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HSBC Global Investment Funds - Fundsupermart.com

ContentsHSBC Global Investment Funds 1-403PageAdditional notes for Hong Kong residents in relation to HSBC Global Investment Funds.The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorized in Hong Kong andnot available to Hong Kong residents:HSBC Global Investment Funds sub-funds:Asian Currencies BondBrazil BondCIVETSEconomic Scale Index (GEM Equity)Euro BondEuro Credit BondEuro ReserveEuroland GrowthFrontier MarketsGEM Debt Total ReturnGEM Inflation Linked BondGlobal Asset-Backed BondGlobal Asset-Backed High Yield BondGlobal CurrencyGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Investment Grade BondGlobal Emerging Markets Local DebtGlobal Flex AllocationGlobal Inflation Linked BondGlobal MarcoGlobal Short Duration High Yield BondIndia Fixed IncomeLatin American Local DebtMexico EquityRMB Fixed IncomeTurkey Equity


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Unaudited semi-annual report for the period from 1 April 2013 to 30 September 2013Société d’Investissement à Capital Variable (SICAV), Luxembourg1


Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland.ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich is the legal representative of the Company inSwitzerland. The Prospectus, Articles and annual and semi-annual reports of the Company may be obtained free ofcharge upon request from ACOLIN Fund Services AG. A breakdown of all transactions carried out on behalf of eachsub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from theCompany’s representative in Switzerland.No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis ofthe current Prospectus accompanied by the latest annual and the most recent semi-annual report, if publishedthereafter.Unaudited semi-annual report for the period from 1 April 2013 to 30 September 20132


Table of ContentsGeneral Information 4Board of Directors 13Management and Administration 14Statement of Net Assets as at 30 September 2013 17Key Figures as at 30 September 2013 29Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013 89Notes to the Financial Statements 102Comparative Tables of Net Assets 188Portfolio of Investments and Other Net Assets as at30 September 2013 214Currency Conversion Table 387Dealing Days of the Fund 388Fund Holiday Calendar for 2014 3893


General InformationGeneralHSBC Investment Funds (Luxembourg) S.A. (the “Management Company”) uses a risk management process thatallows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios on themanaged funds at any time. In accordance with the Law of 17 December 2010 and the applicable regulatoryrequirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Company reportsto the CSSF on a regular basis on the risk management process. The Management Company assures, on the basisof appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the netasset value of the portfolio. The Management Company uses the following methods:Commitment ApproachThe "Commitment Approach" is based on the positions of Financial Derivative Instruments (“FDI”) converted into theircorresponding underlying equivalents using the delta approach. Netting and Hedging might be considered for FDIand their underlying assets providing that the approach complies with the regulations. The sum of these underlyingequivalents must not exceed the net asset value of the fund.Value-at-Risk (“VaR”) is a mathematical approach used to estimate the potential loss of a portfolio over a specifiedholding period within a given confidence level. VaR can be calculated on either an absolute or a relative basis.Absolute VaR approachIn the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the Fund cannotexceed 20% of the Fund net assets.Relative VaR approachRelative VaR is calculated in relation to a suitable benchmark or reference portfolio. Using this approach,the relative VaR cannot exceed the VaR of a reference portfolio by more than a maximum of twice (200%).The reference portfolio is a matching portfolio in comparison to the Fund's investment policy.The Management Company has delegated the VaR monitoring to the following Global Risk Management teams:HSBC Global Asset Management (UK) LimitedFor the HGIF RMB Fixed Income Sub fund, the VaR has been calculated using the BarraOne risk engine which usesa parametric approach with the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.4


General Information (continued)HSBC Global Asset Management Limited (AMGB)The VaR has been calculated using the Algorithmics risk engine which uses a historic simulation approach using thefollowing parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.HSBC Global Asset Management (France)The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the followingparameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- Daily data set updates are used for:o HGIF – Global Inflation Linked Bond- Weekly data set updates are used foro all other sub-funds managed by HSBC Global Asset Management (France).- Daily VaR calculation.HSBC Bank Brasil S.A – Banco MúltiploThe VaR has been calculated using a parametrical approach (variance-covariance matrix) with the followingparameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month)- Effective observation period of at least 250 days.- Weekly data set updates.- Daily VaR calculation.5


General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringStartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limitReference Portfolio(if any)1) Reserve Sub-FundsHGIF - Euro ReserveHSBC Global AssetManagement (France)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A2) Bond Sub-FundsHGIF - Asian Currencies BondHSBC Global AssetManagement Limited(AMGB)01/04/2013 30/09/2013 Relative VaR 72.3% 100% 45.40% 126.60%MARKIT iBOXX ABFPan-Asia ex China exHKHGIF - Brazil Bond HSBC Bank Brazil SA 01/04/2013 30/09/2013 Absolute VaR 0.41% 1.29% 0.80% 2.00% N/AHGIF - Euro BondHGIF - Euro Credit BondHGIF - Euro High Yield BondHGIF - GEM Inflation Linked BondHGIF - Global Asset-Backed Bond(launched as at 31 May 2013)HGIF - Global Asset-Backed HighYield Bond (launched as at 31May 2013)HGIF - Global BondHGIF - Global Emerging MarketsBondHGIF - Global Emerging MarketsCorporate DebtHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 09/09/2013 Commitment N/A N/A N/A N/A N/A10/09/2013 30/09/2013 Relative VaR 84.90% 113.20% 101.50% 118.30%31/05/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A31/05/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Relative VaR 86.80% 113.90% 104.10% 148.60%Barclays EM TradableGovernment Inflation-Linked Bond (EMTIL) IndexBarclays Capital GlobalAggregate01/04/2013 30/09/2013 Relative VaR 81.70% 122.90% 107.10% 132.50% JP Morgan EMBI Global01/04/2013 30/09/2013 Relative VaR 90.60% 122.50%** 107.00% 115.30% JP Morgan CEMBI DiversifiedHGIF - Global Emerging MarketsInvestment Grade BondHSBC Global AssetManagement Limited(AMGB) 01/04/2013 30/08/2013 Absolute VaR 8.21% 10.73% 9.71% 15.7% N/A6


General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement Limited(AMGB)HGIF - Global Emerging MarketsLocal DebtHGIF - Global High Income BondHSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HGIF - Global High Yield BondHSBC Global AssetManagement Limited(AMGB)HGIF - Global Inflation LinkedBondHGIF - Global Short Duration HighYield Bond (launched as at 12June 2013)HGIF - India Fixed IncomeHGIF - Latin American Local DebtHGIF - RMB Fixed IncomeHGIF - US Dollar BondHSBC Global AssetManagement (France)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)3) Equity Sub-FundsHGIF - Asia ex Japan EquityHGIF - Asia ex Japan EquitySmaller CompaniesHGIF - Asia Pacific ex JapanEquity High DividendHGIF - BRIC EquityHGIF - BRIC MarketsHSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHGIF - BRIC Markets EquityHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limit31/08/2013 30/09/2013 Relative VaR 96.00% 99.10% 97.50% 114.10%Reference Portfolio(if any)50% JPM EMBI IG,50% JPM GBI EMGlobal Diversified IG15 Capped01/04/2013 30/09/2013 Relative VaR 67.60% 86.80% 77.60% 110.00%JP Morgan GBI-EM GlobalDiversified01/04/2013 30/09/2013 Relative VaR 37.20% 120.50%** 88.30% 110.00% GHI Aggregate Benchmark01/04/2013 30/09/2013 Relative VaR 104.40% 121.20% 111.20% 143.30%01/04/2013 30/09/2013 Relative VaR 86.72% 106.85% 100.22% 150%12/06/2013 30/09/2013 Relative VaR 40.70% 94.40% 48.00% 110.00%Merrill Lynch GlobalHigh Yield BB-BConstrained USDhedgedBarclays World Inflation LinkedBond indexMerrill 1-3 Yr BB-B US andEuro Non-Financial High Yield2% Constrained01/04/2013 30/09/2013 Absolute VaR 6.70% 9.90%** 7.90% 9.00% N/A01/04/2013 30/09/2013 Relative VaR 97.20% 109.60% 100.40% 131.60%JP Morgan GBI-EM Global LatinAmerica01/04/2013 30/09/2013 Absolute VaR 0.60% 1.30% 0.90% 6.00% N/A01/04/2013 30/09/2013 Relative VaR 89.30% 138.90% 111.80% 139.50% Barclays Capital US Aggregate01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A7


General Information (continued)Sub-FundHGIF - China ConsumerOpportunitiesHGIF - CIVETS (liquidated as at18 July 2013)HGIF - Climate ChangeHGIF - Emerging WealthHGIF - Euroland EquityHGIF - Euroland Equity SmallerCompaniesHGIF - Euroland GrowthHGIF - European EquityHGIF - Frontier MarketsHGIF - Global Emerging MarketsEquityHGIF - Global EquityEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limit01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 18/07/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHGIF - Latin American Equity HSBC Bank Brazil SA 01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AReference Portfolio(if any)HGIF - Brazil Equity HSBC Bank Brazil SA 01/04/2013 30/09/2013 Relative VaR 0.55% 0.62% 0.59% 4.33% MSCI Brazil 10 / 40HGIF - Chinese EquityHGIF - Hong Kong EquityHGIF - Indian EquityHGIF - Japanese EquityHGIF - Korean EquityHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (France)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHGIF - Mexico Equity HSBC Bank Brazil SA 01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHGIF - Russia EquityHGIF - Singapore EquityHGIF - Taiwan EquityHGIF - Thai EquityHSBC Global AssetManagement (UK) Limited01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A8


General Information (continued)Sub-FundHGIF - Turkey EquityHGIF - UK EquityHGIF - US EquityEntity in charge ofCommitment / VaRmonitoringHSBC PortfoyYonetimi A.S.HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limit01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AReference Portfolio(if any)4) Index Sub-FundsHGIF - Economic ScaleIndex (GEM Equity)HSBC Global AssetManagement (UK) Limited01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A5) Other Sub-FundsHGIF - GEM Debt Total ReturnHGIF - Global Currency(liquidated as at 28 June 2013)HGIF - Global Flex Allocation(liquidated as at 26 April 2013)HGIF - Global MacroHGIF - Managed Solutions - AsiaFocused ConservativeHGIF - Managed Solutions - AsiaFocused GrowthHGIF - Managed Solutions - AsiaFocused IncomeHSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Absolute VaR 0.80% 5.10% 3.10%** 2.50% N/A01/04/2013 28/06/2013 Absolute VaR 0.02% 1.11% 0.50% 4.00% N/A01/04/2013 26/04/2013 Absolute VaR 1.89% 2.17% 2.06% 10.74%40% MSCI World (NR) EUR +60% CitiGroup EMU Gvt BondsIndex01/04/2013 30/09/2013 Absolute VaR 1.63% 3.68% 2.55% 10.07% EUR 1 month EURIBOR01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A* HGIF - Brazil Bond: VaR utilisation as a percentage of the sub-fund Assets Under Management** Fund above internal MAT either due to data discrepancies or market volatility. Limits reviewed every six months.9


General Information (continued)LeverageFor Sub-funds measuring and monitoring the global risk on derivatives via VaR approach, the Management Companyhas delegated the leverage monitoring to the respective Sub-FundsInvestment Advisers who determine the sum ofthe notional values of all the relevant FDI and estimate in this regard a degree of the expected average value(leverage). This level of leverage can, depending on the respective market conditions, derive from the actual value atthe reporting date. Furthermore, the published expected/ level of leverage is explicitly not understood as aninvestment limit.Some sub-funds, during the whole period, have either used the sum of notionals method or the commitment methodwithout any netting (which is the same than the sum of notionals). For these sub-funds, the leverage has beencalculated using the sum of notionals for the entire period.For other sub-funds, the leverage is calculated through an assessment of the sum of all notionals of all FDI,irrespective of whether or not these are used for investment or efficient portfolio management purposes. In respect ofhedge share classes, when applying the prescribed methodology, it is recognised that leverage may be up to 100%larger than the master fund due to the forward foreign currency exchange contracts that are employed to hedge frombase currency into the respective hedged share class currency.Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpectedlevelof leverage(netleverage)Realisedaveragelevelof leverage1) Bond Sub-FundsHGIF - AsianCurrencies Bond01/04/2013 30/09/2013HGIF - Brazil Bond 01/04/2013 30/09/2013HGIF - GEM InflationLinked BondSum of Notionals allperiodSum of Notionals allperiod100% 0.00%50% 11.82%01/04/2013 30/09/2013 Sum of Notionals 200% 23%HGIF - Global Bond 01/04/2013 30/09/2013 Sum of Notionals 200% 47.6%HGIF - GlobalEmerging MarketsBond**HGIF - GlobalEmerging MarketsCorporate DebtHGIF - GlobalEmerging MarketsInvestment Grade BondHGIF - GlobalEmerging MarketsLocal DebtHGIF - Global HighIncome Bond**HGIF - Global HighYield BondHGIF - Global ShortDuration High YieldBondHGIF - Global InflationLinked Bond**HGIF - India FixedIncomeHGIF - Latin AmericanLocal DebtHGIF - RMB FixedIncome**01/04/2013 30/09/2013 Sum of Notionals 200% 8%01/04/2013 30/09/2013 Sum of Notionals 200% 2%01/04/2013 30/09/2013 Sum of Notionals 200% 61%01/04/2013 30/09/2013 Sum of Notionals 300% 66%01/04/2013 30/09/2013 Sum of Notionals 150% 41%01/04/2013 30/09/2013 Sum of Notionals 150% 43%12/06/2013 30/09/2013 Sum of Notionals 150% 35%01/04/2013 30/09/201301/04/2013 30/09/201301/04/2013 30/09/201301/04/2013 30/09/2013Sum of Notionals allperiodSum of Notionals allperiodSum of Notionals allperiodSum of Notionals allperiod400% 162.48%100% 0.00%50% 6.13%100% 0.00%HGIF - US Dollar Bond 01/04/2013 30/09/2013 Sum of Notionals 200% 41.8%2) Equity Sub-FundsHGIF - Brazil Equity 01/04/2013 30/09/2013Sum of Notionals allperiod10% 0%10


General Information (continued)Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpectedlevelof leverage(netleverage)Realisedaveragelevelof leverage3) Other Sub-FundsHGIF - GEM Debt TotalReturn**01/04/2013 30/09/2013 Sum of Notionals 300% 90%HGIF - Global Macro** 01/04/2013 30/09/2013Sum of Notionals allperiod1,200% 543.38%** Indicates a fund with hedged share class portfolios where it is recognised that leverage may be up to 100% larger thanthe master fund due to the forward foreign currency exchange contracts that are employed to hedge from base currencyinto the respective hedged share class currency.11


General Information (continued)Agents of the CompanyAs detailed in letters to Shareholders dated 29 June 2012 and 12 October 2012, the Board intends to appoint HSBCSecurities Services (Luxembourg) S.A. as Administration Agent, Depositary Bank, Registrar and Transfer Agent andCentral Paying Agent.The appointment of HSBC Securities Services (Luxembourg) S.A as Administration Agent services has been madewith effect from 26 August 2013.The appointment of HSBC Securities Services (Luxembourg) S.A as Depositary Bank and Central Paying Agent willbe made with effect from 25 November 2013.The appointment of HSBC Securities Services (Luxembourg) S.A as Registrar and Transfer Agent will be made inJanuary 2014 and a further communication will be issued to Shareholders once the effective date has beendetermined. RBC Investor Services Bank S.A. will continue to provide these services until further notice.12


Board of DirectorsBOARD OF DIRECTORS OF THE COMPANYDidier Deleage (Chairman), Chief Operating OfficerHSBC Global Asset Management (France),Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.Dr. Michael Boehm, Chief Operating OfficerHSBC Global Asset Management (Deutschland) GmbH,Königsallee 21/23, 40212 Düsseldorf, Germany.James Boucher, Managing Director(Resigned 21 June 2013)HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius.Thies Clemenz, Chief Executive Officer(Resigned 19 September 2013)HSBC Trinkaus Investment Managers S.A., HSBC Bank Armenia CJSC HBAM, Main Office66 Teryan Street, Yerevan 0009, Republic of ArmeniaGeorge Efthimiou, Global Chief Operating OfficerHSBC Global Asset Management Limited,78 St James Street, London SW1A 1 HL, United Kingdom.Edgar K M Ng, Head of Business Support Asia Pacific(Resigned 19 September 2013)HSBC Global Asset Management (Hong Kong) Limited,HSBC Main Building, 1 Queen's Road Central, Hong Kong.David Silvester, Head of Product Management - Global FundsHSBC Global Asset Management Limited,78 St James Street, London SW1A 1 HL, United Kingdom.Sylvie Vigneaux, Head of Regulatory and Wealth EngineeringHSBC Global Asset Management (France),Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.Dean Lam, Managing Director(Appointed with effect from 25 June 2013)HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18 CyberCity, Ebene, MauritiusJohn Li, Independent Director(Appointed with effect from 20 September 2013)The Directors Office, 19 Rue de Bitbourg, L-1273 LuxembourgJean de Courrèges, Independent Director(Appointed with effect from 20 September 2013)Carne Global Financial Services Luxembourg s.à.r.l,European Banking and Business Centre, 6B route de Trèves, L-2633 Luxembourg13


Management and AdministrationRegistered Office16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.R.C.S. Luxembourg N° B-25087Management CompanyHSBC Investment Funds (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Depositary Bank, Registrar and Transfer Agent and Central Paying Agent*RBC Investor Services Bank S.A. (formerly RBC Dexia Investor Services Bank S.A.)14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.Administration AgentHSBC Securities Services (Luxembourg) S.A. (as from 26 August 2013)16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.RBC Investor Services Bank S.A. (formerly RBC Dexia Investor Services Bank S.A.) (until 25 August 2013)14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.Domiciliary AgentHSBC Securities Services (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Investment AdvisersHSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, FranceHSBC Global Asset Management (Hong Kong) LimitedLevel 22, HSBC Main Building, 1 Queen's Road Central, Hong KongHSBC Global Asset Management (Singapore) Limited21 Collyer Quay, #06-01 HSBC Building, Singapore 049320, SingaporeHSBC Global Asset Management (UK) Limited8, Canada Square, London E14 5HQ, United KingdomHSBC Global Asset Management (USA) Inc.452 Fifth Avenue, 7th Floor, New York, NY 10018, USAHSBC Bank Brasil S.A. – Banco MúltiploTravessa Oliviera Belo, 11-B, 80020-030 Curitiba, BrazilHSBC Portfoy Yonetimi A.S.Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey* RBC Investor Services Limited, the holding company of RBC Investor Services Bank S.A., was put into liquidationon 5 September 2013. As a result of this liquidation and the transfer of the participation, RBC Investor Services BankS.A. became 100% owned by Royal Bank Holding Inc., a 100% owned subsidiary of Royal Bank of Canada. There isno impact on the main operating entities, their subsidiaries or branches.14


Management and Administration (continued)Share DistributorsGlobal DistributorHSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy ofLuxembourg.Austria, Eastern Europe and Germany DistributorHSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany.Hong Kong Representative and DistributorHSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong.United Kingdom Representative and DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2,Ireland.Jersey Representative and DistributorHSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HSChannel Islands.Singapore Representative and DistributorHSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #06-01 HSBC Building, Singapore 049320,Singapore.Swiss RepresentativeACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich, Switzerland.Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.Korea Representative and DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.Distributor for Continental EuropeHSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800Puteaux, France.Paying Agent in Hong KongThe HongKong and Shanghai Banking Corporation Limited, HSBC Main Building, 1 Queen’s Road Central,Hong Kong.Representative and Paying Agent in PolandHSBC Bank Polska S.A., Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland.Réviseur d'Entreprises AgrééKPMG Luxembourg S.à r.l.9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.Legal AdviserElvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.15


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Statement of Net Assets as at 30 September 2013CONSOLIDATEDUSDInternational andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDPortfolio at Cost * 26,669,477,501 383,430,522 76,070,827 146,607,159Unrealised (Depreciation)/Appreciation (1,498,104,488) 29,510,012 5,455,962 21,814,728Portfolio at Market Value 25,171,373,013 412,940,534 81,526,789 168,421,887Forward Foreign Exchange Contracts (note 9) 74,469,061 2,163,149 - (45)Futures (note 10) (6,040,885) - - -Swaps (note 11) (27,967,220) - - -Options (note 13) 692,517 - - -Cash at Bank 1,261,322,454 38,989,832 1,464,288 1,184,956Bank Overdraft (5,184,498) - - -Receivable from Brokers 532,898,431 90,861,314 1,838,142 1,709,533Payable to Brokers (541,272,089) (26,225,571) (966,719) (880,557)Receivable from Shareholders 303,213,968 192,795 612,366 276,030Payable to Shareholders (365,855,642) (94,797,403) (168,655) (1,414,591)Other Assets 230,564,190 945,954 99,396 866,318Other Liabilities (74,374,538) (677,619) (120,511) (435,401)Total Net Assets 26,553,838,762 424,392,985 84,285,096 169,728,130*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 17


Statement of Net Assets as at 30 September 2013BRIC EquityUSDBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDEmerging WealthUSD972,397,612 7,553,659 341,019,456 136,424,843 22,164,964 16,453,288(163,679,559) 160,169 7,937,746 14,850,425 4,837,772 2,190,332808,718,053 7,713,828 348,957,202 151,275,268 27,002,736 18,643,620- - - (170) - -- - (568,819) - - -- - - - - -- - - - - -12,457,438 16,371 15,976,965 4,018,790 134,982 120,752- - - - - -5,531,130 - 1,653,556 5,604,614 954 44,140(3,476,606) - (82,307) (11,171,840) (955) (44,083)676,109 - 539,457 11,468,342 88,210 337(9,245,782) - (886,124) (5,344,057) (29,817) (15,526)1,811,754 31,260 1,379,936 311,103 54,070 50,572(928,747) (10,745) (548,116) (213,574) (39,145) (60,585)815,543,349 7,750,714 366,421,750 155,948,476 27,211,035 18,739,22718


Statement of Net Assets as at 30 September 2013Euroland EquityEUREuroland EquitySmallerCompaniesEUREuroland GrowthEUREuropean EquityEURPortfolio at Cost * 618,196,067 128,371,622 81,002,892 96,407,093Unrealised (Depreciation)/Appreciation 30,730,304 16,048,744 6,693,007 17,903,711Portfolio at Market Value 648,926,371 144,420,366 87,695,899 114,310,804Forward Foreign Exchange Contracts (note 9) - - - -Futures (note 10) (4,690) - (7,800) -Swaps (note 11) - - - -Options (note 13) - - - -Cash at Bank 20,618,890 7,011,317 1,569,453 3,697,213Bank Overdraft - - - -Receivable from Brokers 3,699,124 3,164,911 3,293 1,330,071Payable to Brokers (1,310,196) (3,266,911) (3,301) (1,191,198)Receivable from Shareholders 8,379,110 8,740,920 14,683 793,344Payable to Shareholders (23,802,222) (1,321,886) (5,058) (213,429)Other Assets 1,284,728 85,824 197,051 383,865Other Liabilities (686,278) (163,863) (76,420) (163,651)Total Net Assets 657,104,837 158,670,678 89,387,800 118,947,019*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 19


Statement of Net Assets as at 30 September 2013Market SpecificEquity Sub-FundsFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSD203,462,145 512,231,087 81,076,267 175,664,178 1,158,250,500 1,779,151,74619,403,851 (45,431,320) 5,193,837 (8,922,762) (128,975,707) 172,061,871222,865,996 466,799,767 86,270,104 166,741,416 1,029,274,793 1,951,213,617- - - - - -- (77,080) (182,319) - - -- - - - - -- - - - - -2,057,141 8,165,889 13,973,940 5,967,979 20,616,647 9,049,260- - (325,606) - - -4,128,419 6,848,784 - 663,660 9,879,488 23,925,513(3,424,980) (6,578,937) - (955,991) (9,775,884) (7,937,567)871,924 564,841 5,457,521 106,225 6,153,882 8,535,922(741,504) (2,574,972) (1,352,657) (400,854) (4,916,237) (7,863,076)673,413 878,518 267,284 420,572 5,560,375 7,537,557(306,498) (436,612) (106,901) (166,558) (1,532,644) (2,914,435)226,123,911 473,590,198 104,001,366 172,376,449 1,055,260,420 1,981,546,79120


Statement of Net Assets as at 30 September 2013Hong Kong EquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDPortfolio at Cost * 200,133,039 3,521,324,550 5,347,136,619 77,104,339Unrealised (Depreciation)/Appreciation 29,500,333 (1,334,187,953) 763,139,016 8,910,386Portfolio at Market Value 229,633,372 2,187,136,597 6,110,275,635 86,014,725Forward Foreign Exchange Contracts (note 9) (17) (15) 4,565,663 -Futures (note 10) - - 2,800,000 (29,047)Swaps (note 11) - - - -Options (note 13) - - - -Cash at Bank 714,959 49,690,185 882,717,519 4,781,421Bank Overdraft - - - -Receivable from Brokers 4,572,347 44,122,786 29,437,508 842,709Payable to Brokers (3,320,778) (35,028,473) (851,351,701) (6,879,102)Receivable from Shareholders 2,892,185 33,344,211 934,612,152 7,266,903Payable to Shareholders (1,480,875) (16,267,704) (90,210,701) (413,606)Other Assets 944,933 4,378,590 40,517,650 -Other Liabilities (227,089) (23,752,961) (7,800,569) (108,881)Total Net Assets 233,729,037 2,243,623,216 7,055,563,156 91,475,122*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 21


Statement of Net Assets as at 30 September 2013Mexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDThai EquityUSDTurkey EquityEUR973,817,798 353,167,206 60,157,218 8,892,148 112,152,484 193,210,576(75,674,932) (32,615,294) 3,811,646 925,647 237,109 (31,754,701)898,142,866 320,551,912 63,968,864 9,817,795 112,389,593 161,455,875- 15 - - - -- - (29,010) - (77,228) -- - - - - -- - - - - -20,443,106 4,822,413 3,821,589 128,910 5,879,286 2,773,074- - - - - -5,013,104 2,282,584 238,870 261,571 112,741 -(2,508,404) (1,961,402) (238,955) (56,169) (112,579) (230,199)10,040,000 2,928,823 18,145 5,037 477,249 3,844,746- (3,595,747) (262,186) (234,652) (1,252,537) (1,167,763)167,422 179,059 163,255 29,214 235,835 620(709,628) (575,113) (72,239) (16,527) (175,373) (276,076)930,588,466 324,632,544 67,608,333 9,935,179 117,476,987 166,400,27722


Statement of Net Assets as at 30 September 2013Bond Sub-FundsUK EquityGBPUS EquityUSDAsian CurrenciesBondUSDBrazil BondUSDPortfolio at Cost * 67,844,540 174,433,487 116,806,894 45,419,642Unrealised (Depreciation)/Appreciation 9,011,952 21,028,052 (3,242,492) (230,105)Portfolio at Market Value 76,856,492 195,461,539 113,564,402 45,189,537Forward Foreign Exchange Contracts (note 9) - 472,265 (444,362) -Futures (note 10) - (74,850) - 28,145Swaps (note 11) - - - -Options (note 13) - - - -Cash at Bank 755,022 20,095,142 1,523,543 382,074Bank Overdraft (20,584) - - -Receivable from Brokers 4,238,211 3,407,453 56,893 -Payable to Brokers (5,192,963) (3,400,000) (57,154) -Receivable from Shareholders 3,636,842 450,424 256,458 294,350Payable to Shareholders (2,394,533) (4,666,521) (675,166) (144,635)Other Assets 314,650 273,994 1,018,443 400,604Other Liabilities (663,231) (356,036) (102,358) (43,898)Total Net Assets 77,529,906 211,663,410 115,140,699 46,106,177*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 23


Statement of Net Assets as at 30 September 2013Euro BondEUREuro Credit BondEUREuro High YieldBondEURGEM InflationLinkedBondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed High YieldBond (launched asat 31 May 2013)USD92,999,328 427,336,322 1,314,042,998 158,351,114 31,862,290 18,701,8082,535,357 4,579,427 60,661,404 (380,186) 1,192,781 855,13595,534,685 431,915,749 1,374,704,402 157,970,928 33,055,071 19,556,943- (157,346) (419,952) 332,076 (782,026) (493,915)(153,950) (763,320) - - - -31,735 (1,330,044) 412,005 (40,935) - -27,300 - - - - -820,849 37,534,193 13,422,491 5,515,721 260,798 1,748,780- - - (2,991) - -1,918,279 60,021,300 11,385,491 4,434,289 10,959 3,807(819,833) (37,586,108) (42,259,175) (3,279,494) - -47,419 7,632,378 39,238,275 26,894 - -(937,419) (2,808,194) (2,698,448) (3,590,971) - -1,537,157 7,553,670 33,552,935 1,692,675 63,641 199,293(48,335) (325,305) (943,481) (153,876) (5,318) (3,187)97,957,887 501,686,973 1,426,394,543 162,904,316 32,603,125 21,011,72124


Statement of Net Assets as at 30 September 2013Global BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarkets InvestmentGrade BondUSDPortfolio at Cost * 201,835,251 2,697,183,636 12,120,425 99,026,958Unrealised (Depreciation)/Appreciation 1,771,361 (109,757,823) (368,344) (1,966,848)Portfolio at Market Value 203,606,612 2,587,425,813 11,752,081 97,060,110Forward Foreign Exchange Contracts (note 9) (475,492) 13,097,239 - 711,518Futures (note 10) (149,087) - - -Swaps (note 11) 50,583 (3,267,951) 6,760 (334,109)Options (note 13) - - - -Cash at Bank 18,869,316 36,787,579 356,111 7,841,130Bank Overdraft - (217,583) - -Receivable from Brokers 1,438,198 61,494,421 837,396 168,586Payable to Brokers (26,071,301) (57,775,010) (1,051,785) (482,031)Receivable from Shareholders 10,524,468 32,891,199 - 623,582Payable to Shareholders (399,338) (44,967,675) - (61,706)Other Assets 1,898,801 42,881,458 161,712 1,474,227Other Liabilities (59,757) (3,908,059) (2,910) (72,389)Total Net Assets 209,233,003 2,664,441,431 12,059,365 106,928,918*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 25


Statement of Net Assets as at 30 September 2013Global EmergingMarkets Local DebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal Inflation Global ShortLinked Bond Duration High YieldUSD Bond (launched asat 12 June 2013)USDIndia FixedIncomeUSD1,025,811,030 1,692,873,067 917,980,125 29,947,584 19,542,923 29,937,418(13,352,022) (8,279,367) (555,261) 548,567 24,858 (3,044,537)1,012,459,008 1,684,593,700 917,424,864 30,496,151 19,567,781 26,892,881(581,957) 7,195,288 3,893,156 (238,907) (129,626) (78,733)- (771,987) (345) (73,287) - -(468,799) (1,950,764) 747,164 (24,318) - -- - - - - -246,240,171 78,749,802 96,785,430 1,552,188 427,085 12,395,875(84,407) (89,569) (1,408,807) (164,171) - -3,644 35,744,086 44,242,202 - - 29,285(24,996,143) (53,766,710) (40,601,634) - - -17,778,144 20,241,305 10,024,108 - - 13,440(29,070,148) (28,908,472) (12,611,637) (3,127) - (230,528)12,502,256 25,003,353 17,968,928 109,933 443,579 672,314(1,154,493) (9,662,662) (6,729,183) (12,577) (3,330) (287,912)1,232,627,276 1,756,377,370 1,029,734,246 31,641,885 20,305,489 39,406,62226


Statement of Net Assets as at 30 September 2013Latin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDReserve Sub- FundEuro ReserveEURPortfolio at Cost * 19,568,735 331,483,783 107,981,372 89,117,629Unrealised (Depreciation)/Appreciation (240,742) 4,027,824 1,340,386 (780)Portfolio at Market Value 19,327,993 335,511,607 109,321,758 89,116,849Forward Foreign Exchange Contracts (note 9) - 2,506,765 - -Futures (note 10) (3,226) - (86,051) -Swaps (note 11) - - 25,291 -Options (note 13) - - - -Cash at Bank 91,749 12,193,776 2,445,163 9,551,246Bank Overdraft - - - -Receivable from Brokers - 107,981 126,071 -Payable to Brokers - (3,744,880) (25,314,254) (999,697)Receivable from Shareholders - 819,175 108,141 79,900Payable to Shareholders - (5,894,640) (141,400) (369,472)Other Assets 293,841 4,067,679 776,725 79,875Other Liabilities (4,480) (226,878) (24,995) (12,203)Total Net Assets 19,705,877 345,340,585 87,236,449 97,446,498*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 27


Statement of Net Assets as at 30 September 2013Index Sub-Fund Other Sub-Funds Other Sub-FundsEconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocusedIncomeUSD48,706,144 2,103,531,969 61,895,087 33,301,918 72,531,335 997,664,546(1,652,148) (61,531,131) 472 (1,550,752) (2,605,908) (25,199,064)47,053,996 2,042,000,838 61,895,559 31,751,166 69,925,427 972,465,482- 40,928,267 1,251,528 76,713 546,785 4,811,890(15,795) (2,265,266) (321,795) - - -- (21,529,447) 14,073 - - -- - 484,292 - - -1,812,379 304,694,839 14,542,953 2,370,241 3,011,213 19,488,399- (1,450,619) (1,039,716) - - -29,517 10,058,246 - 1,927,947 1,998,773 39,126,471(29,222) (28,127,468) - (52,320) (1,042,049) (14,097,248)- 3,839,434 473,769 247,600 186,281 3,225,440- (3,155,128) (423,941) (12,329) (2,184,486) (25,399,376)139,648 19,763,630 33,068 274,734 395,826 9,657,989(11,963) (1,869,648) (95,563) (20,292) (121,968) (10,468,661)48,978,560 2,362,887,678 76,814,227 36,563,460 72,715,802 998,810,38628


Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass AC Number of Shares Outstanding 2,226,710.347 443,137.370 1,272,948.904 7,787,875.342Net Asset Value per Share 47.10 44.27 20.37 18.78Class AC EUR Number of Shares Outstanding 1,000.000 2,960.000 N/A N/ANet Asset Value per Share 12.89 12.14 N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A 6,543.366Net Asset Value per Share N/A N/A N/A 13.82Class AC HKD Number of Shares Outstanding N/A N/A N/A 2,829,603.054Net Asset Value per Share N/A N/A N/A 0.90Class AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding 3,447,558.000 N/A N/A N/ANet Asset Value per Share 20.65 N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 3,212,683.003 956,540.355 3,544,800.613 91,370.498Net Asset Value per Share 42.73 41.27 16.71 18.47Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A 800.060Net Asset Value per Share N/A N/A N/A 18.77Class AD HKD Number of Shares Outstanding N/A 62,038.374 N/A N/ANet Asset Value per Share N/A 1.35 N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding 66,659.997 N/A N/A N/ANet Asset Value per Share 19.75 N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A 3,208,156.182 N/ANet Asset Value per Share N/A N/A 9.22 N/AClass AM HKD Number of Shares Outstanding N/A N/A 10,873,571.423 N/ANet Asset Value per Share N/A N/A 1.19 N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding 300.000 1,434.659 300.000 300.000Net Asset Value per Share 15.53 19.21 16.62 14.98Class BD GBP Number of Shares Outstanding 1,239.818 300.000 915.287 300.000Net Asset Value per Share 15.50 19.21 16.56 14.98The accompanying notes form an integral part of these financial statements. 29


Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass EC Number of Shares Outstanding 102,987.362 71,876.187 50,519.510 113,926.483Net Asset Value per Share 42.79 42.89 19.79 18.14Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding 2,612.565 N/A N/A N/ANet Asset Value per Share 42.03 N/A N/A N/AClass IC Number of Shares Outstanding 718,138.677 477,674.193 1,131,192.767 1,901,214.458Net Asset Value per Share 48.26 45.95 18.65 19.40Class IC EUR Number of Shares Outstanding N/A N/A 36,604.148 146,050.665Net Asset Value per Share N/A N/A 14.41 10.96Class IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 142,000.000 433.206 N/A N/ANet Asset Value per Share 45.97 14.57 N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding 4,672,904.468 N/A N/A 11,045,646.189Net Asset Value per Share 10.23 N/A N/A 14.59Class J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A 4,055.000Net Asset Value per Share N/A N/A N/A 19.41Class L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A30 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A 825,092.851Net Asset Value per Share N/A N/A N/A 20.14Class M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A 18,282,293.328Net Asset Value per Share N/A N/A N/A 19.37Class M2D Number of Shares Outstanding N/A N/A N/A 4,923,622.425Net Asset Value per Share N/A N/A N/A 18.79Class N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 31


Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A 443.255Net Asset Value per Share N/A N/A N/A 19.46Class XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 373,713.791 N/A 1,137,831.495 N/ANet Asset Value per Share 43.31 N/A 17.09 N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A32 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass AC Number of Shares Outstanding N/A 8,524,980.436 7,969,504.427 1,102,137.322Net Asset Value per Share N/A 13.42 14.25 7.22Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A 23,204,087.721 N/ANet Asset Value per Share N/A N/A 1.83 N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding N/A 7,451,419.745 N/A 1,805,662.449Net Asset Value per Share N/A 13.08 N/A 7.00Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 33


Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass EC Number of Shares Outstanding N/A 1,186,367.844 N/A 337,203.109Net Asset Value per Share N/A 12.94 N/A 7.02Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A 6,108.422 N/A N/ANet Asset Value per Share N/A 12.81 N/A N/AClass IC Number of Shares Outstanding N/A 1,280,316.040 N/A 559,074.396Net Asset Value per Share N/A 14.25 N/A 7.59Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A 8,375,649.672 N/A N/ANet Asset Value per Share N/A 14.43 N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A34 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 35


Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding 675.000 N/A N/A N/ANet Asset Value per Share 24.09 N/A N/A N/AClass YD Number of Shares Outstanding 0.995 N/A N/A N/ANet Asset Value per Share 23.81 N/A N/A N/AClass ZC Number of Shares Outstanding 308,812.000 N/A N/A N/ANet Asset Value per Share 25.05 N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A36 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass AC Number of Shares Outstanding 1,144,988.726 6,444,188.710 1,141,029.147 3,070.782Net Asset Value per Share 8.69 31.05 47.96 12.41Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 1,035,970.898 1,161,899.641 93,376.777 N/ANet Asset Value per Share 8.49 28.23 45.98 N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 37


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass EC Number of Shares Outstanding N/A 72,227.738 14,047.716 398.750Net Asset Value per Share N/A 30.01 46.40 10.58Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A 2,461.877 N/A N/ANet Asset Value per Share N/A 28.02 N/A N/AClass IC Number of Shares Outstanding N/A 11,167,491.447 1,900,041.577 6,754,264.523Net Asset Value per Share N/A 32.91 50.99 12.82Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 886,348.301 N/A N/ANet Asset Value per Share N/A 32.90 N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A38 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A 70,885.717Net Asset Value per Share N/A N/A N/A 12.52Class M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A 167,220.016Net Asset Value per Share N/A N/A N/A 11.21Class M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 39


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A 50,325.000 37,450.982 N/ANet Asset Value per Share N/A 36.78 56.66 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A 674,203.689 N/A N/ANet Asset Value per Share N/A 30.93 N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A40 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass AC Number of Shares Outstanding 803,675.413 718,170.989 2,676,188.859 181,639.397Net Asset Value per Share 37.36 84.03 15.17 28.34Class AC EUR Number of Shares Outstanding N/A 566,836.191 717,885.000 N/ANet Asset Value per Share N/A 15.96 14.36 N/AClass AC GBP Number of Shares Outstanding N/A N/A 10,910.266 N/ANet Asset Value per Share N/A N/A 15.26 N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 32,732.287 17,378.103 4,799,801.431 981,004.908Net Asset Value per Share 33.45 83.66 14.50 27.60Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A 148.895 N/ANet Asset Value per Share N/A N/A 15.16 N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 7,884.524 300.000 N/ANet Asset Value per Share N/A 16.53 15.46 N/AClass BD GBP Number of Shares Outstanding N/A N/A 9,318.796 N/ANet Asset Value per Share N/A N/A 15.43 N/AThe accompanying notes form an integral part of these financial statements. 41


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass EC Number of Shares Outstanding 10,737.841 59,621.967 435,627.207 12,794.094Net Asset Value per Share 34.78 11.43 14.17 27.69Class EC EUR Number of Shares Outstanding N/A 8,500.000 N/A N/ANet Asset Value per Share N/A 12.93 N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding 507,563.760 N/A 10,712.726 N/ANet Asset Value per Share 33.03 N/A 13.93 N/AClass IC Number of Shares Outstanding 11,371.309 598,972.195 4,995,222.214 1,149,850.336Net Asset Value per Share 39.19 120.30 15.96 29.95Class IC EUR Number of Shares Outstanding N/A 3,420,621.996 N/A N/ANet Asset Value per Share N/A 14.79 N/A N/AClass IC GBP Number of Shares Outstanding N/A 751,194.450 N/A N/ANet Asset Value per Share N/A 18.28 N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 64,841.744 2,146.462 N/ANet Asset Value per Share N/A 116.94 16.03 N/AClass ID EUR Number of Shares Outstanding N/A 200,000.000 N/A N/ANet Asset Value per Share N/A 12.78 N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A42 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding 4,519.000 N/A 11,601,325.488 N/ANet Asset Value per Share 39.40 N/A 10.45 N/AClass PD Number of Shares Outstanding 1,789,457.771 N/A 768,423.310 N/ANet Asset Value per Share 33.03 N/A 9.92 N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A 388,761.245 N/ANet Asset Value per Share N/A N/A 7.13 N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 43


Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A 7,328,604.587 N/ANet Asset Value per Share N/A N/A 14.76 N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A 15,487.000 2,134.887Net Asset Value per Share N/A N/A 9.02 32.18Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 324,294.558 535,942.160 1,818,784.333 1,236,016.502Net Asset Value per Share 33.81 14.64 14.69 29.87Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A44 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass AC Number of Shares Outstanding 410,164.867 10,485,129.751 4,060,841.236Net Asset Value per Share 16.61 28.17 77.01Class AC EUR Number of Shares Outstanding 1,000.000 56,355.251 58,427.851Net Asset Value per Share 12.51 10.42 13.84Class AC GBP Number of Shares Outstanding 1,780.771 17,015.298 2,185.621Net Asset Value per Share 15.14 14.01 18.12Class AC HKD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AD Number of Shares Outstanding 811,769.186 15,898,216.063 19,142,936.100Net Asset Value per Share 16.28 27.21 73.63Class AD EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AD GBP Number of Shares Outstanding 1,097.146 13,400.576 168.890Net Asset Value per Share 13.41 13.29 17.92Class AD HKD Number of Shares Outstanding 472,489.335 2,340,119.137 6,339,600.631Net Asset Value per Share 1.01 0.88 1.17Class AD RMB Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass BC GBP Number of Shares Outstanding 300.000 300.000 675.257Net Asset Value per Share 15.86 15.10 16.85Class BD GBP Number of Shares Outstanding 300.600 1,995.263 1,158.750Net Asset Value per Share 15.83 15.02 16.85The accompanying notes form an integral part of these financial statements. 45


Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass EC Number of Shares Outstanding 58,440.508 931,150.607 201,864.879Net Asset Value per Share 16.32 27.12 73.79Class EC EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ED Number of Shares Outstanding N/A 2,683.678 766.271Net Asset Value per Share N/A 26.80 73.16Class IC Number of Shares Outstanding 2,273,670.086 1,701,249.162 1,928,463.466Net Asset Value per Share 17.20 30.33 82.56Class IC EUR Number of Shares Outstanding 2,000,000.000 80,000.000 N/ANet Asset Value per Share 11.63 11.36 N/AClass IC GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ID Number of Shares Outstanding N/A 729,926.150 30,556.400Net Asset Value per Share N/A 27.86 75.59Class ID EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A 28,646.860Net Asset Value per Share N/A N/A 82.00Class J1D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1D Number of Shares Outstanding 2,647,756.912 N/A N/ANet Asset Value per Share 16.35 N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/A46 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1C Number of Shares Outstanding 1,630,783.052 N/A N/ANet Asset Value per Share 16.97 N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1D Number of Shares Outstanding 1,076,139.749 N/A N/ANet Asset Value per Share 16.28 N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass S3D Number of Shares Outstanding N/A 788,729.498 N/ANet Asset Value per Share N/A 29.00 N/AClass S6C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 47


Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass XC Number of Shares Outstanding N/A 6,627,378.726 N/ANet Asset Value per Share N/A 30.64 N/AClass XC GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ZC Number of Shares Outstanding N/A 3,132.855 N/ANet Asset Value per Share N/A 33.29 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A 948,977.040Net Asset Value per Share N/A N/A 76.03Class ZDH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/A48 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass AC Number of Shares Outstanding 22,407.309 5,086,540.415 389,124.016 1,074,370.415Net Asset Value per Share 123.65 108.56 6,114.18 15.49Class AC EUR Number of Shares Outstanding N/A 11,717.000 N/A N/ANet Asset Value per Share N/A 10.35 N/A N/AClass AC GBP Number of Shares Outstanding N/A 44,172.947 N/A N/ANet Asset Value per Share N/A 12.12 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 21,327.694 13,677,100.501 163,519.902 2,589,099.061Net Asset Value per Share 112.25 108.22 898.90 15.49Class AD EUR Number of Shares Outstanding N/A 51,554.405 N/A N/ANet Asset Value per Share N/A 9.16 N/A N/AClass AD GBP Number of Shares Outstanding N/A 2,317.512 N/A N/ANet Asset Value per Share N/A 12.09 N/A N/AClass AD HKD Number of Shares Outstanding N/A 1,056,024.847 N/A N/ANet Asset Value per Share N/A 0.78 N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 2,751.103 623.699 N/ANet Asset Value per Share N/A 11.97 1,772.68 N/AClass BD GBP Number of Shares Outstanding 680.019 3,005.000 214.519 N/ANet Asset Value per Share 15.40 11.97 1,747.99 N/AThe accompanying notes form an integral part of these financial statements. 49


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass EC Number of Shares Outstanding 7,082.167 176,489.733 501,555.074 236,554.703Net Asset Value per Share 119.76 103.03 862.40 15.00Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A 459.170 337.783 3,697.040Net Asset Value per Share N/A 103.03 876.40 15.01Class IC Number of Shares Outstanding 42,624.641 778,354.551 187,397.078 1,635,650.857Net Asset Value per Share 130.33 118.78 6,510.38 16.53Class IC EUR Number of Shares Outstanding N/A 700.000 N/A N/ANet Asset Value per Share N/A 11.06 N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 63,954.852 N/A N/ANet Asset Value per Share N/A 115.30 N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding 299,904.594 N/A N/A 253,414.846Net Asset Value per Share 8.56 N/A N/A 16.18Class J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A50 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A 1,741.381 N/ANet Asset Value per Share N/A N/A 6,309.46 N/AClass PD Number of Shares Outstanding 1,639,427.396 N/A 2,953,114.117 N/ANet Asset Value per Share 110.53 N/A 928.71 N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 51


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A 680,000.000 N/A N/ANet Asset Value per Share N/A 118.84 N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 329,255.933 90,879.103 133,778.235 N/ANet Asset Value per Share 116.58 114.50 908.08 N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A52 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass AC Number of Shares Outstanding 555,799.460 7,872,036.720 176,666.102 137,590.768Net Asset Value per Share 9.60 6.40 44.79 12.52Class AC EUR Number of Shares Outstanding N/A 9,922.473 N/A N/ANet Asset Value per Share N/A 11.46 N/A N/AClass AC GBP Number of Shares Outstanding N/A 542.308 N/A N/ANet Asset Value per Share N/A 14.62 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding N/A 39,391,771.648 566,632.069 648,963.805Net Asset Value per Share N/A 6.36 36.47 12.19Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A 2,943.800 N/A N/ANet Asset Value per Share N/A 15.34 N/A N/AClass AD HKD Number of Shares Outstanding N/A 9,673,845.760 N/A N/ANet Asset Value per Share N/A 0.93 N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 N/A N/ANet Asset Value per Share N/A 16.20 N/A N/AClass BD GBP Number of Shares Outstanding N/A 300.000 N/A N/ANet Asset Value per Share N/A 16.20 N/A N/AThe accompanying notes form an integral part of these financial statements. 53


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass EC Number of Shares Outstanding N/A 1,447,646.195 36,213.049 16,047.886Net Asset Value per Share N/A 6.23 43.27 12.28Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 2,592,290.227 790,522.636 4,052.678 7,556.865Net Asset Value per Share 10.09 6.77 45.75 14.10Class IC EUR Number of Shares Outstanding 1,500,000.000 N/A N/A N/ANet Asset Value per Share 12.05 N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A 21,682.600 N/ANet Asset Value per Share N/A N/A 39.68 N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding 91,068,643.920 N/A N/A N/ANet Asset Value per Share 9.67 N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A54 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A 458,416.189 N/ANet Asset Value per Share N/A N/A 36.46 N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 55


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A 10,952.903 N/A N/ANet Asset Value per Share N/A 6.82 N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A 518,026.068 N/ANet Asset Value per Share N/A N/A 38.03 N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A56 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass AC Number of Shares Outstanding 766,925.759 4,082,004.146 1,675,180.743 2,326,470.041Net Asset Value per Share 18.73 23.06 33.77 27.18Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A 150,437.455 N/A N/ANet Asset Value per Share N/A 14.60 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A 1,403,206.436Net Asset Value per Share N/A N/A N/A 30.86Class ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 5,323,380.667 1,694,434.668 735,613.488 280,840.953Net Asset Value per Share 16.13 17.33 28.19 30.42Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A 24,749.001 N/A N/ANet Asset Value per Share N/A 14.67 N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A 13,843.392Net Asset Value per Share N/A N/A N/A 31.81Class AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 10,000.128 N/ANet Asset Value per Share N/A 10.65 11.75 N/AClass BD GBP Number of Shares Outstanding N/A 300.000 321.513 N/ANet Asset Value per Share N/A 10.65 11.69 N/AThe accompanying notes form an integral part of these financial statements. 57


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass EC Number of Shares Outstanding 441,370.129 922,964.357 3,251.372 222,097.661Net Asset Value per Share 18.10 22.36 33.01 26.29Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A 152.863Net Asset Value per Share N/A N/A N/A 29.19Class IC Number of Shares Outstanding 62,244.002 403,240.716 N/A 181,135.072Net Asset Value per Share 20.00 24.28 N/A 28.42Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A 55.357 6,596.716Net Asset Value per Share N/A N/A 31.38 11.56Class ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding 399,033.086 711,672.803 N/A N/ANet Asset Value per Share 20.06 13.93 N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A58 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A 1,971,091.460Net Asset Value per Share N/A N/A N/A 31.54Class R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 59


Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A 1,290,217.761Net Asset Value per Share N/A N/A N/A 11.32Class ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A 265,768.929Net Asset Value per Share N/A N/A N/A 31.24Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A60 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass AC Number of Shares Outstanding 626,197.956 1,083,065.209 274,764.456 6,756,650.396Net Asset Value per Share 10.34 19.23 23.62 23.45Class AC EUR Number of Shares Outstanding 940,832.416 N/A N/A N/ANet Asset Value per Share 13.84 N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 1,783,380.328 177,522.370 121,470.616 697,190.056Net Asset Value per Share 9.91 11.50 18.29 16.31Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding 300.000 300.000 N/A N/ANet Asset Value per Share 15.22 14.24 N/A N/AClass BD GBP Number of Shares Outstanding 302.882 305.937 N/A N/ANet Asset Value per Share 15.08 13.97 N/A N/AThe accompanying notes form an integral part of these financial statements. 61


Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass EC Number of Shares Outstanding 39,720.285 470,797.087 122,092.851 102,547.971Net Asset Value per Share 9.95 18.83 23.15 22.99Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding N/A 722,726.917 3,481,160.293 12,928,540.993Net Asset Value per Share N/A 19.88 24.83 24.89Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 1,020,262.000 N/A N/A N/ANet Asset Value per Share 9.97 N/A N/A N/AClass ID EUR Number of Shares Outstanding 4,490,015.926 N/A N/A N/ANet Asset Value per Share 13.85 N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A62 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 63


Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A 99,719.235Net Asset Value per Share N/A N/A N/A 76.12Class XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 487,538.297 N/A N/A N/ANet Asset Value per Share 10.68 N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A 8,242.664Net Asset Value per Share N/A N/A N/A 18.31Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A64 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass AC Number of Shares Outstanding 7,878,033.384 701,129.429 N/A N/ANet Asset Value per Share 34.17 96.89 N/A N/AClass AC EUR Number of Shares Outstanding N/A 4,178,387.750 N/A N/ANet Asset Value per Share N/A 9.69 N/A N/AClass AC GBP Number of Shares Outstanding N/A 27,118.762 N/A N/ANet Asset Value per Share N/A 9.69 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 578,137.851 N/A N/A N/ANet Asset Value per Share 21.09 N/A N/A N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 N/A N/ANet Asset Value per Share N/A 14.96 N/A N/AClass BD GBP Number of Shares Outstanding N/A 302.534 N/A N/ANet Asset Value per Share N/A 14.84 N/A N/AThe accompanying notes form an integral part of these financial statements. 65


Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass EC Number of Shares Outstanding 303,006.221 421,202.447 N/A N/ANet Asset Value per Share 33.48 9.66 N/A N/AClass EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding 31,353.858 N/A N/A N/ANet Asset Value per Share 24.93 N/A N/A N/AClass IC Number of Shares Outstanding 19,784,716.270 196,963.199 N/A N/ANet Asset Value per Share 36.67 98.10 N/A N/AClass IC EUR Number of Shares Outstanding N/A 2,771,096.300 N/A N/ANet Asset Value per Share N/A 9.81 N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 3,258,214.187 N/A N/A N/ANet Asset Value per Share 33.37 N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A66 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 67


Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass S8D Number of Shares Outstanding 25,311,755.004 N/A N/A N/ANet Asset Value per Share 10.51 N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding 547,204.903 N/A N/A N/ANet Asset Value per Share 36.92 N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 357,574.102 374,663.665 268,802.916 157,534.206Net Asset Value per Share 38.14 9.73 121.29 133.38Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A68 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass AC Number of Shares Outstanding 903,347.019 4,498,590.742 22,302.565 290,450.189Net Asset Value per Share 17.20 31.79 11.19 10.98Class AC EUR Number of Shares Outstanding N/A 72,770.969 1,004.213 N/ANet Asset Value per Share N/A 12.71 12.74 N/AClass AC GBP Number of Shares Outstanding N/A 12,598.605 N/A N/ANet Asset Value per Share N/A 17.34 N/A N/AClass AC HKD Number of Shares Outstanding N/A 53,476.125 N/A N/ANet Asset Value per Share N/A 1.21 N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A 1,226,485.226 N/A N/ANet Asset Value per Share N/A 10.59 N/A N/AClass ACH EUR Number of Shares Outstanding N/A 152,952.079 N/A N/ANet Asset Value per Share N/A 12.36 N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 1,421,802.974 1,295,101.163 10,469.903 48,025.769Net Asset Value per Share 14.06 28.92 9.53 10.72Class AD EUR Number of Shares Outstanding N/A 3,586.394 N/A N/ANet Asset Value per Share N/A 11.78 N/A N/AClass AD GBP Number of Shares Outstanding N/A 84,964.212 N/A N/ANet Asset Value per Share N/A 16.45 N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A 1,571,466.634 N/A N/ANet Asset Value per Share N/A 18.65 N/A N/AClass AM Number of Shares Outstanding N/A 6,804,732.092 N/A N/ANet Asset Value per Share N/A 25.21 N/A N/AClass AM HKD Number of Shares Outstanding N/A 71,126,058.595 N/A N/ANet Asset Value per Share N/A 1.27 N/A N/AClass AMH AUD Number of Shares Outstanding N/A 4,346,080.651 N/A N/ANet Asset Value per Share N/A 8.52 N/A N/AClass AMH EUR Number of Shares Outstanding N/A 1,398,749.767 N/A N/ANet Asset Value per Share N/A 12.13 N/A N/AClass AMH SGD Number of Shares Outstanding N/A 2,734,014.801 N/A N/ANet Asset Value per Share N/A 7.21 N/A N/AClass BC GBP Number of Shares Outstanding 5,918.780 100,354.007 N/A N/ANet Asset Value per Share 15.15 14.97 N/A N/AClass BD GBP Number of Shares Outstanding 50.000 31,055.289 N/A N/ANet Asset Value per Share 15.13 14.75 N/A N/AThe accompanying notes form an integral part of these financial statements. 69


Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass EC Number of Shares Outstanding 79,822.075 864,464.582 N/A 132,611.242Net Asset Value per Share 13.18 31.14 N/A 10.93Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A 1,597.600 N/A N/ANet Asset Value per Share N/A 13.47 N/A N/AClass ED Number of Shares Outstanding N/A 30,363.125 N/A N/ANet Asset Value per Share N/A 23.54 N/A N/AClass IC Number of Shares Outstanding 1,982,158.594 20,515,263.899 1,150.000 4,780,153.597Net Asset Value per Share 17.75 33.49 11.46 11.20Class IC EUR Number of Shares Outstanding N/A 214,104.009 N/A 259,905.941Net Asset Value per Share N/A 14.10 N/A 149.49Class IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A 2,452,359.974 N/A N/ANet Asset Value per Share N/A 21.81 N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 9,440,346.252 N/A N/ANet Asset Value per Share N/A 20.36 N/A N/AClass ID EUR Number of Shares Outstanding N/A 6,228,214.461 N/A 68,500.000Net Asset Value per Share N/A 12.50 N/A 136.70Class IDH EUR Number of Shares Outstanding N/A 33,165,702.779 N/A N/ANet Asset Value per Share N/A 19.56 N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A70 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A 6,016,380.861 N/A N/ANet Asset Value per Share N/A 32.01 N/A N/AClass PD Number of Shares Outstanding 325,284.406 7,129,312.284 N/A N/ANet Asset Value per Share 11.47 18.89 N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A 2,120,000.000 N/A N/ANet Asset Value per Share N/A 9.36 N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 71


Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding 51.461 N/A N/A N/ANet Asset Value per Share 192.79 N/A N/A N/AClass XC Number of Shares Outstanding N/A 611,157.166 N/A N/ANet Asset Value per Share N/A 33.59 N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 552,923.926 N/A 999,000.000 N/ANet Asset Value per Share 16.30 N/A 11.70 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 8,629,543.241 2,016,507.930 N/A N/ANet Asset Value per Share 14.44 20.81 N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A72 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass AC Number of Shares Outstanding 7,798,511.879 4,439,335.225 N/A 16,483.428Net Asset Value per Share 14.43 12.48 N/A 114.32Class AC EUR Number of Shares Outstanding 130,892.414 N/A N/A N/ANet Asset Value per Share 13.08 N/A N/A N/AClass AC GBP Number of Shares Outstanding 14,477.822 N/A N/A N/ANet Asset Value per Share 16.25 N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A 19,595.443 N/A 21,432.746Net Asset Value per Share N/A 13.32 N/A 154.81Class ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A 127,112.500 N/A N/ANet Asset Value per Share N/A 9.35 N/A N/AClass AD Number of Shares Outstanding 3,703,320.753 975,414.545 N/A 2,212.810Net Asset Value per Share 11.93 12.05 N/A 9.38Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding 16,486.243 N/A N/A N/ANet Asset Value per Share 15.63 N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A 110,583,185.207 36,192,450.178 N/ANet Asset Value per Share N/A 10.58 10.27 N/AClass AM HKD Number of Shares Outstanding N/A N/A 320,378,703.244 N/ANet Asset Value per Share N/A N/A 1.32 N/AClass AMH AUD Number of Shares Outstanding N/A 47,924,982.951 19,427,047.652 N/ANet Asset Value per Share N/A 9.21 9.63 N/AClass AMH EUR Number of Shares Outstanding N/A 3,904,841.692 3,375,799.596 N/ANet Asset Value per Share N/A 13.31 13.88 N/AClass AMH SGD Number of Shares Outstanding N/A 1,118,870.684 N/A N/ANet Asset Value per Share N/A 8.64 N/A N/AClass BC GBP Number of Shares Outstanding 300.000 N/A 300.000 N/ANet Asset Value per Share 15.49 N/A 16.66 N/AClass BD GBP Number of Shares Outstanding 6,206.627 N/A N/A N/ANet Asset Value per Share 15.34 N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 73


Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass EC Number of Shares Outstanding 1,210,028.704 32,138.224 N/A 27,540.434Net Asset Value per Share 14.23 9.88 N/A 113.57Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A 16,053.346 N/A N/ANet Asset Value per Share N/A 13.39 N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 9,979,957.623 90,254.000 N/A 10,000.000Net Asset Value per Share 15.08 10.26 N/A 115.82Class IC EUR Number of Shares Outstanding 100,000.000 N/A N/A N/ANet Asset Value per Share 12.48 N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A 990,985.289 N/A 23,891.723Net Asset Value per Share N/A 13.76 N/A 157.36Class ICH GBP Number of Shares Outstanding N/A N/A N/A 16,662.928Net Asset Value per Share N/A N/A N/A 189.83Class ID Number of Shares Outstanding 29,080,350.438 N/A N/A N/ANet Asset Value per Share 12.31 N/A N/A N/AClass ID EUR Number of Shares Outstanding 16,609,943.865 N/A N/A N/ANet Asset Value per Share 12.77 N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding 146,897.890 N/A N/A N/ANet Asset Value per Share 9.37 N/A N/A N/AClass J1M Number of Shares Outstanding 2,042,705.619 N/A N/A N/ANet Asset Value per Share 9.20 N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A74 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 75


Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding 1,300,000.000 N/A N/A N/ANet Asset Value per Share 9.61 N/A N/A N/AClass XC GBP Number of Shares Outstanding 5,000,000.000 N/A N/A N/ANet Asset Value per Share 15.63 N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding 7,877,713.459 N/A N/A N/ANet Asset Value per Share 9.54 N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A 129,639.336Net Asset Value per Share N/A N/A N/A 117.33Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 9,129,239.294 N/A N/A N/ANet Asset Value per Share 11.76 N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding 3,417,882.840 N/A N/A N/ANet Asset Value per Share 12.04 N/A N/A N/A76 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass AC Number of Shares Outstanding 500.000 908,658.759 24,205.983 3,097,929.555Net Asset Value per Share 10.13 9.14 9.21 10.95Class AC EUR Number of Shares Outstanding N/A 126,012.016 N/A 849,783.244Net Asset Value per Share N/A 11.28 N/A 14.36Class AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A 4,783,052.494Net Asset Value per Share N/A N/A N/A 1.71Class ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A 4,397,372.848Net Asset Value per Share N/A N/A N/A 14.21Class ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding N/A 116,118.806 N/A 1,401,348.652Net Asset Value per Share N/A 8.37 N/A 10.61Class AD EUR Number of Shares Outstanding N/A N/A N/A 335,272.030Net Asset Value per Share N/A N/A N/A 14.30Class AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A 493,411.296Net Asset Value per Share N/A N/A N/A 1.66Class ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 N/A 300.000Net Asset Value per Share N/A 14.06 N/A 16.68Class BD GBP Number of Shares Outstanding N/A 196.650 N/A 302.246Net Asset Value per Share N/A 13.80 N/A 16.55The accompanying notes form an integral part of these financial statements. 77


Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass EC Number of Shares Outstanding N/A 478,419.643 N/A 2,019,000.041Net Asset Value per Share N/A 8.69 N/A 10.85Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A 635,583.802Net Asset Value per Share N/A N/A N/A 14.00Class ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 500.000 1,380,053.175 51,757.000 8,536,273.787Net Asset Value per Share 10.15 9.21 9.37 11.04Class IC EUR Number of Shares Outstanding N/A 99,750.700 N/A N/ANet Asset Value per Share N/A 11.18 N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A 5,440,551.103Net Asset Value per Share N/A N/A N/A 14.16Class ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 15,000.000 N/A 6,045.000Net Asset Value per Share N/A 9.15 N/A 10.30Class ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A78 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 79


Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 1,997,500.000 1,141,561.108 1,998,995.211 9,000.000Net Asset Value per Share 10.16 9.27 9.50 11.12Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A 528,000.000Net Asset Value per Share N/A N/A N/A 11.03Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A80 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsReserve Sub-FundIndex Sub-FundOther Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass AC Number of Shares Outstanding 188,289.447 3,918,648.376 500.000 N/ANet Asset Value per Share 14.83 17.35 9.75 N/AClass AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 262,523.090 60,425.592 N/A N/ANet Asset Value per Share 10.34 15.45 N/A N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding 3,706.149 N/A N/A N/ANet Asset Value per Share 15.69 N/A N/A N/AClass BD GBP Number of Shares Outstanding 352.496 N/A N/A N/ANet Asset Value per Share 15.57 N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 81


Key Figures as at 30 September 2013Bond Sub-FundsReserve Sub-FundIndex Sub-FundOther Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass EC Number of Shares Outstanding 85,680.956 N/A N/A N/ANet Asset Value per Share 14.53 N/A N/A N/AClass EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 345,433.951 1,641,651.411 500.000 N/ANet Asset Value per Share 15.13 17.37 9.76 N/AClass IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 4,497.419 N/A N/A N/ANet Asset Value per Share 14.89 N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A 680,853.000Net Asset Value per Share N/A N/A N/A 104.92Class JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A 17,069,966.745Net Asset Value per Share N/A N/A N/A 14.04Class L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A 13,290,046.736Net Asset Value per Share N/A N/A N/A 13.14Class L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A 8,904,089.310Net Asset Value per Share N/A N/A N/A 12.20Class L1DH EUR Number of Shares Outstanding N/A N/A N/A 78,690,684.066Net Asset Value per Share N/A N/A N/A 11.9082 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Bond Sub-FundsReserve Sub-FundIndex Sub-FundOther Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A 13,876,394.673Net Asset Value per Share N/A N/A N/A 13.96Class M1CH CHF Number of Shares Outstanding N/A N/A N/A 1,000.000Net Asset Value per Share N/A N/A N/A 10.80Class M1CH EUR Number of Shares Outstanding N/A N/A N/A 1,495,493.227Net Asset Value per Share N/A N/A N/A 13.25Class M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A 12,354,156.715Net Asset Value per Share N/A N/A N/A 12.00Class M1DH EUR Number of Shares Outstanding N/A N/A N/A 18,563,384.000Net Asset Value per Share N/A N/A N/A 13.51Class M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A 350.000Net Asset Value per Share N/A N/A N/A 15.98Class N1DH GBP Number of Shares Outstanding N/A N/A N/A 82,860.713Net Asset Value per Share N/A N/A N/A 15.89Class PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding 1,528,174.394 N/A N/A N/ANet Asset Value per Share 10.36 N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 83


Key Figures as at 30 September 2013Bond Sub-Funds Bond Sub-Funds Index Sub-Fund Other Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding 23,448.319 N/A N/A N/ANet Asset Value per Share 10.38 N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 282,790.519 N/A 4,998,999.550 N/ANet Asset Value per Share 15.91 N/A 9.78 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 5,006,948.945 N/A 10,000.000 1,672,000.000Net Asset Value per Share 10.90 N/A 10.25 13.53Class ZDH EUR Number of Shares Outstanding N/A N/A N/A 14,332,178.874Net Asset Value per Share N/A N/A N/A 13.63Class Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A84 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass AC Number of Shares Outstanding N/A 720,717.850 3,056,924.513 321,908.749Net Asset Value per Share N/A 9.66 9.49 9.86Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A 6,360,894.954 25,521,670.871 N/ANet Asset Value per Share N/A 1.25 1.22 N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A 175,414.251 902,876.309 N/ANet Asset Value per Share N/A 9.16 8.98 N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A 32,081.938 309,368.782 N/ANet Asset Value per Share N/A 13.06 12.82 N/AClass ACH GBP Number of Shares Outstanding N/A 50.000 50.000 50.000Net Asset Value per Share N/A 16.32 16.08 16.24Class ACH SGD Number of Shares Outstanding N/A 31,454.717 50,889.966 527,721.541Net Asset Value per Share N/A 7.69 7.56 7.84Class AD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A 43,038,447.725Net Asset Value per Share N/A N/A N/A 10.33Class AM HKD Number of Shares Outstanding N/A N/A N/A 315,500,265.264Net Asset Value per Share N/A N/A N/A 1.33Class AMH AUD Number of Shares Outstanding N/A N/A N/A 11,428,847.249Net Asset Value per Share N/A N/A N/A 8.68Class AMH EUR Number of Shares Outstanding N/A N/A N/A 1,780,962.293Net Asset Value per Share N/A N/A N/A 12.63Class AMH SGD Number of Shares Outstanding N/A N/A N/A 733,297.168Net Asset Value per Share N/A N/A N/A 7.55Class BC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 85


Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass EC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding 138,477.005 N/A N/A N/ANet Asset Value per Share 114.90 N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding 157,168.230 N/A N/A N/ANet Asset Value per Share 125.13 N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding 2,055.387 N/A N/A N/ANet Asset Value per Share 132.66 N/A N/A N/AClass L1CH USD Number of Shares Outstanding 56,262.761 N/A N/A N/ANet Asset Value per Share 127.44 N/A N/A N/AClass L1D Number of Shares Outstanding 28,333.909 N/A N/A N/ANet Asset Value per Share 115.53 N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A86 The accompanying notes form an integral part of these financial statements.


Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding 694.991 N/A N/A N/ANet Asset Value per Share 100.13 N/A N/A N/AClass M1C Number of Shares Outstanding 131,657.391 N/A N/A N/ANet Asset Value per Share 111.29 N/A N/A N/AClass M1CH CHF Number of Shares Outstanding 17,505.121 N/A N/A N/ANet Asset Value per Share 77.53 N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding 501.042 N/A N/A N/ANet Asset Value per Share 115.09 N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding 7,628.393 N/A N/A N/ANet Asset Value per Share 109.64 N/A N/A N/AClass M1CH SEK Number of Shares Outstanding 80,483.480 N/A N/A N/ANet Asset Value per Share 129.01 N/A N/A N/AClass M1CH USD Number of Shares Outstanding 378.134 N/A N/A N/ANet Asset Value per Share 109.36 N/A N/A N/AClass M1D Number of Shares Outstanding 23,624.498 N/A N/A N/ANet Asset Value per Share 111.43 N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding 3,925.508 N/A N/A N/ANet Asset Value per Share 115.16 N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding 410.069 N/A N/A N/ANet Asset Value per Share 94.23 N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 87


Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A 1,999,900.000 N/A N/ANet Asset Value per Share N/A 9.71 N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A88 The accompanying notes form an integral part of these financial statements.


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013CONSOLIDATEDUSDInternational andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDNet Assets at the Beginning of the Period 29,531,352,907 578,399,436 77,779,019 181,316,096INCOMEInvestment Income 621,298,859 10,213,371 1,572,150 4,879,695Bank Interest 755,230 227 48 178Other Income (note 15) 9,111,361 152,575 167,007 213,476Total Income 631,165,450 10,366,173 1,739,205 5,093,349EXPENSESManagement Fees (note 4.2) (144,578,307) (3,263,437) (564,807) (1,077,644)Performance Fees (note 4.3) (6,196) - - -Transaction fees (37,193,604) (2,174,050) (516,195) (216,345)Operating, Administrative and Servicing(44,444,476) (859,554) (136,222) (286,371)Fees (note 4)Interest (2,118,891) (358) (1,110) (1)Total Expenses (228,341,474) (6,297,399) (1,218,334) (1,580,361)Net Investment Profit/(Loss) 402,823,976 4,068,774 520,871 3,512,988Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(458,107,474) (13,909,646) 3,926,664 (857,983)Realised Profit/(Loss) for the period (55,283,498) (9,840,872) 4,447,535 2,655,005Profit/(Loss) on Foreign Currency (54,977,189) 201,979 (153,726) (44,739)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(1,222,766,494) (20,812,374) (5,049,891) (6,416,883)Change in Total Net Assets as a Result of(1,333,027,181) (30,451,267) (756,082) (3,806,617)OperationsProceeds on Issue of Shares 9,482,628,246 33,076,530 49,837,946 48,171,716Payments on Redemption of Shares (11,066,500,288) (154,254,763) (42,248,444) (55,004,121)Dividends Paid (note 14) (298,834,277) (2,376,951) (327,343) (948,944)Currency Translation 238,219,355 - - -Net Assets as at 30 September 2013 26,553,838,762 424,392,985 84,285,096 169,728,130The accompanying notes form an integral part of these financial statements. 89


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013BRIC EquityUSDBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETS(liquidated as at 18July 2013)USDClimate ChangeUSD1,088,733,979 16,699,343 438,104,655 99,282,833 33,751,147 27,782,88725,585,177 312,860 9,264,695 1,133,494 608,878 305,744- 4,837 1,796 10 117 8543,311 504 168,206 - 11,980 12,45626,128,488 318,201 9,434,697 1,133,504 620,975 318,208(4,580,380) (68,905) (2,307,843) (720,634) (37,015) (194,902)- - - - - -(3,000,216) (10,040) (573,900) (452,184) (140,727) (66,587)(1,723,438) (17,447) (608,372) (192,169) (29,563) (45,450)(1,404) (91) (2,782) (1,406) - (16)(9,305,438) (96,483) (3,492,897) (1,366,393) (207,305) (306,955)16,823,050 221,718 5,941,800 (232,889) 413,670 11,253(56,195,477) 261,655 (6,020,687) 5,854,999 (2,387,324) 1,917,847(39,372,427) 483,373 (78,887) 5,622,110 (1,973,654) 1,929,100(722,523) (5,840) (1,180,095) (29,367) 48,963 (13,051)(32,576,738) (865,796) (9,987,801) 1,370,417 (2,699,780) 216,107(72,671,688) (388,263) (11,246,783) 6,963,160 (4,624,471) 2,132,15631,226,231 - 10,095,480 127,248,733 2,054,205 6,042,446(229,703,638) (8,560,366) (69,442,347) (77,546,250) (31,176,368) (8,682,901)(2,041,535) - (1,089,255) - (4,513) (63,553)- - - - - -815,543,349 7,750,714 366,421,750 155,948,476 - 27,211,03590


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Emerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEUREuroland GrowthEURNet Assets at the Beginning of the Period 19,482,361 544,812,966 128,093,393 88,286,202INCOMEInvestment Income 233,341 11,613,610 1,620,811 1,672,378Bank Interest 5 - - -Other Income (note 15) 3,685 2,025,627 237,069 299,090Total Income 237,031 13,639,237 1,857,880 1,971,468EXPENSESManagement Fees (note 4.2) (144,573) (2,986,505) (691,381) (344,530)Performance Fees (note 4.3) - - - -Transaction fees (93,146) (429,454) (680,485) (96,024)Operating, Administrative and Servicing(38,555) (854,740) (195,474) (113,944)Fees (note 4)Interest (122) (5) - (63)Total Expenses (276,396) (4,270,704) (1,567,340) (554,561)Net Investment Profit/(Loss) (39,365) 9,368,533 290,540 1,416,907Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps660,011 4,126,017 6,627,860 (2,467,610)Realised Profit/(Loss) for the period 620,646 13,494,550 6,918,400 (1,050,703)Profit/(Loss) on Foreign Currency (16,373) 475,865 35,466 64,870Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps24,774 80,515,850 8,465,440 10,009,191Change in Total Net Assets as a Result of629,047 94,486,265 15,419,306 9,023,358OperationsProceeds on Issue of Shares 1,455,952 128,029,167 37,810,251 13,300,279Payments on Redemption of Shares (2,802,694) (109,224,741) (22,637,651) (21,191,686)Dividends Paid (note 14) (25,439) (998,820) (14,621) (30,353)Currency Translation - - - -Net Assets as at 30 September 2013 18,739,227 657,104,837 158,670,678 89,387,800The accompanying notes form an integral part of these financial statements. 91


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Market SpecificEquity Sub-FundsBrazil EquityUSDEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDLatin AmericanEquityUSD117,926,468 122,834,838 597,325,743 68,671,483 207,155,361 1,790,862,9921,829,363 3,612,722 11,241,313 825,412 2,626,413 23,155,5898 916 532 3,649 520 -505,836 - 149,697 48,396 2,460 40,2722,335,207 3,613,638 11,391,542 877,457 2,629,393 23,195,861(777,399) (1,330,839) (2,003,130) (231,594) (860,931) (9,238,286)- - - - - -(299,020) (1,217,934) (208,009) (192,210) (487,337) (2,926,597)(223,243) (326,942) (762,237) (105,759) (342,942) (2,253,073)(50) (3,482) (653) (3,196) (540) -(1,299,712) (2,879,197) (2,974,029) (532,759) (1,691,750) (14,417,956)1,035,495 734,441 8,417,513 344,698 937,643 8,777,9054,835,616 5,223,043 (18,714,565) 5,361,692 (3,832,830) (86,232,348)5,871,111 5,957,484 (10,297,052) 5,706,390 (2,895,187) (77,454,443)15,547 (456,964) (459,504) 123,400 (280,166) (4,382,939)2,963,498 2,545,088 (17,516,293) (99,100) (19,678,093) (152,966,989)8,850,156 8,045,608 (28,272,849) 5,730,690 (22,853,446) (234,804,371)14,743,050 138,221,386 56,555,773 55,456,750 36,331,237 111,158,286(21,372,587) (42,646,991) (146,664,468) (25,133,874) (47,248,970) (606,988,276)(1,200,068) (330,930) (5,354,001) (723,683) (1,007,733) (4,968,211)- - - - - -118,947,019 226,123,911 473,590,198 104,001,366 172,376,449 1,055,260,42092


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Chinese EquityUSDHong Kong EquityUSDIndian EquityUSDJapanese EquityJPYNet Assets at the Beginning of the Period 2,080,946,949 258,976,707 3,271,502,077 6,024,606,356INCOMEInvestment Income 55,863,294 6,886,196 39,144,913 50,766,053Bank Interest 1 1 141 14,268Other Income (note 15) 231,529 188,752 70,630 31,281Total Income 56,094,824 7,074,949 39,215,684 50,811,602EXPENSESManagement Fees (note 4.2) (14,032,303) (1,030,594) (20,126,384) (34,623,847)Performance Fees (note 4.3) - - - -Transaction fees (8,023,430) (526,931) (8,528,172) (3,291,402)Operating, Administrative and Servicing(3,896,511) (399,277) (5,513,659) (10,766,847)Fees (note 4)Interest (3) (3) (62,444) (899,638)Total Expenses (25,952,247) (1,956,805) (34,230,659) (49,581,734)Net Investment Profit/(Loss) 30,142,577 5,118,144 4,985,025 1,229,868Realised Profit/(Loss) on Investments, Futures,(5,779,949) 5,170,922 (206,425,911) 766,426,147Forward Foreign Exchange Contracts, Options andSwapsRealised Profit/(Loss) for the period 24,362,628 10,289,066 (201,440,886) 767,656,015Profit/(Loss) on Foreign Currency (135,295) (19,952) (3,047,460) 4,232,142Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps70,744,431 (2,138,854) (440,528,743) 18,492,653Change in Total Net Assets as a Result of94,971,764 8,130,260 (645,017,089) 790,380,810OperationsProceeds on Issue of Shares 190,358,268 29,895,468 233,225,685 5,624,117,075Payments on Redemption of Shares (370,910,913) (59,266,973) (615,892,093) (5,363,987,335)Dividends Paid (note 14) (13,819,277) (4,006,425) (195,364) (19,553,750)Currency Translation - - - -Net Assets as at 30 September 2013 1,981,546,791 233,729,037 2,243,623,216 7,055,563,156The accompanying notes form an integral part of these financial statements. 93


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Korean EquityUSDMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDThai EquityUSD77,579,190 181,035,388 417,322,616 80,251,602 11,364,799 179,440,336128,058 6,628,021 8,653,119 1,776,171 244,030 3,055,3775 - 1 1 - 1414,521 - 205,826 33,913 16 89,601142,584 6,628,021 8,858,946 1,810,085 244,046 3,144,992(480,433) (2,773,781) (2,986,583) (354,736) (83,703) (1,074,335)- - - - - -(213,726) (1,765,580) (735,195) (198,686) (72,760) (522,038)(134,700) (1,363,668) (679,222) (138,097) (22,205) (267,340)(1) (156) (568) - (25) -(828,860) (5,903,185) (4,401,568) (691,519) (178,693) (1,863,713)(686,276) 724,836 4,457,378 1,118,566 65,353 1,281,279(858,517) (21,669,113) (37,351,550) 2,518,801 (86,326) 1,306,244(1,544,793) (20,944,277) (32,894,172) 3,637,367 (20,973) 2,587,5232,511 (178,450) 692 (94,082) 1,859 (166,526)4,827,081 (77,568,269) 35,083,715 (6,890,375) 556,898 (27,731,221)3,284,799 (98,690,996) 2,190,235 (3,347,090) 537,784 (25,310,224)30,993,582 907,616,977 53,153,250 4,354,126 2,257,130 50,317,264(20,382,449) (59,372,903) (146,320,376) (12,136,509) (4,154,866) (86,066,968)- - (1,713,181) (1,513,796) (69,668) (903,421)- - - - - -91,475,122 930,588,466 324,632,544 67,608,333 9,935,179 117,476,98794


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Turkey EquityEURUK EquityGBPUS EquityUSDBond Sub-FundsAsian CurrenciesBondUSDNet Assets at the Beginning of the Period 274,635,266 70,720,441 190,304,259 104,374,087INCOMEInvestment Income 4,093,221 1,469,476 1,454,348 2,194,066Bank Interest 7,835 480 856 -Other Income (note 15) 35,710 9,368 8,104 4Total Income 4,136,766 1,479,324 1,463,308 2,194,070EXPENSESManagement Fees (note 4.2) (1,945,576) (542,297) (1,223,072) (491,055)Performance Fees (note 4.3) - - - -Transaction fees (357,519) (249,842) (200,988) -Operating, Administrative and Servicing(452,268) (112,108) (343,574) (168,643)Fees (note 4)Interest (92) (84) - (4)Total Expenses (2,755,455) (904,331) (1,767,634) (659,702)Net Investment Profit/(Loss) 1,381,311 574,993 (304,326) 1,534,368Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(9,297,588) 3,476,017 15,936,771 (224,619)Realised Profit/(Loss) for the period (7,916,277) 4,051,010 15,632,445 1,309,749Profit/(Loss) on Foreign Currency (395,791) 850 77,552 (512,551)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(74,845,815) (2,246,478) 1,017,008 (7,944,769)Change in Total Net Assets as a Result of(83,157,883) 1,805,382 16,727,005 (7,147,571)OperationsProceeds on Issue of Shares 185,207,588 27,220,577 142,747,967 44,293,014Payments on Redemption of Shares (210,284,694) (21,764,907) (137,857,801) (23,552,887)Dividends Paid (note 14) - (451,587) (258,020) (2,825,944)Currency Translation - - - -Net Assets as at 30 September 2013 166,400,277 77,529,906 211,663,410 115,140,699The accompanying notes form an integral part of these financial statements. 95


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Brazil BondUSDEuro BondEUREuro Credit BondEUREuro High YieldBondEURGEM InflationLinkedBondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USD51,353,137 100,214,473 559,870,355 1,324,439,338 203,237,802 -1,579,575 1,810,333 10,713,359 41,023,571 6,661,811 156,75433 - 588 362 2,347 17210,323 - 19,626 165,466 28,036 -1,589,931 1,810,333 10,733,573 41,189,399 6,692,194 156,926(241,032) (216,478) (1,566,036) (4,324,058) (841,290) -- - - - - -(3,136) (5,058) (19,387) - (4,912) -(83,960) (81,000) (589,983) (1,377,929) (285,540) (21,579)(121) (12) (447,390) (1,682) (3,280) (467)(328,249) (302,548) (2,622,796) (5,703,669) (1,135,022) (22,046)1,261,682 1,507,785 8,110,777 35,485,730 5,557,172 134,880(1,996,510) 1,038,320 12,763,939 16,763,150 (3,170,405) (498,556)(734,828) 2,546,105 20,874,716 52,248,880 2,386,767 (363,676)(6,492,260) 8 109,497 6,362,102 (16,821,228) (2,170)(149,869) (1,556,871) (12,243,964) (10,650,228) (11,975,838) 410,755(7,376,957) 989,242 8,740,249 47,960,754 (26,410,299) 44,90925,531,450 27,845,589 162,600,727 593,135,652 52,465,988 32,558,216(23,286,765) (31,029,458) (229,234,927) (529,708,332) (66,389,138) -(114,688) (61,959) (289,431) (9,432,869) (37) -- - - - - -46,106,177 97,957,887 501,686,973 1,426,394,543 162,904,316 32,603,12596


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Global Asset-Backed High YieldBond (launched asat 31 May 2013)USDGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDNet Assets at the Beginning of the Period - 204,191,802 4,014,032,969 12,559,642INCOMEInvestment Income 116,574 3,007,429 91,921,113 303,396Bank Interest 362 6,115 8,745 -Other Income (note 15) - 9,597 864,122 10Total Income 116,936 3,023,141 92,793,980 303,406EXPENSESManagement Fees (note 4.2) - (213,391) (12,998,626) (3,620)Performance Fees (note 4.3) - - - -Transaction fees - (3) (6) (6)Operating, Administrative and Servicing(11,421) (177,620) (4,994,633) (15,939)Fees (note 4)Interest (48) (7,503) (10,019) -Total Expenses (11,469) (398,517) (18,003,284) (19,565)Net Investment Profit/(Loss) 105,467 2,624,624 74,790,696 283,841Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(123,167) (4,624,568) (3,069,613) 98,008Realised Profit/(Loss) for the period (17,700) (1,999,944) 71,721,083 381,849Profit/(Loss) on Foreign Currency (7,159) (245,187) (170,128) (1,895)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps361,220 2,077,176 (259,359,891) (901,379)Change in Total Net Assets as a Result of336,361 (167,955) (187,808,936) (521,425)OperationsProceeds on Issue of Shares 20,675,360 77,126,449 872,095,255 379,851Payments on Redemption of Shares - (68,594,985) (1,971,776,725) (357,642)Dividends Paid (note 14) - (3,322,308) (62,101,132) (1,061)Currency Translation - - - -Net Assets as at 30 September 2013 21,011,721 209,233,003 2,664,441,431 12,059,365The accompanying notes form an integral part of these financial statements. 97


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Global EmergingMarkets InvestmentGrade BondUSDGlobal EmergingMarkets Local DebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal Inflation Global ShortLinked Bond Duration High YieldUSD Bond (launched asat 12 June 2013)USD90,441,498 1,374,063,519 1,466,180,913 1,414,435,965 34,156,213 -2,379,220 25,136,201 42,304,087 35,613,898 182,870 315,5821,543 26,545 2,229 26,716 67 -90,829 801,777 154,912 23,223 19 -2,471,592 25,964,523 42,461,228 35,663,837 182,956 315,582(263,812) (4,024,773) (11,214,189) (6,564,987) (51,201) (21)- - - - - -- (9) (3,390) (13,999) (1,844) -(129,224) (1,679,498) (2,324,941) (1,526,128) (31,540) (12,106)(297) (6,618) (21,207) (7,358) (178) (6)(393,333) (5,710,898) (13,563,727) (8,112,472) (84,763) (12,133)2,078,259 20,253,625 28,897,501 27,551,365 98,193 303,449(2,003,562) (18,718,440) (45,074,907) (1,522,285) 678,481 9,13974,697 1,535,185 (16,177,406) 26,029,080 776,674 312,588(2,652,027) (53,869,510) 18,215,393 15,366,378 734,214 112,669(3,715,948) (23,340,379) (62,204,056) (51,496,530) (2,643,629) (104,768)(6,293,278) (75,674,704) (60,166,069) (10,101,072) (1,132,741) 320,48945,566,804 458,954,673 1,398,714,705 422,401,057 1,544,472 19,985,000(22,411,415) (496,591,867) (1,002,832,323) (760,603,854) (2,926,059) -(374,691) (28,124,345) (45,519,856) (36,397,850) - -- - - - - -106,928,918 1,232,627,276 1,756,377,370 1,029,734,246 31,641,885 20,305,48998


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013India FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDNet Assets at the Beginning of the Period 33,428,259 21,407,882 379,838,071 109,956,228INCOMEInvestment Income 1,256,607 569,092 7,488,619 1,440,823Bank Interest 3 1 604,864 1,775Other Income (note 15) - 178 - 8,345Total Income 1,256,610 569,271 8,093,483 1,450,943EXPENSESManagement Fees (note 4.2) (126,025) (3,972) (1,184,364) (95,083)Performance Fees (note 4.3) - - - -Transaction fees - (3,579) - (2)Operating, Administrative and Servicing(144,556) (26,626) (455,028) (87,373)Fees (note 4)Interest - (6) (5,456) (3,681)Total Expenses (270,581) (34,183) (1,644,848) (186,139)Net Investment Profit/(Loss) 986,029 535,088 6,448,635 1,264,804Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(4,308,260) (207,984) 1,608,477 (81,213)Realised Profit/(Loss) for the period (3,322,231) 327,104 8,057,112 1,183,591Profit/(Loss) on Foreign Currency (41,601) (1,495,200) 1,657,258 606Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(3,506,029) (1,107,067) 5,961,929 (2,721,776)Change in Total Net Assets as a Result of(6,869,861) (2,275,163) 15,676,299 (1,537,579)OperationsProceeds on Issue of Shares 19,940,940 1,812,144 161,285,812 10,206,490Payments on Redemption of Shares (7,075,520) (1,238,986) (210,959,501) (29,755,893)Dividends Paid (note 14) (17,196) - (500,096) (1,632,797)Currency Translation - - - -Net Assets as at 30 September 2013 39,406,622 19,705,877 345,340,585 87,236,449The accompanying notes form an integral part of these financial statements. 99


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Reserve Sub- Fund Index Sub-Fund Other Sub-FundsEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDGlobal Currency(liquidated as at 28June 2013)USDGlobal FlexAllocation(liquidated as at 26April 2013)EURGlobal MacroEUR125,133,484 49,948,915 1,712,908,513 52,265,223 18,960,758 78,677,95549,914 1,088,638 33,270,357 - 41,253 114,4191,437 892 25,266 13 218 13,019129 - 292,580 - 2,545 -51,480 1,089,530 33,588,203 13 44,016 127,438(27,677) (22) (5,939,636) (116,768) (983) (468,877)- - (526) - - (4,189)(3) (95,073) (8,168) (3,955) (13,343) (33,969)(55,355) (73,573) (3,089,826) (23,353) (3,385) (94,724)- (1) (1,353,036) - (91) (2,343)(83,035) (168,669) (10,391,192) (144,076) (17,802) (604,102)(31,555) 920,861 23,197,011 (144,063) 26,214 (476,664)5,235 (402,549) 26,849,430 (2,229,616) 1,096,857 (144,401)(26,320) 518,312 50,046,441 (2,373,679) 1,123,071 (621,065)(81) (27,496) (4,600,281) (30,104) (24,181) (346,923)(2,225) (1,561,171) (7,659,802) 1,129,210 (1,196,491) 1,442,804(28,626) (1,070,355) 37,786,358 (1,274,573) (97,601) 474,81613,150,433 100,000 902,408,248 858,355 - 13,978,443(40,808,793) - (260,735,578) (51,849,005) (18,863,157) (16,316,987)- - (29,479,863) - - -- - - - - -97,446,498 48,978,560 2,362,887,678 - - 76,814,227100


Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Managed Solutions- Asia FocusedConservativeUSDManaged Solutions- Asia FocusedGrowthUSDManaged Solutions- Asia FocusedIncomeUSDNet Assets at the Beginning of the Period 43,350,522 135,417,297 1,439,510,040INCOMEInvestment Income 666,794 2,325,212 38,060,495Bank Interest 4 366 620Other Income (note 15) - 5 -Total Income 666,798 2,325,583 38,061,115EXPENSESManagement Fees (note 4.2) (80,484) (893,405) (9,138,109)Performance Fees (note 4.3) - - -Transaction fees (19,576) (252,826) (663,686)Operating, Administrative and Servicing(65,087) (208,476) (2,558,671)Fees (note 4)Interest (13) (7) (438)Total Expenses (165,160) (1,354,714) (12,360,904)Net Investment Profit/(Loss) 501,638 970,869 25,700,211Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(833,781) (7,426,089) (39,939,020)Realised Profit/(Loss) for the period (332,143) (6,455,220) (14,238,809)Profit/(Loss) on Foreign Currency (19,671) (287,024) (1,425,719)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(1,488,351) (2,561,209) (81,600,349)Change in Total Net Assets as a Result of(1,840,165) (9,303,453) (97,264,877)OperationsProceeds on Issue of Shares 12,704,033 89,746,048 747,450,749Payments on Redemption of Shares (17,650,930) (143,144,090) (1,061,416,794)Dividends Paid (note 14) - - (29,468,732)Currency Translation - - -Net Assets as at 30 September 2013 36,563,460 72,715,802 998,810,386The accompanying notes form an integral part of these financial statements. 101


Notes to the Financial Statements1. Basis of presentationHSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourgas an investment company with variable capital (Société d’Investissement à Capital Variable or “SICAV”). The capitalcomprises various Classes of Shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cashand other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities ofthe individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fundare expressed in the currency designated in the Prospectus for that particular sub-fund and the financial statementsof the Company are expressed in United States Dollars (USD). The financial statements have been prepared inaccordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.The Company is an officially registered investment fund under part I of the Luxembourg law of 17 December 2010 onundertakings for collective investment (the “2010 Law”) and has been certified as a UCITS fund under the Europeandirective 2009/65/EC.Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission underSection 104 of the “Securities and Futures Ordinance”.In the Prospectus and in the various reports, the short names of the sub-funds are used. The complete name of eachsub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.From 1 April 2013 to 30 September 2013:1) The following sub-funds have been liquidated: Global Flex Allocation on 26 April 2013 Global Currency on 28 June 2013 CIVETS on 18 July 20132) The following sub-funds have been opened: Global Asset-Backed Bond on 31 May 2013 Global Asset-Backed High Yield Bond on 31 May 2013 Global Short Duration High Yield Bond on 12 June 2013102


Notes to the Financial Statements (continued)2. Accounting policiesThe following accounting policies have been used consistently in dealing with items which are considered material inrelation to the Company’s financial statements.a) Accounting conventionThe financial statements have been prepared under the historical cost convention modified by the revaluation ofinvestments.b) Assets and portfolio securities valuationPortfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued atthe last available price on the principal market on which such securities are traded. Securities traded on otherorganised markets are valued at the last available price or yield equivalents obtained from one or more dealers insuch organised markets at the time of valuation. If such prices are not representative of their fair value, all suchsecurities and all other permitted assets shall be valued at their fair value at which it is expected they may be resoldas determined in good faith by or under the direction of the Directors.The assets of each share class within most of the sub-funds are valued using prices available at different timesduring the day of 30 September 2013, being the last business day of the reporting period.If the Company had calculated the net asset values solely with a view to publication, the market prices used to valuethe net assets would have been the closing prices on 30 September 2013. However, these net asset values wouldnot have been significantly different from those shown in these financial statements, except for the following subfund,for which the following variations would have been observed:Sub-Fund Currency % difference(in % of NAV)Latin American Equity USD 0.83%The financial derivative instruments which are not listed on any official stock exchange or traded on any otherorganised market are valued in accordance with market practice. Shares or units in underlying open-endedinvestment sub-funds are valued at their last available net asset value reduced by any applicable charges.The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the formof short term debt (such as commercial paper, certificate of deposit, treasury bills).HGIF Euro Reserve and HGIF Global MacroWith effect from Monday 23 September 2013, the valuation methodology for money market instruments with aduration of 90 days or more moved from linear pricing to yield curve pricing as recommended by ESMA.c) Income and ExpensesInterest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.d) Foreign ExchangeThe cost of investments, income and expenses in currencies other than the sub-funds’ relevant reporting currencyhave been recorded at the rate of exchange ruling at the time of the transaction. The market value of investmentsand other assets and liabilities in currencies other than the relevant reporting currency have been converted at therates of exchange ruling at 30 September 2013.e) Realised Profit/(Loss) on Sale of InvestmentsRealised profit/(loss) on sale of investments is the difference between the historical average cost of the investmentand the sale proceeds.f) Segregated liabilityThe Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusivelyavailable to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claims havearisen in connection with the creation, operation and liquidation of that sub-fund.103


Notes to the Financial Statements (continued)3. Share capitalThe Company has issued either A, B, E, I, J, L, M, N, P, R, S, W, X, Y and Z Shares to investors in one or severalsub-funds as detailed below.Within each Share Class of a sub-fund, the Company shall be entitled to create different sub-classes, distinguishedby their distribution policy (Capital-Accumulation (C), Distribution (D) and Monthly Distribution (M) Shares), theirreference currency, their hedging activity (H) and/or by any other criteria stipulated by the Board of Directors.All share classes are available as both ‘Capital Accumulation’ and ‘Distribution’ shares.Class Description Minimum InitialInvestmentMinimum HoldingClass A A Shares are available to all investors. USD 5,000Class BClass EClass IClass JClass LB Shares are available in the United Kingdom and Jerseythrough specific distributors selected by the Distributor. BShares may be available in other countries through specificdistributors selected by the Distributor on application to theCompany.E Shares are available in certain countries, subject to therelevant regulatory approval, through specific distributorsselected by the Distributor. E Shares shall incur annualmanagement fee, equivalent to that of the Class A Shares plus0.3% to 0.5% per annum of the Net Asset Value of Class EShares, which may be payable to specific distributors in certaincountries.I Shares are available through specific distributors selected bythe Distributor on application to the Company.J Shares are available for investment by funds of fundsmanaged by the HSBC Group or managed by specific entitiesselected by the Distributor.L Shares are available through specific distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law.USD 5,000USD 5,000USD 1,000,000USD 100,000USD 1,000,000Class M M Shares are available to all investors. USD 5,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectus104


Notes to the Financial Statements (continued)3. Share capital (continued)Class Description Minimum InitialInvestmentMinimum HoldingClass N N Shares are available in the United Kingdom and Jerseythrough specific distributors selected by the Distributor. NShares may be available in other countries through specificdistributors selected by the Distributor on application to theCompany.USD 5,000Class PClass RClass SClass WClass XClass YClass ZP Shares are available for subscription in certain jurisdictionsor through certain distributors selected by the Distributor onapplication to the Company.R Shares are available in certain countries, subject to therelevant regulatory approval, through specific distributorsselected by the Distributor. R Shares shall incur annualmanagement fees equivalent to that of the Class M sharesplus 0.3% to 0.5% per annum of the Net Asset Value of ClassR Shares, which may be payable to specific distributors incertain countries.S Shares are available in certain jurisdictions or throughcertain distributors selected by the Distributor provided thatsuch investors qualify as institutional investors within themeaning of article 174 of the 2010 Law.W Shares are available through specific distributors that shallalso be members or affiliated entities of the HSBC Group asselected by the Distributor provided that such investors qualifyas institutional investors within the meaning of article 174 ofthe 2010 Law. No Operating, Administrative and ServicingExpenses shall be charged to Class W Shares. All fees andcharges allocated to this class shall be paid directly bymembers or affiliated entities of the HSBC Group.X Shares are available through specific distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law and fall into one of the following categories:companies or company pension funds, insurance companiesor registered charities or funds managed or advised by anHSBC Group entity and other such institutional investors, asagreed by the Board of Directors.Y Shares are available in certain jurisdictions through specificdistributors appointed by the Distributor.Z Shares are available to investors having entered into adiscretionary management agreement with an HSBC Groupentity and to investors subscribing via distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law.USD 50,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectusUSD 5,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectusUSD 100,000USD 100,000USD 10,000,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectusUSD 1,000USD 1,000,000105


Notes to the Financial Statements (continued)3. Share capital (continued)The Board of Directors of the Company is authorised to issue different Classes of Shares in one or more sub-funds.Details of the characteristics of such Share Classes offered shall be determined at the sole discretion of the Board ofDirectors. In case of the creation of any additional Classes of Shares, the Prospectus shall be updated.The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio ofinvestments. All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled toparticipate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividendsand other distributions as declared for such sub-fund. The Shares shall carry no preferential or pre-emptive rights andeach whole Share shall be entitled to one vote at all meetings of shareholders.The minimum initial investment amount may be waived or reduced at the discretion of the Company.Share Class Denominations and Successive Classes:The Share Classes issued in the different sub-funds are designated by their class name, followed by their distributioncharacteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency ishedged. This means that for example Shares issued in Class A which are distributing income and applying a hedgingpolicy to Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating incomewould be identified as IC.Distribution Shares are identifiable by a "D" following the sub-fund and Class names (e.g.: Class AD), with theexception of Monthly Distribution Shares which are identifiable by an "M" following the sub-fund and Class names(e.g.: Class AM).Successive Classes J, L, M and R in a given sub-fund are numbered 1, 2, 3… and shall be referred to as J1, J2, J3,(…), L1, L2, L3 (…), M1, M2, M3 (…) etc.Successive Classes S Shares shall be issued in different sub-funds, and numbered 1, 2, 3 etc. and shall be referredto as S1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and SClass launched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (seeSection 3.2. of the Prospectus).Within each Share Class of a sub-fund, separate currency hedged classes may be issued (suffixed by “H” and thecurrency into which the Base Currency is hedged or the currency into which the sub-fund total assets are primarilyinvested in, is hedged. These currency hedged share classes shall be named : "ACHEUR" or "ACHGBP" for aCapital-Accumulation Share Class hedged into Euro or Pound Sterling). Any fees of the Administrator relating to theexecution of the currency hedging policy shall be borne by the relevant currency hedged class. These fees are inaddition to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrueto the relevant currency hedged class.106


Notes to the Financial Statements (continued)4. Charges and expenses1. Explanation of the Charging StructureInvestment in the Company is generally offered via charging structures, as represented by the A, E, I, J, L, M, P, R,S, W, X, Y and Z Classes of Shares.The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover allinvestment management, investment advisory and distribution services provided in relation to the relevant class (seeparagraph (2) headed “Management Fee” below).In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicingexpenses. To safeguard shareholders from fluctuations in a sub-fund’s operating, administrative and servicingexpenses, the Company has agreed with the Management Company that the fee charged to cover such operating,administrative and servicing expenses is fixed at an annual rate.The potential excess of such expenses above such annual rate shall be borne directly by the Management Company(see paragraph (4) headed “Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees”below).2. Management FeeThe Company pays to the Management Company an annual management fee calculated as a percentage of the NetAsset Value of each sub-fund or share class (“Management Fee”). The Management Fee is accrued daily andpayable monthly in arrears at the rates specified in the table on page 165.The maximum rate for Class E, I, J, L, M and N Shares is 3.5%.The maximum rate for Class A, B, P, R, S, X, Y and Z Shares is as stated in the Prospectus.No Management Fee is currently charged for Class W Shares.The Management Fee covers management and distribution services provided in relation to the relevant sub-fund ofthe Company by the Management Company, the Investment Advisers and the Share Distributors. The ManagementCompany is responsible for discharging, out of such fee, the fees of the Investment Advisers and the ShareDistributors and may pay part of such fee to recognised intermediaries or such other person as the ManagementCompany may determine, at its discretion.The Management Company may instruct the Company to pay a portion of the Management Fee directly out of theassets of the Company to any of such service providers. In such case, the Management Fee due to the ManagementCompany is reduced accordingly.3. Performance FeeSummaryFor certain sub-funds and Share Classes, the Management Company is entitled to receive from the net assets of aShare Class, in addition to other fees and expenses mentioned in the Prospectus dated January 2013 (includingaddenda dated February 2013 and May 2013), an annual performance fee.A performance fee shall normally be applied at Share Class level to any sub-fund issuing Class L Shares, M Shares,N Shares and R Shares. For Class J Shares the performance fee shall be charged only if provided for in Section 3.2."Sub-Fund Details", of the Prospectus.A separate performance fee calculation shall be carried out for each Share Class within a sub-fund.107


Notes to the Financial Statements (continued)4. Charges and expenses (continued)3. Performance Fee (continued)The performance fee shall be calculated and accrued at each valuation of the sub-fund and payable at the end of thePerformance Period, or on the net redemptions and/or conversions of Shares, if earlier.If the Company invests in shares or units of UCITS (including other sub-funds of the Company) and other UCIs thatare managed directly or indirectly by the Management Company itself or a company with which it is linked by way ofcommon management or control or by way of a direct or indirect stake of more than 10% of the capital or votes, thenno duplication of performance fees shall occur.The avoidance of a double-charge of the performance fee is achieved by either i) where a sub-fund invests in sharesor units of such UCITS and other UCIs, and these UCITS and/or UCIs charge performance fees, the sub-fund shallnot charge a performance fee, or ii) where a sub-fund charges a performance fee, it shall not invest in share classesthat charge a performance fee.For the avoidance of doubt, it is clarified that the performance fee is calculated for each Share Class on the basis ofthe unadjusted Net Asset Value per Share, e.g. before any pricing adjustment that might be applied to the Net AssetValue per Share to mitigate the effects of transaction costs.The performance fee calculations ensure that the Management Company cannot earn a performance fee until anyunderperformance against the Hurdle Rate has been recovered.Calculation MethodThe High Water Mark defines a reference point for the Net Asset Value per Share above which, after adjustment fordividend distributions if any, a performance fee becomes payable.A sub-fund may only accrue a performance fee in the event that both of the conditions below are met:1. The Net Asset Value per Share Return of the relevant Share Class outperforms the relevant Hurdle Rate over thePerformance Period and;2. The Current Day NAV is higher than the High Water Mark.Where the Current Day NAV, decreases below the High Water Mark and/or the Net Asset Value per Share Returnunderperforms the relevant Hurdle Rate, no performance fee shall be accrued until such a decrease orunderperformance has been recovered in the course of any one Performance Period.If, at the end of the Performance Period, the Net Asset Value per Share is below the relevant Hurdle Rate and theperformance fee is not paid, then the High Water Mark for the following Performance Period shall be the past period'sHigh Water Mark plus the Hurdle Rate.Performance Fee AccrualAt each valuation of the sub-fund:The cumulative "Excess Return" since the beginning of the Performance Period is calculated as the differencebetween the cumulative Net Asset Value per Share Return and the cumulative Hurdle Rate since the beginningof the Performance Period.The cumulative performance fee per Share is equal to the cumulative "Excess Return" multiplied by thePerformance Rate.The daily performance fee per Share is calculated as the difference between the cumulative performance fee perShare on the valuation and the cumulative performance fee per Share at the previous valuation.The daily performance fee accrual for the Share Class is equal to the performance fee accrual per Share on thevaluation multiplied by the outstanding number of Shares on the valuation for that Share Class.The cumulative performance fee accrual before crystallisations for the Share Class is calculated as the sum ofthe cumulative performance fee accrual before crystallisations at the previous valuation and the performance feeaccrual of that Share Class at the valuation.Any performance fee accrued on net redeemed and/or converted Shares is crystallised (by taking the proportionof net redeemed and/or converted Shares to the number of Shares in issue). The daily and total performance feeaccruals since the beginning of the Performance Period are adjusted accordingly.108


Notes to the Financial Statements (continued)4. Charges and expenses (continued)3. Performance Fee (continued)The daily performance fee accrual can be positive or negative however the cumulative performance fee accrual shallnever be reduced to below zero.The cumulative performance fee accruals from the beginning of the Performance Period shall be, at each valuation,included in the ongoing calculation of the Net Asset Value per Share of which subscriptions, redemptions andconversions may be accepted.CrystallisationCrystallisation of the performance fee occurs on the last valuation of each Performance Period. Any performance feedue is payable out of the sub-fund to the Management Company in arrears after the end of the Performance Period.Accordingly, once the performance fee has crystallised, no refund shall be made in respect of any performance feepaid out at that point in subsequent Performance Periods.If there is a net redemption and/or conversion of Shares at any valuation before the end of the Performance Period,any accrued performance fee with respect to such redeemed Shares shall crystallise on that valuation and shall thenbecome payable to the Management Company.Computation of Performance FeesPerformance fees are calculated by the Administration Agent.The Auditors of the Company shall audit the calculations of the performance fees paid out on an annual basis.The Board of Directors shall ensure that the accrual represents fairly and accurately the performance fee liability thatmay eventually be payable by the sub-fund or Share Class to the Management Company.Annual Payment of Performance FeesAt the end of a Performance Period the positive balance (if any) of the performance fee accrual shall become payableto the Management Company and the performance fee accrual in the Net Asset Value per Share of the relevantShare Class shall be reset to zero and a new High Water Mark set.The performance fee, if applicable, is payable yearly immediately following the end of each Performance Period.Performance fees payable to the Management Company in any financial year are not refundable in any subsequentaccounting years.Pursuant to the provisions of the relevant Investment Advisory Agreement, the Investment Adviser may be entitled toreceive from the Management Company the whole or part of the performance fee.In the case of liquidation or merger of a sub-fund or Share Class to which a performance fee is applicable, theperformance fee shall be paid on the last valuation day before its liquidation or merger.4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging FeesThe Company pays to the Management Company a fee to cover certain Operating, Administrative and ServicingExpenses. The Management Company is responsible for discharging out of this fee, the expenses described below,inter alia, payable to the Depositary Bank, Administration Agent, Registrar and Transfer Agent.This fee is set, for each sub-fund and/or Class, at a fixed percentage of the Net Asset Value of the relevant sub-fundor class specified in the Company’s Prospectus (as specified in the table on page 166). Such fee is accrued daily andpayable monthly in arrears.No Operating, Administrative and Servicing Expenses shall be charged to Class W Shares. All the fees and chargesallocated to such Class of Shares shall be paid directly by a member or an affiliated entity of HSBC Group.109


Notes to the Financial Statements (continued)4. Charges and expenses (continued)4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued)The maximum rate for class A, B, E, I, J, L, M, N, P, R, S, X, Y and Z Shares is 1.0% (but not including the fees of theAdministration Agent relating to the execution of the currency hedging for the currency hedged Share Classes).However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative andServicing Expenses applicable to each Class of Shares. In the event of an increase of such expenses, the concernedshareholders shall be given at least three months prior notice of such increase. During this three months’ notice, suchshareholders may request the redemption of their Shares, free of charge.Operating, Administrative and Servicing Expenses cover the ongoing custody/depositary fees and safekeepingcharges payable to the Depositary Bank and its correspondent banks, fees for fund accounting and administrationservices (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrarand transfer agency services payable to the Registrar and Transfer Agent.Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; thecosts of the Subsidiaries (see paragraph (6) below); the Luxembourg asset-based taxe d’abonnement, at the ratereferred to under Section “Taxation” of the Company’s Prospectus; attendance fees and reasonable out-of-pocketexpenses incurred by the Board of Directors; legal and auditing fees and expenses; ongoing registration and listingfees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’sProspectus, Key Investor Information Documents, financial reports, statements and other documents made availabledirectly or through intermediaries to its shareholders.The Company pays to the Management Company a fee to cover the expense of the Administration Agent relating tothe execution of the hedged Share Classes launched on or after 1 December 2008.The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assetsof the Company to any of the aforementioned service providers. In such case the fee due to the ManagementCompany is reduced accordingly.5. Transaction expenses and extraordinary expensesTransaction expenses linked to security dealing are written off against the realised profit/loss from the sale ofinvestments.Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments,brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. Thesetransaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of thesub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amountof any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.6. Indian Equity and Global Emerging Markets EquityThe Company's wholly owned subsidiaries in Mauritius, HSBC GIF Mauritius Limited ("HSBC Mauritius") and HSBCGIF Mauritius No. 2 Limited ("HSBC Mauritius No. 2"), (each a Subsidiary or collectively, the Subsidiaries") arelocated at Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius manages theIndian Equity sub-funds investments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging MarketsEquity sub-fund’s investments in India.110


Notes to the Financial Statements (continued)6. Indian Equity and Global Emerging Markets Equity (continued)HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and ofHSBC Mauritius are consolidated.HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global EmergingMarkets Equity sub-fund and of HSBC Mauritius No. 2 are consolidated.The Subsidiaries have appointed CIM Fund Services Ltd, Rogers House, 5 President John Kennedy Street, PortLouis, Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of itsaccounts, books and records.The Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, asauditors of the Subsidiaries in Mauritius to perform the auditor’s duties required by Mauritius law.7. Taxation of the CompanyThe following summary is based on the Company’s understanding of the law and practice currently in force in theGrand Duchy of Luxembourg and in other jurisdictions and is subject to changes therein.BelgiumThe Belgian government has enacted a law which charges an annual net asset value tax on foreign investment fundsregistered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the netoutstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure isnot substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out ofthe Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial orlong term, the Management Company may require the sub-funds concerned to bear that tax charge for futureperiods.ChinaWhere the Company invests in shares and securities issued by companies tax resident (or with their primary activity)in the People's Republic of China ("PRC"), securities issued by government agencies in the PRC or other permissiblePRC investments, the Company may be subject to withholding and other taxes imposed in the PRC. The tax laws,regulations and practice in the PRC are constantly changing, and they may be changed with retrospective effect. Inparticular, there is uncertainty as to whether and how capital gains are to be taxed. Therefore any provision for PRCtax liabilities that the Company may hold is likely to be excessive or inadequate to meet final PRC tax liabilities, andin particular (but not exclusively) in relation to gains derived from the disposal of PRC investments.Consequently, the Company and shareholders may be disadvantaged depending upon the final outcome of how PRCinvestment returns shall be taxed.Hong KongThe Company may be subject to Hong Kong profits tax in relation to a particular sub-fund if it is treated as carrying ona trade or business in Hong Kong either on its own account or through the agency of the investment adviser of thatsub-fund. If the Company is treated as carrying on business in Hong Kong, a liability to profits tax, the rate of which iscurrently 16.5%, shall only exist in respect of any profits of the relevant sub-funds which arise in or are derived fromHong Kong from that trade or business, and which are not capital profits. Such amounts may include, but not belimited to, profits arising from the disposal of securities (except those held as capital assets) listed on the Hong KongStock Exchange, unlisted securities where the purchase or sale contracts are effected in Hong Kong and interestincome arising from certain debt instruments where the loan funds were first made available to the issuer in HongKong.Under the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance 2006, funds resident outside Hong Kong(“Offshore Funds”) are exempted from Hong Kong profits tax providing certain conditions are met. It is intended thataffairs of the Company shall be conducted as far as possible to comply with the conditions for exemption from profitstax.111


Notes to the Financial Statements (continued)7. Taxation of the Company (continued)IndiaOn the basis that they are Mauritian tax residents, the Subsidiaries shall benefit from the tax advantages available tothem under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries shallfile, through their Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which itinvests. Until 31 March 2013, capital gains resulting from the purchase and sale by the Subsidiaries of stocks on theIndian stock exchanges have been exempt from tax on the basis that the Subsidiaries are able to benefit from theprovisions of the India-Mauritius double taxation treaty.Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exemptfrom income tax. The sale and purchase of stocks and securities is exempt from Indian Sales tax.The above-stated tax treatment under the India-Mauritius tax treaty shall be available provided that the Subsidiariesneither have a permanent establishment nor their effective management and control in India. No guarantee orwarranty can be given or should be assumed that the tax benefits of the said treaty shall continue to be available tothe Indian Equity and in Global Emerging Markets Equity sub-funds in future periods due to, among others, changesin the regulatory environment in Mauritius, India or the European Union.Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company paysa dividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1April 2003.India-Mauritius tax treaty benefits shall now be subject to fulfilment of the conditions prescribed under the GeneralAnti- Avoidance Rule (“GAAR”).The foresaid rules i.e. GAAR have been introduced in the Indian Income Tax Act Finance Bill 2013 and shall beeffective from financial year 2015.South KoreaIn 2011, the South Korean tax authorities issued a "clarification" that the S.Korean/Luxembourg double taxationagreement was not applicable to Luxembourg SICAVs and that they would be looking to recover amounts theyconsidered as owing back to 2006 (including penalties). In anticipation of these claims, a provision has been bookedfor HGIF Korean Equity corresponding to the withholding tax on dividends.LuxembourgThe Company is not liable to any Luxembourg tax on profits or income. The Company is however liable inLuxembourg to a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of thevalue of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01%per annum for the Euro Reserve sub-fund and Classes J, L, S, W, X and Z Shares in the relevant sub-funds. Nostamp duty or other tax is payable in Luxembourg on the issue of shares.The classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the articles 174and 175 of the Luxembourg law of 17 December 2010 which include: (i) the shares of the class/sub-fund must bereserved to institutional investors; (ii) the exclusive object of the class/sub-fund’s portfolio must be the investment inmoney market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of theclass/sub-fund’s portfolio must be less than 90 days; and (iv) the class/sub-fund must benefit from the highestpossible rating of a recognized rating agency.112


Notes to the Financial Statements (continued)7. Taxation of the Company (continued)Luxembourg (continued)No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.Are also exempt from this tax:a) sub-funds/Classes whose Shares are reserved for (i) institutions for occupational retirement pension or similarinvestment vehicles, set up on one or more employers' initiative for the benefit of their employees and (ii) companiesof one or more employers investing funds they hold, to provide retirement benefits to their employees;b) sub-funds whose main objective is the investment in microfinance institutions;c) sub-funds/Classes of Shares whose Shares are listed or traded on at least one stock exchange or anotherregulated market operating regularly, recognised and open to the public and whose exclusive object is to replicate theperformance of one or more indices.Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that suchunits/shares have already been subject of this tax provided for by Article 174 of the 2010 Law or by the Law of 13February 2007 as amended.MauritiusThe Subsidiaries are registered with the Financial Services Commission in Mauritius as offshore companies. As aresult they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capitalgains tax shall be payable in respect of the Subsidiaries investments in India and any dividends and redemptionproceeds paid by the Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds shall be exemptfrom Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by theMauritius Revenue Authority. On the basis that they are Mauritian tax residents, the Subsidiaries have to datequalified for certain reliefs from Indian tax as set out in the Indian tax paragraph above.United KingdomIt is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become residentin the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes itshould not be subject to United Kingdom corporation tax on its income and capital gains.FranceFor the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, thefollowing sub-funds have invested in excess of 75% of equity or equity equivalent securities, which have theirregistered office in a country which is a member of the EU or the European Economic Area.% of holdings in sharesEuroland Equity 97.81Euroland Equity Smaller Companies 91.02Euroland Growth 98.11European Equity 80.55UK Equity 88.48GeneralIn many markets the Company, as a foreign investment fund, may be subject to non-recoverable tax on income andgains (either by withholding or direct assessment) in relation to the investment returns it realizes from its holdings ofshares and securities in those markets. Where practicable the Company shall make claims under the relevant doubletax treaties and domestic law of the countries concerned in order to minimize the impact of local taxation on theinvestment return and to obtain the best return for its shareholders. Those claims shall be made on the basis of theCompany’s understanding of the validity of such claims given the information available from the Company’sdepositaries, external advisers and other sources as to the interpretation and application of the relevant legalprovisions by the tax authorities in the country concerned.113


Notes to the Financial Statements (continued)7. Taxation of the Company (continued)General (continued)The Company shall seek to provide for tax on capital gains where it considers that it is more likely than not that thetax shall be payable, given the advice and information available to the Company at the date concerned. However,any provision held may be insufficient to cover, or be in excess of, any final liability.The Company shall seek to claim concessionary tax treatment and account for tax on a best’s efforts basis, given thetax law and practice at that date. Any change in tax law or practice in any country where the Company is registered,marketed or invested could affect the value of the Company’s investments in the affected country. In particular, whereretrospective changes to tax law or practice are applied by the legislature or tax authorities in a particular countrythese may result in a loss for current Shareholders in the affected sub fund. The Company does not offer anywarranty as to the tax position of returns from investments held in a particular market nor of the risk of a retrospectiveassessment to tax in a particular market or country.8. Public and bank holidays in Hong KongHSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and ShareDistributor in Hong Kong. There shall be no dealing for the shares of the Company in Hong Kong on a day which is apublic or bank holiday in Hong Kong.9. Forward foreign exchange contractsAs at 30 September 2013, the Company had entered into various forward foreign currency contracts, for the purposeof hedging the portfolio, which obliges the Company to deliver currencies at specified dates. Open contracts are asfollows:Contracts with a settlement date of 30 September 2013 still appear because they were open at the time of thepreparation and publication of the net asset value 30 September 2013.SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyAsia ex Japan EquityEUR 61,835,000 30/09/2013 USD 81,236,914 RBC Investor Services Bank 2,466,033USD 83,192,804 30/09/2013 EUR 61,835,000 RBC Investor Services Bank (510,143)EUR 52,421,000 31/12/2013 USD 70,767,039 RBC Investor Services Bank 209,894USD 1,043,990 31/12/2013 EUR 773,000 RBC Investor Services Bank (2,635)USD 2,163,149Asia Pacific ex Japan Equity High DividendHKD 754,780 02/10/2013 USD 97,371Hong Kong & Shanghai Bank,Hong Kong (45)USD (45)BRIC EquityUSD 100 02/10/2013 HKD 778 HSBC Bank PLC, London -USD -China Consumer OpportunitiesUSD 1,598,060 02/10/2013 HKD 12,394,471 HSBC Bank PLC, London (170)USD (170)114


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyLatin American EquityUSD 1,504 02/10/2013 HKD 11,663 HSBC Bank PLC, London -USD -Hong Kong EquityHKD 92,951 02/10/2013 EUR 8,867Hong Kong & Shanghai Bank,Hong Kong (17)USD (17)Indian EquityUSD 97,432 02/10/2013 HKD 755,713Hong Kong & Shanghai Bank,Hong Kong (15)USD (15)Japanese EquityJPY 881,216,820 02/10/2013 EUR 6,600,000 HSBC Bank PLC, London 4,565,663JPY 4,565,663Russia EquityHKD 1,061,422 02/10/2013 USD 136,853 HSBC Bank PLC, London 15USD 15US EquityEUR 32,718,000 09/10/2013 USD 43,827,037 BNP Paribas, Paris 462,433EUR 505,200 09/10/2013 USD 670,277 HSBC Bank PLC, London 13,599EUR 1,028,800 09/10/2013 USD 1,382,475 HSBC France 10,183EUR 450,000 09/10/2013 USD 590,698 J.P. Morgan Chase, London 18,455USD 668,961 09/10/2013 EUR 500,000 HSBC France (7,876)USD 472,017 09/10/2013 EUR 354,000 J.P. Morgan Chase, London (7,183)USD 1,005,996 09/10/2013 EUR 754,500 Royal Bank of Canada, London (15,351)USD 626,786 09/10/2013 EUR 464,500 UBS AG (1,995)USD 472,265Asian Currencies BondUSD 1,567,000 25/10/2013 INR 99,253,780IDR 25,254,000,000 04/11/2013 USD 2,300,000MYR 823,068 04/11/2013 USD 257,000PHP 98,210,000 04/11/2013 USD 2,300,000USD 250,000 04/11/2013 MYR 817,500State Street Bank and Trust Co,Hong Kong (3,226)State Street Bank and Trust Co,Hong Kong (126,136)Hong Kong & Shanghai Bank,Hong Kong (5,021)Hong Kong & Shanghai Bank,Hong Kong (37,045)Hong Kong & Shanghai Bank,Hong Kong (275)115


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyAsian Currencies Bond (continued)USD 1,500,000 04/11/2013 PHP 65,355,000USD 1,600,000 04/11/2013 PHP 71,728,000USD 725,000 04/11/2013 SGD 915,508USD 1,600,000 04/11/2013 THB 50,224,000INR 42,337,500 08/11/2013 USD 750,000INR 55,610,000 08/11/2013 USD 1,000,000Hong Kong & Shanghai Bank,Hong Kong (5,890)State Street Bank and Trust Co,Hong Kong (52,585)Hong Kong & Shanghai Bank,Hong Kong (4,662)Hong Kong & Shanghai Bank,Hong Kong (1,999)Hong Kong & Shanghai Bank,Hong Kong (83,269)State Street Bank and Trust Co,Hong Kong (124,254)USD (444,362)Euro Credit BondJPY 1,000,000,000 15/10/2013 EUR 7,686,265 UBS Limited, London (157,346)EUR (157,346)Euro High Yield BondEUR 10,976,657 01/10/2013 GBP 9,500,000 Morgan Stanley Taiwan Limited (388,508)EUR 11,326,649 02/12/2013 GBP 9,500,000 Barclays Bank Wholesale (31,444)EUR (419,952)GEM Inflation Linked BondSGD 4,247,818 02/10/2013 USD 3,370,000 Standard Chartered Bank 15,390INR 2,933,200 03/10/2013 USD 43,845 Standard Chartered Bank 3,008USD 47,524 03/10/2013 INR 2,933,200 Standard Chartered Bank 672COP 7,648,200,000 07/10/2013 USD 3,992,275J.P. Morgan Chase Bank,New York 18,166USD 900,000 07/10/2013 COP 1,741,500,000 Barclays Bank Wholesale (13,180)USD 3,033,744 07/10/2013 COP 5,906,700,000 Standard Chartered Bank (63,517)TRY 474,609 21/10/2013 USD 237,979J.P. Morgan Chase Bank,New York (4,091)TRY 3,421,461 21/10/2013 USD 1,749,168 Standard Chartered Bank (63,069)USD 730,000 21/10/2013 TRY 1,426,274 Barclays Bank Wholesale 27,131USD 370,000 24/10/2013 PLN 1,169,570 Standard Chartered Bank (4,190)USD 1,640,000 01/11/2013 TWD 48,503,000 Standard Chartered Bank (1,807)BRL 5,508,993 04/11/2013 USD 2,300,374J.P. Morgan Chase Bank,New York 155,106BRL 11,043,856 04/11/2013 USD 4,703,516 Standard Chartered Bank 218,975MYR 10,927,225 04/11/2013 USD 3,370,000 Barclays Bank Wholesale (23,736)USD 520,000 04/11/2013 BRL 1,195,844 Barclays Bank Wholesale (13,014)USD 332,000 04/11/2013 KRW 363,872,000 Barclays Bank Wholesale (5,622)USD 5,501,159 04/11/2013 KRW 6,104,533,200J.P. Morgan Chase Bank,New York (162,987)CNY 29,057,465 05/11/2013 USD 4,687,822 Standard Chartered Bank 37,279116


