FLEXIFUND - BNP Paribas Investment Partners

FLEXIFUND
SICAV
Semi-annual Report
at 30/06/2012
R.C.S. Luxembourg B 44 523

FLEXIFUND
Table of Contents
Page
Organisation 2
Information 4
Financial Statements at 30/06/2012 6
Key figures relating to the last 3 years 10
Securities portfolio at 30/06/2012
Bond RMB 14
Equity China "A" 16
Equity Small Caps China "A" 17
Money Market RMB 19
Private Optimised Management 20
Notes to the financial statements 23
No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the
current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
Page 1

Organisation
FLEXIFUND
Registered office of the Company
33, Rue de Gasperich, L-5826 Hesperange
Distributor
BNP Paribas Investment Partners Luxembourg, 33, Rue de Gasperich, L-5826 Hesperange
Board of Directors
Chairman
Mr Olivier LAFONT, CEO, BNP Paribas Investment Partners Belgium, Brussels
Members
Mr Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels
Ms Claire COLLET-LAMBERT, Head of Fund Structuring, BNP Paribas Investment Partners Luxembourg,
Luxembourg
Mr William DE VIJLDER, Head of “Partners & Alternative Investments”, BNP Paribas Investment Partners,
Brussels
Mr Hans STEYAERT, Global Head of Investment Operations, BNP Paribas Investment Partners Belgium, Brussels
Mr Marc RAYNAUD, Head of “Global Funds Solutions”, BNP Paribas Investment Partners, Paris
Promoter
BNP Paribas S.A., 16, Boulevard des Italiens, F-75009 Paris
Fund managers
• BNP Paribas Investment Partners Belgium (abbreviated to BNPP IP BE Holding), Boreal Building
55, Rue du Progrès, B-1210 Brussels
• BNP Paribas Asset Management, 1, Boulevard Haussmann, F-75009 Paris
• Fortis Investment Management USA, Inc., 75, State Street, Boston, Massachusetts 02109, USA
• BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad-Tripolis 200, PO Box 71770 NL-1008 DG
Amsterdam, Netherlands
• BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku,
Tokyo 100-6739, Japan
• Fisher Francis Trees & Watts UK Limited, 5, Aldermanbury Square, London EC2V 7HR, United Kingdom
• BNP Paribas Investment Partners Asia Limited., 30/F Three Exchange Square, 8 Connaught Place, Central
Hong Kong
Functions delegated to:
HFT Investment Management (HK) Limited, 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong
• Fisher Frances Trees & Watts Singapore Limited, 20 Collyer Quay Tung #01-01, Singapore 049319
(until 31 January 2012)
• BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung #01-01, Singapore 049319
(as of 31 January 2012)
• THEAM S.A.S., 1, Boulevard Haussmann, F-75009 Paris, France
Custodian/paying agent
BNP Paribas Securities Services, Luxembourg branch, 33, Rue de Gasperich, L-5826 Hesperange
Page 2

Organisation
FLEXIFUND
Auditor
PricewaterhouseCoopers, Société coopérative, 400, Route d’Esch, L-1471 Luxembourg
Central administrative agent, transfer agent and registrar
BNP Paribas Investment Partners Luxembourg, 33, Rue de Gasperich, L-5826 Hesperange
Responsibility for calculating net asset values is delegated to:
• BNP Paribas Securities Services, Luxembourg branch, 33, Rue de Gasperich, L-5826 Hesperange
The responsibilities of transfer agent and registrar are delegated to:
• BNP Paribas Securities Services, Luxembourg branch, 33, Rue de Gasperich, L-5826 Hesperange
Principal paying agent
• BNP Paribas Securities Services, Luxembourg branch, 33, Rue de Gasperich, L-5826 Hesperange
Page 3

Information
FLEXIFUND
FLEXIFUND (the “Company”) is a “société d’investissement à capital variable” (SICAV – open-ended investment
company) incorporated under the Luxembourg law for an indefinite period on 22 July 1993. It is subject to the
provisions of Part II of the law of 17 December 2010 on undertakings for collective investment as of 1 January 2011.
The Articles of Association of the Company have been filed with the Registrar of the District Court of Luxembourg,
where any interested party may consult them and obtain a copy. They were last amended on 22 May 2012 and were
published in the Mémorial, Recueil des Sociétés et Associations on 29 May 2012.
The Company is registered in the Luxembourg Trade and Companies Register under the number B 44 523.
The Articles of Association, prospectus and periodic reports may be obtained free of charge from the registered office
of the Company and from local agents. They are also available online at the following address:
www.bnpparibas-ip.com.
The net asset values are calculated every full bank business day in Luxembourg for the following subfunds:
“Equity Small Caps China A”, “Money Market RMB” and “Private Optimised Management”.
The net asset values of the “Equity China A” subfunds are calculated every Friday, as long as this is a bank business
day in Luxembourg. Where it is not a bank business day in Luxembourg, the calculation will be performed on the next
full bank business day. Net asset values are also calculated on the last bank business day of the month in Luxembourg
for information purposes.
The net asset values of the “Fix 16 Booster” and “Fix 17 Euribor Floater” subfunds are calculated every Wednesday, as
long as this is a full bank business day in Luxembourg. Where it is not a bank business day in Luxembourg, the
calculation will be performed on the next full bank business day.
The net asset values of the other “Fix” subfunds are calculated on the first bank business day of the month and the
second bank business day following the 14 th day of the month in Luxembourg.
The net asset values and all notices for shareholders are published at the registered office of the Company, at the local
agents and in any newspaper named by the Board of Directors. This information is also available online at the following
address: www.bnpparibas-ip.com.
Page 4

Page 5

FLEXIFUND
Financial Statements at 30/06/2012
Bond RMB
Equity China "A"
Equity Small Caps
China "A"
Fix 1 Triple
Five Plus
Expressed in EUR EUR EUR EUR
Notes
Statement of net assets
Assets 226 575 183 199 544 114 38 315 025 23 277 970
Securities portfolio at cost price 203 141 479 155 874 417 23 953 137 0
Unrealised gain / (loss) on securities portfolio 16 236 133 7 276 933 2 017 777 0
Securities portfolio at market value 2 219 377 612 163 151 350 25 970 914 0
Unrealised gain on financial instruments 2,11,12 0 0 0 20 442
Cash at banks and time deposits 4 349 389 36 257 433 12 341 037 23 244 868
Other assets 2 848 182 135 331 3 074 12 660
Liabilities 342 834 30 611 234 9 433 497 26 330
Bank overdrafts 0 0 0 0
Unrealised loss on financial instruments 2,11,12 0 0 0 0
Other liabilities 342 834 30 611 234 9 433 497 26 330
Net asset value 226 232 349 168 932 880 28 881 528 23 251 640
Statement of operations and changes in net
assets
Income on investments and assets 3 747 840 1 651 792 222 869 154 869
Management fees 3 1 043 229 1 208 353 236 437 103 938
Custodian & sub-custodian fees 4 175 671 160 847 32 344 1 822
Bank interest 173 141 1 0
Other fees 18 134 137 28 706 61 825 1 705
Taxes 5 41 781 310 826 136 646 5 880
Distribution fees 6 383 899 252 871 43 978 0
Transaction fees 60 601 778 231 91 142 0
Administration fees 7 52 161 100 696 16 888 1 934
Total expenses 1 891 652 2 840 671 619 261 115 279
Net result from investments 1 856 188 (1 188 879) (396 392) 39 590
Net realised result on:
Investments securities 2 13 134 260 (21 916 853) (1 479 413) 0
Financial instruments 73 958 11 844 587 1 508 278 118 045
Net realised result 15 064 406 (11 261 145) (367 527) 157 635
Movement on net unrealised gain /
(loss) on:
Investments securities (1 670 177) 18 222 830 4 189 017 0
Financial instruments 0 0 0 149 013
Change in net assets due to operations 13 394 229 6 961 685 3 821 490 306 648
Net subscriptions / (redemptions) 11 043 699 8 863 111 (602 884) (3 036 017)
Dividends paid 8 (601 679) 0 0 0
Increase/(Decrease) in net assets during
the year / period
23 836 249 15 824 796 3 218 606 (2 729 369)
Net assets at the beginning of the
financial year / period
202 396 100 153 108 084 25 662 922 25 981 009
Net assets at the end of the financial
year / period
226 232 349 168 932 880 28 881 528 23 251 640
The accompanying notes form an integral part of these financial statements
Page 6

FLEXIFUND
Fix 2 Triple
Five Plus
Fix 4 Triple Six Fix 5 Digital Plus Fix 6 Booster
Fix 7
Cappuccino Plus
Fix 12 Double Six
EUR EUR EUR EUR EUR EUR
9 927 774 13 995 105 15 792 465 0 8 247 779 9 614 755
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
117 321 227 877 0 0 189 166 23 180
9 800 000 13 759 159 15 775 589 0 8 058 241 9 590 990
10 453 8 069 16 876 0 372 585
60 097 18 866 19 618 0 14 162 12 977
43 005 0 0 0 0 0
0 0 1 784 0 0 0
17 092 18 866 17 834 0 14 162 12 977
9 867 677 13 976 239 15 772 847 0 8 233 617 9 601 778
213 694 83 847 87 624 233 104 329 332 57 280
64 293 69 090 69 152 67 438 48 076 37 951
768 1 074 1 199 892 636 734
0 0 61 0 144 399
3 742 3 697 4 462 11 299 3 092 3 097
2 516 3 505 3 940 1 513 2 083 2 395
0 0 0 0 0 0
0 0 0 0 0 0
815 926 1 039 947 675 778
72 134 78 292 79 853 82 089 54 706 45 354
141 560 5 555 7 771 151 015 274 626 11 926
0 0 0 0 0 0
(55 022) (82 662) (106 780) (62 269) (30 086) 49 812
86 538 (77 107) (99 009) 88 746 244 540 61 738
0 0 0 0 0 0
19 810 282 003 179 554 (30 250) (203 586) (26 987)
106 348 204 896 80 545 58 496 40 954 34 751
(743 154) (1 283 355) (569 617) (12 303 825) (395 714) (641 131)
0 0 0 0 (163 460) 0
(636 806) (1 078 459) (489 072) (12 245 329) (518 220) (606 380)
10 504 483 15 054 698 16 261 919 12 245 329 8 751 837 10 208 158
9 867 677 13 976 239 15 772 847 0 8 233 617 9 601 778
The accompanying notes form an integral part of these financial statements
Page 7

