.83

Greece 1,395,165 2.54

HELLENIC REPUBLIC 4.50 05-37 20/09A1,300,000 941,506 1.71

ICELAND T-NOTES 7.25 02-13 17/05A164,500,000 998,802 1.82

Iceland 998,802 1.82

GE CAP EUROPEAN FDG 6.025 08-38 01/03A500,000 737,188 1.34

Ireland 737,188 1.34

BANCO POPOLARE SC 6.00 10-20 05/11A1,000,000 1,289,267 2.35

Italy 2,064,810 3.76

ITALY BTP 4.00 05-37 01/02S700,000 775,543 1.41

ENEL FINANCE INTL 5.00 09-22 14/09A700,000 953,863 1.74


MEXIQUE BONOS 7.25 06-16 15/12S20,000,000 1,686,268 3.07

Mexico 1,686,268 3.07

CONTI-GUMMI FINANCE 7.50 10-17 15/09S350,000 488,395 0.89


KAZMUNAIGAZ FIN. REGS 6.375 10-21 09/04S1,000,000 992,735 1.81KBC IFIMA 3887 4.50 09-14 17/09A1,000,000 1,353,331 2.47OI EUROPEAN GROUP BV 6.75 10-20 15/09S600,000 814,614 1.48TENNET BV 6.655 10-XX 01/06A750,000 1,062,036 1.93TENNET HOLDING B.V 4.50 10-22 09/02A800,000 1,106,345 2.01

CMT MTN PTE LTD 4.321 10-15 08/04S1,000,000 1,011,797 1.84

Singapore 1,011,797 1.84

KOREA RESSOURCES 4.125 10-15 19/05S1,000,000 1,010,820 1.84

South Korea 1,010,820 1.84

LLOYDS BANK 144A SUB 3.25 10-20 14/09S500,000 461,645 0.84


% of N

AV

Market V

alue

USD

Quan

tity

LLOYDS TBS 3.75 10-15 07/09A100,000 130,769 0.24UNITED KINGDOM 4.25 03-36 07/03S400,000 631,414 1.15

MICROSOFT CORP 5.20 09-39 01/06S500,000 511,551 0.93


US TREASURY BILLS -11 03/03U2,000,000 1,999,368 3.63US TREASURY BILLS 10-11 03/10U300,000 299,916 0.55US TREASURY N/B 4.375 09-39 15/11S1,000,000 1,007,031 1.83USA TREASURY BILLS 10-11 06/01U400,000 399,875 0.73USA TREASURY BONDS 7.625 95-25 15/02S800,000 1,135,250 2.07USA TREASURY NOTES 0.75 09-11 30/11S800,000 803,250 1.46USA TREASURY NOTES 7.125 93-23 15/02S800,000 1,075,375 1.96

BES FINANCE FL.R 02-XX 08/05A260,000 213,352 0.39



AXA FL.R 10-40 16/04A2,500,000 3,021,847 5.51

France 12,202,559 22.22

AXA EMTN PERP. SUB FL.R 06-XX 06/07A500,000 574,910 1.05BPCE REG S FL.R 09-XX 29/06S643,000 710,689 1.29CCCE PERPETUAL FL.R 04-49 29/04A500,000 620,353 1.13CNP ASSURANCES SA FL.R 06-XX 22/12A1,500,000 1,609,860 2.93CREDIT AGRICOLE FL.R 09-XX 26/10A500,000 670,880 1.22CREDIT LOGEMENT FL.R 06-XX 05/04A500,000 596,990 1.09GROUPAMA SUB FL.R 09-39 27/10A1,400,000 1,836,116 3.34LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A1,100,000 1,253,154 2.28SOCIETE GENERALE FL.R 08-XX 22/05A500,000 660,713 1.20SUEZ ENV. CIE FL.R 10-XX 21/09A500,000 647,047 1.18

INTESA SANPAOLO SPA FL.R 08-XX 20/06A200,000 253,721 0.46

Italy 253,721 0.46

BNP PARIBAS CAP TST FL.R 01-XX 29/12A500,000 670,896 1.23


HANNOVER FINANCE FL.R 10-40 14/09A300,000 376,192 0.68

SIEMENS FIN NV FL.R 06-66 14/09A500,000 677,064 1.23


AVIVA PLC FL.R 04-XX 29/11A500,000 541,092 0.98


RABOBANK CAP FDG REGS FL.R 04-XX 29/12Q200,000 176,631 0.32


VCL 8 A FL.R 06-13 21/10M136,801 183,294 0.33



HERME 13-A1 FL.R 07-39 18/08Q175,775 234,750 0.43


SANTM 1 A2 FL.R 05-38 25/10Q116,734 148,817 0.27

Spain 148,817 0.27

SMI 2009-1 A2 FL.R 09-55 21/01Q1,350,000 2,111,118 3.84


% of N

AV

Market V

alue

USD

Quan

tity


Global Aggregate


80

AMUNDI OBLIG EMERGENTS -I- 3 DEC CAP65 2,451,891 4.46



France 2,451,891 4.46

EUR(C)/MXN(P)OTC MAY 21 06.05.11 CALL10,000,000 18,800 0.03

Derivative instruments 709,404 1.29



EUR(C)/RUB(P)OTC APR 47 01.04.10 CALL4,000,000 8,705 0.02EUR(P)/BRL(C)OTC MAY 3.40 06.05.11 PUT20,000,000 264,962 0.48EUR(P)/MXN(C)OTC MAY 16 06.05.11 PUT10,000,000 120,281 0.22EUR(P)/RUB(C)OTC APR40.275 01.04.11 PUT10,000,000 151,773 0.28EUR(P)/RUB(C)OTC JAN 39.1 01.04.11 PUT20,000,000 127,937 0.23INR(C)/JPY(P)OTC MAR1.9325 03.03.11 CALL200,000,000 16,946 0.03USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL10,000,000 0 0.00

EUR(C)/BRL(P)OTC MAY 3.40 06.05.11 CALL-20,000,000 -1,456 0.00





EUR(C)/MXN(P)OTC MAY 21 06.05.11 CALL-10,000,000 -18,800 -0.03EUR(C)/RUB(P)OTC APR 47 01.04.10 CALL-10,000,000 -21,763 -0.04EUR(P)/RUB(C)OTC JAN40.275 01.04.11 PUT-10,000,000 -151,773 -0.28INR(P)/JPY(C)OTC MAR1.55 03.03.11 PUT-200,000,000 -1,224 0.00


% of N

AV

Market V

alue

USD

Quan

tity


Global Bond


81

AUSTRIA EMTN 3.80 03-13 20/10A5,000,000 7,155,090 1.50

Long positions 756,930,339 158.19


747,951,184 156.31

Bonds 639,732,166 133.69

Austria 7,155,090 1.50

CANADA 8.00 92-23 01/06S2,000,000 2,963,547 0.62

Canada 2,963,547 0.62

CARLSBERG BREWER 6.00 09-14 28/05A3,500,000 5,168,973 1.08

Denmark 5,168,973 1.08

AREVA EMTN 4.875 09-24 23/09A2,800,000 3,777,394 0.79

France 49,592,491 10.36

BANQUE PSA FINANCE 3.25 10-12 26/11A3,500,000 4,739,858 0.99BFCM EMTN 4.00 10-20 22/10A4,000,000 4,869,623 1.02BNP PARIBAS 144A SUB 4.80 05-15 24/06S9,000,000 9,444,131 1.97FRANCE OAT 0.00 92-16 25/04U990,918 1,170,467 0.24FRANCE(STRIP/8.50OAT) 0.00 92-23 25/04U3,350,000 2,861,273 0.60GECINA EMTN 4.50 10-14 19/09A4,000,000 5,490,519 1.15LEGRAND SA 8.50 95-25 15/02S3,000,000 3,490,650 0.73PEUGEOT 8.375 09-14 15/07A1,000,000 1,529,168 0.32UNIBAIL-RODAMCO 4.625 09-16 23/09A4,000,000 5,690,077 1.19UNIBAIL-RODAMCO EMTN 3.875 10-20 05/11A5,000,000 6,529,331 1.36

BRD STRIP (6.50) 0.00 -22 04/07U1,500,000 1,389,692 0.29

Germany 20,045,583 4.19

GERMANY -301- 4.75 03-34 04/07A9,125,000 14,635,497 3.06LANDWIRT.RENTENBANK 1.375 01-13 25/04A100,000,000 1,262,937 0.26MERCK FIN SERVICES 4.50 10-20 24/03A2,000,000 2,757,457 0.58

GREECE 6.50 99-14 11/01A1,900,000 2,088,376 0.44

Greece 43,706,631 9.13

HELLENIC REPUBLIC 4.60 07-40 20/09A14,000,000 10,116,951 2.11HELLENIC REPUBLIC 5.50 09-14 20/08A26,000,000 26,600,414 5.56HELLENIC REPUBLIC 6.25 10-11 19/06A5,500,000 4,900,890 1.02

STANDARD CHARTERED 5.875 10-20 24/06S4,000,000 4,191,388 0.88

Hong Kong 4,191,388 0.88

ICELAND T-NOTES 7.25 02-13 17/05A685,350,000 4,161,271 0.87

Iceland 8,758,949 1.83

RIKISBREF 8.00 09-11 22/07A325,000,000 1,853,282 0.39RIKISBREF 8.00 09-25 12/06A416,000,000 2,744,396 0.57

IRISH GOVT TREASURY 4.50 07-18 18/10A24,000,000 24,968,607 5.22

Ireland 24,968,607 5.22

ATLANTIA SPA 3.375 10-17 18/09A3,000,000 3,812,776 0.80

Italy 44,577,932 9.32

BANCO POPOLARE SC 6.00 10-20 05/11A6,000,000 7,735,603 1.62INTESA SAN PAOLO 8.375 09-XX 14/10A5,000,000 6,430,042 1.34INTESA SANPAOLO EMTN 5.00 09-19 23/09A7,000,000 9,363,128 1.96ITALY BTP 5.25 98-29 01/11S9,000,000 12,101,842 2.53ITALY BUONI DEL TESO 5.00 03-34 01/08S4,000,000 5,134,541 1.07

AFRICAN DEV.BK 7.375 93-23 06/04A8,900,000 10,993,716 2.30

Ivory Coast 10,993,716 2.30

% of N

AV

Market V

alue

USD

Quan

tity

JAPAN 303 JGB 1.40 09-19 20/09S2,000,000,000 25,561,682 5.34

Japan 25,561,682 5.34

ARCELORMITTAL 7.00 09-39 15/10S3,000,000 3,089,421 0.65

Luxembourg 35,839,010 7.49

BEI EMTN 1.90 06-26 26/01S25,000,000 319,084 0.07ENEL FINANCE INTL 5.00 09-22 14/09A2,000,000 2,725,324 0.57EUROP.INVEST.BK 2.15 07-27 18/01S1,500,000,000 19,594,916 4.09GAZPROM INTL REG-S 7.201 04-20 01/02S5,797,028 6,167,215 1.29MICHELIN LUX SCS 8.625 09-14 24/04A2,500,000 3,943,050 0.82

AMERICA MOVIL 5.00 10-20 30/03S3,000,000 3,123,165 0.65

Mexico 48,441,726 10.12

MEXICAN BONOS -M- 9.00 06-13 20/06S270,000,000 23,754,961 4.96MEXICAN BONOS 131219 8.00 03-13 19/12S250,000,000 21,563,600 4.51

NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A3,000,000 4,230,547 0.88


METROP.LISBOA -144A- 7.42 96-16 15/10S600,000 690,271 0.14

Portugal 690,271 0.14

CMT MTN PTE LTD 4.321 10-15 08/04S4,000,000 4,047,188 0.85

Singapore 8,224,232 1.72

TEMASEK FIN EMTN REGS 5.375 09-39 23/11S4,000,000 4,177,044 0.87

CEDULAS TDA 6 3.875 05-25 23/05A15,000,000 13,056,931 2.73

Spain 60,286,072 12.60

CRITERIA CAIXACORP 4.125 09-14 20/11A5,000,000 6,535,435 1.37GAS NATURAL CAPITAL 4.125 10-18 26/01A2,500,000 3,036,075 0.63ICO 3.375 08-11 15/11A1,000,000 1,008,580 0.21LA CAIXA 3.75 10-13 05/11A5,000,000 6,548,528 1.37SPAIN 4.30 09-19 31/10A10,000,000 12,460,048 2.60SPAIN 5.75 01-32 30/07A13,000,000 17,041,294 3.56SPAIN BTS PP STRIP 0.00 98-13 31/01U480,810 599,181 0.13

SWEDEN -1046- 5.50 01-12 08/10A90,000,000 14,228,760 2.97

Sweden 14,228,760 2.97

ABBEY NATL TREAS 3.375 10-15 20/10A7,000,000 8,935,478 1.87


BARCLAYS BK PERP 144A 8.55 00-XX 19/09S5,000,000 5,024,950 1.05LLOYDS TBS 3.75 10-15 07/09A2,400,000 3,138,445 0.66LLOYDS TSB REGS 6.50 10-20 14/09S3,000,000 2,761,500 0.58ROYAL BK OF SCOTLAND 3.95 10-15 21/09S2,000,000 1,964,038 0.41UK TREASURY STOCK 4.25 09-39 07/09S4,000,000 6,332,454 1.32UK TREASURY STOCK 5.00 01-12 07/03S65,000 106,871 0.02UNITED KINGDOM 4.25 03-36 07/03S11,575,000 18,271,567 3.82UNITED KINGDOM 5.00 01-25 07/03S12,000,000 21,088,123 4.40VODAFONE GROUP 5.00 05-15 15/09S3,000,000 3,263,742 0.68

BEAR STEARNS 7.25 08-18 01/02S9,700,000 11,438,279 2.39


CITIGROUP 5.30 07-12 17/10S3,000,000 3,175,581 0.66CITIGROUP INC 5.50 09-14 15/10S3,000,000 3,228,309 0.67CITIGROUP INC 6.375 09-14 12/08S3,000,000 3,311,385 0.69GOLDMAN SACHS GROUP 5.125 09-19 23/10A3,000,000 3,968,039 0.83GOLDMAN SACHS GROUPE 4.375 10-17 16/06A3,000,000 3,962,847 0.83MERRILL LYNCH 6.00 08-13 11/02A6,000,000 8,422,127 1.76MERRILL LYNCH EMTN 6.644 07-11 16/02S15,100,000 23,767,491 4.97

% of N

AV

Market V

alue

USD

Quan

tity


Global Bond


82

MICROSOFT CORP 5.20 09-39 01/06S2,000,000 2,046,202 0.43USA NT INDEX 3.50 01-11 15/01S2,000,000 2,516,874 0.53USA TREAS.NOTES C-2017 4.50 07-17 15/05S5,000,000 5,598,438 1.17USA TREASURY BONDS 6.25 99-30 15/05S26,000,000 33,430,313 6.99USA TREASURY NOTES 3.875 08-18 15/05S25,000,000 26,902,344 5.62USA TREASURY NOTES 4.125 05-15 15/05S500,000 550,781 0.12USA TREASURY NOTES 4.625 07-17 15/02S15,000,000 16,900,781 3.53

FORTIS BANK SUB FL.R 01-XX 26/09A2,000,000 2,590,868 0.54


Belgium 2,590,868 0.54

CNCEP EMTN FL.R 04-XX 29/07A5,478,000 5,728,554 1.20

France 54,357,740 11.37

CNCEP EMTN SUB FL.R 03-XX 30/07A2,000,000 2,126,357 0.44CNP ASSURANCES SA FL.R 06-XX 22/12A3,000,000 3,219,720 0.67CREDIT LOGEMENT FL.R 06-XX 05/04A7,200,000 8,596,652 1.80LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A10,500,000 11,961,924 2.51SOCIETE GENE SA SUB FL.R 09-XX 04/09A2,000,000 2,815,318 0.59SOCIETE GENERALE FL.R 08-XX 22/05A5,500,000 7,267,847 1.52SUEZ ENV. CIE FL.R 10-XX 21/09A4,500,000 5,823,423 1.22VINCI FL.R 06-XX 13/11A5,000,000 6,817,945 1.42

ALLIANZ EMTN FL.R 04-XX 29/01A2,000,000 2,634,469 0.55

Germany 2,634,469 0.55

SL FINANCE SUB FL.R 02-22 12/07A2,000,000 2,675,526 0.56


BEAR STEARNS COS FL.R 05-12 27/07Q7,000,000 9,321,169 1.94


GE CAP TR IV REG-S FL.R 09-66 15/06A7,500,000 8,452,882 1.77HSBC FINANCE CORP FL.R 06-16 01/06Q8,000,000 7,228,264 1.51MORGAN STANLEY EMTN FL.R 06-13 01/03Q3,300,000 4,302,439 0.90MORGAN STANLEY GMTN FL.R 06-13 29/11Q7,000,000 8,996,857 1.88

LOGGI 2003-1 A FL.R 03-25 24/11Q2,237,765 2,752,751 0.57


France 2,752,751 0.57

CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q926,555 1,037,959 0.22


SANTM 1 A2 FL.R 05-38 25/10Q1,500,867 1,913,355 0.40

Spain 1,913,355 0.40

SMI 2009-1 A2 FL.R 09-55 21/01Q1,250,000 1,954,739 0.41


PORTFOLIO FIXED INCOME TRADE3 1,431,209 0.29



France 2,316,497 0.48

PORTFOLIO FOREX TRADING FCP2 885,288 0.19

STRUCTURA VAR ASIAN LOCAL DEBT -I- CAP5,000 5,766,100 1.21


% of N

AV

Market V

alue

USD

Quan

tity

AUD(P)/CAD(C)OTC JUN 0.90 14.06.11 PUT75,000,000 384,161 0.08




JPY(P)/KRW(C)OTC MAY12.285 16.05.11 PUT3,000,000,000 184,400 0.04JPY(P)/KRW(C)OTC MAY12.471 17.05.11 PUT3,000,000,000 219,114 0.05USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL35,000,000 2,914 0.00USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL34,100,000 0 0.00USD(C)/JPY(P)OTC JUL 95.00 27.07.11 CALL30,000,000 105,969 0.02

AUD(P)/CAD(C)OTC JUN 0.988 14.06.11 PUT-15,000,000 -366,411 -0.07

Short positions -1,007,095 -0.21

Derivative instruments -1,007,095 -0.21

Options, Warrants, Rights -1,007,095 -0.21

Luxembourg -1,007,095 -0.21

JPY(C)/KRW(P)OTC MAY 16.50 16.05.11 CALL-3,000,000,000 -318,535 -0.07JPY(C)/KRW(P)OTC MAY 16.50 19.05.11 CALL-3,000,000,000 -322,149 -0.07


% of N

AV

Market V

alue

USD

Quan

tity


Global Convertible Bond


83

CFS RET.PROP TRT CV 5.075 07-14 21/08S520,000 385,540 1.48



24,511,228 93.99

Convertible bonds 23,964,724 91.89


HONGKONG LD CV REGD 2.75 05-12 21/12S300,000 419,813 1.61

Bermuda 695,561 2.67

NOBLE GROUPE CV 0.00 07-14 13/06U209,000 275,748 1.06

BES FINANCE CONV 1.25 08-11 26/02S400,000 294,248 1.13


AXA SA CV SUB 3.75 00-17 01/01A5,491 1,270,951 4.87

France 3,790,661 14.54

CAP GEMINI SA CV -CAP- 3.50 09-14 01/01A10,839 454,135 1.74MICHELIN SA -ML- CV 0.00 07-17 01/01U5,901 663,768 2.55PUBLICIS GROUPE CV 3.125 09-14 30/07S17,687 719,810 2.76UNIBAIL-RODAMCO CV 3.50 09-15 01/01A3,435 681,997 2.62

KFW CV 1.50 09-14 30/07A500,000 572,840 2.20

Germany 2,756,651 10.57

KFW CV (DEUTSCHE TEL) 3.25 08-13 27/06A2,100,000 2,183,811 8.37

AEON CO LTD CV 0.30 09-13 22/11U43,000,000 466,483 1.79

Japan 4,671,215 17.90

CASIO COMPUTER CV 0.00 08-15 31/03U40,000,000 364,332 1.40MITSUB. CHEM. CV 0.00 07-13 22/10U60,000,000 540,757 2.07MITSUI O.S.K.LINES CV 0.00 06-11 29/03U43,000,000 394,593 1.51NEC CORPORATION CV 1.00 96-11 30/09S65,000,000 599,034 2.30SHARP CORP S20- 0.00 06-13 30/09U174,000,000 1,572,192 6.02TOSHIBA CORP CV 0.00 04-11 21/07U80,000,000 733,824 2.81

WPP CV 5.75 09-14 19/05S300,000 515,315 1.98


ARCELORMITTAL CV REGS 7.25 09-14 01/04S42,783 1,377,355 5.28


LUKOIL INTL CV (SHS) 2.625 10-15 16/06S500,000 391,671 1.50


PARGESA NETHERL. CV 1.70 06-13 27/04A1,290,000 1,021,807 3.92SUEDZUCKER INT FIN CV 2.50 09-16 30/06A250,000 326,261 1.25

PORTUGAL TEL. CV 4.125 07-14 28/08S400,000 400,378 1.54

Portugal 400,378 1.54

LA CAIXA CV 3.50 08-11 19/06S400,000 398,196 1.53

Spain 398,196 1.53

INDUSTRIVAERDEN CV 2.50 10-15 27/02S450,000 569,358 2.18

Sweden 569,358 2.18

SWISS AMER.CV REG SUB 3.25 01-21 21/11A380,000 274,546 1.05


TEVA PHARMA. FIN CV 1.75 06-26 01/02S178,000 143,909 0.55

The Netherlands Antilles 143,909 0.55

% of N

AV

Market V

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EUR

Quan

tity

ANGLO AMERCAN CV-AAL- 4.00 09-14 07/05S1,100,000 1,597,052 6.13


3I GROUP PLC CV REG-S 3.625 08-11 29/05S200,000 235,341 0.90

AFFILIATED MANAG.CV 3.95 09-38 15/08S493,000 407,790 1.56


ALLERGAN CV 1.50 06-26 01/04S593,000 499,611 1.92BECKMAN COULTER CV 2.50 06-36 15/12S488,000 415,129 1.59CAMERON INTL CORP 2.50 06-26 15/06S524,000 566,716 2.17FISHER SCIENTIFIC CV 3.25 04-24 01/03S346,000 362,207 1.39INT GAME TECH CV 144A 3.25 09-14 01/05S674,000 583,099 2.24INTEL DEDS CV 2.95 05-35 15/12S1,022,000 767,435 2.93JEFFERIES GROUP CV 3.875 09-29 01/11S361,000 283,373 1.09TECH DATA CORP CV 2.75 07-26 15/12S300,000 234,299 0.90

DANAHER CV FL.R 01-21 22/01A538,000 546,504 2.10



JK LAKSHMI CEMENT -GDR- REG -S45,000 0 0.00


Shares 0 0.00

India 0 0.00

DJ EURO STOXX 50 MAR 2700 21.03.11 PUT30 25,050 0.10



Germany 25,050 0.10


% of N

AV

Market V

alue

EUR

Quan

tity


Global Corporate Bond


84

RIO TINTO FIN USA LTD 8.95 09-14 01/05S250,000 301,552 0.50



51,107,549 85.52

Bonds 38,720,692 64.79

Australia 1,441,350 2.41

SINGTEL OPTUS PTY 4.625 09-19 15/10S350,000 351,234 0.59WESTPAC BANKING 3.00 10-15 04/08S500,000 499,406 0.84WOOLWORTHS REGS 4.00 10-20 22/09S300,000 289,158 0.48

BANCO SANTANDER 4.50 10-15 06/04S300,000 306,136 0.51

Brazil 306,136 0.51

BARICK INTL BANK CORP 6.35 06-36 15/10S250,000 269,030 0.45

Canada 269,030 0.45

HUTCHISON WHAMPOA 4.625 09-15 11/09S350,000 369,136 0.61


PETROBRAS INTL FIN 5.75 09-20 20/01S250,000 260,057 0.44VALE OVERSEAS 5.625 09-19 15/09S200,000 213,423 0.36

AP MOLLER-MAERSK A/S 4.375 10-17 24/11A100,000 133,995 0.22

Denmark 133,995 0.22

ALSTOM 2.875 10-15 05/10A300,000 394,525 0.66

France 4,089,268 6.84

AUTOR.PARIS RHIN RHONE 7.50 09-10 12/01A250,000 380,165 0.64BNP PARIBAS EMTN 5.25 02-12 17/12A500,000 705,250 1.18DANONE 3.60 10-20 23/11A150,000 197,193 0.33DEXIA CLF EMTN 5.375 09-14 21/07A300,000 423,066 0.71EDF 4.50 10-40 12/11A200,000 246,512 0.41LAFARGE SA 6.15 06-11 15/07S150,000 152,267 0.25LAGARGE 5.375 10-18 29/11A100,000 132,308 0.22RCI BANQUE EMTN 4.375 10-15 27/01A300,000 412,359 0.69SOCIETE GENERALE 3.875 10-15 17/12A500,000 777,350 1.30VIVENDI -144A- 5.75 08-13 04/04S250,000 268,273 0.45

DAIMLERCHRYSLER 6.50 03-13 15/11S300,000 338,948 0.57

Germany 338,948 0.57

GE CAP EURO FUNDING 4.25 10-17 01/03A300,000 409,358 0.69

Ireland 409,358 0.69

ATLANTIA SPA 3.375 10-17 18/09A300,000 381,278 0.64

Italy 3,713,732 6.21

A2A EMTN 4.50 09-16 02/11A200,000 270,754 0.45EDISON SPA 3.875 10-17 10/11A250,000 317,079 0.53ENI SPA 3.50 10-18 29/01A300,000 395,204 0.66INTESA SAN PAOLO 4.00 10-18 08/11A300,000 381,762 0.64INTESA SAN PAOLO 5.15 10-20 16/07A350,000 468,448 0.78SEAT PAGINE REG S 10.50 10-17 31/01S250,000 282,564 0.47TELECOM ITALIA EMTN 5.25 10-22 10/02A100,000 129,563 0.22UNICREDITO ITALIANO 5.00 06-16 01/02A350,000 486,957 0.81UNIPOL GRUPPO FI 5.00 09-17 11/01A450,000 600,123 1.01

AMERICA MOVIL 6.125 10-40 30/03S300,000 320,054 0.54

Mexico 460,175 0.77

PEMEX 5.50 09-17 09/01A100,000 140,121 0.23

% of N

AV

Market V

alue

USD

Quan

tity

AEGON NV 4.75 03-13 01/06S350,000 365,883 0.61


CORIO 4.625 10-18 22/01A500,000 674,341 1.14DELTA LLOYD EMTN 4.25 10-17 17/11A400,000 527,070 0.88EDP FINANCE BV 3.25 10-15 16/03A200,000 248,131 0.42KBC IFIMA NV 3.875 10-15 31/03A150,000 197,301 0.33KONINKLIJKE KPN NV 5.75 09-29 17/09A190,000 307,054 0.51NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A400,000 564,073 0.94

BBVA SENIOR FIN EMTN 3.875 10-15 06/08A300,000 386,708 0.65

Spain 1,909,507 3.20

GAS NATURAL CAPITAL 4.375 09-16 02/11A200,000 254,478 0.43GAS NATURAL CAPITAL 5.25 09-14 09/07A150,000 204,948 0.34RED ELECTRICA DE ESP 3.50 10-16 07/10A150,000 197,509 0.33SANTANDER INTL 3.50 10-14 12/08A350,000 454,945 0.77SANTANDER US DEBT 144A3.724 10-15 20/01S300,000 282,889 0.47TELEFONICA EMISIONES 3.661 10-17 18/09A100,000 128,030 0.21

ABBEY NATL TREAS 3.375 10-15 20/10A100,000 127,650 0.21


ANGLO AMER CAPITAL 4.375 09-16 02/12A200,000 279,371 0.47BARCLAYS BANK 6.75 09-19 22/05S300,000 338,649 0.57BARCLAYS BANK PLC 6.00 10-21 14/01A200,000 260,759 0.44CREDIT SUISSE LDN 3.875 10-17 25/01A350,000 471,933 0.79HSBC BANK REG S 3.50 10-15 28/06S400,000 409,972 0.69HSBC REGS 4.125 10-20 12/08S400,000 390,828 0.65INTERCONTI HOTELS GR 6.00 09-16 09/12A300,000 489,322 0.82LLOYDS TSB 6.50 10-20 24/03A450,000 557,539 0.93LLOYDS TSB BANK EMTN 6.375 09-16 17/06A250,000 360,867 0.60LLOYDS TSB BANK REG-S 5.80 10-20 13/01S250,000 246,273 0.41LLOYDS TSB BANK REG-S 5.875 02-14 08/07A350,000 478,760 0.80MARKS AND SPENC.EMTN 6.125 09-19 02/12A200,000 330,568 0.55MOTABILITY OPE EMTN 5.375 10-22 28/06S250,000 400,124 0.67OLD MUTUAL EMTN 7.125 09-16 19/10S100,000 169,203 0.28PRUDENTIAL FIN.EMTN 6.125 01-31 19/12A200,000 292,033 0.49ROYAL BK OF SCOTLAND 3.95 10-15 21/09S360,000 353,527 0.59ROYAL BK OF SCOTLAND 6.40 09-19 21/10U500,000 506,692 0.85ROYAL BK SCOTLAND 68 4.875 09-14 25/08S250,000 256,308 0.43STAGECOACH GROUS 5.75 09-16 16/12A250,000 406,528 0.68STAND CHART 144A 5.50 09-14 18/11S250,000 270,845 0.45STATE BANK OF INDIA 4.50 10-15 30/11A350,000 472,044 0.79VIRGIN MEDIA 7.00 10-18 15/01S300,000 499,059 0.84

ABBOTT LABORATORIES 6.15 07-37 30/11S250,000 282,312 0.47


ALLSTATE CORP B 7.45 09-19 16/05S250,000 302,673 0.51ALTRIA GROUP INC 9.25 09-19 06/08S250,000 325,886 0.55AM EXP CRDT 73 D 2.75 10-15 15/09S300,000 294,662 0.49AMER EXPRESS CREDIT 5.375 09-14 01/10A350,000 573,308 0.97ANHEUSER BUSCH 7.75 09-19 15/01S300,000 372,184 0.62AON CORP 5.00 10-20 30/09S400,000 403,128 0.67AT&T INC 6.55 09-39 15/02S250,000 270,603 0.45BANK OF AMERICA 5.75 07-17 01/12S250,000 258,161 0.43BANK OF AMERICA CORP 7.00 08-28 31/07S350,000 544,562 0.92BANK OF AMERICA EMTN 5.125 07-14 26/09A200,000 275,189 0.46CISCO SYSTEMS INC 5.90 09-39 15/02S250,000 272,117 0.46CITIGROUP INC 6.00 07-17 15/08S250,000 273,107 0.46CITIGROUP INC 6.375 09-14 12/08S100,000 110,380 0.18

% of N

AV

Market V

alue

USD

Quan

tity




85

CITIGROUP SUB 6.125 06-36 25/08S350,000 338,069 0.57COMCAST CORP 6.45 06-37 15/03S250,000 268,175 0.45CONOCOPHILLIPS 5.90 02-32 15/10S150,000 163,321 0.27CONSOLIDATED EDISON 5.70 10-40 15/06S400,000 421,920 0.71COX COMMUNICAT.-144A- 8.375 09-39 01/03S200,000 260,000 0.44CREDIT SUISSE NY 5.30 09-19 13/08S250,000 263,807 0.44DEERE AND CO 5.375 09-29 16/10S100,000 102,706 0.17EXELON GENERATION 5.20 09-19 01/10S250,000 263,018 0.44GECC 5.25 10-20 01/08S250,000 268,457 0.45GENERAL ELECTRIC 5.875 08-38 14/01S200,000 205,850 0.34HESS CORP 6.00 09-40 15/01S300,000 314,865 0.53JPMORGAN CHASE 2.60 10-16 15/01S100,000 97,174 0.16JPMORGAN CHASE AND CO 6.125 09-14 01/04A250,000 366,803 0.61KRAFT FOODS INC 6.50 10-40 09/02S200,000 223,682 0.37MARATHON OIL CORP 7.50 09-19 15/02S84,000 104,201 0.17MERRILL LYNCH AND CO 6.05 07-12 15/08S250,000 264,879 0.44MORGAN STANLEY 5.625 09-19 23/09S250,000 254,013 0.43MORGAN STANLEY EMTN 5.375 10-20 10/08A300,000 389,390 0.65MORGAN STANLEY GRP 5.50 07-17 02/10A250,000 342,037 0.57NBC -144A- 5.15 10-20 30/04S300,000 310,750 0.52PACIFIC GAS & ELECTRIC 6.50 09-39 01/03S250,000 283,697 0.47PEPSI BOTTLING -B- 7.00 99-29 01/03S200,000 243,048 0.41PPL ENERGY SUPPLY LCC 6.30 08-13 15/07S250,000 275,624 0.46PRUDENTIAL FINANCIAL 4.75 09-15 17/09S400,000 425,407 0.71SIMON PROPERTY GROUP 6.75 10-40 01/02S400,000 450,024 0.75SOUTHN.CALIF.EDISON 6.05 09-39 15/03S250,000 277,776 0.46TIME WARNER INC 4.70 10-21 15/01S250,000 255,126 0.43UBS AG STAMFORD 143 3.875 10-15 15/01S250,000 257,747 0.43VALERO ENERGY CORP 4.50 10-15 01/02S450,000 470,708 0.79WEA FINANCE 144A 5.75 09-15 02/09S500,000 540,383 0.91WELLPOINT INC 7.00 09-19 15/02S250,000 292,941 0.49

AFD FL.R 06-XX 20/07A400,000 496,481 0.82


France 3,389,321 5.68

AXA EMTN PERP. SUB FL.R 06-XX 06/07A300,000 344,946 0.58CNCEP EMTN SUB FL.R 03-XX 30/07A400,000 425,271 0.71CNP ASSURANCES SA FL.R 06-XX 22/12A450,000 482,958 0.81CRED.AGRI.LONDON 144A FL.R 07-XX 30/11S500,000 428,125 0.72CREDIT AGRICOLE FL.R 06-XX 24/02A100,000 127,352 0.21CREDIT AGRICOLE SUB. FL.R 05-XX 09/11A200,000 227,632 0.38GROUPAMA SA PERP FL.R 07-49 22/10A150,000 153,104 0.26NATIXIS EMTN FL.R 07-19 14/05A150,000 194,447 0.33SOCIETE GENERALE FL.R 05-49 29/01A350,000 379,596 0.64SUEZ ENV. CIE FL.R 10-XX 21/09A100,000 129,409 0.22

ALLIANZ EMTN FL.R 04-XX 29/01A200,000 263,447 0.44

Germany 263,447 0.44

CREDIT SUISSE GR FIN. FL.R 06-18 23/01A250,000 329,845 0.55

Guernsey 329,845 0.55

ULSTER BANK FINANCE FL.R 06-11 29/03Q500,000 667,457 1.12

Ireland 667,457 1.12

INTESA SANPAOLO FL.R 08-18 28/05A200,000 270,048 0.45

Italy 1,545,552 2.59

INTESA SANPAOLO SUB FL.R 10-XX 01/06A450,000 580,568 0.98SAN PAOLO IMI EMTN FL.R 05-20 02/03A50,000 62,574 0.10

% of N

AV

Market V

alue

USD

Quan

tity

UNICREDITO ITAL PERP. FL.R 05-XX 27/10A300,000 299,475 0.50UNICREDITO ITAL.EMTN FL.R 06-16 20/09A250,000 332,887 0.56

ARCELORMITTAL FL.R 10-17 18/11A100,000 134,658 0.23


DEXIA BIL FL.R 01-XX 06/07A200,000 203,916 0.34UNICREDIT FIN SUB T2 FL.R 06-17 13/01S500,000 493,745 0.82

EUREKO BV FL.R 05-49 29/06A300,000 319,671 0.54


ING BANK EMTN SUB FL.R 05-20 16/09A250,000 311,354 0.52ING GROEP FL.R 06-XX 17/03S100,000 121,967 0.20

BCO BILBAO VIZCAYA FL.R 04-19 20/10A300,000 336,828 0.56

Spain 627,712 1.05

SANTANDER IS 144A SUB FL.R 06-16 20/06S300,000 290,884 0.49

CREDIT AGRICOLE -119- FL.R 05-16 14/03Q500,000 490,000 0.82


HSBC CAP FDG FL.R 03-XX 31/12A188,000 237,214 0.40HSBC FINANCE CAP IX FL.R 05-35 30/11S300,000 273,750 0.46OLD MUTUAL PLC SUB. FL.R 07-17 18/01A250,000 318,115 0.53ROYAL BK OF SCOTLAND FL.R 03-16 28/01A400,000 454,238 0.76SL FINANCE SUB FL.R 02-22 12/07A450,000 601,992 1.00STANDARD CHART SUB FL.R 05-17 03/02A200,000 267,503 0.45

BANK OF AMERICA FL.R 07-17 23/05A250,000 304,504 0.51


BANK OF AMERICA CORP FL.R 04-19 06/05A400,000 483,346 0.80JP MORGAN CHASE SUB FL.R 07-17 29/05A300,000 404,300 0.68UBS PFD FDG V S.1 FL.R 06-XX 15/05S150,000 143,250 0.24


% of N

AV

Market V

alue

USD

Quan

tity


Global Inflation Bond


86

AUSTRALIA (INDEXED) 4.00 94-15 20/08Q5,300,000 6,787,320 5.05

Long positions 166,554,809 124.02


165,695,505 123.38

Bonds 165,695,505 123.38

Australia 8,278,337 6.16

AUSTRALIA (INDEXED) 4.00 96-20 20/08Q1,200,000 1,491,017 1.11

CANADA (INDEXED) 3.00 03-36 01/12S1,660,000 2,013,361 1.50

Canada 4,377,424 3.26

CANADA (INDEXED) 4.00 99-31 01/12S1,070,000 1,593,227 1.19CANADA (INDEXED) 4.25 91-21 01/12S540,000 770,836 0.57

FRANCE OAT INDEX 2.10 08-23 25/07A200,000 227,431 0.17

France 23,504,203 17.50

FRANCE OAT INDEX 2.25 03-20 25/07A1,960,000 2,443,829 1.82FRANCE OAT INDEX 3.40 99-29 25/07A540,000 837,950 0.62FRANCE OAT INDEXE 1.60 03-11 25/07A4,400,000 5,014,414 3.74FRANCE OAT INDEXE 1.80 06-40 25/07A475,000 529,672 0.39FRANCE OAT INDEXEE 1.00 05-17 25/07A1,800,000 1,989,248 1.48FRANCE OAT INDEXEE 1.30 10-19 25/07A2,760,000 2,864,955 2.13FRANCE OAT INDEXEE 1.60 04-15 25/07A2,480,000 2,938,273 2.19FRANCE OAT INDEXEE 2.50 02-13 25/07A1,400,000 1,719,414 1.28FRANCE OAT INDEXEE 3.15 02-32 25/07A3,350,000 4,939,017 3.68

DEUTSCHLAND I/L BOND 1.50 06-16 15/04A3,965,000 4,596,753 3.42

Germany 13,210,352 9.84

GERMANY INFL. INDEX 2.25 07-13 15/04A7,540,000 8,613,599 6.42

ITALY BTPSI (INDEXEE) 2.55 09-41 15/09S1,435,000 1,284,629 0.96

Italy 9,804,348 7.30

ITALY INFL. INDEX 2.10 06-17 15/09S1,540,000 1,643,403 1.22ITALY INFL. INDEX 2.10 10-21 15/09S1,000,000 939,648 0.70ITALY INFL. INDEX 2.35 04-35 15/09S565,000 566,804 0.42ITALY INFL. INDEX 2.35 08-19 15/09S2,270,000 2,287,102 1.70ITALY INFL. INDEX 2.60 07-23 15/09S3,015,000 3,082,762 2.30

JAPAN 04(INDEXED)JGB 0.50 05-15 10/06S241,200,000 2,189,391 1.63

Japan 5,779,385 4.30

JAPAN 09(INDEXED)JGB 1.10 06-16 10/09S122,300,000 1,121,962 0.84JAPAN 14(INDEXED)JGB 1.20 07-17 10/12S269,700,000 2,468,032 1.83

SWEDEN INDEXED -3102- 4.00 96-20 01/12A5,570,000 973,983 0.73

Sweden 3,192,300 2.38

SWEDEN NR 3104 INDEX 3.50 98-28 01/12A5,765,000 1,016,390 0.76SWEDEN NR 3105 INDEX 3.50 98-15 01/12A8,000,000 1,201,927 0.89

UK TSY (RPI INDEXED) 0.625 10-40 22/03S1,000,000 1,228,534 0.91


UNITED KINGDOM 2.50 82-11 23/08S30,000 108,434 0.08UNITED KINGDOM INDEX 0.75 07-47 22/11S655,000 899,401 0.67UNITED KINGDOM INDEX 1.125 02-37 22/11S3,745,000 5,539,682 4.12UNITED KINGDOM INDEX 1.25 06-17 22/11S6,220,000 9,208,294 6.87UNITED KINGDOM INDEX 1.875 07-22 22/11S1,210,000 1,780,483 1.33UNITED KINGDOM INDEX 2.00 02-35 26/01S1,000,000 1,980,358 1.47UNITED KINGDOM INDEX 2.50 86-24 17/07S755,000 2,503,030 1.86UNITED KINGDOM INDEXE 1.25 05-55 22/11S1,095,000 1,984,182 1.48UNITED KINGDOM INDEXE 1.25 06-27 22/11S2,780,000 4,140,168 3.08

% of N

AV

Market V

alue

EUR

Quan

tity

UNITED KINGDOM INDEXE 2.50 83-20 16/04S910,000 3,397,719 2.53UNITED KINGDOM INDEXE 2.50 85-13 16/08S1,350,000 4,396,697 3.27

UNITED STATES INDEXEE 2.00 06-16 15/01S2,835,000 2,538,661 1.89


US TREASURY INDEXEE 0.625 08-13 15/04S7,750,000 6,164,628 4.59US TREASURY INDEXEE 1.25 09-14 15/04S3,820,000 3,098,721 2.31US TREASURY INDEXEE 1.375 08-18 15/07S2,920,000 2,330,102 1.74US TREASURY INDEXEE 1.375 10-20 15/01S7,000,000 5,494,357 4.09US TREASURY INDEXEE 2.375 07-27 15/01S3,460,000 3,119,747 2.32US TREASURY INDEXEE 2.50 09-29 15/01S1,150,000 995,102 0.74US TREASURY INFL IX 2.375 06-11 15/04S3,680,000 3,051,010 2.27USA NTS INDEX 3.00 02-12 15/07S8,000,000 7,713,040 5.75USA NTS S.A-10 INDEX 2.50 06-16 15/07S4,000,000 3,628,769 2.70USA T NOTES INDEX 2.00 06-26 15/01S2,280,000 1,996,024 1.49USA T NOTES INDEX 2.125 10-40 15/02S2,300,000 1,845,740 1.37USA T NOTES INDEX 2.375 04-25 15/01S1,950,000 1,884,220 1.40USA T NOTES INDEXED 1.875 09-19 15/07S1,000,000 831,919 0.62USA T.BDS INF.INDEXE 3.875 99-29 15/04S2,000,000 2,667,123 1.99USA TREAS.BONDS(INDEX)3.375 01-32 15/04S1,750,000 2,083,051 1.55USA TREASURY INF.INDX 2.625 07-17 15/07S6,240,000 5,594,220 4.17USA TREASURY NTS INDX 1.625 08-18 15/01S2,000,000 1,669,507 1.24USA TREASURY NTS INDX 1.75 08-18 15/01S4,620,000 3,676,233 2.74

AMUNDI INFLATION PROTECT DURATION9 859,304 0.64



France 859,304 0.64


% of N

AV

Market V

alue

EUR

Quan

tity


LDI Gilt Plus (GBP)


87

FRANCE BTF -11 03/02U1,000,000 861,904 9.95



7,151,075 82.60

Bonds 6,906,133 79.77

France 5,710,680 65.97

FRANCE BTF -11 21/04U600,000 525,164 6.07FRANCE BTF -11 24/02U2,000,000 1,727,236 19.95FRANCE BTF 10-11 06/01U2,200,000 1,921,365 22.20FRANCE BTF 10-11 10/02U800,000 675,011 7.80

GERMANY T-BILLS 10-11 13/04U1,000,000 834,149 9.63

Germany 834,149 9.63

TURKEY 11.875 00-30 15/01S30,000 33,024 0.38

Turkey 33,024 0.38

UK TREASURY GILT STK 4.75 04-38 07/12S300,000 328,280 3.79


BARCLAYS BANK SUB FL.R 86-XX 29/08S650,000 244,942 2.83



AMUNDI GLOBAL EMERGENTS FCP -R-0 273,992 3.16



France 400,367 4.62



% of N

AV

Market V

alue

GBP

Quan

tity


LDI Index Linked Plus (GBP)


88

FRANCE BTF -11 03/02U400,000 344,762 2.98



9,283,115 80.15

Bonds 9,038,173 78.04

France 3,981,116 34.37

FRANCE BTF -11 07/04U2,000,000 1,681,858 14.52FRANCE BTF -11 19/05U1,000,000 839,927 7.25FRANCE BTF 10-11 06/01U890,000 777,279 6.71FRANCE BTF 10-11 10/03U400,000 337,290 2.91

GERMAN T-BILL 10-11 12/01U2,500,000 2,091,758 18.07

Germany 4,183,410 36.13

GERMANY T-BILLS 10-11 26/01U2,500,000 2,091,652 18.06



UNITED KINGDOM 4.25 00-32 07/06S100,000 101,381 0.88

US TREASURY BILLS -11 03/03U700,000 443,986 3.83


BARCLAYS BANK SUB FL.R 86-XX 29/08S650,000 244,942 2.11






France 510,202 4.40



% of N

AV

Market V

alue

GBP

Quan

tity


Index Euro


89




198,183,528 99.22

Shares 198,183,498 99.22

Austria 2,281,400 1.14

IMMOFINANZ AG84,883 273,833 0.14OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL)5,150 146,209 0.07OMV AG11,719 369,383 0.18RAIFFEISEN BANK INTERNATIONAL-HOLDING AG3,717 154,999 0.08TELEKOM AUSTRIA AG28,605 306,503 0.15VOESTALPINE AG9,436 346,537 0.17WIENER INSURANCE GROUP3,207 126,356 0.06

ANHEUSER-BUSCH INBEV NV58,234 2,520,659 1.27

Belgium 6,114,734 3.06

BEKAERT SA3,245 281,309 0.14BELGACOM SA11,885 305,682 0.15CNP2,197 81,322 0.04COLRUYT6,463 251,411 0.13DEXIA46,668 121,757 0.06FORTIS175,217 299,446 0.15GROUPE BRUXELLES LAMBERT GBL6,256 402,949 0.20GROUPE DELHAIZE7,903 443,358 0.22KBC GROUPE SA13,342 342,489 0.17MOBISTAR SA2,205 106,689 0.05SOLVAY4,676 377,540 0.19UCB8,625 225,803 0.11UMICORE8,907 354,320 0.18


Cyprus 180,885 0.09


Finland 7,491,546 3.75

FORTUM CORP36,030 811,396 0.41KESKO CORP5,695 200,920 0.10KONE -B-12,911 541,616 0.27METSO CORP9,937 417,155 0.21NESTE OIL10,726 129,785 0.06NOKIA OYJ303,605 2,366,601 1.19NOKIAN TYRES PLC9,244 254,210 0.13ORION CORPORATION (NEW) -B-7,749 127,859 0.06OUTOKUMPU OYJ -A-10,772 151,670 0.08POHJOLA BANK -A-11,282 102,441 0.05RAUTARUUKKI6,873 121,377 0.06SAMPO OYJ -A-33,995 687,039 0.34SANOMA CORP6,576 106,728 0.05STORA ENSO -R-45,472 351,953 0.18UPM KYMMENE CORP43,118 578,212 0.29WARTSILA CORPORATION -B-6,164 357,820 0.18

ACCOR SA11,439 385,609 0.19

France 62,394,831 31.23

AEROPORTS DE PARIS-ADP-2,439 145,901 0.07AIR FRANCE - KLM SA11,100 152,348 0.08AIR LIQUIDE SA22,935 2,235,474 1.12

% of N

AV

Market V

alue

EUR

Quan

tity

ALCATEL-LUCENT SA180,161 397,435 0.20ALSTOM SA16,245 588,719 0.29ATOS ORIGIN SA3,782 153,341 0.08AXA SA138,265 1,754,583 0.88BIC2,191 143,927 0.07BIOMERIEUX SA956 72,914 0.04BNP PARIBAS SA78,011 3,820,979 1.91BOUYGUES18,236 593,764 0.30BUREAU VERITAS SA4,200 236,292 0.12CAP GEMINI SA11,427 406,001 0.20CARREFOUR SA48,192 1,545,276 0.77CASINO GUICHARD PERRACHON SA4,751 352,002 0.18CGG VERITAS SA12,272 284,710 0.14CHRISTIAN DIOR SA5,004 543,935 0.27CIE DE SAINT-GOBAIN SA31,977 1,261,653 0.63CNP ASSURANCES12,613 174,816 0.09CREDIT AGRICOLE SA79,826 767,846 0.38DANONE SA47,264 2,279,779 1.14DASSAULT SYSTEMES SA5,080 291,084 0.15EDENRED SA12,478 226,850 0.11EDF SA20,498 641,997 0.32EIFFAGE3,387 115,446 0.06ERAMET SA439 112,999 0.06ESSILOR INTERNATIONAL SA16,106 797,891 0.40EURAZEO SA2,377 132,993 0.07EUROPEAN AERONAUTIC DEFENSE AND SPACE32,164 575,896 0.29EUTELSAT COMMUNICATIONS SA8,465 232,830 0.12FONCIERE DES REGIONS SA1,998 145,934 0.07FRANCE TELECOM SA150,377 2,391,746 1.20GDF SUEZ SA99,795 2,757,336 1.38GECINA SA REG SHS1,540 128,467 0.06GROUPE EUROTUNNEL SA40,996 271,885 0.14HERMES INTERNATIONAL SA746 116,488 0.06ICADE SA1,910 146,898 0.07ILIAD SA1,348 110,900 0.06IMERYS SA3,097 157,451 0.08JC DECAUX SA5,521 129,440 0.06KLEPIERRE SA8,096 222,438 0.11LAFARGE SA16,256 775,655 0.39LAGARDERE GROUPE SCA NOM10,161 320,529 0.16LEGRAND SA13,180 408,646 0.20L'OREAL SA19,288 1,648,931 0.83LVMH MOET HENNESSY LOUIS VUITTON SA19,748 2,477,387 1.24MICHELIN SA REG SHS14,031 761,883 0.38M6 METROPOLE TELEVISION SA5,259 94,636 0.05NATIXIS SA75,156 264,324 0.13NEOPOST2,566 169,638 0.08PAGES JAUNES SA10,257 70,189 0.04PERNOD RICARD SA16,236 1,163,472 0.58PEUGEOT SA11,897 342,574 0.17PPR6,183 745,979 0.37PUBLICIS GROUPE9,660 374,373 0.19RENAULT SA15,564 675,089 0.34SAFRAN -ACT.-13,017 347,424 0.17SANOFI-AVENTIS SA84,694 4,162,709 2.08SCHNEIDER ELECTRIC SA19,593 2,262,992 1.13SCOR SE ACT PROV REGROUPEMENT14,280 275,176 0.14

% of N

AV

Market V

alue

EUR

Quan

tity


Index Euro


90

SOCIETE GENERALE SA51,127 2,121,004 1.06SODEXO SA7,372 390,716 0.20STMICROELECTRONICS NV49,772 389,765 0.20SUEZ ENVIRONNEMENT COMPANY SA21,019 328,002 0.16TECHNIP-COFLEXIP8,160 576,259 0.29T.F.1 SA9,805 131,730 0.07THALES7,386 196,246 0.10TOTAL170,860 6,926,663 3.46UNIBAIL-RODAMCO SE7,491 1,110,166 0.56VALLOUREC SA8,787 708,320 0.35VEOLIA ENVIRONNEMENT SA27,486 615,961 0.31VINCI SA35,976 1,484,909 0.74VIVENDI SA99,625 2,069,211 1.04


Germany 55,674,490 27.87

ALLIANZ SE REG SHS36,636 3,286,249 1.65AXEL SPRINGER VERLAG AG NAMEN AKT1,239 148,742 0.07BASF - NAMEN AKT74,194 4,551,802 2.28BAYER AG REG SHS66,770 3,729,772 1.87BEIERSDORF AG7,917 331,762 0.17BMW AG26,649 1,564,829 0.78BMW VORZUG - STIMMRECHTSLOS4,290 165,165 0.08BRENNTAG - NAMEN AKT2,364 177,536 0.09CELESIO NAMEN AKT6,262 117,193 0.06COMMERZBANK AG55,410 311,016 0.16CONTINENTAL AG4,286 254,203 0.13DAIMLER AG REG SHS72,855 3,738,919 1.87DEUTSCHE BANK AG REG SHS75,140 2,963,146 1.48DEUTSCHE BOERSE AG REG SHS15,816 828,917 0.41DEUTSCHE LUFTHANSA AG REG SHS19,710 328,566 0.16DEUTSCHE POST AG REG SHS69,127 880,678 0.44DEUTSCHE TELEKOM AG REG SHS229,763 2,229,620 1.12E.ON AG REG SHS145,358 3,336,693 1.67FRAPORT AG3,016 143,893 0.07FRESENIUS AG2,319 147,535 0.07FRESENIUS MEDICAL CARE AG & CO KGAA15,562 676,169 0.34FRESENIUS SE6,253 399,567 0.20GEA GROUP AG14,198 310,368 0.16HANNOVER RUECKVERSICHERUNG AG REG SHS5,123 207,917 0.10HEIDELBERGCEMENT AG11,658 553,755 0.28HENKEL AG & CO KGAA14,411 669,031 0.33HENKEL KGAA10,065 395,705 0.20HOCHTIEF AG3,892 247,687 0.12INFINEON TECHNOLOGIES REG SHS90,140 633,504 0.32KABEL DEUTSCHLAND HOLDING AG4,508 157,780 0.08K+S11,597 656,738 0.33LANXESS AG6,945 413,158 0.21LINDE AG13,600 1,568,080 0.79MAN SE8,614 779,567 0.39MERCK KGAA5,043 306,614 0.15METRO AG10,220 555,764 0.28MUENCHENER RUECKVERSICHERUNGS AG REGSHS

15,171 1,743,906 0.87

PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR6,830 411,849 0.21PROSIEBEN SAT.1 MED.VORZ.AKT.OHNE STIMM.6,392 147,016 0.07PUMA AG431 105,380 0.05QIAGEN NV19,919 294,901 0.15

% of N

AV

Market V

alue

EUR

Quan

tity

RWE AG33,698 1,689,955 0.85RWE VORZ.AKT OHNE STIMMRECHT3,292 156,995 0.08SALZGITTER AG3,577 206,643 0.10SAP AG69,217 2,657,587 1.33SIEMENS AG REG SHS66,503 6,301,159 3.16SUEDZUCKER MANNH./OCHS5,399 108,682 0.05THYSSENKRUPP AG27,265 858,848 0.43TUI AG REG SHS11,362 119,301 0.06UNITED INTERNET AG REG SHS10,051 122,270 0.06VOLKSWAGEN AG2,525 271,438 0.14VOLKSWAGEN VORZ.AKT13,697 1,696,373 0.85WACKER CHEMIE AG1,288 167,440 0.08

ALPHA BANK43,148 171,729 0.09

Greece 1,528,915 0.77

COCA COLA HBC - REG SHS15,727 305,890 0.16EFG EUROBANK ERGASIAS26,441 102,855 0.05GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS19,120 248,560 0.12HELLENIC TELECOMMUNICATIONSORGANISATION

20,430 127,892 0.06

NATIONAL BANK OF GREECE REG.75,040 466,749 0.24PUBLIC POWER CORP OF GREECE9,655 105,240 0.05

ANGLO-IRISH BANK25,753 258 0.00

Ireland 1,609,096 0.81

BANK OF IRELAND (GOV&CO)283,310 105,675 0.05CRH PLC57,541 895,913 0.46ELAN CORP42,036 184,748 0.09KERRY GROUP PLC12,069 305,949 0.15RYANAIR HOLDING ORD.30,875 116,553 0.06

ASSICURAZIONI GENERALI SPA96,066 1,393,918 0.70

Italy 16,921,715 8.47

ATLANTIA SPA18,746 287,189 0.14AUTOGRILL SPA9,320 99,538 0.05A2A SPA89,483 93,152 0.05BANCA CARIGE AZ.45,882 73,365 0.04BANCA MONTE DEI PASCHI DI SIENA SPA187,909 161,132 0.08BANCO POPOLARE SOCIETA COOPERATIVA54,493 188,410 0.09ENEL GREEN POWER118,901 188,101 0.09ENEL SPA530,284 2,019,056 1.01ENI SPA210,165 3,484,535 1.75EXOR SPA5,238 128,645 0.06FIAT SPA62,321 934,192 0.47FINMECCANICA SPA31,594 266,337 0.13INTESA SANPAOLO SPA633,517 1,316,132 0.66INTESA SANPAOLO SPA NON CONV78,579 142,464 0.07LUXOTTICA GROUP SPA9,899 228,964 0.11MEDIASET SPA61,030 277,992 0.14MEDIOBANCA SPA40,709 276,414 0.14PARMALAT SPA148,470 307,704 0.15PIRELLI AND C19,846 122,648 0.06PRYSMIAN SPA15,516 198,605 0.10SAIPEM SPA21,454 797,874 0.40SNAM RETE GAS SPA111,042 415,019 0.21TELECOM ITALIA SPA760,843 753,235 0.38TELECOM ITALIA SPA RISP NON CONV475,681 389,821 0.20TERNA SPA101,805 324,249 0.16

% of N

AV

Market V

alue

EUR

Quan

tity


Index Euro


91

UBI BANCA SCPA47,472 317,350 0.16UNICREDIT SPA1,086,154 1,735,674 0.87

ARCELORMITTAL SA REG SHS69,154 1,984,028 1.00


SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)23,334 420,245 0.21TENARIS SA - REG.SHS38,187 708,751 0.35

AEGON NV123,067 570,292 0.29


AKZO NOBEL NV18,881 885,330 0.44ASML HOLDING NV35,237 1,016,940 0.51CORIO NV5,068 240,375 0.12DELTA LLOYD N.V.6,063 91,369 0.05FUGRO NV -CERT OF SHS5,758 356,075 0.18HEINEKEN HOLDING9,914 326,666 0.16HEINEKEN NV21,016 782,321 0.39ING GROEP NV310,554 2,263,629 1.14KONINKLIJKE AHOLD NV97,446 967,931 0.48KONINKLIJKE BOSKALIS WESTMINSTER NV5,853 207,284 0.10KONINKLIJKE DSM NV12,785 546,623 0.27KONINKLIJKE KPN NV126,404 1,403,716 0.70KONINKLIJKE PHILIPS ELECTRONICS NV79,392 1,832,367 0.92KONINKLIJKE VOPAK5,999 214,974 0.11RANDSTAD HOLDING8,608 342,684 0.17REED ELSEVIER NV57,019 531,930 0.27SBM OFFSHORE NV14,299 240,867 0.12TNT NV29,660 566,654 0.28UNILEVER NV131,454 3,145,695 1.58WOLTERS KLUWER NV23,120 386,682 0.19

BANCO ESPIRIT SANTO44,200 128,180 0.06

Portugal 1,748,709 0.88

BCP, BANCO COMMERCIAL PORTUGUES SA NOM.237,098 141,310 0.07BRISA AUTO ESTRADAS DE PORTUGAL14,593 76,905 0.04CIMPOR CIMENTOS DE PORTUGAL NOM.16,399 85,439 0.04EDP-ENERGIAS REG.SHS152,635 386,167 0.19GALP ENERGIA SA REG SHS -B-19,876 293,966 0.15JERONIMO MARTINS SGPS SA18,156 212,879 0.11PORTUGAL TELECOM REG.48,309 423,863 0.22


Spain 22,203,749 11.12

ACCIONA SA2,127 113,390 0.06ACERINOX REG SHS8,224 108,968 0.05ACS11,183 398,115 0.20AMADEUS IT HOLDINGS -A-16,813 264,132 0.13BANCO BILBAO VIZCAYA ARGENT. SA REG SHS344,635 2,641,283 1.32BANCO DE VALENCIA REG17,535 58,216 0.03BANCO SABADELL REG.SHS82,304 246,089 0.12BANCO SANTANDER SA REG SHS664,948 5,320,914 2.66BANKINTER REG.SHS23,521 101,328 0.05BCO POPULAR ESPANOL REG.74,603 290,280 0.15CRITERIA CAIXACORP SA72,213 292,824 0.15EDP RENOVAVEIS SA17,650 78,190 0.04ENAGAS15,305 230,034 0.12FERROVIAL SA37,832 287,523 0.14FOMENTO DE CONSTRUCCIONES Y CONTRATAS3,766 73,286 0.04

% of N

AV

Market V

alue

EUR

Quan

tity

GAS NATURAL SDG26,930 311,311 0.16GRIFOLS-SHS.A11,329 116,462 0.06IBERDROLA RENOVABLES SA71,511 189,790 0.10IBERDROLA SA325,088 1,897,214 0.95IBERIA LINEAS AEREAS DE ESPANA SA REG39,054 127,160 0.06INDITEX SA REG SHS17,877 1,020,955 0.51INDRA SISTEMAS SA7,368 96,300 0.05MAPFRE REG-SHS63,462 133,968 0.07RED ELECTRICA CORPORACION SA8,448 299,059 0.15REPSOL YPF SA60,096 1,266,223 0.63TELECINCO10,643 89,135 0.04TELEFONICA SA331,960 5,708,053 2.86ZARDOYA OTIS SPLIT ISSUE11,744 125,191 0.06



Belgium 30 0.00

IMMOFINANZ ANSPRUCH AUF EVENT26,046 0 0.00


Shares 0 0.00

Austria 0 0.00

IMMOEAST 31.12.10 RIGHT10,000 0 0.00


Austria 0 0.00


% of N

AV

Market V

alue

EUR

Quan

tity


Index Europe


92




481,536,165 98.56

Shares 481,238,932 98.50

Austria 2,308,572 0.47

IMMOFINANZ AG73,214 236,188 0.05OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL)8,733 247,930 0.05OMV AG11,063 348,706 0.07RAIFFEISEN BANK INTERNATIONAL-HOLDING AG3,504 146,117 0.03TELEKOM AUSTRIA AG28,257 302,774 0.06VOESTALPINE AG7,477 274,593 0.06WIENER INSURANCE GROUP4,486 176,748 0.04

ANHEUSER-BUSCH INBEV NV65,122 2,818,807 0.58

Belgium 6,794,386 1.39

BEKAERT SA2,181 189,071 0.04BELGACOM SA11,396 293,105 0.06CNP2,542 94,092 0.02COLRUYT9,110 354,379 0.07DEXIA31,264 81,568 0.02FORTIS182,841 312,475 0.06GROUPE BRUXELLES LAMBERT GBL6,697 431,354 0.09GROUPE DELHAIZE8,281 464,564 0.10KBC GROUPE SA14,134 362,820 0.07MOBISTAR SA2,006 97,060 0.02SOLVAY5,383 434,623 0.09UCB11,777 308,322 0.06UMICORE13,880 552,146 0.11

SEADRILL LTD26,735 680,104 0.14

Bermuda 680,104 0.14


Cyprus 130,382 0.03

A.P. MOELLER-MAERSK -A-66 441,440 0.09

Denmark 7,514,781 1.54

A.P. MOELLER-MAERSK -B- A/S126 869,116 0.18CARLSBERG AS -B-8,690 656,302 0.13COLOPLAST -B-1,581 161,502 0.03DANSKE BANK37,633 719,382 0.15DSV12,342 201,655 0.04NOVO-NORDISK -B-39,278 3,340,521 0.69NOVOZYMES -B-5,061 524,458 0.11TRYG SHS1,761 61,751 0.01VESTAS WIND SYSTEMS AS15,752 374,434 0.08WILLIAM DEMANT HOLDING2,921 164,220 0.03


Finland 8,101,213 1.66

FORTUM CORP38,445 865,781 0.18KESKO CORP4,277 150,893 0.03KONE -B-14,779 619,979 0.13METSO CORP12,531 526,051 0.11NESTE OIL8,298 100,406 0.02NOKIA OYJ338,559 2,639,066 0.54NOKIAN TYRES PLC6,868 188,870 0.04

% of N

AV

Market V

alue

EUR

Quan

tity

ORION CORPORATION (NEW) -B-5,767 95,156 0.02OUTOKUMPU OYJ -A-7,633 107,473 0.02POHJOLA BANK -A-11,357 103,122 0.02RAUTARUUKKI5,446 96,176 0.02SAMPO OYJ -A-36,509 737,847 0.15SANOMA CORP14,653 237,818 0.05STORA ENSO -R-47,935 371,017 0.08UPM KYMMENE CORP47,421 635,916 0.13WARTSILA CORPORATION -B-7,876 457,202 0.09

ACCOR SA11,759 396,396 0.08

France 69,833,023 14.29

AEROPORTS DE PARIS-ADP-1,921 114,914 0.02AIR FRANCE - KLM SA8,745 120,025 0.02AIR LIQUIDE SA25,601 2,495,329 0.51ALCATEL-LUCENT SA168,315 371,303 0.08ALSTOM SA20,875 756,510 0.15ATOS ORIGIN SA4,165 168,870 0.03AXA SA163,855 2,079,320 0.43BIC1,739 114,235 0.02BIOMERIEUX SA1,296 98,846 0.02BNP PARIBAS SA87,542 4,287,807 0.89BOUYGUES19,296 628,278 0.13BUREAU VERITAS SA5,628 316,631 0.06CAP GEMINI SA14,378 510,850 0.10CARREFOUR SA57,072 1,830,014 0.37CASINO GUICHARD PERRACHON SA3,702 274,281 0.06CGG VERITAS SA9,595 222,604 0.05CHRISTIAN DIOR SA6,466 702,854 0.14CIE DE SAINT-GOBAIN SA34,667 1,367,786 0.28CNP ASSURANCES11,048 153,125 0.03CREDIT AGRICOLE SA79,412 763,864 0.16DANONE SA55,137 2,659,533 0.54DASSAULT SYSTEMES SA7,301 418,347 0.09EDENRED SA11,759 213,779 0.04EDF SA20,835 652,552 0.13EIFFAGE2,413 82,247 0.02ERAMET SA337 86,744 0.02ESSILOR INTERNATIONAL SA18,779 930,312 0.19EURAZEO SA1,773 99,199 0.02EUROPEAN AERONAUTIC DEFENSE AND SPACE40,597 726,889 0.15EUTELSAT COMMUNICATIONS SA5,686 156,393 0.03FONCIERE DES REGIONS SA2,764 201,883 0.04FRANCE TELECOM SA174,688 2,778,413 0.58GDF SUEZ SA116,822 3,227,792 0.67GECINA SA REG SHS1,010 84,254 0.02GROUPE EUROTUNNEL SA40,391 267,873 0.05HERMES INTERNATIONAL SA958 149,592 0.03ICADE SA1,274 97,983 0.02ILIAD SA1,605 132,043 0.03IMERYS SA3,424 174,076 0.04JC DECAUX SA10,986 257,567 0.05KLEPIERRE SA5,651 155,261 0.03LAFARGE SA18,535 884,398 0.18LAGARDERE GROUPE SCA NOM13,165 415,290 0.08LEGRAND SA13,238 410,444 0.08L'OREAL SA21,803 1,863,938 0.38