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGEM Inflation Linked Bond (continued)USD 1,000,000 05/11/2013 CNY 6,216,600J.P. Morgan Chase Bank,New York (10,895)PHP 2,314,200 08/11/2013 USD 53,237 Standard Chartered Bank 86MXN 371,151 14/11/2013 USD 28,858J.P. Morgan Chase Bank,New York (763)MXN 12,833,100 14/11/2013 USD 1,000,000 Standard Chartered Bank (28,581)USD 1,750,000 14/11/2013 MXN 22,725,500 Barclays Bank Wholesale 29,762THB 24,123,360 18/11/2013 USD 799,449 Standard Chartered Bank (30,436)USD 4,603,000 18/11/2013 THB 146,416,120 Standard Chartered Bank (64,505)COP 5,906,700,000 06/12/2013 USD 3,017,471 Standard Chartered Bank 63,594ZAR 23,768,904 09/12/2013 USD 2,304,975 Standard Chartered Bank 33,472CLP 2,105,032,580 18/12/2013 USD 4,033,016 Barclays Bank Wholesale 105,382CLP 1,333,850,908 18/12/2013 USD 2,620,000 Standard Chartered Bank 2,290HUF 224,961,000 18/12/2013 USD 1,020,000 Barclays Bank Wholesale (1,771)ILS 9,643,839 18/12/2013 USD 2,655,999 Standard Chartered Bank 75,207USD 4,524,224 18/12/2013 HUF 1,005,078,884 Standard Chartered Bank (25,012)USD 1,453,000 18/12/2013 ILS 5,206,987 Barclays Bank Wholesale (21,657)USD 510,892 18/12/2013 ILS 1,869,661J.P. Morgan Chase Bank,New York (18,610)PLN 3,421,221 20/12/2013 USD 1,076,272J.P. Morgan Chase Bank,New York 14,671INR 111,701,400 16/01/2014 USD 1,660,000 Barclays Bank Wholesale 68,299MXN 17,370,555 16/01/2014 USD 1,284,804 Standard Chartered Bank 23,748USD 42,665 16/01/2014 INR 2,933,200 Standard Chartered Bank (2,719)USD 332,076Global Asset-Backed Bond (launched as at 31 May 2013)USD 7,219,142 07/10/2013 EUR 5,461,000 Citibank (173,248)USD 166,920 07/10/2013 EUR 125,000 J.P. Morgan Chase, London (2,289)USD 15,324,269 07/10/2013 GBP 9,838,000 Royal Bank of Scotland (606,489)USD (782,026)Global Asset-Backed High Yield Bond (launched as at 31 May 2013)USD 7,443,872 07/10/2013 EUR 5,631,000 Citibank (178,641)USD 178,938 07/10/2013 EUR 134,000 J.P. Morgan Chase, London (2,453)USD 783,078 07/10/2013 EUR 578,000 Royal Bank of Scotland 657USD 7,920,706 07/10/2013 GBP 5,085,000 Royal Bank of Scotland (313,478)USD (493,915)Global BondGBP 650,000 02/10/2013 USD 1,047,901 Royal Bank of Scotland 4,699CAD 348,000 07/10/2013 USD 330,206 Citibank 8,291CAD 358,000 07/10/2013 USD 347,496 Royal Bank of Scotland 728EUR 2,240,000 07/10/2013 USD 3,033,379 HSBC Bank PLC, London (1,158)GBP 220,000 07/10/2013 USD 342,674State Street Bank and TrustCompany 13,573JPY 33,000,000 07/10/2013 USD 336,036 HSBC Bank PLC, London 284117


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Bond (continued)USD 193,998 07/10/2013 CAD 200,000 Citibank (540)USD 19,858,618 07/10/2013 EUR 15,020,000 Citibank (473,499)USD 1,876,078 07/10/2013 EUR 1,405,000 HSBC Bank PLC, London (25,828)USD 980,037 07/10/2013 EUR 745,000State Street Bank and TrustCompany (28,447)USD 411,844 07/10/2013 GBP 258,000 Citibank (5,937)USD 274,055 07/10/2013 GBP 170,000 Royal Bank of Scotland (1,227)USD 1,010,230 07/10/2013 JPY 100,000,000 Citibank (8,920)USD 6,588,498 07/10/2013 JPY 654,000,000 Royal Bank of Scotland (76,740)EUR 4,718,002 11/10/2013 CHF 5,800,000 Citibank (28,003)AUD 2,456,000 15/11/2013 USD 2,277,203State Street Bank and TrustCompany 12,101CHF 1,332,000 15/11/2013 USD 1,426,599State Street Bank and TrustCompany 46,994DKK 4,151,000 15/11/2013 USD 739,207 Royal Bank of Scotland 14,531KRW 2,300,000,000 15/11/2013 USD 2,109,318 J.P. Morgan Chase, London 22,782MXN 9,129,000 15/11/2013 USD 694,835 Citibank (4,080)PLN 3,251,000 15/11/2013 USD 1,014,383 Royal Bank of Scotland 24,143SEK 7,850,000 15/11/2013 USD 1,198,935State Street Bank and TrustCompany 21,857SGD 1,542,000 15/11/2013 USD 1,216,317 HSBC Bank PLC, London 12,676ZAR 4,299,000 15/11/2013 USD 428,011 Citibank (3,772)USD (475,492)Global Emerging Markets BondAUD 54,397,482 30/09/2013 USD 48,890,063 HSBC Bank PLC, London 1,980,989CHF 16,951,407 30/09/2013 USD 18,328,787 HSBC Bank PLC, London 417,301EUR 584,821,986 30/09/2013 USD 780,370,592 HSBC Bank PLC, London 11,270,420SGD 27,214,810 30/09/2013 USD 21,248,079 HSBC Bank PLC, London 441,307USD 50,880,844 30/09/2013 AUD 54,397,481 HSBC Bank PLC, London 9,795USD 18,571,543 30/09/2013 CHF 16,951,408 HSBC Bank PLC, London (174,545)USD 788,908,676 30/09/2013 EUR 584,821,991 HSBC Bank PLC, London (2,732,335)USD 21,688,761 30/09/2013 SGD 27,214,808 HSBC Bank PLC, London (625)AUD 41,066,468 31/10/2013 USD 38,595,379 HSBC Bank PLC, London (269,479)CHF 11,879,421 31/10/2013 USD 13,020,784 HSBC Bank PLC, London 119,409EUR 562,385,748 31/10/2013 USD 759,418,485 HSBC Bank PLC, London 1,907,015SGD 25,161,142 31/10/2013 USD 20,080,374 HSBC Bank PLC, London (27,099)USD 683,687 31/10/2013 AUD 730,359 HSBC Bank PLC, London 2,068USD 282 31/10/2013 CHF 255 HSBC Bank PLC, London 0USD 1,565,547 31/10/2013 EUR 1,160,033 HSBC Bank PLC, London (4,837)BRL 24,077,804 04/11/2013 USD 10,579,000 Barclays Bank Wholesale 153,011USD 524,566 09/12/2013 ZAR 5,409,320 Standard Chartered Bank (7,618)PLN 48,842 20/12/2013 USD 15,515J.P. Morgan Chase Bank,New York 59MXN 9,072,073 16/01/2014 USD 671,011 Standard Chartered Bank 12,403USD 13,097,239118


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Investment Grade BondSGD 1,285,690 02/10/2013 USD 1,020,000 Standard Chartered Bank 4,658INR 29,160,000 03/10/2013 USD 480,000 Standard Chartered Bank (14,223)USD 435,874 03/10/2013 INR 29,160,000 Standard Chartered Bank (29,903)COP 2,339,057,123 07/10/2013 USD 1,221,121 Morgan Stanley Taiwan Limited 5,397USD 1,201,365 07/10/2013 COP 2,339,057,123 Standard Chartered Bank (25,153)TRY 1,404,884 21/10/2013 USD 692,016J.P. Morgan Chase Bank,New York 312USD 180,000 21/10/2013 TRY 355,684 UBS AG 4,719USD 190,000 24/10/2013 PLN 600,590 Standard Chartered Bank (2,152)RUB 16,766,800 29/10/2013 USD 502,000 Barclays Bank Wholesale 13,567RUB 115,963,750 29/10/2013 USD 3,500,000 Morgan Stanley Taiwan Limited 65,798USD 240,000 29/10/2013 RUB 8,044,464 Barclays Bank Wholesale (7,361)USD 4,030,487 29/10/2013 RUB 135,307,469 Standard Chartered Bank (130,117)USD 520,000 01/11/2013 TWD 15,376,400 Crédit Suisse International, London (485)BRL 2,163,837 04/11/2013 USD 890,358J.P. Morgan Chase Bank,New York 74,112BRL 3,048,125 04/11/2013 USD 1,250,000 Morgan Stanley, London 108,617BRL 15,513,071 04/11/2013 USD 6,606,930 Standard Chartered Bank 307,590MYR 5,317,700 04/11/2013 USD 1,640,000 Barclays Bank Wholesale (11,551)MYR 68,328 04/11/2013 USD 20,851 Standard Chartered Bank 74USD 2,245,042 04/11/2013 BRL 4,984,892J.P. Morgan Chase Bank,New York 23,165USD 1,020,000 04/11/2013 KRW 1,107,720,000J.P. Morgan Chase Bank,New York (7,808)USD 110,000 04/11/2013 MYR 364,191 UBS AG (1,527)CNY 5,686,513 05/11/2013 USD 917,402 Standard Chartered Bank 7,296MXN 286,424 14/11/2013 USD 22,270J.P. Morgan Chase Bank,New York (589)USD 700,000 14/11/2013 MXN 9,090,200 Barclays Bank Wholesale 11,905USD 1,269,023 14/11/2013 MXN 16,235,670J.P. Morgan Chase Bank,New York 40,042THB 68,414,260 18/11/2013 USD 2,254,000 Standard Chartered Bank (73,066)USD 6,262,228 18/11/2013 THB 190,429,367 Standard Chartered Bank 191,654COP 2,339,057,123 06/12/2013 USD 1,194,921 Standard Chartered Bank 25,183USD 727,476 09/12/2013 PEN 2,057,303 Standard Chartered Bank (6,238)ZAR 29,521,054 09/12/2013 USD 2,890,466 Crédit Suisse International, London 13,893USD 700,202 16/12/2013 EUR 525,763 Barclays Bank Wholesale (11,635)CLP 36,704,850 18/12/2013 USD 70,323 Barclays Bank Wholesale 1,838CLP 519,285,468 18/12/2013 USD 1,020,000 Standard Chartered Bank 891PLN 424,228 20/12/2013 USD 134,763J.P. Morgan Chase Bank,New York 513PLN 4,007,750 20/12/2013 USD 1,250,000 Morgan Stanley, London 27,972USD 1,657,959 20/12/2013 PLN 5,282,256J.P. Morgan Chase Bank,New York (26,422)INR 29,160,000 16/01/2014 USD 424,145 Standard Chartered Bank 27,032MXN 70,904,104 16/01/2014 USD 5,237,800 Crédit Suisse International, London 103,520USD 711,518119


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Local DebtSGD 27,732,650 02/10/2013 USD 22,000,000 Royal Bank of Scotland 102,132SGD 8,718,430 02/10/2013 USD 7,000,000 Standard Chartered Bank (51,660)INR 333,410,000 03/10/2013 USD 5,500,000 Deutsche Bank (174,387)INR 3,266,143,230 03/10/2013 USD 52,840,809J.P. Morgan Chase Bank,New York (670,164)INR 2,932,733,230 03/10/2013 USD 47,516,741 Standard Chartered Bank (671,709)USD 5,394,024 03/10/2013 INR 333,410,000 Deutsche Bank 68,411USD 48,967,665 03/10/2013 INR 3,266,143,230J.P. Morgan Chase Bank,New York (3,202,980)USD 47,446,785 03/10/2013 INR 2,932,733,230 Standard Chartered Bank 601,753COP 10,789,800,000 07/10/2013 USD 5,600,000J.P. Morgan Chase Bank,New York 57,783COP 84,438,094,083 07/10/2013 USD 44,081,490 UBS AG 194,810USD 5,400,000 07/10/2013 COP 10,490,850,000 Citibank, New York (101,024)USD 5,596,369 07/10/2013 COP 10,789,800,000 Merrill Lynch International Bank (61,414)USD 35,434,498 07/10/2013 COP 68,990,968,083 Standard Chartered Bank (741,884)USD 2,600,000 07/10/2013 COP 4,956,276,000 UBS AG 1,107EUR 1,203,743 16/10/2013 USD 1,600,000 UBS AG 29,501TRY 1,720,491 21/10/2013 USD 851,000 Barclays Bank Wholesale (3,141)TRY 20,872,915 21/10/2013 USD 10,157,630 Citibank, New York 128,557TRY 35,928,941 21/10/2013 USD 18,453,052 Crédit Suisse International, London (747,245)TRY 11,223,585 21/10/2013 USD 5,700,000 Morgan Stanley, London (169,009)TRY 5,685,946 21/10/2013 USD 2,800,000 Royal Bank of Scotland 2,038TRY 8,940,691 21/10/2013 USD 4,484,247 Standard Chartered Bank (78,268)USD 6,540,000 21/10/2013 TRY 12,777,852 Barclays Bank Wholesale 243,066USD 11,690,216 21/10/2013 TRY 22,876,924 Crédit Suisse International, London 416,452USD 25,555,788 21/10/2013 TRY 51,960,027 Merrill Lynch International Bank (50,150)SGD 2,155,112 23/10/2013 USD 1,700,000 Royal Bank of Scotland 17,598SGD 59,756,578 23/10/2013 USD 46,757,703 Standard Chartered Bank 867,553USD 2,000,000 23/10/2013 SGD 2,534,020 Royal Bank of Scotland (19,583)USD 1,900,000 23/10/2013 SGD 2,427,499 UBS AG (34,687)PLN 17,954,741 24/10/2013 USD 5,800,000 Deutsche Bank (55,586)USD 960,000 24/10/2013 PLN 3,034,560 Standard Chartered Bank (10,873)RUB 273,910,000 29/10/2013 USD 8,600,000 Barclays Bank Wholesale (177,473)RUB 504,150,000 29/10/2013 USD 15,000,000 Crédit Suisse International, London 502,235RUB 513,590,000 29/10/2013 USD 15,270,419 Deutsche Bank 522,089RUB 848,849,671 29/10/2013 USD 25,372,419 Standard Chartered Bank 729,072USD 3,710,000 29/10/2013 RUB 123,951,100J.P. Morgan Chase Bank,New York (101,403)USD 1,800,000 29/10/2013 RUB 60,332,407 Royal Bank of Scotland (55,176)TWD 32,564,070 01/11/2013 USD 1,100,000 Citibank, New York 2,280TWD 1,257,278,894 01/11/2013 USD 41,576,683 Standard Chartered Bank 981,693120


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Local Debt (continued)USD 10,890,000 01/11/2013 TWD 322,017,300 Crédit Suisse International, London (10,154)USD 6,000,000 01/11/2013 TWD 180,180,000J.P. Morgan Chase Bank,New York (99,019)USD 1,400,000 01/11/2013 TWD 41,593,160 Morgan Stanley, London (7,911)USD 1,910,000 01/11/2013 TWD 57,146,742 UBS AG (24,394)BRL 10,258,600 04/11/2013 USD 4,400,000 Goldman Sachs International 172,486BRL 13,477,750 04/11/2013 USD 5,500,000 Merrill Lynch International Bank 507,332BRL 17,673,370 04/11/2013 USD 7,270,000 Standard Chartered Bank 607,413IDR 114,125,000,000 04/11/2013 USD 10,100,000J.P. Morgan Chase Bank,New York (257,396)IDR 156,839,640,000 04/11/2013 USD 14,692,238 Standard Chartered Bank (1,165,749)MYR 71,205,300 04/11/2013 USD 21,960,000 Barclays Bank Wholesale (154,672)MYR 3,595,900 04/11/2013 USD 1,100,000 Merrill Lynch International Bank 1,179MYR 30,500,000 04/11/2013 USD 9,377,979 Morgan Stanley Taiwan Limited (37,908)MYR 9,460,110 04/11/2013 USD 2,886,820 Standard Chartered Bank 10,166MYR 21,491,400 04/11/2013 USD 6,800,000 UBS AG (218,650)USD 4,710,000 04/11/2013 BRL 10,831,587 Barclays Bank Wholesale (117,879)USD 17,293,141 04/11/2013 BRL 38,366,563 Merrill Lynch International Bank 192,313USD 1,256,671 04/11/2013 BRL 2,950,664 Standard Chartered Bank (58,505)USD 22,250,000 04/11/2013 KRW 24,163,500,000J.P. Morgan Chase Bank,New York (170,320)USD 6,700,000 04/11/2013 MYR 21,835,300J.P. Morgan Chase Bank,New York 13,336USD 1,200,000 04/11/2013 MYR 3,963,300 Royal Bank of Scotland (13,689)CNY 47,355,000 05/11/2013 USD 7,700,000 Deutsche Bank 505CNY 638,429,486 05/11/2013 USD 102,997,416 Standard Chartered Bank 819,063USD 14,500,000 05/11/2013 CNY 90,393,000 Crédit Suisse International, London (199,013)USD 6,200,000 05/11/2013 CNY 38,550,360 Royal Bank of Scotland (68,762)USD 4,300,000 05/11/2013 CNY 26,607,433 UBS AG (26,695)PEN 5,334,250 08/11/2013 USD 1,900,000 Merrill Lynch International Bank 9,776PHP 469,615,210 08/11/2013 USD 10,813,152 Crédit Suisse International, London 7,475USD 1,300,000 08/11/2013 PHP 57,882,370 UBS AG (33,695)MXN 127,095,000 14/11/2013 USD 10,000,000 Barclays Bank Wholesale (379,371)MXN 119,889,034 14/11/2013 USD 9,287,575J.P. Morgan Chase Bank,New York (212,411)MXN 299,431,280 14/11/2013 USD 22,802,345 Morgan Stanley, London (136,488)MXN 278,805,608 14/11/2013 USD 21,592,752 Standard Chartered Bank (488,182)MXN 73,795,294 14/11/2013 USD 5,600,000 UBS AG (13,965)USD 14,300,000 14/11/2013 MXN 185,685,500 Deutsche Bank 244,284121


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Local Debt (continued)USD 2,700,000 14/11/2013 MXN 35,434,800 UBS AG 17,715THB 91,020,000 18/11/2013 USD 3,000,000 Morgan Stanley Taiwan Limited (98,432)THB 902,077,960 18/11/2013 USD 29,559,580 Standard Chartered Bank (802,821)USD 35,780,000 18/11/2013 THB 1,138,350,700 Standard Chartered Bank (508,745)COP 10,789,800,000 06/12/2013 USD 5,566,056 Merrill Lynch International Bank 62,142COP 68,990,968,083 06/12/2013 USD 35,244,428 Standard Chartered Bank 742,784COP 8,139,900,000 06/12/2013 USD 4,300,000 UBS AG (54,048)USD 11,114,125 09/12/2013 PEN 31,430,746 Standard Chartered Bank (95,296)USD 2,800,000 09/12/2013 ZAR 28,208,600J.P. Morgan Chase Bank,New York 24,764ZAR 15,719,310 09/12/2013 USD 1,535,689 Crédit Suisse International, London 10,818ZAR 26,735,225 09/12/2013 USD 2,693,315J.P. Morgan Chase Bank,New York (63,033)ZAR 22,093,606 09/12/2013 USD 2,200,000 UBS AG (26,373)USD 30,152,179 16/12/2013 EUR 22,640,460 Barclays Bank Wholesale (501,037)CLP 11,040,960,000 18/12/2013 USD 21,700,000 Goldman Sachs International 6,021CLP 4,853,471,000 18/12/2013 USD 9,272,967 Standard Chartered Bank 268,734CLP 1,737,750,000 18/12/2013 USD 3,500,000 UBS AG (83,663)CZK 328,694,249 18/12/2013 USD 17,114,857J.P. Morgan Chase Bank,New York 181,217CZK 23,244,156 18/12/2013 USD 1,200,000 UBS AG 23,120HUF 238,516 18/12/2013 USD 1,070J.P. Morgan Chase Bank,New York 10HUF 4,938,860,091 18/12/2013 USD 22,231,595 Standard Chartered Bank 122,906ILS 3,929,850 18/12/2013 USD 1,100,000 Royal Bank of Scotland 12,963ILS 35,479,314 18/12/2013 USD 9,634,834 Standard Chartered Bank 413,171RON 3,725,685 18/12/2013 USD 1,100,000 Royal Bank of Scotland 23,727RON 46,702,652 18/12/2013 USD 13,600,073 Standard Chartered Bank 486,200USD 8,000,000 18/12/2013 HUF 1,788,400,000 Standard Chartered Bank (94,740)USD 2,700,000 18/12/2013 ILS 9,898,902 Royal Bank of Scotland (103,443)PLN 8,943,903 20/12/2013 USD 2,800,000 Crédit Suisse International, London 51,989PLN 35,007,067 20/12/2013 USD 11,110,105J.P. Morgan Chase Bank,New York 52,782USD 32,515,672 20/12/2013 PLN 103,938,899 Citibank, New York (627,871)HKD 460,635,587 16/01/2014 USD 59,412,616J.P. Morgan Chase Bank,New York (2,388)INR 3,624,173,230 16/01/2014 USD 53,132,248J.P. Morgan Chase Bank,New York 2,942,741INR 191,130,000 16/01/2014 USD 3,000,000 Standard Chartered Bank (42,743)MXN 136,468,283 16/01/2014 USD 10,230,160 Barclays Bank Wholesale 50,217USD 3,714,856 16/01/2014 MXN 50,224,858J.P. Morgan Chase Bank,New York (68,663)USD 29,949,222 16/01/2014 MXN 396,018,565 Royal Bank of Scotland 116,504USD (581,957)122


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal High Income BondAUD 504,812,633 30/09/2013 USD 452,970,699 HSBC Bank PLC, London 19,116,401EUR 51,172,107 30/09/2013 USD 68,089,870 HSBC Bank PLC, London 1,178,966SGD 14,276,247 30/09/2013 USD 11,122,570 HSBC Bank PLC, London 255,171USD 474,864,911 30/09/2013 AUD 504,812,634 HSBC Bank PLC, London 2,777,813USD 69,057,786 30/09/2013 EUR 51,172,107 HSBC Bank PLC, London (211,052)USD 11,385,347 30/09/2013 SGD 14,276,249 HSBC Bank PLC, London 7,605USD 1,214,531 01/10/2013 EUR 900,094J.P. Morgan Chase Bank,New York (3,879)EUR 900,000 07/10/2013 USD 1,214,420J.P. Morgan Chase Bank,New York 3,880EUR 3,177,000 07/10/2013 USD 4,242,181 UBS AG 58,417USD 29,224,323 07/10/2013 EUR 22,207,000J.P. Morgan Chase Bank,New York (836,550)USD 2,350,264 07/10/2013 EUR 1,734,000 UBS AG 3,006USD 543,391 07/10/2013 GBP 348,000J.P. Morgan Chase Bank,New York (20,139)USD 51,916,478 07/10/2013 GBP 33,436,000 UBS AG (2,227,677)EUR 22,000,000 15/10/2013 USD 29,681,422 Barclays Bank Wholesale 99,799EUR 8,000,000 15/10/2013 USD 10,610,384J.P. Morgan Chase Bank,New York 219,151EUR 25,000,000 15/10/2013 USD 33,116,156 Société Générale, Paris 726,141USD 563,822,850 15/10/2013 EUR 425,000,000J.P. Morgan Chase Bank,New York (11,496,193)AUD 482,185,895 31/10/2013 USD 453,151,972 HSBC Bank PLC, London (3,144,719)EUR 49,560,273 31/10/2013 USD 66,924,062 HSBC Bank PLC, London 167,787SGD 13,707,020 31/10/2013 USD 10,939,169 HSBC Bank PLC, London (14,759)USD 5,880,549 31/10/2013 AUD 6,285,316 HSBC Bank PLC, London 14,683USD 601,063 31/10/2013 EUR 445,691 HSBC Bank PLC, London (2,289)USD 757 31/10/2013 SGD 949 HSBC Bank PLC, London -BRL 14,352,000 04/11/2013 USD 6,000,000 Standard Chartered Bank 397,005MXN 81,330,000 16/01/2014 USD 6,000,000 Standard Chartered Bank 126,720USD 7,195,288Global High Yield BondAUD 216,621,020 30/09/2013 USD 194,422,323 HSBC Bank PLC, London 8,155,785EUR 38,382,809 30/09/2013 USD 51,064,641 HSBC Bank PLC, London 892,032USD 203,593,673 30/09/2013 AUD 216,621,022 HSBC Bank PLC, London 1,015,564USD 51,768,952 30/09/2013 EUR 38,382,808 HSBC Bank PLC, London (187,727)USD 9,447,900 30/09/2013 EUR 7,000,000 UBS AG (27,611)EUR 5,250,000 01/10/2013 USD 7,017,643 BNP Paribas, Paris 89,007EUR 7,000,000 01/10/2013 USD 9,340,648 Barclays Bank Wholesale 134,886EUR 131,000,000 01/10/2013 USD 176,753,526J.P. Morgan Chase Bank,New York 574,305123


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal High Yield Bond (continued)EUR 1,000,000 01/10/2013 USD 1,336,215 Société Générale, Paris 17,432EUR 8,000,000 01/10/2013 USD 10,782,823 UBS AG 46,358GBP 950,000 01/10/2013 USD 1,529,044 Société Générale, Paris 9,397USD 1,327,996 01/10/2013 EUR 1,000,000 J.P. Morgan Chase, London (25,652)USD 214,966,815 01/10/2013 EUR 162,000,000 Société Générale, Paris (4,324,090)USD 1,456,395 01/10/2013 GBP 950,000 J.P. Morgan Chase, London (82,046)USD 29,701,502 02/10/2013 EUR 22,441,346 Barclays Bank Wholesale (676,241)AUD 204,286,829 31/10/2013 USD 192,001,696 HSBC Bank PLC, London (1,347,934)EUR 35,869,174 31/10/2013 USD 48,436,011 HSBC Bank PLC, London 121,615USD 2,122,714 31/10/2013 AUD 2,269,818 HSBC Bank PLC, London 4,373USD 1,336,421 31/10/2013 EUR 990,527 HSBC Bank PLC, London (4,497)BRL 7,976,150 04/11/2013 USD 3,506,000 Standard Chartered Bank 49,147EUR 1,000,000 02/12/2013 USD 1,349,577 Société Générale, Paris 4,288USD 167,343,447 02/12/2013 EUR 124,000,000J.P. Morgan Chase Bank,New York (535,831)USD 1,528,328 02/12/2013 GBP 950,000 Société Générale, Paris (9,404)USD 3,893,156Global Inflation Linked BondEUR 90,800 11/10/2013 USD 122,843 Crédit Suisse First Boston 72EUR 30,710 11/10/2013 USD 41,432J.P. Morgan Chase Bank,New York 139EUR 31,200 11/10/2013 USD 41,672 Royal Bank of Canada, London 563EUR 5,096,000 11/10/2013 USD 6,720,824 Société Générale, Paris 177,525EUR 25,552 11/10/2013 USD 34,181 UBS AG 409GBP 12,300 11/10/2013 USD 19,559 Crédit Suisse International, London 358GBP 1,941,700 11/10/2013 USD 3,038,096J.P. Morgan Chase Bank,New York 106,074GBP 12,600 11/10/2013 USD 20,193 Royal Bank of Canada, London 210USD 14,570 11/10/2013 EUR 10,982 HSBC Bank PLC, London (296)USD 63,692 11/10/2013 EUR 47,100 UBS AG (66)USD 29,071 11/10/2013 GBP 18,100 Royal Bank of Canada, London (238)EUR 576,681 30/10/2013 USD 765,322 Société Générale, Paris 15,355GBP 240,427 30/10/2013 USD 385,707 Société Générale, Paris 3,557USD 427,807 30/10/2013 AUD 466,500 HSBC Bank PLC, London (7,590)USD 535,198 30/10/2013 CAD 556,600 Royal Bank of Canada, London (5,948)USD 275,849 30/10/2013 CAD 285,493 Société Générale, Paris (1,718)USD 455,866 30/10/2013 EUR 337,461 HSBC France (969)USD 9,558,302 30/10/2013 EUR 7,244,113J.P. Morgan Chase Bank,New York (248,338)USD 34,183 30/10/2013 EUR 25,552 UBS AG (408)USD 7,978,182 30/10/2013 GBP 5,092,059 Crédit Suisse International, London (266,127)USD 53,165 30/10/2013 JPY 5,290,100 BNP Paribas, Paris (755)USD 1,020,873 30/10/2013 SEK 6,630,332 BNP Paribas, Paris (10,716)USD (238,907)124


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Short Duration High Yield Bond (launched as at 12 June 2013)EUR 5,200,000 01/10/2013 USD 7,023,328 Société Générale, Paris 15,639USD 6,909,344 01/10/2013 EUR 5,200,000 Goldman Sachs International (129,623)USD 7,024,456 02/12/2013 EUR 5,200,000 Société Générale, Paris (15,642)USD (129,626)India Fixed IncomeINR 123,452,500 17/01/2014 USD 1,850,000 HSBC Bank PLC, London 57,341INR 776,570,000 17/01/2014 USD 12,000,000State Street Bank and Trust Co,Hong Kong (1,994)USD 600,000 17/01/2014 INR 40,560,000 HSBC Bank PLC, London (27,554)USD 2,150,000 17/01/2014 INR 141,642,000INR 158,562,500 14/02/2014 USD 2,500,000State Street Bank and Trust Co,Hong Kong (39,668)State Street Bank and Trust Co,Hong Kong (66,858)USD (78,733)RMB Fixed IncomeEUR 110,159,142 30/09/2013 USD 146,546,496 HSBC Bank PLC, London 2,570,428USD 148,752,378 30/09/2013 EUR 110,217,144 HSBC Bank PLC, London (443,055)EUR 537,501 01/10/2013 USD 726,215 HSBC Bank PLC, London 1,366USD 77,579 01/10/2013 EUR 57,419 HSBC Bank PLC, London (146)EUR 4,537 02/10/2013 USD 6,116 HSBC Bank PLC, London 25USD 33,689 02/10/2013 EUR 24,990 HSBC Bank PLC, London (139)EUR 21,625 03/10/2013 USD 29,290 HSBC Bank PLC, London (18)USD 13,525 03/10/2013 EUR 9,985 HSBC Bank PLC, London 8EUR 110,788,081 31/10/2013 USD 149,599,198 HSBC Bank PLC, London 381,163USD 1,183,446 31/10/2013 EUR 876,309 HSBC Bank PLC, London (2,867)USD 2,506,765GEM Debt Total ReturnCHF 9,965 30/09/2013 USD 10,744 HSBC Bank PLC, London 277EUR 1,186,453,692 30/09/2013 USD 1,578,567,478 HSBC Bank PLC, London 27,468,927GBP 827,772 30/09/2013 USD 1,289,522 HSBC Bank PLC, London 50,993JPY 7,082,777,588 30/09/2013 USD 71,739,265 HSBC Bank PLC, London 441,101USD 10,917 30/09/2013 CHF 9,965 HSBC Bank PLC, London (103)USD 1,601,704,302 30/09/2013 EUR 1,186,453,692 HSBC Bank PLC, London (4,332,100)USD 1,326,869 30/09/2013 GBP 827,772 HSBC Bank PLC, London (13,644)USD 71,586,594 30/09/2013 JPY 7,082,777,588 HSBC Bank PLC, London (593,772)INR 608,200,000 03/10/2013 USD 10,000,000 Crédit Suisse International, London (285,121)INR 2,906,820,000 03/10/2013 USD 47,027,552 Deutsche Bank (596,436)INR 2,298,620,000 03/10/2013 USD 38,000,000J.P. Morgan Chase Bank,New York (1,283,763)USD 9,839,673 03/10/2013 INR 608,200,000 Crédit Suisse International, London 124,794125


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGEM Debt Total Return (continued)USD 43,613,203 03/10/2013 INR 2,906,820,000 Deutsche Bank (2,817,912)USD 37,187,879 03/10/2013 INR 2,298,620,000TRY 4,503,398 21/10/2013 USD 2,258,095J.P. Morgan Chase Bank,New York 471,642J.P. Morgan Chase Bank,New York (38,817)USD 19,726,488 21/10/2013 TRY 38,904,580 Crédit Suisse International, London 554,284USD 32,710,207 21/10/2013 TRY 63,971,353 Standard Chartered Bank 1,185,080RUB 25,265,250 29/10/2013 USD 752,592 Standard Chartered Bank 24,296CHF 9,844 31/10/2013 USD 10,790 HSBC Bank PLC, London 99EUR 1,175,196,244 31/10/2013 USD 1,586,929,145 HSBC Bank PLC, London 3,983,980GBP 823,139 31/10/2013 USD 1,319,287 HSBC Bank PLC, London 13,409JPY 7,067,289,544 31/10/2013 USD 71,444,352 HSBC Bank PLC, London 590,659USD 455,803 31/10/2013 EUR 337,963 HSBC Bank PLC, London (1,713)BRL 129,601,892 04/11/2013 USD 55,196,717 Crédit Suisse International, London 2,569,721BRL 42,986,575 04/11/2013 USD 17,650,000 Goldman Sachs International 1,510,070BRL 200,000,000 04/11/2013 USD 85,236,959 Royal Bank of Scotland 3,907,478BRL 704,120 04/11/2013 USD 290,000 Standard Chartered Bank 23,842USD 13,030,000 04/11/2013 BRL 29,965,091 Barclays Bank Wholesale (326,106)CNY 536,588,080 05/11/2013 USD 86,560,426 Deutsche Bank 695,389MXN 1,930,030 14/11/2013 USD 150,064J.P. Morgan Chase Bank,New York (3,968)USD 3,205,899 14/11/2013 MXN 40,000,000 Barclays Bank Wholesale 178,044USD 83,287,952 14/11/2013 MXN 1,040,000,000 Merrill Lynch International Bank 4,563,739USD 20,000,000 14/11/2013 MXN 259,620,000 Morgan Stanley, London 347,711ZAR 1,660,619,692 09/12/2013 USD 161,057,474 Standard Chartered Bank 2,318,670USD 94,208,475 16/12/2013 EUR 70,738,607 Barclays Bank Wholesale (1,565,456)CLP 12,740,000,000 18/12/2013 USD 25,000,000 Merrill Lynch International Bank 46,255USD 82,398,746 18/12/2013 HUF 18,305,293,425 Standard Chartered Bank (455,537)PLN 55,771,801 20/12/2013 USD 17,715,457 Standard Chartered Bank 68,791USD 31,261,723 20/12/2013 PLN 100,000,000 Citibank, New York (625,802)USD 31,387,320 20/12/2013 PLN 100,000,000J.P. Morgan Chase Bank,New York (500,206)USD 56,022,544 20/12/2013 PLN 179,151,693 Royal Bank of Scotland (1,104,498)INR 2,906,820,000 16/01/2014 USD 42,435,328 Deutsche Bank 2,540,418MXN 1,311,920,867 16/01/2014 USD 97,035,567J.P. Morgan Chase Bank,New York 1,793,552USD 40,928,267126


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal MacroCHF 1,692,600 09/10/2013 EUR 1,375,081 Goldman Sachs International 9,929CHF 2,692,725 09/10/2013 EUR 2,180,000 Société Générale, Paris 23,386CHF 768,494 09/10/2013 EUR 620,000 UBS AG 8,838CZK 71,783,993 09/10/2013 USD 3,690,000 Société Générale, Paris 57,718EUR 875,000 09/10/2013 AUD 1,298,135 Morgan Stanley Taiwan Limited (22,176)EUR 8,960,000 09/10/2013 CAD 12,521,564 Société Générale, Paris (36,744)EUR 42,538 09/10/2013 CHF 52,400 J.P. Morgan Chase, London (340)EUR 1,000,000 09/10/2013 CHF 1,233,218 Morgan Stanley Taiwan Limited (9,110)EUR 8,650,000 09/10/2013 CHF 10,653,971 Royal Bank of Scotland (67,867)EUR 740,000 09/10/2013 GBP 621,352 Crédit Suisse International, London (3,760)EUR 30,159 09/10/2013 GBP 25,524 Morgan Stanley Taiwan Limited (393)EUR 720,000 09/10/2013 GBP 620,690 Royal Bank of Scotland (22,968)EUR 733,263 09/10/2013 GBP 617,000 Société Générale, Paris (5,288)EUR 680,000 09/10/2013 NOK 5,361,988J.P. Morgan Chase Bank,New York 19,155EUR 192,209 09/10/2013 NOK 1,540,000 UBS Limited, London 2,409EUR 795,000 09/10/2013 SEK 6,921,351 Morgan Stanley Taiwan Limited (4,797)EUR 1,270,000 09/10/2013 USD 1,671,928 Morgan Stanley Taiwan Limited 31,465GBP 345,000 09/10/2013 EUR 412,501J.P. Morgan Chase Bank,New York 465GBP 16,505,559 09/10/2013 EUR 19,271,502 Morgan Stanley Taiwan Limited 485,706GBP 1,859,834 09/10/2013 EUR 2,205,007 Royal Bank of Scotland 21,219GBP 4,183,035 09/10/2013 EUR 4,879,000 UBS Limited, London 128,107JPY 109,077,100 09/10/2013 EUR 836,000 Société Générale, Paris (9,683)MXN 10,047,233 09/10/2013 USD 750,000 Royal Bank of Scotland 8,200NOK 270,000 09/10/2013 EUR 34,216J.P. Morgan Chase Bank,New York (940)NOK 8,042,000 09/10/2013 EUR 1,004,666 Morgan Stanley Taiwan Limited (13,519)NOK 7,456,825 09/10/2013 EUR 925,000 Royal Bank of Canada, London (5,974)NOK 10,690,185 09/10/2013 EUR 1,337,000 Royal Bank of Scotland (19,474)PLN 8,527,469 09/10/2013 USD 2,700,000 Royal Bank of Scotland 21,583PLN 1,989,765 09/10/2013 USD 620,000 Société Générale, Paris 12,449RUB 453,216,787 09/10/2013 USD 13,650,000 J.P. Morgan Chase, London 225,865SEK 1,889,800 09/10/2013 EUR 217,556 Crédit Suisse First Boston 820SEK 19,857,237 09/10/2013 EUR 2,283,000 Morgan Stanley Taiwan Limited 11,603SEK 2,490,000 09/10/2013 EUR 288,482 Royal Bank of Canada, London (751)SEK 93,480,286 09/10/2013 EUR 10,714,537 UBS Limited, London 87,576SGD 17,323,225 09/10/2013 USD 13,560,000 Royal Bank of Scotland 179,128USD 11,025,000 09/10/2013 CZK 211,470,746 Goldman Sachs International (55,573)127


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Macro (continued)USD 3,817,341 09/10/2013 EUR 2,841,000 J.P. Morgan Chase, London (13,180)USD 10,464,992 09/10/2013 EUR 7,802,803 Morgan Stanley Taiwan Limited (50,520)USD 560,787 09/10/2013 EUR 420,000 Royal Bank of Canada, London (4,579)USD 151,500 09/10/2013 EUR 112,049 UBS AG 179USD 9,735,000 09/10/2013 MXN 127,160,449 J.P. Morgan Chase, London 76,087USD 836,000 09/10/2013 PLN 2,660,134 Société Générale, Paris (11,371)USD 736,000 09/10/2013 PLN 2,388,224 UBS Limited, London (20,985)USD 1,961,000 09/10/2013 ZAR 20,047,732 J.P. Morgan Chase, London (19,714)USD 787,000 09/10/2013 ZAR 7,747,854 Morgan Stanley, London 13,961USD 764,000 09/10/2013 ZAR 7,891,618 UBS Limited, London (13,635)BRL 1,744,488 11/10/2013 USD 720,000 BNP Paribas, Paris 38,139BRL 4,758,102 11/10/2013 USD 2,000,000 Goldman Sachs International 77,211BRL 12,294,496 11/10/2013 USD 5,081,000 J.P. Morgan Chase, London 263,816CLP 963,989,000 11/10/2013 USD 1,885,000 Goldman Sachs International 19,579CLP 992,719,245 11/10/2013 USD 1,965,000 Société Générale, Paris 2,517KRW 2,072,651,490 11/10/2013 USD 1,890,000 Morgan Stanley Taiwan Limited 29,116KRW 1,029,189,910 11/10/2013 USD 950,000 UBS AG 5,933USD 1,350,000 11/10/2013 BRL 3,084,480 Société Générale, Paris (10,433)USD 620,000 11/10/2013 CLP 321,209,600 J.P. Morgan Chase, London (12,523)USD 4,238,000 11/10/2013 CLP 2,205,243,300 Morgan Stanley Taiwan Limited (99,732)USD 4,253,000 11/10/2013 KRW 4,768,931,430 Royal Bank of Scotland (137,863)USD 745,000 11/10/2013 KRW 810,276,900 Société Générale, Paris (6,843)TWD 534,240,000 15/10/2013 USD 18,000,000 Crédit Suisse International, London 56,052USD 4,430,000 15/10/2013 TWD 132,618,252 Morgan Stanley Taiwan Limited (42,263)AUD 2,378,337 05/12/2013 USD 2,200,000 Morgan Stanley, London 7,929CHF 1,237,260 05/12/2013 EUR 1,000,000 HSBC Bank PLC, London 12,737EUR 2,000,000 05/12/2013 CHF 2,469,614 Morgan Stanley Taiwan Limited (21,458)EUR 1,188,820 05/12/2013 GBP 1,000,000 UBS AG (7,489)EUR 1,500,000 05/12/2013 JPY 195,331,650 Morgan Stanley Taiwan Limited 19,998EUR 1,000,000 05/12/2013 JPY 128,275,000 Société Générale, Paris 28,078GBP 600,000 05/12/2013 EUR 712,665 Royal Bank of Scotland 5,120GBP 1,000,000 05/12/2013 EUR 1,183,614 Société Générale, Paris 12,695GBP 1,000,000 05/12/2013 USD 1,571,201J.P. Morgan Chase Bank,New York 32,575GBP 650,000 05/12/2013 USD 1,013,806 Royal Bank of Scotland 26,710JPY 198,605,850 05/12/2013 EUR 1,500,000J.P. Morgan Chase Bank,New York 4,810JPY 448,446,150 05/12/2013 USD 4,500,000 UBS AG 64,821MXN 13,390,000 05/12/2013 USD 1,000,000 HSBC France 7,182MXN 26,409,098 05/12/2013 USD 2,000,000 Royal Bank of Canada, London (6,351)128


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Macro (continued)NOK 3,367,008 05/12/2013 GBP 350,000J.P. Morgan Chase Bank,New York (4,674)NOK 6,162,166 05/12/2013 GBP 650,000 Royal Bank of Scotland (19,852)NOK 23,000,000 05/12/2013 SEK 25,517,005 Morgan Stanley Taiwan Limited (116,035)NOK 10,000,000 05/12/2013 SEK 10,715,610 Morgan Stanley, London (6,749)NZD 618,722 05/12/2013 USD 500,000J.P. Morgan Chase Bank,New York 7,206SEK 13,455,000 05/12/2013 NOK 12,500,000 HSBC France 15,415SEK 11,607,404 05/12/2013 NOK 10,500,000 Royal Bank of Scotland 48,165SGD 1,268,083 05/12/2013 USD 1,000,000 Crédit Suisse International, London 7,681SGD 1,897,481 05/12/2013 USD 1,500,000 Morgan Stanley Taiwan Limited 8,781USD 800,000 05/12/2013 AUD 882,261 Royal Bank of Canada, London (14,870)USD 2,800,000 05/12/2013 AUD 2,995,095 Royal Bank of Scotland 11,856USD 1,600,000 05/12/2013 AUD 1,765,003 UBS Limited, London (30,072)USD 1,039,241 05/12/2013 GBP 650,000 Crédit Suisse International, London (7,871)USD 1,579,754 05/12/2013 GBP 1,000,000 Morgan Stanley, London (26,240)USD 1,000,000 05/12/2013 JPY 99,452,600J.P. Morgan Chase Bank,New York (12,873)USD 4,500,000 05/12/2013 JPY 440,751,150 Morgan Stanley Taiwan Limited (6,517)USD 2,000,000 05/12/2013 JPY 196,284,000 Société Générale, Paris (5,886)USD 1,000,000 05/12/2013 MXN 12,973,570 Crédit Suisse International, London 16,076USD 1,000,000 05/12/2013 MXN 13,110,000 HSBC Bank PLC, London 8,456USD 1,000,000 05/12/2013 MXN 12,913,000 HSBC France 19,459USD 1,500,000 05/12/2013 MXN 19,691,743 Royal Bank of Canada, London 11,191USD 500,000 05/12/2013 MXN 6,487,500 Société Générale, Paris 7,998USD 1,000,000 05/12/2013 NZD 1,197,652J.P. Morgan Chase Bank,New York 9,869USD 500,000 05/12/2013 NZD 630,702 Morgan Stanley Taiwan Limited (14,516)USD 1,500,000 05/12/2013 SGD 1,905,290 UBS AG (13,390)BRL 2,316,500 09/12/2013 USD 1,000,000 Royal Bank of Scotland 8,064KRW 1,090,200,000 09/12/2013 USD 1,000,000J.P. Morgan Chase Bank,New York 9,042KRW 1,122,110,000 09/12/2013 USD 1,000,000 Société Générale, Paris 30,985MYR 6,566,600 09/12/2013 USD 2,000,000J.P. Morgan Chase Bank,New York 4,521MYR 3,280,320 09/12/2013 USD 1,000,000 Royal Bank of Scotland 1,586USD 2,000,000 09/12/2013 KRW 2,247,837,000 Goldman Sachs International (64,458)USD 2,000,000 09/12/2013 MYR 6,605,800 Royal Bank of Scotland (13,390)EUR 1,251,528129


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyManaged Solutions - Asia Focused ConservativeAUD 1,842,785 30/09/2013 USD 1,654,521 HSBC Bank PLC, London 68,575EUR 310,909 30/09/2013 USD 413,713 HSBC Bank PLC, London 7,148GBP 506 30/09/2013 USD 808 HSBC Bank PLC, London 11SGD 305,111 30/09/2013 USD 237,778 HSBC Bank PLC, London 5,387USD 1,730,470 30/09/2013 AUD 1,842,784 HSBC Bank PLC, London 7,375USD 419,788 30/09/2013 EUR 310,909 HSBC Bank PLC, London (1,073)USD 812 30/09/2013 GBP 506 HSBC Bank PLC, London (8)USD 243,485 30/09/2013 SGD 305,111 HSBC Bank PLC, London 320AUD 1,734,847 31/10/2013 USD 1,630,378 HSBC Bank PLC, London (11,829)EUR 312,542 31/10/2013 USD 422,042 HSBC Bank PLC, London 1,065GBP 509 31/10/2013 USD 816 HSBC Bank PLC, London 8SGD 306,715 31/10/2013 USD 244,777 HSBC Bank PLC, London (326)USD 11,025 31/10/2013 AUD 11,753 HSBC Bank PLC, London 61USD 2,992 31/10/2013 EUR 2,214 HSBC Bank PLC, London (4)USD 5 31/10/2013 GBP 4 HSBC Bank PLC, London -USD 1,707 31/10/2013 SGD 2,139 HSBC Bank PLC, London 3USD 76,713Managed Solutions - Asia Focused GrowthAUD 15,379,392 30/09/2013 USD 13,828,698 HSBC Bank PLC, London 551,804EUR 3,615,065 30/09/2013 USD 4,810,352 HSBC Bank PLC, London 83,178GBP 510 30/09/2013 USD 815 HSBC Bank PLC, London 11SGD 507,067 30/09/2013 USD 395,424 HSBC Bank PLC, London 8,696USD 14,088,015 30/09/2013 AUD 15,077,258 HSBC Bank PLC, London (9,975)USD 4,873,175 30/09/2013 EUR 3,615,062 HSBC Bank PLC, London (20,356)USD 818 30/09/2013 GBP 510 HSBC Bank PLC, London (8)USD 404,514 30/09/2013 SGD 507,068 HSBC Bank PLC, London 395EUR 103,831 01/10/2013 USD 140,286 HSBC Bank PLC, London 264AUD 110,874 02/10/2013 USD 103,804 HSBC Bank PLC, London (139)HKD 1,599,358 02/10/2013 USD 206,327Hong Kong & Shanghai Bank,Hong Kong (95)USD 773 02/10/2013 AUD 823 HSBC Bank PLC, London 3AUD 34,206 03/10/2013 USD 31,852 HSBC Bank PLC, London 127AUD 9,379,961 31/10/2013 USD 8,815,953 HSBC Bank PLC, London (64,786)EUR 3,116,945 31/10/2013 USD 4,208,973 HSBC Bank PLC, London 10,619GBP 510 31/10/2013 USD 818 HSBC Bank PLC, London 8SGD 495,923 31/10/2013 USD 395,781 HSBC Bank PLC, London (532)USD 578,243 31/10/2013 AUD 617,608 HSBC Bank PLC, London 2,042USD 211,238 31/10/2013 EUR 156,335 HSBC Bank PLC, London (402)USD 13 31/10/2013 GBP 9 HSBC Bank PLC, London -USD 6,695 31/10/2013 SGD 8,397 HSBC Bank PLC, London 3PHP 10,675,000 04/11/2013 USD 250,000 HSBC Bank PLC, London (4,027)USD 300,000 04/11/2013 PHP 13,449,000State Street Bank and Trust Co,Hong Kong (9,860)USD 148,000 04/11/2013 THB 4,645,720 HSBC Bank PLC, London (185)USD 546,785130


Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyManaged Solutions - Asia Focused IncomeAUD 136,711,842 30/09/2013 USD 122,785,859 HSBC Bank PLC, London 5,046,548EUR 19,257,883 30/09/2013 USD 25,626,300 HSBC Bank PLC, London 442,132GBP 509 30/09/2013 USD 812 HSBC Bank PLC, London 11SGD 12,628,462 30/09/2013 USD 9,841,724 HSBC Bank PLC, London 222,805USD 126,662,941 30/09/2013 AUD 135,093,732 HSBC Bank PLC, London 343,545USD 25,937,288 30/09/2013 EUR 19,248,708 HSBC Bank PLC, London (118,727)USD 815 30/09/2013 GBP 509 HSBC Bank PLC, London (8)USD 10,073,097 30/09/2013 SGD 12,628,462 HSBC Bank PLC, London 8,564AUD 379,104 01/10/2013 USD 354,956 HSBC Bank PLC, London (498)EUR 7,988 01/10/2013 USD 10,792 HSBC Bank PLC, London 20AUD 411,622 02/10/2013 USD 385,164 HSBC Bank PLC, London (302)HKD 29,171,983 02/10/2013 USD 3,763,366Hong Kong & Shanghai Bank, HongKong (1,727)AUD 283,199 03/10/2013 USD 263,713 HSBC Bank PLC, London 1,054AUD 112,812,443 31/10/2013 USD 106,023,955 HSBC Bank PLC, London (774,006)EUR 16,936,405 31/10/2013 USD 22,870,108 HSBC Bank PLC, London 57,702GBP 509 31/10/2013 USD 815 HSBC Bank PLC, London 8SGD 12,348,790 31/10/2013 USD 9,855,206 HSBC Bank PLC, London (13,245)USD 5,073,998 31/10/2013 AUD 5,414,363 HSBC Bank PLC, London 22,644USD 194,078 31/10/2013 EUR 143,739 HSBC Bank PLC, London (508)USD 6 31/10/2013 GBP 4 HSBC Bank PLC, London -USD 75,022 31/10/2013 SGD 94,200 HSBC Bank PLC, London (54)MYR 3,554,886 04/11/2013 USD 1,110,000 HSBC Bank PLC, London (21,686)PHP 128,100,000 04/11/2013 USD 3,000,000 HSBC Bank PLC, London (48,320)USD 5,050,000 04/11/2013 KRW 5,662,060,000State Street Bank and Trust Co,Hong Kong (205,052)USD 1,080,000 04/11/2013 MYR 3,531,600 HSBC Bank PLC, London (1,188)USD 3,600,000 04/11/2013 PHP 159,517,800 HSBC Bank PLC, London (75,363)USD 570,000 04/11/2013 PHP 25,553,100State Street Bank and Trust Co,Hong Kong (18,733)USD 2,250,000 04/11/2013 SGD 2,887,200State Street Bank and Trust Co,Hong Kong (51,102)USD 2,100,000 04/11/2013 THB 65,919,000 HSBC Bank PLC, London (2,624)USD 4,811,890131


Notes to the Financial Statements (continued)10. FuturesAs at 30 September 2013, the Company had entered into the following outstanding futures contracts:Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyBRIC Markets EquitySGX S&P NIFTY INDEX 66 USD 759,528 31/10/2013 (28,842)H-SHARES CHINA ENTERPRISES 232 HKD 15,409,528 30/10/2013 (539,977)USD (568,819)Euroland EquityEURO STOXX 50 67 EUR 1,928,930 20/12/2013 (4,690)EUR (4,690)Euroland GrowthEURO STOXX 50 52 EUR 1,497,080 20/12/2013 (7,800)EUR (7,800)Global Emerging Market EquityMINI - MSCI EMER MKTS INDEX 53 USD 2,608,395 20/12/2013 (77,080)USD (77,080)Global EquityAMSTERDAM INDEX 6 EUR 607,681 18/10/2013 (11,452)CAC40 10 EURO (22) EUR (1,231,714) 18/10/2013 7,296DAX INDEX 12 EUR 3,485,312 20/12/2013 (27,767)FTSE 100 INDEX 2 GBP 208,093 20/12/2013 (3,304)FTSE/MIB INDEX 22 EUR 2,592,377 20/12/2013 (54,518)HONG KONG HANG SENG INDEX 1 HKD 147,225 30/10/2013 (2,424)IBEX 35 INDEX (4) EUR (494,786) 18/10/2013 (7,580)MSCI SINGAPORE INDEX ETS 3 SGD 173,389 30/10/2013 (1,721)OMX STOCKHOLH 30 INDEX (25) SEK (491,634) 20/12/2013 5,712S&P 500 INDEX 30 USD 12,579,000 19/12/2013 (80,425)SPI 200 (9) AUD (1,099,268) 19/12/2013 6,101SWISS MARKET INDEX (26) CHF (2,303,699) 20/12/2013 9,776TOPIX INDEX (TOKYO) 22 JPY 2,671,389 12/12/2013 (22,013)USD (182,319)132


Notes to the Financial Statements (continued)10. Futures (continued)Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyJapanese EquityTOPIX INDEX (TOKYO) 80 JPY 957,200,000 12/12/2013 2,800,000JPY 2,800,000Korean EquityKOREA KOSPI 200 INDEX 21 KRW 2,762,025,000 12/12/2013 (29,047)USD (29,047)Singapore EquityMSCI SINGAPORE FREE 35 SGD 2,533,300 30/10/2013 (29,010)USD (29,010)Thai EquityTHAI SET 50 INDEX 79 THB 74,204,700 27/12/2013 (77,228)USD (77,228)US EquityS&P 500 INDEX 38 USD 15,933,400 19/12/2013 (74,850)USD (74,850)Brazil BondONE-DAY BANK (335) BRL (1,625,797) 30/12/2014 (22,157)ONE-DAY BANK 175 BRL 2,220,519 30/12/2016 50,302USD 28,145Euro BondEURO BOBL 28 EUR 3,482,640 06/12/2013 24,640EURO BUND (78) EUR (10,952,760) 06/12/2013 (187,260)EURO SCHATZ 34 EUR 3,753,260 06/12/2013 8,670EUR (153,950)133


Notes to the Financial Statements (continued)10. Futures (continued)Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyEuro Credit BondEURO BOBL (7) EUR (870,660) 06/12/2013 (1,820)EURO BUND (18) EUR (2,527,560) 06/12/2013 (23,220)EURO OAT (320) EUR (42,364,800) 06/12/2013 (640,400)EURO SCHATZ (354) EUR (39,078,060) 06/12/2013 (97,880)EUR (763,320)Global Bond10Y TREASURY NOTES USA (79) USD (9,968,813) 19/12/2013 (158,668)5Y TREASURY NOTES USA 134 USD 16,200,391 31/12/2013 169,094EURO BOBL 25 EUR 3,109,500 06/12/2013 47,039EURO BUND (49) EUR (6,880,090) 06/12/2013 (169,802)TREASURY BONDS USA (21) USD (2,794,313) 19/12/2013 (36,750)USD (149,087)Global High Income BondEURO BOBL (130) EUR (21,887,720) 06/12/2013 (221,728)EURO BUND (150) EUR (28,511,945) 06/12/2013 (550,259)USD (771,987)Global High Yield BondEURO SCHATZ (1) EUR (149,430) 06/12/2013 (345)USD (345)Global Inflation Linked BondEURO BOBL (58) EUR (9,765,291) 06/12/2013 (124,049)EURO BUND 11 EUR 2,090,876 06/12/2013 36,305EURO SCHATZ 47 EUR 7,023,187 06/12/2013 14,457USD (73,287)Latin American Local DebtBRL/MXN (2) BRL (114,947) 31/10/2013 1,021ONE-DAY BANK (70) BRL (339,719) 30/12/2014 (4,597)ONE-DAY BANK 35 BRL 444,104 30/12/2016 10,767US DOLLAR 15 BRL 755,627 31/10/2013 (10,417)USD (3,226)134


Notes to the Financial Statements (continued)10. Futures (continued)Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyUS Dollar Bond10Y TREASURY NOTES USA (67) USD (8,454,563) 19/12/2013 (134,567)5Y TREASURY NOTES USA 59 USD 7,133,008 31/12/2013 76,516TREASURY BONDS USA (16) USD (2,129,000) 19/12/2013 (28,000)USD (86,051)Economic Scale Index GEM EquityMINI - MSCI EMER MKTS INDEX 39 USD 1,941,225 20/12/2013 (15,795)USD (15,795)GEM Debt Total Return10Y TREASURY NOTES USA (745) USD (94,009,688) 19/12/2013 (2,265,266)USD (2,265,266)Global MacroJAPANESE 10Y MINI GOVERNMENTBONDS(104) JPY (11,354,331) 12/10/2013 (85,912)10Y BOND FUTURE AUSTRALIA (74) AUD (6,008,820) 16/12/2013 (111,500)CAC 40 10 EURO (135) EUR (5,586,975) 18/10/2013 29,700CNX NIFTY INDEX 360 USD (3,075,161) 31/10/2013 110,408DAX INDEX 14 EUR 3,004,750 20/12/2013 (21,350)EURO BUND (101) EUR (14,197,570) 06/12/2013 (249,710)EURO STOXX 50 132 EUR 3,797,640 20/12/2013 (22,440)FTSE 100 INDEX 14 GBP 1,077,871 20/12/2013 (20,195)HONG KONG HANG SENG INDEX 46 HKD 5,023,866 30/10/2013 (76,023)H-SHARES CHINA ENTERPRISES 40 HKD 1,972,882 30/10/2013 (64,387)IBEX 35 INDEX (12) EUR (1,089,960) 18/10/2013 (10,200)KOREA KOSPI 200 INDEX 3 KRW 272,122 12/12/2013 (465)LONG GILT FUTURES 112 GBP 14,828,577 27/12/2013 249,964NIKKEI 225 41 JPY 2,254,109 12/12/2013 7,348S&P 500 EMINI INDEX 41 USD 2,540,290 20/12/2013 (38,725)S&P INDICES S&P/TSX 60 INDEX 3 CAD 314,801 19/12/2013 (1,574)SPI 200 (47) AUD (4,238,624) 19/12/2013 30,061SWISS MARKET INDEX 15 CHF 982,750 20/12/2013 (5,032)10Y TREASURY NOTES USA (82) USD (7,683,324) 19/12/2013 (41,763)EUR (321,795)135


Notes to the Financial Statements (continued)11. SwapsEuro BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateBNP PARIBAS,LONDONSOCIETE GENERALE,PARISJ.P. MORGAN,LONDONCREDIT SUISSEGROUPCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyEUR 20/09/2015 - 2,000,000 24,755ALSTOM EUR 20/09/2015 - 1,000,000 5,707ENEL EUR 20/12/2015 - 1,000,000 1,273EUR 31,735Euro Credit BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:[[Counterparty Underlying Currency MaturityDateMSCI LIMITED,LONDONMSCI LIMITED,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONMORGAN STANLEY,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyGERMANY USD 20/09/2014 - 3,000,000 62,605SWEDEN USD 20/09/2014 (3,000,000) (3,000,000) (79,032)LAFARGE EUR 20/12/2014 (10,000,000) (10,000,000) (46,750)LAFARGE EUR 20/12/2017 - 5,000,000 (207,313)ADECCO EUR 20/06/2018 (7,000,000) (7,000,000) 8,209ERICSSON EUR 20/06/2018 (6,000,000) (6,000,000) (84,951)FRANCE EUR 20/06/2018 (6,000,000) (6,000,000) (48,620)NEXT EUR 20/06/2018 (5,000,000) (5,000,000) (71,587)TELIASONERA EUR 20/06/2018 (10,000,000) (10,000,000) (291,252)FRANCE EUR 20/09/2018 (8,000,000) (8,000,000) (14,137)HOLCIM FINANCE EUR 20/09/2018 - 10,000,000 (367,350)VINCI EUR 20/09/2018 - 10,000,000 64,783TELECOM IT EUR 20/12/2018 (10,000,000) (10,000,000) 37,338SOCIETE GENERALESECURITIESSERVICES UKLIMITED, LONDONMARKIT ITRX EURXOVER 12/18EUR 20/12/2018 (25,000,000) (25,000,000) (291,987)EUR (1,330,044)136


Notes to the Financial Statements (continued)11. Swaps (continued)Euro High Yield BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyHSBC, LONDON ALSTOM EUR 20/12/2013 - 1,000,000 6,384J.P. MORGAN,LONDONARCELORMITTAL EUR 20/03/2014 - 1,000,000 20,416J.P. MORGAN,LONDONHOLCIM FINANCE EUR 20/03/2014 - 1,000,000 29,050SOCIETE GENERALE,LAFARGEPARISEUR 20/03/2014 - 1,000,000 32,742MSCI LIMITED,LONDONBP EUR 20/06/2015 - 1,000,000 13,114SOCIETE GENERALE,TOTALPARISEUR 20/06/2015 - 2,000,000 30,112J.P. MORGAN,LONDONSANOFI EUR 20/09/2015 - 2,000,000 34,636MSCI LIMITED,LONDONRENAULT EUR 20/12/2016 - 1,500,000 (15,471)SOCIETE GENERALE,UPM KYMMENEPARISEUR 20/12/2016 - 2,000,000 234,105UBS AG, LONDON UPM KYMMENE EUR 20/03/2017 - 1,000,000 118,889CREDIT SUISSEFIRST BOSTON,LONDONMARKIT ITRX EURSNR FIN 12/17EUR 20/12/2017 - 2,000,000 (91,972)GEM Inflation Linked BondAs at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCBARCLAYS BANK,PLCJ.P. MORGAN,LONDONCommitmentin tradecurrencyEUR 412,005NetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 33,340,433 33,340,433 19,561N/A MXN 08/09/2015 142,560,000 142,560,000 (32,172)N/A MXN 12/09/2023 35,000,000 35,000,000 (28,324)USD (40,935)Global BondAs at 30 September 2013, the Company entered into the following Credit Default Swap:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCMARKIT CDX.NA.IG.20 06/18Commitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUSD 20/06/2018 - 4,000,000 50,583USD 50,583137


Notes to the Financial Statements (continued)11. Swaps (continued)Global Emerging Markets BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyBANK OF AMERICA CHINA USD 20/09/2016 - 10,000,000 169,293BANK OF AMERICA PERU USD 20/09/2016 - 15,000,000 (9,153)DEUTSCHE BANK,LONDONPERU USD 20/09/2016 - 11,000,000 (6,713)J.P. MORGAN,LONDONCHINA USD 20/09/2016 - 30,500,000 516,342BARCLAYS BANK,PLCBRAZIL USD 20/03/2017 - 13,150,000 (166,502)BARCLAYS BANK,PLCBRAZIL USD 20/06/2017 - 20,000,000 (310,488)DEUTSCHE BANK,LONDONBRAZIL USD 20/06/2017 - 25,000,000 (388,109)MORGAN STANLEY,LONDONKAZAKHSTAN USD 20/06/2017 - 15,000,000 (228,513)BARCLAYS BANK,PLCBRAZIL USD 20/06/2018 - 29,700,000 (853,655)CITIBANK BRAZIL USD 20/06/2018 - 40,200,000 (1,155,452)CREDIT SUISSEFIRST BOSTON, BRAZIL USD 20/06/2018 - 12,500,000 (359,283)LONDONJ.P. MORGAN,LONDONBRAZIL USD 20/06/2018 - 10,000,000 (287,426)MORGAN STANLEY,LONDONSOUTH AFRICA USD 20/09/2018 - 5,000,000 (55)DEUTSCHE BANK,LONDONBRAZIL USD 20/12/2018 - 24,000,000 (188,237)USD (3,267,951)Global Emerging Markets Corporate DebtAs at 30 September 2013, the Company entered into the following Interest Rate Swap:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyBARCLAYS BANK,N/A BRL 02/01/2015 2,353,002 2,353,002 6,760PLCUSD 6,760Global Emerging Markets Investment Grade BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateMORGAN STANLEY,LONDONJ.P. MORGAN,LONDONRUSSIANFEDERATIONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUSD 20/06/2017 - 6,000,000 (80,751)BRAZIL USD 20/06/2018 - 1,000,000 (28,743)USD (109,494)138


Notes to the Financial Statements (continued)11. Swaps (continued)Global Emerging Markets Investment Grade Bond (continued)As at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONJ.P. MORGAN,LONDONCREDIT SUISSEFIRST BOSTON,LONDONCREDIT SUISSEFIRST BOSTON,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 30,760,998 30,760,998 (38,253)N/A BRL 02/01/2015 11,987,422 11,987,422 19,187N/A BRL 02/01/2015 16,996,818 16,996,818 (2,163)N/A MXN 23/12/2021 11,200,000 11,200,000 22,595N/A MXN 01/07/2022 55,000,000 55,000,000 (225,981)USD (224,615)Global Emerging Markets Local DebtAs at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONJ.P. MORGAN,LONDONBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONJ.P. MORGAN,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 262,962,303 262,962,303 (84,619)N/A BRL 02/01/2015 175,253,586 175,253,586 (208,858)N/A BRL 02/01/2015 9,085,791 9,085,791 (24,029)N/A BRL 02/01/2015 101,280,012 101,280,012 (12,894)N/A MXN 08/09/2015 896,527,000 896,527,000 (202,320)N/A MXN 23/12/2021 88,560,000 88,560,000 178,661N/A MXN 12/09/2023 219,000,000 219,000,000 (114,740)USD (468,799)139


Notes to the Financial Statements (continued)11. Swaps (continued)Global High Income BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateJ.P. MORGAN,LONDONBNP PARIBAS,LONDONBARCLAYS BANK,PLCBNP PARIBAS,LONDONBNP PARIBAS,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyBRAZIL USD 20/06/2018 - 6,750,000 (194,012)BRAZIL USD 20/09/2018 - 5,000,000 94,212BRAZIL USD 20/12/2018 - 5,000,000 (39,216)MARKITCDX.NA.HY 12/18MARKITCDX.NA.IG 12/18USD 20/12/2018 - 10,900,000 -USD 20/12/2018 - 5,000,000 -BARCLAYS BANK,PLCUBS AG, LONDONMARKITCMBX.NA.BBB-.6 USDMARKITCMBX.NA.BBB-.6 USDUSD 11/05/2063 - 5,000,000 (452,937)USD 11/05/2063 - 10,000,000 (905,874)UBS AG, LONDONMARKITCMBX.NA.BBB-.6 USDUSD 11/05/2063 - 5,000,000 (452,937)USD (1,950,764)Global High Yield BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateBNP PARIBAS,LONDONBARCLAYS BANK,PLCJ.P. MORGAN,LONDONBNP PARIBAS,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyINTESA SANPAOLO EUR 20/06/2018 - 5,000,000 483,876RUSSIANFEDERATIONUSD 20/09/2018 - 2,000,000 (61,885)INDONESIA USD 20/09/2018 - 2,000,000 (121,162)MARKIT ITRX EURXOVER 12/18EUR 20/12/2018 - 38,500,000 223,246BNP PARIBAS,LONDONBNP PARIBAS,LONDONMARKITCDX.NA.HY.21 12/18MARKITCDX.NA.HY.21 12/18USD 20/12/2018 (24,500,000) (24,500,000) -USD 20/12/2018 - 25,600,000 -USD 524,075As at 30 September 2013, the Company entered into the following Interest Rate Swap:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 77,649,050 77,649,050 223,089USD 223,089140


Notes to the Financial Statements (continued)11. Swaps (continued)Global Inflation Linked BondAs at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUBS AG, LONDON N/A GBP 14/03/2023 1,000,000 1,000,000 (47,624)CREDIT SUISSEFIRST BOSTON, N/A EUR 18/03/2023 700,000 700,000 21,035LONDONUBS AG, LONDON N/A EUR 12/07/2023 600,000 600,000 2,271USD (24,318)US Dollar BondAs at 30 September 2013, the Company entered into the following Credit Default Swap:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCMARKIT CDX.NA.IG 2006/18Commitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUSD 20/06/2018 - 2,000,000 25,291USD 25,291GEM Debt Total ReturnAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencySTANDARD LONDON PHILIPPINES USD 20/09/2015 (15,000,000) (15,000,000) (175,063)STANDARD LONDON PHILIPPINES USD 20/09/2015 (10,000,000) (10,000,000) (116,709)STANDARD LONDON PHILIPPINES USD 20/03/2016 (3,000,000) (3,000,000) (35,728)DEUTSCHE BANK,LONDONPERU USD 20/09/2016 - 8,000,000 (4,882)STANDARD LONDON QATAR USD 20/12/2016 (20,000,000) (20,000,000) (404,507)DEUTSCHE BANK,LONDONQATAR USD 20/03/2017 (8,000,000) (8,000,000) (160,545)J.P. MORGAN,LONDONQATAR USD 20/03/2017 (4,000,000) (4,000,000) (80,273)BANK OF AMERICA QATAR USD 20/03/2017 (10,000,000) (10,000,000) (200,681)UBS AG, LONDON QATAR USD 20/03/2017 (8,000,000) (8,000,000) (160,545)J.P. MORGAN,LONDONPERU USD 20/06/2017 - 19,900,000 (116,126)UBS AG, LONDON INDONESIA USD 20/06/2017 - 22,000,000 (653,134)J.P. MORGAN,LONDONKOREA USD 20/09/2017 (15,000,000) (15,000,000) (274,594)J.P. MORGAN,LONDONKOREA USD 20/09/2017 (14,400,000) (14,400,000) (263,610)BARCLAYS BANK,PLCTURKEY USD 20/12/2017 (16,000,000) (16,000,000) 577,434141


Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total Return (continued)As at 30 September 2013, the Company entered into the following Credit Default Swaps (continued):Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCBNP PARIBAS,LONDONJ.P. MORGAN,LONDONMORGAN STANLEY,LONDONBARCLAYS BANK,PLCBARCLAYS BANK,PLCBNP PARIBAS,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyTURKEY USD 20/12/2017 - 16,000,000 (468,136)TURKEY USD 20/12/2017 (16,000,000) (16,000,000) 577,434SOUTH AFRICA USD 20/12/2017 - 16,000,000 (468,136)SOUTH AFRICA USD 20/12/2017 (11,500,000) (11,500,000) (210,522)BRAZIL USD 20/06/2018 - 14,000,000 (402,396)UNITED ARABEMIRATESUSD 20/06/2018 (14,700,000) (14,700,000) (310,720)KOREA USD 20/06/2018 (12,500,000) (12,500,000) (194,974)CITIBANK BRAZIL USD 20/06/2018 - 19,500,000 (560,481)CREDIT SUISSEFIRST BOSTON,LONDONCREDIT SUISSEFIRST BOSTON,LONDONCREDIT SUISSEFIRST BOSTON,LONDONDEUTSCHE BANK,LONDONDEUTSCHE BANK,LONDONDEUTSCHE BANK,LONDONDEUTSCHE BANK,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONMORGAN STANLEY,LONDONBARCLAYS BANK,PLCBNP PARIBAS,LONDONCITIBANKBRAZIL USD 20/06/2018 - 45,800,000 (1,316,411)INDONESIA USD 20/06/2018 - 1,500,000 (80,920)KOREA USD 20/06/2018 (17,800,000) (17,800,000) (277,643)CHINA USD 20/06/2018 (19,000,000) (19,000,000) (296,360)CHINA USD 20/06/2018 - 17,800,000 204,751KOREA USD 20/06/2018 (9,500,000) (9,500,000) (148,180)KOREA USD 20/06/2018 - 19,000,000 218,555BRAZIL USD 20/06/2018 - 14,000,000 (402,396)CHINA USD 20/06/2018 (19,500,000) (19,500,000) (304,159)KOREA USD 20/06/2018 (6,000,000) (6,000,000) (93,587)KOREA USD 20/06/2018 - 19,500,000 224,306INDONESIA USD 20/06/2018 - 10,000,000 (539,464)RUSSIANFEDERATIONUSD 20/09/2018 - 30,000,000 (928,279)BRAZIL USD 20/09/2018 - 15,000,000 (650,916)RUSSIANFEDERATIONUSD 20/09/2018 - 39,000,000 (1,206,763)142


Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total Return (continued)As at 30 September 2013, the Company entered into the following Credit Default Swaps (continued):Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyCREDIT SUISSEFIRST BOSTON, INDONESIA USD 20/09/2018 - 5,300,000 (321,080)LONDONJ.P. MORGAN,LONDONBRAZIL USD 20/09/2018 - 7,000,000 (303,761)J.P. MORGAN,LONDONINDONESIA USD 20/09/2018 - 7,500,000 (454,359)BARCLAYS BANK,PLCBRAZIL USD 20/12/2018 - 12,000,000 (94,119)BNP PARIBAS,LONDONBRAZIL USD 20/12/2018 - 9,000,000 (61,972)DEUTSCHE BANK,LONDONBRAZIL USD 20/12/2018 - 27,000,000 (211,767)GOLDMAN SACHS BRAZIL USD 20/12/2018 - 40,000,000 (313,729)J.P. MORGAN,LONDONBRAZIL USD 20/12/2018 - 10,000,000 (64,075)USD (11,529,222)As at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyMSCI LIMITED,LONDONN/A MXN 17/09/2014 64,000,000 64,000,000 50,532BANK OF AMERICA N/A BRL 02/01/2015 263,003,959 263,003,959 (101,680)CREDIT SUISSEFIRST BOSTON, N/A BRL 02/01/2015 44,960,857 44,960,857 (12,136)LONDONGOLDMAN SACHS N/A BRL 02/01/2015 262,820,756 262,820,756 (26,643)J.P. MORGAN,LONDONN/A BRL 02/01/2015 75,521,947 75,521,947 (9,614)BARCLAYS BANK,PLCN/A BRL 02/01/2015 262,880,379 262,880,379 (313,288)BARCLAYS BANK,PLCN/A BRL 02/01/2015 121,378,869 121,378,869 (150,941)CREDIT SUISSEFIRST BOSTON, N/A MXN 09/09/2015 667,978,000 667,978,000 (113,526)LONDONBARCLAYS BANK,PLCN/A MXN 20/09/2018 438,000,000 438,000,000 49,174BARCLAYS BANK,PLCN/A MXN 20/09/2018 438,000,000 438,000,000 34,269STANDARDCHARTEREDN/A MXN 20/09/2018 438,000,000 438,000,000 49,174DEUTSCHE BANK,LONDONN/A BRL 12/05/2021 32,000,000 32,000,000 (2,151,586)DEUTSCHE BANK,LONDONN/A USD 07/06/2021 65,500,000 65,500,000 (3,676,048)143


Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total Return (continued)As at 30 September 2013, the Company entered into the following Interest Rate Swaps (continued):Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONBARCLAYS BANK,PLCBARCLAYS BANK,PLCSTANDARDCHARTERED, BANKGlobal MacroCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A USD 21/06/2021 66,000,000 66,000,000 (3,793,248)N/A MXN 23/12/2021 260,240,000 260,240,000 525,008N/A MXN 13/09/2023 165,000,000 165,000,000 (96,981)N/A MXN 14/09/2023 500,000,000 500,000,000 (175,127)N/A MXN 14/09/2023 250,000,000 250,000,000 (87,564)USD (10,000,225)As at 30 September 2013, the Company entered into the following Credit Default Swap:Counterparty Underlying Currency MaturityDateHSBC BANK PLC,LONDONMARKIT ITRX EURXOVER 12/18Commitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyEUR 20/12/2018 - 11,135,000 14,073EUR 14,07312. Cash collateral informationSub-fund name Counterparty Instrument Type Currency CashCollateralEuro Credit BondJ.P Morgan, London Credit Default Swaps EUR 890,000Morgan Stanley, London Credit Default Swaps EUR 30,005Société Générale, Paris Credit Default Swaps EUR 1,540,000GEM Debt Total ReturnUBS Credit Default Swaps USD 820,000Bank Of America Credit Default Swaps, Interest Rate Swaps USD 260,000Barclays Bank, Plc Credit Default Swaps, Interest Rate Swaps USD 7,870,000Bnp Paribas, London Credit Default Swaps USD 740,000Citibank Credit Default Swaps USD 2,052,303Deutsche Bank, London Credit Default Swaps, Interest Rate Swaps USD 7,440,000J.P Morgan, London Credit Default Swaps, Interest Rate Swaps USD 1,320,000Morgan Stanley, LondonForward foreign exchange contracts, Credit DefaultSwaps, Interest Rate Swaps USD 950,000144


Notes to the Financial Statements (continued)12. Cash collateral information (continued)Sub-fund name Counterparty Instrument Type Currency CashCollateralGEM Inflation Linked BondBNP Paribas, London Credit Default Swaps, Interest Rate Swaps USD 260,000Global Emerging Markets BondBarclays Bank, Plc Credit Default Swaps USD 1,010,000Citibank Credit Default Swaps USD 1,464,031Credit Suisse First Boston,London Credit Default Swaps USD 450,000Deutsche Bank, London Credit Default Swaps USD 870,000Morgan Stanley, London Credit Default Swaps USD 400,000Global Emerging Markets Investment Grade BondBarclays Bank, Plc Interest Rate Swaps USD 130,000Goldman Sachs Interest Rate Swaps USD 10,000J.P Morgan, London Credit Default Swaps USD 50,000Global Emerging Markets Local DebtRoyal Bank of Scotland Forward foreign exchange contracts USD 590,000Barclays Bank, Plc Interest Rate Swaps USD 740,000BNP Paribas, London Interest Rate Swaps USD 290,000Citibank Forward foreign exchange contracts USD 447,890J.P Morgan, London Interest Rate Swaps USD 800,000Global High Income BondUBS Credit Default Swaps USD 2,649,999Barclays Bank, Plc Credit Default Swaps USD 670,000BNP Paribas, London Credit Default Swaps USD 210,000J.P Morgan, London Credit Default Swaps USD 12,150,000Société Générale, Paris Forward foreign exchange contracts EUR 60,000145


Notes to the Financial Statements (continued)12. Cash collateral information (continued)Sub-fund name Counterparty Instrument Type Currency CashCollateralGlobal High Yield BondUBS Interest Rate Swaps USD (1)Barclays Bank, Plc Credit Default Swaps, Interest Rate Swaps USD 620,000BNP Paribas, London Credit Default Swaps USD 60,000Société Générale, Paris Forward foreign exchange contracts EUR 50,000Société Générale, Paris Forward foreign exchange contracts USD 3,793,000Global Inflation Linked BondUBS Forward foreign exchange and Interest Rate Swaps EUR 280,022J.P Morgan, London Forward foreign exchange contracts USD 270,000Global MacroJ.P Morgan, London Forward foreign exchange options EUR 760,000Morgan Stanley, London Forward foreign exchange options EUR (790,000)Société Générale, Paris Forward foreign exchange options EUR 40,00013. OptionsAs at 30 September 2013, the Company had entered into the following option contracts:Purchased optionsSub-fund name Counterparty Quantitypurchased/(Written)Strike(in tradecurrency)TradecurrencyMaturitydateCommitment -(in tradecurrency)Unrealisedgain / (loss)in sub-fundcurrencyEuro BondPUT EURO BOBLHSBC Bank PLC,London140 123.8 EUR 25/10/2013 - 27,300EUR 27,300146


Notes to the Financial Statements (continued)13. Options (continued)Purchased and Written optionsSub-fund name Counterparty Quantitypurchased/(Written)Strike(in tradecurrency)TradecurrencyMaturitydateCommitment -(in tradecurrency)Unrealisedgain / (loss)in sub-fundcurrencyGlobal MacroPUT USD/CNYPUT USD/INRPUT USD/INRCALL BRL/MXNPUT BRL/MXNCALL USD/JPYPUT USD/JPYPUT USD/CNHPUT USD/CNYPUT USD/CNHCALL USD/CNHMorgan StanleyLimited, LondonHSBC Bank PLC,LondonHSBC Bank PLC,LondonMorgan Stanley DeanWitter, LondonMorgan Stanley DeanWitter, LondonSociete GeneraleSecurities Services UKLimited, LondonSociete GeneraleSecurities Services UKLimited, LondonHSBC Bank PLC,LondonMorgan StanleyLimited, LondonHSBC Bank PLC,LondonSociete GeneraleSecurities Services UKLimited, London15,000,000 6.3 USD 22/10/2013 - 187,9732,000,000 64.0 USD 26/11/2013 - 32,7303,000,000 64.0 USD 26/11/2013 - 49,09460,000,000 5.8 MXN 17/12/2013 - 11,856(60,000,000) 5.5 MXN 17/12/2013 (330,000,000) (4,484)2,500,000 100.0 USD 18/12/2013 - 24,239(2,500,000) 96.0 USD 18/12/2013 (240,000,000) (21,595)100,000 6.1 USD 20/12/2013 - 28,27110,000,000 6.3 USD 20/01/2014 - 119,1495,000,000 6.2 USD 19/02/2014 - 29,5615,000,000 6.4 USD 11/09/2014 - 20,295CALL USD/CNHSociete GeneraleSecurities Services UK (5,000,000) 6.7 USD 11/09/2014 (33,250,000) (12,630)Limited, LondonCALL USD/CNH UBS AG, London 5,000,000 6.4 USD 11/09/2015 - 63,367CALL USD/CNH UBS AG, London (5,000,000) 6.7 USD 11/09/2015 (33,500,000) (43,534)EUR 484,292147


Notes to the Financial Statements (continued)14. DividendsMost distributing fund share classes in issue as at 30 September 2013 have had UK Reporting Fund status, eitherfrom 1 April 2010 or from the launch of the fund share class concerned. It is the intention of the Company that allDistributing and Accumulating Share Classes have UK Reporting Fund status from 1 April 2013. As and when newfund share classes are launched, UK Reporting Fund applications shall be made to HM Revenue & Customsaccordingly. Details of the share classes that have UK Reporting Fund status can be found on the HM Revenue &Customs’ website (www.hmrc.gov.uk).At the date of this Report, the status can be found at http://www.hmrc.gov.uk/collective/rep-funds.xls.The Company publishes annual reportable income information report that shareholders require for their UK taxreturns at www.assetmanagement.hsbc.com/uk/advisers/gfc. If investors do not have access to the internet they canapply in writing at the registered office of the Company.The Company paid the following dividends during the period ended 30 September 2013:Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidAsia ex Japan EquityAD USD 0.512866 11/07/2013 31/07/2013 3,418,898 1,753,436AD H EUR USD 0.220406 11/07/2013 31/07/2013 67,096 14,788BD GBP USD 0.032436 11/07/2013 31/07/2013 1,537 50ED USD 0.288842 11/07/2013 31/07/2013 2,692 778ID USD 0.953728 11/07/2013 31/07/2013 142,673 136,072ZD USD 1.234469 11/07/2013 31/07/2013 382,211 471,827USD 2,376,951Asia ex Japan Equity Smaller CompaniesAD USD 0.359739 11/07/2013 31/07/2013 908,741 326,909AD HKD USD 0.018318 11/07/2013 31/07/2013 23,680 434USD 327,343Asia Pacific ex Japan Equity High DividendAD USD 0.041269 11/07/2013 31/07/2013 3,592,294 148,251AM USD 0.028585 30/04/2013 13/05/2013 2,441,514 69,791AM USD 0.027196 31/05/2013 11/06/2013 2,919,599 79,401AM USD 0.025396 28/06/2013 11/07/2013 3,219,200 81,755AM USD 0.025712 31/07/2013 13/08/2013 3,396,865 87,340AM USD 0.025227 30/08/2013 11/09/2013 3,536,127 89,206AM USD 0.026550 30/09/2013 10/10/2013 3,208,156 85,177AM HKD USD 0.003676 30/04/2013 13/05/2013 9,171,748 33,715AM HKD USD 0.003498 31/05/2013 11/06/2013 8,901,494 31,137AM HKD USD 0.003266 28/06/2013 11/07/2013 10,169,007 33,212AM HKD USD 0.003306 31/07/2013 13/08/2013 10,909,748 36,068AM HKD USD 0.003245 30/08/2013 11/09/2013 11,812,260 38,331AM HKD USD 0.003415 30/09/2013 10/10/2013 10,873,571 37,133BD GBP USD 0.059718 11/07/2013 31/07/2013 1,212 72ZD USD 0.085853 11/07/2013 31/07/2013 1,145,620 98,355USD 948,944BRIC EquityAD USD 0.281867 11/07/2013 31/07/2013 112,804 31,796M2D USD 0.390455 11/07/2013 31/07/2013 5,147,172 2,009,739USD 2,041,535BRIC MarketsYD USD 0.402010 11/07/2013 31/07/2013 1 -USD -148


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidBRIC Markets EquityAD USD 0.142150 11/07/2013 31/07/2013 7,659,520 1,088,801ED USD 0.074367 11/07/2013 31/07/2013 6,108 454USD 1,089,255CIVETS (liquidated as at 18 July 2013)AD USD 0.112826 11/07/2013 31/07/2013 40,002 4,513USD 4,513Climate ChangeAD USD 0.034779 11/07/2013 31/07/2013 1,827,336 63,553USD 63,553Emerging WealthAD USD 0.021608 11/07/2013 31/07/2013 1,177,275 25,439USD 25,439Euroland EquityAD EUR 0.359723 11/07/2013 31/07/2013 1,095,756 394,169ED EUR 0.244481 11/07/2013 31/07/2013 1,992 487ID EUR 0.009562 11/07/2013 31/07/2013 1,201,032 11,484ZD EUR 0.788494 11/07/2013 31/07/2013 751,661 592,680EUR 998,820Euroland Equity Smaller CompaniesAD EUR 0.164766 11/07/2013 31/07/2013 88,739 14,621EUR 14,621Euroland GrowthM1D EUR 0.181080 11/07/2013 31/07/2013 167,623 30,353EUR 30,353European EquityAD EUR 0.332869 11/07/2013 31/07/2013 13,632 4,538ED EUR 0.184992 11/07/2013 31/07/2013 495,253 91,618PD EUR 0.471137 11/07/2013 31/07/2013 1,785,437 841,185ZD EUR 0.805641 11/07/2013 31/07/2013 326,110 262,727EUR 1,200,068Frontier MarketsAD USD 0.375908 11/07/2013 31/07/2013 15,859 5,961ID USD 2.068824 11/07/2013 31/07/2013 51,490 106,524ZD USD 0.407590 11/07/2013 31/07/2013 535,942 218,445USD 330,930Global Emerging Markets EquityAD USD 0.185334 11/07/2013 31/07/2013 4,943,164 916,136AD GBP USD 0.194254 11/07/2013 31/07/2013 133 26BD GBP USD 0.022700 11/07/2013 31/07/2013 9,619 218ED USD 0.105912 11/07/2013 31/07/2013 10,950 1,160ID USD 0.059105 11/07/2013 31/07/2013 2,138 126PD USD 0.178621 11/07/2013 31/07/2013 869,027 155,227S1D USD 0.162133 11/07/2013 31/07/2013 535,620 86,842WD USD 0.483113 11/07/2013 31/07/2013 7,063,009 3,412,232ZD USD 0.434148 11/07/2013 31/07/2013 1,801,308 782,034USD 5,354,001149


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal EquityAD USD 0.107175 11/07/2013 31/07/2013 672,041 72,026ZD USD 0.518233 11/07/2013 31/07/2013 1,257,460 651,657USD 723,683Latin American EquityAD USD 0.088527 11/07/2013 31/07/2013 855,660 75,749AD HKD USD 0.005450 11/07/2013 31/07/2013 398,905 2,174BD GBP USD 0.029966 11/07/2013 31/07/2013 300 9L1D USD 0.276880 11/07/2013 31/07/2013 2,632,274 728,824M1D USD 0.173632 11/07/2013 31/07/2013 1,157,488 200,977USD 1,007,733Brazil EquityAD USD 0.241909 11/07/2013 31/07/2013 16,284,095 3,939,269AD GBP USD 0.118022 11/07/2013 31/07/2013 11,262 1,329AD HKD USD 0.007814 11/07/2013 31/07/2013 2,407,737 18,814BD GBP USD 0.069847 11/07/2013 31/07/2013 2,285 160ED USD 0.087392 11/07/2013 31/07/2013 2,876 251ID USD 0.556056 11/07/2013 31/07/2013 723,911 402,535S3D USD 0.684042 11/07/2013 31/07/2013 885,695 605,853USD 4,968,211Chinese EquityAD USD 0.601474 11/07/2013 31/07/2013 20,015,117 12,038,574AD GBP USD 0.144413 11/07/2013 31/07/2013 259 37AD HKD USD 0.009416 11/07/2013 31/07/2013 9,507,590 89,523ED USD 0.259011 11/07/2013 31/07/2013 766 198ID USD 1.215561 11/07/2013 31/07/2013 337 409ZD USD 1.754181 11/07/2013 31/07/2013 963,718 1,690,536USD 13,819,277Hong Kong EquityAD USD 1.271754 11/07/2013 31/07/2013 21,619 27,494BD GBP USD 0.025514 11/07/2013 31/07/2013 679 17PD USD 1.753701 11/07/2013 31/07/2013 1,693,547 2,969,976ZD USD 3.017158 11/07/2013 31/07/2013 334,400 1,008,938USD 4,006,425Indian EquityID USD 0.612687 11/07/2013 31/07/2013 66,740 40,891ZD USD 1.666850 11/07/2013 31/07/2013 92,674 154,473USD 195,364Japanese EquityAD JPY 2.547203 11/07/2013 31/07/2013 175,001 445,763BD GBP JPY 10.744634 11/07/2013 31/07/2013 213 2,290ED JPY 2.400000 11/07/2013 31/07/2013 338 811PD JPY 5.867708 11/07/2013 31/07/2013 2,956,555 17,348,200ZD JPY 12.717901 11/07/2013 31/07/2013 138,127 1,756,686JPY 19,553,750150


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidRussia EquityAD USD 0.038858 11/07/2013 31/07/2013 42,491,025 1,651,116AD GBP USD 0.093612 11/07/2013 31/07/2013 2,023 190AD HKD USD 0.005698 11/07/2013 31/07/2013 10,859,077 61,875USD 1,713,181Singapore EquityAD USD 0.721918 11/07/2013 31/07/2013 579,400 418,279PD USD 0.902282 11/07/2013 31/07/2013 472,132 425,996ZD USD 1.338296 11/07/2013 31/07/2013 500,279 669,521USD 1,513,796Taiwan EquityAD USD 0.094890 11/07/2013 31/07/2013 734,192 69,668USD 69,668Thai EquityAD USD 0.143057 11/07/2013 31/07/2013 5,702,831 815,830ID USD 0.053917 11/07/2013 31/07/2013 1,624,557 87,591USD 903,421UK EquityAD GBP 0.521777 11/07/2013 31/07/2013 864,567 451,111BD GBP GBP 0.056312 11/07/2013 31/07/2013 320 18ID GBP 0.802467 11/07/2013 31/07/2013 571 458GBP 451,587US EquityID USD 0.043789 11/07/2013 31/07/2013 6,578 288PD USD 0.027260 11/07/2013 31/07/2013 1,730,054 47,161YD USD 0.085282 11/07/2013 31/07/2013 1,491,619 127,208ZD USD 0.313488 11/07/2013 31/07/2013 265,919 83,363USD 258,020Asian Currencies BondAD USD 0.238271 11/07/2013 31/07/2013 2,053,275 489,236BD GBP USD 0.143500 11/07/2013 31/07/2013 300 43ID USD 0.316339 11/07/2013 31/07/2013 1,020,262 322,749ID EUR USD 0.438772 11/07/2013 31/07/2013 4,589,892 2,013,916USD 2,825,944Brazil BondAD USD 0.566878 11/07/2013 31/07/2013 202,172 114,607BD GBP USD 0.268633 11/07/2013 31/07/2013 300 81USD 114,688Euro BondAD EUR 0.490713 11/07/2013 31/07/2013 126,262 61,959EUR 61,959Euro Credit BondAD EUR 0.455125 11/07/2013 31/07/2013 635,937 289,431EUR 289,431151


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidEuro High Yield BondAD EUR 1.007813 11/07/2013 31/07/2013 593,497 598,134ED EUR 1.144816 11/07/2013 31/07/2013 29,042 33,248ID EUR 1.781713 11/07/2013 31/07/2013 2,855,449 5,087,592S8D EUR 0.178880 11/07/2013 31/07/2013 20,761,936 3,713,895EUR 9,432,869GEM Inflation Linked BondBD GBP USD 0.124766 11/07/2013 31/07/2013 300 37USD 37Global BondAD USD 0.235272 11/07/2013 31/07/2013 1,525,692 358,953PD USD 0.221606 11/07/2013 31/07/2013 338,459 75,005WD USD 5.228635 11/07/2013 31/07/2013 59 310ZD USD 0.368742 11/07/2013 31/07/2013 7,832,143 2,888,040USD 3,322,308Global Emerging Markets BondAD USD 1.193084 11/07/2013 31/07/2013 1,395,971 1,665,511AD EUR USD 0.162343 11/07/2013 31/07/2013 3,537 574AD GBP USD 0.673320 11/07/2013 31/07/2013 92,084 62,002ADH EUR USD 0.736580 11/07/2013 31/07/2013 2,235,175 1,646,385AM USD 0.087272 30/04/2013 13/05/2013 13,100,909 1,143,343AM USD 0.081855 31/05/2013 11/06/2013 10,852,134 888,302AM USD 0.081329 28/06/2013 11/07/2013 9,958,394 809,906AM USD 0.100206 31/07/2013 13/08/2013 9,805,678 982,588AM USD 0.114659 30/08/2013 11/09/2013 7,378,587 846,021AM USD 0.115216 30/09/2013 10/10/2013 6,804,732 784,014AM HKD USD 0.004400 30/04/2013 13/05/2013 183,519,272 807,485AM HKD USD 0.004126 31/05/2013 11/06/2013 155,943,219 643,422AM HKD USD 0.004099 28/06/2013 11/07/2013 134,558,489 551,555AM HKD USD 0.005052 31/07/2013 13/08/2013 119,379,045 603,103AM HKD USD 0.005779 30/08/2013 11/09/2013 89,123,240 515,043AM HKD USD 0.005809 30/09/2013 10/10/2013 71,126,059 413,212AMH AUD USD 0.055767 30/04/2013 13/05/2013 9,108,900 507,976AMH AUD USD 0.048530 31/05/2013 11/06/2013 8,788,761 426,519AMH AUD USD 0.043760 28/06/2013 11/07/2013 8,021,446 351,018AMH AUD USD 0.049112 31/07/2013 13/08/2013 7,062,812 346,869AMH AUD USD 0.052251 30/08/2013 11/09/2013 5,368,259 280,497AMH AUD USD 0.054539 30/09/2013 10/10/2013 4,346,081 237,033AMH EUR USD 0.040468 30/04/2013 13/05/2013 2,097,068 84,864AMH EUR USD 0.041039 31/05/2013 11/06/2013 1,934,754 79,400AMH EUR USD 0.037986 28/06/2013 11/07/2013 1,900,831 72,205AMH EUR USD 0.046983 31/07/2013 13/08/2013 1,642,329 77,162AMH EUR USD 0.054022 30/08/2013 11/09/2013 1,531,388 82,729152


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal Emerging Markets Bond (continued)AMH EUR USD 0.055461 30/09/2013 10/10/2013 1,398,750 77,577AMH SGD USD 0.024815 30/04/2013 13/05/2013 3,009,262 74,675AMH SGD USD 0.022726 31/05/2013 11/06/2013 3,022,283 68,684AMH SGD USD 0.022821 28/06/2013 11/07/2013 2,957,210 67,486AMH SGD USD 0.028107 31/07/2013 13/08/2013 2,975,829 83,642AMH SGD USD 0.032039 30/08/2013 11/09/2013 2,811,467 90,077AMH SGD USD 0.032745 30/09/2013 10/10/2013 2,734,015 89,526BD GBP USD 0.212292 11/07/2013 31/07/2013 31,355 6,656ED USD 0.894312 11/07/2013 31/07/2013 28,019 25,058ID USD 1.031080 11/07/2013 31/07/2013 8,612,104 8,879,768ID EUR USD 0.063827 11/07/2013 31/07/2013 6,990,515 446,184IDH EUR USD 0.948551 11/07/2013 31/07/2013 31,160,172 29,557,012PD USD 0.831800 11/07/2013 31/07/2013 7,940,474 6,604,887ZD USD 0.712476 11/07/2013 31/07/2013 1,573,614 1,121,162USD 62,101,132Global Emerging Markets Corporate DebtAD USD 0.106659 11/07/2013 31/07/2013 9,950 1,061USD 1,061Global Emerging Markets Investment Grade BondAD USD 0.265238 11/07/2013 31/07/2013 47,554 12,613ID EUR USD 6.085342 11/07/2013 31/07/2013 59,500 362,078USD 374,691Global Emerging Markets Local DebtAD USD 0.319022 11/07/2013 31/07/2013 3,579,230 1,141,853AD GBP USD 0.415419 11/07/2013 31/07/2013 16,325 6,782BD GBP USD 0.145666 11/07/2013 31/07/2013 6,204 904ID USD 0.423933 11/07/2013 31/07/2013 27,548,382 11,678,668ID EUR USD 0.435609 11/07/2013 31/07/2013 16,613,344 7,236,922J1M USD 0.018811 31/05/2013 11/06/2013 2,313,706 43,523J1M USD 0.031366 28/06/2013 11/07/2013 2,213,706 69,435J1M USD 0.041824 31/07/2013 13/08/2013 2,113,706 88,404J1M USD 0.040243 30/08/2013 11/09/2013 2,067,706 83,211J1M USD 0.041475 30/09/2013 10/10/2013 2,042,706 84,721XD USD 0.121505 11/07/2013 31/07/2013 7,778,611 945,140ZD USD 0.453510 11/07/2013 31/07/2013 12,734,589 5,775,264ZM USD 0.040673 30/04/2013 13/05/2013 3,417,587 139,003ZM USD 0.040273 31/05/2013 11/06/2013 3,428,212 138,064ZM USD 0.041014 28/06/2013 11/07/2013 3,407,492 139,755ZM USD 0.054719 31/07/2013 13/08/2013 3,417,883 187,023ZM USD 0.052677 30/08/2013 11/09/2013 3,417,883 180,044ZM USD 0.054311 30/09/2013 10/10/2013 3,417,883 185,629USD 28,124,345153


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal High Income BondAD USD 0.420968 11/07/2013 31/07/2013 1,033,825 435,208AMD USD 0.042500 30/04/2013 13/05/2013 115,742,219 4,919,044AMD USD 0.040000 31/05/2013 11/06/2013 116,089,739 4,643,590AMD USD 0.040000 28/06/2013 11/07/2013 116,247,857 4,649,914AMD USD 0.040000 31/07/2013 13/08/2013 117,212,677 4,688,507AMD USD 0.040000 30/08/2013 11/09/2013 115,865,950 4,634,638AMD USD 0.040000 30/09/2013 10/10/2013 110,583,185 4,423,328AMH AUD USD 0.069838 30/04/2013 13/05/2013 28,834,955 2,013,776AMH AUD USD 0.062697 31/05/2013 11/06/2013 43,758,535 2,743,529AMH AUD USD 0.058355 28/06/2013 11/07/2013 46,706,836 2,725,577AMH AUD USD 0.057909 31/07/2013 13/08/2013 47,946,953 2,776,560AMH AUD USD 0.055341 30/08/2013 11/09/2013 50,229,908 2,779,773AMH AUD USD 0.056824 30/09/2013 10/10/2013 47,924,983 2,723,316AMH EUR USD 0.052400 30/04/2013 13/05/2013 2,985,113 156,420AMH EUR USD 0.049346 31/05/2013 11/06/2013 3,722,992 183,715AMH EUR USD 0.049801 28/06/2013 11/07/2013 3,934,427 195,938AMH EUR USD 0.050883 31/07/2013 13/08/2013 4,028,041 204,959AMH EUR USD 0.051707 30/08/2013 11/09/2013 4,011,147 207,404AMH EUR USD 0.053759 30/09/2013 10/10/2013 3,904,842 209,923AMH SGD USD 0.034204 30/04/2013 13/05/2013 898,457 30,731AMH SGD USD 0.031652 31/05/2013 11/06/2013 1,053,693 33,352AMH SGD USD 0.031581 28/06/2013 11/07/2013 1,115,710 35,235AMH SGD USD 0.030933 31/07/2013 13/08/2013 1,097,675 33,954AMH SGD USD 0.031133 30/08/2013 11/09/2013 1,150,494 35,818AMH SGD USD 0.031859 30/09/2013 10/10/2013 1,118,871 35,647USD 45,519,856Global High Yield BondAM USD 0.052500 30/04/2013 13/05/2013 48,862,543 2,565,284AM USD 0.051500 31/05/2013 11/06/2013 43,130,354 2,221,213AM USD 0.051500 28/06/2013 11/07/2013 39,328,667 2,025,426AM USD 0.051500 31/07/2013 13/08/2013 38,227,920 1,968,738AM USD 0.051500 30/08/2013 11/09/2013 37,040,434 1,907,582AM USD 0.051500 30/09/2013 10/10/2013 36,192,450 1,863,911AM HKD USD 0.006764 30/04/2013 13/05/2013 402,094,469 2,719,767AM HKD USD 0.006632 31/05/2013 11/06/2013 355,691,825 2,358,948AM HKD USD 0.006638 28/06/2013 11/07/2013 342,150,631 2,271,196AM HKD USD 0.006640 31/07/2013 13/08/2013 335,073,986 2,224,891AM HKD USD 0.006640 30/08/2013 11/09/2013 324,178,596 2,152,546AM HKD USD 0.006641 30/09/2013 10/10/2013 320,378,703 2,127,792AMH AUD USD 0.079357 30/04/2013 13/05/2013 18,806,582 1,492,434AMH AUD USD 0.073453 31/05/2013 11/06/2013 21,325,388 1,566,413AMH AUD USD 0.068375 28/06/2013 11/07/2013 20,600,484 1,408,558154


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal High Yield Bond (continued)AMH AUD USD 0.067878 31/07/2013 13/08/2013 20,749,724 1,408,450AMH AUD USD 0.065070 30/08/2013 11/09/2013 19,816,670 1,289,471AMH AUD USD 0.067910 30/09/2013 10/10/2013 19,427,048 1,319,291AMH EUR USD 0.065631 30/04/2013 13/05/2013 4,345,735 285,215AMH EUR USD 0.064489 31/05/2013 11/06/2013 4,277,869 275,876AMH EUR USD 0.064884 28/06/2013 11/07/2013 3,688,643 239,334AMH EUR USD 0.066255 31/07/2013 13/08/2013 3,514,972 232,884AMH EUR USD 0.067048 30/08/2013 11/09/2013 3,557,161 238,501AMH EUR USD 0.069332 30/09/2013 10/10/2013 3,375,800 234,053BD GBP USD 0.253266 11/07/2013 31/07/2013 300 76USD 36,397,850India Fixed IncomeAD USD 0.097360 11/07/2013 31/07/2013 116,119 11,305BD GBP USD 0.281909 11/07/2013 31/07/2013 20,897 5,891USD 17,196RMB Fixed IncomeAD USD 0.227564 11/07/2013 31/07/2013 1,459,085 332,035AD EUR USD 0.306837 11/07/2013 31/07/2013 335,589 102,971BD GBP USD 0.121916 11/07/2013 31/07/2013 300 37ID USD 0.052963 11/07/2013 31/07/2013 6,045 320YAD USD 0.032130 11/07/2013 31/07/2013 493,411 15,853ZD USD 0.093461 11/07/2013 31/07/2013 523,000 48,880USD 500,096US Dollar BondAD USD 0.153113 11/07/2013 31/07/2013 280,949 43,017BD GBP USD 0.109942 11/07/2013 31/07/2013 350 38ID USD 0.236731 11/07/2013 31/07/2013 4,427 1,048PD USD 0.179958 11/07/2013 31/07/2013 1,562,912 281,259WD USD 0.260743 11/07/2013 31/07/2013 90,028 23,474ZD USD 0.256720 11/07/2013 31/07/2013 5,001,405 1,283,961USD 1,632,797Global Emerging Markets Debt Total ReturnL1D USD 0.264893 11/07/2013 31/07/2013 6,669,216 1,766,629L1DH EUR USD 0.261167 11/07/2013 31/07/2013 73,035,200 19,074,384M1D USD 0.191397 11/07/2013 31/07/2013 13,921,170 2,664,470N1DH GBP USD 0.088257 11/07/2013 31/07/2013 65,179 5,752ZD USD 0.100501 11/07/2013 31/07/2013 1,660,000 166,832ZDH EUR USD 0.405021 11/07/2013 31/07/2013 14,324,679 5,801,796USD 29,479,863Managed Solutions - Asia Focused IncomeAM USD 0.034586 30/04/2013 13/05/2013 68,874,918 2,382,108AM USD 0.033407 31/05/2013 11/06/2013 67,406,710 2,251,856155


Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidManaged Solutions - Asia Focused Income (continued)AM USD 0.033972 28/06/2013 11/07/2013 65,124,373 2,212,405AM USD 0.036126 31/07/2013 13/08/2013 62,178,845 2,246,273AM USD 0.037397 30/08/2013 11/09/2013 53,702,626 2,008,317AM USD 0.038237 30/09/2013 10/10/2013 43,038,448 1,645,661AM HKD USD 0.004454 30/04/2013 13/05/2013 504,473,138 2,246,923AM HKD USD 0.004304 31/05/2013 11/06/2013 491,692,962 2,116,247AM HKD USD 0.004375 28/06/2013 11/07/2013 471,788,068 2,064,073AM HKD USD 0.004653 31/07/2013 13/08/2013 443,148,263 2,061,969AM HKD USD 0.004815 30/08/2013 11/09/2013 377,879,576 1,819,490AM HKD USD 0.004925 30/09/2013 10/10/2013 315,500,265 1,553,839AMH AUD USD 0.055424 30/04/2013 13/05/2013 10,458,052 579,627AMH AUD USD 0.048712 31/05/2013 11/06/2013 17,492,258 852,083AMH AUD USD 0.045324 28/06/2013 11/07/2013 18,252,140 827,260AMH AUD USD 0.047157 31/07/2013 13/08/2013 17,207,120 811,436AMH AUD USD 0.045872 30/08/2013 11/09/2013 13,697,143 628,315AMH AUD USD 0.048328 30/09/2013 10/10/2013 11,428,847 552,333AMH EUR USD 0.037875 30/04/2013 13/05/2013 1,779,954 67,416AMH EUR USD 0.036737 31/05/2013 11/06/2013 2,215,519 81,392AMH EUR USD 0.038095 28/06/2013 11/07/2013 2,178,718 82,998AMH EUR USD 0.041598 31/07/2013 13/08/2013 2,138,080 88,940AMH EUR USD 0.044921 30/08/2013 11/09/2013 1,935,799 86,958AMH EUR USD 0.046744 30/09/2013 10/10/2013 1,780,962 83,249AMH SGD USD 0.025623 30/04/2013 13/05/2013 757,721 19,415AMH SGD USD 0.024025 31/05/2013 11/06/2013 780,418 18,750AMH SGD USD 0.024443 28/06/2013 11/07/2013 794,293 19,415AMH SGD USD 0.025581 31/07/2013 13/08/2013 783,293 20,037AMH SGD USD 0.026739 30/08/2013 11/09/2013 733,297 19,608AMH SGD USD 0.027736 30/09/2013 10/10/2013 733,297 20,339USD 29,468,732156


Notes to the Financial Statements (continued)15. Securities lendingThe Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at30 September 2013, the value of securities lent is as follows:Sub-fund Value of securities lent CurrencyAsia ex Japan Equity 2,525,738 USDAsia ex Japan Equity Smaller Companies 2,942,590 USDAsia Pacific ex Japan Equity High Dividend 861,900 USDBRIC Equity 65,943,820 USDBRIC Markets Equity 28,374,053 USDChinese Equity 67,123,285 USDEuroland Equity 25,878,865 EUREuroland Equity Smaller Companies 11,025,735 EUREuroland Growth 668,084 EURGlobal Emerging Markets Equity 33,313,270 USDGlobal Equity 1,576,414 USDHong Kong Equity 11,686,230 USDIndian Equity 8,600,128 USDJapanese Equity 130,537,802 JPYRussia Equity 75,811,836 USDSingapore Equity 1,978,069 USDThai Equity 14,658,039 USDTurkey Equity 11,601,448 EUR157


Notes to the Financial Statements (continued)15. Securities lending (continued)The counterparties linked to the Securities lending program are:DEUTSCHE BANK AGHSBC BANK PLCJ.P. MORGAN SECURITIES PLCNOMURA INTERNATIONAL PLCCITIGROUP GLOBAL MARKETSUBS AG, LONDON BRANCHMERRILL LYNCH INTERNATIONAL BANKIn return for making securities available for loan throughout the period, the sub-funds participating in the programsreceived fees which are reflected in the financial statements as "other income" for USD 5,204,983.With regards to the holding of collateral as at 30 September 2013, non-cash collateral was held forUSD 425,964,056.Since 5 October 2011, HSBC Bank PLC acts as the securities lending agent and fees received by this affiliate areincluded in the below table.Affiliate Company EarningsHSBC Bank PLC (Lending Agent)USDApr-13 155,925May-13 454,693Jun-13 148,730Jul-13 93,865Aug-13 134,767Sep-13 61,826As at 30 September 2013, no sub-fund was involved in a program where the level of the securities lent represented30% or more of its total net assets.158


Notes to the Financial Statements (continued)16. Transactions with connected persons and brokerage commission paid per sub-fundHGIF transactions with connected persons. All the figures are expressed in USD.Sub-FundTotal Aggregatevalue oftransactions forthe period withHSBC(USD)Total BrokerageCommissionpaid per subfund(USD)Average rate ofcommission(%)Percentage ofTransaction(%)Asia ex Japan Equity 11,505,149 23,439 0.20 2.67Asia ex Japan Equity Smaller Companies 8,548,998 18,617 0.22 6.77Asia Pacific ex Japan Equity High Dividend 3,460,395 7,215 0.21 11.99BRIC Equity 110,549,273 80,008 0.07 25.29BRIC Markets Equity 252,445,053 8,503 - 39.26China Consumer Opportunities 3,892,782 5,632 0.14 2.63CIVETS (liquidated as at 18 July 2013) 3,479,269 3,479 0.10 9.01Climate Change 297,277 154 0.05 1.57Euroland Equity 132,835,679 28,520 0.02 46.38Euroland Equity Smaller Companies 13,770,070 20,655 0.15 5.47Euroland Growth 31,194,266 4,375 0.01 45.87European Equity 7,210,981 4,328 0.06 8.49Frontier Markets 8,545,196 27,057 0.32 4.49Global Emerging Markets Equity 32,105,334 33,967 0.11 9.95Global Equity 36,907,768 111 - 10.60Latin American Equity 20,749,310 41,002 0.20 2.30Brazil Equity 149,955,931 289,738 0.19 19.18Chinese Equity 31,233,194 62,466 0.20 1.94Hong Kong Equity 2,437,527 4,875 0.20 3.23Korean Equity 156,907 1,340 0.85 0.35Mexico Equity 40,099,642 68,534 0.17 3.95Russia Equity 5,771,077 5,819 0.10 2.90Singapore Equity 109,989 101 0.09 13.59Thai Equity 865,625 6,480 0.75 92.27Turkey Equity 57,118,010 34,270 0.06 24.48UK Equity 5,600,847 4,679 0.08 7.32US Equity 42,563,786 68 - 7.92Asian Currencies Bond 22,706,402 - - 26.65Euro Bond 74,803,262 303 - 18.43Euro Credit Bond 2,604,153,209 8,386 - 47.43Euro High Yield Bond 81,891,270 - - 5.97Global Inflation Linked Bond 1,781,815 8 - 0.54RMB Fixed Income 69,172,915 - - 30.66Euro Reserve 4,190,826 0 - 1.20Economic Scale Index GEM Equity 10,052,415 6,031 0.06 99.93Global Macro 156,349,364 1,023 - 6.60Managed Solutions - Asia Focused Growth 3,969,162 2,425 0.06 2.85Managed Solutions - Asia Focused Income 87,765,391 18,805 0.02 8.68The investment adviser and its connected persons of the following sub-funds have entered into soft commissionarrangements with certain brokers, for which goods and services used to support the investment decision makingprocess were received by it or its connected persons:Asia ex Japan Equity,Asia ex Japan Equity Smaller Companies,Asia Pacific ex Japan Equity High Dividend,Chinese Equity,Hong Kong Equity,159


Notes to the Financial Statements (continued)16. Transactions with connected persons and brokerage commission paid per sub-fund (continued)Korean Equity,Taiwan Equity,Managed Solutions – Asia Focused Income,Managed Solutions – Asia Focused Growth,Managed Solutions – Asia Focused ConservativeThe investment adviser or its connected persons do not make direct payment for these services, but transact andagree an amount of business with brokers on behalf of the sub-funds concerned. All transactions were entered into inthe ordinary course of business and on normal commercial terms.Commissions were paid by the Company on these transactions. The goods and services utilized for the Companyinclude the following: research and advisory services; portfolio analysis, including valuation and performancemeasurement; market analysis, data and quotation services; computer hardware and software incidental to the abovegoods and services; clearing and depositary services and investment related publications.The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after the endof each twelve month period.Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation method isexplained on Page 107. Detailed Performance Fee information may also be found in the Prospectus dated January2013.17. List of movements in the investment portfolioThe detailed list of movements in the investment portfolio can be obtained free of charge upon request at theregistered office of the Company. The current Prospectus, the Articles of Incorporation, together with both the interimand audited annual reports are available free of charge upon request from the German payment and informationofficer from the Management Company.18. Pricing Adjustment Single - Swinging Prices (SSP)In the SSP method, the expenses resulting from subscriptions and redemptions above a pre-defined threshold, forthe acquisition and disposal of shares (price/offer margins, market-appropriate brokerages, commissions, chargesetc.) are included in the calculation of the net asset value. The net amount resulting from the difference betweensubscriptions and redemptions determines the adjustment of the portfolio and thus the resulting expenses. Thetransaction costs incurred on the day of trading for subscriptions and redemptions will be paid by the investors whocommission these transactions.If the subscriptions on a particular day of trading exceed the redemptions and the threshold for the application of anadjustment, then the fund management will add the transaction costs incurred by the excess of subscriptions at thecalculated "valuation net asset value". This amount is known as the "modified net asset value". On the other hand, ifthe redemptions on a particular valuation day exceed the subscriptions and the threshold for the application of anadjustment, then the transaction costs resulting from the excess of redemptions will be deducted from the "valuationnet asset value". The surcharge on or deduction from the transaction costs that is incurred by subscriptions iseffected at a flat rate, and is based on an average value from a previous period of a maximum of one year.If the fund has been on the market for less than one year, then depending on the fund's special features this factorwill be determined depending on the fund's portfolio of investments, so that a representative figure results.160


Notes to the Financial Statements (continued)18. Pricing Adjustment Single - Swinging Prices (SSP) (continued)The table below discloses the NAV per share before swing price adjustment (the "Un-swung NAV") and the NAV pershare after swing price adjustment (the "Swung NAV") for sub-funds which have been impacted by swing priceadjustment on 30 September 2013.Sub-Fund Un-swung NAV Swung NAV priceEuroland Equity EURAC 31.17 31.05AD 28.34 28.23EC 30.13 30.01ED 28.13 28.02IC 33.04 32.91ID 33.03 32.90ZC 36.92 36.78ZD 31.06 30.93Indian Equity USDAC 109.55 108.56AD 109.20 108.22AC GBP 12.23 12.12AD GBP 12.20 12.09BC GBP 12.08 11.97BD GBP 12.08 11.97AC EUR 10.44 10.35AD EUR 9.25 9.16EC 103.96 103.03ED 103.97 103.03IC EUR 11.16 11.06IC 119.86 118.78ID 116.34 115.30AD HKD 0.79 0.78XD 119.92 118.84ZD 115.54 114.50Managed Solutions - Asia Focused Income USDAMH EUR 12.69 12.63ACH GBP 16.32 16.24ACH SGD 7.88 7.84AMH SGD 7.59 7.55AMH AUD 8.72 8.68AC 9.91 9.86AM 10.38 10.33AM HKD 1.34 1.33India Fixed Income USDAC 9.20 9.14AD 8.43 8.37BC GBP 14.15 14.06BD GBP 13.89 13.80AC EUR 11.36 11.28EC 8.74 8.69IC EUR 11.25 11.18IC 9.27 9.21ID 9.21 9.15ZC 9.33 9.27161


Notes to the Financial Statements (continued)19. Disclosures requirements for Index-tracking UCITS: Economic Scale Index GEM Equity FundThe Economic Scale Index GEM Equity Fund is the sole index tracking sub-fund, but since it was only launched on20 March 2013, the tracking error information is included for the first time in this semi-annual report.The annualised tracking error for the period 20 March 2013 to 30 September 2013 is 0.32%. It should be noted thatas a full financial year of fund or benchmark data is not available, this tracking error is not correctly representative.162


Notes to the Financial Statements (continued)Charges and expensesOperating, Administration and Servicing Expenses (refer also to note 4.4)Sub-FundClass A, B, E,M, N, P, RClass I, J, L,S, Y, ZClass X(maximum %)Class WEQUITY SUB-FUNDSa) International and Regional sub-fundsAsia ex Japan Equity 0.35% 0.25% 0.20% 0.00%Asia ex Japan Equity Smaller Companies 0.35% 0.25% 0.20% 0.00%Asia Pacific ex Japan Equity High Dividend 0.35% 0.25%* 0.20% 0.00%BRIC Equity 0.40% 0.30% 0.25% 0.00%BRIC Markets - 0.35%** - 0.00%BRIC Markets Equity 0.35% 0.25% 0.20% 0.00%China Consumer Opportunities 0.40% 0.30% 0.25% 0.00%CIVETS (liquidated as at 18 July 2013) 0.40% 0.30% 0.25% 0.00%Climate Change 0.35% 0.25% 0.20% 0.00%Emerging Wealth 0.40% 0.25% 0.20% 0.00%Euroland Equity 0.35% 0.25% 0.20% 0.00%Euroland Equity Smaller Companies 0.35% 0.25% 0.20% 0.00%Euroland Growth 0.35% 0.25% 0.20% 0.00%European Equity 0.35% 0.25% 0.20% 0.00%Frontier Markets 0.40% 0.30% 0.25% 0.00%Global Emerging Markets Equity 0.40% 0.30% 0.20% 0.00%Global Equity 0.35% 0.25% 0.20% 0.00%Latin American Equity 0.40% 0.30%*** 0.25% 0.00%b) Market Specific sub-fundsBrazil Equity 0.40% 0.30% 0.20% 0.00%Chinese Equity 0.40% 0.30% 0.20% 0.00%Hong Kong Equity 0.35% 0.25% 0.20% 0.00%Indian Equity 0.40% 0.30%**** 0.20% 0.00%Japanese Equity 0.35% 0.25% 0.20% 0.00%Korean Equity 0.40% 0.30% 0.20% 0.00%Mexico Equity 0.40% 0.30% 0.25% 0.00%Russia Equity 0.40% 0.30% 0.20% 0.00%Singapore Equity 0.40% 0.30% 0.20% 0.00%Taiwan Equity 0.40% 0.30% 0.20% 0.00%Thai Equity 0.35% 0.25% 0.20% 0.00%Turkey Equity 0.40% 0.30% 0.20% 0.00%UK Equity 0.31% 0.25% 0.20% 0.00%US Equity 0.35% 0.25% 0.20% 0.00%* 0.30% for share class S** 0.25% for share class Z*** 0.25% for share class Z**** 0.40% for share class J163


Notes to the Financial Statements (continued)Charges and expenses (continued)Operating, Administration and Servicing Expenses (refer also to note 4.4) (continued)Sub-FundClass A, B, E,M, N, P, RClass I, J, L,S, Y, ZClass X(maximum %)Class WBOND SUB-FUNDSAsian Currencies Bond 0.35% 0.25% 0.20% 0.00%Brazil Bond 0.35% 0.25% 0.20% 0.00%Euro Bond 0.25% 0.15% 0.15% 0.00%Euro Credit Bond 0.25% 0.20% 0.15% 0.00%Euro High Yield Bond 0.25% 0.20%* 0.15% 0.00%GEM Inflation Linked Bond 0.30% 0.25%** 0.20% 0.00%Global Asset-Backed Bond (launched as at31 May 2013)0.25% 0.20% 0.15% 0.00%Global Asset-Backed High Yield Bond (launched as at 31May 2013)0.25% 0.20% 0.15% 0.00%Global Bond 0.25% 0.15% 0.15% 0.00%Global Emerging Markets Bond 0.35% 0.25%*** 0.20% 0.00%Global Emerging Markets Corporate Debt 0.35% 0.25% 0.20% 0.00%Global Emerging Markets Investment Grade Bond 0.35% 0.25% 0.20% 0.00%Global Emerging Markets Local Debt 0.35% 0.25% 0.20% 0.00%Global High Income Bond 0.25% 0.20% 0.15% 0.00%Global High Yield Bond 0.25% 0.20% 0.15% 0.00%Global Inflation Linked Bond 0.25% 0.20%**** 0.15% 0.00%Global Short Duration High Yield Bond (launched as at 12June 2013)0.25% 0.20% 0.15% 0.00%India Fixed Income 0.35% 0.25% 0.20% 0.00%Latin American Local Debt 0.35% 0.25% 0.20% 0.00%RMB Fixed Income 0.25% 0.20% 0.15% 0.00%US Dollar Bond 0.25% 0.15% 0.15% 0.00%RESERVE SUB-FUNDEuro Reserve 0.15% 0.10% - 0.00%INDEX SUB-FUNDEconomic Scale Index GEM Equity 0.35% 0.30% 0.20% 0.00%OTHER SUB-FUNDSGEM Debt Total Return 0.35% 0.25% - 0.00%Global Currency (liquidated as at 28 June 2013) 0.30% 0.20% - 0.00%Global Flex Allocation (liquidated as at 26 April 2013) 0.30% 0.20% - 0.00%Global Macro 0.30% 0.20% - 0.00%Managed Solutions - Asia Focused Conservative 0.35% 0.25% 0.20% 0.00%Managed Solutions - Asia Focused Growth 0.35% 0.25% 0.20% 0.00%Managed Solutions - Asia Focused Income 0.35% 0.25% 0.20% 0.00%* 0.15% for share class S** 0.20% for share class Z*** 0.10% for share class S**** 0.15% for share class Z164


Notes to the Financial Statements (continued)Charges and expenses (continued)Management Fee Percentages (refer also to note 4.2)Sub-FundClassAClassBClassEClassIClassMClassNClassPClassZClassJClassLClassRClassSClassWClassYClassXEQUITY SUB-FUNDSa) International and Regionalsub-fundsAsia ex Japan Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Asia ex Japan EquitySmaller Companies1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Asia Pacific ex JapanEquity High Dividend1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - 0.40 0.00 - 0.70BRIC Equity 1.5 0.75 2.00 0.75 1.00 - - 0.00 0.60 0.50 - - 0.00 - 0.70BRIC Markets - - - - - - - 1.00 - - - - 0.00 1.50 -BRIC Markets Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60China ConsumerOpportunities1.50 0.750 2.00 0.750 - - - 0.00 - - - 0.40 0.00 - 0.70CIVETS (liquidated as at 18July 2013)1.75 0.88 2.25 0.88 - - - 0.00 - - - - 0.00 - 0.75Climate Change 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Emerging Wealth 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Euroland Equity 1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.60Euroland EquitySmaller Companies1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.70Euroland Growth 1.50 0.75 2.00 0.75 1.25 - - 0.00 - - - - 0.00 - 0.60European Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 - 0.60Frontier Markets 1.75 1.25 2.25 1.25 - - - 0.00 - - - - 0.00 - 1.00Global EmergingMarkets Equity1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - 0.55 0.00 - 0.70Global Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Latin American Equity 1.50 0.75 2.00 0.75 1.00 - - 0.00 - 0.50 - 1.75 0.00 - 0.70b) Market Specific Equity subfundsBrazil Equity 1.75 0.875 2.25 0.875 - - - 0.00 - - - 0.55 0.00 - 0.70Chinese Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Hong Kong Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - - 0.00 - 0.70Indian Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Japanese Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 - 0.60Korean Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Mexico Equity 1.75 0.875 2.25 0.875 - - - 0.00 0.60 - - - 0.00 - 0.75Russia Equity 1.75 0.875 2.25 0.875 - - - 0.00 - - - 0.45 0.00 - 0.70Singapore Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - - 0.00 - 0.70Taiwan Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Thai Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Turkey Equity 1.75 0.88 2.25 0.88 - - - 0.00 0.60 - - - 0.00 - 0.70UK Equity 1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.60US Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 0.30 0.50165


Notes to the Financial Statements (continued)Charges and expenses (continued)Management Fee Percentages (refer also to note 4.2) (continued)Sub-FundClassAClassBClassEClassIClassMClassNClassPClassZClassJClassLClassRClassSClassWClassYClassXBOND SUB-FUNDSAsian Currencies Bond 1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60Brazil Bond 1.00 0.50 1.30 0.50 - - - 0.00 - - - - 0.00 - 0.50Euro Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 0.60 - - - 0.00 - 0.30Euro Credit Bond 0.85 0.425 1.15 0.425 - - - 0.00 0.60 - - - 0.00 - 0.35Euro High Yield Bond 1.10 0.55 1.40 0.55 - - - 0.00 0.60 - - 0.35 0.00 - 0.50GEM Inflation Linked Bond 1.00 0.50 1.25 0.50 - - - 0.00 - - - - 0.00 - 0.50Global Asset-Backed Bond(launched as at 31 May 2013)0.90 0.45 1.20 0.45 - - - 0.00 - - - - 0.00 - 0.45Global Asset-Backed HighYield Bond (launched as at 31May 2013)1.50 - 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.70Global Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 0.60 - - - 0.00 - 0.35Global EmergingMarkets Bond1.25 0.625 1.55 0.50 - - 1.00 0.00 0.60 - - 0.60 0.00 - 0.50Global Emerging MarketsCorporate Debt1.50 0.75 1.80 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Global Emerging MarketsInvestment Grade Bond1.10 0.55 1.40 0.475 - - - 0.00 0.60 - - - 0.00 - 0.45Global EmergingMarkets Local Debt1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60Global High Income Bond 1.25 0.625 1.55 0.625 - - - 0.00 - - - - 0.00 - 0.50Global High Yield Bond 1.10 0.55 1.40 0.55 - - - 0.00 - - - - 0.00 - 0.50Global Inflation Linked Bond 0.70 0.35 1.00 0.35 - - - 0.00 - - - - 0.00 - 0.35Global Short Duration HighYield Bond (launched as at 12June 2013)0.90 0.45 1.30 0.45 - - - 0.00 0.60 - - - 0.00 - 0.40India Fixed Income 1.10 0.55 1.40 0.55 - - - 0.00 - - - - 0.00 - 0.50Latin American Local Debt 1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60RMB Fixed Income 0.75 0.375 1.05 0.375 - - - 0.00 - - - - 0.00 - 0.35US Dollar Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 - - - - 0.00 - 0.35166