FLEXIFUND
Financial Statements at 30/06/2012
Fix 15 Double 6
Step Up
Fix 16 Booster
Fix 17 Euribor
Floater
Money
Market RMB
Expressed in EUR EUR EUR EUR
Notes
Statement of net assets
Assets 8 399 000 7 893 946 4 692 879 26 737 488
Securities portfolio at cost price 0 0 0 23 765 456
Unrealised gain / (loss) on securities portfolio 0 0 0 1 518 216
Securities portfolio at market value 2 0 0 0 25 283 672
Unrealised gain on financial instruments 2,11,12 180 734 438 873 0 0
Cash at banks and time deposits 8 217 786 7 448 154 4 673 000 1 088 318
Other assets 480 6 919 19 879 365 498
Liabilities 13 390 74 160 29 875 43 326
Bank overdrafts 0 0 23 091 0
Unrealised loss on financial instruments 2,11,12 0 0 2 227 0
Other liabilities 13 390 74 160 4 557 43 326
Net asset value 8 385 610 7 819 786 4 663 004 26 694 162
Statement of operations and changes in net
assets
Income on investments and assets 44 731 60 563 19 879 386 874
Management fees 3 42 067 38 499 4 241 189 982
Custodian & sub-custodian fees 4 634 581 471 17 555
Bank interest 0 17 895 0 3 688
Other fees 18 3 140 64 977 1 000 18 968
Taxes 5 2 089 1 919 555 4 456
Distribution fees 6 0 0 0 41 421
Transaction fees 0 0 0 9 908
Administration fees 7 673 721 942 9 499
Total expenses 48 603 124 592 7 209 295 477
Net result from investments (3 872) (64 029) 12 670 91 397
Net realised result on:
Investments securities 2 0 0 0 2 393 561
Financial instruments (38 738) (61 008) (20 439) 290 031
Net realised result (42 610) (125 037) (7 769) 2 774 989
Movement on net unrealised gain /
(loss) on:
Investments securities 0 0 0 (2 192 651)
Financial instruments 108 964 206 912 (2 227) 0
Change in net assets due to operations 66 354 81 875 (9 996) 582 338
Net subscriptions / (redemptions) (279 243) (69 770) 4 673 000 (35 631 894)
Dividends paid 8 0 0 0 0
Increase/(Decrease) in net assets during
the year / period
(212 889) 12 105 4 663 004 (35 049 556)
Net assets at the beginning of the
financial year / period
8 598 499 7 807 681 0 61 743 718
Net assets at the end of the financial
year / period
8 385 610 7 819 786 4 663 004 26 694 162
The accompanying notes form an integral part of these financial statements
Page 8

FLEXIFUND
Private Optimised
Management
Consolidated
EUR
EUR
246 373 308 839 386 791
218 874 317 625 608 806
6 950 125 33 999 184
225 824 442 659 607 990
0 1 197 593
5 915 054 160 519 018
14 633 812 18 062 190
8 723 166 49 423 533
0 66 096
314 049 318 060
8 409 117 49 039 377
237 650 142 789 963 258
3 847 443 11 141 741
889 183 4 111 929
41 716 436 944
5 041 27 543
22 243 366 091
54 579 574 683
0 722 169
9 567 949 449
118 558 307 252
1 140 887 7 496 060
2 706 556 3 645 681
5 940 330 (1 928 115)
(690 472) 12 737 235
7 956 414 14 454 801
4 713 658 23 262 677
190 638 873 844
12 860 710 38 591 322
(5 885 731) (36 862 525)
(116 836) (881 975)
6 858 143 846 822
230 791 999 789 116 436
237 650 142 789 963 258
The accompanying notes form an integral part of these financial statements
Page 9

Key figures relating to the last 3 years
FLEXIFUND
Absolute Return Balanced EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 310 204 458 0 0
Net asset value per share
Share "Classic - Capitalisation" 8 021.42 0 0 0
Absolute Return Bond Euro EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 29 159 448 0 0
Net asset value per share
Share "Classic - Capitalisation" 7 098.21 0 0 0
Bond RMB EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 183 011 868 202 396 100 226 232 349
Net asset value per share
Share "Classic" 1 068.04 1 162.18 1 236.07 73 759
Share "I" 1 072.69 1 172.84 1 248.43 32 700
Share "Classic USD" 75.41 82.09 87.31 820 331
Share "ID" 988.32 1 044.46 1 083.39 20 870
Equity China "A" EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 337 347 854 153 108 084 168 932 880
Net asset value per share
Share "Classic" 878.13 634.25 662.85 44 029
Share "I" 5 066.88 3 698.32 3 886.11 26 114
Share "P" 4 787.11 3 480.05 3 601.16 383
Share "P 2005" 4 070.23 2 940.86 3 074.94 4 748
Share "Classic USD" 72.17 52.14 54.52 105 174
Share "I 2005" 4 265.42 3 094.49 3 246.83 5 098
Equity Small Caps China "A" EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 40 952 073 25 662 922 28 881 528
Net asset value per share
Share "Classic" 1 522.46 1 080.68 1 239.02 5 239
Share "I" 2 303.99 1 659.70 1 912.72 10 346
Share "P" 2 222.21 1 578.79 1 810.52 29
Share "Classic USD" 72.79 51.67 59.24 43 016
Fix 1 Triple Five Plus EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 27 438 913 25 981 009 23 251 640
Net asset value per share
Share "Classic - Distribution" 969.57 999.19 1 011.60 22 985
The accompanying notes form an integral part of these financial statements
Page 10

Key figures relating to the last 3 years
FLEXIFUND
Fix 2 Triple Five Plus EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 11 916 859 10 504 483 9 867 677
Net asset value per share
Share "Classic - Distribution" 982.75 1 015.61 1 026.12 9 617
Fix 4 Triple Six EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 16 902 241 15 054 698 13 976 239
Net asset value per share
Share "Classic - Distribution" 970.73 1 006.38 1 020.61 13 694
Fix 5 Digital Plus EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 17 611 752 16 261 919 15 772 847
Net asset value per share
Share "Classic - Distribution" 985.30 1 002.99 1 008.01 15 648
Fix 6 Booster EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 13 385 205 12 245 329 0
Net asset value per share
Share "Classic - Distribution" 996.15 1 002.89 0 0
Fix 7 Cappuccino Plus EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 9 242 579 8 751 837 8 233 617
Net asset value per share
Share "Classic - Distribution" 1 054.73 1 048.00 1 032.95 7 971
Fix 9 Sustainable Basket EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 10 926 920 0 0
Net asset value per share
Share "Classic - Distribution" 998.99 0 0 0
Fix 10 Target Bonus EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 11 188 277 0 0
Net asset value per share
Share "Classic - Distribution" 996.91 0 0 0
Fix 11 Blue Basket EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 10 532 550 0 0
Net asset value per share
Share "Classic - Distribution" 1 002.72 0 0 0
The accompanying notes form an integral part of these financial statements
Page 11

Key figures relating to the last 3 years
FLEXIFUND
Fix 12 Double Six EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 11 025 378 10 208 158 9 601 778
Net asset value per share
Share "Classic - Distribution" 992.03 1 002.47 1 005.95 9 545
Fix 13 Short 3 % Plus EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 70 558 471 0 0
Net asset value per share
Share "Classic - Distribution" 1 019.16 0 0 0
Fix 14 Short 3% Plus EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 36 389 196 32 600 755 0
Net asset value per share
Share "Classic - Distribution" 1 028.70 1 008.49 0 0
Fix 15 Double 6 Step Up EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 9 318 404 8 598 499 8 385 610
Net asset value per share
Share "Classic - Distribution" 993.75 1 010.40 1 018.29 8 235
Fix 16 Booster EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 0 7 807 681 7 819 786
Net asset value per share
Share "Classic - Distribution" 0 1 027.87 1 038.62 7 529
Fix 17 Euribor Floater EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 0 0 4 663 004
Net asset value per share
Share "Classic - Capitalisation" 0 0 997.86 4 673
Money Market RMB EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 63 774 695 61 743 718 26 694 162
Net asset value per share
Share "Classic" 1 231.19 1 332.79 1 391.25 8 462
Share "I" 1 216.06 1 323.89 1 390.50 6 506
Share "P" 1 231.67 1 335.01 1 397.71 602
Share "Classic USD" 75.94 81.78 86.02 58 522
The accompanying notes form an integral part of these financial statements
Page 12

Key figures relating to the last 3 years
FLEXIFUND
Opportunities China EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 1 405 534 0 0
Net asset value per share
Share "P" 1 090.53 0 0 0
Private Optimised Management EUR EUR EUR Number of shares
31/12/2010 31/12/2011 30/06/2012 30/06/2012
Net assets 196 485 135 230 791 999 237 650 142
Net asset value per share
Share "Classic - Capitalisation" 1 179.42 1 184.18 1 250.38 187 629
Share "Classic - Distribution" 975.48 949.72 965.64 3 151
The accompanying notes form an integral part of these financial statements
Page 13