% of N

AV

Market V

alue

EUR

Quan

tity


Index Europe


93

LVMH MOET HENNESSY LOUIS VUITTON SA21,930 2,751,119 0.57MICHELIN SA REG SHS14,668 796,472 0.16M6 METROPOLE TELEVISION SA13,967 251,336 0.05NATIXIS SA102,182 359,374 0.07NEOPOST3,717 245,731 0.05PAGES JAUNES SA8,175 55,942 0.01PERNOD RICARD SA16,570 1,187,406 0.24PEUGEOT SA13,812 397,717 0.08PPR7,129 860,114 0.18PUBLICIS GROUPE8,553 331,472 0.07RENAULT SA14,906 646,548 0.13SAFRAN -ACT.-12,180 325,084 0.07SANOFI-AVENTIS SA94,001 4,620,148 0.96SCHNEIDER ELECTRIC SA21,759 2,513,165 0.51SCOR SE ACT PROV REGROUPEMENT18,885 363,914 0.07SOCIETE GENERALE SA60,089 2,492,792 0.51SODEXO SA8,487 449,811 0.09STMICROELECTRONICS NV51,918 406,570 0.08SUEZ ENVIRONNEMENT COMPANY SA24,621 384,211 0.08TECHNIP-COFLEXIP10,567 746,242 0.15T.F.1 SA7,597 102,066 0.02THALES7,708 204,802 0.04TOTAL SA188,812 7,654,437 1.58UNIBAIL-RODAMCO SE8,939 1,324,760 0.27VALLOUREC SA9,492 765,150 0.16VEOLIA ENVIRONNEMENT SA33,516 751,094 0.15VINCI SA41,956 1,731,734 0.35VIVENDI SA106,556 2,213,168 0.45


Germany 61,639,686 12.62

ALLIANZ SE REG SHS42,458 3,808,483 0.78AXEL SPRINGER VERLAG AG NAMEN AKT3,000 360,150 0.07BASF - NAMEN AKT82,339 5,051,497 1.04BAYER AG REG SHS74,223 4,146,097 0.85BEIERSDORF AG7,956 333,396 0.07BMW AG29,323 1,721,847 0.35BMW VORZUG - STIMMRECHTSLOS5,848 225,148 0.05CELESIO NAMEN AKT5,505 103,026 0.02COMMERZBANK AG57,317 321,720 0.07CONTINENTAL AG3,464 205,450 0.04DAIMLER AG REG SHS80,978 4,155,791 0.86DEUTSCHE BANK AG REG SHS87,318 3,443,385 0.70DEUTSCHE BOERSE AG REG SHS17,123 897,416 0.18DEUTSCHE LUFTHANSA AG REG SHS20,243 337,451 0.07DEUTSCHE POST AG REG SHS75,228 958,405 0.20DEUTSCHE TELEKOM AG REG SHS267,646 2,597,237 0.53E.ON AG REG SHS155,354 3,566,151 0.73FRAPORT AG2,372 113,168 0.02FRESENIUS AG1,826 116,170 0.02FRESENIUS MEDICAL CARE AG & CO KGAA16,441 714,361 0.15FRESENIUS SE8,860 566,154 0.12GEA GROUP AG19,531 426,948 0.09HANNOVER RUECKVERSICHERUNG AG REG SHS3,903 158,403 0.03HEIDELBERGCEMENT AG13,561 644,148 0.13HENKEL AG & CO KGAA15,577 723,162 0.15HENKEL KGAA10,174 399,991 0.08

% of N

AV

Market V

alue

EUR

Quan

tity

HOCHTIEF AG2,719 173,037 0.04INFINEON TECHNOLOGIES REG SHS103,379 726,548 0.15KABEL DEUTSCHLAND HOLDING AG10,025 350,875 0.07K+S12,550 710,707 0.15LANXESS AG7,554 449,387 0.09LINDE AG15,424 1,778,387 0.36MAN SE8,589 777,305 0.16MERCK KGAA7,208 438,246 0.09METRO AG11,792 641,249 0.13MUENCHENER RUECKVERSICHERUNGS AG REGSHS

17,111 1,966,909 0.40

PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR8,184 493,495 0.10QIAGEN NV17,590 260,420 0.05RWE AG36,476 1,829,271 0.37RWE VORZ.AKT OHNE STIMMRECHT4,350 207,452 0.04SALZGITTER AG4,357 251,704 0.05SAP AG80,788 3,101,855 0.63SIEMENS AG REG SHS74,698 7,077,635 1.46SUEDZUCKER MANNH./OCHS6,220 125,209 0.03THYSSENKRUPP AG28,688 903,672 0.18UNITED INTERNET AG REG SHS4,196 51,044 0.01VOLKSWAGEN AG3,305 355,288 0.07VOLKSWAGEN VORZ.AKT14,536 1,800,284 0.37WACKER CHEMIE AG1,013 131,690 0.03

ALPHA BANK47,401 188,656 0.04

Greece 1,444,964 0.30

COCA COLA HBC - REG SHS18,342 356,752 0.07EFG EUROBANK ERGASIAS27,407 106,613 0.02GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS27,650 359,450 0.08HELLENIC TELECOMMUNICATIONSORGANISATION

28,398 177,771 0.04

NATIONAL BANK OF GREECE REG.10,789 67,108 0.01PUBLIC POWER CORP OF GREECE17,304 188,614 0.04

RESOLUTION109,120 304,560 0.06

Guernsey 304,560 0.06

ANGLO-IRISH BANK49,179 492 0.00

Ireland 1,767,441 0.36

BANK OF IRELAND (GOV&CO)306,801 114,437 0.02CRH PLC64,767 1,008,422 0.21ELAN CORP59,357 260,874 0.05KERRY GROUP PLC9,839 249,419 0.05RYANAIR HOLDING ORD.35,443 133,797 0.03

ASSICURAZIONI GENERALI SPA97,568 1,415,712 0.29

Italy 19,042,570 3.90

ATLANTIA SPA21,155 324,095 0.07AUTOGRILL SPA11,130 118,868 0.02BANCA CARIGE AZ.107,032 171,144 0.04BANCA MONTE DEI PASCHI DI SIENA SPA221,982 190,350 0.04BANCO POPOLARE SOCIETA COOPERATIVA48,085 166,254 0.03ENEL GREEN POWER128,204 202,819 0.04ENEL SPA623,660 2,374,585 0.50ENI SPA243,398 4,035,538 0.84FIAT SPA65,439 980,931 0.20FINMECCANICA SPA28,834 243,071 0.05INTESA SANPAOLO SPA761,597 1,582,218 0.32

% of N

AV

Market V

alue

EUR

Quan

tity


Index Europe


94

INTESA SANPAOLO SPA NON CONV157,340 285,257 0.06LUXOTTICA GROUP SPA12,538 290,004 0.06MEDIASET SPA53,135 242,030 0.05MEDIOBANCA SPA57,628 391,294 0.08PARMALAT SPA198,907 412,235 0.08PIRELLI AND C15,396 95,147 0.02PRYSMIAN SPA15,558 199,142 0.04SAIPEM SPA26,765 995,390 0.20SNAM RETE GAS SPA152,162 568,705 0.12TELECOM ITALIA SPA862,525 853,900 0.17TELECOM ITALIA SPA RISP NON CONV431,813 353,871 0.07TERNA SPA128,674 409,827 0.08UBI BANCA SCPA46,430 310,385 0.06UNICREDIT SPA1,145,055 1,829,798 0.37

PETROFAC LTD23,499 437,062 0.09

Jersey Island 3,384,950 0.69

RANDGOLD RESSOURCES LTD6,803 434,948 0.09SHIRE47,298 856,379 0.18WOLSELEY PLC25,972 623,340 0.13WPP PLC110,824 1,033,221 0.20

ARCELORMITTAL SA REG SHS77,634 2,227,319 0.46


MILLICOM INTERNATIONAL CELLULAR SA-SDR-6,787 482,937 0.10SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)22,082 397,697 0.08TENARIS SA - REG.SHS40,642 754,316 0.15

AEGON NV149,497 692,769 0.14


AKZO NOBEL NV23,066 1,081,565 0.22ASML HOLDING NV38,241 1,103,635 0.23CORIO NV7,195 341,259 0.07FUGRO NV -CERT OF SHS6,677 412,906 0.08HEINEKEN HOLDING8,646 284,886 0.06HEINEKEN NV25,976 966,957 0.20ING GROEP NV340,244 2,480,039 0.51KONINKLIJKE AHOLD NV109,847 1,091,110 0.22KONINKLIJKE BOSKALIS WESTMINSTER NV3,610 127,848 0.03KONINKLIJKE DSM NV14,988 640,812 0.13KONINKLIJKE KPN NV143,041 1,588,470 0.33KONINKLIJKE PHILIPS ELECTRONICS NV86,212 1,989,773 0.41KONINKLIJKE VOPAK4,550 163,049 0.03RANDSTAD HOLDING8,012 318,958 0.07REED ELSEVIER NV53,531 499,391 0.10ROYAL DUTCH SHELL PLC322,771 8,152,179 1.66SBM OFFSHORE NV16,708 281,446 0.06TNT NV38,811 741,484 0.15UNILEVER NV146,635 3,508,976 0.72WOLTERS KLUWER NV30,422 508,808 0.10

AKER SOLUTIONS17,628 224,781 0.05

Norway 5,629,261 1.15

DNB NOR ASA87,159 913,791 0.19NORSK HYDRO ASA99,865 547,486 0.11ORKLA BORREGAARD FRIE A61,925 452,123 0.09RENEWABLE ENERGY CORPORATION AS73,108 167,436 0.03STATOIL ASA95,869 1,721,639 0.35

% of N

AV

Market V

alue

EUR

Quan

tity

TELENOR AS68,613 837,558 0.17YARA INTERNATIONAL ASA17,831 764,447 0.16

BANCO ESPIRIT SANTO63,414 183,901 0.04

Portugal 1,763,791 0.36

BCP, BANCO COMMERCIAL PORTUGUES SA NOM.114,431 68,201 0.01BRISA AUTO ESTRADAS DE PORTUGAL15,254 80,389 0.02CIMPOR CIMENTOS DE PORTUGAL NOM.18,303 95,359 0.02EDP-ENERGIAS REG.SHS137,946 349,003 0.07GALP ENERGIA SA REG SHS -B-17,031 251,888 0.05JERONIMO MARTINS SGPS SA23,521 275,784 0.06PORTUGAL TELECOM REG.52,344 459,266 0.09


Spain 24,970,552 5.11

ACCIONA SA1,397 74,474 0.02ACERINOX REG SHS9,131 120,986 0.02ACS15,492 551,515 0.11AMADEUS IT HOLDINGS -A-18,286 287,273 0.06BANCO BILBAO VIZCAYA ARGENT. SA REG SHS401,682 3,078,491 0.63BANCO DE VALENCIA REG19,363 64,285 0.01BANCO SABADELL REG.SHS68,671 205,326 0.04BANCO SANTANDER SA REG SHS727,904 5,824,688 1.19BANKINTER REG.SHS39,884 171,820 0.04BCO POPULAR ESPANOL REG.83,248 323,918 0.07CRITERIA CAIXACORP SA94,468 383,068 0.08EDP RENOVAVEIS SA21,760 96,397 0.02ENAGAS19,114 287,283 0.06FERROVIAL SA31,062 236,071 0.05FOMENTO DE CONSTRUCCIONES Y CONTRATAS2,915 56,726 0.01GAS NATURAL SDG26,316 304,213 0.06GRIFOLS-SHS.A16,924 173,979 0.04IBERDROLA RENOVABLES SA97,990 260,065 0.05IBERDROLA SA366,112 2,136,630 0.44IBERIA LINEAS AEREAS DE ESPANA SA REG29,637 96,498 0.02INDITEX SA REG SHS19,760 1,128,494 0.23INDRA SISTEMAS SA6,375 83,321 0.02MAPFRE REG-SHS95,310 201,199 0.04RED ELECTRICA CORPORACION SA12,200 431,880 0.09REPSOL YPF SA67,333 1,418,706 0.29TELECINCO10,433 87,376 0.02TELEFONICA SA361,970 6,224,075 1.26ZARDOYA OTIS SPLIT ISSUE17,901 190,825 0.04

ALFA LAVAL33,430 527,042 0.11

Sweden 23,579,879 4.83

ASSA ABLOY -B-29,201 623,349 0.13ATLAS COPCO AB -A-57,840 1,097,084 0.22ATLAS COPCO -B- FREE41,354 700,245 0.14BOLIDEN AB20,310 306,424 0.06CDON GROUP3,556 12,256 0.00ELECTROLUX -B- FREE20,531 444,435 0.09GETINGE -B-22,325 350,725 0.07HENNES AND MAURITZ AB92,639 2,337,011 0.48HEXAGON -B-23,033 372,347 0.08HOLMEN -B-3,418 85,694 0.02HUSQVARNA -B-39,671 251,850 0.05INVESTMENT AB KINNEVIK -B-17,350 266,781 0.05

% of N

AV

Market V

alue

EUR

Quan

tity


Index Europe


95

INVESTOR -B- FREE47,298 764,610 0.16MODERN TIMES GROUP -B-3,556 175,382 0.04NORDEA BANK277,589 2,285,388 0.47RATOS AB -B- FREE7,819 220,288 0.05SANDVIK AB88,159 1,291,858 0.26SCANIA -B-34,511 600,872 0.12SECURITAS -B- FREE18,329 161,703 0.03SKANDINAVISKA ENSKILDA BANKEN -A-123,226 772,706 0.16SKANSKA -B- FREE35,598 529,955 0.11SKF AB -B-31,499 671,004 0.14SSAB SWEDISH STEEL -A- FREE11,688 146,712 0.03SVENSKA CELLULOSA SCA AB-SHS-B-53,492 641,716 0.13SVENSKA HANDELSBANK -A- FREE48,415 1,168,618 0.24SWEDBANK -A-62,169 651,115 0.13SWEDISH MATCH23,783 519,856 0.11TELEFON AB L.M.ERICSSON262,713 2,311,879 0.47TELE2 AB34,022 535,240 0.11TELIASONERA AB207,736 1,247,206 0.26VOLVO -B- FREE115,572 1,508,528 0.31

ABB LTD REG SHS199,477 3,367,617 0.69

Switzerland 61,292,701 12.54

ACTELION LTD NAMEN7,549 312,564 0.06ADECCO REG.SHS13,723 681,946 0.14ARYZTA4,727 164,488 0.03BALOISE HOLDING REG.SHS5,464 402,585 0.08CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH54 124,507 0.03CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.9 222,396 0.05CIE SUISSE DE REASSURANCES SA REG SHS29,847 1,227,440 0.25COMPAGNIE FINANCIERE RICHEMONT SA47,911 2,150,652 0.44CREDIT SUISSE GROUP AG REG SHS105,861 3,243,697 0.66GAM HOLDING AG23,043 286,042 0.06GEBERIT AG3,705 652,488 0.13GIVAUDAN SA REG.SHS799 655,888 0.13HOLCIM LTD REG SHS22,097 1,270,624 0.26JULIUS BAER GROUP NAMEN AKT15,246 537,362 0.11KUEHNE + NAGEL INTERNATIONAL AG5,173 546,031 0.11LOGITECH NAMEN AKT9,887 143,319 0.03LONZA GROUP NOM.5,356 331,359 0.07NESTLE SA REG SHS314,577 14,171,270 2.91NOVARTIS AG REG SHS191,570 8,637,641 1.77PARGESA HOLDING SA1,749 112,617 0.02ROCHE HOLDING AG GENUSSSCHEIN63,784 7,110,666 1.46SCHINDLER HOLDING NAMEN AKT2,456 223,443 0.05SCHINDLER HOLDING SA5,682 511,933 0.10SGS SA REG SHS426 547,234 0.11SIKA170 282,369 0.06SONOVA HOLDING NAM-AKT3,657 359,359 0.07STRAUMANN HOLDING REG506 87,126 0.02SWISS LIFE HOLDING N-NAMEN REGISTERED3,900 425,716 0.09SWISSCOM SHS NOM1,850 618,272 0.13SYNGENTA NAMEN9,047 2,013,504 0.41SYNTHES INC5,772 592,616 0.12THE SWATCH GROUP REG CHF 0.453,256 198,309 0.04THE SWATCH GROUP REG CHF 2.252,868 965,609 0.20TRANSOCEAN NAM.AKT29,046 1,527,145 0.31UBS SA REG SHS318,673 3,978,787 0.81

% of N

AV

Market V

alue

EUR

Quan

tity

ZURICH FINANCIAL SERVICES AG REG SHS13,222 2,608,080 0.53

ADMIRAL GROUP PLC15,164 271,533 0.06


AGGREKO25,643 459,776 0.09AMEC36,352 495,990 0.10ANGLO AMERICAN PLC115,840 4,591,298 0.94ANTOFAGASTA PLC41,292 792,240 0.16ARM HOLDINGS PLC127,171 647,166 0.13ASSOCIATED BRITISH FOODS PLC38,739 537,656 0.11ASTRAZENECA PLC126,319 4,412,599 0.90AUTONOMY CORPORATION PLC20,038 363,514 0.07AVIVA PLC265,588 1,234,930 0.25BABCOCK INTERNATIONAL GROUP PLC32,771 219,525 0.04BAE SYSTEMS PLC316,984 1,250,591 0.26BALFOUR BEATTY87,364 326,006 0.07BARCLAYS PLC1,073,182 3,335,540 0.68BG GROUP PLC297,405 4,649,736 0.95BHP BILLITON PLC195,031 5,990,737 1.23BP PLC1,696,911 9,431,491 1.92BRITISH AIRWAYS37,319 120,241 0.02BRITISH AMERICAN TOBACCO PLC175,967 5,165,473 1.06BRITISH LAND CO PLC REIT66,965 418,310 0.09BRITISH SKY BROADCASTING GROUP99,612 866,115 0.18BT GROUP PLC692,456 1,501,751 0.31BUNZL PLC41,329 355,469 0.07BURBERRY GROUP PLC42,398 571,015 0.12CABLE WIRELESS WORLDWIDE241,692 194,682 0.04CAIRN ENERGY PLC141,370 695,355 0.14CAPITA GROUP62,553 520,755 0.11CARNIVAL PLC15,257 536,185 0.11CENTRICA PLC468,514 1,848,420 0.38COBHAM PLC108,740 262,258 0.05COMPASS GROUP PLC158,534 1,100,142 0.23DIAGEO PLC225,672 3,208,933 0.66EURASIAN NATURAL RESOURCES CORPORATION16,611 205,382 0.04EXPERIAN GROUP96,185 911,422 0.19FIRSTGROUP PLC57,334 270,833 0.06FRESNILLO PLC18,662 354,768 0.07GLAXOSMITHKLINE PLC462,065 6,868,717 1.41GROUP 4 SECURICOR118,208 358,240 0.07HAMMERSON PLC72,417 361,213 0.07HOME RETAIL GROUP107,009 241,874 0.05HSBC HOLDINGS PLC1,590,325 12,382,371 2.52ICAP PLC57,794 362,379 0.07IMPERIAL TOBACCO GROUP PLC89,949 2,115,515 0.43INMARSAT44,977 356,478 0.07INTERCONTINENTAL HOTELS GROUP PLC29,014 430,619 0.09INTERNATIONAL POWER141,883 736,529 0.15INTERTEK GROUP PLC12,200 260,574 0.05INVENSYS58,735 248,692 0.05INVESTEC58,021 362,099 0.07ITV PLC270,794 227,344 0.05J SAINSBURY PLC117,029 526,710 0.11JOHNSON MATHEY PLC11,053 271,117 0.06KAZAKHMYS PLC13,853 266,438 0.05KINGFISHER PLC195,168 609,119 0.12LAND SECURITIES GROUP PLC REIT80,374 638,443 0.13

% of N

AV

Market V

alue

EUR

Quan

tity


Index Europe


96

LEGAL GENERAL GROUP PLC611,804 709,395 0.15LIBERTY INTERNATIONAL PLC REIT56,255 277,097 0.06LLOYDS BANKING GROUP PLC3,641,293 2,891,999 0.59LONMIN PLC16,017 372,943 0.08LSE GROUP9,727 96,510 0.02MAN GROUP PLC188,783 663,229 0.14MARKS AND SPENCER GROUP PLC153,299 676,449 0.14MORRISON SUPERMARKETS PLC181,062 576,575 0.12NATIONAL GRID PLC313,975 2,092,184 0.43NEXT PLC20,598 485,171 0.10OLD MUTUAL452,860 662,022 0.14PEARSON PLC71,197 856,889 0.18PRUDENTIAL PLC233,879 1,870,153 0.38RECKITT BENCKISER GROUP PLC55,799 2,374,398 0.49REED ELSEVIER PLC102,482 644,386 0.13REXAM97,778 384,269 0.08RIO TINTO PLC131,611 7,035,274 1.44ROLLS-ROYCE GROUP171,040 1,287,344 0.26ROYAL BANK OF SCOTLAND GROUP PLC1,392,043 650,050 0.13ROYAL DUTCH SHELL PLC -B-241,259 6,062,282 1.24RSA INSURANCE GROUP PLC285,511 427,437 0.09SABMILLER PLC90,258 2,443,902 0.50SAGE GROUP90,727 292,427 0.06SCHRODERS7,962 175,573 0.04SCOTTISH AND SOUTHERN ENERGY PLC84,883 1,247,854 0.26SEGRO (REIT)69,968 240,470 0.05SERCO GROUP46,981 317,749 0.07SEVERN TRENT PLC25,316 445,590 0.09SMITH AND NEPHEW PLC69,018 548,643 0.11SMITHS GROUP -SHS-31,322 465,242 0.10STANDARD CHARTERED PLC214,849 4,426,144 0.91STANDARD LIFE PLC172,652 438,295 0.09TESCO PLC750,575 3,837,702 0.79THOMAS COOK GRP80,271 181,815 0.04TUI TRAVEL PLC36,184 105,835 0.02TULLOW OIL PLC87,048 1,311,367 0.27UNILEVER PLC116,012 2,717,595 0.56UNITED UTILITIES GROUP PLC66,705 470,730 0.10VEDANTA RESOURCES11,562 346,188 0.07VODAFONE GROUP PLC4,692,722 9,303,894 1.89WEIR GROUP PLC14,051 294,994 0.06WHITBREAD11,532 246,171 0.05XSTRATA PLC182,530 3,267,387 0.673I GROUP PLC64,221 253,596 0.05



Belgium 24 0.00

MORGAN STAN.(NAT BK GREECE) 29.09.11 WAR47,000 297,209 0.06


ROLLS-ROYCE GROUP -C- ENTITLEMENT JAN 119,497,664 11,152 0.00


Shares 11,152 0.00


% of N

AV

Market V

alue

EUR

Quan

tity


% of N

AV

Market V

alue

EUR

Quan

tity




97

AUSTRALIA 4.50 09-20 15/04S800,000 565,968 0.18



314,810,319 98.32

Bonds 314,810,319 98.32

Australia 1,939,774 0.61

AUSTRALIA -123- 5.75 06-12 15/04S600,000 466,697 0.15AUSTRALIE GVT -217- 6.00 04-17 15/02S1,150,000 907,109 0.28

BELGIAN -44- 5.00 04-35 28/03A740,000 808,857 0.25

Belgium 6,048,234 1.89

BELGIQUE -40- 5.50 02-17 28/09A1,000,000 1,109,470 0.35BELGIQUE OLO -38- 5.00 02-12 28/09A1,500,000 1,576,260 0.49BELGIQUE OLO -46- 3.75 05-15 28/09A1,650,000 1,687,554 0.53BELGIQUE OLO -48- 4.00 06-22 28/03A875,000 866,093 0.27

CANADA 5.00 04-37 01/06S780,000 734,829 0.23

Canada 6,107,444 1.91

CANADA 5.25 01-12 01/06S1,750,000 1,401,759 0.44CANADA 5.75 98-29 01/06S1,075,000 1,064,726 0.33CANADA GOVT 4.25 07-18 01/06S1,400,000 1,162,580 0.36CANADA GOVT DEBS 4.50 04-15 01/06S2,100,000 1,743,550 0.55

DENMARK 4.00 05-17 15/11A4,200,000 611,447 0.19

Denmark 1,914,273 0.60

DENMARK 4.50 07-39 15/11A2,150,000 341,864 0.11DENMARK 5.00 01-13 15/11A6,500,000 960,962 0.30

BTAN -5 YR 3.00 08-14 12/07A500,000 521,920 0.16

France 21,236,938 6.63

FRANCE BTAN 3.75 08-13 12/01A6,350,000 6,689,662 2.09FRANCE OAT 3.00 04-15 25/10A3,280,000 3,387,945 1.06FRANCE OAT 3.50 09-20 25/04A550,000 556,870 0.17FRANCE OAT 3.75 06-17 25/04A1,225,000 1,297,704 0.41FRANCE OAT 4.00 04-55 25/04A1,090,000 1,103,483 0.34FRANCE OAT 4.25 03-19 25/04A3,260,000 3,515,877 1.10FRANCE OAT 4.25 06-23 25/10A2,100,000 2,242,863 0.70FRANCE OAT 5.75 00-32 25/10A1,510,000 1,920,614 0.60

ALLEMAGNE 3.50 09-19 04/07A3,500,000 3,663,485 1.14

Germany 20,395,046 6.37

BRD 6.25 94-24 04/01A360,000 472,666 0.15BRD -98- 5.625 98-28 04/01A1,380,000 1,747,494 0.55GERMANY 4.50 03-13 04/01A3,850,000 4,126,777 1.29GERMANY SERIE 07 4.25 07-39 04/07A1,440,000 1,633,262 0.51GERMANY -04- 3.75 04-15 04/01A6,350,000 6,862,127 2.14GERMANY -07- 4.00 07-18 04/01A1,020,000 1,112,300 0.35GERMANY -301- 4.75 03-34 04/07A655,000 776,935 0.24

BTPS 4.25 08-13 15/04S1,270,000 1,306,347 0.41

Italy 22,260,135 6.95

ITALY BTP 4.00 06-17 01/02S850,000 846,473 0.26ITALY BTP 4.25 04-14 01/08S2,000,000 2,053,420 0.64ITALY BTP 4.25 04-15 01/02S2,670,000 2,735,201 0.85ITALY BTP 4.50 08-19 01/03S3,840,000 3,834,278 1.20ITALY BTP 4.75 08-23 01/08S3,640,000 3,584,927 1.12ITALY BTP 5.00 01-12 01/02S3,765,000 3,869,780 1.21

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ITALY BUONI DEL TESO 5.00 03-34 01/08S4,215,000 4,029,709 1.26

JAPAN 001 JGB 2.40 07-48 20/03S221,000,000 2,222,688 0.69

Japan 98,712,468 30.83

JAPAN 013 JGB 2.00 03-33 20/12S810,500,000 7,529,362 2.35JAPAN 030 JGB 3.70 95-15 21/09S1,233,000,000 13,184,067 4.12JAPAN 037 JGB 3.10 97-17 20/09S546,000,000 5,858,005 1.83JAPAN 040 JGB 2.30 98-18 20/09S981,000,000 10,078,087 3.15JAPAN 045 JGB 2.40 00-20 20/03S600,000,000 6,214,228 1.94JAPAN 058 JGB 1.90 02-22 20/09S609,000,000 6,015,874 1.88JAPAN 074 JGB 2.10 04-24 20/12S245,000,000 2,437,157 0.76JAPAN 090 JGB 2.20 06-26 20/09S632,000,000 6,272,857 1.96JAPAN 099 JGB 2.10 07-27 20/12S305,000,000 2,951,507 0.92JAPAN 247 JGB 0.80 03-13 20/03S2,530,000,000 23,776,551 7.43JAPAN 262 JGB 1.90 04-14 20/06S835,000,000 8,172,765 2.55JAPAN 274 JGB 1.50 05-15 20/12S410,000,000 3,999,320 1.25

NEDERLAND 4.00 05-37 15/01A500,000 534,795 0.17


NEDERLAND 4.00 06-16 15/07A600,000 651,858 0.20NEDERLAND 5.50 98-28 15/01A510,000 634,328 0.20NETHERLANDS 2.50 09-12 15/01A1,400,000 1,426,166 0.45NETHERLANDS 4.00 09-19 15/07A1,310,000 1,401,242 0.44NETHERLANDS GOVERNMENT3.75 04-14 15/07A1,330,000 1,431,665 0.44

SPAIN 3.90 07-12 31/10A1,200,000 1,209,336 0.38

Spain 8,167,259 2.55

SPAIN 4.10 08-18 30/07A750,000 698,805 0.22SPAIN 4.40 04-15 31/01A900,000 905,472 0.28SPAIN 5.75 01-32 30/07A1,770,000 1,721,396 0.54SPAIN BTS 4.75 98-14 30/07A2,300,000 2,354,947 0.73SPANISH 4.00 10-20 30/04A1,170,000 1,054,860 0.33SPANISH 4.90 07-40 30/07A260,000 222,443 0.07

SWEDEN -1046- 5.50 01-12 08/10A12,000,000 1,418,391 0.44

Sweden 2,084,986 0.65

SWEDEN -1047- 5.00 03-20 01/12A5,250,000 666,595 0.21

UK TREASURY STOCK 4.75 05-20 07/03S3,275,000 4,198,627 1.32


UK TREASURY STOCK 6.00 98-28 07/12S2,305,000 3,330,732 1.04UNITED KINGDOM 4.00 06-16 07/09S2,440,000 3,064,627 0.96UNITED KINGDOM 4.25 03-36 07/03S1,070,000 1,239,284 0.39UNITED KINGDOM 4.25 06-46 07/12S2,770,000 3,224,899 1.01UNITED KINGDOM 4.50 08-13 07/03S2,280,000 2,864,570 0.89UNITED KINGDOM 4.75 03-15 07/09S650,000 843,890 0.26UNITED KINGDOM 5.25 07-12 07/06S1,450,000 1,807,453 0.56

US TREASURY NOTE 5.00 07-37 15/05S4,080,000 3,416,920 1.07


US TREASURY NOTES 1.25 10-15 31/08S2,200,000 1,627,098 0.51US TREASURY NOTES 4.625 10-40 15/02S80,000 62,926 0.02US TREASURY NOTES S F 4.25 07-17 15/11S8,620,000 7,222,158 2.26USA T NOTES 4.50 09-39 15/08S5,425,000 4,182,627 1.31USA TREASURY 8.75 90-20 15/05S5,700,000 6,297,054 1.97USA TREASURY BOND 6.75 96-26 15/08S2,890,000 2,899,501 0.91USA TREASURY BOND 9.125 88-18 15/05S4,100,000 4,463,137 1.39USA TREASURY BOND 9,25 86-16 15/02S14,560,000 15,004,453 4.68USA TREASURY BONDS 8.125 89-19 15/08S5,350,000 5,659,672 1.77

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98

USA TREASURY NOTES 4.00 02-12 15/11S15,000,000 12,153,637 3.79USA TREASURY NOTES 4.25 03-13 15/11S27,300,000 22,726,836 7.09USA TREASURY NOTES 4.25 04-14 15/08S12,950,000 10,868,477 3.39USA TREASURY NOTES 7.125 93-23 15/02S2,660,000 2,705,130 0.84


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Index North America


99

ARCH CAPITAL GROUP LTD1,506 98,843 0.02



453,646,897 97.33

Shares 453,295,544 97.26

Bermuda 1,138,039 0.24

AXIS CAPITAL HOLDINGS LTD4,927 131,774 0.03EVEREST REINSURANCE GROUP2,208 139,602 0.03MARVELL TECHNOLOGY GROUP LTD23,300 322,175 0.06PARTNERRE LTD2,820 168,899 0.04VALIDUS HOLDING5,167 117,895 0.03WHITE MOUNTAINS INSURANCE GROUP LTD635 158,851 0.03

AGNICO EAGLE MINES LTD6,271 360,359 0.08

Canada 44,648,263 9.59

AGRIUM6,975 478,779 0.10ALIMENTATION COUCHE - TARD INC SUB VTG B8,980 182,295 0.04ARC ENERGY TRUST9,007 171,694 0.04ATHABASCA OIL21,000 236,309 0.05BANK OF MONTREAL25,224 1,087,679 0.23BANK OF NOVA SCOTIA48,616 2,082,500 0.45BARRICK GOLD CORP45,748 1,823,056 0.39BAYTEX ENERGY TRUST4,892 171,055 0.04BCE INC9,516 252,285 0.05BOMBARDIER INC B51,373 193,082 0.04BONAVISTA ENERGY TRUST UNITS6,500 140,435 0.03BROOKFIELD ASSET MANAGEMENT INC -A-21,369 532,221 0.11BROOKFIELD PROPERTIES CORPORATION10,546 138,926 0.03CAE INC10,736 92,702 0.02CAMECO CORP16,709 505,156 0.11CANADIAN IMPERIAL BANK OF COMMERCE17,753 1,043,205 0.22CANADIAN NATIONAL RAILWAY19,687 979,919 0.21CANADIAN NATURAL RESOURCES47,238 1,571,647 0.34CANADIAN PACIFIC RAILWAY8,622 417,970 0.09CANADIAN TIRE CORP -A- NON VOTING2,795 142,979 0.03CANADIAN UTILITIES -A- NON VOTING3,931 160,425 0.03CDN OIL SANDS - TRUST UNITS8,445 167,570 0.04CENOVUS ENERGY INC32,206 804,063 0.17CENTERRA GOLD INC7,218 107,431 0.02CGI GROUP SUB.VTG SHS -A-9,834 126,890 0.03CI FINANCIAL7,677 129,582 0.03CRESCENT POINT ENERGY CORP11,189 370,924 0.08ELDORADO GOLD CORP22,402 310,905 0.07EMPIRE -A- NON VOTING2,458 102,930 0.02ENBRIDGE INC15,006 633,449 0.14ENCANA CORP35,116 766,335 0.16ENERPLUS RESOURCES FUND TRUST UNITS13,398 308,265 0.07FAIRFAX FINANCIAL HOLDINGS SUB.VTG821 251,899 0.05FINNING INTERNATIONAL6,181 125,614 0.03FIRST QUANTUM MINERALS LTD2,717 220,132 0.05FORTIS INC8,554 218,053 0.05FRANCO-NEVADA CORP5,229 130,470 0.03GEORGE WESTON1,848 116,730 0.03GILDAN ACTIVEWEAR7,741 164,634 0.04GOLDCORP38,147 1,312,967 0.28GREAT WEST LIFECO INC12,680 251,127 0.05

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HUSKY ENERGY11,385 226,761 0.05IAMGOLD CORP14,659 195,197 0.04IGM FINANCIAL INC4,810 156,821 0.03IMPERIAL OIL11,963 364,185 0.08INDUSTRIAL ALLIANCE INSURANCE AND FIN.6,134 169,387 0.04INMET MINING CORP2,458 142,464 0.03INTACT FINANCIAL CORP5,130 195,733 0.04IVANHOE MINES LIMITED11,732 202,428 0.04KINROSS GOLD CORP46,528 660,048 0.14LOBLAW COMPANIES3,925 118,869 0.03MAGNA INTERNATIONAL SHS -A- SUB.VTG12,856 500,641 0.11MANULIFE FINANCIAL CORP86,150 1,108,381 0.24MEG ENERGY5,000 170,630 0.04METRO -A- SUB VTG3,557 120,612 0.03NATIONAL BK CANADA COMMON6,537 336,020 0.07NEXEN INC26,374 451,108 0.10NIKO RESOURCES LTD1,876 145,211 0.03ONEX CORP SUB.VOTING4,096 92,890 0.02OPEN TEXT6,059 207,861 0.04OSISKO MINING15,023 163,641 0.04PACIFIC RUB10,637 269,316 0.06PAN AMERICAN SILVER CORP7,465 229,214 0.05PENGROWTH ENERGY - TRUST UNITS14,128 135,451 0.03PETROBAKKEN ENERGY -A-8,000 130,293 0.03PETROMINERALES LTD3,583 89,131 0.02POTASH CORP OF SASKATCHEWAN13,594 1,575,089 0.34POWER CORP DU CANADA SUB.15,294 317,468 0.07POWER FINANCIAL15,832 364,979 0.08PROGRESS ENERGY RESOURCES CORP16,621 158,355 0.03RESEARCH IN MOTION22,311 971,943 0.21RIOCAN REIT (UNITS)10,644 175,670 0.04RITCHIE BROTHERS AUCTIONEERS2,564 44,086 0.01ROGERS COMMUNICATIONS -B- NON VOTING22,603 586,695 0.13ROYAL BANK OF CANADA66,990 2,629,344 0.55SAPUTO5,172 153,569 0.03SHAW COMMUNICATIONS -B- NON.VOTING12,352 197,836 0.04SHERRITT INTERNATIONAL22,587 143,520 0.03SHOPPERS DRUG MART CORP9,147 271,254 0.06SILVER WHEATON CORP16,012 468,228 0.10SINO FOREST CORP9,000 157,247 0.03SNC-LAVALIN GROUP5,399 242,084 0.05SUN LIFE FINANCIAL INC23,664 534,526 0.11SUNCOR ENERGY INC74,068 2,127,023 0.45TALISMAN ENERGY INC44,268 734,590 0.16TECK RESOURSES LTD -B-28,156 1,305,146 0.28TELUS CORP3,725 127,092 0.03TELUS NON-VOTING5,188 168,328 0.04THOMSON REUTERS18,328 512,029 0.11TIM HORTONS INC7,603 234,421 0.05TMX GROUP3,121 86,536 0.02TORONTO DOMINION BANK41,354 2,303,476 0.48TRANSALTA CORP8,572 136,007 0.03TRANSCANADA CORP28,978 825,862 0.18VALEANT PHARMA13,507 286,555 0.06VERMILION ENERGY INC5,000 173,368 0.04VITERRA INC26,580 185,043 0.04YAMANA GOLD INC32,557 311,893 0.07

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Index North America


100

YELLOW MEDIA36,993 172,060 0.04

ACCENTURE - SHS CLASS A29,106 1,052,028 0.22

Ireland 3,406,417 0.73

COOPER INDUSTRIES10,227 444,361 0.10COVIDIEN PLC20,781 707,287 0.15INGERSOLL-RAND14,041 492,856 0.11SEAGATE TECHNOLOGY PLC21,978 246,230 0.05WARNER CHILCOTT5,000 84,082 0.02WILLIS GROUP HOLDINGS PLC6,025 155,526 0.03XL GROUP13,775 224,047 0.05

ROYAL CARIBBEAN CRUISES4,211 147,529 0.03

Liberia 147,529 0.03

AVAGO TECHNOLOGIES8,000 169,774 0.04


FLEXTRONICS INTERNATIONAL LTD29,993 175,502 0.03

AUTOLIV3,880 228,308 0.05

Sweden 228,308 0.05

ACE LTD REG SHS13,876 643,868 0.14


FOSTER WHEELER AG (NAMEN)5,162 132,826 0.03GARMIN6,212 143,498 0.03NOBLE CORP11,532 307,480 0.07TYCO ELECTRONICS LTD REG SHS20,140 531,442 0.11TYCO INTERNATIONAL LTD24,716 763,468 0.16WEATHERFORD IN29,982 509,552 0.11

ABBOTT LABORATORIES LTD72,656 2,594,722 0.56


ABERCROMBIE AND FITCH -A-3,114 133,771 0.03ACTIVISION BLIZZARD31,314 290,370 0.06ADOBE SYSTEMS INC25,043 574,577 0.12ADVANCE AUTO PARTS3,912 192,895 0.04ADVANCED MICRO DEVICES INC22,839 139,259 0.03AES CORP29,430 267,196 0.06AETNA INC21,243 483,116 0.10AFLAC INC21,761 915,339 0.20AGCO CORP3,283 123,974 0.03AGILENT TECHNOLOGIES15,247 470,861 0.10AIR PRODUCTS CHEMICALS INC11,488 778,826 0.17AIRGAS INC3,094 144,051 0.03AKAMAI TECHNOLOGIES9,927 348,154 0.07ALCOA INC42,672 489,525 0.11ALEXION PHARMACEUTICALS3,952 237,288 0.05ALLEGHENY ENERGY INC6,043 109,189 0.02ALLEGHENY TECHNOLOGIES INC7,259 298,574 0.06ALLERGAN INC12,904 660,518 0.14ALLIANCE DATA SYSTEMS CORP2,408 127,495 0.03ALLIANT ENERGY CORP3,953 108,346 0.02ALLSTATE CORP21,502 510,964 0.11ALPHA NATURAL RESOURCES INC4,900 219,259 0.05ALTERA CORP16,328 433,044 0.09ALTRIA GROUP99,094 1,818,564 0.39AMAZON.COM INC16,031 2,150,930 0.46AMB PROPERTY CORP6,898 163,047 0.03

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AMERCIAN WATER WORKS CO INC9,888 186,402 0.04AMEREN CORPORATION15,048 316,204 0.07AMERICAN EAGLE OUTFITTERS6,630 72,302 0.02AMERICAN ELECTRIC POWER CO INC20,744 556,348 0.12AMERICAN EXPRESS CO COM.48,262 1,544,039 0.33AMERICAN INTERNATIONAL GROUP INC4,330 185,975 0.04AMERICAN TOWER CORP -A-16,784 646,063 0.14AMERIPRISE FINANCIAL INC - WHEN ISSUED11,353 487,023 0.10AMERISOURCEBERGEN CORP11,342 288,464 0.06AMETEK INC5,728 167,585 0.04AMGEN INC44,082 1,803,959 0.39AMPHENOL -A-10,828 426,001 0.09ANADARKO PETROLEUM CORP21,407 1,215,279 0.26ANALOG DEVICES INC12,901 362,253 0.08ANNALY CAPITAL MANAGEMENT23,986 320,397 0.07AON CORP17,378 595,998 0.13APACHE CORP18,272 1,623,921 0.35APOLLO GROUP -A-6,334 186,448 0.04APPLE INC42,216 10,150,342 2.17APPLIED MATERIALS INC56,969 596,634 0.13ARCH COAL6,825 178,364 0.04ARCHER-DANIELS MIDLAND CO29,829 668,821 0.14ARROW ELECTRONICS INC4,282 109,320 0.02ASSURANT INC4,244 121,858 0.03AT AND T INC274,263 6,006,371 1.29AUTODESK INC8,015 228,223 0.05AUTOMATIC DATA PROCESSING INC21,382 737,624 0.16AUTOZONE INC1,586 322,260 0.07AVALONBAY COMMUN4,127 346,237 0.07AVERY DENNISON CORP8,430 266,055 0.06AVNET INC5,383 132,534 0.03AVON PRODUCTS INC. COM.18,625 403,446 0.09BAKER HUGHES INC20,123 857,539 0.18BALL CORP3,287 166,733 0.04BANK OF AMERICA CORP467,216 4,645,866 1.00BANK OF NEW YORK MELLON CORP54,797 1,233,550 0.26BARD INC4,399 300,918 0.06BAXTER INTERNATIONAL INC24,639 929,690 0.20BB AND T CORP32,167 630,368 0.14BECKMAN COULTER INC3,102 173,951 0.04BECTON DICKINSON10,108 636,822 0.14BED BATH AND BEYOND INC11,493 421,066 0.09BERKSHIRE HATHAWAY -B-39,230 2,342,600 0.50BEST BUY CO INC14,409 368,294 0.08BIOGEN IDEC INC12,169 608,201 0.13BLACKROCK INC4,151 589,689 0.13BMC SOFTWARE INC6,801 238,977 0.05BOEING CO COM.30,747 1,495,695 0.32BORG WARNER4,160 224,380 0.05BOSTON PROPERTIES INC8,300 532,690 0.11BOSTON SCIENTIFIC CORP63,111 356,118 0.08BRISTOL-MYERS SQUIBB CO74,552 1,471,534 0.32BROADCOM CORPORATION22,403 727,256 0.16BROWN-FORMAN CORP -B- NON VOTING3,686 191,286 0.04BUCYRUS INTERNATIONAL -A-3,286 218,977 0.05BUNGE LTD5,855 285,953 0.06CA INC21,289 387,837 0.08

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Index North America


101

CABLEVISION SYSTEMS -A-11,129 280,724 0.06CABOT OIL AND GAS CORP -A-4,173 117,735 0.03CALPINE CORP WHEN ISSUED26,095 259,481 0.06CAMERON INTERNATIONAL CORP9,644 364,683 0.08CAMPBELL SOUP CO7,978 206,653 0.04CAPITAL ONE FINANCIAL CORP24,547 778,741 0.17CARDINAL HEALTH INC15,108 431,432 0.09CAREFUSION - SHS WHEN ISSUED17,554 336,281 0.07CARMAX INC (WHEN ISSUED)10,202 242,436 0.05CARNIVAL CORP21,960 754,780 0.16CATERPILLAR INC28,249 1,972,197 0.42CB RICHARDS ELLIS GROUP INC -A-12,699 193,862 0.04CBS -B-31,233 443,508 0.10CELANESE CORP-A-11,374 349,050 0.07CELGENE CORP23,048 1,016,033 0.22CENTERPOINT ENERGY20,814 243,894 0.05CENTURYLINK SHS12,609 433,944 0.09CEPHALON INC2,433 111,934 0.02CERNER CORP2,894 204,374 0.04CF INDUSTRIES HOLDINGS INC3,666 369,319 0.08CHARLES SCHWAB CORP/THE55,887 712,777 0.15CHESAPEAKE ENERGY CORP26,337 508,659 0.11CHEVRON CORP93,299 6,346,043 1.36CHIPOTLE MEXICAN GRILL -A-1,364 216,219 0.05C.H.ROBINSON WORLWIDE INC7,463 446,094 0.10CHUBB CORP16,322 725,611 0.16CHURCH AND DWIGHT2,385 122,703 0.03CIGNA CORP12,078 330,051 0.07CIMAREX ENERGY CO2,973 196,191 0.04CINCINNATI FINANCIAL CORP5,521 130,417 0.03CINTAS CORP4,950 103,166 0.02CISCO SYSTEMS INC256,920 3,874,244 0.83CIT GROUP8,121 285,117 0.06CITIGROUP INC1,351,899 4,766,488 1.02CITRIX SYSTEMS9,008 459,347 0.10CLIFF NATURAL RESOURCES6,055 352,093 0.08CLOROX CO5,663 267,120 0.06CME GROUP -A-3,132 751,162 0.16COACH INC15,117 623,250 0.13COCA COLA ENTERPRISES INC14,941 278,762 0.06COCA-COLA CO96,741 4,742,764 1.02COGNIZANT TECHNOLOGY SOLUTIONS -A-12,838 701,351 0.15COLGATE-PALMOLIVE CO22,425 1,343,444 0.29COMCAST CORP92,421 1,513,540 0.32COMCAST CORP SPECIAL CLASS A30,572 474,230 0.10COMERICA INC9,235 290,773 0.06COMPUTER SCIENCES CORP.6,742 249,266 0.05CONAGRA FOODS INC19,734 332,148 0.07CONCHO RES5,500 359,424 0.08CONOCOPHILLIPS CO66,006 3,350,608 0.72CONSOL ENERGY INC11,472 416,790 0.09CONSOLIDATED EDISON INC11,552 426,844 0.09CONSTELLATION BRANDS INC -A-6,944 114,651 0.02CONSTELLATION ENRGY GROUP11,114 253,753 0.05CORNING INC67,773 976,016 0.21COSTCO WHOLESALE CORP20,202 1,087,389 0.23COVANCE2,256 86,453 0.02

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Quan

tity

COVENTRY HEALTH CARE INC6,945 136,669 0.03CREE4,760 233,787 0.05CROWN CASTLE INTERNATIONAL14,696 480,135 0.10CROWN HOLDINGS INC6,727 167,379 0.04CSX CORP18,083 870,890 0.19CUMMINS INC8,473 694,804 0.15CVS CAREMARK CORP61,518 1,594,410 0.34D AND B CORP1,953 119,505 0.03DANAHER CORP25,674 902,719 0.19DARDEN RESTAURANTS INC9,547 330,485 0.07DAVITA INC4,211 218,123 0.05DEERE AND CO19,669 1,217,629 0.26DELL INC76,657 774,255 0.17DELTA AIR LINES21,167 198,803 0.04DENBURY RESOURCES13,649 194,223 0.04DENTSPLY INTERNATIONAL INC5,054 128,728 0.03DEVON ENERGY CORP19,533 1,143,107 0.25DEVRY5,588 199,853 0.04DIAMOND OFFSHORE DRILLING2,487 123,965 0.03DIRECTV -A-40,920 1,217,946 0.26DISCOVER FINANCIAL SERVICES - SHS WI23,933 330,572 0.07DISCOVERY COMM -A-6,249 194,240 0.04DISCOVERY COMM -C-6,591 180,257 0.04DISH NETWORK -A-7,572 110,965 0.02DOLBY LABORATORIES -A-1,850 91,979 0.02DOLLAR GENERAL7,500 171,462 0.04DOLLAR TREE INC4,836 202,156 0.04DOMINION RESOURCES INC27,300 869,335 0.19DOVER CORP7,490 326,332 0.07DOW CHEMICAL CO52,266 1,330,074 0.29DR HORTON11,486 102,142 0.02DR PEPPER SNAPPLE GROUP (WHEN ISSUED)11,336 297,099 0.06DTE ENERGY COMPANY5,837 197,184 0.04DUKE ENERGY HLDG60,482 802,940 0.17DUKE REALTY20,000 185,755 0.04EASTMAN CHEMICAL CO2,734 171,350 0.04EATON CORP6,959 526,561 0.11EATON VANCE NON-VOTING4,506 101,537 0.02EBAY53,549 1,110,856 0.24ECOLAB INC10,393 390,604 0.08EDISON INTERNATIONAL12,605 362,680 0.08EDWARDS LIFESCIENCES CORP3,986 240,191 0.05EI DU PONT DE NEMOURS & CO42,778 1,590,523 0.34EL PASO CORP35,255 361,603 0.08ELECTRONIC ARTS11,410 139,313 0.03ELI LILLY AND CO44,713 1,167,861 0.25EMC CORP101,841 1,738,406 0.37EMERSON ELECTRIC CO34,220 1,458,281 0.31ENERGEN CORP5,500 197,853 0.04ENERGIZER HOLDINGS INC2,962 160,955 0.03ENTERGY CORP8,018 423,327 0.09EOG RESOURCES INC12,544 854,718 0.18EQT8,888 297,073 0.06EQTY RESIDENTIAL PPTYS TR SHS BEN.INT.12,192 472,121 0.10EQUIFAX INC4,590 121,802 0.03ESTEE LAUDER COMPANIES INC -A-6,754 406,282 0.09EXELON CORP30,450 945,129 0.20

% of N

AV

Market V

alue

EUR

Quan

tity


Index North America


102

EXPEDIA9,018 168,657 0.04EXPEDITORS INTERNATIONAL OF WASHINGTON9,473 385,543 0.08EXPRESS SCRIPTS -A-24,202 975,080 0.21EXXON MOBIL CORP234,999 12,808,412 2.74FAMILLY DOLLAR DTORE4,750 176,007 0.04FASTENAL CO8,618 384,857 0.08FED RLTY INV TR / SHS.OF BENEF.INTEREST2,108 122,453 0.03FEDEX CORP14,611 1,012,984 0.22FIDELITY NATIONAL12,574 256,719 0.06FIDELITY NATIONAL FINANCL-A SHS -A-12,690 129,402 0.03FIFTH THIRD BANCORP33,603 367,703 0.08FIRST SOLAR INC2,095 203,230 0.04FIRSTENERGY CORP12,772 352,443 0.08FISERV INC6,917 301,934 0.06FLIR SYSTEMS INC4,733 104,958 0.02FLOWSERVE2,549 226,523 0.05FLUOR CORP WHEN ISSUED7,928 391,569 0.08FMC CORP2,812 167,456 0.04FMC TECHNOLOGIES INC4,560 302,210 0.06FORD MOTOR132,404 1,657,086 0.36FOREST LABORATORIES INC13,330 317,762 0.07FORTUNE BRANDS9,366 420,634 0.09FRANKLIN RESOURCES INC6,533 541,564 0.12FREEPORT MCMORAN COPPER & GOLD INC22,358 2,001,396 0.43FRONTIER COMMUNICATIONS37,494 271,937 0.06F5 NETWORKS3,397 329,584 0.07GAMESTOP CORP -A-5,564 94,893 0.02GAP INC21,435 353,748 0.08GENERAL DYNAMICS CORP15,274 807,904 0.17GENERAL ELECTRIC CO495,860 6,760,298 1.45GENERAL GROWTH PROPERTIES18,550 214,046 0.05GENERAL MILLS INC27,618 732,678 0.16GENERAL MOTORS CO23,022 632,545 0.14GENUINE PARTS CO10,291 393,828 0.08GENWORTH FINANCIAL INC CLASS-A22,000 215,482 0.05GENZYME CORP11,157 592,135 0.13GILEAD SCIENCES INC40,845 1,103,368 0.24GOLDMAN SACHS GROUP INC22,996 2,882,492 0.62GOODRICH CORP7,677 503,979 0.11GOODYEAR TIRE RUBBER CO15,368 135,747 0.03GOOGLE INC11,460 5,073,904 1.09H & R BLOCK INC15,288 135,724 0.03HALLIBURTON CO41,439 1,261,194 0.27HANSEN NATURAL CORP3,135 122,170 0.03HARLEY DAVIDSON INC15,422 398,554 0.09HARRIS CORP5,562 187,812 0.04HARTFORD FINANCIAL SERVICES GROUP INC21,055 415,748 0.09HASBRO INC4,544 159,805 0.03HCP12,909 354,010 0.08HEALTH CARE REIT9,975 354,224 0.08HELMERICH PAINE4,246 153,439 0.03HENRY SCHEIN INC3,199 146,388 0.03HERSHEY10,180 357,785 0.08HESS CORP12,215 696,907 0.15HEWLETT-PACKARD CO109,169 3,425,899 0.74HJ HEINZ CO13,293 490,084 0.11HOLOGIC INC9,171 128,656 0.03

% of N

AV

Market V

alue

EUR

Quan

tity

HOME DEPOT INC79,598 2,080,210 0.45HONEYWELL INTERNATIONAL INC33,221 1,316,409 0.28HORMEL FOODS CORP2,671 102,058 0.02HOSPIRA7,186 298,303 0.06HOST HOTELS & RESORTS - SHS27,387 364,806 0.08HUDSON CITY16,739 158,962 0.03HUMAN GENOME SCI8,005 142,551 0.03HUMANA INC7,594 309,862 0.07IBM CORP58,502 6,399,876 1.37IHS INC -A-2,030 121,644 0.03ILLINOIS TOOL WORKS22,906 911,767 0.20ILLUMINA INC4,591 216,760 0.05INTEGRYS ENG GRP SHS4,112 148,689 0.03INTEL CORP259,533 4,068,413 0.87INTERCONTINENTAL EXCHANGE INC2,788 247,617 0.05INTERNATIONAL FLAVORS FRAGRANCES2,531 104,877 0.02INTERNATIONAL GAME TECHNOLOGY10,626 140,117 0.03INTERNATIONAL PAPER CO18,111 367,742 0.08INTERPUBLIC GROUP OF COMPANIES INC17,053 134,995 0.03INTUIT12,427 456,674 0.10INTUITIVE SURGICAL1,676 322,007 0.07INVESCO LTD18,202 326,443 0.07IRON MOUNTAIN6,849 127,683 0.03ITT7,640 296,762 0.06JACOBS ENGIN GROUP4,381 149,729 0.03J.B. HUNT TRANSPORT SERVICES INC4,671 142,092 0.03JC PENNEY INC14,049 338,357 0.07JEFFERIES GROUP4,981 98,874 0.02J.M. SMUCKER CO SHS/WHEN ISSUED8,223 402,400 0.09JOHNSON AND JOHNSON127,841 5,893,903 1.26JOHNSON CONTROLS INC28,220 803,551 0.17JOY GLOBAL INC4,295 277,732 0.06JPMORGAN CHASE CO184,143 5,822,628 1.25JUNIPER NETWORKS INC22,871 629,419 0.14KBR INC8,833 200,620 0.04KELLOGG11,284 429,642 0.09KEYCORP35,571 234,656 0.05KIMBERLY CLARK17,076 802,408 0.17KIMCO REALTY16,453 221,246 0.05KINDER MORGAN MANAGEMENT LLC2,906 144,872 0.03KINDER MORGAN MANAGEMENT LLC (FRACTION)232,582 0 0.00KLA-TENCOR CORP6,200 178,576 0.04KOHL'S CORP11,656 472,131 0.10KRAFT FOODS INC82,776 1,944,223 0.42KROGER CO25,991 433,199 0.09LABORATORY CORP OF AMERICA HOLDINGS3,980 260,834 0.06LAM RESEARCH CORP4,489 173,263 0.04LAS VEGAS SANDS CORP13,404 459,106 0.10LEGG MASON11,506 311,075 0.07LEGGETT PLATT INC5,753 97,602 0.02LENDER PROCESSING SERVICES WHEN ISSUED7,900 173,835 0.04LEUCADIA NATIONAL CORP6,667 145,014 0.03LIBERTY GLOBAL INC SERIES -A-5,346 140,987 0.03LIBERTY GLOBAL SERIES -C-5,905 149,171 0.03LIBERTY MEDIA HOLDING CORP INTERACTIVE-A29,315 344,600 0.07LIBERTY PROPERTY TRUST4,145 98,624 0.02LIFE TECHNOLOGIES CORP7,742 320,287 0.07

% of N

AV

Market V

alue

EUR

Quan

tity


Index North America


103

LIMITED BRANDS INC10,962 251,099 0.05LINCOLN NATIONAL CORP13,208 273,799 0.06LINEAR TECHNOLOGY CORP8,950 230,763 0.05LOCKHEED MARTIN CORP14,994 781,358 0.17LOEWS CORP14,018 406,575 0.09LORILLARD WHEN ISSUED6,771 414,169 0.09LOWE'S COMPANIES INC65,697 1,228,192 0.26LSI CORP30,433 135,883 0.03LUBRIZOL CORP2,716 216,381 0.05L-3 COMMUNICATIONS HOLDINGS INC5,146 270,390 0.06MACERICH CO5,499 194,169 0.04MACYS21,632 407,953 0.09MANPOWER INC6,342 296,690 0.06MARATHON OIL CORP34,983 965,615 0.21MARRIOTT INTERNATIONAL -A-13,499 417,986 0.09MARSH MC-LENNAN COS. INC.21,786 443,986 0.10MARSHALL & ILSLEY - SHS WHEN ISSUED40,126 206,978 0.04MARTIN MARIETTA1,481 101,828 0.02MASCO13,199 124,557 0.03MASTERCARD INC -A-4,596 767,776 0.16MATTEL12,903 244,585 0.05MAXIM INTEGRATED PRODUCTS INC12,273 216,085 0.05MC GRAW-HILL INC13,367 362,784 0.08MCAFFE6,969 240,568 0.05MCCORMICK & CO INC NON VOTING4,157 144,180 0.03MCDONALD'S CORP47,724 2,730,643 0.59MCKESSON CORP12,843 673,766 0.14MDU RESOURCES GROUP6,229 94,116 0.02MEAD JOHNSON NUTRITION CO8,451 392,140 0.08MEADWESTVACO6,113 119,202 0.03MEDCO HEALTH SOLUTIONS INC22,500 1,027,599 0.22MEDTRONIC INC48,046 1,328,334 0.28MEMC ELECTRONIC MATERIALS14,603 122,567 0.03MERCK AND CO138,091 3,709,738 0.80METLIFE INC40,596 1,344,777 0.29METROPCS COMMUNICATIONS INC17,514 164,885 0.04MGM RESORTS INTL16,909 187,171 0.04MICRON TECHNOLOGY37,646 225,054 0.05MICROSHIP TECH6,590 168,047 0.04MICROSOFT CORP360,750 7,507,837 1.60MOHAWK INDUSTRIES INC3,819 161,579 0.03MOLSON COORS BREWING CO -B- NON VOTING6,382 238,763 0.05MONSANTO CO24,870 1,291,004 0.28MOODY'S CORP WHEN ISSUED7,414 146,672 0.03MORGAN STANLEY55,840 1,132,575 0.24MOSAIC CO6,895 392,458 0.08MOTOROLA INC99,350 671,689 0.14M&T BANK CORPORATION5,170 335,469 0.07MURPHY OIL CORP7,961 442,393 0.09MYLAN INC12,422 195,652 0.04NABORS INDUSTRIES LTD20,027 350,217 0.08NASDAQ STOCK MARKET INC10,009 176,895 0.04NATIONAL OILWELL VARCO INC19,994 1,002,271 0.22NATIONAL SEMICONDUCTOR CORP.15,199 155,893 0.03NETAPP18,003 737,539 0.16NETFLIX INC2,600 340,517 0.07NEW YORK COMMUNITY BANCORP INC16,889 237,306 0.05

% of N

AV

Market V

alue

EUR

Quan

tity

NEWELL RUBBERMAID9,917 134,390 0.03NEWFIELD EXPLORATION CO4,731 254,297 0.05NEWMONT MINING CORP22,370 1,024,329 0.22NEWS CORP -A- WHEN ISSUED82,407 894,373 0.19NEWS CORP -B- WHEN ISSUED15,718 192,382 0.04NEXTERA ENERGY16,042 621,687 0.13NII HOLDINGS INC5,930 197,409 0.04NIKE INC18,007 1,146,553 0.25NISOURCE12,757 167,551 0.04NOBLE ENERGY INC7,612 488,421 0.10NORDSTROM INC11,787 372,355 0.08NORFOLK SOUTHERN CORP15,651 732,880 0.16NORTHEAST UTILITIES INC9,271 220,312 0.05NORTHERN TRUST CORP9,273 383,002 0.08NORTHROP GRUMMAN CORP14,118 681,722 0.15NRG ENERGY WHEN ISSUED11,828 172,278 0.04NSTAR3,343 105,133 0.02NUANCE COMMUNICATIONS INC9,585 129,891 0.03NUCOR CORP13,332 435,473 0.09NVIDIA CORP24,225 278,085 0.06NYSE EURONEXT11,760 262,804 0.06O REILLY AUTO5,524 248,787 0.05OCCIDENTAL PETROLEUM CORP38,214 2,794,375 0.60OLD REPUBLIC INTERNATIONAL CORP19,000 193,038 0.04OMNICARE INC5,000 94,629 0.02OMNICOM GROUP INC13,624 465,118 0.10ONEOK INC (NEW)3,551 146,826 0.03ORACLE CORP187,512 4,374,884 0.94OWENS-ILLINOIS INC5,974 136,709 0.03PACCAR INC13,893 594,638 0.13PALL CORP5,790 213,982 0.05PARKER-HANNIFIN CORP9,249 594,975 0.13PATTERSON COS INC8,914 203,523 0.04PAYCHEX INC13,225 304,711 0.07PEABODY ENERGY CORP11,816 563,518 0.12PENTAIR INC6,152 167,425 0.04PEOPLES UNITED FINANCIAL14,184 148,126 0.03PEPCO HOLDINGS7,738 105,265 0.02PEPSICO INC74,351 3,620,701 0.78PERRIGO4,650 219,511 0.05PETROHAWK ENERGY CORP15,348 208,789 0.04PETSMART INC4,557 135,261 0.03PFIZER INC374,131 4,883,183 1.05PG AND E CORP19,724 703,363 0.15PHARMACEUTICAL PRODUCTS DEV.SERVICES3,836 77,604 0.02PHILIP MORRIS INTERNATIONAL INC85,578 3,733,652 0.80PINNACLE WEST CAPITAL CORP3,605 111,384 0.02PIONER NATURAL RESOURCES COMPANY5,343 345,779 0.07PITNEY BOWES INC7,435 134,008 0.03PLAIN EXPLORATION & PRODUCTION CO6,366 152,513 0.03PLUM CREEK TIMBER6,125 170,982 0.04PNC FINANCIAL SERVICES GROUP INC23,805 1,077,440 0.23POLO RALPH LAUREN2,604 215,300 0.05PPG INDUSTRIES INC7,260 454,957 0.10PPL CORP25,882 507,781 0.11PRAXAIR INC14,229 1,012,592 0.22PRECISION CASTPARTS CORP7,140 740,904 0.16

% of N

AV

Market V

alue

EUR

Quan

tity


Index North America


104

PRICELINE.COM INC2,123 632,287 0.14PRIDE INTERNATIONAL INC6,194 152,363 0.03PRINCIPAL FINANCIAL GROUP INC13,759 333,937 0.07PROCTER AND GAMBLE CO131,636 6,312,209 1.35PROGRESS ENERGY INC16,810 544,817 0.12PROGRESSIVE CORP28,394 420,550 0.09PROLOGIS TRUST17,394 187,223 0.04PRUDENTIAL FINANCIAL INC20,270 887,072 0.19PUBLIC SERVICE ENTERPRISE GROUP INC21,261 504,128 0.11PUBLIC STORAGE INC7,259 548,774 0.12PULTEGROUP14,831 83,135 0.02QEP RESOURCES WHEN ISSUED6,205 167,943 0.04QUALCOMM INC73,013 2,693,462 0.58QUANTA SERVICES INC10,252 152,227 0.03QUEST DIAGNOSTICS6,969 280,360 0.06QWEST COMMUNICATIONS INTERNATIONAL INC77,448 439,327 0.09RALCORP HOLDINGS2,012 97,499 0.02RANGE RESOURCES CORP6,959 233,324 0.05RAYONIER REIT3,217 125,942 0.03RAYTHEON CO17,978 620,998 0.13RED HAT7,609 258,918 0.06REGENCY CENTERS7,000 220,402 0.05REGIONS FINANCIAL CORP49,866 260,193 0.06RENAISSANCERE HOLDINGS LTD2,082 98,843 0.02REPUBLIC SERVICES -A-19,048 423,967 0.09REYNOLDS AMERICAN15,492 376,690 0.08ROBERT HALF INTERNATIONAL INC5,301 120,913 0.03ROCKWELL AUTOMATION6,376 340,817 0.07ROCKWELL COLLINS WHEN ISSUED6,705 291,181 0.06ROPER INDUSTRIES INC3,207 182,707 0.04ROSS STORES INC4,753 224,089 0.05ROWAN COMPANIES INC4,044 105,234 0.02R.R.DONNELLEY SONS CO8,879 115,625 0.02SAFEWAY INC17,344 290,758 0.06SAIC INC18,430 217,882 0.05SALESFORCE COM.INC5,001 492,067 0.11SANDISK CORP12,053 447,961 0.10SARA LEE CORP23,177 302,508 0.06SBA COMMUNICATIONS4,411 134,610 0.03SCANA3,977 120,358 0.03SCHLUMBERGER LTD63,778 3,969,634 0.85SCRIPPS NETWORKS3,179 122,629 0.03SEAHAWK DRILLING INC1 7 0.00SEALED AIR13,558 257,203 0.06SEARS HOLDINGS CORP2,391 131,442 0.03SEI INVESTMENTS COMPANY9,580 169,884 0.04SEMPRA ENERGY9,451 369,713 0.08SHERWIN WILLIAMS CO3,573 223,054 0.05SIGMA-ALDRICH CORP4,508 223,661 0.05SIMON PROPERTY GROUP INC13,389 992,935 0.21SLM16,734 157,043 0.03SOUTHERN CO37,066 1,056,266 0.23SOUTHWEST AIRLINES CO17,000 164,481 0.04SOUTHWESTERN ENERGY13,837 386,060 0.08SPECTRA ENERGY - WHEN ISSUED28,213 525,543 0.11SPRINT NEXTEL 1 SHS-SERIES 1122,209 385,333 0.08SPX CORP1,973 105,139 0.02