Notes to the Financial Statements (continued)Charges and expenses (continued)Management fee percentages (refer also to note 4.2) (continued)Sub-FundClassAClassBClassEClassIClassMClassNClassPClassZClassJClassLClassRClassSClassWClassYClassXRESERVE SUB-FUNDEuro Reserve 0.50 - - 0.25 - - - 0.00 - - - - 0.00 - -INDEX SUB-FUNDEconomic Scale Index GEMEquity0.60 0.30 0.90 0.30 - - - 0.00 - - - - 0.00 - 0.30OTHER SUB-FUNDSGEM Debt Total Return - - - - 1.00 0.50 - 0.00 0.60 0.50 1.50 1.00 0.00 - -Global Currency (liquidatedas at 28 June 2013)- - - - 1.50 0.75 - 0.00 - 1.00 2.00 - 0.00 - -Global flex Allocation(liquidated as at 26 April 1.20 0.60 1.70 0.60 - - - 0.00 - - - - 0.00 - -2013)Global Macro - - - - 1.50 0.75 - 0.00 - 1.00 2.00 - 0.00 - -Managed Solutions - AsiaFocused Conservative0.70 0.50 1.00 0.50 - - 0.80 0.00 - - - - 0.00 - 0.45Managed Solutions - AsiaFocused Growth1.50 0.75 2.00 0.75 - - 1.25 0.00 - - - - 0.00 - 0.60Managed Solutions - AsiaFocused Income1.25 0.625 1.55 0.625 - - 1.00 0.00 - - - - 0.00 - 0.60167


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-fund nameEQUITY SUB-FUNDSa) International and Regional sub-fundsShare classTER excluding theperformance fee (in %)Asia ex Japan Equity AC 1.86%AC EUR 1.86%ACH EUR 1.86%AD 1.86%ADH EUR 1.86%BC GBP 1.11%BD GBP 1.10%EC 2.36%ED 2.36%IC 1.00%ID 1.00%J1C 0.85%ZD 0.25%Asia ex Japan Equity Smaller Companies AC 1.87%AC EUR 1.85%AD 1.86%AD HKD 1.88%BC GBP 1.09%BD GBP 1.11%EC 2.36%IC 1.00%ID 1.01%Asia Pacific ex Japan Equity High Dividend AC 1.86%AD 1.86%AM 1.85%AM HKD 1.85%BC GBP 1.12%BD GBP 1.10%EC 2.36%IC 1.01%IC EUR 1.00%ZD 0.25%168


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)BRIC Equity AC 1.91%AC GBP 1.91%AC HKD 1.94%AD 1.92%AD GBP 1.74%BC GBP 1.16%BD GBP 1.16%EC 2.41%IC 1.08%IC EUR 1.12%ID 0.68%J1C 0.91%L1C 0.80%M1C 1.42%M2C 1.42%M2D 1.42%XC 0.95%BRIC Markets YC 1.90%YD 0.33%ZC 1.26%BRIC Markets Equity AC 1.87%AD 1.87%EC 2.39%ED 2.38%IC 0.79%J1C 0.86%China Consumer Opportunities AC 1.91%AC HKD 1.91%Climate Change AC 1.86%AD 1.86%EC 2.36%IC 0.99%Emerging Wealth AC 1.91%AD 1.91%169


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Euroland Equity AC 1.86%AD 1.86%EC 2.34%ED 2.37%IC 1.00%ID 1.00%ZC 0.25%ZD 0.25%Euroland Equity Smaller Companies AC 1.86%AD 1.86%EC 2.38%IC 1.00%ZC 0.25%Euroland Growth AC 1.90%EC 2.47%IC 1.01%M1C 1.61%M1D 1.61%European Equity AC 1.86%AD 1.86%EC 2.36%ED 2.36%IC 1.00%PC 1.36%PD 1.36%ZD 0.26%Frontier Markets AC 2.17%AC EUR 2.17%AD 2.19%BC GBP 1.68%BD GBP 1.63%170


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Frontier Markets (continued) EC 2.72%EC EUR 2.74%IC 1.58%IC EUR 1.58%IC GBP 1.55%ID 1.59%ID EUR 1.55%ZD 0.30%Global Emerging Markets Equity AC 1.94%AC EUR 1.94%AC GBP 1.93%AD 1.94%AD GBP 2.13%BC GBP 1.17%BD GBP 1.17%EC 2.44%ED 2.44%IC 1.08%ID 1.08%PC 1.44%PD 1.44%S1D 0.99%WD 0.03%ZC 0.32%ZD 0.34%Global Equity AC 1.87%AD 1.87%EC 2.36%IC 1.03%ZC 0.25%ZD 0.25%Latin American Equity AC 1.91%AC EUR 1.91%AC GBP 1.88%AD 1.92%AD GBP 1.17%171


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Latin American Equity (continued) AD HKD 1.92%BC GBP 1.16%BD GBP 1.16%EC 2.43%IC 1.06%IC EUR 0.68%L1D 0.80%M1C 1.42%M1D 1.41%Brazil Equity AC 2.18%AC EUR 2.17%AC GBP 2.16%AD 2.17%AD GBP 2.14%AD HKD 2.16%BC GBP 1.28%BD GBP 1.27%EC 2.68%ED 2.70%IC 1.19%IC EUR 1.18%ID 1.17%S3D 0.86%XC 0.89%ZC 0.30%Chinese Equity AC 1.91%AC EUR 1.91%AC GBP 1.92%AD 1.91%AD GBP 1.92%AD HKD 1.91%BC GBP 1.28%BD GBP 1.29%EC 2.41%ED 2.42%IC 1.05%ID 1.02%172


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Chinese Equity (continued) J1C 0.91%ZD 0.30%Hong Kong Equity AC 1.86%AD 1.85%BC GBP 1.12%BD GBP 1.10%EC 2.36%IC 1.00%J1C 0.86%PD 1.36%ZD 0.25%Indian Equity AC 1.94%AC EUR 1.87%AC GBP 1.92%AD 1.94%AD EUR 1.91%AD GBP 1.93%AD HKD 1.94%BC GBP 1.17%BD GBP 1.14%EC 2.44%ED 2.44%IC 1.08%IC EUR 0.82%ID 1.11%XD 0.90%ZD 0.32%Japanese Equity AC 1.88%AD 1.88%BC GBP 1.11%BD GBP 1.11%EC 2.35%ED 2.34%IC 1.02%PC 1.37%PD 1.38%ZD 0.25%173


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Korean Equity AC 1.91%AD 1.91%EC 2.42%ED 2.43%IC 1.07%J1C 0.91%Mexico Equity AC 2.10%IC 1.19%IC EUR 1.17%JC 0.89%Russia Equity AC 2.19%AC EUR 2.18%AC GBP 2.29%AD 2.19%AD GBP 2.19%AD HKD 2.19%BC GBP 1.28%BD GBP 1.28%EC 2.70%IC 1.27%XC 0.83%Singapore Equity AC 1.91%AD 1.91%EC 2.41%IC 1.04%J1C 0.90%PD 1.41%ZD 0.30%Taiwan Equity AC 1.91%AD 1.91%EC 2.40%IC 1.05%174


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Thai Equity AC 1.86%AD 1.86%EC 2.37%IC 1.00%ID 1.00%J1C 0.84%Turkey Equity AC 2.15%AC GBP 2.14%AD 2.15%AD GBP 2.13%BC GBP 1.28%BD GBP 1.28%EC 2.65%IC 1.18%J1C 0.54%UK Equity AC 1.82%AD 1.82%BC GBP 1.06%BD GBP 1.06%EC 2.33%ID 0.99%US Equity AC 1.86%ACH EUR 1.86%AD 1.85%ADH EUR 1.87%EC 2.37%ED 2.40%IC 1.02%ID 1.02%PD 1.36%YD 0.56%ZD 0.25%175


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundBond Sub-FundsShare classTER excluding theperformance fee (in %)Asian Currencies Bond AC 1.61%AC EUR 1.60%AD 1.61%BC GBP 0.98%BD GBP 0.99%EC 1.91%ID 0.88%ID EUR 0.88%ZC 0.25%Brazil Bond AC 1.38%AD 1.36%BC GBP 0.87%BD GBP 0.87%EC 1.67%IC 0.75%Euro Bond AC 1.00%AD 1.00%EC 1.31%IC 0.53%Euro Credit Bond AC 1.11%AD 1.10%EC 1.42%IC 0.63%XCH JPY 0.51%ZD 0.20%Euro High Yield Bond AC 1.36%AD 1.35%EC 1.66%ED 1.63%IC 0.75%ID 0.75%S8D 0.50%XC 0.65%ZC 0.20%176


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)GEM Inflation Linked Bond AC 1.31%AC EUR 1.31%AC GBP 1.32%BC GBP 0.82%BD GBP 0.81%EC 1.56%IC 0.76%IC EUR 0.76%ZC 0.20%Global Bond AC 1.01%AD 1.01%BC GBP 0.62%BD GBP 0.79%EC 1.32%IC 0.52%PD 0.76%WD 0.00%ZC 0.15%ZD 0.15%Global Emerging Markets Bond AC 1.62%AC EUR 1.61%AC GBP 1.62%AC HKD 1.58%ACH CHF 1.64%ACH EUR 1.64%AD 1.62%AD EUR 1.62%AD GBP 1.61%ADH EUR 1.64%AM 1.63%AM HKD 1.64%177


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Global Emerging Markets Bond (continued) AMH AUD 1.65%AMH EUR 1.64%AMH SGD 1.64%BC GBP 0.98%BD GBP 0.98%EC 1.93%ED 1.92%IC 0.76%IC EUR 0.76%ICH EUR 0.79%ID 0.75%ID EUR 0.74%IDH EUR 0.79%PC 1.37%PD 1.37%S6C 0.55%XC 0.61%ZD 0.25%Global Emerging Markets Corporate Debt AC 1.87%AC EUR 1.86%AD 1.90%IC 1.01%ZC 0.25%Global Emerging Markets Investment Grade Bond AC 1.47%AD 1.49%EC 1.76%IC 0.73%IC EUR 0.73%ID EUR 0.73%Global Emerging Markets Local Debt AC 1.62%AC EUR 1.61%AC GBP 1.62%AD 1.62%AD GBP 1.62%BC GBP 1.00%BD GBP 0.95%178


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Global Emerging Markets Local Debt (continued) EC 1.92%IC 0.89%IC EUR 0.89%ID 0.89%ID EUR 0.88%J1D 0.85%J1M 0.86%XC 0.79%XC GBP 0.80%XD 0.78%ZD 0.25%ZM 0.25%Global High Income Bond AC 1.51%ACH EUR 1.54%ACH SGD 1.54%AD 1.51%AM 1.51%AMH AUD 1.53%AMH EUR 1.53%AMH SGD 1.53%EC 1.71%ECH EUR 1.84%IC 0.84%ICH EUR 0.87%ID 0.28%Global High Yield Bond AM 1.37%AM HKD 1.37%AMH AUD 1.39%AMH EUR 1.39%BC GBP 0.84%BD GBP 0.85%Global Inflation Linked Bond AC 0.96%ACH EUR 0.96%AD 0.95%EC 1.26%179


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Global Inflation Linked Bond (continued) IC 0.56%ICH EUR 0.56%ICH GBP 0.56%ZC 0.15%Global Short Duration High Yield Bond (launchedas at 12 June 2013)AC 1.18%IC 0.67%ZC 0.20%India Fixed Income AC 1.42%AC EUR 1.38%AD 1.40%BC GBP 0.97%BD GBP 1.21%EC 1.31%IC 0.65%IC EUR 0.88%ID 0.86%ZC 0.29%Latin American Local Debt AC 1.63%IC 0.87%ZC 0.25%RMB Fixed Income AC 1.01%AC EUR 0.99%ACH EUR 1.02%AC RMB 0.98%AD EUR 1.00%AD RMB 0.99%AD 1.00%BC GBP 0.62%BD GBP 0.65%EC 1.31%ECH EUR 1.30%IC 0.57%ICH EUR 0.58%180


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)RMB Fixed Income (continued) ID 0.58%ZC 0.20%ZD 0.20%US Dollar Bond AC 1.01%AD 1.01%BC GBP 0.62%BD GBP 0.64%EC 1.32%IC 0.53%ID 0.53%PC 0.75%PD 0.76%WD 0.00%ZC 0.15%ZD 0.15%Reserve Sub-FundEuro Reserve AC 0.15%AD 0.15%IC 0.15%Index Sub-FundEconomic Scale Index GEM Equity AC 0.95%IC 0.60%ZC 0.30%ZD 0.30%Other Sub-FundsGEM Debt Total Return J1CH JPY 0.78%L1C 0.76%L1CH EUR 0.79%L1D 0.76%L1DH EUR 0.78%M1C 1.36%M1CH CHF 1.39%181


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)GEM Debt Total Return (continued) M1CH EUR 1.39%M1D 1.36%M1DH EUR 1.43%N1CH GBP 0.89%N1DH GBP 0.89%ZD 0.25%ZDH EUR 0.28%Global Macro L1C 1.21%L1CH GBP 1.20%L1CH SEK 1.20%L1CH USD 1.20%L1D 1.20%L1DH USD 1.20%M1C 1.80%M1CH CHF 1.80%M1CH GBP 1.80%M1CH NOK 1.80%M1CH SEK 1.80%M1CH USD 1.80%M1D 1.80%M1DH GBP 1.80%R1C 2.33%182


Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER including theShare class performance fee (in %)Global Macro L1C 1.21%L1CH GBP 1.20%L1CH SEK 1.20%L1CH USD 1.20%L1D 1.20%L1DH USD 1.20%M1C 1.80%M1CH CHF 1.80%M1CH GBP 1.80%M1CH NOK 2.70%M1CH SEK 1.80%M1CH USD 1.80%M1D 1.80%M1DH GBP 1.80%R1C 2.33%ZCH GBP 0.20%GEM Debt Total Return J1CH JPY 0.78%L1C 0.76%L1CH EUR 0.79%L1D 0.76%L1DH EUR 0.78%M1C 1.36%M1CH CHF 1.39%M1CH EUR 1.39%M1D 1.36%M1DH EUR 1.43%N1CH GBP 0.89%N1DH GBP 0.89%ZD 0.25%183


Publication of PTR (Portfolio Turnover Ratio) – Information concerning the SwissInvestorsSub-Fund %Asia ex Japan Equity 131.14Asia ex Japan Equity Smaller Companies 121.45Asia Pacific ex Japan Equity High Dividend 14.68BRIC Equity 87.25BRIC Markets 21.58BRIC Markets Equity 75.92China Consumer Opportunities 68.80Climate Change 50.66Emerging Wealth 224.20Euroland Equity (18.40)Euroland Equity Smaller Companies 160.43Euroland Growth 3.52European Equity 66.45Frontier Markets 39.22Global Emerging Markets Equity 82.20Global Equity 182.55Latin American Equity 72.44Brazil Equity 39.82Chinese Equity 154.77Hong Kong Equity 20.19Indian Equity 99.80Japanese Equity 9.99Korean Equity 31.02Mexico Equity 31.16Russia Equity 59.34Singapore Equity 83.51Taiwan Equity 124.03Thai Equity 85.93Turkey Equity (6.86)UK Equity 28.22US Equity 133.91Asian Currencies Bond 46.53Euro Bond 87.38Euro Credit Bond 381.61Euro High Yield Bond 26.25GEM Inflation Linked Bond 9.22184


Publication of PTR (Portfolio Turnover Ratio) – Information concerning the SwissInvestorsSub-Fund %Global Emerging Markets Bond 59.17Global Emerging Markets Corporate Debt 98.57Global Emerging Markets Investment Grade Bond 40.06Global Emerging Markets Local Debt 175.57Global High Income Bond 72.86Global High Yield Bond 41.74Global Inflation Linked Bond 103.60India Fixed Income 79.50Latin American Local Debt 188.66RMB Fixed Income (12.59)US Dollar Bond 713.65Euro Reserve 1,019.23Economic Scale Index GEM Equity 20.54GEM Debt Total 329.93Global Macro 478.62Managed Solutions - Asia Focused Income 14.88With reference to section 2.8 (2) of the Prospectus dated January 2013, adjustments related to swing pricingmethodology are included in the PTR figures.185


Publication of performance for sub-funds distributed in Switzerland – Informationconcerning the Swiss InvestorsSub-fund nameShare classShare classcurrencyCalendar Year Performance2012 2011 2010Asia ex Japan Equity AC USD 14.80% (23.26)% 21.18%Asia ex Japan Equity SmallerCompaniesAC USD 26.41% (24.75)% 29.04%Asia Pacific ex Japan EquityHigh DividendAC USD 18.69% (13.66)% 17.28%BRIC Equity AC USD 15.05% (28.44)% 12.43%BRIC Markets YC USD 13.97% (25.68)% 10.68%BRIC Markets Equity AC USD 13.41% (23.22)% 6.90%China Consumer Opportunities AC USD 6.16% N/A N/AClimate Change AC USD 18.63% (18.93)% 0.78%Emerging Wealth AC USD 10.24% (13.51)% 9.49%Euroland Equity AC EUR 17.36% (18.43)% 1.02% AC EUR 26.41% (22.52)% 27.78%Euroland Growth M1C EUR 20.13% (14.40)% (0.75)%European Equity AC EUR 18.91% (13.22)% 10.85%Frontier Markets AC USD 24.42% (1.27)% N/AGlobal Emerging MarketsEquityAC USD 20.73% (27.38)% 14.40%Global Equity AC USD 13.29% (6.75)% 7.67%Latin American Equity AC USD 12.25% (25.90)% 13.30%Brazil Equity AC USD 6.53% (25.76)% 13.87%Chinese Equity AC USD 19.23% (20.43)% 0.95%Hong Kong Equity AC USD 26.40% (22.89)% 8.20%Indian Equity AC USD 39.71% (45.82)% 13.00%Japanese Equity AC JPY 15.94% (18.49)% (0.94)%Korean Equity AC USD 10.62% (16.68)% 20.70%Russia Equity AC USD 6.54% (24.43)% 23.74%Singapore Equity AC USD 30.40% (18.37)% 16.05%Taiwan Equity AC USD 14.14% (21.29)% 21.61%186


Publication of performance for sub-funds distributed in Switzerland – Informationconcerning the Swiss InvestorsSub-fund nameShare classShare classcurrencyCalendar Year Performance2012 2011 2010Thai Equity AC USD 35.72% (4.50)% 50.27%Turkey Equity AC EUR 72.19% (32.62)% 37.65%UK Equity AC GBP 13.44% (6.26)% 12.99%US Equity AC USD 10.38% 2.58% 9.14%Asian Currencies Bond AC USD 10.59% N/A N/ABrazil Bond AC USD 7.37% (0.15)% 13.01%Euro Bond AC EUR 12.96% 2.90% 3.34%Euro Credit Bond AC EUR 18.24% 0.87% 4.80%Euro High Yield Bond AC EUR 26.16% (2.34)% 12.87%GEM Inflation Linked Bond AC USD 19.70% N/A N/AGlobal Bond AC USD 4.55% 7.57% 3.38%Global Emerging Markets Bond EC USD 17.54% 6.31% 11.82%Global Emerging Markets CorporateDebtGlobal Emerging Markets InvestmentGrade BondAC USD 17.67% (0.09)% N/AAC USD 15.35% 1.83% N/AGlobal Emerging Markets Local Debt AC USD 12.34% (3.99)% 12.69%Global High Income Bond AC USD 18.36% 2.25% N/AGlobal High Yield Bond* AM USD 5.90% N/A N/AGlobal Inflation Linked Bond AC USD 5.90% 11.04% N/AIndia Fixed Income* AC USD 4.80% N/A N/ALatin American Local Debt AC USD 11.68% N/A N/ARMB Fixed Income AC USD 4.60% N/A N/AUS Dollar Bond AC USD 3.10% 7.27% 3.83%Euro Reserve AC EUR 0.08% 0.45% 0.27%GEM Debt Total Return M1C USD 10.37% (1.47)% 8.60%Global Macro M1C EUR 0.50% (6.31)% 1.19%*These sub-funds were launched during the calendar year, so these figures are not for the whole 12 month period.187


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Asia ex Japan EquityUSDNet Asset Value per ShareAC 49.90 50.04 47.10AC EUR N/A 13.70 12.89ACH EUR 21.70 20.88 20.65AD 46.16 45.95 42.73ADH EUR 21.17 20.21 19.75BC GBP N/A 16.44 15.53BD GBP N/A 16.44 15.50EC 45.67 45.58 42.79ED 45.24 45.08 42.03IC 50.48 51.05 48.26ID 49.94 49.65 45.97J1C 10.67 10.81 10.23WD 9.75 N/A N/AZD 47.28 46.96 43.31Total Net Assets 632,596,218 578,399,436 424,392,985Asia ex Japan Equity Smaller CompaniesUSDNet Asset Value per ShareAC 35.15 43.44 44.27AC EUR N/A N/A 12.14AD 33.45 40.85 41.27AD HKD 1.09 1.35 1.35BC GBP N/A 18.78 19.21BD GBP N/A 18.78 19.21EC 34.31 42.19 42.89IC 36.02 44.89 45.95ID N/A N/A 14.57Total Net Assets 46,581,203 77,779,019 84,285,096188


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Asia Pacific ex Japan Equity High DividendUSDNet Asset Value per ShareAC 18.79 21.06 20.37AD 15.75 17.32 16.71AM 8.95 9.70 9.22AM HKD 1.15 1.25 1.19BC GBP N/A 17.12 16.62BD GBP N/A 17.12 16.56EC 18.39 20.51 19.79IC 16.98 19.20 18.65IC EUR 13.13 14.84 14.41ZD 16.00 17.62 17.09Total Net Assets 179,969,407 181,316,096 169,728,130BRIC EquityUSDNet Asset Value per ShareAC 21.95 20.13 18.78AC GBP 16.16 14.82 13.82AC HKD 1.05 0.96 0.90AD 22.02 20.12 18.47AD GBP 16.33 20.12 18.77BC GBP N/A 16.00 14.98BD GBP N/A 16.00 14.98EC 21.37 19.50 18.14IC 22.38 20.71 19.40IC EUR 12.65 11.70 10.96ID 22.79 20.99 N/AJ1C 16.80 15.56 14.59L1C 22.31 20.69 19.41M1C 23.37 21.54 20.14M2C 22.47 20.72 19.37M2D 22.50 20.54 18.79XC 22.42 20.76 19.46Total Net Assets 1,461,706,477 1,088,733,979 815,543,349189


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013BRIC MarketsUSDNet Asset Value per ShareYC 25.91 24.68 24.09YD 25.91 24.65 23.81ZC 26.69 25.57 25.05Total Net Assets 17,471,546 16,699,343 7,750,714BRIC Markets EquityUSDNet Asset Value per ShareAC 14.15 13.74 13.42AD 14.09 13.55 13.08EC 13.75 13.29 12.94ED 13.75 13.23 12.81IC 14.83 14.52 14.25J1C 14.99 14.70 14.43Total Net Assets 507,848,965 438,104,655 366,421,750China Consumer OpportunitiesUSDNet Asset Value per ShareAC 12.46 13.23 14.25AC HKD 1.60 1.70 1.83Total Net Assets 81,040,170 99,282,833 155,948,476CIVETS (liquidated as at 18 July 2013)USDNet Asset Value per ShareAC 9.82 11.21 N/AAC EUR 13.92 15.89 N/AAD 9.82 11.21 N/AEC 9.94 11.29 N/AIC 9.90 11.42 N/AIC EUR 14.04 16.18 N/AZC 9.98 11.61 N/ATotal Net Assets 22,602,458 33,751,147 N/A190


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Climate ChangeUSDNet Asset Value per ShareAC 5.93 6.65 7.22AD 5.86 6.48 7.00EC 5.80 6.47 7.02IC 6.16 6.96 7.59Total Net Assets 29,888,905 27,782,887 27,211,035Emerging WealthUSDNet Asset Value per ShareAC 8.24 8.40 8.69AD 8.11 8.23 8.49EC 8.24 N/A N/ATotal Net Assets 22,944,964 19,482,361 18,739,227Euroland EquityEURNet Asset Value per ShareAC 23.61 26.60 31.05AD 22.25 24.52 28.23EC 23.00 25.78 30.01ED 22.03 24.30 28.02IC 24.71 28.07 32.91ID N/A 28.07 32.90ZC 27.30 31.25 36.78ZD 24.56 27.02 30.93Total Net Assets 595,918,907 544,812,966 657,104,837Euroland Equity Smaller CompaniesEURNet Asset Value per ShareAC 39.18 42.93 47.96AD 37.81 41.31 45.98EC 38.20 41.64 46.40IC 41.12 45.44 50.99ZC 45.19 50.31 56.66Total Net Assets 61,383,787 128,093,393 158,670,678191


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Euroland GrowthEURNet Asset Value per ShareAC 10.18 11.23 12.41EC N/A N/A 10.58IC 10.38 11.55 12.82M1C 10.23 11.31 12.52M1D 9.54 10.31 11.21Total Net Assets 72,275,014 88,286,202 89,387,800European EquityEURNet Asset Value per ShareAC 30.73 34.84 37.36AD 28.05 31.50 33.45EC 28.82 32.52 34.78ED 27.65 31.05 33.03IC 31.82 36.39 39.19PC 32.16 36.64 39.40PD 27.76 31.17 33.03WD 16.95 N/A N/AZD 28.54 32.03 33.81Total Net Assets 89,984,483 117,926,468 118,947,019Frontier MarketsUSDNet Asset Value per ShareAC 65.13 79.06 84.03AC EUR N/A 15.01 15.96AD N/A 79.06 83.66BC GBP N/A 15.51 16.53BD GBP N/A 17.23 N/AEC N/A 10.78 11.43EC EUR N/A N/A 12.93IC 92.40 112.84 120.30IC EUR N/A 13.87 14.79IC GBP N/A 17.15 18.28ID 92.40 111.63 116.94ID EUR N/A N/A 12.78ZD 11.51 14.03 14.64Total Net Assets 69,184,372 122,834,838 226,123,911192


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets EquityUSDNet Asset Value per ShareAC 16.31 16.06 15.17AC EUR 15.43 15.20 14.36AC GBP 16.40 16.15 15.26AD 15.92 15.56 14.50AD GBP 16.51 16.27 15.16BC GBP N/A 16.30 15.46BD GBP N/A 16.30 15.43EC 15.34 15.03 14.17ED 15.24 14.90 13.93IC 16.93 16.82 15.96ID N/A 16.96 16.03PC 11.15 11.03 10.45PD 10.93 10.67 9.92S1D 7.89 7.69 7.13WD 16.44 16.02 14.76ZC N/A 9.47 9.02ZD 16.32 15.91 14.69Total Net Assets 637,693,053 597,325,743 473,590,198Global EquityUSDNet Asset Value per ShareAC 24.09 26.36 28.34AD 23.64 25.77 27.60EC 23.72 25.82 27.69IC 25.14 27.74 29.95ZC 26.71 29.69 32.18ZD 25.73 28.04 29.87Total Net Assets 67,087,168 68,671,483 104,001,366193


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Latin American EquityUSDNet Asset Value per ShareAC 18.35 18.33 16.61AC EUR N/A 13.80 12.51AC GBP 16.73 16.71 15.14AD 18.33 18.07 16.28AD GBP 16.64 N/A 13.41AD HKD 1.13 1.12 1.01BC GBP N/A 17.44 15.86BD GBP N/A 17.44 15.83EC 18.16 18.05 16.32IC 18.76 18.90 17.20IC EUR 13.33 N/A 11.63L1D 18.55 18.27 16.35M1C 18.61 18.68 16.97M1D 18.40 18.13 16.28Total Net Assets 185,181,046 207,155,361 172,376,449Brazil EquityUSDNet Asset Value per ShareAC 35.17 32.46 28.17AC EUR 13.01 12.01 10.42AC GBP 17.49 16.14 14.01AD 34.79 31.66 27.21AD GBP 16.96 15.47 13.29AD HKD 1.12 1.03 0.88BC GBP N/A 17.32 15.10BD GBP N/A 17.32 15.02EC 34.11 31.32 27.12ED 34.11 31.07 26.80IC 37.32 34.77 30.33IC EUR N/A 13.03 11.36ID 35.96 32.66 27.86S3D 37.21 34.07 29.00XC 37.53 35.07 30.64ZC 40.42 37.99 33.29ZD 36.68 N/A N/ATotal Net Assets 1,967,144,853 1,790,862,992 1,055,260,420194


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Chinese EquityUSDNet Asset Value per ShareAC 68.69 73.13 77.01AC EUR 12.35 13.14 13.84AC GBP 16.16 17.20 18.12AD 66.86 70.55 73.63AD GBP 16.13 17.17 17.92AD HKD 1.06 1.12 1.17BC GBP N/A 15.95 16.85BD GBP N/A 15.95 16.85EC 66.31 70.24 73.79ED 66.23 69.92 73.16IC 72.70 78.06 82.56ID 69.00 72.74 75.59J1C 72.05 77.47 82.00ZD 69.72 73.44 76.03Total Net Assets 2,119,742,079 2,080,946,949 1,981,546,791Hong Kong EquityUSDNet Asset Value per ShareAC 105.93 119.66 123.65AD 98.62 109.95 112.25BC GBP N/A 14.86 N/ABD GBP N/A 14.88 15.40EC 103.38 116.19 119.76IC 110.25 125.58 130.33J1C 7.22 8.24 8.56PD 97.37 108.51 110.53ZD 103.33 115.04 116.58Total Net Assets 323,515,651 258,976,707 233,729,037195


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Indian EquityUSDNet Asset Value per ShareAC 138.67 136.89 108.56AC EUR N/A 13.05 10.35AC GBP 15.48 15.28 12.12AD 138.23 136.45 108.22AD EUR 11.70 11.55 9.16AD GBP 15.44 15.24 12.09AD HKD 1.00 0.99 0.78BC GBP N/A 15.03 11.97BD GBP N/A 15.03 11.97EC 132.59 130.24 103.03ED 132.59 130.25 103.03IC 149.80 149.13 118.78IC EUR 12.99 N/A 11.06ID 146.43 145.45 115.30XD N/A N/A 118.84ZD 146.28 145.10 114.50Total Net Assets 3,995,712,797 3,271,502,077 2,243,623,216Japanese EquityJPYNet Asset Value per ShareAC 4,547.46 5,399.99 6,114.18AD 673.19 796.14 898.90BC GBP N/A 1,559.63 1,772.68BD GBP N/A 1,547.33 1,747.99EC 646.24 763.60 862.40ED 646.02 777.20 876.40IC 4,780.24 5,725.54 6,510.38PC 4,657.51 5,558.24 6,309.46PD 696.23 823.28 928.71WD 6,255.74 N/A N/AZD 682.30 806.58 908.08Total Net Assets 6,183,910,521 6,024,606,356 7,055,563,156196


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Korean EquityUSDNet Asset Value per ShareAC 15.12 14.60 15.49AD 15.12 14.60 15.49EC 14.76 14.19 15.00ED 14.77 14.19 15.01IC 15.94 15.53 16.53J1C 15.56 15.18 16.18Total Net Assets 112,002,210 77,579,190 91,475,122Mexico EquityUSDNet Asset Value per ShareAC N/A 10.61 9.60IC N/A N/A 10.09IC EUR N/A N/A 12.05JC N/A 10.62 9.67ZC N/A 10.62 N/ATotal Net Assets N/A 181,035,388 930,588,466Russia EquityUSDNet Asset Value per ShareAC 7.15 6.30 6.40AC EUR 12.79 11.28 11.46AC GBP 16.19 14.40 14.62AD 7.15 6.30 6.36AD GBP 17.23 15.20 15.34AD HKD 1.05 0.93 0.93BC GBP N/A 15.88 16.20BD GBP N/A 15.88 16.20EC 7.01 6.15 6.23IC 7.45 6.64 6.77XC 7.47 6.67 6.82ZD 7.34 N/A N/ATotal Net Assets 622,638,698 417,322,616 324,632,544197


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Singapore EquityUSDNet Asset Value per ShareAC 43.11 46.93 44.79AD 36.77 38.97 36.47EC 41.96 45.45 43.27IC N/A 47.73 45.75J1C 37.62 41.36 39.68PD 36.85 39.05 36.46ZD 37.77 40.91 38.03Total Net Assets 74,031,235 80,251,602 67,608,333Taiwan EquityUSDNet Asset Value per ShareAC 11.97 11.86 12.52AD 11.86 11.64 12.19EC 11.83 11.66 12.28IC N/A N/A 14.10Total Net Assets 20,630,000 11,364,799 9,935,179Thai EquityUSDNet Asset Value per ShareAC 17.30 21.81 18.73AD 15.41 18.95 16.13EC 16.85 21.13 18.10IC 18.24 23.18 20.00ID N/A 10.40 N/AJ1C 18.25 23.24 20.06Total Net Assets 143,850,038 179,440,336 117,476,987198


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Turkey EquityEURNet Asset Value per ShareAC 20.62 31.63 23.06AC GBP 13.05 20.03 14.60AD 15.52 23.76 17.33AD GBP 13.12 20.12 14.67BC GBP N/A 14.54 10.65BD GBP N/A 14.54 10.65EC 20.14 30.74 22.36IC 21.39 33.14 24.28ID 15.81 N/A N/AJ1C 8.33 12.95 13.93Total Net Assets 119,516,423 274,635,266 166,400,277UK EquityGBPNet Asset Value per ShareAC 28.09 32.64 33.77AD 24.27 27.74 28.19BC GBP N/A 11.31 11.75BD GBP N/A 11.31 11.69EC 27.67 31.99 33.01ID 27.08 30.97 31.38Total Net Assets 78,082,149 70,720,441 77,529,906199


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013US EquityUSDNet Asset Value per ShareAC 22.70 25.23 27.18ACH EUR 25.64 27.22 30.86AD 25.40 28.24 30.42ADH EUR 26.55 28.12 31.81EC 22.12 24.46 26.29ED 24.56 27.16 29.19IC 23.44 26.27 28.42ID 9.60 10.72 11.56PD 26.16 29.23 31.54WD 150.18 N/A N/AYD 9.41 10.52 11.32ZD 25.99 29.05 31.24Total Net Assets 181,631,614 190,304,259 211,663,410Asian Currencies BondUSDNet Asset Value per ShareAC 10.25 11.01 10.34AC EUR 13.73 14.73 13.84AD 10.25 10.81 9.91BC GBP N/A 16.15 15.22BD GBP N/A 16.15 15.08EC N/A 10.60 9.95IC 10.35 N/A N/AID 10.35 10.91 9.97ID EUR 14.29 15.15 13.85ZC 10.38 11.29 10.68Total Net Assets 81,243,101 104,374,087 115,140,699200


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Brazil BondUSDNet Asset Value per ShareAC 22.56 21.54 19.23AD 14.39 13.54 11.50BC GBP N/A 15.92 14.24BD GBP N/A 15.92 13.97EC 22.20 21.13 18.83IC 23.11 22.20 19.88Total Net Assets 59,043,559 51,353,137 46,106,177Euro BondEURNet Asset Value per ShareAC 21.67 23.37 23.62AD 17.73 18.59 18.29EC 21.34 22.94 23.15IC 22.62 24.51 24.83Total Net Assets 87,803,289 100,214,473 97,957,887Euro Credit BondEURNet Asset Value per ShareAC 20.95 23.11 23.45AD 15.51 16.52 16.31EC 20.64 22.69 22.99IC 22.08 24.47 24.89XCH JPY N/A N/A 76.12ZD 17.40 N/A 18.31Total Net Assets 447,349,327 559,870,355 501,686,973201


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Euro High Yield BondEURNet Asset Value per ShareAC 28.84 32.95 34.17AD 19.67 21.33 21.09EC 28.38 32.33 33.48ED 23.17 25.20 24.93IC 30.67 35.26 36.67ID 30.78 33.84 33.37S8D N/A 10.27 10.51XC 30.83 35.48 36.92ZC 31.63 36.57 38.14Total Net Assets 649,963,800 1,324,439,338 1,426,394,543GEM Inflation Linked BondUSDNet Asset Value per ShareAC 97.91 109.07 96.89AC EUR 9.79 10.91 9.69AC GBP 9.79 10.91 9.69BC GBP N/A 16.80 14.96BD GBP N/A 16.80 14.84EC N/A 10.88 9.66IC 98.31 110.13 98.10IC EUR 9.83 11.01 9.81ZC N/A 10.89 9.73Total Net Assets 139,181,512 203,237,802 162,904,316202


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Asset-Backed Bond (launched as at 31 May 2013)USDNet Asset Value per ShareZC N/A N/A 121.29Total Net Assets N/A N/A 32,603,125Global Asset-Backed High Yield Bond (launched as at 31May 2013)USDNet Asset Value per ShareZC N/A N/A 133.38Total Net Assets N/A N/A 21,011,721Global BondUSDNet Asset Value per ShareAC 17.18 17.25 17.20AD 14.49 14.34 14.06BC GBP N/A N/A 15.15BD GBP N/A N/A 15.13EC 13.22 13.24 13.18IC 17.60 17.75 17.75PD 11.84 11.71 11.47WD 199.82 197.70 192.79ZC 16.07 16.28 16.30ZD 14.96 14.80 14.44Total Net Assets 186,228,573 204,191,802 209,233,003203


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets BondUSDNet Asset Value per ShareAC 30.80 33.78 31.79AC EUR N/A 13.51 12.71AC GBP 16.80 18.43 17.34AC HKD N/A 1.29 1.21ACH CHF N/A 10.77 10.59ACH EUR N/A 12.49 12.36AD 30.52 32.01 28.92AD EUR N/A 12.70 11.78AD GBP 16.86 18.21 16.45ADH EUR 19.65 19.64 18.65AM 26.24 27.40 25.21AM HKD N/A 1.38 1.27AMH AUD N/A 10.34 8.52AMH EUR N/A 12.54 12.13AMH SGD N/A 7.94 7.21BC GBP N/A 15.85 14.97BD GBP N/A 15.85 14.75EC 30.31 33.14 31.14ECH EUR N/A N/A 13.47ED 24.82 26.02 23.54IC 32.04 35.43 33.49IC EUR 13.49 14.92 14.10ICH EUR N/A 21.91 21.81ID 21.60 22.65 20.36ID EUR N/A 13.29 12.50IDH EUR 20.74 20.70 19.56PC 30.90 33.97 32.01PD 19.98 20.94 18.89S6C N/A 9.90 9.36XC 32.05 35.52 33.59ZD N/A 22.72 20.81ZM 26.23 N/A N/ATotal Net Assets 2,327,280,001 4,014,032,969 2,664,441,431204


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets Corporate DebtUSDNet Asset Value per ShareAC 10.61 11.76 11.19AC EUR N/A 13.38 12.74AD N/A 10.13 9.53IC 10.73 11.99 11.46ZC 10.83 12.19 11.70Total Net Assets 11,026,609 12,559,642 12,059,365Global Emerging Markets Investment Grade BondUSDNet Asset Value per ShareAC 10.95 11.75 10.98AD N/A 11.75 10.72EC 10.95 11.70 10.93IC 11.06 11.94 11.20IC EUR 147.49 159.28 149.49ID EUR 144.93 152.21 136.70Total Net Assets 124,329,337 90,441,498 106,928,918205


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets Local DebtUSDNet Asset Value per ShareAC 14.52 15.20 14.43AC EUR 13.16 13.78 13.08AC GBP 16.35 17.12 16.25AD 12.74 12.91 11.93AD GBP 16.35 16.90 15.63BC GBP N/A 16.26 15.49BD GBP N/A 16.26 15.34EC 14.39 15.02 14.23IC 15.01 15.83 15.08IC EUR N/A 13.10 12.48ID 13.19 13.37 12.31ID EUR 13.21 13.87 12.77J1D N/A N/A 9.37J1M N/A N/A 9.20XC 15.02 N/A 9.61XC GBP N/A N/A 15.63XD N/A 10.14 9.54ZD 12.49 12.77 11.76ZM 12.63 12.90 12.04Total Net Assets 917,570,608 1,374,063,519 1,232,627,276Global High Income BondUSDNet Asset Value per ShareAC 11.34 12.61 12.48ACH EUR N/A 12.79 13.32ACH SGD 8.50 9.56 9.35AD N/A 12.61 12.05AM 10.35 10.93 10.58AMH AUD N/A 10.64 9.21AMH EUR N/A 13.08 13.31AMH SGD 8.44 9.03 8.64EC N/A 9.99 9.88ECH EUR N/A 12.88 13.39IC N/A 10.33 10.26ICH EUR N/A 13.18 13.76ID N/A 12.52 N/ATotal Net Assets 614,258,342 1,466,180,913 1,756,377,370206


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global High Yield BondUSDNet Asset Value per ShareAM N/A 10.54 10.27AM HKD N/A 1.36 1.32AMH AUD N/A 11.02 9.63AMH EUR N/A 13.51 13.88BC GBP N/A 16.54 16.66BD GBP N/A 16.54 N/ATotal Net AssetsGlobal Inflation Linked BondUSDNet Asset Value per ShareN/A1,414,435,965 1,029,734,246AC 113.88 120.66 114.32ACH EUR 152.69 155.26 154.81AD N/A N/A 9.38EC 113.65 120.06 113.57IC 114.68 121.99 115.82ICH EUR 154.22 157.44 157.36ICH GBP 185.52 187.36 189.83ZC 115.49 123.34 117.33Total Net Assets 38,965,081 34,156,213 31,641,885Global Short Duration High Yield Bond (launched as at 12June 2013)USDNet Asset Value per ShareAC N/A N/A 10.13IC N/A N/A 10.15ZC N/A N/A 10.16Total Net Assets N/A N/A 20,305,489207


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013India Fixed IncomeUSDNet Asset Value per ShareAC N/A 10.75 9.14AC EUR N/A 13.27 11.28AD N/A 9.95 8.37BC GBP N/A 16.48 14.06BD GBP N/A 16.48 13.80EC N/A 10.23 8.69IC N/A 10.79 9.21IC EUR N/A 13.10 11.18ID N/A N/A 9.15ZC N/A 10.83 9.27Total Net Assets N/A 33,428,259 39,406,622Latin American Local DebtUSDNet Asset Value per ShareAC 9.67 10.30 9.21IC 9.73 10.44 9.37ZC 9.78 10.56 9.50Total Net Assets 20,433,501 21,407,882 19,705,877208


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013RMB Fixed IncomeUSDNet Asset Value per ShareAC 10.21 10.74 10.95AC EUR 13.39 14.10 14.36AC RMB 1.59 1.67 1.71ACH EUR N/A 13.25 14.21AD 10.14 10.64 10.61AD EUR 13.69 14.34 14.30AD RMB N/A 1.66 1.66BC GBP N/A 16.33 16.68BD GBP N/A 16.33 16.55EC 10.16 10.67 10.85ECH EUR N/A 13.07 14.00IC 10.23 10.81 11.04ICH EUR N/A 13.17 14.16ID N/A 10.14 10.30ZC 10.25 10.87 11.12ZD N/A 10.87 11.03Total Net Assets 83,631,812 379,838,071 345,340,585US Dollar BondUSDNet Asset Value per ShareAC 14.78 15.11 14.83AD 10.58 10.69 10.34BC GBP N/A 15.94 15.69BD GBP N/A 15.94 15.57EC 14.54 14.83 14.53IC 14.96 15.37 15.13ID N/A 15.37 14.89PC N/A 9.94 N/APD 10.61 10.72 10.36WD 10.67 10.79 10.38ZC 15.65 16.13 15.91ZD 11.19 11.31 10.90Total Net Assets 137,451,375 109,956,228 87,236,449209


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Euro ReserveEURNet Asset Value per ShareAC 17.35 17.36 17.35AD 15.47 15.45 15.45IC 17.37 17.38 17.37Total Net Assets 139,368,188 125,133,484 97,446,498Economic Scale Index GEM EquityUSDNet Asset Value per ShareAC N/A 10.00 9.75IC N/A 9.99 9.76ZC N/A 9.99 9.78ZD N/A N/A 10.25Total Net Assets N/A 49,948,915 48,978,560GEM Debt Total ReturnUSDNet Asset Value per ShareJ1CH JPY 121.34 111.37 104.92L1C 13.54 14.25 14.04L1CH EUR 12.54 12.68 13.14L1D 12.53 12.66 12.20L1DH EUR 12.09 11.75 11.90M1C 13.60 14.22 13.96M1CH CHF N/A N/A 10.80M1CH EUR N/A 12.83 13.25M1D 12.32 12.42 12.00M1DH EUR N/A N/A 13.51N1CH GBP N/A 15.21 15.98N1DH GBP N/A 15.21 15.89ZD N/A 13.80 13.53ZDH EUR 13.79 13.53 13.63Total Net Assets 1,129,434,604 1,712,908,513 2,362,887,678210


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Currency (liquidated as at 28 June 2013)USDNet Asset Value per ShareL1C 10.32 10.23 N/AL1CH CHF 10.64 9.93 N/AL1CH EUR 14.26 13.52 N/AL1CH GBP 15.59 14.62 N/AL1CH JPY 117.30 100.90 N/AL1CH SEK 1.51 N/A N/AM1C 9.54 9.40 N/AM1CH EUR 12.78 12.05 N/AM1CH GBP 15.92 14.84 N/AM1CH JPY N/A N/A N/AM1D 10.26 10.11 N/AM1H GBP N/A N/A N/ATotal Net Assets 62,284,768 52,265,223 N/A211


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Flex Allocation (liquidated as at 26 April 2013)EURNet Asset Value per ShareAC N/A 105.32 N/AEC N/A 104.16 N/AIC N/A 107.05 N/AL1C 106.90 N/A N/AM1C 105.90 N/A N/AR1C 105.23 N/A N/AZC 107.73 108.54 N/ATotal Net Assets 19,264,150 18,960,758 N/AGlobal MacroEURNet Asset Value per ShareL1C 112.50 113.42 114.90L1CH GBP 122.18 121.72 125.13L1CH SEK 124.83 135.12 132.66L1CH USD 125.85 132.58 127.44L1D 113.12 114.04 115.53L1DH GBP 120.97 120.86 N/AL1DH USD 98.77 104.05 100.13M1C 109.98 110.19 111.29M1CH CHF 78.02 76.94 77.53M1CH GBP 113.21 112.20 115.09M1CH NOK 113.54 117.04 109.64M1CH SEK 122.43 131.85 129.01M1CH USD 108.79 114.05 109.36M1D 110.12 110.33 111.43M1DH GBP 113.30 112.27 115.16R1C 93.79 93.54 94.23ZCH GBP 101.75 102.61 N/ATotal Net Assets 211,900,604 78,677,955 76,814,227212


Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Managed Solutions - Asia Focused ConservativeUSDNet Asset Value per ShareAC N/A 10.00 9.66AC HKD N/A 1.29 1.25ACH AUD N/A 10.44 9.16ACH EUR N/A 12.84 13.06ACH GBP N/A N/A 16.32ACH SGD N/A 8.06 7.69ZC N/A 10.01 9.71Total Net Assets N/A 43,350,522 36,563,460Managed Solutions - Asia Focused GrowthUSDNet Asset Value per ShareAC N/A 10.06 9.49AC HKD N/A 1.30 1.22ACH AUD N/A 10.49 8.98ACH EUR N/A 12.91 12.82ACH GBP N/A N/A 16.08ACH SGD N/A 8.11 7.56Total Net Assets N/A 135,417,297 72,715,802Managed Solutions - Asia Focused IncomeUSDNet Asset Value per ShareAC N/A 10.39 9.86ACH GBP N/A N/A 16.24ACH SGD N/A 8.37 7.84AM N/A 11.11 10.33AM HKD N/A 1.43 1.33AMH AUD N/A 10.41 8.68AMH EUR N/A 12.90 12.63AMH SGD N/A 8.23 7.55Total Net Assets N/A 1,439,510,040 998,810,386213


Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSINDONESIABANK MANDIRI 3,933,000 IDR 2,700,248 0.64TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK BANK RAKYAT INDONESIA 6,612,000 IDR 4,139,839 0.98EXCHANGE LISTINGTELEKOMUNIKASI INDONESIAPERSERO "B" 23,219,500 IDR 4,210,996 0.99SHARES 11,051,083 2.61MALAYSIABERMUDA ISLANDS AIRASIA 3,743,900 MYR 2,940,451 0.69HAIER ELECTRONICS GROUP 2,766,000 HKD 5,357,144 1.26 2,940,451 0.695,357,144 1.26 SINGAPORECAYMAN ISLANDS DBS GROUP 609,000 SGD 7,969,545 1.88AAC TECHNOLOGIES EZION HOLDINGS 2,519,000 SGD 4,416,659 1.04HOLDINGS 1,132,500 HKD 5,147,645 1.21 VARD HOLDINGS 6,115,000 SGD 4,239,931 1.00GREENTOWN CHINA 16,626,135 3.92HOLDINGS 1,999,000 HKD 3,758,214 0.89 SOUTH KOREALONGFOR PROPERTIES 2,607,500 HKD 4,135,620 0.97 BS FINANCIAL GROUP 441,850 KRW 6,602,366 1.56MGM CHINA HOLDINGS 663,200 HKD 2,202,080 0.52 DAELIM INDUSTRIAL 64,844 KRW 5,855,867 1.38TENCENT HOLDINGS 56,700 HKD 2,974,235 0.70 DONGBU INSURANCE 72,882 KRW 3,134,815 0.74TPK HOLDING 311,000 TWD 2,824,172 0.67 HANKOOK TIRE 91,760 KRW 5,245,314 1.2421,041,966 4.96 HYUNDAI HOME SHOPPINGCHINA NETWORK CORP 25,744 KRW 3,786,891 0.89BANK OF CHINA "H" 12,205,000 HKD 5,571,245 1.31 HYUNDAI MARINE & FIRECHINA CONSTRUCTION INSURANCE 197,360 KRW 5,374,458 1.27BANK "H" 15,156,810 HKD 11,667,919 2.75 HYUNDAI MOBIS 26,031 KRW 6,931,170 1.63CHINA OILFIELD SERVICES "H" 1,944,000 HKD 4,873,083 1.15 HYUNDAI MOTOR 59,914 KRW 14,000,763 3.30CHINA PETROLEUM & SAMSUNG ELECTRONICS 20,597 KRW 26,213,328 6.18CHEMICAL "H" 9,317,200 HKD 7,292,650 1.72 SAMSUNG ELECTRONICS 9,711 KRW 7,919,864 1.87GREAT WALL SK HYNIX INC 152,500 KRW 4,294,819 1.01AUTOMOBILES "H" 813,500 HKD 4,410,977 1.04 SK TELECOM 37,745 KRW 7,678,220 1.81HUANENG POWER 97,037,875 22.88INTERNATIONAL "H" 6,292,000 HKD 6,279,729 1.48 TAIWANINDUSTRIAL & COMMERCIAL ASUSTEK COMPUTER INC 556,000 TWD 4,428,454 1.04BANK OF CHINA "H" 13,838,235 HKD 9,653,598 2.27 CHENG SHIN RUBBERSHIMAO PROPERTY INDUSTRIES 1,483,500 TWD 3,883,425 0.92HOLDINGS 1,863,500 HKD 4,286,822 1.01 HON HAI PRECISION54,036,023 12.73 INDUSTRIES 3,753,136 TWD 9,634,353 2.27HONG KONG QUANTA COMPUTER INC 1,729,000 TWD 3,748,344 0.88AIA GROUP 1,775,200 HKD 8,343,650 1.97 RADIANT OPTO ELECTRONICSBOC HONG KONG HOLDINGS 2,702,500 HKD 8,677,134 2.04 CORP 1,690,466 TWD 6,031,778 1.42CHEUNG KONG HOLDINGS 492,000 HKD 7,492,491 1.77 TAIWAN SEMICONDUCTORCHINA MOBILE 1,477,000 HKD 16,502,902 3.89 MANUFACTURING 6,239,849 TWD 21,209,313 5.00CHINA OVERSEAS LAND &ZHEN DING TECHNOLOGYINVESTMENT 2,040,000 HKD 6,010,735 1.42 HOLDING 929,900 TWD 2,210,945 0.52CNOOC 4,821,000 HKD 9,809,692 2.31 51,146,612 12.05WHARF HOLDINGS 707,425 HKD 6,130,006 1.44 THAILAND62,966,610 14.84 KASIKORNBANK 1,362,300 THB 7,686,816 1.81KRUNG THAI BANK 8,433,400 THB 5,176,461 1.22214


Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevaluePTT GLOBAL CHEMICAL 2,107,912 THB 5,020,394 1.18 GDR (Global Depositary Receipt)PTT PUBLIC COMPANY 621,900 THB 6,282,561 1.48SANSIRI PCL 13,925,000 THB 1,023,887 0.24 INDIASHIN CORP 776,300 THB 2,047,447 0.48 RELIANCE INDUSTRIES GDR 211,980 USD 5,569,279 1.3127,237,566 6.41 5,569,279 1.31TOTAL SHARES 349,441,465 82.35 TOTAL GDR (Global Depositary Receipt) 5,569,279 1.31WARRANTS / EQUITY LINKED SECURITIESADR (American Depositary Receipt)GERMANYCAYMAN ISLANDSCAIRN INDIA WARRANTS NETEASE INC ADR 60,371 USD 4,409,498 1.0423/01/2017 1,342,175 USD 6,835,756 1.61 4,409,498 1.046,835,756 1.61 INDONESIAGREAT BRITAINTELEKOMUNIKASI INDONESIAAXIS BANK WARRANTS ADR 31,382 USD 1,155,799 0.2706/07/2022 360,367 USD 5,801,388 1.37 1,155,799 0.27CANADA BANK WARRANTS TOTAL ADR (American Depositary Receipt) 5,565,297 1.3124/12/2017 674,000 USD 2,384,111 0.56 TOTAL TRANSFERABLE SECURITIESYES BANK WARRANTS ADMITTED TO AN OFFICIAL STOCK 408,082,186 96.1612/08/2018 689,300 USD 3,163,811 0.75 EXCHANGE LISTING11,349,310 2.68 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDINDIAMARKETRELIANCE INDUSTRIES PARTI-CIPATORY NOTE 17/04/2018 184,106 USD 2,418,477 0.57 SHARES2,418,477 0.57NETHERLANDSSOUTH KOREAINDIABULLS HOUSING FINANCE CJ HOME SHOPPING 14,897 KRW 4,858,348 1.14P. NOTE 06/08/2018 1,280,566 USD 3,740,140 0.88 4,858,348 1.14JP MORGAN STRUCTURE 0% TOTAL SHARES 4,858,348 1.1415/01/2018 306,006 USD 6,528,992 1.54 TOTAL TRANSFERABLE SECURITIES4,858,348 1.14JP MORGAN STRUCTURETRADED ON ANOTHER REGULATED MARKET08/09/2014 395,418 USD 2,100,095 0.49JP MORGAN STRUCTUREOTHER TRANSFERABLE SECURITIES08/02/2017 1,124,872 USD 4,814,452 1.13JP MORGAN STRUCTURESHARES16/02/2017 928,428 USD 4,930,953 1.16JP MORGAN STRUCTURECAYMAN ISLANDS09/01/2028 830,316 USD 1,594,207 0.38 CHINA METAL RECYCLING 640,600 HKD - 0.0023,708,839 5.58 - 0.00UNITED STATES TOTAL SHARES - 0.00NMDC WARRANTS TOTAL OTHER TRANSFERABLE SECURITIES - 0.0028/02/2014 1,664,285 USD 3,193,763 0.75 TOTAL INVESTMENTS 412,940,534 97.303,193,763 0.75 OTHER NET ASSETS LESS LIABILITIES 11,452,451 2.70TOTAL WARRANTS / EQUITY LINKED47,506,145 11.19TOTAL NET ASSETS 424,392,985 100.00SECURITIES215


Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCHINABEIJING JINGNENG CLEANTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ENERGY "H" 4,700,000 HKD 1,775,730 2.10EXCHANGE LISTINGCHINA RAILWAYCONSTRUCTION "H" 1,408,000 HKD 1,488,770 1.77SHARES 3,264,500 3.87HONG KONGBERMUDA ISLANDS DAH SING BANKING GROUP 480,000 HKD 854,145 1.01CHINA SINGES SOLAR SINOMEDIA HOLDING 1,711,000 HKD 1,487,035 1.77TECHNOLOGIES 1,551,000 HKD 1,725,972 2.05 2,341,180 2.78FUTURE BRIGHT HOLDINGS 5,292,000 HKD 1,746,912 2.07 INDONESIALUNG KEE (BERMUDA)BEKASI FAJAR INDUSTRIALHOLDINGS 1,678,000 HKD 627,482 0.74 ESTA 8,400,000 IDR 344,576 0.41MAN WAH HOLDINGS 1,262,800 HKD 1,976,808 2.35 PAKUWON JATI 48,402,000 IDR 1,191,300 1.41NAM CHEONG 10,848,000 SGD 2,420,754 2.87 PANIN FINANCIAL 26,140,500 IDR 386,031 0.46SAS DRAGON HOLDINGS 2,176,000 HKD 1,074,655 1.28 1,921,907 2.28SMARTONE TELECOM 596,000 HKD 790,043 0.94 MALAYSIASTELUX HOLDINGS BENALEC HOLDINGS 1,193,800 MYR 439,504 0.52INTERNATIONAL 2,630,000 HKD 932,609 1.11 CAHYA MATA SARAWAK 260,900 MYR 406,619 0.48VARITRONIX INTERNATIONAL 2,639,000 HKD 2,276,548 2.70 MAH SING GROUP 829,939 MYR 562,715 0.6713,571,783 16.11 MUHIBBAH ENGINEERING 1,342,100 MYR 963,496 1.14CAYMAN ISLANDS NAIM HOLDINGS 661,400 MYR 730,494 0.87AAC TECHNOLOGIES PRESTARIANG 672,800 MYR 421,081 0.50HOLDINGS 99,000 HKD 449,993 0.53 3,523,909 4.18EVA PRECISION INDUSTRIALPHILIPPINESHOLDING 3,236,000 HKD 438,136 0.52 BELLE 7,778,100 PHP 875,334 1.04FAR EAST CONSORTIUM 3,382,000 HKD 1,068,442 1.27 CENTURY PROPERTIES GROUPFAR EAST GLOBAL GROUP 2,582,000 HKD 669,212 0.79 INC 47,986,000 PHP 1,697,226 2.01INTERNATIONAL HOUSEWARES 2,572,560 3.05RETAIL COMPANY 2,059,000 HKD 754,025 0.89 SINGAPOREKA SHUI INTERNATIONAL EZION HOLDINGS 791,000 SGD 1,386,891 1.65HOLDINGS 1,226,000 HKD 431,583 0.51 1,386,891 1.65KAISA GROUP HOLDINGS 2,679,000 HKD 746,170 0.89 SOUTH KOREAKINGDOM HOLDINGS 4,746,000 HKD 826,176 0.98 BS FINANCIAL GROUP 75,150 KRW 1,122,933 1.33KWG PROPERTY HOLDINGS 3,033,000 HKD 1,912,460 2.27 CJ HELLOVISION 60,470 KRW 948,614 1.13LUEN THAI HOLDINGS 5,507,000 HKD 2,094,827 2.49 FILA KOREA 17,919 KRW 1,167,781 1.39SAMSON HOLDING CORP 2,768,000 HKD 364,064 0.43 HYUNDAI DEVELOPMENT 72,760 KRW 1,629,136 1.92TCL COMMUNICATIONS KOH YOUNG TECHNOLOGY 17,707 KRW 520,933 0.62TECHNOLOGY HOLDINGS 1,681,000 HKD 1,083,800 1.29 MANDO 8,635 KRW 1,024,996 1.22TEXHONG TEXTILE GROUP 768,000 HKD 1,384,458 1.64 MERITZ FIRE & MARINETONGDA GROUP 20,370,000 HKD 1,155,726 1.37 INSURANCE 70,130 KRW 901,016 1.07XINCHEN CHINA POWER OPTRON-TEC INC 129,401 KRW 1,596,258 1.89HOLDINGS 3,319,000 HKD 1,403,758 1.67 SEAH BESTEEL 30,940 KRW 875,676 1.04XINGDA INTERNATIONAL SHINSEGAE 4,684 KRW 1,007,346 1.20HOLDINGS 3,673,000 HKD 1,723,985 2.05YIP'S CHEMICAL HOLDINGS 488,000 HKD 424,122 0.5016,930,937 20.09216


Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsSUNG KWANG BEND 84,498 KRW 2,399,364 2.84 PETRONET LNG WARRANTS13,194,053 15.65 05/05/2015 391,300 USD 741,911 0.88TAIWAN 2,673,285 3.17CHAUN-CHOUNG TECHNOLOGYTOTAL WARRANTS / EQUITY LINKEDCORP 264,000 TWD 553,582 0.66 SECURITIES 3,163,871 3.75CLEANAWAY COMPANY 89,000 TWD 517,732 0.61 TOTAL TRANSFERABLE SECURITIESE SUN FINANCIAL HOLDINGS 2,307,015 TWD 1,494,189 1.77 ADMITTED TO AN OFFICIAL STOCK 77,778,851 92.28FLEXIUM INTERCONNECT 459,017 TWD 1,583,491 1.88 EXCHANGE LISTINGHUAKU DEVELOPMENT 383,280 TWD 1,122,588 1.33KINDOM CONSTRUCTION 884,000 TWD 1,083,794 1.29 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDKING VUAN ELECTRONICSMARKETCOMPANY 1,992,000 TWD 1,371,009 1.63RADIANT OPTO ELECTRONICS 345,235 TWD 1,231,838 1.46 SHARESUDE CORP 506,000 TWD 1,317,734 1.56WT MICROELECTRONICS 1,287,468 TWD 1,480,477 1.76 SOUTH KOREA11,756,434 13.95 GS HOME SHOPPING 4,686 KRW 1,085,431 1.28THAILAND SFA ENGINEERING CORP 15,224 KRW 628,597 0.75BANGCHAK PETROLEUM 1,169,400 THB 1,186,959 1.40 1,714,028 2.03DELTA ELECTRONICS 570,500 THB 898,237 1.07 TAIWANHEMARAJ LAND AND CHIPBOND TECHNOLOGY 775,000 TWD 1,596,266 1.90DEVELOPMENT 10,872,600 THB 1,077,517 1.28 VANGUARD INTERNATIONAL3,162,713 3.75 SEMICONDUCTORS 400,000 TWD 437,644 0.52VIRGIN ISLANDS 2,033,910 2.42HOLLYSIS AUTOMATION TOTAL SHARES 3,747,938 4.45TECHNOLOGIES 66,900 USD 988,113 1.17 TOTAL TRANSFERABLE SECURITIES3,747,938 4.45988,113 1.17 TRADED ON ANOTHER REGULATED MARKETTOTAL SHARES 74,614,980 88.53OTHER TRANSFERABLE SECURITIESWARRANTS / EQUITY LINKED SECURITIESSHARESGREAT BRITAINCAYMAN ISLANDSPURAVANKARA PROJECTS REAL GOLD MINING 324,000 HKD - 0.00WARRANTS 24/05/2016 423,922 USD 490,586 0.58 - 0.00490,586 0.58 TOTAL SHARES - 0.00NETHERLANDS TOTAL OTHER TRANSFERABLE SECURITIES - 0.00BNP PARIBAS INDIABULLS TOTAL INVESTMENTS 81,526,789 96.73WARRANTS 05/05/2015 281,945 USD 823,475 0.98 OTHER NET ASSETS LESS LIABILITIES 2,758,307 3.27JP MORGAN STRUCTURE TOTAL NET ASSETS 84,285,096 100.00WARRANTS 15/09/2014 20,070 USD 348,536 0.41JP MORGAN STRUCTUREWARRANTS 06/10/2014 79,546 USD 85,639 0.10JP MORGAN STRUCTUREWARRANTS 07/02/2017 491,265 USD 528,891 0.63JP MORGAN STRUCTUREWARRANTS 16/02/2017 8,340 USD 144,833 0.17217


Portfolio of Investments and Other Net Assets as at 30 September 2013Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSCHINA PETROLEUM &CHEMICAL "H" 2,220,600 HKD 1,738,082 1.02TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKGREAT WALL AUTOMOBILESEXCHANGE LISTING "H" 269,500 HKD 1,461,289 0.86HUANENG POWERSHARES INTERNATIONAL "H" 1,798,000 HKD 1,794,494 1.06INDUSTRIAL & COMMERCIALAUSTRALIA BANK OF CHINA "H" 4,573,955 HKD 3,190,806 1.88AUSTRALIA & NZ BANKING JIANGSU EXPRESSWAY "H" 1,178,000 HKD 1,389,881 0.82GROUP 171,029 AUD 4,922,358 2.90 PETROCHINA "H" 1,790,000 HKD 1,975,778 1.16BHP BILLITON 189,534 AUD 6,333,977 3.72 ZHEJIANG EXPRESSWAY "H" 1,918,000 HKD 1,765,867 1.04CHALLENGER 303,690 AUD 1,561,809 0.92 19,404,016 11.43COMMONWEALTH BANK OFHONG KONGAUSTRALIA 92,877 AUD 6,184,207 3.64 AIA GROUP 563,600 HKD 2,648,987 1.56FLIGHT CENTRE 35,214 AUD 1,590,367 0.94 CHEUNG KONG HOLDINGS 150,000 HKD 2,284,296 1.35GOODMAN GROUP 350,596 AUD 1,599,785 0.94 CHINA MOBILE 382,500 HKD 4,273,771 2.51INCITEC PIVOT 410,999 AUD 1,033,779 0.61 CHINA OVERSEAS LAND &INSURANCE AUSTRALIA INVESTMENT 540,000 HKD 1,591,077 0.94GROUP 266,395 AUD 1,462,174 0.86 CNOOC 1,312,000 HKD 2,669,636 1.57LEIGHTON HOLDINGS 62,055 AUD 1,116,972 0.66 COSCO PACIFIC 848,000 HKD 1,296,856 0.76LEND LEASE GROUP 135,227 AUD 1,284,671 0.76 HSBC HOLDINGS 146,400 HKD 1,592,346 0.94METCASH 372,306 AUD 1,113,999 0.66 SJM HOLDINGS 650,000 HKD 1,827,179 1.08MINERAL RESOURCES 102,537 AUD 1,045,062 0.62 SWIRE PACIFIC "A" 136,000 HKD 1,629,168 0.96NATIONAL AUSTRALIA BANK 154,608 AUD 4,961,512 2.92 19,813,316 11.67RIO TINTO 37,862 AUD 2,185,773 1.29 INDIATELSTRA CORP 530,580 AUD 2,465,711 1.45 NMDC 55,109 INR 105,719 0.06WESTPAC BANKING CORP 110,439 AUD 3,379,896 1.99 105,719 0.06WOOLWORTHS 101,435 AUD 3,319,638 1.96 INDONESIA45,561,690 26.84 BANK RAKYAT INDONESIA 2,050,000 IDR 1,283,526 0.76BERMUDA ISLANDS INDO TAMBANGRAYA MEGAH 301,000 IDR 683,652 0.40CHEUNG KONGTELEKOMUNIKASIINFRASTRUCTURE 249,000 HKD 1,725,795 1.01 INDONESIA PERSERO "B" 8,358,500 IDR 1,515,863 0.89GIORDANO INTERNATIONAL 910,000 HKD 829,606 0.49 3,483,041 2.05VTECH HOLDINGS SHS 128,400 HKD 1,658,991 0.98 MALAYSIA4,214,392 2.48 CIMB GROUP HOLDINGS 683,400 MYR 1,576,676 0.93CAYMAN ISLANDS MALAYAN BANKING 575,600 MYR 1,737,663 1.02BOSIDENG INTERNATIONAL TENAGA NASIONAL 638,400 MYR 1,768,603 1.05HOLDINGS 3,178,000 HKD 766,314 0.45 UMW HOLDINGS 398,500 MYR 1,445,092 0.85CHAILEASE HOLDING 493,900 TWD 1,159,271 0.68 6,528,034 3.85COUNTRY GARDENSINGAPOREHOLDINGS 2,089,000 HKD 1,336,077 0.79 DBS GROUP 193,000 SGD 2,525,651 1.49KWG PROPERTY HOLDINGS 1,456,500 HKD 918,397 0.54 JARDINE CYCLE &XINYI GLASS 1,782,000 HKD 1,640,654 0.97 CARRIAGE 43,000 SGD 1,307,393 0.775,820,713 3.43 KEPPEL CORP 198,000 SGD 1,644,281 0.97CHINA KEPPEL LAND 509,000 SGD 1,436,032 0.85BANK OF CHINA "H" 5,760,500 HKD 2,629,509 1.55 SEMBCORP INDUSTRIES 356,000 SGD 1,500,890 0.88CHINA CONSTRUCTION UNITED OVERSEAS BANK 142,000 SGD 2,339,224 1.38BANK "H" 4,492,400 HKD 3,458,310 2.04 10,753,471 6.34218


Portfolio of Investments and Other Net Assets as at 30 September 2013Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueSOUTH KOREANETHERLANDSBS FINANCIAL GROUP 132,840 KRW 1,984,968 1.17 INDIABULLS HOUSINGHYUNDAI MARINE & FIRE INS 39,290 KRW 1,069,935 0.63 FINANCE P. NOTE 06/08/2018 394,319 USD 1,151,685 0.68HYUNDAI MOTOR 8,211 KRW 1,918,755 1.13 JP MORGAN STRUCTUREKT & G 29,331 KRW 2,102,651 1.24 08/02/2017 77,751 USD 332,774 0.20KT CORP 47,770 KRW 1,598,836 0.94 JP MORGAN STRUCTURESAMSUNG ELECTRONICS 5,044 KRW 6,419,384 3.79 09/01/2028 381,000 USD 731,520 0.43SK TELECOM 10,296 KRW 2,094,448 1.23 JP MORGAN STRUCTURE17,188,977 10.13 15/09/2014 90,200 USD 1,566,416 0.92TAIWANJP MORGAN STRUCTUREASUSTEK COMPUTER 138,280 TWD 1,101,379 0.65 25/08/2014 261,947 USD 1,120,717 0.66CATCHER TECHNOLOGY 187,000 TWD 989,788 0.58 4,903,112 2.89CHENG SHIN RUBBERTOTAL WARRANTS / EQUITY LINKED6,020,674 3.55INDUSTRIES 447,350 TWD 1,171,048 0.69 SECURITIESFUBON FINANCIAL HOLDING 1,211,000 TWD 1,675,151 0.99HUAKU DEVELOPMENT 384,000 TWD 1,124,697 0.66 ADR (American Depositary Receipt)LITE-ON TECHNOLOGY 1,045,179 TWD 1,781,590 1.05MEGA FINANCIAL HOLDING 2,074,000 TWD 1,701,010 1.00 CAYMAN ISLANDSQUANTA COMPUTER 468,000 TWD 1,014,589 0.60 GIANT INTERACTIVE GROUPRADIANT OPTO ADR 143,902 USD 1,303,752 0.77ELECTRONICS 376,980 TWD 1,345,108 0.79 NETEASE INC ADR 17,934 USD 1,309,899 0.77TAIWAN SEMICONDUCTOR 2,613,651 1.54MANUFACTURING 1,546,161 TWD 5,255,418 3.10 TOTAL ADR (American Depositary Receipt) 2,613,651 1.54WISTRON CORP 962,319 TWD 932,460 0.55 TOTAL TRANSFERABLE SECURITIES18,092,238 10.66 ADMITTED TO AN OFFICIAL STOCK 167,089,513 98.44THAILANDEXCHANGE LISTINGKRUNG THAI BANK 1,976,800 THB 1,213,369 0.71PTT GLOBAL CHEMICAL 614,700 THB 1,464,025 0.86 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDPTT PUBLIC COMPANY 170,100 THB 1,718,386 1.02 MARKETSANSIRI PCL 9,072,000 THB 667,052 0.39SHIN CORP 570,100 THB 1,503,606 0.89 WARRANTS / EQUITY LINKED SECURITIESTHAI UNION FROZENPRODUCTS 566,200 THB 923,143 0.54 GREAT BRITAIN7,489,581 4.41 BJAUT IN WARRANTSTOTAL SHARES 158,455,188 93.35 12/11/2019 41,970 USD 1,332,374 0.791,332,374 0.79WARRANTS / EQUITY LINKED SECURITIESTOTAL WARRANTS / EQUITY LINKEDSECURITIES1,332,374 0.79GREAT BRITAINTOTAL TRANSFERABLE SECURITIES1,332,374 0.79AXIS BANK WARRANTSTRADED ON ANOTHER REGULATED MARKET06/07/2022 69,420 USD 1,117,562 0.66 TOTAL INVESTMENTS 168,421,887 99.231,117,562 0.66 OTHER NET ASSETS LESS LIABILITIES 1,306,243 0.77TOTAL NET ASSETS 169,728,130 100.00219


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSDATANG INTERNATIONALPOWER GENERATION "H" 13,422,000 HKD 5,919,085 0.73TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK DONG FENG MOTOR "H" 5,038,000 HKD 7,652,700 0.94EXCHANGE LISTINGHUADIAN FUXIN ENERGYCORP "H" 8,370,000 HKD 2,460,773 0.30SHARESINDUSTRIAL & COMMERCIALBANK OF CHINA "H" 25,129,595 HKD 17,530,488 2.15BERMUDA ISLANDS PETROCHINA "H" 5,640,000 HKD 6,225,355 0.76CHINA SINGES SOLARPICC PROPERTY & CASUALTYTECHNOLOGIES 1,209,000 HKD 1,345,390 0.16 "H" 6,630,320 HKD 8,994,178 1.10CHOW SANG HOLDINGS 828,000 HKD 2,402,283 0.30 PING AN INSURANCE "H" 645,000 HKD 4,794,797 0.593,747,673 0.46 SINOPEC SHANGHAIBRAZIL PETROCHEMICAL "H" 6,336,000 HKD 2,361,154 0.29BANCO DO BRASIL 1,187,077 BRL 13,848,914 1.70 146,752,959 17.98MRV ENGENHARIA 2,581,400 BRL 10,517,862 1.29 FEDERATION OF RUSSIAPETROBRAS 1,320,194 BRL 10,354,923 1.27 GAZPROM 9,903,932 USD 43,970,279 5.39PETROBRAS (PREFERRED) 1,867,800 BRL 15,799,582 1.93 MMC NORILSK NICKEL 22,545 USD 3,248,539 0.40VALE S.A. 279,670 BRL 4,379,637 0.54 SBERBANK 13,844,053 USD 41,732,925 5.1254,900,918 6.73 88,951,743 10.91CAYMAN ISLANDSHONG KONGCOUNTRY GARDEN CHINA EVERBRIGHT 2,738,000 HKD 3,572,936 0.44HOLDINGS 4,636,000 HKD 2,965,080 0.36 CHINA MOBILE 742,500 HKD 8,296,144 1.02HILONG HOLDING 3,846,000 HKD 2,236,645 0.27 CHINA POWER INTERNATIONALKWG PROPERTY HOLDINGS 11,606,000 HKD 7,318,173 0.90 DEVELOPMENT 19,460,000 HKD 7,352,274 0.90SUNAC CHINA HOLDINGS 14,897,000 HKD 9,662,245 1.18 CNOOC 5,515,000 HKD 11,221,831 1.37TENCENT HOLDINGS 244,100 HKD 12,804,421 1.58 COSCO PACIFIC 1,418,000 HKD 2,168,564 0.27XINGDA INTERNATIONALFRANSHION PROPERTIESHOLDINGS 5,488,000 HKD 2,575,887 0.32 CHINA 22,362,000 HKD 7,352,958 0.9037,562,451 4.61 MMG 20,580,000 HKD 4,617,489 0.57CHINA 44,582,196 5.47BANK OF CHINA "H" 43,581,800 HKD 19,893,887 2.43 INDIABBMG CORP "H" 12,270,000 HKD 8,211,513 1.01 BANK OF BARODA 690,391 INR 5,443,231 0.67CHINA COMMUNICATIONS CAIRN INDIA 1,348,861 INR 6,869,737 0.84CONSTRUCTION "H" 5,934,000 HKD 4,682,850 0.57 CANARA BANK 843,155 INR 2,982,425 0.37CHINA CONSTRUCTIONINDIABULLS HOUSINGBANK "H" 25,426,640 HKD 19,573,772 2.39 FINANCE 1,996,270 INR 5,830,432 0.71CHINA MINSHENG BANKING INDIABULLS POWER 9,254,764 INR 946,089 0.12"H" 8,204,000 HKD 9,806,559 1.20 IRB INFRASTRUCTURE 1,800,676 INR 2,155,727 0.26CHINA OILFIELD SERVICES "H" 1,644,000 HKD 4,121,064 0.51 JINDAL STEEL & POWER 1,472,083 INR 5,537,449 0.68CHINA PACIFIC INSURANCE LIC HOUSING FINANCE 1,573,501 INR 4,723,847 0.58GROUP "H" 879,600 HKD 3,153,126 0.39 MARUTI SUZUKI INDIA 376,727 INR 8,175,021 1.00CHINA PETROLEUM & NMDC 7,252,896 INR 13,913,646 1.71CHEMICAL "H" 9,032,400 HKD 7,069,734 0.87 NTPC 2,856,990 INR 6,728,837 0.83CHINA RAILWAY OIL & NATURAL GAS 4,523,257 INR 19,352,158 2.37CONSTRUCTION "H" 8,050,500 HKD 8,512,320 1.04 OIL INDIA 22,965 INR 160,447 0.02CHINA SUNTIEN GREENRURAL ELECTRIFICATIONENERGY "H" 19,106,000 HKD 5,789,604 0.71 CORP 79,289 INR 238,162 0.03SESA GOA 5,479,946 INR 15,821,260 1.94220


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueTATA MOTORS 229,988 INR 1,221,471 0.15 JP MORGAN STRUCTURETATA MOTORS "A" 7,530,455 INR 19,690,485 2.40 WARRANTS 31/07/2017 14,290,600 USD 650,565 0.08TECH MAHINDRA 389,708 INR 8,314,784 1.02 3,867,596 0.47128,105,208 15.70 UNITED STATESJERSEY NMDC WARRANTS 28/02/2014 2,807,832 USD 5,388,230 0.66UNITED COMPANY RUSAL 7,024,000 HKD 2,155,622 0.26 5,388,230 0.662,155,622 0.26 TOTAL WARRANTS / EQUITY LINKEDTOTAL SHARES 506,758,770 62.12 SECURITIES62,099,216 7.61WARRANTS / EQUITY LINKED SECURITIESSADR (Sponsored American Depositary Receipt)CAYMAN ISLANDSBRAZILSESA GOA WARRANTS PETROBRAS ON ADS 174,290 USD 2,745,068 0.3410/9/2018 3,711,995 USD 10,718,014 1.31 VALE S.A. ADR 603,616 USD 9,512,988 1.1610,718,014 1.31 12,258,056 1.50GERMANYFEDERATION OF RUSSIATECH MAHINDRA WARRANTS LUKOIL ADR 615,586 USD 39,028,152 4.7820/10/2020 60,585 USD 1,292,654 0.16 MOBILE TELESYSTEMS ADR 322,577 USD 7,238,628 0.891,292,654 0.16 NORILSK NICKEL ADR 667,486 USD 9,631,823 1.18GREAT BRITAIN OAO GAZPROM SPON ADR 1,828,516 USD 16,109,226 1.98CANADA BANK WARRANTS 72,007,829 8.8324/12/2017 1,578,814 USD 5,584,671 0.69 TOTAL SADR (Sponsored American DepositaryJINDAL STEEL & POWER LEPOReceipt)84,265,885 10.3325/11/2019 1,385,804 USD 5,212,951 0.64JINDAL STEEL & POWERGDR (Global Depositary Receipt)WARRANTS 06/07/2013 1,329,866 USD 5,002,530 0.61LIC HOUSING FINANCECYPRUSWARRANTS 06/07/2020 696,826 USD 2,091,980 0.26 GLOBALTRANS INVESTMENTOIL & NATURAL GAS LEPO GDR 629,295 USD 9,124,778 1.1212/11/2019 803,938 USD 3,439,578 0.42 9,124,778 1.12RURAL ELECTRIFICATIONFEDERATION OF RUSSIACORP WARRANTS 12/05/2020 719,652 USD 2,156,077 0.26 AFK SISTEMA GDR 417,248 USD 10,793,955 1.3223,487,787 2.88 CHERKIZOVO GROUP GDR 396,975 USD 4,030,078 0.49INDIA OJSC LSR GROUP GDR 859,637 USD 3,649,159 0.45COAL INDIA PARTICIPATORY ROSNEFT OIL GDR 2,173,315 USD 17,590,150 2.16NOTE 02/11/2020 1 USD 5 0.00 TATNEFT GDR 424,605 USD 16,623,286 2.04INDIABULLS HOUSING VTB BANK GDR 916,454 USD 2,419,439 0.30WARRANTS 23/07/2018 2,121,749 USD 6,196,977 0.76 55,106,067 6.76OIL INDIA WARRANTSINDIA07/07/2023 1,595,605 USD 11,147,953 1.37 FINANCIAL TECHNOLOGIES17,344,935 2.13 GDR 3 USD 1 0.00NETHERLANDS 1 0.00JP POWER VENTURES TOTAL GDR (Global Depositary Receipt) 64,230,846 7.88WARRANTS 20/02/2015 11,699,513 USD 2,859,233 0.35JP MORGAN STRUCTUREWARRANTS 13/10/2014 3,500,000 USD 357,798 0.04221


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevaluePREFERENTIAL SHARESBRAZILBANCO ESTRADO RIO GRANDE(PREFERRED) 1,571,622 BRL 10,978,509 1.35BRADESPAR S.A. BRASIL(PREFERRED) 1,105,900 BRL 12,280,873 1.50CIA ENERGETICA MINAS(PREFERRED) 1,279,331 BRL 10,930,960 1.34ITAU UNIBANCO BANCOTOTAL WARRANTS / EQUITY LINKEDSECURITIES 595,988 0.07TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET11,912,053 1.46OTHER TRANSFERABLE SECURITIESINVESTMENT FUNDSSINGAPOREMULTIPLO S.A. (PREFERRED) 583,720 BRL 8,301,955 1.02 INDIABULLS PROPERTIESVALE S.A. (PREFERRED) "A" 683,906 BRL 9,754,500 1.20 INVESTMENT TRUST 19,571,000 SGD 1,388,181 0.1752,246,797 6.41 1,388,181 0.17TOTAL PREFERENTIAL SHARES 52,246,797 6.41 TOTAL INVESTMENT FUNDS 1,388,181 0.17ADR (American Depositary Receipt)WARRANTS / EQUITY LINKED SECURITIESBRAZILCAYMAN ISLANDSITAU UNIBANCO HOLDINGBANK OF BARODAADR 1,328,799 USD 18,882,234 2.32 WARRANTS 12/11/2014 198,139 USD 1,562,040 0.1918,882,234 2.32 1,562,040 0.19TOTAL ADR (American Depositary Receipt) 18,882,234 2.32 GREAT BRITAINTOTAL TRANSFERABLE SECURITIESIRB INFRASTRUCTUREADMITTED TO AN OFFICIAL STOCK 788,483,748 96.67 WARRANTS 27/05/2020 4,120,923 USD 4,896,893 0.61EXCHANGE LISTING 4,896,893 0.61NETHERLANDSTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDJINDAL STEEL & POWERMARKET WARRANTS 01/04/2015 126,310 USD 475,138 0.06475,138 0.06SHARESTOTAL WARRANTS / EQUITY LINKEDSECURITIES 6,934,071 0.86FEDERATION OF RUSSIA TOTAL OTHER TRANSFERABLE SECURITIES 8,322,252 1.03AEROFLOT RUSSIAN TOTAL INVESTMENTS 808,718,053 99.16AIRLINES 3,874,902 USD 6,533,891 0.80 OTHER NET ASSETS LESS LIABILITIES 6,825,296 0.84FEDERAL TOTAL NET ASSETS 815,543,349 100.00HYDROGENERATING 9 USD - 0.00TNK BP HOLDINGS 1,873,820 USD 3,667,855 0.45VTB BANK 848,681,828 USD 1,114,319 0.1411,316,065 1.39TOTAL SHARES 11,316,065 1.39WARRANTS / EQUITY LINKED SECURITIESGREAT BRITAINCAIRN INDIA WARRANTS27/08/2019 117,020 USD 595,988 0.07595,988 0.07222


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSMETALURGICA GERDAU S.A.(PREFERRED) 1,300 BRL 12,409 0.16TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK MRV ENGENHARIA 2,400 BRL 9,785 0.13EXCHANGE LISTING NATURA COSMETICOS 700 BRL 15,560 0.20SOUZA CRUZ 1,600 BRL 18,832 0.24SHARES WEG S.A. 1,000 BRL 12,191 0.16612,185 7.90BERMUDA ISLANDSCAYMAN ISLANDSBRIILLIANCE CHINA ANTA SPORTS PRODUCTS 10,000 HKD 12,883 0.17AUTOMOTIVE 12,000 HKD 18,014 0.23 BELLE INTERNATIONALGOME ELECTRIC APPLIANCES 78,000 HKD 9,958 0.13 HOLDINGS 14,000 HKD 20,329 0.26KUNLUN ENERGY COMPANY 10,000 HKD 13,979 0.18 COUNTRY GARDEN41,951 0.54 HOLDINGS 17,963 HKD 11,490 0.15BRAZIL ENN ENERGY HOLDINGS 4,000 HKD 22,233 0.29ALL AMERICAN LATIN EVERGRANDE REAL ESTATE 19,000 HKD 7,939 0.10LOGISTICA 4,000 BRL 15,670 0.20 GCL POLY ENERGYBANCO BRADESCO 2,460 BRL 39,147 0.51 HOLDINGS 26,000 HKD 7,511 0.10BANCO DO BRASIL 2,400 BRL 28,110 0.36 HENGAN INTERNATIONALBB SEGURIDADE GROUP 2,000 HKD 23,394 0.30PARTICIPACOES 3,800 BRL 37,316 0.48 PARKSON RETAIL GROUP 12,500 HKD 5,255 0.07BM&F BOVESPA S.A. 8,200 BRL 45,604 0.59 SOHO CHINA 19,000 HKD 16,343 0.21BR MALLS TENCENT HOLDINGS 2,800 HKD 146,892 1.89PARTICIPACOES S.A. 1,700 BRL 15,444 0.20 TINGYI 6,000 HKD 15,901 0.21BR PROPERTIES 1,500 BRL 13,261 0.17 WANT WANT CHINABRF S.A. 2,600 BRL 63,887 0.82 HOLDINGS 15,000 HKD 22,787 0.29CCR S.A. 4,200 BRL 32,943 0.43 312,957 4.04CENTRAIS ELECTRICASCHINABRASILEIRAS 2,141 BRL 5,930 0.08 AGILE PROPERTYCENTRAIS ELECTRICAS HOLDINGS 12,000 HKD 13,216 0.17BRASILEIRAS (PREFERRED) "B 1,300 BRL 5,876 0.08 AGRICULTURALCIELO S.A. 1,834 BRL 49,414 0.64 BANK OF CHINA "H" 57,000 HKD 26,242 0.34COMPANHIA DE BEBIDAS AIR CHINA "H" 6,000 HKD 4,062 0.05DAS AMERICAS 600 BRL 23,278 0.30 ALUMINIUM CORPORATIONCOSAN S.A. INDUSTRIA OF CHINA "H" 32,000 HKD 11,885 0.15COMERCIO 500 BRL 9,523 0.12 ANHUI CONCH CEMENT "H" 3,500 HKD 11,239 0.15CPFL ENERGIA 1,000 BRL 8,619 0.11 BANK OF CHINA "H" 214,400 HKD 97,878 1.26CYRELA BRAZIL REALTY 2,200 BRL 16,398 0.21 BANK OF COMMUNICATIONSDURATEX S.A. 1,342 BRL 7,880 0.10 "H" 26,598 HKD 19,552 0.25ENERGIAS DO BRASIL S.A. 1,300 BRL 6,884 0.09 BEIJING CAP INTERNATIONALFIBRIA CELULOSE S.A. 1,100 BRL 13,020 0.17 AIRPORT "H" 6,000 HKD 3,931 0.05HYPERMARCAS S.A. 1,300 BRL 10,312 0.13 BYD COMPANY "H" 2,500 HKD 11,155 0.14ITAUSA INVESTIMENTOSCHANGSHA ZOOMLION HEAVYITAU (PREFERRED) 11,049 BRL 45,242 0.58 SCIENCE & TECHNOLOGY "H" 7,800 HKD 6,760 0.09JBS 3,700 BRL 12,625 0.16 CHINA CITIC BANK "H" 21,200 HKD 10,991 0.14KROTON EDUCATIONAL 1,200 BRL 17,017 0.22 CHINA COAL ENERGY "H" 12,000 HKD 7,181 0.09LOJAS RENNER S.A. 700 BRL 20,008 0.26223


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueCHINA COMMUNICATIONS PETROCHINA "H" 59,200 HKD 65,351 0.84CONSTRUCTION "H" 10,000 HKD 7,892 0.10 PICC PROPERTY & CASUALTYCHINA COMMUNICATIONS "H" 9,978 HKD 13,537 0.17SERVICES "H" 8,800 HKD 5,141 0.07 PING AN INSURANCE "H" 5,300 HKD 39,403 0.51CHINA CONSTRUCTION BANKSHANGHAI ELECTRIC GROUP"H" 207,850 HKD 160,022 2.07 "H" 18,000 HKD 6,407 0.08CHINA COSCO HOLDINGS "H" 8,000 HKD 3,962 0.05 SHIMAO PROPERTY HOLDINGS 4,000 HKD 9,203 0.12CHINA LIFE INSURANCE "H" 21,000 HKD 54,434 0.70 SINOPHARM GROUP "H" 8,000 HKD 20,077 0.26CHINA MENGNIU DAIRY 4,000 HKD 17,926 0.23 TSINGTAO BREWERY "H" 2,000 HKD 15,217 0.20CHINA MERCHANTS BANK "H" 13,741 HKD 24,986 0.32 WEICHAI POWER "H" 1,600 HKD 6,252 0.08CHINA MINSHENG BANKING YANZHOU COAL MINING "H" 6,000 HKD 5,989 0.08"H" 15,000 HKD 17,932 0.23 ZHEJIANG EXPRESSWAY "H" 4,000 HKD 3,683 0.05CHINA NATIONAL BUILDINGS ZIJIN MINING GROUP "H" 62,000 HKD 14,872 0.19"H" 8,000 HKD 7,686 0.10 ZTE "H" 3,920 HKD 8,109 0.10CHINA OILFIELD SERVICES 1,175,819 15.16"H" 4,000 HKD 10,028 0.13 FEDERATION OF RUSSIACHINA PACIFIC INSURANCE SBERBANK 84,908 USD 256,582 3.31GROUP "H" 7,600 HKD 27,247 0.35 256,582 3.31CHINA PETROLEUM &HONG KONGCHEMICAL "H" 72,000 HKD 56,361 0.73 BEIJING ENTERPRISE 1,000 HKD 7,222 0.09CHINA RAILWAY CHINA EVERBRIGHT 4,000 HKD 5,220 0.07CONSTRUCTION "H" 6,000 HKD 6,345 0.08 CHINA MERCHANTSCHINA RAILWAY GROUP "H" 23,000 HKD 12,576 0.16 HOLDINGS 4,452 HKD 16,191 0.21CHINA RESOURCES LAND 6,000 HKD 17,062 0.22 CHINA MOBILE 16,900 HKD 188,848 2.45CHINA SHENHUA ENERGY "H" 9,500 HKD 28,913 0.37 CHINA OVERSEAS LAND &CHINA SHIPPING CONTAINER INVESTMENT 12,341 HKD 36,366 0.47LINES COMPANY "H" 11,100 HKD 2,906 0.04 CHINA RES ENTERPRISES 8,000 HKD 25,431 0.33CHINA SOUTH LOCOMOTIVE CHINA RESOURCES POWER 8,200 HKD 19,500 0.25"H" 4,800 HKD 3,349 0.04 CHINA TAIPING INSURANCECHINA SOUTHERN AIRLINES HOLDING 2,400 HKD 3,429 0.04"H" 10,000 HKD 3,727 0.05 CHINA UNICOM 12,486 HKD 19,484 0.25CHINA TELECOM CORP "H" 36,700 HKD 18,269 0.24 CITIC PACIFIC 11,000 HKD 14,271 0.18CITIC SECURITIES "H" 6,500 HKD 13,043 0.17 CNOOC 50,200 HKD 102,156 1.32DATANG INTERNATIONAL COSCO PACIFIC 6,226 HKD 9,523 0.12POWER GENERATION "H" 18,000 HKD 7,939 0.10 KINGBOARD CHEMICALS 1,800 HKD 4,629 0.06DONG FENG MOTOR "H" 12,000 HKD 18,230 0.24 LENOVO GROUP 18,000 HKD 18,826 0.24GUANGZHOU AUTOMOBILESHANGHAI INDUSTRIALGROUP "H" 11,374 HKD 12,336 0.16 HOLDING 3,000 HKD 9,943 0.13GUANGZHOU R&F 481,039 6.21PROPERTIES "H" 4,000 HKD 6,252 0.08 INDIAHUANENG POWER ACC 559 INR 9,854 0.13INTERNATIONAL "H" 12,000 HKD 11,978 0.15 ADANI ENTERPRISES 1,020 INR 2,298 0.03INDUSTRIAL & COMMERCIAL ADANI PORTS 3,000 INR 6,617 0.09BANK OF CHINA "H" 214,300 HKD 149,512 1.93 ADITYA BIRLA NUVO 250 INR 4,915 0.06INNER MONGOLIA YITAI COAL AMBUJA CEMENTS 3,700 INR 10,889 0.14"B" 2,900 USD 5,817 0.08 APOLLO HOSPITALSJIANGXI COPPER "H" 4,800 HKD 9,434 0.12 ENTERPRISE 600 INR 8,812 0.11NINE DRAGONS PAPER ASIAN PAINTS 1,500 INR 10,991 0.14HOLDINGS "H" 19,000 HKD 13,403 0.17 BAJAJ AUTO 630 INR 20,044 0.26PEOPLE S INSURANCE GROUP BANK OF BARODA 700 INR 5,465 0.07OF CHINA "H" 19,000 HKD 8,919 0.12224


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueBHARAT HEAVY ELECTRICALS 4,395 INR 9,554 0.12 UNITED SPIRITS 669 INR 27,691 0.36BHARAT PETROLEUM 2,726 INR 14,324 0.18 ZEE ENTERTAINMENTBHARTI AIRTEL 5,000 INR 25,361 0.33 ENTERPRISES 3,364 INR 12,303 0.16CAIRN INDIA 3,500 INR 17,703 0.23 939,992 12.13CANARA BANK 900 INR 3,164 0.04 VIRGIN ISLANDSCIPLA 2,631 INR 18,227 0.24 SINO-OCEAN LANDCOAL INDIA 3,800 INR 17,818 0.23 HOLDINGS 26,061 HKD 15,325 0.20DLF 2,609 INR 5,327 0.07 15,325 0.20HCL TECHNOLOGIES 1,550 INR 27,023 0.35 TOTAL SHARES 3,835,850 49.49HERO MOTOCROP 482 INR 15,310 0.20HINDALCO INDUSTRIES 5,890 INR 10,433 0.13 EXCHANGE TRADED FUNDSHOUSING DEVELOPMENTFINANCE 10,215 INR 126,272 1.63 IRELANDIDEA CELLULAR 3,000 INR 8,106 0.10 HSBC MSCI BRAZIL 2,000 USD 47,810 0.62ITC 16,510 INR 89,246 1.15 HSBC MSCI CHINA 8,000 USD 49,520 0.63JAIPRAKASH ASSOCIATES 7,085 INR 3,939 0.05 HSBC MSCI RUSSIA CAPPED 2,000 USD 27,030 0.35JINDAL STEEL & POWER 2,014 INR 7,476 0.10 124,360 1.60JSW STEEL 1,034 INR 11,882 0.15 TOTAL EXCHANGE TRADED FUNDS 124,360 1.60KOTAK MAHINDRA BANK 1,996 INR 21,493 0.28LIC HOUSING FINANCE 2,200 INR 6,567 0.08 WARRANTS / EQUITY LINKED SECURITIESLUPIN 600 INR 8,249 0.11MAHINDRA & MAHINDRA 2,194 INR 28,564 0.37 GREAT BRITAINMAHINDRA & MAHINDRA DEUTSCHE BANK LN 30.01.17FINANCIAL SERVICES 1,800 INR 7,423 0.10 WRT /HIND.LEV 7,000 USD 70,142 0.90NTPC 7,883 INR 18,190 0.23 IPATH MSCI INDIA INDEX ETF 3,100 USD 157,480 2.04OIL & NATURAL GAS 5,286 INR 22,301 0.29 227,622 2.94PIRAMAL HEALTHCARE 584 INR 5,514 0.07 TOTAL WARRANTS / EQUITY LINKED SECURITIES 227,622 2.94POWER GRID CORPORATIONOF INDIA 7,500 INR 11,633 0.15 UNIT SHARESRELIANCE CAPITAL 1,671 INR 8,381 0.11RELIANCE COMMUNICATIONBRAZILVENTURES 6,412 INR 14,836 0.19 BANCO SANTANDER BRASILRELIANCE ENERGY 959 INR 5,680 0.07 UNITS 4,000 BRL 27,475 0.35RELIANCE POWER 5,000 INR 5,365 0.07 27,475 0.35RURAL ELECTRIFICATION TOTAL - UNIT SHARES 27,475 0.35CORP 4,100 INR 12,242 0.16SEIMENS INDIA 769 INR 5,844 0.08 SADR (Sponsored American Depositary Receipt)SESA GOA 4,837 INR 14,054 0.18SHRIRAM TRANSPORTBRAZILFINANCE 1,000 INR 9,203 0.12 BANCO BRADESCO ADR 8,190 USD 115,315 1.49SUN PHARMACEUTICALS 4,370 INR 41,572 0.54 BRASIL TELECOM ADR 1,674 USD 3,281 0.04TATA CONSULTANCY CEMIG PN ADR 2,217 USD 19,022 0.25SERVICE 3,380 INR 104,861 1.35 CIA SANEAMENTO BASICOTATA POWER 6,730 INR 8,613 0.11 ADR 800 USD 7,952 0.10TATA STEEL 3,704 INR 15,803 0.20 CIA SIDERURGICA NACL ADR 3,500 USD 15,260 0.20TITAN INDUSTRIES 1,600 INR 5,956 0.08 COPEL PNB ADR 514 USD 7,150 0.09ULTRATECH CEMENT 450 INR 13,052 0.17 EMBRAER ADR 700 USD 23,331 0.30UNITECH 26,100 INR 6,519 0.08 GERDAU S.A. ADR 3,700 USD 27,898 0.36UNITED BREWERIES 500 INR 7,033 0.09 PETROBRAS ON ADS 5,800 USD 89,320 1.15225


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevaluePETROBRAS PN ADR 8,200 USD 135,053 1.74 PREFERENTIAL SHARESTIM PARTICIPACOES S.A. ADR 808 USD 18,657 0.24TRACTEBEL ENERGIA S.A.BRAZILADR 700 USD 11,774 0.15 AES TIETE S.A. (PREFERRED) 600 BRL 5,775 0.07ULTRAPAR PARTICIPACOESBRADESPAR S.A. BRASILADR 1,200 USD 29,424 0.38 (PREFERRED) 1,100 BRL 12,284 0.16USINAS SIDERURGICAS DECIA ENERGETICA DEMINAS ADR 1,800 USD 8,370 0.11 SAO PAULO (PREFERRED) "B" 700 BRL 7,234 0.09VALE S.A. "A" ADR 7,550 USD 106,833 1.38 LOJAS AMERICANAS S.A.VALE S.A. ADR 5,200 USD 81,120 1.05 (PREFERRED) 1,961 BRL 14,347 0.19699,760 9.03 TELEF BRASIL (PREFERRED) 1,210 BRL 26,987 0.35FEDERATION OF RUSSIA 66,627 0.86LUKOIL ADR 3,320 USD 214,140 2.77 TOTAL PREFERENTIAL SHARES 66,627 0.86MOBILE TELESYSTEMS ADR 5,533 USD 123,220 1.59NORILSK NICKEL ADR 5,600 USD 82,463 1.06 ADR (American Depositary Receipt)OAO GAZPROM SPON ADR 49,460 USD 446,130 5.76ROSTELECOM ADR 2,040 USD 38,923 0.50 BRAZILSURGUTNEFTEGAZ ADR 7,950 USD 69,176 0.89 COMPANHIA BRASILEIRA DESURGUTNEFTEGAZ SP ADR 7,700 USD 55,286 0.71 DISTRIBUICAO ADR 650 USD 30,277 0.391,029,338 13.28 COMPANHIA DE BEBIDAS DASINDIA ADR 2,670 USD 103,222 1.33ICICI BANK ADR 810 USD 25,175 0.32 ITAU UNIBANCO HOLDINGINFOSYS ADR 3,230 USD 157,042 2.03 ADR 9,894 USD 141,484 1.83WIPRO ADR 4,203 USD 43,249 0.56 274,983 3.55225,466 2.91 INDIATOTAL SADR (Sponsored AmericanDR REDDYS LABORATORIESDepositary Receipt) 1,954,564 25.22 ADR 650 USD 24,713 0.32HDFC BANK ADR 3,650 USD 114,428 1.47GDR (Global Depositary Receipt) TATA MOTORS ADR 1,100 USD 29,920 0.39169,061 2.18FEDERATION OF RUSSIA TOTAL ADR (American Depositary Receipt) 444,044 5.73AFK SISTEMA GDR 1,327 USD 34,051 0.44 TOTAL TRANSFERABLE SECURITIESMAGNIT GDR 2,800 USD 173,320 2.23 ADMITTED TO AN OFFICIAL STOCKMEGAFON WI GDR 1,000 USD 35,540 0.46 EXCHANGE LISTING 7,605,457 98.12NOVATEK OAO GDR 992 USD 132,333 1.71OJSC LSR GROUP GDR 1,700 USD 7,310 0.09 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDROSNEFT OIL GDR 12,300 USD 99,901 1.29 MARKETSEVERSTAL GDR 2,100 USD 18,322 0.24TATNEFT GDR 2,550 USD 101,592 1.31 SHARESTMK GDR 832 USD 10,816 0.14URALKALIY GDR 2,910 USD 76,155 0.98 FEDERATION OF RUSSIAVTB BANK GDR 16,553 USD 43,915 0.57 FEDERAL GRID 3,245,900 USD 10,156 0.13733,255 9.46 FEDERALINDIA HYDROGENERATING 30,008 RUB 501 0.01GAIL INDIA GDR 370 USD 11,548 0.15 FEDERALLARSEN & TOUBRO GDR 2,255 USD 28,300 0.36 HYDROGENERATING 30,008 RUB 18,557 0.24RANBAXY LABORATORIES INTER RAO UES 20,567,500 USD 7,260 0.09GDR 1,300 USD 6,870 0.09 36,474 0.47RELIANCE INDUSTRIES GDR 4,526 USD 119,633 1.54 TOTAL SHARES 36,474 0.47STATE BANK OF INDIA GDR 490 USD 25,309 0.33191,660 2.47TOTAL GDR (Global Depositary Receipt) 924,915 11.93226


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvaluePREFERENTIAL SHARESFEDERATION OF RUSSIASBERBANK (PREFERRED) 10,800 USD 25,065 0.32TRANSNEFT (PREFERRED) 18 USD 46,832 0.6171,897 0.93TOTAL PREFERENTIAL SHARES 71,897 0.93TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET 108,371 1.40OTHER TRANSFERABLE SECURITIESSHARESCHINACHAODA MODERNAGRICULTURE 26,000 HKD - 0.00- 0.00- 0.00TOTAL SHARES - 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 7,713,828 99.52OTHER NET ASSETS LESS LIABILITIES 36,886 0.48TOTAL NET ASSETS 7,750,714 100.00227


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS TENCENT HOLDINGS 183,700 HKD 9,636,069 2.62WANT WANT CHINATRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HOLDINGS 2,577,000 HKD 3,914,439 1.07EXCHANGE LISTING 23,540,822 6.42CHINASHARESAGRICULTURAL BANK OFCHINA "H" 7,220,000 HKD 3,323,649 0.91BRAZIL ANHUI CONCH CEMENT "H" 500 HKD 1,605 0.00BANCO BRADESCO 50,160 BRL 794,971 0.22 BANK OF CHINA "H" 19,730,000 HKD 9,006,170 2.46BANCO BRADESCOBANK OF COMMUNICATIONS(PREFERRED) 422,559 BRL 5,888,357 1.60 "H" 100 HKD 74 0.00BANCO DO BRASIL 330,400 BRL 3,854,580 1.05 CHINA COMMUNICATIONSCCR S.A. 289,600 BRL 2,305,300 0.63 CONSTRUCTION "H" 3,613,000 HKD 2,851,210 0.78CETIP S.A. MERCADOSCHINA COMMUNICATIONSORGANIZADO 160,700 BRL 1,685,652 0.46 SERVICES "H" 1,000,000 HKD 584,128 0.16CIELO S.A. 20 BRL 541 0.00 CHINA CONSTRUCTION BANKCOMPANHIA DE BEBIDAS "H" 12,920,000 HKD 9,945,958 2.70DAS AMERICAS 75,900 BRL 2,927,847 0.80 CHINA LIFE INSURANCE "H" 593,000 HKD 1,536,953 0.42COSAN S.A. INDUSTRIA CHINA MERCHANTS BANK "H" 1,936,000 HKD 3,519,932 0.96COMERCIO 53,300 BRL 1,017,849 0.28 CHINA OILFIELD SERVICES "H" 940,000 HKD 2,356,318 0.64CYRELA BRAZIL REALTY 399,300 BRL 2,932,798 0.80 CHINA PETROLEUM &EMBRAER 237,700 BRL 1,927,398 0.53 CHEMICAL "H" 9,414,600 HKD 7,368,861 2.01ESTACIO PARTICIPACOES 160,100 BRL 1,244,235 0.34 CHINA RAILWAYITAUSA INVESTIMENTOS CONSTRUCTION "H" 1,767,000 HKD 1,868,358 0.51ITAU (PREFERRED) 352,473 BRL 1,431,395 0.39 CHINA RAILWAY GROUP "H" 3,254,000 HKD 1,779,071 0.49LOCALIZA RENT A CAR 161,585 BRL 2,436,061 0.66 CHONGQING RURALM DIAS BRANCO S.A. "E" 26,800 BRL 1,235,349 0.34 COMMERCIAL BANK "H" 2,470,000 HKD 1,191,183 0.33NATURA COSMETICOS 119,100 BRL 2,662,301 0.73 DONG FENG MOTOR "H" 1,746,000 HKD 2,652,158 0.72PETROBRAS 602,941 BRL 4,729,161 1.29 GREAT WALL AUTOMOBILESPETROBRAS (PREFERRED) 524,931 BRL 4,440,354 1.21 "H" 599,000 HKD 3,247,900 0.89PORTO SEGURO S.A. 118,100 BRL 1,463,219 0.40 GUANGZHOU R&FTIM PARTICIPAOES S.A. 790,526 BRL 3,696,851 1.01 PROPERTIES "H" 974,800 HKD 1,523,449 0.42TRACTEBEL ENERGIA S.A. 108,800 BRL 1,822,579 0.50 HUANENG POWERVALE S.A. 255,700 BRL 4,004,269 1.09 INTERNATIONAL "H" 3,128,000 HKD 3,121,889 0.8552,501,067 14.33 INDUSTRIAL & COMMERCIALCAYMAN ISLANDS BANK OF CHINA "H" 16,738,000 HKD 11,676,445 3.18CHINA STATE CONSTRUCTION PETROCHINA "H" 2,064,000 HKD 2,278,207 0.62INTERNATIONAL 1,242,000 HKD 1,998,692 0.55 PICC PROPERTY &COUNTRY GARDEN CASUALTY "H" 1,816,000 HKD 2,463,437 0.67HOLDINGS 3,380,570 HKD 2,162,128 0.59 PING AN INSURANCE "H" 733,000 HKD 5,448,953 1.49GEELY AUTOMOBILES 2,910,000 HKD 1,497,186 0.41 SHIMAO PROPERTYGREENTOWN CHINA HOLDINGS 1,250,500 HKD 2,876,659 0.79HOLDINGS 702,500 HKD 1,320,729 0.36 TSINGTAO BREWERY "H" 190,000 HKD 1,445,491 0.39HENGAN INTERNATIONAL WEICHAI POWER "H" 528,000 HKD 2,062,939 0.56GROUP 257,500 HKD 3,011,579 0.82228


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsZHEJIANG EXPRESSWAY "H" 1,060,000 HKD 975,919 0.27 INVESTMENT FUNDSZIJIN MINING GROUP "H" 6,972,000 HKD 1,672,169 0.4686,779,085 23.68 LUXEMBOURGHONG KONGHSBC SPECIALIST FUNDCHINA MOBILE 1,408,500 HKD 15,737,481 4.29 CHINA "A" 300 USD 2,752,721 0.75CHINA OVERSEAS LAND & 2,752,721 0.75INVESTMENT 1,202,000 HKD 3,541,608 0.97 TOTAL INVESTMENT FUNDS 2,752,721 0.75CHINA RESOURCES POWER 768,000 HKD 1,826,131 0.50CNOOC 5,102,000 HKD 10,381,432 2.83 EXCHANGE TRADED FUNDSDAH CHONG HONGHOLDINGS 185,000 HKD 150,526 0.04 IRELANDLENOVO GROUP 4,158,000 HKD 4,348,256 1.19 HSBC MSCI BRAZIL 56,500 USD 1,348,373 0.3735,985,434 9.82 1,348,373 0.37INDIAUNITED STATESADANI PORTS 43 INR 95 0.00 ISHARES MSCI BRAZILCAIRN INDIA 408,300 INR 2,079,490 0.57 CAPPED INDEX FUND 135,909 USD 6,533,145 1.78COAL INDIA 234,600 INR 1,103,394 0.30 6,533,145 1.78DR REDDYS LABORATORIES 66,600 INR 2,533,098 0.69 TOTAL EXCHANGE TRADED FUNDS 7,881,518 2.15HCL TECHNOLOGIES 167,600 INR 2,910,546 0.79HDFC BANK 185,100 INR 1,753,431 0.48 SADR (Sponsored American Dep. Receipt)HOUSING DEVELOPMENTFINANCE 334,000 INR 4,077,302 1.11 FEDERATION OF RUSSIAICICI BANK 95,600 INR 1,349,364 0.37 LUKOIL ADR 163,304 USD 10,392,435 2.84INFOSYS 123,700 INR 5,953,329 1.63 MOBILE TELESYSTEMS ADR 149,700 USD 3,359,268 0.92ITC 910,800 INR 4,952,261 1.36 NORILSK NICKEL ADR 126,983 USD 1,834,981 0.50JSW STEEL 175,800 INR 2,048,917 0.56 OAO GAZPROM SPON ADR 1,579,908 USD 13,918,989 3.80LIC HOUSING FINANCE 414,300 INR 1,243,793 0.34 SBERBANK ADR 690,131 USD 8,261,006 2.25LUPIN 91,900 INR 1,256,331 0.34 SURGUTNEFTEGAZ ADR 302,610 USD 2,614,520 0.71MAHINDRA & MAHINDRA 40,381,199 11.02FINANCIAL SERVICES 275,200 INR 1,132,582 0.31 TOTAL SADR (Sponsored American Dep.40,381,199 11.02OIL & NATURAL GAS 567,400 INR 2,427,571 0.66 Receipt)OIL INDIA 115,000 INR 803,466 0.22POWER FINANCIAL 386,200 INR 807,501 0.22 GDR (Global Depositary Receipt)RELIANCE INDUSTRIES 159,600 INR 2,096,558 0.57RURAL ELECTRIFICATIONFEDERATION OF RUSSIACORP 319,500 INR 959,699 0.26 AFK SISTEMA GDR 37,650 USD 973,983 0.27SHRIRAM TRANSPORT MAGNIT GDR 55,500 USD 3,439,955 0.94FINANCE 126,500 INR 1,159,524 0.32 NOVATEK OAO GDR 33,966 USD 4,500,467 1.23SUN PHARMACEUTICALS 197,100 INR 1,867,893 0.51 ROSNEFT OIL GDR 499,044 USD 4,042,256 1.10TATA MOTORS 475,700 INR 2,526,480 0.69 SEVERSTAL GDR 47,140 USD 405,800 0.11WIPRO 210,200 INR 1,588,293 0.43 TATNEFT GDR 65,033 USD 2,546,042 0.6946,630,918 12.73 URALKALIY GDR 52,080 USD 1,357,647 0.37TOTAL SHARES 245,437,326 66.98 VTB BANK GDR 354,900 USD 936,936 0.2618,203,086 4.97TOTAL GDR (Global Depositary Receipt) 18,203,086 4.97229


Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsPREFERENTIAL SHARESBRAZILAMBEV (PREFERRED) 155,725 BRL 6,000,804 1.64BANCO ESTRADO RIOGRANDE (PREFERRED) 101,400 BRL 708,326 0.19BRADESPAR S.A. BRASIL(PREFERRED) 180,800 BRL 2,007,761 0.55CIA ENERGETICA MINAS(PREFERRED) 447,466 BRL 3,823,276 1.04COMPANHIA BRASILEIRA DEDISTRIBUICAO "A" 69,100 BRL 3,185,792 0.87ITAU UNIBANCO BANCOMULTIPLO S.A. (PREFERRED) 399,370 BRL 5,680,041 1.55KLABIN (PREFERRED) 479,800 BRL 2,467,919 0.67LOJAS AMERICANAS S.A.(PREFERRED) 16 BRL 119 0.00OI S.A. (PREFERRED) 1,245,700 BRL 2,355,921 0.64VALE S.A. (PREFERRED) "A" 565,900 BRL 8,071,393 2.2134,301,352 9.36TOTAL PREFERENTIAL SHARES 34,301,352 9.36TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGTOTAL INVESTMENTS348,957,202348,957,20295.2395.23OTHER NET ASSETS LESS LIABILITIES 17,464,548 4.77TOTAL NET ASSETS 366,421,750 100.00230


Portfolio of Investments and Other Net Assets as at 30 September 2013China Consumer OpportunitiesStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSLUXEMBOURGL'OCCITANE INTERNATIONAL 693,750 HKD 1,807,031 1.16TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SAMSONITE INTERNATIONAL 1,370,100 HKD 3,824,912 2.45EXCHANGE LISTING 5,631,943 3.61SOUTH KOREASHARES HYUNDAI MOTOR 16,257 KRW 3,798,952 2.44SAMSUNG ELECTRONICS 3,503 KRW 4,458,188 2.85BERMUDA ISLANDS 8,257,140 5.29HAIER ELECTRONICS GROUP 999,000 HKD 1,934,847 1.24 SWITZERLAND1,934,847 1.24 CIE FINANCIERE RICHEMONTCAYMAN ISLANDS S.A. "A" 52,705 CHF 5,274,872 3.38ANTA SPORTS PRODUCTS 1,504,000 HKD 1,937,424 1.24 NESTLE "R" 60,564 CHF 4,226,253 2.71CHOW TAI FOOK JEWELLERY THE SWATCH GROUP "B" 8,743 CHF 5,622,400 3.61COMPANY 1,517,800 HKD 2,172,445 1.39 15,123,525 9.70HENGDELI HOLDINGS 8,340,000 HKD 2,000,277 1.28 UNITED STATESSANDS CHINA 582,400 HKD 3,600,984 2.32 APPLE CORP 12,078 USD 5,799,009 3.739,711,130 6.23 COACH CORP 85,492 USD 4,655,038 2.98CHINA INTEL CORP 156,487 USD 3,586,682 2.3DONG FENG MOTOR "H" 862,000 HKD 1,309,374 0.84 KIMBERLY-CLARK CORP 40,630 USD 3,833,847 2.46PRINCE FROG INTERNATIONALMEAD JOHNSON NUTRITIONHOLDINGS 2,800,000 HKD 1,956,900 1.25 "A" 40,985 USD 3,068,957 1.973,266,274 2.09 NIKE CORP "B" 67,470 USD 4,917,213 3.15FRANCE QUALCOMM CORP 53,878 USD 3,635,149 2.33CHRISTIAN DIOR 21,767 EUR 4,260,624 2.73 RALPH LAUREN CORP 23,571 USD 3,877,901 2.49KERING 17,238 EUR 3,850,146 2.47 SOTHEBYS HOLDINGS "A"L'OREAL 22,592 EUR 3,876,226 2.49 CORP 80,020 USD 3,916,979 2.51LVMH 22,584 EUR 4,438,885 2.84 STARBUCKS CORP 50,253 USD 3,854,908 2.4716,425,881 10.53 STARWOOD HOTELS &GERMANY RESORTS CORP 66,690 USD 4,436,886 2.85ADIDAS AG 35,703 EUR 3,876,982 2.49 YUM BRANDS CORP 50,115 USD 3,590,239 2.30BMW 44,084 EUR 4,727,996 3.03 49,172,808 31.54HUGO BOSS AG 31,505 EUR 4,073,190 2.61 TOTAL SHARES 147,408,505 94.5212,678,168 8.13GREAT BRITAINPREFERENTIAL SHARESBURBERRY GROUP 186,327 GBP 4,891,926 3.14DIAGEO 126,411 GBP 4,018,457 2.58 GERMANYINTERCONTINENTAL HOTELS VOLKSWAGEN (PREFERRED) 16,488 EUR 3,866,763 2.48GROUP 176,421 GBP 5,145,389 3.29 3,866,763 2.48UNILEVER 99,248 GBP 3,910,371 2.51 TOTAL PREFERENTIAL SHARES 3,866,763 2.4817,966,143 11.52 TOTAL TRANSFERABLE SECURITIESHONG KONG ADMITTED TO AN OFFICIAL STOCK 151,275,268 97.00SJM HOLDINGS 1,392,000 HKD 3,912,974 2.51 EXCHANGE LISTING3,912,974 2.51 TOTAL INVESTMENTS 151,275,268 97.00ITALY OTHER NET ASSETS LESS LIABILITIES 4,673,208 3.00PRADA 343,400 HKD 3,327,672 2.13 TOTAL NET ASSETS 155,948,476 100.003,327,672 2.13231


Portfolio of Investments and Other Net Assets as at 30 September 2013Climate ChangeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSSWITZERLANDCREDIT SUISSE GROUP 22,843 CHF 699,500 2.57TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ROCHE HOLDING 2,577 CHF 695,370 2.56EXCHANGE LISTING 1,394,870 5.13UNITED STATESSHARES AMERICAN EXPRESS CORP 8,463 USD 638,449 2.35CHEVRON CORP 5,343 USD 650,243 2.39AUSTRALIA CITIGROUP CORP 13,388 USD 650,657 2.39BHP BILLITON 20,601 AUD 688,458 2.53 CUMMINS INC 5,394 USD 719,236 2.64688,458 2.53 EXXON MOBIL CORP 7,645 USD 657,546 2.42CANADA FEDEX CORP 6,077 USD 692,170 2.54AGRIUM 7,694 USD 648,604 2.38 GRAINGER W W CORP 2,499 USD 654,513 2.41648,604 2.38 INTERNATIONAL BUSINESSFRANCE MACHINES 3,554 USD 661,151 2.43ALSTOM 19,139 EUR 678,777 2.49 JOHNSON & JOHNSON CORP 7,611 USD 659,189 2.42LEGRAND PROMESSES 12,640 EUR 701,430 2.58 JP MORGAN CHASE 12,752 USD 662,339 2.431,380,207 5.07 MACY'S CORP 15,386 USD 662,060 2.43GERMANY MICROSOFT CORP 19,990 USD 657,471 2.42ALLIANZ 4,496 EUR 706,586 2.60 OMNICOM CORP 10,553 USD 673,070 2.47BASF 7,099 EUR 678,723 2.49 PFIZER CORP 23,009 USD 660,588 2.431,385,309 5.09 ROCKWELL AUTOMATIONGREAT BRITAIN CORP 6,613 USD 707,922 2.60BG GROUP 37,097 GBP 706,180 2.60 STATE STREET CORP 9,614 USD 633,274 2.33BT GROUP 129,269 GBP 716,159 2.62 TJX COS NEW CORP 12,395 USD 698,458 2.57GLAXOSMITHKLINE 26,526 GBP 668,828 2.46 WAL MART STORES CORP 9,171 USD 680,121 2.50HSBC HOLDINGS 60,639 GBP 655,281 2.41 12,018,457 44.17KINGFISHER 107,068 GBP 668,229 2.46 TOTAL SHARES 26,317,212 96.713,414,677 12.55JAPANPREFERENTIAL SHARESKDDI 13,000 JPY 667,720 2.45NTT DOCOMO INC 41,800 JPY 678,171 2.49 BRAZILSUMITOMO MITSUI FINANCIAL 13,200 JPY 638,308 2.35 ITAU UNIBANCO BANCO1,984,199 7.29 MULTIPLO S.A. (PREFERRED) 48,200 BRL 685,524 2.52NETHERLANDS 685,524 2.52UNILEVER 17,897 EUR 695,779 2.56 TOTAL PREFERENTIAL SHARES 685,524 2.52695,779 2.56 TOTAL TRANSFERABLE SECURITIESSOUTH AFRICA ADMITTED TO AN OFFICIAL STOCK 27,002,736 99.23SASOL 13,947 ZAR 664,983 2.44 EXCHANGE LISTING664,983 2.44 TOTAL INVESTMENTS 27,002,736 99.23SOUTH KOREA OTHER NET ASSETS LESS LIABILITIES 208,299 0.77DGB FINANCIAL GROUP 44,890 KRW 677,040 2.49 TOTAL NET ASSETS 27,211,035 100.00HYUNDAI MOTOR 2,975 KRW 695,201 2.55SAMSUNG ELECTRONICS 526 KRW 669,428 2.462,041,669 7.50232


Portfolio of Investments and Other Net Assets as at 30 September 2013Emerging WealthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSSOUTH KOREAHYUNDAI MOTOR 1,346 KRW 314,535 1.68TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SAMSUNG ELECTRONICS 367 KRW 467,072 2.49EXCHANGE LISTING 781,607 4.17SWITZERLANDSHARES NESTLE "R" 7,007 CHF 488,960 2.61ROCHE HOLDING 1,910 CHF 515,388 2.75CAYMAN ISLANDS THE SWATCH GROUP "B" 594 CHF 381,986 2.04CHOW TAI FOOK JEWELLERY 214,400 HKD 306,873 1.64 1,386,334 7.40SANDS CHINA 76,400 HKD 472,382 2.52 THAILAND779,255 4.16 KRUNG THAI BANK 158,000 THB 96,981 0.52CHINA 96,981 0.52CHINA CONSTRUCTION BANKUNITED STATES"H" 257,200 HKD 197,996 1.06 AMGEN CORP 3,856 USD 433,607 2.31DONG FENG MOTOR "H" 196,000 HKD 297,723 1.59 APPLE CORP 952 USD 457,084 2.44INTIME RETAIL GROUP 206,000 HKD 225,786 1.20 BLACKSTONE GROUP CORP 16,609 USD 410,242 2.19PRINCE FROG CHEVRON CORP 3,785 USD 460,635 2.46INTERNATIONAL HOLDINGS 144,000 HKD 100,641 0.54 CITIGROUP CORP 9,168 USD 445,565 2.38822,146 4.39 COACH CORP 8,156 USD 444,094 2.37FRANCE DIRECTV CORP 3,144 USD 188,074 1.00LVMH 2,575 EUR 506,116 2.70 GOOGLE "A" 252 USD 221,507 1.18SAFRAN S.A. 6,971 EUR 428,408 2.29 HALLIBURTON CORP 4,581 USD 221,537 1.18934,524 4.99 JP MORGAN CHASE 6,094 USD 316,522 1.69GERMANY KIMBERLY-CLARK CORP 4,871 USD 459,628 2.45ADIDAS 2,566 EUR 278,641 1.49 NIKE CORP "B" 6,871 USD 500,758 2.68278,641 1.49 PFIZER CORP 16,390 USD 470,557 2.51GREAT BRITAIN QUALCOMM CORP 6,762 USD 456,232 2.43BARCLAYS 90,821 GBP 390,486 2.08 ROCKWELL AUTOMATIONDIAGEO 11,822 GBP 375,807 2.01 CORP 4,414 USD 472,519 2.52HSBC HOLDINGS 35,144 GBP 379,775 2.03 SOTHEBYS HOLDINGS AINTERCONTINENTAL HOTELS CORP 6,320 USD 309,364 1.65GROUP 14,578 GBP 425,173 2.27 STARBUCKS CORP 6,775 USD 519,711 2.78PRUDENTIAL 21,037 GBP 391,433 2.09 STARWOOD HOTELS &UNILEVER 11,746 GBP 462,793 2.46 RESORTS CORP 5,840 USD 388,535 2.072,425,467 12.94 YUM BRANDS CORP 6,453 USD 462,293 2.47HONG KONG 7,638,464 40.76CNOOC 137,000 HKD 278,765 1.49 TOTAL SHARES 16,982,759 90.64SJM HOLDINGS 198,000 HKD 556,587 2.97835,352 4.46 SADR (Sponsored American DepositaryJERSEYReceipt)DELPHI AUTOMOTIVE CORP 8,224 USD 479,706 2.56479,706 2.56 FEDERATION OF RUSSIALUXEMBOURG SBERBANK ADR 24,318 USD 291,086 1.55SAMSONITE INTERNATIONAL 187,800 HKD 524,282 2.80 291,086 1.55524,282 2.80 TOTAL SADR (Sponsored AmericanDepositary Receipt)291,086 1.55233


Portfolio of Investments and Other Net Assets as at 30 September 2013Emerging WealthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsGDR (Global Depositary Receipt)CYPRUSGLOBALTRANS INVESTMENTGDR 19,535 USD 283,258 1.51283,258 1.51FEDERATION OF RUSSIAAFK SISTEMA GDR 13,313 USD 344,399 1.84344,399 1.84TOTAL GDR (Global Depositary Receipt) 627,657 3.35PREFERENTIAL SHARESGERMANYVOLKSWAGEN (PREFERRED) 1,953 EUR 458,017 2.44458,017 2.44TOTAL PREFERENTIAL SHARES 458,017 2.44ADR (American Depositary Receipt)BRAZILITAU UNIBANCO HOLDINGADR 16,813 USD 238,913 1.27238,913 1.27TOTAL ADR (American Depositary Receipt) 238,913 1.27TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING18,598,432 99.25TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESGREAT BRITAINBARCLAYS 10,510 GBP 45,188 0.2445,188 0.24TOTAL SHARES 45,188 0.24TOTAL TRANSFERABLE SECURITIES45,188 0.24TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 18,643,620 99.49OTHER NET ASSETS LESS LIABILITIES 95,607 0.51TOTAL NET ASSETS 18,739,227 100.00234


Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland EquityStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS GEA GROUP 188,762 EUR 5,702,500 0.87HEIDELBERG ZEMENT 144,883 EUR 8,239,496 1.25TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HENKEL (PREFERRED) 135,000 EUR 10,247,850 1.56EXCHANGE LISTING LUFTHANSA 505,204 EUR 7,272,412 1.11MUENCHENER RUECK AG 63,969 EUR 9,227,528 1.40SHARES SIEMENS 162,846 EUR 14,499,808 2.21155,241,735 23.64AUSTRIAIRELANDOMV AG 197,931 EUR 7,226,461 1.10 KERRY GROUP "A" 155,000 EUR 6,913,000 1.057,226,461 1.10 6,913,000 1.05BELGIUMITALYDELHAIZE GROUP 116,531 EUR 5,432,675 0.83 AUTOGRILL 398,498 EUR 5,140,624 0.785,432,675 0.83 BUZZI UNICEM 461,855 EUR 5,320,570 0.81FRANCE PRYSMIAN 380,254 EUR 6,890,202 1.05ALSTOM 319,146 EUR 8,361,625 1.27 UNICREDIT 2,749,702 EUR 12,973,094 1.97AXA 974,642 EUR 16,666,378 2.54 30,324,490 4.61BNP PARIBAS 432,056 EUR 21,591,999 3.29 LUXEMBOURGCAP GEMINI 254,164 EUR 11,192,112 1.70 ARCELORMITTAL 449,462 EUR 4,544,061 0.69CARREFOUR 381,295 EUR 9,698,238 1.48 4,544,061 0.69CIE GENERALE DENETHERLANDSGEOPHYSIQUE VERITAS 542,943 EUR 9,213,743 1.40 HEINEKEN 159,923 EUR 8,327,191 1.27GDF SUEZ 699,455 EUR 13,002,868 1.98 ING GROEP CERTS 2,023,953 EUR 16,843,337 2.56MICHELIN 168,278 EUR 13,817,307 2.10 KONINKLIJKE DSM 185,199 EUR 10,343,364 1.57NATIXIS BANQUES KONINKLIJKE PHILIPS 563,253 EUR 13,363,177 2.03POPULAIRES 2,621,859 EUR 9,284,003 1.41 KPN KON 4,043,450 EUR 9,522,325 1.45PEUGEOT S.A. 953,835 EUR 11,617,710 1.77 RANDSTAD HOLDING 261,116 EUR 10,836,314 1.65SAFRAN S.A. 217,825 EUR 9,889,255 1.50 REED ELSEVIER 705,000 EUR 10,455,150 1.59SAINT GOBAIN 332,492 EUR 12,152,583 1.85 UNILEVER 493,395 EUR 14,170,304 2.16SANOFI 400,864 EUR 29,968,592 4.57 93,861,162 14.28SOCIETE GENERALE 532,154 EUR 19,567,303 2.98 SPAINTOTAL S.A. 477,817 EUR 20,414,731 3.11 ACTIV DE CONSTR Y SERVICE 416,606 EUR 9,783,992 1.49VALLOUREC S.A. 135,136 EUR 5,993,282 0.91 BANCO SANTANDER S.A. 3,803,124 EUR 22,970,869 3.49VEOLIA ENVIRONNEMENT 803,230 EUR 10,160,860 1.55 FERROVIAL S.A. 100,000 EUR 1,326,000 0.20VIVENDI 600,232 EUR 10,200,943 1.55 GAS NATURAL SDG 272,656 EUR 4,201,629 0.64ZODIAC 50,613 EUR 5,929,313 0.90 GRIFOLS "B" 323,982 EUR 7,367,351 1.12248,722,845 37.86 MEDIASET ESPANAGERMANY COMUNICACION S.A. 783,180 EUR 6,660,163 1.01ALLIANZ 174,720 EUR 20,284,992 3.09 REPSOL 888,121 EUR 16,217,089 2.47BAYER 245,229 EUR 21,366,802 3.26 TELEFONICA XMCE 1,574,232 EUR 18,111,539 2.76DAIMLER AG 333,818 EUR 19,247,946 2.93 86,638,632 13.18DEUTSCHE BOERSE AG 95,531 EUR 5,293,373 0.81DEUTSCHE POST 684,000 EUR 16,751,160 2.55DEUTSCHE TELEKOM 1,100,000 EUR 11,775,500 1.79FRESENIUS MEDICAL CARE 111,091 EUR 5,332,368 0.81235


Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland EquityStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsSWITZERLANDARYZTA 125,924 CHF 6,249,710 0.956,249,710 0.95TOTAL SHARES 645,154,771 98.19TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 645,154,771 98.19EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESFRANCESR TELEPERFORMANCE 105,000 EUR 3,771,600 0.573,771,600 0.57TOTAL SHARES 3,771,600 0.57TOTAL TRANSFERABLE SECURITIES3,771,600 0.57TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 648,926,371 98.76OTHER NET ASSETS LESS LIABILITIES 8,178,466 1.24TOTAL NET ASSETS 657,104,837 100.00236


Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSGREAT BRITAINDIALOG SEMICONDUCTOR 100,000 EUR 1,416,000 0.89TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK JAZZTEL 440,000 EUR 3,545,960 2.24EXCHANGE LISTING 4,961,960 3.13ITALYSHARES BCA PPO MILANO 2,000,000 EUR 832,000 0.52DANIELI RNC 214,855 EUR 3,085,318 1.94BELGIUM PRYSMIAN SPA 170,325 EUR 3,086,289 1.95ACKERMANS 13,971 EUR 1,054,811 0.66 7,003,607 4.41DELHAIZE GROUP 60,000 EUR 2,797,200 1.76 LUXEMBOURGKINEPOLIS GROUP 27,712 EUR 2,852,396 1.80 GAGFAH S.A. 150,000 EUR 1,438,350 0.91THROMBOGENICS 40,000 EUR 771,600 0.49 1,438,350 0.917,476,007 4.71 NETHERLANDSFINLAND AALBERTS INDUSTRIES 160,000 EUR 3,156,000 1.99NESTE OIL OYG 100,000 EUR 1,633,000 1.03 ARCADIS 123,223 EUR 2,579,057 1.63POHJOLA BANK 112,000 EUR 1,372,000 0.86 GEMALTO 40,000 EUR 3,164,001 1.99SPONDA OYJ 1,055,427 EUR 4,021,177 2.54 SBM OFFSHORE 185,000 EUR 2,714,875 1.717,026,177 4.43 UNIT 4 AGRESSO 58,853 EUR 1,702,617 1.07FRANCE VOPAK KON 36,338 EUR 1,533,282 0.97AIR FRANCE - KLM 423,000 EUR 3,106,511 1.96 14,849,832 9.36ALCATEL "A" 1,100,000 EUR 2,891,900 1.82 SPAINATOS 52,392 EUR 3,036,115 1.92 BANKINTER "R" 450,000 EUR 1,770,750 1.12BIC 31,868 EUR 2,730,769 1.72 DISTRIBUIDORA INTERNACIONALCIE GENERALE DE DE ALIMENTACION S.A. 472,207 EUR 3,040,069 1.91GEOPHYSIQUE VERITAS 150,000 EUR 2,545,500 1.60 OBRASCON HUARTE LAIN S.A. 104,367 EUR 2,911,839 1.83INGENICO 54,437 EUR 2,893,327 1.82 TECNICAS REUNIDAS S.A. 69,741 EUR 2,359,338 1.49ORPEA 80,323 EUR 2,979,582 1.88 10,081,996 6.35PEUGEOT S.A. 200,000 EUR 2,436,000 1.54 TOTAL SHARES 115,029,926 72.50RALLYE S.A. 92,107 EUR 2,488,271 1.57 TOTAL TRANSFERABLE SECURITIESTECHNIP COFLEXIP 25,000 EUR 2,163,750 1.36 ADMITTED TO AN OFFICIAL STOCK 115,029,926 72.50VALEO S.A. 25,000 EUR 1,572,750 0.99 EXCHANGE LISTINGVALLOUREC S.A. 44,245 EUR 1,962,266 1.24ZODIAC 25,000 EUR 2,928,750 1.85 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED33,735,491 21.27 MARKETGERMANYAIXTRON 130,000 EUR 1,619,800 1.02 SHARESAURUBIS AG 70,000 EUR 3,137,750 1.98AXEL SPRINGER AG 80,000 EUR 3,289,600 2.07 AUSTRIABRENTAG 25,500 EUR 3,130,125 1.97 RAIFFEISEN BANKGEA GROUP 97,977 EUR 2,959,885 1.87 INTERNATIONAL 60,000 EUR 1,453,800 0.92GILDEMEISTER 100,000 EUR 2,009,500 1.27 1,453,800 0.92LUFTHANSA 220,000 EUR 3,166,900 2.00 BELGIUMTAKKT 210,000 EUR 2,910,600 1.83 COMPAGNIE MARITIMEWINCOR NIXDORF 63,436 EUR 2,918,690 1.84 BELGE S.A. 66,631 EUR 1,367,268 0.86WIRECARD 131,651 EUR 3,313,656 2.08 1,367,268 0.8628,456,506 17.93237


Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsFINLANDKCI KONECRANES OYJ 115,000 EUR 2,852,000 1.802,852,000 1.80FRANCEBOURBON 136,000 EUR 2,622,760 1.65EIFFAGE 40,000 EUR 1,609,000 1.01MEDICA S.A. 56,001 EUR 1,027,618 0.65REXEL S.A. 150,000 EUR 2,808,750 1.77SR TELEPERFORMANCE 80,000 EUR 2,873,600 1.8110,941,728 6.89ITALYBANCA GENERALI 86,000 EUR 1,438,780 0.91BANCA POPOLARE SPA 1,800,000 EUR 1,971,000 1.24PIRELLI & CO 230,000 EUR 2,222,950 1.40SORIN SPA 750,000 EUR 1,513,500 0.957,146,230 4.50PORTUGALZON OPTIMUS SGPS S.A. 440,000 EUR 1,923,240 1.211,923,240 1.21SPAINBANCO POPULAR ESPANOLS.A. 144,000 EUR 570,096 0.36GRUPO CATALANAOCCIDENTE 140,000 EUR 3,136,000 1.983,706,096 2.34TOTAL SHARES 29,390,362 18.52TOTAL TRANSFERABLE SECURITIES29,390,362 18.52TRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESSTRIP VVPRBELGIUMNYRSTAR STRIP VVPR 77,607 EUR 78 0.0078 0.00TOTAL STRIP VVPR 78 0.00TOTAL OTHER TRANSFERABLE SECURITIES 78 0.00TOTAL INVESTMENTS 144,420,366 91.02OTHER NET ASSETS LESS LIABILITIES 14,250,312 8.98TOTAL NET ASSETS 158,670,678 100.00238


Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland GrowthStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS DEUTSCHE POST 41,327 EUR 1,012,098 1.13E. ON 72,166 EUR 944,653 1.06TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK GEA GROUP 31,921 EUR 964,333 1.08EXCHANGE LISTING MUENCHENER RUECK AG 10,000 EUR 1,442,500 1.61RWE 16,859 EUR 422,992 0.47SHARES SAP 49,279 EUR 2,688,662 3.01SIEMENS 46,110 EUR 4,105,634 4.60AUSTRIA WIRECARD 36,850 EUR 927,515 1.04VOESTALPINE 13,680 EUR 482,904 0.54 22,487,717 25.16482,904 0.54 GREAT BRITAINBELGIUM DIALOG SEMICONDUCTOR 17,670 EUR 250,207 0.28ANHEUSER-BUSCH INBEV 55,276 EUR 4,071,077 4.55 250,207 0.28UMICORE S.A. 16,735 EUR 597,691 0.67 IRELAND4,668,768 5.22 KERRY GROUP "A" 44,221 EUR 1,972,257 2.21FINLAND 1,972,257 2.21KONE "B" 15,602 EUR 1,026,612 1.15 ITALYSAMPO OYJ "A" 66,035 EUR 2,095,951 2.34 DIASORIN 22,532 EUR 720,573 0.813,122,563 3.49 TERNA SPA 414,569 EUR 1,378,856 1.54FRANCE UNICREDIT 337,651 EUR 1,593,038 1.78AIR LIQUIDE 26,770 EUR 2,746,602 3.07 3,692,467 4.13AXA 121,372 EUR 2,075,461 2.32 NETHERLANDSBNP PARIBAS 65,919 EUR 3,294,302 3.69 ASML HOLDING 17,530 EUR 1,277,586 1.43DANONE 25,237 EUR 1,399,644 1.57 GEMALTO 18,543 EUR 1,466,751 1.64ESSILOR INTERNATIONAL 8,640 EUR 685,757 0.77 ING GROEP CERTS 224,030 EUR 1,864,379 2.09GDF SUEZ 88,821 EUR 1,651,182 1.85 KPN KON 190,682 EUR 449,056 0.50IPSOS 15,539 EUR 431,207 0.48 UNILEVER 53,481 EUR 1,535,974 1.72L'OREAL 7,124 EUR 902,967 1.01 6,593,746 7.38LVMH 12,423 EUR 1,803,820 2.02 SPAINMICHELIN 18,580 EUR 1,525,604 1.71 BANCO BILBAO VIZCAYASANOFI 56,642 EUR 4,234,555 4.73 ARG 320,062 EUR 2,640,512 2.95SCHNEIDER ELTE S.A. 50,142 EUR 3,128,861 3.50 BANCO BILBAO VIZCAYASOCIETE GENERALE 53,410 EUR 1,963,886 2.20 ARG RIGHTS 320,062 EUR 32,006 0.04TECHNIP COFLEXIP 9,630 EUR 833,477 0.93 BANCO SANTANDER S.A. 153,592 EUR 927,696 1.04TOTAL S.A. 103,094 EUR 4,404,690 4.92 GRIFOLS "B" 36,891 EUR 1,118,535 1.25VIVENDI 24,500 EUR 416,378 0.47 GRIFOLS "B" 1,846 EUR 41,978 0.0531,498,393 35.24 INDITEX 22,561 EUR 2,568,570 2.87GERMANY TELEFONICA XMCE 272,785 EUR 3,138,391 3.51ALLIANZ 23,955 EUR 2,781,176 3.11 10,467,688 11.71BASF 42,453 EUR 2,998,455 3.35 SWEDENBAYER 20,697 EUR 1,803,330 2.02 ELEKTA AB "B" 43,379 SEK 517,377 0.58BRENTAG 4,560 EUR 559,740 0.63 517,377 0.58DEUTSCHE BANK 54,306 EUR 1,836,629 2.05 TOTAL SHARES 85,754,087 95.94239


Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland GrowthStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsPREFERENTIAL SHARESGERMANYVOLKSWAGEN (PREFERRED) 5,508 EUR 954,261 1.07954,261 1.07TOTAL PREFERENTIAL SHARES 954,261 1.07TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING86,708,348 97.01TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESGREAT BRITAININTERTEK GROUP 24,977 GBP 987,551 1.10987,551 1.10TOTAL SHARES 987,551 1.10TOTAL TRANSFERABLE SECURITIES987,551 1.10TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 87,695,899 98.11OTHER NET ASSETS LESS LIABILITIES 1,691,901 1.89TOTAL NET ASSETS 89,387,800 100.00240


Portfolio of Investments and Other Net Assets as at 30 September 2013European EquityStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSJERSEYWOLSELEY 58,104 GBP 2,231,999 1.88TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2,231,999 1.88EXCHANGE LISTINGNETHERLANDSING GROEP CERTS 549,095 EUR 4,569,569 3.84SHARES 4,569,569 3.84SPAINBERMUDA ISLANDSAMADEUS IT HOLDINGS S.A.SIGNET JEWELERS 88,396 GBP 4,611,757 3.88 "A" 178,763 EUR 4,672,865 3.934,611,757 3.88 REPSOL 254,674 EUR 4,650,347 3.91CANADA 9,323,212 7.84ITHACA ENERGY 1,351,704 GBP 2,401,352 2.02 SWITZERLAND2,401,352 2.02 JULIUS BAER GROUP 131,043 CHF 4,513,564 3.79FRANCE ROCHE HOLDING 23,713 CHF 4,726,955 3.98BNP PARIBAS 91,087 EUR 4,552,073 3.83 9,240,519 7.77CIE GENERALE DE TOTAL SHARES 107,000,087 89.95GEOPHYSIQUE VERITAS 115,187 EUR 1,954,723 1.64LEGRAND PROMESSES 110,884 EUR 4,545,690 3.82 PREFERENTIAL SHARESPUBLICIS GROUPE 77,788 EUR 4,574,712 3.85SAFRAN S.A. 105,876 EUR 4,806,770 4.03 GERMANYSEB 38,812 EUR 2,515,794 2.12 VOLKSWAGEN (PREFERRED) 26,632 EUR 4,613,994 3.8822,949,762 19.29 4,613,994 3.88GERMANY TOTAL PREFERENTIAL SHARES 4,613,994 3.88BRENTAG 37,447 EUR 4,596,619 3.86 TOTAL TRANSFERABLE SECURITIESFRESENIUS MEDICAL CARE 49,299 EUR 2,366,352 1.99 ADMITTED TO AN OFFICIAL STOCK 111,614,081 93.83SOFTWARE AG 86,250 EUR 2,257,163 1.90 EXCHANGE LISTING9,220,134 7.75GREAT BRITAINTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKETBHP BILLITON 207,757 GBP 4,529,716 3.81BRITISH AMERICAN TOBACCO 116,382 GBP 4,566,054 3.84 SHARESCENTRICA 1,009,522 GBP 4,452,836 3.74COMPASS GROUP 464,419 GBP 4,714,216 3.96 GREAT BRITAINGLAXOSMITHKLINE 128,347 GBP 2,390,683 2.01 JOHN WOOD GROUP 242,249 GBP 2,327,155 1.96HSBC HOLDINGS 567,503 GBP 4,530,405 3.81 REXAM 64,439 GBP 369,568 0.31PETROFAC 166,273 GBP 2,778,855 2.34 2,696,723 2.27PRUDENTIAL 330,770 GBP 4,546,675 3.82 TOTAL SHARES 2,696,723 2.27UNILEVER 151,850 GBP 4,419,821 3.72 TOTAL TRANSFERABLE SECURITIES2,696,723 2.2736,929,261 31.04 TRADED ON ANOTHER REGULATED MARKETIRELAND TOTAL INVESTMENTS 114,310,804 96.10PROVIDENCE RESOURCES 233,682 GBP 880,806 0.74 OTHER NET ASSETS LESS LIABILITIES 4,636,215 3.90RYANAIR HOLDING 734,565 EUR 4,641,716 3.90 TOTAL NET ASSETS 118,947,019 100.005,522,522 4.64241


Portfolio of Investments and Other Net Assets as at 30 September 2013Frontier MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSOMANBANK MUSCAT SAOG 3,356,471 OMR 5,344,200 2.36TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 5,344,200 2.36EXCHANGE LISTINGPAKISTANDG KHAN CEMENT 5,138,748 PKR 3,338,977 1.48SHARES ENGRO CORP 3,562,484 PKR 4,591,859 2.037,930,836 3.51BANGLADESHPANAMAPRIME BANK 572,250 BDT 128,945 0.06 COPA HOLDINGS S.A. "A" 33,431 USD 4,656,938 2.06128,945 0.06 4,656,938 2.06BERMUDA ISLANDSPHILIPPINESCREDICORP 46,794 USD 5,958,280 2.63 CEBU AIR 1,898,846 PHP 2,289,567 1.015,958,280 2.63 SECURITY BANK 910,944 PHP 2,742,828 1.21CANADA SM INVESTMENTS CORP 153,449 PHP 2,748,926 1.22EASTCOAL INC 1,017,677 GBP 69,431 0.03 7,781,321 3.44EASTCOAL INC 137,900 CAD 9,391 0.00 QATAR78,822 0.03 DOHA BANK 244,491 QAR 3,612,496 1.60CAYMAN ISLANDSQATAR ELECTRICITY &NAGACORP 2,815,782 HKD 2,374,587 1.05 WATER 63,854 QAR 2,767,307 1.222,374,587 1.05 QATAR INDUSTRIES 159,177 QAR 6,553,060 2.90COLOMBIA QATAR ISLAMIC BANK 91,923 QAR 1,734,376 0.77ECOPETROL S.A. 456,140 COP 1,053,683 0.47 QATAR NATIONAL BANK 168,567 QAR 7,722,018 3.411,053,683 0.47 22,389,257 9.90ESTONIASAUDI ARABIATALLINK GROUP 2,540,111 EUR 3,266,500 1.44 NATIONAL BANK OF KUWAIT 772,823 KWD 2,513,246 1.113,266,500 1.44 2,513,246 1.11GREAT BRITAINSRI LANKABANK OF GEORGIA JOHN KEELLS HOLDINGS 1,743,591 LKR 2,866,450 1.27HOLDINGS 216,998 GBP 6,729,436 2.98 2,866,450 1.27NMC HEALTH 684,234 GBP 3,628,859 1.60 UNITED ARAB EMIRATES10,358,295 4.58 DP WORLD 285,866 USD 4,616,736 2.04IRELAND EMAAR PROPERTIES 5,888,201 AED 9,346,233 4.14DRAGON OIL 359,751 GBP 3,384,794 1.50 FIRST GULF BANK 1,286,709 AED 5,797,807 2.563,384,794 1.50 NATIONAL BANK OF ABUJERSEY DHABI 1,357,523 AED 4,712,407 2.08CENTAMIN 2,040,943 GBP 1,463,169 0.65 UNION NATIONAL BANK 2,441,561 AED 3,390,183 1.501,463,169 0.65 27,863,366 12.32KENYA TOTAL SHARES 123,422,609 54.58SAFARICOM 23,387,531 KES 2,363,118 1.052,363,118 1.05 INVESTMENT FUNDSKUWAITKUWAIT PROJECTS 2,440,412 KWD 5,003,319 2.22 ROMANIAMABANEE 872,186 KWD 3,514,641 1.55 SIF 5 OLTENIA CRAIOVA 5,266,100 RON 2,570,818 1.14MOBILE 2,570,818 1.14TELECOMMUNICATIONS 1,229,374 KWD 3,128,842 1.38 TOTAL INVESTMENT FUNDS 2,570,818 1.1411,646,802 5.15242


Portfolio of Investments and Other Net Assets as at 30 September 2013Frontier MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueWARRANTS / EQUITY LINKED SECURITIESLEBANONBANQUE AUDI SAL 96,098 USD 586,198 0.26UNITED STATES 586,198 0.26CITIGP HOLDINGS 13/02/2015NIGERIACERTUNE 90,013 USD 2,856,978 1.26 DANGOTE CEMENT 2,783,451 NGN 3,273,617 1.45CITIGROUP GM 20/01/2015 DIAMOND BANK NIGERIA 70,230,084 NGN 2,651,818 1.17CW/PVD 1,459,552 USD 4,539,207 2.01 FBN HOLDINGS 50,443,523 NGN 5,130,191 2.27VIETNAM DAIRY WARRANTS GUARANTY TRUST BANK 23,641,266 NGN 3,673,120 1.6220/01/2015 711,038 USD 4,760,400 2.11 NESTLE FOODS NIGERIA 506,514 NGN 2,962,879 1.3112,156,585 5.38 NIGERIAN BREWERIES 3,585,560 NGN 3,662,112 1.62TOTAL WARRANTS / EQUITY LINKED12,156,585 5.38ZENITH BANK 34,897,262 NGN 4,315,960 1.91SECURITIES 25,669,697 11.35OMANCONVERTIBLE BONDS RENAISSANCE SERVICES 1,987,544 OMR 3,396,894 1.503,396,894 1.50OMANPAKISTANBANK MUSCAT 4.5% HUB POWER 6,435,377 PKR 3,918,238 1.7320/03/2016 273,661 OMR 73,299 0.03 MCB BANK 884,308 PKR 2,197,535 0.9773,299 0.03 PAKISTAN PETROLEUM 1,983,281 PKR 3,596,386 1.59TOTAL CONVERTIBLE BONDS 73,299 5.41 UNITED BANK 4,078,969 PKR 5,125,025 2.2714,837,184 6.56GDR (Global Depositary Receipt)QATARGULF INTERNATIONALROMANIA SERVICES 204,443 QAR 2,813,016 1.24KAZMUNAIGAS DOBYCHA K OOREDOO QSC 169,999 QAR 6,527,032 2.89GDR 307,293 USD 4,563,301 2.02 9,340,048 4.134,563,301 2.02 UNITED ARAB EMIRATESTOTAL GDR (Global Depositary Receipt) 4,563,301 2.02 AL NOOR HOSPITALS GROUP 90,211 GBP 1,190,615 0.531,190,615 0.53PREFERENTIAL SHARES TOTAL SHARES 56,505,080 24.99COLOMBIACONVERTIBLE BONDSBANCO DAVIVIENDA(PREFERRRED) 312,481 COP 4,183,340 1.85 OMANBANCOLOMBIA S.A. BANK MUSCAT 7%(PREFERRRED) 82,917 COP 1,191,890 0.53 20/03/2014 4,106 OMR (221) 0.005,375,230 2.38 (221) 0.00TOTAL PREFERENTIAL SHARES 5,375,230 2.38 TOTAL CONVERTIBLE BONDS (221) 0.00TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 148,161,842 65.53 GDR (Global Depositary Receipt)EXCHANGE LISTINGEGYPTTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED GLOBAL TELECOM GDR 355,204 USD 1,103,690 0.49MARKET 1,103,690 0.49TOTAL GDR (Global Depositary Receipt) 1,103,690 0.49SHARESCROATIAHRVATSKI TELEKOM 47,901 HRK 1,484,444 0.661,484,444 0.66243


Portfolio of Investments and Other Net Assets as at 30 September 2013Frontier MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueWARRANTS / EQUITY LINKED SECURITIESUNITED STATESSAUDI DAIRY & FOODSTUFFP.NOTE 30/04/2015 145,485 USD 3,598,185 1.593,598,185 1.59TOTAL WARRANTS / EQUITY LINKEDSECURITIESTOTAL TRANSFERABLE SECURITIES3,598,18561,206,7341.5927.07TRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESCONVERTIBLE BONDSOMANRENAISSANCE SERVICESSAO 3.75% 25/07/2017 575,721 OMR 154,024 0.07154,024 0.07TOTAL CONVERTIBLE BONDS 154,024 0.07WARRANTS / EQUITY LINKED SECURITIESCANADAEASTCOAL WARRANTS31/05/2015 137,900 CAD - 0.00- 0.00GREAT BRITAINETIHAD ETISALATWARRANTS 27/09/2016 150,398 USD 3,388,738 1.50SAMBA FINANCIAL GROUPWARRANTS 27/09/2016 432,951 USD 6,032,046 2.66YANBU NATIONAL PETROCHEM-ICAL WARRANTS 27/09/2016 237,271 USD 3,922,612 1.7313,343,396 5.89TOTAL WARRANTS / EQUITY LINKEDSECURITIES13,343,396 5.89TOTAL OTHER TRANSFERABLE SECURITIES 13,497,420 5.96TOTAL INVESTMENTS 222,865,996 98.56OTHER NET ASSETS LESS LIABILITIES 3,257,915 1.44TOTAL NET ASSETS 226,123,911 100.00244


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSINDIAAXIS BANK 281,985 INR 4,539,504 0.96TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK BANK OF INDIA 1,031,025 INR 2,601,209 0.55EXCHANGE LISTING CAIRN INDIA 971,129 INR 4,945,951 1.04CANARA BANK 762,962 INR 2,698,765 0.57SHARES JINDAL STEEL & POWER 878,046 INR 3,302,894 0.70LIC HOUSING FINANCE 1,845,367 INR 5,540,023 1.17BRAZIL OIL & NATURAL GAS 1,210,502 INR 5,178,973 1.09BANCO DO BRASIL 551,163 BRL 6,430,087 1.36 POWER FINANCIAL 1,984,787 INR 4,149,923 0.88MRV ENGENHARIA 1,313,600 BRL 5,352,237 1.13 SESA GOA 1,739,118 INR 5,021,042 1.0611,782,324 2.49 SHRIRAM TRANSPORTCAYMAN ISLANDS FINANCE 500,907 INR 4,591,367 0.97CHINA SHANSHUI CEMENT 12,167,000 HKD 4,691,005 0.99 TATA MOTORS 1,081,077 INR 5,741,625 1.21TPK HOLDING 301,204 TWD 2,735,215 0.58 TECH MAHINDRA 221,500 INR 4,725,910 1.007,426,220 1.57 53,037,186 11.20CHINAINDONESIAAGRICULTURAL BANK OF BANK RAKYAT INDONESIA 8,998,500 IDR 5,634,051 1.19CHINA "H" 13,756,000 HKD 6,332,448 1.34 5,634,051 1.19BANK OF CHINA "H" 9,262,500 HKD 4,228,075 0.89 MEXICOBANK OF COMMUNICATIONS OHL MEXICO 599,100 MXN 1,572,868 0.33"H" 7,767,300 HKD 5,708,949 1.21 1,572,868 0.33BBMG CORP "H" 6,621,000 HKD 4,431,004 0.94 POLANDCHINA COMMUNICATIONS KGHM POLSKA MIEDZ 131,012 PLN 5,191,797 1.10CONSTRUCTION "H" 6,558,000 HKD 5,175,283 1.09 5,191,797 1.10CHINA CONSTRUCTIONSOUTH AFRICABANK "H" 14,983,470 HKD 11,534,480 2.44 AFRICAN BANK INVESTMENTS 2,104,593 ZAR 3,502,879 0.74CHINA MINSHENG BANKING "H 4,853,000 HKD 5,800,979 1.22 ANGLOGOLD HOLDINGS 298,671 ZAR 3,961,722 0.84CHINA NATIONAL BUILDINGS EXXARO RESOURCES 283,110 ZAR 4,636,119 0.98"H" 3,070,000 HKD 2,949,211 0.62 NEDBANK GROUP 194,744 ZAR 3,953,629 0.83CHINA PETROLEUM & CHEMICAL SASOL 169,542 ZAR 8,083,638 1.71"H" 9,251,400 HKD 7,241,147 1.53 STEINHOFF INTERNATIONALCHINA SHENHUA ENERGY "H" 2,045,500 HKD 6,224,762 1.31 HOLDINGS 1,793,045 ZAR 6,353,524 1.34DONG FENG MOTOR "H" 3,628,000 HKD 5,510,916 1.16 30,491,511 6.44GREAT WALL AUTOMOBILESSOUTH KOREA"H" 1,018,500 HKD 5,522,532 1.17 BS FINANCIAL GROUP 182,480 KRW 2,726,717 0.58INDUSTRIAL & COMMERCIAL DGB FINANCIAL GROUP 150,950 KRW 2,276,658 0.48BANK OF CHINA "H" 15,840,955 HKD 11,050,702 2.33 GS HOLDINGS 105,940 KRW 5,562,740 1.17YANTAI CHANGYU HANKOOK TIRE 92,394 KRW 5,281,555 1.12PIONEER "B" 715,456 HKD 2,442,014 0.52 HYUNDAI MOBIS 25,554 KRW 6,804,161 1.4484,152,502 17.77 HYUNDAI MOTOR 43,876 KRW 10,252,989 2.16FEDERATION OF RUSSIA KIA MOTORS 121,720 KRW 7,399,882 1.56GAZPROM 348,347 USD 1,546,549 0.33 LG CORP 92,571 KRW 5,705,354 1.20SBERBANK 2,904,568 USD 8,755,826 1.85 SAMSUNG ELECTRONICS 19,170 KRW 24,397,219 5.1510,302,375 2.18 SAMSUNG HEAVYHONG KONG INDUSTRIES 167,340 KRW 6,699,122 1.41CHINA OVERSEAS LAND SK CORP 30,723 KRW 5,549,004 1.17& INVESTMENT 2,074,000 HKD 6,110,914 1.29 SK HYNIX INC 230,520 KRW 6,492,077 1.37CNOOC 4,652,000 HKD 9,465,814 2.00 89,147,478 18.8115,576,728 3.29245


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsTAIWANPREFERENTIAL SHARESFARGLORY LANDDEVELOPMENT 2,637,000 TWD 4,905,229 1.04 BRAZILHON HAI PREC INDUSTRIES 3,284,930 TWD 8,432,461 1.77RADIANT OPTO ELECTRONICS 1,583,285 TWD 5,649,344 1.19 BANCO ESTRADO RIO GRANDETAISHIN FINANCIAL 7,336,841 TWD 3,387,101 0.72 (PREFERRED) 646,826 BRL 4,518,380 0.95WISTRON CORP 4,864,809 TWD 4,713,862 1.00 CIA ENERGETICA MINASZHEN DING TECHNOLOGY (PREFERRED) 515,621 BRL 4,405,609 0.93HOLDING 2,093,700 TWD 4,978,015 1.05 ITAU UNIBANCO BANCO32,066,012 6.77 MULTIPLO S.A. (PREFERRED) 771,080 BRL 10,966,682 2.32THAILAND 19,890,671 4.20KASIKORNBANK (NVDR) 1,035,700 THB 5,794,301 1.23 TOTAL PREFERENTIAL SHARES 19,890,671 4.20PTT PUBLIC (FOREIGN) 381,000 THB 3,848,940 0.81PTT PUBLIC COMPANY 178,700 THB 1,805,264 0.38 ADR (American Depository Receipt)11,448,505 2.42TURKEYMEXICOKARDEMIR KARABUK DEMIR 8,955,893 TRY 5,002,921 1.06 AMERICA MOVIL ADR 71,086 USD 1,423,853 0.30TURK HAVA YOLLARI 1,283,126 TRY 4,884,232 1.03 1,423,853 0.30TURKIYE HALK BANKASI 762,882 TRY 5,581,558 1.18 TOTAL ADR (American Depository Receipt) 1,423,853 0.30TURKIYE IS BANKASI "C" 2,033,135 TRY 5,367,150 1.13 TOTAL TRANSFERABLE SECURITIES20,835,861 4.40 ADMITTED TO AN OFFICIAL STOCK466,799,767 98.57TOTAL SHARES 378,665,418 79.96 EXCHANGE LISTINGTOTAL INVESTMENTS 466,799,767 98.57SADR (Sponsored American Depository Receipt) OTHER NET ASSETS LESS LIABILITIES 6,790,431 1.43TOTAL NET ASSETS 473,590,198 100.00BRAZILPETROBRAS ON ADS 283,001 USD 4,457,266 0.94PETROBRAS PN ADR 171,317 USD 2,922,668 0.62VALE S.A. "A" ADR 537,847 USD 7,658,941 1.61VALE S.A. ADR 275,068 USD 4,335,072 0.9219,373,947 4.09FEDERATION OF RUSSIALUKOIL ADR 128,881 USD 8,171,056 1.73MOBILE TELESYSTEMS ADR 261,294 USD 5,863,437 1.24NORILSK NICKEL ADR 369,966 USD 5,338,609 1.13OAO GAZPROM SPON ADR 1,195,461 USD 10,532,012 2.2229,905,114 6.32TOTAL SADR (Sponsored AmericanDepository Receipt)49,279,061 10.41GDR (Global Depositary Receipt)FEDERATION OF RUSSIAAFK SISTEMA GDR 219,369 USD 5,674,944 1.20ROSNEFT OIL GDR 772,601 USD 6,253,198 1.31TATNEFT GDR 143,362 USD 5,612,622 1.1917,540,764 3.70TOTAL GDR (Global Depositary Receipt) 17,540,764 3.70246


Portfolio of Investments and Other Net Assets as at 30 September 2013Global EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS LUFTHANSA 18,458 EUR 359,669 0.35MUENCHENER RUECK AG 2,806 EUR 547,911 0.53TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SUEDZUCKER 10,024 EUR 294,515 0.28EXCHANGE LISTING 3,261,002 3.14GREAT BRITAINSHARES ADMIRAL GROUP 26,484 GBP 529,240 0.51ANTOFAGASTA 74,142 GBP 983,336 0.94AUSTRALIA BP 118,130 GBP 827,838 0.80ASCIANO 72,211 AUD 393,647 0.38 BT GROUP 76,386 GBP 423,183 0.41COMMONWEALTH BANK OF CENTRICA 77,031 GBP 459,931 0.44AUSTRALIA 11,119 AUD 740,357 0.71 DIAGEO 21,457 GBP 682,092 0.66FLIGHT CENTRE 18,299 AUD 826,436 0.79 ITV 264,444 GBP 750,277 0.72LEND LEASE GROUP 76,128 AUD 723,224 0.70 PETROFAC 17,862 GBP 404,092 0.39TELSTRA CORP 145,438 AUD 675,879 0.65 RECKITT BENCKISER 13,547 GBP 987,430 0.943,359,543 3.23 TATE & LYLE 49,746 GBP 591,703 0.57BELGIUM 6,639,122 6.38BELGACOM S.A. 17,024 EUR 451,442 0.43 HONG KONGCOLRUYT 7,664 EUR 423,742 0.41 HANG SENG BANK 31,200 HKD 508,926 0.49875,184 0.84 WHARF HOLDINGS 52,000 HKD 450,591 0.43CANADA 959,517 0.92AGRIUM 4,538 CAD 382,589 0.37 IRELANDCANADIAN IMPERIAL BANK 18,377 CAD 1,477,990 1.42 ACCENTURE CORP 6,514 USD 480,929 0.46IMPERIAL OIL 18,309 CAD 809,379 0.78 SEAGATE TECHNOLOGY 10,240 USD 444,518 0.43ROYAL BANK OF CANADA 9,075 CAD 590,286 0.57 925,447 0.89SUNCOR ENERGY 16,830 CAD 604,826 0.58 ITALY3,865,070 3.72 TERNA SPA 94,188 EUR 424,057 0.41DENMARK 424,057 0.41NOVO NORDISK "B" 3,476 DKK 590,516 0.57 JAPAN590,516 0.57 CHIYODA CORP 35,000 JPY 420,892 0.40FINLAND DAIHATSU MOTOR 27,000 JPY 522,803 0.50NESTE OIL OYG 20,791 EUR 459,587 0.44 FUJI HEAVY INDUSTRIES 17,000 JPY 469,503 0.45459,587 0.44 JAPAN TOBACCO 26,379 JPY 948,972 0.92FRANCE MARUBENI 64,300 JPY 505,881 0.49ALSTOM 9,151 EUR 324,546 0.31 MITSUBISHI MATERIALS 116,000 JPY 478,777 0.46BNP PARIBAS 19,622 EUR 1,327,403 1.27 NITORI HOLDINGS 4,100 JPY 376,051 0.36IMERYS 6,193 EUR 431,900 0.42 OTSUKA HOLDINGS KK 28,700 JPY 832,410 0.80SAFRAN S.A. 7,646 EUR 469,891 0.45 RESONA 128,900 JPY 659,443 0.63TOTAL S.A. 19,197 EUR 1,110,253 1.07 SUMITOMO MITSUI FINANCIAL 8,500 JPY 411,032 0.403,663,993 3.52 TOKYO GAS 72,000 JPY 394,762 0.38GERMANY TOTO 73,000 JPY 1,022,185 0.99CONTINENTAL 4,295 EUR 728,776 0.70 TOYOTA MOTOR 14,400 JPY 920,132 0.88HANNOVER RUECKVERSICHERUNG 7,962,843 7.66SE 7,278 EUR 533,774 0.51 NETHERLANDSHENKEL (PREFERRED) 7,750 EUR 796,357 0.77 ASML HOLDING 4,627 EUR 456,472 0.44456,472 0.44247


Portfolio of Investments and Other Net Assets as at 30 September 2013Global EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsNORWAYDISCOVER FINANCIALYARA INTERNATIONAL 9,676 NOK 399,476 0.38 SERVICES 11,766 USD 594,771 0.57399,476 0.38 EXXON MOBIL CORP 27,455 USD 2,361,406 2.27SINGAPORE FIFTH THIRD BANCORP 30,416 USD 548,705 0.53COMFORTDELGRO CORP 261,000 SGD 409,779 0.39 FRANK RESOURCES CORP 8,351 USD 421,809 0.41409,779 0.39 GAP CORP 12,345 USD 500,837 0.48SPAIN HALLIBURTON CORP 11,103 USD 536,941 0.52ACTIV DE CONSTRY SERVICE 17,438 EUR 554,362 0.53 HEWLETT-PACKARD CORP 32,039 USD 669,935 0.64RED ELECTRICA CORP S.A. 6,572 EUR 372,884 0.36 HOME DEPOT CORP 10,622 USD 804,617 0.77927,246 0.89 INTERNATIONAL BUSINESSSWITZERLAND MACHINES 7,386 USD 1,374,018 1.32CIE FINANCIERE RICHEMONT INTERNATIONAL PAPER CORP 13,098 USD 587,707 0.57S.A. "A" 4,607 CHF 461,082 0.44 JP MORGAN CHASE 21,123 USD 1,097,129 1.05ROCHE HOLDING GSH 7,335 CHF 1,979,254 1.91 KRAFT FOODS GROUP INC 14,456 USD 757,205 0.73SWISS REINSURANCE RE 4,934 CHF 408,143 0.39 KROGER CORP 16,883 USD 681,904 0.66SYNGENTA 1,283 CHF 522,564 0.50 LIBERTY MEDIA CORP "A" 3,177 USD 467,940 0.45THE SWATCH GROUP "B" 640 CHF 411,568 0.40 LORILLARD CORP 15,662 USD 701,971 0.673,782,611 3.64 MACY'S CORP 22,722 USD 977,728 0.94UNITED STATESMARATHON PETROLEUMABBVIE INC 30,745 USD 1,359,544 1.31 CORP 10,029 USD 641,455 0.62AMERICAN INTERNATIONAL MASTERCARD CORP 1,826 USD 1,231,546 1.18GROUP CORP 11,228 USD 547,028 0.53 MICROSOFT CORP 28,054 USD 922,696 0.89AMERICAN TOWER CORP 5,089 USD 377,960 0.36 PACCAR CORP 21,530 USD 1,189,748 1.14AMERISOURCEBERGEN 10,635 USD 649,160 0.62 PHILIP MORRISAMGEN CORP 14,573 USD 1,638,734 1.58 INTERNATIONAL 11,440 USD 994,250 0.96APPLE CORP 4,634 USD 2,224,922 2.14 PPL CORP 16,582 USD 504,259 0.48BAXTER INTERNATIONAL RAYONIER INC 59,478 USD 526,531 0.51CORP 13,393 USD 884,072 0.85 RAYTHEON CORP 8,647 USD 668,413 0.64BED BATH & BEYOND CORP 5,409 USD 418,008 0.40 SIMON PROPERTY GROUP 5,857 USD 873,220 0.84BOEING CORP 5,079 USD 597,189 0.57 SLM CORP 23,107 USD 577,444 0.56CATERPILLAR CORP 9,441 USD 789,645 0.76 STARBUCKS CORP 9,289 USD 712,559 0.69CELGENE CORP 6,339 USD 985,334 0.95 UNION PACIFIC CORP 3,191 USD 500,891 0.48CF INDUSTRIES HOLDINGS UNITEDHEALTH GP CORP 10,781 USD 767,607 0.74CORP 1,824 USD 386,688 0.37 VALERO EN NEW CORP 12,487 USD 424,446 0.41CHEVRON CORP 9,247 USD 1,125,360 1.08 VERIZON COMMUNICATIONS 29,980 USD 1,397,068 1.34CISCO SYSTEMS CORP 48,165 USD 1,126,098 1.08 WAL MART STORES CORP 10,752 USD 797,368 0.77CITIGROUP CORP 15,934 USD 774,392 0.74 WELLS FARGO CORP 25,683 USD 1,063,019 1.02COACH CORP 8,271 USD 450,356 0.43 WISCONSIN ENERGY CORP 13,913 USD 557,772 0.54COCA COLA ENTERPRISES YAHOO CORP 18,864 USD 628,831 0.60CORP 11,011 USD 446,606 0.43 45,068,093 43.33CORPCAST CORP 26,940 USD 1,212,974 1.17 TOTAL SHARES 84,029,558 80.79CROWN CASTLEINTERNATIONAL 5,977 USD 434,707 0.42DEERE & COMPANY CORP 7,026 USD 575,570 0.55248


Portfolio of Investments and Other Net Assets as at 30 September 2013Global EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsPREFERENTIAL SHARESGERMANYPORSCHE (PREFERRED) 5,901 EUR 515,139 0.50515,139 0.50TOTAL PREFERENTIAL SHARES 515,139 0.50TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 84,544,697 81.29EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATED MARKETSHARESGREAT BRITAINABERDEEN ASSETMANAGEMENT 81,684 GBP 500,941 0.48WEIR GROUP 11,294 GBP 424,133 0.41925,074 0.89SWEDENNORDEA 32,550 SEK 391,982 0.38SWEDBANK "A" 17,615 SEK 408,351 0.39800,333 0.77TOTAL SHARES 1,725,407 1.66TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKETTOTAL INVESTMENTS1,725,40786,270,1041.6682.95OTHER NET ASSETS LESS LIABILITIES 17,731,262 17.05TOTAL NET ASSETS 104,001,366 100.00249


Portfolio of Investments and Other Net Assets as at 30 September 2013Latin American EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCANADAPACIFIC RUBIALES ENERGY 108,797 CAD 2,160,274 1.25TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2,160,274 1.25EXCHANGE LISTINGCHILEAES GENER S.A. 867,786 CLP 512,114 0.30SHARES BANCO DE CHILE 16,014,036 CLP 2,386,492 1.38CRUZ BLANCA SALUD 1,123,031 CLP 845,702 0.49BERMUDA ISLANDS SACI FALABELLA S.A. 300,611 CLP 2,902,947 1.69COSAN "A" 44,500 USD 675,065 0.39 SONDA S.A. 316,017 CLP 844,560 0.49CREDICORP 26,985 USD 3,436,000 1.99 7,491,815 4.354,111,065 2.38 MEXICOBRAZIL ALFA "A" 1,515,482 MXN 4,200,915 2.44ANHANGUERA EDUCACIONAL AMERICA MOVIL S.A. 4,000,200 MXN 4,017,283 2.33PARTICIPACOES S.A. 278,700 BRL 1,655,135 0.96 ARCA CONTINENTAL S.A. 331,900 MXN 2,095,210 1.22AREZZO INDUSTRIA E CEMEX S.A. 2,290,124 MXN 2,569,560 1.49COMERCIO 138,100 BRL 2,398,393 1.39 CORP INMOBILIARIA VESTA 636,600 MXN 1,170,311 0.68BANCO BRADESCO 42,680 BRL 676,422 0.39 EL PUERTO DE LIVERPOOL 120,211 MXN 1,319,749 0.77BANCO BRADESCOFOMENTO ECONOMICO(PREFERRED) 346,692 BRL 4,831,150 2.80 MEXICANO 508,900 MXN 4,969,240 2.87BANCO DO BRASIL 112,826 BRL 1,316,273 0.76 GRUMA S.A. "B" 423,100 MXN 2,339,880 1.36BB SEGURIDADEGRUPO AEROPORTUARIO DEPARTICIPACOES 77,600 BRL 758,552 0.44 SUR "B" 154,254 MXN 1,702,634 0.99BR MALLS PARTICIPACOESGRUPO AEROPORTUARIOS.A. 91,862 BRL 832,764 0.48 DEL CENTRO NORTE 101,000 MXN 337,363 0.20BRF S.A. 240,229 BRL 5,920,333 3.43 GRUPO FINANCIEROCCR S.A. 973,848 BRL 7,752,106 4.51 BANORTE "O" 578,200 MXN 3,579,769 2.08CIELO S.A. 73,600 BRL 1,989,072 1.15 GRUPO MEXICO "B" 1,864,200 MXN 5,670,297 3.28DURATEX S.A. 476,191 BRL 2,798,039 1.62 GRUPO SANBORNS 514,518 MXN 1,057,664 0.61ECORODOVIAS INFRAESTRU- GRUPO TELEVISA 249,401 MXN 1,401,814 0.81TURA E LOGISTICA 386,200 BRL 2,697,786 1.57 MEXICHEM S.A. 240,786 MXN 1,070,056 0.62GERDAU S.A. (PREFERRED) 202,114 BRL 1,502,655 0.87 OHL MEXICO 493,860 MXN 1,296,573 0.75ITAUSA INVESTIMENTOS ITAUPROMOTORA Y OPERADORA(PREFERRED) 1,011,042 BRL 4,105,845 2.38 DE INFRAESTRUCTURA 154,200 MXN 1,492,358 0.87KROTON EDUCATIONAL 79,800 BRL 1,133,521 0.66 TF ADMINISTRADORAMETALURGICA GERDAU S.A. INDUSTRIAL 694,300 MXN 1,344,951 0.78(PREFERRED) 76,200 BRL 717,140 0.42 41,635,627 24.15MILLS ESTRUTURAS EPANAMASEVICOS 139,100 BRL 1,907,114 1.11 COPA HOLDINGS S.A. "A" 46,994 USD 6,546,264 3.80MINERVA S.A. 106,200 BRL 469,922 0.27 6,546,264 3.80MPX MINERACAO E ENERGIA 8,790 BRL 21,047 0.01 PERUODONTOPREV S.A. 248,800 BRL 1,084,144 0.63 ALICORP S.A. 444,414 PEN 1,438,390 0.84PETROBRAS 1,355,279 BRL 10,630,111 6.18 ANDINO INVESTMENTQUALICORP S.A. 151,400 BRL 1,384,061 0.80 HOLDINGS 165,553 PEN 165,511 0.10SABESP ON 12,900 BRL 126,042 0.07 FERREYCORP S.A.A. 1,116,838 PEN 714,919 0.41SAO MARTINHO S.A. 88,728 BRL 1,140,364 0.66 GRANA Y MONTERO 147,109 PEN 587,230 0.34SOUZA CRUZ 21,164 BRL 249,380 0.14 2,906,050 1.69TOTVS S.A. 156,700 BRL 2,570,075 1.49 SPAINVALE S.A. 400,226 BRL 6,267,547 3.64 CEMEX LATAM HOLDINGS 229,193 COP 1,802,488 1.0566,934,993 38.83 1,802,488 1.05TOTAL SHARES 133,588,576 77.50250


Portfolio of Investments and Other Net Assets as at 30 September 2013Latin American EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsUNIT SHARESADR (American Depositary Receipt)BRAZILBRAZILCONTAX PARTICIPACOESITAU UNIBANCO HOLDINGS.A. UNIT 43,045 BRL 367,208 0.21 ADR 300,693 USD 4,272,848 2.48367,208 0.21 4,272,848 2.48TOTAL UNIT SHARES 367,208 0.21 TOTAL ADR (American Depositary Receipt) 4,272,848 2.48TOTAL TRANSFERABLE SECURITIESSADR (Sponsored American Depositary Receipt) ADMITTED TO AN OFFICIAL STOCK 166,741,416 96.73EXCHANGE LISTINGBELGIUM TOTAL INVESTMENTS 166,741,416 96.73ANHEUSER BUSCH ADR 25,779 USD 2,567,331 1.49 OTHER NET ASSETS LESS LIABILITIES 5,635,033 3.272,567,331 1.49 TOTAL NET ASSETS 172,376,449 100.00BRAZILBANCO BRADESCO ADR 50,970 USD 714,599 0.41PETROBRAS ON ADS 178,574 USD 2,812,540 1.63VALE S.A. ADR 91,695 USD 1,445,113 0.844,972,252 2.88MEXICOGRUPO FINANCIEROSANTANDER "B" ADR 106,052 USD 1,465,639 0.851,465,639 0.85PERUCEMENTOS PACASMAYOADR 63,960 USD 751,530 0.44GRANA Y MONTERO S.A.A.ADR 84,400 USD 1,688,000 0.982,439,530 1.42TOTAL SADR (Sponsored American DepositaryReceipt)11,444,752 6.64PREFERENTIAL SHARESBRAZILAMBEV (PREFERRED) 6,800 BRL 262,035 0.15BANCO DAYCOVAL(PREFERRED) 248,891 BRL 983,913 0.57BRADESPAR S.A. BRASIL(PREFERRED) 110,600 BRL 1,228,198 0.71COMPANHIA BRASILEIRA DIST-RIBUICAO "A" (PREFERRED) 57,678 BRL 2,659,190 1.54ITAU UNIBANCO BANCOMULTIPLO S.A. (PREFERRED) 610,440 BRL 8,681,981 5.05SARAIVA S.A. LIVREIROS(PREFERRED) 36,842 BRL 478,306 0.28TELEF BRASIL (PREFERRED) 22,805 BRL 508,030 0.29VALE S.A. (PREFERRED) "A" 158,900 BRL 2,266,379 1.3117,068,032 9.90TOTAL PREFERENTIAL SHARES 17,068,032 9.90251


Portfolio of Investments and Other Net Assets as at 30 September 2013Brazil EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSUNIT SHARESTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBRAZILCONTAX PARTICIPACOESS.A. UNIT 69,725 BRL 594,810 0.06SHARES 594,810 0.06TOTAL - UNIT SHARES 594,810 0.06BERMUDA ISLANDSCOSAN "A" 1,220,900 USD 18,521,053 1.76 SADR (Sponsored American Depositary Receipt)18,521,053 1.76BRAZILBRAZIL BANCO BRADESCO ADR 932,086 USD 13,067,846 1.24ANHANGUERA EDUCACIONAL PETROBRAS ON ADS 1,448,655 USD 22,816,316 2.16PART ICIPACOES S.A. 1,643,824 BRL 9,762,289 0.93 35,884,162 3.40AREZZO INDUSTRIA ETOTAL SADR (Sponsored American DepositaryCOMERCIO 1,605,900 BRL 27,889,789 2.64 Receipt) 35,884,162 3.40BANCO BRADESCO 540,810 BRL 8,571,132 0.81BANCO BRADESCOBDR (Bearer Depositary Receipt)(PREFERRED) 2,091,510 BRL 29,145,172 2.76BANCO DO BRASIL 172,839 BRL 2,016,409 0.19 BERMUDA ISLANDSBRF S.A. 3,248,671 BRL 80,061,996 7.59 GP INVESTMENTS 2,177,142 BRL 4,234,865 0.40CCR S.A. 11,619,106 BRL 92,491,391 8.77 4,234,865 0.40CIELO S.A. 779,500 BRL 21,066,327 2.00 TOTAL BDR (Bearer Depositary Receipt) 4,234,865 0.40CONTAX PARTICIPACOES S.A. 1,295,230 BRL 2,211,034 0.21DURATEX S.A. 4,676,771 BRL 27,480,127 2.60 PREFERENTIAL SHARESECORODOVIASINFRAESTRUTURA E LOGISTIC 6,593,908 BRL 46,061,509 4.36 BRAZILGERDAU S.A. (PREFERRED) 520,600 BRL 3,870,500 0.37 AMBEV (PREFERRED) 332,100 BRL 12,797,343 1.21IOCHPE MAXION S.A. 909,140 BRL 11,202,668 1.06 BANCO DAYCOVALITAUSA INVESTIMENTOS (PREFERRED) 2,302,100 BRL 9,100,636 0.86ITAU (PREFERRED) 13,040,757 BRL 52,958,554 5.02 BANCO ESTRADO RIOMETALFRIO SOLUTIONS S.A. 1,752,997 BRL 2,606,598 0.25 GRANDE (PREFERRED) 1,485,703 BRL 10,378,325 0.98METALURGICA GERDAUBRADESPAR S.A.S.A. (PREFERRED) 2,075,900 BRL 19,536,886 1.85 BRASIL (PREFERRED) 4,521,681 BRL 50,212,665 4.76MILLS ESTRUTURAS ECOMPANHIA BRASILEIRA DESEVICOS 2,838,800 BRL 38,921,020 3.69 DISTRIBUICAO "A" (PREFERRE 726,644 BRL 33,501,242 3.17MINERVA S.A. 1,185,100 BRL 5,243,921 0.50 ITAU UNIBANCO BANCOODONTOPREV S.A. 2,812,100 BRL 12,253,704 1.16 MULTIPLO S.A. (PREFERRED) 5,058,600 BRL 71,945,914 6.83PETROBRAS 8,078,100 BRL 63,360,464 6.00 SARAIVA S.A. LIVREIROSPETROBRAS (PREFERRED) 677,807 BRL 5,733,519 0.54 (PREFERRED) 508,556 BRL 6,602,395 0.63PROFARMA DISTRIBUIDORA 1,500,436 BRL 11,916,936 1.13 TELEF BRASIL (PREFERRED) 947,620 BRL 21,110,242 2.00QUALICORP S.A. 1,916,500 BRL 17,520,162 1.66 215,648,762 20.44SABESP ON 101,100 BRL 987,814 0.09 TOTAL PREFERENTIAL SHARES 215,648,762 20.44SAO CARLOSEMPREENDIMENTOES 1,604,584 BRL 26,309,961 2.49SAO MARTINHO S.A. 1,940,181 BRL 24,935,897 2.36SOUZA CRUZ 250,973 BRL 2,957,265 0.28TOTVS S.A. 2,273,102 BRL 37,281,694 3.53VALE S.A. 2,972,300 BRL 46,546,273 4.41VALID SOLUCOES S.A. 484,100 BRL 6,545,856 0.62737,446,867 69.87TOTAL SHARES 755,967,920 71.63252


Portfolio of Investments and Other Net Assets as at 30 September 2013Brazil EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueADR (American Depositary Receipt)BRAZILITAU UNIBANCO HOLDINGADR 1,192,419 USD 16,944,274 1.6116,944,274 1.61TOTAL ADR (American Depositary Receipt) 16,944,274 1.61TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING 1,029,274,793 97.54TOTAL INVESTMENTS 1,029,274,793 97.54OTHER NET ASSETS LESS LIABILITIES 25,985,627 2.46TOTAL NET ASSETS 1,055,260,420 100.00253


Portfolio of Investments and Other Net Assets as at 30 September 2013Chinese EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCHINA PETROLEUM &CHEMICAL "H" 60,551,000 HKD 47,393,770 2.39TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCHINA RAILWAYEXCHANGE LISTING CONSTRUCTION "H" 42,599,000 HKD 45,042,709 2.27CHINA RAILWAY GROUP "H" 61,294,000 HKD 33,511,592 1.69SHARES CHINA RESOURCES LAND 5,944,000 HKD 16,900,464 0.85CHINA SUNTIEN GREENBERMUDA ISLANDS ENERGY "H" 13,023,000 HKD 3,946,300 0.20CHINA SINGES SOLARCHONGQING CHANGANTECHNOLOGIES 7,518,000 HKD 8,366,125 0.42 AUTOMOBILE "B" 39,928,228 HKD 60,959,723 3.08GEMDALE PROPERTIES ANDDATANG INTERNATIONALINVESTMENT CORP 78,502,000 HKD 9,312,790 0.47 POWER GENERATION "H" 53,192,000 HKD 23,457,605 1.18SINOPEC KANTONS DONG FENG MOTOR "H" 25,856,000 HKD 39,275,152 1.98HOLDINGS 21,242,000 HKD 18,269,745 0.92 GREAT WALL35,948,660 1.81 AUTOMOBILES "H" 8,647,250 HKD 46,887,304 2.37CAYMAN ISLANDS GUANGSHEN RAILWAY "H" 7,706,000 HKD 4,044,219 0.20CHINA MODERN DAIRYGUANGZHOU AUTOMOBILEHOLDINGS 20,288,000 HKD 7,926,713 0.40 GROUP "H" 6,202,000 HKD 6,725,723 0.34CHINA RESOURCESHUADIAN FUXIN ENERGYCEMENT 14,742,000 HKD 9,789,824 0.49 CORP "H" 24,434,000 HKD 7,183,575 0.36COUNTRY GARDENHUANENG RENEWABLESHOLDINGS 13,083,000 HKD 8,367,587 0.42 CORP "H" 67,022,000 HKD 23,679,863 1.20GCL POLY ENERGYINDUSTRIAL & COMMERCIALHOLDINGS 46,205,000 HKD 13,345,911 0.68 BANK OF CHINA "H" 225,798,175 HKD 157,517,546 7.96GEELY AUTOMOBILES 12,795,000 HKD 6,583,009 0.33 PETROCHINA "H" 22,456,000 HKD 24,786,626 1.25LONGFOR PROPERTIES 4,972,500 HKD 7,886,624 0.40 PICC PROPERTYSUNAC CHINA HOLDINGS 12,637,000 HKD 8,196,401 0.41 & CASUALTY "H" 8,978,000 HKD 12,178,858 0.61TENCENT HOLDINGS 3,044,700 HKD 159,711,686 8.07 PING AN INSURANCE "H" 5,990,000 HKD 44,528,429 2.25WISON ENGINEERINGSHIMAO PROPERTYSERVICES 25,208,000 HKD 6,435,982 0.32 HOLDINGS 10,705,500 HKD 24,627,087 1.24228,243,737 11.52 SINOPEC ENGINEERINGCHINA GROUP 3,386,500 HKD 4,144,084 0.21AGRICULTURAL BANKSINOPEC SHANGHAIOF CHINA "H" 162,427,000 HKD 74,771,774 3.77 PETROCHEMICAL "H" 12,996,000 HKD 4,843,048 0.24ANHUI CONCH CEMENT "H" 3,514,500 HKD 11,284,287 0.57 1,169,368,275 59.02BANK OF CHINA "H" 211,733,400 HKD 96,650,449 4.89 HONG KONGBBMG CORP "H" 36,796,500 HKD 24,625,503 1.24 AIA GROUP 7,299,600 HKD 34,308,982 1.73BEIJING JINGNENGCHINA MERCHANTSCLEAN ENERGY "H" 38,356,000 HKD 14,491,461 0.73 HOLDINGS 1,438,000 HKD 5,229,007 0.26CHINA CITIC BANK "H" 13,878,000 HKD 7,193,896 0.36 CHINA MOBILE 14,292,000 HKD 159,688,196 8.07CHINA COMMUNICATIONSCHINA OVERSEAS LAND &CONSTRUCTION "H" 36,459,000 HKD 28,771,825 1.45 INVESTMENT 18,122,000 HKD 53,395,367 2.69CHINA CONSTRUCTIONCHINA POWER INTERNATIONALBANK "H" 228,966,480 HKD 176,261,509 8.91 DEVELOPMENT 24,298,000 HKD 9,180,142 0.46CHINA OILFIELD SERVICES "H" 30,588,000 HKD 76,675,847 3.87 CNOOC 67,480,000 HKD 137,307,201 6.93CHINA PACIFIC INSURANCE COSCO PACIFIC 13,688,000 HKD 20,933,215 1.06GROUP "H" 7,534,200 HKD 27,008,047 1.36 LENOVO GROUP 18,228,000 HKD 19,062,116 0.96254


Portfolio of Investments and Other Net Assets as at 30 September 2013Chinese EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsMELCO INTERNATIONALDEVELOPMENT 4,855,000 HKD 13,021,584 0.66NEW WORLD DEVELOPMENT 21,347,000 HKD 32,095,685 1.62WHARF HOLDINGS 531,000 HKD 4,601,242 0.23YUEXIU PROPERTY 104,968,000 HKD 28,830,208 1.45517,652,945 26.12TOTAL SHARES 1,951,213,617 98.47TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING 1,951,213,617 98.47OTHER TRANSFERABLE SECURITIESRIGHTSINDIAINDIABULLS HOUSINGFINANCE 266,837 HKD - 0.00- 0.00TOTAL RIGHTS - 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 1,951,213,617 98.47OTHER NET ASSETS LESS LIABILITIES 30,333,174 1.53TOTAL NET ASSETS 1,981,546,791 100.00255


Portfolio of Investments and Other Net Assets as at 30 September 2013Hong Kong EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCHINA RAILWAYCONSTRUCTION "H" 2,309,500 HKD 2,441,985 1.04TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CHINA RESOURCES LAND 796,000 HKD 2,263,252 0.97EXCHANGE LISTING CHINA SHENHUA ENERGY "H" 781,500 HKD 2,378,221 1.02CHONGQING CHANGANSHARES AUTOMOBILE "B" 1,584,500 HKD 2,419,108 1.04DONG FENG MOTOR "H" 1,370,000 HKD 2,081,024 0.89BERMUDA ISLANDSGREAT WALL AUTOMOBILESEMPEROR INTERNATIONAL "H" 111,500 HKD 604,578 0.26HOLDINGS 3,642,000 HKD 1,028,479 0.44 HUANENG POWERHONG KONG LAND HOLDINGS 298,000 USD 1,966,800 0.85 INTERNATIONAL "H" 1,368,000 HKD 1,365,332 0.58K WAH INTERNATIONALINDUSTRIAL & COMMERCIALHOLDINGS 1,142,000 HKD 615,536 0.26 BANK OF CHINA "H" 19,574,015 HKD 13,654,897 5.84LI & FUNG 1,030,000 HKD 1,498,158 0.64 PETROCHINA "H" 3,760,000 HKD 4,150,237 1.78LUK FOOK HOLDINGSPICC PROPERTY & CASUALTYINTERNATIONAL 330,000 HKD 1,029,771 0.44 "H" 490,000 HKD 664,696 0.28ORIENT OVERSEAS PING AN INSURANCE "H" 352,000 HKD 2,616,696 1.12INTERNATIONAL 320,000 HKD 1,879,531 0.80 SHIMAO PROPERTY8,018,275 3.43 HOLDINGS 555,000 HKD 1,276,730 0.55CAYMAN ISLANDSSINOPEC ENGINEERINGAAC TECHNOLOGIES GROUP 1,208,000 HKD 1,478,238 0.63HOLDINGS 121,500 HKD 552,264 0.24 81,305,945 34.79GCL POLY ENERGYHONG KONGHOLDINGS 1,558,000 HKD 450,015 0.19 AIA GROUP 3,069,400 HKD 14,426,542 6.18HKT TRUST 2,383,000 HKD 2,237,004 0.96 BEIJING ENTERPRISE 81,000 HKD 584,904 0.25INTERNATIONAL HOUSEWARES BOC HONG KONG HOLDINGS 1,071,000 HKD 3,438,746 1.47RETAIL COMPANY 1,441,000 HKD 527,708 0.23 CATHAY PACIFIC 67,000 HKD 131,320 0.06SANDS CHINA 359,200 HKD 2,220,937 0.95 CHEUNG KONG HOLDINGS 438,000 HKD 6,670,144 2.85TENCENT HOLDINGS 159,800 HKD 8,382,410 3.58 CHINA EVERBRIGHT 452,000 HKD 589,835 0.2514,370,338 6.15 CHINA MOBILE 964,500 HKD 10,776,606 4.62CHINACHINA OVERSEAS GRANDAGILE PROPERTY OCEANS GROUP 1,389,000 HKD 1,690,774 0.72HOLDINGS 3,336,000 HKD 3,673,628 1.57 CHINA OVERSEAS LAND &AGRICULTURAL BANK OF INVESTMENT 1,200,000 HKD 3,535,727 1.51CHINA "H" 4,087,000 HKD 1,881,413 0.80 CHINA POWER INTERNATIONALBANK OF CHINA "H" 29,970,400 HKD 13,680,659 5.85 DEVELOPMENT 12,793,000 HKD 4,833,384 2.07BANK OF COMMUNICATIONS CHINA RESOURCES POWER 700,000 HKD 1,664,448 0.71"H" 1,081,260 HKD 794,724 0.34 CHINA UNICOM 1,644,000 HKD 2,565,065 1.10CHINA COAL ENERGY "H" 822,000 HKD 491,814 0.21 CITIC 1616 HOLDINGS 4,254,000 HKD 1,217,760 0.52CHINA COMMUNICATIONS CNOOC 3,587,000 HKD 7,298,768 3.12CONSTRUCTION "H" 4,075,000 HKD 3,215,809 1.38 COSCO PACIFIC 2,312,000 HKD 3,535,768 1.51CHINA CONSTRUCTIONDAH SING FINANCEBANK "H" 12,106,680 HKD 9,319,887 3.99 HOLDINGS 250,800 HKD 1,445,594 0.62CHINA LIFE INSURANCE "H" 1,167,000 HKD 3,024,671 1.29 EMPEROR WATCH &CHINA LONGYUAN POWER "H" 1,046,000 HKD 1,087,121 0.47 JEWELLERY 6,260,000 HKD 556,974 0.24CHINA NATIONAL BUILDINGSFRANSHION PROPERTIES"H" 550,000 HKD 528,360 0.23 CHINA 4,438,000 HKD 1,459,280 0.62CHINA OILFIELD SERVICES "H" 360,000 HKD 902,423 0.39 GALAXY ENTERTAINMENTCHINA PACIFIC INSURANCE GROUP 156,000 HKD 1,094,296 0.47GROUP "H" 426,800 HKD 1,529,961 0.65 HANG LUNG PROPERTIES 480,000 HKD 1,634,016 0.70CHINA PETROLEUM &CHEMICAL "H" 4,830,000 HKD 3,780,481 1.62256


Portfolio of Investments and Other Net Assets as at 30 September 2013Hong Kong EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsHK EXCHANGES & CLEARING 71,400 HKD 1,144,407 0.49HSBC HOLDINGS 1,944,143 HKD 21,145,819 9.06HUTCHISON WHAMPOA 416,261 HKD 4,986,464 2.13KINGBOARD CHEMICALS 2,045,100 HKD 5,258,368 2.25NEW WORLD DEVELOPMENT 2,801,187 HKD 4,211,646 1.80POWER ASSETS HOLDINGS 197,000 HKD 1,762,938 0.75SHUN TAK HOLDINGS 2,584,000 HKD 1,449,416 0.62SINGAMAS CONTAINERHOLDINGS 4,664,000 HKD 1,142,677 0.49SJM HOLDINGS 359,000 HKD 1,009,165 0.43SUN HUNG KAI PROPERTIES 146,242 HKD 1,989,463 0.85SWIRE PACIFIC "A" 139,000 HKD 1,665,106 0.71TECHTRONIC INDUSTRIES 196,500 HKD 511,829 0.22WHARF HOLDINGS 795,236 HKD 6,890,909 2.95WHEELOCK AND COMPANY 235,000 HKD 1,246,950 0.53YUEXIU PROPERTY 4,688,000 HKD 1,287,593 0.55124,852,701 53.42TOTAL SHARES 228,547,259 97.79INVESTMENT FUNDSHONG KONGTHE LINK REIT 221,365 HKD 1,086,113 0.461,086,113 0.46TOTAL INVESTMENT FUNDS 1,086,113 0.46TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 229,633,372 98.25EXCHANGE LISTINGOTHER TRANSFERABLE SECURITIESRIGHTSINDIAINDIABULLS HOUSINGFINANCE 35,014 HKD - 0.00- 0.00TOTAL SHARES - 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 229,633,372 98.25OTHER NET ASSETS LESS LIABILITIES 4,095,665 1.75TOTAL NET ASSETS 233,729,037 100.00257


Portfolio of Investments and Other Net Assets as at 30 September 2013Indian EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTS LARSEN & TOUBRO 1,727,266 INR 21,761,313 0.97LIC HOUSING FINANCE 15,379,449 INR 46,171,034 2.06TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK MARUTI SUZUKI INDIA 3,992,996 INR 86,648,489 3.86EXCHANGE LISTING NMDC 36,608,148 INR 70,227,508 3.13NTPC 23,767,148 INR 55,976,835 2.49SHARES OIL & NATURAL GAS 29,803,653 INR 127,510,998 5.67OIL INDIA 1,552,714 INR 10,848,176 0.48INDIA OPTO CIRCUITS INDIA 16,592,408 INR 5,446,377 0.24ADITYA BIRLA NUVO 2,296,027 INR 45,556,988 2.03 PUNJAB NATIONAL BANK 1,000,000 INR 7,370,741 0.33AXIS BANK 2,552,501 INR 41,091,152 1.83 PURAVANKARA PROJECTS 7,357,222 INR 8,514,100 0.38BANK OF BARODA 3,914,235 INR 30,860,897 1.38 RADICO KHAITAN 10,980,961 INR 23,529,761 1.05BHARAT PETROLEUM 702,334 INR 3,716,089 0.17 RELIANCE INDUSTRIES 5,409,238 INR 71,056,806 3.17CAIRN INDIA 4,315,561 INR 21,979,114 0.98 RURAL ELECTRIFICATIONCANARA BANK 7,528,954 INR 26,631,573 1.19 CORP 19,309,846 INR 58,001,422 2.59CROMPTON GREAVES 17,493,103 INR 24,043,862 1.07 SESA GOA 23,593,067 INR 68,116,010 3.04FEDERAL BANK 1,426,849 INR 6,486,335 0.29 STATE BANK OF INDIA 2,061,716 INR 53,181,547 2.37GAMMON INDIA 4,839,659 INR 916,051 0.04 STRIDES ARCOLAB 2,764,867 INR 38,004,659 1.69GAMMON INFRASTRUCTURE TARA JEWELS 923,537 INR 1,263,479 0.06PROJECTS 15,507,549 INR 1,684,374 0.08 TATA MOTORS 1,654,645 INR 8,787,857 0.39GLENMARK TATA MOTORS "A" 30,825,680 INR 80,602,375 3.59PHARMACEUTICALS 9,092,095 INR 77,108,824 3.44 TECH MAHINDRA 4,619,977 INR 98,571,528 4.39GUJARAT NRE COKE 37,431,512 INR 7,473,669 0.33 TRIBHOVANDAS BHIMJIGUJARAT NRE COKE "B" 2,890,747 INR 270,117 0.01 ZAVERI 2,785,024 INR 5,553,976 0.25GVK POWER & INFRASTRUCTU 124,580,000 INR 12,436,977 0.55 UNITECH 129,168,147 INR 32,392,284 1.44HCL INFOSYSTEMS 18,450,000 INR 7,691,718 0.34 USHA MARTIN 8,078,453 INR 2,722,683 0.12HCL TECHNOLOGIES 4,728,466 INR 82,113,810 3.66 WIPRO 11,268,898 INR 85,148,105 3.80HINDUSTAN CONSTRUCTION 29,120,312 INR 4,604,874 0.21 1,971,858,669 87.88HOUSING DEVELOPMENT TOTAL SHARES 1,971,858,669 87.88FINANCE 4,024,365 INR 49,126,893 2.19ICICI BANK 7,335,955 INR 103,543,641 4.62 WARRANTS / EQUITY LINKED SECURITIESIDFC 26,323,162 INR 37,021,491 1.65 GREAT BRITAININDIA CEMENTS 18,044,850 INR 14,656,515 0.65 ADANI PORTSINDIABULLS HOUSING WARRANTS 05/06/2023 3,979,945 USD 8,776,156 0.39FINANCE 18,962,353 INR 55,382,644 2.46 JUST DIAL WARRANTSINDIABULLS 27/05/2016 400,000 USD 5,393,818 0.24INFRASTRUCTURE 91,694,287 INR 4,174,204 0.19 OPTO CIRCUITS INDIAINDIABULLS REAL ESTATE 28,401,059 INR 24,497,106 1.09 WARRANTS 20/09/2022 3,077,958 USD 1,010,337 0.05INDIAN BANK 10,257,393 INR 11,042,906 0.49 PURAVANKARA PROJECTSINFOSYS 1,019,942 INR 49,086,391 2.19 WARRANTS 24/05/2016 2,320,793 USD 2,685,752 0.12IRB INFRASTRUCTURE 18,943,052 INR 22,678,174 1.01 17,866,063 0.80IVRCL INFRASTRUCTURESINDIA& PROJECTS 13,865,919 INR 2,535,950 0.11 OIL INDIAJAIPRAKASH ASSOCIATES 72,707,028 INR 40,531,093 1.81 WARRANTS 07/07/2023 9,409,820 USD 65,743,232 2.93JAIPRAKASH POWER 65,743,232 2.93VENTURES 18,200,305 INR 4,447,916 0.20 NETHERLANDSJINDAL STEEL & POWER 22,817,985 INR 85,833,079 3.83 JP POWER VENTURESKALPATARU POWER WARRANTS 20/02/2015 47,853,752 USD 11,694,931 0.52TRANSMISSION 5,646,045 INR 5,226,179 0.23258


Portfolio of Investments and Other Net Assets as at 30 September 2013Indian EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueJP MORGANOTHER TRANSFERABLE SECURITIESSTRUCTURE 07/10/2014 8,969,020 USD 974,197 0.04JP MORGANSHARESSTRUCTURE 30/01/2018 329,744 USD 35,816 0.00JP MORGANINDIASTRUCTURE 31/07/2017 23,691,178 USD 1,078,517 0.05 KESORAM TEXTILE MILLS 1,014,882 INR - 0.0013,783,461 0.61 0 0.00TOTAL WARRANTS / EQUITY LINKED97,392,756 4.34TOTAL SHARES 0 0.00SECURITIESWARRANTS / EQUITY LINKED SECURITIESSADR (Sponsored American Dep. Receipt)GREAT BRITAININDIA HSBC BANK 02/11/2020ICICI BANK ADR 728,725 USD 22,065,793 0.98 WARRANTS 2,436,258 USD 797,387 0.04INFOSYS ADR 1,158,605 USD 56,180,756 2.51 797,387 0.04SESA GOA ADR 3,383,381 USD 38,841,214 1.73 TOTAL WARRANTS / EQUITY LINKED797,387 0.04117,087,763 5.22 SECURITIESTOTAL SADR (Sponsored American Dep.117,087,763 5.22TOTAL OTHER TRANSFERABLE SECURITIES 797,387 0.04Receipt) TOTAL INVESTMENTS 2,187,136,597 97.48OTHER NET ASSETS LESS LIABILITIES 56,486,619 2.52GDR (Global Depositary Receipt) TOTAL NET ASSETS 2,243,623,216 100.00INDIAFINANCIAL TECHNOLOGIESGDR 6 USD 2 0.00UNITED SPIRITS GDR 1 USD 20 0.0022 0.00TOTAL GDR (Global Depositary Receipt) 22 0.00TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING2,186,339,210 97.44259


Portfolio of Investments and Other Net Assets as at 30 September 2013Japanese EquityStatement of investments as at 30 September 2013(expressed in JPY)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS GUNMA BANK 24,000 JPY 13,776,000 0.20HAKUHODO DY HOLDINGS 20,400 JPY 14,892,000 0.21TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HANKYU 27,000 JPY 14,715,000 0.21EXCHANGE LISTING HINO MOTORS 14,000 JPY 20,216,000 0.29HIROSE ELECTRIC 700 JPY 10,542,000 0.15SHARES HITACHI 111,000 JPY 71,817,000 1.02HITACHI CHEMICAL 8,600 JPY 13,579,400 0.19JAPANHITACHI CONSTRUCTIONABC-MART 3,000 JPY 14,355,000 0.20 MACHINARY 2,400 JPY 5,268,000 0.07AEON 6,200 JPY 8,376,200 0.12 HITACHI METALS 15,000 JPY 18,060,000 0.26AISIN SEIKI 7,200 JPY 30,132,000 0.43 HOKURIKU ELECTRIC POWER 12,100 JPY 17,351,400 0.25AJINOMOTO 14,000 JPY 18,060,000 0.26 HONDA MOTOR 37,900 JPY 141,556,500 2.02ALFRESA HOLDINGS 2,700 JPY 13,662,000 0.19 HOYA 15,800 JPY 36,640,200 0.52ASAHI GLASS 42,000 JPY 25,578,000 0.36 IBIDEN 9,700 JPY 15,549,100 0.22ASAHI GROUP HOLDINGS 4,300 JPY 11,089,700 0.16 IDEMITSU KOSAN 2,000 JPY 17,000,000 0.24ASAHI KASEI 46,000 JPY 33,994,000 0.48 INPEX CORP 17,600 JPY 20,380,800 0.29ASTELLAS PHARMA 9,900 JPY 49,500,000 0.70 ISUZU MOTORS 28,000 JPY 18,088,000 0.26BANK OF YOKOHAMA 28,000 JPY 15,708,000 0.22 ITOCHU 44,000 JPY 52,888,000 0.75BENESSE 4,500 JPY 16,065,000 0.23 IYO BANK 13,000 JPY 13,364,000 0.19BRIDGESTONE 14,000 JPY 50,050,000 0.71 J FRONT RETAILING 27,000 JPY 21,438,000 0.30BROTHER INDUSTRIES 5,400 JPY 5,972,400 0.08 JAPAN EXCHANGE GROUP INC 9,300 JPY 20,208,900 0.29CANON 29,700 JPY 92,961,000 1.32 JAPAN PETROLEUMCENTRAL JAPAN RAILWAY 4,400 JPY 55,352,000 0.78 EXPLORATION 700 JPY 2,954,000 0.04CHIBA BANK 20,000 JPY 14,320,000 0.20 JAPAN TOBACCO 29,000 JPY 102,370,000 1.46CHIYODA CORP 13,000 JPY 15,340,000 0.22 JFE HOLDINGS 5,900 JPY 15,003,700 0.21CHUBU ELECTRIC POWER 23,700 JPY 31,900,200 0.45 JGC 5,000 JPY 17,700,000 0.25CHUGAI PHARMACEUTICAL 5,200 JPY 10,472,800 0.15 JX HOLDINGS 52,300 JPY 26,620,700 0.38CHUGOKU ELECTRIC POWER 6,900 JPY 10,764,000 0.15 KANEKA 24,000 JPY 15,360,000 0.22COCA-COLA WEST JAPAN 6,600 JPY 12,942,600 0.18 KANSAI ELECTRIC POWER 6,900 JPY 8,694,000 0.12DAI NIPPON PRINTING 23,000 JPY 23,874,000 0.34 KAO 15,800 JPY 48,348,000 0.69DAICEL CORP 21,000 JPY 18,585,000 0.26 KDDI 12,500 JPY 63,000,000 0.89DAIHATSU MOTOR 10,000 JPY 19,000,000 0.27 KEYENCE 700 JPY 26,075,000 0.37DAI-ICHI MUTUAL LIFE KINDEN 10,000 JPY 10,550,000 0.15INSURANCE 10,400 JPY 14,560,000 0.21 KINTETSU CORP 14,000 JPY 5,124,000 0.07DAIICHI S.A.NKYO COMPANY 15,600 JPY 27,736,800 0.39 KIRIN HOLDINGS 21,000 JPY 30,009,000 0.43DAIKIN INDUSTRIES 2,900 JPY 15,109,000 0.21 KOBE STEEL 119,000 JPY 21,658,000 0.31DAITO TRUST CONSTRUCTION 2,900 JPY 28,449,000 0.40 KOMATSU 21,600 JPY 52,682,400 0.75DAIWA HOUSE INDUSTRY 19,000 JPY 35,112,000 0.50 KONICA MINOLTA INC. 26,500 JPY 21,836,000 0.31DAIWA SECURITIES GROUP 53,000 JPY 46,640,000 0.66 KUBOTA 19,000 JPY 26,923,000 0.38DENA 8,600 JPY 17,182,800 0.24 KURARAY 8,000 JPY 9,400,000 0.13DENSO 11,300 JPY 51,754,000 0.73 KURITA WATER INDUSTRIES 7,900 JPY 16,455,700 0.23DENTSU 1,700 JPY 6,341,000 0.09 KYOCERA 5,200 JPY 27,092,000 0.38EAST JAPAN RAILWAY 8,100 JPY 68,364,000 0.97 KYUSHU ELECTRIC POWER 4,200 JPY 5,884,200 0.08EISAI 8,800 JPY 35,112,000 0.50 LAWSON INC 1,500 JPY 11,535,000 0.16ELECTRIC POWER LIXIL GROUP 1,400 JPY 2,826,600 0.04DEVELOPMENT 6,200 JPY 19,840,000 0.28 MAKITA 4,700 JPY 26,790,000 0.38FANUC CORP 3,700 JPY 59,977,000 0.85 MARUBENI 52,000 JPY 40,144,000 0.57FAST RETAILING 900 JPY 33,165,000 0.47 MARUICHI STEEL TUBE 5,800 JPY 14,140,400 0.20FUJI HEAVY INDUSTRIES 17,000 JPY 46,070,000 0.65 MAZDA MOTOR 32,000 JPY 13,984,000 0.20FUJI PHOTO FILM 16,300 JPY 38,370,200 0.54 MEDIPAL HOLDINGS CORP 9,500 JPY 11,504,500 0.16FUJITSU 17,000 JPY 6,222,000 0.09 MEIJI HOLDINGS 3,400 JPY 18,258,000 0.26260


Portfolio of Investments and Other Net Assets as at 30 September 2013Japanese EquityStatement of investments as at 30 September 2013(expressed in JPY)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsMIRACA HOLDINGS INC. 3,900 JPY 17,082,000 0.24 OTSUKA 1,300 JPY 16,276,000 0.23MITSUBISHI CHEMICAL OTSUKA HOLDINGS KK 12,000 JPY 34,152,000 0.48HOLDINGS 55,500 JPY 25,419,000 0.36 PANASONIC CORP 36,600 JPY 34,696,800 0.49MITSUBISHI CORP 32,700 JPY 64,942,200 0.92 RAKUTEN INC 8,700 JPY 12,919,500 0.18MITSUBISHI ELECTRIC 57,000 JPY 58,710,000 0.83 RESONA 69,600 JPY 34,939,200 0.50MITSUBISHI ESTATE 25,000 JPY 72,400,000 1.03 RICOH 15,000 JPY 16,965,000 0.24MITSUBISHI GAS CHEMICAL 24,000 JPY 19,776,000 0.28 ROHM 5,400 JPY 21,762,000 0.31MITSUBISHI HEAVY SANKYO 1,300 JPY 6,233,500 0.09INDUSTRIES 52,000 JPY 29,276,000 0.41 SANTEN PHARMACEUTICAL 1,700 JPY 8,100,500 0.11MITSUBISHI MATERIALS 57,000 JPY 23,085,000 0.33 SBI HOLDINGS 14,300 JPY 18,103,800 0.26MITSUBISHI TANABE PHARMA 13,000 JPY 17,901,000 0.25 SECOM 4,900 JPY 30,086,000 0.43MITSUBISHI UFJ FINANCIAL SEKISUI CHEMICAL 21,000 JPY 20,958,000 0.30GROUP 296,800 JPY 186,093,600 2.65 SEKISUI HOUSE 21,000 JPY 27,678,000 0.39MITSUI & COMPANY 49,400 JPY 70,444,400 1.00 SEVEN AND I HOLDINGS 17,800 JPY 63,724,000 0.90MITSUI FUDOSAN 16,000 JPY 52,720,000 0.75 SHIKOKU ELECTRIC POWER 4,200 JPY 7,001,400 0.10MIZUHO FINANCIAL GROUP 580,800 JPY 123,710,400 1.76 SHIMAMURA 1,500 JPY 14,655,000 0.21MS & AD INSURANCE GROUP 11,700 JPY 29,952,000 0.42 SHIMANO 500 JPY 4,385,000 0.06MURATA MANUFACTURING 3,900 JPY 29,211,000 0.41 SHIN-ETSU CHEMICAL 7,800 JPY 46,800,000 0.66NABTESCO 7,600 JPY 18,179,200 0.26 SHIONOGI 13,000 JPY 26,793,000 0.38NAMCO BANDAI HOLDINGS 10,500 JPY 19,267,500 0.27 SHISEIDO 8,300 JPY 14,641,200 0.21NGK INSULATORS 14,000 JPY 20,832,000 0.30 SHIZUOKA BANK 6,000 JPY 6,696,000 0.09NHK SPRING 14,300 JPY 14,357,200 0.20 SHOWA SHELL SEKIYU 14,200 JPY 15,591,600 0.22NIDEC 2,300 JPY 18,630,000 0.26 SMC 700 JPY 16,338,000 0.23NIKON 12,500 JPY 21,412,500 0.30 SOFTBANK CORP 20,400 JPY 138,516,000 1.97NINTENDO 1,500 JPY 16,695,000 0.24 SOJITZ HOLDINGS 72,000 JPY 13,824,000 0.20NIPPON CREDIT BANK 65,000 JPY 18,915,000 0.27 SONY 29,400 JPY 61,681,200 0.87NIPPON ELECTRIC GLASS 28,000 JPY 14,700,000 0.21 SONY FINANCIAL HOLDINGS 10,300 JPY 18,519,400 0.26NIPPON EXPRESS 44,000 JPY 21,648,000 0.31 STANLEY ELECTRIC 3,400 JPY 7,089,000 0.10NIPPON MEAT PACKERS 13,000 JPY 18,265,000 0.26 SUMCO 10,500 JPY 8,368,500 0.12NIPPON STEEL AND SUMITOMO SUMITOMO CORP 26,000 JPY 34,372,000 0.49METAL CORP 143,000 JPY 47,619,000 0.67 SUMITOMO ELECTRICNIPPON TEL & TEL 9,200 JPY 46,736,000 0.66 INDUSTRIES 17,600 JPY 25,027,200 0.35NIPPON YUSEN KK 37,000 JPY 11,470,000 0.16 SUMITOMO METAL MINING 21,000 JPY 29,106,000 0.41NISSAN MOTOR 58,000 JPY 57,072,000 0.81 SUMITOMO MITSUI FINANCIAL 31,900 JPY 151,365,500 2.16NITORI HOLDINGS 800 JPY 7,200,000 0.10 SUMITOMO MITSUI TRUSTNITTO DENKO 2,100 JPY 13,419,000 0.19 HOLDINGS 56,000 JPY 27,160,000 0.38NKSJ HOLDINGS 2,500 JPY 6,302,500 0.09 SUMITOMO REALTYNOK 8,900 JPY 13,599,200 0.19 & DEVELOPMENT 6,000 JPY 27,930,000 0.40NOMURA HOLDING INC. 70,100 JPY 53,626,500 0.76 SUMITOMO RUBBERNOMURA REAL ESTATE INDUSTRIES 11,200 JPY 16,923,200 0.24HOLDINGS 2,900 JPY 7,003,500 0.10 SURUGA BANK 5,000 JPY 8,435,000 0.12NOMURA RESEARCH INSTITUT 6,200 JPY 21,142,000 0.30 SUZUKEN 5,300 JPY 17,119,000 0.24NSK 23,000 JPY 23,023,000 0.33 SUZUKI MOTOR 4,200 JPY 9,878,400 0.14NTT DATA 5,500 JPY 18,177,500 0.26 T&D HOLDINGS 22,900 JPY 27,800,600 0.39NTT DOCOMO INC 30,700 JPY 48,874,400 0.69 TAIYO NIPPON S.A.NSO 21,000 JPY 13,818,000 0.20ODAKYU ELECTRIC RAILWAY 6,000 JPY 5,850,000 0.08 TAKEDA PHARMACEUTICALOJI HOLDINGS CORP 44,000 JPY 20,240,000 0.29 COMPANY 15,767 JPY 73,080,045 1.04OLYMPUS OPTICAL 2,000 JPY 5,966,000 0.08 TERUMO 1,300 JPY 6,539,000 0.09OMRON 7,800 JPY 27,651,000 0.39 THK 2,700 JPY 5,869,800 0.08ORIENTAL LAND 500 JPY 8,110,000 0.11 TOBU RAILWAY 24,000 JPY 12,432,000 0.18ORIX 35,900 JPY 57,260,500 0.81 TOHO 7,500 JPY 15,345,000 0.22OSAKA GAS 72,000 JPY 30,096,000 0.43 TOHO GAS 21,000 JPY 10,794,000 0.15261


Portfolio of Investments and Other Net Assets as at 30 September 2013Japanese EquityStatement of investments as at 30 September 2013(expressed in JPY)Description Quantity Currency Evaluation % netassetsTOKIO MARINE HOLDINGS 16,100 JPY 51,600,500 0.73TOKYO ELECTRIC POWER 33,700 JPY 20,590,700 0.29TOKYO ELECTRON 1,500 JPY 7,890,000 0.11TOKYO GAS 78,000 JPY 41,964,000 0.59TOKYU 27,000 JPY 18,900,000 0.27TOKYU LAND 12,000 JPY 12,252,000 0.17TORAY INDUSTRIES 35,000 JPY 22,575,000 0.32TOSHIBA 118,000 JPY 51,920,000 0.74TOTO 15,000 JPY 20,610,000 0.29TOYO SUISAN KAISHA 6,000 JPY 17,268,000 0.24TOYODA GOSEI 6,200 JPY 14,979,200 0.21TOYOTA INDUSTRIES CORP 1,400 JPY 5,922,000 0.08TOYOTA MOTOR 62,197 JPY 389,975,190 5.54TREND 2,400 JPY 8,772,000 0.12TSUMURA & CO 5,000 JPY 14,390,000 0.20UNI CHARM 1,000 JPY 5,730,000 0.08USS CO 13,000 JPY 18,473,000 0.26WEST JAPAN RAILWAY 5,400 JPY 22,707,000 0.32YAHOO JAPAN 11,000 JPY 6,127,000 0.09YAMAGUCHI FINANCIALGROUP 14,000 JPY 13,496,000 0.19YAMAHA 11,500 JPY 16,100,000 0.23YAMATO HOLDINGS 13,300 JPY 29,419,600 0.42YOKOHAMA RUBBER 5,000 JPY 4,840,000 0.076,029,362,835 85.44TOTAL SHARES 6,029,362,835 85.44INVESTMENT FUNDSJAPANJAPAN REAL ESTATEINVESTMENT 6 JPY 6,888,000 0.10JAPAN RETAIL FUND 49 JPY 9,907,800 0.14NIPPON BUILDING FUND 16 JPY 19,520,000 0.28NIPPON PROLOGIS REIT INC 17 JPY 16,677,000 0.24NOMURA REAL ESTATEOFFICE FUND 14 JPY 7,070,000 0.10UNITED URBAN INVESTMENT 139 JPY 20,850,000 0.3080,912,800 1.16TOTAL INVESTMENT FUND 80,912,800 1.16TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING 6,110,275,635 86.60TOTAL INVESTMENTS 6,110,275,635 86.60OTHER NET ASSETS LESS LIABILITIES 945,287,521 13.40TOTAL NET ASSETS 7,055,563,156 100.00262


Portfolio of Investments and Other Net Assets as at 30 September 2013Korean EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSSAMSUNG HEAVYINDUSTRIES 58,490 KRW 2,341,530 2.56TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SAMSUNG SDI 6,355 KRW 1,109,345 1.21EXCHANGE LISTING SEAH STEEL CORP 11,562 KRW 1,006,455 1.10SHINHAN FINANCIAL GROUP 103,497 KRW 4,205,927 4.60SHARES SK CORP 10,442 KRW 1,885,971 2.06SK HYNIX INC 123,460 KRW 3,476,973 3.80SOUTH KOREA SK INNOVATION 22,121 KRW 3,006,819 3.29BS FINANCIAL GROUP 93,560 KRW 1,398,025 1.53 SK TELECOM 14,648 KRW 2,979,747 3.26CJ CORP 2,800 KRW 302,389 0.33 YOUNGONE HOLDINGSDAELIM INDUSTRIAL 22,654 KRW 2,045,815 2.24 COMPANY 7,718 KRW 444,780 0.49DAEWOO SHIPBUILDING & 82,595,346 90.29MARINE ENGINEERING 38,550 KRW 1,241,796 1.36 TOTAL SHARES 82,595,346 90.29DONGBU INSURANCE 40,120 KRW 1,725,649 1.89DONGWON INDUSTRIES 876 KRW 229,987 0.25 EXCHANGE TRADED FUNDSE-MART 3,513 KRW 791,486 0.87FILA KOREA 13,358 KRW 870,541 0.95 UNITED STATESHANA FINANCIAL HOLDINGS 78,650 KRW 2,698,273 2.95 ISHARES MSCI SOUTH KOREAHANKOOK TIRE 24,521 KRW 1,401,704 1.53 CAPPED INDEX FUND 42,712 USD 2,634,049 2.88HYUNDAI DEPARTMENT 2,634,049 2.88STORE 4,077 KRW 611,106 0.67 TOTAL EXCHANGE TRADED FUNDS 2,634,049 2.88HYUNDAI DEVELOPMENT 18,200 KRW 407,508 0.45 TOTAL TRANSFERABLE SECURITIESHYUNDAI HOME SHOPPING ADMITTED TO AN OFFICIAL STOCK 85,229,395 93.17NETWORK CORP 5,859 KRW 861,847 0.94 EXCHANGE LISTINGHYUNDAI MOBIS 17,838 KRW 4,749,653 5.19HYUNDAI MOTOR 38,076 KRW 8,897,638 9.72 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDHYUNDAI STEEL 7,702 KRW 593,005 0.65 MARKETHYUNDAI WIA CORP 2,569 KRW 405,400 0.44KB FINANCIAL GROUP 89,860 KRW 3,145,603 3.44 SHARESKIA MOTORS 76,468 KRW 4,648,819 5.08KOREA ELECTRIC POWER 20,220 KRW 565,686 0.62 SOUTH KOREAKOREA INVESTMENT CJ HOME SHOPPING 1,489 KRW 485,607 0.53HOLDINGS 26,660 KRW 1,028,808 1.12 SFA ENGINEERING CORP 7,259 KRW 299,723 0.33KOREA ZINC 702 KRW 212,408 0.23 785,330 0.86LG CHEMICAL 12,374 KRW 3,542,460 3.87 TOTAL SHARES 785,330 0.86LG CORP 29,251 KRW 1,802,803 1.97 TOTAL TRANSFERABLE SECURITIES785,330 0.86LG DISPLAY 28,350 KRW 684,920 0.75 TRADED ON ANOTHER REGULATED MARKETLG ELECTRONICS 10,110 KRW 670,164 0.73 TOTAL INVESTMENTS 86,014,725 94.03LG INTERNATIONAL 12,620 KRW 380,087 0.42 OTHER NET ASSETS LESS LIABILITIES 5,460,397 5.97LS CABLE 13,242 KRW 955,443 1.04 TOTAL NET ASSETS 91,475,122 100.00NAVER CORP 5,565 KRW 2,885,825 3.15NHN ENTERTAINMENT CORP 1,374 KRW 150,945 0.17POHANG IRON STEEL(POSCO) 8,122 KRW 2,415,925 2.64SAMSUNG ELECTRONICS 5,591 KRW 7,115,537 7.78SAMSUNG ELECTRONICS PF 270 KRW 220,200 0.24SAMSUNG FIRE & MARINEINSURANCE 10,808 KRW 2,480,344 2.71263


Portfolio of Investments and Other Net Assets as at 30 September 2013Mexico EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSTF ADMINISTRADORAINDUSTRIAL 8,711,700 MXN 16,875,722 1.81TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK WALMART DE MEXICO S.A. 13,457,800 MXN 35,219,449 3.78EXCHANGE LISTING 714,843,131 76.81TOTAL SHARES 714,843,131 76.81SHARESSADR (Sponsored American Depositary Receipt)MEXICOALFA "A" 27,961,352 MXN 77,508,850 8.33 MEXICOALSEA S.A. 5,766,600 MXN 15,761,598 1.69 CEMEX S.A. ADR 456,811 USD 5,116,283 0.55AMERICA MOVIL S.A. 61,710,770 MXN 61,974,308 6.66 GRUPO AEROPORTUARIOARCA CONTINENTAL S.A. 6,267,200 MXN 39,563,421 4.25 DEL SURESTE ADR 290,864 USD 32,035,761 3.44BIMBO "A" 2,082,667 MXN 6,380,685 0.69 GRUPO FINANCIEROBOLSA MEXICANA DE SANTANDER "B" ADR 2,677,948 USD 37,009,242 3.98VALORES S.A. 1,987,900 MXN 4,741,802 0.51 74,161,286 7.97CEMEX S.A. 34,365,504 MXN 38,558,708 4.14 TOTAL SADR (Sponsored American Depositary74,161,286 7.97COCA-COLA FEMSA "L" 86,100 MXN 1,100,795 0.12 Receipt)COMPARTAMOS SAB DE CV 2,851,500 MXN 5,289,788 0.57CONCENTRADORA FIBRAADR (American Depositary Receipt)HOTELERA MEXICANA 651,586 MXN 1,046,396 0.11CORP INMOBILIARIA VESTA 6,847,775 MXN 12,588,793 1.35 MEXICOEL PUERTO DE LIVERPOOL 2,680,313 MXN 29,426,101 3.16 AMERICA MOVIL ADR 807,903 USD 16,182,297 1.74FIBRA UNO ADMINISTRATION 3,469,400 MXN 9,548,650 1.03 COCA-COLA FEMSA ADR 40,245 USD 5,151,762 0.55FOMENTO ECONOMICOFOMENTO ECONOMICOMEXICANO 3,428,542 MXN 33,478,580 3.6 MEXICANO ADR 518,104 USD 50,572,132 5.44GRUMA S.A. "B" 6,351,116 MXN 35,123,734 3.77 GRUPO TELEVISA ADR 1,324,049 USD 37,232,258 4.00GRUPO AEROPORTUARIO 109,138,449 11.73DE SUR "B" 22,900 MXN 252,767 0.03 TOTAL ADR (American Depositary Receipt) 109,138,449 11.73GRUPO AEROPORTUARIOTOTAL TRANSFERABLE SECURITIESDEL CENTRO NORTE 2,886,276 MXN 9,640,811 1.04 ADMITTED TO AN OFFICIAL STOCK898,142,866 96.51GRUPO COMERCIALEXCHANGE LISTINGCHEDRAUI S.A. 1,468,528 MXN 4,591,735 0.49 TOTAL INVESTMENTS 898,142,866 96.51GRUPO FINANCIERO OTHER NET ASSETS LESS LIABILITIES 32,445,600 3.49BANORTE "O" 9,379,471 MXN 58,070,453 6.24 TOTAL NET ASSETS 930,588,466 100.00GRUPO FINANCIEROSANTANDER "B" 1,869,100 MXN 5,182,564 0.56GRUPO KUOB "B" 1,189,000 MXN 2,306,864 0.25GRUPO MEXICO "B" 19,883,528 MXN 60,479,302 6.5GRUPO SANBORNS 6,784,843 MXN 13,947,194 1.5GRUPO TELEVISA 1,339,300 MXN 7,527,836 0.81INDUSTRIAS PENOLES 499,940 MXN 14,818,808 1.59INFRAESTRUCTURAENERGETICA NOVA 862,566 MXN 3,333,947 0.36KIMBER "A" 6,678,500 MXN 19,375,274 2.08MEXICHEM S.A. 9,751,560 MXN 43,336,040 4.66OHL MEXICO 10,427,600 MXN 27,376,464 2.94PROMOTORA Y OPERADORADE INFRAESTRUCTURA 2,109,480 MXN 20,415,692 2.19264


Portfolio of Investments and Other Net Assets as at 30 September 2013Russia EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS TMK GDR 726,082 USD 9,395,501 2.89URALKALIY GDR 103,097 USD 2,687,584 0.83TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK VTB BANK GDR 3,368,019 USD 8,891,570 2.74EXCHANGE LISTING 152,289,850 46.91TOTAL GDR (Global Depositary Receipt) 159,042,051 48.99SHARESADR (American Depositary Receipt)FEDERATION OF RUSSIASBERBANK 10,244,166 USD 30,881,059 9.51 FEDERATION OF RUSSIA30,881,059 9.51 GAZPROM NEFT ADR 291,843 USD 6,405,954 1.97JERSEY 6,405,954 1.97UNITED COMPANY RUSAL 12,349,000 HKD 3,789,832 1.17 TOTAL ADR (American Depositary Receipt) 6,405,954 1.973,789,832 1.17 TOTAL TRANSFERABLE SECURITIESTOTAL SHARES 34,670,891 10.68 ADMITTED TO AN OFFICIAL STOCK 303,034,818 93.34EXCHANGE LISTINGSADR (Sponsored American Depositary Receipt)TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDFEDERATION OF RUSSIAMARKETFEDERAL HYDROGENERATINGADR 1,935,844 USD 3,039,275 0.94 SHARESLUKOIL ADR 511,625 USD 32,437,025 9.98MOBILE TELESYSTEMS ADR 676,670 USD 15,184,475 4.68 FEDERATION OF RUSSIANORILSK NICKEL ADR 984,666 USD 14,208,730 4.38 AEROFLOT RUSSIANOAO GAZPROM SPON ADR 3,550,555 USD 31,280,390 9.64 AIRLINES 3,014,363 USD 5,082,842 1.57SURGUTNEFTEGAZ ADR 788,122 USD 6,766,027 2.08 FEDERAL HYDROGENERATING 60 USD 1 0.00102,915,922 31.70 MOSCOW EXCHANGE MICEX 2,203,716 USD 4,215,687 1.30TOTAL SADR (Sponsored American102,915,922 31.70TNK BP HOLDINGS 2,061,057 USD 4,034,356 1.24Depositary Receipt) VTB BANK 3,167,457,398 USD 4,158,872 1.2817,491,758 5.39GDR (Global Depositary Receipt) TOTAL SHARES 17,491,758 5.39TOTAL TRANSFERABLE SECURITIES17,491,758 5.39CYPRUSTRADED ON ANOTHER REGULATED MARKETGLOBALTRANS INVESTMENTGDR 465,669 USD 6,752,201 2.08 OTHER TRANSFERABLE SECURITIES6,752,201 2.08FEDERATION OF RUSSIASHARESAFK SISTEMA GDR 396,408 USD 10,254,837 3.16CHERKIZOVO GROUP GDR 418,322 USD 4,246,792 1.31 FEDERATION OF RUSSIAMAGNIT GDR 398,995 USD 24,730,181 7.61 MAGNIT 100 RUB 25,336 0.01MEGAFON WI GDR 415,533 USD 14,646,749 4.51 25,336 0.01NOVATEK OAO GDR 111,169 USD 14,729,799 4.54 TOTAL SHARES 25,336 0.01NOVOLIPETSK STEEL OJSC TOTAL OTHER TRANSFERABLE SECURITIES 25,336 0.01GDR 125,431 USD 2,030,152 0.63 TOTAL INVESTMENTS 320,551,912 98.74OJSC LSR GROUP GDR 2,446,281 USD 10,384,463 3.20 OTHER NET ASSETS LESS LIABILITIES 4,080,632 1.26PHOSAGRO OAO GDR 531,576 USD 5,372,798 1.66 TOTAL NET ASSETS 324,632,544 100.00ROSNEFT OIL GDR 1,977,034 USD 16,001,512 4.93SEVERSTAL GDR 1,726,564 USD 15,010,618 4.62TATNEFT GDR 355,231 USD 13,907,294 4.28265


Portfolio of Investments and Other Net Assets as at 30 September 2013Singapore EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS WILMAR INTERNATIONAL 926,000 SGD 2,339,448 3.46WING TAI HOLDINGS 302,068 SGD 493,516 0.73TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 58,701,988 86.83EXCHANGE LISTING TOTAL SHARES 63,968,864 94.62TOTAL TRANSFERABLE SECURITIESSHARES ADMITTED TO AN OFFICIAL STOCK 63,968,864 94.62EXCHANGE LISTINGBERMUDA ISLANDS TOTAL INVESTMENTS 63,968,864 94.62BIOSENSORS INTERNATIONAL OTHER NET ASSETS LESS LIABILITIES 3,639,469 5.38GROUP CORP 438,000 SGD 336,856 0.50 TOTAL NET ASSETS 67,608,333 100.00HONG KONG LAND HOLDINGS 81,000 USD 534,600 0.79NOBLE GROUP 3,517,000 SGD 2,606,744 3.853,478,200 5.14ISLE OF MANGENTING SINGAPORE 1,564,000 SGD 1,788,676 2.651,788,676 2.65SINGAPORECAPITALAND 1,080,000 SGD 2,659,655 3.93CITY DEVELOPMENTS 262,000 SGD 2,140,268 3.17DBS GROUP HOLDINGS 500,819 SGD 6,553,857 9.70EZION HOLDINGS 1,066,000 SGD 1,869,059 2.76EZRA HOLDINGS 1,000,000 SGD 912,533 1.35FIRST RESOURCES 650,000 SGD 989,441 1.46GLOBAL LOGISTICPROPERTIES 756,000 SGD 1,741,256 2.58HO BEE INVESTMENT 505,000 SGD 841,164 1.24HUTCHISON PORT HOLDINGS 667,000 USD 520,260 0.77JARDINE CYCLE & CARRIAGE 83,000 SGD 2,523,572 3.73KEPPEL CORP 377,000 SGD 3,130,777 4.63KEPPEL LAND 473,000 SGD 1,334,466 1.97OLAM INTERNATIONAL 1,135,000 SGD 1,383,982 2.05OSIM INTERNATIONAL 530,000 SGD 815,223 1.21OVERSEA-CHINESE BANKINGCORP 773,000 SGD 6,345,411 9.39SEMBCORP INDUSTRIES 797,000 SGD 3,360,138 4.97SEMBCORP MARINE 293,000 SGD 1,057,813 1.56SINGAPORE AIRLINES 65,000 SGD 540,825 0.80SINGAPORE EXCHANGE 172,000 SGD 995,195 1.47SINGAPORE PRESSHOLDINGS 212,000 SGD 694,418 1.03SINGAPORETELECOMMUNICATIONS 1,791,000 SGD 5,324,116 7.87UNITED OVERSEAS BANK 390,000 SGD 6,424,630 9.51UOL GROUP 364,000 SGD 1,784,102 2.64VARD HOLDINGS 2,779,000 SGD 1,926,863 2.85266


Portfolio of Investments and Other Net Assets as at 30 September 2013Taiwan EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSTECO ELECTRIC &MACHINERY 232,000 TWD 245,595 2.47TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TONG YANG INDUSTRY 145,475 TWD 218,207 2.20EXCHANGE LISTING TURVO INTERNATIONAL 34,100 TWD 142,432 1.43UNIMICRON TECHNOLOGY 135,000 TWD 115,059 1.16SHARESUNI-PRESIDENTENTERPRISES CORP 97,995 TWD 182,617 1.84TAIWAN UNITED MICRO ELECTRONICS 582,000 TWD 249,000 2.51ASUSTEK COMPUTER INC 18,760 TWD 149,421 1.50 WPG HOLDINGS 145,000 TWD 170,661 1.72CATHAY FINANCIAL 9,593,034 96.56HOLDING 294,456 TWD 419,265 4.21 TOTAL SHARES 9,593,034 96.56CHENG SHIN RUBBERTOTAL TRANSFERABLE SECURITIESINDUSTRIES 41,295 TWD 108,100 1.09 ADMITTED TO AN OFFICIAL STOCK9,593,034 96.56CHINA LIFE INSURANCE 131,815 TWD 118,809 1.20 EXCHANGE LISTINGCHINA STEEL 302,556 TWD 265,540 2.67CHUNGHWA TELECOM 92,194 TWD 295,283 2.97 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDCOMPAL ELECTRONICS 372,000 TWD 271,759 2.74 MARKETDELTA ELECTRONICSINDUSTRIAL 47,000 TWD 228,106 2.30 SHARESE SUN FINANCIAL HOLDINGS 411,073 TWD 266,241 2.68FORMOSA CHEMICAL & FIBER 73,500 TWD 195,387 1.97 TAIWANFORMOSA PETROCHEMICAL HU LANE ASSOCIATE INC 71,000 TWD 224,761 2.26CORP 15,000 TWD 39,418 0.40 224,761 2.26FORMOSA PLASTICS 108,160 TWD 279,111 2.81 TOTAL SHARES 224,761 2.26FOXCONN TECHNOLOGY 95,100 TWD 247,018 2.49 TOTAL TRANSFERABLE SECURITIES224,761 2.26FUBON FINANCIAL HOLDING 293,547 TWD 406,057 4.09 TRADED ON ANOTHER REGULATED MARKETHON HAI PREC INDUSTRIES 353,798 TWD 908,205 9.13 TOTAL INVESTMENTS 9,817,795 98.82INVENTEC 157,000 TWD 151,863 1.53 OTHER NET ASSETS LESS LIABILITIES 117,384 1.18KINSUS INTERCONNECT TOTAL NET ASSETS 9,935,179 100.00TECHNOLOGY 42,000 TWD 147,730 1.49LARGAN PRECISION 5,000 TWD 168,259 1.69LIAN HWA FOODS CORP 4,560 TWD 6,015 0.06LITE-ON TECHNOLOGY 185,821 TWD 316,746 3.19MEDIATEK INC 32,082 TWD 396,584 3.99MEGA FINANCIAL HOLDING 424,000 TWD 347,748 3.50NAN YA PLASTICS 118,170 TWD 248,590 2.50POU CHEN 148,000 TWD 172,440 1.74PRESIDENT CHAIN STORE 9,000 TWD 64,987 0.65RUENTEX DEVELOPMENT 136,000 TWD 278,739 2.81SINOPAC HOLDINGS 557,192 TWD 256,289 2.58SYNNEX TECHNOLOGYINTERNATIONAL 46,000 TWD 72,032 0.73TAINAN ENTERPRISES 49,000 TWD 56,677 0.57TAIWAN CEMENT 270,000 TWD 390,835 3.93TAIWAN MOBILE 28,000 TWD 99,434 1.00TAIWAN SEMICONDUCTORMANUFACTURING 263,834 TWD 896,775 9.02267


Portfolio of Investments and Other Net Assets as at 30 September 2013Thai EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSOTHER TRANSFERABLE SECURITIESTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKSHARESEXCHANGE LISTINGTHAILANDSHARES STP & I 4,288,500 THB 2,550,042 2.172,550,042 2.17THAILAND TOTAL SHARES 2,550,042 2.17ADVANCED INFORMATION 1,061,900 THB 8,656,710 7.38 TOTAL OTHER TRANSFERABLE SECURITIES 2,550,042 2.17AIRPORTS OF THAILAND 228,700 THB 1,378,182 1.17 TOTAL INVESTMENTS 112,389,593 95.67AP (THAILAND) 10,839,900 THB 2,044,591 1.74 OTHER NET ASSETS LESS LIABILITIES 5,087,394 4.33BANGCHAK PETROLEUM 1,638,900 THB 1,663,509 1.42 TOTAL NET ASSETS 117,476,987 100.00BANGKOK BANK 1,331,300 THB 8,384,385 7.14BANGKOK BANK (NVDR) 388,200 THB 2,432,432 2.07BANK OF AYUDHYA 3,889,600 THB 4,694,085 4.00BANPU PUBLIC 4,504,000 THB 3,959,680 3.37BEC WORLD 1,111,800 THB 2,017,073 1.72CENTRAL PATTANA PUBLIC 1,144,600 THB 1,610,036 1.37CHAROEN POKPHAND FOODS 4,670,200 THB 3,583,239 3.05CP ALL 2,024,200 THB 2,281,086 1.94DELTA ELECTRONICS 1,180,200 THB 1,858,193 1.58DYNASTY CERAMIC 1,019,300 THB 1,816,670 1.55GLOW ENERGY 417,100 THB 870,061 0.74JASMINE INTERNATIONAL 4,877,300 THB 1,286,360 1.09KASIKORNBANK 148,400 THB 837,351 0.71KASIKORNBANK (NVDR) 1,877,400 THB 10,503,254 8.95KHON KAEN SUGAR 3,670,000 THB 1,407,915 1.2KRUNG THAI BANK 12,654,900 THB 7,767,638 6.61LPN DEVELOPMENT 1,958,600 THB 1,283,597 1.09PRUKSA REAL ESTATE 1,930,800 THB 1,203,652 1.02PTT EXPLORATION &PRODUCTION 1,015,691 THB 5,308,947 4.52PTT GLOBAL CHEMICAL 1,644,300 THB 3,916,214 3.33PTT PUBLIC COMPANY 711,100 THB 7,183,677 6.11SHIN CORP 689,200 THB 1,817,725 1.55SHIN CORP (NVDR) 447,900 THB 1,181,311 1.01SIAM CEMENT 319,700 THB 4,353,928 3.71SIAM COMMERCIAL BANK 1,165,500 THB 5,514,461 4.69SRIRACHA CONSTRUCTION 2,084,300 THB 2,282,180 1.94SUPALAI 2,452,900 THB 1,238,985 1.05THAI OIL 1,386,900 THB 2,560,508 2.18THAI VEGETABLE OIL 5,084,200 THB 2,941,916 2.5109,839,551 93.50TOTAL SHARES 109,839,551 93.50TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING109,839,551 93.50268


Portfolio of Investments and Other Net Assets as at 30 September 2013Turkey EquityStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS YAPI KREDI BANKASI 4,500,000 TRY 7,395,285 4.44151,948,944 91.31TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TOTAL SHARES 153,907,206 92.49EXCHANGE LISTINGINVESTMENT FUNDSSHARESTURKEYAUSTRIASINPAS GAYRIMENKULDO & CO RESTAURANTS YATIRIM REIT 19,500,000 TRY 7,548,669 4.54& CATERING 58,603 TRY 1,958,262 1.18 7,548,669 4.541,958,262 1.18 TOTAL INVESTMENT FUNDS 7,548,669 4.54TURKEYTOTAL TRANSFERABLE SECURITIESAKBANK 5,550,000 TRY 15,079,809 9.06 ADMITTED TO AN OFFICIAL STOCK 161,455,875 97.03AKFEN GAYRIMENKULEXCHANGE LISTINGYATIRIM ORTAKLIGI A.S. 1,750,000 TRY 869,174 0.52 TOTAL INVESTMENTS 161,455,875 97.03ARCELIK 1,800,000 TRY 7,723,965 4.64 OTHER NET ASSETS LESS LIABILITIES 4,944,402 2.97ASYA KATILIM BANKASI 3,500,000 TRY 2,441,357 1.47 TOTAL NET ASSETS 166,400,277 100.00BANVIT BANDIRMA VITAMINLIYEM SANAYII TICARET 1,700,000 TRY 1,775,599 1.07BIM BIRLESIK MAGAZALAR A.S 260,000 TRY 3,949,995 2.37COCA COLA ICECEK 25,000 TRY 470,194 0.28EMLAK KONUT GAYRIMENKULYATOTA 3,000,000 TRY 2,990,982 1.80FORD OTOMOTIV SANAYI 200,000 TRY 2,030,508 1.22GARANTI BANKASI 5,150,000 TRY 14,970,979 9.00KARDEMIR KARABUK DEMIR 18,000,000 TRY 7,428,153 4.46KOC HOLDING A.S. 2,000,000 TRY 6,807,315 4.09KOZA ALTIN ISLETMELERI 50,000 TRY 586,145 0.35ODAS ELEKTRIK URETIM VES.A.NAYI TICARET 1,400,000 TRY 1,942,860 1.17SABANCI HOLDING 2,100,000 TRY 7,485,124 4.50TOFAS TURK OTOMOBILFABRIKASI 1,550,000 TRY 6,962,524 4.18TORUNLAR GAYRIMENKULYATIRIM ORTAKLIGI A.S. 2,100,000 TRY 2,599,854 1.56TRAKYA CAM SANAYII A.S. 8,250,000 TRY 7,230,946 4.35TURK HAVA YOLLARI 2,870,000 TRY 8,070,539 4.85TURKCELL ILETISMHIZMETLERI 765,000 TRY 3,324,592 2.00TURKIYE HALK BANKASI 2,850,000 TRY 15,404,105 9.26TURKIYE IS BANKASI "C" 8,050,000 TRY 15,698,821 9.44TURKIYE SINAI KALKINMABANK 1,477,272 TRY 965,703 0.58TURKIYE VAKIFLARBANKASI 4,600,000 TRY 7,744,416 4.65269


Portfolio of Investments and Other Net Assets as at 30 September 2013UK EquityStatement of investments as at 30 September 2013(expressed in GBP)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSLUXEMBOURGAZ ELECTRONIC MATERIALS 256,561 GBP 753,007 0.97TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 753,007 0.97EXCHANGE LISTING TOTAL SHARES 67,694,511 87.31TOTAL TRANSFERABLE SECURITIESSHARES ADMITTED TO AN OFFICIAL STOCK 67,694,511 87.31EXCHANGE LISTINGBERMUDA ISLANDSSIGNET JEWELERS 69,893 GBP 3,048,034 3.93 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED3,048,034 3.93 MARKETCANADAITHACA ENERGY 1,037,862 GBP 1,541,225 1.99 SHARES1,541,225 1.99GREAT BRITAINGREAT BRITAINATKINS 138,192 GBP 1,608,555 2.07 BALFOUR BEATTY 389,314 GBP 1,104,289 1.42BARCLAYS 1,160,586 GBP 3,081,356 3.97 BARCLAYS 294,537 GBP 781,996 1.01BG GROUP 265,123 GBP 3,116,521 4.02 HOWDEN JOINERY GROUP 588,886 GBP 1,707,769 2.21BHP BILLITON 171,263 GBP 3,121,268 4.03 JOHN WOOD GROUP 176,923 GBP 1,420,692 1.83BP 727,469 GBP 3,148,078 4.06 LLOYDS BANK 2,229,171 GBP 1,634,651 2.11BRITISH AMERICAN TOBACCO 94,638 GBP 3,103,653 4.00 REXAM 98,634 GBP 472,851 0.61BT GROUP 939,777 GBP 3,215,033 4.15 SPECTRIS 70,498 GBP 1,557,301 2.01CENTRICA 858,554 GBP 3,165,489 4.08 8,679,549 11.20COMPASS GROUP 376,882 GBP 3,197,844 4.12 SWITZERLANDGLAXOSMITHKLINE 200,855 GBP 3,127,312 4.03 GLENCORE XSTRATA 143,645 GBP 482,432 0.62GREGGS 214,120 GBP 905,513 1.17 482,432 0.62HSBC HOLDINGS 702,962 GBP 4,690,865 6.06 TOTAL SHARES 9,161,981 11.82INMARSAT 219,474 GBP 1,553,876 2.00 TOTAL TRANSFERABLE SECURITIES9,161,981 11.82KINGFISHER 731,469 GBP 2,819,082 3.64 TRADED ON ANOTHER REGULATED MARKETPETROFAC 119,384 GBP 1,667,794 2.15 TOTAL INVESTMENTS 76,856,492 99.13PRUDENTIAL 268,774 GBP 3,088,213 3.98 OTHER NET ASSETS LESS LIABILITIES 673,414 0.87RECKITT BENCKISER 69,077 GBP 3,109,156 4.01 TOTAL NET ASSETS 77,529,906 100.00RIO TINTO 52,589 GBP 1,589,240 2.05UNILEVER 125,416 GBP 3,051,371 3.94VODAFONE GROUP 1,506,561 GBP 3,255,889 4.2055,616,108 71.73GUERNSEYRESOLUTION 1,003,534 GBP 3,184,213 4.113,184,213 4.11IRELANDPROVIDENCE RESOURCES 151,803 GBP 478,286 0.62RYANAIR HOLDING 581,905 EUR 3,073,638 3.963,551,924 4.58270


Portfolio of Investments and Other Net Assets as at 30 September 2013US EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS GENERAL ELECTRIC CAPITAL 83,292 USD 2,000,674 0.95GENERAL MILLS 45,000 USD 2,151,900 1.02TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK GOODYEAR TIRE CORP 128,070 USD 2,879,014 1.36EXCHANGE LISTING GOOGLE "A" 2,094 USD 1,840,616 0.87HALLIBURTON CORP 62,113 USD 3,003,785 1.42SHARES INTEL CORP 90,000 USD 2,062,800 0.97INTERNATIONAL BUSINESSIRELAND MACHINES 27,609 USD 5,136,102 2.43ACCENTURE CORP 16,289 USD 1,202,617 0.57 INTERNATIONAL PAPER1,202,617 0.57 CORP 40,000 USD 1,794,800 0.85UNITED STATES JOHNSON & JOHNSON CORP 24,460 USD 2,118,481 1.00ABBVIE INC 54,000 USD 2,387,880 1.13 JP MORGAN CHASE 101,653 USD 5,279,857 2.49AFLAC CORP 22,176 USD 1,369,368 0.65 KOHLS CORP 32,127 USD 1,654,862 0.78AMGEN CORP 33,975 USD 3,820,489 1.80 KRAFT FOODS GROUP INC 30,000 USD 1,571,400 0.74APPLE CORP 16,956 USD 8,141,083 3.84 KROGER CORP 70,585 USD 2,850,928 1.35AT & T INC 31,177 USD 1,053,471 0.50 LORILLARD CORP 60,007 USD 2,689,514 1.27BALL CORP 60,330 USD 2,717,263 1.28 MACY'S CORP 44,469 USD 1,913,501 0.90BANK OF AMERICA 59,848 USD 830,092 0.39 MARATHON PETROLEUMBAXTER INTERNATIONAL CORP 14,267 USD 912,517 0.43CORP 45,504 USD 3,003,719 1.42 MCDONALDS 25,000 USD 2,410,000 1.14BERKSHIRE HATHAWAY MERCK & CO CORP 12,000 USD 568,320 0.27CORP "B" 22,804 USD 2,593,727 1.23 MICROSOFT CORP 76,815 USD 2,526,445 1.19CELGENE CORP 19,590 USD 3,045,070 1.44 MOTOROLA SOLUTIONS INC 40,428 USD 2,403,040 1.14CF INDUSTRIES HOLDINGS OCCIDENTAL PTL CORP 27,804 USD 2,589,665 1.22CORP 11,281 USD 2,391,572 1.13 PEPSICO CORP 6,000 USD 478,440 0.23CHEVRON CORP 47,155 USD 5,738,763 2.71 PFIZER CORP 39,000 USD 1,119,690 0.53CISCO SYSTEMS CORP 184,374 USD 4,310,664 2.04 PHILIP MORRISCITIGROUP CORP 55,038 USD 2,674,847 1.26 INTERNATIONAL 20,000 USD 1,738,200 0.82COACH CORP 27,807 USD 1,514,091 0.72 PHILLIPS 66 CORP 33,252 USD 1,909,995 0.90COCA COLA 16,319 USD 620,122 0.29 PROCTER & GAMBLE CORP 17,000 USD 1,301,860 0.62COCA COLA ENTERPRISES RAYTHEON CORP 25,398 USD 1,963,265 0.93CORP 47,656 USD 1,932,927 0.91 ROBERT HALFCOMPUTER ASSOC INTERNATIONAL CORP 57,253 USD 2,223,707 1.05INTERNATIONAL CORP 98,800 USD 2,942,264 1.39 ROCKWELL AUTOMATIONCORPCAST CORP 80,000 USD 3,602,000 1.70 CORP 26,986 USD 2,888,851 1.36CROWN CASTLE SIMON PROPERTY GROUP 16,457 USD 2,453,574 1.16INTERNATIONAL 22,178 USD 1,613,006 0.76 SLM CORP 80,156 USD 2,003,098 0.95CUMMINS INC 16,289 USD 2,171,975 1.03 SOUTHERN CORP 55,437 USD 2,276,798 1.08CVS CAREMARK CORP 50,000 USD 2,874,000 1.36 TIME WARNER CABLE 13,000 USD 1,456,130 0.69DEERE & COMPANY CORP 26,000 USD 2,129,920 1.01 TJX COS NEW CORP 56,125 USD 3,162,644 1.49DIRECTV CORP 16,000 USD 957,120 0.45 TRAVELERS COMPANIES 28,007 USD 2,374,714 1.12DISCOVER FINANCIAL UNION PACIFIC CORP 24,813 USD 3,894,897 1.84SERVICES 53,802 USD 2,719,691 1.28 UNITED TECHNOLOGIESDR PEPPER SNAPPLE GROUP CORP 13,726 USD 1,493,801 0.71INC 37,484 USD 1,675,535 0.79 UNITEDHEALTH GP CORP 53,181 USD 3,786,487 1.79ELI LILLY CORP 63,565 USD 3,204,312 1.51 US BANCORP DEL 53,145 USD 1,946,701 0.92ESTEE LAUDER CORP "A" 27,103 USD 1,917,537 0.91 VERIZON COMMUNICATIONS 20,671 USD 963,269 0.46EXXON MOBIL CORP 89,069 USD 7,660,824 3.61 WAL MART STORES CORP 4,000 USD 296,640 0.14FRANK RESOURCES CORP 50,000 USD 2,525,500 1.19 WELLS FARGO CORP 131,774 USD 5,454,125 2.58271


Portfolio of Investments and Other Net Assets as at 30 September 2013US EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsWESTERN UNION COMPANYCORP 152,377 USD 2,825,070 1.33WISCONSIN ENERGY CORP 78,087 USD 3,130,508 1.48WYNN RESORTS CORP 13,235 USD 2,095,762 0.99XCEL ENERGY 55,000 USD 1,519,650 0.72YAHOO CORP 114,234 USD 3,807,990 1.803M CO CORP 9,990 USD 1,196,003 0.57194,258,922 91.78TOTAL SHARES 195,461,539 92.35TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 195,461,539 92.35EXCHANGE LISTINGTOTAL INVESTMENTS 195,461,539 92.35OTHER NET ASSETS LESS LIABILITIES 16,201,871 7.65TOTAL NET ASSETS 211,663,410 100.00272