FLEXIFUND Bond RMB
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
Transferable securities admitted to an official stock exchange listing and/or traded
on another regulated market
% of net
assets
219 377 612 96.97 %
Bonds 145 023 714 64.12 %
China 145 023 714 64.12 %
98 715 000 ANHUI CONCH - H 5.080% 11-23/05/2016 CNY 12 807 715 5.67 %
47 698 900 CHANGSHA ZOOMLIO 6.500% 08-21/04/2016 CNY 6 279 230 2.78 %
32 344 000 CHANGZHOU CONSTR 6.300% 08-24/09/2015 CNY 4 155 511 1.84 %
1 003 000 CHANGZHOU INVEST 5.800% 09-01/07/2016 CNY 124 662 0.06 %
6 344 000 CHENGDE XINXIN 6.800% 08-28/02/2013 CNY 816 674 0.36 %
40 000 000 CHINA GOVT BOND 2.180% 09-10/09/2012 CNY 5 060 005 2.24 %
10 000 000 CHINA GOVT BOND 2.220% 09-16/07/2012 CNY 1 264 305 0.56 %
5 000 000 CHINA GOVT BOND 2.230% 10-18/03/2013 CNY 631 836 0.28 %
20 000 000 CHINA GOVT BOND 2.870% 12-08/02/2013 CNY 2 530 408 1.12 %
97 073 000 CHINA GOVT BOND 3.020% 03-17/09/2013 CNY 12 405 448 5.49 %
60 000 000 CHINA GOVT BOND 3.480% 11-14/07/2012 CNY 7 597 754 3.36 %
5 000 000 CHINA GOVT BOND 4.260% 01-31/07/2021 CNY 676 633 0.30 %
32 471 000 CHINA PETRO CHEM 0.800% 08-20/02/2014 CNY 3 911 654 1.73 %
36 000 000 CHINA T-BILL 0.000% 12-04/02/2013 CNY 4 485 925 1.98 %
49 998 000 CHINA T-BILL 0.000% 12-14/01/2013 CNY 6 229 379 2.75 %
6 736 000 CHINA VANKE 5.500% 08-05/09/2013 CNY 852 642 0.38 %
20 000 000 CHJI & JIGO STEE 6.300% 12-22/03/2015 CNY 2 480 966 1.10 %
93 991 000 CITIC GUOAN INFORMATION 1.200% 07-14/09/2013 CNY 11 426 590 5.05 %
10 859 000 COSCO SHIPPING 0.800% 08-28/01/2014 CNY 1 305 804 0.58 %
5 000 000 DAFENG CONST DEV 11-15/11/2017 SR CNY 660 747 0.29 %
21 033 000 GD POWER DEVELOPMENT 1.000% 08-07/05/2014 CNY 2 493 561 1.10 %
74 786 000 JIANGXI COPPER 1.000% 08-22/09/2016 CNY 8 203 584 3.63 %
30 000 000 JINAN CITY CONST 6.980% 12-26/03/2018 CNY 3 964 482 1.75 %
10 050 000 KANGMEI PHARM 0.800% 08-08/05/2014 CNY 1 187 022 0.52 %
5 188 000 KUNSHAN ENTREPRE 4.700% 09-30/03/2016 CNY 640 279 0.28 %
8 500 000 LAIWU STEEL CORPORATION 6.550% 08-25/03/2018 CNY 1 108 207 0.49 %
10 000 000 LIANYUN DEVELOP 6.100% 12-19/06/2019 CNY 1 265 587 0.56 %
7 617 000 NANJING XINGANG 5.360% 09-08/12/2014 CNY 906 309 0.40 %
70 205 600 PANZHIHUA 1.600% 06-27/11/2012 CNY 8 782 643 3.88 %
69 416 000 SICHUAN CHANGHON 0.800% 09-31/07/2015 CNY 7 728 754 3.42 %
2 000 000 SUZHOU ECO DEV 6.140% 08-09/10/2013 CNY 256 671 0.11 %
38 858 000 TSINGTAO BREWERY 0.800% 08-02/04/2014 CNY 4 618 604 2.04 %
31 273 000 WUXI COMMUNICATI 5.580% 09-08/07/2016 CNY 3 827 901 1.69 %
7 000 000 XINCHENG CON INV 6.210% 12-11/06/2018 CNY 885 909 0.39 %
11 000 000 XINJIANG BA YI IRON 6.780% 11 16/09/2014 CNY 1 336 683 0.59 %
5 000 000 XINJIANG TIANFU THERM 5.500% 12-06/06/2017 CNY 632 899 0.28 %
10 000 000 YANAN CONST INVEST DEVLP 7.050% 08/02/2017 CNY 1 389 138 0.61 %
1 260 000 YANGZHOU URBAN 5.940% 09-23/07/2016* CNY 161 086 0.07 %
50 186 000 ZHENJIANG WATER 5.860% 10-06/05/2017 CNY 6 226 122 2.75 %
29 780 700 ZTE CORP 0.800% 08-30/01/2013 CNY 3 704 385 1.64 %
Convertible bonds 9 481 206 4.19 %
China 9 481 206 4.19 %
12 500 000 CHINA PETRO CHEM 11-23/02/17 CV SR FLAT CNY 1 585 255 0.70 %
13 286 000 CHINA SHIP INDU 12-04/06/2018 CV SR FLAT CNY 1 757 587 0.78 %
7 000 000 CHUANTOU ENERGY 11-21/03/2017 CV SR FLAT CNY 912 730 0.40 %
37 608 900 TANG IRON&STEEL 07-14/12/2012 CV SR FLAT CNY 5 225 634 2.31 %
Floating rate bonds 64 872 692 28.66 %
China 64 872 692 28.66 %
15 000 000 ANYANG IRON & ST 11-11/11/2018 FRN CNY 1 875 914 0.83 %
12 627 000 BJ AUTO INVEST 10-29/01/2017 FRN* CNY 1 614 307 0.71 %
84 000 CHANGZHOU HIGH-T 09-04/06/2019 FRN CNY 9 995 0.00 %
61 542 000 CHENGDU INVEST 09-04/06/2016 FRN* CNY 7 789 979 3.44 %
72 422 000 GANZHOU INVEST 09-16/06/2016 FRN CNY 8 543 800 3.78 %
64 999 000 JIZHONG ENERGY 11-04/05/2016 FRN* CNY 8 309 841 3.67 %
10 000 000 JOINTO ENERGY 11-29/08/2017 FRN* CNY 1 291 115 0.57 %
The accompanying notes form an integral part of these financial statements
Page 14

FLEXIFUND Bond RMB
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
37 273 000 KANGMEI PHARM 11-17/06/2018 FRN CNY 4 864 270 2.15 %
5 000 000 SHAAN XI NATURAL 11-22/07/2019 FRN CNY 651 886 0.29 %
28 000 000 SHANG INTL PORT 11-30/03/2016 FRN CNY 3 590 312 1.59 %
6 000 000 SINOCHEM INTL 12-05/03/2019 FRN CNY 731 379 0.32 %
34 987 000 SUZHOU HI-TECH 09-09/11/2014 FRN CNY 4 455 222 1.97 %
75 006 000 TSINGHUA HOLDING 09-19/05/2016 FRN CNY 9 446 779 4.18 %
46 238 000 WUHAN URBAN CONS 09-25/05/2019 FRN* CNY 5 794 272 2.56 %
20 000 000 XJ WEST CON 12-15/03/2017 FRN CNY 2 602 482 1.15 %
20 000 YANGPU CONS INV 10-28/07/2017 FRN CNY 2 359 0.00 %
21 279 000 YINGKOU PORT 10-02/03/2018 FRN CNY 2 634 236 1.16 %
5 000 000 YUNNAN TIN CO LT 11-17/08/2018 FRN CNY 664 544 0.29 %
Total securities portfolio 219 377 612 96.97 %
% of net
assets
The accompanying notes form an integral part of these financial statements
Page 15

FLEXIFUND Equity China "A"
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
Transferable securities admitted to an official stock exchange listing and/or traded
on another regulated market
% of net
assets
163 151 350 96.58 %
Shares 163 151 350 96.58 %
China 163 151 350 96.58 %
3 696 004 BANK OF NANJING CO LTD -A CNY 3 985 994 2.36 %
489 924 BEIJING ZHONGKE SANHUAN HI-A CNY 2 460 736 1.46 %
3 903 775 CHANGSHA ZOOMLIO HEAVY IN - A CNY 4 956 218 2.93 %
1 231 987 CHENZHOU MINING GROUP CO - A CNY 3 019 091 1.79 %
2 105 926 CHINA MERCHANTS BANK - A CNY 2 910 921 1.72 %
956 937 CHINA MERCHANTS PROPERTY -A CNY 2 971 294 1.76 %
6 291 909 CHINA MINSHENG BANKING - A CNY 4 770 610 2.82 %
779 113 CHINA NONFERROUS METAL IND - A CNY 1 870 822 1.11 %
2 405 965 CHINA PACIFIC INSURANCE GR - A CNY 6 754 848 3.99 %
2 718 932 CHINA VANKE CO LTD - A CNY 3 066 484 1.82 %
3 119 158 CITIC SECURITIES CO LTD - A CNY 4 986 610 2.95 %
2 999 926 DATANG INTL POWER GEN CO - A CNY 2 137 881 1.27 %
851 169 FUJIAN SEPTWOLVES INDUSTRY - A CNY 2 995 196 1.77 %
2 074 894 GEMDALE CORP-A CNY 1 701 906 1.01 %
2 002 105 GUANGZHOU DEVELOPMENT IND - A CNY 1 753 709 1.04 %
1 362 609 GUANGZHOU HONGLI OPTO-ELEC-A CNY 1 690 293 1.00 %
1 252 673 GUOYUAN SECURITIES CO LTD-A CNY 1 729 924 1.02 %
999 956 HISENSE ELECTRIC CO LTD - A CNY 2 127 714 1.26 %
1 331 979 HONG YUAN SECURITIES CO LT-A CNY 2 788 673 1.65 %
6 219 912 HUANENG POWER INTL INC - A CNY 5 078 186 3.01 %
3 243 361 HUAXIA BANK CO LTD-A CNY 3 887 854 2.30 %
3 219 978 INDUSTRIAL BANK CO LTD - A CNY 5 290 446 3.13 %
273 530 JIANGSU YANGHE BREWERY - A CNY 4 658 578 2.76 %
2 173 980 KANGMEI PHARMACEUTICAL CO - A CNY 4 243 308 2.51 %
586 841 LANCY CO LTD-A CNY 2 703 874 1.60 %
2 394 684 NARI TECHNOLOGY DEVELOPMEN - A CNY 5 665 290 3.35 %
439 908 PING AN INSURANCE GROUP CO - A CNY 2 546 963 1.51 %
6 020 168 POLY REAL ESTATE GROUP CO - A CNY 8 641 445 5.11 %
2 088 889 SAIC MOTOR CORPORATION LTD-A CNY 3 778 438 2.24 %
823 970 SANY HEAVY INDUSTRY CO LTD - A CNY 1 451 828 0.86 %
1 417 859 SHANDONG HUALU HENGSHENG - A CNY 1 326 301 0.79 %
1 109 400 SHANXI LANHUA SCI-TECH - A CNY 2 536 125 1.50 %
2 387 478 SHANXI LUAN ENVIRONMENTAL - A CNY 6 267 766 3.70 %
625 575 SHENZHEN CHANGFANG LIGHT E-A CNY 1 754 744 1.04 %
745 192 SICHUAN TUOPAI SHEDE WINE - A CNY 3 419 329 2.02 %
7 778 087 SINOHYDRO GROUP LTD - A CNY 4 302 480 2.55 %
311 242 TIANJIN TASLY PHARMA - CLASS A CNY 1 722 436 1.02 %
1 426 555 WEICHAI POWER CO LTD - A CNY 5 361 217 3.17 %
861 694 WEIFU HIGH-TECHNOLOGY CO - A CNY 2 988 603 1.77 %
1 772 416 XIAN AERO-ENGINE PLC - A CNY 2 918 822 1.73 %
2 300 000 XIAN KAIYUAN INVEST GROUP SA LTD A CNY 1 298 456 0.77 %
3 188 288 XINJIANG BA YI IRON + STEE - A CNY 2 659 547 1.57 %
835 293 XINJIANG JOINWORLD CO LTD - A CNY 1 092 204 0.65 %
233 901 YANTAI CHANGYU PIONEER-A CNY 1 991 378 1.18 %
6 224 322 YELAND GROUP CO LTD - A CNY 2 883 618 1.71 %
1 219 871 YUNNAN TIN CO LTD-A CNY 3 041 899 1.80 %
1 030 375 ZHEJIANG YASHA DECORATION-A CNY 3 220 187 1.91 %
1 899 800 ZHENGZHOU COAL MINING MACH - A CNY 2 789 527 1.65 %
1 299 920 ZHONGJIN GOLD CORP-A CNY 3 540 981 2.10 %
685 358 ZIBO QIXIANG TENGDA CHEMIC-A CNY 1 410 596 0.84 %
Total securities portfolio 163 151 350 96.58 %
The accompanying notes form an integral part of these financial statements
Page 16