% of N

AV

Market V

alue

EUR

Quan

tity

ST JUDE MEDICAL INC16,403 522,700 0.11STANLEY BLCK DECK9,522 474,627 0.10STAPLES28,803 488,871 0.10STARBUCKS CORP32,071 768,098 0.16STARWOOD HOTELS AND RESORTS9,400 425,875 0.09STATE STREET CORP20,456 706,594 0.15STERICYCLE INC3,057 184,393 0.04STRYKER CORP16,762 670,955 0.14SUNOCO4,182 125,658 0.03SUNTRUST BANKS INC19,789 435,298 0.09SYMANTEC CORP35,718 445,693 0.10SYNOPSYS5,112 102,541 0.02SYSCO CORP25,254 553,440 0.12T ROWE PRICE GROUP INC12,526 602,607 0.13TARGET CORP32,878 1,473,634 0.32TD AMERITRADE HOLDING CORP11,906 168,533 0.04TELEPHONE AND DATA SYSTEMS6,500 177,090 0.04TERADATA - SHS WHEN ISSUED6,388 195,990 0.04TEXAS INSTRUMENTS INC57,359 1,389,562 0.30TEXTRON INC8,983 158,293 0.03THE WESTERN UNION COMPANY WHEN ISSUED31,107 430,589 0.09THERMO FISHER SCIEN SHS16,918 698,133 0.15TIFFANY CO8,509 394,958 0.08TIME WARNER52,335 1,254,979 0.27TIME WARNER CABLE (WHEN ISSUED)15,221 749,165 0.16TJX COS INC16,641 550,627 0.12TOLL BROTHERS INC12,328 174,598 0.04TORCHMARK CORP3,122 139,024 0.03TOTAL SYSTEM SERVICES INC17,227 197,496 0.04TRANSATLANTIC HOLDINGS INC4,067 156,490 0.03TRAVELERS COS INC/THE24,600 1,021,554 0.22TRW AUTOMOTIVE HOLDINGS4,539 178,305 0.04TYSON FOODS INC -A-10,369 133,095 0.03ULTRA PETROLEUM CORP5,470 194,776 0.04UNION PACIFIC CORP21,789 1,504,952 0.32UNITED PARCEL SERVICE INC32,354 1,750,403 0.38UNITED TECHNOLOGIES CORP39,759 2,332,994 0.50UNITEDHEALTH GROUP INC51,053 1,374,175 0.29UNUM SHS12,365 223,235 0.05URBAN OUTFITTERS INC5,871 156,715 0.03URS CORP3,387 105,052 0.02US BANCORP91,270 1,834,857 0.39US STEEL6,433 280,136 0.06VALERO ENERGY CORP (NEW)22,119 381,194 0.08VARIAN MEDICAL SYTEMS7,968 411,482 0.09VENTAS INC7,046 275,632 0.06VERISIGN INC7,853 191,240 0.04VERISK ANALYTICS INC4,301 109,260 0.02VERIZON COMMUNICATIONS INC132,301 3,528,553 0.76VERTEX PHARMACEUTICALS INC14,359 374,936 0.08VF CORP3,969 254,965 0.05VIACOM -B-25,552 754,437 0.16VIRGIN MEDIA INC13,152 267,050 0.06VISA INC -A-22,290 1,169,371 0.25VORNADO REALTY TRUST SHS OF BENEF.INT7,025 436,356 0.09VULCAN MATERIALS CO5,483 181,302 0.04WALGREEN CO46,984 1,364,464 0.29

% of N

AV

Market V

alue

EUR

Quan

tity


Index North America


105

WAL-MART STORES INC95,235 3,828,425 0.82WALT DISNEY CO80,928 2,262,763 0.49WASHINGTON POST717 234,894 0.05WASTE MANAGEMENT INC22,409 615,870 0.13WATERS3,543 205,230 0.04WATSON PHARMACEUTICALS9,219 354,934 0.08WELLPOINT INC19,059 807,793 0.17WELLS FARGO AND CO231,099 5,338,420 1.15WESTERN DIGITAL CORP9,912 250,469 0.05WEYERHAEUSER CO22,924 323,470 0.07WHIRLPOOL CORP2,664 176,395 0.04WHOLE FOODS MARKET5,021 189,342 0.04WILLIAMS COS INC25,552 470,833 0.10WINDSTREAM15,733 163,481 0.04WISCONSIN ENERGY CORP8,184 359,070 0.08WMWARE2,226 147,526 0.03W.R.BERKLEY CORP5,246 107,067 0.02WW GRAINGER INC2,319 238,737 0.05WYNN RESORTS LTD3,758 290,880 0.06XCEL ENERGY INC19,144 336,060 0.07XEROX CORP54,489 467,902 0.10XILINX INC9,484 204,872 0.04YAHOO INC54,896 680,497 0.15YUM BRANDS INC19,684 719,690 0.15ZIMMER HOLDINGS INC8,370 334,912 0.073M CO30,283 1,948,062 0.42

PENN WEST ENERGY TRUST UNITS18,761 335,531 0.07


Canada 335,531 0.07

IVANHOE MINES (SHS) 26.01.11 RIGHT11,732 11,793 0.00


Canada 15,822 0.00

KINROSS GOLD (SHS) 19.07.14 WAR1,145 4,029 0.00


% of N

AV

Market V

alue

EUR

Quan

tity


Index Pacific


106

AGL ENERGY LTD18,163 214,035 0.17



123,160,320 99.32

Shares 123,022,121 99.21

Australia 30,196,402 24.35

ALUMINA113,209 218,144 0.18AMCOR LTD50,272 260,507 0.21AMP LIMITED83,917 344,017 0.28ANZ BANKING GROUP LTD104,783 1,904,853 1.54ASCIANO SHS122,513 151,425 0.12ASX LTD7,731 224,167 0.18AXA ASIA PACIFIC HOLDINGS44,355 214,863 0.17BENDIGO AND ADELAIDE BANK15,488 119,614 0.10BHP BILLITON LTD138,286 4,867,507 3.92BILLABONG INTERNATIONAL LTD11,491 71,631 0.06BLUESCOPE STEEL79,862 139,786 0.11BORAL LTD30,447 115,701 0.09BRAMBLES57,865 317,178 0.26CALTEX AUSTRALIA LTD5,192 57,596 0.05CFS RETAIL PROPERTY TRUST82,310 112,792 0.09COCA-COLA AMATIL LTD25,744 215,027 0.17COCHLEAR1,876 117,650 0.09COMMONWEALTH BANK OF AUSTRALIA63,547 2,501,194 2.01COMPUTERSHARE LIMITED18,202 152,312 0.12CROWN21,989 139,436 0.11CSL LTD23,373 655,470 0.53CSR LTD66,451 85,704 0.07DEXUS PROPERTY GROUP STAPLED SECURITY197,268 122,668 0.10FAIRFAX MEDIA93,804 101,178 0.08FORTESCUE METALS GROUP LTD47,814 249,238 0.20FOSTER BREWING GROUP LTD79,996 349,437 0.28GOODMAN GROUP - STAPLED SECURITY306,296 155,194 0.13GOODMANN FIELDER LTD52,086 54,581 0.04GPT GROUP STAPLED SECURITY75,232 169,223 0.14HARVEY NORMAN HOLDINGS32,100 72,697 0.06INCITEC PIVOT LTD70,036 216,678 0.17INSURANCE AUSTRALIA GROUP LIMITED82,670 250,054 0.20LEIGTHON HOLDINGS LTD6,376 152,229 0.12LEND LEASE CORP LTD - STAPLED SECURITIES22,927 154,008 0.12MACARTHUR COAL8,354 82,219 0.07MACQUARIE GROUP14,917 428,867 0.35MAP GROUP STAPLED SECURITIES14,123 32,743 0.03METCASH LTD25,570 80,679 0.07MIRVAC GROUP STAPLED SECURITIES164,949 155,122 0.13NAT. AUSTRALIA BANK87,088 1,606,575 1.30NEWCREST MINING LTD31,011 976,087 0.79ONESTEEL LTD53,044 107,505 0.09ORICA LIMITED15,361 295,993 0.24ORIGIN ENERGY LTD36,064 469,281 0.38OZ MINERALS123,231 165,084 0.13PALADIN ENERGY24,830 93,975 0.08QBE INSURANCE GROUP44,080 622,318 0.50QUANTAS AIRWAYS LTD40,982 80,227 0.06RAMSAY HEALTH CARE LTD5,257 72,321 0.06RIO TINTO18,247 1,200,497 0.97

% of N

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EUR

Quan

tity

SANTOS LTD32,752 331,644 0.27SIMS METAL MANAGEMENT LTD7,393 123,614 0.10SONIC HEALTHCARE LTD13,448 121,720 0.10SP AUSNET STAPLED SECURITY74,100 50,060 0.04STOCKLAND102,674 285,337 0.23SUNCORP GROUP-SHS 11.01.11 DEF.DELIVERY50,286 335,858 0.27TABCORP HOLDINGS LTD26,661 146,343 0.12TATTS GROUP57,511 114,792 0.09TELSTRA CORP167,984 358,510 0.29TOLL HOLDING LTD29,006 127,817 0.10TRANSURBAN GROUP55,435 217,893 0.18WESFARMERS40,731 1,009,989 0.81WESFARMERS PRICE PROTECTED SHS5,984 150,036 0.12WESTFIELD - STAPLED118,073 232,049 0.19WESTFIELD GROUP LTD STAPLED SECURITY88,073 653,144 0.53WESTPAC BANKING CORP122,428 2,125,055 1.70WOODSIDE PETROLEUM25,502 837,928 0.68WOOLWORTHS LTD51,508 1,079,509 0.87WORLEYPARSONS LTD8,617 177,817 0.14

MONGOLIA ENERGY103,000 23,486 0.02

Bermuda 88,546 0.07

ORIENT OVERSEAS INTL9,000 65,060 0.05

SANDS CHINA LTD106,800 172,646 0.14


WYNN MACAU LTD61,200 104,514 0.08

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD62,000 69,956 0.06

China 69,956 0.06

AIA GROUP LTD335,600 722,911 0.58

Hong Kong 9,648,720 7.78

ASM PACIFIC TECHNOLOGY8,000 78,168 0.06BANK OF EAST ASIA LTD60,400 193,988 0.16BOC HONG KONG (HOLDINGS) LTD157,500 401,162 0.32CATHAY PACIFIC AIRWAYS49,000 102,935 0.08CHEUNG KONG INFRASTRUCTURE HOLDINGS23,000 79,895 0.06CHEUNG-KONG HOLDINGS LTD58,000 680,963 0.55CHINA L&P HLDGS77,500 477,889 0.39ESPRIT HOLDINGS LTD47,921 172,741 0.14FOXCONN INTERNATIONAL HOLDINGS LTD78,000 41,172 0.03HANG LUNG GROUP LTD37,000 187,585 0.15HANG LUNG PROPERTIES LTD102,000 361,246 0.29HANG SENG BANK LTD32,700 411,209 0.33HENDERSON LAND DEVLOPMENT CO LTD48,000 244,984 0.20HONG KONG CHINA GAS180,700 326,473 0.26HONG KONG ELECTRIC HOLDINGS LTD55,000 263,366 0.21HONG KONG EXCHANGES AND CLEARING LTD43,800 753,090 0.62HOPEWELL HLDGS18,000 42,878 0.03HUTCHISON WHAMPOA91,000 714,773 0.58HYSAN DEVELOPMENT29,000 105,662 0.09KERRY PROPERTIES33,000 131,923 0.11LI AND FUNG LTD92,000 409,296 0.33LIFESTYLE INTERNATIONAL20,000 37,570 0.03MTR CORP LTD56,500 156,792 0.13NEW WORLD DEVELOPMENT98,000 140,734 0.11NWS HOLDINGS LTD49,500 57,348 0.05

% of N

AV

Market V

alue

EUR

Quan

tity


Index Pacific


107

PCCW LTD200,000 66,369 0.05SHANGRI - LA ASIA LTD46,000 97,303 0.08SINO LAND102,000 145,092 0.12SJM HOLDINGS LTD63,000 75,189 0.06SUN HUNG KAI PROPERTIES LTD59,000 735,639 0.60SWIRE PACIFIC LTD SIE A33,500 415,093 0.33THE LINK REIT - UNITS86,000 203,192 0.16WHARF HOLDINGS57,000 328,251 0.26WHEELOCK COMPANY LTD34,000 102,271 0.08WING HANG BANK LTD8,500 88,497 0.07YUE YUEN INDUSTRIAL HOLDINGS34,500 95,071 0.08

JAMES HARDIES IND/CHESS UNITS OF FOR SEC15,402 81,349 0.07

Ireland 81,349 0.07

GENTING SINGAPORE PLC244,000 310,973 0.25

Isle of Man 310,973 0.25

ABC MART INC. TOKYO1,600 42,979 0.03

Japan 76,225,902 61.47

ADVANTEST CORP6,800 115,706 0.09AEON CO LTD25,100 236,213 0.19AEON CREDIT SERVICE LTD1,800 19,140 0.02AEON MALL CO LTD2,800 56,539 0.05AIR WATER5,000 48,027 0.04AISIN SEIKI CO LTD6,800 180,960 0.15AJINOMOTO CO INC27,000 211,578 0.17ALFRESA HOLDINGS CORP1,600 53,427 0.04ALL NIPPON AIRWAYS CO LTD39,000 109,457 0.09AMADA CO LTD17,000 104,085 0.08AOZORA BANK SHS20,000 31,123 0.03ASAHI BREWERIES LTD15,600 227,295 0.18ASAHI GLASS CO LTD44,000 386,773 0.31ASAHI KASEI CORPORATION54,000 265,098 0.21ASICS CORP KOBE8,000 77,362 0.06ASTELLAS PHARMA18,700 536,092 0.43BANK OF KYOTO15,000 106,984 0.09BANK OF YOKOHAMA LTD56,000 218,377 0.18BENESSE HOLDINGS INC3,600 124,713 0.10BRIDGESTONE CORP26,800 389,489 0.31BROTHER INDUSTRIES8,900 99,255 0.08CANON INC47,700 1,860,107 1.49CANON MARKETING JAPAN INC2,100 22,486 0.02CASIO COMPUTER CO LTD11,500 69,771 0.06CENTRAL JAPAN RAILWAY CO60 377,918 0.30CHIBA BANK33,000 161,393 0.13CHIYODA CORP6,000 44,906 0.04CHUBU ELECTRIC POWER CO INC28,000 517,673 0.42CHUGAI PHARMACEUTICAL9,800 135,254 0.11CHUGOKU BANK LTD8,000 72,842 0.06CHUGOKU ELECTRIC POWER CO14,000 213,968 0.17CHUO MITSUI TRUST HOLDING42,000 131,104 0.11CITIZEN HOLDINGS -SHS-8,500 44,090 0.04COCA-COLA WEST SHS1,700 23,163 0.02COSMO OIL LTD29,000 71,452 0.06CREDIT SAISON CO LTD6,900 85,323 0.07DAI NIPPON PRINTING CO LTD25,000 256,113 0.21DAICEL CHEMICAL INDUSTRIES LTD14,000 76,899 0.06

% of N

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Market V

alue

EUR

Quan

tity

DAIDO STEEL8,000 35,346 0.03DAIHATSU MOTOR CO9,000 103,872 0.08DAI-ICHI LIFE INSURANCE CO LT317 387,294 0.31DAIICHI SANKYO CO LTD26,900 442,769 0.36DAIKIN INDUSTRIES LTD9,100 242,757 0.20DAINIPPON SUMITOMO PHARMA CO LTD5,200 35,547 0.03DAITO TRUST CONSTRUCTION CO LTD3,200 164,802 0.13DAIWA HOUSE INDUSTRY CO LTD21,000 194,127 0.16DAIWA SECURITIES GROUP INC70,000 271,026 0.22DENA CO LTD3,900 105,195 0.08DENKI KAGAKU KOGYO KK19,000 67,933 0.05DENSO CORP20,500 532,058 0.43DENTSU6,700 156,453 0.13DOWA HOLDINGS CO LTD14,000 69,118 0.06EAST JAPAN RAILWAY CO13,700 670,026 0.54EISAI10,600 288,662 0.23ELECTRIC POWER DEVELOPMENT CO4,300 101,446 0.08ELPIDA MEMORY INC8,500 74,403 0.06FAMILYMART CO LTD2,300 65,191 0.05FANUC LTD7,800 900,945 0.73FAST RETAILING CO LTD2,000 239,533 0.19FUJI ELECTRIC HOLDINGS CO15,000 35,152 0.03FUJI HEAVY INDUSTRIES LTD23,000 134,216 0.11FUJI MEDIA HLDGS14 16,651 0.01FUJIFILM HOLDINGS CORP19,500 530,308 0.43FUJITSU LTD74,000 387,273 0.31FUKUOKA FINANCIAL GROUP35,000 114,441 0.09FURUKAWA ELECTRIC CO LTD29,000 98,046 0.08GREE INC4,600 44,014 0.04GS YUASA CORP13,000 67,673 0.05GUNMA BANK LTD22,000 90,886 0.07HACHIJUNI BANK23,000 96,721 0.08HAKUHODO DY HOLDINGS INC720 31,045 0.03HAMATSU PHOTONICS3,100 85,224 0.07HANKYU HANSHIN HOLDINGS INC48,000 167,618 0.14HINO MOTORS LTD9,000 36,680 0.03HIROSE ELECTRIC CO1,400 118,655 0.10HIROSHIMA BANK24,000 76,028 0.06HISAMITSU PHARMACEUTICAL CO INC2,600 82,364 0.07HITACHI CHEMICAL CO LTD3,300 51,383 0.04HITACHI CONST MACH.3,900 70,298 0.06HITACHI HIGH-TECHNOLOGIES3,000 52,742 0.04HITACHI LTD182,000 729,956 0.59HITACHI METALS LTD8,000 72,249 0.06HOKKAIDO ELECTRIC POWER CO INC8,500 130,697 0.11HOKUGIN FINANCIAL GROUP46,000 70,304 0.06HOKURIKU ELECTRIC POWER CO INC8,600 158,920 0.13HONDA MOTOR CO LTD67,500 2,010,120 1.61HOYA CORP17,100 312,349 0.25IBIDEN5,900 140,013 0.11IDEMITSU KOSAN1,000 79,844 0.06IHI CORP48,000 80,474 0.06INPEX91 400,801 0.32ISETAN MITSUKOSHI14,600 127,662 0.10ISUZU MOTORS LTD55,000 187,986 0.15ITO EN LTD2,100 26,260 0.02ITOCHU CORP65,100 495,667 0.40

% of N

AV

Market V

alue

EUR

Quan

tity


Index Pacific


108

ITOCHU TECHNO-SOLUTIONS CORP CTC1,700 47,948 0.04IYO BANK8,000 48,166 0.04JAPAN PETROLEUM EXPLORATION CO LTD1,100 31,484 0.03JAPAN RETAIL FUND INVESTMENT CORP58 83,648 0.07JAPAN STEEL WORKS14,000 109,967 0.09JAPAN TOBACCO185 514,936 0.42JFE HOLDINGS INC19,600 513,420 0.41J.FRONT RETAILING CO LTD24,000 98,703 0.08JGC CORP9,000 147,305 0.12JOYO BANK LTD19,000 62,829 0.05JP REAL ESTATE INVESTMENT23 179,381 0.14JS GROUP9,800 162,214 0.13JSR CORP7,900 110,861 0.09JTEKT CORP10,300 91,399 0.07JUPITER TELECOMMUNICATIONS CO LTD79 62,492 0.05JX HOLDINGS INC94,440 481,997 0.39KAJIMA CORP28,000 56,021 0.05KAMIGUMI CO LTD9,000 56,854 0.05KANEKA CORP12,000 62,579 0.05KANSAI ELECTRIC POWER30,100 558,729 0.45KANSAI PAINT CO LTD7,000 50,963 0.04KAO CORP21,300 431,682 0.35KAWASAKI HEAVY INDUSTRIES60,000 151,723 0.12KAWASAKI KISEN KAISHA LTD29,000 95,897 0.08KDDI CORP125 543,025 0.44KEIKYU CORP23,000 152,751 0.12KEIO23,000 118,025 0.10KEISEI ELECTRIC RAILWAY CO LTD16,000 80,326 0.06KEYENCE CORP1,770 385,609 0.31KIKKOMAN CORP5,000 42,145 0.03KINDEN CORP5,000 34,735 0.03KINETSU69,000 162,338 0.13KIRIN HOLDINGS CO LTD33,000 348,157 0.28KOBE STEEL110,000 209,893 0.17KOITO MANUFACTURING4,000 47,054 0.04KOMATSU LTD38,500 876,200 0.71KONAMI CO LTD4,700 75,141 0.06KONICA MINOLTA HOLDINGS INC20,500 160,263 0.13KUBOTA CORP47,000 334,781 0.27KURARAY CO LTD14,600 157,414 0.13KURITA WATER INDUSTRIES LTD4,000 94,776 0.08KYOCERA CORP6,800 522,156 0.42KYOWA HAKKO KIRIN CO LTD12,000 92,923 0.07KYUSHU ELECTRIC POWER CO INC15,800 266,358 0.21LAWSON INC2,800 104,131 0.08MABUCHI MOTOR CO LTD800 31,011 0.03MAKITA CORP4,500 138,385 0.11MARUBENI CORP72,000 380,808 0.31MARUI GROUP CO LTD8,500 52,121 0.04MARUICHI STEEL TUBE LTD2,800 44,739 0.04MATSUI SECURITIES CO LTD3,000 16,062 0.01MAZDA MOTOR CORP73,000 157,549 0.13MC DONALD'S CO (JAPAN)2,400 45,261 0.04MEDICEO HOLDINGS CORP8,200 67,979 0.05MEIJI HLDGS2,453 83,387 0.07MINEBEA CO LTD13,000 61,652 0.05MIRACA HOLDINGS INC2,200 66,636 0.05

% of N

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Market V

alue

EUR

Quan

tity

MITSUBISHI CHEMICAL HOLDINGS CORP54,500 278,154 0.22MITSUBISHI CORP55,400 1,127,910 0.90MITSUBISHI ELECTRIC CORP81,000 639,237 0.52MITSUBISHI ESTATE47,000 655,632 0.53MITSUBISHI GAS CHEM.18,000 96,202 0.08MITSUBISHI HEAVY INDUSTRIES LTD126,000 355,965 0.29MITSUBISHI LOGISTICS4,000 40,089 0.03MITSUBISHI MATERIAL38,000 91,163 0.07MITSUBISHI MOTORS CORP184,000 201,112 0.16MITSUBISHI TANABE PHARMA CORP11,200 142,230 0.11MITSUBISHI UFJ FINANCIAL GROUP INC524,400 2,132,380 1.71MITSUI AND CO LTD72,700 903,026 0.73MITSUI CHEMICALS30,000 80,863 0.07MITSUI ENGINEERING SHIPBUILDING CO LTD24,000 47,795 0.04MITSUI FUDOSAN CO LTD35,000 524,870 0.42MITSUI MINING SMELTING CO LTD19,000 47,166 0.04MITSUI OSK LINES LTD44,000 225,787 0.18MITSUMI ELECTRIC CO LTD2,600 35,980 0.03MIZUHO FINANCIAL GROUP INC835,000 1,183,355 0.94MIZUHO SECURITIES CO LTD19,000 41,006 0.03MIZUHO TRUST AND BANKING CO LTD80,000 62,245 0.05MS&AD INSURANCE GROUP HOLDING21,404 403,456 0.33M'UFJ LEASE & FIN -SHS-2,330 69,494 0.06MURATA MANUFACTURING CO LTD8,100 426,908 0.34NABTESCO CORP5,000 80,215 0.06NAMCO BANDAI HOLDINGS INC, TOKYO10,100 81,578 0.07NEC CORP113,000 255,391 0.21NGK INSULATORS LTD11,000 135,004 0.11NGK SPARK PLUG CO LTD6,000 69,248 0.06NHK SPRING CO LTD6,000 49,074 0.04NIDEC CORP4,100 311,791 0.25NIDEC CORP (6594.T)700 53,622 0.04NIKON CORP13,000 198,323 0.16NINTENDO CO LTD4,000 882,920 0.71NIPPON BUILDING FD20 154,316 0.12NIPPON ELECTRIC GLASS CO LTD16,000 173,694 0.14NIPPON EXPRESS39,000 132,216 0.11NIPPON MEAT PACKERS INC., OSAKA7,000 68,794 0.06NIPPON PAPER GROUP3,700 72,999 0.06NIPPON SHEET GLASS CO LTD41,000 83,170 0.07NIPPON STEEL CORP213,000 576,102 0.46NIPPON TEL.22,300 759,101 0.61NIPPON YUSEN KK69,000 230,085 0.19NISHI NIPPON CITY BANK24,000 54,909 0.04NISSAN CHEMICAL INDUSTRIES LTD5,000 48,768 0.04NISSAN MOTOR CO LTD101,900 729,610 0.59NISSHIN FLOUR MILL.6,500 62,074 0.05NISSHIN FOODS2,700 72,777 0.06NISSHIN STEEL CO LTD24,000 40,237 0.03NISSHINBO HOLDINGS4,000 32,975 0.03NITORI CO LTD1,400 92,071 0.07NITTO DENKO CORP7,300 258,637 0.21NKSJ HOLDINGS58,700 325,145 0.26NOK CORP3,400 53,286 0.04NOMURA HOLDINGS INC142,500 679,766 0.55NOMURA REAL ESTATE HOLDINGS INC3,600 49,318 0.04NOMURA RESEARCH INSTITUTE3,500 58,614 0.05

% of N

AV

Market V

alue

EUR

Quan

tity


Index Pacific


109

NSK LTD19,000 129,177 0.10NTN CORP25,000 99,805 0.08NTT DATA CORP61 158,828 0.13NTT DOCOMO INC621 815,652 0.66NTT URBAN DEVELOPMENT42 31,123 0.03OBAYASHI CORP34,000 117,784 0.09OBIC190 29,426 0.02ODAKYU ELECTRIC RAILWAY CO LTD23,000 161,060 0.13OJI PAPER CO LTD38,000 138,329 0.11OLYMPUS CORP9,900 225,400 0.18OMRON CORP8,600 171,347 0.14ONO PHARMACEUTICAL CO LTD3,500 122,870 0.10ORACLE CORP JAPAN1,400 51,741 0.04ORIENTAL LAND CO LTD2,100 146,276 0.12ORIX CORP4,410 326,379 0.26OSAKA GAS CY79,000 230,502 0.19OTSUKA CORP400 20,526 0.02OTSUKA HOLDINGS10,000 185,254 0.15PANASONIC CORP82,900 885,362 0.71RAKUTEN304 191,478 0.15RESONA HOLDINGS INC27,700 124,953 0.10RICOH CO LTD28,000 308,633 0.25RINNAI CORP1,000 45,943 0.04ROHM CO LTD4,500 220,915 0.18SANKYO CO LTD2,500 106,174 0.09SANTEN PHARMACEUTICAL CO LTD3,900 101,871 0.08SAPPORO HOKUYO HOLDINGS INC14,300 50,333 0.04SAPPORO HOLDINGS LTD10,000 34,087 0.03SBI HOLDING898 102,476 0.08SECOM CO LTD8,200 292,043 0.24SEGA SAMMY HOLDINGS INC7,400 105,900 0.09SEIKO EPSON CORP5,200 71,286 0.06SEKISUI CHEMICAL CO LTD16,000 86,402 0.07SEKISUI HOUSE LTD27,000 205,326 0.17SENSHU IKEDA HOLDINGS38,800 41,690 0.03SEVEN & I HOLDINGS CO LTD31,900 641,191 0.52SEVEN BANK21 33,437 0.03SEVENTY-SEVEN BANK LTD11,000 43,914 0.04SHARP CORP41,000 317,868 0.26SHIKOKU ELECTRIC POWER CO7,300 161,471 0.13SHIMADZU CORPORATION9,000 52,603 0.04SHIMAMURA CORP1,100 76,723 0.06SHIMANO INC2,500 95,637 0.08SHIMIZU CORP25,000 80,354 0.06SHIN-ETSU CHEM. CO LTD17,200 701,000 0.57SHINKO ELECTRIC INDUSTRIES CO LTD3,000 25,287 0.02SHINOGI CO LTD11,600 172,238 0.14SHINSEI BANK LTD40,000 39,274 0.03SHISEIDO12,800 210,330 0.17SHIZUOKA BANK LTD26,000 180,382 0.15SHOWA DENKO KK54,000 91,534 0.07SHOWA SHELL SEKIYU KK9,600 66,158 0.05SMC CORP2,200 283,457 0.23SOFTBANK CORP33,000 859,235 0.69SOJITZ CORP43,900 72,381 0.06SONY CORP42,200 1,144,122 0.91SONY FINANCIAL HOLDINGS39 118,669 0.10

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Market V

alue

EUR

Quan

tity

SQUARE ENIX HDLGS2,800 37,347 0.03STANLEY ELECTRIC CO LTD5,200 73,068 0.06SUMCO CORP6,800 73,064 0.06SUMITOMO CHEMICAL CO LTD68,000 251,945 0.20SUMITOMO CORP47,400 504,470 0.41SUMITOMO ELECTRIC INDUSTRIES LTD31,500 329,122 0.27SUMITOMO HEAVY INDUSTRIES27,000 130,548 0.11SUMITOMO METAL INDUSTRIES LTD145,000 268,618 0.22SUMITOMO METAL MINING CO LTD23,000 302,306 0.24SUMITOMO MITSUI FINANCIAL GROUP INC56,300 1,508,147 1.21SUMITOMO REALTY & DEVELOPMENT CO LTD14,000 251,445 0.20SUMITOMO RUBBER INDUSTRIES LTD6,700 52,627 0.04SUMITOMO TRUST BANK57,000 270,322 0.22SURUGA BANK LTD6,000 42,016 0.03SUZUKEN CO2,100 48,240 0.04SUZUKI MOTOR CORP15,100 279,733 0.23SYSMEX1,500 78,223 0.06T AND D HOLDINGS INC12,700 242,330 0.20TAISEI45,000 79,196 0.06TAISHO PHARMACEUTICAL6,000 98,759 0.08TAIYO NIPPON SANSO9,000 59,772 0.05TAKASHIMAYA CO LTD10,000 64,468 0.05TAKEDA PHARMA CO LTD30,600 1,132,336 0.90TDK CORP5,300 277,371 0.22TEIJIN LTD39,000 125,352 0.10TERUMO CORP.6,500 275,148 0.22THK CO LTD5,600 96,843 0.08TOBU RAILWAY CO LTD40,000 168,951 0.14TOHO CO3,300 39,859 0.03TOHO GAS14,000 52,649 0.04TOHOKU ELECTRIC POWER CO INC18,900 316,867 0.26TOKIO MARINE HOLDINGS INC29,200 656,432 0.53TOKUYAMA CORP15,000 58,355 0.05TOKYO ELECTRIC POWER CO INC58,000 1,065,339 0.86TOKYO ELECTRON LTD6,700 318,989 0.26TOKYO GAS CO LTD100,000 333,457 0.27TOKYO STEEL MFG CO LTD SHS3,200 26,262 0.02TOKYO TATEMONO CO18,000 62,690 0.05TOKYU CORP48,000 165,395 0.13TOKYU LAND CORP20,000 75,584 0.06TONENGENERAL SEKIYU10,000 82,253 0.07TOPPAN PRINTING27,000 185,569 0.15TORAY INDUSTRIES INC61,000 274,037 0.22TOSHIBA CORP169,000 691,904 0.56TOSOH CORP20,000 48,907 0.04TOTO LTD8,000 43,646 0.04TOYO SEIKAN KAISHA6,800 97,314 0.08TOYO SUISAN KAISHA5,000 83,688 0.07TOYODA GOSEI CO LTD2,600 45,926 0.04TOYOTA BOSHOKU CORP2,200 29,202 0.02TOYOTA INDUSTRIES CORP7,800 182,140 0.15TOYOTA MOTOR CORP114,000 3,400,149 2.73TOYOTA TSUSHO CORP7,900 104,641 0.08TREND MICRO INC4,300 106,783 0.09TSUMURA AND CO1,800 43,833 0.04UBE INDUSTRIES LTD35,000 79,103 0.06UNI-CHARM5,300 158,568 0.13

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Market V

alue

EUR

Quan

tity


Index Pacific


110

UNY CO LTD9,400 71,484 0.06USHIO INC.4,000 57,355 0.05USS710 43,668 0.04WEST JAPAN RAILWAY COMPANY70 196,786 0.16YAHOO JAPAN CORP574 167,479 0.14YAKULT HONSHA CO LTD4,900 106,161 0.09YAMADA DENKI CO LTD3,260 167,288 0.13YAMAGUCHI FINANCIAL GROUP7,000 53,298 0.04YAMAHA CORP.5,600 52,286 0.04YAMAHA MOTOR CO LTD11,200 137,251 0.11YAMATO HOLDINGS CO LTD16,700 178,818 0.14YAMATO KOGYO CO LTD800 18,192 0.01YAMAZAKI BAKING CO5,000 45,341 0.04YASKAWA ELECTRIC CORP8,000 56,910 0.05YOKOGAWA ELECTRIC CORP8,600 51,460 0.04

AUCKLAND INTERNATIONAL AIRPORT35,500 46,005 0.04

New Zealand 361,305 0.29

CONTACT ENERGY LTD13,213 48,374 0.04FLETCHER BUILDING LTD26,007 116,221 0.08SKY CITY23,273 45,037 0.04TELECOM CORP OF NEW ZEALAND LTD83,029 105,668 0.09

ASCENDAS REAL ESTATE INVES.TRUST UNITS74,000 89,553 0.07

Singapore 5,626,232 4.54

CAPITALAND LTD111,500 245,098 0.20CAPITALMALLS50,000 56,709 0.05CAPITAMALL REAL ESTATE INVESTMENT TRUST100,400 113,871 0.09CITY DEVELOPMENT23,000 171,038 0.14COMFORTDELGRO CORP69,000 63,736 0.05COSCO CORP (S) LTD52,000 64,753 0.05DBS GROUP HOLDINGS71,500 606,108 0.48FRASER & NEAVE LTD43,000 163,654 0.13GLOBAL LOGISTIC PROPERTIES LTD76,000 95,083 0.08GOLDEN AGRI-RESOURCES311,512 145,694 0.12JARDINE CYCLE & CARRIAGE LTD4,000 86,150 0.07KEPPEL CORPORATION LTD52,000 341,701 0.28KEPPEL LAND LTD27,000 76,557 0.06NEPTUNE ORIENT LINES LTD31,500 40,883 0.03NOBLE GROUP LTD120,182 152,467 0.12OLAM INTERNATIONAL LTD44,000 82,058 0.07OVERSEA-CHINESE BANKING CORPORATION LTD101,000 590,471 0.48SEMBCORP INDUSTRIES LTD42,000 125,963 0.10SEMBCORP MARINE LTD30,000 94,183 0.08SINGAPORE AIRLINES LTD23,000 208,956 0.17SINGAPORE EXCHANGE LTD38,000 189,278 0.15SINGAPORE TECHNOLOGIES ENGINEERING60,000 120,666 0.10SINGAPORE TELECOM - SH BOARD LOT 1000333,000 597,667 0.48S'PORE PRESS HOLDINGS LTD66,000 154,727 0.12STARHUB32,000 49,202 0.04UNITED OVERSEAS BANK52,000 560,585 0.45UOL GROUP LTD20,000 56,358 0.05WILMAR INTERNATIONAL LTD86,000 283,063 0.23

QR NQTIONAL64,927 135,576 0.11

Undefined 135,576 0.11

% of N

AV

Market V

alue

EUR

Quan

tity

JAPAN PRIME REALTY INVESTMENT CORP33 76,417 0.06


Japan 136,124 0.11

NOMURA REAL ESTATE OFFICE FD11 59,707 0.05

HENDERSON LAND DEV (SHS) 01.06.11 WAR7,400 1,163 0.00


Hong Kong 1,163 0.00

GOLDEN AGRI-RESOURCES 23.07.12 RIGHT6,364 912 0.00

Mauritius 912 0.00

BGP HOLDINGS206,362 0 0.00


Shares 0 0.00

Malta 0 0.00


% of N

AV

Market V

alue

EUR

Quan

tity


Arbitrage Inflation


111

FRANCE BTAN 3.00 06-11 12/01A500,000 500,345 4.45



8,279,680 73.72

Bonds 8,279,680 73.72

France 500,345 4.45

BUNDESSCHATZANW 1.00 10-12 14/12A400,000 401,060 3.57

Germany 4,492,852 40.01

BUNDESSCHATZANW. 0.50 10-12 15/06A2,900,000 2,892,285 25.76GERMANY INFL. INDEX 2.25 07-13 15/04A1,050,000 1,199,507 10.68

US TREASURY INDEXEE 0.625 08-13 15/04S2,500,000 1,988,589 17.70


US TREASURY INDEXEE 1.25 09-14 15/04S1,600,000 1,297,894 11.56

CPR CASH -P- CAP50 1,105,488 9.84



France 1,133,328 10.09

CPR GLOBAL INFLATION FCP 3 DEC CAP71 27,840 0.25


% of N

AV

Market V

alue

EUR

Quan

tity


Arbitrage VaR 2 (EUR)


112

ARGENTINA SERIE V 7.00 06-11 28/03S1,200,000 923,335 0.38



204,561,060 84.46

Bonds 183,667,802 75.84


BELGIUM T-BILL -11 17/03U15,000,000 14,964,216 6.18

Belgium 25,946,219 10.71

BELGIUM T-BILL 10-11 20/01U11,000,000 10,982,003 4.53

FRANCE BTF -11 07/04U3,000,000 2,990,837 1.23

France 75,170,546 31.04

FRANCE BTF -11 13/01U12,700,000 12,680,639 5.25FRANCE BTF -11 19/05U7,000,000 6,981,093 2.88FRANCE BTF -11 21/04U8,500,000 8,469,258 3.50FRANCE BTF -11 24/02U1,300,000 1,297,099 0.54FRANCE BTF -11 24/03U10,000,000 9,990,946 4.12FRANCE BTF 10-11 05/05U3,000,000 2,988,842 1.23FRANCE BTF 10-11 10/02U13,500,000 13,473,120 5.57FRANCE BTF 10-11 10/03U8,000,000 7,980,148 3.29HSBC FRANCE 5.75 08-13 19/06A7,650,000 8,318,564 3.43

GERMANY T-BILLS 10-11 13/04U37,000,000 36,946,143 15.26

Germany 36,946,143 15.26

GREECE 4.10 07-12 20/08A2,600,000 2,289,586 0.95

Greece 11,274,469 4.65

GREECE 5.90 10-17 20/04A3,000,000 2,028,960 0.84HELLENIC REPUBLIC 4.30 09-12 20/03A2,300,000 2,106,777 0.87HELLENIC REPUBLIC 4.50 05-37 20/09A5,450,000 2,942,183 1.20HELLENIC REPUBLIC 4.60 07-40 20/09A800,000 430,928 0.18HELLENIC REPUBLIC 5.50 09-14 20/08A1,500,000 1,143,930 0.47HELLENIC REPUBLIC 6.25 10-11 19/06A500,000 332,105 0.14

ICELAND T-NOTES 7.25 02-13 17/05A49,000,000 221,770 0.10

Iceland 430,717 0.18


GE CAP EUROPEAN FDG 6.025 08-38 01/03A5,150,000 5,659,902 2.34

Ireland 5,659,902 2.34

INTESA SANPAOLO SPA 10-11 14/02U5,000,000 4,986,459 2.06

Italy 4,986,459 2.06

PORTUGAL (REP OF) -10 21/01U5,000,000 4,976,703 2.05

Portugal 4,976,703 2.05

UK TREASURY GILT STK 4.75 04-38 07/12S1,900,000 2,426,457 1.01


UK TREASURY STOCK 4.25 09-39 07/09S1,050,000 1,239,066 0.51UNITED KINGDOM 4.25 03-36 07/03S1,200,000 1,411,982 0.58

JP MORGAN CHASE 5.375 07-12 01/10S5,000,000 3,989,031 1.65


MERRILL LYNCH EMTN 6.644 07-11 16/02S5,000,000 5,866,371 2.42

VENEZUELA 7.65 05-25 21/04S1,700,000 779,931 0.32

Venezuela 2,420,402 1.00

% of N

AV

Market V

alue

EUR

Quan

tity

VENEZUELA 9.25 97-27 15/09S2,000,000 1,112,802 0.46VENEZUELA REGS 8.25 09-24 13/10S1,100,000 527,669 0.22

ARGENTINA (REP OF) FL.R 02-12 03/08S1,000,000 178,413 0.07



GE CAP TR IV REG-S FL.R 09-66 15/06A5,750,000 4,830,638 2.00


INTL LEASE FIN.EMTN FL.R 05-11 15/08Q2,400,000 2,311,138 0.95

FCC PROUDREED S.1 C.A FL.R 05-17 18/08Q1,143,921 1,032,389 0.43


France 1,032,389 0.43

ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q526,490 523,549 0.22

Italy 523,549 0.22

ADAGI II-X -A1- FL.R 05-21 15/01S4,000,000 3,624,000 1.50


CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q1,667,799 1,392,662 0.57E-MAC 2007-1 A1- FL.R 07-46 25/07Q1,184,280 1,174,510 0.48

SANTM 1 A2 FL.R 05-38 25/10Q933,873 887,430 0.37

Spain 887,430 0.37

ECLIP 2005-3 A FL.R 05-15 10/10Q3,499,783 2,869,822 1.17


PERMM 2010-1X 1A FL.R 10-42 15/07Q2,350,000 1,737,516 0.72PROMI 1 A1 FL.R 05-32 20/12Q385,106 331,191 0.14

AMUNDI GLOBAL EMERGENTS FCP -R-1 8,682,913 3.58



France 10,351,139 4.27

PORTFOLIO FOREX TRADING FCP5 1,668,226 0.69

SANTANDER COMMERCIAL FIN -11 11/01U8,000,000 7,978,591 3.29

Money market instruments 7,978,591 3.29

Bonds 7,978,591 3.29

Spain 7,978,591 3.29

EUR(P)/USD(C)OTC JUL 1.20 03.07.12 PUT22,000,000 746,535 0.31




USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL10,300,000 639 0.00USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL9,000,000 0 0.00USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL51,300,000 21,434 0.01USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL12,000,000 1 0.00

EUR(P)/USD(C)OTC JUL 1.10 03.07.12 PUT-22,000,000 -407,977 -0.17





% of N

AV

Market V

alue

EUR

Quan

tity




113


% of N

AV

Market V

alue

EUR

Quan

tity


Arbitrage VaR 2 (GBP)


114

BELGIUM T-BILL 10-11 18/02U400,000 337,700 11.63



2,387,387 82.24

Bonds 2,225,096 76.65

Belgium 337,700 11.63

FRANCE BTF -11 13/01U400,000 329,156 11.34

France 1,197,217 41.24

FRANCE BTF -11 24/02U700,000 604,532 20.82FRANCE BTF 10-11 06/01U300,000 263,529 9.08

GERMANY T-BILLS 10-11 13/04U500,000 417,074 14.37

Germany 417,074 14.37

HELLENIC REPUBLIC 4.50 05-37 20/09A100,000 46,257 1.59

Greece 108,164 3.73

HELLENIC REPUBLIC 4.60 07-40 20/09A30,000 13,847 0.48HELLENIC REPUBLIC 5.50 09-14 20/08A30,000 19,604 0.68HELLENIC REPUBLIC 6.25 10-11 19/06A50,000 28,456 0.98

RIKISBREF 8.00 09-11 22/07A5,000,000 18,211 0.63

Iceland 39,279 1.35

RIKISBREF 8.00 09-25 12/06A5,000,000 21,068 0.72



UK TREASURY STOCK 4.25 09-39 07/09S60,000 60,668 2.09

VENEZUELA 7.65 05-25 21/04S40,000 15,724 0.54


VENEZUELA REGS 8.25 09-24 13/10S40,000 16,442 0.57

MORGAN STANLEY EMTN FL.R 06-13 01/03Q150,000 124,907 4.30




Mortgage and asset backed securities 37,384 1.29

Italy 37,384 1.29




France 120,974 4.17


USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL300,000 16 0.00

Derivative instruments 267 0.01


Luxembourg 267 0.01

USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL700,000 251 0.01


% of N

AV

Market V

alue

GBP

Quan

tity


Arbitrage VaR 2 (USD)


115

BELGIUM T-BILL -11 17/03U1,500,000 2,002,736 3.65



48,397,407 88.24

Bonds 42,208,993 76.96

Belgium 2,002,736 3.65

FRANCE BTF -11 07/04U1,000,000 1,363,971 2.49

France 23,559,629 42.96

FRANCE BTF -11 13/01U3,000,000 3,906,162 7.12FRANCE BTF -11 17/02U2,900,000 3,924,093 7.15FRANCE BTF -11 17/03U1,500,000 1,996,620 3.64FRANCE BTF -11 21/04U1,000,000 1,373,963 2.50FRANCE BTF -11 24/02U1,400,000 1,939,980 3.54FRANCE BTF 10-11 10/02U1,000,000 1,365,480 2.49FRANCE BTF 10-11 10/03U5,000,000 6,741,144 12.30HSBC FRANCE 5.75 08-13 19/06A650,000 948,216 1.73

GREECE 4.10 07-12 20/08A400,000 472,553 0.86

Greece 3,201,370 5.84

GREECE 5.90 10-17 20/04A1,200,000 1,088,780 1.99HELLENIC REPUBLIC 4.30 09-12 20/03A400,000 491,539 0.90HELLENIC REPUBLIC 5.50 09-14 20/08A600,000 613,855 1.12HELLENIC REPUBLIC 6.25 10-11 19/06A600,000 534,643 0.97

RIKISBREF 8.00 09-11 22/07A46,000,000 262,311 0.48

Iceland 559,180 1.02

RIKISBREF 8.00 09-25 12/06A45,000,000 296,869 0.54

GE CAP EUROPEAN FDG 6.025 08-38 01/03A350,000 516,032 0.94

Ireland 516,032 0.94

ITALY BTP 4.00 05-37 01/02S680,000 753,385 1.37

Italy 753,385 1.37

NOMURA HOLDING 5.00 10-15 04/03S1,000,000 1,043,320 1.90

Japan 1,043,320 1.90

PORTUGAL (REP OF) -10 21/01U1,200,000 1,658,974 3.02

Portugal 1,658,974 3.02



UK TREASURY STOCK 4.25 09-39 07/09S1,000,000 1,583,113 2.89

US TREASURY BILLS -11 03/03U1,600,000 1,599,382 2.92


US TREASURY BILLS 10-11 03/10U3,000,000 2,998,826 5.47USA TREASURY BILLS -11 13/01U1,500,000 1,498,705 2.73

VENEZUELA 7.65 05-25 21/04S300,000 184,644 0.34


VENEZUELA REGS 8.25 09-24 13/10S300,000 193,062 0.35

GE CAP TR IV REG-S FL.R 09-66 15/06A300,000 338,115 0.62



INTL LEASE FIN.EMTN FL.R 05-11 15/08Q300,000 387,564 0.70

% of N

AV

Market V

alue

USD

Quan

tity

CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q555,933 622,775 1.14



ECLIP 2005-3 A FL.R 05-15 10/10Q656,210 721,877 1.32


GRACECHURCH 1X A2B FL.R 05-41 11/10Q61,392 61,370 0.11PERMM 2010-1X 1A FL.R 10-42 15/07Q500,000 495,950 0.90SMI 2009-1 A2 FL.R 09-55 21/01Q150,000 234,569 0.43

AMER.EX.CRED 2005-7 A FL.R 05-15 16/03M1,100,000 1,098,218 2.00


MBNA MAS.2004-A8 A8 FL.R 04-14 15/01M700,000 699,781 1.28NCSLT 2004-1 CLASS A2 FL.R 04-27 25/06Q847,071 680,198 1.24SLM STUDENT 2003-6 A4 FL.R 03-18 17/12Q145,373 145,135 0.26SLMA 2002-A -A2- FL.R 02-30 16/12Q805,480 702,862 1.28

AMUNDI GLOBAL EMERGENTS FCP -R-0 1,968,925 3.59



France 2,434,587 4.44




Bonds 2,780,639 5.07

Spain 2,780,639 5.07

USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL1,700,000 142 0.00




USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL14,000,000 7,847 0.01


% of N

AV

Market V

alue

USD

Quan

tity


Arbitrage VaR Short Term


116

UNICREDIT BK AUSTRIA -11 14/02U1,200,000 1,196,844 5.48



11,130,902 50.96

Bonds 11,130,902 50.96

Austria 1,196,844 5.48

JYSKE BANK CDNP -11 28/02U1,200,000 1,196,918 5.48

Denmark 1,196,918 5.48

BANQUE PSA FINANCE 10-11 21/03U900,000 897,663 4.11

France 897,663 4.11

GREECE 5.90 10-17 20/04A200,000 135,264 0.62

Greece 268,106 1.23

HELLENIC REPUBLIC 6.25 10-11 19/06A200,000 132,842 0.61

IRELAND T-BILL -11 14/02U600,000 597,025 2.73

Ireland 597,025 2.73

BCA DI MONTE PASCHI -11 06/01U1,000,000 994,951 4.56

Italy 2,790,047 12.78

INTESA SANPAOLO SPA 10-11 14/02U1,200,000 1,196,750 5.48ITALY BOT -11 28/02U600,000 598,346 2.74

TELEFONICA EUROPE -11 04/01U1,200,000 1,197,220 5.48


PORTUGAL (REP OF) -10 21/01U600,000 597,204 2.73

Portugal 597,204 2.73

BCO POPULARE ESPANOL 10-11 21/01U1,200,000 1,197,007 5.48

Spain 2,389,875 10.94

SANTANDER -11 03/09U1,200,000 1,192,868 5.46




France 266,929 1.22

NATIXIS (OIS+0.54) 0.962 -11 14/03U1,200,000 1,200,000 5.50


Bonds 5,786,862 26.50

France 2,396,579 10.98

RCI BANQUE -11 31/01U1,200,000 1,196,579 5.48

ABN AMRO BANK -11 22/02U1,200,000 1,197,086 5.48


BANESTO -10 22/11U1,000,000 996,816 4.56

Spain 2,193,197 10.04

BANESTO -11 01/03U1,200,000 1,196,381 5.48


% of N

AV

Market V

alue

EUR

Quan

tity


Dynarbitrage Forex


117

FRANCE BTF -11 03/02U800,000 798,706 10.29



5,186,310 66.81

Bonds 5,186,310 66.81

France 4,886,920 62.95

FRANCE BTF -11 13/01U100,000 99,805 1.29FRANCE BTF -11 21/04U1,500,000 1,494,574 19.24FRANCE BTF -11 27/01U400,000 399,388 5.15FRANCE BTF 10-11 05/05U900,000 896,614 11.55FRANCE BTF 10-11 10/02U800,000 798,294 10.28FRANCE BTF 10-11 10/03U400,000 399,539 5.15

GERMANY T-BILLS 10-11 13/04U300,000 299,390 3.86

Germany 299,390 3.86




France 623,935 8.04


% of N

AV

Market V

alue

EUR

Quan

tity


Dynarbitrage High Yield


118

SAPPI PAPIER EMTN 11.75 09-14 01/08S3,050,000 3,477,000 1.53



174,157,374 76.57

Bonds 154,573,729 67.96

Austria 3,477,000 1.53

TDC AS EMTN 6.50 02-12 19/04A2,103,000 2,197,635 0.97

Denmark 2,197,635 0.97

BANQUE PSA 8.50 09-12 04/05A2,550,000 2,743,820 1.21

France 65,457,035 28.77

CMA CGM SA REGS 5.50 07-12 16/05S1,450,000 1,466,766 0.64CROWN EURO HLDGS REGS 7.125 10-18 15/08S760,000 792,300 0.35FRANCE BTF -11 24/02U6,000,000 5,992,176 2.63FRANCE BTF -11 27/01U31,500,000 31,451,150 13.82FRANCE BTF 10-11 10/02U500,000 499,200 0.22GIE GEOPHYSIQUE 7.50 05-15 15/05S300,000 227,535 0.10PERNOD RICARD 4.625 06-13 06/12A3,300,000 3,426,291 1.51PERNOD RICARD 7.00 09-15 15/01A5,500,000 6,020,301 2.65PEUGEOT 3.625 09-11 14/10A1,400,000 1,417,595 0.62PEUGEOT 4.00 10-13 28/10A1,450,000 1,474,261 0.65RALLYE 5.875 10-14 24/03A3,500,000 3,643,311 1.60RCI BANQUE SA 8.125 09-12 15/05A3,550,000 3,821,366 1.68TEREOS EUROPE REGS 6.375 07-14 15/04S800,000 824,000 0.36WENDEL 5.00 04-11 16/02A1,650,000 1,656,963 0.73

DEGUSSA EMTN 5.125 03-13 10/12A5,000,000 5,248,750 2.32

Germany 10,360,164 4.56

EVONIK INDUSTRIES 7.00 09-14 14/10A865,000 963,180 0.42FRESENIUS MED.C.REGD 7.375 01-11 15/06Q1,000,000 1,024,375 0.45PERI GMBH REG-S 5.625 04-11 15/12S2,050,000 2,079,131 0.91SIXT AG 5.375 09-12 06/11A1,000,000 1,044,728 0.46

SIBACADEMFINANCE PLC 8.30 06-11 16/11A2,000,000 2,062,916 0.91

Ireland 5,122,064 2.25

VIP FINANCE IRELAND 8.375 08-13 30/04S3,800,000 3,059,148 1.34

FIAT FIN.&TRADE GMTN 5.625 06-11 15/11S400,000 409,075 0.18

Italy 1,426,575 0.63

LIGHTHOUSE INTL REG S 8.00 04-14 30/04S2,750,000 1,017,500 0.45

ATF BANK EMTN REGS 9.25 05-12 12/04S2,350,000 1,822,619 0.80

Kazakstan 1,822,619 0.80

CIRSA CAP.LUX REGS 7.875 05-12 15/07S3,000,000 3,105,000 1.37

Luxembourg 23,858,491 10.48

FIAT FINANCE TRADE 9.00 09-12 30/07A2,800,000 3,009,580 1.32MOBILE TELESYSTEMS 8.00 05-12 28/01S2,750,000 2,164,783 0.95NOVOROSSIYSK PORT 7.00 07-12 17/05S2,200,000 1,689,091 0.74TROY CAPITAL 9.50 06-11 10/08A1,655,000 1,700,509 0.75VTB CAPITAL EMTN 7.50 09-11 10/08A2,000,000 1,644,528 0.72WIND ACQUI.FIN REGS 11.75 09-17 15/07S9,500,000 10,545,000 4.63

AHOLD FINANCE EMTN 5.875 01-12 14/03A400,000 418,560 0.18


BOATS INV.NETH.PIK 11.00 07-17 31/03S2,191,515 1,884,812 0.83CEMEX FINANCE EUROPE 4.75 07-14 05/03A1,050,000 866,250 0.38HEIDELBERGER ZEMENT 7.625 08-12 25/01A2,545,000 2,672,250 1.18

% of N

AV

Market V

alue

EUR

Quan

tity

PHOENIX PIB FIN REGS 9.625 10-14 15/07A1,675,000 1,813,188 0.80

GAZ CAPITAL LOAN PART.4.56 05-12 09/12A3,100,000 3,210,360 1.42

Russia 4,425,935 1.95

VIMPELCOM -UBS LUX 8.375 04-11 22/10S1,550,000 1,215,575 0.53

CONSOL GLASS LTD REGS 7.625 07-14 15/04S3,250,000 3,250,000 1.43


FOODCORP LTD REG-S 8.875 05-12 15/06S4,250,000 4,313,750 1.90

HERTZ H NED BV REG S 8.50 10-15 31/07S2,020,000 2,171,500 0.95


ECO-BAT FIN PLC REG-S10.125 03-13 31/01S1,575,000 1,602,563 0.70


FCE BANK EMTN 7.125 07-12 16/01A2,100,000 2,152,500 0.95FCE BANK EMTN 7.25 10-13 15/07A3,500,000 3,675,000 1.62INFINIS PLC REGS 9.125 09-14 15/12S262,000 322,589 0.14ISS FINANCING PLC 11.00 09-14 15/06S8,200,000 8,999,499 3.96

AGCO CORP SUB 6.875 04-14 15/04S2,250,000 2,283,750 1.00


CENT.EURO MEDIA REGS FL.R 07-14 15/05S2,200,000 1,848,000 0.81


Czech Republic 1,848,000 0.81

M-REAL CORP FL.R 06-13 01/04S5,400,000 5,696,999 2.51

Finland 5,696,999 2.51

EUROPCAR REG-S SUB FL.R 06-13 15/05Q3,350,000 3,216,000 1.42

France 4,521,375 1.99

RHODIA SA REG-S FL.R 06-13 15/10Q1,311,935 1,305,375 0.57

SGL CARBON AG FL.R 07-15 15/05Q1,100,000 1,028,500 0.45

Germany 1,028,500 0.45

IMPRESS METAL PACK FL.R 06-13 15/09Q3,333,000 3,308,003 1.45


AVIS FINANCE CIE PLC FL.R 06-13 31/07S2,180,000 2,100,975 0.92


IMPERIAL TOBACCO EMTN FL.R 09-12 25/06A1,000,000 1,042,688 0.46

INVITEL HOLDINGS-REGS-FL.R 07-13 01/02Q41,000 37,105 0.02







% of N

AV

Market V

alue

EUR

Quan

tity


Dynarbitrage VaR 4 (EUR)


119

LAZARD -A-1,600 47,098 0.04



117,391,866 87.82

Shares 7,298,466 5.46

Bermuda 47,098 0.04

AXA SA14,100 175,545 0.13

France 1,680,569 1.26

FRANCE TELECOM SA10,400 162,188 0.12PUBLICIS GROUPE900 35,100 0.03SANOFI-AVENTIS SA4,197 200,826 0.15SCHNEIDER ELECTRIC SA200 22,400 0.02SOCIETE GENERALE SA800 32,176 0.02SPECEA-AREVA3,000 109,500 0.08SUEZ ENVIRONNEMENT COMPANY SA8,000 123,600 0.09TOTAL SA8,300 329,095 0.25VEOLIA ENVIRONNEMENT SA7,400 161,838 0.12VIVENDI SA12,500 252,500 0.19WENDEL SA1,100 75,801 0.06


Germany 387,623 0.29

DAIMLER AG REG SHS300 15,219 0.01DEUTSCHE BANK AG REG SHS5,550 217,005 0.16VOLKSWAGEN VORZ.AKT108 13,111 0.01

ENI SPA15,500 253,270 0.20

Italy 543,631 0.41

FIAT SPA3,000 46,290 0.03TELECOM ITALIA SPA252,400 244,071 0.18

AEGON NV31,500 144,144 0.11


ING GROEP NV25,600 186,368 0.14ROYAL DUTCH SHELL PLC7,200 178,056 0.13

SASOL ADR REPR,SHS5,307 205,903 0.15

South Africa 205,903 0.15

INDITEX SA REG SHS500 28,015 0.02

Spain 28,015 0.02

ABB LTD REG SHS7,800 129,933 0.10


NOVARTIS AG REG SHS2,200 96,677 0.07

AGGREKO1,300 22,485 0.02


ASTRAZENECA PLC7,000 238,712 0.18AUTONOMY CORPORATION PLC1,400 24,590 0.02AVIVA PLC58,700 269,231 0.20BARCLAYS PLC36,900 112,679 0.08BETFAIR GROUP PLC3,800 42,752 0.03BG GROUP PLC7,900 119,489 0.09BP PLC55,000 298,830 0.22BRITISH LAND CO PLC REIT49,200 301,166 0.23CAIRN ENERGY PLC5,800 28,430 0.02GROUP 4 SECURICOR7,300 21,691 0.02

% of N

AV

Market V

alue

EUR

Quan

tity

IMPERIAL TOBACCO GROUP PLC1,000 22,968 0.02INCHCAPE15,300 63,675 0.05INTERNATIONAL POWER11,900 60,774 0.05INVENSYS12,700 52,499 0.04J SAINSBURY PLC6,400 28,107 0.02LAND SECURITIES GROUP PLC REIT35,400 278,457 0.21LLOYDS BANKING GROUP PLC106,500 81,660 0.06MARKS AND SPENCER GROUP PLC7,700 33,160 0.02NATIONAL EXPRESS GROUP PLC8,500 24,899 0.02NATIONAL GRID PLC4,700 30,333 0.02RIO TINTO PLC2,800 146,609 0.11ROYAL BANK OF SCOTLAND GROUP PLC98,700 45,004 0.03TULLOW OIL PLC1,500 22,075 0.02UK COAL PLC93,632 44,256 0.03VODAFONE GROUP PLC85,900 166,216 0.12XSTRATA PLC800 14,056 0.01

AKAMAI TECHNOLOGIES1,500 52,607 0.04


AMERICAN EXPRESS CO COM.600 19,196 0.01BANK OF AMERICA CORP1,600 15,910 0.01HEXCEL CORPORATION8,500 114,617 0.09KKR FINANCIAL HOLDINGS LLC6,500 45,060 0.03LAS VEGAS SANDS CORP1,100 37,677 0.03MORGAN STANLEY14,200 288,012 0.21PATRIOT COAL SHS - WHEN ISSUED5,300 76,524 0.06PFIZER INC15,200 198,391 0.15TESLA MOTORS INC1,300 25,805 0.02VERISIGN INC7,200 175,337 0.13WMWARE400 26,510 0.02

CIE SAINT GOBAIN EMTN 4.75 07-17 11/04A5,500,000 5,744,057 4.30

Bonds 89,045,123 66.62

France 50,555,747 37.82

FRANCE BTF -11 03/02U7,500,000 7,487,997 5.60FRANCE BTF -11 13/01U3,000,000 2,995,739 2.24FRANCE BTF -11 21/04U7,000,000 6,974,455 5.22FRANCE BTF 10-11 06/01U13,400,000 13,384,011 10.00FRANCE BTF 10-11 10/02U900,000 898,243 0.67FRANCE BTF 10-11 10/03U9,100,000 9,085,373 6.80FRANCE OAT 5.75 00-32 25/10A1,500,000 1,919,250 1.44PPR SA EMTN 4.00 05-13 29/01A2,000,000 2,066,622 1.55

VOLKSWAGEN LEASING 4.875 07-12 18-10A3,500,000 3,680,310 2.75

Germany 3,680,310 2.75

GREECE 4.60 03-13 20/05A2,700,000 2,218,644 1.66

Greece 12,442,014 9.31

HELLENIC REPUBLIC 4.30 09-12 20/03A6,000,000 5,495,940 4.11HELLENIC REPUBLIC 4.50 05-37 20/09A2,400,000 1,295,640 0.97HELLENIC REPUBLIC 5.50 09-14 20/08A4,500,000 3,431,790 2.57

ICELAND T-NOTES 7.25 02-13 17/05A31,100,000 140,756 0.11

Iceland 225,768 0.17

RIKISBREF 8.00 09-11 22/07A20,000,000 85,012 0.06

MONTE DEI PASCHI EMTN 6.00 08-11 20/06A6,200,000 6,309,207 4.72

Italy 6,309,207 4.72

% of N

AV

Market V

alue

EUR

Quan

tity




120

NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A1,400,000 1,471,623 1.10


UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S500,000 408,639 0.31

Russia 408,639 0.31



UNITED KINGDOM 4.25 00-32 07/06S2,300,000 2,721,309 2.04UNITED KINGDOM 4.25 03-36 07/03S1,000,000 1,176,652 0.88

MERRILL LYNCH EMTN 6.644 07-11 16/02S1,000,000 1,173,274 0.88


US TREASURY BILLS -11 03/03U1,500,000 1,121,272 0.84

VENEZUELA 7.65 05-25 21/04S2,550,000 1,169,896 0.88

Venezuela 3,161,812 2.37

VENEZUELA 9.25 97-27 15/09S3,580,000 1,991,916 1.49

ARGENTINA (REP OF) FL.R 02-12 03/08S1,500,000 267,620 0.20



GE CAP TR IV REG-S FL.R 09-66 15/06A2,000,000 1,680,222 1.26


MERRILL LYNCH FL.R 06-11 15/06Q10,000,000 7,603,438 5.68

FCC PROUDREED S.1 C.A FL.R 05-17 18/08Q3,676,889 3,318,392 2.48


France 3,318,392 2.48


Italy 741,695 0.55

ADAGI II-X -A1- FL.R 05-21 15/01S2,000,000 1,812,000 1.36


BBVAP 5 A1 FL.R 06-39 15/03Q690,979 648,669 0.49

Spain 997,302 0.75

SANTM 1 A2 FL.R 05-38 25/10Q366,879 348,633 0.26

ECLIP 2005-3 A FL.R 05-15 10/10Q5,512,161 4,519,971 3.38


PROMI 1 A1 FL.R 05-32 20/12Q125,159 107,637 0.08

AMUNDI ACTIONS THEMATIQUES MONDE -I- 3 DEC70 2,467,646 1.85



France 12,987,090 9.71

AMUNDI GLOBAL EMERGENTS FCP -R-1 6,756,109 5.04AMUNDI PORTFOLIO GLOBAL TRADING FCP8 3,064,603 2.29PORTFOLIO FOREX TRADING FCP1 448,732 0.34PORTFOLIO GLOBAL VOLATILITY -C- EUR CAP1 250,000 0.19

USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL22,000,000 1,365 0.00




USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL18,000,000 0 0.00

% of N

AV

Market V

alue

EUR

Quan

tity

USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL69,400,000 28,997 0.02USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL32,000,000 2 0.00


% of N

AV

Market V

alue

EUR

Quan

tity


Dynarbitrage VaR 4 (USD)