Portfolio of Investments and Other Net Assets as at 30 September 2013Asian Currencies BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS SINGAPORE (GOVT) 2.75%01/07/2023 1,000,000 SGD 825,715 0.72TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SINGAPORE (GOVT) 3.125%EXCHANGE LISTING 01/09/2022 6,400,000 SGD 5,502,294 4.7813,385,380 11.62BONDSSOUTH KOREAKOREA (GOVT) 3.75%CAYMAN ISLANDS 10/06/2022 1,600,000,000 KRW 1,531,926 1.33CHINA SHANSHUI CEMENT 6.5% KOREA (GOVT) 4.0%22/07/2014 5,000,000 CNY 825,934 0.72 10/03/2016 7,000,000,000 KRW 6,694,980 5.82EVERGRANDE REAL ESTATE 8,226,906 7.157.5% 19/01/2014 6,500,000 CNY 1,064,603 0.93 THAILANDKAISA GROUP HOLDINGS THAILAND (GOVT) 3.625%6.875% 22/04/2016 4,500,000 CNY 729,867 0.63 16/06/2023 27,000,000 THB 844,359 0.732,620,404 2.28 THAILAND (GOVT) 3.65%INDIA 17/12/2021 78,500,000 THB 2,471,434 2.15IDBI BANK 3.65% 28/08/2015 750,000 SGD 599,149 0.52 3,315,793 2.88INDIAN OIL CORP 4.1%VIRGIN ISLANDS15/10/2022 500,000 SGD 357,430 0.31 CENTRAL PLAZA DEVELOP-956,579 0.83 MENT 7.6% 29/11/2015 2,500,000 CNY 428,764 0.37INDONESIA 428,764 0.37INDONESIA (GOVT) 5.625% TOTAL BONDS 43,145,934 37.4715/05/2023 28,780,000,000 IDR 2,032,494 1.76INDONESIA (GOVT) 7%FLOATING RATE BONDS15/05/2027 18,000,000,000 IDR 1,344,874 1.17INDONESIA (GOVT) 8.25%HONG KONG15/06/2032 12,000,000,000 IDR 976,322 0.85 DAH SING BANK 4.875% VRNPT BANK DANAMON 8.75% 09/02/2022 1,250,000 SGD 1,033,528 0.9009/12/2013 13,000,000,000 IDR 1,126,211 0.98 1,033,528 0.905,479,901 4.76 MALAYSIAMALAYSIAMALAYAN BANKING 3.8% VRNMALAYAN BANKING 6% VRN 28/04/2021 1,000,000 SGD 813,266 0.71PERP 1,000,000 SGD 846,954 0.74 813,266 0.71MALAYSIA (GOVT) 3.58%SINGAPORE28/09/2018 17,000,000 MYR 5,201,372 4.51 DBS BANK 3.3% VRN6,048,326 5.25 21/02/2022 2,750,000 SGD 2,235,957 1.94PHILIPPINESMAPLETREE TREASURYPETRON CORP 7% 10/11/2017 80,000,000 PHP 1,834,044 1.59 SERVICES 5.125% VRN PERP 500,000 SGD 400,578 0.35PHILIPPINES (GOVT) 4.95%UNITED OVERSEAS BANK15/01/2021 34,000,000 PHP 849,837 0.74 3.45% VRN 01/04/2021 1,250,000 SGD 1,015,591 0.882,683,881 2.33 3,652,126 3.17SINGAPORE TOTAL FLOATING RATE BONDS 5,498,920 4.78ICICI BANK 4.9% 21/09/2015 2,000,000 CNY 329,972 0.29 TOTAL TRANSFERABLE SECURITIESSINGAPORE (GOVT) 2.5% ADMITTED TO AN OFFICIAL STOCK 48,644,854 42.2501/06/2019 8,000,000 SGD 6,727,399 5.83 EXCHANGE LISTING273


Portfolio of Investments and Other Net Assets as at 30 September 2013Asian Currencies BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDTHAILANDMARKET THAILAND (GOVT) 3.25%16/06/2017 195,000,000 THB 6,226,100 5.41BONDS THAILAND (GOVT) 3.45%08/03/2019 198,000,000 THB 6,278,717 5.45INDONESIA 12,504,817 10.86INDONESIA (GOVT) 7% TOTAL BONDS 64,919,548 56.3815/05/2022 14,300,000,000 IDR 1,124,778 0.98 TOTAL TRANSFERABLE SECURITIESINDOSAT 10.2% 29/05/2014 3,000,000,000 IDR 264,526 0.23 TRADED ON ANOTHER REGULATED MARKET 64,919,548 56.381,389,304 1.21 TOTAL INVESTMENTS 113,564,402 98.63MALAYSIA OTHER NET ASSETS LESS LIABILITIES 1,576,297 1.37MALAYSIA (GOVT) 3.434% TOTAL NET ASSETS 115,140,699 100.0015/08/2014 7,500,000 MYR 2,309,852 2.01MALAYSIA (GOVT) 3.492%31/03/2020 23,250,000 MYR 7,040,278 6.11MALAYSIA (GOVT) 3.892%15/03/2027 500,000 MYR 148,703 0.13MALAYSIA (GOVT) 4.012%15/09/2017 9,000,000 MYR 2,809,816 2.44MALAYSIA (GOVT) 4.127%15/04/2032 1,500,000 MYR 448,664 0.39MALAYSIA (GOVT) 4.262%15/09/2016 2,300,000 MYR 722,502 0.6313,479,815 11.71PHILIPPINESPHILIPPINES (GOVT) 5%18/08/2018 120,000,000 PHP 2,995,953 2.60PHILIPPINES (GOVT)5.875% 31/01/2018 202,000,000 PHP 5,197,772 4.52PHILIPPINES (GOVT) 5.875%02/02/2032 20,000,000 PHP 501,328 0.44PHILIPPINES (GOVT) 5.875%01/03/2032 30,000,000 PHP 751,689 0.65PHILIPPINES (GOVT) 8%19/07/2031 17,000,000 PHP 530,628 0.469,977,370 8.67SINGAPORESINGAPORE (GOVT) 3.5%01/03/2027 4,600,000 SGD 3,937,177 3.41UNITED OVERSEAS BANK VRN03/09/2019 3,500,000 SGD 2,849,876 2.486,787,053 5.89SOUTH KOREAKOREA (GOVT) 4.25%10/06/2021 4,700,000,000 KRW 4,650,601 4.04KOREA (GOVT) 5% 10/06/2020 2,500,000,000 KRW 2,572,224 2.23KOREA (GOVT) 5.75%10/09/2018 13,000,000,000 KRW 13,558,364 11.7720,781,189 18.04274


Portfolio of Investments and Other Net Assets as at 30 September 2013Brazil BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBONDSBRAZILBRAZIL (GOVT) 10%BRAZIL 01/01/2018 3,400 BRL 1,458,221 3.16BRAZIL (GOVT) 0% 01/04/2015 11,100 BRL 4,289,451 9.30 1,458,221 3.16BRAZIL (GOVT) 0% 01/07/2015 4,500 BRL 1,690,911 3.67 TOTAL BONDS 1,458,221 3.16BRAZIL (GOVT) 0% 01/07/2016 12,500 BRL 4,169,262 9.04 TOTAL TRANSFERABLE SECURITIES1,458,221 3.16BRAZIL (GOVT) 0% 01/01/2017 8,500 BRL 2,679,586 5.81 TRADED ON ANOTHER REGULATED MARKETBRAZIL (GOVT) 10% TOTAL INVESTMENTS 45,189,537 98.0101/01/2017 16,800 BRL 7,293,415 15.83 OTHER NET ASSETS LESS LIABILITIES 916,640 1.99BRAZIL (GOVT) 10% TOTAL NET ASSETS 46,106,177 100.0001/01/2019 100 BRL 43,445 0.09BRAZIL (GOVT) 10%01/01/2023 7,200 BRL 2,947,372 6.39BRAZIL (GOVT) 10.25%10/01/2028 1,000,000 BRL 449,226 0.97NOTA DO TESOURONACIONAL 10% 01/01/2021 7,650 BRL 3,185,411 6.9126,748,079 58.01TOTAL BONDS 26,748,079 58.01PLACEMENTSBRAZILBRAZIL (GOVT) 0% 01/01/2016 26,000 BRL 9,196,872 19.959,196,872 19.95TOTAL PLACEMENTS 9,196,872 19.95FLOATING RATE BONDSBRAZILBRAZIL (GOVT) 0% 01/01/2015 19,613 BRL 7,786,365 16.897,786,365 16.89TOTAL FLOATING RATE BONDS 7,786,365 16.89TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING43,731,316 94.85275


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS GROUPE BPCE 9.25% PERP 400,000 EUR 424,500 0.43LA POSTE 2.75% 26/11/2024 500,000 EUR 500,685 0.51TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK RCI BANQUE S.A. 1.75%EXCHANGE LISTING 06/07/2016 400,000 EUR 402,048 0.41RESEAU FERRE DE FRANCEBONDS 4.375% 02/06/2022 1,000,000 EUR 1,166,269 1.19RTE EDF TRANSPORTAUSTRALIA 4.875% 06/05/2015 500,000 EUR 533,940 0.55TELSTRA CORP 3.75% SAGESS 2.625% 06/03/2025 1,100,000 EUR 1,087,405 1.1116/05/2022 400,000 EUR 440,020 0.45 SCOR 6.154% VRN PERP 250,000 EUR 257,860 0.26440,020 0.45 VIVENDI 4.125% 18/07/2017 300,000 EUR 323,912 0.33AUSTRIA 12,063,823 12.32AUSTRIA (GOVT) 3.5%GERMANY15/09/2021 2,500,000 EUR 2,816,063 2.87 ALLIANZ FINANCE 5.5%2,816,063 2.87 VRN PERP 1,000,000 EUR 1,005,200 1.03BELGIUM GERMANY (GOVT) 4%BELGIUM (GOVT) 3.75% 04/01/2037 2,500,000 EUR 3,113,800 3.1828/09/2020 1,500,000 EUR 1,679,970 1.71 GERMANY (GOVT) 5.5%BELGIUM (GOVT) 4% 04/01/2031 1,450,000 EUR 2,070,905 2.1128/03/2018 2,500,000 EUR 2,808,312 2.87 TALANX AG 3.125%BNP PARIBAS FORTIS S.A. 13/02/2023 700,000 EUR 722,638 0.744.625% VRN PERP 1,300,000 EUR 1,306,799 1.33 6,912,543 7.06BNP PARIBAS FORTIS S.A.GREAT BRITAIN5.757% 04/10/2017 500,000 EUR 566,798 0.58 AVIVA 5.25% 02/10/2023 350,000 EUR 350,000 0.366,361,879 6.49 BARCLAYS BANK 4.75%FINLAND VRN PERP 500,000 EUR 396,875 0.40FINLAND (GOVT) 1.125% 746,875 0.7615/09/2018 1,500,000 EUR 1,507,673 1.54 HONG KONGSAMPO OYJ 4.25% 27/02/2017 875,000 EUR 948,618 0.97 HUTCHISON WHAMPOA2,456,291 2.51 3.625% 06/06/2022 700,000 EUR 745,910 0.76FRANCE 745,910 0.76AGENCE FRANCAISE 3.75%ITALY15/02/2027 1,000,000 EUR 1,092,295 1.12 ASSICURAZIONI GENERALIBANQUE FED CREDIT 1.625% 7.75% VRN 12/12/2042 200,000 EUR 216,763 0.2211/01/2018 600,000 EUR 597,618 0.61 BUONI POLIENNALI DEL TESBANQUE FED CREDIT 4.471% 5.75% 1/2/2033 1,800,000 EUR 1,965,842 2.01VRN PERP 500,000 EUR 505,365 0.52 ENI SPA 4.25% 03/02/2020 300,000 EUR 330,227 0.34BANQUE FED CREDIT 5% INTESA SANPAOLO 3.375%30/09/2015 550,000 EUR 587,925 0.6 24/01/2025 500,000 EUR 494,748 0.51BANQUE PSA FINANCE INTESA SANPAOLO 3.625%3.625% 29/04/2014 400,000 EUR 404,000 0.41 05/12/2022 600,000 EUR 620,061 0.63BPCE SFH 4% 23/03/2022 1,000,000 EUR 1,141,719 1.17 INTESA SANPAOLO 3.75%COMPAGNIE DE ST GOBAIN 25/09/2019 300,000 EUR 322,539 0.333.625% 28/03/2022 225,000 EUR 234,550 0.24 INTESA SANPAOLO 4.125%CREDIT AGRICOLE 3.875% 14/01/2016 500,000 EUR 517,483 0.5313/02/2019 700,000 EUR 765,223 0.78 INTESA SANPAOLO 4.375%FRANCE (GOVT) 4% 15/10/2019 500,000 EUR 516,033 0.5325/04/2055 1,000,000 EUR 1,107,905 1.13 ITALY (GOVT) 3.75%FRANCE (GOVT) 4.25% 01/03/2021 1,800,000 EUR 1,795,643 1.8325/10/2023 800,000 EUR 930,604 0.95276


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsITALY (GOVT) 4% 01/02/2017 1,900,000 EUR 1,978,118 2.02 SPAIN (GOVT) 3% 30/04/2015 2,500,000 EUR 2,554,188 2.61ITALY (GOVT) 4.25% SPAIN (GOVT) 4.1%01/02/2015 1,000,000 EUR 1,037,164 1.06 30/07/2018 400,000 EUR 420,562 0.43ITALY (GOVT) 5.25% SPAIN (GOVT) 5.4%01/08/2017 4,100,000 EUR 4,432,161 4.52 31/01/2023 1,200,000 EUR 1,304,022 1.33SNAM SPA 3.5% 13/02/2020 300,000 EUR 307,989 0.31 SPAIN (GOVT) 5.5%SNAM SPA 3.875% 30/07/2017 3,000,000 EUR 3,308,324 3.3819/03/2018 500,000 EUR 531,408 0.54 TELEFONICA EMISIONESUNICREDIT 2.75% 31/01/2020 400,000 EUR 404,784 0.41 3.987% 23/01/2023 400,000 EUR 389,366 0.40UNICREDIT 4.25% 29/07/2016 1,000,000 EUR 1,078,675 1.10 13,290,965 13.57UNICREDIT 6.95% 31/10/2022 700,000 EUR 722,313 0.74 SWEDEN17,271,951 17.63 SKANDINAVISKA ENSKILDALUXEMBOURG 4% 12/09/2022 600,000 EUR 632,145 0.65EUROPEAN FINANCIAL STABILITY 632,145 0.65FAC 3.375% 05/07/2021 1,500,000 EUR 1,660,763 1.69 UNITED STATESEUROPEAN INVESTMENTBANK OF AMERICA 4% VRNBANK 2.75% 15/09/2025 1,000,000 EUR 1,024,935 1.05 28/03/2018 400,000 EUR 380,580 0.39EUROPEAN UNION 2.5% GOLDMAN SACHS 4.5%04/11/2027 500,000 EUR 496,405 0.51 09/05/2016 500,000 EUR 539,983 0.553,182,103 3.25 MICROSOFT CORP 2.625%NETHERLANDS 02/05/2033 450,000 EUR 412,009 0.42ABN AMRO BANK 4.125% MORGAN STANLEY 2.25%28/03/2022 600,000 EUR 664,032 0.68 12/03/2018 800,000 EUR 808,040 0.82CRH FINANCE 5% 25/01/2019 400,000 EUR 457,134 0.47 ORACLE CORP 3.125%HEINEKEN 2% 06/04/2021 1,000,000 EUR 975,840 1.00 10/07/2025 800,000 EUR 814,927 0.84ING BANK 1.875% 2,955,539 3.0227/02/2018 1,300,000 EUR 1,306,260 1.32 TOTAL BONDS 79,746,308 81.41ING BANK 4.50% 21/02/2022 800,000 EUR 906,704 0.93KBC IFIMA 4.5%FLOATING RATE BONDS17/09/2014 1,000,000 EUR 1,037,325 1.06NETHERLANDS (GOVT) 3.5%FRANCE15/07/2020 2,000,000 EUR 2,251,989 2.29 AXA S.A. 5.125% VRNRABOBANK NEDERLAND 04/07/2043 300,000 EUR 309,123 0.323.5% 17/10/2018 500,000 EUR 544,533 0.56 SUEZ ENVIRONMENT 4.82%8,143,817 8.31 VRN PERPETUAL 800,000 EUR 824,203 0.84NORWAY 1,133,326 1.16STATOIL ASA 2.875%GREAT BRITAIN10/09/2025 1,700,000 EUR 1,726,384 1.76 SSE 5.625% VRN PERP 750,000 EUR 788,925 0.811,726,384 1.76 788,925 0.81SPAINIRELANDABERTIS INFRAESTRUCTURASCLOVERIE SWISS REINS4.75% 25/10/2019 600,000 EUR 657,960 0.67 6.625% VRN 01/09/2042 250,000 EUR 296,798 0.30BANCO BILBAO VIZCAYA 296,798 0.30ARG S.A. 3.25% 24/01/2016 1,000,000 EUR 1,038,330 1.06 LUXEMBOURGBANCO SANTANDER S.A. HANNOVER FINANCE 5%4.375% 16/03/2015 1,500,000 EUR 1,568,985 1.60 VRN 30/06/2043 300,000 EUR 314,096 0.32GAS NATURAL CAPITAL 5% 314,096 0.3213/02/2018 500,000 EUR 555,850 0.57 NETHERLANDSIBERDROLA FINANZAS 4.75% ALLIANZ FINANCE 5.75%25/01/2016 600,000 EUR 646,074 0.66 08/07/2041 500,000 EUR 556,510 0.57SANTANDER INTERNATIONAL 556,510 0.57DEBT 4.625% 21/03/2016 800,000 EUR 847,304 0.86277


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsSWEDENNETHERLANDSSWEDBANK 3% VRN ABN AMRO BANK 2.5%05/12/2022 600,000 EUR 608,649 0.62 29/11/2023 800,000 EUR 764,576 0.78608,649 0.62 IBERDROLA INTERNATIONALUNITED STATES 2.875% 11/11/2020 800,000 EUR 791,032 0.81GE CAPITAL TRUST 4.625% 1,555,608 1.5915/09/2066 500,000 EUR 500,218 0.51 SPAIN500,218 0.51 CAIXABANK 5.125%TOTAL FLOATING RATE BONDS 4,198,522 4.29 27/04/2016 400,000 EUR 432,278 0.44TOTAL TRANSFERABLE SECURITIES 432,278 0.44ADMITTED TO AN OFFICIAL STOCK 83,944,830 85.70 TOTAL BONDS 10,015,882 10.22EXCHANGE LISTINGFLOATING RATE BONDSTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETFRANCECARREFOUR BANQUE S.A.BONDS FRN 16/04/2016 250,000 EUR 251,955 0.26ELECTRICITE DE FRANCECANADA 4.25% VRN PERP 1,000,000 EUR 1,011,990 1.03ROYAL BANK OF CANADA 1,263,945 1.291.625% 04/08/2020 500,000 EUR 496,483 0.51 NETHERLANDS496,483 0.51 ALLIANDER 4.875%FRANCE VRN PERPETUAL 300,000 EUR 310,028 0.32BPCE S.A. 4.625% 18/07/2023 1,100,000 EUR 1,099,714 1.12 310,028 0.32CREDIT MUTUEL CIC HOME TOTAL FLOATING RATE BONDS 1,573,973 1.61LOAN SFH 2.5% 11/09/2023 1,500,000 EUR 1,512,254 1.53 TOTAL TRANSFERABLE SECURITIES11,589,855 11.83ORANGE S.A. 3.125%TRADED ON ANOTHER REGULATED MARKET09/01/2024 1,100,000 EUR 1,102,118 1.13 TOTAL INVESTMENTS 95,534,685 97.53SOCIETE GENERALE 4% OTHER NET ASSETS LESS LIABILITIES 2,423,202 2.4707/06/2023 500,000 EUR 480,330 0.49 TOTAL NET ASSETS 97,957,887 100.004,194,416 4.27GERMANYVIER GAS TRANSPORT 2%12/06/2020 600,000 EUR 600,630 0.61600,630 0.61GREAT BRITAINBARCLAYS BANK 4.125%15/03/2016 500,000 EUR 537,800 0.55537,800 0.55IRELANDCRH FINANCE 3.125%03/04/2023 400,000 EUR 398,930 0.41398,930 0.41ITALYINTESA SANPAOLO 2.25%24/09/2018 1,000,000 EUR 999,925 1.02999,925 1.02MEXICOAMERICA MOVIL 5.125% VRN06/09/2073 800,000 EUR 799,812 0.82799,812 0.82278


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro Credit BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS LLOYDS BANK 5.875%08/07/2014 3,000,000 EUR 3,099,150 0.62TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 14,934,453 2.98EXCHANGE LISTINGHONG KONGHUTCHISON WHAMPOA 3.625%BONDS 06/06/2022 6,000,000 EUR 6,393,510 1.276,393,510 1.27AUSTRIAITALYOMV AG 2.625% 27/09/2022 3,800,000 EUR 3,871,896 0.77 ENI 4.875% 11/10/2017 7,000,000 EUR 7,816,865 1.56OMV AG 4.25% 12/10/2021 1,850,000 EUR 2,116,798 0.42 INTESA SANPAOLO 4.125%5,988,694 1.19 19/09/2016 7,000,000 EUR 7,246,365 1.44BELGIUM 15,063,230 3.00ANHEUSER BUSCHMEXICO2.875% 25/09/2024 7,000,000 EUR 7,076,685 1.41 AMERICA MOVIL 6.375%BNP PARIBAS FORTIS S.A. VRN 06/09/2073 7,000,000 EUR 6,954,885 1.394.625% VRN PERP 9,700,000 EUR 9,750,731 1.94 6,954,885 1.3916,827,416 3.35 NETHERLANDSCAYMAN ISLANDSDEUTSCHE ANN FINANCEHUTCHISON WHAMPOA 3.125% 25/07/2019 7,000,000 EUR 7,099,960 1.423.75% VRN PERP 7,000,000 EUR 6,646,360 1.32 HIT FINANCE 5.75% 09/03/2018 7,000,000 EUR 8,026,900 1.606,646,360 1.32 IBERDROLA INTERNATIONALDENMARK 5.75% VRN PERP 6,000,000 EUR 6,062,940 1.21CARLSBERG BREWERIES ING BANK 2.125%2.625% 15/11/2022 7,100,000 EUR 6,998,257 1.39 10/07/2015 10,750,000 EUR 10,996,120 2.196,998,257 1.39 RABOBANK NEDERLANDFRANCE 6.875% 19/03/2020 4,500,000 EUR 4,978,553 0.99BANQUE FED CREDIT 4.471% 37,164,473 7.41VRN PERP 7,000,000 EUR 7,075,110 1.41 NORWAYBPCE 6.117% VRN PERP 6,000,000 EUR 6,093,750 1.21 DNB BANK 4.25%CASINO GUICHARD PERRACHON 18/01/2022 5,000,000 EUR 5,595,525 1.12S.A. 3.311% 25/01/2023 1,800,000 EUR 1,774,674 0.35 DNB BANK 4.75% VRNORANGE S.A. 3.625% 08/03/2022 7,300,000 EUR 7,825,929 1.5614/10/2015 7,000,000 EUR 7,399,945 1.48 STATOIL ASA 2.875%RCI BANQUE S.A. 4.25% 10/09/2025 5,000,000 EUR 5,077,600 1.0127/04/2017 6,000,000 EUR 6,450,630 1.29 18,499,054 3.69VALEO S.A. 4.875%SPAIN11/05/2018 5,000,000 EUR 5,611,150 1.12 BBVA SENIOR FINANCE S.A.34,405,259 6.86 3.25% 21/03/2016 6,000,000 EUR 6,157,740 1.23GERMANYTELEFONICA EMISIONESCOMMERZBANK AG 7.75% 5.431% 03/02/2014 6,000,000 EUR 6,094,440 1.2116/03/2021 6,000,000 EUR 6,412,500 1.28 12,252,180 2.44MUNICH 5.767% VRN PERP 6,000,000 EUR 6,306,000 1.26 SWITZERLAND12,718,500 2.54 CREDIT SUISSE AG 5.75% VRNGREAT BRITAIN 18/09/2025 8,000,000 EUR 7,976,680 1.59AVIVA 5.25% 02/10/2023 3,100,000 EUR 3,100,000 0.62 7,976,680 1.59FCE BANK 1.875%UNITED STATES12/05/2016 4,700,000 EUR 4,765,918 0.95 GOLDMAN SACHS 4.375%FCE BANK 2.875% 16/03/2017 4,000,000 EUR 4,360,360 0.8703/10/2017 3,800,000 EUR 3,969,385 0.79279


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro Credit BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMICROSOFT CORP 2.625%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED02/05/2033 6,650,000 EUR 6,088,574 1.21 MARKETMORGAN STANLEY 5.375%10/08/2020 7,000,000 EUR 8,109,920 1.62 BONDSORACLE CORP 3.125%10/07/2025 8,000,000 EUR 8,149,279 1.63 AUSTRIASIMON PROPERTY GROUPERSTE GROUP BANK AG2.375% 02/10/2020 3,700,000 EUR 3,721,294 0.74 7.125% 10/10/2022 6,000,000 EUR 6,798,390 1.3630,429,427 6.07 6,798,390 1.36TOTAL BONDS 233,252,378 46.49 CZECH REPUBLICCEZ AS 3% 05/06/2028 3,800,000 EUR 3,611,121 0.72FLOATING RATE BONDS 3,611,121 0.72DENMARKFRANCE DANSKE BANK 3.875%SUEZ ENVIRONMENT 4.82% VRN 04/10/2023 6,000,000 EUR 6,019,770 1.20VRN PERPETUAL 6,000,000 EUR 6,181,530 1.23 6,019,770 1.206,181,530 1.23 FRANCEGERMANY GDF SUEZ 2.25% 01/06/2018 5,000,000 EUR 5,207,900 1.04ALLIANZ SE 5.625% VRN ICADE 2.25% 30/01/2019 2,600,000 EUR 2,608,827 0.5217/10/42 10,000,000 EUR 11,049,650 2.20 KERING 2.5% 15/07/2020 1,400,000 EUR 1,408,246 0.2811,049,650 2.20 RCI BANQUE S.A. 3.25%IRELAND 17/01/2014 2,000,000 EUR 2,014,270 0.40AQUARIUS AND INVESTMENTSSCHNEIDER ELECTRIC S.A.ZURICH 4.25% VRN 02/10/2043 7,000,000 EUR 6,920,585 1.38 2.5% 06/09/2021 2,100,000 EUR 2,126,649 0.42CLOVERIE SWISS REINS SOCIETE GENERALE 4%6.625% VRN 01/09/2042 6,000,000 EUR 7,123,140 1.42 07/06/2023 6,000,000 EUR 5,763,960 1.1514,043,725 2.80 19,129,852 3.81JERSEYGERMANYUBS FUNDING 4.28% VRNVIER GAS TRANSPORTPERP 6,000,000 EUR 6,060,000 1.21 3.125% 10/07/2023 2,300,000 EUR 2,382,041 0.476,060,000 1.21 2,382,041 0.47SPAINGREAT BRITAINMAPFRE S.A. 5.921% VRN BARCLAYS BANK 6.625%24/07/2037 5,000,000 EUR 4,756,250 0.95 30/03/2022 7,000,000 EUR 8,040,095 1.614,756,250 0.95 FCE BANK 1.75%SWEDEN 21/05/2018 2,200,000 EUR 2,179,793 0.43NORDEA BANK 4.625% HSBC HOLDINGS 3.375%VRN 15/02/2022 8,000,000 EUR 8,560,240 1.71 VRN 10/01/2024 5,400,000 EUR 5,461,128 1.09SWEDBANK 3% VRNMORRISON SUPERMARKETS05/12/2022 7,000,000 EUR 7,100,905 1.42 2.25% 19/06/2020 3,300,000 EUR 3,279,656 0.6515,661,145 3.13 18,960,672 3.78UNITED STATESITALYGE CAPITAL TRUST 4.625% TELECOM ITALIA 4.5%15/09/2066 10,000,000 EUR 10,004,350 1.99 20/09/2017 6,000,000 EUR 6,060,456 1.2110,004,350 1.99 6,060,456 1.21TOTAL FLOATING RATE BONDS 67,756,650 13.51 LUXEMBOURGTOTAL TRANSFERABLE SECURITIES FIAT INDUSTRIAL 6.25%ADMITTED TO AN OFFICIAL STOCK 301,009,028 60.00 09/03/2018 7,000,000 EUR 7,739,375 1.54EXCHANGE LISTING 7,739,375 1.54280


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro Credit BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsNETHERLANDSENBW INTERNATIONAL FINANCE6.125% 07/07/2039 5,000,000 EUR 6,646,374 1.32REPSOL INTERNATIONALFINANCE 3.625% 07/10/2021 5,700,000 EUR 5,723,997 1.14SUEDZUCKER INTERNATIONALFINANCE 4.125% 29/03/2018 3,050,000 EUR 3,388,260 0.68VOLKSWAGEN INTERNATIONALFINANCE 3.875% VRN PERP 6,400,000 EUR 6,423,776 1.2822,182,407 4.42SPAINFERROVIAL EMISIONES3.375% 07/06/2021 7,000,000 EUR 6,930,735 1.38GAS NATURAL CAPITAL6% 27/01/2020 6,000,000 EUR 6,920,070 1.38RED ELECTRICA FINANCES.A. 2.375% 31/5/2019 6,000,000 EUR 5,905,590 1.18RED ELECTRICA FINANCES.A. 3.875% 25/01/2022 2,000,000 EUR 2,048,340 0.4121,804,735 4.35SWEDENPGNIG FINANCE 4% 14/02/2017 8,689,000 EUR 9,196,742 1.839,196,742 1.83UNITED STATESGOLDMAN SACHS2.625% 19/08/2020 7,000,000 EUR 7,021,070 1.407,021,070 1.40TOTAL BONDS 130,906,631 26.09TOTAL TRANSFERABLE SECURITIES130,906,631 26.09TRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESBONDSGREAT BRITAINLEHMAN BOTHERS 4.625%VRN 14/03/2019 900,000.00 EUR 90 0.0090 0.00TOTAL BONDS 90 0.00TOTAL OTHER TRANSFERABLE SECURITIES 90 0.00TOTAL INVESTMENTS 431,915,749 86.09OTHER NET ASSETS LESS LIABILITIES 69,771,224 13.91TOTAL NET ASSETS 501,686,973 100.00281


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSGERMANYCOMMERZBANK AGTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 7.75% 16/03/2021 17,000,000 EUR 18,168,750 1.27EXCHANGE LISTINGKABEL DEUTSCHLANDHOLDING AG 6.5% 31/07/2017 10,000,000 EUR 10,812,500 0.76BONDSKABEL DEUTSCHLAND V&S6.5% 29/06/2018 12,000,000 EUR 12,795,000 0.90BELGIUM MUNICH 5.767% VRN PERP 19,500,000 EUR 20,494,500 1.44BNP PARIBAS FORTISTECHEM ENERGY MET SERVS.A. 4.625% VRN PERP 30,500,000 EUR 30,659,515 2.15 7.875% 01/10/2020 4,500,000 EUR 4,972,500 0.35KBC BANK 8% PERP 21,000,000 EUR 21,774,375 1.53 UNITYMEDIA GMBH52,433,890 3.68 9.625% 01/12/2019 5,500,000 EUR 6,105,000 0.43CAYMAN ISLANDSUNITYMEDIA KABELBW GMBHHUTCHISON WHAMPOA 9.5% 15/03/2021 7,550,000 EUR 8,616,438 0.603.75% VRN PERP 18,000,000 EUR 17,090,640 1.20 81,964,688 5.7517,090,640 1.20 GREAT BRITAINDENMARK BARCLAYS BANK 4.75%ISS A/S 8.875% 15/05/2016 13,500,000 EUR 9,018,176 0.63 VRN PERP 26,500,000 EUR 21,034,375 1.479,018,176 0.63 GKN HOLDINGS 5.375%FRANCE 19/09/2022 9,250,000 GBP 11,425,614 0.80AXA S.A. 5.777% VRN PERP 7,800,000 EUR 8,066,682 0.57 LLOYDS BANKBANQUE FED CREDIT 11.875% 16/12/2021 17,000,000 EUR 20,943,490 1.474.471% VRN PERP 7,000,000 EUR 7,075,110 0.50 NGG FINANCEBPCE 6.117% VRN PERP 6,000,000 EUR 6,093,750 0.43 4.25% VRN 18/06/2076 25,000,000 EUR 24,770,500 1.74CAISSE NAT EPARG 5.25%REXAM 6.75% VRNPERP 4,500,000 EUR 4,516,875 0.32 29/06/2067 20,000,000 EUR 20,850,000 1.46CROWN EURO HOLDINGS 99,023,979 6.947.125% 15/08/2018 26,250,000 EUR 28,054,688 1.97 HUNGARYGROUPE BPCE VRN PERP 10,250,000 EUR 10,205,156 0.72 MOL HUNGARIAN OIL & GASLABCO SAS 8.5% 15/01/2018 6,000,000 EUR 6,390,000 0.45 5.875% 20/04/2017 12,250,000 EUR 13,030,938 0.91LAFARGE 5.5% 16/12/2019 40,500,000 EUR 44,600,624 3.12 13,030,938 0.91LOXAM S.A.S 7.375%IRELAND24/01/2020 2,000,000 EUR 2,066,250 0.14 SMURFIT KAPPA 7.25%RENAULT S.A. 15/11/2017 18,500,000 EUR 19,320,938 1.354.625% 25/05/2016 4,000,000 EUR 4,225,000 0.30 SMURFIT KAPPA 7.75%RENAULT S.A. 15/11/2019 9,700,000 EUR 10,548,750 0.744.625% 18/09/2017 9,000,000 EUR 9,511,875 0.67 29,869,688 2.09RENAULT S.A.ITALY5.625% 30/06/2015 5,000,000 EUR 5,312,500 0.37 CIR 5.75% 16/12/2024 1,000,000 EUR 986,875 0.07REXEL S.A. 7% 17/12/2018 7,000,000 EUR 7,647,500 0.54 986,875 0.07SOCIETE GENERALEJAPAN4.196% VRN PERP 3,450,000 EUR 3,432,750 0.24 SOFTBANK CORPSPCM S.A. 5.5% 15/06/2020 5,000,000 EUR 5,312,500 0.37 4.625% 15/04/2020 10,000,000 EUR 10,162,500 0.71TEREOS EUROPE 10,162,500 0.716.375% 15/04/2014 7,855,000 EUR 8,056,284 0.56 LUXEMBOURGTEREOS FINANCE GROUPFIAT FINANCEI 4.25% 04/03/2020 1,000,000 EUR 988,750 0.07 7.625% 15/09/2014 7,500,000 EUR 7,865,625 0.55VINCI S.A. 6.25% VRN PERP 5,350,000 EUR 5,646,470 0.40 FMC FINANCE VIIIWENDEL S.A. S.A. 6.5% 15/09/2018 6,000,000 EUR 6,963,750 0.495.875% 17/09/2019 29,000,000 EUR 31,501,250 2.20 GRIEF LUXEMBOURGWENDEL S.A. FINANCE 7.375% 15/07/2021 6,975,000 EUR 7,899,188 0.556.75% 20/04/2018 6,000,000 EUR 6,768,750 0.47205,472,764 14.41282


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsHEIDELBERG CEMENT 7.5%SPAIN03/04/2020 13,500,000 EUR 16,048,125 1.13 ENCE ENERGIA Y CELULOSAHEIDELBERG CEMENT 8.5% 7.25% 15/02/2020 5,000,000 EUR 5,262,500 0.3731/10/2019 23,000,000 EUR 28,606,249 2.01 5,262,500 0.37HEIDELBERG CEMENT 9.5%SWITZERLAND15/12/2018 6,750,000 EUR 8,580,938 0.60 CREDIT SUISSE AG 5.75%KION FINANCE S.A. 6.75% VRN 18/09/2025 9,000,000 EUR 8,973,765 0.6315/02/2020 9,000,000 EUR 9,742,500 0.68 8,973,765 0.63SPIE BONDCO 3 SCA 11%UNITED STATES15/08/2019 3,250,000 EUR 3,676,563 0.26 AVIS BUDGET FINANCE89,382,938 6.27 6% 01/03/2021 2,000,000 EUR 2,031,250 0.14MEXICO BELDEN INC 5.5% 15/04/2023 5,000,000 EUR 4,859,375 0.34AMERICA MOVIL 6.375% CEMEX FINANCE 9.625%VRN 06/09/2073 6,000,000 EUR 5,961,330 0.42 14/12/2017 1,000,000 EUR 1,061,250 0.075,961,330 0.42 FRESENIUS 8.75% 15/07/2015 16,250,000 EUR 18,342,188 1.29NETHERLANDSGENERAL ELECTRIC CAPITALABN AMRO BANK 5.5% VRN 15/09/2067 17,500,000 EUR 18,088,350 1.277.125% 06/07/2022 3,250,000 EUR 3,759,600 0.26 44,382,413 3.11CARLSON WAGONLIT 7.5%VIRGIN ISLANDS15/06/2019 5,000,000 EUR 5,243,750 0.37 C10-EUR CAPITAL 6.277%CONTI-GUMMI FINANCE VRN 09/05/2049 4,355,000 EUR 3,187,316 0.227.125% 15/10/2018 48,700,000 EUR 50,708,874 3.56 3,187,316 0.22ELM BV 5.252% VRN PERP 35,000,000 EUR 36,067,500 2.53 TOTAL BONDS 946,122,209 66.33GMAC INTERNATIONALFINANCE 7.5% 21/04/2015 17,500,000 EUR 18,790,625 1.32 FLOATING RATE BONDSIBERDROLA INTERNATIONAL5.75% VRN PERP 16,000,000 EUR 16,167,840 1.13 AUSTRIAING GROEP 8% PERP 8,750,000 EUR 9,089,063 0.64 OMV AG 6.75% VRN PERP 21,500,000 EUR 23,766,208 1.67NOKIA SIEMENS NETWORKS 23,766,208 1.67FINANCE 7.125% 15/04/2020 13,000,000 EUR 14,454,375 1.01 FRANCEOI EUROPEAN GROUPAXA S.A. 5.125% VRN4.875% 31/03/2021 4,000,000 EUR 4,095,000 0.29 04/07/2043 3,000,000 EUR 3,091,230 0.22RABOBANK NEDERLAND AXA S.A. 6.211% VRN PERP 4,000,000 EUR 4,145,040 0.296.875% 19/03/2020 36,000,000 EUR 39,828,419 2.79 BPCE 12.5% VRN PERP 10,000,000 EUR 12,637,500 0.89REPSOL INTERNATIONAL CREDIT AGRICOLE 7.875%FINANCE 4.875% 19/02/2019 6,000,000 EUR 6,601,200 0.46 VRN PERP 17,000,000 EUR 18,901,875 1.33SCHAEFFLER FINANCE CREDIT LOGEMENT 4.604%7.75% 15/02/2017 10,000,000 EUR 11,268,750 0.79 VRN PERP 5,750,000 EUR 4,468,296 0.31SCHAEFFLER FINANCE GROUPE BPCE VRN PERP 10,250,000 EUR 5,833,438 0.418.75% 15/02/2019 9,000,000 EUR 10,181,250 0.71 SOCIETE GENERALE 9.375%ZIGGO BOND 8% 15/05/2018 24,750,000 EUR 26,451,563 1.85 VRN PERP 17,500,000 EUR 20,146,874 1.40252,707,809 17.71 69,224,253 4.85POLANDGERMANYCYFROWY POLSAT FINANCEENBW ENERGIE BADEN-WU7.125% 20/05/2018 16,000,000 EUR 17,210,000 1.21 7.375% VRN 02/04/2072 6,000,000 EUR 6,563,460 0.4617,210,000 1.21 6,563,460 0.46283


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsGREAT BRITAINTOTAL TRANSFERABLE SECURITIESBG ENERGY CAPITAL VRN ADMITTED TO AN OFFICIAL STOCK 1,221,937,184 85.6730/11/2072 7,000,000 EUR 7,733,460 0.54 EXCHANGE LISTINGHELLERMANNTYTONFINANCE FRN 15/12/2017 2,100,000 EUR 2,140,992 0.15 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDROYAL BANK OF SCOTLANDMARKET10.5% VRN 16/03/2022 12,000,000 EUR 14,378,040 1.01SSE 5.625% VRN PERP 14,000,000 EUR 14,726,600 1.03 BONDS38,979,092 2.73IRELANDDENMARKCLOVERIE SWISS REINS DANSKE BANK 3.875%6.625% VRN 01/09/2042 3,200,000 EUR 3,799,008 0.27 VRN 04/10/2023 2,650,000 EUR 2,658,732 0.193,799,008 0.27 DONG ENERGY A/S 6.25%JERSEY VRN 26/06/3013 10,000,000 EUR 10,262,050 0.72UBS FUNDING 4.28% VRN 12,920,782 0.91PERP 35,000,000 EUR 35,350,000 2.48 FRANCE35,350,000 2.48 LAFARGE 4.75% 30/09/2020 3,000,000 EUR 3,033,750 0.21LUXEMBOURG LAFARGE 7.625% 27/05/2014 3,715,000 EUR 3,891,463 0.27CALCIPAR S.A. FRN NOVALIS 6% 15/06/2018 6,750,000 EUR 7,020,000 0.5001/07/2014 1,480,000 EUR 1,468,900 0.10 13,945,213 0.98TALANX FINANZ AG 8.36%GERMANY15/06/2042 17,000,000 EUR 20,794,145 1.46 TRIONISTA TOPCO GMBH22,263,045 1.56 6.875% 30/04/2021 2,500,000 EUR 2,578,125 0.18NETHERLANDS UNITYMEDIA HESSEN 5.625%ABN AMRO BANK 4.31% 15/04/2023 6,000,000 EUR 5,913,750 0.41VRN PERP 4,000,000 EUR 3,840,000 0.27 WEPA HYGIENERPRODUKTEALLIANZ FIN 5.75% GMB 6.5% 15/05/2020 800,000 EUR 840,000 0.0608/07/2041 16,000,000 EUR 17,808,320 1.25 9,331,875 0.65KONINKLIJKE KPNGREAT BRITAIN6.125% VRN PERP 16,000,000 EUR 16,433,200 1.15 AVIVA 6.125% VRN38,081,520 2.67 05/07/2043 7,000,000 EUR 7,353,885 0.52SPAIN BARCLAYS BANK 6.625%MAPFRE S.A. 5.921% 30/03/2022 1,550,000 EUR 1,780,307 0.12VRN 24/07/2037 9,000,000 EUR 8,561,250 0.60 9,134,192 0.648,561,250 0.60 IRELANDUNITED STATES SMURFIT KAPPA 4.125%GE CAPITAL TRUST 4.625% 30/01/2020 6,000,000 EUR 5,940,000 0.4215/09/2066 22,500,000 EUR 22,509,788 1.58 5,940,000 0.4222,509,788 1.58 LUXEMBOURGTOTAL FLOATING RATE BONDS 269,097,624 18.87 CEMEX ESPANA 9.875%30/04/2019 5,600,000 EUR 6,289,500 0.44ASSET BACKED SECURITIES FIAT INDUSTRIAL 6.25%09/03/2018 17,000,000 EUR 18,795,624 1.32GERMANY TELENET FINANCE 6.25%UNITYMEDIA HESSEN 8.125% 15/08/2022 4,000,000 EUR 4,095,000 0.2901/12/2017 16,500,000 EUR 6,717,351 0.47 29,180,124 2.056,717,351 0.47TOTAL ASSET BACKED SECURITIES 6,717,351 0.47284


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsNETHERLANDSHERTZ HOLDINGS 8.5%31/07/2015 13,000,000 EUR 13,609,310 0.95INTERXION HOLDING 6%15/07/2020 2,700,000 EUR 2,770,875 0.19SCHAEFFLER FINANCE 4.25%15/05/2018 5,500,000 EUR 5,565,313 0.39SCHAEFFLER FINANCE6.875% 15/08/2018 4,200,000 EUR 4,420,500 0.31TELEFONICA EUROPE7.625% VRN PERP 8,000,000 EUR 8,179,920 0.57UPC HOLDING 8.375%15/08/2020 16,000,000 EUR 17,449,999 1.23VOLKSWAGEN INTL FINANCE3.875% VRN PERP 3,350,000 EUR 3,362,445 0.24VOLKSWAGEN INTL FINANCE5.125% VRN PERP 2,100,000 EUR 2,160,942 0.1557,519,304 4.03UNITED STATESMPT OPERATING PARTNERSHIP5.75% 01/10/2020 900,000 EUR 915,188 0.06915,188 0.06TOTAL BONDS 138,886,678 9.74FLOATING RATE BONDSFRANCEELECTRICITE DE FRANCE4.25% VRN PERP 6,000,000 EUR 6,071,940 0.436,071,940 0.43GREAT BRITAINOLD MUTUAL 5%VRN PERP 8,000,000 EUR 7,808,600 0.547,808,600 0.54TOTAL FLOATING RATE BONDS 13,880,540 0.97TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET 152,767,218 10.71TOTAL INVESTMENTS 1,374,704,402 96.38OTHER NET ASSETS LESS LIABILITIES 51,690,141 3.62TOTAL NET ASSETS 1,426,394,543 100.00285


Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Inflation Linked BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSSOUTH AFRICASOUTH AFRICA (GOVT) 5.5%TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 07/12/2023 51,300,000 ZAR 13,918,548 8.54EXCHANGE LISTING 13,918,548 8.54TURKEYBONDS TURKEY (GOVT) 2.5%04/05/2016 5,000,000 TRY 3,009,632 1.85BRAZIL TURKEY (GOVT) 3%BRAZIL (GOVT) 6% 15/08/2016 6,239 BRL 6,656,049 4.09 06/01/2021 17,380,000 TRY 10,395,858 6.38BRAZIL (GOVT) 6% 15/05/2045 10,350 BRL 10,891,699 6.69 TURKEY (GOVT) 3%BRAZIL (GOVT) 6% 15/08/2050 12,825 BRL 13,425,286 8.23 23/02/2022 6,982,000 TRY 3,772,011 2.3230,973,034 19.01 TURKEY (GOVT) 4%CHILE 29/04/2015 6,300,000 TRY 4,024,514 2.47BONO BCO CENT CHILE UF 21,202,015 13.023% 01/02/2016 100,000 CLP 4,666,347 2.86 TOTAL INFLATION INDEX BOND 42,195,999 25.90BONO BCO CENT CHILE UFTOTAL TRANSFERABLE SECURITIES3% 01/05/2028 25,000 CLP 1,216,608 0.75 ADMITTED TO AN OFFICIAL STOCK143,217,576 87.915,882,955 3.61 EXCHANGE LISTINGISRAELISRAEL CPI LINKED 2.75%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED30/09/2022 52,250,000 ILS 17,101,280 10.50 MARKETISRAEL CPI LINKED 3.5%30/04/2018 19,200,000 ILS 7,367,475 4.52 TREASURY BONDS/NOTES - FIXED RATE24,468,755 15.02MEXICOSOUTH KOREAMEXICO (GOVT) 2% 09/06/2022 262,500 MXN 9,836,254 6.04 KOREA TREASURY 2.75%MEXICO (GOVT) 4% 13/06/2019 76,000 MXN 3,279,811 2.01 TREASURY NOTE 10/06/2020 2,100,000,000 KRW 2,308,840 1.42MEXICO (GOVT) 4% 15/11/2040 167,000 MXN 6,895,809 4.23 2,308,840 1.42MEXICO (GOVT) 4.5%TOTAL TREASURY BONDS/NOTES - FIXED2,308,840 1.4222/11/2035 240,000 MXN 10,679,887 6.56 RATE30,691,761 18.84TOTAL BONDS 92,016,505 56.48 INFLATION INDEX BONDTREASURY BONDS/NOTES - FIXED RATETHAILANDTHAILAND (GOVT) 1.2%SOUTH KOREA 14/07/2021 281,000,000 THB 8,890,549 5.46KOREA (GOVT) 1.5% 8,890,549 5.46TREASURY NOTE 10/06/2021 9,200,000,000 KRW 9,005,072 5.53 TOTAL INFLATION INDEX BOND 8,890,549 5.469,005,072 5.53TOTAL TREASURY BONDS/NOTES - FIXED9,005,072 5.53BONDSRATEBRAZILINFLATION INDEX BOND BRAZIL (GOVT) 6%15/08/2014 3,350 BRL 3,553,963 2.18POLAND 3,553,963 2.18POLAND (GOVT) 2.75% TOTAL BONDS 3,553,963 2.1825/08/2023 12,000,000 PLN 4,697,423 2.88 TOTAL TRANSFERABLE SECURITIES14,753,352 9.06POLAND (GOVT) 3%TRADED ON ANOTHER REGULATED MARKET24/08/2016 5,500,000 PLN 2,378,013 1.46 TOTAL INVESTMENTS 157,970,928 96.977,075,436 4.34 OTHER NET ASSETS LESS LIABILITIES 4,933,388 3.03TOTAL NET ASSETS 162,904,316 100.00286


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netvalue assets value assetsINVESTMENTSFIRST FLEXIBLE FRN01/06/2034 500,000 GBP 591,473 1.81TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKGRANITE MASTER FRNEXCHANGE LISTING 17/12/2054 1,500,000 USD 1,376,249 4.222,925,279 8.97BONDSUNITED STATESAIRE VALLEY MORTGAGESGREAT BRITAIN FRN 20/09/2066 750,000 EUR 837,571 2.57INTU (SGS) FINANCE PCL ALBA FRN 25/11/2042 926,000 GBP 918,181 2.823.875% 17/03/2023 500,000 GBP 808,251 2.48 BRUNTWOOD ALPHA FRN808,251 2.48 15/01/2019 450,000 GBP 540,644 1.66TOTAL BONDS 808,251 2.48 CANARY WHARF FRN22/10/2037 500,000 GBP 607,922 1.86FLOATING RATE BONDS DECO 17 - PAN EUROPEAN 7FRN 27/07/2020 500,000 EUR 535,783 1.64IRELAND DECO FRN 27/10/2019 2,500,000 EUR 415,728 1.28GERMAN RESIDENTIAL DECO FRN 27/10/2020 415,000 EUR 536,054 1.64FUNDING FRN 27/08/2024 350,000 EUR 478,850 1.47 EPIC (MORE LONDON) FRN478,850 1.47 15/07/2017 300,000 GBP 468,816 1.44TOTAL FLOATING RATE BONDS 478,850 1.47 EUROSAIL FRN 17/10/2040 1,110,000 EUR 758,577 2.33FOREST FINANCE FRNASSET BACKED SECURITIES 12/05/2018 500,000 EUR 492,512 1.51GREAT HALL MORTGAGESUNITED STATES FRN 18/03/2039 300,000 GBP 372,232 1.14APIDOS CINCO CDO FRNGS MORTGAGE SECURITIES20/01/2019 1,000,000 USD 940,000 2.88 5.400356% VRN 10/12/2043 500,000 USD 532,429 1.63BROADGATE FINANCING JP MORGAN CHASE 5.0747%5.098% 05/04/2035 350,000 GBP 547,205 1.68 VRN 15/11/2043 490,000 USD 531,248 1.63COUNTRYWIDE ASSETLEEK FINANCE FRNBACKED FRN 25/10/2035 685,000 USD 126,367 0.39 21/09/2038 500,000 EUR 644,082 1.98LAMBDA FINANCE BVMARBLE ARCH RESIDENTIALFRN 20/09/2031 7,000,000 USD 220,711 0.68 FRN 20/03/2040 500,000 GBP 693,944 2.13LIMEROCK CLO FRN MESDAG BV FRN 25/07/2016 295,000 EUR 328,110 1.0124/04/2023 1,500,000 USD 1,381,499 4.23 OPERA FINANCE FRNMITCHELLS AND BUTLERS 02/02/2017 1,000,000 GBP 1,582,964 4.86FINANCE FRN 15/12/2030 570,000 USD 444,601 1.36 OPERA GERMANY FRNSLM STUDENT LOAN TRUST 25/01/2022 500,000 EUR 629,447 1.93FRN 16/12/2019 1,000,000 USD 1,019,238 3.13 PARAGON MORTGAGES FRNSLMA 3.5% 15/06/2044 500,000 USD 466,094 1.43 15/01/2039 2,000,000 USD 1,058,892 3.255,145,715 15.78 PARAGON MORTGAGES FRNTOTAL ASSET BACKED SECURITIES 5,145,715 15.78 15/09/2039 772,500 USD 457,246 1.40PARAGON MORTGAGES FRNMORTGAGE BACKED SECURITIES 15/10/2041 2,372,000 EUR 1,355,058 4.16RESIDENTIAL MORTGAGEGREAT BRITAIN SECURITIES FRN 10/08/2038 1,750,000 GBP 1,831,713 5.62EDDYSTONE FINANCERESIDENTIAL MORTGAGEFRN 19/04/2021 700,000 GBP 957,557 2.94 SECURITIES FRN 14/02/2041 1,000,000 GBP 1,571,787 4.82287


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % netvalueassetsSOUTHERN PACIFICFINANCING FRN 10/03/2044 2,410,000 GBP 2,212,409 6.78SOUTHERN PACIFICSECURITIES FRN 10/03/2044 1,250,000 GBP 1,843,359 5.65TAURUS CMBS FRN21/05/2024 500,000 EUR 677,660 2.0822,434,368 68.82TOTAL MORTGAGE BACKED SECURITIES 25,359,647 77.79TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 31,792,463 97.52EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETMORTGAGE BACKED SECURITIESGREAT BRITAINEDDYSTONE FINANCE FRN19/04/2021 500,000 GBP 742,653 2.28742,653 2.28TOTAL MORTGAGE BACKED SECURITIES 742,653 2.28TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET742,653 2.28OTHER TRANSFERABLE SECURITIESASSET BACKED SECURITIESUNITED STATESHLSS SERVICER ADVANCE4.94% 15/10/2045 500,000 USD 519,955 1.59519,955 1.59TOTAL ASSET BACKED SECURITIES 519,955 1.59TOTAL OTHER TRANSFERABLE SECURITIES 519,955 1.59TOTAL INVESTMENTS 33,055,071 101.39OTHER NET ASSETS LESS LIABILITIES (451,946) (1.39)TOTAL NET ASSETS 32,603,125 100.00288


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed High Yield Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSTROPIC CDO CORP FRN15/07/2034 580,184 USD 219,820 1.05TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2,089,428 9.94EXCHANGE LISTING TOTAL ASSET BACKED SECURITIES 2,784,418 13.25BONDSMORTGAGE BACKED SECURITIESJERSEYGREAT BRITAINCPUK FINANCE 11.625%AIRE VALLEY MORTGAGES28/02/2018 300,000 GBP 555,210 2.64 FRN 20/09/2066 750,000 EUR 837,571 3.99555,210 2.64 EDDYSTONE FINANCE FRNTOTAL BONDS 555,210 2.64 19/04/2021 300,000 GBP 410,381 1.951,247,952 5.94FLOATING RATE BONDSIRELANDFOREST FINANCE FRNGREAT BRITAIN 12/05/2018 500,000 EUR 632,831 3.01DECO 2007-C4X FRN 632,831 3.0127/01/2020 500,000 GBP 717,789 3.42 LUXEMBOURGTAURUS CMBS FRN 21/05/2024 300,000 EUR 403,558 1.92 EUROPROP FRN 30/04/2013 3,200,000 EUR 649,296 3.091,121,347 5.34 649,296 3.09IRELANDUNITED STATESDECO FRN 27/01/2018 1,000,000 EUR 767,449 3.65 DECO 15 - PAN 6 FRNGERMAN RESIDENTIAL 27/04/2018 600,000 EUR 465,226 2.21FUNDING FRN 27/08/2024 500,000 EUR 684,071 3.26 EUROSAIL FRN 17/10/2040 1,110,000 EUR 758,577 3.61TITAN EUROPE PLC FRN EUROSAIL FRN 13/03/2045 165,000 EUR 176,965 0.8423/04/2015 500,000 GBP 744,850 3.54 FLEET STREET FINANCE FRN2,196,370 10.45 26/07/2017 1,000,000 EUR 422,381 2.01NETHERLANDS MESDAG BV FRN 25/07/2016 300,000 EUR 333,671 1.59LAMBDA FINANCE BV FRN RMAC FRN 12/09/2037 2,000,000 EUR 1,246,644 5.9420/09/2031 750,000 EUR 773,948 3.68 RMAC FRN 12/06/2043 600,000 EUR 494,160 2.35773,948 3.68 SOUTHERN PACIFIC FINANCINGTOTAL FLOATING RATE BONDS 4,091,665 19.47 FRN 10/06/2043 500,000 GBP 304,382 1.45TAURUS CMBS FRN 22/04/2015 1,000,000 EUR 48,638 0.23ASSET BACKED SECURITIES TRITON FRN 25/10/2019 3,062,000 GBP 961,771 4.595,212,415 24.82GREAT BRITAIN TOTAL MORTGAGE BACKED SECURITIES 7,742,494 36.86MARSTONS ISSUER 5.641%TOTAL TRANSFERABLE SECURITIESVRN 15/07/2035 500,000 GBP 694,990 3.31 ADMITTED TO AN OFFICIAL STOCK15,173,787 72.22694,990 3.31 EXCHANGE LISTINGUNITED STATESGREENE KING FINANCETRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED5.702% 15/12/2034 567,000 GBP 771,287 3.66 MARKETLAMBDA FINANCE BV FRN20/09/2031 3,000,000 USD 94,591 0.45 ASSET BACKED SECURITIESMASTER ASSET BACKEDCAYMAN ISLANDSFRN 25/06/2035 640,177 USD 537,636 2.56 ATRIUM CDO CORP FRNSLMA 3.5% 15/06/2044 500,000 USD 466,094 2.22 20/07/2020 1,000,000 USD 914,500 4.36289


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed High Yield Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % netassets914,500 4.36TOTAL ASSET BACKED SECURITIES 914,500 4.36FLOATING RATE BONDSGREAT BRITAINBROADGATE FINANCINGFRN 05/10/2023 1,500,000 GBP 457,007 2.18CANARY WHARF FINANCEFRN 22/10/2037 312,000 GBP 361,762 1.72818,769 3.90TOTAL FLOATING RATE BONDS 818,769 3.90MORTGAGE BACKED SECURITIESGREAT BRITAINBRUNTWOOD ALPHA FRN15/01/2017 700,000 GBP 786,336 3.74EPIC FRN 15/07/2017 600,000 GBP 903,990 4.301,690,326 8.04IRELANDEUROPEAN LOAN CONDUITFRN 15/05/2017 830,000 EUR 401,159 1.91SILENUS FRN 15/05/2019 100,000 EUR 103,731 0.49504,890 2.40TOTAL MORTGAGE BACKED SECURITIES 2,195,216 10.44TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET3,928,485 18.70OTHER TRANSFERABLE SECURITIESMORTGAGE BACKED SECURITIESUNITED STATESCOMMERCIAL MORTGAGEPASS VRN 15/08/2045 500,000 USD 454,671 2.16454,671 2.16TOTAL MORTGAGE BACKED SECURITIES 454,671 2.16TOTAL OTHER TRANSFERABLE SECURITIES 454,671 2.16TOTAL INVESTMENTS 19,556,943 93.08OTHER NET ASSETS LESS LIABILITIES 1,454,778 6.92TOTAL NET ASSETS 21,011,721 100.00290


Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSCO-OPERATIVE BANK2.375% 23/10/2015 800,000 EUR 988,722 0.47TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCOVENTRY BUILDINGEXCHANGE LISTING SOCIETY 2.25% 04/12/2017 332,000 EUR 456,982 0.22IMPERIAL TOBACCO FINANCEBONDS 5% 02/12/2019 500,000 EUR 785,019 0.38UK (GOVT) 4.5% 07/12/2042 1,600,000 GBP 3,081,977 1.47AUSTRALIA 9,244,768 4.42AUSTRALIA (GOVT) 5.75%IRELAND15/05/2021 600,000 AUD 639,916 0.31 GE CAPITAL 5.375%639,916 0.31 23/01/2020 1,000,000 EUR 1,608,603 0.77AUSTRIA 1,608,603 0.77AUSTRIA (GOVT) 3.65%ITALY20/04/2022 800,000 EUR 1,229,629 0.59 ITALY (GOVT) 4% 01/02/2017 6,980,000 EUR 9,836,809 4.701,229,629 0.59 ITALY (GOVT) 5.5%BELGIUM 01/11/2022 5,250,000 EUR 7,684,612 3.67BELGIUM (GOVT) 4.25% 17,521,421 8.3728/09/2021 2,760,000 EUR 4,310,402 2.06 JAPAN4,310,402 2.06 JAPAN (GOVT) 0.3%BRAZIL 20/06/2015 900,000,000 JPY 9,207,056 4.41BRAZIL (GOVT) 5.875% JAPAN (GOVT) 0.6%15/01/2019 2,650,000 USD 3,008,611 1.44 20/03/2023 370,000,000 JPY 3,753,543 1.793,008,611 1.44 JAPAN (GOVT) 1.3%CAYMAN ISLANDS 20/09/2019 570,000,000 JPY 6,157,218 2.94HUTCHISON WHAMPOA JAPAN (GOVT) 1.7%3.75% VRN PERP 1,114,000 EUR 1,432,342 0.68 20/12/2016 700,000,000 JPY 7,492,655 3.581,432,342 0.68 JAPAN (GOVT) 1.9%FRANCE 20/06/2031 360,000,000 JPY 3,932,189 1.88AXA S.A. 5.5% PERP 800,000 USD 770,624 0.37 30,542,661 14.60FRANCE (GOVT) 3%LUXEMBOURG25/04/2022 1,920,000 EUR 2,787,502 1.33 EIB 0% 06/11/2026 1,300,000 USD 857,571 0.41FRANCE (GOVT) 4% GAZPROM 5.03% 25/02/2014 380,000 EUR 523,556 0.2525/04/2018 1,049,000 EUR 1,608,836 0.77 TELECOM ITALIA 6.175%FRANCE (GOVT) 5.75% 18/06/2014 700,000 USD 720,902 0.3425/10/2032 900,000 EUR 1,674,380 0.80 2,102,029 1.006,841,342 3.27 NETHERLANDSGERMANY ING BANK 5.375% 15/04/2021 500,000 GBP 916,933 0.44GERMANY (GOVT) 4.25%NETHERLANDS (GOVT)04/01/2014 2,200,000 EUR 3,010,193 1.44 2.25% 15/07/2022 1,200,000 EUR 1,661,984 0.79GERMANY (GOVT) 4.25%RABOBANK NEDERLAND04/07/2039 2,290,000 EUR 4,062,131 1.93 3.375% 19/01/2017 800,000 USD 849,528 0.41KFW 1.5% 04/04/2014 1,700,000 USD 1,711,305 0.82 3,428,445 1.64KFW 3.375% 18/01/2021 1,000,000 EUR 1,519,811 0.73 SPAIN10,303,440 4.92 BANCO BILBAO VIZCAYAGREAT BRITAIN ARG 3.5% 24/01/2021 600,000 EUR 841,368 0.40ANGLO AMERICAN 6.875%BONOS Y OBLIG DEL ESTADO01/05/2018 500,000 GBP 920,706 0.44 4.4% 31/10/2023 4,000,000 EUR 5,460,488 2.62BAT INTERNATIONAL SANTANDER US 3.724%FINANCE 8.125% 15/11/2013 500,000 USD 503,882 0.24 20/01/2015 400,000 USD 406,206 0.19BNP PARIBAS 2.7% 20/08/2018 1,000,000 USD 1,011,115 0.48 SPAIN (GOVT) 4.1%BRITISH TELECOM VRN 30/07/2018 2,931,000 EUR 4,172,274 1.9915/12/2030 1,000,000 USD 1,496,365 0.72 TELEFONICA 5.877%15/07/2019 500,000 USD 543,230 0.2611,423,566 5.46291


Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsSWEDENSWEDENNORDEA BANK 2.125%SWEDISH EXPORT CREDIT13/11/2019 783,000 GBP 1,233,032 0.58 FRN 14/08/2014 1,000,000 USD 1,006,530 0.49SWEDEN (GOVT) 5% 1,006,530 0.4901/12/2020 1,300,000 SEK 241,104 0.12 TOTAL FLOATING RATE BONDS 2,817,402 1.351,474,136 0.70SWITZERLANDTREASURY BONDS/NOTES - FIXED RATESWITZERLAND (GOVT) 2%28/04/2021 400,000 CHF 482,190 0.23 UNITED STATES482,190 0.23 US (GOVT) 2.125%UNITED STATES TREASURY NOTE 15/08/2021 6,300,000 USD 6,239,461 2.98BANK OF AMERICA 3.75% US (GOVT) 3.125%12/07/2016 1,000,000 USD 1,059,735 0.51 TREASURY BOND 15/05/2019 3,150,000 USD 3,409,383 1.63BURLINGTON NORTH 5.65% 9,648,844 4.6101/05/2017 500,000 USD 569,880 0.27 TOTAL TREASURY BONDS/NOTES - FIXEDCAPITAL ONE BANK 8.8% RATE 9,648,844 4.6115/07/2019 400,000 USD 514,090 0.25CITIGROUP INC 4.5%FHLMC14/01/2022 1,000,000 USD 1,048,785 0.50FANNIE MAE 1.25%UNITED STATES28/09/2016 2,000,000 USD 2,028,810 0.98 FHLMC (30YR) 3.5%FORD MOTOR CREDIT 5.75% 01/09/2043 1,420,000 USD 1,441,522 0.6901/02/2021 800,000 USD 884,148 0.42 FHLMC (30YR) 4% 01/10/2043 960,000 USD 1,003,650 0.48FREDDIE MAC 5.125% FHLMC (30YR) 4.5%17/11/2017 600,000 USD 692,931 0.33 01/10/2043 1,020,000 USD 1,086,300 0.52IBRD 1% 15/09/2016 2,000,000 USD 2,017,420 0.96 FHLMC (30YR) 5% 01/10/2043 1,350,000 USD 1,455,891 0.69JP MORGAN CHASE 4.625% 4,987,363 2.3810/05/2021 1,200,000 USD 1,282,794 0.61 TOTAL FHLMC 4,987,363 2.38MERRILL LYNCH 6.4%28/08/2017 450,000 USD 517,016 0.25 FNMAMORGAN STANLEY 6%28/04/2015 1,000,000 USD 1,072,070 0.51 UNITED STATESPFIZER 5.75% 03/06/2021 1,000,000 EUR 1,699,819 0.81 FNMA (15YR) 2.5%TIME WARNER CABLE 5.5% 01/10/2028 1,810,000 USD 1,819,262 0.8801/09/2041 250,000 USD 205,349 0.10 FNMA (15YR) 3% 01/10/2028 1,390,000 USD 1,437,890 0.69VERIZON COMMUNICATIONS FNMA (15YR) 3.5% 01/10/2028 1,100,000 USD 1,159,813 0.555.15% 15/09/2023 572,000 USD 613,181 0.29 FNMA (30YR) 3% 01/10/2043 2,680,000 USD 2,617,711 1.2514,206,028 6.79 FNMA (30YR) 3.5% 01/10/2043 1,740,000 USD 1,771,809 0.85TOTAL BONDS 119,799,529 57.25 FNMA (30YR) 4% 01/10/2043 940,000 USD 986,119 0.47FNMA (30YR) 4.5%FLOATING RATE BONDS 01/10/2043 1,020,000 USD 1,089,806 0.52FNMA (30YR) 5.5%FRANCE 01/10/2043 1,620,000 USD 1,767,066 0.84VEOLIA ENVIRONNEMENT 12,649,476 6.054.45% VRN PERP 600,000 EUR 796,397 0.38 TOTAL FNMA 12,649,476 6.05796,397 0.38GREAT BRITAINMORTGAGE BACKED SECURITIESSTANDARD CHARTERED 4%12/07/2022 1,000,000 USD 1,014,475 0.48 UNITED STATES1,014,475 0.48 GNMA (30YR) 4.5%01/10/2043 1,120,000 USD 1,207,675 0.58292


Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsGNMA (30YR) 5% 01/10/2043 990,000 USD 1,076,161 0.51 JAPANGNMA II (30YR) 3.5% JAPAN (GOVT) 2% 20/03/2027 613,000,000 JPY 7,048,858 3.3701/10/2043 1,510,000 USD 1,557,188 0.75 7,048,858 3.37GNMA II 4% 01/10/2043 1,130,000 USD 1,196,034 0.57 JERSEY5,037,058 2.41 HEATHROW FUNDING 2.5%TOTAL MORTGAGE BACKED SECURITIES 5,037,058 2.41 25/06/2015 500,000 USD 508,205 0.24TOTAL TRANSFERABLE SECURITIES154,939,672 74.05508,205 0.24TRADED ON ANOTHER REGULATED MARKETNETHERLANDSNETHERLANDS (GOVT)TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 1.25% 15/01/2018 4,500,000 EUR 6,173,049 2.95MARKET TELEFONICA EUROPE 7.625%VRN PERP 700,000 EUR 969,496 0.46BONDSVOLKSWAGEN INTERNATIONALFINANCE 3.875% VRN PERP 750,000 EUR 1,019,283 0.49AUSTRALIA 8,161,828 3.90ANZ BANKING GROUP 2.4%QATAR23/11/2016 1,050,000 USD 1,090,115 0.52 STATE OF QATAR 4%MACQUARIE BANK 3.45% 20/01/2015 700,000 USD 728,641 0.3527/07/2015 950,000 USD 985,986 0.47 728,641 0.352,076,101 0.99 UNITED STATESCANADA ANHEUSER BUSCH 7.75%CANADA (GOVT) 2.75% 15/01/2019 1,200,000 USD 1,513,525 0.7301/06/2022 2,000,000 CAD 1,990,037 0.95 ENERGY TRANSFER PARTNERSCANADA (GOVT) 4% 5.2% 01/02/2022 1,000,000 USD 1,052,625 0.5001/06/2017 3,139,000 CAD 3,317,036 1.59 MET LIFE GLOBAL FUNDING5,307,073 2.54 I 5.125% 10/06/2014 1,300,000 USD 1,339,332 0.64CAYMAN ISLANDSMIDAMERICAN ENERGYHUTCHISON WHAMPOA 5.95% 15/07/2017 610,000 USD 708,027 0.345.75% 11/09/2019 1,000,000 USD 1,123,590 0.54 RABOBANK CAP 5.254%YORKSHIRE WATER 6.6011% VRN PERP 550,000 USD 562,790 0.2717/04/2031 700,000 GBP 1,448,024 0.69 WEA FINANCE 5.75%2,571,614 1.23 02/09/2015 350,000 USD 381,177 0.18FRANCE 5,557,476 2.66BNP PARIBAS HOME LOAN TOTAL BONDS 42,075,108 20.123.375% 12/01/2017 900,000 EUR 1,319,037 0.63GDF SUEZ 1.625% 10/10/2017 1,000,000 USD 994,850 0.48 TREASURY BONDS/NOTES - FIXED RATELVMH MOET HENNESSY1.625% 29/06/2017 313,000 USD 313,149 0.15 UNITED STATESRCI BANQUE S.A. 3.25%US (GOVT) 4.375% TREASURY25/04/2018 714,000 GBP 1,159,645 0.55 BOND 15/11/2039 3,725,000 USD 4,215,943 2.01SOCIETE GENERALE 3.1% 4,215,943 2.0114/09/2015 500,000 USD 519,254 0.25 TOTAL TREASURY BONDS/NOTES - FIXED4,215,943 2.014,305,935 2.06 RATEGREAT BRITAINHSBC HOLDINGS 3.375%MORTGAGE BACKED SECURITIESVRN 10/01/2024 750,000 EUR 1,027,400 0.49PRUDENTIAL 5.25% PERP 400,000 USD 380,114 0.18 GREAT BRITAINTESCO 2.7% 05/01/2017 300,000 USD 307,812 0.15 ARRAN RESIDENTIAL MTGUK (GOVT) 1.25% 22/07/2018 2,560,000 GBP 4,094,051 1.96 FRN 16/05/2047 1,000,000 USD 833,484 0.405,809,377 2.78 833,484 0.40293


Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % netassetsUNITED STATESJP MORGAN CHASE VRN15/04/2045 220,000 USD 242,156 0.11MORGAN STANLEY CAPITAL5.61% 15/04/2049 450,000 USD 119,187 0.06361,343 0.17TOTAL MORTGAGE BACKED SECURITIES 1,194,827 0.57TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET47,485,878 22.70OTHER TRANSFERABLE SECURITIESASSET BACKED SECURITIESUNITED STATESASSET BACKED FUNDING25/03/2033 7,500,000 USD 631,874 0.30TOTAL ASSET BACKED SECURITIES 631,874 0.30MORTGAGE BACKED SECURITIESUNITED STATESBANK OF AMERICA 5.634%10/07/2046 500,000 USD 549,188 0.26549,188 0.26TOTAL MORTGAGE BACKED SECURITIES 549,188 0.26TOTAL OTHER TRANSFERABLE SECURITIES 1,181,062 0.56TOTAL INVESTMENTS 203,606,612 97.31OTHER NET ASSETS LESS LIABILITIES 5,626,391 2.69TOTAL NET ASSETS 209,233,003 100.00294


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSCANADAPTTEP CANADA INTLTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 5.692% 05/04/2021 2,100,000 USD 2,241,110 0.08EXCHANGE LISTING 2,241,110 0.08CAYMAN ISLANDSBONDS BANCO DO BRASIL 5.875%26/01/2022 18,720,000 USD 17,904,463 0.67AUSTRALIA GRUPO AVAL 5.25%CNOOC CURTIS FUNDING NO 01/02/2017 9,475,000 USD 9,841,825 0.374.5% 03/10/2023 5,600,000 USD 5,643,400 0.21 IPIC GMTN 5.5% 01/03/2022 550,000 USD 604,095 0.025,643,400 0.21 PETROBRAS INTERNATIONALBERMUDA ISLANDS FINANCE 5.75% 20/01/2020 12,160,000 USD 12,692,182 0.48CHINA RESOURCES GASPETROBRAS INTERNATIONAL4.5% 05/04/2022 2,600,000 USD 2,577,094 0.10 FINANCE 6.75% 27/01/2041 960,000 USD 932,798 0.042,577,094 0.10 PETROBRAS INTERNATIONALBRAZIL FINANCE 8.375% 10/12/2018 1,470,000 USD 1,756,158 0.07BANCO ABC-BRASIL 7.875% SINOPEC CAPITAL 201308/04/2020 5,405,000 USD 5,502,966 0.21 3.125% 24/04/2023 23,700,000 USD 21,548,633 0.80BANCO EST RIO GRANDE VALE OVERSEAS 6.875%7.375% 02/02/2022 4,560,000 USD 4,531,500 0.17 21/11/2036 3,170,000 USD 3,240,786 0.12BANCO NAC DESEN 6.369% 68,520,940 2.5716/06/2018 825,000 USD 899,762 0.03 CHILEBANCO VOTORANTIM 5.25%BANCO DEL ESTADO DE11/02/2016 7,260,000 USD 7,541,252 0.28 CHILE 3.875% 08/02/2022 6,062,000 USD 5,896,962 0.22BRASIL TELECOM 5.75% CODELCO INC 3% 17/07/2022 17,825,000 USD 16,348,554 0.6210/02/2022 25,530,000 USD 22,434,105 0.84 CODELCO INC 7.5%BRAZIL (GOVT) 10% 15/01/2019 510,000 USD 616,409 0.0201/01/2021 30 BRL 12,492 0.00 CORPBANCA S.A. 3.125%BRAZIL (GOVT) 2.625% 15/01/2018 12,200,000 USD 11,202,284 0.4205/01/2023 22,210,000 USD 19,452,406 0.73 EMPRESA NACIONAL DEBRAZIL (GOVT) 5.625% PETROLEO 4.75% 06/12/2021 8,080,000 USD 7,972,496 0.3007/01/2041 16,310,000 USD 16,275,504 0.61 EMPRESA NACIONAL DEBRAZIL (GOVT) 7.125% PETROLEO 5.25% 10/08/2020 1,900,000 USD 1,951,576 0.0720/01/2037 35,355,000 USD 41,636,345 1.57 43,988,281 1.65BRAZIL (GOVT) 8.25%COLOMBIA20/01/2034 2,310,000 USD 3,013,487 0.11 BANCO DE BOGOTA 5%BRAZIL (GOVT) 8.75% 15/01/2017 6,800,000 USD 7,080,024 0.2704/02/2025 7,250,000 USD 9,919,885 0.37 BANCOLOMBIA S.A. 6.125%CENT ELET BRASILEIRAS S.A. 26/07/2020 3,164,000 USD 3,252,988 0.125.75% 27/10/2021 14,775,000 USD 14,340,172 0.54 COLOMBIA (GOVT) 2.625%CENTRAIS ELECTRICAS 15/03/2023 944,000 USD 836,493 0.03BRASIL 6.875% 30/07/2019 10,140,000 USD 10,882,502 0.41 COLOMBIA (GOVT) 4.375%TELEMAR NORTE 5.5% 12/07/2021 36,070,000 USD 37,437,773 1.4123/10/2020 1,700,000 USD 1,502,783 0.06 COLOMBIA (GOVT) 6.125%VOTORANTIM CIMENTOS 18/01/2041 24,135,000 USD 26,474,285 0.997.25% 05/04/2041 3,000,000 USD 2,764,845 0.10 COLOMBIA (GOVT) 7.375%160,710,006 6.03 18/9/2037 8,290,000 USD 10,421,608 0.39295


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCOLOMBIA (GOVT) 8.125%HUNGARY21/05/2024 3,360,000 USD 4,362,994 0.16 HUNGARY (GOVT) 5.375%89,866,165 3.37 21/02/2023 5,250,000 USD 5,122,031 0.19COSTA RICA HUNGARY (GOVT) 6.25%COSTA RICA (GOVT) 4.25% 29/01/2020 3,345,000 USD 3,574,969 0.1326/01/2023 9,770,000 USD 8,774,681 0.33 HUNGARY (GOVT) 7.625%8,774,681 0.33 29/03/2041 14,850,000 USD 15,991,594 0.61CROATIA 24,688,594 0.93CROATIA (GOVT) 6.25%INDONESIA27/04/2017 14,330,000 USD 15,136,062 0.57 INDONESIA (GOVT) 3.375%CROATIA (GOVT) 6.375% 15/04/2023 12,550,000 USD 10,793,000 0.4124/03/2021 7,685,000 USD 7,968,384 0.30 INDONESIA (GOVT) 3.75%CROATIA (GOVT) 6.75% 25/04/2022 29,600,000 USD 26,806,500 1.0105/11/2019 12,660,000 USD 13,585,763 0.51 INDONESIA (GOVT) 4.875%36,690,209 1.38 05/05/2021 84,730,000 USD 84,359,306 3.17CYPRUS INDONESIA (GOVT) 5.25%ALFA MTN INSURANCE 8% 17/01/2042 9,000,000 USD 7,666,875 0.2918/03/2015 3,485,000 USD 3,733,306 0.14 INDONESIA (GOVT) 5.875%3,733,306 0.14 13/03/2020 31,265,000 USD 33,121,359 1.24EL SALVADOR INDONESIA (GOVT) 6.625%EL SALVADOR (GOVT) 17/02/2037 21,490,000 USD 21,946,663 0.827.375% 01/12/2019 3,865,000 USD 4,210,434 0.16 INDONESIA (GOVT) 6.875%EL SALVADOR (GOVT) 17/01/2018 20,690,000 USD 23,172,800 0.877.65% 15/06/2035 1,805,000 USD 1,830,947 0.07 INDONESIA (GOVT) 7.75%EL SALVADOR (GOVT) 17/01/2038 7,930,000 USD 9,064,981 0.347.75% 24/01/2023 3,705,000 USD 4,043,081 0.15 INDONESIA (GOVT) 8.5%EL SALVADOR (GOVT) 12/10/2035 8,040,000 USD 9,808,800 0.378.25% 10/04/2032 4,800,000 USD 5,193,001 0.19 MAJAPAHIT HOLDING 8%15,277,463 0.57 07/08/2019 5,230,000 USD 5,844,525 0.22GABON PERTAMINA 4.3% 20/05/2023 3,200,000 USD 2,760,000 0.10GABON (GOVT) 8.2% PERTAMINA 4.875%12/12/2017 5,290,000 USD 5,987,619 0.22 03/05/2022 3,120,000 USD 2,870,400 0.115,987,619 0.22 PERTAMINA 5.25% 23/05/2021 675,000 USD 647,156 0.02GEORGIA 238,862,365 8.97GEORGIA (GOVT) 6.875%IRELAND12/04/2021 1,050,000 USD 1,125,469 0.04 ALFA BANK 7.75%1,125,469 0.04 28/04/2021 1,075,000 USD 1,142,859 0.04GREAT BRITAIN ALFA BANK 7.875%UKREXIMBANK 8.375% 25/09/2017 11,800,000 USD 13,031,625 0.4827/04/2015 3,915,000 USD 3,499,031 0.14 RUSSIAN RAILWAYS 5.739%VEDANTA RESOURCES 03/04/2017 2,880,000 USD 3,087,072 0.126.75% 07/06/2016 2,200,000 USD 2,263,250 0.08 RZD CAPITAL 5.7%VEDANTA RESOURCES 05/04/2022 11,300,000 USD 11,574,477 0.439.5% 18/07/2018 2,000,000 USD 2,205,000 0.08 VEB FINANCE 6.902%7,967,281 0.30 09/07/2020 2,400,000 USD 2,642,460 0.10296


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsVEB LEASING 5.125%MEXICO27/05/2016 4,735,000 USD 4,997,721 0.19 ALESTRA 11.75% 11/08/2014 900,000 USD 969,188 0.04VNESHECONOMBANK 6.025%COMISION FED ELECTRIC05/07/2022 8,500,000 USD 8,783,518 0.33 4.875% 26/05/2021 2,050,000 USD 2,116,687 0.08VNESHEKONOMBANK MEXICO (GOVT) 4.75%5.375% 13/02/2017 2,150,000 USD 2,284,042 0.09 08/03/2044 24,430,000 USD 22,221,894 0.8347,543,774 1.78 MEXICO (GOVT) 6.05%KAZAKHSTAN 11/01/2040 100,584,000 USD 110,861,169 4.16DEV BANK OF KAZAKHSTAN MEXICO (GOVT) 6.75%4.125% 10/12/2022 18,800,000 USD 17,355,126 0.65 27/09/2034 25,020,000 USD 29,870,002 1.12KAZMUNAIGAZ FINANCE 7% MEXICO (GOVT) 7.5%05/05/2020 1,225,000 USD 1,388,317 0.05 08/04/2033 7,085,000 USD 9,074,007 0.34KAZMUNAYGAZ FINANCEPETROLEOS MEXICANOS9.125% 02/07/2018 2,325,000 USD 2,846,102 0.11 5.5% 21/01/2021 27,090,000 USD 29,189,340 1.1021,589,545 0.81 PETROLEOS MEXICANOSLEBANON 6.5% 02/06/2041 6,440,000 USD 6,725,646 0.25LEBANON (GOVT) 8.25% 211,027,933 7.9212/04/2021 8,525,000 USD 9,238,969 0.35 NETHERLANDS9,238,969 0.35 KAZAKHSTAN TEMIR 6.95%LITHUANIA 10/07/2042 3,800,000 USD 3,863,346 0.14LITHUANIA (GOVT) 6.125% MAJAPAHIT HOLDING 7.75%09/03/2021 3,340,000 USD 3,823,014 0.14 20/01/2020 2,830,000 USD 3,135,994 0.12LITHUANIA (GOVT) 7.375% 6,999,340 0.2611/02/2020 11,665,000 USD 14,168,776 0.54 NIGERIA17,991,790 0.68 NIGERIA (GOVT) 6.75%LUXEMBOURG 28/01/2021 1,000,000 USD 1,081,250 0.04GAZ CAPITAL 9.25% 1,081,250 0.0423/04/2019 20,830,000 USD 25,633,085 0.96 PANAMAGAZPROM 6.51% 07/03/2022 5,620,000 USD 6,041,922 0.23 BANCO DE CREDITO DELGAZPROM 7.288% 16/08/2037 4,460,000 USD 4,834,060 0.18 5.375% 16/09/2020 6,330,000 USD 6,448,877 0.24GAZPROM CAPITAL 5.999% PANAMA (GOVT) 4.3%23/01/2021 9,000,000 USD 9,456,075 0.35 29/04/2053 2,050,000 USD 1,602,895 0.06OJSC RUSSIAN AGRI PANAMA (GOVT) 5.2%6.299% 15/05/2017 2,125,000 USD 2,273,113 0.09 30/01/2020 22,885,000 USD 25,087,338 0.94SBERBANK 4.95% 07/02/2017 11,600,000 USD 12,236,318 0.46 PANAMA (GOVT) 7.125%SBERBANK 5.18% 28/06/2019 5,360,000 USD 5,592,624 0.21 29/01/2026 12,190,000 USD 14,901,422 0.56SBERBANK 5.4% 24/03/2017 12,900,000 USD 13,771,910 0.52 48,040,532 1.80SBERBANK 5.717%PARAGUAY16/06/2021 2,000,000 USD 2,069,040 0.08 PARAGUAY (GOVT) 4.625%VTB CAPITAL 6% 12/04/2017 5,100,000 USD 5,378,843 0.20 25/01/2023 6,500,000 USD 5,963,750 0.2287,286,990 3.28 5,963,750 0.22MALAYSIAPERUPETRONAS CAPITAL 5.25%BANCO INTERNAC DEL PERU12/08/2019 5,980,000 USD 6,628,172 0.25 5.75% 07/10/2020 3,000,000 USD 2,981,070 0.11PETRONAS CAPITAL 7.875%CORP FINANCI DE DESARROL22/05/2022 500,000 USD 636,143 0.02 4.75% 08/02/2022 8,057,000 USD 7,855,253 0.297,264,315 0.27 PERU (GOVT) 5.625%18/11/2050 1,275,000 USD 1,321,773 0.05297


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsPERU (GOVT) 6.55% SRI LANKA (GOVT) 6.25%14/03/2037 10,721,000 USD 12,629,767 0.47 04/10/2020 5,000,000 USD 4,875,000 0.18PERU (GOVT) 7.35% SRI LANKA (GOVT) 6.25%21/07/2025 7,865,000 USD 10,048,639 0.38 27/07/2021 5,375,000 USD 5,149,922 0.20PERU (GOVT) 8.75% 13,047,422 0.4921/11/2033 12,420,000 USD 17,873,559 0.68 THAILAND52,710,061 1.98 THAI OIL 3.625% 23/01/2023 1,950,000 USD 1,760,889 0.07PHILIPPINES 1,760,889 0.07PHILIPPINES (GOVT) 6.375%TURKEY15/01/2032 5,785,000 USD 6,793,759 0.25 AKBANK 5% 24/10/2022 4,350,000 USD 3,996,867 0.15PHILIPPINES (GOVT) 6.5% FINANSBANK 5.5%20/01/2020 8,563,000 USD 10,088,284 0.38 11/05/2016 2,725,000 USD 2,685,828 0.10PHILIPPINES (GOVT) 7.75% TURKEY (GOVT) 4.875%14/01/2031 2,000,000 USD 2,615,000 0.10 16/04/2043 9,250,000 USD 7,693,595 0.29PHILIPPINES (GOVT) 8.375% TURKEY (GOVT) 5.125%17/06/2019 11,030,000 USD 14,014,995 0.53 25/03/2022 33,910,000 USD 33,991,723 1.2833,512,038 1.26 TURKEY (GOVT) 5.625%POLAND 30/03/2021 53,845,000 USD 56,298,986 2.11POLAND (GOVT) 5% TURKEY (GOVT) 6%23/03/2022 22,490,000 USD 24,225,666 0.91 14/01/2041 8,660,000 USD 8,387,773 0.31POLAND (GOVT) 5.125% TURKEY (GOVT) 6.25%21/04/2021 10,095,000 USD 10,995,524 0.41 26/09/2022 17,470,000 USD 18,829,253 0.7135,221,190 1.32 TURKEY (GOVT) 6.75%ROMANIA 03/04/2018 7,275,000 USD 8,091,182 0.30ROMANIA (GOVT) 6.75% TURKEY (GOVT) 6.875%07/02/2022 12,006,000 USD 13,664,329 0.51 17/03/2036 12,570,000 USD 13,398,740 0.5013,664,329 0.51 TURKEY (GOVT) 7%SERBIA 11/03/2019 59,065,000 USD 66,723,072 2.51SERBIA (GOVT) 7.25% TURKEY (GOVT) 7%28/09/2021 14,725,000 USD 15,387,625 0.58 05/06/2020 10,585,000 USD 12,003,602 0.4515,387,625 0.58 TURKEY (GOVT) 7.375%SOUTH AFRICA 05/02/2025 72,470,000 USD 82,425,203 3.10SOUTH AFRICA (GOVT) TURKEY (GOVT) 7.5%4.665% 17/01/2024 55,275,000 USD 53,776,219 2.01 14/07/2017 9,965,000 USD 11,328,561 0.43SOUTH AFRICA (GOVT)TURKIYE HALK BANKASI5.5% 09/03/2020 13,550,000 USD 14,577,090 0.55 3.875% 05/02/2020 5,300,000 USD 4,757,466 0.18SOUTH AFRICA (GOVT)TURKIYE VAKIFLAR BANKASI5.875% 16/09/2025 8,200,000 USD 8,660,553 0.33 6% 01/11/2022 3,900,000 USD 3,507,563 0.13SOUTH AFRICA (GOVT) 334,119,414 12.555.875% 30/05/2022 925,000 USD 1,002,140 0.04 UNITED STATESSOUTH AFRICA (GOVT) PEMEX MASTER 6.625%6.875% 27/05/2019 39,915,000 USD 45,907,439 1.72 15/06/2035 14,515,000 USD 15,460,435 0.58123,923,441 4.65 15,460,435 0.58SRI LANKAURUGUAYBANK OF CEYLON 6.875% URUGUAY (GOVT) 4.5%03/05/2017 3,000,000 USD 3,022,500 0.11 14/08/2024 8,800,000 USD 8,964,208 0.348,964,208 0.34298


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsVENEZUELAASSET BACKED SECURITIESPETROLEOS DE VENEZUELA5.375% 12/04/2027 9,485,000 USD 5,465,731 0.21 DOMINICAN REPUBLICVENEZUELA (GOVT) DOMINIC (GOVT) 7.5%6% 09/12/2020 17,600,000 USD 12,782,000 0.48 06/05/2021 3,790,000 USD 4,055,300 0.15VENEZUELA (GOVT) 7% 4,055,300 0.1531/03/2038 14,165,000 USD 9,269,222 0.35 FEDERATION OF RUSSIAVENEZUELA (GOVT) 7.65% RUSSIA (GOVT) 7.5%21/04/2025 1,770,000 USD 1,283,250 0.05 31/03/2030 267,855,000 USD 235,837,508 8.85VENEZUELA (GOVT) 7.75% 235,837,508 8.8513/10/2019 36,725,000 USD 30,619,469 1.15 IRAQVENEZUELA (GOVT) 8.25% IRAQ (GOVT) 5.8%13/10/2024 53,570,000 USD 40,579,275 1.52 15/01/2028 19,440,000 USD 16,570,559 0.62VENEZUELA (GOVT) 9% 16,570,559 0.6207/05/2023 14,260,000 USD 11,586,250 0.43 IVORY COASTVENEZUELA (GOVT) 9.25% VORY COAST 2.5%07/05/2028 59,565,000 USD 46,981,894 1.76 31/12/2032 5,975,000 USD 5,255,700 0.20VENEZUELA (GOVT) 9.375% 5,255,700 0.2013/01/2034 9,470,000 USD 7,499,056 0.28 PANAMA166,066,147 6.23 PANAMA (GOVT) 6.7%VIETNAM 26/01/2036 18,742,000 USD 21,570,730 0.81VIETNAM (GOVT) 6.875% 21,570,730 0.8115/01/2016 3,575,000 USD 3,827,484 0.14 SERBIA3,827,484 0.14 SERBIA (GOVT) 3.75%VIRGIN ISLANDS 01/11/2024 2,640,000 USD 1,019,326 0.04CNOOC FINANCE 3.875% 1,019,326 0.0402/05/2022 6,440,000 USD 6,280,996 0.24 URUGUAYCNPC GENERAL CAPITAL URUGUAY (GOVT) 6.875%3.4% 16/04/2023 2,900,000 USD 2,682,355 0.10 28/09/2025 1,774,832 USD 2,088,072 0.088,963,351 0.34 URUGUAY (GOVT) 7.625%TOTAL BONDS 2,007,310,205 75.34 21/03/2036 12,595,000 USD 15,977,135 0.6018,065,207 0.68PIK BONDSVENEZUELAPETROLEOS DE VENEZUELADOMINICAN REPUBLIC 9.75% 17/05/2035 11,700,000 USD 8,921,250 0.33DOMINIC (GOVT) 9.04% 8,921,250 0.3323/01/2018 1,300,000 USD 1,390,676 0.05 TOTAL ASSET BACKED SECURITIES 311,295,580 11.681,390,676 0.05URUGUAYTREASURY BONDS/NOTES - FIXED RATEURUGUAY (GOVT) 7.875%15/01/2033 3,235,000 USD 4,180,737 0.16 UNITED STATES4,180,737 0.16 US (GOVT) 2.5% TREASURYTOTAL PIK BONDS 5,571,413 0.21 NOTE 15/08/2023 38,225,000 USD 37,786,010 1.41299


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsUS (GOVT) 2.875%MEXICOTREASURY BOND 15/05/2043 30,000,000 USD 25,464,258 0.96 MEXICO (GOVT) 4%US (GOVT) 3.125% 02/10/2023 17,990,000 USD 17,976,148 0.67TREASURY BOND 15/02/2043 38,000,000 USD 34,047,109 1.28 PETROLEOS MEXICANOS97,297,377 3.65 5.5% 27/06/2044 26,330,000 USD 24,145,531 0.91TOTAL TREASURY BONDS/NOTES - FIXED97,297,377 3.6542,121,679 1.58RATENETHERLANDSTOTAL TRANSFERABLE SECURITIES MAJAPAHIT HOLDING 7.25%ADMITTED TO AN OFFICIAL STOCK 2,421,474,575 90.88 28/06/2017 2,880,000 USD 3,186,000 0.12EXCHANGE LISTING 3,186,000 0.12NIGERIATRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED NIGERIA (GOVT) 6.375%MARKET 12/07/2023 8,875,000 USD 9,091,328 0.349,091,328 0.34BONDSPERUEL FONDO MIVIVIENDA S.A.BRAZIL 3.5% 31/01/2023 8,150,000 USD 7,106,963 0.27BANCO NAC DE DESEN 7,106,963 0.27ECONO 5.75% 26/09/2023 2,600,000 USD 2,610,270 0.10 SERBIACAIXA ECONOMICA FEDERAL SERBIA (GOVT) 5.25%4.5% 03/10/2018 4,400,000 USD 4,361,038 0.16 21/11/2017 2,400,000 USD 2,403,000 0.096,971,308 0.26 2,403,000 0.09CAYMAN ISLANDSSLOVENIAGRUPO AVAL 4.75% SLOVENIA (GOVT) 5.85%26/09/2022 14,375,000 USD 12,868,069 0.48 10/05/2023 19,650,000 USD 18,751,504 0.70PETROBRAS INTERNATIONAL 18,751,504 0.705.875% 01/03/2018 400,000 USD 430,466 0.02 SOUTH AFRICA13,298,535 0.50 ESKOM HOLDINGS 5.75%COLOMBIA 26/01/2021 4,300,000 USD 4,299,334 0.16BANKCOLOMBIA 5.95% ESKOM HOLDINGS 6.75%03/06/2021 7,350,000 USD 7,538,748 0.28 06/08/2023 4,450,000 USD 4,599,030 0.17COLOMBIA (GOVT) 4% 8,898,364 0.3326/02/2024 10,470,000 USD 10,249,502 0.39 TURKEY17,788,250 0.67 AKBANK 5.125% 22/07/2015 6,000,000 USD 6,168,150 0.23CROATIA 6,168,150 0.23CROATIA (GOVT) 6.625%VIRGIN ISLANDS14/07/2020 11,470,000 USD 12,129,525 0.46 MEGA ADVANCE12,129,525 0.46 INVESTMENTS 5% 12/05/2021 4,300,000 USD 4,489,329 0.17IRELAND 4,489,329 0.17VIMPELCOM 7.748% TOTAL BONDS 165,949,910 6.2302/02/2021 8,300,000 USD 8,953,625 0.34 TOTAL TRANSFERABLE SECURITIES165,949,910 6.238,953,625 0.34 TRADED ON ANOTHER REGULATED MARKETKAZAKHSTANKAZAGRO NATIONAL MGMTHOLDING 4.625% 24/05/2023 5,000,000 USD 4,592,350 0.174,592,350 0.17300


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsOTHER TRANSFERABLE SECURITIESBONDSCAYMAN ISLANDSINDEPENDENCIAINTL 12% 30/12/2016 1,328,131 USD 1,328 0.001,328 0.00TOTAL BONDS 1,328 0.00TOTAL OTHER TRANSFERABLE SECURITIES 1,328 0.00TOTAL INVESTMENTS 2,587,425,813 97.11OTHER NET ASSETS LESS LIABILITIES 77,015,618 2.89TOTAL NET ASSETS 2,664,441,431 100.00301


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSEMBOTELLADORA ANDINA5% 01/10/2023 200,000 USD 200,892 1.66TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TELEFONICA 3.875%EXCHANGE LISTING 12/10/2022 200,000 USD 177,897 1.48701,848 5.82BONDSCOLOMBIABANCO DAVIVIENDA 2.95%AUSTRALIA 29/01/2018 200,000 USD 191,412 1.59CNOOC CURTIS FUNDING NO 191,412 1.594.5% 03/10/2023 200,000 USD 201,550 1.67 GREAT BRITAIN201,550 1.67 VEDANTA RESOURCES 8.25%BRAZIL 07/06/2021 200,000 USD 204,000 1.70BANCO EST RIO GRANDE VEDANTA RESOURCES 9.5%7.375% 02/02/2022 200,000 USD 198,750 1.64 18/07/2018 100,000 USD 110,250 0.91BRASIL TELECOM 5.75% 314,250 2.6110/02/2022 200,000 USD 175,747 1.46 IRELANDVOTORANTIM CIMENTOS ALFA BANK 7.875%7.25% 05/04/2041 200,000 USD 184,323 1.53 25/09/2017 100,000 USD 110,438 0.92558,820 4.63 SIBUR SECURITIES 3.914%CANADA 31/01/2018 200,000 USD 192,000 1.59HARVEST OPERATIONS CORP 302,438 2.512.125% 14/05/2018 200,000 USD 193,826 1.61 LUXEMBOURGPTTEP CANADA INTERNATIONAL GAZPROM 6.51% 07/03/2022 200,000 USD 215,015 1.785.692% 05/04/2021 200,000 USD 213,439 1.77 SBERBANK 5.717% 16/06/2021 200,000 USD 206,904 1.72407,265 3.38 421,919 3.50CAYMAN ISLANDSMEXICOBANCO BTG PACTUAL 4% AMERICA MOVIL 3.125%16/01/2020 200,000 USD 178,561 1.48 16/07/2022 200,000 USD 184,570 1.53COUNTRY GARDEN HOLDINGSBANCO SANTANDER S.A.11.25% 22/04/2017 100,000 USD 108,625 0.90 4.125% 09/11/2022 300,000 USD 279,026 2.31DP WORLD SUKUK 6.25%CONTROLADORA MABE02/07/2017 300,000 USD 329,554 2.73 7.875% 28/10/2019 100,000 USD 109,438 0.91HUTCHISON WHAMPOA GRUPO TELEVISA 6%4.625% 13/01/2022 200,000 USD 204,359 1.69 15/05/2018 100,000 USD 113,190 0.94SINOPEC CAPITAL 2013 686,224 5.693.125% 24/04/2023 200,000 USD 181,845 1.51 NETHERLANDSTRANSPRTDRA DE GAS INTL GTB FINANCE 7.5% 19/05/2016 200,000 USD 211,750 1.755.7% 20/03/2022 200,000 USD 203,081 1.68 HSBK EUROPE 7.25%VALE OVERSEAS 6.875% 03/05/2017 100,000 USD 106,000 0.8821/11/2036 100,000 USD 102,233 0.85 INDOSAT PALAPA 7.375%1,308,258 10.84 29/07/2020 100,000 USD 104,688 0.87CHILE 422,438 3.50BANCO SANTANDER CHILEPANAMA3.875% 20/9/2022 150,000 USD 139,415 1.16 BANCO DE CREDITO DELCORPBANCA S.A. 3.125% 5.375% 16/09/2020 100,000 USD 101,878 0.8415/01/2018 200,000 USD 183,644 1.52 101,878 0.84302


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsPERUASSET BACKED SECURITIESBANCO INTERNAC DEL PERU5.75% 07/10/2020 200,000 USD 198,738 1.65 BRAZIL198,738 1.65 BANCO BMG 9.15% 15/01/2016 100,000 USD 62,370 0.52SOUTH KOREA 62,370 0.52KOREA WESTERN POWER TOTAL ASSET BACKED SECURITIES 62,370 0.523.125% 10/05/2017 200,000 USD 204,884 1.70204,884 1.70 TREASURY BONDS/NOTES - FIXED RATETHAILANDBANGKOK BANK 5%UNITED STATES03/10/2023 200,000 USD 202,000 1.68 US (GOVT) 2.875% TREASURY202,000 1.68 BOND 15/05/2043 200,000 USD 169,762 1.40TURKEYUS (GOVT) 3.125% TREASURYAKBANK 5% 24/10/2022 150,000 USD 137,823 1.14 BOND 15/02/2043 75,000 USD 67,198 0.56TURKIYE GARANTI BANKASI 236,960 1.96AS 5.25% 13/09/2022 200,000 USD 183,403 1.52 TOTAL TREASURY BONDS/NOTES - FIXED RATE 236,960 1.96TURKIYE VAKIFLAR BANKASITOTAL TRANSFERABLE SECURITIES5.75% 24/04/2017 200,000 USD 204,713 1.70 ADMITTED TO AN OFFICIAL STOCK 8,634,517 71.60YAPI VE KREDI BANKASI 4%EXCHANGE LISTING22/01/2020 200,000 USD 178,139 1.48704,078 5.84 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDUNITED ARAB EMIRATESMARKETNATIONAL BANK OF ABU DHABI3% 13/08/2019 200,000 USD 196,666 1.63 BONDS196,666 1.63UNITED STATESBRAZILSOUTHERN COPPER CORPBANCO NAC DE DESEN ECONO5.25% 08/11/2042 100,000 USD 81,329 0.67 5.75% 26/09/2023 200,000 USD 200,790 1.67SOUTHERN PERU COPPERCAIXA ECONOMICA FEDERAL6.75% 16/04/2040 100,000 USD 96,801 0.81 4.5% 03/10/2018 150,000 USD 148,672 1.23178,130 1.48 349,462 2.90VIRGIN ISLANDSCAYMAN ISLANDSCNPC GENERAL CAPITALALLIANCE GLOBAL GROUP3.4% 16/04/2023 200,000 USD 184,990 1.53 6.5% 18/08/2017 100,000 USD 105,411 0.87CNPC GENERAL CAPITAL GRUPO AVAL 4.75%3.95% 19/04/2022 200,000 USD 195,250 1.62 26/09/2022 200,000 USD 179,034 1.49GERDAU TRADE 5.75% KUWAIT PROJECTS 9.375%30/01/2021 100,000 USD 98,192 0.81 15/07/2020 100,000 USD 118,352 0.98GOLD FIELDS OROGEN HOLDINGS 402,797 3.344.875% 07/10/2020 200,000 USD 159,375 1.32 COLOMBIASINOPEC GRP OVERSEA 3.9% BANCO DE BOGOTA 5.375%17/05/2022 200,000 USD 195,616 1.63 19/02/2023 200,000 USD 186,390 1.55TALENT YIELD 4.5% BANCOLOMBIA 5.95%25/04/2022 200,000 USD 198,968 1.65 03/06/2021 200,000 USD 205,136 1.701,032,391 8.56 391,526 3.25TOTAL BONDS 8,335,187 69.12303


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsINDONESIAADARO INDONESIA 7.625%22/10/2019 100,000 USD 104,750 0.87104,750 0.87IRELANDBW GROUP 6.625% 28/06/2017 100,000 USD 102,813 0.85MTS INTERNATIONAL FUNDING8.625% 22/06/2020 100,000 USD 117,125 0.97VIMPELCOM 7.748%02/02/2021 200,000 USD 215,749 1.79435,687 3.61MEXICOALPEK S.A. 4.5% 20/11/2022 200,000 USD 186,483 1.55186,483 1.55PERUBANCO DE CREDITO DEL PER4.25% 01/04/2023 200,000 USD 178,156 1.48BBVA BANCO CONTINENTAL5% 26/08/2022 100,000 USD 96,203 0.80EL FONDO MIVIVIENDA S.A.3.5% 31/01/2023 150,000 USD 130,803 1.08405,162 3.36SOUTH AFRICAESKOM HOLDINGS 6.75%06/08/2023 200,000 USD 206,698 1.71206,698 1.71TURKEYCOCA COLA ICECEK URETIM4.75% 01/10/2018 200,000 USD 202,058 1.67TURKIYE IS BANKASI 3.75%10/10/2018 200,000 USD 186,686 1.55388,744 3.22UNITED STATESRELIANCE HOLDINGS 4.5%19/10/2020 250,000 USD 246,255 2.04246,255 2.04TOTAL BONDS 3,117,564 25.85TOTAL TRANSFERABLE SECURITIES TRADEDON ANOTHER REGULATED MARKETTOTAL INVESTMENTS3,117,56411,752,08125.8597.45OTHER NET ASSETS LESS LIABILITIES 307,284 2.55TOTAL NET ASSETS 12,059,365 100.00304


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSEMPRESA NACIONAL DEPETROLEO 5.25% 10/08/2020 150,000 USD 154,072 0.14TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 1,074,257 1.00EXCHANGE LISTINGCOLOMBIACOLOMBIA (GOVT) 2.625%BONDS 15/03/2023 200,000 USD 177,223 0.17COLOMBIA (GOVT) 4.375%AUSTRALIA 12/07/2021 1,510,000 USD 1,567,258 1.46CNOOC CURTIS FUNDING NO COLOMBIA (GOVT) 6.125%4.5% 03/10/2023 200,000 USD 201,550 0.19 18/01/2041 700,000 USD 767,848 0.71201,550 0.19 COLOMBIA (GOVT) 12%BRAZIL 22/10/2015 1,240,000,000 COP 743,467 0.70BANCO VOTORANTIM 5.25% 3,255,796 3.0411/02/2016 600,000 USD 623,244 0.58 FEDERATION OF RUSSIABRAZIL (GOVT) 2.625% RUSSIA (GOVT) 7.6%05/01/2023 2,800,000 USD 2,452,351 2.30 20/07/2022 45,002,000 RUB 1,430,571 1.34BRAZIL (GOVT) 5.625% 1,430,571 1.3407/01/2041 500,000 USD 498,943 0.47 INDONESIABRAZIL (GOVT) 7.125% INDONESIA (GOVT) 3.375%20/01/2037 300,000 USD 353,300 0.33 15/04/2023 1,500,000 USD 1,290,000 1.21BRAZIL (GOVT) 10% INDONESIA (GOVT) 4.875%01/01/2017 5,000 BRL 2,170,658 2.03 05/05/2021 1,670,000 USD 1,662,694 1.55CENT ELET BRASILEIRAS S.A. INDONESIA (GOVT) 5.875%5.75% 27/10/2021 550,000 USD 533,814 0.50 13/03/2020 3,000,000 USD 3,178,125 2.97ITAU UNIBANCO HOLDINGS INDONESIA (GOVT) 6.625%6.2% 21/12/2021 250,000 USD 251,013 0.23 17/02/2037 100,000 USD 102,125 0.10VOTORANTIM CIMENTOS INDONESIA (GOVT) 8.5%7.25% 05/04/2041 200,000 USD 184,323 0.17 12/10/2035 100,000 USD 122,000 0.117,067,646 6.61 INDONESIA (GOVT) 11.625%CAYMAN ISLANDS 04/03/2019 600,000 USD 801,375 0.75PETROBRAS INTERNATIONAL PERTAMINA 4.3% 20/05/2023 200,000 USD 172,500 0.16FINANCE 7.875% 15/03/2019 575,000 USD 664,528 0.62 7,328,819 6.85SINOPEC CAPITAL 2013KAZAKHSTAN3.125% 24/04/2023 650,000 USD 590,996 0.55 DEVELOPMENT BANK OF KAZ-SINOPEC CAPITAL 2013 AKHSTAN 4.125% 10/12/2022 450,000 USD 415,415 0.393.125% 24/04/2023 200,000 USD 181,845 0.17 415,415 0.39VOTO-VOTORANTIM 6.625%LUXEMBOURG25/09/2019 750,000 USD 830,565 0.78 GAZ CAPITAL 9.25%2,267,934 2.12 23/04/2019 600,000 USD 738,351 0.69CHILE GAZPROM 6.51% 07/03/2022 100,000 USD 107,508 0.10BANCO DEL ESTADO DEOJSC RUSSIAN AGRICULTURALCHILE 3.875% 08/02/2022 250,000 USD 243,194 0.23 6.299% 15/05/2017 800,000 USD 855,760 0.80CORPBANCA S.A. 1,701,619 1.593.125% 15/01/2018 200,000 USD 183,644 0.17 MALAYSIAEMPRESA NACIONAL DE PETRONAS CAPITAL 5.25%PETROLEO 4.75% 06/12/2021 500,000 USD 493,347 0.46 12/08/2019 300,000 USD 332,517 0.31332,517 0.31305


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMEXICOPHILIPPINESBANCO SANTANDER S.A. PHILIPPINES (GOVT) 4%4.125% 09/11/2022 150,000 USD 139,513 0.13 15/01/2021 1,100,000 USD 1,142,625 1.07MEX BONOS DESARR FIX RT PSALM 7.25% 27/05/2019 1,650,000 USD 1,952,156 1.827.75% 13/11/2042 17,000 MXN 138,046 0.13 3,094,781 2.89MEXICO (GOVT) 2%POLAND09/06/2022 14,500 MXN 543,336 0.51 POLAND (GOVT) 5.125%MEXICO (GOVT) 4.75% 21/04/2021 940,000 USD 1,023,853 0.9608/03/2044 80,000 USD 72,769 0.07 POLAND (GOVT) 5.25%MEXICO (GOVT) 6.05% 25/10/2020 9,212,000 PLN 3,129,777 2.9411/01/2040 1,910,000 USD 2,105,154 1.97 POLAND (GOVT) 5.5%MEXICO (GOVT) 6.5% 25/04/2015 5,050,000 PLN 1,678,642 1.5709/06/2022 30,000 MXN 236,100 0.22 POLAND (GOVT) 5.75%MEXICO (GOVT) 7.5% 23/09/2022 2,270,000 PLN 796,522 0.7408/04/2033 400,000 USD 512,294 0.48 POLAND (GOVT) 6.375%MEXICO (GOVT) 8% 15/07/2019 850,000 USD 992,243 0.9307/12/2023 159,000 MXN 1,383,613 1.29 7,621,037 7.14MEXICO (GOVT) 8.5%ROMANIA13/12/2018 145,000 MXN 1,279,701 1.20 ROMANIA (GOVT) 6.75%MEXICO (GOVT) 10% 07/02/2022 280,000 USD 318,675 0.3005/12/2024 132,400 MXN 1,328,023 1.24 318,675 0.30PETROLEOS MEXICANOSSOUTH AFRICA4.875% 24/01/2022 2,885,000 USD 2,958,351 2.77 SOUTH AFRICA (GOVT)10,696,900 10.01 4.665% 17/01/2024 100,000 USD 97,289 0.09NETHERLANDSSOUTH AFRICA (GOVT)KAZAKHSTAN TEMIR 5.875% 30/05/2022 1,350,000 USD 1,462,583 1.377% 11/05/2016 550,000 USD 606,111 0.57 SOUTH AFRICA (GOVT)606,111 0.57 6.875% 27/05/2019 900,000 USD 1,035,117 0.97PANAMASOUTH AFRICA (GOVT)PANAMA (GOVT) 5.2% 7% 28/02/2031 19,400,000 ZAR 1,665,426 1.5530/01/2020 1,630,000 USD 1,786,863 1.67 SOUTH AFRICA (GOVT)PANAMA (GOVT) 7.125% 7.75% 28/02/2023 13,500,000 ZAR 1,358,444 1.2729/01/2026 300,000 USD 366,729 0.34 SOUTH AFRICA (GOVT) 8%2,153,592 2.01 21/12/2018 3,250,000 ZAR 337,487 0.32PERUSOUTH AFRICA (GOVT)BANCO INTERNAC DEL PERU 8.25% 15/09/2017 5,350,000 ZAR 558,635 0.525.75% 07/10/2020 700,000 USD 695,583 0.65 SOUTH AFRICA (GOVT)PERU (GOVT) 7.35% 10.5% 21/12/2026 8,700,000 ZAR 1,044,653 0.9821/07/2025 310,000 USD 396,068 0.37 7,559,634 7.07PERU (GOVT) 8.75%21/11/2033 300,000 USD 431,729 0.401,523,380 1.42306


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTHAILANDTREASURY BONDS/NOTES - FIXED RATETHAILAND (GOVT) 3.58%17/12/2027 14,000,000 THB 420,808 0.39 UNITED STATESTHAILAND (GOVT) 3.65%US (GOVT) 1.75% TREASURY17/12/2021 21,150,000 THB 665,573 0.62 NOTE 15/05/2023 1,250,000 USD 1,156,616 1.08THAILAND (GOVT) 5.25%US (GOVT) 3.125% TREASURY12/05/2014 141,000,000 THB 4,577,789 4.29 BOND 15/02/2043 1,065,000 USD 954,215 0.895,664,170 5.30 2,110,831 1.97TURKEY TOTAL TREASURY BONDS/NOTES - FIXED RATE 2,110,831 1.97TURKEY (GOVT) 5.125%TOTAL TRANSFERABLE SECURITIES25/03/2022 2,750,000 USD 2,756,627 2.57 ADMITTED TO AN OFFICIAL STOCK 80,994,899 75.75TURKEY (GOVT) 6%EXCHANGE LISTING14/01/2041 340,000 USD 329,312 0.31TURKEY (GOVT) 6.25%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED26/09/2022 700,000 USD 754,464 0.71 MARKETTURKEY (GOVT) 6.75%30/05/2040 1,150,000 USD 1,210,887 1.13 BONDSTURKEY (GOVT) 7.1%08/03/2023 2,650,000 TRY 1,152,515 1.08 BRAZILTURKEY (GOVT) 7.375%BANCO NAC DE DESEN05/02/2025 120,000 USD 136,484 0.13 ECONO 5.75% 26/09/2023 200,000 USD 200,790 0.19TURKEY (GOVT) 9%CAIXA ECONOMICA FEDERAL08/03/2017 5,400,000 TRY 2,700,841 2.53 4.5% 03/10/2018 150,000 USD 148,672 0.14TURKIYE HALK BANKASI 349,462 0.333.875% 05/02/2020 200,000 USD 179,527 0.17 COLOMBIA9,220,657 8.63 COLOMBIA (GOVT) 9.85%UNITED STATES 28/06/2027 330,000,000 COP 229,374 0.21PEMEX MASTER 6.625% 229,374 0.2115/06/2035 1,400,000 USD 1,491,189 1.39 FEDERATION OF RUSSIA1,491,189 1.39 RUSSIA (GOVT) 7.4%TOTAL BONDS 75,026,250 70.17 14/06/2017 89,500,000 RUB 2,833,777 2.65RUSSIA (GOVT) 7.5%ASSET BACKED SECURITIES 27/02/2019 45,000,000 RUB 1,435,461 1.344,269,238 3.99FEDERATION OF RUSSIAKAZAKHSTANRUSSIA (GOVT) 7.5% KAZMUNAIGAZ 6.375%31/03/2030 3,690,000 USD 3,248,924 3.04 09/04/2021 200,000 USD 219,697 0.213,248,924 3.04 219,697 0.21URUGUAYMALAYSIAURUGUAY (GOVT) 7.625% MALAYSIA (GOVT) 3.314%21/03/2036 480,000 USD 608,894 0.57 31/10/2017 3,800,000 MYR 1,156,340 1.08608,894 0.57 MALAYSIA (GOVT) 3.418%TOTAL ASSET BACKED SECURITIES 3,857,818 3.61 15/08/2022 2,500,000 MYR 747,135 0.70MALAYSIA (GOVT) 3.492%31/03/2020 3,000,000 MYR 910,152 0.85307


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMALAYSIA (GOVT) 3.835%VIRGIN ISLANDS12/08/2015 1,200,000 MYR 372,587 0.35 MEGA ADVANCEMALAYSIA (GOVT) 4.16% INVESTMENTS 5% 12/05/2021 200,000 USD 208,806 0.2015/07/2021 2,990,000 MYR 943,196 0.88 208,806 0.20MALAYSIA (GOVT) 4.24% TOTAL BONDS 16,065,211 15.0207/02/2018 2,240,000 MYR 706,495 0.66 TOTAL TRANSFERABLE SECURITIES16,065,211 15.024,835,905 4.52 TRADED ON ANOTHER REGULATED MARKETMEXICO TOTAL INVESTMENTS 97,060,110 90.77UNITED MEXICO STATES 4% OTHER NET ASSETS LESS LIABILITIES 9,868,808 9.2302/10/2023 110,000 USD 109,915 0.10 TOTAL NET ASSETS 106,928,918 100.00109,915 0.10PERUBANCO DE CREDITO DEL PER4.25% 01/04/2023 150,000 USD 133,618 0.12EL FONDO MIVIVIENDA S.A.3.5% 31/01/2023 150,000 USD 130,803 0.12PERU (GOVT) 6.95%12/08/2031 251,000 PEN 96,438 0.09PERU (GOVT) 7.84%12/08/2020 3,520,000 PEN 1,467,040 1.381,827,899 1.71POLANDPOLAND (GOVT) 2.5%25/07/2018 1,411,000 PLN 425,413 0.40POLAND (GOVT) 3.75%25/04/2018 2,800,000 PLN 895,960 0.841,321,373 1.24SOUTH AFRICAESKOM HOLDINGS 5.75%26/01/2021 600,000 USD 599,907 0.56ESKOM HOLDINGS 6.75%06/08/2023 200,000 USD 206,698 0.19806,605 0.75THAILANDTHAILAND (GOVT) 2.8%10/10/2017 21,500,000 THB 673,466 0.63673,466 0.63TURKEYTURKEY (GOVT) 3.25%23/03/2023 1,400,000 USD 1,213,471 1.131,213,471 1.13308


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netValue assets Value assetsINVESTMENTS INDONESIA (GOVT) 11.5%15/09/2019 FR0036 18,500,000,000 IDR 1,852,197 0.15TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 27,630,313 2.25EXCHANGE LISTINGLUXEMBOURGGAZ CAPITAL 8.125%BONDS 31/07/2014 6,000,000 USD 6,346,530 0.516,346,530 0.51BRAZILMEXICOBANCO NAC DE DESEN MEXICO (GOVT) 2% 09/06/2022 390,900 MXN 14,647,587 1.19ECONO 3.375% 26/09/2016 4,000,000 USD 4,027,940 0.33 MEXICO (GOVT) 4% 13/06/2019 45 MXN 1,942 0.00BANCO SAFRA 3.5% MEXICO (GOVT) 4.5%16/05/2014 620,000 USD 627,130 0.05 04/12/2025 99,885 MXN 4,768,738 0.39BRAZIL (GOVT) 0% 01/01/2017 19,000 BRL 5,989,461 0.49 MEXICO (GOVT) 6.5%BRAZIL (GOVT) 6% 15/05/2017 2,425 BRL 2,595,292 0.21 10/6/2021 250,000 MXN 1,991,121 0.16BRAZIL (GOVT) 10% 01/01/2017 164,500 BRL 71,414,685 5.79 MEXICO (GOVT) 7% 19/06/2014 64 MXN 498 0.0084,654,508 6.87 MEXICO (GOVT) 8% 19/12/2013 78 MXN 598 0.00CHILE MEXICO (GOVT) 8% 07/12/2023 7,703,000 MXN 67,031,241 5.44CHILE (GOVT) 5.5% 05/08/2020 425,000,000 CLP 863,856 0.07 88,441,725 7.18863,856 0.07 NETHERLANDSCHINAPETROBRAS GLOBAL FINANCEEXPORT-IMPORT BANK OF 2% 20/05/2016 6,350,000 USD 6,315,266 0.51CHINA 5.25% 29/07/2014 4,650,000 USD 4,811,030 0.39 6,315,266 0.514,811,030 0.39 PERUCOLOMBIA PERU (GOVT) 6.9% 12/08/2037 14,850,000 PEN 5,539,685 0.45COLOMBIA (GOVT) 8.25% PERU (GOVT) 7.84%22/12/2014 7,800,000 USD 8,480,940 0.69 12/8/2020 18,267,000 PEN 7,620,184 0.628,480,940 0.69 PERU (GOVT) 9.91%CYPRUS 05/05/2015 2,000,000 PEN 784,263 0.06ALFA MTN INSURANCE 8% 13,944,132 1.1318/03/2015 1,925,000 USD 2,062,156 0.17 POLAND2,062,156 0.17 POLAND (GOVT) 5% 25/04/2016 53,500,000 PLN 17,832,219 1.44FEDERATION OF RUSSIA POLAND (GOVT) 5.25%RUSSIA (GOVT) 7.6% 25/10/2020 10,050,000 PLN 3,414,489 0.2820/07/2022 500,006,000 RUB 15,894,721 1.29 POLAND (GOVT) 5.5%15,894,721 1.29 25/04/2015 35,500,000 PLN 11,800,352 0.96INDONESIA POLAND (GOVT) 5.75%INDONESIA (GOVT) 6.625% 25/04/2014 3,500,000 PLN 1,140,855 0.0915/05/2033 189,750,000,000 IDR 13,026,878 1.06 POLAND (GOVT) 5.75%INDONESIA (GOVT) 7.375% 25/10/2021 7,200,000 PLN 2,522,699 0.2015/09/2016 9,806,000,000 IDR 844,688 0.07 POLAND (GOVT) 5.75%INDONESIA (GOVT) 8.375% 23/09/2022 46,300,000 PLN 16,246,235 1.3215/03/2024 75,000,000,000 IDR 6,456,444 0.52 POLAND (GOVT) 6.25%INDONESIA (GOVT) 8.375% 24/10/2015 10,000,000 PLN 3,398,094 0.2815/09/2026 43,598,000,000 IDR 3,691,994 0.30 56,354,943 4.57INDONESIA (GOVT) 10%15/09/2024 10,000,000,000 IDR 955,311 0.08INDONESIA (GOVT) 11%15/09/2025 7,870,000,000 IDR 802,801 0.07309


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netValue assets Value assetsSOUTH AFRICA TURKEY (GOVT) 10.5%SOUTH AFRICA (GOVT) 15/01/2020 9,950,000 TRY 5,291,894 0.436.25% 31/03/2036 160,600,000 ZAR 12,146,315 0.99 99,685,546 8.08SOUTH AFRICA (GOVT)VIRGIN ISLANDS6.5% 28/02/2041 72,000,000 ZAR 5,432,651 0.44 CNOOC FINANCE 2013 1.125%SOUTH AFRICA (GOVT) 09/05/2016 1,900,000 USD 1,883,945 0.157% 28/02/2031 24,000,000 ZAR 2,060,321 0.17 1,883,945 0.15SOUTH AFRICA (GOVT) TOTAL BONDS 540,292,665 43.837.5% 15/01/2014 70,000,000 ZAR 6,994,853 0.57SOUTH AFRICA (GOVT)FLOATING RATE BONDS8.25% 15/09/2017 379,210,000 ZAR 39,596,288 3.21SOUTH AFRICA (GOVT)BRAZIL8.75% 21/12/2014 95,250,000 ZAR 9,848,833 0.79 BRAZIL (GOVT) 0% 01/01/2015 11,628 BRL 4,616,319 0.38SOUTH AFRICA (GOVT) 4,616,319 0.3810.5% 21/12/2026 63,850,000 ZAR 7,666,790 0.62 MEXICO83,746,051 6.79 MEXICO (GOVT) 5% 16/06/2016 15,281 MXN 646,592 0.05THAILAND 646,592 0.05THAILAND (GOVT) 3.625% TOTAL FLOATING RATE BONDS 5,262,911 0.4322/05/2015 230,000,000 THB 7,440,000 0.60THAILAND (GOVT) 3.625%INFLATION INDEX BOND16/06/2023 74,000,000 THB 2,314,215 0.19THAILAND (GOVT) 3.875%POLAND13/06/2019 338,000,000 THB 10,968,413 0.89 POLAND (GOVT) 3% 24/08/2016 14,565,000 PLN 6,297,411 0.50THAILAND (GOVT) 4.125% 6,297,411 0.5018/11/2016 340,000,000 THB 11,178,696 0.91THAILAND (GOVT) 5.125%TURKEY13/03/2018 62,000,000 THB 2,114,472 0.17 TURKEY (GOVT) 3% 06/01/2021 10,460,000 TRY 6,256,656 0.51THAILAND (GOVT) 5.25% TURKEY (GOVT) 9% 21/05/2014 1,500,000 TRY 1,071,002 0.0912/5/2014 65,000,000 THB 2,110,328 0.17 7,327,658 0.60THAILAND (GOVT) 5.4% TOTAL INFLATION INDEX BOND 13,625,069 1.1027/07/2016 90,000,000 THB 3,050,879 0.2539,177,003 3.18 TREASURY BONDS/NOTES - FIXED RATETURKEYTURKEY (GOVT) 6.3%UNITED STATES14/02/2018 28,500,000 TRY 12,876,601 1.04 US (GOVT) 3.125% TREASURYTURKEY (GOVT) 7% BOND 15/02/2043 12,070,000 USD 10,814,437 0.8826/09/2016 23,960,000 USD 26,671,674 2.16 10,814,437 0.88TURKEY (GOVT) 7.1%TOTAL TREASURY BONDS/NOTES - FIXED08/03/2023 22,200,000 TRY 9,655,027 0.78 RATE 10,814,437 0.88TURKEY (GOVT) 8%TOTAL TRANSFERABLE SECURITIES09/10/2013 7,660,000 TRY 3,787,077 0.31 ADMITTED TO AN OFFICIAL STOCK 569,995,082 46.24TURKEY (GOVT) 9%EXCHANGE LISTING08/03/2017 22,989,000 TRY 11,498,080 0.93TURKEY (GOVT) 9.5%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED12/01/2022 9,000,000 TRY 4,574,101 0.37 MARKETTURKEY (GOVT) 10%17/06/2015 50,000,000 TRY 25,331,092 2.06 BONDSBRAZILBRAZIL (GOVT) 6% 15/08/2014 19,210 BRL 20,379,590 1.6520,379,590 1.65310