FLEXIFUND Equity Small Caps China "A"
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
Transferable securities admitted to an official stock exchange listing and/or traded
on another regulated market
% of net
assets
25 970 914 89.92 %
Shares 25 970 914 89.92 %
China 25 970 914 89.92 %
329 045 AEOLUS TYRE CO LTD - A CNY 368 190 1.27 %
299 999 ANHUI HUAMAO TEXTILE CO-A CNY 258 222 0.89 %
244 300 ANHUI USTC IFLYTEK CI - A CNY 609 192 2.11 %
120 000 BEIJING JANGHO CURTAIN WAL-A CNY 273 261 0.95 %
170 000 BEIJING ORIENTAL YUHONG-A CNY 292 653 1.01 %
120 000 CHANGCHUN EURASIA GROUP CO-A CNY 347 386 1.20 %
116 920 CHENGDU GALAXY MAGNETS CO-A CNY 410 248 1.42 %
375 365 CHINA FORTUNE LAND DEVELOP - A CNY 859 523 2.98 %
158 041 CHINA NATIONAL ACCORD MEDI-A CNY 595 743 2.06 %
167 000 CHINESE UNIVERSE PUBLISHIN - A CNY 303 554 1.05 %
200 000 FIYTA HOLDINGS LTD-A CNY 274 678 0.95 %
239 940 FUJIAN SEPTWOLVES INDUSTRY - A CNY 844 330 2.92 %
92 008 GUANGDONG BY-HEALTH BIOTEC-A CNY 782 286 2.71 %
60 000 GUANGZHOU BAIYUSHAN PHARMA-A CNY 154 478 0.53 %
646 900 GUANGZHOU HONGLI OPTO-ELEC-A CNY 802 468 2.78 %
90 000 GUIZHOU JIULIAN INDUSTRIAL - A CNY 257 463 0.89 %
70 000 HAFEI AVIATION INDUSTRY CO - A CNY 147 883 0.51 %
320 000 HANGZHOU SONGCHENG TOURISM-A CNY 581 660 2.01 %
163 960 HEFEI DEPARTMENT STORE GRP-A CNY 260 463 0.90 %
574 987 HEFEI URBAN CONSTRUCTION -A CNY 443 969 1.54 %
87 329 HENAN DAYOU ENERGY CO LTD - A CNY 227 383 0.79 %
320 000 HISENSE ELECTRIC CO LTD - A CNY 680 898 2.36 %
464 772 HUAFA INDUSTRIAL CO LTD ZH - A CNY 501 238 1.74 %
119 971 HUBEI XINGFA CHEMICALS GRP-A CNY 314 197 1.09 %
150 000 HYTERA COMMUNICATIONS CORP-A CNY 333 791 1.16 %
359 930 LIJIANG YULONG TOURISM CO - A CNY 964 504 3.34 %
245 000 NINGXIA ORIENT TANTALUM - A CNY 414 321 1.43 %
320 000 NINGXIA ZHONGYIN CASHMERE - A CNY 392 094 1.36 %
150 000 SHANDONG GETTOP ACOUSTIC C-A CNY 350 879 1.21 %
160 000 SHANDONG HOMEY AQUATIC DEV-A CNY 143 795 0.50 %
181 986 SHANDONG NEW BEIYANG INFOR - A CNY 445 051 1.54 %
296 645 SHANGHAI PROSOLAR RESOURC - A CNY 370 987 1.28 %
654 406 SHANGHAI PUDONG ROAD+BRIDG - A CNY 603 036 2.09 %
130 000 SHENZHEN CAPCHEM TECHNOLOG-A CNY 296 691 1.03 %
149 950 SHENZHEN REFOND OPTOELECTR-A CNY 247 318 0.86 %
275 498 SIASUN ROBOT + AUTOMATION - A CNY 769 636 2.66 %
365 984 SICHUAN TUOPAI SHEDE WINE - A CNY 1 679 326 5.82 %
187 455 SUMAVISION TECHNOLOGIES CO-A CNY 394 360 1.37 %
174 130 SUOFEIYA HOME COLLECTION C-A CNY 427 602 1.48 %
113 937 SUZHOU ANJIE TECHNOLOGY CO-A CNY 671 494 2.33 %
94 042 SUZHOU GOLD MANTIS CONSTR - A CNY 452 345 1.57 %
199 920 TOPCHOICE MEDICAL INVESTME-A CNY 554 704 1.92 %
250 000 UNILUMIN GROUP CO LTD-A CNY 327 209 1.13 %
100 000 UROICA MINING SAFETY ENGIN - A CNY 266 830 0.92 %
320 012 XIAN AERO-ENGINE PLC - A CNY 526 997 1.82 %
800 000 XIAN KAIYUAN INVEST GROUP SA LTD A CNY 451 637 1.56 %
104 000 XINJIANG JOINWORLD CO LTD - A CNY 135 987 0.47 %
64 000 YANTAI JEREH OILFIELD-A CNY 392 904 1.36 %
150 000 YANTAI ZHENGHAI MAGNETIC M-A CNY 422 081 1.46 %
171 978 YLZ INFORMATION TECHNOLOGY - A CNY 239 458 0.83 %
69 927 ZHANGZHOU PIENTZEHUANG PHA-A CNY 777 945 2.69 %
90 000 ZHEJIANG AOKANG SHOES CO L-A CNY 306 564 1.06 %
139 820 ZHEJIANG HUACE FILM + TV-A CNY 224 593 0.78 %
433 000 ZHEJIANG LEO CO LTD - A CNY 634 689 2.20 %
187 661 ZHEJIANG RECLAIM CONSTRUCT - A CNY 378 165 1.31 %
86 800 ZHEJIANG SATELLITE PETROCH-A CNY 192 385 0.67 %
The accompanying notes form an integral part of these financial statements
Page 17

FLEXIFUND Equity Small Caps China "A"
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
52 500 ZHEJIANG YASHA DECORATION-A CNY 164 076 0.57 %
139 957 ZHUZHOU TIMES NEW MATERIAL - A CNY 222 333 0.77 %
99 000 ZIBO QIXIANG TENGDA CHEMIC-A CNY 203 761 0.71 %
Total securities portfolio 25 970 914 89.92 %
% of net
assets
The accompanying notes form an integral part of these financial statements
Page 18

FLEXIFUND Money Market RMB
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
Transferable securities admitted to an official stock exchange listing and/or traded
on another regulated market
% of net
assets
25 283 672 94.72 %
Bonds 25 283 672 94.72 %
China 25 283 672 94.72 %
50 000 000 CHINA GOVT BOND 2.220% 09-16/07/2012 CNY 6 321 525 23.69 %
50 000 000 CHINA GOVT BOND 2.150% 12-14/06/2013 CNY 6 310 703 23.64 %
50 000 000 CHINA GOVT BOND 2.230% 10-18/03/2013 CNY 6 318 361 23.67 %
10 000 000 CHINA GOVT BOND 2.780% 12-12/01/2013 CNY 1 267 913 4.75 %
40 000 000 CHINA GOVT BOND 3.480% 11-14/07/2012 CNY 5 065 170 18.97 %
Total securities portfolio 25 283 672 94.72 %
The accompanying notes form an integral part of these financial statements
Page 19