121

BELGIUM T-BILL -11 17/03U5,000,000 6,675,786 6.63



83,024,062 82.41

Bonds 74,166,671 73.62

Belgium 6,675,786 6.63

CIE SAINT GOBAIN EMTN 4.75 07-17 11/04A500,000 700,540 0.70

France 25,508,525 25.32

FRANCE BTF -11 03/02U3,000,000 4,094,516 4.06FRANCE BTF -11 07/04U5,000,000 6,529,860 6.48FRANCE BTF -11 24/02U2,800,000 3,879,961 3.85FRANCE BTF -11 27/01U3,000,000 4,163,675 4.13FRANCE BTF 10-11 05/05U2,000,000 2,726,122 2.71FRANCE BTF 10-11 10/02U2,500,000 3,413,851 3.39

GERMANY T-BILLS 10-11 13/04U5,500,000 7,145,059 7.09

Germany 7,145,059 7.09

GREECE 4.60 03-13 20/05A1,300,000 1,433,092 1.42

Greece 9,215,825 9.15

GREECE 6.50 00-19 22/10A1,000,000 885,262 0.88HELLENIC REPUBLIC 4.30 09-12 20/03A2,800,000 3,440,771 3.42HELLENIC REPUBLIC 4.50 05-37 20/09A1,100,000 796,659 0.79HELLENIC REPUBLIC 5.50 09-14 20/08A2,600,000 2,660,041 2.64

ICELAND T-NOTES 7.25 02-13 17/05A6,000,000 36,430 0.04

Iceland 325,022 0.32


ITALY BTP 4.00 05-37 01/02S2,350,000 2,603,610 2.58

Italy 3,559,236 3.53

MONTE DEI PASCHI EMTN 6.00 08-11 20/06A700,000 955,626 0.95

MEXICAN BONOS -MI10- 9.50 04-14 18/12S10,000,000 911,506 0.90

Mexico 911,506 0.90

NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A600,000 846,109 0.84




UNITED KINGDOM 4.25 00-32 07/06S1,050,000 1,666,657 1.65UNITED KINGDOM 4.25 03-36 07/03S800,000 1,262,830 1.25

MERRILL LYNCH EMTN 6.644 07-11 16/02S900,000 1,416,605 1.41


USA TREASURY BILLS -11 05/05U1,600,000 1,598,945 1.59USA TREASURY BILLS -11 10/02U1,500,000 1,499,288 1.49USA TREASURY BILLS -11 13/01U5,985,000 5,979,834 5.93

VENEZUELA 7.65 05-25 21/04S2,200,000 1,354,056 1.35

Venezuela 1,929,616 1.92

VENEZUELA 9.25 97-27 15/09S340,000 253,790 0.25VENEZUELA REGS 8.25 09-24 13/10S500,000 321,770 0.32

% of N

AV

Market V

alue

USD

Quan

tity

CIE DE SAINT GOBAIN FL.R 07-12 11/04Q2,000,000 2,674,133 2.65


France 2,674,133 2.65

INTL LEASE FIN.EMTN FL.R 05-11 15/08Q600,000 775,127 0.77




Italy 468,245 0.46

CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q1,111,866 1,245,551 1.23


HERME 13-A1 FL.R 07-39 18/08Q133,589 178,410 0.18

ECLIP 2005-3 A FL.R 05-15 10/10Q1,968,628 2,165,631 2.16


GRACECHURCH 1X A2B FL.R 05-41 11/10Q613,916 613,701 0.61PROMI 1 A1 FL.R 05-32 20/12Q96,276 111,077 0.11SMI 2009-1 A2 FL.R 09-55 21/01Q400,000 625,516 0.62

AMUNDI ACTIONS THEMATIQUES MONDE -I- 3 DEC41 1,931,518 1.92



France 10,117,332 10.04

AMUNDI GLOBAL EMERGENTS FCP -R-0 5,169,804 5.13AMUNDI PORTFOLIO GLOBAL TRADING FCP4 2,315,883 2.30PORTFOLIO FOREX TRADING FCP1 364,739 0.36PORTFOLIO GLOBAL VOLATILITY -C- EUR CAP1 335,388 0.33

USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL9,800,000 816 0.00




USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL8,000,000 0 0.00USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL44,600,000 25,000 0.03USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL14,000,000 1 0.00


% of N

AV

Market V

alue

USD

Quan

tity


Dynarbitrage Volatility


122

AIR LIQUIDE SA22,518 2,131,104 0.37



272,961,526 47.69

Shares 86,351,524 15.09

France 31,612,910 5.52

ALSTOM SA45,263 1,620,868 0.28BOUYGUES85,088 2,744,513 0.48CAP GEMINI SA11,175 390,343 0.07CARREFOUR SA213,664 6,591,534 1.16DANONE SA10,873 511,248 0.09FRANCE TELECOM SA330,639 5,156,315 0.90GDF SUEZ SA23,130 621,041 0.11LVMH MOET HENNESSY LOUIS VUITTON SA2,024 249,154 0.04PERNOD RICARD SA39,825 2,802,087 0.49PEUGEOT SA54,905 1,559,851 0.27PPR4,982 592,858 0.10RENAULT SA10,783 469,061 0.08SANOFI-AVENTIS SA14,577 697,509 0.12SCHNEIDER ELECTRIC SA10,650 1,192,800 0.21TOTAL SA63,551 2,519,797 0.44VINCI SA43,332 1,762,746 0.31VIVENDI SA4 81 0.00

ADIDAS NAMEN AKT47,580 2,326,186 0.41

Germany 42,657,196 7.46

BASF - NAMEN AKT87,350 5,214,794 0.91BAYER AG REG SHS54,861 3,033,813 0.53BMW AG64,175 3,776,699 0.66COMMERZBANK AG47,306 262,738 0.05DAIMLER AG REG SHS73,049 3,705,776 0.65DEUTSCHE BANK AG REG SHS56,866 2,223,461 0.39DEUTSCHE BOERSE AG REG SHS2,566 132,919 0.02DEUTSCHE LUFTHANSA AG REG SHS14,174 231,816 0.04DEUTSCHE POST AG REG SHS45,483 577,634 0.10DEUTSCHE TELEKOM AG REG SHS991,441 9,572,362 1.67E.ON AG REG SHS155,223 3,560,040 0.62LINDE AG10,174 1,155,258 0.20MERCK KGAA5,405 323,489 0.06METRO AG3,960 213,365 0.04MUENCHENER RUECKVERSICHERUNGS AG REGSHS

870 98,702 0.02

RWE AG23,992 1,196,961 0.21SAP AG47,211 1,798,739 0.31SIEMENS AG REG SHS29,971 2,778,312 0.49THYSSENKRUPP AG15,302 474,132 0.08

KONINKLIJKE AHOLD NV70,744 698,668 0.12


KONINKLIJKE KPN NV155,700 1,700,244 0.30ROYAL DUTCH SHELL PLC41,396 1,023,723 0.18

APPLE INC31,948 7,681,523 1.34


DELL INC96,756 977,260 0.17

% of N

AV

Market V

alue

EUR

Quan

tity

BANQUE PSA FINANCE 10-11 01/02U6,250,000 6,231,924 1.09

Bonds 136,317,462 23.81

France 90,935,210 15.88

BNP PARIBAS (OIS+0.48)0.822 10-11 24/05U12,500,000 12,500,000 2.17CREDIT AGRI.(OIS+0.30)0.641 -11 01/03U11,750,000 11,750,000 2.05CREDIT AGRI.(OIS+0.55)0.889 -11 03/05U12,500,000 12,500,000 2.18FRANCE BTF -11 27/01U10,000,000 9,997,501 1.75FRANCE BTF 10-11 06/01U10,000,000 9,999,375 1.75SAFRAN -11 18/02U2,500,000 2,496,073 0.44STE GENERALE(OIS+0.17)1.019 10-11 01/02U10,500,000 10,500,000 1.83UNEDIC -11 07/03U11,000,000 10,963,268 1.92VIVENDI -11 10/01U4,000,000 3,997,069 0.70

ITALY BOT 10-11 31/01U9,000,000 8,977,029 1.57

Italy 8,977,029 1.57

ENEL FINANCE -11 28/02U8,500,000 8,476,003 1.48


BMW FINANCE -11 01/03U3,500,000 3,493,486 0.61


IBERDROLA INTL -11 09/03U7,500,000 7,481,203 1.31INTERNATIONAL ENDESA 10-11 19/01U8,000,000 7,978,387 1.39TELEFONICA EUROPE -11 02/02U9,000,000 8,976,144 1.57

SAGERPAR SA CONV 2.95 05-12 27/04A2,450,000 2,495,742 0.44

Convertible bonds 50,292,540 8.79

Belgium 2,495,742 0.44

ARTEMIS CONSEIL SA CV 2.00 06-11 31/07A48,950 7,310,418 1.28

France 12,661,392 2.21

CAP GEMINI-OCEANE-CV - 1.00 05-12 01/01A57,053 2,465,033 0.43PEUGEOT SA 4.45 09-16 01/01S87,920 2,885,941 0.50

KFW CV (DEUTSCHE TEL) 3.25 08-13 27/06A18,500,000 19,238,335 3.36

Germany 19,238,335 3.36

WERELDHAVE NV CV 2.50 06-11 23/03A2,300,000 2,299,770 0.40


STMICROELEC CV REG-S 0.00 06-16 23/02U5,475,000 4,390,215 0.77


AMGEN CV 0.125 06-11 01/02S6,050,000 4,500,568 0.79


MEDTRONIC INC CV 1.50 06-11 15/04S6,300,000 4,706,518 0.82

AMUNDI TRESO EONIA FCP CAP80 17,179,232 3.00



France 22,587,946 3.95

PORTOFOLIO ASYMETRIE JAPON110 5,408,714 0.95

BFCM (OIS+0.32) 0.697 10-11 10/03U14,500,000 14,500,000 2.53


Bonds 152,250,000 26.60

France 124,500,000 21.75

BPCE (OIS+0.33) 0.701 10-11 10/05U8,500,000 8,500,000 1.49BPCE (OIS+0.43) 0.793 10-11 09/02U11,000,000 11,000,000 1.92

% of N

AV

Market V

alue

EUR

Quan

tity




123

BRED (OIS+0.120) 0.567 -11 01/04U22,500,000 22,500,000 3.93BRED PB (OIS+0.11) 0.518 -11 03/01U22,500,000 22,500,000 3.92CA CIB (OIS+0.36) 0.834 -11 01/06U15,000,000 15,000,000 2.62CREDIT AGRI (OIS+0.00)0.446 10-11 01/03U8,500,000 8,500,000 1.49NATIXIS (OIS+0.24) 0.785 -11 24/02U12,000,000 12,000,000 2.10STE GENERALE(OIS 0.24)0.632 10-11 02/03U10,000,000 10,000,000 1.75

ING BK (OIS+0.21) 1.015 10-11 14/02U17,000,000 17,000,000 2.97


BARCLAYS (OIS+0.42) 0.797 10-11 07/02U10,750,000 10,750,000 1.88


AIR LIQUIDE MAR 92 18.03.11 PUT520 151,897 0.03



France 3,165,392 0.55

ALSTOM MAR 34.00 18.03.11 PUT600 61,200 0.01ALSTOM MAR 35 18.03.11 PUT700 95,200 0.02BOUYGUES MAR 36 18.03.11 CALL350 14,350 0.00DANONE MAR 46 18.03.11 PUT655 90,390 0.02DANONE MAR 52 18.03.11 CALL655 22,270 0.00FRANCE TELECOM MAR 15.50 18.03.11 PUT2,650 143,100 0.03FRANCE TELECOM MAR 17 18.03.11 PUT1,775 266,250 0.05FRANCE TELECOM MAR 18 18.03.11 CALL1,775 8,875 0.00GDF MAR 28 18.03.11 PUT275 50,050 0.01LVMH JUN 120 17.06.11 CALL600 664,800 0.11LVMH MAR 120 18.03.11 PUT675 331,425 0.06PERNOD RICARD MAR 64 18.03.11 PUT675 91,800 0.02PEUGEOT MAR 32.00 18.03.11 PUT1,310 550,200 0.09RENAULT SA MAR 46 18.03.11 PUT450 197,550 0.03RENAULT SA MAR 48 18.03.11 CALL450 57,600 0.01SANOFI-AVENTIS MAR 46.00 18.03.11 PUT645 76,110 0.01SANOFI-AVENTIS MAR 56.00 18.03.11 CALL645 5,805 0.00SCHNEIDER ELEC MAR 110 18.03.11 PUT260 143,000 0.02TOTAL MAR 38 18.03.11 PUT1,290 113,520 0.02VINCI MAR 36. 18.03.11 PUT600 30,000 0.01

ADIDAS MAR 38 21.03.11 PUT173 3,114 0.00

Germany 9,164,194 1.60

ADIDAS MAR 48 21.03.11 CALL173 49,824 0.01ADIDAS MAR 46 18.03.11 PUT655 80,565 0.01BASF MAR 48 21.03.11 CALL695 845,815 0.15BASF MAR 56 21.03.11 PUT650 106,600 0.02BASF NAR 40 18.03.11 PUT695 4,170 0.00BAYER MAR 44 21.03.11 PUT641 10,897 0.00BAYER MAR 52.00 21.03.11 CALL641 294,219 0.05BAYER MAR 56.00 21.03.11 PUT650 180,050 0.03BMW MAR 38 21.03.10 PUT247 1,482 0.00BMW MAR 48.00 21.03.11 CALL247 285,779 0.05BMW MAR 52 21.03.11 PUT520 69,680 0.01BMW AG MAR 56 21.03.11 PUT520 131,040 0.02COMMERZBANK MAR 6 21.03.11 PUT501 30,561 0.01COMMERZBANK MAR 7.6 21.03.11 CALL501 501 0.00DAIMLER MAR 36 21.03.11 PUT615 7,995 0.00DAIMLER MAR 46.00 21.03.11 CALL615 372,690 0.07DAIMLER MAR 54 21.03.11 PUT670 335,670 0.06DAX JUN 6300 20.06.11 PUT600 560,100 0.10

% of N

AV

Market V

alue

EUR

Quan

tity

DEUTSCHE BANK MAR 43.80 18.03.11 PUT518 298,035 0.05DEUTSCHE BANK MAR 54.75 18.03.11 CALL518 1,703 0.00DEUTSCHE BOERSE MAR 46 21.03.11 PUT133 7,980 0.00DEUTSCHE BOERSE MAR 48 21.03.11 PUT368 31,648 0.01DEUTSCHE BOERSE MAR 56 21.03.11 CALL133 11,571 0.00DEUTSCHE BOERSE MAR 60 21.03.11 CALL368 1,840 0.00DEUTSCHE POST MAR 12 21.03.10 PUT795 19,080 0.00DEUTSCHE POST MAR 15 21.03.11 CALL795 3,180 0.00DEUTSCHE TELEKOM MAR 10.5 21.03.11 PUT2,475 225,225 0.04DEUT.TELEKOM MAR 13.00 21.03.11 CALL2,991 2,991 0.00DEUT.TELEKOM MAR 9.50 21.03.11 PUT6,366 165,516 0.03DJ EURO STOXX 50 JAN 3000 24.01.11 CALL2,140 68,480 0.01DJ EURO STOXX 50 FEB 2700 21.02.11 PUT245 144,550 0.03DJ EURO STOXX 50 JAN 2800 24.01.11 PUT2,080 1,268,800 0.22DJ EURO STOXX 50 JAN 2900 24.01.11 PUT1,350 1,638,900 0.29E ON MAR 20 21.03.11 PUT3,029 33,319 0.01E ON MAR 24 21.03.11 CALL1,315 57,860 0.01E ON MAR 26 21.03.11 CALL1,714 20,568 0.00GDF NAR 30 21.03.11 CALL1,345 32,280 0.01LINDE AG MAR 84 21.03.11 PUT168 2,016 0.00LINDE AG MAR104 21.03.11 CALL168 188,832 0.03LUFTHANSA MAR 11 21.03.11 PUT285 570 0.00LUFTHANSA MAR 14 21.03.11 CALL285 72,960 0.01MERCK AND CO MAR 64 21.03.11 PUT59 29,087 0.01MERCK AND CO MAR 76 18.03.11 CALL59 354 0.00METRO AG MAE 38 21.03.11 PUT87 696 0.00METRO AG MAR 46 21.03.10 CALL87 74,037 0.01MUNCHENER RUCK MAR 120 21.03.11 CALL1,484 25,228 0.00MUNCHENER RUCK MAR 96 21.03.11 PUT1,484 5,639 0.00SAP AG MAR 32.00 21.03.11 PUT1,075 4,838 0.00SAP AG MAR 39.00 21.03.11 CALL1,075 45,150 0.01SAP AGMAR 36 21.03.11 PUT2,695 66,028 0.01SIEMENS MAR 68.00 21.03.11 PUT653 17,631 0.00SIEMENS MAR 82.00 21.03.11 CALL653 725,483 0.13SIEMENS MAR 86 21.03.11 PUT390 104,910 0.02SIEMENS SEP 76 19.09.11 PUT720 232,560 0.04THYSSENKRUPP MAR 20 18.03.11 PUT311 1,555 0.00THYSSENKRUPP MAR 26 18.03.11 CALL311 162,342 0.03

AEX INDEX MAR 340 18.03.11 CALL510 1,132,200 0.20


AEX INDEX MAR 340 18.03.11 PUT510 346,800 0.06AHOLD MAR 9.20 18.03.11 PUT2,625 23,625 0.00KPN MAR 10.50 18.03.11 PUT2,595 38,925 0.01ROYAL DUTCH MAR 24 18.03.11 PUT1,290 72,240 0.01

SP 500 INDEX JAN 1200 22.01.11 PUT481 164,929 0.03


SP 500 INDEX MAR 1200 19.03.11 PUT520 907,010 0.16

AIR LIQUIDE MAR 96 18.03.11 PUT-520 -247,042 -0.04




France -3,530,353 -0.62

AIR LIQUIDE MAR 96 18.03.11 CALL-520 -181,386 -0.03

% of N

AV

Market V

alue

EUR

Quan

tity




124

BOUYGUES MAR 30 18.03.11 PUT-1,750 -134,750 -0.02BOUYGUES MAR 32 18.03.11 CALL-1,550 -277,450 -0.05BOUYGUES MAR 34 18.03.11 CALL-1,300 -118,300 -0.02CAP GEMINI JUN 38 17.06.11 CALL-570 -72,960 -0.01CARREFOUR JUN 40 17.06.11 CALL-2,375 -61,750 -0.01CARREFOUR MAR 34.00 18.03.11 CALL-1,325 -91,425 -0.02DANONE MAR 48 18.03.11 CALL-655 -92,355 -0.02DANONE MAR 48 18.03.11 PUT-655 -150,650 -0.03FRANCE TELECOM MAR 16.5 18.03.11 CALL-2,650 -60,950 -0.01LVMH JUN 110 17.06.11 PUT-1,175 -562,825 -0.09LVMH MAR 120 18.03.11 CALL-675 -556,875 -0.10PERNOD RICARD MAR 56 18.03.11 PUT-1,350 -44,550 -0.01PERNOD RICARD MAR 72 18.03.11 CALL-675 -180,225 -0.03PEUGEOT JUN 36.00 17.06.11 CALL-655 -39,955 -0.01PEUGEOT MAR 32.00 18.03.11 CALL-655 -43,230 -0.01PPR JUN 140 17.06.11 CALL-235 -40,655 -0.01SCHNEIDER ELEC MAR 100 18.03.11 PUT-520 -131,560 -0.02SCHNEIDER ELEC MAR 120 18.03.11 CALL-260 -86,320 -0.02TOTAL MAR 34 18.03.11 PUT-2,580 -72,240 -0.01TOTAL MAR 40 18.03.11 CALL-900 -124,200 -0.02VINCI MAR 40.00 18.03.11 CALL-690 -158,700 -0.03

ADIDAS MAR 50 21.03.11 CALL-335 -61,640 -0.01

Germany -12,304,386 -2.15

ADIDAS MAR 50 21.03.11 PUT-335 -96,145 -0.02ADIDAS MAR 52 18.03.11 CALL-655 -70,740 -0.01BASF MAR 60 21.03.11 CALL-650 -191,750 -0.03BASF MAR 64 21.03.11 CALL-650 -87,100 -0.02BAYER MAR 60.00 21.03.11 CALL-650 -50,700 -0.01BAYER AG MAR 50 21.03.11 PUT-1,300 -98,800 -0.02BAYER AG MAR 64 21.03.11 CALL-650 -15,600 0.00BMW MAR 60 21.03.11 CALL-520 -170,560 -0.03BMW AG MAR 64 21.03.11 PUT-520 -356,200 -0.06BMW AG MAR 64 21.03.10 CALL-520 -92,040 -0.02DAIMLER MAR 54 21.03.11 CALL-670 -119,930 -0.02DAX MER 6700 21.03.11 CALL-1,187 -2,362,130 -0.41DAX JUN 5700 20.06.11 PUT-345 -159,390 -0.03DAX INDEX MAR 6200 21.03.11 PUT-1,187 -398,832 -0.07DEUTSCHE TELEKOM DEC 11 19.12.11 CALL-6,200 -130,200 -0.02DEUTSCHE TELEKOM JUN 10.5 20.06.11 CALL-6,200 -105,400 -0.02DEUTSCHE TELEKOM MAR 10.0 21.03.11 CALL-3,285 -65,700 -0.01DEUTSCHE TELEKOM MAR 10.5 21.03.11 CALL-5,850 -46,800 -0.01DEUTSCHE TELEKOMMAR 10 21.03.11 PUT-3,285 -174,105 -0.03DJ EURO STOXX 50 JAN 2600 24.01.11 PUT-7,940 -968,680 -0.17DJ EURO STOXX 50 DEC 2800 19.12.11 PUT-1,175 -3,555,550 -0.63DJ EURO STOXX 50 JUN 2300 20.06.11 PUT-677 -419,740 -0.07DJ EURO STOXX 50 JUN 2800 20.06.11 PUT-671 -1,441,979 -0.25E ON MAR 22 21.03.11 PUT-1,350 -60,750 -0.01E ON MAR 23 21.03.11 CALL-3,350 -278,050 -0.05GDF MAR 26 21.03.11 PUT-1,345 -114,325 -0.02GDF NAR 28 21.03.11 CALL-1,620 -116,640 -0.02LINDE AG MAR 120 21.03.11 CALL-320 -67,200 -0.01LINDE AG MAR100 21.03.11 PUT-320 -30,720 -0.01SIEMENS MAR 96 21.03.11 CALL-390 -83,070 -0.01SIEMENS SEP 80 19.09.11 PUT-720 -313,920 -0.05

AHOLD MAR 10 18.03.11 CALL-2,625 -65,625 0.00

Netherlands -251,005 -0.04

% of N

AV

Market V

alue

EUR

Quan

tity

AHOLD MAR 8.00 18.03.11 PUT-5,250 -10,500 0.00AHOLD MAR 9.60 18.03.11 PUT-2,625 -47,250 -0.01KPN MAR 11.50 18.03.11 CALL-2,595 -36,330 -0.01ROYAL DUTCH MAR 22 18.03.11 PUT-1,290 -18,060 0.00ROYAL DUTCH MAR 23 18.03.11 PUT-1,290 -36,120 -0.01ROYAL DUTCH MAR 25 18.03.11 CALL-640 -37,120 -0.01

FTSE 100 MAR 5600 18.03.11 CALL-255 -1,184,454 -0.21

United Kingdom -1,498,424 -0.26

FTSE 100 MAR 5600 18.03.11 PUT-255 -313,970 -0.05

APPLE JAN 210 22.01.11 CALL-320 -2,682,272 -0.46

United States of America -6,708,360 -1.17

DELL INC JAN 15 22.01.11 CALL-4,800 -14,312 0.00RUSSELL 2000 JAN 775.00 22.01.11 CALL-535 -889,307 -0.16RUSSELL 2000 JAN 775.00 22.01.11 PUT-535 -458,611 -0.08SP 500 MAR 1200 19.03.11 CALL-325 -1,843,576 -0.32SP 500 INDEX MAR 1100 19.03.11 PUT-780 -488,390 -0.09S&P 500 INDEX MAR 1150 19.03.11 PUT-325 -331,892 -0.06


% of N

AV

Market V

alue

EUR

Quan

tity


Equity Statistical Arbitrage (EUR)


125

ACCOR SA12,395 412,754 0.30



94,352,447 67.88

Shares 59,744,487 42.98

France 2,058,947 1.48

AIR FRANCE - KLM SA30,444 414,952 0.29BOUYGUES12,833 413,928 0.30PPR3,463 412,097 0.30SCHNEIDER ELECTRIC SA3,618 405,216 0.29

BASF - NAMEN AKT6,811 406,617 0.29

Germany 5,376,032 3.87

BEIERSDORF AG9,955 413,381 0.30BMW AG7,116 418,777 0.29DAIMLER AG REG SHS8,142 413,044 0.30DEUTSCHE LUFTHANSA AG REG SHS25,133 411,050 0.30DEUTSCHE POST AG REG SHS32,798 416,535 0.29DEUTSCHE TELEKOM AG REG SHS43,059 415,735 0.30INFINEON TECHNOLOGIES REG SHS59,454 413,978 0.30METRO AG7,706 415,199 0.30PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR6,929 413,384 0.30RWE AG8,332 415,683 0.30THYSSENKRUPP AG13,265 411,016 0.30VOLKSWAGEN AG3,887 411,633 0.30

RYANAIR HOLDING ORD.110,482 416,517 0.30

Ireland 416,517 0.30

ATLANTIA SPA27,274 416,474 0.30

Italy 824,764 0.59

INTESA SANPAOLO SPA201,128 408,290 0.29

REED ELSEVIER NV44,790 414,621 0.30


SKF AB -B-19,633 417,084 0.30

Sweden 417,084 0.30



GIVAUDAN SA REG.SHS511 412,331 0.30JULIUS BAER GROUP NAMEN AKT11,893 416,581 0.29THE SWATCH GROUP REG CHF 2.251,245 414,983 0.30

BARCLAYS PLC134,460 410,591 0.31


HSBC HOLDINGS PLC53,674 407,856 0.29MORRISON SUPERMARKETS PLC131,237 409,862 0.29RSA INSURANCE GROUP PLC279,149 407,883 0.29

ABBOTT LABORATORIES LTD22,140 790,673 0.57


ALTERA CORP29,145 772,971 0.56APPLE INC3,224 775,173 0.56AT AND T INC35,895 786,102 0.57BIG LOTS INC43,557 988,965 0.71BOEING CO COM.20,221 983,655 0.71CAMPBELL SOUP CO30,368 786,618 0.57

% of N

AV

Market V

alue

EUR

Quan

tity

CARMAX INC (WHEN ISSUED)41,191 978,845 0.70CLOROX CO20,524 968,103 0.70COACH INC18,813 775,630 0.56COVENTRY HEALTH CARE INC39,653 780,321 0.56DIAMOND OFFSHORE DRILLING16,333 814,124 0.59DTE ENERGY COMPANY29,035 980,855 0.71EATON CORP12,938 978,969 0.70ECOLAB INC26,017 977,807 0.70ELI LILLY AND CO29,935 781,874 0.56ENTERGY CORP18,343 968,458 0.70EOG RESOURCES INC11,661 794,553 0.57FIDELITY NATIONAL38,125 778,386 0.56FMC TECHNOLOGIES INC12,110 802,579 0.58FORTUNE BRANDS21,451 963,380 0.69GENERAL MILLS INC29,481 782,102 0.56HERSHEY27,681 972,874 0.70INTUITIVE SURGICAL4,026 773,509 0.56KIMBERLY CLARK16,554 777,879 0.56LOEWS CORP33,620 975,107 0.70L-3 COMMUNICATIONS HOLDINGS INC18,226 957,661 0.69METROPCS COMMUNICATIONS INC104,006 979,163 0.70NEWMONT MINING CORP21,308 975,700 0.70NRG ENERGY WHEN ISSUED68,202 993,379 0.71OMNICOM GROUP INC22,789 778,008 0.56PACCAR INC18,369 786,216 0.57PEPSICO INC20,091 978,380 0.70POLO RALPH LAUREN9,345 772,649 0.56PRAXAIR INC10,974 780,953 0.56PUBLIC SERVICE ENTERPRISE GROUP INC41,583 985,990 0.71RAYTHEON CO22,984 793,916 0.57RED HAT22,774 774,949 0.56ROCKWELL COLLINS WHEN ISSUED18,006 781,953 0.56SAIC INC66,196 782,579 0.56SCANA32,098 971,398 0.70SOUTHERN CO34,136 972,770 0.70SUPERVALUE INC142,093 1,019,982 0.74SYSCO CORP45,131 989,044 0.71TERADATA - SHS WHEN ISSUED31,489 966,112 0.70TEXAS INSTRUMENTS INC40,680 985,502 0.71TIFFANY CO16,575 769,353 0.55TJX COS INC23,642 782,280 0.56TORCHMARK CORP17,311 770,869 0.55TOTAL SYSTEM SERVICES INC68,219 782,087 0.56VENTAS INC24,863 972,614 0.70WAL-MART STORES INC19,524 784,860 0.56WATERS13,288 769,714 0.553M CO12,096 778,118 0.56

LAFARGE 10-11 14/02U2,000,000 1,995,273 1.44

Bonds 34,607,960 24.90

France 7,186,407 5.18

LAFARGE 10-11 17/01U2,000,000 1,994,815 1.44PPR 10-11 21/02U1,200,000 1,197,100 0.86RCI BANQUE -11 12/01U2,000,000 1,999,219 1.44

BANESTO FINANCIAL ECP -11 27/01U2,000,000 1,995,093 1.44

Ireland 4,483,914 3.23

% of N

AV

Market V

alue

EUR

Quan

tity




126

INTESA SAN PAOLO BK IE -11 28/02U2,500,000 2,488,821 1.79

ENEL FINANCE -11 14/01U2,000,000 1,995,058 1.44


ENEL FINANCE INTL 10-11 12/01U2,000,000 1,995,319 1.43

IBERDROLA INTL -11 16/02U3,000,000 2,988,066 2.14


ING BANK NV -11 17/01U2,000,000 1,995,207 1.44

BBVA -11 23/02U2,000,000 1,994,605 1.43

Spain 6,981,832 5.02

BCO BILBAO VISCAYA ARG. -11 27/01U3,000,000 2,992,145 2.15BCO POPULARE ESPANOL 10-11 21/01U2,000,000 1,995,082 1.44

LLOYDS -11 04/03U7,000,000 6,982,157 5.02


MARRIOTT INTERNATIONAL529 0 0.00


Shares 0 0.00

United States of America 0 0.00

COFIDIS (OIS+0.22) 1.03 10-11 24/01A2,000,000 2,000,000 1.44

Bonds 2,000,000 1.44

Belgium 2,000,000 1.44

AMUNDI DYNARBITRAGE AC -I- 3DEC700 3,865,330 2.78



France 9,233,840 6.64


VOLKSWAGEN GRP SERVICES -11 31/03U1,000,000 995,311 0.72


Bonds 23,935,849 17.22

Belgium 995,311 0.72

CAISSE DE DEPOT ET CONS S1907 -11 07/01U2,000,000 1,990,248 1.43

France 5,979,006 4.30

RCI BANQUE -11 12/01U4,000,000 3,988,758 2.87

VOLKSWAGEN FIN.SERV -11 16/03U3,000,000 2,993,250 2.15

Germany 2,993,250 2.15

UBI BANCA INTL SA -11 17/01U2,000,000 1,993,286 1.43


REPSOL INTL FIN -11 14/02U3,000,000 2,993,888 2.16


REPSOL INTL FIN -11 15/03U2,000,000 1,990,652 1.43


Spain 3,990,456 2.87

BARCLAYS (OIS+0.42) 0.797 10-11 07/02U3,000,000 3,000,000 2.16



% of N

AV

Market V

alue

EUR

Quan

tity




127

VOL EDGE PARTS 3 DECIMALES44 42,709 0.39




France 42,709 0.39

GLG INV VI PLC PURE ALP UCITS3 -C- EUR13,250 1,438,705 13.05

Ireland 3,570,485 32.39

GLG INV VI THE GLG ALP SEL UCIT III -C13,183 1,378,942 12.51OCCAM UMB FUND PLC EME MKT -A- EUR CAP65,750 752,838 6.83

EXANE FUNDS 1 ARCHIMEDES -A- CAP101 1,474,541 13.39

Luxembourg 4,205,155 38.15

EXANE FUNDS 1 SICAV TEMPLIERS FD -A- CAP57 973,842 8.83GOLDMAN SACH US EQ AR PTF -I EUR- HDG7,776 811,742 7.36ML INV SOLUTIONS CCI HLT L/S UCITS-B-EUR2,080 209,403 1.90RWC FUNDS SICAV US ABSOLUTE ALPHA FD -A-7,705 735,627 6.67

BLACKROCK EUROPEAN ABS AL FD -D- GBP CAP444,016 529,969 4.81


BLACKROCK UK ABS ALPHA FD -D- GBP CAP996,209 1,460,345 13.24GARTMORE INV SR I UK ABS RET -INS- CAP816,203 1,073,137 9.74


% of N

AV

Market V

alue

EUR

Quan

tity


Volatility Euro Equities


128


Long positions 1,652,067,916 67.91


386,714,673 15.89

Bonds 386,714,673 15.89

France 197,207,361 8.11

BNP PARIBAS (OIS+0.48)0.822 10-11 24/05U19,000,000 19,000,000 0.78CREDIT AGRI.(OIS+0.30)0.641 -11 01/03U15,000,000 15,000,000 0.62CREDIT AGRI.(OIS+0.55)0.889 -11 03/05U17,000,000 17,000,000 0.70SAFRAN -11 18/02U11,000,000 10,982,721 0.45STE GENERALE(OIS+0.17)1.019 10-11 01/02U36,500,000 36,500,000 1.50UNEDIC -11 07/03U60,000,000 59,799,646 2.46VIVENDI -11 10/01U17,500,000 17,487,176 0.72

ITALY BOT 10-11 31/01U30,500,000 30,422,153 1.25

Italy 30,422,153 1.25

ENEL FINANCE -11 28/02U33,500,000 33,405,426 1.37

Luxembourg 33,405,426 1.37

BMW FINANCE -11 01/03U17,500,000 17,467,431 0.72

Netherlands 114,712,246 4.71


EDP ENERGIAS DE PORTUGAL -11 16/02U11,000,000 10,967,487 0.45

Portugal 10,967,487 0.45




France 114,027,152 4.69

BFCM (OIS+0.32) 0.697 10-11 10/03U43,000,000 43,000,000 1.77


Bonds 567,500,000 23.33

France 477,500,000 19.63

BPCE (OIS+0.33) 0.701 10-11 10/05U31,000,000 31,000,000 1.27BPCE (OIS+0.43) 0.793 10-11 09/02U27,000,000 27,000,000 1.11BRED (OIS+0.120) 0.567 -11 01/04U77,000,000 77,000,000 3.16BRED PB (OIS+0.11) 0.518 -11 03/01U77,000,000 77,000,000 3.17CA CIB (OIS+0.36) 0.834 -11 01/06U71,000,000 71,000,000 2.92CREDIT AGRI (OIS+0.00)0.446 10-11 01/03U33,500,000 33,500,000 1.38NATIXIS (OIS+0.24) 0.785 -11 24/02U66,000,000 66,000,000 2.71STE GENERALE(OIS 0.24)0.632 10-11 02/03U52,000,000 52,000,000 2.14

ING BK (OIS+0.21) 1.015 10-11 14/02U64,000,000 64,000,000 2.63


BARCLAYS (OIS+0.42) 0.797 10-11 07/02U26,000,000 26,000,000 1.07


DJ EURO STOXX 50 DEC 2600 19.12.11 CALL18,860 61,747,640 2.54



Germany 583,826,091 24.00

% of N

AV

Market V

alue

EUR

Quan

tity

DJ EURO STOXX 50 DEC 2900 19.12.11 CALL2,500 4,170,000 0.17DJ EURO STOXX 50 JUN 2600 20.06.11 CALL11,400 28,819,200 1.18DJ EURO STOXX 50 JUN 2700 20.06.11 PUT6,900 11,716,200 0.48DJ EURO STOXX 50 DEC 2800 19.12.11 CALL15,500 33,185,500 1.36DJ EURO STOXX 50 DEC 2800 19.12.11 PUT59,450 179,895,701 7.40DJ EURO STOXX 50 DEC 3000 19.12.11 CALL11,350 14,312,350 0.59DJ EURO STOXX 50 DEC 3000 19.12.11 PUT22,450 92,583,800 3.81DJ EURO STOXX 50 DEC2600 19.12.2011 PUT43,210 94,154,590 3.87DJ EURO STOXX 50 JAN 2800 24.01.11 PUT24,800 15,128,000 0.62DJ EURO STOXX 50 JUN 2700 20.06.11 CALL3,400 6,456,600 0.27DJ EURO STOXX 50 JUN 2800 20.06.11 PUT14,990 32,213,510 1.32DJ EURO STOXX 50 JUN 3000 20.06.11 PUT450 1,510,200 0.06DJ EURO STOXX 50 JUN 3200 20.06.11 PUT1,600 7,932,800 0.33

DJ EURO STOXX 50 JAN 2600 24.01.11 PUT-37,200 -4,538,400 -0.19




Germany -162,497,225 -6.68

DJ EURO STOXX 50 JUN 2600 20.06.11 PUT-4,280 -5,696,680 -0.23DJ EURO STOXX 50 DEC 2200 19.12.11 PUT-93,750 -100,781,250 -4.13DJ EURO STOXX 50 JAN 2500 24.01.11 PUT-12,400 -632,400 -0.03DJ EURO STOXX 50 JAN 2900 21.01.11 CALL-12,400 -2,108,000 -0.09DJ EURO STOXX 50 JAN 2950 24.01.11 CALL-12,400 -954,800 -0.04DJ EURO STOXX 50 JUN 2000 20.06.11 PUT-11,765 -3,305,965 -0.14DJ EURO STOXX 50 JUN 2200 20.06.11 PUT-10,500 -5,019,000 -0.21DJ EURO STOXX 50 JUN 2400 20.06.11 CALL-2,120 -8,460,920 -0.35DJ EURO STOXX 50 JUN 2400 20.06.11 PUT-30,620 -24,587,860 -1.01DJ EURO STOXX 50 JUN 2500 20.06.11 CALL-1,200 -3,874,800 -0.16DJ EURO STOXX 50 JUN 2500 20.06.11 PUT-1,200 -1,243,200 -0.05DJ EURO STOXX 50 JUN 2800 20.06.11 CALL-550 -745,800 -0.03DJ EURO STOXX 50 JUN 3000 20.06.11 CALL-450 -256,950 -0.01DJ EURO STOXX 50 JUN 3200 20.06.11 CALL-1,600 -291,200 -0.01


% of N

AV

Market V

alue

EUR

Quan

tity


Volatility World Equities


129




214,693,518 16.55

Bonds 214,693,518 16.55

France 110,096,951 8.48

BNP PARIBAS (OIS+0.48)0.822 10-11 24/05U10,000,000 13,415,500 1.03CREDIT AGRI.(OIS+0.30)0.641 -11 01/03U6,000,000 8,049,300 0.62CREDIT AGRI.(OIS+0.55)0.889 -11 03/05U11,000,000 14,757,050 1.14SAFRAN -11 18/02U4,250,000 5,679,052 0.44STE GENERALE(OIS+0.17)1.019 10-11 01/02U14,250,000 19,117,088 1.47UNEDIC -11 07/03U22,500,000 28,450,428 2.19VIVENDI -11 10/01U7,000,000 9,293,735 0.72

ITALY BOT 10-11 31/01U11,750,000 16,253,896 1.25

Italy 16,253,896 1.25

ENEL FINANCE -11 28/02U14,000,000 18,753,806 1.45

Luxembourg 18,753,806 1.45

BMW FINANCE -11 01/03U7,500,000 10,018,944 0.77



EDP ENERGIAS DE PORTUGAL -11 16/02U5,000,000 6,831,000 0.53

Portugal 6,831,000 0.53




France 57,905,082 4.46

BFCM (OIS+0.32) 0.697 10-11 10/03U17,000,000 22,806,350 1.76


Bonds 302,519,525 23.32

France 254,223,725 19.60

BPCE (OIS+0.33) 0.701 10-11 10/05U12,500,000 16,769,375 1.29BPCE (OIS+0.43) 0.793 10-11 09/02U10,500,000 14,086,275 1.09BRED (OIS+0.120) 0.567 -11 01/04U29,500,000 39,575,725 3.05BRED PB (OIS+0.11) 0.518 -11 03/01U29,500,000 39,575,725 3.04CA CIB (OIS+0.36) 0.834 -11 01/06U29,000,000 38,904,950 3.00CREDIT AGRI (OIS+0.00)0.446 10-11 01/03U14,000,000 18,781,700 1.45NATIXIS (OIS+0.24) 0.785 -11 24/02U28,000,000 37,563,400 2.90STE GENERALE(OIS 0.24)0.632 10-11 02/03U19,500,000 26,160,225 2.02

ING BK (OIS+0.21) 1.015 10-11 14/02U26,000,000 34,880,300 2.69


BARCLAYS (OIS+0.42) 0.797 10-11 07/02U10,000,000 13,415,500 1.03


DJ EURO STOXX 50 DEC 2600 19.12.11 CALL2,200 9,662,916 0.74



Germany 127,699,791 9.84

% of N

AV

Market V

alue

USD

Quan

tity

DJ EURO STOXX 50 JUN 2600 20.06.11 CALL1,065 3,611,882 0.28DJ EURO STOXX 50 DEC 2800 19.12.11 CALL3,345 9,607,705 0.74DJ EURO STOXX 50 DEC 2800 19.12.11 PUT7,145 29,005,344 2.23DJ EURO STOXX 50 DEC 3000 19.12.11 CALL1,830 3,095,801 0.24DJ EURO STOXX 50 DEC 3000 19.12.11 PUT2,430 13,444,102 1.04DJ EURO STOXX 50 DEC2600 19.12.2011 PUT9,400 27,478,432 2.11DJ EURO STOXX 50 JAN 2800 24.01.11 PUT5,050 4,132,645 0.32DJ EURO STOXX 50 JUN 2800 20.06.11 CALL3,355 6,103,221 0.47DJ EURO STOXX 50 JUN 2800 20.06.11 PUT4,120 11,877,923 0.92DJ EURO STOXX 50 JUN 3000 20.06.11 PUT2,150 9,679,820 0.75

NIKKEI 225 JAN 10000 14.01.11 PUT625 280,269 0.02

Japan 47,076,979 3.63

NIKKEI 225 JUN 10000 11.06.11 PUT865 5,040,155 0.39NIKKEI 225 FUT DEC 10000 09.12.11 PUT1,295 6,514,519 0.50NIKKEI 225 FUT DEC 9000 09.12.11 PUT7,510 21,760,067 1.68NIKKEY 225 FUT DEC 9000 09.12.11 CALL1,410 13,481,969 1.04

NIKKEI 225 FUT DEC 10000 09.12.11 CALL2,645 14,675,422 1.13

Luxembourg 14,675,422 1.13

SP 500 DEC 1150 17.12.11 PUT1,555 11,258,200 0.87


SP 500 DEC 1200 17.12.11 CALL2,785 35,620,150 2.74SP 500 DEC 1200 17.12.11.PUT1,820 16,216,200 1.25SP 500 INDEX JAN 1230 22.01.11 PUT1,520 1,398,400 0.11SP 500 INDEX JUN 1000 18.06.11 CALL285 7,447,050 0.57S&P 500 INDEX JUN 1200 18.06.11 PUT1,110 5,527,800 0.43S&P 500 INDEX DEC 1250.00 17.12.11 CALL1,150 11,201,000 0.86S&P 500 INDEX DEC 1250.00 17.12.11 PUT1,150 12,523,500 0.97

DJ EURO STOXX 50 JAN 2600 24.01.11 PUT-7,550 -1,235,702 -0.10




Germany -49,204,466 -3.79

DJ EURO STOXX 50 JUN 2600 20.06.11 PUT-3,635 -6,490,667 -0.50DJ EURO STOXX 50 DEC 2200 19.12.11 PUT-19,500 -28,122,243 -2.17DJ EURO STOXX 50 JAN 2500 24.01.11 PUT-2,550 -174,469 -0.01DJ EURO STOXX 50 JAN 2900 21.01.11 CALL-2,550 -581,562 -0.04DJ EURO STOXX 50 JAN 2950 24.01.11 CALL-2,500 -258,248 -0.02DJ EURO STOXX 50 JUN 2200 20.06.11 PUT-3,850 -2,468,854 -0.19DJ EURO STOXX 50 JUN 2400 20.06.11 CALL-810 -4,336,842 -0.33DJ EURO STOXX 50 JUN 2400 20.06.11 PUT-3,610 -3,888,925 -0.30DJ EURO STOXX 50 JUN 3000 20.06.11 CALL-2,150 -1,646,954 -0.13

NIKKEI 225 JAN 9500 14.01.11 PUT-625 -27,742 0.00

Japan -6,585,140 -0.51

NIKKEI 225 JAN 11000 14.01.11 CALL-625 -5,780 0.00NIKKEI 225 JUN 10000 10.06.11 CALL-850 -6,551,618 -0.51

NIKKEI 225 FUT DEC 7500 09.12.11 PUT-4,750 -5,505,210 -0.42

Luxembourg -5,505,210 -0.42

SP 500 DEC 1000 17.12.11 CALL-190 -5,232,600 -0.40

United States of America -42,161,750 -3.25

SP 500 DEC 1000 17.12.11 PUT-2,850 -10,830,000 -0.84

% of N

AV

Market V

alue

USD

Quan

tity




130

SP 500 DEC 1150 17.12.11 CALL-790 -12,679,500 -0.99SP 500 JAN 1280 22.01.11 CALL-760 -554,800 -0.04SP 500 INDEX JAN 1180 22.01.11 PUT-3,040 -972,800 -0.07SP 500 INDEX JUN 1000 18.06.11 PUT-960 -1,324,800 -0.10SP 500 INDEX JUN 1200 18.06.11 CALL-1,075 -10,567,250 -0.81


% of N

AV

Market V

alue

USD

Quan

tity


Euro Reserve


131

OKO BANK -11 07/03U10,000,000 9,977,805 2.30



142,534,413 32.97

Bonds 142,534,413 32.97

Finland 16,961,564 3.92

OKO BANK -11 10/02U7,000,000 6,983,759 1.62

CRCAM PARIS ET IDF -11 08/03U10,000,000 9,978,779 2.31

France 14,964,869 3.46

UNEDIC -11 07/02U5,000,000 4,986,090 1.15

ALLIANZ SE 10-11 23/02U15,000,000 14,934,355 3.45

Germany 14,934,355 3.45

INTESA SAN PAOLO BK IE -11 27/01U15,000,000 14,961,383 3.46

Ireland 14,961,383 3.46

INTESA SANPAOLO SPA 10-11 14/06U10,000,000 9,935,954 2.30

Italy 9,935,954 2.30

ING BANK NV -11 01/03U15,000,000 14,962,220 3.46


BCO BILBAO VISCAYA ARG. -11 24/03U5,000,000 4,969,145 1.15

Spain 12,919,579 2.99

SANTANDER -11 03/09U8,000,000 7,950,434 1.84

NORDEA BANK -11 17/02U15,000,000 14,967,462 3.47

Sweden 24,943,582 5.78

SEB -11 02/03U10,000,000 9,976,120 2.31

LLOYDS BANK -11 28/02U18,000,000 17,950,907 4.15


AMUNDI MONEY MKT FD SH TERM EUR -OC-5,000,253 5,000,253 1.16




FORTIS BANQUE -11 14/04U10,000,000 9,969,841 2.31


Bonds 185,826,374 42.97

Belgium 9,969,841 2.31

AXA (OIS 0.10) 0.438 -11 01/03U10,000,000 10,000,000 2.31

France 91,000,000 21.04

BFCM (OIS+0.35) 1.071 -11 01/06U8,000,000 8,000,000 1.85BFCM (OIS+0.38) 0.866 -11 01/06U8,000,000 8,000,000 1.85BNP PARIBAS (OIS+0.25)0.627 10-11 07/02U15,000,000 15,000,000 3.47CA CIB (OIS+0.36) 0.834 -11 01/06U10,000,000 10,000,000 2.31CREDIT AGRI (OIS+0.00)0.446 10-11 01/03U5,000,000 5,000,000 1.16NATIXIS (OIS+0.54) 0.962 -11 14/03U20,000,000 20,000,000 4.62STE GENERALE(OIS+0.32) 0.766 -11 30/05U15,000,000 15,000,000 3.47

UBI BANCA INTL SA -11 28/02U10,000,000 9,972,078 2.31


% of N

AV

Market V

alue

EUR

Quan

tity

ABN AMRO BANK -11 14/03U20,000,000 19,952,590 4.61


SVENSKA HANDELSBANK -11 17/06U10,000,000 9,949,699 2.30

Sweden 9,949,699 2.30

ABBEY NAT TREASURY 10-11 02/03U5,000,000 4,988,029 1.15


BANK OF TOKYO MITSUBISHI -11 31/01U10,000,000 9,994,137 2.31BARCLAYS (OIS+0.42) 0.797 10-11 07/02U20,000,000 20,000,000 4.63HSBC BANK 0.851 10-11 17/02U10,000,000 10,000,000 2.31


% of N

AV

Market V

alue

EUR

Quan

tity


USD Reserve


132

JYSKE BANK CDNP -11 08/02U3,000,000 2,996,095 2.61



44,428,105 38.76

Bonds 44,428,105 38.76

Denmark 2,996,095 2.61

FINLANDE 10-11 19/01U5,000,000 4,994,547 4.36

Finland 6,992,301 6.10

POHJOLA BANK 10-11 04/02U2,000,000 1,997,754 1.74

BNP PARIBAS -11 12/01U3,000,000 2,997,778 2.62

France 11,990,069 10.47

CIC -11 04/01U4,000,000 3,999,612 3.49SNCF -11 05/04U5,000,000 4,992,677 4.36

UNICREDITO ITALIANO -11 12/05U2,000,000 1,993,485 1.74

Italy 1,993,485 1.74

BK NEDERLANDSE GEMEEN -11 06/01U4,000,000 3,996,868 3.49


ING BANK -11 14/02U3,000,000 2,990,421 2.61SCHLUMBERGER FINANCE 10-11 14/01U2,000,000 1,998,487 1.74

SWEDEN TREASURY BILLS 10-11 03/02U3,500,000 3,498,567 3.05

Sweden 8,497,433 7.41

SWEDEN TREASURY BILLS 10-11 18/01U5,000,000 4,998,866 4.36

BARCLAYS BANK -11 01/12U3,000,000 2,972,946 2.59


ENI COORDINATION CENTER SA -10 10/01U4,000,000 3,998,898 3.49


Bonds 54,899,413 47.89

Belgium 3,998,898 3.49

ACOSS -11 25/11U10,000,000 9,934,207 8.67

France 13,932,070 12.15

CAISSE DE DEPOT ET CONS S2126 -11 11/02U2,000,000 1,999,184 1.74CAISSE DE DEPOT ET CONS S2138 -11 22/02U2,000,000 1,998,679 1.74

KFW -11 11/03U10,000,000 9,991,918 8.72

Germany 9,991,918 8.72

BEI 10-11 29/06U5,000,000 4,989,154 4.35

Luxembourg 12,986,735 11.33

EUROP.INVEST.BK -11 18/01U5,000,000 4,998,934 4.36NEDERLANDSE WATERSC -11 16/02U3,000,000 2,998,647 2.62

ABN AMRO BANK -11 16/02U3,000,000 2,997,089 2.61


DEN NORSKE BANK 0.28 10-11 01/02U3,000,000 3,000,000 2.62

Norway 3,000,000 2.62

SVERIGES BOSTADSFINACE -11 18/02U3,000,000 2,996,325 2.61

Sweden 2,996,325 2.61

EUROFIMA -11 01/03U5,000,000 4,996,378 4.36


% of N

AV

Market V

alue

USD

Quan

tity


% of N

AV

Market V

alue

USD

Quan

tity

134


AssetsSecurities portfolio at market value 2Acquisition costUnrealised gain/loss on the securities portfolioOptions purchased at market value 2Options purchased at costCash at banks and liquiditiesReverse repurchase agreements 2Time depositsInterest receivableDividends receivableBrokers receivableSubscribers receivableUnrealised net appreciation on forward foreign exchange contracts 2Unrealised net appreciation on futures contracts 2Unrealised net appreciation on swaps 2Receivable on spot exchangeFunded swap at market valueOther assetsLiabilitiesOptions sold at market valueOptions sold at costBank overdraftsRepurchase agreements 2Brokers payableSubscribers payableUnrealised net depreciation on forward foreign exchange contracts 2Unrealised net depreciation on futures contracts 2Unrealised net depreciation on swaps and CFD 2Accrued management fees 4Payable on spot exchangeOther liabilities

Net asset value

Note

English

48,669,885 31,194,95248,379,466 30,906,98942,910,068 29,591,2715,469,398 1,315,719

- -- -

60,465 132,164- -- -

28 78140,258 111,976

- -88,868 43,744

- -- -- -

799 -- -- -

206,997 271,965- -- -- -- -- -

44,878 132,333- -- -- -

145,023 116,335800 -

16,296 23,297

48,462,888 30,922,987

EUR

Aqua Global

31/12/10EUR

31/12/09

412,782,336 199,240,190403,215,327 194,698,433342,054,321 145,202,77961,161,007 49,495,654

- -- -

3,655,858 4,266,334- -- -- 0

196,109 32,4451,124,582 73,6433,739,449 95,750

- -- -- -

851,011 73,584- -- -

6,353,489 765,060- -- -- -- -

2,572,461 -1,477,285 208,371

- -- -- -

1,252,108 399,590850,294 73,643201,341 83,456

406,428,847 198,475,130

USD

ASEAN New Markets

31/12/10USD

31/12/09


135

22,452,318 22,911,49822,124,284 22,330,88918,104,180 19,084,6454,020,104 3,246,245

- -- -

295,718 507,450- -- -

99 238,259 5,424

- -23,958 67,713

- -- -- -- -- -- -

96,182 87,695- -- -- -- -- -

7,934 222- -- -- -

77,837 73,437- -

10,411 14,036

22,356,136 22,823,803

USD


31/12/10USD

31/12/09

483,723,016 375,389,907478,908,355 363,188,917407,456,156 292,785,75871,452,199 70,403,159

- -- -

1,554,822 8,121,087- -- -- -

31,860 57,600781,638 -

1,394,220 4,022,302- -- -- -

1,052,122 -- -- -

3,295,959 1,276,153- -- -- -- -- -

584,512 119,893- -- -- -

1,453,316 1,012,5931,052,598 -

205,533 143,667

480,427,057 374,113,754

USD

Asian Growth

31/12/10USD

31/12/09

146,715,132 166,479,490144,673,071 162,617,095123,720,575 149,236,88920,952,496 13,380,206

- -- -

104,569 1,630,695- -- -- -

1,447,360 610,918431,732 -58,401 1,620,782

- -- -- -- -- -- -

2,072,474 2,559,285- -- -

605,320 -- -

151,665 1,656,592328,284 182,892

- -- -- -

762,477 471,583- -

224,728 248,218

144,642,658 163,920,204

USD

Brazil

31/12/10USD

31/12/09

22,333,824 29,646,93022,094,450 28,707,64720,239,912 23,733,3511,854,538 4,974,296

- -- -

171,915 170,418- -- -

12 -20,440 29,065

- 698,79543,268 41,006

- -- -- -

3,739 -- -- -

102,373 588,651- -- -- 108,846- -- 358,339

21,349 38,522- -- -- -

69,815 73,2883,750 -7,459 9,656

22,231,451 29,058,279

EUR

Clean Planet

31/12/10EUR

31/12/09


136



Net asset value

Note

English

36,851,964 31,408,02434,022,497 29,258,64828,282,773 25,080,5015,739,724 4,178,146

- -- -

2,554,567 1,423,510- -- -- -

106,776 12,54420,793 464,988

147,331 173,806- -- 74,528- -- -- -- -

819,593 1,101,690- -- -- 212,283- -

548,724 558,30127,680 75,030

- -51,393 -

- -129,028 101,161

- -62,768 154,915

36,032,371 30,306,334

EUR

Emerging Europe

31/12/10EUR

31/12/09

418,429,387 97,034,225410,551,909 95,435,742368,678,806 83,277,45841,873,103 12,158,283

- -- -

4,503,449 1,147,546- -- -1 0

381,138 108,2531,521,244 187,9591,034,272 147,177

- -- 7,548- -

437,375 -- -- -

5,347,206 1,353,250- -- -

27 28,316- -

2,761,944 583,357338,152 18,041

- -4,265 -

- -963,812 197,567436,838 -842,168 525,969

413,082,181 95,680,975

USD


31/12/10USD

31/12/09


137

508,524,792 655,029,931498,204,236 637,021,316392,413,089 520,492,832105,791,147 116,528,484

- -- -

8,132,810 13,449,933- -- -- 21,915

489,103 420,333- 1,315,231

1,624,394 2,801,203- -- -- -

74,249 -- -- -

10,849,290 4,787,262- -- -

20 1- -

7,314,161 1,649,896519,736 969,859

- -- -- -

1,585,786 1,864,86475,205 -

1,354,382 302,643

497,675,502 650,242,669

USD

Emerging Markets

31/12/10USD

31/12/09

310,175,436 29,002,468302,195,879 28,712,652277,047,379 25,224,14525,148,499 3,488,507

- -- -

6,051,162 172,653- -- -

12 3315,552 24,179523,328 76,349780,569 14,955

- -- 1,677- -

308,934 -- -- -

3,800,915 275,730- -- -- 258- -

2,874,338 164,38338,896 5,455

- -948 -

- -475,609 56,502308,212 -102,913 49,132

306,374,522 28,726,739

USD

Emerging World

31/12/10USD

31/12/09

50,775,751 85,891,07550,730,270 85,276,83752,457,207 93,577,143-1,726,937 -8,300,306

- -- -

390 131,900- -- -

348 -1,610 -

41,418 -1,036 459,797

- -680 22,540

- -- -- -- -

268,265 313,088- -- -

680 -- -- -

100,434 43,059- -- -- -

148,196 208,711- -

18,954 61,317

50,507,486 85,577,986

EUR

Euro Quant

31/12/10EUR

31/12/09

23,060,075 17,495,61822,834,489 17,069,07119,455,069 15,949,3313,379,420 1,119,741

- -- -

21,906 388,702- -- -- -

13,788 8,018- 527

75,091 598105,880 28,702

- -- -

8,922 -- -- -

161,719 121,427- -- -- -- -- -

66,987 43,508- -- -- -

75,719 68,2798,969 -

10,043 9,639

22,898,356 17,374,192

EUR


31/12/10EUR

31/12/09


138



Net asset value

Note

English

19,774,078 15,592,85819,718,642 15,498,39518,521,545 16,199,1711,197,097 -700,777

- -- -

38,027 93,171- -- -2 -

17,406 54- -- 148- -- 1,090- -- -- -- -

33,988 27,530- -- -- -- -- -- -- -

430 -- -

28,993 23,919- -

4,565 3,611

19,740,089 15,565,328

EUR

Europe SRI

31/12/10EUR

31/12/09

37,962,547 56,450,62137,638,919 53,018,67736,348,115 54,007,9921,290,804 -989,315

- 36,223- 23,148

270,630 1,456,168- -- -- -

44,021 37,427- 72,526

1,518 1,674,003- 70,320- 81,816- -

3,999 -- -

3,461 3,461333,752 2,206,705

- 16,798- 22,143

5,874 12,077- -- 255,263

162,643 1,695,3047,931 -5,753 -

- -131,955 161,851

3,985 -15,611 65,412

37,628,796 54,243,916

EUR

Gems Europe

31/12/10EUR

31/12/09


139

41,279,474 64,556,50532,064,080 32,555,07033,489,925 33,765,098-1,425,845 -1,210,0281,019,348 892,6801,571,831 581,9314,332,584 9,018,931

- -- -

6,799 -357,6518,768 26,827

1,737,077 2,306,42233,323 5,198,116

240,044 521,011- -- -

1,837,451 14,395,099- -- -

3,756,746 24,147,386663,721 16,213556,793 25,096

- 28,722- -

851,831 804,917113,084 8,610,977

- -203,681 200,536

- -69,267 76,326

1,845,842 14,398,7859,321 10,909

37,522,728 40,409,119

USD

Gems World

31/12/10USD

31/12/09

228,083,266 110,409,051223,747,481 107,389,868185,240,905 94,363,18538,506,576 13,026,682

- -- -

2,198,898 2,026,145- -- -- -

155,106 81,841- 160,376

580,090 750,8221,288,050 -

- -- -

113,641 -- -- -

1,225,370 1,122,952- -- -

314,519 656,207- -

33,605 -93,164 53,081

- 94,285- -- -

597,450 274,883113,811 -72,820 44,497

226,857,897 109,286,098

USD

Global Agriculture

31/12/10USD

31/12/09

121,534,527 106,139,940118,547,304 105,258,20094,735,319 88,143,40523,811,985 17,114,795

- -- -

2,805,375 816,208- -- -- -

71,009 55,782- -

35,171 9,751- -

75,669 -- -- -- -- -

706,686 779,757- -- -- -- -- -

155,681 126,684- -- 276,619- -

372,292 325,732- -

178,714 50,722

120,827,841 105,360,183

USD

Global Equities

31/12/10USD

31/12/09

28,693,814 32,474,23027,464,845 31,947,36126,602,247 33,557,718

862,598 -1,610,358- -- -

1,114,430 396,896- -- -- -

26,590 38,414- -

87,949 2,544- 18,727- 70,288- -- -- -- -

145,127 174,946- -- -

453 -- -- -

10,049 56,949- -- -- -

122,000 103,337- -

12,625 14,660

28,548,687 32,299,285

USD

Global Finance

31/12/10USD

31/12/09


140



Net asset value

Note

English

99,965,564 66,458,67999,601,116 66,109,92679,510,893 64,960,15320,090,223 1,149,774

- -- -

78,029 149,443- -- -

13 -41,238 17,939

- -245,168 181,372

- -- -- -- -- -- -

2,344,268 146,112- -- -

181 -- -- -

2,072,268 973- -- -- -

244,243 125,726- -

27,576 19,412

97,621,296 66,312,567

USD

Global Resources

31/12/10USD

31/12/09

670,666,944 719,218,647662,306,148 679,946,599545,787,734 557,314,650116,518,414 122,631,949

- -- -

4,126,611 36,174,842- -- -- -- 428,568

1,482,346 -2,011,839 2,668,637

- -- -- -

740,000 -- -- -

6,543,438 6,458,118- -- -- -- -- -

2,766,911 2,319,655- -- -- -

1,921,104 1,726,696740,782 -

1,114,641 2,411,767

664,123,506 712,760,529

USD

Greater China

31/12/10USD

31/12/09


141

1,069,148,956 1,059,081,7011,062,715,375 1,053,940,342

737,756,512 869,820,561324,958,864 184,119,780

- -- -

2,297,846 3,016,826- -- -- -- 58,558

3,815,451 -279,804 2,043,850

- -- -- -

40,480 22,125- -- -

3,757,056 2,384,998- -- -- -- -- -

1,423,175 346,149- -- -- -

1,735,226 1,488,30940,651 22,127

558,004 528,413

1,065,391,900 1,056,696,703

USD

India

31/12/10USD

31/12/09

86,413,640 81,494,11085,916,996 76,695,26671,007,282 68,438,33614,909,714 8,256,930

- -- -

443,115 4,578,529- -- -- -- 46,382- -

53,529 173,933- -- -- -- -- -- -

717,730 469,928- -- -

344,549 -- -- -

73,182 295,178- -- -- -

261,981 136,401- -

38,018 38,348

85,695,910 81,024,182

USD


31/12/10USD

31/12/09

4,583,810,477 4,235,079,9424,481,861,550 3,880,536,0344,387,560,653 3,807,843,467

94,300,897 72,692,567- -- -

92,678,992 307,599,227- -- -- -

3,635,184 1,627,268- -

5,634,751 45,317,413- -- -- -- -- -- -

67,796,860 165,507,612- -- -- -- -- 150,636,780

56,735,120 3,991,813- -- -- -

9,604,946 9,148,378- -

1,456,794 1,730,641

4,516,013,617 4,069,572,330

JPY

Japan Value

31/12/10JPY

31/12/09

118,120,995 92,952,410113,576,620 89,121,14282,492,208 69,293,07731,084,411 19,828,064

- -- -

4,320,413 3,674,521- -- -- -- -- -

223,963 156,747- -- -- -- -- -- -

463,042 370,454- -- -- -- -- -

153,038 125,668- -- -- -

266,553 202,393- -

43,451 42,392

117,657,953 92,581,957

USD

Korea

31/12/10USD

31/12/09


142



Net asset value

Note

English

2,583,982,921 1,817,936,1872,548,319,189 1,793,927,2251,845,675,236 1,377,019,038

702,643,953 416,908,186- -- -

17,747,846 10,832,848- -- -6 -

11,262,723 4,551,388- -

4,846,592 8,624,728- -- -- -

1,806,563 -- -- -

20,058,402 31,551,253- -- -- 2- -

3,600,283 13,244,4572,299,621 6,491,083

- -- -- -

6,783,929 4,131,4691,802,478 -5,572,090 7,684,242

2,563,924,519 1,786,384,934

USD


31/12/10USD

31/12/09

17,064,324 12,446,59714,946,705 12,106,76313,741,106 10,950,7901,205,599 1,155,974

- -- -

189,921 181,313- -- -- -

4,003 9,143- 125,179

1,873,545 -18,639 -

- 24,200- -

31,511 -- -- -

148,264 27,177- -- -

66,838 -- -- -

3,218 -- 4,896

19,103 -- -

24,097 19,42731,307 -3,701 2,853

16,916,061 12,419,420

EUR


31/12/10EUR

31/12/09


143

24,611,073 22,533,37424,460,624 22,404,68121,925,200 22,134,2652,535,424 270,417

- -- -

11,968 25,116- -- -- -

7,069 11,378- -

1,000 -130,412 92,199

- -- -- -- -- -

55,592 50,939- -- -- -- -- -- -- -- -- -

49,651 45,540- -

5,941 5,399

24,555,481 22,482,435

EUR


31/12/10EUR

31/12/09

21,753,357 22,214,88721,549,887 22,111,42718,284,781 18,337,9413,265,106 3,773,486

- -- -

86,878 41,213- -- -- -

5,263 4,73794,940 -

144 5,594- -- -- -

16,245 51,917- -- -

462,213 160,659- -- -- 51,506- -- -

378,244 1,589- -

11,700 -- -

49,765 44,95216,339 51,9056,165 10,707

21,291,144 22,054,228

EUR

Select Euro

31/12/10EUR

31/12/09

29,924,281 30,457,09229,266,210 29,577,66524,648,651 24,764,1874,617,559 4,813,478