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netValue assets Value assetsCOLOMBIAMALAYSIACOLOMBIA (GOVT) 9.85% MALAYSIA (GOVT) 3.418%28/06/2027 11,350,000,000 COP 7,889,063 0.64 15/08/2022 35,000,000 MYR 10,459,894 0.857,889,063 0.64 MALAYSIA (GOVT) 3.835%FEDERATION OF RUSSIA 12/8/2015 36,500,000 MYR 11,332,861 0.92RUSSIA (GOVT) 7.35% MALAYSIA (GOVT) 4.012%20/01/2016 50,000 RUB 1,577 0.00 15/09/2017 56,695,000 MYR 17,711,382 1.43RUSSIA (GOVT) 7.4% MALAYSIA (GOVT) 4.16%19/04/2017 200,000,000 RUB 6,328,697 0.51 15/07/2021 29,000,000 MYR 9,148,056 0.74RUSSIA (GOVT) 7.4% MALAYSIA (GOVT) 4.378%14/06/2017 490,000,000 RUB 15,514,536 1.26 29/11/2019 38,500,000 MYR 12,274,643 1.00RUSSIA (GOVT) 7.5% MALAYSIA (GOVT) 5.094%15/03/2018 289,001,000 RUB 9,218,658 0.75 30/04/2014 39,500,000 MYR 12,270,328 1.00RUSSIA (GOVT) 7.6% 73,197,164 5.9414/04/2021 200,000,000 RUB 6,381,432 0.52 PERU37,444,900 3.04 PERU (GOVT) 6.95% 12/08/2031 28,499,000 PEN 10,949,778 0.89INDONESIA 10,949,778 0.89INDONESIA (GOVT) 10%POLAND15/07/2017 7,000,000,000 IDR 649,449 0.05 POLAND (GOVT) 2.5%INDONESIA (GOVT) 10.25% 25/07/2018 73,731,000 PLN 22,229,725 1.8015/07/2022 30,000,000,000 IDR 2,867,552 0.23 22,229,725 1.80INDONESIA (GOVT) 10.75%THAILAND15/05/2016 20,000,000,000 IDR 1,863,126 0.15 THAILAND (GOVT) 2.8%INDONESIA (GOVT) 11% 10/10/2017 417,000,000 THB 13,062,111 1.0615/10/2014 5,000,000,000 IDR 449,050 0.04 THAILAND (GOVT) 4.5%INDONESIA (GOVT) 11% 09/04/2024 150,000,000 THB 4,998,194 0.4115/11/2020 55,500,000,000 IDR 5,511,658 0.45 18,060,305 1.47INDONESIA (GOVT) 12.9% TOTAL BONDS 223,762,670 18.1615/06/2022 5,000,000,000 IDR 547,820 0.04INDONESIA (GOVT) 8.25%TREASURY BONDS/NOTES - FIXED RATE15/07/2021 29,000,000,000 IDR 2,488,666 0.20INDONESIA (GOVT) 9.5%BRAZIL15/06/2015 71,500,000,000 IDR 6,405,980 0.53 BRAZIL (GOVT) 10%20,783,301 1.69 TREASURY NOTE 01/01/2014 49,528 BRL 22,241,214 1.80LUXEMBOURG 22,241,214 1.80SBERBANK 5.499% 07/07/2015 12,100,000 USD 12,828,844 1.04 TOTAL TREASURY BONDS/NOTES - FIXED 22,241,214 1.8012,828,844 1.04 RATETOTAL TRANSFERABLE SECURITIES 246,003,884 19.96TRADED ON ANOTHER REGULATED MARKET311


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % netValueassetsOTHER TRANSFERABLE SECURITIESBONDSMALAYSIAMALAYSIA (GOVT) 3.48%15/03/2023 7,500,000 MYR 2,254,901 0.182,254,901 0.18TOTAL BONDS 2,254,901 0.18TOTAL OTHER TRANSFERABLE SECURITIES 2,254,901 0.18FINANCIAL INSTRUMENTSTREASURY BILLSUNITED STATESUS (GOVT) 0% TREASURYBILL 03/10/2013 25,000,000 USD 24,999,925 2.03US (GOVT) 0% TREASURYBILL 12/12/2013 25,000,000 USD 24,999,325 2.03US (GOVT) 0% TREASURYBILL 20/03/2014 50,000,000 USD 49,994,079 4.06US (GOVT) 0% TREASURYBILL 26/06/2014 94,250,000 USD 94,211,812 7.64194,205,141 15.76TOTAL TREASURY BILLS 194,205,141 15.76TOTAL FINANCIAL INSTRUMENTS 194,205,141 15.76TOTAL INVESTMENTS 1,012,459,008 82.14OTHER NET ASSETS LESS LIABILITIES 220,168,268 17.86TOTAL NET ASSETS 1,232,627,276 100.00312


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSCENTRAIS ELECTRICAS BRASIL6.875% 30/07/2019 100,000 USD 107,323 0.01TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCIA SANEAMENTO BASICOEXCHANGE LISTING 6.25% 16/12/2020 300,000 USD 302,438 0.02ITAU UNIBANCO HOLDINGSBONDS 6.2% 21/12/2021 1,900,000 USD 1,907,695 0.11VOTORANTIM CIMENTOSAUSTRALIA 7.25% 05/04/2041 300,000 USD 276,485 0.02CNOOC CURTIS FUNDINGVOTO-VOTORANTIMNO 4.5% 03/10/2023 1,300,000 USD 1,310,075 0.07 6.75% 05/04/2021 2,700,000 USD 2,916,149 0.171,310,075 0.07 56,082,856 3.20AUSTRIACANADAERSTE GROUP BANK AGBARRICK GOLD CORP6.375% VRN 28/03/2023 1,000,000 USD 1,043,045 0.06 2.5% 01/05/2018 1,000,000 USD 955,065 0.051,043,045 0.06 BARRICK GOLD CORPBELGIUM 4.1% 01/05/2023 1,000,000 USD 881,115 0.05BNP PARIBAS FORTIS S.A.HARVEST OPERATIONS4.625% VRN PERP 8,550,000 EUR 11,634,244 0.66 CORP 2.125% 14/05/2018 3,400,000 USD 3,295,042 0.19KBC BANK 8% PERP 1,650,000 EUR 2,315,885 0.13 HARVEST OPERATIONS13,950,129 0.79 CORP 2.125% 14/05/2018 500,000 USD 484,565 0.03BERMUDA ISLANDSVPII ESCROW CORPCHINA RESOURCES GAS 7.5% 15/07/2021 150,000 USD 162,563 0.014.5% 05/04/2022 550,000 USD 545,155 0.03 5,778,350 0.33545,155 0.03 CAYMAN ISLANDSBRAZIL BANCO BTG PACTUAL 4%BANCO ABC-BRASIL 7.875% 16/01/2020 4,300,000 USD 3,839,062 0.2208/04/2020 1,350,000 USD 1,374,469 0.08 BANCO BTG PACTUAL 4%BANCO EST RIO GRANDE 16/01/2020 1,000,000 USD 892,805 0.057.375% 02/02/2022 2,650,000 USD 2,633,438 0.15 BANCO DO BRASIL 5.875%BANCO NAC DE DESEN 5.50% 26/01/2022 2,900,000 USD 2,773,662 0.1612/07/2020 1,400,000 USD 1,441,615 0.08 CONTINENTAL 5.75%BANCO SANTANDER S.A. 18/01/2017 2,300,000 USD 2,468,751 0.14BRASIL 4.625% 13/02/2017 2,500,000 USD 2,587,525 0.15 EMBRAER OVERSEASBANCO VOTORANTIM 5.25% 5.696% 16/09/2023 1,398,000 USD 1,382,461 0.0811/02/2016 625,000 USD 649,213 0.04 GRUPO AVAL 5.25%BFF INTERNATIONAL 7.25% 01/02/2017 2,000,000 USD 2,077,430 0.1228/01/2020 1,200,000 USD 1,324,338 0.08 HUTCHISON WHAMPOABRASIL TELECOM 5.75% 3.75% VRN PERP 12,400,000 EUR 15,937,276 0.9110/02/2022 4,200,000 USD 3,690,687 0.21 IPIC GMTN 5% 15/11/2020 1,250,000 USD 1,356,994 0.08BRAZIL (GOVT) 2.625% IPIC GMTN 5.5% 01/03/2022 3,200,000 USD 3,514,736 0.2005/01/2023 17,330,000 USD 15,178,306 0.85 LONGFOR PROPERTIES 6.75%BRAZIL (GOVT) 5.625% 29/01/2023 1,600,000 USD 1,498,000 0.0907/01/2041 3,495,000 USD 3,487,608 0.20 PETROBRAS INTERNATIONALBRAZIL (GOVT) 5.875% FINANCE 5.375% 27/01/2021 3,800,000 USD 3,818,753 0.2215/01/2019 1,100,000 USD 1,248,698 0.07 PETROBRAS INTERNATIONALBRAZIL (GOVT) 7.125% FINANCE 5.75% 20/01/2020 5,450,000 USD 5,688,519 0.3220/01/2037 7,020,000 USD 8,267,207 0.46 PETROBRAS INTERNATIONALCAIXA ECONOMICA FEDERAL FINANCE 7.875% 15/03/2019 350,000 USD 404,495 0.022.375% 06/11/2017 3,700,000 USD 3,448,585 0.20 PETROBRAS INTERNATIONALCENT ELET BRASILEIRAS S.A. FINANCE 8.375% 10/12/2018 1,700,000 USD 2,030,931 0.125.75% 27/10/2021 5,400,000 USD 5,241,077 0.30 SINOPEC CAPITAL 20133.125% 24/04/2023 7,600,000 USD 6,910,109 0.39313


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsSINOPEC CAPITAL 2013EL SALVADOR3.125% 24/04/2023 400,000 USD 363,690 0.02 EL SALVADOR (GOVT)VALE OVERSEAS 4.375% 8.25% 10/04/2032 1,300,000 USD 1,406,438 0.0811/01/2022 1,000,000 USD 964,350 0.05 1,406,438 0.08VALE OVERSEAS 6.875%FEDERATION OF RUSSIA21/11/2036 1,000,000 USD 1,022,330 0.06 RUSSIA (GOVT) 3.25%VOTO-VOTORANTIM 6.625% 04/04/2017 200,000 USD 208,255 0.0125/09/2019 1,400,000 USD 1,550,388 0.09 208,255 0.0158,494,742 3.34 FRANCECHILE BPCE 6.117% VRN PERP 4,000,000 EUR 5,499,206 0.31BANCO SANTANDER S.A. CHILE BPCE S.A. 1.7% 25/04/2016 1,250,000 USD 1,255,919 0.073.875% 20/9/2022 3,100,000 USD 2,881,233 0.16 CASINO GUICHARD PERRACHONCODELCO INC 3% 17/07/2022 345,000 USD 316,424 0.02 S.A. 3.311% 25/01/2023 1,100,000 EUR 1,468,065 0.08CODELCO INC 3.75%CREDIT AGRICOLE S.A.04/11/2020 4,100,000 USD 4,097,622 0.23 8.125% VRN 19/09/2033 1,400,000 USD 1,396,416 0.08CODELCO INC 3.875%CROWN EURO HOLDINGS03/11/2021 1,945,000 USD 1,920,007 0.11 7.125% 15/08/2018 5,000,000 EUR 7,233,571 0.41CODELCO INC 4.25% GECINA 4.75% 11/04/2019 1,000,000 EUR 1,513,997 0.0917/07/2042 1,200,000 USD 1,002,330 0.06 GROUPE BPCE VRN PERP 2,000,000 EUR 2,695,457 0.15CORPBANCA S.A. NEXANS 5.75% 02/05/2017 1,350,000 EUR 1,951,922 0.113.125% 15/01/2018 5,000,000 USD 4,591,099 0.27 RENAULT S.A. 4.625%EMBOTELLADORA ANDINA 18/09/2017 2,000,000 EUR 2,861,279 0.165% 01/10/2023 1,800,000 USD 1,808,037 0.10 REXEL S.A. 7% 17/12/2018 2,200,000 EUR 3,253,500 0.19EMPRESA NACIONAL DE VINCI S.A. 6.25% VRN PERP 2,750,000 EUR 3,928,824 0.22PETROLEO 4.75% 06/12/2021 567,000 USD 559,456 0.03 WENDEL S.A. 5.875%17,176,208 0.98 17/09/2019 5,000,000 EUR 7,352,016 0.43COLOMBIA WENDEL S.A. 6.75% 20/04/2018 2,100,000 EUR 3,206,883 0.18BANCO DAVIVIENDA 43,617,055 2.482.95% 29/01/2018 3,300,000 USD 3,158,298 0.18 GABONBANCO DE BOGOTA 5% GABON (GOVT) 8.2%15/01/2017 2,400,000 USD 2,498,832 0.14 12/12/2017 600,000 USD 679,125 0.04COLOMBIA (GOVT) 2.625% 679,125 0.0415/03/2023 8,900,000 USD 7,886,423 0.45 GEORGIACOLOMBIA (GOVT) 4.375% GEORGIA (GOVT) 6.875%12/07/2021 2,350,000 USD 2,439,112 0.14 12/04/2021 550,000 USD 589,531 0.03COLOMBIA (GOVT) 6.125% 589,531 0.0318/01/2041 3,000,000 USD 3,290,775 0.19 GERMANYCOLOMBIA (GOVT) 8.125% COMMERZBANK AG 7.75%21/05/2024 1,350,000 USD 1,752,989 0.10 16/03/2021 6,000,000 EUR 8,680,286 0.4921,026,429 1.20 HENKEL 5.375% VRNCOSTA RICA 25/11/2104 1,500,000 EUR 2,149,503 0.12COSTA RICA (GOVT) 4.25% MUNICH 5.767% VRN PERP 6,000,000 EUR 8,536,121 0.4926/01/2023 1,910,000 USD 1,715,419 0.10 UNITYMEDIA HESSEN 5.125%1,715,419 0.10 21/01/2023 1,300,000 EUR 1,693,755 0.10CROATIA UNITYMEDIA HESSEN 5.5%CROATIA (GOVT) 6.25% 15/01/2023 4,500,000 USD 4,280,625 0.2427/04/2017 800,000 USD 845,000 0.05 25,340,290 1.44CROATIA (GOVT) 6.375%GREAT BRITAIN24/03/2021 4,250,000 USD 4,406,719 0.25 BARCLAYS BANK 2.75%CROATIA (GOVT) 6.75% 23/02/2015 1,000,000 USD 1,026,265 0.0605/11/2019 800,000 USD 858,500 0.05 BARCLAYS BANK 4.75%6,110,219 0.35 VRN PERP 5,000,000 EUR 5,372,301 0.30314


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsBARCLAYS BANK 7.434% INDONESIA (GOVT) 4.875%VRN PERP 750,000 USD 817,031 0.05 05/05/2021 4,750,000 USD 4,729,219 0.27BARCLAYS BANK 7.625% INDONESIA (GOVT) 5.375%21/11/2022 500,000 USD 496,403 0.03 17/10/2023 3,000,000 USD 2,996,250 0.17BRITISH TELECOM 2% INDONESIA (GOVT) 5.875%22/06/2015 1,000,000 USD 1,017,675 0.06 13/03/2020 6,950,000 USD 7,362,656 0.42HSBC HOLDING 6% 10/06/2019 1,000,000 EUR 1,564,827 0.09 INDONESIA (GOVT) 6.625%INEOS FINANCE 7.5% 17/02/2037 4,345,000 USD 4,437,331 0.2501/05/2020 500,000 USD 537,813 0.03 INDONESIA (GOVT) 6.875%INEOS FINANCE 8.375% 17/01/2018 3,100,000 USD 3,472,000 0.2015/02/2019 1,500,000 USD 1,656,563 0.09 INDONESIA (GOVT) 7.75%LLOYDS BANK 11.875% 17/01/2038 860,000 USD 983,088 0.0616/12/2021 4,000,000 EUR 6,670,627 0.37 INDONESIA (GOVT) 8.5%NGG FINANCE 4.25% VRN 12/10/2035 400,000 USD 488,000 0.0318/06/2076 3,900,000 EUR 5,230,774 0.30 INDONESIA (GOVT) 11.625%REXAM 6.75% VRN 29/06/2067 1,750,000 EUR 2,469,567 0.14 04/03/2019 2,000,000 USD 2,671,250 0.15ROYAL BANK OF SCOTLAND PERTAMINA 4.3% 20/05/2023 450,000 USD 388,125 0.022.55% 18/09/2015 500,000 USD 510,605 0.03 PERTAMINA 5.25% 23/05/2021 600,000 USD 575,250 0.03UKREXIMBANK 8.375% PERTAMINA 5.625%27/04/2015 2,950,000 USD 2,636,563 0.15 20/05/2043 1,200,000 USD 946,500 0.05VEDANTA RESOURCES 37,742,638 2.158.25% 07/06/2021 1,800,000 USD 1,836,000 0.10 IRELANDVEDANTA RESOURCES 6% ALFA BANK 7.75% 28/04/2021 2,600,000 USD 2,764,125 0.1631/01/2019 1,300,000 USD 1,243,125 0.07 ALFA BANK 7.875% 25/09/2017 3,200,000 USD 3,533,999 0.20VEDANTA RESOURCES 6.75% GAZPROMBANK 6.25%07/06/2016 600,000 USD 617,250 0.04 15/12/2014 1,700,000 USD 1,780,419 0.10VEDANTA RESOURCES 9.5% NOVATEK FINANCE 4.422%18/07/2018 600,000 USD 661,500 0.04 13/12/2022 1,000,000 USD 923,965 0.05VODAFONE GROUP 1.5% NOVATEK FINANCE 6.604%19/02/2018 1,000,000 USD 972,715 0.06 03/02/2021 800,000 USD 868,852 0.05VODAFONE GROUP 2.95%PHOSAGRO BOND FUNDING19/02/2023 1,000,000 USD 920,275 0.05 4.204% 13/02/2018 3,300,000 USD 3,260,813 0.1936,257,879 2.06 ROSNEFT INTERNATIONALHONG KONG FINANCE 3.149% 06/03/2017 2,000,000 USD 2,002,600 0.11YUEXIU PROPERTY 4.5% RUSSIAN RAILWAYS 5.739%24/01/2023 3,000,000 USD 2,673,840 0.15 03/04/2017 2,400,000 USD 2,572,560 0.152,673,840 0.15 RZD CAPITAL 5.7% 05/04/2022 2,800,000 USD 2,868,012 0.16HUNGARY SIBUR SECURITIES 3.914%HUNGARY (GOVT) 7.625% 31/01/2018 3,000,000 USD 2,880,000 0.1629/03/2041 1,260,000 USD 1,356,863 0.08 STEEL FUNDING 4.45%MOL HUNGARIAN OIL & GAS 19/02/2018 2,000,000 USD 1,968,750 0.115.875% 20/04/2017 1,000,000 EUR 1,439,945 0.08 VIMPELCOM 9.125%2,796,808 0.16 30/04/2018 900,000 USD 1,048,500 0.06INDIA VNESHEKONOMBANK 5.375%ICICI BANK 4.7% 21/02/2018 1,600,000 USD 1,600,328 0.09 13/02/2017 1,600,000 USD 1,699,752 0.101,600,328 0.09 VNESHECONOMBANK 6.025%INDONESIA 05/07/2022 1,500,000 USD 1,550,033 0.09INDONESIA (GOVT) 3.375% 29,722,380 1.6915/04/2023 3,000,000 USD 2,580,000 0.15 ITALYINDONESIA (GOVT) 3.75% ENEL 8.75% VRN 24/09/2073 500,000 USD 511,448 0.0325/04/2022 6,750,000 USD 6,112,969 0.35 IFIL 5.375% 12/06/2017 2,200,000 EUR 3,239,577 0.18315


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINTESA SANPAOLO 4.125%OJSC RUSSIAN AGRICULTURAL19/09/2016 5,000,000 EUR 7,006,462 0.40 6.299% 15/05/2017 1,300,000 USD 1,390,610 0.0810,757,487 0.61 SBERBANK 5.4% 24/03/2017 5,000,000 USD 5,337,950 0.30JAPAN TELECOM ITALIA 6.175%SOFTBANK CORP 4.5% 18/06/2014 975,000 USD 1,004,387 0.0615/04/2020 3,000,000 USD 2,895,000 0.16 UNICREDIT 5.1875%SOFTBANK CORP 4.5% 13/10/2015 700,000 USD 715,344 0.0415/04/2020 200,000 USD 193,000 0.01 VTB CAPITAL 6% 12/04/2017 500,000 USD 527,338 0.03SOFTBANK CORP 4.625% VTB CAPITAL 6.875%15/04/2020 1,000,000 EUR 1,375,648 0.08 29/05/2018 2,850,000 USD 3,063,194 0.174,463,648 0.25 38,910,377 2.22JERSEYMEXICOCPUK FINANCE 11.625% AMERICA MOVIL 5%28/02/2018 6,500,000 GBP 11,976,643 0.68 30/03/2020 2,200,000 USD 2,363,757 0.13PROSECURE FUNDING 4.668%AMERICA MOVIL 6.375% VRN30/06/2016 4,000,000 EUR 5,633,569 0.32 06/09/2073 4,400,000 EUR 5,917,676 0.3417,610,212 1.00 BANCO SANTANDER S.A.KAZAKHSTAN 4.125% 09/11/2022 5,100,000 USD 4,743,434 0.27DEVELOPMENT BANK OF KAZ-COMISION FED ELECTRICAKHSTAN 4.125% 10/12/2022 3,400,000 USD 3,138,693 0.18 5.75% 14/02/2042 2,000,000 USD 1,872,090 0.113,138,693 0.18 MEXICO (GOVT) 4.75%LEBANON 08/03/2044 2,200,000 USD 2,001,153 0.11LEBANON (GOVT) 8.25% MEXICO (GOVT) 6.05%12/04/2021 3,050,000 USD 3,305,438 0.19 11/01/2040 10,400,000 USD 11,462,619 0.663,305,438 0.19 PETROLEOS MEXICANOSLITHUANIA 3.5% 30/01/2023 1,000,000 USD 912,420 0.05LITHUANIA (GOVT) 5.125%PETROLEOS MEXICANOS14/09/2017 1,500,000 USD 1,642,838 0.09 4.875% 24/01/2022 3,150,000 USD 3,230,089 0.181,642,838 0.09 PETROLEOS MEXICANOSLUXEMBOURG 5.5% 21/01/2021 6,500,000 USD 7,003,718 0.40ARCELORMITTAL 3.75%PETROLEOS MEXICANOS25/02/2015 1,000,000 USD 1,030,000 0.06 6.5% 02/06/2041 1,700,000 USD 1,775,404 0.10ARCELORMITTAL 5.25%PETROLEOS MEXICANOS05/08/2020 4,250,000 USD 4,380,156 0.25 8% 03/05/2019 500,000 USD 606,570 0.03ARCELORMITTAL 6.75% 41,888,930 2.3825/02/2022 1,000,000 USD 1,053,125 0.06 NAMIBIAARCELORMITTAL 6.75%NAMIBIA INTERNATIONAL01/03/2041 1,000,000 USD 920,625 0.05 5.5% 03/11/2021 1,800,000 USD 1,829,178 0.10ARCELORMITTAL 7% 1,829,178 0.1015/10/2039 1,400,000 USD 1,330,000 0.08 NETHERLANDSGAZ CAPITAL 4.95% ABN AMRO BANK 7.125%23/05/2016 1,000,000 USD 1,060,140 0.06 06/07/2022 5,000,000 EUR 7,829,515 0.45GAZ CAPITAL 9.25% ACHMEA 5.125% VRN PERP 1,500,000 EUR 2,037,390 0.1223/04/2019 1,800,000 USD 2,215,053 0.13 DEUTSCHE TELEKOM FINANCEGAZPROM 6.51% 07/03/2022 1,400,000 USD 1,505,105 0.09 2.25% 06/03/2017 1,000,000 USD 1,015,155 0.06GAZPROM 7.288% 16/08/2037 630,000 USD 682,838 0.04 ELM BV 5.252% VRN PERP 7,000,000 EUR 9,764,559 0.56GAZPROM CAPITAL 6.212%GMAC INTERNATIONAL FINANCE22/11/2016 1,300,000 USD 1,429,324 0.08 7.5% 21/04/2015 2,500,000 EUR 3,633,706 0.21GAZPROM CAPITAL 8.146% HIT FINANCE 5.75% 09/03/2018 2,000,000 EUR 3,104,463 0.1811/04/2018 1,000,000 USD 1,163,570 0.07 IBERDROLA INTERNATIONALHEIDELBERG CEMENT 5.75% VRN PERP 7,000,000 EUR 9,574,953 0.558.5% 31/10/2019 6,000,000 EUR 10,101,618 0.57 ING BANK 5.8% 25/09/2023 650,000 USD 657,573 0.04316


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsKAZAKHSTAN TEMIR 6.375%ROMANIA06/10/2020 675,000 USD 743,182 0.04 ROMANIA (GOVT) 6.75%KONINKLIJKE KPN 7% VRN 07/02/2022 3,880,000 USD 4,415,925 0.2528/03/2073 3,200,000 USD 3,210,064 0.18 4,415,925 0.25LINDE FINANCE 7.375%SERBIAVRN 14/07/2066 1,500,000 EUR 2,275,423 0.13 SERBIA (GOVT) 7.25%MAJAPAHIT HOLDING 7.75% 28/09/2021 1,205,000 USD 1,259,225 0.0720/01/2020 1,000,000 USD 1,108,125 0.06 1,259,225 0.07OI EUROPEAN GROUP 4.875%SINGAPORE31/03/2021 5,000,000 EUR 6,928,999 0.39 FLEXTRONICS INTERNATIONALPETROBRAS GLOBAL 5% 15/02/2023 1,000,000 USD 1,288,406 0.07FINANCE 4.375% 20/05/2023 1,000,000 USD 915,255 0.05 1,288,406 0.07RABOBANK NEDERLANDSOUTH AFRICA6.875% 19/03/2020 4,000,000 EUR 5,990,418 0.34 SOUTH AFRICA (GOVT)REPSOL INTERNATIONAL 4.665% 17/01/2024 5,800,000 USD 5,642,733 0.32FINANCE 4.875% 19/02/2019 1,000,000 EUR 1,489,287 0.08 SOUTH AFRICA (GOVT)SOLVAY FINANCE 5.5% 09/03/2020 5,300,000 USD 5,701,740 0.326.375% VRN PERP 1,500,000 EUR 2,172,366 0.12 SOUTH AFRICA (GOVT)SUDZUCKER 5.25% VRN PERP 1,650,000 EUR 2,280,986 0.13 5.875% 30/05/2022 2,100,000 USD 2,275,130 0.13VIMPELCOM HOLDINGS 5.2%SOUTH AFRICA (GOVT)13/02/2019 3,000,000 USD 2,985,000 0.17 5.875% 16/09/2025 5,250,000 USD 5,544,866 0.32ZIGGO BOND 8% 15/05/2018 3,000,000 EUR 4,340,143 0.25 SOUTH AFRICA (GOVT)72,056,562 4.11 6.875% 27/05/2019 8,350,000 USD 9,603,585 0.55PANAMA 28,768,054 1.64BANCO DE CREDITO DELSOUTH KOREA5.375% 16/09/2020 2,500,000 USD 2,546,950 0.15 KOREA WESTERN POWERPANAMA (GOVT) 5.2% 3.125% 10/05/2017 3,400,000 USD 3,483,028 0.2030/01/2020 530,000 USD 581,005 0.03 3,483,028 0.20PANAMA (GOVT) 7.125%SPAIN29/01/2026 3,600,000 USD 4,400,748 0.25 ABERTIS INFRAESTRUCTURAS7,528,703 0.43 3.75% 20/06/2023 4,800,000 EUR 6,424,784 0.37PARAGUAYBBVA SENIOR FINANCE S.A.PARAGUAY (GOVT) 4.625% 3.25% 21/03/2016 4,200,000 EUR 5,834,800 0.3325/01/2023 2,500,000 USD 2,293,750 0.13 BBVA SENIOR FINANCE S.A.2,293,750 0.13 3.75% 17/01/2018 4,000,000 EUR 5,602,408 0.32PERU CAIXABANK 3.125% 14/05/2018 5,400,000 EUR 7,328,025 0.42BANCO INTERNAC DEL PERU CAIXABANK 3.25% 22/01/2016 2,900,000 EUR 4,025,277 0.235.75% 07/10/2020 1,550,000 USD 1,540,220 0.09 ENCE ENERGIA Y CELULOSACORP FINANCI DE DESARROL 7.25% 15/02/2020 2,000,000 EUR 2,849,435 0.164.75% 08/02/2022 3,765,000 USD 3,670,724 0.21 FERROVIAL EMISIONESPERU (GOVT) 6.55% 3.375% 30/01/2018 2,000,000 EUR 2,806,335 0.1614/03/2037 470,000 USD 553,679 0.03 GAS NATURAL CAPITAL 5%PERU (GOVT) 7.35% 13/02/2018 5,000,000 EUR 7,524,267 0.4321/07/2025 1,400,000 USD 1,788,696 0.10 SANTANDER INTERNATIONAL7,553,319 0.43 DEBT 4% 24/01/2020 3,000,000 EUR 4,278,924 0.24PHILIPPINESSANTANDER INTERNATIONALPHILIPPINES (GOVT) 6.375% DEBT 4.625% 21/03/2016 4,000,000 EUR 5,734,768 0.3315/01/2032 1,000,000 USD 1,174,375 0.07 TELEFONICA EMISIONESPHILIPPINES (GOVT) 7.75% 3.192% 27/04/2018 1,750,000 USD 1,731,328 0.1014/01/2031 1,000,000 USD 1,307,500 0.07 TELEFONICA EMISIONES2,481,875 0.14 3.961% 26/03/2021 4,000,000 EUR 5,416,633 0.31317


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTELEFONICA EMISIONESYAPI VE KREDI BANKASI3.987% 23/01/2023 2,000,000 EUR 2,635,328 0.15 6.75% 08/02/2017 1,200,000 USD 1,263,390 0.0762,192,312 3.55 47,875,793 2.73SRI LANKAUNITED ARAB EMIRATESBANK OF CEYLON 6.875%NATIONAL BANK OF ABU DHABI03/05/2017 200,000 USD 201,500 0.01 3% 13/08/2019 8,000,000 USD 7,866,640 0.45SRI LANKA (GOVT) 6.25% 7,866,640 0.4527/07/2021 900,000 USD 862,313 0.05 UNITED STATES1,063,813 0.06 ACCESS MIDSTREAMSWEDEN PARTNERS 4.875% 15/05/2023 2,000,000 USD 1,895,000 0.11SKANDINAVISKA ENSKILDA 4%ALEXANDRIA REAL ESTATE12/09/2022 2,500,000 EUR 3,565,431 0.20 3.9% 15/06/2023 1,000,000 USD 944,305 0.053,565,431 0.20 ALTRIA GROUP INCSWITZERLAND 4.5% 02/05/2043 2,500,000 USD 2,178,925 0.12CREDIT SUISSE AG 5.75%AMERICAN AXLE & MFG INCVRN 18/09/2025 5,000,000 EUR 6,748,524 0.38 6.25% 15/03/2021 1,000,000 USD 1,036,250 0.066,748,524 0.38 AMERICAN TOWER 5%THAILAND 15/02/2024 1,000,000 USD 982,215 0.06BANGKOK BANK 5% ASHLAND INC 3% 15/03/2016 1,000,000 USD 1,016,250 0.0603/10/2023 3,300,000 USD 3,333,000 0.19 ATLAS PIPELINE FINANCETHAI OIL 3.625% 23/01/2023 900,000 USD 812,718 0.05 4.75% 15/11/2021 2,500,000 USD 2,257,813 0.134,145,718 0.24 AUDATEX NORTH AMERICATURKEY INC 6% 15/06/2021 1,500,000 USD 1,533,750 0.09AKBANK 5% 24/10/2022 550,000 USD 505,351 0.03 AUTOZONE INC 3.125%FINANSBANK 5.5% 11/05/2016 800,000 USD 788,500 0.04 15/07/2023 1,000,000 USD 926,530 0.05TURKEY (GOVT) 5.125% AVIS BUDGET FINANCE 5.5%25/03/2022 2,135,000 USD 2,140,145 0.12 01/04/2023 1,000,000 USD 931,875 0.05TURKEY (GOVT) 5.625%BOISE CASCADE COMPANY30/03/2021 5,800,000 USD 6,064,335 0.35 6.375% 01/11/2020 1,500,000 USD 1,543,125 0.09TURKEY (GOVT) 6% 14/01/2041 5,160,000 USD 4,997,795 0.28 BOSTON SCIENTIFIC CORPTURKEY (GOVT) 6.75% 2.65% 01/10/2018 400,000 USD 399,426 0.0230/05/2040 2,000,000 USD 2,105,890 0.12 BRUNSWICK CORP 4.625%TURKEY (GOVT) 6.875% 15/05/2021 3,000,000 USD 2,791,874 0.1617/03/2036 1,675,000 USD 1,785,433 0.10 BUCKEYE PARTNERS LPTURKEY (GOVT) 7% 11/03/2019 1,800,000 USD 2,033,379 0.12 4.15% 01/07/2023 2,000,000 USD 1,950,420 0.11TURKEY (GOVT) 7% 05/06/2020 1,000,000 USD 1,134,020 0.06 BURLINGTON NORTH 3.85%TURKEY (GOVT) 7.25% 01/09/2023 1,000,000 USD 1,001,955 0.0615/03/2015 1,100,000 USD 1,179,354 0.07 BURLINGTON NORTH 6.15%TURKEY (GOVT) 7.375% 01/05/2037 500,000 USD 572,833 0.0305/02/2025 11,125,000 USD 12,653,241 0.73 CHEMTURA CORP 5.75%TURKIYE GARANTI BANKASI AS 15/07/2021 800,000 USD 802,500 0.055.25% 13/09/2022 4,000,000 USD 3,668,060 0.21 CHESAPEAKE ENERGY CORPTURKIYE HALK BANKASI 5.75% 15/03/2023 1,000,000 USD 1,011,250 0.063.875% 05/02/2020 1,900,000 USD 1,705,507 0.10 CINEMARK USA INC 4.875%TURKIYE IS BANKASI 3.875% 01/06/2023 1,000,000 USD 928,750 0.0511/07/2017 1,300,000 USD 1,250,028 0.07 CITIGROUP 4.875% 07/05/2015 1,000,000 USD 1,056,110 0.06TURKIYE VAKIFLAR BANKASI CITIGROUP INC 5.5%5.75% 24/04/2017 2,600,000 USD 2,661,282 0.15 13/09/2025 250,000 USD 257,533 0.01TURKIYE VAKIFLAR BANKASI CITIGROUP INC 6.675%6% 01/11/2022 325,000 USD 292,297 0.02 13/09/2043 250,000 USD 270,861 0.02YAPI VE KREDI BANKASICLEAN HARBORS INC4% 22/01/2020 1,850,000 USD 1,647,786 0.09 5.125% 01/06/2021 1,750,000 USD 1,696,406 0.10318


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCOMCAST CORP 6.4% LIMITED BRANDS 6.95%15/05/2038 1,000,000 USD 1,181,150 0.07 01/03/2033 1,750,000 USD 1,721,563 0.10COMMERCIAL METALS 4.875% MACK-CALI REALTY LP 3.15%15/05/2023 2,000,000 USD 1,805,000 0.10 15/05/2023 1,000,000 USD 883,065 0.05COX COMMUNICATIONS INCMACYS RETAIL HOLDINGS2.95% 30/06/2023 1,000,000 USD 864,685 0.05 4.375% 01/09/2023 1,000,000 USD 1,010,410 0.06DANA HOLDING 5.375% MARKWEST ENERGY 6.25%15/09/2021 2,000,000 USD 1,977,500 0.11 15/06/2022 1,000,000 USD 1,055,000 0.06DIRECTV HOLDINGS FINANCING MORGAN STANLEY 1.75%INC 1.75% 15/01/2018 2,000,000 USD 1,925,450 0.11 25/02/2016 250,000 USD 251,150 0.01DISH DBS CORP MORGAN STANLEY 2.125%5.125% 01/05/2020 6,750,000 USD 6,724,687 0.38 25/04/2018 1,000,000 USD 977,740 0.06DOW CHEMICAL 3% MORGAN STANLEY 4.75%15/11/2022 2,000,000 USD 1,841,030 0.10 22/03/2017 800,000 USD 869,556 0.05EASTMAN CHEMICALS 4.8%NATIONAL CINEMEDIA LLC01/09/2042 1,000,000 USD 951,225 0.05 6% 15/04/2022 1,500,000 USD 1,535,625 0.09ENERGY TRANSFER PARTNERS NCR CORP 5% 15/07/2022 2,000,000 USD 1,873,750 0.114.15% 01/10/2020 1,000,000 USD 1,029,190 0.06 NORTHROP GRUMMAN CORPFIDELITY NATIONAL INFORMATION 3.25% 01/08/2023 1,000,000 USD 947,825 0.05SERVICES 3.5% 15/04/2023 1,000,000 USD 901,815 0.05 NORTHROP GRUMMAN CORPFIRST QUALITY FINANCE CORP 4.75% 01/06/2043 1,000,000 USD 946,300 0.054.625% 15/05/2021 2,300,000 USD 2,075,750 0.12 OASIS PETROLEUM INCFORD MOTOR 4.75% 15/1/2043 1,000,000 USD 901,120 0.05 6.875% 15/03/2022 950,000 USD 1,005,813 0.06FORD MOTOR CREDIT 1.7%ONEOK PARTNERS LP09/05/2016 500,000 USD 499,893 0.03 5% 15/09/2023 600,000 USD 616,677 0.04FORD MOTOR CREDIT 2.375% PBF HOLDING 8.25%16/01/2018 1,000,000 USD 992,995 0.06 15/02/2020 2,750,000 USD 2,866,874 0.16FORD MOTOR CREDIT 4.375% PEMEX MASTER 6.625%06/08/2023 1,000,000 USD 1,005,085 0.06 15/06/2035 680,000 USD 724,292 0.04FORD MOTOR CREDIT 5.875%PEMEX PROJECT FUNDING02/08/2021 1,000,000 USD 1,114,475 0.06 MASTER 5.75% 01/03/2018 1,732,000 USD 1,925,655 0.11FREEPORT MCMORAN COPPERPPL CAPITAL FUNDING1.4% 13/02/2015 1,250,000 USD 1,253,913 0.07 3.4% 01/06/2023 1,000,000 USD 933,430 0.05FRESENIUS 8.75% 15/07/2015 3,750,000 EUR 5,729,749 0.33 PRUDENTIAL FINANCIAL INCGANNETT INC 7.125% 5.1% 15/08/2043 1,000,000 USD 997,995 0.0601/09/2018 1,000,000 USD 1,073,125 0.06 QVC INC 4.375% 15/03/2023 1,000,000 USD 929,375 0.05GERDAU HOLDINGS 7% QWEST CORP 6.75% 01/12/2021 1,000,000 USD 1,075,425 0.0620/01/2020 1,500,000 USD 1,608,653 0.09 REALTY INCOME CORP 4.65%HYUNDAI CAPITAL AMERICA 01/08/2023 750,000 USD 764,715 0.041.875% 09/08/2016 1,000,000 USD 1,005,845 0.06 REGENCY ENERGY PARTNERSIAC INTERACTIVE CORP 4.75% 4.5% 01/11/2023 2,500,000 USD 2,264,063 0.1315/12/2022 1,000,000 USD 926,875 0.05 RELIANCE HOLDINGS 5.4%INTERNATIONAL LEASE FINANCE 14/02/2022 1,450,000 USD 1,444,526 0.084.625% 15/04/2021 4,300,000 USD 3,988,249 0.23 RELIANCE HOLDINGS 5.4%JP MORGAN CHASE 3.769% 14/02/2022 1,000,000 USD 996,225 0.0615/06/2043 3,955,000 USD 3,228,616 0.18 RESOLUTE ENERGY CORPKINDER MORGAN ENERGY 8.5% 01/05/2020 1,000,000 USD 1,032,500 0.06PARTNERS 2.65% 01/02/2019 550,000 USD 545,980 0.03 ROCK-TENN 4% 01/03/2023 1,000,000 USD 966,875 0.06KROGER 5.15% 01/08/2043 500,000 USD 487,330 0.03 SBA TELECOMMUNICATIONSLIBERTY MUTUAL GROUP INC 5.75% 15/07/2020 1,000,000 USD 999,375 0.064.25% 15/06/2023 2,000,000 USD 1,955,770 0.11319


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsSEMGROUP LP 7.5% VENEZUELA (GOVT) 9.25%15/06/2021 700,000 USD 724,063 0.04 07/05/2028 2,070,000 USD 1,632,713 0.09SERVICE CORP INTERNATIONAL VENEZUELA (GOVT) 9.375%5.375% 15/01/2022 800,000 USD 764,000 0.04 13/01/2034 3,490,000 USD 2,763,643 0.15SIRIUS XM RADIO INC 15,867,544 0.904.25% 15/05/2020 1,750,000 USD 1,632,969 0.09 VIRGIN ISLANDSSLM CORP 6% 25/01/2017 1,000,000 USD 1,061,250 0.06 CNPC GENERAL CAPITAL 3.4%SLM CORP 7.25% 25/01/2022 500,000 USD 510,000 0.03 16/04/2023 3,100,000 USD 2,867,345 0.16SM ENERGY 5% 15/01/2024 1,425,000 USD 1,319,906 0.08 GERDAU TRADE 5.75%SOUTHERN 2.45% 01/09/2018 1,000,000 USD 1,011,290 0.06 30/01/2021 1,900,000 USD 1,865,648 0.11SPRINT COMMUNICATIONS INCSINOPEC GRP OVERSEA6% 15/11/2022 1,000,000 USD 931,250 0.05 3.9% 17/05/2022 5,700,000 USD 5,575,056 0.32SPRINT CORP 7.25% 10,308,049 0.5915/09/2021 1,250,000 USD 1,266,406 0.07 TOTAL BONDS 916,989,505 52.21SPRINT CORP 7.875%15/09/2023 1,250,000 USD 1,281,250 0.07 FLOATING RATE BONDSSUN MERGER SUB INC 5.25%01/08/2018 1,000,000 USD 1,026,250 0.06 AUSTRIATARGA RESOURCES PARTNERS OMV AG 6.75% VRN PERP 2,500,000 EUR 3,740,831 0.214.25% 15/11/2023 3,000,000 USD 2,739,374 0.16 3,740,831 0.21VERIZON COMMUNICATIONSFRANCE4.5% 15/09/2020 2,500,000 USD 2,659,388 0.15 AXA S.A. 5.125% VRNVERIZON COMMUNICATIONS 04/07/2043 6,000,000 EUR 8,368,891 0.485.15% 15/09/2023 4,150,000 USD 4,447,139 0.25 BANQUE PSA FINANCE FRNVERIZON COMMUNICATIONS 04/04/2014 200,000 USD 199,750 0.016.55% 15/09/2043 1,500,000 USD 1,693,568 0.10 CREDIT AGRICOLE 7.875%VIACOM INC 4.25% 01/09/2023 1,000,000 USD 1,001,190 0.06 VRN PERP 4,100,000 EUR 6,170,871 0.35WINDSTREAM CORP 6.375% GROUPE BPCE VRN PERP 2,000,000 EUR 2,871,432 0.1601/08/2023 400,000 USD 366,750 0.02 SUEZ ENVIRONMENT 4.82%131,632,953 7.50 VRN PERPETUAL 7,000,000 EUR 9,762,238 0.56URUGUAY 27,373,182 1.56URUGUAY (GOVT) 4.5%GERMANY14/08/2024 5,085,000 USD 5,179,886 0.29 ALLIANZ SE 5.625% VRN5,179,886 0.29 17/10/2042 1,000,000 EUR 1,495,737 0.09VENEZUELAMUNICH RE 6.25% VRNPETROLEOS DE VENEZUELA 26/05/2042 1,000,000 EUR 1,578,702 0.095% 28/10/2015 3,000,000 USD 2,645,625 0.15 RWE 4.625% PERP 3,250,000 EUR 4,459,548 0.25VENEZUELA (GOVT) 6% RWE 7% VRN 12/10/2072 1,000,000 USD 1,066,135 0.0609/12/2020 500,000 USD 363,125 0.02 8,600,122 0.49VENEZUELA (GOVT) 7%GREAT BRITAIN01/12/2018 2,000,000 USD 1,680,000 0.10 DECO 2007-C4X FRNVENEZUELA (GOVT) 7% 27/01/2020 500,000 GBP 717,788 0.0431/03/2038 2,500,000 USD 1,635,938 0.09 DEUTSCHE BANK AG 4.296%VENEZUELA (GOVT) 7.65% VRN 24/05/2028 800,000 USD 725,816 0.0421/04/2025 2,050,000 USD 1,486,250 0.08 GREENE KING FINANCE FRNVENEZUELA (GOVT) 7.75% 15/03/2036 1,505,000 GBP 1,511,061 0.0913/10/2019 1,400,000 USD 1,167,250 0.07 SSE 5.625% VRN PERP 1,000,000 USD 1,036,150 0.06VENEZUELA (GOVT) 8.25%TAURUS CMBS FRN13/10/2024 2,000,000 USD 1,515,000 0.09 21/05/2024 4,000,000 EUR 5,380,779 0.30VENEZUALA (GOVT) 9.25% 9,371,594 0.5315/09/2027 1,200,000 USD 978,000 0.06320


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsIRELAND GE CAPITAL TRUST 4.625%AQUARIUS AND INVESTMENTS 15/09/2066 7,000,000 EUR 9,479,677 0.55ZURICH 4.25% VRN 02/10/2043 6,000,000 EUR 8,029,760 0.45 JP MORGAN CHASECLOVERIE SWISS REINS 4.38404% VRN 15/04/2046 4,500,000 USD 3,732,336 0.216.625% VRN 01/09/2042 2,500,000 EUR 4,017,602 0.23 JP MORGAN CHASE 5.15%DECO FRN 27/01/2018 2,000,000 EUR 1,534,902 0.09 VRN PERP 3,250,000 USD 2,863,559 0.16GERMAN RESIDENTIALPRUDENTIAL FINANCIALFUNDING FRN 27/08/2024 4,650,000 EUR 6,261,398 0.36 INC VRN 5.875% 15/09/2042 1,000,000 USD 983,970 0.06TITAN EUROPE PLC FRNWFRBS COMMERCIAL TRUST23/04/2015 2,539,000 GBP 3,783,935 0.22 4.2791% VRN 15/05/2045 4,500,000 USD 3,757,680 0.2123,627,597 1.35 29,384,135 1.68ITALY TOTAL FLOATING RATE BONDS 157,886,578 8.99ASSICURAZIONI GENERALIVRN 10/07/2042 4,000,000 EUR 6,561,091 0.37 ASSET BACKED SECURITIES6,561,091 0.37JERSEYDOMINICAN REPUBLICUBS FUNDING 4.28% VRN DOMINIC (GOVT) 7.5%PERP 6,000,000 EUR 8,203,123 0.47 06/05/2021 550,000 USD 588,500 0.038,203,123 0.47 588,500 0.03LUXEMBOURGFEDERATION OF RUSSIAHANNOVER FINANCE 5% RUSSIA (GOVT) 7.5%VRN 30/06/2043 3,000,000 EUR 4,251,756 0.24 31/03/2030 33,495,000 USD 29,491,245 1.69TALANX FINANZ AG 8.36% 29,491,245 1.6915/06/2042 5,000,000 EUR 8,278,826 0.47 GERMANY12,530,582 0.71 UNITYMEDIA HESSEN 8.125%NETHERLANDS 01/12/2017 1,250,000 EUR 688,860 0.04ABN AMRO BANK 4.31% 688,860 0.04VRN PERP 1,490,000 EUR 1,936,262 0.11 GREAT BRITAINALLIANZ FIN 5.75% 08/07/2041 3,800,000 EUR 5,725,234 0.32 LONGSTONE FINANCE 4.774%KONINKLIJKE KPN 6.125% 19/04/2036 2,000,000 GBP 3,162,265 0.18VRN PERP 3,000,000 EUR 4,170,902 0.24 MARSTONS ISSUER 5.641% VRNLAMBDA FINANCE FRN 15/07/2035 720,000 GBP 1,000,785 0.0620/09/2031 2,250,000 EUR 2,357,449 0.13 MITCHELLS & BUTLERS 1.40313%PETROBRAS GLOBAL 15/09/2034 579,000 GBP 543,827 0.03FINANCE FRN 20/05/2016 1,000,000 USD 1,000,355 0.06 MITCHELLS & BUTLERS FRN15,190,202 0.86 15/06/2036 6,120,000 GBP 6,689,737 0.38SPAIN 11,396,614 0.65MAPFRE S.A. 5.921% VRNIRAQ24/07/2037 5,000,000 EUR 6,438,301 0.37 IRAQ (GOVT) 5.8% 15/01/2028 4,800,000 USD 4,091,496 0.236,438,301 0.37 4,091,496 0.23SWEDENIRELANDSWEDBANK 3% VRNFOREST FINANCE FRN05/12/2022 5,000,000 EUR 6,865,818 0.39 12/05/2018 500,000 EUR 575,103 0.036,865,818 0.39 575,103 0.03UNITED STATESPANAMACOMM MORTGAGE TRUST PANAMA (GOVT) 6.7%VRN 10/07/2046 3,000,000 USD 3,128,033 0.18 26/01/2036 680,000 USD 782,632 0.04COMMERCIAL MORTGAGE 782,632 0.04TRUST 3.971% VRN 10/06/2046 3,000,000 USD 2,453,310 0.14 URUGUAYFIFTH THIRD CAPITAL URUGUAY (GOVT) 7.625%TRUST 6.5% VRN 15/04/2037 3,000,000 USD 2,985,570 0.17 21/03/2036 1,100,000 USD 1,395,383 0.081,395,383 0.08TOTAL ASSET BACKED SECURITIES 49,009,833 2.79321


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCONVERTIBLE BONDSFOREST FINANCE FRN12/05/2018 150,000 EUR 189,896 0.01UNITED STATES 1,772,887 0.10BANK OF AMERICA 5.2% TOTAL MORTGAGE BACKED SECURITIES 20,595,162 1.17VRN PERP 1,000,000 USD 878,125 0.05 TRANSFERABLE SECURITIES ADMITTED TO1,175,742,221 66.94BANK OF NEW YORK MELLONAN OFFICIAL STOCK EXCHANGE LISTING4.5% VRN PERP 600,000 USD 528,651 0.03FIFTH THIRD BANCORP 5.1%TRANSFERABLE SECURITIES TRADED ONVRN PERP 2,500,000 USD 2,206,250 0.13 ANOTHER REGULATED MARKETGENERAL ELECTRIC CAPITALVRN PERP 2,000,000 USD 1,853,780 0.11 BONDSJP MORGAN CHASE 6% VRNPERP 850,000 USD 796,998 0.05 AUSTRALIAPNC FINANCIAL SERVICES 4.85% FMG RESOURCES AUG 2006VRN PERP 1,600,000 USD 2,866,809 0.15 6.875% 01/04/2022 1,750,000 USD 1,760,937 0.099,130,613 0.52 FMG RESOURCES AUG 2006 8.25%TOTAL CONVERTIBLE BONDS 9,130,613 0.52 01/11/2019 250,000 USD 271,094 0.02WESFARMERS 1.874%TREASURY BONDS/NOTES - FIXED RATE 20/03/2018 500,000 USD 492,068 0.032,524,099 0.14UNITED STATESAUSTRIAUS (GOVT) 1.75% TREASURY SAPPI PAPIER 8.375%NOTE 15/05/2023 20,400,000 USD 18,875,977 1.08 15/06/2019 500,000 USD 526,250 0.03US (GOVT) 2.5% TREASURY 526,250 0.03NOTE 15/08/2023 2,531,000 USD 2,501,933 0.14 BAHRAINUS (GOVT) 3.125% TREASURY BAHRAIN (GOVT) 6.125%BOND 15/02/2043 840,000 USD 752,620 0.04 01/08/2023 2,000,000 USD 2,008,550 0.1122,130,530 1.26 2,008,550 0.11TOTAL TREASURY BONDS/NOTES - FIXED22,130,530 1.26BERMUDA ISLANDSRATE AIRCASTLE 6.25% 01/12/2019 1,500,000 USD 1,590,000 0.09AIRCASTLE 7.625% 15/04/2020 1,000,000 USD 1,111,250 0.06MORTGAGE BACKED SECURITIES 2,701,250 0.15BRAZILGREAT BRITAINBANCO NAC DE DESENDECO 15 - PAN FRN 27/04/2018 3,622,613 EUR 2,774,338 0.16 ECONO 5.75% 26/09/2023 600,000 USD 602,370 0.03EDDYSTONE FINANCE FRNCAIXA ECONOMICA19/04/2021 250,000 GBP 342,015 0.02 FEDERAL 4.5% 03/10/2018 1,000,000 USD 991,145 0.06GRANITE MASTER FRN 1,593,515 0.0917/12/2054 2,632,000 USD 2,369,583 0.13 CANADAGRANITE MASTER FRN BOMBARDIER INC 5.75%20/12/2054 3,000,000 EUR 3,673,131 0.21 15/03/2022 1,000,000 USD 1,994,999 0.12GRANITE MASTER FRN BOMBARDIER INC 6.125%20/12/2054 2,000,000 USD 1,835,000 0.10 15/01/2023 535,000 USD 536,338 0.03HERCULES FRN 25/10/2018 3,750,000 GBP 5,318,194 0.31 BOMBARDIER INC 7.5%LONDON AND REGIONAL DEBT 15/03/2018 1,500,000 USD 1,692,188 0.10SECUR FRN 15/10/2017 2,000,000 GBP 2,510,014 0.14 IAMGOLD CORP 6.75%18,822,275 1.07 01/10/2020 500,000 USD 436,250 0.02IRELAND INMET MINING CORP 8.75%FLEET STREET FINANCE FRN 01/06/2020 500,000 USD 537,813 0.0325/10/2016 4,000,000 EUR 1,582,991 0.09 NOVA CHEMICALS 8.625%11/01/2019 1,000,000 USD 1,105,625 0.06322


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTECK RESOURCES 3.85%GERMANY15/08/2017 1,000,000 USD 1,042,895 0.06 UNITYMEDIA HESSEN 5.625%XSTRATA CANADA FINANCIAL 15/04/2023 3,000,000 EUR 4,002,576 0.23CORP 6% 15/11/2041 1,000,000 USD 933,315 0.05 4,002,576 0.238,279,423 0.47 GREAT BRITAINCAYMAN ISLANDS BARCLAYS BANK 6.625%BANCO DO BRASIL 3.875% 30/03/2022 3,000,000 EUR 4,664,349 0.2610/10/2022 3,200,000 USD 2,780,128 0.16 FCE BANK 1.75% 21/05/2018 1,800,000 EUR 2,414,191 0.14COUNTRY GARDEN HOLDINGSIMPERIAL TOBACCO7.5% 10/01/2023 5,600,000 USD 5,417,999 0.31 FINANCE 3.5% 11/02/2023 2,000,000 USD 1,884,860 0.11GRUPO AVAL 4.75% 8,963,400 0.5126/09/2022 4,500,000 USD 4,028,265 0.23 IRELANDHUTCHISON WHAMPOA 2%ARDAGH PACKAGING08/11/2017 750,000 USD 742,935 0.04 FINANCE 7.375% 15/10/2017 1,000,000 USD 1,073,750 0.06UPCB FINANCE VI 6.875% VIMPELCOM 7.748%15/01/2022 2,500,000 USD 2,660,938 0.15 02/02/2021 1,800,000 USD 1,941,750 0.1115,630,265 0.89 3,015,500 0.17COLOMBIAISRAELBANCO DE BOGOTA 5.375% STATE OF ISRAEL 4.5%19/02/2023 2,000,000 USD 1,863,900 0.11 30/01/2043 3,300,000 USD 2,970,083 0.17BANCOLOMBIA 5.95% 2,970,083 0.1703/06/2021 6,700,000 USD 6,872,056 0.38 ITALYCOLOMBIA (GOVT) 4% INTESA SANPAOLO 3.125%26/02/2024 3,150,000 USD 3,083,661 0.18 15/01/2016 1,000,000 USD 1,000,875 0.0611,819,617 0.67 TELECOM ITALIA 4.5%CROATIA 20/09/2017 5,000,000 EUR 6,836,451 0.39CROATIA (GOVT) 6.625% 7,837,326 0.4514/07/2020 1,290,000 USD 1,364,175 0.08 KAZAKHSTAN1,364,175 0.08 KAZAGRO NATIONAL MGMTDENMARK HOLDING 4.625% 24/05/2023 2,440,000 USD 2,241,067 0.13DANSKE BANK 3.875% VRN 2,241,067 0.1304/10/2023 6,000,000 EUR 8,148,666 0.46 LUXEMBOURGDONG ENERGY A/S 6.25% FIAT INDUSTRIAL 6.25%VRN 26/06/3013 4,000,000 EUR 5,556,493 0.32 09/03/2018 7,000,000 EUR 10,476,411 0.5913,705,159 0.78 INTELSAT JACKSON HOLDINGSFEDERATION OF RUSSIA 7.25% 15/10/2020 750,000 USD 802,031 0.05RUSSIA (GOVT) 4.875%RUSSIAN AGRICULTURAL16/09/2023 7,600,000 USD 7,800,944 0.44 BANK 5.1% 25/07/2018 2,000,000 USD 2,041,480 0.127,800,944 0.44 13,319,922 0.76FRANCEMEXICOBANQUE PSA FINANCE MEXICO (GOVT) 4%5.75% 04/04/2021 520,000 USD 773,369 0.04 02/10/2023 4,090,000 USD 4,086,850 0.23LAFARGE 5.375% 29/11/2018 3,050,000 EUR 4,556,981 0.26 PETROLEOS MEXICANOSNOVALIS 6% 15/06/2018 1,500,000 EUR 2,111,695 0.12 3.5% 18/07/2018 500,000 USD 508,878 0.03PERNOD RICARD 5.5%PETROLEOS MEXICANOS15/01/2042 1,000,000 USD 1,023,575 0.06 5.5% 27/06/2044 970,000 USD 889,524 0.05PEUGEOT S.A. 6.5% 18/01/2019 2,300,000 EUR 3,226,257 0.18 5,485,252 0.31REXEL S.A. 5.125% 15/06/2020 5,000,000 EUR 6,954,380 0.40 NETHERLANDSSOCIETE GENERALE 4% ABN AMRO BANK 1.375%07/06/2023 6,000,000 EUR 7,802,388 0.45 22/01/2016 1,000,000 USD 1,001,680 0.0626,448,645 1.51 ING BANK 3.75% 07/03/2017 1,000,000 USD 1,053,445 0.06323


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsLEASEPLAN CORP 3% TURKIYE IS BANKASI 3.75%23/10/2017 1,000,000 USD 1,009,135 0.06 10/10/2018 2,600,000 USD 2,426,918 0.14LYONDELLBASELL INDUSTRIESTURKIYE VAKIFLAR BANKASI5.75% 15/04/2024 1,750,000 USD 1,957,856 0.11 3.75% 15/04/2018 1,200,000 USD 1,119,474 0.06REPSOL INTERNATIONAL 9,117,334 0.52FINANCE 3.625% 07/10/2021 4,400,000 EUR 5,981,138 0.34 UNITED STATESSCHAEFFLER FINANCE 4.25%ALEXANDRIA REAL ESTATE15/05/2018 5,000,000 EUR 6,848,627 0.39 4.6% 01/04/2022 400,000 USD 405,256 0.02SCHAEFFLER FINANCE 4.75%ALTA MESA HOLDINGS15/05/2021 1,000,000 USD 970,625 0.06 9.625% 15/10/2018 1,000,000 USD 1,057,500 0.06UPC HOLDING 8.375%AMERICAN AXLE & MFG INC15/08/2020 1,000,000 EUR 1,476,325 0.08 6.625% 15/10/2022 1,000,000 USD 1,030,625 0.06VOLKSWAGEN INTERNATIONAL AT&T INC 0.9% 12/02/2016 600,000 USD 597,456 0.03FINANCE 3.875% VRN PERP 5,300,000 EUR 7,201,001 0.41 AUTOZONE INC 2.875%27,499,832 1.57 15/01/2023 350,000 USD 319,190 0.02NIGERIA BANK OF AMERICA 2%NIGERIA (GOVT) 6.375% 11/01/2018 2,500,000 USD 2,460,250 0.1412/07/2023 1,500,000 USD 1,536,563 0.09 BANK OF AMERICA 8%1,536,563 0.09 VRN PERP 500,000 USD 544,573 0.03PERU BERRY PETROLEUM 6.375%BANCO DE CREDITO DEL 15/09/2022 3,250,000 USD 3,268,280 0.19PER 4.25% 01/04/2023 7,010,000 USD 6,244,403 0.35 BRANDYWINE OPERBBVA BANCO PARTNERS 3.95% 15/02/2023 2,000,000 USD 1,886,500 0.11CONTINENTAL 5% 26/08/2022 1,000,000 USD 962,025 0.05 BROCADE COMMUNICATIONSBBVA BANCO CONTINENTAL SYSTEMS 4.625% 15/01/2023 1,250,000 USD 1,148,438 0.07S.A. 3.25% 08/04/2018 1,000,000 USD 980,440 0.06 BURLINGTON NORTH 4.45%EL FONDO MIVIVIENDA S.A. 15/03/2043 1,000,000 USD 915,730 0.053.5% 31/01/2023 3,800,000 USD 3,313,676 0.19 CCO HOLDINGS CORP 5.125%11,500,544 0.65 15/02/2023 500,000 USD 463,750 0.03SERBIA CCO HOLDINGS CORP 5.25%SERBIA (GOVT) 4.875% 30/09/22 4,250,000 USD 3,941,874 0.2225/02/2020 1,200,000 USD 1,123,500 0.06 CCO HOLDINGS CORP 5.75%1,123,500 0.06 01/09/2023 2,000,000 USD 1,903,750 0.11SLOVENIA CENTURYLINK 5.625%SLOVENIA (GOVT) 5.85% 01/04/2020 2,525,000 USD 2,488,678 0.1410/05/2023 3,600,000 USD 3,435,390 0.20 CENTURYLINK 5.8%3,435,390 0.20 15/03/2022 2,500,000 USD 2,363,525 0.13SOUTH AFRICA CENTURYLINK 7.65%ESKOM HOLDINGS 6.75% 15/03/2042 2,000,000 USD 1,770,250 0.1006/08/2023 2,450,000 USD 2,532,051 0.14 CHAPARRAL ENERGY INC2,532,051 0.14 7.625% 15/11/2022 1,000,000 USD 1,023,125 0.06SPAIN CHRYSLER GROUP 8.25%ABERTIS INFRAESTRUCTURAS 15/06/2021 500,000 USD 563,125 0.034.625% 14/10/2016 4,250,000 EUR 6,222,433 0.35 CIMAREX ENERGY 5.875%FERROVIAL EMISIONES 3.375% 01/05/2022 2,000,000 USD 2,036,250 0.1207/06/2021 3,800,000 EUR 5,092,974 0.29 CIT GROUP INC 5%11,315,407 0.64 15/08/2022 3,500,000 USD 3,443,124 0.20TURKEY CIT GROUP INC 5.5%AKBANK 3.875% 24/10/2017 3,600,000 USD 3,521,232 0.20 15/02/2019 3,000,000 USD 3,159,374 0.18AKBANK 6.5% 09/03/2018 600,000 USD 635,304 0.04 CITIGROUP INC 1.7%COCA COLA ICECEK URETIM 25/07/2016 750,000 USD 753,514 0.044.75% 01/10/2018 1,400,000 USD 1,414,406 0.08324


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCLEAN HARBORS INC 5.25%GENERAL MOTORS01/08/2020 1,500,000 USD 1,492,500 0.08 FINANCE 4.75% 15/08/2017 700,000 USD 728,000 0.04COMSTOCK 7.75% 01/04/2019 1,100,000 USD 1,137,813 0.06 HAWK ACQUISITION SUB INCCONCHO RESOURCES 5.5% 4.25% 15/10/2020 5,500,000 USD 5,266,249 0.3001/04/2023 2,000,000 USD 1,978,750 0.11 HCA INC 4.75% 01/05/2023 6,750,000 USD 6,382,968 0.37CON'L RUBBER CRP HEALTH CARE 3.75%AMERICA 4.5% 15/09/2019 1,500,000 USD 1,573,125 0.09 15/03/2023 600,000 USD 569,988 0.03CROWN AMERICAS CORP IV HEALTH CARE 5.125%4.5% 15/01/2023 2,500,000 USD 2,317,188 0.13 15/03/2043 1,000,000 USD 898,425 0.05CROWN CASTLE INTERNATIONAL HERTZ CORP 5.875%CORP 5.25% 15/01/2023 1,000,000 USD 927,500 0.05 15/10/2020 1,000,000 USD 1,031,875 0.06DAIMLER FINANCE 1.65%HOST HOTELS AND RESORTS10/04/2015 750,000 USD 758,730 0.04 INC 3.75% 15/10/2023 1,000,000 USD 932,150 0.05DANA HOLDING 6.75 %HOST HOTELS AND RESORTS05/02/2021 500,000 USD 532,813 0.03 INC 6% 01/11/2020 1,100,000 USD 1,199,886 0.07DCP MIDSTREAM 3.875%INTERNATIONAL LEASE FINANCE15/03/2023 650,000 USD 594,191 0.03 5.875% 01/04/2019 1,000,000 USD 1,048,125 0.06DCP MIDSTREAM 4.75%INTERNATIONAL LEASE FINANCE30/09/2021 1,000,000 USD 1,008,680 0.06 5.875% 15/08/2022 750,000 USD 741,094 0.04DCP MIDSTREAM 4.95%INTERNATIONAL LEASE FINANCE01/04/2022 1,000,000 USD 996,890 0.06 6.25% 15/05/2019 500,000 USD 527,813 0.03DELPHI CORP 6.125%INTERNATIONAL LEASE FINANCE15/05/2021 1,600,000 USD 1,757,000 0.10 8.25% 15/12/2020 2,000,000 USD 2,291,250 0.13DENBURY RESOURCES INC JARDEN CORP 6.125%4.625% 15/07/2023 3,110,000 USD 2,849,538 0.16 15/11/2022 1,000,000 USD 1,039,375 0.06DISCOVERY COMMS 3.3% JBS USA 7.25% 01/06/2021 1,250,000 USD 1,263,281 0.0715/05/2022 1,000,000 USD 954,975 0.05 KAISER ALUMINUM CORPDRESDNER BANK 7.25% 8.25% 01/06/2020 500,000 USD 561,563 0.0315/09/2015 1,250,000 USD 2,136,250 0.12 KILROY REALTY LP 3.8%EAGLE SPINCO INC 4.625% 15/01/2023 1,000,000 USD 937,365 0.0515/02/2021 2,000,000 USD 1,932,500 0.11 KIMCO REALTY 4.3%EL PASO PIPELINE 4.7% 01/02/2018 1,000,000 USD 1,076,015 0.0601/11/2042 1,000,000 USD 864,375 0.05 KINDER MORGAN ENERGYEL PASO PIPELINE 5% PARTNERS 3.5% 01/09/2023 1,250,000 USD 1,167,025 0.0701/10/2021 1,000,000 USD 1,057,500 0.06 KINDER MORGAN ENERGYENERGY TRANSFER PARTNERS PARTNERS 5% 01/03/2043 1,000,000 USD 906,610 0.053.6% 01/02/2023 1,000,000 USD 934,970 0.05 LEAR CORP 4.75% 15/01/2023 3,500,000 USD 3,257,187 0.19ENERGY TRANSFER PARTNERS LG&E & KU ENERGY 4.375%5.15% 01/02/2043 1,000,000 USD 895,680 0.05 01/10/2021 1,000,000 USD 1,029,735 0.06ENTERPRISE PRODUCTS LIMITED BRANDS 5.625%OPERATING 3.35% 15/03/2023 650,000 USD 615,570 0.04 15/02/2022 3,605,000 USD 3,701,883 0.21EXELON GENERATION 5.75%LOUISIANA PACIFIC CORP01/10/2041 1,000,000 USD 987,940 0.06 7.5% 01/06/2020 750,000 USD 817,031 0.05FIDELITY NATIONAL INFORMATIONMACK-CALI REALITY LPSERVICES 5% 15/03/2022 2,500,000 USD 2,551,488 0.15 2.5% 15/12/2017 800,000 USD 792,888 0.05FOREST OIL CORP 7.25%MACYS RETAIL HOLDINGS15/06/2019 1,000,000 USD 1,006,250 0.06 2.875% 15/02/2023 1,000,000 USD 901,540 0.05FRONTIER COMMUNICATIONS MARKWEST ENERGY 4.5%7.125% 15/01/2023 3,250,000 USD 3,233,749 0.18 15/07/2023 1,000,000 USD 945,000 0.05FRONTIER COMMUNICATIONS METROPCS WIRELESS 6.625%8.25% 15/04/2017 2,000,000 USD 2,273,750 0.13 01/04/2023 1,900,000 USD 1,908,313 0.11325


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMETROPCS WIRELESS WEX INC 4.75% 01/02/2023 1,850,000 USD 1,705,469 0.107.875% 01/09/2018 1,000,000 USD 1,085,000 0.06 WILLIAMS COMPANIES INCNASDAQ OMX GROUP INC 3.7% 15/01/2023 2,000,000 USD 1,808,030 0.103.875% 07/06/2021 1,000,000 EUR 1,398,457 0.08 WINDSTREAM CORP 7.75%NEWFIELD EXPLORATION 15/10/2020 2,500,000 USD 2,596,875 0.155.625% 01/07/2024 2,500,000 USD 2,915,624 0.17 WPX ENERGY 6% 15/01/2022 1,500,000 USD 1,527,188 0.09NEWS AMERICA 6.9%WYNDHAM WORLDWIDE15/08/2039 1,000,000 USD 1,166,375 0.07 3.9% 01/03/2023 2,000,000 USD 1,890,370 0.11NORTHERN TIER ENERGYWYNN LAS VEGAS CORPLLC 7.125% 15/11/2020 600,000 USD 603,000 0.03 5.375% 15/03/2022 500,000 USD 505,313 0.03OASIS PETROLEUM INC 162,149,836 9.246.875% 15/01/2023 1,000,000 USD 1,066,875 0.06 VENEZUELAO'REILLY AUTOMOTIVE INCPETROLEOS DE VENEZUELA3.8% 01/09/2022 1,000,000 USD 981,890 0.06 5.25% 12/04/2017 2,800,000 USD 2,241,750 0.13OWENS CORNING 4.2% 2,241,750 0.1315/12/2022 1,000,000 USD 975,000 0.06 TOTAL BONDS 374,689,225 21.33PENSKE TRUCK LEASING 2.5%15/03/2016 1,000,000 USD 1,020,845 0.06 FLOATING RATE BONDSPH GLATFELTER 5.375%15/10/2020 1,000,000 USD 992,500 0.06 FRANCEPOST HOLDINGS INC 7.375%ELECTRICITE DE FRANCE15/02/2022 1,000,000 USD 1,060,000 0.06 4.25% VRN PERP 4,000,000 EUR 5,479,524 0.31PPL CAPITAL FUNDING 3.5%ELECTRICITE DE FRANCE01/12/2022 500,000 USD 472,028 0.03 5.25% VRN PERP 3,000,000 USD 4,736,825 0.27PROLOGIS 4.5% 15/08/2017 1,000,000 USD 1,079,235 0.06 10,216,349 0.58QEP RESOURCES INC 5.25%GREAT BRITAIN01/05/2023 1,000,000 USD 936,250 0.05 BROADGATE FINANCINGRABOBANK CAP 5.254% FRN 05/10/2023 4,000,000 GBP 1,218,685 0.07VRN PERP 1,000,000 USD 1,023,360 0.06 CANARY WHARF FINANCERAIN CII CARBON 8.25% FRN 22/10/2037 500,000 GBP 579,747 0.0315/01/2021 2,050,000 USD 2,093,563 0.12 1,798,432 0.10RELIANCE HOLDINGS 4.5%UNITED STATES19/10/2020 900,000 USD 886,518 0.05 BANK OF AMERICA 8.125%REYNOLDS GROUP 6.875% VRN PERP 2,000,000 USD 2,205,000 0.1315/02/2021 2,500,000 USD 2,684,375 0.15 CITIGROUP INC 5.95% VRNROCK-TENN 4.45% 01/03/2019 500,000 USD 531,875 0.03 PERP 4,500,000 USD 4,213,125 0.24SANDRIDGE ENERGY 8.75%DOMINION RESOURCES15/01/2020 2,300,000 USD 2,443,750 0.14 6.3% VRN 30/09/2066 1,750,000 USD 1,622,591 0.09SLM CORP 3.875% 10/09/2015 500,000 USD 513,750 0.03 ENTERPRISE 7.034% VRNSLM CORP 4.625% 25/09/2017 500,000 USD 507,500 0.03 15/01/2068 3,150,000 USD 3,480,057 0.20SPIRIT AEROSYSTEMS INCPPL CAPITAL FUNDING6.75% 15/12/2020 1,000,000 USD 1,051,250 0.06 6.7% VRN 30/03/2067 3,027,000 USD 4,112,574 0.23SWIFT ENERGY 7.875% 15,633,347 0.8901/03/2022 1,000,000 USD 981,875 0.06 TOTAL FLOATING RATE BONDS 27,648,128 1.57TARGA RESOURCESPARTNERS 6.875% 01/02/2021 2,500,000 USD 2,678,125 0.15 ASSET BACKED SECURITIESTENNECO 6.875% 15/12/2020 1,000,000 USD 1,090,625 0.06VENTAS REALTY LP 2.7%CAYMAN ISLANDS01/04/2020 1,000,000 USD 955,460 0.05 CLYDESDALE CLO FRNVPI ESCROW CORP 6.375% 06/12/2017 4,500,000 USD 4,261,500 0.2415/10/2020 2,000,000 USD 2,085,000 0.12 4,261,500 0.24326


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsGREAT BRITAINMORGAN STANLEY BAMLBROADGATE FINANCING TRUST VRN 15/10/2030 3,000,000 USD 2,593,404 0.15FRN 05/01/2022 3,000,000 GBP 2,531,819 0.14 12,038,302 0.692,531,819 0.14 TOTAL MORTGAGE BACKED SECURITIES 27,511,682 1.57UNITED STATESTOTAL TRANSFERABLE SECURITIES455,077,412 25.91ACE SECURITIES FRNTRADED ON ANOTHER REGULATED MARKET25/05/2035 2,750,000 USD 2,246,626 0.13HOME EQUITY ASSETOTHER TRANSFERABLE SECURITIESTRUST FRN 25/01/2035 2,000,000 USD 1,854,782 0.11HOME EQUITY MORTGAGEBONDSTRUST 5.363% 25/06/2035 2,000,000 USD 2,049,185 0.126,150,593 0.36 LUXEMBOURGTOTAL ASSET BACKED SECURITIES 12,943,912 0.74 SES S.A. 3.6% 04/04/2023 1,000,000 USD 944,160 0.05944,160 0.05TREASURY BONDS/NOTES - FIXED RATEUNITED STATESBELDEN INC 5.5% 01/09/2022 1,875,000 USD 1,819,921 0.10UNITED STATESSPRINT COMMUNICATIONSUS (GOVT) 1.625% TREASURY INC 7% 01/03/2020 1,500,000 USD 1,619,063 0.10NOTE 15/08/2022 1,300,000 USD 1,209,508 0.07 3,438,984 0.20US (GOVT) 1.625% TREASURY TOTAL BONDS 4,383,144 0.25NOTE 15/11/2022 5,600,000 USD 5,177,813 0.29US (GOVT) 2% TREASURYASSET BACKED SECURITIESNOTE 15/02/2023 6,200,000 USD 5,897,144 0.3412,284,465 0.70 CAYMAN ISLANDSTOTAL TREASURY BONDS/NOTES - FIXED12,284,465 0.70ATRIUM CDO CORP FRNRATE 20/07/2020 3,500,000 USD 3,278,907 0.19CENT CDO FRN 18/11/2018 1,250,000 USD 1,076,625 0.06MORTGAGE BACKED SECURITIESGULF STREAM COMPASSCLO FRN 28/10/2019 4,000,000 USD 3,899,320 0.22GREAT BRITAINSILVERADO CLO FRNBRUNTWOOD ALPHA FRN 16/10/2020 2,250,000 USD 2,102,175 0.1215/01/2017 5,000,000 GBP 5,765,392 0.33 10,357,027 0.59EPIC FRN 15/07/2017 4,650,000 GBP 7,007,307 0.40GREAT HALL MORTGAGESUNITED STATESFRN 18/03/2039 2,000,000 EUR 1,761,831 0.10 HLSS SERVICER ADVANCE14,534,530 0.83 3.2282% 16/01/2046 750,000 USD 752,378 0.04IRELANDHLSS SERVICER ADVANCESILENUS FRN 15/05/2019 922,000 EUR 938,850 0.05 4.94% 15/10/2045 650,000 USD 675,942 0.04938,850 0.05 MORGAN STANLEY CAPITALUNITED STATES I TRUST VRN 05/02/2035 7,100,000 USD 4,813,018 0.28DBUBS MORTGAGE TRUST 6,241,338 0.36VRN 10/01/2021 3,000,000 USD 2,993,268 0.17 TOTAL ASSET BACKED SECURITIES 16,598,365 0.95GE COMMERCIAL MORTGAGETRUST 5.296474% 10/3/2044 2,500,000 USD 2,429,739 0.14 MORTGAGE BACKED SECURITIESGS MORTGAGE SECURITIES5.622% 10/11/2039 2,500,000 USD 2,405,126 0.14 UNITED STATESJP MORGAN CHASE VRNCITIGROUP CMT FRN15/01/2049 1,600,000 USD 1,616,765 0.09 10/08/2022 3,000,000 USD 2,691,563 0.15COMMERCIAL MORTGAGEPASS VRN 15/08/2045 3,695,000 USD 3,360,021 0.19327


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsGS MORTGAGE SECURITIESFRN 10/12/2020 5,000,000 USD 4,831,460 0.28JP MORGAN CHASE FRN05/07/2022 300,000 USD 293,811 0.02JP MORGAN CHASE VRN15/11/2043 5,000,000 USD 5,207,570 0.30JP MORGAN CHASE VRN15/02/2046 5,000,000 USD 4,922,567 0.27MORGAN STANLEY 5.35733%VRN 15/09/2021 2,500,000 USD 2,382,374 0.14MORGAN STANLEY BAMLTRUST 4.30557% 15/02/2046 2,000,000 USD 1,680,818 0.10MORGAN STANLEYCAPITAL VRN 15/02/2021 5,225,000 USD 5,347,716 0.29WTC7 DEPOSITOR TRUST5.9649% 13/03/2019 2,000,000 USD 2,074,658 0.1232,792,558 1.86TOTAL MORTGAGE BACKED SECURITIES 32,792,558 1.86TOTAL OTHER TRANSFERABLE SECURITIES 53,774,067 3.06TOTAL INVESTMENTS 1,684,593,700 95.91OTHER NET ASSETS LESS LIABILITIES 71,783,670 4.09TOTAL NET ASSETS 1,756,377,370 100.00328


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueINVESTMENTS CONTINENTAL 5.75%18/01/2017 500,000 USD 536,685 0.05TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCOUNTRY GARDEN HOLDINGSEXCHANGE LISTING 11.25% 22/04/2017 400,000 USD 434,500 0.04DP WORLD SUKUK 6.25%BONDS 02/07/2017 670,000 USD 736,005 0.07EMBRAER OVERSEAS 5.696%BELGIUM 16/09/2023 838,000 USD 828,686 0.08BNP PARIBAS FORTIS S.A.EVERGRANDE REAL ESTATE4.625% VRN PERP 3,000,000 EUR 4,082,191 0.40 13% 27/01/2015 1,500,000 USD 1,618,125 0.16KBC BANK 8% PERP 2,000,000 EUR 2,807,133 0.27 FIBRIA OVERSEAS FINANCE6,889,324 0.67 6.75% 03/03/2021 1,500,000 USD 1,608,750 0.16BRAZILFIBRIA OVERSEAS FINANCEBANCO ABC-BRASIL 7.875% 7.5% 04/05/2020 336,000 USD 366,450 0.0408/04/2020 1,500,000 USD 1,527,188 0.15 FUFENG GROUP 7.625%BANCO BMG 8% 15/04/2018 2,000,000 USD 1,982,760 0.19 13/04/2016 500,000 USD 509,063 0.05BANCO EST RIO GRANDE GRUPO AVAL 5.25%7.375% 02/02/2022 800,000 USD 795,000 0.08 01/02/2017 500,000 USD 519,358 0.05BRASIL TELECOM 5.75% HUTCHISON WHAMPOA 3.75%10/02/2022 1,840,000 USD 1,616,872 0.16 VRN PERP 1,000,000 EUR 1,285,264 0.12CENTRAIS ELECTRICASKAISA GROUP HOLDINGSBRASIL 6.875% 30/07/2019 1,000,000 USD 1,073,225 0.10 12.875% 18/09/2017 500,000 USD 565,313 0.05CIA SANEAMENTO BASICOLONGFOR PROPERTIES6.25% 16/12/2020 1,450,000 USD 1,461,781 0.14 6.75% 29/01/2023 2,000,000 USD 1,872,499 0.19VOTORANTIM CIMENTOSTRANSPRTDRA DE GAS INTL7.25% 05/04/2041 400,000 USD 368,646 0.04 5.7% 20/03/2022 1,350,000 USD 1,370,797 0.13VOTO-VOTORANTIM 6.75% 16,954,178 1.6505/04/2021 400,000 USD 432,022 0.04 CHILE9,257,494 0.90 CORPBANCA S.A. 3.125%CANADA 15/01/2018 1,000,000 USD 918,220 0.09VPII ESCROW CORP 7.5% 918,220 0.0915/07/2021 1,150,000 USD 1,246,313 0.12 COLOMBIA1,246,313 0.12 BANCO DAVIVIENDA 5.875%CAYMAN ISLANDS 09/07/2022 2,000,000 USD 1,907,500 0.19AGILE PROPERTY HOLDINGS BANCOLOMBIA S.A. 6.125%9.875% 20/03/2017 1,000,000 USD 1,085,625 0.11 26/07/2020 250,000 USD 257,031 0.02BANCO BTG PACTUAL 4% 2,164,531 0.2116/01/2020 800,000 USD 714,244 0.07 CROATIABANCO BTG PACTUAL 5.75% AGROKOR D.D 8.875%28/09/2022 700,000 USD 635,250 0.06 01/02/2020 1,000,000 USD 1,606,875 0.16BANCO DO BRASIL 5.875% 1,606,875 0.1626/01/2022 1,700,000 USD 1,625,939 0.16 DENMARKBANCO DO BRAZIL 9.25% ISS A/S 8.875% 15/05/2016 2,500,000 EUR 2,260,641 0.22PERP 600,000 USD 641,625 0.06 2,260,641 0.22329


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueFRANCE GKN HOLDINGS 5.375%CREDIT AGRICOLE S.A. 19/09/2022 950,000 GBP 1,588,428 0.158.125% VRN 19/09/2033 4,600,000 USD 4,588,224 0.45 INEOS FINANCE 8.375%CROWN EURO HOLDINGS 15/02/2019 6,000,000 USD 6,626,249 0.657.125% 15/08/2018 4,400,000 EUR 6,365,543 0.61 LLOYDS BANK 11.875%GROUPE BPCE VRN PERP 2,500,000 EUR 3,369,321 0.33 16/12/2021 2,000,000 EUR 3,335,314 0.32LABCO SAS 8.5% 15/01/2018 800,000 EUR 1,153,310 0.11 REXAM 6.75% VRNLAFARGE 5.5% 16/12/2019 4,000,000 EUR 5,962,831 0.58 29/06/2067 2,000,000 EUR 2,822,362 0.27LOXAM SAS 7.375%VEDANTA RESOURCES24/01/2020 350,000 EUR 489,472 0.05 8.25% 07/06/2021 600,000 USD 612,000 0.06RENAULT S.A. 4.625% VEDANTA RESOURCES 9.5%25/05/2016 2,500,000 EUR 3,574,484 0.35 18/07/2018 2,550,000 USD 2,811,375 0.27RENAULT S.A. 4.625% VTB BANK 6.315% 22/02/2018 1,675,000 USD 1,770,023 0.1718/09/2017 1,000,000 EUR 1,430,640 0.14 27,150,361 2.63REXEL S.A. 7% 17/12/2018 1,000,000 EUR 1,478,863 0.14 HUNGARYSPCM S.A. 5.5% 15/06/2020 1,100,000 EUR 1,582,079 0.15 MOL HUNGARIAN OIL & GASTEREOS FINANCE GROUP I 5.875% 20/04/2017 2,500,000 EUR 3,599,865 0.354.25% 04/03/2020 400,000 EUR 535,369 0.05 3,599,865 0.35WENDEL S.A. 5.875%INDIA17/09/2019 3,000,000 EUR 4,411,209 0.43 ICICI BANK 4.7% 21/02/2018 1,000,000 USD 1,000,205 0.10WENDEL S.A. 6.75% 1,000,205 0.1020/04/2018 1,100,000 EUR 1,679,796 0.16 INDONESIA36,621,141 3.55 PERUSAHAAN LISTRIKGEORGIA NEGARA 5.5% 22/11/2021 2,100,000 USD 2,023,875 0.20GEORGIAN RAILWAY JSC 2,023,875 0.207.75% 11/07/2022 700,000 USD 738,938 0.07 IRELAND738,938 0.07 ALFA BANK 7.75% 28/04/2021 2,200,000 USD 2,338,875 0.23GERMANY ALFA BANK 7.875%KABEL DEUTSCHLAND V&S 25/09/2017 700,000 USD 773,063 0.086.5% 29/06/2018 1,000,000 EUR 1,443,330 0.14 CBOM FINANCE 7.7%MUNICH 5.767% VRN PERP 1,500,000 EUR 2,134,030 0.21 01/02/2018 800,000 USD 827,500 0.08TECHEM ENERGY MET SERV GAZPROMBANK 5.625%7.875% 01/10/2020 200,000 EUR 299,157 0.03 17/05/2017 1,350,000 USD 1,425,411 0.14UNITYMEDIA GMBH 9.625%PHOSAGRO BOND FUNDING01/12/2019 1,000,000 EUR 1,502,552 0.15 4.204% 13/02/2018 1,500,000 USD 1,482,188 0.14UNITYMEDIA HESSEN 5.5% SCF CAPITAL 5.375%15/01/2023 7,000,000 USD 6,658,751 0.64 27/10/2017 1,000,000 USD 1,015,000 0.10UNITYMEDIA HESSEN 5.75% SIBUR SECURITIES 3.914%15/01/2023 450,000 EUR 609,904 0.06 31/01/2018 900,000 USD 864,000 0.0812,647,724 1.23 SMURFIT KAPPA 7.25%GREAT BRITAIN 15/11/2017 2,000,000 EUR 2,827,437 0.27BARCLAYS BANK 4.75% SMURFIT KAPPA 7.75%VRN PERP 2,750,000 EUR 2,954,766 0.29 15/11/2019 1,000,000 EUR 1,472,095 0.14BARCLAYS BANK 7.434% 13,025,569 1.26VRN PERP 4,250,000 USD 4,629,844 0.45330


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueISRAELMEXICOISRAEL ELECTRIC CORPBANCO SANTANDER S.A.9.375% 28/01/2020 1,800,000 USD 2,167,875 0.21 4.125% 09/11/2022 250,000 USD 232,521 0.022,167,875 0.21 CONTROLADORA MABEITALY 7.875% 28/10/2019 1,000,000 USD 1,094,375 0.11ENEL 8.75% VRN 24/09/2073 500,000 USD 511,448 0.05 1,326,896 0.13511,448 0.05 NETHERLANDSJAPAN ABN AMRO BANK 7.125%SOFTBANK CORP 4.625% 06/07/2022 1,000,000 EUR 1,565,903 0.1515/04/2020 400,000 EUR 550,259 0.05 CARLSON WAGONLIT 7.5%550,259 0.05 15/06/2019 500,000 EUR 709,821 0.07LUXEMBOURGCONTI-GUMMI FINANCEARCELORMITTAL 5.25% 7.125% 15/10/2018 3,000,000 EUR 4,228,466 0.4105/08/2020 4,750,000 USD 4,895,469 0.48 ELM BV 5.252% VRN PERP 2,500,000 EUR 3,487,343 0.34ARCELORMITTAL 6.75%GMAC INTERNATIONAL01/03/2041 1,000,000 USD 920,625 0.09 FINANCE 7.5% 21/04/2015 2,500,000 EUR 3,633,706 0.35ARCELORMITTAL 7% GTB FINANCE 7.5%15/10/2039 1,600,000 USD 1,520,000 0.15 19/05/2016 1,000,000 USD 1,058,750 0.10CEMEX ESPANA 9.875% HSBK EUROPE 7.25%30/04/2019 1,500,000 USD 1,684,688 0.16 03/05/2017 1,400,000 USD 1,484,000 0.14FIAT FINANCE 7.625%IBERDROLA INTERNATIONAL15/09/2014 750,000 EUR 1,064,731 0.10 5.75% VRN PERP 1,500,000 EUR 2,051,776 0.20FMC FINANCE VIII S.A. 6.5% INDO ENERGY FINANCE 7%15/09/2018 500,000 EUR 785,540 0.08 07/05/2018 700,000 USD 683,375 0.07GAZPROM CAPITAL 5.999% ING GROEP 8% PERP 2,000,000 EUR 2,812,209 0.2723/01/2021 500,000 USD 525,338 0.05 INTERGAS 6.375% 14/05/2017 400,000 USD 434,250 0.04GAZPROM CAPITAL 6.212% KONINKLIJKE KPN 7%22/11/2016 1,000,000 USD 1,099,480 0.11 VRN 28/03/2073 4,800,000 USD 4,815,095 0.47GRIEF LUXEMBOURG FINANCELBC TANK TERMINALS7.375% 15/07/2021 550,000 EUR 843,155 0.08 HOLDING 6.875% 15/05/2023 3,500,000 USD 3,517,500 0.34HEIDELBERGCEMENT 7.5%NOKIA SIEMENS NETWORKS03/04/2020 4,000,000 EUR 6,436,608 0.63 FINANCE 7.125% 15/04/2020 300,000 EUR 451,527 0.04INTELSAT JACKSON HOLDINGSOI EUROPEAN GROUP6.625% 15/12/2022 3,000,000 USD 2,975,625 0.29 4.875% 31/03/2021 200,000 EUR 277,160 0.03KION FINANCE S.A. 6.75%RABOBANK NEDERLAND15/02/2020 650,000 EUR 952,462 0.09 6.875% 19/03/2020 3,000,000 EUR 4,492,814 0.44MINERVA LUXEMBOURG S.A.SCHAEFFLER FINANCE7.75% 31/01/2023 750,000 USD 713,438 0.07 7.75% 15/02/2017 1,750,000 EUR 2,669,442 0.26RUSSIAN STANDARD BANK VIMPELCOM HOLDINGS 5.2%9.25% 11/07/2017 1,000,000 USD 1,058,750 0.10 13/02/2019 2,000,000 USD 1,990,000 0.19SISTEMA INTERNATIONALVIMPLECOM HOLDINGSFUNDING 6.95% 17/05/2019 700,000 USD 741,563 0.07 7.5043% 01/03/2022 2,500,000 USD 2,642,188 0.26SPIE BONDCO 3 SCA 11% ZIGGO BOND 8% 15/05/2018 4,000,000 EUR 5,786,856 0.5615/08/2019 150,000 EUR 229,698 0.02 48,792,181 4.73UNICREDIT 5.1875%13/10/2015 300,000 USD 306,576 0.0326,753,746 2.60331


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValuePANAMA YAPI VE KREDI BANKASI 4%BANCO DE CREDITO DEL 22/01/2020 450,000 USD 400,813 0.045.375% 16/09/2020 1,000,000 USD 1,018,780 0.10 YAPI VE KREDI BANKASI 6.75%1,018,780 0.10 08/02/2017 675,000 USD 710,657 0.07PARAGUAY 6,573,557 0.64PARAGUAY (GOVT) 4.625%UNITED STATES25/01/2023 300,000 USD 275,250 0.03 ACCO BRANDS CORP 6.75%275,250 0.03 30/04/2020 4,000,000 USD 4,015,000 0.39PERU ALOROSA FINANCE 7.75%BANCO INTERNAC DEL PERU 03/11/2020 700,000 USD 777,000 0.085.75% 07/10/2020 650,000 USD 645,899 0.06 AMERICAN AXLE 7.75%645,899 0.06 15/11/2019 1,133,000 USD 1,262,587 0.12POLAND AVIS BUDGET FINANCE 5.5%CYFROWY POLSAT FINANCE 01/04/2023 2,000,000 USD 1,863,750 0.187.125% 20/05/2018 2,750,000 EUR 4,004,057 0.39 AVIS BUDGET FINANCE 6%4,004,057 0.39 01/03/2021 100,000 EUR 137,480 0.01SINGAPORE BELDEN INC 5.5% 15/04/2023 300,000 EUR 394,674 0.04FLEXTRONICS INTERNATIONALBOISE CASCADE COMPANY5% 15/02/2023 1,850,000 USD 1,765,594 0.18 6.375% 01/11/2020 5,000,000 USD 5,143,750 0.50THETA CAPITAL 6.125%CAESARS ENTERTAINMENT14/11/2020 500,000 USD 459,375 0.04 11.25% 01/06/2017 3,500,000 USD 3,556,875 0.352,224,969 0.22 CEMEX FINANCE 9.375%SPAIN 12/10/2022 1,500,000 USD 1,651,875 0.16ENCE ENERGIA Y CELULOSA CEMEX FINANCE 9.5%7.25% 15/02/2020 650,000 EUR 926,066 0.09 14/12/2016 231,000 USD 245,149 0.02926,066 0.09 CENTURYLINK 6.45%SRI LANKA 15/06/2021 5,000,000 USD 4,984,375 0.48BANK OF CEYLON 6.875% CHEMTURA CORP 5.75%03/05/2017 350,000 USD 352,625 0.03 15/07/2021 4,200,000 USD 4,213,125 0.41352,625 0.03 COMMERCIAL METALS 4.875%SWITZERLAND 15/05/2023 1,000,000 USD 902,500 0.09CREDIT SUISSE AG 5.75%CROSSTEX ENERGY LPVRN 18/09/2025 600,000 EUR 809,823 0.08 7.125% 01/06/2022 2,720,000 USD 2,803,300 0.27809,823 0.08 DISH DBS CORP 5.125%TURKEY 01/05/2020 6,250,000 USD 6,226,562 0.60AKBANK 5% 24/10/2022 400,000 USD 367,528 0.04 FELCOR LODGING LP 5.625%FINANSBANK 5.15% 01/03/2023 3,000,000 USD 2,812,500 0.2701/11/2017 1,000,000 USD 946,875 0.09 FIRST QUALITY FINANCE CORPFINANSBANK 5.5% 11/05/2016 1,000,000 USD 985,625 0.10 4.625% 15/05/2021 700,000 USD 631,750 0.06TURKIYE GARANTI BANKASI FRESENIUS 8.75% 15/07/2015 1,000,000 EUR 1,527,933 0.15AS 5.25% 13/09/2022 1,000,000 USD 917,015 0.09 FRONTIER COMMUNICATIONSTURKIYE HALK BANKASI 7.625% 15/04/2024 3,000,000 USD 3,009,375 0.293.875% 05/02/2020 1,950,000 USD 1,750,388 0.16 FRONTIER COMMUNICATIONSTURKIYE VAKIFLAR BANKASI 9% 15/08/2031 1,000,000 USD 973,125 0.096% 01/11/2022 550,000 USD 494,656 0.05332


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueHALCON RESOURCES CORPSERVICE CORP INTERNATIONAL8.875% 15/05/2021 1,000,000 USD 1,036,250 0.10 5.375% 15/01/2022 1,200,000 USD 1,146,000 0.11HALCON RESOURCES CORP SINCLAIR TELEVISION 6.125%9.25% 15/02/2022 1,000,000 USD 1,040,625 0.10 01/10/2022 4,000,000 USD 3,982,500 0.39INTERNATIONAL LEASE FINANCE SIRIUS XM RADIO INC 5.75%4.625% 15/04/2021 500,000 USD 463,750 0.05 01/08/2021 2,000,000 USD 1,991,250 0.19JACK COOPER HOLDINGS SIRIUS XM RADIO INC 5.875%CORP 9.25% 01/06/2020 2,500,000 USD 2,639,063 0.26 01/10/2020 4,000,000 USD 4,032,500 0.39LIMITED BRANDS 6.95% SLM CORP 7.25% 25/01/2022 5,160,000 USD 5,263,200 0.5101/03/2033 7,750,000 USD 7,624,062 0.74 SPRINT COMMUNICATIONS INCLIMITED BRANDS 7.6% 7% 15/08/2020 8,500,000 USD 8,675,312 0.8515/07/2037 950,000 USD 955,344 0.09 SPRINT CORP 7.25%LSB INDUSTRIES 7.75% 15/09/2021 1,750,000 USD 1,772,969 0.1701/08/2019 2,000,000 USD 2,090,000 0.20 SPRINT CORP 7.875%MGM RESORTS INTERNATIONAL 15/09/2023 1,750,000 USD 1,793,750 0.176.75% 01/10/2020 2,000,000 USD 2,120,000 0.21 SUN MERGER SUB INC 5.25%MGM RESORTS INTERNATIONAL 01/08/2018 1,000,000 USD 1,026,250 0.107.75% 15/03/2022 4,500,000 USD 4,899,375 0.48 TENET HEALTHCARE CORPMIDSTATES PETROLEUM 4.375% 01/10/2021 2,000,000 USD 1,860,000 0.189.25% 01/06/2021 1,000,000 USD 1,000,625 0.10 TENET HEALTHCARE CORPMRT MID PART/MRT MID 6% 01/10/2020 250,000 USD 256,250 0.02FINANCE 7.25% 15/02/2021 5,000,000 USD 5,084,375 0.49 TRANSDIGM INC 5.5%OASIS PETROLEUM INC 15/10/2020 2,250,000 USD 2,223,281 0.226.875% 15/03/2022 2,050,000 USD 2,170,438 0.21 WINDSTREAM CORP 6.375%PBF HOLDING 8.25% 01/08/2023 1,600,000 USD 1,467,000 0.1415/02/2020 5,000,000 USD 5,212,500 0.51 159,380,520 15.47PEABODY ENERGY CORPVENEZUELA6% 15/11/2018 7,000,000 USD 6,956,249 0.68 PETROLEOS DE VENEZUELAPENN VIRGINIA RESOURCE 5% 28/10/2015 2,400,000 USD 2,116,499 0.206.5% 15/05/2021 3,000,000 USD 2,844,375 0.28 VENEZUELA (GOVT) 7.65%PENSKE AUTO GROUP INC 21/04/2025 1,500,000 USD 1,087,500 0.115.75% 01/10/2022 4,909,000 USD 4,844,569 0.47 VENEZUELA (GOVT) 7.75%PLASTIPAK HOLDINGS INC 13/10/2019 1,250,000 USD 1,042,188 0.106.5% 01/10/2021 5,000,000 USD 5,081,250 0.49 VENEZUELA (GOVT) 9.25%PNK FINANCE CORP 6.375% 07/05/2028 1,550,000 USD 1,222,563 0.1201/08/2021 5,000,000 USD 5,125,000 0.50 VENEZUELA (GOVT) 9.375%POST HOLDINGS INC 7.375% 13/01/2034 1,940,000 USD 1,536,238 0.1515/02/2022 250,000 USD 262,969 0.03 VENEZUELA (GOVT)RESOLUTE ENERGY CORP 12.75% 23/08/2022 1,000,000 USD 996,250 0.108.5% 01/05/2020 5,500,000 USD 5,678,749 0.55 8,001,238 0.78SBA TELECOMMUNICATIONSVIRGIN ISLANDS5.75% 15/07/2020 1,594,000 USD 1,593,004 0.15 FRANSHION INVESTMENTSELECT MEDICAL CORP 4.7% 26/10/2017 1,000,000 USD 998,125 0.106.375% 01/06/2021 4,500,000 USD 4,277,813 0.42 GOLD FIELDS OROGENSEMGROUP LP 7.5% HOLDINGS 4.875% 07/10/2020 700,000 USD 557,813 0.0515/06/2021 1,300,000 USD 1,344,688 0.13 1,555,938 0.15SEMINOLE HARD ROCK ENT TOTAL BONDS 403,976,381 39.225.875% 15/05/2021 2,500,000 USD 2,412,500 0.23333


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueINVESTMENT FUNDS KONINKLIJKE KPN 6.125%VRN PERP 1,000,000 EUR 1,390,301 0.14LUXEMBOURG 4,429,964 0.43HGIF GEM LOCAL DEBT "ZM" 317,435 USD 3,822,554 0.37 SPAINHGIF GLOBAL ASSET BACKEDMAPFRE S.A. 5.921% VRNHIGH YIELD "ZC" 57,534 USD 7,673,855 0.75 24/07/2037 250,000 EUR 321,915 0.0311,496,409 1.12 321,915 0.03TOTAL INVESTMENT FUNDS 11,496,409 1.12 UNITED STATESFIFTH THIRD CAPITAL TRUSTFLOATING RATE BONDS 6.5% VRN 15/04/2037 7,595,000 USD 7,558,468 0.74GE CAPITAL TRUST 4.625%AUSTRIA 15/09/2066 3,250,000 EUR 4,401,279 0.43OMV AG 6.75% VRN PERP 1,500,000 EUR 2,244,498 0.22 JP MORGAN CHASE 5.15%2,244,498 0.22 VRN PERP 1,250,000 USD 1,101,369 0.11FRANCE 13,061,116 1.28AXA S.A. 5.125% VRN TOTAL FLOATING RATE BONDS 38,377,551 3.7304/07/2043 600,000 EUR 836,889 0.08AXA S.A. 6.211% VRN PERP 1,000,000 EUR 1,402,734 0.14 ASSET BACKED SECURITIESCREDIT AGRICOLE 7.875%VRN PERP 2,000,000 EUR 3,010,181 0.29 BRAZILSOCIETE GENERALE 9.375% BANCO BMG 9.15%VRN PERP 2,000,000 EUR 3,116,781 0.30 15/01/2016 500,000 USD 311,849 0.038,366,585 0.81 311,849 0.03GREAT BRITAINGERMANYBG ENERGY CAPITAL VRN UNITYMEDIA HESSEN 8.125%30/11/2072 500,000 EUR 747,743 0.07 01/12/2017 2,500,000 EUR 1,377,718 0.14HELLERMANNTYTON FINANCE 1,377,718 0.14FRN 15/12/2017 300,000 EUR 414,022 0.04 IRAQROYAL BANK OF SCOTLAND IRAQ (GOVT) 5.8%10.5% VRN 16/03/2022 500,000 EUR 810,952 0.08 15/01/2028 1,500,000 USD 1,278,593 0.12SSE 5.625% VRN PERP 500,000 EUR 711,953 0.07 1,278,593 0.122,684,670 0.26 TOTAL ASSET BACKED SECURITIES 2,968,160 0.29JERSEYUBS FUNDING 4.28% VRNCONVERTIBLE BONDSPERP 3,500,000 EUR 4,785,155 0.464,785,155 0.46 SPAINLUXEMBOURGBANCO BILBAO VIZCAYATALANX FINANZ AG 8.36% ARG 9% VRN 2,000,000 USD 10,906,280 1.0615/06/2042 1,500,000 EUR 2,483,648 0.24 10,906,280 1.062,483,648 0.24NETHERLANDSABN AMRO BANK 4.31%VRN PERP 600,000 EUR 779,703 0.08ALLIANZ FIN 5.75% 08/07/2041 1,500,000 EUR 2,259,960 0.21334


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueUNITED STATES IAMGOLD CORP 6.75%FIFTH THIRD BANCORP 5.1% 01/10/2020 4,000,000 USD 3,490,000 0.34VRN PERP 2,500,000 USD 2,206,250 0.21 INMET MINING CORP 7.5%JP MORGAN CHASE 6% 01/06/2021 500,000 USD 515,938 0.05VRN PERP 2,150,000 USD 2,015,937 0.20 INMET MINING CORP 8.75%4,222,187 0.41 01/06/2020 1,250,000 USD 1,344,531 0.13TOTAL CONVERTIBLE BONDS 15,128,467 1.47 9,347,969 0.91TOTAL TRANSFERABLE SECURITIESCAYMAN ISLANDSADMITTED TO AN OFFICIAL STOCK 471,946,968 45.83 CHINA SHANSHUI CEMENTEXCHANGE LISTING 10.5% 27/04/2017 600,000 USD 643,500 0.06COUNTRY GARDEN HOLDINGSTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 7.5% 10/01/2023 1,100,000 USD 1,064,250 0.10MARKETCOUNTRY GARDEN HOLDINGS11.125% 23/02/2018 2,000,000 USD 2,239,999 0.22BONDS GRUPO AVAL 4.75%26/09/2022 1,441,000 USD 1,289,940 0.13AUSTRALIA JBS FINANCE 8.25%FMG RESOURCES AUG 2006 29/01/2018 1,200,000 USD 1,241,250 0.126.875% 01/04/2022 4,250,000 USD 4,276,563 0.42 KAISA GROUP HOLDINGSFMG RESOURCES AUG 2006 8.875% 19/03/2018 1,000,000 USD 1,016,875 0.108.25% 01/11/2019 4,250,000 USD 4,608,593 0.44 LONGFOR PROPERTIES 9.5%8,885,156 0.86 07/04/2016 400,000 USD 429,000 0.04AUSTRIA MIE HOLDINGS 9.75%ESAL GMBH 6.25% 12/05/2016 1,000,000 USD 1,030,000 0.1005/02/2023 1,500,000 USD 1,326,563 0.13 UPCB FINANCE VI 6.875%SAPPI PAPIER 8.375% 15/01/2022 3,500,000 USD 3,725,312 0.3615/06/2019 1,000,000 USD 1,052,500 0.10 12,680,126 1.232,379,063 0.23 COLOMBIABERMUDA ISLANDS BANCO DE BOGOTA 5.375%AIRCASTLE 6.25% 19/02/2023 1,800,000 USD 1,677,510 0.1601/12/2019 5,000,000 USD 5,300,000 0.51 BANKCOLOMBIA 5.95%5,300,000 0.51 03/06/2021 900,000 USD 923,112 0.09BRAZIL 2,600,622 0.25BANCO DAYCOVAL 6.25%CROATIA28/01/2016 500,000 USD 520,000 0.05 AGROKOR 8.875%BRAZIL (GOVT) 10% 01/02/2020 5,000,000 USD 5,356,250 0.5201/01/2018 20,000 BRL 8,577,772 0.83 5,356,250 0.52CAIXA ECONOMICA FEDERALFRANCE4.5% 03/10/2018 425,000 USD 421,237 0.04 BANQUE PSA FINANCE 5.75%9,519,009 0.92 04/04/2021 1,925,000 USD 1,933,422 0.19CANADA NOVALIS 6% 15/06/2018 400,000 EUR 563,119 0.05BOMBARDIER INC 5.75% 2,496,541 0.2415/03/2022 2,500,000 USD 2,493,750 0.24 GERMANYBOMBARDIER INC 6.125%WEPA HYGIENERPRODUKTE15/01/2023 1,500,000 USD 1,503,750 0.15 GMB 6.5% 15/05/2020 200,000 EUR 284,267 0.03284,267 0.03335


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueGREAT BRITAIN SCHAEFFLER FINANCE 4.75%AVIVA 6.125% VRN 15/05/2021 2,000,000 USD 1,941,250 0.1905/07/2043 1,000,000 EUR 1,422,085 0.14 SCHAEFFLER FINANCE 6.875%1,422,085 0.14 15/08/2018 700,000 EUR 997,302 0.10INDONESIA SCHAEFFLER FINANCE 6.875%ADARO INDONESIA 7.625% 15/08/2018 1,000,000 USD 1,053,750 0.1022/10/2019 500,000 USD 523,750 0.05 TELEFONICA EUROPE 7.625%PERUSAHAAN LISTRIK NEGARA VRN PERP 600,000 EUR 830,457 0.085.25% 24/10/2042 650,000 USD 491,969 0.05 UPC HOLDING 8.375%1,015,719 0.10 15/08/2020 1,500,000 EUR 2,214,488 0.22IRELANDVOLKSWAGEN INTERNATIONALARDAGH PACKAGING FINANCE FINANCE 3.875% VRN PERP 300,000 EUR 407,604 0.047% 15/11/2020 7,000,000 USD 6,741,875 0.66 VOLKSWAGEN INTERNATIONALBW GROUP 6.625% FINANCE 5.125% VRN PERP 300,000 EUR 417,880 0.0428/06/2017 700,000 USD 719,688 0.07 16,543,541 1.61MTS INTERNATIONAL FUNDINGPERU8.625% 22/06/2020 900,000 USD 1,054,125 0.10 BANCO DE CREDITO DEL PER8,515,688 0.83 4.25% 01/04/2023 1,100,000 USD 979,864 0.10LUXEMBOURGBBVA BANCO CONTINENTALCEMEX ESPANA 9.25% 5% 26/08/2022 1,000,000 USD 962,025 0.0912/05/2020 400,000 USD 433,000 0.04 1,941,889 0.19CEMEX ESPANA 9.875%SLOVENIA30/04/2019 1,127,000 EUR 1,713,399 0.17 SLOVENIA (GOVT) 5.85%FIAT INDUSTRIAL 6.25% 10/05/2023 900,000 USD 858,848 0.0809/03/2018 2,000,000 EUR 2,993,260 0.29 858,848 0.08INTELSAT JACKSON HOLDINGSSOUTH AFRICA7.25% 15/10/2020 5,750,000 USD 6,148,906 0.60 ESKOM HOLDINGS 6.75%11,288,565 1.10 06/08/2023 200,000 USD 206,698 0.02MEXICO 206,698 0.02ALPEK S.A. 4.5% 20/11/2022 850,000 USD 792,553 0.07 TURKEYBBVA BANCOMER 6.75% AKBANK 5.125% 22/07/2015 360,000 USD 370,089 0.0430/09/2022 600,000 USD 623,511 0.06 COCA COLA ICECEK URETIMTENEDORA NEMAK S.A. 4.75% 01/10/2018 400,000 USD 404,116 0.045.5% 28/02/2023 500,000 USD 475,000 0.05 TUPRAS-TURKIYE PETROL1,891,064 0.18 4.125% 02/05/2018 500,000 USD 468,750 0.05NETHERLANDS TURKIYE IS BANKASI 3.75%BHARTI AIRTEL 5.125% 10/10/2018 1,400,000 USD 1,306,802 0.1211/03/2023 1,000,000 USD 895,000 0.09 2,549,757 0.25CARLSON WAGONLITUNITED ARAB EMIRATES6.875% 15/06/2019 3,675,000 USD 3,725,530 0.36 DUBAI ELECTRIC & WATERHERTZ HOLDINGS 8.5% 7.375% 21/10/2020 1,875,000 USD 2,200,116 0.2131/07/2015 2,500,000 EUR 3,542,741 0.34 2,200,116 0.21INTERXION HOLDING 6%UNITED STATES15/07/2020 200,000 EUR 277,837 0.03 ALLY FINANCIAL 7.5%SCHAEFFLER FINANCE 4.25% 15/09/2020 4,500,000 USD 5,087,813 0.4915/05/2018 175,000 EUR 239,702 0.02 ALLY FINANCIAL 8%15/03/2020 1,000,000 USD 1,155,000 0.11336


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueALLY FINANCIAL 8%COMMUNITY HEALTH SYSTEM01/11/2031 2,500,000 USD 2,839,063 0.28 7.125% 15/07/2020 9,000,000 USD 9,101,249 0.89ALPHA NATURAL RESOURCESCOMSTOCK RESOURCES INC9.75% 15/04/2018 4,000,000 USD 4,107,500 0.40 9.5% 15/06/2020 1,859,000 USD 2,035,605 0.20ALTA MESA HOLDINGS COMSTOCK 7.75%9.625% 15/10/2018 7,000,000 USD 7,402,500 0.72 01/04/2019 6,000,000 USD 6,206,250 0.60AMERICAN AXLE & MFG INCCROWN CASTLE INTERNATIONAL6.625% 15/10/2022 7,500,000 USD 7,729,687 0.75 CORP 5.25% 15/01/2023 4,500,000 USD 4,173,750 0.41ATLAS PIPE ESCROW 6.625% DANA HOLDING 6.75%01/10/2020 1,000,000 USD 1,014,375 0.10 05/02/2021 4,000,000 USD 4,262,500 0.41ATLAS PIPELINE FINANCEEAGLE ROCK ENERGY6.625% 01/10/2020 3,000,000 USD 3,065,625 0.30 8.375% 01/06/2019 5,000,000 USD 5,037,500 0.49BC MOUNTAIN LLC 7%EXTERRAN PARTNERS CORP01/02/2021 3,350,000 USD 3,423,281 0.33 6% 01/04/2021 2,000,000 USD 1,947,500 0.19BERRY PETROLEUM 6.375% FIRST DATA CORP 6.75%15/09/2022 3,250,000 USD 3,268,281 0.32 01/11/2020 5,500,000 USD 5,682,188 0.55BREITBURN ENERGY PARTNERSFLASH DUTCH 2 BV&US7.875% 15/04/2022 4,000,000 USD 4,007,500 0.39 7.375% 01/05/2021 4,000,000 USD 4,197,500 0.41BROCADE COMMUNICATIONS FOREST OIL CORP 7.25%SYSTEMS 4.625% 15/01/2023 3,750,000 USD 3,445,313 0.33 15/06/2019 5,000,000 USD 5,031,250 0.49CARMIKE CINEMAS INC 7.375%FRONTIER COMMUNICATIONS15/05/2019 2,500,000 USD 2,709,375 0.26 7.125% 15/01/2023 7,500,000 USD 7,462,500 0.72CARRIZO OIL & GAS 7.5%GENERAL MOTORS FINANCE15/09/2020 4,700,000 USD 4,996,688 0.49 4.75% 15/08/2017 2,800,000 USD 2,912,000 0.28CCO HOLDINGS CORP 5.25% HCA INC 5.875% 01/05/2023 5,000,000 USD 4,950,000 0.4830/09/2022 6,750,000 USD 6,260,625 0.61 HCA INC 8% 01/10/2018 6,500,000 USD 7,511,563 0.73CCO HOLDINGS LLC 6.5% HEALTHSOUTH 5.75%30/04/2021 1,230,000 USD 1,259,981 0.12 01/11/2024 2,000,000 USD 1,928,750 0.19CENTURYLINK 5.625% HERTZ CORP 7.375%01/04/2020 975,000 USD 960,975 0.09 15/01/2021 4,000,000 USD 4,327,500 0.42CENTURYLINK 7.65%INTERNATIONAL LEASE15/03/2042 5,500,000 USD 4,868,188 0.47 FINANCE 5.875% 15/08/2022 15,250,000 USD 15,068,905 1.47CHAPARRAL ENERGY INC JBS USA 7.25% 01/06/2021 1,750,000 USD 1,768,594 0.177.625% 15/11/2022 5,000,000 USD 5,115,625 0.50 KB HOME 7.5% 15/09/2022 1,035,000 USD 1,080,928 0.10CHRYSLER GROUP 8.25% LEAR CORP 4.75% 15/01/2023 6,000,000 USD 5,583,750 0.5415/06/2021 7,500,000 USD 8,446,874 0.83 LYNX II CORP 6.375%CINCINNATI BELL 8.25% 15/04/2023 3,000,000 USD 2,992,500 0.2915/10/2017 4,250,000 USD 4,433,281 0.43 MAGNUM HUNTER RESOURCESCINCINNATI BELL 8.375% CORP 9.75% 15/05/2020 3,500,000 USD 3,624,688 0.3515/10/2020 1,011,000 USD 1,079,243 0.10 MANITOWOC COMPANYCIT GROUP INC 5.37% 5.875% 15/10/2022 1,000,000 USD 981,250 0.1015/05/2020 5,000,000 USD 5,190,625 0.50 MANITOWOC COMPANYCLAYTON WILLIAMS ENERGY 8.5% 01/11/2020 4,000,000 USD 4,467,500 0.437.75% 01/04/2019 5,000,000 USD 5,043,750 0.49 METROPCS WIRELESSCLEAN HARBORS INC 5.25% 6.625% 01/04/2023 2,100,000 USD 2,109,188 0.2001/08/2020 5,500,000 USD 5,472,500 0.53 MPT OPERATING PARTNERSHIP5.75% 01/10/2020 100,000 EUR 137,649 0.01337


Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueNEWFIELD EXPLORATIONVIRGIN ISLANDS5.625% 01/07/2024 2,659,000 USD 2,584,216 0.25 STAR ENERGY GEOTHERMALNORTHERN TIER ENERGY 6.125% 27/03/2020 1,000,000 USD 940,000 0.09LLC 7.125% 15/11/2020 1,000,000 USD 1,005,000 0.10 940,000 0.09OASIS PETROLEUM INC TOTAL BONDS 406,616,743 39.496.875% 15/01/2023 6,177,000 USD 6,590,087 0.64PH GLATFELTER 5.375%INVESTMENT FUNDS15/10/2020 5,000,000 USD 4,962,500 0.48POST HOLDINGS INC 7.375%LUXEMBOURG15/02/2022 2,000,000 USD 2,120,000 0.21 HSBC GLOBAL INVEST FUNDS -QR ENERGY LP FINANCE EURO HYBOND "Z ACC" 310,859 EUR 16,047,823 1.569.25% 01/08/2020 5,000,000 USD 5,112,500 0.50 16,047,823 1.56RAIN CII CARBON 8.25% TOTAL INVESTMENT FUNDS 16,047,823 1.5615/01/2021 4,200,000 USD 4,289,250 0.42REYNOLDS GROUP 6.875%FLOATING RATE BONDS15/02/2021 2,000,000 USD 2,147,500 0.21REYNOLDS GROUP 9.875%FRANCE15/08/2019 4,000,000 USD 4,360,000 0.42 ELECTRICITE DE FRANCESANDRIDGE ENERGY 7.5% 5.25% VRN PERP 7,465,000 USD 7,072,080 0.6915/03/2021 2,000,000 USD 2,050,000 0.20 7,072,080 0.69SANDRIDGE ENERGY 7.5%UNITED STATES15/02/2023 3,750,000 USD 3,771,094 0.37 BANK OF AMERICA 8.125%SANDRIDGE ENERGY 8.125% VRN PERP 5,000,000 USD 5,512,500 0.5415/10/2022 5,750,000 USD 5,890,156 0.57 CITIGROUP INC 5.95%SPECTRUM BRANDS ESCROW VRN PERP 6,500,000 USD 6,085,625 0.58CORP 6.625% 15/11/2022 5,000,000 USD 5,200,000 0.50 PPL CAPITAL FUNDING 6.7%SWIFT ENERGY 7.875% VRN 30/03/2067 3,000,000 USD 3,063,750 0.3001/03/2022 8,440,000 USD 8,287,024 0.81 14,661,875 1.42UNIVISION COMMUNICATIONS TOTAL FLOATING RATE BONDS 21,733,955 2.116.75% 15/09/2022 3,000,000 USD 3,174,375 0.31 TOTAL TRANSFERABLE SECURITIES444,398,521 43.16UNIVISION COMMUNICATIONSTRADED ON ANOTHER REGULATED MARKET6.875% 15/05/2019 1,500,000 USD 1,601,250 0.16VPI ESCROW CORP 6.375%OTHER TRANSFERABLE SECURITIES15/10/2020 8,000,000 USD 8,339,999 0.82WEX INC 4.75% 01/02/2023 2,650,000 USD 2,442,969 0.24 BONDSWINDSTREAM CORP 7.5%01/06/2022 3,800,000 USD 3,816,625 0.37 UNITED STATESWINDSTREAM CORP 7.5%SPRINT COMMUNICATIONS INC01/04/2023 2,000,000 USD 2,003,750 0.19 7% 01/03/2020 1,000,000 USD 1,079,375 0.10WINDSTREAM CORP 7.75% 1,079,375 0.1015/10/2020 1,000,000 USD 1,038,750 0.10 TOTAL BONDS 1,079,375 0.10297,753,270 28.93 TOTAL OTHER TRANSFERABLE SECURITIES 1,079,375 0.10VENEZUELA TOTAL INVESTMENTS 917,424,864 89.09PETROLEOS DE VENEZUELA OTHER NET ASSETS LESS LIABILITIES 112,309,382 10.915.25% 12/04/2017 800,000 USD 640,500 0.06 TOTAL NET ASSETS 1,029,734,246 100.00640,500 0.06338


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Inflation Linked BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSGERMANYGERMANY (GOVT) 0.1%TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 15/04/2023 150,000 EUR 208,029 0.66EXCHANGE LISTING GERMANY (GOVT) 0.75%15/04/2018 2,000,000 EUR 3,021,079 9.54BONDS GERMANY (GOVT) 1.75%15/04/2020 170,000 EUR 283,285 0.90AUSTRALIA 3,512,393 11.10AUSTRALIA (GOVT) 4%20/08/2020 250,000 AUD 428,751 1.36 ITALY428,751 1.36 ITALY (GOVT) 2.1% 15/09/2016 450,000 EUR 658,953 2.07CANADA ITALY (GOVT) 2.1% 15/09/2017 100,000 EUR 157,345 0.50CANADA (GOVT) 4.25% ITALY (GOVT) 2.1% 15/09/2021 300,000 EUR 414,041 1.3101/12/2021 150,000 CAD 279,192 0.88 ITALY (GOVT) 2.35% 15/09/2019 400,000 EUR 596,988 1.89279,192 0.88 ITALY (GOVT) 2.55% 15/09/2041 370,000 EUR 451,486 1.43FRANCE ITALY (GOVT) 2.6% 15/09/2023 400,000 EUR 591,033 1.87FRANCE (GOVT) 2.1% 2,869,846 9.0725/07/2023 120,000 EUR 204,127 0.65 TOTAL INFLATION INDEX BOND 8,928,173 28.22204,127 0.65GERMANYTREASURY BONDS/NOTES - FIXED RATEGERMANY (GOVT) 1.5%15/04/2016 30,000 EUR 49,532 0.16 GREAT BRITAIN49,532 0.16 UK (GOVT) 0.125%SWEDEN TREASURY NOTE 22/03/2029 350,000 GBP 606,238 1.92SWEDEN (GOVT) 3.5% UK (GOVT) 0.125%01/12/2028 2,000,000 SEK 510,167 1.61 TREASURY NOTE 22/03/2044 90,000 GBP 153,068 0.48SWEDEN (GOVT) 4% UK (GOVT) 0.375%01/12/2020 2,000,000 SEK 516,540 1.62 TREASURY NOTE 22/03/2062 200,000 GBP 402,398 1.271,026,707 3.23 UK (GOVT) 0.625%TOTAL BONDS 1,988,309 6.28 TREASURY NOTE 22/11/2042 100,000 GBP 224,124 0.71UK (GOVT) 0.75%INFLATION INDEX BOND TREASURY NOTE 22/11/2047 720,000 GBP 1,742,944 5.51UK (GOVT) 1.125%FRANCE TREASURY NOTE 22/11/2037 830,000 GBP 2,098,156 6.62FRANCE (GOVT) 0.25% UK (GOVT) 1.25%25/07/2018 400,000 EUR 573,109 1.82 TREASURY NOTE 22/11/2027 200,000 GBP 495,794 1.57FRANCE (GOVT) 1% UK (GOVT) 2.5%25/07/2017 150,000 EUR 243,631 0.77 TREASURY NOTE 26/07/2016 100,000 GBP 554,371 1.75FRANCE (GOVT) 1.1% UK (GOVT) 2.5%25/07/2022 350,000 EUR 538,590 1.70 TREASURY NOTE 16/04/2020 50,000 GBP 296,079 0.94FRANCE (GOVT) 1.8% UK (GOVT) 2.5%25/07/2040 100,000 EUR 174,816 0.55 TREASURY NOTE 17/07/2024 150,000 GBP 797,924 2.52FRANCE (GOVT) 2.25% 7,371,096 23.2925/7/2020 200,000 EUR 376,669 1.19 UNITED STATESFRANCE (GOVT) 3.15% US (GOVT) 0.375%25/07/2032 120,000 EUR 268,027 0.85 TREASURY NOTE 15/07/2023 300,000 USD 298,564 0.94FRANCE (GOVT) 3.4% US (GOVT) 0.625%25/07/2029 160,000 EUR 371,092 1.17 TREASURY NOTE 15/02/2043 500,000 USD 415,085 1.322,545,934 8.05339


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Inflation Linked BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsUS (GOVT) 3.875% US (GOVT) 2.375%TREASURY NOTE 15/04/2029 100,000 USD 203,289 0.64 TREASURY NOTE 15/01/2017 200,000 USD 256,925 0.81916,938 2.90 US (GOVT) 2.375%TOTAL TREASURY BONDS/NOTES - FIXED8,288,034 26.19TREASURY NOTE 15/01/2025 670,000 USD 988,646 3.12RATE US (GOVT) 3.375%TOTAL TRANSFERABLE SECURITIES TREASURY NOTE 15/04/2032 250,000 USD 459,527 1.45ADMITTED TO AN OFFICIAL STOCK 19,204,516 60.69 8,201,500 25.92EXCHANGE LISTINGTOTAL TREASURY BONDS/NOTES - FIXEDRATE8,201,500 25.92TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDTOTAL TRANSFERABLE SECURITIES9,409,068 29.74MARKETTRADED ON ANOTHER REGULATED MARKETBONDSFINANCIAL INSTRUMENTSGREAT BRITAINTREASURY BILLSUK (GOVT) 1.875% 22/11/2022 250,000 GBP 600,896 1.90600,896 1.90 UNITED STATESTOTAL BONDS 600,896 1.90 US (GOVT) 1.125%TREASURY BILL 15/01/2021 1,000,000 USD 1,147,595 3.63INFLATION INDEX BOND US (GOVT) 1.625%TREASURY BILL 15/01/2018 600,000 USD 734,972 2.32CANADA 1,882,567 5.95CANADA (GOVT) 4% 01/12/2031 280,000 CAD 551,843 1.75 TOTAL TREASURY BILLS 1,882,567 5.95551,843 1.75 TOTAL FINANCIAL INSTRUMENTS 1,882,567 5.95TOTAL INVESTMENTS 30,496,151 96.38JAPAN OTHER NET ASSETS LESS LIABILITIES 1,145,734 3.62JAPAN (GOVT) 1.4% 10/03/2018 4,800,000 JPY 54,829 0.17 TOTAL NET ASSETS 31,641,885 100.0054,829 0.17TOTAL INFLATION INDEX BOND 606,672 1.92TREASURY BONDS/NOTES - FIXED RATEUNITED STATESUS (GOVT) 0.125%TREASURY NOTE 15/04/2017 650,000 USD 689,070 2.18US (GOVT) 0.125%TREASURY NOTE 15/01/2022 2,200,000 USD 2,237,027 7.07US (GOVT) 0.75%TREASURY NOTE 15/02/2042 770,000 USD 679,159 2.15US (GOVT) 2%TREASURY NOTE 15/01/2026 950,000 USD 1,287,183 4.07US (GOVT) 2.125%TREASURY NOTE 15/01/2019 1,300,000 USD 1,603,963 5.07340