FLEXIFUND Private Optimised Management
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
Transferable securities admitted to an official stock exchange listing and/or traded
on another regulated market
% of net
assets
222 278 410 93.53 %
Bonds 169 479 267 71.31 %
France 36 073 361 15.15 %
3 000 000 AGENCE FRANCAISE 2.250% 12-23/03/2017 EUR 3 074 820 1.29 %
1 000 000 ALSTOM 4.000% 09-23/09/2014 EUR 1 041 250 0.44 %
1 300 000 AUCHAN SA 3.000% 11-02/12/2016 EUR 1 362 946 0.57 %
1 000 000 AUTOROUTES PARIS 4.375% 11-25/01/2016 EUR 1 040 070 0.44 %
1 000 000 BANQUE PSA FIN 4.875% 12-25/09/2015 EUR 1 005 200 0.42 %
1 300 000 BNP PARIBAS 2.875% 12-27/11/2017 EUR 1 306 877 0.55 %
3 000 000 CAISSE AMORT DET 4.125% 07-25/04/2017 EUR 3 332 550 1.40 %
400 000 CASINO GUICHARD 3.994% 12-09/03/2020 EUR 390 588 0.16 %
1 000 000 CASINO GUICHARD 4.472% 11-04/04/2016 EUR 1 050 310 0.44 %
1 700 000 ELEC DE FRANCE 3.875% 12-18/01/2022 EUR 1 786 309 0.75 %
2 049 360 FRANCE O.A.T.I/L 0.250% 12-25/07/2018 EUR 2 005 094 0.84 %
2 000 000 LAFARGE SA 6.125% 08-28/05/2015 EUR 2 110 000 0.89 %
1 000 000 PERNOD RICARD 5.000% 11-15/03/2017 EUR 1 095 340 0.46 %
1 000 000 PERNOD RICARD 7.000% 09-15/01/2015 EUR 1 119 170 0.47 %
1 650 000 PEUGEOT SA 4.000% 10-28/10/2013 EUR 1 662 936 0.70 %
700 000 PPR 3.750% 10-08/04/2015 EUR 736 554 0.31 %
2 000 000 PPR 8.625% 09-03/04/2014 EUR 2 243 700 0.94 %
2 000 000 RCI BANQUE 4.000% 10-11/07/2013 EUR 2 035 680 0.86 %
1 600 000 SCHNEIDER ELECTRIC 3.750% 11-12/07/2018 EUR 1 737 984 0.73 %
1 000 000 TOTAL CAPITAL 3.625% 09-19/05/2015 EUR 1 071 580 0.45 %
1 100 000 VINCI SA 4.125% 11-20/02/2017 EUR 1 174 448 0.49 %
1 000 000 VIVENDI 7.750% 09-23/01/2014 EUR 1 091 030 0.46 %
2 500 000 VIVENDI SA 3.875% 11-30/11/2015 EUR 2 598 925 1.09 %
United Kingdom 25 627 016 10.79 %
1 000 000 ABN AMRO BANK NV 3.375% 11-21/01/2014 EUR 1 024 510 0.43 %
1 000 000 ANGLIAN WAT FIN 4.625% 03-07/10/2013 EUR 1 042 850 0.44 %
500 000 BARCLAYS BANK PLC 4.125% 11-15/03/2016 EUR 536 840 0.23 %
1 000 000 BARCLAYS BANK PLC 6.000% 08-23/01/2018 EUR 979 020 0.41 %
2 000 000 BG ENERGY CAP 3.000% 11-16/11/2018 EUR 2 093 840 0.88 %
1 000 000 BP CAPITAL PLC 3.472% 11-01/06/2016 EUR 1 063 360 0.45 %
1 000 000 CREDIT SUISSE LD 5.125% 07-18/09/2017 EUR 1 134 880 0.48 %
2 000 000 FCE BANK 9.375% 09-17/01/2014 EUR 2 213 000 0.93 %
1 000 000 HBOS TSY SRVCS 4.250% 04-23/09/2014 EUR 1 063 040 0.45 %
2 000 000 HSBC HOLDINGS PLC 4.500% 09-30/04/2014 EUR 2 110 680 0.89 %
1 500 000 IMPERIAL TOBACCO FIN 8.375% 09-17/02/2016 EUR 1 807 200 0.76 %
580 000 LLOYDS TSB BANK 3.250% 09-26/11/2012 EUR 584 628 0.25 %
500 000 LLOYDS TSB BANK 3.750% 10-07/09/2015 EUR 518 450 0.22 %
1 000 000 NATIONAL GRID PLC 6.500% 09-22/04/2014 EUR 1 093 710 0.46 %
2 000 000 ROYAL BK SCOTLND 2.500% 11-07/09/2014 EUR 2 055 260 0.86 %
2 000 000 STANDARD CHART 4.125% 12-18/01/2019 EUR 2 179 300 0.92 %
1 720 000 STANDARD CHARTERED 3.875% 11-20/10/2016 EUR 1 840 572 0.77 %
1 180 000 UBS AG LONDON 2.000% 11-10/04/2015 EUR 1 214 126 0.51 %
1 000 000 UBS AG LONDON 5.625% 09-19/05/2014 EUR 1 071 750 0.45 %
The Netherlands 18 092 575 7.62 %
1 600 000 CRH FINANCE BV 5.000% 12-25/01/2019 EUR 1 731 984 0.73 %
2 000 000 CRH FINANCE BV 7.375% 09-28/05/2014 EUR 2 200 200 0.93 %
1 000 000 DEUTSCHE TEL FIN 6.000% 09-20/01/2017 EUR 1 171 500 0.49 %
490 000 HEINEKEN NV 2.500% 12-19/03/2019 EUR 496 184 0.21 %
2 000 000 ING BANK NV 3.875% 11-24/05/2016 EUR 2 109 740 0.89 %
2 000 000 ING BANK NV 3.750% 12-07/03/2017 USD 1 564 257 0.66 %
2 000 000 NED WATERSCHAPBK 3.375% 10-01/02/2017 EUR 2 160 200 0.91 %
4 000 000 RABOBANK 3.375% 10-21/04/2017 EUR 4 203 240 1.77 %
1 500 000 REPSOL INTL FIN 4.625% 04-08/10/2014 EUR 1 505 970 0.63 %
1 000 000 REPSOL INTL FIN 4.750% 07-16/02/2017 EUR 949 300 0.40 %
The accompanying notes form an integral part of these financial statements
Page 20

FLEXIFUND Private Optimised Management
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
% of net
assets
Luxembourg 16 708 953 7.05 %
4 000 000 EIB 3.125% 10-03/03/2017 EUR 4 290 120 1.81 %
3 500 000 EIB 9.625% 05-01/04/2015 TRY 1 613 872 0.68 %
2 000 000 ENEL FIN INTL NV 4.625% 11-24/06/2015 EUR 2 008 140 0.85 %
1 000 000 FIAT FIN & TRADE 6.875% 09-13/02/2015 EUR 1 017 500 0.43 %
2 000 000 FIAT IND FIN 5.250% 11-11/03/2015 EUR 2 017 540 0.85 %
1 000 000 FORTIS BANK SA 4.500% 07-30/05/2014 EUR 1 047 860 0.44 %
750 000 GAZ CAPITAL SA 8.125% 09-04/02/2015 EUR 846 563 0.36 %
2 000 000 GAZPROM 4.950% 11-23/05/2016 USD 1 637 051 0.69 %
1 000 000 GLENCORE FINANCE 4.125% 12-03/04/2018 EUR 1 020 000 0.43 %
1 000 000 OJSC RUSS AGRIC 5.298% 12-27/12/2017 USD 798 826 0.34 %
500 000 SB CAPITAL SA 5.499% 10-07/07/2015 USD 411 481 0.17 %
United States of America 11 463 406 4.81 %
2 000 000 CITIGROUP INC 7.375% 09-16/06/2014 EUR 2 183 320 0.92 %
1 000 000 FORD MOTOR CRED 3.000% 12-12/06/2017 USD 784 394 0.33 %
1 000 000 GOLDMAN SACHS GP 3.750% 06-04/02/2013 EUR 1 008 820 0.42 %
1 000 000 MANPOWERGROUP 4.500% 12-22/06/2018 EUR 1 023 400 0.43 %
2 000 000 MERRILL LYNCH 6.750% 08-21/05/2013 EUR 2 069 280 0.87 %
2 000 000 MORGAN STANLEY 8.000% 12-09/05/2017 AUD 1 695 747 0.71 %
1 000 000 PEMEX MASTER TR 5.500% 05-24/02/2025 EUR 1 048 670 0.44 %
1 500 000 SWISS RE TREAS 7.000% 09-19/05/2014 EUR 1 649 775 0.69 %
Spain 9 654 129 4.07 %
2 000 000 GAS NATURAL FIN 5.250% 09-09/07/2014 EUR 1 979 620 0.83 %
2 000 000 IBERDROLA FIN SA 7.500% 08-25/11/2015 EUR 2 059 440 0.87 %
1 000 000 SANTANDER US 3.724% 10-20/01/2015 USD 734 569 0.31 %
2 000 000 TELEFONICA EMIS 3.406% 10-24/03/2015 EUR 1 873 180 0.79 %
2 000 000 TELEFONICA EMIS 5.431% 09-03/02/2014 EUR 1 994 200 0.84 %
1 000 000 TELEFONICA EMIS 5.580% 08-12/06/2013 EUR 1 013 120 0.43 %
Mexico 7 423 897 3.12 %
50 000 000 MEXICAN BONOS 7.000% 09-19/06/2014 MXN 3 066 517 1.29 %
2 000 000 PETROLEOS MEXICA 5.500% 09-09/01/2017 EUR 2 209 760 0.93 %
2 000 000 UNITED MEXICAN 4.250% 10-14/07/2017 EUR 2 147 620 0.90 %
Germany 6 745 901 2.84 %
2 290 260 DEUTSCHLAND I/L 1.500% 06-15/04/2016 EUR 2 452 181 1.03 %
4 000 000 LANDBK HESSEN - TH 2.875% 10-21/04/2017 EUR 4 293 720 1.81 %
Italy 6 571 032 2.77 %
2 000 000 ENI SPA 4.000% 09-29/06/2015 EUR 2 075 500 0.87 %
1 000 000 ENI SPA 5.875% 08-20/01/2014 EUR 1 060 320 0.45 %
330 000 LUXOTTICA 3.625% 12-19/03/2019 EUR 334 072 0.14 %
1 000 000 TELECOM ITALIA 4.625% 12-15/06/2015 EUR 995 320 0.42 %
2 000 000 TELECOM ITALIA 7.875% 09-22/01/2014 EUR 2 105 820 0.89 %
Sweden 6 527 320 2.74 %
1 000 000 SKF AB 3.875% 11-25/05/2018 EUR 1 094 960 0.46 %
2 000 000 SVENSKA HANDELSBANKEN 3.375% 12-17/07/17 EUR 2 121 300 0.89 %
2 500 000 SWEDBANK AB 2.375% 12-04/04/2016 EUR 2 529 500 1.06 %
750 000 SWEDBANK AB 3.375% 12-09/02/2017 EUR 781 560 0.33 %
Ireland 5 957 480 2.51 %
1 250 000 GE CAP EUR FUND 2.875% 10-17/09/2015 EUR 1 285 738 0.54 %
700 000 GE CAP EUR FUND 2.875% 12-18/06/2019 EUR 703 080 0.30 %
2 000 000 GE CAP EUR FUND 5.375% 08-16/01/2018 EUR 2 274 340 0.96 %
1 700 000 INTESA SANP IRL 4.000% 12-08/08/2013 EUR 1 694 322 0.71 %
Finland 5 395 900 2.27 %
1 000 000 FORTUM OYJ 6.000% 09-20/03/2019 EUR 1 230 020 0.52 %
4 000 000 NORDEA BANK FIN 2.375% 11-02/09/2016 EUR 4 165 880 1.75 %
Poland 5 364 969 2.25 %
20 000 000 POLAND GOVT BOND 5.500% 09-25/04/2015 PLN 4 834 719 2.03 %
500 000 REPUBLIC OF POLAND 3.625% 06-01/02/2016 EUR 530 250 0.22 %
The accompanying notes form an integral part of these financial statements
Page 21