- -- -

56,261 178,110- -- -- -

30,161 35,900393,397 201,837

2,671 4,882- -- -- -

175,580 458,698- -- -

872,833 1,210,568- -- -

921 -- -

55,281 682,948569,158 11,499

- -10,000 -

- -54,161 50,997

175,697 457,4077,615 7,716

29,051,448 29,246,524

EUR

Select Europe

31/12/10EUR

31/12/09

7,833,111 13,137,8857,777,348 12,764,6037,072,033 11,475,633

705,316 1,288,970- -- -

44,252 347,888- -- -- -- -- -

11,511 80- -- 25,315- -- -- -- -

74,874 66,612- -- -

883 8,393- -- -

39,471 17,226- -

1,058 -- -

30,092 34,937- -

3,371 6,057

7,758,237 13,071,273

CHF

Switzerland

31/12/10CHF

31/12/09


144



Net asset value

Note

English

102,424,530 35,269,50197,516,396 34,754,84175,308,412 28,676,85122,207,984 6,077,989

- -- -

495,086 412,208- -- -1 0- 23,242

119,494 22,2974,293,553 56,914

- -- -- -- -- -- -

4,068,271 1,404,265- -- -- -- -

2,665,657 -977,367 1,248,438

- -- -- -

375,897 134,634- -

49,350 21,193

98,356,259 33,865,236

USD

Thailand

31/12/10USD

31/12/09

39,698,945 41,847,72339,146,492 39,614,53035,640,637 36,864,6213,505,855 2,749,909

- -- -

328,478 2,149,504- -- -- -

49,270 36,370- -

94,213 47,320- -- -- -

80,493 -- -- -

320,307 139,415- -- -- -- -- -

102,995 6,546- -- 3,150- -

123,505 106,60579,583 -14,224 23,114

39,378,638 41,708,308

USD


31/12/10USD

31/12/09


145

157,788,899 50,145,851151,393,821 46,996,921137,916,651 41,446,93213,477,170 5,549,989

- -- -

4,487,326 2,852,071- -- -- -

147,042 38,962158,828 -

1,565,660 257,897- -- -- -

36,222 -- -- -

1,398,446 1,294,109- -- -- -- -

820,086 639,328135,013 484,177

- -- -- -

361,763 150,54135,736 -45,847 20,063

156,390,454 48,851,743

USD

US Opportunities

31/12/10USD

31/12/09

17,534,633 14,471,44516,800,543 12,045,21916,008,627 11,376,029

791,916 669,190- -- -

457,859 587,509- -- 1,500,039

270,229 207,728- -- -

3,251 33,0232,750 97,928

- -- -- -- -- -

66,465 815,749- -- -- -- -- 759,461

16,556 11,610- -

8,125 20,313- -

35,775 19,370- -

6,010 4,995

17,468,167 13,655,696

USD

Asian Income

31/12/10USD

31/12/09

54,181,147 17,075,73442,415,651 15,660,91441,796,940 15,361,934

618,711 298,980- -- -

5,523,019 758,388- -- -

693,816 269,776- -- -

153,398 386,656- -

58,594 -- -

2,038,060 -3,298,609 -

- -2,700,178 210,899

- -- -

36,422 -- -- -

181,044 42,77369,846 -

- 65,160- -

222,456 57,1282,038,060 -

152,350 45,839

51,480,969 16,864,835

USD


31/12/10USD

31/12/09

300,074,800 308,163,447288,720,163 292,491,264294,795,616 288,738,633

-6,075,453 3,752,632- 67,500- -

4,724,450 1,822,845- -- -

5,158,875 5,588,250- -- -

1,374,507 8,193,58846,333 -50,471 -

- -- -- -- -

9,865,978 21,745,716- -14,850- -- -

9,299,500 13,948,379- 5,427,369

46,922 1,298,940- -- 346,960

152,800 49,233289,335 248,074

- -77,420 441,611

290,208,822 286,417,730

EUR

Euro Bond

31/12/10EUR

31/12/09


146



Net asset value

Note

English

436,644,056 578,904,266418,026,339 558,925,274417,540,446 535,906,932

485,893 23,018,342- 105,000- -

9,034,134 6,041,458- -- -

8,773,137 12,416,796- -- -

212,341 994,853598,105 44,106

- 376,779- -- -- -- -

16,224,063 83,237,852- -23,100- -

15,580 11,24112,935,558 79,319,779

- -1,100,0001,388,458 2,442,135

- -29,485 -

938,955 1,066,463642,908 710,121

- -273,118 811,213

420,419,993 495,666,414

EUR

Euro Corporate Bond

31/12/10EUR

31/12/09

23,742,582 -23,235,233 -23,994,220 -

-758,987 -- -- -

155,625 -- -- -

350,659 -- -- -- -- -

1,065 -- -- -- -- -

79,770 -- -- -- -- -- -

41,258 -- -- -- -

31,491 -- -

7,021 -

23,662,812 -

EUR

Euro Govies

31/12/10EUR

31/12/09


147

445,292,269 400,675,444407,867,281 385,410,661389,484,815 372,506,24418,382,466 12,904,418

- -- -

26,815,012 4,342,080- -- -

9,361,689 8,293,629- -- 185,000

233,706 296,229383,372 -28,760 347,760

- 1,197,636- -- -

602,449 602,44925,927,134 53,351,685

- -- -

66,500 2,37718,554,150 51,515,783

- -3,037,683 13,631

- 684,554- -

2,648,434 -652,755 382,897

- -967,612 752,442

419,365,135 347,323,759

EUR


31/12/10EUR

31/12/09

274,440,507 334,212,264268,562,767 308,988,963270,284,727 303,259,700

-1,721,960 5,729,263- 63,750- -

3,279,086 3,589,692- 13,999,999- -

1,986,353 2,825,977- -- 3,144,378

347,784 1,599,504264,517 -

- -- -- -- -- -

37,243,693 919,062- -14,020- -

59,205 -35,655,000 -

- -656,933 149,987

- -17,355 -43,438 -

572,033 548,759- -

239,728 234,337

237,196,815 333,293,201

EUR

Euro Inflation Bond

31/12/10EUR

31/12/09

11,202,819 22,049,51810,580,424 21,389,32710,881,479 21,665,304

-301,055 -275,977- -- -

267,302 43,980- -- -

352,503 616,211- -- -- -- -

2,590 -- -- -- -- -

32,920 203,053- -- -- -- -- -

9,692 161,174- -- -- -

19,032 32,356- -

4,195 9,523

11,169,899 21,846,465

EUR

Euro Select Bond

31/12/10EUR

31/12/09

72,134,463 96,097,74266,952,615 75,771,95167,005,043 73,885,551

-52,429 1,886,401- -71,750- -

1,025,508 14,061,426- -- 1,500,000

1,337,309 1,574,418- -- -

60,856 191,200151,349 -94,264 71,563

- -2,512,563 2,998,934

- -- -

13,308,605 34,311,954- -46,125- -

27,024 33,5349,960,456 25,991,623

- 3,690,741252,565 71,525

- 186,743- -- -

104,426 87,3602,522,991 3,000,261

441,145 1,296,292

58,825,858 61,785,788

EUR

European Bond

31/12/10EUR

31/12/09


148



Net asset value

Note

English

108,661,838 94,015,81060,059,986 77,890,01560,024,474 72,704,306

35,512 5,185,709709,404 88,940823,148 188,196

3,521,600 2,855,982- -- 1,000,000

988,779 1,430,689- -- -

1,478,575 5,468,732- 864,119

58,297 152,167- -

41,845,198 4,265,167- -- -

53,725,665 45,690,962195,016 -26,003636,483 49,72513,813 1,189

9,978,264 29,086,975- -

76,731 10,226,491798,922 -

- -- -

95,270 64,31341,862,919 4,262,679

704,729 2,075,318

54,936,173 48,324,848

USD

Global Aggregate

31/12/10USD

31/12/09

807,493,290 1,005,884,946756,033,781 861,453,073769,167,189 838,514,636-13,133,408 22,938,436

896,558 1,334,3872,669,147 835,300

13,725,574 81,733,285- 35,379,890- 2,152,125

11,517,972 15,198,335- -- 2,204,370

592,373 1,939,061892,156 629,218

1,790,311 2,092,964- 1,768,239

22,044,565 -- -- -

329,004,825 393,724,3661,007,095 -226,6911,249,192 -

301,109 620,672303,395,200 378,444,759

- -394,042 848,281

- -- -- -

788,011 872,82522,136,057 -

983,311 13,164,521

478,488,465 612,160,579

USD

Global Bond

31/12/10USD

31/12/09


149

31,850,530 45,272,04024,511,228 42,342,35821,180,291 39,437,5153,330,937 2,904,843

25,050 1,033,59024,870 961,150

1,564,286 1,118,050- -- -

190,736 274,469- -- -

34,403 503,57229,648 -

- -- -

5,495,179 -- -- -

5,773,009 900,552- 310,020- 297,585

95,487 -- -- -

51,272 115,831- -- 333,995- -

82,781 115,4915,533,138 -

10,331 25,216

26,077,520 44,371,487

EUR


31/12/10EUR

31/12/09

60,943,203 82,711,20051,107,549 77,087,26051,024,917 75,296,133

82,632 1,791,126- 24,749- -

8,862,135 3,974,245- -- -

962,541 1,394,533- -- -

2,630 230,412- -

8,348 -- -- -- -- -

1,183,324 1,021,960- -5,452- -- -- -- -

46,806 16,949805,344 91,786

- 90,008209,537 117,721100,073 86,911

- -21,564 624,037

59,759,879 81,689,240

USD


31/12/10USD

31/12/09

182,386,896 60,494,814166,554,809 57,864,195160,083,212 57,260,024

6,471,597 604,170- 3,750- -

12,560,788 277,701- -- -

1,039,398 385,957- -- -

237,919 1,960,4671,809,825 -

184,157 2,744- -- -- -- -

48,088,188 9,605,191- -830- -

65,650 -46,783,742 7,386,561

- 1,175,941818,630 10,869

- 980,882- -

13,514 -299,348 31,034

- -107,303 20,736

134,298,708 50,889,623

EUR


31/12/10EUR

31/12/09

8,800,534 137,322,8507,551,442 118,100,9087,492,897 114,291,447

58,546 3,809,461- 272,702- 363,320

1,079,930 1,039,346- -- -

-28,159 991,885- -- -- -- 251,240- -

196,078 -- 16,666,768- -

1,243 -142,405 20,427,682

- -- -

5,340 -- -- -- -

90,594 -6,400 10,836

- 3,146,94610,749 166,556

- 16,661,86229,322 441,482

8,658,129 116,895,168

GBP

LDI Gilt Plus (GBP)

31/12/10GBP

31/12/09


150



Net asset value

Note

English

11,719,521 243,881,2779,793,317 231,479,8689,764,253 225,665,901

29,064 5,813,967- 546,158- 656,635

1,153,625 2,332,106- -- 6,501,986

136,892 2,347,868- -- -- -- 673,290- -

635,686 -- -- -- -

136,057 3,270,253- -- -

4,450 -- -- -- -

97,838 -11,802 30,971

- 2,046,28413,945 300,970

- -8,022 892,028

11,583,464 240,611,024

GBP


31/12/10GBP

31/12/09

200,177,921 113,317,452198,183,528 112,261,032183,294,607 114,947,72614,888,921 -2,686,694

- -- -

1,940,528 1,002,717- -- -

268 -9,448 34,295

- 62844,148 -

- -- 18,780- -- -- -- -

430,307 59,412- -- -- -- -- -

333,305 27,677- -

12,580 -- -

70,903 24,062- -

13,518 7,674

199,747,614 113,258,039

EUR

Index Euro

31/12/10EUR

31/12/09


151

488,745,494 487,040,710481,547,317 485,337,708369,280,376 399,778,892112,266,942 85,558,816

- -- -

6,634,969 1,139,220- -- -

750 -496,560 556,664

- 1,791- 50- -

65,898 5,277- -- -- -- -

149,792 1,046,894- -- -

3,992 -- -- -- 891,145- -- -- -

112,489 123,319- -

33,311 32,430

488,595,702 485,993,816

EUR

Index Europe

31/12/10EUR

31/12/09

322,824,047 179,097,592314,810,319 166,348,378304,715,456 169,579,38410,094,863 -3,231,006

- -- -

3,577,815 475,203- -- -

3,710,160 2,357,613- -- 7,410,390

725,753 50- -- -- -- 2,505,958- -- -

2,625,946 11,421,641- -- -- -- -- 4,024,427

779,147 3,122,2201,724,234 1,724,977

- -- -

82,861 40,652- 2,490,254

39,704 19,110

320,198,101 167,675,951

EUR


31/12/10EUR

31/12/09

468,033,735 336,598,896453,646,897 331,950,668351,121,202 293,330,790102,525,695 38,619,878

- -- -

1,759,766 3,245,523- -- -- -

439,858 400,314103,551 -

10,603,938 989,560- -

24,726 12,831- -

1,455,000 -- -- -

1,940,323 900,272- -- -

34,399 798,312- -- -

91,502 -219,418 -

- -- -

105,332 79,5441,455,143 -

34,529 22,416

466,093,412 335,698,624

EUR

Index North America

31/12/10EUR

31/12/09

125,063,037 77,024,947123,160,320 76,378,28997,230,286 66,685,02625,930,034 9,693,263

- -- -

566,805 561,498- -- -

467 302109,934 74,091

1,111,350 -108,248 73

- -5,913 10,695

- -- -- -- -

1,060,302 32,625- -- -

740,167 -- -

251,619 -11,337 2,985

- -- -- -

25,526 17,809- -

31,653 11,831

124,002,735 76,992,323

EUR

Index Pacific

31/12/10EUR

31/12/09


152



Net asset value

Note

English

2,199,761 37,679,088- 37,411,723- 37,514,989- -103,266- -- -

2,199,700 -- -- -

60 -- -- 137,375- 74,935- 55,055- -- -- -- -- -

8,514 221,158- -- -- 142,680- -- -- -- -- -- -

7,195 67,536- -

1,319 10,942

2,191,247 37,457,930

EUR

Multi Asset Protected

31/12/10EUR

31/12/09

14,840,920 56,355,6189,413,008 25,919,6179,284,115 25,817,134

128,894 102,484- 36,187- 30,006

423,456 149,1631,452,063 18,918,229

- -48,257 121,569

- -- -

13,229 11,091,636152,812 12,85916,011 106,35912,478 -

3,309,605 -- -- -

3,609,587 5,909,991- 23,445- 20,004

10,967 43,585- -- 5,164,923

244,413 586,787- -- -- 1,330

28,482 69,8133,321,066 -

4,659 20,108

11,231,333 50,445,627

EUR

Arbitrage Inflation

31/12/10EUR

31/12/09


153

245,056,384 266,480,240222,890,790 233,904,527225,234,422 252,119,168

-2,343,632 -18,214,641768,609 779,899

1,423,666 507,9333,653,245 2,280,235

- -13,600,000 19,500,0001,497,646 2,959,987

- -- -

362,865 3,132,216310,368 -159,595 97,795

- 214,252- 1,798,065- -

1,813,265 1,813,2652,842,449 14,814,110

407,977 -8,551395,890 20,59833,962 112,340

- -- -

408,313 766,937- 650,399- -

2,672 -258,788 252,658

- 1,798,0361,730,738 11,242,291

242,213,934 251,666,131

EUR


31/12/10EUR

31/12/09

3,434,206 11,419,0462,508,362 9,180,2542,536,975 9,170,465

-28,614 9,788267 5,323

7,515 2,464359,254 1,458,815

- -- -

24,442 83,860- -- -- 15,083- 26,864

776 -- -- 87,786- -

541,105 561,061531,384 6,659,487

- -- -

890 -- -- -

5,276 590,77633,132 -

- 10,297- -

4,027 5,675- 88,017

488,059 5,964,722

2,902,822 4,759,559

GBP


31/12/10GBP

31/12/09

56,279,118 65,891,68353,612,633 54,998,00355,038,298 58,660,118-1,425,664 -3,662,115

7,989 48,714169,219 22,219

1,863,915 1,265,013- -- 8,000,000

70,276 580,707- -- -

283,260 101,671- 347,741

52,386 -- -

300,000 455,015- -

88,659 94,8191,427,556 2,245,944

- -- -

33,194 -- -- -

295,107 151,137604,493 -

- 42,784351 -

83,388 56,856303,885 456,238107,138 1,538,930

54,851,563 63,645,738

USD


31/12/10USD

31/12/09

21,878,500 -17,184,693 -17,308,286 -

-123,593 -- -- -

329,486 -- -

4,300,000 -64,322 -

- -- -- -- -- -- -- -- -- -

37,541 -- -- -- -- -- -- -

3,976 -729 -

2,499 -11,519 -

- -18,817 -

21,840,959 -

EUR


31/12/10EUR

31/12/09


154



Net asset value

Note

English

8,043,496 15,289,0325,810,245 10,683,2655,832,895 10,792,126

-22,649 -108,861- -- -

2,191,099 935,623- -- -

6,849 41,355- -- -

35,303 46,577- 6,044- -- -- 3,576,168- -- -

280,943 6,690,039- -- -- -- -- -

647 2,848,65514,853 -

- -- -

18,405 18,608- 3,571,296

247,037 251,480

7,762,553 8,598,993

EUR

Dynarbitrage Forex

31/12/10EUR

31/12/09

720,974,862 8,931,987- -- -- -- -- -

46,738,058 910,986- -

655,973,430 7,858,468188,110 1,604

- -- -

107,810 25,87317,967,454 135,056

- -- -- -- -- -

39,672,468 13,490- -- -- -- -- -

38,185,451 -- -- -- -

1,380,710 12,041- -

106,307 1,450

681,302,394 8,918,497

JPY USD

Dynarbitrage Forex Asia Pacific

31/12/10

31/12/09


155

231,454,171 45,962,979176,808,727 35,811,199174,798,640 33,700,863

2,010,087 2,110,337- -- -

10,975,446 806,86339,979,075 8,598,717

- -3,664,996 652,333

- -- -

15,948 88,895- -

5,008 -- -- -- -

4,971 4,9714,011,958 1,592,150

- -- -

180,000 311- -- -

185,686 5,00071,092 104,285

- 11,8352,465,857 716,787

334,547 51,380- -

774,776 702,552

227,442,212 44,370,829

EUR


31/12/10EUR

31/12/09

135,969,703 249,777,173130,378,955 234,104,547128,620,887 254,233,793

1,758,068 -20,129,24630,364 924,370

1,185,880 655,4013,386,626 3,483,551

- -- 1,742,464

1,209,037 3,589,9697,845 18,074

32,445 -41,627 1,054,161

- -48,140 274,152

- -605,518 4,356,739

- -229,145 229,145

2,279,137 27,259,579- -18,413- 44,354

57,061 48,507- 13,818,520- -

461,815 617,94626,528 1,203,061

- -- -

306,952 431,995602,810 4,357,936823,972 6,800,028

133,690,566 222,517,594

EUR


31/12/10EUR

31/12/09

102,936,752 156,436,73793,141,394 126,059,52593,423,643 127,201,385

-282,249 -1,141,86025,817 585,892

839,713 420,1631,972,279 2,530,674

- -6,707,750 20,500,000

505,677 1,745,717- -- -

1,313 4,895- 1,368,433

101,598 364,613- -

372,319 3,160,837- -

108,605 116,1502,193,659 13,048,812

- -12,269- 30,000

89,652 48,103- -- -

109,875 6,344,9301,254,981 -

- -- 513

158,122 185,293370,654 3,169,054210,376 3,313,187

100,743,093 143,387,925

USD


31/12/10USD

31/12/09

630,681,138 866,805,688447,799,473 714,337,068447,681,944 707,380,133

117,529 6,956,93515,015,315 27,096,33116,360,143 21,463,37848,291,704 39,907,649

107,847,160 50,880,000- -

1,187,457 574,688- -

395,240 98,7573,380,516 16,207,850

664,486 -585,336 -

- -5,514,382 17,703,345

- -70 -

58,340,302 58,819,33424,292,528 31,886,08328,265,261 32,040,406

- 3,010- -

23,615,829 1,221,6223,591,283 6,246,426

- 151,943- 11,459

11,052 15,1041,025,779 1,379,0225,567,262 17,595,784

236,569 308,880

572,340,835 807,986,354

EUR


31/12/10EUR

31/12/09


156



Net asset value

Note

English

187,281,637 87,145,999129,522,136 61,330,312130,248,681 61,098,595

-726,545 231,717- -- -

6,366,391 3,446,865- -- -

112,169 55,39759,336 14,815

48,205,856 21,360,9421,617,993 937,668

903,923 -- -- -

493,832 -- -- -

48,273,710 25,831,712- -- -- -- -

45,779,333 22,090,8554,956 619,249

- 980,351816,591 290,689743,545 1,740,612165,267 96,999500,000 -264,019 12,957

139,007,927 61,314,287

EUR


31/12/10EUR

31/12/09

11,068,943 -10,881,800 -10,540,848 -

340,951 -- -- -

97,134 -- -- -- -- -- -- -

90,010 -- -- -- -- -- -

45,696 -- -- -- -- -- -- -- -- -- -

27,257 -- -

18,439 -

11,023,247 -

EUR


31/12/10EUR

31/12/09


157

2,694,351,008 818,179,5081,068,241,826 460,609,6071,068,196,858 460,606,742

44,967 2,865583,826,090 147,702,900582,707,340 153,594,650

8,899,078 666,2871,013,586,594 200,036,078

- -2,183,167 292,709

- -- -

17,614,253 6,517,096- 545,435- 1,809,395- -- -- -- -

261,408,355 63,390,163162,497,225 56,931,200217,893,730 52,782,700

4,151,422 1,809,395- -

77,000,000 -5,039,763 2,931,9541,671,548 -5,667,793 -

43,925 12,0034,384,647 1,350,100

- -952,032 355,512

2,432,942,653 754,789,345

EUR


31/12/10EUR

31/12/09

1,523,267,732 371,562,912575,118,125 208,506,152570,931,619 213,133,971

4,186,505 -4,627,819290,644,492 71,255,408313,420,929 75,911,717200,447,698 64,921,031392,033,093 -

- -664,963 -1,609,184

- -- -

2,710,875 1,616,339- 18,876- -- -

61,648,488 26,854,289- -- -

225,849,616 44,742,137103,456,566 11,047,120132,580,373 11,945,461

1,580,395 5,295,408- -

39,575,725 -1,142,164 257,983

15,597,009 -1,064,696 351,547

23,782 5,3132,135,295 490,046

60,838,945 27,220,780435,039 73,940

1,297,418,116 326,820,775

USD


31/12/10USD

31/12/09

433,606,429 559,815,868333,361,040 486,341,559333,361,040 486,341,559

- -- -- -

57,340 806,01290,143,291 69,999,3125,500,000 -

661,310 1,028,6862,543 -

- -3,880,905 1,640,300

- -- -- -- -- -- -

1,259,202 1,594,244- -- -- -- -- -

901,145 1,038,293- -- -- -

132,604 132,888- -

225,453 423,063

432,347,226 558,221,624

EUR

Euro Reserve

31/12/10EUR

31/12/09

115,741,344 74,346,49699,327,518 62,449,78499,327,517 62,449,784

- 0- -- -

173,581 358,870- -

16,000,000 11,000,00043,936 25,258

- -- -

196,309 512,585- -- -- -- -- -- -

1,107,303 3,633,542- -- -- -- -- 2,998,980

1,075,007 602,034- -- -- -

23,382 22,146- -

8,915 10,383

114,634,041 70,712,954

USD

USD Reserve

31/12/10USD

31/12/09


158



Net asset value

Note

English

16,271,087,377 12,235,792,27813,132,268,957 10,972,783,38811,593,597,398 10,046,602,1711,538,671,559 926,181,217

819,171,517 230,233,455840,817,055 232,502,918397,295,364 286,606,334

1,546,402,221 386,991,47046,431,790 66,167,14754,822,952 60,631,53312,499,582 5,996,16459,151,962 38,343,37964,518,107 85,535,1767,638,401 4,703,3812,878,966 5,222,129

978,803 2,639,320121,129,026 86,507,913

2,468,650 -3,431,079 3,431,490

1,070,419,558 872,757,696266,020,064 96,533,617347,604,761 93,592,557

8,113,244 8,031,838367,714,286 474,870,917194,565,380 60,301,42633,371,047 54,623,31418,314,155 6,801,2527,624,128 1,782,5497,241,567 9,534,867

28,405,826 18,194,120120,725,562 86,637,46318,324,301 55,446,334

15,200,667,819 11,363,034,582

EUR

Consolidated

EUR31/12/10 31/12/09


159

AE C199,133.12 194,065.64 190,920.11Number of shares


Aqua Global30/06/0930/06/1031/12/10Period ending as of:

91.57EURNet asset value per share 81.19 69.21

AE D10,796.13 8,056.74 7,953.41Number of shares


IE C19,064.99 10,387.40 12,365.17Number of shares


ME C1,832.31 8,459.19 16,920.18Number of shares106.84EURNet asset value per share 94.43 79.98

SE C124,061.28 132,638.25 146,062.53Number of shares


AU C2,558,613.43 800,143.32 825,061.97Number of shares


ASEAN New Markets30/06/0930/06/1031/12/10Period ending as of:

92.35USDNet asset value per share 72.76 54.00

AU D44,510.29 52,210.28 56,966.29Number of shares


IU C1,835.21 2,054.94 2,361.31Number of shares949.93USDNet asset value per share 738.17 549.54

Institutional 4 C1,697,000.00 1,839,000.00 2,067,000.00Number of shares


Institutional 9 C5,912.00 5,550.00 4,480.00Number of shares103.19USDNet asset value per share 80.72 59.06

SU C90,245.57 50,488.02 34,527.51Number of shares


AU C555,196.03 611,285.78 660,918.24Number of shares


Asia Pacific Renaissance30/06/0930/06/1031/12/10Period ending as of:




IU C4,556.19 4,926.67 2,976.22Number of shares1,848.26USDNet asset value per share 1,523.94 1,392.43

MU C179.52 179.52 9,805.10Number of shares92.46USDNet asset value per share 76.24 69.65



160


Asia Pacific Renaissance30/06/0930/06/1031/12/10Period ending as of:


AU C9,093,583.75 5,074,026.83 5,002,028.02Number of shares


Asian Growth30/06/0930/06/1031/12/10Period ending as of:





MU C2,397.08 2,610.51 12,979.08Number of shares105.24USDNet asset value per share 87.71 73.22



XU C70,516.08 78,977.94 276,568.62Number of shares1,364.71USDNet asset value per share 1,133.39 941.59

AU C588,038.65 1,577,343.01 25,626.24Number of shares


Brazil30/06/0930/06/1031/12/10Period ending as of:


AU D17,167.70 13,730.20 0.00Number of shares


IU C31,252.52 10,347.34 13,353.37Number of shares1,285.22USDNet asset value per share 1,001.00 735.37

MU C5,440.60 1,270.04 0.00Number of shares122.27USDNet asset value per share 95.31 0.00





Clean Planet30/06/0930/06/1031/12/10Period ending as of:




161

AE D134.01 134.01 63.00Number of shares

Clean Planet30/06/0930/06/1031/12/10Period ending as of:




Institutional 6 C1,574.38 6,839.38 12,507.22Number of shares1,201.10EURNet asset value per share 1,154.19 1,045.79





Emerging Europe30/06/0930/06/1031/12/10Period ending as of:




IE C2,667.73 2,633.52 3,053.07Number of shares3,222.50EURNet asset value per share 2,692.41 1,792.39

ME C1,376.80 552.55 1,792.84Number of shares




AU C2,239,739.43 500,038.44 103,735.81Number of shares


Emerging Internal Demand30/06/0930/06/1031/12/10Period ending as of:


AU D7,643.00 198.00 0.00Number of shares143.63USDNet asset value per share 114.45 0.00

IU C161,676.50 97,160.72 52,948.73Number of shares1,002.55USDNet asset value per share 797.44 614.34

MU C132,745.37 188,107.99 64.00Number of shares


SE C10.00 0.00 0.00Number of shares105.51EURNet asset value per share 0.00 0.00





162



Emerging Markets30/06/0930/06/1031/12/10Period ending as of:





IU D1.00 1.00 1.00Number of shares

1,409.37USDNet asset value per share 1,109.72 932.14

MU C266,142.71 215,715.32 107,339.72Number of shares


SU C1,565,458.44 1,266,012.09 1,145,597.03Number of shares


XU C0.00 0.00 79,619.96Number of shares0.00USDNet asset value per share 0.00 822.90



Emerging World30/06/0930/06/1031/12/10Period ending as of:


AU D900,074.41 0.00 0.00Number of shares



Institutional 8 C54,172.65 0.00 0.00Number of shares1,033.38USDNet asset value per share 0.00 0.00

MU C5,713.89 50.60 0.00Number of shares122.00USDNet asset value per share 96.76 0.00



AE C3,410,708.51 3,928,547.42 5,428,852.44Number of shares


Euro Quant30/06/0930/06/1031/12/10Period ending as of:






163


Euro Quant30/06/0930/06/1031/12/10Period ending as of:


ME C145,002.26 184,410.02 588,611.14Number of shares


SE C1,477,600.05 1,654,196.90 2,263,582.86Number of shares




Europe Smaller Companies30/06/0930/06/1031/12/10Period ending as of:




IE C2,555.43 815.19 3,168.85Number of shares1,129.66EURNet asset value per share 915.66 728.48



AE C93.05 106.35 180.36Number of shares


Europe SRI30/06/0930/06/1031/12/10Period ending as of:




SE C848.54 1,261.99 114.71Number of shares74.97EURNet asset value per share 65.99 56.48



Gems Europe30/06/0930/06/1031/12/10Period ending as of:




IE C1,438.86 1,438.86 15,840.51Number of shares783.08EURNet asset value per share 688.55 577.34



164

ME C210.31 212.25 0.00Number of shares

Gems Europe30/06/0930/06/1031/12/10Period ending as of:






Gems World30/06/0930/06/1031/12/10Period ending as of:


IU C40,020.73 51,802.55 35,227.80Number of shares


MU C0.00 37.00 0.00Number of shares0.00USDNet asset value per share 113.45 0.00



AE C13,634.81 7,678.00 0.00Number of shares


Global Agriculture30/06/0930/06/1031/12/10Period ending as of:


AHE C23,945.07 20,596.50 0.00Number of shares






IHE C40,367.15 13,390.00 10,000.00Number of shares1,177.92EURNet asset value per share 878.47 779.20









165



Global Equities30/06/0930/06/1031/12/10Period ending as of:




IU C339.37 318.55 682.35Number of shares

1,131.39USDNet asset value per share 839.73 760.87

SU C910,799.14 914,931.36 1,043,043.80Number of shares




Global Finance30/06/0930/06/1031/12/10Period ending as of:


AU C885,131.41 991,785.97 1,117,530.99Number of shares





MU C0.00 4,549.07 55,246.71Number of shares0.00USDNet asset value per share 68.69 68.42

SE C10.00 10.00 10.00Number of shares111.52EURNet asset value per share 102.30 90.63

SU C1,226,409.78 1,244,982.98 426,630.33Number of shares




Global Resources30/06/0930/06/1031/12/10Period ending as of:










166

AE C3,111.49 0.00 0.00Number of shares


Greater China30/06/0930/06/1031/12/10Period ending as of:


AE D10.00 0.00 0.00Number of shares97.17EURNet asset value per share 0.00 0.00







Institutional 2 D10,912.00 15,412.00 25,452.00Number of shares


Institutional 4 C785,972.00 970,972.00 1,107,972.00Number of shares


Institutional 9 C14,775.00 18,285.00 16,470.00Number of shares




SU C4,365,727.83 4,565,600.77 4,545,155.73Number of shares


XU C13,363.58 14,963.58 23,263.58Number of shares1,276.28USDNet asset value per share 1,077.17 979.49



India30/06/0930/06/1031/12/10Period ending as of:












167

Institutional 4 C4,930,455.00 5,516,455.00 5,832,955.00Number of shares

India30/06/0930/06/1031/12/10Period ending as of:








XU C780.39 1,561.00 0.00Number of shares940.80USDNet asset value per share 996.62 0.00



India Infrastructure30/06/0930/06/1031/12/10Period ending as of:


AU D8,849.82 7,565.19 0.00Number of shares118.84USDNet asset value per share 109.73 0.00

IU C8,978.00 49,199.79 3,123.00Number of shares720.04USDNet asset value per share 662.04 522.19



MU C1,603.99 4,820.34 710.00Number of shares130.83USDNet asset value per share 120.20 94.39



AJ C308,013.35 255,903.14 261,654.00Number of shares

Total Net Assets JPY 4,516,013,617 3,962,486,721 3,704,309,507

Japan Value30/06/0930/06/1031/12/10Period ending as of:

6,448JPYNet asset value per share 5,990 6,508

AJ D27,225.48 28,003.19 28,776.48Number of shares


IJ C18,851.58 16,716.58 3,300.67Number of shares






168


Japan Value30/06/0930/06/1031/12/10Period ending as of:


MJ C883.68 0.00 0.00Number of shares10,575JPYNet asset value per share 0 0

SJ C49,756.20 60,976.00 66,295.21Number of shares




Korea30/06/0930/06/1031/12/10Period ending as of:









MU C199.58 262.58 24,630.18Number of shares90.88USDNet asset value per share 73.31 54.05



XU C8,291.00 10,113.00 0.00Number of shares1,190.03USDNet asset value per share 957.62 0.00



Latin America Equities30/06/0930/06/1031/12/10Period ending as of:



AU C1,077,617.93 1,008,726.08 653,910.45Number of shares






169


Latin America Equities30/06/0930/06/1031/12/10Period ending as of:

7,496.41USDNet asset value per share 5,637.64 4,231.35



SE C8,833.67 0.00 0.00Number of shares107.06EURNet asset value per share 0.00 0.00



XU C395,563.75 321,422.40 262,233.89Number of shares1,947.39USDNet asset value per share 1,484.31 1,111.05



Minimum Variance Europe30/06/0930/06/1031/12/10Period ending as of:



ME C13,972.17 16,813.82 0.00Number of shares




Restructuring Equities30/06/0930/06/1031/12/10Period ending as of:




SE C857.00 1,656.96 849.84Number of shares70.14EURNet asset value per share 61.17 51.77



Select Euro30/06/0930/06/1031/12/10Period ending as of:





170


Select Euro30/06/0930/06/1031/12/10Period ending as of:

1,335.37EURNet asset value per share 1,178.93 1,058.44





Select Europe30/06/0930/06/1031/12/10Period ending as of:




SE C2,404.98 2,567.72 3,294.17Number of shares155.23EURNet asset value per share 135.94 117.15

AC C715,131.60 777,738.23 1,006,560.54Number of shares

Total Net Assets CHF 7,758,237 10,528,605 12,542,861

Switzerland30/06/0930/06/1031/12/10Period ending as of:

8.30CHFNet asset value per share 7.57 6.66

AC D4,866.63 4,853.45 4,637.48Number of shares


IC C8.60 2,508.60 4,134.95Number of shares

1,353.98CHFNet asset value per share 1,229.68 1,072.61

SC C221,705.32 208,388.67 213,975.00Number of shares




Thailand30/06/0930/06/1031/12/10Period ending as of:







171


Thailand30/06/0930/06/1031/12/10Period ending as of:


SU C1,552,371.30 468,606.91 458,587.59Number of shares


XU C172.00 12,877.00 0.00Number of shares

1,459.55USDNet asset value per share 1,014.24 0.00



US Innovative Companies30/06/0930/06/1031/12/10Period ending as of:








SU C967,136.75 1,000,438.70 845,487.09Number of shares




US Opportunities30/06/0930/06/1031/12/10Period ending as of:









Asian Income30/06/0930/06/1031/12/10Period ending as of:




172

AU D4,920.65 4,920.65 420.65Number of shares

Asian Income30/06/0930/06/1031/12/10Period ending as of:







Emerging Markets Debt30/06/0930/06/1031/12/10Period ending as of:




IU C3,303.00 1,260.00 203.00Number of shares1,881.01USDNet asset value per share 1,698.44 1,366.95







Euro Bond30/06/0930/06/1031/12/10Period ending as of:





Institutional 2 D2,663,802.24 2,547,009.89 984,801.11Number of shares




SE C869,284.39 1,010,116.57 832,094.00Number of shares




173



Euro Corporate Bond30/06/0930/06/1031/12/10Period ending as of:


AE D9,565,008.26 9,450,430.35 16,224,422.54Number of shares



IE D9,780.99 9,395.99 5,000.00Number of shares1,154.46EURNet asset value per share 1,173.81 1,032.14

Institutional 2 D2,280,293.36 2,464,428.37 1,974,517.43Number of shares




SE C3,068,222.05 1,829,003.15 798,053.62Number of shares




Euro Govies30/06/0930/06/1031/12/10Period ending as of:



IE C7,500.00 0.00 0.00Number of shares980.60EURNet asset value per share 0.00 0.00

AE C1,334,203.98 497,400.59 506,900.84Number of shares


Euro High Yield Bond30/06/0930/06/1031/12/10Period ending as of:




IE C47,238.60 663.00 16,127.00Number of shares1,718.97EURNet asset value per share 1,555.36 1,137.20

IE D10,000.00 0.00 0.00Number of shares1,018.80EURNet asset value per share 0.00 0.00

Institutional 2 D3,245,815.00 3,821,181.00 3,971,898.00Number of shares




174


Euro High Yield Bond30/06/0930/06/1031/12/10Period ending as of:






Euro Inflation Bond30/06/0930/06/1031/12/10Period ending as of:


AE D347,509.28 1,045,337.06 203,160.19Number of shares









Euro Select Bond30/06/0930/06/1031/12/10Period ending as of:



IE C1.00 1.00 5,997.21Number of shares


ME C1,015.47 618.75 0.00Number of shares100.15EURNet asset value per share 99.91 0.00





European Bond30/06/0930/06/1031/12/10Period ending as of:




175


European Bond30/06/0930/06/1031/12/10Period ending as of:









Global Aggregate30/06/0930/06/1031/12/10Period ending as of:


AU D30.00 0.00 0.00Number of shares100.32USDNet asset value per share 0.00 0.00








Global Bond30/06/0930/06/1031/12/10Period ending as of:


AU D1,947,994.03 2,671,193.62 4,762,143.34Number of shares



IU D16,589.00 20,245.00 24,703.41Number of shares2,044.41USDNet asset value per share 2,026.31 1,878.24

Institutional 5 D41.00 59.06 1,731.00Number of shares

1,022.78EURNet asset value per share 1,134.15 962.43





176


Global Bond30/06/0930/06/1031/12/10Period ending as of:


AE C984,347.42 1,100,671.92 1,550,446.28Number of shares


Global Convertible Bond30/06/0930/06/1031/12/10Period ending as of:





ME C885.13 942.19 13,529.18Number of shares108.27EURNet asset value per share 100.39 92.16

SE C987,320.25 1,106,536.68 1,347,002.84Number of shares


AU C11,973.29 7,486.02 17.82Number of shares


Global Corporate Bond30/06/0930/06/1031/12/10Period ending as of:


AU D1,273.46 3,869.86 0.00Number of shares107.57USDNet asset value per share 107.09 0.00






Global Inflation Bond30/06/0930/06/1031/12/10Period ending as of:


AE D296,999.36 562,990.93 0.00Number of shares


IE C9,620.49 7,033.94 0.00Number of shares1,078.09EURNet asset value per share 1,058.03 0.00



177

ME C7,200.51 0.00 0.00Number of shares

Global Inflation Bond30/06/0930/06/1031/12/10Period ending as of:


SE C21,390.77 1,558.37 0.00Number of shares


IG C6,652.93 39,146.34 118,839.89Number of shares

Total Net Assets GBP 8,658,129 49,973,328 129,693,674

LDI Gilt Plus (GBP)30/06/0930/06/1031/12/10Period ending as of:

1,301.40GBPNet asset value per share 1,276.58 1,091.33

IG C8,508.87 126,459.50 213,296.54Number of shares


LDI Index Linked Plus (GBP)30/06/0930/06/1031/12/10Period ending as of:




Index Euro30/06/0930/06/1031/12/10Period ending as of:






IE D55,238.00 54,957.93 54,435.88Number of shares






Index Europe30/06/0930/06/1031/12/10Period ending as of:



IE C20,917.45 33,714.26 235,306.49Number of shares1,093.08EURNet asset value per share 942.71 778.65



178


Index Europe30/06/0930/06/1031/12/10Period ending as of:

1,035.71EURNet asset value per share 919.04 778.66



AE C331,561.08 10.00 10,172.78Number of shares


Index Global Bond (EUR) Hedged30/06/0930/06/1031/12/10Period ending as of:








Index North America30/06/0930/06/1031/12/10Period ending as of:



AU C1,033.00 1.00 0.00Number of shares115.30USDNet asset value per share 93.29 0.00

IE C78,707.82 46,729.45 110,805.70Number of shares1,206.97EURNet asset value per share 1,069.57 821.33

IE D253,865.15 254,105.87 230,712.74Number of shares1,169.16EURNet asset value per share 1,054.92 821.34





Index Pacific30/06/0930/06/1031/12/10Period ending as of:




179


Index Pacific30/06/0930/06/1031/12/10Period ending as of:



IE D26,475.50 28,315.72 10,468.63Number of shares1,472.18EURNet asset value per share 1,298.16 1,086.54





Multi Asset Protected30/06/0930/06/1031/12/10Period ending as of:




Arbitrage Inflation30/06/0930/06/1031/12/10Period ending as of:


Classic H C3,786.49 10,318.60 2,896.13Number of shares106.83EURNet asset value per share 107.75 109.39

IE C9.00 9.00 6,922.00Number of shares


ME C236.19 31,108.48 62,633.90Number of shares103.63EURNet asset value per share 104.13 104.95





Arbitrage VaR 2 (EUR)30/06/0930/06/1031/12/10Period ending as of:




Classic H C21,623.50 58,324.82 391.04Number of shares




180


Arbitrage VaR 2 (EUR)30/06/0930/06/1031/12/10Period ending as of:




SE C773,451.24 1,014,552.67 900,059.19Number of shares


AG C10,568.97 16,798.78 3,743.87Number of shares


Arbitrage VaR 2 (GBP)30/06/0930/06/1031/12/10Period ending as of:

117.26GBPNet asset value per share 116.44 115.77

AG D485.00 485.00 10.00Number of shares97.60GBPNet asset value per share 97.68 99.99

Classic H C1.00 1.00 1.00Number of shares


IG C72.34 148.12 1,764.92Number of shares


IG D1.00 1.00 1.00Number of shares

984.40GBPNet asset value per share 986.79 1,009.04

SG C13,124.02 16,740.37 19,249.53Number of shares




Arbitrage VaR 2 (USD)30/06/0930/06/1031/12/10Period ending as of:


AU D307.00 1,052.00 738.00Number of shares103.09USDNet asset value per share 103.77 101.44

Classic H C542.33 762.16 713.72Number of shares135.10USDNet asset value per share 135.79 131.83






181

IE C21,772.32 26,898.93 0.00Number of shares


Arbitrage VaR Short Term30/06/0930/06/1031/12/10Period ending as of:

1,003.15EURNet asset value per share 1,003.33 0.00



Dynarbitrage Forex30/06/0930/06/1031/12/10Period ending as of:



Classic H C906.46 265.62 228.01Number of shares109.02EURNet asset value per share 109.29 106.44

IE C65.07 1,565.07 3,023.09Number of shares


ME C299.67 28,553.38 1,008.63Number of shares107.17EURNet asset value per share 106.94 103.78



AJ C1,279.78 5,767.61 3,683.99Number of shares

Total Net Assets JPY 681,302,394 USD 15,862,425 USD 8,381,074

Dynarbitrage Forex Asia Pacific30/06/0930/06/1031/12/10Period ending as of:

10,295.00JPYNet asset value per share USD 124.22 USD 123.44

IJ C6,000.00 6,000.00 6,000.00Number of shares

105,213.00JPYNet asset value per share USD 1,266.57 USD 1,251.80

MJ C0.00 66,206.17 0.00Number of shares0.00JPYNet asset value per share USD 100.33 USD 0.00

SJ C3,577.79 7,269.17 3,358.77Number of shares10,300.00JPYNet asset value per share USD 124.38 USD 123.72

AE C1,115,038.24 539,558.42 10,819.76Number of shares


Dynarbitrage High Yield30/06/0930/06/1031/12/10Period ending as of:


AE D13,518.78 68.91 0.00Number of shares




182

Classic H C10.00 10.00 10.00Number of shares

Dynarbitrage High Yield30/06/0930/06/1031/12/10Period ending as of:


IE C87,120.39 24,261.26 31,613.91Number of shares1,076.19EURNet asset value per share 1,044.88 974.16







Dynarbitrage VaR 4 (EUR)30/06/0930/06/1031/12/10Period ending as of:




Classic H C8,506.71 11,578.69 6,310.28Number of shares110.32EURNet asset value per share 108.23 100.82




SE C755,729.71 998,950.11 1,333,451.82Number of shares




Dynarbitrage VaR 4 (USD)30/06/0930/06/1031/12/10Period ending as of:




Classic H C10.00 10.00 10.00Number of shares108.61USDNet asset value per share 107.54 101.34






183

AE C685,424.83 676,446.90 1,927,817.29Number of shares


Dynarbitrage Volatility30/06/0930/06/1031/12/10Period ending as of:




Classic H C840,419.09 997,029.51 910,478.93Number of shares



ME C720,567.65 547,266.70 2,161,408.00Number of shares






Equity Statistical Arbitrage (EUR)30/06/0930/06/1031/12/10Period ending as of:



993.02EURNet asset value per share 952.05 1,003.51


983.38EURNet asset value per share 946.76 1,002.75

ME C88,042.92 848.51 183,565.68Number of shares






Multimanagers Long/Short Equity30/06/0930/06/1031/12/10Period ending as of:


IE C10,000.00 10,000.00 0.00Number of shares1,003.57EURNet asset value per share 975.47 0.00

SE C8,995.95 10.00 0.00Number of shares




184

AE C4,220,064.63 1,561,348.08 599,467.16Number of shares

Total Net Assets EUR 2,432,942,653 1,112,478,533 459,305,710

Volatility Euro Equities30/06/0930/06/1031/12/10Period ending as of:




AHG D38,539.40 104.10 0.00Number of shares





IE D10,176.00 750.00 0.00Number of shares1,010.88EURNet asset value per share 1,001.52 0.00

IHG D24,041.95 3,070.71 0.00Number of shares1,058.30GBPNet asset value per share 1,047.19 0.00

IHG0 D137,377.32 124,080.33 22,416.77Number of shares1,082.90GBPNet asset value per share 1,071.82 1,005.37

ME C2,228,475.27 1,403,253.64 608,242.03Number of shares





Total Net Assets USD 1,297,418,116 636,096,626 139,835,124

Volatility World Equities30/06/0930/06/1031/12/10Period ending as of:


AHE C826,990.71 94,461.37 0.00Number of shares


AHG D35,141.10 9,299.82 0.00Number of shares


AU C1,564,053.69 1,224,446.37 179,675.14Number of shares






IHE C166,361.77 91,546.70 0.00Number of shares1,051.66EURNet asset value per share 1,048.46 0.00



185

IHG D12,549.49 2,682.19 0.00Number of shares

Volatility World Equities30/06/0930/06/1031/12/10Period ending as of:

1,033.26GBPNet asset value per share 1,029.63 0.00


IU D4,441.25 3,054.43 0.00Number of shares1,062.32USDNet asset value per share 1,057.72 0.00







Euro Reserve30/06/0930/06/1031/12/10Period ending as of:


AE D511,280.06 785,913.43 1,047,956.26Number of shares



IE D0.00 2,678.00 64,489.19Number of shares0.00EURNet asset value per share 1,004.32 1,002.71

Institutional 11 C175,638.96 218,388.57 193,037.89Number of shares1,038.96EURNet asset value per share 1,035.74 1,031.02







USD Reserve30/06/0930/06/1031/12/10Period ending as of:




IU C37,043.01 40,247.12 6.00Number of shares1,199.92USDNet asset value per share 1,198.49 1,195.80



186


USD Reserve30/06/0930/06/1031/12/10Period ending as of:






188



IncomeNet dividends 2Bond interest 2Bank interest 2Bank interest on time depositsOther financial incomeIncome on Reverse ReposInterest received on swapsOther income 6ExpensesManagement fees 4Performance feesCustodian feesAdministration fees 2Taxe d'abonnement 5Legal feesDistributor feesBrokers & transactions feesBank interest & similar chargesInterest paid on swapsExpenses on ReposOther expenses 7

Net realised profit/(loss) from investmentsNet realised profit/(loss) on securities soldNet realised profit/(loss) on optionsNet realised profit/(loss) on forward foreign exchange contractsNet realised profit/(loss) on financial futuresNet realised profit/(loss) on swapsNet realised profit/(loss) on foreign exchange

Net realised profit/(loss)Net change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreementsNet change in unrealised appreciation/(depreciation) on optionsNet change in unrealised appreciation/(depreciation) on forward foreign exchangecontractsNet change in unrealised appreciation/(depreciation) on financial futuresNet change in unrealised appreciation/(depreciation) on swaps and CFD

Result of operationsDividend paid 9SubscriptionsRedemptions

Increase/(decrease) in net assets

Reevaluation of consolidated Net Assets

Net assets at the beginning of the period (01/07/10)