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Short Duration High Yield Bond (launched as at 12 June 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSJERSEYPROSECURE FUNDINGTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 4.668% 30/06/2016 200,000 EUR 281,678 1.39EXCHANGE LISTING 281,678 1.39LUXEMBOURGBONDSARCELORMITTAL3.75% 25/02/2015 200,000 USD 206,000 1.01AUSTRALIAFIAT FINANCE & TRADEFMG RESOURCES AUG 2006 6.375% 01/04/2016 200,000 EUR 285,113 1.407% 01/11/2015 400,000 USD 413,000 2.03 FIAT FINANCE & TRADE413,000 2.03 6.875% 13/02/2015 50,000 EUR 71,236 0.35CANADAFIAT INDUSTRIALBARRICK GOLD CORP 5.25% 11/03/2015 150,000 EUR 212,312 1.052.9% 30/05/2016 250,000 USD 253,306 1.25 INTELSAT JACKSONBOMBARDIER INC HOLDINGS 8.5% 01/11/2019 300,000 USD 326,999 1.624.25% 15/01/2016 250,000 USD 260,157 1.28 1,101,660 5.43513,463 2.53 NETHERLANDSCAYMAN ISLANDSNOKIA SIEMENS NETWORKSUPCB FINANCE FINANCE 7.125% 15/04/2020 100,000 EUR 150,509 0.747.625% 15/01/2020 200,000 EUR 292,389 1.44 SCHAEFFLER FINANCE292,389 1.44 8.75% 15/02/2019 200,000 EUR 306,264 1.51FRANCE 456,773 2.25BANQUE PSA FINANCESPAIN3.375% 04/04/2014 250,000 USD 251,719 1.24 MAPFRE S.A. 5.125%BANQUE PSA FINANCE 11/16/2015 100,000 EUR 143,402 0.714.875% 25/09/2015 260,000 EUR 366,687 1.80 TELEFONICA EMISIONESCROWN EURO HOLDINGS 3.992% 16/02/2016 250,000 USD 259,162 1.277.125% 15/08/2018 80,000 EUR 115,737 0.57 402,564 1.98FAURECIA 9.375%UNITED STATES12/15/2016 150,000 EUR 239,596 1.18 ALLY FINANCIALRENAULT S.A. 4.625% INC 8.3% 12/02/2015 250,000 USD 270,313 1.335/25/2016 250,000 EUR 357,448 1.76 AMC ENTERTAINMENTREXEL S.A. 7% 17/12/2018 100,000 EUR 147,886 0.73 8.75% 01/06/2019 250,000 USD 268,906 1.321,479,073 7.28 CAESARS ENTERTAINMENTGERMANY 11.25% 01/06/2017 250,000 USD 254,063 1.25KABEL DEUTSCHLANDCARRIZO OIL & GASHOLDING AG 6.5% 31/07/2017 100,000 EUR 146,363 0.72 8.625% 15/10/2018 250,000 USD 272,969 1.34UNITYMEDIA GMBHCCO HOLDINGS7.5% 15/03/2019 200,000 EUR 293,912 1.45 7.25% 30/10/2017 250,000 USD 265,000 1.31440,275 2.17 CENTURYLINK INCGREAT BRITAIN 6% 01/04/2017 293,000 USD 316,514 1.56INEOS FINANCECHRYSER GP/CG CO-ISSUER8.375% 15/02/2019 250,000 USD 276,094 1.36 8% 15/06/2019 300,000 USD 333,749 1.64LLOYDS BANKCIT GROUP INC11.875% 16/12/2021 200,000 EUR 333,531 1.64 5% 15/05/2017 250,000 USD 263,750 1.30609,625 3.00 CROSSTEX ENERGYIRELAND 8.875% 15/02/2018 250,000 USD 266,406 1.31ARDAGH PACKAGINGDISH DBS CORPFINANCE 7.375% 15/10/2017 100,000 EUR 144,079 0.71 6.625% 01/10/2014 250,000 USD 263,438 1.30SMURFIT KAPPA7.25% 15/11/2017 150,000 EUR 212,058 1.04356,137 1.75341


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Short Duration High Yield Bond (launched as at 12 June 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsFRESENIUS 8.75% 15/07/2015 100,000 EUR 152,793 0.75 UNITED STATESGENERAL MOTORS FINANCIALGLENCORE FUNDINGINC 2.75% 15/05/2016 250,000 USD 249,844 1.23 LLC FRN 27/05/2016 250,000 USD 244,995 1.21GENON ENERGY INCINTERNATIONAL LEASE9.875% 15/10/2020 250,000 USD 277,344 1.37 FINANCE 15/06/2016 300,000 USD 298,125 1.46HCA INC 8.5% 15/04/2019 250,000 USD 269,219 1.33 543,120 2.67LIMITED BRANDS 6.9% TOTAL FLOATING RATE BONDS 867,501 4.277/15/2017 300,000 USD 339,374 1.67 TOTAL TRANSFERABLE SECURITIESLINN ENERGY 8.625%ADMITTED TO AN OFFICIAL STOCK14,857,758 73.174/15/2020 250,000 USD 260,938 1.29 EXCHANGE LISTINGMGM RESORT INTERNATIONAL6.625% 15/07/2015 250,000 USD 270,156 1.33 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDNEWFIELD EXPLORATIONMARKET6.875% 01/02/2020 250,000 USD 262,656 1.29NRG ENERGY INCBONDS7.625% 15/05/2019 250,000 USD 265,156 1.31PENN VIRGINIA RESOURCEAUSTRIA8.25% 15/04/2018 250,000 USD 261,250 1.29 SAPPI PAPIERREYNOLDS GROUP 7.75% 15/07/2017 200,000 USD 208,500 1.037.125% 15/04/2019 250,000 USD 266,719 1.31 208,500 1.03SLM CORP 5% 15/04/2015 300,000 USD 314,250 1.55 FRANCESPRINT COMMUNICATIONS LAFARGE 7.625%INC 8.375% 15/08/2017 250,000 USD 283,125 1.39 11/24/2016 250,000 EUR 397,212 1.96VALEANT PHARMACEUTICALSWENDEL INVESTMENT6.75% 01/10/2017 250,000 USD 267,813 1.32 4.875% 26/05/2016 250,000 EUR 358,294 1.76VANGUARD HLT 755,506 3.728% 01/02/2018 250,000 USD 265,313 1.31 GERMANYWHITING PETROLEUMUNITYMEDIA HESSENCORP 7% 01/02/2014 250,000 USD 255,000 1.26 7.5% 15/03/2019 250,000 USD 271,094 1.34WINDSTREAM CORP 8.125% 271,094 1.3401/09/2018 250,000 USD 269,688 1.33 GREAT BRITAINWYNN LAS VEGAS LLC OTE 7.25% 12/02/2015 150,000 EUR 211,804 1.047.75% 15/08/2020 300,000 USD 337,874 1.66 211,804 1.047,643,620 37.65 HUNGARYTOTAL BONDS 13,990,257 68.90 MOL HUNGARIAN OIL& GAS 3.875% 5/10/2015 150,000 EUR 206,474 1.02FLOATING RATE BONDS 206,474 1.02IRELANDGREAT BRITAINARDAGH PACKAGINGROYAL BANK OF SCOTLAND FINANCE 7.375% 15/10/2017 250,000 USD 268,438 1.3210.5% VRN 16/03/2022 200,000 EUR 324,381 1.60 268,438 1.32324,381 1.60 LUXEMBOURGARCELORMITTAL9.375% 03/06/2016 200,000 EUR 323,184 1.59323,184 1.59342


Portfolio of Investments and Other Net Assets as at 30 September 2013Global Short Duration High Yield Bond (launched as at 12 June 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsNETHERLANDSEDP FINANCE4.75% 26/09/2016 250,000 EUR 347,719 1.71THYSSENKRUPPFINANCE 8.5% 25/02/2016 100,000 EUR 152,751 0.75500,470 2.46SPAINOBRASCON HUARTE LAINS.A. 8.75% 15/03/2018 150,000 EUR 222,845 1.10222,845 1.10UNITED STATESALPHA NATURAL RESOURCES9.75% 15/04/2018 250,000 USD 256,719 1.26ASHLAND INC 3% 15/03/2016 250,000 USD 255,000 1.26CINCINNATI BELL 8.25%10/15/2017 250,000 USD 260,781 1.28FRONTIER COMMUNICATIONS8.25% 15/04/2017 250,000 USD 284,218 1.41LOUISIANA PACIFICCORP 7.5% 01/06/2020 250,000 USD 272,344 1.34UNIVISION COMMUNICATIONS6.875% 15/05/2019 250,000 USD 266,875 1.311,595,937 7.86TOTAL BONDS 4,564,252 22.48FLOATING RATE BONDSITALYGTECH 8.25%VRN 31/03/2066 100,000 EUR 145,771 0.72145,771 0.72TOTAL FLOATING RATE BONDS 145,771 0.72TOTAL TRANSFERABLE SECURITIES4,710,023 23.20TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 19,567,781 96.37OTHER NET ASSETS LESS LIABILITIES 737,708 3.63TOTAL NET ASSETS 20,305,489 100.00343


Portfolio of Investments and Other Net Assets as at 30 September 2013India Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netvalue assets value assetsINVESTMENTSPLACEMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSINDIAHOUSING DEVELOPMENTFINANCE 0% 06/02/2017 50,000,000 INR 920,800 2.34KOTAK MAHINDRA PRIME0% 04/03/2014 50,000,000 INR 763,154 1.94GREAT BRITAIN 1,683,954 4.28CANARA BANK LONDON PLACEMENTS 1,683,954 4.285.125% 09/09/2016 2,000,000 USD 2,059,429 5.23 TOTAL TRANSFERABLE SECURITIESSTATE BANK INDIA (LONDON) ADMITTED TO AN OFFICIAL STOCK 25,521,163 64.764.125% 01/08/2017 1,750,000 USD 1,741,994 4.42 EXCHANGE LISTING3,801,423 9.65INDIATRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDAXIS BANK 4.75% 02/05/2016 2,000,000 USD 2,037,560 5.16 MARKETBAJAJ FINANCE 10.05%8/11/2014 50,000,000 INR 790,596 2.01 BONDSBANK OF BARODA 4.75%10/7/2015 1,000,000 USD 1,027,715 2.61 GREAT BRITAINBANK OF BARODA 5%BANK OF INDIA/LONDON24/08/2016 1,750,000 USD 1,795,150 4.55 3.625% 21/09/2018 500,000 USD 475,613 1.21HDFC BANK 3% 06/03/2018 750,000 USD 717,638 1.82 475,613 1.21NETHERLANDSBHARTI AIRTEL 5.125%HOUSING DEVELOPMENT 11/3/2023 1,000,000 USD 896,105 2.27FINANCE 9.2% 08/10/2017 50,000,000 INR 774,155 1.96 896,105 2.27ICICI BANK 4.75% 25/11/2016 2,250,000 USD 2,298,565 5.82 TOTAL BONDS 1,371,718 3.48INDIA (GOVT) 8.12% TOTAL TRANSFERABLE SECURITIES 1,371,718 3.4812/10/2020 100,000,000 INR 1,516,373 3.85 TRADED ON ANOTHER REGULATED MARKETINDIAN RAILWAY FINANCE TOTAL INVESTMENTS 26,892,881 68.24CORP 8.83% 25/03/2023 100,000,000 INR 1,527,075 3.88 OTHER NET ASSETS LESS LIABILITIES 12,513,741 31.76LIC HOUSING FINANCE TOTAL NET ASSETS 39,406,622 100.009.56% 24/01/2017 100,000,000 INR 1,581,718 4.02NTPC 4.75% 03/10/2022 500,000 USD 459,095 1.17ONGC VIDESH 3.75%07/05/2023 500,000 USD 411,745 1.04POWER GRID CORP OF INDIA8.8% 13/03/2023 100,000,000 INR 1,511,317 3.84RURAL ELECTRIFICATIONCORP 8.82% 12/04/2023 100,000,000 INR 1,504,481 3.82SHRIRAM TRANSPORTFINANCE 10.1% 30/07/2014 50,000,000 INR 790,464 2.01SHRIRAM TRANSPORTFINANCE 10.35% 26/12/2014 50,000,000 INR 793,666 2.0119,537,313 49.57UNITED STATESRELIANCE HOLDINGS 5.4%14/02/2022 500,000 USD 498,473 1.26498,473 1.26TOTAL BONDS 23,837,209 60.48344


Portfolio of Investments and Other Net Assets as at 30 September 2013Latin American Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS MEXICO (GOVT) 8.5%31/05/2029 44,143 MXN 392,248 1.99TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK MEXICO (GOVT) 9.5%EXCHANGE LISTING 18/12/2014 46,200 MXN 375,628 1.91MEXICO (GOVT) 10%BONDS 05/12/2024 48,595 MXN 487,427 2.47MEXICO (GOVT) 10%BRAZIL 20/11/2036 30,935 MXN 311,238 1.58BRAZIL (GOVT) 0% 01/04/2015 2,100 BRL 811,518 4.12 6,945,979 35.24BRAZIL (GOVT) 0% 01/07/2015 1,000 BRL 375,758 1.91 PERUBRAZIL (GOVT) 0% 01/07/2016 3,000 BRL 1,000,623 5.08 PERU (GOVT) 5.2% 12/09/2023 100,000 PEN 35,632 0.18BRAZIL (GOVT) 0% 01/01/2017 2,500 BRL 788,087 4.00 PERU (GOVT) 6.9% 12/08/2037 120,000 PEN 45,096 0.23BRAZIL (GOVT) 10% 01/01/2017 3,440 BRL 1,493,413 7.58 PERU (GOVT) 6.95%BRAZIL (GOVT) 10% 01/01/2019 300 BRL 130,334 0.66 12/08/2031 120,000 PEN 46,138 0.23BRAZIL (GOVT) 10% 01/01/2021 1,950 BRL 811,968 4.12 PERU (GOVT) 7.84%BRAZIL (GOVT) 10% 12/08/2020 560,000 PEN 233,607 1.1901/01/2023 1,700 BRL 695,907 3.53 PERU (GOVT) 8.2% 12/08/2026 230,000 PEN 101,224 0.51BRAZIL (GOVT) 10.25% PERU (GOVT) 8.6% 12/08/2017 70,000 PEN 29,213 0.1510/01/2028 300,000 BRL 134,768 0.68 490,910 2.496,242,376 31.68 TOTAL BONDS 14,309,027 72.61COLOMBIACOLOMBIA (GOVT) 11.25%FLOATING RATE BONDS24/10/2018 1,000,000,000 COP 629,762 3.20629,762 3.20 BRAZILMEXICO BRAZIL (GOVT) 0% 01/01/2015 5,092 BRL 2,021,525 10.26MEX BONOS DESARR FIX RT BRAZIL (GOVT) 0% 01/01/2016 6,650 BRL 2,352,277 11.947.75% 13/11/2042 30,872 MXN 250,691 1.27 4,373,802 22.20MEXICO (GOVT) 5% 15/06/2017 58,686 MXN 453,998 2.30 TOTAL FLOATING RATE BONDS 4,373,802 22.20MEXICO (GOVT) 6.25%16/06/2016 84,206 MXN 674,482 3.42 TOTAL TRANSFERABLE SECURITIESMEXICO (GOVT) 6.5% ADMITTED TO AN OFFICIAL STOCK 18,682,829 94.8110/06/2021 53,087 MXN 422,811 2.15 EXCHANGE LISTINGMEXICO (GOVT) 6.5%09/06/2022 54,740 MXN 430,803 2.19 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMEXICO (GOVT) 7.25%MARKET15/12/2016 38,029 MXN 314,144 1.59MEXICO (GOVT) 7.5%BONDS03/06/2027 43,685 MXN 365,233 1.85MEXICO (GOVT) 7.75%BRAZIL14/12/2017 37,048 MXN 314,990 1.60 BRAZIL (GOVT) 10% 01/01/2018 750 BRL 321,667 1.63MEXICO (GOVT) 7.75% 321,667 1.6329/05/2031 54,850 MXN 451,819 2.29 MEXICOMEXICO (GOVT) 8% 17/12/2015 58,916 MXN 486,532 2.47 MEXICO (GOVT) 6% 18/06/2015 41,070 MXN 323,497 1.64MEXICO (GOVT) 8% 11/06/2020 40,431 MXN 350,851 1.78 323,497 1.64MEXICO (GOVT) 8% 07/12/2023 25,849 MXN 224,937 1.14 TOTAL BONDS 645,164 3.27MEXICO (GOVT) 8.5%TOTAL TRANSFERABLE SECURITIES645,164 3.2713/12/2018 22,269 MXN 196,536 1.00 TRADED ON ANOTHER REGULATED MARKETMEXICO (GOVT) 8.5% TOTAL INVESTMENTS 19,327,993 98.0818/11/2038 50,340 MXN 441,611 2.24 OTHER NET ASSETS LESS LIABILITIES 377,884 1.92TOTAL NET ASSETS 19,705,877 100.00345


Portfolio of Investments and Other Net Assets as at 30 September 2013RMB Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSEASTERN AIR OVERSEASHK 3.875% 05/06/2016 35,000,000 CNY 5,717,590 1.66TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 46,936,448 13.59EXCHANGE LISTINGFRANCEAIR LIQUIDE 3% 19/09/2016 8,000,000 CNY 1,299,723 0.38BONDS RENAULT S.A. 5.625%10/10/2014 19,000,000 CNY 3,151,366 0.91BERMUDA ISLANDS SOCIETE GENERALE 4.15%NOBLE GROUP 4% 06/09/2014 5,000,000 CNY 823,871 0.2430/01/2016 45,000,000 CNY 7,340,528 2.13 TOTAL CAPITAL S.A. 3.75%7,340,528 2.13 24/09/2018 10,000,000 CNY 1,639,755 0.47CAYMAN ISLANDS 6,914,715 2.00BANCO BTG PACTUAL 4.1%GERMANY26/03/2016 10,000,000 CNY 1,580,396 0.46 BSH BOSCH UND SIEMENSDORSETT HOSPITALITY 3.375% 28/09/2016 10,000,000 CNY 1,636,505 0.47INTL 6% 03/04/2018 29,000,000 CNY 4,602,592 1.33 BSH BOSCH UND SIEMENSGREENTOWN CHINA 3.8% 24/07/2017 19,000,000 CNY 3,144,863 0.91HOLDINGS 5.625% 13/05/2016 31,700,000 CNY 5,136,612 1.48 4,781,368 1.38KAISA GROUP HOLDINGSGREAT BRITAIN6.875% 22/04/2016 20,200,000 CNY 3,276,291 0.95 STANDARD CHARTEREDLAI FUNG HOLDINGS 6.875% 2.625% 31/05/2016 27,000,000 CNY 4,346,057 1.2625/04/2018 32,000,000 CNY 5,004,368 1.45 4,346,057 1.26NEW WORLD CHINA LANDHONG KONG5.5% 06/02/2018 32,500,000 CNY 5,381,229 1.55 CHINA RESOURCES POWERNEW WORLD CHINA LAND 3.75% 12/11/2015 30,000,000 CNY 4,907,554 1.428.5% 11/04/2015 25,950,000 CNY 4,507,077 1.31 GALAXY ENTERTAINMENTSHUI ON DEVELOPMENT GROUP 4.625% 16/12/2013 5,460,000 CNY 892,979 0.26HOLDINGS 6.875% 23/12/2013 10,000,000 CNY 1,642,409 0.48 GEMDALE ASIA HOLDING31,130,974 9.01 5.625% 21/03/2018 27,500,000 CNY 4,254,676 1.23CHINAGEMDALE INTERNATIONALAGRICULTURAL DEVELOPMENT HOLDING 9.15% 26/07/2015 28,900,000 CNY 5,007,900 1.45BANK 3% 17/01/2014 15,000,000 CNY 2,448,056 0.71 LAFARGE SHUI ON CEMENTAGRICULTURAL DEVELOPMENT 9% 14/11/2014 48,000,000 CNY 8,241,760 2.39BANK 3.2% 17/1/2015 23,000,000 CNY 3,760,373 1.09 LOTTE SHOPPING BUSINESSBANK OF CHINA 3.1% MANAGEMENT 4% 09/02/2015 17,500,000 CNY 2,871,315 0.8323/07/2015 25,000,000 CNY 4,075,968 1.18 SK GLOBAL CHEMICALBAOSTEEL GROUP 3.125% IVST 4.125% 26/09/2016 27,000,000 CNY 4,427,758 1.2801/12/2013 14,000,000 CNY 2,288,545 0.66 YANLORD LAND HK 5.375%BAOSTEEL GROUP 4.15% 23/05/2016 31,300,000 CNY 5,002,571 1.4501/03/2017 11,000,000 CNY 1,819,821 0.53 35,606,513 10.31BAOSTEEL GROUP 4.375%INDIA01/12/2016 16,000,000 CNY 2,672,037 0.77 ICICI BANK 4% 25/06/2016 13,750,000 CNY 2,212,371 0.64CHINA DATANG CORP 3.6% 2,212,371 0.6425/04/2016 50,000,000 CNY 8,111,549 2.34 LUXEMBOURGCHINA DEVELOPMENT BANKOJSC RUSSIAN AGRICULTURAL2.95% 02/08/2015 4,000,000 CNY 648,607 0.19 3.6% 04/02/2016 45,000,000 CNY 7,247,397 2.10CHINA GANGDONGRUSSIAN STANDARD BANKNUCLEAR 3.75% 01/11/2015 45,000,000 CNY 7,364,601 2.13 8% 14/02/2015 3,000,000 CNY 489,011 0.14CHINA MINMETALS CORP VTB CAPITAL 4.5%3.65% 28/03/2016 40,000,000 CNY 6,485,091 1.88 30/10/2015 40,000,000 CNY 6,584,012 1.91EASTERN AIR OVERSEAS 14,320,420 4.15CORP 4% 08/08/2014 9,400,000 CNY 1,544,210 0.45346


Portfolio of Investments and Other Net Assets as at 30 September 2013RMB Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsMEXICO CHAILEASE FINANCE 5%AMERICA MOVIL 3.5% 05/04/2015 9,000,000 CNY 1,470,134 0.4308/02/2015 45,000,000 CNY 7,379,854 2.14 CNPC GOLDEN AUTUMN7,379,854 2.14 2.55% 26/10/2013 20,500,000 CNY 3,351,184 0.97NETHERLANDS RAINBOW DAYS 3%RABOBANK NEDERLAND 30/06/2016 25,000,000 CNY 3,984,679 1.153.25% 20/09/2015 20,000,000 CNY 3,295,061 0.95 RIGHT CENTURY 1.85%3,295,061 0.95 03/06/2014 22,000,000 CNY 3,551,563 1.03NEW ZEALAND ROAD KING INFRAST 6%FONTERRA COOPERATIVE 25/02/2014 16,300,000 CNY 2,682,133 0.78GROUP 1.1% 27/06/2014 4,000,000 CNY 645,879 0.19 SINOCHEM OFFSHORE 1.8%645,879 0.19 18/01/2014 63,000,000 CNY 10,240,619 2.97SINGAPORE 34,424,889 9.97DBS BANK 2.5% 07/06/2016 23,500,000 CNY 3,777,919 1.09 TOTAL BONDS 251,714,322 72.89GLOBAL LOGISTIC PROPERTIESTOTAL TRANSFERABLE SECURITIES3.375% 11/05/2016 21,000,000 CNY 3,401,242 0.98 ADMITTED TO AN OFFICIAL STOCK 251,714,322 72.89ICICI BANK 4.9% 21/09/2015 39,900,000 CNY 6,582,934 1.92 EXCHANGE LISTINGITNL OFFSHORE PTE 5.75%26/04/2015 15,000,000 CNY 2,496,116 0.72 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED16,258,211 4.71 MARKETSOUTH KOREAEXPORT-IMPORT BANK OFBONDSKOREA 3.25% 27/07/2015 38,000,000 CNY 6,233,583 1.80KOREA DEVELOPMENT BANKAUSTRALIA3.3% 14/11/2013 8,000,000 CNY 1,307,479 0.38 AUST AND NZ BANKINGKOREA DEVELOPMENT BANK GROUP 2.9% 14/08/2015 4,300,000 CNY 701,414 0.203.3% 21/06/2015 25,000,000 CNY 4,106,840 1.19 701,414 0.2011,647,902 3.37 CHINASWEDENAGRICULTURAL BANK OFSVENSKA HANDELSBANKEN CHINA 3.2% 28/11/2015 29,000,000 CNY 4,724,144 1.383% 15/01/2016 15,000,000 CNY 2,444,344 0.71 HUANENG POWER2,444,344 0.71 INTL 3.85% 05/02/2016 6,000,000 CNY 983,236 0.28UNITED STATES 5,707,380 1.66CATERPILLAR FINANCIALJAPAN3.35% 26/11/2014 24,000,000 CNY 3,945,585 1.14 HITACHI CAPITAL 3.75%CATERPILLAR FINANCIAL 22/03/2015 12,500,000 CNY 2,050,092 0.59SERVICES 3.25% 26/06/2015 15,000,000 CNY 2,459,498 0.71 MITSUBISHI UFJ LEASE &FORD MOTOR 4.875% FINANCE 3.6% 02/03/2015 19,400,000 CNY 3,181,600 0.9226/03/2015 30,000,000 CNY 4,989,855 1.45 5,231,692 1.51IBRD 2% 17/06/2014 30,000,000 CNY 4,882,072 1.41 SINGAPORE16,277,010 4.71 UNITED OVERSEAS BANKVENEZUELA 2.5% 24/06/2016 42,500,000 CNY 6,834,385 1.98CORP ANDINA DE FOMENTO 6,834,385 1.983.55% 12/12/2015 35,000,000 CNY 5,751,778 1.67 VIRGIN ISLANDS5,751,778 1.67 VALUE SUCCESS INTERNATIONALVIRGIN ISLANDS 2.075% 09/06/2014 15,800,000 CNY 2,551,674 0.74BIG WILL INVESTMENT 7% 2,551,674 0.7429/04/2014 17,000,000 CNY 2,811,881 0.81 TOTAL BONDS 21,026,545 6.09BITRONIC 4% 12/12/2015 23,000,000 CNY 3,760,110 1.09 TOTAL TRANSFERABLE SECURITIES21,026,545 6.09CENTRAL PLAZA DEVELOPMENTTRADED ON ANOTHER REGULATED MARKET7.6% 29/11/2015 15,000,000 CNY 2,572,586 0.74347


Portfolio of Investments and Other Net Assets as at 30 September 2013RMB Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsOTHER TRANSFERABLE SECURITIES TOTAL FINANCIAL INSTRUMENTS 44,078,612 12.76TOTAL INVESTMENTS 335,511,607 97.15BONDS OTHER NET ASSETS LESS LIABILITIES 9,828,978 2.85TOTAL NET ASSETS 345,340,585 100.00CAYMAN ISLANDSBANCO BRADESCO 3.7%18/01/2016 30,000,000 CNY 4,857,717 1.41BANCO BRADESCO 3.9%12/12/2014 35,000,000 CNY 5,704,297 1.6510,562,014 3.06INDIAIDBI BANK 3.5% 15/03/2014 40,000,000 CNY 6,504,660 1.88IDBI BANK 3.5% 28/03/2014 10,000,000 CNY 1,625,454 0.478,130,114 2.35TOTAL BONDS 18,692,128 5.41TOTAL OTHER TRANSFERABLE SECURITIES 18,692,128 5.41FINANCIAL INSTRUMENTSCERTIFICATE OF DEPOSITCHINACHINA DEVELOPMENT BANK2.9% 25/06/2012 - 25/06/2014 30,000,000 CNY 4,891,699 1.42ICBC 2.6%28/05/2013 - 28/05/2014 25,000,000 CNY 4,080,749 1.188,972,448 2.60HONG KONGAGRICULTURAL BANK OFCHINA 0% 08/04/2014 30,000,000 CNY 4,826,528 1.40AGRICULTURAL BANK OFCHINA 2.70% 30/05/2014 15,000,000 CNY 2,449,384 0.71BANK CHINA HK 3.1%08/10/2014 10,000,000 CNY 1,631,867 0.47BANK OF COMMUNICATIONS 50,000,000 CNY 8,156,439 2.36CHINA CONSTRUCTION BANK3% 10/01/2014 20,000,000 CNY 3,266,014 0.95CHINA CONSTRUCTION BANK3.45% 05/11/2013 10,000,000 CNY 1,633,401 0.47WING LUNG BANK 1.2%22/04/2014 15,000,000 CNY 2,421,265 0.70WING LUNG BANK 2.85%16/04/2014 40,000,000 CNY 6,526,924 1.8930,911,822 8.95JAPANSUMITOMO MITSUI BANKING1.1% 22/04/2014 26,000,000 CNY 4,194,342 1.214,194,342 1.21TOTAL CERTIFICATE OF DEPOSIT 44,078,612 12.76348


Portfolio of Investments and Other Net Assets as at 30 September 2013US Dollar BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTS FORD MOTOR CREDIT 5.75%01/02/2021 500,000 USD 552,593 0.63TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK FREDDIE MAC 5.125%EXCHANGE LISTING 17/11/2017 3,000,000 USD 3,464,654 3.98IBRD 1% 15/09/2016 1,000,000 USD 1,008,709 1.17BONDS MERRILL LYNCH 6.4%28/08/17 400,000 USD 459,570 0.53BRAZIL MORGAN STANLEY 6%BRAZIL (GOVT) 5.875% 28/04/2015 500,000 USD 536,035 0.6115/01/2019 1,140,000 USD 1,294,271 1.48 UNION PACIFIC CORP 3.646%1,294,271 1.48 15/02/2024 370,000 USD 369,232 0.42FRANCEVERIZON COMMUNICATIONSAXA S.A. 5.5% PERP 400,000 USD 385,312 0.44 5.15% 15/09/2023 285,000 USD 305,519 0.35385,312 0.44 7,839,673 9.00GERMANY TOTAL BONDS 21,510,228 24.66KFW 4.125% 15/10/2014 3,000,000 USD 3,120,000 3.583,120,000 3.58 FLOATING RATE BONDSGREAT BRITAINBNP PARIBAS 2.7%FRANCE20/08/2018 500,000 USD 505,558 0.58 CAISSE D'AMORT DETTE SOCBRITISH TELECOM VRN FRN 02/07/2014 1,000,000 USD 1,002,620 1.1515/12/2030 1,000,000 USD 1,496,365 1.71 1,002,620 1.152,001,923 2.29 GERMANYITALY KFW FRN 05/08/2014 1,500,000 USD 1,501,950 1.73ITALY (GOVT) 3.125% 1,501,950 1.7326/01/2015 800,000 USD 820,552 0.94 GREAT BRITAIN820,552 0.94 STANDARD CHARTERED 4%LUXEMBOURG 12/07/2022 500,000 USD 507,238 0.58EIB 4.625% 05/05/2014 3,000,000 USD 3,082,199 3.53 507,238 0.58TELECOM ITALIA 6.175%SWEDEN18/06/2014 500,000 USD 514,930 0.59 SWEDISH EXPORT CREDIT3,597,129 4.12 FRN 14/08/2014 1,000,000 USD 1,006,530 1.15SOUTH AFRICA 1,006,530 1.15SOUTH AFRICA (GOVT) TOTAL FLOATING RATE BONDS 4,018,338 4.615.5% 09/03/2020 1,200,000 USD 1,291,734 1.481,291,734 1.48 TREASURY BONDS/NOTES - FIXED RATESPAINSANTANDER US 3.724%UNITED STATES20/01/2015 500,000 USD 507,758 0.58 US (GOVT) 1% TREASURYTELEFONICA 5.877% NOTE 15/01/2014 6,350,000 USD 6,367,859 7.3015/07/2019 600,000 USD 651,876 0.75 US (GOVT) 1% TREASURY1,159,634 1.33 NOTE 30/09/2016 4,080,000 USD 4,120,481 4.72UNITED STATESUS (GOVT) 1.75% TREASURYCAPITAL ONE BANK 8.8% NOTE 15/05/2023 1,400,000 USD 1,295,984 1.4915/07/2019 400,000 USD 514,090 0.59 US (GOVT) 2.375% TREASURYCITIGROUP INC 4.5% NOTE 31/10/2014 15,200,000 USD 15,567,235 17.8414/01/2022 600,000 USD 629,271 0.72349


Portfolio of Investments and Other Net Assets as at 30 September 2013US Dollar BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsUS (GOVT) 3.125% TREASURY GNMA II 4% 01/10/2043 1,280,000 USD 1,354,800 1.55NOTE 15/05/2021 4,600,000 USD 4,909,781 5.63 5,716,000 6.5532,261,340 36.98 TOTAL MORTGAGE BACKED SECURITIES 5,716,000 6.55TOTAL TREASURY BONDS/NOTES - FIXED32,261,340 36.98TOTAL TRANSFERABLE SECURITIESRATE ADMITTED TO AN OFFICIAL STOCK 83,573,515 95.80EXCHANGE LISTINGFHLMCTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDUNITED STATESMARKETFHLMC (30YR) 3.5%01/09/2043 1,620,000 USD 1,644,553 1.89 BONDSFHLMC (30YR) 4% 01/10/2043 1,090,000 USD 1,139,561 1.31FHLMC (30YR) 4.5%AUSTRALIA01/10/2043 1,160,000 USD 1,235,400 1.42 ANZ BANKING GROUP 2.4%FHLMC (30YR) 5% 01/10/2043 1,530,000 USD 1,650,010 1.88 23/11/2016 1,350,000 USD 1,401,577 1.615,669,524 6.50 MACQUARIE BANK 3.45%TOTAL FHLMC 5,669,524 6.50 27/07/2015 600,000 USD 622,728 0.712,024,305 2.32FNMACAYMAN ISLANDSHUTCHISON WHAMPOA 5.75%UNITED STATES 11/09/2019 350,000 USD 393,257 0.45FNMA (15YR) 2.5% 393,257 0.4501/10/2028 2,060,000 USD 2,070,541 2.37 FRANCEFNMA (15YR) 3% 01/10/2028 1,580,000 USD 1,634,436 1.87 GDF SUEZ 1.625% 10/10/2017 500,000 USD 497,425 0.57FNMA (15YR) 3.5%LVMH MOET HENNESSY01/10/2028 1,250,000 USD 1,317,969 1.51 1.625% 29/06/2017 187,000 USD 187,089 0.21FNMA (30YR) 3% 01/10/2043 3,050,000 USD 2,979,111 3.42 SOCIETE GENERALE 3.1%FNMA (30YR) 3.5% 14/09/2015 500,000 USD 519,254 0.6001/10/2043 1,980,000 USD 2,016,197 2.31 1,203,768 1.38FNMA (30YR) 4% 01/10/2043 1,070,000 USD 1,122,497 1.29 GREAT BRITAINFNMA (30YR) 4.5% PRUDENTIAL 5.25% PERP 200,000 USD 190,057 0.2201/10/2043 1,160,000 USD 1,239,388 1.42 TESCO 2.7% 05/01/2017 200,000 USD 205,208 0.23FNMA (30YR) 5.5% 395,265 0.4501/10/2043 1,850,000 USD 2,017,946 2.31 JERSEY14,398,085 16.50 HEATHROW FUNDING 2.5%TOTAL FNMA 14,398,085 16.50 25/06/2015 250,000 USD 254,103 0.29254,103 0.29MORTGAGE BACKED SECURITIESNETHERLANDSENEL FINANCE 3.875%UNITED STATES 07/10/2014 750,000 USD 769,421 0.88GNMA (30YR) 4.5% ENEL FINANCE 6% 07/10/2039 600,000 USD 551,658 0.6301/10/2043 1,270,000 USD 1,369,417 1.57 1,321,079 1.51GNMA (30YR) 5% 01/10/2043 1,130,000 USD 1,228,346 1.41 QATARGNMA II (30YR) 3.5% STATE OF QATAR 4%01/10/2043 1,710,000 USD 1,763,437 2.02 20/01/2015 700,000 USD 728,641 0.84728,641 0.84350


Portfolio of Investments and Other Net Assets as at 30 September 2013US Dollar BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsUNITED STATESUS (GOVT) 4.375% TREASURYANHEUSER BUSCH 7.75% BOND 15/02/2038 2,575,000 USD 2,914,176 3.3415/01/2019 600,000 USD 756,762 0.87 US (GOVT) 4.375% TREASURYBOSTON PROPERTIES 4.125% BOND 15/11/2039 2,150,000 USD 2,433,363 2.7915/05/2021 450,000 USD 462,251 0.53 7,699,839 8.83ENERGY TRANSFER PARTNERSTOTAL TREASURY BONDS/NOTES - FIXED7,699,839 8.835.2% 01/02/2022 480,000 USD 505,260 0.58 RATEMET LIFE GLOBAL FUNDINGI 5.125% 10/06/2014 700,000 USD 721,179 0.83 MORTGAGE BACKED SECURITIESMETLIFE 5.875% 06/02/2041 500,000 USD 568,370 0.65MIDAMERICAN ENERGYGREAT BRITAIN5.95% 15/07/2017 750,000 USD 870,525 1.00 ARRAN RESIDENTIAL MTGNEW YORK LIFE GLOBAL FRN 16/05/2047 1,000,000 USD 833,484 0.963% 04/05/2015 1,000,000 USD 1,037,170 1.19 833,484 0.96NEWS AMERICA 6.9%UNITED STATES15/08/2039 500,000 USD 583,430 0.67 CITIGROUP 5.205%RABOBANK CAP 5.254% 11/03/2012 900,000 USD 39,262 0.05VRN PERP 650,000 USD 665,116 0.76 MORGAN STANLEY CAPITALTIME WARNER ENTERTAINMENT 5.61% 15/04/2049 1,060,000 USD 280,751 0.328.375% 15/03/2023 525,000 USD 611,460 0.70 320,013 0.37WAL MART STORES CORP TOTAL MORTGAGE BACKED SECURITIES 1,153,497 1.336.5% 15/08/2037 750,000 USD 930,278 1.07 TOTAL TRANSFERABLE SECURITIES25,351,713 29.07WEA FINANCE 5.75%TRADED ON ANOTHER REGULATED MARKET02/09/2015 400,000 USD 435,631 0.50XTRA FINANCE 5.15%OTHER TRANSFERABLE SECURITIES01/04/2017 1,000,000 USD 1,119,349 1.279,266,781 10.62 ASSET BACKED SECURITIESTOTAL BONDS 15,587,199 17.86UNITED STATESASSET BACKED SECURITIESASSET BACKED FUNDING25/03/2033 2,425,000 USD 204,307 0.23UNITED STATES 204,307 0.23BNSF RAILWAY 4.83% TOTAL ASSET BACKED SECURITIES 204,307 0.2315/01/2023 700,000 USD 363,532 0.42SLM STUDENT LOAN TRUSTMORTGAGE BACKED SECURITIESFRN 26/04/2021 380,000 USD 119,969 0.14UNION PACIFIC CORP 5.082%UNITED STATES02/01/2029 500,000 USD 427,677 0.49 WAMU COMMERCIAL MORTGAGE911,178 1.05 SECURITIES FRN 23/11/2043 700,000 USD 192,223 0.22TOTAL ASSET BACKED SECURITIES 911,178 1.05 192,223 0.22TOTAL MORTGAGE BACKED SECURITIES 192,223 0.22TREASURY BONDS/NOTES - FIXED RATE TOTAL OTHER TRANSFERABLE SECURITIES 396,530 0.45TOTAL INVESTMENTS 109,321,758 125.32UNITED STATES OTHER NET LIABILITIES LESS ASSETS (22,085,309) (25.32)US (GOVT) 2% TREASURY TOTAL NET ASSETS 87,236,449 100.00NOTE 15/02/2023 1,500,000 USD 1,427,109 1.64US (GOVT) 3.75% TREASURYNOTE 15/11/2018 830,000 USD 925,191 1.06351


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro ReserveStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS HSBC 0.03% 03/10/2013 2,000,000 EUR 2,000,000 2.05LA BANQUE POSTALE 0.06%TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 14/10/2013 2,000,000 EUR 2,000,000 2.05EXCHANGE LISTING NATB 0.05% 17/10/2013 1,500,000 EUR 1,500,000 1.54OSEO 0.04% 17/10/2013 1,000,000 EUR 1,000,000 1.03BONDS SOCGEN 0.05% 04/10/2013 2,000,000 EUR 2,000,000 2.0521,000,000 21.55LUXEMBOURGGREAT BRITAINEUROPEAN FINANCIAL MITT EUR 0% 05/11/2013 1,500,000 EUR 1,499,783 1.53STABILITY 0.125% 03/12/2013 1,000,000 EUR 1,000,040 1.03 MITT EUR 0% 12/11/2013 1,000,000 EUR 999,833 1.031,000,040 1.03 MIZU EUR 0% 13/11/2013 1,500,000 EUR 1,499,725 1.54TOTAL BONDS 1,000,040 1.03 3,999,341 4.10SWEDENOPCVM French - General vocation NORD EUR 0% 21/11/2013 3,000,000 EUR 2,999,480 3.082,999,480 3.08FRANCEUNITED STATESHSBC MONETAIRE ETAT CACIB 0.06 05/11/2013 1,500,000 EUR 1,500,000 1.54"R EURO ACC" 1 EUR 1,012 0.00 1,500,000 1.541,012 0.00 TOTAL CERTIFICATE OF DEPOSIT 29,498,821 30.27Total - OPCVM French - General vocation 1,012 0.00TOTAL TRANSFERABLE SECURITIESCOMMERCIAL PAPERADMITTED TO AN OFFICIAL STOCK 1,001,052 1.03EXCHANGE LISTINGAUSTRALIACHINA CONS 0% 12/12/2013 2,000,000 EUR 1,997,816 2.05TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 1,997,816 2.05MARKETBELGIUMAGFB EUR 0% 17/12/2013 900,000 EUR 899,747 0.92BONDS OFFI 0% 31/10/2013 4,000,000 EUR 3,999,586 4.114,899,333 5.03FRANCEFINLANDSFEF 3.25% 16/01/2014 3,000,000 EUR 3,026,970 3.11 POHB 0% 29/10/2013 2,000,000 EUR 1,999,791 2.053,026,970 3.11 1,999,791 2.05TOTAL BONDS 3,026,970 3.11 FRANCETOTAL TRANSFERABLE SECURITIES3,026,970 3.11ANTA EUR 0% 12/11/2013 1,800,000 EUR 1,799,613 1.85TRADED ON ANOTHER REGULATED MARKET LMA 0% 11/10/2013 2,000,000 EUR 1,999,884 2.04OSEO 0.04% 25/11/2013 1,000,000 EUR 1,000,000 1.03FINANCIAL INSTRUMENTS UNED EUR 0% 13/01/2014 1,000,000 EUR 999,608 1.035,799,105 5.95CERTIFICATE OF DEPOSITGERMANYALLIANZ SE 0% 18/11/2013 1,000,000 EUR 999,864 1.03FRANCE DEUB 0% 30/12/2013 1,000,000 EUR 999,709 1.03ACOSS 0.01% 18/10/2013 5,000,000 EUR 5,000,000 5.13 DEUTSCHE BANK 0%AFD 0.04% 14/10/2013 3,000,000 EUR 3,000,000 3.08 10/10/2013 2,000,000 EUR 1,999,888 2.04BFCM 0.05% 01/10/2013 2,000,000 EUR 2,000,000 2.05 DEUTSCHE BANK 0%BNPP 0.12% 27/01/2014 1,500,000 EUR 1,500,000 1.54 10/01/2014 1,000,000 EUR 999,631 1.03GECE 0.01% 11/10/2013 1,000,000 EUR 1,000,000 1.03 DGZB EUR 0% 20/12/2013 1,500,000 EUR 1,499,608 1.536,498,700 6.66352


Portfolio of Investments and Other Net Assets as at 30 September 2013Euro ReserveStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsGREAT BRITAINCHINA EUR 0% 11/12/2013 2,000,000 EUR 1,998,402 2.05REGA EUR 0% 17/10/2013 1,900,000 EUR 1,899,913 1.953,898,315 4.00IRELANDMATC EUR 0% 15/11/2013 1,500,000 EUR 1,499,713 1.541,499,713 1.54NETHERLANDSINGB 0% 24/12/2013 1,000,000 EUR 999,618 1.03999,618 1.03UNITED STATESCP PROC EUR 0% 08/10/2013 2,000,000 EUR 1,999,960 2.051,999,960 2.05TOTAL COMMERCIAL PAPER 29,592,351 30.36TREASURY BILLSFRANCEFRANCE (GOVT) 0%TREASURY BILL 24/10/2013 500,000 EUR 499,983 0.51FRANCE (GOVT) 0%TREASURY BILL 07/11/2013 5,500,000 EUR 5,499,678 5.64FRANCE (GOVT) 0%TREASURY BILL 21/11/2013 6,000,000 EUR 5,999,376 6.16FRANCE (GOVT) 0%TREASURY BILL 05/12/2013 7,000,000 EUR 6,998,811 7.1918,997,848 19.50LUXEMBOURGESM 0% TREASURY BILL10/10/2013 5,000,000 EUR 4,999,916 5.13ESM 0% TREASURY BILL24/10/2013 2,000,000 EUR 1,999,891 2.056,999,807 7.18TOTAL TREASURY BILLS 25,997,655 26.68TOTAL FINANCIAL INSTRUMENTS 85,088,827 87.31TOTAL INVESTMENTS 89,116,849 91.45OTHER NET ASSETS LESS LIABILITIES 8,329,649 8.55TOTAL NET ASSETS 97,446,498 100.00353


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSITAUSA INVESTIMENTOS ITAU(PREFERRED) 28,280 BRL 115,797 0.24TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK JBS 25,100 BRL 85,647 0.17EXCHANGE LISTING LOCALIZA RENT A CAR 400 BRL 5,974 0.01LOJAS RENNER S.A. 200 BRL 5,717 0.01SHARES M DIAS BRANCO S.A. "E" 200 BRL 9,129 0.02MARCOPOLO (PREFERRED) 2,400 BRL 6,913 0.01BERMUDA ISLANDSMETALURGICA GERDAU S.A.CREDICORP 300 USD 38,283 0.08 (PREFERRED) 16,800 BRL 160,362 0.33GOME ELECTRIC APPLIANCES 312,000 HKD 39,833 0.08 NATURA COSMETICOS 900 BRL 20,005 0.04HAIER ELECTRONICS GROUP 5,000 HKD 9,685 0.02 PDG REALTY 7,100 BRL 7,834 0.0287,801 0.18 PETROBRAS (PREFERRED) 35,000 BRL 286,936 0.59BRAZIL PORTO SEGURO S.A. 1,600 BRL 19,690 0.04ALL AMERICAN LATIN SABESP ON 4,300 BRL 42,550 0.09LOGISTICA 3,300 BRL 12,927 0.03 SOUZA CRUZ 3,700 BRL 43,549 0.09ALPARGATAS S.A. TIM PARTICIPACOES S.A. 21,500 BRL 98,706 0.20(PREFFERED) 1,210 BRL 7,748 0.02 TRACTEBEL ENERGIA S.A. 2,100 BRL 34,432 0.07ANHANGUERA EDUCACIONAL ULTRAPAR PARTICIPACOES 2,100 BRL 51,732 0.11PART ICIPACOES S.A. 2,400 BRL 14,198 0.03 USINAS SIDERURGICAS DEBANCO BRADESCO MINAS "A" 8,400 BRL 39,532 0.08(PREFERRED) 18,230 BRL 256,090 0.52 WEG S.A. 1,500 BRL 18,286 0.04BANCO DO BRASIL 34,600 BRL 405,247 0.82 2,389,580 4.88BM&F BOVESPA S.A. 4,600 BRL 25,583 0.05 CAYMAN ISLANDSBRF S.A. 2,400 BRL 58,974 0.12 AAC TECHNOLOGIESCCR S.A. 2,000 BRL 15,687 0.03 HOLDINGS 1,500 HKD 6,819 0.01CENTRAIS ELECTRICAS ANTA SPORTS PRODUCTS 13,000 HKD 16,748 0.03BRASILEIRAS 53,800 BRL 149,008 0.30 BELLE INTERNATIONALCIA PARANAENSE DE ENERGI HOLDINGS 28,000 HKD 40,659 0.08(PREFERRED) "B" 2,100 BRL 29,314 0.06 BIOSTIME INTERNATIONAL 1,000 HKD 7,564 0.02CIA SIDERURGICA NACIONAL 2,800 BRL 11,986 0.02 CHOW TAI FOOK JEWELLERYCIELO S.A. 1,600 BRL 43,109 0.09 COMPANY 7,400 HKD 10,593 0.02COMPANHIA DE SANEAMENTOCOUNTRY GARDENMINAS GERAIS 900 BRL 14,079 0.03 HOLDINGS 16,745 HKD 10,711 0.02COSAN S.A. INDUSTRIA ENN ENERGY HOLDINGS 2,000 HKD 11,116 0.02COMERCIO 800 BRL 15,237 0.03 EVERGRANDE REAL ESTATE 28,000 HKD 11,699 0.02CPFL ENERGIA 3,500 BRL 30,167 0.06 GEELY AUTOMOBILES 20,000 HKD 10,291 0.02DURATEX S.A. 1,500 BRL 8,808 0.02 GOLDEN EAGLE RETAILEMBRAER 2,700 BRL 22,255 0.05 GROUP 6,000 HKD 9,363 0.02ENERGIAS DO BRASIL S.A. 4,300 BRL 22,771 0.05 GREENTOWN CHINAEQUATORIAL ENERGIA S.A. 700 BRL 6,499 0.01 HOLDINGS 16,000 HKD 30,084 0.06ESTACIO PARTICIPACOES 800 BRL 6,179 0.01 MGM CHINA HOLDINGS 7,600 HKD 25,238 0.05FIBRIA CELULOSE S.A. 2,100 BRL 24,856 0.05 MSTAR SEMICONDUCTOR INC 3,000 TWD 27,691 0.06GERDAU S.A. (PREFERRED) 19,600 BRL 148,090 0.30 SANDS CHINA 6,000 HKD 37,102 0.08GRENDENE S.A. 900 BRL 7,977 0.02354


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsSOHO CHINA 13,500 HKD 11,612 0.02 BYD COMPANY "H" 10,500 HKD 46,852 0.10SUNAC CHINA HOLDINGS 8,000 HKD 5,189 0.01 CHINA CITIC BANK "H" 240,000 HKD 124,422 0.25TENCENT HOLDINGS 1,000 HKD 52,461 0.12 CHINA COAL ENERGY "H" 65,000 HKD 38,895 0.08TINGYI 16,000 HKD 42,402 0.09 CHINA COMMUNICATIONSTPK HOLDING 1,000 TWD 9,078 0.02 CONSTRUCTION "H" 70,000 HKD 55,247 0.11UNI-PRESIDENT CHINACHINA COMMUNICATIONSHOLDINGS 11,000 HKD 10,966 0.02 SERVICES "H" 140,000 HKD 81,787 0.17WANT WANT CHINACHINA CONSTRUCTIONHOLDINGS 16,000 HKD 24,307 0.05 BANK "H" 1,363,000 HKD 1,049,370 2.14WYNN MACAU 8,800 HKD 30,017 0.06 CHINA COSCO HOLDINGS "H" 108,500 HKD 53,730 0.11441,710 0.90 CHINA INTERNATIONAL MARINECHILE CONTAINERS GROUP "H" 12,000 HKD 21,511 0.04AES GENER S.A. 18,549 CLP 10,810 0.02 CHINA LIFE INSURANCE "H" 72,000 HKD 186,632 0.38AGUAS ANDINAS S.A. "A" 16,832 CLP 11,627 0.02 CHINA MENGNIU DAIRY 4,000 HKD 17,926 0.04BANCO DE CHILE 271,717 CLP 40,414 0.08 CHINA MERCHANTS BANK "H" 122,096 HKD 222,013 0.45BANCO SANTANDER CHILE 626,189 CLP 41,143 0.08 CHINA MERCHANTS PROPERTYCAP S.A. 524 CLP 12,014 0.02 DEVELOPMENT 4,000 HKD 12,267 0.03CENCOSUD S.A. 23,702 CLP 107,271 0.22 CHINA MINSHENGCOLBUN S.A. 43,577 CLP 11,538 0.02 BANKING "H" 107,500 HKD 128,513 0.26CORPBANCA 759,000 CLP 8,137 0.02 CHINA OILFIELD SERVICES "H" 14,000 HKD 35,098 0.07EMPRESA NACIONAL DECHINA PACIFIC INSURANCETELECOM 2,212 CLP 36,619 0.07 GROUP "H" 21,400 HKD 76,721 0.16ENDESA CHILE 37,714 CLP 53,377 0.11 CHINA PETROLEUM &ENERSIS S.A. 404,885 CLP 131,566 0.28 CHEMICAL "H" 1,113,800 HKD 871,875 1.78LATAM AIRLINES GROUP S.A. 716 CLP 10,972 0.02 CHINA RAILWAYRIPLEY CORP S.A. 24,404 CLP 22,332 0.05 CONSTRUCTION "H" 130,000 HKD 137,472 0.28SM CHILE S.A. "B" 75,000 CLP 27,394 0.06 CHINA RAILWAY GROUP "H" 226,000 HKD 123,576 0.25SONDA S.A. 3,463 CLP 9,345 0.02 CHINA RESOURCES LAND 8,000 HKD 22,749 0.05534,559 1.09 CHINA SHENHUA ENERGY "H" 116,000 HKD 353,044 0.72CHINACHINA SHIPPING CONTAINERAGILE PROPERTY HOLDINGS 10,000 HKD 11,013 0.02 LINES COMPANY "H" 48,000 HKD 12,566 0.03AGRICULTURAL BANK OFCHINA SOUTH LOCOMOTIVECHINA "H" 1,205,000 HKD 554,771 1.13 "H" 55,000 HKD 38,372 0.08AIR CHINA "H" 148,000 HKD 100,203 0.20 CHINA SOUTHERN AIRLINESALUMINIUM CORPORATION "H" 256,000 HKD 95,411 0.19OF CHINA "H" 46,000 HKD 17,085 0.03 CHINA TELECOM CORP "H" 1,630,000 HKD 811,397 1.66ANHUI CONCH CEMENT "H" 8,500 HKD 27,295 0.06 CHINA VANKE "B" 10,500 HKD 19,215 0.04AVICHINA INDUSTRY &CHONGQING CHANGANTECHNOLOGY "H" 24,000 HKD 12,256 0.03 AUTOMOBILE "B" 6,000 HKD 9,161 0.02BANK OF CHINA "H" 1,898,000 HKD 866,479 1.77 CHONGQING RURALBBMG CORP "H" 12,000 HKD 8,032 0.02 COMMERCIAL BANK "H" 42,000 HKD 20,257 0.04BEIJING CAP INTERNATIONAL CITIC SECURITIES "H" 31,000 HKD 62,206 0.13AIRPORT "H" 22,000 HKD 14,413 0.03355


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsDATANG INTERNATIONAL POWERCOLOMBIAGENERATION "H" 90,000 HKD 39,694 0.08 ALMACENES EXITO S.A. 1,180 COP 20,367 0.04DONG FENG MOTOR "H" 90,000 HKD 136,724 0.28 CEMENTOS ARGOS 2,970 COP 15,594 0.03GREAT WALL AUTOMOBILESCORPORACION FINANCIERA"H" 3,000 HKD 16,268 0.03 COLOMBIANA 400 COP 8,363 0.02GUANGZHOU AUTOMOBILE ECOPETROL S.A. 32,698 COP 75,817 0.15GROUP "H" 16,000 HKD 17,353 0.04 EMPRESA DE ENERGIAGUANGZHOU R&F DE BOGOTA 22,270 COP 18,088 0.04PROPERTIES "H" 12,000 HKD 18,756 0.04 138,229 0.28HAITONG SECURITIES CO 5,600 HKD 8,363 0.02 CZECH REPUBLICHUANENG POWER CEZ 4,472 CZK 115,943 0.24INTERNATIONAL "H" 100,000 HKD 99,816 0.20 KOMERCNI BANKA 179 CZK 39,623 0.08INDUSTRIAL & COMMERCIAL TELEFONICA 4,913 CZK 77,876 0.16BANK OF CHINA "H" 1,893,000 HKD 1,320,705 2.70 233,442 0.48INNER MONGOLIA YITAIEGYPTCOAL "B" 5,800 USD 11,635 0.02 COMMERCIAL INTERNATIONALJIANGSU EXPRESSWAY "H" 22,000 HKD 25,960 0.05 BANK 4,078 EGP 22,385 0.05JIANGSU FUTURE LAND "B" 8,000 USD 5,048 0.01 GLOBAL TELECOM 291,948 EGP 186,816 0.38JIANGXI COPPER "H" 9,000 HKD 17,688 0.04 209,201 0.43NEW CHINA LIFE INSURANCEFEDERATION OF RUSSIA"H" 2,400 HKD 6,887 0.01 GAZPROM 369,310 USD 1,647,705 3.36PEOPLE'S INSURANCE GROUP MMC NORILSK NICKEL 1,468 USD 213,606 0.44OF CHINA "H" 44,000 HKD 20,654 0.04 SBERBANK 109,330 USD 330,382 0.67PETROCHINA "H" 1,614,000 HKD 1,781,704 3.64 2,191,693 4.47PICC PROPERTY &HONG KONGCASUALTY "H" 47,280 HKD 64,143 0.13 BEIJING ENTERPRISE 1,000 HKD 7,222 0.01PING AN INSURANCE "H" 18,500 HKD 137,540 0.28 BOC HONG KONG HOLDINGS 29,000 HKD 93,123 0.19SHANGHAI ELECTRIC GROUPCHINA MERCHANTS"H" 148,000 HKD 52,678 0.11 HOLDINGS 4,082 HKD 14,845 0.03SHIMAO PROPERTY HOLDINGS 4,000 HKD 9,203 0.02 CHINA MOBILE 126,500 HKD 1,413,570 2.89SINOPEC SHANGHAICHINA OVERSEAS LAND &PETROCHEMICAL "H" 76,000 HKD 28,325 0.06 INVESTMENT 6,000 HKD 17,681 0.04SINOPHARM GROUP "H" 4,800 HKD 12,046 0.02 CHINA RES ENTERPRISES 20,000 HKD 63,578 0.13TSINGTAO BREWERY "H" 4,000 HKD 30,435 0.06 CHINA RESOURCES POWER 4,000 HKD 9,512 0.02WEICHAI POWER "H" 6,000 HKD 23,445 0.05 CHINA TAIPING INSURANCEYANTAI CHANGYU PIONEER HOLDING 10,800 HKD 15,432 0.03"B" 1,500 HKD 5,120 0.01 CHINA UNICOM 368,000 HKD 574,237 1.17YANZHOU COAL MINING "H" 64,000 HKD 63,882 0.13 CNOOC 185,000 HKD 376,475 0.77ZHEJIANG EXPRESSWAY "H" 32,000 HKD 29,465 0.06 CSPC PHARMACEUTICAL 12,000 HKD 6,407 0.01ZIJIN MINING GROUP "H" 92,000 HKD 22,068 0.05 DAH CHONG HONGZTE "H" 30,000 HKD 62,056 0.13 HOLDINGS 13,000 HKD 10,579 0.0210,407,493 21.26 GUANGDONG INVESTMENT 28,000 HKD 24,049 0.05LENOVO GROUP 74,000 HKD 77,395 0.16356


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsSEMICONDUCTOR MANUFACTURING ICICI BANK 4,739 INR 66,651 0.14INTERNATIONAL 552,000 HKD 37,017 0.08 IDEA CELLULAR 6,967 INR 18,825 0.04SHANGHAI INDUSTRIAL IDFC 2,244 INR 3,111 0.01HOLDING 3,000 HKD 9,943 0.02 INDIAN OIL CORP 51,488 INR 172,374 0.35SHOUGHAN FUSHAN RESOURCES INFOSYS 7,846 INR 378,686 0.77GROUP 28,000 HKD 9,424 0.02 ITC 18,768 INR 101,451 0.212,760,489 5.64 JINDAL STEEL & POWER 1,758 INR 6,526 0.01HUNGARY JSW STEEL 849 INR 9,756 0.02MAGYAR TELEKOM KOTAK MAHINDRA BANK 1,493 INR 16,077 0.03TELECOMMUNICATIONS 37,755 HUF 52,621 0.11 LUPIN 1,214 INR 16,691 0.03MOL HUNGARIAN OIL & GAS 1,287 HUF 92,386 0.19 MAHINDRA & MAHINDRA 3,829 INR 49,850 0.10OTP BANK 1,827 HUF 35,435 0.07 MARUTI SUZUKI INDIA 1,526 INR 32,776 0.07RICHTER GEDEON 1,110 HUF 19,181 0.04 NESTLE INDIA 243 INR 19,715 0.04199,623 0.41 NMDC 21,956 INR 42,140 0.09INDIA NTPC 32,932 INR 75,989 0.16ACC 1,456 INR 25,666 0.05 OIL & NATURAL GAS 151,188 INR 637,831 1.31AMBUJA CEMENTS 9,930 INR 29,224 0.06 OIL INDIA 3,925 INR 27,482 0.06ASHOK LEYLAND 30,532 INR 7,261 0.01 ORACLE FINANCIALASIAN PAINTS 2,240 INR 16,413 0.03 SERVICES 439 INR 21,335 0.04AXIS BANK 1,041 INR 16,661 0.03 PIRAMAL HEALTHCARE 4,306 INR 40,655 0.08BAJAJ AUTO 764 INR 24,307 0.05 POWER FINANCIAL 4,846 INR 10,080 0.02BANK OF BARODA 4,044 INR 31,574 0.06 PUNJAB NATIONAL BANK 6,218 INR 45,704 0.09BANK OF INDIA 9,623 INR 24,202 0.05 RANBAXY LABORATORIES 4,048 INR 21,354 0.04BHARAT HEAVYRELIANCE COMMUNICATIONELECTRICALS 34,465 INR 74,921 0.15 VENTURES 53,347 INR 123,435 0.25BHARAT PETROLEUM 9,254 INR 48,624 0.10 RELIANCE INDUSTRIES 15,164 INR 200,111 0.41BHARTI AIRTEL 16,877 INR 85,605 0.17 RURAL ELECTRIFICATIONCADILA HEALTHCARE 564 INR 6,128 0.01 CORP 2,980 INR 8,898 0.02CAIRN INDIA 2,798 INR 14,152 0.03 SEIMENS INDIA 2,538 INR 19,287 0.04CANARA BANK 1,176 INR 4,134 0.01 SESA GOA 18,583 INR 53,995 0.11CIPLA 1,348 INR 9,339 0.02 STATE BANK OF INDIA 8,500 INR 218,188 0.45COAL INDIA 72,253 INR 338,786 0.69 STEEL AUTHORITY OF INDIA 122,855 INR 97,035 0.20COLGATE-PALMOLIVE (INDIA) 346 INR 6,852 0.01 SUN PHARMACEUTICALS 2,504 INR 23,821 0.05CROMPTON GREAVES 13,797 INR 18,832 0.04 TATA CHEMICALS 3,372 INR 12,761 0.03DABUR INDIA 3,095 INR 8,459 0.02 TATA CONSULTANCYDLF 4,669 INR 9,533 0.02 SERVICE 11,418 INR 354,230 0.72DR REDDYS LABORATORIES 1,177 INR 44,894 0.09 TATA MOTORS 13,088 INR 69,644 0.14FEDERAL BANK 1,129 INR 5,154 0.01 TATA STEEL 39,669 INR 169,249 0.35GAIL INDIA 8,385 INR 43,411 0.09 TECH MAHINDRA 5,236 INR 111,852 0.23GRASIM INDUSTRIES 894 INR 37,567 0.08 TITAN INDUSTRIES 1,474 INR 5,487 0.01HCL TECHNOLOGIES 11,041 INR 192,493 0.39 ULTRATECH CEMENT 568 INR 16,475 0.03HDFC BANK 2,953 INR 28,186 0.06 UNITED SPIRITS 374 INR 15,481 0.03HERO MOTOCROP 1,186 INR 37,672 0.08 WIPRO 37,782 INR 290,691 0.59HINDALCO INDUSTRIES 37,661 INR 66,711 0.14 ZEE ENTERTAINMENTHINDUSTAN UNILEVER 7,249 INR 72,436 0.15 ENTERPRISES 2,683 INR 9,812 0.02HOUSING DEVELOPMENT 4,973,423 10.15FINANCE 2,323 INR 28,715 0.06357


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINDONESIA DIGI COM 29,700 MYR 44,182 0.09ADARO ENERGY 192,000 IDR 14,857 0.03 FELDA GLOBAL VENTURESASTRA INTERNATIONAL 106,500 IDR 57,230 0.12 HOLDINGS 9,600 MYR 12,342 0.03BANK CENTRAL ASIA 45,000 IDR 38,691 0.08 GENTING 12,800 MYR 40,747 0.08BANK DANAMON 35,000 IDR 11,962 0.02 GENTING MALAYSIA 26,400 MYR 34,101 0.07BANK MANDIRI 52,000 IDR 35,991 0.07 IHH HEALTHCARE 16,500 MYR 20,960 0.04BANK NEGRA INDONESIA 60,000 IDR 21,409 0.04 IOI CORP 16,300 MYR 26,743 0.05BANK RAKYAT INDONESIA 82,500 IDR 51,427 0.10 KUALA LUMPUR KEPONG 3,600 MYR 24,904 0.05BUMI RESOURCES 115,000 IDR 4,499 0.01 LAFARGE MALAYAN CEMENT 3,400 MYR 9,803 0.02CHAROEN POKPHAND MALAYAN BANKING 19,512 MYR 58,769 0.12INDONESIA 14,500 IDR 4,363 0.01 MAXIS 28,500 MYR 61,065 0.12GLOBAL MEDIACOM 32,000 IDR 5,503 0.01 PETRONAS CHEMICAL GROUP 32,100 MYR 67,305 0.14GUDANG GARAM 4,500 IDR 13,581 0.03 PETRONAS DAGANGAN 2,200 MYR 19,529 0.04INDO TAMBANGRAYA PETRONAS GAS 4,900 MYR 32,997 0.07MEGAH 6,500 IDR 14,587 0.03 PPB GROUP 3,200 MYR 13,928 0.03INDOCEMENT TUNGGAL RHB CAPITAL 9,100 MYR 21,058 0.04PRAKARSA 6,500 IDR 10,227 0.02 SAPURAKENCANAINDOFOOD SUKSES MAKMUR 12,000 IDR 7,222 0.01 PETROLEUM 21,100 MYR 23,832 0.05JASA MARGA 10,500 IDR 4,920 0.01 SIME DARBY 33,100 MYR 96,249 0.20KALBE FARMA 71,000 IDR 7,570 0.02 TELEKOM MALAYSIA 45,000 MYR 72,176 0.15MNC INVESTAMA TBK PT 134,500 IDR 4,105 0.01 TENAGA NASIONAL 48,600 MYR 134,329 0.28PERUSAHAAN GAS NEGARA 61,000 IDR 27,797 0.06 UMW HOLDINGS 3,400 MYR 12,301 0.03SEMEN INDONESIA PERSERO YTL CORP 32,700 MYR 15,414 0.03TBK PT 9,500 IDR 10,700 0.02 YTL POWER INTERNATIONAL 26,800 MYR 14,602 0.03TAMBANG BATUBARA 1,038,023 2.12BUKIT ASAM 11,000 IDR 11,822 0.02 MEXICOTELEKOMUNIKASI INDONESIA ALFA "A" 19,900 MXN 55,309 0.11PERSERO "B" 785,000 IDR 143,426 0.30 ALPEK S.A. 14,000 MXN 30,705 0.06UNILEVER INDONESIA 9,000 IDR 23,602 0.05 AMERICA MOVIL S.A. 512,700 MXN 512,219 1.05UNITED TRACTOR TBK 15,000 IDR 21,087 0.04 BIMBO "A" 5,800 MXN 18,081 0.04XL AXIATA TBK 62,000 IDR 23,455 0.05 CEMEX S.A. 76,956 MXN 86,487 0.18570,033 1.16 COCA-COLA FEMSA "L" 3,300 MXN 42,483 0.09LUXEMBOURG COMPARTAMOS SAB DE CV 6,400 MXN 11,984 0.02KERNEL HOLDINGS 329 PLN 5,179 0.01 EL PUERTO DE LIVERPOOL 1,300 MXN 14,649 0.035,179 0.01 EMPRESAS ICA 3,800 MXN 8,334 0.02MALAYSIA FIBRA UNO ADMINISTRATION 11,200 MXN 30,756 0.06ALLIANCE FINANCIAL GROUP 4,600 MYR 7,054 0.01 FOMENTO ECONOMICOAMMB HOLDINGS 6,100 MYR 13,854 0.03 MEXICANO 8,200 MXN 79,988 0.16ASTRO MALAYSIAGENOMMA LABHOLDINGS 11,600 MYR 10,368 0.02 INTERNACIONAL "B" 7,200 MXN 15,791 0.03AXIATA GROUP 27,500 MYR 57,912 0.12 GRUPO AEROPORTUARIO "B" 1,700 MXN 8,754 0.02BERJAYA SPORTS TOTO 8,800 MYR 11,071 0.02 GRUPO AEROPORTUARIOBOUSTEAD HOLDINGS 6,000 MYR 9,532 0.02 DE SUR "B" 600 MXN 6,640 0.01CIMB GROUP HOLDINGS 30,800 MYR 70,896 0.14358


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsGRUPO COMERCIAL CHEDRAUI BRE BANK S.A. 94 PLN 14,085 0.03S.A. 2,000 MXN 6,368 0.01 CYFROWY POLSAT 1,100 PLN 7,594 0.02GRUPO ELEKTRA SAB EUROCASH 320 PLN 5,009 0.01DE CV 685 MXN 22,432 0.05 GRUPA LOTOS 580 PLN 6,819 0.01GRUPO FINANCIEROJASTRZEBSKA SPOLKABANORTE "O" 6,500 MXN 40,305 0.08 WEGLOWA 2,793 PLN 66,241 0.14GRUPO FINANCIERO KGHM POLSKA MIEDZ 2,411 PLN 95,058 0.19SANTANDER "B" 7,800 MXN 21,579 0.04 LUBELSKI WEGIELGRUPO MEXICO "B" 43,700 MXN 133,225 0.27 BOGDANKA S.A. 200 PLN 6,936 0.01GRUPO TELEVISA 7,900 MXN 43,884 0.09 PEKAO 1,053 PLN 60,196 0.12INDUSTRIAS PENOLES 1,250 MXN 37,465 0.08 PKO BANK POLSKI 5,100 PLN 60,787 0.12MACQUARIE MEXICO REAL POLISH OIL & GAS 21,781 PLN 42,189 0.09ESTATE 4,300 MXN 7,577 0.02 POLSKA GRUPAMEXICHEM S.A. 8,000 MXN 35,406 0.07 ENERGETYCZNA 24,185 PLN 130,642 0.26MINERA FRISCO 3,900 MXN 10,208 0.02 POLSKI KONCERN NAFTOWYPROMOTORA Y OPERADORA ORLEN 4,809 PLN 68,140 0.14DE INFRAESTRUCTURA 800 MXN 7,864 0.02 PZU GROUP 709 PLN 96,313 0.20WALMART DE MEXICO S.A. 38,700 MXN 102,147 0.21 TAURON POLSKA ENERGIA1,390,640 2.84 S.A. 40,370 PLN 61,292 0.13PHILIPPINESTELEKOMUNIKACJAABOITIZ POWER 14,000 PHP 10,132 0.02 POLSKA S.A. 48,900 PLN 128,322 0.26ABS CBN HOLDINGS PDR 13,600 PHP 10,936 0.02 900,109 1.84AYALA CORP 1,580 PHP 21,944 0.04 SOUTH AFRICABANK OF THE PHILIPPINES ADCOCK INGRAM HOLDINGS 991 ZAR 6,705 0.01ISLANDS 10,720 PHP 23,743 0.05 AECI 1,400 ZAR 16,449 0.03BDO UNIBANK 6,280 PHP 10,821 0.02 AFRICAN BANKBLOOMBERRY RESORTS INVESTMENTS 3,348 ZAR 5,580 0.01CORP 25,300 PHP 5,824 0.01 AFRICAN RAINBOWENERGY DEVELOPMENT MINERALS 1,675 ZAR 31,742 0.06CORP 74,100 PHP 9,278 0.02 ANGLO AMERICAN PLATINUM 3,080 ZAR 132,955 0.27GLOBE TELECOM 1,180 PHP 43,377 0.09 ANGLOGOLD HOLDINGS 3,611 ZAR 48,146 0.10GT CAPITAL HOLDINGS 360 PHP 6,286 0.01 ASSORE 521 ZAR 21,915 0.04JOLLIBEE FOODS 5,000 PHP 19,356 0.04 AVENG 23,919 ZAR 59,750 0.12MANILA ELECTRIC 3,430 PHP 22,538 0.05 AVI 2,325 ZAR 13,737 0.03METROPOLITAN BANK & BARCLAYS AFRICA GROUP 8,030 ZAR 117,241 0.24TRUST 8,125 PHP 15,494 0.03 BARLOWORLD 6,262 ZAR 57,802 0.12PHILIPPINE LONG DISTANCE BIDVEST GROUP 4,120 ZAR 103,393 0.21TELECOM 1,730 PHP 118,366 0.25 CLICKS GROUP 2,347 ZAR 12,510 0.03UNIVERSAL ROBINA 4,470 PHP 12,632 0.03 DATATEC 3,250 ZAR 19,157 0.04330,727 0.68 DISCOVERY 2,351 ZAR 19,058 0.04POLAND EXXARO RESOURCES 2,501 ZAR 40,721 0.08ASSECO POLAND 1,789 PLN 27,705 0.06 FIRSTRAND 40,848 ZAR 137,850 0.28BANK HANDLOWY W GOLD FIELDS 13,244 ZAR 61,491 0.13WARSZAWIE 645 PLN 22,781 0.05 GRINDROD 4,068 ZAR 9,977 0.02359


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsHARMONY GOLD MINING 10,927 ZAR 38,470 0.08 BS FINANCIAL GROUP 530 KRW 7,920 0.02IMPALA PLATINUM 8,660 ZAR 105,695 0.22 CHEIL INDUSTRIES 172 KRW 14,684 0.03IMPERIAL HOLDINGS 3,310 ZAR 71,552 0.15 CJ CHEILJEDANG 62 KRW 15,960 0.03KUMBA IRON ORE 2,113 ZAR 96,903 0.20 CJ CORP 283 KRW 30,563 0.06LIBERTY 2,392 ZAR 27,340 0.06 COWAY 300 KRW 16,618 0.03LIFE HEALTHCARE 8,069 ZAR 28,575 0.06 DAELIM INDUSTRIAL 195 KRW 17,610 0.04MASSMART HOLDINGS 1,644 ZAR 26,785 0.05 DAEWOO ENGINEERING &MEDI CLINIC 7,583 ZAR 55,944 0.11 CONSTRUCTION 1,010 KRW 8,171 0.02MMI HOLDINGS 8,995 ZAR 21,662 0.04 DAEWOO INTERNATIONAL 250 KRW 8,833 0.02MONDI 5,584 ZAR 93,677 0.19 DAEWOO SECURITIES 1,790 KRW 16,398 0.03MR PRICE GROUP 1,059 ZAR 14,618 0.03 DAEWOO SHIPBUILDING &MTN GROUP 13,164 ZAR 256,513 0.52 MARINE ENGINEERING 610 KRW 19,650 0.04NAMPAK 8,370 ZAR 26,249 0.05 DGB FINANCIAL GROUP 760 KRW 11,462 0.02NASPERS "N" 688 ZAR 63,271 0.13 DONGBU INSURANCE 280 KRW 12,043 0.02NEDBANK GROUP 4,405 ZAR 89,055 0.18 DOOSAN HEAVY INDUSTRIES 1,510 KRW 64,878 0.13NETCARE 21,829 ZAR 51,644 0.11 DOOSAN INFRACORE 1,600 KRW 23,387 0.05NORTHAM PLATINUM 4,281 ZAR 17,609 0.04 E-MART 159 KRW 35,823 0.07PCC 5,105 ZAR 15,415 0.03 GS ENGINEERING ANDPICK N PAY STORES 9,651 ZAR 40,697 0.08 CONSTRUCTION 303 KRW 10,564 0.02REMGRO 1,262 ZAR 24,049 0.05 HALLA VISTEON CLIMATEREUNERT 2,354 ZAR 16,754 0.03 CONTROL 420 KRW 15,934 0.03RMB HOLDINGS 2,658 ZAR 12,323 0.03 HANA FINANCIAL HOLDINGS 3,608 KRW 123,781 0.25RMI HOLDINGS 2,421 ZAR 6,375 0.01 HANJIN KAL CORP 1,054 KRW 16,682 0.03SANLAM 14,143 ZAR 66,697 0.14 HANKOOK TIRE 480 KRW 27,438 0.06SANTAM 700 ZAR 13,051 0.03 HANWHA CHEMICAL 570 KRW 11,038 0.02SASOL 5,821 ZAR 275,293 0.56 HANWHA LIFE INSURANCE 2,780 KRW 17,988 0.04SHOPRITE HOLDINGS 2,170 ZAR 35,608 0.07 HYOSUND 254 KRW 16,955 0.03SPAR GROUP 1,009 ZAR 12,176 0.02 HYUDAI GLOVIS CO 40 KRW 7,839 0.02STANDARD BANK 16,045 ZAR 191,145 0.39 HYUNDAI DEPARTMENTSTEINHOFF INTERNATIONAL STORE 65 KRW 9,743 0.02HOLDINGS 16,458 ZAR 56,434 0.12 HYUNDAI DEVELOPMENT 260 KRW 5,822 0.01THE FOSCHINI GROUP 1,514 ZAR 15,352 0.03 HYUNDAI ENGINEERING &TIGER BRANDS 866 ZAR 25,100 0.05 CONSTRUCTION 532 KRW 30,609 0.06TRUWORTHS HYUNDAI HEAVY INDUSTRIES 456 KRW 112,078 0.23INTERNATIONAL 1,813 ZAR 16,056 0.03 HYUNDAI HOME SHOPPINGTUNGAAT HULETT 628 ZAR 7,406 0.02 NETWORK CORP 60 KRW 8,826 0.02VODACOM GROUP 9,348 ZAR 115,678 0.24 HYUNDAI HYSCO 320 KRW 13,719 0.03WILSON BAYLYHYUNDAI MARINE & FIREHOLMES-OVCON 1,258 ZAR 19,734 0.04 INSURANCE 550 KRW 14,977 0.03WOOLWORTHS HOLDINGS 4,517 ZAR 32,607 0.07 HYUNDAI MIPO DOCKYARD 124 KRW 18,125 0.042,999,691 6.12 HYUNDAI MOBIS 260 KRW 69,229 0.14SOUTH KOREA HYUNDAI MOTOR 736 KRW 171,989 0.36AMOREPACIFIC CORP 12 KRW 10,111 0.02 HYUNDAI SECURITIES 1,710 KRW 10,651 0.02AMOREPACIFIC GROUP 52 KRW 19,050 0.04 HYUNDAI STEEL 340 KRW 26,178 0.05KANGWON LAND 800 KRW 21,227 0.04360


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsKB FINANCIAL GROUP 2,310 KRW 80,863 0.17 SAMSUNG ENGINEERING 375 KRW 28,838 0.06KCC CORP 77 KRW 32,403 0.07 SAMSUNG FIRE & MARINEKEPCO ENGINEERING & INSURANCE 164 KRW 37,637 0.08CONSTRUCTION 100 KRW 6,787 0.01 SAMSUNG HEAVYKIA MOTORS 2,445 KRW 148,642 0.30 INDUSTRIES 1,050 KRW 42,035 0.09KOREA AEROSPACE SAMSUNG LIFE INSURANCE 420 KRW 40,862 0.08INDUSTRIES 230 KRW 5,739 0.01 SAMSUNG SDI 202 KRW 35,262 0.07KOREA ELECTRIC POWER 3,130 KRW 87,567 0.18 SAMSUNG SECURITIES 439 KRW 19,230 0.04KOREA INVESTMENT SAMSUNG TECHWIN 160 KRW 9,087 0.02HOLDINGS 380 KRW 14,664 0.03 SHINHAN FINANCIAL GROUP 3,890 KRW 158,082 0.32KOREA ZINC 66 KRW 19,970 0.04 SHINSEGAE 54 KRW 11,613 0.02KOREAN AIRLINES 2,182 KRW 76,687 0.16 SK C&C 1,233 KRW 132,011 0.27KT & G 675 KRW 48,389 0.10 SK CORP 1,114 KRW 201,204 0.42KT CORP 6,140 KRW 205,501 0.43 SK HYNIX INC 4,030 KRW 113,496 0.23KUMHO PETRO CHEMICAL 170 KRW 16,064 0.03 SK INNOVATION 459 KRW 62,390 0.13LG CHEMICAL 292 KRW 83,594 0.17 SK NETWORKS 3,600 KRW 21,886 0.04LG CORP 2,525 KRW 155,621 0.32 SK TELECOM 747 KRW 151,957 0.31LG DISPLAY 5,980 KRW 144,474 0.29 S-OIL CORP 491 KRW 35,610 0.07LG ELECTRONICS 2,590 KRW 171,684 0.36 WOORI FINANCE HOLDINGS 10,360 KRW 120,565 0.25LG HOUSEHOLD &WOORI INVESTMENT &HEALTHCARE 23 KRW 11,670 0.02 SECURITIES 2,010 KRW 21,707 0.04LG INNOTEK 120 KRW 9,597 0.02 4,817,781 9.84LG INSURANCE 490 KRW 11,131 0.02 TAIWANLG UPLUS CORP 3,400 KRW 36,560 0.07 ACER INC 54,000 TWD 37,520 0.08LOTTE CHEMICAL CORP 77 KRW 14,230 0.03 ADVANCED SEMICONDUCTORLOTTE CHILSUNG BEVERAGE 8 KRW 12,639 0.03 ENGINEERING 109,000 TWD 105,034 0.21LOTTE CONFECTIONERY 6 KRW 9,524 0.02 ADVANTECH 3,000 TWD 16,787 0.03LS CABLE 135 KRW 9,741 0.02 ASIA CEMENT 13,260 TWD 16,768 0.03MACQUARIE KOREA INFRA ASIA PACIFIC TELECOM 28,216 TWD 16,743 0.03FUND 2,320 KRW 14,277 0.03 ASUSTEK COMPUTER 8,000 TWD 63,700 0.13MANDO 158 KRW 18,755 0.04 AU OPTRONICS 455,000 TWD 170,761 0.35MIRAE ASSET SECURITIES 300 KRW 10,278 0.02 CATCHER TECHNOLOGY 2,000 TWD 10,583 0.02N C SOFT 64 KRW 11,381 0.02 CATHAY FINANCIALNAVER CORP 60 KRW 31,114 0.06 HOLDING 61,588 TWD 87,667 0.18NHN ENTERTAINMENT CORP 27 KRW 2,966 0.01 CHANG HWA COMMERCIALOCI COMPANY 181 KRW 29,068 0.06 BANK 39,590 TWD 23,090 0.05ORION CORP 17 KRW 15,083 0.03 CHENG SHIN RUBBERPOHANG IRON STEEL INDUSTRIES 8,050 TWD 21,067 0.04(POSCO) 369 KRW 109,761 0.22 CHEUNG UEI PRECISIONS1 CORP 204 KRW 12,288 0.03 INDUSTRY 12,000 TWD 24,019 0.05SAMSUNG CARD 590 KRW 21,972 0.04 CHICONY ELECTRONICS 6,060 TWD 15,101 0.03SAMSUNG CORP 449 KRW 26,126 0.05 CHINA AIR LINES 142,000 TWD 53,293 0.11SAMSUNG ELECTROCHINA DEVELOPMENTMECHANICS 467 KRW 37,521 0.08 FINANCIAL 67,000 TWD 19,255 0.04SAMSUNG ELECTRONICS 570 KRW 725,425 1.49 CHINA MOTOR CO 12,000 TWD 10,833 0.02CHINA PETROCHEMICALDEVELOPMENT 26,000 TWD 12,791 0.03361


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsCHINA STEEL 92,920 TWD 81,528 0.17 MEGA FINANCIAL HOLDINGCHINATRUST FINANCIAL CO 45,000 TWD 36,896 0.08HOLDING 48,150 TWD 31,420 0.06 NAN YA PLASTICS 55,550 TWD 116,824 0.24CHUNGHWA TELECOM 76,000 TWD 243,344 0.50 NOVATEKCOMPAL ELECTRONICS 103,000 TWD 75,223 0.15 MICROELECTRONICS 3,000 TWD 12,426 0.03CTCI CORP 9,000 TWD 14,545 0.03 PEGATRON CORP 34,000 TWD 48,512 0.10DELTA ELECTRONICS POU CHEN 108,000 TWD 125,796 0.26INDUSTRIAL CO 13,000 TWD 63,074 0.13 POWERTECH TECHNOLOGY 13,000 TWD 24,439 0.05E SUN FINANCIAL HOLDINGS 12,100 TWD 7,835 0.02 PRESIDENT CHAIN STORE 7,000 TWD 50,531 0.10EPISTAR CORP 5,000 TWD 9,467 0.02 QUANTA COMPUTER 42,000 TWD 91,026 0.19EVERGREEN MAR CORP 19,000 TWD 11,242 0.02 RADIANT OPTO ELECTRONICS 4,120 TWD 14,696 0.03EVERLIGHT ELECTRONICS 3,000 TWD 5,488 0.01 REALTEK SEMICONDUCTOR 4,040 TWD 9,862 0.02FAR EASTERN DEPARTMENTSHIN KONG FINANCIALSTORES 12,360 TWD 12,997 0.03 HOLDING 40,087 TWD 13,554 0.03FAR EASTERN NEW CENTURY 60,180 TWD 66,333 0.14 SILICONWARE PRECISION 39,000 TWD 45,559 0.09FAR EASTONE SINOPAC HOLDINGS 28,070 TWD 12,907 0.03TELECOMMUNICATIONS 21,000 TWD 52,329 0.11 ST SHINE OPTICAL 1,000 TWD 27,522 0.06FIRST FINANCIAL HOLDING 37,275 TWD 22,307 0.05 SYNNEX TECHNOLOGYFORMOSA CHEMICAL & FIBER 43,260 TWD 114,965 0.23 INTERNATIONAL 6,000 TWD 9,393 0.02FORMOSA PETROCHEMICAL TAISHIN FINANCIAL 72,969 TWD 33,677 0.07CORP 41,000 TWD 107,712 0.22 TAIWAN BUSINESS BANK 20,800 TWD 6,217 0.01FORMOSA PLASTICS 38,480 TWD 99,270 0.20 TAIWAN CEMENT 27,000 TWD 39,072 0.08FORMOSA TAFFETA 22,000 TWD 21,423 0.04 TAIWAN COOPERATIVEFOXCONN TECHNOLOGY 15,750 TWD 40,898 0.08 HOLDINGS 33,920 TWD 18,637 0.04FUBON FINANCIAL HOLDING 38,000 TWD 52,549 0.11 TAIWAN FERTILIZER 3,000 TWD 7,070 0.01GIANT MANUFACTURING 2,000 TWD 13,626 0.03 TAIWAN GLASS 13,000 TWD 13,208 0.03HON HAI PRECISION TAIWAN MOBILE 14,000 TWD 49,702 0.10INDUSTRIES 162,800 TWD 417,785 0.84 TAIWAN SECOM 6,000 TWD 14,363 0.03HTC 11,000 TWD 49,094 0.10 TAIWAN SEMICONDUCTERHUA NAN FINANCIAL MANUFACTURING 110,000 TWD 373,780 0.75HOLDINGS 36,750 TWD 20,999 0.04 TECO ELECTRIC &INNOLUX CORP 318,000 TWD 152,676 0.31 MACHINERY 19,000 TWD 20,107 0.04INOTERA MEMORIES INC 119,000 TWD 66,388 0.14 TRANSCEND INFORMATION 2,000 TWD 6,296 0.01INVENTEC 88,000 TWD 85,096 0.17 TRIPOD TECHNOLOGY 10,000 TWD 19,475 0.04KENDA RUBBER 3,120 TWD 6,256 0.01 TSRC CORP 5,000 TWD 8,926 0.02KING VUAN ELECTRONICS U-MING MARINE TRANSPORT 7,000 TWD 12,710 0.03COMPANY 28,000 TWD 19,266 0.04 UNIMICRON TECHNOLOGY 27,000 TWD 23,005 0.05KINSUS INTERCONNECT UNI-PRESIDENT ENTERPRISES 51,940 TWD 96,764 0.20TECHNOLOGY 3,000 TWD 10,549 0.02 UNITED MICRO ELECTRONICS 237,000 TWD 101,367 0.21LARGAN PRECISION 1,000 TWD 33,642 0.07 WALSIN LIHWA 36,000 TWD 10,991 0.02LITE-ON TECHNOLOGY 41,204 TWD 70,215 0.14 WINBOND ELECTRONICS 113,000 TWD 30,565 0.06MACRONIX INTERNATIONAL WINTEK CORP 46,000 TWD 18,975 0.04CO 76,000 TWD 18,501 0.04 WISTRON CORP 40,950 TWD 39,668 0.08MAKALOT INDUSTRIAL 1,000 TWD 5,021 0.01 WPG HOLDINGS 14,000 TWD 16,473 0.03MEDIATEK INC 6,000 TWD 74,148 0.15 YANG MING MARINE 28,000 TWD 12,828 0.03362


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsYULON MOTOR COMPANY 12,000 TWD 20,084 0.04 FORD OTOMOTIV SANAYI 1,720 TRY 23,175 0.05YUNGTAY ENGINEERING 3,000 TWD 7,881 0.02 GARANTI BANKASI 12,341 TRY 48,251 0.10ZHEN DING TECHNOLOGY KOC HOLDING AS 16,153 TRY 75,344 0.16HOLDING 2,100 TWD 4,992 0.01 MIGROS TICARET 1,455 TRY 12,119 0.024,528,999 9.24 SABANCI HOLDING 10,161 TRY 48,988 0.10THAILAND TAV HAVALIMANLARI 3,000 TRY 19,549 0.04ADVANCED INFORMATIONTOFAS TURK OTOMOBILSERVICES 11,200 THB 91,157 0.19 FABRIKASI 1,860 TRY 11,118 0.02BANGKOK DUSIT MEDICALTORUNLAR GAYRIMENKULSERVICES 3,500 THB 14,188 0.03 YATIRIM ORTAKLIGI AS 3,470 TRY 5,713 0.01BANPU PUBLIC 51,000 THB 45,172 0.09 TUPRAS-TURKIYE PETROLBIG C SUPERCENTER 1,800 THB 11,778 0.02 RAFINE 998 TRY 21,075 0.04CHAROEN POKPHAND FOODS 39,500 THB 31,015 0.06 TURK HAVA YOLLARI 19,624 TRY 72,689 0.15CP ALL 26,400 THB 29,703 0.06 TURK SISE VE CAMELECTRICITY GENERATING 2,400 THB 9,461 0.02 FABRIKALARI 12,473 TRY 17,111 0.03ENERGY ABSOLUTE PCL 26,400 THB 5,646 0.01 TURK TELEKOMUNIKASYON 35,809 TRY 119,306 0.25INDORAMA VENTURES 15,100 THB 10,507 0.02 TURKCELL ILETISMIRPC PUBLIC COMPANY 117,000 THB 11,801 0.02 HIZMETLERI 10,880 TRY 63,169 0.13MINOR INTERNATIONAL 8,900 THB 6,903 0.01 TURKIYE HALK BANKASI 4,114 TRY 29,630 0.06PTT EXPLORATION TURKIYE IS BANKASI "C" 25,397 TRY 66,697 0.14& PRODUCTION 13,800 THB 72,457 0.15 TURKIYE VAKIFLAR BANKASI 10,589 TRY 23,814 0.05PTT GLOBAL CHEMICAL 32,500 THB 75,207 0.15 YAPI KREDI BK 13,042 TRY 28,947 0.06PTT PUBLIC COMPANY 12,600 THB 128,290 0.26 869,826 1.78SHIN CORP 10,900 THB 28,615 0.06 UNITED STATESSIAM CEMENT 5,600 THB 76,654 0.16 SOUTHERN COPPER CORP 2,800 USD 77,952 0.16SIAM GLOBAL HOUSE 18,300 THB 10,455 0.02 77,952 0.16THAI AIRWAYSVIRGIN ISLANDSINTERNATIONAL 98,000 THB 61,934 0.13 SINO-OCEAN LANDTHAI OIL 12,300 THB 22,868 0.05 HOLDINGS 12,000 HKD 7,057 0.01THAI UNION FROZEN 7,057 0.01PRODUCTS 7,800 THB 12,697 0.03 TOTAL SHARES 42,906,557 87.61TOTAL ACCESSCOMMUNICATIONS 13,700 THB 46,789 0.10 INVESTMENT FUNDS803,297 1.64TURKEYMALAYSIAAKBANK 11,138 TRY 40,928 0.08 KLCC PROPERTY HOLDINGSARCELIK 3,445 TRY 19,917 0.04 REIT 3,400 MYR 6,692 0.01ASYA KATILIM BANKASI 6,030 TRY 5,613 0.01 SOUTH AFRICABIM BIRLESIKFOUNTAINHEAD PROPERTYMAGAZALAR AS 668 TRY 13,779 0.03 TRUST 7,853 ZAR 6,041 0.01COCA COLA ICECEK 290 TRY 7,317 0.01 12,733 0.02DOGAN YAYIN HOLDING 39,970 TRY 13,121 0.03 TOTAL INVESTMENT FUNDS 12,733 0.02ENKA INSAAT 15,225 TRY 43,862 0.09EREGLI DEMIR VE CELIKFABRIK 31,258 TRY 38,594 0.08363


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsUNIT SHARESGUERNSEYETALON GROUP GDR 1,832 USD 8,885 0.02BRAZIL 8,885 0.02BANCO SANTANDER BRASIL TOTAL GDR (Global Depositary Receipt) 212,741 0.43UNITS 14,300 BRL 98,223 0.19SUL AMERICA UNITS 2,543 BRL 17,884 0.04 PREFERENTIAL SHARESTRANSMISSORA ALIANCADE ENERGIA ELETRICA S.A. 2,400 BRL 23,143 0.05 BRAZIL139,250 0.28 AES TIETE S.A. (PREFERRED) 2,500 BRL 24,063 0.05MEXICO AMBEV (PREFERRED) 5,500 BRL 212,532 0.43CONTROLADORA COMMERCIALBANCO ESTRADO RIOMEXICANA 3,500 MXN 14,691 0.03 GRANDE (PREFERRED) 3,700 BRL 25,988 0.05TV AZTECA SAB DE CV 12,900 MXN 7,483 0.02 BRADESPAR S.A. BRASIL22,174 0.05 (PREFERRED) 1,200 BRL 13,401 0.03SOUTH AFRICABRASKEM S.A. (PREFERRED)HYPROP INVESTMENTS 1,530 ZAR 11,143 0.02 "A" 3,300 BRL 26,089 0.0511,143 0.02 CIA DE GAS DE SAOTHAILAND PAULO (PREFERRED) 500 BRL 12,851 0.03AIRPORTS OF THAILAND 5,600 THB 32,799 0.07 CIA DE TRANSMISSAOBEC WORLD (UNITS) 6,000 THB 10,724 0.02 DE ENERGIA 900 BRL 13,788 0.03TRUE CORP PCL 121,300 THB 29,425 0.06 CIA ENERGETICA DE SAO72,948 0.15 PAULO (PREFERRED) "B" 3,700 BRL 38,236 0.08TOTAL UNIT SHARES 245,515 0.50 CIA ENERGETICA MINAS(PREFERRED) 5,781 BRL 49,443 0.10SADR (Sponsored American Depository Receipt)COMPANHIA BRASILEIRA DEDISTRIBUICAO "A" 800 BRL 37,224 0.08CAYMAN ISLANDSITAU UNIBANCO BANCO MULTIPLOVIPSHOP HOLDINGS ADR 300 USD 17,397 0.04 S.A. (PREFERRED) 22,520 BRL 321,544 0.6617,397 0.04 KLABIN (PREFERRED) 3,500 BRL 17,868 0.04FEDERATION OF RUSSIALOJAS AMERICANAS S.A.SURGUTNEFTEGAZ ADR 22,800 USD 198,391 0.40 (PREFERRED) 1,200 BRL 8,780 0.02198,391 0.40 OI S.A. (PREFERRED) 167,000 BRL 338,943 0.68PERU TELEF BRASIL (PREFERRED) 8,800 BRL 196,271 0.40CIA DE BUENAVENTUR ADR 800 USD 9,512 0.02 VALE S.A. (PREFERRED) "A" 19,700 BRL 280,581 0.579,512 0.02 1,617,602 3.30TOTAL SADR (Sponsored AmericanCHILEDepository Receipt) 225,300 0.46 COCA COLA EMBONORS.A. "B" (PREFERRED) 2,200 CLP 5,262 0.01GDR (Global Depositary Receipt)EMBOTELLADORA ANDINA"B" (PREFERRED) 1,410 CLP 7,690 0.02FEDERATION OF RUSSIASOCIEDAD QUIMICA Y MINERAAFK SISTEMA GDR 648 USD 16,628 0.03 DE CHILE (PREFERRED) 173 CLP 5,347 0.01MEGAFON WI GDR 4,170 USD 148,202 0.30 18,299 0.04OJSC LSR GROUP GDR 3,224 USD 13,863 0.03PHARMSTANDARD GDR 404 USD 5,858 0.01TMK GDR 1,485 USD 19,305 0.04203,856 0.41364


Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsCOLOMBIA NOVATEK OAO 1,430 USD 16,963 0.03BANCO DAVIVIENDA NOVOLIPETSK IRON & STEEL 6,660 USD 10,929 0.02(PREFERRRED) 640 COP 8,585 0.02 ROSNEFT OIL 11,120 USD 90,317 0.18BANCOLOMBIA S.A. ROSTELECOM 21,270 USD 67,915 0.14(PREFERRRED) 3,207 COP 46,112 0.09 RUSSIAN GRIDS OAO 4,818,000 USD 147,094 0.30GRUPO AVAL ACCIONES TATNEFT 10,360 USD 69,102 0.14(PREFERRED) 11,760 COP 8,566 0.02 URALKALIY CLS 4,730 USD 24,855 0.05GRUPO DE INVERSION VTB BANK 68,610,000 USD 90,634 0.19SURAMERICANA 731 COP 14,900 0.03 1,393,380 2.8478,163 0.16 SOUTH KOREATOTAL PREFERENTIAL SHARES 1,714,064 3.50 CJ HOME SHOPPING 20 KRW 6,523 0.01INDUSTRIAL BANK OF KOREA 4,190 KRW 46,420 0.10ADR (American Depositary Receipt) 52,943 0.11TAIWANBERMUDA ISLANDS CHIPBOND TECHNOLOGY 4,000 TWD 8,236 0.02VIMPELCOM ADR 1,300 USD 14,638 0.03 SIMPLO TECHNOLOGY 2,000 TWD 9,704 0.0214,638 0.03 VANGUARD INTERNATIONALCAYMAN ISLANDS SEMICONDUCTORS 13,000 TWD 14,219 0.03SOUFUN HOLDINGS ADR 300 USD 14,844 0.03 32,159 0.0714,844 0.03 TOTAL SHARES 1,478,482 3.02TOTAL ADR (American Depositary Receipt) 29,482 0.06GDR (Global Depositary Receipt)MALAYSIAN SHARESFEDERATION OF RUSSIAMALAYSIA MAIL.RU GROUP GDR 550 USD 20,906 0.04HONG LEONG BANK 2,700 MYR 11,554 0.02 20,906 0.0411,554 0.02 Total GDR (Global Depositary Receipt) 20,906 0.04TOTAL MALAYSIAN SHARES 11,554 0.02TOTAL TRANSFERABLE SECURITIESPREFERENTIAL SHARESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING45,357,946 92.60FEDERATION OF RUSSIATRANSNEFT (PREFERRED) 64 USD 166,515 0.34TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 166,515 0.34MARKET TOTAL PREFERENTIAL SHARES 166,515 0.34TOTAL TRANSFERABLE SECURITIES1,665,903 3.40SHARESTRADED ON ANOTHER REGULATED MARKETFEDERATION OF RUSSIAOTHER TRANSFERABLE SECURITIESAEROFLOT RUSSIANAIRLINES 21,600 USD 36,023 0.07 SHARESCHEREPOVETS MKSERVERSTAL 19,100 USD 166,646 0.34 FEDERATION OF RUSSIAE ON RUSSIA 187,000 USD 14,361 0.03 MAGNIT 119 USD 30,147 0.07FEDERAL GRID 2,070,000 USD 6,477 0.01 30,147 0.07FEDERAL TOTAL SHARES 30,147 0.07HYDROGENERATING 916,390 USD 15,295 0.03 TOTAL OTHER TRANSFERABLE SECURITIES 30,147 0.07INTER RAO UES 132,890,000 USD 46,910 0.10 TOTAL INVESTMENTS 47,053,996 96.07LUKOIL 5,384 USD 344,318 0.71 OTHER NET ASSETS LESS LIABILITIES 1,924,564 3.93MECHEL 8,389 USD 26,438 0.05 TOTAL NET ASSETS 48,978,560 100.00MOBILE TELESYSTEMS 22,180 USD 219,103 0.45365


Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSVOTORANTIM CIMENTOS7.25% 05/04/2041 4,000,000 USD 3,686,460 0.16TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK VOTO-VOTORANTIM 6.75%EXCHANGE LISTING 05/04/2021 1,100,000 USD 1,188,061 0.05136,864,494 5.79SHARESCANADAHARVEST OPERATIONS CORPISLE OF MAN 2.125% 14/05/2018 3,800,000 USD 3,682,694 0.16CAMBRIA AFRICA 1,050,000 GBP 140,280 0.01 3,682,694 0.16140,280 0.01 CAYMAN ISLANDSTOTAL SHARES 140,280 0.01 CONTINENTAL 5.75%18/01/2017 2,000,000 USD 2,146,740 0.09BONDS GRUPO AVAL 5.25%01/02/2017 5,190,000 USD 5,390,931 0.23AUSTRALIA IPIC GMTN 3.125% 15/11/2015 7,225,000 USD 7,486,834 0.32CNOOC CURTIS FUNDING NO IPIC GMTN 5.5% 01/03/2022 1,000,000 USD 1,098,355 0.054.5% 03/10/2023 5,050,000 USD 5,089,138 0.22 PETROBRAS INTERNATIONAL5,089,138 0.22 FINANCE 5.375% 27/01/2021 7,700,000 USD 7,738,000 0.33BERMUDA ISLANDSPETROBRAS INTERNATIONALCHINA RESOURCES GAS FINANCE 5.75% 20/01/2020 8,050,000 USD 8,402,308 0.364.5% 05/04/2022 5,100,000 USD 5,055,069 0.21 VALE OVERSEAS 6.875%5,055,069 0.21 21/11/2036 8,650,000 USD 8,843,154 0.36BRAZIL 41,106,322 1.74BANCO ABC-BRASIL 7.875%CHILE08/04/2020 13,200,000 USD 13,439,250 0.57 BANCO DEL ESTADO DEBANCO BRADESCO 4.1% CHILE 2% 09/11/2017 8,850,000 USD 8,668,841 0.3723/03/2015 6,600,000 USD 6,809,418 0.29 BANCO DEL ESTADO DEBANCO EST RIO GRANDE CHILE 3.875% 08/02/2022 2,100,000 USD 2,042,828 0.097.375% 02/02/2022 4,900,000 USD 4,869,375 0.21 CORPBANCA S.A. 3.125%BANCO SAFRA 3.5% 15/01/2018 7,200,000 USD 6,611,184 0.2816/05/2014 13,250,000 USD 13,402,375 0.57 EMPRESA NACIONAL DEBANCO VOTORANTIM 5.25% PETROLEO 4.75% 06/12/2021 9,125,000 USD 9,003,591 0.3711/02/2016 11,900,000 USD 12,361,006 0.52 26,326,444 1.11BRASIL TELECOM 5.75%COLOMBIA10/02/2022 6,400,000 USD 5,623,904 0.24 BANCO DE BOGOTA 5%BRAZIL (GOVT) 2.625% 15/01/2017 8,750,000 USD 9,110,325 0.3905/01/2023 23,075,000 USD 20,210,007 0.85 BANCOLOMBIA S.A. 6.125%BRAZIL (GOVT) 5.875% 26/07/2020 6,550,000 USD 6,734,219 0.2815/01/2019 5,000,000 USD 5,675,900 0.24 COLOMBIA (GOVT) 2.625%BRAZIL (GOVT) 6% 15/03/2023 8,000,000 USD 7,088,920 0.3017/01/2017 19,360,000 USD 21,682,231 0.91 COLOMBIA (GOVT) 4.375%BRAZIL (GOVT) 11% 12/07/2021 22,730,000 USD 23,591,921 1.0017/08/2040 2,900,000 USD 3,397,394 0.14 COLOMBIA (GOVT) 6.125%CAIXA ECONOMICA FEDERAL 18/01/2041 4,500,000 USD 4,936,163 0.212.375% 06/11/2017 13,250,000 USD 12,349,663 0.52 COLOMBIA (GOVT) 7.375%CENT ELET BRASILEIRAS S.A. 27/01/2017 72,435,000 USD 84,514,984 3.585.75% 27/10/2021 9,000,000 USD 8,735,130 0.37 COLOMBIA (GOVT) 7.375%CENTRAIS ELECTRICAS 18/03/2019 37,475,000 USD 45,483,219 1.92BRASIL 6.875% 30/07/2019 3,200,000 USD 3,434,320 0.15366


Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueCOLOMBIA (GOVT) 8.125%IRELAND21/05/2024 9,450,000 USD 12,270,920 0.52 ALFA BANK 7.75% 28/04/2021 2,925,000 USD 3,109,641 0.13COLOMBIA (GOVT) 8.25% ALFA BANK 7.875% 25/09/2017 1,500,000 USD 1,656,563 0.0722/12/2014 3,200,000 USD 3,479,360 0.15 SIBUR SECURITIES 3.914%197,210,031 8.35 31/01/2018 3,000,000 USD 2,880,000 0.12COSTA RICA VEB LEASING 5.125%COSTA RICA (GOVT) 4.25% 27/05/2016 525,000 USD 554,130 0.0226/01/2023 4,940,000 USD 4,436,738 0.19 VNESHEKONOMBANK 5.375%4,436,738 0.19 13/02/2017 7,950,000 USD 8,445,642 0.36CROATIA 16,645,976 0.70CROATIA (GOVT) 6.25%KAZAKHSTAN27/04/2017 4,170,000 USD 4,404,563 0.19 DEVELOPMENT BANK OF KAZ-CROATIA (GOVT) 6.375% AKHSTAN 4.125% 10/12/2022 800,000 USD 738,516 0.0324/03/2021 7,500,000 USD 7,776,562 0.32 KAZMUNAIGAZ FINANCECROATIA (GOVT) 6.75% 11.75% 23/01/2015 38,234,000 USD 42,846,550 1.8105/11/2019 4,740,000 USD 5,086,613 0.22 43,585,066 1.8417,267,738 0.73 LUXEMBOURGCYPRUS GAZ CAPITAL 4.95%ALFA MTN INSURANCE 8% 23/05/2016 6,720,000 USD 7,124,141 0.3018/03/2015 6,500,000 USD 6,963,125 0.29 GAZ CAPITAL 5.092%6,963,125 0.29 29/11/2015 600,000 USD 636,246 0.03FEDERATION OF RUSSIA GAZ CAPITAL 8.125%RUSSIA (GOVT) 3.25% 31/07/2014 19,738,000 USD 20,877,967 0.8704/04/2017 4,000,000 USD 4,165,100 0.18 GAZ CAPITAL 9.25%4,165,100 0.18 23/04/2019 5,700,000 USD 7,014,335 0.30GABON GAZPROM 6.51% 07/03/2022 8,700,000 USD 9,353,153 0.40GABON (GOVT) 8.2% GAZPROM CAPITAL 5.999%12/12/2017 1,600,000 USD 1,811,000 0.08 23/01/2021 1,800,000 USD 1,891,215 0.081,811,000 0.08 GAZPROM CAPITAL 6.212%INDONESIA 22/11/2016 3,600,000 USD 3,958,128 0.17INDONESIA (GOVT) 3.375% RSHB CAPITAL 7.125%15/04/2023 11,550,000 USD 9,933,000 0.42 14/01/2014 1,593,000 USD 1,620,447 0.07INDONESIA (GOVT) 3.75% SBERBANK 5.18% 28/06/2019 5,990,000 USD 6,249,966 0.2625/04/2022 8,650,000 USD 7,833,656 0.33 SBERBANK 5.4% 24/03/2017 5,100,000 USD 5,444,709 0.23INDONESIA (GOVT) 4.875% SBERBANK 5.717% 16/06/2021 900,000 USD 931,068 0.0405/05/2021 12,850,000 USD 12,793,781 0.54 VTB CAPITAL 6% 12/04/2017 5,500,000 USD 5,800,713 0.25INDONESIA (GOVT) 5.375% VTB BANK 6.465% 04/03/2015 4,050,000 USD 4,282,409 0.1817/10/2023 25,000,000 USD 24,968,751 1.07 75,184,497 3.18INDONESIA (GOVT) 7.25%MEXICO20/04/2015 14,898,000 USD 16,061,906 0.68 ALESTRA 11.75% 11/08/2014 1,325,000 USD 1,426,859 0.06INDONESIA (GOVT) 7.5%BANCO SANTANDER S.A.15/01/2016 8,815,000 USD 9,757,103 0.41 4.125% 09/11/2022 4,500,000 USD 4,185,383 0.18PERTAMINA 4.3% 20/05/2023 4,400,000 USD 3,795,000 0.16 MEXICO (GOVT) 4.75%PERTAMINA 4.875% 08/03/2044 4,670,000 USD 4,247,902 0.1803/05/2022 1,586,000 USD 1,459,120 0.06 MEXICO (GOVT) 5.625%86,602,317 3.67 15/01/2017 7,410,000 USD 8,292,790 0.35367


Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueMEXICO (GOVT) 6.05% TURKEY (GOVT) 5.625%11/01/2040 40,660,000 USD 44,814,436 1.90 30/03/2021 10,530,000 USD 11,009,905 0.47MEXICO (GOVT) 10% TURKEY (GOVT) 6.25%05/12/2024 7,000,000 MXN 70,212,705 2.97 26/09/2022 26,460,000 USD 28,518,720 1.21133,180,075 5.64 TURKEY (GOVT) 7% 11/03/2019 7,000,000 USD 7,907,585 0.33NAMIBIA TURKEY (GOVT) 7.25%NAMIBIA INTERNATIONAL 5.5% 15/03/2015 59,921,000 USD 64,243,700 2.7103/11/2021 10,000,000 USD 10,162,100 0.43 TURKEY (GOVT) 7.5%10,162,100 0.43 14/07/2017 13,050,000 USD 14,835,697 0.63NETHERLANDS TURKEY (GOVT) 9% 08/03/2017 100,007,000 TRY 50,019,073 2.12PETROBRAS GLOBAL FINANCE TURKEY (GOVT) 9.5%2% 20/05/2016 15,500,000 USD 15,415,215 0.65 15/01/2014 2,869,000 USD 2,940,782 0.12WHITE NIGHTS 10.5%TURKIYE HALK BANKASI25/03/2014 3,650,000 USD 3,816,787 0.16 3.875% 05/02/2020 5,000,000 USD 4,488,175 0.1919,232,002 0.81 TURKIYE VAKIFLAR BANKASIPANAMA 6% 01/11/2022 2,600,000 USD 2,338,375 0.10BANCO DE CREDITO DEL YAPI VE KREDI BANKASI 6.75%5.375% 16/09/2020 1,210,000 USD 1,232,724 0.05 08/02/2017 4,600,000 USD 4,842,995 0.20PANAMA (GOVT) 5.2% 200,227,507 8.4730/01/2020 9,750,000 USD 10,688,291 0.45 UNITED STATESPANAMA (GOVT) 7.125%PEMEX PROJECT FUNDING29/01/2026 3,100,000 USD 3,789,533 0.16 MASTER 5.75% 01/03/2018 19,795,000 USD 22,008,279 0.9315,710,548 0.66 22,008,279 0.93PERUURUGUAYCORP FINANCI DE DESARROL URUGUAY (GOVT) 4.5%4.75% 08/02/2022 2,200,000 USD 2,144,912 0.09 14/08/2024 5,670,000 USD 5,775,802 0.24PERU (GOVT) 7.35% 21/07/2025 10,000,000 USD 12,776,400 0.54 5,775,802 0.2414,921,312 0.63 VIRGIN ISLANDSSOUTH AFRICA CNOOC FINANCE 2013 1.125%SOUTH AFRICA (GOVT) 4.665% 09/05/2016 4,700,000 USD 4,660,285 0.2017/01/2024 2,277,000 USD 2,215,259 0.09 CNPC GENERAL CAPITAL 1.45%SOUTH AFRICA (GOVT) 5.5% 16/04/2016 3,000,000 USD 2,980,020 0.1309/03/2020 38,230,000 USD 41,127,834 1.74 CNPC GENERAL CAPITAL 2.75%SOUTH AFRICA (GOVT) 5.875% 19/04/2017 18,000,000 USD 18,319,860 0.7730/05/2022 4,925,000 USD 5,335,720 0.23 SINOPEC CAPITAL 2013 1.25%SOUTH AFRICA (GOVT) 5.875% 24/04/2016 11,900,000 USD 11,825,804 0.5016/09/2025 4,150,000 USD 4,383,085 0.19 SINOPEC GRP OVERSEA 3.9%SOUTH AFRICA (GOVT) 6.875% 17/05/2022 12,150,000 USD 11,883,672 0.5027/05/2019 32,350,000 USD 37,206,706 1.57 49,669,641 2.10SOUTH AFRICA (GOVT) 8.25% TOTAL BONDS 1,248,105,735 52.8115/09/2017 128,074,000 ZAR 13,373,210 0.57103,641,814 4.39 FLOATING RATE BONDSSRI LANKASRI LANKA (GOVT) 6.25%MEXICO27/07/2021 1,650,000 USD 1,580,906 0.07 MEXICO (GOVT) 5% 16/06/2016 22 MXN 931 0.001,580,906 0.07 931 0.00TURKEY TOTAL FLOATING RATE BONDS 931 0.00AKBANK 5% 24/10/2022 3,050,000 USD 2,802,401 0.12TURKEY (GOVT) 5.125%25/03/2022 6,265,000 USD 6,280,099 0.27368


Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueASSET BACKED SECURITIESCOLOMBIABANCOLOMBIA 5.95%DOMINICAN REPUBLIC 03/06/2021 3,050,000 USD 3,128,324 0.13DOMINIC (GOVT) 7.5% 3,128,324 0.1306/05/2021 5,075,000 USD 5,430,250 0.23 CROATIA5,430,250 0.23 CROATIA (GOVT) 6.625%FEDERATION OF RUSSIA 14/07/2020 2,100,000 USD 2,220,750 0.09RUSSIA (GOVT) 7.5% 2,220,750 0.0931/03/2030 51,860,000 USD 45,661,023 1.93 FEDERATION OF RUSSIA45,661,023 1.93 RUSSIA (GOVT) 4.875%IRAQ 16/09/2023 4,200,000 USD 4,311,048 0.18IRAQ (GOVT) 5.8% 15/01/2028 9,586,000 USD 8,171,058 0.35 4,311,048 0.188,171,058 0.35 INDONESIAURUGUAY INDONESIA (GOVT) 6.875%URUGUAY (GOVT) 6.875% 09/03/2017 5,765,000 USD 6,427,975 0.2728/09/2025 985,000 USD 1,158,843 0.05 6,427,975 0.271,158,843 0.05 KAZAKHSTANTOTAL ASSET BACKED SECURITIES 60,421,174 2.56 DEVELOPMENT BANK OFKAZAKHSTAN 5.5% 20/12/2015 3,391,000 USD 3,579,828 0.15TREASURY BONDS/NOTES - FIXED RATE 3,579,828 0.15MEXICOUNITED STATES MEXICO (GOVT) 4%US (GOVT) 1.75% TREASURY 02/10/2023 12,710,000 USD 12,700,213 0.54NOTE 15/05/2023 318,600,000 USD 294,798,340 12.48 12,700,213 0.54US (GOVT) 3.125% TREASURYPERUBOND 15/02/2043 58,295,000 USD 52,230,954 2.21 EL FONDO MIVIVIENDA S.A.347,029,294 14.69 3.5% 31/01/2023 3,150,000 USD 2,746,863 0.12TOTAL TREASURY BONDS/NOTES - FIXED347,029,294 14.69PERU (GOVT) 8.375%RATE 03/05/2016 13,136,000 USD 15,267,185 0.65TOTAL TRANSFERABLE SECURITIES 18,014,048 0.77ADMITTED TO AN OFFICIAL STOCK1,655,697,414 70.07 POLANDEXCHANGE LISTING POLAND (GOVT) 2.5%25/07/2018 335,946,000 PLN 101,286,939 4.28TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 101,286,939 4.28MARKETSERBIASERBIA (GOVT) 5.25%BONDS 21/11/2017 1,160,000 USD 1,161,450 0.051,161,450 0.05BRAZILSLOVENIABANCO NAC DE DESEN ECONO SLOVENIA (GOVT) 5.85%5.75% 26/09/2023 7,600,000 USD 7,630,020 0.32 10/05/2023 11,800,000 USD 11,260,445 0.48BRAZIL (GOVT) 6% 15/08/2020 25,367 BRL 27,193,054 1.15 11,260,445 0.48CAIXA ECONOMICA FEDERALSOUTH AFRICA4.5% 03/10/2018 7,800,000 USD 7,730,931 0.33 ESKOM HOLDINGS 6.75%42,554,005 1.80 06/08/2023 15,000,000 USD 15,502,350 0.66CAYMAN ISLANDS TRANSNET 4.5% 10/02/2016 3,000,000 USD 3,114,615 0.13GRUPO AVAL 4.75% 26/09/2022 8,200,000 USD 7,340,394 0.31 18,616,965 0.797,340,394 0.31369


Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueTURKEYUNITED STATESAKBANK 5.125% 22/07/2015 31,425,000 USD 32,305,686 1.37 US (GOVT) 0% TREASURY BILLTURKEY (GOVT) 3.25% 03/10/2013 25,000,000 USD 24,999,925 1.0623/03/2023 10,600,000 USD 9,187,709 0.39 24,999,925 1.0641,493,395 1.76 TOTAL TREASURY BILLS 106,649,607 4.51TOTAL BONDS 274,095,779 11.60 TOTAL FINANCIAL INSTRUMENTS 106,649,607 4.51TOTAL INVESTMENTS 2,042,000,838 86.42TREASURY BONDS/NOTES - FIXED RATE OTHER NET ASSETS LESS LIABILITIES 320,886,840 13.58TOTAL NET ASSETS 2,362,887,678 100.00UNITED STATESUS (GOVT) 2.75% TREASURYBOND 15/08/2042 6,700,000 USD 5,553,672 0.245,553,672 0.24TOTAL TREASURY BONDS/NOTES - FIXEDRATETOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET5,553,672279,649,4510.2411.84OTHER TRANSFERABLE SECURITIESSHARESUKRAINEXXI CENTURY INVESTMENTS 5,069 USD 152 0.00152 0.00TOTAL SHARES 152 0.00BONDSCAYMAN ISLANDSINDEPENDENCIA INTERNATIONAL12% 30/12/2016 4,214,406 USD 4,214 0.004,214 0.00TOTAL BONDS 4,214 0.00TOTAL OTHER TRANSFERABLE SECURITIES 4,366 0.00FINANCIAL INSTRUMENTSTREASURY BILLSMEXICOMEXICO (GOVT) 0% TREASURYBILLS 14/11/2013 108,000,000 MXN 81,649,682 3.4581,649,682 3.45370


Portfolio of Investments and Other Net Assets as at 30 September 2013Global MacroStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSFINANCIAL INSTRUMENTSTREASURY BILLSFRANCEFRANCE (GOVT) 0%TREASURY BILL 10/10/2013 6,000,000 EUR 5,999,921 7.81FRANCE (GOVT) 0%TREASURY BILL 17/10/2013 12,000,000 EUR 11,999,751 15.62FRANCE (GOVT) 0%TREASURY BILL 24/10/2013 7,200,000 EUR 7,199,784 9.37FRANCE (GOVT) 0%TREASURY BILL 14/11/2013 5,000,000 EUR 12,199,005 15.89FRANCE (GOVT) 0%TREASURY BILL 21/11/2013 5,000,000 EUR 4,999,487 6.51FRANCE (GOVT) 0%TREASURY BILL 28/11/2013 3,000,000 EUR 8,698,980 11.32FRANCE (GOVT) 0%TREASURY BILL 05/12/2013 4,600,000 EUR 4,599,342 5.99FRANCE (GOVT) 0%TREASURY BILL 19/12/2013 1,000,000 EUR 999,903 1.30FRANCE (GOVT) 0%TREASURY BILL 27/12/2013 5,200,000 EUR 5,199,386 6.7761,895,559 80.58TOTAL TREASURY BILLS 61,895,559 80.58TOTAL FINANCIAL INSTRUMENTS 61,895,559 80.58TOTAL INVESTMENTS 61,895,559 80.58OTHER NET ASSETS LESS LIABILITIES 14,918,668 19.42TOTAL NET ASSETS 76,814,227 100.00371


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTS CHINA MOBILE 16,500 HKD 184,358 0.50CHINA OVERSEAS LANDTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK & INVESTMENT 24,000 HKD 70,715 0.19EXCHANGE LISTING CNOOC 47,000 HKD 95,635 0.26WHARF HOLDINGS 7,000 HKD 60,657 0.17SHARES 683,939 1.87INDONESIAAUSTRALIA BANK MANDIRI 59,000 IDR 40,507 0.11AUSTRALIA & NZ BANKINGTELEKOMUNIKASI INDONESIAGROUP 6,021 AUD 173,289 0.47 PERSERO "B" 305,000 IDR 55,314 0.15BHP BILLITON 7,046 AUD 235,469 0.65 95,821 0.26COMMONWEALTH BANK OFMALAYSIAAUSTRALIA 2,934 AUD 195,360 0.53 AIRASIA 39,600 MYR 31,102 0.09GOODMAN GROUP 15,979 AUD 72,913 0.20 31,102 0.09INSURANCE AUSTRALIASINGAPOREGROUP 12,070 AUD 66,249 0.18 DBS GROUP 5,000 SGD 65,431 0.19LEIGHTON HOLDINGS 2,149 AUD 38,681 0.11 EZION HOLDINGS 34,000 SGD 59,614 0.16NATIONAL AUSTRALIA BANK 6,282 AUD 201,595 0.55 VARD HOLDINGS 76,000 SGD 52,696 0.14RIO TINTO 1,008 AUD 58,192 0.16 177,741 0.49TELSTRA CORP 22,334 AUD 103,791 0.28 SOUTH KOREAWESFARMERS 2,762 AUD 106,223 0.29 BS FINANCIAL GROUP 5,710 KRW 85,322 0.23WESTPAC BANKING CORP 2,983 AUD 91,292 0.25 DAELIM INDUSTRIAL 647 KRW 58,429 0.16WOOLWORTHS 2,912 AUD 95,300 0.26 DONGBU INSURANCE 720 KRW 30,969 0.081,438,354 3.93 HANKOOK TIRE 919 KRW 52,533 0.14BERMUDA ISLANDSHYUNDAI HOME SHOPPINGHAIER ELECTRONICS GROUP 40,000 HKD 77,471 0.21 NETWORK CORP 258 KRW 37,951 0.1077,471 0.21 HYUNDAI MOBIS 383 KRW 101,980 0.28CAYMAN ISLANDS HYUNDAI MOTOR 701 KRW 163,810 0.45AAC TECHNOLOGIES SAMSUNG ELECTRONICS 288 KRW 366,531 1.01HOLDINGS 13,000 HKD 59,090 0.17 SAMSUNG ELECTRONICS PF 97 KRW 79,109 0.22LONGFOR PROPERTIES 25,000 HKD 39,651 0.11 SK HYNIX INC 2,170 KRW 61,113 0.17MGM CHINA HOLDINGS 10,400 HKD 34,532 0.09 SK TELECOM 376 KRW 76,487 0.21TPK HOLDING 3,000 TWD 27,243 0.07 1,114,234 3.05160,516 0.44 TAIWANCHINA ASUSTEK COMPUTER 4,000 TWD 31,859 0.09BANK OF CHINA "H" 115,000 HKD 52,494 0.14 CHENG SHIN RUBBERCHINA CONSTRUCTION INDUSTRIES 14,950 TWD 39,135 0.11BANK "H" 142,000 HKD 109,315 0.30 HON HAI PREC INDUSTRIESCHINA OILFIELD SERVICES "H" 22,000 HKD 55,148 0.15 CO 37,400 TWD 96,006 0.26CHINA PETROLEUM RADIANT OPTO ELECTRONICS 16,480 TWD 58,803 0.16& CHEMICAL "H" 117,200 HKD 91,733 0.25 TAIWAN SEMICONDUCTORGREAT WALL MANUFACTURING 71,000 TWD 241,331 0.66AUTOMOBILES "H" 8,000 HKD 43,378 0.12 ZHEN DING TECHNOLOGYHUANENG POWER HOLDING 650 TWD 1,545 0.00INTERNATIONAL "H" 68,000 HKD 67,867 0.19 468,679 1.28INDUSTRIAL & COMMERCIALTHAILANDBANK OF CHINA "H" 130,000 HKD 90,688 0.25 KASIKORNBANK (NVDR) 9,900 THB 55,386 0.15510,623 1.40 KRUNG THAI BANK 99,100 THB 60,828 0.17HONG KONG PTT GLOBAL CHEMICAL 28,200 THB 67,164 0.18AIA GROUP 16,000 HKD 75,202 0.21 PTT PUBLIC COMPANY 6,900 THB 69,705 0.19BOC HONG KONG HOLDINGS 42,500 HKD 136,457 0.37 253,083 0.69CHEUNG KONG HOLDINGS 4,000 HKD 60,915 0.17 TOTAL SHARES 5,011,563 13.71372