FLEXIFUND Private Optimised Management
Securities portfolio at 30/06/2012
Expressed in EUR
Quantity Denomination Quotation currency Market value
% of net
assets
Cayman Islands 2 886 805 1.22 %
1 500 000 HUTCH WHA INT 11 3.500% 12-13/01/2017 USD 1 224 278 0.52 %
1 000 000 PETROBRAS INTL 2.875% 12-06/02/2015 USD 799 346 0.34 %
810 000 PETROBRAS INTL 4.875% 11-07/03/2018 EUR 863 181 0.36 %
Switzerland 2 064 940 0.87 %
2 000 000 CREDIT SUISSE GUER 2.875% 10-24/09/2015 EUR 2 064 940 0.87 %
Turkey 1 597 251 0.67 %
3 500 000 TURKEY GOVT BOND 11.000% 09-06/08/2014 TRY 1 597 251 0.67 %
South Korea 800 362 0.34 %
1 000 000 HYUNDAI CAPITAL 3.500% 12-13/09/2017 USD 800 362 0.34 %
Belgium 523 970 0.22 %
500 000 UCB SA 5.750% 09-27/11/2014 EUR 523 970 0.22 %
Floating rate bonds 9 441 292 3.97 %
The Netherlands 3 059 600 1.29 %
1 000 000 ALLIANZ FINANCE 02-13/01/2025 SR EUR 1 045 000 0.44 %
2 000 000 LEASEPLAN CORP 12-13/11/2013 FRN EUR 2 014 600 0.85 %
Sweden 2 487 443 1.05 %
3 000 000 NORDEA BANK AB 09-29/09/2049 FRN USD 2 487 443 1.05 %
United Kingdom 2 167 074 0.91 %
2 500 000 STANDARD CHARTERED 09-29/06/2049 FRN USD 2 167 074 0.91 %
Germany 858 400 0.36 %
1 000 000 DEUTSCHE BANK AG 05-09/03/2017 SR EUR 858 400 0.36 %
France 460 650 0.19 %
500 000 SOCIETE GENERALE 09-29/09/2049 FRN EUR 460 650 0.19 %
United States of America 408 125 0.17 %
500 000 BANK OF AMERICA CORP 07-23/05/2017 FRN EUR 408 125 0.17 %
Shares/Units in investment funds 43 357 851 18.25 %
Ireland 24 176 810 10.18 %
5 000 000 BNY MELLON GL-GLOBAL BOND -USD-C- USD 9 316 811 3.92 %
1 000 000 PIMCO GL INV GD CREDIT-INV A EUR 14 859 999 6.26 %
Luxembourg 18 578 501 7.82 %
78 057 AXA IM FIIS US DUR HY IC EUR 10 699 243 4.51 %
40 000 BLUEBAY-EMER MKT COR BD-BUSD USD 4 811 158 2.02 %
30 000 PICTET EUR SHRTRM HI YLD-IEUR EUR 3 068 100 1.29 %
British Virgin Islands 602 540 0.25 %
6 136 SIGNET GLOBAL F/I EUR 602 540 0.25 %
Other transferable securities 1 047 206 0.44 %
Shares/Units in investment funds 1 047 181 0.44 %
Luxembourg 943 506 0.40 %
8 267 PRIVILEGED INVR VAR USD 943 506 0.40 %
Ireland 103 675 0.04 %
906 STRATEGIC ALPHA FOF ARBIT - A EUR EUR 103 675 0.04 %
Options, Warrants, Rights 25 0.00 %
Germany 25 0.00 %
25 000 000 CALL 6M EURIBOR 11/10/2012 5 EUR 25 0.00 %
Money Market Instruments 2 498 826 1.05 %
Belgium 2 498 826 1.05 %
2 500 000 BARRY CALLEBAUT SERVIC 0.000% 23/07/2012 ECP EUR 2 498 826 1.05 %
Total securities portfolio 225 824 442 95.02 %
The accompanying notes form an integral part of these financial statements
Page 22

Notes to the financial statements
Page 23

FLEXIFUND
Notes to the financial statements at 30/06/2012
Note 1 - General
a) 2012 events
Matured sub-funds:
Sub-funds Last net asset value date Maturity Event
Fix 14 Short 3% Plus 26 December 2011 2 January 2012 Maturity of the sub-fund
Fix 6 Booster 26 June 2012 2 July 2012 Maturity of the sub-fund
Sub-funds launched:
Sub-funds Date Event
Fix 17 Euribor Floater 16 April 2012 Launch of the sub-fund
b) Active sub-funds
All sub-funds whose securities portfolios are detailed in this document were available for subscription at 30 June 2012.
Note 2 - Principal accounting methods
a) Net asset value
This semi-annual report was prepared on the basis of the latest net asset value available on 29 June 2012.
b) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg on
undertakings for collective investment. The consolidation currency of the Company is the euro (EUR).
c) Valuation of the securities portfolio
The valuation of all transferable securities listed on an official market or on any other regulated market is based on the
last known price, unless this price is not representative. In the event of the latter, the valuation is based on the probable
market value, which shall be estimated with prudence and in good faith.
Securities neither listed nor traded on a stock market or on any other regulated market will be valued on the basis of the
probable market value estimated with prudence and in good faith.
In the case of investment in money market instruments, the value of such instruments is based on the acquisition cost
plus the difference between the redemption price and the acquisition price calculated on a pro rata basis. In the event of
significant changes in market conditions, the valuation method will be adjusted according to the new interest rate
conditions prevailing on the markets.
In light of the lack of liquidity on the financial markets for a number of investments, and in accordance with the
prospectus, the Board of Directors valued a number of assets with prudence and in good faith, taking into account
different information and price sources, such as transaction prices and prices communicated by brokers as well as
databases and internal valuation models.
The valuation principle described above, which is used to assess the value of the securities, concerns the Bond RMB
sub-fund (11,02% of NAV at 30 June 2012). The securities which are valued using this principle are marked with an
asterisk (*) in the sub-fund’s portfolios. Differences in value may occur during the effective sale of the securities, as
described above.
Page 24

FLEXIFUND
Notes to the financial statements at 30/06/2012
d) Net realised result on the securities portfolio
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold.
e) Conversion of foreign currencies
Values expressed in a currency other than the currency in which the relevant sub-fund is denominated will be converted
on the basis of the exchange rate applicable on the valuation day.
Exchange rate at 30 June 2012:
EUR 1 = USD 1.26905
EUR 1 = CNY 8.06365
f) Distribution of costs
The costs common to the various sub-funds, classes or sub-classes of the Company are distributed among the various
sub-funds, classes or sub-classes, pro rata to their respective net assets.
g) Valuation of currency futures
Unexpired currency futures are valued on the basis of the exchange rates applicable on the valuation date or the closing
date and the resulting unrealised profits or losses are recorded in the accounts.
h) Valuation of financial instruments
Unexpired financial instruments are valued on the basis of the last price known on the valuation date or closing date and
the resulting unrealised profits or losses are recorded in the accounts.
i) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets
on which the Company traded the contracts in question. The liquidation value of options not traded on stock markets is
determined in accordance with the rules defined by the Board of Directors, in accordance with uniform criteria for each
category of contract.
j) Repurchase agreement
"Repurchase" and "reverse repurchase agreement" consist of the purchase and sale of securities where the clauses of the
agreement require the seller to repurchase from the buyer and the buyer to sell back to the seller the securities
sold/bought at a price and for a duration stipulated by the two parties at the time the agreement is entered into. Such
"repo" and "reverse repo" agreements imply a transfer of ownership.
k) Income on investments
Dividends are recognised as income on the date on which they are declared and to the extent that the information in
question is available to the Company. Interest is recognised on a daily basis.
l) Securities lending transactions
The Company may enter into securities lending transactions. The assets involved remain accounted for in the portfolio
throughout the duration of the loan.
Page 25