Net assets at the end of the period

Note

English

358,265 302,693358,140 302,522

10 -115 170

- -- -- -- -- -

384,337 400,459276,729 238,348

- -- -

60,862 57,1627,728 6,790

- -- 20,689

38,851 75,525168 1,624

- -- -- 320

-26,072 -97,767212,941 -1,599,277

- -- -948- -- -

125,566 -661,710

312,435 -2,359,7024,377,746 6,862,454

- -- -

- -- -

4,690,181 4,502,752-1,046 -4,834

14,208,688 10,352,325-6,856,043 -17,726,174

12,041,780 -2,875,931

- -

36,421,108 33,798,918

48,462,888 30,922,987

EUR

Aqua Global

31/12/10EUR

31/12/09

3,353,249 2,052,4283,270,389 2,052,393

- -1 35- -- -- -- -

82,859 -4,056,116 2,232,1011,851,100 764,038

- -- -

775,725 405,52760,274 21,989

- -- 4,340

1,364,094 1,034,7554,920 1,452

- -- -4 -

-702,867 -179,67339,492,788 11,152,501

- -- 0- -- -

7,345,968 881,528

46,135,890 11,854,35623,003,350 34,570,244

- -- -

- -- -

69,139,240 46,424,600-6,411 -44,748

327,690,425 22,129,696-189,846,546 -29,703,081

206,976,709 38,806,467

- -

199,452,138 159,668,663

406,428,847 198,475,130

USD

ASEAN New Markets

31/12/10USD

31/12/09

189


243,613 136,569243,268 136,474

- -345 95

- -- -- -- -- -

276,414 299,012151,944 134,151

- -- -

49,808 46,1653,984 3,703

- -- 6,258

70,624 108,70055 34

- -- -- -

-32,801 -162,443-51,386 765,279

- -- -- -- -

615,198 546,559

531,011 1,149,3963,539,413 2,138,034

- -- -

- -- -

4,070,424 3,287,430- -1,865

1,187,007 6,446,625-2,975,863 -3,480,371

2,281,568 6,251,819

- -

20,074,568 16,571,984

22,356,136 22,823,803

USD


31/12/10USD

31/12/09

3,401,244 3,585,2103,401,076 3,584,344

- -- 866- -- -- -- -

168 -4,531,999 6,266,1742,384,757 2,118,009

- -- -

826,504 789,88775,412 48,558

- -- 17,190

1,236,079 3,279,1039,247 13,426

- -- -- -

-1,130,756 -2,680,96418,962,287 71,276,564

- --153 -1,119

- -- -

3,195,383 1,691,016

21,026,762 70,285,49746,501,160 29,235,794

- -- -

- -- -

67,527,921 99,521,291- -33,943

197,658,601 50,251,784-91,793,730 -227,626,042

173,392,792 -77,886,910

- -

307,034,265 452,000,663

480,427,057 374,113,754

USD

Asian Growth

31/12/10USD

31/12/09

3,052,395 1,109,8243,051,727 1,109,648

- -668 176

- -- -- -- -- -

2,733,670 1,421,3851,642,778 535,433

140,301 67,840- -

512,448 172,89744,073 22,130

- 11,523- 24,484

242,973 569,09521,653 17,983

- -- -

129,444 -

318,725 -311,56019,767,692 1,059,990

- -- -141,071- -- -

894,078 -744,509

20,980,495 -137,15032,632,324 13,300,173

- -- -

- -- -

53,612,819 13,163,023-13,941 -

69,045,919 160,517,185-167,196,119 -25,129,825

-44,551,322 148,550,383

- -

189,193,981 15,369,821

144,642,658 163,920,204

USD

Brazil

31/12/10USD

31/12/09

147,156 145,425147,036 145,311

111 -8 114- -- -- -- -- -

212,973 238,064143,779 143,458

- -- -

37,470 42,1793,640 4,039

- 31- 823

27,623 45,560245 1,975

- -- -

216 -

-65,818 -92,639491,863 2,451,219

- -16,230 -2,068

- -- -

234,212 16,055

676,487 2,372,567298,728 3,287,392

- --183,852 -

- -- -

791,363 5,659,959- -35

1,510,471 2,076,796-6,790,081 -6,025,998

-4,488,247 1,710,721

- -

26,719,698 27,347,558

22,231,451 29,058,279

EUR

Clean Planet

31/12/10EUR

31/12/09

190











Note

English

118,999 216,656104,605 205,484

- -14,395 11,173

- -- -- -- -- -

452,003 447,382252,234 183,49827,348 55,544

- 6,60177,300 62,2806,821 5,340

- -- 14,372

81,009 113,7252,730 5,989

- -- -

4,560 34

-333,003 -230,725861,774 669,378

1,425 -- -2,500

494,486 395,355- -

904,136 97,782

1,928,818 929,2913,734,837 7,632,670

- -- -

83,079 158,979- -

5,746,734 8,720,940- -2,305

7,442,440 8,876,492-8,336,378 -9,380,430

4,852,796 8,214,697

- -

31,179,575 22,091,637

36,032,371 30,306,334

EUR

Emerging Europe

31/12/10EUR

31/12/09

1,743,916 522,5801,739,999 521,600

1,781 -2,136 981

- -- -- -- -- -

3,053,189 1,202,2321,447,147 320,590

297,799 417,067- 150

540,781 132,38746,322 6,894

- 50- 2,018

686,277 320,02227,796 3,055

- -- -

7,066 -

-1,309,273 -679,6516,685,609 2,117,359

- -- -6,829

42,792 58,373- -

191,496 84,040

5,610,623 1,573,29140,273,428 14,661,011

- -- -

8,626 19,141- -

45,892,677 16,253,443- -

266,490,092 42,595,198-36,566,200 -2,616,493

275,816,568 56,232,148

- -

137,265,613 39,448,826

413,082,181 95,680,975

USD


31/12/10USD

31/12/09

191


4,919,908 7,094,5074,834,404 6,882,197

48,365 86,619133 10

- -- 125,680- -- -

37,006 -5,487,737 6,206,8972,771,192 3,559,7631,133,529 -

- 501,005,908 1,316,209

72,844 76,211- 381- 60,918

502,411 1,189,943280 3,037

- -- -

1,573 385

-567,829 887,61112,833,135 31,687,982

- -- -5,938- -- -

-199,744 835,047

12,065,562 33,404,70292,446,385 126,554,312

- -- -

- -- -

104,511,947 159,959,014-3,885 -42,685

119,291,365 175,479,553-104,391,495 -220,915,951

119,407,933 114,479,931

- -

378,267,570 535,762,738

497,675,502 650,242,669

USD

Emerging Markets

31/12/10USD

31/12/09

1,324,155 130,3441,323,556 130,160

- -549 184

- -- -- -- -

51 -1,542,736 346,326

758,308 83,0803,304 9,368

- -299,727 35,35817,976 1,472

- -- 1,998

444,837 213,22318,222 1,422

- -- -

361 405

-218,580 -215,9832,390,655 534,966

- -- -6,407

9,519 11,247- -

-257,940 16,719

1,923,655 340,54330,684,948 3,792,908

- -- -

1,917 3,694- -

32,610,520 4,137,144- -

184,902,199 16,763,295-14,869,891 -955,705

202,642,827 19,944,734

- -

103,731,695 8,782,005

306,374,522 28,726,739

USD

Emerging World

31/12/10USD

31/12/09

414,297 631,674413,035 631,670

1,236 -- 4- -- -- -- -

27 -442,211 670,403298,031 412,314

- 15,721- -

88,309 145,0479,396 13,750

- 50- 25,180

44,518 52,6301,957 5,711

- -- -- -

-27,914 -38,729-2,632,207 -5,058,332

- -- -90

-95,398 448,477- -- -316

-2,755,520 -4,648,9908,789,164 21,839,510

- -- -

25,330 32,940- -

6,058,975 17,223,460-8,266 -13,359

5,419,268 8,481,872-12,712,217 -23,788,521

-1,242,240 1,903,454

- -

51,749,726 83,674,533

50,507,486 85,577,986

EUR

Euro Quant

31/12/10EUR

31/12/09

128,992 131,132122,900 120,980

- -3 48- -- -- -- -

6,088 10,104218,603 222,493142,741 132,921

- -- -

39,183 37,6654,706 4,115

- -- 2,556

31,347 44,91936 235

- -- -

590 82

-89,611 -91,3611,275,172 309,508

- --19,727 -53,599

- -- -

-7,871 28,491

1,157,964 193,0402,387,199 2,759,755

- -95,392 42,133

- -- -

3,640,554 2,994,927-1,533 -5,592

5,395,829 922,923-2,277,588 -2,766,472

6,757,262 1,145,785

- -

16,141,093 16,228,406

22,898,356 17,374,192

EUR


31/12/10EUR

31/12/09

192











Note

English

132,012 88,510131,966 88,499

- -46 11

- -- -- -- -- -

87,192 67,54456,384 38,879

711 -- -

18,785 13,875969 627

- -- 35

10,200 13,543142 585

- -- -- -

44,820 20,967-55,797 -90,029

- -- -

5,713 19,853- -

19,081 -607

13,817 -49,8162,363,733 2,116,776

- -- -

33,795 1,170- -

2,411,345 2,068,130- -

3,635,411 5,846,215-3,814,605 -15,110

2,232,151 7,899,235

- -

17,507,938 7,666,093

19,740,089 15,565,328

EUR

Europe SRI

31/12/10EUR

31/12/09

318,002 481,358273,656 392,331

- -75 214

- -- -- -- -

44,272 88,812397,146 542,214265,542 312,536

- 23,576- -

67,845 90,0189,375 12,066

- -- 17,887

53,776 83,689608 2,442

- -- -- -

-79,144 -60,856379,895 -1,282,554

9,763 28,72113,992 -158,71164,607 852,898

- -148,089 -402,185

537,203 -1,022,6894,237,123 11,987,045

- 18,420-36,061 60,222

96,468 103,964- -

4,834,733 11,146,963-2,504 -

619,697 2,297,679-6,072,263 -9,590,593

-620,337 3,854,048

- -

38,249,133 50,389,868

37,628,796 54,243,916

EUR

Gems Europe

31/12/10EUR

31/12/09

193


177,022 104,243165,704 76,544

9,123 24,9322,194 2,767

- -- -- -- -- -

747,148 152,114131,738 116,144

- -58,712- -

49,776 44,9152,256 1,794

- -- 706

512,938 39,26250,441 8,004

- -- -- -

-570,126 -47,8724,594,986 348,8071,067,553 -5,835-361,168 1,285,790

3,218,119 4,037,170- -

216,750 -335,423

8,166,114 5,282,6372,873,669 -151,388

-1,006,768 172,538211,907 504,893

2,460,945 -83,021- -

12,705,867 5,725,658- -

3,508,882 44,405,691-12,432,402 -30,278,514

3,782,347 19,852,835

- -

33,740,381 20,556,284

37,522,728 40,409,119

USD

Gems World

31/12/10USD

31/12/09

952,865 372,544952,801 372,418

- -64 126

- -- -- -- -- -

1,524,956 881,3611,052,427 488,276

- -- -

284,788 136,41727,123 12,496

- -- 14,422

160,235 228,577270 1,030

- -- -

113 143

-572,091 -508,8173,632,879 1,719,140

- -566,168 20,814

- -- -

788,993 1,030,057

4,415,948 2,261,19442,828,295 18,485,070

- -1,367,782 -98,305

- -- -

48,612,025 20,647,959- -

102,905,764 67,002,706-46,802,648 -38,651,624

104,715,141 48,999,042

- -

122,142,755 60,287,057

226,857,897 109,286,098

USD

Global Agriculture

31/12/10USD

31/12/09

669,056 1,014,659599,860 980,880

- -51 177

- -- -- -- -

69,146 33,602973,039 928,110703,173 618,707

- -- 300

186,676 168,28928,852 25,211

- -- 13,758

53,000 100,9541,146 841

- -- -

193 50

-303,983 86,5494,861,128 935,305

- -- -1,623

361,998 431,428- -

168,731 352,516

5,087,874 1,804,17517,702,626 17,680,984

- -- -

-35,681 -205,419- -

22,754,819 19,279,741-3,358 -

29,251,114 15,709,553-25,623,713 -12,487,094

26,378,861 22,502,200

- -

94,448,980 82,857,983

120,827,841 105,360,183

USD

Global Equities

31/12/10USD

31/12/09

357,336 364,327349,907 345,281

- -152 124

- -- 1,315- -- -

7,276 17,606358,698 408,040242,275 205,362

- -- 427

63,436 62,5545,940 4,757

- -- 7,101

45,752 122,4581,223 4,023

- -- -

71 1,360

-1,362 -43,714714,284 -4,668,189

- -- 47,090

24,030 -58,667- -

406,776 633,030

1,143,728 -4,090,4494,745,160 9,557,316

- -- 18,727

122,276 70,288- -

6,011,164 5,555,883-130 -1,018

1,115,036 13,260,388-10,437,596 -18,722,739

-3,311,527 92,513

- -

31,860,214 32,206,772

28,548,687 32,299,285

USD

Global Finance

31/12/10USD

31/12/09

194











Note

English

412,846 213,676412,553 213,544

- -293 132

- -- -- -- -- -

686,864 471,894437,058 204,596

- -- -

115,991 56,9768,235 3,913

- -- 5,593

123,045 196,2602,535 4,556

- -- -- -

-274,018 -258,2181,406,870 -3,463,499

- -- -3,810- -- -

268,473 -181,917

1,401,325 -3,907,44520,885,825 11,936,903

- -- -

- -- -

22,287,149 8,029,459- -

45,571,911 58,388,020-34,649,423 -29,966,908

33,209,637 36,450,570

- -

64,411,659 29,861,997

97,621,296 66,312,567

USD

Global Resources

31/12/10USD

31/12/09

4,007,345 3,655,3514,007,320 3,654,377

- -25 974

- -- -- -- -- -

7,318,537 8,297,9843,630,078 3,310,925

333,891 194,978- -

1,473,963 1,490,863100,200 95,502

- -- 224,367

1,775,254 2,977,6845,151 3,665

- -- -- 0

-3,311,192 -4,642,63248,429,593 85,999,708

- -- -- -- -

140,139 470,053

45,258,540 81,827,12869,281,469 26,618,592

- -- -

- -- -

114,540,008 108,445,720-21,511 -32,203

155,736,268 239,968,179-227,990,741 -228,218,712

42,264,024 120,162,984

- -

621,859,482 592,597,544

664,123,506 712,760,529

USD

Greater China

31/12/10USD

31/12/09

195


4,752,850 5,568,2704,734,770 5,486,403

- -1,183 5

- -- -- -- -

16,897 81,8616,848,436 6,602,7453,359,228 2,775,657

- -- -

2,214,160 1,967,67784,356 70,257

- -- 94,921

1,186,901 1,694,1963,423 36

- -- -

368 -

-2,095,586 -1,034,47539,319,701 28,673,820

- -- -- -- -

-3,552,995 -9,042,864

33,671,119 18,596,481131,775,412 194,722,938

- -- -

- -- -

165,446,531 213,319,419-7,741 -12,871

131,350,022 73,306,265-233,611,587 -66,281,557

63,177,225 220,331,257

- -

1,002,214,675 836,365,446

1,065,391,900 1,056,696,703

USD

India

31/12/10USD

31/12/09

609,371 429,014608,786 384,327

- -- -- -- -- -- -

585 44,687958,658 545,069525,209 219,881

- 1,531- -

225,860 125,18612,526 6,172

- -- 8,635

194,325 183,664738 -

- -- -- -

-349,288 -116,0545,251,726 -58,600

- -- -- -- -

369,830 -387,758

5,272,268 -562,4135,106,566 12,997,866

- -- -

- -- -

10,378,834 12,435,454- -

17,352,705 35,327,441-46,289,887 -8,509,151

-18,558,348 39,253,744

- -

104,254,258 41,770,439

85,695,910 81,024,182

USD


31/12/10USD

31/12/09

32,589,237 22,223,64332,589,237 22,223,643

- -- -- -- -- -- -- -

36,279,714 31,450,27319,477,950 18,766,317

- -- -

5,804,149 5,790,590691,863 703,502

- -- 799,022

10,305,722 5,390,84230 -

- -- -- -

-3,690,477 -9,226,630-137,770,852 51,366,722

- -- -- -- -

-126,145 -14,045

-141,587,474 42,126,047459,484,193 -94,360,179

- -- -

- -- -

317,896,719 -52,234,132-7,031,980 -9,148,980

4,078,340,422 2,192,367,800-3,835,678,265 -1,765,721,865

553,526,896 365,262,823

- -

3,962,486,721 3,704,309,507

4,516,013,617 4,069,572,330

JPY

Japan Value

31/12/10JPY

31/12/09

94,964 22,16794,964 22,167

- -- -- -- -- -- -- -

1,012,372 1,006,397512,561 377,988

- -- -

219,095 172,8679,896 7,715

- -- 13,257

270,791 434,54329 28

- -- -- -

-917,408 -984,2305,466,885 5,468,622

- -- -- -- -

292,507 70,274

4,841,984 4,554,66518,338,732 21,145,574

- -- -

- -- -

23,180,717 25,700,239-22,170 -30,341

63,446,411 27,553,921-68,765,382 -24,648,078

17,839,576 28,575,741

- -

99,818,377 64,006,215

117,657,953 92,581,957

USD

Korea

31/12/10USD

31/12/09

196











Note

English

29,277,297 16,837,19826,988,777 16,837,198

- -7,686 -

- -- -- -- -

2,280,834 -18,083,935 17,703,75912,362,532 6,770,864

- 6,022,278- -

4,433,547 2,467,250318,183 191,569

- 1,153- 95,066

918,632 2,104,13848,875 50,500

- -- -

2,165 940

11,193,363 -866,56127,931,132 7,169,309

- -- -28,101- -- -

4,475,434 -1,879,835

43,599,929 4,394,812537,640,462 456,243,095

- -- -

- -- -

581,240,391 460,637,908-118,264 -187,560

746,897,840 823,190,243-471,583,203 -278,331,699

856,436,764 1,005,308,891

- -

1,707,487,755 781,076,043

2,563,924,519 1,786,384,934

USD


31/12/10USD

31/12/09

93,428 106,48593,417 105,863

- -11 623

- -- -- -- -- -

123,851 90,90047,491 36,183

- -- -

19,353 14,403796 605

- -- -

55,981 39,662229 48

- -- -- -

-30,423 15,585980,300 518,687

- -3,360-59,812 -10,94854,859 105,336

- -88,574 -5,790

1,033,499 619,511444,335 1,162,022

- -16,234 -4,896

-23,903 24,200- -

1,470,165 1,800,837- -

4,610,599 9,193,184-3,420,211 -9,071,228

2,660,552 1,922,793

- -

14,255,508 10,496,627

16,916,061 12,419,420

EUR


31/12/10EUR

31/12/09

197


128,294 127,433128,292 127,433

- -2 -- -- -- -- -- -

143,199 142,73796,616 87,201

- -- -

29,996 27,3861,344 1,147

- -- 132

14,815 26,54832 323

- -- -

396 -

-14,905 -15,304247,449 -902,632

- --75,770 -83,042

- -- -

17,374 -255,515

174,149 -1,256,4933,106,154 5,417,464

- -88,918 117,843

- -- -

3,369,222 4,278,815- -

441,222 1,146,052-1,145,413 -1,639,880

2,665,030 3,784,986

- -

21,890,451 18,697,449

24,555,481 22,482,435

EUR


31/12/10EUR

31/12/09

165,059 157,416123,763 108,365

- 32835 64

- -- -- -- -

41,261 48,659144,797 151,789

97,954 87,532- -- -

30,221 29,3572,253 2,332

- -- 9,203

13,813 23,03120 334

- -- -

536 -

20,262 5,627317,525 595,009

- -- -

19,916 -19,380- -

19,328 -3,402

377,031 577,8552,290,584 3,506,294

- -- -

-11,700 4,830- -

2,655,915 4,088,979-118 -43

930,628 4,189,943-2,790,234 -4,283,082

796,192 3,995,798

- -

20,494,952 18,058,431

21,291,144 22,054,228

EUR

Select Euro

31/12/10EUR

31/12/09

177,855 212,752138,433 162,480

- -34 43

- -- -- -- -

39,388 50,230167,143 167,073105,362 98,772

- -- -

37,557 35,7642,137 2,052

- -- 1,095

21,022 29,229225 161

- -- -

841 -

10,712 45,6791,156,775 817,246

- -- -

63,443 127,694- -

99,231 -35,546

1,330,160 955,0742,619,401 4,385,349

- -- -

400 4,200- -

3,949,962 5,344,623-214 -70

631,376 2,368,094-2,322,832 -1,777,531

2,258,291 5,935,116

- -

26,793,157 23,311,408

29,051,448 29,246,524

EUR

Select Europe

31/12/10EUR

31/12/09

16,648 26,61016,634 26,244

- -- 36- -- -- -- -

14 32998,072 124,42461,740 69,332

- -- -

16,563 20,5272,025 2,346

- -- 3,022

17,707 29,02037 177

- -- -- -

-81,424 -97,815952,758 239,349

- -- -394

-34,400 143,144- -

-17,226 -4,096

819,708 280,188132,494 1,994,808

- -- -

44,201 -696- -

996,402 2,274,299- -139

813,150 431,813-4,579,920 -2,177,561

-2,770,368 528,412

- -

10,528,605 12,542,861

7,758,237 13,071,273

CHF

Switzerland

31/12/10CHF

31/12/09

198











Note

English

803,727 339,796798,813 338,967

4,270 810644 19

- -- -- -- -- -

974,001 635,307603,954 252,663

- -- -

192,566 87,11818,406 5,971

- -- 8,594

156,843 278,8492,232 2,112

- -- -- -

-170,274 -295,51010,851,020 9,663,363

- -100 -

- -- -

1,864,466 -616,006

12,545,312 8,751,84615,286,117 -128,743

- -- -

- -- -

27,831,429 8,623,104-6,317 -5,518

104,088,532 44,986,217-84,068,708 -51,828,539

47,844,936 1,775,264

- -

50,511,323 32,089,972

98,356,259 33,865,236

USD

Thailand

31/12/10USD

31/12/09

390,204 504,169313,408 503,303

- -- 0- -- -- -- -

76,796 866380,975 288,349257,159 190,640

- -5,903- -

85,708 57,3157,790 6,728

- -- 14,049

30,315 25,5183 2- -- -- -

9,229 215,8202,394,300 230,050

- -- -147

-92,323 28,261- -

1,411 12,424

2,312,617 486,4086,400,586 5,470,897

- -- -

- 13,763- -

8,713,203 5,971,067-799 -

4,298,498 12,729,294-27,755,687 -7,085,366

-14,744,786 11,614,995

- -

54,123,424 30,093,312

39,378,638 41,708,308

USD


31/12/10USD

31/12/09

199


1,028,581 291,2621,028,563 291,262

- -18 -

- -- -- -- -- -

1,129,290 481,445742,379 288,653

- -- -

206,068 80,90715,679 7,676

- -- 2,218

162,445 100,7822,719 1,209

- -- -- -

-100,709 -190,183243,792 2,447,248

- -- -205- -- -

17,431 -2,926

160,514 2,253,93428,734,122 5,261,918

- -- -

- -- -

28,894,636 7,515,852- -

71,905,456 22,166,415-81,010,162 -23,817,657

19,789,930 5,864,610

- -

136,600,524 42,987,133

156,390,454 48,851,743

USD

US Opportunities

31/12/10USD

31/12/09

503,324 307,122- -

502,952 306,742372 380

- -- -- -- -- -

114,979 55,70077,247 36,790

- -- -

27,443 14,2804,173 2,235

- -- 1,388

5,840 910274 96

- -- -1 -

388,345 251,423624,385 -790,838

-1 --108,931 -178,673

32,413 178,459- -

17,292 76,275

953,503 -463,353-6,977 1,482,504

- -4,484 135,989

2,834 -51,250- -

953,845 1,103,891-5,087 -1,840

7,973,905 5,655,700-11,272,268 -2,306,197

-2,349,605 4,451,555

- -

19,817,772 9,204,142

17,468,167 13,655,696

USD

Asian Income

31/12/10USD

31/12/09

1,907,690 518,207- -

1,906,931 517,942759 265

- -- -- -- -- -

665,221 170,580430,293 102,70192,782 23,412

- -109,027 28,93812,740 3,501

- -- 5,286

14,869 4,8361,929 164

- -3,582 1,743

- -

1,242,469 347,6263,410,861 1,236,666

- --36,749 -136,958

-143,157 251,826- -

156,042 129,281

4,629,465 1,828,441712,147 351,863

- --57,485 -5,188

120,230 -179,041-29,054 -

5,375,303 1,996,076-165,947 -155,382

93,525,290 9,619,671-80,658,187 -6,430,080

18,076,458 5,030,285

- -

33,404,511 11,834,550

51,480,969 16,864,835

USD


31/12/10USD

31/12/09

5,538,771 4,995,293- -

5,420,099 4,930,6864,032 317

- -- -

22,889 12,29091,751 51,999

- -1,045,230 887,843

585,986 439,367- 167,324- -

189,719 147,83721,724 19,422

- -- 12,279

12,002 10,1842,204 1,174

223,721 1,5449,873 88,338

- 374

4,493,541 4,107,450617,931 1,313,326

-6,920 70,85319,081 -80

682,231 -451,24021,483 178,986-3,085 -4,639

5,824,262 5,214,657-6,343,650 4,989,409

- 21,85046,333 -

67,351 -380,260120,495 -59,883

-285,208 9,785,772-7,933,199 -4,267,40939,211,514 135,068,812

-38,352,038 -21,153,529

-7,358,930 119,433,647

- -

297,567,753 166,984,084

290,208,822 286,417,730

EUR

Euro Bond

31/12/10EUR

31/12/09

200











Note

English

11,076,168 12,749,508- -

10,590,593 12,536,7503,537 553

- -- -

5,614 16,102476,423 196,103

- -2,751,356 2,678,2441,309,650 1,347,432

99,276 520,917- -

459,095 473,75862,623 71,214

- -- 37,845

12,696 13,0923,253 18,070

774,954 68,01429,809 127,741

- 162

8,324,812 10,071,2646,339,445 2,770,424

7,200 -5,8602,395,989 199,871

184,455 641,28541,185 2,260,408

-856,641 -209,770

16,436,444 15,727,623-7,697,658 41,771,353

- 128,100451,943 63,595

91,229 -293,266639,069 -1,172,251

9,921,028 56,225,154-11,932,334 -10,263,879109,101,565 171,033,236

-166,133,134 -158,483,762

-59,042,876 58,510,749

- -

479,462,869 437,155,665

420,419,993 495,666,414

EUR

Euro Corporate Bond

31/12/10EUR

31/12/09

256,809 -- -

256,721 -88 -

- -- -- -- -- -

66,401 -41,523 -

53 -- -

13,167 -2,478 -

- -- -

8,795 -17 -

- -367 -

- -

190,408 --233,926 -

9,395 -- -

-25,363 -- -- -

-59,486 --758,987 -

- -- -

1,065 -- -

-817,409 -- -

27,805,354 --3,325,133 -

23,662,812 -

- -

- -

23,662,812 -

EUR

Euro Govies

31/12/10EUR

31/12/09

201


16,546,600 16,718,713- 1,537

16,316,270 15,300,6091,237 853

- -- 856,280

36,388 6,928192,468 552,507

237 -3,468,404 1,456,7441,148,687 732,250

119,229 53- -

460,326 338,19230,454 19,760

- -- 8,694

8,973 7,03310,602 5,125

1,643,803 218,18646,211 127,411

120 40

13,078,195 15,261,96910,761,327 11,879,400

- -1,521,518 1,352,761

-46,279 -748,861720,382 1,705,845

-381,369 -511,066

25,653,774 28,940,04811,304,040 45,608,714

- -1,421,244 -695,720

237,207 780,041-1,614,191 -146,785

37,002,074 74,486,298-15,540,669 -16,375,872193,515,405 43,379,459

-125,743,941 -46,930,974

89,232,870 54,558,911

- -

330,132,266 292,764,848

419,365,135 347,323,759

EUR


31/12/10EUR

31/12/09

3,307,331 2,462,078- -

3,303,653 2,399,4781,262 48

- -- -

1,645 10,452- 52,100

771 -1,883,252 1,325,9301,193,384 851,474

- 50,611- -

439,448 325,08159,758 64,964

- -- 21,389

7,225 4,9861,912 295

100,221 -81,304 6,080

- 1,051

1,424,079 1,136,1484,605,623 2,406,935

200,016 -422,198 -40

-705,259 -51,598- -

274,891 254,475

6,221,549 3,745,920-9,609,085 3,518,321

- 77,770264,517 -

302,900 -166,151 13,380

-2,653,968 7,355,391-1,050,601 -1,087,56684,283,177 202,256,515

-200,181,555 -30,547,861

-119,602,948 177,976,480

- -

356,799,763 155,316,721

237,196,815 333,293,201

EUR

Euro Inflation Bond

31/12/10EUR

31/12/09

283,829 602,940- -

283,694 602,940135 -

- -- -- -- -- -

57,131 104,02837,309 63,470

- -- -

16,278 31,2912,754 4,470

- -- 3,703

789 883- 201- -- -- 10

226,698 498,912-98,877 -162,565

- -- -

-4,850 -- -- -

122,972 336,347-127,998 -198,416

- -- -

2,590 -- -

-2,436 137,931-44 -174

2,016,371 5,821,534-1,571,660 -6,292,062

442,231 -332,772

- -

10,727,668 22,179,237

11,169,899 21,846,465

EUR

Euro Select Bond

31/12/10EUR

31/12/09

1,717,982 2,168,459- -

1,695,175 2,137,0218,118 15,062

- -- -

9,320 16,376- -

5,369 -447,195 731,166200,742 184,58553,492 314,447

- -77,485 75,35910,059 9,216

- -- 12,898

10,023 10,497218 941

- -95,177 120,929

- 2,294

1,270,787 1,437,292356,874 1,756,047

- -140,923336,594 -356,556445,996 -101,724

- --749,441 -1,001,287

1,660,809 1,592,851-2,015,462 2,547,325

- 87,361409,420 -164,793

185,940 -38,100- -

240,708 4,024,645-39,852 -25,900

42,773,369 25,180,849-34,530,763 -31,358,681

8,443,463 -2,179,088

- -

50,382,395 63,964,876

58,825,858 61,785,788

EUR

European Bond

31/12/10EUR

31/12/09

202











Note

English

1,301,748 1,922,0531,896 3,918

1,291,763 1,905,2783,326 2,489

- -- -

4,762 10,368- -- -

443,700 1,420,000173,252 118,587144,065 1,162,390

- -66,075 43,4159,753 4,188

- -- 912

17,043 10,19774 2,332

- -33,438 77,978

- -

858,048 502,053728,397 1,729,676-12,000 -427,838

-2,461,242 -1,674,326-33,645 -132,633

- -669,565 1,328,187

-250,878 1,325,1192,273,132 4,320,628

407,878 222,399-624,247 869,826

49,024 -7,962- -

1,854,910 6,730,009- -

35,524,217 21,765,516-23,111,471 -22,811,108

14,267,655 5,684,417

- -

40,668,518 42,640,430

54,936,173 48,324,848

USD

Global Aggregate

31/12/10USD

31/12/09

21,728,718 20,653,137- -

20,850,136 19,506,34968,355 58,078

- -- -

118,352 136,158691,874 952,552

- -3,766,709 8,751,4231,666,914 1,605,528

146,050 5,860,836- -

714,198 684,62567,896 76,000

- -- 24,272

78,075 37,26210,958 2,623

155,066 -291,314927,552 751,516

- 75

17,962,008 11,901,7141,247,264 -12,937,6003,499,371 1,383,929

-7,957,920 16,833,01167,408 2,055,011

- --10,772,806 23,826,864

4,045,325 43,062,92928,503,717 18,545,600

-906,501 -301,119-1,892,071 -4,240,599

2,493,880 145,088-489,168 -762,713

31,755,181 56,449,185-4,483,127 -4,787,565

214,895,792 241,325,119-361,901,257 -127,893,749

-119,733,411 165,092,989

- -

598,221,876 447,067,590

478,488,465 612,160,579

USD

Global Bond

31/12/10USD

31/12/09

203


303,216 483,229816 1,574

301,049 481,0881,351 565

- -- -- -- -- 2

237,772 458,237171,996 216,374

- -- -

50,552 73,4335,992 8,798

- -- 16,031

9,203 136,20829 7,392

- -- -- -

65,444 24,991472,917 1,712,501-34,165 470,183883,772 -480

3,973 -147,087- -

303,722 -227,835

1,695,663 1,832,273229,389 4,003,707

77,957 123,088250,387 -

- -324,147- -

2,253,396 5,634,922-2,044 -2,723

8,906,187 36,830,401-16,312,484 -35,592,513

-5,154,945 6,870,087

- -

31,232,465 37,501,400

26,077,520 44,371,487

EUR


31/12/10EUR

31/12/09

2,217,613 1,970,653- -

2,165,931 1,876,010611 145

- -- -- -

51,070 94,498- -

433,516 654,002202,564 155,679

- 389,715- -

68,230 52,2114,942 3,872

- -- 611

17,664 16,0736,241 22,878

133,608 12,840267 -

- 124

1,784,097 1,316,6501,369,030 1,944,311

1,922 -1,150-3,205,624 -142,479

-131,860 24,21944,211 357,446

-677,411 1,027,460

-815,635 4,526,4584,351,829 3,211,626

- 30,201-668,098 -152,030

-15,805 -139,85378,851 -119,674

2,931,141 7,356,729-18,059 -

37,531,652 24,670,041-62,969,098 -7,873,015

-22,524,364 24,153,755

- -

82,284,243 57,535,485

59,759,879 81,689,240

USD


31/12/10USD

31/12/09

1,452,563 141,513- -

1,446,282 141,3583,879 -

- -- -

2,403 155- -- -

913,057 75,131567,675 34,460

2,741 4,877- -

214,146 13,60133,958 5,515

- -- 1

8,956 5,95422,877 6,47929,646 -33,058 4,244

- -

539,506 66,382633,617 112,897

-4,940 -4,859,073 329,992-289,781 19,296

-1,534 --2,595,033 -160,704

3,140,909 367,861-4,100,286 604,170

- 4,5802,199,264 -980,882

448,958 2,74451,691 -

1,740,536 -1,526-382,845 -

82,729,512 55,574,052-76,067,049 -4,682,904

8,020,155 50,889,623

- -

126,278,553 -

134,298,708 50,889,623

EUR


31/12/10EUR

31/12/09

153,844 2,135,012- -

68,250 2,010,8302,403 11,299

- -- -- -

81,949 112,8831,243 -

173,210 394,98011,746 322,192

- -- -

5,563 64,438479 6,431

- -- -

11,361 1,868- -

101,415 -- -

42,645 49

-19,366 1,740,032810,289 -1,056,992

-175,551 -363,106-470,221 -641,971-114,853 535,780

1,617,475 5,231,8681,745,284 1,062,296

3,393,057 6,507,906-1,608,275 6,134,679

141,838 380,614-570,436 -470,024

232,814 -470,184-1,214,171 -5,013,762

374,827 7,069,230- -

9,998,862 19,588,392-51,688,889 -39,456,127

-41,315,200 -12,798,506

- -

49,973,328 129,693,674

8,658,129 116,895,168

GBP

LDI Gilt Plus (GBP)

31/12/10GBP

31/12/09

204











Note

English

232,732 4,027,169- -

139,449 3,892,3994,421 13,607

- -- -- -

88,861 121,163- -

186,961 724,56514,789 591,448

- -- -

7,992 118,290685 12,131

- -- -

11,081 2,566- 107

152,415 -- -- 24

45,770 3,302,6042,109,661 -28,499-349,566 -249,764

-1,277,192 324,779-422,354 873,975

1,778,804 19,138,6512,567,761 -1,142,499

4,452,885 22,219,246-2,492,159 10,070,914

284,207 360,755-1,297,970 -438,581

566,424 -709,816-527,303 -10,532,422

986,083 20,970,096- -

10,000,000 28,566,724-157,377,899 -46,807,072

-146,391,816 2,729,748

- -

157,975,280 237,881,275

11,583,464 240,611,024

GBP


31/12/10GBP

31/12/09

2,382,855 726,0242,113,912 621,140

- -6,876 75

- -- -- -- -

262,067 104,809533,978 99,166168,530 42,882

- -- -

85,856 22,12515,537 4,883

- -- -

211,678 25,40050,979 3,876

- -- -

1,398 -

1,848,877 626,85817,810,259 -893,428

- -- -

-252,628 132,632- -169- -

19,406,508 -134,10727,963,994 16,675,780

- -- -

130,150 19,780- -

47,500,651 16,561,453-1,500,850 -1,346,303

284,369,407 37,894,672-262,112,287 -8,470,684

68,256,922 44,639,138

- -

131,490,692 68,618,901

199,747,614 113,258,039

EUR

Index Euro

31/12/10EUR

31/12/09

205


4,083,518 5,047,2243,583,089 4,376,717

- -2,385 283

- -- -- -- -

498,043 670,223457,930 440,176221,600 245,219

- -- -

114,427 125,65522,905 25,210

- -- -

94,812 32,0324,186 12,060

- -- -- -

3,625,588 4,607,0486,177,478 8,642,735

- -8,367 -1,000

111,688 729,14612,390 -

1,122,698 207,171

11,058,209 14,185,09954,948,268 91,240,901

- -17,354 -

78,864 60,748- -

66,102,695 105,486,748-11,301,221 -7,233,66852,556,157 60,455,422

-34,508,429 -122,451,378

72,849,203 36,257,124

- -

415,746,499 449,736,692

488,595,702 485,993,816

EUR

Index Europe

31/12/10EUR

31/12/09

4,483,101 2,678,981- -

4,481,477 2,678,9531,624 28

- -- -- -- -- -

336,614 172,493149,622 75,462

- -- -

145,881 77,62421,368 7,856

- -- -

19,655 10,95088 600

- -- -- -

4,146,487 2,506,488319,449 -225,988

- -8,789,666 4,617,464

53,783 2,199- -

-7,224,527 -5,923,278

6,084,858 976,885-10,004,263 1,477,644

- -324,122 -424,430

-9,889 -- -

-3,605,172 2,030,100-91 -

170,018,499 59,642,374-38,185,231 -49,505,560

128,228,004 12,166,913

- -

191,970,097 155,509,038

320,198,101 167,675,951

EUR


31/12/10EUR

31/12/09

3,291,383 4,060,1043,272,957 4,031,141

- -501 49

- -- -- -- -

17,926 28,914358,867 275,742202,396 154,816

- -- 345

119,027 78,80122,267 16,601

- -- -

13,524 24,0831,654 1,097

- -- -1 -

2,932,516 3,784,361170,468 3,528,743

- --96,584 -44,045391,886 531,787

- -523,180 -1,236,116

3,921,467 6,564,73045,928,469 49,025,190

- --219,625 39,631

308,609 35,396- -

49,938,920 55,664,948-4,876,797 -2,688,36975,751,079 43,836,012

-28,600,584 -47,669,020

92,212,618 49,143,571

- -

373,880,794 286,555,054

466,093,412 335,698,624

EUR

Index North America

31/12/10EUR

31/12/09

1,185,440 756,2261,181,144 755,358

- -4,296 867

- -- -- -- -- -

150,092 94,29547,250 33,633

- -- -

47,927 33,6545,338 3,623

- 54- -

47,115 22,9541,983 256

- -- -

480 120

1,035,349 661,931735,376 107,236

- --8,865 -1,60029,903 9,833

- -975,404 4,652

2,767,167 782,05212,385,853 6,719,360

- -- -

44,716 7,756- -

15,197,736 7,509,168-781,005 -128,974

36,381,657 11,688,525-10,950,776 -484,286

39,847,612 18,584,434

- -

84,155,123 58,407,888

124,002,735 76,992,323

EUR

Index Pacific

31/12/10EUR

31/12/09

206











Note

English

2,326 30,7862,265 30,786

- -61 -

- -- -- -- -- -

58,955 137,22124,955 85,451

- -- -

3,993 13,672588 5,310

- -- -

29,159 32,769- 20- -- -

260 -

-56,630 -106,435-777,689 100,079

- --47,897 -351,559

- -- -

4,949 -17,873

-877,266 -375,787542,956 -102,685

- -123,868 55,055

- -- -

-210,442 -423,417- -

30,345 32,978,547-33,397,386 -19,556

-33,577,483 32,535,575

- -

35,768,730 4,922,356

2,191,247 37,457,930

EUR

Multi Asset Protected

31/12/10EUR

31/12/09

178,347 86,110- -

144,475 56,9675,760 -

- -- -

544 29,14327,568 -

- -109,620 188,327

67,761 111,481- -- -

26,356 50,1643,206 8,718

- -- 6,981

10,415 10,281523 508

- -1,359 193

- -

68,727 -102,216117,181 172,503

-5,751 7,155447,288 7,043

-164,446 -111,60515,549 -

-579,939 -301,568

-101,392 -328,688-229,634 311,557

- -1,789160,130 -41,215

37,200 121,154510 -2,121

-133,187 58,898- -

2,821,647 43,545,385-14,746,861 -21,246,932

-12,058,401 22,357,351

- -

23,289,733 28,088,276

11,231,333 50,445,627

EUR

Arbitrage Inflation

31/12/10EUR

31/12/09

207


3,012,066 6,282,120- -50

2,868,414 4,106,25524,898 45,004

- -- -

6,472 -112,283 2,130,910

- -920,225 7,297,334515,419 474,05610,463 4,472,545

- -290,101 270,83739,559 43,908

- -- 51,172

13,319 3,5756 1,228

51,359 1,980,014- -- -

2,091,840 -1,015,214-233,098 -2,702,346

71,607 250,7342,880,084 4,092,214-598,206 -677,783

- 763-11,735,487 122,683

-7,523,260 71,0508,317,760 13,135,932

-584,504 -35,8211,644,116 -851,829

686,572 85,397-71,123 -174,683

2,469,561 12,230,046-14,064 -139,627

77,521,530 101,939,241-153,595,970 -75,979,729

-73,618,942 38,049,930

- -

315,832,876 213,616,201

242,213,934 251,666,131

EUR


31/12/10EUR

31/12/09

36,124 101,473- -

23,857 49,478833 932

- -- -- -- -

11,434 51,06411,335 18,913

- 10,604- -- -

4,686 5,529742 934

- -- 1,097

5,905 7501 -- -- -- -

24,789 82,560-26,189 17,403

-473 --47,256 -171,633-2,384 18,189

- -55,962 202,377

4,449 148,89665,694 20,492

-2,941 2,859-49,945 -14,191

5,143 -17,546- -

22,400 140,510-385 -62

248,304 1,525,814-1,485,118 -1,577,480

-1,214,800 88,782

- -

4,117,621 4,670,777

2,902,822 4,759,559

GBP


31/12/10GBP

31/12/09

644,080 660,096- -

631,893 652,4445,618 7,652

- -- -- -

6,569 -- -

322,012 729,690183,274 101,302

- 564,895- -

98,773 49,21515,176 8,249

- -- 4,932

16,956 1,0899 9

7,824 -- -- 0

322,068 -69,594-31,225 -162,093-9,900 -

-4,546,236 277,642-91,090 -5,535

- --1,924,762 -302,208

-6,281,144 -261,7896,478,905 1,490,108

-69,236 26,495-468,929 525,732

153,314 -75,160-351 -

-187,441 1,705,386-172 -1,179

2,603,228 23,920,666-49,330,306 -5,603,849

-46,914,692 20,021,024

- -

101,766,255 43,624,714

54,851,563 63,645,738

USD


31/12/10USD

31/12/09

209,428 -- -

135,559 -7,572 -

- -- -- -

66,297 -- -

110,397 -23,681 -

- -- -

9,209 -1,221 -

- -- -

1,112 -- -

68,613 -- -

6,560 -

99,032 -5,175 -

- --2,894 -

-26,500 --2,224 -6,792 -

79,381 --74,137 -

- --3,976 -

-729 --2,499 -

-1,960 -- -

355,093 --5,500,638 -

-5,147,505 -

- -

26,988,464 -

21,840,959 -

EUR


31/12/10EUR

31/12/09

208



IncomeNet dividends 2Bond interest 2Bank interest 2Bank interest on time depositsOther interestOther financial incomeIncome on Reverse ReposInterest received on swapsOther income 6ExpensesManagement fees 4Performance feesCustodian feesAdministration fees 2Taxe d'abonnement 5Legal feesDistributor feesBrokers & transactions feesBank interest & similar chargesInterest paid on swapsExpenses on ReposOther expenses 7








Note

English

22,130 20,993- -

17,075 19,3442,286 1,650

- -- -- -- -- -

2,770 -65,766 58,74240,185 36,509

- 2,618- -

14,342 13,6622,024 1,941

- -- 3,070

9,136 94479 -

- -- -- -

-43,635 -37,749-9,258 -14,585

- -141,857 174,796

- -- -

-161,646 -31,132

-72,683 91,33037,925 32,853

- -34,284 -73,495

- -- -

-474 50,688- -

3,199,347 4,081,481-8,381,792 -6,239,333

-5,182,919 -2,107,163

- -

12,945,473 10,706,156

7,762,553 8,598,993

EUR

Dynarbitrage Forex

31/12/10EUR

31/12/09

1,674,495 6,899- -- 309

1,674,495 6,588- -- -- -- -- -- 2

4,856,935 29,9253,075,631 23,405

- -- -

1,230,575 5,51571,464 698

- -- 232

477,167 76- -- -- -

2,098 -

-3,182,440 -23,025- -- 15,259

-11,055,675 -224,439- -- -

-14,811,901 43,886

-29,050,016 -188,319- -

- -14,88822,870,640 214,433

- -- -

-6,179,376 11,227- -

154,508,283 781,373-789,476,867 -255,178

-641,147,960 537,422

- -

1,322,450,354 8,381,074

681,302,394 8,918,497

JPY USD

Dynarbitrage Forex Asia Pacific

31/12/10

31/12/09

209


5,737,192 1,100,853- -

4,291,329 1,052,8082,060 41

- -- -

64,094 8,9461,379,709 39,059

- -3,682,188 1,068,166

573,369 100,838559,323 680,891

- -193,018 25,93131,196 3,461

- -- 1,807

7,464 4,3482,242 136

2,314,616 250,754- -

960 -

2,055,004 32,68790,307 879,057

- -492,940 106,279-11,318 -132,716

1,870,243 457,8435,503 -17,571

4,502,680 1,325,579601,628 1,974,010

- -97,119 -105,297

8,146 31,371-1,293,238 -1,065,308

3,916,334 2,160,355-1,196 -

203,978,754 15,988,004-66,551,165 -9,561,410

141,342,727 8,586,949

- -

86,099,486 35,783,879

227,442,212 44,370,829

EUR


31/12/10EUR

31/12/09

2,939,948 4,907,42183,962 120,902

2,785,927 4,738,45322,540 7,236

- -- -

9,944 2,3731,397 -

36,178 38,4571,462,925 7,864,176

562,871 872,088568,067 6,476,902

- -228,942 320,24734,827 52,425

- -- 68,813

32,029 42,975106 265

1,720 -34,364 30,461

- -

1,477,023 -2,956,7562,014,326 -1,994,898

-47,353 130,471990,347 3,527,008

-1,825,313 -1,437,564- -

-11,612,153 363,602

-9,003,124 -2,368,13711,512,005 20,191,313

-438,790 329,1371,047,394 -1,347,635

75,724 541,726- -

3,193,209 17,346,403-140,571 -539,510

10,499,337 29,186,893-61,505,053 -42,860,849

-47,953,078 3,132,937

- -

181,643,645 219,384,657

133,690,566 222,517,594

EUR


31/12/10EUR

31/12/09

1,705,933 2,549,517- -

1,695,239 2,529,90510,693 19,612

- -- -- -- 0- -

493,256 3,649,470296,393 369,02997,841 3,191,118

- -74,143 75,5207,672 7,829

- -- 422

17,198 4,5169 238- 799- -- -

1,212,677 -1,099,9532,841,414 902,536

-39,450 84,345-8,424,799 -234,484

-193,425 2,198,806- -36

-5,898,441 6,800

-10,502,024 1,858,01212,688,204 4,834,870

-300,957 206,314-662,368 2,060,452

487,660 149,770- -513

1,710,515 9,108,904-1,365 -7,743

8,093,338 17,105,984-51,331,166 -14,820,934

-41,528,677 11,386,211

- -

142,271,770 132,001,713

100,743,093 143,387,925

USD


31/12/10USD

31/12/09

2,803,424 2,256,131639,069 283,663

1,520,630 1,396,10014,429 16,149

- -- -

189,026 416,578350,762 19089,507 143,452

4,513,074 5,389,8492,042,793 2,807,426

- -- -

664,789 1,140,69990,746 135,166

- -- 98,236

1,220,344 1,139,020130,606 9,709363,796 59,593

- -- -

-1,709,651 -3,133,7186,820,241 2,935,268

-7,516,321 -674,7193,772,309 -1,086,9752,066,590 -4,673,643

- --789,984 -52,942

2,643,184 -6,686,729860,346 7,543,499

-2,681,653 4,095,7961,572,054 -151,943

1,656,741 -967,963-18,241 1,921

4,032,432 3,834,581- -66,139

198,467,731 420,343,843-166,601,782 -480,843,543

35,898,381 -56,731,257

- -

536,442,455 864,717,611

572,340,835 807,986,354

EUR


31/12/10EUR

31/12/09

210











Note

English

411,401 390,200225,614 116,895184,067 269,114

541 484- -- -

1,180 3,707- -- -

757,441 422,809260,788 221,491236,560 -

- -91,814 81,3406,226 3,837

- -- 1,654

158,742 112,485567 1,973

- -- -

2,745 28

-346,040 -32,6098,255,923 -704,676-120,135 11,760

1,920,940 631,371-4,819,255 -2,787,917

- --2,039,644 -138,466

2,851,788 -3,020,536182,056 225,702

131,780 -782,494 -824,937

-1,592,507 -426,417821,208 -1,095,697

3,176,820 -5,141,887-95,790 -135,176

80,233,838 26,517,284-9,859,685 -41,953,258

73,455,183 -20,713,036

- -

65,552,744 82,027,322

139,007,927 61,314,287

EUR


31/12/10EUR

31/12/09

- -- -- -- -- -- -- -- -- -

79,577 -52,215 -16,667 -

- -8,071 -

506 -- -- -

1,465 -303 -

- -- -

350 -

-79,577 --31,531 -

- -45,089 -

- -- -

86,959 -

20,940 -177,203 -

- -90,010 -

- -- -

288,153 -- -

890,983 -- -

1,179,136 -

- -

9,844,111 -

11,023,247 -

EUR


31/12/10EUR

31/12/09

211


6,675,204 883,204- -

2,774,237 660,43115,114 2,243

- -- -

2,098,798 220,443795,216 87991,839 -

11,717,890 3,909,6857,342,606 2,426,810

- -- -

2,032,058 710,291315,211 103,883

- -- 256,147

1,155,171 374,38115,376 6,110

857,468 32,063- -- -

-5,042,686 -3,026,481177,522 19,377

7,277,035 135,175,819-12,695,692 -1,916,196

9,805,211 24,894,144-33 -

6,534,356 -577,821

6,055,714 154,568,84141,250 1,003

3,880,034 -163,236,785-2,239,430 529,116

-5,970,218 2,196,465-52,652 -5,235

1,714,699 -5,946,596- -13,788

1,747,280,100 558,370,580-428,530,678 -256,926,561

1,320,464,121 295,483,635

- -

1,112,478,533 459,305,710

2,432,942,653 754,789,345

EUR


31/12/10EUR

31/12/09

3,236,687 265,632- -

1,567,835 224,1636,683 227

- -- -

967,718 41,533423,456 -290270,995 -

5,875,660 1,194,6683,461,022 797,007

- -- -

838,493 199,091132,715 30,067

- -- 14,081

832,663 139,27417,102 4,771

456,899 10,376136,736 -

30 -

-2,638,973 -929,0359,094,634 1,795,552

29,551,978 5,352,059-23,320,793 1,489,253

4,006,334 4,566,638- 4,218,022

29,312,737 1,127,477

46,005,917 17,619,96612,521,292 -5,534,018

-28,015,322 -12,529,547-18,304,739 798,643

-2,159,783 -75,678-29,029 -3,630,924

10,018,337 -3,351,558- -

945,282,352 309,728,485-293,979,200 -119,391,277

661,321,489 186,985,650

- -

636,096,626 139,835,124

1,297,418,116 326,820,775

USD


31/12/10USD

31/12/09

2,504,759 2,235,8602,927 -

1,471,895 1,757,65129,218 10,951

- -- -

253,063 191,144747,657 276,113

- -1,309,122 1,148,123

283,971 297,710- -- -

218,022 217,47123,091 26,638

- -- 29,719

4,457 4,91714,206 1,777

765,136 568,061238 385

- 1,444

1,195,637 1,087,737-7,272 -

- -- -372- -- -- -

1,188,364 1,087,365- -

- -- -

- -- -

1,188,364 1,087,365-157,633 -218,157

186,929,749 206,944,054-245,766,254 -270,579,185

-57,805,774 -62,765,923

- -

490,153,000 620,987,547

432,347,226 558,221,624

EUR

Euro Reserve

31/12/10EUR

31/12/09

245,277 153,573- -

202,758 137,13024,249 12,322

- -- -- -

18,269 4,120- -

113,799 117,56946,771 55,192

- -- -

36,250 41,7445,881 3,264

- -- 7,176

4,904 1,9523 -

19,984 8,242- -5 -

131,478 36,00496 -350

- -- -329- -- -- -

131,573 35,325- 0

- -- -

- -- -

131,574 35,325-107 -1,773

28,956,272 39,666,376-30,141,539 -28,235,055

-1,053,802 11,464,873

- -

115,687,842 59,248,081

114,634,041 70,712,954

USD

USD Reserve

31/12/10USD

31/12/09

212











Note

English

154,552,210 132,780,59157,551,349 43,488,52783,668,544 81,303,596

305,217 225,985- 374- 944,435

3,517,748 1,065,1795,331,487 4,292,0784,177,865 1,460,418

97,216,763 91,986,15051,418,410 33,473,6813,482,257 25,170,319

- 7,69318,641,074 13,159,2821,839,633 1,258,383

- 9,233- 1,205,889

11,986,862 13,405,174448,225 206,846

8,068,739 2,998,4051,156,168 1,082,788

175,395 8,458

57,335,447 40,794,442276,587,655 200,248,38524,720,041 139,075,187

-22,549,459 20,984,25610,256,195 32,351,4276,656,248 35,220,922

-1,270,026 4,728,925

351,736,101 473,403,5441,095,027,980 1,119,584,162

-21,493,707 -166,108,323-9,350,929 -5,281,278

725,091 291,876-3,626,835 -24,344,950

1,413,017,702 1,397,545,031-59,480,599 -48,341,068

6,836,700,045 4,296,003,158-4,781,177,639 -3,170,228,095

3,409,059,509 2,474,979,026

-504,622,441 -108,482,237

12,296,230,750 8,996,537,793

15,200,667,819 11,363,034,582

EUR

Consolidated

EUR31/12/10 31/12/09


213

1 INTRODUCTION Amundi Funds (the “Fund”) is organised as a “Société d’Investissement à Capital Variable” (“SICAV”) under the laws of the Grand Duchy of Luxembourg. The Fund, initially Groupe Indosuez Funds FCP, an unincorporated mutual investment fund (“Fonds Commun de Placement”) created on 18 July 1985, was transformed, in accordance with Article 110 (2) of the law of 30 March 1988 on Undertakings for Collective Investment, and renamed GIF SICAV II on 15 March 1999. The deed of transformation and the Articles of Incorporation (the “Articles”) were published in the Mémorial, Recueil des Sociétés et Associations on 28 April 1999. The name of the Fund was then changed to GIF SICAV on 1st December 1999, to Crédit Agricole Funds on 8 December 2000 and to CAAM Funds on 1st July 2007. As at 2 March 2010, in accordance with the decision taken by the shareholders in the framework of the Extraordinary General Meeting held on 23 November 2009 and with the decision of the Board of Directors taken on 23 December 2009, CAAM Funds was renamed Amundi Funds. The amendments to the Articles have been published in the Mémorial, Recueil des Sociétés et Associations respectively on 14 January 2000, on 17 January 2001, and on 13 June 2007 for the first three name changes and on 3 April 2010 for the last one. The Fund is a UCITS III fund (Undertaking for Collective Investment in Transferable Securities) submitted to Part I of the law of 20 December 2002 on undertakings for collective investment. A latest amendment to the Articles of Incorporation has been made on 23 November 2009 and published in the Mémorial, Recueil des Sociétés et Associations on 15 January 2010. The sub-fund Amundi Funds Euro Govies has been launched as at 1 July 2010. As at 25 November 2010, the currency of the sub-fund Amundi Funds Dynarbitrage Forex Asia Pacific has been changed into JPY. In reference to the prospectus of November 2010, as at 31 December 2010, the Fund consisted of 72 sub-funds in activity, each investing in a specific market or group of markets, and 19 dormant sub-funds : Amundi Funds Equity Euroland Value, Amundi Funds Equity Global Select, Amundi Funds Equity Japan CoreAlpha, Amundi Funds Equity Japan Target, Amundi Funds Equity US Concentrated Core, Amundi Funds Equity US Growth, Amundi Funds Equity US Relative Value, Amundi Funds Equity Euroland Small Cap, Amundi Funds Equity Global Gold Mines, Amundi Funds Equity Global Luxury and Lifestyle, Amundi Funds Equity Asia Pacific ex-Japan, Amundi Funds Equity MENA, Amundi Funds Convertible Europe, Amundi Funds Bond Euro Govies, Amundi Funds Bond US Opportunistic Core Plus, Amundi Funds Bond Converging Europe, Amundi Funds Absolute Forex, Amundi Funds Money Market Euro, Amundi Funds Money Market USD. Categories of shares : In order for Amundi Funds to be marketed by different distribution networks and to different investor profiles, 26 separate sub-categories of shares were created, each with its own characteristics and its own fee and expenses structure. As at 25 November 2010, the Board of Directors decided to modify the denomination of certain classes as following : For the sub-funds denominated in EUR : Former denomination New denomination Institutional Class IE Class Institutional Class VII XE Class M Class ME Class Classic Class AE Class Classic S Class SE Class Institutional Class XV IU Class Classic Class V AU-C Class Classic Class IV AHG Class Institutional Class XII IHG0 Class Institutional Class XIV IHG Class Institutional Class XV IU-C Class For the sub-funds denominated in USD : Former denomination New denomination Institutional Class IU Class Institutional Class VII XU Class Institutional X Class IHE Class Institutional Class XII IHG0 Class Institutional Class XIV IHG Class M Class MU Class Classic Class AU Class Classic (2) Class AHE Class Classic (3) Class AE Class Classic (4) Class AHG Class Classic S Class SU Class Classic S (3) Class SE Class For the sub-funds denominated in JPY : Former denomination New denomination Institutional Class IJ Class M Class MJ Class Classic Class AJ Class Classic S Class SJ Class For the sub-funds denominated in CHF : Former denomination New denomination Institutional Class IC Class M Class MC Class Classic Class AC Class Classic S Class SC Class For the sub-funds denominated in GBP : Former denomination New denomination Institutional Class IG Class M Class MG Class Classic Class AG Class Classic S Class SG Class


214

Red

empt

ion

Fee

- - - - Max

1.0

0%

- - - -

Con

vers

ion

Fee

3

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Subs

crip

tion

Fee

2

Max

2.5

0%

Max

5.0

0%

Max

5.0

0%

Max

2.5

0%

Max

0.5

0%

Max

5.0

0%

Max

5.0

0%

Max

2.5

0%

Max

2.5

0%

Dis

trib

utin

g/

Acc

umul

atio

n

Acc

umul

atio

n/

Dis

tribu

tion

Dis

tribu

tion

Acc

umul

atio

n

Acc

umul

atio

n/

Dis

tribu

tion

Acc

umul

atio

n

Acc

umul

atio

n/

Dis

tribu

tion

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n

Min

imum

inve

stm

ent 1

Equ

ival

ent i

n C

HF

of U

SD

500

,000

Equ

ival

ent i

n E

UR

of U

SD

500

,000

Equ

ival

ent i

n G

BP

of U

SD

500

,000

Equ

ival

ent i

n JP

Y o

f US

D 5

00,0

00

US

D 5

00,0

00

US

D 5

0,00

0

US

D 5

0,00

0

US

D 1

,000

,000

- US

D 3

0,00

0,00

0 4 e

xcep

t Em

ergi

ng

Mar

kets

US

D 1

00,0

00,0

00 4

US

D 1

00,0

00,0

00 e

xcep

t Em

ergi

ng

Wor

ld U

SD

30,

000,

000

and

Em

ergi

ng

Mar

kets

US

D 1

0,00

0,00

0

US

D 5

0,00

0

Equ

ival

ent i

n E

UR

of U

SD

500

,000

Taxa

tion

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

Spec

ific

char

acte

ristic

s

Den

omin

ated

in C

HF

Den

omin

ated

in E

UR

Den

omin

ated

in G

BP

Den

omin

ated

in J

PY

Den

omin

ated

in U

SD

- Diff

eren

ce w

ith C

lass

I (2

): - O

nly

Acc

umul

atio

n S

hare

s

Diff

eren

ce w

ith C

lass

I:

- Bas

e cu

rren

cy (E

UR

)

- Den

omin

ated

in E

UR

Spe

cific

fee

sche

dule

Den

omin

ated

in U

SD

Spe

cific

fee

sche

dule

Spe

cific

fee

sche

dule

- - bas

e cu

rren

cy (E

UR

)

- he

dged

cla

ss o

f sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

Eur

o re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd).

Inve

stor

s

Inst

itutio

nal I

nves

tors

inve

stin

g fo

r th

eir o

wn

acco

unt o

r for

indi

vidu

als

with

in th

e fra

mew

ork

of a

co

llect

ive

savi

ngs

or a

ny

com

para

ble

sche

me

as w

ell a

s U

CIT

S

Japa

nese

UC

Is

Japa

nese

UC

Is

Inst

itutio

nal I

nves

tors

Inst

itutio

nal I

nves

tors

spe

cific

ally

au

thor

ised

by

the

Boa

rd

Inst

itutio

nal I

nves

tors

Ded

icat

ed in

stitu

tiona

l Inv

esto

r

Japa

nese

UC

Is s

peci

fical

ly

Inst

itutio

nal I

nves

tors

IC

IE

IG

IJ

IU

I(2)

I(4)

I(5)

I(6)

XE

XU

I(8)

I(9)

IHE

Den

omin

atio

n

Cla

sses

of S

hare

s

I Cla

sses

Cat

egor

y

IC C

lass

IE C

lass

IG C

lass

IJ C

lass

IU C

lass

Inst

itutio

nal C

lass

II

Inst

itutio

nal C

lass

IV

Inst

itutio

nal C

lass

V

Inst

itutio

nal C

lass

VI

XE

Cla

ss

XU

Cla

ss

Inst

itutio

nal C

lass

VIII

Inst

itutio

nal C

lass

IX

IHE

Cla

ss

1 Eac

h m

inim

um in

vest

men

t am

ount

mus

t be

appr

ecia

ted

at le

vel o

f the

con

cern

ed c

ateg

ory

of c

lass

es, i

ndep

ende

ntly

of t

he s

ub-fu

nd(s

), ex

cept

if o

ther

wis

e pr

ovid

ed in

the

tabl

e.

2 Eac

h of

the

subs

crip

tion

and

conv

ersi

on fe

es in

clud

es a

fixe

d fe

e am

ount

ing

to 0

.90%

for t

he s

ubsc

riptio

n an

d/or

con

vers

ion

in s

hare

s of

IU, X

U, M

U, A

U, S

U, O

U, a

nd F

U c

lass

es o

f sha

res

for t

he B

razi

l sub

-fund

. The

se fi

xed

fees

acc

rue

to th

e co

rres

pond

ing

clas

s of

sha

res

of th

e B

razi

l sub

-fund

. No

fixed

fee

is ta

ken

for t

he c

ombi

natio

ns o

f red

empt

ions

and

sub

scrip

tions

car

ried

out o

n th

e sa

me

Net

Ass

et V

alue

. 3 N

o co

nver

sion

fee

is a

pplie

d fo

r a c

hang

e of

cla

ss o

f sha

res

or c

ateg

ory

with

in a

sam

e su

b-fu

nd.

4 Thi

s m

inim

um in

vest

men

t mus

t be

appr

ecia

ted

rem

otel

y in

cas

e of

a s

ole

inst

itutio

nal i

nves

tor o

r in

aggr

egat

e in

cas

e of

com

pani

es o

f a s

ame

grou

p, h

eld

in 1

00%

by

the

sam

e pa

rent

com

pany

and

inve

stin

g fo

r the

ir ow

n ac

coun

t.


215

Red

empt

ion

Fee

- - - - -

Con

vers

ion

Fee

3

No

conv

ersi

on

is a

utho

rized

fro

m o

r to

this

cl

ass

of s

hare

s.

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Subs

crip

tion

Fee

2

Max

1.0

0%

Max

2.5

0%

Max

2.5

0%

Max

2.5

0%

Max

2.5

0%

Dis

trib

utin

g/

Acc

umul

atio

n

Acc

umul

atio

n

Dis

tribu

tion

- D

istri

butio

n (fo

r th

e su

b-fu

nds

Am

undi

Fun

ds

Vol

atili

ty E

uro

Equ

ities

and

A

mun

di F

unds

V

olat

ility

Wor

ld

Equ

ities

)

- A

ccum

ulat

ion

for

othe

r sub

-fund

s

Acc

umul

atio

n

Acc

umul

atio

n

Min

imum

inve

stm

ent 1

EU

R 1

,000

,000

for t

he in

itial

su

bscr

iptio

n. T

his

spec

ific

inve

stm

ent

amou

nt m

ust b

e ap

prec

iate

d as

bot

h at

th

e cl

ass

of s

hare

s le

vel a

nd a

t sub

-fu

nd’s

one

. For

the

avoi

danc

e of

any

do

ubt,

inve

stm

ent i

n an

I (1

1) c

lass

mus

t be

app

reci

ated

inde

pend

ently

of a

n in

vest

men

t in

anot

her s

ub-fu

nd e

ven

if th

is in

vest

men

t is

real

ized

on

an I

(11)

cl

ass.

Equ

ival

ent i

n G

BP

of U

SD

500

,000

Equ

ival

ent i

n G

BP

of U

SD

500

,000

Equ

ival

ent i

n S

GD

of U

SD

500

,000

US

D 5

00,0

00

Taxa

tion

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

Spec

ific

char

acte

ristic

s

- spe

cific

set

tlem

ent.

- sub

scrip

tions

can

onl

y be

real

ized

in

amou

nt a

nd n

ot in

num

ber o

f sha

res.

- bas

e cu

rren

cy (G

BP

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

GB

P re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd).

Diff

eren

ce w

ith C

lass

I:

- bas

e cu

rren

cy (G

BP

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

GB

P re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd).

Diff

eren

ce w

ith C

lass

I:

- bas

e cu

rren

cy (S

GD

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

SG

D re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd).

Diff

eren

ce w

ith C

lass

I:

- bas

e cu

rren

cy (U

SD

)

Inve

stor

s

Inst

itutio

nal I

nves

tors

Inst

itutio

nal I

nves

tors

spe

cific

ally

au

thor

ised

by

the

Boa

rd

Inst

itutio

nal I

nves

tors

Inst

itutio

nal I

nves

tors

Inst

itutio

nal I

nves

tors

I(11)

IHG

0

IHG

IHS

IU-C

Den

omin

atio

n

Cla

sses

of S

hare

s

Inst

itutio

nal C

lass

XI

IHG

0 C

lass

IHG

Cla

ss

IHS

Cla

ss

IU-C

Cla

ss

1 Eac

h m

inim

um in

vest

men

t am

ount

mus

t be

appr

ecia

ted

at le

vel o

f the

con

cern

ed c

ateg

ory

of c

lass

es, i

ndep

ende

ntly

of t

he s

ub-fu

nd(s

), ex

cept

if o

ther

wis

e pr

ovid

ed in

the

tabl

e.

2 Eac

h of

the

subs

crip

tion

and

conv

ersi

on fe

es in

clud

es a

fixe

d fe

e am

ount

ing

to 0

.90%

for t

he s

ubsc

riptio

n an

d/or

con

vers

ion

in s

hare

s of

IU, X

U, M

U, A

U, S

U, O

U, a

nd F

U c

lass

es o

f sha

res

for t

he B

razi

l sub

-fund

. The

se fi

xed

fees

acc

rue

to th

e co

rres

pond

ing

clas

s of

sha

res

of th

e B

razi

l sub

-fund

. No

fixed

fee

is ta

ken

for t

he c

ombi

natio

ns o

f red

empt

ions

and

sub

scrip

tions

car

ried

out o

n th

e sa

me

Net

Ass

et V

alue

. 3 N

o co

nver

sion

fee

is a

pplie

d fo

r a c

hang

e of

cla

ss o

f sha

res

or c

ateg

ory

with

in a

sam

e su

b-fu

nd.


216

Red

empt

ion

Fee

- - - -

Con

vers

ion

Fee

3

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

. 1.0

0%

Subs

crip

tion

Fee

2

Max

2.5

0%

Max

2.5

0%

Max

2.5

0%

Max

5.0

0%

Dis

trib

utin

g/

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n

Min

imum

inve

stm

ent 1

- - - Equ

ival

ent i

n C

HF

of U

SD

500

,000

Equ

ival

ent i

n E

UR

of U

SD

500

,000

Equ

ival

ent i

n G

BP

of U

SD

500

,000

Equ

ival

ent i

n JP

Y o

f US

D 5

00,0

00

US

D 5

00,0

00

Equ

ival

ent i

n E

UR

of U

SD

500

,000

Taxa

tion

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

0.01

% p

.a.

Spec

ific

char

acte

ristic

s

Den

omin

ated

in C

HF

Den

omin

ated

in E

UR

Den

omin

ated

in G

BP

Den

omin

ated

in J

PY

Den

omin

ated

in U

SD

- bas

e cu

rren

cy (E

UR

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

EU

R re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd)

- bas

e cu

rren

cy (J

PY

)

- hed

ged

Cla

ss o

f Sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

JP

Y re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd)

Den

omin

ated

in C

HF

Den

omin

ated

in E

UR

Den

omin

ated

in G

BP

Den

omin

ated

in J

PY

Den

omin

ated

in U

SD

- ba

se c

urre

ncy

(EU

R)

- he

dged

cla

ss o

f sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

EU

R re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd)

Inve

stor

s

Italia

n G

PF

and

Uci

ts, U

cis

or

man

date

s au

thor

ised

by

the

Boa

rd

Italia

n G

PF

and

Uci

ts, U

cis

or

man

date

s au

thor

ised

by

the

Boa

rd

Inst

itutio

nal I

nves

tors

spe

cific

ally

au

thor

ized

by

the

Boa

rd

MC

ME

MG

MJ

MU

MH

E

MH

J

OC

OE

OG

OJ

OU

OH

E

Den

omin

atio

n

Cla

sses

of S

hare

s

M C

lass

es C

ateg

ory

MC

Cla

ss

ME

Cla

ss

MG

Cla

ss

MJ

Cla

ss

MU

Cla

ss

MH

E C

lass

MH

J C

lass

O C

lass

es C

ateg

ory

OC

Cla

ss

OE

Cla

ss

OG

Cla

ss

OJ

Cla

ss

OU

Cla

ss

OH

E C

lass

1 Eac

h m

inim

um in

vest

men

t am

ount

mus

t be

appr

ecia

ted

at le

vel o

f the

con

cern

ed c

ateg

ory

of c

lass

es, i

ndep

ende

ntly

of t

he s

ub-fu

nd(s

), ex

cept

if o

ther

wis

e pr

ovid

ed in

the

tabl

e.

2 Eac

h of

the

subs

crip

tion

and

conv

ersi

on fe

es in

clud

es a

fixe

d fe

e am

ount

ing

to 0

.90%

for t

he s

ubsc

riptio

n an

d/or

con

vers

ion

in s

hare

s of

IU, X

U, M

U, A

U, S

U, O

U, a

nd F

U c

lass

es o

f sha

res

for t

he B

razi

l sub

-fund

. The

se fi

xed

fees

acc

rue

to th

e co

rres

pond

ing

clas

s of

sha

res

of th

e B

razi

l sub

-fund

. No

fixed

fee

is ta

ken

for t

he c

ombi

natio

ns o

f red

empt

ions

and

sub

scrip

tions

car

ried

out o

n th

e sa

me

Net

Ass

et V

alue

. 3 N

o co

nver

sion

fee

is a

pplie

d fo

r a c

hang

e of

cla

ss o

f sha

res

or c

ateg

ory

with

in a

sam

e su

b-fu

nd.


217

Red

empt

ion

Fee

-

- - - - -

Con

vers

ion

Fee

3

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

Subs

crip

tion

Fee

2

Max

5.0

0%

Max

4.5

0%

Max

4.5

0%

Max

4.5

0%

Max

4.5

0%

Max

4.5

0%

Dis

trib

utin

g/

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n/

Dis

tribu

tion

Onl

y ac

cum

ulat

ion

shar

e is

ava

ilabl

e fo

r Am

undi

Fun

ds

Mul

ti A

sset

P

rote

cted

sub

-fu

nds

Acc

umul

atio

n

Dis

tribu

tion

Acc

umul

atio

n

Acc

umul

atio

n

Min

imum

inve

stm

ent 1

US

D 5

00,0

00

- - - - -

Taxa

tion

0.01

% p

.a.

0.05

% p

.a.

0.05

% p

.a.

0.05

% p

.a.

0.05

% p

.a.

0.05

% p

.a.

Spec

ific

char

acte

ristic

s

Den

omin

ated

in U

SD

Den

omin

ated

in C

HF

Den

omin

ated

in E

UR

Den

omin

ated

in G

BP

Den

omin

ated

in J

PY

Den

omin

ated

in U

SD

- bas

e cu

rren

cy (E

UR

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

Eur

o re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd)

- bas

e cu

rren

cy (G

BP

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

GB

P re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd)

- bas

e cu

rren

cy (C

ZK)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

CZK

rega

rdin

g to

th

e cu

rren

cy o

f den

omin

atio

n of

the

rele

vant

sub

-fund

)

Diff

eren

ce w

ith C

lass

AU

:

- onl

y ac

cum

ulat

ion

shar

es

Inve

stor

s

Inst

itutio

nal I

nves

tors

spe

cific

ally

au

thor

ized

by

the

Boa

rd

Diff

eren

ce w

ith O

U:

- spe

cific

fees

sch

edul

e A

ll In

vest

ors

All

Inve

stor

s

All

Inve

stor

s

All

Inve

stor

s

All

Inve

stor

s

O1

AC

AE

AG

AJ

AU

AH

E

AH

G

AH

K

AU

-C

Den

omin

atio

n

Cla

sses

of S

hare

s

O1

Cla

ss

A C

lass

es C

ateg

ory

AC

Cla

ss

AE

Cla

ss

AG

Cla

ss

AJ

Cla

ss

AU

Cla

ss

AH

E C

lass

AH

G C

lass

AH

K C

lass

AU

-C C

lass

1 Eac

h m

inim

um in

vest

men

t am

ount

mus

t be

appr

ecia

ted

at le

vel o

f the

con

cern

ed c

ateg

ory

of c

lass

es, i

ndep

ende

ntly

of t

he s

ub-fu

nd(s

), ex

cept

if o

ther

wis

e pr

ovid

ed in

the

tabl

e.

2 Eac

h of

the

subs

crip

tion

and

conv

ersi

on fe

es in

clud

es a

fixe

d fe

e am

ount

ing

to 0

.90%

for t

he s

ubsc

riptio

n an

d/or

con

vers

ion

in s

hare

s of

IU, X

U, M

U, A

U, S

U, O

U, a

nd F

U c

lass

es o

f sha

res

for t

he B

razi

l sub

-fund

. The

se fi

xed

fees

acc

rue

to th

e co

rres

pond

ing

clas

s of

sha

res

of th

e B

razi

l sub

-fund

. No

fixed

fee

is ta

ken

for t

he c

ombi

natio

ns o

f red

empt

ions

and

sub

scrip

tions

car

ried

out o

n th

e sa

me

Net

Ass

et V

alue

. 3 N

o co

nver

sion

fee

is a

pplie

d fo

r a c

hang

e of

cla

ss o

f sha

res

or c

ateg

ory

with

in a

sam

e su

b-fu

nd.


218

Red

empt

ion

Fee

- - - -

Con

vers

ion

Fee

3

Max

1.0

0%

Max

1.0

0%

Max

1.0

0%

-

Subs

crip

tion

Fee

2

Max

3.0

0%

Max

3.0

0%

Max

1.0

0%

-

Dis

trib

utin

g/

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n

Acc

umul

atio

n

Min

imum

inve

stm

ent 1

- - - -

Taxa

tion

0.05

% p

.a.

0.05

% p

.a.

0.05

% p

.a.

0.05

% p

.a.

Spec

ific

char

acte

ristic

s

Den

omin

ated

in C

HF

Den

omin

ated

in E

UR

Den

omin

ated

in G

BP

Den

omin

ated

in J

PY

Den

omin

ated

in U

SD

- bas

e cu

rren

cy (E

UR

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

Eur

o re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd)

- Sha

res

only

ava

ilabl

e th

roug

h a

netw

orks

of

dis

tribu

tors

spe

cific

ally

aut

horis

ed b

y th

e B

oard

.

Diff

eren

ce w

ith C

lass

S:

- Red

uced

Sub

scrip

tion

Fee

Den

omin

ated

in C

HF

Den

omin

ated

in E

UR

Den

omin

ated

in G

BP

Den

omin

ated

in J

PY

Den

omin

ated

in U

SD

- bas

e cu

rren

cy (E

UR

)

- hed

ged

clas

s of

sha

res

(this

ope

ratio

n ai

ms

to h

edge

the

NA

V in

Eur

o re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e re

leva

nt s

ub-fu

nd)

Inve

stor

s

All

Inve

stor

s

Sha

res

only

ava

ilabl

e th

roug

h a

netw

orks

of d

istri

buto

rs s

peci

fical

ly

auth

oris

ed b

y th

e B

oard

All

Inve

stor

s

All

Inve

stor

s

Sha

res

only

ava

ilabl

e th

roug

h a

netw

orks

of d

istri

buto

rs s

peci

fical

ly

auth

oris

ed b

y th

e B

oard

D

iffer

ence

with

S C

lass

es

Cat

egor

y :

- dis

tribu

tion

fees

SC

SE

SG

SJ

SU

SH

E

Cla

ss H

FC

FE

FG

FJ

FU

FHE

Den

omin

atio

n

Cla

sses

of S

hare

s

S C

lass

es C

ateg

ory

SC

Cla

ss

SE

Cla

ss

SG

Cla

ss

SJ

Cla

ss

SU

Cla

ss

SH

E C

lass

Cla

ssic

H C

lass

Cat

egor

y

Cla

ssic

H C

lass

F C

lass

es C

ateg

ory

FC C

lass

FE C

lass

FG C

lass

FJ C

lass

FU C

lass

FHE

Cla

ss

1 Eac

h m

inim

um in

vest

men

t am

ount

mus

t be

appr

ecia

ted

at le

vel o

f the

con

cern

ed c

ateg

ory

of c

lass

es, i

ndep

ende

ntly

of t

he s

ub-fu

nd(s

), ex

cept

if o

ther

wis

e pr

ovid

ed in

the

tabl

e.

2 Eac

h of

the

subs

crip

tion

and

conv

ersi

on fe

es in

clud

es a

fixe

d fe

e am

ount

ing

to 0

.90%

for t

he s

ubsc

riptio

n an

d/or

con

vers

ion

in s

hare

s of

IU, X

U, M

U, A

U, S

U, O

U, a

nd F

U c

lass

es o

f sha

res

for t

he B

razi

l sub

-fund

. The

se fi

xed

fees

acc

rue

to th

e co

rres

pond

ing

clas

s of

sha

res

of th

e B

razi

l sub

-fund

. No

fixed

fee

is ta

ken

for t

he c

ombi

natio

ns o

f red

empt

ions

and

sub

scrip

tions

car

ried

out o

n th

e sa

me

Net

Ass

et V

alue

. 3 N

o co

nver

sion

fee

is a

pplie

d fo

r a c

hang

e of

cla

ss o

f sha

res

or c

ateg

ory

with

in a

sam

e su

b-fu

nd.


219

2 PRINCIPAL ACCOUNTING CONVENTIONS

PRESENTATION OF THE FINANCIAL STATEMENTS : The Fund’s financial statements were prepared in accordance with the regulatory provisions in force in Luxembourg concerning undertakings for collective investment. The financial statements are presented on the basis of the latest Net Asset Value (“NAV”) calculated during the financial period. In accordance with the prospectus dated November 2010, the NAV were calculated using the latest market values and exchange rates known at the time of the calculation. In the semi-annual report as at 31 December 2009, the sub-funds merged or liquidated during this year were shown separately in the Statement of Operations and Changes in Net Assets and were included in the consolidated figures. In the semi-annual report as at 31 December 2010, these sub-funds are not shown separately anymore even though they are still included in the consolidated figures as at 31 December 2009.

Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the Board of Directors.

Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed in foreign currencies are therefore converted and consolidated in EUR at the exchange rate in force at the close of the financial period. Transactions and acquisition costs for portfolio securities expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at the exchange rate in force on the date of transaction or acquisition, as appropriate. Valuation values for securities in the portfolio and of other assets and liabilities expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at the exchange rate in force at the end of the financial period. Currency differences resulting from these conversions are recorded in the Statement of Operations and Changes in net assets.

Return on investments - Dividends are entered as yields on the date when they are declared and in so far as the appropriate information can be obtained by the Fund. Interest is entered on a daily basis.

Distribution of costs and expenses - Each sub-fund is charged with costs or expenses specifically attributable to it. Costs and expenses not attributable to a specific sub-fund are distributed between the sub-funds on an equitable basis, in proportion to their respective Net Assets.

Repurchase agreements - Repurchase agreements (Repos) are equivalent to borrowings guaranteed by underlying assets presented in the securities portfolio of the sub-fund which remains exposed to market risk. Reverse Repurchase agreements (Reverse Repos) are similar to guaranteed loans. In this case, the sub-fund is not subject to the risk of depreciation in the value of the underlying assets. Repos and Reverse Repos are regarded as borrowings and loans, respectively, of the sum of liquid assets received and/or paid.

Futures contracts - Unexpired futures contracts are valued at their last known price on the date of valuation or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets.

Forward foreign exchange contracts - Unexpired forward foreign exchange contracts are valued at the exchange rates applicable on the valuation date or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets.

Valuation of options - Options officially listed on a stock market or any other regulated market, operating in a regular manner, recognised and open to the public, are valued on the basis of their closing prices on the valuation day or, in the absence of such prices, on the basis of the last-known prices available. If these last-known prices are not representative, the valuation will be based on the probable realisation value estimated by the Board of Directors with prudence and in good faith. Currency options are valued at the market value.

Swaps - The Fund is authorised to enter into volatility swaps, correlation swaps, credit default swaps, total return swaps, inflation swaps, asset swaps or interest rate swaps. Interest rate swaps, volatility swaps, correlation swaps, variance swaps, credit default swaps, total return swaps and inflation swaps are recorded at the estimated market value based on the valuation elements laid down in the contracts. The unrealised net gain is included in the item “Unrealised net appreciation on swaps” in the Statement of Net Assets and the unrealised net loss is included in the item “Unrealised net depreciation on swaps and CFD” in the Statement of Net Assets.

Fee structure - The Administration fee is a fee expressed as a percentage of the NAV of the sub-funds and classes of shares, including all the administrative expenses of the Fund. Such fee includes the remuneration of the Administration Agent, Domiciliary Agent, Transfer Agent and Registrar for its services rendered to the Fund, the remuneration of the Custodian for its services rendered to the Fund as well as all other administrative expenses incurred in the operation of the Fund including, but not limited to: - the fees of auditors and legal advisers of the Fund (including costs associated with compliance with legal and regulatory requirements); - the cost of translation, printing and distributing to investors the annual and semi-annual reports and of the prospectus dated November 2010 of the Fund and any supplement thereto; - any costs related to the information of the shareholders including costs related to the publication of prices of shares in the financial press, the production of information material for the subscribers and distributors; - any fees and expenses involved in registering and maintaining the registration of the Fund with any governmental agency or stock exchange and to comply with any regulatory requirements and the reimbursement of such fees and expenses incurred by any local representative; - the fees of any local representative/correspondent, of which the services are required pursuant to the applicable law; - the costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the shareholders’ interests; - the costs related to the translation, distribution and publication of any notice to the shareholders.