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueBONDSCOMPETITION TEAM TECHNOLOGY2.125% 13/12/2017 700,000 USD 678,941 1.86BERMUDA ISLANDS OCBC 3.15% VRN 11/03/2023 500,000 USD 500,148 1.37NOBLE GROUP 3.625% 1,863,902 5.1020/03/2018 600,000 USD 581,721 1.59 VIRGIN ISLANDSSHENZHEN INTERNATIONAL AGEAS CAPITAL ASIA 4.125%HOLDINGS 4.375% 20/04/2017 700,000 USD 724,185 1.98 25/04/2023 500,000 USD 438,115 1.201,305,906 3.57 PCCW HKT CAPITAL 5 3.75%CAYMAN ISLANDS 08/03/2023 700,000 USD 634,739 1.74CHINA STATE CONSTRUCTIONPOLY REAL ESTATE FINANCEFINANCE 3.125% 02/04/2018 600,000 USD 574,566 1.57 4.5% 06/08/2018 200,000 USD 198,063 0.54574,566 1.57 1,270,917 3.48CHINA TOTAL BONDS 17,667,142 48.32BESTGAIN REAL ESTATE2.625% 13/03/2018 450,000 USD 420,674 1.15 FLOATING RATE BONDS420,674 1.15GREAT BRITAINBERMUDA ISLANDSSTATE BANK INDIA (LONDON) LI & FUNG 6% VRN PERP 700,000 USD 708,211 1.944.125% 01/08/2017 500,000 USD 497,713 1.36 708,211 1.94497,713 1.36 CAYMAN ISLANDSHONG KONG HUTCHISON WHAMPOA 6%CHINATRUST 5.625% VRN VRN PERP 500,000 USD 527,608 1.44PERP 500,000 USD 503,385 1.38 527,608 1.44HONG KONG (GOVT) 0.53%HONG KONG19/03/2018 42,800,000 HKD 5,407,890 14.80 CITIC BANK VRN 28/09/2022 500,000 USD 481,283 1.32WING LUNG BANK 3.5% 481,283 1.3207/11/2022 500,000 USD 476,740 1.30 JAPANYANCOAL INTERNATIONAL DAI-ICHI MUTUAL LIFE 7.25%4.461% 16/05/2017 500,000 USD 483,958 1.32 VRN PERP 500,000 USD 555,199 1.51YANCOAL INTERNATIONALMITSUI SUMITOMO INSURANCE5.73% 16/05/2022 500,000 USD 456,570 1.25 7% VRN 15/03/2072 500,000 USD 551,710 1.51YUEXIU PROPERTY 3.25% 1,106,909 3.0224/01/2018 900,000 USD 845,747 2.31 TOTAL FLOATING RATE BONDS 2,824,011 7.728,174,290 22.36INDIAWARRANTS / EQUITY LINKED SECURITIESBANK OF BARODA 5%24/08/2016 300,000 USD 307,740 0.84 GERMANYICICI BANK 4.7% 21/02/2018 500,000 USD 499,473 1.37 CAIRN INDIA WARRANTSONGC VIDESH 3.75% 23/01/2017 20,222 USD 102,992 0.2807/05/2023 200,000 USD 164,698 0.45 102,992 0.28RELIANCE INDUSTRIES 5.875% 500,000 USD 407,510 1.11 GREAT BRITAIN1,379,421 3.77 CANADA BANK WARRANTSINDONESIA 24/12/2017 11,959 USD 42,302 0.12BANK NEGARA INDONES NTPC WARRANTS 06/02/20174.125% 27/04/2017 850,000 USD 850,271 2.32 (DEUTSCHE BANK) 32,009 USD 75,389 0.20INDONESIA EXIMBANK 3.75%OIL & NATURAL GAS WARRANTS26/04/2017 700,000 USD 690,105 1.89 17/01/2017 14,350 USD 61,395 0.17PERTAMINA 4.875%YES BANK WARRANTS03/05/2022 700,000 USD 639,377 1.75 12/08/2018 11,633 USD 53,394 0.152,179,753 5.96 232,480 0.64SINGAPOREBOC AVIATION 2.875%10/10/2017 700,000 USD 684,813 1.87373


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueNETHERLANDSINDONESIAJP MORGAN STRUCTURE 0%BANK RAKYAT INDONESIA15/01/2018 3,589 USD 76,575 0.21 2.95% 28/03/2018 700,000 USD 656,550 1.79JP MORGAN STRUCTUREPERUSAHAAN LISTRIK NEGARA09/01/2028 54,902 USD 105,412 0.29 5.25% 24/10/2042 500,000 USD 375,628 1.03181,987 0.50 1,032,178 2.82TOTAL WARRANTS / EQUITY LINKEDJAPANSECURITIES 517,459 1.42 SOMPO JAPAN INSURANCE5.325% VRN 28/03/2073 600,000 USD 585,368 1.60GDR (Global Depositary Receipt) 585,368 1.60TOTAL BONDS 3,160,937 8.64INDIARELIANCE INDUSTRIES GDR 2,870 USD 75,403 0.21 TREASURY BONDS/NOTES - FIXED RATE75,403 0.21TOTAL GDR (Global Depositary Receipt) 75,403 0.21 UNITED STATESUS (GOVT) 2% TREASURYADR (American Depositary Receipt) NOTE 15/02/2023 2,500,000 USD 2,378,516 6.512,378,516 6.51INDIATOTAL TREASURY BONDS/NOTES - FIXEDTATA MOTORS ADR 2,666 USD 71,129 0.19 RATE 2,378,516 6.5171,129 0.19 TOTAL TRANSFERABLE SECURITIESTOTAL ADR (American Depositary Receipt) 71,129 0.19 TRADED ON ANOTHER REGULATED MARKET5,584,459 15.27TOTAL TRANSFERABLE SECURITIES ADMITTED TOTAL INVESTMENTS 31,751,166 86.84TO AN OFFICIAL STOCK EXCHANGE LISTING 26,166,707 71.57 OTHER NET ASSETS LESS LIABILITIES 4,812,294 13.16TOTAL NET ASSETS 36,563,460 100.00TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKETSHARESSOUTH KOREACJ HOME SHOPPING 138 KRW 45,006 0.1245,006 0.12TOTAL SHARES 45,006 0.12BONDSCANADAPTTEP CANADA INTERNATIONAL6.35% 12/06/2042 500,000 USD 519,518 1.42519,518 1.42CAYMAN ISLANDSUOB CAYMAN 5.796%VRN PERP 500,000 USD 520,498 1.42520,498 1.42HONG KONGWING HANG BANK 6% VRNPERP 500,000 USD 503,375 1.38503,375 1.38374


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSSHIMAO PROPERTYHOLDINGS 251,500 HKD 578,554 0.80TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 5,429,063 7.47EXCHANGE LISTINGHONG KONGAIA GROUP 184,200 HKD 865,762 1.19SHARES BOC HONG KONG HOLDINGS 234,500 HKD 752,928 1.04CHEUNG KONG HOLDINGS 60,000 HKD 913,718 1.26AUSTRALIA CHINA MOBILE 151,500 HKD 1,692,749 2.32AUSTRALIA & NZ BANKINGCHINA OVERSEASGROUP 63,192 AUD 1,818,719 2.50 LAND & INVESTMENT 220,000 HKD 648,217 0.89BHP BILLITON 71,463 AUD 2,388,199 3.28 CNOOC 511,000 HKD 1,039,774 1.43COMMONWEALTH BANK OF WHARF HOLDINGS 89,000 HKD 771,206 1.06AUSTRALIA 30,173 AUD 2,009,067 2.76 6,684,354 9.19GOODMAN GROUP 172,417 AUD 786,746 1.08 INDONESIAINSURANCE AUSTRALIA BANK MANDIRI 512,000 IDR 351,520 0.48GROUP 133,680 AUD 733,735 1.01 TELEKOMUNIKASI INDONESIANATIONAL AUSTRALIA BANK 55,539 AUD 1,782,297 2.45 PERSERO "B" 3,527,500 IDR 639,733 0.88RIO TINTO 17,134 AUD 989,146 1.36 991,253 1.36TELSTRA CORP 226,799 AUD 1,053,980 1.45 MALAYSIAWESFARMERS 14,175 AUD 545,151 0.75 AIRASIA 436,500 MYR 342,826 0.47WESTPAC BANKING CORP 30,907 AUD 945,884 1.30 342,826 0.47WOOLWORTHS 17,005 AUD 556,518 0.77 SINGAPORE13,609,442 18.71 DBS GROUP 40,000 SGD 523,451 0.73BERMUDA ISLANDS EZION HOLDINGS 271,000 SGD 475,155 0.65HAIER ELECTRONICS GROUP 297,000 HKD 575,225 0.79 VARD HOLDINGS 684,000 SGD 474,262 0.65575,225 0.79 1,472,868 2.03CAYMAN ISLANDSSOUTH KOREAAAC TECHNOLOGIES BS FINANCIAL GROUP 45,270 KRW 676,449 0.93HOLDINGS 139,000 HKD 631,808 0.87 DAELIM INDUSTRIAL 6,492 KRW 586,273 0.81LONGFOR PROPERTIES 295,500 HKD 468,677 0.64 DONGBU INSURANCE 7,367 KRW 316,871 0.44MGM CHINA HOLDINGS 124,800 HKD 414,384 0.57 HANKOOK TIRE 8,234 KRW 470,683 0.65TPK HOLDING 36,000 TWD 326,914 0.45 HYUNDAI HOME SHOPPING1,841,783 2.53 NETWORK CORP 2,278 KRW 335,089 0.46CHINA HYUNDAI MOBIS 2,969 KRW 790,544 1.09BANK OF CHINA "H" 1,220,000 HKD 556,896 0.77 HYUNDAI MOTOR 6,339 KRW 1,481,304 2.03CHINA CONSTRUCTION SAMSUNG ELECTRONICS 2,272 KRW 2,891,522 3.97BANK "H" 1,256,000 HKD 966,887 1.33 SAMSUNG ELECTRONICSCHINA OILFIELD SERVICES "H" 258,000 HKD 646,736 0.89 (PREFERRED) 976 KRW 795,983 1.09CHINA PETROLEUM & SK HYNIX INC 21,130 KRW 595,079 0.82CHEMICAL "H" 819,800 HKD 641,664 0.88 SK TELECOM 2,952 KRW 600,506 0.83GREAT WALL AUTOMOBILES 9,540,303 13.12"H" 92,000 HKD 498,844 0.69 TAIWANHUANENG POWER ASUSTEK COMPUTER INC 56,000 TWD 446,031 0.61INTERNATIONAL "H" 724,000 HKD 722,588 0.99 CHENG SHIN RUBBERINDUSTRIAL & COMMERCIAL INDUSTRIES 147,650 TWD 386,510 0.53BANK OF CHINA "H" 1,171,000 HKD 816,894 1.12375


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueHON HAI PRECISION INDONESIA (GOVT) 8.25%INDUSTRIES 270,600 TWD 694,634 0.96 15/06/2032 300,000,000 IDR 24,408 0.03RADIANT OPTO ELECTRONICS PERTAMINA 4.875%CORP 168,730 TWD 602,048 0.83 03/05/2022 300,000 USD 274,019 0.38TAIWAN SEMICONDUCTOR 1,229,426 1.69MANUFACTURING 656,000 TWD 2,229,752 3.07 MALAYSIAZHEN DING TECHNOLOGY MALAYSIA (GOVT) 3.58%HOLDING 7,500 TWD 17,832 0.02 28/09/2018 1,500,000 MYR 458,945 0.634,376,807 6.02 458,945 0.63THAILANDSINGAPOREKASIKORNBANK (NVDR) 119,200 THB 666,873 0.92 COMPETITION TEAMKRUNG THAI BANK 916,400 THB 562,491 0.77 TECH 2.125% 13/12/2017 300,000 USD 290,975 0.40PTT PUBLIC COMPANY 67,100 THB 677,858 0.93 SINGAPORE (GOVT) 2.5%1,907,222 2.62 01/06/2019 900,000 SGD 756,832 1.04TOTAL SHARES 46,771,146 64.31 SINGAPORE (GOVT) 2.75%01/07/2023 100,000 SGD 82,571 0.11BONDS SINGAPORE (GOVT) 3.125%01/09/2022 1,300,000 SGD 1,117,653 1.55BERMUDA ISLANDS 2,248,031 3.10SHENZHEN INTERNATIONALSOUTH KOREAHOLDINGS 4.375% 20/04/2017 200,000 USD 206,910 0.28 KOREA (GOVT) 3.75%206,910 0.28 10/06/2022 850,000,000 KRW 813,836 1.12CHINA KOREA (GOVT) 4.0%BESTGAIN REAL ESTATE 10/03/2016 1,250,000,000 KRW 1,195,532 1.642.625% 13/03/2018 200,000 USD 186,966 0.26 2,009,368 2.76186,966 0.26 THAILANDHONG KONG THAILAND (GOVT) 3.58%YANCOAL INTERNATIONAL 17/12/2027 6,000,000 THB 179,679 0.255.73% 16/05/2022 300,000 USD 273,942 0.37 THAILAND (GOVT) 3.65%YUEXIU PROPERTY 3.25% 17/12/2021 8,000,000 THB 251,866 0.3424/01/2018 275,000 USD 258,423 0.36 431,545 0.59532,365 0.73 VIRGIN ISLANDSINDIA AGEAS CAPITAL ASIA 4.125%EXPORT-IMPORT BANK OF 25/04/2023 300,000 USD 262,869 0.36INDIA 3.375% 18/09/2017 250,000 SGD 193,648 0.27 PCCW HKT CAPITAL 5 3.75%IDBI BANK 3.65% 28/08/2015 250,000 SGD 199,716 0.27 08/03/2023 300,000 USD 272,031 0.37RELIANCE INDUSTRIES 5.875% 300,000 USD 244,506 0.34 POLY REAL ESTATE FINANCE637,870 0.88 4.5% 06/08/2018 300,000 USD 297,095 0.41INDONESIA 831,995 1.14BANK NEGARA INDONES TOTAL BONDS 8,773,421 12.064.125% 27/04/2017 200,000 USD 200,064 0.28INDONESIA (GOVT) 5.625%15/05/2023 10,350,000,000 IDR 730,935 1.00376


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueWARRANTS / EQUITY LINKED SECURITIESADR (American Depositary Receipt)GERMANYINDIACAIRN INDIA WARRANTS TATA MOTORS ADR 26,677 USD 711,742 0.9823/01/2017 162,001 USD 825,078 1.13 711,742 0.98825,078 1.13 TOTAL ADR (American Depositary Receipt) 711,742 0.98GREAT BRITAINTOTAL TRANSFERABLE SECURITIESCANADA BANK WARRANTS ADMITTED TO AN OFFICIAL STOCK 61,718,613 84.8724/12/2017 69,138 USD 244,559 0.34 EXCHANGE LISTINGOIL & NATURAL GASWARRANTS 17/01/2017 164,666 USD 704,507 0.98 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDYES BANK WARRANTSMARKET12/08/2018 133,495 USD 612,727 0.841,561,793 2.16 SHARESNETHERLANDSJP MORGAN STRUCTURESOUTH KOREA0% 15/01/2018 30,242 USD 645,248 0.89 CJ HOME SHOPPING 1,267 KRW 413,206 0.57JP MORGAN STRUCTURE 413,206 0.57WARRANTS 09/01/2028 437,806 USD 840,588 1.15 TOTAL SHARES 413,206 0.571,485,836 2.04TOTAL WARRANTS / EQUITY LINKED3,872,707 5.33BONDSSECURITIESINDONESIAFLOATING RATE BONDSBANK RAKYAT INDONESIA2.95% 28/03/2018 300,000 USD 281,379 0.39CAYMAN ISLANDS INDONESIA (GOVT) 11%HUTCHISON WHAMPOA 15/10/2014 1,000,000,000 IDR 89,903 0.126% VRN PERP 200,000 USD 211,043 0.29 371,282 0.51211,043 0.29 MALAYSIAHONG KONG MALAYSIA (GOVT) 3.434%CITIC BANK VRN 28/09/2022 200,000 USD 192,513 0.26 15/08/2014 1,000,000 MYR 307,980 0.42192,513 0.26 MALAYSIA (GOVT) 3.492%SINGAPORE 31/03/2020 4,000,000 MYR 1,211,231 1.67DBS BANK 3.3% VRN MALAYSIA (GOVT) 4.012%21/02/2022 250,000 SGD 203,269 0.28 15/09/2017 1,400,000 MYR 437,082 0.60MAPLETREE TREASURY 1,956,293 2.69SERVICES 5.125% VRN PERP 250,000 SGD 200,289 0.28 PHILIPPINESUNITED OVERSEAS BANK PHILIPPINES (GOVT) 5%3.45% VRN 01/04/2021 250,000 SGD 203,118 0.28 18/08/2018 4,000,000 PHP 99,865 0.14606,676 0.84 PHILIPPINES (GOVT) 5.875%TOTAL FLOATING RATE BONDS 1,010,232 1.39 02/02/2032 9,000,000 PHP 225,598 0.31PHILIPPINES (GOVT) 5.875%GDR (Global Depositary Receipt) 31/01/2018 46,000,000 PHP 1,183,651 1.631,509,114 2.08INDIARELIANCE INDUSTRIES GDR 22,052 USD 579,365 0.80579,365 0.80TOTAL GDR (Global Depositary Receipt) 579,365 0.80377


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueSINGAPORESINGAPORE (GOVT) 3.5%01/03/2027 400,000 SGD 342,363 0.47342,363 0.47SOUTH KOREAKOREA (GOVT) 5.75%10/09/2018 2,000,000,000 KRW 2,085,902 2.872,085,902 2.87THAILANDTHAILAND (GOVT) 3.25%16/06/2017 30,000,000 THB 957,862 1.32THAILAND (GOVT) 3.45%08/03/2019 18,000,000 THB 570,792 0.781,528,654 2.10TOTAL BONDS 7,793,608 10.72TOTAL TRANSFERABLE SECURITIESREGULATED MARKETTOTAL INVESTMENTS8,206,81469,925,42711.2996.16OTHER NET ASSETS LESS LIABILITIES 2,790,375 3.84TOTAL NET ASSETS 72,715,802 100.00378


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSHONG KONGCHEUNG KONG HOLDINGS 347,000 HKD 5,284,338 0.53TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CHINA MOBILE 513,500 HKD 5,737,468 0.57EXCHANGE LISTING HSBC HOLDINGS 494,858 HKD 5,382,412 0.54SJM HOLDINGS 2,075,000 HKD 5,832,917 0.59SHARES 22,237,135 2.23INDONESIAAUSTRALIA BANK RAKYAT INDONESIA 7,747,500 IDR 4,850,787 0.49AUSTRALIA & NZ BANKING INDO TAMBANGRAYA MEGAH 1,297,000 IDR 2,945,835 0.29GROUP 211,654 AUD 6,091,580 0.61 TELEKOMUNIKASI INDONESIABHP BILLITON 182,970 AUD 6,114,617 0.61 PERSERO "B" 25,892,500 IDR 4,695,760 0.47COMMONWEALTH BANK OF 12,492,382 1.25AUSTRALIA 92,461 AUD 6,156,507 0.62 MALAYSIAGOODMAN GROUP 1,314,140 AUD 5,996,479 0.60 MALAYAN BANKING 1,719,500 MYR 5,190,952 0.52INSURANCE AUSTRALIA UMW HOLDINGS 1,235,800 MYR 4,481,417 0.45GROUP 1,051,962 AUD 5,773,950 0.58 9,672,369 0.97LEIGHTON HOLDINGS 251,067 AUD 4,519,134 0.45 SINGAPORENATIONAL AUSTRALIA BANK 201,208 AUD 6,456,948 0.64 DBS GROUP 430,000 SGD 5,627,101 0.56TELSTRA CORP 1,304,706 AUD 6,063,228 0.61 KEPPEL CORP 683,000 SGD 5,671,938 0.57WESTPAC BANKING CORP 188,051 AUD 5,755,148 0.58 11,299,039 1.13WOOLWORTHS 176,300 AUD 5,769,726 0.58 SOUTH KOREA58,697,317 5.88 HALLA VISTEON CLIMATEBERMUDA ISLANDS CONTROL 81,580 KRW 3,095,002 0.31CHEUNG KONG KT & G 104,628 KRW 7,500,468 0.75INFRASTRUCTURE 775,000 HKD 5,371,448 0.54 KT CORP 210,700 KRW 7,052,013 0.715,371,448 0.54 17,647,483 1.77CAYMAN ISLANDSTAIWANCHAILEASE HOLDING 2,134,300 TWD 5,009,581 0.50 ASUSTEK COMPUTER 634,000 TWD 5,049,712 0.51KWG PROPERTY HOLDINGS 8,295,500 HKD 5,230,734 0.52 LITE-ON TECHNOLOGY 3,220,088 TWD 5,488,892 0.55XINYI GLASS 4,212,000 HKD 3,877,911 0.39 TAIWAN SEMICONDUCTOR14,118,226 1.41 MANUFACTURING 2,291,000 TWD 7,787,134 0.77CHINA 18,325,738 1.83BANK OF CHINA "H" 11,403,000 HKD 5,205,155 0.52 THAILANDCHINA CONSTRUCTION BANK KRUNG THAI BANK 8,421,825 THB 5,169,357 0.52"H" 6,621,000 HKD 5,096,936 0.51 PTT GLOBAL CHEMICAL 2,403,300 THB 5,723,916 0.57GREAT WALL AUTOMOBILES 10,893,273 1.09"H" 1,020,500 HKD 5,533,376 0.55 TOTAL SHARES 217,421,056 21.77HUANENG POWERINTERNATIONAL "H" 5,162,000 HKD 5,151,933 0.52 BONDSINDUSTRIAL & COMMERCIALBANK OF CHINA "H" 7,280,000 HKD 5,078,552 0.51 BAHRAINJIANGSU EXPRESSWAY "H" 4,990,000 HKD 5,887,526 0.59 ICICI BANK 5.5% 25/03/2015 4,000,000 USD 4,148,920 0.42PETROCHINA "H" 4,270,000 HKD 4,713,168 0.47 4,148,920 0.4236,666,646 3.67379


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueBERMUDA ISLANDSEVERGRANDE REAL ESTATELI & FUNG 5.25% 13/05/2020 1,870,000 USD 1,973,990 0.19 7.5% 19/01/2014 10,000,000 CNY 1,637,852 0.16NOBLE GROUP 3.625%EVERGRANDE REAL ESTATE20/03/2018 1,700,000 USD 1,648,210 0.17 13% 27/01/2015 1,000,000 USD 1,075,245 0.11QTEL INTERNATIONAL FINANCEFANTASIA HOLDINGS GROUP3.875% 31/01/2028 1,250,000 USD 1,096,813 0.11 10.75% 22/01/2020 1,000,000 USD 942,495 0.09ROAD KING INFRASTRUCTUREFANTASIA HOLDINGS GROUP9.875% 18/09/2017 1,000,000 USD 1,083,770 0.11 13.75% 27/09/2017 2,627,000 USD 2,872,808 0.295,802,783 0.58 GLOBAL A&T ELECTRONICSCANADA 10% 01/02/2019 2,000,000 USD 1,730,670 0.17HARVEST OPERATIONS CORPGREENTOWN CHINA HOLDINGS2.125% 14/05/2018 3,750,000 USD 3,640,425 0.36 5.625% 13/05/2016 13,300,000 CNY 2,155,109 0.22PTTEP CANADA INTERNATIONALGREENTOWN CHINA HOLDINGS5.692% 05/04/2021 3,000,000 USD 3,200,340 0.32 8% 24/03/2019 500,000 USD 505,368 0.056,840,765 0.68 GREENTOWN CHINA HOLDINGSCAYMAN ISLANDS 8.5% 04/02/2018 830,000 USD 861,922 0.09ADCB FINANCE CAYMAN 2.5%KAISA GROUP HOLDINGS06/03/2018 1,000,000 USD 980,960 0.10 6.875% 22/04/2016 9,300,000 CNY 1,508,391 0.15AGILE PROPERTY HOLDINGSKAISA GROUP HOLDINGS9.875% 20/03/2017 2,000,000 USD 2,173,100 0.22 12.875% 18/09/2017 500,000 USD 565,970 0.06CENTRAL CHINA REAL ESTATEKWG PROPERTY HOLDINGS8% 28/01/2020 770,000 USD 737,290 0.07 12.75% 30/03/2016 1,000,000 USD 1,094,075 0.11CENTRAL CHINA REAL ESTATEKWG PROPERTY HOLDINGS10.75% 18/04/2016 1,500,000 SGD 1,316,869 0.13 13.25% 22/03/2017 1,000,000 USD 1,146,035 0.11CHAMPION MTN 3.75% LAI FUNG HOLDINGS 6.875%17/01/2023 200,000 USD 172,508 0.02 25/04/2018 18,300,000 CNY 2,861,873 0.29CHINA LESSO GROUP HOLDINGS LONGFOR PROPERTIES 6.75%7.875% 13/05/2016 1,000,000 USD 1,047,925 0.10 29/01/2023 1,100,000 USD 1,029,782 0.10CHINA OVERSEAS FINANCEMETROPOLITAN LIGHT INTERN-3.95% 15/11/2022 2,000,000 USD 1,803,350 0.18 ATIONAL 5.25% 17/1/2018 1,200,000 USD 1,191,900 0.12CHINA OVERSEAS FINANCE MIE HOLDINGS 6.875%4.875% 15/02/2017 1,000,000 USD 1,064,480 0.11 06/02/2018 2,390,000 USD 2,177,493 0.22CHINA OVERSEAS FINANCEMONGOLIAN MINING CORP5.35% 15/11/2042 300,000 USD 267,678 0.03 8.875% 29/03/2017 400,000 USD 304,146 0.03CHINA OVERSEAS FINANCEPOWERLONG REAL ESTATE5.5% 10/11/2020 3,000,000 USD 3,105,525 0.32 HOLDINGS 11.25% 25/01/2018 1,500,000 USD 1,444,103 0.14CHINA RESOURCES CEMENTSHUI ON DEVELOPMENT2.125% 05/10/2017 2,250,000 USD 2,199,161 0.22 HOLDINGS 10.125% VRN PERP 1,900,000 USD 1,929,545 0.19CHINA SHANSHUI CEMENT SINOPEC CAPITAL 3.125%8.5% 25/05/2016 2,100,000 USD 2,155,230 0.22 24/04/2023 3,000,000 USD 2,732,460 0.27CHINA STATE CONSTRUCTIONSUN HUNG KAI PROPERTIESFINANCE 3.125% 02/04/2018 3,870,000 USD 3,705,950 0.38 3.625% 16/01/2023 1,000,000 USD 943,250 0.09CIFI HOLDINGS GROUP 12.25%SUN HUNG KAI PROPERTIES15/04/2018 2,000,000 USD 2,147,080 0.21 4.5% 14/02/2022 2,000,000 USD 2,027,230 0.20COUNT GARD 7.25% 04/04/2021 1,410,000 USD 1,392,911 0.14 TEXHONG TEXTILE GROUPCOUNTRY GARDEN HOLDINGS 6.5% 18/01/2019 4,190,000 USD 4,153,001 0.4211.25% 22/04/2017 1,000,000 USD 1,086,225 0.11 TEXHONG TEXTILE GROUPDORSETT HOSPITALITY INTER- 7.625% 19/01/2016 2,000,000 USD 2,078,420 0.21NATIONAL 6% 03/04/2018 18,500,000 CNY 2,936,137 0.30 YUZHOU PROP 8.75%04/10/2018 1,270,000 USD 1,270,000 0.13380


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueYUZHOU PROPERTIES 13.5%YANCOAL INTERNATIONAL15/12/2015 1,685,000 USD 1,826,043 0.18 4.461% 16/05/2017 4,000,000 USD 3,871,660 0.3970,357,565 7.06 YANCOAL INTERNATIONALCHINA 5.73% 16/05/2022 1,500,000 USD 1,369,710 0.14BESTGAIN REAL ESTATE YANLORD LAND HK 5.375%2.625% 13/03/2018 8,100,000 USD 7,572,123 0.76 23/05/2016 17,800,000 CNY 2,844,913 0.28CHINA RAILWAY RESOURCES YUEXIU PROPERTY 3.25%3.85% 05/02/2023 2,100,000 USD 1,945,314 0.19 24/01/2018 6,000,000 USD 5,638,319 0.57CHINA URANIUM 3.5% YUEXIU PROPERTY 4.5%08/10/2018 923,000 USD 917,019 0.09 24/01/2023 3,000,000 USD 2,674,935 0.27COSCO FINANCE 4% 43,830,869 4.3903/12/2022 5,300,000 USD 4,779,858 0.48 INDIA15,214,314 1.52 AXIS BANK 5.125% 05/09/2017 2,000,000 USD 2,042,570 0.20GREAT BRITAIN BANK OF BARODA 5%STATE BANK INDIA (LONDON) 24/08/2016 6,000,000 USD 6,154,800 0.624.125% 01/08/2017 4,000,000 USD 3,981,700 0.39 BHARAT PETROLEUM 2012VEDANTA RESOURCES 8.25% 4.625 25/10/2022 1,050,000 USD 936,206 0.0907/06/2021 500,000 USD 508,143 0.05 EXPORT-IMPORT BANK OF INDIAVEDANTA RESOURCES 9.5% 3.375% 18/09/2017 2,000,000 SGD 1,549,186 0.1618/07/2018 500,000 USD 551,120 0.06 EXPORT-IMPORT BANK OF INDIA5,040,963 0.50 4% 07/08/2017 3,000,000 USD 3,017,340 0.30HONG KONG HDFC BANK 3% 06/03/2018 2,500,000 USD 2,392,125 0.24BANGKOK BANK 2.75% ICICI BANK 4.7% 21/02/2018 2,960,000 USD 2,956,877 0.3027/03/2018 430,000 USD 424,436 0.04 IDBI BANK 3.65% 28/08/2015 2,000,000 SGD 1,597,730 0.16BANGKOK BANK 3.875% INDIAN OIL CORP 4.1%27/09/2022 535,000 USD 506,789 0.05 15/10/2022 1,250,000 SGD 893,575 0.09BANGKOK BANK 4.8% INDIAN OIL CORP 5.75%18/10/2020 2,500,000 USD 2,595,950 0.26 01/08/2023 2,550,000 USD 2,463,007 0.25BRIGHT FOOD HONG KONG 3% NTPC 4.75% 03/10/2022 3,200,000 USD 2,938,208 0.2921/05/2018 3,600,000 USD 3,431,934 0.34 ONGC VIDESH 2.5% 07/05/2018 2,000,000 USD 1,860,920 0.19CHINATRUST 5.625% VRN PER 5,000,000 USD 5,033,849 0.50 ONGC VIDESH 3.75%CITIC PACIFIC 6.8% 17/1/2023 2,500,000 USD 2,323,488 0.23 07/05/2023 3,000,000 USD 2,470,470 0.24CRCC YUXIANG 3.5%RELIANCE INDUSTRIES16/05/2023 1,200,000 USD 1,088,544 0.11 5.875% 6,000,000 USD 4,890,120 0.49FIRST PACIFIC 4.5% 16/04/2023 768,000 USD 652,170 0.07 36,163,134 3.62GEMDALE INTERNATIONAL INV-INDONESIAESTMENT 7.125% 16/11/2017 500,000 USD 516,935 0.05 BANK NEGARA INDONESHYSAN MTN 3.5% 16/01/2023 2,710,000 USD 2,572,644 0.26 4.125% 27/04/2017 7,350,000 USD 7,352,353 0.75ICBC ASIA 5.125% 30/11/2020 1,500,000 USD 1,590,098 0.16 BERAU COAL ENERGY 7.25%LS FINANCE 2017 5.25% 13/03/2017 3,000,000 USD 2,825,115 0.2826/01/2017 750,000 USD 803,824 0.08 GAJAH TUNGGAL 7.75%PACNET 9.25% 09/11/2015 1,500,000 USD 1,517,348 0.15 06/02/2018 1,250,000 USD 1,209,931 0.12SWIRE PROPERTIES MTN FINAN- INDONESIA (GOVT) 5.625%CING 4.75% 18/06/2022 1,000,000 USD 1,007,460 0.10 15/05/2023 72,000,000,000 IDR 5,084,766 0.51WHEELOCK FINANCE 3% INDONESIA (GOVT) 7%19/03/2018 900,000 USD 886,815 0.09 15/05/2027 6,000,000,000 IDR 448,291 0.04WING LUNG BANK 3.5% INDONESIA (GOVT) 8.25%07/11/2022 2,600,000 USD 2,479,048 0.25 15/06/2032 6,000,000,000 IDR 488,161 0.05381


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINDONESIA (GOVT) 9%SINGAPORE15/09/2018 5,000,000,000 IDR 449,823 0.05 ALAM SUTERA INTERNATIONALINDONESIA EXIMBANK 3.75% 10.75% 27/03/2017 867,000 USD 920,711 0.0926/04/2017 4,000,000 USD 3,943,460 0.39 ALAM SYNERGY 6.95%PERTAMINA 4.3% 20/05/2023 600,000 USD 518,007 0.05 27/03/2020 1,600,000 USD 1,438,080 0.14PERTAMINA 4.875% 03/05/2022 8,000,000 USD 7,307,161 0.73 BERAU CAPITAL RESOURCESPERTAMINA 5.625% 20/05/2043 2,000,000 USD 1,576,510 0.16 12.5% 08/07/2015 1,000,000 USD 1,051,760 0.11PERTAMINA 6% 03/05/2042 1,000,000 USD 815,300 0.08 BOC AVIATION 2.875%PT BANK DANAMON 8.75% 10/10/2017 1,750,000 USD 1,712,034 0.1709/12/2013 4,000,000,000 IDR 346,526 0.03 CAPITALAND TREASURY32,365,404 3.24 4.076% 20/09/2022 1,250,000 USD 1,183,844 0.12JAPANCOMPETITION TEAM TECHNOL-FUKOKU MUTUAL LIFE OGY 2.125% 13/12/2017 2,100,000 USD 2,036,822 0.20INSURANCE 6.5% VRN 2,200,000 USD 2,180,497 0.22 HENDERSON LAND MTN SRESONA BANK 5.85% VRN 3.865% 11/11/2016 2,000,000 SGD 1,651,270 0.17PERP 2,000,000 USD 2,152,470 0.22 OCBC 3.15% VRN 11/03/2023 4,000,000 USD 4,001,180 0.404,332,967 0.44 OLAM INTERNATIONAL 6.75%JERSEY 29/01/2018 2,900,000 USD 2,793,367 0.28WEST CHINA CEMENT 7.5% OTTAWA HOLDINGS 5.875%25/01/2016 2,118,000 USD 2,129,109 0.21 16/05/2018 1,750,000 USD 1,396,990 0.142,129,109 0.21 PACIFIC EMERALD PTE 9.75%MALAYSIA 25/07/2018 2,000,000 USD 1,928,730 0.19IOI INVESTMENT 4.375% SINGAPORE (GOVT) 2.5%27/06/2022 7,250,000 USD 6,842,441 0.69 01/06/2019 10,000,000 SGD 8,409,249 0.84MALAYAN BANKING 6% VRN SINGAPORE (GOVT) 2.75%PERP 250,000 SGD 211,739 0.02 01/07/2023 2,000,000 SGD 1,651,430 0.17MALAYSIA (GOVT) 3.58% SINGAPORE (GOVT) 3.125%28/09/2018 9,000,000 MYR 2,753,667 0.28 01/09/2022 5,500,000 SGD 4,728,534 0.47RHB BANK 3.25% 11/05/2017 2,500,000 USD 2,527,275 0.25 SOUND GLOBAL 11.875%SSG RESOURCES 4.25% 10/08/2017 2,200,000 USD 2,359,764 0.2404/10/2022 3,000,000 USD 2,846,055 0.28 THETA CAPITAL 7% 16/05/2019 2,360,000 USD 2,329,615 0.2315,181,177 1.52 YANLORD LAND GROUP 9.5%NETHERLANDS 04/05/2017 1,000,000 USD 1,065,305 0.11ICTSI TREASURY 4.625% 40,658,685 4.0716/01/2023 650,000 USD 602,729 0.06 SOUTH KOREAINDO ENERGY FINANCE 7% DAEGU BANK 2.25%07/05/2018 2,300,000 USD 2,234,968 0.22 29/04/2018 2,750,000 USD 2,669,040 0.27INDO INTEGR ENERGY 9.75%EXPORT-IMPORT BANK OF05/11/2016 2,500,000 USD 2,625,862 0.26 KOREA 2.875% 17/09/2018 2,180,000 USD 2,194,748 0.22INDOSAT PALAPA 7.375% KOREA (GOVT) 3.75%29/07/2020 1,500,000 USD 1,577,970 0.16 10/06/2022 7,500,000,000 KRW 7,181,096 0.72LISTRINDO CAPITAL 6.95% KOREA (GOVT) 4.0%21/02/2019 2,500,000 USD 2,560,437 0.26 10/03/2016 23,200,000,000 KRW 22,189,177 2.219,601,966 0.96 KOREA EXCHANGE BANK 2%PHILIPPINES 02/04/2018 2,500,000 USD 2,421,700 0.24PETRON CORP 7% 10/11/2017 43,000,000 PHP 985,798 0.10 KOREA GAS CORP 2.875%PHILIPPINES (GOVT) 4.95% 29/07/2018 875,000 USD 875,739 0.0915/01/2021 72,000,000 PHP 1,799,656 0.18 KOREA RESOURCES CORP2,785,454 0.28 2.125% 02/05/2018 5,000,000 USD 4,842,600 0.48382


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueKOREA SOUTHERN POWER CNPC GENERAL CAPITAL 2.75%1.875% 05/02/2018 3,750,000 USD 3,614,194 0.36 19/04/2017 2,000,000 USD 2,035,510 0.20KT CORP 3.875% 20/01/2017 1,200,000 USD 1,260,696 0.13 CNPC GENERAL CAPITAL 3.4%NONGHYUP BANK 2.25% 16/04/2023 470,000 USD 434,762 0.0419/09/2017 2,000,000 USD 1,986,150 0.20 COSL FINANCE BVI 3.25%SHINHAN BANK 4.375% 06/09/2022 3,000,000 USD 2,723,985 0.2727/07/2017 2,500,000 USD 2,698,238 0.27 IFC DEVELOPMENT CORPSK INNOVATION 3.625% 2.375% 21/05/19 2,000,000 USD 1,884,670 0.1914/08/2018 1,540,000 USD 1,572,979 0.16 JOYOUS GLORY GROUP 5.7%53,506,357 5.35 07/03/2020 1,980,000 USD 2,005,285 0.20SRI LANKALAI SUN INTERNATIONALSRI LANKA (GOVT) 5.875% FINANCE 5.7% 18/01/2018 727,000 USD 700,541 0.0725/07/2022 1,200,000 USD 1,104,312 0.11 LS FINANCE 4.25% 16/10/2022 3,100,000 USD 2,823,449 0.281,104,312 0.11 NAN FUNG TREASURY 4.5%THAILAND 20/09/2022 4,640,000 USD 4,322,577 0.44KASIKORNBANK 3% NAN FUNG TREASURY 5.25%20/03/2018 2,000,000 USD 2,000,680 0.20 20/01/2017 3,912,000 USD 4,181,614 0.43KRUNG THAI BANK 2.25% PCCW HKT CAPITAL 5 3.75%11/09/2018 3,000,000 USD 2,829,420 0.28 08/03/2023 2,790,000 USD 2,529,888 0.25PTT GLOBAL CHEMICAL 4.25%POLY REAL ESTATE FINANCE19/09/2022 3,500,000 USD 3,332,665 0.33 4.5% 06/08/2018 3,935,000 USD 3,896,890 0.39SIAM COMMERCIAL BANKSINO-OCEAN LAND PERPETUAL3.375% 19/09/2017 2,866,000 USD 2,922,747 0.29 FINANCE 10.25% VRN PERP 2,500,000 USD 2,695,288 0.27THAI OIL 4.875% 23/01/2043 850,000 USD 700,885 0.07 SMARTFONE FINANCE 3.875%THAILAND (GOVT) 3.65% 08/04/2023 1,000,000 USD 869,400 0.0917/12/2021 132,000,000 THB 4,155,787 0.42 TALENT YIELD 4.5% 25/04/2022 2,000,000 USD 1,986,110 0.20THAILAND (GOVT) 3.875% WISEYEAR 5.875% 06/04/2021 2,465,000 USD 2,607,317 0.2613/06/2019 135,000,000 THB 4,383,162 0.44 YUEXIU 3.1% 14/05/2018 2,250,000 USD 2,117,115 0.2120,325,346 2.03 50,866,506 5.09UNITED STATES TOTAL BONDS 425,611,057 42.61HYUNDAI CAPITAL AMERICA4% 08/06/2017 2,000,000 USD 2,114,390 0.21 WARRANTS / EQUITY LINKED SECURITIESRELIANCE HOLDINGS 5.4%14/02/2022 3,250,000 USD 3,240,071 0.33 GERMANY5,354,461 0.54 INDIABULLS HOUSING FINANCEVIRGIN ISLANDS WARRANTS 07/08/2023 1,419,841 USD 4,146,920 0.42AGEAS CAPITAL ASIA 4.125% 4,146,920 0.4225/04/2023 4,000,000 USD 3,504,920 0.35 GREAT BRITAINCAIFU HOLDINGS 8.75%OIL & NATURAL GAS24/01/2020 3,000,000 USD 2,914,260 0.29 WARRANTS 17/01/2017 1,221,165 USD 5,224,632 0.52CITIC SECURITIES FINANCE 2.5% 5,224,632 0.5203/05/2018 2,450,000 USD 2,323,347 0.23 TOTAL WARRANTS / EQUITY LINKEDCLP POWER HK FINANCE SECURITIES 9,371,552 0.943.375% 26/10/2027 3,500,000 USD 3,044,598 0.30CNOOC FINANCE 3.875%FLOATING RATE BONDS02/05/2022 1,000,000 USD 972,420 0.10CNPC GENERAL CAPITAL 1.95%BERMUDA ISLANDS16/04/2018 300,000 USD 292,560 0.03 LI & FUNG 6% VRN PERP 4,000,000 USD 4,046,920 0.414,046,920 0.41383


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueCAYMAN ISLANDSTOTAL TRANSFERABLE SECURITIESHUTCHISON WHAMPOA 6% ADMITTED TO AN OFFICIAL STOCK 704,263,805 70.51VRN PERP 2,000,000 USD 2,110,430 0.21 EXCHANGE LISTING2,110,430 0.21HONG KONGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDBANK OF EAST ASIA 6.375%MARKET04/05/2022 6,000,000 USD 6,530,700 0.66CITIC BANK VRN 28/09/2022 4,900,000 USD 4,716,569 0.47 BONDSDAH SING BANK 4.875% VRN09/02/2022 250,000 SGD 206,706 0.02 BERMUDA ISLANDSHERO ASIA INVESTMENT 5.25% NOBLE GROUP 6.625%VRN PERP 3,400,000 USD 3,439,100 0.34 05/08/2020 2,488,000 USD 2,546,754 0.2514,893,075 1.49 2,546,754 0.25JAPANCANADADAI-ICHI MUTUAL LIFE 7.25%PTTEP CANADA INTERNATIO-VRN PERP 6,000,000 USD 6,662,400 0.67 NAL 6.35% 12/06/2042 1,300,000 USD 1,350,746 0.14MITSUI SUMITOMO INSURANCE 1,350,746 0.147% VRN 15/03/2072 3,000,000 USD 3,310,260 0.33 CAYMAN ISLANDS9,972,660 1.00 BAIDU INC 3.5% 28/11/2022 4,000,000 USD 3,667,319 0.37MALAYSIACHINA SCE PROPERTYMALAYAN BANKING 3.25% HOLDINGS 11.5% 14/11/2017 600,000 USD 651,696 0.0720/09/2022 2,000,000 USD 1,956,760 0.20 CHINA SHANSHUI CEMENTMALAYAN BANKING 3.8% VRN 10.5% 27/04/2017 3,000,000 USD 3,217,620 0.3228/04/2021 1,000,000 SGD 813,266 0.08 COUNTRY GARDEN HOLDINGS2,770,026 0.28 7.5% 10/01/2023 1,000,000 USD 969,875 0.10PHILIPPINESKAISA GROUP HOLDINGSROYAL CAPITAL 8.375% VRN 10.25% 08/01/2020 1,110,000 USD 1,121,966 0.11PERP 1,560,000 USD 1,620,707 0.16 LONGFOR PROPERTIES 6.875%1,620,707 0.16 18/10/2019 500,000 USD 504,500 0.05SINGAPORE LONKING HOLDINGS 8.5%DBS BANK 3.3% VRN 03/06/2016 2,000,000 USD 2,049,410 0.2121/02/2022 5,000,000 SGD 4,065,374 0.41 MCE FINANCE 5% 15/02/2021 2,000,000 USD 1,937,140 0.19MAPLETREE TREASURY MIE HOLDINGS 9.75%SERVICES 5.125% VRN PERP 2,000,000 SGD 1,602,312 0.16 12/05/2016 800,000 USD 823,848 0.08UNITED OVERSEAS BANK 3.45%SHIMAO PROPERTY HOLDINGSVRN 01/04/2021 1,500,000 SGD 1,218,710 0.12 9.65% 03/08/2017 2,000,000 USD 2,163,880 0.22UNITED OVERSEAS BANK VRNUOB CAYMAN 5.796% VRN11/07/2022 3,000,000 SGD 2,421,328 0.24 PERP 3,300,000 USD 3,435,284 0.349,307,724 0.93 20,542,538 2.06SOUTH KOREACHINADOOSAN INFRACORE 3.25%ZIJIN INTERNATIONAL FINANCEVRN 05/10/2042 6,250,000 USD 6,092,313 0.61 4.25% 30/06/2016 2,000,000 USD 2,074,520 0.216,092,313 0.61 2,074,520 0.21TOTAL FLOATING RATE BONDS 50,813,855 5.09 HONG KONGHAINAN AIRLINES HONG KONGASSET BACKED SECURITIES 3.625% 07/02/2020 5,000,000 USD 4,813,550 0.49SINOCHEM CORP 5% VRN 1,600,000 USD 1,492,304 0.15NETHERLANDSSWIRE PROPERTIES MTN FINAN-JABABEKA INTERNATIONAL CING 2.75% 7/03/2020 1,000,000 USD 945,175 0.0911.75% 26/07/2017 1,000,000 USD 1,046,285 0.10 WING HANG BANK 6% VRN1,046,285 0.10 PERP 3,000,000 USD 3,020,250 0.30TOTAL ASSET BACKED SECURITIES 1,046,285 0.10 10,271,279 1.03384


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINDONESIAPETRON CORP 7.5% VRNADARO INDONESIA 7.625% PERP 3,000,000 USD 2,890,245 0.2922/10/2019 1,000,000 USD 1,047,675 0.10 PHILIPPINES (GOVT) 5%BANK RAKYAT INDONESIA 18/08/2018 117,000,000 PHP 2,921,054 0.292.95% 28/03/2018 7,350,000 USD 6,893,786 0.70 PHILIPPINES (GOVT) 5.875%INDONESIA (GOVT) 7% 31/01/2018 355,000,000 PHP 9,134,696 0.9215/05/2022 21,600,000,000 IDR 1,698,966 0.17 PHILIPPINES (GOVT) 5.875%INDOSAT 10.2% 29/05/2014 5,000,000,000 IDR 440,876 0.04 01/03/2032 80,000,000 PHP 2,004,505 0.20PERUSAHAAN LISTRIK NEGARA SM INVESTMENTS CORP 4.25%5.25% 24/10/2042 3,200,000 USD 2,404,016 0.24 17/10/2019 1,430,000 USD 1,361,653 0.1412,485,319 1.25 SMC GLOBAL POWERIRELAND HOLDINGS CORP 7% 28/01/201 476,000 USD 490,854 0.05BW GROUP 6.625% 28/06/2017 2,500,000 USD 2,568,225 0.26 20,342,346 2.042,568,225 0.26 SINGAPOREJAPAN DBS BANK 3.625% 21/09/2022 3,000,000 USD 3,074,100 0.31SOMPO JAPAN INSURANCE SINGAPORE (GOVT) 3.5%5.325% VRN 28/03/2073 3,800,000 USD 3,707,337 0.37 01/03/2027 4,500,000 SGD 3,851,586 0.383,707,337 0.37 6,925,686 0.69MALAYSIASOUTH KOREA1MDB ENERGY 5.99% KOREA (GOVT) 4.25%11/05/2022 2,500,000 USD 2,729,375 0.27 10/06/2021 2,000,000,000 KRW 1,978,979 0.20AXIATA SPV1 5.375% KOREA (GOVT) 5% 10/06/2020 500,000,000 KRW 514,445 0.0528/04/2020 3,400,000 USD 3,617,447 0.36 KOREA (GOVT) 5.75%MALAYSIA (GOVT) 3.434% 10/09/2018 11,500,000,000 KRW 11,993,937 1.1915/08/2014 5,000,000 MYR 1,539,901 0.15 KOREA EXCHANGE BANKMALAYSIA (GOVT) 3.492% 3.125% 26/06/2017 4,500,000 USD 4,632,390 0.4631/03/2020 37,000,000 MYR 11,203,883 1.12 KOREA EXPRESSWAY CORPMALAYSIA (GOVT) 4.012% 1.875% 22/10/2017 3,000,000 USD 2,934,195 0.2915/09/2017 7,000,000 MYR 2,185,412 0.22 SHINHAN BANK 1.875%MALAYSIA (GOVT) 4.262% 30/07/2018 2,600,000 USD 2,504,008 0.2515/09/2016 13,000,000 MYR 4,083,709 0.41 SK TELECOM 2.125%MALAYSIA (GOVT) 4.378% 01/05/2018 2,400,000 USD 2,347,896 0.2429/11/2019 11,000,000 MYR 3,498,221 0.35 WOORI BANK 5.875%28,857,948 2.88 13/04/2021 2,791,000 USD 3,089,274 0.31NETHERLANDS 29,995,124 2.99BHARTI AIRTEL 5.125%THAILAND11/03/2023 350,000 USD 313,637 0.03 THAILAND (GOVT) 3.25%HYVA GLOBAL 8.625% 16/06/2017 240,000,000 THB 7,662,893 0.7724/03/2016 1,500,000 USD 1,468,748 0.15 THAILAND (GOVT) 3.45%INDO ENERGY FINANCE II 6.375% 08/03/2019 135,000,000 THB 4,280,943 0.4324/01/2023 3,000,000 USD 2,561,624 0.25 11,943,836 1.204,344,009 0.43 VIETNAMOMAN VIETINBANK 8% 17/05/2017 450,000 USD 458,260 0.05BANK MUSCAT S.A.OG 2.5% 458,260 0.0526/03/2018 1,100,000 USD 1,080,151 0.11 VIRGIN ISLANDS1,080,151 0.11 MEGA ADVANCE INVESTMENTSPHILIPPINES 5% 12/05/2021 1,000,000 USD 1,044,745 0.10FILINVST DVP CAY ISLANDS4.25% 02/04/2020 1,670,000 USD 1,539,339 0.15385


Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueSTAR ENERGY GEOTHERMAL6.125% 27/03/2020 4,900,000 USD 4,606,368 0.475,651,113 0.57TOTAL BONDS 165,145,191 16.53INVESTMENT FUNDSLUXEMBOURGHSBC INV GLOBAL EMMARKETS FUND INC 8,428,239 USD 99,090,804 9.9299,090,804 9.92TOTAL INVESTMENT FUNDS 99,090,804 9.92FLOATING RATE BONDSCAYMAN ISLANDSHUTCHISON WHAMPOA 6%VRN PERP 2,000,000 USD 2,111,580 0.212,111,580 0.21HONG KONGSTANDARD CHARTERED HKFRN 27/10/2021 2,250,000 SGD 1,854,102 0.191,854,102 0.19TOTAL FLOATING RATE BONDS 3,965,682 0.40TOTAL TRANSFERABLE SECURITIES268,201,677 26.85TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 972,465,482 97.36OTHER NET ASSETS LESS LIABILITIES 26,344,904 2.64TOTAL NET ASSETS 998,810,386 100.00386


Currency Conversion TableTo help shareholders to calculate the performance of their individual investment, in the relevant reference currency,we have produced the following table. It shows the value of one US Dollar against various currencies (as at the givendates).30 September 2013 27 March 2013 28 March 2013USD USD USDAUD 1.0695 0.9584 0.9592CAD 1.0279 1.0169 1.016HKD 7.7751 7.7633 7.7626JPY 98.1258 94.37 94.02GBP 0.6175 0.6617 0.6586SGD 1.2547 1.2433 1.2406CHF 0.9042 0.9534 0.9469EUR 0.7387 0.7824 0.7788387


Dealing Days of the FundDealing for Shares in the Company will take place on any Business Day (other than days during a period ofsuspension of dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulatedmarkets in countries where the sub-fund is materially invested are open for normal trading.The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports andavailable at the registered office of the Company. Any amendments to such lists are also available at the registeredoffice of the Company.Shareholders who deal through the Company's local distributor or representative should note that there will be nodealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a daywhich is not a Business Day in such jurisdiction. Shareholders in such jurisdictions can however deal via the TransferAgent in Luxembourg.The Company will determine the dealing/non-dealing calendar according to the latest market information obtained bythe Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Companyfrom the registered office of the Company or from the Company's local distributor or representative.388


HSBC Global Investment Funds (“HGIF”)Fund Holiday Calendar for 2014NOTE: THIS CALENDAR IS INDICATIVE AS DATES IN SOME COUNTRIES HAVEYET TO BE CONFIRMED * AND/OR DATES ARE SUBJECT TO CHANGEAll HGIF sub-funds will have no NAV calculated on the following days:• all Saturdays and Sundays• and on the following dates:01-Jan Luxembourg18-Apr Luxembourg21-Apr Luxembourg01-May Luxembourg29-May Luxembourg09-Jun Luxembourg23-Jun Luxembourg15-Aug Luxembourg25-Dec Luxembourg26-Dec LuxembourgIn addition, the following funds will have no NAV calculated on the following dates:Asian Currencies Bond(Hong Kong, Malaysia, Singapore, South Korea, Thailand)14-Jan Malaysia30-Jan South Korea31-Jan Hong Kong, Malaysia, Singapore, South Korea03-Feb Hong Kong14-Feb Thailand07-Apr Thailand14-Apr Thailand15-Apr Thailand05-May South Korea, Thailand06-May Hong Kong, South Korea08-May South Korea13-May Malaysia, Singapore, Thailand02-Jun Hong Kong06-Jun South Korea01-JulHong Kong, Thailand11-JulThailand17-JulSouth Korea28-JulMalaysia, Singapore29-JulMalaysia12-Aug Thailand08-Sep South Korea09-Sep Hong Kong, South Korea16-Sep Malaysia01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea389


Asian Currencies Bond (continued)(Hong Kong, Malaysia, Singapore, South Korea, Thailand)23-Oct Malaysia, Singapore, Thailand05-Dec Thailand10-Dec Thailand24-Dec South Korea31-Dec South Korea, ThailandAsia ex Japan Equity(Hong Kong, South Korea)30-Jan South Korea31-Jan Hong Kong, South Korea03-Feb Hong Kong05-May South Korea06-May Hong Kong, South Korea08-May South Korea02-Jun Hong Kong06-Jun South Korea01-JulHong Kong17-JulSouth Korea08-Sep South Korea09-Sep Hong Kong, South Korea01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea24-Dec South Korea31-Dec South KoreaAsia ex Japan Equity Smaller Companies(Hong Kong, Taiwan)28-Jan Taiwan29-Jan Taiwan30-Jan Taiwan31-Jan Hong Kong, Taiwan03-Feb Hong Kong, Taiwan04-Feb Taiwan28-Feb Taiwan04-Apr Taiwan06-May Hong Kong02-Jun Hong Kong, Taiwan01-JulHong Kong08-Sep Taiwan09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong10-Oct Taiwan390


Asia Pacific ex Japan Equity High Dividend(Australia, Hong Kong)27-Jan Australia31-Jan Hong Kong03-Feb Hong Kong25-Apr Australia06-May Hong Kong02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong KongBrazil Bond(Brazil)03-Mar04-Mar19-Jun09-Jul20-Nov24-Dec31-DecBrazilBrazilBrazilBrazilBrazilBrazilBrazilBrazil Equity(Brazil, US)20-Jan17-Feb03-Mar04-Mar26-May19-Jun04-Jul09-Jul01-Sep20-Nov27-Nov24-Dec31-DecUSUSBrazilBrazilUSBrazilUSBrazilUSBrazilUSBrazilBrazilBRIC Equity, BRIC Markets Equity, BRIC Markets(Brazil, Hong Kong, India, UK, US)14-Jan India20-Jan US31-Jan Hong Kong03-Feb Hong Kong17-Feb US03-Mar Brazil04-Mar Brazil17-Mar India14-Apr India05-May UK391


BRIC Equity, BRIC Markets Equity, BRIC Markets (continued)(Brazil, Hong Kong, India, UK, US)06-May Hong Kong14-May India26-May UK, US02-Jun Hong Kong19-Jun Brazil01-JulHong Kong04-JulUS09-JulBrazil29-JulIndia25-Aug UK01-Sep US09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong, India06-Oct India03-Nov India20-Nov Brazil27-Nov US24-Dec Brazil31-Dec BrazilChinese Equity(Hong Kong)31-Jan Hong Kong03-Feb Hong Kong06-May Hong Kong02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong KongChina Consumer Opportunities(France, Hong Kong, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailedabove)20-Jan US31-Jan Hong Kong03-Feb Hong Kong17-Feb US05-May UK06-May Hong Kong26-May UK, US02-Jun Hong Kong01-JulHong Kong04-JulUS25-Aug UK01-Sep US09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong27-Nov US392


Climate Change(UK, US)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS25-Aug UK01-Sep US27-Nov USEconomic Scale Index GEM Equity(Hong Kong, UK)31-Jan Hong Kong03-Feb Hong Kong05-May UK06-May Hong Kong26-May UK02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong25-Aug UK01-Oct Hong Kong02-Oct Hong KongEuro Bond, Euro Credit Bond, Euro High Yield Bond(UK)05-May UK26-May UK25-Aug UKEmerging Wealth(UK, US)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS25-Aug UK01-Sep US27-Nov USEuropean Equity(UK, France) (NB. All French holidays coincide with Luxembourg holidays already detailed above)05-May UK26-May UK25-Aug UK393


Frontier Markets (Note: Fund does not deal on a Friday)(Qatar, UK)11-Feb Qatar05-May UK26-May UK28-JulQatar29-JulQatar25-Aug UK06-Oct Qatar07-Oct Qatar08-Oct Qatar18-Dec QatarGlobal Asset Backed Bond *Global Asset Backed High Yield Bond *(Australia, France, Germany, Italy, UK, US) (NB. All French holidays coincide with Luxembourg holidaysalready detailed above)15-Aug Italy31-Dec Germany, Italy* Note: NAV is calculated on the 15th of each calendar month (or on the immediately following business day if the15th is not a business day) and on the last business day of the month.Global Emerging Markets Equity(Hong Kong, South Korea, UK, Other*)30-Jan South Korea, Other31-Jan Hong Kong, South Korea, Other03-Feb Hong Kong05-May South Korea, UK, Other06-May Hong Kong, South Korea08-May South Korea26-May UK02-Jun Hong Kong06-Jun South Korea01-JulHong Kong17-JulSouth Korea25-Aug UK08-Sep South Korea, Other09-Sep Hong Kong, South Korea01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea03-Nov Other24-Dec South Korea, Other31-Dec South Korea, Other* These dates are holidays in other markets which in combination represent a material exposure to the fund andtherefore a Fund Holiday will be observed.394


395GEM Inflation Linked Bond(Brazil, US)20-JanUS17-FebUS03-MarBrazil04-MarBrazil26-MayUS19-JunBrazil04-JulUS09-JulBrazil01-SepUS20-NovBrazil27-NovUS24-DecBrazil31-DecBrazilGlobal Bond(Japan, US)02-JanJapan03-JanJapan13-JanJapan20-JanUS11-FebJapan17-FebUS21-MarJapan29-AprJapan05-MayJapan06-MayJapan26-MayUS04-JulUS21-JulJapan01-SepUS15-SepJapan23-SepJapan13-OctJapan03-NovJapan24-NovJapan27-NovUS23-DecJapan31-DecJapan


Global Emerging Markets BondGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Local DebtGlobal Emerging Markets Investment Grade BondGlobal High Income BondGlobal High Yield BondGEM Debt Total Return(UK, US)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS25-Aug UK01-Sep US27-Nov USGlobal Equity(France, Japan, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailed above)02-Jan Japan03-Jan Japan13-Jan Japan20-Jan US11-Feb Japan17-Feb US21-Mar Japan29-Apr Japan05-May Japan, UK06-May Japan26-May UK, US04-JulUS21-JulJapan25-Aug UK01-Sep US15-Sep Japan23-Sep Japan13-Oct Japan03-Nov Japan24-Nov Japan27-Nov US23-Dec Japan31-Dec Japan396


Global Inflation Linked Bond(France, Germany, Italy, UK, US) (NB. All French holidays coincide with Luxembourg holidays alreadydetailed above)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS15-Aug Italy25-Aug UK01-Sep US27-Nov US24-Dec Germany, Italy31-Dec Germany, ItalyGlobal Macro(Germany, Japan, UK, US)02-Jan Japan03-Jan Japan13-Jan Japan20-Jan US11-Feb Japan17-Feb US21-Mar Japan29-Apr Japan05-May Japan, UK06-May Japan26-May UK, US04-JulUS21-JulJapan25-Aug UK01-Sep US15-Sep Japan23-Sep Japan13-Oct Japan03-Nov Japan24-Nov Japan27-Nov US23-Dec Japan24-Dec Germany31-Dec Germany, JapanGlobal Short Duration High Yield Bond(France, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailed above)20-Jan17-Feb05-May26-May04-Jul25-Aug01-Sep27-NovUSUSUKUK, USUSUKUSUS397


Hong Kong Equity(Hong Kong)31-Jan Hong Kong03-Feb Hong Kong06-May Hong Kong02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong KongIndia Fixed Income(Hong Kong, India)14-Jan India31-Jan Hong Kong03-Feb Hong Kong17-Mar India14-Apr India06-May Hong Kong14-May India02-Jun Hong Kong01-JulHong Kong29-JulIndia09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong, India06-Oct India03-Nov IndiaIndian Equity(Hong Kong, India)14-Jan India31-Jan Hong Kong03-Feb Hong Kong17-Mar India14-Apr India06-May Hong Kong14-May India02-Jun Hong Kong01-JulHong Kong29-JulIndia09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong, India06-Oct India03-Nov India398


Japanese Equity(Japan, UK)02-Jan Japan03-Jan Japan13-Jan Japan11-Feb Japan21-Mar Japan29-Apr Japan05-May Japan, UK06-May Japan26-May UK21-JulJapan25-Aug UK15-Sep Japan23-Sep Japan13-Oct Japan03-Nov Japan24-Nov Japan23-Dec Japan31-Dec JapanKorean Equity(Hong Kong, South Korea)30-Jan South Korea31-Jan Hong Kong, South Korea03-Feb Hong Kong05-May South Korea06-May Hong Kong, South Korea08-May South Korea02-Jun Hong Kong06-Jun South Korea01-JulHong Kong17-JulSouth Korea08-Sep South Korea09-Sep Hong Kong, South Korea01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea24-Dec South Korea31-Dec South Korea399


Latin American Equity(Brazil, Mexico, US)20-Jan US17-Feb US02-Mar Mexico03-Mar Brazil04-Mar Brazil17-Mar Mexico17-Apr Mexico26-May US19-Jun Brazil04-JulUS09-JulBrazil01-Sep US16-Sep Mexico17-Nov Mexico20-Nov Brazil27-Nov US12-Dec Mexico24-Dec Brazil31-Dec BrazilLatin American Local Debt(Brazil, Mexico)02-Mar Mexico03-Mar Brazil04-Mar Brazil17-Mar Mexico17-Apr Mexico19-Jun Brazil09-JulBrazil16-Sep Mexico17-Nov Mexico20-Nov Brazil12-Dec Mexico24-Dec Brazil31-Dec BrazilManaged Solutions – Asia Focused ConservativeManaged Solutions – Asia Focused GrowthManaged Solutions – Asia Focused Income(Hong Kong, UK)31-Jan Hong Kong03-Feb Hong Kong05-May UK06-May Hong Kong26-May UK02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong25-Aug UK01-Oct Hong Kong02-Oct Hong Kong400


Mexico Equity(Brazil, Mexico)02-Mar Mexico03-Mar Brazil04-Mar Brazil17-Mar Mexico17-Apr Mexico19-Jun Brazil09-JulBrazil16-Sep Mexico17-Nov Mexico20-Nov Brazil12-Dec Mexico24-Dec Brazil31-Dec BrazilRMB Fixed Income(China, Hong Kong, UK, US)02-Jan Shanghai03-Jan Shanghai20-Jan US30-Jan Shanghai31-Jan Hong Kong, Shanghai03-Feb Hong Kong, Shanghai04-Feb Shanghai05-Feb Shanghai06-Feb Shanghai07-Feb Shanghai17-Feb US04-Apr Shanghai02-May Shanghai05-May UK06-May Hong Kong26-May UK, US02-Jun Hong Kong, Shanghai01-JulHong Kong04-JulUS25-Aug UK01-Sep US08-Sep Shanghai09-Sep Hong Kong01-Oct Hong Kong, Shanghai02-Oct Hong Kong, Shanghai03-Oct Shanghai06-Oct Shanghai07-Oct Shanghai27-Nov USRussia Equity(UK)05-May UK26-May UK25-Aug UK401


Singapore Equity(Hong Kong, Singapore)31-Jan03-Feb06-May13-May02-Jun01-Jul28-Jul09-Sep01-Oct02-Oct23-OctHong Kong, SingaporeHong KongHong KongSingaporeHong KongHong KongSingaporeHong KongHong KongHong KongSingaporeTaiwan Equity(Hong Kong, Taiwan)28-Jan Taiwan29-Jan Taiwan30-Jan Taiwan31-Jan Hong Kong, Taiwan03-Feb Hong Kong, Taiwan04-Feb Taiwan28-Feb Taiwan04-Apr Taiwan06-May Hong Kong02-Jun Hong Kong, Taiwan01-JulHong Kong08-Sep Taiwan09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong10-Oct TaiwanThai Equity(Hong Kong, Thailand)31-Jan Hong Kong03-Feb Hong Kong14-Feb Thailand07-Apr Thailand14-Apr Thailand15-Apr Thailand05-May Thailand06-May Hong Kong13-May Thailand02-Jun Hong Kong01-JulHong Kong, Thailand11-JulThailand12-Aug Thailand09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong23-Oct Thailand402


Thai Equity (Continued)(Hong Kong, Thailand)05-Dec Thailand10-Dec Thailand31-Dec ThailandTurkey Equity(Turkey)23-Apr Turkey19-May Turkey28-JulTurkey29-JulTurkey30-JulTurkey06-Oct Turkey07-Oct Turkey29-Oct TurkeyUK Equity(UK)05-May26-May25-AugUKUKUKUS Equity(US)20-Jan17-Feb26-May04-Jul01-Sep27-NovUSUSUSUSUSUSUS Dollar Bond(US)20-Jan US17-Feb US26-May US04-JulUS01-Sep US27-Nov US403


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Issued by HSBC Global Asset Management (Hong Kong) LimitedHGIF0913I Printed in the Hong Kong SAR


HSBC Global Investment FundsAnnual Report 2013


ContentsHSBC Global Investment Funds 1-435PageAdditional notes for Hong Kong residents in relation to HSBC Global Investment Funds.The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorized in Hong Kong andnot available to Hong Kong residents:HSBC Global Investment Funds sub-funds:Asian Currencies BondBrazil BondCIVETSEconomic Scale Index GEM EquityEuro BondEuro Credit BondEuro ReserveEuroland GrowthEuropean Equity Absolute ReturnFrontier MarketsGEM Debt Total ReturnGEM Equity Absolute ReturnGEM Inflation Linked BondGlobal Credit BondGlobal CurrencyGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Investment Grade BondGlobal Emerging Markets Local DebtGlobal Flex AllocationGlobal Inflation Linked BondGlobal MarcoGlobal Marco IIIndia Fixed IncomeLatin American Local DebtMexico EquityMiddle East and North Africa EquityRMB Fixed IncomeTurkey Equity


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Audited report for the year from 1 April 2012 to 31 March 2013Société d’Investissement à Capital Variable (SICAV), Luxembourg1


Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland.HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580, CH-1211 Geneva 3 is the Company’spaying agent in Switzerland and has been the legal representative of the Company in Switzerland until 30 September2012. Since 1 October 2012, ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich is the legalrepresentative of the Company in Switzerland. The Prospectus, Articles and annual and semi-annual reports of theCompany may be obtained free of charge upon request from ACOLIN Fund Services AG. A breakdown of alltransactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review canbe obtained, free of charge, from the Company’s representative in Switzerland.No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of thecurrent Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.Audited report for the year from 1 April 2012 to 31 March 20132


Table of ContentsGeneral Information 4Board of Directors 16Management and Administration 17Directors’ Report 20Report of the Réviseur d’Entreprises Agréé 26Statement of Net Assets as at 31 March 2013 28Key Figures as at 31 March 2013 40Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013 104Notes to the Financial Statements 118Comparative Table of Net Assets 209Portfolio of Investments and Other Net Assets as at31 March 2013237Currency Conversion Table 421Dealing Days of the Fund 422Fund Holiday Calendar for 2013 4233


General InformationGeneralHSBC Investment Funds (Luxembourg) S.A. (the “Management Company”) uses a risk managementprocess that allows monitoring the risk of the portfolio positions and their share of the overall riskprofile of the portfolios on the managed funds at any time. In accordance with the Law of 17 December2010 and the applicable regulatory requirements of the Commission de Surveillance du SecteurFinancier ("CSSF") the Management Company reports to the CSSF on a regular basis on the riskmanagement process. The Management Company assures, on the basis of appropriate andreasonable methods, that the overall risk, associated with derivatives, does not exceed the net assetvalue of the portfolio. The Management Company uses the following methods:Commitment ApproachThe "Commitment Approach" is based on the positions of Financial Derivative Instruments (“FDI”)converted into their corresponding underlying equivalents using the delta approach. Netting andHedging might be considered for FDI and their underlying assets providing that the approach complieswith the regulations. The sum of these underlying equivalents must not exceed the net asset value ofthe fund.Value-at-Risk (“VaR”) is a mathematical approach used to estimate the potential loss of a portfolioover a specified holding period within a given confidence level. VaR can be calculated on either anabsolute or a relative basis.Absolute VaR approachIn the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the fundcannot exceed 20% of the fund net assets.Relative VaR approachRelative VaR is calculated in relation to a suitable benchmark or reference portfolio. Using thisapproach, the relative VaR cannot exceed the VaR of a reference portfolio by more than a maximumof twice (200%). The reference portfolio is a matching portfolio in comparison to the Fund'sinvestment policy.The Management Company has delegated the VaR monitoring to the following Global RiskManagement teams:HSBC Global Asset Management (UK) LimitedFor the HGIF European Equity Absolute Return, the HGIF GEM Equity Absolute Return and HGIFRMB Fixed Income Funds, the VaR has been calculated using the BarraOne risk engine which uses aparametric approach with the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.For the HGIF Global Currency Fund the VaR has been calculated using a historic simulation approachwith the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.4


General Information (continued)HSBC Global Asset Management Limited (AMGB)The VaR has been calculated using the Algorithmics risk engine which uses a historic simulationapproach using the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.HSBC Global Asset Management (France)The VaR has been calculated using a parametrical approach (variance-covariance matrix) with thefollowing parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- Daily data set updates are used for:o HGIF – Global Inflation Linked Bond- Weekly data set updates are used foro all other sub-funds managed by HSBC Global Asset Management (France).- Daily VaR calculation.HSBC Bank Brasil S.A – Banco MúltiploThe VaR has been calculated using a parametrical approach (variance-covariance matrix) with thefollowing parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month)- Effective observation period of at least 250 days.- Weekly data set updates.- Daily VaR calculation.5


General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringStartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)Reference Portfolio(if any)1) Reserve Sub-FundsHSBC Global Asset01/04/2012 30/06/2012 Absolute VaR 0.03% 0.07% 0.05% 15% N/AManagement (France)HGIF – Euro ReserveHSBC Global Asset01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AManagement (France)2) Bond Sub-FundsHGIF - Asian Currencies BondHSBC Global AssetManagement Limited (AMGB)01/04/2012 31/03/2013 Relative VaR 73.9% 117.8% 96.2% 123.8%HGIF - Brazil Bond HSBC Bank Brazil SA 01/04/2012 31/03/2013 Absolute VaR 0.27%* 0.78%* 0.43%* 2% N/AHGIF – Euro BondHGIF – Euro Credit BondHGIF – Euro High Yield BondHGIF- GEM Inflation Linked Bond(formerly Emerging Inflation LinkedBond)HGIF - Global BondHGIF - Global Credit Bond(liquidated as at 21 August 2012)HGIF - Global Emerging MarketsBondHGIF - Global Emerging MarketsCorporate DebtHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)01/04/2012 30/06/2012 Relative VaR 93% 103% 100% 140%01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AMARKIT iBOXX ABFPan-Asia ex China exHKBarclays Capital EuroAggregate Index01/04/2012 30/06/2012 Relative VaR 87% 104% 94% 150% Iboxx Euro Corp Index01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 30/06/2012 Relative VaR 72% 94% 86% 120%01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 09/09/2012 Commitment N/A N/A N/A N/A N/A10/09/2012 31/03/2013 Relative VaR 72.6% 96.8% 90.3% 113.7%01/04/2012 31/03/2013 Relative VaR 39.4% 134.4% 101.9% 161%01/04/2012 30/06/2012 Relative VaR 105% 137% 113% 150%01/07/2012 21/08/2012 Commitment N/A N/A N/A N/A N/AMerrill Lynch EHY BB-BCONSTBarclays EM TradableGovernment Inflation-Linked Bond (EMTIL) IndexBarclays Capital GlobalAggregate50% ML US Corporate 1-10years + 50% ML EuroCorporate (US hedged)01/04/2012 31/03/2013 Relative VaR 86.8% 119.1% 100.3% 131% JP Morgan EMBI Global01/04/2012 31/03/2013 Relative VaR 75.9% 102.1% 89.4% 117% JP Morgan CEMBI Diversified6


General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement Limited (AMGB)HGIF - Global Emerging MarketsInvestment Grade Bond HSBC Global AssetManagement Limited (AMGB)HGIF - Global Emerging MarketsLocal DebtHGIF- Global High Income BondHSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HGIF- Global High Yield Bond(launched as at 20 July 2012)HSBC Global AssetManagement Limited (AMGB)HGIF – Global Inflation LinkedBondHGIF- India Fixed Income(launched as at 20 August 2012)HGIF – Latin American Local DebtHGIF – RMB Fixed IncomeHGIF – US Dollar Bond3) Equity Sub-FundsHGIF – Asia ex Japan EquityHGIF – Asia ex Japan EquitySmaller CompaniesHGIF – Asia Pacific ex JapanEquity High DividendHGIF - BRIC EquityHGIF - BRIC MarketsHGIF - BRIC Markets EquityHGIF – China ConsumerOpportunitiesHGIF – CIVETSHSBC Global AssetManagement (France)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC GlobalAssetManagement (UK)LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedStartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)Reference Portfolio(if any)01/04/2012 30/08/2012 Absolute VaR 8.21% 10.73% 9.71% 15.7% N/A31/08/2012 31/03/2013 Relative VaR 70.7% 101.1% 88.5% 128.1%01/04/2012 31/03/2013 Relative VaR 69.9% 97.3% 78.8% 124%50% JPM EMBI IG,50% JPM GBI EMGlobal Diversified IG15 CappedJP Morgan GBI-EM GlobalDiversified01/04/2012 31/03/2013 Relative VaR 37.6% 68.8% 59.5% 110% GHI Aggregate Benchmark20/07/2012 31/03/2013 Relative VaR 98.8% 126.4% 112.6% 156.7%01/04/2012 31/03/2013 Relative VaR 81.71% 101.54% 93.21% 200%Merrill Lynch GlobalHigh Yield BB-BConstrained USDhedgedBarclays World Inflation LinkedBond index20/08/2012 31/03/2013 Absolute VaR 5.4% 8.6% 6.9% 9.5% N/A01/04/2012 31/03/2013 Relative VaR 94.9% 117.1% 100.9% 131%JP Morgan GBI-EM GlobalLatin America01/04/2012 31/03/2013 Absolute VaR 1.1% 5.8% 2.8% 6.2% N/A01/04/2012 31/03/2013 Relative VaR 65.6% 120.1% 100.8% 121.9%Barclays Capital USAggregate01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A7


General Information (continued)Sub-FundHGIF - Climate ChangeHGIF - Emerging WealthHGIF - Euroland EquityEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetHGIF - Euroland Equity Smaller Management (France)Companies HSBC Global AssetHGIF - Euroland GrowthHGIF - European EquityHGIF –Frontier MarketsHGIF - Global Emerging MarketsEquityHGIF - Global EquityManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AReference Portfolio(if any)01/04/2012 30/06/2012 Relative VaR 103.33% 111.27% 106.82% 200% MSCI EMU (NR)01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 30/06/2012 Relative VaR 98.26% 103.74% 99.9% 200%01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AMSCI EMU SMALL CAPSEUR (NR) Index01/04/2012 30/06/2012 Relative VaR 94.74% 121.03% 105.17% 200% MSCI EMU (NR)01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AHGIF - Latin American Equity HSBC Bank Brazil SA 01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AHGIF - Middle East & North AfricaEquity (liquidated as at 31 July2012)HSBC Global AssetManagement (UK) Limited01/04/2012 31/07/2012 Commitment N/A N/A N/A N/A N/AHGIF - Brazil Equity HSBC Bank Brazil SA 01/04/2012 31/03/2013 Relative VaR 0.52% 2.27% 1.32% 4.33% MSCI Brazil 10 / 40HGIF - Chinese EquityHGIF - Hong Kong EquityHGIF - Indian EquityHGIF - Japanese EquityHGIF - Korean EquityHGIF – Mexico Equity (launched asat 28 February 2013)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) Limited01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AHSBC Bank Brazil SA 28/02/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A8


General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringHGIF - Russia EquityHGIF - Singapore EquityHGIF - Taiwan EquityHGIF - Thai EquityHGIF - Turkey EquityHGIF - UK EquityHGIF - US EquityHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC PortfoyYonetimi A.S.HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)4) Index Sub-FundsHGIF – Economic ScaleIndex GEM Equity(launched as at 20March 2013)HSBC Global AssetManagement (UK) Limited5) Other Sub-FundsHGIF - European Equity AbsoluteReturn (liquidated as at 17December 2012)HGIF - GEM Debt Total ReturnHGIF - GEM Equity AbsoluteReturn (liquidated as at 17December 2012)HGIF - Global CurrencyHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHGIF - Global Flex AllocationHSBC Global AssetManagement (France)HGIF - Global MacroHGIF - Global Macro II (liquidatedas at 29 May 2012)HGIF - Managed Solutions - AsiaFocused Conservative (launched asat 15 March 2013)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (Hong Kong)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)Reference Portfolio(if any)01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A21/03/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 17/12/2012 Absolute VaR 0.2% 5.6% 3.5% 8.0% N/A01/04/2012 31/03/2013 Absolute VaR 0.6% 6.3% 2.1% 9.0% N/A01/04/2012 17/12/2012 Absolute VaR 0.1% 8.0% 6.6% 13.0% N/A01/04/2012 31/03/2013 Absolute VaR 0.02% 1.11% 0.50% 4.00% N/A01/04/2012 31/03/2013 Absolute VaR 1.83% 7.36% 3.27% 10.46%40% MSCI World (NR) EUR +60% CitiGroup EMU GvtBonds Index01/04/2012 31/03/2013 Absolute VaR 2.50% 6.95% 4.13% 11.00% EUR 1 month EURIBOR01/04/2012 29/05/2012 Absolute VaR 0.18% 9.49% 6.53% 20% N/A15/03/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A9


General Information (continued)Sub-FundHGIF - Managed Solutions - AsiaFocused Growth (launched as at 15March 2013)HGIF - Managed Solutions - AsiaFocused Income (launched as at 25May 2012)Entity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)15/03/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A25/05/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A* HGIF - Brazil Bond: VaR utilisation as a percentage of the sub-fund Assets Under Management10Reference Portfolio(if any)


General Information (continued)LeverageFor Sub-funds measuring and monitoring the global risk on derivatives via VaR approach, theManagement Company has delegated the leverage monitoring to the respective Sub-FundsInvestment Advisers who determine the sum of the notional values of all the relevant FDI andestimate in this regard a degree of the expected average value (leverage). This level of leverage can,depending on the respective market conditions, derive from the actual value at the reporting date.Furthermore, the published expected/ level of leverage is explicitly not understood as an investmentlimit.Some sub-funds, during the whole period, have either used the sum of notionals method or thecommitment method without any netting (which is the same than the sum of notionals). For these subfunds,the leverage has been calculated using the sum of notionals for the entire period.For other sub-funds the leverage figures have been split, taking into account the following:Up to 30 September 2012, the leverage is measured as net leverage, which means that the leverageincurred through the use of derivatives will take into account hedging or netting arrangements. This isalso known as the commitment approach.As from 1 October 2012, the leverage is calculated through an assessment of the sum of all notionalsof all FDI, irrespective of whether or not these are used for investment or efficient portfoliomanagement purposes. In respect of hedge share classes, when applying the prescribedmethodology, it is recognised that leverage may be up to 100% larger than the master fund due to theforward foreign currency exchange contracts that are employed to hedge from base currency into therespective hedged share class currency.11


General Information (continued)Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpected levelof leverage(net leverage)Realisedaveragelevelof leverage1) Reserve Sub-FundsHGIF – Euro Reserve01/04/2012 30/06/2012 Sum of Notionals all period 0% 0%01/07/2012 31/03/2013 N/A N/A N/A2) Bond Sub-FundsHGIF - Asian Currencies Bond 01/04/2012 31/03/2013 Sum of Notionals all period 100% 17.54%HGIF - Brazil Bond 01/04/2012 31/03/2013 Sum of Notionals all period 50% 17%HGIF – Euro Bond01/04/2012 30/06/2012 Sum of Notionals all period 100% 17%01/07/2012 31/03/2013 N/A N/A N/AHGIF – Euro Credit Bond**01/04/2012 30/06/2012 Sum of Notionals all period 100% 39%01/07/2012 31/03/2013 N/A N/A N/AHGIF – Euro High Yield Bond**01/04/2012 30/06/2012 Sum of Notionals all period 100% 4%01/07/2012 31/03/2013 N/A N/A N/A01/04/2012 31/07/2012 N/A N/A N/AHGIF- GEM Inflation LinkedBond (formerly EmergingInflation Linked Bond)01/08/2012 31/09/2012 Net Leverage - 17%01/10/2012 31/03/2013 Sum of Notionals 400% 23%10/09/2012 31/03/2013 Sum of Notionals all period 400% 22%01/04/2012 30/09/2012 Net Leverage 100% 19.20%HGIF - Global Bond01/10/2012 31/03/2013 Sum of Notionals 200% 43.90%01/04/2012 31/03/2013 Sum of Notionals all period 200% 43%HGIF - Global Credit Bond (liquidated as at 21 August01/04/2012 30/06/2012 Sum of Notionals all period 100% 0%2012) 01/07/2012 21/08/2012 N/A N/A N/A12


General Information (continued)Sub-FundHGIF - Global EmergingMarkets Bond**StartingperiodEndingperiodLeveragemethodologyMaximumexpected levelof leverage(net leverage)Realisedaveragelevelof leverage01/04/2012 30/09/2012 Net Leverage 200% 7%01/10/2012 31/03/2013 Sum of Notionals 400% 6%01/04/2012 31/03/2013 Sum of Notionals all period 400% 10%HGIF - Global EmergingMarkets Corporate Debt01/04/2012 30/09/2012 Net Leverage 200% 0%01/10/2012 31/03/2013 Sum of Notionals 400% 0%01/04/2012 31/03/2013 Sum of Notionals all period 400% 0%HGIF - Global EmergingMarkets Investment Grade Bond01/04/2012 30/09/2012 Net Leverage 250% 88%01/10/2012 31/03/2013 Sum of Notionals 400% 72%01/04/2012 31/03/2013 Sum of Notionals all period 400% 100%HGIF - Global EmergingMarkets Local Debt01/04/2012 30/09/2012 Net Leverage 300% 49%01/10/2012 31/03/2013 Sum of Notionals 400% 59%01/04/2012 31/03/2013 Sum of Notionals all period 400% 81%HGIF- Global High IncomeBond**01/04/2012 30/09/2012 Net Leverage 100% 3%01/10/2012 31/03/2013 Sum of Notionals 200% 38%01/04/2012 31/03/2013 Sum of Notionals all period 200% 35%HGIF- Global High Yield Bond(launched as at 20 July 2012)HGIF – Global Inflation LinkedBond**HGIF- India Fixed Income(launched as at 20 August2012)HGIF – Latin American LocalDebt20/07/2012 30/09/2012 Net Leverage - 0%01/10/2012 31/03/2013 Sum of Notionals 200% 29%20/07/2012 31/03/2013 Sum of Notionals all period 200% 28%01/04/2012 31/03/2013 Sum of Notionals all period 400% 168.04%20/08/2012 31/03/2013 Sum of Notionals all period 100% 43.22%01/04/2012 31/03/2013 Sum of Notionals all period 50% 11%HGIF – RMB Fixed Income** 01/04/2012 31/03/2013 Sum of Notionals all period 100% 12.93%13


General Information (continued)Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpected levelof leverage(net leverage)Realisedaveragelevelof leverage01/04/2012 30/09/2012 Net Leverage 100% 31.30%HGIF – US Dollar Bond01/10/2012 31/03/2013 Sum of Notionals 200% 35.80%01/04/2012 31/03/2013 Sum of Notionals all period 200% 35.9%3) Equity Sub-FundsHGIF – Brazil Equity 01/04/2012 31/03/2013 Sum of Notionals all period 10% 0%HGIF - Euroland Equity01/04/2012 30/06/2012 Sum of Notionals all period 10% 0.25%01/07/2012 31/03/2013 N/A N/A N/AHGIF - Euroland Equity SmallerCompanies01/04/2012 30/06/2012 Sum of Notionals all period 10% 0%01/07/2012 31/03/2013 N/A N/A N/AHGIF - Euroland Growth01/04/2012 30/06/2012 Sum of Notionals all period 10% 3.42%01/07/2012 31/03/2013 N/A N/A N/A4) Other Sub-FundsHGIF - European EquityAbsolute Return (liquidated asat 17 December 2012)HGIF - GEM Debt TotalReturn**HGIF - GEM Equity AbsoluteReturn (liquidated as at 17December 2012)01/04/2012 17/12/2012 Sum of Notionals all period 220% 140.9%01/04/2012 30/09/2012 Net Leverage 400% 64%01/10/2012 31/03/2013 Sum of Notionals 400% 77%01/04/2012 31/03/2013 Sum of Notionals all period 400% 104%01/04/2012 17/12/2012 Sum of Notionals all period 200% 68.4%HGIF - Global Currency** 01/04/2012 31/03/2013 Sum of Notionals all period 2700% 184.90%HGIF - Global Flex Allocation 01/04/2012 31/03/2013 Sum of Notionals all period 200% 151.19%HGIF - Global Macro** 01/04/2012 31/03/2013 Sum of Notionals all period 1,200% 458.47%HGIF - Global Macro II01/04/2012 29/05/2012 Sum of Notionals all period 2,400% 983%(liquidated as at 29 May 2012)**** Indicates a fund with hedged share class portfolios where it is recognised that leverage may be up to 100% larger than the master fund due to the forward foreigncurrency exchange contracts that are employed to hedge from base currency into the respective hedged share class currency.14


General Information (continued)Agents of the CompanyAs detailed in letters to Shareholders dated 29 June 2012 and 12 October 2012, the Board intends toappoint HSBC Securities Services (Luxembourg) S.A. as Administration Agent, Depositary Bank,Registrar and Transfer Agent and Central Paying Agent. The transition date will be notified toShareholders as soon as possible. RBC Investor Services Bank S.A. will continue to provide theseservices until further notice.15


Board of DirectorsBOARD OF DIRECTORS OF THE COMPANYDidier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.Dr. Michael Boehm, Chief Operating Officer, HSBC Global Asset Management (Deutschland) GmbHKönigsallee 21/23, 40212 Düsseldorf, Germany.James Boucher, Managing Director, HSBC Bank (Mauritius) Limited6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius.Thies Clemenz, Chief Executive Officer, HSBC Trinkaus Investment Managers S.A.8, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg (until November 2012),HSBC Bank Armenia CJSC HBAM, Main Office66 Teryan Street, Yerevan 0009, Republic of Armenia (from November 2012)George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited8 Canada Square, London E14 5HQ, United Kingdom.Edgar K M Ng, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) LimitedHSBC Main Building, 1 Queen's Road Central, Hong Kong.David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management Limited8, Canada Square, London E14 5HQ, United Kingdom.Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.16


Management and AdministrationRegistered Office16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.R.C.S. Luxembourg N° B-25087Management CompanyHSBC Investment Funds (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Depositary Bank, Administration Agent, Registrar and Transfer Agent and Central Paying AgentRBC Investor Services Bank S.A. (formerly RBC Dexia Investor Services Bank S.A.)14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.Domiciliary AgentHSBC Securities Services (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Investment AdvisersHSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, FranceHSBC Global Asset Management (Hong Kong) LimitedLevel 22, HSBC Main Building, 1 Queen's Road Central, Hong KongHSBC Global Asset Management (Singapore) Limited21 Collyer Quay, #10-01 HSBC Building, Singapore 049320, SingaporeHSBC Global Asset Management (UK) Limited8, Canada Square, London E14 5HQ, United KingdomHSBC Global Asset Management (USA) Inc.452 Fifth Avenue, 7th Floor, New York, NY 10018, USAHSBC Bank Brasil S.A. – Banco MúltiploTravessa Oliviera Belo, 11-B, 80020-030 Curitiba, BrazilHSBC Portfoy Yonetimi A.S.Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey17


Management and Administration (Continued)Share DistributorsGlobal DistributorHSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy ofLuxembourg.Austria, Eastern Europe and Germany DistributorHSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany.Hong Kong Representative and DistributorHSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong.United Kingdom Representative and DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland.Jersey Representative and DistributorHSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS ChannelIslands.Singapore Representative and DistributorHSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #06-01 HSBC Building, Singapore 049320,Singapore.Swiss RepresentativeUntil 30 September 2012HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.From 1 October 2012ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich, Switzerland.Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.Korea Representative and DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.Distributor for Continental EuropeHSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800Puteaux, France.18


Management and Administration (Continued)Paying Agent in Hong KongThe HongKong and Shanghai Banking Corporation Limited, HSBC Main Building, 1 Queen’s Road Central,Hong Kong.Representative and Paying Agent in PolandHSBC Bank Polska S.A., Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland.Réviseur d'Entreprises AgrééKPMG Luxembourg S.à r.l.9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.Legal AdviserElvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.19


Directors’ ReportDirectors’ CommentsThe Board of Directors present the Audited Annual Report and Accounts for HSBC Global Investment Funds (the“Company”) for the year ending 31 March 2013.The CompanyThe Company is a variable capital investment company, incorporated under the laws of the Grand Duchy ofLuxembourg and is organized as an “umbrella” with a number of sub-funds, each of which has their own investmentpolicies and restrictions. At present, the Company has issued shares in 59 sub-funds. During the year, the total netassets of the Company increased from USD 23 billion to USD 29.5 billion at year end.The Company qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended ECDirective 2009/65/EC of 13 July 2009 and may therefore be offered for sale in European Union Member States, subjectto registration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Companyand its sub-funds may be made in other non-European countries. The Company and its sub-funds are currentlyregistered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria,Bahrain, Belgium, Brunei, Chile, Colombia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, HongKong, Hungary, Ireland, Italy, Japan, Jersey, Jordan, Korea, Lebanon, Macau, Malta, Mauritius, Netherlands, Norway,Oman, Panama, Poland, Portugal, Qatar, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan, United ArabEmirates and United Kingdom.Responsibility of the DirectorsThe responsibility of the Directors of the Company is governed exclusively by Luxembourg law. With respect to thesefinancial statements, the duties of the Directors are governed by general corporate law and the law of 19 December2002 on, inter alia, the accounting and annual accounts of undertakings and by the law of 17 December 2010 relating toundertakings for collective investments (the “2010 Law”). Since 1 July 2011, the Company is governed by Part I of the2010 Law implementing the directive 2009/65/EC into Luxembourg Law.Annual General MeetingThe next Annual General Meeting of the Company will be held on Friday, 26 July 2013.Market OverviewGlobal EquitiesThe reporting period began with a renewal of risk aversion for financial markets. Equity markets weakened in April 2012,as attention was focused on Spain and the size of its deficit. The decline continued in May 2012 following the increasedsupport for anti-austerity groups after the indecisive result of Greek election which was unable to form a coalitiongovernment. This uncertainty fuelled talk of a Greek exit from the euro. The outcome of the European Union’s (EU)summit bolstered equity markets at the tail-end of the quarter, namely the establishment of a single supervisoryauthority for eurozone banks with the capacity to give direct financial support to eurozone banks. Markets were furtherboosted in June 2012 after some major central banks’ policy announcements. By September 2012, risk appetiteincreased following monetary policy actions in Europe, the US and Japan. Similarly in the US, despite the weakemployment data and signs of slowing economic activity, the Federal Reserve’s decision to launch another quantitativeeasing programme was well received by markets. The fourth quarter of 2012 saw global markets mainly focused onongoing discussions by US politicians to reach an agreement on the US fiscal budget before the 31 December 2012deadline. In addition, the economic impact of Hurricane Sandy in the US weighed on market sentiment whilst the reelectionof Presidential Barack Obama lifted markets. In Europe, the level of policy progress by European leaders overthe final quarter of 2012 to stabilise the eurozone situation further lifted market sentiment and lowered investors’concerns. Meanwhile, Asian markets were buoyed by the improvement in economic signals in China and suggestionsof further monetary policy actions in Japan. Global equities had a strong start to the new year with solid gains in January2013, supported by the resolution to the US budget ‘fiscal cliff’ situation and the positive outlook to global growth, whichlifted investor sentiment.20


Directors’ Report (continued)Global Equities (continued)However, the second half of the first quarter of 2013 saw a rise in uncertainty surrounding the outcome of the Italianelection in February 2013 and the Republic of Cyprus’ request for financial assistance in March 2013, which dampenedinvestors’ demand for risk assets. Whilst an international bailout agreement was reached, investors remained cautiousof the probable consequences of the bank resolution deal for Cyprus. Meanwhile in Asia, Japanese markets surged in2013 on expectations of aggressive monetary policy whilst Chinese stocks were lower on concerns authorities maytighten policy measures to contain the rate of growth in property prices.US EquitiesThe beginning of the reporting period saw US equities decline in April and May 2012 amid disappointing economic dataand uncertainty over Europe’s debt problems, which overshadowed better-than-forecasted corporate earnings from UScompanies. By June 2012, weaker-than-expected employment data further weighed on investors’ sentiment. However,in late June 2012, US equities were supported by the positive developments relating to the eurozone debt situation andthe late release of improved US economic figures, in addition to the Federal Reserve’s announcement of the extensionof ‘Operation Twist’, a bond-buying programme, until the end of 2012. The market was disappointed by the minutes ofthe Federal Open Market Committee meeting in June which revealed that further quantitative easing measures werenot necessarily imminent. However, in September 2012, the announcement of the much anticipated third round ofquantitative easing had a positive impact on the share market. Market confidence increased further following the ECB’sdecision to implement a new bond-buying programme. During the fourth quarter of 2012, markets were primarily drivenby the ongoing discussions by US politicians and the uncertainty on whether the US Senate and Congress would reachan agreement on the US fiscal budget before the 31 December 2012 deadline. In addition, the economic impact ofHurricane Sandy weighed on market sentiment whilst the re-election of Presidential Barack Obama was seen aspositive by the markets. Meanwhile, the Federal Reserve announced its third phase quantitative easing programme,totalling USD 85 billion each month. Equity markets rose strongly following the agreement by US politicians on the‘fiscal cliff’ situation in early January 2013. The US corporate earnings season had a positive start in January 2013, whichfurther encouraged investors’ confidence. In addition, stronger-than-expected economic data releases in the US andChina, further boosted market sentiment. However, markets initially fell after the second estimate for economic activityfor the fourth quarter of 2012 was revised up to 0.4% quarter-on-quarter annualised pace, which was less thanexpected. Meanwhile, the minutes to the Federal Open Market Committee meeting revealed officials remained dividedon continuation of the asset-purchase programme, worth USD 85 billion each month. However, the market wasencouraged by Federal Reserve Chairman Ben Bernanke’s reaffirmation of his support for monetary policy. US non-farmpayrolls grew at the slowest pace in nine months while the unemployment rate fell to 7.6% in March 2013. Meanwhile,the Dow Jones industrial average index reached a series of record highs in March 2013, led by gains in cyclical stocks.Europe ex-UK EquitiesThe period began with debt worries in Spain, the possibility of a Greek exit from the euro union, along with concerns ofslowing growth in China led European equities to fluctuate throughout April and May 2012. However by June 2012,earlier concerns surrounding the outcome of the second Greek election were met with a positive outcome in the formof a ‘pro-austerity’ coalition government. Elsewhere, Spanish bond yields again rose in June as eurozone debt fearsintensified, notably after Spain formally requested up to EUR 100 billion in assistance to support its financial system.Meanwhile, the outcome of the EU summit in late June exceeded market expectations, namely the establishment of asingle supervisory authority for eurozone banks with the capacity to give financial support directly to banks. Equitymarkets were further buoyed in July following comments by the ECB President Mario Draghi implying that the ECBwould do “whatever it take”’ to add stability and may intervene in the eurozone bond markets. The ECB further boostedinvestor confidence with the decision to lower interest rates to record low of 0.75% in July 2012. Whilst regionaleconomic data continued to disappoint during August 2012, the announcement of the ECB’s new bond-buyingprogramme further boosted risk appetite. Market sentiment was further supported by the monetary policy actions inEurope, the US and Japan in September. In the fourth quarter of 2012, the main concerns were over Spain’s delay inrequesting financial aid followed by the initial setback to provide Greece with its next tranche of bailout funds. Europeanleaders eventually agreed on a reduction in interest rates for Greece, an extension of maturities, interest payments onsome bilateral loan agreements and a possible debt buy back. The markets then focused on the ongoing negotiationsconcerning the US fiscal budget situation as concerns rose that US politicians may not reach an agreement before the31 December 2012 deadline.21


Directors’ Report (continued)Europe ex-UK Equities (continued)In January 2013, European markets rose following the resolution to the US budget ‘fiscal cliff’ whilst the level of policyprogress made by European leaders over the final quarter of 2012 to stabilise the eurozone situation boosted marketconfidence. However by February 2013, European markets fell, primarily over the uncertainty surrounding the Italianelection, which dampened investors’ demand for risk assets. Meanwhile, economic growth in the eurozone contractedby 0.6% in the final quarter of 2012 as a result of falls in consumer consumption, investment and government spending.In March 2013, the Cypriot government’s request for financial assistance raised concerns about the stability of theEuropean banking system led markets lower. The initial bailout agreement, which included a levy on bank deposit, wasinitially rejected before reaching a tentative agreement on an international bailout.UK EquitiesThe start of the reporting period begun with a poor run of economic data. The subdued UK economic outlook increasedexpectations that the Bank of England (BoE) would extend its quantitative easing asset purchases. Market sentimentgradually declined by April 2012 and led UK equities lower over the second quarter of 2012 amid the uncertainty inEurope and lacklustre domestic growth. UK equities were further affected by news that the country had entered adouble-dip recession, the first since the 1970s. Revised data in May indicated that the UK economy shrank by 0.3% inthe first quarter of 2012, more than the initial figure of 0.2%. In June 2012, UK equities rose amid the improvedconfidence in Europe after the conclusion of the European Union (EU) summit. Meanwhile, the BoE announced newplans to help support the UK economy by announcing two new lending facilities to banks. Risk appetite increasedfollowing the monetary policy actions in Europe, the US and Japan during September. This led UK equities to rise overthe remainder of 2012 despite a volatile period. Meanwhile, economic growth in the UK during the second quarter of2012 was disappointing, initially contracting by 0.7% over the period. However, there was a notable improvement insentiment in regards to the pace of global growth during the fourth quarter of 2012. In addition, the policy progressmade by European leaders to stabilise the eurozone situation and the positive conclusion to the US budget ‘fiscal cliff’ inlate December supported the UK equity market towards the end of 2012. The rally continued into January and February2013, buoyed by the rise in risk appetite following the agreement to the US ‘fiscal cliff’ and the improving outlook for theglobal economy. Meanwhile, economic growth fell by 0.3% over the fourth quarter of 2012. However, upward revisionsto growth in the first and third quarter of 2012 led annual growth to rise to 0.3% year-on-year, from 0.2%. The BoE keptits asset purchasing programme at GBP 375 billion and maintained its interest rates unchanged at 0.5%. Meanwhile,the next BoE Governor, Mark Carney, who will succeed Mervyn King in June 2013, reiterated his support for flexibleinflation targeting.Japanese EquitiesIn April 2012, amid a falling equity market, the Bank of Japan (BoJ) attempted to boost its bond-buying programmehaving failed to stimulate lasting confidence among investors in light of the fragile economy. Japanese equities werefurther weakened by concerns surrounding the slowdown in Chinese growth and renewed concerns about Europe’sdebt crisis. However by June 2012, the Japanese market had a strong rebound, strengthened by the final estimate forgrowth in the first quarter of 2012, which was above expectations. Japan also benefited from expectations of a weakerJapanese yen following the US central bank’s decision to extend its quantitative easing programme. In July 2012, theBoJ maintained its interest rates unchanged and asset purchase programme at JPY 70 trillion, despite the businessoutlook remaining weak. During the third quarter of 2012, market sentiment in the region continued to be affected byconcerns surrounding the eurozone crisis situation and the slowdown in global growth. Tensions over the Senkakus/Diaoyu island dispute rose between Japan and China, its largest export market, threatened commercial relationshipsbetween the two countries. The additional liquidity measures announced in September 2012 by the BoJ had littleimpact on market confidence or the local currency. Over the final quarter of 2012, the market rose sharply followingspeculation that the BoJ would apply aggressive policy measures to overcome deflation and attempt to manage theJapanese yen. In addition, Japan’s cabinet approval of an economic stimulus package further bolstered investorsentiment. The December 2012 election of the Liberal Democratic Party (LDP) buoyed markets given the LDP’s electionpromises of substantial monetary policy easing for Japan in 2013. Despite weak economic data readings, the signs offurther monetary easing in Japan significantly helped Japanese equities to strongly outperform other developed marketsover the fourth quarter of 2012. In January 2013, the BoJ raised its inflation target to 2% from 1%. In addition, the BoJ’sannounced an open-ended quantitative easing programme, due to commence in January 2014.22


Directors’ Report (continued)Japanese Equities (continued)Japanese equities continued to performed strongly over the reporting period despite the first estimate of economicgrowth contracting by 0.4% quarter-on-quarter annualised during the fourth quarter of 2012. Meanwhile, Japan’s tradedeficit reached a record high for January 2012, driven by the increase in fuel imports as most of Japan’s nuclear reactorsremain closed. Meanwhile, the lower house of Parliament approved Haruhiko Kuroda as the new governor of the BoJ.This decision led markets higher on speculation of aggressive monetary policy may be applied in the near term. Inaddition, the Japanese yen depreciated sharply against the US dollar towards the end of the reporting period, furthersupported the equities market and investor sentiment.Asia ex Japan EquitiesAsia ex Japan equities had a lacklustre start to the reporting period in April 2012 as equity markets remained focused onconcerns surrounding the persisting eurozone debt crisis and the potential slowdown in global growth. In June 2012,Asian ex Japan equities were again affected by the turmoil in Europe. Markets recovered somewhat, bolstered by apositive outcome to the EU summit in late June and policy actions by several central banks. Asian markets were mostlyhigher in July 2012 and continued to be driven by the sentiment in the US and Europe amid speculation the FederalReserve and ECB had signalled moves in order to bolster economic growth. During the third quarter of 2012, Asianequities were unaffected by the economic slowdown in China and the continuing eurozone debt situation. In India,markets rose following reforms allowing foreign firms to access certain sectors of the economy, which should promotegrowth and competition in the medium term. Towards the end of September 2012, Asian equity markets were alsosupported by the monetary policy actions in Europe, the US and Japan. Asian equities continued to rise over the fourthquarter of 2012, supported by the continuation of quantitative easing by the Federal Reserve, BoJ and ECB in addition tothe initial signs of growth stabilisation in China. Overall, Chinese equities had a strong fourth quarter in 2012, althoughmarkets initially fell on the announcement of China’s new leader, President Xi Jinping, on concerns that economicreform may not be accelerated. However, in December 2012, Jinping pledged to continue economic and urbanisationreforms which buoyed investor sentiment. The Australian equity market made robust gains, supported by the ReserveBank of Australia’s decision to lower the cash rate twice over the final quarter of 2012 from 3.5% to 3.0%. Asianmarkets broadly had modest gains in January 2013, driven by the agreement by US Congress to avoid the ‘fiscal cliff’.Chinese data releases were generally better-than-expected as export accelerated in December 2012 to a seven-monthhigh of 14.0% annual growth. Growth in China expanded by 7.9% on annual terms over the fourth quarter of 2012,further boosted optimism surrounding the outlook for the global economy. In late January 2013, the central bank of Indialowered its interest rate for the first time in nine months in an effort to encourage growth. In China, trade growth strongin February 2013 with both export and imports buoyed by consumer spending during the Chinese Lunar New Year.Meanwhile in March, Chinese officials at the 12th National People’s Congress confirmed growth target rate of 7.5% for2013 whilst lowering the inflation target rate from 4.0% to 3.5%. However, markets were weighed down by concernsthat the Chinese authorities may tighten monetary policy and the possible outbreak of bird flu. Thai stocks rose afterFitch upgraded the country’s credit rating from ‘BBB’ to ‘BBB+’. In South Korea, markets speculated on furthergovernment stimulus measures after posting a weaker-than-expected economic growth over the final quarter of 2012.Meanwhile, the continuing tensions between South Korea and North Korea had a negative impact on the local equitymarket.23


Directors’ Report (continued)Emerging Market EquitiesEmerging Markets equities fell over the second quarter of 2012 on renewed risk aversion. The European sovereign debtcrisis once again dominated market news as the Greek elections added to fears of a breakup of the eurozone. Alongsidethis, the performance of the Chinese economy weakened further with growth slowing to a three-year low of 7.6% overthe second quarter of 2012. This warranted the aggressive monetary policy easing in China in the form of twoconsecutive interest rate cuts in June and July, coupled with infrastructure investment and consumer spendinginitiatives. Emerging market equities were boosted during the last days in June 2012 following the positive conclusionof the EU summit, which announced a series of measures to resolve the debt crisis. Meanwhile, global news flowcontinued to dominate market sentiment in July 2012. In the third quarter of 2012, emerging markets outperformedtheir developed market peer, despite the slowdown in China and concerns surrounding the eurozone debt situation.Indian equities rose strongly in September 2012 following the introduction of new government reforms allowing foreignfirms to access certain sectors of the economy. Chinese equities were amongst the worst performers over the sameperiod, following constant concerns surrounding the slowing pace of growth in China. Meanwhile, Egyptian stocks roseas the political situation continued to improve. Asian emerging markets had a solid fourth quarter of 2012, led by signsof growth stabilisation in China. Although Chinese equities initially fell following the announcement of China’s newleader, President Xi Jinping, on concerns that economic reform may not be accelerated. However, in December 2012,the new leader pledged to continue economic and urbanisation reforms which buoyed investor sentiment. Towards theend of the final quarter of 2012, markets were further boosted by the signs of economic recovery in China. Indian themarkets rose robustly in December 2012 to its highest level since April 2011 following the government approval of keyeconomic reforms despite the moderation in economic data. The Turkish market performed strongly, mainly driven bythe country’s upgraded credit rating. During the first quarter of 2013, the Chinese equity market was affected byspeculation that the Chinese government may tighten monetary policy in order to control the rise in property prices.Meanwhile, Brazil’s central bank left its interest rate unchanged though suggested that the interest rate may be raisedat the next meeting. Indian equities fell on concerns about political instability and the impact of economic reform.Meanwhile, the Reserve Bank of India lowered its policy rate for the second time in 2013 to 7.5% in an effort to revivegrowth and investment. The cash reserve ratio remained unchanged at 4.0%. The Russian equity market was affectedby the Cyprus bailout announcement in March 2013 on concerns about the costs involved for Russian investors giventhey are amongst the largest depositors in Cyprian banks. Russia’ central bank left policy rates unchanged as expected,citing interest levels were appropriate for the time being.UK BondsGilts made strong gains at the beginning of the reporting period in April 2012 through to June 2012, amid the unfoldingeurozone crisis which led investors to seek perceived ‘safe haven’ assets. At the beginning of June, 10-year gilt yieldsreached a record low. However, by the end of June 2012, global investors reacted positively to the conclusion of the EUsummit, which led the demand for perceived ‘safe haven’ assets to fall and gilt yields rose as risk appetite improved.The BoE increased the asset purchase programme target by GBP 50 billion to a total of GBP 375 billion in early July. Bylate July 2012, the 10-year gilt yield reach a new low as investors sought perceived ‘safe haven’ assets as the situationsurrounding the eurozone sovereign debt intensified. However, gilt yields then rose strongly during September as riskappetite improved, supported by the announcement that the US Federal Reserve was launching a third round ofquantitative easing, the European Central Bank’s new monetary policy programme and the Bank of Japan unexpectedlyincreasing its asset purchase programme. The 10-year gilt yield rose towards 1.8% during September 2012, a fourmonthhigh at the time. However, this was short lived as investors turned their focus towards concerns surrounding theslowing global economy, which resulted in yields moderating towards the end of the September. Gilt yields fell inNovember following the Bank of England’s plans to transfer coupon payments received from gilt holdings purchasedthrough the Asset Purchase Facility, worth GBP 375 billion, in order to lower the nation’s debt. Gilt yields then rose onspeculation of further asset purchases given the weakness in domestic growth. Towards the end of 2012, gilts weremainly influenced by the ongoing negotiations concerning the US fiscal budget situation which led the 10-year gilt yieldto reach 1.95% during December, nearly a three-month high at the time. Gilt prices fell in January 2013, primarily drivenby the agreement reached over the US budget ’fiscal cliff’ and the general improvement market confidence surroundingthe eurozone debt situation. Gilts benefited from its perceived ‘safe haven’ status in February 2013 as gilt prices rosefollowing the increased tensions over the political uncertainty in Italy. In March 2013, gilts continued to gain from itsperceived ‘safe haven’ status following concerns surrounding the implications of the bailout agreement with Cyprus.24


Directors’ Report (continued)UK Bonds (continued)Meanwhile, there was little reaction to Moody’s downgrade of the UK’s bond rating from ‘AAA’ to ‘Aa1’ in February, asgilts continued to advance from its perceived ‘safe haven’ status with gilt prices rising further in March followingconcerns surrounding the implications of the bailout agreement with Cyprus. The market were unconcerned about thewarning by Fitch, a credit-rating agency, that it may downgrade Britain’s ‘AAA’ rating, citing high government debt levelsand the weak outlook for growth. The Bank of England kept the official interest rate constant at 0.5% and the assetpurchase programme at GBP 375 billion. In the 2013 Budget Statement, the UK Chancellor lowered the growth forecast2013 and 2014 whilst suggesting borrowing costs and overall debt levels will be higher in the near term.Global BondsGlobal bond prices broadly rose over the first half of 2012 as tensions eased in financial markets following the EuropeanCentral Bank’s (ECB) decision to launch its second long-term refinancing operation and the success of the Greek debtswapagreement. In late June 2012, the Spanish government requested a bailout ahead of the positive outcome fromthe EU summit which briefly unsettled market sentiment. Meanwhile, the ECB reduced the refinancing rate by 0.25%to 0.75% in July 2012, a record low. Elsewhere, the central bank of China made two interest rate cuts in June and Julyin an attempt to promote growth. In September 2012, the Federal Reserve commenced a third round of quantitativeeasing. In addition, the ECB announced a new bond-buying programme. In December 2012, the Federal Reserveannounced a new programme worth USD 45 billion of longer-dated Treasuries purchases while continuing to purchaseUSD 40 billion in mortgage-backed securities each month. Over the fourth quarter of 2012, the Bank of Japan increasedits asset purchase programme by JPY 21 trillion, to a total of JPY 101 trillion while the election of a new government inDecember suggested substantial monetary policy easing for Japan in 2013. In January 2013, perceived ‘safe haven’bond prices fell following the agreement by US politicians which avoided the ‘fiscal cliff’, in addition to the overallimprovement in risk appetite and a decline in demand for bonds assets. Towards the end of February 2013, Greek andItalian government bonds yields rose sharply following the uncertainty of the outcome of the Italian election. The yieldson US 10-year Treasury bonds at first rose on speculation that the Federal Reserve may consider scaling back its bondbuyingpurchase programming. US government bonds and German Bunds yields initially advanced in March 2013 onbetter-than-expected economic data. However, perceived ‘safe haven’ 10-year government bond yields fell in March,primarily driven by the uncertainty surrounding the Cyprus bailout package. Greek government bond yields reachedabove 12.0% on fears of contagion during March 2013.25


Report of the Réviseur d’Entreprises AgrééTo the Shareholders ofHSBC Global Investment Funds16, Boulevard d’AvranchesL-1160 LuxembourgGrand Duchy of LuxembourgREPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉFollowing our appointment by the Annual General Meeting of the shareholders dated 27 July 2012, we have audited theaccompanying financial statements of HSBC Global Investment Funds (“the Company”) and each of its sub-funds, whichcomprise the statement of net assets and the portfolio of investments and other net assets as at 31 March 2013 and thestatement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies andother explanatory information.Board of Directors of the Company responsibility for the financial statementsThe Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements inaccordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and forsuch internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error.Responsibility of the Réviseur d'Entreprises agrééOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du SecteurFinancier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the judgment of the Réviseur d'Entreprises agréé, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseurd'Entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the financial statementsin order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion onthe effectiveness of the entity's internal control.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimatesmade by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the financial statements give a true and fair view of the financial position of HSBC Global Investment Funds andeach of its sub-funds as of 31 March 2013, and of the results of their operations and changes in their net assets for the year thenended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.Other matterSupplementary information included in the annual report has been reviewed in the context of our mandate but has not beensubject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express noopinion on such information. However, we have no observation to make concerning such information in the context of thefinancial statements taken as a whole.Luxembourg, 12 July 2013KPMG Luxembourg S.à r.l.Cabinet de révision agrééR. Beegun26


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Statement of Net Assets as at 31 March 2013CONSOLIDATEDUSDInternational andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets28,111,772,110(178,855,578)27,932,916,5321,687,791,066(3,581,892)338,355,335(557,537,882)333,414,759(223,870,094)289,342,662(265,477,579)29,531,352,907518,193,84455,762,277573,956,1212,955,848-4,359,874-203,819(1,569,077)2,113,589(3,620,738)578,399,43664,994,42910,760,17475,754,6033,128,710-738,010(814,421)483,965(1,391,638)82,531(202,741)77,779,019148,358,75628,361,291176,720,0472,945,310---1,164,847(1,320,200)2,256,588(450,496)181,316,096*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.28


Statement of Net Assets as at 31 March 2013BRIC EquityUSDBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClimate ChangeUSD1,210,841,809(130,284,061)1,080,557,74811,692,003-2,308,870(1,912,641)393,312(3,576,740)453,351(1,181,924)1,088,733,97915,659,3191,026,79716,686,1165,001-----24,700(16,474)16,699,343400,448,33117,569,774418,018,10521,216,038---333,638(1,454,675)561,763(570,214)438,104,65585,021,72013,710,78198,732,501-(125,966)1,284,096-366,077(1,020,218)196,469(150,126)99,282,83330,426,2692,698,32533,124,594540,331-405,000(498,862)94,601(7,523)111,447(18,441)33,751,14721,536,3454,652,25726,188,60236,172-4,312,253(1,398,875)15,523(1,416,035)90,418(45,171)27,782,88729


Statement of Net Assets as at 31 March 2013Emerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEUREuroland GrowthEURPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets16,586,5562,206,35118,792,907149,924-491,190-37,602(2,037)49,117(36,342)19,482,361586,624,682(49,351,743)537,272,9394,765,650-1,420,112(1,511,349)3,551,288(1,185,032)1,200,990(701,632)544,812,966116,025,7427,925,467123,951,2095,552,067--(1,568,647)131,712(149,883)303,767(126,832)128,093,39390,191,850(3,248,888)86,942,9621,318,729---2,352(21,329)143,465(99,977)88,286,202*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.30


Statement of Net Assets as at 31 March 2013European EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDLatin AmericanEquityUSDMarket SpecificEquity Sub-FundsBrazil EquityUSD102,187,58315,147,075117,334,658580,288-613,077(784,254)101,234(283,412)510,523(145,646)117,926,468100,851,77217,719,532118,571,3043,046,504-420,374(62,510)1,324,311(1,157,127)845,260(153,278)122,834,838611,348,963(27,493,298)583,855,66511,543,430-3,153,435(601,000)1,481,706(3,103,248)1,955,718(959,963)597,325,74355,954,9305,039,82660,994,7565,775,356(1,345,065)--3,106,246(167,674)353,620(45,756)68,671,483194,344,13210,953,254205,297,3862,111,292-1,644,580(2,595,254)1,028,322(402,870)260,515(188,610)207,155,3611,748,157,30024,838,3091,772,995,60936,266,535-13,569,444-2,835,611(37,219,994)4,797,288(2,381,501)1,790,862,99231


Statement of Net Assets as at 31 March 2013Chinese EquityUSDHong KongEquityUSDIndian EquityUSDJapanese EquityJPYPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets1,933,013,641104,691,0842,037,704,72525,285,870-34,641,252(4,591,488)4,063,200(13,528,207)329,996(2,958,399)2,080,946,949225,454,17231,812,956257,267,1281,807,619-759,553(880,259)1,054,667(1,300,785)512,541(243,757)258,976,7074,191,008,236(891,061,038)3,299,947,19890,296,837-93,020,656(149,718,727)1,087,163(15,864,640)15,241,448(62,507,858)3,271,502,0774,470,121,283739,271,0225,209,392,305957,279,263---70,597,298(272,567,733)66,332,944(6,427,721)6,024,606,356*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.32


Statement of Net Assets as at 31 March 2013Korean Equity Mexico EquityUSD (launched as at 28February 2013)USDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDThai EquityUSD70,997,1264,098,36275,095,4881,490,532-1,370,948(631,027)126,271(432,015)668,811(109,818)77,579,190159,660,0803,310,693162,970,773479,532--(96,822,685)113,202,810-1,448,875(243,917)181,035,388470,946,695(67,499,056)403,447,6393,985,972-11,280,453-1,737,289(2,632,669)190,908(686,976)417,322,61665,713,28510,699,97776,413,2623,593,664-2,382,819(1,998,996)44,939(118,967)19,152(84,271)80,251,60210,928,741372,41911,301,160149,593---8,684(77,080)-(17,558)11,364,799145,582,29927,956,318173,538,6179,734,139-6,460,744(1,367,941)2,692,817(12,695,654)1,327,642(250,028)179,440,33633


Statement of Net Assets as at 31 March 2013Turkey EquityEURUK EquityGBPUS EquityUSDBond Sub-FundsAsian CurrenciesBondUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets223,720,82043,276,733266,997,5534,518,150-162,459(342,169)6,947,652(3,292,659)34,537(390,257)274,635,26657,683,29011,462,59769,145,8871,476,474-292,143(520,246)117,256(165,707)473,606(98,972)70,720,441135,505,71421,951,230157,456,94433,990,849---1,930,547(1,549,281)582,275(2,107,075)190,304,259100,453,5534,243,211104,696,7641,158,491--(2,709,675)403,025(89)914,796(89,225)104,374,087*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.34


Statement of Net Assets as at 31 March 2013Brazil BondUSDEuro BondEUREuro Credit BondEUREuro High YieldBondEURGEM InflationLinked Bond(FormerlyEmergingInflation LinkedBond)USDGlobal BondUSD50,224,266452,64350,676,909119,392---420,397(208,113)400,265(55,713)51,353,13792,995,1614,099,56597,094,7266,479,352-908,530(5,323,009)19,162(161,628)1,385,218(187,878)100,214,473511,381,97916,385,592527,767,5716,815,799-46,525,956(27,791,522)1,128,424(1,789,925)10,128,591(2,914,539)559,870,3551,195,900,54071,256,4451,267,156,98526,120,445-9,847,899(11,501,869)13,227,526(5,310,095)32,608,134(7,709,687)1,324,439,338176,662,25011,499,356188,161,60611,796,309-18,655,439(18,655,439)1,412,315(209,492)2,247,113(170,049)203,237,802218,877,619(1,124,565)217,753,0547,537,599-329,841(23,332,032)106,234(829,007)2,705,289(79,176)204,191,80235


Statement of Net Assets as at 31 March 2013Global EmergingMarkets BondUSDGlobal Emerging Global EmergingMarketsMarketsCorporate Debt Investment GradeUSDBondUSDGlobal EmergingMarkets LocalDebtUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets3,634,004,038186,241,1573,820,245,195175,030,855-24,560,213(17,830,833)30,274,096(40,970,036)56,418,334(33,694,855)4,014,032,96911,089,464539,79511,629,259999,356--(199,999)-(28,313)162,296(2,957)12,559,64277,976,7961,322,99279,299,7887,515,025-2,165,628(565,609)318,193(78,910)1,863,951(76,568)90,441,4981,094,074,40414,224,9831,108,299,387255,479,228---6,491,335(3,311,767)12,458,847(5,353,511)1,374,063,519*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.36


Statement of Net Assets as at 31 March 2013Global HighIncome BondUSDGlobal High YieldBond (launchedas at 20 July2012)USDGlobal InflationLinked BondUSDIndia FixedIncome (launchedas at 20 August2012)USDLatin AmericanLocal DebtUSDRMB FixedIncomeUSD1,252,678,19838,531,5941,291,209,792140,456,120(726)3,511,026(17,128,283)34,123,395(14,715,043)40,020,856(11,296,224)1,466,180,9131,233,359,02537,114,7961,270,473,821125,979,605(499)12,877,365(14,718,033)9,246,786(13,817,625)43,693,835(19,299,290)1,414,435,96530,826,2432,435,52833,261,771482,946(32)---(140,265)587,121(35,328)34,156,21332,086,628343,77832,430,406910,773----(353,209)490,777(50,488)33,428,25920,090,972872,46420,963,436120,420---73,050(14,196)269,398(4,226)21,407,882238,770,5734,226,759242,997,332178,142,380--(11,436,850)17,673,732(8,154,253)3,365,612(42,749,882)379,838,07137


Statement of Net Assets as at 31 March 2013US Dollar BondUSDReserve Sub-Fund Index Sub-FundEuro Reserve Economic ScaleEUR Index GEM Equity(launched as at 20March 2013)USDOther Sub-FundsGEM Debt TotalReturnUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets127,340,3324,018,278131,358,61010,080,204--(32,114,608)196,408(381,161)869,164(52,389)109,956,228107,568,00617,010107,585,01616,737,048-4,499,972(9,999,252)6,637,849(314,285)979(13,843)125,133,48449,413,697(31,143)49,382,5543,928,833--(3,402,748)5,000(5,000)43,545(3,269)49,948,9151,483,939,2959,000,2721,492,939,567244,503,295-7,790,535-12,562,418(5,911,389)8,393,385(47,369,298)1,712,908,513*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.38


Statement of Net Assets as at 31 March 2013Global CurrencyUSDGlobal FlexAllocationEURGlobal MacroEURManagedSolutions - AsiaFocusedConservative(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Growth(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Income(launched as at 25May 2012)USD43,974,85713,67843,988,5359,544,887---26,012(86,680)181(1,207,712)52,265,22314,175,272942,48615,117,7583,554,035(17,832)-(6,720)-(61,206)377,709(2,986)18,960,75866,252,800159,32766,412,12712,332,797(1,625,035)1,644,749(43,768)341,809(53,174)1,130,076(1,461,626)78,677,95535,811,17016,18935,827,35916,869,219-28,240(10,346,152)784,520(26,062)224,813(11,415)43,350,522130,106,169604,717130,710,88614,501,196-418,466(14,448,334)5,918,203(2,144,744)624,804(163,180)135,417,2971,313,614,61760,578,4311,374,193,04883,989,140-705,250(50,366,381)32,427,261(11,117,026)16,278,816(6,600,068)1,439,510,04039


Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share2,333,986.55150.041,000.00013.70N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3,449,112.64420.88N/AN/A3,770,463.58145.95N/AN/AN/AN/AN/AN/AN/AN/A71,998.34220.21N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.441,537.14116.44117,221.17845.58N/AN/A515,119.10443.44N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A806,988.82040.85N/AN/AN/AN/A99.9001.35N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,734.65918.78300.00018.78127,691.15442.19N/AN/A1,455,395.15521.06N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3,763,316.03017.32N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,987,534.7699.7011,389,294.6021.25N/AN/AN/AN/AN/AN/AN/AN/A300.00017.121,211.85717.1248,851.51220.51N/AN/A8,158,365.39320.13N/AN/A5,884.44014.823,585,046.3770.96N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A142,134.26620.12N/AN/A586.22920.12N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.00300.00016.00130,699.21919.50N/AN/A40The accompanying notes form an integral part of these financial statements.


Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share2,938.62945.082,603,953.75051.05N/AN/AN/AN/AN/AN/AN/AN/A142,673.20649.65N/AN/AN/AN/A4,876,563.98710.81N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A379,045.94744.89N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,563,787.95719.2027,211.84614.84N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5,084,207.03720.71135,486.02811.70N/AN/AN/AN/AN/AN/A55,000.00020.99N/AN/AN/AN/A13,115,646.18915.56N/AN/AN/AN/A4,055.00020.69N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A939,378.00321.54N/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.41


Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A22,597,995.88920.725,594,565.52220.54N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A443.25520.76N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A42The accompanying notes form an integral part of these financial statements.


Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share354,360.78646.96N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,165,450.62117.62N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.43


Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,931,729.16313.74N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A8,301,377.78313.55N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,600,414.16713.29N/AN/A5,499,628.08513.23N/AN/AN/AN/A15,632,769.1981.70N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A211,320.92211.2189,058.38715.89N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A61,855.88611.21N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A55,473.90311.29N/AN/A44The accompanying notes form an integral part of these financial statements.


Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A7,127.88313.231,495,775.91114.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,935,649.67214.70N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A422,623.73411.4239,326.45016.18N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.45


Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4,075.00024.680.99524.65649,085.00025.57N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,998,000.00011.61N/AN/A46The accompanying notes form an integral part of these financial statements.


Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.47


Key Figures as at 31 March 2013International andRegional EquitySub-FundsClimate ChangeUSDEmerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEURClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share1,633,472.2126.65N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,858,493.3916.48N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A381,165.8646.47N/AN/A1,078,915.7478.40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,265,557.3748.23N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A6,927,027.21126.60N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,152,614.17124.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30,420.46025.78N/AN/A936,533.87742.93N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A96,484.51841.31N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A17,726.05141.64N/AN/A48The accompanying notes form an integral part of these financial statements.


Key Figures as at 31 March 2013International andRegional EquitySub-FundsClimate ChangeUSDEmerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEURClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A347,798.3396.96N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2,711.53224.309,990,448.65528.07N/AN/AN/AN/AN/AN/AN/AN/A1,041,032.00028.07N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,785,137.30945.44N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.49


Key Figures as at 31 March 2013International andRegional EquitySub-FundsClimate ChangeUSDEmerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEURClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares Outst