FLEXIFUND
Notes to the financial statements at 30/06/2012
m) Valuation of swaps
Swaps are valued on the basis of the difference between the discounted value of all future cash flows paid by the
Company to the counterparty on the valuation date at the "zero coupon swap" rate corresponding to the maturity of
those cash flows, and the discounted value of all future cash flows paid by the counterparty to the Company on the
valuation date at the "zero coupon swap" rate corresponding to the maturity of those cash flows.
For the "FIX" sub-funds, swaps are valued as follows:
• Funds received by the Company (future flows generated by the bond portfolio and/or the investment of cash) and
transferred by the Company to the counterparty under swap agreements must be discounted to the valuation date
at the zero coupon swap rate corresponding to the maturity of each flow.
• Funds paid by the counterparty to the Company on the predetermined dates and in particular at maturity of a subfund
(i.e. the capital provided for at maturity and the amount corresponding to the result of derivatives trading)
are discounted to the valuation date at the zero coupon swap rate corresponding to the maturity of these flows.
• The value of the swaps is the difference between these two present value conversions.
• In the event of adjustments to the underlying of the swap as a result of any redemptions or subscriptions, this
shall have no impact whatsoever on the net asset value as it is carried out on the basis of the market valuation of
the swap agreements (mark-to-market).
• The fees received in favour of the sub-fund prevent shareholders from being penalised.
The internal model for valuing CDS (Credit Default Swaps) uses the yield curve of the CDS, the recovery rate and a
discount rate (LIBOR or the market swap rate) to calculate the mark-to-market. This internal model also produces the
default probability curve. In order to establish the CDS yield curve, data from a number of counterparties active in the
CDS market are used. The fund manager compares the valuation of the counterparties’ CDS to the values obtained via
the internal model. The starting point for the construction of the internal model is the equality, at the time the CDS
agreement is signed, of the floating leg and the fixed leg of the CDS.
Since EDS (Equity Default Swaps) are triggered by an equity event, their valuation depends primarily on the volatility
and asymmetry of the underlying share. The greater the volatility, the higher the risk that this share will hit the 70%
mark thereby widening the EDS spread. The spread of a company’s CDS is also a reflection of its volatility, since high
volatility in the share price indicates high volatility in the assets of the company in question and, therefore, a high
probability of a credit event. Given that the spreads of EDS and CDS are both correlated with the implied volatility of
the shares, and that these relationships tend to remain stable over time, an EDS may be considered a proxy for a CDS.
Key to valuing an EDS is the calculation of the implied probability of an equity event. Two methods are generally
accepted: the first consists in using the CDS market spread as an input in a model for valuing the EDS; the second uses
historical data on the stock in question to estimate the said probability. Although historical data are not necessarily a
reliable indicator of future events, these data can provide an insight into the general behaviour of a stock in times of
crisis. When comparing the two approaches, it is very rare to see historical probabilities higher than the implied
probabilities of the shares.
IRS (Interest Rate Swaps) are valued on the basis of the difference between the discounted value of all future cash flows
paid by the Company to the counterparty on the valuation date at the "zero coupon swap" rate corresponding to the
maturity of those cash flows, and the discounted value of all future cash flows paid by the counterparty to the Company
on the valuation date at the "zero coupon swap" rate corresponding to the maturity of those cash flows.
Inflation swaps are bilateral agreements which allow investors looking to hedge an investment to secure an inflationlinked
return against an inflation index. The inflation buyer (inflation receiver) pays a predetermined fixed or floating
rate (minus a spread). In exchange, the inflation buyer receives from the inflation seller (inflation payer) one or more
inflation-linked payments.
The principal risk associated with an inflation swap lies in its sensitivity to interest rates and inflation: the inflation
payer takes on the risk of inflation or, in other words, of changes likely to affect the inflation curve. The payer also
bears a risk relating to interest rates or, in other words, to changes in the nominal yield curve. In order to value inflation
swaps, a "forward zero coupon" swap curve (seasonally adjusted for inflation) is constructed, facilitating the calculation
of future inflation cash flows.
Page 26

FLEXIFUND
Notes to the financial statements at 30/06/2012
Note 3 - Management fees
Sub-funds Annual rate Basis of calculation
Bond RMB 1.00% (1)
Equity China "A" (excluding share class "X") 1.50% (1)
Equity Small Caps China "A" Class "I" and "P", "I-USD",
"Classic" and "Classic USD"
1.75% (1)
Fix 1 Triple Five Plus 0.86% (2)
Fix 2 Triple Five Plus 1.27% (2)
Fix 4 Triple Six 0.97% (2)
Fix 5 Digital Plus 0.74% (2)
Fix 6 Booster (liquidated on 26/06/2012) 1.14% (2)
Fix 7 Cappuccino Plus 1.14% (2)
Fix 12 Double Six 0.78% (2)
Fix 15 Double 6 Step Up 1.00% (2)
Fix 16 Booster 1.02% (2)
Fix 17 Euribor Floater (launched on 16/04/2012)
EUR 15 per share per
(4)
annum
Money Market RMB (excluding share class "X") 1.00% (1)
Private Optimised Management 0.75% (3)
(1) For management only, calculated and payable monthly on the basis of the average net assets.
(2) For management and distribution, calculated and payable annually on the basis of the average number of shares
for the year.
(3) For management and distribution, calculated and payable monthly on the basis of the average net assets of the
sub-fund, excluding assets invested in long-only funds of the BNP Paribas Group. No management fee is
charged on investments in CDOs managed by BNP Paribas Investment Partners.
(4) In addition, the Company may be liable for a tax on foreign UCIs and/or other regulatory deductions in the
country where the sub-fund is registered for distribution.
Note 4 - Custodian
The custodian fee is calculated and payable monthly on the basis of the average net assets at the end of the relevant
quarter.
Note 5 - Taxation
In Luxembourg, the Company is subject to an annual "taxe d’abonnement" (subscription tax) of 0.05% of the value of
the net assets. This rate is reduced to 0.01% for:
a) sub-funds with the exclusive objective of collective investment in money market instruments and deposits with
credit institutions;
b) sub-funds with the exclusive objective of collective investment in deposits with credit institutions;
c) sub-funds, classes and/or sub-classes reserved for institutional investors.
The value of the assets represented by units held in other undertakings for collective investment, where such units have
already been subject to the "taxe d’abonnement", is exempt from this "taxe d’abonnement".
When it is due, the "taxe d’abonnement" is payable quarterly on the basis of the related net assets and is calculated at
the end of the quarter for which the tax is due.
Page 27

FLEXIFUND
Notes to the financial statements at 30/06/2012
Note 6 - Distribution fees
Distribution fees are calculated monthly on the basis of the average net assets of a sub-fund or share class, are payable
to the Management Company and are deducted each month to cover the remuneration of distributors in addition to the
share of the management fees they receive.
Note 7 - Administration fees
Fees payable to the administrative agent, the registrar and the transfer agent are payable monthly on the basis of the
average net assets.
Note 8 - Dividends
Dividends paid on 20 January 2012 and 10 April 2012 for distribution shares outstanding at 16 January 2012 and
2 April 2012 respectively.
Sub-fund Currency Dividend Coupon no.
Private Optimised Management EUR 35.61 7
Fix 7 Cappucino Plus EUR 20.00 5
A dividend of EUR 29.62 (coupon no. 2) was paid on 6 June 2012 for Bond RMB distribution shares outstanding on
25 May 2012. The amount of the dividend was reinvested.
Note 9 - Securities lending
At 30 June 2012, the Company had concluded the following securities lending agreements with blue-chip financial
companies:
Sub-funds
Currency
Securities Lending -
Market value
Private Optimised Management EUR 1 695 896
At 30 June 2012, the guarantee delivered consists of pledged securities registered in a tripartite account held with
JP Morgan Chase under the name BNP Paribas Investment Partners Luxembourg on behalf of the funds, pursuant to
Circular 08/356. At 30 June 2012, this guarantee represented 107.32% of the value of the securities lent.
Note 10 - Overview of all collateral held by the sub-fund
At 30 June 2012, the Company had pledged the following collateral in favour of swap agreement counterparties:
Sub-funds Currency Collateral for over-the-counter transactions
Private Optimised Management EUR (270 000)
Page 28

FLEXIFUND
Notes to the financial statements at 30/06/2012
At 30 June 2012, the counterparties to the swap agreements had pledged the following collateral in favour of the
Company:
Sub-funds Currency Collateral for over-the-counter transactions
Fix 2 Triple five Plus EUR 260 000
Fix 4 Triple Six EUR 240 000
Fix 7 Cappuccino Plus EUR 150 000
Fix 15 Double 6 Step Up EUR 120 000
Fix 16 Booster EUR 310 000
Note 11 - Futures transactions
Private Optimised Management
Currency Quantity
Purchase/
Sale
Description
Maturity
Commitment in
(EUR)
Unrealised
gain/(loss)
in (EUR)
EUR 161 S EURO-SCHATZ FUTURE 06/09/2012 (17 789 695) 48 300
EUR 100 S EURO-BOBL FUTURE 06/09/2012 (12 589 000) 3 380
Total: 51 680
Note 12 - Currency futures contracts
Private Optimised Management
Currency Purchase amount Currency Sale amount
BRL 9 171 600 AUD 2 000 000
CHF 5 984 995 EUR 16 391 020
DKK 37 045 410 PLN 10 310 000
EUR 21 343 220 USD 26 500 000
MXN 68 000 000
USD 3 137 653
Unrealised loss in (EUR) (365 729)
At 30 June 2012, the maximum maturity of all outstanding contracts was 21 December 2012.
Note 13 - Co-management
At 30 June 2012, a portion of the net assets of the Company was under co-management alongside the assets of one or
more other Luxembourgish undertakings for collective investment. Similarly, a portion of the assets of several subfunds
of the Company is also co-managed among the sub-funds. Some lines of the portfolios taken over are co-managed
in proportion to the net assets of each sub-fund relative to the total value of the co-managed assets. Any fractions in the
securities portfolios of co-managed sub-funds are due to the co-management technique. The prices of such fractions are
based on the market value of the securities concerned at the end of the period.
Note 14 - Swaps
At 30 June 2012, the following positions on swaps sold were outstanding:
Fix 1 Triple Five Plus
Nominal
value
Currency Maturity Funds paid Cash inflow
9 144 000 EUR 27/08/2014 Euribor 3M – 0.08% (*)
13 841 000 EUR 27/08/2014 Euribor 3M – 0.08% (*)
Unrealised gains (EUR) 20 442
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Page 29