220

The maximum amount of the Administration fee, expressed as a percentage of the NAV, is set out in the following schedule (the maximal and the effective amounts are identical) :

Sub-fund Classes of shares

IC, IE, IG, IJ, IU, I(2), I(4), I(5),

I (6), IHE, IHG0, IHG, IHS, IU-C, OC, OE, OG, OJ, OU,

OHE, O1

XE, XU I(8) I(9) I(11) MC, ME, MG, MJ, MU, MHE,

MHJ

AC, AE, AG, AJ, AU, AHE, AHG, AHK, AU-C, SC, SE, SG, SJ, SU, SHE,

Classic H, FC, FE, FG, FJ, FU, FHE

EQUITY SUB-FUNDS Global/Regional/Country 0.25% - 0.10% 0.25% - 0.35% 0.35% Japan Value AE and FJ : 0.40% Smaller Companies/Thematic 0.25% - - - - 0.35% 0.45% Global Agriculture FU 0.40% Global Ressources AE and FU 0.40% Restructuring Equities FE 0.40% US Opportunities AE, AHG, FU 0.40% Asia/Emerging Markets 0.40% 0.25% 0.25% 0.33% - 0.50% 0.50% Emerging World O1 : 0.20% Korea OU : 0.50% Socially Responsible Investments 0.25% - - - - 0.35% 0.35% FE 0.40% - Except Europe SRI 0.20% - - - - 0.25% 0.30% BOND SUB-FUNDS Convertible Bonds 0.25% (OE 0.20%) - - - - 0.35% 0.35% Global Bonds 0.15% (OU 0.20%) - - - - 0.30% 0.35% Euro Bonds 0.10% - - - - 0.25% 0.30% Euro Inflation Bond FE 0.35% Specific Bonds 0.20% - - - - 0.25% 0.30% High Yield Bonds 0.20% - - - - 0.35% 0.40% Global Bonds and Debts 0.20% - - - - 0.30% 0.30% Global Bond AE, SHE, FU, FHE 0.35% - Except Global Aggregate 0.20% (IU 0.15%) - - - - 0.30% 0.35% - Except Global Inflation Bond 0.10% (IE 0.15%) - - - - 0.30% 0.35% (AE and SE 0.30%) Emerging Markets Debts 0.20% - - - - 0.35% 0.40% LDI Bonds 0.10% - - - - - - INDEXED SUB-FUNDS Indexed Equities 0.05% - - - - 0.10% 0.15% - Except Index Pacific 0.10% - - - - 0.15% 0.15% Indexed Bonds 0.10% - - - - 0.15% 0.15% GUARANTEED/PROTECTED SUB-FUND - - - - - - 0.20% ABSOLUTE RETURN SUB-FUNDS Arbitrage VaR Short Term 0.07% - - - - 0.10% - Arbitrage VaR 0.10% - - - - 0.25% 0.30% Dynarbitrage VaR 0.10% - - - - 0.30% 0.30% Equity Arbitrage 0.20% - - - - 0.30% 0.30% Arbitrage Inflation 0.10% - - - - 0.30% 0.30% (SE 0.35%) Dynarbitrage Forex 0.10% - - - - 0.25% 0.30% - Except Dynarbitrage Forex Asia Pacific 0.10% - - - - 0.30% 0.30% Dynarbitrage High Yield 0.10% - - - - 0.30% 0.30% Dynarbitrage Volatility 0.10% - - - - 0.30% 0.30% Volatility Equities 0.10% - - - - 0.30% 0.30% Multimanagers Long/Short Equity 0.15% 0.15% 0.30% RESERVE SUB-FUNDS 0.05% - - - 0.05% 0.10% 0.15%

The Administration fee is payable monthly in arrears to Amundi Luxembourg and is calculated each day for each sub-fund and each class of shares. From such fee, Amundi Luxembourg will pay the fees of the Custodian, the Administration Agent, the Domiciliary Agent, the Transfer Agent and the Registrar and the administrative expenses of the Fund.

Cost of investments - The brokerage fees and transaction fees are not included in the cost of investments, but are debited in the expenses item “Brokers & transactions fees”.

3 EXCHANGE RATES USED AS OF 31 DECEMBER 2010 The exchange rates used for the consolidated figures are the following : 1 EUR = 1.3362 USD 1 EUR = 0.86075 GBP 1 EUR = 1.2504 CHF 1 EUR = 108.65 JPY


221

FC F

E FG

FJ

FU

FHE

1.80

%

1.90

%

1.70

%

2.10

%

2.10

%

2.10

%

2.10

%

H

SE

1.70

%

1.80

%

1.70

%

2.00

%

2.00

%

2.00

%

SC S

G

SJ S

U

SHE

1.70

%

1.70

%

2.00

%

2.00

%

2.00

%

AU

-C

AH

E A

HG

A

HK

1.60

%

1.70

%

AE

1.30

%

1.40

%

1.50

%

1.30

%

1.60

%

1.70

%

1.60

%

1.70

%

1.70

%

1.70

%

AC

AG

A

J A

U

1.

30%

1.30

%

1.60

%

1.60

%

1.60

%

OC

OE

OG

OJ

OU

O

HE

O1

MH

E

0.70

%

MC

ME

MG

MJ

MU

M

HJ

0.55

%

0.60

%

0.55

%

0.70

%

0.80

%

0.70

%

0.80

%

0.70

%

0.80

%

0.80

%

IU-C

IHG

IH

S

0.90

%

IHG

0

I(11)

IHE

0.90

%

I(9)

0.30

%

0.37

%

I(8)

0.45

%

XE X

U

0.60

%

I(6)

I(5)

I(4)

0.45

%

I(2)

0.45

%

0.45

%

IC IE

IG

IJ

IU

0.65

%

0.70

%

0.65

%

0.80

%

0.90

%

0.80

%

0.90

%

0.80

%

0.90

%

0.90

%

4 M

AN

AG

EMEN

T FE

ES

Thes

e M

anag

emen

t fee

s ap

plic

able

for t

he p

erio

d en

ded

31 D

ecem

ber 2

010,

exp

ress

ed in

per

cent

ages

of t

he N

AV

, are

pay

able

qua

rterly

to A

mun

di L

uxem

bour

g an

d ca

lcul

ated

eac

h da

y fo

r eac

h su

b-fu

nd o

n th

e ba

sis

of th

e da

ily

NA

V o

f eac

h cl

ass

of s

hare

s at

the

belo

w ra

tes

per a

nnum

. Th

e M

anag

emen

t Com

pany

is re

spon

sibl

e fo

r pay

ing

com

mis

sion

s to

Inve

stm

ent M

anag

ers.

HK

EQU

ITY

SUB

-FU

ND

S

Glo

bal /

Reg

iona

l / C

ount

ry s

ub-fu

nds

- Eur

o Q

uant

*

- Gem

s E

urop

e*

- Gem

s W

orld

*

- Glo

bal E

quiti

es*

- Jap

an V

alue

- Min

imum

Var

ianc

e E

urop

e*

- Sel

ect E

uro*

- Sel

ect E

urop

e*

- Sw

itzer

land

*

- US

Inno

vativ

e C

ompa

nies

*

Smal

ler c

ompa

nies

/ Th

emat

ic s

ub-fu

nds

- Eur

ope

Sm

alle

r Com

pani

es*

- Glo

bal A

gric

ultu

re

- Glo

bal F

inan

ce*

- Glo

bal R

esou

rces

*

- Res

truct

urin

g E

quiti

es*

- US

Opp

ortu

nitie

s

Asi

a/Em

ergi

ng M

arke

ts s

ub-fu

nds

- AS

EA

N N

ew M

arke

ts*

- Asi

a P

acifi

c R

enai

ssan

ce*

- Asi

an G

row

th*

- Bra

zil*


222

FC F

E FG

FJ

FU

FHE

2.10

%

2.10

%

2.10

%

1.40

%

1.00

%

1.00

%

0.95

%

H

SE

2.00

%

2.10

%

2.10

%

1.90

%

1.90

%

1.00

%

1.40

%

1.00

%

SC S

G

SJ S

U

SHE

2.00

%

1.00

%

AU

-C

AH

E A

HG

A

HK

AE

1.60

%

1.70

%

1.70

%

1.50

%

1.50

%

0.80

%

1.20

%

0.80

%

0.80

%

AC

AG

A

J A

U

1.60

%

0.80

%

OC

OE

OG

OJ

OU

O

HE

O1

MH

E

MC

ME

MG

MJ

MU

M

HJ

0.80

%

0.90

%

0.80

%

0.90

%

0.80

%

0.90

%

0.90

%

0.90

%

0.55

%

0.45

%

0.40

%

0.30

%

IU-C

IHG

IH

S

IHG

0

I(11)

IHE

I(9)

0.37

%

I(8)

0.80

%

1.00

%

XE X

U

0.60

%

0.80

%

0.60

%

0.65

%

0.60

%

0.65

%

I(6)

0.50

%

I(5)

I(4)

0.45

%

I(2)

0.45

%

0.30

%

IC IE

IG

IJ

IU

0.90

%

1.00

%

0.90

%

1.00

%

0.90

%

1.00

%

1.00

%

1.00

%

0.60

%

0.55

%

0.45

%

0.45

%

0.40

%

0.45

%

Asi

a/Em

ergi

ng M

arke

ts s

ub-fu

nds

(con

tinue

d)

- Em

ergi

ng E

urop

e*

- Em

ergi

ng In

tern

al D

eman

d*

- Em

ergi

ng M

arke

ts*

- Em

ergi

ng W

orld

*

- Gre

ater

Chi

na*

- Ind

ia*

- Ind

ia In

frast

ruct

ure*

- Kor

ea

- Lat

in A

mer

ica

Equ

ities

*

- Tha

iland

Soci

ally

Res

pons

ible

Inve

stm

ents

sub

-fund

s

- Aqu

a G

loba

l

- Cle

an P

lane

t

- Eur

o S

RI

BO

ND

SU

B-F

UN

DS

Con

vert

ible

Bon

d su

b-fu

nds

- Glo

bal C

onve

rtibl

e B

ond*

Glo

bal B

onds

sub

-fund

s

- Glo

bal C

orpo

rate

Bon

d*

Euro

Bon

ds s

ub-fu

nds

- Eur

o B

ond*

- Eur

o C

orpo

rate

Bon

d*

- E

uro

Gov

ies*

- Eur

o In

flatio

n B

ond*


223

FC F

E FG

FJ

FU

FHE

1.60

%

1.00

%

0.95

%

1.60

%

H

SE

0.85

%

1.80

%

1.00

%

1.00

%

SC S

G

SJ S

U

SHE

1.00

%

1.00

%

1.80

%

AU

-C

0.15

%

AH

E A

HG

A

HK

AE

0.65

%

1.60

%

0.80

%

1.40

%

0.15

%

0.20

%

1.10

%

AC

AG

A

J A

U

0.80

%

0.80

%

1.60

%

OC

OE

OG

OJ

OU

O

HE

O1

MH

E

0.40

%

MC

ME

MG

MJ

MU

M

HJ

0.30

%

0.45

%

0.40

%

0.35

%

0.45

%

0.10

%

0.10

%

IU-C

0.10

%

IHG

IH

S

0.45

%

IHG

0

I(11)

IHE

0.45

%

I(9)

I(8)

XE X

U

I(6)

I(5)

0.50

%

I(4)

I(2)

0.40

%

IC IE

IG

IJ

IU

0.30

%

0.55

%

0.45

%

0.35

%

0.55

%

0.50

%

0.10

%

0.10

%

Spec

ific

Bon

ds s

ub-fu

nds

- Eur

o S

elec

t Bon

d

Hig

h Yi

eld

Bon

ds s

ub-fu

nds

- Eur

o H

igh

Yie

ld B

ond

Glo

bal B

onds

and

Deb

ts s

ub-fu

nds

- Asi

an In

com

e*

- Eur

opea

n B

ond*

- Glo

bal A

ggre

gate

*

- Glo

bal B

ond*

- Glo

bal I

nfla

tion

Bon

d*

Emer

ging

Mar

kets

Deb

ts s

ub-fu

nds

- Em

ergi

ng M

arke

ts D

ebt*

LDI B

ond

sub-

fund

s

- LD

I Ind

ex L

inke

d P

lus

(GB

P)*

- LD

I Gilt

Plu

s (G

BP

)*

IND

EXED

SU

B-F

UN

DS

Inde

xed

Equi

ties

sub-

fund

s

- Ind

ex E

uro

- Ind

ex E

urop

e

- Ind

ex N

orth

Am

eric

a

- Ind

ex P

acifi

c

Inde

xed

Bon

ds s

ub-fu

nds

- Ind

ex G

loba

l Bon

d (E

UR

) Hed

ged

GU

AR

AN

TEED

/PR

OTE

CTE

D S

UB

-FU

ND

S

- Mul

ti A

sset

Pro

tect

ed**


224

FC

FE

FG F

J FU

FH

E

0.60

%

0.60

%

0.90

%

1.50

%

0.90

%

0.90

%

0.90

%

H

0.80

%

1.10

%

1.10

%

1.10

%

1.10

%

1.10

%

SE

0.60

%

0.90

%

1.50

%

0.90

%

0.90

%

0.90

%

0.90

%

SC S

G

SJ S

U

SHE

0.60

%

0.90

%

0.90

%

AU

-C

AH

E A

HG

A

HK

0.50

%

0.80

%

AE

0.50

%

0.50

%

0.80

%

0.80

%

0.80

%

0.80

%

0.80

%

0.80

%

AC

AG

A

J A

U

0.50

%

0.80

%

0.80

%

OC

OE

OG

OJ

OU

O

HE

O1

MH

E

MC

ME

MG

MJ

MU

M

HJ

0.18

%

0.25

%

0.40

%

0.55

%

0.40

%

0.30

%

0.40

%

0.40

%

0.40

%

IU-C

IHG

IH

S

0.30

%

0.50

%

IHG

0

I(11)

IHE

I(9)

I(8)

XE X

U

I(6)

I(5)

I(4)

I(2)

IC IE

IG

IJ

IU

0.18

%

0.30

%

0.50

%

0.55

%

0.60

%

0.40

%

0.50

%

0.50

%

0.50

%

AB

SOLU

TE R

ETU

RN

SU

B-F

UN

DS

Arb

itrag

e Va

R S

hort

Ter

m s

ub-fu

nd

Arb

itrag

e V

aR S

hort

Term

Arb

itrag

e Va

R s

ub-fu

nds

- Arb

itrag

e V

aR 2

(EU

R)*

- Arb

itrag

e V

aR 2

(GB

P)*

- Arb

itrag

e V

aR 2

(US

D)*

Dyn

arbi

trag

e Va

R s

ub-fu

nds

- Dyn

arbi

trage

VaR

4 (E

UR

)*

- Dyn

arbi

trage

VaR

4 (U

SD

)*

Equi

ty A

rbitr

age

sub-

fund

- Equ

ity S

tatis

tical

Arb

itrag

e (E

UR

)*

Arb

itrag

e In

flatio

n su

b-fu

nd

- Arb

itrag

e In

flatio

n*

Dyn

arbi

trag

e Fo

rex

sub-

fund

s

- Dyn

arbi

trage

For

ex*

- Dyn

arbi

trage

For

ex A

sia

Pac

ific*

Dyn

arbi

trag

e H

igh

Yiel

d su

b-fu

nd

- Dyn

arbi

trage

Hig

h Y

ield

*

Dyn

arbi

trag

e Vo

latil

ity s

ub-fu

nd

- Dyn

arbi

trage

Vol

atili

ty*


225

FC

FE

FG F

J FU

FH

E

1.30

%

1.50

%

H

1.60

%

SE

1.30

%

1.50

%

0.70

%

SC S

G

SJ S

U

SHE

1.30

%

0.70

%

AU

-C

AH

E A

HG

A

HK

1.00

%

AE

1.00

%

1.30

%

0.25

%

AC

AG

A

J A

U

1.00

%

0.

25%

OC

OE

OG

OJ

OU

O

HE

O1

MH

E

MC

ME

MG

MJ

MU

M

HJ

0.50

%

0.99

%

0.10

%

IU-C

IHG

IH

S

0.50

%

IHG

0

0.50

%

I(11)

0.05

%

IHE

0.50

%

I(9)

I(8)

XE X

U

I(6)

I(5)

I(4)

I(2)

IC IE

IG

IJ IU

0.50

%

0.99

%

0.10

%

Vola

tility

Equ

ities

sub

-fund

s

- Vol

atili

ty E

uro

Equ

ities

*

- Vol

atili

ty W

orld

Equ

ities

*

Mul

timan

ager

s Lo

ng/S

hort

Equ

ity s

ub-fu

nd

Mul

timan

ager

s Lo

ng/S

hort

Equ

ity**

*

RES

ERVE

SU

B-F

UN

DS

- Eur

o R

eser

ve

- US

D R

eser

ve

*

A

per

form

ance

fee

is a

dded

to s

ome

clas

ses

of s

hare

s of

thes

e su

b-fu

nds.

**

T

he m

axim

um c

umul

ativ

e m

anag

emen

t fee

am

ount

ing

to 3

.10%

is c

ompo

sed

of th

e su

b-fu

nd’s

man

agem

ent f

ee a

nd th

e m

axim

um m

anag

emen

t fee

cha

rged

by

the

UC

ITS

and

/or U

CIs

in

whi

ch th

e su

b-fu

nd in

vest

s.

T

akin

g in

to c

onsi

dera

tion

the

leve

l of r

etro

cess

ion

expe

cted

in a

pplic

atio

n of

the

agre

emen

ts th

at th

e In

vest

men

t Man

ager

has

or s

eeks

to c

oncl

ude

with

the

UC

ITS

and

/or U

CIs

in w

hich

it in

tend

s to

inve

st, t

he m

axim

um

a

vera

ge m

anag

emen

t fee

cha

rged

by

such

UC

ITS

and

/or U

CIs

am

ount

s to

2.0

0%.

***

T

he m

axim

um c

umul

ativ

e m

anag

emen

t fee

am

ount

ing

resp

ectiv

ely

3.64

% fo

r the

cla

sses

I an

d M

, 3.9

5% fo

r the

cla

ss A

and

4.1

5% fo

r the

cla

sses

S a

nd F

, is

com

pose

d of

the

sub-

fund

's m

anag

emen

t fee

and

the

m

axim

um m

anag

emen

t fee

cha

rged

by

the

UC

ITS

and

/or U

CIs

in w

hich

the

sub-

fund

inve

sts.

T

akin

g in

to c

onsi

dera

tion

the

leve

l of r

etro

cess

ion

expe

cted

in a

pplic

atio

n of

the

agre

emen

ts th

at th

e In

vest

men

t Man

ager

has

or s

eeks

to c

oncl

ude

with

the

UC

ITS

and

/or U

CIs

in w

hich

it in

tend

s to

inve

st, t

he m

axim

um

a

vera

ge m

anag

emen

t fee

cha

rged

by

such

UC

ITS

and

/or U

CIs

am

ount

s re

spec

tivel

y to

2.6

5%.


226

5 TAXATION The Fund is further liable in Luxembourg to a tax of 0.05% per annum in respect of the Equity sub-funds, Bond sub-funds, Indexed sub-funds and Absolute Return sub-funds (except on investments by these sub-funds in other undertakings for collective investment established in Luxembourg for which no tax is applied) and of 0.01% per annum in respect of the Reserve sub-funds, the M classes, the I classes and the O classes’ of all the sub-funds (“Taxe d'Abonnement”), such tax being payable quarterly on the basis of the NAV of the Fund at the end of the relevant calendar quarter. The benefit of the 0.01% per annum Taxe d'Abonnement is available to those Shareholders admitted in the M classes, the I classes and the O classes on the basis of the Luxembourg legal, regulatory and tax provisions as these are known to the Fund at the time of admission of an Investors in such class of shares. However, no guarantee can be given for the past and for the future and such assessment is subject to interpretations on the status of an eligible Investors in the M classes, the I classes and the O classes by any competent authorities as will exist from time to time. Any such reclassification made by an authority as to the status of an Investors may submit the entire class of shares to a Taxe d'Abonnement rate of 0.05% per annum.

6 OTHER INCOME Balances for other income in the Statement of Operations and Changes in Net Assets include mainly revenues from securities lending and recovery of provisions on performance fees.

7 OTHER EXPENSES Balances for other expenses in the Statement of Operations and Changes in Net Assets mainly include other taxes.

8 STATEMENT OF PORTFOLIO MOVEMENTS Details of movements of securities in the portfolio for the financial period ending 31 December 2010 may be obtained free of charge on request from the Fund’s registered office and the Hong Kong representative office. The list of the portfolio changes can also be obtained free of charge at the Paying and Information Agent’s office in Germany and at the Representative’s office in Switzerland.

9 DIVIDENDS The Fund distributed the following dividends per share during the financial year under review: Ex-date : 23 September 2010 Payment date : 29 September 2010

A CLASSES (formerly known as Classic C Share classes)

Amundi Funds Aqua Global 0.13 EUR Amundi Funds ASEAN New Markets 0.14 USD Amundi Funds Brazil 1.01 USD Amundi Funds Emerging Markets 0.04 USD Amundi Funds Euro Quant 0.08 EUR Amundi Funds Europe Smaller Companies 0.01 EUR Amundi Funds Gems Europe 0.80 EUR Amundi Funds Global Equities 0.01 USD Amundi Funds Global Finance 0.01 USD Amundi Funds Latin America Equities 3.30 USD Amundi Funds Select Euro 1.47 EUR Amundi Funds Select Europe 1.50 EUR Amundi Funds Thaïland 0.47 USD Amundi Funds US Innovative Companies 0.01 USD Amundi Funds Asian Income 0.60 USD Amundi Funds Emerging Markets Debt 0.67 USD Amundi Funds Euro Bond 0.34 EUR Amundi Funds Euro Corporate Bond 0.43 EUR Amundi Funds Euro High Yield Bond 0.71 EUR Amundi Funds Euro Inflation Bond 1.02 EUR Amundi Funds Euro Select Bond 4.40 EUR Amundi Funds European Bond 6.09 EUR Amundi Funds Global Bond 0.93 USD Amundi Funds Global Convertible Bond 0.04 EUR Amundi Funds Global Corporate Bond 3.42 USD Amundi Funds Global Inflation Bond 0.54 EUR Amundi Funds Index Euro 3.66 EUR Amundi Funds Index Europe 3.14 EUR Amundi Funds Index Global Bond (EUR) Hedged 3.58 EUR Amundi Funds Index North America 2.01 EUR Amundi Funds Index Pacific 2.34 EUR Amundi Funds Arbitrage VaR 2 (EUR) 0.29 EUR Amundi Funds Arbitrage VaR 2 (GBP) 0.77 GBP


227

Amundi Funds Arbitrage VaR 2 (USD) 0.31 USD Amundi Funds Dynarbitrage High Yield 0.31 EUR Amundi Funds Dynarbitrage VaR 4 (EUR) 1.37 EUR Amundi Funds Dynarbitrage VaR 4 (USD) 0.71 USD Amundi Funds Euro Reserve 0.02 EUR Amundi Funds USD Reserve 0.01 USD

I CLASSES

Amundi Funds Emerging Markets 10.40 USD Amundi Funds Euro Corporate Bond 43.58 EUR Amundi Funds Global Bond 93.20 USD Amundi Funds Index Euro 26.47 EUR Amundi Funds Index Europe 27.80 EUR Amundi Funds Index North America 19.01 EUR Amundi Funds Index Pacific 27.58 EUR Amundi Funds Arbitrage VaR 2 (GBP) 11.57 GBP Amundi Funds Equity Statistical Arbitrage (EUR) 3.72 EUR Amundi Funds Euro Reserve 3.99 EUR

INSTITUTIONAL (5) CLASS

Amundi Funds Global Bond 70.09 USD Ex-dates : 2 July 2010, 2 August 2010, 2 September 2010, 4 October 2010, 2 November 2010, 2 December 2010 Payment Dates : 7 July 2010, 9 August 2010, 7 September 2010, 7 October 2010, 8 November 2010, 7 December 2010


Amundi Funds Euro Corporate Bond 0.53 EUR Amundi Funds Euro Bond 0.50 EUR Amundi Funds Euro High Yield Bond 0.80 EUR (before 4 October 2010 : 0.67) Amundi Funds Korea 15.00 JPY Amundi Funds Greater China 0.27 USD Amundi Funds India 0.10 USD Amundi Funds Japan Value 10.00 JPY

Ex-dates : 15 September 2010 Payment Dates : 15 September 2010


Amundi Funds Euro High Yield Bond 0.67 EUR

10 CHANGE OF NAME As at 1 July 2010, Crédit Agricole Asset Management Japan has been renamed into Amundi Japan : Crédit Agricole Asset Management Japan has been absorbed by SGAM Japan, which has been renamed into Amundi Japan. Both entities were owned by Amundi before the merger.

11 SUBSEQUENT EVENT As at 3 January 2011, the sub-fund Amundi Funds Multi Asset Protected has been liquidated. Following the liquidation of this sub-fund, Amundi Investment Solutions no longer manages any sub-funds. As at 12 January 2011, the sub-fund Amundi Funds Europe SRI has been liquidated.

Notices and Reports

228

If required by the Law, notices to shareholders will be published in the Luxembourg “Mémorial”, the Luxemburger Wort and in such other newspapers as the Directors may determine.

All dividend payment will be announced in the Luxemburger Wort and such other newspapers, or using such other means, as the Board of Directors may determine.

Additional Information

229

The Total expense ratio (TER) is fixed as follow :

H

SE

-C

3.55

%

3.39

%

SC

S

E

SG

S

J S

U

2.30

%

2.53

%

2.55

%

2.56

%

2.62

%

2.32

%

2.69

%

2.53

%

2.50

%

2.53

%

2.10

%

2.50

%

1.39

%

2.10

%

2.10

%

2.50

%

2.10

%

2.49

%

2.50

%

2.55

%

2.55

%

2.54

%

2.11

%

2.55

%

AU

-C

AH

G

AU

G

AE

-D

2.54

%

2.56

%

AE

-C

2.90

%

2.87

%

1.67

%

1.69

%

AH

E

2.90

%

AC

-D

AE

-D

AG

-D

AJ-

D

AU

-D

1.90

%

2.15

%

2.15

%

2.16

%

2.21

%

1.92

%

2.29

%

2.11

%

2.11

%

1.35

%

1.70

%

2.10

%

1.70

%

2.10

%

1.70

%

2.10

%

2.12

%

2.17

%

2.18

%

2.15

%

1.70

%

2.12

%

Cla

ssic

AC

-C

AE

-C

AG

-C

AJ-

C

AU

-C

1.90

%

2.13

%

2.16

%

2.15

%

2.22

%

1.92

%

2.29

%

2.11

%

2.11

%

2.12

%

1.70

%

2.10

%

1.23

%

1.70

%

1.70

%

2.10

%

1.70

%

2.10

%

2.11

%

2.15

%

2.15

%

2.14

%

1.71

%

2.15

%

MC

M

E M

G

MJ

MU

1.28

%

1.44

%

1.33

%

1.16

%

1.48

%

1.31

%

1.36

%

1.12

%

0.92

%

0.91

%

0.48

%

1.14

%

0.74

%

1.30

%

1.35

%

1.32

%

0.81

%

1.51

%

IHG

IHG

0

I(11)

IHE

1.61

%

I(9)

0.71

%

0.71

%

0.71

%

0.56

%

I(8)

0.39

%

XE

X

U

0.87

%

0.86

%

0.73

%

0.81

%

I(6)

0.78

%

I(5)

I(4)

0.86

%

0.86

%

0.86

%

0.86

%

0.86

%

I(2)

0.86

%

0.86

%

0.71

%

0.86

%

IC-D

IE

-D

IG-D

IJ

-D

IU-D

1.32

%

Inst

itutio

nal

IC-C

IE

-C

IG-C

IJ

-C

IU-C

1.26

%

1.29

%

1.31

%

1.31

%

1.36

%

1.28

%

1.45

%

1.30

%

1.38

%

1.31

%

0.92

%

1.07

%

0.84

%

0.91

%

0.91

%

1.16

%

0.93

%

1.07

%

1.17

%

1.31

%

1.31

%

1.32

%

0.97

%

1.41

%

Am

undi

Fun

ds A

qua

Glo

bal

Am

undi

Fun

ds A

sean

New

Mar

kets

Am

undi

Fun

ds A

sia

Pac

ific

Ren

aiss

ance

Am

undi

Fun

ds A

sian

Gro

wth

Am

undi

Fun

ds B

razi

l

Am

undi

Fun

ds C

lean

Pla

net

Am

undi

Fun

ds E

mer

ging

Eur

ope

Am

undi

Fun

ds E

mer

ging

Inte

rnal

Dem

and

Am

undi

Fun

ds E

mer

ging

Mar

kets

Am

undi

Fun

ds E

mer

ging

Wor

ld

Am

undi

Fun

ds E

uro

Qua

nt

Am

undi

Fun

ds E

urop

e S

mal

ler C

ompa

nies

Am

undi

Fun

ds E

urop

e S

RI

Am

undi

Fun

ds G

ems

Eur

ope

Am

undi

Fun

ds G

ems

Wor

ld

Am

undi

Fun

ds G

loba

l Agr

icul

ture

Am

undi

Fun

ds G

loba

l Equ

ities

Am

undi

Fun

ds G

loba

l Fin

ance

Am

undi

Fun

ds G

loba

l Res

ourc

es

Am

undi

Fun

ds G

reat

er C

hina

Am

undi

Fun

ds In

dia

Am

undi

Fun

ds In

dia

Infra

stru

ctur

e

Am

undi

Fun

ds J

apan

Val

ue

Am

undi

Fun

ds K

orea


230


H

SE

-C

1.88

%

SC

S

E

SG

S

J S

U

2.55

%

2.51

%

2.11

%

2.11

%

2.10

%

2.51

%

2.10

%

2.50

%

1.35

%

2.24

%

1.35

%

1.36

%

2.23

%

1.35

%

1.20

%

1.35

%

1.40

%

1.35

%

1.81

%

1.40

%

1.32

%

AU

-C

2.16

%

AH

G

AU

G

AE

-D

2.48

%

AE

-C

1.84

%

AH

E

AC

-D

AE

-D

AG

-D

AJ-

D

AU

-D

2.15

%

1.71

%

1.71

%

1.70

%

2.11

%

1.71

%

2.09

%

1.14

%

2.05

%

1.15

%

1.15

%

1.05

%

2.03

%

1.15

%

1.04

%

1.14

%

0.02

%

1.15

%

1.60

%

1.20

%

1.14

%

Cla

ssic

AC

-C

AE

-C

AG

-C

AJ-

C

AU

-C

2.1

5%

1.71

%

2.08

%

1.70

%

1.71

%

1.70

%

2.13

%

1.70

%

2.10

%

1.14

%

2.04

%

1.15

%

1.15

%

0.98

%

2.03

%

1.15

%

1.00

%

1.15

%

1.20

%

1.15

%

1.60

%

1.21

%

1.15

%

MC

M

E M

G

MJ

MU

0.82

%

1.40

%

0.92

%

0.80

%

0.56

%

0.56

%

0.80

%

0.56

%

0.51

%

0.72

%

0.70

%

0.71

%

0.83

%

0.68

%

IHG

IHG

0

I(11)

IHE

I(9)

I(8)

XE

X

U

0.86

%

0.48

%

I(6)

I(5)

0.96

%

I(4)

I(2)

0.41

%

0.41

%

0.61

%

IC-D

IE

-D

IG-D

IJ

-D

IU-D

0.56

%

0.69

%

0.66

%

Inst

itutio

nal

IC-C

IE

-C

IG-C

IJ

-C

IU-C

1.30

%

0.91

%

1.06

%

0.92

%

0.92

%

0.92

%

1.41

%

0.92

%

1.15

%

0.66

%

0.75

%

0.56

%

0.56

%

0.52

%

0.75

%

0.56

%

0.52

%

0.66

%

0.61

%

0.66

%

0.81

%

0.61

%

0.51

%

0.60

%

0.60

%

Am

undi

Fun

ds L

atin

Am

eric

a E

quiti

es

Am

undi

Fun

ds M

inim

um V

aria

nce

Eur

ope

Am

undi

Fun

ds R

estru

ctur

ing

Equ

ities

Am

undi

Fun

ds S

elec

t Eur

o

Am

undi

Fun

ds S

elec

t Eur

ope

Am

undi

Fun

ds S

witz

erla

nd

Am

undi

Fun

ds T

haila

nd

Am

undi

Fun

ds U

S In

nova

tive

Com

pani

es

Am

undi

Fun

ds U

S O

ppor

tuni

ties

Am

undi

Fun

ds A

sian

Inco

me

Am

undi

Fun

ds E

mer

ging

Mar

kets

Deb

t

Am

undi

Fun

ds E

uro

Bon

d

Am

undi

Fun

ds E

uro

Cor

pora

te B

ond

Am

undi

Fun

ds E

uro

Gov

ies

Am

undi

Fun

ds E

uro

Hig

h Y

ield

Bon

d

Am

undi

Fun

ds E

uro

Infla

tion

Bon

d

Am

undi

Fun

ds E

uro

Sel

ect B

ond

Am

undi

Fun

ds E

urop

ean

Bon

d

Am

undi

Fun

ds G

loba

l Agg

rega

te

Am

undi

Fun

ds G

loba

l Bon

d

Am

undi

Fun

ds G

loba

l Con

verti

ble

Bon

d

Am

undi

Fun

ds G

loba

l Cor

pora

te B

ond

Am

undi

Fun

ds G

loba

l Inf

latio

n B

ond

Am

undi

Fun

ds L

DI G

ilt P

lus

(GB

P)

Am

undi

Fun

ds L

DI I

ndex

Lin

ked

Plu

s (G

BP

)


231


H

1.46

%

1.15

%

0.31

%

1.14

%

1.43

%

1.46

%

1.40

%

1.39

%

1.45

%

1.94

%

1.93

%

SE

-C

SC

S

E

SG

S

J S

U

1.30

%

0.93

%

0.68

%

0.94

%

1.25

%

2.27

%

1.25

%

1.20

%

1.18

%

1.25

%

1.86

%

1.62

%

1.64

%

1.63

%

0.41

%

0.16

%

AU

-C

0.28

%

AH

G

AU

G

1.58

%

1.96

%

AE

-D

1.18

%

AE

-C

AH

E

1.78

%

AC

-D

AE

-D

AG

-D

AJ-

D

AU

-D

0.26

%

0.31

%

0.34

%

0.38

%

0.35

%

0.83

%

0.60

%

0.84

%

1.11

%

0.92

%

1.09

%

1.08

%

1.15

%

1.32

%

1.35

%

0.36

%

0.16

%

Cla

ssic

AC

-C

AE

-C

AG

-C

AJ-

C

AU

-C

0.35

%

0.35

%

0.39

%

0.36

%

0.43

%

1.55

%

1.16

%

0.85

%

0.67

%

0.85

%

1.15

%

1.62

%

1.14

%

1.10

%

1.13

%

1.16

%

1.14

%

0.99

%

1.34

%

1.35

%

0.36

%

0.16

%

MC

M

E M

G

MJ

MU

0.22

%

0.26

%

0.21

%

0.26

%

0.72

%

0.49

%

0.56

%

4.01

%

0.71

%

0.66

%

0.72

%

0.79

%

0.80

%

0.82

%

0.21

%

0.16

%

IHG

0.70

%

0.89

%

IHG

0

0.71

%

I(11)

0.11

%

IHE

0.75

%

I(9)

I(8)

XE

X

U

I(6)

I(5)

I(4)

I(2)

IC-D

IE

-D

IG-D

IJ

-D

IU-D

0.16

%

0.16

%

0.16

%

0.21

%

0.22

%

0.77

%

0.54

%

0.57

%

0.13

%

Inst

itutio

nal

IC-C

IE

-C

IG-C

IJ

-C

IU-C

0.16

%

0.16

%

0.21

%

0.16

%

0.21

%

0.73

%

0.39

%

0.38

%

0.42

%

0.17

%

0.51

%

0.75

%

0.61

%

0.59

%

0.58

%

0.61

%

0.77

%

0.63

%

0.61

%

0.61

%

0.16

%

0.14

%

Am

undi

Fun

ds In

dex

Eur

o

Am

undi

Fun

ds In

dex

Eur

ope

Am

undi

Fun

ds In

dex

Glo

bal B

ond

(EU

R) H

edge

d

Am

undi

Fun

ds In

dex

Nor

th A

mer

ica

Am

undi

Fun

ds In

dex

Pac

ific

Am

undi

Fun

ds M

ulti

Ass

et P

rote

cted

Am

undi

Fun

ds A

rbitr

age

Infla

tion

Am

undi

Fun

ds A

rbitr

age

VaR

2 (E

UR

)

Am

undi

Fun

ds A

rbitr

age

VaR

2 (G

BP

)

Am

undi

Fun

ds A

rbitr

age

VaR

2 (U

SD

)

Am

undi

Fun

ds A

rbitr

age

VaR

Sho

rt Te

rm

Am

undi

Fun

ds D

ynar

bitra

ge F

orex

Am

undi

Fun

ds D

ynar

bitra

ge F

orex

Asi

a P

acifi

c

Am

undi

Fun

ds D

ynar

bitra

ge H

igh

Yie

ld

Am

undi

Fun

ds D

ynar

bitra

ge V

aR 4

(EU

R)

Am

undi

Fun

ds D

ynar

bitra

ge V

aR 4

(US

D)

Am

undi

Fun

ds D

ynar

bitra

ge V

olat

ility

Am

undi

Fun

ds E

quity

Sta

tistic

al A

rbitr

age

(EU

R)

Am

undi

Fun

ds M

ultim

anag

ers

Long

/Sho

rt E

quity

Am

undi

Fun

ds V

olat

ility

Eur

o E

quiti

es

Am

undi

Fun

ds V

olat

ility

Wor

ld E

quiti

es

Am

undi

Fun

ds E

uro

Res

erve

Am

undi

Fun

ds U

SD

Res

erve


232

HISTORICAL DATA Here are the highest issue prices and the lowest redemption prices of the shares over the last 10 financial years, or if the sub-fund has not been in existence during the whole period, over the whole period in which it has been in existence. Important variation can appear over time in the value of one class of share, due to a corporate action.

Accounting period ending as at : 31/12/10 31/12/10 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08

Name, class and part of the sub-fund Lowest

Bid Price

Highest Offer Price

Lowest Bid

Price

Highest Offer Price

Lowest Bid

Price

Highest Offer Price

Lowest Bid

Price

Highest Offer Price

Amundi Funds Aqua Global - AE (C) 77.01 93.70 65.82 86.85 53.28 90.53 82.18 109.25

Amundi Funds Aqua Global - AE (D) 72.37 87.89 62.38 81.61 50.50 85.95 78.02 104.12

Amundi Funds Aqua Global - IE (C) 786.16 961.85 669.42 887.81 540.68 915.31 828.77 1,097.01

Amundi Funds Aqua Global - ME (C) 89.34 109.31 76.08 100.89 61.45 104.03 97.39 100.45

Amundi Funds Aqua Global - SE (C) 76.06 92.22 65.16 85.71 52.81 89.94 81.78 109.03

Amundi Funds ASEAN New Markets - AU (C) 63.88 95.10 51.26 77.07 34.51 86.48 85.52 126.65

Amundi Funds ASEAN New Markets - AU (D) 53.11 78.92 43.20 64.08 29.08 72.87 72.06 106.73

Amundi Funds ASEAN New Markets - IU (C) 648.20 977.04 521.81 789.75 350.23 872.99 862.96 1,272.26

Amundi Funds ASEAN New Markets - I4 (C) 62.92 94.61 50.13 76.14 33.60 83.45 82.47 121.17

Amundi Funds ASEAN New Markets - I9 (C) 70.46 106.06 56.09 85.29 37.57 93.22 92.12 100.00

Amundi Funds ASEAN New Markets - MU (C) 40.15 95.06 93.97 107.36

Amundi Funds ASEAN New Markets - SU (C) 63.19 93.80 50.83 76.18 34.26 86.10 85.16 126.44

Amundi Funds Asia Pacific Renaissance - AU (C) 13.87 17.24 12.36 16.69 9.18 18.85 17.21 25.44

Amundi Funds Asia Pacific Renaissance - AU (D) 13.82 17.18 12.38 16.63 9.19 18.88 17.21 25.44

Amundi Funds Asia Pacific Renaissance - IU (C) 1,479.51 1,848.26 1,308.90 1,778.64 969.40 1,980.77 1,797.37 2,659.99

Amundi Funds Asia Pacific Renaissance - MU (C) 74.02 92.46 65.47 88.98 48.49 99.05 99.05 110.83

Amundi Funds Asia Pacific Renaissance - SU (C) 13.75 17.05 12.30 16.56 9.15 18.83 17.26 25.48

Amundi Funds Asian Growth - AU (C) 20.53 27.86 17.96 24.62 11.62 24.37 23.52 37.71

Amundi Funds Asian Growth - AU (D) 20.13 27.32 17.75 24.14 11.49 24.08 23.24 37.26

Amundi Funds Asian Growth - IU (C) 2,112.34 2,877.57 1,835.03 2,531.75 1,180.62 2,469.61 2,367.70 3,802.23

Amundi Funds Asian Growth - XU (C) 1,028.97 1,403.68 889.46 1,226.09 570.41 1,191.24 1,137.14 1,827.93

Amundi Funds Asian Growth - MU (C) 79.67 108.31 69.16 94.81 44.49 93.04 90.74 109.23

Amundi Funds Asian Growth - SU (C) 19.75 26.76 17.35 23.70 11.26 23.63 22.88 36.66

Amundi Funds Brazil - AU (C) 89.84 131.74 70.18 118.27 38.20 106.80 89.57 117.26

Amundi Funds Brazil - AU (D) 86.59 125.83 86.59 113.98

Amundi Funds Brazil - IU (C) 911.05 1,332.34 700.40 1,192.58 384.00 1,070.61 895.97 1,174.57

Amundi Funds Brazil - MU (C) 86.60 127.13 86.60 112.04

Amundi Funds Brazil - SU (C) 89.04 130.32 69.79 117.38 38.08 106.64 89.56 117.12

Amundi Funds Clean Planet - AE (C) 65.43 78.47 59.08 78.47 47.10 81.26 78.20 112.03

Amundi Funds Clean Planet - AE (D) 105.98 127.10 95.98 127.10

Amundi Funds Clean Planet - IE (C) 748.09 894.98 671.66 894.98 534.34 918.94 882.11 1,016.11

Amundi Funds Clean Planet - I6 (C) 1,110.54 1,326.06 992.71 1,326.06 788.43 1,352.45 1,294.52 1,841.47

Amundi Funds Clean Planet - SE (C) 73.03 87.72 66.17 87.72 52.83 91.33 88.08 101.58

Amundi Funds Emerging Europe - AE (C) 26.47 34.92 17.30 32.96 11.93 37.84 35.38 47.28

Amundi Funds Emerging Europe - AE (D) 26.34 34.75 17.29 32.80 11.93 37.83 35.37 47.27

Amundi Funds Emerging Europe - IE (C) 2,488.27 3,295.23 1,628.17 3,093.80 1,123.95 3,584.37 3,344.08 4,460.21

Amundi Funds Emerging Europe - ME (C) 59.45 78.99 39.36 74.14 26.41 85.46 83.57 106.00

Amundi Funds Emerging Europe - SE (C) 25.57 33.61 16.75 31.82 11.57 36.79 34.43 46.06

Amundi Funds Emerging Internal Demand - AU (C) 72.08 101.87 58.17 88.32 35.77 87.49 83.03 105.23

Amundi Funds Emerging Internal Demand - AU (D) 104.11 147.13 97.17 127.57 58.77 99.80

Amundi Funds Emerging Internal Demand - IU (C) 727.87 1,025.42 587.46 890.22 360.49 879.64 833.09 1,052.62

Amundi Funds Emerging Internal Demand - MU (C) 77.34 109.00 62.18 94.69 38.00 92.71 92.52 105.46

Amundi Funds Emerging Internal Demand - SU (C) 71.34 100.64 57.77 87.45 35.63 87.25 82.91 105.21

Amundi Funds Emerging Markets - AU (C) 26.01 35.39 22.02 31.71 13.97 32.52 29.16 38.63

Amundi Funds Emerging Markets - AU (D) 25.35 34.44 21.77 30.91 13.82 32.44 29.09 38.53

Amundi Funds Emerging Markets - IU (C) 2,774.42 3,791.37 2,334.18 3,379.51 1,473.94 3,422.46 3,049.39 4,045.35

Amundi Funds Emerging Markets - IU (D) 1,039.50 1,409.37 891.35 1,266.11 563.23 1,330.41 1,192.33 1,572.90

Amundi Funds Emerging Markets - XU (C) 786.98 990.97 495.72 1,146.77 1,018.69 1,352.36

Amundi Funds Emerging Markets - MU (C) 79.26 108.33 66.69 96.55 42.10 97.74 92.50 109.27

Amundi Funds Emerging Markets - SU (C) 24.95 33.87 21.20 30.43 13.51 31.60 28.44 37.64

Amundi Funds Emerging World - AU (C) 79.94 108.7 66.47 98.48 41.36 97.31 92.50 111.60

Amundi Funds Emerging World - IU (C) 808.91 1,104.14 666.67 995.51 415.45 975.26 925.28 1,117.69

Amundi Funds Emerging World - MU (C) 89.93 122.75 89.93 110.67

Amundi Funds Emerging World - SU (C) 79.23 107.55 66.10 97.65 41.24 97.17 92.49 111.52

Amundi Funds Euro Quant - AE (C) 5.79 6.91 5.23 6.90 4.14 7.93 7.77 10.93

Amundi Funds Euro Quant - AE (D) 5.52 6.57 5.07 6.57 4.01 7.81 7.65 10.87

Amundi Funds Euro Quant - IE (C) 617.28 739.79 555.03 734.19 437.47 833.76 815.98 1,139.63

Amundi Funds Euro Quant - ME (C) 58.45 70.05 52.46 69.52 41.35 78.96 77.29 102.36

Amundi Funds Euro Quant - SE (C) 5.57 6.64 5.05 6.64 4.00 7.68 7.53 10.62


233



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Price

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Price

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Amundi Funds Aqua Global - AE (C) 94.86 108.51

Amundi Funds Aqua Global - AE (D) 100.00 103.41

Amundi Funds Aqua Global - IE (C) 950.24 1,088.78

Amundi Funds Aqua Global - ME (C)

Amundi Funds Aqua Global - SE (C) 94.79 108.33

Amundi Funds ASEAN New Markets - AU (C) 99.97 111.04

Amundi Funds ASEAN New Markets - AU (D)

Amundi Funds ASEAN New Markets - IU (C) 999.86 1,112.54

Amundi Funds ASEAN New Markets - I4 (C) 98.28 105.76

Amundi Funds ASEAN New Markets - I9 (C)

Amundi Funds ASEAN New Markets - MU (C)

Amundi Funds ASEAN New Markets - SU (C) 99.97 110.99

Amundi Funds Asia Pacific Renaissance - AU (C) 13.68 19.42 10.94 16.62 10.05 11.58 8.80 13.33

Amundi Funds Asia Pacific Renaissance - AU (D) 13.68 19.42 10.94 16.62 10.05 11.58 8.80 13.33

Amundi Funds Asia Pacific Renaissance - IU (C) 1,417.19 2,025.78 1,124.86 1,719.41 1,027.27 1,187.75 893.17 1,358.21

Amundi Funds Asia Pacific Renaissance - MU (C)

Amundi Funds Asia Pacific Renaissance - SU (C) 13.78 19.49 11.06 16.75 10.19 11.74 8.96 13.54



Amundi Funds Asian Growth - IU (C) 1,623.82 2,627.47 1,333.26 1,958.48 1,048.75 1,363.05 882.09 1,301.96

Amundi Funds Asian Growth - XU (C) 957.99 1,260.92

Amundi Funds Asian Growth - MU (C)


Amundi Funds Brazil - AU (C)

Amundi Funds Brazil - AU (D)

Amundi Funds Brazil - IU (C)

Amundi Funds Brazil - MU (C)

Amundi Funds Brazil - SU (C)

Amundi Funds Clean Planet - AE (C) 94.09 113.61 87.52 103.05 74.47 88.71 69.18 82.82

Amundi Funds Clean Planet - AE (D)

Amundi Funds Clean Planet - IE (C)

Amundi Funds Clean Planet - I6 (C) 1,525.09 1,865.10 1,398.35 1,662.39 1,178.38 1,417.95 1,080.45 1,306.57

Amundi Funds Clean Planet - SE (C)

Amundi Funds Emerging Europe - AE (C) 30.35 41.65 21.38 39.08 17.23 163.65 107.22 172.35

Amundi Funds Emerging Europe - AE (D) 30.35 41.64 21.38 39.07 17.23 161.08 105.54 169.64

Amundi Funds Emerging Europe - IE (C) 2,834.13 3,916.44 1,981.08 3,644.14 1,086.24 1,992.16 865.68 1,401.04

Amundi Funds Emerging Europe - ME (C)

Amundi Funds Emerging Europe - SE (C) 29.74 40.65 21.04 38.32 16.99 163.65 107.22 172.35

Amundi Funds Emerging Internal Demand - AU (C)

Amundi Funds Emerging Internal Demand – AU (D)

Amundi Funds Emerging Internal Demand - IU (C)

Amundi Funds Emerging Internal Demand - MU (C)

Amundi Funds Emerging Internal Demand - SU (C)



Amundi Funds Emerging Markets - IU (C) 2,418.20 3,481.78 1,872.81 2,992.70 1,321.69 1,899.29 1,051.14 1,552.16

Amundi Funds Emerging Markets - IU (D) 945.46 1,361.47

Amundi Funds Emerging Markets - XU (C) 944.29 1,162.50

Amundi Funds Emerging Markets - MU (C)


Amundi Funds Emerging World - AU (C)

Amundi Funds Emerging World - IU (C)

Amundi Funds Emerging World - MU (C)

Amundi Funds Emerging World - SU (C)



Amundi Funds Euro Quant - IE (C) 825.73 1,133.63 711.11 923.73 557.71 714.32 463.67 619.15

Amundi Funds Euro Quant - ME (C)



234



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Amundi Funds Aqua Global - AE (C)

Amundi Funds Aqua Global - AE (D)

Amundi Funds Aqua Global - IE (C)

Amundi Funds Aqua Global - ME (C)

Amundi Funds Aqua Global - SE (C)

Amundi Funds ASEAN New Markets - AU (C)

Amundi Funds ASEAN New Markets - AU (D)

Amundi Funds ASEAN New Markets - IU (C)



Amundi Funds ASEAN New Markets - MU (C)

Amundi Funds ASEAN New Markets - SU (C)

Amundi Funds Asia Pacific Renaissance - AU (C) 7.54 10.11 8.49 10.37 10.01 1,592.35 5.08 1,960.82

Amundi Funds Asia Pacific Renaissance - AU (D) 7.54 10.11 8.49 10.37 9.80 1,592.35 5.08 1,960.82

Amundi Funds Asia Pacific Renaissance - IU (C) 763.35 1,019.00 851.98 1,044.67 1,000.87 1,596.06 5.08 1,962.48

Amundi Funds Asia Pacific Renaissance - MU (C)

Amundi Funds Asia Pacific Renaissance - SU (C) 7.68 10.33 8.49 10.61 10.01 1,592.35 5.08 1,960.82



Amundi Funds Asian Growth - IU (C) 731.35 1,015.11 673.15 1,071.37 3.05 1,012.28 3.61 5.15

Amundi Funds Asian Growth - XU (C)

Amundi Funds Asian Growth - MU (C)


Amundi Funds Brazil - AU (C)

Amundi Funds Brazil - AU (D)

Amundi Funds Brazil - IU (C)

Amundi Funds Brazil - MU (C)

Amundi Funds Brazil - SU (C)

Amundi Funds Clean Planet - AE (C) 59.37 86.20 82.62 107.07

Amundi Funds Clean Planet - AE (D)

Amundi Funds Clean Planet - IE (C)

Amundi Funds Clean Planet - I6 (C) 924.24 1,112.77

Amundi Funds Clean Planet - SE (C)

Amundi Funds Emerging Europe - AE (C) 89.63 111.55 72.63 619.06 544.73 940.93 645.00 1,188.88

Amundi Funds Emerging Europe - AE (D) 88.23 109.79 71.50 609.40 536.22 926.25 634.93 1,170.24

Amundi Funds Emerging Europe - IE (C) 721.41 900.02 784.85 1,065.06

Amundi Funds Emerging Europe - ME (C)

Amundi Funds Emerging Europe - SE (C) 89.63 111.55 72.63 619.06 544.73 940.93 645.00 1,188.88

Amundi Funds Emerging Internal Demand - AU (C)

Amundi Funds Emerging Internal Demand - AU (D)

Amundi Funds Emerging Internal Demand - IU (C)

Amundi Funds Emerging Internal Demand - MU (C)

Amundi Funds Emerging Internal Demand - SU (C)



Amundi Funds Emerging Markets - IU (C) 799.90 1,062.93 705.05 1,140.78 2.28 1,020.67 2.70 4.00

Amundi Funds Emerging Markets - IU (D)

Amundi Funds Emerging Markets - XU (C)

Amundi Funds Emerging Markets - MU (C)


Amundi Funds Emerging World - AU (C)

Amundi Funds Emerging World - IU (C)

Amundi Funds Emerging World - MU (C)

Amundi Funds Emerging World - SU (C)



Amundi Funds Euro Quant - IE (C) 354.04 623.99 580.65 883.68 4.87 1,011.86 3.63 5.64

Amundi Funds Euro Quant - ME (C)



235



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Amundi Funds Europe Smaller Companies - AE (C) 6.30 8.26 5.24 7.33 4.31 8.31 8.00 12.47

Amundi Funds Europe Smaller Companies - AE (D) 6.23 8.16 5.21 7.25 4.29 8.31 8.00 12.47

Amundi Funds Europe Smaller Companies - IE (C) 854.86 1131.49 707.02 996.85 573.78 1,109.41 1,063.27 1,649.68

Amundi Funds Europe Smaller Companies - SE (C) 6.08 7.94 5.07 7.06 4.17 8.07 7.78 12.16

Amundi Funds Europe SRI - AE (C) 63.55 77.45 54.28 73.61 42.30 82.21 80.14 112.29

Amundi Funds Europe SRI - IE (C) 651.5 795.58 553.37 754.40 430.19 832.48 810.82 1,128.16

Amundi Funds Europe SRI - SE (C) 62.94 76.62 53.89 72.93 42.04 81.84 79.81 112.14

Amundi Funds Gems Europe - AE (C) 64.36 78.24 54.63 74.38 44.30 80.02 78.86 102.65

Amundi Funds Gems Europe - AE (D) 64.28 77.28 54.57 74.29 44.27 80.00 79.00 91.40

Amundi Funds Gems Europe - IE (C) 655.54 800.61 553.49 756.98 446.93 804.60 790.68 1,027.13

Amundi Funds Gems Europe - ME (C) 99.05 120.97 97.63 114.37

Amundi Funds Gems Europe - SE (C) 63.71 77.27 54.27 73.66 44.07 79.78 78.75 102.62

Amundi Funds Gems World - AU (C) 63.05 90.69 54.87 80.13 32.00 92.07 77.42 116.40

Amundi Funds Gems World - IU (C) 624.00 900.69 539.04 791.64 313.69 897.61 752.10 1,127.08

Amundi Funds Gems World - IU (D) 305.41 892.52 747.74 1,120.56

Amundi Funds Gems World - MU (C) 111.14 140.99 96.03 140.99

Amundi Funds Gems World - SU (C) 60.13 86.34 52.53 76.47 30.68 88.41 74.42 112.10

Amundi Funds Global Agriculture AU - (C) 66.68 92.56 57.55 82.94 37.52 99.29 89.31 105.79

Amundi Funds Global Agriculture AU - (D) 73.70 102.31 63.61 91.67

Amundi Funds Global Agriculture - AHE (D) 87.70 121.18 87.70 111.22

Amundi Funds Global Agriculture - AE (D) 112.42 145.69 97.25 127.63

Amundi Funds Global Agriculture - IU (C) 681.10 950.88 583.04 844.64 377.58 996.20 893.61 1,060.55

Amundi Funds Global Agriculture - IHE (C) 852.20 1,177.92 740.52 1,081.96

Amundi Funds Global Agriculture - MU (C) 94.87 132.45 94.87 117.65

Amundi Funds Global Agriculture - SU (C) 66.09 91.53 57.24 82.33 37.42 99.16 89.31 105.71

Amundi Funds Global Equities - AU (C) 6.59 8.23 5.70 7.62 4.44 8.68 8.59 10.91

Amundi Funds Global Equities - AU (D) 6.38 7.96 5.53 7.38 4.31 8.68 8.59 10.91

Amundi Funds Global Equities - IU (C) 829.30 1,131.39 730.75 982.59 564.74 1,110.61 1,098.03 1,387.78

Amundi Funds Global Equities - SU (C) 6.34 7.90 5.51 7.34 4.30 8.41 8.32 10.60

Amundi Funds Global Finance - AU (C) 8.41 10.85 8.09 10.87 4.68 12.93 12.30 15.92

Amundi Funds Global Finance - AU (D) 8.25 10.64 7.99 10.66 4.62 12.93 12.30 15.92

Amundi Funds Global Finance - AE (C) 96.87 118.57 86.21 118.57 55.04 106.07

Amundi Funds Global Finance - IU (C) 986.30 1,269.48 939.54 1,269.48 533.18 1,477.74 1,404.96 1,806.72

Amundi Funds Global Finance - MU (C) 68.05 87.59 64.65 87.59 37.32 100.00

Amundi Funds Global Finance - SU (C) 8.11 10.47 7.83 10.51 4.54 12.57 11.96 15.52

Amundi Funds Global Finance - SE (C) 96.60 118.15 86.12 118.15 55.02 106.06

Amundi Funds Global Resources - AU (C) 69.65 94.89 58.73 84.36 39.56 105.29 87.82 106.46

Amundi Funds Global Resources - AU (D) 72.83 99.22 61.41 88.20 51.04 74.57

Amundi Funds Global Resources - IU (C) 711.21 974.54 594.79 858.52 398.00 1,056.06 878.50 1,066.65

Amundi Funds Global Resources - MU (C) 89.14 107.60 89.14 107.60

Amundi Funds Global Resources - SU (C) 69.04 93.82 58.41 83.74 39.46 105.15 87.81 106.38

Amundi Funds Greater China - AU (C) 423.06 579.60 387.91 506.23 201.16 452.63 416.35 739.34

Amundi Funds Greater China - AU (D) 423.01 579.53 387.86 506.13 201.13 452.57 416.33 739.28

Amundi Funds Greater China - IU (C) 441.15 602.81 401.22 524.86 215.47 483.90 442.06 786.18

Amundi Funds Greater China - I2 (D) 109.19 148.54 101.27 131.19 53.67 121.29 112.44 199.52

Amundi Funds Greater China - I4 (C) 269.76 371.75 244.60 321.19 125.68 281.85 256.16 456.08

Amundi Funds Greater China - XU (C) 1,000.50 1,363.79 921.73 1,189.39 495.33 1,110.99 1,010.19 1,798.41

Amundi Funds Greater China - I9 (C) 84.49 116.51 76.51 100.54 39.27 88.03 85.79 100.00

Amundi Funds Greater China - MU (C) 80.12 109.13 73.17 95.36 39.33 88.32 85.11 108.23

Amundi Funds Greater China - SU (C) 22.14 30.27 20.37 26.53 10.59 23.86 22.03 39.08

Amundi Funds India - AU (C) 137.42 194.06 110.36 165.53 62.38 154.38 132.39 249.27

Amundi Funds India - AU (D) 113.8 160.74 91.38 137.07 51.66 127.84 109.63 206.42

Amundi Funds India - IU (C) 1,413.30 2,003.22 1,121.66 1,701.62 638.83 1,573.66 1,348.31 2,529.91

Amundi Funds India - I2 (D) 108.24 153.04 86.71 130.27 49.04 121.73 104.43 196.11

Amundi Funds India - I4 (C) 135.86 192.98 107.89 163.38 60.71 149.15 127.71 239.00

Amundi Funds India - XU (C) 987.64 1,004.46

Amundi Funds India - I9 (C) 85.92 122.11 68.14 103.30 38.32 94.07 80.53 100.00

Amundi Funds India - MU (C) 69.25 98.07 55.20 83.32 31.11 76.64 65.66 100.00

Amundi Funds India - SU (C) 134.88 190.14 108.69 162.55 61.52 152.61 130.93 247.01

Amundi Funds India Infrastructure - AU (C) 58.85 79.5 47.33 70.82 25.56 66.60 58.10 101.49

Amundi Funds India Infrastructure - AU (D) 97.11 131.20 92.13 116.88

Amundi Funds India Infrastructure - IU (C) 572.37 793.88 469.17 704.38 258.06 669.67 583.70 1,015.73

Amundi Funds India Infrastructure - I4 (C) 78.89 107.2 62.75 94.79 33.73 87.25 76.00 106.79

Amundi Funds India Infrastructure - MU (C) 106.40 144.25 84.39 127.61

Amundi Funds India Infrastructure - SU (C) 58.26 78.57 47.03 70.16 25.43 66.42 57.97 101.45


236



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Amundi Funds Europe Smaller Companies - IE (C) 1,104.01 1,637.77 931.35 1,364.72 702.98 935.39 573.66 780.67


Amundi Funds Europe SRI - AE (C) 96.15 112.88

Amundi Funds Europe SRI - IE (C) 963.45 1,133.08

Amundi Funds Europe SRI - SE (C) 96.12 112.78

Amundi Funds Gems Europe - AE (C)

Amundi Funds Gems Europe - AE (D)

Amundi Funds Gems Europe - IE (C)

Amundi Funds Gems Europe - ME (C)

Amundi Funds Gems Europe - SE (C)

Amundi Funds Gems World - AU (C) 100.00 106.91

Amundi Funds Gems World - IU (C) 1,000.00 1,070.52

Amundi Funds Gems World - IU (D) 1,000.00 1,070.52

Amundi Funds Gems World - MU (C)

Amundi Funds Gems World - SU (C) 100.00 106.85

Amundi Funds Global Agriculture AU - (C)

Amundi Funds Global Agriculture AU - (D)

Amundi Funds Global Agriculture - AHE (D)

Amundi Funds Global Agriculture - AE (D)

Amundi Funds Global Agriculture - IU (C)

Amundi Funds Global Agriculture - IHE (C)

Amundi Funds Global Agriculture - MU (C)

Amundi Funds Global Agriculture - SU (C)



Amundi Funds Global Equities - IU (C) 998.51 1,313.51 900.78 1,130 781.93 938.08 721.24 880.47


Amundi Funds Global Finance - AU (C) 12.27 15.64 9.98 13.99 8.68 10.61 7.66 9.74


Amundi Funds Global Finance - AE (C)

Amundi Funds Global Finance - IU (C) 1,366.38 1,768.14 1,102.6 1,555.66 913.84 1,171.35 766.13 978.49

Amundi Funds Global Finance - MU (C)

Amundi Funds Global Finance - SU (C) 12.02 15.27 9.81 13.72 8.56 10.45 7.59 9.62

Amundi Funds Global Finance - SE (C)

Amundi Funds Global Resources - AU (C)

Amundi Funds Global Resources - AU (D)

Amundi Funds Global Resources - IU (C)

Amundi Funds Global Resources - MU (C)

Amundi Funds Global Resources - SU (C)


Amundi Funds Greater China - AU (D) 254.03 466.06 194.42 285.27 156.92 201.86


Amundi Funds Greater China - I2 (D) 95.05 126.13

Amundi Funds Greater China - I4 (C) 154.12 286.19 116.39 172.64 99.63 120.30

Amundi Funds Greater China - XU (C) 973.88 1,128.68

Amundi Funds Greater China - I9 (C)

Amundi Funds Greater China - MU (C)


Amundi Funds India - AU (C) 91.40 159.81 84.29 122.60

Amundi Funds India - AU (D) 75.69 132.33 69.80 101.52

Amundi Funds India - IU (C) 917.44 1,615.46 845.43 1,228.82

Amundi Funds India - I2 (D) 90.93 125.44

Amundi Funds India - I4 (C) 85.97 152.17 79.18 115.03

Amundi Funds India - XU (C)

Amundi Funds India - I9 (C)

Amundi Funds India - MU (C)

Amundi Funds India - SU (C) 91.04 158.67 84.02 122.30

Amundi Funds India Infrastructure - AU (C)

Amundi Funds India Infrastructure - AU (D)

Amundi Funds India Infrastructure - IU (C)

Amundi Funds India Infrastructure - I4 (C)

Amundi Funds India Infrastructure - MU (C)

Amundi Funds India Infrastructure - SU (C)


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Amundi Funds Europe Smaller Companies - IE (C) 482.26 729.79 610.04 975.74 968.51 1,105.42


Amundi Funds Europe SRI - AE (C)

Amundi Funds Europe SRI - IE (C)

Amundi Funds Europe SRI - SE (C)

Amundi Funds Gems Europe - AE (C)

Amundi Funds Gems Europe - AE (D)

Amundi Funds Gems Europe - IE (C)

Amundi Funds Gems Europe - ME (C)

Amundi Funds Gems Europe - SE (C)

Amundi Funds Gems World - AU (C)

Amundi Funds Gems World - IU (C)

Amundi Funds Gems World - IU (D)

Amundi Funds Gems World - MU (C)

Amundi Funds Gems World - SU (C)

Amundi Funds Global Agriculture AU - (C)

Amundi Funds Global Agriculture AU - (D)

Amundi Funds Global Agriculture - AHE (D)

Amundi Funds Global Agriculture - AE (D)

Amundi Funds Global Agriculture - IU (C)

Amundi Funds Global Agriculture - IHE (C)

Amundi Funds Global Agriculture - MU (C)

Amundi Funds Global Agriculture - SU (C)



Amundi Funds Global Equities - IU (C) 604.61 786.76 763.55 1,015.19 983.15 8,251.11


Amundi Funds Global Finance - AU (C) 5.93 8.18 7.04 9.35 8.32 9.29 11.16


Amundi Funds Global Finance - AE (C)

Amundi Funds Global Finance - IU (C) 592.17 813.12 696.14 922.63 9.94 1,011.58 9.29 11.16

Amundi Funds Global Finance - MU (C)

Amundi Funds Global Finance - SU (C) 5.88 8.14 7.02 9.33 8.32 9.29 11.16

Amundi Funds Global Finance - SE (C)

Amundi Funds Global Resources - AU (C)

Amundi Funds Global Resources - AU (D)

Amundi Funds Global Resources - IU (C)

Amundi Funds Global Resources - MU (C)

Amundi Funds Global Resources - SU (C)


Amundi Funds Greater China - AU (D)


Amundi Funds Greater China - I2 (D)


Amundi Funds Greater China - XU (C)


Amundi Funds Greater China - MU (C)


Amundi Funds India - AU (C)

Amundi Funds India - AU (D)

Amundi Funds India - IU (C)

Amundi Funds India - I2 (D)


Amundi Funds India - XU (C)


Amundi Funds India - MU (C)

Amundi Funds India - SU (C)

Amundi Funds India Infrastructure - AU (C)

Amundi Funds India Infrastructure - AU (D)

Amundi Funds India Infrastructure - IU (C)

Amundi Funds India Infrastructure - I4 (C)

Amundi Funds India Infrastructure - MU (C)

Amundi Funds India Infrastructure - SU (C)


238



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Amundi Funds Japan Value - AJ (C) 5,743 7,254 5,657 7,254 4,493 8,366 7,192 11,611

Amundi Funds Japan Value - AJ (D ) 9,618 12,149 9,475 12,149

Amundi Funds Japan Value - IJ (C) 58,872 74,166 57,667 74,166 45,561 84,472 72,434 116,334

Amundi Funds Japan Value - I2 (D) 5,132 6,506 5,097 6,506 4,077 7,663 6,599 10,677

Amundi Funds Japan Value - I9 (C) 6,514 8,197 6,362 8,197 5,012 9,270 9,117 10,000

Amundi Funds Japan Value - SJ (C) 5,675 7,178 5,608 7,178 4,466 8,340 7,179 11,621

Amundi Funds Korea - AU (C) 16.14 22.22 12.96 20.25 8.70 22.15 21.17 31.95

Amundi Funds Korea - AU (D) 16.14 22.24 12.96 20.25 8.70 22.16 21.16 31.94

Amundi Funds Korea - IU (C) 2,007.03 2,775.31 1,601.93 2,516.95 1,072.37 2,717.13 2,590.87 3,900.6

Amundi Funds Korea - I2 (D) 68.73 93.94 55.81 86.32 37.69 97.45 93.14 140.63

Amundi Funds Korea - I4 (C) 112.72 156.38 89.54 141.30 59.82 151.01 143.77 216.02

Amundi Funds Korea - XU (C) 957.62 989.15

Amundi Funds Korea - MU (C) 65.72 90.88 52.44 82.42 35.10 88.93 88.93 101.82

Amundi Funds Korea - SU (C) 15.33 21.05 12.35 19.24 8.30 21.20 20.28 30.66

Amundi Funds Latin America Equities - AU (C) 531.93 768.34 412.08 683.42 239.95 677.47 453.84 739.30

Amundi Funds Latin America Equities - AU (D) 485.91 698.12 383.02 624.29 223.03 635.28 427.41 693.25

Amundi Funds Latin America Equities - IU (C) 5,149.39 7,569.83 4,018.38 6,722.75 2,342.15 6,597.23 4,390.69 7,193.25

Amundi Funds Latin America Equities - XU (C) 1,362.66 1,967.12 1,056.51 1,745.93 613.66 1,725.72 1,143.53 1,880.56

Amundi Funds Latin America Equities - MU (C) 82.16 122.14 64.94 108.35 37.82 106.51 79.70 116.13

Amundi Funds Latin America Equities - SU (C) 520.37 750.26 404.52 668.83 236.21 667.78 448.88 729.05

Amundi Funds Minimum Variance Europe - AE (C) 113.13 137.09 98.77 126.48

Amundi Funds Minimum Variance Europe - IE (C) 1137.77 1,387.86 986.62 1,275.36

Amundi Funds Minimum Variance Europe - ME (C) 93.69 108.65 96.37 100.00

Amundi Funds Restructuring Equities - AE (C) 58.5 72.08 49.92 68.16 42.40 74.34 73.88 100.67

Amundi Funds Restructuring Equities - IE (C) 598.67 743.55 506.92 698.02 425.27 748.61 743.84 1,007.15

Amundi Funds Restructuring Equities - SE (C) 58.09 71.42 49.74 67.72 42.33 74.43 73.96 100.67

Amundi Funds Select Euro - AE (C) 111.74 134.86 100.24 131.83 83.63 110.97

Amundi Funds Select Euro - AE (D) 106.88 127.40 96.38 126.09

Amundi Funds Select Euro - IE (C) 1,131.62 1,372.01 1,007.96 1,333.93 837.80 1,114.19

Amundi Funds Select Euro - SE(C) 118.52 142.73 106.70 139.90

Amundi Funds Select Europe - AE (C) 116.57 143.17 100.73 134.90 82.48 109.52

Amundi Funds Select Europe - AE (D) 112.43 136.43 97.65 130.11

Amundi Funds Select Europe - IE (C) 1,178.84 1454.48 1,011.28 1,363.03 825.11 1,099.17

Amundi Funds Select Europe - SE (C) 129.80 159.05 112.56 150.28

Amundi Funds Switzerland - AC (C) 7.37 8.66 6.38 8.66 5.11 9.31 8.77 12.44

Amundi Funds Switzerland - AC (D) 7.37 8.65 6.40 8.65 5.13 9.34 8.80 12.47

Amundi Funds Switzerland - IC (C) 1,197.76 1,403.85 1,028.04 1,403.85 821.59 1,490.16 1,400.02 1,974.86

Amundi Funds Switzerland - SC (C) 7.10 8.34 6.16 8.34 4.94 9.03 8.52 12.11

Amundi Funds Thaïland - AU (C) 54.83 99.58 41.24 68.52 29.83 64.78 59.10 77.71

Amundi Funds Thaïland - AU (D) 53.24 96.16 40.57 66.53 29.35 64.21 58.55 76.98

Amundi Funds Thaïland - IU (C) 2,597.94 4,744.40 1,945.33 3,249.84 1,400.77 3,032.78 2,748.98 3,635.09

Amundi Funds Thaïland - XU (C) 1,000.00 1,521.49 1,000.00 1,024.74 652.95 1,373.44 1,239.50 1,645.30

Amundi Funds Thaïland - MU (C) 71.93 131.36 53.84 89.98 38.76 83.92 81.55 100.59

Amundi Funds Thaïland - SU (C) 9.36 16.95 7.06 11.69 5.11 11.13 10.19 13.36

Amundi Funds US Innovative Companies - AU (C) 7.48 8.92 6.46 8.79 5.22 9.52 9.10 11.09

Amundi Funds US Innovative Companies - AU (D) 7.48 8.91 6.46 8.79 5.22 9.52 9.10 11.09

Amundi Funds US Innovative Companies - IU (C) 798.42 957.37 685.46 938.66 547.98 1,002.60 956.39 1,162.21

Amundi Funds US Innovative Companies - MU (C) 75.76 90.96 65.14 89.20 51.96 95.25 94.65 100.25

Amundi Funds US Innovative Companies - SU (C) 7.23 8.61 6.27 8.51 5.07 9.27 8.88 10.84

Amundi Funds US Opportunities - AU (C) 8.79 11.02 8.02 10.75 6.22 12.13 11.32 13.79

Amundi Funds US Opportunities - AU (D) 8.79 11.03 8.03 10.75 6.22 12.13 11.33 13.79

Amundi Funds US Opportunities - IU (C) 943.62 1,188.74 853.33 1,151.96 659.06 1,279.92 1,189.35 1,442.86

Amundi Funds US Opportunities - SU (C) 8.10 10.14 7.42 9.91 5.76 11.26 10.53 12.84

Amundi Funds Asian Income - AU (C) 17.13 19.34 15.40 18.02 12.55 16.19 15.73 17.07

Amundi Funds Asian Income - AU (D) 13.31 14.82 12.68 14.00 10.32 14.16 13.76 15.53

Amundi Funds Asian Income - IU (C) 1,774.95 2,011.04 1,592.06 1,871.62 1,292.62 1,666.42 1,618.32 1,751.28

Amundi Funds Asian Income - MU (C) 94.35 102.80 99.81 100.21

Amundi Funds Asian Income - SU (C) 15.6 17.58 14.04 16.39 11.45 14.78 14.37 15.61

Amundi Funds Emerging Markets Debt - AU (C) 22.44 27.57 19.49 24.82 11.57 19.88 18.88 20.56

Amundi Funds Emerging Markets Debt - AU (D) 13.97 16.54 13.19 15.46 7.82 14.53 13.97 15.10

Amundi Funds Emerging Markets Debt - IU (C) 1,580.13 1,940.29 1,368.83 1,744.82 825.73 1,413.42 1,325.27 1,455.52

Amundi Funds Emerging Markets Debt - MU(C) 119.25 146.67 103.73 131.13

Amundi Funds Emerging Markets Debt - SU (C) 21.95 26.93 19.09 24.27 11.34 19.51 18.56 20.19


239



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Amundi Funds Japan Value - AJ (C) 9,482 11,873 9,856 10,260

Amundi Funds Japan Value - AJ (D )

Amundi Funds Japan Value - IJ (C) 94,772 118,629 98,559 102,577

Amundi Funds Japan Value - I2 (D) 9,956 10,930

Amundi Funds Japan Value - I9 (C)

Amundi Funds Japan Value - SJ (C) 9,478 11,890 9,856 10,257


Amundi Funds Korea - AU (D) 16.19 25.43 12.70 19.90 8.18 13.23

Amundi Funds Korea - IU (C) 1,958 3,096.72 1,523.54 2,403.27 8.31 1,583.57 7.23 10.40

Amundi Funds Korea - I2 (D) 78.66 112.00

Amundi Funds Korea - I4 (C) 107.66 171.14 91.74 132.01

Amundi Funds Korea - XU (C)

Amundi Funds Korea - MU (C)




Amundi Funds Latin America Equities - IU (C) 2,906.16 5,337.97 1,943.9 3,739.79 1,191.60 1,994.66 862.16 1,368.50

Amundi Funds Latin America Equities - XU (C) 984.80 1,389.13

Amundi Funds Latin America Equities - MU (C)

Amundi Funds Latin America Equities - SU (C) 300.80 546.73 203.56 387.90 172.95 209.68

Amundi Funds Minimum Variance Europe - AE (C)

Amundi Funds Minimum Variance Europe - IE (C)

Amundi Funds Minimum Variance Europe - ME (C)

Amundi Funds Restructuring Equities - AE (C)

Amundi Funds Restructuring Equities - IE (C)

Amundi Funds Restructuring Equities - SE (C)

Amundi Funds Select Euro - AE (C)

Amundi Funds Select Euro - AE (D)

Amundi Funds Select Euro - IE (C)

Amundi Funds Select Euro - SE(C)

Amundi Funds Select Europe - AE (C)

Amundi Funds Select Europe - AE (D)

Amundi Funds Select Europe - IE (C)

Amundi Funds Select Europe - SE (C)



Amundi Funds Switzerland - IC (C) 1,430.07 1,992.93 1,175.05 1,616.49 6.52 1,184.71 5.45 7.08



Amundi Funds Thaïland - AU (D) 44.40 62.06 39.10 59.21 40.91 52.49 43.37 57.37

Amundi Funds Thaïland - IU (C) 2,076.21 2,910.85 1,791.24 2,755.24 1,862.20 2,397.32 1,087.88 3,075.29

Amundi Funds Thaïland - XU (C) 1,027.54 1,311.63

Amundi Funds Thaïland - MU (C)




Amundi Funds US Innovative Companies - IU (C) 900.20 1,124.00 860.15 981.83 750.59 886.97 712.12 835.02

Amundi Funds US Innovative Companies - MU (C)


Amundi Funds US Opportunities - AU (C) 10.44 13.22 10.08 11.57 8.94 10.44 8.16 9.72

Amundi Funds US Opportunities - AU (D) 10.44 13.23 10.08 11.57 9.20 10.44

Amundi Funds US Opportunities - IU (C) 1,080.98 1,379.77 1,038.09 1,196.44 912.35 1,069.7 828.16 991.20

Amundi Funds US Opportunities - SU (C) 9.77 12.33 9.46 10.83 8.44 9.86 7.73 9.17

Amundi Funds Asian Income - AU (C) 15.29 17.11 14.95 15.60 13.37 15.07 12.70 13.89

Amundi Funds Asian Income - AU (D) 14.69 15.72 14.41 15.23 13.59 15.09

Amundi Funds Asian Income - IU (C) 1,558.92 1,751.11 1,518.45 1,588.32 1,351.65 1,529.52 1,280.67 1,403.52

Amundi Funds Asian Income - MU (C)

Amundi Funds Asian Income - SU (C) 14.01 15.66 13.73 14.31 12.30 13.84 11.69 12.79


Amundi Funds Emerging Markets Debt - AU (D) 13.73 15.25 13.41 14.46 11.84 13.55 11.61

Amundi Funds Emerging Markets Debt - IU (C) 1,260.3 1,442.94 1,157.47 1,302.64 14.10 1,157.47 13.44 14.62

Amundi Funds Emerging Markets Debt - MU(C)



240



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Amundi Funds Japan Value - AJ (C)

Amundi Funds Japan Value - AJ (D )

Amundi Funds Japan Value - IJ (C)

Amundi Funds Japan Value - I2 (D)

Amundi Funds Japan Value - I9 (C)

Amundi Funds Japan Value - SJ (C)


Amundi Funds Korea - AU (D)

Amundi Funds Korea - IU (C) 6.36 9.18 4.81 10.08 4.55 10.00 8.10 14.87

Amundi Funds Korea - I2 (D)

Amundi Funds Korea - I4 (C)

Amundi Funds Korea - XU (C)

Amundi Funds Korea - MU (C)




Amundi Funds Latin America Equities - IU (C) 582.76 885.80 746.01 1,014.38

Amundi Funds Latin America Equities - XU (C)

Amundi Funds Latin America Equities - MU (C)

Amundi Funds Latin America Equities - SU (C)

Amundi Funds Minimum Variance Europe - AE (C)

Amundi Funds Minimum Variance Europe - IE (C)

Amundi Funds Minimum Variance Europe - ME (C)

Amundi Funds Restructuring Equities - AE (C)

Amundi Funds Restructuring Equities - IE (C)

Amundi Funds Restructuring Equities - SE (C)

Amundi Funds Select Euro - AE (C)

Amundi Funds Select Euro - AE (D)

Amundi Funds Select Euro - IE (C)

Amundi Funds Select Euro - SE(C)

Amundi Funds Select Europe - AE (C)

Amundi Funds Select Europe - AE (D)

Amundi Funds Select Europe - IE (C)

Amundi Funds Select Europe - SE (C)



Amundi Funds Switzerland - IC (C) 5.08 913.62 7.96 1,019.69 8.01 10.15 7.96 9.44



Amundi Funds Thaïland - AU (D)

Amundi Funds Thaïland - IU (C) 998.67 1,101.28

Amundi Funds Thaïland - XU (C)

Amundi Funds Thaïland - MU (C)




Amundi Funds US Innovative Companies - IU (C) 606.80 742.80 727.33 918.91 7.13 1,021.92 6.15 8.65

Amundi Funds US Innovative Companies - MU (C)


Amundi Funds US Opportunities - AU (C) 6.76 8.74 8.46 10.50 9.99 34.11

Amundi Funds US Opportunities - AU (D)

Amundi Funds US Opportunities - IU (C) 682.74 881.25 848.24 1,051.69 34.11 1,122.67

Amundi Funds US Opportunities - SU (C) 6.42 8.30 8.17 10.50 9.99 11.22

Amundi Funds Asian Income - AU (C) 11.31 13.46 10.15 11.39 9.99 1,716.43 10.87 1,554.57

Amundi Funds Asian Income - AU (D)

Amundi Funds Asian Income - IU (C) 1,136.07 1,356.10 1,016.30 1,144.20 999.21 1,592.69

Amundi Funds Asian Income - MU (C)

Amundi Funds Asian Income - SU (C) 10.34 12.39 9.95 10.96 9.99 1,716.43 10.87 1,554.57


Amundi Funds Emerging Markets Debt - AU (D) 9.08 12.66 9.45 10.60 9.99 91.11 79.73 88.96

Amundi Funds Emerging Markets Debt - IU (C) 12.27 1,151.07 925.90 1,006.98

Amundi Funds Emerging Markets Debt - MU(C)



241



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Amundi Funds Euro Bond - AE (C) 14.28 15.05 13.80 14.82 12.45 13.79 12.43 13.11

Amundi Funds Euro Bond - AE (D) 10.65 11.52 10.87 11.41 9.91 10.87 10.14 10.70

Amundi Funds Euro Bond - IE (C) 1,447.75 1,528.96 1,397.29 1,501.70 1,259.43 1,396.89 1,250.29 1,323.04

Amundi Funds Euro Bond - I2 (D) 82.88 89.69 85.48 90.86 82.00 87.27 83.87 90.22

Amundi Funds Euro Bond - MU (C) 113.12 119.47 108.78 117.33 97.62 108.73 97.53 103.55

Amundi Funds Euro Bond - SU (C) 13.99 14.74 13.54 14.52 12.24 13.54 12.23 12.90

Amundi Funds Euro Corporate Bond - AE (C) 14.67 15.68 13.01 15.42 11.09 12.99 12.66 13.43

Amundi Funds Euro Corporate Bond - AE (D) 10.4 11.21 9.76 11.13 8.32 10.13 9.92 10.80

Amundi Funds Euro Corporate Bond - IE (C) 1,459.43 1,565.77 1,301.69 1,532.73 1,111.18 1,300.00 1,263.65 1,337.10

Amundi Funds Euro Corporate Bond - IE (D) 1,144.34 1,227.98 1,033.49 1,212.47

Amundi Funds Euro Corporate Bond - I2 (D) 87.30 93.70 83.29 93.70 72.37 87.99 87.15 97.07

Amundi Funds Euro Corporate Bond - ME (C) 113.47 121.74 101.14 119.20 83.91 101.01 95.43 100.10

Amundi Funds Euro Corporate Bond - SE (C) 14.4 15.36 12.78 15.13 10.91 12.76 12.47 13.23

Amundi Funds Euro Govies - AE (C) 97.40 103.25

Amundi Funds Euro Govies - AE (D) 96.08 100.00

Amundi Funds Euro Govies - IE (C) 977.92 1,033.40

Amundi Funds Euro High Yield Bond - AE (C) 13.20 15.64 10.58 14.86 7.80 11.45 11.35 13.41

Amundi Funds Euro High Yield Bond - AE (D) 9.85 11.44 8.44 11.10 6.22 9.75 9.67 12.00

Amundi Funds Euro High Yield Bond - IE (C) 1,472.50 1,764.11 1,143.87 1,665.14 839.11 1,220.32 1,205.83 1,412.45

Amundi Funds Euro High Yield Bond - I2 (D) 77.72 86.93 65.80 86.46 51.53 80.72 80.72 101.86

Amundi Funds Euro High Yield Bond - ME (C) 102.01 121.62 100.00 114.83

Amundi Funds Euro High Yield Bond - SE (C) 12.85 15.19 10.31 14.46 7.61 11.18 11.09 13.12

Amundi Funds Euro Inflation Bond - AE (C) 127.93 135.00 124.37 132.60 111.97 125.16 110.92 120.82

Amundi Funds Euro Inflation Bond - AE (D) 123.21 130.66 121.44 128.35 109.34 122.22 109.74 118.52

Amundi Funds Euro Inflation Bond - IE (C) 1,322.36 1,400.14 1,282.70 1,372.82 1,151.07 1,289.42 1,132.21 1,237.69

Amundi Funds Euro Inflation Bond - ME (C) 108.57 114.97 105.26 112.73 94.52 105.82 97.88 100.20

Amundi Funds Euro Inflation Bond - SE (C) 126.61 133.46 123.24 131.18 111.11 124.07 110.33 120.03

Amundi Funds Euro Select Bond - AE (C) 111.83 112.5 111.35 112.38 107.96 111.36 105.16 107.96

Amundi Funds Euro Select Bond - AE (D) 96.39 101.19 100.68 105.28 102.17 106.45 102.97 105.62

Amundi Funds Euro Select Bond - IE (C) 1,155.09 1,185.64 1,146.30 1,180.31 1,105.93 1,146.37 1,072.08 1,105.93

Amundi Funds Euro Select Bond - ME (C) 99.88 100.47 99.91 100.01

Amundi Funds Euro Select Bond - SE (C) 10.89 10.94 10.86 10.95 10.55 10.86 10.30 10.55

Amundi Funds European Bond - AE (C) 138.26 149.25 129.97 144.79 108.04 130.18 120.23 130.19

Amundi Funds European Bond - AE (D) 104.13 115.18 104.70 111.74 87.03 107.39 101.76 112.06

Amundi Funds European Bond - IE (C) 1,332.39 1,440.18 1,261.29 1,389.32 1,062.97 1,263.33 1,181.17 1,276.81

Amundi Funds European Bond - ME (C) 104.95 113.44 99.32 109.56 83.93 99.47 93.27 100.84

Amundi Funds European Bond - SE (C) 136.74 147.52 128.76 143.23 107.18 128.97 119.34 129.38

Amundi Funds Global Aggregate - AU (C) 148.13 171.21 125.19 161.42 98.62 125.14 98.78 101.22

Amundi Funds Global Aggregate - AU (D) 100.11 100.32 99.86 101.58

Amundi Funds Global Aggregate - IU (C) 1,420.43 1,615.65 1,232.23 1,525.13 991.62 1,231.88 991.08 1,013.86

Amundi Funds Global Aggregate - MU (C) 98.04 105.95 98.04 100.15

Amundi Funds Global Aggregate - SU (C) 147.19 169.84 124.52 160.27 98.36 124.48 98.60 101.13

Amundi Funds Global Bond - AU (C) 22.07 25.48 20.33 23.88 17.12 20.35 17.29 19.58

Amundi Funds Global Bond - AU (D) 16.21 17.98 15.51 17.54 13.06 15.53 14.09 15.55

Amundi Funds Global Bond - IU (C) 2,174.86 2,502.68 2,026.96 2,345.85 1,736.30 2,033.19 1,743.07 1,981.07

Amundi Funds Global Bond - IU (D) 1,970.43 2,177.25 1,880.51 2,126.23 1,607.97 1,882.79 1,740.07 1,919.37

Amundi Funds Global Bond - I5 (D) 981.40 1,166.56 947.72 1,138.82 810.46 962.43 816.79 942.98

Amundi Funds Global Bond - MU (C) 118.34 136.43 110.32 127.86 94.25 110.44 99.42 107.55

Amundi Funds Global Bond - SU (C) 21.65 24.98 19.98 23.44 16.84 20.00 17.05 19.28

Amundi Funds Global Convertible Bond - AE (C) 9.98 10.79 9.26 10.70 8.11 10.22 10.07 12.21

Amundi Funds Global Convertible Bond - AE (D) 9.76 10.52 9.13 10.47 7.99 10.13 9.98 12.15

Amundi Funds Global Convertible Bond - IE (C) 1,180.33 1,282.67 1,088.10 1,263.93 947.85 1,192.78 1,173.49 1,412.51

Amundi Funds Global Convertible Bond - ME (C) 99.65 108.31 91.87 106.71 79.90 100.54

Amundi Funds Global Convertible Bond - SE (C) 10.75 11.61 9.99 11.53 8.76 11.04 10.88 13.22

Amundi Funds Global Corporate Bond - AU (C) 114.31 126.31 101.29 120.00 82.76 101.19 96.94 101.20

Amundi Funds Global Corporate Bond - AU (D) 104.47 114.05 100.00 109.67

Amundi Funds Global Corporate Bond - IU (C) 1,142.81 1,266.87 1,016.56 1,199.74 833.85 1,015.76 972.65 1,013.26

Amundi Funds Global Corporate Bond - SU (C) 113.69 125.42 100.84 119.28 82.46 100.75 96.76 101.14

Amundi Funds Global Inflation Bond - AE (C) 101.92 108.98 99.96 105.43

Amundi Funds Global Inflation Bond - AE (D) 98.43 104.7 98.43 101.82

Amundi Funds Global Inflation Bond - IE (C) 1,022.67 1,098.38 999.77 1,059.79

Amundi Funds Global Inflation Bond - SE (C) 101.81 108.71 99.95 105.26

Amundi Funds LDI Gilt PLus (GBP) - IG (C) 1147.5 1,369.68 1,059.11 1,276.58 863.53 1,110.11 973.52 1,081.08

Amundi Funds LDI Index Linked Plus (GBP) - IG (C) 1,164.25 1,362.05 1,081.36 1,278.91 905.28 1,135.42 10.00 10.35


242



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Amundi Funds Euro Bond - AE (D) 10.13 10.72 10.43 11.40 10.88 113.38 106.32 113.09

Amundi Funds Euro Bond - IE (C) 1,243.00 1,288.26 1,242.79 1,302.46 1,111.47 1,286.89 1,069.78 1,125.6

Amundi Funds Euro Bond - I2 (D) 88.92 95.51 94.23 103.29 101.27 1,181.68 1,069.78 1,125.6

Amundi Funds Euro Bond - MU (C)


Amundi Funds Euro Corporate Bond - AE (C) 13.11 13.53 13.10 13.64 12.46 13.50 11.95 12.61


Amundi Funds Euro Corporate Bond - IE (C) 1,294.99 1,341.10 1,293.93 1,342.89 1,220.76 1,328.11 1,167.78 1,234.88

Amundi Funds Euro Corporate Bond - IE (D)

Amundi Funds Euro Corporate Bond - I2 (D) 96.58 102.41 101.23 109.71 106.06 109.83 105.40 109.03

Amundi Funds Euro Corporate Bond - ME (C)

Amundi Funds Euro Corporate Bond - SE (C) 13.36 12.95 13.50 12.36 13.37 11.88 12.52

Amundi Funds Euro Govies - AE (C)

Amundi Funds Euro Govies - AE (D)

Amundi Funds Euro Govies - IE (C)

Amundi Funds Euro High Yield Bond - AE (C) 12.45 13.61 11.69 12.61 10.79 12.06 9.69 10.91

Amundi Funds Euro High Yield Bond - AE (D) 11.43 12.18 11.34 12.12 10.98 12.06

Amundi Funds Euro High Yield Bond - IE (C) 1,296.66 1,431.65 1,205.12 1,311.65 1,102.31 1,239.52 981.93 1,111.88

Amundi Funds Euro High Yield Bond - I2 (D) 100.24 104.25 100.04 103.18 95.92 105.58 97.51 101.09

Amundi Funds Euro High Yield Bond - ME (C)

Amundi Funds Euro High Yield Bond - SE (C) 12.20 13.31 11.48 12.36 10.63 11.85 9.56 10.74

Amundi Funds Euro Inflation Bond - AE (C) 110.47 116.62 111.85 119.84 105.71 117.93 99.15 106.69

Amundi Funds Euro Inflation Bond - AE (D) 109.30 116.01 111.81 119.81 107.35 117.90

Amundi Funds Euro Inflation Bond - IE (C) 1,127.31 1,186.85 1,135.28 1,213.38 1,064.27 1,192.46 994.26 1,072.82

Amundi Funds Euro Inflation Bond - ME (C)

Amundi Funds Euro Inflation Bond - SE (C) 109.90 116.14 111.53 119.63 110.85 117.80

Amundi Funds Euro Select Bond - AE (C) 102.94 105.13 101.94 102.96 99.80 102.01

Amundi Funds Euro Select Bond - AE (D) 100.88 102.94 99.97 1912.22

Amundi Funds Euro Select Bond - IE (C) 1,044.26 1,071.63 1,024.18 1,044.37 998.49 1,024.66

Amundi Funds Euro Select Bond - ME (C)

Amundi Funds Euro Select Bond - SE (C) 10.10 10.29 10.02 10.10 9.99 10.04


Amundi Funds European Bond - AE (D) 107.43 110.59 107.55 111.74 101.13 109.85 102.90 109.15

Amundi Funds European Bond - IE (C) 1,184.65 1,236.97 1,161.27 1,205.53 1,054.29 1,171.29 1,029.76 1,072.95

Amundi Funds European Bond - ME (C)

Amundi Funds European Bond - SE (C) 121.22 125.77 119.55 123.72 115.56 120.63

Amundi Funds Global Aggregate - AU (C)

Amundi Funds Global Aggregate - AU (D)

Amundi Funds Global Aggregate - IU (C)

Amundi Funds Global Aggregate - MU (C)

Amundi Funds Global Aggregate - SU (C)



Amundi Funds Global Bond - IU (C) 1,661.31 1,774.64 1,598.74 1,691.41 1,474.75 1,692.94 1,311.31 1,559.06

Amundi Funds Global Bond - IU (D) 1,661.30 1,773.09 1,649.60 1,672.26

Amundi Funds Global Bond - I5 (D) 917.20 980.34 944.79 1,017.66

Amundi Funds Global Bond - MU (C)



Amundi Funds Global Convertible Bond - AE (D) 10.21 12.06 9.30 10.68 8.77 9.31 8.63 9.25

Amundi Funds Global Convertible Bond - IE (C) 1,176.60 1,401.97 1,062.48 1,229.39 996.04 1,063.31 8.65 1,048.76

Amundi Funds Global Convertible Bond - ME (C)


Amundi Funds Global Corporate Bond - AU (C)

Amundi Funds Global Corporate Bond - AU (D)

Amundi Funds Global Corporate Bond - IU (C)

Amundi Funds Global Corporate Bond - SU (C)

Amundi Funds Global Inflation Bond - AE (C)

Amundi Funds Global Inflation Bond - AE (D)

Amundi Funds Global Inflation Bond - IE (C)

Amundi Funds Global Inflation Bond - SE (C)

Amundi Funds LDI Gilt PLus (GBP) - IG (C) 978.03 1,031.37

Amundi Funds LDI Index Linked Plus (GBP) - IG (C) 10.21 10.59 10.44 11.02 10.62 11.00 10.57 10.95


243



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Lowest Bid

Price

Highest Offer Price


Amundi Funds Euro Bond - AE (D) 104.21 114.73

Amundi Funds Euro Bond - IE (C) 1,000.00 1,105.97

Amundi Funds Euro Bond - I2 (D) 1,000.00 1,105.97

Amundi Funds Euro Bond - MU (C)


Amundi Funds Euro Corporate Bond - AE (C) 10.70 12.25 10.39 10.90 1.97 10.45 2.00


Amundi Funds Euro Corporate Bond - IE (C) 1,040.98 1,195.88 1,007.69 1,058.74 1.97 1,013.56 2.00

Amundi Funds Euro Corporate Bond - IE (D)

Amundi Funds Euro Corporate Bond - I2 (D) 100.00 108.89

Amundi Funds Euro Corporate Bond - ME (C)

Amundi Funds Euro Corporate Bond - SE (C) 10.66 12.18 10.37 10.88 1.97 10.44 1.93 2.00

Amundi Funds Euro Govies - AE (C)

Amundi Funds Euro Govies - AE (D)

Amundi Funds Euro Govies - IE (C)

Amundi Funds Euro High Yield Bond - AE (C) 8.17 9.82 8.50 10.00 9.92 10.16

Amundi Funds Euro High Yield Bond - AE (D)

Amundi Funds Euro High Yield Bond - IE (C) 825.88 993.78 863.05 1,003.14 991.39 1,018.23

Amundi Funds Euro High Yield Bond - I2 (D)

Amundi Funds Euro High Yield Bond - ME (C)

Amundi Funds Euro High Yield Bond - SE (C) 8.10 9.68 8.50 10.00 9.92 10.15

Amundi Funds Euro Inflation Bond - AE (C) 97.49 103.09

Amundi Funds Euro Inflation Bond - AE (D)

Amundi Funds Euro Inflation Bond - IE (C) 975.74 1,032.56

Amundi Funds Euro Inflation Bond - ME (C)

Amundi Funds Euro Inflation Bond - SE (C)

Amundi Funds Euro Select Bond - AE (C)

Amundi Funds Euro Select Bond - AE (D)

Amundi Funds Euro Select Bond - IE (C)

Amundi Funds Euro Select Bond - ME (C)

Amundi Funds Euro Select Bond - SE (C)


Amundi Funds European Bond - AE (D) 100.29 111.30 98.90 101.05

Amundi Funds European Bond - IE (C) 996.64 1,081.62

Amundi Funds European Bond - ME (C)

Amundi Funds European Bond - SE (C)

Amundi Funds Global Aggregate - AU (C)

Amundi Funds Global Aggregate - AU (D)

Amundi Funds Global Aggregate - IU (C)

Amundi Funds Global Aggregate - MU (C)

Amundi Funds Global Aggregate - SU (C)



Amundi Funds Global Bond - IU (C) 1,137.01 1,438.43 977.22 1,153.32 3.13 1,006.29 3.13 3.49

Amundi Funds Global Bond - IU (D)

Amundi Funds Global Bond - I5 (D)

Amundi Funds Global Bond - MU (C)



Amundi Funds Global Convertible Bond - AE (D) 8.04 8.70 8.43 9.71 9.61 9.94

Amundi Funds Global Convertible Bond - IE (C) 8.06 8.73 8.43 978.50 1.89 1,001.13 1.94 2.04

Amundi Funds Global Convertible Bond - ME (C)


Amundi Funds Global Corporate Bond - AU (C)

Amundi Funds Global Corporate Bond - AU (D)

Amundi Funds Global Corporate Bond - IU (C)

Amundi Funds Global Corporate Bond - SU (C)

Amundi Funds Global Inflation Bond - AE (C)

Amundi Funds Global Inflation Bond - AE (D)

Amundi Funds Global Inflation Bond - IE (C)

Amundi Funds Global Inflation Bond - SE (C)

Amundi Funds LDI Gilt PLus (GBP) - IG (C)

Amundi Funds LDI Index Linked Plus (GBP) - IG (C) 10.29 10.99 10.06 10.36 3.69 10.27 3.66 3.79


244



Bid Price

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Lowest Bid

Price

Highest Offer Price

Lowest Bid

Price

Highest Offer Price

Lowest Bid

Price

Highest Offer Price

Amundi Funds Index Euro - AE (C) 84.53 100.51 74.09 99.76 57.52 101.55

Amundi Funds Index Euro - AE (D) 110.58 130.47 97.40 130.47

Amundi Funds Index Euro - IE (C) 848.07 1,009.56 742.06 1,000.62 575.71 1,015.55

Amundi Funds Index Euro - IE (D) 825.52 974.01 742.06 974.01 575.71 1,015.55

Amundi Funds Index Euro - ME (C) 96.05 114.31 96.05 113.33

Amundi Funds Index Europe - AE (C) 89.49 109.29 74.62 103.65 58.75 100.00

Amundi Funds Index Europe - AE (D) 103.75 123.33 98.16 120.14

Amundi Funds Index Europe - IE (C) 897.83 1,097.74 747.34 1,039.61 587.97 1,000.00

Amundi Funds Index Europe - IE (D) 875.29 1,040.13 747.35 1,013.55 587.98 1,000.00

Amundi Funds Index Europe - ME (C) 132.60 162.08 110.43 153.56 86.89 120.15

Amundi Funds Index Global Bond (EUR) Hedged - AE (C) 107.23 114.82 105.41 112.01 100.14 106.94

Amundi Funds Index Global Bond (EUR) Hedged - AE (D) 100.98 108.40 100.03 105.78

Amundi Funds Index Global Bond (EUR) Hedged - IE (C) 1,075.01 1,149.19 1,055.96 1,120.46 1,001.62 1,070.06

Amundi Funds Index Global Bond (EUR) Hedged - ME (C) 101.91 108.90 100.12 106.19

Amundi Funds Index North America - AE (C) 97.08 122.97 78.63 116.91 66.15 102.09

Amundi Funds Index North America - AE (D) 111.14 138.46 99.69 133.81

Amundi Funds Index North America - AU-C (C) 92.53 115.41 93.29 109.89

Amundi Funds Index North America - IE (C) 973.36 1,235.15 787.46 1,172.74 662.07 1,020.97

Amundi Funds Index North America - IE (D) 960.05 1,196.45 787.46 1,156.69 662.07 1,020.97

Amundi Funds Index North America - ME (C) 113.81 144.35 92.10 137.10

Amundi Funds Index Pacific - AE (C) 123.00 152.86 104.55 140.75 85.26 111.44

Amundi Funds Index Pacific - AE (D) 106.33 129.41 95.95 121.64

Amundi Funds Index Pacific - IE (C) 1,232.18 1,532.71 1,046.46 1,410.15 852.93 1,115.34

Amundi Funds Index Pacific - IE (D) 1,219.33 1,485.41 1,046.45 1,395.45 852.92 1,115.33

Amundi Funds Index Pacific - ME (C) 107.92 134.18 100.00 123.50

Amundi Funds Multi Asset Protected - AE (C) 95.82 105.96 97.01 105.96

Amundi Funds Arbitrage Inflation - AE (C) 105.66 108.77 106.89 108.77 104.80 108.31 100.93 105.27

Amundi Funds Arbitrage Inflation - H (C) 106.28 109.71 107.66 109.76 106.05 109.39 102.18 106.73

Amundi Funds Arbitrage Inflation - IE (C) 1,078.62 1,105.38 1,088.25 1,105.38 1,057.24 1,096.64 1,014.41 1,062.55

Amundi Funds Arbitrage Inflation - ME (C) 103.03 105.74 104.03 105.74 101.20 104.95 99.40 101.76

Amundi Funds Arbitrage Inflation - SE (C) 104.69 107.92 105.99 107.94 104.15 107.54 100.58 104.75

Amundi Funds Arbitrage VaR 2 EUR - AE (C) 116.05 118.04 109.73 118.02 96.81 110.14 105.21 108.05

Amundi Funds Arbitrage VaR 2 EUR - AE (D) 101.68 103.27 98.86 103.27 87.46 103.62 98.97 103.40

Amundi Funds Arbitrage VaR 2 EUR - H (C) 113.09 115.11 107.31 115.11 95.63 108.85 104.21 106.85

Amundi Funds Arbitrage VaR 2 EUR - IE (C) 1,179.50 1,202.25 1,114.99 1,199.36 981.71 1,116.14 1,062.78 1,094.05

Amundi Funds Arbitrage VaR 2 EUR - ME (C) 109.82 111.84 103.64 111.57 91.43 103.79 99.38 101.97

Amundi Funds Arbitrage VaR 2 EUR - SE (C) 115.25 117.16 109.13 117.12 96.48 109.77 104.93 107.72

Amundi Funds Arbitrage VaR 2 GBP - AG (C) 115.49 118.25 115.49 118.25 107.43 117.35 111.40 114.87

Amundi Funds Arbitrage VaR 2 GBP - AG (D) 96.87 99.18 96.89 100.69 92.90 106.27 100.97 103.97

Amundi Funds Arbitrage VaR 2 GBP - H (C) 115.40 118.05 115.33 118.05 106.99 116.71 110.41 114.13

Amundi Funds Arbitrage VaR 2 GBP - IG (C) 1,182.92 1,210.07 1,144.12 1,210.07 1,090.28 1,190.21 1,125 1,164.03

Amundi Funds Arbitrage VaR 2 GBP - IG (D) 976.65 1,000.31 978.09 1,016.69 935.41 1,075.62 1,018.19 1,064.58

Amundi Funds Arbitrage VaR 2 GBP - SG (C) 114.74 117.48 114.74 117.48 107.04 117.00 111.16 114.49

Amundi Funds Arbitrage VaR 2 USD - AU (C) 120.27 122.43 117.08 122.43 107.09 117.11 110.55 113.15

Amundi Funds Arbitrage VaR 2 USD - AU (D) 102.88 104.87 101.41 104.87 92.80 103.75 99.89 103.80

Amundi Funds Arbitrage VaR 2 USD - H (C) 134.77 137.42 131.80 137.42 120.90 131.84 109.29 127.70

Amundi Funds Arbitrage VaR 2 USD - IU (C) 1,228.64 1,248.57 1,192.37 1,248.57 1,087.85 1,192.69 1,119.94 1,146.73

Amundi Funds Arbitrage VaR 2 USD - SU (C) 119.53 121.88 116.69 121.88 106.84 116.72 110.35 112.95

Amundi Funds Arbitrage VaR Short Term - IE (C) 999.66 1,005.39 999.66 1,005.31

Amundi Funds Dynarbitrage Forex - AE (C) 106.97 110.23 104.79 110.22 100.71 106.65 98.76 104.22

Amundi Funds Dynarbitrage Forex - AE (D) 100.87 104.51 98.74 104.51

Amundi Funds Dynarbitrage Forex - H (C) 106.66 110.02 104.56 110.02 99.27 106.68 98.72 104.08

Amundi Funds Dynarbitrage Forex - IE (C) 1,069.98 1,110.38 1,046.68 1,105.95 1,022.74 1,081.14 1,002.32 1,060.05

Amundi Funds Dynarbitrage Forex - ME (C) 104.3 107.83 102.21 107.44 96.37 103.89 96.10 100.64

Amundi Funds Dynarbitrage Forex - SE (C) 107.45 110.73 105.29 110.73 99.81 107.34 99.00 104.45

Amundi Funds Dynarbitrage Forex Asia Pacific - AJ (C) 10,270.00 10,408.91 121.20 124.84 116.98 123.92 108.21 117.83

Amundi Funds Dynarbitrage Forex Asia Pacific - AJ (D) 99.59 100.03

Amundi Funds Dynarbitrage Forex Asia Pacific - IJ (C) 104,953.00 106,364.69 1,231.81 1,272.36 1,180.66 1,256.39 1,085.55 1,188.61

Amundi Funds Dynarbitrage Forex Asia Pacific - MJ (C) 8,323.13 8,422.01 100.00 100.79

Amundi Funds Dynarbitrage Forex Asia Pacific - SJ (C) 10,279.00 10,417.62 121.42 125.02 116.94 124.55 108.09 118.16


245



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Price

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Lowest Bid

Price

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Amundi Funds Index Euro - AE (C)

Amundi Funds Index Euro - AE (D)

Amundi Funds Index Euro - IE (C)

Amundi Funds Index Euro - IE (D)

Amundi Funds Index Euro - ME (C)

Amundi Funds Index Europe - AE (C)

Amundi Funds Index Europe - AE (D)

Amundi Funds Index Europe - IE (C)

Amundi Funds Index Europe - IE (D)

Amundi Funds Index Europe - ME (C)

Amundi Funds Index Global Bond (EUR) Hedged - AE (C)

Amundi Funds Index Global Bond (EUR) Hedged - AE (D)

Amundi Funds Index Global Bond (EUR) Hedged - IE (C)

Amundi Funds Index Global Bond (EUR) Hedged - ME (C)

Amundi Funds Index North America - AE (C)

Amundi Funds Index North America - AE (D)

Amundi Funds Index North America - AU-C (C)

Amundi Funds Index North America - IE (C)

Amundi Funds Index North America - IE (D)

Amundi Funds Index North America - ME (C)

Amundi Funds Index Pacific - AE (C)

Amundi Funds Index Pacific - AE (D)

Amundi Funds Index Pacific - IE (C)

Amundi Funds Index Pacific - IE (D)

Amundi Funds Index Pacific - ME (C)

Amundi Funds Multi Asset Protected - AE (C)

Amundi Funds Arbitrage Inflation - AE (C) 99.76 100.94 99.10 100.32

Amundi Funds Arbitrage Inflation - H (C) 100.00 102.17 99.30 100.54

Amundi Funds Arbitrage Inflation - IE (C) 1,000.81 1,014.38 990.58 1,004.60

Amundi Funds Arbitrage Inflation - ME (C)

Amundi Funds Arbitrage Inflation - SE (C) 99.50 100.59 99.06 100.14

Amundi Funds Arbitrage VaR 2 EUR - AE (C) 102.91 107.09 100.24 103.14 99.94 100.32

Amundi Funds Arbitrage VaR 2 EUR - AE (D) 100.07 103.55 99.78 100.33

Amundi Funds Arbitrage VaR 2 EUR - H (C) 102.38 106.20 100.10 102.70

Amundi Funds Arbitrage VaR 2 EUR - IE (C) 1,033.33 1,078.38 1,003.40 1,035.61 999.49 1,004.55

Amundi Funds Arbitrage VaR 2 EUR - ME (C)

Amundi Funds Arbitrage VaR 2 EUR - SE (C) 102.79 106.84 100.23 103.07 99.92 100.36

Amundi Funds Arbitrage VaR 2 GBP - AG (C) 105.76 112.16 100.84 105.95 99.94 100.88

Amundi Funds Arbitrage VaR 2 GBP - AG (D) 100.13 103.65

Amundi Funds Arbitrage VaR 2 GBP - H (C) 104.43 111.07 100.14 104.60

Amundi Funds Arbitrage VaR 2 GBP - IG (C) 1,063.27 1,131.25 1,009.02 1,065.06 999.43 1,009.38

Amundi Funds Arbitrage VaR 2 GBP - IG (D) 1,001.05 1,062.96 1,000 1,000

Amundi Funds Arbitrage VaR 2 GBP - SG (C) 105.68 111.95 100.82 105.87 99.94 100.83

Amundi Funds Arbitrage VaR 2 USD - AU (C) 105.46 111.74 100.36 105.62 99.91 100.45

Amundi Funds Arbitrage VaR 2 USD - AU (D) 99.92 103.75

Amundi Funds Arbitrage VaR 2 USD - H (C) 104.84 110.72 100.00 105.00

Amundi Funds Arbitrage VaR 2 USD - IU (C) 1,061.27 1,128.35 1,005.13 1,062.84 999.23 1,005.98

Amundi Funds Arbitrage VaR 2 USD - SU (C) 105.50 111.66 100.40 105.66 99.91 100.49

Amundi Funds Arbitrage VaR Short Term - IE (C)

Amundi Funds Dynarbitrage Forex - AE (C) 99.10 104.65 98.38 101.89

Amundi Funds Dynarbitrage Forex - AE (D)

Amundi Funds Dynarbitrage Forex - H (C) 98.72 103.85 98.03 101.56

Amundi Funds Dynarbitrage Forex - IE (C) 995.24 1,053 987.67 1,020.5

Amundi Funds Dynarbitrage Forex - ME (C)

Amundi Funds Dynarbitrage Forex - SE (C) 99.00 104.38 98.30 101.75

Amundi Funds Dynarbitrage Forex Asia Pacific - AJ (C) 99.94 109.48

Amundi Funds Dynarbitrage Forex Asia Pacific - AJ (D)

Amundi Funds Dynarbitrage Forex Asia Pacific - IJ (C) 999.50 1,098.00

Amundi Funds Dynarbitrage Forex Asia Pacific - MJ (C)

Amundi Funds Dynarbitrage Forex Asia Pacific - SJ (C) 99.94 109.37


246



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Price

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Price

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Lowest Bid

Price

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Amundi Funds Index Euro - AE (C)

Amundi Funds Index Euro - AE (D)

Amundi Funds Index Euro - IE (C)

Amundi Funds Index Euro - IE (D)

Amundi Funds Index Euro - ME (C)

Amundi Funds Index Europe - AE (C)

Amundi Funds Index Europe - AE (D)

Amundi Funds Index Europe - IE (C)

Amundi Funds Index Europe - IE (D)

Amundi Funds Index Europe - ME (C)

Amundi Funds Index Global Bond (EUR) Hedged - AE (C)

Amundi Funds Index Global Bond (EUR) Hedged - AE (D)

Amundi Funds Index Global Bond (EUR) Hedged - IE (C)

Amundi Funds Index Global Bond (EUR) Hedged - ME (C)

Amundi Funds Index North America - AE (C)

Amundi Funds Index North America - AE (D)

Amundi Funds Index North America - AU-C (C)

Amundi Funds Index North America - IE (C)

Amundi Funds Index North America - IE (D)

Amundi Funds Index North America - ME (C)

Amundi Funds Index Pacific - AE (C)

Amundi Funds Index Pacific - AE (D)

Amundi Funds Index Pacific - IE (C)

Amundi Funds Index Pacific - IE (D)

Amundi Funds Index Pacific - ME (C)

Amundi Funds Multi Asset Protected - AE (C)

Amundi Funds Arbitrage Inflation - AE (C)

Amundi Funds Arbitrage Inflation - H (C)

Amundi Funds Arbitrage Inflation - IE (C)

Amundi Funds Arbitrage Inflation - ME (C)

Amundi Funds Arbitrage Inflation - SE (C)

Amundi Funds Arbitrage VaR 2 EUR - AE (C)

Amundi Funds Arbitrage VaR 2 EUR - AE (D)

Amundi Funds Arbitrage VaR 2 EUR - H (C)

Amundi Funds Arbitrage VaR 2 EUR - IE (C)

Amundi Funds Arbitrage VaR 2 EUR - ME (C)

Amundi Funds Arbitrage VaR 2 EUR - SE (C)

Amundi Funds Arbitrage VaR 2 GBP - AG (C)

Amundi Funds Arbitrage VaR 2 GBP - AG (D)

Amundi Funds Arbitrage VaR 2 GBP - H (C)

Amundi Funds Arbitrage VaR 2 GBP - IG (C)

Amundi Funds Arbitrage VaR 2 GBP - IG (D)

Amundi Funds Arbitrage VaR 2 GBP - SG (C)

Amundi Funds Arbitrage VaR 2 USD - AU (C)

Amundi Funds Arbitrage VaR 2 USD - AU (D)

Amundi Funds Arbitrage VaR 2 USD - H (C)

Amundi Funds Arbitrage VaR 2 USD - IU (C)

Amundi Funds Arbitrage VaR 2 USD - SU (C)

Amundi Funds Arbitrage VaR Short Term - IE (C)

Amundi Funds Dynarbitrage Forex - AE (C)

Amundi Funds Dynarbitrage Forex - AE (D)

Amundi Funds Dynarbitrage Forex - H (C)

Amundi Funds Dynarbitrage Forex - IE (C)

Amundi Funds Dynarbitrage Forex - ME (C)

Amundi Funds Dynarbitrage Forex - SE (C)

Amundi Funds Dynarbitrage Forex Asia Pacific - AJ (C)

Amundi Funds Dynarbitrage Forex Asia Pacific - AJ (D)

Amundi Funds Dynarbitrage Forex Asia Pacific - IJ (C)

Amundi Funds Dynarbitrage Forex Asia Pacific - MJ (C)

Amundi Funds Dynarbitrage Forex Asia Pacific - SJ (C)


247



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Price

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Amundi Funds Dynarbitrage High Yield - AE (C) 99.09 103.55 94.22 101.46 82.69 97.07 96.63 102.73

Amundi Funds Dynarbitrage High Yield - AE (D) 99.21 103.27 99.21 100.83

Amundi Funds Dynarbitrage High Yield - H (C) 100.61 104.63 95.44 102.38 82.17 96.64 96.35 102.55

Amundi Funds Dynarbitrage High Yield - IE (C) 1,032.31 1,077.27 975.56 1,052.13 835.72 979.14 972.08 1,030.92

Amundi Funds Dynarbitrage High Yield - ME (C) 104.68 109.54 96.83 107.02 82.97 97.24 96.65 100.31

Amundi Funds Dynarbitrage High Yield - SE (C) 101.16 105.25 95.80 103.09 82.47 96.86 96.46 102.62

Amundi Funds Dynarbitrage VaR 4 (EUR) - AE (C) 109.46 113.29 103.12 113.29 88.92 107.02 102.07 110.32

Amundi Funds Dynarbitrage VaR 4 (EUR) - AE (D) 92.83 96.06 91.29 96.06 78.72 98.53 93.97 103.86

Amundi Funds Dynarbitrage VaR 4 (EUR) - H (C) 106.86 110.84 100.92 110.84 87.20 105.02 100.26 108.60

Amundi Funds Dynarbitrage VaR 4 (EUR) - IE (C) 1,122.85 1,161.32 1,051.73 1,161.32 903.57 1,086.88 1,034.20 1,113.41

Amundi Funds Dynarbitrage VaR 4 (EUR) - ME (C) 102.43 106.34 96.35 106.34 82.83 99.45 94.87 100.50

Amundi Funds Dynarbitrage VaR 4 (EUR) - SE (C) 108.75 112.55 102.63 112.55 88.56 106.68 101.75 110.06

Amundi Funds Dynarbitrage VaR 4 (USD) - AU (C) 107.81 110.93 102.25 110.93 90.18 102.34 96.31 103.40

Amundi Funds Dynarbitrage VaR 4 (USD) - AU (D) 98.5 101.33 95.76 101.33 84.45 96.64 93.16 101.75

Amundi Funds Dynarbitrage VaR 4 (USD) - H (C) 106.43 109.5 101.24 109.50 89.60 101.34 95.87 103.03

Amundi Funds Dynarbitrage VaR 4 (USD) - IU (C) 1,092.73 1,123.87 1,035.11 1,123.87 909.18 1,035.81 968.35 1,035.78

Amundi Funds Dynarbitrage VaR 4 (USD) - SU (C) 106.39 110.28 101.74 110.28 89.79 101.83 95.94 103.13

Amundi Funds Dynarbitrage Volatility - AE (C) 114.73 117.22 114.73 116.46 109.81 115.64 105.21 109.81

Amundi Funds Dynarbitrage Volatility - AE (D) 103.00 105.22 103.00 104.84 100.01 104.69 99.85 102.04

Amundi Funds Dynarbitrage Volatility - H (C) 113.47 115.76 113.47 115.14 109.11 114.70 104.81 109.11

Amundi Funds Dynarbitrage Volatility - IE (C) 1,170.29 1,198.77 1,170.29 1,188.41 1,111.28 1,173.84 1,059.62 1,111.28

Amundi Funds Dynarbitrage Volatility - IE (D) 989.81 1,002.30 989.81 1,002.30

Amundi Funds Dynarbitrage Volatility - ME (C) 107.98 110.55 107.98 109.64 102.65 108.40 99.55 102.65

Amundi Funds Dynarbitrage Volatility - SE (C) 114.03 116.44 114.03 115.73 109.34 115.02 104.85 109.34

Amundi Funds Equity Statistical Arbitrage (EUR) - AE (C) 93.13 99.56 93.13 100.53

Amundi Funds Equity Statistical Arbitrage (EUR) - IE (C) 934.92 997.26 934.92 1,008.20

Amundi Funds Equity Statistical Arbitrage (EUR) - IE (D) 929.34 987.59 929.34 1,007.44

Amundi Funds Equity Statistical Arbitrage (EUR) - ME (C) 91.76 97.59 91.76 98.98

Amundi Funds Equity Statistical Arbitrage (EUR) - SE (C) 92.69 98.19 92.69 100.46

Amundi Funds Multimanagers Long/Short Equity - AE (C) 97.23 100.82 97.36 100.82

Amundi Funds Multimanagers Long/Short Equity - IE (C) 974.21 1009.1 975.47 1,009.10

Amundi Funds Multimanagers Long/Short Equity - SE (C) 97.16 100.79 97.29 100.79

Amundi Funds Volatility Euro Equities - AE (C) 136.85 151.34 136.85 149.49 113.18 141.22 102.72 119.17

Amundi Funds Volatility Euro Equities - AE (D) 123.17 136.45 123.17 134.87 102.32 127.65 96.63 108.74

Amundi Funds Volatility Euro Equities - AHG (D) 96.70 106.2 96.70 104.84

Amundi Funds Volatility Euro Equities - H (C) 133.67 147.92 133.67 146.46 111.48 138.62 102.01 117.86

Amundi Funds Volatility Euro Equities - IE (C) 1,397.32 1,549.93 1,397.32 1,526.60 1,144.65 1,434.63 1,028.35 1,199.27

Amundi Funds Volatility Euro Equities - IE (D) 1,000.00 1,015.62 1,000.00 1,001.52

Amundi Funds Volatility Euro Equities - IHG0 (D) 980.36 1,088.08 980.36 1,071.82

Amundi Funds Volatility Euro Equities - IHG (D) 967.16 1,063.35 967.16 1,047.19

Amundi Funds Volatility Euro Equities - ME (C) 123.28 136.91 123.28 134.98 101.22 126.71 96.47 106.19

Amundi Funds Volatility Euro Equities - SE (C) 135.01 149.62 135.01 148.03 112.13 139.66 102.20 118.30

Amundi Funds Volatility World Equities - AU (C) 129.46 141.24 129.46 139.30 104.99 135.07 98.86 109.94

Amundi Funds Volatility World Equities - AU (D) 116.45 127.35 116.45 125.49 99.99 121.51

Amundi Funds Volatility World Equities - AHE (C) 95.29 103.91 95.29 102.59

Amundi Funds Volatility World Equities - AHG (D) 99.80 108.05 99.80 106.59

Amundi Funds Volatility World Equities - H (C) 127.63 139.27 127.63 137.38 104.39 133.80 98.80 109.74

Amundi Funds Volatility World Equities - IU (C) 1,316.36 1,446.30 1,316.36 1,423.17 1,055.88 1,367.54 989.58 1,102.53

Amundi Funds Volatility World Equities - IU (D) 987.09 1,074.06 987.09 1,057.72

Amundi Funds Volatility World Equities - IHE(D) 978.77 1063.47 978.77 1,049.53

Amundi Funds Volatility World Equities - IHG (D) 966.43 1,045.82 966.43 1,036.73

Amundi Funds Volatility World Equities - MU (C) 95.89 104.78 95.89 103.24

Amundi Funds Volatility World Equities - SU (C) 128.47 140.02 128.47 138.15 104.63 134.36 98.82 109.82

Amundi Funds Euro Reserve - AE (C) 12.33 12.36 12.31 12.34 12.00 12.31 11.55 12.00

Amundi Funds Euro Reserve - AE (D) 10.13 10.15 10.13 10.38 10.21 10.60 10.18 10.49

Amundi Funds Euro Reserve - IE (C) 1,214.40 1,220.05 1,211.63 1,216.57 1,177.54 1,211.61 1,130.67 1,177.54

Amundi Funds Euro Reserve - IE (D) 1,001.43 1,005.40 1,001.39 1,004.32

Amundi Funds Euro Reserve - I11 (C) 1,033.65 1,038.96 1,031.04 1,035.74 1,001.53 1,031.02 1,000.00 1,001.53

Amundi Funds Euro Reserve - ME (C) 105.69 106.13 105.48 105.85 102.57 105.47 100.00 102.57

Amundi Funds Euro Reserve - SE (C) 12.06 12.09 12.06 12.07 11.80 12.06 11.40 11.80

Amundi Funds USD Reserve - AU (C) 12.08 12.1 12.08 12.09 11.94 12.08 11.52 11.94

Amundi Funds USD Reserve - AU (D) 10.01 10.02 10.01 10.12 10.05 10.42 10.11 10.58

Amundi Funds USD Reserve - IU (C) 1,197.66 1,199.92 1,195.83 1,198.49 1,132.38 1,195.80 1,089.63 1,132.38

Amundi Funds USD Reserve - MU (C) 100.16 100.33 100.03 100.22 100.00 100.99

Amundi Funds USD Reserve - SU (C) 11.85 11.87 11.84 11.86 11.76 11.84 11.39 11.76


248



Bid Price

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Lowest Bid

Price

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Lowest Bid

Price

Highest Offer Price

Lowest Bid

Price

Highest Offer Price

Amundi Funds Dynarbitrage High Yield - AE (C) 99.90 102.67

Amundi Funds Dynarbitrage High Yield - AE (D)

Amundi Funds Dynarbitrage High Yield - H (C) 99.90 102.62

Amundi Funds Dynarbitrage High Yield - IE (C) 999.13 1,029.55

Amundi Funds Dynarbitrage High Yield - ME (C)

Amundi Funds Dynarbitrage High Yield - SE (C) 99.90 102.66

Amundi Funds Dynarbitrage VaR 4 (EUR) - AE (C) 104.46 110.55 100.54 105.96 99.63 100.72

Amundi Funds Dynarbitrage VaR 4 (EUR) - AE (D) 99.05 104.25 98.73 100.57

Amundi Funds Dynarbitrage VaR 4 (EUR) - H (C) 103.32 108.99 100.29 104.98

Amundi Funds Dynarbitrage VaR 4 (EUR) - IE (C) 1,050.11 1,115.58 1,007.35 1,064.68 996.42 1,009.09

Amundi Funds Dynarbitrage VaR 4 (EUR) - ME (C)

Amundi Funds Dynarbitrage VaR 4 (EUR) - SE (C) 104.38 110.50 100.60 105.97 99.62 100.78

Amundi Funds Dynarbitrage VaR 4 (USD) - AU (C) 100.07 103.73

Amundi Funds Dynarbitrage VaR 4 (USD) - AU (D) 99.56 102.04

Amundi Funds Dynarbitrage VaR 4 (USD) - H (C) 100.47 103.44

Amundi Funds Dynarbitrage VaR 4 (USD) - IU (C) 1,000.88 1,038.88

Amundi Funds Dynarbitrage VaR 4 (USD) - SU (C) 100.07 103.47

Amundi Funds Dynarbitrage Volatility - AE (C) 102.02 105.41 99.96 102.03

Amundi Funds Dynarbitrage Volatility - AE (D)

Amundi Funds Dynarbitrage Volatility - H (C) 101.98 105.05 99.95 102.00

Amundi Funds Dynarbitrage Volatility - IE (C) 1,022.06 1,060.96 999.44 1,022.13

Amundi Funds Dynarbitrage Volatility - IE (D)

Amundi Funds Dynarbitrage Volatility - ME (C)

Amundi Funds Dynarbitrage Volatility - SE (C) 101.79 105.06 99.95 101.80

Amundi Funds Equity Statistical Arbitrage (EUR) - AE (C)

Amundi Funds Equity Statistical Arbitrage (EUR) - IE (C)

Amundi Funds Equity Statistical Arbitrage (EUR) - IE (D)

Amundi Funds Equity Statistical Arbitrage (EUR) - ME (C)

Amundi Funds Equity Statistical Arbitrage (EUR) - SE (C)

Amundi Funds Multimanagers Long/Short Equity - AE (C)

Amundi Funds Multimanagers Long/Short Equity - IE (C)

Amundi Funds Multimanagers Long/Short Equity - SE (C)

Amundi Funds Volatility Euro Equities - AE (C) 99.98 104.19

Amundi Funds Volatility Euro Equities - AE (D)

Amundi Funds Volatility Euro Equities - AHG (D)

Amundi Funds Volatility Euro Equities - H (C) 99.82 103.65

Amundi Funds Volatility Euro Equities - IE (C) 999.92 1,040.6

Amundi Funds Volatility Euro Equities - IE (D)

Amundi Funds Volatility Euro Equities - IHG0 (D)

Amundi Funds Volatility Euro Equities - IHG (D)

Amundi Funds Volatility Euro Equities - ME (C)

Amundi Funds Volatility Euro Equities - SE (C) 99.97 103.75

Amundi Funds Volatility World Equities - AU (C)

Amundi Funds Volatility World Equities - AU (D)

Amundi Funds Volatility World Equities - AHE (C)

Amundi Funds Volatility World Equities - AHG (D)

Amundi Funds Volatility World Equities - H (C)

Amundi Funds Volatility World Equities - IU (C)

Amundi Funds Volatility World Equities - IU (D)

Amundi Funds Volatility World Equities - IHE(D)

Amundi Funds Volatility World Equities - IHG (D)

Amundi Funds Volatility World Equities - MU (C)

Amundi Funds Volatility World Equities - SU (C)



Amundi Funds Euro Reserve - IE (C) 1,095.62 1,130.33 1,074.51 1,095.62 1,042.21 1,074.51 1,025.49 1,042.21

Amundi Funds Euro Reserve - IE (D)

Amundi Funds Euro Reserve - I11 (C)

Amundi Funds Euro Reserve - ME (C)




Amundi Funds USD Reserve - IU (C) 1,037.35 1,089.18 1,000.31 1,037.35 1,000.14 1,004.52 10.47 1,000.49

Amundi Funds USD Reserve - MU (C)



249



Bid Price

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Lowest Bid

Price

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Lowest Bid

Price

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Lowest Bid

Price

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Amundi Funds Dynarbitrage High Yield - AE (C)

Amundi Funds Dynarbitrage High Yield - AE (D)

Amundi Funds Dynarbitrage High Yield - H (C)

Amundi Funds Dynarbitrage High Yield - IE (C)

Amundi Funds Dynarbitrage High Yield - ME (C)

Amundi Funds Dynarbitrage High Yield - SE (C)

Amundi Funds Dynarbitrage VaR 4 (EUR) - AE (C)

Amundi Funds Dynarbitrage VaR 4 (EUR) - AE (D)

Amundi Funds Dynarbitrage VaR 4 (EUR) - H (C)

Amundi Funds Dynarbitrage VaR 4 (EUR) - IE (C)

Amundi Funds Dynarbitrage VaR 4 (EUR) - ME (C)

Amundi Funds Dynarbitrage VaR 4 (EUR) - SE (C)

Amundi Funds Dynarbitrage VaR 4 (USD) - AU (C)

Amundi Funds Dynarbitrage VaR 4 (USD) - AU (D)

Amundi Funds Dynarbitrage VaR 4 (USD) - H (C)

Amundi Funds Dynarbitrage VaR 4 (USD) - IU (C)

Amundi Funds Dynarbitrage VaR 4 (USD) - SU (C)

Amundi Funds Dynarbitrage Volatility - AE (C)

Amundi Funds Dynarbitrage Volatility - AE (D)

Amundi Funds Dynarbitrage Volatility - H (C)

Amundi Funds Dynarbitrage Volatility - IE (C)

Amundi Funds Dynarbitrage Volatility - IE (D)

Amundi Funds Dynarbitrage Volatility - ME (C)

Amundi Funds Dynarbitrage Volatility - SE (C)

Amundi Funds Equity Statistical Arbitrage (EUR) - AE (C)

Amundi Funds Equity Statistical Arbitrage (EUR) - IE (C)

Amundi Funds Equity Statistical Arbitrage (EUR) - IE (D)

Amundi Funds Equity Statistical Arbitrage (EUR) - ME (C)

Amundi Funds Equity Statistical Arbitrage (EUR) - SE (C)

Amundi Funds Multimanagers Long/Short Equity - AE (C)

Amundi Funds Multimanagers Long/Short Equity - IE (C)

Amundi Funds Multimanagers Long/Short Equity - SE (C)

Amundi Funds Volatility Euro Equities - AE (C)

Amundi Funds Volatility Euro Equities - AE (D)

Amundi Funds Volatility Euro Equities - AHG (D)

Amundi Funds Volatility Euro Equities - H (C)

Amundi Funds Volatility Euro Equities - IE (C)

Amundi Funds Volatility Euro Equities - IE (D)

Amundi Funds Volatility Euro Equities - IHG0 (D)

Amundi Funds Volatility Euro Equities - IHG (D)

Amundi Funds Volatility Euro Equities - ME (C)

Amundi Funds Volatility Euro Equities - SE (C)

Amundi Funds Volatility World Equities - AU (C)

Amundi Funds Volatility World Equities - AU (D)

Amundi Funds Volatility World Equities - AHE (C)

Amundi Funds Volatility World Equities - AHG (D)

Amundi Funds Volatility World Equities - H (C)

Amundi Funds Volatility World Equities - IU (C)

Amundi Funds Volatility World Equities - IU (D)

Amundi Funds Volatility World Equities - IHE(D)

Amundi Funds Volatility World Equities - IHG (D)

Amundi Funds Volatility World Equities - MU (C)

Amundi Funds Volatility World Equities - SU (C)



Amundi Funds Euro Reserve - IE (C) 1,000.97 1,025.49 1,000.00 1,000.71

Amundi Funds Euro Reserve - IE (D)

Amundi Funds Euro Reserve - I11 (C)

Amundi Funds Euro Reserve - ME (C)




Amundi Funds USD Reserve - IU (C) 10.41 10.47 10.25 10.41 2.87 10.25 2.73 2.87

Amundi Funds USD Reserve - MU (C)


LEGAL NOTICESAMUNDI FUNDSSociété d'investissement à capital variableR.C.S.Luxembourg B 68.8065, allée Scheffer - L-2520 LuxembourgTel. + 352 4767 6222 / + 352 4767 6667Fax + 352 4767 3781

AMUNDI FUNDS - AASTOCKS.com

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