FLEXIFUND
Notes to the financial statements at 30/06/2012
Fix 2 Triple Five Plus
Nominal
value
Currency Maturity Funds paid Cash inflow
9 616 500 EUR 29/10/2014 Euribor 3M – 0.08% (*)
Unrealised gains (EUR) 117 321
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Fix 4 Triple Six
Nominal
value
Currency Maturity Funds paid Cash inflow
2 804 000 EUR 25/02/2015 Euribor 3M – 0.08% (*)
11 026 000 EUR 25/02/2015 Euribor 3M – 0.08% (*)
Unrealised gains (EUR) 227 877
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Fix 5 Digital Plus
Nominal
value
Currency Maturity Funds paid Cash inflow
2 242 000 EUR 29/04/2013 Euribor 3M – 0.08% (*)
13 406 460 EUR 29/04/2013 Euribor 3M – 0.08% (*)
Unrealised loss (EUR) (1 784)
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Fix 7 Cappuccino Plus
Nominal
value
Currency Maturity Funds paid Cash inflow
2 295 000 EUR 26/09/2013 Euribor 3M – 0.08% (*)
5 696 000 EUR 26/09/2013 Euribor 3M – 0.08% (*)
Unrealised gains (EUR) 189 166
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Fix 12 Double Six
Nominal
value
Currency Maturity Funds paid Cash inflow
3 881 000 EUR 24/12/2012 Euribor 3M – 0.08% (*)
5 691 000 EUR 24/12/2012 Euribor 3M – 0.08% (*)
Unrealised gains (EUR) 23 180
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Fix 15 Double 6 Step Up
Nominal
value
Currency Maturity Funds paid Cash inflow
3 593 000 EUR 26/03/2014 Euribor 3M – 0.08% (*)
4 684 000 EUR 26/03/2014 Euribor 3M – 0.08% (*)
Unrealised gains (EUR) 180 734
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Page 30

FLEXIFUND
Notes to the financial statements at 30/06/2012
Fix 16 Booster
Nominal
value
Currency Maturity Funds paid Cash inflow
5 000 000 EUR 26/08/2016 Euribor 3M + 0.55% (*)
2 576 000 EUR 26/08/2016 Euribor 3M + 0.55% (*)
Unrealised gains (EUR) 438 873
(*) The coupon amount is linked to the performance of the shares included in a basket of 20 reference shares.
Fix 17 Euribor Floater
Nominal
value
Currency Maturity Funds paid Cash inflow
2 500 000 EUR 28/03/2017 EURIBOR 3M + 1.40% (*)
2 173 000 EUR 28/03/2017 EURIBOR 3M + 1.40% (*)
Unrealised loss (EUR) (2 227)
(*) The coupon amount is linked to the performance of the EURIBOR 3M index, with a lower limit of 1.50% and an
upper limit of 5.00%.
Note 15 - Change in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio during the period is available free of charge at the
registered office of the Company.
Note 16 - List of fund managers by sub-fund for 2012
Sub-funds
FLEXIFUND Fix 1 Triple Five Plus
FLEXIFUND Fix 2 Triple Five Plus
FLEXIFUND Fix 4 Triple Six
FLEXIFUND Fix 5 Digital Plus
FLEXIFUND Fix 6 Booster (liquidated on
02/07/2012)
FLEXIFUND Fix 7 Cappuccino Plus
FLEXIFUND Fix 12 Double Six
FLEXIFUND Fix 14 Short 3% Plus (liquidated on
02/01/2012)
FLEXIFUND Fix 15 Double 6 Step Up
FLEXIFUND Fix 16 Booster
FLEXIFUND Fix 17 Euribor Floater (launched on
16/04/2012)
FLEXIFUND Equity China "A"
FLEXIFUND Equity Small Caps China "A"
FLEXIFUND Money Market RMB
FLEXIFUND Bond RMB
FLEXIFUND Private Optimised Management
Fund managers
BNP Paribas Investment Partners Belgium
THEAM
BNP Paribas Investment Partners Asia Limited
delegated to HFT Investment Management (HK)
BNP Paribas Investment Partners Belgium for the
allocation and management of assets not entrusted to other
fund managers.
Page 31

FLEXIFUND
Notes to the financial statements at 30/06/2012
Note 17 - Lehman Brothers
Recently, the Company once again re-evaluated the amounts owed to it by Lehman Brothers with the intention of
offsetting its debts to Lehman Brothers against its receivables as far as possible. This action is being pursued in
collaboration with a legal consultancy in the United Kingdom. As the Company now has reasonable confidence in its
capacity to recognise its receivables at sub-fund level (even if the operations are executed at a consolidated level), these
debts may be offset by its receivables and the NAV may be impacted due to a transfer of the provision for debts from a
consolidated level to a sub-fund level. If the offsetting is formally accepted by Lehman Brothers, it could implicitly lead
to a reduction in the size of the debt and hence a marginal rise in valuations. However, the financial statements dated
30 June 2012 have been prepared prudently, valuing the receivables due from Lehman Brothers at €1 and the debts at
their nominal value. As part of a second adjustment, the Company considers that all payments will have to be made in
euro, in particular those relating to commodity swaps.
This adjustment arises, however, from a complex process, given that the consolidated ratios have been amended in the
meantime. The calculations, however, have all been performed in order for the necessary adjustments to be made.
It should be noted that the Lehman Brothers liquidator has approached the SICAV with a view to reaching a consensual
agreement on how to resolve the issue once and for all in the coming months. Discussions to this effect are currently
under way.
Note 18 - Provisions for Chinese taxation
In light of possible Chinese legislation on the taxation of gains realised on domestic shares by "Qualified Foreign
Institutional Investors", the Board of Directors of the SICAV has decided to set aside provisions for this potential
taxation. Indeed, the Board deems such action justified in view of the likelihood that the legislation may be brought into
force retroactively.
A provision has been included in the accounts of the Equity China "A" sub-fund since 30 November 2008, of the Equity
Small Caps China "A" sub-fund since 9 September 2009 and of the Bond RMB sub-fund since 4 January 2011, taking
into consideration the following hypotheses when determining the level of the provision:
• 10% of gains generated on Chinese A shares,
• retroactive calculation of sales from 1 July 2008,
• no deduction of realised losses.
At 30 June 2012, the provisions amounted to:
Sub-funds Provision % of NAV at 30 June 2012
Equity Small Caps China "A" 9 365 035.71 EUR 32.4257%
Equity China "A" 30 188 896.36 EUR 17.8703%
Bond RMB 4 805.22 EUR 0.0021%
Significant changes may be made to the amounts set aside once the legal provisions are known or once the taxes are
actually levied by the Chinese tax authorities. The amount of the provision at 30 June 2012 is recorded under
"Other expenses".
Page 32

________________________________________________________
FLEXIFUND
‘YANGZI FUND’
________________________________________________________
Nederlands Addendum
Halfjaarverslag
30/06/2012

Algemeen
FLEXIFUND is gevestigd in Luxemburg en heeft een vergunning van de Luxemburgse toezichthouder,
Commission de Surveillance du Secteur Financier (CSSF).
FLEXIFUND heeft een notificatie op grond van artikel 2:66 van de Wft.
Indien de Raad van Bestuur van FLEXIFUND zou besluiten tot een verzoek aan AFM tot intrekking van de
registratie van FLEXIFUND op grond van Wft, zal hiervan mededeling worden gedaan in een landelijk
verspreid Nederlands dagblad.
Afwijkende naam
Per 30 juni 2012 was uitsluitend het compartiment FLEXIFUND Equity China ‘A’ in Nederland
geregistreerd.
FLEXIFUND Equity China ‘A’ wordt in Nederland verkocht onder de handelsnaam “YANGZI FUND”.
Per de datum van dit Addendum worden drie aandelencategorieën van YANGZI FUND actief in Nederland
verkocht:
- I (voorheen genaamd “Classic”): is op 14 december 2004 in Nederland gestart. Deze
aandelencategorie is uitsluitend toegankelijk voor institutionele beleggers conform de Luxemburgse
wet- en regelgeving.
Gedurende de periode 14 december tot 22 december 2004 heeft dit compartiment gefungeerd als een
instelling die louter gericht was op professionele beleggers in de zin van de Wet toezicht
beleggingsinstellingen (welke in 2007 is opgegaan in de Wft);
- I 2005 (voorheen genaamd “Classic 2005”): is op 15 november 2005 in Nederland gestart. Deze
aandelencategorie is uitsluitend toegankelijk voor institutionele beleggers conform de Luxemburgse
wet- en regelgeving;
- Classic: is op 29 oktober 2007 in Nederland gestart. Deze aandelencategorie is voor iedere belegger
beschikbaar, mits wordt voldaan aan het in het prospectus opgenomen minimale initiële
inschrijvingsvereiste van EUR 25.000,--.
Ondanks de afwijkende naam zijn de inhoud van het prospectus en de statuten van FLEXIFUND
onverminderd op dit compartiment van toepassing.
Halfjaarverslag
Het halfjaarverslag 2012, bestaande uit het semi-annual report 2012 en dit Addendum voor Nederlandse
beleggers, bevat die informatie die vereist is voor beleggingsinstellingen met een notificatie op grond van
artikel 2:66 van de Wft.
Mutatieoverzicht effecten
30/06/2012
EUR
Stand 01/01/2012 148 715 607,00
Aankopen 1 264 713 461,07
Verkopen -1 210 086 560,85
Herwaarderingen en valutakoersresultaten -40 191 157,00
Stand 30/06/2012 163 151 350,22
Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode is opgenomen in
het statement of net assets van het semi-annual report 2012 alsmede in de toelichting bij de statement of
net assets.
Overige informatie
Website
Actuele informatie, waaronder de nettovermogenswaarde, van de in Nederland genotificeerde subfondsen
van FLEXIFUND wordt beschikbaar gesteld via de website www.bnpparibas-ip.com.
Persoonlijke belangen
Op 1 januari 2012 en 30 juni 2012 werden door de Raad van Bestuur van FLEXIFUND geen belangen in
effecten aangehouden, welke op hetzelfde moment ook door YANGZI FUND werden aangehouden.